Monday 20th March 2017 by THISDAY Newspapers Ltd

Adeosun, Emefiele Confirm Meeting, Seek to Align Monetary and Fiscal Policies All eyes on central bank as MPC meets

Obinna Chima

Desirous of ensuring monetary and fiscal collaboration in order to turn the economy around, managers of the economy from the Central Bank of Nigeria (CBN), the Ministries of Finance, Budget and National Planning, and

Industry, Trade and Investment confirmed THISDAY’s exclusive report yesterday of their meeting in Abuja at the weekend to harmonise their policy perspectives. Speaking at the opening of

the two-day Monetary Policy Committee (MPC) retreat at the CBN headquarters in Abuja, with the theme: “Pathway to Price Stability Conducive to Economic Growth,” the CBN Governor, Mr. Godwin

Emefiele, at whose instance the meeting was convened, reiterated the need for the country’s monetary and fiscal authorities to collaborate and harmonise standpoints so as to develop the economy rapidly.

According to a statement yesterday at the end of the meeting, Emefiele, who also chairs the MPC which shall start its two-day meeting today in Abuja, said the retreat which for the first

Presidency Denies Reduction in Buhari's Work Load... Page 57

time had in attendance large representation of the fiscal authorities, is coming at a time the country is facing serious economic challenges. He added that finding sustainable solutions require broadened participation of Continued on page 12

Monday 20 March, 2017 Vol 22. No 8005. Price: N250

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NNPC Stockpiles Petrol as CBN Sells FX to Marketers for Diesel, ATK Imports Chineme Okafor in Abuja

L-R: Minister of Finance, Kemi Adeosun; Prof. Sam Olofin of the National Institute for Social and Economic Research (NISER), Ibadan; Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele; Minister of Budget and National Planning, Senator Udoma Udo Udoma; CBN Deputy Governor, Economic Policy, Dr. Sarah Alade; and Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, at a two-day Monetary Policy Committee retreat in Abuja… weekend

The Nigerian National Petroleum Corporation (NNPC) yesterday said it has increased its petrol stock in the country and now has a robust inland supply of over 1.2 billion litres which it said would be sufficient for 34 days forward consumption nationwide. It also said in a statement from its Group General Manager, Public Affairs, Ndu Ughamadu, that the Central Bank of Nigeria (CBN) has released foreign exchange Continued on page 10

Bankers Join Whistleblowing Bandwagon, Expose Illicit Transactions of Public Officers How former NNPC GMD, Yakubu was exposed FG allays concerns of whistleblowers

Obinna Chima in Lagos and Olawale Ajimotokan in Abuja Bankers, mainly account officers, have started to take advantage of the federal government’s whistleblowing policy to report the wrongdoings of former and current public office holders suspected to

have embezzled public funds and stashed them in several Nigerian banks, investigations by THISDAY have revealed. A reliable source with the Economic and Financial Crimes Commission

(EFCC), who disclosed this at the weekend, said that some bankers have been encouraged largely by the reward of between 2.5 per cent (minimum) and five per cent (maximum) of the total

amount recovered. According to the source, several former and current public officers who had allegedly stolen from the treasury either hid the physical cash in safe houses or used

shell companies, close aides, associates and family members to stash the ill-gotten funds in bank accounts using the names of the companies or their friends, family members and associates.

Ibori Files Appeal in UK to Upturn His Conviction... Page 56

However, though the accounts are not in the names of the political office holders, they usually operate the accounts themselves, a fact that is well known by the bank account officers who help them to manage the accounts. Continued on page 10

T H I S D AY MONDAY MARCH 20, 2017

MONDAY, MARCH 20, 2017 • T H I S D AY

PAGE TEN

Governors Deny Alleged Diversion of Paris-London Clubs Refund James Emejo in Abuja The 36 state governors in the country under the aegis of the Nigeria Governors’ Forum (NGF) have refuted allegations that monies accruing to states from the Paris and London Clubs refunds have ended in private pockets. They further contended that nothing illegal had been committed in the entire process leading to the final disbursement of the first tranche Paris-London Clubs repayment of the excess deductions from states’ coffers and the refund to states. In a statement by the Head of Media and Public Affairs, NGF, Abdulrazaque Bello-Barkindo, the governors explained that the Paris-London Clubs refunds has been on the cards since 2005 and that successive state governors had tried to get reimbursement of the excess deductions from their states in the past but did not succeed. They credited the present NGF for persuading President Muhammadu Buhari to authorise the release of the refunds for disbursement to the deserving states. The governors described

the allegations as not only unfounded but misleading given that if the federal government had found “anything corrupt, illegal and unpatriotic about the payment or the utilisation of the first tranche of the Paris-London Clubs Fund repayment to states”, it would not have approved the payment of the second tranche to the states. The governors, in the statement said: “In any case, those writing those fictitious reports on the payment have also acknowledged that the president has insisted on the verification of the process of utilisation of the first tranche before the second is approved for release. “Note also most importantly at this juncture, that every decision that was taken in respect of all the transactions was with the full consent and blessing of the 36 governors. “We therefore find the insinuation that monies went into the private accounts of seven unidentified governors as not only preposterous but mischievous.” The forum further regretted that none of the media reports was able to “identify a single

governor, not to mention seven of them”. The governors added: “The Economic and Financial Crimes Commission (EFCC) itself had issued a release exculpating all the governors, saying it was investigating the matter further. “But instead of allowing the EFCC to conclude its investigations, a particular section of the media resorted to this unsavory falsehood which puts the media and its practitioners in bad light.” They maintained that due process was diligently followed by all approving authorities, including the Federal Ministry of Finance, the Office of the Accountant General of the Federation, Central Bank of Nigeria (CBN) and Office of the Auditor General of the Federation, and that the National Assembly was duly informed from the beginning to the end of all the transactions. The governors submitted that “nothing illegal was done and no monies was paid into the personal account of any governor, legislator or top officials at any of the levels and arms of government in the country”. The forum urged the media to

be more responsible and abide by their professional ethics and desist from misinforming the society. The statement read in part: “President Buhari’s desire to reflate the economy at a time when states were insolvent and unable to pay salaries was why he acceded to the request by the current group of governors that the money be released to the states. “It is true that there were conditions attached to the disbursements but these arose from the collective and voluntary resolution of the governors and not any draconian order from any quarters. “It shows that the governors themselves are responsible, sensitive and compassionate enough to understand the plight of Nigerians that they govern and therefore work in the interest of their people. “It is important to state that in approving the repayment, due process was diligently followed and each and every approving authority, including the Federal Ministry of Finance, the Office of the Accountant General of the Federation, Central Bank of Nigeria and Office of the Auditor

General of the Federation as well as the National Assembly were duly informed from the beginning to the end of all the transactions. “Nothing illegal was done and no monies was paid into the personal account of any governor, legislator or top officials at any of the levels and arms of government in the country. “This brings us to the issue of consultants who facilitated the process. Indeed, a number of consultants were saddled with the task of verifying the amounts due to each of the states. “These consultants were recruited by the respective states but were eventually collapsed into a consortium of only a few, even though the others who did not make it to the final group were reimbursed according to their input. “Many more consultants throughout the country are still insisting that they did work on this same Paris-London Clubs repayments since a decade ago and that they are entitled to some compensation as well. “Many of them had actually and verifiably done some work in the past and negotiated a fee of between 10 per cent and 30

per cent, with the different states that engaged them. “It was therefore immoral and impossible to deny each their due, provided their input is verified and justified. “It should be noted that if the federal government under the watch of President Buhari had found anything corrupt, illegal and unpatriotic about the payment or the utilisation of the first tranche of the Paris-London Clubs repayment to states, it would not have approved the payment of the second tranche to the states. “After all, we all know the unimpeachable level of commitment of President Buhari on the issues of transparency and accountability. “In any case, those writing those fictitious reports on the payment have also acknowledged that the president has insisted on the verification of the process of utilisation of the first tranche before the second is approved for release. “Note also most importantly at this juncture, that every decision that was taken in respect of all the transactions was with the full consent and blessing of the 36 governors.”

information provide leads in the recovery of stolen funds and assets. The Minister of Information and Culture, Alhaji Lai Mohammed, made the assurance to the public in a statement after concerned citizens drew the attention of the Presidential Assets Recovery Committee to the recriminations whistleblowers were being subjected to in some public establishments. While reiterating the desire of government to reward whistleblowers in both the public and the private sectors, Mohammed assured that their identity would be protected and the information they disclosed kept secret. “'For those who may have suffered any backlash as a result of the information they provide, their cases will be reviewed and appropriate mitigating actions taken. “Whistleblowers have nothing to fear, because the committee has put in place the necessary measures to safeguard those who give useful information. “As a matter of fact, whistleblowers have everything to gain and nothing to lose,” he said. Mohammed stressed that in line with the policy, anybody whose information leads to the recovery of up to N5 billion

could be rewarded handsomely to the tune of N210 million, calculated as N50 million on the first N1 billion (five per cent) and N160 million which is 4 per cent of the remaining N4 billion. He added further that any amount that exceeds N5 billion would attract a higher reward. “For example, if a whistleblower provides information leading to the recovery of N10 billion, he or she will receive 5 per cent of the first N1 billion, 4 per cent of the next N4 billion and 2.5 per cent of the remaining N5 billion. “What we have done by making this information public is to reassure potential whistleblowers that the plan to reward is real. We are not just saying we will pay all whistleblowers, but we are letting them know in advance what they are entitled to once the information they provide leads to the recovery of looted funds,” he said. A civil servant working for the Foreign Affairs Ministry was said to be have been sacked after exposing alleged theft in an agency of the ministry. His case is now under review by the minister, Geoffrey Onyeama, following the directive of Vice-President Yemi Osinbajo.

channels for petroleum products in the country. According to him, the current transparency in petroleum products distribution had brought sanity to the country’s downstream sector. “Let me congratulate you on the sanity that has come to petroleum products distribution in Nigeria. “There is sanity now and we want to thank the NNPC group for the sanity, openness and transparency they have brought to the distribution of petroleum products in the country. “Though there is still much to do, the openness has brought a lot of comfort to Nigerians,” said Afe.

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BANKERS JOIN WHISTLEBLOWING BANDWAGON, EXPOSE ILLICIT TRANSACTIONS OF PUBLIC OFFICERS As a result, since the federal government unveiled the whistleblowing policy as a means of recovering stolen public sector funds, a number of junior and middle-level bankers have been quietly ratting on the true beneficiaries of the accounts in order to cash-in on the rewards derivable from the policy. The EFCC source informed THISDAY that once the commission is contacted by a banker, it is usually easy to identify the real beneficiary of the bank accounts through the Bank Verification Number (BVN), since an account holder can only have one BVN for all of his individual and company accounts. The source said: “Junior to middle-level account officers in the banks are the major whistleblowers. That is why we (EFCC) have been recovering a lot of money since the policy was unveiled. “They are ratting on politicians and public office holders. Some of these politicians use shell companies; some use companies in which they are not even directors or shareholders. Some also use friends, family members and associates. “But because the public office holders still manage the accounts themselves, the BVNs can still be traced to them.

“For instance, once there is a suspicious bank account, the account officer informs the EFCC, which in turn carries out the investigation and then gets a freeze order on the account(s), following which the suspect will be invited for interrogation.” THISDAY also learnt that the $9.8 million recovered by the EFCC from a former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Andrew Yakubu, was the fallout of a clash between Yakubu and his political opponents in Kaduna States, who used a very close family member of the former NNPC boss to snitch on him to the anti-graft agency. A special operation conducted by EFCC operatives on February 3, 2017 on a building belonging to Yakubu in Kaduna, yielded the staggering sum and another £74,000 in cash. The huge cash was hidden in a fire proof safe in the building. However, the EFCC source explained that the family member, whose identity has been kept under wraps for security reasons, may not be entitled to the reward provided in the whistleblowing policy, because Yakubu who has maintained that the cash found in the house was a gift, has challenged the temporary forfeiture order

obtained by the EFCC from the court to the federal government. “Should he win his case and the amount returned, the whistleblower will not be entitled to anything,” the source said. The source said one way that the government could encourage more whistleblowing is by being transparent on how much has been paid to individuals who have gone on a limb to expose illicit transactions without disclosing their identities. “That way, more people will be encouraged to expose illegal activities in their organisations and in the public sector,” he said. The federal government last December approved a whistleblowing policy to expose fraud and other related crimes in both the public and the private sectors. Finance Minister, Mrs. Kemi Adeosun had while urging Nigerians to key into the scheme said the policy devised by her ministry was aimed at encouraging anyone with information about a violation, misconduct or improper activity that impacts negatively on Nigerians and government to report it. According to her, the policy’s objective is to increase exposure of financial or financial-related crimes; support the fight against financial crimes and

corruption; improve the level of public confidence in public entities; enhance transparency and accountability in the management of public funds; improve Nigeria’s Open Government Ranking and Ease of Doing Business Indicators; and recover public funds that can be deployed to finance Nigeria’s infrastructure deficit. She listed information that could be submitted to include: mismanagement or misappropriation of public funds and assets (e.g. properties and vehicles); financial malpractice or fraud; collecting/ soliciting bribes; corruption; diversion of revenue; fraudulent and unapproved payments; splitting of contracts; procurement fraud (kickbacks and over-invoicing etc.). The minister defined a whistleblower as any person who voluntarily discloses information in good faith about a possible misconduct or violation that has occurred, is ongoing, or is about to occur. The reward for a whistleblower was put at between 2.5 per cent (minimum) and five per cent (maximum) of the total amount recovered. Meanwhile, the federal government at the weekend reiterated its desire to protect and reward whistleblowers whose

NNPC STOCKPILES PETROL AS CBN SELLS FX TO MARKETERS FOR DIESEL, ATK IMPORTS (forex) to oil marketers to import diesel and Aviation Turbine Kerosene (ATK). NNPC noted that its petroleum product supply outlook for March to May 2017 was looking good and that it has taken adequate steps to ensure stability in supply of diesel and aviation fuel. According to it, the corporation will equally import diesel to supplement the quantities it gets from its refineries in Kaduna, Warri and Port Harcourt. In addition, NNPC stated that it has re-commissioned its strategic 479.2km System 2B petroleum products pipeline network which stretches from the Atlas Cove in Lagos to Mosimi,

Ejigbo, Ibadan and Ilorin, for the effective distribution of petroleum products nationwide, especially with the envisaged resumption of loading activities at the Mosimi, Ejigbo and Ibadan depots. The Calabar and Aba depots, it added, have also been stocked with diesel while diesel load out from its Kano depot would commence soon. Ughamadu added in a separate statement that the NNPC has indicated to the Oil and Gas Trainers Association (OGTAN) that it would improve on its engagements with the body to cut down its annual expenditure on the training of its workforce abroad. OGTAN is an independent

umbrella group that provides training to service providers in the oil and gas industry. It was established by the Nigerian Content Development and Monitoring Board (NCDMB) in 2010 to represent the education and training sectoral group of the Nigerian Content Consultative Forum (NCCF) under Section 58 of the Local Content Act. The statement said the corporation’s Group Managing Director, Dr. Maikanti Baru made the remark when the President of OGTAN, Dr. Mayowa Afe, visited him in his office. Baru said rather than going overseas, the NNPC would consider working with OGTAN as a local partner to reduce its

training cost. “As much as possible, we will continue to utilise the services of OGTAN members in order to upgrade our human resources to be able to meet the challenges in the oil and gas industry,” Baru said while commending OGTAN for growing the training component of the Nigerian Content policy. He stated that while the NNPC had been at the forefront of growing local skills for the oil and gas industry, which had led to the rise of indigenous welders and fabricators, OGTAN’s training has been key to growing local expertise for Nigeria’s petroleum industry. Afe commended the NNPC for sanitising the distribution

% 4.9 4.5 4.4 4.3 4.2 % 4.9 4.6 3.7 3.4 3.2

T H I S D AY MONDAY MARCH 20, 2017

T H I S D AY • MONDAY, MARCH 20, 2017

STARTERS

Africa Trade Meeting Has No NEWS Africans After US Visa Denials

Two-Minute Briefing

36 State Chairmen to Meet in Abuja on PDP Crisis The Forum of Peoples Democratic Party (PDP) State Chairmen has scheduled its meeting in Abuja nextWednesday to brainstorm on the way out of the crisis rocking the national leadership of the party.The meeting which is being summoned by the chairman of the forum and Akwa Ibom State chapter chairman, is coming on the heels of another meeting held last weekend in Abuja by some PDP state chairmen loyal to the Senator Ali Modu Sheriff leadership of the party. Page 56

Each year the Un vers ty of Southern Ca forn a br ngs de egat ons from Afr ca to meet w th bus ness eaders government offic a s and others n the U S But th s year the Afr can summ t has no Afr cans A were den ed v sas V sa ssues are not uncommon for peop e trave ng from Afr can nat ons Dur ng her pr or three summ ts Mary F owers saw a h gh percentage of her attendees at the Afr can G oba Econom c and Deve opment Summ t unab e to atta n v sas “Usua y we get 40 per cent that get re ected but the others come ” sa d F owers cha r of the Afr can G oba Econom c and Deve opment Summ t “Th s year t was 100 per cent Every de egat on And t was sad to see because these peop e were so d sheartened ” F owers est mated that she ost about 100 attendees nc ud ng speakers and government offic a s The countr es affected nc uded S erra Leone Gu nea Ghana N ger a Eth op a and South Afr ca

News Editor

n.iriekpen@thisd

20, 2017 • T

H I S D AY

Davidson Iriekpe

aylive.com,

08111813081

Sheriff issues disclaimer on Adeyeye Dickso National chairm n: PDP Crisis an asks Suprem is about 2019 Iyobosa Uwugiaren e Court not to presidential electio , Onyebuchi Ezigbo in hear appeal by that there was n an Soniyi inLagos Abuja and Tobi Makarfi, others between his group understanding want to join issues and the caretaker with anybody committee because

shortly I am for peace; Dickson Court judgment after the Appeal reconciliation I am for enjoyed urged Makarfi, who in Port has by great The Forum of . the confidence leaders of the Peoples Democratic Rivers State, that no Harcourt, Makarfi and All I want to remind of of majority nation who the Party (PDP) his supporters maligned or victimizedone will be whereas State one too failed. is that processparty members, to lead the wanted to create an it is good for Makarfi scheduled its meetingChairmen has on to This is where inclusive for holding for reconciliatio platform wondering his beliefs. the in every state, in Abuja next why somebody template comes in. After ‘’And I remind n. Wednesday to because of this that is asking why “The desperation of Appeal judgment, the Court brainstorm on crisis, you have the him about he is doing what way out of the of this the aggrandised ‘so-called’ Makarfi the story of Solomon is currently Sherrif said he crisis rocking spokesperson self group and a Sheriff and the solutions doing to find amicable he was prepared for quick two women national leadership the dissident of the party group. The national who were argued to the crisis enveloping convention, and group of the party. is The meeting PDP. is regrettable, led by Makarfi may polarised down the line; it over the ownership of was a victory we thought that be a particularly for PDP. summoned by which is being time Talking about at a enjoyinggood for him; he may be the woman who really child; the efforts of Sherrif also had the the template child, it; but this party the Peace the forum and the chairman of Reconciliatio said he would is bigger for who carried the pregnancy his committee has proposed not contest Akwa n Committee and than Sheriff and at that chapter chairman, Ibom State party nine months and Makarfi. of the under went through resolution of the lingering for that is victory for convention; ‘’PDP and All the the heels of another is coming on of Governor the chairmanship rigours crisis, the the the governor of labour, said Progressives Congress challenge howeverPDP. But meeting held added that Seriake Dickson ‘don’t proposed kill the child, last weekend the a number Bayelsa State of institutions(APC) are now national is that instead, give in Abuja by template is not only being her, at least the of it to to a that we should some commended PDP state chairmen “negotiated would lead cannot trust people said they child will survive.’ treasure and sustain as loyal to the for a job well national unity him; well I said “Makarfi and Senator Ali Modu well as support. convention,” done, but also leaders of the PDP that yielding democracy Sheriff leadership Our saying the inability is valid, but what you of the party. to hold a unity need to do the way forwardfruits and paving governmentneeds a strong party in need to learn from that is to engage more wisdom, successful convention or that if you for peace and and a strong party THISDAY gathered and ring fence genuine reconciliation a the convention. convention at in of the PDPare genuine stakeholders that the he forum which in the party,” opposition. Because of this This is when all is at template the heart of the , you are the first said is the crisis, PDP has continued crisis in PDP. to comes in.’’ supporting the perceived to be to fail Nigerians the sacrifice, especially when make The governor Meanwhile, Dickson added in the area of the Chairman further added: Makarfi’s CaretakerSenator Ahmed the PDP that the proposed providing credible raising so many concerns you are “That is why of and constructive convention Reconciliation Committee may about a happened, when that failed so-called mole,” be planning to opposition.’ to be done committee should not the use the Wednesday’s Seraike Dickson, has Committee, like the other He said the PDP governor said. led caretakerwe appointed Makarfimeeting as a said the PDP crisis is about counter measure was founded committee to midwife that his template says one, stating ambitions, “about show where another convention, there should their solidarity to those who want and the second to control the lies. party’s Meanwhile, Cont’d on page PDP leadership the Sheriff-led want structures and those who to contest 57 has said the spokesman election in 2019.” the presidential of the National Caretaker Committee, The Prince while governor who stated this Dayo Adeyeye, speaking has no authority with journalists to speak for the Abuja at the weekend, in party. claimed The Sheriff’s leadership which “some of the party leaders that has been involved a prolonged feel that if certain persons who tussle for the are in control of the control of the party, they would main opposition party with the National be shut out, are those Caretaker Committee resisting the ongoing moves (NWC) led to resolve the by Makarfi crisis. ‘’I feel at this yesterday particular stage statement describing issued a of the Makarfi’s has crisis in PDP that the party committee as suffered enough “dissident.” The statement prominent members,hemorrhage; issued by spokesman and elected officials key leaders, of the Sheriff-led are decamping, National Working attributing it to the crisis in the Bernard Mikko, Committee, party. ‘’Leaders of the urged party party members to must make sacrifices now; have faith in those who are peace and reconciliatio the the position in to intervene n report intervene as the panacea must cohesive party. for a united and can make now, and others who sacrifices must “For the umpteenth make it now time, the peace so that we can move attention of the the process forward.’’ NWC of the has been drawn PDP Advising the party leaders statements credited to the reckless support to in a desperate to one Adeyeye moves, the current reconciliation rebrand the party Edo State Governor, empathy, seek attempt to curry re-design and then Mr. Godwin Obaseki; public undeserved political attention and ‘’culture it in such a way that the and former state Commissio of impunity’’ Ogbemudia (rtd), ner for Culture,former Head of State, General relevance. within the “It is hereby at the 4th Brigade party does Sir. Victor Yakubu Headquarters,G.R.A,Uwaifo, during the burial Gowon (rtd); former Adeyeye cannotdisclaimed that governor not happen again, the Governor, Adams took exceptions reception for speak for the Benin City...weeke PDP or use its the Brigadier-G to some of the public nd logo eneral SamuelOshiomhole; without the authorityand franchise to Senator statements credited Osaigbovo Ahmed Makarfi and express permission of the Dan Ukana. and Former national leadership some of his supporters Governor of of the party. who had accused him Delta State, Chief James of betraying release of Ibori, has now Mikko whose resolution the filed instance, this material. Rose, for spokesman has appointment as to support of PDP governors not an appeal in the British further corroboration Court of public argued that it is in of the serious the misconduct as illegal said been challenged leadership.Senator Ali Modu Sheriif Appeal against his 2012 conviction. interest to do Gohil are safe in the statement so, as the by the A statement from - though Ibori’s Media and linked cases are said Ibori the case - Sasha prosecutors in through According to acts that clearly obtained to have Esther Wass QC and been corrupted him, “I don’t Assistant, Tony Eluemunor, fall below Shutzer-Weissman by Metropolita the high standards Ibori’s counsel said - and legal of the British informed the Police, prosecution misconduct n how both knowingly Southwark London system.” significant and conspired to pervert non-disclosure court at the This conclusion, weekend that of key orchestratinthe course of justice by materials which they according to the statement, will undermined appeal on Ibori’s have filed the convictions. the corruption g a cover-up of the now be challenged behalf. by the appeal and their own As a result, For instance, a Michael Olugbode process, not misconducts. the past court BBC by only indefinitely adjourned then Ibori but also report of July However, the in Maiduguri most defendants. shocking episode by all other Victor Isuku, the the on-going 2, 2016, titled: ‘Ibori lawyer awarded proceedings at about 9p.m. attacked happened confiscation concerning the second £20,000 by Crown Prosecution willful misleading concerns the Most of all, in last Saturday on Service’ mentioned of the Court Seven persons a London-bas of Appeal in outskirts of Maiduguri. the three-week hearing. The original were killed in ed police and the Gohil appeal Ben TV interview, Mr. prosecution’s attempted suicide confiscation an of 2014. Lambertus The statement misbehaviou hearing well attack at the r as British When main stream de Boer, one of the bankers read: “At about before Judge Pitts in weekend in Maiduguri, as their massive 2100hrs of 18/3/2917, September jailed in the case, media , The misleading the Borno of the courts. had dropped State capital, the three suicide 2013 was unable to make Times, Guardian, bombers, a male this police any Sun, Telegraph bombshell that “DfID and two female, finding of theft against According to The dead included have said. among entered into The British Crown him. three suicide attempted to infiltrate Maiduguri extraordinary the report, “The interest others focused public an agreement with the Nigerian bombers (a male town through Prosecution payment authorities in 2005, on and four innocent and two females) general Umarari village in Molai Service (CPS) has, since February latest twist in a legal is just the the Nationalthe misconducts, claiming area. 2016, been undertaking Crime Agency £25million from all funds the first led to investigation case that has (NCA)con of the youth civilians (a member recovered a “They were sighted mammoth during s vigilance group, confiscation proceedings of police corruption into allegations opened ducted an inquiry woman and her by Civilian JTF disclosure exercise and a and challenged. from Ibori and an inquiry. so far and a cover-up two substantial material They detonated Ibori linked cases… It was also revealedchildren). evidencing the of key evidence.” “Mid-September IEDs strapped would be paid to their bodies the police corruption and that eight 2016, the The BBC report persons sustained to DfID before NCA’s report while has running to different misconduct penny continued: a injuries is been returned appeared; May 2016, the disclosed. directions. in the attacks and it “Four CPS acknowledg“In confirmed that police were taken Commenting to Nigeria”. gagged the media The CPS has that to the Civilian people which included ed working hospital. on this disclosure, officers, it had from reporting a JTF, a woman ‘supports the intelligence that Departmenwithin the elite Nigerian newspaper commentatoa and her two on this. In a statement children assertion’ that said: “So, a treasure r David Rose of Public Relations by the state Police sustained died, while eight others a Developmen t for International wonder hunt is on. No the London Mail Metropolitan Police and Sunday Officer (PPRO), t-funded injuries, and the Crown Prosecution paid for information officer was were newspaper as have been taken to hospital.” corrupt, and Police Unit, Service’s (CPS) as other reporters well . had “On June public statements have made 7, 2016, Stephen substantial material withheld have been exceptionally applications in Kamlish from the open court for defence teams, misleading. DfID/CPS has the Bhadresh QC, representing but repeatedly claimed Gohil, submitted stated that the convictionsbizarrely that some and others, including of Ibori to have $250 million was alleged been stolen by Bhadresh Ibori from Delta State.”

