Wednesday 8th March 2017

Buhari Congratulates Onnoghen as He’s Sworn-in CJN Osinbajo asks him to restore confidence in judiciary New CJN: Rule of law not negotiable Saraki, Ekweremadu task him on judicial reforms

Omololu Ogunmade in Abuja

President Muhammadu Buhari has congratulated Justice Walter Samuel Onnoghen, who was sworn-in yesterday by

acting President Yemi Osinbajo at the Presidential Villa, Abuja, as the Chief Justice of Nigeria (CJN), making him the first person from Southern Nigeria to hold the post in 30 years.

Buhari’s congratulatory message was conveyed by Osinbajo, who also decorated the new CJN with the second highest national honour of Grand Commander of the

Order of the Niger (GCON).

The acting president told the CJN that the president asked him to convey his best wishes to him during his phone conversation with

him on Monday.

According to him, the Office of the CJN is an exalted office which positions him as the next person to God in the temple of justice, pointing out

that the CJN was assuming office at a crucial time in Nigeria’s history when the three arms of government are Continued on page 8

FG, China to Finalise $11bn Lagos-Calabar Rail Deal in June...

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UK: Jonathan’s Govt Did Not Reject Help to Rescue Chibok Girls Senator Iroegbu in Abuja

COLLABORATING ON SOFT LOANS FOR SMEs...

L-R: Deputy Managing Director/Chief Risk Officer, Diamond Bank Plc, Caroline Anyanwu; Group Head, Microenterprises, Bank of Industry (BoI), Uloma Ike; Managing Director/CEO, Diamond Bank, Uzoma Dozie; Executive Director, Microenterprises, BoI, Toyin Adeniji; and Head, Retail Banking Business, Diamond Bank, Robert Giles, after a press briefing on the collaboration by both banks on the N140 billion Government Enterprise and Empowerment Programme (GEEP) Fund, held in Lagos… yesterday

The British High Commission in Abuja has debunked a report by London-based Observer newspaper, which reported at the weekend that the government of President Goodluck Jonathan rejected the offer by the British Royal Armed Force (RAF) to help rescue over 200 Chibok schoolgirls, when they were kidnapped by Boko Haram in 2014.

In response to enquiries by THISDAY’s sister broadcast Continued on page 10

FG Looks to 2020, Targets 7% Growth Under Economic Recovery Plan

To raise oil output to 2.5mbpd, implement market-determined FX rate regime CBN pumps another $100m into FX market Ndubuisi Francis in Abuja and Obinna Chima in Lagos The much-awaited Economic Recovery and Growth Plan (ERGP) of the federal government, which targets a gross domestic product

(GDP) growth rate of 7 per cent by 2020, was finally released yesterday, paving the way for government to seek multilateral donor funding

from the World Bank and African Development Bank (AfDB).

The four-year plan (2017-2020), which unveils

a roadmap for Nigeria’s economic recovery, growth and sustainable development, was made public by the Ministry of Budget and National Planning.

Other highlights of the plan include the government’s target to increase oil production from 2.2 million barrels per day (mbpd) to

Senate Orders Customs to Suspend Verification Order to Motorists... Page 12

2.5mbpd by 2020.

The government, through the Central Bank of Nigeria, also aims to implement a market-determined exchange rate regime to build confidence Continued on page 8

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PAGE EIGHT FG LOOKS TO 2020, TARGETS 7% GROWTH UNDER ECONOMIC RECOVERY PLAN and encourage foreign exchange (FX) inflows.

Real GDP under the plan is also projected to grow by 4.62 per cent on average over the plan period of 2017-2020, from an estimated contraction of 1.54 per cent in 2016.

However, real GDP growth is projected to improve significantly to 2.19 per cent in 2017, reaching 7 per cent at the end of the plan period.

Announcing this yesterday, the ministry said the ERGP is now uploaded on both its website (www. nationalplanning.gov.ng) and that of the Budget Office of the Federation (www.budgetoffice. gov.ng).

The core vision of the plan is anchored on sustained inclusive growth.

The ministry, in a statement announcing the official release of ERGP, said there was urgent need as a nation to drive structural economic transformation with emphasis on improving both public and private sector efficiency.

“The aim is to increase national productivity and achieve sustainable diversification of production to significantly grow the economy and achieve maximum welfare for the citizens, beginning with food and energy security,” the statement issued by Mr. James Akpandem, Media Adviser to the Minister of Budget National Planning, Senator Udoma Udo Udoma, said.

The plan envisages that by 2020, Nigeria would have made significant progress towards achieving structural economic change with a more diversified and inclusive economy.

Overall, the ERGP is expected to deliver on five key broad outcomes, namely: a stable macroeconomic

environment, agricultural transformation and food security, sufficiency in energy (power and petroleum products), improved transportation infrastructure, and industrialisation focusing on small and medium scale enterprises.

“Realising that the country’s economy would remain on a path of decline if nothing was immediately done to change the trajectory, the present administration, when it assumed office, embarked on strategic moves to halt the trend and redirect the course of the country’s economy and growth process.

“The process started with the development of the Strategic Implementation Plan (SIP) for the 2016 Budget of Change as a short-term intervention.

“The ERGP, a medium-term plan for 2017 – 2020, builds on the SIP and has been developed for the purpose of restoring economic growth while leveraging the ingenuity and resilience of the Nigerian people.

“The plan seeks to eliminate the bottlenecks that impede innovations and market-based solutions, recognises the need to leverage Science, Technology and Innovation (STI) to build a knowledge-based economy, and is consistent with the aspirations of the U.N.’s Sustainable Development Goals (SDGs),” the statement said.

The development of the plan went through a rigorous process, including wide consultation and robust engagements with stakeholders from a range of relevant fields, including economic experts from the public and private sectors, academia, organised private sector, civil society groups, organised labour,

sub-regional governments, international development partners (including the World Bank and International Monetary Fund (IMF)/and African Development Bank).

Others are the National Economic Council (NEC) and the National Assembly. The plan has been approved by the Federal Executive Council (FEC).

The ceremonial presentation of the ERGP will take place when President Muhammadu Buhari returns from his medical vacation, the statement added.

According to the government, the ERGP differs in several ways from previous strategies and plans of previous administrations.

It is anchored on focused implementation, which is at the core of the delivery strategy over the next four years.

• It outlines bold initiatives such as ramping up oil production to 2.5mbpd by 2020, privatising select public enterprises/assets, and revamping local refineries to reduce petroleum product imports by 60 per cent by 2018; • It builds on existing sectoral plans such as the National Industrial Revolution Plan and the Nigeria Integrated Infrastructure Master Plan; It signals a changing relationship between the public and private sector based on close partnership.

It utilises the value of the merger of budget and planning functions into one ministry to create a better and stronger link between annual budgets and the ERGP; and Provides for strong coordination with the states to ensure that the federal and sub-regional governments work towards the same goals.

The thinking behind the

development of the plan was driven by several fundamental principles, including a focus on tackling constraints to growth; leveraging the power of the private sector and promoting national cohesion and social inclusion; and allowing markets to function.

The plan has three broad strategic objectives, which are expected to help achieve the vision of inclusive growth: restoring growth, investing in the people, and building a globally competitive economy.

The ERGP focuses on achieving macroeconomic stability and economic diversification by undertaking fiscal stimulus, ensuring monetary stability and improving the external balance of trade.

The delivery mechanism has been identified as a major determining factor in the successful implementation of the plan.

On the federal government’s target to attain GDP growth of 7 per cent, it said: “This growth will be driven by a fiscal stimulus helped by an expected increase in oil prices, an increase in non-oil federal receipts, an increase in oil production, and resolution of payment arrears especially joint venture cash calls.

“In addition, increased growth in the non-oil sector especially agriculture, manufacturing, services and light industries will be central in overall GDP growth.

“The slight dip in growth in 2019 is projected to result from the general election in that year with a quick recovery the following year. The strong growth during the plan period will be driven by agriculture and industry, and in the later parts of the plan period by the services sector as well.”

Under the 140-paged plan, the CBN will also be expected to attain a market-determined exchange rate regime to build confidence and encourage foreign exchange (FX) inflows.

“The Central Bank of Nigeria’s monetary policy decisions and actions have prioritised price stability. In 2015, it introduced a ban on 41 goods and services from accessing foreign exchange in the inter-bank foreign exchange rate market.

“It is instructive to point out that this is a temporary policy measure that would be reviewed with a view to removing the market restrictions over time.

“In 2016, it moved to curb inflation by raising the MPR by two percentage points to 14 per cent in the middle of the year.

“The CBN is currently supporting growth in the rest of the economy through its dedicated support to MSMEs and the agricultural sector, through initiatives such as the Anchor Borrowers Programme which allowed participants in the agricultural value chain to access credit at single digit rates of interest.

“Furthermore, the CBN is in the process of improving the implementation of its current policies, aimed at achieving a market-determined exchange rate regime to build confidence and encourage foreign exchange inflows,” the ERGP document stated.

According to the ERGP, net domestic credit was projected to expand significantly over the plan period, at an average annual growth rate of 15.8 per cent, with the projected annual growth rate rising from 10.3 per cent in 2017 to 19.9 per cent in 2020.

While government domestic

credit was projected to fall from 14.2 per cent in 2017 to 10.7 per cent in 2020, that of the private sector will increase from 10.7 per cent in 2017 to 19.0 per cent by 2020.

“This is in line with the ERGP’s strategy of mainstreaming the private sector as an engine of inclusive growth by increasing access to domestic credit.

“Money supply growth is expected to average 16.2 per cent. Nigeria’s banking sector has become more vulnerable because of banks’ higher exposure to high-risk loans (including to the oil and gas and power sectors), lower liquidity buffers, and the difficulty of paying back loans denominated in foreign currencies.

“The CBN will strengthen the banking sector and increase its resilience,” it added.

Meanwhile, the CBN yesterday injected another $100 million into the interbank foreign exchange market.

Confirming the central bank’s fresh intervention, the Bank’s acting Director, Corporate Communications, Isaac Okorafor, said the new injection was aimed at funding commercial banks with enough FX to cater for the request of customers to meet personal travelling allowance (PTA), basic travelling allowance (BTA), medicals and tuition fees.

The latest injection by the CBN brought the amount pumped so far into the interbank forex market within the last two weeks to $1.138 billion for forwards and invisibles.

However, the effect on the parallel market was neutral as the naira maintained its previous day’s value of N460 to the dollar in Lagos.

to everything in a democratic setting is adherence to the rule of law. There lies the solution to our problems.

“Let us try to encourage the independence of the judiciary so as to ensure the rule of law.

If everyone realises that they are subject to the rule of law and that there are certain things that are tackled according to the rule of law and behave accordingly, it will benefit all of us,” he said.

Also, when fielding questions from State House correspondents, Senate President Bukola Saraki, who also graced the occasion, said he looked forward to seeing a judiciary that co-operates with the other arms of government.

He also expressed hope that the four years at the disposal of the newly sworn in CJN would present him with the opportunity to reform the judiciary and simultaneously guarantee its independence.

“We want to see a judiciary that also cooperates with other arms of government in implementing a lot of reforms.

And I think he has about four years, and that gives time for a lot of reforms in the judiciary.

“I am confident that with time on his side and his commitment to some of the issues he has talked about in trying to ensure that the judiciary is independent, the rule of law is adhered to, then a lot will be expected of him.

“Normally, sometimes, CJNs have a very short period of time, but he will have no excuse not to deliver on reforms

in the judiciary. We hope he does that and we wish him all the best.

“There are so many issues that he talked about when he was being screened by the Senate and he has given us the assurances and I think with the time that he has, he should deliver.

“I am confident that he will deliver and we’ll continue to support him on our own part in doing that. The same way we need to support, for example, the constitutional review that will also address some of the issues that will make the judiciary more efficient,” Saraki stated.

Also, the Deputy President of the Senate, Senator Ike Ekweremadu charged Justice Onnoghen on the protection of the rule of law and independence of the judiciary.

He made statement yesterday in his congratulatory message to the CJN, following his successful confirmation by the Senate and swearing-in

by Osinbajo.

Ekweremadu, who described Justice Onnoghen as God-sent at this point in the history of the nation’s democracy, noted that the CJN acquitted himself most creditably throughout his career, especially the period he functioned as the acting CJN and during his confirmation hearing at the Senate.

He said: “I congratulate you on this milestone of reaching the peak of your career. I commend your demonstration of candour, deep belief in the principle

of separation of powers and, importantly, the independence of the judiciary throughout your career and during your confirmation hearing on the floor the Senate.

“You have left no one in doubt of your capacity in terms of ideas and the courage to reform and reposition the judiciary as well as defend its independence and the rule of law.

“Therefore, I can only enjoin Your Lordship to live up to your assurances to the Nigerian people and pedigree in order to preserve and nurture the nation’s democracy.”

Ekweremadu wished the CJN a successful and memorable tenure.

BUHARI CONGRATULATES ONNOGHEN AS HE’S SWORN-IN CJN contending with a credibility crisis.

Osinbajo also tasked the CJN not only to revive Nigerians’ confidence in the embattled judiciary but also to sustain it, lamenting that confidence in the third arm of government as the last hope of the common man had been eroded.

He further noted that since judges voluntarily take up the responsibility of adjudicating justice, they were expected to exhibit higher moral and ethical standards than other citizens, with emphasis that their actions and attitudes must reflect their sense of uprightness.

“From this day, March 7, 2017, Justice Onnoghen becomes the custodian and protector of the highest duties that society owes its people – fairness, justice and truth. The responsibility is an awesome one.

“It is the closest that man serves to the Almighty God, having the powers over lives, livelihoods and the future; having the power to give and indeed to take away power, and the authority to supervise all men and women to whom our law and constitution have given the position of judgeship.

“Since we do not force men and women to be judges, they voluntarily take on the position of high priests in the temple of justice. They will of course be held to a much higher standard, a much higher moral and ethical standard than the rest of us.

“They must not only be seen to be just, they must be just

indeed. The mere perception of judicial malfeasance poisons the waters of justice let alone the reality, while delays in the administration of justice often defeats the ends of justice.

“My Lord, you assume this position at a crucial time in the history of our nation. It is a time when all arms of government have suffered the loss of confidence of the people of this nation and it is so also with the judiciary.

“It is a time when our lords and justices of our courts are called upon to resuscitate that confidence that the people of this nation want to have in the institutions of government and indeed in the judiciary.

“I pray that your tenure will revive and sustain that confidence,” Osinbajo said.

He also disclosed that he had a discussion with Buhari on Monday during which he said the president asked him to convey his best wishes to the new CJN, adding that he was of the firm belief that his emergence as the CJN at this moment was a right choice.

“Yesterday, I had a discussion with President Buhari; not only did he extend his personal warm wishes and congratulations, he asked that I personally convey that to you, and I do so now.

“I congratulate you on behalf of Mr. President, all members of your family and the entire judiciary.

“I believe that the choice that the people of this nation have made is a right choice indeed and I pray that you will live

up to all of the expectations indeed.

“I pray that the Almighty God will guide and direct you as you deliver on all of the promises and expectations of the people of this nation,” he added.

Responding, Justice Onnoghen pledged to ensure the independence of the judiciary and implored all and sundry to adhere strictly to the principles of the rule of law.

He also canvassed the support and cooperation of all the justices of the Supreme Court in the discharge of his responsibility, disclosing that he was glad to have kept a date with history by his appointment.

Justice Onnoghen expressed his gratitude to God for his appointment. He also thanked Buhari for his appointment and the Senate for confirming him, saying he saw the appointment as a privilege.

He also thanked Nigerians whom he said looked forward to his emergence as CJN through prayers and fasting, and encouraged them to deploy the same spirit to pray for the peace of the nation.

Justice Onnoghen sought the support of every citizen and advocated the need for co-operation and collaboration among the three organs of government, insisting, however, that adherence to the principles of the rule of law was nonnegotiable.

“On my part as the head of the judiciary, I assure you that from past experience, the key

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LASG to Transform Onikan, Marina Axis to Tourism Hub Unveils plan for new museum

Lagos State governor, Mr. Akinwunmi Ambode has unveiled plans by his administration to transform some landmark areas in the Marina and Onikan axis of the state to a world class one-stop recreation and tourism centre.

A statement by his chief press secretary, Mr. Habib Aruna said the governor spoke on Monday at the Eko Hotels and Suites during the presentation of “Museum Possibilities” as well as the unveiling of the design for a new museum.

Ambode also disclosed that the state government would soon commence the construction of a brand new contemporary museum in Lagos as an integral part of its overall strategy to become self-sufficient and secure the future prosperity of the state.

He lamented that despite the fact that Nigeria is blessed with a very rich culture and heritage, the culture and traditions upon which the social institutions and interactions are built have been neglected, saying youths do not have a strong appreciation of the nation’s history over the years.

Ambode said his administration decided to lead the process that would deliver a new museum that would showcase the priceless treasures of Nigeria, adding that the project will be funded by the state government and other well-meaning donors, interested organisations and individuals.

“Every society must cherish its historical antecedents because they serve as a source of inspiration for succeeding generations to discover, appreciate, and take pride in their identity.

“It has become very

imperative that we take a step back and revisit our history. It has become important that we renew efforts to preserve and protect our history and historical artefacts.

“This project will serve generations of Nigerians now and in the future. Our plan is to harness the potential in our rich cultural heritage to drive tourism in Lagos State,” Ambode said.

He said aside the plan for the new museum, the state government had already taken on the project to revive the National Museum in Onikan, in collaboration with the Federal Ministry of Information and Culture especially the minister, Alhaji Lai Mohammed.

Elaborating on the transformation of the Onikan and Marina axis to a tourism and entertainment hub, Ambode said that the Presidential Lodge, Marina, which was recently handed over to the state by President Muhammadu Buhari, would be redeveloped into the Lagos Heritage Centre for Leadership.

“In addition, the Lagos House, also in Marina, will be transformed into the Lagos Historical Centre. The JK Randle Arcade will be remodelled into a world class recreation/tourism centre.

“The new museum will complement and be an important part of the structures being planned for this axis. We intend to regenerate this axis and the museum into an iconic structure that will invoke a deep sense of pride in all Nigerians.

“This is the new possibility that is being presented to all stakeholders in the tourism sector and all Nigerians. On

L-R: President, Society of Nigerian Artists & Founder, Omenka Art Gallery, Mr. Oliver Enwonwu; Artistic Director, Centre for Contemporary Art, Lagos, Ms. Bisi Silva; Minister of Information and Culture, Alhaji Lai Mohammed; Founder, Nike Art Gallery, Chief Nike Davies Okundaye; Lagos State Governor, Mr. Akinwunmi Ambode; Director General, National Commission for Museums & Monuments, Mallam Yusuf Abdullah Usman; Founder, Omooba Yemisi Art Foundation, Mr. Oluyemisi Shyllon; and acting Commissioner for Tourism, Arts & Culture, Mrs. Adebimpe Akinsola during the presentation of Museum Possibilities organised by the Lagos State Ministry of Tourism, Arts & Culture in partnership with the Federal Ministry of Information & Culture, in Lagos… Monday our part, our commitment is unshaken and we are eager to make this dream a reality within the shortest possible time.

“Given the mega city status of our state, we believe this is the right way to go in order to optimally harness the state’s tourism potential for wealth creation and sustainable growth,” the governor said.

Ambode, while also thanking President Muhammadu Buhari

for the fatherly role he has played on behalf of the nation in the partnership, expressed confidence that through the effort, the government would realise the huge possibilities that flow from the preservation and showcasing of the nation’s cultural heritage to the world.

Also speaking, Lai Mohammed commended the state government’s efforts to create an enabling environment

for tourism and the creative industry to thrive, especially in the areas of security, light infrastructure and transportation.

He said the federal government has also set up a Presidential Special Committee on E-Business to improve the ease of doing business in Nigeria, especially in the area of visa issuance, so as to encourage investors, tourists and visitors coming into the country.

Persons that graced the occasion included the Oba of Lagos, Alhaji Rilwan Akiolu I; Obi of Onitsha, Igwe Alfred Achebe; Senator Ben MurrayBruce; Mr. Guy Bruce; respected artist and sculptor, Mr. Bruce Onobrakpeya; art collector extraordinaire, Omoba Yemisi Shyllon; stakeholders in the creative industry; and members of the diplomatic corps, among others.

Sunny Ade Named ‘Change Begins With Me’ Ambassador Olawale Ajimotokan in Abuja The Minister of Information and Culture, Alhaji Lai Mohammed, has appointed juju music maestro, King Sunny Ade, as the federal government’s ambassador for the “Change Begins With Me” national re-orientation campaign.

Speaking in Abuja on Monday when he received the world-renowned musician on a courtesy visit to his office, the minister described Sunny Ade as an icon and a trailblazer, who has reigned in the music industry for over 50 years

without blemish.

He said: “We are looking for people like you that the younger ones can look up to.

It’s not just that you have been around for fifty years but you have been around for fifty years without any single stain on your person and that is very hard.

“Most people in your position would have had one issue or the other such that their integrity would be at stake.

But your integrity is as strong, if not stronger than when you started.

“So it would be a pleasure if you can accept to be our

ambassador of the Change Begins With Me. “I want the younger ones to look up to you and see that they can actually get to the top without cutting corners. That is exactly what you have done.

You have never cut corners and you have gotten to the top.”

Mohammed said after performing music for fifty years, the energy, dexterity and the passion exuded by Sunny Ade have remained amazing and a source of inspiration for younger artists.

He hailed the musician for promoting the juju music

genre to enviable heights, with an originality that has made imitating his music an exercise in futility.

The minister said this current administration was paying more attention to the development of the entertainment industry because of its vast potential in generating employment and creating wealth.

He however said having studied the industry, he had come to the conclusion that there was a systemic weakness in the industry, especially the inability of government to adequately protect the

intellectual property rights of the nation’s artists, an issue he said his ministry was now tackling with stakeholders.

Mohammed said he had set up a ministerial task force on the creative economy as a deliberate strategy to explore ways of turning the creative industry into a viable avenue for investment by the private sector.

While accepting the offer to serve as the ambassador for the Change Begins With Me campaign, Sunny Ade pledged to partner with the Ministry of Information and Culture

to move the nation forward.

“You don’t need to say much.

This is what I love to do and it has been part of me. We are ready to do that officially throughout the whole world,” he said.

Sunny Ade thanked the minister for the uncommon passion he has shown for the entertainment industry, especially by encouraging artists to achieve their potential and contribute to nation building.

He also thanked the minister for attending his 70th birthday celebration, which was held recently.

governments of the Lake Chad region to step up and respond to the crisis before it is too late.

“Part of that crisis is terrorism and we stand with the government and people of this region and particularly the government of Nigeria in confronting Boko Haram in the Lake Chad Basin region.

“The UN Security Council applauds the works of the MNJTF. “Talking about the UN sending a peacekeeping force: that has not been requested by the government of Nigeria, I am aware. That we can do as a bilateral agreement with the government of Nigeria,” he added.

Also, the UN Humanitarian Coordinator, Ambassador Edward Kalom, said that the magnitude of the crisis in Nigeria was of global concern.

Kalom said that UN had mapped out strategies to reach 6.9 million of the most affected internally displaced persons (IDPs) and refugees in the Northeast, out of the 8.5 million that need humanitarian assistance before 2019 general election.

He said: “We are talking about 14 million people that are affected by the Boko Haram crisis in Northeast Nigeria and about 8.5 million of these people need urgent humanitarian assistance.

“And the UN has prepared a 2017 humanitarian plan to reach about 6.9 million of the most affected people in Northeast Nigeria and I want to repeat that we have a timeline of 18 months to address the serious humanitarian situation in the region.

“This is because after 18 months, the government of Nigeria will be busy with elections. And elections in this clime may affect how we address the humanitarian crisis.

“And in this regard, we congratulate the government of Nigeria and Cameroun for signing the tripartite agreement with the UNHCR last week.”

UK: JONATHAN’S GOVT DID NOT REJECT HELP TO RESCUE CHIBOK GIRLS station, Arise News Network, the British High Commission yesterday said the allegation that the RAF was over the area for a number of months and actually located the girls within weeks, but the Nigerian government under former President Goodluck Jonathan turned down its offer to rescue the girls, “was false”.

Also reinforcing this, the UK’s Permanent Representative to the United Nations Security Council and head of the delegation to the Lake Chad region, Ambassador Mathew Rycroft, dismissed the allegation when the question was put forward to him during a press briefing on Monday.

“The British High Commissioner briefed me on that today (Monday) and said that the allegations are not true,” Rycroft said.

When pressed for further clarifications by Arise TV, he directed all enquiries to the British High Commissioner to Nigeria.

However, the British High Commission, in its statement, said “a more cordial, collaborative and unified approach between Nigeria and her allies than the reported differences was used”.

The statement added: “UK worked with the US and France to provide a range of military and intelligence support to the Nigerian government in their

search (for the Chibok girls), and in fact, a wider effort to address the longer term challenge of terrorism.

“But importantly, we won’t comment on specific additional details, which is a matter for the Nigerian government and the military.”

Jonathan, in reaction to the story, has already dismissed the allegation as patently false.

Speaking on the overall objective of the visit, Rycroft said the Boko Haram crisis was “one of the most neglected crisis and we want to shine a spotlight on that crisis”.

The envoy also urged the global community including the

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

Senate Orders Customs to Suspend Verification Order to Motorists Calls action illegal, ridiculous Omololu Ogunmade in Abuja The Senate yesterday ordered the Nigeria Customs Service (NCS) to henceforth halt its recent order directing all vehicle owners to visit nearest NCS zonal offices to verify the payment of their vehicles’ customs duties within one month or face dire consequences.

The upper legislative chamber therefore ordered the agency to suspend the directive until it has duly appeared before the Senate to brief it on the rationale behind the move.

Rising under Order 42 of the Senate Standing Rules, Deputy Majority Leader, Bala Ibn Na’Allah, who described the NCS circular as ridiculous, said the agency failed to present a clear-cut guidelines on which category of vehicles would be affected by the directive.

According to Na’Allah, the implementation of such ambiguous circular will create a huge discomfort for innocent Nigerians, bearing in mind that it has already caused significant anxiety among citizens.

Against this background, the Senate ordered the NCS to suspend all moves towards implementing the directive and also resolved to engage the Service with a view to ensuring that it comes up with acceptable policies to Nigerians in a typical democratic setting.

“Mr. president, the basis for being here as parliamentarians is to define the rule of engagement between us and those who elected us into this very, very coveted office, to the effect that we would all swear to uphold,

protect and defend the Constitution of the Federal Republic of Nigeria and the law. We already have an existing law called the Nigerian Customs Service,” he said.

While describing the directive as ridiculous, Na’Allah challenged his colleagues to uphold the oath they swore to by resisting any obnoxious policy meant to further complicate life for already troubled Nigerians.

According to him, it was the responsibility of the NCS to ensure the verification of customs duty at the right time, insisting that any attempt to shift the task of such verification to Nigerians must be absolutely rejected.

“Mr. President, by that law, we are all aware that the area of operation specifically designated for this service is principally our borders and we are aware of the fact that this is the situation and unable to find the specific provision of the law that the comptroller of customs relied upon to issue this circular.

“I think we have a compelling need to protect the Nigerian public against this arbitrariness. I ask if I buy a car eight years back for example, duly registered and I live in Sokoto, and then, you require me to come to Kaduna to know whether my customs duty is authentic or not. What you are requiring from me is even outside the provision of the law.

“It is the responsibility of the Nigerian customs to verify this document and if they now shift it back to the citizens to determine whether what they have is authentic or not, I think it’s sufficiently ridiculous to call the attention of

this Senate to say no to this kind of arbitrariness,” Na’Allah stated.

The circular issued by one Joseph Auta last week on behalf of the NCS had stated that the Comptroller-General of Customs, Hameed Ali, advised all persons in possession of vehicles to seize the opportunity of available grace period of March 13 to April 12, 2017, to pay up their appropriate duties to avoid being victims of aggressive anti-smuggling operations.

The anti-smuggling operations, the circular added, would witness the prosecution of owners of perceived smuggled vehicles after the expiration of deadline on April 12.

Na’Allah recalled how the circular further stated that “for the avoidance of doubts, all private car owners who are not sure of their authenticity of their vehicles’ customs documents can approach

the zonal office to verify with a view to complying with the provisions of the law.”

Supporting the motion, Deputy Senate President, Ike Ekweremadu, highlighted the excesses and outrageous policies of NCS as he recalled how the Senate last week adopted a motion decrying the harassment of traders in SangoOtta, Ogun State, by men of the Customs who violently took away purchased items from the market under the guise of non-payment of appropriate customs duties.

He said it was unfortunate that the Senate was yet considering another outrageous move of the agency which he said was attempting to foist illegality on the citizenry in its drive to generate more revenues.

He also said the NCS lacked the power to impose punishment on Nigerians over deeds committed

in the past, arguing that even though the constitution vests the National Assembly with the power to make laws for the federation, the legislative institution does not possess the power to impose penalty on anyone over perceived wrongs of the past and much less a mere agency like the NCS. “Today, we have been inundated with again another development where owners of cars bought many years ago are being asked to come back and show customs papers or pay appropriate customs duties.

Let me also say that we share the concerns of the customs boss on raising revenue to run our country but unfortunately it cannot be at the expense of common sense and illegality.

“Government is run on the principles of checks and balances.

It is our responsibility to call the executive to order where

recklessness is introduced in governance of any country and I believe that our constitution is clear on who does what at any time. If you look at Section 4 (1) of our constitution, it states that the executive power of the Federal Republic of Nigeria shall be vested in the National Assembly of the federation which shall consist of the Senate and House of Representatives.

“It does not include the Customs.

Not even the National Assembly itself can impose punishment on crime that was committed years ago. It cannot happen. If we cannot do that, the Customs cannot do that either. What they are doing is totally unacceptable and we must say no to it,” Na’Allah insisted.

Customs Agents, Shippers Disagree over NCS Policy on

Cont’d from page 51

NCAA Declares Kaduna Airport Ready for International Operations Chinedu Eze The Nigerian Civil Aviation Authority (NCAA) has declared the Kaduna International Airport fit and ready for 24 hours of local and international operations.

In a statement issued by the agency and signed by its spokesman, Sam Adurogboye, NCAA said all necessary steps to ensure that the status of the airport as an Alternate Airport to the Nnamdi Azikiwe International Airport, Abuja, (NAIA), during the closure have been put in place.

“The navigational aids have been well calibrated and fully functional to facilitate continuous smooth landings and takeoffs.

“Therefore, towards a seamless flight operations in line with Standard and Recommended Practices (SARPs), all relevant departments and directorates with full complement of staff have been redeployed to Kaduna from the aviation agencies,” the agency said.

It added that the Regional Managers of NCAA Abuja and Kaduna offices are on ground to allow for smooth integration of the additional staff coming to Kaduna.

“To sustain the safety and security of airline operations, a team of Aviation Safety Inspectors (ASI) from the Directorate of Airworthiness Standards (DAWS), Directorate of Consumer Protection, (DCP), Directorate of Air Transport

Regulations (DATR), Directorate of Aerodrome and Airspace Standard, (DAAS) and aviation security personnel are already at the airport,” the agency also said.

It disclosed that the National Security Committee has designed and got approval for the security programme to cover the airport and its environs during the six weeks closure.

“All the relevant aviation agencies, the Regulatory Authority, (NCAA), Federal Airports Authority of Nigeria (FAAN), Nigerian Airspace Management Agency (NAMA), Nigerian Customs and Excise, (NCS), Nigerian Immigration Service (NIS), Nigerian Police Force and other security services etc are all at the airport to provide unhindered facilitation of passenger traffic and flights.

“At the commencement of flights, it is expected that the Ethiopian Airlines will be the first scheduled airline to arrive the Kaduna International Airport upon the closure of Abuja Airport,” the statement.

The federal government plans to close the Nnamdi Azikiwe International Airport, Abuja effectively today to allow for extensive repairs on the runway.

NCAA assured all passengers that “all hands are on deck to conduct a safe and secure air transport operations at all airports in Nigeria.”

CONGRATULATIONS

R-L: Acting President , Professor Yemi Osinbajo (right), decorating the new Chief Judge of Nigeria, Justice Walter Onnoghen, with award of Grand Commander of the Order of Niger (GCON), shortly after taking oath of office at the Council Chambers of the Presidential Villa, Abuja...yesterday .GODWIN OMOIGUI

Ignore Dabiri-Erewa’s Advisory on Non-essential US Trips, Foreign Affairs Minister Tells Nigerians Alex Enumah in Abuja The Minister of Foreign Affairs, Geoffrey Onyeama, yesterday called on Nigerians desirous of travelling to the United States of America for legitimate reasons to feel free to do so as relations between Nigeria and the US had not changed.

Onyeama, while assuaging fears that Nigerian nationals are being turned back at entry point into the US, maintained that no Nigerian with a full valid entry visa was denied entry to the US as being widely circulated.

The minister stated this in Abuja while responding to questions from journalists on a US travel advisory issued by the Office of the Special Adviser to the President on Foreign Affairs and Diaspora.

“On the issue of Nigerians being turned back from the US, this is not the case. If government is speaking on any external relations, you will hear it from the Ministry of Foreign Affairs or the presidency,

any other source is not from the government,” the minister stated.

Onyeama, while adding that the government relies on reports from her embassies across the globe, was emphatic that there was no report of any Nigerian being turned back from entering the US. “We have embassy at almost 114 countries around the world and we rely on their reports. We have absolutely no report whatsoever from the US that our people are being turned back from the US or any of our consulate or any Nigerian that any of our people was turned back,” he stated.

The minister however advised Nigerians to be wary of information emanating from social media, stressing that a large per cent of such information is not only untrue but can be very misleading. ``You need to look at the sources of the information; if that is the case, the government is obliged to take it up that Nigerians with a valid entry visa are being turned back. ``I am in touch with the US

embassy and the ambassador said there was nothing of such nature. ``I can tell you to ignore any call on the advice to reconsider travelling to the US because there is no basis for that,” he said.

According to him, the US Secretary, of State while describing the cooperation between the two states as exemplary, reiterated that Nigeria is not on the ban list of the US Government. ``Anything you hear in respect of the US is incorrect, so any one that has valid document to go to the US or any other countries should please proceed to do so,” he stated.

Only two days ago (Monday), a statement from the office of the Senior Special Assistant to the President on Foreign Affairs and Diaspora matters, Hon. Abike Dabiri-Erewa had issued a statement, advising Nigerians who do not have pressing or urgent needs to visit the US to suspend their planned trips until there is a better understanding of the new immigration policy of the US.

However, a Nigerian, Mr. Olaniyi Femi who spoke with THISDAY, narrated his experience on his recent trip to the US. Femi said:“I travel to US on February 21, 2017, with two years valid multiple visa. When I got to port of entry in Los Angeles, the immigration officer directed me to one BPD official who interrogated me and I answered him politely.

But when he had nothing to hold me on, he said I should come for biometric to know whether I have any criminal offence. I told him that I was not a criminal; that he should go ahead.

“Later he brought some documents and directed that I should sign. I told him that I would need to read before I sign.

He quickly withdrew the document and put me in a cold cell for four days. He collected all my phones so that I would not have access to my family. He later revoked my visa and returned me back to Nigeria. Honestly, this is unfair.

Nigeria needs to do something.”

T H I S D AY WEDNESDAY MARCH 8, 2017

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COMMENT

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

FESTIVAL OF THE BEASTS (2)

Sonnie Ekwowusi argues that the ongoing reality show, BBNaija, is in bad taste

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ou may be well aware that Prime Minister David Cameron of Britain has marked out concrete ways to block access to online pornography in the United Kingdom. Cameron has repeatedly warned the British public that internet pornography is capable of “corroding childhood”. According to Cameron, “watching porn itself puts the country’s security in danger, encourages violent acts, unacceptable behaviour in society, exploitation of children and lowers the dignity of women.

China’s internet filtering methods are very wide and more extensive than in other countries. In Russia, an internet user cannot browse pornography. Why? Because Russia has blacklisted certain character-damaging internet sites that are considered dangerous in Russia. For example, in July 2012 the state of Duma enacted a law that calls for blacklisting of certain internet sites especially those that promote drug usage, advocate suicide or contain child pornography as a means of protecting children from their harmful contents.

