Monday 26th June 2017

Southern Leaders Commend APC Governors for Calling for Country’s Restructuring Shola Oyeyipo Leaders from the Southern Nigeria under the aegis of the Southern Leaders Forum (SLF) have commended the Progressives Governors’ Forum (PGF) for collectively

supporting the demand for the restructuring Nigeria against the backdrop of recent regional agitations and the quit notice handed to Igbos resident in the North by some youths in the region. Conveying their message

in a statement titled, “APC Governors on Nigeria in Crisis: Quo Vadis?” and signed on behalf of the coalition by the trio of Mr. Yinka Odumakin, Senator Bassey Henshaw and Dr. Okey Anueyiagu, the body said the governors

deserved the commendation for speaking the truth at a crucial time in the nation’s history. The governors had thrown their weight behind the calls for Nigeria’s restructuring, saying that the demands

framed by different groups in terms of political restructuring or true federalism could be met through adjustment in Nigeria’s federal system. They said: “Although such adjustment will not, on its own, address the root and

branch of Nigeria’s challenges, it is worth pursuing in order to meet the demands of various Nigerian groups. “The focus of this restructuring is to restore the Continued on page 12

Demand for ‘Service Fee’ on N701bn Loan for Gencos Rocks NBET... Page 51 Monday 26 June, 2017 Vol 22. No 8103. Price: N250

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Presidency Releases Buhari’s Recorded Message to Nigerians Our administration will unite Nigerians, says Osinbajo Omololu Ogunmade in Abuja Eight weeks after his departure for medical treatment, the presidency at the weekend released the first recorded message from President Muhammadu Buhari, where he was heard felicitating with Nigerians in the Hausa language on the occasion of Eid-el-Fitr, marking the end of the Ramadan fast. The recording, which was also ostensibly aimed at

debunking a news report last week alleging that Buhari was suffering from speech impairment and memory loss, was released to some radio stations and the BBC. It was the first public contact of any form that the president has made since he left Nigeria for the United Kingdom on May 7 to treat an undisclosed ailment. In the recording, Buhari Continued on page 12

300 Lawyers Jostle for Ten Positions at Federal High Court Tobi Soniyi About three hundred private legal practitioners and magistrates have been shortlisted for the second stage of the recruitment exercise by the Federal Judicial Service Commission (FJSC) to fill ten vacancies in the Federal High Court (FHC). The shortlisted candidates,

who were selected from the six geopolitical zones in the country, were pruned from a list of close to one thousand lawyers who initially applied for the openings at the FHC. Sources in the judiciary confirmed that the 300 candidates will be interviewed by the FJSC in July and are Continued on page 12

A CHIP OFF THE OLD BLOCK… Acting President Yemi Osinbajo (right), welcoming Yusuf Buhari, the first and only son of President Muhammadu Buhari, when Yusuf joined other Muslim faithful in the Federal Capital Territory (FCT) to pay Sallah homage to Osinbajo at his official residence, Aguda House, Abuja… yesterday

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CBN Forex Supply Hits $7.136bn in Four Months Obinna Chima Since the Central Bank of Nigeria commenced its aggressive interventions in the interbank and bureau de change segment of the foreign exchange market, the Bank, as of Friday last week, had pumped a total of $7.136 billion into the market. According to figures compiled by THISDAY, between February 21 and June 21, 2017, the CBN intervened in the market by selling the greenback to authorised dealers in 32 sessions.

The dollar sales have been targeted at retail invisibles for PTA, BTA, school fees and medicals, wholesale forwards, SMEs, and Secondary Market Intervention Sales (SMIS). The forays by the central bank in the past four months has helped in eliminating the pressure in the forex market, ensured exchange rate stability and eliminated currency speculators. Owing to this measure, the naira which fell to a historic low of N525/$ on the parallel market four months ago, has been

trading around N360/$ since April. A breakdown of the dollar sales showed that $680 million was pumped into the market in February; $1.542 billion was sold in March; $1.616 billion in April; $2.102 billion in May; and $1.196 billion in June. The $2.102 billion sold by the Bank in May was the highest in four months. In May, the central bank sold dollars in eight different sessions. Commenting recently on how far the CBN would go to sustain its market

interventions, its governor, Mr. Godwin Emefiele had said: “I have said it and I will repeat myself that the interventions will be more vigorous than before to underscore the fact that we are determined to ensure that the Nigerian economy recovers, by making sure that foreign exchange is made available to operators of the economy to conduct their businesses.� Also, speaking in a recent interview with THISDAY, Emefiele explained that the initiative was to ensure that Nigerians that have

legitimate demand for FX were not excluded from the market. On April 21, the central bank also bolstered confidence in the market with the opening of an Investors and Exporters' (I&E) window, which has continued to excite both local and foreign investors as well as the various international rating agencies, and seen to the convergence of the rates on both segments of the market The naira sold at N368 to the dollar on the parallel market on Friday, while

in the I & E window it went for N367.83 to the dollar. “The convergence of rates, at least for a segment of the market, demonstrates the success of the central bank’s interventions,� Africa's Chief Economist at Standard Chartered Bank, Razia Khan said. Khan said by addressing the demand for dollars, the central bank was able to reduce speculative attacks on the local currency and its precipitous decline. Nigeria’s external reserves stood at $30.221 billion on Friday.

and we know that the Lord God Almighty who we serve will bring our president back in good health and that he will serve this nation with the same determination and the same spirit of oneness, the same spirit that he has always served this nation from when he was a young man. “He will serve this nation and complete the period of his service in good health, in good shape and our country will be the better for it,� he stated. Earlier, the leader of the delegation and Minister of the Federal Capital Territory (FCT), Malam Mohammed Bello, said the Sallah homage was a mark of the FCT’s respect for the president, even as he thanked the security agencies, religious and traditional rulers in the territory for their roles in sustaining the peace enjoyed in Nigeria’s capital city. The homage was graced by the Chief Justice of Nigeria, Justice Walter Onnoghen, lawmakers and

members of the Federal Executive Council (FEC).

Hausa makes it seem as if he is only concerned with those who gave him 97 per cent of the votes while those who gave him 5 per cent can take a hike! “How would the rest of the country have felt if President Olusegun Obasanjo had released a Christmas broadcast to Nigerians in Yoruba or if President Goodluck Jonathan had done so in Ogbia? “How can a national leader address Nigerians in a sectional language? Nigeria has never had a leader as divisive as Buhari! There is no difference between President Buhari and Nnamdi Kanu. “President Buhari is the President of all Nigeria. He is not the President of only those who can speak Hausa! “This is an outrage! (Late) President Yar’Adua also spoke to the BBC News by phone. He is Fulani, like President Buhari. Yet he spoke in English because he was president of all of us.�

the Federal High Court will soon commence consideration of candidates for possible appointments as judges of the Federal High Court. “I therefore invite Your Lordships, the AttorneyGeneral of the Federation and all Heads of Courts to kindly recommend any fit and proper legal practitioners in Nigeria for consideration for appointment as judges of the Federal High Court. “Your Lordships are to attach the candidates curriculum vitae and your comments on the candidates stating their state, local government and senatorial districts. “Your recommendations

should reach my chambers latest by 1st of May, 2017.� The court had in the past blamed delays in the determination of cases on the paucity of judges. The court, initially designated the Federal Revenue Court, was established by the Federal Revenue Act, 1973. It was renamed the Federal High Court by Section 228(1) and 230(2) of the Constitution of the Federal Republic of Nigeria, 1979. As a premier court of first instance, the FHC has recorded impressive growth since its inception in 1973 and has become an important pillar amongst the courts in the Federal

PRESIDENCY RELEASES BUHARI’S RECORDED MESSAGE TO NIGERIANS was also heard thanking Nigerians for their prayers for his well-being and urged all and sundry, irrespective of their socio-political affiliations, to always avoid hate and divisive expressions capable of throwing the country into a civil crisis. The recording also contained the president’s prayer for good harvest for farmers in the country. On Saturday, the president’s media aide, Malam Garba Shehu, had issued a statement conveying the president’s Sallah message to Nigerians. According to the statement, the president urged citizens to live in peace and avoid reckless statements. While expressing gratitude to God for the successful completion of the Ramadan fast, Buhari, according to the statement, prayed for the long lasting effects of Ramadan lessons and urged citizens to live in unity and peace. The statement read: “I am

immensely grateful to God for His mercy in guiding us successfully to conclude another Ramadan fast. My greetings to all Nigerian Muslims and our brother Christians on the occasion of Eid-el-Fitr. “May the lessons of Ramadan, namely: piety, self-denial, prayers and generosity to the poor and needy be with us for all time. “I again, appeal to all Nigerians to avoid reckless statements or actions against our fellow countrymen. We should all resolve to live in peace and unity in our great country, which is the envy of many less endowed nations,� he said. Also yesterday, acting President Yemi Osinbajo restated the commitment of the Buhari administration towards the sustenance of unity among Nigerians, pointing out that doing so would enhance both the development of the country and welfare of citizens. Osinbajo made the remark at his Aguda House

residence while receiving the Muslim community in Abuja and its environs who had paid him Sallah homage in commemoration of Eid-el-Fitr. “Your ethnicity doesn’t matter and that is why for us, unity is so important that we must work together to make sure that our country is able to take care of millions of people we govern. “God expects us to take care of the poor and those suffering, to ensure that we use government resources for the good of the majority of our people. “Our unity is not negotiable. We should make sure that we remain united in order to enjoy the resources God has blessed Nigeria with. So many nations envy what we have as a nation,� he said. The acting president also prayed for Buhari’s quick recovery and return to Nigeria, noting that the country yet has a lot to benefit from the president. “We are praying everyday

Buhari Slammed for Speaking in Hausa However, Buhari’s proof of life broadcast in the Hausa language came under heavy criticism yesterday, when a former aide to ex-President Goodluck Jonathan, Mr. Reno Omokri, wondered why the president did not address Nigerians in English that could be understood by all Nigerians. He said in a statement: “In a country whose official language is English, President Muhammadu Buhari broadcast his Sallah message in Hausa! “Would Trump (whose origin is German) address America in German? So what about all those Nigerians who can’t speak Hausa? “Ideally, the president should have spoken in English first, then if he feels like it, he may also speak in Hausa. The way he has now spoken only in

300 LAWYERS JOSTLE FOR TEN POSITIONS AT FEDERAL HIGH COURT slated to go through another round of interviews at the National Judicial Council (NJC) in August, following which successful candidates will be announced and sworn-in in September. A letter to the shortlisted candidates which was signed by Registrar II, Taiwo Akapo informing them of their selection, was obtained exclusively by THISDAY Although the recruitment exercise is still at the early stages, the letter directed the candidates to proceed to the Department of State Services (DSS) for clearance after Sallah holiday. It also instructed them to furnish the Chief Judge of the Federal High Court,

Ibrahim Auta, with the relevant court documents as a prerequisite for their appointment to the ten posts in the FHC. Magistrates are required to submit five judgments delivered in contested cases two years preceding the appointment exercise, while legal practitioners must submit six judgments obtained in contested cases five years preceding the appointment exercise. The letter, however, exempted court registrars and qualified lawyers serving or working in government departments and ministries and who had been shortlisted from presenting any cases. The candidates are

required also to obtain the NJC Form A from the Chief Judge’s chambers. FHC last month had announced plans to recruit ten additional judges in order to address the challenges posed by the shortage of judges. Accordingly, Auta sent a notice to all Heads of Courts and the Attorney General of the Federation (AGF) informing them of the decision to appoint new high court judges. The notice, a copy of which was obtained by THISDAY read: “I write to inform Your Lordships, the Honourable Attorney General of the Federation and Minister of Justice and all Heads of Courts that

SOUTHERN LEADERS COMMEND APC GOVERNORS FOR CALLING FOR COUNTRY’S RESTRUCTURING principle of non-centralisation of power in the country’s federal arrangement being the defining element of a federal polity. There are options to consider in this regard.� The governors, among other things, suggested a review of the unwieldy exclusive list in the constitution, review of the revenue sharing formula between the federal government and the federating units,

and for the political and fiscal decentralisation of an indivisible Nigeria. Reacting to the statement, the Southern leaders said yesterday: “We could not agree more with the PGF and wish to state that we accept that Nigeria should remain an indivisible entity, but the terms must be right for all the constituent units of Nigeria to have a feeling of inclusiveness and acceptance

so that we can live together in peace and harmony with all groups pursuing their happiness according to their aspirations. “In the same vein, we noted the observation by the Acting President, Prof. Yemi Osinbajo, that ‘we have agreed to live together’, with the observation that the decision was made by the British amalgamation. “It is unfortunate, however, that we have not been

allowed to move beyond the amalgamation to integration by fashioning the framework necessary for peaceful coexistence in a multi-ethnic country. “We obviously cannot in all honesty say our ‘agreement’ to live together has terms such as herdsmen terrorising farmers or cows chasing pupils out of their classrooms. “Neither does it involve the palpable injustices

built into the union to make some sections of the country subservient to the other through the politics of exclusion, command and conquest that characterise our union presently.� In this regard, the leaders from the South said they were in alignment with the PGF and would continue to push for the restructuring of an indivisible nation on equitable terms.

Judiciary. From its pioneering five judges, the court now has 69 judges and 36 judicial divisions spread across the country.

TOP GAINERS NGN NGN CHAMPBREW 0.26 2.93 NEIMETH 0.06 0.98 C & I LEASING 0.03 0.63 ASHAKACEM 0.81 17.08 TRANSCORPHOTEL 0.32 6.87 TOP LOSERS NGN NGN CHAMPBREW 0.26 2.93 NEIMETH 0.06 0.98 C & I LEASING 0.03 0.63 ASHAKACEM 0.81 17.08 TRANSCORPHOTEL 0.32 6.87 HPE Nestle Nig Plc N900.01 Volume: 417.568 million shares Value: N3.246 billion Deals: 5,456 As at Friday 23/06/17 See details on Page 36

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STARTERS

Investigate Sources of Weapons of Killer Herdsmen, Sultan Tells FG

Protest as suspected cattle breeders kill farmer near Falae’s farm

Two-Minute BrieďŹ ng NEWS Demand for ‘Service Fee’ on N701bn Loan

E26, 2017 Ëž T

for Gencos Rocks NBET The Nigerian Bulk ElectricityTrading Plc (NBET) is currently enmeshed in a controversy that could rock its operations and that of Nigeria’s electricity market, investigations by THISDAYhave revealed. According to industry sources, top officials in the agency and Ministry of Power... Page 51

H I S D AY

NEWS

Email davidso

Obinna Chima

News Editor

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Davidson Iriekpe

daylive.com,

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08111813081

in Lagos

Chineme Okafor a consultant in Abuja to agency make NBET to help the that its case to the makes the board The Nigerian federal decision the highest Bulk Electricity government for the making body as the statutory Trading Plc of the (NBET) is currently such, in her capacity loan, and as and the board chairman, managing directoragency managing enmeshed in as managing the general managers director, director of a NBET, could rock its controversy that get the worked with her team to sole reporting authority to as the Minister of Power, who operations and the board. of necessary Director-General charge of NBET’s finances. is in Notwithstan It was also of Nigeria’s that Bureau of Public gathered While she reportedly This, sources whoapprovals. electricity market, silence from ding the official investigations anonymously interested parties who are that (BPE); a representativ Enterprises back-to-back filed three NBET and spoke by THISDAY ministry, another tacitly and e of the Discos; the complaints of revealed. have certain to THISDAY said, irked backed by the Ministry four independen top assault by the of Power, persons in the would from general managerher the Independent Power official of t persons chosen by the According to the to Association Producers’ presidency and the Ministry of Power on industry sources, and NBET, because she ministry able to finally restructuring be Ministries top officials of Nigeria December reportedly approve the 3, 2016 refused to approve of Power and in the agency four Finance. were (copies of her complaints group comprising of (IPPAN), a the service fee, per cent service charge Ministry of Though the investors in Power, Works and which she insisted sighted by THISDAY), independent last board was scandalous level, which Amobi hasat board the agency Housing have and and she power plants no country, was disbanded of response or action refused Buhari in the made could not support. to approve. demands has been taken confirmed the of its Managing by date by and has to to THISDA Her allegation the ministry Similarly, it was reconstituted, not yet been Marilyn Amobi, Director, Dr. sources vehement position, the It was also alleged on her claims. his identity Y on the condition that the Minister explained, has high-wire politics learnt that the Power, to approve would not be four per cent that the same of general initiated by these Works and revealed service charge a in high-wire internal resulted interests are manager in the Housing, paper. had Babatunde will accrue to that allegedly already beginning politicking Fashola (SAN), assaulted the former previously them, IPPAN has members federal governmen following the ministry orchestrated by the affect the working environmento has in the interim managing that include in the NBET, t’s approval of to restructure acted as its director of NBET, Mr. Rumundaka Geometric Power NBET’s request an agency set t board chairman NBET and promote of power minister, owned by former and issued Wonodi while he was in office up directives three of Amobi’s by the governmen the Central Bank N701 billion from general Prof. gotten away and Zuma to it. Bath Nnaji; of Nigeria (CBN) managers other responsibilit t to amongst with Energy Nigeria, for onward The goal now ies, midwife the to the ministry who are loyal transition All efforts to the offence. payment Dr. Innocent Ezuma; owned by to positions speak as was alleged is for the ministry, Permanent of competitive generation companies to power executive and Supertek of transactions financial to by the sources, Secretary in the to the Electric Limited, directors. The service charge, (Gencos). between the fill Ministry information owned by a former of Power, The goal of Gencos board the four independen and distribution they said, was to cover for their the minister, Prof. t phone callsMr. Loius Edozie, as positions with so-called facilitation restructuring, one of agency’s in the country’s companies (Discos) managers Jerry and a text message Gana. the general of the loan approval the sources privatised electricity to his phone explained, is that are market. The IPPAN official were to ensure that to its interests. reportedly loyal Executive Council by the Federal three further When contactednot replied. the general (FEC). Originally, the to comment that relevant stakeholder noted Also, Amobi However, reliable on the developmen NBET as executive managers would up s in industry were with a nine-memb was set been assaultedwas said to have sources in directors be NBET and ts, Amobi watching with the given almost the same the on November declined to speak to interest as the keen executive powers comprising the Minister er board 9, 2016 in THISDAY that ministry told as Amobi, controversy THISDAY, saying she does the presence of Finance effectively empowering not discuss NBET’s unfolds, adding that in NBET of staff of the had to do with everything that them the alleged agency by onethe internal operations to on the pages restructuring could signal the loan was the facilitation of decisionseither support or disprove of of newspapers done by Amobi the to the agency . her team. which has about end and team made by the management in their favour. million as its capitalisation $800 An investment The fund. proposed restructurin banker by training, Amobi would also g mean that turned down was said to have organogram the the offer to work as as against would be altered, the current structure

DSS Arrests top Boko Haram Commander, 20 Others in Kano

The Department (DSS) in Kano of State Services commandan yesterday said t whom we arrested it arrested a at Rijiyar top commander and Boko Haram of Kano Zaki and Dorayi areas 20 in just two days.� The Director, others suspects. The Director Kano local office said the of DSS, Alhassan Muhammad, story was the outcomesuccess told the News painstaking of a Agency of Nigeria effort (NAN) in Kano intelligence gathering buoyed by hours operation that the 48 by the and sharing police and neutralised what would put more spots DSS which helped have been areas bloody Eid-el-Fitr a He added: “Our at red alert. in Kano recent history. gathering and joint intelligence Muhamma existed betweenthe synergy that all the security the combat d disclosed that apparatus operations in Kano give a jointly buster carried out moral by to his men led the police, and every our giant efforts in tracking L-R: Speaker, Sokoto State House suspicious movements to the arrest Sa’ad Abubakar the unit commande of make it II, at the Sokoto of Assembly, Hon Salihu and yesterday highly difficult r of Boko Central Eid praying Maidaji; Haram who for the terrorists to make was ground, during Governor Aminu Waziri any impact.� of Kano, Kadunaalso in charge Tambuwal and the prayers to Alhassan explained commemorate Sultan He explained and Sokoto. proactive the 2017Eid-el- of Sokoto, Muhammad move h l d that the that it l Fitr l b

PRAYING FOR PEACE

Dialogu

EDITORIAL The End of Ramadan

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Demand for ‘Se for Gencos Ro rvice Fee’ on N701bn Lo an cks NBET