EDITORIAL Lessons From The Dana air Crash

GUITAR BOY IN ACTION

Ibori Files Appe al in UK to Uptu rn His Conv iction

t is almost five years since Dana Air Flight 992 crashed, less than five minutes before landing at the Murtala Muhammed Inter- national Airport, Lagos. It was one of the most tragic air mishaps in the country as 163 lives were lost, including 147 passengers, six crew and 10 people on the ground. With the release last week of the Accident Investigation Bureau (AIB) report, the crash has been attributed to double engine failure, human error and laxity of the regulator, the Nigerian Civil Aviation Authority W (NCAA).We hope the authorities will work to correct these lapses. Page 15

T H I S D AY

• MONDAY , MARCH 20,

2017

EDITORIAL

LESSONS FRO

M THE DAN A AIR CRA SH

Airlines must

t is almost five be closely regulat 992 crashed, years since Dana Air ed Flight less landing at the than five minutes before Murtala Muhamm national Airport, Lagos. It was ed Intermost tragic aviation regulatio one of air lives were lost, mishaps in the countrythe Perhaps the n in such circumstances. mitigating factor crew and 10 including 147 passenge as 163 remains perhaps people on the rs, the only airlineis that Dana Air release last ground. With six accident that week involved in tion Bureau such (AIB) report, of the Accident Investigathe families of thehas so far substantially uted to double the crash has compensated victims. Such mired in controve the efforts in the of the regulatorengine failure, human been attribpast were error and laxity previous accidentsrsy because the aircraft (NCAA). We , the Nigerian Civil Aviation involved in were allegedly Nevertheless, Authorit these lapses. hope the authorities will not fully many Nigerian work to correcty accident investiga s are miffed insured. According to that the tion report was five the years AIB accident investiga the first engine released after investigation. the crash, thus indicatin almost tion report, the flight and of the aircraft failed 17 Commissioner,This much was confirme g a sluggish fore it eventualthe second engine failed minutes into Akinola moments bely crashed. The met 37 uncompl Olateru who d by the AIB out by the bureau said that he human error eted reports bureau in January was the failure pointed when command to of the pilot this year. Againsthe took over at the return to the that when the the first engine airport of departurin the cause of an air accident background helps to avert failed. He e when in the bid to get to Lagos reportedly took a fatal authorities willa similar one in future, is known, it risk make to the because he we hope move quickly United States had a flight reports. on the outstand the to that night. Meanwh ing NIGERIANS ARE according to ile, THAT THE ACCIDEMIFFED aviation fter the Dana experts, it would accident, some INVESTIGATION NT T H I S DAY and safety issues technical EDITOR taken the aircraft have DEPUTY EDITORS IJEOMA NWOGWUGW were raised WAS RELEAS REPORT stakeholders. BOLAJI ADEBIYI, U by industry about MANAGING One of such JOSEPH USHIGIALE FIVE YEARS ED ALMOST make 20 minutes to DEPUTY MANAGINGDIRECTOR ENIOLA expatriates as issues was having BELLO AFTER DIRECTOR a U-turn, both the pilot the flight officer. CHAIRMAN KAYODE KOMOLAFE THE CRASH, EDITORIAL in comman back and land fly BOARD OLUSEGUN EDITOR NATION’S THUS d and pilot, who was It was for instance indicated ADENIYI at the CAPITAL IYOBOSA INDICATING Nnamdi Azikiwe that if the UWUGIAREN A SLUGGISH airspace, he a US citizen, was familiar would INVESTIGATION with International have chosen Nigeria’s the internatio Airport, Runway nal Abuja. domestic runway runway instead of the 18R, known as The AIB report Runway 18L, on which he is the because T also H demande I S DAY indicted it of laxity because Runway N E W S PA d NCAA EDITOR-IN-C PERS LIM time to navigate 18R would have taken to land. This ITED GROUP EXECUTIVE HIEF/CHAIRMAN before the accident,there was indicatio and accused NDUKA OBAIGBENA him a shorter DIRECTORS n that shortly airport by the to and he might have an official in ISRAEL IWEGBU, ENIOLA BELLO, KAYODE authority had been inside time the aircraft the regulator IJEOMA NWOGWUGW KOMOLAFE, GROUP FINANCE the The lessons crashed. y U DIRECTOR OLUFEMI of airworth grounded the Dana Air DIVISIONAL DIRECTORS iness many but to from the Dana Air Flight PETER IWEGBU, ABOROWA Although some but that decision was fleet for lack ensure the safety FIDELIS ELEMA, ANTHONY 992 may be DEPUTY DIVISIONAL OGEDENGBE NCAA must of Nigeria airspace, Dana Air Flight of the relatives of the upturned. DIRECTOR OJOGUN VICTOR SNR. ASSOCIATE deceased in and strictly have close monitoring ASSOCIATE DANBOYI DIRECTOR compensation 992 crash took legal the of the airlines the regulate DIRECTORS ERIC OJEH CONTROLLE action of the victims also stop assignin their activities. Airlines RS ABIMBOLA HENRY NWACHOKOR, was able to SAHEED ADEYEMO TAIWO, UCHENNA of the crash, over the should compensate GENERAL MANAGER vacation. Much g flights to pilots who DIBIAGWU, those who chose the airline NDUKA PATRICK EIMIUHI MOSERI are due for GROUP HEAD sure that any more important, the to abide by DIRECTOR, FEMI TOLUFASHE PRINTING PRODUCTION NCAA expatriate pilot must be familiar CHUKS ONWUDINJO who is to fly must enTO SEND EMAIL: with all the in Nigeria first name.surnam alternative airports airports, especiall e@thisdayliv e.com to the airport destination. of departur y the e and

Letters to the Editor

Letters in response to specific readers may TO OUR READERS send such letters publications in THISDAY opinions on topical along with their should be brief local, national 1000 words). (150-200 words) and internatiocontact details to opinion@ They should and straight be sent to opinion@nal issues provided thisdayliv to the point. Intereste thisdaylive.com they are well-writt e.com. We also welcome en and should along with the comments andd also not be longer email address than (950and phone numbers of

NEED TO REFOR

US Pres dent Dona d Trump March 13 four days before he was supposed to trave “I was rea y d sappo nted when I went to the embassy ” H ton sa d n an nterv ew w th VOA

Travel Ban It rema ns unc ear why a of the Afr cans head ng to the event were den ed v sas th s year D ane E Watson who former y represented a Los Ange es-area d str ct n Congress sa d she had ca ed the State Department to ask for nformat on about the den a of v sas for wou d-be de egates to the USC summ t But the State Department

n N ger a In her presentat on the Deputy Governor Econom c Po cy CBN Mrs Sarah A ade sa d the onus of ach ev ng the d emma of ow nterest and exchange rates as we as ow nflat on shou d not ent re y be the funct on of the monetary author ty She sa d t requ res co aborat on w th fisca author t es Accord ng to her there was need for de berate po c es that wou d promote stab ty and engender growth n the economy Meanwh e as the MPC commences ts second meet ng for the year today attent on wou d be focused on the comm ttee The meet ng w be com ng on the back of s ght mprovements n most macroeconom c nd ces rang ng from the country s GDP growth rate to fore gn exchange adm n strat on In the domest c economy the Nat ona Bureau of Stat st cs (NBS) ast month reported that the N ger an economy contracted by 1 5 per cent n 2016 marg na y ower than the 1 7 per cent forecast by the Internat ona Monetary Fund (IMF) A so the rate of contract on n the fourth quarter of 2016 s owed down to -1 3 per cent from -2 24 per cent n the th rd quarter of the same year The nflat on report for the month of February a so nd cated a moderat on n the Consumer Pr ce Index (CPI) to 17 8 per cent year-on-year the first dec ne n 15 months Furthermore ncreased fore gn exchange supp y to the market s nce ast month when the centra bank announced changes to ts fore gn exchange po cy saw the

M OUR RAILY

SYSTEM

the writer. hen our colonial the first railway master built system consists of over 470 in 1898 linking in Nigeria tracks and carries stations, Lagos and over 1.7 million over 2,220km of Abeokuta in In the United old Western passengers daily. Kingdom, trains ducation is a region in today’s South-west and in some process through are preferred cases flights Nigeria, vidual acquires which it was only States of America due to efficiency. to buses want to travel skills, competencie indiBritain, the The role of the attitude. It is to s, and home cannot had such facilities. and few other countries United the right of trains to flight France from UK, many If you because of the be over-empha every that preferred be educated. on daily basis. general assumption sised almost 119 years Naturally, anyone would modern light Thus, education child to of poverty in that the state rail, monorail In all these countries, as culture to expect is regarded the built an excellent down the line, Nigeria man, people are rapidly way to determinefamily or home goes to should have replacing the and latest electric trains and the nation of the world national rail a long the extent of models of fast old locomotives at large. This to global records, network with man has to developmen youth educational moving trains explains . educate latest According t. Europeans Education why himself economies, seen in the developed the fastest high and Asians is seen by many society. Poverty and his offspring to alleviate poverty. but that is not operate speed trains is as the route the case. There is no Paradoxically, Shanghai maglev, in the man from carryingone of the factors militating in the education is doubt that meaningful many countries the Harmony CRH world as seen in services long Avril. Some perfectly, poverty out his educational activitiesagainst that started and eventually most potent instrument 380A and after Nigeria go as fast as train for alleviating as the state abolishing poverty. had perfected of transportati 360km/hr, making Targo excellent alternatives as a way of effect of poverty that mode on In considering life characterise of being poor. Poverty them to air transportati on academic transportation by using it for efficient the d by low calorie inaccessibility But Nigeria to be precise, performance human on. and bulk cargo still relies heavily of the home background of students remains in near locomotive haulage. But education system,adequate health facilities, intake, important phenomeno on the slower trains (some is the most low quality Germany, France,comatose state. In countries ours as slow as 35km/hr) n that needs pollute the atmosphere and under-empl low life expectancy, unemploym considered in to be seriously like oyment. that order . Worse still, Africa and Egypt, United Kingdom even ent to develop hubs At the national of the relationship to enhance the effective the country in South for instance, and spokes level, a nation is yet study between poverty surface rail ensure total undergroun system for the poor when academic performance can be considered tracks coverage of and students’ her economic trains to Nigeria. and land borders. are linked to the seaports,d and . In view of standard is this automaticall But railways that needed this, very low and airports This remain some to y be makes ensures factors considered in a major revenue of people and operators and the nation underdevelo efficient movement The economy background the home or facilities, earner for government of a country are family ped. goods like machinery, quick distribution employer of alike. It is also that does not stage of developmen socio-econom parents’ academic qualification of needed labour, which a attain ic class bulk cargo , wheat, fertilisers, informed why major nations seek other developmen t in terms of infrastructur certain or home environmen and facilities available to sustain and precious stones, like cement, developed e and t indices. As in homes non-perisha Some transport improve the family level, perishable and Evidence shows t as well as parent status. ble food items sub-sector. we are referring regard poverty in the analyst has like tomatoes, medicals, among services as a described our Even before those in poverty that in Nigeria, the number cows and monumenta the indigenous to the home background others. railway has continued of l disgrace, In South Africa, perennial wobbly . of education, education or year. When to increase every western type the home has the metrorail the government and sorry state attributing its rail services corruption, through always operates commuter estimated came to blind in the major been which unchecked graft, into power, politics, that some people the man learns urban areas. other challenges. ethnic differences various aspect agency enable him in Nigeria lived it was erty. Poverty The metrorail live a meaningful of life to has an impact and in povOtimkpu Paschal, also known life. The home performance on as traditional . Different scholars students’ educational Awka way of educating which is ones is still regarded poverty affects have discovered the young the learning as the first school that before he enters students in and performance of a child their the larger society. of the Micah Nuhu, educational developmen t. Dept. of Mass University Communication, of Maiduguri

sn t a owed to d scuss nd v dua v sa cases W th the he ghtened attent on on fore gn nat ona s com ng to the U S there have been stor es of more v sas be ng den ed to peop e from countr es other than those named n the Trump adm n strat on s execut ve orders But v sas are rout ne y den ed by U S embass es w thout exp anat on If there has been an ncrease n the number of v sas re ected under the new adm n strat on t s hard to ver fy The pub c y ava ab e State Department data dates on y to ate 2016 •Culled from Voice of America

ADEOSUN EMEF ELE CONF RM MEET NG SEEK TO AL GN MONETARY AND F SCAL POL C ES co eagues from the fisca s de He sa d the retreat as a bra nstorm ng sess on wou d prov de perspect ves on certa n Monetary Po cy Comm ttee dec s ons He sa d t wou d a so c ose the gap on the coord nat on between monetary and fisca author t es to chart a common course and take dec s ons to deve op the economy In h s remarks the M n ster of Budget and Nat ona P ann ng Senator Udoma Udo Udoma sa d both the monetary and fisca author t es have no cho ce but to work together to guarantee the country s econom c growth He pos ted that the pathway to a ower nterest rate was through monetary and fisca author t es co aborat on w th the pr vate sector A so speak ng the M n ster of F nance Mrs Kem Adeosun and her Industry Trade and Investment counterpart Dr Okechukwu Ene amah both agreed that so v ng the cha enges fac ng the N ger an economy requ red unconvent ona tact cs Adeosun wh e d sc os ng that there rema ned a huge number of unbanked N ger ans whose contr but ons to the economy are hard y captured sa d the government must dev se ways to br ng them nto the financ a ma nstream She a so h nted that based on the current rea t es the federa government wou d have to borrow more to meet ts nfrastructure fund ng ob gat ons Ene amah emphas sed the need for the monetary and fisca author t es to ensure bus ness market and nvestor confidence as we as po cy ntegr ty n order to mprove on the ease of do ng bus ness

MONDAY MARCH

Email davidso

Seven Person s Killed in anothe Suicide Attack s in Maiduguri r

‘A Discrimination Issue’ “I have to say that most of us fee t s a d scr m nat on ssue w th the Afr can nat ons ” sa d F owers “We exper ence t over and over and over and the peop e be ng re ected are eg t mate bus ness peop e w th t es to the cont nent ” A request for comment from the State Department was not mmed ate y returned F owers sa d those who were den ed v sas were ca ed for embassy nterv ews ust days before they were supposed to trave desp te hav ng app ed weeks or even months ahead of t me One of those den ed a v sa was Pr nce Ko o H ton a Ghan an art st whose work nc udes spec a effects and graph c art He pa d h s $500 fee to attend the event and was asked to ead a sess on on fi mmak ng But he he d off buy ng h s p ane t cket unt h s appo ntment at the embassy on

NEWS

36 State Ch airmen to M eet in Abuja on PDP Crisi s

na ra apprec ate to N449 to the do ar ast Fr day ust as the CBN has cont nued to shore up fore gn reserves to $30 3 b on on the back of mproved o output and pr ces But as the comm ttee s ts to de berate on a rate dec s on and other monetary too s from today Afr nvest was of the v ew that the MPC w ma nta n the status quo on a rates The nvestment firm a so sa d the CBN wou d have to focus on mprov ng qu d ty n the fore gn exchange market “A rate cut cou d dampen CBN s efforts to mop up excess qu d ty from the system wh ch cou d hamper the stab ty of the fore gn exchange market “On the fl ps de a h ke n the rate may a so be sub-opt ma at th s t me as th s may further squeeze out qu d ty from the bank ng system as banks may dep oy funds towards nvestment secur t es wh e a so constra n ng growth thus worsen ng the econom c cond t ons “Therefore on a ba ance of cons derat ons we th nk the MPC w ma nta n status quo on a rates wh e try ng to conso date on the ga ns of recent mprovements that have been recorded n nflat on the para e market FX rate ncrease n o product on and the re ease of the Econom c Recovery and Growth P an by the fisca author tes ” Afr nvest sa d F nanc a Der vat ves Company L m ted on the other had stated that “the next MPC meet ng n March cou d see the CBN take a more dec s ve step towards an accommodat ng stance fo ow ng an mproved (though st negat ve) GDP growth rate and a poss b e dec ne n head ne nflat on”

POLITICS INEC’s Curious Timetabl

T H I S D AY

PERFORMAN CE

2017

M O N D AY

DISCOU

Group Politic s Editor Tobi Soniyi Email tobi.so niyi@thisday live.com 0803314613 9 SMS ONLY

INEC’s Curio us Timetable RSE

The early relea se of the time contentious, writes Onyebuc table for the 2019 general elect hi Ezigbo ion has beco me

Nigerian electorate

during the last

presidential

election...a nation

ccording to the table released recent time by the Independent National Electoral Commission (INEC) the presidential next election and National Assembly will hold on elections February 16, and state House 2019. Governors hip of Assembly take place polls are to on March 2. INEC’s National Commissioner Voter Education in charge of and Publicity, Soyebi, who Prince Solomon made the early release public the decisions, said efforts to nurture of the dates was part the nation’s of the electoral democracy process by system and to standardi and ensuring certainty se the for elections. in the dates He said it by INEC and would allow proper planning other election cited the examples stakeholders. He of the United America (USA), Mexico, Norway, States of Costa Rica , Sweden, Switzerland, bouring country, and even neighGhana, where elections are dates for known in advance. Expectedly, the release time table of the 2019 is eliciting actions and election from stakehold reactions parties alike. ers; politicians and political For the All Alliance (APGA), Progressiv the early fixing e Grand dates is a of election good move that will make for

awaiting credible

election

adequate preparatio n for political and stakehold parties ers. The National Chairman of APGA, Chief

On its face value electoral body the be commendedshould for being proac tive.Perhap the only issue s whether the here is managemen present INEC would t team at be able to convince Niger the days ahead ians in indeed prepa that it is red for the enormous task in conducting involved a general election in the country

In a bid of to build the capacity of the personnel of the Nigeria Police Force (NPF), thereby turning them into a more professional force, a special training and capacity development seminar aimed at improving professionalism and proficiency in police service delivery was recently organised by the I Zone 2 Police Command. Page 20

BUSINESS Insurers Groan as Forex Volatility,

ON ACADEMIC

POLITICS

A ccording to the recent time table released by the Independent National Electoral Commission (INEC) the next presidential election and National Assembly elections will hold on February 16, 2019. Governorship and state House of Assembly polls are to take place on March 2. Page 17

FEATURES For a More Professional Police Force

• MONDAY , MARCH 20,

EFFECT POVE RTY

FEATURES

Victor Oye, while sharing matter said his view on the early announce the for the the 2019 election election”. dates would ment of stakeholders But not everyone enable is excited involved in to meet up with the huge all development. over preparing for the exercise.task have expressedSome other stakehold the said politician ers critical views He early out to their s needed such time release of the to reach allies and build time table. about the Ahmed Makarfi-l the political bridges The Senator in good steaddivides in order to put across main opposition ed faction of the them (PDP) for People’s Democrat divided “INEC is doing the election. has said that its duty as prescribed the rush withic Party INEC released law and for us as politicians which the time table by election is a has given room , the presidentithe for suspicion. gargantua al a lot of preparatio n exercise that The faction’s requires ns and strategic Adeyeye, allegedspokesman, Prince Knowing the alliance. time table well Dayo that INEC’s fraught be an advantag in advance will things with hidden motives. move was His counterpa e”, Oye said. stand now He said as rt there in the present is evidence Abdulkadir Labour Party, leadership that the Abudulsammi Alhaji at INEC can sentiment. shares similar a credible and transpare not conduct He described country. th election nt election the early release time in the of direction, addingtable as a step in He contended that “The motive that it would the right suspiciou the electoral s because assist both is clearly there was was trending their houses body and politician a topic that s seriously and the contest. in order in good time to put to divert attention they just want before the Abudulsammi release of the from it. And moreover election time said: “It will , the politicians table was not enable both comprehensive. For instance, Osun States preparations and INEC to make adequate will be having we in Ekiti and year and the will be taken for the election, so that an election nobody election Anambra State next INEC will unawares. This is the governors will be first give a long period of noticetime was no mention coming up soon and hip the election. Neither there of for is the INEC nor the parties will commission that by the INEC. Why have excuse political more concerned for not getting about ready CONT’D ON

MONDAY, MARCH 20,

2017 • T H I S D AY

Acting Featur es Editor Charle s Ajunwa Email charles .ajunwa@this daylive.com

For a More Pr ofessional Po Chiemelie Ezeobi write lice Force training its s on the effor officers t of the into becoming

Nige more profession ria Police to rejig its operations al in the disch by arge of their duties

The IG Ibrahim Idris, giving his opening address during the special training and capacity developme n a bid of to nt seminar organised personnel of build the capacity of by the Zone the 2 Police Command (NPF), thereby the Nigeria Police Force to be a step ahead in Lagos...rece of ntly professional turning them into a more it can only be achievedcriminals, adding that force, capacity developmea special training and re-training as the reasonthrough training and technology and globalisati effect on crime to improve for every training on and its resultant nt seminar aimed improving efficiency has made it is agencies at necessary for “To in police service professionalism and proficiency Other dignitaries and performance. to be security and all the participants, I urge at the opening mitigating the on top in order to succeed include retired by the Zone delivery was recently share all you you all to imbibe ceremony organised 2 Police ever changing have Tunji Alapini, IG Musiliu Smith, retired “Obsolete The event, which Command. face of crime. at in your divisions/ learnt with other officers techniques Professor Ndi AIG contempo commands began on Thursday, privileged to amongst others. will not 2 ended on Okereke Onyiuke, who were rary issues. be selected Saturday, March March not We as securitywork for Added to need to be held at the Federal 4, 2017 and that, you mustfor this programme. at agencies the was Palace This can only least a step ahead of Lagos, was practice them. Aderanti’s change begin criminals. hosted by the Hotel, Victoria Island, passion for Let training and be achieved through “I must thank with you. AIG Kayode of Zone 2 training Known for his requisite with its main retraining. Aderanti, passion for President Olusegunmost profoundl it was not surprising Dr. Charles “In line with resource person all things training, Omole of Prodel the drive as Obasanjo for y former of the Inspector time from of Police Ibrahim It was three Global Services. organise a first of its that Aderanti decided his very busy creating General Idris, to kind training under his watch of officers and days of intensive reorientati schedule to for policemen ing and international for democratic polic- the opening ceremony grace men from Zone from Lagos on best practices, and wisdom. Lagos and Ogun On the and Ogun states. upon myself to kick-start 2 Headquart I took it retired I thank also Alhaji for his words of ers, expected first day of the ceremony, culminated the issues germane State Commands on Musiliu Smith, process that for his presence given that in the as was I pivotal to the duties has of advice. IG and invaluable such as intelligenc thank my ever actualisation of this training. of a police officer Aderanti mounted he was the chief words host, hardworking e-led the podium the guests “I express my professional management to address team, the facilitators and conduct in the policing, ethics and undying loyalty who came to from the UK, Police public the police and improving of the training. participants on the first and Inspector appreciation all the way our contributo General of relationships He said the day eminent K. Idris, for training was During the supporting Police, IG Ibrahim to build capacityobjective of the support persons here present rs in all forms, and opening ceremony, this worthy as well President Olusegun for finding for their moral and the initiative former police as ensure profession for the police, for time to be Obasanjo, profoundly of the special here in person. his visionary Inspector General of alism among officers. thank Dr. Charles Police Global guests of honour,who was one the the police authorities “At the end leadership. He said, “This Omole of ProdelI Services for finding commended of this training, is a special for focusing would gain and retraining, participants in the UK to come and time from his schedule on training ity development seminar. training and capaca lecture officers Nigeria Police. into everyday lot of skills that would that the world only way of assuring them that that It is no longer practice such of the be staying atop was the anyone news today “I appreciate that Nigerians put their According to who does not is fast changing. And truly admire and commend him, all human job. also Mr. Lai will Group constant appraisal, the positive Omotola, the institutions need fast be outdated and adapt accordingly will they will encounter Managing changes Facilitator Director of in the Nigeria regeneration, irrelevant. The the first in the and training Confederated Police. This introspection advent of but by people is through s Limited for standing for officers series of trainings to be conducted with what is who are up this programm by us all and done to date e, and for all round support. view to making men of this command Speaking about in other nations. providing with a them profession My the initiative, democratic there was no al in line with to Zenith Bank Nigeria special gratitude goes Obasanjo said and internation substitute for The Plc support. security operatives Aderanti for al chang best their training, Gentlemen of practices. also ing securi the press are financial We thank you last day of the mounted the podium of their contempo to be in tune with urging landsc not left practices for three-day conference on the ape in the pastty raries in other closing remarks At the closing your support all the out. globe. . During parts of the decade way.” ceremony, Aderanti, fulfillment that he expressed happiness his certificates of Meanwhile, has presented attendance to the long overdue placed and pants he first charged capacity developme the seminar authorities and gave assurances the police increasing to particint seminar wastraining and be a regular held. While in touch with ensure that the facilitators and new successfully commending feature in the that training would new developm are deman of regular policing, adding Nigeria Police. ent in terms ds on the training and the IG for his policy that “Police of making officers retraining aimed A commend and in touch must be aware police able with new developme at global up to par with and men of the force In a bid to achieve initiative parts of the nts in other globe. his goal for realisation ly. This and internationprinciples of democratic come police force, the On his part, a professiona policing AIG had shared al best practices, has created l he strongly Ibrahim Idris, the Inspector General of his views with Aderanti said the leadership team believes Police, IG a need for appreciated and Dr. Charles Omole’s team concluded seminar. it gave birth to AIG Kayode of Zone 2 for revised and Charles the just for (The Aderanti, regula keying into his agenda of police officers He said, “Like the programm lead trainer and facilitator r trainin training adequately I said in my e from today, and In his speech, opening remarks, and their joint twofrom the United kingdom) enforcement g for law the the IG said regularly. pronged up with the ferent, friendlier,public will begin to the police needs see a diffollowing topics. approach came all levels of personnel at proficient police more professional During the and more course of the force. I urge government the this vision a three-day focus you was all to training, reality. on must be achieved. It is a collective effortmake ics and professionintelligence-led policing, eththat improving al conduct in policing police public relationships. and Breaking it down further, the Lead Trainer,

Climatic Change Skyrocket Claims Insurance industry Operators have in the past two years been battling to keep head above waters owing to huge claims arising from twin problem of high exchange rate, which has seen the Nigerian commodity price index moving at geometric increase rate and the adverse effects of climatic change with its attendant risk of damages to lives and properties. Page 23

T H I S D AY

• MONDAY , MARCH 20,

2017

BUSINESSW

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Email chika.amEditor Chika Amanze-Nwa anzenwachukw chuku u@thisdaylive .com 0803329415 7

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Quick Takes

GTBank DMD

ACCOUNTIN G TO SHAREHOL DERS

L–R: MD/CEO, President/Non-Mr. Valentine Ozigbo; Chairman, Olorogun at the company’sExecutive Director, Mr. 3rd annual general Emmanuel NnoromO’tega Emerhor; Group Company and meeting held at Transcorp Non- Executive Director, Secretary, Helen Iwuchukwu Dr. Bakari Wadinga Hilton Abuja ; Group …recently all of Transcorp Hotels Plc

Retires

The Deputy Plc (GTBank), Managing Director (DMD) directors of Mrs. Cathy Echeozo has of Guaranty Trust Bank the bank. retired from the board of It was gathered that according governance, to the the tenures of four maximum tenure one can bank’s code of corporate completed her years each. Echeozo joinedserve on the board is three tenure. the bank in 2005 But a notice and has from the Company weekend, explained Secretary, Erhi that Echeozo Obebeduo at appointed and the Executive Director joined the bank in appointed deputy 1993 and was in March 2005. managing director She “During her of the bank in was thereafter term as executive October 2011. director, Echeozo director and was as deputy managing responsible institutional for the corporate banking division bank to the business respectively and contributed group and of “The board is the bank. immensely and contributio deeply appreciated of Echeozo, for in her future n to the success of the her hard work bank endeavours, ” the letter added. and wishes her success