If other countries have devised various measures to rid their countries of online and TV pornography capable of destroying their people especially their young ones, what measures are being put in place in Nigeria? Nothing. Of course, there are copious laws in Nigeria that prohibits all sorts of things. But the tragedy is that these laws are hardly enforced by the law enforcement agents. The Police, LASMA, VIO and other funnylooking human beings in funny uniforms are more interested in laying siege to the country’s expressways and extorting money from innocent motorists than the law enforcement functions.

Last Friday a chief magistrate who presides over a family court in Lagos confirmed to me that many of the rape cases pending in our magistrate courts are cases involving young persons. Comparative study of rape rates in the United States of America, Scandinavia, Britain, Australia and New Zealand found a correlation between the availability of pornography and high level of rape and sexual violence. In Australia, for instance, the uniform crime data actually support the case for an increase in rape rates after the liberalisation of pornography in Australia. Most perpetrators of sexual violence and girl-child rape are pornographic addicts. Besides, it has been shown that addiction to pornography destroys marriages and children proper upbringing. Therefore if Nigeria does not want to be overwhelmed by high incidence of rape and sexual violence it should tackle TV pornography such as the on-going Big Brother Nigeria TV reality show. Those who still maintain that the airing of Big Brother Naija nudity show is in order because the show is privately subscribed through the DsTV are, with due respect, very wrong. One cannot privately subscribe to commit a crime in Nigeria. Obscene publications, indecent and disorderly exposure in public places, marketing and dissemination of pornography and nudity whether privately subscribed via DsTV or not are offences under the various Nigerian laws and African Regional Instruments such as the Declaration on the Rights

PROGRAMMES ON DSTV AND OTHER CABLE SATELLITES MUST RESPECT THE CULTURAL AND PHILOSOPHICAL CONVICTIONS OF THE NIGERIAN PEOPLE

and Welfare of the African Child (1979); African Charter on Human and People’s Rights (1981), African Charter on the Rights and Welfare of the Child (1990) and the Convention on the Rights of the Child (1989). Therefore the airing and dissemination of Big Brother Nigeria pornography, whether through private subscription via DsTV or not is a punishable offence in Nigeria.

Consequently, the National Broadcasting Commission (NBC) cannot argue that it has no control over Multichoice and DsTV because they are under private subscription. The mission of the NBC is to ensure that broadcasting positively influences societal values in Nigeria in order to improve and strengthen the social, cultural, economic, political and technological values of the nation and set agenda for public good. Therefore the NBC cannot argue that it has no control over programme privately subscribed via DsTV. Article 3.7.0 of the NBC Code states that “the sanctity of marriage and family life shall be promoted and strictly upheld” in the programs shown on TV. Articles 3.7.0 to 3.8.10 of the NBC Code prohibit any programme that promotes obscenity, nudity, sexual scenes, pornography, lewd or profane expressions, prostitution, homosexuality, lesbianism from being aired on TV. Article 3.9.1 of the NBC Code stipulates that womanhood shall be presented on TV with respect and dignity. Sections 2(1) (n) and 9(3) of the NBC Decree require the NBC to apply sanctions, including revocation of licenses of defaulting stations which do not operate in accordance with the NBC broadcast Code and in the public interest. Therefore the NBC is the statutory body charged with regulating the ethical standards and technical excellence in the entire broadcast industry in Nigeria, including DsTV and other cable television services.

Consequently the House of Representatives’ Committee on Information and National Orientation should wield the big stick as in the past and immediately stop the airing of Big Brother Nigeria. We must uphold the Nigerian cultural heritage. Nudity is not our culture. Obscenity is not our heritage. On its part, the NBC should impose a punitive fine on Multi-choice. Freedom of expression including freedom to hold opinion to receive and impart ideas and information without interference which is enshrined in section 39 of our 1999 Constitution is also curtailed under section 45(1) of the same constitution to the effect that “Nothing in section 39 shall invalidate any law that is reasonably justifiable in a democratic society: in the interest of defence, public safety, public order, public morality or public health”. Therefore, freedom to air Big Brother Nigeria must be balanced with the security of the state, ordered government and the need to promote public morality. No freedom is absolute. As I earlier argued, Multi-Choice is not above the law. Programmes on DsTV and other cable satellites must respect the cultural and philosophical convictions of the Nigerian people. They must not violate our cultural heritage.

BE BOLD FOR CHANGE

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Government must invest more in young people and women, writes Mabingue Ngom

o ‘be bold for change’ governments must take the bold step to put money in smart investments. Two of the smartest investments for Africa are investing in young people and in maternal health.

The theme of this year’s International Women’s Day, Be Bold for Change, echoes the need for bold action to accelerate gender parity, eliminate maternal mortality and invest in young people especially young women and girls. Taking bold action requires setting the right priorities, ensuring equitable distribution, and avoiding the costly mistakes of the past. Therefore the most important question is ‘where do we put our money, time and resources to get the maximum return?’

While motherhood is often a positive experience, for too many women it is associated with suffering, ill-health and even death. Yet, almost all these deaths can be prevented. Africa has the highest maternal mortality burden in the world. For example, although West and Central Africa accounts for 6% of the world population, it contributes to 40% of the world maternal mortality burden.

Smart investments can be defined as ‘investments that put people first and prioritise those most in need, and have high-payoffs for improved well-being and quality of life, poverty eradication, economic growth and sustainable development, with multiplier and inter-generational effects that will yield benefits for decades to come’. Two of these smart investments are (a) investing in young people and (b) investing in maternal health.

The world currently has the largest generation of young people in history with three billion, or 43%

of the world population, is under 25 years of age.

Almost half of them, or 1.2 billion, are adolescents (10-19 years old). Of this 1.2 billion adolescents, 230 million are in Africa. Africa has an estimated population growth rate of 2.5%, twice as high as the global average of 1.2%. This youthful population is Africa’s greatest asset if carefully managed but could be a ticking bomb if ignored. Many of these young people are living in poverty and have limited opportunities, are out of school, out of work, and facing violence, abuse, and exploitation. They are susceptible to radicalisation by extremist groups.

Investing in young people is key to reaping demographic dividend, the boost to economic growth that happens when countries have a growing number of working age population relative to dependent population (i.e. children and elderly) and therefore spend less on dependents, save more and have more disposable resources to invest.

According to a study by the World Bank, keeping girls in education in developing countries could yield higher returns than any other type of spending. An extra year of primary school can increase women’s eventual wages by 10-20%, and an extra year of secondary school increases them by 15-25%. Raising the share of women with secondary education by one percentage point boosts a country’s annual per capita income growth by an average of 0.3 percentage points. Adolescent childbearing translates into opportunity costs for national economies.

In addition, keeping girls in school reduces teenage pregnancy. Teenage mothers tend to have larger family sizes, are poorer and their children are more likely to drop out of school. Early marriage

and early pregnancy perpetuate a vicious cycle of illiteracy and poverty which is a recipe for social turbulence, radicalisation and insecurity. Keeping girls in school, ending child marriage and preventing adolescent pregnancy increases economic productivity and national Gross Domestic Product (GDP).

In addition, girls who get married before 18 are physically and emotionally immature to become mothers. They (as well as their babies) are more likely to die or develop vesicovaginal fistula (VVF) during childbirth.

In order to convert the large population of young people into a resource and reap the demographic dividend, the government needs to empower, educate, and provide health services and create a favourable business environment for employment of young people especially young women and girls.

Empowered young people will propel their families, communities and the nation towards development and poverty elimination.

Another smart investment is giving everybody access to maternal health. Maternal health problems undermine poverty eradication efforts and the achievement of gender equality, drain household incomes and public budgets, lead to poor health and poor educational outcomes, lower productivity and women participation in labour force, and results in missed opportunities for economic growth.

Access to modern contraception, especially for young people, is an essential element for reaping the demographic dividend, an opportunity which Africa is poised to seize. Access to voluntary family planning could reduce maternal deaths by a third (30%) and child deaths by as much as one fifth (20%). This amounts to averting over 12,000 maternal deaths

and 100000 under-five deaths per year in Nigeria.

Nigeria is the most populous African country. For this bold change to have a significant effect in Africa, it must occur in Nigeria. A change in Nigeria will have obvious positive externalities in the rest of the continent and all over the world. Bold engagement in Nigeria is therefore an important step toward on the Africa We Want but also the World we want by 2063. Worldwide, maternal deaths and subsequent newborn mortality are estimated to generate annual productivity losses of US$15 billion every year.

This represents a loss of 1.5 billion USD every year for Nigeria. Saving lives has high returns on investments - achieving universal access to maternal health services could yield a return of $120 for every dollar spent. African countries as well as the international community stands to pay a high price if no bold action is taken to invest in young people and maternal health. The costs of not taking action now on these critical developmental issues means that poverty eradication efforts will be undermined, economic growth slowed, inequalities sustained, and countries will miss out on a vast source of human capital needed to take sustainable development forward in the 21st century.

While this is the role of the government, the mandate of the United Nations Population Fund and an area of interest of many organisations, the role of the community and individual champions cannot be underestimated. In particular, we need high profile public advocates for maternal health and the rights of young people to reach their full potential in Africa.

Ngom is Director for West and Central Africa Region, United Nations Population Fund

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

EDITORIAL AGAIN, TOXIC WASTE DUMP IN KOKO

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The latest dump raises anew the need to sensitise Nigerians to the danger of radioactive waste

ecent reports of alleged dumping of toxic waste, again, in Koko, a port city in Warri North Local Government Council of Delta State, were quite disturbing. Hon. Daniel Reyenieju, who brought the situation in Koko to public attention said, “The toxic waste was found to be laden with poly nuclear aromatic hydrocarbon (PAH), oil and grease, total petroleum hydrocarbon (TPH), and Benzene, Toluene, Ethylbenzene, and Xylene and some heavy metals with values higher than acceptable by the Department of Petroleum Resources, and the World Health Organisation standards.”

The trade in toxic waste is a big business with huge monetary gains for the recipients, particularly those in the developing world. Such countries are attractive for their vast plots of unused land, the low public awareness of the dangers involved, and because many local officials are willing to ignore the dangers if given financial incentive.

While we are therefore relieved that the House of Representatives has mandated its committees on Environment, Petroleum Resources, OVER 100 WORKERS Upstream and Gas FROM THE NPA WERE to investigate the EMPLOYED TO REMOVE inexplicable act, we THE WASTES AND EVEN urge the relevant THOUGH THEY WORE authorities to take this PROTECTIVE CLOTHING, as another wake-up THEY STILL CAME DOWN call for Nigerians to WITH VARIOUS FORMS OF take seriously the issue of environment.

ILLNESSES Unfortunately, this is not the first time toxic substances have been imported to Koko. In 1987, Italian businessmen Gianfranco Raffaeli and Renato Pent, of the waste broker firms,Ecomar and Jelly Wax, respectively, signed a contract with a member of Koko town, Mr. Sunday Nana, to store 18,000 drums of hazardous waste in his compound for approximately $100 a month. The waste was exported from the port of Pisa, and elsewhere in Italy, to the receiving firm in Nigeria, the Iruekpen Construction Company, owned by

Letters to the Editor

Sunday Nana. The wastes were imported as substances “relating to the building trade, and as residual and allied chemicals.”

The federal military government got to know about the toxic waste dump when some Nigerian students in Italy informed a national newspaper after the story broke in Italy. The toxic substances, which were already leaking from the drums, were discovered to be deadly. Over 100 workers from the Nigerian Ports Authority were employed to remove the wastes and even though they wore protective clothing, they still came down with various forms of illnesses, chemical burns, nausea and paralysis.

T T H I S DAY

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

CRYING MORE THAN THE BEREAVED

W

hen public officers turn on the waterworks in public for whatever reason, an alarmed public usually seeks the interpretation of those tears in line with the occasion on which they flowed as tears coming from a breed which power has made impervious and who are in a position to wipe the tears of their people would almost always be suspect.

Tears are as old as humanity and as humanity has mastered the many subtleties of self-expression, tears have come to assume a language and symbol of pain, sorrow, compassion and even joy. Indeed, in the watery language of tears, a thousand words find the symmetry of a flood.

Thus it recently happened that during a public prayer for Nigeria`s President, Muhammadu Buhari, whose continued absence from the country ostensibly on vacation has continued to stoke uncertainty and anxiety in the country, a very public officer was reduced to tears. While it is okay to cry when our hearts are so prodded by pain or sympathy, there is nothing wrong with our public officers sharing crucial puzzles of information with a public mostly famished for credible information from the highest corridors of power.

No sooner had President Buhari departed the

he federal military government forced the Italian government to repatriate the toxic waste and instituted death penalty for any trader in toxic wastes.

It also led to the recalling of the ambassador of Italy to Nigeria and the seizing of an Italian freighter. The incident also resulted in the jailing of at least 54 individuals involved in the transaction, and the banning of hazardous waste exports to developing countries by Italy, as well as the establishment of the now moribund Federal Environmental Protection Agency (FEPA) in Nigeria to enforce compliance with environmental laws.

Most waste trade (dumping) is done covertly, so there are few statistics that portray the effect it has on employment or any other types of financial indicators.

However, those who track the trade believe the price can range anywhere from “$200 to $1000 per tonne and if the materials are highly toxic, like PCB, then the price can go up to even $3,000 per tonne.” That potential financial gain from toxic waste dumping has proved to be a strong pull even for some governments. For instance, shortly after the Koko incident, the President of Republic of Benin gave a detailed explanation at the Lome negotiations of his country’s plans to import toxic waste despite the heavy disapproval of neighbouring states, Nigeria and Togo, arguing it had to do so for economic survival.

We urge the authorities to get to the root of the recent Koko allegation. They must also begin to alert Nigerians to the danger of radioactive materials that litter the national landscape.

country ostensibly on an 18-day vacation, that has now become interminable, than some quarters of Nigerians began to engage their now fabled proclivity for necromancy, and propensity for death wishes.

So many different theories and stories energetically took wings and spread like wild fire. An alarmed presidency has since been forced to release a flurry of press statements seeking to assure a country that its first citizen lives and is only subject to the natural ravages of illness.

The futility of closing the stable door after the horse has bolted is an art perfected by the current government. Where ordinary Nigerians seek information and enlightenment, they are mostly left in the dark and being a people of storied enterprise and industry, they waste no time in concocting their own stories and theories, some elaborate to the point of hilarity.

A lot has been said and speculated about the president`s state of health even after reassurances and titbit of information from an increasingly suspect media team. Yet, many Nigerians remain in stark ignorance about the state and health of a man they euphorically ushered into power and branded their messiah two years ago.

Nigeria is a country of poor information management and even poorer image management.

Kenechukwu Obiezu, Abuja

THE CHALLENGES OF NATIONAL REORIENTATION

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resident Buhari returned to power on May 29, 2015 through the ballot box on the promise that he would restore the nation`s territorial integrity, fight corruption and resuscitate Nigeria`s economy by adopting better measures than that of the previous administration. In plain terms, the president promised us change; he promised to not only restore the nation`s lost glory but also set it yet on a new track that would eventually see it get to the land of promise.

This meant that the president promised to shutdown, reset and restart the nation. And this doubtlessly cannot be done without resultant repercussions on the citizenry. As it has come to happen, the policies adopted by the Buhari-led administration have subjected the people to untold hardship. Therefore, since we are in a democracy, Nigerians should be engaged by government to let the citizenry be aware of its policy directions so as not to have us lose hope for a greater Nigeria and therefore keep faith in the incumbent leadership.

In this regard, the importance of the National Orientation Agency (NOA) to the success of the Buhari administration cannot be overemphasised.

The NOA was established in 2005 as an agency under the Federal Ministry of Information to facilitate in communicating government policies

to the people, get acquainted with their opinion, encourage patriotism and promote the unity and development of Nigeria.

Given its set objectives, the NOA is challenged to provide the needed platform on which government can talk to us as well as hear from us and rally our support for national development. This is to say that the NOA is a vehicle, which if effectively and efficiently steered can facilitate President Buhari`s efforts at repositioning Nigeria to greater heights. It may thus be in place to say that the desire for NOA to meet its objectives has never been as high as it is today.

Now, the aforementioned only highlights the much that is highly expected from the NOA Director General, Dr. Garba Abari. The task before him is enormous and the earlier he understands this, the better. After having man the agency for some time now, the music and thus the dance at NOA are expected to start changing. While, however, it is true that the DG has so many challenges to overcome, it is also true that no challenge is insurmountable.

One of the major challenges the NOA appears to be facing is that it exists virtually only at the center.

Its presence at states and local levels is relatively inconspicuous. Its states offices appear to be passive for obvious reasons.

Mukhtar Jarmajo, dattuwamanga@gmail.com

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MIDWEEKPOLITICS

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

THE NEWSMAKER

Argument over Zoning Resonates in Ekiti

The issue of zoning is gradually building up among politicians in Ekiti State ahead of the 2018 governorship election, writes Victor Ogunje

S

ince the All Progressives Congress (APC) lost control of Ekiti State after the 2014 governorship election, the Governor Ayodele Fayose-led Peoples Democratic Party (PDP) government has worked rigorously to take full control of the state’s politics and its seems to be gaining more grounds.

The challenge before the All Progressives Congress (APC) leadership in the state has therefore been how to bring the party back to reckoning by reclaiming the state from PDP. The opposition leaders are not oblivious of the fact that with Fayose in the saddle, the party faces a daunting and herculean task to bounce back. This is why the leaders are thinking outside the box to put the APC in a position to undo the PDP. In scheming to defeat Fayose, some of his records in Ekiti State must have been highlighted to underscore his strength. For instance, he has unmatched records in the politics of the state.

He trounced two incumbent governors, Otunba Niyi Adebayo and Dr. Kayode Fayemi at two different polls to emerge governor twice.

This record paints an aura of an enigma around him Again, he plays grass root politics. His followers consider him as the most astute and shrewd politician in the state.

However, Governor Rotimi Akeredolu’s victory in neighboring Ondo State has reinforced in APC handlers in Ekiti that the party could replicate such feat in the PDP controlled state. Ondo too was under the PDP control before APC snatched it through Akeredolu.

So, amidst the fear that defeating Fayose could be an uphill task, taking cognisance of his acceptability, the APC has identified proper planning and unity of purpose among members as some of the key factors needed to dislodge him.

On planning, an issue that has characterised every APC forum summoned at the behest of party leaders is either to zone the governorship ticket to the South or to liberalise the process to accommodate all aspirants from other districts.

The debate has become intense and there has been no meeting point.

Fact is that the party is faced with the challenge of uniting the diverse political interests within its fold as accentuated in the battle of wit among the gladiators: the Minister of Solid Minerals, Fayemi, the APC Deputy National Chairman, Chief Segun Oni, the Special Adviser on Political matters to the President, Senator Babafemi Ojudu, and former member of the House of Representatives, Hon Opeyemi Bamidele.

A major snag presently shaking the party’s foundation like a tremor is the zoning template being proposed by party chieftains from the Ekiti South Senatorial District.

The call for zoning from the South has unified all the governorship aspirants of that extraction like former Speaker of the Ekiti State House of Assembly, Hon. Femi Bamisile, former member of the House of Representatives, Hon. Bamidele Faparusi, Senator Gbenga Aluko, an Australian based medical doctor, Dr. Wole Oluyede , Mr. Diran Adesua and Hon Funminiyi Afuye among others. Many leaders in the zone, even across party lines are also striving hard to ensure that their demand is accepted.

Their argument is that it would be unfair and a disservice to the people of the area to be shut out of power for 18 years without being allowed to have a shot at Oke Bareke Government House.

Also, feelers from Fayose’s camp reveal that the governor is considering zoning as one of the potent weapons to be deployed to overrun APC in the election. A top official of the party said: “Yes, I can tell you that Governor Fayose once had preference for someone from Ekiti Central, especially Ado Ekiti, but now he has

Fayose… supports zoning

changed his mind. I can authoritatively tell you that the South senatorial district agenda is gradually gaining ground in PDP. It will be a major factor to consider in picking our candidate.

“The people of Ikere Ekiti had openly told the governor that they will only support a candidate of southern extraction”.

As justifiable as their claim might be, it as nothing more than mere ranting to other aspirants from the other zones. While former governor Oni has not openly spoken against zoning, many of his close associates have argued that the agitation would spell doom for the party if adopted.

A member of the seventh House of Representatives, Hon Bimbo Daramola, describes the agitation as illegal and that it portrays those canvassing for it as political lightweights, who are jittery about going into the political contest.

Daramola, who was the Director General of the Kayode Fayemi Campaign Organisation during the 2014 poll, said the arrangement is a constitutional infraction, which has no recognition by the 1999 constitution as amended and the APC’s constitution. “The issue of zoning is arrant nonsense. In a civilised clime, what the people always clamour for is good standard of living as reflected in the economy and not where the person who governs comes from.

In the last governorship election, Governor Fayose, who came from the Central that had produced himself and Otunba Niyi Adebayo defeated someone from the North. So, the idea of where you came from is inconsequential to our people, provided they have implicit confidence in your personality and ability to deliver”, he said.

Daramola advised the Chief John OdigieOyegun-led National Working Committee (NWC) against breaching the party’s constitution by supporting zoning in the party. In his view, this could create unnecessary cleavage and plunge the party into litigation.

“Nobody can abridge the rights of any citizen

Fayemi… beneficiary of zoning

to contest for political positions provided he met the constitutional requirements stipulated in the 1999 constitution. APC must allow all interested aspirants to go into the primaries and whoever wins will be supported by the party”, Daramola added.

Most disturbing for APC is a subtle blackmail being allegedly deployed by some leaders of the party, claiming that the district has no credible aspirant that can withstand Fayose’s political machinery. This statement elicited reactions from Hon Faparusi, who, during his visit to the state secretariat of the party in December last year as well as and during a call at the APC leaders’ meeting held at Chief George Akosile’s residence in Igbara Odo recently, expressed strong disapproval of the campaign that the zone has no credible people that can do the state proud.

“I want to plead with you our leaders to help in amplifying the advocacy for zoning to make it sink deeper into the minds of the party leaders, both at the state and national levels. Since the people of the south rallied support for the North’s agenda prior to the 2007 elections, time has come for the two other zones to reciprocate the gesture,” Faparusi said.

Another Chieftain of the party and former commissioner in the state, Hon Funminiyi Afuye, while justifying his district’s position said: “Though, I agree that whoever emerges will be governor of all Ekiti people, but that agitation then led to the emergence of Dr. Kayode Fayemi from the then Action Congress of Nigeria and Mr. Segun Oni in the PDP. The two of them were from the North and what the South is requesting for is not out of place”.

A frontline member of the APC from the south district, Chief Dolamu Adeniyi, lambasted the critics of zoning, describing them as self-centered and egocentric individuals, who only profit from lopsidedness within the system. He said it stands logic on its head for anybody in his right senses to brand the district as lacking the people with potentials to lead Ekiti.

Adeniyi said: “All the aspirants that had signified intentions so far from the South are well qualified to occupy the coveted seat. They said many of them were mere local champions.

This, I believe was a product of ignorance on the parts of these people.

“In case these critics didn’t know, Dr Oluyede is based in Australia where he practices as a medical doctor. He has traveled far and wide across the world. He has essentially remained a Nigerian and an Ekiti man, religiously preserving and nurturing his roots. Ekiti has always been central to his intellectual, material and social investments, part of the reasons for which he was called to service.

“He was a member of the “Ekiti Knowledge Zone” – a think-tank set up by the Fayemi administration to harness the brightest of the land, to come together to develop a knowledge economy for Ekiti State.

“For Dr. Oluyede, enhancing and developing the community is a responsibility not to be taken lightly. This has motivated a history of giving back to the people. He has provided generous donations to schools and religious centres across the state, and awarded numerous scholarships to Ekiti Indigenes to study in Nigeria, Canada, Australia and the USA. More so, his unrelenting sense of care for the elderly, women and the youth of Ekiti, has been expressed through a number of noteworthy schemes and empowerment programmes.

“Given the opportunity, he will use his wealth of experience and international connections to better the lots of Ekiti people as governor of the state and he remains the best, if you look at all the aspirants that have signified their intention in all the parties”.

But as the issue continues to shake the party, the Chief Jide Awe-led State Working Committee (SWC) has not made any categorical statement to confirm or deny whether zoning will form part of the criteria for selecting the party’s governorship candidate.

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

PERSPECTIVE

MIDWEEKPOLITICS

Underscoring Saraki’s Maturity Cletus Adole writes that the absence of executive-legislative tension during President Muhammadu Buhari’s absence from the country is a testimony to the maturity and principled leadership of the NationalAssembly led by Senate President Bukola Saraki “The President’s absence and imminent return shows that there is no vacuum in government and our system of democracy is working with all organs of government fulfilling their mandate. And let me use the time tested cliché, there is no cause for alarm!” - Saraki

O

ver a month after President Muhammadu Buhari left Nigeria for the United Kingdom on vacation, the nation continues to grapple with the fallouts and challenges of his absence from his desk in a period of economic recession and political uncertainty.

Not surprisingly, the absence of the president has been the subject of public concern, feverish speculation, and cynical politicking as 2019 gets closer. But thank God for big mercies. It could have been worse, much worse. As noted by many analysts, the formal transfer of power by Buhari to Vice President Osinbajo before his departure has helped to keep the country stable. But it would be politically naïve to think that this is the only reason the country has not been torn apart by crisis.

One of the reasons the situation has not snowballed into a political crisis is the absence of legislative versus executive tension. The National Assembly under the leadership of Dr. Bukola Saraki has done a very good job of keeping things calm at a difficult time for the country. In rejecting the temptation to take political advantage of the chaotic political situation, the central legislature under the leadership of Saraki and his counterpart in the House of Representatives, Mr. Yakubu Dogara, have exhibited impressive patriotism and admirable maturity in its response to the absence of the country’s leader.

A hostile NASS leadership could easily have orchestrated events in a manner that would have fanned the flames of growing national anxiety into a full blown political crisis like the one that engulfed the nation when late President Umaru Musa Yar’Adua left the country for Saudi Arabia in similar circumstances. Factors such as the sudden decision to extend Buhari’s stay outside the country, the secrecy and lack of clarity surrounding his health status, the rumored power hijack by a “cabal” and the political jockeying could have provided a very fertile ground for political mischief, which would have put the executive in a very difficult situation and heat up the political system.

To say the obvious, the opportunities for the National Assembly to do mischief at the expense of the Executive have indeed been legion. The Presidency’s handling of the president’s health issue left many grey areas that could have been exploited by the National Assembly. For instance, the legislature could have insisted that the president and his handlers come clean on the nature of the exact ailment(s) afflicting the president in the light of speculations that he is terminally ill. They could have requested proof that the president is still mentally capable to continue in office. But NASS did not. The strong leadership provided in both houses of the National Assembly helped to ensure that these uncomfortable scenarios did not happen. In a country like Nigeria where politics is more about self-preservation than the common good, NASS as a whole deserves commendation.

But a lot of the credit should go personally to Senate President Saraki, a politician who has been marked for destruction by hostile forces within the APC establishment.

Saraki, who has been forced to endure high profile political persecution for over a

The legislature could have insisted that the president and his handlers come clean on the nature of the exact ailment(s) afflicting the president in the light of speculations that he is terminally ill. They could have requested for proof that the president is mentally capable to continue in office. But NASS did not

Saraki...watching the back of the president

year, opted to ignore his personal troubles and take the high road of patriotism and statesmanship. He chose to rise to the occasion by focusing on the achievement of peace and stability within the political system.

By doing so, Saraki has played a central role in ensuring that the adverse possibilities thrown up by the Illness of Buhari did not become negative realities. Instead of stoking tension to exploit political mischief, he has invested a lot of time and effort dousing it. Instead of playing politics at the expense of the country’s interests, he has been cooperating with the executive to keep the country on an even keel. Instead of returning the hard knocks that he has received, he has opted to cooperate with some of his persecutors in the nation’s best interest.

No doubt, the Senate president’s statement that the President is in good health

following his first phone conversation with Buhari helped to bring down the national temperature. Again, after he led the National Assembly delegation to see the president in mid-February, Saraki chose to encourage Nigerians and gave hope instead of fuelling the rumor mill. His words: “We were delighted to see that President Buhari is doing well, was cheerful and in good spirits. The president I saw today is healthy, witty and himself.” To foreclose imminent possibility of a constitutional crisis which would suit the calculations and scheming of some vested political interests, Saraki spoke with categorical eloquence: “The president’s absence and imminent return shows that there is no vacuum in government and our system of democracy is working with all organs of government fulfilling their mandate.” History is likely to record that statement as a critical intervention in the country’s democratic history and the

development of democratic culture.

As anyone who has experienced it can testify, political warfare is a tough, zero-sum game, especially when you are marked for attack. It’s even tougher to hold back when you have the upper hand. It takes a rare man and a rare patriot to rise above personal survival and personal interest in Nigeria’s often brutal political space.

But Saraki is demonstrating that, for him, national unity, stability and progress are a lot more important than politics for its own sake.

Since his colleagues chose to elect him as the Senate president against the preferred choice of the ruling party, Saraki, his wife and friends have been at the receiving end of all kinds of “government magic” as Fela would have put it. He has been docked severally at the Code of Conduct Tribunal on charges of false assets and declarations.

His wife has been quizzed by the Economic and Economic Crimes Commission (EFCC) and several of the Saraki family’s business interests are under investigation.

Not surprisingly, there is widespread speculation within political circles that these legal battles are part of an organized political scheme to punish him for daring to take on the party establishment. Powerful forces are also said to be uncomfortable with his rising political profile. Whatever may be the truth of these speculations, it is becoming increasingly obvious that, like iron, the political travails Saraki has been forced to endure are refining and toughening him and revealing strengths that many did not know that he possessed.

By choosing the path of patriotism and peace, the Senate president is demonstrating to the nation and to his enemies that it is possible to provide principled leadership even in the treacherous waters of politics.

Adole, a public affairs analyst, wrote in from Abuja

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

FEATURES

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

Expectations High After Osinbajo’s Imo Visit

The visit of acting President Yemi Osinbajo to Imo State, as part of his consultations with the oil producing communities in the Niger Delta, given hope to the restive communities, writes Amby Uneze

Osinbajo (2nd right) ,Okorocha (2nd left), Senator Ifeanyi Ararume (1st left) and deputy governor, Eze Madumere, acknowledging cheers during the Acting President's visit to Imo State...recently

T

he visit of Acting President, Prof. Yemi Osinbajo, to Imo State penultimate week as part of his consultation programme with the oil rich Niger Delta region which comprises nine states of Imo, Rivers, Bayelsa, Delta, Edo, Ondo, Cross River, Akwa Ibom and Abia states has its ripple effects on the welfare of the ex-militants who had hitherto surrendered their arms and ammunitions to the Imo State government.

As if the Acting President’s coming to the state was stage-managed to usher in new lease of life and new hope to the people of the oil producing communities of Ohaji/ Egbema and Oguta Local Governments, the youths and ex-militants of the areas were much on hand to give promise to be good citizens of the society by eschewing the habit of kidnapping, oil vandalism, cultism, unrest and other vices which were the order of the day in the recent past.

Months before the visit, the state governor, Chief Rochas Okorocha, had offered amnesty to the youths and ‘militants’ in the areas for them to turn in their arms and ammunitions, and turn a new leaf of life. This idea worked as hundreds of militants on two separate occasions converged on the Imo State Govern-

ment House, Owerri before the governor, the Police Commissioner, Taiwo Lakanu, the 84 Brigade Commander, Obinze, Director of State Security Services (DSS), traditional rulers and

The oil producing communities in Imo have a lot of vibrant young men and women who must be carried along in the scheme of things. My interaction today with those concerned has given the government the opportunity to discuss with people directly involved with a view of making sure that there is justice and even development across the Niger Delta communities

others where they laid down their arms and ammunitions.

Having noticed that if noting positive was done and fast too, the effort might be a waste of time, Okorocha inaugurated the State Amnesty Committee with the wife and First Lady of the state, Nneoma Nkechi Okorocha as chairperson and deputy Chief of Staff, Engr. Kingsley Uju as Vice Chairperson.

The Transition Committee chairmen of the oil producing local government areas of Ohaji/ Egbema and Oguta, Assembly members from the two state constituencies, the managing director of Imo State Oil Producing Areas Development Commission (ISOPADEC) and the Special Assistant to the Governor on Niger Delta, are listed as members.

As terms of reference to the Amnesty Committee, the governor charged them to come up with programmes and ideas that would ensure the sustenance of the peace recently restored in the oil producing areas of Ohaji/ Egbema and Oguta following the positive response of the Niger Delta Avenger militants fighting in the areas to the governor’s call on them to drop their guns and embrace peace.

In addition, the committee was directed to address all the issues the repented militants had raised when they surrendered.

Appreciating the plight of the oil producing

communities, the Acting President, regretted that the oil producing communities in Imo State have largely been neglected by the federal government and noted that the time had come for the communities concerned to receive adequate attention like their counterparts in other states. He even directed all Niger Delta Development Commission (NDDC) contractors handling unfinished projects in the state to return to work with immediate effect.

He told his audience that he had come at the instance of President Muhammadu Buhari to consult with stakeholders in the oil producing communities of the Niger Delta region which Imo State is one of them.

Osinbajo while at the palace of Imo State Chairman of Traditional Rulers Council, His Royal Majesty, Eze Samuel Ohiri, noted that the people of Imo State have been largely marginalised as an oil bearing state of Nigeria.

He however said the federal government would make amends. He promised that Imo would henceforth receive fair treatment from the federal government.

Also at the Imo International Convention Centre (IICC), Owerri, Osinbajo addressed a stakeholders’ forum after he equally visited the N4 billion federal government‘s skills acquisition centre at Ohaji.

He said from the lists submitted to him by

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

FEATURES

The ex-militants

various groups, Imo has over 40 abandoned projects awarded in the oil bearing areas apart from numerous road projects that are abandoned.

Osinbajo equally warned against the diversion of projects meant for the oil bearing communities by political office holders, noting that such act compound incidences of marginalisation and restiveness in the oil producing communities.

He said that the federal government was committed to injecting fresh ideas in the development of the Niger Delta area whereby the oil firms, government, corporate bodies and the host communities would come together and step up development of the areas.

“My visit here is in continuation of the consultation which Mr. President said I should do to all the states of the Niger Delta, and I can say that the oil producing communities of Imo have been largely ignored,” he said.

Assuring that the federal government would look at the ways to redress the injustice done the area by giving more attention to the state, he also promised that the issue of unfair appointment and allocation of projects raised by Okorocha, would be looked into as well, if such discrepancy existed.

He however referred to the governor’s claim on appointment, saying “You said that the highest appointment given to Imo under Buhari was Minister of State for Education, I will like to equally inform you that Katsina the home state of Mr. President, and Kaduna State where Buhari resides all have ministers of state.”

He massaged the ego of the governor when he said “If there is any governor in this country that has the listening ear of Mr. President, I will say that it is Governor Okorocha and it is not correct for the governor to say that the state is marginalised by APC-led federal government,” Osinbajo said.

The Acting President had also gone to the Egbema Gas Plant on inspection and after

assessing the facility he assured that the federal government would ensure that the facility would work to serve the purpose for which it was installed in the first place stressing that power is key to the development of the area.

His words: “The oil producing communities in Imo have a lot of vibrant young men and women who must be carried along in the scheme of things. My interaction today with those concerned has given the government the opportunity to discuss with people directly involved with a view of making sure that there is justice and even development across the Niger Delta communities.”

He assured that Imo State would get its fair share of federal projects because of its importance to the APC-led federal government.

Earlier, Okorocha had welcomed the Acting President Osinbajo to Imo, but added that the people of the state have not been fairly treated in terms of appointment and project allocation by Buhari’s administration.

He said that Imo as the state that entrenched APC party in the South-east and even fought the political battle that brought victory to the party in 2015 had little or nothing to show for their effort.

Okorocha said, “If you take better look at the situation of Imo no appointment and

There is no federal government presence in the oil producing areas, and none benefited from the federal government amnesty programme

allocation of infrastructures could Imo people boast of being better treated by the federal government.”

The governor noted that apart from Minister of State for Education which was the highest political appointment given to an Imo person, the state cannot boast of any federal project courtesy of the present administration.

Okorocha continued, “I know you are the Acting President and have the ears of the President. Sometimes we Christians don’t go to God direct, we go through his son, Jesus Christ. So there is no better person to tell our painful story than you. You need to take a second look at what is happening in the South-east.

“No serious political appointment, no visible federal infrastructure so far, to show the presence of federal government in Imo State and South-east in general. I beg that as the government gives subsequent appointments, let the qualified sons and daughters of the state be considered. Those in business be considered for federal patronage,” he said.