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EDITORIAL

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fter a season needy and the of less privileged prayer which fasting and in the society the opportun offered all Muslims their relationsity to reect on of Nigerian the Islamic hip with Allah, s can hardly holy economic situation make ends self-puriďŹ cation month of meet due to . We must continue the cause of the otherwise knownand self-denial the to champio as Ramada society as many needy and the less has marked by privileged in n did during sharing and just ended. It was a periodn our Since the Ramada Ramada love, including ents of other n fast, which n. pillars of Islam, meal taken religions, especially duringwith adherlike at spiritual and was aimed at promotinthe other four Iftah (the helped to forgethe end of each day’s g both the fast) which to reason thatmaterial well-being of has We congratu better relationships among man, it stands late all the Muslims will of God man is invariably better Nigerians. join in this than merely off doing the who were able annual is able to rein pleasing himself. to However, even sacriďŹ ce. in the impulse When he greedy accumul though the for has now come month-l ation of wealth, self-gratiďŹ cation and to make his sons endure. and gone, it is importanong fasting man is more society a As liable better for himself place to spiritual signiďŹ caone of the ďŹ ve pillars t that the lesbut also for of Islam, the his neighbo live in, not only was one of nce of Ramada respects. To ur. the n comes many which we hopemost enduring lessons That for us period of self-emp Muslims, for instance in several of Ramadan many would have imbibed being can have tying without which , it was a . no spiritual a truly rewardin y paying attention their Maker. g relations That, in the to the plight as was amply main, was the hip with of the poor WE HOPE THE essence Ramadan, we demonstrated in the course the group prayersof invariably place SHARING WITHSPIRIT OF of of our neighbou and abstinen r as importan the welfare allowing others FELLOW BEINGSTHEIR t as ours. By from all formsce to partake of WHICH possessions, TH WAS THE HALLMA our wealth of EDITOR I S DAY we worldly comforts DEPUTY EDITORS RK OF wealth in the honour the One who or material THE FASTING ďŹ rst gave MANAGING and

˜ place. us the pleasure It is notewor DEPUTY MANAGINGDIRECTOR WILL CONTIN SEASON are associate s that DIRECTOR CHAIRMAN

is advocated thy that fasting as a EDITORIAL d with AFTER THE UE LONG BOARD spiritual by all religions EDITOR NATION’S the season. RAMADAN tion that the CAPITAL

But as ostensibly with exercise man far as the society who can the noto tame his others remains is desires would make sacriďŹ ces in the himself and the most noble concerned, caring for bid be a better ence. the larger society. person both of Ramada it, for besides n experiAs one abstentio As Muslims T H I S DAY helps the faithful n from food and expert puts N E W S PA annual spiritualfaithful therefore mark EDITOR-IN-C drink, fasting PERS LIM “from looking the ITED from hearing GROUP EXECUTIVE HIEF/CHAIRMAN exercise, it is come will be at the provocat DIRECTORS hoped that end of this

ive, obscene...to the mischievous, and the out Ëœ hope the spiritof immense beneďŹ t to from uttering avoid Ëœ GROUP FINANCE Ëœ the society. of sharing with inicting injury slander and from DIRECTOR DIVISIONAL We which was thinking aboutthe DIRECTORS their fellow the All said, the to others.â€? beings Ëœ continue long hallmark of the fasting Ëœ nation’s leaders, DEPUTY DIVISIONAL after the Ramada season will otherwise, DIRECTOR political and important because have much SNR. ASSOCIATE n. This is particula

ASSOCIATE to take from Ramadan. If DIRECTOR DIRECTORS need for sharing there has never the CONTROLLE been a greater rly RS ˜ tendencies only they can curtail their lessons of with the less needy of our ˜ and privilege materialistic GENERAL MANAGER society than of the people, pay more attention ˜ exists today d and the

to the yearning GROUP HEAD

DIRECTOR, when millions much happier the country will certainly s PRINTING PRODUCTION place to live become a leaders TO SEND EMAIL: in. We therefore to imbibe ďŹ rst name.surnam e@thisdayliv To our numerouthe lessons of Ramada urge our e.com n. s Muslim Mubarak. May Allah reward readers, we say: Eid your sacriďŹ ce.

After a season of fasting and prayer which offered all Muslims the opportunity to reflect on their relationship with Allah, the Islamic holy month of self-purification and self-denial otherwise known as Ramadan has just ended. Page 15

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Letters to the Editor

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

KIDNAPPING

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rior to its reaching an escalating rank among height, kidnapping the most ardent did not the country security c B

POLITICS A Move in the Right Direction

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DAY, JUNE 26, 2017

POLITICS As agitation for Nigeria to be restructured continues to get louder, A Move in th e Right Directi on those in government are finding innovative ways to counter the A agitators. In this wise, Acting President, ProfYemi Osinbajo reduced the restructuring argument to economic issue when he said “Even if states are given half of the resources of the federal government... Page 17 M O N D AY

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

The Senate’s deci go a long way sion to consider the repo Shola Oyeyipo in dousing tension amo rt of the 2014 National Con ng Nigeria’s ethnic natio ference will s agitation for Nigeria nalities, writ to restructured continues to be es louder, those get in governme are

nt finding innovative ways to counter the agitators. In this wise, The president Prof Yemi Osinbajo Acting President, would pick from the legislature, reduced his vice president argument to economic issue the restructuring would be selected not more than 18 if states are when he said ministers from the six given and not more geopolitical zones federal governmen half of the resources “Even from outside than 30 percent of his ministers The only change t, the situation will not of the change. to reduce costthe legislature. This is His principal, is to diversify the economy,â€? expected of governanc number of political e by pruning was very blunt. President Muhammadu the Buhari He had literally ministries where appointees and using possibility of foreclosed the staff of necessary. Elected implementing the legislative of the 2014 the recommen members of arms of all the national conference dations are to serve â€œâ€ŚI haven’t on part-time tiers of government when he said even bothered basis. As regards power for a briefing on it, and I wantto read it or ask sharing, conference recommen the 2014 national so-called archives.â€? it to go into ded that the power should Not bothered rotate between the presidential south and among the north and people continue by the president’s the position, the to while the governors six geo-politic structural arrangememake the call that the hip will rotate al zones present three senatorial nt bequeathed by the military among the on the country districts is unsustaina If the 2014 constitutio in a state. becoming louder ble. The agitation nal and light of the is conference sees those in governmen not have a choice day, t may but to give to be the third local government will the Like no time cease tier of governme in the annals some concession. and state governme Nigeria is exhibiting nt of its political nts will be the as federal government a rather dangeroushistory, line embedded only tiers of but local governme states can now create urgent attentionin sectional agitations that fault as many clause would nts as they want. The immunity that may lead before it degenerates intorequire be criminal charges. removed if the offences country, and to eventual destabilisation issue attract Nigerians who for many, the of the condition in meet the specified reliable the adoption the of the 2014 constitutionsolution is still contest elections Electoral Act would be recommendations. free to al conference as an independe Special courts nt candidate. The no-love-los would be set up to handle cases. And the ethnic groups t relationships between corruption various the constitutio land tenure act would remain the northern in Nigeria, particularly n in between part of the country those concerns, but be amended to take counterpart and its southern took Section 29 (4) particularly on compensatcare of some northern a dramatic turn recently of the Act to ion in should determine read ultimatum to youths gave an October when Jonathan...believes the price and “land owners the 1, 2014 confab’s land based Before, the northernIgbos to quit the entire 2017 value of report if implemente on north. was provision open market valueâ€? and their youths issued d will bring about leader of the the ultimatum, Most of the states created for state police better governance there Indigenous People among others. by the military Kanu had been of Biafra, Nnamdi not generate enough can constitutio The Senate resources to their threatened the making statements that, to the nal instrumen survive not only the own. They have to t was enacted Many Nigerians Rescue largely depend on an order-in-council but also soughtcorporate existence of the federal through for have insisted country practice, government for of the on post-indep Nigeria to that the best the governme to undermine the authorities endence ones British monarch, their many believed, their survival. nt. of mendations go was to implement the way were enacted To many Nigerians, is unsustainable. This ways; an act of parliament The ultimatum of recomthe national in two to address conference (1963 constitution military decrees breaking up anybody’s interest. country. While given to the Igbos jolted is not in (1979 and ) and the nation. the plethora of problems as a way many condemne But the taken by the Hence the encomium confronting d the position down to discuss how they don’t mind sitting the country as it is now 1999). The structure of northern youth, the National was a military power should That explains among between the youth’s favour. s received by few voices spoke Assembly when creation. Wednesday be shared the federating But the import in an arrangeme why the people are agitating the Senate upper was not lost units and asked the of the message centre. What the people nts on true federalism actually wish the the one foisted negotiated by them and for forward the report acting president to urgently northern youth anyone. If the intention on them by of for is . no report the military. for appropriat 2014 National Conference no group has was to let the Igbos knowof the that federating A situation that guarantees units are able a monopoly that pace Leading debate e legislative action. then the ultimatum of dishing to grow at their The 2014 Constituti – with on the motion on Conferenc eventually unanimou was a success. out threat, in 2014 whicha weaker center. That The closest to In defence of which was was done that at the momente culminated sly adopted the south-east tors, former national conference in The nation’s no counter threat and to ensure Kebbi State governor, by the senais the 2014 constitutional the 2014 report. that can (Kebbi-Ce Goodluck Jonathan convoked by former development the entire countrywas issued by other Adamu Aliero president conferen ntral), who was history deliber regions era broadly be divided into two; where 494 Nig came tog th a memb th l i t df hi h i i d

FEATURES Odama’s Murder and the Cry for Justice Sa'ad Abubakar III Mohammed Aminu in Sokoto and James Sowole in Akure The Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar III yesterday called on the federal government to investigate the sources of weapons used by suspected killer herdsmen, saying the perpetrators of such heinous crimes should be treated as criminals and prosecuted. The monarch made the call in his Sallah message to the Muslim Ummah in his palace in Sokoto. He stressed the need for the federal government to investigate the sources of these weapons and deal decisively with such persons. According to him, those carrying arms and masquerading as herdsmen should be treated as criminals. He insisted that the real herdsmen do not carry guns but only move around with their cows and sticks for grazing. “The federal government should rise up to the occasion and probe the sources of these weapons and take appropriate action, while the perpetrators of such dastardly acts must face the wrath of the law. “We are indeed aware that the real herdsmen do not carry guns, but they only move with their cows and sticks. “Although there are bad eggs among the Fulanis, but those carrying arms and perpetrating heinous killings are not herdsmen and should be treated as criminals,� the monarch said. The Sultan described measures taken by the federal government to combat the insurgency in the North-east as commendable and cautioned against complacency, saying: “The problem is not yet over.� He charged Nigerians to complement the efforts of the security agencies to make Nigeria more secure, stressing that the issue of security was a collective responsibility and not that of the security operatives alone. The monarch, to this end, urged the Muslim Ummah to continue to uphold the virtues learnt during the Ramadan fast, which include patience, perseverance and brotherliness. He also reminded Nigerians of the

need to sustain fervent prayers for President Muhammadu Buhari and for the sustenance of peace and unity of Nigeria. The Sultan also commended the federal and Sokoto state governments in their efforts to restore the lost glories of the education and agricultural sectors. Despite the Sultan’s admonishment to the federal government on the activities of armed herdsmen, suspected cattle breeders searching for their cows that were dispersed after an exchange of gunfire between them and policemen drafted to the farm of the former Secretary to the Government of Federation (SGF), Chief Olu Falae, have been blamed for the death of a farmer in a neighbourhood farm. The farmer, Linus Ogheh, a native of Ebonyi State until he was killed last week resided at Ileyo camp, an agrarian community near Igbatoro in Akure North Local Government Area of Ondo State Ogbeh, according to findings, had gone to his farm to collect cocoyam that he wanted to plant but was allegedly killed on his farm by suspected herdsmen. The incident, according to residents of various camps around Igbatoro and who are mostly non-indigenes, had scared them from going back to their farms for several days. The killing of the father of seven also provoked a protest by the nonindigenous farmers, their wives, children and other stakeholders in the community, who gathered at Ileyo camp to condemn the damage being caused by the grazing of animals on their farmlands. Armed with green leaves and placards, with inscriptions condemning grazing on their farms and the attendant damage to their crops, the protesters trooped to the lonely road chanting anti-herdsmen slogans. Speaking with journalists, the Bale of Ileyo Igbatoro camp, Chief Ogunleye Taiwo, said 95 per cent of people living in the area were mostly non-indigenes comprising Igbo, Agatu, Ebira and Langtang farmers. “This man that was killed had been

living here for over 30 years. Chief Falae’s farm is close to us here. Our people cannot go to farm again because of the fear that the herdsmen would attack them. “This is the time we should be spraying our cocoa farms with chemicals, but we cannot go to farm. This area is the food basket of Akure, the state capital, but cattle enter our farms without restraint. We are tired of the menace of the herdsmen. “The youths in the area had wanted to go and confront the herdsmen but we are the ones that have been restraining them because we know what that can cause,� he said. Also speaking, the President, Coalition of Non-Indigenes’ Association and Chairman Agatu Farmers Association, Mr. Vincent Adonyi from Benue State, said the menace of herdsmen could impede Nigeria’s quest for food security if not checked. “This is June, we do not have much maize. The cassava is not there and other food crops that we used to grow are not there because people were scared from their farms. “Herdsmen drove some of us away from Benue and Plateau States and now that we are here, the herdsmen have come again, this is disturbing and should be of concern to the government,� he said. Adonyi called on the government to empower the security agencies to deal with the situation, in order not to worsen the food crisis already being experienced in the country. Adonyi said it was the police that came to remove the corpse of the slayed man and subsequently deposited it at the mortuary. He said an investigation should be carried out on the alleged killing and the perpetrators brought to book. Commenting on the incident, the Police Public Relations Officer (PPRO) for the Ondo State Command, Mr. Femi Joseph confirmed the death of the farmer. However, Joseph said it would be too hasty to jump to conclusion on what led to his death or who was responsible.

When Joy Odama returned from FEATURES holidays, the fam- ily received her with joy. But that joyous mood would not Odama’s last long. Joy’s path to her gruesome Murder and the Cry for death started on December 18, Justice 2016 with her encounter with one Alhaji Usman Adamu, a presumed philanthropist. Adamu, it was learnt... W Page 8

MONDAY, JUNE 26Ëœ Í°ÍŽÍŻÍľ

Ëž T H I S D AY

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

Paul Obi write Odama’s murd s that the handling of Joy er has furth image of the Nigerian Polic er dented the e Force

hen Joy Odama from holidays, returned Adamu picked ily received the fam- he pretended his call and to my surprise, her with not to know joy. But who Joy who that mood would joyous said ‘did was. When I pressed I was nor anything happen further not last long. gruesome does not know to Joy?’ as he death started Joy’s path to her where she if he 2016 with I knew all on Decembe her was not well. is. At this point Usman Adamu, encounter with one r 18, “In panic, I called Alhaji a presumed Adamu, it philanthropist. not around at the my husband (who was was time due to scholarships learnt, often assists his work), the nature girls with my support. But and other forms of we all agreed relatives and neighbors of financial gestures lies beyond these philanthr we were about to report to the Police. and a tortuous As ravages vulnerab heinous ring opic Station, we saw stepping out to the Police two policemen that who For Joy Adama, le young girls. asked us to her first follow them in our house with Alhaji Station at Karmo. Adamu turned and only encounter On getting to the Police Late one and her informed out Joy Odama there, to be a deadly us that all the DPO last time she the girls On that fateful was seen alive. Alhaji’s house are all unconsciothat went to is day, Joy her friend not respondin us; that one Elizabeth to had accompanied g to tr wh oth se Alh

BUSINESS N542bn Debt: Shareholders of Banks Advise against Write Off Some shareholders of banks involved in the N541.8 billion debt owed by Etisalat Nigeria have advised against writing off the loan, saying that writ- ing off the loan will not only send wrong signals to other debtors but will also affect returns on their investments. Page 23

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BUSINESSW NIBOR OVERNIGHT 1-MONTH

R A T E S

166.7500 18.5671

3-MONTH 6-MONTH

A S

21.6018 23.0226

ORLD A T

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16.2494 19.6985 20.3309

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Group Busine

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

J U N E

2 0 , 9-MONTH 12-MONTH

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21.7643 22.5784

EXCHANGE RATE N306.35/ 1 US DOLLAR * *AS AT LAST FRIDAY

Quick Takes BoI Unveils Interest -Free Loan for The Bank of Industry

BRAINSTORMIN G ON RENEWABL E ENERGY

L-R: Keynote Speaker/Research (NESG), Mr. Laoye Coordinat CEO Breakfast Jaiyeola; Director, hbs or for Energy and Climate Meeting on Investme Nigeria, Christine Policy, Mr. Felix K; and Matthes; CEO, nts in Renewab Nigerian Economic le Energy, heldthe Chairman Economic Summit at Eko Hotel Summit Group and Suit, Lagos...reGroup, Mr. Kyari Bukar, at the NESG cently SUNDAY ADIGUN

N542bn Deb t: Sharehold Advise against ers Write Off of Banks

Goddy Egene

ECONO

Some sharehold MY ers of banks one of the involved in best and the the the N541.8 banks billion Bankdebt. While the Central should get a reputable debt owed “So banks by foreign taking over service have advised Etisalat Nigeria the of Nigeria (CBN) Nigerian Commun and the loan provider to offset company did not happen the off the loan, against writing Commis night. overication managem and take over the knew Etisalat, as a company ing off the saying that writ- diating sion (NCC) are ent of the , quite alright meloan will not send wrong that such only shareholto resolve the matter, as the banks cannot company a thing ders of the network. Hakeem operate the cannot will happen. Banks debtors but signals to other who banks, is just avoid Belo-Osag one of the returns on will also affect the spoke to THISDAY best brains ie at investors’ moneylooking their investme weekend at we down In 2013, Etisalat nts. of classifyin said the option have in this country going cannot understa and I when the drain particula secured a g the loan 7-year $1 2 rly as b d f and th th billi nd h

CITYSTRINGS Bayelsa’s Painful Rains

CITYSTRING S

Women

(BoI) for women artisans, market has unveiled an interestunder the National Womenwomen and small holder free loan intervention farmers Empowe scheme by the federal rment Fund (NAWEF) According government. government’sto the bank, NAWEF is an aspect of social investme designed exclusive the federal nt ly for women (intervention) programm issue interest and administ e, free loans to ered by BoI Speaking at successf to ment of the the unveiling of the pilotul applicants. Fund Social Developm in Uyo, the Minister phase for the disbursefor Women ent, Sen. eight states, including AkwaAisha Jummai Alhassan Affairs and Abia, Nasaraw , stated Ibom, Adamawa , Borno, Yobe, that phase where a and Jigawa have been Osun, women can from N10,000 access N200 selected for the pilot million in loans to N100,000 To enhance ). (starting emphasised the success of the intervent the ion exercise, enhance participaneed to collaborate Alhassan with state tion of women. ministries to

Ecobank Partne

rs TRANSFAST TRANSFAST, and remittan a leading provider of with announcece solutions, is continuincross-border payment s g its growth ment of its TRANSFAST, recent partners in Nigeria hip with nered Ecobank with presence in over 120 countriesEcobank. to allow expatriat money to Nigeria. , has partes across the Nigerians working world to send send money at currency, directany of Ecobank’s wide in other countries can cash pick-up to the beneficiary’s branch network, in local bank at more than Amid the strength 3,500 payout account 24/7, or for garnered partners of inward remittan locations in Nigeria. ces, TRANSFA hips with several including First key banks across ST has FCMB, Zenith Bank, Fidelity Bank, Nigeria Skye Bank, bank, GT Bank and the market Heritage Bank. Access Bank, in 2013, Since entering name for expatriatTRANSFAST is fast trending to be Visiting Lagos es sending money to Nigeria. household as part of the celebrate partners company’s annual city and custome Vidhate said tour to rs, Director as a global player EMEAA, transfer, TRANSFA in payment processor and Samir ST understa by remittan funds nds the vital ces being sent back to Nigeria. lifeline provided

IICC Annua T

l Confer

MONDAY, JUNE 26,

2017 • T H I S D AY

Acting Featur es Editor: Charle Email charle s Ajunwa s.ajunwa@thi sdaylive.com

Bayelsa’s Pai Bayelsa State is peculiar in many nful Rains respects, one of which is its topography.The state is located in the heart of the Niger Delta, South-south geographical zone of Nigeria and directly borders the Atlantic Ocean. A lowland with just about 20 per cent land and 80 per cent water... Page 38 B

The rainy seas brings with on this year in Bayelsa, it not so pala table stories a state which literally lies for its resid ents, writes below the sea level, Emmanuel Addeh

A ooded street

in Yenagoa

ayelsa State is peculiar respects, in many one of which topograph is its y. in the heart The state is located of th

INTERNATIONAL Spain Fights Forest Fires in Donana Nature Reserve A forest fire in southern Spain forced the evacuation of 1,000 people and is threatening a national park famous for its biodiversity, authorities said Sunday. Page 45

