Wednesday 17th May 2017

Need for Authentication Delays Transmission of 2017 Budget to Presidency Senate frowns at non-submission of budgets by FIRS, NNPC, others Gives condition for $5.8bn loan request approval, summons Amaechi over exclusion of eastern rail line Damilola Oyedele in Abuja

yesterday, due to a requirement for authentication of the Appropriation Bill.

Briefing newsmen yesterday,

Five days after its passage by the National Assembly, the 2017 budget was yet to be transmitted to the presidency for consideration and assent

Senate spokesman, Senator Sabi Abdullahi (Niger North) explained that the passage of the budget does

not automatically mean that the document would be transmitted immediately to the presidency, as the joint

Committees on Appropriation still had to authenticate the bill.

The document, he said, was to be transmitted yesterday

Inflation Inches Downwards to 17.24% in April ... Page 12

or at the latest today to the presidency.

Both chambers of the legislature last Thursday had passed the federal spending Continued on page 10

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Buratai Warns Officers to Steer Clear of Politics Says politicians attempting to infiltrate army

Paul Obi in Abuja The Chief of Army Staff (COAS) Lt. Gen. Tukur Buratai has issued a stern warning to all officers and soldiers in the Nigerian Army to steer clear of politics, disclosing that some politicians have been making frantic efforts to infiltrate his

officers for various political “actions and gains”.

Buratai’s warning may not be unconnected to the air of uncertainty in the country arising from President Muhammadu Buhari’s illness, Continued on page 11

Makarfi-led PDP Asks State Chapters to Use Alternative Parties for Coming Polls Says directive aimed at stopping APC surrogates fielded by Sheriff Party platform safe for elections, former Borno gov insists Onyebuchi Ezigbo in Abuja The Senator Ahmed Makarfiled National Caretaker Committee (NCC) of the Peoples Democratic Party (PDP) has asked state chapters of the party to adopt alternative political parties for their candidates in the

upcoming elections, pending the ruling of the Supreme Court on the leadership crisis rocking the party.

Under the circumstances, the caretaker committee has said state chapters of the party are allowed to take any decision Continued on page 10

Ogbeh: Nigeria’s Rice Policy Hurting Thai Production.. Page 12

ETISALAT HONCHOS MAKE THE ROUNDS… Acting President Yemi Osinbajo flanked by the Deputy Chief Executive of Etisalat, Mr. Waheed Al-Muhari (left) and Chairman of Etisalat, Nigeria, Mr. Hakeem Belo-Osagie (right), when a delegation from Mubadala Development Company (Sovereign Wealth Fund of Dubai) met with Osinbajo at the State House, Abuja… yesterday

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PAGE TEN NEED FOR AUTHENTICATION DELAYS TRANSMISSION OF 2017 BUDGET TO PRESIDENCY bill and also adopted the votes and proceedings of their respective plenary sessions, in the bid to fast track the transmission of the document to the presidency.

However, Abdullahi said yesterday: “After the budget is passed, the Appropriation Committees have to do some authentication to avoid just any kind of document flying around. “Any moment from now, today (Tuesday) or tomorrow (Wednesday), it would be transmitted to the presidency. Let us allow those who have been given certain responsibilities do their job, which must include certain protocols. “Remember that we had to adjourn and reconvene to approve the votes and proceedings to allow them continue the process. If not, they would not be able to do anything on the document. “If we had waited till today (Tuesday) to approve the votes and proceedings, it means they would have had to start today with the authentication,� he explained.

Abdullahi did not clarify what the authentication of the budget meant, but the Special Assistant to the Senate President, New Media, Mr. Omishore Bamikole, in a tweet, explained that each page of the 600-paged document had to be signed by the Chairmen of the Senate and House Committees on Appropriation, Senator Danjuma Goje and Hon. Bala Mustapha Dawaki. “Over 600 pages of #2017Budget have been individually signed by Chairmen, Budget and Appropriation for @NGRSenate & @HouseNGR,� he said.

Senate Frowns at Agencies In another development, the Senate also frowned at the breach of the Fiscal Responsibility Act (FRA) by government agencies, which have failed to submit their 2017 budget proposals to the National Assembly for consideration and passage.

Some of the agencies

include the Federal Inland Revenue Service (FIRS), Nigerian National Petroleum Corporation (NNPC), Bureau of Public Enterprises (BPE), Nigerian Customs Services (NCS), Nigerian Ports Authority (NPA) and the Securities and Exchange Commission (SEC).

The Deputy Senate Leader, Senator Bala Ibn Na’Allah who raised the point of order at plenary yesterday said it was an offence for such agencies to spend any money yet to be appropriated by the National Assembly. “The only approach this Senate can take to assist this government in fighting corruption is to insist that gross abuse and misuse of power must be stopped by every government agency. “The only way we can build our institutions is to radically address the issue of abuse and misuse of power,� he said.

Na’Allah sought permission to raise the matter as a motion tomorrow for debate among the lawmakers.

Ruling on the point of order, Senate President Bukola Saraki condemned the practice whereby government agencies spent money without statutory approval by the legislature. “We are already in May. How can parastatals be operating without any budgets, especially at this time in the fight against corruption and effort to entrench transparency in governance? “We need to take this matter seriously, because clearly these agencies are just flouting the guidelines and breaking the law,� he said.

Saraki added that the agencies were supposed to have submitted their budgets since August 2016, in line with the FRA. “They are supposed to have come with their appropriation documents. We have now passed the 2017 budget without the budgets of the parastatals. “But if in the middle of May, we are saying we have not received any budget from them, then which money have they been spending and with whose authority? “We need to look into that and take a decision that may

be they can only pay salaries until they bring their budgets here and approvals are given,�

Saraki added.

Omission of Eastern Rail Line The Senate President also revealed that the leadership of the National Assembly was currently in talks with the executive over the non-inclusion of the eastern corridor rail line in the planned expenditure of the $5.851 billion China Exim Bank loan.

Saraki said this in reaction to a motion by Senator Enyinnaya Abaribe, who protested yesterday over the omission of the rail line in the executive’s request for approval of the federal government’s 2016-2018 External Borrowing Plan.

Saraki added that all parts of the country must benefit from standard gauge railway lines. “We are taking up this matter with the executive and that was what led to the amendment of the letter that came from the president. “The first letter that came from the president did not specify that the South-east, North-east axis must be standard gauge lines. “Based on the letter that came from the president, we insisted at the leadership level that every part of the country must benefit from the borrowing plan and there must be a standard gauge line and that is included for all sections of the country,� Saraki said.

He added that the loan request has been referred to the Committee on Foreign and Local Debts. “The point we just need to make here is to ensure that the spirit of the president’s letter is followed through; that is what the emphasis is and I think we should restrict it to that. “There should be a standard gauge line everywhere. In processing the loan request, we must see sincerity in the spirit of the president’s letter,�

Saraki said.

Abaribe, in his motion, had called for suspension of the consideration of the loan request but withdrew the

prayer, after the clarification was made by the Senate President.

His prayer seeking the invitation of the Minister of Transportation, Mr. Rotimi Amaechi to appear before the Senate to explain the reason for the exclusion of the rail project for the eastern corridor was however adopted. “I observe with dismay that the sections of the rail line that the loan is being sought for covers only a section of the country, that is, the western corridor. “But I am aware that there is a Railway Master Plan developed by the Ministry of Transportation, which has not been referred to in the current borrowing plan,� he said.

Abaribe added that for the railway projects to have a meaningful impact in the country, all sections of the country must be covered. “I am concerned that the complete exclusion of the eastern section that links the four zones of South-south, South-east, North-central and North-east and the key cities such as Port Harcourt, Aba, Enugu, Makurdi, Lafia, Gudi, Jos, Bauchi and Maiduguri is inexplicable,� he added.

Contributing to the motion, Deputy Senate President, Senator Ike Ekweremadu accused the federal government of a lack of commitment to developing the rail line in the eastern corridor. “I am aware that the federal government has been committed to rehabilitating and upgrading the railway infrastructure in Nigeria since the (Olusegun) Obasanjo administration. “Regrettably, from the inception of that programme, the federal government has had an attitude with respect to the eastern line, arguing that that line is not profitable and so emphasis has not been placed on fixing that axis,� he said.

Ekweremadu added that while the standard gauge was being considered for the western line, the eastern line remains the old gauge. “In 2011, the federal government awarded the contract for the rehabilitation

of the eastern line from Port Harcourt to Maiduguri to three contractors in three segments, which was about N150 million, but up till now, no work has gone on in that axis. “The simple reason being that after they generated the initial certificate to get paid, the government deliberately refused to pay them so the project was stalled,� he said.

The Deputy Senate President added that the federal government’s contract with General Electric (GE) was limited to the supply of coaches for the movement of goods and not for passengers, and was not intended to fix the railway lines.

But the Chairman of the Senate Committee on Land Transport, Senator Gbenga Ashafa described the information in the motion as inaccurate and incorrect, adding that all railway projects approved by the current administration covered all geopolitical zones. “The Lagos to Kano and Calabar to Lagos railway projects cover all the geopolitical zones and I will show you how: on the Lagos-Calabar coastal line, you will find the rail cutting across Obudu cattle ranch, Calabar-Uyo, Aba-Port Harcourt, Yenagoa-Otuoke, Yenagoa-Ughelli, SapeleBenin-Agbor, Asaba-Onitsha, connecting Benin is Ijebu Ode, Ore, Shagamu and Lagos seaports,� he said.

He explained that two major states in the South-east – Abia and Anambra – were therefore covered in the railway project, adding that GE has been summoned by his committee to explain what aspect of the contract it was awarded. “When we are making our point, we should not bring up ethnic sentiments. I agree that all the areas must be covered in the entity called Nigeria by this infrastructure programme because it is the money of the Federal Republic of Nigeria, but government is a continuum. “The master plan is available and this administration has promised Nigerians that all sectors will be covered by the rail projects,� Ashafa added.

Senate C’ttee Kicks Against Loan Terms

welcome to participate.�

Ojougboh added: “PDP has conducted successful local government elections in Ebonyi State and they were signed by Ali Modu Sheriff. “We are currently preparing for elections in Cross River and other states. All our primaries are open to PDP members and they are welcome to participate.�

He said the PDP was an embodiment of great Nigerians, adding that its governors are performing “very well in their various states�. “What surprises us is that Makarfi claims he has a strong appeal at the Supreme Court when the Court of Appeal has made it clear that Makarfi disobeyed violently the order of the courts in Lagos and Abuja. “Is the Makarfi group expecting that the law will be re-written for them to suit their personal interest? “By their attitude, they are still unrepentant. We implore them to have a change of heart and return to the fold, so that we can adequately prepare to return to power in 2019.

“The door of peace is still open, we urge the Makarfi group to go back to the Governor Seriake Dickson reconciliation committee’s recommendations,� he said.

But just as the Senate reached a resolution on the motion raised by Senator Abaribe, its Committee on Foreign and Local Debts faulted some of the terms attached to the $5.8 billion loan being offered to Nigeria by the China Exim Bank for the railway projects.

In particular, the condition requiring that the funds must be used for contracts to be executed solely by Chinese construction firms has raised eyebrows.

The committee chairman, Senator Shehu Sani, speaking at a meeting with the Minister of Finance, Mrs. Kemi Adeosun yesterday, noted that local content for the railway projects should have been taken into consideration during the negotiation for the loan, in addition to the quality of the projects.

Sani emphasised that it would be an issue to maintain that only Chinese firms could execute the contracts. “We have raised it here, that for China to lend us $6 billion and for Chinese companies to execute the contracts, that is an issue. We want a situation whereby local content for the critical parts of the projects are taken into consideration. “One issue being raised also is the fact that these loans will be for projects that will create jobs. We will not like to see Chinese labourers taking all the jobs,� he said.

He added: “Another issue has to do with the quality of the projects. If we are going to borrow such heavy amounts of money and these loans attract considerable interest, then the trains and the rail lines that will be constructed in Nigeria should match those of Europe, the United States and China. “We will not like to leave behind a pile of debts for future generations without projects that are commensurate with the loans.�

Speaking further, Sani said some of the states in the country had become so Continued on page 11

MAKARFI-LED PDP ASKS STATE CHAPTERS TO USE ALTERNATIVE PARTIES FOR COMING POLLS they consider appropriate.

It said the directive was aimed at avoiding the chances of its candidates being scuttled due to the antics of the rival leadership of the PDP led by Senator Ali Modu Sheriff.

In a statement issued yesterday by its spokesman, Dayo Adeyeye, the Makarfi-led PDP said it took the decision in order to avoid the experience whereby Sheriff attempts to scuttle the chances of the party by fielding APC lackeys and surrogates as alternative candidates.

He said that the NCC was working with all the organs of the party and other relevant bodies to pursue the appeal filed at the Supreme Court to a logical conclusion.

Adeyeye accused the Sheriff-leadership of creating factional chapters in different states of the federation in order to compromise the chances of the PDP in the upcoming local government elections.

He said the party deliberately decided not to run parallel congresses in Anambra State in order not to subject party members in the state to the agony of a

disputed platform.

The full statement of the NCC read: “Our attention has been drawn to some news items to the effect that the National Caretaker Committee has instructed PDP members to use the platform of a newly registered party to contest the forthcoming local government elections in Lagos State and other states where local government elections are pending. “In view of the misconception and unease which the issue has raised, we are constrained to make the following clarifications. “The National Caretaker Committee is working with all the organs of the party, the BoT, the National Caucus, NEC, PDP Governors Forum, PDP State Chairmen’s Forum, PDP Ministers’ Forum, youths and women’s groups and other relevant bodies, to pursue the appeal filed at the Supreme Court to a logical conclusion. “We have a good case and our grounds for appeal is solid.

We believe ultimately that justice will be served on the leadership issue in our party and we are also confident that

the judiciary will continue to remain independent, unbiased and neutral. “Since the platform of our great party, the PDP, is currently in dispute, we recognise the anxiety of our patriotic and loyal members to avoid a repeat of the Edo and Ondo gubernatorial elections experiences where Senator Sheriff and his co-travellers tried to scuttle the chances of our members by fielding APC lackeys and surrogates as alternative candidates, in order to disturb, distract and dissipate the energy and concentration of our genuine candidates in those elections. “It is indisputable that this was the main reason for our defeat, particularly in the Ondo governorship election.

That was why we deliberately decided not to run parallel congresses in Anambra State, in order not to subject our party members in that state to the agony of a disputed platform. “It is also important to state at this point that Senator Sheriff and his cohorts have been creating factional chapters in different states

of the federation, in order to compromise our chances in the local government elections. “In the circumstances and with no hope of the Ali Sheriff problem abating before the Supreme Court judgment, we are left with no choice than to consider ways by which our members will not be disenfranchised in these elections. “However, our position is not to choose a platform for any state where true PDP candidates are denied the opportunity to stand for the elections. State chapters are allowed to take any decision they consider appropriate. “We continue to pray for a positive outcome in the judgment of the Supreme Court so that the agony and pains of recent times may be finally put behind us.�

But in a swift reaction, the Sheriff-led faction of the PDP said yesterday that the party was open to any member who wishes to contest elections.

In a statement issued

by Sheriff’s deputy, Cairo Ojougboh, the party said all primaries were open to PDP members, adding: “They are

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˾ WEDNESDAY, MAY 17, 2017

NEWS

Wunmi Mosaku Wins BAFTA TV Award for Movie on Damilola Taylor’s Killing Boy’s father makes impassioned plea to end London street killings Nigerian-born British actress, Wunmi Mosaku has won the British Academy Television Award for Best Supporting Actress for her role in the TV drama ‘Damilola, Our Loved Boy’, seeing off competition from Siobhan Finneran (Happy Valley), Vanessa Kirby (The Crown) and Nicola Walker (Last Tango in Halifax).

The story of Damilola Taylor, a Nigerian boy, who was killed in Peckham, London, in 2000, and the final conviction of his murderers, was widely reported in the Nigerian and British press.

Then in November 2016, a 90-minute television drama depicting the events leading to his death and the Taylor family’s search for justice premiered on the BBC. The BAFTA Awards held at Royal Festival Hall on London’s Southbank, was hosted by Sue Perkins and attended by British TV’s biggest stars including Ant and Dec, Olivia Colman, Thandie Newton and Ed Balls.

This year’s BAFTA nominations were ruled by The Crown with five nods, followed by BBC3’s Fleabag, BBC1’s Happy Valley and one-off BBC drama Damilola, Our Loved Boy – all with

three nominations.

According to Radio Times, in order to be eligible for this year’s shortlist, programmes must have aired between 1st January and 31st December 2016, meaning the likes of Taboo, Broadchurch and The Moorside were not considered for the ceremony.

Damilola was a 10-yearold Nigerian schoolboy who died in England in what became one of Britain’s most high-profile killings. Several young boys were cleared of murder charges after a lengthy trial, and later two brothers were convicted of manslaughter.

Damilola was born in Lagos, Nigeria, to Richard and Gloria Taylor. He attended Wisdom Montessori School, Ikosi, Ketu, Lagos, before he travelled to the United Kingdom in August 2000 with his family to allow his sister Gbemi to seek treatment for epilepsy.

According to Wikipedia, on 27 November 2000, Taylor set off from Peckham Library at 4.51 p.m. to make his way home. He was captured on CCTV as he walked away.

On approaching the North Peckham Estate he received a gash to his left thigh. Running to a stairwell, he collapsed and bled to near death in the space of

Mosaku approximately 30 minutes.

He was still alive in an ambulance on his way to hospital.

Different forensic scientists have presented different events that could have given

Taylor his fatal wounds.

The theory accepted by the Metropolitan Police was that he was attacked and fell on a broken bottle, later bleeding to death. He died 10 days before his 11th

birthday.

Meanwhile, at the BAFTA Awards, the boy’s father, Mr. Taylor, begged young people to stop the string of killings on the streets of London as he collected an

award for the drama about the death of his son.

Damilola, Our Loved Boy was also awarded the prize for best single drama at the BAFTAs, where Mr. Taylor made an emotional speech hours after an 18-year-old man died in Enfield, north London, after suffering stab wounds.

Scotland Yard said he was the 10th teenager to have been killed in the capital in 2017, reported the London-based Independent newspaper.

Mr. Taylor was joined by Damilola’s brother Tunde and the production team as he said: “I want to dedicate this to the memory of Damilola Taylor and Gloria, my late wife, and first and foremost send a strong appeal to young people on the street killing themselves.

“Parents are crying, others are crying, the surge of killings has gone up in the city of London, I beg you all to stop this unnecessary killing of innocent people.

“Young people, spread the message.”

His impassioned plea came shortly after the teenager was killed and two others injured in the latest surge of knife attacks in the British capital.

Ambode Bans VIOs from Lagos Roads Permanently Restricts FRSC to fringes, highways Gboyega Akinsanmi Lagos State governor, Mr. Akinwunmi Ambode yesterday asked Vehicle Inspection Officers (VIOs) to stay permanently off all roads across the state and challenged them to come up with technology to monitor and track vehicle registration and Ministry of Transportation (MOT) certifications.

Ambode also directed the Federal Road Safety Corps (FRSC) to stay off the innercity roads and the main streets of Lagos, saying the operation of the federal agency should henceforth be restricted to the

fringes and highways over which the federal government has jurisdiction.

He gave the directives yesterday at the inauguration of pedestrian bridges, laybys and slip roads at Ojodu Berger, stating that the three-in-one project was conceived and executed by his administration to end the intractable gridlock and avoidable loss of lives in the area.

He unveiled the strategic projects alongside the state’s Head of Service, Mrs. Olabowale Ademola, the Commissioner for Waterfront Infrastructure Development, Mr.

Adebowale Akinsanya, and Permanent Secretary, Works & Infrastructure, Mr. Temidayo Erinle, among others.

Before unveiling the projects that will redefine the flow of traffic at Ojodu Berger, the governor said that the VIOs “have been asked to stay off our roads permanently”.

He also asked the FRSC “to stay on the fringes and highways and not on the main streets of Lagos”.

Ambode lamented that both VIOs and FRSC contribute “to the traffic challenges on our roads”.

“We will employ technology

to track and monitor vehicle registration and MOT certifications,” he said.

On the projects, Ambode noted that he would always ensure that promises made are promises kept.

“We will continue to rely on the support of all segments of the population for regular tax payments.”

He explained that obeying the rule of law and protection of public infrastructure was the only way the state could progress and achieve its goal of being one of the world’s top centres for business, entertainment and leisure.

“As we celebrate the golden jubilee anniversary of our state, I am confident that the future prospects are very promising and that the journey of the next fifty years is commencing on a very sound and solid footing.

“Our state has lived up to its reputation as a land of possibilities, a centre of excellence and we are on our way to becoming a truly global city-state. As we celebrate the delivery of this facility, I wish you all happy golden jubilee anniversary celebration,” he said.

At the inauguration, Akinsanya explained that the

projects were conceived by the Ambode administration in response “to the yearnings of the people of this community for an improved, efficient and gridlock-free road network and the need to preserve the sanctity of life of Lagosians”.

He said the bridge was a major life-saving device designed to stop avoidable loss of lives at the Berger end of Lagos-Ibadan expressway.

“It is also meant to decongest traffic in the area, which informed the provision of laybys and the slip roads that take passenger buses off the road.”

disciplined, loyal and apolitical institution that has clear constitutional roles and responsibilities.

“He seriously warned and advised all officers and soldiers interested in politics to resign their commission or apply for voluntary discharge forthwith.”

According to Usman, any officer or soldier of the Nigerian Army found to be hobnobbing with such elements or engaged in

unprofessional conduct such as politicking would have himself or herself to blame.

“The COAS has further reiterated that the Nigerian Army will remain apolitical and respect the Constitution of the Federal Republic of Nigeria,” he added.

In 56 years of independence, Nigeria has had a history of military incursions in politics, some of which have been carried out with the

connivance of politicians in the country.

The military’s incursions have always resulted in the suspension of the constitution and truncation of democratic rule.

Buhari’s illness and absence from the seat of power, has raised tension in the country and possibly encouraged unscrupulous politicians to attempt to gain some advantage through the military.

in accessing Chinese loans, after the country defaulted in its counterpart funding under the last administration.

This was, however, restored by the president’s state visit to

China in 2015, she said.

“Concerning the execution of railway projects, it lies with the Ministry of Transportation.

Ours is to facilitate the loan,” she told the committee.

BURATAI WARNS OFFICERS TO STEER CLEAR OF POLITICS necessitating his return to the United Kingdom penultimate week to get medical treatment for an undisclosed ailment, Although he fell short of elaborating on what the political “actions and gains” were, the COAS’ warning came on the heels of a report of an attempt by some politicians to infiltrate the military, particularly the Nigerian Army.

His concern may have also informed the reshuffling of

top military officers in the Nigerian Army last week.

A statement issued by the Director of Army Public Relations, Brig. Gen. Sani Usman said the army headquarters and the COAS had received information about such “sinister plans” by some politicians to derail the professional calling of some army officers.

Usman said in the statement: “This is to inform the public

that the Chief of Army Staff, Nigerian Army and LieutenantGeneral TY Buratai have received information that some individuals have been approaching some officers and soldiers for undisclosed political reasons.

“On the basis of that, he has warned such persons to desist from these acts.

“He also reminded them that the Nigerian Army is a thorough professional,

NEED FOR AUTHENTICATION DELAYS TRANSMISSION OF 2017 BUDGET TO PRESIDENCY indebted in the last 16 years that they do not qualify for any new loans.

“We have to depart from the culture of the past whereby funds and loans were collected

in the name of projects, but were shared with cronies and friends and allotted to political projects. That will not be accepted and that is why this time around, we are

being very careful,” he said.

Adeosun, in her submission, told the committee that the major condition tied to the loan was that Chinese firms would execute the projects for

which the loans were being sought, adding that the China Exim Bank loan was highly competitive.

The minister added that Nigeria almost lost its credibility

WEDNESDAY, MAY 17, 2017Ëž T H I S D AY

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NEWS

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

Ogbeh: Nigeria’s Rice Policy Hurting Thai Production FG to table herdsmen nuisance at AU Summit Benue set to sign Anti-open Grazing Bill Omololu Ogunmade, Olawale Ajimotokan Ă“Ă˜ ĂŒĂ&#x;ÔË Ă‹Ă˜ĂŽ George Okoh Ă“Ă˜ Ă‹ĂœĂ•Ă&#x;ĂŽĂ“ The Minister of Agriculture and Rural Development, Chief Audu Ogbeh has said that the federal government’s ban on the importation of rice into the country was having severe effects on rice production in Thailand.

Thailand used to be the largest exporter of the food staple to Nigeria, until government imposed a moratorium on the importation of rice at the inception of the current administration.

Ogbeh, who revealed this yesterday at the 10th mid-term town hall meeting held in Abuja, stated that increased production of rice in Nigeria has led to the closure of seven factories in Thailand.

The affected mills are considered to be among the biggest producing rice in the South-east Asian country, he said.

Ogbeh said as of 2014, Nigeria was importing 580,000 tonnes of rice from both Thailand and India but the volume dropped drastically by almost 50 per cent to 280,000 tonnes in 2016, thus allowing government to save foreign exchange that would have otherwise gone into

importing the commodity. “We have no reason to be importing everything. The Thai rice is of low-grade because it is stored in silos for many years before it is exported. The Thais don’t eat parboiled rice; they eat white rice,� Ogbeh said.

He lauded the Anchor Borrowers’ Programme of the Central Bank of Nigeria (CBN) in Kebbi State involving 400,000 farmers, asking all Nigerians to emulate the state by growing and eating locally grown rice.

Ogbeh, who also unfolded government’s desire to plant 10 million cocoa trees annually in 28 states, added that the Nigerian authorities were on the alert following report of an attempt to import eight shiploads of low quality rice to Benin Republic for onward smuggling into Nigeria.

He also proffered reasons why imported rice is cheaper than local rice.

According to him, rice cultivation is subsidised in Vietnam, India and Thailand to earn foreign exchange, while Nigerian farmers sell at higher prices because they borrow at higher interest rates from banks.

Variable costs incurred on diesel to power Mills and transport expenses, also combine to make Nigerian rice put at between N15,000-N17,000 per

Oshiomhole’s Wife, 334 Foreign Nationals Get Nigerian Citizenship A total of 335 foreign nationals were yesterday in Abuja granted citizenship by the federal government after statutory clearance and due diligence by the relevant security agencies.

The Minister of Interior, Lt.Gen. Abdulrahman Dambazau (rtd), who presented the certificates of citizenship to the foreigners, charged them to be good ambassadors of Nigeria.

Mrs. Lara Oshiomhole, wife of former Governor of Edo, Adams Oshiomole, who is from Cape Verde, is one of the recipients.

Dambazau in his remarks, said 335 applicants were approved by the Federal Executive Council (FEC) in January, out of the over 500 foreigners that applied.

According to the News Agency of Nigeria (NAN), he explained that 245 of the foreigners approved were granted Citizenship by Naturalisation while 90 were by registration, mainly foreign women married to Nigerians. “Let me say that application for the Citizenship of Nigeria which can be by Naturalisation or Registration is provided for in Chapter 3, Sections 26 and 27 of the 1999 Constitution of the Federal Republic of Nigeria,’’ the minister explained.

The minister said that the approval was part of

government’s effort on the “Ease of doing business in Nigeria� and boosting Nigeria’s image in line with international best practice.

He tasked the “new Nigerian citizens� to be of good conduct, respect the rights and customs of their communities and contribute to the development of Nigeria.

Damabazau said the last time such ceremony was conducted was in December, 2013 and pledged to ensure its sustenance on an annual basis for proper scrutiny.

Dr Lamabert Shumbusho, from Rwanda, who responded on behalf of the recipients, thanked the federal government and pledged their loyalty and commitment to the development of Nigeria.

Other recipients include nationals from Lebanon, Syria, Pakistan, China and some African countries, most of whom are business moguls who have been operating in Nigeria for years.

The Ministry of Interior and the Nigeria Immigration Service (NIS) are charged with the responsibility of processing applications for naturalisation from foreign nationals who have stayed/lived in Nigeria for a minimum of 15 years and those

by Registration who are mainly married to Nigerians.

50kg bag, costlier in the market, he said.

Rice from South-east Asian countries sell for about N13,000 a bag.

Ogbeh further informed the gathering that President

Mohammed Buhari had given approval for government to table the issue of the killing spree by herdsmen in several communities at the next African Union (AU) summit as a mark of protest against the herdsmen

alleged to be infiltrators from other African countries.

At the town hall meeting, the Minister of Defence, Col. Dan Mansur Ali (rtd) also said government, which has restored security in the North-east by

degrading Boko- Haram, would deploy a crack team of 3,000 fighters to be known as agrorangers to communities.

The battalion will be trained

Cont’d on Pg 50

BANTER ON THE PLATFORM

L-R: Former Governor of the Central Bank of Nigeria (CBN), Professor Charles Soludo; former President, Chief Olusegun Obasanjo; and Chairman of the United Bank for Africa (UBA) Plc and Founder, The Tony Elumelu Foundation, Mr. Tony O. Elumelu, during the panel discussion on ‘Foundation for Growth’ at the 10th Africa Finance Corporation summit in Abuja...yesterday

Ination Inches Downwards to 17.24% in April Ndubuisi Francis Ă“Ă˜ ĂŒĂ&#x;ÔË

March (1.72 per cent).

