Monday 15th May 2017

Justice Ademola Asks NJC to Allow Him to Resume Sitting Tobi Soniyi A judge of the Federal High Court, Justice Adeniyi Ademola who was recently discharged of corruption charges has written to the Chief Justice of Nigeria (CJN) and Chairman of the National Judicial Council (NJC), Justice Walter Onnoghen, asking that he be allowed to return to

work.

A source at the NJC informed THISDAY that the letter to the CJN, titled, ‘Re: Request for the Suspension of indicted Judicial Officers,’ was routed through the Chief Judge of the Federal High Court, Justice Ibrahim Auta recently.

The source said the CJN was yet to take a decision on the letter, but may be waiting for a meeting of the NJC where it will be tabled for the council’s consideration.

Justice Ademola was one of seven judges whose residences were raided and subsequently

arrested by operatives of the Department of State Services (DSS) last October for alleged corruption.

The judges, save for Justice Inyang Okoro of the Supreme Court, were then arraigned by the federal government on various corruption charges.

However, before their arraignment, the NJC, bowing to public pressure, had asked Justice Ademola and two other judges to stop presiding over cases until they had been cleared of the corruption allegations.

But on April 5th, Justice

11 Persons Killed by Boko Haram in Maiduguri ... Page 75

Jude Okeke of the Abuja High Court discharged Ademola, his wife, Olabowale and Joe Agi (SAN) who were charged with receiving gratification, diversion of huge sums of money, and illegal possession of firearms.

After the prosecution led its evidence, the accused persons Continued on page 8

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Stock Market Surges 12% in Three Weeks on Rising Investor Confidence in FX Window Nigeria’s monthly FX inflow dropped to $2.61bn in January Goddy Egene and Obinna Chima From being the worst performing market among its emerging market peers, the Nigerian equities market has made record gains for three weeks in a row, surging by 11.9 per cent, following renewed demand for stocks by foreign portfolio and domestic investors on the back of introduction of the new foreign exchange window for investors and exporters by

the Central Bank of Nigeria (CBN).

In a bid to boost liquidity in the forex market, the CBN introduced the window last April that allows market participants to determine the exchange rate of the naira on a willing buyer, willing seller basis.

But to promote liquidity and professional market conduct, the central bank may from time to time participate in Continued on page 8

FG: Four Chibok Girls’ Babies in Our Custody Olawale Ajimotokan in Abuja The federal government has confirmed that it has four babies born by the female students of Government Secondary School, Chibok, Borno State, who were kidnapped from their school dormitory three years ago by Boko Haram insurgents, in its custody.

Making this known yesterday, the government also opened up on the rehabilitation and reintegration programmes it is providing for the 106 Chibok schoolgirls

who were either freed or had escaped from their captors, adding that it has concluded arrangements to reunite the 82 girls who were released recently with their parents this week.

Two hundred and seventy six students of the school in Chibok were abducted on April 14, 2014, sparking a global outcry and push for their rescue and return to their parents.

Fifty-seven of the girls escaped from captivity in the Continued on page 8

STERLING BANK MEETS ITS SHAREHOLDERS… L-R: Managing Director/CEO, Sterling Bank Plc, Mr. Yemi Adeola; Chairman, Sterling Bank, Mr. Asue Ighodalo; and Company Secretary, Sterling Bank, Mrs. Justina Lewa, during the bank’s 55th Annual General Meeting, held in Lagos… recently

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PAGE EIGHT STOCK MARKET SURGES 12% IN THREE WEEKS ON RISING INVESTOR CONFIDENCE IN FX WINDOW the market.

Transactions under the new window include invisible transactions such as loan repayments, loan interest payments, dividends/ income remittances, capital repatriation, management service fees, consultancy fees, software subscription fees, technology transfer agreements, personal home remittances and any such other eligible transactions including “miscellaneous payments� as detailed under Memorandum 15 of the CBN Foreign Exchange Manual.

CBN, however, excluded international airlines ticket sales’ remittances.

Following the introduction of the new window for investors and exports, the Nigerian Stock Exchange (NSE) All-Share Index has spiked by 11.92 per cent in the last three weeks, from 25,189.27 to close at 28,192.46 last Friday, while market capitalisation gained N1.03 trillion or 11.81 per cent, from N8.716 trillion to N9.741 trillion.

The volume and value of trading also witnessed unprecedented gains, as investors traded 5.742 billion shares valued at N48.848 billion in 158,346 deals in three weeks.

A breakdown of the market’s performance showed that in the week ended April 28, 2017, the index rose by 2.26 per cent to close at 25,758.51, while market capitalisation closed at N8.913 trillion. Investors exchanged 1.33 billion shares valued at N9.671 billion in 16,300 deals.

The second week of the bullish trading saw the index rise by 1.85 per cent to close at 26,235.63, just as market capitalisation closed higher at N9.069 trillion. In the week, which ended May 5, investors also exchanged 1.154 billion shares worth N10.439 billion.

However, the market made record-breaking gains last week when the index surged by 7.46 per cent to close at 28,192.46, while market capitalisation rose to N9.741 trillion. Equally, the volume of trading jumped to 3.255 billion shares valued at N28,738 billion in 25,370 deals.

With the gains recorded last week, the year-to-date performance of the Nigerian

bourse swung into the positive territory, appreciating by 4.9 per cent.

Commenting, analysts at Cordros Capital Limited said they sensed improved investor appetite for risk assets on the Nigerian bourse, judging by market activity in the past three weeks, and more specifically the spike in the number of deals and the volume of shares traded last week.

They linked the performance to reduced apprehension in the macroeconomic environment, impressive full year 2016 and 2017 first quarter (Q1) results of highly capitalised companies, as well as increased confidence and liquidity in the forex market.

Supporting this assessment, analysts at Afrinvest (W.A) said foreign investors’ appetite for Nigerian assets had waned significantly on the back of the currency crisis, which in turn had fundamentally weakened macroeconomic environment, dragged corporate earnings, and impacted negatively on the equities market. “However, in April, investor sentiment strengthened following the commencement of the Investors’ & Exporters’ (I&E) FX window which signalled a possible return of flexibility in forex rate determination, though multiplicity of rates at the official window is still a concern. “Additionally, recent improvements in global oil prices above the $45/b mark, improvement in domestic production currently above 2.0mbpd, fiscal responsiveness – including the release of the EGRP (Economic Growth and Recovery Plan), the successful issuance of US$1.5 billion Eurobond, passage of the 2017 budget, and improvement in the manufacturing PMI, suggest a possible rebound in economic activities from Q2 2017,� they said.

Afrinvest explained that the NSE benchmark index recorded a decline on only two trading days since the launch of the FX window while appreciating 11.9 per cent post-launch, with YTD returns improving to 4.9 per cent last Friday.

Meanwhile, the CBN yesterday assured market participants of its continued

intervention in the interbank FX market.

The Bank said that it was determined to ensure that the gains made in recent weeks, with respect to the stability of the exchange rate, were not eroded.

While explaining that the central bank did not make major interventions throughout last week because there was forex glut in the system, a CBN source said that the Bank would continue to make the necessary interventions to ensure the stability of the naira.

The source further disclosed that the windows established by the CBN for small and medium enterprises (SMEs) as well as for investors and exporters were yielding the desired results by providing access to forex and easing pressure on the market.

Speaking on the matter, CBN spokesman, Isaac Okorafor reiterated the Bank’s commitment to ensure that there is enough supply of forex to genuine customers to achieve the forex rate convergence in the market.

The CBN, in its economic report for January which was released at the weekend, also indicated that Nigeria’s forex inflow through the Bank fell by 23 per cent to $2.61 billion in January 2017, compared with $3.21 billion in the preceding month.

But the report stated that the FX inflow recorded in the month under review recorded an increase of 96 per cent, relative to the inflow in the corresponding period in 2016.

Clearly, the significant increase in FX inflow was one of the factors that emboldened the CBN in its interventions in the market since February this year, resulting in a 27 per cent appreciation of the naira on the parallel market.

According to the report, despite the gradual recovery of oil prices in January 2017, external sector performance was weak during the month, mainly due to reduced inflow through the Current Account.

Also, inflow through the Capital and Financial Account was constrained, on account of low expectations of the increased flexibility of the naira exchange rate and the gradual increase of interest rates in developing countries.

However, the drop in inflows relative to the preceding month was attributed to the fall in other official receipts during the month under review. “Aggregate outflow through the CBN, at US$1.06 billion, declined by 28.1 per cent and 37.4 per cent below the levels in the preceding month and the corresponding period of 2016, respectively. “The development was due largely to the decline in interbank utilisation. Overall, a net inflow of US$1.55 billion was recorded through the CBN, in contrast to the net outflow of US$1.92 billion in the preceding month. “Aggregate foreign exchange inflow into the economy was US$4.75 billion in January 2017. This represented 39.3 per cent and 11.6 per cent declines below the levels at end-December 2016 and the corresponding month of 2016, respectively. “The development relative to the preceding month reflected the decline in inflow through both the Bank and autonomous sources. Inflow through the CBN and autonomous sources accounted for 54.9 per cent and 45.1 per cent, respectively. “Non-oil sector inflow, at US$1.99 billion (41.9 per cent of the total), fell by 26.0 per cent, below the level in the preceding month. Autonomous inflow, also declined by 51.7 per cent, below the preceding month’s level. “Aggregate foreign exchange outflow from the economy, at US$1.23 billion, declined by 31.4 per cent and 35.8 per cent, below the levels in the preceding month and the corresponding month of 2016, respectively. “Thus, foreign exchange flows through the economy, resulted in a net inflow of US$3.52 billion in the reviewed month, compared with US$6.02 billion and US$3.45 billion in December 2016 and the corresponding month of 2016, respectively,� it added.

Furthermore, the report showed that improvement in domestic production recorded in the preceding month was sustained in the reviewed month, following reduced disruption to oil production by militants and repairs of previously damaged oil

installations.

It pointed out that the exemption of Nigeria from the production-cut agreement

by OPEC and 11 non-OPEC countries also provided the opportunity to ramp-up production. “Consequently, Nigeria’s crude oil production, including condensates and natural gas liquids stood at an average of 1.57 million barrels per day (mbpd) or 48.67 million barrels (mb) in the reviewed month. “This represented an increase of 0.03mbpd or 1.95 per cent above the average of 1.54mbpd or 47.74mb recorded in the preceding month. Crude oil export stood at 1.12mbpd or 34.72mb, representing an increase of 2.75 per cent, compared with 1.09mbpd or 33.79mb in the preceding month. “Allocation of crude oil for domestic consumption remained at 0.45mbpd or 13.95mb during the reviewed period. “To accelerate the rebalancing of the global oil market, the production adjustment agreement between 11 non-OPEC oil producers with 13 OPEC member countries took effect from Jan 1, 2017. “Consequently, there was a marginal price increase in global oil prices due to the gains of the cooperation. “The average spot price of Nigeria’s reference crude, Bonny Light (37° API), rose from US$54.10 per barrel in December 2016 to US$55.10 per barrel in January 2017, representing an increase of 1.85 per cent. “UK Brent at $54.41/b, Forcados at $54.81/b and the WTI at $53.35, exhibited similar trends as the Bonny Light,� the report stated.

Nevertheless, federallycollected revenue (gross) at N424.92 billion in January 2017, was lower than both the provisional monthly budget estimate and the receipt in December 2016 by 46.4 and 15.3 per cent, respectively, the report revealed.

The shortfall in federallycollected revenue (gross) relative to the preceding month’s level was attributed to the decline in receipts from both oil and non-oil revenue sources.

Gross oil receipts at N212.32

comprising psychological counselling and care, remedial education, vocational training (skills like catering and tailoring) as well as sports and recreation (football and handball). “In addition to the girls there are four babies, also in the care of the government.

All four babies belong to mothers within the batch of 24,� it added.

It described as absolutely false, claims that the parents of the girls had been denied access to them or that the girls were being held against their wishes.

It stressed that those who had complained about not having access to the girls were either community people or activists who have no filial or direct relationships with the girls. “The girls and their parents have made it clear that they wish to remain under the care of the federal government in Abuja at this

time. “The girls are all in high spirits and are enthusiastic about taking advantage of this opportunity for education and selfdevelopment. “At no point have they or will they be compelled to remain in the care of the government against their will. At the end of the reintegration programme, the girls will take up federal government scholarships for the completion of their secondary education. “The recently released 82 girls will enjoy the same opportunities accorded the 24 previously rescued girls. “The girls’ families are regularly in Abuja to see them. Chibok girls are high-profile targets and the government is taking the utmost care to ensure their security and safety. “The girls have also been scheduled for quarterly visits back home to Chibok, subject to security clearance

by the authorities,� the statement said.

The government recalled that the girls visited Chibok during the Christmas holiday and were due to return at Easter, but the security condition at home did not make the visit conducive in April. “Instead their families travelled to Abuja to see them. “Also note that the persons complaining about being denied access to the 21 girls are not their biological parents or guardians. We are very careful who we grant access to, to see the girls. “We will only grant access to their biological parents and/or direct guardians and not community members, both for security and for psychological reasons. “We do not want people to keep asking them questions that will make them relive the horrible experiences they had while in captivity,� the government said.

billion or 50.0 per cent of total revenue fell below the provisional monthly budget estimate and December 2016 collection by 27.9 and 16.2 per cent, respectively.

The decrease in oil revenue, relative to the provisional monthly budget estimate, was attributed to the decline in crude oil/gas export receipts, due to pipeline vandalism and emergency repairs.

Also, consistent with the tight monetary policy stance of the Bank, the report showed that the banking system’s net claims on the economy fell at the end of the first month of 2017.

At N26.624 trillion, aggregate domestic credit fell by two per cent at end-January 2017, in contrast to the 2.8 per cent growth at the end of the corresponding period of 2016.

The development reflected the decline of 10.9 per cent and 0.03 per cent in net claims on the federal government and credit to the private sector, respectively.

Following the 20.8 per cent decline in direct loans to the federal government by the CBN, particularly the 21.3 per cent decline in Ways and Means Advances, the banking system’s credit to the government declined in January 2017.

Relative to the level at endDecember 2016, net claims on the federal government fell by 10.9 per cent at end-January 2017, in contrast to the 18.2 per cent growth at the end of the corresponding period in 2016.

JUSTICE ADEMOLA ASKS NJC TO ALLOW HIM TO RESUME SITTING raised a no case submission which was upheld by the trial judge.

The judge had said that the case was built on high-level suspicion and speculation, adding that it was not his job as a judge to speculate.

Following his discharge, Justice Ademola, THISDAY learnt, wrote to the CJN to allow him to resume sitting.

It is uncertain if the NJC’s delay in taking a decision on Justice Ademola’s letter has arisen from government’s move to appeal his acquittal by the court.

FG: FOUR CHIBOK GIRLS’ BABIES IN OUR CUSTODY days immediately after their captivity, three more were able to escape between May 2016 and January 2017, another 21 were freed last October, while 82 were freed on May 6, 2017 after a prisoner swap with Boko Haram, bringing the total number of girls still in captivity to 113.

Of the 163 girls that have either escaped or regained their freedom, 106 remain in the custody of the federal government in Abuja, fuelling concerns over why they have not been reintegrated with their families and community, or even sent back to school by government.

However, the federal government in a statement from the Presidency Office of Digital Engagement (PODE) said yesterday that the parents and families of all the girls had been contacted and arrangements were already being made to reunite them with the girls. “We expect that this

reunion will happen in the week commencing 15th May, 2017,� it said.

It added that the girls would be given appropriate and comprehensive medical and psychological care and support, and government would underwrite all of the care they will receive, as well as ensuring that their education is concluded. “The ultimate goal is to reunite them with their families, reintegrate them into the society and support them to achieve their personal, educational, and professional goals and ambitions,� the government said in the statement.

It said the 21 girls who were released in October 2016 and the additional three that gained their freedom were in a secure location in Abuja.

Providing more insight, it said the girls were undergoing a ninemonth reintegration and rehabilitation programmes

TOP GAINERS NGN NGN PZCUSSON 1.58 18.06 UNITYBANK 0.04 0.60 CUSTODIAN 0.16 3.41 MEDVIE 0.07 1.54 AXAMANSARD 0.07 1.64 TOP LOSERS NGN NGN OANDO 0.92 8.62 FIDSON 0.10 1.92 NAHCO 0.16 3.09 N.E.M INSURANCE 0.05 0.97 AFRIPRUD 0.14 2.76 HPE Nestle Nig Plc N835.00 Volume: 1.063 billion shares Value: N9.191 billion Deals: 5,342 As at Friday 12/05/17 See details on Page 33

% 9.5 7.1 4.9 4.7 4.4 % 9.6 4.9 4.9 4.9 4.8

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Imam, 20 Others Killed in Niger Herdsmen Attack

Two-Minute BrieďŹ ng NEWS No Land for Open Grazing in Benue, Ortom

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Warns Miyetti Allah Cattle Breeders Governor Samuel Ortom of Benue State has warned those, including the Miyetti Allah Cattle Breeders Association of Nigeria, who are opposed to the Open Grazing Bill, recently passed by the state House of Assembly to have a rethink as nobody or group is above the law.

Page 11

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Iyobosa Uwugiaren Ă“Ă˜ ĂŒĂ&#x;ÔË is something Governor Samuel sure you mustof worry. I am Haram, Ortom of adding that Benue State an interview have watched governmen the federal has

by Ghana, have been made including the warned those, he said t’s attention had to been about himself; what drawn to the Cattle Breeders Miyetti Allah and deadly activities The day that he arrest him. and that if where how he was was almost you discuss trained, and of the militia leader popularly arrested, he quickly Nigeria, who Association of what him, he knows he intend to do. are opposed known as Ghana. border between climbed and and would quickly come the tree and the Open Grazing But I to Benue and kill nobody was He added, ‘’Relevant Bill, recently as a Christian, this is justthink to see him again. able afraid you. And so people are Taraba States. We have passed by the work of the the agencies to give us information arrested many of his devil. are working security Assembly to state House of ‘’From his close associates . He recently, “He together they community, has continued to kill including one of his wives and as nobody or have a rethink Niger, said he was trained in to track Gana. Several have said Ghana his efforts powerful Borno group is above came is very and kinsmen, uncles, brothers and surrendered, the law. and so I think and Cameroun, saying she is through witchcraft sisters. fed up and we Against the wrong Boko Haram he is linked with ‘’He was residing soon, the issuebelieve that very terrorists. All by those opposed perception does at the be of Ghana will he is over.’’ governor stated to the bill, the when to cause pain. Initially I came, I did not say that that the bill does programm the amnesty herdsmen should e. Ghana was leave the state, of the one things right. but should do in the people that came first three months The governor period of the amnesty. stated this at weekend during the “He surrendered with journalists an interview we accepted himself and him. He pleaded “The problemin Abuja. that he had a we lot of followers have this country and is that people in we should allow things arbitrarily. him time to do bring the gang Is Miyetti Allah above and the very to also surrender the first day he came, people carrying law or those he surrendere d 87 guns not sending awayarms? We are thousands and any herdsman of ammunitio but whoever including explosives. ns that wants to cattle in the rear ’’ In the course state such person of rehabilitatin must ranch it Ghana g is insufficient because the land governorand his boys, the .� said the “When you do open grazing, government gave him a state you can destroy contract crops. The for revenue collection, saying herdsmen claim militia the take away their that when you in his leader was not sincere dealings with cow, they are ready to die “He went behind state. the farmers? but how about committing and was Should they so many atrocities when their farms die are destroyed? including kidnapping I therefore challenge , robbery anyone that and killings. My special assistant is against the on special security, the proposal that bill to give me a Denen late is ranching bill. better than this about Igbana, got to know this and during L-R: Chief “Miyetti Allah the Adeniyi; Executive Officer, Africa ought to have period, he was able Director, participated Initiative for Governanc to rescue during the public 13 kidnapped victims,.’ Advisors, Chief AIG, Mrs. Ofovwe Aig-Imoukh e hearings of the Olusegun Obasanjo; “And uede; Chairman(AIG), Ms. Chienye Ogwo; had spent a bill. Government assistant when my special Member, AIG Panel of Member, AIG Advisors, Mr. Inaugural AIG Fellow, Prof. and Founder, AIG, Mr. Aigboje Panel of Advisors, organize it in lot of money to (Ghana) fingered him, he Ernest Ebi, at Zones A, B C the AIG Panel Attahiru Jega; Member, AIG Aig-Imoukhuede; Chairman,Mr. Olusegun organised, we ended it and of Advisors’ meeting Panel of Advisors, AIG Panel of up in Makurdi. him. That was how and killed and roundtable Dr. There are Fulani we fell out event in LagosEnase Okonedo; Mr. men in my and that was when he government .... Friday started running away and it is strategic from security so that they agencies. too Our governmencan participate. has been And since then he t running; is open and very fair,� he but we have declared him said. wanted. One The governor thing Ejiofor we have noticed Alike is serious concern also expressed mass followership that he has 52,000 activities of over the criminal donating and he was barrels per day. a notorious The Group Managing militia youths motorcycles to the leader, popularly He added evolution Director that after and putting of Obijackson known as ‘Ghana’, who the wellbeingof Neconde, and their them in his gang,’’ he Group, Mr. attack, there was no production Ernest Azudialu-O remains important of our strategic said. for terrorising the is said to be six months goal to The governor us�. biejesi, has for the before it ramped year is to achieve state. stated that said up According an estimate According to him, “This averted would havethe state subsidiarie one of the group’s per to the current 15,000 barrels of 70,000bpd. s, Neconde This has led day, which turned is union can createto him, labour develop out to be Energy i us to is evac t still i d b a th “b l b d

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EDITORIAL Making Good Use of Ecological Fund

The National Economic Council (NEC) rose from its meeting in Abuja last month with a resolution that states and local governments would henceforth keep their share of the national resource and ecological funds. Page 15

The Imam of Etogi village in Gbara ward of Mokwa Local Government Area in Niger State was among the 21 persons reportedly killed by suspected herdsmen on Saturday morning.

The imam was said to be leading 20 other faithful in an early morning prayer, when the herdsmen attacked them with dangerous weapons and embarked on a killing spree.

Eight other members of the community who were not inside the mosque were equally attacked and wounded.

An eyewitness said those injured had been taken to the Mokwa General Hospital for treatment.

He told THISDAY that the attack by the herdsmen was a reprisal for killing of a herdsman by the villagers during a disagreement.

He said the disagreement occurred between some Fulani youths and members of the community.

The herdsmen were said to have maintained a settlement near the community on the understanding that a percentage of the proceeds from their harvest would go to the village head.

However a disagreement was said to have ensued when the herdsmen failed to remit the agreed fee to the village head at the end of the last cropping season.

The herdsmen, it was learnt, later claimed that the parcel of land belonged to them.

But the community was said to have demanded for the agreed amount, a development that led to a free for all fight, resulting in the death of one of the herdsmen.

This was said to have infuriated the herdsmen who reportedly mobilised support and unleashed mayhem on the villagers on Saturday morning, leading to the death of the 21 persons. “The attackers killed everybody in the mosque, including the Imam,�

one of the eyewitnesses said.

The disturbance, it was learnt, caused commotion in the village, forcing women and children who were woken by the disturbance to flee.

Police public relations officer in the state, DSP Bala Elkana, when contacted, confirmed the incident, but said “20 people were killed during the early morning attack�.

Elkana described the attack as “a reprisal’ for an earlier killing of a herdsman by the villagers. “The killing of a herdsman was managed but it appears they were not satisfied and decided to retaliate,�

Elkana stated, adding that eight people sustained various degrees of injuries during the attack.

The police spokesman said mobile policemen, operatives of the Department of the State Services (DSS), and other security agencies had been deployed to the troubled community to restore law and order.

14-year-old Girl Speaks on How She was Kidnapped, Drugged and Coerced to Become Suicide Bomber A 14-year-old female suspected suicide bomber has revealed that Boko Haram leaders chose her to detonate an improvised explosive device in Maiduguri because she refused to get married to their members in Sambisa forest.

The suspect was among three suspects arrested by the military when they allegedly came on suicide mission at a military facility in Jakana in Maiduguri.

The suspect told the News Agency of Nigeria (NAN) in Maiduguri yesterday that she was sent on the mission to detonate the device because she refused marriage proposals from three Boko Haram terrorists.

The suspect said she was abducted with her father, Usman, by Boko Haram insurgents in Gwoza, Borno, in 2013.

She said both of them were running to the Mandara Mountain for safety when they were abducted.

The suspect said she and her father wanted to travel to Madagali in Adamawa where he normally sold cows before the Boko Haram insurgents attacked Gwoza. “I have spent three years in the hands of Boko Haram. Three different Boko Haram (terrorists) had proposed to marry

me and I refused. Two among them were commanders (amir). “When I refused for the third time, one of the commanders became furious and threatened to kill me and my father. I told him I would rather die than marry a Boko Haram (terrorist). “So, after one week, they said since I have refused to get married, I should be taken to Maiduguri for a suicide mission.

So three of them held my hands and they injected me. “Then, I never knew what was happening again. “I was taken to a herbalist, who after I regained consciousness, told me that I had been with him for 30 days. “He told me he was preparing me for a mission. So, he gave me some water to drink. I don’t know what it tasted like but I drank it. Then he said they would come and pick me later today. “At about 7 p.m. three Boko Haram (members) came with a male and a female. They were also recruited for the mission like me. “We spent one and a half days on the road to Maiduguri. It was when we got to Maiduguri that they strapped the

bombs on our bodies. At that moment, I knew that I was going to die, so I started crying. “I was watching when the first bomber, a female, detonated her explosive close to a military checkpoint which killed no one but herself. The second, a male, was killed by the military before he could detonate his. “At that time, something told me to remove my own IED and surrender which I did. I was surrounded by soldiers and policemen and I fainted. “When I woke, I discovered that one of the policemen at the checkpoint was my mother’s brother. I think that was the reason I survived,� the suspect said.

Meanwhile, Major-General Lucky Irabor, the former Theatre Commander of Operation Lafiya Dole has said the suspects were being de-radicalised at the military detention facility. “We have quite a number of them here in our facility. We have been profiling them and making them feel comfortable. “So far, from their testimonies, they usually tell us that they were brainwashed by some sort of charms to commit suicide,� Irabor said.

It’s a decision whose

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ND LESSONS

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H I S D AY • MONDAY, MAY 15, 2017

POLITICS

Two years into the administration of President Muhammadu Buhari, it is becoming clearer to discerning Nigerians that old habits die hard.

In the run-up to the 2015 presidential election, voters were repeatedly warned that the record of General Muhammadu Buhari in human rights and rule of law should be a source of concern. Page 17

Laleye Dipo in Minna

OOD USE OF

he National time has come Economic Council rose from its meeting in Abuja (NEC) month with last a local governmresolution that states and ents would other dubious keep their share henceforth of the national uncovered a projects. A Senate committe resource and litany of misdeeds ecological funds. e once funds which governor of Anambra State, The included N154.9bnin the application of the environm the Obinao, said on projects not governments ent. the 36 states Mr Willie related to in In 2002, the allocations to the country would begin and 774 local fund disbursed meeting ecologica to deploy their ecological projects, N928 states in the l challenges. just as N728m million for nonSouth-east and the President With many erosion while was given as South-So ial uth a grant many in the 2003, N1.9bn Research and Commun encroachment, North threateneravaged by also went to ication Unit. to out of which non-ecological In begin to serve we hope that the special d by desert N800m was programmes fund will indeed the purpose Aviation for the renovatio given to the Ministry for which it At a period was created. of n of the Aminu and N150m seems to be the forces of nature are to raging and Nigeria at sectarian crisis Kaduna State Governm Kano Airport resolution was the mercy of the environm ent to manage in the state. indeed ent, non-ecol The sum of the very timely. strict regulatio ogical N2.1bn went But it would NEC n and even spent in 2005. expenditures in 2004 and to require what has become stricter N2.77bn was a gross misuse monitoring to stop of naira going of the several n 2006, a total billions of the monthlyinto the fund annually of N16bn was from and Ogun States spent another one allocations of the Federatio two per cent per cent from for road constructas grants to Yobe 2007, N24bn the derivation n Account and ions while in was spent on IT IS COMFO account.