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INTERNATIONA L

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Spain Fights Fo Nature Reser rest Fires in Donana ve

email:foreigndesk@

thisdaylive.com

A forest fire in southern Spain forced the evacuation park famous people and is threatening of 1,000 authorities for its biodiversity, eastward and have said Sunday. a national entered Donana The flames limits of have advanced National Park, one of Spain’s most is where the reserve, and that important nature the town of Moguer UNESCO World reserves and a efforts,� we are focusing our on Spain’s southern coast since 1994. The Heritage site Lopez Jose Gregorio Fiscal where the fire showed trees engulfed by started park, which has from the flames overnight. over 50,000 hectares regional middayon Saturday night. (123,550 acres) Andalusian authority “It’s still very Sunday, at least By of wetlands charge of the in early, but we and 750 are not At least 140 environment people were allowed to people were important stop woods, is an told return. factor� ruling out the human killed are fears when a lorry transporting Spanish Still, Diaz for migratory birds as a national the said that the death oil burst rise into flames near toll could and from Africa and Europe television. fire was proving fighting the fire, said possible cause of further. the Pakistani city is home to Diaz. difficult Susana Diaz, Ahmedpur East, of motorcyclesAt least six cars and 12 animals, a variety of She also thanked the regional due to the hot, dry weather, local were burnt, Pakistan’s president including the Spain’s with temperatu A crowd had gatheredofficials say. Dawn newspaper of Andalusia highly said endangered res reaching Felipe VI for his phone King reportedly , “there’s no Iberian to collect fuel call of Some victims reports. risk to the 39 degrees Celsius (102 degrees concern about the the Iberian imperial lynx and populatio leaking from may Fahrenheit), and overturned vehicle the only n� after a eagle. The fire comes fire. shifting winds. “The fire has when it caught identified by DNA sampling be fire. Dozens entered in the people were evacuated 1,000 Over 150 firefighters wildfires killed a week after as are being treated bodies were badly burned from campsites and and 21 64 in hospital. in the incident, reports houses near units were combating the air neighboring Portugal, people in say. blaze Sunday which It appears the Spain like after televised ‘Police appeals tanker blew images and is suffering from lack of rain ignored’ a tyre while Police sources high temperature rounding a sharp told Pakistani s. bend in the road. government An eight-hour news agency fire may have The subsequent that the ceasefire in APP Philippine tanker had been been a allowed city allowing residents someone lighting sparked by 25,000 litres five Muslim carrying to religious weeks celebrate the end (5,500 gallons) of a cigarette, rescue services oil and of Ramadan leaders to enter ground ago had been travelling say. zero fighting in the middle of the from Karachi came to an abrupt end Sunday and negotiate with The country’s to Lahore. but her infant “We afternoon as roads are to release civilianthe militants due to boy died current declare a lull in our notoriously the governmen lack of It slipped dangerous, continued its hostages, operations in with overturned off a road and to police who food, according on that offensive againstt especially children, poor vehicle the city day as a manifestatio maintenance Islamist militants interviewed women in the Kachi Pul and the elderly. her. and reckless driving A video released n of contributing to they said, about 8km (five area, parts of war-torn occupying by the military our high respect to the “It’s already showed the problem. Islamic miles) Marawi. faith,� Ano said from Ahmedpur Assaults backed 30 days (of been more than looking the rescued residents in a statement. East, in Punjab’s Army helicopters fighting) and Bahawalpur district. Hundreds of by air and artillery we haggard. terrified, pale and militants, flying were dispatched to bombardment received reports that the flag of “People living had ferry casualties some the stopped them have of Islamic State in roadside hospitals, army at the start to Military chief group nothing to Islamic prayers spokesman Major villages, carrying domestic of Galvez eat,� Eduardo General fighters,and backed by foreign Gen Asif Ghafoor said. at Ano said in a tweet. rushed to the scene to collectpots gunfire broke out 6am but ordered Marawi seized swathes The negotiators Pakistani media of later Sunday his forces to observe in the have published and they also made phone oil the truce ended as soon as emerged from pictures from a Mindanao southern region of around calls AFP to their relatives the conflict zone “humanitarian pause� the last month, sparking reporters in Marawi 2pm, with five civilians, during bloody living the Eid al-Fitr charred bodies scene, showing villages said. incuding street battles and and vehicles. There to immediately in other Regional come to Lieutenantmilitary commander mother and her 16-month-o a Marawi, the mostholiday in regional raising collect oil,� the concern. important sources said. ld Muslim General Carlito daughter. Troops city in the Galvez said The woman said mainly relentless have launched Catholic Philippines the truce also a air and birth to another she had given The Eid al-Fitr . but have failed ground offensive child just two to dislodge gunmen the fasting month festival ends from entrenched positions of Ramadan. pockets of the in city.

Pakistan Oil Tanker Infer no Kills At Least 140

Eid Truce in

SPORTS African Champion, Cameroon, Fails to Progress to Semis African champion, Cameroon, failed to make the cut to the semi final of the 2017 FIFA Confederations Cup in Russia as theVincent Aboubakar led Indomitable Lions lost their last Group B game 3-1 to Germany at the Fisht Stadium in Sochi yesterday. Page 55

have combined flooding now to aggravate the danger of manifest i B ild Y

War-torn Phili ppines City of Marawi Ends

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MONDAYSPO RTS

F I FA C O N FEDE

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

African ChampioI O N S C U P n, Cameroon, Fai Germany tops ls to Progress to Group B, to meet Mexico in secon Semis d S’fin

African champion failed to make , Cameroon, Ernest Mabouka was semi final of the cut to the for sent off In the other Confederationsthe 2017 FIFA Can.a late challenge on Emre game of the evening, as the Vincent Cup in Russia Kruse partly Werner then to thank Chile reached gave Germany Indomitable Aboubakar led a two-goal the semi- the opener. The No10 for Bravo. finals after cushion with last Group Lions lost their diving possession stole coming Trent Sainsbury Germany at B game 3-1 to at seniorheader, his first goala behind to draw 1-1 from around the from the Chileans huge then had a up by Tim Cahill. the Fisht Stadium against perseverin halfway line before chance to increase Australia in international After in Sochi yesterday front level, fans from Joshua lead the remainedthe break, Australia . in Moscow. of 33,639 cross-sho g with the ball. His that to 2-0, a margin of victory Germany in the ascendan on the right Kimmich’s cross t found its would have James Troisi wing. the Group finished top of seen Ange but were punished for cy, had Robbie Troisi, who lofted way to Postecoglou’s Vincent Aboubak convertin not the ball followed by on seven points the side delightfully ar found net with a glancing Chile who played over Claudio but the central through, Substituteg their chances. 1-1 with Australia Martin defender header with blazed over after being teed finished from closeRodriguez to play European . Chile is but ten minutes remaining Werner restored , range to level matters. champion Portugal in the Germany’ two-goal on Wednesda first semi final first-placelead, ensuring theirs y while Germany position in takes on Mexico group and becoming the Cameroon is the next day. German the first classification left to play for a single to score two goals in to Yaounde before returning match Confederations Cup preparation to begin their accuratewith his close-range, finish. Uyo to play for the trip to The in the doublethe Super Eagles Joachimvictory means that 2018 World headed Russia in Sochi Low’s side will stay Cup qualifier August. in against for their semi-final Mexico After a goalless The Budweiseon June 29. first highlighted r Man of by a superb half, the Match award from Marc-And save to RasenBal went lsport Leipzig Die Mannsch re Ter Stegen, forward Timo Werner. found the aft eventually was finally rewarded He breakthrough thanks to Kerem for Demirbay his fine performances who scored in the his first goal , Bundesliga last season, Germany with for he was where finish 25 yards a thunderbolt in the the top-scoring German league. captain Julian from goal after Werner scored him through Draxler played for his first goals the senior national with The Cameroo a neat flick. and team made history nians were reduced to in the process 64th minuteten men in the player by becoming the first Video Assistantwhen, after a twice for Germany to score L-R: Principal in a Confedera Referee review, Partner of Falana tions Cup Astroturf match. & Falana, 2000 Prince Aderoju Ademoro winners of the 2017 BOA Tokunbo Aluko, Lawyers ti; Founding at the recently ZENITH concluded Bankole Partner & Chairman Football Tournament, Femi B’BALL , Aluko & Falana (SAN); Olumide Aluko LEAGUE CEO Lawyers’ FootballOyebode, Mr. Gbenga Oyebode; Tournament and Mr. in Lagos

al Thursday

Referees, Assessors, Elephant Girls Target Title Fitness Trainers Set for FIFA Elite as Third Phase Programme Ends Today

All is now set FIFA Memberfor this year’s program Associati that will (MA) Elite Programme on involve Nigeria’s this year, Mohamme The third Phase Nigerian referees, 29 men for d Adebayo Ameenu of the National assessors women FIFA referees, 15 and and Faith Irabor Women Basketbal and physical National referees, elite as well (technical), the Game fitness l League has shown that so many Sponsored as Abraham Day 3: Practical talents taking place in the trainers referee assessors, all National Bola are Zakowi, Instant Federal physical Training ends today by Zenith Bank the untapped and abound with Capital Abidoye, all National Edikin Imiere, Emmanuel Discussio Feedback; Clip fitness instructors and Kadunain Asaba. Abuja new display put up by such between 3rdTerritory, Abuja non-FIFA Bola Sekiteri and and Stella n &Analysi teams as Sunshine hosted the first and 8th July women and second phase 2017. s on Handball; Analysis Last year, more Eloji (physical Angels Zubair also referees. respectively. and GT2000 in the League. The programm ). on Penalty than 230 Nigerian referees, First Bank’s Area disclosed He thanked Elephant Girls e will on Incidents; Presentat take place instructors that the team of three and last year’s ion at the National Integrity; Zenith Bank, the sponsor, and assessors were instructors would FIFA runner for Dolphins look in the elite programminvolved the up, to its (incorporating Video Test be led by Stadium Complex, Abuja Regional Developm promise by leaving up took theoretical classes all areas) with e, which Officer, the same feat certain to repeat women keeping the Day 4: Practical place ent Media Carlos Manuel both sides this season as present busy in face of the 2016, also 16th – 20th May Henrique Centre of theinside the Instant Feedback Training Neves in Abuj have r compl eco D Di d i

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T H I S D AY MONDAY JUNE 26, 2017

COMMENT

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

ETISALAT: THE CBN AND NCC’S INTERVENTION Doris Uche argues that the intervention is unnecessary

A

ccording to reports from several online news outlets, including Premium Times and Reuters, the curtain appeared to have finally fallen on the long-drawn-out Etisalat Nigeria bankruptcy saga, with Access, other local and foreign creditor bankers of the troubled telecommunication company poised to take over the management of the company on June 23, 2017 through the United Capital Trustees Limited, which is the legal representative of the consortium of banks. The take-over is as a result of Etisalat’s inability to reach agreement with the creditors on the restructuring of a whopping debt of about N541 billion, which has been outstanding for quite a long time. However THISDAY reported recently that: “Just like the Nigerian Communications Commission (NCC), the leadership of the Central Bank of Nigeria (CBN) has informed the 13 banks that extended a $1.2 billion facility to Etisalat Nigeria that it would resist the move by the lenders to take over the network operator without its express approval. This was the fallout of a meeting held between CBN officials and the CEOs of the 13 banks on Wednesday in Abuja. “Citing the Nigerian Communications Act (NCA), the NCC on Tuesday had stepped into the crisis that has enveloped the country’s fourth largest network operator, reminding the banks that they could not take over Etisalat’s operating licence without its approval. Aligning with the NCC, a reliable central bank source, who spoke to THISDAY Wednesday, said the board of the CBN would not support any “hostile take-over” of the telecom company due to its indebtedness to the banks. According to the source, the attempt by the banks to take over Etisalat clearly jeorpardises the federal government’s effort to attract Foreign Direct Investments (FDI) into Nigeria’s ailing economy. » Sad as the outcome of Etisalat’s valiant battle to save itself may be, the purpose of this article is not to dwell on what comes next for the telecom company but to draw attention to a tangential issue with a much wider ramification for the Nigerian economy and the institutions that have been set up to monitor and generally oversee the activities of the country’s strategic economic agents: the telecom companies and the banks. More specifically the thrust of this article is to focus on the questionable and ultimately futile efforts of the NCC and the CBN to save Etisalat Nigeria from its present fate. The mandate of the NCC is to regulate the activities of telecom entities in the country while that of the CBN is, inter alia, to do the same with the banks and other financial institutions. The purview of both institutions does not and should not extend to interfering with and trying to override the important financial and business principles under which economic agents are required to operate in the country. While NCC should be concerned with and encourage the rehabilitation and expansion of Etisalat’s network in Nigeria, it should never have been nor should it ever be involved in trying to save Etisalat or any other company from the financial mess in which they find themselves. Etisalat and all other companies in the telecom sector of Nigeria have been facing the same harsh economic conditions that Etisalat has been giving for its inability to meet its financial obligations. These other companies have, with the support of their shareholders, managed to weather the storm and to meet their financial obligations. If Etisalat’s

THE MANDATE OF THE NCC IS TO REGULATE THE ACTIVITIES OF TELECOM ENTITIES IN THE COUNTRY WHILE THAT OF THE CBN IS, INTER ALIA, TO DO THE SAME WITH THE BANKS AND OTHER FINANCIAL INSTITUTIONS

shareholders, who are known to be financially capable of bailing out the company, have chosen not to do so, why should the NCC take it upon itself to help them out? What is the rationale of NCC imposing and sustaining a crippling fine on MTN and turning around to try to help Etisalat to evade its financial obligations? The new argument being advanced by NCC on the need for its approval for transfer of Etisalat’s licence, if that would ultimately need to be the case, is a ruse that should not be accepted, as the banks have not sought for such a transfer. Their aim has been to take over the management so as to ensure repayment of their loans. This is a normal measure on which loan advances such as those made to Etisalat are structured. Where was the NCC when the loans were being contracted on this basis? Where the interference of NCC was clearly inappropriate and uncalled for, that of the CBN is worse. Here is an institution that is supposed to ensure that the principles of sound banking, which the CBN itself has been known to zealously enforce, going out of its way to undermine one of its foremost fundamental principles: pay your debt or forfeit control of the asset you have given as collateral. The CBN’s ridiculous argument that enforcing the terms of the loan contract would discourage foreign investors from investing in Nigeria turns logic on its head. Some of the creditors of Etisalat are foreign investors who must now be regretting their ill-advised foray into an investment environment in which the statutory organ that has oversight on the enforcement of the terms under which bank loans are granted, is now the very same organ that is bent on undermining the adherence of debtors to those terms. Contrary to the lame excuse being given by CBN for its intervention, potential foreign investors would be scared to come and invest through our country’s banking system, knowing, as they now do, that the CBN is on standby to protect defaulting debtors rather than the foreign investments. Still on the matter of default, one wonders why the CBN did not intervene in the takeover of ARIK Air by local creditor banks, which are now running the airline. Or is the non-intervention due to the fact that only local investors were involved? The CBN is well known for quickly bringing down the hammer on erring banks, but in the case of Etisalat the hammer has been brought down on the creditor banks’ ability to stay afloat; under the delaying constraints on debt recovery being imposed by the CBN outside its statutory mandate. Given the harm being done to potential foreign investments as well as the pernicious delay and resultant losses that the banks are suffering, as a result of the illegal and harmful interference of the NCC and CBN in the Etisalat debt impasse, it would, in my view, be necessary for the government to warn both institutions to refrain henceforth from meddling in a questionable manner in matters that are well beyond their mandates. Uche wrote from Abuja and can be reached on DU.Current@ gmail.com

IMPERATIVE OF A TRANSPORTATION POLICY The Musa Adede committee s report should be a major guide in solving our transportation problems, contends Eric Teniola

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n resumption in office, the Minister of Transport, Chief Rotimi Chibuke Amaechi pledged to reform the transport system in Nigeria. His immediate predecessor, Senator Idris Umar also gave such a pledge years ago. Every transport minister in Nigeria, including Mr. H.O. Omenai, Lt. Col. Musa Yar’Adua, Jaja Wachukwu, Lt. Col. Mohammed Magoro, Captain Olufemi Olumide, Mrs kemafo Chikwe. Alhaji Umaru Dikko, Ibrahim Bio, R.A.B. Dikko, Ojo Madueke, Precious Sekibo, Brigadier-General Jeremiah Useni, Oluwole Adeosun, and others made such pledges. But so far, little has been achieved in that sector. I want to believe Chief Amaechi will make a difference. Transportation is a major key to development - be it railways, air or by sea. As Dr. Emeka Okengwu, a development economist said, the existing transportation infrastructure in Nigeria - comprising roads, railways, ports, airports and pipelines - is inadequate in terms of accessibility and inter-operability. This poor performance has been largely occasioned by the fragmented operational and institutional framework for the inter-modal coordination of the country’s transport modes hence the need to integrate and coordinate the activities and responsibilities of the different transport modes in the country so as to harness the various potential contained therein”. The National Conference sat in Abuja in 2014 for about three months. The conference was headed by Justice Idris Legbo Kutigi, a retired Chief Justice of the Supreme Court of Nigeria. The conference came out with some recommendations that today are either ignored or buried. Before it concluded sitting, the conference divided itself into various

committees. The one that caught my attention was the committee on transportation. It was headed by Senator Musa Adede, who represented Cross River North in 1999 in the Senate. Senator Adede was the Chairman of Senate Committee on Transportation in 1999 and 2003. He is a transportation expert. Other members of the committee were Yusuf Hamisu Abubakar, Mr. Promise Adebunmi Kanayo Adewusi, Mr. Chris Agbonwanegbe, Brenda Akpan, Hon. (Chief) Obi Anoliefo, Mallam Hamman Bello Barkindo, Dr. Abdu Bulama, Mr. J. I. Ebinum, Mrs Patience Hadiza Ibrahim, Alhaji Musa Shehu Isiwele, Mrs Hannatu Lohor, Dr. Clement Mgbada , Asabe Baba Nahaya, Ezenwa Nwagwu, Clifford Obur, Oyinkan Olasanoye, Michael Olukoya, AIG Ralph Ola Osanaiye (rtd), Mrs Felicia Sanni , Hon. Sheik Mudathir Sekoni , Millicent Okonkwo Ugoeze while Dr. Emeka Okengwu served as the consultant to the committee. The committee made recommendations on the need for improvement of the aviation sector, rail transportation, seaports, in-land waterways/ shipping, roads, pipelines, transport services support sector in mines and steel. The Musa Adede committee implored that the government should review the existing transportation master plan for each sector based on economic analysis, to determine the economic rate of return on each transportation project, looking at the economic impact and financial implication of such projects. In addition, the committee suggested that the plan should prioritise projects based on economic analysis and budget constraints so as to determine the diverse range of benefits including accessibility and social benefits, economic and growth benefits, decongestion benefits, environmental benefits, health and social benefits, infrastructure maintenance

benefits, operation and maintenance benefits. When Chief Amaechi told the nation in 2015 that he would reform the transport system, I suggest he should take a look at the comprehensive 78-page report of the Musa Adede committee. To me that report is a major guide in solving our transportation problems. The central challenge identified by the committee is the absence of an integrated approach to transportation development and management in Nigeria. The absence of a central authority to oversight the implementation of the various national transportation master plan and the heavy dependence on budgetary provision for transport development had led to inadequate funding regimes and distortions in most transport projects. The privatisation of projects such as the ports concessioning has not also removed the financial burden from government as public funds are still applied to the expansion and maintenance of the facilities, leaving the concessionaires to collect revenue. The committee suggested among other things that one, the existing National Transport Council should be expanded from the current Federal Ministry of Transport and State Commissioners of Transport to include the Federal Ministries of Works and Aviation and the State Commissioners of Works as well as experts in the transport sector and representatives of all core stakeholders therein. It shall be responsible for the formulation of policies governing the sector throughout Nigeria and covering all tiers of government. The council should also set and maintain standard practices and ensure the coordination of transport development in Nigeria. It should meet on quarterly basis; and any other time as the need arises. The council is answerable to the President. Two, government efforts towards the establishment of a commission should be accelerated. Three, the

commission should have the mandate to formulate an intermodal national transportation infrastructure development policy that would identify and initiate the development of key mineral and agricultural products that can yield load value on the return of investments and the inclusion of local financing institutions such as AMCOM, BOI, NEXIM, SURE-P Natural Resources Development Fund(NRDF) Sovereign Wealth Fund(SWF) and local finance institutions and investors so as to promote inclusive growth, guarantee retention of foreign direct investment and avoid outright sale of national assets through non-inclusive concessioning programmes. Four, deployment of an integrated transport infrastructure development programme that would intricately tie a fixed and appreciable percentage of steel and allied materials for use in rail transportation lines, roads and housing construction, air ports remodelling, boat and ship building to the Ajaokuta, Aladja, Oshogbo, Katsina and Jos Steel plants and rolling mills. Five, review of the existing transportation legislation by ensuring all states and private sector participation provided that such participation is in line with the policies of the National Transportation Commission. This will allow the development of a national transportation infrastructure to be inclusive of rights of state governments to build intra-state transportation infrastructure while private sector investors shall be allowed to build and operate certain categories of transportation infrastructure linking the mines, beneficiation plants and integrated agricultural projects. Six, encouragement of Public-Private Partnerships or Joint Ventures in the provision of transportation services. Teniola, a former director at the Presidency, wrote from Lagos

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EDITORIAL THE END OF RAMADAN There is need to continue to champion the cause of the needy and the less privileged in the society

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fter a season of fasting and prayer which offered all Muslims the opportunity to reect on their relationship with Allah, the Islamic holy month of self-puriďŹ cation and self-denial otherwise known as Ramadan has just ended. It was a period marked by sharing and love, including with adherents of other religions, especially during Iftah (the meal taken at the end of each day’s fast) which has helped to forge better relationships among Nigerians. We congratulate all the Muslims who were able to join in this annual sacriďŹ ce. However, even though the month-long fasting has now come and gone, it is important that the lessons endure. As one of the ďŹ ve pillars of Islam, the spiritual signiďŹ cance of Ramadan comes in several respects. To many Muslims, for instance, it was a period of self-emptying without which no spiritual being can have a truly rewarding relationship with their Maker. That, in the main, was the essence of the group prayers WE HOPE THE SPIRIT OF and abstinence SHARING WITH THEIR from all forms of FELLOW BEINGS WHICH worldly comforts WAS THE HALLMARK OF and pleasures that THE FASTING SEASON are associated with WILL CONTINUE LONG the season. But as far as the society is AFTER THE RAMADAN concerned, caring for others remains the most noble of Ramadan experience. As Muslims faithful therefore mark the end of this annual spiritual exercise, it is hoped that the outcome will be of immense beneďŹ t to the society. We hope the spirit of sharing with their fellow beings which was the hallmark of the fasting season will continue long after the Ramadan. This is particularly important because there has never been a greater need for sharing with the less privileged and the needy of our society than exists today when millions

Letters to the Editor

of Nigerians can hardly make ends meet due to the economic situation. We must continue to champion the cause of the needy and the less privileged in our society as many did during Ramadan. Since the Ramadan fast, which like the other four pillars of Islam, was aimed at promoting both the spiritual and material well-being of man, it stands to reason that man is invariably better off doing the will of God than merely pleasing himself. When he is able to rein in the impulse for self-gratiďŹ cation and greedy accumulation of wealth, man is more liable to make his society a better place to live in, not only for himself but also for his neighbour. That for us was one of the most enduring lessons of Ramadan which we hope many would have imbibed.

