Wednesday 1st March 2017

South African Government Deports 97 Nigerians Angry lawmakers head to S’Africa over xenophobic attacks Omololu Ogunmade, Damilola Oyedele in Abuja and Chinedu Eze in Lagos The South African government yesterday deported 97 Nigerians resident in that country to Nigeria, just as the National

Assembly condemned in strong terms the xenophobic attacks against African immigrants, particularly Nigerians, and resolved to send a delegation to meet

with the South African parliament on measures to be adopted to stop the attacks. The deportation of the 97 Nigerians may be a fallout of

Senate wants diplomatic ties reconsidered

the recent xenophobic attacks against African immigrants in the Southern African country. THISDAY learnt that the 97 Nigerians were deported for civil and criminal offences.

Of the total, six of the deportees were said to have been returned to the country for drug offences, 10 were arrested and deported for criminal offences while others

I Will Not Run Against Buhari, Says Tinubu… Pa g e 1 1

committed immigration offences. According to Nigerian Immigration sources, who spoke to THISDAY yesterday, the deportees arrived the Murtala Muhammed Continued on page 8

Wednesday 1 March, 2017 Vol 22. No 7986. Price: N250

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Hearing on Suit by Aderinokun's Daughter Against GTBank, Others Fixed for March 24… Page 11

Senate to Screen Onnoghen Today Probes N5.1tn subsidy diversion by NNPC Omololu Ogunmade in Abuja The Senate will today screen the acting Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, three weeks after acting President Yemi Osinbajo sent his name to the parliament for confirmation. Onnoghen, who will be screened before the Continued on page 8

AMINA MOHAMMED… REPRESENTING NIGERIA ON THE GLOBAL STAGE… L-R: Ogun State Governor, Ibikunle Amosun; his Borno State counterpart, Kashim Shettima; United Nations (UN) Deputy Secretary-General, Amina Mohammed; UN Secretary-General, Antonio Gutteres; and the Minister of State for Environment, Ibrahim Jibrin, after the swearing-in of Mrs. Mohammed as UN Deputy Secretary-General at the UN headquarters in New York… yesterday

Nigerian Economy Contracts by 1.5% in 2016, Marginally Beating IMF Forecast Presidency says country is on the mend, recession may have bottomed out NNPC puts oil production at 2.1mbpd Tobi Soniyi, James Emejo, Chineme Okafor in Abuja and Obinna Chima in Lagos

The Nigerian economy contracted by 1.5 per cent in 2016, the first full-year contraction since 1991, and

slightly beat the forecast by the International Monetary Fund (IMF), which initially predicted a contraction in

the country’s Gross Domestic Product (GDP) by 1.8 per cent, but later revised it to 1.7 per cent.

In contrast, the Nigerian economy grew by 2.8 per cent in 2015. GDP data released

yesterday by the National Bureau of Statistics (NBS) Continued on page 8

Dangote Ends Nigeria's Dependence on Imported Cement… Page 46

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Lawmakers Bicker over Buhari’s ‘Sickness’ Damilola Oyedele in Abuja The use of the word “sickness� degenerated into a heated argument among lawmakers during plenary at the House of Representatives yesterday, leading to the disruption of proceedings for some minutes. The lawmakers disagreed on whether it was appropriate to say President Muhammadu Buhari, who is currently on a prolonged vacation in the United Kingdom for medical reasons, is “sick� or is on “medical vacation�. The main contenders were the Majority Leader of the House, Hon. Femi Gbajabiamila and the Chief Whip, Hon. Alhassan Ado Doguwa, both vocal supporters of the president. Doguwa (Kano APC), while opposing a motion completely

unrelated to Buhari, had described the president as sick. The motion moved by Hon. Aliyu Madaki also from Kano, was calling for an investigation into the alleged harassment of members of the Kwankwasiya movement, a political group loyal to the former governor of Kano State, now Senator Rabiu Kwankwaso. Madaki belongs to the Kwankwaso camp in the crises enveloping the ruling All Progressives Congress (APC) in Kano, while Doguwa has shifted loyalty from Kwankwaso to incumbent Governor Abdullahi Ganduje. Kwankwaso is rumoured to be eyeing the presidency in 2019. Doguwa, in his argument, accused the Kwankwasiya group of fomenting trouble in

the point of order, but elicited laughter from the lawmakers when he also used the word “sickness� while speaking about the president. “Let me sustain the leader’s point of order. Ado-Doguwa, you should not lay emphasis on the sickness of our president because of the security implications,� Lasun said. Madaki, speaking earlier on his motion, had accused the Ganduje administration of using the police to harass opponents and critics of the administration. “This is like inviting anarchy and we must act quickly before the situation implodes. Even in Bauchi State, the police are stopping groups from conducting themselves peacefully,� he said. Contributing to the motion, Minority Leader, Hon. Leo Ogor

backed the argument that the police were being used by the powers that be. He recalled that the police, without any justification, stopped a meeting of the Ahmed Makarfiled members of the Peoples Democratic Party (PDP) two weeks ago. “We came together as a party to review the decision of the Federal High Court (sic) on our party. The police came and blocked the whole place. I wept,� Ogor said. Other members also accused the police of harassment in several states including Rivers and in the Federal Capital Territory (FCT). The arguments led the House to summon the police commissioners of Kano, Rivers and the FCT.

the GDP deflator increased faster than the earlier period, the NBS stated. The contraction in the quarter under review, it added, reflected “a difficult year for Nigeria, which included weaker inflation-induced consumption demand, an increase in pipeline vandalism, significantly reduced foreign reserves and a concomitantly weaker currency, and problems in the energy sector such as fuel shortages and lower electricity generation�. Quarter-on-quarter, real GDP increased by 4.09 per

cent, which partly reflected seasonal factors, as well as a rise in the general price level, NBS added. Oil production was estimated at 1.90mbpd in Q4, 0.27mbpd higher than the 1.63mbpd production volume in the previous quarter but lower than Q4 2015 estimates by 0.25mbpd when output was put at 2.16mbpd. For the full year 2016, however, oil production was estimated at 1.833mbpd, compared to 2.13mbpd in 2015. The oil sector contracted by 13.65 per cent in the year,

representing a more significant decline of -5.45 per cent in 2015. The oil sector’s share of real GDP also declined to 8.42 per cent in 2016 compared to 9.61 per cent in 2015. According to the NBS, “This reduction has largely been attributed to vandalism in the Niger Delta region. As a result, the sector contracted to -13.65 per cent, a more significant decline than in 2015 of -5.45 per cent.� The oil sector also declined to -12.38 per cent in real terms

of the xenophobic attacks and what it described as the extrajudicial killings of Nigerians by both the South African police and South Africans. The Senate also advised the federal government to reconsider Nigeria’s diplomatic ties with South Africa with a view to averting the recurrence of the xenophobic attacks and extra-judicial killings of Nigerians in South Africa. It also resolved to send a delegation to South Africa to engage their fellow parliamentarians on the matter. Moving a motion on the issue, Senator Rose Oko (Cross

River North) expressed concern over recurring xenophobic attacks and extra-judicial killings of Nigerians in South Africa. She said on February 18, South Africans attacked and looted businesses belonging to Nigerians in Pretoria, pointing out that the acts violated Article 5 of the United Nations Universal Declaration on Human Rights, which provides that “no one shall be subjected to torture or cruel, inhuman or degrading treatment�. She also recalled that in 2016, 20 Nigerians were killed

Justice Onnoghen’s name to the Senate for confirmation as the substantive CJN. It is expected that the Senate will expeditiously screen and confirm Justice Onnoghen today as the substantive CJN. The Senate will also today take a motion focusing on the alleged diversion of N5.1 trillion subsidy funds by the Nigeria National Petroleum Corporation (NNPC). Raising a point of order during yesterday’s plenary, Senator Dino Melaye (Kogi West), said every month, between five and 10 cargoes of refined products are imported into Nigeria while the equivalent of five cargoes are refined locally in the country. He said whilst the federal government had been prosecuting only private

sector oil marketers whom he said have been importing only 49 per cent of refined petroleum products since 2006, the NNPC which accounts for 51 per cent of the refined products imported into the country, is not being investigated for false subsidy scams. According to him, whereas subsidy proceeds accruable to marketers amounted to only about N3.83 trillion, NNPC collected N5.1 trillion on subsidy, lamenting that “this has never been investigated; this has never been looked at and we are busy chasing independent marketers�. After presenting his point of order, the Senate resolved to formally adopt a motion on the matter today and consequently refer it to a committee for investigation.

under similar circumstances over allegations of drug trafficking without recourse to legal processes and the principle of fair hearing. But while appearing before the joint National Assembly Committee on Foreign Affairs yesterday, the Minister of State for Foreign Affairs, Mrs. Khadijat Abbah Ibrahim, denied claims that Nigerians were killed in the recent wave of attacks. According to her, available information showed that there was no record that any life was lost in the recent xenophobic attacks which began on February 18. But the chairman of the joint committee, Senator Monsurat Sunmonu, said henceforth attacks on Nigerians in South Africa would be handled on a “tit for tat basis�. She said if the attacks continued, South Africans and the country’s businesses should be prepared for reprisals in Nigeria, insisting that their firms would also suffer similar attacks being meted to Nigerian businesses in South Africa. Also, the House of Representatives constituted a delegation yesterday to meet with the South African parliament over the recent xenophobic attacks on Nigerians and their businesses in Pretoria. The delegation will be led by Majority Leader, Hon. Femi Gbajabiamila. Gbajabimaila and five other members, including the Chairman of the House Committee on Foreign Affairs,

Hon. Nnenna Elendu-Ukeje, are expected to interface with the South African parliament on how to stop further attacks on Nigerians in the country. The House last week condemned the recurring attacks on Nigerians living in South Africa, despite Nigeria’s contribution to the liberation of the country from apartheid. Ukeje had suggested an inter-parliamentary interface, stating that legislators are the closest arm of government to the citizens and would be able to assist with the reorientation of their citizens on the role played by Nigerians in the liberation of South Africa. Other members of the delegation are Hon. Sadiq Ibrahim (Adamawa APC), Hon. Henry Nwawuba (Imo PDP), Hon. Nasiru Zango Daura (Katsina APC) and Hon. Shehu Aliyu Musa (Bauchi APC).

the state and raising tension in an environment already on the edge due to the absence of Buhari. He also considered it unwise that campaigning by the Kwankwaso group for the 2019 presidential polls in “a state as volatile as Kano� had already commenced. “Our beloved president is sick abroad. These partisan activities are completely unnecessary. The sponsor of the motion failed to lay the facts of the issues as they are,� Doguwa said. However, his use of the word “sick� did not go down well with Gbajabiamila who shouted “point of order�. Recognised to speak by the Deputy Speaker, Hon. Yussuff Sulaimon Lasun, who was presiding, the majority leader

demanded that Doguwa withdrew the contentious word. “There is no factual basis for what he is saying, that Buhari is sick. The president is not sick. At best, he can say that the president is on medical vacation. “There is a difference between being sick and going on a medical vacation,� Gbajabiamila said. His point of order was what threw proceedings into a turmoil, as lawmakers raised their voices, with some saying there was no difference between going on a medical vacation and being sick. Above the uproar, some said the president was sick, while others shouted that he was not. It took several minutes to restore order at the plenary and resume proceedings. Eventually, Lasun sustained

NIGERIAN ECONOMY CONTRACTS BY 1.5% IN 2016, MARGINALLY BEATING IMF FORECAST also showed that the economy shrank by 1.30 percent in the fourth quarter of last year (Q4 2016), compared to -2.26 per cent in the previous quarter. Though the decline was less severe than the contraction in the previous quarter, it was lower than the 2.11 percent growth attained in Q4 2015. Reacting to the latest growth data from the NBS yesterday, the presidency stated that there were indications that the country was on its way out of the recession, considering the overall contraction in 2016 and the NBS data showing that the

contraction in the last quarter of 2016 had slowed down. This is just as the Nigerian National Petroleum Corporation (NNPC) announced that the country’s oil output has risen to 2.1 million barrels per day (mbpd), signaling the in-roads the federal government has made in restoring peace in the Niger Delta, where attacks by militants on oil installations last year slashed Nigeria’s production to 1.3mbpd. According to the NBS, in real terms, Nigeria’s GDP was valued at N18.29 trillion in Q4 2016, compared to N18.53

trillion in Q4 2015. For the full year, NBS said GDP contracted by 1.51 per cent, indicating a real GDP of N67.98 trillion. However, nominal GDP in Q4 2016 was valued at N29.29 trillion at basic prices, representing a year-on-year nominal growth of 12.97 per cent. For the entire year, aggregate nominal GDP stood at N101.59 trillion, compared to N94.14 trillion in Q4 2015. In contrast to real growth, this was 5.84 per cent higher than Q4 2015, implying that

Continued on page 10

SOUTH AFRICAN GOVERNMENT DEPORTS 97 NIGERIANS International Airport (MMIA), Lagos, onboard a chartered aircraft with registration number GBB710 from Johannesburg, South Africa. The deportees comprised 95 males and two females. Those deported for drug and criminal offences were immediately handed over to the police for prosecution while those with civil cases were left to go home after screening by the officials of the Nigerian Immigration Service (NIS) at the airport. But as Nigerians were being deported to Nigeria from South Africa for alleged criminal

and immigration offences, the National Assembly was condemning in strong terms the recent resurgence of xenophobic attacks against African migrants in the Southern African country, particularly Nigerians, who have lost properties valued at millions of dollars. The federal lawmakers in both chambers of the National Assembly also resolved to send a delegation to South Africa to meet with the country’s parliament to agree on measures to stop the attacks. At plenary yesterday, the Senate decried the resurgence

SENATE TO SCREEN ONNOGHEN TODAY Committee of the Whole Senate, may also be confirmed today as the substantive CJN, almost four months after the former CJN, Justice Mahmud Mohammed, bowed out of service having attained the mandatory retirement age of 70. His screening and possible confirmation will lay to rest the tension which arose from the failure of the Muhammadu Buhari administration to send Onnoghen’s name to the Senate for confirmation ahead of the retirement of the immediate past CJN last year. Weeks before Justice Mohammed’s retirement, Justice Onnoghen was recommended to Buhari for appointment as CJN by the National Judicial Council (NJC).

Following the recommendation, Buhari was in accordance with the constitution, expected to send Justice Onnoghen’s name to the Senate for confirmation. But the president did not, raising speculations that he was not favourably disposed towards his emergence as the CJN. The perception was further fuelled by the president’s decision to swear him in as acting CJN on November 10, 2016. However, in view of constitutional provisions that the acting CJN can only serve in this capacity for three months, concern was raised early last month that Justice Onnoghen’s tenure may be short lived. However, in the heat of the controversy, Osinbajo, on the instructions of Buhari, sent

TOP GAINERS NGN NGN UACN 0.65 13.65 OKOMUOIL 2.20 46.38 VITAFOAM 0.08 1.72 ASL 0.13 2.88 TOTAL 9.99 283.00 TOP LOSERS NGN NGN UACN 0.65 13.65 OKOMUOIL 2.20 46.38 VITAFOAM 0.08 1.72 ASL 0.13 2.88 TOTAL 9.99 283.00 HPE Nestle Nig Plc â‚Ś570.00 Volume: 444.504 million shares Value: N3.648 billion Deals: 3,336 As at 28/02/17 See details on Page 42

% 5.0 4.9 4.8 4.7 3.6 % 5.0 4.9 4.8 4.7 3.6

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PAGE TEN NIGERIAN ECONOMY CONTRACTS BY 1.5% IN 2016, MARGINALLY BEATING IMF FORECAST (year-on-year) in Q4, indicating an improvement relative to the previous quarter, when the sector declined to -22.01 per cent, but a more severe decline than in Q4 2015, when a contraction of -8.23 per cent was recorded. Quarter-on-Quarter, real oil sector GDP grew by 8.07 per cent and represented 7.15 per cent as a share of the economy, compared to 8.19 per cent in Q3 2016 and 8.06 per cent in Q4 2015. On the other hand, the nonoil sector shrank by 0.33 per cent in real terms in Q4, but increased its share of GDP to 92.85 per cent from 91.94 per cent in Q4 2015. In 2016, the sector shrank by 0.22 per cent in real terms, compared to a growth rate of 3.75 per cent in 2015, a difference of 3.97 per cent. A breakdown of the non-oil sector showed that real estate shrank by 9.27 per cent and contributed –0.77 per cent to year-on-year growth in total real GDP. According to the NBS, manufacturing, construction and trade also shrank, ameliorated slightly by continuing strong growth in agriculture especially crop production. Mining and quarrying contributed 7.32 per cent to real GDP in Q4, representing a decline of 0.89 per cent relative to the corresponding quarter of 2015 and a decline of 1.02 percentage points relative to the third quarter of 2016. Agriculture contributed 25.49 per cent to overall GDP in the quarter under review, higher than its share of 24.18 per cent in Q4 2015, but less than its share in the previous quarter of 28.65 per cent. For 2016 as whole, agriculture increased its share relative to 2015 to 24.43 per cent due to relatively strong growth in the sector. However, the contribution of manufacturing to nominal GDP was 8.34 per cent, lower than the 9.09 per cent in the corresponding period of 2015, and 8.59 per cent in the third quarter of 2016. Real GDP growth in manufacturing remained negative in Q4 2016, contracting by 2.54 per cent (year-on-year). For 2016, the manufacturing sector in real terms contracted by 4.32 per cent compared to a decline of 1.46 per cent in 2015. According to the NBS, this was reflective of the number of challenges faced by manufacturing in 2016 such as higher costs of imported inputs as a result of the exchange rate and higher energy costs as a result of the fall in electricity generation and more expensive fuel.

Recession Has Bottomed Out In its reaction to the latest GDP data from the NBS yesterday, the presidency expressed confidence that the country was on the mend, considering the overall contraction in 2016 and data showing that the contraction in the last quarter of 2016 had slowed down. The Presidential Adviser on Economic Matters, Dr. Adeyemi Dipeolu said this in a statement released by Mr. Laolu Akande,

media aide to acting President Yemi Osinbajo. Dipeolu said a review of the GDP figures released yesterday by the NBS showed a contraction of 1.30 per cent in the fourth quarter of 2016, translating to an estimated economic growth rate of -1.51 per cent for the full year. According to him, these figures reflected the slowdown in the economy for most of 2016, but also showed that the recession may have bottomed out because of improving trends in several key sectors. He said: “The Nigerian economy actually performed better overall last year as the growth rate was higher with a contraction of -1.5 per cent, compared to -1.8 per cent predicted by the International Monetary Fund (IMF), raising hopes that the recession may have bottomed out with the improving trends in several key sectors of the economy including agriculture and mining. “Overall, the Nigerian economy performed better than expected, even though we are still in the early stages of recovery. It is indeed noteworthy.� He said government was also optimistic that with the ongoing engagement with the oil producing communities in the Niger Delta, increased oil production will be sustained. “In a similar vein, the ongoing implementation of the Social Investment Programme (SIP), significant infrastructure spending of the federal government, and possible early passage of the 2017 budget, are all expected to trigger a positive multiplier effect on the Nigerian economy,� he added. Dipeolu said government would not relent in its efforts and comprehensive approach to bring about the full recovery of the Nigerian economy and set it on a solid path of sustainable growth. “Our work continues and we renew the pledge to do it with diligence and the firm commitment it deserves,� he stated. He noted that even though the oil sector contracted to -12.38 per cent on a year-on-year basis, this, he said, was a relative improvement compared to the third quarter when the decline amounted to -22.01 per cent. He said: “This outcome was due mainly to the increase in (oil) production such that the quarter-on-quarter growth for the oil sector between the third and fourth quarters was 8.07 per cent. “The non-oil sector however declined by 0.33 per cent after showing some resilience in the third quarter when it grew by 0.03 per cent at the height of the recession.� The NBS figures showed that agriculture grew at 4.03 per cent in the fourth quarter of 2016, a marginal decrease over the 4.54 per cent growth in the third quarter, he said. Dipeolu explained that this was mainly because agriculture (especially crop production, which accounts for the bulk of agricultural production) is seasonal, with growth in the third quarter of the year usually higher than others. He observed that the overall outcome for the year showed that the agricultural sector grew

by 4.11 per cent, higher than 3.72 per cent in 2015. He further observed that manufacturing actually grew on a quarter-on-quarter basis by 1.89 per cent but declined over the year by 4.32 per cent, reflecting the problems that the sector faced in the course of the year due to a combination of factors including the depreciation of the naira and higher energy costs. “The metal ores sub-sector grew by 7.03 per cent in Q4 of 2016, compared to 6.93 per cent in the last quarter of 2015, thus justifying the priority that the federal government continued to give to solid minerals. “The services sector, which accounted for 53.55 per cent of GDP in 2016, experienced a decline in growth to -0.82 per cent over the year, compared to a growth of 4.78 per cent in 2015. Dipeolu explained that this slowdown in the services sector arose from generally fragile economic conditions. “This is because its fortunes depend to a large extent on consumer spending and government expenditure which were both adversely affected by difficult economic conditions,� he added. He explained that the Social Investment Programme of the federal government, relatively high level of infrastructure spending in late 2016, as well as 2017 capital spending plans should begin to have a multiplier effect on the economy. He stated that the data for nearly all the sectors showed an improvement in growth in nominal terms although such effects were outweighed by inflationary factors. “The expectation is that this trend and the slowing down of month-on-month inflation will enable an early return to positive growth in the economy. This positive trajectory will also receive a boost from the positive news emerging from other parts of the economy,� he observed. He cited the approval and release of the Nigerian Economic Recovery and Growth (NERG) plan by the Federal Executive Council, which sets the stage for the government’s economic reform programme, as being critical to the country’s recovery path. Dipeolu also expressed hope that the likely early passage of the 2017 budget estimates would also lend further momentum to economic growth. “Similarly, the recent Eurobond issue of $1 billion which was oversubscribed by almost 8 times will reinforce the trend of increasing reserves. “Indeed, foreign reserves rose from $23.9 billion in October 2016 to $27.8 billion in January 2017,� he added. In his views, the outlook for revenue from the petroleum sector was also positive, adding: “This improved outlook for the oil and gas sector is closely linked to the ongoing engagement and dialogue between the federal government and various communities in the Niger Delta.�

Analysts React Also commenting on the fourth quarter GDP figures released yesterday, Chief Economist for Africa, Standard Chartered Bank, Razia Khan,

while acknowledging that she was expecting a full-year contraction, the -1.5 per cent growth rate recorded for 2016, was marginally better than expectation of -1.7 per cent year-on-year. Khan, in a note yesterday, said: “The very shallow contraction in non-oil GDP growth in Q4 2016, raises hope for a more meaningful recovery in non-oil GDP in Q1 2017, buoyed both by improved budget spending and some improvement in FX availability. “We have not yet seen a sufficient turnaround in oil production, but even in Q4 last year, the extent of contraction had lightened. This is a good sign. “Recovery in the oil sector in 2017 will be driven by higher prices and production gains. A continued double digit contraction in the oil sector, especially given the weak base, is unlikely. “So while today’s GDP release for Q4 confirms the full year contraction in Nigerian GDP, recovery is nonetheless underway. “How quickly the Nigerian authorities put in place muchneeded reforms will determine the strength of that recovery.� The Chief Executive Officer of Cowry Assets Management Limited, Mr. Johnson Chukwu also said the slow pace of economic contraction was an indication that there was some improvement in the performance of the economy. He, however, said if the appropriate policies are put in place, the economy might fully recover latest by the end of the second quarter of the year. Chukwu stressed that for the economy to fully recover, the government must facilitate business transactions. “There is need to continue to liberalise the forex market as we have seen with the new forex policy, to make forex easily accessible by businesses. “The sectors that experienced a decline are sectors that are heavily dependent on forex, such as manufacturing, telecommunications, and others. “So, we need to stimulate those sectors that account for eight per cent and above of GDP. The government also needs to ensure that peace and tranquility is restored in the Niger Delta so that our oil production would continue to recover,� Chukwu added. Also, Research Analyst at FXTM, Lukman Otunuga said that the country’s full-year economic contraction of 1.5 per cent for 2016 highlighted how the terrible combination of depressed oil prices, foreign exchange shortages, and overall sluggish economic fundamentals exposed the nation to downside shocks. “While the outlook for Nigeria still remains bearish in the short term, it must be kept in mind that markets have acknowledged that the nation is currently in the process of a critical structural transformation. “Since the start of the year, the positive report of a successful Eurobond issue coupled with recent interventions from the CBN have bolstered the investor risk sentiment towards the

nation. “It should be understood that Nigeria’s web of alternative foreign exchanges remains a major stumbling block to sustainable economic recovery while also effectively repelling foreign direct investment (FDI). “While recent reports of the CBN releasing an additional $180 million to the forex market in an effort to ease business transactions may strengthen the naira further, speculation is rife on the central bank’s devaluation of the local currency to improve liquidity and regain more stability,� the Cyprus-based analyst added.

Oil Production Rises Meanwhile, NNPC yesterday announced that Nigeria’s oil production has risen to 2.1mbpd as a result of the government’s sustained peace initiatives in the Niger Delta. The state-run oil firm also stated that with the current peaceful atmosphere in the oil-rich region, it was expecting tthe country’s oil production to grow above 2.2mbpd, effectively exceeding the 2017 budget benchmark of 2.2mbpd. The Group Managing Director of NNPC, Dr. Maikanti Baru, stated this when he spoke on the corporation’s commercial strategy and priorities at the 2017 Nigeria Oil and Gas Conference and Exhibition in Abuja. Baru’s remarks came at the same time the Minister of State for Petroleum Resources Dr. Ibe Kachikwu described Nigeria’s continued importation of petroleum products as shameful and fraudulent. Kachikwu equally stated that the country’s refineries in Warri, Kaduna and Port Harcourt have continued to operate below profitability levels, adding that their inoperative condition had resulted in the waste of crude oil and human capacity. The minister said the country has an oil sector infrastructure gap of over $45 billion which would need to be bridged within the next five years to reactivate the efficiency levels of Nigeria’s oil and gas sector. Baru, in his presentation at the conference, said: “Crude production declined to as low as 1.5mbpd in July 2016, but this has steadily increased to 2.1mbpd in recent times due to the strategic steps taken by the NNPC and her partners to produce from assets that were affected by pipeline vandalism. “We must also mention that the improvement in production is also as a result of the success of the recent dialogue held by the federal government in the Niger Delta areas. “We are hoping that by the end of Q2, 2017, we should ramp up production above the budget benchmark of 2.2mbpd.� He stated that NNPC encountered considerable challenges that impacted on its operations in the past year, adding however that the final resolution of joint venture cash call obligations in December 2016 re-established the confidence of joint venture partners in the business capacity of the corporation.

“The problem of the joint venture cash calls has been addressed after rigorous negotiations with our joint venture partners. “The initial sum of about $8.1 billion was reduced to about $5.1 billion that will be paid over five years through incremental production. This notable achievement has saved the nation about $3 billion. “The resolution of cash call arrears is expected to increase the confidence of JV operations in the system and therefore ginger more investments in new capital projects,� Baru stated. Kachikwu also said that the infrastructure gap was limiting productivity levels in the sector. In an apparent plea for a revision of the government’s policy of holding on to oil and gas sector assets, which it cannot fund, he said for Nigeria to bridge the gap, the nation would have to attract and allow private investment in the upgrade of most of the oil assets that are moribund. “There is a sense of urgency needed here on infrastructure. The government is not in a position to fund most of the infrastructure and so we are left with little alternatives than to bring in private investors and work out terms that will enable us to begin to massively address the $45 billion infrastructure gap. “Over the next four or five years, we have to find a way of bringing into this country an average of about $10 billion every year and that is essential whether in infrastructure, in pipelines, refineries or depots. “We also have to be bold enough to take steps that have not been taken before, and they are steps that could be challenged by people but make a lot of commercial sense. “It is no longer profitable to handhold all the assets, we have got to release those assets to the private sector under some operational and corporation mechanisms that enable us to reactivate those assets, charge the right tariff and get them to work efficiently. “Whether it is for the gas pipelines, crude pipelines or refined products pipelines, the time has come to move away from the old model.� On the importation of petroleum products and government’s commitment to end it, Kachikwu said: “Importation of petroleum products would have to cease, there is absolutely no reason why a country with the resources that we have will continue to import petroleum products. “It is a shame to this country, it is fraud on the system and we have got to end it. We are committed to do this by 2018/2019. “The refineries are not performing in the capacity they are supposed to perform. It is waste of crude and a waste of everybody’s intellectual capacity. “If we do that, the downstream sector will survive. But if we don’t, by the first quarter of 2020 when the Dangote refinery would have come on stream, then we will have an issue in our hands.�

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NEWS

Ă?ĂĄĂ? ĂŽĂ“ĂžĂ™Ăœ Davidson Iriekpen Ă—Ă‹Ă“Ă– davidson.iriekpen@thisdaylive.com, 08111813081

Hearing on Suit by Aderinokun’s Daughter against GTBank, Others Fixed for March 24 Davidson Iriekpen A Federal High Court in Lagos yesterday adjourned till March 24, 2017, hearing in the suit filed by Miss Oluwatise Aderinokun, the eight-year-old and last child of the late founder and former Managing Director of

Guaranty Trust Bank Plc (GTB), Olutayo Aderinokun, against the bank and six others over alleged manipulation of her late father’s shares. Others respondents in the ensuing legal battle are GTBank’s Registrar, Datamax Registrar Limited, Kanali

I Will Not Run against Buhari, Says Tinubu Insists he is not preparing for presidential contest The National Leader of the All Progressives Congress (APC), Senator Bola Tinubu, has said he will never contest against President Muhammadu Buhari nor will he support anyone who does so. In a statement filled with vitriol over a THISDAY news report published yesterday on his preparations for a run for the presidency, the former Lagos State governor denied it, stating that he was not preparing to contest for the presidency in the 2019 elections. He said the story was aimed at placing him at odds with Buhari, adding that it was baseless. A statement by his media office said: “First, Tinubu is not gearing up for a presidential run. So there will not be any doubt about this core matter, we shall state Tinubu’s position clearly and unequivocally. “As long as that patriotic and committed man named Muhammadu Buhari holds and seeks to hold the mantle as our president, then Tinubu stands behind him in unwavering support and confidence. “Tinubu remains faithful to the mission of progressive reform and change that President Buhari, he and the All Progressives Congress (APC) members have started. “Tinubu was instrumental in the formation and success of the APC. His toil and efforts helped establish this government. He is not one to tear down something he laboured so dutifully to build.� The statement said the report misrepresented the mild banter Tinubu had with journalists at the inauguration of Ondo State Governor Oluwarotimi Akeredolu. “When asked about future political office, Tinubu said he could not discount that possibility if the nation called upon him for such service, provided, he emphasised, that all political conditions were appropriate; particularly the office in question would have to be vacant, even if it’s local government area chairmanship. “In our political lexicon, this means the office is not held by a member of the APC in good standing. We all know this. “Moreover, if you really listen to his words, Tinubu did not mention any office or any timeframe. The conditions he

mentioned may not become ripe for years to come and they might not pertain to the presidency. “In effect, all he said was the position that any political figure would hold. “As a politician, he cannot preclude the possibility of running for office in the future because no man knows what the future will hold,� the statement added. The statement signed by Tinubu’s media aide, Mr. Tunde Rahman, stressed that his principal has not held any planning meetings for any such presidential campaign and is not contemplating any such meetings. “He has no present list of possible running mates because he has no present intention of running,� it noted. It also described as false that Tinubu ever contemplated leaving the APC to join the Peoples Democratic Party (PCP), saying: “Asiwaju is acknowledged to be the intellectual father and the driving force behind the APC. It makes no sense that he would abandon the party that he worked hard to build in order to enter the dilapidated building the PDP has become. “Asiwaju worked for over 16 years to break the PDP yoke on the nation. After breaking that yoke, it is not in his nature to voluntarily place it back on our necks. “Anyone who has followed his career, even his staunchest critics, knows Asiwaju for his partisan consistency. He is not a party hopper. “He is loyal and sticks with the party to which he belongs. After fighting for so many years to elevate his party to the position of national leadership, he would not give that away in order to join with those who blame him for their currently bleak political circumstance.� The statement added that any attempt to put Tinubu at odds with the president would fail, saying he supports and stands behind Buhari. “He wishes the president well and that he returns soon. Whether the president is here or away, he has the full loyalty of Asiwaju Tinubu. “President Buhari can rest assured on this point: Asiwaju Tinubu will never contest against him nor will he support anyone who does,� it said.

r&EJUPS T /PUF 8F TUBOE by our story.

Investments Limited, Day Waterman Company Limited, Caribod Investment Limited, Mr. Babatunwa Aderinokun, and Investment One Financial Services Limited. At the resumed hearing of the suit yesterday, the seventh defendant, Investment One Financial Services Limited, one of the vehicles used by late Aderinokun, to acquire shares in GTBank, informed the court that it had filed an affidavit of facts before to assist the court in the judicious determination of the plaintiff’s suit. In the particulars of the affidavit of facts deposed to by one Mike Okoh, he averred that contrary to the averment of the sixth defendant, Mr. Babatunwa Aderinokun, that the third to fifth defendants companies, namely: Kanali Investment Limited, Day Waterman Company Limited and Cariboo Investment Limited were incorporated as asset holding companies and vehicles through which

late Aderinokun acquired invested and held his asset while planning his Estates during his lifetime. The deponent averred further that other shareholders and board of directors of the above mentioned companies constituting the first wife of the deceased, Mrs. Olufunlola Aderinokun, and the children of late Olutayo Aderinokun were fully aware of the deceased assets protecting strategy via corporate vehicles. He further stated that none of them paid for the shares neither do they participated in the management of the companies during his lifetime but only him ran the affairs of the companies. The deponent averred further that the incomes from the assets of the companies were enjoyed by late Aderinokun mixed with his personal incomes, as he used his personal incomes to purchase assets in the various companies, as his assets are intertwined with the corporate

assets of the companies during his lifetime. He acquired his assets and GTBank’s shares in the name of the three companies, which by his Will, indicated that his GTBank’s shares held in the names of three companies be distributed equally by his children. The issues regarding the distribution of his GTBank’s shares have been the subject of various discussions between the executors of his estates. However, Olumide Aju, lawyer representing Babatunwa Aderinokun, urged the court to strike out the affidavit of fact as it cannot be placed within the realm of any law. In the ensuing legal battle, Oluwatise Aderinokun who is suing GTBank and other respondents through her mother, Mrs. Salamotu Aderinokun, in a suit marked FHC/L/CS/1723/2015, is urging the court to declare that the recognition of three limited liability companies Kanali Investments Limited,

Day Waterman Company Limited and Cariboo Investment Limited (the proxies), as being entitled to the rights accruing to the shares issued by GTBank, held in the proxies’ names and in the name of her late father, Olutayo Aderinokun, is wrong and breach of the implied contract between the defendants and her late father. The plaintiff who is a minor, is also urging the court for an enquiry into what volume of her late father’s shares issued by GTBank were held in his name and the names the three companies, Kanali Investments Limited, Day Waterman Company Limited and Cariboo Investment Limited (being shares/Properties held in trust of the beneficiaries of her late father’s estate), as at the time of his death on June 14, 2011. And an account of the exact dividends due to the joint executors/trustees of her late father’s estate, being dividend accruals on the shares held in

Cont’d on Pg 51

REFORMS FOR CIVIL SERVICE

L-R: Acting President , Professor Yemi Osinbajo; Head of Service of the Federation, Mrs. Winifred Oyo-Ita; Alhaji Aji Goni; and President of the Nigerian Stock Exchange, Mr. Aigboje Aig-Imoukhuede, at the Quarterly Civil Service Lecture held at the Conference Hall of the Presidential Villa, Abuja ...yesterday Ë›

As New Devt Bank Takes off, Finance Ministry, CBN Parley on Intervention for SMEs Ndubuisi Francis Ă“Ă˜ ĂŒĂ&#x;ÔË As the Development Bank of Nigeria (DBN) begins the final processes of take-off, the Minister of Finance, Mrs. Kemi Adeosun, has disclosed that her ministry is in discussions with the Central Bank of Nigeria (CBN) on the need to use the emerging bank to convey any of the CBN’s subsequent Small, Medium Enterpries’ (SMEs) interventions. Adeosun also stated that the DBN is being positioned to galvanise the SMEs sector for the overall development of the nation’s economy. According to her, the present administration is aware of the role of SMEs in national economy, hence

the resolve to position the DBN as a catalyst for the development of the SMEs. The minister, who spoke during a Board/ Management/Development partners’ retreat of the DBN in Abuja, last Monday, also assured the board that the federal government is ready to provide support for the new development financial institution. The DBN had convened its development partners and incoming management team and Board of Directors for an inaugural strategy retreat, in order to ready itself for immediate operation upon the issuance of its licence by the CBN. A statement issued by the minister’s media aide,

Mr. Festus Akanbi, said she decried the present situation where SMEs account for 45 per cent of Nigeria’s Gross Domestic Product (GDP) but just 10 per cent of bank credit. She pointed out that currently, Nigeria’s financing of MSMEs lagged significantly behind other countries, including Brazil (63 per cent), Ghana (36 per cent), China (30 per cent), Kenya (24 per cent), and South Africa (21 per cent). However, the minister who disclosed that the operating licence for DBN was expected imminently also believed that through the activities of the DBN, some of the problems currently discouraging the growth of the SMEs sector would be effectively tackled. She stated that DBN would

lend to microfinance banks, which will in turn develop specific products for specific markets at a lower interest rate than currently available to SMEs. The DBN is a wholesale financial institution, which aims to increase access to finance for Micro, Small and Medium Enterprises (MSMEs) through eligible financial intermediaries (“participating financial institutionsâ€?). It will have access to US$1.3 billon (N396.5 billion), which will be provided by the World Bank, KfW (German Development Bank), the African Development Bank (AfDB) and the Agence Française de Development (French Development Agency).