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fund from the fund while in 2010, N34.6bn essentially as was the federal governm for “treasury a slush for all manner management� fund to ent. In 2013, and shared by N22bn the disclosur of things. The most glaringbe deployed out e in 2006 by example was while N2.078bnto some states and local was withdrawn the former Governo State, Mr Joshua T H I S DAY governments, was withdraw N E W S PA Dariye, that the Second EDITOR-IN-C r of Plateau PERS LIM n towards billion share Niger ITED GROUP EXECUTIVE HIEF/CHAIRMAN of the ecologica he diverted his state’s

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POLITICS Impunity Takes Over

Niger State Governor, Abubakar Bello

EDITORIAL

15

MAKING G

M O N D AY

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

DISCOU

Impunity Take R S E During the s Over runGeneral Muh up to the 2015 general ammadu election,

Buh Nigerians were voters large ly ignored this ari as president would not respect hum warned that order of the warning. Toda day, writes Tobi an rights. But y, impunity is gradually Soniyi becoming the

FEATURES Bayelsa’s Day of Rage

FEATURES

MONDAY, MAY 15, 2017

It was meant to be a romantic relationship between two lovebirds, but the events, starting with the murder of a teenager, purportedly by her boyfriend last week inYenagoa, and the chain reactions that followed, were anathema to what love Bayelsa’s D embodies. Page 20 ay of R The deceased,

• T H I S D AY

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

Faith Pius

age

Last week ’s Yenagoa, Bayemurder of a young girl by her lsa State sp Em pu k

BUSINESS Nigeria among Top Global Investment

Destinations for 2018 Nigeria has been identified as one of the top five countries for growth BUSINESSW ORLD acceleration for 2018. Other countries in the group include Kuwait, Oman, Kazakhstan andTunisia.

The Global Chief Economist at Renaissance Capital, Charles Robertson, who made this forecast Nig eria among Top Global Destinations Investment in a report titled: “Africa 2017"... for 2018 Page 23 MONDAY, MAY 15, 2017

R A T E S

NIBOR OVERNIGHT 1-MONTH

15.0417 19.1146

3-MONTH 6-MONTH

A S

NITTY

21.4357 23.4496

A T

17.1990 18.9647 20.2690

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Group Busine

ss Email chika.a Editor Chika Amanze-Nwa manzenwach ukwu@thisday chuku live.co 0803329415m 7

M A Y

1-MONTH 3-MONTH 6-MONTH

1 1 , 9-MONTH 12-MONTH

2 0 1 7

EXCHANGE RATE N305.85/ 1 US DOLLAR * *AS AT LAST FRIDAY

21.4610 22.5749

Quick Takes NACCIMA Holds AGM,

The Nigerian Conference Association Mines and Agricultur of Chambers (AGM) and annual e (NACCIMA) will hold of Commerce, Industry, of its19th Nationalgeneral conference (AGC)its annual general meeting as well as the President, Iyalode 25th of May 2017.

Alaba Lawson investiture on 24th and The Director statement that General, NACCIMA, Emmanue the 57th AGM, l Cobham, said throughout which is restricted in the to its membersa 2017, while the country, will hold on Wednesd AGC will hold 12 Cultural Centre, on 25th of May, ay the 24th of May Kuto, “The AGC, speciďŹ cal Abeokuta, Ogun 2017 both at the June State. ly packaged the recovery to proer suggestio of Doing Businessour ailing economy is to ns towards discuss: “Enhancin in Nigeria-A Sustainable g Ease of Growth,â€? the n Impetus to Economic statement said.

Recovery and According to Obasanjo will NACCIMA, Nigeria’s former chair the conferenc President, Chief willbethespecial Guestofhonour. e, whileVice President YemiOlusegun will be ďŹ rst woman The Osinbajo L-R: Chairman to occupy the statementexplainedthat , Lagos Chamber position of NACCIMA Lawson Mrs. Nike Akande; of Commerce and LSETF to Train ’s president.

Industry (LCCI) National PetroleumRepresentative of 1,300 BeneďŹ c the Minister Petroleum In fulďŹ lment Corporati of Clinic of the iaries LCCI Petroleum on (NNPC), Mr. Ikem State for Petroleum andDownstream Group, Mr. support to its of its mandate to provide Obih and Group Ken Group Downstream Chairman, TechnoilExecutive Director/ Abazie; President, LCCI, Fund (LSETF) beneďŹ ciaries, the Lagos business development Group in Lagos...re COO, Downstre Dr. State Employm Nigeria Ltd , cently beneďŹ ciaries said it is organising training am, Nigeria ent Mrs. Nkechi this Obi, at the 2017 for over 1,300 Trust These workshopmonth. of its Business and skill certiďŹ cats are organised by the LSETF using ion partners, various training knowledge to who pass beneďŹ ciaries, which aid the on important skills and The LSETF’s success of their development Executive Secretary, Akin businesses. support to just give individual is a crucial part of Oyebode, said: “Business Obinna Chima what we do. s funds It is instill in them the requisite and have them pay back, not enough their businesse skills to enable but ECONO MY Nigeria has s. them manage also to “The better theyâ€? been improvem and grow as one of the been identified populatio their businesse are as entrepreneurs, legal system. ent in Nigeria’s There n has been for growth top five countries at the growing should be some 15 opportunities s will succeed, be sustainab greater the chances that Robertson 2018. Other acceleration for five per cent over the recovery, I would also argued past at its years. their eorts in Lagos State. We are le and create employme that years. argue, in the next few group includecountries in the present grateful to our nt in The global analysts for inclusive joining us on this journey partners for exchange rate rate, the naira worriesIf there is one thing which Kazakhstan Kuwait, Oman, “Nigeria’ growth,â€? he added. to supportin observed: is expensiv me today, it and Tunisia. g businesse The LSETF s Ease the e is Chinese The Global s ness is presently of Doing Busi- a official rate. He called as loan growth.

MSMEs; createis poised to provide support currency reform for at Renaissan Chief Economist world. at 169th “I still think to at least ce Capital, Charles in Nigeria, jobs by 2019. at least 300,000 direct But I am promisingin the arguing Robertson, that, “currency The LSETF is here which there is a story and up to 600,000 100,000 that it is you who made placements also indirect forecast in a this ably bettergoing to get consider- don’t work in countries pegs story is that is working. The for the unemploy mandated to providetr report titl d andi aini th l lo i th ed ih “ d

FOR ECONOMIC

CITYSTRINGS Makoko Youths Get a Helping Hand

When the Economic Empowerment Team of the CarringtonYouth Fellowship Initiative (CYFI), was sent to Makoko, a slum fishing community inYaba Local Council Development Area (LCDA) of Lagos State, about three months ago...

Page 38

CITYSTRING S

The Project

Team Leader,

Ms Kate Ekanem and

two of her members,

anked by the

MONDAY, MAY 15, 2017

• T H I S D AY

Acting Featur es Editor: Charle s Ajunwa Email charles .ajunwa@thisd aylive.com

Makoko Yout hs Get a Help ing Hand 10 Makoko youths

trained on modern ďŹ sh

processing techniques

at their graduation

ceremony...r ecently

Peter Uzoho in Yaba, were writes that some yout Team of the trained on modern fishhs from Makoko, a slum project spon Carrington Youth Felloprocessing by the Econ fishing community sored by the omic wship Initia U.S. Consulat tive, a dyna Empowerment hen e in Lagos the mic youth-ba EmpowermentEconomic team discovered sed that fish processing the Carrington Team of communit y was Youth in

W

INTERNATIONAL In Testing Missile, N. Korea Challenges

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Y 15, 2017 Ëž T

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H I S D AY

INTERNATIONA L In Test email:foreignd

South’s New Leader North Korea on Sunday test- launched a ballistic missile that flew for half an hour and reached an unusually high altitude before landing in the Sea of Japan, the South Korean, Japanese and U.S. militaries said.

Page 71

SPORTS Club Africain Set Back for Rivers Utd

GROWTH AND DEVELOPM ENT

71

esk@thisday

live.com ing Missile, Challenges Sou N. Korea th’s New Lead er

North Korea on launched a ballisticSunday test- kilometres (500 miles) missile that ew for half an and with the hour and reached reaching an altitude rival North. an unusually high of 2,000 kilometres “The president landing in the altitude before ight pattern(1,240 miles) — a regret over the expressed deep that could South Korean, Sea of Japan, the a new fact type of missile. indicate less provocation that this reckJapanese and U.S. militaries said. ... occurred just David Wright, co-director of days after a new governmen The launch, the Global Security was said could be which Tokyo at the Program said launched in South Korea,â€?t of senior presidential missile, is a directa new type of Scientists,Union of Concerned secretary YoonYoung-chan said challenge to the new South .“The president have a range ofthe missile could said we 4,500 kilometers are leaving and comes as Korean president (about possibility of dialogue open the U.S., 2,800 European navies Japanese and a standard, miles) if own on with North Korea, but we should war games in gather for joint trajectory instead of a lofted, with a provocation sternly deal the PaciďŹ c. — considerably It wasn’t immediatel longer to prevent than Pyongyang’s current missiles. North Korea from miscalculatin y clear what type of He said g.â€?

Japanese Prime was launched, ballistic missile have been Sunday’s launch may Minister Shinzo Abe told of a new mobile, ďŹ ring this year, the seventh such stage liquid-fueled reporters that twoalthough the U.S. missile North the launch was “absolutely PaciďŹ c Command unacceptab said that“the Korea displayed in a huge ight is not consistent April will respondleâ€? and that Japan 15 military parade. with an resolutely. intercontinental South Japan’s Foreign Japanese ofďŹ cials,ballistic missile.â€? the U.S. Korea, Japan and Kishida said he Minister Fumio the missile ew however, said the launch,swiftly condemned and his South Korean counterpar minutes, travellingfor about 30 new South which jeopardises t agreed that “dialogue Korean about 800 for dialogue’s Jae-in’s willingness leader Moon sake with North for dialogue Korea is meaningless.â€?

Ransomware Escalating – Cyber-attack Threat Europol

Friday’s cyber-attack more than 200,000 has affected morning. countries, Europolvictims in 150 The virus took control of users’ security is up to date.

Wainwright says. chief Rob ďŹ les, demanding Mr Wainwrigh payments; Russia He told the and the the ransomwa t said that “unprecedentedBBC the act was worst-hit UK were among the re was being combined countries. with a worm warned more in its scaleâ€?and Experts say another applicatio people themselves affected could ďŹ nd could attack “infection n allowing the be imminent on Monday of one computer and have warned people to ensure their to quickly spread across networksâ€?. the

7

MONDAYSPO RTS

CAF CONF EDE

Rivers United’s dream of a convincing start to the group stage of the 2017 CAF Confederation Cup suffered a set back yesterday as the lone Nigerian team left standing in the continental campaign lost 3-1 toTunisia’s Club Africain at the Stade Olympique 07 Novemre Rades. Page 79

R AT I O N C UP

Club Africain Se t

79

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

Back for Rivers Utd

Femi Solaja with agency report again on the Rivers United’s 23 away toweekend of May D match KCCA while dream of Rivers at a convincin United Mazembe in the Stade TP Mputu DR group stage g start to the group leaders will host the Mabi The win takesCongo. into the lead.to fire Mazembe it was Confederationof the 2017 CAF Port Harcourt FUS Rabat in Congo 1-0 to Mazembe Cup suffered giants to thethe DR scored with The forward half-time. set back yesterday Elsewher . at after the a a decent top of with restart as the lone brushed e, TP Mazembe Group D with three points, Issama Mpeko finish Nigerian team The home side to Mazembe to make it 2-0 aside CF Mounana while Gabon’s grabbing their did the continent left standing in 2-0 in Mounana drop an assist. with Solomon lead through double Asante grabbing to the the al campaign The Ravens 3-1 to Tunisia’s lost Confederation 2017 CAF withoutbottom of the group continued to their longest serving one of Mounana were an assist. push for another Cup Group a single players at the Stade Club Africain Rainford Kalaba, unable It took 18 minutespoint. goal Olympique the Zambian beat Ivory Coast internationto Novemre Rades.

07 for Tresor taking the lead, but they after captain and winger.

Sylvain Gbohouo al contained by were The home The skillful in the Mounana and Mazembe goal dominance team showed their back of the player hit the and net five minutes ultimately, theon the day, whistle and from the opening home side won 2-0. presence felt finally made their in the 23rd minute when Bilel Iffa of the net to found the back give Club Africain the 1-0 lead.

The Tunisian double their side managed to lead of half time thankson the stroke to a penalty goal from Oussama Darragi, 2-0.

Rivers United however back at the start fought of the second half and managed to pull a goal back in courtesy of the 53rd minute Odumegwua strike from John to Club Africain make it 2-1. goal advantage saw their two 71st minute d restored in the from Joseph after an own goal Douhadji made 3-1. it The Rivers owned team State government way back intotried to find its was unable to the match, but remain resolutedo so as Africain The win sees in the defence. up to second Club Africain B with three place in Group points from match, only behind one leaders FUS Rabat who beat Uganda’s KCCA 3-0 on Saturday.

Club Africain will be in action Edo State Governor, Godwin Obaseki (left) at the starting EPL FIN AL FOUR line of the 5th Okpekpe Internatio R AC E nal 10km Road Race in Okpekpe. .. last weekend.

Liverpool Wins, Spurs with Man Utd Victor Consolidates y

SPORTS FEDERA

Odizor Pulls outT I O N E L E C T I O N S of NTF Preside ncy Race

Liverpool is qualifying foron the brink of relegated Nigeria’s most League after the Champions Anfield Middlesbrough successful at tennis player, Nduka next Sunday. inspired a 4-0 Philippe Coutinho Odizor, will no more In the unlikely rout of West Ham, while Tottenham lose at home event Arsenal the top positionbe running for farewell t Wh said a fitting S of the Ni i to releg t d T i d

which I do comfortable not feel very to be electedpassing through int th

wins the Presidency the NTF of ill

ti

11

MONDAY, MAY 15, 2017Ëž T H I S D AY

NEWS

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

No Land for Open Grazing in Benue, Ortom Warns Miyetti Allah Cattle Breeders Expresses concern over activities of militia leader Iyobosa Uwugiaren Ă“Ă˜ ĂŒĂ&#x;ÔË Governor Samuel Ortom of Benue State has warned those, including the Miyetti Allah Cattle Breeders Association of Nigeria, who are opposed to the Open Grazing Bill, recently passed by the state House of Assembly to have a rethink as nobody or group is above the law.

Against the wrong perception by those opposed to the bill, the governor stated that the bill does not say that herdsmen should leave the state, but should do things right.

The governor stated this at the weekend during an interview with journalists in Abuja. “The problem we have in this country is that people do things arbitrarily. Is Miyetti Allah above the law or those people carrying arms? We are not sending away any herdsman but whoever that wants to rear cattle in the state such person must ranch it because the land is insufficient.� “When you do open grazing, you can destroy crops. The herdsmen claim that when you take away their cow, they are ready to die but how about the farmers? Should they die when their farms are destroyed?

I therefore challenge anyone that is against the bill to give me a proposal that is better than this ranching bill. “Miyetti Allah ought to have participated during the public hearings of the bill. Government had spent a lot of money to organize it in Zones A, B C and we ended it up in Makurdi.

There are Fulani men in my government and it is strategic so that they too can participate.

Our government is open and very fair,� he said.

The governor also expressed serious concern over the criminal activities of a notorious militia leader, popularly known as ‘Ghana’, who is said to be terrorising the state.

According to him, “This

is something of worry. I am sure you must have watched an interview by Ghana, what he said about himself; where and how he was trained, and what he intend to do. But I think as a Christian, this is just the work of the devil. “He said he was trained in Niger, Borno and Cameroun, and so I think he is linked with Boko Haram terrorists. All he does is to cause pain. Initially when I came, I did the amnesty programme. Ghana was one of the people that came first in the three months period of the amnesty. “He surrendered himself and we accepted him. He pleaded that he had a lot of followers and we should allow him time to bring the gang to also surrender and the very first day he came, he surrendered 87 guns and thousands of ammunitions including explosives.’’ In the course of rehabilitating Ghana and his boys, the governor said the state government gave him a contract for revenue collection, saying the militia leader was not sincere in his dealings with state. “He went behind and was committing so many atrocities including kidnapping, robbery and killings. My special assistant on special security, the late Denen Igbana, got to know about this and during the period, he was able to rescue 13 kidnapped victims,.’ “And when my special assistant fingered him, he (Ghana) organised, and killed him. That was how we fell out and that was when he started running away from security agencies. And since then he has been running; but we have declared him wanted. One thing we have noticed is that he has mass followership and he was donating motorcycles to the youths and putting them in his gang,’’ he said.

The governor said the state averted would have turned out to be another Boko

Anenih’s Son Slumps, Dies at Lagos Club Son of the former Chairman of the Board of Trustees (BoT) of the Peoples Democratic Party (PDP), Chief Tony Anenih, Eugene, yesterday slumped and died at the Ikoyi Club in Lagos.

Eugene who recently lost his mother, was said to have slumped and died during a lawn tennis game.

Until his death, he was the Managing Director/ Chief Executive Officer of Nova Finance & Securities Limited.

The 15-year Investment Banking Experience personnel, was formerly the Head of Corporate Finance and Treasury Operations at A and Hatman Ltd before moving on to Nova Finance & Securities Limited as Chief Executive Officer.

He was an authorised

Dealing Clerk of the Nigerian Stock Exchange and an Associate of the Chartered Institute of Stockbrokers.

Eugene holds a Bachelors of Science Degree in Biochemistry from the great University of Benin. He also attended the Programme for Management Development (PMD) at Harvard. An alumus of the Harvard business School. He also attended several courses in capital Market Internationally including Capital Equity appraisals suite courses with the New York Institute of Finance, New York.

Strategic valuations on equities with Euromoney.

He has led Nova Finance & Securities Limited on several issues in advisory roles and primary market just to mention but a few.

Haram, adding that the federal government’s attention had been drawn to the deadly activities of the militia leader popularly known as Ghana.

He added, ‘’Relevant security agencies are working together to track Gana. Several efforts

have been made to arrest him.

The day that he was almost arrested, he quickly climbed the tree and nobody was able to see him again. ‘’From his community, they have said Ghana is very powerful through witchcraft

and that if you discuss him, he knows and would quickly come and kill you. And so people are afraid to give us information. He has continued to kill including his kinsmen, uncles, brothers and sisters. ‘’He was residing at the

border between Benue and Taraba States. We have arrested many of his close associates and recently, one of his wives came and surrendered, saying she is fed up and we believe that very soon, the issue of Ghana will be over.’’

AIG TOP SHOTS

L-R: Chief Executive Officer, Africa Initiative for Governance (AIG), Ms. Chienye Ogwo; Member, AIG Panel of Advisors, Mr. Olusegun Adeniyi; Director, AIG, Mrs. Ofovwe Aig-Imoukhuede; Chairman and Founder, AIG, Mr. Aigboje Aig-Imoukhuede; Chairman, AIG Panel of Advisors, Chief Olusegun Obasanjo; Inaugural AIG Fellow, Prof. Attahiru Jega; Member, AIG Panel of Advisors, Dr. Enase Okonedo; Mr. Member, AIG Panel of Advisors, Mr. Ernest Ebi, at the AIG Panel of Advisors’ meeting and roundtable event in Lagos .... Friday

Azudialu-Obiejesi: Neconde Still Owes 10 Banks over $558m for OML 42 Faults PENGASSAN over today’s picketing Ejiofor Alike The Group Managing Director of Obijackson Group, Mr. Ernest Azudialu-Obiejesi, has stated that one of the group’s subsidiaries, Neconde Energy, is still indebted to over10 banks for the $558 million paid by the company for the acquisition of Oil Mining Lease (OML) 42 from Shell Petroleum Development Company (SPDC) and its partners.

Speaking yesterday in Lagos on the successes and feats of the company, Azudialu-Obiejesi also faulted the plan by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to picket Neconde (today), saying it was not right for his workers to use the labour union to close down a one-man company that employs over 2,500 Nigerians.

He noted that apart from the $558 million used for the acquisition of OML 42, his company has also invested millions of dollars to repair the associated pipelines and flow stations, which were vandalised before the sale of the asset.

Azudialu-Obiejesi further stated that before the militants attacked the Forcados pipeline in February 2016, OML was producing between 51,000 and

52,000 barrels per day.

He added that after the attack, there was no production for six months before it ramped up to the current 15,000 barrels per day, which is evacuated in barges, as Forcados is still shut down.

The businessman wondered how the oil workers, who were aware of these challenges, could go ahead to picket the company when they are not owed salary arrears. “If you are in a union, you should understand clearly the difference between a multinational, a company that represents the government like the NNPC, and NPDC, and a business set up by one man with his hard-earned money; money borrowed from the banks, and the value he created by providing jobs,� he explained.

According to him, the oil workers should not compare Shell, ExxonMobil and NNPC with Neconde, which was set up with money borrowed from the banks just for the acquisition of OML 42.

Also speaking, Neconde’s Managing Director, Mr. Frank Edozie, acknowledged the centrality of employees to the success of the organisation, saying “our workforce has remained a key factor in the

evolution of Neconde, and their wellbeing remains important to us�.

According to him, labour union can create values and can also destroy values, adding that the plan by the union to picket the company could destroy good order and values.

He said the company was in talks with the leadership of PENASSAN to ensure that they reach a mutually beneficial agreement on some of the demands presented by the association. “Even as at today, the management provided the association with an update and called for a meetin g to discuss any remaining potential areas that may still exist. So far, management and the company have enjoyed their co-operation and hope that the association will continue to abide by bestin-class labour union practices by exploring negotiation and collaboration as labour relations tactics. We are a people-centred organisation, so the value we place on employees is not just because we know that our continued existence is dependent on them, but mainly because every human being deserves as good life, and should be treated fairly,� he said.  “For instance, a component

of our strategic goal for the year is to achieve an estimate of 70,000bpd. This has led us to develop “barged production� as an alternative to crude evacuation using the Trans Forcados Pipeline which has been out of service since February 13, 2016. We have also undertaken some strategic steps, such as rehabilitation of Batan and Odidi Flow Stations to enable the achievement of our targeted peak gross production rate, revamping of Jones Creek and Egwa Fields for workover of existing wells and development of other infrastructure which includes refurbishing a gas Central Processing Facility (CPF) in Odidi as well as commencement of re-entry of Odidi, Jones Creek fields Egwa 1 and 2. Additionally, we had to relocate our operations to Warri from Lagos, for us to be closer to the base to better enable us to meet our goals of increasing our contributions to the Nigerian economy.

Expectedly, this relocation meant redeployment of employees to the new location, and this was executed in a manner that the associated inconveniences to employees were duly considered and properly mitigated,â€? Edozie added.   Â

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T H I S D AY MONDAY MAY 15, 2017

COMMENT

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

THE PARABLE OF APAPA ROADS Oluwaseun Falope argues that it is time to fix the roads leading to the revenue-yielding Apapa Port ‘’We should not be waiting until accident occurs, bridges collapse and people die to adequately fund our transportation infrastructure’’ - Elizabeth Esty

T

ransportation lies at the heart of nation’s economic prosperity. It’s a component of an organisation’s ability to remain competitive through the provision of reliable and cost effective service. Reducing transportation costs impacts a company’s ability to generate profit.

The federal government introduced major reforms to port’s operations and administration through concession by adopting the Landlord Port Model. This has encouraged commercialisation and has indeed curbed unnecessary government bottle-necks and regulation for a more robust public-private partnership. Some of the major policies are designed to ensure a safe environment and private sector involvement in what have traditionally been government responsibilities. This change in philosophy encourages new entrants into the maritime industry, believing that competition will create efficiencies that will benefit the country.

Fast forward. Over 10 years later and despite the commercialisation of the ports in Nigeria, one critical infrastructure that has not experienced any turn-around since concession is the Apapa port roads. The total neglect by the federal government gives a lot of concerns to all stakeholders in the maritime sector. The roads are at their worst and in the most deplorable state; and the road users are the ones bearing its pangs, especially workers who have to pay additional transport cost to get to work or engage in early morning endurance trek any time there is a stand-still which has been occurring for the past one week. The federal government watchman on the tower on these roads has gone to sleep and still sleeping. No excuse from any quarters will be tenable enough to earn any credit for such blackout abandonment.

It’s a paradox that such a revenue generating sector can be so left behind. I have watched the trend of events over the past decade and I can see negligence of the government for not providing good access and exit roads for the Lagos port especially Apapa- Wharf’s. All has been a lip service, year after year. So unpatriotic!

The Nigeria Customs Service has generated N898 billion as revenue in 2016, including VAT, says the service Spokesman, Mr Joseph Attah.

The modes of transportation have developed because each mode performs some delivery activities more effectively than the other

IT’S A PARADOX THAT SUCH A REVENUE GENERATING SECTOR CAN BE SO LEFT BEHIND

modes. Trucking is the most flexible in that it can provide doorto-door service while rail is the most economical way of moving large quantities of products over land. Such infrastructure needs to be developed so that increase in revenue can be accrued to the coffers of the government at the centre. The roads are so bad that it’s always a natural occurrence for truck-laden containers to fall at any time. On many occasions the Apapa-Wharf is on stand -still for reason of gridlock caused by bad roads. Gullies here and there on the road, just like a dredging or a construction site.

According to Nigeria Ports Authority website, ‘’the concession has resulted in vast expansions in line with international best practices in port infrastructure bringing about efficiency and improved productivity’’. As good as the statement was, the reflection outside the gate of the port authority is a paradox as compared to the road networks inside the port. Just like Professor Chinua Achebe’s “Things Fall Apart,’’ the centre of Apapa roads cannot hold. The major stakeholders in the port are Nigeria Customs Service and Nigeria Ports Authority, both revenue yielding organs for the government based on their statutory functions for rent and import duties collections. Is it not possible for these two government agencies to make a case to the government at the centre for these roads? Peradventure, the ‘’Jagaban’’ state of Lagos can liaise with the Ministry of Power, Works and Housing with adequate modalities and fix these roads. All port users expect the present Minister of Power, Works and Housing, Mr. Babatunde Fashola, who was a former governor of Lagos State, to do something at the earliest time since the issue falls in his primary domain. If possible, these roads could be concessioned to a private firm to construct and manage for a specific period. In the interim, Lagos as a state can reconstruct these roads herself and present the cost to the federal government and get her money back. Another option is for the government to go into collaboration with the five private firms operating in the Lagos port to construct and manage these roads through their Corporate Social Responsibilities (CSR) or government should grant waivers on rent, give tax exemption or rebates as the case may be.

The present situation in Apapa can be captioned in the words of Robin Williams: Why do they call it rush hour when nothing moves?

The time to fix these roads is now and let the gremlin be broken!

Falope, Senior Care-Business Partner, wrote from Lagos

THE CHIEF WARRIOR OF JHAR LAND Speaker Yakubu Dogara returns to Bauchi State with a rousing welcome, writes Turaki A. Hassan

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n Friday, May 5, 2017, Speaker of the House of Representatives, Hon. Yakubu Dogara, received a rousing welcome to his home state of Bauchi. Ordinarily, a representative’s visit to his constituency shouldn’t attract such fanfare. But this wasn’t just a usual constituency visit as the Speaker was said to have gone on “exile” even though four months prior, he was in Bauchi, and always interacts with his people as he often hosts different groups from across the state in Abuja.

The Speaker had remained silent for more than one and half years, even in the face of provocation, blackmail, campaign of calumny and calculated attempts to tarnish his reputation as a humble, patriotic, incorruptible and worthy representative of Bauchi State by powers that be in the state. As previously stated, it is not that the Speaker has not been visiting home. For the record, he was in Bauchi last August and December and was billed to go back in April this year, which means that he goes back to give account of his stewardship to the good people of Bogoro/Dass/Tafawa-Balewa Federal Constituency every three to four months.

Readers may recall that very recently the Bauchi State government issued a statement in which they alleged that the Speaker had gone on “exile” and cannot visit his constituency which, to them, amounts to abdication of responsibilities even though they know that he was there just four months ago. In his response, Dogara stated that as a federal lawmaker, he was elected to work in Abuja and as such he is not supposed to be seen frequently in Bauchi as doing so could be considered dereliction of duty. He further added that as Speaker, he visits Honourable members’ constituencies to help launch their projects and programmes and attend other social events cutting across the 36 states of the federation, which effectively denies him the luxury of visiting his constituency often.