Access Bank

Access Bank Celebrates Women’ the Internation Plc recently joined the rest s Day of al Women’s female profession Day (IWD) with the world in celebrating In line with the als across 50 corporate over 250 high potential organisations UN Women theme2017 theme for IWD: in Nigeria. “Be bold for Change” and of Work: Planet for the year tagged: “Women the 50-50 by 2030”, in to receive insightful the attendees the Changing World had the opportunit strategic positioningadvice on assertiven y , managing upwards,ess and self-confid networking. personal brandingence, Speaking on Ebere Nwoji and tion of the IWD,the objective of the session INSUR ANCE Bank Plc, Mrs. the Group Head, Productsorganised in commemo raInsurance industry Ope Wemi-Jone and Segments said: “The Young ratio due to s, of Access Operators was have in the quoted in a statement uncontrollable concern that past two years the W initiative- Female Professional is and environme social the underwriters battling to one of the segmentsto have The home for operators’ claims keep head been recent times, have in women. 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The for children between agesn, Blooming Minds Young doubled of business to ers Associatio Nigerian Insur- and THISDAY between 2016 what they spent in claims emanating contest and six and paying 15 is first n to years has been 300-word poetry (NIA), Eddie come quarter to their claims Efekoha, recently Muktari, said from them. and short storiesin two categories. The first 2016, Nigerian 2017, said since were clients whose properties nine while the the year 2016, expressed being a for children between second entails been exposed insurers, have of damaged during the course came with challenges piece from kids a 500-worde the year. to high claims of huge claims coming d fictional and ages six and aged non-fictional Blooming Minds nine to 15. the way of The NIA Chairman, the Kids Agency awards, said narrating Nigeria the targets Continued must showcaseLimited, promoters of cultures. on page 24 the stories depicting Chief Executive African “It is an initiative of the company, Mrs. Thelma Ofosu-Asam that provides writing skills a platform oah said: Ejiofor Alike to year. We are exhibit their talent. It was for children with creative driven first who are analytic, by the passion to raise launched in Ghana last The Executive ENERG Y nurture a writing confident and expressive a generation of children certificates. Secretary, Nigerian Content minds in creating culture in our youth by . The aim is to ultimately He charged and Monitoring Development of scopes and helping them stories that other entities their contract Board (NCDMB), will also help engage their are AfricanMr. Simbi Kesiye value to the involved in the contractin them in-country maximisation of centred. The capacities. through literature.”to rediscover and appreciate competitio cycle to Wabote has Nigerian Content Developm g tasked Shell, According to Fund (NCDF) the African culturen ent so the adopt similar strategies Chevron The sums of as to ensure complianc and Total sector can strategies is him, one of those N50, 000 and Wabote, whorequired by law. six months achieve the the first category, the categorisa N25, 000 go e with the Nigerian Oil visited Shell, of service companies the winner and contract processing tion just as N100, Chevron and and for victors of target set by Total, Content DevelopmeGas Industry that by their the second set. 000 and N80, 000 had beenrunner-up of capacities, which the upcoming disclosed for Petroleumthe Minister of State nt (NOGICD) earmarked he said, will Act 2010. now be projects Kachikwu Resources, Dr. will increase Ibe process. used in the contracting Nigeria’s Speaking when . he visited oil production and crude Wabote also some IOCs The opportunities create Board’s expressed in the expressedExecutive Secretary for collaboration Lagos to seek and readiness to development the growth with various partner establishm delight with commitment and make firm Content. of Nigerian the stakeholders to resolving challenges in facilities ent of pipe-coating ing projects, support upcomHe informed and steel pipe Wabote insisted they might have executing “If the airline that all projects the mills incountry and urged the operators must comply that NCDMB had operators According to their projects. borrowed withoperator has with the Act to patronise adopted him, the visits mechanism and charged the facilities. to operating companies the processing s that accelerate operating and service content, and huge FX He FX has gotten time for Nigerian around the country companies Board also warned that the that their contractor to ensure Content to such an alarming would sanction were conceived to engage plans, technical s and contractors rate, and and stakeholders, that award contracts operators remit one per sub- commercial then there is explain strategies evaluation cent issuance without approved a problem” and by Nigerian Content adopted of Nigerian Compliance Content andthe NCDMB to foster projects President/C Certificates (NCCC). ensure domiciliatio EO of NMC, West Africa, Sabre Network n of work Continued Gabriel Olowo on page 24

Insurers Gro an Change Sky as Forex Volatility, Clim rocket Claims atic

NCDMB Task Content Law s Shell, Chevron, Tota l on Nigerian

SPORTS Rangers Flop against Zamalek, Drop to

Confed Play off Nigeria’s last team standing in this year’s CAF Confederation Cup, Rangers International FC of Enugu failed in the bid to cancel out Zamalek of Egypt 3-0 advantage from the first leg in Cairo. Though the Flying Antelopes defeated Zamalek 2-1 yesterday at the Nnamdi Azikiwe Stadium in Enugu, it was not enough to guarantee the Nigerian league champions passage to the money spinning group stage. Page 63

T H I S D AY •

MONDAY MARCH

20, 2017

MONDAYSPO RTS

CAF LEA GUE

Femi Solaja with agency report stage of the champion s league. Zamalek Nigeria’s last goalkeeper Mahmoud team standing this year’s CAF in is better Abdel Rahim, who Cup, Rangers Confederation pulled known as Genesh, International off a double of Enugu failed FC save after in the bid to restart as Rangers continued cancel out Zamalek their dominanc of Egypt e. 3-0 advantag With leg in Cairo. e from the first Mohammhis side trailing, ed Though the Flying Zamalek coach,Helmy, the Antelopes striker defeated Zamalek introduced at the Nnamdi2-1 yesterday 62nd Bassem Morsy in the Azikiwe lookedminute as the visitors Stadium in to equalise. not enough Enugu, it was The Egypt to guarantee international Nigerian league the champions made an immediate impact passage to as he spinning group the money againstscored to level matters progressed on stage. Zamalek later. Rangers eight minutes Nigeria’s other5-3 aggregate. However, Rangers in the CAF representative forward in search of pushed League, Rivers Champions goal another earlier suffered United had lead in order to restore their and they were Saturday with similar fate on a penalty awarded a humiliatin with fifteen minutes 0-4 loss to El Merriekh g left on the clock. Sudan in Khartoum of Godwin Aguda . That defeat cancelled then stepped out the 3-0 up and fire past Genesh advantage make it 2-1 for Rangers. to Rivers State achieved by the Zamalek But stood firm week in Portowned team last back till the dying at the Harcourt. By this result, minutes. Rangers have dropped both teams the 2-1 could not celebrate victory into the playoff of the second guarantee themas it could not tier CAF Confederation progress. Elsewhere Cup. At the Nnamdi yesterday Zamalek defending players celebratin Stadium, Zamalek Azikwe Mazembe champions, TP, g advancing stopped Republic of the Democrat to the group all the early stage of the of Congo suffered ic CAF Champion by Rangers incursions made shock s League yesterday control of thedespite gaining losing exit from the competitiona in Enugu on the Tope Olusesi game. to Zimbabw away-goals ruling side into the fired the home in Harare. e’s CAPS United lead on the stroke of half-time Mazembe were under more goals tothus needing two pressure reach the group after a 1-1 draw in being held to the first leg of

CAF Elections: Okowa, Sports Veterans Hail Pinnick’s Victo ry

Delta State Governor, Senator Ifeanyi Associatio congratulated Okowa, has of Nigeriann of Sports Veterans President of Chief J. B Ogufere the Nigeria Football said (NFF), Mr. Amaju Federation time, yesterday that with Nigerians will his election victory Pinnick, on appreciate come last Thursday the feat achieved to as a member Pinnick by Committee of of the Executive Memberas Executive Committee the Confederat of CAF. of African Football ion “ For most (CAF). of us, it may In a statement be on Saturday issued in Asaba by his Chief Secretary, Charles Press Governor Okowa Aniagwu, Pinnick’s contributi extolled on to the round leather culminating ingame in Nigeria his election as member of Executive a Committee of CAF. Okowa noted firm belief in that Pinnick’s revolutionising football administr ation in Nigeria has achievementspaid off by his elected as NFF since he was President in 2014. “On behalf and people of the government congratulate of Delta State, I son of Delta you, an illustrious State, Mr Amaju Pinnick, on your the Executive election into the Confedera Committee of Football (CAF).tion of African “Your election into the CAF Executive Committee no doubt is a realisation standing belief of your long in revolutionising football administra tion globally. “It is our prayer that your partnership with Gianni Infantino FIFA President President, Ahmadand new CAF Ahmad, further lead to the growthwill football in Nigeria, of Africa and beyond,” the governor stated. Similarly, President of the

NPFL… NPFL… NPFL…

Group Sports Editor Duro Ikhazuagbe Email duro.ik hazuagbe@th isdaylive.com

Rangers Flop agains t Zamalek, Drop to Confed

Play off

T H I S D AY MONDAY MARCH 20, 2017

T H I S D AY MONDAY, MARCH 20, 2017

COMMENT

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

NIGERIA AND ASSET RECOVERY DRIVE

Bob MajiriOghene Etemiku argues for the firming up of the asset recovery legislation

art of what the federal government says it is doing to recover stolen assets includes abiding with Section 162 of the 1999 constitution (as amended).That section of the Nigerian constitution mandates the federal government to supervise a special account wherein all monies accruing to Nigeria are paid. Closely linked with this is the idea of the Treasury Single Account (TSA). In a statement from the office of the Hon. Attorney General and Minister of Justice, Abubakar Malami, Nigeria has saved more than N5.2 trillion from a consolidation of several accounts hitherto held by different government institutions. Other things the federal governments says it wants to do to account for and be transparent with the management of stolen or returned assets include signing up to the open government partnership, the introduction of the Whistle blowers policy which enables citizens to report illicit funds stashed away within the country. It includes assets illegally acquired by public officials. In that statement which the Attorney General and Minister of Justice presented at the panel session on accountability and transparency in the Management of Returned Assets in Addis Ababa, Ethiopia, February 16, 2017, Nigeria is already negotiating agreements for the transparent return of stolen assets from Switzerland, the USA and Northern Ireland. The minister also said that in 2016 Nigeria entered into an MOU with the United Kingdom on the return of recovered assets. In addition, Nigeria has drafted the Proceeds of Crime Bill to set out a procedure for the management of recovered and stolen assets. This is jolly good effort. But according to a report by the Premium Times, an Economics and Financial Crimes Commission Chairman ran into murky waters over his alleged diversion of one trillion naira of some of the assets recovered from politicians. Most of the monies so seized were said to be in hard currencies, not reflected in the exhibit records of the EFCC. Consequently, a petition was written against him calling for a probe and thereafter the Senate committee on Ethics, Privileges and Public Petitions summoned him for questioning. I am unable to determine if this nuance led to the sack of that EFCC chairman. But what was certain was that the allegation rested heavily on the suspicion that the EFCC was operating secret accounts for any amounts seized, was trading with these accounts and was colluding

JUST RECENTLY, A STAFF OF THE FEDERAL MINISTRY OF FOREIGN AFFAIRS WHO BLEW THE WHISTLE ON FRAUD BEING PERPETRATED BY THAT MINISTRY WAS SACKED. NOT ONLY IS HIS NAME KNOWN, THE PETITION HE WROTE IS A MATTER OF PUBLIC DISCOURSE NOW

with real estate institutions to undervalue assets before the EFCC eventually sells them to friends and associates. We were the only country which showed up at the assets management meeting in Ethiopia with a civil society organisation in tow; we have met almost all the self-assessment requirements regarding the UNCAC second circle process. But there are certain issues which the government must work on to sustain the present tempo on asset recovery. The first is that the relevant laws which could rev the asset recovery drive have not been firmed up. That is according to Godwin Iheabunike, assistant director of the legal drafting department of the Ministry of Justice. Some bills – seven of them - the Proceeds of Crime Bill, the Money Laundering (Prevention and Prohibition) Bill, the Mutual Legal Assistance in Criminal Matters Bill, the Nigerian Intelligence Bill, the Whistle Blowers Bill, Witness Protection Bill and Terrorism (Prohibition and Prevention Bill are all still at varying stages of legislative scrutiny. We must do something – and quickly – about the Whistle blower’s bill. Countries like Ghana have had a law on Whistleblowing since 2006, whilst we are still at a question-and-answer phase on the website of the Federal Ministry of Finance. The issues of concern go beyond the fact that whistleblowers are scared stiff to blow the whistle in spite of the assurances and generous incentives being offered. Just recently, a staff of the Federal Ministry of Foreign Affairs who blew the whistle on fraud being perpetrated by that ministry was sacked. Not only is his name known, the petition he wrote is a matter of public discourse now. At the end of the day, it would turn out that it is the absence of these legal and policy instruments which may harm this bold asset recovery drive. I suggest thus: instead of having all these separate bills and having to submit them to the National Assembly one after the other for consideration for passage, Mr. Iheabunike’s office can get CSOs and relevant stakeholders to join it to work very hard at harmonising all of them as a single bill, with less clumsy language. Too many times, a whole lot of these bills being submitted to the National Assembly are couched in legalese and gobbledygook to the extent that no one, apart from lawyers, really understands their content.

QUALITY CONTROL AND ENVIRONMENTAL IMPACT ASSESSMENT

Independent periodic quality review approach could help to address environmental impact in the oil and gas industry, writes Babatunde Anifowose

xperts have suggested that the global fossil fuel industry risks a loss of about US$33 trillion (that is, £26 trillion or N10,568 trillion equivalent) in income over the next 25 years should oil pollution and climate change impacts force companies to keep untapped oil and gas reserves in the ground. Also McGlade and Ekins in a study published in Nature, show that in order to avoid a greater than two degrees centigrade average global temperature rise, the world will have to keep 33% of oil reserves, 50% of gas reserves and over 80% of current coal reserves in-situ from 2010 to 2050. Some of these suggestions presently appear inconceivable for many reasons. First, the current (and probably future) levels of renewable feedstock cannot truly guarantee the magnitude of change or switch required globally given the ever rising population growth rate and the voracious quest for economic emancipation. Second, most developing nations (like Nigeria) lack the requisite infrastructure and resources to midwife a carbon-neutral economy; and third, the potential implications of losing US$33 trillion (N10,568 trillion) in revenue and locking-out billions of capital expenditure (CAPEX) remain unclear, particularly for the vulnerable third world nations. So, what alternatives are there for managing oil and gas-related environmental impacts? How can such alternatives better manage environmental issues in developing nations with antecedents of environmental pollution like in Nigeria’s Niger Delta? Environmental Impact Assessment (EIA) is a proactive methodical process that investigates and predicts the potential direct, indirect and cumulative impacts of proposed project activities on environmental receptors, ideally from project initiation to decommissioning, and offers plausible mitigation strategies. Though EIA decree in Nigeria was only enacted in 1992, it does mirror the US NEPA Act of 1969 in certain areas. The EIA report, also known as Environmental Impact Statement (EIS), is a key document for reporting the anticipated impacts of projects, their mitigation and management plans. In most countries, the EIA process is part of the project permit or project approval procedure stipulated by the relevant authorities. Also, financial institutions like the World Bank and the International Finance Corporation often require the submission of a detailed EIS as part of environmental due diligence in project financing. Therefore, it is safe to assume that the relevant national (or indeed multilateral)

requirement which supports decision-making in granting project permits/approval or development consents is predicated on the understanding that: one, an EIA study, including fieldwork and laboratory analysis (where necessary), has been undertaken; and two, the subsequent EIS or EIA report is of high quality, and contains ‘accurate’ assessment of the environmental impacts. However, past studies show that EIS quality is not always satisfactory (e.g. see European Commission 2009). For instance, Backlund stated that the quality of impact assessments in the EU suffered from applications of overly simple methodologies, and incomplete assessment of environmental impacts. Furthermore, in the US, Eilperin and the National Commission found that major oil and gas projects (e.g. BP’s Macondo well drilling project in the GoM) were exempted from detailed environmental impact analysis. Nigeria, like other parts of the world, has its fair share of quality issues in EIA including the oil and gas sector. In the first empirical study of the quality of EISs for both onshore and offshore oil and gas projects with tested hypothesis and funded by the PTDF (2007-2010), an independent Periodic Systematic Quality Review (PSQR) of EISs was demonstrated as a potential solution. This PSQR – a quality control tool – involves the sampling and methodical evaluation of past project EISs using an adaptable review model. No doubt, performance review of EISs can help to strengthen quality control within EIA systems and a strong link exists between EIA process and EIS quality. Because the leaderships of both the Federal Ministry of Environment and the Federal Ministry of Petroleum Resources/Department of Petroleum Resources mean well for Nigeria, this article hopes to publicly draw their attention to the schematic illustration of a plausible implementation framework for the PSQR in Nigeria’s oil and gas industry with strong lessons for the burgeoning mining sector. The implementation of the PSQR in Nigeria has a number of advantages including: it will serve as a periodic stage-gate and stock-taking process to assess the development of EIA and quality issues in the oil and gas industry while identifying strengths/ good practices that can be shared and the key weaknesses requiring urgent attention; training for FME & DPR on the concept – first of its kind as adapted for the oil & gas industry, modified for Nigeria; policy update to reflect independent periodic systematic quality review (c. every five

years). The process is owned and managed by a steering committee five years from date of policy initiation. No. Continuous stakeholder engagement on the process and possibly a pilot run? Yes. Conduct an appropriate statistical sampling from the list of all approved project EISs during the five-year period. Undertake an independent review of the sample and feedback to FME and DPR on areas of strengths, weaknesses and action plan and timing for improvement five years from the last quality review process? Yes. Finance to run the process e.g. a small levy per EIA submission saved up over a five-year period. Other funding sources can also be explored. No. PSQR will serve as a ‘third-eye’ and a positive but firm way to further enforce the implementation of EIA policy as stakeholders would ordinarily want to maintain a positive reputation by ensuring good quality EISs; generally improve impact analysis, especially quantitative impact prediction – often a major problem area globally – since stakeholders are aware of the periodic independent quality review process; increase the propensity for ‘near-accurate’ decision-making since the content of EISs / EIA reports is normally one of the key bases of project approval. Hence, the resultant EMPs are more likely to represent reality as garbage in is garbage out; and, PSQR will promote the principles of environmental sustainability i.e. inclusivity, integrity, stewardship and transparency – all in line with the agenda of the present federal government. Furthermore, Sir Nicholas Stern – former World Bank chief economist and author of the Stern review of the economics of climate change posited that a two to three degrees centigrade rise in global temperature could reduce global economic output by three per cent and suggested that one per cent of global GDP (approx. $US 702 billion (NB: Global GDP as of 2015 stands at US$74,152,476 million, according to the World Bank has to be spent per year to avert dangerous climate change. He later reviewed this upward to two per cent of global GDP which translates to roughly $US1.4 trillion per year. This is only looking at climate change impacts on a global scale; and when the localised impacts of oil and gas activities such as oil spills and others are considered, the odds are really stacked against developing oil producing nations. Therefore, the fundamental question is: where will such huge sum of money as US$1.4 trillion per year come from and what percentage

of it should be expected from Nigeria? – all in the name of reducing environmental pollution and minimising climate change impacts? One of the few practicable solutions to the dilemma of managing oil and gas-related environmental impacts is, in fact, imbibing the principles of sustainability as a means of improving business performance and that’s what the independent Periodic Systematic Quality Review (PSQR) of EISs can deliver. Otherwise, can the world afford a $33 trillion (N10,568 trillion) loss in income over the next 25 years or keep 33% of oil reserves, 50% of gas reserves and over 80% of current coal reserves in-situ from 2010 to 2050 and atrophy billions of dollars’ worth of CAPEX? Of course, Nigeria and even the developed nations cannot afford such luxury. Meanwhile, our government and its populace have long realised the need for economic diversification but this may remain a phantasmagoria if left without a sustained funding stream; yet building up foreign debts through loans is not a sustainable option as it can easily mortgage future generations. Therefore, harnessing our Godgiven natural resources (e.g. oil, natural gas, mining, etc.) in a truly sustainable and responsible manner could help channel the needed investments (e.g. oil & gas revenue earnings) for economic diversification and the much-touted carbon-neutral economy in the long run. In conclusion, the Federal Ministries of Environment and Petroleum Resources/Department of Petroleum Resources can do their bit by ensuring that the new PSQR quality control approach is carefully considered and acted upon. Albert Einstein is credited with the saying that “insanity is doing the same thing over and over again, but expecting different results”. So, let’s try the new PSQR approach in the ongoing attempt/s to address environmental impacts of the oil and gas industry, after all the empirical study that led to the said PSQR was funded by the PTDF. The Vice- President, Professor Yemi Osinbajo, has in recent weeks visited the Niger Delta area seeking to broker peace with militants whose interdiction of strategic oil and gas facilities had its roots in the historic environmental degradation of the region. The PSQR is a quality control tool that can further support the federal government’s mission in this respect, especially in the ongoing and future exploration, production and transportation of oil and gas resources as well as the burgeoning mining sector. Dr. Anifowose wrote from the United Kingdom

T H I S D AY • MONDAY, MARCH 20, 2017

EDITORIAL LESSONS FROM THE DANA AIR CRASH Airlines must be closely regulated

t is almost five years since Dana Air Flight 992 crashed, less than five minutes before landing at the Murtala Muhammed International Airport, Lagos. It was one of the most tragic air mishaps in the country as 163 lives were lost, including 147 passengers, six crew and 10 people on the ground. With the release last week of the Accident Investigation Bureau (AIB) report, the crash has been attributed to double engine failure, human error and laxity of the regulator, the Nigerian Civil Aviation Authority (NCAA). We hope the authorities will work to correct these lapses. According to the AIB accident investigation report, the first engine of the aircraft failed 17 minutes into the flight and the second engine failed moments before it eventually crashed. The human error pointed out by the bureau was the failure of the pilot in command to return to the airport of departure when the first engine failed. He reportedly took a fatal risk in the bid to get to Lagos because he had a flight to make to the United States that night. Meanwhile, according to aviation NIGERIANS ARE MIFFED experts, it would have THAT THE ACCIDENT taken the aircraft INVESTIGATION REPORT about 20 minutes to WAS RELEASED ALMOST make a U-turn, fly FIVE YEARS AFTER back and land at the THE CRASH, THUS Nnamdi Azikiwe International Airport, INDICATING A SLUGGISH Abuja. INVESTIGATION The AIB report also indicted NCAA and accused it of laxity because there was indication that shortly before the accident, an official in the regulatory authority had grounded the Dana Air fleet for lack of airworthiness but that decision was upturned. Although some of the relatives of the deceased in the Dana Air Flight 992 crash took legal action over the compensation of the victims of the crash, the airline was able to compensate those who chose to abide by

Letters to the Editor

aviation regulation in such circumstances. Perhaps the mitigating factor is that Dana Air remains perhaps the only airline involved in such accident that has so far substantially compensated the families of the victims. Such efforts in the past were mired in controversy because the aircraft involved in previous accidents were allegedly not fully insured. Nevertheless, many Nigerians are miffed that the accident investigation report was released almost five years after the crash, thus indicating a sluggish investigation. This much was confirmed by the AIB Commissioner, Akinola Olateru who said that he met 37 uncompleted reports when he took over at the bureau in January this year. Against the background that when the cause of an air accident is known, it helps to avert a similar one in future, we hope the authorities will move quickly on the outstanding reports.

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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.

NEED TO REFORM OUR RAILY SYSTEM

hen our colonial master built the first railway in Nigeria in 1898 linking Lagos and Abeokuta in old Western region in today’s South-west Nigeria, it was only Britain, the United States of America and few other countries that had such facilities. Naturally, anyone would expect almost 119 years down the line, Nigeria should have built an excellent national rail network with latest models of fast moving trains seen in the developed economies, but that is not the case. Paradoxically, many countries that started train services long after Nigeria had perfected that mode of transportation by using it for efficient human transportation and bulk cargo haulage. But ours remains in near comatose state. In countries like Germany, France, United Kingdom even in South Africa and Egypt, for instance, underground and surface rail tracks are linked to the seaports, airports and land borders. This ensures efficient movement of people and facilities, quick distribution of needed goods like machinery, bulk cargo like cement, wheat, fertilisers, precious stones, perishable and non-perishable food items like tomatoes, cows and medicals, among others. In South Africa, the metrorail operates commuter rail services in the major urban areas. The metrorail

fter the Dana accident, some technical and safety issues were raised by industry stakeholders. One of such issues was having expatriates as both the pilot in command and the flight officer. It was for instance indicated that if the pilot, who was a US citizen, was familiar with Nigeria’s airspace, he would have chosen Runway 18R, known as the international runway instead of the Runway 18L, the domestic runway on which he demanded to land. This is because Runway 18R would have taken him a shorter time to navigate to and he might have been inside the airport by the time the aircraft crashed. The lessons from the Dana Air Flight 992 may be many but to ensure the safety of Nigeria airspace, the NCAA must have close monitoring of the airlines and strictly regulate their activities. Airlines should also stop assigning flights to pilots who are due for vacation. Much more important, the NCAA must ensure that any expatriate pilot who is to fly in Nigeria must be familiar with all the airports, especially the alternative airports to the airport of departure and destination.

system consists of over 470 stations, over 2,220km of tracks and carries over 1.7 million passengers daily. In the United Kingdom, trains are preferred to buses and in some cases flights due to efficiency. If you want to travel to France from UK, many preferred trains to flight on daily basis. In all these countries, modern light rail, monorail and latest electric trains are rapidly replacing the old locomotives. According to global records, Europeans and Asians operate the fastest high speed trains in the world as seen in Shanghai maglev, Harmony CRH 380A and Targo Avril. Some go as fast as 360km/hr, making them excellent alternatives to air transportation. But Nigeria still relies heavily on the slower locomotive trains (some as slow as 35km/hr) that pollute the atmosphere. Worse still, the country is yet to develop hubs and spokes system for the trains to ensure total coverage of Nigeria. But railways remain a major revenue earner for operators and government alike. It is also a major employer of labour, which informed why developed nations seek to sustain and improve the sub-sector. Some transport analyst has described our railway services as a monumental disgrace, attributing its perennial wobbly and sorry state to blind politics, corruption, unchecked graft, ethnic differences and other challenges. Otimkpu Paschal, Awka

EFFECT POVERTY ON ACADEMIC PERFORMANCE

ducation is a process through which individual acquires skills, competencies, and attitude. It is the right of every child to be educated. Thus, education is regarded as culture to man, people and the nation of the world at large. This explains why man has to educate himself and his offspring in the society. Poverty is one of the factors militating against man from carrying out his educational activities perfectly, poverty as the state of being poor. Poverty as a way of life characterised by low calorie intake, inaccessibility of adequate health facilities, low quality education system, low life expectancy, unemployment and under-employment. At the national level, a nation can be considered poor when her economic standard is very low and this automatically makes the nation underdeveloped. The economy of a country that does not attain certain stage of development in terms of infrastructure and other development indices. As regard poverty in the family level, we are referring to the home background. Even before the indigenous education or western type of education, the home has always been the agency through which man learns various aspect of life to enable him live a meaningful life. The home which is also known as traditional way of educating the young ones is still regarded as the first school of a child before he enters the larger society.