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To: My Darling Wife (Chief (Mrs) Justina Ikpea)

HAPPY BIRTHDAY

I celebrate today because it brings me joy. Because it is your birthday. Of a sweet and caring woman A faithful wife and dependable partner. A compassionate and loving mother.An ambassador of peace to both family, friends and strangers An exemplary model of a wife and mother. May the almighty God keep you strong, in good health and everlasting joy in Jesus name CHIEF (MRS) JUSTINA IKPEA Managing Director Trebet A1 Nigeria Limited

CHIEF (DR) LEEMON IKPEA Executive Chairman (Lee Group of companies)

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COMMENT

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

FESTIVAL OF THE BEASTS (1)

Big Brother Naija, television reality show, is a show of shame, contends Sonnie Ekwowusi

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he on-going Big Brother Nigeria TV reality show is a festival of beasts. It is a celebration of nudity and rotten eroticism. In their forsaken state, the gods have entrapped them in the House of Sodom of Gomorrah and drowned them with such shamelessness that they indulge in open carousing, open kissing, dancing naked and the sucking of breasts before the astonished gaze of the world. Festival of the beasts. Appearing like stars which reflect light, yet they are waterless clouds carried away by winds of eroticism, uprooted and twice dead; fruitless trees in late autumn; wild waves of the sea casting off the foams of their vomit in public. shame! Where has the sense of public shame gone? To imagine that some of the housemates posing naked in the festival are people’s parents is even more scandalous. And to imagine that at the end of the festival some of the housemates will be going home with HIV and venereal diseases is even more scarring. I still don’t know what is wrong with us in Nigeria. To begin with, Big Brother Naija is a corrupted Big Brother TV Reality Show. The idea of Big Brother TV Reality was conceived on September 4, 1997, at the production house of John de mol produkties by Endernol, a Dutch, after contemplating the 1991 Biosphere 11 experiment in Arizona in which eight men and eight women had tried to live together inside an airtight glass. In fact, Endernol’s refusal to acknowledge that he copied his idea from George Orwell’s book Nineteen Eighty-Four, has resulted in several law suits. At the start of the original Big Brother Reality show, debate arose about its ethical acceptability. Certainly public display of nakedness, eroticism, obscenity and raw sex were not part of the original Big Brother created by George Orwell and copied by Endernol. But in the Big Brother Naija, the housemates there are like bunch of baboons in a zoo celebrating nudity and pornography. Happily, the scandalised public has condemned the latest show of shame on TV. For example, CitizenGo, an international Protest Organisation has collected and collated thousands upon thousands of signatures of Nigerians opposed to the airing of Big Brother Nigeria. As at the time of writing, about 17,000 Nigerians had appended their signatures demanding that a stop should be put to the airing of the reality show. A group of concerned Lagos parents are threatening serious actions. A lot of people are equally protesting against the airing of the TV Reality Show on Face-Book, Twitter, WhatsApp, and so forth. The Lagos State House of Assembly member Hon. Segun Olulade is now campaigning for the ban on Big Brother Naija. It is sad that we are losing all that we hold dear in Nigeria. We are losing our electricity supply. We are losing our jobs. We are losing our governance. We are losing Nigeria’s vital institutions to corruption. We are losing our secondary schools and universities. We are losing Nigeria’s oil wealth. We are losing our spirituality. We are losing our moral integrity. We are losing human lives to sponsored ethno-religious violent killings. We are losing our health too (WHO says Nigeria occupies the 187 position out of 190 countries in the World Health Ranking Systems). And now, we are losing what remains of our character to Big Brother Naija. In the last one of half weeks or so, many young Nigerians have been sending snapshots of some the scandalous sexy

THE HOUSEMATES ARE LIKE A BUNCH OF BABOONS IN A ZOO CELEBRATING NUDITY AND PORNOGRAPHY

episodes of Big Brother Nigeria to my e-mail box with the specific request that I should get the authorities to ban the airing of the show of shame. It will be recalled that when Big Brother Africa (BBA) first hit our screens in 2003, it was met with stiff opposition especially by Nigerian parents. Multi-choice was dragged before the House of Representatives’ Committee on Information and National Orientation headed by Hon. Dino Melaye for airing BBA and after much deliberation members of the Committee unanimously agreed to punish Multi-choice for violating the NBC laws. Subsequently the NBC imposed a N10 million fine on Multi-choice Nigeria for airing pornographic images of BBA. The executives of Multi-choice dramatically went down in ashes in repentance and proceeded to pay the fine. I still remember that one of BBA housemates Ofunneka Molokwu openly regretted disgracing her family on TV screen. I still remember that some staffers of MNET were fired for airing BBA. In fact, one Mr. Joseph Hunda, MNET operations director, was quoted as saying that he regretted the pornography called BBA because MNET was supposed to be protecting the cultural heritage of Nigeria. So, the NBC must live up to its billing as a body charged with controlling, monitoring, regulating the electronic media and monitoring of satellite transmission in Nigeria. Some argue that because Big Brother Nigeria Reality TV Show is privately subscribed through DSTV it is outside the control of NBC. This argument, with the greatest respect, lacks merit. One cannot privately subscribe to commit a crime. The state can stop private conducts that are harmful to public interest. A person being prosecuted for smoking Indian hemp cannot argue that he privately subscribed to be smoking Indian hemp in private and therefore he cannot be prosecuted by the state. Multi-Choice is not above the law. In any case, Multi-Choice was fined N10 Million in 2007 or so by the NBC for showing pornographic images to Nigerian viewers in BBA. So, the NBC cannot be seen to shirk its regulatory function now. Multi-Choice deserves another punishment from the NBC for airing Big Brother Naija. Conscious of the serious damage which the airing of pornography can cause in their territories, many countries are now controlling TV, Internet, Cable and all satellite transmissions in their respective territories and air spaces. For example, in the United States, the Parents Television Council (PTC) prevails on the American government to set up the Decency Police for the tracking down of indecenct shows on TV. Under the cover: Has TV gone too far? TIME Magazine (March 28, 2005), went to town with that story. The magazine revealed that the PTC and Decency Police have devised ways of tracking down the TV stations showing nudity, violence, profanity, disrespect for authorities in America. For example, in response to viewers’ complaint, Fox TV was fined $1.2 million in 2004 for airing the reality show called “Married by America,” which featured strippers covered in whipped cream; the CBS was fined $550,000 for airing Nipple gate. Spielberg’s WW 11 epic which had previously appeared on American TV was stopped in 2004 because it contained obscene language.

HAS IT COME TO THIS?

Raphael Olonade argues that the Buruji Kashamu case is a litmus test for Buhari’s government

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have never been an admirer of Senator Buruji Kashamu. His long-drawn travails over drug trafficking allegations cum extradition war waged against him by the government of the United States of America have, thus, always made an unjust judge out of me. A judge who, at the mere sight of headlines relating to the case, instantly passes a silent verdict of guilt on the Ijebu-born business guru. But, the current round of altercations over the culpability or otherwise of the controversial multimillionaire seems to have purged me of the error of subjectivity, which, I am convinced, multitudes of my compatriots are wont to commit purely as a function of socioeconomic and political ideological differences. What endeared me to a painstaking reading of the lengthy press statement of the Senator, titled US Court Ruling: I have no case to answer, published in Punch (pp.32-33) of January 31 2017 was, perhaps, a deeply-rooted instinct to garner further damaging facts against the man. Of course, the attempt to defend falsehood is easily detected majorly through unwitting manifestations of inconsistency and self-contradiction, two pitfalls I had subconsciously anticipated as unavoidable for the statement issuer. But, the narratives of the statement actually turned out a chronology of facts or, at least, acclaimed historical facts about the transcontinental case which only imposes the task of simple verification on the Nigerian authorities and every other corporate or individual stakeholder for final resolution. In other words, Kashamu’s pictorial account is an open challenge to the Federal Government of Nigeria, particularly the Nigeria Drug Law Enforcement Agency (NDLEA) and other law enforcement agencies. It necessitates the simple responsibility of contacting the British judiciary to enquire whether it

is indeed true that previous attempts to get Kashamu extradited to the US were judicially knocked out, by an English High Court, on the ground of mistaken identity. Even an outright request by the US authorities for the extradition of the senator, under the present circumstance, cannot logically warrant steps aimed at automatic enforcement by the Nigerian authorities. In the first place, the existence of legal cooperation partnership between Nigeria and the US does not and can never erase the fact that our country is a sovereign nation and equal partner under such agreements. It is noteworthy that the UK judicial proceedings, occasioned by the US extradition request, were a manifestation of the due process that fundamentally protected more of that nation’s sanctity than the interests of a foreigner on its soil. Obviously, the request would not have emanated if legal partnership, reminiscent of the US-Nigeria relations, never existed between the US and UK. In effect, overzealous actions by Nigerian agencies would come with far-reaching damaging effects, more on the nation and its sovereign status as well as its socio-economic and political interests than on her citizen targeted by such actions. What would be overzealous in this instance will be a similitude of the last attempt by the NDLEA to comply, hook, line and sinker, with a supposed extradition directive from the US, probably better referred to as Big Brother US, without attempting to subject it to any internal due process of the law, unlike in the British case. Still, the direction of due process, at this stage of the matter, has been initiated by the senator himself. Having claimed that the English High Court of Justice, Queens Bench Division, in year 2000, has nullified the extradition request on the ground that

it emanated from an identity error, logical reasoning demands that NDLEA, on the strength of the strong affinity between the Nigerian legal system and that of the UK, proceed, through the Office of the Attorney General, to relate with the UK authorities on the case. Such a procedure would simply align with the strategy adopted by Abuja in trashing the Halliburton allegation leveled against Hajia Aisha Buhari, the wife of our President, by Governor Ayodele Fayose of Ekiti State. Co-incidentally, Fayose’s accusation turned out a case of mistaken identity heralded by name similarity, as a result of a well publicized formal confirmation request by the Nigerian authorities, from their US counterparts. Meanwhile, the latest US Court ruling that re-incarnated the Kashamu brouhaha is never an explicit extradition request, rather it is mere nullification of the claim of the plaintiff, Senator Kashamu himself, that the 2015 attempt to arrest and transfer him to the US by the NDLEA, in collaboration with some US agents, was an abduction attempt. In other words, the Court held it was indeed an extradition attempt, not abduction. Nevertheless, it never proceeded to issue a fresh order. Even if it did, the question remains whether Nigeria, a supposedly independent nation is bound obey without initially sifting the chaffs from the grains. Let me now relate the case to our cherished national interest. At this crucial stage of our international relations history, particularly in relation to the entirely new Donald Trump’s US, the imperatives of relating with the supposed God’s own Country from the position of strength have, within the short period of Trump’s ascension into the most exalted office in the world, become a loud music, blaring forth the mouths of globally respected foreign affairs experts into the ears of Nigerian authorities. If anything is

sure, judging by the globally understood psychology and predilections of the current xenophobic leader of the US, an unquestioning compliance in respect of any US extradition order, regarding any Nigerian, not just Kashamu, would earn Nigeria nothing but a White House comical laughter and scorn. For a new president whose initial utmost priority lies in replacing inter-racial bridges with divisive fences, extradition compliance, at this point, would be scorned as a desperate action by Nigeria to curry his favour. The recently published England experience of our Vice-President, Professor Yemi Osibajo depicts some great depth of extant negative international perception of Nigeria, which manifested in an open insult heaped on our nation, particularly our judicial system, by an English judge in an open UK court. Surely, to firmly respect, uphold and implement our own laws without sacrificing the welfare and interests of the least significant citizen would go a long way in strengthening our worth in the international circle. Interestingly, one cannot but find the simultaneous refusal of the US authorities to appeal the UK judgment on Kashamu and their insistence, so far, on his extradition baffling. Is it then not plausible to infer that the supposed fountain of rule of law is trying to get what they failed to achieve legally through the backdoor, probably taking advantage of our seemingly porous willpower and system as a country? On the whole, the ultimate position taken by the current Nigerian administration of Muhammadu Buhari in the whole Kashamu saga that actually predated its inauguration would tell the world how objective is its rule of law pretensions. Olonade wrote from Lagos

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EDITORIAL KEEPING THE GIRL CHILD IN SCHOOL An educated woman empowers the society at large

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he girl child in our society is often discriminated upon. Nigeria holds the second largest number of out of school children conservatively put at 10.5 million. About 60 per cent of these are girls, according to the United Nations Children Fund (UNICEF). The girl child is usually the one sent into the streets to hawk, or to go and work as house help for more fortunate families in order to bring additional income. Even though basic education is free in most states and some states currently provide one meal a day for pupils to encourage poor parents to send their children to school, many of the parents also cannot afford to buy for their female wards other essentials which are not provided for under the Universal Basic Education (UBE) programme. For instance, the unsuitability of sanitary facilities, such as water and toilets contribute to keeping girls away AN EDUCATED from school in sevEXPECTANT WOMAN IS eral communities LIKELY TO TAKE STEPS TO within our country ACCESS PRE-NATAL AND and understandPOST NATAL SERVICES, ably so too. A girl LEADING TO A REDUCTION child, dealing with IN INFANT AND MATERNAL the challenges of attaining puberty, MORTALITY RATES IN needs a safe place NIGERIA to maintain proper hygiene, which sadly is not available in most places. That s why we must commend the Isa Wali Empowerment Initiative, a non government organisation that is already working through its safe space clubs to teach girls in rural areas how to make re-usable sanitary pads from easily available pieces of clothes and waterproof fabric. They must be encouraged to continue the good work. But corporate organisations can also key

into such initiative, and consider distribution of free sanitary pads, or towels, to girls from poor homes, to enhance their chances of staying in school. Early marriage has also been identiďŹ ed as a major mitigating factor against girl child education, not just due to poverty, but cultural and religious practices. Many girls are married off before the age of 15. This particularly remains an issue in the northern parts of the country where there is a higher percentage of girl child illiteracy. Indeed, attitudes to western education do not help the cause of the girl child in some parts of the north. The consequence is the high rate of maternal and infant mortality in the country.

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hile the government has been making efforts to reduce illiteracy rates through the Universal Basic Education Commission (UBEC) and other relevant agencies, it is obvious that such efforts are not enough. A good step would be to enlist prominent citizens from the most affected areas to serve as ambassadors of basic education and to create awareness in girl child education. Engaging prominent traditional and religious rulers, who are outspoken on the cause, would also be a step in the right direction. The government also needs to ensure that its relevant agencies are working to provide safe learning environments for pupils with adequate sanitary facilities. The beneďŹ ts of keeping the girl child in school are enormous. Education empowers them to claim their rights, besides preparing them for leadership role in society. An educated expectant woman is likely to take steps to access pre-natal and post natal services, leading to a reduction in infant and maternal mortality rates to which Nigeria is again the second largest contributor globally. An educated woman is also likely to ensure some basic level of education for her children, leading to a reduction in national illiteracy rates, and poverty levels in the long term.

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

Letters to the Editor

IS INEC PREPARED FOR 2019?

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he 2019 general elections will surely be a watershed in the political annals of Nigeria. Importantly, the election will test the will of President Muhammadu Buhari to guarantee free and fair process given that he is the biggest political beneficiary of a peaceful transition programme in the over half a century of Nigeria’s existence. Buhari was returned the winner in the 2015 general elections which the incumbent Dr. Goodluck Jonathan accepted. That remains unprecedented given that the then president could have sat tight and manipulated the electoral process to perpetuate himself in office. Jonathan was very civil. Secondly, Buhari used the Nigerian military might to force Gambian dictator Yahya Jammeh out of power when he lost an election but refused to step down. The eyes of the international community will be on Nigeria to see if the 2019 elections would be free, fair, transparent and peaceful. The positive role played by Buhari in using ECOWAS mechanism to sustain democracy in The Gambia will therefore be tested in 2019. Will it be a case of do as I say and not as I do? To answer correctly, one institution that could make or mar the conduct and outcome of that significantly defining event of 2019 elections is the Independent National Electoral Commission (INEC) headed by Professor Yakubu Mahmood who headed the incompetent Education Trust Fund known as TETFUND which recently came under the hammer of the National Assembly for lack of transparency. Personal staff of Professor Mohmood think their boss would deliver free and fair 2019 elections. Millions of

Nigerians aren’t convinced. An African adage has it that “it is the resident rat that invites outsiders to steal from the house.� In the same vein, it is how well prepared the electoral panel is that would determine the outcome of the 2019 elections. With barely 24 months to the 2019 general elections, the electoral firmaments look gloomy even as the umpire is not actively working round the clock to put the square pegs in square holes to ensure smooth, free and fair and peaceful elections. So in this piece, we are making the most urgent inquiries on the state of readiness of the electoral panel because of the overwhelming evidence that INEC under the current dispensation has fumbled and failed clearly to conduct conclusive re-run elections. Professor Mohmood-led INEC is defined as inconclusive electoral commission of Nigeria. It is a shocking reality that since coming on board as Chairman of INEC Professor Mahmood has not discharged his duty with the patriotic zeal and professionalism required of a holder of such an exalted office. The apprehension resulted from the fact that out of all the re-run elections and even main elections it conducted, over 85 per cent of those elections were flawed and substantially manipulated resulting in the elections being ruled as inconclusive. Even the Edo and Ondo States governorship polls were clearly marred by administrative bottlenecks and cases of abuse of office by INEC. The INEC took almost eternity to agree to conduct some of these re-run elections in the Southern parts of

the country. INEC cited insecurity but this same INEC quickly conducted rerun elections in the terror afflicted North East of Nigeria. Whan an irony! Before Professor Mahmood accepted to proceed to conduct the re-run parliamentary elections in Rivers State, the Senate of the Federal Republic threatened to embark on the first of its kind industrial action to compel the electoral panel to hold the Rivers re-run last December 10, 2016, clearly over a year after those elections were nullified by the various election tribunals. The same for Okigwe Senatorial re-run which took several months and even the re-run was challenged before the tribunal because it was manipulated for a predetermined result. Only last Saturday, the electoral panel organised re-run election in Etche local government area of Rivers to pick the Federal House of Representatives, but just this one election was almost manipulated because the electoral officers were barred from announcing the winners when it emerged that the Peoples Democratic Party was on the verge of emerging the winners of both the Federal and State Houses slots. Eventually the results were announced when Abuja knew it was difficult to rig that process. Apart from the leadership inertia in INEC, the federal government also was not initially in a hurry to reconstitute its board as only did that when leaders of the civil society and the National Assembly raised alarm that without the full complement of National Commissioners of INEC the 2019 polls may be marred. Emmanuel Onwubiko, www.emmanuelonwubiko.com

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T H I S D AY WEDNESDAY MARCH 1, 2017

CENTRAL BANK OF NIGERIA www.cbn.gov.ng

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T H I S D AY WEDNESDAY MARCH 1, 2017

Professor Attahiru Jega First Africa Initiative for Governance (AIG) Fellow

A true flagbearer of African leadership Congratulations to Professor Attahiru Jega, Africa Initiative for Governance (AIG) Fellow on the occasion of your public lecture titled “Electoral Integrity in Africa: Lessons from Nigeria’s 2011 and 2015 Elections”, at the Blavatnik School of Government, University of Oxford, today March 1, 2017.

Every year, Africa Initiative for Governance (AIG) awards the AIG Fellowship to one outstanding senior public service official from West Africa. For more information, please visit: www.aigafrica.org

Applications for the 2017 – 2018 AIG Fellowship at the Blavatnik School of Government, University of Oxford, open today, Wednesday, March 1, 2017 and close Monday, April 10, 2017.

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T H I S D AY ˾ WEDNESDAY, MARCH 1, 2017

MIDWEEKPOLITICS

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

THE NEWSMAKER

How Obiano’s Successor will Emerge As the November 18 date for the Anambra State governorship election closes in, David-Chyddy Eleke in this report, highlights some crucial factors that will determine who the next governor will be

I

n every part of the world, various factors come together to determine how people emerge as leaders. So, in Anambra State too, many things will come together to determine who wins the November election. Some of such factors are listed below: Zoning Arrangement Anambra State has an unwritten pact on zoning governorship position and it has worked for her. Though some will contend that the arrangement has no document to back it up and that no one is obligated to abide by it, or that the same formula has been violated before, but no one can truly wish away the fact that a zoning formula exists in Anambra. It will play a part in shaping how people vote in the coming election. The first governor of the state under the current democratic arrangement was Dr Chinwoke Mbadinuju, who hails from the Southern senatorial zone. His second term bid that would have completed the reign of the people of that zone was truncated by the foisting of Dr. Chris Ngige from Central senatorial district on Anambra people by his godfathers. Peter Obi, also from Central zone, toppled Ngige through court pronouncement and went ahead to finish two terms. Obi while shopping for a replacement for himself on completion of his tenure insisted that someone from the Northern senatorial zone must succeed him. This he said will give the people of the area a sense of belonging, since they were the only zone that were yet to hold Obi and Obiano...two major factors power. Dame Virgy Etiaba who administered the state for three months when Obi was impeached by the House of Assembly and Senator Andy Uba who ruled the state for 17 days in 2007 before he was removed by the court were both from Anambra South zone. This gave credence to the argument that the next governor, as canvassed by Obi then, should come from the Northern zone. The zone later produced Governor Willie Obiano. It was the only way to assuage the cries of the people of the area. And with election in the air again, people of the same zone have canvassed that they have the right to finish their two terms before another zone can move in. The only twist to it is that while some people are rooting for Obiano to finish the remaining one term, other politicians who have interest in the position are saying that Obiano has let the zone down with his abysmal performance and as such should give way for another son of the North to do the area proud by being the governor. Some of those who hold this view include Chike Obidigbo, Oseloka Obaze, Chinedu Idigo and others who all hail from the zone. That notwithstanding, the people of the Southern zone feel that the zone has not adequately tasted power; from Chukwuemeka Ezeife whose Ngige…another big player tenure was cut short by military intervention to Mbadinuju who was denied a second term, in the election alleged that the Prof Maurice Etiaba who reign for only three months before Iwu-led INEC compromised. But to this, Iwu Obi returned from impeachment to Uba who replied that politicians do not know the was also ousted. The general believe among strength of the power of incumbency. He the people from the South is that they are contended that an incumbent governor would the only legitimate people fit for the contest. hardly loss election as he has enormous So, as much as what zone the governor comes powers which he could deploy to sway from will play a role in who becomes the next the people’s support. True to this, there governor, the contending interests will play are cases where incumbent governors had work to tilt the position towards themselves. threatened to ‘deal’ with any community that failed to vote for his party. Power of Incumbency It is therefore wise to accept that the power In 2010 when Obi trounced his opponents to of incumbency in possession of Governor win a second term, candidates who lost out Obiano, who will also be a candidate in

Uba...his eye on Obiano’s job

the election, would play a great role. Though there have been cases where incumbents were rooted out of offices, but that could be said to be isolated cases, bearing in mind that an incumbent still controls the state’s structure and machinery, just as its funds could also be deployed to attain victory. For example, Obiano has been accused of drawing a monthly N1.4billion as security vote from the state by his opponents. He never denied it. With such funds at his disposal, one would wonder which private individual would be able to compete with him. Obiano seems to hold the ace in this respect.

Peter Obi/PDP Factor Mr. Peter Obi may be out of power, but his influence is still everywhere in Anambra State. Likewise, the Peoples Democratic Party (PDP) is a party that is very rooted in the state and has dominated its political space for several years, despite the incursion of the All Progressives Grand Alliance (APGA) into the state through the influence of Dim Chukwuemeka Odumegwu Ojukwu, the Igbo leader. With Obi, who is considered as the oracle of APGA now in PDP, it is expected that he will bring CONTINUED ON PAGE 19

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T H I S D AY ˾ WEDNESDAY, MARCH 1, 2017

THE NEWSMAKER

MIDWEEKPOLITICS

HOW OBIANO’S SUCCESSOR WILL EMERGE made before they were made governors. This also includes the case of the present governor of the state who has been accused of reneging on paying the cost incurred by his predecessor in ensuring that he won the election. Going by how money is spent by governorship hopefuls from the primary election to the main election, including all the rallies and others, it is not an overestimation to say an aspirant needs about N10billion - an amount that could be used by more than two candidates in any northern states – to successfully prosecute their election.

Ezeemo...not relenting

Nwoye...a formidable force

his weight to bear for the PDP. With the frosty relationship between Obi and Obiano, it is expected that he will work hard to ensure that his successor does not return to the seat of power. However, the problem is that in the event that PDP fields a candidate that does not have the capacity to displace Obiano, Obi may work for any other candidate, to ensure that anyone else but Obiano governs the state. During a recent interview with THISDAY, a PDP aspirant, Chief Osita Chidoka said that Anambra remains a PDP state and that the only reason the party lost the state to APGA in the first instance was because of Peter Obi, who was loved by the state. He added that now that Obi is in PDP, and considering his size and continued popularity, the party would be working to take the state again. Obi still has the capacity to influence voting in the state, no wonder the state governor has made concerted efforts to pin him down for reconciliation without luck. Godfatherism Except for a few aspirants, who are known to be financially buoyant, and can sponsor themselves to the position, most others are hoping that a benevolent man of wealth will come to their aid by way of funding. This is where godfatherism comes to play. Already, most of the aspirants are being backed by their political godfathers who are already working to secure the ticket of various parties for their godsons. In APC, the likes of Ngige, who is the leader of the party, and Prince Arthur Eze who is a financial heavyweight would work to

Obidigbo...another contender

Muoghalu...also in the race

hand the ticket to their favoured candidates, while Peter Obi will in the PDP work to favour anyone he chooses with the party’s ticket. Also, a lot of wealthy men who are not known to be members of any political parties may have also been approached for sponsorship by the aspirants, thus, it would not only be a fight among the aspirants, but various interests in the state, who would work to favour their preferred aspirants with the tickets of various political parties, with the hope of slugging it out at the main election. Who becomes the governor of the state in 2018 may also depend on who is favoured by whom. Political parties When candidates begin to announce the parties on whose ticket they are vying for the election, it becomes obvious which of them can be taken seriously. This is the same all over the country, but it varies depending on the strength of the party in a particular state. In Anambra State, the popular parties include; PDP, APC and APGA. While APGA already has a candidate in the incumbent governor, aspirants who are serious about their aspiration would either vie on PDP or APC. Anything short of the three will rather come to Anambra people as a surprise, better still as a miracle if one likes. A typical example of how seriously an aspirant is taken is a recent conversation between two men, one of them said that the best governor Anambra can have is Mr. Godwin Ezeemo, but said that his only impediment has always been his insistence on contesting on PPA platform, which the man noted is a party that cannot

fly in Anambra State. True to the man’s word, Anambra has a special preference for big parties, but beyond this, Chief Ezeemo has been working to reshape the psyche of the people away from money politics and support for ‘big’ parties. He held a five-day workshop in collaboration with the Nigerian Union of Journalists (NUJ) in the past, with the hope of reshaping peoples’ mindsets about elections and voting. But one thing remains; party affiliation boosts the chance of any candidate that will win the governorship in the state. Money bag politics Even if an angel contests the Anambra governorship election without substantial financial back up, the tendency is high that such person will not win. As the elections draws near, various political parties that were invisible are back, renting every available apartment to hoist their flags. The ploy is that aspirants of political parties that are considered the big ones will reach out to them for their tickets when they fail to secure tickets from their preferred political parties, and the aim is to negotiate the slot for money. Labour party became a big party in 2013 when it netted Ifeanyi Ubah, who used his wealth to boost the party’s acceptance after he lost the APGA ticket. The money bag politics is usually the reason contestants have to go hunting for godfathers to bankroll and successfully prosecute their election. In Anambra State, there have been cases of godfathers holding governors at the jugulars for their refusal to meet agreements

The Church In Anambra, the church you attend determines your rise in politics. That is how much the state plays religious politics. From the inception of the country’s nascent democracy, the church has played a great role in who becomes the governor of the state. Catholic and Anglican churches are the two dominant Christian denominations in the state and save for Mbadinuju, who was of the Pentecostal stock; the governors of the state have always been either Catholic or Anglican. Many still argue that what stopped Mbadinuju from getting a second term was largely because he was neither a Catholic nor an Anglican. Ngige, Obi and Obiano are some of the governors of the Catholic stock. For each of them, the Anglicans always ensured that one of their own was chosen as a running mate to the governor, just as Anglican governors were mandated to take Catholic running mates to ensure a balance and to sway enough votes to their favour. It is often said that all the Bishops of both the Catholic and Anglican Churches have nominees who are commissioners, Special Advisers and Assistants, and who the governor must not touch for any reason, for the simple reason that they represent powerful interests. The governor can only relieve them of their jobs if their offences are grave and the clergies always pick a replacement for the sacked ones. Such is the height of religious politics played in the state. While the Catholics have been lucky to produce three governors, their Anglican counterparts have not. The two governors they have produced have had their stay cut shot by court pronouncements. Dame Virgy Etiaba stayed for three months after Obi was impeached, but the latter’s reinstatement relieved her of the seat, while Andy Ubah managed to stay for 17 days before a court pronouncement also sacked him for Obi to return again. Recently, rumours went round town that one of the top contenders for the governorship position on the platform of the APC, Dr George Muoghalu was not a Catholic, and as such may not be supported. But considering the importance of religion in Anambra politics, Muoghalu spoke to journalists and confirmed that he is a Catholic, but stated that if he became the governor of the state, he would be governor for everyone and not just for Catholics. He also urged the people to eschew religious politics. The importance of religious denomination in Anambra politics cannot be over emphasised, thus in 2010 when Obi, Ngige and Chukwuma Soludo were top contenders for the plum job, the Catholic church was accused of favouring Obi, with priests visibly threatening their members with refusal to administer them holy communion if they failed to vote Obi, despite that the trio were Catholics. This prompted Soludo to threaten to petition the Pope, questioning if his own Catholicism was different from that of Obi to warrant his (Obi) being supported by the church against him. In all, whoever will be the governor must have the strong backing of the church. The APC Factor Though some politicians in the state have repeatedly stated that the APC stands no chance to win the governorship election but just as the power of incumbency, federal might also plays significant roles in electoral victory in this clime and cannot be overlooked. The fact that some bigwigs like Andy Uba, Ifeanyi Uba and other notables are already crossing to the APC is an indication that the party stands the chance to make strong impact in the coming election.

WEDNESDAY, MARCH 1, 2017, ˾ T H I S D AY

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FEATURES

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

Pain and Redemption for a Brutalised Cripple Recently, an amateur footage of two soldiers brutalising a physically challenged man in Onitsha went viral on the internet. His crime was that he wore military camouflage. This generated a massive outcry, and today what was the misfortune of the cripple has turned out a fortune, writes David-Chyddy Eleke

The cripple, Chijioke Uraku, being received at the 302 Artillery Regiment, Onitsha by Colonel Musa Sagir and the Commander of the Regiment, Colonel Idongesit Akpan

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itizen Chijioke Uraku’s only sin was that he wore a military camouflage on that fateful day at Egerton Street, around New Market Road, Onitsha, when he was accosted by two military policemen who were said to have tried stripping him of it, but he refused. His refusal was said to have angered and elicited the beating that was seen in the internet video, which led the men to throw away his wheel chair, and proceeded to beat him mercilessly, while dragging him on the tarred road. Thanks to one of the onlookers who made a video of the scene and posted on the internet. Two days after the incident, the Army identified and arrested the soldiers involved. Showing a high level of compassion, the Nigerian Army did not stop at just arresting the men, it invited the victim to 302 Regiment in Onitsha, where it showed concern over the treatment meted out to him by its men. The Deputy Director, Information,

82 Division of the Nigeria Army, Col. Musa Sagir alongside Col. Akpan, said the Army regretted the action of the soldiers.

Uraku, a strong personality even though physically challenged displayed his fearlessness when he was called up to be placated by the senior officers. He refused to remove the faded camouflage that caused him trouble, and even wore it to the barracks when he was invited

He said, "The leadership of the Nigerian Army under Chief of Army Staff, Lieutenant General Tukur Buratai frowns at the action of those soldiers and does not encourage it and we are also ready to sanction any person whenever it occurs. They have been tried by the commanding officer of 302 Regiment and they have been equally referred to the higher authority. We are concerned about what happened, and we are appealing to the public and international community that the men have violated the core value of the army for the respect for one another. The Army is a disciplined and morally sound organisation and does not condone gross professional misconduct and indiscipline,” Sagir said. He said the Army had planned to take the victim to the hospital for proper treatment, but he had rejected, claiming that he takes exception to western medication. Sagir said the attitude of the military police men, posted to the 302 Regiment in Onitsha does not reflect

the real attitude of the present force under the leadership of Buratai despite different backgrounds. He had added that a more appropriate sanction would be meted out to the men. Uraku, a strong personality even though physically challenged displayed his fearlessness when he was called up to be placated by the senior officers. He refused to remove the faded camouflage that caused him trouble, and even wore it to the barracks when he was invited. Not even plea by the senior Army officers for him to remove it in exchange for some pairs of trousers and other clothing that were given out to him was heeded. He bluntly told the officers to keep their dresses, insisting that the only thing that can adequately placate him is to be decorated with military uniform. He threw the officers and journalists who were in attendance into a feat of laughter when he declared that he was like the commander 302 Artillery Regiment a commander too.

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WEDNESDAY, MARCH 1, 2017, ˾ T H I S D AY

FEATURES

He quoted his rank as a colonel, saying that he is the commander in charge of Egerton command at the New Market Road, Onitsha. Egerton THISDAY found out is a popular street around the New Market Road, Onitsha, where the cripple is equally very popular. Uraku who hails from Ikwo in Ebonyi State is said to be formerly involved in the sales of recharge cards, and has also been long in the street to the point of being popular. A resident of the street told THISDAY that, “he is not a beggar, he is a very social and friendly person. We all know him here, and just as he claimed, he usually tells all that he is the ‘commander of Egerton Street’. We usually laugh at the title. Every morning, you will see him wheeling his chair along the street and waving and greeting everyone the same way politicians always did. He is a peaceful person, that is all I can say.” Uraku was later persuaded by a representative of the Anambra State Governor, Chief Willie Obiano, the state Commissioner for Women Affairs and Social Welfare, Dr. Victoria Chikwelu, to accept the gift of clothes and an undisclosed sum. The commander of 302 regiment, Col. Idongesit Akpan showed concern to him over the beating he received, but said that the gifts were not meant to be compensation to the victim, but rather a way of showing that the Army recognises his plight and wishes to identify with him. This he said too will go a long way to show that the army does not support its men to brutalise innocent people in the line of their duty. Meanwhile, later in the day, the Nigerian Army announced the demotion of the two soldiers involved in the beating of the cripple. Cpl. Bature Samuel and Cpl. Abdulazeez Usman of 82 Provost Company in Onitsha, Anambra, to Private for human rights abuse. The Nigerian Army speaking through its spokesman, Brig.-Gen. Sani Usman, made this known in a statement. He said they were arrested, summarily tried on two counts and found guilty. “Consequently, both have been sentenced to reduction in rank from Corporal to Private Soldiers and 21 days imprisonment with Hard Labour, respectively. It includes forfeiture of 21 days pay to the federal government of Nigeria. We wish to reiterate our avowed determination to ensure that troops conduct themselves in the most orderly and professional manner at all times. Any act of indiscipline would not be tolerated,” he said. Not done, the Ebonyi State Governor, Dave Umahi, who read of the plight of one of the indigene of the state said the punishment meted by the Nigerian Army on the two errant soldiers was inadequate and should have been more stringent. He demanded the immediate sack and prosecution of the two soldiers who assaulted Uraku. The governor was speaking after a team he dispatched to Onitsha to bring Uraku for rehabilitation had brought him to the executive chambers of the Government House. Governor Umahi, donated N500,000 to the victim to aid his recovery and rehabilitation and promised to empower him by setting up a business for him. The governor said the state government will write a petition to the Army authorities demanding the immediate sack and prosecution of the two soldiers. “Let me highly commend the Chief of Staff and the GOC of 82 Division for their quick and humanly intervention. In our society we have different sectors of our engagement, the judges or lawyers are not the most important, neither are the doctors, police, soldiers or politicians. The combination

Governor Dave Umahi, donated N500,000 to the victim to aid his recovery and rehabilitation and promised to empower him by setting up a business for him

Uraku, narrating his ordeal to members of the Ebonyi State Executive Council at the Executive Chambers of the Government House

Uraku, flanked by Army officers and Anambra State Commissioner for Women Affairs and Social Development, Mrs. Victoria Chikwelu, who represented the Anambra State governor, Chief Willie Obiano, during Uraku's visit to the Army Barracks, Onitsha

of all will make the society that is progressive. And I believe in a society where the right of one stops the right of the other begins. We commend the Chief of Army Staff on the disciplinary actions taken on those men but we believe that 21 days imprisonment is not enough, they didn’t behave like human beings and to be demoted is not enough.” A little over a week of his being manhandled by soldiers, Uraku has somewhat risen to the status of a celebrity. Strong-willed, He was always ready to forgo any compensation by anyone, just to enjoy his freedom. But the once idle Uraku who was always found at Egerton Street may not be readily available

there any longer, from the moment he became very highly sought after. THISDAY reporter who visited Egerton in the hope of seeing him was disappointed when he was told that CJ as he is popularly called does not come to Egerton regularly anymore. An official of the Ebonyi State government who came to pick CJ up on the order of the state governor was disappointed after he spent the whole day and was unable to locate him. He also sought the help of journalists who were on ground just to locate him. The governor besides cash gifts to CJ also directed his Senior Special Adviser on Welfare and Religious Matters to liaise with his family on the best way to

resettle him. This may just be the beginning for CJ as the Anambra State governor, in whose domain the incident happened had earlier instituted a panel of enquiry into the reasons surrounding the treatment meted out to him. Though officials of Anambra State government could not reveal the extent of work the panel has done, it was gathered that CJ will be testifying before the panel soon, just as another official of the state government revealed to THISDAY under anonymity that the state governor was already making arrangement to also rehabilitate the cripple as done by the Ebonyi State governor.

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IMAGES

L-R Country Director, United Purpose, Tim Connell; Corporate Relations Director, Guinness Nigeria Plc, Sesan Sobowale ; FRSC Sector Commander, Lagos state, Hyginus Omeje; and Global Sustainable Development Director, Diageo Plc, David Croft at a dinner for Guinness Nigeria sustainability stakeholders in Lagos..... recently.