Regrettably however, he said, those who were elected to work in Bauchi are now the ones who are seen more frequently in Abuja, Kano, Lagos and other cities across the country and even foreign

lands, meaning that they spend more time outside their place of primary assignment.

Rumours have permeated every nook and cranny of the state that Hon. Dogara cannot visit his home state as he might have been declared persona- nongrata by the powers that be but to their chagrin, the speaker’s visit was announced well ahead of time in both local and national media to put them on notice that he will be going home on May 5, and contrary to what had been said, a mammoth crowd had gathered to wait for hours at the Plateau/ Bauchi border to welcome their son, and the party continued from one village to another up to Bauchi city.

Normally, it is one-hour journey from Jos to Bauchi but it took us almost four hours due to heavy vehicular movement as we stopped over at every 20 to 30 kilometres to greet the thousands of citizens who came out en masse to welcome and cheer their son. Dogara, in company of over 162 federal MPs, friends and associates, drove straight to Sir AbubakarTafawa Balewa University Teaching Hospital where he moved from one ward to another consoling patients - children, women, young and old.

The Speaker, together with his colleagues settled medical bills of many patients. In April last year, he sent a team of 60 medical doctors, surgeons and nurses to the same hospital where they attended to the medical needs of over 50,000 people from Bauchi, Kano, Jigawa, Plateau, Yobe, Gombe, Adamawa ,Borno and Taraba State for two weeks.

Thereafter, he also went to condole with two Bauchi elders who were bereaved recently, had lunch in Senator Ali Wakili’s residence and visited Senator Suleiman Nazif’s house before proceeding to Tafawa Balewa for the big bash. For want of space, I won’t be able to narrate all but I must say that I couldn’t hold my tears after I saw human walls on both sides of the road stretching over 20 kilometres from Dass, who waited for the arrival of their representative for six hours or more, we learnt.

Very early the next day, precisely on May 6, the Speaker inaugurated a market donated to Bogoro community by a good Samaritan which

he facilitated, and then inspected state of work at Government Girls Secondary School, Tafawa Balewa, where he attracted federal presence with the total renovation of the school and building and equipping of ultra-modern ICT centre among other laudable projects. He was received by hundreds of schoolgirls who were beautifully dressed in their blue and white uniforms. They sang songs of joy on sighting the man who is investing in their future.

The main reception was held in Dass and a sea of human beings flooded the area with some people climbing on top of the beautiful Dass mountains to catch a glimpse of “Dan Amana” as they fondly call him because according to Frieddrich Nietzsche, in the mountains of truth, you never climb in vain.

The event at Dass, which was initially meant to flag off construction of four roads that traverse Gombe, Bauchi and Platuea States, turned out to be a major political gathering in the recent history of Bauchi which sent shock waves across the state.

The gathering brought together old friends and foes, and was attended by no fewer than 30,000 people including women and children. It also attracted the presence of big political stalwarts in the state including the immediate past Govenor, Malam Isa Yuguda, Hon. Yusuf Tugga, Senator Maikafi, Senator Adamu Gumba, Senator Mohammed Mohammed, scores of retired former permanent secretaries in the state, retired or dethroned traditional rulers numbering about 100, removed by the present government; students, and a number of cultural groups who performed to entertain the guests, among others.

Now, one thing that is unique about the road projects is that there were never roads in those places. We drove along the route which will soon become a first class federal road through the thick forests and bushes for four hours, stopping over to address the people who waited since 2pm to meet with their representative. Our journey terminated in Plateau State where the Sarkin Talbushi in Kanam local government of Plateau State, Alhaji Ma’aji Gamna turbaned the Speaker as Maga Yakin Jhar, meaning the chief warrior of Jhar land.

I must admit that of all the dozen villages and

towns the Speaker visited inaugurating healthcare centres, water and electricity projects, schools, including big Almajiri schools he built in Fulani communities, Dull, a community also in Tafawa Balewa local government stood out. We arrived there between 6-7pm and the people especially youths positioned themselves more than five kilometres ahead to receive the Speaker. Sarkin Dull, Alhaji Zulkiflu Abdullahi was recently deposed by the Bauchi State Government after he refused to go on state radio to read a prepared text attacking Hon. Dogara as handed over to him by the chairman of Tafawa Balewa local government, who obviously acted at the behest of Bauchi State Government. The chief had said that he will rather be removed than to go against his conscience and his people to attack and blackmail a patriotic and peace-loving leader who attracted projects that will forever change the destiny of his people and their land, especially the road which will link his community to neighbouring Plateau and Taraba States.

The roads are entirely new roads that will open up these communities and link them with other parts of the country across the three states with their total cost or value put at over N50 billion. The Speaker gave assurance that the road project will be completed within the next two years. “As we flag off this road, we are flagging off the one from Burga in Bauchi to Plateau State. We are flagging another one that will take off from Pankshi into Tarshi and move from Gambar to Sara and then to Mangu in Plateau so that it can connect with Lere road. We are not stopping here, we also have the contractor who is charged with the responsibility of doing the road from Bauchi to Gombe in our midst. The road has been awarded. For other parts of Bauchi, the highway that is being built from Kano, that moves into Bauchi North, into Bauchi Central, up to Maiduguri, we are ensuring that it attracts the appropriate funding so that we will finish on time.”

Speaker after speaker berated and lampooned those who propagated rumours that the Speaker has gone on exile and showered encomiums on him.

Hassan is the Special Adviser on Media & Public Affairs to Speaker Dogara

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EDITORIAL MAKING GOOD USE OF ECOLOGICAL FUND It’s a decision whose time has come

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he National Economic Council (NEC) rose from its meeting in Abuja last month with a resolution that states and local governments would henceforth keep their share of the national resource and ecological funds. The governor of Anambra State, Mr Willie Obinao, said the 36 states and 774 local governments in the country would begin to deploy their allocations to meeting ecological challenges. With many states in the South-east and South-South ravaged by erosion while many in the North threatened by desert encroachment, we hope that the special fund will indeed begin to serve the purpose for which it was created.

At a period the forces of nature are raging and Nigeria seems to be at the mercy of the environment, the NEC resolution was indeed very timely. But it would require strict regulation and even stricter monitoring to stop what has become a gross misuse of the several billions of naira going into the fund annually from two per cent of the monthly allocations of the Federation Account and another one per cent from the derivation account.

Without much IT IS COMFORTING oversight, ofďŹ cials of THAT THE GOVERNORS both the federal and HAVE REALISED THE state governments CHALLENGES THAT have for several years NATURE IS IMPOSING ON seen the ecology fund OUR COUNTRY essentially as a slush fund to be deployed for all manner of things. The most glaring example was the disclosure in 2006 by the former Governor of Plateau State, Mr Joshua Dariye, that he diverted his state’s N1.6 billion share of the ecological fund to the 2003 general elections campaign of then the ruling Peoples Democratic Party (PDP).

From available records, the federal and state governments have reportedly misused about N500 billion meant for redressing ecological problems in the last 15 years, most of it spent buying vehicles and servicing

Letters to the Editor

other dubious projects. A Senate committee once uncovered a litany of misdeeds in the application of the funds which included N154.9bn on projects not related to the environment.

In 2002, the fund disbursed N928 million for nonecological projects, just as N728m was given as a grant to the Presidential Research and Communication Unit. In 2003, N1.9bn also went to non-ecological programmes out of which N800m was given to the Ministry of Aviation for the renovation of the Aminu Kano Airport and N150m to Kaduna State Government to manage sectarian crisis in the state. The sum of N2.1bn went to non-ecological expenditures in 2004 and N2.77bn was spent in 2005.

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n 2006, a total of N16bn was spent as grants to Yobe and Ogun States for road constructions while in 2007, N24bn was spent on the rehabilitation of the Shagamu expressway by the Ministry of Works. In 2008, the sum of N5.7bn was advanced to the Ministry of Agriculture to ďŹ ght food shortages which was said to be imminent at the time. In 2009, a total of N44.9bn was spent by the federal government to fund its third quarter spending warrant while in 2010, N34.6bn was withdrawn from the fund for “treasury managementâ€? by the federal government. In 2013, N22bn was withdrawn and shared out to some states and local governments, while N2.078bn was withdrawn towards the building of the Second Niger Bridge, although there is nothing on ground to justify the purported expenses.

While the list of the abuse of the ecological fund is long, it is comforting that the governors have realised that such cannot continue in the face of the challenges that nature is imposing on our country. However, it would take more than a resolve for the states and the federal governments to be responsible in the application of the fund given that habits die hard. There must therefore be institutional changes that will involve not only the three tiers of government but also the National Assembly.

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

MACRON AND LESSONS OF LEADERSHIP IN NIGERIA

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or France, May 7, 2017 will remain a historical date for a country that prides itself in its great history and enlightenment. Emmanuel Jean-Michel FrĂŠdĂŠric Macron, a 39-year-old relatively unknown political figure, never elected to a political post has been saddled with the responsibility of dragging a nation out of the brim of hostile Islamist insurgency and terrorism, a failing economy and a youthful population that yearns to play a greater role in its national affairs.

The lessons of this political development can be quite enriching to contemporary Nigeria where in their 40’s, the vast population of its citizenry still questions their role in a society that has self-perpetuated men of yesteryears at the helm of affairs. There has always been the case for youth inclusion in politics and governance. Ironically, while the youths control the majority of votes cast during elections and events leading up to elections, they are actually left with nothing when elections are over.

However, a close reflection on Nigerian history will show that the youths have not always been at the back seat of political vehicle in Nigeria. But down recent memory lane, the story is not exactly the same. Yakubu Gowon became a military head of state at age 31; Richard Akinjide became Minister of Education at the age of 32. Audu Ogbeh was a minister at the age of 35. He is still serving today as a Minister of Agriculture under the Muhammadu Buhari government who himself served as a Petroleum Minister at the age of 35.

Overtime, the arguments by the powers-that-be remain

largely that the youths of today in Nigeria have failed to prove themselves worthy of taking over the mantle of leadership. Surprisingly, the older folks who dominate our political space today have confidently failed and continue to perform abysmally in national duties. On the other hand, youths in the last few years have engaged and excelled in various start-ups, creating jobs and contributing to the economy of the country. In academic, literature, entertainment, ICT, manufacturing and service industry, Nigerian youths have made tremendous efforts to carve a niche for themselves despite unfavourable and unfriendly government policies entrenched by a system that continues to favour and preserve the status quo.

Does the Nigerian constitution support our argument for youthful participation? Sadly no. Of course we can understand the composition of the drafters of our national guiding document. A comparison of constitutions of other African and non-African countries to the Constitution of Federal Republic of Nigeria 1999 (as amended) presented a contrast so telling.

In nearby Ghana, one does not need to be 30 or 35 years to be in the parliament. Ghana must have realised that wisdom is not necessarily conterminous with numerical age, hence in its section 94 (1) (a) 21-year-age qualification was provided for. The United States Constitution in its article one, clause two provides for 25 years to be in the parliament.

The South Africa’s constitution is the most admirable in this regard. Section 47 (1) of the South Africa’s constitution provides that every citizen who is qualified to vote for the

National Assembly is eligible to be a member of the National Assembly unless precluded by any other consideration outside of age. To be qualified to vote, section 46(c) of the constitution provides for a minimum age of 18 years.

Political participation by youths means that youths must face the realism that their votes on Election Day give them enough clout as youths. And the key to effective youth participation in politics and governance is to have an open mind on debatable issues and begin to get involved at the political party level.

Without holding brief for Nigerian youths, it is expedient that we understand that the entrenched systems cannot pave way by itself. Concerted efforts must be made through learning, character building and value placed on integrity.

This is the only way we can convince the larger populace that we have woken up to our responsibility to champion a better life for all who are willing to work and create a lasting impact on future generations. Without doubt, some of the challenges that have constrained the Nigerian youth to the fringes of political headship range from the question of integrity to capacity and a wave of intolerance. Greed, selfish ambition and lack of genuine competition are some of the factors that have colluded to weaken the ability of Nigerian youths to collaborate effectively as a cohesive front that advances the well-being of young Nigerians.

We must also challenge young Nigerians to develop capacity as a prerequisite before throwing their hat into political space. There can be no short cuts.

Joshua Onuekwusi, Abuja

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

POLITICS

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

Impunity Takes Over During the run-up to the 2015 general election, Nigerians were warned that General Muhammadu Buhari as president would not respect human rights. But voters largely ignored this warning. Today, impunity is gradually becoming the order of the day, writes Tobi Soniyi

Members of IMN protesting the incarceration of their leader

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wo years into the administration of President Muhammadu Buhari, it is becoming clearer to discerning Nigerians that old habits die hard.

In the run-up to the 2015 presidential election, voters were repeatedly warned that the record of General Muhammadu Buhari in human rights and rule of law should be a source of concern.

However, the general reassured the voters that he was a changed person, a democrat and that people have nothing to fear. In a nutshell, he promised to respect the rights of citizens. But the president has failed to keep that promise.

The choice of Yemi Osinbajo , a professor of law and a pastor noted for his humility and commitment to rule of law when he was the attorney general of Lagos State helped to further reassure voters that rights would be protected under Buhari as president. Two years after, the vice president, it appears, is helpless. To the disappointment of many, he had, as it is usually the case with our

leaders, chosen to side with the oppressor.

His justification of the raiding of judges’ houses during ungodly hours in the name of fighting corruption left many questioning his commitment to the rule of law.

Instances abound where the present administration had shown that it did not give a damn about human rights. Let us

In the run-up to the 2015 presidential election, voters were repeatedly warned that the record of General Muhammadu Buhari in human rights and rule of law should be a source of concern.

begin from recent events.

Take the case of a former governor of Benue Gabriel Suswam. He was detained incommunicado for more than two months despite the fact that the constitution frowns at such incarceration. After spending a month in court and it became clear that the authorities would not release him, he filed a case in court to enforce his rights, but when the court ruled in his favour, the authorities simply disregarded and disobeyed the order of court of competent jurisdiction which ordered that Suswam be produced in court.

The state does not have any justification for that. For a government seeking to ensure that judges are not corrupt, disobeying a court order is not just impunity, it is also corruption.

In a Gestapo style action, The Punch Newspapers’ State House correspondent, Lekan Adetayo was expelled from the Aso Villa over a story he wrote on the state of health of the president.

Can Nigerians forget the manner with which members of the Islamic Movement of

Nigeria (NIM) were massacred on December 14, 2015? Despite the stories told by the Nigerian Army to justify the killings, discerning members of public knew that what transpired on that day was genocide. The impunity did not just stop there: the leader of the NIM, Sheikh Ibrahim El-Zakzaky has been in detention since then. A judgment of Justice Gabriel Kolawole of the Federal High Court Abuja ordering his release and that of his wife was disobeyed and they remained in detention till this day. Their offence is that their version of Islam does not agree with those in authorities. The government has gone further to categorise members of the religious group as enemy of state. More worrisome is the fact that no one was punished for these atrocities.

On April 26, 2017 followers of El-Zakyzaky staged a protest in Abuja to mark the 500th day since their leader was arrested.

The Chairman, Martyrs Foundation of IMN, Abdullhamid Bello, while addressCONT’D ON NEXT PAGE

T H I S D AY • MONDAY, MAY 15, 2017

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POLITICS

MONDAY DISCOURSE I M P U N I T Y TA K E S OV E R

ing members of the group said: “As Sheikh Zakzaky clocks 500 days of unjustifiable detention, we come out in our numbers to peacefully show our dissatisfaction with the way the government of President Buhari has been handling the subject of Zaria pogrom that was conducted by the Army under his ultimate command”, he said in the statement.

“This was what led to the Sheikh’s unwarranted detention in the first place, and its aftermaths, including the extra-judicial murder of over a thousand innocent citizens under 48 hours.

“As Sheikh Zakzaky clocks 500 days in this unjustified detention, we have come out to demonstrate our unwavering commitment to Sheikh’s freedom and justice for all those oppressed sequel to that brutal massacre.

We will not be cowed into silence by any oppressive measure this government will employ.”

Bello noted that a court had ordered the government to release. El-Zakzaky and his wife within 45 days but that the two had remained in the custody of the State Security Service over 100 days after the court order.

According to him, the Nigerian Army that committed the horrible massacre in Zaria remains unpunished and has even chosen not to investigate what it did between 12-14 December, 2015, as it recently inaugurated an investigative panel on accusations of human rights abuses against the army.

“What is the Army hierarchy afraid of that it can’t even dare investigate a serious allegation of cold-blooded killing of over 1000 civilians in Zaria?” he added.

Is it not interesting that while our president deserved to travel abroad for medicals, ElZakzaky is not so deserving? His followers said he needed urgent medical attention but government is not interested in his health.

The case of Sambo Dasuki, the former National Security Adviser to President Goodluck Jonathan, is as worse. He was granted bail by two high courts but because the Department of State Security is above the law, Dasuki remains in detention. He had been charged to court, pleaded not guilty and was granted bail, yet the prosecution is at liberty to amend the charges but Dasuki’s liberty must be restricted to prevent him from running away, so we were told. . The ECOWAS Court of Justice also ruled in his favour, but because those at the helms of affairs are above the law, they ignored the court’s judgment thereby making Nigeria a laughing stock among nations.

How can an institution that does not have the slightest respect for the judiciary be the one fighting corruption in the judiciary?

Even though government is in denial and has arrays of rationalists who continue to defend these obnoxious and reprehensible acts, the international community is not so deceived.

This year, Nigeria again recorded a fall on the international press freedom index.

According to the Press Freedom Index, released last month by Reporters Without Borders, (RWB), Nigeria ranked 122 out of 180 countries examined. The index was released at the time when The Punch correspondent was expelled from the State House. In 2016, Nigeria recorded a decline on the world ranking, falling from 111 to 116.

In 2017, the country recorded another fall, moving from 116 to 122, which placed it conveniently on the red-zone for press freedom across the world.

According to the RWB: “In Nigeria, it is nearly impossible to cover stories involving politics, terrorism, or financial embezzlement.

Journalists are often threatened, subjected to physical violence, or denied access to information by government officials, police, and sometimes the public itself.”

Those who think that only ‘big men’ are feeling the heat are mistaking. The police know that the authorities are detaining people illegally, and so why should they not too detain people unjustly?

As at press times, many innocent people are languishing in police cells; they are detained for the flimsiest of excuses. The Special Anti-Robbery Squad is even worse.

The level of lawlessness by this police unit is unprecedented. Members of SARS routinely arrest and detain people for no just cause

Dasuki...remained in detention despite courts orders

while some detainees in their custody die under mysterious circumstances. As it is, the change promised by the president is yet to be extended to ordinary citizens of this country who suffer untold hardship in the hands of policemen.

Unable to keep quiet, the Peoples Democratic Party (PDP) led by Senator Ahmed Makarfi, on April 13, said it was constrained to alert Nigerians that the nation was fast drifting into a dictatorship and possible anarchy under the All Progressives Congress

Unable to keep quiet, the Peoples Democratic Party (PDP) led by Senator Ahmed Makarfi, on April 13, said it was constrained to alert Nigerians that the nation was fast drifting into a dictatorship and possible anarchy under the All Progressive Congress (APC) government.

(APC) government.

The leadership of the PDP national caretaker committee alleged that prominent leaders and citizens especially, the governors, ministers and other public office holders during the previous PDP administration had been arrested in a Gestapo manner and detained indefinitely without trial.

It said the actions of the APC-led administration was a clear case of injustice and vendetta, adding that it should charge all those in detention to court as a matter of urgency and free all those granted bail by the courts immediately. PDP listed those so far rested by security agents to include, the former Governor of Benue State, Hon. Gabriel Suswam, former Governor of Niger State, Dr. Babangida Aliyu and the former National Security Adviser (NSA), Col. Sambo Dasuki who has been in custody for about two (2) years now without trial.

“It is no gainsaying that under the present APC led government; the agencies arrest suspects, convict them in the media and detain them against the law before they are proven innocent or otherwise by the court.

It is also very clear in the constitution of Nigeria that no security agency has the right or power to detain suspects more than 48 hours without trial,” the party said.

In case those in authorities have forgotten or are having difficulty understanding the principles of rule of law, the World Justice Project has simplified it. It stated that rule of law comprised of the following four universal principles: That the government and its officials and agents as well as individuals and private entities are accountable under

the law.

That the laws are clear, publicised, stable, and just; are applied evenly; and protect fundamental rights, including the security of persons and property and certain core human rights That the process by which the laws are enacted, administered, and enforced is accessible, fair, and efficient.

That justice is delivered timely by competent, ethical, and independent representatives and neutrals who are of sufficient number, have adequate resources, and reflect the makeup of the communities they serve.

As simple as these principles appear to be; those in authorities usually find it difficult to understand until they become the victims.

Dasuki was once a man of power, today he is behind bars.

When he was sworn in as president, Buhari embarked on international trips to woo investors to Nigeria. At every available opportunity, the president asked for stolen wealth to be returned to the country. But because these countries operate under the rule of law, they can not just seize people’s money and bring it to Nigeria. Persuading people to come and invest in a country where courts’ orders are not respected is also proving to be a tough job.

In the fight against corruption, suspects are treated as if they have been found guilty.

This clearly violates the provisions of the constitution which provides that an accused person remains innocent until his guilt is proved. Little wonder many high profile cases are being struck out while convictions secured at lower courts are being upturned.

T H I S D AY • MONDAY, MAY 15, 2017

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POLITICS

Awolowo’s Ideals Live On Last week marked the 30th anniversary of the death of the Premier of the Western Region, Chief Obafemi Awolowo. But the ideals he lived for remain in short supply today. Rotimi Opeyeoluwa argues that Nigeria will be a better country if Awolowo’s postulations on governance were adopted

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ast week marked the 30th anniversary of the transition from this earthly realm of the legendary sage, Obafemi Awolowo, leader of the Action Group, first premier of Western Nigeria, member of the Federal House of Representatives and leader of opposition in the first republic, Vice-Chairman and Federal Commissioner for Finance during the Gowon administration and presidential candidate of the defunct Unity Party of Nigeria in 1979 and 1983 elections, both of which he lost under controversial circumstances. His death on 9th May 1987 appears a distant memory but his impact on the politics of Nigeria remains as indelible just as unrivalled and profoundly intact as ever.

By popular acclamation, he is regarded as one of the greatest Nigerians of all times; some even described him ‘the best president Nigeria never had’.

Every cranny of reality is illuminated by his critical reasoning as exemplified by his postulations either in writings, speeches and interviews. Persuaded early in life about his mission, he trained both as a journalist and lawyer honing his skills in advocacy and reaching out to people, he propelled his vision and gained uncommon acceptance with the people who saw in him a chance for them to realise their social aspirations. He never wavered in his avowed commitment to the liberalization of Nigeria either as a fighter for independence, attacker of feudalism or as an unyielding welfarist.

His physical absence has not diminished his impact and continuing impact on the politics of Nigeria. It was General Ibrahim Babangida, who said shortly before his demise, “It can be truly said that Chief Obafemi Awolowo has been the main issue in Nigerian politics during the last 35 years: the main political question has been whether you are with Awolowo or against him”. Even in death, that is still largely true and the reason is not unconnected with his penetrating insight with shinning brilliance too powerful to ignore by which he articulated his points.

He was a great man by all standards and completely devoted to the cause of the country which he sought to lead with an avalanche of ideas to make it a great land of promise. He remains by all standards a political maestro, a political gadfly and high priest of federalism in Nigeria. A confident, knowledgeable, rigorous, and completely devoted to the service of humanity, as a writer, he wrote 18 seminal books.

He toiled, campaigned, planned, read and was a vociferous advocate of good governance from as far back as 1951, when he along with some of his friends floated the Action Group of Nigeria in Owo, Ondo State. He led a colourful political career and could perhaps pass for the most prepared politician of his time but unfortunately didn’t make the office he sought with evangelical zeal.

Even at that, his not becoming president did not rob him of an honoured place in the history of Nigeria. Loved and hated in equal measure, suspected by the political elites, dreaded by the military top brass, it didn’t come to many as a surprise when the then military Head of State, Lt. Gen. Olusegun Obasanjo, said, “the best candidate may not win”. Not a few think that Obasanjo and his military henchmen helped foist Shagari as the first executive president in 1979. His National Party of Nigeria, (NPN), in collusion with security forces in 1983, won by a ‘landslide’, promising to return in 1987, with a ‘moon slide victory’, which didn’t happen as the military struck terminating the 2nd Republic.

Awo, as fondly called, proffered solutions to the intractable challenges of his time and

Awolowo... his postulations remain relevant today

even beyond. When his contemporaries weren’t sure of the political system fitted for the country, it is on record, that he proposed federalism and even went ahead to publish a book, ‘Thoughts on the Nigerian Constitution’ with far-reaching prognosis from inside of Calabar Prison where he was serving a jail term.

Awolowo was conferred by President Shehu Shagari with the title of the Grand Commander of the Federal Republic (GCFR), the first and only non-president to be so honoured in recognition of his sterling qualities and contributions to the service of the country.

His life was not all rosy. He experienced reversals and set-backs sufficient to break his spirit but not Awo. To get educated, he passed through hell and when allegations of plotting to overthrow the government of

Never a man to shy away from controversy or debate, he was forceful with logic and unyielding on principles, a man of strong convictions, moral fortitude, integrity and selflessness. He remains a part of our national narrative on the strength of his vision, fecundity of thought and character.

Alhaji Tafawa Balewa were preferred against him, in his allocutus, he said “It is not life that matters but the courage you bring to it”.

While in prison, he lost his heir apparent, Segun Awolowo.

He advocated a rational restructuring of the Nigerian political system long ago along federal lines. In his book, ‘Thoughts on the Nigerian Constitution’, he posited, “From our study of the constitutional evolution of all the countries of the world, two things stand out quite clearly and prominently. First, in any country where there are divergences of language and of nationality-particularly of language-a unitary constitution is always a source of bitterness and hostility on the part of linguistic or national minority groups.

On the other hand, as soon as a federal constitution is introduced in which each linguistic or national group is recognised and accorded regional autonomy, any bitterness and hostility against the constitutional arrangements as such disappear. If the linguistic or national groups concerned are backward, or too weak vis-a-vis the majority group or groups, their bitterness or hostility may be dormant or suppressed. But as soon as they become enlightened and politically conscious, and/or courageous leadership emerges amongst them, the bitterness and hostility come into the open, and remain sustained with all possible venom and rancour...”

Awolowo, the undisputed deity of federalism in Nigeria would recoil in shock at the turn of events in today’s Nigeria. A gifted politician, administrator par excellence, outstanding orator, writer, philosopher, thinker, teacher, technocrat, lawyer and visionary leader lived a distinguished life. As a politician, he was a moral beacon and humanist devoted to propagating his message of ‘Life more abundant’.

Never a man to shy away from controversy or debate, he was forceful with logic and unyielding on principles, a man of strong convictions, moral fortitude, integrity and selflessness. He remains a part of our national narrative on the strength of his

vision, fecundity of thought and character.

His obvious brilliance and articulation of ideas was a threat to reactionary politicians, who did all within their power to curtail him. Awo, was great, remains great on the strength of the ideals which he espoused.

At any rate, not many Nigerians know that he coined the name of our national currency, the Naira.

For me, the fundamental lesson that can be drawn from his life is the compelling need to return to the study of history. The lesson of his life remains a reminder that if Nigeria continues to grope under the guise of ‘reversed federalism’ then our journey of nationhood would remain bumpy and uninspiring. In several years, we can learn from his thoughts to mould our ways and deepen inter-communal relations in these era of herdsmen attacks, kidnapping and insurgency. Paying tributes to Awolowo and his manifold contributions to Nigeria is well deserving but can only be meaningful if we consider his postulations on how to govern our country.

He was deep, profound, engaging, resourceful, committed, indomitable, resilient and clairvoyant. The Awolowo mystic is nothing more than the strength of his personal example and the dye-in-the wool talents; he recruited for the task of good governance. His life and contributions have become an imperative study of how smart, informed, selfless and committed leadership can effect improvements on a large scale. His postulations, especially his numerous interventions in several areas of our national life, are sufficient to enable us build an oasis of stability instead of the desert of fragility that currently stares us in the face.

There is no doubt that the principle upon which Nigeria is founded is fraught with several imperfections and continuing in this path is a sure recipe for disaster. The indices are there for all to see, the storm is gathering, the butchering/killings continues and only a reverse gear will save Nigeria.