The NBS figures indicated For three consecutive months, that the highest price increases the Consumer Price Index (CPI), were recorded more in the food which measures inflation rate items segment such as coffee, has continued to decline, figures tea and cocoa, potato, yam and released by the National Bureau tubers, bread and cereals, milk of Statistics (NBS) have indicated. cheese and eggs as well and The NBS said the CPI or meat and fish.

The data showed that the rate inflation rate dropped to 17.24 per cent (year-on-year) in April, for food year-on-year was 18.44 declining by 0.02 per cent from per cent in March and 19.30 the figures recorded in March, per cent in April.

The Headline Index is made 2017.

The rate had dropped from up of the Core Index and Farm 17.78 per cent in February to Produce items.

Processed foods are included 17.26 in March, having stood in both the Core and Food at  18.72 per cent in January “This is the third consecutive sub-indices; Implying that month of a decline in the these sub-indices are not headline CPI rate, exhibiting mutually-exclusive.

The Urban index rose by 17.62 effects of some easing in already high food and non-food prices, per cent (year-on-year) in April as well as favourable base effects from 18.27 per cent recorded in March, while Rural index over 2016 prices. “Increases were recorded in increased by 16.69 per cent in all Classification of Individual April from 16.47 per cent in Consumption by Purpose March.

On month-on-month basis, (COICOP) divisions that yield the Headline Index. The top the urban index rose by 1.61 items to have recorded the percent in April from 1.76 highest year- on-year increases percent recorded in March, across all the divisions were solid while the rural index rose by fuels, bread and cereals, meat, 1.59 per cent in April from 1.69 liquid fuels, clothing materials, percent in March.

The corresponding twelveother articles of clothing and clothing accessories, and fish,� month year-on-year average the statistical agency said in its percentage change for the urban inflation report for April, 2017. index increased from 18.79 per However, on a month-on- cent in March to 18.98 per cent month basis, the headline index in April, while the corresponding increased by 1.60 per cent in rural index also increased from April 2017, a 0.12 per cent points 16.05 per cent in March to 16.69 lower than the rate recorded in per cent in April.

Meanwhile, average price paid by consumers for premium motor spirit (petrol) decreased by 7.9 per cent year-on-year and increased by 0.3 per cent month-on-month to N149.9 in April, NBS said.

States with the highest average price of PMs consumption were Borno and Kebbi (N160.3,), Bayelsa (N159.1) and Taraba (N158.6) States with the lowest are Oyo N145.3 and On do N145.2.  Reacting to the latest inflation figures, the Financial Derivatives Company Limited (FDC), noted that commodity prices remained sticky downwards.

This, to analysts at the Lagosbased research and financial advisory firm was driven by two important factors. “Firstly, was corporates aim to recover losses and cuts made to profit margins sustained for months. Although the CBN has been consistent with its injections into the FX market, prices of many goods have remained stubbornly high.

Secondly, output growth, although recovering as seen with improved PMI numbers, remains below accelerated levels needed to force prices downwards. “This is attributed to the new trend of naira illiquidity, subdued levels of capital expenditure and a still fundamentally flawed exchange rate market. Our analysis leads us to believe that waning base year effects is losing its potency in steering

inflation trajectory and as such the month of May is to be driven solely by supply and demand side factors,� FDC stated.

The Monetary Policy Committee is expected to hold next week and the FDC anticipates that a status quo on monetary parameters would be sustained. “The planting season is still in play; the effect of policy induced shortages on some key commodities continues to linger (beans and rice). The Ramadan fast will commence soon and we expect food prices to also increase. Finally, the 2017 budget has been passed and awaiting presidential assent. We expect budgetary disbursement to have demand-pull effect on consumer prices,� they added.

On his part, the CEO of Cowry Assets Management Limited, Mr. Johnson Chukwu, who spoke in a telephone chat, pointed out that inflationary pressures persists in the country in spite of the moderate decline in year- on-year inflation. “So, I think there is a lot to be done to tame inflation in the country. A lot of work still needs to be done to further stabilise the macroeconomic environment,�

Chukwu added.

Also, the acting Managing Director, Afrinvest Research Limited, Ayodeji Ebo, said the marginal drop in April inflation rate may not have any effect on fixed income and interest rate.

T H I S D AY WEDNESDAY MAY 17, 2017

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T H I S D AY WEDNESDAY MAY 17, 2017

COMMENT

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

FATIMA, JOHN PAUL 11 AND COMMUNISM

Sonnie Ekwowusi highlights the centenary of the apparitions of Our Lady of Fatima and the canonisation of two Portuguese children

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ho could have imagined that towards the end of the First World War and the dawn of the Russian Revolution in 1917 (the foremost Revolution being the Bolshevik Revolution in October 1917) culminating in the transformation of the Russian Empire into the Communist Union of Soviet Socialist Republics (USSR) some spectacular supernatural events would have occurred in Russia?

Yes, some spectacular events really and truly occurred at the time. The Blessed Virgin Mary appeared to three young illiterate Portuguese shepherds called Lúcia Santos (10 years old) and her cousins called Jacinta Marto (seven years old) and Francisco Marto (nine years old).

The apparitions occurred at Cova da Iria in Fatima, Portugal.

The children testified that they saw a beautiful lady brighter than the sun wearing a long gold-gilded mantle and holding a Rosary in her hands. The beautiful lady told the children to pray with the Rosary every day. She also spoke to the children and said: “Fear not! I will not harm you.” “Where are you from?” asked the children. “I am from heaven,” Virgin Mary replied. “What do you want of me?” asked Lucia, the eldest of the children. ” I came to ask you to come here for six consecutive months, on the 13th day, at this same hour. I will tell you later who I am and what I want”, answered Virgin Mary. In all, there were six consecutive apparitions which occurred on the 13th of the following months: May 13, 1917; June 13, 1917; July 13, 1917; August 13, 1917; September 13, 1917 and October 13, 1917. These apparitions prompted the erection of the popular image of the Blessed Virgin Mary (which resembles the Virgin Mary which appeared to the three young shepherds) at Cova da Iria, Fatima known today as Our Lady of Fátima. Countless pilgrims across the world constantly flock to Fatima to honour Our Lady of Fatima.

Consequently the year 2017 marks the centenary of the apparitions of Our Lady of Fatima. The highpoint of the centenary celebration was the canonisation last Saturday of two of the three Portuguese children—Jacinta Marto and her brother Francisco Marto. Countless Christian pilgrims including Nigerian pilgrims defied all odds and thronged Fatima with their Rosaries to participate in that canonisation last Saturday.

When Virgin Mary appeared to the three young children, she delivered to them three messages. The first message revolves around turning away from sin: “Pray much and make sacrifices for sinners, for many souls go to hell because there is no one to make sacrifices for them.” The second message was a call to prayer. Our Lady chose to identify herself as “The Lady of the Rosary.” In her third message, Our Lady revealed that God asked for the Consecration of Russia to the Immaculate Heart of Mary by the Pope in union with all of the bishops of the world. She said: “If my requests are heard, Russia will be converted and there will be peace. If not, she will spread her errors throughout the world, fomenting wars and persecution of

WHEN VIRGIN MARY APPEARED TO THE THREE YOUNG CHILDREN, SHE DELIVERED TO THEM THREE MESSAGES. THE FIRST MESSAGE REVOLVES AROUND TURNING AWAY FROM SIN: ’PRAY MUCH AND MAKE SACRIFICES FOR SINNERS, FOR MANY SOULS GO TO HELL BECAUSE THERE IS NO ONE TO MAKE SACRIFICES FOR THEM’

the Church. The good will suffer martyrdom; the Holy Father will suffer much; different nations will be annihilated. But in the end my Immaculate Heart will triumph. The Holy Father will consecrate Russia to me, which will be converted, and sometime of peace will be granted to humanity.”

The Blessed Virgin Mary also entrusted three secrets to the children which are now known as the three secrets of Fatima.

Lucia, the older of the three children and who later became a Carmelite nun, was able to write down the three secrets of Fatima. The firs secret is about hell. Virgin Mary showed the kids the lake of fire of hell. She told them that hell is real; that many sinners go to hell. The second secret is centred on World War 1 and 11 and peace in the world. It reveals the assassination attempt of a Pope.

In his epic book: “The Crusader: Ronald Reagan and the Fall of Communism,” Paul Kengor writes that the former American President Ronald Reagan wanted an “end to the threat of totalitarianism and the liberation of the Communist Peoples”. Even though Reagan is not a Catholic, he is a strong devotee of Our Lady of Fatima. When Reagan met St Pope John Paul 11 in Alaska in 1984, or so, he thanked him for his life and apostolate. Later Reagan commented that in all the world’s great armies and statesmen no prayers existed that are as powerful as the prayers of the children of Fatima.

Upon assuming power in USSR at the age of 55, providence made Mikhail Gorbachev to make things swing in the direction of his perestroika. And when Gorbachev met St Pope John Paul 11, the pope told him that collaboration of all the people of the world could only be possible if the object of peace, which is man, was identified. The Berlin Wall was like a wall suffocating the breath of freedom which man badly needed. Therefore its collapse was needed to put an end to Communism and to free the world from its errors as Our Lady of Fatima wanted. Eventually by November 1989, the Berlin Wall fell without the clash of arms. Although St Pope John Paul was a big catalyst in the fall of communism, the fall is attributable to the power of Rosary as Our Lady of Fatima prophesied. The fall of the Berlin Wall soon produced positive effects in East Germany, Hungary, Czechoslovakia, Yugoslavia, Bulgaria and Albania. In fact, when the pope travelled to Chezslovakia at the invitation of President Havel to awaken the faith of the people there we saw the end of Marxism and the birth of a new freedom in Chezslovakia. Before the death of the Romanian tyrant Nicolai Ceausescu, who was in fact sentenced to death and later tied to the stake and executed on a Christmas Day, Gorbachev tried to sell the idea of democracy to him.

St. Pope John Paul 11 explicitly stated that the victory over communism was the victory of God. The battle was fought by the faith and hope of the Christian people and the promises of Our Lady of Fatima to the three children in 1917.

EBOLA OUTBREAK: LESSONS FROM WEST AFRICA There is need to move quickly to stop the DRC outbreak and save lives, writes Terence Gibson

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ith a new outbreak of Ebola cases being announced last week in the Democratic Republic of Congo, I am reminded of early 2014 when I took up a position as a consultant physician in the largest hospital in Freetown. I was a volunteer member of the Kings Sierra Leone Partnership, dedicated to supporting the development of clinical services and both undergraduate and postgraduate education.

In a country of just over six million people, there was an acute shortage of health workers and just 150 doctors nationally. For two months the pattern of my professional life was familiar; a mix of daily ward rounds, teaching and organising seminars for house officers. The diagnostic facilities were poor and treatment options limited by availability and patients’ ability to pay.

In neighbouring Guinea, an outbreak of Ebola erupted in March and cast a shadow over Sierra Leone. Ebola had never been seen in the region and the country and health infrastructure was not prepared for the seismic shock that was about to come.

Public posters did appear in May advocating that those with blood-stained vomiting or diarrhea report to a hospital. These symptoms were amongst the least likely early symptoms of Ebola.

As cases trickled into the East of the country, to many in Freetown it seemed too distant to cause an immediate worry. Denial of the disease led to inaction. Amongst the first practical moves of

preparedness in Freetown, the Kings Partnership, in collaboration with the hospital authority, converted a surgical observation area into an isolation unit, a step emulated throughout the city and neighbouring districts much later.

By summer, denial was overtaken by panic as deaths mounted. NGOs packed up and left, schools and colleges were closed, airlines withdrew services. There was a shock when the national clinical lead against Ebola died of the disease, followed soon by one of my two physician colleagues. Health workers around the country began dying in disproportionate numbers despite increasing availability of protective garments.

The house officers at my hospital went on strike and many deserted. For the next several months the local medical workforce continued to decline until bolstered by clinicians from elsewhere. Ebola treatment centres began to appear run by international volunteers and supported by outside agencies and governments. But it was too late to avoid the spectacle of corpses lying outside and within the hospital as remaining staff bravely maintained an inpatient service for all the other diseases.

Separating and isolating suspected Ebola from the main body of patients was a risky priority and more doctors and nurses were to die while performing their duty. The isolation unit at the hospital where I worked was staffed by volunteer Sierra Leone nurses and health workers from the UK and elsewhere, sponsored by the Kings Sierra Leone Partnership. When cases were confirmed they were transferred to treatment centres of

which there was only one in the first few months and that was a five-hour drive from Freetown.

By the end of 2014 the number of Ebola cases appeared to be reaching a plateau at the same time as isolation and treatment centres were expanding. As the number of beds grew so did the admission of suspects who proved not to have Ebola.

Throughout the epidemic, the many diseases sharing characteristics of Ebola such as fever, delirium or diarrhea were denied best treatment until cleared of Ebola. Many of those that died are not included in the official statistics, because they were hidden cases that involved secret burials.

Weak leadership and fear of offending the national pride of the Sierra Leone government may or may not have accounted for the invisibility of the WHO on the ground during this period. As a clinician who was there at the beginning and at the end, I was puzzled by the slow response of the WHO. My only personal interaction with the organisation was as the disease frequency was in decline and the number of WHO officials was increasing. A policy of quarantining all those who had contact with initially unsuspected positive cases unless wearing full personal protective clothing was introduced by WHO and enforced by the suddenly numerous and zealous officers on site.

Those of us who had been exposed inadvertently on several occasions survived because of simple infection control precautions and the

monitoring of body temperature. We wished that they had been present six months earlier when the disease was running rampant. Then, strict quarantine and monitoring would have been sensible but now the measures were seen as too late to make any real impact.

For those of us involved in clinical care during this period, the role of WHO in leading the effort to contain and manage Ebola seemed chaotic from start to finish.

Ebola exposed a systemic failure at the highest level of the organisation. Now that there is going to be a fresh head of the organisation, there is an opportunity to ensure that such dilatory and inept behaviour are not repeated should similar circumstances such as the Ebola pandemic recur.

To this end, a candidate with personal experience of clinical medicine and its challenges, who can translate this into policy across continents and who is unafraid of confronting national governments when appropriate should be appointed. As far as I can see, Dr. Sania Nishtar is the standout candidate that matches this criteria and would be an effective leader to deal with future Ebola outbreaks.

As well as accelerating the reforms within WHO, it is critical that we learn the lessons of past outbreaks and move quickly to stop the DRC outbreak and save lives.

Dr. Gibson is a Physician at Guys and St Thomas NHS Foundation Trust, London and was a Consultant Physician at Connaught Hospital in Freetown, Sierra Leone between 2014-16

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EDITORIAL THE INEVITABILITY OF PPP The authorities must ensure the enabling environment is attractive

A

cting President Yemi Osinbajo last week underlined the necessity for collaboration between the public and private sectors if we must grow the national economy. “The real challenge is how to efďŹ ciently and faithfully implement these great ideas. I think for effective delivery, this partnership with the private sector is undoubtedly the way to go,â€? said Osinbajo while addressing the third quarterly presidential forum.

All over the world, countries are falling back on the private sector to deliver additional public services, particularly basic infrastructure projects, through public-private partnership (PPP). These projects are mostly long-term undertakings which had proven over the years to be one of the best ways to foster development. A PPP project is essentially a public service which is operated through a partnership of government, and private investors who take charge of the operational and technical risks. The funding of the projects could be partial or total, depending on the agreement, but the ownership remains with the government.

The PPP projects are THE EXECUTION OF PPP particularly appealing PROJECTS IS BECOMING because of quicker INCREASINGLY POPULAR service delivery, besides AMONG GOVERNMENTS reduction in upfront cost BECAUSE OF THE and operational risks.

GROWING PRESSURE ON The execution of such projects is becoming PUBLIC FINANCES increasingly popular among governments because of the growing pressure on public ďŹ nances. For Nigeria, the task of providing new infrastructure or rehabilitating decayed ones is made more difďŹ cult with shrinking incomes from low oil prices at the international market. Even the routine service of paying workers regularly is becoming an uphill task for many states as well as the federal government.

Therefore, Osinbajo was apt in summing up the dire situation on ground when he invited the private sector to wit: “We will make ourselves accessible to you as much as possible.� But against the background that Nigeria is not just opening its doors for private sector investors for this

Letters to the Editor

alternative approach to infrastructural procurement, there are questions about whether government can walk its talk.

Perhaps the most noticeable of such projects is the domestic terminal, Murtala Muhammed Airport2 (MMA2) concessioned to Bi Courtney and which recently marked its 10th anniversary. The Federal Airports Authority of Nigeria (FAAN) has also concessioned many projects and services in the past. Projects like the Port Harcourt International Airport, Lekki-Epe International Airport, and the Fourth Mainland Bridge project in Lagos are reportedly in their planning stage of concession. The construction of the Second Niger Bridge in Anambra was awarded on PPP arrangement.

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owever, the trouble with many of these projects is with their implementation. Many concessioned projects in the past ended up in acrimony and disagreements while some have led to outright cancellation by the government. Indeed, some of these concessions are in court waiting to be decided while others have been forcefully terminated.The Lagos-Ibadan Expressway redevelopment project, for instance, suffered such fate. So was the recently rehabilitated Nnamdi Azikiwe International Airport, Abuja. It was concessioned to a consortium in 2006 on build, operate and transfer contract for 25 years. But few months after the company had paid some huge amount of money as non-refundable fees, the concession was revoked.

The challenge with many of the concessions was that the protection of public interest was most often not the overriding consideration and in instances where they were, those who represented the government did not pay attention to critical details. Yet it is absolutely essential that those entrusted with the duty to ensure that the government gets good bargain in any concession must be competent professionals with the requisite skills to understand the agreements they are entering into. And they must be above board in their dealings.

Whatever may be the excuses for reneging on some of the earlier concessions, they exposed the country to the charge of not respecting contractual agreements freely entered. Thus, if the new invitation is to be taken seriously, it is essential to reshape the prevailing perception about PPP projects in our country.

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.

EDO’S DEBT PROFILE: DYNAMICS OF GOVT FINANCE

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tatistics have a deft way of creating one impression or the other, sometimes for good, and at other unwelcome times, for bad. The latest Nigeria Extractive Industries Transparency Initiative (NEITI) Quarterly Review shows Nigeria’s debt profile and indicates a drastic drop in the revenue profile of most states of the federation. The report ominously avers that the debt profile of the state governments is on the increase, consisting of domestic and external debts between December 2015 and June 30th, 2016.

For instance, Lagos State has the highest cumulative debt of N603.25 billion as against the state’s revenue of N410.5bn for 2016. The second on the debt table is Delta State with N331.95 billion growing debt as against N142.78 of the state revenue. Akwa Ibom state occupied the fourth place on rising debt profiles with N161.23 billion.

What cannot be ignored in the NEITI report is that it clearly vindicates Edo State on both domestic and foreign debts. The World Bank loan Edo State took is cheaper to service and attracts about 1% interest rate compared to domestic borrowing that attracts18% interest rate. The report maintained that “considering that most states already have a high debt burden, the possibility of even higher debts for the states remain quite high.�

Among the subnational governments, Lagos, Kaduna, Edo, Cross River and Ogun states retained the top spots on the list of foreign debtors. If Nigerian external debt accounts for 20% of Nigeria’s debt profile, how does Edo’s debt constitute one of the highest? Is 20% more than 80%? Is the external debt stock of $11.41 billion (N3.48trillion) which accounted for 20% more than the domestic debt stock of $45.98 billion (N13.88trillion), which accounted for 80%?

A clarification is necessary here. The total debt profile of $57.39bn is made up of external debt stock of $11.41 billion (N3.48trillion) which accounts for 20% and domestic debt stock of $45.98 billion (N13.88 trillion) which accounts for 80%. The external debt of 20% cannot amount to be the highest. Analysts should stop categorising Edo State as the most indebted states in Nigeria. The rate of the rise in foreign debt has been slower than that of domestic debt. In recent times, the federal government has been making attempts to increase the proportion of foreign debt, because of the higher interest rate charged on domestic debts.

Edo State is just as privileged as Lagos State in sub-Saharan Africa to access World Bank loans at less than 1% for 20 years, and in some cases, 10-year moratorium.

For a shared understanding of Nigeria’s domestic debt, a major source of concern is that Nigeria’s public domestic debt has experienced rapid growth over the past 10 years and that debt service outlay is quite high. The domestic debt-GDP ratio is only about 10%; the total public debt-GDP ratio is 12.25%, and compares favourably with the peer group threshold of 56%.

Although the debt service-revenue ratio is high, the problem needs to be unbundled so we can all agree on the appropriate solution path. Indeed, following the rebasing of Nigeria’s GDP in 2010, the DMO observed that the increase in the GDP did not enhance the country’s ability to service its debts. Nigeria’s tax revenue-GDP ratio is still below 6% compared to the average for the country’s peer group, which is 18%. Essentially, therefore, from this perspective, what is being experienced is a revenue problem which impacts the debt service-revenue ratio.

Already the federal government is set to raise its domestic and foreign borrowing ratio under the new debt management strategy (DMS) unveiled by the DMO for the next four years. The DMS is about how funds are borrowed, internally and externally. It is a medium-term project from 2016 to 2019 setting out the broad guidelines for four years. A review of the new debt strategy shows that it would slant significantly in favour of external borrowing than domestic borrowing.

As Mr. Nwankwo said, domestic and external borrowings would now be in the ratio of 60:40 per cent as against the previous ratio of 84:16 per cent respectively. The new borrowing strategy, he explained further, would progressively increase the percentage share of external financing, taking into account the need to moderate foreign exchange risk in the short to medium term.

He said the reason for the shift towards more external borrowing was because external borrowing was cheaper, apart from the advantage of lower cost of fund to avoid the risk of crowding out the private sector.

In all these things, it must be recalled that investigation by Sunday Vanguard showed that only Edo, Lagos, Delta, Ebonyi, Anambra, Cross River, Akwa Ibom, Kano and Enugu states have paid their workers’ salaries and allowances up to April and are therefore not owing their workers.

From the foregoing, there can be no doubt that Edo State is on the right path with its borrowing for the development of the state. It is one borrowing ideal that does not commit the state to punitive debt burden that generation unborn will have to bear.

Comrade Onaivi Cephas, Benin City

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T H I S D AY WEDNESDAY MAY 17, 2017

T H I S D AY WEDNESDAY MAY 17, 2017

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T H I S D AY ˾ WEDNESDAY, MAY 17, 2017

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MIDWEEKPOLITICS

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

THE NEWSMAKER

Why Adeleke’s Family Rejected a Coroner’s Inquest The family of the late Senator Isiaka Adeleke and the Osun State Government have been at loggerheads over the decision by the latter to conduct a coroner’s inquest into the death of the politician. Yinka Kolawole examines the point of divergence between Adeleke’s relatives and the state governments

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he controversy that trailed the death of Senator Isiaka Adetunji Adeleke will certainly not go away very soon. This is because his supporters, family and friends believe that something is not right about the way the Osun State Government responded to the news of his death.

His associates raised a lot of issues, particularly as regard the suspicion that he might have been poisoned by his political foes and that the state government took some steps his family found suspicious.

Adeleke was a household name in Osun State.

He died at 62. He was the first civilian governor of the state. He was elected on the platform of the Social Democratic Party (SDP), in the aborted third republic. He was in office between January 1992 and November 1993. At the return of democratic rule, he was elected as the candidate of the Peoples Democratic Party (PDP) to represent Osun West in the Senate of the Federal Republic of Nigeria from 2007 to 2011.

Immediately his death was announced, tongues started wagging and without any prove, some were pointing accusing fingers the way of the state government. Hence, Governor Rauf Aregbesola, quickly signed an executive order setting up a coroner’s inquest into the sudden death of the late federal lawmaker under the Coroner Law Cap 32 Volume (I) Law of Osun 2002, apparently to exonerate the government of any wrongdoing.

However, the family of the late Adeleke denounced the state government’s decision to order the inquest which the state said was to determine the cause of his death. The Chairman, Adeleke University, Dr. Deji Adeleke, who informed journalists that the family had rejected the government’s coroner inquest, noted that the government action was ill-advised and self-serving.

Dupe Adeleke, Demola Adeleke, Dele Adeleke and other family members were present at the press briefing where the family’s position was made public.

“The family denounced in its entirety, the illadvised and self-serving coroner’s inquest ordered by the Osun State Government purportedly set up to determine the cause of death of our dearly beloved Senator Isiaka Adeleke.

“We condemned in strictest terms, the continuous politicisation attempt by the state, of this great loss to our family, particularly the ordering of this inquest at a time that we are still coming to terms with the harsh reality of his sudden departure and the pain and grief therefrom.

As part of our attempts to reach closure and commence our healing process, the family had earlier ordered an autopsy to be carried out. This is the only scientific and globally accepted means of objectively determining the cause of death and we look forward to the reports therefrom, this is irrespective of the obvious infrastructural and technological limitations of medical laboratories in the country”, Adeleke stated.

Not done, he said, “We have been reliably informed by credible sources that the outcome of the ‘kangaroo inquest’ is already predetermined by the state and designed to serve its own interest with distorted facts and misinformation which will clearly not be in the interest of the good people of Osun in general and the Adeleke’s family in particular.

“We have therefore, as a family, resolved not to participate nor cooperate with the kangaroo

Aregbesola...insists coroner’s inquest is necessary

styled panel set up by the state government, as the panel was clearly set up to serve the state’s own political interests and ultimate establishment of its own self-serving ‘facts’. “While everyone including any government is entitled to his own opinion, the government inquest is an attempt to create its own ‘alternative facts’. Facts are sacred and the truth is constant, alternative facts are nothing but falsehood.”

Dr. Adeleke said further that the family was “compelled to reject the inquest with its predetermined outcome. We also urged the people of Osun to discountenance this kangaroo inquest into Adeleke’s death”. The family also reiterated, in the strongest terms, that the report of the autopsy ordered by the family must be released to no one else other than the Adeleke family and that anything contrary to the conduct by the pathologists would be sanctioned by law.

They also urged the state government to explain to the people of the state why it was in hurry to order a coroner’s inquest when report of autopsy was yet to be delivered to the family. Dr. Adeleke assured the people that the moment details analysis of his brother’s autopsy report was out, it would be made known to the whole world. He urged his teeming supporters to eschew violence.

“Our brother was a Muslim as you all know but we have to delay his burial till the Monday that followed his death so as to conduct postmortem test. However, his death is painful to us. As a family we are still dreaming whether he is alive or not because our brother was not sick before his sudden death. We have cried and cried we cannot query God, however, we want to mourn our late brother in peace and not in violence and disunity. I want to use this opportunity to appeal to the people outside there to stop carrying the speculations in order not cause mayhem,” he enjoined the people.

He noted that nobody could determine the causes of the death of his brother until autopsy result was out. But he pointed out that the late Adeleke was a hero in the house as well as his

community, adding that the pains of his death would take a very long time before it could be healed in their hearts.

On behalf of the family, he expressed appreciations to President Muhammad Buhari, Vice President Yemi Osinbajo, Senate President, Dr. Bukola Saraki, Governor Ibikunle Amosun, Governor Abiola Ajumobi, Governor Ayodele Fayose, Governor Rotimi Akeredolu and former governors Olagunsoye Oyinlola, Niyi Adebayo, business mogul, Alinko Dangote, traditional rulers, religious leaders and the entire people of the state. The Governor Aregbesola administration on its part had appointed Mr. Olusegun Ayodele, a Magistrate, as the head of the inquest and directed that the inquest be carried out in Osogbo within three weeks because of the circumstances surrounding the death. The governor stated that a coroner’s inquest was a long established procedure dating back to the eighth century and was generally applied in the interest of the community to investigate sudden, natural and unexplained death of a person.

“A sudden and an unexplained death of a person of high status must be investigated and documented. Therefore, the status of our brother, late Senator Isiaka Adeleke, the suddenness and the circumstances of his death will propel a responsible government to set up an inquest to unravel the circumstances of his death.

“History will not be kind to us as a government if we fail to do the inquest into the circumstances surrounding his death. We must do this for historical purposes because it is in the general interest of the community and state to investigate any sudden or unnatural death of this nature,” Aregbesola said, explaining the interest of government in unraveling what led to the lawmaker’s death.

Speaking earlier, the Osun State Solicitor General and Permanent Secretary, Ministry of Justice, Mrs. Abiola Adewemimo, stated that the circumstances and the suddenness of Adeleke’s death necessitated the setting up of the inquest by the governor. She said that it would ascertain the cause of death of the deceased, adding that the governor, by

virtue of the Coroner Law, was empowered to order such inquest in this present circumstance.

According to her, “The entire state is still reeling in shock at the sudden demise of our dear ‘Serubawon’, late Senator Isiaka Adeleke. The circumstance and the suddenness of Adeleke’s death calls for the setting up of an inquest to ascertain the cause of his death is in the interest of our state.”

Reacting to the decision of the Adeleke family to reject the outcome of the coroner inquest, the state government described the action as “unfortunate” and “unwarranted” because the action taken was in line with international best practice and that it was done in the interest of all.

“As a government the step that has been taken is the most responsible and the most acceptable standard in any civilised society. The decision to institute an inquest into this sudden death was not to please or satisfy anyone at all. It was set up for the good of the society. We are all bereaved and mourning with the unfortunate death of one of our illustrious sons and most importantly a former governor of our dear state. It would not be in the best interests and honour of the departed soul for the government to engage the family on a matter of this nature”, the government stated.