The role of the home cannot be over-emphasised because of the general assumption that the state of poverty in the family or home goes to a long way to determine the extent of youth educational development. Education is seen by many as the route to alleviate poverty. There is no doubt that meaningful education is the most potent instrument for alleviating and eventually abolishing poverty. In considering the effect of poverty on academic performance of students to be precise, the home background is the most important phenomenon that needs to be seriously considered in order to enhance the effective study of the relationship between poverty and students’ academic performance. In view of this, some factors that needed to be considered in the home or family background are parents’ academic qualification, socio-economic class and facilities available in homes or home environment as well as parent status. Evidence shows that in Nigeria, the number of those in poverty has continued to increase every year. When the government came into power, it was estimated that some people in Nigeria lived in poverty. Poverty has an impact on students’ educational performance. Different scholars have discovered that poverty affects the learning and performance of the students in their educational development. Micah Nuhu, Dept. of Mass Communication, University of Maiduguri

T H I S D AY MONDAY MARCH 20, 2017

T H I S D AY • MONDAY, MARCH 20, 2017

POLITICS

Group Politics Editor Tobi Soniyi Email tobi.soniyi@thisdaylive.com 08033146139 SMS ONLY

M O N D AY D I S C O U R S E

INEC’s Curious Timetable The early release of the timetable for the 2019 general election has become contentious, writes Onyebuchi Ezigbo

Nigerian electorate during the last presidential election...a nation awaiting credible election

ccording to the recent time table released by the Independent National Electoral Commission (INEC) the next presidential election and National Assembly elections will hold on February 16, 2019. Governorship and state House of Assembly polls are to take place on March 2. INEC’s National Commissioner in charge of Voter Education and Publicity, Prince Solomon Soyebi, who made public the decisions, said the early release of the dates was part of efforts to nurture the nation’s democracy and the electoral system and to standardise the process by ensuring certainty in the dates for elections. He said it would allow proper planning by INEC and other election stakeholders. He cited the examples of the United States of America (USA), Mexico, Norway, Sweden, Costa Rica , Switzerland, and even neighbouring country, Ghana, where dates for elections are known in advance. Expectedly, the release of the 2019 election time table is eliciting actions and reactions from stakeholders; politicians and political parties alike. For the All Progressive Grand Alliance (APGA), the early fixing of election dates is a good move that will make for

adequate preparation for political parties and stakeholders. The National Chairman of APGA, Chief

On its face value the electoral body should be commended for being proactive.Perhaps the only issue here is whether the present management team at INEC would be able to convince Nigerians in the days ahead that it is indeed prepared for the enormous task involved in conducting a general election in the country

Victor Oye, while sharing his view on the matter said the early announcement of the 2019 election dates would enable all stakeholders to meet up with the huge task involved in preparing for the exercise. He said politicians needed such time to reach out to their allies and build bridges across the political divides in order to put them in good stead for the election. “INEC is doing its duty as prescribed by the law and for us as politicians, the presidential election is a gargantuan exercise that requires a lot of preparations and strategic alliance. Knowing the time table well in advance will be an advantage”, Oye said. His counterpart in the Labour Party, Alhaji Abdulkadir Abudulsammi shares similar sentiment. He described the early release of th election time table as a step in the right direction, adding that it would assist both the electoral body and politicians to put their houses in order in good time before the contest. Abudulsammi said: “It will enable both the politicians and INEC to make adequate preparations for the election, so that nobody will be taken unawares. This is the first time INEC will give a long period of notice for the election. Neither INEC nor the political parties will have excuse for not getting ready

for the election”. But not everyone is excited over the development. Some other stakeholders have expressed critical views about the early release of the time table. The Senator Ahmed Makarfi-led faction of the divided main opposition People’s Democratic Party (PDP) has said that the rush with which INEC released the time table has given room for suspicion. The faction’s spokesman, Prince Dayo Adeyeye, alleged that INEC’s move was fraught with hidden motives. He said as things stand now there is evidence that the present leadership at INEC can not conduct a credible and transparent election in the country. He contended that “The motive is clearly suspicious because there was a topic that was trending seriously and they just want to divert attention from it. And moreover, the release of the election time table was not comprehensive. For instance, we in Ekiti and Osun States will be having an election next year and the Anambra State governorship election will be coming up soon and there was no mention of that by the INEC. Why is the commission more concerned about CONT’D ON NEXT PAGE

T H I S D AY • MONDAY, MARCH 20, 2017

POLITICS

MONDAY DISCOURSE I N E C ’S C U R I O U S T I M E TA B L E

Yakubu...a stitch in time

the 2019 and not the ones that are about to take place?” Also, the former acting National Chairman of the party, Prince Uche Secondus in his reaction alleged that the commission might be doing the biding of the All Progressives Congress (APC) by rushing to issue the time table for the 2019 election. He said INEC as presently constituted could not conduct unbiased election and should therefore be dissolved and reconstituted to save our democracy. Secondus is of the view that INEC management as presently constituted could not conduct a free and fair election and should therefore be dissolved and reconstituted to save Nigeria’s democracy. He noted that Nigerians need no further prove to establish that the electoral body was allegedly designed to do the bidding of the ruling APC. According to him, the commission has shown enormous arrogance and lack of democratic principles in its affairs by rushing to release the timetable for the election that is 24 months away when it has many urgent and unfinished matters before it. Secondus said INEC in its determination to carry out APC designed agenda rolled out the timetable without carrying out the necessary due diligent that includes adequate consultations with critical stakeholders like the political parties and civil society groups whose input is always sought and accommodated before the final decisions are taken. The issue of the mass exodus of INEC Resident Electoral Commissioners (REC) due to tenure expiration and the apparent foot-dragging in effecting their replacement also came under spotlight. About 33 out the 37 RECs in charge of the INEC offices in the 36 states of the federation and the Federal Capital Territory (FCT) are affected and this is posing serious challenges to the

Secondus...suspicious of INEC’s move

commission. Secondus said: “It is curious that an electoral commission that is yet to be properly constituted and has before it many unfinished matters including voter education and enlightenment, had to rush out date for 2019 general election in full disregard of rule guiding it. As we speak, Anambra State gubernatorial election is due later this year and the state has no Resident

It is curious that an electoral commission that is yet to be properly constituted and has before it many unfinished matters including voter education and enlightenment, had to rush out date for 2019 general election in full disregard of rule guiding it. As we speak, Anambra State gubernatorial election is due later this year and the state has no Resident Electoral Commissioner REC

Electoral Commissioner (REC) to carry out all the needful as enshrined in the constitution. Since last year, Nigerian Senate had raised the alarm over the implication of non constitution of INEC board but while the National Commissioners are filled, over 30 seats of Resident Electoral Commissioners remain vacant.” Secondus said that statutorily the President has the responsibility to appoint the RECs subject to the confirmation of the Senate in line with Section 153 of the 1999 constitution as amended, Part 1 of the Third Schedule to the Constitution, which established INEC; and Section 14(1) and (2) of the Third Schedule, which established the office of the National Chairman of INEC, the 12 National Commissioners as well as the RECs. “Is it not curious therefore that INEC that is rushing to release 2019 timetable operates currently without RECs in the following states, Abia, Akwa Ibom, Anambra, Bauchi, Bayelsa, Benue, Borno, Cross River, Ebonyi, Ekiti, Edo, Enugu, Federal Capital Territory (FCT), Imo, Jigawa, Kano, Kaduna, Katsina, Kebbi, Kogi, Kwara, Lagos, Niger, Plateau, Nasarawa, Ondo, Ogun, Osun, Oyo, Sokoto, Yobe and Zamfara?” He asked. He also described as worrisome the character exhibited by the electoral body since Prof Mahmood Yakubu took over the leadership of the commission, which he said has cast doubt on his ability to conduct free, fair and credible poll. The politician alleged that from Kogi, to Bayelsa, Imo to Edo and Rivers States the commission under the watch of the current chairman “has failed to establish itself and engender the people’s confidence that it would be able to conduct unbiased election. “If it is not inconclusive election, hacked website, it’s result falsification and result padding in connivance with the ruling APC”, he added.

However, it was not all knocks for the electoral body as the ruling party, the APC praised the wisdom of the commission in coming up with definite dates for the election two years before it is due. The National Publicity Secretary of APC, Mallam Bolaji Abdullahi said the party was very optimistic that INEC would deliver on its mandate to ensure credible and transparent election in 2019. The announcement of the timetable for the 2019 general elections, nearly two years to the conduct of the elections came as major surprise to most Nigerians, especially the politicians and political parties who must have been jolted by the seeming new-found pro-activeness of the electoral body. The development is a departure from what used to be in the past where dates of major elections are fixed just few months ahead. On its face value the electoral body should be commended for being proactive. Perhaps the only issue here is whether the present management team at INEC would be able to convince Nigerians in the days ahead that it is indeed prepared for the enormous task involved in conducting a general election in the country. It has been expectations of Nigerians that the country’s electoral system will one day improve to the level we would no longer have to contend with poorly prepared and supervised polls. The new election time table by INEC no doubt comes with some positive derivatives as well as challenges. It will be pertinent to consider the implications of the early publication of the election time table. One of such implications is that both INEC and the election stakeholders will now have ample time to prepare and review strategies being adopted to ensure a credible and reliable electoral system. First, there are several stages of preparations to be made by INEC before CONT’D ON NEXT PAGE

T H I S D AY • MONDAY, MARCH 20, 2017

POLITICS

MONDAY DISCOURSE I N E C ’S C U R I O U S T I M E TA B L E

Oyekanmi...sees nothing to fear

going into the conduct of the general election. Funding is usually a very critical factor for the smooth prosecution of elections and in a vast country like Nigeria, nothing short of adequate funding is needed to put things in the right place. These days, the country’s yearly budget circle seems to overlap three months into the new year. What this means is that since INEC has fixed the general election to commence on February 16, 2019, funding for the election will have to come from the 2018 national budget. INEC therefore has to work towards meeting its needs in terms of funding by starting early to prepare it budget for the general election. Secondly, INEC must by now be thinking of how to fine-tune its voters register so that all the noticeable flaws can be detected and dealt with in good time. The nagging issue of malfunctioning of the card reader machines is another area where the electoral body needs to build more public confidence on its reliability. Added to this is the shortfall in the number of these Smart Card Readers, as the chairman of INEC, Prof. Mahmood Yakubu stated while receiving the visiting members of the Senate Committe on Elections Matters, the commission is seeking to replace a total of 3000 card reader machine it lost during previous elections. The issue of voter registration and distribution of Permanent Voter Cards (PVC) have also been a problem as the exercise has not been carried out in a satisfactory manner. There are still many registered voters without the PVCs. That ought to be attended to and the commission should use the long period before the general election to distribute these PVCs to avoid recourse to adhoc arrangement. One of the cardinal functions of INEC is that of ensuring adequate voter education and mobilisation. Although the commission shares this function with political parties,

Bolaji...all well and good

most of the parties have been so immersed in internal squabbles and intrigues that they cannot find time and resources to engage in public enlightenment and mobilisation of voters. It therefore behoves on the present management of INEC to invest time and resources to educate the electorate on the electoral system, especially some of the reforms and innovation being introduced. A good example of some of the innovation in our electoral system that needs more public enlightenment campaign, is the Continuous Voting and Accreditation exercise which was introduced by INEC during recent elections. Before its introduction during the Bayelsa governorship run-off election, voters would first do accreditation and then wait till about

Another implication of the released election time table is that it places upon INEC and the National Assembly the task of ensuring that all proposed review of the Electoral Act and other aspects of constitutional amendment are pursued with more vigour and concluded before the election dates

3 pm to cast their votes. Many people see the new arrangement rightly or wrongly as a ploy to lure them out of the voting centre after casting their votes in order to create room for manipulation of result. Another implication of the released election time table is that it places upon INEC and the National Assembly the task of ensuring that all proposed review of the Electoral Act and other aspects of constitutional amendment are pursued with more vigour and concluded before the election dates. Not long ago, INEC constituted committees on how to get some of the new reforms into the Electoral Act. diaspora voting, constituency delimitation and electoral offences commission. Among the six committees recently set up by INEC were the ones on review of constituency delineation and diaspora participation in elections. Speaking on the efforts of the commission, the Chief Press Secretary to the INEC chairman, Mr. Rotimi Oyekanmi said that the commission sought to amend the constitution to give room for the establishment of a special commission on election malpractices to deal with all forms of malfeasance committed during elections. He said the implementation of diaspora voting and electronic voting required constitutional amendments in order to make them lawful. On the issue of diaspora voting, he explained that the commission has a committee that is presently working with the relevant Senate committees to see if things can be straightened out. “The issue of diaspora voting is a constitutional matter, let me say that. You know that for us to have diaspora voting, you need to change some provisions of the Electoral Act. For instance the Electoral Act says that you can only vote where you are registered but those living outside the country cannot vote by proxy. If you are registered in Anambra, you are expected to cast your vote there

and no other place”. Again, Oyekanmi spoke of the constraints facing the commission in its effort to curb electoral fraud and violence during elections. According to him, one of the things INEC is pushing for in the proposed constitutional amendment is the issue of technology, to give it the leverage to use any technology that will enhance the election. On the issue of election violence, he explained that INEC needed a definite law to help it check violence during elections and to at least to make those who commit crime to pay for it to serve as a deterrent for those who may want to engage in criminal acts. “You know these are things that take a lot of time. I don’t think that diaspora voting can take place in 2019, that is the truth. The same way that electronic voting is not likely to be part of the 2019 election because there are issues around it that will not make it possible. Now the Electoral Act is in the process of being amended and we have been on it for quite some time. The Senate President promised us since last December but it could not be concluded for obvious reasons. So they are still on it and they said that they are trying to fast track it”. However, there are fears that the release of the 2019 election time table may bring the commission on collusion cause with the lawmakers, some of whom may view the move as an attempt to preempt the outcome of the constitution amendment process. For instance there were concerns that INEC may be trying to preempt the plan by lawmakers’ move to change the sequence of elections under the ongoing review of the Electoral Act. Because of this, INEC needs to embark on an urgent confidence-building measure to ensure that most of the stakeholders are on the same page with it as far as the plans for the 2019 election are concerned.

MONDAY, MARCH 20, 2017 • T H I S D AY

FEATURES

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

For a More Professional Police Force Chiemelie Ezeobi writes on the effort of the Nigeria Police to rejig its operations by training its officers into becoming more professional in the discharge of their duties

The IG Ibrahim Idris, giving his opening address during the special training and capacity development seminar organised by the Zone 2 Police Command in Lagos...recently

n a bid of to build the capacity of the personnel of the Nigeria Police Force (NPF), thereby turning them into a more professional force, a special training and capacity development seminar aimed at improving professionalism and proficiency in police service delivery was recently organised by the Zone 2 Police Command. The event, which began on Thursday, March 2 ended on Saturday, March 4, 2017 and was held at the Federal Palace Hotel, Victoria Island, Lagos, was hosted by the AIG Kayode Aderanti, of Zone 2 with its main resource person as Dr. Charles Omole of Prodel Global Services. It was three days of intensive reorientation of officers and men from Zone 2 Headquarters, Lagos and Ogun State Commands on pivotal issues germane to the duties of a police officer such as intelligence-led policing, ethics and professional conduct in the police and improving Police public relationships During the opening ceremony, former President Olusegun Obasanjo, who was one of the special guests of honour, commended the police authorities for focusing on training and retraining, assuring them that that was the only way of staying atop their job. According to him, all human institutions need constant appraisal, regeneration, introspection and training but by people who are up to date with what is done in other nations. Speaking about the initiative, Obasanjo said there was no substitute for training, urging security operatives to be in tune with practices of their contemporaries in other parts of the globe. Meanwhile, he first charged the police authorities to ensure that the facilitators are in touch with new development in terms of policing, adding that “Police must be aware and in touch with new developments in other parts of the globe. On his part, the Inspector General of Police, IG Ibrahim Idris, appreciated AIG Kayode Aderanti, of Zone 2 for keying into his agenda of training police officers adequately and regularly. In his speech, the IG said the police needs

to be a step ahead of criminals, adding that it can only be achieved through training and re-training as the reason for every training is to improve efficiency and performance. Other dignitaries at the opening ceremony include retired IG Musiliu Smith, retired AIG Tunji Alapini, Professor Ndi Okereke Onyiuke, amongst others. Aderanti’s passion for training Known for his passion for all things training, it was not surprising that Aderanti decided to organise a first of its kind training for policemen under his watch from Lagos and Ogun states. On the first day of the ceremony, as was expected given that he was the chief host, Aderanti mounted the podium to address the guests and participants on the first day of the training. He said the objective of the training was to build capacity for the police, as well as ensure professionalism among the police officers. He said, “This is a special training and capacity development seminar. It is no longer news that the world today is fast changing. And anyone who does not adapt accordingly will fast be outdated and irrelevant. The advent of

The changing security landscape in the past decade has placed increasing and new demands on the police globally. This realisation has created a need for revised and regular training for law enforcement personnel at all levels of government

technology and globalisation and its resultant effect on crime has made it necessary for security agencies to be on top in order to succeed at mitigating the ever changing face of crime. “Obsolete techniques will not work for contemporary issues. We as security agencies need to be at least a step ahead of criminals. This can only be achieved through requisite training and retraining. “In line with the drive of the Inspector General of Police Ibrahim Idris, for democratic policing and international best practices, I took it upon myself to kick-start the process that has culminated in the actualisation of this training. I thank my ever hardworking management team, the facilitators who came all the way from the UK, our contributors in all forms, eminent persons here present for their moral support and the Inspector General of Police for his visionary leadership. “At the end of this training, participants would gain a lot of skills that would be put into everyday practice such that Nigerians will truly admire and commend the positive changes they will encounter in the Nigeria Police. This is the first in the series of trainings to be conducted for officers and men of this command with a view to making them professional in line with democratic and international best practices. Aderanti also mounted the podium on the last day of the three-day conference. During his closing remarks he expressed happiness and fulfillment that the long overdue training and capacity development seminar was successfully held. While commending the IG for his policy of regular training and retraining aimed at making officers and men of the force come up to par with principles of democratic policing and international best practices, Aderanti said he strongly believes it gave birth to the just concluded seminar. He said, “Like I said in my opening remarks, from today, the public will begin to see a different, friendlier, more professional and more proficient police force. I urge you all to make this vision a reality. It is a collective effort that must be achieved.

“To all the participants, I urge you all to imbibe and share all you have learnt with other officers in your divisions/commands who were not privileged to be selected for this programme. Added to that, you must practice them. Let the change begin with you. “I must thank most profoundly former President Olusegun Obasanjo for creating time from his very busy schedule to grace the opening ceremony and for his words of wisdom. I thank also Alhaji Musiliu Smith, IG retired for his presence and invaluable words of advice. “I express my undying loyalty and appreciation to the Inspector General of Police, IG Ibrahim K. Idris, for supporting this worthy initiative and for finding time to be here in person. I profoundly thank Dr. Charles Omole of Prodel Global Services for finding time from his schedule in the UK to come and lecture officers of the Nigeria Police. “I appreciate also Mr. Lai Omotola, the Group Managing Director of Confederated Facilitators Limited for standing by us all through this programme, and for providing all round support. My special gratitude goes to Zenith Bank Nigeria Plc for their financial support. Gentlemen of the press are not left out. We thank you for your support all the way.” At the closing ceremony, Aderanti, presented certificates of attendance to the seminar participants and gave assurances that training would be a regular feature in the Nigeria Police. A commendable initiative In a bid to achieve his goal for a professional police force, the AIG had shared his views with the leadership team and Dr. Charles Charles Omole’s team (The lead trainer and facilitator for the programme from the United kingdom) and their joint two pronged approach came up with the following topics. During the course of the three-day training, the focus was on intelligence-led policing, ethics and professional conduct in policing and improving police public relationships. Breaking it down further, the Lead Trainer,

T H I S D AY • MONDAY, MARCH 20, 2017

FEATURES Omole, who also doubles as the CEO of Prodel Global Services Group, said Intelligence Led Policing (ILP) is not a new development in the police or indeed in any other force anywhere else. He also said ILP is a business process for systematically collecting, analysing, and utilising intelligence to guide law enforcement operational and tactical decisions. He said, “ILP aids law enforcement in identifying, examining, and formulating preventative, protective, and responsive operations to specific targets, threats, and problems. It is important to note that ILP is not a new policing model; rather, it is an integrated enhancement (and deliberate joined up of isolated existing tools) that can contribute to public safety. It is ultimately meant to assist us in the gathering of data, intelligence and facts that aid us in a new joined up way of digital thinking for public policing.” On ethics and professional conduct in policing he said, “This covers the issues of ethics, equity, the law, discretion, professional conduct and policing duties within the wider community in one go. “For this programme it is an introductory topic primarily because it is very wide but more importantly because we want our delegates comprise junior officers, Asp’s, DPO’s and the like to have an understanding of why we must self-reflect and change our approach to modern policing from a Nigerian centric perspective. This training emphasises that ethical behaviour should be at the fore front of every officer’s mind in the conduct of their duties, while explaining how this can be achieved.” Also on improving police public relationships Omale noted that “This is one of the most strategic topics in this training programme. It is one that we as a force must begin to tackle and improve upon so that we can build a bridge between the NPF and the wider public, communicating clearly and openly with the Nigerian people. This training will also strengthen the police in the use of social media and modern technology to better engage with the public.” Speaking generally on the initiative he said, “It is the first of its kind to be held and did not come into play by accident as it obtains its inspiration from the inaugural agenda set by our esteemed Inspector General of Police, IG Ibrahim Idris on assumption of office and in his inaugural speech delivered on June 22, 2016, IG Ibrahim Idris, identified capacity building within the force as one of his top priorities. This is a visionary agenda and training programme such as this supports the fulfillment of that noble agenda set by our IG. “The changing security landscape in the past decade has placed increasing and new demands on the police globally. This realisation has created a need for revised and regular training for law enforcement personnel at all levels of government. Due to the high visibility of police officers and interaction with the public on a constant basis, police officers must practice situational awareness consistently throughout the day. “This mindset underscores the need for routine updated training to ensure adequate investigative techniques, officer safety and efficiency. Law enforcement personnel have a responsibility to ensure they are up-to-date on modern day training, formal education, and become knowledgeable in tactics used by the criminal elements and how best to thwart it. Training and education is more than just sitting in a classroom and earning a certificate. It is also about applying new found knowledge and maintaining proficiency. “It took a great deal of thought and consideration as to what would be the most effective topics given the fact that it was the first of its kind in the zone and the AIG’s belief that the need for current effective training of the force is all pervasive. There was also the added fact that this programme and indeed any other programmes have to be inspired from a Nigeria centric focused view so that we achieve meaningful milestones in a manageable and sustainable way based on our existing needs and difficulties. “This mindset therefore removes any chance of illusions from us as a viable force. We have a lot to do, a lot to achieve and a real desire to see this impact within Zone 2 of the NPF and the wider community at large. In as much as this is a radical step, it is very much needed and the AIG is determined to deliver on the agenda set by the IG to develop and increase the capacity of the officers of the Nigerian Police to deliver services that are in consonance with democratic policing. “There is always a fundamental need for ongoing training for police officers. Officers

L-R: Former IG Musiliu Smith (rtd); former President Olusegun Obasanjo and AIG Zone 2, Kayode Aderanti, at the police training in Lagos…recently

L-R: OC Marine, SP Chinedu Iwuozo; SP Patricia Amadin; ASP Ezeribe Steve; Sergeant Obi Joy and Inspector Lookman Ojikutu, all participants of the professional training need to keep their skills current in all areas. It is easy for a police officer to become cynical and lose motivation when they are dealing with the same problems day after day. One of the antidotes for this is regular training to expose them to new ideas and concepts that challenge their thinking. We need officers who understand what is required to police in the 21st Century with all the rapid changes taking place in the socio-economic and cultural landscape of Nigeria.” On the issue of funding, Aderanti also said although the Nigerian Police in general and Zone 2 in particular are not immune from the financial pressure facing all public sector organisations, this training programme was meant to assist them deliver best value for the budget available in terms of productivity of officers and reduction in crime and criminality. He said, “This training programme will be sustained in this zone to reinforce best practice and include as many officers as possible. Our desire is for the wider public and all patriotic Nigerians to see our efforts, the changes, the needs and the results and join hands with us in partnership to assist in improving our

At the end of this training, participants would gain a lot of skills that would be put into everyday practice such that Nigerians will truly admire and commend the positive changes they will encounter in the Nigeria Police

performance as a viable Police Force.” Participants Speak Some of the participants out of the total number of 120 policemen that attended, which includes senior police officers from the ranks of chief superintendent of police to assistant superintendent of police (51 officers) and 25 inspectors, as well as 44 rank and file, all expressed their gratitude to the IG and AIG for the wealth of experience they garnered during the training. CSP Segun Ajamoloya, the Divisional Police Officer in charge of Victoria Island, who was also a participant, said the idea of ILP should be encouraged as a lot of the perception the public have of the police is due to ineptitude in handling cases. He said, “This is because of the way we handle cases and treat suspects. So this global standards that we are being exposed to include how to respond to distress calls, how to investigate first before prosecuting and not forcing evidence out of suspects but leave it for the court to decide.” The Officer-in-Charge of Marine, Chinedu Iwuozo, a superintendent of police, in an interview on the second day of the three-day seminar, also lauded the initiative by the police hierarchy, adding that it will boost their capacity whilst carrying out their various responsibilities. He said, “It was a period of stock taking to appreciate our values and help us to perform better. Already, the police has a process of constant training and re-training, usually we have weekly lectures, then the monthly lectures and even the Commissioner’s of Police and the Assistant Inspector General of Police’s lecture.” Also, SP Patricia Amadin of the Economic Crimes Unit at Zonal CID, Zone 2, was of the opinion that the total sum of what they learnt was that reality is relevant and perception is everything. According to her, she was personally challenged to do better at her job and stand out. She said, “I am personally challenged. World over, ethical standards have been raised, so I

will work with the personnel in my unit so that we can raise the standards in our own corner. I also learnt on how to harmonise intelligence as regards investigation. “ Another participant from the legal department of Zone 2, Ezeribe Steve, an Assistant Superintendent of Police, said the training, which is one of the visions of the IG and the AIG, was held to empower officers and men especially in bringing people that are experts to assist in the training. He said, “It was an expose with regards to intelligence led policing and professional ethics. In ILP, you don’t go all out without bringing in the aspects of the media and the social media to enable you apprehend your suspect. Also, we were taught to remember that every suspect is a gold mine of information because whatever information they give you, might result in the arrest of another.” For Sergeant Obi Joy, of the Zone 2 Human Rights Section, the training was germane as it has taught her how to be self disciplined and know how to deal with members of the public who come to the police for one thing or the other. She promised to impact her colleagues with what she has learnt and ensure they also respect human rights. According to Inspector Lookman Ojikutu from the Ogun State Police Command (Obantoko Police Division, Abeokuta), ILP is a dynamic new concept. He said although it was started by the last IG, it was renewed with fervor by the current IG. For him, one of the most important lessons he learnt was how to wriggle out of unlawful orders from senior police officers without being rude or look disobedient. To whom much is given, much is expected and for the participants of this training, it is expected that the change will indeed begin with them as they begin to influence their colleagues first with their attitudinal change and then members of the public in a bid to change the terrible perception of the police by the society.

IMAGES

L-R: Deputy Director Federal Ministry of Industry, Trade and Investment Abuja, Dr. Francis Alaneme; Head of Operations Simplified Corporate Logistics, Bisola Esan; Director General ,Manufacturers Association of Nigeria, Mr. Segun-Kadir; and Head, Public Relations/Publications Simplified Corporate Logistics, Ehinome Osezua, at the manufacturing partnership for african development exhibition in Lagos... recently

T H I S D AY • MONDAY, MARCH 20, 2017

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

R-L: Chairman, Ibile Microfinance Bank, Hon. Kolawole Taiwo; Sole Administrator, Agege Local Government Area, Mr. Abiola Oluwagbenga; Executive Secretary, Lagos State Employment Trust Fund (LSETF), Mr. Akintunde Oyebode; and Chairman, Stakeholder’s Committee, LSETF, Mr. Michael Popoola, during the LSETF stakeholder interactive session with the residents of Agege on how to apply for loan from LSETF in Lagos....recently KOLAWOLE ALLI

.L-R: National Secretary, University of Lagos Alumni Association, Barr.Tunde Fadahunsi; Acting Managing Director,Bank of Industry (BoI), Mr Waheed Olagunju; Legal Adviser, Chief Fassy Yusuf,and Executive Secretary,Mrs Yetunde Abatan, during the working visit of the University Alumni Association executives to BoI head office in Lagos,...recently

L-R; Mnister of Mineral Resources, Dr. Kayode Fayemi; Ogun State Governor, Senator lbikunle Amosu and Commissioner for Commerce & lndustry, Bimbo Ashiru during the Minister’s stakeholders meeting with the miners in Abeokuta, Ogun state....recently

L-R;Assistant CSR Manager, Airtel Nigeria,Chioma Okolie; Airtel Touching Lives beneficiary, Kayode Kukoyi anad Zonal Business Manager, Lagos Hinterland, Airtel Nigeria, Rasheed Olayiwola during a prize presentation ceremony for Airtel Touching Lives season 3 in Lagos....recently

L-R; THE CORPS MARSHAL, FRSC Dr BOBOYE OYEYEMI;; GOVERNOR , OSUN STATE, OGBENI RAUF AREGBESOLA AND HEAD, MEDIA AND STRATEGY BISI KAZEEM WHEN THE CORPS MARSHAL PAID A WORKING VISIT TO THE GOVERNOR IN OSOGBO....RECENTLY

Pupils of Pace Setter School, Abuja dressed on different professional outfit during their 2017 Career Day Celebration with theme ‘On The Road To Success’ held in Abuja....recently JULIUS ATOI

T H I S D AY • MONDAY, MARCH 20, 2017

BUSINESSWORLD NIBOR OVERNIGHT 1-MONTH

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Quick Takes GTBank DMD Retires

The Deputy Managing Director (DMD) of Guaranty Trust Bank Plc (GTBank), Mrs. Cathy Echeozo has retired from the board of directors of the bank. It was gathered that according to the bank’s code of corporate governance, the maximum tenure one can serve on the board is three tenures of four years each. Echeozo joined the bank in 2005 and has completed her tenure. But a notice from the Company Secretary, Erhi Obebeduo at the weekend, explained that Echeozo joined the bank in 1993 and was appointed and Executive Director in March 2005. She was thereafter appointed deputy managing director of the bank in October 2011. “During her term as executive director and as deputy managing director, Echeozo was responsible for the corporate bank group and institutional banking division respectively and contributed immensely to the business of the bank. “The board is deeply appreciated of Echeozo, for her hard work and contribution to the success of the bank and wishes her success in her future endeavours,” the letter added.