It is a matter of when and not if we do not as a matter of expediency do the needful.

MONDAY, MAY 15, 2017 • T H I S D AY

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FEATURES

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

The deceased, Faith Pius

Bayelsa’s Day of Rage Last week’s murder of a young girl by her purported lover boy in a hotel in Yenagoa, Bayelsa State, sparked outrage among indigenes and youths of the state.

Emmanuel Addeh writes on the reactions that followed

I

t was meant to be a romantic relationship between two lovebirds, but the events, starting with the murder of a teenager, purportedly by her boyfriend last week in Yenagoa, and the chain reactions that followed, were anathema to what love embodies.

Faith Pius, an 18-year-old youngster was brutally murdered by Tochukwu her boyfriend who ostensibly wanted to get rich quickly and decided to harvest her vital organs to use the teenager for money rituals.

Tochukwu, an Igbo youth living in Yenagoa, was said to have invited Faith, his girlfriend, to a guest house in Biogbolo-Epie area of Yenagoa in the night of last weekend, unknown to the young girl that it was to be her last day on earth.

The night started well as the duo checked into the hotel, until events quickly turned sour when Tochukwu reportedly sedated Faith and attempted to remove her organs, including her breasts.

The young girl struggled with his lover boy turned assailant leading to several knife cuts all over her during the confusion that ensued. This was about 10pm, it was learnt.

A huge stab in the stomach sent the young girl reeling on the floor, but was not enough to keep her from screaming for help which attracted the attention of other guests around

the hotel.

Twenty six-year-old Tochukwu, her attacker, who reportedly hails from Enugu, sensing that the deal had flopped and his vaunting ambition of becoming rich overnight was effectively over, at least temporarily, was said to have taken to his heels immediately.

Thereafter, the first set of eyewitnesses rushed Faith, who was at the time almost unconscious, to a private clinic where she was quickly stitched in her stomach and breast which had at the time started dripping with blood.

However, by the next day the young girl had developed complications, leading to her eventual death on Sunday.

Faith Pius, an 18-year-old youngster was brutally murdered by Tochukwu her boyfriend who ostensibly wanted to get rich quickly and decided to harvest her vital organs to use the teenager for money rituals

Faith’s death filtered into her Biogbolo community on Monday, and quickly got reactions that snowballed into what could have been a major ethnic clash, lasting days or weeks, but for the quick intervention of security agencies.

While the manhunt for the culprit is continuing, THISDAY gathered that the hotel owner and two other suspects have already been arrested by the police and are telling the police what they know about the incident.

Following the girl’s death, her friends commenced a protest, brandishing green leaves and condemning what they described as grave violence on Faith. The protest once it got heavier, became violent.

The protesters said that members of Biogbolo community suspected that Tochukwu wanted to use vital parts of the victim’s body for ritual purposes.

An elder brother of the deceased, Stephen Pius, alleged that the suspect cut his younger sister twice each in her stomach and her heart region, raising suspicions that it was beyond a mere fight between two lovers.

The demonstration immediately raised tension in Yenagoa as the angry youths took to the streets to register their anger over the death of young Faith.

Several of the aggrieved youths were said to have attacked shops and vandalised vehicles

reportedly owned by the kinsmen of the lover boy along some streets in the area, especially Opollo, where they own several shops.

Operators of business outfits closed shop and immediately ran for cover, with the streets deserted in just a few minutes.

It was a day that many who were unfortunate to be caught in the crossfire, regretted coming out of their houses. While some properties were torched, others were vandalised around Ebis and Green Villa, particularly.

Armed with dangerous weapons, it was gathered that scores from both sides were injured before the arrival of the armed security operatives.

But like all stories of its kind, many versions of the incident continue to emerge almost on a daily basis.

A version said that the suspect, whom some say is a former tenant to the victim’s father lured the girl into his hotel room with N500 and inflicted injuries on the victim.

Yet, one other strand of the story said that the deceased resisted attempts by the suspect to have sex with her after they got into the guest house, resulting in an altercation.

In all, none of the accounts can be said to be watertight, since nobody was there when the incident happened and Tochukwu, who is still at large at the time this report, is yet

T H I S D AY • MONDAY, MAY 15, 2017

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FEATURES

Tochukwu, the suspect

Shop set ablaze by the angry youths

Bayelsa CP, Mr. Asuquo Amba

One of the APCs deployed by the police during the crisis

to tell his own version.

After many hours of rage, a combined heavily armed force of the Nigerian army, the police and a detachment of the Nigerian Security and Civil Defence Corps (NSCDC) were able to bring calm to the city.

But the Bayelsa State Government in its reaction, called for restraint, saying that it was working closely with security agencies to apprehend the culprit.

In a statement signed by the Commissioner for Information and Orientation, Mr. Jonathan Obuebite, the government urged residents of the state to remain calm and avoid any further act that will disrupt the existing peace in the state.

It warned residents against taking the laws into their hands in a fit of rage, stressing that it condemns the dastardly act in very strong terms.

“It is purely a criminal act and the state security agencies are working tirelessly to unravel the mystery behind the killings,” the government said.

However, Obuebite said the deceased was not mutilated, saying the police commissioner had confirmed that the remains of the teenage girl were found intact.

To douse the tension, he advised residents against taking the death of the young girl as ethnic or tribal, and called on them to

allow the law enforcement agencies to carry out their duties of unraveling the mystery surrounding the incident.

“More so, the state Police Commissioner has assured the Bayelsa State Government that his men will stop at nothing to fish out the perpetrator (s) of the dastardly act and bring them to book.

“The government is committed to ensuring that the state is peaceful and we assure the family of Miss Faith of the support of the state government, security agents and the

Several of the aggrieved youths were said to have attacked shops and vandalised vehicles reportedly owned by the kinsmen of the lover boy along some streets in the area, especially Opollo, where they own several shops

good people of the state,” the Bayelsa State government said.

On his own part, Mr. Oforji Oboku, the caretaker committee chairman of Yenagoa, called on the people of Biogbolo-Epie community to be peaceful and law-abiding as efforts were ongoing to resolve the killing of their 18-year-old daughter.

Oboku, who spoke in an interview with newsmen after a meeting involving him, the police and the community chiefs at Biogbolo Town Hall, described the incident as “regrettable”.

He said that a committee had been set up to handle the matter with a view to bringing justice to the grieving family and the community.

“We are working very hard, and we are gathering more information. What we want to do is to see that justice is done by apprehending the culprit. The committee had swung into action, and had started getting results only for violence to break out again,” Oboku said.

The council boss also appealed to Igbo traders in the community to stay away in the meantime until such a time that it would be expedient for them to return.

“It will not be long we will ask them to return and start their normal businesses. They (the Igbo traders) are aware that somebody

died and it’s painful.

“That is the reason why the shops should temporarily close down, and hopefully we will call them to return to their shops,” he stated.

The Commissioner of Police in the state, Asuquo Amba, warned the people against taking the law into their own hands, assuring that the police had interrogated eyewitnesses and would soon arrest the fleeing suspect.

Amba said that the death of the young girl had changed the entire complexion of the case as the police was treating it as physical assault leading to bodily harm before the girl’s passing away.

“But now that the girl has died, we are now treating a case of murder against one suspect.

“Though the suspect’s name sounds as if he is from one area, people should not take the law into their own hands because we don’t know who he is.

“We have a definite picture of the suspect.

Eyewitnesses’ account in the hotel has given us a strong clue. I know some people are associating it to ritual killing, but we cannot conclude yet,” Amba said.

As at last Thursday, Igbo traders in the town, it was learnt, had also decided to lock their shops in solidarity with the deceased and her family until Tochukwu was arrested and made to face the law.

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IMAGES

T H I S D AY • MONDAY, MAY 15, 2017

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

L-R; Branch Manager Nigerian Stock Exchange [Oyo State],Mr.Kayode Ogun; Director General Debt Management Office,Dr.Abraham Nwankwo and Assistant Manager Ibadan Branch Nigerian Stock Exchange,Mr.Sunday Idomigie at the Advocacy/Sensitization Workshop on FGN Savings Bond with Leaders of Unions and Association in the South West Region held at Permier Hotel Ibadan ...recently FELIX ADEMOLA

L-R; Deputy Managing Director, Alphamead Facilities and Management, Mrs. Wale Odufalu; Group Managing Director/CEO, Mr. Femi Akintunde; and Executive Director, Mr. Wale Olufore, at the press briefing to announce the forth coming 6th Facilities Management Roundtable in Lagos..recently SUNDAY ADIGUN

L-R; Children of the deceased, Mrs Kristy Gbobaniyi, Son, Mr. Deji Gbobaniyi, Mrs Folake Ogundare, Mrs Yewande Adeyeye and Mrs Mayowa Oninla during the funeral service of their late mother, Mrs Ronke Gbobaniyi at St .

James Cathedral, Oke-Bola, Ibadan, Oyo Stte...recently FELIX ADEMOLA

L-R: Territory Manager, Sail Point, Mr Peter Hunter; Manager,Network Infosec, Ghana, Mr. Senyo Hadzor; Partner, Technology Advisory, KPMG, East Africa, Nancy Mosa; Chief Information Security Officer, GTBank, Bharat Soni; and Chief Executive Officer, SMSAM Systems Ltd, Sunday Samuel, during the KPMG Africa Cyber Security Conference in Lagos...recently ETOP UKUTT

L-R: Executive Secretary, Lagos State Employment Trust Fund (LSETF), Akin Oyebode; Majority Leader, Lagos State House of Assembly, Hon. Sanai Agunbiade; Representative of Oba of Ikorodu, Otunba Adeshola Ajenowo and Ikorodu Zonal Chairman, Lagos State Block and Concrete Marketers Association (LABCOMA), Otunba Rasheed Alesinloye, during LSETF grassroots engagement scheme in Ikorodu... recently.

L-R: Global Head of Investment Banking, Renaissance Capital James Friel; Chairman, Board of Directors, Christophe Charlier; Chief Executive Officer (Nigeria), Temitope Popoola; Co-Chief Executive Officer, Ruslan Babaev; and Global Chief Economist, Charles Robertson, all of Renaissance Capital, during the 8th Annual PanAfrica Investor Conference in Lagos.. recently

Chairman, Sterling Bnnk, Mr. Asue lghodalo (middle) flanked by Managing Director, Mr. Yemi Adeola and Company Secretary, Mrs Justina Lewa at the Bank’s 55th Annual General Meeting in Lagos...recently ABIODUN AJALA

L-R: Chairman, Union Bank of Nigeria Plc, Cyril Odu; Executive Director/Chief Financial Officer, Mrs Oyinkansade Adewale; Founder, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu and Group Managing Director/CEO, Emeka Emuwa, during the bank’s 48th Annual General meeting in Lagos…recently.

ABIODUN AJALA

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Quick Takes NACCIMA Holds AGM, Conference

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) will hold its annual general meeting (AGM) and annual general conference (AGC) as well as the investiture of its19th National President, Iyalode Alaba Lawson on 24th and 25th of May 2017.

The Director General, NACCIMA, Emmanuel Cobham, said in a statement that the 57th AGM, which is restricted to its members throughout the country, will hold on Wednesday the 24th of May 2017, while the AGC will hold on 25th of May, 2017 both at the June 12 Cultural Centre, Kuto, Abeokuta, Ogun State.

“The AGC, specifically packaged to proffer suggestions towards the recovery of our ailing economy is to discuss: “Enhancing Ease of Doing Business in Nigeria-An Impetus to Economic Recovery and Sustainable Growth,” the statement said.

According to NACCIMA, Nigeria’s former President, Chief Olusegun Obasanjo will chair the conference, whileVice President Yemi Osinbajo willbethespecialGuestofhonour.Thestatementexplainedthat Lawson will be first woman to occupy the position of NACCIMA’s president.

LSETF to Train 1,300 Beneficiaries

FOR ECONOMIC GROWTH AND DEVELOPMENT

L-R: Chairman, Lagos Chamber of Commerce and Industry (LCCI) Petroleum Downstream Group, Mr. Ken Abazie; President, LCCI, Dr. Mrs. Nike Akande; Representative of the Minister of State for Petroleum and Group Executive Director/COO, Downstream, Nigeria National Petroleum Corporation (NNPC), Mr. Ikem Obih and Group Chairman, Technoil Nigeria Ltd , Mrs. Nkechi Obi, at the 2017 Business Clinic of the LCCI Petroleum Downstream Group in Lagos...recently

Nigeria among Top Global Investment Destinations for 2018 Obinna Chima Nigeria has been identified as one of the top five countries for growth acceleration for 2018. Other countries in the group include Kuwait, Oman, Kazakhstan and Tunisia.

The Global Chief Economist at Renaissance Capital, Charles Robertson, who made this forecast in a report titled: “Africa 2017,” urged investors to take advantage of the opportunities in these countries.

“These are some of the markets I think investors should be considering because of the growth acceleration story,” he explained.

According to Robertson, Nigeria still has a very positive demography, pointing out that the country’s working age

ECONOMY population has been growing at 15 per cent over the past five years.

The global analysts observed: “Nigeria’s Ease of Doing Business is presently at 169th in the world. But I am promising you that it is going to get considerably better in the next 12 months.

This government has actually started to reform.

“They have slashed the time to register a new business from 10 days to two days. I think as you get the Ease of Doing Business better, you should also see some improvement in corruption ranking. It is never going to be dramatic. We do know President Buhari has tried to make some difference.”

He also noted that there has

been improvement in Nigeria’s legal system.

Robertson also argued that at its present rate, the naira exchange rate is expensive as the official rate. He called for a currency reform in Nigeria, arguing that, “currency pegs don’t work in countries with low per capita income. The naira is either too weak or too strong.”

Nigeria’s budget and forex reserves depend on the performance of crude oil. Oil has been on an upward trend in the last 12 months.

“But my view is that shale would keep it down. What I think drives oil is China. When China’s Gross Domestic Product (GDP) was booming, we had oil price shooting up, but when China’s GDP stopped rising last year, the oil price was down.

There should be some recovery, I would argue, in the next few years. If there is one thing which worries me today, it is Chinese loan growth.

“I still think there is a story here which is working. The story is that the last time oil fell, which was in the 80s, GDP in Nigeria fell by over 10 per cent, not just once, but multiple times throughout the decade.

“But in the 90s, when oil prices were low, Nigeria was not even in recession. But this time, it fell by 1.5 per cent last year, which was a much better performance than in the past.

The human capital has changed, not just in,” he said.

CBN Governor, Mr. Godwin Emefiele recently predicted that Continued on page 24

Equities Investors Count Gains as FX Policy Boosts Market Goddy Egene Equities investors had a bounteous harvest as stocks surged to new highs on the Nigerian bourse last week.

While the market measured by the benchmark Nigerian Stock Exchange (NSE) All-Share Index went up by 7.46 per cent, some stocks fetched higher gains of between 31.9per cent and 16.3 per cent last week alone. For instance, investors in May & Baker Nigeria Plc saw their investments rise by 31.9 per cent, while those of Ecobank Transnational Incorporated recorded a growth of 22.5 per cent.

Fidson Healthcare Plc and

STOCK MARKET PZ Cussons Nigeria Plc added 21.5 per cent and 20.4 per cent respectively among others. By the close of trading last week, the market swung positive territory recording year-to-date growth of 4.9 per cent.

Although many analysts have been upbeat on the market recovery this year, they never expected it to be soon.

However, analysts at Afrinvest (West Africa) attributed the growth recorded last week to developments in the foreign exchange (FX) market, which increased foreign investors to the equities market.

They said foreign investors’ appetite for Nigerian assets has waned significantly on the back of currency crisis, which in turn has fundamentally weakened macroeconomic performance, dragged corporate earnings and also impacted on equities market viability.

“This condition has also lingered into the year 2017 as investors have been dumping equities for less risky investment opportunities in the fixed income market especially given the current relatively high yield environment. However, in April, investor sentiment strengthened following the commencement of the Investors’ & Exporters’ (I&E) FX window, which signalled a

possible return of flexibility in FX rate determination; though multiplicity of rates at official windows is still a concern,” they said.

Accordingly to them, the NSE ASI trended on a 10-day bullish streak majorly due to the improvements in the FX market.

“Within the last two years, the exit of foreign portfolio investors from the equities market, given the perceived mispricing of the domestic currency, was majorly responsible for the drag witnessed in the equities market.

This was further compounded by the massive spread of

In fulfilment of its mandate to provide business development support to its beneficiaries, the Lagos State Employment Trust Fund (LSETF) said it is organising training for over 1,300 of its beneficiaries this month.

These workshops are organised by the LSETF using various training and skill certification partners, who pass on important skills and knowledge to beneficiaries, which aid the success of their businesses.

The LSETF’s Executive Secretary, Akin Oyebode, said: “Business development support is a crucial part of what we do. It is not enough to just give individuals funds and have them pay back, but also to instill in them the requisite skills to enable them manage and grow their businesses.”

“The better they are as entrepreneurs, the greater the chances that their businesses will succeed, be sustainable and create employment opportunities in Lagos State. We are grateful to our partners for their efforts in joining us on this journey to supporting businesses for inclusive growth,” he added.

The LSETF is poised to provide support to at least 100,000 MSMEs; create at least 300,000 direct and up to 600,000 indirect jobs by 2019. The LSETF is also mandated to provide training and job placements for the unemployed; mentorship for business owners and improvement of the policy environment to ensure a conducive operational environment for small businesses in the state.

The LSETF is a Lagos State Government Initiative created as part of its commitment to boost the Lagos economy through job creation, leverage and access to finance for micro, small, medium enterprise (MSMEs) operating in the state.

International Coaching Week Holds

The International Coaching Federation (ICF) has announced that its Nigeria chapter will this week hold the 2017 edition of the International Coaching Week (ICW). According to a statement signed by the Publicity & Media Director of ICF Nigeria, Bolajoko Bayo-Ajayi, the workshop will involve coaching practitioners around the world rally together to increase the visibility, understanding and impact of professional coaching by creating an opportunity for individuals & organisations to “Experience Coaching”. The theme of this year’s event is “Coaching: Transforming Organisations & Individuals”.

“This year, ICF Nigeria is bringing together individual professional coaches and their clients in Nigeria and across Africa, representing a wide variety of coaching specialisations to share their experiences on radio, TV, in public spaces, in organisations, and at their signature breakfast seminar”, the statement added.

The week starts on Monday 15th May with a Corporate Coaching Café where ICF Coaches will hold in-house sensitisation sessions with organisations about introducing a coaching culture for effective leadership development and to enhance performance.

The flagship event, which is scheduled for Wednesday and tagged ‘Experience Coaching Conference’ comprises two sessions; a breakfast seminar for the public and business leaders; and a coaching workshop in the afternoon for HR practitioners and coaches.

“Attend TEXEM’s forthcoming programme on the 24th-25th of May. All stakeholders need to be shown that continuous change is not a choice but a necessity” Vice Chairman, Business Council for Africa, UK,

Clive Carpenter Continued on page 24

T H I S D AY • MONDAY, MAY 15, 2017

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BUSINESSWORLD NIGERIA AMONG TOP GLOBAL INVESTMENT DESTINATIONS FOR 2018

with economic policies put in place by the Nigerian government, the country should be out of recession by the third quarter of the year. Emefiele who assured that the CBN would continue with its intervention in the foreign exchange market, noted that interventions of the apex bank so far had been yielding positive results.

The legislature last week passed the 2017 Appropriation Bill for the year, with an increment of N143 billion to N7.441 trillion, from the executive’s proposal of N7.298, five months after President Muhammadu Buhari submitted the federal government’s spending bill.

Faced with pressure from the public, which remained unrelenting for years, and in keeping with its promise this year to do so, the National Assembly, on Thursday, finally released a 33-page document detailing the line-by-line expenditure of its budget for 2017. The National Assembly’s budget was increased by N10 billion to N125 billion, from the N115 billion proposed by the executive.

Under its budget, N85.8 billion was assigned to total overhead costs, N23.7 billion for personnel costs and N14.9 billion for capital projects.

EQUITIES INVESTORS COUNT GAINS AS FX POLICY BOOSTS MARKET

approximately N200.00/ US$1.00 between the official and parallel market exchange rates. However, through the various recent intermittent but steady interventions by the CBN, the spread between the market rates has trimmed considerably. Our interactions with FX traders and Afrinvest equity brokerage desk suggest that the launch of the I&E FX window on the 21st of April, 2017 was the major “game changer” as the equities market has witnessed improved participation from foreign portfolio investors, especially this (last) week,” they said.

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

Angbazo: GE Delivering on 10,000MW Commitments to Nigeria Ejiofor Alike General Electric (GE) has stated that it is delivering on its commitments to collaborate with the federal government, investors and private sponsors of projects to ensure the realisation of 10,000 megawatts of incremental power in Nigeria, in line with the power Memorandum of Understanding (MoU) signed with the federal government in March 2012.

Speaking to select journalists in Lagos at the weekend, the President and Chief Executive Officer of GE’s Grid Solutions/ Energy Connections, Africa, Dr. Lazarus Angbazo stated that even though governments and parties have changed in Nigeria, the needs of the country have remained the same.

Angbazo further clarified that his company did not commit to invest $10billion in the power MoU signed at the Nigerian High Commission in London in March 2012 but to collaborate with government and other investors, as well as project sponsors, to deliver 10,000MW of incremental power.

“Some people translated that into $10 billion. Now, could it be $10 billion? It could be more but we don’t talk in terms of $10 billion; we talk in terms of actual output because we have seen projects where 1,000MW has cost this country more than $2 billion,” he said.

He clarified: “What we signed in that power MoU,

which originated from the company-to-country agreement, was that GE, working with the Federal Government of Nigeria, will invest in the development of new power generation capacity of up to 10,000MW of power – incremental power, which means that GE is going to work with investors, private sponsors of projects and if government also wants to invest in projects, GE will also look at those projects and co-invest. We have done that. If you look at our portfolio

of projects in Nigeria, we have got several projects at several stages of development.”

Angbazo added that his company continued to invest in Nigeria even at a time projects were cancelled globally because of the crash in oil prices.

According to him, GE believes that there is commercial opportunity in Nigeria and the country’s outlook will get better in the future.

The GE CEO, who lauded the federal government’s efforts to encourage private investors in

Aside changing Nigeria’s status as one of the most inefficient ports in the world, private terminal operators in Nigerian ports have since the concession, invested over $2billion (N618 billion) in modernising and upgrading their various terminals as well as in manpower development.

As a result of the huge investment, ship waiting time has been eliminated to zero days while vessel turnaround time has also improved significantly based on cargo type.

Also, congestions at the various ports have also been eliminated resulting in cost saving to the tune of N30billion annually.

Chairman, Seaport Terminal Operators Association of Nigeria (STOAN), Vicky Haastrup, who reeled out these statistics, commended the federal government for its foresight in the concession of terminal operations at the nation’s seaports.

Haastrup said the success of the ports concession programme, which was implemented in 2006, has made it a model for the consideration of other governments across the world to concession public infrastructure and also for Nigeria to extend the model to other sectors of the economy.

Haastrup added: “What concession does is free govern-

if they don’t get their PPAs, the rest of the funding is not going to come through. To get a PPA, you need to get assurance on gas and if gas is not provided, there is no assurance on generated power and if there is no assurance of PPA agreement, there is no assurance of financing.

Number three: You also need to get assurance of evacuated power. We know how degraded the grid infrastructure is in Nigeria. I am telling you that we have got issues,” Angbazo added.

MERITORIOUS AWARDS

L-R: Executive Director, Operations, Stanbic IBTC, Wole Adeniyi; Managing Director GTB Head Middle East & Africa, Harold Leenen; Managing Director, Ecobank Nigeria Ltd, Charles Kie and Executive Director, Operations and Service,Yemi Odubiyi, at Deutsche Bank 2016 Award for Excellence to financial institutions in Nigeria held in Lagos...recently

Port Concession: Terminal Operators’ Investments Hit $2bn Eromosele Abiodun

the power sector, also identified the challenges facing the implementation of power projects in Nigeria.

“I can spend the rest of the day talking about them but let me just give you some highlights.

I think number one on the new developments, which is the IPPs (independent power plants), where we are putting money to private Nigerian firms – just going through development phases with government, whether it is getting their PPAs (power purchase agreements) because

ment resources for the provision of other social services to the people. Government remains the ultimate owner of the concessioned facilities but the private sector is mandated to develop and operate those facilities under agreed terms over a certain period. This is a worthy model, which has not only improved operations at our ports, but has also attracted commendation from within and outside the country.

“After Nigeria’s port concession, we now have countries like Ivory Coast, Liberia, Ghana and even Greece adopted our model.

The Liberians and Ghanaians sent delegations to understudy our port concession model to develop theirs. Recently, the Greek Government concessioned the Thessaloniki Port, which is one of its most important public infrastructure. This is a clear indication of our success as a nation in building models worthy of emulation by others.”

She also said that the federal government’s consideration for adopting the concession model for the railway and aviation sectors derive from the success of port concession.

“I have implicit confidence in the present government’s ability and commitment to the improvement of public infrastructure in the country and one is delighted to note that concession has become the model being adopted for both

the railway and aviation sector reforms,” she said, The STOAN chairman also commended the Nigerian Ports Authority (NPA) for launching the Safety, Information, Operation and Communication Centre to enhance 24-hours operation at the port.

According to her, “The commissioning of this centre and the recent launch of four new tugboats by NPA will deepen reforms at the port. It will complement the efforts of terminal operators to make our ports competitive,” she said.

She added: “Before the concession of terminal operations in 2006, Nigerian ports faced major challenges which placed them among the most inefficient in the world. Before concession, the average waiting time for ships before berthing was 21 days, vessel turnaround time was seven days while dwell time for cargo was as high as 45 days.

“Virtually all the major seaports across the country were heavily congested leading to insecurity and pilferage, delays in cargo clearance and inefficiencies in cargo handling largely due to manual processes.

As a result of the challenges, the Federal Government of Nigeria in 2006, concessioned cargo handling operations at the ports to 25 terminals operators under various lease agreements ranging from 15 to 25 years.”

CBN, Stakeholders Proffer Measures to Protect Online, Mobile Payment Systems Ndubuisi Francis in Abuja The Central Bank of Nigeria (CBN) and other stakeholders in the nation’s financial sector have underscored the need for appropriate measures to secure online, mobile and payment services as well as devise potent strategies to counter existing and emerging threats in the sector.

Part of the strategies, according to them, is to develop an efficient, reliable and electronic payments system and sensitising the public on how to inoculate themselves against potential threats.

In a keynote address he presented at a two-day workshop on emerging regulations to protect online, mobile and payment services, the Director, Banking & Payments System Department, CBN, Mr. Dipo Fatokun, observed that one of the key tasks of the apex bank was to promote the smooth operations of an efficient payments system, which he said, is core to the financial stability of any country.

The workshop, which was organised by Maxut Consulting Experts and Vasco Data Security, in collaboration with the CBN dwelt on the emerging trends in banking and payment systems as well as regulatory and security implications.

Payments systems, Fatokun added, have important implications for monetary policy implementation and for the

efficiency of the economy.

He noted that “in order to achieve the broad objectives of the payments system in the country, the CBN develops and regulates the implementation of regulation to facilitate the growth of initiatives that will harmonise payment operations in the country.”

In its regulatory role, the CBN, he stressed, is careful to approach the dynamic of payments system policy creation as a delicate balance, in order not to stifle innovation and growth in the payments system.

“In addition to the aforementioned, the bank has developed a financial inclusion strategy, the PSV 2020 Vision and cash-less policy drive with specific targets and timelines. The sustenance of these initiatives will ensure that financial services are provided at affordable costs to sections of disadvantaged and low-income segments of the society.

“With growing usage, interest, risk and new technology; there is continuous need to update payments system regulation as a result of its dynamic and ever-changing nature. Financial authorities around the world have a need to regulate payment services to protect consumers while ensuring the development of a secure, competitive and innovative environment for electronic payments,” he stressed

T H I S D AY • MONDAY, MAY 15, 2017

25

BUSINESSWORLD

MARKET REPORT

Stock Market Hits 9-month High Goddy Egene and Nosa Alekhuogie

and Nestle supported performance.

Investors gained N273.3 billion as market capitalisation advanced to N9.5 trillion.