It went further to add that “It is therefore right to state that the Adeleke family has right to all the choices open to them just as we are sure this is a matter that is already in the court of public opinion.”

The Osun State chapter of the Peoples Democratic Party (PDP) is lending its voice to the matter.

The party’s chairman, Soji Adagunodo said the main opposition party in the state supported the family’s rejection of a coroner’s inquest ordered by the state government.

Adagunodo, in a statement issued in Osogbo, the Osun State capital a copy of which was made available to THISDAY, expressed sadness at the fact that Aregbesola opted to treat a man of Adeleke’s caliber with such disdain and dishonor in death.

Arguing that Aregbesola had claimed at various times since Adeleke’s death that he died of heart attack and overdose of pain killers without any medical evidence, the PDP wondered how the governor expected any right thinking person to expect an impartial inquest from a team set up by the state government.

Adagunodo also wondered how a governor who refused to pay a condolence visit to the Adeleke family for a whole week after the sad incident, refused to say a word of condolence at the eighth day Fidau prayers and chose to organise an all night dance charade called ‘Ogbeni Till Day Break’ while the family of the first governor of the state was still in mourning, expected anyone to take his so called coroner’s inquest seriously. The party therefore urged the governor to immediately disband the inquest and also refrain from any further act of disrespect to the soul of the late senator who was not just a political icon but also a family man and bread winner to thousands of widows, orphans and other less privileged in different parts of the state.

As the issues stand today, particularly judging from the seeming distrust between the government and the family, it is clear that the last is yet to be heard about the Adeleke death. Until a valid coroner inquest or postmortem test is conducted and true cause of death is determined the suspicions and acrimonies are likely to continue.

T H I S D AY ˾ WEDNESDAY, MAY 17, 2017

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PERSPECTIVE

MIDWEEKPOLITICS

How Fashola Can Get Power Sector Right A former permanent secretary, ministry of economic affairs, Olusola Adeyemi writes that appropriate pricing system and other stringent actions are required to resolve the power sector conundrum

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lectricity supply is considered the most critical impediment to the achievement of the Vision 20:2020 target of double digit growth and reduction of poverty to the barest minimum.

The wide gap in electricity supply vis-a vis demand is one of the leading issues in the on-going effort to move the economy towards the desired state of development.

There was a rapid decline in electricity power supply from an average of about 5000MW (megawatts) in the mid 1970s to less than 4000MW by 2014 compared with the current estimated demand of 15000MW. Simultaneously, performance of the manufacturing sector, a key index of real economic growth and development declined from about eight per cent of GDP to six per cent over the same period compared to the achievement of twenty to twenty- five percent in some of the comparator countries including South Korea, Brazil and Malaysia among others.

The situation of increasing gap in electricity demand and supply was exacerbated by the demand on account of the rapidly increasing population (growth rate of about three per cent per annum) and the rising incidence of urbanisation from the estimated twenty to twenty-five per cent in the early 1970s to the 2002 World Bank estimate of about forty-five per cent. One clear manifestation of the growing disequilibrium in the demand/supply scenario was the persistent increase in the demand for private power generating plants by households, private sector establishments and governments at all levels. Total self-generated electricity was estimated at about 8000MW or about three times the amount of electricity being fed into the national grid system.

Appropriate pricing has been identified as the most critical issue of the electricity supply industry (ESI). Energy Commission of Nigeria estimated the average cost of electricity supply at about N12 per kilowatt hour compared to the prevailing tariff regime that ranged fom N6.0 for the lowest category of residential consumers with single phase metre to an average of N15.8 for the commercial/industrial user. PHCN’s inability to cover cost of production also gave rise to its huge indebtedness to the National Gas Company (NGC) which supplied feedstock to four of the six generating companies (gencos) at Egbin, Sapele, Afam and Delta. There were several instances of huge shortfalls in power supply arising from stoppage of gas supply to PHCN on account of the latter’s inability to meet its commitments to NGC. Shortage of gas gave rise to a huge amount of unutilized capacity in all segments of electricity service delivery- the gencos, the transmission network and the distribution system. The acute shortage of power delivery was also a key factor in the high incidence of excess capacity and uncompetitiveness of the manufacturing sector vis-a vis imported goods and the consequential high incidence of unemployment. In short, poor electricity service delivery largely contributed to the poor performance in all sectors of the economy.

There is an on-going programme for deregulation and privatization of Nigeria’s electricity since the previous regime of government control could not deliver adequate and uninterrupted power supply . The industry was unbundled into six generating companies, eleven distribution companies and one transmission company (TCN) with each of these being expected to operate as independent market-oriented production units. The ultimate objective was to transform the industry into a wholesale electricity market.

Nigeria’s profile of highly subsidized tariff regime bore similarities to the Indian approach. While India and South Africa operated largely state-controlled electricity

Fashola...struggling to deliver on power

pricing systems i.e. state electricity commissions (India) and Eskom (South Africa), the arrangement in the USA and most of Western Europe was patterned after the market – driven system with the operators adopting the oligopolistic market approach.

The issue of cost-related electricity pricing had been a subject of debate in Nigeria over the years. In the vicious circle scenario: the high incidence of dependence on government subsidy by PHCN was a major cause of its poor service delivery and the latter gave rise to social and political resistance to measures to close the wide gap between electricity tariff and the cost of production.

In the spirit of a deregulated market, a power generating company would be free to determine the amount of electricity to be delivered to the wholesale market which currently operates within the Multi- Year Tariff Order (MYTO) under the supervision of Nigerian Electricity Regulatory Commission (NERC) and the amount to be sold to large corporate entities and high profile consumers at bilaterally negotiated prices similar to what currently obtains in Europe and the USA. The same would apply to each distribution company. The TCN will also be free to make its services available to both the generating and distribution companies based on the wholesale pricing arrangement under the MYTO framework and the negotiated transmission charges with independent energy producers. The scenario is a modified version of the dualised pricing system in India which allows privately owned electricity generators to make stipulated level of

return on their investments in designated urban centres. Nigeria under the MYTO arrangement was still a far cry from this scenario as operators with good prospects were made to subsidize markets with poorer prospects under the guidelines provided by NERC. The prevailing MYTO cost supplementation arrangement with the shortfall in production cost being augmented through a subsidization system and operating as a stop-gap measure pending the full realisation of a market-driven system needs to be reviewed to enhance operational efficiency. MYTO subsidisation should be made to each operator based on its efficiency profile and not to the management of a group of operators .

The objective should aim at preparing each operator for market-based operations.

The high incidence of default in settlement of electricity bills and the prevailing corruption in the entire system should be urgently addressed to inspire the confidence of private investors. The pre-paid metering system should be given the priority attention it deserves. The success of prepaid billing system in the telecommunication sector provides a useful lesson.

Pending the realisation of a fully marketdriven industry, the outfits that are more viable should be encouraged to operate a dualised pricing system whereby individual plants negotiates a portion of their output with industries on terms that are agreeable to both parties while the remaining output is passed to the national grid. This will break the monopsony in the system. The

companies that make such arrangement will however not be entitled to MYTO cost augmentation.

All the stakeholders in the system i.e. gencos, TCN, and discos should establish a forum for determination of the portion of tariff revenues that goes to each producer in the electricity supply chain as opposed to the existing centrally determined allocation system. This would promote the spirit of system ownership by all stakeholders. The NERC would mainly be an observer. Similarly, the prevailing arrangement whereby the discos in the more prospective markets were surcharged to augment the revenues accruing to markets that were not viable did not promote efficiency in service delivery.

This should be discontinued. Government subsidy to unviable discos should be reprogrammed with a definite time frame.

This will curtail the incidence of corruption in the system.

Government should map out a programme that would minimize the disruptions and uncertainties that have plagued the supply of gas which accounted for almost seventy per cent of the cost of production of electricity by the gencos. The security of the gas pipelines and implementation of the National Gas Master Plan should be accorded priority. The same should apply to the programme to fully exploit the national coal resources. rDr. Olusola Adeyemi, (OON), a former federal Permanent Secretary, Economic Affairs, wrote in from Lagos

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FEATURES

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

To Teacher with Love John Shiklam writes on how Mr. Adedeji Bankole, a 94-year-old teacher at the famous Government College Keffi was retired without pension and gratuity 37 years ago and how his former students have been taking care of him

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lthough most students remember their secondary school teachers either positively or negatively, but very few take up the responsibility of providing for their upkeep in their

retirement.

That is exactly what old students of the famous Government College Keffi in Nasarawa State are doing to their former teacher, Mr. Adedeji Bankole who would be 95 by September 5, 2017.

Bankole, is a household name among the old students of the college, particularly those who were admitted in the school between 1954 to 1980 when he eventually retired.

He taught Woodwork and Carpentry in the college for 26 years, a subject that was meant to provide some skills for the students, even though most of them didn't take the subject seriously as none of them aspired to become a carpenter at the end of the day.

However, many decades after they left the college, Bankole’s former students still remember him with nostalgia and visit him at his home in Keffi from time to time.

They visit him either as a class set or as individuals and each time they visit, he was presented with assorted gifts and even cash to keep body and soul together.

One of such visits was by members of the Keffi Old Boys Association (KOBA), Set 1977-1982 at his residence in Keffi, shortly after their re-union meeting which held in the college recently.

It was fun meeting their old teacher as they exchanged banters with him. Some of them were meeting him for the first time since they graduated from the school 35 years ago.

Beaming with smiles, the old man said he was delighted his students have never forgotten him and have continuously shown him love and care.

He expressed his profound gratitude to them and prayed that God will continue to uplift them in their various endeavours.

Indeed the two bedroom apartment he lives in today was graciously built for him by one of the old boys having been retired in 1980 in a controversial manner without pension and gratuity.

In November last year, members of the KOBA set 1974-1979 also visited him and presented a token donation to him. Such visits often evoked sweet memories of the college and make him feel like crying.

For him, if it were not for the support of KOBA members, it would have been difficult for him to survive.

His children who are in Lagos had wanted him to relocate back home, but he declined, because, according to him, having lived in Keffi for 64 years, the idea of going back to Abeokuta, did not follow. “I have lived the greater part of my life here, I cannot go back home again, because if I go, I will look like a stranger and it will take me time to adapt to the environment,� he told THISDAY in an interview.

His wife had died in the early 1970s and he remarried, but as he puts it “the woman showed me hell and we parted ways after a few years together� and since then he never married again. “I have two of my children in Lagos and they have been disturbing me to come back home. My other son who lives with me is the one taking care of me. But he suffered stroke for seven years and during that time, it was really very tough for me. I remained very grateful to all of them, I am proud of all of them, I never knew that they could come back to take care of me,� he said emotionally.

He said he was always elated when his

Bankole...grateful to his former students for taking care of him

former students visited him, even though he does not recognise them again as they have all grown big in addition to the fact that it is not possible for a teacher to recognise about 2,000 students he had taught.

On the part of the students, they were excited to meet their teacher once again. The man who spanked them for playing pranks and for coming late or making noise during lessons in the Woodwork Workshop.

Members of KOBA are very fond of Bankole, because of his peculiarities, especially the way he made grammatical errors in the English

The two bedroom apartment he lives in today was graciously built for him by one of the old boys having been retired in 1980 in a controversial manner without pension and gratuity

Language in the course of delivering his lessons. Trust students, they always make fun of him from behind.

Out of mischief, some of them can formulate any bad sentence or phrase and attribute it to “Mr. Banks� as some of them secretly nicknamed him.

He was a disciplinarian who did not tolerate nonsense and you dare not go late for his lesson in the Woodwork or made noise when he was delivering his lessons.

Whenever it was time for his lesson, the students had to sprint from their classrooms to the Woodwork Workshop to avoid Mr. Bankole's big cane.

These were some of the things that made him stand out as a household name among thousands of the students that came to the college between 1954 to 1980.

Although his subject was meant to provide some skills for the students, they never took the subject seriously as they could not imagine becoming carpenters.

The subject was also aimed at equipping those who may wish to switch over to technical schools to have the basic foundation.

However, it was very rare to see students opting for technical schools as it was an era when a white collar job was the dream of most students.

Apart from building a two bedroom flat for him at the GRA in Keffi, just a stone throw to the college, the old boys have also been contributing money for his upkeep. But the economic recession has affected the monthly stipend that he receives every month for his upkeep. “Initially, they were giving me N25,000 every month, but as the economy became bad, they told me that things were becoming difficult and it was slashed. But in addition to that, many of them who come to visit me give me money, they have been very kind to me and I am very grateful to all of them,� he said in an interview with THISDAY. At 94, Bankole is still strong, agile and mentally alert. He does not wear glasses and walks around without any support or walking stick. His memory is still sharp and he remembers everything very vividly and seems to have a grasp of political happenings around the country.

A former colonial soldier who fought the Second World War, his sojourn to the college started in 1952 when he arrived Keffi from Abeokuta, his home town, Ogun State to work in a construction company known as Constain Construction Company as a carpenter.

He joined the college in 1954, courtesy of the Vice Principal of the college, one Mr. David

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FEATURES

Lang. It was in 1954 that the late President General of KOBA, Maj. Gen. Emmanuel Abisoye who passed on recently, was admitted to the college.

Sadly after spending 26 years in the college, Bankole was retired without pension and gratuity following irreconcilable issues with the then Plateau State Ministry of Education, ranging from missing files and so on.

Not even the efforts of one of his students, Justice James Ugebe, a retired Justice of the Supreme Court could resolve the issues and at the end of the day he was frustrated by the ministry officials and he eventually gave up the matter.

Speaking recently when members of KOBA Set 1977-1982 visited him at his residence shortly after their reunion meeting in the college, Bankole said he remains eternally grateful to the old boys for their love and care.

A similar visit was paid to him in November last year by members of KOBA Set 1974-1979.

"I thank God for my students who are now taking care of me. I thank God for the entire members of Keffi Old Boys Association for taking care of me.

"I started teaching in Government College Keffi in 1954. During the colonial times, everything was moving well. People were honest, transparent and very dedicated to work.

"When we got independence, we were very happy and hoping that we were going to enjoy more than when we were under British rule, but I feel sad that since independence, things have continued to deteriorate instead of improving," Bankole lamented.

He regretted that the “people we elected to be our leaders are the ones killing the country today. Our leaders are corrupt and greedy and that is why things are not working well and Nigerians are suffering.�

But one of the problems making him sad, is the current state of the college today, a school that has produced prominent Nigerians, top politicians and professionals in various fields of endeavours within and outside the country in the past 68 years since the school was founded by the Northern Regional Government.

According to Bankole, Government College Keffi, was the best in Northern Nigeria followed by Barewa College in Zaria even though, Barewa was founded before Keffi.

"Government College Keffi was the school that every parent wanted his child to be admitted because of its discipline and high academic standard," Bankole recalled.

Indeed some of the prominent people who were his students included, the late President Umaru Musa Yar'Adua, retired Justice of the Supreme Court, Justice James Ugebe, late President General of KOBA, Maj. Gen. Emmanuel Abisoye, late Vice President of KOBA, Engr. Tunde Oyelola, second Vice President of KOBA and former registrar of JAMB, Prof. Bello Salim, Alhaji Inuwa Jibrin, Dr. Sambo Donga, Hon. Rima Shawulu Kwewum, Senator Barnabas Gemade, two former Comptroller Generals of Immigration, Mr. David Paradang and Mr. Martins Abeshi, Prof. Danladi Matawal.

Others are former Borno State governor, Senator Maaji Maina Lawan, current ministers of Information and Culture, and that of Sports, Alhaji Lai Mohammed and Mr. Solomon Dalung respectively, Mr. Ishaya Akau, Chief Judge of Kogi State, Justice

At 94, Bankole is still strong, agile and mentally alert. He does not wear glasses and walks around without any support or walking stick. His memory is still sharp and he remembers everything very vividly and seems to have a grasp of political happenings around the country

Bankole (5th left) with some members of KOBA Set 1977/82 during their visit to his residence

Bankole (middle) with some members of KOBA Set 1974/79 at his residence in KeďŹƒ

Nasiru Ajanah, Arch. Bashir Usman, Engr.

Kayode Adeyemi, former SSG of Nasarawa State, Amb. Suleiman Azores, Engr. Edward Ujege, Justice Suleiman Galadima, Evangelist Matthew Owojaiye, among several others.

Bankole lamented further that the present state of the school is an eye sore, saying that a school that has produced many influential and successful professionals should not be left to rot away like that.

"Everything in the college is on the verge of collapse. There is no discipline again and academic standard is very poor. Although this is not only limited to Government College Keffi, all public schools are like that, but the situation can be redeemed if the old boys come together.�

Speaking further, Bankole said "What we should do now is to beg God to change the minds of our leaders so that they can make this country a better place to live.

"My advice to you KOBA members is to ensure that this college does not fizzle out.

They should take care of the school. It is their pride because that is where they were groomed. They were taught to be disciplined,

to be hardworking, to be loyal and committed to the development of your country. The college shaped their lives.

"If it were possible I would have wished that the Nasarawa State Government hands over the college to the old boys so that they can restore its past glory.

"If the government cannot hand over the college to KOBA, let there be joint partnership so that the association can be fully involved in the management of the college with a view to improving standard of learning. I know that if KOBA is involved in the management of the college, there would be improvement,�

Bankole noted.

He noted the poor quality of teachers in the college, stressing that some of them are not qualified to teach.

He stressed that if the old boys are allowed to run the affairs of the college, it will become like Kings College, Lagos.

"They bring unqualified people to head the school, they recruit unqualified people to teach the students, government all over the country has neglected public schools because the children of government officials are either

in private schools at home or abroad and public schools are left without sufficient funding,�

Bankole added.

He noted that education is the bed rock of development and everything must be done to revive public schools. “If by the grace of God, I have the opportunity of meeting the governor of Nasarawa State before I die, I will beg him to involve KOBA in managing the college to restore its lost glory,� he said.

However the old boys have been making immense contributions to improve facilities in the college. Some of the dilapidated classrooms were being rehabilitated by the Nasarawa State government.

Many believe that much really needed to be done considering the size of the school and the rot that has crept in over the years as a result of the neglect of public schools.

As Bankole suggested, a collaboration between the old boys and the Nasarawa State government, is the surest way of upgrading the college to the required standard.

But will the Nasarawa State government consider such idea?

22

T H I S D AY WEDNESDAY MAY 17, 2017

23

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BUSINESSWORLD R A T E S NIBOR OVERNIGHT 1-MONTH

A S

A T

A P R I L 1 9 ,

NIBOR 166.7500% 18.5671%

3-MONTH 6-MONTH

21.6018% 23.0226%

NITTY 1-MONTH 3-MONTH

Group Business Editor Chika Amanze-Nwachuku

Email chika.amanzenwachukwu@thisdaylive.com 08033294157

2 0 1 7

16.2494% 19.6985%

6-MONTH 9-MONTH

20.3309% 21.7643%

EXCHANGE RATE N306.05//1US DOLLAR* *AS AT LAST FRIDAY

Quick Takes CIBN Holds Annual General Meeting

The Chartered Institute of Bankers of Nigeria (CIBN) has concluded all necessary arrangements towards hosting the 2017 annual general meeting (AGM) of the Institute, scheduled for Saturday, May 20, 2017 in Lagos. The President/Chairman of Council, of the institute, Prof. Segun Ajibola, will preside over the meeting.

The CIBN AGM will attract top bankers and other distinguished dignitaries from other sectors of the economy such as chairmen and chief executives of banks, past presidents of the institute, presidents of other professional bodies, top government functionaries, fellows, honourary senior members, associates and among others.

The meeting will consider the annual reports, accounts and other important matters aecting the Institute and the welfare of members. It is expected that members of the Institute all over the country will turn-out en-masse as well as participate actively at the discussions for the interest of the banking profession and industry. The Registrar/Chief Executive, CIBN, Mr. Seye Awojobi, will be the chief host of the event.

ICMA Announces Maiden Induction

CONGRATULATIONS

L-R: Group Head, Trade Services, Sterling Bank Plc, Ayo Ogunmeru; Head Global Transaction Banking, Middle East and Africa, Deutsche Bank, Harold Leenen (middle), presenting 2ndrunner up of Straight Through Processing (STP) Award to Executive Director, Sterling Bank Plc, Yemi Odubiyi, during the Deutsche Bank Global Reach Trade Finance (GRTF) and STP award dinner for 2016 in Lagos... recently

TransForcadosPipelineRepairRaises Hope of Improved Banks’ Earnings Obinna Chima The recent report that Shell Petroleum Development Company (SPDC) has started testing the Trans-Forcados crude export pipeline for a potential restart after months of repair is expected to have positive effects on banks’ earnings, according to analysts at Lagos-based CSL Stockbrokers Limited.

The analysts noted that the resumption of production may result in a reclassification of some bank loans that had been previously classified as non-performing loans (NPLs) and consequently results in a reduction in the NPL ratio of the affected banks.

Based on available data, FBN Holdings and Sterling Bank have a significant proportion of their non-performing loan portfolio

ECONOMY from the upstream oil and gas sector, the report revealed.

Trans Forcados is owned by the Nigerian Petroleum Development Company (NPDC) and operated by SPDC. Trans Forcados is a major evacuation route for onshore oil production but it is a sitting duck for militants due to its design (onshore that is not buried under the ground). The pipeline links a number of oil fields and oil mining leases (OMLs) in the western Niger Delta with the Forcados terminal on the coast and is also associated with a number of Nigerian bank’s loans to the indigenous upstream oil & gas sector.

Many of these OMLs were once owned by Shell Nigeria

but were sold to indigenous Nigerian upstream companies, in many cases financed by Nigerian banks.

There is therefore concentration of Nigerian upstream oil and gas bank risk in the basin served by the Trans Forcados pipeline.

The pipeline has remained under force majeure since mid-February 2016 following an attack. An attempt to resume production after repairs in November last year was frustrated by another attack. The Trans Forcados pipeline system usually transports around 250,000 barrels per day (bpd) oil on average. Several upstream oil & gas companies use the Trans Forcados pipeline including Seplat, Shell Nigeria; Shoreline Resources; First Hydrocarbon Nigeria; the government-owned

Nigerian Petroleum Development Company (NPDC), Pan Ocean, Midwestern oil and gas, Eland oil & gas, Neconde, Aiteo, Newcross, Walter Smith and Oando Energy Resources.

To analysts at CSL Stockbrokers Limited, the declaration of force majeure on the pipeline since last year had caused significant strain on the cash flow of these companies and consequently inability in some cases to service their bank loans.

Some of these companies were also significantly leveraged.

The Managing Director/CEO of Seplat Petroleum Development Company Austin Avuru had noted that some companies operating in Nigeria have not been producing since the Trans Continued on page 24

Net Asset Value of Mutual Funds Grows 159% in Five Years Goddy Egene The net asset value (NAV) of mutual funds in the Nigerian capital market grew by 159 per cent from N102 billion in December 2012 to N264billion in April 2017, according to data from the Securities and Exchange Commission (SEC).

Mutual funds are pools of funds that a professional Fund Manager brings together from various individual investors to invest in selected underlying securities for the benefit of the investors. The underlying securities can be

ECONOMY (shares), money market instruments, fixed income securities, real estate, and commodities.

Data from SEC indicated that the NAV of the funds have grown by N162 billion in almost five years. However, despite the 159 per cent growth, the relative size of the NAV to gross domestic product (GDP) remains low and relatively unchanged over the period at 0.2 per cent in 2012 and 0.3 per cent in 2016.

Compared to other countries,

low, hence analysts at FSDH Research said there is need to put more efforts and introduce more incentives to develop the mutual fund segment of the Nigerian financial market.

According to FSDH, available data from DataMarket on the ratio of mutual fund assets to GDP for some selected countries between 2012 and 2014 shows that Nigeria recorded the lowest figures.

For instance, the ratio of mutual fund assets to GDP in United States in 2014 was almost 90 per cent, while that of South Africa was about 40

about nine per cent, while that of Nigeria is about 0.3 per cent. “This shows that more efforts and incentives are required to develop the mutual fund segment of the Nigerian financial market,� the analysts said.

They advised investors to patronise mutual funds because of the numerous benefits. “The main benefits relate to the fact that the pooling of a large number of relatively small investment sums enables small investors to gain access to all the benefits of a professional investment adviser.

The Institute of Capital Market Analysts (ICMA) has announced induction ceremony for members admitted through its Direct Membership programme such as Fellows, Associates and Honourary Fellows. The programme which will hold in Lagos on 25th of May is set to attract members across the ďŹ nancial sector.

In a statement issued by the institute, the Chairman of the Membership Committee, Demola Ogundeji explained that Capital Market Analyst is a professional trained in the art and science of capital market analysis, aiming to provide technical and informed analysis; and information to various users of such ďŹ nancial information including internal and external users.

He said qualiďŹ ed prospective members willing to participate in the induction programme could still apply for membership if they meet the requirements for direct membership and called on all prospective inductees to perfect their membership before the induction date.

The Administrative Secretary, Mariam Awonaike clariďŹ ed that the Institute had ďŹ nalised plans to proceed to the National Assembly to seek for a Chartered Status for the body, saying its mission remains to deepen the knowledge of ďŹ nancial markets, its national and international dynamics in general; the capital markets in particular among its members while building capacity and technical expertise in market analysis; forecasting ďŹ nancial modelling and ďŹ nancial innovation.

Chi Limited Wins Award

Chi Limited, one of Nigeria’s market leader in fruit juices and dairy products said it was recently recognised as the ‘’Most Innovative Fast Moving Consumer Goods (FMCG) Company’’, at the Businessday Top 25 Most Innovative companies and Institutions in Nigeria Awards 2017.

Chi Limited said it came top in a ďŹ ercely competitive category that included other major FMCG companies like AJE, makers of BIG Cola and DuďŹ l foods, makers of Indomie Instant Noodles.

According to the Businessday award committee, ‘Chi Limited’s visionary stride in innovating and launching a portfolio of new and existing brands into the consumer market including Chivita100%, Chivita Active Vegetable & Fruit Nectar, Happy Hour by Chivita Fruit Drink, Hollandia Evaporated Milk, Hollandia Yoghurt and others provide ground-breaking innovations that have resulted, in no small measure, in making commercial and socio-economic impact, as well as value creation for clients and consumers’ “Oering high quality products, Chi Limited is the ďŹ rst company to launch major mass market ready to drink products in aseptic sachet packaging in West Africa. Its agship brand Chivita100% is the only locally produced 100% fruit Juice made from real natural fruits with no added sugar, no artiďŹ cial colours and no preservatives.

“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 shortages�

MD/CEO, Sterling Bank Plc

Mr. Yemi Adeola

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BUSINESSWORLD TRANS FORCADOS PIPELINE REPAIR RAISES HOPE OF IMPROVED BANKS’ EARNINGS Forcados pipeline was shut-in in February. “Resumption of exports through Trans Forcados should bring some needed respite to these indigenous companies and the banks that have lent to them. Several banks lent significant sums to the indigenous oil and gas companies to purchase marginal oil fields from the international oil companies (IOCs). “As most of these indigenous oil and gas companies are not listed companies, the table below only shows bank exposure to the listed companies. Companies listed also partly or totally rely on Trans Forcados for exports. In many cases bank debt to the oil and gas companies have been re-structured (with moratorium granted in some cases) and as such do not form part of the Non- Performing loan portfolio of most of the banks concerned.

NET ASSET VALUE OF MUTUAL FUNDS GROWS 159% IN FIVE YEARS Aside from the choice of the underlying investment being made by an experienced investment the benefit of portfolio diversification which (s) he would not have been able to achieve otherwise.

The pooling of the funds also permits the Fund Manager to achieve lower transaction costs than would be possible for individual investors,� the experts said.

They explained that these benefits translate to the achievement of superior returns, adding that the existence of a trustee and custodian ensures the safety of the investments as the assets of the mutual fund are held by a custodian and are in no way co-mingled with the assets of the Fund Manager.� “All these ensure that even small investors have access to wealth creation opportunities that were previously considered to be the preserve of the wealthy. For all investors (large and small), investments in mutual funds ensures that a professional is constantly assessing the fund.

NEWS

Oando CEO Unveils Strategic Initiatives, Projects Bullish Outlook Goddy Egene

and gas) of the company, the current initiative is to grow aggregate gas pipeline utilisation portfolio to an average of 70mmscfd, commence operation of gas trading platform, design and commence implementation of appropriate financing plan for Oando Gas & Power (OGP).

He added in 2018, the com-

pany would grow aggregate gas pipeline utilisation portfolio to an average of 100mmscf/day. “We will complete the development and commence operation of at least 20mmscfd Mini LNG Business. Complete development and commence operation of 50MW embedded/ grid power generation, com-

mence operation of Floating Storage & Regasification Units (FSRU) facility,� he said.

In the downstream and trading business, Tinubu said that Oando is currently diversifying markets and deepening relationships with refineries in order to increase West-Africa presence. “In 2018, the company will

expand operations across Africa, specifically to Southern African Development Community (SADC) and East Africa Community(EAC) while 2019 to 2020 will see the company focus of assets acquisitions to drive forward expansion into other major African markets,� he stresses..

calling for urgent reviews with the aim of producing a single document which would address everything relating to infrastructural development in the country, enact laws which would remove areas of overlap.