According to him, “Imo State played major role in bringing APC to power because if what had taken place in other states was allowed to happen in Imo State and other states in the South-east, probably we wouldn’t have had the APC government today.”

The governor also prayed that the dilapidated skills acquisition centre in Ohaji be changed to University of Niger Delta to help bring about lasting peace in the area, while the gas plant at Egbema should be made to work to help in indust rialising the area.

He added, “Given the roles that I played as a sacrificial lamb in the South-east during the elections, my state deserves more. There is no federal government presence in the oil producing areas, and none benefited from the federal government amnesty programme. I also ask for the quick refund of the money spent by the state on Imo International Cargo

Airport and on some federal roads in the state.”

Minister of State for Petroleum, Mr. Ibe Kachikwu, in his remark promised that he would assist the state recover their lost oil wells. He however, revealed that the reason why President Buhari remained Minister of Petroleum was to look directly into the sector and promptly address its affairs.

As representatives of the oil communities, Chief Jones Uzoka, an indigene of the oil bearing communities who spoke as the state chairman of Oil Mineral Producing Area Lands’s Association of Nigeria (OMPALAN) claimed that some oil wells in Imo were allocated to other states, while some were shut for no reason.

He decried the anomaly in the distribution of the 2017 budget of the Ministry of Niger Delta Affairs which placed Imo as the least allocated states even lower than Cross River and Ondo states which have the least production in the region. He said because of these the state does not get her due share as oil bearing state and called for redress of the injustice.

Also speaking, the Chairman of Supreme Council of Oil and Gas Producing Areas, Imo State, Chief Esom Goddy Obodo, reminded the federal government and the NDDC that the master plan for railway lines did not capture Imo State as one of the Niger Delta states and urged the authorities to reverse it among other demands.

Others who spoke include leader of exagitators Emeka Igwe, Godwin Obodo and representatives of traditional rulers from oil host communities who also gave list of abandoned projects in the area.

In the Acting President’s entourage were the Minister of Transport, Chief Rotimi Amaechi, Minister of State for Education, Prof. Anthony Anwuka, Minister of State for Petroleum, Mr. Ibe Kachikwu, and Minister for Niger Delta, Pastor Usani Uguru.

22

IMAGES

L R ; Olubadan of Ibadanland Oba Saliu Adetunji and Oluwo of Iwoland,Oba Raheed Adewale at the 1st Coronation Anniversary of Olubadan of Ibadanland in Ibadan...recently felix ademola

L-R: Senior Pastor of Holy Ghost Christian Centre, Pastor. Yinka Jegede; Chief Medical Director, Grandville Medical and Laser, Pastor Amos Fenwa; Dr. Aranmolate Ayobami and wife, Olayemi during the official opening of Grandville Medical and Laser in Lagos.... recently

L-R: former President, Kaduna State Chamber of Commerce, Inducstry, Mines and Agriculture (KADCCIMA), Allaji Umar Yahaya; Chairman, Kaduna Electric, and Guest Speaker, Alhaji Yusuf Hamisu Abubakar and Board of Trustees Chairman, KADCCIMA, Dr. Lema Jibrilu, during the farewell dinner for participants of the 38th Kaduna International Trade Fair in Kaduna...recently

THISDAY •weDneSDAY MARCH 8, 2017

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

L-R: CEO, A2Hub, Adaora Mbelu-Dania; CEO, Comic Republic, Jide Martin; Eduvie Martin; Business Development Manager, Aviva Group, Mohit Varyani; and Chief Executive Officer, Imperial Creations Studios, Ibrahim Ganiyu; after a panel session during the Comic Book and Gaming Convention in Lagos....recently

L-R: Public Affairs and Communications Manager Lagos and West Region, Nigerian Bottling Company Limited, Ms. Ifeoma Okoye; Director for Gender Programme Mercy Corps International Non-Governmental Organization, Mrs. Rabi Sani; Legal Public Affairs and Communications Director NBC, Mrs. Sade Morgan and Director Programme Mercy Corps International Non-Governmental Organization, Mrs. Joy Aderele, during the media briefing on Educating Nigerian Girls in New Enterprises in Abuja..recently.

Former Vice President and chieftain of All Progressives, Atiku Abubakar (right) and Vice Chancellor, Obafemi Awolowo University, Prof. Anthony Elujoba lecture at the Annual Professor Ademola Popoola Public Lecture, Faculty of Law, Obafemi Awolowo University, Ile-Ife, Osun State....recently

L--R, Zamfara State governor, Abdulaziz Yari, Speaker House of Rpresentatives, Rt. Hon. Yakubu Dogara, President of the Senate, Sen. Abubakar Bukola Saraki and Sokoto State governor, Aminu Waziri Tambuwal at the Coronation of His Royal Majesty, Prof. Ortese Iorzua James Ayatse Tor-Tiv V at the J.S. Tarka Stadium Gboko Benue State....recently

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WEDNESDAY, MARCH 8, 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 FirstBank Partners Oyo

As part of efforts to provide women with opportunity for financial empowerment and sustainable economic growth, FirstBank Nigeria Limited said it recently went into partnership with the Oyo State Ministry of Women Affairs, to hold the Oyo State Summit on Women Empowerment.

The event was hosted by the Wife of the Oyo State Governor Mrs. Florence Ajimobi with Mrs. Ibukun Awosika, the Chairman, Board of Directors, First Bank of Nigeria Limited as the keynote speaker.

At the event, Awosika asserted that the FirstGem offering was targeted towards purposeful wealth creation and it is designed to provide enabling opportunities for women to achieve their financial goals and aspirations. She encouraged the women to leverage the FirstGem offering to build investments for themselves.

“You do not build wealth by thinking about it, you build wealth by taking a deliberate action,” a statement quoted her to have said.

Ajimobi, the Wife of the Oyo State Governor and the host of the summit advised the participants to take advantage of the FirstGem Savings plan to create wealth for the future.

A WELL DESERVED HONOUR

Group Chairman, FBN Holdings Plc, Oba Otudeko (middle), receiving the Abiriba Award for Excellence in Business and Leadership from a former Chief of Army Staff, General Azubuike Ihejirika rtd (first right); flanked by UK. Eke (first left), GMD, FBN Holdings Plc, Tijjani Borodo (second left); Company Secretary, FBN Holdings Plc; and Mazi Sam Ohuabunwa, OFR (second right ) at the Abiriba Awards for Excellence in Business and Leadership held …recently

Companies Move to Restructure Foreign Currencies Loans to Mitigate Losses Goddy Egene As the Central Bank of Nigeria (CBN) continues to adopt measures to shore up the value of the Naira against the United States Dollar (USD) and other leading international currencies, some companies are makings moves to restructure their foreign loans into the local currency.

Following the high interest rates in the Nigerian financial markets, some companies obtained loans in foreign currencies (mostly USD denominated) to facilitate importation of production inputs, machinery and equipment. Some took foreign loans to finance other aspects of their operations.

However, the devaluation of the Naira by the Central Bank of Nigeria (CBN) last

ECONOMY year led to huge costs to many companies, who now require high amount to service and repay those loans.

Consequently, many companies have recorded huge foreign exchange losses.

THISDAY checks revealed that in order to mitigate the foreign exchange losses, some of the companies are making moves to restructure their loans into Naira.

The chief exchange officer of a leading company listed on the Nigerian Stock Exchange (NSE) who confirmed the development to THISDAY, said given the continued volatility in the foreign exchange market, the best solution is to restructure those loans so that payment can be made

in Naira.

“Servicing and repayment of the foreign loans have not been easy. It has been a big drag on the performance of many companies. This situation is even worsened by the fact that there is short term assurance that the value of Naira would improve significantly against the Dollar soon. My Board of Directors has decided to restructure our loans into local currency. We are discussing with the foreign lenders on this matter,” the CEO said.

According to him, repaying the foreign loans in local currency will have less pressure on the companies as they would no longer look for FX that is in short supply now.

Apart from manufacturing companies that are suffering huge foreign exchange losses, the banks have equally been

negatively affected by the devaluation as they record increased credit impairment charges.

Last week, Nestle Nigeria, which is leading food and beverages manufacturing firm recorded a fall of 67 per cent in profit for the year ended December 31, 2016. While the company posted improved revenue, profit fell by 67 per cent.

Speaking on the results, the directors of the Nestle had said revenue grew by 20 per cent in spite of the challenging operating environment and softer consumer demand due to rising inflation.

“This is a confirmation that our brands continue to enjoy strong patronage as they enable our loyal consumers to Continued on page 24

Report: Investors’ Perception of Nigeria Improving Marginally Obinna Chima Investors’ perception about Nigeria has improved marginally following the successful $1 billion Eurobond issue, which was 8.5 times oversubscribed as well as recent changes in the country’s foreign exchange (FX) policy, a report has shown.

The Chief Executive Officer, Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane, said this in his monthly presentation at the Lagos Business School titled: “Economic Reform by Coincidence- Does it really matter?” for March 2017.

Nigeria’s headline inflation in January spiked to 18.72 per cent.

Inflation was projected to decline marginally to 18.5 per

ECONOMY cent in February.

The federal government plans to borrow $2.3 billion from the World Bank and China Ex-Im Bank, just as anti-International Monetary Fund’s sentiment remains high.

Rewane described the month of February as a unique month for Nigeria owing to the policy reforms, recovery in oil prices and production and what he noted as a “newly found momentum” during the month.

Commenting on events that happened in February last year, he recalled that February 2016 was the beginning of the economic decay curve. Also,

he stated that February 11 2016 saw the contrived and theatrical debate on devaluation and “February 14 was the St. Valentine’s day massacre of the naira when it went from N305 to N325 per dollar in a matter of hours.”

He added: “12 months later (2017), a born again Central Bank of Nigeria (CBN) has embraced limited market reform.

What a difference one year makes? Why is this February unique? The naira has gained 15 per cent in seven days. “$600 million intervention in the spot market did the trick.

Fourth quarter Gross Domestic Product growth contracted by 1.3 per cent (-1.51 full year).

Growth has shrunk at a slower

pace, indicating that we are at a point of inflection. We should see positive growth in first quarter 2017.”

He pointed out that with the changes in the FX market, the convergence between the parallel and official rate has begun, saying that preferential treatment towards the allocation of FX has been eliminated.

“The market remains segmented with multiple rates attached to each segment of the market. 41 items restricted from accessing forex at the official segment yet to be addressed “Consistency in delivering weekly FX supplies could see the parallel market appreciate Continued on page 24

Heritage Bank Boosts Reading Culture

In its continuous drive to remain at the forefront of engendering educational learning amongst young Nigerians, Heritage Bank Plc recently joined in celebrating the “World Book Day” by implementing one of its literacy initiatives and donation of books to schools.

The bank has decided to lend its support to the biggest celebration of its kind, designated by UNESCO as a worldwide celebration of books and reading in its 20th year, and marked in over 100 countries all over the world for children of all ages to come together to appreciate reading. However, as part of effort to inculcate the culture of reading books amongst children, Heritage Bank donated a total of 16,340 comic books, dispatched to 84 schools via Experience Centers, while investing in exciting edutainment activities for school communities.

The bank recently launched, “The protector’s” a comic series book to commemorate Children’s day. The super-heroes of the series, HK-1 and HK-2 will be touring schools this year to win allies to fight against the evil Gus D Ville.

Langat Now FrieslandCampinaWAMCO MD

Ben Langat has been appointed Managing Director of FrieslandCampina WAMCO Nigeria Plc with effect from 13 March 2017. He will report to Roel van Neerbos, Chief Operating Officer, Consumer Products Europe, Middle East and Africa, and he will be located in Lagos, Nigeria.

Langat succeeds Rahul Colaco, who has taken over the Executive Director, Business Group China role as previously announced.

Until June 2016, Langat was the Managing Director of Nigerian Bottling Company Limited, Coca Cola Hellenic Bottling Company.

Langat has over 24 years work experience spanning various senior management roles in Unilever Kenya, Malawi and Ghana respectively. He also held the position of Finance Director of Nigeria Bottling Company from June 2009 to October 2012.

A Kenyan, Langat is an Accountant by profession with a degree in Commerce at the University of Nairobi, Kenya. He is an alumnus of Harvard Business School, Boston having completed the Advanced Management Program (AMP 191). He has done several professional courses including the Excel Leadership program from IMD, Lausanne. Langat is a Certified Public Accountant of Kenya CPA (K) and a member of the Institute of Certified Public Accountants of Kenya (ICPAK) and former Council Member Kenya Institute of Management (KIM).

“For the first time, a Central and Unified National Database of Assets would be generated and maintained for the purpose of recording, tracking and managing the huge investments in capital assets owned by government” Minister of Finance

Mrs. Kemi Adeosun

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

BUSINESSWORLD COMPANIES MOVE TO RESTRUCTURE FOREIGN CURRENCIES LOANS TO MITIGATE LOSSES live happier and healthier lives. Notwithstanding the increase in the cost of sales and operating expenses due to rising input costs and currency devaluation, operating profit increased by 13 per cen.

However, the profit after tax was negatively impacted both by revaluation of foreign loans resulting from the devaluation of the naira and higher income tax provision due to expiration of the pioneer status,” they said.

REPORT: INVESTORS’ PERCEPTION OF NIGERIA IMPROVING MARGINALLY towards the BDC rate of N400.

Increased borrowing and rising oil prices have seen reserves building up to $29 billion. Recent forex initiative by the CBN will slow reserve accretion.

“Plans to build up reserves to $40bn seem farfetched with the new forex policy initiative. Increased foreign borrowing and higher oil prices will support the CBN with the ammunition needed to ensure the forex market remains liquid,” he said.

He held the view that currency misalignment was part of the structural defects of the economy, adding that the exchange rate has been and continues to be a major subsidy of the elite and the working class in Nigeria.

“Approximate value of subsidy is $8.75bn per annum. In addition to the fuel subsidy and other subsidies like fertilizers etc, successive governments have attempted to reform the forex market, policy and pricing.

“There has been huge resistance and pushback.

Multiple exchange rate regime benefits the well-connected and rent seekers. President Buhari and his populist economic patriotic rhetoric had been adamant about a rigid and overvalued exchange rate,” he added.

According to Rewane, privatised power entities are still grappling with excruciating debt burden.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (Maritime)

NEWS

ELAN: Leasing Contributed N4.83tn to Nigeria in 15 Years Obinna Chima The Equipment Leasing Association of Nigeria (ELAN) has revealed that in the past 15 years, the leasing sub-sector of the economy contributed over N4.83trillion to the economy.

It also noted that presently, the impact of leasing is pronounced in all sectors of the economy, enhancing capital formation, generating employment and creating wealth To this end, ELAN canvassed the use of equipment leasing to facilitate the achievement of developmental plans as the government works to pull the economy out of recession.

In its yearly review, the association stated that “Equipment leasing globally, has been established as a creative financing alternative that facilitates access to capital equipment.

The whole essence of leasing is to enhance the planning, improvement and development of any economy by building and supporting productive ventures”.

It noted that leasing thrives whether the economy is booming or in a recession.

Highlighting the essence of leasing to the growth of the Nigerian economy, the association stated that, leasing has the capacity to drive the recovery and growth agenda of government. The planned huge investment in infrastructure, agriculture, education and job creation, creates a wider scope for leasing participation

in meeting the expected demand for capital equipment.

Essentially, in achieving government’s plans for selfsufficiency in food production for the nation, leasing can facilitate the provision of basic equipment for the entire agric value chain, it noted.

Also, in the works and housing, transportation, health and education sectors, much can be achieved with leasing.

“Equally, leasing would help to mobilise access to the much needed equipment for productive ventures, more so when outright purchase is difficult, especially to the micro, small and medium enterprises (MSMEs), thereby strengthening their capacity for wealth creation,” the report added.

According to the report, the emerging opportunities in the Nigerian economy amidst

recession are quite obvious, due to the increasing difficulties of mobilising capital for outright purchase.

“However, what is paramount is the need for government to maximise this unique financing option to achieve the desired economic growth.”

The association therefore called on government to continue to give the right support to the industry to enable

leasing contributes maximally to economic development of the nation. While the Equipment Leasing Act 2015, provides a major platform for the development of the leasing industry, there is the need for further specific interventions such as, facilitating appropriate funding mechanism for leasing and direct policy on government’s utilisation of leasing in its developmental agenda.

LUCKY WINNER

R-L: Group Head, Market Intelligence and Analytics of Heritage Bank Plc, Cynthia Erigbouem; Prize winner of Happy Days Promo, Segun Akinsola; Executive Officer of Consumer Protection Council (CPC), Onifade Abideen; Experience Centre Manager, Allen Ikeja, Aderonke Famoroti; Team Lead, Market Strategy, Ifeanyi Mofunanya at the presentation of a 40-inch LED flat screen TV to one of the lucky winners of the December 2016/January 2017 Happy Days Promo draws in Lagos…recently

NAPTIN Partners Local Firm on Renewable Energy Chineme Okafor in Abuja The National Power Training Institute of Nigeria (NAPTIN) has disclosed that it would set up a National Climate Innovation Centre (NCIC) in partnership with an indigenous technology firm, Tido Tech International, to promote green energy technology in Nigeria.

According to a statement from the Acting Director General of NAPTIN, Mr. Ahmed Nagode, in Abuja, a memorandum of understanding (MoU) for the establishment of the climate innovation centre was recently signed with Tido

Tech International, which was represented by its head, Prof.

Olugbemiga Olatidoye.

The statement explained that with the MoU, NAPTIN and Tido Tech International will work together to set up the framework for the establishment and implementation of centre.

It said the main objective for the establishment of the centre would be to foster a Public-Private Partnership (PPP) framework in the promotion of green energy technology in Nigeria.

The statement further stated that within the framework, “both parties would identify key stakeholders that could

work with it in the establishment and effective operation of the centre, clearly define the roles and responsibilities of stakeholders in the project, undertake a feasibility study on the operations of the centre with a view to identify a suitable business model for its operation, as well as identify sources of funds for the operation of the centre”.

The centre is expected to encourage increased collaboration between tertiary institutions in Nigeria and industries in green energy technology and business.

It also described the partnership as part of efforts by

the Nigerian government to fulfil its commitment to the Paris Climate Agreement and Sustainable Energy for all (SE4All) initiative.

Nagode, in the statement expressed his delight with the partnership, and said that NAPTIN has similar partnership with reputed organisations like Schneider Electric, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), and the United States Agency for International Development (USAID).

He added that the institute would continue to explore beneficial partnership that will enable it fulfill its mandates

of providing capacity building services for the country’s power sector.

Similarly, Olatidoye, a United States-based professor said he was pleased with the partnership which he noted would ensure Nigeria would not be left out as part of nations making strides and efforts to fulfill their global commitments to carbon reduction and safe environment.

He said the establishment of the centre would equally ensure sustainability in the transfer of knowledge on green energy technology deployment, especially mini-grid renewable energy systems.

for NEITI while the Chief Executive Officer of PPDC, Seember Nyager, signed for PPDC. Adio, according to the statement, which was signed by NEITI’s Director of Communications, Orji Ogbonnanya Orji, said he was delighted that NEITI had become the first federal government agency to fully embrace the Open Contracting Data Standard in line with the Public Procurement Act and bidding regulations of the Bureau of Public Procurement (BPP).

It also said that Nyager welcomed the partnership between NEITI and PPDC in promoting an open, accountable, competitive procurement process to ensure efficiency and value for money in the procurement of goods, works and services. According to the statement, the online platform would be hosted as a portal on the NEITI website and would include a feedback component aimed at promoting transparency, accountability and value for money in public transactions done by NEITI.

NEITI to Adopt Open Contracting System Chineme Okafor in Abuja The Nigeria Extractive Industries Transparency Initiative (NEITI) has indicated it would set up an Open Contracting Data Standard platform for procurement of goods and services, thus making it the first federal government agency to adopt the platform, which encourages accountability and openness in government procurement processes.

NEITI said the platform would enable it provide to

the Nigerian public, comprehensive information and disclosure on all procurement opportunities and contracting information it would undertake. It said its decision on this was consistent with President Muhammadu Buhari’s commitment to agreements reached at the 2016 Anti-Corruption Summit held in London, the United Kingdom.

Buhari had declared at the summit the government’s commitment to full implementation of the principles of the Open Contracting Data Standard,

focusing on major projects in health, road, infrastructure and education sectors as early priorities.

A statement from the NEITI recently in Abuja stated that the agency signed a pact with the Public Private Development Centre (PPDC), a nongovernmental organisation, on the implementation of the Open Contracting Data Standard. It said the Executive Secretary of NEITI, Waziri Adio signed the Memorandum of Understanding (MoU) for the policy implementation

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NEWS

FinTrak Reassures Mortgage Banks of Smooth App Migration Emma Okonji FinTrak, an indigenous financial software developer, has reiterated the need for mortage banks and financial institution to prepare for migration to IFRS9 financial reporting tool, which is to be effective from January 1, 2018.

Speaking on the planned migration, the Group Managing Director of FinTrak Software Company Limited, Bimbo Abioye, said: “ Nigerian mortgage banks and financial houses should avoid the mistake that they made when they rushed for a foreign financial software that didn’t work for them back then in 2012 only for them to look inwards for an indigenous software provider.”

According to him, FinTrak IFRS 9 software is easily adaptable to any institution and with a robust after sales support which most of the over the shelf foreign software lack.

In the area of support , Abioye said: “We have over 120 engineers that are on the ground that will give our

clients the support and after sales services required. In some cases,we give advisory services to the clients as part of our value added service. We just don’t dump software to the clients, we always do follow up.”

According to him, “One of the high points of FinTrak IFRS9 software is to minimize human input by full automation. Our team has been able to provide a financial reporting tool that has a high degree of transparency, accuracy and timeliness with the ability to explain any movement to the lowest level.”

The Executive Director, Technical Services , FinTrak, Steve Ongharaka, added that “FinTrak IFRS9 solution, is not an option for most banks, mortgage banks and financial houses to monitor their credit manually. With the IFRS9 software, everything is automated.

With this software, the system is scheduled and reports are delivered at a particular time, thereby increasing productivity and reducing wastage of man hours.”

One of the major challenges confronting financial institutions is how to migrate to IFRS 9 and where they can get adequate training of manpower that will operate the latest financial reporting software.

But FinTrak used the forum to assuage financial houses fears.

Software developer, Biodun Oyekunle, noted that “We will be discussing with mortgage banks, banks and stakeholder so that they will have adequate training on the process of IFRS9.

This will reduce their costs, we have come to notice that this has become one of their challenges.”

A wholly Nigerian software development firm, FinTrak IFRS 9 is in line with the IFRS specification. The software addresses the accounting for financial instruments. Having three main areas: classification and measurement of financial instruments, impairment of financial assets and hedge accounting. It will replace the earlier IFRS for financial instruments, IAS 39, when it becomes effective in 2018.

Banks, BRANDish to Partner on Economic Growth In the light of the debilitating challenges that have been facing Nigerian banks recently, especially since the current economic recession, BRANDish, one of Nigeria’s leading marketing and brands communication publication is set to organise a forum to discuss way forward for the industry.

The event which holds on March 30, 2017, in Lagos, is expected to assemble experts and industry leaders to discuss a way forward for players in the financial services industry.

According to a statement, tagged, the “Meeting of Minds,” the forum has as its theme: “What Should Nigerian Banks do Differently.”

The organisers said it is part of contributions to conversations geared towards lifting businesses in Nigeria off the recession by changing the way businesses are conducted, especially by the banks.

It pointed out that banks in the country have been facing tough times since the current recession hit the Nigerian

economy with shrinking deposit liabilities that was worsened by the implementation of the Treasury Single Account regime which took public sector deposits and federal government revenue collections from the banks.

The consequence of this has been massive job losses in the industry as banks, no longer able to cope with huge wage bills in the face of thawing revenue, have had to ask many of its employees to go.

Speaking on the reasons behind the “Meeting of Minds,” Ikem Okuhu, Analyst-in-Chief, BRANDish, said the event, billed to hold every quarter will seek to aggregate expert views on what banks in Nigeria should do differently, not just to enable them remain in business but also to ensure they provide the needed support to enable the economy grow.

“Everybody is in agreement that banks in Nigeria are currently facing very difficult times.

Businesses that should be the critical drivers of growth for this sector are shrinking as a

result of the economic slowdown and banks, which, on their part, should be supporting businesses are finding it hard to survive.

This calls for urgent rethinking and rejigging of what banks do and how they do it,” he stated.

Okuhu also drew attention to the fact that apart from the introduction of technology that has smoothened banking business over the last 10 years, the approach of bankers to the business of engagement and marketing has virtually remained unchanged the beginning of banking business in Nigeria.

“I will not hold brief for the experts that will be speaking on that day, but you will agree with me that there is need to tweak, or altogether alter the approach of banks to the business of banking.

“The current mode has outlived its usefulness and there is urgent need to fashion a new way for the business, otherwise, the economy will continue to be beleaguered and banks, as a result will continue to slide,” he explained.

GTBank Sensitises Exporters on Opportunities in Non-oil Sector As part of its resolve in bridging the communication gap and fostering better working relationship with a cross-section of its customers, Guaranty Trust Bank Plc (GTBank) recently organised a one-day non-oil workshop in Lagos.

The workshop brought together major regulators and some of its key exporters to dialogue on issues affecting trade, forex and export activities, thereby providing an avenue for all stakeholders to address lingering issues affecting the non-oil export business in Nigeria.

It was divided into two

panel discussions- technical and commercial. The technical panel discussion comprised Nigeria Customs Service, Nigerian Agricultural Quarantine Services, Federal Produce Inspection Services, Carmine Assayer Limited Inspection Services. On the other hand, the commercial panel comprised Central Bank of Nigeria, Nigeria Export-Import Bank, Nigerian Export Promotion Council and GTBank. The agencies explained their mandates as regards non-oil export business in Nigeria.

According to a statement, one of the major points of discussion was the utilisation of

export proceeds. Majority of the exporters in attendance decried the CBN directive as regards export proceeds utilisation.

In February 2015, CBN had come out with a circular notifying the public that export proceeds can only be used for eligible trade transactions or sold to the authorised dealer bank for the naira equivalent. This, the exporters unanimously said, was not favorable as the price at which they source commodities for their export is benchmarked against the parallel market rate, meaning selling the proceeds at the official rate to the commercial banks is not profitable.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

Female Executives, Let’s Up the Ante - Part 1 I had a great time this weekend talking to senior female executives from various segments of the Nigerian economy on personal branding and maximising their impact as executives. It was clear that some of the challenges I have gone through resonated with most of them.

It’s not easy being a female in the “Boardroom”. Here boardroom is defined according to Mashawn Evans, the author of S.K.I.R.T.S. in the Boardroom, as a place of power. It stands for any place, opportunity, or forum that is traditionally male dominated.

A place where big things happen, decisions are made, deals are done and where you show what you are made of. The boardroom is where the good old boys network also flourishes.

Unfortunately, many women do not have this network and our entrenched cultural values that have bestowed men with leadership halos and put them in charge does not help matters as women are meant to be nurturing, take care of all and be nice.

This nurturing expectation I see most times I attend business meetings with men and women in attendance. You see the women cowering waiting to be invited to the table and being the ones to offer tea and coffee despite the fact that some of the ladies are senior to the men in the room.

I have had to tell the ladies to stop serving tea and coffee and told the men to serve themselves, since everybody is meant to be a professional and not a server.

I know this comment is not liked because anything that signals that a woman is not nice, subservient and nurturing creates a negative impression despite the fact that these attributes are not the reasons for employment but competence.

This brings us to the issue of competence.

If a woman is competent she is not liked and if she is viewed as being nice she is not respected. You can see the double whammy here. We debated on the need to balance competence and likeability. We concluded that acting in the stereotypical feminine way will not help you reach your career goals and have the same opportunities as men. But, your competence will pave the way for career advancement because a lack of competence and respect is a deal breaker in the first place.

However, this bias indicated above is at the core of why many women are held back.

For men, professional success comes with positive reinforcement at every step of the way. Many women have to work three times more than men to get positive reviews on their performance and when they do, and excel, it is often negatively viewed by both men and women. Women who excel are called all kinds

Unfortunately, many women do not have this network and our entrenched cultural values that have bestowed men with leadership halos and put them in charge does not help matters as women are meant to be nurturing, take care of all and be nice

of negative names – Margaret Thatcher was called “Attila the Hun”, Golder Meir, Isreal’s first female Prime Minister was called “the only man in the cabinet”, Indira Ghandi, “the old witch”, Angela Merkel, the “iron frau”, Hilary Clinton, “ambitious, controlling and dishonest”.

I have been accused of being overly ambitious, arrogant, aggressive, emotional, and sensitive.

Other adjectives used by women excelling in their jobs by peers and co-workers across both spectrums are “not liked by her peers”, “not a team player”, “political”, “difficult”. I remember being called difficult once and finding it so unfair, because I was in a job that required me to coordinate my seniors and ensure they achieved results that were strategic and not urgent. It required a lot of tenacity, follow up and doggedness. Though results were achieved, I was still negatively branded, which would not have been the case if I had been a man. A man would have been praised for achieving results.

The examples, above reverberated with the Executives because as senior women, we have been in similar positions at one time or the other where the system has been stacked against us because of our gender.

We also talked about the ‘introvert’ and ‘extrovert’ tags that some have been given.

Especially, the negatively held bias against being an introvert. The advice here was for every woman to be authentic to who they are and to use this authenticity to achieve their objectives. We all bring a strength and value proposition to the table and these strengths and values should be harnessed and used for progress. Trying to behave like the next person, will not take you far, but researching and being at the top of your game and contributing this value with impact and consistency will elevate you to the next level.

We agreed that it appeared that as women, many of us will be punished for our success and competence. Irrespective of this, we must dig in, and not begin to doubt ourselves nor our abilities. Personally, my competence and abilities have been questioned many times, but this fact has not deterred me. I have never allowed it to slow me down.

I have observed that in order to protect ourselves from being disliked and held back, many of us have downplayed our achievements and allowed people’s negative vibes hinder our abilities. I remember being invited to speak on CNBC, Africa and having to hide it from a senior female colleague and boss, because I knew she would have felt I was undeserving of such visibility and killed it, despite the fact that my boss, who had jurisdiction over such matters had approved it. Many times, women are their greatest enemies.

Stanford Professor Deborah Gruenfeld makes the case, “we need to look out for one another, work together, and act as a coalition.

As individuals, we have relatively low levels of power, working together, we are fifty percent of the population (not sure about Nigeria, but I am sure close) and therefore have real power.

Sisters, let’s start supporting one another and lifting the younger ones up and not feel threatened by them. Together, we can make a real difference! .- 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

Zenith Bank’s Impressive Performance Contrary to the rising apprehension that economic headwinds would impact negatively on banks’ results, Zenith Bank reported improved profitability in 2016, reports Goddy Egene

The year 2016 was a very challenging one for companies operating in the Nigerian economy for various reasons. That was the year the economy went into recession. Companies contended with high inflation, energy and other infrastructural challenges, and most all naira devaluation and foreign exchange (FX) illiquidity.

The challenges manifested in the financial results of many companies for the nine months ended September 30, 2016. Many of them ended the nine months with declined bottom-line, while other recorded losses. The banks were not spared from the tough operating environment with some of booking huge losses on impairment charges.

The impairment charges, which mostly resulted from impact of the naira devaluation, made shareholders to be apprehensive as to how the banks would perform at the end of 2016. Just as those apprehensions were growing among investors in the banking sector, Zenith Bank Plc broke the ice last week. The bank calmed frayed nerves with a better-than-expected full year results, and declared a higher dividend.

Financial results Zenith Bank Plc 2016 with an impressive performance despite the challenging operating environment. Specifically, Zenith Bank posted gross earnings of N384.56 billion, showing an increase of 10.4 per cent. Net interest income grew by 6.9 per cent from N224.58 billion in 2015 to N240.2 billion in 2016.

Net impairment charges jumped by 106 per cent from N15.67 billion to N32.35 billion.

However, other operating income soared by 401 per cent from N5.302 billion to N26.598 billion. The bank maintained a low cost profile as personnel expenses rose marginally by 2.3 per cent to N69 billion, from N67.5 billion. Similarly, other operating expenses rose by 4.9 per cent from N89.9 billion to N94.4 billion.

Profit before tax rose by 24.7 per cent to N156.75 billion from N125.62 billion, while profit after tax stood at N129.65 billion, from N22.7 billion, showing an increase for 22.7 per cent.

Zenith Bank’s loans and advances improved by 15.1 per cent to N2.289 trillion, from N1.989 trillion, while customers’ deposits recorded a fast growth of 16.6 per cent to hit N2.983 trillion,

from N2.557 trillion. In all, Zenith Bank ended the year with total assets of N4.739 trillion, up by 18.2 per cent from N4.01 trillion in 2015.

Based on the impressive performance, the directors recommended a final dividend of N1.77 for shareholders, bringing the total dividend for the year to N2.02 per share.

Commenting on the results, analysts at FBN Quest, said compared with their estimates, although PBT was impressive, beating their forecast by 44 per cent, PAT missed by 47 per cent because of the OCI loss.

They said: “We had forecasted zero on this line. Returning to the PBT line, the main drivers behind the better-than-expected result were positive surprises in non-interest income and opex which beat our forecasts by 45 per cent and 34 per cent respectively. Given that profit before provisions came in nine per cent weaker than we were expecting, we would not want to make too much of the results (net interest income was weaker than our forecast by 25 per cent; this may have been due to the revenue recognition). We suspect that opex was also lower than expected due to accruals having over-run in the nine months period.”

Analysts’ assessment Analysing the results, analysts at Meristem Securities Research said bank’s gross earnings advanced by 17.5 per centN508.00 billion, on the back of the 10.5 per cent growth of interest Income to N384.56 billion and a 46.3 per cent increase in non-interest income (NII) to N123.44 billion. According to them, interest income growth was aided by the increase in loans and advances to customers, which grew to N2.29 trillion. “The growth in loans was primarily due to the translation of foreign currency loans, given the marked depreciation of the naira in the year. Also, interest income generated from investment securities, advanced by 25.5 per cent to N108.92 billion as a result of the high-interest yield environment witnessed in the year,” they said.

The analysts explained that NII grew markedly, supported by revaluation gains of N25.58 billion (+809.3 per cent gains from N2.8 billion in 2015) and foreign exchange trading income of

N20.01 billion (+1,123.3 per cent from NGN20.01 billion in 2015).

“Also, fees and commission generated by the bank were relatively higher, pegging at N68.44 billion (+12.4 per cent from N60.90 billion in 2015),” they said.

Superior efficiency smothers higher costs Meristem Securities said Zenith Bank was quite remarkable with respect to operational efficiency, as cost-to-income ratio (CIR) declined notably to 52.7 per cent (vs 57.2 per cent in 2015), driven by the substantial growth in operating income, which advanced (+12.9 per cent to N331.27 billion vs. N293.27 billion in 2015) at a faster pace than operating expenses (+4.0 per cent to N174.52 billion vs. N176.26 billion in 2015). Interest expenses grew by 16.8 per cent to N144.38 billion (vs N123.60 billion in 2015), as the cost of funds increased by 0.2 per cent to 4.2 per cent in the period. The most notable increase was the interest expense on borrowed funds which grew by 89.6 per cent to N33.37 billion (vs. N17.59 billion 2015).

“We note that the bank’s borrowings and debt expanded by 18.9 per cent to 76.72 billion, mainly due to the depreciation of the naira, as a good proportion of borrowings are foreign denominated,” the analysts said.

Also, loan loss expenses advanced by 106.4 per cent to N32.35 billion ( N15.67 billion in 2015) against a backdrop of increased provisions on foreign currency loans necessitated by the depreciation of the naira. Consequently, the bank’s Cost of Risk (CoR) advanced to 1.4 per cent (vs 0.8 per cent in 2015).

Despite the high inflation witnessed during the year, operating expenses increased only marginally by 3.9 to N174.52 billion ( N167.88 billion in 2015), mainly due to increases in fuel and maintenance costs, technology, regulatory and personnel expenses.

“Overall, the level of income generation was enough to ensure the bank’s PBT (PBT) advanced 24.8 per cent to N156.75 billion (vs N125.6 billion in 2015), trickling down to an increased PAT of 22.7 per cent to N129.65 billion (vs. N105.66 billion in 2015), even as effective

tax rate increased (17.3 per cent vs. 15.9 per cent in 2015). Consequently, profitability ratios, measured by Return on Average Equity (ROAE) and Return on Average Assets (ROAA), advanced to 20 per cent and 3.0 per cent respectively (vs.