Access Bank Celebrates Women’s Day

ACCOUNTING TO SHAREHOLDERS

L–R: MD/CEO, Mr. Valentine Ozigbo; Chairman, Olorogun O’tega Emerhor; Group Company Secretary, Helen Iwuchukwu; Group President/Non- Executive Director, Mr. Emmanuel Nnorom and Non- Executive Director, Dr. Bakari Wadinga all of Transcorp Hotels Plc at the company’s 3rd annual general meeting held at Transcorp Hilton Abuja …recently

Insurers Groan as Forex Volatility, Climatic Change Skyrocket Claims Ebere Nwoji Insurance industry Operators have in the past two years been battling to keep head above waters owing to huge claims arising from twin problem of high exchange rate, which has seen the Nigerian commodity price index moving at geometric increase rate and the adverse effects of climatic change with its attendant risk of damages to lives and properties. These combined with the adverse effects of the economic recession, have lured many people into looking at insurance claims as means to weather their storms through filing of fraudulent claims. Chairman, Nigerian Insurers Association (NIA), Eddie Efekoha, recently expressed

INSURANCE concern that underwriters in recent times, have been contending with the challenge of fake claims, stressing that to outsmart the fraudsters, operators now carry out proper investigation to ascertain genuine claims. He however said despite the harsh economic times, operators must live up to their responsibilities in paying genuine claims, assuring that activities of claims fraudsters cannot deter insurers from settling claims of those who actually needed to be indemnified. Other insurance managers, sharing their claims experience with THISDAY between 2016 and first quarter 2017, said since 2016, Nigerian insurers, have been exposed to high claims

ratio due to uncontrollable social and environmental problems. The insurers said their claims experience in 2016, more than doubled what it was in 2015 while what they have so far seen in the first quarter of 2017 is unspeakable. Group Managing Director Royal Exchange Plc, Muktari Auwalu, corroborating what the NIA chairman said on the industry’s claims experience within the period, told THISDAY that by the nature of insurance business, which is periodic and is renewable on annual basis, the high exchange rate of Naira to dollar, has more than doubled what they spent in paying claims to their clients whose properties were damaged during the course of the year. The NIA Chairman, narrating

the operators’ claims experience during the year 2016, said during renewals in 2015,when premiums were paid, it was paid based on old Naira exchange rate to dollar which was N196.00 to a dollar but now claims are paid based on current exchange rate which is over N400.00 to a dollar. He gave instance of third party motor insurance, saying the cost of repairing even the least damage on a vehicle has more than doubled because of high prices of motor spare parts adding that the same goes to other classes of business and claims emanating from them. Muktari, said the year 2016, came with challenges of huge claims coming the way of the Continued on page 24

NCDMB Tasks Shell, Chevron, Total on Nigerian Content Law Ejiofor Alike The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Kesiye Wabote has tasked Shell, Chevron and Total to ensure compliance with the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010. Speaking when he visited some IOCs in Lagos to seek collaboration and make firm commitment to support upcoming projects, Wabote insisted that all projects must comply with the Act and charged the operating companies to ensure that their contractors and subcontractors remit one per cent

ENERGY of their contract value to the Nigerian Content Development Fund (NCDF) as required by law. Wabote, who visited Shell, Chevron and Total, disclosed that the upcoming projects will increase Nigeria’s crude oil production and create opportunities for the growth and development of Nigerian Content. He informed the operators that NCDMB had adopted mechanisms that accelerate processing time for Nigerian Content plans, technical and commercial evaluation and issuance of Nigerian Content

certificates. He charged other entities involved in the contracting cycle to adopt similar strategies so the sector can achieve the six months contract processing target set by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu. Wabote also expressed the Board’s readiness to partner with various stakeholders in resolving challenges they might have executing their projects. According to him, the visits to operating and service companies around the country were conceived to engage stakeholders, and explain strategies adopted by the NCDMB to foster projects and ensure domiciliation of work

scopes and maximisation of in-country capacities. According to him, one of those strategies is the categorisation of service companies by their capacities, which he said, will now be used in the contracting process. The Executive Secretary expressed delight with the establishment of pipe-coating facilities and steel pipe mills incountry and urged the operators to patronise the facilities. He also warned that the Board would sanction operators that award contracts without approved Nigerian Content Compliance Certificates (NCCC). Continued on page 24

Access Bank Plc recently joined the rest of the world in celebrating the International Women’s Day (IWD) with over 250 high potential female professionals across 50 corporate organisations in Nigeria. In line with the 2017 theme for IWD: “Be bold for Change” and the UN Women theme for the year tagged: “Women in the Changing World of Work: Planet 50-50 by 2030”, the attendees had the opportunity to receive insightful advice on assertiveness and self-confidence, strategic positioning, managing upwards, personal branding and networking. Speaking on the objective of the session organised in commemoration of the IWD, the Group Head, Products and Segments of Access Bank Plc, Mrs. Ope Wemi-Jones, was quoted in a statement to have said: “The Young Female Professional is one of the segments under the W initiative- The home for everything Access Bank has to offer women. As a Bank, we are committed to working with Nigeria’s Young Female Professionals with an objective of nurturing them as future executives and CEO’s in their chosen careers and business endeavours.” According to her, “Planet 50-50 by 2030” requires everyone’s commitment to competing based on skills and capacity; it is about sponsoringeachotherandnotspitingoneanother.Itisaboutcelebrating and recognising one another and not being indifferent about each other’s achievement. It is about a personal resolve to be bold and seize the moment.” Based on their special focus on women, Access Bank’s W Initiative intends to grow the Young Female Professional network into a global group that will stand for high performance, professionalism, leadership and result.

Kids Creative Writing Contest Unveiled

A national creative writing competition, Blooming Minds Young Writers Awards, for children between ages six and 15 years has been introduced. The contest is to come in two categories. The first being a 300-word poetry and short stories for children between ages six and nine while the second entails a 500-worded fictional and non-fictional piece from kids aged nine to 15. Blooming Minds Kids Agency Nigeria Limited, promoters of the awards, said the targets must showcase stories depicting African cultures. Chief Executive of the company, Mrs.Thelma Ofosu-Asamoah said: “It is an initiative that provides a platform for children with creative writing skills to exhibit their talent. It was first launched in Ghana last year. We are driven by the passion to raise a generation of children who are analytic, confident and expressive. The aim is to ultimately nurture a writing culture in our youth by helping them engage their minds in creating stories that are African- centred. The competition will also help them to rediscover and appreciate the African culture through literature.” The sums of N50, 000 and N25, 000 go the winner and runner-up of the first category, just as N100, 000 and N80, 000 had been earmarked for victors of the second set.

“If the airline operator has borrowed with huge FX content, and FX has gotten to such an alarming rate, then there is a problem” President/CEO of Sabre Network NMC, West Africa,

Gabriel Olowo

T H I S D AY • MONDAY, MARCH 20, 2017

BUSINESSWORLD INSURERS GROAN AS FOREX VOLATILITY, CLIMATIC CHANGE SKYROCKET CLAIMS

industry operators particularly as a result of negative impact of climatic change. He said against the backdrop of the economic recession , premium generation has not really been a serious problem to insurers but huge claims experience coming their way particularly this year as a result of negative effects of climatic change. The Royal Exchange boss, said: “In the year 2016, we envisaged a lot of claims coming our way due to climatic change. There has been heavy rain in the northern part of the country, before now, it has not been like that. With the climate change, there is heavy rain in the north this year .We have not seen that before in the north we have only seen it in the south so they are not prepared for it. So many houses have been affected, also, the terrorists activities have caused a lot of pipeline vandalism, the terrorists activities in the north, in form of Gboko Haram, many police, soldiers were killed, and these have group life cover, houses were damaged, all these brought a lot of claims to the industry in the current year. There are a lot of factors that have affected claims rate in this 2016”, he stated.

NCDMB TASKS SHELL, CHEVRON, TOTAL ON NIGERIAN CONTENT LAW

He also informed the companies that the Board was developing a five-year Road Map for Nigerian Content development and pledged to share the final document with stakeholders for their inputs and identification of roles they will play in the actualisation. At Shell, the team led by the Vice-President Nigeria and Gabon, Mr. Peter Costello discussed the company’s projects, including the Bonga Southwest / Aparo (BSWA). Shell officials also presented their plans to align the project timelines with the Board, achieve early Final Investment Decision (FID) and carry out joint contracting workshops and incountry capacity re-assessment/ revalidation among others.

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 (Maritime) Ejiofor Alike (Energy) James Emejo (Nation’s Capital) Obinna Chima (Money Mkt) Reporters

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

NCS Advocates Introduction of IT Security Courses in Schools Emma Okonji Worried about the increasing rate of cyber attacks in the country, resulting in heavy financial losses on individuals and corporate organisations, the Information Technology Systems and Security Professionals (ITSSP), an interest group of the Nigeria Computer Society (NCS), has called for introduction of information technology security courses in tertiary institutions across the country as one of the measures to address the ugly trend. The ITSSP group debated the issue of cyber attacks at its first security meeting with stakeholders in information security in Lagos recently, where they agreed on several ways to address cyber insecurity in the country. Executive Secretary of NCS, Mr. Iyiola Ayoola said 98 per cent of cyber attacks was attributed to human factors, while a paltry 2 per cent was attributed to infrastructure. He therefore corroborated with ITSSP on the need to address the human factor by introducing Information Technology (IT) security courses at tertiary institutions, where issues relating to cyber security will be taught to students and expose them on how to mitigate such attacks carried out by fraudsters. Other resolutions taken at the meeting included the need for affected organisations to report incidence of cyber attacks promptly to the appropriate quarters.

Realising the fact that the few existing Computer Emergency Response Team (CERT) where complaints of cyber attacks could be lodged are no longer effective, ITSSP agreed to develop its own CERT, as another measure to address cyber security issues in the country. President of ITSSP, Prof. Adesina Sodiya said the ITSSP CERT would be intelligent and analytical in such a way that

it would be able to receive complaints, analyse them, and advise the government on security issues. “Aside advising government, we will be able to collaborate with law enforcement agencies to bring cybercrime perpetrators to book,” Sodiya said. According to him, “the banks are the major victims of cyber attacks and we can help them address the issue through our

ITSSP CERT. The banks have also told us about their worries and were asking for collaboration with security agencies and interest groups on security matters. “We want to develop our own CERT that will be different from existing ones, to enable us analyze and provide relevant information to government. A committee has been set up to oversee it and we have some of our members that have indicated

interests to develop a website for that purpose,” Sodiya said. Other issues discussed at the maiden security meeting included Assessment of information security challenges in Nigeria; Assessment of government efforts in addressing national information security challenges; General strategies for developing information security in Nigeria; National information security plan, among others.

ECONOMY ON THEIR MINDS

L-R: Co-Founder & Executive Director, Sahara Group, Tonye Cole; Director, FirstBank, Sola Oworu; MD/CEO, First Bank of Nigeria Ltd and Subsidiaries, Adesola Adeduntan; Director, FirstBank Sustainability Centre, Lagos Business School, Professor Chris Ogbechie and Managing Director MultiChoice, John Ugbe, at the CEO Roundtable on Sustainability...recently

Health, Fitness Receive Boost with Innovative Wearable Technology Emma Okonji Health and fitness activities in Nigeria has received a huge boost as global leaders in wearable technology and lifestyle products, Garmin has partnered MTN to introduce a range of world class health and fitness devices to help boost fitness level of Nigerians. The devices include a range of smart watches, which enable users to track, monitor and record daily health activities and on selected devices pair with smartphones to receive current weather conditions, weather forecasts, voice call/text message notifications, emails amongst other functions. Speaking during the formal announcement of the partnership at the Corporate Head Office, MTN Nigeria, Business Development Manager, Garmin, sub-Saharan Africa, Mike Clarke, stated that Garmin’s collaboration with MTN would deliver the ultimate digital experience to Nigerians and provide a platform for people to adopt healthy lifestyles. According to him, “We are excited to extend our footprint into Africa and partner with the leading telecommunications provider to bring these innovative solutions into Nigeria where we have seen an increasing interest and adoption of healthy lifestyles. Our Garmin watches support various mobile devices operating on the Android, iOS and Microsoft platforms and they will be powered by data from MTN which will give

Nigerian customers the opportunity to stay fit and healthy.” Clarke also added that Garmin products come with a mobile App, Garmin Connect Mobile, through which members can review, analyse and share their activities right from their smart phone devices. “The beauty of the App is that people can focus on their fitness and healthy living goals as all the data they rely on is easy to retrieve and viewed through the App on their phones,” he added. Also speaking on the partnership, the General Manager, Brands and Communication, MTN Nigeria, Richard Iweanoge, stressed that the company’s partnership with Garmin was in line with its vision to lead the delivery of a bold, new digital world to MTN’s customers. “We are delighted to announce this partnership because we believe that Garmin is the right fit to drive our commitment towards deploying cutting-edge technology to enrich the lives of our subscribers. Health and fitness has become a critical issue that everyone needs to pay attention to and MTN is excited at being at the forefront of this movement to keep Nigerians fit,” he stated. While giving details about the partnership, Iweanoge said customers who purchase Garmin’s vívofit3, vívosmartHR, Forerunner35, f nix3Sapphire HR smart watches as well as the Garmin Index Smart Scale up until June, 31, 2017, would get 300MB free for 3 months (i.e. total

of 900MB valid for 3 months) to use the Garmin Connect App. In his remarks, the Commercial Counselor, US Mission to Nigeria, Brent Omdahl, who was also present at the event, expressed delight at the partnership. He described it as an indication of the strong ties that exists between Nigeria and America and pledged that America will continue to support similar partnerships in order to further strengthen ties between both countries. Garmin’s range of wearable and innovative products include the vívofit3, the first step to wellness which tracks users’ daily activities and sleep patterns, vívosmartHR which receives smart notifications with wrist-based heart rate plus GPS, vívoactiveHR, a lightweight smartwatch with built-in Garmin sports Apps that users can wear every day. Others include the Forerunner35 running watch with inbuilt activity tracker and f nix3 Sapphire HR, the ultimate outdoor adventure watch with advanced training metrics. Then there’s the Garmin Index smart scale that measures weight, body mass index (BMI), body fat/ water percentage, bone and muscle mass. All of these devices connect to users’ smartphones allowing them to wirelessly sync data to Garmin Connect Mobile App. Nigerian consumers will have peace of mind knowing that Multitek Group Ltd will be offering the service and support for the Garmin products as the appointed distributors of Garmin.

Ogbeh: Farmers to Get Fertilizer at Lower Prices Ibrahim Shuaibu in Kano Minister of Agriculture and Rural development, Chief Audu Ogbeh has assured farmers in the country that the federal government has concluded arrangement to ensure that they get fertilizer at lower prices. The minister made this known in Kano state during 2017 Kano state wheat harvest programme held at Garun Babba village of Garun Malam local government. According to him, the federal government has entered agreement with a Moroccan fertilizer company to produce for the nation, fertilizer that will be blended by the various Nigerian based fertilizer blending plans across the nation. Ogbeh also stated that, from what he had seen in Kano state, the nation is indeed shifting from oil based economy to agriculture based economy and that the federal government will not relent in its efforts to encourage commercial farming in the nation. In his address, Kano state governor Abdullahi Umar Ganduje stated that, the state government has done a lot to encourage farming activities in the state. “Our success in agriculture has to do with the government close contact with the farmers. . As I speak to you now, we have about 5000 irrigation farms which we have divided in to clusters. We also distributed seeds and other farms products to the farmers. “ Ganduje said

T H I S D AY • MONDAY, MARCH 20, 2017

BUSINESSWORLD

MARKET REPORT

Index Rises 1.6% as Stock Market Sustains Bullish Run Goddy Egene and Nosa Alekhuogie

Industrial Goods Index emerging the lone loser dragged by a decline in Dangote Cement(-0.3 per cent). However, the NSE Banking Index topped the gainers’ chart driven by further gains in GTBank (+1.7 per cent) and Zenith Bank Plc (+2.8 per cent) while the NSE Consumer Goods Index added 0.96 per cent due to price appreciation in Nigerian Breweries (+2.4 per cent) and Unilever Nigeria Plc (+0.3 per cent). Similarly, gains in AXA Mansard Insurance (+1.3 per cent) lifted the NSE Insurance Index to close 0.2 per cent higher while the NSE Oil & Gas Index went up marginally by 0.07 per cent despite Total Nigeria Plc’s impressive 2016 results. The positive close for the index on the back of gains in Forte Oil(+2.3 per cent) and Oando (+1.4 per cent) which offset the decline in Total(-1.9 per cent). Contrary to expectations that the market may close the last on negative note, the market recorded its highest growth on Friday, rising by 0.92 per cent.

It was another profitable week for equities market investors as the market sustained its positive momentum. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose by 1.64 per cent to close at 25,653.16, compared with a growth of 0.90 per cent the previous week. Analysts at Cordros Capital Limited, said the bullish trend reflects investors’ reactions to reduced level of apprehension in the macroeconomic environment. According to them, reduced apprehension has been supported by the positive news such as a moderation in February inflation rate (to 17.78 per cent, from 18.72 per cent) to steady accretion to the foreign reserves, which currently stands at a 15-month high of $30 billion. Out of the five days, the market closed positively four days except Monday. The biggest gain of 0.92 per cent was recorded on Friday. In terms of sectoral performance, the NSE Banking Index appreciated the most, rising by 4.63 per cent. The NSE Insurance Index went up by 2.53 per cent, while the NSE Industrial Goods Index and NSE Oil & Gas Index garnered 1.53 per cent and 0.74 per cent respectively. However, Daily Market Performance Having closed the previous week on a high note, trading resumed on the first trading of the week on negative note as investors moved to lock in part of the profits. The negative sentiments sent the Nigerian Stock Exchange (NSE) AllShare Index (ASI) down by 0.40 per cent to close at 25,136.63. Also, the volume and value of trading fell by 72 per cent and 47 per cent respectively. Although there were 12 price losers and 12 gainers on Monday, the presence of Dangote Cement Plc among the price losers contributed to the negative close. Forte Oil Plc led the price losers, falling by 4.9 per cent to close at N49.09 per share, trailed by Livestock Feeds Plc and NEM Insurance Plc with a decline of 4.4 per cent apiece. Sterling Bank Plc fell by 4.1 per cent, while AIICO Insurance Plc and Mobil Oil Nigeria Plc depreciated by 1.7 per cent. Stanbic IBTC Holdings Plc and Oando Plc shed 1.5 per cent each, just as Transcorp Plc, FCMB Group Plc, Dangote Cement Plc and Vitafoam Nigeria Plc declined by 1.3 per cent, 0.8 per cent, 0.6 per cent and 0.5 per cent in that order. On the positive side, United Capital Plc led the price gainers’ table with 6.2 per cent trailed by Union Bank of Nigeria Plc with 4.9 per cent. Ecobank Transnational Incorporated and AXA Mansard Insurance Plc chalked up 4.6 each, just as UAC of Nigeria Plc and African Prudential Registrars Plc garnered 4.0 per cent and 3.9 per cent respectively among others. In terms of sectoral performance, three sectoral indices fell while two appreciated. The NSE Banking Index led with 1.0 per cent decline, followed by the NSE Oil & Gas Index, which fell by 0.6 per cent. Dangote Cement dragged the NSE Industrial Index 0.3 per cent lower. On the other hand, the NSE Insurance Index gained 0.4 per cent, while the NSE Consumer Index rose by 0.1 per cent. Analysts at Afrinvest said: “We believe today’s negative close may extend to tomorrow (today) as investors take profit, especially on the stocks that rallied last week. Furthermore, with current macroeconomic realities dampening investor sentiment, we

expect market volatility to persist.” The market picked back up after a sluggish start on Monday which that offset the investor optimism that pervaded the market the previous week. Tuesday saw a return to the upwards with 21 price gainers and only 12 losers. The NSE ASI rose 0.59 per cent to close at 25,284.56, while the market capitalisation added N51 billion to close at N8.8 trillion. The bulls sustained their hold on the market on Wednesday, just as value of trading surged 133 per cent. Investors staked N2.164 billion on 233.777 million shares in 3,196 deals, up from N928.5 million invested in 227.757 million shares in 32,543 deals on Tuesday. Commenting on the performance, analysts at Meristem Securities Limited, said: “Market activities in the Nigerian bourse somewhat mirrored that of the previous day as there were renewed buy sentiments towards counters trading at attractive prices. We expect this trend to be sustained however, we do not rule out profit-taking activities at the end of the week.” The positive trend was influenced by gains recorded in the shares of Zenith Bank (+2.8 per cent), Unilever (+4.9 per cent ) and Stanbic (+2.8 per cent) which offset the impact of decline in GTBank(-0.6 per cent), Nestle(-0.7 per cent) and ETI (-2.0 per cent). However, the price gainers’ table was led by African Prudential Registrars Plc and Continental Reinsurance Plc with 8.1 apiece. Continental Reinsurance Plc had on Tuesday reported its audited results for the year ended December 31, 2016, showing improved performance. The company recorded gross premium written of N22.406 billion, up from N19.738 billion, while net insurance premium stood at N21.843 billion, compared with N18.195 billion in 2015. Net insurance benefits and claims were N21.42 billion, up from N16.1 billion in 2015. But underwriting profit dipped

to N414 million, from N2 billion in 2015. Interest income rose to N1.5 billion, while foreign exchange gain soared from N467 million in 2015 to N4.1 billion in 2015. Impairment costs equally rose from N492 million to N1.788 billion in 2016. The company ended with profit before tax of N4.652 billion, up from N2.916 billion, while profit after tax grew from N2.14 billion to N3.018 billion in 2016. The market recorded positive performance for the third day run-

TOP TEN BROKERS(BY VALUE)

ning on Thursday with the NSE ASI, appreciating by 0.46 per cent to close at 25,418.08. Some highly capitalised stocks bolstered the performance. Such stocks included: GTBank, Nigerian Breweries, Forte Oil, UBA, and Zenith Bank Plc. In terms of market turnover, investors exchange 280.9 million shares for N2.4 billion in 2,468 deals, which is showed a growth of 20 per cent compared to 233.7 million shares worth N2.2 billion traded on Wednesday. Performance across sectors also remained positive with the NSE

AS AT LAST FRIDAY

BROKER

VALUE % VALUE

RENCAP SECURITIES (NIG) LIMITED STANBIC IBTC STOCKBROKERS LIMITED A.R.M SECURITIES LIMITED - BRD EFCPLIMITED MERISTEM STOCKBROKERS LIMITED

3,195,224,746.37

21.09

2,073,171,501.90

13.69

1,684,870,514.33 1,064,972,855.58

11.12 7.03

938,875,570.67

6.20

FBN SECURITIES LIMITED

800,104,301.68

5.28

CSL STOCKBROKERS LIMITED

501,223,887.50

3.31

NIGERIAN INTERNATIONAL SECURITIES LTD

447,000,592.63

2.95

369,097,758.04

2.44

302,947,942.32 11,377,489,671.02

2.00 75.11

CARDINALSTONESECURITIESLIMITED NEWDEVCO FINANCE SERVICE CO. LIMITED

TOP TEN BROKERS

(BY VOLUME)

AS LAST FRIDAY VOLUME

%VOLUME

280,589,128

13.64

280,143,000

13.62

FBN SECURITIES LIMITED

215,283,703

10.47

STANBIC IBTC STOCKBROKERS LIMITED CARDINALSTONE SECURITIES LIMITED

94,544,107 92,258,858

4.60 4.49

NIGERIAN INTERNATIONAL SECURITIES LTD

90,365,196

4.39

CORDROS SECURITIES LIMITED - BRD

89,854,750

4.37

CHAPEL HILL DENHAM SECURITIES LTD - BRD

62,630,147

3.05

NEWDEVCO FINANCE SERVICE CO. LIMITED

58,489,026

2.84

MORGAN CAPITAL SECURITIES LIMITED

54,922,848

2.67

1,319,080,763

64.14

BROKER MERISTEM STOCKBROKERS LIMITED A.R.M SECURITIES LIMITED - BRD

Market Turnover Meanwhile, a total turnover of 1.029 billion shares worth N7.980 billion were traded by investors in 13,441 deals last week, in contrast to a total of 1.024 billion shares valued at N12.464 billion that exchanged hands in 16,400 deals the previous week. The Financial Services Industry remained the most active recording 853.414 million shares valued at N4.269 billion traded in 7,904 deals, thus contributing 82.9 per cent and 53.5 per cent to the total equity turnover volume and value respectively. The Oil and Gas Industry followed with 80.250 million shares worth N1.151 billion in 1,443 deals. The third place was occupied by Conglomerates Industry with a turnover of 45.770 million shares worth N83.469 million in 596 deals. Apart from equities, a total of 20 units of Exchange Traded Products (ETPs) valued at N90.90 were also executed in two deals compared with a total of 1,020 units valued at N51,316.00 transacted in four deals the previous week. Similarly, a total of 8,390 units of Federal Government Bonds valued at N8.203 million were traded in four deals, compared with a total of 6,686 units valued at N5.583 million transacted a week before. Price Gainers and Losers The price movement chart showed 31 price gainers and 22 losers, 124 equities remained unchanged. Diamond Bank Plc led the price gainers with 16.0 per cent, trailed by United Capital Plc with 15.7 per cent. Continental Reinsurance Plc appreciated by 13.2 per cent. African Prudential Registrars Plc went up by 9.6 per cent, just as United Bank for Africa Plc chalked up 9.5 per cent. Other top price gainers included: Portland Paints & Products Nigeria Plc (9.3 per cent); Cutix Plc (8.0 per cent); Eterna Plc (7.7 per cent); Guaranty Trust Bank Plc (7.3 per cent) and Fidelity Bank Plc (6.1 per cent). Conversely, N.E.M Insurance Plc led the price gainers with 10.9 per cent. Seven-Up Bottling Company trailed with a loss of 9.6 per cent. Nigerian Bottling Company Plc went down by 9.1 per cent, just as Nigerian Aviation Handling Company Plc shed 9.0 per cent. Neimeth fell by 8.9 per cent, just as Ashaka Cement Plc and Forte Oil Plc declined by 8.9 per cent and 8.3 per cent in that order. Other top price losers were: Dangote Flour Mills Plc (5.7 per cent); Jaiz Bank Plc (5.0 per cent); Livestock Feeds Plc (4.4 per cent) and Zenith Bank Plc (4.4 per cent).

T H I S D AY • MONDAY, MARCH 20, 2017

BUSINESSWORLD

INSIDE BROAD STREET as total subscription stood at N216.4 billion relative to offered amount of N130 billion. Investors showed preference towards the longer tenored instruments as total subscription to the MAR 2027 bond stood at N75.99 billion relative to offered amount of N50 billion whilst total subscription to the MAR 2036 instrument settled at N102.18 billion relative to offered amount of N80 billion. The Federal Government through the Debt Management Office also commenced the issuance of the first tranche of the Retail Savings Bond. The savings bond (with a maturity date of March 22, 2019) was offered at an interest rate of 13.01% (paid quarterly). Offer for subscription was open from Monday 13th March – Friday 17th March. Contrary to the performance recorded the preceding week, performance of the Sub-Saharan sovereign Eurobonds was largely bullish as investors hunted for bargains across board despite a rate hike by the US FED during the week. Consequently, yield on all SSA sovereigns fell save for the Nigerian 2021, South African 2041 (up 6bps apiece) as well as the Gabon 2024 and Ivory Coast 2028 (up 3bps apiece). Average yield on the Ghana, Kenyan and Zambian sovereign Eurobonds dropped 15basis points (bps), 8bps and 17bps respectively whilst yield on the South African 2017 declined 29bps.