The panellists emphasised the reduction in the bureaucracy involved in the enforcement of the Public Procurement Act from the current reality where it will take at best 6 months to go through the process of procurement. They also looked into the land grabbers law in the state, and the creation of a “Taskforce� was identified as a movement in the right direction, which ensures the prosecution and arrest of offenders, but such “task force� ought to be a short-term intervention and their role

should later on be returned to the Police force.

The role of the local government in the execution of PPP projects was identified such as the Vaults & Gardens cemetery in Ikoyi and the Marina Car parks. However, the weak powers of the LGAs are a limitation on their potentials in grassroots development.

There is need to capture the LGA transactions properly by formalising, organising and leveraging on their existing model. They emphasised the imperative for a local interpretation and framework to every international standard on PPP. The creation of an independent council to deal with “defined� PPP contracts in the country was also suggested going forward.

The Group Chief Executive Officer of Oando Plc, Mr. Wale Tinubu has unveiled various strategies expected to boost the company’s future performance and deliver returns to investors. Oando had a rough patch, recording losses in 2014 and 2015. However, it bounced back into profitability for the year ended December 31, 2016.

Speaking at company’s ‘Fact behind the figures’ presentation at the Nigerian Stock Exchange (NSE) last Thursday in Lagos, Tinubu unveiled the strategic initiatives being taken currently and future plans up to 2020 that would place the company in better stead to deliver improved performance to all stakeholders.

The share price of Oando Plc surged to a two-year high last week, rising by 20.2 per cent as investors reacted to positive developments in the company and the successful completion earlier strategic initiatives.

One of such positive news was the company’s agreement with the Federal Government of Nigeria to repair, operate and maintain the brown-field Port Harcourt Refinery in Rivers State.

Disclosing some of other initiatives to the capital market L-R: Ahmed Lawal; Adeboye Agboola; Abisola Akande; Ibidapo Onabanjo and Osayuki Obasogan, all 4th batch Graduate Trainee community, Tinubu said in the Engineers of VDT Communications, at an event to mark the completion of their training program and oer of full employment by VDT midstream business (power in Lagos...recently

GRADUATE TRAINEE ENGINEERS

Review PPP Laws, Experts Tell FG Raheem Akingbolu The federal government has been advised to review the laws guiding Public Private Partnership (PPP) operations throughout the country in order to achieve sustainable development. The recommendation was made by the panelists at the PPP Review Forum organised by the Center for Ethics and Sustainable Development (CESD), an international NGO, in Lagos recently.

The forum reviewed the legal framework for infrastructure delivery in Nigeria both from the traditional procurement model and the PPP model.

It also identified major legal constraints to infrastructure delivery and addressed

areas that will mitigate political risk to infrastructure delivery, promote effective stakeholder management, ease of infrastructure investment and foster gender and social inclusion. It concluded that governments at all levels, especially at the centre, should take urgent actions for sustainable infrastructural delivery to the people.

In their assessment of the Infrastructure Concession and Regulatory Commission (ICRC) set up by the federal government under the Infrastructure Concession and Regulatory Commission Act of 2005 aimed at regulating PPP projects within the country, the panelists, agreed that the legal framework of this commission needs to be

reviewed because its duties are not clearly defined especially in relation to PPP projects.

They decried the vagueness of ICRC’s definition of what Public-Private-Partnership is and what it should entail.

The experts included Principal State Counsel, Lagos State Ministry of Justice and Assistant to Lagos State Attorney General on Civil Litigation, Mr. Olamide Ibrahim, Managing Partner, Bona Fidei Law Firm, Mr. Tony Kpokpo, Executive Director, Centre for Ethics and Sustainable Development, Dr. Olajumoke Akiode and Principal Counsel Babatunde Ogala & Co, Mr. Babatunde Ogala. They identified the duplication of some laws in various Infrastructure delivery Acts of the states

Nigeria Set to Return to International Maritime Organisation Council Group Business Editor

Ă’Ă“Ă•Ă‹ Ă—Ă‹Ă˜Ă¤Ă?Ě‹ ĂĄĂ‹Ă?Ă’Ă&#x;Ă•Ă&#x; AgriBusiness/Industry Editor

ĂœĂ&#x;Ă?Ă™Ă? Ă?Ă‹Ă‘Ă“Ă?

Comms/e-Business Editor

Ă—Ă—Ă‹ Ă•Ă™Ă˜Ă”Ă“ Capital Market Editor

ÙÎÎã Ă‘Ă?Ă˜Ă?

Senior Correspondent

Ă‹Ă’Ă?Ă?Ă— Ă•Ă“Ă˜Ă‘ĂŒĂ™Ă–Ă&#x; (Advertising) Correspondents

Ă’Ă“Ă˜Ă?ĂŽĂ&#x; äĂ? (Aviation) Ă“Ă˜ĂŽĂ‹ ĂœĂ™Ă•Ă? (Labour) ĂœĂ™Ă—Ă™Ă?Ă?Ă–Ă? ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ (Cap Mkt) ÔÓÙĂ?Ă™Ăœ Ă–Ă“Ă•Ă? (Energy) Ă‹Ă—Ă?Ă? Ă—Ă?ÔÙ (Nation’s Capital) ĂŒĂ“Ă˜Ă˜Ă‹ Ă’Ă“Ă—Ă‹ (Money Mkt) Reporters

Ă&#x;Ă—Ă? Ă•Ă?Ă‘Ă’Ă? (Money Market) Ă™Ă?Ă‹ Ă–Ă?Ă•Ă’Ă&#x;ÙÑÓĂ? (Maritime)

Nigeria’s chances of returning to the council of the International Maritime Organisation (IMO), has greatly improved with the recent efforts of the management of the Nigerian Maritime Administration led by its Director General, Dr. Dakuku Peterside, to bring the country back to leadership position in global maritime community later this year.

Nigeria’s Alternate Permanent Representative (APR) at the IMO, Alhaji Diko Balla, who stated this at the Nigerian IMO office in London, noted that the steps taken by the present NIMASA management, have

led to a great improvement of the country’s relationship with the IMO as a body and other maritime administrations who are members of the international body.

The move, he said was in line with President Muhammadu Buhari drive to integrate the nation back into global affairs.

He noted that “Nigeria was amongst the first 10 countries from the over 170 member nations of the IMO to submit itself for the IMO Member States Audit Scheme, (IMSAS). According to him, the IMO Secretary General Mr. Kitack Lim was pleased when

the Minister of Transportation Rotimi Amaechi informed him that the findings and observations of the IMSAS of Nigeria was being studied with a view to preparing and implementing corrective action plans within the stipulated time frame.

Speaking further, the APR noted that IMO considers the issue of piracy as top priority and the maritime community, particularly the IMO is pleased with Nigeria for taking the fight against piracy and robbery at sea to new levels with the Anti-Piracy bill in the parliament.

In his words: “The achieve-

ments of the Dr. Dakuku Peterside - led management at NIMASA, in the past one year are indications that the nation’s maritime sector is heading in the right direction. And the fact that the IMO is collaborating with Nigeria much more in the area of trainings and technical support shows that the international body is satisfied with NIMASA operations in recent times. By November this year, I can assure you that Nigeria’s election into the Category “C� at IMO will be an overwhelming one.�

Commenting on the imple-

mentation of the International Ships and Ports facility Security ISPS Code, Mr. Bala noted that the fact that Nigeria is now in the category of countries considered as most successful in its implementation is a welcome development to both the IMO and other stakeholders in the maritime sector. � You will recall that when we lost our seat in Council in 2011, our implementation status was less than 13%. Today we have over 85% compliance level, so you can see that the international community is watching and appreciating our efforts� he said.

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BUSINESSWORLD

NEWS

RMDC Decries Massive Exportation of Rosewood to China Adedayo Akinwale in Abuja The Raw Materials Research and Development Council (RMDC) has decried the massive onslaught on the exploitation of Pterocarpus erinaceus, popularly known as African teak, rosewood, Madobiya or Madrid in Hausa for export.

It noted that the export of rosewood was fuelled by its increasing demand in China.

In a statement issued yesterday in Abuja, the Director General of the Council, Dr. Hussein Ibrahim, noted that the onslaught on Rosewood species in Nigeria was premised on two major reasons; which include the economic recession, which has turned a number of Nigerians including the youths, farmers, etc into loggers and hunters of Rosewood in all the ecological zones where the plant species is endemic.

According to him, “Despite the dwindling availability of nation’s forest resources and the accompanying environmental problems, there is currently a massive onslaught on the exploitation of Pterocarpus erinaceus, popularly known as African teak, rosewood, Madobiya or Madrid in Hausa for export. The manner of

exploitation and its impact on forest degradation has been a major cause of concern to industries and the general public in recent times.�

He added: “The export of rosewood is fuelled by its increasing demand in China.

The timber merchants working for Chinese businessmen are moving from one State to the other, depleting rosewood resources in their forests, leaving blighted and raped landscapes behind. “The second, which is closely related to the first is that Chinese businessmen are exploiting a lax regulating and enforcement environment, loopholes in existing laws and unwillingness of government to give bite to existing policy on illegal trade in the export of the country’s forest resources.�

Ibrahim revealed that this has culminated in the harvesting and export of 000’m3 of rosewood logs to China since 2013, stressing that the trade has gulped more than $1.3 billion dollars in West Africa alone.

The DG said available statistics evidenced that Nigeria’s forest resources have served as engine of growth and have propelled economic activities in the country as far back as 1792 when pit

sawing operation commenced, followed by the establishment of a power sawmill in Delta area in 1902.

Ibrahim however stressed that recent statistics indicated that the total volume of usable wood down to 30cm cutting diameter in the forest reserves was only about 437,507,205.95m3, noting that this makes the present unmitigated exploitation of rosewood for export, a dangerous development.

To stop export of rosewood to China, the DG called on the federal government to seek the cooperation of the Chinese government in order to stop illegal exportation of rosewood.

He emphasised that most actions taken by state governments on the ban on illegal cutting of rosewood are not implementable as a result of the sheer number of the community members involved in the illegal trade.

Ibrahim added: “Chinese companies processing rosewood can be encouraged to establish in Nigeria. This is to promote value addition and job creation locally.

Also, the State governments should increase the number of protected areas in their domain in order to protect this highly valued species.�

Erisco Listed on LSE’s ‘Companies to Inspire Africa’ Nume Ekeghe The London Stock Exchange (LSE) in its recent ‘Companies to Inspire Africa’ report unveiled in Lagos recently, listed Erisco Foods Limited amongst fastest growing private businesses in Africa.

Erisco Foods was 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 this, the Chief Executive officer, Erisco Foods Limited, Mr. Eric Odinaka Umeofia said: “This is good one, we Thank God our efforts are being noticed.

This accolade given by the London stock exchange shows that there is potential in this sector and manufacturing in general in Nigeria.�

Umeofia added: “We are going to continue to strive at this sector and hopefully it would encourage others to go into manufacturing. This mean that we would double all our efforts to ensure that our economy would work well for us.�

GE Launches Nigeria’s First 3D AutoUltrasound Breast Centre GE, one of the world’s leading Digital Industrial companies, recently equipped Nigeria’s first Breast & Gynaecology Centre with state-of-the-arts medical machineries.

The centre, which was unveiled recently in Lagos, in partnership with Reddington Group reaffirms GE Healthcare’s commitment to achieving the World Health Organisation’s (WHO) Sustainable Development Goal by improving access to affordable healthcare, specifically for women.

In a statement made available to THISDAY, the General Manager, GE, Healthcare in West & Central Africa, Eyong Ebai said: “We are delighted to play a major role in the history of corporate social responsibility (CSR) and healthcare in Nigeria as the first-of-its-kind healthcare centre in Nigeria was un-

veiled. At GE Healthcare, we develop holistic interventions that link care from home to the hospital. Our solutions are aimed at improving clinical quality and improving patient outcomes amongst other things.�

He added: “Equipping the Breast & Gynaecology Centre at Reddington with these integrated solutions will help healthcare providers at the Centre deliver better holistic healthcare for more women.�

The Centre is one of the few dedicated women’s healthcare centres in Nigeria and First 3D AutoUltrasound Breast Centre in the broader sub-Saharan Africa environs. It will provide women with the full continuum of women’s healthcare including primary women’s healthcare, gynaecology (including

infertility), endocrinology and bone disease, breast care (including breast wellness physicians, breast surgeons, breast plastics surgeons, breast radiologists, breast pathologists) amongst several other women’s healthcare services.

Speaking at the launch, the Medical Director of the Breast and Gynaecology Centre, Dr. Charles Iwuala said: “Reddington is happy to work with GE, a longterm partner on another project aimed at providing Nigerians with access to quality healthcare, in this particular case, women.� He further commented saying “GE Healthcare technology will help the centre provide advanced, high quality, personalised, restorative, wellness and aesthetic care to women at all stages of their life.�

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

When Severe Service Failure Occurs – Is Forgiveness Possible?

This has been one of the worst weekends in my life. I am a dog lover. I crave the indulgence Ă™Ă? Ă—ĂŁ ĂœĂ?Ă‹ĂŽĂ?ĂœĂ? ĂĄĂ’Ă™ Ă‹ĂœĂ? Ă˜Ă™ĂžËœ Ă?Ă™ ÚÖĂ?Ă‹Ă?Ă? ĂœĂ?Ă‹ĂŽ ÞÒĂ? article for its message and learning points.

Ă’Ă‹Ă Ă? Ă?Ă™Ă&#x;Ăœ ÎÙÑĂ?Ë› Ă˜ Ă–Ă?Ă‹ĂžĂ“Ă‹Ă˜ Ě™ Ă‹Ă˜ĂŽĂ™ĘĽĚšËœ Ă‹ Ă™Ă?ĂœĂŒĂ™Ă?Ă– Ě™ Ă‹Ă“Ă?ĂŁĚšËœ Ă‹ Ă™Ă˜ĂžĂŁ Ě™ Ă˜ĂŽĂœĂ™Ă“ĂŽĚš Ă‹Ă˜ĂŽ Ă‹ Ă’ĂŁĂŒĂœĂ“ĂŽ Ă™Ă? Ă‹Ă˜ĂŽĂ™ĘĽ Ă‹Ă˜ĂŽ Ă‹Ă“Ă?ĂŁ Ě™ Ă˜Ă‘Ă?Ö̚˛ Daisy gave birth a few months ago and did Ă˜Ă™Ăž ĂœĂ?Ă?Ùà Ă?Ăœ ĂšĂœĂ™ĂšĂ?ĂœĂ–ĂŁËœ Ă–Ă™Ă?Ăž Ă‹ ÖÙÞ Ă™Ă? ĂĄĂ?Ă“Ă‘Ă’Ăž and was sickly. The “Vetâ€? on a monthly ĂœĂ?ĂžĂ‹Ă“Ă˜Ă?ĂœĂ?Ă’Ă“ĂšËœ Ă?Ă™Ă&#x;Ă–ĂŽ Ă˜Ă™Ăž Ă’Ă?Ă‹Ă– ÞÒĂ? ÎÙÑ˛ Ă? learnt of a Veterinary hospital where very sick dogs got treated and became well. We took Daisy there; it was admitted for two weeks and came home robust and healthy. Ă? ÒÙåĂ?Ă Ă?ĂœËœ Ă?ÞÓÖÖ Ă˜Ă?Ă?ĂŽĂ?ĂŽ ÞÙ ÞËÕĂ? Ă“Ăž Ă?Ă™Ăœ Ă™Ă&#x;ÞÚËÞÓĂ?Ă˜Ăž Ă?Ă™Ă˜Ă?Ă&#x;Ă–ĂžĂ‹ĂžĂ“Ă™Ă˜Ë› Ă˜ Ă‹ĂžĂ&#x;ĂœĂŽĂ‹ĂŁËœ

Ă˜Ă™ĂžĂ“Ă?Ă?ĂŽ ÞÒËÞ Ă˜ĂŽĂœĂ™Ă“ĂŽ Ă’Ă‹ĂŽ Ă‘Ă™Ă˜Ă? Ă™Ă&#x;Ăž Ă‹Ă˜ĂŽ returned with a swollen eye and face. It seemed someone had hit it or thrown a stone Ă‹Ăž ÓÞ˛ Ă˜ĂŽĂœĂ™Ă“ĂŽ Ă“Ă? Ă‹ Ă?ĂžĂœĂ?Ă?ÞåÓĂ?Ă? Ă‹Ă˜ĂŽ Ă?Ă—Ă‹ĂœĂž ÎÙÑ who sneaks out at will but always comes back home.

Since we were going to the Clinic for Daisy’s Ă?Ă’Ă?Ă?Ă•Ă&#x;ĂšËœ ĂŽĂ?Ă?Ă“ĂŽĂ?ĂŽ ÞÒËÞ ĂĄĂ? Ă?Ă’Ă™Ă&#x;Ă–ĂŽ Ă‹Ă–Ă?Ă™ ÞËÕĂ? Ă˜ĂŽĂœĂ™Ă“ĂŽ ÞÙ ĂŒĂ? Ă?Ă’Ă?Ă?Ă•Ă?ĂŽ Ă‹Ă˜ĂŽ Ă‘Ă“Ă Ă?Ă˜ Ă?ĂŁĂ? ĂŽĂœĂ™ĂšĂ? or something to alleviate its discomfort. We ĂŽĂœĂ™ĂšĂšĂ?ĂŽ ĂŒĂ™ĂžĂ’ ÎÙÑĂ? Ùʼ Ă‹Ă˜ĂŽ Ă–Ă?Ę° Ă‹Ę°Ă?Ăœ ĂĄĂ? Ă’Ă‹ĂŽ consulted with the Vet and understood the Ă?Ă™Ă&#x;ĂœĂ?Ă? Ă™Ă? ĂžĂœĂ?ËÞ×Ă?Ă˜Ăž Ă?Ă™Ăœ ĂŒĂ™ĂžĂ’ Ă™Ă? ÞÒĂ?Ă—Ëž Ă™Ă˜Ă–ĂŁËœ to get back to the hospital to be told that Ă˜ĂŽĂœĂ™Ă“ĂŽ Ă’Ă‹ĂŽ ĂœĂ&#x;Ă˜ Ă‹ĂĄĂ‹ĂŁË› Ă™Ă&#x; Ă?Ă‹Ă˜Ă˜Ă™Ăž ĂŒĂ?Ă‘Ă“Ă˜ ÞÙ Ă“Ă—Ă‹Ă‘Ă“Ă˜Ă? Ă—ĂŁ Ă?Ă?Ă‹Ăœ Ă‹Ă˜ĂŽ annoyance. The hospital is located on a major highway with the lagoon behind it. It is far Ă?ĂœĂ™Ă— Ă™Ă&#x;Ăœ ÒÙ×Ă? Ă‹Ă˜ĂŽ ÞÒĂ?ĂœĂ? ĂĄĂ‹Ă? Ă˜Ă™ ĂĄĂ‹ĂŁ Ă˜ĂŽĂœĂ™Ă“ĂŽ Ă?Ă™Ă&#x;Ă–ĂŽ Ă–Ă™Ă?Ă‹ĂžĂ? Ă“ĂžĂ? ĂĄĂ‹ĂŁ ÒÙ×Ă?Ë› Ă™ Ă?ĂœĂ™ĂĄĂ˜ Ă“Ăž Ă‹Ă–Ă–Ëœ Ă‹Ăž ďŹ rst they tried to blame the dog. That the dog was too smart and they had never seen a ÎÙÑ Ă–Ă“Ă•Ă? ÞÒËÞ ĂŒĂ?Ă?Ă™ĂœĂ?Ëœ Ă˜Ă™Ăœ Ă•Ă˜Ă™ĂĄĂ˜ Ă‹ ÎÙÑ ÞÙ ĂœĂ&#x;Ă˜ Ă‹ĂĄĂ‹ĂŁË› Ă?Ă?Ă™Ă˜ĂŽĂ–ĂŁËœ ÞÒĂ?ĂŁ ĂžĂœĂ?Ă‹ĂžĂ?ĂŽ ÞÒĂ? Ă—Ă‹ĘľĂ?Ăœ åÓÞÒ levity and kept on assuring me that they would Ă?Ă™Ă™Ă˜ Ę¨Ă˜ĂŽ Ă˜ĂŽĂœĂ™Ă“ĂŽË› Ă’Ă“ĂœĂŽĂ–ĂŁËœ ÞÒĂ?ĂŁ Ă–Ă“Ă?ĂŽ Ă‹ĂŒĂ™Ă&#x;Ăž the circumstances surrounding its running away and the mode they employed for its Ă?Ă?Ă‹ĂœĂ?Ă’Ëœ ĂĄĂ’Ă“Ă?Ă’ Ă?Ă™Ă&#x;Ă˜ĂŽ Ă™Ă&#x;Ăž Ă‹Ę°Ă?Ăœ Ă“Ă˜Ă?Ă“Ă?ĂžĂ“Ă˜Ă‘ ÞÒËÞ I needed to go to where they were searching. Ă’Ă?Ă˜ ÑÙÞ ÞÙ ĂĄĂ’Ă?ĂœĂ? ÞÒĂ?ĂŁ ĂĄĂ?ĂœĂ? Ă?Ă?Ă‹ĂœĂ?Ă’Ă“Ă˜Ă‘Ëœ Ă“Ăž was a grim scenario I saw. They had no clue about how to proceed and were just standing and looking forlorn.

We’ve searched high and low since Saturday Ă‹Ă˜ĂŽ Ă’Ă‹Ă Ă? Ă˜Ă™Ăž Ă?Ă?Ă?Ă˜ Ă˜ĂŽĂœĂ™Ă“ĂŽË› Ă? Ă“Ă˜ĂžĂ?Ă˜ĂŽ ÞÙ

Results of the research revealed that customers have a higher desire for revenge than reconciliation. It is clear that when we start talking about a need to forgive an organisation, we are not talking about the pet peeves we have when being serviced by organisations regarding their attitude to customer service.

Needing to forgive means they have dealt you a severe blow and you need to ďŹ nd it inside yourself to forgive them

continue searching. People have been telling me not to worry that he’ll ďŹ nd his way home. I am hopeful and praying. Readers who are dog lovers will understand the trauma we are going through as a family. The pain is intense. We are constantly looking at the gate and willing it to come back home the way it normally does.

The question is how do you forgive this type of service failure? When you take your ĂšĂœĂ™ĂšĂ?ĂœĂžĂŁ Ă?Ă™Ăœ ĂžĂœĂ?ËÞ×Ă?Ă˜Ăž Ă™Ăœ Ă?Ă?ĂœĂ Ă“Ă?Ă?Ëœ ĂŁĂ™Ă&#x; Ă?âÚĂ?Ă?Ăž Ă“Ăž ÞÙ Ă?Ù×Ă? ĂŒĂ‹Ă?Ă• ĂŒĂ?ĘľĂ?Ăœ ĂžĂ’Ă‹Ă˜ ĂĄĂ’Ă?Ă˜ ĂŁĂ™Ă&#x; ÑÙÞ ÞÒĂ?ĂœĂ?Ëœ especially when it is something that money cannot replace. Where do you start from? Ă?Ă?Ă™ĂœĂŽĂ“Ă˜Ă‘ ÞÙ Ă?ĘĽ Ă™Ă“ĂœĂ?Ă—Ă‹Ă˜Ëœ Ă‹Ă˜ĂŁ ĂœĂ?Ă‘Ă™Ă“ĂœĂ? Ă‹Ă˜ĂŽ ÒÙ×ËĂ? ĂœĂ“Ăš Ă“Ă˜ ÞÒĂ?Ă“Ăœ Ă?Ă?Ă?Ă‹ĂœĂ?Ă’ Ă‹ĂšĂ?ĂœËœ titled “Customer Forgiveness Following Service Failuresâ€?.They said “recent research has focused on the conditions under which customers will forgive ďŹ rms for their misdeeds within this Ă?Ă™Ă˜ĂžĂ?Ă˘ĂžËœ Ă“Ăž Ă“Ă? Ă“Ă—ĂšĂ™ĂœĂžĂ‹Ă˜Ăž ÞÙ ĂœĂ?Ă?Ă™Ă‘Ă˜Ă“Ă?Ă? ÞÒËÞ Ă?Ù×Ă? service failures represent minor issues that Ă™Ă?Ă?Ă&#x;Ăœ ĂĄĂ“ĂžĂ’Ă“Ă˜ ĂœĂ™Ă&#x;ĂžĂ“Ă˜Ă? Ă?Ă&#x;Ă?ÞÙ×Ă?Ăœ ĚŽ Ę¨ĂœĂ— Ă?âĂ?Ă’Ă‹Ă˜Ă‘Ă? relationships. The construct “customer forgivenessâ€? becomes more relevant when there is: Ëž Ă?Ă–Ă‹ĂžĂ“Ă™Ă˜Ă‹Ă– Ă˜Ă™ĂœĂ— Ă Ă“Ă™Ă–Ă‹ĂžĂ“Ă™Ă˜ ĂĄĂ“ĂžĂ’Ă“Ă˜ Ă‹ Ă?ĂžĂœĂ™Ă˜Ă‘ customer ďŹ rm relationship Ëž Ă?Ă Ă?ĂœĂ? Ă?Ă?ĂœĂ Ă“Ă?Ă? Ă?Ă‹Ă“Ă–Ă&#x;ĂœĂ? Ëž Ă‹Ă“Ă–Ă?ĂŽ ĂœĂ?Ă?Ùà Ă?ĂœĂŁ ̙ÎÙĂ&#x;ĂŒĂ–Ă? ĂŽĂ?Ă Ă“Ă‹ĂžĂ“Ă™Ă˜Ěš Ëž ĂŒĂ?Ă–Ă“Ă?Ă? ÞÒËÞ ÞÒĂ? Ę¨ĂœĂ— ĂĄĂ‹Ă? ĂžĂœĂŁĂ“Ă˜Ă‘ ÞÙ ÞËÕĂ? Ă‹ĂŽĂ Ă‹Ă˜ĂžĂ‹Ă‘Ă? Ă™Ă? ÞÒĂ? Ă?Ă&#x;Ă?ÞÙ×Ă?Ăœ Ě™Ă˜Ă?ÑËÞÓà Ă? Ă“Ă˜Ă?Ă?ĂœĂœĂ?ĂŽ Ę¨ĂœĂ— ×ÙÞÓà Ă?Ă?̚ˏ

Ăž Ă“Ă? Ă?Ă–Ă?Ă‹Ăœ ÞÒËÞ ÞÒĂ? Ă–Ă™Ă?Ă? Ă™Ă? Ă˜ĂŽĂœĂ™Ă“ĂŽ ÞÓĂ?Ă•Ă? ÞÒĂ? Ă?Ă™Ă&#x;Ăœ ĂŒĂ&#x;Ă–Ă–Ă?ĂžĂ? Ă‹ĂŒĂ™Ă Ă?Ëœ Ă?Ă?ĂšĂ?Ă?Ă“Ă‹Ă–Ă–ĂŁ ÞÒĂ? Ă?Ă?Ă?Ă™Ă˜ĂŽ Ă?Ă‹Ă“Ă–Ă&#x;ĂœĂ? Ě™Ă?Ă?Ă Ă?ĂœĂ? Ă?Ă?ĂœĂ Ă“Ă?Ă? Ă?Ă‹Ă“Ă–Ă&#x;ĂœĂ?̚˛ Ùå ĂŽĂ™

begin to forgive you losing something of mine that I hold dearly and cannot be replaced in Ă—Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ĂžĂ?ĂœĂ—Ă?Ë› Ă‹Ă— Ă?ĂžĂœĂ&#x;Ă‘Ă‘Ă–Ă“Ă˜Ă‘Ëœ Ă‹Ă˜Ă‘ĂœĂŁ Ă‹Ă˜ĂŽ trying to understand. Ă’Ă? Ă?Ă—Ă™ĂžĂ“Ă™Ă˜Ă? Ă‹Ă— ĂĄĂœĂ?Ă?ĂžĂ–Ă“Ă˜Ă‘ åÓÞÒ Ă‹ĂŒĂ™Ă Ă?Ëœ Ă“Ă? in consonance with the deďŹ nition of Customer Ă?Ă™ĂœĂ‘Ă“Ă Ă?Ă˜Ă?Ă?Ă?Ëœ ĂĄĂ’Ă“Ă?Ă’ Ă?Ă‹ĂŁĂ?Ëœ ˍÞÒĂ? Ă?Ă&#x;Ă?ÞÙ×Ă?ĂœĂ? Ă“Ă˜ĂžĂ?ĂœĂ˜Ă‹Ă– act of relinquishing anger and the desire to seek revenge against a ďŹ rm that has caused harm as well as the enhancement of positive emotions and thoughts towards this harm doing ďŹ rmâ€?. It goes on to say that the forgiveness theory applies “to interactions when ďŹ rms have caused signiďŹ cant psychological or physical Ă’Ă‹ĂœĂ—Ë› Ă’Ă?ĂŁ Ă‹Ă–Ă?Ă™ Ă?Ă‹Ă“ĂŽËœ ËŤĂ?Ă™Ă–Ă–Ă™ĂĄĂ“Ă˜Ă‘ Ă‹ Ă?Ă?ĂœĂ Ă“Ă?Ă? failure a ďŹ rm’s best customers can become its worst enemies. This is because customers ĂĄĂ’Ă™ Ă’Ă‹Ă Ă? Ă?Ă–Ă™Ă?Ă? ĂœĂ?Ă–Ă‹ĂžĂ“Ă™Ă˜Ă?Ă’Ă“ĂšĂ? åÓÞÒ Ę¨ĂœĂ—Ă? Ě™Ă™Ăœ Ă’Ă‹Ă Ă? Ă?Ă˜ĂžĂœĂ&#x;Ă?ĂžĂ?ĂŽ ÞÒĂ?Ă“Ăœ ĂšĂœĂ“Ă?Ă?Ă–Ă?Ă?Ă? ĂšĂœĂ™ĂšĂ?ĂœĂžĂ“Ă?Ă?Ěš Ă?Ă?Ă?Ă– Ă—Ă™ĂœĂ? ĂŒĂ?ĂžĂœĂ‹ĂŁĂ?ĂŽ Ă‹Ă? Ă“Ăž Ă“Ă? Ă˜Ă™Ăž Ă‹ Ă—Ă?ĂœĂ? Ă?Ă?ĂœĂ Ă“Ă?Ă? Ă?Ă‹Ă“Ă–Ă&#x;ĂœĂ?Ëœ and this feeling of betrayal can lead them to Ă?Ă˜Ă‘Ă‹Ă‘Ă? Ă“Ă˜ Ă‹Ă˜ĂžĂ“Ě‹Ă?Ă™ĂœĂšĂ™ĂœĂ‹ĂžĂ“Ă™Ă˜ Ă‹Ă?ÞÓà ÓÞÓĂ?Ă?Ëœ ĂĄĂ’Ă“Ă?Ă’ motivate revenge and impede forgivenessâ€?.