18.4 per cent and 2.7 per cent in 2015).

Reassuring balance sheet position Meristem Securities said that given that their forecasts of the bank’s performance were in line with the numbers released (i.e. Gross and Net earnings were forecast at N511.19 billion and N131.45 billion accordingly vs. actual numbers of N508.00 billion and N129.65 billion respectively), they have maintained their forecasts in principle, adding that they have made some minor adjustments to reflect current economic realities (such as improved FX liquidity), which could potentially affect future performances.

“We note that our loan loss expenses forecast reduced markedly, given the high level of provisions already taken by the bank, as well as our outlook of a much lesser depreciation of the naira relative to 2016, even as we do not expect significant changes in economic fundamentals,” they added.

According to them, they considered the impact of the bank’s current balance sheet position with respect to prudential requirements and note that the current CAR of 23 per cent is well above required threshold of 15 per cent.

“Also, the NPL of 3.0 per cent, though deteriorated relative to 2015 (2.2 per cent), is well below the statutory limit of 5.0 per cent.

The bank currently has an NPL coverage ratio of 100 per cent, which further highlights the level of safety. Also, the liquidity of 55.2 per cent, is well above the statutory limit of 30 per cent. All the prudential ratios suggest the bank’s solid balance sheet position, together with its level of income generation helped sustain its dividend paying culture. Gross dividend declared in 2016 at N2.02 per share represents a payout ratio of 49 per cent (vs five-year historical at 52 per cent),” they said.

The analysts said discounted dividend model (DDM), and price multiples valuations puts Zenith Bank at a target price of N19.31, stressing that they therefore retain their “Buy” recommendation on the stock.

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ANALYSIS

A Unique Investment Opportunity

The proposed Federal Government Savings Bond to be issued by the Debt Management Office next week is an investment opportunity for retail investors who want steady returns on their investment, writes Goddy Egene Since the stock market crash of 2008 and 2009 investor confidence has remained weak.

Many investors, especially, retail investors are skeptical about investing more money in the capital market due to the losses they suffered in the past. The low patronage has made the market indicators to remain below their 2007 peaks.

Also, most institutional and high networth investors have shifted their attention from equities market to fixed income securities where there are sure of steady returns or capital preservation. They patronise federal and state governments’ bonds that give regular returns.

Unfortunately, retail investors, who would have loved to patronise the fixed income market as well, have not been able to do so because of the high amount required to invest in bonds.

However, a great opportunity for retail investors to enjoy significantly regular returns by investing in federal government securities is around the corner. That opportunity is coming through the plan by the Debt Management Office (DMO) to float the first Federal Government of Nigeria(FGN) Savings Bond next week.

Understanding the saving bond FGN Savings Bond, a bond being issued by DMO on behalf of federal government, is part of the government programme targeted at the lower income earners to encourage savings and also earn more income (interest) when compared to their savings accounts with banks.

FGN Bonds are debt securities (liabilities) of the FGN backed by the ‘full faith and credit’ of the federal government and no default risk.

This means that it is a safe investment where interests will be paid at regular period and principal repaid at maturity. The offer for subscription will open on Monday, March 13, 2017 and run for 5 days.

Features/benefits The bond will be denominated in Naira with a minimum subscription of N5,000 and a maximum of N50 million. It has a fixed interest rate that will be paid every quarterly and has a tenor of two to three years.

The purpose of the bond is to deepen the national savings culture. It is aimed at providing opportunity to all citizens, irrespective of income level, to contribute to national development. It will enable all citizens participate in and benefits from favourable returns available in the capital market and diversify funding sources of the FGN. The savings bond has the following benefits: It offers guaranteed returns, and encourages financial inclusion among low income households; it enables individuals to enjoy those benefits which accrue to high net-worth investors in the capital market; it has a competitive fixed rate – interest rate; the interest incomes earned from the securities are tax exempt; and the FGN savings bond certificate can be used as collateral for loan.

DMO explains The Director General of DMO, Dr. Abraham Nwankwo had explained that the floating of FGN Savings Bond was to encourage the public, especially low income earners to save, invest and earn commensurate returns on their investments.

He said the new instrument was part of the strategic plans for 2013-2017 with the objective to deepen and broaden federal government’s securities market in order to sustain the development of other segments of the bond market.

According to him, savings bond would provide an opportunity for Nigerians across all income segments to invest in bonds.

He disclosed that bond would be announced by the DMO on the first working day of every month or as may be determined by the organisation from time to time.

Nwankwo said: “The rationale for the issuance of FGN Savings Bond are to deepen the national savings culture, diversify funding sources for the government and establish a benchmark

Minister for Finance, Kemi Adeosun

for other issuers of bonds in the country. It offers guaranteed returns, helps to stimulate and deepen the savings culture among households and encourage financial inclusion. It enables individuals to enjoy those benefits which accrue to big investors in the capital market. Savings bond also helps to increase access to funds available for investment in the economy, thereby floating gross capital formation and increase in output within an economy.

“Investors can subscribe through the over 100 stockbroking firms trading on the floor of the Nigerian Stock Exchange (NSE) and accredited by the DMO to act as distribution agents. Every month, subscription shall open same day the price is announced and investors will have five working days to put in their subscription through the distribution agents.”

Retail investors excited Some retail investors, who spoke on the planned savings bond, expressed excitement, saying it is a very good development for investors, the government and market in general.

For instance, Mr. Moses Igbrude of Independent Shareholders Association of Nigeria (ISAN) told THISDAY that DMO should be commended for finally “democratising” the bond market.

“Since the equities market has remained volatile retail investors like us have been looking for alternative investments. The FGN savings bond is, therefore, a welcome development. The bond market has been an exclusive of high networth investors. Although the DMO made moves in the past to encourage secondary trading of bonds so that low income earners can benefit, that has not really worked out well. However, with the savings bond, many investors will now have the opportunity to participate and benefit from regular interest rates from a government security,” he said.

Igbrude said the N5,000 minimum investment is highly encouraging and will make the offer very attractive to retail investors.

Another investor, Mr. Justin Ekere said the beauty of the security is that you are at risk of losing your capital.

“Unlike some investments that risk losing

Nwankwo

your capital, the savings bond is a less risky investment. Apart from the interest that you will earn every quarter, your capital is preserved and you get it back at the end of the tenor.

This is highly heart-warming and encouraging.

The DMO has done well by introducing this instrument into the market at this time,” Ekere said.

DMO commended The DMO recently got commendation from stakeholders for successfully raising $1 billion for the federal government at the international capital markets. The Chief Executive Officer of Stanbic IBTC Holdings Plc, Mr. Yinka Sanni said: “We wish to first and foremost congratulate the FGN, as this is indeed a testament to international investor confidence in Nigeria’s roadmap towards economic recovery and growth.

We equally wish to congratulate the Federal Ministry of Finance team, led by the Honourable Minister of Finance (Mrs. Kemi Adeosun), for a job very well done on this highly successful return to the international capital markets. The overwhelming success of the transaction on the whole evidences the underlying potential of Nigeria, and Stanbic IBTC Capital Limited is indeed proud to be part of this transaction.

We are also pleased to sponsor the quotation of this Eurobond on FMDQ’s platform.”

The DMO was also hailed for listing the Eurobond on the domestic securities exchanges after listing on the London Stock Exchange (LSE).

The Chairman of FMDQ Securities Exchange, Dr. (Mrs.) Sarah Alade , who spoke through the vice chairman of FMDQ, Mr. Jibril Aku, congratulated the issuer on this epochal step, noting that this move by the FGN to list on a domestic exchange, in addition to listing offshore was a welcome development, and a stance which would rightly position the nation to maximise its potential via the debt capital market. “ In line with “FMDQ’s vision for the transformation of the markets, the OTC Exchange, since its debut onto the Nigerian financial markets landscape, already granted permitted trading status for $1.50 billion of the previously issued FGN Eurobonds and $3.15 billion of Eurobonds

issued by Nigerian companies, ensuring price formation and providing information transparency to protect investors interests,” she said.

Speaking at the listing of the Eurobond on the Nigerian Stock Exchange (NSE), Executive Director, Operations and Technology, NSE, Mr. Ade Bajomo said the event marked the first listing of a sovereign dollar denominated instrument in the Nigerian capital market.

“It is a testament of the Federal Government’s and DMO’s commitment to the growth and enhancing the depth of the Nigerian capital market. As an FX denominated instrument, the Eurobond will trade and settle in its currency of issuance (USD), thus setting the foundation for multicurrency capital raising and trading in the domestic market. This will open up hybrid capital raising options and create additional portfolio diversification opportunities for investors,” he said.

He congratulated the management of the DMO on the remarkable success of this first Eurobond issuance since 2013, which was 780 per cent oversubscribed - with investors cutting across hedge funds, pension funds, insurance companies, banks and other institutional investors.

Bajomo called on all stakeholders to take advantage of the vast opportunities by partaking in and contributing to the growth of the markets through product innovations that meets strategic investors’ needs and appetite.

Nwankwo said the transaction was the longest tenored debt security (15 years), issued by the FGN in the international capital markets.

“The transaction also marked the first outing by the FGN since 2013, and the first issued by a sovereign from Sub-Saharan Africa in 2017,” he said. While emphasising the nation’s recognition that the wide infrastructural gap, which constrains the development efforts of the nation, could be better matched by tapping into long-term financing options, via domestic and foreign debt capital markets, Nwankwo underscored the confidence of the international markets in the potential of Nigeria’s economic development as evidenced by the over-subscription in the Eurobond.

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INTERVIEW

Hartman: How Nigerian Executives Can Navigate Headwinds in Challenging Times In this interview, world renowned academic and Head of the Managerial Communication Group at the MIT Sloan School of Management, Professor Neal Hartman, speaks on how, in partnership with These Executive Minds (TEXEM), he is enhancing Nigerian executives’ leadership performance in a recession. Excerpts

How should leaders measure growth?

Of course, the initial answer is to look for increasing market share and/or client demand.

But growth can also be measured on other factors, such as reducing employee turnover, improving processes, and expanding into new areas for the organisation.

Tell us about TEXEM? These Executive Minds (TEXEM) pride themselves on their ability to customise programmes for their clients and TEXEM have a deep understanding of Africa. Also, Texem and its world class faculty partners have a very good grasp of contextual realities of Africa vis-à-vis fragile institutions, limited infrastructure and the huge size of government.

How can negative change be managed to produce positive results in organisations?

It is critical to remember that negative change provides opportunities to try new things and to do current things in different ways. One must understand what drives negative change, but should also look at new possibilities.

What skillsets are a must for leaders of organisations in order to survive in a tough economic climate?

As would be discussed in the programme Leadership for High Performance in difficult times organised by TEXEM scheduled to come up on the 9th of March at Intercontinental Hotel, Lagos, Leaders are more productive and creative in positive times and see fewer options in tough, negative circumstances. Yet turbulent times require leaders to shine in order for the organisation to survive and thrive.

Leaders need to know how to motivate their team, focusing on the vision and empowering people in the organisation. They have to set the tone for how the organisation will function through difficult times. Effective leaders must recognise their inner strengths and utilise them for the benefit of the organisation.

And leaders need to develop and maintain strong relations with others, both within and outside the organisation.

What is the best way to work when faced with a challenging situation?

Leaders must display authenticity and integrity when faced with challenging situations. Transparency is important. It is a time to objectively consider what is bringing about the challenges and to explore the most effective and efficient ways of dealing with them. The leader must project confidence to stakeholders.

How can leaders prepare for uncertainty?

In today’s world, we are constantly faced with uncertainty in our economic, political, social and cultural lives. Leaders must recognise that they will operate in an uncertain world and strive to create a sense of stability for their organisations, recognising that change could quickly come from a variety of sources.

What happens if an economy fails? If a new political leader comes into power? If there is a natural disaster? Leaders need to be prepared to anticipate the unknown.

How can a business thrive in spite of turbulent economic times?

Turbulent economic times can actually offer opportunities to consider how an organisation can change in a positive way. Can the organisation be more efficient? Can it approach work in new and different ways, thinking about both processes for how things are done as well as how people work together? And what is the short-term as well as long-term vision for the organisation?

What are leadership skills required to navigate headwinds in challenging economic times?

To navigate organisations through headwinds in challenging economic times, leaders must clearly articulate their vision and strategy.

They must motivate and inspire their staff and display confidence and composure.

of innovation must circulate throughout the organisation.

How do leaders develop innovation for their organisations?

Leaders need to create a culture that encourages innovation and creativity. People in the organisation cannot be afraid to fail – they need to be encouraged to try new ideas and processes to see what might happen. A spirit

What should leaders in business do consistently to maintain a stable business?

To maintain a stable business, leaders must constantly consider sustainability in their practices, their products, and their services.

How does the organisation assure a consistent level of quality and how does it constantly

Hartman

innovate to stay ahead of the demand.

What are leadership strategies for consistent growth?

Leaders must constantly do market research to understand the demand for products and services. They must also anticipate what customers’ desire or need. Once it is determined what people need, an organisation can then work to satisfy those demands.

Why is this programme important for Nigerian executives?

This programme Leadership for High Performance in difficult times scheduled to come up on the 9th of March at Intercontinental Hotel, Lagos is designed to enhance self-awareness about several characteristics of leadership. What communication style is preferred by one leader versus another and how can one utilise various styles to strengthen their own success as a leader?

How does one effectively lead in a crisis situation? What do we mean by “leadership presence” and how does each leader define his or her presence? What does it mean to be a leader in the global world in the 21st century? These are some of the issues that will be explored in this programme. For more information about this programme, please email: alim@texem.co.uk

Lekoil Eyes 10,000bpd in Otakikpo Oil Field Ejiofor Alike United Kingdom-listed Lekoil targets to ramp up to production of 10,000 barrels of oil equivalent per day (bopd) in Otakikpo oil field by end of second quarter of 2017, the Chief Executive Officer of the company, Lekan Akinyanmi has said.

The oil and gas exploration and development company, which is focused on West Africa, had announced commencement of continuous production from

the Otakikpo Marginal Field in Oil Mining Lease (OML) 11.

This follows the completion of a six-kilometer offshore pipeline leading from the storage tanks to the tanker offloading manifold at the Otakikpo field.

The company also stated that all onshore facilities and the offshore pipeline have been fully commissioned and signed off by the regulators.

Otakikpo field is in the southern part of Oil Mining License 11 about 35 kilometres east of the Bonny export terminal.

The field is jointly developed

by Green Energy International Ltd as the Operator and Lekoil as technical and financial partner.

“Lekoil is now a producing company. I would again like to thank the entire team that has worked so hard on this project, our partner Green Energy, our investors and debt financiers, our host communities and our government regulators for their continuing support.

The Otakikpo project began in a swamp location with no infrastructure and our team

delivered production in under two years with, importantly, nearly 915,000 hours without any lost time injuries. I am extremely proud of our people’s achievements,” Akinyanmi explained.

Akinyanmi further stated that initial production (from the four production strings across both wells Otakikpo-002 and -003) is in line with company expectations.

According to him, “Initial production rates are 5,000 bopd, per current regulatory approvals

for production commencement”.

“As is customary for a new field, the Company will now focus on gathering production data and optimizing well performance. With regular exports underway, the Company is focused on ramping up to production of 10,000 bopd by end of Q2 2017,” he added.

Following the successful completion of maximum efficiency rate (MER) test on the production wells of the field in OML 11, approximately 60 kilometres south east of Port

Harcourt, Rivers State, the operator of the field, Green Energy International Ltd (GEIL) had announced that it would commence continuous full production and evacuation from the field soon.

Supervised by the Department of Petroleum Resources (DPR), GEIL said the Otakikpo field had been given a technical allowable production rate of 8,350 barrels of oil per day (bpd) from the four strings in two wells- Otakikpo 2 and 3, for the first quarter of this year.

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INTERVIEW

Okunlola: Transformation in Insurance Industry is Inevitable The Partner Audit Services and Insurance Sector at KPMG, Kabir Okunlola, in this interview with Nume Ekeghe, discussed the opportunities waiting to be harnessed in the insurance sector if anticipated reforms are implemented. Excerpts: Tell us about yourself and your career so far.

My name is Kabir Okunola, I’m a partner in financial services group in Audit at KMPG I also head the insurance which is our market facing functions specifically focused on insurance industry to make sure that we have the attention and focus as well as penetration in the market.

Can you give us a feel of the insurance landscape in Nigeria?

The insurance industry continues to be a big centre of attention for both the government and the private sector. The opportunities are very big. However, in terms of play, it has been underperforming and that is why there is a lot of attention from the private sector, from government on what we need to do to move the insurance sector to achieve its potential. In other develop market, insurance industries own banks, whereas in Nigeria banks own insurance industries before banks were asked to divert from the insurance industry. So it is a sector that still presents a lot of opportunity however, it has underperformed.

The sectors are fragmented, we still have 56 insurance companies and when you look at banks that are far bigger, we have less numbers of players. The right focus to achieve in that depth in that sector hasn’t happened. You still have the top six insurance companies owning and controlling more than 60percent of the market and that means the other fifty companies are not doing as much. And if you have a situation where you can consolidate that to have very few and strong players who have the right capitalisation and have the right investment structure and technology then what you would see is that you would be able to have the right depth in that market. And then you can have the right product development, pricing and then then focus on consumer needs would be strong to generate the desired growth in that sector.

What are the main challenges facing the industry and how can there be a turnaround?

Transformation is inevitable in the insurance industry. The underperformance for the last couple of years cannot continue and for that to happen, you fundamentally need to address some key areas on governance. I’m happy because regulators are looking in the same direction.

They have issued what they call 2017 priorities areas. They are looking at governance, cost in the sector and also capitalisation and some other strategic areas to help the sector to consolidate and have the right scale to target the opportunity in the sector. Again we say that if you divide it, you have the life and non-life sector; the strength of the insurance business is the over performance of the life business and relatively, Nigeria is about 30/70 life to non-life. In other developed market, it is the other way. And what the life business does is helps the insurance companies develop the right pool of funds because life investments are able to generate sufficient long term funds and essentially match those funds to the longevity and mortality of the individuals and if you able to pull that fund, you are as insurance industry can invest in infrastructure to help government to be able to bridge the infrastructure deficit that it has which is long term funds and would be similar to what you have in the pension industry.

Under what accounting standard do insurance companies account for their insurance business?

Nigeria is in the IFRS regime now effective from 2012 and what that means is that insurance companies have to adopt IFRS and then, there is a specific IFRS that was issued for insurance companies that is IFRS4 which is generally referred to as the phase 1. It is meant to focus on presentation and disclosure for insurance so that people can better understand

Okunlola

the business of insurance. If as an insurance company, you adopt A practice, you are allowed to continue same goes to those who adopted B practice. So what that really meant is that two insurance companies that have the size, product means and capital and market size may report performance differently depending on the standard they adopted. That is what really generated the need to have the phase 2 of IFRS which we call the IFRS17. IFRS17 is expected to be issued before the end of this year and to be effective by 2021-2022.

The overall objective of IFRS17 is that it seeks to harmonise accounting principles by insurance companies and then also focus on risk management.

Are you saying with the adoption IFRS reporting, it would increase interest and investment to this sector?

Yes it is going to engender confidence of investors of this segment.

We have been hearing about NAICOM intending to migrate to risk-based supervision of insurance companies. What are the implications?

The risk-based supervision is essentially providing regulatory oversight and supervision on it by looking at the nature of their risk.

So that the intention is focused on the most risky entities and less risky entities get less risk attention. Essentially it is supposed to drive proportionate supervision so that resources that are available to the regulators are also properly applied with level and skill based on

the individual risk you have in the industries.

And this would go a long way because that is also what we have asking that the regulator do for a number of years. It is key pillar in supervision. For IFRS17, the principal benefit is that you are going to have consistency. Also you are going to have a risk focus reporting and then investors again would understand insurance better and make right investment decisions.

Would this practice of insurance require more specialists?

Yes, depending on the complexities and the risk assessment of individual entity. So generally what reporting entity would have to do is to look at its processes, people, and technology and its reporting functionality to see the gaps that you have in its individual areas.

It is going to be all encompassing, and it is also going to affect reporting of some entities who report less for example, then your investors must understand the rational and outlook for your performance. So in terms of investment positions, people can be better informed and take the right decisions as it relates to you from an investment perspective.

What is your outlook and what do you foresee in this sector?

From both the operators and regulators perspective, the first thing is that the right decisions are being taken and everyone is now interested in seeing the issues in this sector.

And with all this happening, you can only expect results. The regulator has issued their

own regulatory priority for 2017 focus on the strategic areas I mentioned earlier. So if those happen, then we expect that the operators would respond positively and take actions that are necessary to be able to be competitive in this sector. Once they do that, you would find out that ultimately the sector would benefit. So if you have stronger capital in the sector and you have stronger performance in the sector then the opportunities are also going to be there.

Then again from the government, the government is very interested in sectors that have potential to generate funds and resources within the economy and is part of what will create the gains in the long run. So the insurance sector is the right sector to have that type of investment and focus because if you do that, you are going to create employment and you are able to raise funds for infrastructure for example instead of going to borrow.

KPMG is organising an insurance conference, can you speak about that?

The insurance conference is part of an investment of KPMG thought leadership and would help coordinate decision assessment and discussions on the right opportunities and investment in the sector being a priority sector. We have brought very good resources both locally and international to talk about the sector and bring the chief executive officers and chief finance officers in the sectors to talk on the transformation of this industry.

We also going to have discussions around IFRS and help stakeholders know what they need to do to be competitive in this industry.

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INSURANCE

Suleiman: Contributory Pension Scheme is Facing Challenges The Managing Director, Future Unity Glanvils Pension Limited, Usman Suileman, spoke with Ebere Nwoji on the impact of economic recession, which has resulted in job cuts by pension fund administrators, government’s efforts to address the challenges, and his company’s activities in 10 years of operations, among others. Excerpts: edge and that is why we always upgrade our operation. At present, we are in the process of replacing our G7 servers with G9 which is the top of the game presently. This requires resources beyond the minimum. I will expect our competitors to be working in the same line.

Of course, the regulator has requirements for provision of certain IT and non IT facilities.

If N1billion cannot provide these, then you certainly have to go beyond that.

Crystal-balling the pension industry in 2017, what are the expectations?

2017 is a crucial year for various reasons; the economic situation has been very difficult 18 months. The recession has persisted beyond expectation. However, from all indications, we expect that the economy will stabilise and recovery turn around will commence over the next 18 months.

The year, 2017, is therefore, a crucial year for economic managers and business entities. The recession has meant that the rate of growth in employment generation has gone down significantly while the rate of job losses has gone up in the same manner. This has impacted negatively on our industry. However, there are quite a number of initiatives that the industry is working on. These include bringing the informal sector and micro pension into the scheme. In addition to that, there is a very high possibility that the transfer window will be opened towards the end of this year and these are going to make substantial differences.

Actually, the industry expects the commencement of the micro pension to frog-jump participation in the contributory pension scheme.

We are looking at moving from six million account holders to a minimum of 20million over the next three years and the key is the micro pension and the integration of informal sector.

Investment of pension funds in infrastructure has been a contentious issue to date, what are the headwinds holding back the implementation?

As far as we are concerned, there are no contentious issues because issues that are there are clear. We are not project managers we are fund managers specifically pension funds managers.

We have the funds; we are ready and willing to invest the funds. We are actually looking for assets to invest in and infrastructure is a major and interesting asset class. However, we have to have projects that are well structured and meeting all the regulatory requirements as well as our own individual internal requirements before we can invest. The structure will have to provide us with safety, security, liquidity, competitive returns and acceptable exit route.

Both the operators and the regulator have been encouraging project managers, fund sponsors, investment promoters and other stakeholders to come up with vehicles that will qualify for these funds. We are anxiously looking for such vehicles.

I’m glad to say that there are some of the fund managers, private equity funds, project managers, and promoters who, in recent times, have been working very hard both locally and in partnership with other foreign interested parties trying to come up with various infrastructure projects that will qualify for pension funds. These are in the areas of transport, power, and urban regeneration and so on. Projects such as the Oshodi Interchange Centre, trailer park on the Snake Island, east-West railway line, the fourth mainland bridge, and various captive power plants are good candidates if well packaged.

There are various project promoters that are working to come up with specific projects or vehicles that will meet Securities and Exchange Commission, SEC, and the National Pension Commission, PenCom, requirements such that they will be able to access these funds. And for us, once an infrastructure project meets the regulatory requirements as well locally and internationally accepted standards which are common and known, we will be ready to fund it. These funds are supposed to be invested long term and serving the dual purposes of safety and security for the contributors and economic development of the country.

In the same vein, Transfer Window and

Suleiman

micro pension are also hanging in the balance, what is responsible for delayed take-off?

Basically, the issues of structuring the process such that you do not have problems down the line. On the Transfer Window, for instance, we want to be sure that technology is right, the process is right and all the parties involved and particularly the central clearing system is correct and right and every party involved on the same page. This is not an easy thing to do; it involves a lot of resources. But I can tell you we are aware that the regulators have been working very hard on that.

In recent times a lot of headways have been made by PenCom in getting the technology and process in place and I strongly believe that in not too distant future we will see the transfer window structure in place. As for the micro pension, it is very peculiar, the guidelines we have at present are all looking at a formal structure but the micro pension requires an informal structure.

The informal pension which consist of grass root traders and occupations such as vulcanisers, the Okada riders, farmers cooperatives and all sorts of artisans who live on what they get on daily bases and cannot see any need for saving. On the other hand, we have the micro segments that are not necessarily micro in terms of value of resources but in terms of personnel and involvement.

For instance, you could have a blogger sitting in his living room his site or blog, he is a single

individual operating from his own home but because what he is doing is interesting to the public, he could have a high volume of traffic to the site. That means a huge attraction to advertisers. Advertisement agents and corporate bodies will be interested in what he is doing because of the volume of viewership; hence he will be making huge sums of money. The micro and the informal sectors actually provide between 70 and 75per cent employment in this country. They also need to be secured in old age and as FUG would say, be assured of a brighter future. We are therefore trying to create a net that will capture all of them.

Given the state of our economy, the inflationary trend and high cost of doing business in Nigeria, is the current capital regime of one billion naira adequate for PFAs to provide quality services customers?

First of all, the capital base you mention is the regulatory minimum requirement. However in reality, virtually all the operators in this industry are operating above it. I accept that any new entrant into this business today starting from scratch will likely find one billion to be very inadequate to start up. For existing operators however, there is no problem at all with this.

This is because they have already acquired all the regulatory required assets for the business. It only becomes an issue if they want to go beyond the minimum requirement. FUG Pensions, for instance, we want to always be at the cutting

Given the government’s attitude in paying the pension accruals, is the Contributory Pension Scheme not under threat?

I will not say the contributory pension scheme is under threat but I would say is facing some challenges. However these challenges have actually been recognised by the regulator, the operators and government including the national assembly. For obvious reasons, the government may not be in a position to be funding its pension liabilities as required. We are not talking about current and the ongoing, but the accrued which the government is expected to be funding at about 5per cent of the budgetary provision of the current wage bill.

From the retirement bond redemption fund account, the commission will be funding the accrued right of those who are retiring. That is where the challenge is. But I believe the government recognises that and trying to balance the various competing demands across all sectors of the economy and the public service. And is not as if government is not funding at all but is not funding to the extent will meet the obligations as they arise. The key thing is that the challenge is recognised by government and I’m sure they are working on how to ameliorate the situation. So I will not say the scheme is under any threat.

The private sector is not so challenging as you said, but due to the circumstances of the economy, the private sector is facing a lot of difficulties. But as long as they are paying salaries, they will pay pension. The challenge is the delay in payment of salaries and the down turn in the employment itself. The growth rate of employment has come down. Not too many firms are employing, firms employ only when it’s absolutely necessary except perhaps for the high tech firms where certain types of skills are needed. Firms are also downsizing and as such, growth in pension funds will not be at the same pace as it was in the earlier period.

Also, we now have a higher rate of pay-out because those who are laid off would come along to ask for 25per cent of the balances in their account if they fail to get job after four months as stipulated in the PRA. And they are not likely to get jobs within the period of four months but for those who remain in employment and salaries are being paid, pension will be remitted. There might be no salary increment and promotions in a lot of places but salaries, when paid, remittances are made.

The difference with the state government is that they don’t pay salaries regularly and when it accumulates, they find a means of support by way of bail out or some kind of support from the federal government before they pay.

So in such a situation, remittance is affected.

For the private sector, I will say that those at the first tier of the market, the multinationals and major corporates don’t fail in remittances.

They have also come to understand that the Contributory Pension Scheme has lifted a huge burden off them, the burden of providing for or finding money to pay end of service benefits as used to be the case.

The recession has now bottomed out. The negative GDP growth reported in quarter four 2016 is lower than the two earlier quarters and the average for the whole year is just minus 1.2%. We should therefore expect to Continued on page 31

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BUSINESSWORLD

NEWS

Suleiman: We Have Laid a Solid Foundation to Grow FUG Pension

Stories by Ebere Nwoji

The Managing Director Future Glanvils Pension Limited Usman Suileman said in its ten years of operation as a licensed Pension Fund Administrator (PFA) owners and managers of FUG Pensions Limited, have laid enough solid foundation that will stand the company out among big operators in

the industry.

Suleiman said given this solid foundation, the company’s management now targets to be ranked amongst top five Pension Fund Administrators (PFAs) in Nigeria.

Suleiman, who disclosed this in an interview with Journalists in his office in Lagos, disclosed that the firm’s assets under-management presently

Universal Insurance is Not Insolvent, Says Management Ebere Nwoji Management of Universal Insurance Plc has said that the company is financially fit to meet all its obligations including claims payment.

Speaking against recent media reports that the company is currently experiencing financial turbulence, Managing Director of Universal Insurance, Mr. Ben Ujoatuonu said the company has shareholders fund of N7billion with N5billion solvency margin.

Ujoatuonu, said the industry regulator, the National Insurance Commission (NAICOM) has also overseen the company’s financial report like other operating firms in the system and has not complained.

He said the company, since last year, submitted its financial reports for 2015 but was directed by the regulator, to give all its assets titles in its name.

He informed that this has been done just as the company

has met other requirements of the regulator including preparation of 2016 annual report, which he said will be submitted very soon.

Ujoatuonu also said the company has reviewed its frame work for commencement of Risk Based Suprervision model as well its operation to reflect the direction of movement and create a Bunche for itself.

“We are poised to bring value to the table of stakeholders”, he assured. Furthermore, he said that Universal Insurance has successfully transferred all its asset titles according to NAICOM’s directive and is now ready for capital verification.

He however, said the greatest challenge of insurance industry in general is low insurance penetration in terms of patronage, adding as the economy went into recession, government lacked money to spend adding that this is why up till date, government has not paid for the group life assurance of its workers for last year.

stand at above N52 billion, with about 150,000 active and retirees’ accounts, adding that the firm recorded Profit Before Tax (PBT) of over N230 million last year.

According to him, in 10 years of the company’s operations, the vision of the management and staff remained to be the most trusted operator in the industry and to also achieve competitive returns for clients.

He maintained that the

current vision of the firm is to give good returns to clients and be the most trusted, stressing that with this in mind, getting to the top five in the industry will be achieve with ease.

“In the first 10 years, our vision is to be the most trusted firm in the industry. Our mission is to achieve competitive returns for our clients. I am delighted to say that over the past 10 years, we have actually realised that.

We are indeed, highly trusted firm, to our clients; regulator and competitors. We have not only been able to compete in terms of our returns on investment, over the past three years, our Retirement Savings Account (RSA), has ranked amongst the top three in the industry.

“Our new mission is to achieve outstanding returns to our clients and efficient benefit administration to our retirees. The vision is to be the most trusted and remain

the PFA of choice. “The first 10 years, we survived in spite of all odds, as an entity and positioned ourselves in course of growth.

Over the next 10 years, we are not only looking at achieving that growth and be the most trusted firm, we are looking at breaking into the top most echelon in this market. By the end of the next 10 years, we do not see ourselves anywhere outside the top five PFAs in this industry,” he said.

AGENCY MANAGERS AWARD

L-R: General Manager Marketing African Alliance Insurance, Victor Peters; Assistant General Manager Marketing, Duke Enuenweugu; Managing Director / Chief Executive Officer, Alphonse Okpor; outgoing General Manager Marketing ,Vincent Emezi; Assistant General Manager Information Technology, Wisdom Philips and Chief Risk Officer Ayo Adesanya, at the 2016 Agency Managers’ Award organised by the company in Lagos … recently

SULEIMAN: CONTRIBUTORY PENSION SCHEME IS FACING CHALLENGES start seeing positive GDP growth from quarter one 2017. I will say that with this expectation of stabilisation and recovery of the economy, there should be an improvement of this situation you mentioned. Even as we are talking about recession, foreign investors still have much faith and hope in this economy otherwise the one billion dollar Eurobond issuance by the Debt Management Office would not have been actualised. The bond was not just fully subscribed but in fact eight times oversubscribed. You can’t have an expression of investor confidence in an economy more than this.

There is also stability in the political system, control of the militancy in the Niger Delta, stabilisation of the insurgency in the North East, etc. These are giving investors and us hope and confidence in the economy.

If local firms see that foreign investors are investing in this economy, they too will be encouraged and the economy will back on the high growth track.

For us that will mean employment generation and business growth.

Ten years of uninterrupted operations, how do you feel about it and what have been the challenges?

It has been quite challenging but interesting journey.

When we came in June 2007, we had already lost the advantage of being early movers in the market. The market then was basically a public sector market, comprising of federal ministries, departments and agencies. These had already been taken by the earlier licensees. Then you have the organised private sector with few multi nationals and major corporates and these had also been taken. Effectively meaning that we had to come up with strategies and be ready to face challenges of creating business in the middle and the lower segments of the market. So it was quite tough, challenging but from day one, we had determined that we would survive and we would succeed. I am delighted to say that the result is what

you are seeing today.

In numeric terms, could you furnish us with growth achievements within the period under review?

Within that period, we had to move from a zero level in 2007 to above N52 billion in Assets under Management and we also moved from reporting annual losses and accumulating those loses to being a profitable company. I am glad to say that in 2016 for example, we had achieved a Profit before Tax of over N240million.

What is the volume of assets under your management, number of RSA holders as well as retiree accounts and the company’s net worth including its capital base?

The number of the Retirement Savings Accounts, RSA, holders is about 115,000 comprising both the active and the retirees’ accounts. We have a paid up share capital of N1.5Billion. This is 50% above the required statutory minimum.

Just done the first 10 years, what are your growth plans for another 10 years?

In the first 10 years, our vision was to be the most trusted pension firm in this industry, and our mission was to achieve competitive returns for our clients. I’m happy to say that over the past 10 years, we have actually been able to achieve that. We are indeed, a highly trusted firm within the industry and among all stakeholders, our clients, our regulators and competitors. We have also, not only been able to achieve competitive returns on investments, we have actually been achieving returns at the upper echelon of the market.

Over the past three years, returns on our RSA fund have not gone below the top three in the

industry. Hence we decided that for the next ten years, our mission is to achieve outstanding returns on investment and efficient benefit administration for our clients by employing world class management expertise and technology. This is our current mission, while the vision remains to be the most trusted and also the pension fund administrator of choice.

How do you determine that we are the most trusted and the PFA of choice in the market? The answer is that we definitely survived the first 10 years as an entity in spite of all odds and when we meet in the market, you see FUG, being the choice of the prospective clients, we have now repositioned ourselves for the next 10 years. In that period, we are not only looking at achieving further growth and being the most trusted pension funds administrator, we are also looking at breaking into the top most echelon of this market. By the end of next 10 years, we wouldn’t want to see ourselves anywhere below the top five PFAs in this industry.

All pension fund administrators are selling a mono-product to customers, what would you say is your cutting edge?

The license itself specifically states that we are to do only pension fund administration business. Yes, it is a mono- product business and it is the same product we are all selling but the differentiation is in terms of one; the delivery, two; the customer services and three the returns on investment. And these three are actually our core areas of competence. We are also guided by our core values of Trust; Integrity; Prudence and Partnership which differentiate us from others. In addition, we try to look at the market, segment it, and see where we have comparative advantages, move into those areas and put across the most excellent service available

in the industry.