In terms sectoral movement, on the NSE Industrial Goods Index fell by 0.9 per cent. The NSE Banking Index led with a gain of 4.1 per cent on the back of a broad-based rally in banking stocks across Tiers – Zenith (+5.6 per cent), GTBank (+2.4 per cent), UBA (+7.2 per cent), Fidelity Bank (+8.8 per cent) and Union Bank (+3.0 per cent). The NSE Consumer Goods Index trailed with 3.6 per cent, while the NSE Oil & Gas Index added 2.4 per cent. The NSE Insurance Index closed higher by 0.7 per cent.

In line with expectation, the bullish run in the equities market continued on Thursday, rising by 3.2 per cent to close at 28,423.70. As with previous sessions, the positive performance was driven by rally across sectors, but was largely buoyed by gains in bellwethers such as Dangote Cement, Nigerian Breweries Plc and GTBank.

An unprecedented surge in investors’ appetite for risk assets lifted the Nigerian equities market to nine-month high as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose by 7.46per cent to close the week at 28,192.46. In a similar vein, market capitalisation gained N676billion to be at N9.746trillion.

It was a record breaking week with the NSE ASI posting the largest singular gain of 3.18per cent , since 15th of June 2016.

Analysts at Cordros Capital Limited, an investment banking firm, said judging by market activity in the past three weeks, and more specifically, the spike in the number of deals and volume traded last week, “we sense improved investors, both local and foreign, appetite for risk assets on domestic bourse, following the: reduced apprehension in the macroeconomic environment; impressive 2016 full year and first quarter (Q1) performance of highly capitalised names, and increased confidence about the stability and liquidity of the foreign exchange (FX).

Apart from the ASI, that appreciated, all other indices finished higher during the week with the exception of the NSE ASeM Index that closed flat.

Daily Market Performance The stock market opened for trading in the week on a positive note, sustaining its bullish trend, following high demand for fast moving consumer goods, insurance and banking stocks.

Having gained 1.85 per cent last week, some level of profit taking was expected as trading resumed for the week yesterday. However, it appears investors are delaying their profit taking as bargain hunting remained high. Consequently, the NSE All-Share Index appreciated by 0.70 per cent to close at 26,418.33, while market capitalisation added N63.2 billion to close at N9.1 trillion.

Monday’s performance reduced the year-to-date decline to 1.70 per cent.

The market recorded 26 price gainers, while 12 stocks depreciated. Although bellwether stocks such as Nestle Nigeria Plc, Nigerian Breweries Plc, Zenith Bank Plc, GTBank Plc were among the price gainers, Oando Plc led the chart with 10.0 per cent, trailed by Seven-Up Bottling Company Plc with 9.7 per cent.

Continental Reinsurance Plc and AIICO Insurance Plc chalked up 9.4 per cent and 7.5 per cent respectively among others.

Conversely, Champion Breweries Plc led the price losers with 4.6 per cent, followed by Jaiz Bank Plc with a decline of 4.5 per cent. African Prudential Plc and Dangote Flour Mills Plc shed 3.3 per cent and 2.3 per cent in that order.

In terms of sectoral performance, all indices advanced except the NSE Industrial Goods Index that shed 0.02 per cent following price loss by Cement Company of Northern Nigeria(-1.9 per cent). The NSE Consumer Goods Index recorded the highest gain (+2.0) on account of buy sentiment in Nestle (+3.4 per cent), Seven-Up Bottling Company Plc (+9.7 per cent) and Nigerian Breweries Plc (+2.7 per cent).

Similarly, the NSE Insurance Index went up by 1.8 per cent on the back of price appreciations in Continental (+9.4 per cent) and AIICO (+7.6 per cent) while the NSE Oil & Gas and NSE Banking indices appreciated 1.4 per cent and 0.4 per cent respectively.

Following continuous bull run, the market rallied to a year high on Tuesday after gaining for the eight consecutive days. Sustained demand lifted the NSE ASI by 1.28 per cent to close at year’s high of 26,756.21, while market capitalisation added N116.8 billion to be at N9.25 trillion. The gain was spurred mainly by demand for stocks such as Oando Plc, Access Bank Plc,

FBN Holdings Plc, Guaranty Trust Bank Plc, Dangote Cement Plc, Nigerian Breweries Plc and Zenith Bank Plc. According to analysts at Meristem Securities Limited, the increased investors’ appetite witnessed may be traced to the streams of positive news inflow as regards companies’ performance and economic recovery.

“Whilst we do not rule of some profit-taking activities at the end of the week, we reiterate that the current positive trend may persist,” they stated.

The bulls visited 34 stocks, while only six stocks played host to the bears.

Just like Monday, Oando Plc led the price gainers with 10.1 per cent, trailed

by Fidson Healthcare Plc with 9.5 per cent. Transcorp Plc chalked up 7.1 per cent just as May & Baker Nigeria Plc, Portland Paints and Products, Cement Company of Northern Nigeria Plc and Access Bank Plc appreciated by 5.9 per cent, 4.9 per cent, 4.8 per cent and 4.8 per cent in that order among others.

Conversely, Linkage Assurance Plc led the price losers with 3.7 per cent, followed by Dangote Sugar Refinery Plc with 3.5 per cent. Total Nigeria Plc shed 2.3 per cent, just as Lafarge Africa Plc and Seven-Up Bottling Company Plc depreciated by 2.2 per cent and 1.8 per cent respectively.

However, the value of stocks traded fell by 13.5 per cent to N2.815 billion, while volume rose by 101.4 per cent to 539.23 million shares. The three most actively traded sectors were Financial Services (488.45 million), Conglomerates (23.43 million) and Consumer Goods (9.78 million), while the three most actively traded stocks were: FCMB (243.86 million), Zenith Bank (52.29 million) and UBA (42.52 million).

Performance across sectors remained positive with three of the sectors appreciating, while only the NSE Industrial Goods Index, which dipped 0.3 per

cent on account of profit-taking in Lafarge Africa.

The NSE Banking Index led sector gainers, rising by 2.2 per cent, followed by the NSE Oil & Gas Index with 0.7 per cent growth.

The bulls tightened their hold on the Nigerian Bourse on Wednesday as investors continue to react to improving macroeconomic fundamentals, particularly the recent introduction of

TOP TEN BROKERS

an autonomous FX market for investors and exporters. At the close of trade, the NSE ASI rose 2.9 per cent to reach a 6-month high of 27,546.68 while the year to date return swung positive for the first time in the year to close at 2.5 per cent. Although the positive close was driven by broad-based buying interest across large, mid and small cap stocks, market bellwethers such as Dangote Cement, Nigerian Breweries,

(BY VALUE)

BROKER

AS AT LAST FRIDAY VALUE % VALUE

STANBIC IBTC STOCKBROKERS LIMITED

7,648,469,010.33

RENCAP SECURITIES (NIG) LIMITED

7,548,668,929.88

13.13

A.R.M SECURITIES LIMITED - BRD EFCP LIMITED

5,770,036,552.58 4,097,017,901.87

10.04 7.13

CSL STOCKBROKERS LIMITED

2,885,845,512.73

5.02

FBN SECURITIES LIMITED

2,578,718,246.01

4.49

1,973,619,746.99

3.43

REGENCY ASSETS MANAGEMENT LIMITED

13.30

CARDINALSTONE SECURITIES LIMITED

1,847,999,397.46

3.21

CORDROS SECURITIES LIMITED - BRD

1,743,898,336.29

3.03

1,483,771,737.75 37,578,045,371.89

2.58 65.37

NIGERIAN INTERNATIONAL SECURITIES LTD

TOP TEN BROKERS

Market Turnover Meanwhile, investors traded 3.255 billion shares worth N28.738 billion in 25,370 deals, up from 1.154 billion shares valued at N10.439 billion that exchanged hands in 16,676 deals the previous week.

The financial services industry led the activity chart with 2.716 billion shares valued at N17.230 billion traded in 15,103 deals, thus contributing 83.4 per cent and 59.9 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 185.750 million shares worth N6.596 billion in 3,817 deals. The third place was occupied

by Conglomerates Industry with a turnover of 156.010 million shares worth N385.427 million in 1,340 deals.

Trading in the top three Equities namely, FBN Holdings Plc, FCMB Group Plc and Zenith Bank Plc accounted for 1.419 billion shares worth N8.185 billion in 5,117 deals.

Also traded during the week were a total of 948 units of Exchange Traded Products (ETPs) valued at N16,591.16 executed in 14 deals compared with a total of 20 units valued at N110,000.00 transacted the preceding week in one deal.

A total of 5,201 units of Federal Government Bonds valued at N5.400 million were traded last week in three deals, compared with a total of 1,582 units valued at N1.608 million transacted two weeks ago in 10 deals.

(BY VOLUME)

BROKER STANBIC IBTC STOCKBROKERS LIMITED CSL STOCKBROKERS LIMITED

AS LAST FRIDAY VOLUME

%VOLUME

740,938,869

11.38

603,642,778

9.27

REGENCY ASSETS MANAGEMENT LIMITED

484,324,664

7.44

A.R.M SECURITIES LIMITED - BRD RENCAP SECURITIES (NIG) LIMITED

422,111,203 389,306,447

6.48 5.98

MORGAN CAPITAL SECURITIES LIMITED

267,147,919

4.10

CARDINALSTONE SECURITIES LIMITED

251,746,155

3.87

APEL ASSET LIMITED - BRD READINGS INVESTMENTS LIMITED - BDR REWARD INVESTMENT AND SERVICES LIMITED

236,349,074

3.63

218,481,669

3.36

203,367,535

3.12

3,817,416,313

58.64

Price Gainers and Losers The price movement chart showed 57 equities that appreciated , up from 43 equities of the previous week, while 13 equities depreciated compared with 16 equities of the previous week. May & Baker Nigeria Plc led the price gainers with 31.9 per cent.

Ecobank Transnational Incorporated trailed with 22.5 per cent, just as Fidson Healthcare Plc and PZ Cussons Nigeria Plc appreciated by 20.4 per cent.

Oando Plc and Unity Bank Plc appreciated by 20.2 per cent and 20 per cent in that order, just as Eterna Plc, Diamond Bank Plc, Nigerian Breweries Plc and Transcorp Plc chalked up 17.8 per cent, 17.6 per cent, 17.1 per cent and 16.3 per cent respectively.

Conversely, Jaiz Bank Plc led the price losers, shedding 9.1 per cent, trailed

by Seplat with a decline of 5.8 per cent. Newrest ASL Nigeria Plc and Neimeth International Pharmaceuticals Plc went down by 5.6 per cent, 5.3 per cent and 4.8 per cent.

Other top price losers were: B.O.C Gases Plc, Trans-Nationwide Express Plc (4.8 per cent apiece); A-G Leventis Nigeria Plc (4.1 per cent); Lafarge Africa Plc (3.0 per cent); AIICO Insurance Plc (1.8 per cent0 and Learn Africa Plc (1.1 per cent).

T H I S D AY • MONDAY, MAY 15, 2017

26

BUSINESSWORLD

INSIDE BROAD STREET

A view of Lagos financial district

AKINWUNMI IBRAHIM

Rebuilding Investors’ Confidence Obinna Chima Investor confidence in the Nigerian financial market had taken a few knocks in recent years. This decline was largely as a result of then weakening of the country’s currency as the Central Bank of Nigeria (CBN) introduced measures that would help preserve the naira exchange rate following the drop in crude oil prices as well as the country’s earnings.

However, experts believe that developments in the foreign exchange (FX) market since February this year when the central bank adjusted its FX policy would significantly help in rebuilding investor confidence in the economy. The experts spoke at 2017 FX seminar that was organised

by Access Bank Plc in Lagos recently.

They all expressed optimism that the new CBN FX window for importers and exporters which was recently opened essentially for foreign investors and exporters, would also help in strengthening confidence in the market.

The CBN had last month established a fresh widow for investors and exporters tagged: “Investors’ & Exporters’ FX Window.”

A circular issued by the CBN had disclosed that the purpose of the fresh forex widow for investors and exporters was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.

To the Divisional Head, Market Development and Regulation, FMDQ OTC Securities Exchange, Jumoke Olaniyan, introducing the new FX window was a step in the right direction towards bringing back confidence to the market.

She described the move as a journey towards achieving a free-floating market.

“The investors and export window is one where the two parties in the market are allowed to execute trade at a mutually agreed rate. I think that is the first principle of a functioning market.

“The market is beginning to find itself from what we see daily. There is convergence

MARKET INDICATOR

CBN Governor, Godwin Emefiele happening. The supply side and the demand side are beginning to talk to each other and are beginning to come to some agreement on what the right price should be. I think it is a step in the right direction.

“I think how we need to take that confidence further is by providing data on information and data on the pricing. Once we are able to bring that on board and it is regular, I think that would help to rebuild confidence in the market,” she explained.

FX Market Structures The Group Head, Global Markets, Access Bank, Mr. Dapo Olagunju, who highlighted the various structures of the official FX market,

explained that the first arm of the market is the interbank where rate is presently around N305/$. The players in that market are essentially the international oil companies (IOCs) such as Shell, Total and other exporters of crude oil, which are the sellers in that market and the buyers are local importers of petroleum products, while the banks act as intermediary. Another market is what is referred to as the central bank window, which is where the CBN sells dollars.

Here, there are three components of the market: the first one is the retail intervention done by the CBN where customers make their demand through their banks and the banks send the list to the central bank. The CBN then decides the amount to be sold.

Olagunju also explained that there is the wholesale Secondary Market Intervention Sales (SMIS), in which the banks would approach the CBN to buy dollars, for them (the banks) to retail to their customers. The key difference between the retail and wholesale is that it is the bank that determines which customers would be sold to. On the wholesale side, the bank determines the rate, but on the retail side, the customer determines the rate, he added.

The third component of the CBN FX market is travel FX rate. These are people that want to pay for personal travel allowance (PTA), business travel allowance (BTA), medical expenses, among others. The rate is N360/$1 to the end users, but the banks buy at N357/$1.

In addition, he listed the new FX window for importers and exporter which has just been opened essentially for foreign investors and exporters, saying it would help meet FX demand by those that are in urgent need of the greenback.

“And if you think that N305/$1 is not a good rate for you to sell your dollars, either as a foreign investor or as a non-oil exporter, you can sell your dollars on that market at any rate you are able to get it,” he said.

Rebuilding Confidence The Chief Executive Officer, Access Bank Plc, Mr. Herbert Wigwe, said recent developments in the foreign exchange market and the attendant impact on the market and businesses at large, would help stimulate economic growth.

This, according Wigwe, not only provides hope for businesses all around Nigeria that had been incapacitated by the constrained liquidity of the FX market; but also shows clearly a road map to bringing the country back as an investment hub of the financial world.

“I will like to thank the Governor of the Central Bank, Mr. Godwin Emefiele, and his team for the bold and laudable policy directives given in recent times to jump start the Nigerian economy and reactivate liquidity in the FX market. This not only provides hope for businesses all around Nigeria hereunto incapacitated by the constrained liquidity of the FX market; but also shows clearly the roadmap to bringing the country back as an investment hub of the financial world.

“As a bank, our commitment to the development of the Nigerian financial market is unflinching and deeply rooted in our desire to see a liquid, structured, sustainable and well developed market that is global in its reach and conducive for businesses,” he said.

To the Group Deputy Managing Director, Access Bank, Roosevelt Ogbonna, the new FX policy would have positive effect, particularly on the supply side of the market.

However, the Managing Director, Renaissance Capital Nigeria Limited, Temi Popoola, who revealed that there are billions of funds searching for where to invest, said a lot of frontier investors are still on the sidelines waiting for Nigeria to get its policies right.

“One thing that common with all the classes of investors is that they need confidence to come in. At the end of the day, financial markets are driven by confidence.

“This is trying to say confidence in Nigeria in the past 18 months have broken. Confidence takes a long time to build, but it probably takes two or three trading sessions to damage it.

“So, where Nigeria is today, you can’t paint everybody with one brush because there are still classes of investors who find Nigeria attractive and they are still asking questions,” he added.

The CEO, Financial Derivatives Company Limited, Mr. Bismarck Rewane, pointed out that anything that increases FX supply and increases the number of suppliers to the market, helps.

“So, the new investors and exports FX window increases the number of suppliers to the market and reduces the dominance of the CBN in the official market and moves us closer to the Real Effective Exchange Rate (REER) path. When you do that, investors who are shy and are bringing in their monies through all sorts of corridors, would bring it out in the open. Basically, what they are doing is making the market more perfect.

“So, anything that moves you close to a perfect market will help you and one of those things is information. Information is a critical element in price discovery. It will make the CBN to just be a player, and not a dominant player in the market. We are recovering. So you must have hope that things are getting better, both from policy, market perspectives. So, I am confident that with the policies that you see now, that we are heading towards a REER, which is a panacea to us achieving sustainable growth in the fiscal space and hopefully by 2021, you would achieved that level of development which is sustainable” he added.

Rewane argued that a misaligned exchange rate was a distraction on the productivity cost of most firms. Following the development in the FX market, the FDC boss projected that Nigeria’s balance of trade was expected to improve from -$0.5 billion to $3.8 billion before the end of next year. The balance of trade is the difference between a country’s imports and its exports for a given time period.

He however disclosed that Nigeria’s terms of trade in 2017 is now 15.9 as against 18.9 in 2015.

“The current naira appreciation is as a result of four factors – mainly a sharp increase in our oil revenue estimated at a monthly value of $2.5 billion; a policy shift towards a discriminating crawling peg effectively depreciating invisibles from N305/$ to N360/$; a 16.9 per cent increase in the quantity supplied over first quarter 2016 to $6 billion; and the opening of a new investor/ exporters window as a proxy for price discovery.”

He noted that with oil price averaging $52 per barrel and production at 1.8mbpd, revenue would be enough to meet trade finance obligations. According to Rewane, Nigeria will struggle to meet capital and infrastructure funding obligations.

T H I S D AY • MONDAY, MAY 15, 2017

27

BUSINESSWORLD

Abuja Chamber of Commerce and Industry Appoints Ekechukwu DG The Board of Abuja Chamber of Commerce and Industry (ACCI), has appointed Chijioke Ekechukwu as its new Director General effective May, 2nd 2017.

Ekechukwu, who holds a BSC in Economics; MBA in Management and MSC in Finance, is an entrepreneurial executive with extensive leadership experience.

His work career spans over 25 years, from Cashdata Services Ltd, Ikoyi Lagos, Senior Officer, Citizens Bank Ltd; Branch Manager, Equity Bank Ltd; Senior Manager, Oceanic Bank; Assistant Vice President, FCMB Plc; and Regional Director and Group Head, Public Sector, Bank PHB. Before joining ACCI, he was the Group Managing Director of Bristol Group with core business in investments, property and schools. He is a Director in First Generation Mortgage Bank Ltd. Following the reorganisation of the chamber, Ekechukwu, comes with a track record of success in multiple areas.

Similarly, with an extensive knowledge, understanding and

Ekechukwu

involvement in the Nigerian business environment, he brings expertise to the Chamber in a range of areas including strategic business development, and is uniquely suited to lead ACCI in its transformation drive to its next phase of growth.

Ekechukwu is a fellow of the Chartered Institute of Loan and Risk Management of Nigeria, fellow, Institute of Management Consultants; Member, Nigeria Institute of Management (Chartered); and a Past President of Rotary Club of Abuja. He has attended many professional courses both locally and abroad; and he is married with children.

APPOINTMENT / AWARDS

Sigma Pensions among ‘Companies to Inspire Africa’ The London Stock Exchange (LSE) in its recent ‘Companies to Inspire Africa’ report unveiled in Lagos recently, listed Sigma Pensions amongst fastest growing private businesses in Africa.

Sigma Pensions was the only pension fund manager (PFA) recognised amongst the identified 343 companies in 42 African countries, out of which 58 Nigerian companies made it to the list of the most exciting and promising companies, including small businesses.

The report was part of LSE broader support for companies that have shown excellent growth rate and potential to power Africa’s development.

Commenting on the feat, Chief Executive officer, Sigma Pensions, Mr. Dave Emenike Uduanu said: “Our recent recognition by the London Stock Exchange reveals that the Nigerian Pension industry is gradually receiving the at-

tention it deserves and we are proud to be pioneers.

We see this as a gateway of opportunities to further grow the Nigerian Pension Industry.

This is a great feat for Sigma Pensions and we will leverage on the experience that the new ownership; Actis would bring to the company.”

On what to expect from Sigma Pensions going forward, he said that the firm would roll out innovative products that would attract the informal sector as well as increase productivity and profitability.

“With the new ownership of Actis through Actis Golf and their recorded success in local and international businesses, you can be sure that there will be more innovation and increased profitability for both investors and RSA holders.

Sigma Pensions is made up of a team of high performers poised to create exceptional value to all its stakeholders,” Uduanu added.

Farroukh, Former MTN Boss Joins Smile Telecoms’ Board Smile, a Pan-African telecommunications group with operations in Nigeria, Uganda, Tanzania and the Democratic Republic of the Congo, has appointed the former Chief Executive Officer of MTN Nigeria, Mr. Ahmad Farroukh to its Board as Executive Director, Operations, effective, May 1 2017.

Farroukh is an experienced telecoms executive with a distinguished record of commercial success, extensive experience working in Africa and an impressive ability to drive strategy and profitability in accordance with international standards.

Until his recent appointment, Farroukh held executive management positions at Investcom Holdings and the MTN Group, including being CEO of MTN Nigeria for five years, CEO of MTN South Africa and MTN Group Chief Operating Executive, responsible for 19 countries. Most recently, he served as CEO of Mobily, Saudi Arabia’s second largest telecommunications operator.

Given the extent of the opportunity and the significance to Smile, Ahmad will spend the majority of his executive time in Nigeria.

“The Africa telecoms market is as dynamic as it is challenging, and Farroukh is perfectly suited to lead Smile’s next exciting phase of growth, as we have transitioned from a spectrum rich start-up to the most reliable data gigabyte factory in sub-Sahara Africa,” said Irene Charnley, Smile Group’s Chief Executive Officer.

“Africa is experiencing explosive data growth, and

I am honoured to have the opportunity to lead the operations of the continent’s best 4G LTE network at this exciting time. It has also been a revelation after over 20 years in the industry to witness the power and versatility of Smile’s proprietary technology applications and billing platform, which was developed in-house and provides a huge competitive and cost advantage,” Farroukh said.

He holds a Master’s Degree in Business Administration and Accounting from the Lebanese American University and is a Certified Public Accountant in New York, USA. Founded in 2007, Smile Telecoms is a Mauritius-based Pan-African telecommunications group with operations in West, East and Southern African countries.

The company is majority owned by Saudi-based, Al Nahla group. Smile has the largest sub-1 GHz 4G LTE commercial network in Africa, operating in the 800 MHz band, providing superFast and reliable broadband services to its customers.

Smile was the first to launch VoLTE on its network and has continued with its innovation, having introduced SmileVoice, which is a free mobile app that enables customers with any Android or Apple handset, including those which are not VoLTE-enabled, to make super clear voice calls over Smile’s 4G LTE networks. Smile was also the first to introduce an unlimited offering, which enables super fast reliable data and super clear voice, all in one bundle.

Ogundare Becomes Yudala’s New CEO ACCOUNT OF STEWARDSHIP

R-L : Director of Programmes, Lagos State Employment Trust Fund, Teju Abisoye; Commissioner for Wealth Creation and Employment, Babatunde Durosinmi-Etti; Commissioner for Information and Strategy, Steve Ayorinde and Permanent Secretary, Ministry of Wealth Creation and Employment, Yakub Olajide Bashorun, at the Ministerial Press Briefing in Alausa, Lagos...recently

Deutsche Bank Names Ecobank, Sterling, Zenith Others as Leaders in Trade Finance A global banking and financial services company with headquarters in Frankfurt, Deutsche Bank AG, has rewarded Ecobank Nigeria Limited, Access Bank, Sterling Bank Plc, Stanbic IBTC and Zenith Bank, for excellence in payment efficiency, cash management and trade finance.

The banks were rewarded at an impressive award night, held in Lagos at the weekend.

Deutsche Bank in a statement issued in Lagos, congratulated the winning financial institutions and reflected on its continued commitment and development of the West African region’s financial markets.

According to Mr. Andreas Voss, Deutsche Bank’s Regional Head in West Africa and Chief Representative Officer in

Nigeria, the “awards serve to encourage all of us that as Nigeria emerges from a period of economic uncertainty, we can continue to look for creative and innovative ways to conduct and promote our business and Nigeria’s financial markets.”

“The award winning banks have proven that excellence in payment efficiency and trade finance can lead to positive outcomes for the economy as a whole,” Voss added.

In a keynote address delivered at the event, guest speaker Dr. Omolara Akanji, Vice Chairman of ICC Nigeria, provided the audience with some useful insights into current trends impacting the landscape of Corresponding Banking in Nigeria.

The first award, titled

“Straight-Through Processing (STP) Excellence Award”, which has been a feature of Nigeria’s financial markets for six years, went to Ecobank Nigeria Ltd, followed by Stanbic IBTC and Sterling Bank Plc. The award recognises those institutions that deliver outstanding quality in payment efficiency. The nominated banks successfully implemented an STP rate of over 99per cent throughout 2016, serving to greatly reduce the administrative impact of payment processing, increasing efficiency and ensuring strict compliance with globally recognised payment standards.

The second award category, now in its second year, called the “Global Reach Trade Finance Award”, recognises

those institutions that have successfully grown their trade finance processing capabilities across international borders by both volume and quantum of transaction size.

This year, Ecobank Nigeria Ltd, followed by Zenith Bank Plc and Access Bank Plc came out as best performers in this category.

Deutsche Bank’s Head of Trade Finance - Financial Institutions in the Middle East & Africa, Ulf-Peter Noetzel said the bank is looking to further develop its business with Nigerian clients and this award ceremony is a testament to the importance Deutsche Bank places on recognising the professionalism and excellence of Financial Institutions in Nigeria.

Yudala, one of Nigeria’s fastest growing composite ecommerce outfit, has announced the strategic appointment of Mr. Wole Ogundare as the new Chief Executive Officer.

The appointment takes effect from May 1st 2017.

Ogundare’s appointment comes barely a week after the company announced its acquisition of Yes Mobile, a cosmopolitan high-value retail outfit and the decision to add the Yes Mobile chain of store locations and other resources to its rapidly growing retail platform. The acquisition was a move that is expected to see an astronomical enhancement of Yudala’s ambitious road map starting from next month.

A solid enterprise expert with over 22 years’ experience focused on market entry strategies, corporate governance and financial intermediation for Africa-minded business interests, Ogundare previously managed the Account Management Division at Insight Publicis, a frontline marketing and communications agency focused on creating marcomms solutions across various sectors.

Prior to his time at Insight

Publicis, Ogundare managed the Corporate Governance, Finance and Enterprise Division of Phillips Consulting Ltd as a Partner, with responsibilities on creating organisational value for clients by providing strategic advice on setting up board governance charters/indicators and providing financial management advisory services in areas such as business optimisation, financial analysis and modeling.

Over the last sixteen years, he handled projects in the power, solid minerals, telecoms, financial services, health, agriculture, public sector and retail, with expertise in systems strengthening, revenue assurance, strategic planning, process reviews, monitoring and evaluation, knowledge management and corporate finance.

A Fellow of the Institute of Chartered Accountants of Nigeria and Certified Financial Auditor, Ogundare has benefitted from several relevant trainings both within and outside the shores of the country, including the London Business School, UK as well as Witts Business School and Thomas International, South Africa, among others.

T H I S D AY • MONDAY, MAY 15, 2017

28

BUSINESSWORLD

INTERVIEW

Carpenter: Strategic Leadership is Pivotal to Achieving Result-Driven Change Management Clive Carpenter is the Vice Chairman, Business Council for Africa, UK. He is an international banker and company director with a proven track record in management at board level. He has specialist skills operating in Kenya and Nigeria, countries with which he maintains extensive contacts at all levels. In this interview, he shares actionable insights on how leaders can develop skill sets to better govern their organisations. Excerpts: Tell us about TEXEM These Executive Minds (TEXEM) pride themselves on their ability to customise programmes for their clients and TEXEM have a deep understanding of Africa. Also, TEXEM and its world class faculty partners have a very good grasp of contextual realities of Africa vis-à-vis fragile institutions, resource dependence, limited infrastructure and the huge size of government. TEXEM’s forthcoming programme on Strategic Leadership for Results Driven Change Management would be delivered by me and Professor Andrew Chambers (Professor Emeritus and Former Dean of Cass Business School) at the British Deputy High Commissioner’s residence on the 24th and 25th of May. (For more information, please email exec@texem.co.uk or visit https://texem.co.uk/programmes/ strategic-leadership-for-results-driven-changemanagement-in-a-recession.html) Please allow me to share with you some of TEXEM’s unique selling points: -Good reputation in offering tailored, relevant and context-rich executive education programmes which is relevant and has impact on the bottom line.