Results of the research revealed that customers have a higher desire for revenge than reconciliation. It is clear that when we start ĂžĂ‹Ă–Ă•Ă“Ă˜Ă‘ Ă‹ĂŒĂ™Ă&#x;Ăž Ă‹ Ă˜Ă?Ă?ĂŽ ÞÙ Ă?Ă™ĂœĂ‘Ă“Ă Ă? Ă‹Ă˜ Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ëœ we are not talking about the pet peeves we have when being serviced by organisations regarding their attitude to customer service.

Needing to forgive means they have dealt you a severe blow and you need to ďŹ nd it inside yourself to forgive them.

Organisations should ensure that they do Ă˜Ă™Ăž ĂšĂ&#x;Ăž ÞÒĂ?Ă—Ă?Ă?Ă–Ă Ă?Ă? Ă“Ă˜ĂžĂ™ Ă?Ă“ĂžĂ&#x;Ă‹ĂžĂ“Ă™Ă˜Ă? Ă–Ă“Ă•Ă? ÞÒÓĂ?Ëœ because it is like putting a gun to your head and killing yourself. I am praying that I will not be in the category of those who do not forgive.

ĂĄĂ‹Ă˜Ăž ÞÙ Ă?Ă™ĂœĂ‘Ă“Ă Ă? Ă‹Ă˜ĂŽ ĂĄĂ‹Ă˜Ăž Ă˜ĂŽĂœĂ™Ă“ĂŽ ÞÙ Ă?Ù×Ă? back home. – Marie-Therese Phido is Sales & Market Strategist and Business Coach Email: mphido@elevato.com.ng tweeter handle @osat2012 TeL: 08090158156 (text only)

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Okomu Oil Palm Sustains Good Results After recording impressive results in 2016, Okomu Oil Palm did not fail to deliver in the first quarter of 2017, effectively validating the federal government’s calls for more focus on agricultural, writes Goddy Egene

The federal government’s determination to diversify the nation’s economy from oil as the major source of revenue is very obvious.

The government is making various efforts to ensure that more focus is directed towards the agricultural sector. Through the Central Bank of Nigeria (CBN), the government is introducing various financing schemes to encourage investments in the agricultural sector, especially in fishery and rice production.

While some may want to ask how viable the agricultural sector is, the performances of some listed companies in the agricultural sector of the Nigerian Stock Exchange (NSE) are some of the evidence.

Two listed companies- Okomu Oil Palm Plc and Presco Plc, playing the oil palm and rubber production segments of the agricultural sector, have been recording impressive performances in the recent years. They have not only been turning in profits but they have also been declaring dividends to shareholders and paying taxes to the government. These are indications that if more companies invest in the agricultural sector and the government provides the conducive environment for businesses to drive, the dependency on crude oil as the mainstay of the economy would be a thing of the past in no distant future.

Besides, more shareholders would smile to the bank, while the government would also enjoy more benefits in terms of taxes paid by such companies.

Despite the challenging operating environment in 2016, Okomu Oil recorded improved performance in both top and bottom-lines.

It has also consolidated the 2016 full year performance with similarly impressive results for the first (Q1) quarter ended March 31, 2017.

Financial Performance In the audited results of the Okomu Oil for the year ended December 31, 2016, the company posted revenue of N14.365 billion, showing an increase of 47 per cent over N9.738 billion.

Finance income improved from N43 million in 2015 to N291 million, while finance cost equally surged from N429 million to N1.340 billion. Profit before tax (PBT) jumped by 103 per cent from N2.898 billion to N5.906 billion, while profit after tax (PAT) rose by 84 per cent to N4.910 billion, from N2.659 billion in 2015.

In terms of efficiency measured by profit margin, Okomu Oil Palm did well as net profit margin improved from 27.3 per cent in 2015 to 34.1 per cent in 2016. Based on the improved results, the company declared a dividend of N1.43 billion, which translates to 150 kobo per share.

The company consolidated the 2016

performance during the first quarter ended March 31, 2017. Revenue stood at N5.896 billion in Q1 of 2017, up from N3.326 billion, cost of sale jumped from N529.775 million to N1.264 billion. Despite the jump in cost of sale, gross profit improved significantly from N2.796 billion to N4.632 billion, while profit after tax rose to N3.069 billion, showing a growth of 92 per cent above the N1.595 billion in the corresponding period of 2016.

Healthy fundamentals Assessing the fourth (Q4) quarter results of Okomu Oil, analysts at FBN Quest said the performance came in stronger than they expected.

According to them, the variance versus their estimates was mainly due to a positive surprise in sales. They explained that for the coming year, Okomu management has guided to palm oil output of around 46,000te for palm oil, implying volume growth of around 25 per cent. “On the back of the stronger-than-expected earnings and the company’s guidance, we have increased our earnings estimates by 39 per cent on average over the 2017-18 estimated (E) period and our price target by 28 per cent to N57. Okomu shares are trading on a 2017E price earnings ratio (P/E) of 8.1x for average earnings per share (EPS) growth of 14.8 per cent in 2018E,� they said.

Palm Oil Remains Main Driver An analysis of Okomu’s Q4 numbers showed that they were boosted by its palm oil business, which recorded sales growth of 75 per cent versus 69 per cent growth for the rubber segment. The palm oil business now accounts for 85 per cent of total sales compared with 60 per cent levels in 2011. “We attribute the palm oil sales growth to both volume and pricing. Owing to the CBN’s restriction of foreign exchange to palm oil importers and the devaluation of the currency, Okomu has been able to benefit from reduced competition and favorable pricing. Although the net finance cost line surprised negatively in Q4 2016 (Okomu booked a foreign exchange loss of N1.0 billion due to foreign loans and creditors), we do not believe the company’s exposure to foreign credit will deter it from delivering strong earnings in the near term. For FY 2017E, we see sales and PBT growing by 26 per cent and 40 per cent respectively,�

FBN Quest said.

The analysts said while Q4 sales growth of 74 per cent to N3.5 billion, PBT and PAT advanced by wider margins of 132 per cent and 62 per cent to N797 million and N735 million respectively. “Although finance costs grew by over

OKOMU OIL 2017 Q1 FINANCIAL SUMMARY 07

06

March 2017 N5.89Bn

05

04

March 2017 N3.39Bn

March 2016 N3.32Bn

March 2017 N3.06Bn

03

02

March 2016 N1.59Bn March 2016 N0.529Bn March 2017 March 2016 N0.101Bn N0.059Bn

01

0

March 2016 N1.63Bn

March 2017 N1.26Bn

REVENUE

COST OF SALES

FINANCE COST

PROFIT BEFORE TAX

PROFIT AFTER TAX

1,000 per cent and operating expense reversals were lower year on year(y/y), these were not strong enough to offset the strong y/y sales growth and a 4,315basis points(bp) y/y gross margin expansion, leading to the 132 per cent y/y increase in PBT. Due to a 227bp y/y expansion in the tax rate, the PAT growth was softer.

On a sequential basis, sales were up modestly q/q,� they said.

Looking at 2017 Q1 performance, FBN Quest said sales grew by 77 per cent to N5.9 billion, PBT grew by 108 per cent to N3.4 billion while PAT of N3.1 billion advanced by 92 per cent. “Although gross margin contracted by -551bps y/y to 78.6 per cent and operating expenses increased by 11 per cent, these negatives were more than offset by the strong sales growth, and to a lesser extent, a 94 per cent y/y decline in net finance costs leading to the strong bottom line. PAT growth was softer due to an effective tax rate of 9.6 per cent compared with 2.4 per cent in the corresponding quarter of 2016. On a sequential basis, sales were up 71 per cent q/q. Despite a significant increase in operating expenses (-N1.2 billion versus +N379 million in the prior quarter), PBT and PAT grew by wider margins of around 320 per cent q/q on average due to the strong sales growth, a +4611bp q/q gross margin expansion and a significant y/y reduction in net finance costs.

We attribute the significant q/q gross margin expansion to base effects,� they said.

They explained that Okomu usually reports weak gross margins in Q4 relative to other quarters – most likely related to accounting adjustments. “Compared with our estimates, Q1 sales were ahead by 34 per cent while PBT was significantly ahead,� they said.

A breakdown of the revenue figure shows that palm oil sales of N5.1 billion grew by 74 per cent y/y during the quarter while rubber sales of N773 million advanced by 112 per cent. “We attribute the strong sales growth for the palm oil business to both pricing and volumes. Okomu management has revealed that the company is implementing an aggressive expansion plan, in 2016, the total area for palm oil production increased by 36 per cent y/y to 14,463ha. In addition, we continue to believe that local palm oil producers have been benefiting from policies by the CBN through favorable pricing. For rubber, pricing may have helped the business to grow. The company indicated that average rubber prices increased by 22 per cent y/y in 2016.

Okomu’s sales and PBT are tracking significantly ahead of consensus FY 2017E estimates of N18.5 billion and N8.7 billion respectively. As such, we expect upward revisions to consensus estimates,� FBN Quest said.

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BUSINESSWORLD

ANALYSIS

The Future of Globalisation As political events across the globe have given rise to increasing nationalism and populism, Obinna Chima wonders if globalisation is gradually coming to an end The wave of nationalism around the world has left many wondering if the trend toward greater global connection has reversed.

Since his election as the President of the United States last November, the posture of Donald Trump, an opponent of free-trade deals, has further heightened concerns about the gradual demise of globalisation.

In addition, the United Kingdom’s vote to leave the European Union last year, which has also reflected a wave in rising populism as was seen in Gambia, Ghana and in France recently, according to experts, would further hurt globalisation. Clearly, the global economy had grown on the back of economic integration and inter-dependency. According to the International Monetary Fund (IMF), economic integration has delivered tangible—real—benefits for most people and most countries.

Emerging and developing economies have been the prime beneficiaries of economic openness.

On its part, the World Bank stated that trade has helped reduce by half, the proportion of the global population living in extreme poverty (1990-2010). The Bank argued that China, for instance, saw a phenomenal drop in its extreme poverty rate—from 36 per cent at the end of the 1990s to 6 percent in 2011.

Along with higher incomes, millions of new jobs were created that tend to pay relatively higher wages, the World Bank added.

But a Professor of Economics, Department of Economics and Cowles Foundation for Research in Economics, Yale University, Robert J. Shiller, noted that the world today is increasingly polarised into locals versus cosmopolitans. “My concern about our college and graduate school education today is that we are further developing a sense of cosmopolitan community for some people, excluding others,� he added.

Also, Nobel prize-winner Joseph Stiglitz, who has long worried about the corporate capture of trade deals, said with developments across the world, the global economy may be at a turning point in the nature of capitalism.

History of Globalisation Globalisation is the process by which nations become increasingly integrated. This is occurring primarily due to advances in technology that have enabled people, goods, money, data and ideas to travel the world much faster than before; and the reduction of trade and economic barriers, which has greatly increased trade between countries.

In recent years, globalisation has become a major topic. Historically, people have left their surroundings and travelled to distant lands for four main reasons: conquest (the desire to control other countries); prosperity (the search for a better life); exploration (the desire to discover new lands); and trade (the desire to sell goods profitably). The primary agents of globalisation in the past were soldiers, sailors, traders and explorers.

For thousands of years, traders carried their goods across oceans and continents and armies launched invasions on their rulers’ orders.

Powerful nations have brought new lands under their authority, integrating disparate nations, peoples and cultures into empires.

Earlier forms of globalisation existed in the Egyptian, Medo-Persian, Babylonian, Greek and Roman empires. During the time of the Mongol empire in the Middle Ages, the famed “Silk Road� connected Central Asia and Europe, linking several civilisations.

The New Reality The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has urged Nigerians to embrace the wave of nationalism sweeping across the globe as exemplified by the Brexit vote in Britain and election of Donald Trump as President of United States.

Furthermore, he pointed out that there was the new reality of nationalist and populist sentiments sweeping across the world.

Emefiele therefore stressed the need for Nigerians, especially policy makers, to develop a sense of national consciousness in carrying out their duties.

He pointed out that with events such as

the Brexit, issues surrounding the election of Donald Trump as the US President, as well as recent development in France and some other developed economies, there was need for Nigeria to now begin to look inward so as to harness its resources for national development.

On his part, the Director General of the West African Institute for Financial and Economic Management, Prof. Akpan Ekpo, argued that recent development across the globe, especially the policies of the US President, shows that neo-liberialism is dead. “That is, we are back to the old era of nationalism. But there is a problem because any vacuum they (US) leave, I think the Chinese would fill it which is very strange because the Chinese are not meant to be imperialistic in a way. “So, if Trump persists, and it looks like he is serious about it, you would see globalisation dying slowly because every country would also want to be nationalistic and then we are

Considering that more than 50 percent of world trade is based on manufactured goods and the rude awakening offered by populism’s rise in the West, these nations should pursue the idea of “smart protectionism�– by deploying the “special and differentiated� provisions of the WTO treaty that can apply to less developed nations to prevent the dumping of Chinese goods in their markets and create enabling environments for modest industrial growth and intraAfrican trade

going to have problem because of the so called free world. “For us in the third world and Africa, we have not really gained from globalisation because for us to enjoy from globalisation we need to have a strong national economy. For us it wouldn’t really mean much. “America stopped buying our oil sometimes ago. But generally, the way the world is going, a la American approach, it points to the fact that globalisation is beginning to die off the way we understand it,� Ekpo said.

However, following the rise of political populism characterised by the desire to assert domestic democratic sovereignty and rejection of the “cult of the expert,� a former CBN Deputy Governor, Prof, Kingsley Moghalu, has stressed the need for policy makers in Nigeria and other developing nations, especially Africa, to pursue “smart protectionism.�

Moghalu, who is a professor of international business and public policy at The Fletcher School at Tufts University, noted that for developing nations, especially those in Africa, populism’s rise in the Western world may ultimately be beneficial, despite negative short-term impacts.

These countries, according to him, would be forced to confront mistaken assumptions about development that relies on the “benevolence� of foreign aid. “They must reconsider unquestioning acceptance of the inevitability of globalisation and their status as markets, not factory. And they have already seen that efforts to model the African Union on the basis of the European Union, complete with common currency, may not be wise in light of challenges facing the EU over the past decade. African nations must embrace an inside-out perspective on economic transformation rather than the exclusively outside-in model that, in reality, robbed them of opportunity to control their destiny. “Industrialised countries, aided by technological superiority which produced value-added goods at competitive prices and the WTO treaty regime, flooded the markets of developing countries, leaving them import-dependent. “Considering that more than 50 percent of world trade is based on manufactured goods and the rude awakening offered by populism’s rise in the West, these nations should pursue the idea of “smart protectionism� – by deploying the “special and differentiated� provisions of the WTO treaty that can apply to less developed nations to prevent the dumping of Chinese goods in their markets and create enabling environments for modest industrial growth and intra-African trade,� he opined.

According to Moghalu, at 13 per cent of its total global trade, Africa’s intra-regional trade remains the lowest in the world compared to North America, Europe and other regions.

While noting that for decades, political risk had been synonymous with developing countries and emerging markets in Africa, Asia and Latin America, he pointed out that the rise of populism in the Western world has redefined the notion of political risk and teaches that risk has no permanent address. He further stated that mitigating such risk requires avoiding arrogance toward those embracing populism. “Those who oppose populism must engage with it rationally in the political space with the force of their own ideas. Political populism, characterised by a desire to assert domestic democratic sovereignty and rejection of the “cult of the expert,� owes its rise to increasing rejection of the conventional wisdom by citizens who feel left behind by globalisation trends favoring the elite that gained ascendance over the past 30 years. “Populism seeks to reverse the power of the international community by utilising the democratic legitimacy of the majority to re-assert primacy of the national interest – seen by liberals as isolationism or “nativism� – in public policy. “Home-country multinationals that ship production – and jobs – abroad can anticipate a backlash. Multinationals will no longer receive benign preferences and protections in populist countries if they cannot prove their value to local economies, especially by creating jobs,� the founder of Sogato Strategies, a global risk and strategy advisory firm stated.

Nonetheless, Stiglitz, in his “Globalisation and its Discontents,� urged developing nations to assume responsibility for their well-being.

According to the Nobel Prize winner, with the seeming demise of globalisation and following rising populism, Nigeria and other low-income countries should manage their budgets so that they can live within their means, “meagre though that it might be, and eliminate the protectionist barriers which, while they generate large profits for a few, force consumers to pay higher prices.� “They can put in place strong regulations to protect themselves from speculators from the outside or corporate misbehaviour from the inside.

Most importantly, Stiglitz stated that developing countries need effective governments, with strong and independent judiciaries, democratic accountability, openness and freedom from corruption that had stifled the effectiveness of public sector and the growth of private investments.

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BUSINESSWORLD

ANALYSIS

Palm Oil as the New Crude Oil Palm oil, which used to be Nigeria’s biggest export produce before the discovery of crude oil has now been adopted by Asian countries earning over $25.2 billion in exports.

Nume Ekeghe writes on the potential of this commodity as a major export earner Historically, Nigeria was the world leading producer of palm oil as at independence. But unfortunately, Indonesia and Malaysia have overtaken Nigeria. Today, Nigeria imports palm oil. With crude oil still the country’s major source of foreign exchange earning, the call to diversify the country’s revenue source has been a mantra over the years.

Palm Oil and its Purposes Palm oil is gotten from palm fruit and is used as cooking oil. It is also used as raw material to manufacture margarine, non-dairy creamers, ice cream, soaps and detergents. In addition, it is used in the production of greases, lubricants and candles. More recently, the biofuels market has provided a significant new non-food use for palm oil where it is used as the feedstock for the production of biodiesel and as an alternative to mineral oils for use in power stations. Furthermore, fatty acid derivatives of palm oil are used in the production of bactericides, cosmetics, pharmaceuticals and water-treatment products.

Value of Palm Oil Globally Global palm oil market demand was 74.01 million tons in 2014 and is expected to reach 128.20 million tons by 2022. However, Nigeria presently produces at a deficit as local production and importation of palm oil into the country, presently stands at 55 per cent. However, with improved practices and technology, Nigeria could make more than $35 billion dollars from palm oil, if farmers followed the correct processing system.

Local Manufacturer’s Perspective Speaking to THISDAY, the Chief Executive Officer, Red Palm Oil, Mrs. Eno Udoh whose company produces palm oil said: “In the early years, Nigeria used to be one of the largest exporter of palm oil, producing more than 40 per cent of the world production. The British administrators took the plant to Malaysia and they later surpassed Nigeria and are now the largest producers with Indonesia. “Presently, there are small groups of people who harvest the wild palms using manual processing techniques. Majority of these groups are women in the village especially in Akwa Ibom.�

Udoh whose previous business venture was predominantly import-based said the exchange rate fluctuations forced her and others who were majorly importing to look inwards, saying that she decided to go into the business by setting up a factory in Akwa Ibom.

Udoh added: “Due to the recent economic issues in the country, I decided to look inwards.

So I decided to go back home and look at what we can export to earn foreign exchange and what I can give to the community. “Growing up, my aunt back in the village would always give us a keg of palm oil and so I decided to go into palm oil. Also, I enjoy the processing especially going through the process to see how you can get an organic refined oil.

Also to the process that brings to organic low cholesterol process which is an extra process to be clarified. Low cholesterol is preferred by a lot of people because of health issues, which means it would cost double. “Looking around, most people end up buying adulterated or mixed oil. The difference between my oil and others is that it is purely organic.�

Udoh

Challenges and Potential To export this product poses both challenges and rewards. The major challenge is that a lot of the farmers in the business still operate as small scale and in most cases, do not meet the required standard for export. Also, the documentation, certification, accreditation and packaging is a major obstacle for these farmers.

Udoh said: “I am still going through the process, but the Nigerian Export Promotion Council (NEPC) is encouraging people like us through capacity building and tools to empower us. Recently, the Chief Executive

Officer, NEPC, Mr. Olusegun Awolowo had a seminar on packaging for export products and also encouraging us on how to go about exporting the products. “Not until recently, agriculture was abandoned; everyone was going into politics and we had oil money so people weren’t thinking about agriculture. Now, reality has hit in and people are going back into the farms and agriculture is the big thing now.�

Furthermore she added: “As many hands go into agriculture, there would be more production of agriculture products which in turn increase

for export.� “I would want government to encourage the small scale farmers in processing, production and export. Government should provide land areas for rural farmers to encourage mass production of palm oil and also improve seedlings for small farmers and machines to process.

variety of exportable produce and then creates multiple FX earnings for Nigeria.�

Speaking on the process it takes to export, she said: “It is not easy. There is a process and standard we need to meet and it involves a whole lot of money. It is not an easy process but it is a process we are going through. However, it is not difficult and it does not discourage others.

NEPC is doing a whole lot to encourage us to export. The last time they brought in a Japanese man to talk on the right ways to package for export. They have given us a lot of tips and education on how best to get your goods ready

Request for Government Support With the array of end products this fruit can get as well as the demand for it in the international market, various practitioners have argued that palm oil should be given attention, just like some other agricultural produce.

The potential in palm oil is huge and if the federal government decides to put in funds to aide farmers to produce, process as well as export, it would be a major foreign exchange income earner.

Udoh added: “There are so many things you can get from the palm fruit. The palm fruit cake is used as stock feed; the nut itself has oil as is used for pomade for the hair so it has so much functions. “So this is something government should put in more money like they did in the north with ground nut. They should put in more money to grow more palm fruit type that takes less time to harvest. Malaysia that is leading in palm oil production now, got it from Nigeria. If governments are able to put in more funds into agriculture and palm oil especially we wouldn’t need to bring in engine oil, palm oil, soaps the list goes on. “Governments could help give out mills to local governments or encourage palm farmers in processing. It would make things much easier in producing, she added.

Furthermore she posits: “I think government should put in more funds and educate those that are into palm oil, and help create an easy way. The palm process in the village is still very crude way and I might say not totally hygienic. The government can provide these machines and also educate farmers on how to use them.�

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EDUCATION Meeting Outcome-Based Engineering (OBE), Reviewing BMAS for High Quality Graduates Restructuring engineering programme to be outcome-based in the nation’s tertiary institutions and reviewing the Benchmark Minimum Academic Standard (BMAS) so that graduates going into the industry can be skilled, was the focus of a workshop organised by the Council for the Regulation of Engineering in Nigeria (COREN). Funmi Ogundare reports The quality of engineering graduates from universities, polytechnics and technical colleges in the country has been a major concern for industries operators over the years.

The current trend in engineering education, has however, created a disparity between the quality of training received by the graduates vis-a-vis the employers’ expectations in the business and industries in the country despite enormous resources.

As a way of mitigating this problem, the Council for the Regulation of Engineering in Nigeria (COREN), and other stakeholders from the academia, government and industry, recently, converged on the Renaissance Lagos Ikeja Hotel, for two days on ‘Outcome-based Engineering (OBE) workshop and review of Benchmark Minimum Academic Standard (BMAS) and accreditation scoring criteria for undergraduate Engineering programmes in Nigerian universities.

Earlier, the President of Council, Mr. Kashim Ali told THISDAY that, “we as COREN, our task includes determining what skill and knowledge is required for anybody to be recognised as an engineer and technologists, technician or craftsmen . In doing this we need to know the quality and skills that individuals posses for them to practice as engineers in Nigeria. “We found the need to review some of the concepts, so we started with university system undergraduate engineering programmes and work on the Benchmark Minimum Academic Standard (BMAS) as criteria for accreditation of undergraduate engineering programmes. “We started in 2013 and ended in 2014 and developed the BMAS document. We felt that the BMAS engineering is universal , so we shouldn’t restrict it to ourselves. We broadcasted it to all relevant institutions and organs of institutions by UNESCO and engineering groups around the world. We got positive responses, and the review was quite nice. For that reason, we needed to sit down and develop strategies for operationalising it and share the experience of international organisations and interest.�

He said the council had organised a similar workshop in Abuja on high level policy forum on engineering education, adding that, “ the outcome is why we are here today. The review was done again and we found that our engineering education system is not outcome- based so we brought in experts to help us strategise on how to move our university engineering education to be outcome -based to meet the benchmark set by international organisations.�

Ali expressed concern that some engineering students do not know why they are in the department, adding that by the time they get to the industry, they don’t know what to do.

According to him, “some students go to the university to do engineering, because their uncle is an engineer, and you will hear all sorts of stories because they don’t even know why they are there. It is when they graduate trying to actualise themselves that problem arises. It is because they didn’t have the opportunity for the outcome-based engineering education. “From the first year, you are made to understand clearly what will be the outcome, so you will know what exactly you want to achieve. An engineering graduate who goes to the industry, is going there with a purpose. You must have a solution to one of their problems, not just going there to be employed and deployed to anywhere, you

Engineering graduates need skills for the industry

are going in with a purpose which will make the industry smile.�

The president stressed the need for continuous professional development, noting that it is a fundamental path of any career. “It will bring about the capability to keep pace with the current standards of others in the same field, ensure that engineers continue to make meaningful contributions to their team and become more effective in the workplace.

We have to set a minimum standard that by all means, we must not go below it and it is subject to review; we need to raise the bar, it is a dynamic cutting edge,“ he stressed.

The Minister of Education, Mallam Adamu Adamu said the workshop is coming at a time when the engineering profession is faced with challenges, adding that a lot need to be done in reviewing the curriculum.

Adamu who was represented by the Director and Principal of the Federal Science and Technical College (FSTC), Yaba, Lagos, Rev. Chris Ugorji expressed concern that most of the products in the nation’s universities, cannot stand side by side with their counterparts in the field of engineering in other countries. “We discovered that there are a lot of gaps, various examinations are being conducted in the country, and many of our parents have lost confidence in the system. They would do anything to ensure that their children pass an examination.�

While commending the academy of engineers and fellows for visiting his college, he urged vice chancellors and rectors not to be discouraged with what they are doing saying, “the workshop will bring out documents that will instill confidence in our education system.�

The President of Manufacturers Association of Nigeria (MAN), Dr. Frank Udemba Jacobs said the workshop is a way towards the right direction, noting that the quality of young graduate engineers who have been coming to work in its industries does not align with its requirements.

He said this is the reason the industry prefers to hire expatriates to work for them. “We are looking forward to having engineers that will be trained and aligned with the requirements of the industry. We have tried so many times to liase with the academia.

The Manufacturers Association of Nigeria is prepared to work with the council by way of workshop that will cover our requirements.�

Some past presidents of COREN in their submission, expressed delight that the council is involving politicians saying that a nation cannot be developed without the inputs of engineers. “They have played important roles even in the educational development of the country.

There should be a good rapport among members so that people will begin to take another look at engineers.

Mr. Ebenezer Osoba said the council has made consistent progress over the years noting that this is the reason why it is looking forward to a time when products of engineering can be in any part of the world to practice effectively.

The Vice Chancellor of Crown Hill University, Ilorin, Kwara state, Professor John Olorunmaiye who gave an overview on BMAS and accreditation scoring criteria for undergraduate engineering programmes in Nigerian universities, said it must be translated to module, adding that course learning outcome must be marked to programme outcome. “There must be ability to analyse problems, carry out investigations in research context, there must be proficiency using standard codes, knowledge of humanities that will ensure that engineering will not be practiced in a vacuum,� he said, adding that BMAS must be periodically reviewed and updated for each cadre.

A representative of the Federal Engineering Institution of Asia and the Pacific (FEIAP), Kuala Lumpur, Malaysia, Mr. Lee Boon Chong, who emphasised on ‘Outcome-Based Engineering(OBE) Education’, said flexible

teaching methods must be introduced, adding that all curriculum and teaching decisions are made based on desired outcomes. “OBE develops life-long learning after graduation and makes them complex thinker and knowledgeable. It will change the way students learn and help them demonstrate their skills,� he said.

The Vice Chancellor of Anchor University, Lagos, Professor Joseph Afolayan emphasised on the challenges of implementing OBE learning in Nigeria; noting that it requires the overhauling of the curriculum, assessment and reporting practices in education to reflect the achievement of the impact of learning and mastering rather than accumulation of course credits. “We have universities where turning out First Class graduates is a competition, whether the knowledge is there or not, is not a question. Graduates are not fully prepared for the workforce and little emphasis is placed on softskills. These are the things we want to address,� he said.