In fact, we are not only trying to ensure that we meet the regulatory requirements in terms of service, but indeed, to assess ourselves with and match the best globally. That was why we voluntarily went for ISO certification and maintaining it to ensure that service delivery is a core element in our focus. We are certified and can stand shoulder to shoulder with the global best as far as quality management system is concerned. So service excellence and outstanding returns on investment are what differentiate us in this competition.

Do you consider merger consummation or an acquisition of smaller PFA to expand your operations and provide better services to customers?

Now, the industry is tending towards that direction by virtue of the fact that clients are becoming more perceptive and therefore more demanding. The competition is becoming tougher.

Ultimately, it is only those who understand the market and have strategies of providing the best possible service and returns that will survive.

This effectively means, therefore, that in due course, you will see different forms of business combinations being consummated. For us as FUG Pensions, we’ll continue in our determination to survive as an entity. However, because of our growth objectives that I have mentioned earlier, we are not looking at growing vertically or organically only, but also horizontally by acquisitions. We therefore are not precluding what you have said of looking at the opportunities of acquiring competitors into our business.

Acquisition can take all sorts of forms but the basic goal is the growth of the business and survival as an entity with a very clear identity, the identity of FUG Pensions.

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

EDUCATION ‘More Grammar Schools, Technical Colleges will Curb Youth Restiveness in Niger Delta’ As he turns 90 this year, the Ijaw national leader and founder of Edwin Clark University, Delta State, Chief Edwin Clark told Funmi Ogundare that in addition to his desire to ensure that youths are educated, there is need for the federal government to build more grammar schools and technical colleges; give grants to private universities, and resuscitate unity colleges to make Niger Delta youths enthusiastic about school Youths all over the world are an important segment of the society in which they live. A disciplined, focused and law-abiding youth is capable of creating a bright future for any nation.

However, in the Niger Delta region, youth restiveness has been a prominent issue in recent times, as there has been an increase in the occurrence of acts of violence and lawlessness, including vices like hostagetaking of prominent citizens and expatriate oil workers, as well as oil bunkering, arms insurgence, cultism, among others, capable of threatening the nation’s peace and security.

As a result of years of oil exploration and pollution which have destroyed the environment and can hardly sustain the means of livelihood of the people of the region who are mainly farmers and fishermen, the quality of education is low and the youths are no longer enthusiastic about school, coupled with lack of job opportunities for them.

The Ijaw National Leader and founder, Edwin Clark University, Chief Edwin Clark told THISDAY that it has been a long standing, sad and problematic issue to tell, while recalling his efforts in the region when he was commissioner for education in the old Bendel State where he assisted in building 10 grammar schools.

“Those who went to school at that time appreciated education and they were old enough to move from their villages to the school through paddling of canoe. But now, you don’t expect a five or six-year-old to paddle from his own town to where the school is. I remembered having that at the back of my mind when I returned from Great Britain after qualifying as a lawyer. I became the commissioner for education in the old Bendel State because I saw for myself that the area was educationally backward and there was only one grammar school and one teacher training college.

“I pleaded with Dr. Samuel Ogbemudia, the then military governor, who gave me free hand to see what education can do to my people and he was very cooperative and kind. He even went with me in most cases between 1968 and 1971. We established at least 10 new grammar schools in the areas.

So with that we were able to canvass for children to go to the schools.

“I saw to it that every month, I visited those schools to see how they were progressing and in addition to that, I gave scholarships to teachers who will go to university to return to teach in those grammar schools. I still remember the two people I gave scholarships and they went back to teach in schools which we later converted to Government College.

“Due to the enthusiasm to education, the governor was able to bring his colleagues to see those schools and they wanted the types of building to be replicated in their own states. We had series of attraction in the area and children went to school and the teachers had allowances granted to them, we attracted mathematics and science teachers; and we made it mandatory that every girl who passed the examination into the college be given scholarships. The awareness was great that time.”

He expressed concern that most of the schools that were built then have been closed down and no longer functioning saying, “there were no teachers, the school buildings have

Clark

collapsed and there is no more enthusiasm.

As a result of recent development between the security forces and the youths in the area, their presence scares away the youths from going to school.”

Clark regretted that no one is talking about the out-of-school children in the Niger Delta and that the region has not really benefitted from the State Universal Basic Education Board (SUBEB). “How much do we benefit from SUBEB? Our children are not in school, there are no teachers and no special training for our children, the area is worse now than when I was commissioner for education.”

On the amnesty that the youths were granted in 2009 by the Jonathan administration through which some of them were sent abroad for training and studies, he said he has since been canvassing for better welfare packages and constant payment of their bursary.

“We have been talking to the government to ensure better welfare packages and constant payment of bursary for the youths who were picked up in the creeks, granted amnesty and have been receiving training. They were not going to school before then and they became a menace in the area because they had nothing to do. Most of them had gone abroad on scholarship to be trained and most of them are doing very well.

“Recently, we learnt that 23 of them made second class upper; four made first class in London and even at Idahosa University, six of them also made first class. There are no

opportunities, but given the opportunity, there is no reason why they should not perform better than others.”

On the effort of the Niger Delta Development Commission (NDDC) in institutions across the region, Clark said, “NDDC has succeeded in providing facilities for federal, state and private universities, but has not bothered to look at the education of the young ones. Basic education is the bedrock, without it nobody will progress, so that is what the Niger Delta people are suffering from today.

“The federal government knowing fully well that the parents of the children have been impoverished by the exploration of oil, no farming, fishing, carving, woodwork, and manufacturing, and the oil refinery they are doing are illegal, until this is done, the federal government should take it as a duty to see to the education, health and welfare of the youths of the area.”

He called on the government to build more grammar schools and technical colleges, while ensuring a deliberate attempt to educate the children especially. “Otherwise we will be worse than the north-east in the field of education simply because nobody is talking about it in our area.”

Commenting on the Faculty of Law of the university, Clark said, “I decided to establish a legacy and that is the university and I am not looking for money, but I wanted a situation whereby students from all over the country will come to my town where the university

is, to read and learn together as good citizens of a united Nigeria. To do that, character comes first.

So we have a vice-chancellor who had been the VC of Bowen University, Osun State for 10 years and other professors manning the faculty. The place is well staffed. The senate of the institution is very strict regarding the quality of students to admit and the quality of lecturers to lecture the students.

“I wrote to the Council of Legal Education that I wanted to start with Law now that I am 90, I have a very high regard for the faculty, we have a moot court, it is one of the best and we named the faculty after the late legal icon Rotimi Williams and we have a good dean of the faculty, we have books, we have signed a memorandum of understanding with foreign universities like Coventry University, UK and Chicago University, US. “I have been a lawyer for over 50 years.

I would love a situation whereby when it pleases God to take me away; my body should lie in state at the law faculty. Recently books were donated to the university and the largest so far donated to any university with the agreement that we should give some of those books to International Federation of Women Lawyers (FIDA) and give some to some other universities which we have already done.

Delta State University and the state’s FIDA also received some of the books.”

On the way forward for education in 2017, the Niger Delta leader said education is key to the success of any nation, adding that government should lay more emphasis on it by resuscitating unity colleges.

“When the unity schools were established in the first republic, they were very good schools and majority of our leaders today passed through those schools but unfortunately, they no longer carry the reputation they had before, most of them are dwindled.

The federal government should resuscitate all of them and hand them over to the old students association. The federal government should spend more money on education.”

He also appealed to the federal government to encourage private universities by giving them grants through the Tertiary Education Trust Fund (TETFund), saying that the move will ensure a unified type of education in the country.

“Even though I am a proprietor, there is no reason why the government should not give grants to private universities. Some of them are doing very well, they should encourage them. Some of them have good records outside Nigeria. There is no reason why private university should not benefit from TETFund. Projects should be identified and supported by the government so that there can be a unified type of education in the country.

“Now with the recession, you find out that every child wants to go to federal university because they are almost free. So the private institutions are now finding it difficult to get students, the federal government should take note that the private universities are filling a big gap in the education of this country. If they collapse, it will affect us. Rather than send our children to Ghana and other countries for education, the private universities should be encouraged and by doing so, they will reduce their fees. So children should be able to take advantage of the existence of private universities.”

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

EDUCATION

NERDC Tackles Poverty, Unemployment, Unveils Entrepreneurship Curriculum Kuni Tyessi in Abuja In a bid to tackle the issue of the 88 per cent of secondary school graduates that are unable to gain admission into tertiary institutions and are in search of gainful employment which are either not available or difficult to get, the Nigerian Educational Research Development Council (NERDC) has launched the long-awaited Entrepreneurial Curriculum Project (ECP), aimed at beating poverty, unemployment and other societal ills.

The Executive Secretary, Prof. Ismail Junaid announced that the project originated in part from an official request from Ebonyi and Enugu State governments for the United Nations Industrial Development Organisation (UNIDO) to mainstream it’s learning initiative for entrepreneurs to ensure that every senior secondary school graduate is well prepared for higher education and has acquired relevant functional trade/ entrepreneurial skills needed for poverty eradication, job

creation and wealth generation.

He said UNIDO entered into partnership with NERDC for the review of 34 trades/ entrepreneurship curricula so as to scale them up in line with best practices and for the purpose of exploring and enriching already existing curricula and instructional materials with skills, qualities and attitude learners would require for combating poverty and contributing to the economic growth of Nigeria.

He said the project will seek to institutionalise capacity strengthening at federal and state levels and also to conduct teacher training for the implementation of trades and entrepreneurial curriculum in senior secondary schools at state and local government levels. Others are: provide technical assistance and support in strengthening the capacity; support monitoring and evaluation of trades and entrepreneurship subjects; conduct customised trainings for 144 teachers in collaboration with state ministries of education; and support sensitisation

and advocacy workshops for teachers and other stakeholders.

“Survey revealed that each year, an average of two million young persons aged 16-18 years graduate from secondary schools and that about 12 per cent (250,000) of these graduates are able to proceed to higher education the remaining 88 per cent are

looking for gainful employment that are either not available or difficult to get.

“Fundamental intention for the development of the senior secondary school graduate is well prepared for higher education and has acquired relevant functional trade/entrepreneurship skills needed for poverty eradication, job creation, and

wealth generation; and in the process, strengthen further the foundations for ethical, moral and civic values acquired for the basic education level.

The curriculum emphasises choice, interest, ability and inclusiveness. “The lack of proper understanding of the concept, philosophy, underlying principles of entrepreneurial

education, as well as the strategies behind the contents, organisation and specification of the trade curricular , on the other hand, the feedback indicates the absence of core entrepreneurial contents in the 34 trade curricula that will enhance students’ utilisation of the skills inherent in these trades.”

Groups Decry Alleged Plan to Kidnap UNICAL Principal Officers Bassey Inyang in Calabar Several groups operating on the platform of the Academy and Combined Concerned Workers of the University of Calabar (UNICAL), have raised the alarm alleging that there are plans in some quarters to kidnap some principal officers of the institution.

The alarm was raised barely a year after some senior staff and students of the university were kidnapped and released only after a ransom in cash was paid to their captors.

The groups in a joint press conference in Calabar recently said from facts available to them, hoodlums have been threatening to kidnap some principal staff of the university or kidnap their children if they find it difficult to kidnap the officers.

The Coordinator of the Combined Concerned Staff of UNICAL, Johnson Inyang, said the groups would not take it lying low considering ugly incidents of last year when some senior staff and their children were kidnapped by hoodlums.

Inyang expressed surprise that such threats were coming again now that the university community is preparing for its 30th convocation ceremony.

He appealed to students and members of the numerous unions within the university to rise up the security challenge confronting them, adding that members of the university community should not allow themselves to fall victims of the merchants of mischief.

The coordinator, a senior staff in the Faculty of Arts, appealed to security agencies from within and outside the institution to be vigilant so as to save the university from further embarrassment.

Chairman of the academy, Dr. Sampson Uzuanke, said they got information that some hoodlums working with some strange forces outside the university have concluded plans to kidnap principal officers or their children.

Uzuanke, who double as the acting Head, Department of Modern Languages, disclosed that intelligence report at their disposal indicates that those behind the dastardly plot had gone ahead to recruit cultists and hoodlums to cause mayhem within the university community.

He said such threats can no longer be taken lightly as the group, in collaboration with other concerned workers of the university and security agency would do their best to ensure that those behind the plot are arrested and made to face the wrath of the law.

The Secretary of the academy, Dr. Ayuk Achu, said the intention of the plotters is to disrupt the pending 30th convocation ceremony, as well as portray the university in a bad light.

Achu said though the institution is reputed for its peaceful nature and academic excellence, students and majority of its staff would no longer sit back and watch any person or group of persons undermine the security on campus.

CHARTING A BRITHER FUTURE FOR YOUTHS

L-R: A former Governor, Cross River State, Liyel Imoke; convener, We are the Future of our Nation, Mrs. Yinka Ogunde; former Lagos State Commissioner for Education, Dr. Leke Pitan; former Oyo State Commissioner for Education, Mrs.Tokunbo Fayokun; and former Attorney General and Commissioner for Justice, Ogun State, Wemimo Ogunde (SAN) during the 11th edition of the programme organised by Edumark Consult in Lagos… recently sunday adigun

NDA Signs MoU with Shinkafi Centre for Masters Programme

LASPOTECH Rector Solicits Govt, Others’ Support to Upgrade to Varsity

John Shiklam in Kaduna

Funmi Ogundare

The Nigerian Defence Academy (NDA), Kaduna and the Umaru Shinkafi Centre for Africa Extractive Policy Research (USCAEPR) have signed a Memorandum of Understanding (MoU) to run a master’s programme in Energy Security Management in Africa (MESM) at the academy in July.

Speaking during the signing ceremony, the Commandant of the NDA, Maj. Gen. Mohammed Ibrahim commended the USCAEPR for the initiative, saying that the collaboration will promote knowledge, especially in the extractive industry and contribute to the country’s economic advancement.

He said the programme has been structured to provide Africa-focused seminars/handson training by globally respected academics and industry thought leaders on bespoke issues on energy security in Africa and its interaction with oil, gas, mining and renewable energy licensing regimes, regulations, fiscal policy frameworks, contracts negotiation, supply chain

administration and investment growth.

“It is commendable to see your efforts and drive to actualise this programme. I can see the enthusiasm and the purposefulness in your drive and I want you to continue.”

Ibrahim said the NDA is a brand name that the country is proud of having been in the business of training the finest military officers in the past 50 years. He said although the institution is a closed military and academic community “while we try to be secret with our military component, we are forced to opened our doors to people of like minds like your institution.”

In his remarks, the Director General of USCAEPR, Dr. Perisuo Dema, said the collaboration will introduce a new vista in national values, not just on security and energy.

“We have found out that in this country, considering national economic plans and national development plans, little consideration has been given to energy security.

The Rector of Lagos State Polytechnic (LASPOTECH), Mr. Oluyinka Sogunro, has said the institution is working to ensure that it upgrades to a university, adding that with the support of the state government and organisations committed to excellence in education, research and service, it will become a key global player among institutions. Sogunro made this known recently while briefing journalists on activities marking the polytechnic’s 25th convocation ceremony tagged, ‘LASPOTECH Aloft at 40’, which kicked-off on March 2 with an interdenominational prayer service. According to him, the institution has over the years, invested a lot in human capacity building through training and retraining of staff with the support of the state government and the Tertiary Education Trust Fund (TETFund), adding that it has budgeted N750 million for modern equipment to fast track its development.

“The state government has budgeted N750 million for our

accreditation coming up in the second quarter of 2017 for facilities and modern equipment and we will continue to improve on what we have.”

On the convocation ceremony, which will hold on March 9 at the Ikorodu Campus, he said a total of 9,228 students will be graduating across all its schools for the 2015/2016 academic session with only 273 having distinction.

“Governor Akinwunmi Ambode and the Deputy, Dr. Idiayat Adebule are some of the dignitaries expected at the programme. We will be commissioning the School of Technology Complex and School of Aeronautics. “Our vision is to be an institution offering world class services and produce skilled manpower for commerce and industry using modern facilities and competent personnel for the benefit of all.

Hence the programme run in the polytechnic are well designed for the growth of the Nigerian economy; and our graduates have contributed immensely towards the growth of the economy.

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

EDUCATION

CodeLagos: Govt Holds Stakeholders’ Forum for Old Students Peace Obi As part of its effort to ensure a smooth take off of the CodeLagos initiative in April, the Lagos State Government has organised a stakeholders’ forum for school alumni in the state.

Speaking at the event recently, the Special Adviser to the Governor on Education, Mr. Obafela Bank-Olemoh, said the initiative is aimed at teaching a million Lagosians how to code within three years.

He said it is geared towards equipping the youths with globally competitive skills, adding that the Akinwunmi Ambode administration believes that the project is critical to the continuing prosperity of the state. While describing CodeLagos as one of the steps towards achieving the various development plans of the state such as the Smart City initiative, Resilient City project, among others, Bank-Olemoh said the state is working hard to ensure that necessary facilities are put in place and to embrace the needed synergy with the private sector for a successful implementation. Explaining the role of old students’ associations in the project,

he said the state considers them as major stakeholders in their various alma mater.

“This partnership is aimed at achieving the CodeLagos initiative target of reaching 500,000 students through the school system; 100,000 through public libraries, public spaces and ICT spaces; while 400,000 through our online platforms. It is in the first phase that we need your support.

“What we intend to do is to set up coding centres all across Lagos both in public and private schools. For us as a government, we can’t do it all alone that is why we are reaching out to old student associations who are major stakeholders in their schools to partner with us by setting up coding centres in their schools.”

Speaking on the modalities for setting up a centre, the SA said a minimum of two facilitators, 10 computers, a projector, solar panel or generator, internet facility is needed for a standard coding centre.

“You will need to provide allowance for your facilitators, send your facilitators to us and we will train them at no cost to your association. You can register your facilitators on Codelagos.org. We have set up the coding frames to ensure uniformity

in quality.”

He said the state will on quarterly basis, conduct examination to ascertain the learning outcome of the students and reward the overall best with an international scholarship where they can go and brush up their skills in countries like Finland, UK, among others.

Speaking to some journalists on the preparedness of the office of education quality assurance to ensure that standard is maintained in all coding centres, the Director General, Mrs. Ronke Soyombo said some officers will be trained along with facilitators.

Though the officers won’t be teaching coding, she said the training will enable them do an effective monitoring of the initiative. “We are going to be monitoring to see that quality coding is done in Lagos. Some of our officers are going to be trained and be part of this.

“The fact that we are monitoring CodeLagos doesn’t mean that we are not going to monitor teaching and learning in public and private schools. So, we need to marry the three together. We have got a good itinerary for the three events.”

IMPROVING STUDENTS’ WELFARE

L-R: The Quality Assurance Manager, Vivian Fowler Memorial College for Girls, Lagos, Mrs. Niyatha Krishanan; students of the college: Akunawa Vanessa, Kigibofa Ambaiowei, Chiloe Onerhime and Onyenye Okoli; the Director, Mrs. Funke Fowler-Amba; and Chairman, ParentTeacher Association (PTA), Chief Sore Osibodu, at the school’s annual continuing education and counselling fair in Lagos… recently

Pace Setters Academy Organises Sports Contest to Discover Talents Kuni Tyessi in Abuja The Federal Capital Territory was recently livened up when parents and staff of Pace Setters Academy, Wuse, Guzape and Wuye hosted other schools at the main bowl of the National Stadium Abuja for its inter-house sports competition with the aim of discovering talents and boosting learning. Speaking at the event, the Chairman of Pace Setters Academy, Mr. Kenneth Imansuangbon, said the sporting event was organised to celebrate young and upcoming sportsmen and women who can represent Nigeria in the near future. He encouraged proprietors of schools in the country to key into sports despite the challenges, which he said will soon pass away, as the blessings must not necessarily be monetary but in creating a new image for the country.

“We came to the main bowl of the National Stadium so that we can tell the world that Nigeria will lead one day and so we had to start from here with

schools in Abuja. I thank parents and teachers who have seen the need that Nigeria must go to the Olympics and to the all Africa Games, and not only to go there but we must return with gold.

“That is what the country needs. The country needs to be fired up; we need to be inspired; we need to be triggered. It is not only through monetary inducement, but through sports. We must discover and encourage our children, we must hunt for them; we must give them the time.

“I have regret and it is that this is a country so blessed and so great and yet we put in only too little in our commitment.

Imagine if all the schools across the 36 states are doing what we are doing here in Abuja. Imagine what the chances of Nigeria will be in the world. Imagine what the interest of our children will be and what will come out in the nearest future.”

Imansuangbon added: “I admonish all schools within the country not to wait for government anymore. This is not the time for anybody to wait for government.

Students, teachers and principals of schools, please I admonish you it is going to be well with the country. Regardless of the challenges, we will get through. The way to get through is to inspire sports for the future and the way to inspire it is on the track. A child who was here today will never forget that he was here.”

The Principal of the Wuye branch of the school, Roseline Olumobi, said to get a balanced student, education is not all about school and writing, but the inclusion of other activities like sports will aid the learning ability of the child.

“The inter-house sports competition is actually one of the things that have helped the children in developing, just like we have in the theme, ‘Celebrating the Discovery of Talent’. In order to get the attention of the children, there is need to engage them in other physical activities because education is not all about school and writing. Other things must be brought together so the inter house sports has come to stay and you can see that everyone is enjoying it.”

Employ all Senses Whilst Teaching It has been found that most brain development occurs in the first two years of an individual’s life. Therefore in the world of education and child development, stimulation is crucial to a child and communication helps the developing child to make sense of the world and of his/her surroundings. Talking and listening to children from the moment they are born, whether or not they have visual impairment, helps children to develop a good mastery of language and communication skills.

Language gives names and concepts to what children hear, touch, smell and taste. Communication helps them to develop the ability to listen and express themselves well on the one hand, to make and develop good and lasting relationships on the other. Apart from the benefits of language and communication, children with visual impairment are more likely to be more sensitive to sound, touch, taste and smell. They need play and toys to enable them to develop and use their senses. It is important to note that each visually impaired child is individual in their need for sensory input. The parent, teacher or care-giver would therefore need to adjust their own behaviour and support according to the child’s/individual’s needs.

Stimulating the visually impaired child’s senses · Vision: Children with low vision should be encouraged to use the vision they have.You should facilitate this by controlling environmental conditions like lighting, colour, glare, size and contrast. Have the child move close to you at story or circle time, or indeed to move closer to the board or further away from it as it were. Your support may be that you let the child hold learning materials at whatever distance or angle that is best for them. Your choice of toys should be light, bright colours or contrasting colours. Use legible, big print books, select pictures that have colourful simple drawings rather than pictures that are visually cluttered. Also use matted finishes instead of glossy finishes if the child is learning with photographs, to reduce glare. · Touch: Children with vision impairment learn a great deal through using their hands and through touch. Provide opportunities for feeling all the components of an object. Provide toys that have a variety of textures, shapes, sizes and weight. Provide toys that have many different ways to activate and manipulate them such as: pushing pressing, pulling, sliding, punching and so on. · Hearing: Provide experiences and activities (within the child’s age and understanding) that aim to help him develop in his auditory ability to discriminate people’s voices and sounds. Encourage the child to listen and use auditory cues to locate people or places. For example, in a bathroom or toilet, sounds like the drip in the water cistern would suggest it’s a toilet. Provide also toys that provide auditory feedback, cause and effect, when they are manipulated. · Keying into hand-use and experiential learning: Children with visual impairment learn a great deal through using their hands and touch as I have earlier stated. Allowing them to touch your face for instance, and naming the parts of the face, helps with learning the concept of the body. Placing the child’s hand on your face so that it is near your nose and lips would give him the sense of what happens when you are talking, chewing or breathing. He would feel the vibrations through your face and learn of the different muscle and jaw movements (through feeling) for the different actions you make. At meal-times, teach food textures, smell and taste. Use the appropriate words to talk about the aroma, flavour and texture of the food. So you could be using words like hard lumpy, sour, spicey, sweet. Endeavour to consciously build the child’s lexicon as you speak.

This series would be incomplete without mentioning some tips to protect your eyesight. It is said that the eyes are the light of the body.

If you are sighted, take care of your eyes by: · Eating the right food - Fruits and vegetables like mango, squash, broccoli, green beans and spinach are known to help maintain good eye sight. · Wearing sunglasses - Ultra violet light from the sun’s rays can cause damage to your eyes. Check that your shades have a UV factor rating. · Take regular breaks from your computer:Take frequent breaks from your computer. Resting your eyes can avoid headaches, soreness, eyestrains and double-vision. · Family history - Knowing your family’s eye history is worth the while. Glaucoma for instance can be hereditary (although it may skip generations). Glaucoma causes things to become patchy among other things. · Wear safety glasses - When cleaning or gardening, carpentering, welding or mending, consider wearing safety glasses. Chemicals, garden debris, nails and splinters can cause injury to your eyes. · Cosmetics - Take care when using eye make-up, make-up remover or other cream around your eyes. Close your eyes or turn away when spraying perfumes or hairspray. · Eye-Injury - Seek medical attention as soon as possible following an injury. Do not be unbothered about pain in your eyes, blurred vision or loss of vision. · Diabetes - People who have diabetes are at risk of losing vision through a condition called diabetic retinopathy. · Visit your optician - It is recommended that people have an eye test every two years. A regular eye test can identify any early indications of diseases such as cataract and glaucoma. .

Omoru writes from the UK

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

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EDUCATION

Apprehension as Ex-UNIABUJA Registrar May Emerge Pro-Chancellor Kuni Tyessi in Abuja There is growing apprehension at the University of Abuja that the former Registrar, Mallam MB Modibbo may have been tipped as Pro-Chancellor and Chairman of the university’s governing council.

Modibbo, who was registrar for eight years, was directed by the Federal Ministry of Education to vacate and hand over office on June 30, 2014, after 35 years in public service. The former council had extended his tenure until he “…attains the retirement age of 60 years or 35 years in service, whichever comes first.”

Consequently, ministry

in a letter dated June 29, 2014, signed by the Director, Tertiary Education, Mrs. H.U Abdullahi, directed “…Mr. MB Modibbo to vacate the position of registrar with effect from June 30, 2014 and proceed on his accumulated leave.”

According to the statement from the ministry, reports from the university had been “worrisome” particularly “…the case of Modibbo, whose tenure as registrar has been generating a lot of furore within and outside the university community.”

The ministry had also directed the appointment of “the most senior deputy registrar to oversee the affairs of the registry while the post

of a new registrar is advertised without further delay.”

Analysts see the probable return of Modibbo to become pro-chancellor as a revenge mission to crush his perceived enemies and plunge the university into further crisis.

One of those interviewed who identified himself as Idris Mohammed, said, “it has never happened anywhere that a former registrar is brought back as chairman, governing council of any university in Nigeria and I believe the administration of President Muhammadu Buhari will not degenerate so low.”

A staff of the university who preferred anonymity

for fear of victimisation said, “since the former registrar left this place, there has been peace on campus. Staff and students have been going about their normal business; certificates are now issued to graduating students after the issuance of backlogs of over 10 years and there is improved staff-students relationship.

“The coming of the APC government should resist the attempt to cause crisis at the university and concentrate on making the university a model in Nigeria. I do not want a return to anarchy and executive lawlessness in the University of Abuja.”

RUNNING THE CLASSROOM

CHIOMA ERUOTOR

What Makes a Good Teacher?

There are many things that make a teacher great and they all can’t

be defined. However, I have always considered several of the essential. In my opinion, a good teacher is someone who first of all creates interest in studying, doesn’t underestimate the children, has equal expectations of success from everyone and last but not least, likes his job. A good teacher always has a sense of purpose.

He chooses very carefully the teaching programme and adjusts it to the needs of his students. Children always come first and that is why the decision he makes are based on how they will affect them.

He shares experience with other teachers and is always learning new things.

It is very important for a teacher to be a good communicator. He doesn’t just stand in front of the class and lecture, but tries to establish a dialogue and to find the best group activities in which every child would be involved. Discussions, peer-to-peer coaching, among others are the things which make the process of teaching more interesting and challenging so that all students attend classes and participate actively.

The good teacher works with all students. A friend of mine told me how her math teacher tolerates only students who are good at mathematics or those who have special interest in the subject.

Towards the rest of the class my friend says it is, “OYO” (on your own). She gives homework and tests without bothering to ask about the pupils’ difficulties. She doesn’t try to explain it and as a result many students keep getting poor marks. I firmly believe teachers shouldn’t forget that all students no matter their colour, race or gender have equal ability to study. Different students have different learning systems. Some can learn things easily while others need to spend more time over a given task. That is why it is advisable for a teacher to know his students individually so that he can remember what kind of problems they have and find the right way to help them.

There is no doubt that teachers have immense influence on their finding the best approach of teaching and making classes more amusing and interesting.

Eruotor writes from Lagos

Provost Lectures New Students on Good Time Mgt GIVING BACK

L-R: The Global CEO PZCussons UK, Dr. Alex Kanellis; Principal, Estate Senior Grammar School, Ilupeju, Jesugbamila Esther; the Vice-Principal Administration, Iyashere Joyce; and Vice-Principal, Academics, Idowu Christiana at the interactive session with students of the school, hosted by Inner Hearts, an initiative of PZCussons employees to give back to the society in Lagos… recently

KWASU Becomes First NigerianVarsity to Offer Aeronautical Engineering Programme Hammed Shittu in Ilorin The National Universities Commission (NUC) has approved the take-off of Aeronautical and Astronautical Engineering degree programme at the Kwara State University (KWASU), Malete.

With this approval, KWASU has become the first Nigerian university to institute a degree programme in Aeronautical and Astronautical Engineering.

The Vice-Chancellor, Prof. Abdulrasheed Na’allah, who disclosed this in a statement,

said the institution has formally submitted an invitation to NUC for accreditation, adding that the university is ready for the exercise. Na’allah also congratulated and commended all the students and staff of the school’s College of Engineering and Technology, particularly the Department of Aeronautical and Astronautical Engineering for “their hard work and patience that led to this great success.”

The College of Engineering and Technology currently offers courses in Mechanical Engineering, Civil Engineering,

Electrical and Computer Engineering, Food, Agric and Biological Engineering and Materials Science and Engineering.

The administration of Governor Abdulfatah Ahmed has completed the construction of an N800 million engineering complex for the university, which is part of the state government’s efforts to promote engineering education.

With the International Aviation College (IAC) already situated in Ilorin, the state is fast becoming the aviation hub of the country.

Students Besiege Registration Portal ahead of Cowbellpedia Exam Expectation and excitement have heightened among secondary schools across the country as their representatives besieged the Cowbellpedia registration portal ahead of the qualifying examination for the 2017 Cowbellpedia Secondary School Mathematics Television Quiz Show.

Thousands of students in public and private schools that have completed their registration process will sit for the examination across the country on March 11, 2017.

The Marketing Director, Promasidor Nigeria Limited, Mr. Festus Tettey explained that like in previous editions, the competition is open to students in

junior secondary three (JS3) and senior secondary two (SS2) from 10-18 years attending full time secondary education in public and private schools in Nigeria.

While entry into the competition is free, Promasidor’s Category Manager (Dairy), Abiodun Ayodeji, enjoined contestants to avail themselves of the opportunity by registering online at www.cowbellpedia. ng before the exam date.

He also advised the candidates/schools to do the following: Go to www.cowbellpedia. ng, click on link to register your school; fill the form; ensure you fill all required fields and complete the process by clicking the register button.

Ayodeji added that the registration portal will flash the required fields on the computer screen to alert prospective candidate on the need to complete all the processes.

The first prize for this year’s edition is N 1 million and an all-expense paid educational excursion abroad, while the first and second runnersup will get N750,000 and N500,000 respectively.

The teacher of the top prize student winner will be awarded N400,000, while teachers of the first and second runnersup will receive N300,000 and N200,000 respectively.

The Provost of the Federal College of Education (Technical), Umunze, Anambra State, Prof. Josephat Ogbuagu, has advised new students in tertiary institutions across the country to invest their youthful energy in rewarding ventures.

He warned that admission into the tertiary institution should not be misconstrued as a license to chase vanities and called for good time management as a crucial factor in ensuring a successful academic life.

Ogbuagu, who stated this during the 28th/sixth joint matriculation ceremony organised recently for National Certificate in Education (NCE) and degree students of the college, explained that the institution, the only federal college of education (technical) in the entire southeast, offers programmes in NCE, Postgraduate Diploma in Education (PDE), and degree programme in affiliation with the Nnamdi Azikiwe University, Awka.

He said the college has lived up to the expectations of the founding fathers in grooming thousands of students in technical, vocational and science subjects, adding that graduates of the college become beacons of hope, as they remain successful entrepreneurs, self-reliant, as well as scholars worthy in character and learning.

The provost stressed that tertiary education is not a bed of roses, but a race for excellence which demands diligence, perseverance and focus. He advised students not to abuse the liberty they enjoy far away from the influence of

their parents.

“Be wise in your choice of friends. I urge you to form study groups and associate with those that will fertilise the seed of success in your studies in this great college. It has been tested and proven that hard work is the secret of success. Always remember that when you fail to prepare, you prepare to fail.

Your success story starts now; every minute counts.”

Ogbuagu assured the new students that the college management would not relent in its commitment to quality education. “Our mission to make FCET Umunze the nation’s pride remains our creed.

We have made commendable efforts to provide spacious lecture halls, students’ hostels, ICT learning tools, micro-teaching laboratory, language laboratory, among others. I urge you to take advantage of these facilities to become outstanding students that would ultimately make your parents and the entire nation proud.”

Also speaking, the ViceChancellor, Nnamdi Azikiwe University, Prof Joseph Ahaneku, congratulated the new students and described both institutions as top flight institutions in the country.

He said the affiliation of the college with the university affords students admitted under the affiliation structure the privilege of studying for a degree of the university in academic programmes domiciled in the college, but whose curricula and other requirements meet the high academic standard of the university.

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CITYSTRINGS

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

Dickson in the Hot Seat

Emmanuel Addeh examines the wrangling that has trailed the decision of the Bayelsa State Government to allot the Bayelsa Palms, an area of 1,200 hectares, to herdsmen for cattle grazing

Herdsmen and their cattle at the Bayelsa Palms

A cow hit by a car around Opolo, Yenagoa, before the restriction policy

T

he danger caused by activities of some ubiquitous cattle herdsmen in most parts of the country has recently become a cause for concern to almost every Nigerian, some of whom, though have not had physical confrontations with them, daily read the havoc wreaked by the cowhands.

Given the huge number of lives and property that have been lost to the menacing phenomenon and the life-long trauma (physical and psychological) inflicted on those who have been unfortunate to come in contact with some of these nomads, governments, especially at the state level have been left confused as to how best to tackle what has become a clear and present threat.

From Agatu in Benue State to Beji in Niger, from Tunari Village, Wukari in Taraba to Southern Kaduna, in Kaduna State, from Ndokwa in Delta, to Nimbo in Enugu and even to Oke Ako, in Ekiti, the story has been that of sorrow, tears and blood.

The response by the authorities at the federal level, many say, has at best been lethargic, while many states have had to reverse their knee-jerk reactions to the menace, some of which clearly violated the Constitution of Federal Republic of Nigeria.

In Bayelsa, there have been cases of clashes between farmers and the cattle herdsmen. Before these pockets of altercations, civil society groups and community leaders had at their levels tried to mediate among the various contenders until it drew the attention of the state government.

The government maintains that after series of consultations, and following reports from the intelligence community in the state which were debated at the level of the state Security Council, it decided to allocate the Bayelsa Palms to the herdsmen, many of whom it contends are indigenes of Bayelsa.

It insists that it had not ‘ceded’ any of its land to any herdsman, whether Fulani or from any other part of the country.

However, in the main, the arrowheads of the opposition to the government decision hinge their agitation on the fear that the Fulani herdsmen have come to take over Ijaw land, a very strong sentiment which the government says is capable of creating tension and resulting in the breakdown of law and order.

The most vocal of the groups, led by Ijaw activist, Ms Ann-Kio Briggs, who took to the streets recently in protest against what the government termed a purely security and economic decision, argues that if the policy

Dickson...defended his decision to allocate land to herdsmen

is allowed to take roots, the Ijaw people could as well kiss their heritage goodbye in Bayelsa.

“All what we are saying is that no land belonging to the ijaw people should be ceded to Fulani people,” the fiery activist told journalists during the protest which ended abruptly, with

Ms Ann-Kio Briggs, who took to the streets recently in protest against what the government termed a purely security and economic decision, argues that if the policy is allowed to take roots, the Ijaw people could as well kiss their heritage goodbye in Bayelsa

the woman claiming to have been attacked by some youths in the state during the rally.