A view of Lagos financial district

AKINWUNMI IBRAHIM

$355m OTC FX Futures Contracts Mature This Week Obinna Chima In line with the OTC FX futures market framework, OTC FX futures contracts valued at $354.71 million will mature this week. However, the Central Bank of Nigeria (CBN), as has been the tradition since the OTC futures market was introduced last year, is expected to replace the maturing instrument with a March 2018 contract. But activities at the FMDQ OTC FX Futures Market remained relatively quiet last week as total value of open contracts increased to $4.09 billion as at last Thursday, from the $3.99 billion recorded the preceding week. The April 26 2017 (which was the cheapest instrument for an extended period of time at the launch of the Futures market) remains the most subscribed, with value of open contracts at $893.77 million, according to a report by Afrinvest Securities Limited. Nevertheless, the central bank continued its liquidity injection drive last week as it continued Special Wholesale Intervention Forward Sales for maturing Letters of Credit (LCs). Similarly, banks continued to sell personal and business travel allowances as well as tuition and medical fees. As a result, exchange rate at the parallel market firmed up slightly. For instance, the naira/dollar exchange rate opened the week at N460/$1, but appreciated to N454/$1 by Thursday, before closing the week at N449/$1. However, the naira marginally weakened against the dollar at the interbank market during the week as naira/dollar exchange rate fell from N306/$1 last Monday to N306.75/$1 by Thursday before appreciating slightly to N306.50/$1. “In the week ahead, we expect the apex bank to continue its drive to boost FX liquidity in the market. Current external reserves level of $30.3 billion (March 15, 2017) suggests that the CBN is in a healthy position to continue

MARKET INDICATOR

CBN Governor, Godwin Emefiele dollar sales to the market,” Afrinvest stated in the report. Money Market Review Despite a drop in system liquidity and increased primary market activities during the week, open buy back (OBB) and overnight lending rates trended south-wards on most trading days save for Tuesday, when it rose 1.2 and 1.1 percentage points respectively. Available data showed that the week opened with financial system liquidity at negative N66.2 billion. Nonetheless, OBB and overnight rates closed 0.5 per cent points and 0.7 per cent lower than Friday’s close, settling at 14 per cent and 14.6 per cent respectively. This

was despite the announcement of an open market operations (OMO) auction by the CBN where it offered N10 billion of the 143-day and N20 billion of the 318-day instruments although no sale was however recorded. However as the debit for successful bids at the DMO Bond auction dragged liquidity on Friday, OBB and overnight rates rose 3.3 per cent and 2.7 per cent points respectively to close at 14.3 per cent and 15 per cent, down 0.2 per cent and 0.3 per cent week-on-week respectively. Activities in the treasury bills market were bullish last week as buying interest was evident during the trading sessions. Consequently, average yield dipped on most trading days save for Monday when it closed flattish as late sell-offs tapered the impact of the earlier buying interest on yields. Subsequently, average treasury bills yield closed 16.8 per cent on Friday, down two per cent week-on-week. In the primary market, the central bank auctioned N39 billion, N48.5 billion and N126.3 billion respectively of the 91-day, 182-day and 364-day instruments. The auction was oversubscribed by 0.8 times with investors showing more interest in the longer dated bills. But this week, it is expected that treasury bills maturity of N135 billion would hit the system, although its impact on system liquidity level is expected to be tapered by a scheduled roll-over of the same amount. Bond Market Review The local bonds market was relatively quiet ahead of the DMO’s scheduled primary market auction. Average yield on benchmark bonds opened the week at 16 per cent and closed flattish on the first three trading days. Last Wednesday, the DMO offered N45 billion, N50 billion and N35 billion respectively of the JUL 2021, MAR 2027 (New issuance) and MAR 2036 instruments. The auction was oversubscribed by 0.6 times

Inflation For the first time in 15 months, the Consumer Price Index (CPI), which measures the rate of inflation, dropped to 17.78 per cent (year-onyear) in February 2017, the National Bureau of Statistics (NBS) said last week. In its latest CPI report released on Tuesday, NBS said the figure was 0.94 per cent points lower when juxtaposed with the 18.72 per cent posted in January. According to the NBS, the new figure marked the first time in 15 months that the headline CPI has dipped on a year-on-year basis. The NBS traced the development to the effects of a slower increase in food and non-food prices as well as favourable base effects over 2016 prices. However, price increases were recorded in all divisions that constitute the headline index, said the report. Housing, water, electricity, gas and other fuel, education, food and alcoholic beverages, clothing, foot ware and transportation services provided the major divisions that accounted for accelerating the pace of increase in the headline index. On a month-on-month basis, the headline index rose by 1.49 per cent in February 2017, representing a 0.48 per cent points higher from the 1.01 per cent recorded in January. Similarly, the food index rose by 18.53 per cent (year-on-year) in February, up by 0.71 per cent points over what was recorded in January (17.82 per cent). Etisalat Dollar Debt Nigerian banks last week opposed a proposal by Etisalat Nigeria to convert part of a $1.2 billion loan from dollars into naira and want Abu Dhabi telecoms group Etisalat and its other shareholders to recapitalise it instead. A banker with knowledge of the negotiations told Reuters that the seven-year syndicated loan, on which Etisalat Nigeria missed a payment, has a dollar portion of $235 million which the telecoms operator wants to convert into naira to overcome hard currency shortages on Nigeria’s interbank market. “Etisalat is asking for us to convert the dollar component to naira but banks don’t want that option and have told them to talk to their parent to settle the loan,” the source said, adding that regulators favoured the conversion. The UAE’s Etisalat own 45 percent of Etisalat Nigeria, while Abu Dhabi’s Mubadala owns 40 percent of the company, which is due to meet its lenders on Thursday for debt talks mediated by Nigeria’s central bank and the telecoms regulator. This meeting came about after authorities agreed with local banks to prevent Etisalat Nigeria, which was not available for comment, going into receivership. Nigeria has been running short of dollars as a result of lower global prices for oil, its major export. It economy entered a recession last year for the first time in 25-years. Most of the 13 lenders involved in the Etisalat Nigeria loan had raised dollars abroad to participate, meaning that further naira weakness would see them receive fewer dollars.

T H I S D AY • MONDAY, MARCH 20, 2017

BUSINESSWORLD

APPOINTMENT / AWARDS

Virgin Atlantic Appoints Samuel Lindfield as Country Manager for Nigeria Virgin Atlantic has announced the appointment of Samuel Lindfield as the new Country Manager for Nigeria. Lindfield took up his new position in January 2017 with overall responsibility for Virgin Atlantic flights to and from Nigeria. Based in Lagos, Samuel will lead a team of around 50 individuals – including commercial, operational and customer service teams – to deliver industry leading safe, punctual flights between Lagos and London Heathrow. A qualified pilot from the Royal Air Force Reserve, Lindfield began his career in Professional Services, working

for both KPMG and Accenture and subsequently joined Virgin Atlantic as Route Manager for the Caribbean in 2013, and progressed to the role of Senior Analyst working on the airline’s Joint Venture with Delta Airlines. By 2016, Sam became Commercial Manager for the USA, and was named winner of the 2016 ‘Virgin Atlantic Global Award for Revenue Innovation’. Lindfield said: “I’m delighted to take up the role of Country Manager for Virgin Atlantic. Our team is one of the most dedicated and passionate in the Nigerian travel industry, and has ensured that Virgin Atlantic deliver unrivalled service to our

customers for over 16 years. I’m looking forward to working with the team to continue to deliver safe, punctual services to and from Nigeria with the Virgin flair that our customers love.” Since taking up the role of Country Manager for Nigeria, Samuel has already led a series of successful initiatives to help make flying with Virgin Atlantic even easier and enjoyable. “Virgin Atlantic is committed to serving Nigeria, and we have recently undertaken a significant programme of investment for our customers. We have introduced a new range of tasty, locally inspired meals

across all cabins, refurbished the Upper Class lounge at Murtala Muhammed InternationalAirport, and launched a special ‘Flying Club’ offer for our frequent Flyers to allow them to spend their miles more easily,” he added. Virgin Atlantic operates daily flights from Lagos to London Heathrow, with the opportunity to connect to dozens of destinations around the World using the Virgin Atlantic network. Virgin Atlantic offer a choice of Upper Class, Premium Economy and Economy seating on all flights – including an award winning fully flat bed in Upper Class with direct aisle access.

COMMUNITY ENLIGHTENMENT

R-L: Chairman, Ibile Microfinance Bank, Hon. Kolawole Taiwo; Sole Administrator, Agege Local Government Area, Mr. Abiola Oluwagbenga; Executive Secretary, Lagos State Employment Trust Fund (LSETF), Mr. Akintunde Oyebode; and Chairman, Stakeholder’s Committee, LSETF, Mr. Michael Popoola, during the LSETF stakeholder interaction with the residents of Agege on how to apply for loan from LSETF in Lagos...recently KOLAWOLE ALLI

Ericsson Appoints Rutger Reman Managing Director for Nigeria Ericsson has appointed Rutger Reman, President and Managing Director for Ericsson Nigeria, reporting to Jean-Claude Geha, President and CEO of Ericsson sub-Saharan Africa. Reman succeeds Johan Jemdahl in this role as Managing Director for Ericsson Nigeria. Announcing the change, Geha said: “Rutger has demonstrated excellent leadership capabilities, and has displayed keen insight in developing business and creating value. He brings to bear nearly 30-years’ experience in the telecommunications and technology industry and possesses a strong drive to strengthen Ericsson’s support and amplify its new innovation to leading operators and their

customers in the Nigerian market.” Rutger joined Ericsson over 20 years ago, having started his professional career at the Swedish operator, Telia where he worked for several years. He holds a wealth of experience in Project Management, Product Management, Operations, Marketing and Sales garnered from leading various projects for a vast number of customers in Europe, the Middle East, Asia and Africa since 2004. Prior to assuming his current role, Rutger was President and Head, Customer Unit Industry and Society, Region Middle East, where he was responsible for driving business growth and capturing new market opportunities with a special

focus on Energy and Utilities, Public Safety and Security, Intelligent Transport Systems and Smart Cities. In his acceptance speech, Reman said: “I am exceptionally pleased to join the Nigerian team and be an integral part of the ongoing growth and transformation of Nigeria ICT domain. With the upsurge in the numbers of connected people and devices, it is clear that technology is at the core of an increasingly Networked Society also for Nigeria as a great nation. At Ericsson Nigeria, we are focused on creating technology solutions that support this transformation for people and businesses that thrive through it. And it is my sincere hope that

my opportunity to serve in Nigeria will create immense value across several business sectors and value chains” Ericsson remains committed to its vision of onward expansion and growth in Sub-Saharan Africa and Nigeria in particular. Mobile broadband will account for 90 percent of global, and around 83 percent of Sub-Saharan African subscriptions by 2022. This indicates an immense opportunity, especially for Nigeria as the largest telecom market in Sub-Saharan Africa by subscriptions. And as such, Rutger Reman is responsible for ensuring Ericsson’s continuous success in enabling the Networked Society in this market, the company said in a statement.

Cyberspace Attains CMMI Level 3 Certification Cyberspace Networks has attained the Capability Maturity Model Integration (CMMI) level 3 certification. The CMMI is a software development process improvement approach, which has become the standard for measuring an organisation’s capability to apply a process based methodology to software development. By implications, the attainment of the CMMI means that Cyberspace software applications have gone through best practice and procedures at all stages of business requirement gathering, software development, testing, deployment and post implementation support. That should give customers comfort of using the applications. Prior to the Level 3 Certification, Cyberspace has developed, implemented and supporting countless number of business applications. Cyberspace is also a top player in Enterprise Network space with 4G Network Infrastructure in Lagos, Abuja and Delta State. As Systems Integrators, Cyberspace has deployed a number of network valued added solutions to solve complex business challenges. According to the Chief Marketing Officer of Cyberspace Limited, Olusola Bankole, CMMI helps to integrate traditionally separate organisational functions, set process improvement goals and priorities, provide guidance for quality processes, and provide a point of reference for appraising current processes. He explained that there are three recognised CMMI models each of which addresses different area of interest. These are: CMMI for Development (CMMI-DEV). This addresses product and service development processes such as software development. CMMI for Acquisition (CMMI-ACQ): This addresses

supply chain management, acquisition, and outsourcing processes in government and industry. CMMI for Services (CMMISVC): This addresses guidance for delivering services within an organisation and to external customers. According to Bankole, our customers are better for it. Though our business applications are locally developed with full customisation, they are in tune with global best practice and procedures. We understand the environment and all our deployments come with full support services. In all, we identify with Federal Government’s Policy of promoting home grown and indigenous software. He said CMMI has aided Cyberspace Limited’s growth in diverse ways. “Our software development work and processes have received the highest form of third-party validation. It helps us to take a proactive approach to managing projects and processes,” he added. With CMMI, Bankole said processes are streamlined, which allows project teams to integrate and collaborate better, which enhances productivity. He informed that the certification now enables costs savings in terms of lesser effort due to reduced defects and less rework. Besides, project teams at Cyberspace are now able to meet and manage customer expectations thereby increasing overall customer satisfaction. “There is a centralized QMS (Quality Management System) repository for project implementation which ensures uniformity in documentation.” “There is a central Process Access Library containing information of past projects, project risks, estimates, etc which are vital inputs when planning for a new project,” he added.

NPA’s New Spokesman Assumes Office The newly appointed General Manager Public Affairs of the Nigerian Ports Authority (NPA), Elder Effiong Etim Nduonofit assumed office last week. He took over from Michael Kayode Ajayi who handed over the mantle to him at the corporate headquarters of the organisation in Marina, Lagos. At the event, Nduonofit enlisted the support of all personnel, sections and units of the public affairs division in his quest to contribute most meaningfully to the organisation’s image appreciation and publicity mileage. According to him, “collaborations, should be the watch word as we navigate the very challenging task of ensuring that NPA takes its place of pride amongst notable

institutions nationwide and internationally.” He urged the public affairs officers in the organisation to brace up to the new vista in line with the change mantra of the federal government. He urged them to key into the vision of the management of the authority. Similarly, the NPA new helmsman opined that the duty of promoting the image of the organisation is paramount and should be upheld by everybody in the Division. Before now, Nduonofit was Assistant General Manager (AGM) Audit of the Authority. He holds a Postgraduate Diploma (PGD) and a Master in Business Administration (MBA) both from University of Calabar (1996-1998) and (1999-2001) respectively.

T H I S D AY MONDAY MARCH 20, 2017

MONDAY, MARCH 13, 2017 • T H I S D AY

BUSINESS/MONEYGUIDE

Stakeholders Call for Increased Collaboration to Promote Sustainability Ugo Aliogo, Joshua Odebisi and Gloria Onoja Stakeholders in the private sector have called for increased engagement and collaboration in order to promote business sustainability in the economy. Speaking at the 2017 CEO Forum organised by FirstBank in partnership with the Lagos Business School (LBS), with the theme: “Exploring Sustainability and Innovation Opportunities in Turbulent Environment,” the Chief Executive Officer FirstBank Nigeria Limited, Dr. Adesola Adeduntan, said tough times demand innovation and creativity. He noted that business leaders need to persist in examining the numerous challenges impeding sectoral and global activities and proffer solutions that will enhance growth and sustainable development. The FirstBank boss also urged stakeholders to utilise the challenging period to enhance leadership and employee capability, while re-examining business models in the new normal of globalisation and

carry out these measures against the backdrop provided by the resurgence of nationalism and protectionism. Adeduntan stated that the forum was organised by the FirstBank Sustainability Centre to facilitate discussion amongst businesses and other organisational leaders in order explore sustainable solutions to surmount challenges impeding growth development. The FBN Chief lamented that businesses were under threat as they grapple with irredeemable failing facilities that were initiated within the context of well-thought business development strategies few years back, adding that as a financial institution they are committed to offering solutions. He added: “The FirstBank Sustainability Centre at the Lagos Business School is a partnership that has resulted in knowledge creation, knowledge dissemination and knowledge application on diverse sustainability related activities. Engagement through programmes include over 16 executive education programmes

organised; about 16 workshops and 3 international conferences; 18 stakeholder engagement forums; over 5,279 participants; empowered over 3,000 SMEs through its capacity building programmes; and published over 10 research materials and case studies” In his keynote address, the Executive Director of Sahara Group, Tonye Cole, called for increased collaboration amongst private sector players to promote sustainability, adding that as the engine of growth in the economy, the sector is very integral to business survival. He said: “What is needed in terms of adverse problems now is transformational leadership. The traits are very essential. One of the traits of a transformational leader is the ability to foresee the future by reading the signs of today. “Also the leader has to move very quickly to change policies that will benefit everybody. All sectors have to engage their officials. The two sectors facing more problems are the oil and gas sector and the power sector.”

Ambode Tasks Auditors on Economic Recovery Lagos State Governor, Akinwunmi Ambode has called on auditors to always ensure that the rules and standards of the profession are adhered to in order to promote sound financial institutions that support and facilitate economic recovery. He spoke at the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), a sub-committee of the Bankers’ Committee of Central Bank of Nigeria (CBN) 9th Annual Retreat/General Meeting held in Lagos at the weekend. Ambode, who declared the three-day retreat open, was represented by Lagos State Commissioner of Finance, Akinyemi Ashade. He urged auditors to always uphold the ethics of the profession which must guide their conducts in the performance of their professional responsibilities. He said the roles performed as auditors are no doubt critical to the achievement of the overall goal of charting a new and sustainable direction for

the economy. Speaking on the theme: Overcoming the challenges of economic recession, he said the retreat, coming shortly after the release of the Economic Recovery and Growth Programme (ERGP) by the Federal Government would provide participants insights into the plans and strategies being adopted to ensure that the economy regains its strength. “The factors responsible for the current economic challenges are well known to us, as they have been analysed and explained from diverse perspectives. These factors can be narrowed down to gross mismanagement of resources and failure to do what is right in terms of ensuring strict compliance to rules and best practices,” he said. Continuing, he said: “This situation provided opportunity for people to take undue advantage of the system which gradually and systematically resulted in the current economic recession. While the drastic fall

in oil prices could be rightly identified as the immediate factor which triggered the chain of immediate events that led us into recession, the truth however remains that the shock would have been minimal if the earned or accumulated funds had been judiciously utilized to lay a foundation for sustainable economic growth”. Ambode called on the auditors to support reinvestment in the economy and turning current challenges to opportunities. “This can only be achieved if we learn from past mistakes and resolve to do things differently. We must create and expand opportunities, taking full advantage of our potentials, particularly in agriculture and non-oil sectors of the economy including tourism, entertainment among others. We must also create the right environment through the instrument of policies and incentives for business to thrive and also unlock the creative abilities of our youths in all sectors of the economy,” he stated.

Adeduntan

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

DECEMBER 2016 Broad Money (M2)

23,840,392.42

-- Narrow Money (M1)

11,520,166.67

---- Currency Outside Banks

1,820,415.90

---- Demand Deposits

9,699,750.76

-- Quasi Money

12,320,225.75

Net Foreign Assets (NFA)

9,353,504.03

Net Domestic Assets(NDA)

14,486,888.39

-- Net Domestic Credit (NDC)

26,970,297.97

---- Credit to Government (Net)

4,595,579.89

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

7,436,917.79

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

-2,841,337.90

---- Credit to Private Sector (CPS)

22,374,718.08

--Other Assets Net

-12,483,409.58

Reserve Money (Base Money)

5,837,322.41

--Currency in Circulation

2,179,174.28

--Banks Reserves

3,318,344.71 • Source - CBN

MANAGED FUNDS Month

December 2016

Inter-Bank Call Rate

10.39

Minimum Rediscount Rate (MRR)

ACCA PromotesYouth Empowerment With the aim of creating a strong education platform for youths and its student members, the Association of Chartered Certified Accountants (ACCA), a global body for professional accountants, recently organised a programme to expose them to how to pursue global qualification in accountancy and empower them on how to secure better job options. Speaking at a programme titled: “Connecting Futures,” organised by ACCA and supported by Zenith Bank Plc in Lagos recently, the acting Country Manager, ACCA, Mr. Olatunji Adeleye said the event which mostly featured members of the National Youth Service Corps (NYSC), was all about connecting ACCA customers. These include prospective customers, students or an affiliate.

“Over the last few years what we have done to reward excellence in terms of people that passed their exam is just to put them in the newspaper. So one of the things we also wanted to use this event to achieve is to reward them publicly and let them also share with other students who have been struggling in their ACCA journey that it is actually possible. “We have lots of career opportunities in ACCA and i think our last resort is to let every single stakeholder understand that just getting a university degree is no longer enough. We are in the era where we are building professional graduates and we build for the future,” he explained. He said the programme would also be extended to Port Harcourt and Abuja in the coming months.

“So basically, is all about providing that shortcut for our students and to let them know that we are always there to support them.” While noting the future of the remains bright for the accounting profession, Adeleye however stressed that people should not develop the mind-set that if they study accounting, they would only end up becoming chartered accountants. “We have different avenues to be able to express what you have learnt and we have a lot of accountants who are chief financial officers, we have people who moved to the academic, i have a member in the office who is the head of educational development and whose job is basically to be able to ensure that our students have the gradual support to be able to take exams and the way to pass,” he added.

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 16 MARCH 2017 The price of OPEC basket of thirteen crudes stood at $49.70 a barrel on Thursday, compared with $49.17 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

MONDAY, MARCH 20, 2017 • T H I S D AY

MARKET NEWS

Guinness Nigeria Applies to NSE to Float N40bn Rights Issue Goddy Egene and Nosa Alekhuogie Guinness Nigeria Plc last week submitted its Rights Issue application to the Nigerian Stock Exchange (NSE) for approval and listing, indicating that the issue would soon open. In the application, submitted by its stockbroker, Stanbic IBTC Stockbrokers Limited, Guinness

Nigeria said it would issue 684,494,631 ordinary shares of 50 kobo at N58 per share on the basis of five new shares for 11 shares held. This will fetch the company about N39.7 billion. And considering the closing price of Guinness of N69.99 last Friday, the company is making the Rights Issue at a discount of 20 per cent.

T H E MAIN BOARD Activity Summary on Board DEBT Federal Bond Name 15.54% FGN FEB 2020 16.00% FGN JUN 2019 Federal Totals DEBT Board Totals Bond Activity Totals 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. JOHN HOLT PLC. S C O A NIG. PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals CONGLOMERATES Totals CONSTRUCTION/REAL ESTATE Building Construction ARBICO PLC. Building Construction Totals 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 Automobiles/Auto Parts DN TYRE & RUBBER PLC Automobiles/Auto Parts Totals 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 FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NASCON ALLIED INDUSTRIES 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. JAIZ 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 CORNERSTONE INSURANCE COMPANY PLC. AXAMANSARD INSURANCE PLC N.E.M INSURANCE CO (NIG) PLC. NIGER INSURANCE CO. PLC. STANDARD TRUST ASSURANCE PLC STANDARD ALLIANCE INSURANCE PLC. UNITY KAPITAL ASSURANCE PLC UNIVERSAL INSURANCE COMPANY PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks FORTIS MICROFINANCE BANK PLC NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Mortgage Carriers, Brokers and Services INFINITY TRUST MORTGAGE BANK PLC Mortgage Carriers, Brokers and Services Totals Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC DEAP CAPITAL MANAGEMENT & TRUST PLC FCMB GROUP PLC. STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC Other Financial Institutions Totals

DEALS

Shareholders of the company had last January approved the Rights Issue at an extra-ordinary general meeting (EGM). Speaking at the EGM Chairman, Guinness Nigeria Plc, Babatunde Savage, had said: “Guinness Nigeria has been in this country for over 60 years and, in that time, we have continued to add significant economic and social value to Nigeria and Nigerians.

N I G E R I A N MARKET PRICE

QUANTITY TRADED

STO C K VALUE TRADED ( N )

No. of Deals 1 1 2 2 2

Current Price 98.7 135

Quantity Traded 105 100 205 205 205

Value Traded 103,815.41 137,197.80 241,013.21 241,013.21 241,013.21

No. of Deals 11 4 15 No. of Deals 5 5 20

Current Price 44.18 46

Quantity Traded 41,208 5,201 46,409 Quantity Traded 153,470 153,470 199,879

Value Traded 1,887,024.20 240,161.40 2,127,185.60 Value Traded 119,266.60 119,266.60 2,246,452.20

Current Price 0.78

No. of Deals 1 1 4 56 48 110 110

Current Price 0.78 0.66 3.77 0.78 15.1

Quantity Traded 100 500 10,000 4,840,952 350,363 5,201,915 5,201,915

Value Traded 78 315 35,900.00 3,807,735.66 5,054,510.34 8,898,539.00 8,898,539.00

No. of Deals 1 1 No. of Deals 5 5 No. of Deals 65 65 71

Current Price 4.79

Quantity Traded 200 200 Quantity Traded 10,272 10,272 Quantity Traded 1,656,711 1,656,711 1,667,183

Value Traded 958 958 Value Traded 375,647.04 375,647.04 Value Traded 3,493,667.49 3,493,667.49 3,870,272.53

No. of Deals 1 1 No. of Deals 3 64 7 208 282 No. of Deals 18 18 No. of Deals 33 22 32 15 11 113 No. of Deals 25 98 123 No. of Deals 14 14 No. of Deals 26 17 43 594

Current Price 0.5

Quantity Traded 100,000 100,000 Quantity Traded 5,160 288,915 51,123 1,386,914 1,732,112 Quantity Traded 6,947 6,947 Quantity Traded 616,050 345,909 84,482 1,028,600 117,500 2,192,541 Quantity Traded 136,880 133,592 270,472 Quantity Traded 140,811 140,811 Quantity Traded 203,505 43,451 246,956 4,689,839

Value Traded 50,000.00 50,000.00 Value Traded 11,558.40 17,613,098.61 801,955.76 156,078,414.27 174,505,027.04 Value Traded 675,390.11 675,390.11 Value Traded 2,410,595.00 2,125,832.90 1,491,827.07 1,128,310.00 833,010.00 7,989,574.97 Value Traded 1,172,206.13 79,110,103.35 80,282,309.48 Value Traded 289,850.97 289,850.97 Value Traded 2,596,373.80 1,424,799.57 4,021,173.37 267,813,325.94

No. of Deals 167 26 27 69 219 24 1,530 73 33 1 1 2,170 No. of Deals 9 6 2 2 5 1 2 1 2 1 2 33 No. of Deals 1 2 3 No. of Deals 1 1 No. of Deals 31 16 1 68 6 132 254

Current Price 6.6 0.86 9.8 0.84 23.8 1.31 0.7 4.8 4.9 0.83 0.5

Quantity Traded 11,476,994 1,149,393 58,189 8,142,068 20,039,315 1,081,695 25,994,229 5,772,233 251,225 350 800 73,966,491 Quantity Traded 214,682 503,100 200 3,000 44,144 900 5,100 1,000 401,000 1,000 384 1,174,510 Quantity Traded 1,000 25,100 26,100 Quantity Traded 1,000 1,000 Quantity Traded 450,576 325,400 1,000 3,530,043 12,830 8,474,959 12,794,808

Value Traded 76,018,367.81 990,711.98 560,377.50 6,806,919.19 477,105,071.95 1,417,729.20 18,222,090.30 27,705,413.04 1,185,050.41 276.5 408 610,012,415.88 Value Traded 126,611.20 530,295.00 100 4,770.00 36,196.64 450 2,550.00 500 200,500.00 500 192 902,664.84 Value Traded 2,700.00 27,111.00 29,811.00 Value Traded 1,440.00 1,440.00 Value Traded 1,399,304.19 1,084,759.00 500 4,689,332.14 211,696.60 31,174,405.94 38,559,997.87

Current Price 34.83 Current Price 2.12

Current Price 2.35 60.92 16.15 117.5 Current Price 106.5 Current Price 4.1 6.1 18 1.1 7.03 Current Price 9 600 Current Price 2.08 Current Price 12.16 34

Current Price 0.59 1.05 0.5 1.59 0.79 0.5 0.5 0.5 0.5 0.5 0.5 Current Price 2.58 1.08 Current Price 1.47 Current Price 3.05 3.32 0.5 1.31 17 3.7

We believe this Rights Issue will positively impact on the financial performance of Guinness Nigeria and help mitigate the impact of increasing finance costs in what continues to be a challenging economic environment in Nigeria. I call on all my fellow shareholders to take this opportunity and support the company’s objectives.” Also, Managing Director/

E XC H A N G E

CEO of the company, Mr. Peter Ndegwa, said that the company has good fundamentals and potential for the future. According to him, the Rights Issue will help mitigate the impact of increasing finance costs, optimise balance sheet and improve the company’s financial flexibility. “We expect that is will eliminate our increasing finance

costs and return the company to profitability. The last time we did a rights issue was about 25 years ago. We believe that given the current economic climate it is high time we went back into the market to ensure that the business can navigate through the next few years which are going to be tough, however, we continue to invest to grow our business,” he said.