He stressed the need for a revision of course content to suit specified learning outcomes, industrial needs, job specification and professional job, adding that there should be a continuous quality improvement.

Professor of Electronic and Computer Engineering, Federal University of Technology, Owerri, Gloria Chukwudebe in her presentation titled, ‘Engineering Education in Nigeria: Challenges and the way forward’, said institutions must have Information Communications Technology (ICT) to function effectively, adding that learning must change from tutor to student centered. “There must be academia-industry connect, supervised industrial training scheme in engineering and weak foundation at preuniversity must be addressed. These will ensure that when students graduate, they can successfully do anything relating to the practice of engineering, � she said.

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EDUCATION

Senator Bemoans Decline in Reading Culture Funmi Ogundare The Chairman, Senate Committee on Local and Foreign Debts, Senator Shehu Sani has expressed concern about the decline in reading culture in the country, saying that all hands must be on deck to bring it back.

Sani , who made this call, recently, at the Nigeria International Book Fair 2017 with theme, ‘Book Chain, Government Policies and the Promotion of Reading Culture in Nigeria’, argued that the declining reading

culture is affecting the level of intellectual and political discuss in the country today. According to him, “young people nowadays don’t read books, they only post messages and twitting nothing or things that are of no value at all.

Our political elites also don’t read, if there is anything they read, perhaps its messages, statements and comments that affect them personally. Many books in the house of politicians today exist as part of the furniture.�

The Senator who was Conference Chairman at the

programme, disclosed that he is currently sponsoring a Bill at the National Assembly on ‘National Endowment, Arts and Literature Bill 2016’, which is aimed at giving support to publishers authors and artist, adding that it is about to go through the second reading. “The idea of having such a bill is informed by the fact that there is a decline in the reading culture in the country as a result of a number of factors which include the economy and the belief that the federal government and governments at all levels

will be able to allocate part of their resources to support both arts and literature “The bill is enjoying strong support from members of the national assembly particularly senators and I believe that when the Bill scales through at the end of the day, it would bring an end to the decline to the reading culture and support the publishing industry to be able to survive the recession in the economy and authors to see their books published.�

He also argued that if

there is any ‘book’ that is of interest to people nowadays, its Facebook, saying, “ that is very unfortunate . So we have a duty to bring back that reading culture, because if you don’t read, your brain will be empty and your speech will contain no value and no work . Reading is indispensable for national development which includes social , economic, political progress of the state. When people don’t read, they have nothing to offer.�

Earlier in his keynote address,

the former Registrar of Joint Admission and Matriculation Examination (JAMB), Professor Adedibu Ojerinde who emphasised on the challenges of piracy, said several versions of books written by an author, for instance, are found on the streets and sold for the same price as the original.

He also expressed concern about the poor reading culture in the country, saying that parents and teachers have a role to play by ensuring that their children read.

Group Stresses Need for JAMB to Review its System Funmi Ogundare A body of civil organisations, Joint Action Coalition on Education (JACE) has called on the Joint Admission and Matriculation Board (JAMB), to carry out a holistic review of any lapses encountered during the 2017 Unified Tertiary Matriculation Examination (UTME) which commenced last Saturday, with a view to remedying it before the end of the exam.

Some candidates who sat for the examination, had poured out their frustration over what they described as poor preparation by JAMB, as most centres visited, started late and had system breakdown, network failure, among other issues.

The South West Zonal Coordinator, Mr. Ayokunle Adumashin who briefed Journalists on the development, in Lagos, said the examination showed the imperative for continued investment in broadband penetration and stability in addition to improving on power supply situation in the country, adding that these would totally eliminate the few hitches recorded. According to him, “the examination was orderly but the few incidents recorded, which were not significant, were largely

issues pertaining to human factor and not caused by systems or process. JAMB should also work on the power problem faced by candidates to forestall any future challenges.�

He said the adoption of Computer Based Test (CBT) has reduced the incidence of malpractice, adding that the installation of close circuit Television (CCTV) at some of the examination centre further contributed to reducing the incidence off malpractice and also complemented security arrangement for the centres.

Adumashin stressed the need for secondary schools to improve on exposing their students to Information Communication Technology (ICT) so that the country can get to a stage where candidates do not experience cyberphobia or fear of computers or technology as such critical time in their life. “Parents on their own part must on their own part spare no efforts to ensure that they familiarise their children with contemporary technology and trends before they complete secondary school as this will minimise the potentials for those struggling with technophobia at decisive points in their lives.�

L-R: The Executive Secretary, Nigerian Book Fair Trust, Mr. Abiodun Omotubi, Chairman, Nigerian Book Fair Trust, Alhaji Rilwanu Abdulsalami, the Chief Executive Officer (CEO) of National Library of Nigeria, Prof. Adetokunbo Aina, Chairman, Senate Committee on Local and Foreign Debts, Senator Shehu Sani and former JAMB Registrar, Prof. Dibu Ojerinde, during the International Conference of Nigeria International Book Fair 2017 held in Lagos‌recently

Embassy Holds ‘Study in Holland Fair’ Abubakar Orders Assessment The Embassy of the King- ing in the Netherlands, for Renovation of Dilapidated School

Governor Mohammed Abubakar of Bauchi state, has asked his state Commissioner of Education, Engineer Nuhu Gidado to make a quick assessment of the level of dilapidation of Government Secondary School, Giade and the logistics requirements for the immediate commencement of its renovation. The Press Secretary to the governor, Mr. Abubakar Al-Sadique, in a release, said the governor had paid an unscheduled visit to the school, and expressed his displeasure over the level of neglect of important social institutions in the state that led to the rot in the school, established in the second republic by the administration of late Governor Abubakar Tatari Ali. The governor said education is the only enduring legacy that can be bequeathed to generations.

He observed that the sector was not accorded the desired attention by the past administration. “We have seen the level of dilapidation in these schools, especially in the students’ hostels where students are left to sleep and receive lectures on bare floor, make shift kitchen where food is prepared for them, among others. Honestly, this school does not qualify for a school.�

He described the 38 year old Government Secondary School, Giade as a classical example of the neglect institutions in the state suffered under the past administration. “This is the way we have inherited most schools and hospitals from the past administration. Government Secondary School Giade only symbolises the state of dilapidated structure inherited, but Insha Allah, something is going to be done very soon,� he pointed out.

dom of the Netherlands in Nigeria, is set to host the first edition of the ‘Study in Holland Fair’, designed for Nigerians seeking international undergraduate, postgraduate and/or professional education in the Netherlands.

The fair which will hold on June 10, at the Federal Palace Hotel, Victoria Island, will provide a platform for them to meet one on one with representatives of top higher educational institutions from the Netherlands and get direct advice on the opportunities available to them for study.

Speaking on the exhibition, the Ambassador at the Embassy of the Kingdom of the Netherlands in Nigeria, Mr John Groffen, said, “the fair will offer Nigerians who desire to study in the Netherlands the chance to get first-hand information about the various study options available at various institutions and find a programme of study that suits their specific preferences.�

On the benefits of study-

Officer/Consular Affairs of the Embassy, Mr. Temitayo Akinbiyi, said the country is a recognised knowledge centre with rich study traditions and well known higher education institutions offering more than 2,100 programmes taught in English. “Education in the Netherlands meets all international standards with thousands of its alumni doing great work in Nigeria. Some of them have become entrepreneurs and are employing people.

Others work in the corporate sector at the highest levels and are doing fantastic things.

No doubt, studying in the Netherlands gives the needed boost to individuals who wish to take their careers to the next level.�

Each year, students from Nigeria study in the Netherlands, joining close to 90,000 international students from Germany, China, Belgium, Italy and Spain, and other international students from over 190 countries.

Expectation Heightens as Students, Teachers Await Cowbellpedia Qualifying Exam Results Students who participated in the 2017 Cowbellpedia Secondary School Mathematics qualifying examination are waiting with bated breath as the June1 ,2017 date for the release of the results draws close.

Teachers and authority of the various schools that presented students are equally looking forward to a successful outing for their candidates.

Some of the students who took the examination in March, have expressed optimism about the outcome as they look forward to checking their results on the online portal; www.cowbellpedia.ng A Junior Secondary School Student (JSS) three, of Pakoto High School, Ifo, Ogun State Kehinde Hassan, said he is confident of a good outing despite what he called his initial tension and exam fright.

Master Johnson Oluwole, his counterpart from Jacobs High School, Owode, Ogun State also expressed optimism about his qualification for the second round, saying, “I have

tried my best, and I am praying, my family is praying too. I just hope for the best.�

One of the teachers at the Pakoto Examination center Ogun state, Mr. Oluwatoyin Ayodele, commended the organisers of the examination while expressing optimism that his students will get to the next stage. “I have no doubt at all, my students have prepared very well and my wish for them is to get to the finals and win the ultimate prize,� he said.

A total of 51,018 students sat for this year’s stage one of the 2017 Cowbellpedia Secondary Schools Mathematics TV quiz show. Further analysis of the enrolment shows a total of 26,057 candidates in the Junior Secondary School category while the Senior Secondary School category recorded a total of 24,961 candidates.

Also the number of online candidates’ registration increased from 19,604 to 32,096 in 2017 which is a 64 percent growth over last year.

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LAGOS Inducts 5436 N-Power Teachers’ Corp Funmi Ogundare The Lagos state government has inducted about 5,436 graduates who are to benefit from the N-Power Volunteers Teachers’ Corp under the N-Power programme of the federal government In her remarks, the Deputy Governor, Dr. Idiat Oluranti Adebule advised the beneficiaries to be dedicated, make a difference in their areas of endeavour, as well as impact in the education sector.

Adebule said the state government has a way of monitoring teachers’ performances and rewarding dedication, diligence and hardwork, adding that the gesture of winning prizes will be extended to them.

She recalled that the government has in the last two years of being in the saddle recruited 2,300 teachers in order to reduce the teacher/pupils ratio,

noting that teaching and learning take place better when there are fewer pupils/ students for a teacher to handle.

According to her, “a proportionate teacher/pupils ratio allows teachers to closely study each pupil with the aim of understanding his/her strength and weaknesses vis a vis the area where personal intervention is required to help each learner to excel.�

Adebule counseled the beneficiaries not to see their posting to either the primary or secondary sector as conferring superiority or any privilege on any other person, rather they should see their posting as an opportunity to serve humanity and contribute to the building of a nation state.

She expressed optimism that the allocation of subjects to be taught in their places of primary assignment will be predicated on their qualifications and

their core subjects of study; adding, that where that is not exactly the case, the subject allocated will not be far from their area of competence.

The Deputy Governor counseled those that might be posted to rural areas that they have nothing to worry about because the hospitality of the good people permeates all the nooks and crannies of the state and their services will be better appreciated and rewarded in such areas where pupils and students of such communities yearn for qualitative education.

Earlier the Permanent Secretary, Ministry of Education, Mr. Adesina Odeyemi noted that the N-Power programme is an initiative of the federal government to reduce graduate unemployment by empowering 500,000 graduates in the areas of Agriculture, Power, Education among others.

L-R:The Oba of Lagos, Rilwan Akinolu, Professor of Political Communication, Obafemi Awolowo University, Ile Ife, Ayodele Olukotun, the Awujale of Ijebuland ,Oba Sikiru Adetona and his wife Oluwakemi; and Chairman, Board ofTrustees , Mr Olatunji Ayanlaja, during the first annual lecture of Oba Sikiru Kayode Adetona Professorial Chair in Governance, of the department of Political Science, Olabisi Onabanjo University, Ago-Iwoye, Ogun state‌recently

Lawmaker Stresses Need for Constituents to face their Studies Hammed Shittu in Ilorin Former Speaker, Kwara State House of Assembly and now lawmaker representing Ilorin West/Asa Federal Constituency at the House of Representatives, Hon. Razak Atunwa has appealed to all the beneficiaries of its free Joint Admission and Matriculation Board (JAMB) form to read well in order to come out in flying results and qualify for admission into universities and courses of their choices.

Atunwa made the appeal, recently while giving out 100 free (JAMB) forms to members of his constituency, as part of his commitment towards the educational

development of the area.

The week-long exercise which ended with the closure of JAMB registration, was designed to enable underprivileged candidates in his constituency register for the exam.

He told Journalists in Ilorin, recently, that, “the gesture is to relieve the financial burden faced by underprivileged students and give them a salient opportunity to apply and study in any university of their choice in Nigeria.�

According to him, “education is primal to social development, peace and stability, progress and economic transformation globally; this is why I am giving underprivileged

students this support, because when we have educated youths and populace, the constituency develops politically and economically.�

He admonished all the beneficiaries to utilise this opportunity to launch themselves into institutions and courses of their choices.

The lawmaker reiterated his commitment towards educational development in the constituency, noting that more of such developments will characterise his tenure as their representative.

He also assured the people of the constituency of his support in order to add values to their socioeconomic well being.

Rhodes Scholarships for W/Africa Appoints National Secretary, Strategic Adviser The Managing Director of Afrinvest (West Africa) Limited and a Rhodes Scholar, Ike Chioke, has been appointed as the Rhodes National Secretary for West Africa, in an effort aimed at reinstating the international Rhodes Scholarship for students in Nigeria, Ghana and other West African countries.

Also named Strategic Adviser for the sub-region is the award-wining writer and a former spokesperson for Google, Tope Folarin,

The appointment of both men was confirmed in a statement signed by Charles Conn, Chief Executive Officer of The Rhodes Trust and Warden of Rhodes House in Oxford, United Kingdom.

The Rhodes Scholarships are postgraduate awards supporting exceptionally bright students from around the world to study at the University of Oxford, United Kingdom.

It is the oldest and the most prestigious international scholarship programme in

the world, which aims to nurture publicspirited leaders for the world’s future.

On the choice of Chioke as National Secretary for West Africa, Conn remarked, “for many years Ike has been such a strong supporter of the reinstatement of the Rhodes Scholarship for West Africa. That, coupled with his knowledge of Nigeria, Ghana and the entire sub-region, makes him the standout choice for the role.

TEACHERS WEAR MANY CAPS To you this MOTHERS’ DAY Meet my little brave boy O.J., as we fondly called him.

He was a half-caste with wiring look and I must say behavior. His hair was most fascinating. “Strings� (not tuffs) of hair stood up at different ends of his scalp all seemingly defiantly refusing to be laid down by a comb or brush. I met him personally a year before he came to be in my class.

I was in the school library which doubled as a sick bay this afternoon, pursuing a couple of reference book for ideas on topics that I could give to the three arms of class 5 as their composition project for the year, when O.J. limped in accompanied by four other boys who were busy consoling him on the impeding pain he would feel when the nurse dabbed her T.B.C soaked cotton wool on his big wound.

He had bruised himself badly while playing football on the field.

He went on sniffling in fear and pain as the crest-fallen faces of his sympathizers recounted one injury or the other that they had sustained in the past. I decided to arrest the situation. I went over to him, cupped his face in my hands and made him look into my eyes. “Are you a brave boy?� I asked. “Yes teacher�, he replied empathically. “ Then I shall clean up your wound and you mustn’t wince�. “Ah!� cooed the other boys, hand covering their mouths in fear. I walked briskly to the First Aid box, dipped a cottonball in surgical spirit and cleaned up his wound.

He broke out in profuse sweat but no sound. I followed up with T.B.C. He gasped with clenched jaws, chest heaving up and down but he didn’t let out a whimper!

I was impressed, I started to clap for him and the boys took it up.

Gradually the stinging eased up and I shook his hands for his bravery. Later in a chat, he told me of a couple of instances in which he had defended his little brother or mates. I soon got to know that he was a boy hero in class, not good in school work but loved, admired and respected by his peers.

Composition is a subject I like very much. This is because it is where you could get to know the conflicts, joys, sorrows, misgiving sand wishes of a child. Hauwa’s composition will always remain in my memory. She was seven years and two months old and in first term class 3, when I met her. The topic this day was my mother.

Here is what she wrote (for now ignore the final ‘y’ written as ‘I’ by Hauwa)My momi is Mrs. ‌ She is forti years old She died in February Mumi sorry they put you in a box.

You were fast asleep Please come back soon. I miss you very much and I want a babi dol for my bathday. Color pink and siva.

Hauwa’s m o t h e r h a d d i e d a f t e r c h i l d b i r t h d u r i n g t h e l o n g t e r m h o l i d a y. S h e h a d b e e n a ve r y v i b ra n t wo m a n , h u g e a n d f r i e n d l y.

S h e s h owe r e d h e r t wo c h i l d r e n w i t h l ove a n d a t t e n t i o n . H a u wa w i l l h a ve t o l e a r n t h o u g h s e r i e s o f experiences, to accept and cope with this permanent loss. Her experiences will be sad when they are, but strengthening.

Tito’s communication of her feelings was altogether wordless. It began on a dull cool day in the rainy season.

I fo u n d h e r b e h a v i o r ra t h e r d i s t u r b i n g . I r o u n d e d t h e c o r r i d o r t o g o i n t o h e r c l a s s fo r p o e t r y w h e n I fo u n d h e r s e a t e d i n a yo g a p o s i t i o n , a r m s h u g g i n g herself, head bent, rocking forward and backwards.

I stopped on my tracks and stood there for moments c o m p l e t e l y t ra n s f i xe d a t t h e s i g h t o f h e r.

H e r c l a s s - t e a c h e r h a d g o n e o u t fo r m e t o h a ve m y c l a s s a n d t h e o t h e r c h i l d r e n w h o a l r e a d y k n ew h e r t o b e a l o n e r, h a d l e f t h e r t o b e by h e r s e l f.

I p i t i e d h e r. G e n t l y I u n c u r l e d a n d h u g g e d h e r t m y s e l f wa n t i n g s o eve r y m u c h t o u n d e r s t a n d h e r g r i p e s . S h e s t i f fe n e d a t f i r s t b u t g ra d u a l l y I fe l t h e r r e l a x i n m y e m b ra c e .

S o m e h ow, I t h i n k t h a t I t o l d her through this action that everything would be alright (children do have their worries). I didn’t feel at all prompted to ask her what the matter was and never have.

Religiously after this day, Tito looked for me in school, daily engaged my gaze, smiled then raise her right forefinger. Isn’t this curious?.

Omoru writes from the UK

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CITYSTRINGS

Ă?ĂžĂ“Ă˜Ă‘ Ă?Ă‹ĂžĂ&#x;ĂœĂ?Ă? ĂŽĂ“ĂžĂ™ĂœË? Ă’Ă‹ĂœĂ–Ă?Ă? Ă”Ă&#x;Ă˜ĂĄĂ‹ Ă—Ă‹Ă“Ă– Ă?Ă’Ă‹ĂœĂ–Ă?Ă?˛ËÔĂ&#x;Ă˜ĂĄĂ‹ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ù×

Marked for Demolition Two indigenous communities in Abuja earmarked for demolition are living on borrowed time, as the Federal Capital Territory Administration has resolved to go ahead with the exercise, writes Olawale Ajimotokan

The sprawling settkers’ shacks at Utako Village ...in the heart of Abuja

I

t was business as unusual on a sunny and dry afternoon in Utako, a commercial district in the heart of Abuja.

A cluster of people were drinking as they sat under a decrepit shed in Utako Village to discuss social issues affecting the community and the nation.

But apparently they were oblivious that the Federal Capital Territory Administration (FCTA) has sanctioned the demolition of the community, a development which will pave the way for earth mowers to roll in and level the community.

Utako Village is an unplanned community that borders three popular roads, including Ngozi Okonjo-Iweala Street, Augustus Aikhomu Road and Obafemi Awolowo Way in the Utako district in the west central flank of Abuja.

It is a haphazard mix of structures lumped at a corner at the end of both Aikhomu Road and Okonjo-Iweala Street. Its outlook is a complete contradiction to the gated houses

that adorn its surroundings on the other sides of the roads.

A network of alleys that lead particularly

FCTA is in the process of resettling the villagers in Utako to Shere Garuwyi.

The processes have begun and consultations are ongoing.The exercise is across board as it affects all the indigenous communities within phase 1 and 2 of Abuja

kingsley adebode

to nowhere plus a series of open gutters, in some cases as wide as craters, and pile of refuse are common features.

The village was founded by the indigenous Gbagyi people, the original dwellers of Abuja, the Nigerian capital city. It is a thriving hub of shacks harbouring low-wage earners with little skills, who can barely afford the cost of the duplexes and block of terraced apartments that dwarf them across the road and in many parts of Abuja.

Pipe borne water is lacking in this community that was founded about the same time the city emerged some 30 years ago.

But a bombshell sealing the fate of the community was dropped by Galadima Muktar, the Director of Development Control Unit at Abuja Metropolitan Management Council (AMMC), one of the units directly under the supervision of FCTA. Muktar said that the process of resettling the inhabitants of Utako Village had been

set in motion.

According to him, the relocation of the indigenous community within Phase 1 and 2 of Abuja precinct was part of global developmental issue.

He said that Utako village dwellers and other communities in the nearby Jabi would be resettled in Shere Garuwyi, stressing that the FCTA was making consultations regarding how to go about the resettlement project.

Muktar added that while the indigenes of Garki are scheduled to be moved to Apo Resettlement Town where 95 per cent of the project has been finished, villagers from Durumi, Alaeyita and Piwoyi will be resettled at Wassa. “FCTA is in the process of resettling the villagers in Utako to Shere Garuwyi. The processes have begun and consultations are ongoing. The exercise is across board as it affects all the indigenous communities within phase 1 and 2 of Abuja,’’ Muktar said.

T H I S D AY Ëž Ëœ ÍŻÍľËœ Í°ÍŽÍŻÍľ

37

CITYSTRINGS

But the Chief of Utako Village, Abdulahi feigned ignorance when THISDAY sought his view on the impending exercise to relocate the dwellers to Shere Garuwyi.

Abdulahi said that the impending demolition of the village was news to him. He added that AMMC, the government agency in charge of city planning and building approvals, had not officially notified them of such plan. “Honestly, this is information I am just hearing from you. We have not received any notice from the authority that this village will be relocated. It is a speculation which I cannot respond to because as you can see the people are at peace here and going about their businesses. We have not been told by the Abuja Metropolitan Management Council that this placed will be levelled. In fact, I am very concerned about your enquiries and don’t know what to say in furtherance,’’ he said.

He, however, admitted that in the past, there were efforts by FCTA to relocate them to Shere Garuwyi when the present Governor of Kaduna State, Malam Nasir el-Rufai was the FCT Minister.

He said since the initial proposal left the people to live in fear and uncertainty they have not been bothered by the authority about any resettlement plan.

He described the community dwellers as law-abiding citizens who are making positive contributions to the economic development of FCT and Nigeria.

But the Acting Coordinator of AMMC, Hajia Safia Umar said Utako Village and some other indigenous communities in the heart of Abuja were already becoming a menace to the society.

Umar said that AMMC would not shirk its obligation to keep the city clean and ensure the maintenance of security at all the time.

THISDAY gathered that the fate of the community appeared sealed following a flurry of petitions to authorities by neighbours on the opposite divide, stating their support of the plan to relocate the village.

In some of the petitions to AMMC, they complained about the security implications of the unchecked influx of all manner of people in the village at odd hours.

But as expected there have also been opposition by the villagers against any move to relocate them to Shere Garuwyi.

One of the dwellers, Musa Illela, voiced his objection on the ground that Shere-Garuwyi, which is a community under Bwari Area Council that borders Mpape, another settlement which FCTA wants to demolish, is a neglected community that has no water and is riddled and filled with muddy drainages. “I have established my business here in Utako for more than a decade. This is where I know as my home. Moving to a new place for whatever reason is not good for business.

Government can make this place better by providing the basic infrastructure instead of relocating everybody. Shere Garuwyi is not an option,’’ Illela said in defiance.

Few metres and close to the road, Nathaniel Daniel’s visage was that of disbelief and in a burst of seconds it transformed into sadness, the moment the reporter approached him. He sat lonely and miserable, as though deserted and abandoned on an improvised stool outside his electrical stores, waiting for patronage

We have not received any notice from the authority that this village will be relocated. It is a speculation which I cannot respond to because as you can see the people are at peace here and going about their businesses. We have not been told by the Abuja Metropolitan Management Council that this placed will be levelled

Utako Village...marked for demolition

The residents of Utako Village...not aware of the planned demolition

Inside Utako Village

that came in bust and fit. “I am not very happy because since morning I have barely made sales. The customers are not coming and the economic hardship is affecting business. Everybody is complaining and the commoners appear to be hardest hit. I am sad and now you have fouled the mood with this heartbreaking news of an impending demolition. Where do I go if this

eventually happens?’ lamented Daniel.

But after a deep reflection he determined that any message hinting on the planned demolition of the community by AMMC should be taken with a pinch of the salt because the authority has not issued any notice to the residents to that effect. “We have received no official correspondence on this. The truth is nobody has told

us anything and there is message to the contrary from the village chief. Therefore, I will regard this is a rumour and continue to tend to my business. There is no reason to begin to fret as that will only encourage the authority to consider that option, even when I don’t have such intention. You are only disturbed by what you know and not by mere speculation,� he said.

T H I S D AY Ëž , MAY 17, 2017

38

BUSINESS/MONEYGUIDE

FG’s Revenue Rises by 20.4% in February Obinna Chima Nigeria’s gross federallycollected revenue rose by 20.4 per cent in February 2017 to N545.05 billion, as against the N433.86 billion recorded in January 2017, the Central Bank of Nigeria’s (CBN) economic report for February 2017 has shown. The increase relative to the preceding month level was attributed to the rise in receipts from both oil and non-oil components.

But, the revenue receipt recorded in February, fell short of the 2017 provisional monthly budget estimate of N792.71 billion by 31.2 per cent, according to the report.

Gross oil receipts, at N292.82 billion or 53.7 per cent of total revenue, fell below the provisional monthly budget estimate by 0.6, but was 37.9 per cent higher than the receipts in January 2017. The increase in oil revenue relative to the preceding month reflected the significant rise in receipts from domestic crude oil/gas sales and PPT/Royalties.

According to the report, at N252.24 billion or 46.3 per cent of the total revenue, gross non-oil revenue was below the 2017 provisional monthly budget estimate of N498.14 billion by 49.4 per cent. It, however, exceeded the receipts in January 2017 by 4.9 per cent. T he poor performance relative to the provisional budget reflected the shortfall in most of the components due to the low economic activities in the country during the review period.

The estimated federal government retained revenue for the month of February 2017, at N194.38 billion, was below the 2017 provisional monthly budget estimate of N337.48 billion and the receipts in January 2017 by 42.4 per cent and 5.9 per cent, respectively.

Of the total receipt, federation account accounted for 68.5 per cent, while Exchange Gain, FGN

Independent Revenue, VAT, Excess Crude, and NNPC refund accounted for 11.6, 6.5, 5.4, 4.7, and 3.3 per cent, respectively.

Similarly, the estimated total expenditure of the federal government, at N599.30 billion, exceeded both the 2017 provisional monthly budget estimate of N522.64 billion and January 2017 level of N552.74 billion by 14.7 and 8.4 per cent, respectively. Recurrent and capital expenditure, accounted for 64.9, and 30.5 per cent, respectively, while transfers accounted for the balance of 4.6 per cent of the total expenditure. A breakdown of the recurrent expenditure showed that non- debt obligation was 79.3 per cent of the total, while debt service payments accounted for the balance of 20.7 per cent. “Increased domestic crude oil production recorded in the last two months continued in the review month as government and other stakeholders sustained effort at curtailing vandalism in the Niger-Delta region. Consequently, Nigeria’s crude oil production, including condensates and natural gas liquids stood at an average of 1.65 mbd or 46.2 million barrels in February 2017. “This represented an increase of 0.08 mbd or 5.10 per cent over the average of 1.57 mbd or 48.67 million barrels (mb) recorded in January 2017. Crude oil export was estimated at 1.20 mbd or 33.60 mb, representing an increase of 7.14 per cent, compared with 1.12 mbd or 34.72 mb recorded in the preceding month. Allocation of crude oil for domestic consumption remained at 0.45 mbd or 12.60 mb during the review period,� it added.

Furthermore, the report showed that the external sector marginally strengthened in February 2017 following the increase in domestic oil production and international crude oil prices as well as improved inflow through autonomous sources.

Increase in crude oil prices followed the deal reached by the Organisation of Petroleum Exporting Countries (OPEC) members to cut production.

However, foreign exchange supply shortages continued to constrain import of raw materials which suppressed domestic production. Consequently, non-oil export receipts declined in the review period.

Also, Foreign exchange inflow through the CBN, at US$2.37 billion, fell by 8.9 per cent, relative to the level in the preceding month, but was 94.4 per cent above the level in the corresponding period of 2016.

The development reflected the significant decline in non-oil receipts due to lack of interbank swap transactions and fall in Treasury Single Account and third party receipts during the review month.

On the other hand, aggregate outflow through the CBN, at US$0.98 billion, declined by 7.3 per cent and 4.6 per cent below the levels in the preceding month and the corresponding period of 2016, respectively. The development was attributed to the decline in drawings on Letters of Credits (L/Cs), external debt service, foreign exchange special payment (NSA), other official payments and 3rd party MDA transfers. Overall, a net inflow of US$1.40 billion was recorded, compared with US$1.55 and US$0.20 in January 2017 and the corresponding period of 2016, respectively. “Total non-oil export earnings, at US$0.31 billion, fell by 7.0 per cent, below the level in January 2017. This resulted from the 50.0 per cent, 41.6 per cent, 36.4 per cent and 32.3 per cent decline in receipts from transport, food products, agricultural and industrial subsectors, respectively.