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y paying attention to the plight of the poor as was amply demonstrated in the course of Ramadan, we invariably place the welfare of our neighbour as important as ours. By allowing others to partake of our wealth or material possessions, we honour the One who gave us the wealth in the ďŹ rst place. It is noteworthy that fasting as a spiritual exercise is advocated by all religions ostensibly with the notion that the man who can make sacriďŹ ces in the bid to tame his desires would be a better person both for himself and the larger society. As one expert puts it, besides abstention from food and drink, fasting helps the faithful “from looking at the provocative, from hearing the mischievous, and from uttering the obscene...to avoid slander and from thinking about inicting injury to others.â€? All said, the nation’s leaders, political and otherwise, have much to take from the lessons of Ramadan. If only they can curtail their materialistic tendencies and pay more attention to the yearnings of the people, the country will certainly become a much happier place to live in. We therefore urge our leaders to imbibe the lessons of Ramadan. To our numerous Muslim readers, we say: Eid Mubarak. May Allah reward your sacriďŹ ce.

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.

KIDNAPPING AND WEAK VALUE SYSTEM

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rior to its reaching an escalating height, kidnapping did not rank among the most ardent security concerns or crimes in the country. But then, all that seems to have changed as it has not only become a high-ranking crime in the country but a lucrative one for that matter. According to a Freedom House report, Nigeria recorded one of the highest rates of kidnapping in the world in 2013. Similarly, the US Department of State’s Country Reports on Human Rights Practices for 2013 indicates that kidnapping and related violence were “serious� problems in Nigeria. Initially, kidnapping was ‘invented’ in the creeks of the Niger Delta by militants as a way of calling the attention of government and multi-national companies who are involved in the oil industry to their environmental and infrastructure challenges. Later on, kidnapping was to transform from a social crusading art to a well-oiled commercial enterprise. Today, without a doubt, the crime has become a top money-spinning industry being used to acquire wealth by criminals who kidnap for ransom across the nation. Recent arrest of billionaire kidnapper kingpin, Chukwudebem Onwuamadike, alias Evans, in Lagos clearly shows that kidnapping has become a huge source of livelihood for some who desire to live big through criminal means. Before his arrest, Evans lived like an emperor courtesy the booties from his heinous crime. He lived in a delightful mansion in the highbrow Magodo GRA, Lagos. He had some of the most fascinating automobiles in his garage while also having unhindered access to choice drinks. Evans reportedly wears a wristwatch valued at 170,000 dollars and he is also a proud owner of two mobile

phones valued at 600 dollars each. He has property in Lagos as well as neigbouring Ghana. Being a kidnapping big dude, Evans had in his possession a wide range of ammunition with which he carried out his dastardly act. For instance, upon his arrest, four AK47 rifles, other kinds of assault rifles and 50 magazines were reportedly found in his house. Money was not an issue for Evans as his well-oiled kidnapping venture was bringing in loads of cash in various currencies. According to police source, Evans had collected billions of naira as ransom from his victims including expatriates, business moguls and public officials. The self-styled kidnapping genius preferred to collect his ransom in dollars or other foreign currencies. But then, how did kidnapping suddenly rise to become a top-rated crime in the country? The rise of kidnapping to prominence in our country could be linked to the steady disintegration of moral values in our society. Since the early 90s especially, moral value in the country has nose-dived to an all time high. Today, crooks and individuals with warped moral code are being celebrated across the country. Only God knows how many ‘Evans’ that currently serve as elected or appointed political officers in the country! What we need to redress the situation is a complete re-orientation that cuts across all spectrum of the society. A process that is all encompassing in the sense of a fusion between the physical and the spiritual. As a prelude to setting this process on course, we need to change our value system as a people. We need to re-appraise our undue obsession to materialism and wealth accumulation. It is such mania that is partly responsible for the rot in our socio-political system. How come men of questionable characters and unproven integrity are calling the shot in nearly every sector?

The answer is simple. Money has become our god. Sadly, religious centres are not excluded from this craze! Neither are traditional institutions. Today, respected monarchs, who occupy sacred ancestral thrones, dole out chieftaincy titles to the highest bidders .These days, we have chiefs who are actually thieves, dining and wining with kings. Nowadays, people place curses on their relations for upholding integrity and honesty while holding public offices. Until we re-order our priority as a people, we will continue to get it wrong. In the days of our founding fathers, men of ideas and principles were widely respected and honoured. Our national heroes such as Herbert Macaulay, Obafemi Awolowo, Nnamdi Azikiwe, Tafawa Balewa, Ahmadu Bello, and Aminu Kano, among others, did not rise to national prominence as a result of the fatness of their bank accounts. Rather, they won the hearts of men of their generation because of the strength and depth of their ideas and principles as well as their total commitment to those ideals which they hold in high esteem. Ken Saro -Wiwa put his life on the line not for pecuniary gains or benefits. No! He died because of his commitment to the emancipation of his people. One vital key to strengthening our value system is good governance. Governance is about providing sacrificial services to the people. Some analysts have posited that Nigerians are partly crazy about undue wealth acquisition because of the failure of successive governments to sincerely tackle their social-economic needs. Imagine a Nigeria where public infrastructure works and where everyone irrespective of social status, can afford a decent living. Tayo Ogunbiyi, Ministry of Information and Strategy, Alausa, Lagos

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T H I S D AY ˾ MONDAY, JUNE 26, 2017

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

POLITICS

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

A Move in the Right Direction The Senate’s decision to consider the report of the 2014 National Conference will go a long way in dousing tension among Nigeria’s ethnic nationalities, writes Shola Oyeyipo

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s agitation for Nigeria to be restructured continues to get louder, those in government are finding innovative ways to counter the agitators. In this wise, Acting President, Prof Yemi Osinbajo reduced the restructuring argument to economic issue when he said “Even if states are given half of the resources of the federal government, the situation will not change. The only change is to diversify the economy,” His principal, President Muhammadu Buhari was very blunt. He had literally foreclosed the possibility of implementing the recommendations of the 2014 national conference when he said “…I haven’t even bothered to read it or ask for a briefing on it, and I want it to go into the so-called archives.” Not bothered by the president’s position, people continue to make the call that the present structural arrangement bequeathed on the country by the military is unsustainable. The agitation is becoming louder and those in government may not have a choice but to give some concession. Like no time in the annals of its political history, Nigeria is exhibiting a rather dangerous fault line embedded in sectional agitations that require urgent attention before it degenerates into issue that may lead to eventual destabilisation of the country, and for many, the reliable solution is still the adoption of the 2014 constitutional conference recommendations. The no-love-lost relationships between various ethnic groups in Nigeria, particularly between the northern part of the country and its southern counterpart took a dramatic turn recently when some northern youths gave an October 1, 2017 ultimatum to the Igbos to quit the entire north. Before, the northern youths issued the ultimatum, leader of the Indigenous People of Biafra, Nnamdi Kanu had been making statements that, not only threatened the corporate existence of the country but also sought to undermine the authorities of the government. The ultimatum given to the Igbos jolted the country. While many condemned the position taken by the northern youth, few voices spoke in the youth’s favour. But the import of the message was not lost on anyone. If the intention of the northern youth was to let the Igbos know that no group has a monopoly of dishing out threat, then the ultimatum was a success. In defence of the south-east and to ensure that no counter threat was issued by other regions, the entire country came together to condemn the ultimatum. In doing so, the threats issued by IPOB, hitherto ignored by all, also came under consideration. Even with the uproar and the unaddressed demand for the arrest of those behind the ultimatum, the northern youths who are members of the Arewa Youths Consultative Forum (AYCF) did a follow-up to their threat by writing to Osinbajo to allow the south-east secede as being agitated by IPOB, MASSOB and others. In another reaction, a coalition of Southern youths under the umbrella of SNYC also vowed secession from Nigeria if anyone from any part of the south was violently expelled from the country. The implication of threats and counter threats flying around is that the unity of the country is under threat. The marriage of inconvenience into which the constituent parts of Nigeria are subjected to is facing imminent divorce. Many Nigerians have questioned the basis of Nigeria unity arguing that the structure of the unity has been faulty from day one – drawing resources of a section to operate the entire country. Whereas the country opted for federation because of its diversity. But because of the enormous powers wielded by the Federal Government - the federation is nothing but a unitary government.

The president would pick his vice president from the legislature, not more than 18 ministers would be selected from the six geopolitical zones and not more than 30 percent of his ministers from outside the legislature. This is expected to reduce cost of governance by pruning the number of political appointees and using staff of ministries where necessary. Elected members of the legislative arms of all the tiers of government are to serve on part-time basis. As regards power sharing, the 2014 national conference recommended that the presidential power should rotate between the north and the south and among the six geo-political zones while the governorship will rotate among the three senatorial districts in a state. If the 2014 constitutional conference sees the light of the day, local government will cease to be the third tier of government as federal and state governments will be the only tiers of government but states can now create as many local governments as they want. The immunity clause would be removed if the offences attract criminal charges. Nigerians who meet the specified condition in the Electoral Act would be free to contest elections as an independent candidate. Special courts would be set up to handle corruption cases. And the land tenure act would remain in the constitution but be amended to take care of those concerns, particularly on compensation in Section 29 (4) of the Act to read “land owners should determine the price and value of their land based on open market value” and there was provision for state police among others. Jonathan...believes 2014 confab’s report if implemented will bring about better governance

Most of the states created by the military can not generate enough resources to survive on their own. They have to largely depend on the federal government for their survival. This practice, many believed, is unsustainable. To many Nigerians, breaking up is not in anybody’s interest. But they don’t mind sitting down to discuss how power should be shared among between the federating units and the centre. What the people actually wish for is true federalism. A situation that guarantees that federating units are able to grow at their pace – with a weaker center. That was done in 2014 which culminated in the 2014 report. The nation’s constitutional development history can broadly be divided into two; pre-independence era, which covers the 1914, 1922, 1946, 1951, 1954 and 1960; and the post-independence constitutional era comprising 1963, 1979 and 1999 constitutions. While the pre-independence

Not bothered by the president’s position, people continue to make the call that the present structural arrangement bequeathed on the country by the military is unsustainable. The agitation is becoming louder and those in government may not have a choice but to give some concession.

constitutional instrument was enacted through an order-in-council of the British monarch, their post-independence ones were enacted in two ways; an act of parliament (1963 constitution) and military decrees (1979 and 1999). The structure of the country as it is now was a military creation. That explains why the people are agitating for an arrangements negotiated by them and no the one foisted on them by the military. The 2014 Constitution Conference The closest to that at the moment is the 2014 national conference convoked by former president Goodluck Jonathan where 494 Nigerian delegates deliberated for five months on the political system that would work better for the country. Their aim was to find lasting solutions to bitter conflicts among its numerous ethnic, religious and other sectional interests. The conference came up with over 600 recommendations including the creation of 18 new states; Apa, Edu, Kainji, Katagum, Savannah, Amana, Gurara, Ghari, Etiti (South East zone), Aba, Adada, Njaba-Anim, Anioma, Orashi, Ogoja, Ijebu and New Oyo. The conference also recommended one new states for the south-east to make the zone have equal number of states with the other zones except the north-west which has seven. There was the issue of resource control/derivation where the conference recommended that government should set up a technical committee to determine the appropriate percentage on the issue and advise government accordingly. The conference suggested that the sharing of the funds to the federation account among the three tiers of government should be that the federal government gets 42.5 percent, state governments 35 percent and local governments 22.5 percent. In the area of forms of government, the 2014 national conference recommended the modified presidential system, that would be a home-grown government that will effectively combine the presidential and parliamentary systems of government.

The Senate to the Rescue Many Nigerians have insisted that the best way for Nigeria to go was to implement the recommendations of the national conference as a way to address the plethora of problems confronting the nation. Hence the encomiums received by the National Assembly when the Senate upper Wednesday asked the acting president to urgently forward the report of 2014 National Conference report for appropriate legislative action. Leading debate on the motion which was eventually unanimously adopted by the senators, former Kebbi State governor, Adamu Aliero (Kebbi-Central), who was a member of the conference, said the report of the 494 member conference was the best option available to resolve the problems affecting the country. He said: “We have to live together and the corporate existence of this country cannot be negotiated. Nigeria must remain one indivisible and indissoluble entity. I agree that there are problems; there are challenges and those challenges should be addressed. That was why in 2014 the then president, Goodluck Jonathan, decided to convoke what was called a national conference and it was a conference where all the ethnic nationalities, states and geopolitical zones were represented. “All the issues affecting the unity and stability of this country were thoroughly discussed under the leadership of Justice Idris Kutigi (rtd) and co-chaired by Bolaji Akinyemi. A lot of recommendations were made to address these challenges. “I will recommend that the Senate should ask for those recommendations to be tabled before the National Assembly because a lot of recommendations on all the agitations in all the geopolitical zones were addressed. I don’t know why we are not asking for those recommendations to be brought to us. They should be implemented where necessary.” Former Plateau State governor and a veteran of the Nigerian civil war, Senator Jonah Jang, who supported the motion feared that no nation survived two civil wars, warning that Nigeria CONT’D ON NEXT PAGE

T H I S D AY ˾ MONDAY, JUNE 26, 2017

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POLITICS

MONDAY DISCOURSE A MOVE IN THE RIGHT DIRECTION

would not be a different case. All the other lawmakers, including the deputy president of the Senate, Senator Ike Ekweremadu, admitted that Nigeria faced challenges that could be corrected by the conference recommendations. Ekweremadu also explained that the reason why the seventh assembly which received the report was unable to take action on it was because it was received towards the end of the legislature. The request for the 2014 confab reports followed submissions made to that effect by senators mostly of All Progressives Congress, APC, during the debate on a motion, entitled: “The need for National Unity and Peaceful Coexistence in Nigeria,” sponsored by Senate Leader, Ahmed Lawan (APC, Yobe), and co-sponsored by 106 others. Senator Lawan’s motion had four prayers which were all taken, but there was an additional prayer by Senator Mao Ohuabunwa (PDP, Abia North), that the federal government be urged to urgently forward the report of the 2014 Conference to the National Assembly for deliberation. According to him, “we must, as a nation, address those issues that gave rise to agitation, Nigeria must be a nation that is based on justice and equity.” But must the Senate wait for the executive to forward the report to them? The answer is no. Position of 2014 Conference Advocates So many well-meaning Nigerians are in the frontline of the campaign for restructuring the country to protect its future but one of the crusaders was the convener himself, former president, Dr. Goodluck Jonathan. He called for the implementation of the report during the Rivers State 50 year anniversary in Port Harcourt where he said: “This will allow states to assume control of the exploitation of their natural resources and mandate them to pay adequate taxes to the federal government.” According to him, fiscal federalism will initiate faster development borne out of a comparison between the intervention agencies and the 13 percent derivation. He said: “From the days of Special Funds, through OMPADEC to now NDDC, the federal government has provided funds for the development of the oil bearing communities but with very little physical infrastructure to show for it. “This is so because these bodies are highly political and lack continuity as tenures are hardly completed. New federal government administrations appoint new teams who award new contracts hence the zone is littered with abandoned projects. I believe that without the 13 percent derivation, action governors like Wike would not have the capital to drive his ambitious developmental projects. With fiscal federalism, the pace of development will be even faster. “Our people want us to improve on the way we govern ourselves. That was why in 2014 I set up the National Conference to examine the grey areas and proffer viable options that will accelerate our political, social and economic development. “I am convinced that implementation of the report will help resolve some of the problems in our country. It is also my conviction that the future of democracy, not only in Nigeria but across the entire continent of Africa, lies in putting the people first. ”This will entail not only working to improve their lives but also respecting their rights to freely choose who to represent them, without let or hindrance. That way, they will be able to wrap their hope and future around the certainty of the declaration that real power belongs to them, and that the maxim of one man one vote is not just mere platitude.” It was in this light that immediately after the Senate showed favourable disposition towards the much-talked-about 2014 conference, the lawmakers received a node of approval from Yoruba socio-cultural group, Yoruba Council of Elders (YCE), which considered it as the wisest move towards dousing the mounting tension in the country YCE Secretary General, Dr Kunle Olajide, in a communique at the end of a meeting of the elders’ council at Ibadan, Oyo State capital last week said, “The YCE commends the Senate of the Federal Republic of Nigeria for its resolution and we urge the executive to forward the report of the 2014 National Conference to the National Assembly as an Executive Bill. “The YCE urges all Nigerians to support the initiative of the National Assembly in its decision to work on the report.”

