Sunday 18th June 2017

Page 1

Dangote, NPA, Flour Mills Sign MoU with FG to Reconstruct Apapa Road at N4.3bn Business operators, residents to persevere as project completion takes 1 year

Abimbola Akosile and Bennett Oghifo

Minister of Power, Works and Housing, Mr. Babatunde Fashola, has signed a N4.34 billion Memorandum of Understanding (MoU) with Dangote Group, the

Nigerian Ports Authority (NPA) and Flour Mills of Nigeria for the reconstruction of the decrepit Wharf Road, Apapa, Lagos. The road was consequently handed over to the three stakeholders for commencement of the reconstruction works after

the agreement was signed in Lagos yesterday. The road project, which is to be handled by AG Dangote, the construction arm of the Dangote Group, is billed to last one year as business operators and residents in the area are expected

to persevere throughout the duration of the reconstruction. The 2km road begins from the Nigerian Port Authority to the end of the Apapa bridge. THISDAY gathered that Dangote had long agreed to singlehandedly undertake the

reconstruction of the bad road at the cost of N1.5 billion earlier presented to him, albeit with different construction dimensions. But when a team put together by Fashola reviewed the details of the project, it discovered that the N1.5 billion project cost

proposed could not stand the test of time, given the dimensions indicated in the details of the project. Fears were entertained that it would in no time give way too. Continued on page 10

UN Pays Tribute to Osotimehin ...Page 15

Sunday 18 June, 2017 Vol 22. No 8095

www.thisdaylive.com TR

UT H

& RE A S O

N400

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AGAINST ALL ODDS...

THE MAN WHO TAMED US DOLLAR Ayo Arowolo When the US Federal Reserve Bank marked its 100th anniversary in 2013, a poser was raised on who was the best chair of the Reserve in recent history. Though it was a choice among Paul Volcker, Alan Greenspan and Ben Bernanke, many commentators agreed that Volcker perfectly fit the bill. His chairmanship of the Federal Reserve Bank faced 15 to 20 per

cent inflation rate and a huge public outcry that was distracting. Unfazed by sharp opposition and with assortment of well-defined policies, he conquered a high inflation that was destroying the US economy and unsettling the world. Like Volcker, Godwin Emefiele, governor of the Central Bank of Nigeria, is faced with the challenge of tackling inflation. But unlike Volcker, Emefiele also has the challenge of defending a weakened

naira against the dollar and rebuilding a depleted foreign reserve at a time of dwindling oil revenue. These challenges he has been tackling vigorously. He is gradually but steadily building the external reserves and has changed the upward slope of inflation. He has also stabilised the volatile forex market, which is now inching towards a convergence of rates in all the segments.

See Report on pages 20 & 21

Emefiele

FG: Why Opposition Elements Are On The Receiving End of Graft Prosecutions Says Dasuki, El- Zakzaky held on national security grounds

Olawale Ajimotokan in Abuja, Hamimed Shittu in Ilorin, and Olaseni Durojaiye in Lagos Minister of Information and Culture Lai Mohammed has said elements within the opposition are subject to many corruption

trials and probes because they are the ones that had access to public money within the period in which the funds were being misused. Mohammed stated this in an interview with THISDAY. He said those accusing the incumbent All Progressives

Congress administration of targeting the opposition in its anticorruption war were missing the point. The minister spoke against the backdrop of allegations that the APC government’s anticorruption effort was skewed against

the main opposition Peoples Democratic Party, which lost power in 2015 after 16 years of control. In a related development, Mohammed said yesterday that the head of Islamic Movement in Nigeria, Ibrahim Yaqoub El

Zakzaky, and former National Security Adviser, Colonel Sambo Dasuki (rtd), were held in the custody of the federal government for national security reasons. The minister spoke at the 10th edition of the Lai Mohammed Ramadan Lecture

Series held at his hometown, Oro, in Irepodun Local Government Area of Kwara State. El Zakzaky was arrested in 2015 following a bloody clash between his followers Continued on page 10


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Sunday 18th June 2017 by THISDAY Newspapers Ltd - Issuu