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

L-R; Mrs. Chisoba Madu;, Mrs Iy Orji Uzor Kalu; Former Governor of Abia State, Orji Uzor Kalu and National Chairman, Independent Democrats, Hon. Edozie Madu, during a party to celebrate Madu’s daughter’s birthday in Abuja....recently

L-R; Regional Operations Director, Airtel Nigeria, Oladokun Oye; 10 million Naira winner, Ikechukwu Anthony and Head, Mass Market Segment, Airtel Nigeria, Dipo Jolaosho at the Red Hot Promo prize presentation ceremony in Lagos...recently.

L-R; Chairman, First Ally Asset Management, Biodun Arokodare; Managing Director, First Ally Asset Management,Winston Osuchukwu; Managing Director, First Ally Capital, Ebenezer Olufowose and, Deputy Managing Director, First Ally Capital, Obeahon Ohiwerei during the Top Services Limited Real Estate Investment Trust “Facts behind the ďŹ guresâ€? presentation at the Nigerian Stock Exchange, Lagos....recently

L-R: Director, Independent Newspapers, Adaobi Nwakuche, Divisional Head, Digital and Consumer Banking, United Bank for Africa (UBA) Plc, Mr Yinka Adedeji and Managing Director, Independent Newspapers, Mr. Ted Iwere during the presentation of the award of the Most Innovative Bank to UBA at the Independent Newspapers Awards, in Lagos...recently

L-R: Public Relations Manager, Vconnect Global Services Ltd, Ayodele Akinsiku; Senior Manager, Tax and Financial Advisory, Nolands, Taslim Salman; Founder, Silton Africa Kitchen, Anthnia Ojenagbon; Director, Nolands, Helen Ijewere; and Director, Growth and Monetization,Vconnect Global Service Ltd, Naveen Luthra, at the Vconnect SME 2017 Conference in Lagos... recently

L-R: Assistant Manager, Group Business Development, Nestoil Limited, Abasam Onyia; Assistant General Manager, Group Business Development, Nestoil Limited, Simeon Tor-Agbidye; General Manager, Subsurface, Amarquaya Martey; and Principal Consultant, OSC limited, Kelvin Acka; at the West Africa International Petroleum Exhibition and Conference in Lagos...recently

L-R Executive Director, Wapic Insurance Plc, Femi Obaleke; Chairman/CEO Zinox Technologies, Chief Leo Stan Ekeh; Managing Director, Wapic Insurance Plc. Yinka Adekoya and Executive Director, Wapic Insurance Plc.,Bode Ojeniyi during Chief Leo Stan Ekeh’s courtesy visit to the Wapic Head OďŹƒce in Lagos....recently

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WEDNESDAY, MARCH 1, 2017, ˾ T H I S D AY

BUSINESSWORLD R A T E S NIBOR OVERNIGHT 1-MONTH

A S

A T

J A N U A R Y

NIBOR 11.7083% 17.6546%

3-MONTH 6-MONTH

19.0199% 22.2853%

NITTY 1-MONTH 2-MONTH

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

1 9 ,

16.5577% 14.0684%

3-MONTH 6-MONTH

2 0 1 7 17.1394% 18.6901%

EXCHANGE RATE N305.50//1US DOLLAR* *AS AT LAST FRIDAY

Quick Takes Facebook Chief Meets Entrepreneurs

ACCOUNTING TO SHAREHOLDERS

L-R: Interim Managing Director, International Energy Insurance ( IEI) Plc, Peter Irene; Interim Chairman; IEI, Muhammad Ahmad; Company Secretary, Ahmad Adeyinka; and Interim Directors- Daisy Ekineh and Ibiyemi Adeyinka, at the 42nd annual general meeting of IEI Plc, held in Kano … recently

Stakeholders Bullish on Green Bond as Global Demand Hits $60trn Goddy Egene Stakeholders in the Nigerian capital market have said the bid by the federal government to raise funds through Green Bonds issuance would be successful given the high demand for the instrument by investors globally. The federal government is planning to raise N20 billion via Green Bond before the end of the first quarter to fund projects that have environmental benefits. As part of the programmers, leading to the bond issuance, the Green Bonds Capital and Investors Conference was organised last week in Lagos by the Federal Ministry of the Environment, Federal Ministry of Finance and the Debt Management Office (DMO). Participants at the conference expressed confidence that the issuance would be highly successful.

ECONOMY For instance, the Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema said oversubscription in Green Bond issuance is commonplace, meaning that the planned issuance by Nigeria will record significant patronage. According to him, assets under management by signatories to United Nations-supported Principles for Responsible Investment (Green Investment) rose from $4 trillion in 2006 to $60 trillion in 2015. Besides, he said assets managed by institutional investors in the Organisation for the Economic Cooperation and Development (OECD) countries are projected to hit $120 trillion in 2019. This, Onyema explained, are signals of a vibrant green bonds market that Nigeria will

benefit from. Explaining the decision to issue the Green Bond at the conference Acting President, Prof. Yemi Osinbajo said the bond would support the federal government’s shift to non-oil base assets for project financing for economic growth and development. According to him, the proceeds of the bond would be used for environmental projects such as renewable energy micro-utilities in three communities estimated at N10 billion and would provide an average of 33KW of power through solar technology. He noted that the environment finance was very important for environmental projects, noting that the Green bond would address climate change and environmental projects to ensure sustainable development. Osinbajo, who described the initiative as a new addition to

the market funding portfolio, added that the proceeds would be used by Nigeria to fight climate change. He said that climate change had led to increase in natural disasters thereby affecting food, water and energy supply, thereby increasing poverty level of populace. Also speaking at the conference, the Minister of Environment, Mrs. Amina Mohammed, said government’s new proposed economic recovery and growth plan identifies the Green Bonds as one of the alternative sources of financing. “Government is ready and committed to diversifying the economy, creating Jobs, improving security and improving quality of life. Green Bonds provides a new product with new credentials that investors can buy into Continued on page 24

Report: FCMGs Adjusting to Economic Realities Obinna Chima Nigeria’s fast moving consumer goods (FCMG) sector is one of the hardest hit by the economic crisis in the country that has been raging since 2015, a report has stated. The report by analysts at Lagos-based CSL Stockbrokers Limited, stated that at this stage, they see little reason for things to improve markedly in the sector in 2017, adding that inflationary pressures would continue to weigh heavily on consumer spending while higher input costs that cannot be passed on to consumers will tighten their squeeze on margins. The report covered three

ECONOMY FMCGs: Nestlé Nigeria, Unilever Nigeria and PZ Cussons Nigeria. “Nevertheless, there appears to be at least one common bright spot for these companies: we believe improved trading conditions in the north of Nigeria supported sales in calendar year 2016 with all three companies taking back some of their 25-40 per cent in revenues lost to insurgency from 2012. That said, we only see little additional sales uplift in the years ahead. “In our view, it will be crucial for these companies to decrease dollar exposure to mitigate

foreign exchange risks. This will be no panacea however. Although recent times have seen them doubling down on import substitution, we believe an inflationary environment, under-capacity of Nigerian producers of raw materials, and unmet quality standards will continue to put upward pressure on production costs,” it added. In addition, it noted that despite the essential nature of some FMCG brands, high levels of competition from established players and, increasingly from cheaper, unbranded substitutes, will limit firms’ abilities to pass on higher input costs to consumers, meaning that margins are likely to be squeezed further

in the coming years. The firm therefore revised its estimates for Unilever, Nestlé and PZ, adding that it anticipates that higher input costs would weigh on Nestlé’s and Unilever’s top line, while PZ’s top line will be weighed down by sluggish sales in its electronics businesses, in our view. Since 2012, the Nigerian consumer has come under a lot of pressure. From fuel subsidy removals, to the naira’s free fall in recent years, various factors have contributed significantly to inflation. In addition, increases in electricity tariffs (in line with provisions of the multi-year Continued on page 24

The Chief Product Officer at Facebook was in Nigeria this week to speak at the Social Media Week in Lagos about the future of media, andtomeetwithNigerianentrepreneursandcontentcreators.Nigeria was the first stop on a week-long trip to West Africa where Chris will visit Nigeria, Ghana and Senegal to learn about the challenges and opportunities people in the region face so that Facebook can better serve the region’s content creators, entrepreneurs and developers. During his talk at the Social Media Week — the region’s premier new media and social media conference — Cox highlighted Nigeria’s status as a hub for innovation and creativity because of its fastgrowing mobile technology sector and its vibrant film and music industries. He focused on how the world is moving to digital video, with formats such as virtual reality, live video broadcast and 360 video giving people new ways to tell their stories.“Stories matter, whether it’s the stories of our lives or the story of Africa’s growth and ascendance,” Cox said.“We want Nigeria’s storytellers — the musicians, the filmmakers, the novelists — to take their stories to the rest of the world. The explosion in mobile video and live video, gives people a new way to share their story and perspective with the globe – and this is happening on Facebook.”Cox talked about how creators like Femi Kuti were using Facebook to bring fans into their lives and extend their presence beyond the stage and recorded media.

Fidelity Bank Wins Award

Fidelity Bank Plc said it was recently adjudged ‘SME Support Bank of the Year 2016’ during the Independent ‘Man of the Year’ award ceremony held in Lagos. The award according to Independent Newspapers; organisers, was given to Fidelity Bank on account of its outstanding support for the country’s Micro Small and Medium Enterprises (MSMEs). It was received behalf of Fidelity Bank by its General Manager, Managed SMEs Division, Kenneth Opara, at a ceremony that took place at the Oriental Hotel, Lagos. Speaking shortly after receiving the award, Opara said the bank has put a lot of hard work put into supporting the SME sector. He thanked the organisers for recognising the tough job Fidelity Bank had done in the SME space and dedicated the award to all the Bank’s SME customers and other small businesses in the country. He noted that most financial institutions avoid financing SMEs, terming the sub-sector to be highly risky but Fidelity has found creative ways of lending profitably to micro and small businesses in Nigeria. Recognising the fact that SMEs are the backbone of any successful economy, Fidelity Bank supports small businesses to grow and increase their level of relevance and competitiveness across the globe. As a result of its commitment and enormous contribution to help build startups, the Central Bank of Nigeria (CBN) selected Fidelity Bank as one of the pilots of the CBNs Youth Innovative Entrepreneurship Development Programme. The Bank also runs an Export Management Programme, currently in its fourth stream, to help entrepreneurs who have exportable products, expand their markets abroad.

ICD, Group Sign MoU

The Islamic Corporation for the Development of the Private Sector (ICD), the private arm of Islamic Development Bank Group (IDBG), and the International Association of Islamic Business (IAIB), have signed a Memorandum of Understanding (MoU) to explore possible avenues for collaboration in enhancing business relations between entrepreneurs from Islamic countries and Russian Federation. The two institutions are determined to collaborate on introducing Islamic banking products in Russia by attracting banks operating in accordance with Islamic principles and lobbying for changes in Russian banking legislation to incorporate Islamic banking. ICD and IAIB also reached agreement to facilitate information and expertise exchange in order to develop effective cooperation, which may include organizing joint professional programs, market research, workshops, publications, study tours, and assisting in production and certification of halal goods.

“We get foreign exchange majorly by selling crude oil. So, we need to change the structure of our economy so that we can have other sources of earning foreign exchange

DG,WAIFEM, Prof

Akpan Ekpo

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WEDNESDAY, MARCH 1, 2017, ˾ T H I S D AY

BUSINESSWORLD STAKEHOLDERS BULLISH ON GREEN BOND AS GLOBAL DEMAND HITS $60TRN which has gone through a vigorous process to ensure transparency, accountable use of funds and is environmentally friendly,” she said. The minister called on the domestic capital markets to rally round the issuances. “Our domestic market need to rally around our own domestic issuances. The recently issued Euro Bonds are a testament to us that the Nigerian Market is still viable. So, let’s translate that to domestic issuances. Greening our economy and financial systems will in the long run support our sustainability efforts and improve the economy as it will open new avenues for new types of jobs, innovation and skill,” she added. REPORT: FCMGS ADJUSTING TO ECONOMIC REALITIES inflation. In addition, increases in electricity tariffs (in line with provisions of the multi-year tariff order (MYTO); increased import duties on staples like rice, wheat and sugar, and on used cars; and more recently, the restriction of foreign-used car imports through land borders (a cheaper means of car imports), have further dented consumer demand, in our view. In response, the Nigerian consumer has been trading down the value chain, switching to cheaper alternatives as living costs rise and income levels generally remain low. Furthermore, the report stated that although 2017 may be the year that sees the economy moving away from recession, the overall picture for consumer spending remains bearish and a potential turnaround is hard to see at this stage. It stated that it foresaw the consumer continuing to face headwinds, chiefly because of: the possibility of another round of petrol pump price hikes and/ or naira devaluation; lower revenue allocations to state governments resulting from lower oil receipts caused by renewed militant attacks on oil pipelines.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

NEWS

Communications Minister, CPC Seek Synergy to Curb Telecom Abuses James Emejo in Abuja Minister of Communications Technology, Mr. Adebayo Shittu has called for closer ties between his Ministry and the Consumer Protection Council (CPC) in order to save Nigerians from increasing consumer abuses in the telecommunications sector. Speaking in Abuja when the Director General of CPC, Mrs. Dupe Atoki led the agency’s Management team on a courtesy call on him, Shittu said the collaboration has become necessary given that Information Communication Technology, particularly telecoms, has the greatest impact on the Nigerian consumer community. According to him, “Telecoms and ICT are the biggest influence on human lives, on businesses and even on government, I think that ICT, particularly telecoms is one area where we can possibly affect Nigerians perhaps more than any other”, noting that “as at today we have 150 million Nigerians who use telephones and that shows the only area with the largest users.” He added: “If you talk of food, it is possible that some people may not get food or may not eat and sleep that day but telecoms has become the single link that Nigerians have among themselves and with outside world. So I believe that in today’s world, it is the area where you have the largest dose of cheating and fraud. So if we are able to succeed in protecting the rights of telecom consumers, there will be a lot of satisfaction because as minister of communications, I receive

bashing in this area.” Earlier, Atoki had said the visit was to intimate the minister on the relevance of the ministry in activities lined up for the commemoration of the 2017 World Consumer Rights Day (WCRD), whose theme is ‘Building A Digital Age Consumers can Trust’. She stressed the need to step up protection for consumers in the telecom sector. Enumerating the challenges consumers in the digital age in the country face, the CPC boss contended that everything has been digitalised “except for our breathing, because at the

touch of a button, something just happen, so we cannot avoid being engulfed in the digital system. A statement by CPC’s Deputy Director, Public Relations, Mr. Abiodun Obimuyiwa, quoted Atoki to have said: “We are looking at acknowledging the benefits of the digital world, examining the challenges that this innovation had brought, we are to look at all the peculiarities and take up those issues and try to find resolve for them. “For us in Nigeria, we know that there are concerns on online redress, because you can do so

many things online, you can purchase a product online, but when there is a fault, you cannot do the same online. You cannot get a redress online. If you bought a product that is dissatisfactory, the businesses have not created a portal that eases consumer redress. We also have online security, where you have fraud, and this is where the 419s and the yahoo people as you call them, thrive on the digital system. And so we have so much fraud going on using the various platforms for digital process. “We also have the privacy protection

issues here, one of which is unsolicited messages that we receive. These are as a result of the digital platforms for which these processes are being put to us, and so it’s either messages or sometimes you are forced to get a caller tune that you are not even aware of, so your privacy is being invaded via these various platforms. “Issues that sit with the telecoms operators, issues of broadband consumers don’t know. You buy a bundle for voice or broadband and you don’t know what is allocated to you.

COURTESY VISIT

L-R: GH L&D, Chartered Institute of Bankers Nigeria (CIBN), Hajia Rukayat Yusuf; Executive Secretary, Risk Managers Association of Nigeria (RIMAN), Mr. Victor Olannye; National Treasurer, CIBN, Mr. Ken Opara; President, RIMAN Mr. Jude Monye; President/ Chairman of Council, CIBN Prof. Segun Ajibola; Registrar/Chief Executive, CIBN Seye Awojobi; Treasurer RIMAN, Mr. Niyi Olalemi; Membership Services, RIMAN Mrs. Toyin Ogundipe GH, CBC, CIBN, Mr. Akin Morakinyo during a courtesy visit by RIMAN to CIBN in Lagos ... recently

2017 Budget: NIMASA Targets Strategic Growth of Maritime Industry Eromosele Abiodun The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has stated that the agency’s 2017 budget was tailored towards the strategic growth and other developmental initiatives of the maritime sector. Peterside stated this during the 2017 budget defence session at the National Assembly in Abuja before the Senate Committee on Marine Transport, Chaired by Senator

Ahmed Sani Yerima. He stated that the agency is committed to actualising its core mandates and to grow the maritime sector for the benefit of indigenous operators and the entire nation. Peterside observed that the agency targets strategic growth in five critical areas in the year 2017 namely; maintaining maritime safety and security to bring piracy to its lowest level, maintenance of a clean maritime environment and enhanced port state control,

human and infrastructural capacity as well as sanitizing the maritime environment to eliminate sharp practices, while increasing revenue generation for economic growth. While assuring the committee members that revenue leakages will be plugged through the Agency’s digitalisation processes, he disclosed that NIMASA will also embark on an aggressive debt recovery programme, all geared towards enhancing the efficiency of the maritime sector.

According to him, “It is expected that the dollar rate will drop drastically through federal government’s intervention policies and in turn allow room for more investors. Let me also assure Nigerians’ that the present management of NIMASA is committed to ensuring transparency in all its processes, accountability and probity in the discharge of its mandate towards making Nigeria a hub of maritime activities in Africa.” NIMASA had in the last

one year embarked on several stakeholder engagements and campaigns towards the actualization of its mandate in growing the shipping industry in Nigeria and to make it rank high among the comity of maritime nations, and suitable for both foreign and local investors. NIMASA is the government body solely responsible for the promotion of indigenous shipping and ensuring maritime safety and security on the nation’s waterways.

Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising)

7,000 Benue Farmers Get IFAD Support to Boost Agriculture

Correspondents

From George Okoh in Makurdi

Reporters

Benue state government has stated that over 7,000 farmers are being supported in the state by the International Fund for Agricultural Development, IFAD, Value Chain Development Programne VCDP, to boost rice and cassava

Chinedu Eze (Aviation) Linda Eroke (Labour) Eromosele Abiodun (Cap Mkt) Ejiofor Alike (Energy) James Emejo (Nation’s Capital) Obinna Chima (Money Mkt) Nume Ekeghe (Money Market) Nosa Alekhuogie (Maritime)

production in the country. The state Commissioner of Agriculture, Mr. James Anbua made this known on Monday at the IFAD-VCDP Commodity Alliance Forum for Farmers and Stakeholders in Makurdi. Represented by his Director of Media, Mr. Ahangba Ayati, the Commissioner said: “The government recently released

N166million as counterpart fund to the programme to further support it success story.” In his remark, the IFADVCDP State Programme Coordinator, Mr. Emmanuel Igbaukum stated that beside availing farmers financial support, the programme had also exposed them to improved

agronomy practice. “The coming of IFAD-VCDP has also helped Benue farmers upscale their rice production from1.5million metric tonnes to over 5 million metric tonnes annually.” “We urge farmers and off takers alike to stick to the provision of the Memorandum Of Understanding, MOU, they entered into in order to sustain

the success we have achieved so far in Benue state.” Earlier, the Central Bank of Nigeria, CBN representative, Mr. Sylvester Afenyi, who said the partnership between the anchor borrowers, farmer and other stakeholders would be in cash and kind urged the farmers to make good used of it.

WEDNESDAY, MARCH 1, 2017, ˾ T H I S D AY

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BUSINESSWORLD

NEWS

FCMB Announces More Rewards for Customers with Millionaire Promo Season 4 It promises to be another season of excitement and rewards for customers of a leading financial institution, First City Monument Bank (FCMB) Limited beginning from March 1, 2017. This is because, the Bank has unveiled another bumper reward scheme tagged ‘’FCMB Millionaire Promo Season 4’’. The latest promotion has been designed to provide extra empowerment and create value for customers of the Bank, while encouraging financial inclusion and savings culture. The ‘’FCMB Millionaire Promo Season 4’’ follows the huge success recorded in the third phase of the Millionaire Promo, which produced sixteen millionaires and 2,496 winners of various top-range gifts, while it ran between April and December, 2016. In a statement, FCMB explained that the Millionaire Promo Season 4, which will run from March 1 to October 30 this year, is targeted at all segments of the society, especially existing and potential savings account customers of the Bank. This however, excludes salary and domiciliary account holders. During the promo, various exciting prizes will be won by qualified customers. While four lucky customers of the Bank will each win the star prize of N2million at the grand finale of the promo scheduled for November, 2017, 12 others will be rewarded with N1million

at the zonal draws that will hold in May, July, September and November, 2017. Other fantastic prizes to be won during the promo include LED TVs, Generating sets, Tablets, Phones and Decoders. On how to participate in the FCMB Millionaire Promo Season 4, all an existing or a new customer of the Bank needs do is to increase his or her balance by N10,000.00 in any of the eligible savings account and maintain it for 30 days to qualify for the Zonal and Regional electronic selection of winners where the star prize of N1million and other fantastic prizes will be won. Multiple savings of N10,000.00 will increase the probability of winning. To qualify for the grand finale draws in November, 2017 existing and new customers are to increase their balances up to N50,000.00 and maintain it for 30 days . Multiple savings of N50,000.00 will also increase the chances of winning. Speaking on the promo, FCMB’s Divisional Head, Retail Banking, Mr. Olu Akanmu, said, ”Open an account with FCMB, save N10,000 and you too can be a winner or increase your balance with N10,000 as an existing customer and you can win N1,000,000. FCMB Millionaire promo is unique because the draws happen across many cities and towns in Nigeria so the chance to win is very high for many Nigerians.

He urged existing and potential customers of the Bank to take advantage of the huge opportunity the promo offers. The FCMB Millionaire Promo was first launched in February 2015. So far, over 36 millionaires have emerged through the various draws conducted nationwide. In addition, 6,476 others have smiled home with television sets, refrigerators, power generating sets, smart phones, tablets, decoders, among several exciting prizes. The winners, customers, regulatory bodies and other segments of the society have all commended the Bank for sustaining its empowerment support to the populace and the society. In his testimony, a winner of N2million cash at the grand finale draws of the season 3 of the promo, Mrs. Monica Omolafe, expressed gratitude to FCMB for being a true partner in progress. Speaking shortly after her emergence as the winner of the prize in December 2016, she stated, “I am grateful to God and FCMB for this big surprise. The Bank should continue with the great things it has been doing’’. Another winner of N2 million, Chief Amobi Egbe, described FCMB as a blessing. According to him, “FCMB has been exceptional and I cannot but appreciate the Bank for this wonderful opportunity to be one of the winners of the promo’’.

MainOne Showcases Virtual Reality Solutions at Nerds Unite Forum Emma Okonji For the first time in the history of Nigeria, MainOne showcased Microsoft HoloLens, the world’s first self-contained holographic computer running on Windows 10 at MainOne’s Nerds Unite 2017 forum. Speaking during the event, Principal Group Manager, Microsoft Corporation, Robert Di Benedetto, highlighted the company’s products and services for cloud, security, productivity and intelligence, which will make it easier for information technology (IT) professionals to drive digital transformation throughout their organisations. With the reveal at MainOne’s Nerds Unite conference, Nigeria joins selected countries that have

experienced the visually rich interactive experience that holograms provide. The Chief Executive Officer of MainOne, Funke Opeke said the current recession in the country was a motivator for the event theme for the 2017 edition, “Disruptive Technology: Achieve More with Less”. According to her, the economic downturn has left businesses with no alternative than to adopt and leverage disruptive technology to drive efficiency, save cost and deliver economic value. She shed light on the need to align business needs with technology, the need to be agile and the importance of security. She cited the successes recorded in the e-payment, e-commerce sectors with busi-

nesses such as eTransact, Konga, Jumia and Nigeria Inter-Bank Settlement System (NIBBS) as of the adoption of disruptive technology in Nigeria. Opeke reiterated that the annual Nerds Unite conference was a commitment of MainOne and its partners to sharing knowledge and ideas aimed at transforming the businesses of its customers. “At MainOne, we believe that our customers are the most able in this society to bring about disruption in the Nigerian economy leveraging technology. Nerds Unite provides a vantage platform for us to enable our stakeholder community with new ideas to disrupt the Nigerian business landscape,” Opeke said.

SIFAX Boss Backs Enforcement of Truck Standardisation Programme Executive Director, SIFAX Haulage & Logistics Limited, a subsidiary of SIFAX Group, Major Henry Ajetunmobi (rtd), has lauded the new partnership between the Nigerian Ports Authority (NPA) and the Federal Road Safety Corps (FRSC) in the enforcement of Minimum Standard of Safety and Road Worthiness (MSSRW) for all trucks entering Nigerian ports. According to Ajetunmobi, the standardisation policy has great potential to enhance safety at the Nigerian ports, adding that all the relevant

government agencies need to take seriously the strict enforcement of the policy. According to him, “I can tell you that a good number of trucks around the ports are sub-standard and not fit for logistics business. Such trucks could impact the safety of cargo and people. That’s why I believe the standardisation policy is not only good, but also timely. “The policy has great potentials to enhance safety at the ports. But like everything else, potentials alone are necessary,

but not enough; the process fully needs to be strengthened by effective compliance monitoring and enforcement.” On what would be the benefits of the policy for logistics operators that comply with the policy, he said, “It is clear that any maritime haulage business company that is certified to meet the standardisation requirements has all it takes to boast of being a competent, efficient and law-abiding corporate citizen. It also proves that such a company, like SIFAX Haulage.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

Go-To-Market: Six Strategic Initiatives Inrecenttimes,Ihavehadmanypeoplecalling me to talk about how to take their businesses to the next level. Many are concerned that their businessesareeithernotgrowingaswellasthey shouldorthatgrowthhasstalled.Inordertoensure thatIansweredeverybody’squestionsholistically, I will start by asking the following questions. Thefirstis;howdoesyourbusinessconnectwith customers?Howcanyoudeliveryouruniquevalue proposition to your target customers? How do yougofromyourinitialconnectionwithapotential customertofulfilyourbrandpromise? Ifyoucan answer these questions, these answers will give you a strong definition and an indication of your go-to-market strategy. In a nutshell, your go-to-market strategy brings together all the key elements that grow your business; sales, marketing, distribution, pricing,branddevelopment,competitiveanalysis and consumer insights. According to the Cult Brand Company, having a proper go-to-market plan provides you with strategic insight that buildsaclearpathtoenableyoureachyourtarget customers and have a competitive edge in the market. Let’s keep in mind that go-to-market strategiescanbeappliedtonewproductlaunches as well as existing products and services.There aremanybenefitsthatcomewithhavingaproper go-to-marketstrategy,whichinclude:reducedtime to market, reduced associated cost with failed product launches, increased ability to adapt to change,abilitytomanageinnovationchallenges, ensuring effective customer experience, establishing proper growth plan, avoiding the wrong path and clarifying the direction the businesssalesandmarketingtrajectorywilltake. Many businesses do not take time to define their go-to-market plan. I recently helped a business review and define its go-to-market strategy. Thediagnosticreviewindicatedthatthe businesshadbeengrowingopportunisticallyand notintentionally. Iconductedafiveyearfinancial analysis of the business and discovered that the growth in sectors and services were uneven and the business concentrated on what walked in through the door not what they concertedly decided to pursue. In addition, the services provided to customers was based on what they could offer, not what they had the capacity to do as a business. This behavioural pattern was stunting their growth. Having a proper go-tomarket strategy provides the opportunity for exponential growth. It ensures that you look at all the variables required to drive your business toachievingstellarresults,insteadofmovingata pacethatmaynotnecessarilyhelpyourbusiness inthelongrun. Thisiswhysomeofthebusinesses thatcalledmewerehavingproblemsandstalled growth. Theywerenotintentionalabouthowthey wanted their businesses to evolve. Your go-to-market strategy improves key businessoutcomes.Theseareachievedbyaligning to the evolving needs of your customers. Please notethekeywordevolving. Yourbusinessmustbe poisedforcontinuedrenewalandtheperipatetic taste of your customers. Below are six strategic initiatives to consider when developing your goto-market strategy. Markets –What markets to pursue?You need to be able to determine which markets you want to focus on. These can be in termsofsectors,retail,corporate,demographics, ethnographic, psychographic, drivers of need, online, offline and location. You will need to considermarketswithurgentandbigneeds,gaps, alignment,similarcorecompetence,reach,market size and least competition. Your marketing to these markets should also be distinct because of the characteristics of each segment. You will need to consider whether you want to use: email marketing, sponsorships, collaboration, direct targeting, account management, networking, public relationships, social media, referrals, relationship building, etc or a combination of marketing tactics that best suit your business. Customers–Whowillyousellto? Thefirststep is to develop your customer intelligence. Brian Tracysaid,“Everyentrepreneurshouldintensely focus on his or her prospective customers. The

abilitytofindacustomer,sellyourproductorservices so that the customer buys from you again, should be the central focus of all entrepreneurial activity.” The greater clarity you have with regard to your ideal customer, the more focused and effective your marketing efforts will be. I have had cause to callpeopletoaskthemexactlywhotheyareselling to. Many times businesses do not have a focus on the characteristics of their ideal customer and are notsellingtheirservicesfromthecustomer’spoint of view. Channels of Distribution – Where do your target customers buy? Where will you promote your products? Factors to consider in channels of distribution are: the nature of the product, market, middlemen,governmentregulationandcompetition. Componentswithalloftheaboveconsiderations,will include:perishability,sizeandweightoftheproduct, unitvalueoftheproduct,standardization,product lines, consumer or industrial market, number of prospective buyers, geographical considerations, buyinghabitofcustomers,financialconsiderations, competition, type of service, etc. All of the above willhelpyoudeterminetheappropriatedistribution channel e.g. retail store, digital, customer service center, face to face salesperson, trade shows, seminars, direct partner, etc. Product/Service Offerings – What product or serviceanduniquevaluedoyouoffereachmarket? We need to be careful and sure about our product offerings and services. Sometimes, businesses offer too many products and services to too many differenttypesofcustomersattoomanypricesand too many markets, says BrianTracy. He goes on to say, success in business requires that you develop clarity and focus about the products and services you are going to offer. Every product usually has a different strategy and method of sales driving force. Wethereforeneedtofocusandconcentrate in order to take advantage of synergies and not dissipate our energy and resources in different directions. Price–Howmuchdoyouchargeforyourproducts andservicesineachmarketgroup?–Indetermining your pricing, you need to be able to determine your threshold price. In order to do this, you must factor in and maximize your margins, while remaining attractive to your customers, understand the market, decide on the most appropriate pricing technique,definethecosts,consideryourcost-plus pricing,setavalue-basedprice,evaluateinfluences that will affect your price and know that your cost, customersandcompetitionareeverevolving. This will give you the ability to shift your prices to keep up with the market. Positioning – How do you differentiate your business and position your brand? You need to figure out the market position of your business in ordertocreateaneffectivebrandforyourbusiness, which depends on: figuring out what makes you different – being able to understand what sets you apart from competition and appeal to your customers, being able to accurately judge which customersyouservethebestanddiscoveringyour positioninthecompetitivelandscape.Togetstarted, askyourselfthefollowingquestions:Wherearewe now?Wheredowewanttogo?Whathastohappen to get us to our destination? Being able to do all of theabove,willgiveyouclarityandaroadmapofhow to approach the market and grow your business. Holler! Today,IamgivingaHoller!toCactusRestaurant. I salute their ability to maintain standards and give goodserviceatalltimes. IhavebeengoingtoCactus for over 25 years and never been dissatisfied with thefood,serviceandambience.Let’sallgiveaholler to them for remaining true to their values over the years,despitethevagariesofdoingbusinessinthe Nigerian economy. .- Marie-Therese Phido is Sales & Market Strategist and Business Coach Email: mphido@elevato.com.ng tweeter handle @osat2012 TeL: 08090158156 (text only)

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EQUITIES WATCH

Flour Mills: Still Burdened by High Operating Costs Goddy Egene writes that the nine months results of Four Mills of Nigeria Plc to December 31, 2016, showed how high financing and operating costs continued to impact on the company’s bottom line

A flour milling plant

Flour Mills of Nigeria Plc (FMN) has suffered significant reduction in revenue and profitability in recent times due to high cost of doing business. While all manufacturing firms groan under the negative impact of poor infrastructure, rising inflation, poor energy supply, some are worst hit due to their heavy reliance on borrowings to finance their operations. FMN is one of such firms whose performances are affected by high costs of borrowings. Although FMN recorded an impressive growth in revenue for the nine months ended December 31, 2016, high financing and other operating costs have, again, depressed its bottom-line. Nine months results The unaudited results posted by FMN indicated a revenue of N389.94 billion in 2016, showing a growth of 47 per cent from N263.7 billion in the corresponding period of 2015. Cost of sales rose from N235.9 billion to n336 billion, just as sales and distribution expenses increased from N3.9 billion to N4.4 billion. Administrative expenses similarly rose from N8.9 billion to N10 billion in 2016. Profit before tax (PBT) fell from N19.7 billion to N10.2 billion, showing a decline of 48 per cent, while profit after tax (PAT) fell by a higher margin of 61 per cent from N19 billion to N7.4 billion in 2016. The company blamed the decline partly on foreign exchange loss. Has huge borrowings standing at about N190 billion as at December 31, 2016. In an apparent move to reduce the reliance on debt financing that the company planned to raise N40 billion via a Rights Issue. The company got the approval of shareholders to offering 1.09 billion ordinary shares of 50 kobo each to existing shareholders at N27.50 per share last year. Deferred Rights Issue However, considering the bearish nature of the equities market that affected the share

price of FMN, the company had to defer the rights issue Directors of the company said they decided to put the right issue on hold for now and will later raise the funds in three tranches. According to the directors, given the economic headwinds, they decided to undertake the Rights Issue through a Shelf Programme (a situation whereby securities are sold over a period of time) to enable the company raise the required funds in several transactions over three year period. The directors said they have already registered a N40 billion Shelf Programme with the Securities and Exchange Commission (SEC), adding that they would continue to assess the economic climate to determine the most appropriate time to launch the first tranche. Although, the directors cited the current economic situation for the deferring the Rights Issue, market sources said investor apathy could not also be ruled out. THISDAY had reported that some of the shareholders were not willing to take up their rights, saying they were yet to get value for the Rights Issue the company made in 2011. According to them, they were not encouraged to stake their funds in the proposed Rights Issue. Some of the shareholders had said since the last Rights Issue of 2011 at N62 per share, the value of shares has continued to dip a situation that persisted. The company’s bottom-line has been affected by huge interest charges paid on bank borrowings. For instance, the company paid a total of N21 billion as interests on bank loans and overdrafts for the year ended March 31, 2016, showing a jump of 33 per cent above the N15.9 billion paid in the previous year. The Chairman of FMN, Mr. John Coumantaros, had said the proceeds from the Rights Issue would help the company reduce its debt burden, lower its interest charges as well as to augment its working capital.

Analysts’ comments Analysing the results, analysts at Meristem Securities Research said in spite of the subsisting macro-economic headwinds plaguing businesses in Nigeria, FMN grew its nine months revenue by 47.89 per cent to N389.94 billion from N263.68 billion in the prior year. According to the analysts, the growth in revenue was primarily due to 30 per cent to 40 per cent price increases across its product lines, which translated into YoY growths across its business segments as follows: Food: 50.81 per cent, Agro-allied: 40.54 per cent, Packaging: 35.77 per cent, Port operations & Logistics: 54.46 per cent, Real estate and others: 52.98 per cent in the period. “Similarly, for Q3:2017 standalone, the revenue grew by 56.38 per cent (vs 9.34 per cent growth in 2016). We expect the current trend in revenue to be sustained, given the company’s renewed growth strategy, the acquisition of the remaining 25% equity into Thai Farm International Ltd (cassava processing) and expanded product portfolio, to bode well for the company. Furthermore, we believe that the company’s route–to-market strategy amongst other factors will continue to support the company’s top-line growth. We therefore forecast FY2017 revenue of N518.28 billion, implying an increase of 51.28 per cent,” the analysts said. Aggressive cost management strategy The company’s cost of sales increased at a slower pace relative to revenue, as the cost to sales ratio pared by 3.22 per cent to 86.28 per cent from 89.50 per cent in the prior year. Similarly, operating expenses (OPEX) ratio contracted by 1.19 per cent to 3.71 per cent (vs. 4.90 per cent in 2015). According to management, despite increase in energy cost (gas and diesel) for power generation in the period, the company’s backward integration drive (maize, cassava, soya bean, sugar and

sorghum), cushioned the impact of these rising costs on earnings. “Also, we underscore that 95 per cent of the company’s revenue in the period was from the food and agro-allied segment where high input costs can be easily passed on to consumers, hence, the high cost was largely offset by increase in selling prices in the period. To this end, we predict relatively lower cost-to-sale and OPEX ratios of 86.80 per cent and 3.75 per cent (vs. 89.02 per cent and 6.09 per cent in FY2016) respectively,” they said. FX loss/financing cost pressure The company’s finance cost continued its upward trend, as the line item rose by 6.97 per cent to N17.7 billion in the period, however, at a slower pace. This emphasises the company’s determination to minimise its debt exposure going forward. Earlier in the year, the company issued series 8, 9, and 10 of its commercial paper, raising N100 billion for financing its working capital. Also, the company posted a foreign exchange loss of N13.26 billion (vs.N5.96 billion for the same period of the prior year). Consequently, PBT and PAT contracted by 47.97 per cent and 61.05 per cent, to N10.29 billion and N7.40 billion respectively. “Going forward, we expect the company’s growth drive and its aggressive cost management strategies to buoy their bottom-line. Hence, we forecast a FY2017 earnings of N7.57 billion, representing a -47.48 YoY growth from prior year. We valued FMN using a blend of absolute and relative valuation methodologies. Having evaluated our initial expectations regarding the company’s revamped business strategy and operational efficiencies, we arrived at a target price of N23.64, implying an upside of 32.79 per cent from the current market price of N17.80, therefore we recommend a “BUY”.