-Network of key stakeholders in Europe and North America that we have worked with in the past, which we could deploy towards delivery of executive development programmes.

-Impressive track record on customer satisfaction with 60% of our delegates being repeats customers.

-Understanding of the challenges that organisations face and committed, distinguished advisory board, which have a passion for the growth of Africa.

-Great networking opportunities with very senior executives as participants and over six hundred years of experience of participants and faculties in every programme thus steepening the learning curve of participants via peer to peer learning moderated by world renowned faculties.

What can a leader do to achieve business growth in turbulent times?

Even in the worst economic climate, some businesses will thrive. Each business must endeavour to carve a niche for itself which gives it some advantage over its competitors and meets the needs of its customers and other stakeholders. Change must be constant to keep one step ahead of the market. Today’s success story may be tomorrow’s disaster if change is not ongoing. A leader must drive the change programme taking into account the views of all stakeholders and ensuring that it is a collaborative effort which has ‘buy in’ at all levels and not simply dictated.

Differentiation from competitors is very important - it might come from products, prices, quality of people, etc. but there must be one or more things which differentiate you from the rest.

How can an organisation enable personal and organisational change in prosperity and in recession?

Attend TEXEM’s forthcoming programme on the 24th-25th of May. All stakeholders need to be shown that continuous change is not a choice but a necessity. There must be frequent dialogue - employer / employee - and training at all levels. Each employee should have a clear training plan revised annually

have been successful. But there must always be differentiation for sustained success.

What do you think are the strategic issues that Nigerian organisations should be focusing on today and how could senior executives address it?

Nigeria as a country offers so many opportunities providing the challenges are recognised and addressed appropriately.

Amongst the key strategic issues are having sufficient capital within a business to support its ongoing business plan. In Nigeria, some instances have been observed of business promoters being reluctant to dilute their shareholding by allowing other investors to bring in capital. Equally, some promoters will draw too much out of the business when it is not generating sufficient profit and is not well established. This can give rise to capital inadequacy. Of equal importance is having the right number and calibre of staff with the necessary knowledge and skills to perform. Ongoing training and assessment of all employees, including the Directors, is essential. In today’s world ‘continuous professional development’ is not a choice but a necessity.

Carpenter via proper assessment and containing targets for achievement.

The strategy for moving forward should capture ideas from all parties and it must be clear to all that they will benefit in some way from the change being implemented.

It does not matter if times are good or bad, change must still be ongoing. It is a matter of evolving and developing to meet the demands of the market.

What strategic skills do leaders need to deploy in an organisation to avoid breakdown?

Leaders must be accessible (open door policy), good communicators, ready to listen, not be dictatorial, praise and reward when it is deserved and equally impose discipline when there has been wrong doing. They must show probity and transparency in all their dealings and generally endeavour to be a good example of all that the business they are leading stands for.

A leader must understand that success comes from teamwork and not from personal promotion. It is by raising those around you that you, yourself, can rise.

What are the causes of organisation failure in Nigeria?

Organisational failure has common threads wherever a business may be based. It may come from poor leadership, inadequate cost control, incompatibility with the requirements of the market it operates in, poor governance, etc. There can be many different causes of failure. Corruption in Nigeria (and other countries of course) has been a cause of many failures and of inability for businesses to thrive. Equally, nepotism has led to people holding jobs that they do not have the necessary attributes to perform successfully in.

Putting ‘square pegs in round holes’ will always have negative outcomes.

Some businesses have simply followed the ‘herd instinct’, copying other businesses that

How would you compare the changes experienced by organisations in Nigeria

to those in the UK? Change is a necessary constant that applies to all organisations worldwide. It is a matter of evolving within your environment or ceasing to be relevant. Nigeria does perhaps present some particular challenges in respect of its sheer size and complexity. The poor infrastructure adds significant costs to running a business (in-house generation of power for example) and this can greatly impact the bottom line.

Can you share with us some lessons that you have learnt in leading organisations in Africa? How does your experience of leading in Nigeria compare to that of those of other countries?

Leading an organisation has commonality no matter what country the business is based in. It is a matter of having a clear strategy that the employees understand and support and that meets the needs of the customers and other stakeholders.

In Africa, it is perhaps the poor infrastructure that presents special challenges to leadership and, in some instances, a dearth of staff with the necessary knowledge, skills and experience.

CONTINUED ON NEXT PAGE

T H I S D AY • MONDAY, MAY 15, 2017

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BUSINESSWORLD

INTERVIEW

CARPENTER: STRATEGIC LEADERSHIP IS PIVOTAL TO ACHIEVING RESULT-DRIVEN CHANGE MANAGEMENT From your over forty years’ experience of leading organisations, what are some lessons from change management initiatives that have succeeded and failed?

Change should never be forced on employees. They must be shown that the change is necessary and of benefit to them and to the company they work for. The must ‘buy in’ to the change and be shown that it is the best way forward. This will require detailed dialogue and all employees must be allowed to voice their opinion.

It should be a collaborative effort that is motivational and rewarding.

Inevitably, some people will find it impossible to

Lagos Expedites Plans on Smart City Initiative with WiFi Connectivity Emma Okonji As part of activities to mark the 50 year anniversary of Lagos State, and in line with plans to make Lagos a smart and mega city in the 21 Century, the State Governor, Mr. Akinwunmi Ambode has commenced the establishment of free WiFi connectivity across public locations in the state.

The Governor last week, unveiled one of the already completed public WiFi at the Ndubuisi kanu Park in Alausa, Ikeja, as part of his administration’s effort to make the state a smart city for all and sundry.

The governor, who was represented by the Commissioner for Science and Technology, Mr. Olufemi Odubiyi, stressed that the increased patronage of parks and gardens spread across the state has prompted the state government to equip the centres with free Wi-Fi to serve the needs of visitors in the parks.

According to him, “Parks and gardens are established to provide conducive environment for recreation and relaxation activities. As you relax and enjoy the recreational facilities in these parks, we are making it possible for you to access your mail, browse and search the internet on your tablets, smartphones and laptops via a reliable public Wi-Fi.” Ambode stated that the number of gardens and parks in the state has increased with the opening of the Badagry Recreation Park, recently.

He urged the people of the state to make judicious use of the newly launched portal known as “Citizens gate”, a platform designed by the present administration to bridge the communication gap between the citizens and the state government.

He noted that with the launch of the free public Wi-Fi, citizens can express their views on the platform as there would be no complain of non-availability of data.

change or will simply disagree with the proposed strategy. In such cases, it may be best to negotiate their exit rather than risk them jeopardizing the overall change programme, upsetting other employees and being unhappy and unproductive themselves.

Human beings are naturally resistant to change.

How could Leaders influence and shape the dialogue across their organisation and achieve buy-in from diverse stakeholders?

Change should never be dictated. It should emanate from detailed discussion amongst a group of stakeholders – shareholders, Directors, senior management,

employees, customers, etc.

Everyone should be allowed to contribute to the proposed strategy and, overall, it must be shown to be of benefit to everyone.

For some, change may mean early retirement, redundancy or a change of role within the organisation.

There may be significant initial cost to implementing change but leading to increased revenues / reduced costs further down the path of change.

Why should Executives attend?

Please allow me to share some testimonials from previous delegates of TEXEM and

please you be the judge.

Testimonials “Highly interactive and very practical; high profile speakers with excellent pedigree and track record of professional achievements; provided networking among participants”, said previous TEXEM delegate, Dayo Babatunde, Senior Partner, Ernst and Young.

“I regard the These Executive Minds Executive Education programme as the best I have attended in recent times.

Not one of them, but the very best as it was humanly perfect” said previous TEXEM delegate, Peter Atolo Irene, CEO, International Energy Insurance Company.

“The content of the programme has been rich and educative, refreshing, enlightening and thought provoking.

I enjoyed this programme and I am looking forward to another programme, said previous TEXEM delegate, Andy Uwejeyan, Managing Director A&J Construction Company Ltd. “I found this programme very, very rewarding. In the past I always had a way of thinking that the matter of sustainability related only to policy matters but during this programme, it has been broken down into the company level and for me there are a number of take-aways that I hope to begin implementing once I get back home”,

previous TEXEM delegate, Frank Aigbogun, CEO and Publisher Businessday “My experience in this programme has been quite enormous...The organisers, we saw that they prepared for us and they were quite good, quite sociable, and quite academic and we had discussion platforms that were divided into groups. On a general note, TEXEM is laying a foundation that will grow like an iroko tree. On this note I want to thank the CEO of TEXEM, Alim Abubakre and his colleagues for making it possible for us to attend”, said previous TEXEM delegate, Godson Mark Torukuru – Chair Bayelsa State Internal Revenue Service

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MONDAY, MAY 15, 2017 • T H I S D AY

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BUSINESS/MONEYGUIDE

Volume of PoS Transactions Rises by 123% in Four Years Obinna Chima The Volume of Point of Sale (PoS) transactions grew at a compound annual growth rate (CAGR) of 123 per cent between 2012 and 2016, a report by the Nigeria Inter-Bank Settlement System Plc, has shown.

Precisely, the report developed by the NIBSS’ Enterprise Intelligence Unit, put the total volume of PoS transactions at the end of 2016, at 63.72 million.

It also showed that at N759billion, the value of PoS transactions as at December

2016 was 69 per cent more than that of 2015.

The total registered PoS terminal as at the end of last year was 137,046, while the industry had a total of 552,748 unique cards. In the same vein, there were 109,916 deployed and connected terminals as at the period under review, just as the country had 78,615 and 69,865 active termals and active merchants respectively.

But the number of unique cards that performed transactions in 2016, increased by 12per cent, compared with

2015, according to the report.

Also, it showed that one-third of transactions on PoS were consummated amongst retail merchants.

According to the report, Lagos, with 32.7 million recorded the highest volume of PoS transactions as at the end of 2016. The state was followed by the federal capital city, Rivers, Oyo, Ogun, Abia, Delta, Edo, Enugu and Imo, with 6.8 million, 5.1 million, 2.2 million, 2.1 million, 1.8 million, 1.3 million, 1.2 million, 900,000 and 900,000, in that order.

Wema Bank MD Explains Improved Performance Appoints Kasali Chairman The Managing Director/ CEO of Wema Bank Plc, Segun Oloketuyi has attributed the impressive performance of the bank in 2016 to its improving brand acceptance and market penetration.

The bank grew its gross earnings by 18.6per cent to N54.25billion for the year ended December 31, 2016, from N45.79billion in 2015. Profit after tax rose by 14per cent from N2.27billion to N2.59billion in 2016.

Speaking at the annual general meeting (AGM) held in Lagos recently, Oloketuyi, explained that despite the challenging economic environment in 2016, particularly in the banking industry, the bank benefited from its improving brand acceptance and market penetration.

“Sound risk management practices remain at the core of our business model. The bank was not immune to the impact of the economic slowdown, but a more prudent approach was

taken, in providing for some loans.

“We closed with a nonperforming loan (NPL) ratio of 5.07 per cent from 2.67 per cent in the prior year. In addition, our coverage ratio remains robust at 100 per cent with Capital Adequacy Ratio (CAR) at 11.07 per cent, which is above the regulatory minimum of 10 per cent,” he said.

He noted that funding remains at the core of the enterprise strategy. “We reported an encouraging growth rate in our retail deposit volumes. We also intensified and contracted a couple of partnerships during the year which have contributed in good measure to customer acquisition”, he added.

On the launch Africa’s first fully Digital Bank, he explained: “We remain committed to leading and defining how the use of technology shapes the banking landscape in Nigeria and indeed Africa, with the introduction of our *945# banking code amongst other

innovative service offerings. It is in this light and in our bid to offer our customers the best of “all worlds”, that I am pleased to announce that Wema Bank has launched ALAT, Africa’s first fully digital bank.”

Speaking on what to expect in the new financial year, Oloketuyi declared: “We expect the vestiges of the headwinds in the economy to remain in 2017.

However, we remain optimistic about the Bank’s performance as we leverage on the continued growth of our digital and physical footprints to grow our market share and improve our returns to all stakeholders.”

Meanwhile, Wema Bank at the weekend announced the appointment of Mr. Babatunde Kasali, a non-executive director, as the new Chairman of its Board. Kasali, according to a statement, is a consummate professional with expertise in audit, risk management, compliance and retail banking, spanning over three decades.

MARKET INDICATORS MONEY AND CREDIT STATISTICS 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)

CBN to Auction N110.9bn Treasury Bills The Central Bank of Nigeria (CBN) will this week conduct treasury bills auction of N110.9billion on 91-day, 182-day and 364-day instruments.

But the impact on liquidity is expected to be muted by a scheduled maturity of the same amount.

Analysts at Afrinvest West Africa Limited, who revealed this in their weekly report, also anticipate that debits from successful bids at the foreign exchange (FX) wholesale intervention action as well as open market operations (OMO) auctions would impact on liquidity conditions and keep money market rates around

current levels.

Performance in the treasury bills market was bearish last week as average rates trended upward on 3 of 5 trading days with minimal activities witnessed across all instruments.

“The week opened with average rate up 11 basis points (bps) from Friday’s previous close of 18.4 per cent as investors sold-off on short term instruments. By mid-week, rates moderated marginally by 1bp to18.6% owing to improved interest on the shorter end of the curve before settling at 18.6% on Friday, up 20bps week-on-week (W-o-W).

But financial system liquidity

trended higher all week, as such, there was a downtrend in money market rates on all trading days of the week save for Wednesday and Friday owing to a debit from the May bond auction conducted by the Debt Management Office (DMO).

Furthermore, the report showed that financial system liquidity opened the week at a positive balance of N165billion, up from the previous Friday’s close of N91.1billion, thus Open Buy Back and Overnight Rate settled at 16.7 per cent and 17.9 per cent respectively on Monday, down 1.5 per cent and 1.4 per cent.

Elumelu to Deliver SWIFT Regional Conference Address SWIFT has announced that African businessman and investor, Mr. Tony Elumelu will deliver the closing address at its African Regional Conference on May18, 2017 in Abidjan, Ivory Coast. The conference will bring together around 500 high level financial professionals from across Africa.

According to a statement at the weekend, Elumelu, who is the Chairman of United Bank for Africa and founder of the Tony Elumelu Foundation, will talk about how Africa is delivering its own growth through investing in entrepreneurship

and promoting a new generation of business leaders. He will also discuss how the Tony Elumelu Foundation is supporting homegrown African start-ups and inspiring philanthropy across the continent.

Head of Middle East, Turkey & Africa, SWIFT, Sido Bestani said: “We are delighted to welcome Elumelu at the SWIFT African Regional conference.

African entrepreneurs play an increasingly important role in the continent’s economic transformation and organisations such as the Tony Elumelu Foundation are criti-

cal in promoting these efforts.

For this reason, SWIFT is once again featuring the Innotribe Startup Challenge for Africa at ARC, which aims to support home-grown African talent in the financial services sector.”

The event will bring together policy makers, industry leaders and the broader financial community from across the African continent to discuss the most significant challenges and opportunities facing the continent. The Minister for Economy & Finance of Ivory Coast, Adama Kone, will open the conference.

(MILLION NAIRA)

DECEMBER 2016

-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) 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 11 MAY 2017 The price of OPEC basket of thirteen crudes stood at $48.37 a barrel on Thursday, compared with $47.31 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

MONDAY, MAY 15, 2017 • T H I S D AY

33

MARKET NEWS

Unilever Shareholders Get N378m Dividend on Improved Results Goddy Egene and Nosa Alekhuogie Shareholders of Unilever Nigeria Plc last Thursday approved a dividend of N378million recommended by the board of directors of the company for the year ended December 31, 2016. The dividend, which was declared amidst a challenging operating environment, translates

to 10 kobo per cent.

Unilever increased its revenue by 17.8per cent from N59billion recorded in 2015 to N69 billion while profit after tax (PAT) jumped by 157per cent from N1.19billion in 2015 to N3.07billion in 2016.

Addressing shareholders at the 92nd annual general meeting (AGM), the Chairman of Unilever Nigeria, Igwe Nnaemeka

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

MARKET PRICE

Achebe, the Obi of Onitsha said that the company has once again demonstrated business resilience under very difficult circumstances. He asserted that the company’s performance showed its commitment to granting shareholders returns on their investments.

“The company’s performance for the year ended 31 December 2016 shows sustained growth

N I G E R I A N QUANTITY TRADED

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

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

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 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 6.6 0.86 9.8 0.84 23.8 1.31 0.7 4.8 4.9 0.83 0.5 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

and resilience even under depressed economic conditions.

Although Unilever Nigeria has not been insulated from the tough economic environment, we have remained focused on our short and long term growth ambitions with strong emphasis on operational intensity, cost efficiencies, growing market share across key categories as well as reinvesting behind our

STO C K

iconic brands,” he said.

Achebe added: “Even in this period of economic downturn, Unilever Plc. is dogged about ensuring sustained and steady growth in the company’s operations to achieve improved returns on investments. We are more resolute than ever to continue to forge ahead despite the business operating environment.

“As a company, we will con-

tinue to appreciate the resilience and unwavering commitment of all our stakeholders; shareholders, dynamic employees, loyal consumers, dedicated suppliers and other business partners for their unflinching support through these challenging times.

We look forward to a better 2017 for our brands and our great company which you are all an important part of.”

E XC H A N G E

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

Current Price 0.5 Current Price 1.01 14.75 1 0.66 1.95

Current Price 1.3 Current Price 0.5

Current Price 11.25 6.08 29.6 4.28 0.87 42 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

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

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

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 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

Current Price 3.2

34

˾ MONDAY, MAY 15, 2017

MARKET NEWS

Adeola: Sterling Bank Will Grow Retail Business Goddy Egene The Managing Director/ Chief Executive of Sterling Bank Plc, Mr. Yemi Adeola, has said that the bank will aggressively grow its retail business through electronic channels over the next five years.

Speaking at the bank’s annual general meeting (AGM) in Lagos last Thursday, Adeola also told the shareholders that the bank would continue to boost innovative banking,

driven by market insights that would enable it serve its customers satisfactorily; implement significant investment in technologyled growth initiatives and accelerate the growth of its non-interest banking segment.

Reviewing the economy in 2016, the Sterling Bank boss said: “2016 was a difficult year for the Nigerian economy as it was characterised by high inflation, weak oil prices, lower crude oil output and foreign exchange supply

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

shortages. These multiple challenges and the various regulatory responses put significant downward pressure on the earnings of banks.”

According to him, in the face of these difficulties, the bank’s gross earnings grew for the sixth consecutive year to N111.4 billion.

“We also maintained our commitment to operating efficiency, as highlighted by an improvement in net interest margin to 9.3 per cent and a 22.5 per cent

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 11MAY-2017, unless otherwise stated

growth in interest income.

In addition, we successfully limited the growth in operating expenses to 1.9 per cent despite the high inflationary environment,” he said.

Earlier in his address, Chairman of the bank, Mr. Asue Ighodalo reported that the bank recorded a profit after tax of N5.2 billion, from goss earnings of N111.4 billion for the financial year ended December 31, 2016.

He further stated that net interest income

increased by 41.6 per cent to N56.0 billion as against N39.5 billion in 2015, due to a 22.5 per cent increase in interest income, while operating income was N68.3 billion. Operating expenses increased marginally to N50.6 billion from N49.7 billion in 2015, despite inflationary pressures; a reflection of the effectiveness of the bank’s strategic cost control measures.

Shareholders of the bank commended the bank’s board and management

for reporting a profitable performance for the year ended December 31, 2016, despite the harsh macroeconomic environment that characterised the year under review.

For instance, the President of the Association for the Advancement of the Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, congratulated the Sterling Bank for winning the Agric Bank of the Year Award recently.

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 144.85 145.69 14.16% Nigeria International Debt Fund 224.15 225.31 4.24% 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 0.73 0.74 4.46% 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 18.06% 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 12.82 13.21 3.83% ARM Discovery Fund 299.51 308.54 4.29% ARM Ethical Fund ARM Money Market Fund 1.00 1.00 15.62% 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 118.94 119.78 13.08% AXA Mansard Money Market Fund 1.00 1.00 18.09% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 0.00% Paramount Equity Fund 10.13 10.39 8.23% Women's Investment Fund 89.31 91.60 5.57% 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 18.00% 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 1,068.63 1,069.75 5.78% FBN Heritage Fund 120.51 121.36 8.02% FBN Money Market Fund 100.00 100.00 17.62% FBN Nigeria Eurobond (USD) Fund - Institutional $108.34 $109.06 5.25% FBN Nigeria Eurobond (USD) Fund - Retail $107.99 $108.71 5.63% FBN Nigeria Smart Beta Equity Fund 125.57 127.18 11.43% 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 1.07 1.09 14.89% Legacy Short Maturity (NGN) Fund 2.71 2.71 5.56% 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 2,333.26 2,362.55 5.66% Coral Income Fund 2,240.02 2,240.02 6.45% 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 17.45% 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 18.28% Vantage Balanced Fund 1.84 1.86 9.57% Vantage Guaranteed Income Fund 1.00 1.00 17.72%

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 1.04 1.06 5.02% Lotus Halal Fixed Income Fund 1,021.30 1,021.30 3.81% 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 10.83 10.91 12.02% Meristem Money Market Fund 10.00 10.00 15.60% 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 1.10 1.13 11.70% PACAM Fixed Income Fund 10.54 10.60 1.38% PACAM Money Market Fund 10.00 10.00 16.84% 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 115.53 116.43 13.45% 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 1.30 1.30 4.12% 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 1,927.96 1,938.26 5.27% Stanbic IBTC Bond Fund 157.98 157.98 2.61% Stanbic IBTC Ethical Fund 0.82 0.83 7.14% Stanbic IBTC Guaranteed Investment Fund 197.05 197.05 5.44% Stanbic IBTC Iman Fund 136.84 138.73 5.45% Stanbic IBTC Money Market Fund 100.00 100.00 17.68% Stanbic IBTC Nigerian Equity Fund 7,865.79 7,958.14 3.73% 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 1.18 1.19 9.83% United Capital Bond Fund 1.27 1.27 15.36% United Capital Equity Fund 0.67 0.69 2.22% United Capital Money Market Fund 1.11 1.11 11.72% 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 10.90 11.10 12.84% Zenith Ethical Fund 11.68 11.79 6.88% Zenith Income Fund 17.74 17.74 7.36%

REITS NAV Per Share

Yield / T-Rtn

11.41 126.75

1.01% 2.24%

Bid Price

Offer Price

Yield / T-Rtn

8.73 82.41

8.83 83.95

-0.57% 8.75%

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

3.13 6.71 12.99 16.58 128.86

3.17 6.79 13.09 16.78 130.86

13.57% -4.53% 8.11% 3.93% -0.78%

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 MAY 15, 2017

35

36

T H I S D AY MONDAY MAY 15, 2017

T H I S D AY MONDAY MAY 15, 2017

37

MONDAY, MAY 15, 2017 • T H I S D AY

38

CITYSTRINGS

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

The Project Team Leader, Ms Kate Ekanem and two of her members, flanked by the 10 Makoko youths trained on modern fish processing techniques at their graduation ceremony...recently

Makoko Youths Get a Helping Hand Peter Uzoho writes that some youths from Makoko, a slum fishing community in Yaba, were trained on modern fish processing by the Economic Empowerment Team of the Carrington Youth Fellowship Initiative, a dynamic youth-based project sponsored by the U.S. Consulate in Lagos

W

hen the Economic Empowerment Team of the Carrington Youth Fellowship Initiative (CYFI), was sent to Makoko, a slum fishing community in Yaba Local Council Development Area (LCDA) of Lagos State, about three months ago, the four-man team was saddled with the responsibility of finding out what was lacking in the community so as to tailor its project towards tackling it. The team made up of Ms Kate Ekanem (Leader), Mr. David Bamidele, Mr. Best Okoduwa and Mr. Moses Adetosoye, was to select 10 youths in the community through an unbiased screening process, train them on a skill (both in the theoretical and practical), and empower them with tools and finance so that the 10 will in turn empower other people in the community as part of their appreciation and commitment to the project.

“The whole idea of ‘Project Empowered’ (the CYFI project), was to choose youths and send them to communities in Nigeria to create a sustainable environment; create jobs; develop youths to become resourceful in their country,” Ekanem told THISDAY. After its first visit to the community, the

team discovered that fish processing in the community was done in crude, irritating and unproductive methods and this captured its attention. “We discovered that they’re into fishing and fish processing and they use traditional way of smoking fish, so we decided to train them on a more advanced way of drying fish which is to use oven. The project ensures that the youths are trained so that instead of using fire wood or the traditional way of fish processing, they will use a more advanced oven to dry their fish. It is to make

These are people that we believe that will go into Makoko, not only to represent this project, but to empower other people so that there will be an advanced way of processing fish in Makoko in a more safe way

sure that while smoking the fish; you don’t have to have smoke all over your eyes which is dangerous to health, and you don’t have to look dirty and irritating,” she explained.

After a successful selection of the 10 persons from about 500 applicants, they were trained on weekly basis by experts in the field on different skills of fish processing and marketing, ranging from the handling of the advanced fish-drying oven to business management; how to sell the product, how to approach people to buy the fish; the use of online and digital marketing method, branding, and even cleanliness in the operation. The passion of the team leader in the project led her into using her outfit, Kate Tales Foundation, to facilitate the coming of the resource persons used during the programme.

At the graduation ceremony held recently in the community, the youths were presented with their certificates of participation and were subsequently declared ambassadors of the CYFI project having been certified worthy. The 10 Makoko youths were also given one advanced fish oven each as a supporting tool to begin their businesses in a modern way. They were also promised seed capital which was to be given to them in the shortest possible time.

“These 10 youths were chosen out of about

500 applicants. They were around for the project; for the business management, the marketing, and all the sessions, and they also took part in the practical. So these are people that we believe that will go into Makoko, not only to represent this project, but to empower other people so that there will be an advanced way of processing fish in Makoko in a more safe way. So thank you very much for your time in the project. We’re very proud to have you as our ambassadors and we love you. We thank the U.S. Consulate for this support to Makoko community and we hope that the project will not just end here. It’s something that when we look back after much time we’ll thank you and we’ll be proud of what you have done here,” Ekanem said.

The project targeted at the youths was not without a long term purpose, as according to the team leader, youths are the future. “They’re the people that we look up to as the future when the parents are no more. They’re the leaders; they’re the people to become senators and governors. So we’re training the youths not because of today but because of the future so that they can stay and stand in and train the other generations yet unborn,” she explained.

While congratulating the beneficiaries for their patience and perseverance; and their

MONDAY, MAY 15, 2017 • T H I S D AY

39

CITYSTRINGS

Team work in one of the practicals

Dried fish on display at one of the practical sessions

The beneficiaries with family members at their graduation ceremony

thoughtfulness and willingness to become self-employed, one of the partners of the project and indigene of Makoko community, Hon. Abel Enikanologbon, advised them to use the opportunity given them to better the lives of people around them.

“So today CYFI has deemed it fit to empower you; the government of U.S. has thought it wise to empower you and to bring this to your door steps. Please, I want to beg you to use it for the betterment of this country; use this to better the lives of the people around you, and use it to also improve your own standard of living,” Enikanologbong advised.

He pointed out that the reason for embarking on such kind of skills acquisition and empowerment programme was for people to be self-employed and increase their earnings, adding that the effect of the empowerment in the long run was that people in the community would have access to good smoked fish. “Those beneficiaries as well will be able to empower themselves. Whatever they were doing before, with this they can add more value to their lives- they will make more money easily. The community will experience more people coming down to buy smoked fish that is smoke-free and that is well-packaged.

“Also, in the long run, the Lagos State Government will experience another form of empowerment because the 10 beneficiaries are also going to be training people in the community. Each of them will train at least 10 people before the end of the year. We’re going to give them the support. So the effect will be numerous and will be positive,” he noted.