1 5 / 0 2 / 2 0 1 7

MAIN BOARD FINANCIAL SERVICES Totals HEALTHCARE Healthcare Providers UNION DIAGNOSTIC & CLINICAL SERVICES PLC Healthcare Providers Totals Pharmaceuticals FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC PHARMA-DEKO PLC. Pharmaceuticals Totals HEALTHCARE Totals ICT IT Services TRIPPLE GEE AND COMPANY PLC. IT Services Totals Processing Systems CHAMS PLC Processing Systems Totals ICT Totals INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC MEYER PLC. LAFARGE AFRICA PLC. Building Materials Totals Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals Packaging/Containers BETA GLASS PLC. GREIF NIGERIA PLC Packaging/Containers Totals INDUSTRIAL GOODS Totals NATURAL RESOURCES Metals ALUMINIUM EXTRUSION IND. PLC. Metals Totals NATURAL RESOURCES 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. MRS OIL NIGERIA 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 Advertising AFROMEDIA PLC Advertising Totals Courier/Freight/Delivery RED STAR EXPRESS PLC TRANS-NATIONWIDE EXPRESS PLC. Courier/Freight/Delivery Totals Hotels/Lodging TOURIST COMPANY OF NIGERIA PLC. TRANSCORP HOTELS PLC Hotels/Lodging Totals Printing/Publishing LEARN AFRICA PLC STUDIO PRESS (NIG) PLC. Printing/Publishing Totals Transport-Related Services NEWREST ASL NIGERIA PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC C & I LEASING PLC. Support and Logistics Totals SERVICES Totals EQTY Board Totals Daily Summary (Equities) Activity Summary on Board ASeM FINANCIAL SERVICES Mortgage Carriers, Brokers and Services OMOLUABI MORTGAGE BANK PLC Mortgage Carriers, Brokers and Services Totals FINANCIAL SERVICES 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

2,461 No. of Deals 1 1 No. of Deals 13 12 4 6 2 37 38

Current Price 0.5

No. of Deals 1 1 No. of Deals 1 1 2

Current Price 1.3

No. of Deals 7 2 7 11 1 20 48 No. of Deals 15 15 No. of Deals 3 1 4 67

Current Price 11.25 6.08 29.6 4.28 0.87 42

Current Price 1.01 14.75 1 0.66 1.95

Current Price 0.5

Current Price 1.45 Current Price 36.45 9.69

QUANTITY TRADED

VALUE TRADED ( N)

87,962,909

649,506,329.59

Quantity Traded 738,000 738,000 Quantity Traded 5,177,490 110,135 5,015 11,000 900 5,304,540 6,042,540

Value Traded 369,000.00 369,000.00 Value Traded 5,178,570.00 1,551,318.88 4,770.10 7,063.20 1,836.00 6,743,558.18 7,112,558.18

Quantity Traded 2,438 2,438 Quantity Traded 100,000 100,000 102,438

Value Traded 3,023.12 3,023.12 Value Traded 50,000.00 50,000.00 53,023.12

Quantity Traded 11,405 2,997 1,215,127 141,429 300 23,390 1,394,648 Quantity Traded 792,168 792,168 Quantity Traded 70,030 100 70,130 2,256,946

Value Traded 130,100.00 17,322.66 35,970,022.30 604,431.24 249 987,177.40 37,709,302.60 Value Traded 1,142,840.30 1,142,840.30 Value Traded 2,552,593.50 1,016.00 2,553,609.50 41,405,752.40

No. of Deals 1 1 1

Current Price 9.75

Quantity Traded 2,000 2,000 2,000

Value Traded 18,540.00 18,540.00 18,540.00

No. of Deals 2 2 No. of Deals 76 76 No. of Deals 16 20 229 20 1 16 302 No. of Deals 2 2 382

Current Price 0.5

Quantity Traded 18,000 18,000 Quantity Traded 1,722,434 1,722,434 Quantity Traded 35,100 284,436 905,220 12,017 100 8,826 1,245,699 Quantity Traded 5,150 5,150 2,991,283

Value Traded 9,000.00 9,000.00 Value Traded 8,234,046.51 8,234,046.51 Value Traded 1,190,988.64 886,497.72 56,399,639.77 3,215,511.70 3,708.00 2,400,901.12 64,097,246.95 Value Traded 2,045,501.50 2,045,501.50 74,385,794.96

No. of Deals 1 1 No. of Deals 2 3 5 No. of Deals 1 3 4 No. of Deals 1 1 2 No. of Deals 7 6 13 No. of Deals 14 1 15 40 3,786

Current Price 0.5

Quantity Traded 55,000 55,000 Quantity Traded 575 29,090 29,665 Quantity Traded 1,000 13,000 14,000 Quantity Traded 500 1,000 1,500 Quantity Traded 101,050 46,801 147,851 Quantity Traded 274,973 1,000 275,973 523,989 111,640,921

Value Traded 27,500.00 27,500.00 Value Traded 2,645.75 26,607.80 29,253.55 Value Traded 3,550.00 61,623.60 65,173.60 Value Traded 355 2,190.00 2,545.00 Value Traded 275,866.50 114,662.45 390,528.95 Value Traded 242,233.86 500 242,733.86 757,734.96 1,056,068,322.88

Current Price 4.71 Current Price 35.49 3.24 62.5 275.99 39.03 270 Current Price 380

Current Price 4.4 0.91 Current Price 3.65 4.98 Current Price 0.68 2.19 Current Price 2.73 2.57 Current Price 0.9 0.5

No. of Deals 1 1 1 1

Current Price 0.9

Quantity Traded 100,000 100,000 100,000 100,000

Value Traded 90,000.00 90,000.00 90,000.00 90,000.00

No. of Deals 279 279 No. of Deals 140 140 419

Current Price 15.01

Quantity Traded 48,467,690 48,467,690 Quantity Traded 1,684,690 1,684,690 50,152,380

Value Traded 727,624,234.12 727,624,234.12 Value Traded 5,345,599.68 5,345,599.68 732,969,833.80

No. of Deals 10 10 10 429 4,216

Current Price 169

Quantity Traded 45,766 45,766 45,766 50,198,146 161,939,067

Value Traded 7,736,239.30 7,736,239.30 7,736,239.30 740,706,073.10 1,796,864,395.98

Current Price 3.2

T H I S D AY • MONDAY, MARCH 20, 2017

MARKET NEWS

Unitholders Change BGL Nubian Fund to ACAP Income Fund Goddy Egene Unitholders of BGL Nubian Fund have formally changed the fund’s name to ACAP Income Fund. The resolution for the new name was passed at the first general meeting of the fund held last week in Lagos. The meeting was sequel to the transfer of the fund management role from BGL Asset Management Limited to Alternative Capital Partners Limited (ACAP) by the Securities

and Exchange Commission(SEC). Besides changing the name, the unitholders also approved the audited financial statements of the fund for years ended December 31, 2012, 2013, 2014 and 2015 being the first general meeting since inception of the fund. They also approved that the financial year of the fund should run from April 1 to March 31. Speaking on behalf of the unitholders, Mr. Owolabi Peter, urged the new fund manager to

A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

ensure value preservation of the fund while ensuring unitholders get periodic returns on their investments. The Chairman/Chief Strategist of Alternative Capital Partners, representing the new fund manager, Mr. Remi Babalola, assured the unitholders that their investments would be preserved with a promise to pay quarterly dividend from the new financial year commencing April 1, 2017. He further explained that the fund had been repositioned by

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 16-Mar-2017, unless otherwise stated.

ACAP as a guaranteed income mutual fund product to deliver value to the unitholders and also to ensure that their investments are well protected at all times. He told the meeting that with the renewed proactive supervision of market operators by the SEC, the interest of unitholders would be better protected going forward. Present at the meeting were the Fund Trustee, United Capital Trustees, represented by its managing director, Mrs.

Tokunbo Ajayi as meeting chair among other representatives of other parties to the fund and officials of SEC. ACAP has proved to be efficient fund manager over the years. In this regard, ACAP had in October 2011 and October 2012 taken over the management interest of Oceanic Vintage Fund and Intercontinental Integrity Fund respectively before merging the two funds into one now known as ACAP Canary Growth Fund.

ACAP is licensed by the SEC as an advisory and independent alternative wealth management firm. The company’s wealth management business focuses on providing specialist investment avenues for its clients, whilst its financial advisory business helps corporate entities in the areas of: mergers and acquisitions; business unbundling and restructuring; private capital raising/placements, deal structuring, asset and mortgage backed securitisation.

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 129.33 129.79 1.82% Nigeria International Debt Fund 220.62 221.28 2.49% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.70 0.70 -0.47% 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 17.77% 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 12.35 12.72 0.00% ARM Discovery Fund 288.99 297.70 0.63% ARM Ethical Fund 22.05 22.72 -1.29% ARM Money Market Fund 1.00 1.00 15.83% 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 107.06 107.81 1.88% AXA Mansard Money Market Fund 1.00 1.00 17.56% 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 2.27 1.82% Paramount Equity Fund 9.39 9.62 0.26% Women's Investment Fund 86.86 89.09 2.68% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 18.50% 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 1,126.68 1,127.83 3.33% FBN Heritage Fund 111.72 112.46 0.12% FBN Money Market Fund 100.00 100.00 17.20% FBN Nigeria Eurobond (USD) Fund - Institutional $107.01 $107.80 2.89% FBN Nigeria Eurobond (USD) Fund - Retail $106.73 $107.52 3.32% FBN Nigeria Smart Beta Equity Fund 113.08 114.54 0.35% 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 0.96 0.97 2.66% Legacy Short Maturity (NGN) Fund 2.65 2.65 3.07% 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 2,189.73 2,214.81 -0.89% Coral Income Fund 2,185.85 2,185.85 3.88% 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 17.28% 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 16.75% Vantage Balanced Fund 1.71 1.72 1.42% Vantage Guaranteed Income Fund 1.00 1.00 15.09%

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 1.01 1.03 2.37% Lotus Halal Fixed Income Fund 1,024.61 1,024.61 2.16% 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 9.81 9.90 1.55% 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 1.09 1.11 3.39% PACAM Fixed Income Fund 10.43 10.47 0.24% PACAM Money Market Fund 10.00 10.00 16.39% 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 110.86 111.69 8.85% 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 2.12% 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 1,843.14 1,852.96 0.64% Stanbic IBTC Bond Fund 154.77 154.77 0.53% Stanbic IBTC Ethical Fund 0.75 0.76 -1.95% Stanbic IBTC Guaranteed Investment Fund 191.91 191.91 2.69% Stanbic IBTC Iman Fund 127.50 129.12 -1.81% Stanbic IBTC Money Market Fund 100.00 100.00 17.49% Stanbic IBTC Nigerian Equity Fund 7,418.64 7,509.09 -2.14% 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 1.16 1.17 11.39% United Capital Bond Fund 1.28 1.28 15.78% United Capital Equity Fund 0.64 0.66 0.71% United Capital Money Market Fund 1.13 1.13 11.45% 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 9.75 9.92 1.28% Zenith Ethical Fund 11.12 11.22 1.86% Zenith Income Fund 17.29 17.29 4.63%

REITS

NAV Per Share

Yield / T-Rtn

11.41 125.23

1.01% 1.02%

Bid Price

Offer Price

Yield / T-Rtn

7.88 72.57

7.98 73.92

-10.19% -4.24%

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

2.77 6.26 11.49 14.22 124.67

2.81 6.36 11.59 14.42 126.67

0.71% -10.75% -4.18% -10.78% -3.98%

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.

T H I S D AY MONDAY MARCH 20, 2017

Congratulations on your conferment with

Honourary Doctors of Letters (Honoris Causa)

Sheik (Dr.) Khalifah Isyaku Rabiu

The conferment with Honourary Doctor of Letters (Honoris Causa) by Bayero University (Kano State) on your humble self is a testimony to your notable and commendable philanthropy which extends beyond the shores of Nigeria, bringing economic development and gainful employment to many. THIS IS A WELL-DESERVED HONOUR AND I AM PROUD TO HAVE YOU AS A FATHER WORTHY OF EMULATION.

CONGRATULATIONS KHALIFAH!

Abdulsamad Rabiu Executive Chairman, BUA Group

T H I S D AY MONDAY MARCH 20, 2017

MONDAY MARCH 20, 2017 • T H I S D AY

NEWS

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

36 State Chairmen to Meet in Abuja on PDP Crisis Sheriff issues disclaimer on Adeyeye Dickson: PDP Crisis is about 2019 presidential election National chairman asks Supreme Court not to hear appeal by Makarfi, others

Iyobosa Uwugiaren , Onyebuchi Ezigbo in Abuja and Tobi Soniyi in Lagos The Forum of Peoples Democratic Party (PDP) State Chairmen has scheduled its meeting in Abuja next Wednesday to brainstorm on the way out of the crisis rocking the national leadership of the party. The meeting which is being summoned by the chairman of the forum and Akwa Ibom State chapter chairman, is coming on the heels of another meeting held last weekend in Abuja by some PDP state chairmen loyal to the Senator Ali Modu Sheriff leadership of the party. THISDAY gathered that the forum which is perceived to be supporting the Senator Ahmed Makarfi’s Caretaker Committee may be planning to use the Wednesday’s meeting as a counter measure to show where their solidarity lies. Meanwhile, the Sheriff-led PDP leadership has said the spokesman of the National Caretaker Committee, Prince Dayo Adeyeye, has no authority to speak for the party. The Sheriff’s leadership which has been involved a prolonged tussle for the control of the main opposition party with the National Caretaker Committee (NWC) led by Makarfi yesterday issued a statement describing Makarfi’s committee as “dissident.” The statement issued by spokesman of the Sheriff-led National Working Committee, Bernard Mikko, urged party members to have faith in the peace and reconciliation report as the panacea for a united and cohesive party. “For the umpteenth time, the attention of the NWC of the PDP has been drawn to the reckless statements credited to one Adeyeye in a desperate attempt to curry empathy, seek public attention and undeserved political relevance. “It is hereby disclaimed that Adeyeye cannot speak for the PDP or use its logo and franchise without the authority and express permission of the national leadership of the party. Mikko whose appointment as spokesman has been challenged as illegal said in the statement

that there was an understanding between his group and the caretaker committee shortly after the Appeal Court judgment in Port Harcourt, Rivers State, that no one will be maligned or victimized for holding on to his beliefs. “The desperation of this self aggrandised spokesperson of the dissident group led by Makarfi is regrettable, particularly at a time the efforts of the Peace and Reconciliation Committee of the party under the chairmanship of Governor Seriake Dickson of Bayelsa State is not only being commended for a job well done, but also yielding fruits and paving the way forward for peace and genuine reconciliation in the party,” he said Meanwhile, the Chairman of the PDP Reconciliation Committee, Seraike Dickson, has said the PDP crisis is about ambitions, “about those who want to control the party’s structures and those who want to contest the presidential election in 2019.” The governor who stated this while speaking with journalists in Abuja at the weekend, claimed that “some of the party leaders who feel that if certain persons are in control of the party, they would be shut out, are those resisting the ongoing moves to resolve the crisis. ‘’I feel at this particular stage of the crisis in PDP that the party has suffered enough hemorrhage; prominent members, key leaders, and elected officials are decamping, attributing it to the crisis in the party. ‘’Leaders of the party must make sacrifices now; those who are in the position to intervene must intervene now, and others who can make sacrifices must make it now so that we can move the peace process forward.’’ Advising the party leaders to support the current reconciliation moves, rebrand the party and then re-design it in such a way that the ‘’culture of impunity’’ within the party does not happen again, the governor took exceptions to some of the public statements credited to Senator Ahmed Makarfi and some of his supporters who had accused him of betraying the resolution of PDP governors not to support Senator Ali Modu Sheriif leadership. According to him, “I don’t

Seven Persons Killed in another Suicide Attacks in Maiduguri Michael Olugbode in Maiduguri Seven persons were killed in an attempted suicide attack at the weekend in Maiduguri, the Borno State capital, the police have said. The dead included three suicide bombers (a male and two females) and four innocent civilians (a member of the youth vigilance group, a woman and her two children). It was also revealed that eight persons sustained injuries in the attacks and were taken to the hospital. In a statement by the state Police Public Relations Officer (PPRO),

Victor Isuku, the attacked happened at about 9p.m. last Saturday on the outskirts of Maiduguri. The statement read: “At about 2100hrs of 18/3/2917, three suicide bombers, a male and two female, attempted to infiltrate Maiduguri town through Umarari village in Molai general area. “They were sighted by Civilian JTF and challenged. They detonated the IEDs strapped to their bodies while running to different directions. “Four people which included a Civilian JTF, a woman and her two children died, while eight others sustained injuries, and have been taken to hospital.”

want to join issues with anybody because I am for peace; I am for reconciliation. All I want to remind Makarfi and his supporters is that whereas it is good for Makarfi that in every state, because of this crisis, you have the ‘so-called’ Makarfi group and a Sheriff group. The party is polarised down the line; it may be good for him; he may be enjoying it; but this party is bigger than Sheriff and Makarfi. ‘’PDP and All Progressives Congress (APC) are now national institutions that we should treasure and sustain as well as support. Our democracy needs a strong party in government and a strong party in opposition. Because of this crisis, PDP has continued to fail Nigerians in the area of providing credible and constructive opposition.’

Dickson urged Makarfi, who has enjoyed the confidence of majority of the party members, to lead the process for reconciliation. ‘’And I remind him about the story of Solomon and the two women who were argued over the ownership of a child; the woman who really had the child, who carried the pregnancy for nine months and went through the rigours of labour, said ‘don’t kill the child, instead, give it to her, at least the child will survive.’ “Makarfi and leaders of the PDP need to learn from that wisdom, that if you are genuine stakeholders of the PDP, you are the first to make the sacrifice, especially when you are raising so many concerns about a so-called mole,” the governor said. He said the PDP was founded

by great leaders of the nation who wanted to create an inclusive platform wondering why somebody is asking why he is doing what he is currently doing to find amicable solutions to the crisis enveloping PDP. Talking about the template his committee has proposed for resolution of the lingering crisis, the governor added that the proposed template would lead to a “negotiated national unity convention,” saying the inability to hold a unity convention or a successful convention at all is at the heart of the crisis in PDP. The governor further added: “That is why when that failed to happened, we appointed Makarfiled caretaker committee to midwife another convention, and the second

one too failed. This is where the template comes in. After the Court of Appeal judgment, Sherrif said he was prepared for quick national convention, and we thought that was a victory for PDP. Sherrif also said he would not contest at that convention; that is victory for the PDP. But the challenge however is that a number of people said they cannot trust him; well I said that is valid, but what you need to do is to engage more and ring fence the convention. This is when the template comes in.’’ Dickson added that the proposed convention committee should not be done like the other one, stating that his template says there should

Cont’d on page 57

GUITAR BOY IN ACTION

Edo State Governor, Mr. Godwin Obaseki; former Head of State, General Yakubu Gowon (rtd); former Governor, Adams Oshiomhole; and former state Commissioner for Culture, Sir. Victor Uwaifo, during the burial reception for the Brigadier-General Samuel Osaigbovo Ogbemudia (rtd), at the 4th Brigade Headquarters,G.R.A, Benin City...weekend Dan Ukana.

Ibori Files Appeal in UK to Upturn His Conviction Former Governor of Delta State, Chief James Ibori, has now filed an appeal in the British Court of Appeal against his 2012 conviction. A statement from Ibori’s Media Assistant, Tony Eluemunor, said Ibori’s counsel informed the Southwark London court at the weekend that they have filed the appeal on Ibori’s behalf. As a result, the court then indefinitely adjourned the on-going proceedings concerning the second confiscation hearing. The original three-week confiscation hearing before Judge Pitts in September 2013 was unable to make any finding of theft against him. The British Crown Prosecution Service (CPS) has, since February 2016, been undertaking a mammoth disclosure exercise and so far substantial material evidencing the police corruption and misconduct has been disclosed. The CPS has gagged the media from reporting on this. David Rose of the London Mail and Sunday newspaper as well as other reporters have made applications in open court for the

release of this material. Rose, for instance, argued that it is in the public interest to do so, as the Ibori and linked cases are said to have been corrupted by Metropolitan Police, prosecution misconduct and significant non-disclosure of key materials which undermined the convictions. For instance, a BBC report of July 2, 2016, titled: ‘Ibori lawyer awarded £20,000 by Crown Prosecution Service’ mentioned police and prosecution’s misbehaviour as well as their massive misleading of the courts. According to the report, “The extraordinary payment is just the latest twist in a legal case that has led to investigations into allegations of police corruption and a cover-up of key evidence.” The BBC report continued: “In May 2016, the CPS acknowledged that it had intelligence that ‘supports the assertion’ that a Metropolitan Police officer was paid for information. “On June 7, 2016, Stephen Kamlish QC, representing Bhadresh Gohil, submitted

further corroboration of the serious misconduct by the prosecutors in the case - Sasha Wass QC and Esther Shutzer-Weissman - and how both knowingly conspired to pervert the course of justice by orchestrating a cover-up of the corruption and their own past misconducts. However, the most shocking episode concerns the willful misleading of the Court of Appeal in the Gohil appeal of 2014. When main stream British media , The Times, Guardian, Sun, Telegraph among others focused public interest on the misconducts, the National Crime Agency (NCA)conducted an inquiry opened an inquiry. “Mid-September 2016, the NCA’s report appeared; it confirmed that police officers, working within the elite Department for International Development-funded Police Unit, were corrupt, and had withheld substantial material from the defence teams, but bizarrely stated that the convictions of Ibori and others, including Bhadresh

Gohil are safe - though obtained through acts that clearly fall below the high standards of the British legal system.” This conclusion, according to the statement, will now be challenged by the appeal process, not only by Ibori but also by all other defendants. Most of all, in a London-based Ben TV interview, Mr. Lambertus de Boer, one of the bankers jailed in the case, had dropped this bombshell that “DfID entered into an agreement with the Nigerian authorities in 2005, claiming the first £25million from all funds recovered during confiscation proceedings from Ibori and Ibori linked cases… would be paid to DfID before a penny is returned to Nigeria”. Commenting on this disclosure, a Nigerian newspaper commentator said: “So, a treasure hunt is on. No wonder the Crown Prosecution Service’s (CPS) public statements have been exceptionally misleading. DfID/CPS has repeatedly claimed that some $250 million was alleged to have been stolen by Ibori from Delta State.”

MONDAY MARCH 20, 2017 • T H I S D AY

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APC States Adopt Common Strategy for Security, Revenue Generation Seek more initiatives to reduce social tension

Gboyega Akinsanmi Secretaries to the State Governments under the control of All Progressives Congress (APC) at the weekend concluded a two-day meeting in Lagos after which they endorsed a common strategy for tackling armed insurgencies and boosting internally generated revenue (IGR). Also, the states recommended that more initiatives should be developed to reduce social tension, youth restiveness and reduce poverty, though admitted that different social investment programmes the federal government initiated might not end the crisis of unemployment. The states adopted these policy strategies in a communiqué they issued after a two-day meeting held at Renaissance Hotel, Ikeja,

calling for more collaboration and cooperation at both bilateral and multilateral levels amongst the APC states to ensure sustained development. The meeting was attended by 18 APC states, Director-General of Progressive Governors’ Forum (PGF), Dr. Salihu Lukman and the representative of the World Bank, Ms. Eme Essien Lore, Country Manager, Nigeria, International Finance Corporation (IFC), among others. The meeting, which was hosted by Lagos State Government, identified common issues of governance that could be replicated across all the APC states after key presentations on different initiatives. The communiqué, which was read by Secretary to Lagos State Government, Mr. Tunji Bello,

recommended the establishment of Security Trust Funds in APC states, citing its effectiveness in containing security threat, ensuring crime prevention and reducing violence in Lagos State. The communiqué acknowledged the efforts of the federal and states governments in tackling security issues in Nigeria, particularly the Boko Haram insurgency, though urged all APC states “to take more proactive actions regarding all security challenges.”

The communiqué, also, emphasised the need for enhanced resources, thereby advising all member-states “to restructure their IGR agencies and processes by adopting a private sector model and application of modern technologies to improve their revenue base.” It equally recognised the efforts of all APC state governments in infrastructural renewal and development, suggesting that more resources be deployed “to intra and interstate infrastructural

development to facilitate effective integration and easy movement of people, goods and services.” It canvassed the development of more initiatives to reduce social tension, youth restiveness and reduce poverty taking cognisance of different social investment programmes the federal government had rolled out to stem the incidence of unemployment. It sought cooperation at both bilateral and multilateral levels amongst the APC states “to promote

common focus that addresses the issues of agriculture more effectively. This will promote self-sufficiency in food production for all APC states and provide employment for the youths. “The meeting agreed to continually share information, ideas and knowledge through its quarterly meetings and the PGF secretariat to promote synergy across the member states and facilitate greater cooperation for sustainable development,” the communiqué said.

Presidency Denies Reduction in Buhari’s Work Load The presidency has said contrary to reports in some quarters, President Muhammadu Buhari had an engaging week devoted mostly to policy issues, not ceremonial events. The Senior Special Assistant on Media and Publicity to the president, Malam Garba Shehu, said this in Abuja yesterday. Shehu was reacting to media reports insinuating that the presidency had heavily cut down President Buhari’s workload since his return from London on March 10, to allow him rest. The reports, according to the News Agency of Nigeria (NAN), said the president “has spent just about three to four hours in office since his return to Nigeria,’’ adding that “the president has not attended any event outside the Presidential Villa since his return.’’ Shehu, however, debunked these assumptions, saying that “in the first week of his return, President Buhari walked his talk on his intense desire to pay back to Nigerians by way of keeping their trust and serving their interests. “His reply to the people for their support and trust is to work much harder for them.’’ According to him, the president did not have a day off or even a light week at all throughout his week of resumption. He added that, “I read those analyses and I believe they were mostly wrong. What they don’t understand is that the president doesn’t follow official working hours because he is on duty all the time. He has another office by his living room so he works from home when most civil servants have closed.’’ Shehu noted that the president, who resumed work on Monday 13, started with the letters he sent to the two arms of the parliament, signifying his return to work. He said the president then went in for a handover briefing by the Vice President. “They had a lot to discuss between themselves. “Although he gave specific mandates to the Acting President, he needed to be brought up to speed on the developments in the Supreme Court, the Niger Delta, the economy

with particular reference to the Economic Recovery and Growth Plan (ERGP) which was launched in his absence and programmes like the Small and Medium Enterprises Clinic which have strong connections to the agricultural strategy of the administration.’’ He disclosed that on Tuesday the president followed up his meeting with the vice-president, getting details from the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on the liquidity situation of the country, the issue of reserves and the outlook for the rest of the year. The presidential aide said the president then met with the leadership of the National Assembly led by Senate President, Bukola Saraki and the Speaker of the House of Representatives, Yakubu Dogara. “Those two arms have dealt with the issue of his vacation with great sensitivity.’’ He revealed that on Wednesday, the president presided at the Federal Executive Council (FEC), saying that “the president came well prepared for the meeting, appearing as if he had not been away for over a month. “The noticeable thing about the last meeting was that it dwelled on policy. The meeting didn’t discuss contracts.’’ Shehu further disclosed that on Thursday, the president had a joint sitting with the Chief of Staff, Abba Kyari, the Ministers of Finance, Kemi Adeosun and that of Budget and Planning, Udoma Udo-Udoma. He said that they discussed the country’s economic situation, the progress on the 2017 budget and liquidity issues. He observed that on the same day, President Buhari held a state-of-nation meeting with Governors who had assembled for the routine meeting of the National Economic Council (NEC) being presided over by the vice-president. Shehu noted that Friday was used mostly for security briefing before the Juma’at prayers. “The president has big ambitions for the country, driven by an intense desire to leave his mark on national affairs. This is as he said on his return two Fridays ago,’’ he added.