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ANALYSIS

Confronting Lagos’ Urban Migration Nightmare The rapid urban migration experienced in Lagos State has attendant consequences on its infrastructure, write Obinna Chima and Ugo Aliogo

Lagos

At about 9pm at the popular Oshodi bus stop in Lagos, a THISDAY reporter was approached by two teenagers who were begging for money to eat. During this brief encounter, it was discovered that these young men had arrived Lagos few days back. They explained that they had to flee from one of the Boko Haram ravaged states in the north-eastern part of the country. Beyond these two men, they were other young men who were noticeably sleeping under the bridge as well as on the railway track. This, no doubt is one of the challenges confronting Lagos state. Clearly, with a population estimated at over 21 million (and still rising), Lagos is one of the most densely populated cities in the world. As a result of the cosmopolitan nature, it is one of the preferred destinations for many individuals. But over the years, the huge influx of rural to urban migration has posed enormous environmental and social challenges for the city especially in the area of housing, transportation and infrastructure. The insecurity in the north-east as well as social vices in some other parts of the country led to the rapid urban migration in Lagos. In fact, recent findings showed that 86 immigrants enter into the state every hour. Many of these rural migrants are in the low income strata of the society; as a result, they live in the informal settlements known as slums. Some of the slum communities in Lagos are Agege, Makoko, Igando, Ajegunle, Amukoko, Badia, Bariga, Ilaje, Itire/Ijeshatedo, Iwaya, among several others. Slum dwellers survive with practically no sanitation, water, urban amenities, employment, or security and almost one-sixth of the world’s population lives under these conditions. The lack of running water and sanitation, plus malnutrition and inadequate housing, leads to deadly conditions in the slums and shantytowns that surround many cities in Africa, according to a United Nations report. The spread of HIV/AIDS and other infectious diseases in areas where so many people live in such close physical proximity is a critical public health issue for urban areas throughout the developing world. When combined with high unemployment rates and inadequate

schools, these public health issues create a poor quality of life for many of the city’s residents. In fact, a 2017 World Bank report revealed that in Lagos, two out of three people live in slums. The report also noted that Africa’s cities had been growing in population, stating that adding the size of another Nigeria to cities in the continent, by 2025, would have a critical role to play in their countries’ economic growth. Therefore, as one of the fastest growing mega cities in the world, efforts need to be put in place by Lagos state government to improve transportation, infrastructure, housing, and other social welfare projects. Tackling the Challenges The World Bank in the recent report titled: “Africa’s Cities: Opening Doors to the World,” noted that improving conditions for people and businesses in African cities by aggressively investing in infrastructure and reforming land markets would be the key to accelerating economic growth, adding jobs, and improving city competitiveness. It also pointed out that in order to grow economically as they are growing in size presently, Lagos and other cities in Africa must open their doors and connect to the world. Africa’s urban population stands at 472 million people today. “As cities grow in size, another 187 million people will be added to urban areas by 2025. In fact, Africa’s urban population will double over the next 25 years, reaching one billion people by 2040.” “What Africa needs are more affordable, connected, and liveable cities,” World Bank Vice President for Africa, Makhtar Diop said. “Improving the economic and social dividends from urbanisation will be critical as better developed cities could transform Africa’s economies.” The report noted that Africa was urbanising at lower incomes than other developing regions with similar urbanisation levels. In 1968, when countries in the Middle East and North Africa region became 40 per cent urban, their per capita Gross Domestic Product (GDP) was $1,800 (2005 constant dollars). And in 1994, when countries in the East Asia and

Pacific region surpassed the same threshold, their per capita GDP was $3,600. “By contrast, Africa, with 40 per cent urbanisation, today has a per capita GDP of just $1,000. This means that every dollar of public investment in cities needs to be done as efficiently as possible, and leveraging as much as possible other sources of finance – from private sector, international partners, and citizens. “Rapid urbanisation at lower incomes has meant that capital investment in African cities has remained relatively low in the region for the past four decades – at around 20 per cent of GDP. “In contrast, urbanising countries in East Asia – China, Japan, and the Republic of Korea – stepped up capital investment during their periods of rapid urbanisation,” the report added. Lacking capital investment, the report emphasised that investments in African cities’ infrastructure, industrial, and commercial structures have not kept pace with concentration of people, nor have investments in affordable formal housing. In addition, the report explained that because of this lack of connection, African cities have been among the costliest in the world both for businesses and for households, leaving cities “out of service and closed for business”. It noted that African cities are 29 per cent more expensive than cities in countries at similar income levels. African households face higher costs relative to their per capita GDP than do households in other regions – much of it accounted for by housing, which costs them a full 55 per cent more than in other regions. “In Dar es Salaam, for example, 28 per cent of residents live at least three to a room; in Abidjan, 50 per cent. And in Lagos, Nigeria, two out of three people live in slums. “Adding to this, city dwellers pay around 35 per cent more for food in Africa than in low-income and middle-income countries elsewhere. Overall, urban households pay 20

– 31 per cent more for goods and services in African countries than in other developing countries at similar income levels. “In addition, urban workers in Africa are also forced to pay high commuting costs, or they cannot afford to commute by vehicle at all, and the informal minibus systems are far from cost efficient, leaving many to have to walk to work. “The need for higher wages to pay higher living costs makes businesses less productive and competitive, keeping them out of tradable sectors. As a result, African cities are avoided by potential regional and global investors and trading partners. “Given these costly conditions, the opportunities for tremendous gains in efficiency and productivity can lead to African cities becoming a strong catalyser of economic development,” it added. According to the report, the key to freeing Africa’s cities from their low-development trap would be to set them on a path toward physical and economic density, connecting them for higher efficiency and boosting expectations for the future. “The first priority is to formalise land markets, clarify property rights, and institute effective urban planning that allows land to be brought together. “The second priority is to make early and coordinated infrastructure investments that allow for interlinkages among housing, infrastructure, commercial, and industrial development,” it added. Lead Urban Economist at the World Bank and author of the report, Somik Lall added: “From an investment standpoint, Africa’s leaders and policy makers need to focus on early, coordinated infrastructure investments. “Without this, they will remain local cities, closed to regional and global markets, trapped into producing only locally traded goods and services, and limited in their economic expansion. “African cities need to create an internationally competitive tradable sector in order to stay open for business. For that to happen, city leaders must urgently have a strong and Continued on page 30

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INTERVIEW

Odunowo: We Need More Awareness to Deepen Financial Inclusion The Managing Director of Funds & Electronic Transfer Solutions Limited, Omotade Odunowo spoke to Goddy Egene on how more Nigerians can access financial services. Excerpts: One of the major challenges in the financial system is inability to reach a large size of the population with banking services. Most Nigerians remain unbanked. How can this situation be changed? Banking services can reach the Nigerian population that remains unbanked through initiatives by the Central Bank of Nigeria CBN such as mobile money. The costs of running a traditional bank branch are very high. So it is difficult for them to exist in every nook and cranny. At Funds & Electronic Transfer Solutions Limited (fets) we have built a robust agent network which is a gateway for the unbanked population to get into the financial system. Mobile money enables easy access of financial services to the unbanked population. Are you satisfied with the efforts by regulators and other stakeholders to deepen the financial inclusion? We still have a long way to go, but the CBN has embarked on initiatives to improve efficiency and build confidence in the process by putting certain measures in place such as financial literacy schemes, and regular updates to the framework for mobile money which have attracted more users. However, there’s a lot more work to be done in awareness and accessibility. What do you think are the factors responsible for financial exclusion of most Nigerians? There are a lot of factors that are responsible for financial exclusion but the ones peculiar to Nigeria include: a lack of accessibility to traditional bank branches/products, inadequate know your customer (KYC) documentation required by the banks; lack of awareness, financial illiteracy among others. These are some of the hurdles we have to effectively overcome financial exclusion in Nigeria. Despite the risk in keeping money outside the banking system, some people still stay away from banks given their experiences during the period of distress in the banking sector. What do you think can be done to boost confidence in banks? Generally, I think within the banked population, loyalty, engagement and satisfaction is on the rise; however customer demands and expectations evolve so in the financial system as a whole we must continually pay attention to our customers’ needs and try our best to meet them. While in the unbanked population we must continue to create awareness and educate them on financial responsibility and measures we have put in place to protect their monies. How is the CBN is deepening financial inclusion through mobile money. As an operator how would you rate the strategy? The CBN has made substantial improvement in its drive towards financial inclusion. They recently licensed more mobile money operators, according to recent figures that were put out the number of Nigerians financially included are about 53 per cent, hopefully these numbers keep rising, that’s what we would like to see- a steady rise. Can you tell us more about fets? fets stands for Funds & Electronic Transfer Solutions Limited. We are a CBN licensed mobile money operator, and commenced operations in 2010. It is a mobile money platform that does not require a bank account to function, all you need is a mobile phone and an active telephone number.

Odunowo

How does fets differ from other operators and how do you aim to facilitate financial inclusion in Nigeria? One of the keys things we have set out to accomplish this year is to boost our agent network across Nigeria. We will be recruiting more agents especially in the rural areas where banks have limited access. We have a sustainable plan in place to bring at least 25 per cent of the unbanked population onto the fetswallet platform before the end of the year. As part of efforts to deepen financial inclusion, you entered into separate collaborations with Chanja Datti and Pharm Access. What are the outcomes of these collaborations? The main objective of the partnership with pharm access is to study how mobile phones and mobile payment technologies can be used to improve access to affordable and quality healthcare services in resource constrained settings. This collaboration has

been successful as we converted an entire low income community to use mobile payment as an alternative to cash payments for health services. Also, the collaboration with Chanja Datti is a financial inclusion program for internally displaced women in one of the IDP Camps in Abuja. The main objective of this partnership is to equip the women with a channel for receiving payments for services rendered to ChanjaDatti and also protecting their funds at the Internally Displaced Persons (IDP) camp. Do customers require smartphones to use fets. Also, in areas where internet connectivity is an issue, how can customers access your services? No, customers do not require smartphones to use fetswallet. All you need is a working phone and a mobile number. Having a smart phone is just an add on, because it allows you access to the mobile app and internet access. Customers can access fetswallet by

simply dialing our USSD code *610# Security is an issue - which Nigerians know too well. How does your product provide secure services for your customers? fetswallet is secure. We have put several layers of security measures in place for our customer’s protection. Every customer has a four digit pin, so even though your fetswallet account is unique to your mobile phone number, nobody has access to it even if your mobile phone is lost or stolen. We also encourage our customers to do a PIN reset frequently to avoid any situation where a customer’s PIN can be compromised. Where do you envisage fets in five years? In five years, I envisage fets being a house hold name as the leader in mobile money services, and a trail blazer in the financial inclusion strategy 2020; a special project by the CBN to further reduce the financial exclusion rate in the country to 20 per cent by 2020.

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INSURANCE

Ugochukwu: Insurance Sector Has the Potential to Grow and Enhance Shareholder Value Mr. Godson Ugochukwu, is the new chairman of Guinea Insurance Plc. In this interview with Ebere Nwoji, he spoke on the efforts of the new directors of the company to reposition it, as well as his strategic plan to propel the company to profitability, despite the economic headwinds. Excerpts: You were recently appointed the new chairman of the board of the 69 year old Guinea Insurance plc, what are your plans and projections on how to move the company forward between now and the next five years? As you probably know, the new board came on board on March 23, 2016 and by March 23 of this year, we will be one year. Circumstance forced Guinea Insurance Plc to rejig its organogram and to inject new blood into the core visionary department of the company which is the board of the company. So, in the course of this one year, what we did when we came on board is to reposition the company for effectiveness and meeting the yearnings of its shareholders. By the grace of God, the board is made up of very accomplished individuals who are professionals. We have qualified Chartered Accounts, Lawyers and Economists; we have people who have distinguished themselves in diverse areas of life. We have Ex-Minister on the board; we have captains of industry on the board and the board spans across ethnic divides of the country basically reflecting Guinea insurance’s reach across the country. It is a board I will say that I, for one am privileged to head as chairman. How will you assess the business environment for Guinea Insurance since your appointment as Board Chairman and the measures the board bringing to bear in order to change the tide and ensure that the company gains sizable share of the market especially in the face of the current financial crisis in the country? Whatever I say to you here, I say on behalf of the board and I say with full confidence that they are persons who will also concur and confirm whatever I say to you. This board was constituted on the 24th March 2016 and our first call on duty was to generally appraise the state of the company and this is what we were convinced needed to be done for us to define the nature of our launching path towards the repositioning of the company within the insurance industry in Nigeria. If you know the history of Guinea Insurance Plc, you know that by December this year, Guinea will be 59 years old. If you talk about its origin, it will be about 69 years. For such a company that has been established in this country and has such a long life-span, doing business in Nigeria, knowing the terrain and establishing itself, spreading its tentacles to reach the fabrics of the economy of this country, you will understand that it is no small task so what we did is this, we took the measure of what needed to be done and having understood what needed to be done, because the truth of the matter is that a lot needed to be done. Guinea was losing a bit of market share, things were not exactly rosy, but it was not terribly bad. If you are a business minded person, you will always know where you want your company to be but Guinea was not where a good business minded person would have loved it to be. On how Guinea Insurance is managing to wade through the hard times, well, the recession we are going through now in the country is not something unknown worldwide. We all know about the housing crisis in the US in 2008. What you do generally today is to study how people, companies and entities that survived and are doing well did theirs and then you learn from them. You also actually look at those who did not survive and you learn from their mistakes. For Guinea Insurance, what actually helped us is our antiquity. We have been around for long. We have seen recession many times and we have history to fall back. What we have done

Ugochukwu

is first and foremost, we extrapolated what an individual that wants to survive would do which is not to key into the panic of the situation. So we out in place board of directors and management team that very well understand that the success of anything in life whether a company or a person starts from the mind, your mental attitude to a problem that is on ground and if that problem is universal and is not peculiar to you, then it is easier for you to make a choice on what decision you want to take. Generally speaking, most companies give unnecessary excuses because of recession and the more you talk about it the more it affects you, not necessarily because you talked about it but because it begins to work on your psyche. That is why we were able to increase salaries in a recession while others are cutting salaries why? because we don’t want it to affect our staff. We want Guinea to have a post-recession view and for us to be able to have a postrecession view, to sell and for people to catch the vision and to run with it and to bring it to pass, we want to be sure that our staff, the resources we have are most importantly of good quality standard. Now in Nigeria, across board, companies are sacking staff those that are not sacking are calling a meeting with their staff and giving them options: if you are on N1m, we can’t afford, we are giving you N500,000, take it or leave it! We didn’t want our staff to be focusing on survival on a recession because if they focus only on survival, they can barely survive. it’s just like a football team playing defence may be because you have scored one goal and instead of attacking, you fallback to defence. All the pressure from your opponent will be on you and if there is any mistake, then the

consequence may be disastrous. For us in Guinea Insurance, we have positioned ourselves to go with the current tide of structural and operational changes in the insurance industry. There has been a renewed focus on corporate governance and the board has spent a significant proportion of its time examining and strengthening the operational processes throughout the company. Having a solid corporate governance framework is the key to rebuilding trust and transparency with all stakeholders. Contrary to fears that the decline in national revenue occasioned by the fall in oil price and depreciation in the naira value, would spell hardship for insurance industry as expressed recently by insurance practitioners, I am of the believe that the insurance sector has the potential to grow volumes and enhance shareholders’ value but it requires insurance companies to device means of taking advantage of growth opportunities around them because doing so, would not only increase its penetration but also, enhance awareness and the sector’s contribution to GDP.” As a company destined for greatness and propelled by a Board of Directors and Management team with insatiable thirst for success, we keep the faith that there are no limits, there are only plateaus. We have therefore, taken steps to ensure that our greatest asset – our people, are enhanced through human capital investment. I am pleased to say, that in such a short while, we are beginning to experience growth in our business. I therefore, make bold to say that the future is indeed very promising.” We are only wishing that government would provide the necessary regulatory mechanisms, conducive business environments and ensure full enforcement of compulsory insurances in Nigeria as it would not only drive the growth of the sector but also, contribute significantly to

the growth of the country. But there is lack of political will to enforce certain laws and policies and these have constituted serious headwinds that have slowed down the growth of the industry. Insurance underwriting in Nigeria was an extremely worthwhile venture but, it requires government’s intervention especially at this time when the current economic crisis occasioned by high inflation and low disposable income, have significantly impacted on the performance of insurance practitioners. When economies experience downturn, the first casualty is insurance. We have seen a lot of reduction in interest for insurance as lot of people who naturally would buy insurance, would regard it as a secondary issue due to the fact that insurance business thrives on the back of the economy. One of the problems of Guinea insurance in recent past has been high turn over of key staff, how have you strategised to stop this? I agree with you that one of the problems we had before was a high turnover of staff at the topmost level, we realised that it wasn’t something that augur well for any brand and continuity of policy so we needed to put a stop to that and we weren’t in a hurry to run into the market and grab another person and put there as Managing Director after the resignation of the former MD. We looked inwards and surprisingly we found somebody who is capable. If you ask the board on her performance during this one year, the board is quite satisfied with her performance. I mean the acting Managing Director who was actually the Company’s Secretary and Head of Legal Department. But the surprising thing is that, she didn’t just bury herself in the course of working in the company in the law books, she was involved in every department and every aspect of the company’s activities so when we spoke with her, she knew virtually every problem of the company, she knew the strength of the company and she knew what needed to be done and we say look, we are going to take a position that would occupy the intersection between getting somebody and paying at a premium for that person with the higher risk of higher turnover and getting somebody who understands the problem we are trying to solve and we were able to balance it and it has worked for us. Suffice to say that the facts are clear, there was a high turnover of management staff, it has ended and I’m grateful that you are the print media and I want you and the shareholders of this company to hold this board to this commitment. That musical chair has ended. Looking at the insurance sector in Nigeria, you will see that the general public is not too eager to buy insurance, what unspecific terms do you think should be done to change the trend? Until you experience an insurable risk, you will never understand the benefit of insurance and I tell you one example. By the time you drive back to your office, depending on the area your office is and how busy the road is, you will probably see two individuals quarrelling on the road, their cars steaming in the middle of the road –that means there has been a brush. Do you know one funny thing, what will solve the problem alone, not the problem of having the accident but the problem of having come down to make a spectacle of yourself in the middle of the road is insurance. I never knew this until I insured my car. Before, the only thing that restrained me from the road rage was my calling as a lawyer. That it will be below my dignity as a lawyer Continued on page 30

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WEDNESDAY, MARCH 1, 2017, ˾ T H I S D AY

BUSINESSWORLD

ANALYSIS

CONFRONTING LAGOS’ URBAN MIGRATION NIGHTMARE new urban development path for Africa.” Attaining Megacity Dream In line with the dream of attaining a megacity status, the Lagos state government has continued to pursue policies which it believe would help change the face of the state. As part of its strategy, Lagos State Governor, Mr. Akinwumni Ambode said the state would phase out the popular yellow commercial buses popularly known as ‘danfo’ before the end of the year. The governor acknowledged that there was a strong urban challenge of overcrowding and chaotic growth confronting the state. He stressed that his administration was committed to developing a “smart city that would drive revenue and make people’s lives easier.” While commenting on the resolve of the government to ban ‘danfo’ buses, Ambode however said: “When I wake up in the morning and see all these yellow buses and see Okada and all kinds of tricycles and then we claim we are a mega city, that is not true and we must first acknowledge that, that is a faulty connectivity that we are running. “Having accepted that, we have to look for the solution and that is why we want to banish yellow buses this year. We must address the issue of connectivity that makes people to move around with ease and that is where we are going. “For instance, people going from Ikorodu to CMS have started leaving their cars at home because the buses are very convenient and so why can’t we do that for other places? Yes, we don’t have the money to do that but we can go to the capital market and then improve on the technology of collection of fares and that will encourage investors and then the city will change. We shall plan it thoroughly this year,” Ambode said. He said government was also embarking on massive reform in waste management system, expressing optimism that the plan will fully be actualised by July this year. He added: “We are also embarking on massive reform in the waste and sanitation management system. I don’t like the way the city is and the Private Sector Participants (PSP) collectors are not having enough capacity to do it but again should I tax people to death, the answer is no. I don’t want to tax people and so we need this partnership with the private sector so that they can invest in the sanitation management of the city and in no time maybe by July, the city will change forever.” The Governor, who recalled the massive infrastructures being put in place in critical sectors of the Lagos economy such as transport sector, road construction and rehabilitation, construction of lay-bys, and flyovers among others, said the main objective of his administration remained the growth of the Lagos economy from 5th to 3rd largest economy in Africa. On power, Governor Ambode said the major issue had always been with transmission and advocated an embedded power initiative that would allow clusters of Independent Power Projects (IPP) to run the cities. Also, a renowned professor of economics and public policy at the University of Oxford, Paul Collier , noted that in few years’ time, the world would be dominated by coastal mega cities. He said Lagos is one of the fastest growing

Ambode

megacities in the world, adding that for the state to achieve a mega city status, there would be need for a ‘golden’alliance between the public and the private sectors “The business community should align itself with the local community. Several mega cities in Africa have confusing structures. We need strong alliance with the federal government to do things helpful to the mega city project. We need energy and connectivity. It is not complicated to get energy. The challenge is that people don’t get enough transmission due to their reluctance to pay for energy consumption,” he noted. Collier stressed the need to embrace new technologies as part of efforts to provide a viable means of public transport infrastructure, while focusing on building good roads in the city of Lagos. Collier added: “ Mega cities require huge public funding in order to boost productivity. There is also need for a strong tax system to encourage borrowing and lending for government.” On his part, a Lecturer in the Department of Urban and Regional Development, University of Lagos, Dr. Oluwafe Olajide, said developing a mega city requires a mega approach in order to solve associated challenges. He argued that the approach the Lagos state government was

using was one that does not allow informality to strive in all forms either from an economic or settlement point of view. He explained that in developing a megacity, government should consider the reality on ground because a large portion of Lagos is a slum, adding that the focus should be on developing the slums. Olajide added: “The land regulatory policies, tenure system, and economic situations make people to develop slum communities. You find a situation where people begin to struggle ownership of a piece of land from government. Government say they own the land by virtue of the land use act, while the people on the other side also claim ownership. “There is the pluralism of land tenure system which states that for a prospective developer, if you want to have access to land you have to go the Omonile to buy and then to go government buy the same land from government to regularise it. “Government takes ownership of the land on paper, but there is no effective control on the land. If government owns the land why will they have to acquire it, this implies that there is something fundamentally wrong. Government owns the land but there are no laid out plans

for development of land and the land cannot stay idle away. “Lagos by standard is an urban conglomeration, where a lot of people come in because of the seeming opportunities involved. These individuals settle in those underdeveloped areas which government have abandoned. If the state government decides to redevelop those slums areas, you need to work with them.” Also, the Baale of Makoko, Chief Raymond Olaiya, said there are have been several interventions programmes in the community, especially from the government who have made several promises, adding that these promises have not been fulfilled. “Government should strive to address the insecurity challenges facing the area. Presently there are a lot of miscreants in the area. If this issue is properly tackled, it will attract the needed development. We are not saying that the downtrodden will be thrown into the lagoon. “The development plan for the community covers housing, security and social amenities. Before now, some government officials had come to us, they were ready to invest 3 billion dollars just on the water fronts.b “But sadly, the government officials couldn’t meet with their plans. The Emirate in Dubai sent people to Nigeria. I met with them and they told me that they have 15 billion dollars to be invested in the water front. I have being to Dubai and Europe, there I met people who told me that they have the money to invest in the water fronts,” he added. On his part, the Vice President, HewlettPackard, Rogerio Rizzi de Oliveira, in a report titled: “How to improve life lived in the megacity,” stated that populations are shifting from rural areas to growing cities, creating megacities in the process. Owing to this, he argued that so many people arrive in cities before more houses or infrastructure are built to absorb them – with the exception of China, where migration is more subject to central control – a large percentage of the initial growth in megacities is likely to be in slums. To this end, Rizzi de Oliveira argued a couple of billion people have moved from rural areas to cities over the last 50 years, and another couple of billion will do so by 2050. “The most visible proposals for solving the widespread infrastructural deficiencies in megacities typically draw on what worked in relatively small rich cities in Europe – Amsterdam, Stockholm, Barcelona – the dynamics of which are incomparable with those of Nairobi, Mumbai and Lagos,” he added. According to him, “declining quality of living in megacities – rising costs, unmanageable traffic, debilitating pollution, critical water problems, rampant crime – is already leading to visible mass protests and brain drain. “We need to find solutions to avoid collapse and get us through the next two or three decades, after which reduced population growth will begin to reduce the pressure on infrastructure. “Megacities need to flourish as design leaders of innovative solutions, where its population can increasingly live lives blessed with quality and meaning – before they become tired old places with little to offer. “We need urgently to find ways to harness existing technology and new brainpower to create amazing showcases for improving the quality of life in the megacity of the 21st century.”

UGOCHUKWU: INSURANCE SECTOR HAS THE POTENTIAL TO GROW AND ENHANCE SHAREHOLDER VALUE to start demonstrating in the middle of the road and that is why in the western world,, it looks like they are better behaved, they are nicer than us, No. It’s because a lot of things are insured. Why do you want to take a black eye over something someone else will pay you for? It happened to my sister-in-law, just down there at Ikoyi there, the two cars were insured – hers and the other person, the person just came down and said, am sorry, this is my insurance details, they are happy because insurance company as far as am concerned have been taking money. Now back to your question on what to do to make Nigerians think and buy insurance, if you have been going back and front saying I can survive it, without thinking insurance, it’s a problem and that is our mentality. So, it takes a lot for people to think insurance, people tend to give us money they consider its extra funds for those who even bothered. It is only when they buy a new car they insure thereafter

they say I pay them for many years now and I never made a claim. If you make it compulsory because the only thing that is compulsory now is the Third Party motor Insurance. The moment you make it compulsory, it’s not only the insurance that will benefit, yes, the sector will benefit, but the country generally will benefit more because the problem we have is because we don’t think in terms of man hour loss that is why we spend so much hours on traffic. Insurance is something that flies under the redder but its impact on the global economy for this country will be huge if we could make it compulsory and enforce appropriately certain aspect of insurance; so it’s a shot in the right direction but I just pray and hope that they can implement it. For us in Guinea Insurance, we have positioned ourselves to go with the current tide of structural and operational changes in the insurance industry. There has been a renewed focus on corporate governance and the board

has spent a significant proportion of its time examining and strengthening the operational processes throughout the company. Having a solid corporate governance framework is the key to rebuilding trust and transparency with all stakeholders. Contrary to fears that the decline in national revenue occasioned by the fall in oil price and depreciation in the naira value, would spell hardship for insurance industry as expressed recently by insurance practitioners, I’m of the believe that the insurance sector has the potential to grow volumes and enhance shareholders’ value but it requires insurance companies to device means of taking advantage of growth opportunities around them because doing so, would not only increase its penetration but also, enhance awareness and the sector’s contribution to GDP.” As a company destined for greatness and propelled by a Board of Directors and Manage-

ment team with insatiable thirst for success, we keep the faith that there are no limits, there are only plateaus. We have therefore, taken steps to ensure that our greatest asset – our people, are enhanced through human capital investment. I am pleased to say, that in such a short while, we are beginning to experience growth in our business. I therefore, make bold to say that the future is indeed very promising.” We are only wishing that government would provide the necessary regulatory mechanisms, conducive business environments and ensure full enforcement of compulsory insurances in Nigeria as it would not only drive the growth of the sector but also, contribute significantly to the growth of the country. But there is lack of political will to enforce certain laws and policies and these have constituted serious headwinds that have slowed down the growth of the industry.

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WEDNESDAY, MARCH 1, 2017, ˾ T H I S D AY

CITYSTRINGS

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

Kaduna Airport Gets a Facelift John Shiklam writes on the level of preparedness at the Kaduna Airport, following the planned diversion of international flights from the Nnamdi Azikiwe International Airport, Abuja to Kaduna

I

t is serious business at the Kaduna Airport as contractors and officials of the airport work all day to meet the March 8 deadline for the diversion of flights from the Nnamdi Azikiwe International Airport, Abuja to Kaduna approaches. Nnamdi Azikiwe International Airport, Abuja, is expected to be closed for six weeks to pave way for rehabilitation of its runway. Kaduna Airport was chosen as the alternative route during the period although some international airlines had rejected the choice of the airport citing security and the distance from Kaduna to Abuja by road as their reasons for the rejection. As the D-Day approaches, there has been increased tempo on upgrading of facilities and putting finishing touches in readiness for the diversion. Just recently, precisely on February 17, the Ministerial Sub-Committee on the movement of airport operations from Abuja to Kaduna headed by Assistant Inspector General (AIG) of Police, Alhaji Alkali Baba Usman, was at the airport to ensure that every security measure has been put in place for the safety of passengers from the Kaduna Airport to Abuja and from Abuja to Kaduna. Usman who inspected parametre fences around the airport as well as neighbouring communities in the area, told journalists during the visit that all aspects of security at the airport have reached 90 per cent completion. He explained that the mandate of his committee is to ensure that there is security on the road, the runway, the terminal and the entire airport. "We are to ensure that passengers from Abuja to Kaduna or Kaduna to Abuja are protected. So far so good from what we have seen from Abuja to Kaduna, all aspects of preparations in terms of security were 90 per cent okay. That is to say our level of deployment on the road has been assessed." He said further that as part of the security strategies, certain places have been earmarked to put static phones, while other places have been earmarked for patrol both in and out of Abuja to Kaduna. "We have inspected the parametre fence in the airport, we have made arrangements to protect the entire equipment and the building. "So far so good, this is the first time we are coming and by the grace of God, by the time we come back again, everything must have been on the ground," he said. He assured that everything regarding security would be in place before the March 8 deadline slated for the diversion of international flights from Nnamdi Azikiwe International Airport, Abuja to Kaduna Airport.

The newly constructed terminal at Kaduna Airport nearing completion as at February 17

Fixing of ceiling and electrical fittings as at February 17

We have completed every major construction work on the terminal. We have finished the fixing of tiles. As you can see, we have commenced the fixing of ceilings, air conditioners and other electrical fittings

He said some of those handling things that are yet to be completed, had assured that they will be completed before the D-Day. He allayed fears about the security situation in Kaduna, saying that adequate steps have been taken to ensure safety of travelers. "We have met with the team of security officers in Kaduna and they have assured us that they have put strategies in place to ensure that all hotels and other places of interest are protected and guided. "There is going to be increased patrol vis-

ibility of security agents to ensure that law and order succeeds. I am satisfied with the security situation in Kaduna from the assurances we have received from security agencies. "We want to assure that all hands are on deck to ensure the success of the relocation," the AIG said in an interview during the visit. Also the Chairman of Movement of Flights from Abuja to Kaduna, Captain Mohammed Joji, disclosed that all the necessary equipment had been installed at the airport for safe and smooth flight operations.

Joji who is the Chairman and Chief Executive of Sky Power Express as well as the Secretary General, Aircraft Operators of Nigeria said his committee was in charge of equipment at the airport. "As far as instrumentation is concerned, the security apparatus at the airport is okay. The runway is one of the best," he said. According to him, state of the art equipment like Distance Measuring Equipment (DME) Localiser, Glides and others have been installed and have been tested.

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EDUCATION ‘In Two Years Bayelsa Children Will Stop Attending Private Schools’ Markson Fefegha is the Commissioner for Education inBayelsa State. In this interview, the former school teacher argues thatpublic schools, despite their shortcomings, have better quality than theirprivate counterparts. He also boasts that the state will soon become the firstdestination for young people seeking sound education in the country. EmmanuelAddeh presents excerpts is a foreigner and others arecoming in to help build it. In Zaria town alone, there are more than fivedegree awarding institutions and it is just a suburb of Kaduna. What is wrongif Ovom has one university, Famgbe has one, or if Nembe has one. How many doEkiti, Osun etc have. We have agreed on subvention for the NDU. We need to openup our frontiers. We are thinking of upgrading the Bayelsa College of Educationto a polytechnic to attract investment from donor agencies. The COE will beaffiliated to the NDU to award degrees. Our teachers need to be trained. Thereis a tertiary intervention fund of N10 billion and NDU alone will have about N5billion of that. That university doesn’t have a senate building. We will laythe foundation this month. They don’t have hostels. We want to build hostels to help them stay on campus,then internal roads and staff quarters. We are not undermining NDU. If wehave another opportunity to build another university we will do so. We want toturn Bayelsa to an education tourist state. From the calculations, about N40billion has been sunk into infrastructure and other areas of development in theeducation services.

How ready is Bayelsa State educationallyto take on emerging challenges, given the importance of capacity building indeveloping societies? In Niger Delta we talk about resource control, but you get there and our peopleare not there. If for example, Shell says we are abandoning this projectfor you now, how many Bayelsa people are ready to take it up? We will still belooking for external persons to come and help us. So the vision of the governoris that we must build human capital and education is the way to do that. In those days, when one was admitted into private school, it was like playingsecond fiddle because he couldn’t gain admission to a public school. We calledthem commercial schools in those days. Today, so many states rely on theseprivate schools. I taught in a private school. First thing you should realiseis that the private schools don’t have qualified teachers. Either they have single honours or they just have the passion to teach or seeit as a springboard to other things. When I taught in a private school, as goodas I was my passion as a young man was not to stay there. So I was always inLagos, Abuja looking for other jobs. But in public schools like the Adaka BoroModel School, the school has produced the best. When did the deterioration of publicinstitutions begin in Bayelsa? We inherited a state and the apparatus that was left behind for us by past administrationswas in comatose. For example, BDGS, the first primary school in central Ijawarea was abandoned and students were taken to Okaka. Since we brought theschool back, almost everyday parents are withdrawing their children from farand near to put them back, reason being that they have been deprived of thatright to go to the right school. When you hear cultism in Yenagoa and surrounding, it is as a result of theparents who no longer afford to send their children to school. So, between hereand far away there was no public school, so that accounted for most of themdropping out or attending these schools that they use tarpaulins or water proofas shelter and then call them schools. That was the only one they could afford. When your salary is N25,000 a month and you have 10 children, how do you cope.Our idea is to rehabilitate old schools and build new ones. So the governor hasdeclared an emergency on education to restructure and rehabilitate. Then the morale of the teachers was very low. Even when some of them earn likelecturers in the university, they still look down on themselves before civilservants. But I have realised that they earn more than their counterparts, yet they have low morale. So we had to restructure and ensure for example thatprincipals prepare their own vouchers and the governor said every monthteachers will be paid first. How has the restructuring changed theface of education here? We have 159 secondary schools and we are taking care of them. We also have 544primary schools which are all public. Teachers now have a sense of belonging. Ifeel very proud. One thing that the governor did was to make one of theteachers a permanent secretary. That was the first time. That made them happy.He started having dinners with principals and headmasters. We are cleaning up the system, buying desks, bags and books, to ease the burdenon the local governments. The teachers need teaching aids. But almost all the teachers want to stay in the state capital. Then go to teachin their locations. You can’t leave Yenagoa to Brass Local Government Area togo and teach and then come back, it is

Fefegha not possible. So we are pleading with them to stay in their locations. I was a teacher.Teaching is meant for humble people, who are enthusiastic about the joband who feel it is their duty to bring up other people’s children. Then there are benefits too. Everywhere I go today, people come to meet me andsay you taught me in so so year. Some of them are doing well. I have my products that are in the house of assembly and some of them areco-commissioners. A serving commissioner I taught in secondary school, wheneverhe sees me, he gives me that respect. They stand up for me to sit down if wehave to attend a meeting. What else do I want? The teacher should have a sense of pride in himself. You don’t compete withpeople in life. I have never applied to work in a bank. Though in the earlydays I wanted to join the security forces, but each time, I applied for ateaching job, they always asked me to start work immediately. So, I said tomyself, maybe that is what God wants me to do. Teachers should have a sense ofresponsibility and pride. You mentioned the discrepancy in qualityof public and private institutions. Could you elaborate? Talking aboutdemarcation between the private and public schools, in public schools, theyhave very qualified teachers. Not only did they read education, some of themare really thorough. They started teaching from primary, secondary and some ofthem now in the university system. They are masters in their own games. But you have private schools that are bigin size or as glamorous, but you see teachers who are there because there wasno other job. Sometimes, they just improvise. You can’t ask somebody who read history to teach English. He doesn’t know thecomplexities like syntax, phonology, orthography and can’t even arrange syntaxof a sentence. The children will emulate him. We want people to know that in two three years, in Bayelsa State, people will hardly want to attend privateschools. We want to redesign the system. We are reorganising the school boards. What are 22 directors doing in a zonalschools board. Each of them earning level 17 salary.

What are some of the challenges youencountered in the course of your job here? The major challenge is funding. We have a prudent governor who rationaliseseverything otherwise it will be difficult. We need good furniture in all theschools, laboratories, sporting facilities. In Jude’s we have home economicslab, science laboratories etc. This should be replicated in all the schools.Then ICT in all schools; very soon, all their exams will be computer based.Even JAMB has done it. That is the future. Thankfully, the house of assemblyhas also raised a motion to that effect. Then we need sick bays in theschools, we need good books, even for teachers. The challenge is funding.