The manufactured product and minerals sub-sector, however, grew by 209.8 per cent and 5.0 per cent, respectively, above the levels in the preceding month to US$60.28 million and US$135.13 million,� it added.

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)

Following the significant improvement in foreign exchange (FX) liquidity in the economy, operators of commercial banks in the country believe the economy has past the worst of what was described as “the most severe downturn in 25 years.� Renaissance Capital, a financial advisory firm stated this in a report, at the end of its 8th Annual Pan-Africa 1:1 Investor Conference in Lagos recently. According to the firm, one of the big theme at the meeting with investors was the year-to-date (YTD) improvement in FX liquidity, which allowed for the unwinding of some outstanding obligations.

Trade facilities and velocity increased as a result, it cited one bank to have disclosed.

During the height of the FX shortages, trade cycles lengthened to 12 months, from a typical four-to-six months. “The trade cycle is now contracting. Banks are cautiously optimistic about the Investors and Exporters (I&E) FX window.

One bank thinks it is a tacit devaluation and precursor to a more liberal FX policy.

Another sees the FX rate settling at N370-400/$1,� it stated. In addition, the report revealed that banks see little incentive to lend with Treasury yields, while non-performing loans (NPLs) tend to lag the economy.

It also quoted another bank to have estimated that there was 18 months to go of high NPLs and downside surprises. “Retail transactions fell, when households cut spending, have yet to pick up. That said, banks believe things are getting better. In the short term, they see opportunities in manufacturing, agriculture and infrastructure.

They are steering clear of the oil & gas, and haulage sectors. One bank thinks the nascent recovery is led by an improvement in the oil sector, and fears that if it is not sustained by structural reform, it will be fragile. The banks’ biggest concern is regulatory changes,� it added.

On the other hand, it stated that consumer companies held the opinion that the

fundamentals of the microeconomy – consumers and businesses – have not changed. “They think the consumer is still stressed; unemployment high and inflation elevated.

Consumers have reduced the frequency of purchases, found substitutes and traded down. One consumer company shared with us the example of a middle-income mother buying smaller sachets of a product, when she can afford a larger pack. Her argument was that in these challenging times, she can control consumption more easily in her household with sachets. “Lower income mobile subscribers are reacting to high inflation by dropping from two SIM cards to one, according to a telcos company. Tight FX liquidity led to some companies delaying capex. Some consumer companies cannot pass on the cost of FX to the end consumer.

Even those with a relatively larger share of locally sourced raw materials told us that its pricing is still impacted by FX. The companies see stability returning,� it added.

-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

With Improved FX Liquidity, Banks Foresee Green Shoots Senator Iroegbu Ă“Ă˜ ĂŒĂ&#x;ÔË

(MILLION NAIRA)

DECEMBER 2016

Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

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

OPEC DAILY BASKET PRICE AS AT, MON, 15 MAY 2017 The price of OPEC basket of thirteen crudes stood at $49.72 a barrel on Monday, compared with $48.27 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

T H I S D AY Ëž , MAY 17, 2017

39

MARKET NEWS

Stockbrokers to Facilitate Economic Growth through Capital Market Goddy Egene and Nosa Alekhuogie The Association of Owners of Stockbroking Houses of Nigeria (ASHON) is making moves to support the federal government’s efforts to take the economy from recession and put it on a sound footing.

To this end, ASHON will hold the Capital Market Summit on Thursday, May 25, in Lagos.

Speaking yesterday at a press conference on the summit, Chairman of ASHON, Chief Patrick Ezeagu explained that the event would create a platform to identify means by which the federal government can salvage the economy.

According to Ezeagu, the theme for the summit, ’The Road to Nigeria’s Economic Recovery- The Capital Market Route’, was borne out of the association’s desire to sensitise

T H E MAIN BOARD

DEALS

MARKET PRICE

the federal government and other tiers of government as well as the private sector players/investors on the critical roles the capital market can play towards the achievement of the objectives of the Economic Recovery and Growth Plan (ERGP) and successful implementation of the 2017 budget.�

He noted that the capital market primarily helps to mobilise funds from the

N I G E R I A N QUANTITY TRADED

STO C K

VALUE TRADED ( N )

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

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

6 6 12

30.00 34.00

19 19 31

surplus economic units and channels them to the deficit ones.

Ezeagu said: “This underscores the fact that government’s budget deficit gap and critical infrastructure development can be financed through the instrumentality of the capital market. Indeed, the history of our capital market in Nigeria is robust with several times in the past when governments at

12,629 11,640 24,269

374,530.15 421,345.20 795,875.35

1.25

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

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

5 68 13 86 86

0.77 1.13 20.47

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

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

13 13

41.50

31,970 31,970

1,409,214.78 1,409,214.78

5 5 18

5.20

28,901 28,901 60,871

154,716.48 154,716.48 1,563,931.26

6 24 7 98 135

2.85 118.85 20.00 99.00

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

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

9 9

168.50

166,476 166,476

28,285,937.95 28,285,937.95

54 38 6 12 1 29 140

5.61 19.00 1.37 6.86 6.65 1.27

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

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

11 54 65

17.86 700.00

18,825 98,360 117,185

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

11 11

4.46

99,050 99,050

420,455.00 420,455.00

13 21 34 394

21.90 28.00

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

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

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

4.10 1.49 15.60 1.21 16.70 1.07 1.76 2.95 5.30 0.63 0.98

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

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

14 8 2 3 7 10 1 1 46

0.80 0.90 0.50 0.50 2.06 0.76 0.50 0.50

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

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

1 1

1.08

4,760 4,760

4,950.40 4,950.40

31 7 105 7 20 170 893

2.46 4.00 0.85 14.15 1.31

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

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

27

2.69

614,065

1,572,223.05

various tiers took advantage of the market to raise funds to execute infrastructural projects.�

Also speaking at the event, Vice Chairman of ASHON, Mr. Akin Akeredolu-Ale explained that the relative stability in the forex market and good corporate earnings were part of the factors driving the stock market currently and they are sustainable.

According to him, with

better policies the market would be able to play its role of economic development capital formation. “As members of the capital market community, we are all aware that market is simply a barometer that gauges the mood of economy, hence, we all have a duty to support the government in whatever form that can bring about dramatic turnaround of our economy in Nigeria,� Akeredolu-Ale said.

E XC H A N G E

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

DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

32 4 6 69 69

25.33 0.94 0.69

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

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

1 1 1

1.69

500 500 500

805.00 805.00 805.00

16 9 4 6 10 31 76

24.00 9.30 35.78 8.62 3.36 80.50

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

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

6 6

1.51

134,500 134,500

204,240.00 204,240.00

5 5 87

50.00

24,529 24,529 15,152,108

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

2 2

0.50

24,262 24,262

12,131.00 12,131.00

90 90

3.47

3,827,573 3,827,573

13,288,632.05 13,288,632.05

21 7 8 21 7 64

18.34 1.84 342.00 150.00 145.00

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

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

33 33 189

318.00

389,934 389,934 4,473,488

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

1 1

0.50

941 941

470.50 470.50

5 5

3.80

32,870 32,870

127,756.40 127,756.40

13 13

0.89

624,500 624,500

538,430.00 538,430.00

1 22 23

2.29 4.00

4,588 251,094 255,682

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

1 1 43 1,811

1.68

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

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

2 2 2 2

1.21

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

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

306 306

11.45

13,929,679 13,929,679

159,605,439.23 159,605,439.23

278 278 584

3.74

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

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

35 35 35 619 2,432

139.83

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

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

2 2 2 2 2 10 10 10

2,330.00 2.33 6.02 11.09 18.07

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

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

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

40

˾ WEDNESDAY, MAY 17, 2017

MARKET NEWS

Custodian and Allied Shareholders Receive 25 kobo Dividend Ebere Nwoji Custodian and Allied Plc has announced dividend of 25 kobo per share for its shareholders from its business outing in the 2016 financial year.

Chairperson of the company, Mrs. Omobola Johnson who announced the dividend payment at the 22nd annual general meeting (AGM) of the company in Lagos recently, said Custodian and Allied, had sustained the

regularity of its dividend pay-out over the years, having previously paid an interim dividend of seven kobo per share in September 2016.

According to her, following the company’s impressive performance for the year ended December, 31, 2016, the directors proposed a final dividend of 18 kobo dividend payout to bring the total to 25 kobo per share.

Attributing the positive performance of the

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

company to the capability of the management team, Johnson, said: “The challenging environment in which your company operated in 2016, tested the resilience of our management and its ability to operate professionally and profitably in difficult times. All significant performance metrics for the year under review were better than prior years, as year over year growths of 30 per cent, 29 per cent and 33 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 15MAY-2017, unless otherwise stated

were recorded in gross revenue, profit before tax and total comprehensive income respectively.”

She said that the total comprehensive income of the company attributed to shareholders was N5.2 billion.

This, according to her, translated to N1.38 billion better than prior year while net shareholders’ value after adjusting for dividends paid increased

by N3.9 billion.

Johnson noted that

during the year under review, the company’s management continued to deploy the group’s assets professionally, prudently and profitably within the dictates of the evolving local and world economies to ensure the safety of its insurance / investment client’s fund and not to erode shareholders’ value.

Custodian and Allied Plc, she further noted, formally constituted its social responsibility foundation in 2016,

disclosing that during the year, the company fully renovated, refurbished, computerised and stocked the Lags State Public Library at Ilupeju.

“The unprecedented effort of the foundation, which is in line with our commitment to the societies in which we operate, was lauded by the state government and is being used as a template for further corporate social responsibility activities in the state,” she stated.

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 141.63 142.50 11.64% Nigeria International Debt Fund 223.01 224.22 5.14% 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 4.89% 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 18.04% 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 117.25 118.07 11.47% AXA Mansard Money Market Fund 1.00 1.00 18.13% 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 18.45% 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 1,070.83 1,071.96 5.98% FBN Heritage Fund 119.76 120.58 7.33% FBN Money Market Fund 100.00 100.00 17.52% FBN Nigeria Eurobond (USD) Fund - Institutional $107.83 $108.19 4.59% FBN Nigeria Eurobond (USD) Fund - Retail $108.97 $109.33 6.40% FBN Nigeria Smart Beta Equity Fund 123.92 125.50 9.96% 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 1.06 1.07 13.30% Legacy Short Maturity (NGN) Fund 2.72 2.72 5.75% 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 2,374.56 2,405.18 7.55% Coral Income Fund 2,243.61 2,243.61 6.62% 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 17.22% 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 18.29% Vantage Balanced Fund 1.84 1.86 9.32% Vantage Guaranteed Income Fund 1.00 1.00 17.66%

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 1.03 1.05 4.42% Lotus Halal Fixed Income Fund 1,021.86 1,021.86 3.87% 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 10.74 10.82 11.08% 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 1.11 1.13 11.92% PACAM Fixed Income Fund 10.54 10.60 1.39% PACAM Money Market Fund 10.00 10.00 14.41% 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 118.59 119.50 16.45% 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 4.16% 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 1,922.23 1,932.37 4.95% Stanbic IBTC Bond Fund 158.29 158.29 2.81% Stanbic IBTC Ethical Fund 0.81 0.82 5.84% Stanbic IBTC Guaranteed Investment Fund 197.42 197.42 5.63% Stanbic IBTC Iman Fund 135.77 137.67 4.63% Stanbic IBTC Money Market Fund 100.00 100.00 18.28% Stanbic IBTC Nigerian Equity Fund 7,766.78 7,856.90 2.42% 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 1.20 1.19 9.60% United Capital Bond Fund 1.31 1.31 18.88% United Capital Equity Fund 0.72 0.71 4.59% United Capital Money Market Fund 1.14 1.14 11.39% 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 11.09 11.29 14.71% Zenith Ethical Fund 11.80 11.92 8.02% Zenith Income Fund 17.77 17.77 7.55%

REITS NAV Per Share

Yield / T-Rtn

11.41 126.75

1.01% 2.24%

Bid Price

Offer Price

Yield / T-Rtn

8.56 80.20

8.66 81.70

-2.49% 5.83%

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

3.23 7.15 13.37 16.87 129.08

3.27 7.23 13.47 17.07 131.08

17.14% 1.70% 11.23% 5.73% -0.61%

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 WEDNESDAY MAY 17, 2017

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WEDNESDAY MAY 17, 2017 ˾ T H I S D AY

47

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Trump Sharing Highly Classified Information with Russia Shows His Extreme Hubris During the May 10 meeting at the White House with Russia’s Foreign Minister Sergei Lavrov and Ambassador to the U.S. Sergey Kislyak, Trump began describing details about an Islamic State terror threat related to the use of laptop computers on aircraft, according to current and former U.S. officials. (The Washington Post) Hubris and rank amateurism are killing President Trump when it comes to his Russia problem. And that’s the most charitable explanation.

First, Trump made the very questionable decision to meet with top Russian officials a day after making the very questionable decision to fire the man leading the FBI’s Russia investigation, James Comey. And now The Washington Post is reporting that, in that very same meeting, Trump shared highly classified information about the Islamic State with the Russians.

This is information that current and former U.S. officials say could jeopardize a valuable source of intelligence in the fight against ISIS and give an adversarial Russia a strategic advantage in Syria, where its goals are different from ours. If there is something worse Trump could have done in that meeting, I’m not sure what it would be.

The details of what exactly Trump discussed with Russian Foreign Minister Sergei Lavrov and Ambassador Sergey Kislyak on Wednesday are sketchy, and The Washington Post is withholding some of them for national security reasons. But according to the officials, Trump relayed information from an intelligence-sharing arrangement that is so sensitive that some details aren’t even shared with U.S. allies or broadly within the U.S. government. Trump cited the specifics of an ISIS plot and, most problematically, named the city in the Islamic State’s territory where the U.S.’ partner detected the threat.

Needless to say, sharing information with the Russian government that isn’t even being shared with allies is a big blunder.

Trump has broad authority to declassify information, so he was probably within his rights to talk about it.

But this is something that can credibly be described as Trump doing damage to the fight against the Islamic State with his loose lips.

The officials The Post spoke with are clearly exasperated. Here’s a

sampling of their reactions:

t i 5 S V N Q seems to be very reckless, and doesn’t grasp the gravity of the things he’s dealing with, especially when it comes to intelligence and national security.” — a former senior U.S. official close to current administration officials

t i 3 V T T J B could identify our sources or techniques.” — a senior U.S. official

t i* EPO U think that it would be that hard [for Russian spy services] to figure

this out.” — a former intelligence official who worked on Russia-related issues

t i)F TFFNT to get in the room or on the phone and just goes with it — and that has big downsides. Does he understand what’s classified and what’s not? That’s what worries me.” — a former U.S. official Given how unusual a politician Trump is and how shocked most of us were that he was elected president, we’re always in a constant search for alternate explanations for

the off-kilter things he does. Maybe the tweets work! Maybe his offensive comments were calculated!

Maybe he’s just trying to distract us! Maybe he’s really a secret political genius, despite his 36 percent approval rating!

But the Comey firing last week, its badly bungled aftermath and now Trump’s disclosure of highly classified information to Russia in the Oval Office paint a pretty clear picture. This is a president who shoots from the hip. Sometimes he shoots from the hip and hits the target, but it’s

also causing him major, major problems now that he’s President Trump and not Candidate Trump. It’s one thing to say something offensive during the New Hampshire primary; it’s quite another to jeopardize tools for fighting terrorism because you speak before you think.

Conspiracy theorists who are fond of the claims in that dossier will believe that this is Trump deliberately feeding valuable information to his buddies in Russia as payback for their help in the 2016 election. But sharing it

out in the open during a meeting with other national security officials in the room would seem to be a very curious move.

As The Post report notes, Trump’s flub was quickly recognized and the damage control began almost immediately.

On a much more basic level, this appears to be Trump being careless and completely unaware of how the things he’s saying may create problems — both perception problems for himself, and real-world problems for the fight against terrorism.

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T H I S D AY WEDNESDAY MAY 17, 2017

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WEDNESDAY, MAY 17, 2017Ëž T H I S D AY

NEWSXTRA

Shell Pays $29bn to Nigeria in Five Years PENGASSAN orders members to stop work in Shell, Agip, opens talks with ExxonMobil Ejiofor Alike The Shell Petroleum Development Company of Nigeria Limited (SPDC)operated joint venture has stated that it contributed $29 billion to the Nigerian purse between 2012 and 2016, with SPDC paying $1 billion in royalties and corporate taxes in 2016, while Shell Nigeria Exploration and Production Company (SNEPCo) paid $400 million.

The Country Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor, who stated this yesterday, added that the company remains strongly committed to the development of Nigeria.

This is coming as oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) yesterday directed its members who perform administrative duties in Shell and Nigerian Agip Oil Company (NAOC) to embark on strike, which started in Chevron yesterday, in solidarity with their members in ExxonMobil.

However, unlike PENGASSAN’s action in ExxonMobil, where the union shut the gates of the company’s offices from the hours of 8a.m .to about 12.30p.m. daily since last week, normal activities were seen to be ongoing in Shell,

Chevron and Agip’s offices in Lagos yesterday.

But the Port Harcourt Zonal Chairman of PENGASSAN, Azubuike O. Azubuike, told THISDAY yesterday that the strike in other IOCs was very effective in Port Harcourt Zone.

Presenting the company’s 2017 briefing notes, Osunbor further stated that Shell-operated ventures in Nigeria recorded an output of some 572,000 barrels of oil equivalent per day in 2016.

He also commented on crude theft and other security issues in Shell operations, saying that crude oil theft on SPDC’s pipeline network resulted in a loss of about 5,660 barrels of oil per day in 2016, which is less than the 25,000 bpd in 2015.

Osunbor also disclosed that the number of sabotage-related spills declined to 45 compared with 93 in 2015. “The reduction in oil theft and sabotage-related spills from the previous year can be attributed to continued improvements in air and ground surveillance and response by government security forces, lower production levels at SPDC JV operations in the Western part of the Niger Delta due to acts of sabotage and our divestment from key pipelines in 2015,� he explained. “We continue to work with the government and other key stakeholders on the security challenges in our operating environment and look towards

sustained and fruitful operations for the benefit of the Nigerian state and all other shareholders,� he added.

Okunbor said the determination of Shell to support the monetisation of the nation’s huge gas resources led it to establish Shell Nigeria Gas in 1998, which now supplies gas to about 90 industrial customers in Ogun, Rivers and Abia States, for power generation and manufacture of domestic products ranging from household consumables, to household utensils and hardware.

He disclosed that Shell companies in Nigeria paid special attention to the welfare of host communities, making Nigeria the second largest

recipient of social investment spending in the Shell Group after the United States. “Areas of focus include community and enterprise development, education, health, access-to-energy, and since 2016, road safety. This is in addition to community-driven development programmes and initiatives delivered through the Global Memorandum of Understanding (GMoU), which target themes as determined by benefiting communities,� he said.

In a bid to involve more Nigerian contractors in Shell operations, Okunbor said the Shell Contractor Funding initiative was expanded with eight participating banks committing about $2.2 billion to fund contract execution by

Nigerian companies working for Shell Companies in Nigeria. “Since the commencement of the programm in 2011, loans worth approximately $1 billion have been awarded to 220 small and medium-sized Nigerian enterprises with no recorded defaults on repayment. The Shell Contractor Fund was approved by the Organisation for Economic Cooperation and Development (OECD) at its plenary session on “Shared Value creation and local content� in December 2016 and included in the compendium of global best practices,� Okunbor said.

The Shell boss, who presented the company’s 2017 briefing notes through Shell Nigeria’s Communications Manager, Mrs. Sola Abulu,noted that SNEPCo

added to the group’s efforts to improve the capability of Nigerian vendors and service providers in deep water operations by assigning significant portion of work to this category of contractors in its recently-concluded turnaround maintenance at Bonga field.

In a related development, PENGASSAN yesterday directed its members who perform administrative duties in Shell and Nigerian Agip Oil Company (NAOC) to embark on strike in solidarity with their members in ExxonMobil.

But while normal activities were observed in offices of the IOCs in Lagos, the Port Harcourt Zonal chairman said the action was very effective in Port Harcourt zone.

Constitution will Decide What Happens after Buhari, Omokri Replies Junaid Mohammed Ejiofor Alike A former Special Adviser to former President Goodluck Jonathan, Mr. Reno Omokri, has stated that it is the Nigerian constitution that will decide what happens if President Muhammadu Buhari does not complete his tenure.

Responding to what he described as a threat to Vice President Yemi Osinbajo, by a Second Republic politician, Dr. Junaid Mohammed, the former presidential adviser said it was highly disappointing that Mohammed should be contemplating that something could happen to President Buhari instead of praying for the president.

Omokri stated that in the unlikely event of what Mohammed was contemplating, it is the Nigerian constitution that would dictate what would happen next and not Mohammed, or Northern Nigeria or any other part of Nigeria for that matter. “Recently, Nigerian woke up to a rude and not so subtle threat issued by one cantankerous fellow, Junaid Mohammed, who has an over bloated opinion of himself and the weight his words carry in Nigeria. Without deigning to repeat his repugnant and provocative threats, let me respond to Junaid Mohammed and any other person that thinks along those lines,â€? said Omokri.Â

“First, those I represent and I pray for President Buhari’s recovery, but if what Mohammed is contemplating should occur (and it is highly disappointing that Mohammed should be contemplating such instead of praying for the president), then it is the Nigerian constitution that will dictate what will happen next and not Mohammed, or Northern Nigeria or any other part of Nigeria for that matter,�

Omokri added. He added: “For the avoidance of doubt, there is no first class or second class citizen in Nigeria. No part or citizen of Nigeria needs permission from another part or citizen of Nigeria before he or she can lay claim to what has been freely given to him or her by the Nigerian Constitution, which is the grundnorm and basis for the existence of Nigeria. We are all equal. And if Mohammed and those he speaks for do not like it, they should take the Oba of Lagos’ advice and jump into the lagoon. Nothing, I repeat nothing, must happen to Osinbajo. His fate is in the hand of God and not in the hand of proud and presumptuous mortals like Mohammed and those he speaks for!.�

Omokri advised Mohammed to “confine his busybody to praying for the President rather than pontificate about a post Buhari Nigeria when the president is very much alive.â€?Â

FAREWELL GONG

L-R: Chairman, Stanbic IBTC Holdings Plc, Mr. Basil Omiyi; Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema; former Chairman, Stanbic IBTC Holdings, Mr. Atedo Peterside, his wife, Dudun; and Chief Executive, Stanbic IBTC Holdings, Mr. Yinka Sanni, during the closing ringing ceremony to commemorate Peterside’s resignation as Chairman of Stanbic IBTC, at the NSE, Lagos...... yesterday

Again, Suspected Herdsmen Kill 12 in Taraba Five killed in suicide attacks on Borno Wole Ayodele Ă“Ă˜ Ă‹Ă–Ă“Ă˜Ă‘Ă™ Ă‹Ă˜ĂŽ Michael Olugbode, Ă“Ă˜ Ă‹Ă“ĂŽĂ&#x;Ă‘Ă&#x;ĂœĂ“ At least 12 people were killed by suspected Fulani herdsmen between Sunday and Monday at Gazabu, Tukun Ruwa, Utsua Daa, Kungana and Kpenkpen villages in Bali Local Government Area of Taraba State.

Besides, scores of people sustained serious injuries in the attack and are currently receiving treatment at the Bali General Hospital.

This is coming barely 10 days after similar attacks on Takum and Ussa Local Government Areas left no fewer than 18 people dead.

Though the state Police Public Relations Officer, David Missal, said three persons were killed in the attack, the Chief of Tiv in Bali, Zaki David Gbaa, said 12 people, including a one-weekold baby were killed by the herdsmen.

Gbaa, who is the Chairman, Council of Tiv traditional rulers in the state, condemned the

incessant attacks on Tivs in the area, saying the attacks are being carried out deliberately to dispossess his people of their ancestral lands.

He wondered why such attacks are not being carried out in Daka district also in Bali and Mutum Biyu district in Gassol Local Government Area just as he urged Governor Darius Ishaku to hold the local chiefs in the areas accountable for the crisis.

While commending the governor for the steps he has taken so far to restore peace in the area, he appealed to the state House of Assembly to investigate the crisis with a view to bringing a permanent solution to the incessant attacks on his people.

He, however, appealed to the government to urgently provide relief materials for the internally displaced persons (IDPs) Â who abandoned their homes for safety and have swelled the IDP camps in Bali.

Narrating the ordeal of the displaced persons to journalists who visited the camp yesterday,

the camp leader, Mr. Matthew Baki, said the challenges facing the people includes water, shelter, food and exposure to all forms of diseases. “Just yesterday, two women delivered here without access to medical facility and one of the children died hours after delivery. And as you can see,  we are all sleeping outside in this open field and it has been raining since we came in here. We are exposed to all forms of diseases.

We want the government to end the crisis to enable us return to our homes and farms,� he said.

Fielding questions from journalists, the Lamdo Bakundi, Alhaji Misa Gidado, who is the traditional ruler of Bali, said he has been holding series of meetings with stakeholders in the area to ensure a quick end to the crisis, and appealed to both the Fulani herders and Tiv farmers to embrace peace.

THISDAY gathered that 1,765 people are currently camping at the Tiv Council Hall,  St. Paul’s Catholic Church and NKST Church all in Bali town while

the number is expected to increase in the days ahead as more people troop into the camps to take refuge.

Also, five persons were killed and six other injured in suicide attacks on Konduga, a town in Borno State, the police said yesterday.

The police in a statement by its spokesman in the state, Victor Isuku, said the incident occurred on Monday night at about 9:30.

He revealed that the attacks were by three female suicide bombers who all lost their lives in the incident, that equally claimed two other lives and had six others injured.

The statement read: “Information received from District Police Officer Konduga, has it that on 15/5/17 at about 21:30 hours, three female suicide bombers detonated improvised explosive devices (IEDs) strapped on their bodies at Shuwa settlement of Mandarari Ward Konduga , killing themselves and two others. “While six persons sustained injuries. Normalcy had been restored.�

50

WEDNESDAY, MAY 17, 2017˾ T H I S D AY

NEWSXTRA

Osinbajo: Next 10 Years will Be Difficult for the African Economy Social investment: FG spends N41bn on 25 million meals Omololu Ogunmade ÓØ ÌßÔË Acting President Yemi Osinbajo yesterday said the next 10 years would be difficult for African economies as a result of the inability of various governments to provide infrastructure the way they used to do.

Osinbajo who made this remark at the occasion of the 10th year anniversary of the corporation in Abuja, therefore challenged the African Finance Corporation (AFC) to bridge the

gap in imminent infrastructure deficit in Africa.

Specifically, the acting president emphasised the need for AFC to invest in broadband infrastructure which he said had won its place as the new utility alongside electricity, transportation, telecoms, and water supply “and it is bound to affect and indeed is already defining how every one of these other utilities work and will work in the coming years.”

“It is important to mention

Again, FG Refuses to Produce Dasuki in Court for Trial The trial of the former National Security Adviser, Colonel Sambo Dasuki (Rtd) on alleged corruption charges was aborted by the refusal of the Federal Government to produce him in Court for trial.

The trial slated before the FCT High Court Abuja could not go on after the judge and Senior Lawyers had waited for over three hours without Dasuki being brought to court as agreed at the last adjourned date.

Sambo Dasuki who had been granted bails by four different judges in the last two years has remained in the custody of Department of State Services (DSS) without detention warrant and in disobedient to the court orders on bail.

Prosecution counsel, Mr. Rotimi Jacob (SAN) told Justice Baba Yusuf that he was surprised that the former NSA was not

also how in the past most nations, especially African countries were able to pay up for infrastructure projects in one way or the other. But that sovereign risk environment is changing quickly. Governments had always in the past been the largest contributor to infrastructure even when payments were always never really smooth, but they were able to offer sovereign guarantees or cash support.

“But today, that is no longer forthcoming given the huge deficits and sovereign debts that most governments now experience. So, the time certainly calls for new thinking, AFCs and DFIs like that must now begin to

look for new ways of engaging with governments, you must look for new ways of engaging with African governments.

“We cannot forget that unless corporations like AFC recognise that what is important to do in these times, the next 10 years will indeed be very difficult years for our economies, for the African economy. We will be relying on AFC, our own DFIs to do much more; we will be relying on them to show much leadership to take greater risks,” he stated.

Meanwhile, the federal government said yesterday that it had spent N41.7 billion on 25 million meals under the auspices of National Homegrown School

Feeding Programme in all the 36 states of the federation and Federal Capital Territory (FCT) as part of its social investment programme.

A statement by the acting president’s spokesman, Laolu Akande, said no fewer than 1, 051, 619 primary school pupils are currently being fed across seven states of Anambra, Ebonyi, Enugu, Ogun, Osun, Oyo, and Zamfara States while 11,847 cooks have secured employment under the scheme.

He also gave a breakdown of the sum spent on other programmes such as Conditional Cash Transfer (CCT), N-Power, among others.