Briggs argues that the Fulanis have natural expansionist tendencies and therefore would use the Bayelsa Palms area which they have been allotted as a springboard to execute the expansionary plans.

She accused the governor of donating the future of Ijaw people to the Fulani people, whom she said have shown that they could not be entrusted with anything. “l pray with Ijaw people to get Governor Dickson to reverse this donation of our children and their future to people whose aim is to impose their religion on Christians, and take other people’s land by force, murdering, burning and destroying communities,” she said in an earlier statement.

Those against her viewpoint position that she was only reveling on scaremongering, rather than rational thinking.

But perplexed that perhaps, his attempt at being proactive about the security of lives and property may have been misconstrued, Governor Seriake Dickson, has told everyone who cared to listen that his decision was in the best interest

of the state.

While taking cognisance of the right of people to debate decisions of government, the governor says those who are up in arms against the resolution of the security council, headed by him are acting from the standpoint of inadequate information.

Dickson maintained that having fought for the interest of the Ijaw people in the past, even through his activities as an executive of the Ijaw National Congress (INC), a pro-Ijaw association, he could not turn around to sabotage the same Ijaw interest.

“She (Briggs) more than most people should know my type of person and what I stand for as far as protecting Ijaw fundamental interest is concerned.

“What I can say is that while I concede to people their right to disagree and even to venture alternative points, they too should concede to me that we know our governor, he must be driving this policy for a good reason.

“They should also concede that to me especially on matters that affect the protection of Ijaw people and the defence of Ijaw fundamental interests because none of these people can say they rank higher than me in terms of pedigree.

“And as governor, you look at all you have done and you will also concede to me that I am running a government that will stand by you and protect Ijaw national interest.” he said while elaborating on why he was sticking with the plan.

Dickson insists that apart from the fact that confining the herdsmen to a specific location to ply their trade would enhance security, he would be going against the Nigerian constitution by picking and choosing who should and who should not step their foot on Bayelsa, same way he will resist anyone asking an Ijaw person to stay away from their states.

He continued: “But you are in a country where you cannot stop the exercise of freedom of movement within Nigeria by anybody.

“Those who are not running government, those who want to be popular, claim that herdsmen should not come to Bayelsa. But as we speak, herdsmen have been in our community for years.

“It is not this government that is bringing the herdsmen to Bayelsa. Ann-Kio knows that in Rivers State there are a lot of herdsmen in many communities.

“Also in Delta State and everywhere across our country, they are there and they did not start today even though most of these violence-related activities are things we are beginning to see.

“But the truth is that we cannot stop people

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CITYSTRINGS

It is not in the security interest of our people to allow herdsmen who may be armed to be roaming our communities. I am not one that will take your security lightly.

There is no benefit for me in this decision. But this is the right thing to do and it is a model that a lot of states are looking at.There will be no permanent structures there. My judgement in consultation with the state security council says we should confine them

from moving from one place to another just like people cannot stop Ijaw fishermen from going anywhere to fish.

“As a government, it will be irresponsible on our part to promote that kind of notion, that people should be expelled, attacked or prevented from being in Bayelsa,” he noted.

According to him, having received several reports on a daily basis from community and security agencies, the decision to ensure that all herders in the state are congregated in one location was unassailable.

He argues that the decision was not unilateral as the decision went through several levels before the implementation began.

“We set up a committee and in this committee we have youth leaders carefully selected from the areas of impact and these areas of impact we all know. Some of them are in Gbarian, Kolga area, Sagbama, Ogbia and Amassoma area.

“We carefully observed this and selected youth leaders in a committee that has been serving.

In that committee you have representatives of the relevant security agencies.

“We have very senior police officers, and assistant commissioners of police with enough experience and capacity to take charge once there are suspected security breaches.

“You have a very senior officer of the SSS, Civil Defence Corps and the king of Kolokuma Opokuma and one other traditional ruler representing the traditional rulers in that committee,” he narrated.

According to the governor, he could not fold his hands and allow the situation to deteriorate before taking concrete action to safeguard the lives of the people of the state.

“If you look at the papers, the reports of such clashes are daily and this was almost spreading down to us, so we took a proactive security measure first to put this committee in place so that they always resolve this conflicts and disputes and then we discuss it in the security council.

“What we decided to do is to confine them to an area and regulate their activities and operations. We put up structures and mechanisms of identification because from the reports we have read, cattle men and herdsmen will come attack places and run away, nobody will know who has done it.

“We say that cannot happen in this state.

In that place of husbandry, there is a register.

All those who have cattle must be registered in the state. If you come into Bayelsa with any cattle, we would know your identity, have your photograph, name, phone number, and at least ask you where you come from,” he said.

Dickson argued that aside the security implications, there are also economic reasons for his decision.

“They will also pay tax every month for the services. We have not given any herdsmen any land other than what remains government land.

Bayelsa Palm is property of Bayelsa State government and it is in full possession, occupation and control and management by the government of Bayelsa State.

“Let it be clear, the government of Bayelsa State has not given any community or Ijaw

Briggs (middle) protesting against Bayelsa government's decision to allocate land to herdsmen

A farmer weeping after her cassava farm was destroyed by cows

land to herdsmen. We only provided a place where their cattle can be raised and a place that is already used for raising cattle.

“Cattle and palm plantation can effectively co-exist. We have studied it, seen what is happening in Malaysia, Indonesia, and we believe that the available place we can use now to forestall this looming crisis that is playing out day by day in most states,” he explained.

He said that while a security post is being constructed in the area, where security men will be based, no permanent structures will be allowed to be erected by the occupants of the Bayelsa Palms.

“It is not in the security interest of our people to allow herdsmen who may be armed to be roaming our communities. I am not one that will take your security lightly.

“There is no benefit for me in this decision.

But this is the right thing to do and it is a model that a lot of states are looking at. There will be no permanent structures there. My judgement in consultation with the state security council says we should confine them.

“They go round destroying peoples farms and if we do not contain them it will lead to a major clash which we do not want to see,” he reasoned.

While noting that those opposed to the idea have not proffered any other alternative solutions, other than the extremist view that herdsmen should be kept away from the state, the governor stated that the decision was not all about Fulani people, but even Ijaw cow owners and herders.

He queried: “Or what other option do we have? Is it to leave the herdsmen that come from far and anywhere to come and wander about

and take over Amassoma or other communities?

That is not good, I cannot allow that.

“I would like our young men to even own cattle and rear them as a means of livelihood, because most of the cattle there now are even owned by Bayelsans. Some of the cattle are owned by our people, Igbo traders, Yoruba traders and so on,” he argues.

But as the debate rages, many notable persons from the state have also thrown their weight behind the decision of Balyesa State government.

Speaking in support of the administration, Chairmen of the Restoration Caucus in the eight local government areas, stressed that as the Chief Security Officer of the state, the decision was strategic to avoid loss of lives and property.

The chairmen led by veteran politician, Chief Thompson Okorotie, said the designation of the area for grazing activities was to enable the government restrict the activities of herdsmen and monitor them.

“The governor has not sold any land to the cattle herders. That decision was taken to confine them to a particular area and to avoid clashes between herdsmen and farmers in the state, as witnessed in some parts of the country,” Okorotie said.

Also, two Niger Delta groups, the Ijaw Patriots and Niger Delta Youths Coalition (NDYC), in their separate reactions, said the entire opposition to the idea was to weaken the Dickson's administration and incite his kinsmen against him.

Rightly or wrongly, they accused the arrowheads of the resistance of working for some political interests in the state ahead 2019.

In a statement signed by the NDYC spokesman, Mathew Seikumo, while the protest was

hinged on issue of the Fulani herdsmen and their cattle grazing in Bayelsa Palms, the sponsors had ulterior motives.

“The real motive of the protest is political and it is all about 2019,” the statement noted.

The NDYC spokesman said: “Politics is what is at play here and we must sound it loud and clear that as Niger Delta youths we cannot allow ourselves to be deceived and used by those who have failed us before to further plunge the Niger Delta into crisis.”

Also, the Executive Secretary of the Ijaw Patriot (IP), David Lawson, who signed the release on behalf of the group, said the action of a female politician in the state to sponsor public dissent against government action, was to avoid paying taxes to the government on her own herds, herself, being the owner of over 500 cattle in the state.

“She owns 500 cattle and the protest was to ensure she does not pay tax per head of cattle as part of government's decision to restrict herdsmen and their cattle to the Bayelsa Palms Area for grazing.

“We call on all Ijaw sons and daughters to join forces with government to keep the peace in the state rather than allow some people use their own selfish interest to destroy the state,” the group held.

While the influential Ijaw Youth Council (IYC), has also aligned with the Bayelsa government, they however condemned the alleged attack on Briggs by some youths.

President of the IYC, Udengs Eradiri, argued that those who are vehemently opposed to the action of government have failed to throw up alternative ways of dealing with the cattle herders.

“If they do not want cattle in their land, let them stop eating cow meat. But ask them to make that little sacrifice and you see everyone complaining,” the youth leader told newsmen.

In the same vein, a statement by the IYC’s Chairman, Central Zone, Mr. Bobolaiyefa Owoupele, said the fears harboured by Briggs and others of North‘s domination of Ijaw land due to the decision were not only unfounded but smacked of scaremongering.

“Their fear of annexation of Ijaw/Niger Delta territories vis-à-vis acquisition of Ijaw lands on the pretext of cattle grazing are unnecessary and unfounded as the land is not donated or sold to anybody including her so much feared cattle herdsmen.

“The Bayelsa Oil Palms farm space is provided for cattle business just as the Ekeki Motor Park is provided by government for transport business in the state,” the IYC said.

The IYC maintained that even Ijaw people are engaged in fishing business in faraway places like Baro, Lokoja, Kaduna, Pategi and Yauri in Northern Nigeria and have not constituted any threats to their hosts.

“The fishing grounds and camps allotted to them by their hosts and where they have been doing legitimate business over the years have not become Ijaw land,” the group maintained.

It added: “If the Hausa quarters in Warri and Port Harcourt where Hausa/Fulani people have stayed to do business for decades have not become Hausa/Fulani land, how then does anyone come to the conclusion that the Bayelsa Oil Palms farmland meant for cattle ranches, abattoir and market will become Hausa/Fulani property.”

Meanwhile, Security agencies in Bayelsa State have started to implement the governor’s directive that cows found outside the designated areas should be impounded.

Already, two truckloads of cattle being taken to two local governments in the state were apprehended and taken to the Bayelsa Palms.

Chief Press Secretary to the Governor, Daniel Iworiso-Markson, said the arrest of the cattle and their owners was on the orders of the state governor. A statement signed by the CPS, said that both truckloads which were heading to Imiringi and Amassoma in Ogbia and Southern Ijaw local governments respectively have been moved to the designated grazing area at the state-owned Bayelsa Palms where they were properly documented and their biometrics captured.

But politics and sentiments apart, many believe it was a good decision to make, especially if the herdsmen are thoroughly monitored as explained by the governor, who also admitted that there must have been a gap in communication between those opposed to the new policy and the government.

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T H I S D AY • FRIDAY, MARCH 8, 2017

BUSINESS/MONEYGUIDE

FIRS Generates N27bn from Tax Waivers, Registers 814,000 New Taxpayers Ndubuisi Francis in Abuja The Federal Inland Revenue Service (FIRS) has garnered a total of N27.086 billion since it introduced its tax waiver on penalty and interest programme.

It also captured 814,000 new taxpayers in its register.

The Executive Chairman of FIRS, Mr. Tunde Fowler made the disclosures in Abuja yesterday when he played host to the House of Representatives Committee on Finance.

The tax waiver programme was initiated to make tax defaulters regularise their relationship with the FIRS. A statement issued by FIRS’ Head of Communications and Servicom Department, Mr. by Wahab Gbadamosi said Fowler, who spoke in Abuja during the oversight visit by the House Committee noted that the sum of N27.086 billion was from the tax waiver programme arising

from the payment of a minimum of 25 per cent of the principal of outstanding tax liabilities between 2013 and 2015 as well as the continued payment of agreed instalments.

The FIRS’ chief executive added that more revenue was expected from instalmental payments of the principal.

No fewer than 2,735 taxpayers applied under the tax waiver programme.

His words: “The aggregate tax revenue collection for the year 2016 amounted to N3.307 trillion which translates to 79 percent of the government target of N4.200 trillion.”

FIRS had in 2016 given a 45-day window for taxpayers owing tax liabilities (including interest and penalty for 20132015) to come forward and pay a minimum of 25 per cent of the actual liabilities and spread the balance.

The House Committee was

yesterday told that FIRS implemented a nationwide tax registration drive in 2016 to bring additional taxpayers into the tax net.

“We were able to bring in additional 814, 000 corporate taxpayers, exceeding our target of 500, 000 previously unregistered taxpayers. This was achieved through nationwide taxpayer registration drive, taxpayer engagement and enlightenment.

“We established the Federal Engagement and Enlightenment Tax Teams (FEETT) ran campaigns on television and radio in five languages. We are collaborating with Ministries, Departments and Agencies, MDAs on several fronts. With State Internal Revenue Service (SIRS), we are collaborating on engagement, education and tax audit. We signed a Memorandum of Understanding (MoU) with them,” Fowler stated.

Devt Partners Explore InfraCredit Model to Catalyse Infrastructure Financing Kunle Aderinokun A joint initiative of the World Economic Forum (WEF) and Organisation for Economic Cooperation and Development (OECD) are exploring InfraCredit model to unlock up to $100 billion in global infrastructure funds for emerging and frontier markets THISDAY gathered that the Sustainable Development Investment Partnership (SDIP) strategic dialogue, supported

by Private Infrastructure Development Group (PIDG), held recently in London, which featured the InfraCredit model as a localised financial framework for local currency guarantees in emerging and frontier markets SDIP, a joint initiative of the

World Economic Forum and the OECD, is a collaboration of public, philanthropic and private institutions committed to mobilising $100 billion in blended finance for sustainable and climate-resilient infrastructure in emerging and frontier markets.

InfraCredit is a specialised guarantee company established by the Nigeria Sovereign Investment Authority in partnership with GuarantCo, to provide guarantees that enhance the credit quality of eligible local currency denominated infrastructure debt instruments, issued with up to 20-year maturity. Its guarantees will act as a catalyst to attract the investment interest from pension funds, insurance firms and other long term investors in the

Nigerian debt capital markets for infrastructure projects.

THISDAY checks revealed that, the strategic dialogue highlighted key issues related to local financing, by demonstrating the application and the viability of local currency guarantees, and providing some insights on a framework to explore replication of the InfraCredit model in new markets.

Managers of large pools of capital, both within and outside developing countries, are increasingly looking to partner with governments, donors and development finance institutions through blended finance transactions to diversify their portfolios in markets that generate higher yields in a low global interest rate environment.

China’s FX Reserves Hit $3tn China’s foreign exchange reserves unexpectedly rose for the first time in eight months in February, rebounding above $3 trillion as a regulatory crackdown and weakness in the dollar helped staunch capital outflows.

Reserves rose $6.92 billion in February to total $3.005 trillion, their first increase since June 2016, compared with a drop of

$12.3 billion in January, when reserves fell to $2.998 trillion.

Japan comes in next with reserves of about $1.2 trillion, while the US lags behind with $119 billion, the AFP reported.

Nigeria’s forex reserves stood at $29 billion at the end of February. Economists polled by media had expected China’s foreign exchange reserves to drop by $25 billion to $2.973

Stanbic IBTC Assures Sustainable Growth Stanbic IBTC Holdings Plc at its fourth annual general meeting held yesterday reiterated its commitment to deliver outstanding value to clients and stakeholders.

Approved by shareholders at the event was the 2015 financial statement of accounts. Stanbic IBTC had in a statement to the Nigerian Stock Exchange on December 21, 2016, disclosed that following the resolution of the dispute with the Financial Reporting Council of Nigeria, its 2015 audited financial statements had been signed off by the external auditors, Messrs.

KPMG Professional Services and can now be made public.

Chief Executive, Stanbic IBTC

trillion in February.

China has tightened rules on moving capital outside the country in recent months as it seeks to support the yuan currency and stem a slide in its foreign exchange reserves.

It expended nearly $320 billion of reserves last year, but the yuan still fell 6.6 per cent against the dollar, its biggest annual drop since 1994.

Shareholders

Holdings Plc, Mr. Yinka Sanni, said despite a slowing economy, the institution remained in very sound financial shape.

Sanni emphasised that the institution remained on track to maintain its long-term strategic growth and profitability objectives by, prioritising asset quality through diligent and systematic approach to risk management.

“Our strategy of building a franchise capable of generating sustainable returns to our shareholders remains in place.

Our continued investment in building a cost-efficient and customer-friendly organization, underpinned by our growing customer base, innovation and customized financial solutions

on

should continue to ensure better earnings and indeed very positive outcomes for all stakeholders. Our customers and stakeholders are the epicentre of our existence and will remain so,” he stated.

During the meeting, shareholders approved a dividend as recommended by the Board of Directors, as well as re-elected retiring directors and appointed additional ones. The group, in the financial year ended December 31, 2015 posted gross earnings of N140.027 billion, up from N130.654 billion from 2014. Profit before tax stood at N23.651 billion during the period, while profit after tax was N18.891 billion.

Fowler

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 • Source - CBN

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 • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE AS AT, MONDAY, 6 MARCH 2017 The price of OPEC basket of thirteen crudes stood at $53.09 a barrel on Monday, compared with $52.97 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

45

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

Nigeria’s top 50 stocks based on market fundamentals

7-Mar-17

6-Mar-17

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

01 Dangote Cement Plc

156.61

149.26

4.92%

2,668,713,864,697.05

9.20

17.01

4.70

5.11%

3.57

02 Nigerian Breweries Plc

133.15

130.05

2.38%

1,055,759,783,237.20

4.03

33.00

3.50

2.70%

6.44

03 Guaranty Trust Bank Plc

25.95

25.00

3.80%

763,739,100,862.80

4.90

5.30

1.90

6.82%

1.55

691.00

691.00

0.00%

547,725,470,132.00

8.81

78.42

3.17

4.20%

17.36

14.69

14.50

1.31%

461,214,493,716.34

3.91

3.76

0.97

12.25%

0.66

400.00

400.00

0.00%

221,324,125,200.00 -44.58

-8.97

2.85

3.98%

0.56

47.00

47.00

0.00%

186,612,421,115.00

0.03

1,607.40

2.62

2.77%

4.46

6.45

6.48

-0.46%

186,585,417,019.95

2.59

2.49

0.53

8.53%

0.42

10.00

9.90

1.01%

183,495,512,150.00

0.68

14.78

0.31

6.20%

0.29

10 United Bank for Africa Plc

5.03

5.02

0.20%

182,486,017,399.66

1.75

2.88

0.54

11.93%

0.42

11 Stanbic IBTC Holdings Plc

17.98

17.98

0.00%

179,800,000,000.00

2.04

8.83

1.28

0.56%

1.53

12 Lafarge Africa Plc

39.00

39.00

0.00%

177,641,170,590.00

-9.39

-4.15

0.83

7.69%

0.88

13 FBN Holdings Plc

3.00

3.04

-1.32%

107,685,878,376.00

0.21

14.46

0.20

5.00%

0.17

28.00

27.81

0.68%

105,932,295,000.00

0.69

40.45

1.60

0.18%

11.29

15 Mobil Oil Nig Plc

285.00

285.00

0.00%

102,769,649,670.00

19.32

14.75

1.13

2.53%

5.55

16 Guinness Nig Plc

64.40

61.35

4.97%

96,979,199,307.20

-3.06

-21.06

0.94

4.97%

2.46

17 Total Nigeria Plc

284.00

283.00

0.35%

96,424,201,708.00

38.02

7.47

0.36

4.93%

4.23

54.90

54.50

0.73%

71,506,212,554.70

3.31

16.61

0.46

6.28%

1.66

19 Dangote Sugar Refinery Plc

5.73

5.73

0.00%

68,760,000,000.00

1.03

5.58

0.48

8.73%

1.10

20 Oando Plc

4.96

5.00

-0.80%

59,691,709,714.24

-3.15

-1.57

0.23

15.12%

0.38

21 7-Up Bottling Comp. Plc

86.00

86.00

0.00%

55,090,771,218.00

-0.05 -1,882.87

0.59

2.56%

2.48

22 International Breweries Plc

15.70

15.70

0.00%

51,719,713,696.00

0.02

696.79

1.94

1.59%

4.71

23 Julius Berger Nig. Plc

38.66

38.66

0.00%

51,031,200,000.00

-2.95

-13.12

0.44

3.88%

2.69

24 Flour Mills Nig. Plc

17.40

17.21

1.10%

45,661,727,053.80

-1.19

-14.58

0.11

11.49%

0.46

25 Okomu Oil Palm Plc

47.00

48.00

-2.08%

44,833,770,000.00

4.82

9.74

6.82

0.21%

2.78

0.75

0.70

7.14%

29,040,748,068.75

-0.47

-1.61

0.56

0.00%

0.39

13.00

12.80

1.56%

24,971,237,031.00

3.37

3.86

0.33

7.69%

0.33

28 FCMB Group Plc

1.20

1.20

0.00%

23,763,252,937.20

0.61

1.96

0.15

8.33%

0.13

29 Fidelity Bank Plc

0.80

0.82

-2.44%

23,170,068,553.60

0.39

2.07

0.15

20.00%

0.13

30 Sterling Bank Plc

0.74

0.74

0.00%

21,304,909,413.24

0.29

2.57

0.20

12.16%

0.26

28.12

28.12

0.00%

19,684,000,000.00

2.28

12.31

2.95

4.09%

11.50

32 Custodian And Allied Insurance Plc

3.30

3.30

0.00%

19,410,151,843.50

0.76

4.33

0.53

4.24%

0.68

33 Wema Bank Plc

0.50

0.50

0.00%

19,287,233,040.50

0.06

8.39

0.38

0.00%

0.41

34 Diamond Bank Plc

0.81

0.78

3.85%

18,759,915,064.08

-0.29

-2.76

0.09

0.00%

0.08

35 National Salt Co. Nig. Plc

7.00

7.00

0.00%

18,546,068,646.00

0.85

8.24

0.99

7.86%

2.51

14.10

14.10

0.00%

16,861,858,480.80

-2.98

-4.73

0.60

2.13%

1.92

37 Mansard Insurance Plc

1.52

1.52

0.00%

15,960,000,000.00

0.28

5.46

0.80

3.29%

0.76

38 Cadbury Nigeria Plc

7.80

7.80

0.00%

14,649,975,912.00

0.50

15.62

0.52

16.67%

1.43

13.99

13.99

0.00%

13,990,000,000.00

5.69

2.46

0.98

0.71%

0.38

40 Continental Reinsurance Plc

1.06

1.06

0.00%

10,995,108,970.72

0.42

2.52

0.50

11.32%

0.59

41 Unity Bank Plc

0.67

0.70

-4.29%

7,831,856,421.14

-0.10

-6.54

0.12

0.00%

0.09

42 Honeywell Flour Mill Plc

0.95

0.95

0.00%

7,533,687,775.10

-0.40

-2.35

0.16

16.84%

0.23

43 Skye Bank Plc

0.50

0.50

0.00%

6,940,150,705.00

-2.93

-0.17

0.04

60.00%

0.07

44 Wapic Insurance Plc

0.50

0.50

0.00%

6,691,369,126.00

0.18

2.78

0.85

6.00%

0.41

45 Resort Savings & Loans Plc

0.50

0.50

0.00%

5,664,866,202.00

0.03

17.71

3.72

0.00%

1.94

46 Cement Co. Of North.Nig. Plc

4.30

4.30

0.00%

5,403,714,393.80

0.22

19.64

0.49

2.33%

0.50

47 AIICO Insurance Plc

0.60

0.63

-4.76%

4,158,122,688.00

0.22

2.69

0.14

8.33%

0.41

48 Nigerian Aviation Handling Company Plc

2.30

2.38

-3.36%

3,735,703,125.00

0.15

15.22

0.46

8.70%

0.62

49 UACN Property Development Co. Limited

1.79

1.85

-3.24%

3,076,562,491.05

0.30

5.98

0.73

39.11%

0.09

50 Fidson Healthcare Plc

0.90

0.91

-1.10%

1,350,000,000.00

0.24

3.82

0.21

5.56%

0.21

04 Nestle Nigeria Plc 05 Zenith Bank Plc 06 Seplat Petroleum Dev. Co. Ltd 07 Presco Plc 08 Access Bank Plc 09 Ecobank Transnational Incorporated

14 Unilever Nigeria Plc

18 Forte Oil Plc.

26 Transnational Corporation Of Nigeria Plc 27 U A C N Plc

31 Cap Plc

36 Glaxo Smithkline Consumer Nig. Plc

39 PZ Cussons Nigeria Plc

TOTAL

8,115,964,265,306.42

TOTAL MARKET CAP

8,696,763,992,800.87

% OF MARKET CAP Annotation - MA* = Simple Moving Average

93.32%

Table 1 Market Statistics Mkt Indicators

Open 6-Mar-17

NSE All Share Index NSE Market Cap (N'Trillion)

24,581.99 8.51

25,129.27 8.70

2.23 2.23

101.79 7.93

104.23 8.12

2.40 2.40

Thisday BGL 50 Index Thisday BGL 50 Market Cap (N'Trillion)

Close 7-Mar-17

Change %

Table 3 Top 5 Gainers Stock

Open 6-Mar-17

Transnational Corporation Of Nigeria Plc Guinness Nig Plc Dangote Cement Plc Diamond Bank Plc Guaranty Trust Bank Plc

Close Change 7-Mar-17 %

0.70

0.75

7.14%

61.35 149.26 0.78 25.00

64.40 156.61 0.81 25.95

4.97 4.92 3.85 3.80

Table 4 Top 5 Losers Stock

Open 6-Mar-17

AIICO Insurance Plc Unity Bank Plc Nigerian Aviation Handling Company Plc UACN Property Development Co. Limited Fidelity Bank Plc

Close Change 7-Mar-17 %

0.63 0.70 2.38

0.60 0.67 2.30

-4.76 -4.29 -3.36

1.85

1.79

-3.24

0.82

0.80

-2.44

Market rebounds as Index gains 2.23% Market pulse on the Nigerian Stock Exchange (NSE) today – Tuesday, March 7th, 2017 ended on a positive note as the stock market closed green due to profit positioning by investors. This was further highlighted by positive performance from the NSE Subsectors: Banking, Consumer Goods and Oil & Gas (Save Insurance). Also, trading activities increased in volume as 215.36m shares worth of N2.60 billion in 3,692 deals exchanged hands today. This is an increase from as 128.16m shares worth of N1.47 billion in 2,978 deals which exchanged hands on Monday. Topping in volume terms are: Access Bank Plc, Zenith Bank Plc and United Bank for Africa Plc, Zenith Bank Plc and Nigerian Breweries Plc ended trading as the most active stocks in value terms. Today, Brent crude oil price sells around US$56.10 per barrel.

The All Share Index (NSEASI) closed positive with 2.23% (+547.28) increase to close at 25,129.27 from 24,581.99 the previous trading day. Market capitalization depreciated in tandem to N8.51 trillion from N8.66 trillion of prior trading day. Similarly, the Thisday BGL 50 Index closes with an increase of 2.40% to 104.23 from 101.79 recorded at the end of the previous trading day, while its market capitalization stood at N8.12 trillion from N7.93 trillion of the previous trading day.

Market breath closed positive today as 17 stocks gained on the bourse while 18 stocks also declined, leaving 83 stocks unchanged. Leading the pack is Transnational Corporation Of Nigeria Plc with a gain of 7.14% to close at N0.74 per share. It was followed by Guinness Nig. Plc with a gain of 4.97% to close at N64.40 per share. Others on the gainers’ list include: Dangote Cement Plc, Paints And Coatings Manufactures Plc and Dangote Flour Mills Plc among other. On the decliners’ list, Africa Prudential Registrars Plc led with a loss of 5.00% to close at N2.28 per share. It was followed by AIICO Insurance Plc with a loss of 4.76% to close at N0.60 per share. Others on the decliners’ list are: Meyer Plc, Unity Bank Plc and Caverton Offshore Support Grp Plc. Topping the Thisday BGL 50 Index gainers’ list is Transnational Corporation Of Nigeria Plc as it emerged as the day’s toast of investors with a gain of 7.14% to close at N0.74 per share. It was followed by Guinness Nig. Plc with a gain of 4.97% to close at N64.40 per share. Others on the gainers list include: Dangote Cement Plc, Diamond Bank Plc and Guaranty Trust Bank Plc; while on the decliners’ list, AIICO Insurance Plc lead with a loss of 4.76% to close at N0.60 per share. It was followed by Unity Bank Plc with a loss of 4.29% to close at N0.67 per share. Others on the decliners list include: Nigerian Aviation Handling Company Plc, UACN Property Development Co. Limited and Fidelity Bank Plc. REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the firm may have a conflict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

46

T H I S D AY • FRIDAY, MARCH 8, 2017

MARKET NEWS

Bulls Return as Dangote Cement, Transcorp Gain at Stock Market Goddy Egene and Nosa Alekhuogie The Nigerian equities market closed in the green yesterday after opening on negative note the previous day. Price gains by some highly capitalised stocks such as Dangote Cement Plc, Transcorp Plc, Guinness Nigeria Plc and Nigerian Breweries Plc boosted the performance. The Nigerian Stock Exchange (NSE) All-Share Index rose by 2.23 per

cent to close higher at 25,129.27, while market capitalisation closed at N8.697 trillion.

However, Transcorp Plc led the price gainer’s chart in percentage terms with 7.14 per cent, trailed by Guinness Nigeria Plc and Dangote Cement Plc with 4.9 per cent apiece.

The growth recorded in the market is believed to have been bolstered majorly by Dangote Cement, which has the highest

T H E MAIN BOARD

DEALS

MARKET PRICE

capitalisation in the market.

The company last week declared a dividend of N8.50 per share for the year ended December 31, 2016. 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

N I G E R I A N QUANTITY TRADED

STO C K

VALUE TRADED ( N )

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

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

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 be at N180 billion as

6 6 12

30.00 34.00

12,629 11,640 24,269

374,530.15 421,345.20 795,875.35

19 19 31

1.25

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

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

5 68 13 86 86

0.77 1.13 20.47

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

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

13 13

41.50

31,970 31,970

1,409,214.78 1,409,214.78

5 5 18

5.20

28,901 28,901 60,871

154,716.48 154,716.48 1,563,931.26

6 24 7 98 135

2.85 118.85 20.00 99.00

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

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

9 9

168.50

166,476 166,476

28,285,937.95 28,285,937.95

54 38 6 12 1 29 140

5.61 19.00 1.37 6.86 6.65 1.27

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

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

11 54 65

17.86 700.00

18,825 98,360 117,185

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

11 11

4.46

99,050 99,050

420,455.00 420,455.00

13 21 34 394

21.90 28.00

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

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

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

4.10 1.49 15.60 1.21 16.70 1.07 1.76 2.95 5.30 0.63 0.98

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

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

14 8 2 3 7 10 1 1 46

0.80 0.90 0.50 0.50 2.06 0.76 0.50 0.50

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

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

1 1

1.08

4,760 4,760

4,950.40 4,950.40

31 7 105 7 20 170 893

2.46 4.00 0.85 14.15 1.31

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

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

27

2.69

614,065

1,572,223.05

against N188 billion in 2015.

However, a tax credit recorded by the company lifted 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 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.

“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.

E XC H A N G E

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

DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

32 4 6 69 69

25.33 0.94 0.69

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

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

1 1 1

1.69

500 500 500

805.00 805.00 805.00

16 9 4 6 10 31 76

24.00 9.30 35.78 8.62 3.36 80.50

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

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

6 6

1.51

134,500 134,500

204,240.00 204,240.00

5 5 87

50.00

24,529 24,529 15,152,108

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

2 2

0.50

24,262 24,262

12,131.00 12,131.00

90 90

3.47

3,827,573 3,827,573

13,288,632.05 13,288,632.05

21 7 8 21 7 64

18.34 1.84 342.00 150.00 145.00

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

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

33 33 189

318.00

389,934 389,934 4,473,488

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

1 1

0.50

941 941

470.50 470.50

5 5

3.80

32,870 32,870

127,756.40 127,756.40

13 13

0.89

624,500 624,500

538,430.00 538,430.00

1 22 23

2.29 4.00

4,588 251,094 255,682

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

1 1 43 1,811

1.68

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

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

2 2 2 2

1.21

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

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

306 306

11.45

13,929,679 13,929,679

159,605,439.23 159,605,439.23

278 278 584

3.74

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

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

35 35 35 619 2,432

139.83

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

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

2 2 2 2 2 10 10 10

2,330.00 2.33 6.02 11.09 18.07

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

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

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

47

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

MARKET NEWS

IOSCO: Regulators Should Have Access to Data on Bond Markets Goddy Egene The Board of the International Organisation of Securities Commissions (IOSCO) has stressed the need for regulators to have access to timely, accurate and detailed information on secondary bond markets to be able to assess adequately changes in these markets and monitor trends in trading, and respond accordingly.

This data may be obtained through various means, including regulatory reporting requirements and public transparency to facilitate analysis of

the corporate bond market.

IOSCO stated this in a report titled:”Titled Examination of Liquidity of the Secondary Corporate Bond Markets.”

According to IOSCO, in the report it has found no substantial evidence showing that liquidity in the secondary corporate bond markets between 2004 and 2015 has deteriorated markedly from historic norms for non-crisis periods.

The report presents a data-driven analysis of secondary corporate bond markets during 2004 and 2015, with a

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

specific focus on liquidity. It provides a global view of corporate bond market development within the broader economic and financial context.

IOSCO´s report reveals that there have been meaningful changes to the characteristics and structure of corporate bond markets, caused by new technology, the growth of electronic trading venues, and changes in execution models and dealer inventory levels. The report’s findings confirm that corporate bond markets remain fragmented among national and regional over-the-counter

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 6-Mar-2017, unless otherwise stated.

(OTC) markets, and differ substantially across jurisdictions.

The conclusions in the report are based on a detailed analysis of various liquidity metrics, survey results from industry and regulators, industry roundtables, and a review of academic, government and other research articles.

IOSCO also considered the responses to its consultation report, published in August 2016.

According IOSCO, the primary challenge facing it during its factfinding work was a lack of useful data on the trading of corporate

bonds on the secondary market in different jurisdictions, largely because most bonds are traded through decentralised, dealer-intermediated OTC markets.

IOSCO found it particularly challenging to analyse information due to data gaps and differences in collection methods and the scope, quality and consistency of data across different jurisdictions.

Hence, the study reinforced IOSCO’s view that regulators should have access to timely, accurate and detailed information on secondary

bond markets to be able to assess adequately changes in these markets, monitor trends in trading, and respond accordingly.

IOSCO is the leading international policy forum for securities regulators and is recognised as the global standard setter for securities regulation.

The organisation’s membership(including the Nigeria Securities and Exchange Commission) regulates more than 95 per cent of the world’s securities markets in more than 115 jurisdictions and it continues to expand.