Bakare... advises Buhari to consider the report

He also commended the efforts of Osinbajo in holding consultation with the leaders and elders of the six zones of the country to douse tension in the country, noting that “we assure him of our support.” According to him, calls for restructuring of the country would continue until the needful was done. The leader of the Oodua People Congress (OPC) and one of the delegates to the conference, Chief Gani Adams sees no reason why the executive should delay any process that would bring about the implementation of the report of the conference because in his views, as most others, it is in the best interest of Nigeria and Nigerians. Speaking with THISDAY in an exclusive interview, Adams said: “The Jonathan conference experience was a very good experience. For me, I am a student of history. I may be born in 1970 but I have done research a lot about our race and Nigeria from the Portuguese explorers in 14th century. So, I know what I can say within every decade. So, from my history; the MacPherson constitution, the Republican constitution of 1963 and even the constitution given to us by the colonial masters in 1960; the only constitution that is nearer to what we did by our recommendations in 2014 was the 1963 constitution. As a matter of fact, we don’t even need to waste time. If Nigerians lift the 1963 constitution and adopt it, the country will change within two years. Not even going back to our 2014 constitution. “We recommended 633 modest demands that can solve the Nigerians problem. Some of the best brains in Nigeria were in that conference. We had more than 11 Senior Advocates who are best in their fields. We had three retired Appeal Court and Supreme Court justices. About 52 professors from different fields. No fewer than seven permanent secretaries from different ministries. All the service chiefs. The generals

For obvious reasons, the 2014 conference report was far from being a perfect document. If many of the states existing today can not generate enough resources to survive on their own, while calling for the creation of additional states? Those claiming that the report holds the solution to all the country’s problems are far from saying the truth.

we had in that conference was between 18 and 20. And we had the good products of the civil societies. All of them were well represented. “When we started the conference we first agreed on two-third majority voting pattern. It took us about three weeks to agree on the percentage of voting. The recommendation of the committee was that three-quarter should be the majority on decision but we now fought that all over the world you cannot be expecting three-quarter to agree. We wouldn’t move forward until we agreed on two-third majority. It nearly truncated the conference. Fortunately, 99 percent of our decisions were based on consensus. No voting. The only thing was derivation principle. About oil. Not solid mineral. It took us about three weeks. “You know anything about oil, Nigerians will raise eyebrow to it. People like us said they should give Niger Deltans, who own those oil 25 percent but funny enough, some of our lazy politicians in the South-west said no! We will not be able to pay salaries again if we pay them 25 percent. We told them that we had agreed that the states should control solid minerals and there is no state in Nigeria that does not have solid minerals. Even the northern states have more solid minerals than the South.” To pan-South-west sociopolitical group, Afenifere, restructuring Nigeria is the only panacea to solving the problems facing the country and arriving t true peace. Depicting the retrogressive level of Nigeria’s political development without true federalism, Afenifere’s National Publicity Secretary, Mr Yinka Odumakin, in a statement to commemorate 24 Years After June 12, argued that the only way for Nigeria to fulfill its destiny as one country is to ensure “a restructured polity that practices federalism in its truest form.” According to him, “Nigeria marks today the 24th anniversary of the cleanest elections ever held in its checkered history. Unhappily, Nigeria marks this day still labouring under intense strain, palpable uncertainty and extreme apprehension, because Nigeria has failed to learn the lessons of history. “To this end we Afenifere restate the Yoruba belief that the only way that Nigeria would be able to fulfill its destiny as one country is that all Nigerian nationalities should be able to run their lives according to their civilisations in a restructured polity that practices federalism in its truest form. That remains the unchangeable preference of the Yoruba nation. If, however, our compatriots from the north and the east are not averse to the continuation of Nigeria as a country, the only acceptable path toward this end is political restructuring.” A representative at the conference, the Catholic Bishop of Ekiti Diocese, the Most Rev. Femi Ajakaiye, has maintained that the full implementation of the 2014 National Conference report is the panacea to moving Nigeria forward. The former National Chairman, All Progressives Grand Alliance (APGA), Chief Victor Umeh also said “We cannot continue to sustain Nigeria on injustice. We want a Nigeria that will be run on equity and fairness. If the president wants a Nigeria where every citizen will have confidence and faith in the country,

the conference report should be implemented.” A close political ally to President Buhari, serving Overseer, Latter Rain Assembly, Pastor Tunde Bakare, who was his vice presidential running mate in 2011, has persistently stressed the need for the president to implement the recommendations of the 2014 National Conference, saying its outcome is in tandem with the APC manifesto. Bakare said that despite the fact that the All Progressives Congress did not participate in the exercise, he said the report was done by Nigerians. “I appeal to Mr. President not to ignore the report of the 2014 National Conference! God went ahead of you to provide a navigational map with which you can begin to steer the ship of state to a safe destination. “The APC may have refused to participate in the 2014 National Conference, but the report of that conference is completely in tandem with the promise of the APC Manifesto.” Except a few people who have been able to speak against restructuring Nigeria, most commentators consider it as the way out of the political quagmire the country has found itself. For instance, a US-trained Nigerian born Political Scientist, Dr. Akintunde Adeyemo, who is currently serving as a legal extern at the office of the General Counsel, Michigan National Guard, Joint Forces Headquarters had noted that to restructure Nigeria now would be a risky venture because of the delicate level of unity. “The term restructuring is subject to different interpretations. What exactly are we restructuring? Our political system? Our federal system? When people talk about restructuring, I see it as another attempt to waste time and resources. Any restructuring exercise must be thoroughly scrutinised before it is embarked upon. At this time, the country is relatively peaceful; calling for a restructuring of the country at a time when different people are actively advocating for secession is not only a bad idea, but a risky proposal,” Adeyemo said. Another position canvassed by the DirectorGeneral (DG), Voice of Nigeria (VON), Mr. Osita Okechukwu, was that despite genuine grievances, secession is not the best option for Igbos and that yet, the idea of restructuring in the context of regionalising would be complicated. He therefore suggests that political solutions must be employed to pacify the south-east and give every Nigerian a sense of belonging. “Let me fundamentally agree with you that there are areas like the issue of number of state because these states, none, since the civil war, was created by referendum. The states and local councils, yes! They are deliberate marginalisation of the Igbo. There is no doubt about that. But if it is whether the Igbos are accepted in this country, I would say yes, we are highly accepted. Acceptability in all nation states, especially in vast ones like ours, is measured not only by government but also by inter-personal relationship between individual where they inhabit. So, to that extent, the Igbos are accepted. “The fault lines of tribe and religion do exist all over the world. Yes, it impact on Igbos; not as a single out, it is because of the law of what we call proportion. In about 28 states of the country, if you take an accurate census and tell everybody who is an original indigene of Lagos State – stand this side; the next tribe that lives here, stand the other side; the Igbos. I don’t know the other tribe that would come second. If you go to Kano, the same thing. If you go to Calabar, the same thing. If you go to Akwa-Ibom and Maiduguri, the same thing. It is only in Kaduna that you tell all the indigene to stay on one side that we can compete with any other tribe. Same in Kwara, Niger and Ondo State. We will beat any other person in Jos. To me, it is acceptability.” For obvious reasons, the 2014 conference report was far from being a perfect document. If many of the states existing today can not generate enough resources to survive on their own, while calling for the creation of additional states? Those claiming that the report holds the solution to all the country’s problems are far from saying the truth. Critics of the report also say that as long as the same people who are today running the country will be the ones to operate the new structure, the desired objectives of the reform will not materialize. To this category of people, the problem is not the structure but those operating it. Nevertheless, the 2014 report comprises some useful recommendations that can make life easier for many Nigerians.

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The Crumbling Anti-corruption War The acquittal of the Senate President, Dr Bukola Saraki by the Code of Conduct Tribunal was a rude awakening for those leading the war against corruption, writes Tobi Soniyi

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he decision of the Code of Conduct Tribunal upholding the no case submission of the Senate President, Dr Bukola Saraki, who was charged with alleged violations of the Code of Conduct for Public Officers was perhaps the wake up for those in charge of the anti-corruption war. The judgement clearly shows that an anti-corruption war built on a witch-haunt is unsustainable. The judgment is also an indication that there is something fundamentally wrong with the way the anti-corruption war is being waged. However, rather than accept this reality, the government in its typical panic-mode style adopted its usual face-saving approach by rushing to file an appeal that it will seek to amend in the next few weeks. The Presidential Advisory Committee Against Corruption, (PACAC) which has the penchant for blaming defence lawyers and the courts for whatever glitch the anti-corruption war suffers, is becoming circumspect. No longer able to hide its frustration, it finally accepted that something was wrong somewhere. The committee, until now, was in denial. The chairman, Prof Itse Sagay, blamed the Presidency for lack of diligence and thorough job on how to nail corrupt people, which he said, was partly responsible for the losses recorded by the government in the fight against corruption. He said: The Federal Government, particularly the President and Vice-President, who were elected into office principally to eliminate corruption, must go back to their drawing board, search and scan the constitution and other laws to draw the requisite irresistible power to deal firmly with this terrible scourge of our times, otherwise we are all dead.” A member of PACAC, Professor Femi Odekunle, was more forthright in his criticism of government handling of corruption cases. He noted that lack of diligence by some senior government officials had also contributed in no small measures. Odekunle wondered how serious the AttorneyGeneral of the Federation, Abubakar Malami (SAN), was committed to the anti-graft war and further questioned the honesty of the Code of Conduct Tribunal chairman, Mr. Danladi Umar. While he should be condemned for thinking that rule of law should be circumvented in the fight against corruption, he deserved commendation for raising the case against the CCT chairman. He said: “It is said that he who comes to equity must come with clean hands. In this regard, I ask, what were the details and the resolution of the EFCC matter on Danladi Umar’s bribery case? I don’t know, I’m just asking. “Is the Attorney-General of the Federation, who is to lead the anti-corruption fight, going by the way things have been going in the past two years, as committed as others who could have done the job better? “I have no answers but I believe if they are answered, it will give us an insight into the cause of our current dilemma in the fight against corruption.” To begin with, how will the Attorney General of the Federation, justify his decision to allow Umar remain as CCT chairman when he is in possession of overwhelming evidence that put Umar’s integrity in issue? Danladi Umar would probably by now not be sitting as the tribunal chairman if the minister had acted on the file he inherited from his predecessor in office, Mohammed Bello Adoke, SAN. Acting on a report signed by the then Chairman of the Economic and Financial Crimes Commission, Ibrahim Lamorde, Adoke recommended to the then president, Dr Goodluck Jonathan to relieve Umar of his job for admitting that he met, privately in his chambers, with a retired customs officer standing trial before him. Adoke also directed the EFCC to prosecute Umar for alleged collection of bribe. The former justice minister’s recommendation was based on the report of the EFCC into a petition by a retired Comptroller of Customs, Mr

Malami...insisted he remains committed to the anti-corruption war

Rasheed Taiwo that Umar demanded N10million bribe from him to quash the case against him. Adoke had in a letter to Jonathan dated 7th May, 2014 with reference number: HAGF/SH/2014/ Vol./41 advised the president to initiate move to remove Umar from office as chairman of the Code of Conduct Tribunal because of the allegation of corruption against him. Adoke in the letter said: “I am of the humble opinion that the current state of affairs by which the tribunal is unable to seat while the institution is increasingly diminished by the pall of suspicion, should not be allowed to fester as it will expose the institution to public ridicule and undermine this administration’s efforts to combat corruption. “In the light of the foregoing therefore, Your Excellency may wish to initiate the necessary steps for the removal of the chairman.” These and many more shocking revelations are in the office of Malami. But what did the justice minister do? He mounted a stiff defence to protect Umar when the issue was raised. Also in the file are; the statement of Umar himself where he admitted meeting privately with the petitioner in his (Umar) office at the CCT, statement made by his personal assistant, Mr Gambo Abdullahi, Umar’s bail application, letter to former president Jonathan by the two other members of the tribunal, among others. In his statement, Abdullahi, the Personal Assistant to Umar admitted collecting N1.8million from Taiwo on behalf of his boss, Umar. However, Gambo later recanted and claimed that he collected the money for himself. In its investigation report dated 24th June, 2014, signed by its Executive Chairman, Ibrahim Lamorde, the EFCC said: “Available circumstantial evidence suggests that the tribunal chairman might have indeed demanded and collected money from the complainant through his personal assistant. “Efforts made to recover the telephone handset

To begin with, how will the Attorney General of the Federation, justify his decision to allow Umar remain as CCT chairman when he is in possession of overwhelming evidence that puts Umar’s integrity in issue?

used by Justice Umar proved abortive, as he claimed that he had lost the telephone in 2012. Justice Umar also admitted that he met privately with the complainant in his chamber at the tribunal. This is a most unethical and highly suspicious conduct on his part.” The commission also said that there was overwhelming evidence to prosecute Umar’s PA because he, “could offer no coherent excuse for receiving N1.8million into his salary account from Taiwo, who is an accused person standing trial at the tribunal,” the commission added. EFCC said the N1.8million had been recovered. The commission also stated that Umar’s PA tried to cover up the reason for which the money was paid to him by making contradictory statements. Two days later, precisely on 26th June, 2014, the AGF wrote back to Lamorde recommending Umar and his PA, Abdulahi for prosecution. Consequently the commission prepared a draft charge containing two counts against Umar and his PA. Curiously, however, the charge was never filed but it was exhibited in a suit filed by a group to compel EFCC to prosecute Umar. Two members of the tribunal, Justices Robert Odu and W. Agwaza Atedze also wrote to Jonathan. They called on him to investigate the allegation that the chairman demanded N10 million bribe so as to save the tribunal from embarrassment. Another letter, written by the former Secretary to the Federal Government, Anyim Pius Anyim to the EFCC chairman was also in the file. In the letter, Anyim said that the tribunal could no longer sit because of the allegation against the chairman. Malami knew this much but believed that Umar must remain the chairman of the CCT. Rather than give consideration to these weighty issues raised by his predecessor, Malami ignored them. In the bid to nail Saraki at all cost, EFCC issued a statement contradicting itself by saying that it had cleared Umar when the commission knew that that was not true. The office of the AGF also defended Umar. When Umar failed to deliver the judgment they wanted, they shamefully made another u-turn and said he was under investigation. The drama did not end there. To save, Umar, his personal assistant who admitted collecting money from the ex-customs officer, was charged not for collecting bribe but for one flimsy offence that if convicted, would walk out of court free. The report of EFCC’s investigation of the petition by the ex-customs officer and his testimony speak volumes. But enough of that for now. To save the war against corruption, the justice minister may need to pause for a while and review his own methodology. Shortly after he was appointed, the minister suggested to President Muhammadu Buhari to constitute a National Prosecution Coordination Committee on High Profile Cases (NPCC). The committee has a

long list of membership (twenty). At the time the committee was created, the EFCC was on top of its game. All the minister needed to do was to help existing anti-corruption agencies to function better. Rather, he chose to undermine them by creating the bogus committee. The result is the confusion that has permeated the entire anti-corruption war. For a Presidency that promised to reduce deficit and run a lean administration, adding an unnecessary committee, such as the NPCC, was an unnecessary burden. According to a statement issued by Salihu Isah, the spokesperson to the minister, who is also a member of the committee, NPCC was constituted pursuant to the powers vested on the AGF as the nation’s Chief Law Officer as contained in Section 174(1) of the 1999 Constitution. “The Constitution of the Federal Republic of Nigeria under Section 174(1) vested the powers on the Attorney General of the Federation to institute and undertake criminal proceedings against any person before any court of law in Nigeria, other than a court martial, in respect of any offence created by or under any Act of the National Assembly. “The AGF is also to take over and continue any such criminal proceedings that may have been instituted by any other authority or person. He is equally charged to discontinue at any stage before judgment is delivered any such criminal proceedings instituted or undertaken by him or any other authority or person. This is the position of the Constitution.” According to him, the committee is also to guarantee prompt contact and synergy between investigators and the prosecutors of high profile criminal cases, manage information to the public on such cases as well as to ensure strict compliance with the Administration of Criminal Justice Act (ACJA), 2015. He said further: “For its terms of reference, the NPCC is to advise the AGF on the exercise of his prosecutorial powers in Section 150 and 174 of the 1999 Constitution, prepare the policy strategy document for the coordination of investigation and prosecution of high profile criminal cases in Nigeria and to also collate the list of such cases as well as assigning them to prosecution teams. “The committee will scrutinize the proof of evidence and charges in high profile criminal cases in the country before arraignment. In addition, it will receive and analyse reports from the investigation and prosecution teams engaged to handle such cases.” First, there appears to be no legal basis upon which the mandate of the committee can be justified. With due respect to Isah and the AGF, the provisions cited above cannot be the basis for setting up a committee to coordinate prosecution of high profile cases. The minister should simply exercise that power by going ahead to take over any case he wants to take over. Setting up a coordinating committee to do so will result in avoidable duplication, waste of resources and serve as a disincentive to those working at EFCC who are taking a lot of risk to fighting corruption. Above all, it will also slow down the fight against corruption. Other questions begin for answers include: How will the committee determine high profile cases? Where will the funding of the committee come from? How will the committee relate with anti-corruption agencies? Are members of the committee not likely to jeopardize or compromise investigation being carried out by anti-corruption agencies? The more the number of people who have the details about an investigation the more the chance that the investigation will be compromised. The advisory mandate is also not tenable. The AGF has a retinue of lawyers advising him. This is aside from the Solicitor General and other lawyers working in the Ministry of Justice. The AGF can also seek advice from those at the helms of affairs at the EFCC and the Independent Corrupt Practice and other Related Offences Commission. Many public spirited lawyers will also willingly give the AGF advice for free.

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

Odama’s Murder and the Cry for Justice Paul Obi writes that the handling of Joy Odama’s murder has further dented the image of the Nigerian Police Force

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hen Joy Odama returned from holidays, the family received her with joy. But that joyous mood would not last long. Joy’s path to her gruesome death started on December 18, 2016 with her encounter with one Alhaji Usman Adamu, a presumed philanthropist. Adamu, it was learnt, often assists girls with scholarships and other forms of financial support. But beyond these philanthropic gestures lies a tortuous heinous ring that ravages vulnerable young girls. For Joy Adama, her first and only encounter with Alhaji Adamu turned out to be a deadly one and her last time she was seen alive. On that fateful day, Joy had accompanied her friend Elizabeth to see Alhaji Adamu, who promised to pay her school fees. Joy proceeded to call her mother, Mrs. Philomena Odama to inform her about the ‘fortune’ Alhaji Adamu extended to them. On her arrival, Mrs. Odama was assured by Alhaji Adamu that he will pay Joy’s school fees; he also pledged to assist Mrs. Odama with a job at the Nigerian Security and Civil Defense Corps (NSCDC). At Adamu’s house, Mrs. Odama noticed that there were other girls also waiting to benefit from the same ‘scholarship’. According to Joy’s mother, Mrs. Odama, “two days later, December 20, in the evening, Adamu called my daughter and said his house help is seriously sick and that she should please come and look after her while he goes to get a doctor. He also said he has called other girls (i.e. the other girls we saw in his house the previous day). Joy told me and I allowed her to go. That was the last time I saw my daughter alive. “After a while on the same day, I called Joy and she said she was at the house with the other girls and will soon be coming back. About an hour later, when she was not yet back, I called severally but she did not pick. Out of curiosity, I called Alhaji Adamu on his number 08179606208 but he too did not pick. I became more worried and went to the house but couldn’t gain access to Alhaji’s apartment. The next morning, I called Joy and Alhaji Adamu several times to no avail. Eventually, Alhaji

Adamu picked his call and to my surprise, he pretended not to know who I was nor who Joy was. When I pressed further he said ‘did anything happen to Joy?’ as if he does not know where she is. At this point I knew all was not well. “In panic, I called my husband (who was not around at the time due to the nature of his work), my relatives and neighbors and we all agreed to report to the Police. As we were about stepping out to the Police Station, we saw two policemen in our house who asked us to follow them to the Police Station at Karmo. On getting there, the DPO informed us that all the girls that went to Alhaji’s house are all unconscious; that one

When we asked why my daughter’s body was embalmed without our knowledge, one of the attendants confided in us that Alhaji Usman Adamu first brought the dead body in the early hours of December 21 claiming to be the father of the girl. But on seeing the body, they suspected foul play and insisted that they will not admit the body until they see a Police or doctor’s report. Alhaji Usman left and came back with DPO Nkem of Karmo Divisional Police Station who ordered them to immediately embalm the body

Late Joy Odama is not responding to treatment while the others were responding. We requested to see Joy but we were turned down and asked to come back the next day. We pressed further but the DPO insisted we go and come back as directed. The next day being December 22, I went back to the Police Station in company of relatives and a lawyer who is a close family friend. To my utter shock, I was told that my daughter was dead and has been taken to the mortuary. “We asked to know how, why and what led to Joy’s death and the DPO, CSP Nkem Raphael, declined further comments. Our lawyer asked if the Alhaji has been arrested but CSP Nkem bluntly told us that as far he is concerned, Alhaji is not culpable, no crime has been committed, that my daughter died a natural death and he cannot arrest Alhaji. DPO Nkem told the lawyer to take the matter to his superiors but that he has already informed them about the matter and as far as they are concerned, Alhaji Adamu cannot be arrested. “We requested to know the whereabouts of my daughter’s corpse and the other girls responding to treatment so we can interview them. The DPO directed us to Federal Medical Centre, Airport Road, Jabi, Abuja and on getting to the mortuary, we discovered the body was already embalmed. When we asked why my daughter’s body was embalmed without our knowledge, one of the attendants confided in us that Alhaji Usman Adamu first brought the dead body in the early hours of December 21 claiming to be the father of the girl. But on seeing the body, they suspected foul play and insisted that they will not admit the

body until they see a Police or doctor’s report. Alhaji Usman left and came back with DPO Nkem of Karmo Divisional Police Station who ordered them to immediately embalm the body.” Mrs. Odama further explained that they later “discovered that the other girls the DPO claimed were on admission in the hospital were not there. We went back to the Police Station to find out why our daughter’s body would be embalmed without our prior consent. At the Police Station, we saw Martha, one of the girls whom I met at Alhaji’s house. She was by the Police front desk.” Also, Mrs. Odama noted that all efforts to ensure that the Police carry out their duty of investigating the matter thoroughly, met a brick wall. Beside preventing their lawyer from participating in the meetings geared towards unraveling the cause of Joy’s death, the DPO and a top Police officer in the rank of Assistant Inspector General of Police (AIG) were said to have warned the family that the case was closed and nothing could be done about it. To shed more light on the alleged nefarious activities of Alhaji Adamu, one of the girls, Victoria Ezekiel, a cook in the house, spoke to journalists, where she gave further incriminating evidence against the Alhaji, including the Police. According to Victoria, who used to sell Maize in Jabi, before she was employed by Alhaji as a cook, “on December 20, when I was in the kitchen, I felt dizzy and I fell down. I later called Alhaji on the phone that I wasn’t feeling well and wanted to go home. He offered to take me to the hospital. I waited for