I saw a young man I taught in Port Harcout who graduated with a first class,sitting down on the board. He ought to be out there teaching our children. Hewas begging, but I told him that the fact that he was my student even makes itpertinent to do the right thing. No excuse. You can’t have a first class and waste it on a zonal schools board. Anotherone, second class upper, geography, yet wasting his talent there. We want a sound education system and aesthetics too, beautiful surroundings.So, we talk not just about quantity but quality. We are mass producing How far have you gone with the verificationexercise initiated by the governor? schools,but we must ensure discipline. We are still working on the numbers so I How much success has been recorded sincethe may not be able to tell you now. Butit was becoming something like a menace to the restructuring and redesigning started? Now we are building model schools in all system. We have savedsubstantially. There the local government areas. We arebuilding are retirees there, some actually died, but we boarding schools for those on scholarships. If arecleaning up the vouchers. But that is not the primary school isfaulty, we try to correct even the major issue. You go to some schools it at the secondary school level so that by the where thenon-academic staff out-number the timeyou get to university, you will be sound. academic staff, thereby increasing the wagebill. You don’t need to cheat in exams topass. We We need more lecturers. We lack teachers. But have conducted entrance at St. Jude’s; the beds even headmasters have personal assistantsnow are there . Thehostels are ready. The sense of as high as seven. Almost everybody in the discipline is more in boarding schools. Andit’s community works there either as aclerk or something. At the end of the exercise, we will happening here. know who is a ghostworker and who is not. What about the controversy surroundingthe Some of them are not ghosts. new University of Africa? At the tertiary level, we are doing a lot. Many There is always the tendency to concentrate people think that we arebringing in a new on thetowns and cities are you reaching out university to undermine the Niger Delta to the hinterlands to develop the schoolsin University. That’s sowrong. Even before I came those areas? here, I knew the governor had a vision to You need to take a ride there. The structures establish aspecialised university to complement you see there are even betterthan this place. NDU. We are looking at how we can export Our challenge is to fill up the spaces that our intellect to other parts of the world.It’s we have there. Weare rehabilitating those that very obvious that oil cannot always be relied need rehabilitation. Teachers in rural areas upon. It is depleting. Cubacan pride itself for should learn to accept it. Even indigenes don’t exporting doctors and boxing coaches all over want tostay in their communities. I was a teacher. I made each station my home. Wemust the world. inculcate a sense of discipline. They think they What will be the mainstay of Bayelsawhen are posted because wehate them. Even as a youth corps member, I never objected. But oil dries up? We are buildingcapacity to man the structures. they shouldn’tlook down on themselves. Even We want an international university. We have as a village teacher, I was still wearing suits. aregistrar and we have a vice-chancellor who They should not dress like village farmers.

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33

EDUCATION

Buhari Orders Immediate Composition of Varsities’ Reconstituted Governing Councils Kuni Tyessi in Abuja President Muhammadu Buhari said he has directed the Minister of Education, Mallam Adamu Adamu to immediately release the composition of the reconstituted governing councils of Nigerian universities, including that of the University of Abuja. The president made this known at the 21st convocation ceremony of the University of Abuja where a total of 13,670 scholars made up of 13,117 undergraduates and 553 postgraduates from the 2015/16 academic session graduated. The Emir of Kano, Muhammad Sanusi II was conferred with an honorary Doctor of Economics degree. Chief Michael Onoja (Doctor of

Communications) and Prof. Peter Proksch (Docror of Science) also received honorary degrees. Buhari, who was represented by the Executive Secretary, National Universities Commission (NUC), Prof. Abubakar Rasheed, said he has directed the NUC to embark on a comprehensive review of the curriculum of Nigerian universities before the end of the year. He said the growth of the University of Abuja was hindered in the past due to corruption, mismanagement and highhandedness leveled against past management of the institution. “At some point in the history of the university, government had to send special visitation panels outside its regular

visitations to investigate alleged cases of corruption, mismanagement and highhandedness leveled against some of the past administrations of the university. “It is also instructive to note that the NUC has had to embark on some damage control measures by redistributing students in some programmes in the past to conclude their training in other universities when some of the past administrations of the university commenced the affected programmes without due process and approval. “Government had to in-

tervene on this issue when it became obvious that the emerging disruption of the peaceful atmosphere needed for scholarship was being compromised as a result of the consequences of the university’s action. “At the moment, government is inundated with all sorts of petitions from a section of the university and beyond which is an indication that the community is still polarised and that the trial period is far from being over. It is time we allowed the University of Abuja to grow as a strategically positioned university

in Nigeria. “As we celebrate today, we need some introspection for the purpose of finding lasting solutions to the challenges affecting the positive development of this university. My administration on its part will continue to do its best to see that the University of Abuja is transformed to the university befitting the federal capital of Nigeria,� Buhari said. Sanusi, who spoke on behalf of the awardees, thanked the university for the award. The Vice-Chancellor, Prof. Michael Adikwu, said six students made first class in

various fields of study. According to him, 644 students were awarded second class upper division; 6,187 made second class lower division; 5,830, third class; and 441 were awarded pass degrees. He added that the institution graduated nine Veterinary Medicine students. “On behalf of senate and the entire university community, I congratulate the graduands on their achievements. The university expects you to conduct yourselves as shining examples of its credo as a centre for learning and shaper of good character.�

Oyo SUBEB Tackles Illiteracy with Jolly Phonics The Oyo State Universal Basic Education Board (SUBEB) has launched the Jolly Phonics literacy project, in partnership with an international not-forprofit organisation, Universal Learning Solutions. Currently, 640 primary one teachers are being trained. Jolly Phonics is a fun and interactive teaching tool that uses the proven synthetic phonics literacy teaching methodology. Synthetic phonics is mandated or recommended by governments around the world because of the way it quickly provides children with the skills needed to read and write. The charitable arm of Jolly Phonics, Jolly Futures, has donated resources worth over N50 million in its mission to secure better literacy learning in the state. The Projects Director at Universal Learning Solutions, Louise Gittins, who thanked the Executive Secretary of Oyo SUBEB, Mrs. Lucy Eniola for

adopting the project in the state, said “we are delighted to be partnering with Oyo SUBEB to train, resource and mentor its teachers in Jolly Phonics. I would particularly like to thank the executive secretary for her wisdom, strength and initiative in inviting us to work in Oyo State. This project will make the future of children in Oyo State brighter.� Eniola was said to have visited the training venue to encourage teachers and was reportedly delighted with what she saw. Also, the Chief Executive Officer, Mr. Gary Foxcroft, commended the Universal Basic Education Commission (UBEC) for its continued support for the adoption of Jolly Phonics in public schools across Nigeria. “UBEC has really recognised the tremendous impact that Jolly Phonics has been having on literacy levels in Nigeria’s government schools and has taken it on as one of its flagship programmes.

Expert Wants More Labs in Schools for Global Competitiveness The Director, Federal Science Equipment Centre, Mr. Mathew Ndu, has stated that the country’s quest to achieve global competitiveness in sciences may not be realised if proper attention is not paid to the development of laboratories. Ndu said this in a paper he presented at the closing of a five-day capacity building workshop for laboratory technicians in secondary schools in Lagos recently. According to him, there is no way the country can produce well-rounded professionals especially in the field of science if there are no laboratories to back up theoretical contents in schools. He regretted that even where laboratories existed, they are ill-equipped; adding that for

products of Nigerian secondary schools and universities to match their counterparts in other countries professionally, more efforts should be made in the development and use of laboratories. He said another major challenge facing the development of laboratories in schools is the non-existence of well trained personnel to manage equipment such as microscopes, chemicals and others. “That is the essence of this workshop, to build up the knowledge of laboratory technicians for them to effectively run these laboratories in their respective schools. We have about 80 laboratory technicians drawn from the 104 unity colleges across the country participating in the workshop.

HONING STUDENTS’ SKILLS

L-R: The Executive Director, Diamond Bank Plc, Chizoma Okoli; founder, Nike Arts Gallery and assistant judge, Vision of the Child competition, Chief Mrs. Nike Okundye; Coordinator, Lagos at 50, Jahman Anikulapo; and Project Director, Vision of the Child competition, Foluke Michael, at a press conference to announce the 2017 edition of the competition, sponsored by Diamond Bank in Lagos ... recently SUNDAY ADIGUN

Wealth Creation Ministry Empowers Lagos Island Youths Funmi Ogundare The Lagos State Ministry of Wealth Creation and Employment, in partnership with the West African Vocational Educational Academy (WAVE), recently organised training for unemployed youths in Lagos Island to empower them and enhance their employability skills. In his remarks, the Commissioner, Mr. Babatunde Durosinmi-Etti, who advised them to take the programme seriously, said with the training they will get in the areas of team work, time management, good communication, among others, their employability skills will make a difference at the end of the day. “It baffles me sometimes when people say there are no jobs, but the jobs are there; the requisite skills for them to work are not there. There are so many opportunities around you that you can harness.� He expressed concern that rather than help their parents or other family members in their businesses, some youths prefer to stay at home redundant. “You should be able to seek for knowledge because whatever you have in your head is what you will be able to trade with.�

He advised them to harness the opportunity in the programme, as “it all depends on the way you present yourselves and share knowledge. Attendance is very important, there is no shortcut to success, it is only through hard work because no employer will pay employees for not doing anything. The onus is on you to take advantage of the opportunity.� The Permanent Secretary in the ministry, Mr. Abdulhamid Olanrewaju, said a lot of sensitisation programme were carried out in the Lagos Island area, but the ministry got about 500 youths that were reduced to 200 at the end of the day to attend the programme. “It is for us to keep encouraging the youths so that they can be useful in life. We see this as an opportunity to give them the requisite skills for them to be employed. We did the analysis of unemployment in the state and what we found was structural in nature.� He said the training was targeted at the observed deficiencies and to ensure that youths have the requisite skills and mind set orientation change that will allow them to work and maintain it within the organisations that they will

find themselves. On how the ministry hopes to monitor the youths that will be trained, Olarenwaju said, “there is a database of all the youths, the people that went through the interview process,

we should be able to match their skills set to the job. We are monitoring this effectively such that at the end of the day, we want to see the number of people that have enrolled and completed the programme.

Old Boys Bemoan Infrastructure Decay in School Laleye Dipo in Minna The level of decay of most infrastructures at the Government Technical College, Eyagi Bida has aroused the concern of old students of the institution. It is said that most toilets in the school are not functioning while the taps have stopped running in addition to the existence of workshops without equipment. The Public Relations Officer of the old boys association, Othman Dada said in a statement that members of the association will meet on March 4 to seek solution to the problems. He said the meeting would also resolve to send a delegation to the state government to intervene in the problems facing one of the oldest technical colleges in the state. He said the meeting would hold on the college premises to

“afford members the opportunity to see the state of dilapidation of infrastructures in the school over the years owing to neglect. “We will see for ourselves that most hostels do not have toilet facilities or running tap water a common feature in the past, thus causing untold hardship to student’s. “Members will take the opportunity to see empty workshops that are also devoid of any working equipment or tools for the students to conduct practicals in line with the laid down curriculum.� At the meeting Dada said a special award will be conferred on selected persons, adding that a lecture titled ‘Eyagi Yesterday, Today and the Prospect of Tomorrow’ would be delivered by a former student, Alhaji Hussaini Ndayako, Sarduana Raba Nupe.

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Oil Firms Overhaul Labs in Four Ogun Schools Uchechukwu Nnaike As part of efforts to improve the quality of education in Ogun State and the entire country, Star Ultra Deep Petroleum Limited (a Chevron company) and its co-venturers in the Oil Mining License (OML) 140 has donated books and teaching aids to four schools in the state. The co-venturers are the Nigerian National Petroleum Corporation (NNPC), Oil and Gas Nigeria Limited and Lukoil. The donation, facilitated by Breezebell Management International Limited, was made to Ansar-Ud-Deen Comprehensive College; St. Michael Comprehensive Secondary School; Anglican Grammar School; and Iganmode Grammar School all in Ota, Ogun State. Speaking during the presentation of the items to the beneficiaries, the Director, Star Ultra Deep Petroleum Ltd, Mr. Richard Kennedy, stated that the intervention of the co-venturers was principally to assist the government in improving the supply of critical books and teaching aids in Nigerian schools and increase teachers’ capacity to

use modern techniques to impart the desired knowledge in students. While stressing the importance of books and reading, he said, “reading a book as we all know takes one from the world of ignorance to the world of intellect. The enlightenment from books does not discriminate against anyone, old or young. “We believe access to good books and availability of teaching aids will enhance teaching and learning in the schools and improve students’ grades in internal and external examinations.� Kennedy, who was represented by the Manager, Policy, Government and Public Affairs, Chevron, Mr. Sam Otuonye, said Chevron with its affiliates and co-venturers has also made significant contributions over the years to raising the standard of education and ensuring that Nigeria has requisite manpower for sustainable development and more access to good healthcare through its intervention in education and health. The Chairman, Oil and Gas Nigeria Ltd, Chief Reggie Uduhiri, said the donation reflects the company’s belief that education and skills

acquisition are pivotal to the sustainable development of a country, adding that the company recently made a similar donation in Ebonyi State. “It is our expectation that our support for education and economic empowerment programmes in the country will positively impact on the academic performances of our young people and the growth of entrepreneurship for the sustainable development of the country,� he said. In his remarks, the Group General Manager, NAPIMS, Mr. Defe Sejebor, said the choice of education as an area of intervention was timely, as education is like a lamp that provides light in a dark road. Sejebor, who was represented by Mrs. Helen Nkwo, stated that the partners are also making social investments in healthcare and economic empowerment. “Our pride will be to see students from this state go on to become internationally celebrated professionals in whatever field of endeavour they choose. “The foundation for that dream is what we are laying today. You will agree with me that effective teaching aids serve as inspiration for

teachers and good books are essential for any student to excel,� he said and urged the benefitting teachers and students to make the most of the materials. Responding, the Permanent Secretary, Ministry of Education, Alhaji SA Rasheed, who represented Governor Ibikunle Amosun, said the government is happy to welcome any organization or group willing to support it in developing the sector because education is capital intensive and government cannot do it alone. While commending the coventurers for the donation, which he said will go a long way in improving students’ performance, he urged the beneficiaries to put the materials to good use and take care of them. He also appealed to the donors to extend the gesture to other schools in the state. The Project Coordinator, Jane Coker of Breezebell, said the company conducted a needs assessment in the four schools to determine the areas of intervention. Thus the materials provided were science, home economics and ICT laboratory equipment, books and other teaching aids.

Don’t Mess Around with Your Liver! The problem with hepatitis C Simply put, hepatitis refers to an inflammation of the liver. The presence of inflammatory cells in the liver’s tissue and the destruction of liver cells could last for less than six months or go on for longer than this. Viruses, bacterial infection, viral diseases, amoebic infections, alcohol and toxins can all cause hepatitis. Of all the types of viral hepatitis, hepatitis C is often viewed as the most serious. One reason for this opinion is its peculiar mode of transmission. Hepatitis C is not commonly spread during sexual intercourse between a man and a woman. It is most commonly transmitted via contaminated invasive instruments and equipment. The hep C virus, which is found in the blood, can then be passed to an uninfected person’s blood stream when they, use or such equipment has been used on them. Examples of items that could have been infected with the hepatitis C include: drug injecting implements like needles, syringes, spoons, swabs, filters, body piercing and tattooing tools, razors and toothbrushes with blood smears (even where not visible to the naked eyes), blood transfusion equipment, sex toys, rooting, fingering and fisting during sexual activity, contaminated condoms, latex gloves, enema equipment, shared straws or rolled-up paper money when ‘doing drugs’. Hepatitis C is commonly seen amongst HIV positive gay men. It is important that men in same sex relationships should endeavour to know their hepatitis C status, as well as ways to stop the transmission of the virus. Omoru writes from the UK

Queen’s College Principal Makes Case for Sports

Pupils of TLS, Ikoyi, Lagos during their ‘Friendship Day’ recently

Educators Canvass Child Protection, Healthy Living in Schools Funmi Ogundare TLS Ikoyi recently held its friendship day to commemorate St. Valentine’s Day, aimed at promoting love, while emphasising the importance of child protection, safety and healthy living within the school environment. In her remarks, the Administrator, Miss Oyindamola Egbeyemi, said safety in schools is all encompassing as it has to do with the total upbringing of the child. “We have to look at their psychological security. Is the child happy? Is he able to express himself? How does the school ensure that he is okay and has a high sense

of confidence?� She expressed concern that some schools are not security conscious, saying that aside ensuring that children are in a safety environment, there is need to get their foundation right which is important. “We value education and for the 21st century children, you have to emphasis on continuous improvement, if you don’t get the foundation right, then it will be weak. A child protection expert, Mr. Taiwo Omilani also stressed on safety in schools, adding that parents and the management of schools must work together to ensure a bright future for children.

“Parents must give 70 and the school must give 30 per cent care for the children. You have to invest in the kind of education and care you want for you children.� He appealed to parents to continue to partner with schools for a better future for their children. The Head Teacher of the school, Ms. Busola Aina, who highlighted the significance of the friendship day said, “everybody celebrates Valentine’s Day which cuts across all strata as just a one off celebration, but it reminds us of the importance of friendship and keeping a long lasting relationship. “We all need people around

us, it is the relationship that keeps and encourages us.� On the importance of a healthy living, Aina said it also enhances a relationship. “You are able to play and work together. Health is the centre of our lives. So we decided to create that forum for our parents to live healthy and also encourage their children to eat fruits and vegetables which are very good for their health. “Introducing fruits and vegetables to parents is not strange, healthy living and lifestyle is very important and children get to know the benefits of eating fruits especially.�

The Principal of Queen’s College, Yaba Lagos, Mrs. Lami Amodu has encouraged students to participate in sporting activities, as it helps to sharpen their cognitive domain and helps them think sharply and assimilate well. Amodu, who made this known during the 55th annual inter-house athletics competition of the school recently, added that whenever students engage in sports, they are in a happy frame of mind, they mix well and the physical exercise does a lot of good to the mental faculty and all other physical aspects of the body. According to her, it is possible for a student to be exceptional in both sports and academics, “it depends on the attitude and commitment. Some students are all-rounders and that is what we want them to be; they should not ignore any aspect, they are all important. They have to put in their best.� Considering the importance of sports, she decried the poor state of the sporting facilities in the school, especially the track and field that could be messy during rainy season, as such the college oganises the athletics competition during dry season. To ensure optimum performance of students in sports, Amodu said the

school engages the services of professionals who come to coach the students to prepare them adequately. “They also play advisory roles in the areas that we should improve.� She advised schools that lack sporting facilities to try their best to provide them “because sporting facilities are essential in schools generally no matter their location for the development of co-curricular activities and for the academic life of the college because without developing the students in the area of sports it will impact negatively on their academics.� In his remarks, the Chairman of the Parent Teacher Association (PTA), Dr. John Ofobike, who stressed the importance of sports, said he would improve on what he met on ground. He promised to involve his business partners, friends and government organisations in the development of sports at the school because it is capital intensive. The students, who were grouped into six housesDanfodio, Efunjoke, Emotan, Obasa, Obi and Obongcompeted in activities like march past, 100m, 200m and 4x100m races, high jump, shot put, long jump, walk race, among others. The students also thrilled guests with their calisthenics display.

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UNICAL VC Blows Whistle on Ex-Bursar over N200m Fraud Kuni Tyessi in Abuja The Vice-Chancellor, University of Calabar (UNICAL), Prof. Zana Akpagu, has called on the Economic and Financial Crimes Commission (EFCC) to arrest and prosecute the former Bursar, Mr. Peter Agi over allegations of fraud to the tune of over N200 million. Akpagu, who spoke through a coalition of nongovernmental organisation, Transparency Initiative Nigeria, said the former bursar, who is inexperienced and haughty, had continued to dwindle the fortunes of the institution as well as frustrate infrastructural progression. The Executive Secretary of the group, Yomi David , said Agi had used his position as bursar to enrich himself and acquire several posh cars, outlandish mansions and choice property across the country and thus called for sterner sanctions to enable the university recover the funds he looted. David, who was represented by the Media Director of the group, Mr. Solomon Adodo, stated the VC deserves commendation as an internal whistle blower for refusing to cooperate with, or condone the corrupt antics of the erstwhile

bursar. He said by the VC’s action, he has portrayed the true essence of the ‘Change Begins with Me’ campaign of the Muhammadu Buhari-led administration. “Our diligent findings revealed that UNICAL though a second generation university lagged behind on many fronts and did not even come close to being a shadow of what was expected of her as an institution. The plight of the university was only to be worsened by the appointment of an inexperienced, haughty and avariciously corrupt bursar (in 2010) in the person of Agi who made it an obsession and determined penchant to pitch his personal aggrandisement against the university’s wheels of progress. “The university groaned in pains, gradually grinded to stagnation and soon hit the path of retardation down the cesspit of oblivion as Agi transmuted into a demigod and Pharaoh of sorts holding staff, students and contractors by the jugular all in a bid to accumulate and divert the university funds into his private coffers. The Agi years can best be described as the dinosaur-locust era as he gave no heed to reason

rather than random abuse of university rules, appropriation/procurement processes and relegated transparency to the back seat.� David added: “To our utter dismay, we further gathered from contractors that Agi was in the habit of sitting on funds approved for payment to contractors- definitely with sinister pecuniary intentions- and this stalled major construction projects which should have further etched the university up the ladder of academic glory and acclaim.� However, Agi has refuted the allegations, describing them as false and malicious with no iota of truth. He said the reverse is the case as he was able to uncover ongoing fraud to the tune of N225 million in just about a month, and has his documented facts with figures. The 42-year-old who is challenging his recent termination of appointment at the industrial court, said for the short period he monitored illegitimate accounts opened by a consultant at the initiative of the VC, he could only account for outflows and not inflows, which is professionally unethical. “I am supposed to be responsible for the collection of

school fees and this is to be rooted through the office of the bursar. When I assumed office, I met a situation whereby there was a consultant on ground reporting directly to the VC. There was no information about collections and the VC was making approvals that I couldn’t trace inflows but I was managing outflows. The approvals were so much and I had to investigate to find out why the inflow was not commensurate with the outflow.� “In the process, I uncovered fraud in the portal where they created miscellaneous accounts that were taking monies to the private accounts of the consultant and I discovered immediately that it was shared by the stakeholders. It got to a time when I told them to stop and when they refused, we agreed to migrate to a new portal. Suddenly, they said the portal should not go on and so went back to the previous one. “For that short time that we migrated to a new portal, an amount of N225 million was collected and the money is accountable. The records and the number of students that paid are here. That is the money they are saying I defrauded the school of.�

RUNNING THE CLASS ROOM CHIOMA ERUOTOR chisandic@yahoo.com

How Should Parents Handle a Poor Result? Read the key indicating how the grading system works before reacting. Praise the positive. Somewhere on that report card, there is something to be proud of. Make sure your child knows you’re looking at everything and not just the negatives. *Talk about the poor grades, but don’t lose your temper. *Tell him he hasn’t met your expectations and talk about what those expectations are. *Listen to your child. It may be that he has a million excuses why he has a bad report card. *Come up with a game plan so that the next report card won’t be so bad. *Encourage the child. Advise to be more serious. Pray for the child always. *Assist your child with school work regularly. *Try to find out your child’s weaknesses and ways to improve on them. *Try to get the child a lesson teacher in case you won’t be around all the time or if you are a type of parent whose job involves travelling. Surprising Reasons Why You Should Smile More Smiling may seem like an involuntary response to something cute or funny, but it is much more than that. Reasons why you should smile: Smiling is contagious. Just seeing one person smiling activates the areas of your brain that control your facial movement, which leads to a grin. Smiling lowers stress and anxiety. Smiling makes one more attractive and beautiful. Smiling releases endorphins (chemicals that make you happier). Smiling strengthens your immune system. Smiling makes one more approachable. Smiling will make you more comfortable in situations you would otherwise feel awkward in. You’ll seem more trustworthy. You’ll be a better leader. Smiling is an easy way to boost your mood, be healthier, feel better and be viewed as more trustworthy and a better leader. Whenever you’re in a stressful situation or are feeling down, slap a grin on your face so you can take advantage of the many benefits smiling has to offer.

Crisis Looms as Plateau Varsity Suspends SSANU Chairman, Secretary Seriki Adinoyi in Jos

QUALITY EDUCATION ON THEIR MINDS

From right: The Vice-Chancellor, University of Lagos (UNILAG), Professor Rahamon Ade Bello; the Director of Advancement, Mrs. I.A Salaam; the National President, UNILAG Alumni Association, Dr. Sonny Kuku; the Deputy Vice-Chancellor Academic and Research, Prof. Toyin Ogundipe; and the National Secretary, UNILAG Alumni Association, Tunde Fadahunsi, during the alumni reception‌ recently

LASPOTECH Partners IT Firm on Mobile Phone Lab Funmi Ogundare The Lagos State Polytechnic recently signed a Memorandum of Understanding with a software developing company, Afrifone Limited, to establish a mobile phone and IPad repair laboratory at its Ikorodu campus and equip the students with the necessary skills to develop themselves and the institution. In his remarks, the Rector, Mr. Oluyinka Sogunro, expressed hope that the partnership would improve the rating of the institution and add value to students’ academics. “We need to plan for our youths, you will recall that youth empowerment is a major project of the Lagos State Government and we must key into it, this is one of it that we are doing today.�

He regretted the problem of unemployment in the country, saying that since there are a lot of graduates without jobs, its products should become employers of labour. “One of our cardinal points is to collaborate with relevance agencies to bring progress to the institution; our partnership with Afrifone is a key thing in the right direction and a worthwhile experience. We want our products to be employers of labor, rather than job seekers and use the skills they get here to empower themselves.� Sogunro affirmed the organisation’s readiness to provide the tools such as audio-visual training gadgets to work and ensure the laboratory is functional, adding that it will also

train the polytechnic staff to man it. “Students and artisans will benefit, it will improve the state and the lives of Nigerians as a whole. The company has also promised to absorb the students for a one-year industrial training.� The rector, who disclosed that the polytechnic would be marking its 40th anniversary this year, appealed to the students to take the project seriously as it is an opportunity and the beginning of good things to come. The Divisional Head, Afrifone Limited, Mr. Sandeep Natu, who expressed delight about the partnership, said students who are interested in electronics and telecommunications will be impacted and made ready for the electronics

and mobile phone assembly industry, while reiterating that it would provide internship and employment opportunities for the students. “The skills they will get here can be used anywhere, our aim is to empower the youths and be a part of the success of Lagos as well as its culture and environment.� In another development, the polytechnic has matriculated its fresh students on full and part-time programmes for its 2016/2017 academic session. Congratulating the students, Sogunro urged them to shun any unproductive pastime that might distract their attention away from their academics, which should be their paramount interest during their stay in the institution.

The Plateau State University, Bokkos has suspended the Chairman and Secretary of the institution’s chapter of the Senior Staff Association of Nigeria Universities (SSANU), Mr. Rimdap Timnan and Mr. Dusu Yaro respectively, citing unsatisfactory response to the queries issued then bordering on SSANU issues and alleged absence from duties. The suspension letters dated January 27 and signed by the Registrar, Mr. Amos Mallo indicated that the suspension was for three months during which they would receive only half of their basic salaries. Timnan is the Head of the ICT Unit, while Yaro is in the Academic Planning Unit. The letters barred them from entering the university premises during the period “except with the express permission of the vice-chancellor, registrar or acting chief security officer’’. They were also directed to hand over their duties and identity cards to the most senior officers in their departments. The management of the institution had accused them of “insubordination, lack of

respect to constituted authority and attempting to tarnish the image of the university through falsehood and misrepresentation of facts.� THISDAY gathered that the development may not be unconnected with the inauguration on November 23, 2016 of the institution’s chapter of SSANU by the national body and the subsequent request for members’ check-off dues by the Timnan-led interim executive committee. The vice-chancellor had reportedly declined the request for the dues and insisted that he would only recognise the body after it had been registered by the university. A source from the institution revealed that while the management had insisted on registering the union before recognising it, the union argued that the registration of trade unions was the sole responsibility of the registrar of unions. The source said SSANU had quoted section 3(1) of the Trade Unions Act 2004 as conferring such privilege only on the office of the registrar of trade unions in the Federal Ministry of Employment, Labour and Productivity.

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

Kaduna Airport Gets a Facelift John Shiklam writes on the level of preparedness at the Kaduna Airport, following the planned diversion of international flights from the Nnamdi Azikiwe International Airport, Abuja to Kaduna

I

t is serious business at the Kaduna Airport as contractors and officials of the airport work all day to meet the March 8 deadline for the diversion of flights from the Nnamdi Azikiwe International Airport, Abuja to Kaduna approaches. Nnamdi Azikiwe International Airport, Abuja, is expected to be closed for six weeks to pave way for rehabilitation of its runway. Kaduna Airport was chosen as the alternative route during the period although some international airlines had rejected the choice of the airport citing security and the distance from Kaduna to Abuja by road as their reasons for the rejection. As the D-Day approaches, there has been increased tempo on upgrading of facilities and putting finishing touches in readiness for the diversion. Just recently, precisely on February 17, the Ministerial Sub-Committee on the movement of airport operations from Abuja to Kaduna headed by Assistant Inspector General (AIG) of Police, Alhaji Alkali Baba Usman, was at the airport to ensure that every security measure has been put in place for the safety of passengers from the Kaduna Airport to Abuja and from Abuja to Kaduna. Usman who inspected parametre fences around the airport as well as neighbouring communities in the area, told journalists during the visit that all aspects of security at the airport have reached 90 per cent completion. He explained that the mandate of his committee is to ensure that there is security on the road, the runway, the terminal and the entire airport. "We are to ensure that passengers from Abuja to Kaduna or Kaduna to Abuja are protected. So far so good from what we have seen from Abuja to Kaduna, all aspects of preparations in terms of security were 90 per cent okay. That is to say our level of deployment on the road has been assessed." He said further that as part of the security strategies, certain places have been earmarked to put static phones, while other places have been earmarked for patrol both in and out of Abuja to Kaduna. "We have inspected the parametre fence in the airport, we have made arrangements to protect the entire equipment and the building. "So far so good, this is the first time we are coming and by the grace of God, by the time we come back again, everything must have been on the ground," he said. He assured that everything regarding security would be in place before the March 8 deadline slated for the diversion of international flights from Nnamdi Azikiwe International Airport, Abuja to Kaduna Airport.

The newly constructed terminal at Kaduna Airport nearing completion as at February 17

Fixing of ceiling and electrical fittings as at February 17

We have completed every major construction work on the terminal. We have finished the fixing of tiles. As you can see, we have commenced the fixing of ceilings, air conditioners and other electrical fittings

He said some of those handling things that are yet to be completed, had assured that they will be completed before the D-Day. He allayed fears about the security situation in Kaduna, saying that adequate steps have been taken to ensure safety of travelers. "We have met with the team of security officers in Kaduna and they have assured us that they have put strategies in place to ensure that all hotels and other places of interest are protected and guided. "There is going to be increased patrol vis-

ibility of security agents to ensure that law and order succeeds. I am satisfied with the security situation in Kaduna from the assurances we have received from security agencies. "We want to assure that all hands are on deck to ensure the success of the relocation," the AIG said in an interview during the visit. Also the Chairman of Movement of Flights from Abuja to Kaduna, Captain Mohammed Joji, disclosed that all the necessary equipment had been installed at the airport for safe and smooth flight operations.

Joji who is the Chairman and Chief Executive of Sky Power Express as well as the Secretary General, Aircraft Operators of Nigeria said his committee was in charge of equipment at the airport. "As far as instrumentation is concerned, the security apparatus at the airport is okay. The runway is one of the best," he said. According to him, state of the art equipment like Distance Measuring Equipment (DME) Localiser, Glides and others have been installed and have been tested.

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Members of the ministerial committee on security during their visit to the airport

The airport's runway

He added that the calibrator will soon be brought to certify that all the equipment are functioning well. He added further that a solar equipment had been installed at the airport to ensure 24-hour power supply. According to Joji, "The instrument we have installed means aircraft can land safely without much visibility on the ground. As far as the security of landing is concerned, it is as good as Heathrow Airport. "We have tested everything and every equipment is working fine. As far as this airport is concerned, it is very good. "We are happy with the instrumentation, the installation and everything is alright," he emphasised. He said the airlines that have decided not to fly to Kaduna took such decision out of skepticism. "It is skepticism because there are optimists and there are pessimists. Optimists believe that things can easily be done and it will work. Pessimists fear that it will not work, they don't want to come so they want to create fear. "As far as we are concerned, all the airports in the United Kingdom, apart from Heathrow and Gatwick that you can land aeroplane without seeing the ground, there is no airport in the United Kingdom that can be as higher as Kaduna Airport. "As far as we are concerned, we are comfortable, we are happy about it. The Kaduna Airport is excellent compared to others because the equipment are brand new. These are the most newest equipment that had been installed, they are digital," he argued.

Landing equipment at the airport

Work on the remodeling and expansion of the terminal which started in 2012 has reached 92 per cent completion, according to the site engineer, Kazeem Keji, who is supervising the project for the contractors, Dari Investment Limited. "We have completed every major construction work on the terminal. We have finished the fixing of tiles. As you can see, we have commenced the fixing of ceilings, air conditioners and other electrical fittings.

From the airport, it will take 15 minutes to come to the railway terminus. We have been working day and night to make sure that the job is completed before the relocation of international ights to Kaduna.Two contractors are working on the road to meet the deadline

"We have finished the major work. Ninety-two per cent of the work has been done and by the end of this month (February) everything will be completed and the place will be ready for use. "As you can see, this terminal will be one of the best, if not the best in the country," Keji said proudly. Manager of the Kaduna Airport, Mrs. Amina Ozi Salama, said everything was being done to ensure that the airport is ready before the March 8 deadline. Speaking in an interview in her office, she said the contractors have been working around the clock to meet the dateline. She said the runway was the best in the country and is in good condition, adding that the capacity of the airport has been enhanced to accommodate many aircrafts. According to her, the lighting of the runway is near completion adding that more manpower would be deployed from Abuja to the airport for efficient services. She disclosed further that fire service, safety and navigational equipment have been upgraded according to international standards and regulation. She said further that the management of the airport has been making efforts to stop people from villages surrounding the airport from trespassing, adding that some vandalised parts of the perimetre fence are being reconstructed. Similarly, the Kaduna State government, the greatest beneficiary of the relocation is also contributing its quota by embarking on the expansion of the airport road as well as the installation of street lights along the road.

The rehabilitation of the Nnamdi Azikiwe Express Way by the state government is also going just as it embarked on the construction of a five kilometre road connecting the airport road from the Forestry School with the Rigasa train terminus to ensure safe and faster movement for travelers. The state's Commissioner for Works, Housing and Transport, Alhaji Hassan Usman Mahmud, told journalists during a visit to the project that the new road is a short route for faster movement of travelers. "From the airport, it will take 15 minutes to come to the railway terminus. We have been working day and night to make sure that the job is completed before the relocation of international flights to Kaduna. Two contractors are working on the road to meet the deadline," he said. The contractors handling the various projects, especially the road projects and installation of street lights will have to really perform some magic to be able to meet the dateline. What is however lacking at the airport is hotel accommodation, banking services and a standard catering services for travelers. Travelers will have to drive to the town for hotel accommodation and standard catering services as there is no indication that hotels and banks will spring up at the airport before the diversion. It takes about 30 to 45 minutes to drive from the airport to the town depending on the traffic situation. Taxi drivers and hoteliers are already warming up for a boom in their businesses during the period of the diversion.

40

T H I S D AY Ëž , MARCH 1, 2017

BUSINESS/MONEYGUIDE

FG Urged to Boost Domestic Production of Goods Obinna Chima, James Emejo and Nume Ekeghe Ă“Ă˜ ÙÕÙÞÙ The federal government has been advised to implement policies that would help strengthen domestic production of goods and services. An economic analyst and Head of Banking and Finance Department at the Nasarawa State University, Dr. Uche Uwaleke, said this while delivering a paper at a seminar organised by the Central Bank of Nigeria for financial journalists in Sokoto yesterday. He pointed out that the import-dependent structure of the Nigerian economy had led to the depletion the nation’s foreign exchange reserves, fuelled inflation, depressed growth and created unemployment. The present situation of the Nigerian economy, he added, provides an opportunity to look inward in a bid to trigger economic growth and development. “In order to boost the economy, the current demand management which involves forex access restrictions of items that can be produced locally, should be contained. I am not saying that the policy should be kept forever, but we should sustain it until we get out of recession. If our reserves get to a comfort zone of about $32 billion, then we can begin to think of how to relax the policy,â€? he added. He urged the CBN, through its development finance function,

to identify certain goods that can be produced locally and provide incentives for SMEs to be able to produce locally. In addition, Uwaleke charged federal government to ensure that the proceeds of the Eurobond id judiciously utilised as investors are more concerned about the interest they would get on their investments more than what the investments was used for. Uwaleke said the Nigerian Eurobond was oversubscribed despite downgrades by rating agencies because investors saw a better yeild as opposed to what they would get in European markets. Uwaleke said Nigeria was due to repay the $500 million Eurobond it raised in 2013 next year. “I looked at the budget implementation report starting from 2013 up till now and the latest budget implementation reports on the website of the budget office is first quarter of 2016, and I cannot place my finger on what was done with the Eurobond that was issued in 2013 which will have to repay next year. “We can’t trace it. The $500 million we did was just meant to test the world market. But again we need to see what it was used for.� He also noted that the cost of the latest $1 billion Eurobond issued by the country was high. “If we didn’t have a reserve, this Eurobond outing wouldn’t have been a success because

all those investors are looking at your reserves� he stated, even as he urged the country to focus more on accumulating its reserves before deciding to fully float the currency. According to him, Nigeria needs a minimum of $32 billion in reserves which will be comfortably enough for seven months of imports before it floats the currency. Querying the school of thought that says the CBN should allow the market determine the value of the naira, he said the supply of forex was yet to be enough to leave the currency to market forces. He charged the monetary authorities not to succumb to pressure saying Egypt which succumbed to pressure of freefloat its currency, has seen its currency depreciate more than envisaged. “If we don’t have this $32 billion, we shouldn’t be thinking of floating the currency. Nigeria needs a minimum of $32 billion to be regarded as comfortable and that is enough to finance 7 months of funding. So if we don’t have this $32 billion, we shouldn’t be thinking of floating the currency.� Uwaleke added: “Egypt was advised not to float the currency until they got to $25 billion reserve but because Egypt was pressured and in a hurry to get $12 billion IMF loan they did the currency float much earlier and they have now seen the outcome.