“Specifically, Delta State is

expected to receive soon, a sum of N63, 366, 100 to start the feeding of 90, 523 primary school pupils. In the same vein, Abia State is also expected to receive N42, 921, 200. Besides, Kaduna State has now been repaid N3.4 billion for its past expenses implementing the food programme ahead of federal government’s roll-out.

“In a breakdown of the over N41 billion so far spent on SIPs, N-Power, which is the job programme for unemployed graduates has received N26.418 billion, being the single largest spending item out of the four social investment programmes under the 2016 Appropriation.

within the court premises for the continuation of his trial but however declined to give reasons why the defendant was not produced.

He applied that the case be stood down for another one hour to enable him make contact with the agency responsible for Dasuki’s detention.

However, counsel to Dasuki, Mr Joseph Daudu SAN informed Justice Baba Yusuf that the statement of Jacob is not helpful to the court and demanded to know the whereabouts of his client.

Daudu informed the court that he is apprehensive on the whereabouts of his client who has been in the custody of the DSS since 2015, adding that the only person who can authoritatively informed the court on whereabouts of the Ex-NSA is the prosecution counsel.

DSS Invades THISDAY Editorial PARTNER Board Member’s Office over Report on LET’S L-R: Fellow, Nigerian Academy of Engineers (NAE), Prof. Augustin Esogbue; past President, NAE, Prof. Ayo Ogunye; Group Managing Director, Arco Group, Mr. Alfred Okoigun; President, NAE, Mrs. Joanna Maduka; Fellow, NAE, Mr. Babajide Soyode; Technical Secretary, NAE, Sexualisation on School Kids Mr. I. K. lnuwa; and Dr. T.O. Bawa-Allah, during the visit of a delegation from NAE to Arco Group’s head office in Lagos to discuss collaboration Chiemelie Ezeobi

The office of the editorial board member of THISDAY Newspapers, Sonnie Ekwowusi, was at the weekend invaded by operatives of the Department of State Services (DSS), over a ‘ProLife, Pro-Family conference’ he is involved in, as well as a report condemning the sexualisation of school children in Nigeria.

After the invasion, Ekwowusi was invited to the DSS office in Shangisha, Lagos, yesterday for a follow-up interview.

Narrating his ordeal, he said: “Last Friday, the DSS invaded my office over a pro-life, profamily conference I am involved in. They said they wanted to find out if the conference was registered.

“They invited me to their office yesterday. Recently, I wrote a series of articles condemning the sexualisation of school children in Nigeria.

“I guess the articles must have ruffled some feathers in high quarters. We will continue to pray for our country, Nigeria.”

On the allegations by the DSS, Ekwowusi said: “I got a call from one Peter asking me to come over to the DSS office at Shangisha in Lagos. When

I told them I could’t make it, they sent some operatives to my office.

“They ransacked it and made away with some files.

So yesterday, I went to their office and met the same Peter who told me he was dashing to somewhere and would have to re-invite me.

“What are the functions of the DSS? Can they dabble into conference matters? What has national security got to do with women’s rights which is what we are championing?

“From what I gathered from sources, a group of women petitioned the DSS about our forthcoming Pro-Life, Pro-Family conference, claiming that what we stand for is against their interest.

“Meanwhile, what our conference stands for is championing women and child’s rights. We have held it for five years and this year, it will take place at NIA, Victoria Island, Lagos.

“We have the conference in partnership with the Lagos State Government and the state House of Assembly. Our past conferences have helped the government to make laws on domestic violence.”

between the two organisations.... Monday

OGBEH: NIGERIA’S RICE POLICY HURTING THAI PRODUCTION by the Nigerian Army to confront the herdsmen.

Ali said the military has also tabled a proposal for the army brigade headquarters to be located in all state capitals of the federation, in addition to the establishment of a Special Operation Command to provide protection of military bases.

In his remarks, the Minister of Transportation, Rotimi Amaechi said there was an ongoing collaboration between the Nigerian Customs Service and Nigerian Ports Authority (NPA) to facilitate a 48-hour clearance of all goods at the ports.

Amaechi said the China Ex-Im Bank has provided $1.2 billion for the construction of the Lagos- Ibadan rail line, while the government has also released its own counterpart fund.

He said the National Assembly removed the N60 billion allocated for the Itakpe-Warri rail project after an agreement had been reached

with the contractor.

He said government would also embark on the construction of Lagos-Kano-Maiduguri rail line before 2018 and would acquire 20 locomotives and 500 wagons to run the route.

Minister of Finance Mrs. Kemi Adeosun said the country would come out of recession stronger before the end of the year.

She, however, said the recovered loot from various sources was not enough to fund government projects and finance the budget, stressing that it was still necessary for government to borrow.

Anti-open Grazing Law for Benue In a related development, the Benue State governor, Samuel Ortom yesterday disclosed that he would sign an Anti-open grazing Bill into law in his state, as part of measures to put paid to the incessant killings and violence perpetrated by herdsmen in Benue state.

Making this known while fielding questions from

State House correspondent, after a meeting with acting President Yemi Osinbajo at the Presidential Villa, Abuja, Ortom said the state government was not leaving any stone unturned to end the threat posed by herdsmen.

According to him, there is no land for grazing in Benue State because the entire land in the state is meant for cultivation, pointing out, however, that in recent times, there has been a measure of co-operation between farmers and herdsmen.

Ortom, who said the federal government and security agencies had been very supportive in assisting the state with its security crisis, added that his visit to the Villa was meant to brief the acting president on the security situation in the state.

“I’m here to also brief him on the security situation in my state. We are on top of the situation and things are calming down. The herdsmen and the farmers are now co-

operating.

“The understanding is that no one should encroach into anyone’s farm, whether for cattle breeding or farming activities. And those ones that cannot live within the community, except they do open grazing, are already moving to other places where there is land.

“Like we keep saying in Benue State, almost all the land is for cultivation. So, it’s difficult to talk about grazing.

And the herdsmen too are quite understanding about this.

“We’ll soon sign the Anti-open Grazing Bill into law and we are looking forward to receiving the same cooperation from farmers and herdsmen so that we can live together as brothers and sisters.

“We can do it. It is achievable, living without strife and fighting and killings; we can live together.

“Human life is very precious to some of us and we’ll do everything to protect lives and property in the state,” he said.

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WEDNESDAY, MAY 17, 2017˾ T H I S D AY

NEWSXTRA

Again, FG Re-arraigns Justice Ngwuta on Amended 13-count Charge Alex Enumah ÓØ ÌßÔË The federal government yesterday re-arraigned a Supreme Court judge, Justice Sylvester Ngwuta, on a 13-count amended charge.

The federal government had earlier arraigned him on a 16-count charge bordering on corruption, money laundering and other financial crimes But the federal government had on March 16 amended the charges to 12, before yesterday’s amendment, making it the second time the charges are amended.

In the latest charge, Ngwuta was accused of making a false statement concerning the loss of his diplomatic passport for the purpose of getting another one.

However, Justice Ngwuta pleaded not guilty to the 13 count charges when they were read to him.

His counsel, Kanu Agabi observed that the prosecution is always of the assumption that they can amend charges anytime, “the law allows them, in fact only they can carry out amendment but we will address the court on this as time goes on,” he said.

Meanwhile, the fifth prosecution witness, John Otazi, a Staff Officer of the Department of State Service (DSS) gave account of how he and his team carried out a search of the defendant’s residence in Abuja.

He said he was in the team that searched the home of the defendant on October 7, 2016 at Supreme Court Quarters, Abuja.

Aiteo Appoints International Adviser EjioforAlike Nigeria’s integrated energy company, Aiteo has announced the appointment of Mr. Ratko M. Knezevic to its global executive management team, as Group Advisor on Business and Capital Development with effect from May 5, 2017.

According to a statement by the company,KnezevicwillleadAiteo’sfunds raisingactivitiesfromglobalcapitalmarkets withtheprimaryobjectiveofreinforcing the Group’s growth and diversification targets in Nigeria and across Africa as a whole He is also expected to bring to this role, vast experience and expertise acquired through proven track record of direct operational leadership, strategy development,teambuilding,financialand relationship management.

Knezevichasachievedthisimmense depthofcapabilityfrommorethan20years oftopflight experience in international business, investment banking, world political affairs, and international government relations through, amongst many roles, previous roles as Vice Chairman of Macquarie Capital EMEA and senior advisory roles with some of the biggest blue chip companies in the world.

According to him, his boss called him on October 7, 2016 and asked him to proceed with others to execute a search warrant on the premises of the defendant.

Armed with a search warrant duly signed by an Abuja Magistrate Court, they arrived the defendants’ quarters and met him at home.

He said after a thorough search of the premises bags of money including that of various foreign currencies were recovered from wardrobes located in the defendant’s bedrooms.

“In one bedroom, we found two wardrobes. We saw bags, when we brought out the bags, searched them, we found large sums of money inside.

“In the second wardrobe,

concealed with clothes, we found out that the two handles of the wardrobe were chained together with a padlock, we asked the defendant to open it, when it was opened we saw many bags loaded with mainly foreign currencies.

“We went to another bedroom we also discovered money. In the study we discovered bank statements, building plans, documents relating to his salary and vehicle papers. He took us to another bedroom but nothing incriminating was found in that,” he said.

“After the search we brought out the bags from upstairs to the sitting room downstairs where we counted all the items recovered, we did the documentation in presence

of the defendant. I gave it to the defendant to see. He read through and counter signed.

“After his endorsement I assembled the items recovered and asked the defendant to search us again. He declined we also searched ourselves as he watched us. After, he followed us to the office,” he added.

The search warrant where items were documented was accepted by the court as evidence and marked exhibit 10.

Earlier, the fourth prosecution witness, Tanimola Alao, a Senior Security and Intelligence Officer with the DSS, said his first meeting with the defendant was on October 9, 2016, when his boss directed him to take the statement of the defendant.

“I was directed by my superior to witness his statement writing, I promptly got the statement. Before I did that I read the cautionary words contained in the statement form to him to the effect that he is at liberty not to make a statement as any statement he made could be used against him in the court of law.

“He said he understood and was prepared to make the statement, to this end he signed the statement form. He signed the first page.

“After that he commenced with writing of the statement, after writing, he said he was done, ‘I endorsed the statement.

After my endorsement I drew the attention of my superior who counter signed the statement’”,

he said.

Alao said the statement was voluntarily made by the defendant.

The statement was tendered as evidence and marked exhibit 9.

Under cross-examination

by Agabi, the witness said he didn’t take part in investigating the defendant but only took his statement, so he wouldn’t know the origin of the money.

Agabi: “Do you know the origin of the money the defendant is charged with? .

“What I know is that I witnessed the writing of the statement as I didn’t take part in investigating him,” Alao replied.

Agabi asked again: “In the statement, did the defendant say the money was proceeds from unlawful act?

WEDNESDAY, MAY 17, 2017˾ T H I S D AY

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NEWSXTRA

FG to Terminate Abandoned Projects in Niger Delta The Ministry of Niger Delta Affairs has concluded arrangements to terminate about six abandoned projects spread across the region with a view to enhance the development of the region.

The minister, Pastor Uguru Usani, had made this known while receiving the report on the audit and review of the East-West Road and other projects of its ministry in Abuja.

Usani said following the report from the Ministerial Technical Audit Committee on the contracts awarded from 2009 to 2015 in the Niger Delta, that some projects have been proposed for termination.

He listed the projects to include construction of OkpuhutaMbano Junction – Orie market –Lomara- Igwebulka (35km) – Abia State; land reclamation and erosion control project at OguduAbia Phase I, Abia State.

Others are Idoro-Eastern Itam Water Supply Scheme Akwa Ibom; construction of Mbak Atai-Ikot Ntu-MkpetiOkuiboku road project (13.86km) Akwa Ibom State; Ukparam Water Supply Scheme and construction and supervision of Omelema – Agada II Road, Rivers State. project length 14.415km.

The minister, according to the News Agency of Nigeria (NAN), had said the above

listed projects were proposed for termination as a result of lack of capacity to complete the work as witnessed on site.

He said: “Gross lack of capacity problem, lack of seriousness on the project, lack of technical capacity to prosecute project and gross lack of competence by the contractors.”

Usani said the committee juxtaposed its findings from project sites against facts retrieved from available documents domiciled in the departments that supervised the projects.

According to him, there was violation of contract award process; right from the cycle of procurement planning to contract award, the committee noticed inconsistencies with the provisions of vital aspects of the Procurement Act. “Prominent among other issues of violation was indiscriminate award of contract by initiating and benefiting departments without the leading and guiding role of the procurement department.

“Awards never took cognisance of availability of funds and annual appropriation provisions,” he said.

The minister said the structure and content of some contract agreements lacked checks and balances, saying they hardly

protect the interest of the ministry in case of disputes.

He explained that the imminent picture of abandoned and uncompleted projects was as disturbing as the retinue of projects that extremely exceeded the dates of completion.

“This manifestly emanated from inconsistency in government annual budgetary provision and lack of capacity to deliver especially where funds released do not correspond with performance.

“Most contracts were awarded with specific dates of completion but were not captured in subsequent appropriations.

According to the minister, this further exacerbated contractors’ poor performance and inability to achieve project objectives.

“Consequently, no capital project was completed within the stipulated time frame,” he said.

Mr. Chijoke Micheal, an Estate Manager from Abia State, said the policy of terminating contracts not executed by contractors would speed up development in the Niger Delta region.

“Those contractors who think they can eat their cake and have it should better sit up because the present administration is determined to develop the region and curb corruption.

T H I S D AY ˾ WEDNESDAY MAY 17, 2017

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WEDNESDAYSPORTS

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

‘NSC Bill to Change the Face of Nigeria Sports’ Duro Ikhazuagbe After several years of feetdragging Nigeria appears to be in throes of finally professionalising sports in the country following moves in the upper chamber of the National Assembly to give it legal backings.

Chairman of Senate Committee on Sports, Obinna Ogba (PDP Ebonyi Central), had sometime last year tabled a bill on the reintroduction of the National Sports Commission as way out of the country’s sporting woes.

The bill was the fallout of Nigeria’s poor outing in the last two Olympic Games in London (2012) and Rio de Janeiro (2016) where the lone bronze medal won by John Mikel Obi’s Dream Team is what Team Nigeria has to show for the two outings.

In that bill Ogba, a former Nigeria Football Federation (NFF) board member, had among others, articulated the appointment of only sports professionals to populate the NSC, including the office of Chairman of the Commission or Sports Minister. That bill passed both the first and second reading last year. A public hearing equally took place where several sports professionals made serious inputs on the bill.

Ogba told THISDAY last month that he remains very

optimistic that the bill when finally passed was going to change the face of sports in the country.

Yesterday, the report on the bill was tabled before the Senate for final consideration and passage.

Addressing reporters yesterday in Abuja, Ogba, brimming with smiles that his efforts is about to bear fruits, mince no word in insisting that after the third reading and passage by the Senate, the lower chamber of the National Assembly will see the merit in expediting action so that Nigeria sports will become free and truly professionalised.

“With the highly legalised National Sports Commission (NSC) the bill is putting in place, there will be no room for anybody who has no practical experience in sports to be chairman or member of the Commission even as not just anybody can be appointed as minister of sports. Only persons with background in sports must now head the sector for maximum efficiency,” stressed Ogba.

He continued: “Not only are provisions in the bill giving the required legal backing to the NSC but specifically making it an independent body that cannot be dissolved at will by the Presidency or the Minister.”

However, the Senate

AC C E S S / U N I C E F P O LO

Sublime STL Titan, Susplan in Impressive Start The 2017 Access Bank/ UNICEF Charity Shield Polo Tournament galloped off on a blistering note last Wednesday at the Fifth Chukker Polo and Country Club in Kaduna with three championship games in the Access Bank Cup series.

Kaduna Sublime, Lagos STL Titans and Kano Susplan galloped off on impressive notes, in the opening day contests that pitched 12 ambitious and equally matched teams.

Kaduna Sublime, featuring Suleiman Bello, Muktar Adhama, Ahmadu Umar and Aliyu Umar hit the ground running with a 5-31/2 defeat of Kano Dantek which comprised Baba Dantata, Sadiq Dantata, Abba Dantata and Abdullahi Hashim in the first game of the tournament.

Lagos STL comprising Titan Seyi Tinubu, Mumuni Musa, Halifa Ibrahim and Ibrahim Mohammed showed the stuff of a former champion, edging YBL-DY Farms 7-5, to join Sublime at the top of the Access Bank Cup log.

Sani Umar and his Kano Susplan turned up the heat against debuting RISSA in the third and final match of the day, which was undoubtedly applauded by the crowd as the most exciting of the tournament yet.

Susplan parading Sani Umar, Sadiq Rabiu, Tita Ali and Alwan Umar had looked set to carry the day

until an unexpected injury forced Alwan of the match in the decisive third chukka, gifting RISSA the chance to surge forward, holding on to a 5-5 draw at Ground one pitch of the Fifth Chukker Polo & Country Resort in Kaduna.

Revered as the biggest polo tournament in the continent, the weeklong Access Bank UNICEF Charity Shield polo event which was inaugurated over a decade ago is set to pick up steam as six more games are lined up in the group stage of the Access Bank Cup series.

Proceeds from gate taking, sales of memorabilia and donations at this annual tournament in addition to a cash donation from Access Bank and individuals go to UNICEF in its campaigns.

The Access Bank Plc, Fifth Chukker and UNICEF partnership has gone from strength to strength and many projects have benefited from the collaboration. A remodeled primary school and rural water projects funded by the Access Bank UNICEF Charity Shield tournament were commissioned recently.

The Charity Shield began in 2003 as platform to support local charity organisations in Kaduna. Since 2006 this humanitarian effort has been geared exclusively towards intervention projects for orphans and vulnerable children in Kaduna State.

yesterday stood down the Nigeria Football Federation (NFF) bill from passing third reading as a result of

a provision banning any litigation in courts against decisions of the federation.

Ogba was unfazed by

the set back. He assured stakeholders in the sector that report on the bill will be represented next

week Tuesday for final consideration after the contentious provision must have been re-phrased.

GUNNERS …

R-L: Chief Adeniyi Akintola (SAN), Mr. Akpovi Oyo and Mr. Tijani Oniru (1st left, second row), were recently sponsored by MTN to the Emirates Stadium, England to watch the Arsenal versus Manchester United Premiership game under its MTN Prestige Loyalty Programme

Ndidi Named Leicester’s Young Player of the Year Leicester City has named Super Eagles midfielder, Wilfred Ndidi, as their Young Player of the Year following the club’s awards ceremony on Monday night.

The 20-year-old Nigerian joined Leicester from Genk in the January transfer window and has made a major impact

at the King Power Stadium.

He has made 15 Premier League appearances and scored two goals, with Ndidi particularly impressive when Craig Shakespeare took over from Claudio Ranieri.

Ndidi beat Demarai Gray and Ben Chilwell to the prize at the club’s award

ceremony.

Compared with Chelsea’s N’Golo Kante in terms of playing style, Ndidi is one of Craig Shakespeare’s regulars at King Power Stadium.

Moved by the accolade, he took to Twitter to express his gratitude. ‘’A special thanks to God

and also to everyone that made this possible, so much love for you all,’’ Ndidi tweeted.

Goalkeeper Kasper Schmeichel was named the Players’ Player of the Year and the Player of the Year, while Goal of the Year went to Danny Drinkwater.

NESTLE MILO SCHOOL BASKETBALL

No French Open Wild Card for Sharapova

Rivers State Wins Bronze in Equatorial Conference

Maria Sharapova will miss the French Open after tournament officials decided not to give the two-time champion a wildcard.

The Russian, 30, was ranked too low to gain direct entry as she continues her return from a 15-month drugs ban.

“There can be a wildcard for the return from injuries - there cannot be a wildcard for the return from doping,” French Tennis Federation chief, Bernard Giudicelli Ferrandini, said yesterday.

The French Open begins on May 28.

Sharapova had been hoping to receive a wildcard either into the main draw or the qualifying tournament.

“I’m very sorry for Maria, very sorry for her fans,” added Giudicelli Ferrandini.

“They might be very disappointed, she might be very disappointed, but it’s my responsibility, my mission, to protect the high standards of the game

Kunle Adewale Rivers State representative in the on-going Nestle Milo Secondary School Basketball Championship, Community Secondary School, Pabod, Port Harcourt, yesterday at the Indoor Sports Hall of the Nnamdi Azikiwe Stadium, Enugu, Enugu State, emerged third place winner defeating had fighting Cross River State side, 32-24 in a highly competitive encounter.

The girls’ third-placed match could not take place due to a protest by Imo against

Anambra on allegation that the latter featured a player that had represented Delta State in the competition in 2012.

In the semifinals played earlier in the day, in what is perhaps the game of the Equatorial Conference, Ebonyi State defeated Rivers 38-26, while Bayelsa got the better of Cross River 21-15.

In the girls’ category, Bayelsa out-dunked their Anambra counterpart 35-3 in a one sided affair, while Akwa Ibom made a mincemeat of the opposition put up by Imo 15-4.

Top Four Battle Down to the Wire Manchester City clinched an emphatic 3-1 win over West Brom yesterday to move back up to third place in the Premier League with one game remaining.

Elsewhere, Arsenal ensured the race to finish in the Premier League’s top four will go down to the final day of the season with a laboured 2-0 win against relegated Sunderland.

played without any doubt on the result.”

The former world number one has not played a Grand Slam since she tested positive for heart disease drug meldonium at the 2016 Australian Open.

That brought an initial two-year ban, later reduced to 15 months after the Court of Arbitration for Sport found she was not an “intentional doper”.

Sharapova returned to action without a ranking last month and has since risen to 211 in the world after receiving wildcards in Stuttgart, Madrid and Rome.

That will be enough to at least earn a qualifying spot at Wimbledon next month.

She could yet qualify directly for the main draw with a good run at this week’s Italian Open, otherwise Wimbledon will announce on June 20 whether the Russian is among the wildcards at the All England Club.

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Wednesday May 17, 2017

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Price: N250

MISSILE

Saraki to FG ”More often, therefore, because our anti-corruption agencies are under pressure to justify their existence and show that they are working, they often tend to prefer the show over the substance. “However, while the show might provide momentary excitement or even public applause, it does not substitute for painstaking investigations that can guarantee convictions” – Senate President Bukola Saraki scoring the current anti-corruption initiative of the President Muhammadu Buhari’s administration low saying it plays to the gallery most times.

BUKOLASARAKI GUEST COLUMNIST

How to Win the Anti-Graft War A

couple of years ago, I read an interesting article in The Economist that tried to argue that there is direct correlations between corruption and development. I thought this was pretty obvious. What set me thinking more about the subject however was the graphics. The writer tried to show that countries with Higher Development Index, measured in health, wealth and education, also ranked higher in the Corruption Perception Index and conversely, countries that have the worst human development indices also performed worst in corruption perception ranking.

In other words, the richer countries are also the less corrupt; while poorer countries tend to be more corrupt. What got me thinking was the chicken and egg puzzle that that statement immediately raises. Do countries become more corrupt because the people are poor or are the people poor because their country is corrupt? We may never be able to answer this question to everybody’s satisfaction.

However, what the article made clear is the direct correlation between corruption and development. If the purpose of government is to improve the quality of lives of its people, then any conversation about corruption must focus primarily on how it affects human development, whether it is health, wealth or education.

I admit it is early days yet, but one area I believe we have made remarkable progress in the past two years of the Buhari-led administration is that corruption has been forced back to the top of our national political agenda. Every single day, you read the newspapers, you listen to the radio, you go on the internet, you watch the television, the people are talking about it. The people are demanding more openness, more accountability and more convictions. Those of us in government are also responding, joining the conversation and accepting that the basis of our legitimacy as a government is our manifest accountability to the people.

We acknowledge that if we want Nigerians to trust their government again, then government at all levels must demonstrate that we are not in office for the pursuit of private gains, but to make our people happier by helping them to meet their legitimate aspirations and achieve a higher quality of life.

What all these mean is that despite all that we have experienced over the years, Nigeria and Nigerians have not accepted corruption as a normal way of life; that we recognize it as a problem; that we are determined to make a break with our past and live by different rules. And, to borrow from the title of the book that we are launching today, that we are determined to find antidotes for this disease that has almost rendered our country prostrate.

And talking about antidotes, I am convinced that we must return to that very basic medical axiom that prevention is better than cure.

Perhaps, the reason our fight against corruption has met with rather limited success is that we appeared to have favoured punishment over deterrence. The problem with that approach however, is that the justice system in any democracy is primarily inclined to

Minister of Justice and Attorney General of the Federation, Abubakar Malami (SAN) protect the fundamental rights of citizens.

Therefore, it continues to presume every accused as innocent until proven guilty.

Most often, it is difficult to establish guilt beyond all reasonable doubts as required by our laws. It requires months, if not years of painstaking investigations. It requires highly experienced and technically sound investigation and forensic officers. It requires anti-corruption agents and agencies that are truly independent and manifestly insulated from political interference and manipulation.

Perhaps, the reason our fight against corruption has met with rather limited success is that we appeared to have favoured punishment over deterrence. The problem with that approach however, is that the justice system in any democracy is primarily inclined to protect the fundamental rights of citizens

We must admit that we are still far from meeting these standards.

Most often therefore, because our anticorruption agencies are under pressure to justify their existence and show that they are working, they often tend to prefer the show over the substance. However, while the show might provide momentary excitement or even elicit public applause, it does not substitute for painstaking investigation that can guarantee convictions.

I reiterate therefore, that we must review our approaches in favour of building systems that make it a lot more difficult to carry out corrupt acts or to find a safe haven for corruption proceeds within our borders. In doing this, we must continue to strengthen accountability, significantly limit discretion in public spending, and promote greater openness. We in the National Assembly last week took the first major step in this direction towards greater openness. For the first time in our political history, the budget of the National Assembly changed from a one-line item to a 34-paged document that shows details of how we plan to utilize the public funds that we appropriate to ourselves.

This is a very significant step forward and we are very proud of it.

In addition to this, we are ensuring that the fight against corruption is taking the center-stage in our legislative activities. At the moment, we are considering for passage into law the following bills: 1. The Whistleblower Protection bill, which I am confident will be passed not later than July 2017.

2. The Proceeds of Crime bill 3. The Special Anti-Corruption Court, which would be done through constitutional amendment and; 4. The Mutual Assistance in Criminal Matters Bill.

In all these, the National Assembly is driven by the saying that “whoever comes to equity must come with clean hands.”

Having demonstrated our commitment to transparency and a more open legislature, we will be operating on a higher moral ground in carrying out our oversight duties as prescribed by the constitution. I believe that the National Assembly, working with the Executive Arm of government can continue to explore creative ways to make corrupt practices difficult and the hiding of corruption proceeds even more difficult still. For instance, if our banking regulations placed the burden on the banks to disclose suspicious lodgment, it will make it more difficult, if not outright impossible for banks to warehouse stolen money. At the moment, there are still too many places to hide stolen funds in the banks.

It must come up with a piece of legislation that imposes heavy fines on banks that fail to report cash deposits that they should have reasonable grounds to suspect. If banks know that they stand to lose more in heavy penalties than they stand to gain by accepting corruption money, we would have shifted the responsibility for due diligence on the banks. By realizing that there would be no place to hide their loot, corrupt officials would naturally be less inclined to steal. In talking about prevention, this is one legislation

that would go a long way, as the evidence from most developed countries with similar legislations has shown.

Distinguished ladies and gentlemen, you would have noticed that each time we talk about corruption, we tend to focus almost exclusively on high profile political corruption.

While these tend to be of high impact and high drama, I suspect that they are not even as debilitating as what is often referred to as systemic corruption. Corruption by middle level and junior level government officials who pinch from the system and demand gratifications to do their ordinarily routine duties. From experience, this form of corruption ultimately turns out to be as grievous as the high level corruption that readily comes to mind.

Again, this recommends to us the need to strengthen our system for prevention.

We need to simplify our bureaucracy and administrative procedures. Because it is in the complexity and red-tapes that corrupt officials profit. However, I also strongly suspect, while not justifying anything, that majority of these low level corruption are largely powered more by need even more than greed. If I am right in this assessment, then it would seem to me that if we are able to provide much of what the people truly need, we would have gone a long way in minimizing some of these corrupt behaviours.

If we are able to build a quality public education system, especially at the basic and secondary level, which would not require parents to pray through their noses for their children’s education; if we are able to build an efficient public health system that provides insurance covers to ordinary citizens so that when they fall sick, they can access quality healthcare without running from pillar to post looking for money; if we are able to build a system that guarantees food and shelter to everyone; if we are able to do all these, we would have gone a long way in removing much of the driving force for corruption at this level.

If we return to The Economist article that I mentioned at the beginning, I suspect quite strongly that most of the OECD countries referenced in the article are less prone to corruption because in addition to all other things, they have also been able to guarantee most of these basic necessities of life for their citizens.

My last point is on the Transparency International’s Corruption Perception Index (CPI). It is important to note that the CPI always generates controversy each year it is released. This is so because, most often governments and countries tend to believe that the year-on-year report does not fully reflect or account for the progress being made in the fight against corruption. I believe the key challenge here is also because ‘perception’ is largely subjective. And it is so easy for perception to degenerate into stereotype.

Therefore, while relying on perception, I think it is important for TI and other such organisations to improve on their methodology by developing more robust parameters that reflect the progress that some countries are making in respect to corruption. r 4BSBLJ JT 1SFTJEFOU PG UIF 4FOBUF

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