Also speaking on measures to ensure the sustainability of the programme, Enikanologbon assured that all the partners in the project would be calling the beneficiaries on weekly and monthly basis to know how they are doing, their challenges, and proffer possible solutions, stressing that sustainability was one of the core aspects of the project.

“Because we want to see how they’re improving; we want to see how they’re work-

So today CYFI has deemed it fit to empower you; the government of U.S. has thought it wise to empower you and to bring this to your door steps.

Please, I want to beg you to use it for the betterment of this country; use this to better the lives of the people around you, and use it to also improve your own standard of living The participants loading fishes inside oven in one of the practical sessions

ing and how they’re empowering people. So sustainability is one of the core aspects of this programme. They have guarantors and they signed a bond that they are going to work on this project without abandoning it. From experience we’ve seen people abandoning such projects after being empowered but this is going to be different because they’ve been mentored; they’ve been tutored very well; they went into series of training both conventional and digital.”

In his excitement and appreciation for being a beneficiary in the empowerment programme, Mr. Dairo Peter described the programme as “a life-changing” one. “To me if you’re not here you’ve missed out. I never thought this could be possible. I could remember when I came for the interview and I said many programmes have come and gone. The organisers never kept to their words. But to my surprise today this has become a reality. So I thank CYFI for giving me this opportunity. May God continue to bless you,” Peter said.

Another beneficiary, Ms Ojobo Olufunke Omokesi, said she had gained a lot and can never forget it in a hurry. “We grew up smoking fish in a traditional way and getting dirty. But this is a programme that has taught us how to smoke fish in a modern way. We’ll now be doing it in an advanced way so that when you package your fish it will be distinguished from others. And we learnt other things that can be added to the fish that will make it stand out in the market. I’m just so grateful to God Almighty for enabling me to be part of this programme as one of the beneficiaries. I say thank you to U.S. Embassy, to Hon. Abel Foundation, to Kate Tales Foundation, and every other person that has contributed positively to this programme,” she said.

On his part, Ogodonla Oluwole Austin, who narrated the challenges of the people of the community with respect to fish processing, said they didn’t have the opportunity of drying fish in a modern way, noting that they used to

dry fish the way they met it since childhood.

“I thought this would not be possible because since my childhood with my grandmother, I’ve been drying fish using firewood and I thought there would be no other way it could be done differently. So when I saw this one I found out it’s a very unique way of drying fish; that you can dry fish in another way without getting dirty. The way our elders have been doing it here is by wood, by saw dust, and sometime we have challenges in cooking. We have to use hot water to remove smoke and dirt from the fish,” Austin revealed.

He enthused: “With this new way of drying fish and with a well-packaged product that we’re going to have from now in Makoko, I believe people will start patronising us more”.

Assuring the benefactor of their ability to deliver on the expectations from them, Austin said: “they should be coming to see what we’re going to do with this oven. With these things I believe Makoko will be a better place where people can come and buy good fish.”

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INTERNATIONAL

email:foreigndesk@thisdaylive.com

In Testing Missile, N. Korea Challenges South’s New Leader North Korea on Sunday testlaunched a ballistic missile that flew for half an hour and reached an unusually high altitude before landing in the Sea of Japan, the South Korean, Japanese and U.S. militaries said.

The launch, which Tokyo said could be of a new type of missile, is a direct challenge to the new South Korean president and comes as U.S., Japanese and European navies gather for joint war games in the Pacific.

It wasn’t immediately clear what type of ballistic missile was launched, the seventh such firing this year, although the U.S. Pacific Command said that“the flight is not consistent with an intercontinental ballistic missile.”

Japanese officials, however, said the missile flew for about 30 minutes, travelling about 800

kilometres (500 miles) and reaching an altitude of 2,000 kilometres (1,240 miles) — a flight pattern that could indicate a new type of missile.

David Wright, co-director of the Global Security Program at the Union of Concerned Scientists, said the missile could have a range of 4,500 kilometers (about 2,800 miles) if flown on a standard, instead of a lofted, trajectory — considerably longer than Pyongyang’s current missiles.

He said Sunday’s launch may have been of a new mobile, twostage liquid-fueled missile North Korea displayed in a huge April 15 military parade.

South Korea, Japan and the U.S. swiftly condemned the launch, which jeopardises new South Korean leader Moon Jae-in’s willingness for dialogue

with the rival North.

“The president expressed deep regret over the fact that this reckless provocation ... occurred just days after a new government was launched in South Korea,” said senior presidential secretary YoonYoung-chan.“The president said we are leaving open the possibility of dialogue with North Korea, but we should sternly deal with a provocation to prevent North Korea from miscalculating.”

Japanese Prime Minister Shinzo Abe told reporters that the launch was “absolutely unacceptable” and that Japan will respond resolutely.

Japan’s Foreign Minister Fumio Kishida said he and his South Korean counterpart agreed that “dialogue for dialogue’s sake with North Korea is meaningless.”

Ransomware Cyber-attack Threat Escalating – Europol Friday’s cyber-attack has affected more than 200,000 victims in 150 countries, Europol chief Rob Wainwright says.

He told the BBC the act was “unprecedented in its scale”and warned more people could find themselves affected on Monday

morning.

The virus took control of users’ files, demanding payments; Russia and the UK were among the worst-hit countries.

Experts say another attack could be imminent and have warned people to ensure their

security is up to date.

Mr Wainwright said that the ransomware was being combined with a worm application allowing the “infection of one computer to quickly spread across the networks”.

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MONDAY, MAY 15, 2017Ëž T H I S D AY

NEWSXTRA

11 Persons Killed by Boko Haram in Maiduguri Military will respond appropriately, DHQ tells renegade terrorists Michael Olugbode Ă“Ă˜ Ă‹Ă“ĂŽĂ&#x;Ă‘Ă&#x;ĂœĂ“ Ă‹Ă˜ĂŽ Paul Obi Ă“Ă˜ ĂŒĂ&#x;ÔË Eleven persons have been killed

by Boko Haram in Amarwa, a community on the outskirts of Maiduguri, the Borno State capital.

The attack came as the Defence Headquarters (DHQ) yesterday said it would respond appropriately to threats by renegade Boko Haram suspects threatening to bomb Abuja, the nation’s capital.

The community, which is in Konduga Local Government Area of the state, has been under the siege of the insurgents for some time now, according to its residents.

The latest attack, which claimed 11 lives, according to residents, was hatched last Saturday at noon.

A resident of the village, Modu Ibrahim, alleged that the terror group had unleashed regular attacks on them.

He said the latest was last Saturday’s attack where 11 persons were killed at noon in the community, a distance of

16 kilometres from Maiduguri.

He alleged that the attack was hatched by nine Boko Haram insurgents on motorcycles.

An eyewitness who informed a bereaved families in Maiduguri, said the victims were killed during the clearing of bushes in preparation for the planting season.

Some of the villagers who were shelled-shocked after the attack on the farmers, said: “Those killed went to clear farms in readiness for this year’s farming season.�

The villagers who heard the cries of the slain farmers, said the victims were brutally hacked down with machetes by the insurgents.

Some of the villagers who spoke with journalists, alleged that some insurgents were still visible around Kajiri village in Konduga, which is about two kilometres from the place of the attack and 18 kilometers from Maiduguri.

They claimed that they had informed the military personnel stationed at the Alau dam reservoir, which also is just two

kilometres from the village, but no action taken.

However, the DHQ has said it will respond appropriately to threats by renegade Boko Haram suspects threatening to bomb Abuja, the nation’s capital.

Shuaibu Moni, a renegade Boko Haram terrorist who was swapped for the Chibok schoolgirls early this month, threatened last week to stage an attack on Abuja, deflating President Muhammadu Buhari and Chief of Army Staff (COAS), Lt Gen. Tukur Buratai’s position on the defeat of Boko Haram terrorists.

But speaking with THISDAY, the Director of Defence Information, Major General John Enenche, said the military was ready to respond appropriately to any attempt to attack any part of the country.

According to Enenche, “It is a

normal and usual propaganda machinery of terrorists, but however, if any renegade group wants to come, let them try it, they will get appropriate and commensurate response. “We will welcome them very well; if there is any renegade group, it is a propaganda machine, all the same, they will be handled appropriately,�

Enenche said.

He explained that considering the commitment of the Defence Headquarters to rid the country of all forms of terrorism and insurgency, the military was ready to forestall any kind of attacks spearheaded by Boko Haram sect or any other group.

Enenche argued that the aim of the renegade Boko Haram member and other remnant of terrorists running away is to inject fear in the minds of Nigerians, a strategy that is

capable of derailing the recent giant strides attained by the military.

The Director of Defence Information urged Nigerians to disregard such propaganda but should rather continue to have confidence on the armed forces.

The video by Moni which has been circulating on the social media, has rattled many Nigerians given the taunting of the freed Boko Haram member boasting about his presence in Sambisa forest, where the military adjudged to have been cleared.

Moni accusation that the COAS lied when he said he has conquered Boko Haram, appears not to have gone down well among combatants in the war front in the North-east, THISDAY learnt.

Meanwhile, soldiers fighting

insurgency in the North-east part yesterday arrested a member of the sect and kidnappers in Yobe State.

The Director of Army Public Relations, Brig. Gen. Sani Usman said: “Troops of Forward Operation Base, Fika, on routine patrol earlier today, arrested a suspected fleeing Boko Haram terrorist, named Bala Ibrahim aged 30 years at Fika. “Preliminary investigation shows that the suspect is an indigene of Bulabulin village, Fika Local Government Area, Yobe State. He is further being interrogated. “Similarly, troops deployed at Forward Operation Base Yuga on blocking position, today, following a tip off from well meaning individuals, ambushed and arrested four suspected kidnappers at Mundu village.�

Abia Guber Court Verdict: Ikpeazu Urged to Reach out to Opponents as Ogah Accepts Verdict Emmanuel Ugwu Ă“Ă˜ Ă—Ă&#x;Ă‹Ă’Ă“Ă‹ With his mandate now doubly affirmed by the Supreme Court after a long drawn legal battle, the Abia State Governor, Okezie Ikpeazu, has been urged to avoid behaving like a conqueror but should be magnanimous and extend hand of fellowship to his opponents.

Former Governor of the state, Senator Theodore Orji, gave the advice in a congratulatory message he sent to his successor on his victory at the apex court, saying though Ikpeazu had been subjected to a campaign of calumny by his opponents while the legal battle raged, he should not pay them back with antagonism.

Until last Friday, Ikpeazu’s governorship seat had been shaky following multiple legal challenges mounted by his opponents both from his ruling Peoples Democratic Party (PDP) and the opposition all seeking to nullify his election and remove him from office.

But the senator who represents Abia Central stated in the congratulatory message signed by his media adviser, Don Norman Obinna, that the victorious governor should not feel sore because “those who seek redress in court of law in a perceived “injustice� did nothing wrong as it is their inalienable right to do so.�

He therefore said the final resolution of the state governorship tussle in favour of Ikpeazu should present a situation where there is neither victor nor vanquished as victory for Ikpeazu is victory for all Abians.

Turning to the opposition

and aggrieved members of the PDP, Orji advised them to take the judgment of the Supreme Court in good faith and support Ikpeazu in his efforts to take the state to the next level of developmental strides.

Meanwhile, Uche Ogah, whose legal challenge constituted the biggest threat to Ikpeazu’s mandate, has accepted the final court verdict and “wholeheartedly� congratulated the governor on his victory.

In a congratulatory message he sent to Ikpeazu, the oil magnate acknowledged that “the Supreme Court unequivocally reaffirmed your nomination and election as the authentic governor of our beloved Abia State. “As the legal battle comes to an end with the Supreme Court declaration, I’m exceedingly happy today that in the course of this struggle, I never resorted to self help nor encouraged my  supporters to indulge in any form of violence,� he said.

Explaining his motive for challenging Ikpeezu’s nomination, Ogah stated that his interest in politics “is not for fame or personal aggrandisement but to impact positively on the lives of the common man and to make our dear state, Abia, the envy of other states,� adding that he would join hands with the governor to get the best for God’s own state. “My dear brother, it is worthy of note that my desire to see our home state in the right footing, developmentally and economically is not in doubt and a course I can put everything within my reach to see to fruition,�

Ogah said.Â

KEEPING THE EYO TRADITION ALIVE‌

L-R: Oba Owolabi Adeyemi Adeniyi of Igbobi-Sabe, former Lagos State Governor, Chief Bola Ahmed Tinubu; and the Akinsiku of Lagos, Chief Lekan Dosunmu, during the presentation of Opa-Eyo (Eyo staff) to Tinubu and Governor Akinwunmi Ambode at Tinubu’s Bourdillon residence in Lagos‌ yesterday

I’ve Achieved My Dream by Building American University, Says Atiku Onyebuchi Ezigbo Ă“Ă˜ ĂŒĂ&#x;ÔË

in Washington D. C. “For those of you who don’t The former Vice President, Alhaji know the role of Dr. Jemila Atiku Abubakar, has said he is Abubakar in the concept and satisfied that his burning desire planning of this university, I to set up an American-styled think I need to go a few years university in Nigeria has been back when I decided to have an American-styled university realised.

Atiku who was guest of in Nigeria. “At that time, Jamila was a honour at convocation ceremony at American University PhD student at the American of Nigeria (AUN) in Yola, University in Washington, and Adamawa State, said the effort her main project supervisor was that saw to the establishment Jim Goodman. Then, I told her 15 years ago was a dream he and said look, I want to set up an American-styled university once held close to his heart. Atiku spoke at the weekend in Nigeria, how can you help,� during inauguration of a solar he said.

Narrating further the role of project and an administration building complex as part of his wife in the actualisation of ceremonies marking the 2017 the university dream, Atiku said convocation at the AUN in Yola. Jemila’s thesis supervisor, Jim He recalled how his wife, Goodman, played a significant Dr. Jemila Abubakar, aided role in convincing the authorities the modelling of the institution of the American University to after the American University accept to send a team to Yola

for the citing of the institution in 2004. “Then she invited Jim Goodman to a dinner in our home in Washington, we had the dinner where we introduced the project to him and he was excited and took it up with the authorities of The American University, Washington.

Thereafter, a committee was set up to visit Yola, under the leadership of the then Vice President of the American University of International Affairs, late Robert Pastor. “The team paid their first visit to Yola, I remember while visiting Yola for the first time, he asked: “Where is the university?,’ and I pointed to the bush. And he asked, ‘how will you do this?’ And I said:, ‘this is why I brought you here.’ “From there, we started work and here we are today,

it is a reality, it is a dream I dreamt about 15 years ago and it continues to unfold and continues to make history not only in Nigeria but also in Africa,� he said.

The former vice president noted that one of the unique features of the curriculum of the AUN is its emphasis on students’ participation and excellence in community service which has endeared the institution to the local populace.  Over the years, AUN has had an array of notable Ike Chioke of Afrinvest West Africa Limited, who stood in as the new keynote speaker for its graduation ceremony, however, thrilled the audience at the Lamido Aliyu Musdafa Commencement Hall with his brilliant presentation of his life story as a professional with many backgrounds.

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FG’s Obligations to Road Contracts Valued at N2.6tn Requires N500bn annually to plug deficit interventionist funding strategy James Emejo ÓØ ÌßÔË The federal government’s total contractual commitment to the construction sector particularly roads and bridges is currently valued at about N2.6 trillion, THISDAY has learnt.

With an appropriation of about N266 billion and outstanding liabilities of N300 billion as at the last count, actual budgetary releases to the Federal Ministry of Works is said to be below N200 billion.

The Chairman, House Committee on Works, Hon. Toby Okechukwu, told THISDAY in an interview that a minimum of N500 billion is needed annually to address the deficit in road infrastructure.

He said the ministry required complete funding of whatever is budgeted to make progress in roads construction.

“That’s the minimum if you

are serious on infrastructure, it’s not a joke,” he said.

According to him, “The minimum we can do is that if we budget N250 billion or N266 billion, you fund it completely. That’s the way to spend yourself out if recession.

That’s the way to get most Nigerians gainfully engaged.

That’s the way to circulate and titrate money in the economy.

“What I’m saying in affect is that though funding has fairly improved, but the minimum we can do is to fund completely. When you look at what happens in other jurisdictions, Zambia for instance, the minimum they spend on roads in a year is $1 billion dollars.”

However, appropriation to works in the 2017 budget was increased to about N298 billion, representing improvement from about N240 billion in

the previous budget.

Okechukwu also disclosed plan by the committee to press for the passage of the Road Fund Bill on the floor of the House of Representatives.

The proposed bill, which is expected to address the missing link in road construction, will among other things introduce a strategic approach to make annual appropriation for roads to be interventionist, requiring government to routinely intervene in that segment.

He said: “We are on the verge of considering; our committee has submitted to the parliament a Road Fund Bill where we are looking at other avenues of raising funds for roads, so that the annual appropriation becomes an intervention to aid your seed capital.

“And that’s the only way to cure the defect even if it’s N50 billion or N100 billion you get annually, it becomes

House c’ttee mulls

something you build on.”

According to him: “Even if the annual intervention comes by way of N100 billion or N200 billion, you add it to the seed capital and what does that bring to the table? It means you can stay as a minister and award an oral contract and tell somebody please go and repair this road for me.

He will go knowing that you have money that you must always generate annually.

“But presently, the contractors or the people who do business in the sector know the budget more than the people who are preparing it because they’ll wait and see whether there’s money in the budget before they go to the road; because they know if it’s not in the budget, their job is just gone- they won’t make any commitment on the road.

“But if you are generating your own money, they will say at least, if this man doesn’t

finish paying me this year, he can pay me next year because he has a reliable source of revenue. And this happens in most other countries.”

Okechukwu further canvassed for payment of tolls on roads as a way forward.

He said: “And we’ve not learnt to pay for what we use.

Until we are able to pay for the things we use, whether it’s for the roads or power, we will always be in this kind of situation...

“If we don’t begin to pay for the things we use and appreciate that it is cheaper in the long run, so shall we be in this situation because essentially, it is better for you to pay roll gate than to have to spend that money on repairing your cars.

“What we have failed to do as a country is looking at the opportunity cost of the expenses we are not making, of the payment we

are not doing....the opportunity cost is heavy and that’s pure economics.”

Continuing, he said:”It’s too consequential and the burden on this country for those imperfections are enormous.

And that’s why the Road Fund Bill is coming to address that missing link not because it’s innovative or because we are terribly creative, but because we are doing what other countries have done and it’s in our own enlightened self interest to make sure it begins to work.

“Otherwise, you’ll be getting discretionary expenditure on roads: development, particularly road infrastructure doesn’t depend on the wims and caprices of anybody, whether you ate a legislator or a minister, it should be dependent on what money you have available and that source must always be reliable.”

Police Arrest Mother, Five Others for Selling Baby for N850,000 Chiemelie Ezeobi

that Ehinmi gave the baby to Okocha, who The Rapid Response Squad offered them N250,000 as (RRS) of the Lagos State Police compensation.

Police investigation also Command at the weekend arrested a 22-year-old mother revealed that Okocha thereafter contacted Miss. Onyinyechi Osoneye, and five others for selling her Anyanwu, who subsequently day old baby for N850,000. brought the final buyers; the Others arrested were Nwatas.

When interrogated, Okocha one Mrs. Glory Ehinmi of Peninsula Hospital, Ikota, confessed to investigators Lekki – Ajah Expressway; that she sold the baby for 45-year-old Mrs. Prisca N850,000 but gave the Okocha, the owner of Peculiar mother N250,000.

It was further learnt Hospital, Orile; 59-year-old Mrs. Regina Anyanwu, who that the couple who were was the link to the final desperately in need of a buyers, Mr. and Mrs. Ike child, had organised a huge party to celebrate the baby’s Nwata.

Osoneye was picked up arrival.

Nwata was reported to by the RRS Decoy Team after intelligence report indicated have stayed away from their she sold the baby to the residence while the search for the baby lasted, adding Nwata’s through a link.

THISDAY gathered that that on some occasions, she when Osoneye found out went there, pretending to that she was pregnant, she be pregnant.

Also, Ehinmi, who connived with her mother, by concealing the pregnancy confessed to the role she from her father due to his played, said she only did strict position about children Osoneye a favour by taking the child and giving it to born out of wedlock.

It was further revealed a couple who were in dire that the duo had no choice need of a baby, adding that but to tow the path of non- she spent a lot by enrolling her for antenatal disclosure given that the man who impregnated Osoneye and fed her till she was delivered of the baby. denied responsibility.

Efforts to arrest the On her due date, Osoneye was admitted to Peninsula man who impregnated Hospital, Ikota, Lekki – Ajah Osoneye, her mother and Expressway, where Ehinmi, father proved abortive as delivered her of a baby boy they were reported to be on the run. on March 1, 2017.

The baby has been According to the police, when Osoneye was arrested, handed over to the she first declined to open up Lagos State Ministry of about the deal, but on further Women Affairs while interrogation, she disclosed the five suspects have that Ehinmi took the baby been transferred to from her at the point of Gender Office, State Headquarters, Ikeja for delivery.

She further disclosed further investigation.

OUR GOVERNOR OF THE YEAR

President, TELL Communications, Mr. Nosa Igiebor (left), presenting a letter declaring Borno Governor, Kashim Shettima, as TELL Magazine’s Governor of the Year, in Maiduguri....yesterday

Nnamdi Kanu: South-east Politicians Lobbying Me for Support David-Chyddy Eleke ÓØ áÕË The leader of the Indigenous People of Biafra, Nnamdi Kanu, has said he is under pressure from Nigerian politicians, especially from the South-east zone to give them his support.

The IPOB leader was addressing few of his friends in the media who visited him at the weekend at his Afaraukwu residence in Umuahia, Abia State.

He stated: “The same politicians who called us noise makers, internet warriors, miscreants and so many names today sneak in here to come and lobby for my support.

“They will always ask me to

support them to get into office, that while they are in office, they will help push the cause, but I know that what they are after is the four or eight years they will stay so that they can make money.

“For me, money is not my problem. They have been calling me to come to Abuja, come to so place, but the money is not my interest. For me, it is about Biafra,” he said.

He said the fears being entertained by politicians about the coming of Biafra republic were neither here nor there because Biafra republic would be founded on the principle of justice, equity and fairness.

He said: “I don’t know why

they are just afraid. Biafra will be a home for all people who agree with our values.

“If you are from Sokoto you can be a Biafran if you believe in our value system of equity, justice and fairness.

“I don’t even intend to be the head of Biafra republic in the end. I don’t like to always lead. I want to be led so that I can proffer solutions.

“If Uwazuruike had done well, I won’t be doing what I’m doing today. I’m into this struggle because of leadership vacuum.

I’m into this fight because my people are suffering; they are denied of their rights and privileges. Nothing will stop

this fight. And I must assure you we are almost there. Biafra is almost here with us.

Asked whether he agreed with the late Igbo leader, Chief Chukwuemeka Odumegwu Ojukwu, that Biafra should now be a thing of the mind and not a geographical space, Kanu said Biafra had a geographical location and that the people of Biafra were known and defined.

He said those who were distancing themselves from the Biafra struggle would regret it.

“If you don’t join, you will be irrelevant in the end because the Biafra Republic is sure,” he said.

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NEWSXTRA

Anambra PDP Chieftains Write Buhari, Ask Him to Sack INEC Chairman Tobi Soniyi Eight politicians who come together under the Committee of Anambra State National and State Assembly Members-elect have called on President Muhammadu Buhari to sack the Chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu.

In a letter to the president, which was received in his office on April, 26, the politicians who claimed they were elected on the platform of the PDP, alleged that the INEC chairman has been compromised and has therefore lost the basis to remain at the helms of affairs at the commission.

They also accused Yakubu of ‘manifest injustice’ for refusing to comply with the judgment of the Supreme Court in SC.37/2015 delivered on January 29, 2016. A copy of the judgment was attached to the letter to the president.

They said: “It is indeed very curious that the INEC chairman finds its difficult to make clear logical deduction from pronouncement of the highest court in the land, the Supreme Court.”

They also attached an internal memo of INEC which they said agreed with their own position that they should be the ones entitled to certificates of return for election into both the National Assembly and the Anambra State House of Assembly.

Excerpts from the letter read: “Your excellency, in line with your whistle blowing policy, we most respectfully attach as Annexture E, a copy of the internal memo titled: ‘Memorandum

Submitted to the commission by the Legal Services and Clearance Committee on the Supreme Court judgment in SC.37/2015 between Ejike Oguebego and Others v PDP and two Others’ where the Legal Services Department of INEC invited the commission to ‘consider the enforcement of the judgment of the Supreme Court delivered on January 29, 2016 which restored the judgment of the Federal High Court having not been set aside by issuing certificates of return to candidates of the PDP who emerged duly nominated under the Oguebgo-led executive committee as held by the Federal High Court where the PDP won in the respective senatorial districts, federal constituencies of Anambra State.”

According to them, Yakubu has suppressed this document for obvious reasons.

They said Yakubu was misled into disregarding the commission’s internal memo by private lawyers whom they said had vested interests in the case.

They alleged: “It is common knowledge that the delay in issuing us our certificates of return is influenced by Senator Pius Anyim, the immediate past Secretary to the Government of the Federation who is hell bent on protecting the interest of Princess Stella Oduah.”

They alleged that Anyim and Oduah are business associates.

They also alleged that Anyim worked closely with INEC chairman when he (Yakubu) was in charge of finance at the National Conference organised during the tenure of former President, Goodluck Jonathan.

The SGF’s office under Anyim coordinated the conference. This, they argued, explained why Anyim had an overwhelming influence on the INEC chairman.

They said: “INEC under Attahiru Jega implemented both the Federal High Court judgment in our favour and the Court of Appeal judgment against us. Now, under Yakubu, he has refused to implement the Supreme Court decision in our favour and refused to appear in court to defend his action in the contempt proceedings.”

They alleged that INEC, a creation of the law, an electoral umpire, was making case for adversarial political office seekers.

Apart from calling on the president to sack Yakubu as INEC chairman, they also asked him to investigate over-bearing influence of Anyim on INEC chairman and the failure of Yakubu to uphold the oath of office and oath of allegiance which he swore to and alleged flagrant abuse of office.

They further asked the president to probe why Mahmood suppressed the memorandum submitted to the commission by INEC Legal Services and Clearance Committee on the Supreme Court judgment.

They asked Buhari to, “direct INEC to respect the rule of law and do the needful which is to obey the judgment of the Supreme Court that set aside the Court of Appeal judgment restored the judgment of the Federal High Court by issuing certificates of return to us, the rightful candidates.”

TELL Declares Shettima 2016 Governor of the Year A foremost magazine, TELL, has announced Governor Kashim Shettima of Borno State as its 2016 Governor of the Year.

The governor is expected to be honoured at the first edition of ‘TELL Awards for Excellence’ taking place on June 17 in Lagos.

The President of TELL Communications, Mr. Nosa Igiebor, announced the award when he led a three-man delegation to present a notification to Shettima in Maiduguri.

Igiebor said: “Shettima was chosen for his rare courage and demonstrable leadership skills in managing the Boko Haram insurgency, and his remarkable achievements in supporting security, management of camps for the Internally Displaced Persons (IDPs), infrastructural reconstruction and rehabilitation, development and provision of Housing as well as concerted efforts to revamp the moribund educational system amid paucity of funds and other daunting challenges. From ashes of destruction inflicted by the Boko Haram insurgents, Shettima is gradually restoring Borno State to socio-economic normalcy; the governor has demonstrated that with the right people in the position of leadership, Nigeria can indeed be great again.”

The TELLpresident explained that despite its existence for decades, the magazine has never given out awards, but as part of recent innovations, it decided in 2017 to

begin celebration of exceptional persons as a patriotic way of promoting excellence in Nigeria.

He noted that a selection team set up by the magazine deployed ‘very thorough process’ in order to select the most worthy winners of its very first awards despite the magazine being in existence for decades.

“The emergence of Shettima as the Governor of the Year (2016), was the outcome of an intensive and transparent voting exercise conducted by the Tell Awards Committee between March 20 and April 9, 2017. The selection and voting processes were thrown open to the public in order to ensure transparency, credibility,

and fairness in the entire exercise and to effectively distinguish the annual TELL awards, from other awards known to Nigerians.