BoI, Benue Govt Increase SME Funding to N4bn 13 firms get N1.5bn James Emejo Ă“Ă˜ ĂŒĂ&#x;ÔË The Benue State Government and the Bank of Industry (BoI) have agreed to increase the base lending fund to small medium enterprises (SMEs) to N4billion in order to spur rapid economic development in the state. Already, there’s a N2billionmatching fund contributed by both parties for the provision of concessional financial assistance to entrepreneurs operating in the state. The acting Managing Director of BoI, Mr. Waheed Olagunju said at the official commissioning of the bank’s branch office in Makurdi, that the Benue State Governor, Mr. Samuel Otorm had further agreed to raise the fund to N4 billion. He added that BoI will on

its part raise its commitment from N1 billion to N2 billion. He said as at February 2017, the bank had approved loans of about N1.5 billion to over 13 companies and micro enterprises spread across the state. He said the decision to open the new office in the state was to sustain efforts at providing better services to the people adding that it would improve the agency’s turnaround time of processing transactions. Olagunju said: “The Benue State governor has left no one in doubt about his commitment to ensuring rapid economic transformation of the state christened, food basket of the nation. “The governor has expressed readiness to increase the state’s contribution to this fund

between N3 to N4 billion and we assure you that we will match this in equal sum.� He said BoI processes had been interlinked with its offices nationwide to quicken and simplify transactions, adding that the bank had come to help the state realise its rich endowment in mineral resources for industrialisation. Ortom, while encouraging the Benue people to come forward and access the financial assistance provided by the BoI, warned beneficiaries that the money was not meant for marrying more wives but for growing businesses. “This money is not for you to go and start marrying more wives and to buy more cars. It is meant to do business and make profits� warned the governor,� he said.

South Africa’s Nedbank SlashesValue of Ecobank Stake South Africa’s Nedbank booked a $293 million writedown on the value of its stake in sub-Saharan lender Ecobank on Tuesday and reported its slowest growth in annual profit since 2009. Ecobank Transnational Incorporation’s operations in central and west Africa are exposed to some economies that have been pressured by the commodity price slide and unfavourable currency swings since Nedbank bought a 20 percent stake for $500 million in 2014. The writedown reduced

Ecobank’s value on Nedbank’s books to 4 billion rand ($308 million) from 7.8 billion rand, Reuters quoted the South African lender to have said in a statement. Nedbank said, however, that Ecobank remained vital to its expansion elsewhere on the African continent, where Ecobank has operations in nearly 40 countries outside its home market. “It’s obvious that we would be disappointed with the performance of our Ecobank investment to date,� Nedbank Chief Executive Mike Brown

told reporters. “But we still, however, remain optimistic on the long-term growth prospects in the rest of Africa.� Brown forecast another tough year for Ecobank, which makes the bulk of its earnings in Nigeria, before improving in 2018 and beyond. Shares in Nedbank were little changed at 244 rand at 1300 GMT, more than 40 percent below where they should trade based on the most likely earnings trajectory, according to Thomson Reuters StarMine intrinsic valuation model.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

OCTOBER 2016 Broad Money (M2)

22,275,512.54

-- Narrow Money (M1)

10,023,616.69

---- Currency Outside Banks

1,521,797.77

---- Demand Deposits

8,501,818.92

-- Quasi Money

12,251,895.85

Net Foreign Assets (NFA)

7,612,243.68

Net Domestic Assets(NDA)

14,654,268.86

-- Net Domestic Credit (NDC)

26,774,684.47

---- Credit to Government (Net)

3,705,049.41

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

6,242,932.95

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

-2,537,883.55

---- Credit to Private Sector (CPS)

23,069,635.07

--Other Assets Net

-12,120,415.62

Reserve Money (Base Money)

6,580,594.55

--Currency in Circulation

1,825,664.51

--Banks Reserves

4,415,126.62 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

MANAGED FUNDS Month Inter-Bank Call Rate

December 2016 10.39

Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)

14.00

Treasury Bill Rate

13.96

Savings Deposit Rate

4.18

1 Month Deposit Rate

8.53

3 Months Deposit Rate

8.80

6 Months Deposit Rate

10.23

12 Months Deposit Rate

10.76

Prime Lending rate

17.09

Maximum Lending Rate

28.55 Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ

OPEC DAILY BASKET PRICE AS AT, MONDAY, 27 FEB 2017 The price of OPEC basket of thirteen crudes stood at $53.85 a barrel on Monday, compared with $53.61 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

T H I S D AY WEDNESDAY MARCH 1, 2017

GOVERNMENT SPECIAL ANNOUNCEMENT

T

he Rivers State Internal Revenue Service is hereby informing the general public that due to the incessant cases of multiple taxation and resultant harassment of taxpayers in the State, all Revenue Agents' Contracts awarded by the Rivers State Internal Revenue Service have been CANCELLED.

All such Revenue Agents now disengaged are by this announcement required to desist from parading themselves as Revenue Agents and should surrender all Government properties in their possession immediately to the Head Office of the Rivers State Internal Revenue Service at 22 William Jumbo Street, Old GRA, Port Harcourt. Individuals/companies that deal with agents parading as Government Revenue Collectors, do so at their own risk. Upon harmonization of various taxes, charges and levies in the State, the Service will inform the general public if new Revenue Agents are appointed. The General Public should please take note that cancellation of Revenue Agents Contracts does not affect the payment of withholding taxes, PAYE, Personal Income Tax (Direct Assessment), Directors' taxes, vehicles registrations and renewals, stamp duties, capital gain tax and property tax. Any incidence of harassment should be reported to the "Service" through the following numbers: 09087900031; 09087900034; 07080601960. Or email us: info@riversbirs.gov.ng

41

42

T H I S D AY Ëž , MARCH 1, 2017

MARKET NEWS

Equities Market Sheds N281bn in February on Persistent Bearish Trading Goddy Egene and Nosa Alekhuogie The Nigerian equities market shed N281 billion in market capitalisation in February following persistent bearish trading. At the close of trading yesterday, which was the last day of the month of February, the Nigerian Stock Exchange (NSE) market capitalisation stood at N8.765 trillion,

down from N9.046 trillion at the beginning of the month. Similarly, the NSE All-Share Index (ASI) shed 3.6 per cent in February, declining from 26,289.95 to close at 25,329.08 Market operators have said the bearish trend witnessed in 2016, would continue into 2017 due to headwinds that have dampened investor demand for equities. High rates of returns in fixed income have attracted most

T H E MAIN BOARD

DEALS

MARKET PRICE

investors to that sector of the market, while foreign exchange challenges have discouraged many foreign investors from the market. Besides, poor earnings by some companies engendered by the challenging operating environment have equally been a drag on the market. Analysts at Meristem Securities Limited, an investment banking firm, had said in 2016, the market sentiments

N I G E R I A N QUANTITY TRADED

STO C K

VALUE TRADED ( N )

Daily Summary as of 22/02/2016 Printed 22/02/2016 14:36:10.010

Daily Summary (Bonds) No Debt Trading Activity Daily Summary (Equities) Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals AGRICULTURE Totals CONGLOMERATES DiversiďŹ ed Industries A.G. LEVENTIS NIGERIA PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. DiversiďŹ ed Industries Totals CONGLOMERATES Totals CONSTRUCTION/REAL ESTATE Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NASCON ALLIED INDUSTRIES PLC N NIG. FLOUR MILLS PLC. TIGER BRANDED CONSUMER GOODS PLC Food Products Totals Food Products--DiversiďŹ ed CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--DiversiďŹ ed Totals Household Durables VITAFOAM NIG PLC. Household Durables Totals Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. Banking Totals Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CONSOLIDATED HALLMARK INSURANCE PLC LASACO ASSURANCE PLC. AXAMANSARD INSURANCE PLC N.E.M INSURANCE CO (NIG) PLC. UNITY KAPITAL ASSURANCE PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FCMB GROUP PLC. STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals FIDSON HEALTHCARE PLC

6 6 12

30.00 34.00

19 19 31

waned under continued pressure from a barrage of negative news flows such as persistent inflationary pressure, and the paucity of foreign exchange (FX), which consequently led to the further depreciation of naira against major currencies. Speaking on the activities of the equities market in 2017, they said the market would remain weak in the first half of the year on the back of subsisting macroeco-

12,629 11,640 24,269

374,530.15 421,345.20 795,875.35

1.25

1,078,511 1,078,511 1,102,780

1,358,964.30 1,358,964.30 2,154,839.65

5 68 13 86 86

0.77 1.13 20.47

33,500 6,740,423 65,995 6,839,918 6,839,918

25,070.00 7,635,453.96 1,344,425.15 9,004,949.11 9,004,949.11

13 13

41.50

31,970 31,970

1,409,214.78 1,409,214.78

5 5 18

5.20

28,901 28,901 60,871

154,716.48 154,716.48 1,563,931.26

6 24 7 98 135

2.85 118.85 20.00 99.00

190,900 53,000 15,200 429,541 688,641

528,079.00 6,201,924.95 293,757.00 42,728,789.84 49,752,550.79

9 9

168.50

166,476 166,476

28,285,937.95 28,285,937.95

54 38 6 12 1 29 140

5.61 19.00 1.37 6.86 6.65 1.27

2,120,306 314,421 40,000 119,863 433 3,285,739,119 3,288,334,142

11,610,520.13 5,953,792.96 55,716.00 842,442.48 2,736.56 4,074,348,894.07 4,092,814,102.20

11 54 65

17.86 700.00

18,825 98,360 117,185

329,518.50 68,567,962.00 68,897,480.50

11 11

4.46

99,050 99,050

420,455.00 420,455.00

13 21 34 394

21.90 28.00

36,887 133,117 170,004 3,289,575,498

820,034.75 3,737,067.92 4,557,102.67 4,244,727,629.11

82 51 21 25 200 41 16 147 11 15 67 676

4.10 1.49 15.60 1.21 16.70 1.07 1.76 2.95 5.30 0.63 0.98

3,962,506 2,163,396 278,470 790,900 4,847,312 1,969,858 1,204,932 8,586,418 39,752 501,617 5,920,564 30,265,725

16,210,255.82 3,314,106.88 4,136,459.40 958,864.34 80,963,793.44 2,115,552.11 2,087,767.85 25,302,954.71 205,645.40 316,018.71 5,813,502.17 141,424,920.83

14 8 2 3 7 10 1 1 46

0.80 0.90 0.50 0.50 2.06 0.76 0.50 0.50

200,107 276,500 5,004,000 1,000,000 351,540 327,285 37,708,135 10 44,867,577

160,838.67 251,350.00 2,502,000.00 500,000.00 720,728.80 245,325.31 18,854,067.50 5.00 23,234,315.28

1 1

1.08

4,760 4,760

4,950.40 4,950.40

31 7 105 7 20 170 893

2.46 4.00 0.85 14.15 1.31

1,149,464 27,041 31,257,120 38,035 708,255 33,179,915 108,317,977

2,830,722.84 104,002.06 26,613,309.20 537,985.34 931,556.31 31,017,575.75 195,681,762.26

27

2.69

614,065

1,572,223.05

nomic uncertainties, while they anticipate a modest recovery towards the tail end of the year. “However, we note that market recovery is partly hinged on stability in the fx market and moderation in exchange rate gap between the interbank and parallel markets. Based on our mix of methodologies, we arrived at a 2017 index level of 27,812,

50, indicating a +3.49 per cent potential market return by December 31, 2017,� they declared. The Chief Executive Officer of the NSE, Mr. Oscar Onyema had, at the beginning of the year expressed expected optimism that the market would recover in 2017, noting that some strategic steps would be taken by the exchange to market the performance better.

E XC H A N G E

MAIN BOARD GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC Pharmaceuticals Totals HEALTHCARE Totals ICT IT Services TRIPPLE GEE AND COMPANY PLC. IT Services Totals ICT Totals INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals Packaging/Containers BETA GLASS CO PLC. Packaging/Containers Totals INDUSTRIAL GOODS Totals OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals OIL AND GAS Totals SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals Courier/Freight/Delivery RED STAR EXPRESS PLC Courier/Freight/Delivery Totals Printing/Publishing LEARN AFRICA PLC Printing/Publishing Totals Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals SERVICES Totals EQTY Board Totals Daily Summary (Equities) Activity Summary on Board ASeM CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals CONSUMER GOODS Totals ASeM Board Totals Daily Summary (Equities) Activity Summary on Board PREMIUM FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals Other Financial Institutions FBN HOLDINGS PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals INDUSTRIAL GOODS Building Materials DANGOTE CEMENT PLC Building Materials Totals INDUSTRIAL GOODS Totals PREMIUM Board Totals Equity Activity Totals

DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

32 4 6 69 69

25.33 0.94 0.69

551,998 16,020 597,000 1,779,083 1,779,083

13,903,164.18 15,299.40 412,110.00 15,902,796.63 15,902,796.63

1 1 1

1.69

500 500 500

805.00 805.00 805.00

16 9 4 6 10 31 76

24.00 9.30 35.78 8.62 3.36 80.50

110,727 40,229 26,700 142,300 299,900 14,373,223 14,993,079

2,707,053.97 362,501.29 992,680.00 1,227,076.00 966,480.00 1,157,057,077.16 1,163,312,868.42

6 6

1.51

134,500 134,500

204,240.00 204,240.00

5 5 87

50.00

24,529 24,529 15,152,108

1,165,135.50 1,165,135.50 1,164,682,243.92

2 2

0.50

24,262 24,262

12,131.00 12,131.00

90 90

3.47

3,827,573 3,827,573

13,288,632.05 13,288,632.05

21 7 8 21 7 64

18.34 1.84 342.00 150.00 145.00

81,125 100,300 20,300 16,295 13,699 231,719

1,505,034.50 182,832.00 6,595,470.00 2,396,080.60 1,959,692.96 12,639,110.06

33 33 189

318.00

389,934 389,934 4,473,488

124,037,602.56 124,037,602.56 149,977,475.67

1 1

0.50

941 941

470.50 470.50

5 5

3.80

32,870 32,870

127,756.40 127,756.40

13 13

0.89

624,500 624,500

538,430.00 538,430.00

1 22 23

2.29 4.00

4,588 251,094 255,682

10,001.84 1,001,583.80 1,011,585.64

1 1 43 1,811

1.68

10,000 10,000 923,993 3,428,226,216

16,000.00 16,000.00 1,694,242.54 5,785,390,675.15

2 2 2 2

1.21

270,464 270,464 270,464 270,464

327,261.44 327,261.44 327,261.44 327,261.44

306 306

11.45

13,929,679 13,929,679

159,605,439.23 159,605,439.23

278 278 584

3.74

10,438,552 10,438,552 24,368,231

39,515,087.18 39,515,087.18 199,120,526.41

35 35 35 619 2,432

139.83

38,770 38,770 38,770 24,407,001 3,452,903,681

5,304,666.00 5,304,666.00 5,304,666.00 204,425,192.41 5,990,143,129.00

2 2 2 2 2 10 10 10

2,330.00 2.33 6.02 11.09 18.07

3,000 20 20 20 15 3,075 3,075 3,075

6,986,000.00 46.70 120.20 221.80 270.65 6,986,659.35 6,986,659.35 6,986,659.35

Daily Summary (ETP) Exchange Traded Fund Name NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA BANKING ETF VETIVA CONSUMER GOODS ETF VETIVA GRIFFIN 30 ETF VETIVA INDUSTRIAL ETF Exchange Traded Fund Totals ETF Board Totals ETP Activity Totals

43

˾ WEDNESDAY, MARCH 1, 2017

MARKET NEWS

Shareholders to Receive N8.50 Dividend as Dangote Cement Posts N187bn Profit Goddy Egene Dangote Cement Plc yesterday announced a dividend of N8.50 per share for the year ended December 31, 2016, following a profit after tax N187 billion recorded for the year. According to the audited results of the leading cement manufacturing firm, revenue grew by 25 per cent from N492 billion in 2015 to N615 billion in 2016. Gross profit stood at N291 billion, up from N289 billion

in 2015. A further analysis of the results showed that administrative expenses rose by 12 per cent to N36.7 billion in 2016, from N32.5 billion in 2015. Selling and distribution expenses followed similar trajectory, jumping by 54 per cent from N53.5 billion to N82.6 billion, depressing profit from operating activities to N182 billion in 2016, from N208 billion in 2015. Financing costs rose by 14 per cent to N45 billion, from N33 billion, making profit before tax to

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

be at N180 billion as against N188 billion in 2015. However, a tax credit recorded by the company boosted its before after tax to N187 billion from N181 billion in 2015. Commenting on the results, the Chief Executive Officer of Dangote Cement, Mr. Onne van der Weijde said: “It was a challenging year for many African economies but we achieved sales and revenue growth of 25 per cent and consolidated our position as

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 27-Feb-2017, unless otherwise stated.

Africa’s leading producer of cement. Sales from Nigerian operations increased by 13.8 per cent to nearly 15.1metric tonnes(Mt), at a growth rate far higher than the country’s GDP, which fell in 2016. “We exported nearly 0.4 Mt into neighbouring countries and in doing so, we achieved a great milestone by transforming Nigeria into a net exporter of cement. This is a remarkable achievement, given that only five years ago, in 2011, Nigeria was one of the world’s largest

importers, buying 5.1Mt of foreign cement at huge expense to our balance of payments. We will increase our exports substantially in 2017.” He noted that the company’s Pan-African operations continued to perform well. “And we sold nearly 8.6Mt of cement outside of Nigeria, which is 54 per cent more than 2015. Despite some local and temporary disruptions in Ethiopia and Tanzania, we strengthened our market

share in every country. We will soon begin operations in Congo and Sierra Leone, widening our footprint to ten countries. “The New Year has started well and we expect much higher profitability in Nigeria in 2017, even though we may not see the volume growth we achieved in 2016. I am confident that we will deliver an even stronger performance in 2017 as we increase market share and extend our reach across Africa,” he said.

Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 127.06 127.35 -0.04% Nigeria International Debt Fund 219.57 219.99 1.94% 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 -0.97% 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 17.70% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 12.01 12.38 -2.70% ARM Discovery Fund 283.92 292.48 -1.13% ARM Ethical Fund 21.68 22.33 -2.96% ARM Money Market Fund 1.00 1.00 16.36% 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 105.68 106.42 0.57% AXA Mansard Money Market Fund 1.00 1.00 16.63% 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 9.42 9.67 0.69% Women's Investment Fund 86.57 88.79 2.33% 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 17.32% 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 1,114.33 1,115.44 2.19% FBN Heritage Fund 108.96 109.67 -2.36% FBN Money Market Fund 100.00 100.00 16.01% FBN Nigeria Eurobond (USD) Fund - Institutional $105.63 $106.46 1.59% FBN Nigeria Eurobond (USD) Fund - Retail $105.34 $106.18 2.01% FBN Nigeria Smart Beta Equity Fund 110.81 112.31 -1.63% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 0.93 0.95 0.00% Legacy Short Maturity (NGN) Fund 2.63 2.63 2.32% 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 2,174.49 2,199.77 -1.58% Coral Income Fund 2,163.98 2,163.98 2.84% 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 17.12% 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 16.87% Vantage Balanced Fund 1.67 1.69 -0.44% Vantage Guaranteed Income Fund 1.00 1.00 15.59%

LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.00 1.01 0.75% Lotus Halal Fixed Income Fund 1,018.86 1,018.86 1.60% 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 9.50 9.58 -1.69% Meristem Money Market Fund 10.00 10.00 15.30% 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 1.07 1.09 1.62% PACAM Fixed Income Fund 10.42 10.46 0.17% PACAM Money Market Fund 10.00 10.00 14.18% 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 108.84 109.74 6.91% 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 1.56% 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 1,816.96 1,826.60 -0.79% Stanbic IBTC Bond Fund 152.77 152.77 -0.77% Stanbic IBTC Ethical Fund 0.74 0.75 -3.25% Stanbic IBTC Guaranteed Investment Fund 190.38 190.38 1.87% Stanbic IBTC Iman Fund 125.82 127.46 -3.08% Stanbic IBTC Money Market Fund 100.00 100.00 17.37% Stanbic IBTC Nigerian Equity Fund 7,228.68 7,315.55 -4.66% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.13 1.15 9.86% United Capital Bond Fund 1.27 1.27 15.68% United Capital Equity Fund 0.64 0.66 0.39% 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 9.61 9.78 -0.07% Zenith Ethical Fund 11.05 11.15 1.24% Zenith Income Fund 17.15 17.15 3.80%

REITS NAV Per Share

Yield / T-Rtn

11.41 124.66

1.01% 0.56%

Bid Price

Offer Price

Yield / T-Rtn

7.59 70.59

7.69 71.91

-13.48% -6.85%

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

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

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Griffin 30 Exchange Traded Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

2.71 5.88 11.29 15.34 122.46

2.75 5.96 11.39 15.55 124.46

-1.43% -16.27% -5.82% -3.77% -5.67%

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.

44

T H I S D AY WEDNESDAY MARCH 1, 2017

45

WEDNESDAY MARCH 1, 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Trump Blames Obama for Town Hall Protests and Security Leaks US President Donald Trump has said he believes Barack Obama is behind the protests against Republican lawmakers, and national security leaks. He told Fox News: “I think President Obama’s behind it because his people are certainly behind it”, but added: “I also think it’s just politics”. Mr Trump offered no evidence for his claims; his predecessor in the White House has not commented. Mr Trump also spoke about his budget plans and other issues. In his wide-ranging interview with Fox News and Friends, he said: t)F HBWF IJNTFMG B i$w PO getting his message out but an “A” for achievement and “A+” for effort t)JT QMBOT UP CPPTU EFGFODF spending by $54bn (£43bn) would be paid for by a“revved up economy” t)F XPVME CF B iIZQPDSJUFw JG he attended the White House Correspondents’ Dinner in light

of “fake news” President Trump’s interview was broadcast hours before he is due to give his first address to a joint session of Congress in which he is expected to set out in greater detail his plans to cut spending and boost the economy. He was asked about the protests faced by some Republican politicians at town hall meetings across the country and not, as our earlier story said, protests about his travel ban on several Muslim-majority countries. He said he was certain Obama loyalists were behind both those protests and White House leaks. “In terms of him being behind things, that’s politics. And it will probably continue,” he added. He was asked for more detail on how he would find the money for the 10% increase in military spending he has proposed for 2018. Proposed cuts elsewhere are unlikely to cover the proposed increase. Mr Trump said he would get

“more product for our buck”in terms of buying military hardware and would ask for a “form of reimbursement”from countries making use of the US military. But he said his overall aim was to grow the economy. “We were probably GDP of little more than 1% and if

various websites and on a cached Google page. Cullinan had a complete set of envelopes on one side of the stage, while Martha Ruiz, another PwC accountant, had a duplicate set on the other. This explains why both best actress winner Emma Stone and Beatty ended up in possession of an envelope related to the best actress award. Beatty was evidently confused by the contents of the envelope, passing the card onto his former Bonnie and Clyde co-star. Seeing the words“La La Land” beneath Emma Stone’s name, Dunaway declared her musical romance the winner of the best

Two women implicated in the killing of the estranged brother of North Korea’s leader are to be charged with murder on Wednesday, Malaysia’s prosecutor says. Attorney General Mohamed Apandi Ali said the women - from Indonesia and Vietnam - would be formally charged and could face death if convicted. The women allegedly smeared a deadly chemical over Kim Jongnam’s face at a Malaysia airport earlier this month.

picture award. Only after that film’s producers had begun their acceptance speeches was it revealed that Moonlight had in fact won the award. “Once the error occurred, protocols for correcting it were not followed through quickly enough by Mr Cullinan or his partner,” said the accountancy firm. One of Cullinan’s colleagues told Variety that the accountant “feels very, very terrible” and “is very upset about this mistake”. The mix-up brought a chaotic end to Sunday’s Oscars ceremony, hosted in Los Angeles by talk show host Jimmy Kimmel.

Rodrigo Duterte Apologises to Germany over Beheading Philippine President Rodrigo Duterte apologised on Tuesday for failing to save an elderly German hostage who was beheaded by the armed Abu Sayyaf group but insisted ransoms should not be paid. Abu Sayyaf - a kidnapfor-ransom network in the southern Philippines that has declared allegiance to the Islamic State of Iraq and the Levant ( ISIL) group - killed Jurgen Gustav Kantner, 70, on Sunday after demands for $600,000 were not met. German Chancellor Angela Merkel condemned the killing as an “abominable act”. Addressing the German government and Kantner’s family, Duterte said he was “very sorry” about his death, adding the military had stepped up an offensive against Abu Sayyaf in an effort to save him. “We really tried our best. We have been there. The military operation has been going on for some time already, but

we have failed. That has to be admitted,” Duterte told reporters. “But it’s a matter of policy that we do not surrender to the demands of paying ransom. It will just increase the numbers,” he said, referring to the size of the group. “If you give in and pay, there will be more victims and no end in sight.” Abu Sayyaf has been kidnapping foreigners and locals for decades and holding them for ransom on its remote island strongholds in the southern Philippines. Kantner’s vessel, the Rockall, was found drifting last November off the southern Philippines with the body of his female companion, Sabine Merz, who had been shot. Military officials on Tuesday said they were still searching for his body and vowed to “relentlessly pursue” the assailants and rescue more than 20 other hostages.

The White House sent Mr Trump’s 2018 budget blueprint, which begins on 1 October, to federal agencies on Monday. The agencies will then review the plan and propose changes to the cuts as the White House prepares for negotiations with

Congress. The Republican-controlled Congress must approve any federal spending. Mr Trump’s plan is expected to face backlash from Democrats and some Republicans over the planned cuts to domestic programmes.

Kim Jong-nam Death: Two Women to Face Murder Charges

Oscars 2017: Truth Behind ‘Envelopegate’ Emerges The man in charge of the Oscars awards envelopes has been blamed for the gaffe that saw La La Land named best picture. PriceWaterhouseCoopers accountant Brian Cullinan was supposed to hand the best picture envelope to presenters Warren Beatty and Faye Dunaway on Sunday. In a statement, PwC said he “mistakenly handed [them] the back-up envelope for actress in a leading role instead.” It’s also emerged that Cullinan tweeted a picture of Emma Stone backstage just minutes before the mix-up took place. The tweet has since been deleted, though it survives on

I can get that up to three or maybe more, we have a whole different ball game,”he told the programme. Despite Mr Trump’s claim, US government figures show that GDP growth was 3.5% in the third quarter of 2016 and 1.9% in the fourth quarter.

Abu Sayyaf has earned many millions of dollars in ransom payments and rarely releases a hostage unless money is paid. Relatives and employers of hostages typically pay, rather than governments. Two Canadian men were beheaded by the group last year and a Norwegian man was released. Duterte also repeated his request for China to help patrol regional waters to stop more kidnappings, saying Beijing had not given him a response. Duterte specified he would like China to patrol the Malacca Strait, one of the world’s busiest shipping lanes between the Malaysian peninsula and Indonesia’s Sumatra island. Abu Sayyaf emerged in the early 1990s as an offshoot of a separatist rebellion by minority Moro Muslims in the predominantly Roman Catholic nation’s south.

They have said they thought they were taking part in a TV prank. “They will be charged in court under Section 302 of the penal code,” the attorney general said, which is a murder charge with a mandatory death sentence if found guilty. He said no decision had yet been taken on whether to charge a North Korean man, Ri Jong Chol, who is also being held over the killing. The two women - Doan Thi Huong from Vietnam and Siti Aisyah from Indonesia - are among some 10 suspects identified by Malaysia as being involved in the killing. The other suspects include a senior official at the North Korean

embassy in Kuala Lumpur and a staff member of the state airline. South Korea believes at least four suspects are North Korean spies. A high-level delegation from North Korea - led by the former ambassador to the UN - arrived in the Malaysian capital on Tuesday. They said they were seeking the retrieval of the body and the release of Ri Jong Chol, as well as the “development of friendly relationships” between North Korea and Malaysia. North Korea has not confirmed that the person killed on 13 February at Kuala Lumpur airport was Kim Jong-nam, the half brother of leader Kim Jong-un, saying only he was a North Korean travelling on a diplomatic passport. Kim Jong-nam, 42, was at

a check-in desk for a flight to Macau, where he lives, when he was accosted. He was smeared with a very high amount of the toxic nerve agent VX and died in pain within 15-20 minutes, Malaysia’s health minister said on Sunday. Who are Doan Thi Huong and Siti Aisyah? Little is known for definite about Doan Thi Huong and Siti Aisyah except that they had left their homes in different parts of Asia and were trying to make a living in Malaysia. Malaysian police officials described Ms Huong, a 28-year-old from Vietnam, as an “entertainment outlet employee” while Ms Siti, 25 from Indonesia, was working in a hotel massage parlour.

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WEDNESDAY, MARCH 1, 2017˾ T H I S D AY

NEWSXTRA

Dangote Ends Nigeria’s Dependence on Imported Cement Company exported 400,000 tonnes of cement in 2016

Crusoe Osagie Having ramped up cement output from its factories within

Nigeria to nearly 30 million tonnes per annum, the Dangote Group yesterday announced that it had officially ended the

PDP Crisis: Jonathan Begins Peace Talks with Governors Onyebuchi Ezigbo ÓØ ÌßÔË Former President Goodluck Jonathan yesterday night made good his pledge to mediate in the crisis rocking the Peoples Democratic Party (PDP), when held a meeting with governors of the opposition party at his residence in Abuja. The former president had earlier promised that he would intervene in the lingering leadership dispute in the bid to find a way out of the logjam which has been aggravated by the recent Court of Appeal judgment that restored Senator Ali Modu Sheriff as the national chairman of the party. Both groups have continued to lay claims to the leadership of the party with Sheriff taking over the national secretariat in Abuja to the anger of the Makarfi group. So far, President Jonathan had met separately with the Senator Ahmed Makarfi-led Caretaker Committee and Sheriff leadership as well as members of the Board of Trustees (BoT) led by Senator Walid Jibrin. Yesterday’s meeting took place at the former president’s office in Maitama, Abuja with governors of Ekiti, Akwa Ibom, Delta, Taraba, Cross Rivers, Abia, Ebonyi, Gombe and Bayelsa States in attendance while Rivers State was represented by the deputy governor. Although the meeting was still ongoing at the time of filing this report, THISDAY gathered that Jonathan considers the decisions reached at the meeting the governors as very crucial since the governors are seen as the ones holding the axe

and who can call both sides to order. A reliable source said ex-president Jonathan is seeking for an agreement from both sides to set up a reconciliation committee that would iron out issues and be able to lay to rest the crisis in the party. At the end of the meeting which lasted for about five hours, the Chairman of the PDP Governors’ Forum and Governor of Ekiti State told journalist that they have resolved to pursue a political solution to end the crisis. Fayose, who spoke with journalists said the meeting was at the instance of Jonathan who was concerned about the situation in the party. He said it resolved to pursue a political solution while the actors have been urged to refrain from making inflammatory statements that would further inflame passions in the party. Fayose said: “It is my pleasure to tell you that we are here at the instance of the former president. He is genuinely concerned by what is going on in the party. And he thought that an interactive session with the governors will go a long way to dousing tension. “One, we want to assure all our supporters that we believe in this party, we believe in the success of this party. “We want to appeal to everybody to be wary of making statements that could further worsen the situation. Rather we should make complimentary statements that can enhance the party the more. A

Medview Aborts Flight over Malfunctioning Cooling System Chinedu Eze A Lagos-Abuja-Yola bound flight operated by Medview Airline was aborted yesterday after the pilot noticed during take off that the cooling system had stopped working. It was gathered that the aircraft, which had 100 passengers and crew on board, was still taxiing on the runway of the domestic wing of the Lagos airport when the pilot noticed that the cabin had become hot. Speaking in an interview, the media consultant to the airline, Mr. Obuke Oyibotha, who confirmed the incident,

explained: “The incident happened around midday. The aircraft did not make an air return. The aircraft was taxiing when the captain noticed that the cabin was hot. “If he had taken off, it could have stabilised the cooling system but as a precautionary measure, he taxied back to base. “That was what happened and nobody was hurt. The said aircraft is on the ground and our team of engineers is examining the aircraft to ascertain what led to it. “The passengers were disembarked and transferred to another aircraft to continue their journey to Abuja.”

nation dependence on imported cement. The company also hinted that it exported 400,000 tonnes of the product to other nations in 2016. In its 2016 full year audited results presented on the floor of the Nigerian Stock Exchange (NSE) in Lagos yesterday, Dangote Cement sold 8.6 million metric tonnes of cement outside Nigeria, which is 54 per cent more than what was sold in 2015. Analysts said the export is significant, given that the nation used to be a net importer of cement. As at 2011, Nigeria was one of the world’s largest importers of cement, buying 5.1 million metric tonnes of foreign cement at huge expense to the country’s balance of trade. The company’s Pan-African cement plants continued to perform well, contributing

significantly to its turnover and profitability. While presenting the results, the company’s Chief Executive Officer, Onne van der Weijde, assured the investors of better returns on their investment in the Dangote Cement. According to him, “The new year has started well and we expect much higher profitability in Nigeria in 2017, even though we may not see the volume growth we achieved in 2016. I am confident that we will deliver an even stronger performance in 2017 as we increase market share and extend our reach across Africa.” The economic challenges notwithstanding, Weijde revealed that Dangote Cement achieved sales and revenue growth of 25 per cent and consolidated its position as Africa’s leading producer of cement. While sales from Nigerian

operations increased by 13.8 per cent to nearly 15.1 million metric tons at a growth rate far higher than the country’s GDP, which fell in 2016, its total revenue leaped by 25.1 per cent to 615.1 billion To the delight of the investors, Dangote Cement earnings per share increased by 4.5 per cent to 11.34 and the dividend payout to the shareholders also increased significantly by 6.3 per cent to N8.5 kobo per share. Dangote Cement is Africa’s leading cement producer with nearly 46 million metric tons’ capacity across Africa. It is a fully integrated quarry-to-customer producer with production capacity of 29.25Mta in Nigeria; Obajana plant in Kogi State is the largest in Africa with 13.25Mta of capacity across four lines; Ibese plant in Ogun State has four cement lines with a combined

installed capacity of 12Mta and Gboko plant in Benue State has 4Mta. The company has also concluded arrangements to build new factories in Ogun State (3-6Mta) and Edo State (6.0Mta). Through its recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into a net exporter of cement serving neighbouring countries. In addition, the company has invested several billion dollars to build manufacturing plants and import/grinding terminals across Africa. Its operations are in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.0Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.7Mta import), South Africa (3.3Mta), Tanzania (3.0Mta), Zambia (1.5Mta).

OIL AND GAS TECHNOCRATS

L-R: Secretary General, Organisation of Petroleum Exporting Countries (OPEC), Muhammad Sanusi Barkindo, Minister of State, Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, and Group Chief Executive, Oando Plc, Wale Tinubu, at the Nigeria Oil and Gas Conference and Exhibition in Abuja...yesterday

MTN Admits Network Downtime, Rules out Sabotage over Xenophobic Attacks Emma Okonji MTN subscribers in the last two days have complained of the difficulty of getting through to the MTN network via data and voice connectivity, making it extremely difficult to either make calls or get fast data connections. The situation, which is heavily felt in Lagos, Abuja and some other cities, has rendered MTN subscribers incommunicado for some days. Attributing the challenge to the ongoing xenophobic attacks on Nigerians in South Africa, some MTN subscribers said Nigerians might have made good their threats to vandalise MTN facilities in the country, in revenge for the xenophobic

attacks on Nigerians. Some, however, felt that MTN might have deliberately shutdown its operations in some suspected volatile areas of the country for fear of reprisals following the attacks against Nigerians in South Africa. But responding to the issue yesterday, MTN Nigeria dismissed the rumors and allegations of possible attacks on its network or deliberate shutdown of its network in some sections of the country. The PR and Protocol Manager at MTN Nigeria, Mr. Funso Aina, explained in a statement that the challenges had nothing to do with reprisals on xenophobia. “The outage we are currently experiencing does not have

anything to do with the attack on our office. It is just a temporary downtime in some of our network coverage areas, which is currently being fixed by our engineers. “We have taken immediate steps to notify impacted customers of the fault and to assure them of the restoration of full services very soon,” Aina said. When asked to give a specific time when the network issues will be addressed, Aina said the site engineers were working on the affected sites and would fix the challenge as soon as possible. “We are confident that the issue will be resolved in no distant time and our subscribers will start enjoying full services

again,” Aina said. In renewed xenophobic attacks in South Africa in recent weeks, many homes and shops of Nigerians were targeted and looted. Many unemployed South Africans have accused foreigners of taking their jobs and a local group unleashed mayhem on foreigners, especially Nigerians. However, in a reprisal, some Nigerian youths last week invaded the MTN office in Abuja but were stopped by the police. The youths had threatened to shutdown South African owned businesses in Nigeria if the attacks on Nigerians living in South Africa persisted.

WEDNESDAY, MARCH 1, 2017˾ T H I S D AY

47

NEWSXTRA

Osinbajo Unveils Three-year Strategic Plan for Civil Service Aig-Imoukhuede wants new narrative for public service Tobi Soniyi andOlawale Ajimotokan ÓØ ÌßÔË The Acting President, Prof. Yemi Osinbajo, yesterday launched

the strategic document for the Nigerian Civil Service from 2017-2019 aimed at increasing the quality of public service delivery, leading to the provision of a more

FG Completes Repair Works on Abuja-Kaduna Highway in Readiness for Abuja Airport Closure Chineme Okafor ÓØ ÌßÔË The federal government yesterday said it had completed the repair works it started on the Abuja-Kaduna highway preparatory to its closure of the Nnamdi Azikiwe International Airport Abuja for repair of its runway and subsequent diversion of air traffic to the Kaduna Airport. A statement from the Ministry of Power, Works and Housing in Abuja stated that the Minister, Mr. Babatunde Fashola, inaugurated the completed emergency repair works on the 330 kilometres road network. Fashola was however represented by the Director, Federal Highways, Construction and Rehabilitation, Yemi Oguntominiyi. The statement was signed by Theodore Ogaziechi, a Deputy Director for Information in the ministry.

It quoted Fashola to have said that the intended closure of the Abuja airport on March 8, 2017, for the runway repair works would last for a period of six weeks. Fashola also said in the statement that the 50-day contract to Messer’s CGC Nigeria Limited was worth slightly above N1 billion, and that it was done to accidents, kidnapping, robbery, elongated travel time and high vehicle operating cost from failed portions and potholes on the road. He also stated that he was satisfied with the job done by the contractor within the short period, adding that he was expecting his counterpart in the aviation sector, Hadi Sirika, to deliver on the repair works of the runway of the Abuja airport within the stipulated six weeks taking a cue from Messer’s CGC Nigeria Limited.

lasting trajectory for the progressive development of the country. The policy in four broad spectrum and enunciated by the Head of Civil Service of the Federation (HoS), Mrs. Winifred Oyo-Ita, was unveiled at the Banquet Hall of the State House. Osinbajo called for a holistic approach in the improvement of the lot of the civil servants in a Change environment, adding that Nigerian public workers have historically offered robust contributions in the development of major sectors of the country. “The civil servants pioneered and implemented some of the most robust and community-driven programmes in the history of our country. We have to do something that will improve their lot,’’ Osinbajo said.