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Concerned citizens calling for justice on Joy Odama’s gruesome murder him till 8p.m. but he didn’t show up. I normally close by 7p.m. He took me to the Federal Staff Hospital, Jabi. The doctor examined me and said I had malaria. I was given a form which Joy (Odama) helped me to fill. When we returned home, Alhaji said it was late and that I should sleep over. Joy, Nurse Gift, a girl we call ‘small Gift’ and I went to bed. In the midnight, I wanted to urinate and I saw Joy lying down beside me. “In the morning, I couldn’t stand up. I could only hear noise in the apartment. They rushed me to the hospital, gave me drip and I felt better. It was later I heard that Joy died and I was asking what happened to her. The doctor was also surprised. He asked me if it was the girl that filled my form the night before. We were waiting for Alhaji to come and settle the bill but he didn’t show up till 6p.m.” Victoria added that “sometimes in January 2017 Alhaji called me on the phone and said they had buried Joy and that he gave her mother N200,000. He was telling me stupid things before he inquired about my health. He later told me that I would need to make a statement. I went to his house and we went to Karmo Police Station and a Policeman said that I should mention Alhaji’s neighbour who lived upstairs as the person that locked the generator door. I told him I didn’t know the person, and besides, I was sick then and why should I lie against the man? Alhaji hit me on the back and called me a fool in Hausa.” However, despite the obvious culpability of Alhaji, the Police were still treating Alhaji Adamu as a VIP, according to Mrs. Odama. THISDAY investigation revealed that it was the public outcry and pressure from civil societies in Abuja that led to the arrest of Alhaji Adamu. When THISDAY contacted the Police Public Relations Officer (PRO), CSP Jimoh Moshood, he confirmed that Alhaji Adamu had already been arrested and that the transfer of the DPO was not aimed at thwarting the case but a form of punitive measures against DPO Nkem. Though, Adamu is still in Police custody, there are fears that the Police would not go the whole hog in investigating the case

IGP Ibrahim Idris...should ensure that the Odamas get justice at the end of the day and holding Adamu accountable for the death of Joy. Speaking to THISDAY, Public Relations Officer of Cross River Indigenes Development Association, Sam Nsor, queried the approach of the Police in the case. He said: “We condemn, in very strong terms, the unfortunate antics exhibited by the Nigerian Police Force in the handling of this matter since December 2016 till date; where the suspect, (Alhaji Usman Adamu) was said to be a free man and walking the street with arrogance.” Nsor stressed that “it is unfortunate that the Nigerian Police have abandoned its primary role of service to the people by granting some citizens ‘Privileged Status’ especially that being enjoyed by Alhaji Usman Adamu, who is currently ‘Above the Law’. Finally, we call on all relevant authorities to be alive

to their responsibilities and bring all those involved in this hideous crime to justice.” THISDAY also learnt that the Cross River State Governor, Senator Ben Ayade has mandated the Attorney General and Commissioner of Justice, Barr Joe Abang, alongside Dorn Claimz Enamhe, to ensure that justice is done in the case. It was also revealed by the Police that the Force has ordered a new autopsy for the body of late Joy Odama. The development became imminent given the suspicious nature of the previous autopsy - which linked her death to ‘overdose cocaine poisoning’. The handling of Joy’s case has dented the image of the Police. The culpability of DPO Nkem and the top AIG who attempted to obstruct investigation also calls to question the statutory role of the Police. If officers

The handling of Joy’s case has dented the image of the Police. The culpability of DPO Nkem and the top AIG who attempted to obstruct investigation also calls to question the statutory role of the Police. If officers entrusted to protect citizens turn round to shield criminals as proven with the Joy’s case, it is assumed that the people will quickly lose confidence in the Police. The best way for the authorities to redeem their image lies squarely on investigating Joy Odama’s death and ensuring that the culprits are brought to justice

entrusted to protect citizens turn round to shield criminals as proven with the Joy’s case, it is assumed that the people will quickly lose confidence in the Police. The best way for the authorities to redeem their image lies squarely on investigating Joy Odama’s death and ensuring that the culprits are brought to justice. To do otherwise will send wrong signals across. It is therefore incumbent on the IGP Ibrahim Idris and his men to do the needful. That is: to get justice for the Odamas over the brutal murder of their daughter. Until then, a dark cloud will continue to hang on the Nigerian Police.

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IMAGES

T H I S D AY Ëž Ëœ Í°Í´Ëœ Í°ÍŽÍŻÍľ

Photo Editor ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ ÔËÖË Email Ă‹ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜Ë›Ă‹Ă”Ă‹Ă–Ă‹ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ù×

L–R: Head Culture, African Union Commission (AUC), Ms. Angela Martins; Minister of Tourism, Republic of South Africa, Ms. Tokozile Xasa and the President/Executive Producer, (AFRIMA), Mr. Mike Dada, during a strategic meeting on 2017 AFRIMA and Tourism, in Africa, held at The Parliament, Capetown, South Africa....recently

L-R; Mr. Adetayo Folorunso; Mr. Rotimi Toluhi; Mr. Emmanuel Owo; Mr. Abayomi Adelola; Mr. Segra Amusu and Barister Tola Ayo- Adesanya, after the Interactive Session on Sustainable and Cost EďŹƒcient Building Processes and Methods in Lagos... recently. KOLAWOLE ALLI

Oyo State Governor, Senator Abiola Ajimobi (left) and Corps Marshal, Federal Road Safety Commission, Dr. Boboye Oyeyemi, during an advocacy visit to the Governor in Ibadan...recently. Photo: Governor’s OďŹƒce

L-R: President, Nigerian Gas Association [NGA] ,Mr Dada Thomas ; Managing Director NIPCO Plc ,Mr Sanjay Teotia ;; Vice President NGA ,Mrs Audrey Joe –Ezigbo and Chairman, Independent Petroleum Producers Group , Mr Ademola Adeyemi- Bero at the Associations’ Business Forum in Lagos...recently

L-R: Regional Manager, Misys West Africa, Gansirey Seck; Group Managing Director, Interswitch, Mitchell Elegbe; Divisional Chief Executive OďŹƒcer, Interswitch Industry Vertical Markets, Chinyere Don-Okhuofu; and Head of Corporate Banking, Global Solutions Group, Carlos Teixera, during the launch of the partnership between Interswitch and Misys Nigeria in Lagos....recently

L-R: Assistant Product Manager, Home Appliance division, LG Electronics, Mr. Minseop Lee; Marketing Manager, Corporate Marketing, Mr. Paul Mba; and Head Corporate Marketing Department, LG Electronics West Africa Operations, Mr. Rajesh Agnihotri, during the launch of LG TwinWash Washing Machine at the Palms Lekki, Lagos.... recently

L-R; Tutor General/Permanent Sceretary, Education District V, Mrs Anike Adekanye; Representative of Deputy Governor and Chairman, House Committee on Education, Lagos, Lanre Ogunyemi; Overall winner of Spelling Bee 2017 Edition of Quiz and One-Day Governor of Lagos State, Zoun Bukola; and Group Pulic Relations and Events Manager, DuďŹ l Prima Foods Plc, Tope Ashiwaju, during the presentation of cheque of N250,000 and Trophy to the overall winner of Spelling Quiz Copetition in Lagos...recently YOMI AKINYELE

L-R: Transformation Director, Union Bank, Joe Mbulu; Anglican Bishop, Diocese of Ogoni, Dr. Solomon S. Gberegbara J.P; Chief Lecturer, Electrical Electronics Department, River state Polytechnic Bori, Mr. Fegalo Mitee, and, Head Sales and Distribution Area 2, Union Bank, Adebanji Jimoh during the launch of one of the bank’s upgraded branches in Bori, PortHarcourt....recently

T H I S D AY ˾ MONDAY, JUNE 26, 2017

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Quick Takes BoI Unveils Interest-Free Loan for Women

The Bank of Industry (BoI) has unveiled an interest-free loan for women artisans, market women and small holder farmers under the National Women Empowerment Fund (NAWEF) intervention scheme by the federal government. According to the bank, NAWEF is an aspect of the federal government’s social investment (intervention) programme, designed exclusively for women and administered by BoI to issue interest free loans to successful applicants. Speaking at the unveiling of the pilot phase for the disbursement of the Fund in Uyo, the Minister for Women Affairs and Social Development, Sen. Aisha Jummai Alhassan, stated that eight states, including Akwa Ibom, Adamawa, Borno, Yobe, Osun, Abia, Nasarawa and Jigawa have been selected for the pilot phase where women can access N200 million in loans (starting from N10,000 to N100,000). To enhance the success of the intervention exercise, Alhassan emphasised the need to collaborate with state ministries to enhance participation of women.

Ecobank Partners TRANSFAST

BRAINSTORMING ON RENEWABLE ENERGY

L-R: Keynote Speaker/Research Coordinator for Energy and Climate Policy, Mr. Felix Matthes; CEO, Nigerian Economic Summit Group (NESG), Mr. Laoye Jaiyeola; Director, hbs Nigeria, Christine K; and the Chairman Economic Summit Group, Mr. Kyari Bukar, at the NESG CEO Breakfast Meeting on Investments in Renewable Energy, held at Eko Hotel and Suit, Lagos...recently SUNDAY ADIGUN

N542bn Debt: Shareholders of Banks Advise against Write Off Goddy Egene Some shareholders of banks involved in the N541.8 billion debt owed by Etisalat Nigeria have advised against writing off the loan, saying that writing off the loan will not only send wrong signals to other debtors but will also affect returns on their investments. In 2013, Etisalat secured a 7-year $1.2 billion syndicated facility from a consortium of banks. However, the telecommunication firm has failed to meet its financial obligations, prompting the banks to commence moves to recover their money. The banks had given an option to convert the debt into equity but shareholders of the Etisalat preferred restructuring of

ECONOMY the debt. While the Central Bank of Nigeria (CBN) and the Nigerian Communication Commission (NCC) are mediating to resolve the matter, shareholders of the banks, who spoke to THISDAY at the weekend said the option of classifying the loan as bad and thereafter write off should not come up. According to the shareholders, efforts should be made for the company to repay the loan. The President, Association for the Advancement of the Rights of Nigeria Shareholders, Dr. Faruk Umar, said the loan can only be written off if there are no recoverable assets. “But Etisalat’s network is

one of the best and the banks should get a reputable foreign service provider to offset the loan and take over the management of the company as the banks cannot operate the network. Hakeem Belo-Osagie is one of the best brains we have in this country and I cannot understand why he failed to list the company on the stock exchange, which would have given Etisalat the opportunity to reduce the loan,” Umar said. Chairman Ibadan Zone Shareholders Association, Mr. Eric Akinduro, said it was a business transaction that must have condition before the engagement and agreements must have been put in place to take care of default in payment.

“So banks taking over the company did not happen overnight. Etisalat, as a company, knew quite alright that such a thing will happen. Banks cannot just avoid looking at investors’ money going down the drain particularly when there is high level of non-performing loans in the banking sector. It is not a good business decision to be thinking of written off. There is no way such amount of money can be written off, is going to affect their balance sheet at the end of the year. The best thing for them is to take necessary measure to take back the loan. Virtually all the banks owe in one way or the other too and they too Continued on page 24

‘Independence of Auditor-General’s Office, Crucial for Effective Governance’ Ndubuisi Francis in Abuja To make the desired impact and be relevant and effective at all levels of governance, the Office of the Auditor-General for the Federation (OAuF) must be independent the Auditor-General for the Federation, Mr. Anthony Mkpe Ayine has said. Ayine, who spoke when the Conference of Auditors-General for Local Governments in the Federation led by its Chairman, Barrister Reuben Osita Nwosu, paid him a courtesy visit at Audit House, Abuja, commended the move by the National Assembly on the proposed amendment for the

ECONOMY independence of the OAuGF and the states. According to him, he strongly supports the position that the National Assembly should also effect an amendment to specifically include the Office of Auditors-General for Local Governments (AGLG) in the Constitution. In his view, this will not only guarantee the independence of the Office of the AGLG, but will give confidence and hence enhance job performance at that critical level of auditing, for public accountability. The Auditor-General for the

Federation noted that the House of Representatives had passed the Audit Bill presented to it by his Office, expressing optimism that the Senate will also concur and pass the Audit Bill into law, in order to strengthen the performance of the OAuGF, to achieve professional, administrative and financial independence. A statement issued by the Deputy Director (Media & Public Relations), Mrs. Olawunmi Ogunmosunle said Ayine called on auditors-general at the federal, state and local government levels in the country to work in synergy, saying their close collaboration and cooperation would greatly enhance the President Muham-

madu Buhari administration’s war on corruption. He promised that once these things are done at the federal level, his office will work and collaborate with others to ensure that the same are replicated at the state and local government levels, for the mutual benefit of Nigerians. The Auditor-General said continuing in its efforts to create synergy among all levels of the Offices of the Auditors-General, the OAuGF appointed a contact person who has the responsibility of interfacing and coordinating the joint collaborative efforts of all the levels of the Offices of the

TRANSFAST, a leading provider of cross-border payments and remittance solutions, is continuing its growth in Nigeria with announcement of its recent partnership with Ecobank. TRANSFAST, with presence in over 120 countries, has partnered Ecobank to allow expatriates across the world to send money to Nigeria. Nigerians working in other countries can send money at any of Ecobank’s wide branch network, in local currency, direct to the beneficiary’s bank account 24/7, or for cash pick-up at more than 3,500 payout locations in Nigeria. Amid the strength of inward remittances, TRANSFAST has garnered partnerships with several key banks across Nigeria including First Bank, Fidelity Bank, Skye bank, Access Bank, FCMB, Zenith Bank, GT Bank and Heritage Bank. Since entering the market in 2013, TRANSFAST is fast trending to be household name for expatriates sending money to Nigeria. Visiting Lagos as part of the company’s annual city tour to celebrate partners and customers, Director EMEAA, Samir Vidhate said as a global player in payment processor and funds transfer, TRANSFAST understands the vital lifeline provided by remittances being sent back to Nigeria.

IICC Annual Conference Holds in July

The Insurance Industry Consultative Council (IICC ),will hold the third edition of its annual National Insurance Conference between July 9th and 11th, 2017. The IICC, which is the amalgamation of all the constituent arms of the insurance industry, namely; the Nigerian Insurers Association; the Nigerian Council of Registered Insurance Brokers; the Institute of Loss Adjusters of Nigeria, the Chartered Insurance Institute of Nigeria and National Insurance Commission(NAICOM), said it will through the conference, throw its support behind the federal government’s ease of doing business initiatives, spearheaded by the Presidential Enabling Business Environment Council (PEBEC). IICC, said the conference is one of the programmes aimed at fostering intellectual and professional development of insurance practitioners and further creating a platform for networking and exchange of ideas between industry operators and critical stakeholders in the nation’s economy. Addressing journalists on the conference scheduled to hold in Abuja, Chairman organising committee of the conference, Shola Tinubu, said the 2017 Conference, is being organised to further underscore the aim of the insurance industry to continually upscale the knowledge of insurance operators and other professionals in the financial services sector as well as other stakeholders about contemporary dynamics in the economic development of the country and the globe generally.

“Also because airlines are in a competitive environment you need to have competition regulations. You need to have dispute settlement mechanism and you need to have a body that will actually oversee the smooth implementation of the open environment” Vice-President, International Air Transport Association, African Region,

Raphael Kuchi Continued on page 24

T H I S D AY ˾ MONDAY, JUNE 26, 2017

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BUSINESSWORLD N542BN DEBT: SHAREHOLDERS OF BANKS ADVISE AGAINST WRITE OFF

must pay back their loans,” Akinduro said. In the opinion of Mr. Oderinde Taiwo of Proactive Shareholders Association of Nigeria, it is practically impossible to write off such debt. “It means they have to write off every customer’s debt. We are also customers of Etisalat and we do pay for its services. The company should look for a way to repay the loan,” Taiwo said. Another shareholder, Mr. Adebayo Adeleke of Independent Shareholders Association of Nieria, said Etisalat is not a not-for-profit organisation, therefore the issue of debt forgiveness or cancellation cannot come in at all. ‘INDEPENDENCE OF AUDITOR-GENERAL’S OFFICE, CRUCIAL FOR EFFECTIVE GOVERNANCE’

Auditors-General at all levels in the country. The move, he said, was imperative because of the peculiarity of the Supreme Audit Institution (SAI), Nigeria, which has auditors-general in all the three tiers: federal, state and local governments. In his address, the Chairman of the Conference of AuditorsGeneral for Local Governments in the Federation, Nwosu, congratulated Ayine on his appointment. Nwosu expressed confidence that the Auditor-General would promote transparency, accountability and integrity in the Public Financial Reporting of the federal government. The Chairman also implored the Ayine to help to promote and sustain the Supreme Audit Institutions (SAIs) in Nigeria, which are about 73, and ensure uniformity in practice, transparency, accountability and peer-review mechanisms in the SAIs. He also encouraged Ayine to ensure that SAI Nigeria under his watch and leadership shows clear commitment and collaboration with the federal government in its efforts in the anti-corruption drive in the public financial management of the federal, state and local governments.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

Onu: Nigeria Spends over $6bn on Emoluments Annually Adedayo Akinwale in Abuja The Minister of Science and Technology, Dr. Ogbonnaya Onu has expressed worry that Nigeria spent over $6 billion on emoluments annually, out of which $3 billion leaves the shores of the country through capital flight, thus putting additional pressure on the Naira. He said it was disheartening that in spite of the high unemployment rate in the country, Nigeria still import an estimated 1 million artisanal from other West African countries. The minister revealed this while declaring open the 2017 Nigerian Building and Road Research Institute (NIBRRI) International Conference with the theme, ‘Emerging Materials and Technologies for Sustainable Building and Road Infrastructure.’ He decried the enormous housing challenges being faced by Nigerians living in rural areas and city slums in providing decent, efficient but cheap accommodation for themselves and members of their families. The minister noted that the Institute’s research should concentrate on building materials and methods that could help Nigeria have access to a decent accommodation. Onu stated: “The training of artisans plays a direct role toward mitigating the challenges of capital flight. It is disheartening that an estimated one million artisanal labour are imported from other countries like Togo, Benin Republic, Ghana, Cote d’Ivoire, China and Korea. “This is happening at a time

when many Nigerians are unemployed and are looking for work to do. It is even more disheartening that over $6 billion is spent on emoluments yearly, out of which half of this figure ($3 billion) leaves the shores of the country. “It is easy to imagine the additional pressure this capital flight puts on our currency. No wonder the Naira remains under additional pressure which has resulted in its devaluation.” The minister however said that with the recently commissioned NIBRRI Artisan Centre in Ota, Ogun State , the country would be able to build indigenous artisan capacity

to build the career potentials and competencies of the teeming youth population who could service not only the country’s need but also other countries. Onu charged the conference to concentrate its effort on how research must be demand-driven, adding that research and innovation must target important needs of the nation. Earlier, the Director General of NIBRRI, Prof. Danladi Matawal said that construction materials have been touted to constitute about 60per cent of cost building infrastructure, depending on the complexity and finishing of the structure.

He noted that in spite of this realisation, many of the construction materials used in the provision of building and road infrastructure in Nigeria are sourced wholly or partly as finished or raw materials from outside the country. Matawal stressed that aside putting pressure on scarce foreign exchange, it also exposes the construction industry and indeed Nigeria to undue dependence on foreign content, while reducing the capacity of increasing local content and acquiring local expertise experience in development of building and road infrastructure best suited

to the inheritance environment. “Though some concerted efforts have been made in developing suitable and tested construction materials in the past primarily at NBRRI, as well as other tertiary institutions, the input is little or nothing compared to the potentials of the country,” the DG stated. Matawal said the country needs to take note that in many technological innovative areas gaining ground globally, academics, researchers and practitioners in Nigeria need to make concerned effort to keep abreast of developments in other parts of the world.