“The executive directorate of TELL is pleased to announce the decision of our board to bestow on Shettima the award of the TELL Governor of the Year (2016) during the forthcoming maiden edition of the annual TELL Awards for Excellence,” Igiebor added.

He announced that the TELL Awards feature other winners in about 10 categories in which persons and institutions thoroughly deserving of such honours will be celebrated.

MONDAY, MAY 15, 2017˾ T H I S D AY

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Owners of Daily Times Disowns ‘DTN 91 Heroes Award’, Say Ceremony Illegal Reveal that Fidelis and Noel Anosike aren’t newspaper’s shareholders Former Editor: You can’t stop award Obinna Chima A day to the much advertised ‘DTN 91 Heroes Award’ being organised by Fidelis Anosike and Noel Anosike, the owners of Daily Times of Nigeria Plc, have said the event is “illegal and criminal.”

In a statement dated May 12, 2017 and titled: ‘Re: Daily Times of Nigeria at 91 Heroes Award,’ obtained by THISDAY yesterday, they described the Anosikes as impostors.

Claiming to be relying on the judgments of the Federal High Court in Lagos and Court of Appeal, the owners alleged that the Anosikes are neither officers, directors nor shareholders of Daily Times of Nigeria.

The statement signed by the Company Secretary, L.A. Idu, added that the Anosikes do not have the authority of the company to organise any ceremony on its behalf.

They therefore warned members of the public and organisations interested in participating in the ceremony in any manner that they would be complicit in criminal conspiracy for which appropriate legal sanctions would apply.

They drew attention to the certified true copies of the status report of DTN issued by the Corporate Affairs Commission (CAC) on May 12, 2017, and addressed to the Inspector General of Police; Director General, Department of State Services (DSS), and the acting Chairman of the Economic and Financial Crimes Commission (EFCC) respectively, showing the current officers of the company, as to chairman, directors, shareholders and secretary, confirming that the Anosikes are not directors or shareholders in the company.

“The Board of Directors of The Daily Times Nigeria Plc wishes to inform the general public that the so called Daily Times

of Nigeria at 91 Heroes Award ceremony being organised by one Fidelis Anosike and Noel Anosike is illegal and criminal.

“Fidelis Anosike and Noel Anosike are impostors and are not officers of The Daily Times of Nigeria (DTN) in any capacity whatsoever, neither as directors nor as shareholders and do not have the authority of the company to organise any ceremony on its behalf.

“The general public is hereby warned that any person or organisation, etc, that participate in this ceremony in any manner whatsoever will be complicit in a criminal conspiracy for which appropriate legal sanctions shall apply. Please be advised and warned accordingly,” it stated.

Also obtained by THISDAY were CAC letters to the EFCC and other security agencies showing that the company registration number is 149, with date of registration put at June 6, 1925.

The letters were signed by Aisha T. Tijani on behalf of the Registrar-General, CAC. The names of directors of DTN were listed to include Senator Ikechukwu Obiorah as Chairman.

Others listed were Chinedu Oranuba, Chidi Ofodile, Hon. Joseph Chukwudi Okeke, Emeka Mbonu, Mohammed Zakariya Usman, Rashide Adepoju, Douglas Mbonu-Sam and Emma Nsoedo.

The letters also listed other shareholders to include: Arkngel Global Limited, Bontez Corporate and Allied Services Limited, DVS Limited, various shareholders, Independence Day Publications Limited, Wiparquet Limited Meanwhile, a former Publishing Editor with the company, Mr. Bonaventure Melah, has commended the Fidelis Anosike-led management of the foremost Nigerian newspaper for efforts being put in place for its forthcoming

Army Deploys More Soldiers in Warri after Navy Killed Two Youths Sylvester Idowu ÓØ ËÜÜÓ For reinforcement, soldiers from the 3rd Battalion of the Nigerian Army, Effurun, have been deployed in Ifiekporo in Warri South Local Government Area of Delta State, the host community of the Warri Refinery and Petrochemical Company (WRPC) and Nigerian Petroleum Development Company (NPDC) where a naval personnel, last Friday, allegedly killed two youths over an argument on job slots.

The deployment of the army personnel, THISDAY gathered, was over the palpable tension in the community, especially among youths, who were said to be spoiling for a showdown with naval

personnel deployed in the area over the “unjustifiable” killings of the harmless youths.

Security sources said the community was particularly irked at attempt by the Nigerian Navy to twist the event leading to the shootings by claiming that the deceased youths attempted to snatch a rifle from the naval rating.

“The youths of Ifiekporo and their elders are angry with the navy when they heard that their officers were claiming that the youths were shot when they attempted to snatch the rating’s AK 47 rifle.

This incident occurred in the presence of other sister security agencies, as well as workers of the oil company,” the source maintained.

Heroes Award to commemorate Daily Times 91st anniversary.

In a press statement released yesterday, Bonaventure said from what he has seen so far, the Daily Times Heroes Award is set to be the biggest and most successful event of its kind in Nigerian history.

He also hailed Daily Times management for repositioning the paper, in spite of the challenges currently posed to mainstream media by social media and other mass communication platforms, adding however that attempts by some misguided elements

to cause irritation over the coming event is dead even before delivery.

“I worked with Daily Times as Assistant News Editor for two years before taking up appointment elsewhere with politicians. I returned to Daily Times in 2013 as Publishing Editor and was there till 2015 when I left to serve as Special Assistant to the Director General of Voice of Nigeria under secondment by the management of Daily Times led by Mr. Fidelis Anosike.

“You cannot but commend the vision, the commitment, the devotion and sacrifice that

Anosike has made to bring Daily Times back to life after many decades that the paper went into limbo. There is no doubt that the Heroes Award would further help to take the paper to the number one position that has been the dream of its management,” Bonaventure said.

He, however, described as laughable, attempt by disgruntled elements and enemies of progress to use the social media to attempt to discredit the coming event, saying that Nigerians are used to such negative antics of envious irritants.

“You cannot reap the sweat of another man.

After winning the bid and legitimately acquiring Daily Times, Fidelis Anosike has put in all of his life into bringing the newspaper into limelight and in the process won all the legal battles associated with its ownership. Making posts on social media over the coming event is a clear evidence of what we call ‘bad belly’ in Nigerian parlance. Nigerians are looking forward to the coming Heroes Award,” Bonaventure concluded.

MAKING HISTORY

Chairman, Daily Times of Nigeria, Mr. Fidelis Anosike (right), receiving the handover instruments from the Director General of the Bureau of Public Enterprises (BPE), Dr. Julius Bala, during the handover ceremony

CSO: Allocating 24.73% of Budget to Debt Service is Indicative of Unsustainable Debt Profile Ndubuisi Francis ÓØ ÌßÔË A civil society organisation (CSO), Centre for Social Justice (CSJ) has expressed apprehension that dedicating 24.73 per cent of the 2017 aggregate budget of N7.441 trillion to debt service points to a direction that Nigeria’s debt profile is becoming unsustainable.

The National Assembly had last Thursday passed the 2017 Appropriation Bill, increasing the overall budgetary expenditure as presented last December by the executive arm from N7.298 trillion to N7.441 trillion.

Of the N7.441 trillion overall budget, 24.73 per cent or N1.84 trillion is for debt service.

The breakdown shows that N1,488,002,436,547 is earmarked to service domestic debts; N175,882,993,952 for foreign debts, and 177,460,296707 for sinking fund to retire

maturing loans.

In what it described as its preliminary reaction to the budget as passed by the legislature, CSJ said: “Dedicating 24.73 per cent of the overall budget to debt service is an indication that Nigeria’s debt profile is becoming unsustainable.

“The capital vote of 29.30 per cent is just a little higher than debt service. With a deficit financing of 2.35 trillion, the debt service is about 36 per cent of our expected revenue.

“This shows that we may soon be back to the debt situation pre the debt relief period.

The debt service compared to capital allocation of ten key ministries shows the opportunity costs of servicing debts,” the CSO said.

It also observed that the capital allocation to 10 key ministries as a percentage of debt service is 72.99 per cent while debt service is 84.49 per cent of the overall

capital vote.

On financing items, CSJ expressed concern that with a benchmark oil price of $44.5 per barrel, which is close to the prevailing market rate and revenue assumptions, although not overtly optimistic, may not be realised based on prevalent economic realities.

It added that the sources of funding of the budget may not fully materialise.

“Although the benchmark production rate of 2.2mbpd is realistic, it is imperative to note that Nigeria is not yet meeting the benchmark as current production figures still fall short of the benchmark.

The foregoing may lead to increased deficit financing over the implementation period,” CSJ said in the position paper issued by its Lead Director, Eze Onyekpere Commenting on the exchange rate, the organisation noted that “with an approved exchange rate of N305 to 1USD, the budget still insists on a fixation that is not in

tandem with reality. The gap between the approved rate and what is obtainable in the market is still very wide. A differential between N380 to 1USD and N305 creates multiple exchange rates in one country. “ CSJ also expressed its disapproval the failure to publicise approved Medium Term Expenditure Framework (MTEF 2017-2019) “We note with regret the failure of the Budget Office of the Federation to publish the approved MTEF-2017-2019 on its website or on any other portal or otherwise making it available to the public.

The MTEF on its website is the executive proposal which was amended by the legislature. Information about the revenue estimates available to the public have only been picked from the media.

“The right to access to information demands that this important document should be available to all Nigerians,” CSJ said.

T H I S D AY ˾ MONDAY MAY 15, 2017

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MONDAYSPORTS

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

C A F C O N F E D E R AT I O N C U P

Club Africain Set Back for Rivers Utd Femi Solaja with agency report Rivers United’s dream of a convincing start to the group stage of the 2017 CAF Confederation Cup suffered a set back yesterday as the lone Nigerian team left standing in the continental campaign lost 3-1 to Tunisia’s Club Africain at the Stade Olympique 07 Novemre Rades.

The home team showed their dominance from the opening whistle and finally made their presence felt in the 23rd minute when Bilel Iffa found the back of the net to give Club Africain the 1-0 lead.

The Tunisian side managed to double their lead on the stroke of half time thanks to a penalty goal from Oussama Darragi, 2-0.

Rivers United however fought back at the start of the second half and managed to pull a goal back in the 53rd minute courtesy of a strike from John Odumegwu to make it 2-1.

Club Africain saw their two goal advantaged restored in the 71st minute after an own goal from Joseph Douhadji made it 3-1.

The Rivers State government owned team tried to find its way back into the match, but was unable to do so as Africain remain resolute in the defence.

The win sees Club Africain up to second place in Group B with three points from one match, only behind leaders FUS Rabat who beat Uganda’s KCCA 3-0 on Saturday.

Club Africain will be in action

again on the weekend of May 23 away to KCCA while Rivers United will host the group leaders FUS Rabat in Port Harcourt.

Elsewhere, TP Mazembe brushed aside CF Mounana 2-0 in the 2017 CAF Confederation Cup Group

D match at the Stade TP Mazembe in DR Congo.

The win takes the DR Congo giants to the top of Group D with three points, while Gabon’s Mounana drop to the bottom of the group without a single point.

It took 18 minutes for Tresor

Mputu Mabi to fire Mazembe into the lead. The forward scored with a decent finish with Issama Mpeko grabbing an assist.

The Ravens continued to push for another goal after taking the lead, but they were contained by Mounana and

it was 1-0 to Mazembe at half-time.

The home side did double their lead through one of their longest serving players Rainford Kalaba, the Zambian captain and winger.

The skillful player hit the back of the net five minutes

after the restart to make it 2-0 to Mazembe with Solomon Asante grabbing an assist.

Mounana were unable to beat Ivory Coast international Sylvain Gbohouo in the Mazembe goal on the day, and ultimately, the home side won 2-0.

Edo State Governor, Godwin Obaseki (left) at the starting line of the 5th Okpekpe International 10km Road Race in Okpekpe... last weekend.

E P L F I N A L F O U R R AC E

S P O RT S F E D E R AT I O N E L E CT I O N S

Liverpool Wins, Spurs Consolidates with Man Utd Victory

Odizor Pulls out of NTF Presidency Race

Liverpool is on the brink of qualifying for the Champions League after Philippe Coutinho inspired a 4-0 rout of West Ham, while Tottenham said a fitting farewell to White Hart Lane with a 2-1 win over Manchester United yesterday.

In contrast to Liverpool’s jubilation and Tottenham’s celebratory send-off, there was only misery for Hull as the team stands relegated after a 4-0 thrashing at Crystal Palace.

It was a day of high emotion as the Premier League’s remaining issues at the top and bottom were played out in dramatic fashion.

At the London Stadium, Liverpool took the lead when Coutinho’s sublime pass was converted by Daniel Sturridge early in the first half.

Coutinho stole the spotlight again in the second half with a superb solo strike and a cool finish to put Jurgen Klopp’s side three goals ahead before Divock Origi netted to cap the Reds’ swaggering display.

Liverpool moved back one point above Manchester City into third place.

Although City and fifth placed Arsenal both have a game in hand, Klopp’s men will be guaranteed a Champions League berth if they beat

relegated Middlesbrough at Anfield next Sunday.

In the unlikely event Arsenal lose at home to relegated Sunderland on Tuesday then Liverpool will clinch a top four spot without playing.

“At the end it was amazing but the start was not that good,” Klopp said.

“After that we controlled the game and took our chances. We scored some really nice goals.”

Playing their last game at White Hart Lane after 118 years, second placed Tottenham responded to the end of their title dreams by stylishly bringing down the curtain on 118 years at the famous north London stadium.

Chelsea was crowned champions after the Blues win at West Bromwich Albion on Friday, but Tottenham had the ideal occasion to forget that frustration as they prepare to temporarily play at Wembley while the Lane is demolished to make way for a new arena.

With numerous Tottenham legends watching from the stands, Kenya midfielder Victor Wanyama put the hosts ahead in the sixth minute.

Harry Kane doubled Tottenham’s lead in the 48th minute with his 28th goal of the season.

Nigeria’s most successful tennis player, Nduka Odizor, will no more be running for the top position of the Nigeria Tennis Federation (NTF) due to what he referred to as ‘some unethical practices that do not tally with my personal principles’.

Odizor, who dominated the stage in the 80s and emerged as the only Nigerian player to have reached the Round of 16 of the famous All England Club Tennis (Wimbledon) Tournament, disclosed at the weekend that, “I collected the form, filled it out and met all the conditions set before realising certain practices

which I do not feel very comfortable passing through to be elected into that office (of NTF board).

“Rather, I have redirected my efforts to build a new generation of tennis players in the country. I will use my tennis foundation to set up six tennis development centres across the nation in partnership with some existing organisations.

“All the six centres will be in place before the end of December 2018. Apart from this, I have a special tennis programme for all the states in the Niger Delta region.

“Whoever eventually

wins the Presidency of the NTF will enjoy a cosy, maximum support structure from my team. Three key championships will be worked out to return to make more champions out of Nigeria.

They are the Lord Rumens, Ogbe Hard Court and the Dala Clay Court. I will not jettison these visions I had laid out to achieve for the country.

“I don’t have to belong to the tennis board to be able to contribute my quota to the game that brought me fame, name and all I am today. I remain ever grateful to Nigeria, tennis and it is

time to resurrect the sport.

That is what I have committed myself to achieve,” observed Odizor who most tennis aficionados were looking up to for redemption of the game in the country.

He promised further that the first of his tennis centres will become reality this week.

“To show my commitment, by next (this) week, the first centre will become public. It is our desire to make this first centre support the campaign for breast cancer, a campaign I have devoted my time to prosecute and wants to make a serious public issue on in our country.”

Idjerhe, Ogbe-Ijaw Clash in Semis ‘Why Pipul TV Partners Nationwide League’ As the ongoing Principal’s Cup Football Competition for Secondary Schools in Delta State sponsored by Zenith Bank reaches its home stretch, Idjerhe Grammar School will meet Ogbe-Ijaw Grammar School in Sapele Stadium today, in the first semifinal match of the tournament.

Idjerhe who defeated Jedo Secondary School 3-1 in the quarterfinal will have to be at its best to really get to the final as its opponent, Ogbe-Ijaw, will be looking

to also get to the final.

Ogbe-Ijaw Grammar School defeated Udu Secondary School, Otor-Udu 2-1 to get to this stage.

The second semifinal tomorrow will see Amai Secondary School taking on Master Care International School at the Agbor Stadium.

Speaking in Warri, the CEO of the organising company, Hideaplux Limited, Warri, Tony Pemu, said it had been a fantastic championship so far.

The Chief Executive Officer/ Managing Director of Pipul TV, Ben Okoroafor, has said that the desire to develop local football inspired his organisation to invest in the lowest cadre of Nigeria league.

Nationwide League One (NLO) and Pipul TV last week in Lagos signed a title sponsorship deal worth N100million in the first season of the three-year contract Okoroafor said Nationwide League One is the bedrock of football in Nigeria where the

future stars are discovered and as a Nigerian company with passion for local content development, the television outfit was glad to put money in the league.

He noted that NLO is the biggest league in the country as about 189 clubs are expected to feature in the competition across the nation’s six geopolitical zones.

“Pipul TV is in this business to give Nigerians value for entertainment and we have over 300 channels on our platform.”

Monday May 15, 2017

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Price: N250

MISSILE PENGASSAN to IOCs “We insist that processes must be followed procedurally. The law gives ExxonMobil powers to declare redundancy but processes must be followed. That is our position. If the government does not address the issues by the weekend, we will escalate the crisis” – Port Harcourt Zonal Chairman of PENGASSAN, Mr. Azubuike O. Azubuike warning that the current picketing of ExxonMobil would continue and escalated to other international oil companies (IOCs) shortly.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

It’s All About Buying And Selling I

t would not be difficult to understand why as an Igbo man, I am writing about buying and selling. That is the vocation of majority of my people. Some people deride the trader by making uncomplimentary comments about buying and selling. Well, today, I am going to demonstrate that everything in life is actually about buying and selling. The inspiration to write this piece came from a discussion I had recently with a driver known as Eddy. He was assigned to me by my host in the US to pick up me from the airport and handle all my movements. Somehow, on Day Two of my trip, we had a conversation about his experience when he visited his home in Imo State during the last yuletide.

He had led a group of young people, several years ago before he travelled out to Russia from where he made his way into the US. He has been ‘abroad’ now for over 10 years and was very excited to come home for the first time in December 2016. He was glad to attend the end of year get together of the group he had led, while in Nigeria. Many of the members he left behind were present at the event and of course there were also many new members.

Eddy had a message to share with them. He needed to discourage those who would give anything up to travel abroad like he did, to perish the thought.

He explained that with his first degree obtained from one of the federal universities in Nigeria, the best job he could find in the US was driving. He was honest enough to volunteer this information as he believed it would help to stop people from towing the migration path. How wrong he was! He was shocked to hear people attack him and one of them retorting “If America was that bad, why are you still there?” At the point when one of them was complaining about the absence of white collar jobs, he calmly advised that they should buy and sell something. Another one exploded “If I wanted to be a trader, then I didn’t have to go to school”.

After so much argument, Eddy held his position that everything in life was about buying and selling and I cannot agree more.

Buying and selling is one of the earliest engagements of man. History records that buying and selling started over 150,000 years ago from the South West Asia during the stone ages. The mode of payment then was by barter in which two people exchanged physical goods using the principle of ‘double coincidence of wants’. This occurred when someone who needed a particular commodity met someone else who also needed what the other person had. Settlement mode has since then transformed from that crude method all the way to modern day currency and the bitcoin phenomenon is indication that payment (and therefore trading) is still evolving. The need for buying and selling is supported because of what is referred to in economics as “division of labour” and “specialisation”. Division of labour refers to the separation of a work process into a number of tasks, with each task performed by a separate person or group of persons. It is most often applied to systems of mass production and it is one of the basic organising principles of the assembly line.

According to Investopedia, “Specialisation is a method of production where a business, an area or an economy focuses on the production of a limited scope of products or services to gain greater degrees of productive efficiency within an overall system.

Many countries, for example, specialise in producing the goods and services that are native to their part of the world, and they trade for other goods and services. This specialisation is therefore the basis of global trade”.

These basic principles of economics are fundamental to buying and selling. Because no one can possibly make everything he needs nor need everything he makes, he must buy some of the things he needs and sell some of the things he does not need. It is in selling the things that he does not need that he

Minister of Labour and Employment, Chris Ngige gets empowered to buy the things he needs. So, all production ends in the hands of consumers. In fact, production is said to be incomplete until the goods and services get to the hand of the consumer.

If you look at the oil exploration and production companies, you will find that all what they do is to produce oil and oil related products for use in houses, vehicles, power plants etc. If those products are not sold to consumers through different chains that will include exporters and importers, refineries and petrochemical plants, wholesalers and retailers, the oil companies would go out of business. The oil companies must also execute the buying function in order to produce. They must buy machinery and equipment, they must somehow acquire the land that bears the hydrocarbon. They also require skilled and unskilled labour in addition to capital to pay for all that needs to be bought. So, in reality, this very high profile engagement eventually gets distilled to buying and selling. Think of any other endeavour and you will discover that if it does not buy, it will not produce and without production, there would be nothing to sell and therefore, money will not be made. Government sells service to its people and in return, levies, tolls and taxes are paid to it to function.

Doctors sell healthcare services to those that need them and in return get paid for them. The electricity company sells energy for which consumers pay bills.

If this is understood, it becomes easy for people to find somewhere in the buying and selling universe to locate themselves.

Unemployment has become a recurrent decimal especially amongst the youth in Nigeria. This, unfortunately, is happening at a period when the youth population is increasing at an alarming proportion.

There is still a big on-going debate about the veracity of the statistics officially acknowledged as it relates to unemployment. Prior to the National Bureau of Statistics (NBS) redefinition of unemployment in Nigeria in 2011, the recognised rate was in the region of 54% for Nigerians between the ages of 15 and 34 and 26% for the population as a whole.

Indeed, since the harmonisation of the unemployment calculations with best global practices, half a decade ago, Nigeria’s official unemployment rate has risen from 7% in 2012 to about 14% by mid-2016.

But what is unemployment? Why has it been such a major concern for Nigerians and why have successive governments chosen to be casual about both its level and growth? Unemployment rate as defined by the NBS is ‘the total population divided into labour force (currently active) and non labour force (not currently active)’. The labour force component of the population covers all persons aged 15 to 64 years who are willing and able to work regardless of whether they have a job or not. The definition of unemployment therefore covers persons (aged 15–64) who during the reference period were

currently available for work, actively seeking for work but were without work. What this means is that unemployment is that population of Nigerian citizens between the ages of 15 and 64 willing and able to work but cannot find jobs.

During Nigeria’s most recent spell of rising or fairly high international oil prices which occurred between 1999 and 2013; the issue of unemployment had always been subsumed under the easier and more convenient economic issues of gross domestic product (GDP), inflation and interest rates. These issues could be addressed without a sense of ‘personalisation’, as they were, somehow, seen as ‘technical’ and only obliquely referred to actual human beings and their families and livelihoods. In other words, discussion of ‘broad’ or what is usually called ‘macro’, economic issues without considering the politically-sensitive issue of job creation and its sustenance allowed various governments escape the socioeconomic subject of providing means of livelihood for citizens and their families.

Politicians simply dreaded discussing the unemployment issue as they have consistently been afraid of whipping up a major social backlash from Nigerians who, for the better part of two decades (1999-2016), have witnessed growth with little or no development of social and economic infrastructure.

This, in actual fact, is what would see to it that citizens actively seeking employment could get one. The consequences may be as devastating as the carnage is pitiful. For example, Nigeria graduates about 3 million students from tertiary institutions annually but creates less than 120,000 new jobs over the same period. In fact, in the last year or so the economy lost a reported 4.6 million direct jobs (based on figures supplied by the NBS), if we assume that every person employed creates some level of secondary employment of at least one other person, the impact of the job loss between the years 2015 and 2016 is closer to 10 million or one in every ten employable adults.

The employment challenge is the unfortunate result of a combination of poor public policy responses to changing population demographics, the institutionalisation of a mono product economy, criminal neglect of failed and failing infrastructure (leading to the de-industrialisation of the economy) and narrow private sector engagement. The Nigerian economy is heavily tilted towards a single commodity - Oil and Gas, which accounts for over 70% of federal incomes and 95% of foreign exchange earnings. The skew has meant that once the oil sector sneezes the whole economy catches a cold. This explains why, when oil prices tumbled from $114 per barrel mid-June 2014 to $46 per barrel, by June 2016, the economy was primed for its first recession in twenty years. With this drop, jobs begun to disappear from all kinds of sectors ranging from Oil & Gas, Telecommunications, Banking & Finance and Manufacturing. Of particular concern has been the disappearance of employment in the Small and Medium Scale Enterprises sector (SMEs) where several jobs have been wiped out as the tougher macroeconomic environment has made it impossible for them to survive.

Even at that, some relatively resilient industries have been reeling from the pains of the business environment. We seem to have endorsed and accepted a man-made difficult environment that does not encourage business. Our approach had hitherto been to install road blocks and bottlenecks on otherwise smooth and easy processes. Registering businesses is a nightmare. Getting permits and licenses is a big deal. Clearing goods from our ports is a herculean task. Even paying money to government by way of taxes, tariffs and levies is like making a trip to hell.

We must thank God for the Ease of Doing Business committee, set up by the Federal Government, which is now looking at how to dismantle these roadblocks and move the country from its present dismal ranking of No.169 out of 190 economies in the World Bank’s

ease of doing business Index for 2016.

Again, lower real disposable income (the income consumers are left with after adjustment for inflation which is currently around 18% per annum) has translated in the shrinking of effective demand for goods and services by consumers thereby resulting in lower retail sales and worsening gross earnings for companies in a variety of businesses. Even the retail end of the ‘white’ petroleum products businesses in the country has seen sales volume collapse, as oil marketing firms admit that fuel pump sales of Premium Motor Spirit (PMS) or Petrol has fallen by as much as 30%. This situation is a reflection of both the rise in pump price and a sharp reduction in the use of the product by consumers. This is very interesting from an economic perspective, since it is known that demand for petrol is relatively ‘inelastic’ meaning that there are no near substitutes and that consumers cannot simply switch from the product to some lower-priced alternatives. This also means that even though price rises, the percentage fall in demand should be much lower than the percentage rise in price. All said and done, the economy is in no mood to create jobs in the short to medium term. This is because our challenges are structural in nature and solving them will require a lot of will and time. In the face of all these, population, especially the youth component, is not heading south; the universities are not churning out fewer graduates and they really shouldn’t; and jobs are still being lost.

It is, therefore, the responsibility of all of us to put on our thinking caps if we must reduce the size of the “reserve army of the unemployed”. The sad reality is that this challenge rests more on the unemployed themselves. No matter the rhetoric, the truth is that I have seen nothing in place, neither in the budget nor in government policies, that would eliminate unemployment or reduce it to the kind of level that countries with larger populations than us have today. India with its 1.34b people has an unemployment rate of 4.9% while China with about 1.4b people has an unemployment rate of 3.9%.

Sometimes, these percentages seem to disguise the actual numbers. Our arguable 14% unemployment rate (a lot of people, including yours truly, believe it is understated) for a population of about 183m people means that close to 12m people are unemployed. In terms of youth unemployment which is put at 25%, it means that one out of every person aged between 15 and 34 has no job. Now if you add this to the underemployed population, you would be dealing with very serious numbers.

The raison d’être of this intervention is to sensitise us to the reality that as currently constituted, this system is not wired to produce the much required jobs in the near future. It is therefore time for the young ones to seriously think of providing jobs for themselves. A lot of them are very talented with so much energy. Roaming the streets looking for non-existent jobs will only weaken them and reduce their confidence. This may be the time to think of what you can do to add value to the society and therefore yourself. It does not have to be something very big. I met two sisters in Abuja recently and all they do is make fresh fruit juices and supply to workers in offices. Today, they no longer have enough fruit juices for offices as supermarkets now buy up everything that they produce. They have improved the product packaging and have succeeded in creating employment directly and indirectly. They have expanded the range of the juices they produce to include vegetable and other smoothies. This is just an example of hitherto unemployed people that started small. It is about buying and selling.

I therefore charge the young unemployed person not to wait for that non-existent dream job as that job may remain a pipe dream. Just look around you, sell something. But be sure that what you are selling either belongs to you or you bought it.

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