PROJECT INSPECTION

Minister of Power, Works and Housing, Mr. Babatunde Fashola (middle), flanked by the Taraba State Commissioner of Works and Transportation, Dr. Tafarki Eneme (right) and Managing Director, Moulds Nigeria Limited, Mr. Samuel Oyefemi, during the minister’s inspection tour of the completed Jalingo -Kona-Lau-Karim Lamido Road, Phase l built in partnership with the state government in Taraba State....weekend

36 STATE CHAIRMEN TO MEET IN ABUJA ON PDP CRISIS be seven governors…people to be nominated from the key institutions of the party. ‘’This is the convention template; seven governors, seven senators lead by the deputy Senate president who is the head of the caucus. 12 House of Representatives members lead by the House Minority Leader. Also, the Board of Trustee (BoT) will nominate six members one per zone; former ministers to nominate six one per zone. ‘’Former presiding officers of the National Assembly who are still with us to be automatic members; a number of them are with Makarfi. And the national vice chairmen of every zone of the party, all six of them and all these people are with Makarfi. ‘’And then we said the chapter chairmen, three of them per zone should be there, making 18 of them. Also we said six prominent women leaders, six prominent youth leaders are all institutions are with Makarfi,” he said. Dickson therefore, added that crisis within PDP is a political problem that requires political means to resolve it. However, Sheriff has initiated moves to stop the Supreme Court from hearing the appeal filed by the Ahmed Makarfi’s group challenging the judgment of the Court of Appeal which in a split decision said he was the authentic leader of the party. Sherriff has instructed his lawyer to filed a notice of dis continuance of the appeal filed by the Makarfi’s

group. The appeal with number SC.133/2017, was filed on February 27, 2017, in the name of the PDP by the Makarfi-led caretaker committee to challenge the February 17, 2017 judgment of the Port Harcourt Division of the Court of Appeal which in a narrow win restored Sheriff-led executive as the authentic leadership of the party. In a motion for discontinuance of the appeal before the Supreme Court, Sheriff and his National Secretary, Prof. Wale Oladipo, argued, among others said that any appeal in the name of the party could only authorised by them and that having not authorised the appeal to the Supreme Court, the appeal now pending before the apex court should be struck out. In a motion dated and filed before the Supreme Court on March 16, 2017, they also argued that there was no ground of law in support of the appeal. The application which was filed by Chief Akinlolu Olujinmi (SAN), contended that by virtue of the Court of Appeal’s judgment, Makarfi and other members of his faction were not the alter ego of the party and such were incompetent to institute any legal process in the name of the party. The motion said the Makarfi lacked the locus to continue to act in any capacity as the representative of the party. The court paper reads in part, “More importantly, however, the persons who have instigated the filing of the appeal and instructed

lawyers to act for the appellant (namely Senator Ahmed Makarfi, Senator Ben Obi, and Mr. Dayo Adeyeye, who continue to style and parade themselves as the ‘National Caretaker Committee of the PDP do not have the authority or power to do so. “Makarfi, Senator Ben Obi and Adeyeye, who seek to hide behind corporate veil of the PDP are, in fact, doing so in furtherance of disregard of the judgment of the lower court which clearly amounts to exposing the administration of justice to disrepute and public odium as evidenced by their utterances against the justices of the lower court after the delivery of the judgment of the lower court. “The corporate personality of the appellant can only be invoked by its legal alter ego, vide the National Working Committee/ National Executive Committee of the PDP, consisting of the first and second respondents (Sheriff and Oladipo) and other officers represented by them, not Makarfi, Obi, and Adeyeye who are not officers of the appellant (the PDP) at all, as confirmed by the judgment of the lower court .” In an affidavit filed in support of the motion, Oladipo who deposed to it, stated that a letter had been written to Olanipekun to stop acting as counsel for the PDP, adding that the duo of Mr. Lateef Fagbemi (SAN) and Dr. Alex Iziyon (SAN) had been appointed in his (Olanipekun’s) stead. The affidavit stated in part,

“The appropriate alter ego of the appellant and its moving minds (as authorised by the Constitution of the party and confirmed by the judgment and express order of the lower court, which required that parties revert to status quo as at the May 27, 2016, have now directed that a notice of discontinuance of this appeal be filed and instructed Fagbemi and Dr. Alex Iziyon to act as counsel for the appellant (PDP) to effect the will of the appellant as expressed in the said notice of discontinuance. “Copies of the constitution of the appellant and letters of instruction to Prince Fagbemi (SAN) and Dr. Iziyon (SAN) are attached hereto as Exhibits AS 12, 13 and 14 respectively. “I also know that as a fact that a letter was also written to Olanipekun requiring him to stop acting as counsel for the PDP as he was never authorised by the Chairman of the PDP appeal. “The said Makarfi, Obi and Adeyeye have so demonstrated disrespect for the judicial process and rejudged the proceedings before this honourable court by their utterances. “I know as a fact that the PDP has not authorised anyone, including Olanipekun to file any appeal against the judgment of the lower court delivered on February 17, 2017.” Respondents to the appeal by the Makarfi-led faction’s PDP are Sheriff, Oladipo, Independent National Electoral Commission (INEC), the Inspector-General of Police and the State Security Service.

T H I S D AY MONDAY MARCH 20, 2017

MONDAY MARCH 20, 2017 • T H I S D AY

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Keshi: South Africa’s Political Elite Fuelling Xenophobia Attacks against Nigerians, Others Editors condemn attacks Paul Obi in Abuja Former Nigerian Ambassador to the United States and Charge d’Affaires, Nigerian Embassy, The Netherlands, Ambassador Joe Keshi, yesterday said the increasing cases of attacks by South African youths on Nigerians and other African citizens was due to South Africa’s political elite fuelling xenophobic attacks against other nationals in that country. Keshi spoke in an interview with Arise News in Abuja, stating that, the situation is also part of the gang war across South Africa. “The main reason for this is that; I try to explain it to people that during apartheid, South Africans were in control of the territory, now, foreigners have taken over the territory. For South Africans, it is a loss. “You also have the political elite fuelling the situation, with their comments; so-called the rise of nationalism all over the world today, also helps to fuel the situation. “There is also the issue of unemployment, to them, some foreigners have taken their jobs. There is a bit of gang war,” Keshi said. He explained: “It’s a combination of both criminality and anger; there are criminals on the streets trying

to take control, when you have this kind situation, certainly, people will capitalise on it to do what they want to do.” Keshi applauded the move by the Nigerian government to intervene in the matter, stating that, “both countries need to find a solution to the problem.” He urged Nigerians living in South Africa to “establish early warning systems and share same with the South African Police.” Keshi added that notwithstanding the complexity of security agencies in that country, there was need for Nigerians resident in that country to set up a response mechanism to the crisis. Meanwhile, the Nigerian Guild of Editors (NGE) has condemned the continuous xenophobic attacks on Nigerians in South Africa. NGE made this known at the weekend in Oshogbo, Osun State at the end of its standing committee meeting where issues concerning the guild and the country were deliberated The guild said it particularly condemned the continuous xenophobic attacks on Nigerians and other African nationals in South Africa and resolved that the Nigerian government should be more responsive in protecting her citizens in foreign countries. “The government, should as a

matter of national interest apply the country’s foreign policy of reciprocity that affects mutual relations between Nigeria and other countries. The Editors are dismayed at the conspiratorial silence of senior South African nationalists, who know the enormous contributions of Nigeria to the emergence of the Independent South Africa.

The South African Institute of International Affairs records that Nigeria spent a whopping $61 billion between 1960 and 1995 in the fight against apartheid,” the guild said in a statement signed by NGE President, Funke Egbomode and General Secretary, Victoria Ibanga respectively. It said it was not unmindful

of the fact that South Africans are in Nigeria running successful businesses and, therefore, the violent actions of South Africans could push Nigerians into retaliation; “just as Nigerians are passionate about protecting their South African friends, they can also be passionate in protecting their own nationals.” The guild, however, enjoined

Nigerians resident in South Africa to remain calm, law-abiding and continue to go about their legitimate businesses even in the face of provocation, adding that it appreciated Governor Rauf Aregbesola, the government and good people of the state of Osun, for their support in hosting the Editors’ Standing Committee meeting.

World Bank Announces Record $57bn for Sub-Saharan Africa Following a meeting with G20 finance ministers and central bank governors, World Bank Group President, Jim Yong Kim, yesterday announced a record $57 billion in financing for sub-Saharan African countries over the next three fiscal years. Kim then left on a trip to Rwanda and Tanzania to emphasise the bank’s support for the entire region. The bulk of the financing - $45 billion - will come from the International Development Association (IDA), the bank’s fund for the poorest countries. The financing for sub-Saharan Africa also would include an estimated $8 billion in private sector investments from the International Finance Corporation (IFC), a private sector arm of the bank group, and $4 billion

in financing from International Bank for Reconstruction and Development, its non-concessional public sector arm. In December, development partners agreed to a record $75 billion for IDA, a dramatic increase based on an innovative move to blend donor contributions to IDA with World Bank Group internal resources, and with funds raised through capital markets. Sixty per cent of the IDA financing is expected to go to sub-Saharan Africa, home to more than half of the countries eligible for IDA financing. This funding is available for the period known as IDA18, which runs from July 1, 2017, to June 30, 2020. “This represents an unprecedented opportunity to change the development trajectory

of the countries in the region,” Kim said. “With this commitment, we will work with our clients to substantially expand programmes in education, basic health services, clean water and sanitation, agriculture, business climate, infrastructure, and institutional reform.” The IDA financing for operations in Africa will be critical to addressing roadblocks that prevent the region from reaching its potential. To support countries’ development priorities, scaled-up investments will focus on tackling conflict, fragility, and violence; building resilience to crises including forced displacement, climate change, and pandemics; and reducing gender inequality. Efforts will also promote governance and institution building, as well as

jobs and economic transformation. “This financing will help African countries continue to grow, create opportunities for their citizens, and build resilience to shocks and crises,” Kim said. While much of the estimated $45 billion in IDA financing will be dedicated to country-specific programs, significant amounts will be available through special “windows” to finance regional initiatives and transformative projects, support refugees and their host communities, and help countries in the aftermath of crises. This will be complemented by a newly established Private Sector Window (PSW)-especially important in Africa, where many sound investments go untapped due to lack of capital and perceived risks.

MONDAY MARCH 20, 2017 • T H I S D AY

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Capital Oil Accuses NNPC of Consistent Breach of Contract Seeks account reconciliation with corporation Ejiofor Alike Capital Oil and Gas Limited has accused the Nigerian National Petroleum Corporation (NNPC) of consistent breach of contractual agreement, saying the allegation by the corporation that it could not access over 100 million litres of petrol stored in the company’s depot was a calculated attempt to stifle and strangulate the private company. The company said in a statement yesterday that it had earlier reported this act of strangulation to the Senate in a petition against the NNPC, which was read on the floor of the Senate on March 8, 2017, adding that it had also submitted a similar petition against the NNPC to the Economic and Financial Crimes Commission (EFCC), as well as the Department of State Services (DSS). Capital Oil has also called for account reconciliation with the NNPC, stressing that the corporation is indebted to it for services rendered to it at very critical periods to salvage nationwide fuel scarcity since 2015, which amounted to millions of dollars and billions of Naira. The company further alleged that the NNPC also failed to

deliver petroleum products, which it had duly paid for. It also revealed that it had trucked out over seven billion litres of petroleum products for the NNPC over the last few years, thus making the company their biggest partner in the downstream sector of Nigeria’s oil and gas industry. “NNPC has a subsisting contract with our company which is on throughput basis. The corporation has consistently been in breach and default of our contractual agreement by owing us money for services rendered. Payments from NNPC for services rendered by our company have consistently been delayed for periods spanning over one year and remains unpaid till date. Currently, NNPC owes us for services rendered to the corporation at very critical periods to salvage nationwide fuel scarcity since 2015 (more than two years now) amounting to millions of Dollars and billions of Naira,” Capital Oil explained. The company added that it had written several letters to the NNPC, requesting for outstanding payments and products it had duly paid for. “Rather than honour our

request, we are shocked that the Corporation had resorted to this needless campaign of calumny while refusing to make payments and deliver our products to us till date. We respect the fact that NNPC is our biggest partner in the downstream sector and we have always stood by the Corporation especially in times of national emergencies (product scarcity). We have proudly rendered intervention services at all critical times in the life of our nation. It is on record that few months ago, when the same NNPC had a serious break in its supply chain and in a bid to avert an imminent national scarcity, Capital Oil & Gas Industries Limited lent the Corporation millions of product to close the gap,” the company added. NNPC’s spokesman, Mr. Ndu Ughamadu, had said in a statement at the weekend that the corporation had reported Capital Oil to the DSS and EFCC for illegal sale of about 100 million litres of petrol that belongs to the corporation, which was stored in the private company’s depot. Ughamadu said the involvement of DSS and EFCC was part of measures to achieve full recovery of the product or its cash equivalent.

Medical Doctor Jumps into Lagos Lagoon Chiemelie Ezeobi For reasons yet-to-be ascertained, a medical doctor, identified as Dr. Orji, yesterday stopped his vehicle on the Third Mainland Bridge and jumped into the lagoon. It was gathered that the doctor, who was driven by his driver, had ordered him to park his Pathfinder Nissan Sports Utility Vehicle (SUV) marked LND476EE on the bridge, before taking over the steering. The deceased, who was said to be returning from church, had taken back the car keys from the driver at Adeniji Adele, drove a few metres and then parked before jumping into the lagoon. As at 7p.m., operatives of the Lagos State Rapid Response Squad (RRS) and the Marine Police Unit were still battling to rescue him. Already, the police have deployed boats and drones in the search and rescue mission.

Confirming the incident, the General Manager, Lagos State Emergency Management Agency (LASEMA), Mr. Adesina Tiamiyu, said proper investigation would be conducted on the incident by the appropriate authorities. He said: “The agency received a distress call of a man who parked his grey coloured Nissan SUV with registration number LND 476 EE at about 4.50p.m. on Sunday, around Adekunle, inward Third Mainland Bridge and jumped into the Lagos lagoon. “Preliminary investigation at the scene revealed that the man said to be medical doctor, and named Orji who was said to be driven by his driver, suddenly ordered him (driver) to pull over, got down from the car and suddenly jumped into the water from the bridge. “The vehicle and driver have been taken to Adeniji Adele Poice

Victim’s car Station for further investigation, while effort is ongoing to recover his body from the lagoon.”

Naira to Appreciate Further as CBN Boosts Forex Sale The naira is set to appreciate further in the week as the Central Bank of Nigeria (CBN) plans to inject more foreign exchange (forex) into the market to meet the requests of genuine customers. The spokesman of CBN, Mr. Isaac Okorafor, said this yesterday in Lagos. The News Agency of Nigeria (NAN) reported that the CBN has so far kept to its promise of continuing

to supply enough forex to guarantee liquidity in the market. The statement said the bank was committed to ensuring that authorised dealers get sufficient supply to meet the demands of authentic customers of banks. It disclosed that the bank has since February offered over one billion dollars to the interbank forex market. The central bank expressed

optimism that stability had been restored to the forex market. According to the statement, individuals can easily access forex to address personal and business allowances. A summary of the CBN intervention in the interbank market over the past two months, showed that the highest bid was N360 per dollar while the lowest was N315 per dollar.

T H I S D AY • MONDAY MARCH 20, 2017

MONDAYSPORTS

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

CAF LEAGUE

Rangers Flop against Zamalek, Drop to Confed Play off

Femi Solaja with agency report Nigeria’s last team standing in this year’s CAF Confederation Cup, Rangers International FC of Enugu failed in the bid to cancel out Zamalek of Egypt 3-0 advantage from the first leg in Cairo. Though the Flying Antelopes defeated Zamalek 2-1 yesterday at the Nnamdi Azikiwe Stadium in Enugu, it was not enough to guarantee the Nigerian league champions passage to the money spinning group stage. Zamalek progressed on 5-3 aggregate. Nigeria’s other representative in the CAF Champions League, Rivers United had earlier suffered similar fate on Saturday with a humiliating 0-4 loss to El Merriekh of Sudan in Khartoum. That defeat cancelled out the 3-0 advantage achieved by the Rivers State owned team last week in Port Harcourt. By this result, both teams have dropped into the playoff of the second tier CAF Confederation Cup. At the Nnamdi Azikwe Stadium, Zamalek stopped all the early incursions made by Rangers despite gaining control of the game. Tope Olusesi fired the home side into the lead on the stroke of half-time thus needing two more goals to reach the group

stage of the champions league. Zamalek goalkeeper Mahmoud Abdel Rahim, who is better known as Genesh, pulled off a double save after restart as Rangers continued their dominance. With his side trailing, Mohammed Helmy, the Zamalek coach, introduced striker Bassem Morsy in the 62nd minute as the visitors looked to equalise. The Egypt international made an immediate impact as he scored to level matters against Rangers eight minutes later. However, Rangers pushed forward in search of another goal in order to restore their lead and they were awarded a penalty with fifteen minutes left on the clock. Godwin Aguda then stepped up and fire past Genesh to make it 2-1 for Rangers. But Zamalek stood firm at the back till the dying minutes. Rangers could not celebrate the 2-1 victory as it could not guarantee them progress. Elsewhere yesterday, defending champions, TP Mazembe of the Democratic Republic of Congo suffered a shock exit from the competition losing on the away-goals ruling to Zimbabwe’s CAPS United in Harare. Mazembe were under pressure after being held to a 1-1 draw in the first leg of

Zamalek players celebrating advancing to the group stage of the CAF Champions League yesterday in Enugu their last-32 tie at home in Lubumbashi last weekend The away-goal proved to be crucial for CAPS United who withstood the pressure from Mazembe in the second leg in Harare, earning a 0-0 draw. Mazembe, who won the

African Champions League in 2015, were left frustrated by the Zimbabwean underdogs in their search for a goal. As in the first leg in Lubumbashi, CAPS United’s goalkeeper, Edmore Sibanda, stood firm to deny the DR Congo giants a chance to score.

Like Rangers and Rivers United, Mazembe has now dropped into the Confederation Cup play-off round, where they will look to defend the title they won in 2016. The result is a huge accomplishment for CAPS

United of Zimbabwe who has returned to the Champions League after an 11-year absence. The Zimbabwean team will now enter the group phase of the tournament which has been expanded from eight to 16 clubs.

CAF Elections: Okowa, Sports N P F L … N P F L … N P F L … Veterans Hail Pinnick’s Victory MFM Picks Maximum Points against Leaders Plateau United

Delta State Governor, Senator Ifeanyi Okowa, has congratulated President of the Nigeria Football Federation (NFF), Mr. Amaju Pinnick, on his election victory last Thursday as a member of the Executive Committee of the Confederation of African Football (CAF). In a statement issued in Asaba on Saturday by his Chief Press Secretary, Charles Aniagwu, Governor Okowa extolled Pinnick’s contribution to the round leather game in Nigeria culminating in his election as a member of Executive Committee of CAF. Okowa noted that Pinnick’s firm belief in revolutionising football administration in Nigeria has paid off by his achievements since he was elected as NFF President in 2014. “On behalf of the government and people of Delta State, I congratulate you, an illustrious son of Delta State, Mr Amaju Pinnick, on your election into the Executive Committee of the Confederation of African Football (CAF). “Your election into the CAF Executive Committee no doubt is a realisation of your long standing belief in revolutionising football administration globally. “It is our prayer that your partnership with FIFA President Gianni Infantino and new CAF President, Ahmad Ahmad, will further lead to the growth of football in Nigeria, Africa and beyond,” the governor stated. Similarly, President of the

Association of Sports Veterans of Nigerian Chief J. B Ogufere said yesterday that with time, Nigerians will come to appreciate the feat achieved by Pinnick as Executive Committee Member of CAF. “ For most of us, it may be superficial, the winning of another election, but with time we will come to realize that for getting through the narrow doors of CAF and emerging as a member of the Executive Committee Nigerian football will be better off. “It is at that level that football is ruled. It is on that table that decisions are taken and if you are not in the inner circle, you are not in the inner circle,” stressed Ogufere. The one time Board member of the NFA and President of the West African Football Union (WAFU) said for President Pinnick to emerge only the third Nigerian to sit on the Executive Committee of CAF in 60 years is worthy of praise and commendation. “This was a victory achieved against all odds, a study in determination and conviction. We applaud him.” The Veterans boss also noticed that with support he is likely to get from the FIFA and CAF presidents, the Nigerian football boss should not waste time in placing first his country and his continent on a favourable pedestal as regards the development and propagation of the game.

Mountain of Fire Miracles Ministries (MFM) FC Head Coach, Fidelis IIechukwu, has commended Plateau United’s performance in their Nigerian Professional Football League (NPFL) clash yesterday. The Olukoya Boys defeated the Jos Elephants 2-1 in Sunday’s NPFL Match-day 14 clash at the Agege Township Stadium in Lagos. The win against the Jos side takes MFM FC’s total

earning to 24, one behind leaders Plateau United with a match in hand against Rivers United. A brace from 10-goal talisman Stephen Odey guaranteed the Lagos outfit the maximum points while Joshua Obaje scored the consolation for the Tin City side. IIechukwu said he will continue to field his talisman as far as he is fit and healthy

for matches. “Yes, we expected the tough challenge from Plateau United, they are good side with a quality coach in Kennedy Boboye. “I’m excited we were able to amass the three points at stake in the clash at the expense of Plateau United. “The victory is quite crucial on our dreamed plot to take over the leadership of the top-flight.”

RESULTS

Tornadoes 1-0 Akwa Utd ABS 1-1 Enyimba Lobi 0-0 Nasarawa Wikki 2-1 Katsina Utd Pillars 2-0 Gombe Ifeanyiubah 3-2 El Kanemi Shooting 0-0 Abia Warriors MFM FC 2-1 Plateau Utd

IBB Matchplay: Mark, Ekwueme Youth Sports Festival Excites Savour Mixed Doubles Win Gov Udom Emmanuel

Olawale Ajimotokan in Abuja

The pairing of Senator David Mark and Ekanem Ekwueme has emerged the winners of the mixed doubles event of the 2017 edition of IBB Club Matchplay Championship. The paring, matched in blazing red colours, was stretched to the limits by Banjo Obaleye and Grace Ihonvbere, who only conceded victory on the first sudden death hole after the regular 18-hole was deadlocked. The club matchplay tournament played as elimination series, started several weeks ago, with many players staking their golfing credentials. A fairly large crowd of enthusiasts cheered the players in the fiercely entertaining

showdown played on a hot afternoon on the IBB Golf course, Abuja. Mark, the former president of the Nigerian Senate and Mrs Ekwueme, the Vice President of Ladies Golfers Association of Nigeria (LGAN) Northern Zone, were among the individuals whose persistence paid off with glistering silverwares. Teddy Jones was in complete control when he crushed Abel Abia-Bassey 4&3 to annex the men singles title in a straight showdown that ended on hole 15. The men’s doubles was won by Gen. R. Choba and Prof. Iyochar Ayu, who turned the table against Tola Atoyebi and Sola Adebayo, a commodore in the Nigerian Navy.

All sports roads in Uyo will tomorrow lead to the Civil Service Auditorium, where Governor Udom Emmanuel of Akwa Ibom State will preside over the draw ceremony of the First ever Akwa Ibom State Youth Sports Festival. The first of its kind in the federation, the “Youth Olympics” involves students in primary and secondary schools in 25 sports and has attracted over 6,000 entries from the 31 Local Government Councils of the state. In a press conference jointly addressed by the Commissioners for Sports, Information and Education, Sir Monday Uko was full of appreciation for Governor Udom “for the opportunity given to the youths of Akwa

Ibom to bring their latent talent to the fore.” The youth and sports commissioner disclosed that immediately after the Brazil Olympics in Rio 2016, Gov Emmanuel voiced his displeasure over Nigeria’s inability to do well on global stage and attributed same to the neglect of sports at the grassroots, especially schools. The commissioners regretted the disappearance of traditional games masters and games mistresses in schools which impacts negatively on the sports interests of the students and inter house sports in schools. “In our days, inter house sports was something to look out for. Today, only private schools have sustained the legacy and it is not right.”

Monday March 20, 2017

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MISSILE Senate to CGC “Anybody can dress in mufti and call himself the CG. The comptroller general is a rank and if the rank is not here, I don’t know who is before us” – Senator Olamilekan Solomon Adeola (Lagos West) chastising the Comptroller General of Customs Service, Col Hameed Ali (rtd) for his refusal to wear the service’s uniform.

BENMURRAYBRUCE MAKING COMMON SENSE

ben.murraybruce@thisdaylive.com

How PDP Can Avoid Mutually Assured Destruction

e in the political class spend too much time politicking and too little time governing. And this is not a challenge for the ruling All Progressive Congress alone. We in the Peoples Democratic Party also have our challenges in this regard. We are too fixated with the leadership struggle between Ali Modu Sheriff and Ahmed Makarfi and this is just needless. We should not be merely addressing the problem. No. We should be identifying its solutions. Unlike the ruling APC, the PDP years in power were years of obedience to court rulings. We cannot learn a new strategy now. Inasmuch as the court has ruled that Sheriff is the authentic PDP Chairman we must do what Maya Angelou said: If you don’t like something, change it. If you can’t change it, change your attitude. It is wise to understand that what cannot be avoided must be endured. As a party, the PDP must focus on changing its leadership rather than fixate on fighting that leadership and the ONLY way that can be done is through the instrumentality of a National Convention. Let us accept a date for the Convention, go there and whoever believes he is strong enough should test that strength there. There are elections coming up soon in Anambra, Osun and Ekiti states. The best predictor of the future is the past. Look at what happened to us first in Edo and then in Ondo. Elections that we could have easily won if we were united were lost because of our disunity which made us dissipate our strength. As I have previously said, some of us as Nigerians have a distorted view of leadership. It is not necessary for you to like someone before you are able to work with that person. I do not have to like whoever the court or the National Convention throws up before I can work with that person. Let me give an ecclesiastical example. God does not like sinners. He hates sin and dislikes sinners. But even though He does not like sinners, He still loves sinners of which I am one. Nothing can separate us from the love of God but something can separate us from being liked by Him. That is the same way we must approach the Sheriff/Makarfi conundrum. If we do not take this stance and we keep backing one or the other, what will end up happening is that we will cancel out each other. How do I mean? Well consider that both Sheriff and Makarfi are ex Governors of some of the biggest and most populous states in Nigeria. They both have a huge following in those states. They both have made in roads into other states around the country. They are both well connected to men of influence within and without Nigeria. If they have to fight each other, it is very unlikely that either one will be able to deal the other a knock out punch. That being the case, what will ensue will be a war

Sheriff

Makarfi

of attrition resulting in a scorched earth policy that will end in Mutually Assured Destruction. Is this what we want? The PDP must remember that when two brothers fight to the death, it is their neighbor (APC) that inherits their property. That neighbor has inherited Edo and Ondo states and is salivating at Anambra, Osun and Ekiti. Only our unity can put an end to his plans. As a party, we must be smart enough to know that it is better to be united than to be right in an argument. What we should be doing at this point in our evolution from ruling party to opposition party is to prove to Nigerians that the PDP is still the best generator for ideas that can help Nigeria get out of recession and thrive economically. We should be offering alternative ideas to the government’s policies. We should be

telling our people the alternative means by which we can source for the $30 billion this administration wants to borrow. We should be suggesting alternatives to the multiple exchange rates we have and remind Nigerians how we were able to

maintain a stable exchange rate for four years. There is life beyond Sheriff and Makarfi. Ben Murray-Bruce, Sheriff and Makarfi will pass away at a date appointed by God but God willing, the PDP does not have to pass away. It is way too big to fail. So why don’t we all (and when I say all, I mean all, including outside forces that may be feeding the frenzy) pause and consider the big picture? I believe the reason we have not previously taken in the big picture is because our individual egos has persuaded us that whoever we support is the big picture and when you think you are the big picture, you cannot see the actual big picture. What then is the big picture? Well, the only democracies that have endured are multi party or bi partisan democracies. History has proved that a one party democracy is not a lasting democracy. Democracy is at stage here. Let us take in this big picture and allow reason and due process take their course because after all, there must first of all be a cake before we can even talk of having a piece of it. Ben Murray-Bruce is the Founder of the Silverbird Entertainment Group and the Senator representing Bayelsa East in the National Assembly.

If they have to fight each other, it is very unlikely that either one will be able to deal the other a knock out punch. That being the case, what will ensue will be a war of attrition resulting in a scorched earth policy that will end in Mutually Assured Destruction. Is this what we want?

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