WE ARE OPEN FOR BUSINESS

L-R: Head of Agent Banking, Heritage Bank Plc, Roseline Hunyigan; an agent, owner of Thy Grace, Corner Shop, Yusuf Adeojo; Zonal Business Coordinator, South-West, South-South, Agent Banking, Heritage Bank, Hunyingan Mifrinso; Oluwakemi Adewunmi and Experience Centre Manager, Daniel Ude, during the unveiling of Thy Grace one of Heritage Bank’s Corner Shop at Mowo Local Government, in Badagry...recently

Group Faults Senate on Petroleum Industry House C’ttee Opposes Moves to Scrap NERFUND Governance Bill Summons past MDs to account for stewardship James Emejo in Abuja The House of Representatives Ad-hoc Committee investigating the federally owned Development Finance Institutions (DFIs) in the country has opposed the executive order by the presidency to wind down the National Economic Reconstruction Fund (NERFUND). Chairman of the committee, Hon. Emeka Anohu (Anambra, PDP), at a briefing said in spite of the challenges confronting the Fund, investigations so far carried out revealed that scrapping the agency was not a permanent solution. Noting that the scrapping could have adverse effects on the already high unemployment rate in the country, he said all NERFUND needed was a restructuring of its management and implementing new models to tackle the needs of the people who require these funds. He added that as part of efforts to assist NERFUND recover its bad loans, all former managing directors, substantive or in acting capacity would be invited to account for their stewardship during the period under probe. Also, he said the committee would invite to a public hearing

customers who obtained the bad loans and had refused to pay. He said: “Our investigations have revealed that the agency set up for a lofty purpose of providing funds for the MSMEs which remains highly unachieved. “MSMEs still require cheap funding from government which can be better provided through agencies like NERFUND. “But the failure of NERFUND like other agencies was due to poor management over the years including diversion of funds, poor business models which could not support its operations. “In spite of the challenges, shutting down NERFUND is not the solution as revealed by the investigations we’ve carried out. The agency should be reorganised and positioned to discharge its mandate to the economy.” NERFUND was set up in 1999 by an Act of Parliament with the mandate to provide funds for micro small and medium scale enterprises (MSMEs) and large enterprises. But its statutory role had been hampered by huge nonperforming loan portfolio that has crippled the fund.

James Emejo in Abuja A body, the Social Development Integrated Centre (Social Action) has raised concerns that the Petroleum Industry Governance Bill (PIGB) as recently passed by the Senate is “seriously flawed” having failed to provide for health, safety and environment (HSE) issues. It said the bill failed to make provision to end gas flaring and lacked independence for regulators including a glaring neglect of host communities’ interest in the proposed new institutions. The Director of the center, Dr. Isaac Asume Osuoka said during the launch of a new publication titled; ‘The Petroleum Industry Governance Bill (PIGB), 2017: Implications for the Environment and Local Communities’ that the provisions of the PIGB as passed by the upper chamber do not demonstrate an understanding of the need to guarantee energy access as a right of citizens. According to him, the powers and functions of new institutions like the Petroleum Regulatory Commission created under the Bill do not reflect current global best practices. “Our conclusion is that the version of the PIGB as passed by the Senate is an unconscio-

nable attempt to legalise the appropriation of national oil and gas assets to some powerful private interests,” he said. He also said the ill-advised separation of a hitherto comprehensive bill into bits by the Senate created a sufficient setback to a holistic and more effective effort to revamp of the oil sector for the benefit of Nigerians. In a new publication titled; ‘the Petroleum Industry Governance Bill (PIGB), 2017: Implications for the Environment and Local Communities’, he said it was strange that the Senate was swift to create new institutions in the industry including the National Oil Company, the Nigeria Petroleum Assets Management Company, the National Petroleum Regulatory Commission, the Ministry of Petroleum Incorporated and the Petroleum Equalisation Fund among others without first creating the enabling environment on which the entities would thrive. He said: “The vacuum of the non-effective and clear-cut provision (s) for Health, Safety and Environment in the bill is disturbing and lamentable. In point of fact, the bill does not have any part or section dealing with environmental protection. In its current form, the PIGB cedes virtually all powers on

environmental regulation from the Ministry of Environment to the New Petroleum Regulatory Commission. “Sadly, the Commission is saddled with functions that are conflicting with each other. For example, Section 5(f) mandates the Commission to “promote an enabling environment for investments in the petroleum industry” and in doing so ‘ensure that regulations are fair and balanced for all classes of lessees, licensees, permit holders, consumers and other stakeholders’ (as we find in Section 5(g)). Now the question is, how will a commission, charged with the task of promoting conditions for maximum profitability of investments in one stroke, turn round in another stroke to rigorously enforce environmental regulations against the same commercial entities?” Continuing, he said: “The original PIB had made it clear that the Ministry of Environment shall have overriding authority on environmental matters. This neutrality and independence was necessary to appropriately enforce environmental regulations. Worryingly, in the PIGB, all provisions giving the Federal Ministry of Environment powers on environmental issues were struck out.

T H I S D AY Ëž MONDAY, JUNE 26, 2017

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BUSINESSWORLD

MARKET REPORT

Equities Market Succumbs to Profit Taking Goddy Egene and Nosa Alekhuogie

The NSE Consumer Goods Index dipped the most, shedding 2.6 per cent due to losses in Nigerian Breweries (-4.8 per cent) and International Breweries (-5.0 per cent), while sell sentiment on Zenith Bank (-3.6 per cent), ETI (-8.5 per cent) and GTBank (-1.7 per cent) depressed the NSE Banking Index 2.4 per cent lower. Similarly, the NSE Insurance Plc and NSE Industrial Goods indices went down by 1.3 per cent and 0.8 per cent in that order due to price depreciation in AXA Mansard (-5.0 per cent) and Lafarge Africa (-1.6 per cent).

After four weeks of bullish run, the stock market closed last week on a negative note on profit taking by investors. For almost a month, the market enjoyed positive sentiments that drove prices of equities to new highs. However, the four-week bullish trend came to a halt last week, as investors took profit in counters that had appreciated in prior weeks. Specifically, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) declined by 4.99 per cent to close at 32,122.14, while market capitalisation closed lower at N11.108 trillion. Consequently, the year-to-date growth of the market pared to 19.5 per cent. All the sectoral indicators fell during the week led by the NSE Banking Index with a decline of 6.8 per cent. The NSE Industrial Goods Index trailed with 6.2 per cent fall while the NSE Insurance Index went down by 5.4 per cent. The NSE Consumer Goods Index depreciated by 4.0 per cent, just as the NSE Oil & Gas Index shed 3.3 per cent. Daily Market performance Trading at the stock market remained bullish on the first day of the week as the ASI appreciated by 0.96 per cent to close at 34,135.10, while market capitalisation ended at N11.80 trillion. Gains in the shares of Dangote Cement, Flour Mills, Lafarge Africa, GTBank and Stanbic IBTC bolstered the growth. The total value of stocks traded was N5.68 billion invested in482.51 million in 5,771 deals. The most actively traded sectors were: Financial Services (400.12 million), Conglomerates (32.77million) and Consumer Goods (20.20million), while the three most actively traded stocks were: Wema Bank (62.90 million), GTBank (50.44 million) and Access Bank (34.48 million). A further analysis of the performance showed that Performance across sectors three of five indices appreciated. The NSE Industrial Goods Index advanced the most, gaining 1.3 per cent on the back of positive sentiment towards Dangote Cement (+2.4 per cent) and CCNN (+10.2 per cent) while upticks in Nigerian (+0.6 per cent) and International Breweries (+8.8 per cent) drove the NSE Consumer Goods Index 0.7 per cent northwards. Similarly, the NSE Banking Index rose 0.5 per cent on account of gains in ETI (+7.1 per cent) and GTBank (+0.8 per cent). Conversely, the NSE Oil & Gas Index fell 1.9 per cent following sell-offs in Mobil Oil (-5.0 per cent) and Forte Oil Plc (-5.0 per cent). The NSE Insurance Index depreciated by 0.4 per cent on account of losses in Continental Reinsurance Plc (-6.5 per cent) and LASACO (-3.6 per cent). The Nigerian equities market extended its bullish run on Tuesday with the index rising by 0.70 per cent to close at 34,375.60. The performance was primarily driven by price appreciation in Dangote Cement, Nigerian Breweries Plc, International Breweries Plc and Julius Berger Nigeria Plc. Performance across sectors was mixed as three indices declined, while two appreciated. The NSE Oil & Gas Index led the losers, declining by declined by 1.2 per cent on account of losses in Oando Plc (-4.6 per cent) and Forte Oil (-5.2 per cent). Decline in the share price of AXA Mansard Insurance (-4.6 per cent) and Linkage Assurance (-3.6 per cent) lifted the NSE Insurance Index by 1.0 per cent southwards. Similarly, the NSE Banking Index fell by 0.70 per cent due to profit taking in Zenith Bank (-1.9 per cent) and Access Bank

(-2.1 per cent). Conversely, the NSE Industrial Index appreciated by 1.3 per cent, while the NSE Consumer Goods Index added 1.1 per cent. However, the market declined on Wednesday on profit taking. Consequently, the index fell by 2.6 per cent to close at 33,477.89 after rising for the first two days of the week. Similarly, the market capitalisation fell by same margin from N11.89 trillion to close at N11.58 trillion. The negative performance was dragged by profit taking in major banking stocks, a development that depressed the NSE Banking Index by 2.9 per cent. Skye Bank Plc shed 5.0 per cent, while Ecobank Transnational Incorporated and FBN Holdings Plc depreciated by 4.9 per cent apiece. Diamond Bank depreciated by 4.6 per cent, just as Zenith Bank Plc and Access Bank Plc went down by 3.9 per cent each. Guaranty Trust Bank Plc and Fidelity Bank Plc fell by 2.5 per cent and 1.5 per cent in that order. However, the NSE Industrial Goods Index declined the most, shedding 3.6 per cent due to price depreciation in Dangote Cement (-4.2 per cent) and Lafarge Africa Plc (-4.1 per cent). Similarly, the NSE Insurance and NSE Consumer Goods indices slid 1.4 per cent and 1.1 per cent respectively. The market depreciated further on Thursday as the ASI shed 1.64 per cent to close at 32,928.44. The depreciation recorded in the share prices of Nigerian Breweries, FBN Holdings, GT Bank, Zenith Bank and ETI was mainly responsible for the

decline recorded in the Index The total value of stocks traded was N5.03 billion staked on 509.76mn in 5,321 deals. The most actively traded sectors were: Financial Services (399.57 million), Conglomerates (63.63 million) and Consumer Goods (15.65 million),

TOP TEN BROKERS

while the three most actively traded stocks were: UBA (88.91 million), Diamond Bank (70.36 million) and Transcorp (60.31 million). Similar to the previous trading session, performance across sectors was broadly bearish as all indices declined.

(BY VALUE)

BROKER

AS AT LAST FRIDAY VALUE % VALUE

STANBIC IBTC STOCKBROKERS LIMITED

3,116,759,563.07

26.33

A.R.M SECURITIES LIMITED - BRD

1,544,257,268.83

13.04

RENCAP SECURITIES (NIG) LIMITED FBNSECURITIESLIMITED

1,155,623,094.34 779,652,847.02

9.76 6.59

CSL STOCKBROKERS LIMITED

444,000,884.80

3.75

CARDINALSTONE SECURITIES LIMITED

439,964,404.15

3.72

GREENWICH TRUST LIMITED -BRD

300,838,340.24

2.54

CHAPEL HILL DENHAM SECURITIES LTD - BRD

281,157,566.44

2.38

READINGSINVESTMENTSLIMITED-BDR

231,129,304.35

1.95

204,700,543.68 8,498,083,816.92

1.73 71.79

MORGAN CAPITAL SECURITIES LIMITED

TOP TEN BROKERS

(BY VOLUME)

BROKER STANBIC IBTC STOCKBROKERS LIMITED A.R.M SECURITIES LIMITED - BRD

AS LAST FRIDAY VOLUME

%VOLUME

148,029,924

8.25

146,671,212

8.18

MORGAN CAPITAL SECURITIES LIMITED

122,476,832

6.83

REWARD INVESTMENT AND SERVICES LIMITED MERISTEM STOCKBROKERS LIMITED

119,350,198 113,709,320

6.65 6.34

CORDROS SECURITIES LIMITED - BRD

91,591,871

5.11

CARDINALSTONE SECURITIES LIMITED

74,429,441

4.15

RENCAP SECURITIES (NIG) LIMITED

56,702,574

3.16

READINGS INVESTMENTS LIMITED - BDR

50,410,562

2.81

PRIMERA AFRICA SECURITIES LTD

49,073,156

2.74

972,445,090

54.22

Market Turnover In line with the bearish trend, volume and value of transactions fell last week as investors traded as investors exchanged 2.311 billion shares worth N24.577 billion in 27,836 deals compared with 2.737 billion shares valued at N32.042 billion that were traded exchanged in 32,217 deals the previous week. A breakdown of the performance showed that the Financial Services Industry led the activity chart with 1.783 billion shares valued at N15.865 billion traded in 15,948 deals. The Conglomerates Industry followed with 239.226 million shares worth N571.910 million in 1,251 deals, while the third place was occupied by Consumer Goods Industry with a turnover of 85.663 million shares worth N4.522 billion in 3,673 deals. Trading in the top three equities namely – Zenith Bank Plc, Transnational Corporation of Nigeria Plc and FBN Holdings Plc accounted for 665.483 million shares worth N6.695 billion in 5,649 deals, contributing 28.80 per cent and 27.24 per cent to the total equity turnover volume and value respectively. Also traded during the week were a total of 63,927 units of Exchange Traded Products (ETPs) valued at N841,330.04 executed in 11 deals compared with a total of 16,300 units valued at N973,376.00 transacted the previous week in three deals. Similarly, 2,212 units of Federal Government Bonds valued at N2.098 million were traded this week in 7 deals, compared with a total of 12,193 units valued at N12.440 million transacted last week in 14 deals. Price Gainers and Losers In all, only 23 equities appreciated in price during the week, lower than 38 equities of the previous week. Conversely, 52 equities depreciated in price, higher than the 42 equities of the previous week. Neimeth International Pharmaceuticals Plc led the price gainers chart with 44.1 per cent, trailed by Ashaka Cement Plc with 21.3 per cent. Livestock Feeds Plc chalked up 20.8 per cent, while Conoil Plc, Berger Paints Nigeria Plc, and Cement Company of Northern Nigeria Plc garnered 17.2 per cent, 15.4 per cent and 15.3 per cent in that order. International Breweries Plc, Transcorp Plc, Linkage Assurance Plc and Julius Berger Nigeria Plc appreciated by 11.7 per cent, 10.1 per cent, 7.0 per cent and 4.9 per cent respectively. On the downside, Transcorp Plc led the price losers with 23.1 per cent, trailed by Jaiz Bank Plc with 17.9 per cent. Fidson Healthcare Plc shed 16.6 per cent, while AXA Mansard Insurance Plc and Diamond Bank Plc went down by 15.7 per cent and 15.0 per cent in order. Other top price losers were: FBN Holdings Plc (14.5 per cent); Oando Plc (13.4 per cent); FCMB Group Plc (12.5 per cent); Cadbury Nigeria Plc(12.3 per cent); Okomu Oil Palm Plc (12.2 per cent).

T H I S D AY ˾ MONDAY, JUNE 26, 2017

26

BUSINESSWORLD

INSIDE BROAD STREET

A view of Lagos financial district

AKINWUNMI IBRAHIM

Cost of Funds Drops on Cash Refunds Obinna Chima The Nigeria Interbank Offered Rate (NIBOR) eased to around eight per cent on Friday, from 15 per cent the preceding week after the Central Bank of Nigeria (CBN) repaid N152.6 billion in matured debt and paid refunds to banks for their forex cash provision. Traders said they expect a further drop in the overnight rate to around five percent in the next few days as government releases its May federation account allocations to its states, LGAs and its agencies. A total of N462.359 billion was shared by the three tiers of government for the month of May, an increase over the N415.7billion distributed for April. A breakdown showed that Value Added Tax (VAT) accounted for N76.786 billion; statutory revenue, N317.562 billion, and exchange rates differential of N64.812billion. The figures were unveiled by the Permanent Secretary, Ministry of Finance, Dr. Mahmoud Isa-Dutse. He disclosed that the Nigerian National Petroleum Corporation (NNPC), which had been defraying its N450billion indebtedness to FAAC monthly at N6.7 billion had liquidated the debt. From the statutory allocation, the federal government got N147.682 billion; states, N74.906billion; local governments, N57.750billion while N20.505 billion went to the oil-producing areas as 13 per cent derivation. According to Mahmoud, the gross statutory revenue of N317.562billion received for the month was more than the N274.110billion received in the preceding month by N43.452billion. “We are anticipating additional cash flow from budgetary allocations to government agencies,” one currency traders told Reuters. Nigeria distributes revenue from its crude exports among its three tiers of government federal, state and local. A portion of state and local government revenues passes through the banking system Traders said about N222 billion was expected to be credited to the banking system, which would help raise the volume of cash in the money market and help push down the cost

MARKET INDICATOR

CBN Governor, Godwin Emefiele of borrowing among commercial lenders. The central bank issued N20 billion of 356-day treasury bills at 18.6 percent and N383 billion of 167-day T-bills at 18 percent on Friday to reduce liquidity and curb speculation on the local currency. The money market will resume trading on Wednesday after a two-day public holiday to mark Muslim festival of Eid-al-Fitr. Meanwhile, despite a drop in system liquidity and increased primary market issuances during the week, Open Buy Back (OBB) and Overnight (OVN) lending rates trended southward on 3 of 5 trading days of the week. Available data on the CBN website showed that the week opened with negative financial system liquidity of N71.7 billion. As a result, OBB and OVN rates rose 34.8 and 37.6 percentage points on the first trading session to settle at 50 per cent and 53.3 per cent respectively. The CBN conducted open market operations

(OMO) sales on all trading days, save for Thursday and a T-bills auction mid-week while the Debt Management Office (DMO) conducted its monthly bond auction during the week. As a result, system liquidity moderated on all sessions save for Thursday when FAAC inflow of N275.2 billion hit the system, prompting the CBN to conduct another OMO auction on Friday to squeeze excess liquidity. Analysts at Afrinvest West Africa Limited showed that the CBN mopped up N403.1 billion in OMO sales, hence OBB and OVN rates rose rise 25 basis points (bps) and 42bps on Friday. Accordingly, rates closed at 8.8 per cent and 9.5 per cent on Friday, down 6.4 and 6.2 percentage points week-on-week respectively Furthermore, the Treasury Bills market closed bearish last week as average yield on benchmark bills rose 11bps week-on-week to settle at 18.2%. During the week, the CBN offered N133.3 billion in the T-bills auction held. Expectedly, investors favoured longer tenoured bills with the 364-day instrument receiving the most subscription. The central bank allotted the exact offer/subscribed amount for the 91-day (N28.1billion), while over allotting that of the 364-day tenor with N61.3 billion as against N50 billion on offer. However, the 182-day instrument was undersubscribed at N43.8 billion relative to N55.1 billion offered amount. The 91, 182 and 364-day papers were allotted at stop rates of 13.5%, 17.5% and 18.6% respectively. “In the week ahead, we expect the CBN to continue its weekly SMIS sales and OMO mop-ups. The impact of these sales will keep liquidity tight barring any major inflow. Hence, we expect money market rates to trend higher,” Afrinvest stated. Forex Transactions In the foreign exchange (forex) market last week, the CBN continued with its weekly intervention in order to boost FX liquidity and keep investors’ confidence upbeat. However, in comparison to the preceding week (US$831.5million), the volume of intervention this week (US$435.0million)

was significantly lower. At the official market, the naira exchange rate marginally depreciated from N305.60/$ the preceding week to settle at N305.85/$1. However, at the FMDQ NAFEX segment, the naira appreciated 2.5 per cent week-on-week to close the week at N362.16/US$1 while rates at the parallel market also improved, appreciating to N368/US$1 from N370/$1 in the previous week. “We opine that the convergence in rates between the NAFEX and Parallel market continues to serve as a proxy for the potential impact of the adoption of a floating exchange rate. “In the FMDQ OTC Futures segment, the lacklustre performance which has been recorded in recent weeks continued as investor appetite remains dampened by the upward revision of contract prices. Also, the last of the initial 12 contracts which were issued in June 2016 following the adoption of a “flexible exchange rate regime” matured during the week and notably, none of the contracts which were worth $1 billion each was completely subscribed within this period,” Afrinvest added. During the week, the total value of open contracts declined to $2.7 billion, from US$3.3 billion in the prior week as the naira/dollar JUN 2017 contract matured and was replaced by the naira/dollar JUN 2018 instrument. As noted earlier, the weaker appetite for these futures contracts was reflected in the fact that the NGUS MAY 2018 instrument which was earlier issued still remains unsubscribed. “We believe the stability in the FX market will be sustained in the short to medium term as the CBN continues its drive to boost FX liquidity in the markets. Hence, we expect to see similar rates in the coming week.” One of the leading providers of global equity indexes, MSCI, last week announced its resolve to delay its decision on a potential reclassification of the MSCI Nigeria Index to stand-alone market status to the November 2017. The MSCI had Tuesday indicated that the newly introduced Investors’ and Exporters’ forex window targeted at foreign portfolio investors could earn Nigeria reprieve from being demoted from the MSCI’s frontier markets index. Nigeria as at last Tuesday was under review for possible demotion from the MSCI’s frontier markets index to “standalone” status. This, according to the index provider, stemmed from “continuous deterioration of the market accessibility” after the introduction of restrictions on foreign currency trading in 2015. Eleven Lagos-listed stocks on the Nigerian Stock Exchange (NSE) are currently on the MSCI Frontier Markets 100 index with a weighting of around seven per cent. That is the fourth largest after Kuwait, Argentina and Vietnam. Bond Market Review Performance in the local bond market last week was relatively bearish as yields rose prior to the Debt Management Office’s Primary Market Auction (PMA) which took place last Wednesday. Consequently, average yield on benchmark bonds rose 11bps week-on-week to close at 16.1%. The DMO offered N40 billion, N50 billion and N50 billion of the JUL 2021, MAR 2027 and APR 2037 instruments respectively at the Wednesday auction. The PMA was undersubscribed by N18.1billion with a total subscription of N158.1billion relative to offered amount of N140 billion. “Investors’ preference was skewed towards the longer duration APR 2037 instrument as total subscription for the bond stood at N88.2 billion relative to offered amount of N50 billion whilst total subscription for the MAR 2027 instrument was N57.4 billion relative to offered amount of N50 billion. “The JUL 2021 instrument was undersubscribed with a total subscription of N12.5 billion compared to the offered amount of N40 billion. “Investors strong preference for longer duration bonds at the auction is an indication of the fact that traders still have a medium term dovish expectation for interest rate. Notwithstanding, the DMO allotted N4.2 billion, N30.3 billion and N64.8 billion of the JUL 2021, MAR 2027 and APR 2037 instruments at marginal rates of 16.19%, 16.19% and 16.20% respectively,” Afrinvest stated. In another development, the FGN issued a 5-year US$300.0m diaspora bond in the US debt market last week which was oversubscribed by 130.0% and priced at 5.62%. The DMO still has two outstanding major issuances this year - US$328.0m in Sukuk to fund road projects as well as US$64.0m via Green Bond.