He expressed optimism that the plan anchored on four strategic goals, would result in the development of the country if addressed while also offering to be a part of the small group that would transform the country. The strategic plan, according to Oyo-Ita, which has clearly defined objectives and requisite initiatives for its actualisation is in consonance with the National Strategy for Public Service Reforms. The four goals include: EPIC, which aims to develop and institutionalise an efficient, productive, incorruptible and citizen-centred culture in the civil service; ECM: design and implement an enterprise content management system; develop entrepreneurial culture and

commercial orientation in the civil service and to improve the welfare and benefit packages for public workers. She said the inculcation of entrepreneurial and commercial culture in public servants would transform the service from being perceived as cost centres to revenue earners, saying that the MDAs would become idea generation powerhouses that would complement the private sectors in creating business opportunities for government. Meanwhile the Chairman, Africa Initiative for Governance (AIG), Mr. Aigboje AigImoukhuede, has expressed his passion for public sector leadership and change initiative championed by the Presidency and HoS.

He pledged to work with the relevant stakeholders towards enabling the actualisation of these aspirations. Aig-Imokhuede lamented that the narrative associated with the public sector is that of one dominated by poor performance, stagnation and self-interest in contrast to the true words of excellence, achievement, legacy that hold true in the private sector and civil society. “These labels are borne out of the unfortunate reality that our country’s public sector is not efficient, not responsive and is becoming synonymous with non-performance. That is the experience of the ordinary Nigerian interacting with the Nigerian public service,” AigImoukhuede said.

Again, No African Leader Qualifies for 2016 Mo Ibrahim Prize Gboyega Akinsanmi For the second year in a row, the Mo Ibrahim Foundation, an African non-governmental organisation established to promote good governance and responsible leadership, yesterday announced that there was no winner of the 2016 Ibrahim Prize for Achievement in African Leadership. The Chairman of the Independent Prize Committee, Dr. Salim Ahmed Salim, disclosed this in a statement he issued after deliberation on the candidates for the 2016 Prize by the Mo Ibrahim Foundation’s Board. Salim, Secretary-General of the defunct Organisation of African Unity (OAU) between 1989 and 2001, disclosed that no winner emerged for theIbrahim Prize for Achievement in African Leadership for two consecutive editions. The chairman specifically explained that no candidate applied for the prize met the requirements of a truly exceptional leader, which he said was an uncommon quality not just on the continent, but also across the world. He said: “As I emphasise each year, a very high bar was deliberately set when the Ibrahim Prize was launched in 2006. We recognise and applaud the important contributions that many African leaders have made to change their countries for the better.

“But the Prize is intended to highlight and celebrate truly exceptional leadership, which is uncommon by its very definition. After careful consideration, the committee has decided not to award the Prize in 2016.” He explained that the candidates for the Ibrahim Prize “are all former African executive Heads of State or Government who have left their office during the last three calendar years (2014-2016), having been democratically-elected and served their constitutionally mandated term. Since its inauguration in 2006, Salim said the Ibrahim Prize had been awarded four times, noting that former President of SouthAfrica, Nelson Rolihlahla Mandela was the inaugural honorary laureate in 2007. He gave other previous laureates of the Ibrahim Prize “to President Hifikepunye Pohamba of Namibia (2014), President Pedro Pires of Cabo Verde (2011), President Festus Mogae of Botswana (2008), and President Joaquim Chissano of Mozambique (2007).” Salim, however, noted that the foundation would host its flagship event, the Ibrahim Governance Weekend, in Marrakech, Morocco between April 7 and April 9. He said the foundation’s flagship event would open on the Friday evening with a high-profile discussion titled: ‘A Conversation on Leadership,’ looking at the challenges of global leadership in the 21st century.

ALL FOR MADE-IN-ABA GOODS

L-R: Abia State Governor, Okezie Ikpeazu; Executive Director/CEO, Nigerian Export Promotion Council (NEPC), Mr. Segun Awolowo Jnr; and Senior Special Assistant on Budget and Planning, Tola Asekun, during an MSME Follow up meeting at the State House in Abuja... yesterday

CSO Wants CBN, NERC to Carry Out Forensic Audit of Discos Ndubuisi Francis ËØÎ Kelvin Okofu ÓØ ÌßÔË Since investment in the Nigerian Electricity Supply Industry (NESI) cannot be guaranteed unless low liquidity challenges in the value chain is tackled, the federal government has been asked to ensure that all funds collected by the Distribution Companies (DISCOs) are remitted appropriately. A civil society organisation, Centre for Social Justice (CSJ), which made the recommendation also called on the National Council on Power (NACOP) to prevail on the Nigeria Electricity Regulatory Commission (NERC) to collaborate with the Central Bank of Nigeria (CBN) in carrying out a forensic audit of all the accounts of the DISCOs with the commercial banks throughout the country so as to confirm their exact revenue profiles. The CBN was also asked to create a single digit interest

special renewable energy fund to be dedicated to the expansion of renewable energy solutions in the country. Such a fund should be configured to support skills acquisition, capacity building and local production of renewable energy components. These were part of the recommendations in a 21-page report on ‘Implementing the Nigerian Electricity Market Stabilisation Facility: A Review’ which was released in Abuja yesterday by CSJ in collaboration with Henrich Boll Stiftung. Unveiling the report at a media briefing, the CSJ Lead Director, Eze Onyekpere, listed other recommendations to include Nigeria taking steps to build capacity with a view to earning hydro carbon credits under various climate change and environmental agreements. It was also recommended that the federal government used favourable policies to attract investment, noting that

one way of improving power generation capacity was by ensuring that favourable policy environment is in place, as this will attract more investors in the country’s power sector. Employing efficient power generation technologies, swifter execution of power projects with maintenance and replacement of failing infrastructure were other recommendations that could help to achieve effective growth of the sector. Another recommendation was for appropriate sanctions to be meted out to any distributor found to be collecting enough revenue that will enable it to pay for the market operators and Nigerian Bulk Electricity Trading Plc (NBET) invoices but have not done so. The CSO urged the National Council Of Power (NACOP) to address low liquidity level in the power sector value chain by meeting with the DISCOs and NERC to examine the reasons for the poor level of revenue collection and work towards solutions that will be implemented immediately

for growth and sustainability of the industry. These recommendations CSJ believes, can be done to gurantee private investment in NESI to ensure improved power supply In another report titled: ‘Solar Energy and, the Federal Budget: 2012-2016”, CSJ stated that the full observance of the Public Procurement Act 2007 had become imperative thereby urging the federal government to start with procurement planning. It stated that contract bidding processes bring about competition, prevent bid rigging and ensure value for money. CSJ also recommended that provisions should be made for maintenance of the solar energy items by the contractor for a guranteed length of time and not just based on “install-andabandon” basis. This is because some components require replacement after certain period of time and just installing and abandoning would reduce their full lifespan value, it argued

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Igbo Leaders Visit Nnamdi Kanu, Call for His Immediate Release May take case to ICC Paul Obi ÓØ ÌßÔË Prominent Igbo leaders under the auspices of Nzuko Umunna yesterday visited leader of the Indegenous People of Biafra (IPOB), Nnamdi Kanu, demanding his immediate release by the federal government, failure of which they threatened to drag the federal government to the International Criminal Court (ICC) in the Hague, Netherlands. The group’s demand came amid public outcry by prominent Igbo leaders of an orchestrated plan by the President Muhammadu Buhari administration to witch-hunt the Igbo nation, including the brutal killing of agitators from the South-east. The pan-Igbo group with diaspora connection, made of former Central Bank of Nigeria (CBN) Governor, Prof. Chukwuma Soludo; Prof. Pat Utomi, Dr Ferdinard Agu, Prof. Chidi Odinkalu; Law Mefor, Rev. Fr. C. Jude, Udenta Udenta, Ebere Onwudiwe, Emeka Ugwu-Oju, Tony Nnadi, Sam Amadi, Innocent Chukwuma A, Collins Ugwu, Andy Wabali, among others, insisted on the release of Kanu as the only means to true national reconciliation, or the group may resort to approaching “the ICC, if it becomes necessary.” Speaking with journalists

in Abuja, Soludo said it was expedient for the government to release Kanu, as his continued incarceration smacks of naked display of abuse of the extant laws and the court. He said: “We were sent to pay a visit to Kanu and his associates currently in detention at the Kuje prison as part of a worldwide consultation process on the peace and development of Alaigbo/Nigeria. “We visited to hear his own point of view, and we also shared our views with him. Our interactions with Kanu and his colleagues were frank and fruitful. “We believe that Nigeria has all the potential to be great and one of the most prosperous nations on earth. Like most countries of the world, it has its own internal contradictions, challenges of national cohesion and development. “Every country that has endured and prospered has devised a dynamic system for dealing with its internal contradictions. No country has prospered by suppressing legitimate agitations or democratic expressions.” They said: “Our considered view is that, for taking extraordinary steps to draw international attention to Nigeria’s failing state and the urgency of actions, Kanu and his colleagues deserve to be engaged and not to be held interminably

FG Rules out Banning Tricycles, Commercial Motorcyclists Dele Ogbodo ÓØ ÌßÔË The Minister of Transportation, Mr. Rotimi Amaechi, yesterday said federal government would not ban commercial tricycles and motorcycle operators in the country. Amaechi, who made the disclosure at this year’s meeting of the Amalgamated Commercial Tricycle and Motocycle Owners Repairs and Riders Association of Nigeria (ACOMORAN) in Abuja, said slamming ban on operators in that sector of the economy would negatively impact on the economy. He said: “Federal government will not ban Okada riders as such will lead to huge loss of jobs and this will affect the economy, hence, the resolve not to ban the operators. The minister, who admitted to have used ‘Okada’ to go to work even as a Speaker of the Rivers State House of Assembly, however, explained that there was need to adopt industrial rules and standards to guard against criminals hijacking the sector. He promised that government would open discussion with the Central Bank of Nigeria (CBN), commercial banks and other important institutions to ensure that the association and

its members get a soft loan to assist their work. In a remark, the Chairman, Senate Committee on Land Transport, Mr. Gbenga Ashafa, advised the association to present a bill to protect its teeming members and their interests to the National Assembly for consideration. According to him, such bill will pave the way for members to adequately benefit from the dividend of democracy through easy access to government’s social empowerment programmes. Also speaking, the President of ACOMORAN, Mr. Babangidda Mehuila, said the association has more than 12 million members spread across the country and has contributed to massive reduction of unemployment. He said: “It should be noted that our membership cuts across the length and breath of the country and can contribute significantly to the nation’s Internally Generated Revenue (IGR), by well over N100 billion, if properly harnessed.” Mehuila appealed to government to assist the association to access interestfree loans to enable members acquire motorcycles and tricycles as is presently the case with NURTW, NARTO and RTEAN.

Say Nigeria drifting towards a failed state as political detainees. “We demand the urgent release of Kanu, his colleagues and all prisoners of conscience, as part of the process of the search for national cohesion and building a new Nigeria. “There is a legitimate debate among Nigerians on the Biafra question, and there are indeed many Igbos who, like many other Nigerians, do not agree with Kanu’s objective or means. “It needs to be stated,

however, that no citizen of Nigeria deserves the kind of treatment meted to him and his colleagues. “Government has declined to obey the orders of properly constituted courts in Nigeria for his release. Kanu is not above the law; but nor should he be put beneath it.” They held that “a situation where the state refuses to obey clear and legitimate court orders for his release and holds him until it gets a favourable order; moves

the goalposts endlessly through endless amendment of the charges against him; and now seeks to try him in secret clearly constitutes circumstances that would fall well short of the constitutional guarantees of due process. “These also would raise questions about our country’s adherence to human rights, the rule of law and transparent judicial process. We worry that there is now a clear design to place Kanu beneath the law and basic constitutional guarantees of due

process. “Without the rule of law, no sustainable economic progress can take place. The charge of treasonable felony, which is now levied against Kanu has previously been used against Joseph Tarka and Obafemi Awolowo. “His trial reminds us of the travails of these historic figures in our country and, indeed, of the more recent military-era treason trial of Chief Olusegun Obasanjo.”

EMINENT PARTICIPANTS

L-R: Managing Director, Shell Nigeria Exploration and Production Company, Bayo Ojulari; Managing Director, Shell Petroleum Development Company (SPDC) and Country Chair, Shell Companies in Nigeria, Osagie Okunbor; and General Manager External Relations, SPDC, Igo Weli, at the Nigeria Oil and Gas Conference and Exhibition in Abuja... yesterday.

Itsekiri Leaders Confirm Presence of Toxic Wastes in Koko Sylvester Idowu ÓØ ËÜÜÓ

on February 22 and 23, 2017, Ebenco Global Link Limited of Itsekiri leaders in Koko, Warri Koko, the company responsible North Local Government Area for dumping massive toxic and of Delta State, have confirmed carcinogenic oil sludge and the presence of toxic wastes in slurry waste in Koko, and some their community as they raised unscrupulous Koko community the alarm over attempt by a leaders, have been on an company, Ebenco Global Link unending activities to cover Limited, to bury the dangerous up the discovered offensive chemical allegedly dumped a materials. “Ebenco Global Link over few weeks ago. Leaders of the community in time has ferried tons and tons a statement issued yesterday of sharp and laterite sand to alleged that the company has the toxic waste dump site to ferried tons of sharp and laterite bury and cover up the highly sand to the toxic waste dump toxic and carcinogenic wastes site to bury and cover up the that were dumped in open pits highly toxic and carcinogenic with all the attendant health and ecological implications to wastes that were dumped in open pits with all the the people of the area. “The wastes materials made attendant health and ecological implications to the people of up of sludge and slurry of an oil company in Escravos are the area. In the statement titled: being transferred from Escravos ‘Criminal concealment/ in badges to a jetty in Koko cover up of the toxic waste and to the dump site in tankers, in Koko’, signed by Tony Ede, trucks and containers,” they Coordinator; Eyitemi Brown- said. The Itsekiri leaders revealed Dibofun, Secretary, and Benson Asama, PRO, the Itsekiri leader that series of tests carried out urged the federal government on the samples of storm water, to urgently intervene and save soil, sludge and slurry from the the lives of the people of the site by reputable and recognised area. laboratories on the toxicity of “Following our petition to the wastes, confirmed that the the Minister of Environment materials at the dump site are and other related regulatory highly toxic and carcinogenic. They said further that “the agencies and press statement

dumped waste materials were found to contain dangerous and very high levels of Polynuclear Aromatic Hydrocarbons (PAH), oil and grease, Total Petroleum Hydrocarbon (TPH), BETEX - (Benzene, Toluene, Ethyl benzene and xylene), Iron, Mercury, Chromium and some other heavy metals with values hazardous to human and animal health and florals. “It has been ascertained that the current toxic wastes which are from within the country and the earlier one imported from Italy in 1987/1988 may have long term consequences on the residents of Koko. The town is currently witnessing an unusual degree of infertility, still births and deformities from a combination of Poly Aromatic Hydrocarbons from the Italian toxic wastes dump. People are still dying from the debacle of the 1988 toxic waste dumped in Koko. “The irony of the matter is that some Koko community leaders and residents are aiding, abetting and supporting Ebenco in the cover up of the criminal dumping of highly toxic and carcinogenic wastes in their town because they are on the payroll of the company and its backers.

“We also understand that some officers of the regulatory body that were sent to the site were alleged to have been compromised.” The Itsekiri leaders alleged that as at February 28, 2017, the company has heaped tons of sand on the dumped site and used bulldozers to grind and press the toxic wastes into the ground perhaps unknowingly hastening the seeping of the toxic and carcinogenic materials into the underground water system. The intention of the company is to create an impression that there is no toxic waste dumped at the site because the pits have been covered with sand. “Many observers and journalists who before now went to the toxic waste dump site were not given access to the premises, and were taking to Ebenco, other site at the jetty in Koko or chased away. Ebenco, other site at the jetty is also laden with toxic waste materials which are poured directly into the river. The company receives the toxic materials, carry out illegal bunkering and oil refining from stolen crude oil from the area at the jetty site,” they further alleged.

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FIRS Creates New Unit to Check Illicit Financial Flows, Tax Evasion by Multinationals ECOWAS recommends more internal tax mobilisation for W’African countries Ndubuisi Francis ÓØ ÌßÔË In a bid to combat tax evasion and illicit financial flows out of the country by multinationals and other companies operating in Nigeria, the Federal Inland Revenue Service (FIRS) has created a new department to focus on transfer pricing. In an interview with journalists on the sidelines of the fifth annual tax conference of the West African Union of Tax Institutes (WAUTI) in Abuja yesterday, the Executive Chairman of FIRS, Mr. Babatunde Fowler, confirmed the reality of illicit financial flows by multinationals and tax evasion by companies operating in Nigeria. The conference’s theme dwelt on the ‘Relevance of

Base Erosion and Shifting (BEPS) to the Illicit Flow of Funds from Africa.’ According to Global Financial Integrity, a total of $530 billion is estimated to have been siphoned from the African region by multinationals bent on engaging in illicit flow of funds, including tax evasion and other illegal activities between 2003 and 2012. In response to a question on what FIRS was doing to check illicit financial flows and tax evasion by multinationals and other companies in Nigeria, Fowler said a new department had been created on transfer pricing. “Within FIRS, we have a new department that focuses on transfer pricing, we have invited

some specialists to come and train our staff. They have been quite successful. I can tell you in the last one year, we have been able to find out a few companies that are trying to engage in tax avoidance but we have made them pay the outstanding taxes. Asked if the culprits were Nigerian-owned companies, he said: ‘Unfortunately, multinationals. This happens mainly with multinational where they have more than one corporate organisations in different countries.” In her address at the conference, the President of the ECOWAS Commission, Marcel Alain De Souza, said the harmonisation of tax legislations of ECOWAS’ member states

was a necessity for the attainment of the objectives of the ECOWAS Treaty as well as the realisation of the common market. As part of regional integration process, he stated that ECOWAS had made significant strides in the area of regional trade, notable among which are the ECOWAS Trade Liberalisation Scheme (ETLS), which allows goods manufactured in ECOWAS member states to be imported into another member state without the payment of the usual customs import duties. He also said the Common External Tariff (CET), which is being implemented since January 2015 requires all

member states to apply uniform customs duties, import quotas, preferences or other non-tariff barriers to trade applicable to all goods entering the territory of the group. According to Souza who was represented by Miss Rosemond Danso Asante, in addition to these reforms, with the advent of trade facilitation and partnership agreements in the region, these measures will no doubt adversely affect the customs duties on international trade. He said to fill this gap, West African governments had no choice but to mobilise more revenue through domestic taxes to compensate for the potential revenue shortfall. “In anticipation of

the dwindling revenue, ECOWAS has developed a fiscal transition programme, which has comprehensive reform strategies to support and strengthen the capacities of tax administrations in the member states to mobilise domestic revenue. “With the influx of multinational companies into West Africa venturing into different sectors of our economies, and often with aggressive tax schemes, it behoves on us to sharpen our skills to protect the new base,” he said. Souza expressed the preparedness of ECOWAS to work closely with all recognised regional bodies championing fiscal issues.

Amina Mohammed Lists Priorities at UN The United Nations Deputy Secretary-General, Ms. Amina Mohammed, has said her responsibility at the UN will be to focus primarily on helping the UN SecretaryGeneral António Guterres to reposition sustainable development as the heart of the organisation. Mohammed, who made the remarks at the UN Headquarters in New York at her first official press briefing, said while sustainable development was not an end in itself, it was the best way to achieve universal peace. According to the News Agency of Nigeria (NAN), she said: “The SecretaryGeneral is committed to fast-track transformation. He has already outlined his underlying vision. His vision focuses on prevention over response. “It lays greater emphasis on cross-pillar work to address the root causes of instability, vulnerability and conflict. “He is determined to reposition sustainable and inclusive development at the heart of the UN. And he is committed to institutional capacity building across all areas of our work.” She said three broad principles – strengthening leadership, addressing the trust deficit and focusing on results at the country level where all of those in need are – would underpin the work ahead. “We will improve governance on system-wide issues that do not belong to any individual governing body. “We will identify institutional incentives that can ensure collective guidance

by Member States and make the system more responsive to national priorities.” She, however, noted that delivering effectively would require a focus on building long-term resilience. “We will need to bridge the gaps between humanitarian action, development and peace, anchored in human rights, and ensuring access to opportunity for all. “Delivering effectively will also demand a serious rethinking of financing and operational arrangements. We need to create incentives for collaboration. “And we need integrated approaches that respond to the complexity of the transformation that is necessary for peace, development and prosperity on a healthy planet. “We need also to build on what exists, while also being bold in challenging ourselves and introducing necessary changes,” the UN deputy chief said. “Solutions from the past will not, alone, meet the challenges of the future,” Mohammed said. She said strengthening impartial leadership of the UN development system for coherence and integration at all levels required a strong and adequately resourced coordination system that could provide effective planning and risk management, monitoring and evaluation. The UN deputy scribe also said it was necessary to address the trust deficit at the global multilateral organisation, which entailed accountability and transparency at all levels.

ON EXCURSION

Group Head, Marketing and Corporate Communications, Cornerstone Insurance Plc, Cordelia Ekeocha (middle), and Head, Brand Management, Ademola Mafikuyomi (right), with students of Canterbury International High School, Ajah-Lekki,during their curricularelated excursion to Cornerstone Insurance Head Office in Lagos....recently

IG: Inadequate Funding Affecting Police Performance Dele Ogbodo ÓØ ÌßÔË The Inspector General of Police (IG), Mr. Ibrahim Idris, yesterday lamented the underfunding of the Force, saying that the non-release of fund by the National Assembly was seriously undermining its performance. According to him, the Nigeria Police Force got only N4 billion in 2016 budgetary appropriation out of the more than N380 billion budgeted for its capital expenditure. Idris, who spoke during a one-day seminar for the 37 Zonal/ Command Police Public Relations Officers (PPROs), on public perception and improving the image of the police, said the image makers must attend to everyone

with the aim of solving their problems. According to him, the police depend so much on the National Assembly for its survival, adding that it was becoming increasingly difficult for it to carry out its operations due to underfunding. He said: “We need to be properly funded, we need fund to upgrade our equipment, we need fund to tackle kidnapping, we need fund to carry out intelligence gathering, we need adequate if the police is to achieve maximum results.” He charged the PROs to up their game in disseminating the good works that the Force is doing, adding that the meeting is imperative to address the negative perception members of the public hold against the

police. Idris said: “One of the principles of democratic policing is that the police should address the yearnings and complaints of the public, explaining that the public which the Force serve must be kept satisfied at all times. He said the image makers must let the public know that it is an offence to pay money for bail, adding: “You must showcase to the citizens your achievements and success forthrightly. “The public must be made to know the prosecution of suspects of kidnapping, terrorism, armed robbery and other violent crimes.” According to the IG, this can only be made possible through police media

programmes, by way of adequate publicity and information dissemination. In a remark, the Country Director of Justice for All of the UK Department for International Development (DFID), who also doubles as Advisor to the IG, Prof. Olu Ogunsakin, said the overall legitimacy of the police depends much more on citizens perception of how the police treat them than on their perceptions of police success in reducing crime. According to him, public confidence in and support for the police depends more on citizens perception of the police officers’ motives than whether the outcome was personally favourable to the citizen.

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Labour Party Denies Sack of Chairman Says Omo-Agege behind fake faction Onuebuchi Ezigbo ÓØ ÌßÔË The leadership of the Labour Party has dismissed

the purported suspension of its National Chairman, Abdulsallam Abdulkadir, describing those behind it as

Edo APC Caucus Elects Oshiomhole as State Party Leader Adibe Emenyonu ÓØ ÏØÓØ ÓÞã Former Governor of Edo State, Mr. Adams Oshiomhole, has been elected as a leader of the All Progressives Congress (APC) by the party caucus in the state. The decision to elect Oshiomhole, THISDAY gathered, was reached at the inaugural caucus meeting of the party since the coming of Governor Godwin Obaseki at Government House on Monday evening. Oshiomhole, who addressed the leaders after the unanimous endorsement, expressed appreciation for the endorsement, declaring that the performance of Governor Obaseki so far in the state is an indication that the leadership of the party did not make any mistake in backing him. “Obaseki has proven to be a good choice because with the steps which he has taken so far to continue to deepen the developmental strides which the APC represents in this state, means he is on course and we are all very happy for it. I want to thank all of you for your support both when I was in office and out of office. It is

my strong belief that Edo State will be greater and better under Obaseki and I urge all of us to continue to give him the desired support to succeed,” he said. Also speaking at the occasion, the state chairman of the party, Anslem Ojezua, disclosed the ongoing processes for the nomination of commissioners into the State Executive Council (SEC), explaining that guidelines had been given to party leaders across the 18 local government areas and that the response so far has been very encouraging. According to him, “The guidelines were clear enough, most of the choices will be home grown. We will have minutes of meetings where the decisions were taken and all the processes that led to their nomination. It must be ascertained that there was a consensus. The governor also has the prerogative to make appointments depending on what he wants. And I want to say that the responses of our party members have been very encouraging and where there are issues, we will be there to solve the problem.”

strangers and miscreants. The party said none of its national officers or national executive members were part of Monday’s meeting where the chairman was allegedly removed. Addressing a press conference yesterday at the party national secretariat, the National Publicity Secretary, Ebere Ifendu, said the leadership of the party was intact She said the lone senator of the party, Senator Omo-Agege’s plot to join All Progressives Congress (APC) was the reason for fuelling the ‘fake faction’. She said the alleged sack of the chairman of the party was part of grand design to achieve the sole target of creating a faction in Labour Party so as to enable those who want to defect to do so without attracting the wrath

of the law. She said the party was aware that the senator had been romancing the ruling APC, and attending its meeting in Delta State since he won his election on the platform of Labour Party, thereby causing artificial crises for him to officially decamp to APC. Some party officials led by its national youth leader and others had taken to the street on Monday, demanding the suspension of the party’s National Chairman, Alhaji Abdulkadir Abdulsalam. But reacting to the development yesterday, Ebere Ifendu, dismissed all the allegations raised against the party leaders, adding that the party remain a united one. “You can see for yourself here, the national chairman and other national of the party are here, strangers cannot sack a

constituted authority. We just heard it from the media that some miscreants came to Abuja from Delta State and they are not members of our party, they are just strangers,” citing various provisions of the party constitution. Ifendu said: “In every constitution there is a way an officer can be sacked including the national chairman and other officers. “Look at page 31, article 12 of Labour Party constitution clearly written that the chairman of the party may be suspended or removed from office on a vote of no confidence passed at least by two third majority at a national convention convened for such purpose. So, how can people just come to the street to make noise to say that they have removed the chairman? They don’t have

the capacity to do that.” On the issues about nonpayment salaries to party workers, she dismissed it, saying that workers are all in the office doing their job. Similarly, she said the allegation that the chairman mismanaged the funds of the party had no evidence to back it up. “If there is a situation, I think the National Working Committee (NEC) should be the first place to channel such complain and then from there it goes to the NEC before the party will start investigating. “You do that by going to the street and start shouting that you want to remove the party chairman. If they are truly members of the party to follow the right channel to convey their grievances,” she said.

Osinbajo Pledges FG’s Support for Aba Tobi Soniyi ÓØ ÌßÔË The Acting President, Professor Yemi Osinbajo, has commended what he described as “smart business approach to governance” of the Governor of Abia State, Dr. Okezie Ikpeazu. Osinbajo said this when Ikpeazu led a delegation of some top functionaries of Abia State Government and top Aba industrialists to a meeting with Acting President in Abuja yesterday. According to a press statement by the Chief Press Secretary to the governor, Mr. Enyinnaya Appolos, the meeting which held at the acting president’s office in Aso Rock Villa Abuja, was a follow up meeting for the economic development of the state, especially as it concerned the support and growth of Small Scale and Medium Enterprise (MSME) in Aba. Osinbajo was in Aba recently when he launched the MSME clinic. While commending Ikpeazu’s smart business approach to governance, Osinbajo said “Aba is very strategic and important to the country in terms of manufacturing and production.” According to him, Nigeria has no business with China if all hands are on deck to

develop Aba as a major industrial base. He also commended Ikpeazu’ commitment to made-in-Aba products. He said the made-in-Aba campaign has raised the tempo in demand for Aba made goods, even as he said that the quality of products made in Aba had improved. Osibanjo also said that the federal government had taken cognizance of Aba and would continue to focus on it. He directed all the heads of federal government’s agencies to work with the Abia State Government and the business community to enhance the ease of doing business. Osinbajo singled out the National Agency for Food and Drug Administration and Control (NAGDAC) and Standard Organization of Nigeria (SON) to ensure that Aba business community has no difficulty registering its products. While making his presentation, Ikpeazu, who presented an MSME development plan for Aba industrial zone, thanked the FG for partnering with the state to develop the economy of Abia State, especially Aba. Ikpeazu said Aba had the capacity and potential to make Nigeria, truly the ‘giant of Africa.’

THE YOUNG SHALL GROW

Kaduna Electric Managing Director, Mr. Garba Haruna, (middle) with pupils of Ibrahim Bukar Memorial Primary School, Unguwan Kaji, Kaduna at Kaduna Electric’s stand at the ongoing Kaduna International Trade Fair. ....yesterday

NAFDAC, SON Abridge Time for Issuing Approvals Tobi Soniyi ÓØ ÌßÔË The Director-General of the Standards Organisation of Nigeria (SON), Mr. Aboloma Osita, has said the agency will henceforth issue required approvals within 60 days. The announcement was made yesterday in Abuja during a follow-up meeting with the Abia State Governor Okezie Ikpeazu, medium and small scale business stakeholders from the state and some federal government regulatory agencies. At the meeting, also attended by the Minister of Industry, Trade and Investment Minister, Dr. Okey Enelamah, and the Minister of State in the ministry, Mrs. Aisha Abubakar, the Acting President directed both the National Agency for Food and Drug Administration and Control (NAFDAC) and SON, to ascertain specific timelines

within which they would be able to grant licenses and approvals required of them by Nigerians and business interests. Also the Acting DirectorGeneral of NAFDAC, Mrs. Yetunde Oni said within 90 days the agency would issue required licenses. Both officials said the timing start from the day the requests are submitted. Osinbajo said regulatory agencies like NAFDAC and SON would be judged by how many people, businesses they were able to support “to achieve the greatest public good.” He said it was the role of government’s regulatory agencies to act as catalysts of beneficial change and to take responsibility for facilitating businesses in the country “We must see ourselves as agents of some catalytic change, we must take some

responsibility to make profound changes possible,” Osinbajo said. The acting president had visited Aba to flag-off the presidency’s MSMEs Clinics where medium & small scale businesses are brought together in one spot with federal government regulatory agencies they interface with.

He commended the Abia State Governor, for his drive, adding that ‘Made in Aba’ products were now acquiring a mark of quality. Said he: “like I said during my visit to Aba, you can’t have any serious kind of industrialisation in this country, without a focus on Aba.”

Okonkwo Dies at 59 Deaconess Joy Ebelechukwu Okonkwo is dead. She died after a brief illness at the age of 59. A statement jointly signed by Sir. Nathaniel Okonkwo and Chief Ikechukwu Okonkwo said the burial arrangements would begin on March 2, by 7a.m with the departure of the corpse from Akwudo Mortuary to Okonkwo’s compound at No. 4 Emechebe Street Mbanagu Otolo Nnewi, Nnewi Local

Government Area, Anambra State for lying in state. While the requiem service will be at 10 a.m followed by interment and condolence visit. The statement also stated that the condolence visit would continue on 3, March, while 5 March there would outing and thanksgiving service at Christ True Mission Church, Okpunoeze Uruagu Nnewi, Anambra state.

WEDNESDAY, MARCH 1, 2017˾ T H I S D AY

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NEWSXTRA

Military Establishes New Brigade in Bayelsa /FX BSNZ VOJU OPU UP JOUJNJEBUF /JHFS %FMUB TBZT #VSBUBJ Emmanuel Addeh ÓØ ÏØËÑÙË The Nigerian military yesterday formally commenced the operationalisation of the 16 Brigade of the Nigerian Army located on Elebele Road, Yenagoa, Bayelsa State. The Chief of Army Staff (COAS), Lt Col, Tukur Buratai, who had earlier visited the state Governor, Seriake Dickson, in his office, said the emerging security threats, both internal and external, prompted the location of the army unit in the state. The proximity of the state to the Atlantic Ocean, which had recently witnessed encroachment from foreign countries and the issues of piracy, kidnapping, sabotage of critical infrastructure, the army chief said, were some of the reasons the new brigade was established. Buratai explained that the military outfit was not to intimidate or harass the people of the Niger Delta, and called for the cooperation of all stakeholders to rid the region of all forms of crimes. While announcing plans to set up some more units in Yenagoa, Nembe, Sagbama, Okordia and Zarama, the army chief explained that the state should be adequately

secured at all times because of its strategic location and the massive national assets and investment potential it has. He added that the approval for the setting up of more military formations in the state by President Muhammadu Buhari was in fulfillment to the request made by the present administration in the state. “Today is not just about fulfillment of promises, but about the realities of the times. Several security challenges confront us today that require very robust response, to ensure the preservation of human life and dignity. And also for the protection of individuals and critical national assets for the well-being of Nigerians and those visiting us. This is the cardinal reason government exists. “Unfortunately, the last one year, particularly in the Niger Delta, there has been heightened insecurity and attendant dwindling national resources. “Many of our relatives and friends in the Niger Delta became direct victims of piracy, robbery, kidnapping, ethnic rival cult wars and environmental hazards occasioned by proliferation of arms and illegal oil bunkering,” he said. The military chief maintained that no responsible government

CBN Black Market Attack is Just a Stopgap Until Nigeria Floats the Naira

would allow the degeneration of security, especially in critical areas, noting that the newly inaugurated unit would help halt the tide of security breaches in the oil-rich area. Burutai stated that “no government worth its salt will allow such brazen attacks on its citizens and national assets without doing something about it. “So, the expansion of the footprints of the Nigerian army in the states is one of the ways by the administration of President Buhari to turn the tide of insecurity in the country in partnership with stakeholders in several other states.” He declared that he has already

deployed some of his most experienced lieutenants to take over the running of the young unit, noting that with the leadership of the brigade, the state is now in safe hands. “We have a brigade commander in person of Brig Gen Kelvin Aligbe. Today, we will formally operationalise the brigade in the state. This is a strategic division which we all know. “Bayelsa State, apart from its strategic location, because it has boundary with the Atlantic ocean, has a very rich and strong coastline and indeed the economic resources that this country has, require a

formation that has a responsibility to deter and defend any external aggression from that direction,” Buratai added. He told the people of the Niger Delta that “the military formation must never be misconstrued for intimidation or invasion. “You should rather welcome the army. Together, we shall restore peace in the Niger Delta region and Nigeria at large.” The COAS commended Dickson for placing security as one of his administration’s top priority and for his continued support to security agencies as

well as the provision of modern crime fighting equipment. Responding, the governor thanked President Buhari and the army command for fulfilling the pledge of setting up the new brigade in the state, noting that it would further strengthen the security architecture of the state. “As you are aware, our government has a very clear agenda on development, very clear agenda on security and agenda on promoting prosperity. And, none of these can be achieved without first establishing a conducive, peaceful and safe environment,” Dickson said.

FUTURE SECURED

Former Governor of Anambra State, Mr. Peter Obi (second left), presenting a cheque for the award of scholarship to three distinguished students of Girls’ High School, Agulu,namely, Agu Martina (second right), Gbogu Precious (first right) and Muonago Chioma (first left)

VIEW FROM ABROAD Don’t be fooled by the biggest black-market gain in a year for Nigeria’s naira. The rally, sparked by increased sales of foreign exchange forwards and looser capital controls, is contingent on the central bank continuing to sell down its reserves. And until it devalues or makes a clear switch to a free-floating currency, Africa’s most-populous country will struggle to lure back foreign investors, according to JPMorgan Chase & Co. and Renaissance Capital. Forwards suggest more declines to come, investors are shunning naira assets, and a web of alternative exchange rates only adds to the confusion over the currency’s real value. After sales of $600 million of one- and two-month forwards last week, the naira’s black market rate rose 13 per cent to 460 per dollar from an alltime low of 520. It appreciated another 2.2 per cent to 450 on Monday after the central bank sold $100 million of 60-day forwards. That narrowed the gap with the official rate, which the central bank has kept at around 315 since August, to the smallest since September. The number of exchange rates in the country “further complicates” an already convoluted system, according to John Ashbourne of Londonbased Capital Economics. Nigeria, which has always managed its currency tightly, charges people different prices for foreign exchange depending on their needs. Last week, Nigerians going on business trips abroad or

paying overseas medical and school bills were lured away from the black market with a rate 20 per cent above the official interbank level, equating to about 370 per dollar. Even after the rebound, the currency remains 32 per cent weaker on the black market than on the official one. Naira forward contracts maturing in three months trade at 357 per dollar, suggesting the currency will drop 12 per cent in the period. Naira six-month contracts are quoted at 385. Nigeria’s Eurobond yields have dropped to the lowest since May 2015, showing that investors are keen to get more exposure to the nation amid higher oil prices and waning pipeline attacks by militants in the Niger River delta. It’s a different story for naira-denominated assets. Local-currency bonds average 16.4 percent, the second highest after Egypt among 31 major emerging markets tracked by Bloomberg. It’s the same story with equities. Nigerian stocks, languishing near a 10-month low, are the cheapest in Africa, with a price-to-earnings ratio based on estimates for the next 12 months of 7.6, barely half the level of South Africa. Yet the market capitaliSation of the dollar-based Global X MSCI Nigeria Exchange Traded Fund, listed in New York, has more than doubled in the last year to $35 million. That suggests investors are keen on Nigerian stocks, just not in naira. r $VMMFE GSPN #MPPNCFSH

HEARING ON SUIT BY ADERINOKUN’S DAUGHTER AGAINST GTBANK, OTHERS OVER MANIPULATION OF BANK’S SHARES FIXED FOR MARCH 24 her late father’s names through the companies, The plaintiff is also seeking a court declaration that the recognition of the proxies by the defendants, as being beneficially entitle to the rights of her late father’s shares (issued by GTBank), held in the names of the proxies, was done in dishonest assistance of the breach of trust of her late father’s Will by the said proxy companies. She also want the court to make an Order of Specific Performance of the implied contract between her late father, Olutayo Aderinokun, and GTBank, and Datamax Registrar Limited, whereby the said defendants are to accord late Olutayo Aderinokun all the rights and, or beneficial interest in the shares purchased by her late father, and issues by GTBank in the name of his corporate vehicles used as the proxies. An order of perpetual injunction restraining GTBank and other defendants in the suit from acknowledging/ recognising the proxies as being the beneficial owners of the rights accruing to the shares held in their names in GTBank, and paying any sum declared as dividends accruing to her late father’s shares held in his name, and the names of the said proxy companies on the instructions of the directors on record. The plaintiff, in her statement

of claim filed before the court by her lawyer, Osaro Eghobamien (SAN) of Perchstone and Graeys, averred that upon the death of her father, he gave legacies and directive to his two wives and four children and her late father also appointed GTBank Asset Management Limited (now

Investment One Financial Services Limited), and Mr. Babatunwa Aderinokun as joint Executors and Trustees, both whom were granted Probate on February 16, 2012. She also averred that during the lifetime of her father, he had a peculiar manner of acquiring his assets, using

the Proxies, among other corporate structures, rather than holding these assets directly in his own name, and that payments that were made for asset acquisition, or funds received in respect of the Proxy companies, were either paid from or into his personal accounts.