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 127.13 127.48 0.04% Nigeria International Debt Fund 220.03 220.55 2.18% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.69 0.70 -1.22% 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 17.58% 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 12.02 12.39 -2.62% ARM Discovery Fund 284.32 292.90 -0.99% ARM Ethical Fund 21.98 22.65 -1.61% ARM Money Market Fund 1.00 1.00 15.77% 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 105.16 105.90 0.08% AXA Mansard Money Market Fund 1.00 1.00 17.54% 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 2.21 2.26 1.59% Paramount Equity Fund 9.31 9.55 -0.53% Women's Investment Fund 86.59 88.81 2.36% 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 17.52% 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 1,122.31 1,123.42 2.93% FBN Heritage Fund 109.77 110.49 -1.63% FBN Money Market Fund 100.00 100.00 16.08% FBN Nigeria Eurobond (USD) Fund - Institutional $107.26 $107.81 3.01% FBN Nigeria Eurobond (USD) Fund - Retail $106.97 $107.51 3.43% FBN Nigeria Smart Beta Equity Fund 111.25 112.74 -1.25% 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 2.64 2.64 2.63% 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 2,157.35 2,181.92 -2.36% Coral Income Fund 2,171.52 2,171.52 3.20% 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 17.14% 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 1.69 1.70 0.40% Vantage Guaranteed Income Fund 1.00 1.00 15.54%

LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.00 1.02 1.29% Lotus Halal Fixed Income Fund 1,021.94 1,021.94 1.90% 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 9.51 9.59 -1.61% Meristem Money Market Fund 10.00 10.00 14.89% 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 1.64% PACAM Fixed Income Fund 10.42 10.45 0.10% PACAM Money Market Fund 10.00 10.00 16.21% 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 110.68 111.58 8.71% 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 1.27 1.27 1.75% 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 1,817.88 1,827.47 -0.74% Stanbic IBTC Bond Fund 154.15 154.15 0.12% Stanbic IBTC Ethical Fund 0.74 0.75 -3.25% Stanbic IBTC Guaranteed Investment Fund 190.99 190.99 2.19% Stanbic IBTC Iman Fund 126.55 128.35 -2.46% Stanbic IBTC Money Market Fund 100.00 100.00 17.50% Stanbic IBTC Nigerian Equity Fund 7,229.19 7,317.50 -4.64% 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 1.14 8.39% United Capital Bond Fund 1.27 1.27 15.86% United Capital Equity Fund 0.64 0.65 -0.95% 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 9.64 9.81 0.22% Zenith Ethical Fund 11.08 11.18 1.56% Zenith Income Fund 17.21 17.21 4.14%

REITS

NAV Per Share

Yield / T-Rtn

11.41 125.18

1.01% 0.98%

Bid Price

Offer Price

Yield / T-Rtn

7.62 69.70

7.72 71.01

-13.14% -8.02%

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

2.38 4.94 11.30 13.28 123.38

2.42 5.02 11.40 13.48 125.38

-13.21% -29.56% -5.74% -16.64% -4.97%

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

48

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

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Cameroon Crisis: Group Draws World’s Attention to Impending Genocide Alex Enumah in Abuja The attention of international bodies and particularly the African Union has been drawn to the deplorable conditions of the English-speaking parts of Cameroon, with a warning that if urgent steps are not taking it might result to genocide in the area.

A rights-base organisation in Nigeria Africans Rising for Justice, Peace and Dignity, which sounded the warning after it returned from its fact-finding mission in Cameroon, also warned Nigeria not to fold her hands as she may likely bear the brunt of a huge humanitarian crisis if conditions escalate.

Speaking through its National Coordinator, Mrs Margaret Udoh, the group urged Nigerian

government to rise to the plight of over four million Nigerians residing in the affected region, and who are currently denied access to Internet and their fundamental rights.

As part of solution to ending the crisis, the group called on relevant authorities to compel the government of Cameroon to respect the Kilimanjaro Declaration, which guarantees social inclusion and environmental care for all parties.

They condemned the security crackdown on the people and called on President Paul Biya of Cameroon to take decisive action towards ending the crises. “In order to resolve this deepening crisis, the group recommends that the government immediately act to end the repressive actions and fear,

Trump Travel Ban: Targeted Nations Condemn New US Order Countries targeted under a new US travel ban passed by President Donald Trump have attacked the move, along with the United Nations.

On Monday, President Trump signed a new executive order placing a 90-day ban on people from six mainly Muslim nations.

The order was presented as a means to strengthen US

national security against terror threats.

On Tuesday however, two of the countries, Sudan and Somalia, said the move was unjustified. The directive, which includes a 120-day ban on all refugees, takes effect on 16 March.

It follows a previous order, which was blocked by a federal court, that sparked confusion at airports and mass protests.

by ending its militarised security operations in the Anglophone regions with immediate effect,”Udoh said.

According to her, a lot of Anglophone Cameroonians who for fear of been arrested and tortured are fleeing the area to neigbouring Nigeria, adding that in most instances the accounts of

these people are blocked to prevent them from having access to finance.

Speaking to journalists in Abuja, a fleeing native of Anglophone Southern Cameroon, Ashu Kingsley, stated that since the crises started in September last year, all the courts in the region have been shut down.

According to him, though 90 per cent of the people of the region

speak English, 40 out of the 64 judges are Francophone, who does not speak English.

Speaking further on the level of marginalisation of the Anglophone Cameroonians, Ashu disclosed that out of the 36 ministers in the country, only one is from the English-speaking region.

Recall that in October 2016, associations representing teachers, educators and lawyers, from two Cameroon’s Anglophone regions - South West and North West, embarked on an industrial action to demand greater inclusion and promotion of English-speaking people in the teaching and legal sectors.

Gbajabiamila: We’re Capable of Retaliation against Xenophobic Attacks, But We’ll Explore Legislative Diplomacy Puts estimated losses in S’Africa at N84m Damilola Oyedele In Abuja The Majority Leader of the House of Representatives, Hon. Femi Gbajabiamila, has said while Nigeria is capable of retaliation over the continuous xenophobic attacks against Nigerians in South Africa, it chooses to tow the path of engagement, including legislative diplomacy.

This is as he noted that although there has been no record of the loss of Nigerian citizens in the latest round of attacks, there have been reported injuries and destruction of properties, estimated to be N84 million.

Gbajabiamila, who is leading the delegation of the House to

South Africa, disclosed that the six man team would meet with the South African Parliament to discuss the possibility of both our countries enacting hate crime laws, including crimes committed based on nationality.

At a press conference yesterday, the majority leader said the country cannot shirk its responsibilities to its citizens on grounds of recession.

Fielding questions regarding the alleged tacit complicity of South African authorities in the attacks, Gbajabiamila said retaliation is not off the table but should be a last resort.

“Our country is afraid of no one, but when you say are big brother, retaliation is not the first step to diplomacy. Cutting of ties

and retaliation are always the last resort, it will always be on the table but it will be last resort,” he said.

The leader recalled that the federal government recently slammed telecommunications giant, MTN with a hefty fine for failing to adhere to regulations.

“ManyarguesthattheN3.4billionfine could cripple MTN, but they broke the law,” he said.

Similarly,theChairmanoftheCommittee onForeignAffairs,Hon.NnennaElendu Ukeje,saidthedelegationwouldremind theSouthAfricanparliamentandauthorities that silence translates to complicity.

“Now in the event that fails, we shall be reminding them that retaliation is only to the mutual detriment to both countries. And

we will be reminding them of their businesses in Nigeria,” she said.

Ukeje added that both parliaments would be expected to engage on areas of mutual benefit and how much both countries could lose from xenophobia and possible retaliatory actions or severing of diplomatic ties.

The delegation, would be away for five day. Its mandate include seeking to strengthen the Nigerian / South African Bilateral Commission which only exists on paper, meeting with Nigerians resident in South Africa to assure them of government intervention, and working to secure a commitment for compensation for victims of the recent attacks.

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

49

NEWSEXTRA

FG, China to Finalise $11bn Lagos-Calabar Rail Deal in June Ambode seeks FG’s cooperation on Lagos’ metro red line

Gboyega Akinsanmi and Benneth Oghifo The acting President, Yemi Osinbajo, yesterday said the federal government and People’s Republic of China would round up

negotiations on the Lagos-Calabar rail project estimated at $11.117 billion in June.

Osinbajo also disclosed that the federal government had already provided its portion for funding the rail project, promised that the

Saraki, Dogara, Ekweremadu Hail Osinbajo at 60 Omololu Ogunmade in Abuja Senate President, Bukola Saraki, his Deputy, Ike Ekweremadu, and the Speaker of the House of Representatives, Hon. Yakubu Dogara yesterday showered encomiums on acting President, Prof. Yemi Osinbajo, on today’s occasion of his 60th birthday anniversary, saying the acting president has performed creditably well within a short time.

Saraki in a statement, signed by his Special Adviser, Media and Publicity, Yusuph Olaniyonu, in Abuja, wished Osinbajo good health, great wisdom and enduring grace to continue to serve the nation and humanity. The Senate President also commended the acting president for holding forte effectively for President Muhammadu Buhari, noting that Osinbajo has continued to demonstrate loyalty to the President by not getting distracted.

He also said Osinbajo’s pedigree as a Professor of Law, a Senior Advocate Nigeria (SAN), and crusader for rule of law, justice, fair play and independence of the judiciary, are values that are needed in today’s Nigeria.

Ekweremadu oh his part, extolled Osinbajo on his leadership qualities and achievements.

In his birthday wishes, signed by his Special Adviser, Media,

Uche Anichukwu, Ekweremadu described Osinbajo as an erudite scholar with humble dispositions as he commended his handling of the nation’s affairs so far as Nigeria’s acting president.

He said: “I congratulate Prof.

Osibanjo on this landmark birthday and commend him for the leadership qualities exhibited as Nigeria’s vice president and so far as the acting president.

“As I have always emphasised, the challenges faced by the Nigerian masses are virtually the same and, as leaders, we must live up to their yearnings, inspiring and giving them a sense of direction and belonging.

Ekweremadu wished him a happy birthday and the grace to continue on the path of success.

Also, Dogara lauded the leadership qualities of Osinbajo, on occasion of his 60th birthday.

Dogara, in a statement issued by his Special Adviser on Media and Public Affairs, Mr. Turaki Hassan, said Osinbajo has demonstrated exceptional capacity, humility and patriotism in handling the affairs of Nigeria.

“Since your emergence as the vice president and chairman of the country’s economic council you have not left any one in doubt as to your capacity to handle matters of national interest, development and progress,” the Speaker said.

negation would be concluded in the next three months.

He said this at the unveiling of Lagos-Ibadan rail project at the Nigerian Railway Corporation compound, Ebute-Metta, yesterday, noting that the national rail project would create 500,000 jobs.

On behalf of the federal government, President Muhammadu Buhari had in June 2016 signed an agreement with the China Civil Engineering Construction Company (CCECC) for the construction of the LagosCalabar coastal railway line at $11.117 billion Under the agreement, the federal government was able to negotiate the price of the contract downwards by $800 million, stressing that although the contract was initially valued at $11.917billion, it would now to cost $11.117 billion.

The first segment of the rail line comprises Calabar, Uyo, Aba and Port-Harcourt. Other segments of the Lagos Calabar coastal rail line such as Otueke, Yenagoa, Ughelli, Warri, Sapele, Benin, Agbor, Asaba, Onitsha, Ijebu Ode, Lagos, would be ready also within another two years..

Osinbajo, however, unveiled the Lagos-Ibadan rail project yesterday alongside the state governor, Mr.

Akinwunmi Ambode, his Oyo counterpart, Senator Abiola Ajimobi, the Minister for Transportation, Mr. Rotimi Amaechi, Senate Chief Whip, Sen. Olusola Adeyeye and Oba of Lagos, Oba Rilwan Akiolu, among others.

At the unveiling, the acting president disclosed that the federal government “has already provided our portion for funding for the Lagos-Calabar route as well. We expect that negotiations with the foreign component of the funding will be finalised within the next three months.”

He, therefore, assured that a vibrant railway system “will confer many benefits on the society. Our ultimate goal is to restore a railway using culture for both commercial and personal transportation. We are confident that the national rail project will create up to 500,000 jobs. Aside, it will facilitate the movement of up to 3.2 million tons of cargo per annum.”

He explained that the ground breaking “reflects the federal government’s to build a globally competitive economy with first grade infrastructure. Railway, in our strategy, is underscored by our economic recovery and growth plan as well as incorporated 2016 and 2017 budgets.

“We made provision for matching funds in 2016 budget to complement the concession loans obtain from the people Republic of China. The Chinese Government and Chinese Exim Bank have always proved to be a reliable partner to the Nigeria Government. We have the entire Lagos Kano rail track as well as the Lagos Calabar railway track in the 2017 budget.”

Osinbajo disclosed that negotiation on the Kaduna –Kano portion of the track had been completed, noting that when completed the rail projects “will reduce the burden on national high ways. It will also reduce deterioration of the road network and increasing the life span of our roads.”

He explained that railway network would support efforts “to diversify the economy and enhance our export potentials. Several of our cities will become known as railway towns will boost economic activities within the railway lines that will eventually cut across the entire country.

He, therefore, said the new approach to rail project development explained why the federal government “supports the replacement of the 1964 railway acts

with a legal frame work that open railway projects in the country to greater private sector participation.

“We expect to ensure that the resources to manage efficient modern and reliable train services.

We will see the same zeal in the project construction so that the railway lines we be completed on schedule. We are looking forward to a fast and efficient service between Lagos and Ibadan within the projected time frame which is on or before December 2018.”

Also speaking, Ambode commended the federal government for approving the right of way for the proposed Lagos Light Rail (Red Line) project, thereby asking the Nigeria Railway Corporation “to cooperate with the State Government during the construction of the red line.”

He said the proposed extension of the Lagos-Ibadan Rail Project would go a long way to open up the economy of the Southwest as well as facilitate regional integration and growth.

He said the project also marked a new dawn in the transformation of the nation’s transport infrastructure, especially for the South-west, thereby expressing delight that the take-off had become a reality.

Halogen Bridges Gap on Abuja Airport Closure with Security Solutions Crusio Osagie Nigeria’s foremost security solutions services provider, Halogen Security Company Limited, has perfected plans to ensure that air travelers to and from Abuja during the six weeks that the Abuja Airport will be closed for maintenance will do so in style, safety and comfort through its Secured Mobility Business.

In conjunction with Charter partners, the company will be providing air travel options for intending travellers into Abuja through Minna, while also rendering executive chauffer and escort services from Kaduna Airport to Abuja.

Uche Mojekwu, Associate Director, Brand and Strategic Marketing, Halogen Security Company, said: “We are out to provide individual and corporate bodies with travel security and ‘peace of mind’ during the sixweek closure period announced by the federal government. Our services will be in three categories of Halo Secured Air Plus, Halo Secured Ground Plus and Halo Secured Ground solutions available in premium, executive and classic.”

She explained that travellers who opt for the Halo Secured Air Plus will be flown in a chartered aircraft and subsequently shuttled to Abuja

in a Helicopter from Lagos or Port Harcourt, with an option to provide a chauffeur driven vehicle, escort team and other land transportation requirements within Abuja.

Those who flew other airlines may opt for Halo Secured Ground Plus or Halo Secured Ground Solution.

The passenger with be offered free on-line personal trackers, chauffeured into Abuja from Kaduna Airport (or vice versa) with options of bullet proof and executive SUVs, buses or saloon cars in a lead and chase escorts formation, under the careful watch of high level commanders.

“Our solutions provide different options for individual and corporate bodies to take advantage of the charter and helicopter charter services; free personal trackers for passengers, security trained chauffeurs with different options of SUV, saloon cars and buses; escort team in a lead and chase formation under the professional watch of our high level commanders,” she said.

These services according to her are available on affordable rates and have been carefully designed to provide safe, comfortable and a unique travel experience to our clients during this period.

LAGOS-IBADAN RAILWAY PROJECT

L-R: Oyo State Governor, Senator Abiola Ajimobi; President Overseas, China Railway Construction Corporation Limited (CRCC), Mr. Zhao Jinhua; Lagos State Governor, Mr. Akinwunmi Ambode; Acting President, Prof. Yemi Osinbajo; Chief Whip, Senate, Senator Olusola Adeyeye; Minister of Transportation, Hon. Rotimi Ameachi; Ogun State Governor, Senator Ibikunle Amosun; and Minister of Mines and Steel Development, Dr. Kayode Fayemi, during the groundbreaking ceremony of the Lagos-Ibadan Railway Project with extension to the Lagos Port complex, Apapa, at the Nigerian Railway Corporation (NRC) compound, Ebute-Metta, Lagos....yesterday

GE Partners Tony Elumelu Foundation on Lagos Garage Leading multinational, General Electric (GE) and leading entrepreneurship organisation, The Tony Elumelu Foundation (TEF), have announced a partnership that would allow up to 25 Tony Elumelu EF Entrepreneurs to participate in a dedicated fourweek advanced manufacturing training programme every year at GE’s Lagos Garage – a hub for advanced manufacturing-based innovation, strategy development, idea generation and collaboration.

The partnership results from the mutual interest of both organisations to foster economic growth and empowerment in Nigeria by building a skilled workforce and driving entrepreneurship development in the country.

Expressing her thoughts on

the collaboration, GE Director of Communications and Public Affairs Patricia Obozuwa, said: “We are happy to collaborate with a reputable organisation such as the Tony Elumelu Foundation on this skill building initiative. There is a lot of alignment between TEF and GE’s commitment to the development of Nigerian entrepreneurs and we look forward to seeing some great success stories from TEF participants on the training programme,” she added.

Speaking on TEF’s commitment to empower Nigeria’s entrepreneurs, “We welcome the collaboration with GE, world’s top 10 most innovative companies, to spur the growth of the Tony Elumelu Entrepreneurs, Nigeria’s new innovators. This programme will help them to

further develop their products and business models as a follow up to the Foundations’s Entrepreneurship Programme,” said Parminder Vir, CEO, Tony Elumelu Foundation.

The training programme would, among other things, expose participants to a wide spectrum of topics that are essential for manufacturing and design in the 21st Century; sharpen teamwork, communication, and creativity skills of participants; promote excellence in the practice of design and manufacturing within and across professions; expose selected entrepreneurs to real-world design and manufacturing problems, bring concepts to reality and cultivate the entrepreneurs’ ability to express, evoke and shape experience through design and manufacturing.

GE created the Garages programme in March 2012 to reinvigorate interest in invention, innovation, and manufacturing in America.

The programme went global with two workshops in Lagos in 2014 and in December 2016, GE launched a permanent space, co-located with their Lagos offices dedicated to the training of young Nigerians in advanced manufacturing and business development.

By playing a role in the development of the advanced manufacturing ecosystem in Nigeria, GE hopes to create jobs, build local knowledge and capability, and encourage technology-based innovation in the manufacturing sector.

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Sheriff Threatens Disciplinary Action against Disloyal Staff Dickson’s committee proposes June 30 for convention, says Sheriff should chair event Onyebuchi Ezigbo in Abuja The National Chairman of the Peoples Democratic Party (PDP), Senator Ali Modu Sheriff, has warned that any member of staff of the party that fails to heed his call to return to work may face disciplinary action.

The warning came as efforts to stem the raging crisis in the party saw the Standing Committee on Reconciliation headed by Bayelsa State Governor, Henry Seriake Dickson, yesterday submitting its report and recommending that a unity convention be held on June 30.

Sheriff whose warning came after the staff of the party had persistently rejected his overtures to drop their loyalty to the National Caretaker Committee led by Senator Ahmed Makarfi, said the staff must remain apolitical and refrain from taking sides in the conflict.

A statement issued by the spokesman of the Sheriff leadership, Mr. Bernard Mikko, said: “Recent events and pronouncements of

some members of staff under the guise of PDP Welfare Association have shown that they have breached their terms of employment and conditions of service and now engaging in the selection, determination and emergence of their bosses who are political leaders at the Wadata Plaza.”

Mikko, who described the Makarfi-led caretaker committee as a “dead dissident group,” said all staff should immediately get back to work as they are neither on trial nor involved in any crisis or litigation necessitating any form of political or legal solution to resolve.

“All staff of the PDP National Secretariat that have not resumed duties should immediately go back to work. This notice serves as another opportunity for the staff of the national secretariat to take advantage of the magnanimity of the leadership of Sheriff and resume duties in line with the press statement issued after the meeting of the National Working Committee,” he said.

Mikko warned that failure to

heed the call by the leadership would attract disciplinary procedures.

He insisted that the current members of the NWC emerged through due process and established traditions in line with Article 47(6) of the PDP Constitution 2012 (As Amended).

“This is sequel to the voluntary resignation of some national officers of the party who have since collected their terminal benefits and deposed to an affidavit to that effect before the botched national convention in Port Harcourt on May 21, 2016.

“The belligerent stand and the series of communiques issued by some members of staff indicates clearly that they have positioned themselves in the center of political

conflagrations involving their bosses against their terms and conditions of employment.

“The dissident group which they pretend to profess their loyalty had been proscribed by law and legally dead. Any attempt to resurrect a dead horse will only amount to superstition and largely futile. Sheriff and the entire NWC is committed to bringing the party to fame to the realisation of the dreams of the founding fathers and should be supported to do,” he said.

Meanwhile, the party’s Standing Committee on Reconciliation headed

by Bayelsa State Governor, Henry Seriake Dickson, yesterday submitted its report, recommending that a unity convention be held on June 30.

In addition, the committee recommended the composition of a

planning committee to include seven governors, seven senators, including the Deputy Senate President, Ike Ekwerenmadu, 12 members of the representatives, six Board of Trustees members, former governors, national vice chairmen, three state chairmen per a zone and six Speakers of House of Assemblies.

Others members of the proposed convention committee are former presiding officers of the National Assembly (who are still members of the party), six prominent Women Leaders, six Youth Leaders of the party, six former ministers of the party, and 12 others to be nominated by the national chairman in consultation with stakeholders.

Among the template set by the reconciliation committee is that the convention committee shall

be responsible for the conduct of the elections to all national offices of the party including the zoning of such offices.

As part of the sacrifice to be made in order to reposition the party, the committee said that all national officers who may claim that their tenure still subsists beyond the proposed convention are hereby requested to relinquish their claim In the interest of the party.

The committee report also proposes that for the purpose of the convention, all officers elected at the ward, local, state and zonal levels before the first Port Harcourt convention of May 21 of 2016 are deemed validly elected except for the election held in some states that were declared by NEC as inconclusive.

Lagos Certifies 3A Auction House, Nine Others The Lagos State Government has handed operational licences to 3A Auctions and over 10 other auctioneers to practice the business of auctioneering in the state.

The State Commissioner for Commerce, Industry and Cooperative, Mr. Rotimi Ogunleye, who handed out the licences, said the move was in fulfillment of a law passed in 2015 by the state government which aims to regulate the activities of auctioneers and eliminate non-professionals from the system.

He said as the ministry directly saddled with the responsibility of maintaining order in the industry, they would ensure only certified individuals and firms operate in the sector.

Ogunleye said: “It is now mandatory by the laws of Lagos State for any auctioneer doing business in the state to be duly licenced by the Ministry of Commerce, Industry and Cooperative. Auctioneers contribute positively to the economy of any society and that is why we cannot just allow quacks to be in the business. It is an industry with large returns for the economy, and so only those who are certified will be allowed to do it.”

While expressing appreciation to the state government for the certification, the Managing Director of 3AAuction House, Mr. Abimbola Akingboye, said the development would boost their operations as

clients would now have increased confidence in them.

According to him, the economy was losing so much due to the activities of quacks in the industry.

He said: “I am really happy with the move by the Lagos State Government because with this recognition, we can now do business freely and knowing that our clients trust and have full confidence in us. Auctioneering is not just about disposing unused items; it is about attracting the right value to an item or investment in a dignified and hassle-free manner.

He said at 3A Auction House, a lot of time is spent to research on what the industry was lacking.

“We saw the loopholes and therefore set up our business to respond to the needs we have seen. It’s quite expensive to set up a proper auction business in Nigeria, however with the latest move by the Lagos State Government, we can now look forward to having great returns on our investment and also providing a lot of employment opportunities for Nigerians,” Akingboye said.

Registrar of the Certified Institute of Auctioneers of Nigeria, Mr. Hassan Adeleke, while also thanking the state for the certification, called for proper monitoring by the ministry to ensure that only those duly authorised do auction business in Lagos.

DHQ Gets New Spokesman A new Director Defence Information has been appointed. He is Major General John Enenche.

He replaced Brigadier General Rabe Abubakar who is now the Director of Information Management in the Department of Civil Military Affairs, Army Headquarters. Until his appointment as the new Defence spokesman, Major General Enenche was the Defence Liaison Officer at the Defence Headquarters.

He has since taken over with effect from March 6, 2017.

Enenche

AGENTS OF CULTURE

L-R: Director General, National Commission for Museums and Monuments, Mallam Yusuf Abdullah Usman; Lagos State Governor, Mr. Akinwunmi Ambode; Minister of Information and Culture, Alhaji Lai Mohammed and Obi of Onitsha, Igwe Alfred Nnaemeka Achebe, during the presentation of Museum Possibilities organised by the Lagos State Ministy of Tourism, Arts and Culture in partnership with the Federal Ministry of Information and Culture in Lagos...Monday

Buhari’s Health: Presidency Should Stop Using Phone Calls to Deceive Nigerians, Says CNPP Ogheneuwvede Ohwovoriole in Abuja The Conference of Nigeria Political Parties (CNPP) has asked the federal government to stop the phone call games with President Muhammadu Buhari and face governance issues that would alleviate the suffering of the masses.

The conference observed that the continued media hype of the president’s calls to different individuals was unnecessary since President Buhari has transmitted power to Acting President, Yemi Osinbajo, who should not be distracted at this trying times.

CNPP in a statement signed by its Secretary General, Chief Willy Ezugwu, yesterday, called on the National Assembly to openly investigate President Buhari’s health status, adding that since the president has officially handed over power to acting President Yemi Osinbajo, he should be allowed to work.

“We see the continued media hype of President Buhari’s phone calls and possible photoshopped pictures of individual visits to his London hospital as a distraction.

“Why is the president always calling from his sick bed to individuals at a time he should be resting to get well quick and return home?

“If he can be talking to individuals, what is difficult about talking to the nation in a live broadcast, where some citizens can call in and get his response?

“The presidency should stop deceiving Nigerians and know that governance must not be based on lies and propaganda,” it said.

The CNPP added that at a time the average Nigerian does not know where the next meal will come from, the people see the presidency toiling with people’s emotions rather than face governance issues to reduce the current suffering in the country.

“Enough of phone calls from President Buhari. It is time for the ruling party to deliver on its campaign promises and make life better for the citizens of Nigeria,” CNPP said.

“The true health status of President Buhari should be openly investigated by the NationalAssembly for Nigerians to know how to pray for their president as we suspect that

a few cabals in the president’s cabinet are using his health challenges to milk the country dry.

“When the cabal gives directives, they turn around and tell Nigerians that the instruction is coming from the president. They should allow the acting president to work for Nigerians who elected them.”

Meanwhile, the Chairman of the party’s Board of Trustees (BoT) of the Peoples Democratic Party (PDP), Walid Jubril, said the party’s leaders are ready to visit and sympathise with President Buhari in London.

Jubril, who denied that the party promoted the rumoured death of the president, said the PDP was rather praying fervently for Mr. Buhari’s safe return to Nigeria.

“Let him be well and come back and continue with his leadership of Nigeria.

“If we are to be given the opportunity, the PDP leaders will even go to London to wish him well and sympathise with his family,” he said in an interview with the News Agency of Nigeria (NAN) in Kaduna.

The BoT chairman, also spoke

on the lingering crisis in the party, saying: “the PDP will never die.”

According to him, the party is making efforts to end the lingering crisis facing it and forge ahead.

“By the grace of God we are coming clean and the PDP will never die, it will remain as a very strong party.

“There could be differences; differences will come and go, we will emerge stronger and ready to win all elections like we have won in Rivers, Taraba, Gombe, and we are going to win in Anambra, Ekiti hands down.”

The BoT chairman cautioned against confusing party members, saying they should allow ongoing reconciliation efforts by well meaning Nigerians including former President Goodluck Jonathan.

He said apart from Jonathan, other party members were are also engaged in the reconciliation efforts.

“I am very sure that there are moves by very responsible party leaders on way forward for our party and we are making a lot of contacts,” he said.

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EFCC Tells Court Why Ex-NNPC GMD’s $9.7m will Not Be Released Yakubu slams N1bn damages suit against commission, AGF Alex Enumah in Abuja The Economic and Financial Crimes Commission (EFCC) has told a Federal High Court in Abuja, that a former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Andrew Yakubu, cannot be released on bail for now because he has series of corruption allegations to respond to in relation to his former official position.

The anti-graft agency told the court that apart from the $9,772,800 and another 74,000 pounds found in his Kaduna house, Yakubu is being held in connection with several cases of corruption brought against him while he held sway as the NNPC boss.

In a counter-affidavit filed in the court to oppose the enforcement of his fundamental rights suit filed against the EFCC, Yakubu was said to be under-going interrogations in other corruption allegations against him.

In the counter affidavit deposed

to by one Waziri Adamu Nitte, the EFCC pleaded with the court not to order the release of the applicant in the interest of justice.

The counter-affidavit indicated that the search conducted in Yakubu’s house last month was backed with a valid court order.

The anti-graft agency also averred that contrary to the claim of the applicant the huge foreign currencies found in his house were not gifts but proceeds of crime.

The EFCC said at the time Yakubu was GMD of NNPC, he was a public officer and there were existing laws that barred public officers from accepting that kind of gifts under any guise.

The EFCC further urged the court to disregard the application on the grounds that it was a ploy by the applicant to frustrate investigation into the matter, adding that the applicant would not be prejudiced by the refusal of this application.

However, Yakubu has approached the Abuja division of the Federal High Court for the enforcement of his fundamental rights.

In suit number FHC/ABJ/ CS/126/2017 filed on February 20, 2017, by his counsel, Ahmed Raji (SAN), the applicant is seeking

an order of court directing his immediate release by the EFCC or admitting him to bail on liberal terms to enable him travel overseas for a medical treatment.

The applicant is also seeking an order restraining the respondents both jointly and/or severally, from further detaining him unlawfully,

whether for reasons of suspicion or on account of any purported investigation with respect to the allegations wherewith he was detained by the EFCC in breach of his rights to personal liberty, dignity of human person, freedom of movement, private and family life, as enshrined under sections

34(1), (4) and (5), 37 and 41 (1) of the 1999 Constitution (as amended).

The former GMD is also asking the court to compel the respondents to pay him the sum of N1billion as general damages and compensation for the violation of his rights enshrined under the 1999 Constitution (as amended).

SENATE ORDERS CUSTOMS TO SUSPEND VERIFICATION ORDER TO MOTORISTS RISK TO OTHER W’AFRICAN COUNTRIES Vehicle Duty Meanwhile, the Association of Nigerian Licensed Customs Agents (ANLCA) and the Shippers’ Association, Lagos State, have disagreed over the one-month grace period given by the customs concerning payment of duty on vehicles.

Both bodies, according to the News Agency of Nigeria (NAN), expressed diverse views in separate interviews with newsmen yesterday in Lagos.

The National President of ANLCA, Mr Olayiwola Shittu, advised the customs to make the deadline for duty payment on vehicles an open-ended operation, saying the policy would check smuggling.

The President, Shippers Association Lagos State, Mr. Jonathan Nicol, described the customs’ policy on vehicle duty as outdated and not in conformity with the current situation in world trade.

Shittu said such a policy should be extended or be an open-ended operation so that the duty on some vehicles that passed through customs and not properly cleared, would be paid.

The customs agent said if customs continued, vehicles owners would be forced to pay duties on those vehicles that were not cleared but found their ways into the country.

He said the new policy by customs would discourage smuggling activities along the border areas.

Nicol described the policy as “outdated”, saying that such a policy did not conform with the current trends in world trade.

“Customs should go back to the drawing board if smugglers beat their network,’’ he said.

He said that there was no vehicle that passed through the borderline without paying duty, whether official or non-official.

The Chairman of ANLCA, Seme

Border, Mr. Bisiriyu Lasisi-Danu, however, commended the efforts of customs in issuing an ultimatum for payment of duties on vehicles to avoid seizures.

“The Comptroller-General of Customs says if anyone has a car and such a person knows he has not paid duty, such person should visit customs zonal offices and make duty payment.

“If any car user did not pay duty on his car, customs would go after the owner and seize the car for not paying duty.

“I have told some of my friends whose vehicles have been impounded one way or the other, to go and pay.

“Those affected should go to Customs Zonal Offices to raise duty and the person will be free to move around with the car,” Lasisi-Danu said.

He said that customs was on the right track. The ANLCA chief said government would soon link Vehicle Identification Number with local government, Federal Road Safety Corps (FRSC) and customs for easy identification.

A maritime lawyer, Mr. Tino Bouro, said: “Customs is a statutory body that must act within the law.’’

Bouro said: “If anybody does not comply with customs directive on duty of vehicle, such a person would face the consequence.’’

The Customs Public Relations Officer, Zone `A`, Mr Ephraim Haruna, said that one of the automobile associations sought the support of customs to create a platform for payment of duties.

Haruna said that the association wanted to ensure that smuggled vehicles did not escape duty payment.

According to him, this is why customs gave a month’s grace to enable all vehicle owners who had yet to pay duty, to do so.

“Many car owners who have not paid duty have been calling our zonal office and some had been calling on phone that they want

I AM LOYAL, YOUR HIGHNESS

R-L: Former Vice President, Atiku Abubakar and Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojja II at a courtesy visit of the former Vice President to the Ooni, at his palace in Ile-Ife, Osun State on Monday,

House to Consider Legislation on AMCON Clearance for Govt Contracts C’ttee, others want constitutional amendment for regular contributions to SWF Damilola Oyedele in Abuja The House of Representatives Committee on Banking and Currency has expressed its readiness to consider legislation that would require clearance certificates from the Asset Management Corporation of Nigeria (AMCON) as a basic prerequisite to securing government contracts.

This would be in addition to tax clearance and other certificates required under the Public Procurement Act for government suppliers of goods and services.

This, the committee said, is to ensure that private sector businesses

are compelled to settle or service their debts, instead of diverting available funds to grow their businesses.

The Chairman of the committee, Hon. Jones Chukwudi Onyereri, at a public hearing yesterday, directed AMCON officials to submit a draft bill for the amendment as soon as possible, for consideration by the House.

“Malaysia, following the establishment of its Malaysia Asset Management Corporation, did not allow any of its debtors enjoy government patronage, not even their families,” Onyereri said.

The hearing was conducted

on a bill to amend the Asset Management Corporation of Nigeria (AMCON) Act of 2010, to expand the board of the corporation so as to enhance the efficiency in the discharge of its statutory duties and for other related matters.

The position of the committee followed a submission made

by AMCON Executive Director (Credit), Mr. Kola Ayeye, who noted that the requirement has assisted with the debt recovery in recent times.

“In AMCON’s N4 trillion portfolio, about N700 billion is from the energy sector. In 2015, we made lots of recovery, in billions, from

oil marketers, because the Minister of Finance, Mrs. Kemi Adeosun, instructed that they should not be paid unless they get clearance from AMCON. So debtors who were not even talking to us, were forced to,” he said.

“But our experience last year (2016) was different: there are people who will get a term lifting contract of N10 billion, and they are owing AMCON,” he added.

Ayeye told the committee that such requirement as a prerequisite to secure government contracts in all sectors, would strengthen AMCON’s recovery efforts.

Ugwuanyi’s JudicialVictory Well Deserved, Says Group Sunday Okobi A civil society organisation, Coalition of Civil Society and Media Executives for Policy Stability (COCMEP), has described as sagacious and true reflection of the wishes of Enugu State people and the ruling party, Peoples Democratic Party (PDP), the recent Court of Appeal judgment re-affirming the validity of the state Governor, Ifeanyi Ugwuanyi’s nomination by the state chapter of PDP. The Executive Director of COCMEP, Innocent Okadigbo, while hailing the judgment in a news chat with journalists in Abuja recently, urged the governor’s challenger and the plaintiff in the

case, Senator Aloy Eze, to embrace the spirit of political sportsmanship and accept the court verdict in good faith.

Ugwuanyi emerged as the PDP gubernatorial candidate for 2015 governorship election “in a transparent and peaceful primary election conducted by the party’s National Executive Committee (NEC) and monitored by Independent National Electoral Commission (INEC).

“Senator Eze boycotted the party primaries and organised a kangaroo primary election which was not recognised by both the party’s NEC and INEC. He lost the case at the Federal High Court which was

recently re-affirmed by the Court of Appeal. The Court of Appeal held that Eze had no locus to challenge the governor’s primary election and that the court lack the jurisdiction to entertain it since the petitioner did not participate in the said primary election.”

COCMEP Co-coordinator remarked that Ugwuanyi’s hands are wide open for prominent sons and daughters of the state like Eze to join hand with the “workaholic governor to move the state forward.”

Okadigbo advised Eze to stop wasting his time and money on frivolous litigation where he said he lacks the locus and which the

court does not have the jurisdiction to entertain.

The social and right activist agreed with the Court of Appeal judgment, maintaining that in judicial matter, “you cannot reprobate and approbate at the same time and judicial matter is different from ‘Obollo Afor’ market where you reject an orange in the morning and later buys the same rejected orange the next day.”

According to Okadigbo, “Senator Eze cannot boycott a primary election and later lay claim to its outcome. That is very strange in law. Such practice can only be obtained in ‘Obollo Afor’ or ‘9th mile’ market and certainly not in the law court.”