JAMB Restructures, Scraps Awaiting Results Senator Iroegbu ÓØ ÌßÔË The Joint Admissions and Matriculation Board (JAMB) has concluded all restructuring, transformation, reforms and other preparation for the 2017 Unified Tertiary Matriculation Examination (UTME) and is now set to commence the sale of its application document in March 2017. To this end, the board has scrapped awaiting results in its admission criteria, instead, include fourth choice in the institution preference. The Head of Information, JAMB, Mr. Fabian Benjamin, disclosed this in a statement yesterday, appreciating the patience exhibited by Nigerians in allowing the agency the time to add value to their services for over three decades. Benjamin said the restructuring was informed by the need to achieve a different and progressive result that will position Nigerian educational system in an enviable height in the comity of nations. He said the Board is poised to

see that a reasonable percentage of candidates who take this examination are qualified find placement in tertiary institutions. JAMB spokesman said: “In the cause of conducting admission exercise, many institutions have admitted candidates on merit only for them to discover that such candidates do not have qualified O’level results or the right combination for admission and had to delete and start the process all over again. With this, they would have denied other qualified candidates the opportunities for admissions. “This we are addressing by ensuring that no candidate is henceforth recommended without his O’levels result being supplied. To achieve this, JAMB will insist that candidates supply their result on its website during registration or later, but before admissions commences for them to be considered for admissions. We believe this will allow only qualified candidates to be considered for admissions.” Benjamin stated that JAMB has designed a Central Admissions Processing System

(CAPS) where the Board will interface with the institutions and ensure the compliance of this reform. “The summary is that no candidate will be admitted with awaiting result. Candidates and their parents are also to note that the Board has restructured the registration platform to allow for only one choice of public university. The new registration platform will now be first choice, second choice, third choice and fourth choice and not most preferred, preferred as it was before,” he stressed. According to the JAMB spokesperson, the candidate first choice can be a college, university, Innovative Enterprises Institution (IEI) or polytechnic/monotechnic. However, he said, if a candidate makes a public university his first choice, he will not have any public university to choose for 2nd, 3rd and 4th choice. Benjamin explained that the candidate would have on the remaining three choices, a college, a polytechnic, private university and IEI.

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WEDNESDAY, MARCH 1, 2017Ëž T H I S D AY

CRIME&PUNISHMENT Court Fixes March 10 for Ruling on Application Seeking to Unseat Tambuwal Alex Enumah Ă“Ă˜ ĂŒĂ&#x;ÔË The Federal High Court sitting in Abuja has fixed March 10 for ruling on an amended application seeking to remove the Sokoto State Governor, Aminu Waziri Tambuwal, from office, on the grounds that the primary election of the All Progressives Congress (APC) that produced him during the 2015 governorship election was not validly conducted. The application filed by an APC governorship aspirant, Senator Umaru Dahiru, sought to amend the originating summon filed against the APC, Tambuwal and the Independent National Electoral Commission (INEC) as 1st, 2nd and 3rd defendant respectively before the April 11, 2015 governorship election. In the amendment argued by his counsel, Ikoro Ikoro, the applicant is now asking the Federal High Court to remove Tambuwal from office and declare him the winner of the December 2014 APC primary election. Dahiru is also asking the court for an order compelling INEC to withdraw the certificate of return issued to the governor and present it to him on the grounds that he was the lawfully elected candidate of the APC at the primary election. The senator further sought an order nullifying the nomination of Tambuwal by APC for the 2015 governorship election and replaced him as the properly nominated APC candidate to INEC for the 2015 governorship election. However, in his vehement objection to the application, the APC asked the court to dismiss the request for the amendment on the grounds

that it was not in compliance with the Supreme Court judgment of December 9, last year which ordered a retrial of the plaintiff’s case. The APC represented by Jubrin Okutepa (SAN) argued that the applicant, by the new reliefs sought, had changed the character and direction of his earlier originating summon. The party told the court that the applicant sought to amend the originating summon because of his sudden discovery that event had overtaken the initial originating summon and that any attempt to allow the amendment will amount to an affront to the Supreme Court judgment of December last year. Okutepa further argued that the applicant was not consistent in the reliefs being sought in the proposed amendment.  He stated that the applicant in the originating summon had asked the court to nullify the APC primary election on the grounds that it was unlawfully conducted but, in the amended application, he is seeking to be declared winner of the said unlawfully conducted primary election. The counsel therefore urged the court to refuse the amendment and allow hearing in the initial originating summon as directed by the Supreme Court. Counsel to Tambuwal, Sunday Ibrahim Ameh (SAN), in his argument, aligned himself with the submission of the APC and urged the court to hold that the amendment been sought by the governorship aspirant lack merit and as such should be dismissed. The counsel insisted that it was too late in the day for the applicant to seek the relief after the governorship election

Niger Police Command Raises the Alarm over Arms Smuggling from Benin Republic Laleye Dipo Ă“Ă˜ Ă“Ă˜Ă˜Ă‹

those arrested were also for kidnapping, armed robbery, The police have raised an alarm homicide while the command that arms and ammunition are also recovered three AK47 rifles, now being imported into the 334 rounds of live ammunition, country from Benin Republic. one sub machine gun rifle with Some criminally-minded six rounds of live ammunition Nigerians, according to the Niger 12 single barrel guns, four locally State police command, bring in made pistols. the lethal materials through the The police spokesman added Babana borders in Borgu Local that 673 rustled cattle 240 of them Government Area of the state. at Garatu village near Minna This development is coming were also recovered and returned on the heels of the arrest of not to their owners. less than 104 suspects within Elkana said the operations the month of February alone. against criminals were jointly State Police Public Relations carried out by the Inspector Officer, DSP Bala Elkana, who General of Police Tactical Unit, briefed journalists on the efforts the Federal Special Anti-robbery of the force to clamp down on squad and the team from the criminals and criminality, said state command. not less than 12 revolvers and “A lot of technology was pistols were recovered from deployed in these operations, those bringing in arms into and we used tracking the country “just in one arrest.�    device to locate hideouts of A number of suspects among kidnapers.� those arrested are already helping The PPRO, however, said the police in its investigation there was no major attack by into the gun running syndicate. cattle rustlers in the state in Elkana said some of the month of February.

had been conducted, adding that the proper place for the applicant to ventilate his anger was the Election Petition Tribunal. Ameh also submitted that the applicant cannot even go to any

Election Petition Tribunal because the 21 days required by law under which a petition can be filed to challenge the election of any declared winner had lapsed since 2015.

The senior counsel therefore urged the court to refuse the temptation of turning itself to an election petition tribunal as there is no law for such an action. Justice Gabriel Kolawole

after taking the arguments from both parties, fixed March 10 to give ruling on whether to allow or refuse the proposed amendment sought by the former governorship aspirant.

MAKING LAGOS SAFER L-R: Executive Secretary, Lagos State Security Trust Fund (LSSTF), Dr. Abdulrazaq Balogun; Commander 551 Base

Service Group, Air Commodore Musbau Olumide Olatunji; state Commissioner of Police, Mr. Fatai Owoseni; Secretary to the State Government, Mr. Tunji Bello; and Commander NNS Beecroft, Commodore Morris Ansa Eno, during the brieďŹ ng of Government House Correspondents shortly after the State Security Council meeting presided over by Governor Akinwunmi Ambode at the Lagos House, Ikeja...yesterday

Police Arrest Apprentice, Two Others over Sale of Abducted Toddler Chiemelie Ezeobi Operatives of the Federal Special Anti-Robbery Squad, Lagos State Command, have arrested a female apprentice, one Grace John, who abducted her mistress’ three-year-old daughter. She was arrested alongside two others after they had abducted the toddler, Oluwasemilore Adebiyi, two months ago from the Alagbado area of Lagos and sold her for over N1million to buyers in Abia State. THISDAY had reported two months ago that the toddler’s mother, Mrs. Oluwatobiloba Adebiyi, had allowed her to

follow the apprentice to go buy some snacks. Moments later, it dawned on the mother that her daughter was abducted after waiting endlessly for John, who had by then switched off her phone. Since her abduction, the distraught parents were not contacted for any ransom to suggest that their daughter could have been kidnapped, until yesterday’s arrest by the operatives. According to police sources: “We used Grace as a bait to get the first buyer in Onitsha. Grace was arrested at the Badagry area of Lagos and she led us to the Eastern part of the country

where the child was rescued unhurt. “She called the woman she sold the baby to on phone, informing her that she had another child to sell. The woman came to meet her at a bus-stop, where she was apprehended. “The first suspect led us to another person she sold the child to for N500,000 in Awka, who in turn, led us to the third buyer whom they sold the child to for N600,000 . “The third buyer was also at the verge of selling the child to the fourth buyer when she was rescued. So far three persons have been arrested.�

As at 5pm yesterday , Oluwasemilore’s elated parents were still at the Abia State Police command to receive their baby. Her father, Mr. Elesh Adebiyi, said “We give God praise and also thank the media and the police for the assistance rendered. Our daughter is hale and hearty. “Only that they cut her hair. Before she was abducted, she plaited her hair. Aside that, she is okay. We are grateful to the FSARS and the Nigeria Police in general. This feat has further reaffirmed my confidence in the our police.�

Kidnapping: Lagos Adopts New Measures to Secure Epe’s Farmers Gboyega Akinsanmi The Lagos State Government yesterday disclosed that it had worked out adequate measures to protect farmers in Epe and its axis against incessant kidnappings, which it said, was a huge threat to its food security initiatives. The state government also noted that it would vigorously pursue and sustain the renewed enforcement of the ban on commercial motorcycles popularly called Okada plying restricted routes. The state Governor, Mr. Akinwunmi Ambode, disclosed after the state security council meeting at the State House yesterday, assuring residents and investors of commitment to their

security and well-being. The governor noted that no stone would be left unturned “to ensure that farmers in Epe are accordingly protected and nothing threatens the state’s drive to achieve food security.� Also after the meeting, the Commissioner of Police, Mr. Fatai Owoseni, disclosed that though it was impossible to completely eradicate crime, the state government was working round the clock to ensure the safety of Epe’s farmers against kidnappers. He said Ambode recently led top security operatives and government officials to the axis “to ascertain the state of affairs and personally assured the farmers of the commitment of the state

government to ensure they carry out their farming activities without let or hindrance. “I can tell you that so many commitments have been made. Two weeks ago, the governor led security council members to Epe where commitments were made and some of the measures and strategies being put in place to check this menace.� Owoseni, therefore, said the council “has concluded that it has been relatively calm here and where we need to do more of interventions with the view to doubling our efforts.� He added that the council identified those areas and Ambode’s commitment remained unwavering and that every effort that would

secure Lagos and make business and commercial activities to be carried out without let or hindrance would be done. He also said the council reviewed the operation on the total enforcement of Okada ban and agreed that the renewed efforts toward enforcing the law with regards to the operation of commercial motorcycles and tricycles in the State will be sustained. Owoseni explained that the law enforcement “will be sustained in view of the threat to security that we have witnessed in the past. There is a renewed commitment, we will sustain it and ensure that Lagos Road Traffic Law, 2012 is effectively enforced.�

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T H I S D AY ˾ WEDNESDAY, MARCH 1, 2017

WEDNESDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

Pinnick Gets Govt Nod for CAF Seat Floors Nigerians in CAF opposed to his support for Ahmad Duro Ikhazuagbe President of the Nigeria Football Federation (NFF), Amaju Pinnick, has been endorsed by the Federal Government to contest for a seat on the executive committee of the Confederation of African Football (CAF) at the election slated to hold on March 16 in Addis Ababa, Ethiopia. Rising from a meeting of the NFF board called by the Minister of Youth and Sports, Solomon Dalung, in Abuja yesterday, Pinnick whose candidature has become a subject of debate among football stakeholders in the country, was also asked to go ahead and use his discretion in voting for the presidential candidate that will advance Nigeria’s interests. Madagascar’s Ahmad Ahmad is challenging incumbent Issa Hayatou who is seeking an eighth term in office since becoming CAF’s president in 1988. The meeting also resolved that other stakeholders in Nigerian Football who have suggestions/advice/ recommendations should tender same through the NFF and not in the media as the nine Nigerians in CAF committees did on Sunday while opposing Pinnick’s support for Ahmad. Yesterday’s meeting at the

minister’s office was attended by all members of the NFF Executive Committee, with the exception of Hon. Suleiman Yahaya-Kwande and Mr. Chidi Ofo Okenwa who forwarded apologies for their absence. The endorsement of Pinnick by the Sports Ministry lifted the cloud that surrounded the candidature of the NFF chief. There have been fears in some quarters that Pinnick may be impeached if he fails to toe the line of stakeholders angling Nigeria’s support for Hayatou. Pinnick who is vice president of WAFU B, a member of the Organizing Committee for the Africa Cup of Nations as well as being a member of the Organizing Committee for FIFA Competitions, is challenging Beninoise Anjorin Moucharafou for a seat in the supreme club for football administration in Africa, at the 39th Ordinary Congress of CAF in Addis Ababa. Only two Nigerians Etubom Oyo Orok Oyo (of blessed memory) and Dr. Amos Adamu - have NFF President, Amaju Pinnick (left), and Moroccan Ambassador to Nigeria, Moha-ouali Tagma, at the federation’s headquarters sat on the CAF Executive in Abuja… yesterday Committee in the body’s 60 years of existence. An attempt by former NFF President Aminu Maigari to join the club in 2013 ended belly up as he was worked against by some Nigerians close to Hayatou. The Ambassador of the Kingdom of have very good relations in with a number of his Executive a proud football nation and has Morocco to Nigeria, His Excellency several areas of endeavor, and Committee members, including produced a number of legends Moha-ouali Tagma yesterday we believe that both countries Vice Presidents Seyi Akinwunmi in the African game. The country sought for stronger ties between have quality football Leagues and Shehu Dikko, Ahmed Yusuf has a very professional FA and the football ruling bodies of his that can become even stronger Fresh, Sunday Dele-Ajayi, Ibrahim a strong League, and it has country and Nigeria, during a with shared templates and ideas. Gusau, Aisha Falode, Musa Duhu, excellent facilities to host major “Personally, I am a football Sharif Rabiu Inuwa, Babagana competitions. courtesy visit to NFF President, “We are interested in better fan, and I cannot forget that Kalli and Mohammed Alkali, Amaju Pinnick, in Abuja. Ambassador Tagma, outstanding Nigeria team of and the General Secretary, Dr. co-operation and collaboration accompanied by Deputy Head 1994. I believe the Moroccan Mohammed Sanusi thanked the with the FRMF.” The NFF President and the 2nd of Mission, Abdellatif Jihaoui, League, which boasts of players envoy and promised that the NFF expressed their conviction that from a number of countries in will explore areas of further and Vice President/LMC Chairman, stronger ties would benefit both sub-Saharan Africa, can do with stronger collaboration with the Shehu Dikko, are due in Morocco countries that are continental players from Nigeria,” observed Federation Royale Marocaine de next Monday on invitation to peruse possible areas of further Football (FRMF). powers in the game of football. the ambassador. “Morocco, just like Nigeria, is collaboration. Pinnick, who was in company “Morocco and Nigeria already

Moroccan Ambassador Canvasses Stronger Ties with Nigeria Football

FIFA Slams Fresh Two-year Ban on Adamu

Ikoyi Club 1938 Lady Golfers Elect Officers

Adamu The adjudicatory chamber of the independent Ethics Committee of FIFA has slammed fresh, world-wide, two-year ban on former Director General of National Sports Commission (NSC), Dr Amos Adamu. The committee chaired by Hans-Joachim Eckert, banned the former CAF and FIFA executive committee member from taking part in any kind of football-related activity at national and international level. A statement issued after the committee’s sitting in Zurich, Switzerland yesterday said Adamu’s fresh ban was as a result of the investigation conducted by Dr Cornel Borbély, chairman of the investigatory chamber of the Ethics Committee, which resulted in a final report being submitted to the adjudicatory chamber on

2 December 2016. Adjudicatory proceedings were formally opened on 20 December 2016 against Adamu who had similarly been banned for three years in 2010 for breaching FIFA’s ethics on bribery. That ban led to his losing his position as an executive committee member at FIFA and CAF. “The adjudicatory chamber determined that, through his involvement in the organisation of an event in 2010, while being a member of the (then) FIFA Executive Committee, Mr Adamu violated articles 13 (General rules of conduct), 15 (Loyalty) and 19 (Conflicts of interest) of the FIFA Code of Ethics,” the statement read in part. According to FIFA, the two-year ban on Adamu took effect from yesterday, February 28, 2017.

Mrs. Ronke Iyiola has emerged leader of the Lady Golfers’ subsection of Ikoyi Club 1938. Iyiola became the new leader after winning a keenly contested election at the club’s Annual General Meeting. She will oversee the affairs of the section for the next one year. As stipulated by the Golf section rules, the AGM was conducted by the Vice Captain of the Golf Section, Mr. Bayo Alli

and another officer Mr. Oluremi Olukoya, with over 80 eligible golfing ladies of the sub-section in attendance. Other officers on the committee are: Mrs. Candy Agu- Lady Vice Captain, Mrs. Irene Ubah – Honorary Secretary; Mrs. Abah Oputa – Honorary Treasurer; Mrs. Meenakshi Kumar – Competition Secretary; Mrs. Gloria JoelOnowakpor and Mrs. Mercy Kuye – Joint Handicap Secretary;

Mrs. Tinu Feshitan – Social Secretary; Mrs. Edith Udegbe and Mrs. Ify Onukwuba – Joint Publicity Secretary. In her acceptance speech, the new Lady Captain congratulated the outgoing Lady Captain Ms Tosin David for a successful tenure. She thanked all the ladies for turning out in their numbers to vote in the new committee. She said this is significant as it shows

the love for the game of golf and the growing interest among the ladies in the affairs of the golf section. ‘Let us all move past the elections and work together as a team,’ she said. Iyiola promised that ‘transparency and fairness’ would be her watchword in the running of the affairs of the subsection. She said, we will be transparent and carry you along in all we do. Nothing will be hidden.”

Niger Dissolves All Sports Associations Laleye Dipo in Minna The Niger State Ministry of Sports Development has dissolved all the 28 sporting associations in the state. The associations were also directed

to conduct elections into the bodies before March 15. The dissolution of the association followed the expiration of the three year mandate given to them in 2014. The dissolution letter was

signed by the Permanent Secretary in the Ministry, Hajia Ramatu Sulaiman , who also acknowledged the contributions of the associations to the growth and development of sports in the state in the last three years.

Public Relations officer in the ministry, Mr Isaiah P Fred, who confirmed the story said the ministry would ensure that the associations followed laid down guidelines in the election of their officials.

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Osho Upbeat as Kano Pillars Storm Sagamu The Sky Blue Stars welcome Kano Pillars to the Gateway International Stadium, Sagamu this afternoon in one of the Matchday 11 of the Nigeria Professional Football League (NPFL). Remo Stars had a wonderful performance over the weekend, picking up a vital point on the road after a 1-1 draw against fellow southwest side, Shooting Stars of Ibadan. The hosts currently sit in the 20th spot on the NPFL log with eight points from nine games while the Sai Masu Gida boys on the other hand occupy the seventh position on the table with 13 points from eight league matches. Gaining the massive points against Pillars will boost their confidence to expect plenty of success in the ongoing Nigeria Professional Football League (NPFL). This meeting will be the first between both sides in any competition of any kind and a win for either side will be seen as a record. Chinedu Udoji has been massive in Kano Pillars colour since joining from Enyimba FC, his efforts yielded profits after scoring his debut goal for Sai Masu Gida against Katsina United with Rabiu Alli’s free kick. Victor Mbaoma and Oche Salefu have also been very impressive for Fatai Osho’s side after both players have scored six from eight goals scored in total for the team. Meanwhile, the Technical

FIXTURES Enyimba vs Shooting Remo Stars vs K’Pillars Gombe vs IfeanyiUbah Katsina vs MFM FC Rangers vs ABS Abia W’ vs Tornadoes El Kanemi vs Sunshine Wikki vs Rivers Utd Plateau vs Lobi Stars

Adviser of Remo Stars Football Club, Fatai Osho, has indicated that the draw against Shooting Stars of Ibadan will motivate his side going into the home match against Kano Pillars.

Osho told the team’s website yesterday that the game will help instill confidence into his wards. “The draw at Ibadan is a good motivating factor, it helped our confidence and will make

it known to our players that we can actually do it, we are playing Kano Pillars at the right time.� “We need to start getting points now, if we can get a point on the road then it means we

should be more comfortable but a lot of hard will be done because beating Pillars won’t be a child’s play.� “We will create a level playing field where a player

who is ready to play will be greatly encouraged and don’t be surprised seeing some new faces against the Sai Masu Gida boys on Wednesday.� Osho disclosed.

Kano Pillars’ Rabiu Ali set to battle Remo Stars for maximum points

Sunshine Stars Eye Upset against El Kanemi in Maiduguri Sunshine Stars Head Coach, Kayode Olujohungbe, believes his side can cause a stir by becoming the first side to inflict defeat on El Kanemi Warriors at their home patch in this season’s top-flight. The Owena Waves are guests of the Warriors in Maiduguri,

where the hosts boast a fearsome record this afternoon as the NPFL enters Match-day 11. Olujohungbe is upbeat about his side’s chances and predicts that his charges will upset the applecart against the overwhelming favourites. “A few years ago, everyone

was saying (another NPFL club,) Kano Pillars could not be defeated at home. “However, no one says that anymore because teams now go to Kano and win. “Any side can lose at any time and I am looking forward to a good game over there (in

Maiduguri),� he told supersport. com. Sunshine Stars are currently riding the crest of a wave after defeating highly-rated Rivers United, who finished as NPFL runners up last term, 1-0 in Akure on Sunday. The Akure club currently

occupies 11th place in the NPFL standings with 12 points from 10 matches while El Kanemi Warriors have shocked many with their fine start to the current campaign. The Maiduguri club is in second place on the log with 18 points from 10 matches.

Nigerian Army Team Gov Emmanuel Targets A’Ibom Wins National Boxing Students to Dominate Sports Soon Championship The Nigerian Army team at the weekend emerged champions of the 2017 National Open Boxing Championships which held at the National Stadium in Lagos. To emerge winners, the army team won four gold, one silver and five bronze medals. The Lagos State boxing team finished second with three gold, six silver and three bronze medals. The Nigeria Police Force boxing team was third with one gold, two silver and one bronze medals. Ogun State finished fourth with one gold, one silver and two bronze medals. The six-day boxing fiesta featured teams from 20 states of the federation, armed forces of Nigeria, Nigeria Police Force, Nigeria Security and Civil Defence Corps and nine boxing clubs

including Kanu Nwankwo, Alafin, Golden Gloves, WWBA, Abbey International, Oba Adeyemi and Bukar Tiger. The championship also featured bouts in 10 weight categories for male and three weight categories for female boxers. On the whole, 209 male and 42 female boxers competed for honours during the championship. According to the spokesman of the army team, the good showing of army personnel in sporting activities in the country is part of the new resolve of the Chief of Army Staff, Lieutenant General Tukur Yusufu Buratai to re-establish the Nigerian Army as a power house of Nigerian Sports. A fortnight ago, the Nigerian Army Marathon Team had a fantastic outing at the 2nd Lagos City Marathon.

Akwa Ibom State Governor, Mr. Udom Emmanuel, has reiterated his administration’s resolve to promote sports in schools to serve as a platform for talents discovery. The governor made the call at Tower of Ivory Schools, Ediene Abak, in Abak Local Government Area of the state during the 6th Inter - house sports competition of the institution. He said that the promotion of sports would also sharpen the mental alertness of pupils and students. The sports loving governor also stressed the importance of sports and games in schools, noting that exercises were capable of increasing selfesteem and mental alertness of the students, while preparing

them for career opportunities in the money spinning world of sports. Gov Emmanuel commended the school’s authority for providing excellent sporting facilities that would facilitate the impartation of knowledge as well as enhance sports development while hoping  that the school would attract trophies at national and international competitions due to early exposure of the students to modern facilities. He used the occasion to stress the need to teach indigenous languages in schools to save them from extinction and promote rich cultural values. The governor directed the Ministry of Education to ensure that vernacular was taught in all public schools beginning

from the next school session. The Akwa Ibom governor announced scholarship for another batch of 31indigent students in the school, donated sets of computer, 20 bags of rice and a cow to each of the houses that participated in the sports competition. The Chairman Board of Governors and Proprietor Tower of Ivory Schools, DIG Udom Ekpoudom (Rtd) expressed appreciation to the Governor for witnessing the school’s sports competition and the support given to the institution. He said the school has recorded 100 per cent  pass in National Examination Council (NECO) and in West African School Certificate Examination (WASSCE) in the year 2015 and 2016 and has remained

the 2016 state Champion in Senior Mathematics Olympiads. Mr. Ekpoudom also noted that the school has distinguished itself in the area of sports and attributed the success to the excellent facilities available in the Institution. The Chairman of the occasion, Major General Godwin Umoh, Â commended the school management for laying a solid foundation for academic excellence which he said has enabled the school compete with other institutions in the country. The the occasion which featured march past, field and track events by the competing Houses climaxed in the commissioning of a Mini - Stadium by Governor Udom Emmanuel.

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SOKAPU to Kaduna Govt “It was under a curfew and the heavy presence of police that Goska was attacked last December. It was also under a 24-hour curfew that some youths were killed in Zangon Kataf in January. People stayed indoors, markets and schools were shut. The victims of the violence were further punished while the killers roamed freely. It became very diďŹƒcult for many to feed their householdsâ€? – Southern Kaduna Peoples Union (SOKAPU) on the curfew declared after the latest killings.

KAYODEKOMOLAFE THE HORIZON

kayode.komolafe@thisdaylive.com

0805 500 1974

Beyond Xenophobia A

mid depressing reports from South Africa of xenophobic attacks on Nigerians and other immigrants, the Mo Ibrahim Foundation announced yesterday “no winner� for the 2016 prize for exceptional leadership in Africa. The announcement that no African leader, who left office in a democratic transition in the last three years, was adjudged fit for the 11-year old prize is in itself another unfortunate tale coming out of the continent. At $5 million spread over 10 years and $200,000 yearly for life thereafter for the winner, the Mo Ibrahim Leadership Prize is the largest of its kind globally. Launched by the Sudanese-British billionaire, Dr. Mohammed Ibrahim, the prize inter alia “recognises and celebrates African leaders, who under challenging circumstances have developed their countries, lifted people out of poverty and paved the way for sustainable and equitable development.� So no former president in Africa meets this criterion among others in exceptional terms! You may wish to ask: what is the link between the two pieces of bad news from Africa? The barbaric violence on immigrants in South Africa is not just an issue of xenophobia; the fundament of the problem lies in the crisis of governance ravaging the continent. Governance is a leadership function. This is worthy of reflection as the two countries seek to resolve the xenophobic crisis beyond diplomatic talks. From the responses from Nigeria and South Africa to the xenophobic attacks, it is obvious that government officials hardly see poor governance at the root of the problem. First, take the Abuja reading of the situation. Does it worry any one in Abuja that citizens of the “largest economy� in Africa are existentially forced to search for opportunities in South Africa, a country infamous for one of the highest rates of unemployment in the world and indeed one of the most unequal societies on earth? Is it worth the while to ponder that those emigrating in desperate circumstances cannot find space at home in this “largest economy�? Established South African companies move northwards to take prime positions in the Nigerian formal sector. Contrariwise, helpless Nigerian traders and artisans move southwards to find a little space in the South African informal sector. If Nigeria were properly governed, not many Nigerians would be searching for opportunities in the slums of South Africa. The failure of governance to create an inclusive economy in Nigeria is never blamed for the fate of economic migrants from this country. The resurgence of xenophobia provides an escapist route for those who mismanage the South African political economy. Social injustice, class-based inequities and the unresolved Land Question are still some of the issues plaguing the South African economy, society and politics. Wealth is still concentrated in the hands of a tiny minority despite the emergence of a few elements of the black bourgeoisie and petit-bourgeoisie in South Africa. The government is pretending that these problems do not exist. You would think that the only headache of the country is the influx of African immigrants. The xenophobes rampaging the streets fail to see themselves as victims of a poorly governed country and that the poor immigrants are not the enemies. Those in power in South Africa have no answers in terns of economic management to the burgeoning poverty. After apartheid, the least you would expect from a country emerging from years of social injustice would be social democratic policies just as Germany did after World II where market forces operated with some social conscience. However, South Africa has applied all the neo-liberal recipes like

President Jacob Zuma of South Africa Nigeria; yet joblessness and poverty have worsened. The western rating agencies keep humouring the two leading economies in Africa with statistics of jobless growth. The dominant political force in South Africa, African National

Congress (ANC), is at its lowest ebb ideologically and politically. The one-time party of struggle now suffers from the worst leadership deficit in its history 105-year history. On a constructive note, the South African Communist Party, the Economic Freedom Fighters, the socialist party of youth leader Julius Malela, and individuals such as Winnie Mandela, Bishop Desmond Tutu and others have been drawing attention to this perversion of the struggle of South African people for freedom, social justice and material well being. Now the xenophobes are responding to the unjust system in a historically destructive manner. The response of the South African High Commissioner to Nigeria, Lulu Mnguni, provides a further illustration of the elite abdication of the responsibility for good governance even at the most basic level. Mnguni has accused the Nigerian victims of violence of crimes. He was reported as putting the matter this way: “We are not condoning violence, but it will be wrong not to reflect the concerns of South Africans, especially with regard to drug trafficking. We must not look at one side ‌ when people go to other countries, they must respect the laws of the country.â€? Just imagine this lame rationalisation

of the killings of Nigerians in South Africa! Are the thugs killing Nigerians now the South African drug law enforcement agents? Do the South African laws prescribe lynching in the streets as a penalty for drug trafficking? What is expected of a civilised society with a workable justice system is to apprehend the drug suspects and prosecute them. Those found guilty should be punished according to the South Africa laws, and not the laws of the jungle. When MTN violated regulatory rules here, the Nigerian response was not to burn down its office and kill its South African executives. By the way, drug trafficking by immigrants is not the only social problem of South Africa. Johannesburg is perhaps the rape capital of the world. Does South Africa also tackle this sociological affliction on its society by lynching those of its nationals who happen to be rapists? The poor economic immigrants are not the problem of South Africa. President Jacob Zuma and ANC should rather look at a political economy that has failed to meet the needs of the majority of South Africans. They should resolve the crisis of governance bedevilling that otherwise promising country!

Kuru and a Better Society Issa Aremu

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here is a received wisdom, which says; “Wellinformed alumni can be powerful ambassadors for their alma maters in the civic and larger society�. As the outgoing two-term elected Secretary General, and a member of the National Institute of Senior Executive Course 27 of 2005, yours comradely bears witness that the story of the Alumni Association of the National Institute ( AANI), Kuru Jos confirms the validity of this received wisdom. All is set for the 37th Annual General Meeting (AGM) scheduled to hold on Saturday 4th of March 2017 at NIPSS Kuru, Jos. The Federal Government in 1979 established the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Plateau State. The Institute was conceived as a high-level centre institution with the primary objectives of serving as the nation’s foremost policy Institute, developing a crop of top-class technocrats of high intellectual capacity, who will conceptualize and anchor the implementation of innovative and dynamic policy initiatives and strategies critical for national development. So far over a thousand policies research papers have been commendably generated from NIPSS. The Institute has successfully run 38 Senior Executive Courses (SEC) after about 38 years of existence and has graduated close to 2000 members who are members of the National Institute and naturally members of AANI. AANI’s Membership list includes former Heads of State, serving and past governors, heads of public service agencies, Customs service, military, para-military, traditional leaders, members of organized labour and organized private sector as well as the civil society. Others are serving and past top level executives from the Banking and financial sector, the presidency, states and local governments and the academia. AANI AGM at 37 is a celebration of human capital formation. The main objectives of AANI include; protection of the welfare of members, serving as a think-tank to all levels of government; establishing the means of contributing objectively to national discourse on any issues affecting the positive development of Nigeria and proffer appropriate recommendation and implementation

strategies to the Governments and promoting the noble ideals of the National Institute as embodied in its motto: “Towards a Better Society�; and interacting with the Federal, States and Local governments and other organisations or associations, with similar objectives. Major- General (rtd) Lawrence A. Onoja, mni, of Senior Executive Course (SEC 12) 1990 is the 10th President of AANI elected with popular votes in a keenly contested free and fair election at the 33rd Annual General Meeting (AGM) at NIPSS Kuru in March 2013. He was re-elected for a second term at the 35th Annual General Meeting (AGM) held on Saturday March 7th, 2015. Other duly elected National Officers include; Dr. Garba Usman Tetengi, Ph.D, SAN, mni, Vice President, Comrade Issa Aremu, Bsc, MA, NPOM, mni, Secretary General, Mrs. Nghargbu Maryamu Patricia, mni, Assistant Secretary General and Mrs. Comfort Olu Eyitayo, CFA, FCA, mni Treasurer. The best overall participant of the Senior Executive Course (SEC 12) in 1990, recipient of the Head of State (Ibrahim Babangida mni) Award as well as the SEC monitor General, Maj. General (rtd) Lawrence A. Onoja, mni has commendably taken AANI to the higher level for a better Nigeria. He has consolidated on the achievements of past eminent presidents that included the pioneer President Man-Gen (rtd) David Jemibewon, CFR, mni (1982 - 1984), Alhaji M. DanMadami, mni (1984 - 1988), Senator Olabiyi Durojaiye, mni (1988 – 1990), AVM (rtd) M. Yahaya, mni (1990 - 1994), Lt. Gen. (rtd) J.T. Useni CFR, mni (1994 – 1999), Prince J. Adelusi-Adeluyi, OFR, mni (1999 – 2003), Engr. M.B. Yesufu, mni (2003 – 2005) m Engr. M.G. Umar, mni (2005 – 2009), and immediate past President Engr. Jani Ibrahim, OON, mni (2009 – 2013). Upon assumption of office in March 2013 and guided by the noble objectives of AANI, Onoja-led Executive immediately came up with programme of action aimed at consolidating on past achievements and taking AANI to a higher level through activities and initiatives that include; promotion of the members’ welfare improvement through solidarity and support for AANI members, consistent demand for the appointment of Members to strategic positions in the country towards better society with visible results, dissemination of information on issues affecting members

namely promotion, appointments, book launches and other social events, seeking the continued support, guidance and blessings of the Heritage Council and Board of Patrons which include General Ibrahim Badamasi Babangida, GCFR, General Abdulsalami Abubakar, GCFR, mni, His Eminence, Alhaji Mohammed Sa’ad Abubakar III mni, Sultan of Sokoto (Chairman), His Royal Majesty (HRM), Igwe Nnaemeka Alfred Ugochukwu Achebe, mni, Obi of Onitsha, HRM, Oba Rilwan Babatunde Aremu Akiolu mni, Oba of Lagos, HRM Alhaji Iliyasu Bashar mni, Emir of Gwandu, HRM Alhaji Sani Sami, mni Emir of Zuru, HRM Alhaji Ahmed Hassan II, mni Emir of Nasarawa, HRM Orhue Felix Mujakperuo, mni Orodje of Kopie . Onoja led executive has commendably re- activated new AANI State Chapters and empowered those already active introduced yearly AANI Reunion Day. The highpoint has been the visibility of AANI through engagement with all tiers of government, media briefings and constructive policy suggestions as well as Renovation of AANI Secretariat. To this end AANI successfully held an unprecedented Special Town Hall Meeting/Policy Dialogue on “Effective Implementation of the 2016 Budget� in collaboration with the Federal Ministry of Information and Culture on Tuesday August 9th, 2016 at the Shehu Musa Yar’Adua Centre, Abuja. The Town Hall meeting which was in furtherance of the noble objectives of AANI towards better society featured eight ministers of the Federal Republic. Another innovation is the proposed TOWARDS A BETTER SOCIETY AWARD to members and non- members alike who have added value to the growth and development of a better Nigeria. The highpoint of which is the election of new national executive members to pilot the affairs of the Association in the coming years. Significantly, AANNI has added its weighty voice for security, democracy, development and good governance in Nigeria and Africa in the last four years. AANI 37th AGM is also a celebration of both leadership and institution building in Africa with all the challenges that come with them. r $PNSBEF "SFNV NOJ JT UIF 4FDSFUBSZ (FOFSBM PG UIF "MVNOJ "TTPDJBUJPO PG UIF /BUJPOBM *OTUJUVUF GPS 1PMJDZ BOE 4USBUFHJD 4UVEJFT

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