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Oil Marketers Meet NNPC, Others, Seek to Resume Petrol Importation Chineme Okafor in Abuja The three major oil marketers associations in Nigeria, yesterday

met with the Nigerian National Petroleum Corporation (NNPC), Petroleum Equalisation Fund (PEF) and Petroleum Products Pricing

Defection: Labour Party Asks INEC, Senate to Declare OmoAgege’s SeatVacant Onyebuchi Ezigbo in Abuja Following the defection of Senator Ovie Omo-Agege to the All Progressives Congress (APC) yesterday, his former party, Labour Party, has asked the Senate President, Dr. Bukola Saraki and the Independent National Electoral Commission (INEC) to immediately declare his seat vacant.

The Labour Party also asked the INEC “to set in motion processes to organise election within the next 60 days to fill the vacant seat as required by law.

Omo-Agege had while declaring for APC at the plenary, had claimed that his decision to leave the LP for the APC was supported by leaders and members of his constituents in Delta State He further stated that there was a division within the national leadership of LP; with Comrade Bobo Atare Adou and Alhaji Abdukadir Salam now simultaneously laying claim to the national chairman of the party.

However, in reacting to the defection, Labour Party’s National Public Secretary, Ebere Ifendu, told journalists yesterday at the party national secretariat that the claim of division within the party by the senator Omo-Agege was not true.

She said an alleged division in the party was nothing but a figment of the senator’s imagination, adding that it was on record that the senator sponsored some hoodlums and

non-party members to protest at the party office and later claimed to have removed the party leadership.

“As a party, we will challenge his decision to steal the mandate of the Labour Party through the back door in court. We hereby request the Senate President to declare his seat vacant and that INEC should immediately organise election within the next sixty days to fill the vacant seat as required by the law section 68 (1) and 190 of electoral law,” she said.

According to Ifendu, “it is most unfortunate that a person that is expected to be distinguished will go this far in order to subvert the will of the people through the sponsorship of thugs so he could carry out his illegal act of decamping.”

The party spokesperson recalled that the party had alerted the public that Omo-Agege was responsible for the breach of peace experienced at the party national secretariat last week where some persons protested against the National Chairman, Abdukardir Abdulsalam.

She, however, described the action of the senator as highly despicable and unbecoming of a member of the hallowed chambers of the National Assembly. She called on the defecting senator to accept the reality that he no more represents the interest of his people at the Senate and as such should leave honorably so that the people can pick his replacement.

Regulatory Agency (PPPRA), and expressed their willingness to resume importation of petroleum products, especially petrol.

THISDAY learnt in Abuja that the marketers - Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPMA), and Independent Petroleum Marketers Association of Nigeria (IPMAN), were present at the meeting which held at the NNPC headquarters.

As reported, the NNPC has for several months remained the major importer of petrol into the country because of the inability of oil marketers to access foreign exchange at affordable rates to import the commodity.

The corporation in its December 2016 financial and operations report stated that in spite of the liberalisation of the downstream sector and government’s intervention to ease marketers’ access to foreign exchange for products importation, it remained the major importer of petroleum products.

But to supplement products’ importation and lessen the burden

on the NNPC for unhindered supplies, the paper learnt that the oil marketers associations met with the corporation and other relevant government agencies to iron out issues that pertain to their operations.

Some of the marketers who attended the meeting told THISDAY that they met to impress it on the corporation that it was important they, especially MOMAN and DAPMA restart products importation to curtail possible resurgence of products scarcity and distribution challenges.

One of the marketers who is a member of MOMAN said that members of the association had been distributing products they lifted from the NNPC, but that it was time they resumed importation.

While pleading for anonymity, he stated that the meeting lasted several hours and in two batches between the major marketers and IPMAN which has now reconciled their lingering leadership troubles.

According to him: “The burden on the NNPC is huge, although they have been shouldering it for long. However, can it last forever? So, that is one reason

for the meeting.”

He further explained: “After the meeting with IPMAN, the GMD and the management team went into a long session with MOMAN and DAPPMA. The meeting was centred on products importation, distribution and retail outlets.”

When contacted on the demands by marketers to start importing products, the Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, confirmed to THISDAY that the corporation assured the marketers that they will start the importation of petroleum products soon.

Although Ughamadu did not state when the oil dealers would commence the full importation of products into Nigeria, he however noted that they would be able to do that because the bulk of their requirements have been met by the government.

“The government has also been working hard to sort out the PEF issue with marketers, which it has started paying. The Executive Secretary of PEF was also present at the meeting, a representative of

the PPPRA was at the meeting too,” Ughamadu stated.

He also explained that the meeting discussed other issues that included products’ lifting from NNPC depots by marketers.

According to him: “The theme of the meeting also looked at the dynamics of supply and demand in the country and the lifting of products from our various depots and tank farms, as well as to supplement the efforts of the NNPC on importation particularly.”

Ughamadu said on the resurgence of fuel queues in some petrol service stations in Abuja that the recent threat by IPMAN to embark on strike was responsible for the development.

He however noted that the Abuja meeting made IPMAN to cancel its planned strike, adding: “They have said that they will no longer go on strike. The market to a large extent could be influenced by psychological factors. Perhaps the rumour that IPMAN would go on strike caused what you saw.

However, we have adequate stock of petroleum products.”

Party Chieftain: PDP Like-Minds May Form New Party If Sheriff Wins Victor Ogunje in Ado Ekiti A strong indication has emerged that members of the Peoples Democratic Party (PDP) loyal to Ahmed Makarfi-led National Caretaker Committee may form a new party if the faction controlled

by Ali Modu Sheriff wins at the Supreme Court.

A member of the House of Representatives representing Ikenne/Shagamu/Remo North of Ogun State, Hon. Ladi Adebutu Kessington, gave the indication inAdo Ekiti, yesterday while commenting on the meeting of the South-west caucus of the PDP held in Ekiti on Monday .

Adebutu said the party is expecting the outcome of its case at the Supreme Court to be able to determine what will be the next line of action.

Governor Ayodele Fayose, who was the chief host, also buttressed the position canvassed by the federal lawmaker during his opening remarks at the meeting held on Monday.

Fayose said: “They said we should settle our problems through political means, let me say here that there are some people in the PDP I can’t be in the same party with. They are too dirty and people like us can’t associate with them.”

Adebutu, who lamented that the crisis is shaking the party’s foundation said: “The appeal is still pending at the supreme court and we are waiting for the outcome.

We that believe in Makarfi have the rights to convene any meeting despite the Appeal Court’s ruling which validated Sheriff’s faction.

“Because in the judgment, there was nowhere where it was stated that any of us here was pronounced as PDP non-member. We are still bonafide members.

“But let me tell you, people of like minds within the party will surely come together to decide their political fates if Sheriff wins the appeal,” he pointed out.

However, the Publicity Secretary of the Makarfi’s faction of the PDP, Prince Dayo Adeyeye, has declared that the party has hired the services of six Senior Advocate of Nigeria to prosecute the case at the Supreme.

Expressing optimism that the party will win, Adeyeye said: “The SANs we hired are some of the best in the country, so no cause for alarm.

“We are applying for accelerated hearing of the case and hopefully, the matter will be determined within the next two months so that it won’t affect presentations of candidates in Ekiti, Anambra and Osun State governorship poll.”

REMEMBERINGTOKS MARINHO

L-R: Miss Ronke Marinho; Mrs. Mojisola Omojafor; Sir Steve Omojafor; Mrs. Oluyemisi Marinho (wife); and Mr. and Mrs. Akintunde Marinho, during a thanksgivingserviceheldinmemoryofthelateMr.AdetokunboMarinhoattheSt.Michael’sCatholicChurch,LafiajiinLagos

Osinbajo: How I will End Corruption in Nigeria The Acting President, Prof.

Yemi Osinbajo, has said he will defeat corruption in Nigeria by replicating the model he used to drive down corruption in Lagos State Judiciary to zero per cent.

He said he also had the system reformed during his tenure as Attorney-General and Commissioner for Justice in Lagos.

He disclosed this during a talk-shop organised in Abuja by the Office of the Vice-President in contribution to the national dialogue on corruption.

Osinbajo recalled that corruption in the Lagos State Judiciary dropped to zero per cent following the sack of 22 corrupt magistrates and three judges, and by drastic improvement in welfare.

According to him, prior to

the reforms, he once met an honest judge who retired after 10 years on the Bench but lived in someone’s boys quarters because he had no house.

He said a judge’s salary of N67,000 then could not build a house. To reverse the trend, every judge was given a house for life, while their remuneration was increased “considerably”, to the extent that Lagos became a reference point.

“It was because a system was in place and impunity was not allowed. It is important that we put in place models that will work,” he said.

Osinbajo noted that in the United Kingdom, candidates undergo 17 different tests before being appointed judges.

The acting president added that the three arms of government must collaborate to

put in place working systems that are fair and compliant with the rule of law.

“We must work together – the legislature, the judiciary and the executive – to put a model that must work. We must ensure that systems that are put in place are fair and comply with the rule of law,” he said.

He further said that the anti-graft war would not be won where citizens continue to celebrate the corrupt, adding that the underlying causes of corruption, such as deprivation, also need to be addressed.

Osinbajo said a robust international collaboration was also needed to return stolen assets and to stop the hiding of loot abroad.

“One of the critical issues that we have discovered in our fight against corruption

is that we need much more robust international cooperation, especially with respect to return of assets.

“We find that the process of returning assets, aside from the judicial process, is so difficult and so complicated that it could just take you literally years to get assets returned.

“And I think that it is important for countries of the world where stolen assets are located to really work with us in ensuring that these assets are returned speedily. I know that the United Kingdom is working with us in particular on this issue of beneficiary register.

“That will be extremely useful for us because we will now be able to discover who is behind some of the names of companies and other shelves that are used to hide stolen assets.’’

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NNPC Subsidiary, NAPIMS, Squanders $9m on Staff Redeployment Omololu Ogunmade in Abuja The Senate Committee on Downstream was shocked yesterday when it was told by a subsidiary of Nigeria National Petroleum Corporation (NNPC), National Petroleum Investment Management Services (NAPIMS) that it spent whooping $9 million on mere staff transfers.

The agency which also told the lawmakers that its total budget was $168 million in 2016, also said it spent another $2 million on vehicles’ maintenance.

The agency, represented by its General Manager, Catherine Ngozi Iheme, provoked the committee by the submissions.

“On staff transfers, we are part of the NNPC group and sometimes, you have to transfer staff in and out of NAPIMS. So the transfer cost is $9 million,”

171 Stranded Nigerians in Libya Return Home Chinedu Eze About 171 Nigerians who were stranded in Libya since the crisis in the North African country started, have returned home.

They arrived at the cargo terminal of Murtala Muhammed International Airport (MMIA) aboard a Burac Air chartered flight with registration number TNSIB (UZ189/190).

THISDAY gathered that the International Organisation of Migration (IOM) and the National Emergency Management Agency (NEMA) collaborated to bring back the returnees.

Officials of the National Commission for Refugees, Migrants and Internally Displaced (NCFRMI) also were on hand to help the returnees.Those brought back yesterday were 95 females made up of 83 adults, 10 children and two infants while males comprised 73 adults, two children and one infant.

The Deputy Director Search and Rescue, NEMA, Dr. Bandele Onimode, who represented the Director General of the agency, Alhaji Mohammed Sidi, said between December 15, 2016 and yesterday, a total of 643 Nigerians had been repatriated. He added that a new born baby was also among those that were brought back home.

Onimode said NEMA in collaboration with other government agencies would ensure the rehabilitation of the returnees, saying state governments in Southsouth which have high number of returnees should also collaborate in the rehabilitation process.

“There’s a strong collaboration between IOM and NEMA. Usually the IOM in Nigeria will inform us that the IOM mission in Libya had done some coordination and they have been able to get some of these Nigerians who are ready to come back home. Usually they would give us this information like four, five days before their departure.

“This number keeps fluctuating.

Sometimes it reduces and sometimes it decreases but the real figure we are giving is what we received at the tarmac. So it is collaboration between IOM Nigeria and IOM mission in Libya.”

she had said.

The committee therefore demanded the details of the $168 million budget which the agency promised to make available at the next meeting.

NAPIMS which was giving 2016 budget performance at the meeting, also had a running battle with the committee over the exchange rate used by the agency throughout the 2016 budget.

When the committee asked NAPIMS about cash calls, Iheme said: “Recall that the Senate had raised issues on our cash calls for 2011 to 2015 and we have been working to reconcile the books.

So we just felt that we should present an update for 2016 that is why we just presented it.

“The total revenue budget was short by 28 per cent as at

the end of the year on what we have planned that’s oil and gas the revenue receipt was short by 28percent. In actual funding of the JV we had a whopping minus 45 percent shortfalls i joint venture releases. This definitely created the gap we had in our production,” he said.

Also yesterday, the Securities and Exchange Commission (SEC) said almost N42 billion of about N117 billion unclaimed dividends had been paid out to investors in recent times.

The commission attributed the move to aggressive campaign for elimination of unclaimed dividends

in the Nigerian capital market.

The Director General of SEC, Munir Gwarzo, disclosed this on Tuesday at a one-day public hearing on the need to determine the status of unclaimed N90 billion dividends in SEC for Nigerian investors.

Gwarzo said efforts by SEC

to address the rising cases of unclaimed dividends in the Nigerian capital market was already yielding results with the e-dividend registration system.

He said consequently, unclaimed dividends have dropped from N117 billion to N75 billion.

PCNI Acquires Operational Office in Taraba Segun Awofadeji in Bauchi For effective coordination and synergy between states and the federal government to rebuild the North-east sub-region ravaged by the activities of Boko Haram, the Presidential Committee on North East Initiative (PCNI) has acquired an office for its operations in Taraba State.

In a statement signed by PCNI Media Officer, Seyi Odutayo, and made available to THISDAY in Bauchi yesterday, said the move is meant to facilitate its coordinating role of all interventions in the region.

While speaking at the deputy governor’s office in the state, the Chairman of the PCNI, Lt. General T.Y Danjuma (rtd), represented by his vice, Alhaji Tijjani Tumsah, said

the rationale behind PCNI having state offices in the North-east was to have effective coordination, and synergy between states and the federal governments and to ensure all interventions in the region are void of duplications and effectively targeted at the needs of the people who have been ravaged by insurgency.

Tumsah said aside the influx of Internally Displaced Persons (IDPs)

in the state leading to overstretched infrastructure, Taraba State has issues of communal clashesfarmers/herdsman clashes-which has led to a lot of IDPs in the state.

While thanking the state government for their support and benevolence, he pledged the commitment of the federal government towards the economic development of the state.

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

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CRIME&PUNISHMENT Robbers Attack Bank in Ondo, Kill Five Persons James Sowole in Akure Armed robbers yesterday struck at Ogbagi-Akoko, a town in Akoko North West Local Government Area of Ondo State and killed five persons when they attacked a branch of Skye Bank in the town.

THISDAY learnt that those killed comprised a policeman, two guards of the bank and two customers of the bank.

It was learnt that the robbers, numbering 15 came on five motorcycles popularly called ‘okada’

and announced their arrival with sporadic gunshots.

According to a source, the robbers gained entrance into the banking hall with explosives ,while they used the same explosives to blow Automatic Teller Machine (ATM) and carted unspecified amount of money. When they entered into the banking hall, it was learnt that the robbers ordered everybody to lie face down.

The source said the casualty

might have been much but for the fact that yesterday was not is the market day because the bank was located opposite the market When contacted, the Police Public Relations Officer (PPRO) who confirmed the incident, said only three persons including one policeman were killed in the attack.

He said: The robbers about 15 in numbers, came on five motorcycles and attacked the bank. They used dynamite to blow the entrance into the bank and an ATM machine.

We are on the trail of the robbers.”

Escalation of Killings in Ogoni Worries Abe The senator representing Rivers South East senatorial district, Senator Magnus Ngei Abe, has condemned the escalation of killings in parts of Rivers South East senatorial district particularly in Ogoniland and promised that he was making concerted effort with youths, traditional rulers, clergy men to stem the crisis.

Speaking with journalists in Port Harcourt, Abe further said he would discuss with security agencies particularly the InspectorGeneral of Police (IG) in order to put a halt to the senseless killings and wanton destruction of property in the area.

On the extent of destruction, Abe said he had detailed some clergy men to carry out a survey of the level of destruction and displaced persons with a view to contact the National Emergency Management Agency (NEMA) to assist the areas affected by

the crisis.

“Right now, I am working with youths, traditional rulers and other stakeholders to try to bring interest together so that we can work together to overcome these challenges. I am also talking with the security agencies that are doing a lot with very limited resources. When I get back to Abuja, I intend to engage the IG because I also feel that the police in that part of the state at this time are not properly equipped to handle some of the challenges that we are seeing in the area. I am talking to NEMA to see what can be done and also sending a private delegation to go and visit some of these people and then get back to me so that we know the critical area we can respond in some of these communities. It is not only in Okwale. A lot of places, people have been displaced, their houses burnt. Because of fear they

can’t go to their farms. And a lot of these people have nothing to sustain them outside what they get from their farms.”

He appealed to all stakeholders to bury their differences and work together to restore peace in the area.

“The situation is quite worrisome.

A few weeks ago, I called the attention of the state and indeed the people of Rivers South East. I felt that the Chairmen, being the chief security officers could have done more to help given the resources at their disposal. But unfortunately, rather than take what I said as a call to action, it became a further cause of political polarisation. This time around, I don’t want to lay blame on anybody. I also don’t want to say who should do what but I really think that it is time to bury whatever differences that we may have and actually come together to save our people from extinction,” he said.

Court Sentences Tor Tiv Impostor to FourYears in Prison George Okoh in Makurdi A Chief Magistrate Court in Gboko presided over by Mr. P. S Chaha yesterday sentenced an impostor who mysteriously defied all security and protocol deployed during the coronation of the Tor Tiv, Dr. James Ayatse in Gboko last weekend to four years in prison.

The court held that the 30-yearold Stephen Nyitse, who sat on the Tor Tiv’s throne shortly before the new king was installed was guilty of trespass and impersonating the

new Tor Tiv, Ayatse.

According to the prosecution, the convict made confessional statement to the police during interrogation that he was under an evil spell to do what he did on that day.

Chaha described the action as a disgrace to the Tiv nation for which he deserved no mercy, and sentenced him as a deterrent to others.

Nyitse who hails from Oshungu Local Government Area had claimed initially that the thrown belongs to

him and warned against some consequences should any action be taken to punish him.

During interrogation, Nyitse said he was prompted by God to cleanse the stool for the new king.

“I sat on the stool in order to cleanse it and make it comfortable for the incoming Tor Tiv,” he said.

Brig-General Atom Kpera (rtd), the Chairman of the Central Planning Committee for the coronation, who was present at the scene, ordered security men to take him outside and punish him.

Three Killed as Custom Officers, Car Dealers Clash in Kwara Hammed Shittu in Ilorin No fewer than three persons were feared killed yesterday when officers of the Nigeria Customs Service (NCS) and car dealers, who sell in imported tokunbo cars, engaged themselves in a gun duel at the Bode-Saadu area in Moro Local Government Area of Kwara State.

Also, during the incident, according to THISDAY checks, three other persons who sustained varying degrees of fatal injuries from the exchange of gunshots, are currently receiving medical treatment at one of the private hospitals in the town.

An eyewitness account told journalists in Ilorin that the situation was greeted by tension as residents of the town ran for

their lives during the attack.

It was also gathered that the motor dealers were said to be coming through illegal route from Cotonou, Benin Republic when they met the men of the NCS who had reportedly laid an ambush for them.

Upon citing the men of the customs, the sources said the motor dealers decided to speed off so as to evade arrest, the action apparently prompted the men of the customs to give them a chase.

During the encounter, men of the customs were said to have opened fire on the motor dealers while they were also said to have been retaliating.

Sources added that during the gun duel, three persons were said to have been hit by bullets while

about three others were also said to have sustained serious injuries.

Although, there was unconfirmed report that out of the three that were feared killed in the attack, a customs officer was among them.

When contacted, the state Police Public Relations Officer (PPRO), Ajayi Okasanmi, who confirmed the incident, said it happened on Monday evening at Bode-Saadu in Moro Local Government Area of the state.

He said the incident was between the men of the NCS and motors dealers who were coming from Cotonou.

The police spokesperson, who said three persons sustained injuries during the exchange of gun fire, added that only one person later died.

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

WEDNESDAYSPORTS

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

Osimhen Ruled out of Nigeria’s Friendlies in London Duro Ikhazuagbe with agency report Super Eagles invitee and Vfl Wolfsburg of Germany forward, Victor Osimhen, has been ruled out of Nigeria’s international friendlies against Senegal and Burkina scheduled for March 22 and 27 in London.

Sources at Osimhen’s club hinted yesterday that the former Golden Eaglet had a surgery last week and has been sidelined for the next 12 weeks.

This development means that Eagles Franco German coach, Gernot Rohr, has to look for a replacement for the 18-year old forward whose invitation in the first place caused reaction in football circles in Nigeria as he is yet to make a debut for Wolfsburg since his transfer became official few months ago.

He has suffered so many injury setback, the club was left with no option but to make him go under the knife in a bid to find a permanent solution to his injury problems.

Osimhen exploits with the Golden Eaglets class of 2015 had laid a solid foundation for him to makes his full international bow at senior level.

Meanwhile, Rohr has had a useful meeting with other invitees in the Bundesliga like Leon Balogun and Noah Bazee.

He was however unable

to watch Balogun in action for Mainz 05, as he was suspended for the team’s 1-1 draw with Osimhen’s Wolfsburg.

The Nigeria coach was able to observe promising youngster Bazee in action for Hannover.

three first round matches ended with the same scoreline. Noah Adamu beat Pedro Lateef 8-1; Victor Nwogwu defeated Lucky Haleji 8-1 and Sadiq Kushimo bested Kayode Ilebiyi 8-1.

The championship continues today with round robin matches in the girls’ age groups and round of 16 matches in the boys’ events.

A total of 158 players are registered in all the categories and according to the International Tennis Academy, the organisers of the tournament, the junior tennis fiesta besides attracting, identifying and developing talent, will serve to prepare Nigeria’s junior players for the African Junior Championships starting March 23 in South Africa.

FIFA Ranking: Eagles Static, Senegal, B’Faso Set to Rise Ahead of the two friendly matches the Super Eagles will play against Senegal and Burkina Faso later this month in the United Kingdom, the Nigerian team will remain static at 50th position when the monthly FIFA ranking is released tomorrow.

Eagles dropped one point from its current 686 points to remain at the 50th spot, www.sportsvillagesquare.com authoritatively reveal yesterday.

While Nigeria remains at 50th position, Senegal and Burkina Faso will rise in positions in the monthly ranking.

Senegal currently the highest

ahead of Eagles two friendlies in London.

Eagles who have been given a deadline date of March 20 to report at the Crowne Plaza Hotel camp in Ealing, London, are to begin training under Rohr same day.

Nigeria is to play Senegal

on March 23, followed four days later by a clash against Burkina Faso. Both matches will be played at the Hive Stadium in London.

Nigeria is using the matches to prepare for the start of group stage matches in the 2019 Africa Cup of Nations

qualifiers. Their first game will be against South Africa in June.

Of the 25 players called up by Rohr for the March matches, no less than seven are based in England, including the likes of Alex Iwobi, Kelechi Iheanacho and Victor Moses.

L-R: Bayern players celebrating the 10-2 humiliating home and away crushing of Arsenal while players of the London Gunners are enveloped by gloom. Inset is Arsene Wenger who a section of Arsenal fans are asking to step down from the job

Top Players in Killer Mood as SNEPCo Junior Tennis Serves off Top juniors in the boys 16, 14 and 12 age categories were ruthless with their first round opponents as the SNEPCo Junior Tennis Championships served off yesterday at the National Stadium tennis courts in Lagos.

In the boys 12 & under event, Sunday Ameh dismissed Fillipo Tombi 8-1; Godwin Awode thrashed Taofik Bolarinwa 8-0 while Happy Agbi defeated Adekunle Olatunji 8-2.

The story was the same in the boys 16 & under where the higher ranked players appeared bent on sending strong signals to their next opponents.

Adekunle Abiodun saw off ThankGod Imoniefano 8-0 while Samuel Adamu beat Daniel Mafe with a relatively decent score of 8-4.

In the boys 14 & under, all the

The 20-year-old, who was born in Germany but is of Nigerian descent, has received his first invitation to the Super Eagles team.

According to Allnigeriasoccer, Rohr and the players held a meeting at an undisclosed location

in Africa at 31st position will rise to 27th ahead of Bosnia Herzegovina, United States and Ukraine. The point haul of Senegal will also increase from 799 to 831.

As for Burkina Faso which Nigeria will face on March 27, the team is expected to leap from its current 38th position to 35th.

The total point will also rise from 736 to 778 to make the team Tunisia and DR Congo to be joint 35th with Hungary.

A defeat of the two teams later this month in UK will see Nigeria rising when the April ranking is released on April 6.

CHAMPIONS LEAGUE

Bayern Humiliates Arsenal with Crushing Defeat Bayern Munich sent Arsenal crashing out of the UEFA Champions League last night amid a backdrop of supporter unrest at the Emirates Stadium.

The Gunners took the lead on the night before being reduced to 10 men as the German giants turned the tables on the north Londoners in a stunning second-half blitz.

Bayern took a massive 5-1 lead into the last 16 second leg tie and a section

of Arsenal fans vented their frustrations before a ball had even been kicked.

An estimated 200 supporters led a protest march outside the ground calling for the club not to offer a new contract to long-serving manager Arsene Wenger.

However, the gloom was lifted somewhat with a spirited first-half display that saw Theo Walcott bang home the 15th Champions League goal of his career.

It was an historic strike that incredibly sees him overtake Zinedine Zidane and Ronaldo in the European competition’s all-time scoring charts.

But shortly after the restart, with Arsenal perhaps unfortunate not to have bridged the gap further, it all went horribly wrong for the Gunners.

Laurent Koscielny brought down Robert Lewandowski in the area and the referee pointed to the penalty spot.

Elsewhere on the night, Real Madrid defeat Napoli by the same 3-1 scoreline the Spanish giants won the first leg at home to move into the next round of the competition.

RESULTS

Arsenal 1-5 Bayern Napoli 1-3 Real

TODAY

Barcelona v PSG Dortmund v Benfica

Teenage Golf Prodigy Oboh to Inspire Greensprings Students Teenage golf sensation, Georgia Oboh will on Thursday, March 9 visit Greensprings School, Lagos as part of her effort to promote the sport in schools.

Oboh, who is the 2015 U.S. Kids Golf Teen World Champion, will be joined by her parents during the one-day interaction with the students and management of the school.

The 16-year-old made history recently as the youngest, first black girl or woman of African origin to compete as an amateur and professional in the Ladies Professional Golfers Association of America (LPGA) tournament, after

competing at the qualifiers for the 2017 LPGA first tournament of the Year (the Pure Silk Bahamas) earlier this year.

Oboh is currently one of the most highly rated female golfers out of Africa and she was the continent’s best player at the Junior Orange Bowl International Invitational in the US; she also took part in the 2016 US Women’s Open qualifier in Florida, a professional tournament with 20 professional golfers in the field.

Also, the teenager has been given a wildcard to the 2017 VP Bank Ladies Open in Switzerland.

Georgia Oboh started golf

at six with encouragement from her parents. “My parents began playing golf when I was only four; I started taking lessons when I was six. A few months later, I began competing at a local and regional level (in rain, wind or cold almost every weekend in the UK).

“Starting with the British Junior Golf Tour at seven, I was given the handicap of 36.

But it all really took off when I was named Junior Golfer of the Year in 2008 by the BJGT and also that year I watched the British Ladies Open with my parents and got a ball from the then ladies number-one player Lorena Ochoa.

“I really got motivated that

day to be the best player that I can be in the sport,” she said recently about her foray into golf.

On her dream, she said: “I would like to see myself on the LPGA Tour as an active member and to make history as the first African woman on tour and also the first Nigerian woman. Rising through the ranks, on my way to win majors and eventually hold the rank as the best female pro golfer. I pray that God will help me in this goal and also I hope to have great sponsors who can help. The travel and training expenses can be quite high so we are praying to get a great group of sponsors come to our aid.”

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”It is my hope that this conviction and sentence will serve as deterrent to serving governors” – Justice Nathan Musa of the High Court in Yola, announcing the first anti-corruption landmark conviction of former Adamawa State governor, James Bala Ngilari for five years without the option of a fine.

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KAYODEKOMOLAFE THE HORIZON

kayode.komolafe@thisdaylive.com

0805 500 1974

The UN Verdict on the Northeast A turning point was perhaps reached two days ago in the international focus on the humanitarian crisis rocking the northeast of Nigeria. The United Nations Security Council declared the war-ravaged region “the largest humanitarian crisis” ever in the world. The outlook was made grimmer when the organisation also described the crisis as largely “forgotten and neglected.” By the estimates of the UN, the crisis has affected 14 million people with 8.5 million of them in urgent need of humanitarian attention. These were the observations of the officials who visited the region, which has been the theatre of Boko Haram war in eight years. The officials reportedly spoke with victims in the various camps. The soul-depressing verdict would surely bear some resonance on the Nigeria’s efforts to tackle the crisis as well as the urgent external help this nation needs in the process. The significance of the visit is of immense proportions to the victims of the crisis and the government of Nigeria, which has primary responsibility to restore normalcy in the region.

The UN has not really made any discovery, you may say. And that would be quite right because, in many respects, the pronouncements of the UN are only a confirmation (or an update if you like) of what the various organisations and individuals involved in the humanitarian efforts have been saying for a long time.

For instance, this reporter has attempted to draw attention to some of these observations on this page. Sometime ago, the matter was highlighted as follows: “The condition of the Internally Displaced Persons (IDPs) deserves greater attention and a more honest and productive approach. The emergency nature of the problem which non-governmental organisations on ground in the northeast have harped on for months recently received an external echo. An alarm has been raised by the International Organisation for Migration (IOM) about the humanitarian crisis burgeoning in the camps of the IDPs in the northeast. It has been estimated that Nigeria is facing the humanitarian question of 2.2 million displaced persons. These persons lack basic needs of food, water, shelter and medical care.

“The situation is worse for children among the victims. It has been reported that tens of children risk dying daily in the camps if urgent care is not provided. The Doctors Without Borders have raised a similar alarm about the fate of the children in the camps.

The insurgents have destroyed the homes and farms of the displaced persons. “…

The IOM’s reading of the humanitarian dimension of the crisis is not as bright as the official explanation of the developments.

Here is the verdict of the IOM Chief of Mission in Nigeria, Enira Krdzalic: ‘The condition of internally displaced people in the northeast is still very precarious.

The majority are women, children and the elderly.’ In fact the Director-General of IOM, Wiliam Lacy Wing, puts in a sharper focus: ‘Conditions in the region have now deteriorated to a point where it now meets the criteria required to activate

Borno State Governor, Kashim Shettima Level 3 Emergency Status, the highest level of humanitarian crisis’. So beyond the readings of the situation within Nigeria, external observers are warning against a humanitarian disaster. There is, therefore, the urgent need to balance the military activities with humanitarian efforts in the northeast.

“For instance, on a positive note, the Nigeria Airforce (NAF) is providing medical services to the people in some areas. In the latest efforts, the NAF has established a 35-bed field hospital in Bama for the care of the IDPs. Before then, the military organisation had established another hospital in Dalori, also in Borno state.

“The example shown by the NAF is that it is not enough to fight, it is also important to care for the displaced. The UNICEF seemed to have been overstretched in its efforts to provide medical care for thousands of displaced in the camps before the timely intervention by the NAF. Other organisations both at home and abroad should intervene in providing relief for the needy in the camps.

“The moral of the foregoing is that there should be a better coordination of the humanitarian efforts. The federal agencies state governments and private organisations involved in the relief efforts should work in unison for optimal use of the limited resources”.

Now, a number of issues have again been thrown up by the visit of the UN Security Council. It is important for government to ponder these issues.

First, the visit was a most appropriate and indeed timely follow-up to the donors’ conference held two weeks ago in Oslo, Norway. Out of the $1.5 million required by the UN in emergency funding this year to avert the looming famine in the Lake Chad region, $672 million was pledged at the conference. Norway, the host of the conference, led the way with a donation of $192 million. The observation of the UN team has further reinforced the urgency of the matter. At the conference, Foreign

Minister Geoffrey Onyeama presented Nigeria’s plan of devoting $1 billion to tackle the crisis. It is instructive that a member of the UN team reminded Nigeria of the implementation of its own plan so as to inspire the donors. Senegal’s Permanent Representative to the Security Council, Fode Seck, said: “If you want somebody to help you, you should start by helping yourself.

Nigeria government made an interesting pledge in Oslo. We are just from the minister of finance and she explained to us that this government would effectively disburse the money through normal budget process”.

It is a moral point that Nigeria should be seen to be taking concrete steps to solve its problems while it seeks the help of the world. The ugency with which Abuja treats this matter might determine the speed of the international response.

Secondly, the government should stop the corruption bedevilling the relief efforts.

No donor will be encouraged to put his money in a system fraught with stealing and fraud. Steps should be taken to assure the donors that resources expected to flow in would not go the pockets of corrupt officials and contractors. Those who divert the resources meant for the hungry and homeless should be punished according to the law. In fact, the culprits are committing a crime against humanity.

Thirdly, just as the role of the Niger Delta elite is being interrogated in the resolution of the crisis in that region, it is important to examine the disposition of the elite in the northeast. They are certainly not doing enough. Members of these elite include politicians, civil servants, businessmen, contractors, traditional rulers, public intellectuals and leaders of the nongovernmental organisations. Their voices are not even loud in the advocacy for the relief efforts. For example, the Dangote Foundation has put billions of naira into humanitarian efforts. The foundation has been active in feeding the IDPs. Pray, where are the billionaires from the northeast?

Over and above all, beyond emergency efforts to feed the starving children and care for the homeless families, at the root of the crisis is the lack of development and failure of governance. Boko Haram must be defeated and the displaced persons should be rehabilitated. The northeast is certainly in need of reconstruction. Yet, the enduring solution to the problem of the region like other regions of Nigeria would be the ultimate defeat of poverty and the tackling of the crisis of underdevelopment plaguing the land. This point was also well made by the UN officials. It is a theme to always bear in mind as the resolution of the crisis is vigorously pursued.

A People-Driven Process in the Niger Delta Francis Dan Akpan Kayode Komolafe’s piece entitled “Towards a Synergy in the Niger Delta” on the back page the THISDAY edition February 22, 2017 could not be more apt at a time when the people of the Niger Delta are frustrated, misgoverned and the resources of the states recklessly deployed.

Between 2005 and 2007, I was a member and later the Armed Forces Representative to the Gulf of Guinea Energy Security Summit (GUESS). President Obasanjo convened it with the partnership of the United States of America and the United Kingdom.

There was later the participation of the NORDIC countries France, Netherlands etc. Obasanjo’s permanent representative to the Summit was Engr. Kupolokun who was the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC).

The object was to eradicate the ugly trends of the proliferation of small arms and medium weapons in the region. It was to curb the unbridled crude oil and petroleum products theft. As a corollary, we were to work out a master plan for the development of the Niger Delta Region.

The efforts attracted both local and international concerns. The Human Development Report that Komolafe referred to in his column could also have been informed by the efforts. I stand to be corrected. I suggest that Engr. Kupolokun be requested to provide the presidency with a copy of the GUESS Report. It will go a long way to create the needed

R I G H T O F R E P LY synergy aimed at solving the problems of underdevelopment in the Niger Delta area. All the state governors from the region were members of the group. It was only Rivers State that produced a model developmental plan for the Summit, based on the comparative strength of the State!

I agree that the usual “working at cross purposes” between government and stakeholders should be avoided. I also agree that the momentum of the conversations of the Vice President and the people of the area must be sustained. However, it is important that the processes be people - driven. They are the real stakeholders.

For too long falsehood, deceit, frustration and absence of governance have been their dividends of democracy.

Secondly, we must develop a strategy directed to our people on the dangers of exposing our land to further environmental degradation. This is important. The Holy Book says, “My people perish for lack of knowledge.” “Blowing up” of oil and gas pipelines have not solved any of the problems, and the people are the worse for it. There are no more fertile grounds to fish and farm. No drinkable water.

Nothing survives. Nothing thrives.

If we don’t develop the area, we would be playing the game of the ostrich and our overall development will be a mirage!

•Rear Admiral Akpan (Retired) is of Fradan Iquoson Services Ltd fdakpan@yahoo.com

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