T H I S D AY ˾ MONDAY, JUNE 26, 2017

27

BUSINESSWORLD

APPOINTMENT / AWARDS

NCC Wins European Quality Achievement Award 2017 The Nigerian Communications Commission (NCC) has won the European Society for Quality Research (ESQR) award. The Commission, which is winning the award for the second year running, got the Platinum category award for Quality Achievements 2017. This was “in recognition of its outstanding commitment, support and efforts to endorse and approve achievements in Quality Management. The award ceremony, which took place in London, United Kingdom recently, was a follow up to the 2016 edition where

NCC won for Best practices. It held in Brussels, Belgium and NCC was rated in the Gold category. The hosts, European Society for Quality Research (ESQR), an affiliate of the European Union (EU), had no fewer than 60 countries participated in the award ceremony out of which the NCC won the European Award for Quality Achievement 2017. The award was received by the Director Public Affairs, NCC, Mr. Tony Ojobo, on behalf of the Executive Vice Chairman (EVC), Prof. Umar Garba Danbatta. “The NCC’s management

style, impact on the community that it serves and the professional way it carries out its regulatory activities in supervising a sector that contributes immensely to the Gross Domestic Product (GDP) of Nigeria, were some of the considerations for the award,” Ojobo said. The organisers referred to investors’ confidence in the Nigerian Telecommunications sector as a result of the transparent regulatory activities of the NCC, Ojobo added. The ESQR convention in Brussels, Belgium yearly gives awards to selected organisa-

tions, Public administrations and companies from Europe, Asia, the Americas, Africa and Australia in recognition of their outstanding commitment and results in quality management strategies. Top companies, public administrations and organisations which excel in their services/ products and continue to push the limits of quality with innovations received the European Award for Best Practices 2016 for their hard-work and achievements in the presence of the International Business Community.

BUSINESS PARTNERSHIP

L–R: Group Head, Non-Life Retail/SME Business AIICO Insurance; Oluwabiyi Ezekiel; General Manager, AutoGenius, Adebowale Banjo; General Manager, Non-Life Business –AIICO, Adewale Kadri; Client Service Executive, AutoGenius, Abimbola Owolabi; Operations Manager Taxify, Uche Okafor; Operations Manager Taxify, Nonso Onwuzulike; Deputy General Manager, Non-Life Corporate Business AIICO, Joseph Oduniyi; and Relationship Officer, Non-Life Retail Business AIICO, Felix Ehumadu, during a partnership agreement meeting on Taxify cover held in Lagos … recently

Marcopolo M.D. Bags UniZik Award of Excellence Managing Director/CEO of Marcopolo Group, Chief Dr. Frank Okafor was at the weekend honoured with an Award of Excellence on Human Development by the Department of Guidance and Counselling, Nnamdi Azikiwe University, Awka. The award was instituted by the Department to recognise outstanding individuals for their impact and keen interest in uplifting students, youths and the university at large. Speaking earlier, the Head of Department of Guidance and Counselling, Dr. Mrs. Nwokolo, reiterated that the department has achieved many landmark successes since the partnership with eminent personalities such as Okafor and emphasised that the award is simply a way of showing appreciation to a man who has impacted positively on the students. The Vice Chancellor of the University while presenting the award to Okafor enjoined him to continue in his resolve towards human capital development. He vowed to recommend other vocations in the Faculty of Education

for accreditation, noting that he was astonished at the rate and class of performances he saw on ground. In his response, Okafor who was represented at the event assured the Department in particular and the Institution in general of his commitment to mentoring the younger generations for excellence. He also pointed out that proper guidance and counselling remain the benchmark for breakthroughs in life and business. He equally pledged to donate a bus and cash donations to the department. In a related development, the West African Polytechnic Students Union (WAPSU) also at the weekend honoured Okafor (Ezeuzu Ojoto) with an award of “Icon of humanity and Grassroot Development”. According to WAPSU Secretary General, Comrade Adetoye Ijaduoye who presented the award, Okafor was chosen for his unrelenting contributions towards students’ developmental project and his passion for educational excellence and youth development.

Johnson to Join Mouka Limited as New Board Chairperson Former Minister of Communication, Dr. Omobola Johnson, would join Mouka Limited in June as the new board chairperson of the company. Confirming the development at the opening of the Customer Service Centre in Lagos, the Managing Director, Mr. Raymond Murphy, said Johnson expressed delight with the new appointment and commitment to work with the new board. “I am excited to be joining the Mouka board at a time when there are tremendous opportunities to grow a wholly Nigeria brand and support the Mouka management team in building world class institution with Nigeria antecedents delivering high quality, affordable products to Nigerians”, a statement quoted Johnson to have said. Speaking on the newly inaugurated customer service center, Murphy stated that the centre would promote convenience for the company in the area of service delivery, while offering customers a pleasurable experience in their dealings with the company. He also stated that the customers would have the opportunity to interface with technology and orders would

be efficiently executed, adding the firm foresees a future where customers would be ordering products online or they prefer to visit the customer service centre, “there would be green technology in place for them to process their orders themselves.” Murphy further stated that as one of the leading mattress brands in the country, the company is committed to ensuring its offices in Kaduna and Edo States have the customer service centre. He added: “In the coming years, we will strive to get close to our distributors around the country. We will also be opening a number of satellite distribution centres and depots. The recession period has been challenging without doubt. The Mouka people have made tremendous progress in addressing the challenges they faced in the recession period. We have invested in our people and brands which we have continued to advertise in the past few years. This ensures that we are communicating directly with our loyal base. We have not compromised the quality of products at any point because we want to ensure that we give Nigerians the products they desire.”

FPG Technologies Wins Cyber Security Product Award FPG Technologies and Solutions Limited, a member of Flexip Group, and a leading technology solutions provider and systems integrator, has won the Cyber Security Company of the Year award, at the BoICT Awards held in Lagos recently. Specialising in delivering innovative Information Technology (IT) Consulting, IT Security, Cloud, Mobility, Infrastructure solutions and services that offer unparalleled competitive advantage, FPG was nominated for the BoICT Award, where it eventually topped other nominees in the rating, to win the Cyber Security Company of the Year award. The award was presented to FPG Technologies and Solutions Limited by Communication Week Media Limited and received by FPG’s CEO, Mr. Rex Mafiana at the awards ceremony held recently in Lagos. The event brought together leaders in the ICT industry to celebrate the successes and achievements of the ICT sector over the past year. ‘‘We are thrilled to receive the Cyber Security Company of the year award. FPG Technologies and Solutions Limited is focused on delivering innovative solutions that help our customers achieve extreme business agility with confidence. FPG is currently at the forefront of cyber defence for organisations across all verticals of the Nigerian economy in areas of Advanced Persistent Threat (APT), Zero Day (ZD), Privileged Identity Management /Privileged Account Security (PIM/PAS), Unified threat Management and so many other IT security

solutions both for signature-based and signature-less attack solutions,” Mafiana said. According to him, cybersecurity should be at the top of all IT spending priorities because of the ubiquitous use of technology in every area of life, therefore creating a need for business flexibility with the confidence IT security provides. Cybersecurity is complex and continuously evolving. The number of cyber security incidents are growing exponentially and more are inevitable. Organisations must be equipped to maximise IT security while minimising challenges and closing gaps because the hackers are relentless. To gain competitive advantage, organisations must prioritise IT security and be prepared for potential breaches, Mafiana added. FPG is one of the foremost IT Security companies in the country, covering end to end IT Security for organisations. Armed with over 50 technical partnerships and unrivalled employee dedication, the security company provides customers with innovative options. It also empowers customers to be productive, confident on the move with a faster time to respond to the market without being hampered by internal or external threats. “We encourage all Nigerian organisations to check out our numerous free security tools. This will help companies get the required head start on their IT security journey and the free security assessment we offer on their existing IT infrastructure will guarantee a proactive stance on IT security, Mafiana said.

Transroyal Honoured for Innovation in Courier Industry In recognition of its outstanding performance in the Nigerian courier industry, Transroyal Courier Limited was at this year’s BoICT Awards decorated with the “Best Indigenous Courier Company of the Year” award. Transroyal offers general courier and allied service to the public at the most economically competitive terms. Just recently, Transroyal in partnership withwww.yourpersonalshopper.com (YPS) launched an innovative platform to assist Nigerians shop thousands of international websites that do not ship to the country. A feat Mr. Ken Nwogbo, publisher and editor in-chief, Communication Week Media Limited, described as novel. “When you consider the fact, a shopper with very own ‘virtual address’ and unique YPS ID in the United States, China, United Kingdom or Europe, Transoyal can facilitate affordable shipping from your favourite overseas brands and purchases directly to your doorstep, then it shows you the entrepreneurial spirit and customer-centric gestures the firm has put into play. I think these are more and what readers saw when they voted Transroyal as the best indigenous courier company and we congratulate them,” organiser of the award,

Mr. Nwogbo said. Transroyal is notable for services such asexpress delivery, international document express, international parcels – dutiable items; provision of address verification services (KYC); domestic express – Bulk, small bulk, just in time – Regular express delivery of product & spare parts; and mail service products including occasional volume mail – letter of invitation, circulars, letters, seasonal mails, monthly Bank Statement, monthly bills etc., capital market mails – shares/ bonus certificate, annual reports, share forms, dividend warrants. In keeping to pace of trends in the market, Transroyal has ventured into e- commerce delivery: provision of courier/logistics to the company; pickup of orders/goods from the company to designated centers; delivery of orders/ goods to the end customers directly from collection point; cash collection from customers with/without pos machines; all cash payments remitted to the company within 12 – 24 hours; goods – in – transit insurance and cash – in – transit insurance. While receiving the award, the CEO of Transroyal Courier Limited, Mrs. Vivian Okeke, said: “Transroyal’s corporate objectives remain unchanged. “

T H I S D AY ˾ MONDAY, JUNE 26, 2017

28

BUSINESSWORLD

INTERVIEW

Kuchi: Air Safety in Africa Has Improved Since the Abuja Declaration Vice-President, International Air Transport Association, African Region, Raphael Kuchi was of the view that there has been significant improvement in air safety on the continent and urged a downward review of taxes imposed by some countries. He spoke to Chinedu Eze, during the IATA AGM, held recently in Cancun, Mexico. Excerpts: What improvement has air transport in Africa recorded in the last one year? The good news is that throughout the conference, probably for the first time in many, many years you haven’t heard Africa mentioned in relation to air accidents, which shows that a lot of things are happening positively in Africa. To start with, traffic is continuing to grow and IATA 20 year forecast indicates that Africa is going to be the fastest growing region in the next 20-35 years and about 5.1 percent growth year in year out. In addition to that, I am sure you all read the media release of IATA about our safety record in Africa which is unprecedented with zero loses for last year. That is also very impressive. We have also got a number of African airlines which now come onboard IATA Operational Safety Audit (IOSA). In the same breath what I have to say on that is that we have also lost a number of airlines in the IOSA register. So whiles we gained five last year we also lost five for sub-Sahara Africa. Now this is trend that we will want not to continue; we want to add more but we don’t want to lose them. And I will be taking the message to the government that much as we have seen safety improve since the Abuja Declaration (which made IATA Safety Audit mandatory for African airlines) targets were announced in 2012 to the extent that now we are recording zero losses, we do not want to see airlines that are on the IOSA register drop off that register. And so government should help us. One of the provisions of the Abuja declaration was that states should make the Abuja Declaration an integral part of AOC renewal for airlines. We haven’t seen that in many countries, so we will want African government to ensure that when you are renewing airlines AOC, you ensure that they have IOSA and that the IOSA is valid. Now if we do that, then we are going to ensure that once you are on the IOSA registry you must keep on it otherwise you will not get your next IOSA registration. What are the reasons why some African airlines fall off the IOSA register? Well, a number of reasons, the first one is that some of them fell off because they could not appoint an audit organisation to do the auditing. Some of them actually got audit organisations but when the auditors have finished and submitted their reports the airlines find it difficult to close the gaps unfortunately they didn’t have the resources to close the gaps. And some others don’t even border to appoint an auditor or try to get into that at all after the expiration of their IOSA certificate. What is the update on Yamoussoukro Declaration and how many new nations have embraced the open sky for Africa? There are some countries which have said they don’t think they are ready and you cannot force a country to be ready to embrace open sky. For instance, Angola is a typical example, they said they are still restructuring their airline and when their airline is ready to compete they will open up. So until then you cannot say they are resisting, they have giving you a reason why they are not doing it now. But on Yamoussoukro, I am sure last year I mentioned to you that some progress has been made and we should always not think that nothing is moving, there is some trust, albeit on a bilateral basis, now what we want to see is multilateral arrangement, that

Kuchi all countries and all operators in the country and the continent can benefit from. But that is not happening yet, now fortunately, following the AU heads of state summit of 2015 where they decided that we need to come up with a solemn declaration and get states that are willing and ready to open up their markets unconditionally to sign this declaration, to date we have got 21 countries that have actually signed up to the solemn declaration. So as we speak we have 21 countries of the 54 countries in Africa that have said we are prepared to open up their market to other African carriers. Now, the thing is for the AU and its agencies to fast track the processes of actually actualising this. You know it is one thing for states to say I want to open up, but what s the process? What do I need to do to show that I have opened up? If I have opened up and an airline wants to fly into my country what should that airline do? Should it just get one day and start flying there, at least there should be some minimum requirement. Also because airlines are in a competitive environment you need to have competition regulations. You need to have dispute settlement mechanism and you need to have a body that will actually oversee the smooth implementation of the open environment. So those regulations were developed by AFCAC (Africa Civil Aviation Commission). AFCAC has sent those regulations last year to the AU but the AU said the process of summiting those regulations to the AU was inappropriate. So

they returned them to AFCAC and they then defined the process of getting them through the AU legal system for them to be reviewed before they go to heads of state summit. We met in Accra in March this year, AU, AFCAC, IATA, and the International Civil Aviation Organisation (ICAO). And then we discussed this issue and all we said was, can we prepare towards June the next AU summit where we can do an official launch of the open market for this 21 countries because that was the time we estimated at the beginning of the year? So we started working toward that; unfortunately towards the middle of last month we got communication from the AU that the documents that have been submitted, the competition regulation dispute settlement and the operationalisation instrument cannot be submitted to the heads of state summit in this June; that when they meet for endorsement as a result of that they would push the launch date to January 2018 because after this summit the next meeting would be in January 2018. So that is what we are working towards, to see the launch in January 2018. However, what we keep encouraging states and airlines to do is, if you say you have opened up why are you waiting for a formal launch which is a ceremonial event, just allow the airlines to come in, start to actualise it without waiting for an official ceremony.

the declaration because they feel that they do not have strong airlines? The issue is this, if you haven’t signed the solemn declaration, then I understand your point and if your state. after due consideration of all these elements decide that we are ready to open up unconditionally and have signed the solemn declaration which says I solemnly declare that my country is opened up to any African carrier to operate into it, then what is the problem?

But some states are reluctant to embrace

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I think protectionism is really hindering the continent from actualising that goal. Aside the YD how can we synergise and make African air transport very seamless? My thought about that is, you know, competition is not a bad thing. Several years ago, we had tried to protect our national carriers, but where are they now? So how has lack of competition helped us as Africans? And I always say this; that what Africa needs are not airlines, what Africa needs is air transport. What Africa needs is connectivity not airlines. For instance, in Nigeria you have many airlines where do they fly to, within the country, is that what Nigeria wants? No. You want to have an airline that can connect your citizens to regions. So it is not the number, it is not the quantity that matters; it is actually the ability to deliver the service that is needed. So if we are protecting nothing and we

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KUCHI: AIR SAFETY IN AFRICA HAS IMPROVED SINCE THE ABUJA DECLARATION luxury and tend to tax the sector so much. Is IATA in any way sensitising African countries that air transport is a catalyst to economic development? I think we are still on that campaign and anywhere we have the opportunity we still tell them about what air transport can do for their countries and how they are constraining the growth of air transport by a certain regulatory bottles necks that they put in the ways of air transport. And we keep urging them to relax those regulations and make air transport more attractive and appealing to other states. Now, unfortunately I always say that air transport in Africa is a victim of its own organisational ability. Air transport is so structured that it is easy to tax. If you think about generating money, tell passengers you must pay and you have it. You go and do that on a bus and it will be resisted. Because of the way we are organised, we make ourselves a victim, so government sort of take advantage and exploit them. I was telling two of your colleagues two days ago that we see a new trend emerging in Africa now, where we got taxes and charges that are unrelated to air transport at all being imposed on air passengers. And in Benin Republic the government passed a decree and imposed border security charge on the people. Now this is an immigration charge, they got somebody to put equipment on all the borders and to recover the cost of that they are introducing the charge on air passengers. What has this got to do with air passengers? Because they know if they want to talk to the airlines about it the airlines will protest, they decided to go for a presidential decree. So it is now a law for them to do it. And then I wrote to them and I said this is unacceptable; we don’t do things this way. Then they came back fighting that it is a presidential decree and that there is nothing they can do. And in that decree they even said that IATA will do the collection. So we said as a sovereign state you can introduce whatever decree you want but you cannot compel an external company to come and do the collection for you. We think that behind the scene they are also ill advised.

think we are protecting something, it is very unfortunate. You know if we open up to other African carriers what our local airlines cannot do other carriers can help us do. This is because connectivity in Africa is so bad like you noted. A couple of weeks back I was to attend an AFRAA (African Airlines Association) event in Tunisia, I had to fly Nairobi-Istanbul-Tunis and came back the same way because there was virtually no way I can get between Nairobi and Tunis; unless I sleep in Cairo or I sleep in Morocco. Now how can we promote trade within the continent if we are not able to operate and we are not allowing our neighbours to operate? Some argue that the open skies will only benefit the stronger carriers, what is your reaction to this? Now my explanation is this, in every business you do it is based on your capacity. For instance if you open up your market, yes it is true to a greater extent the ones that have the capacity and have the resources might benefit more than the others; but it doesn’t mean the others will lose out completely. If you focus on where your competitive strengths are you will realise that the other carriers operating into your market will put traffic down for you. For instance, if you are a domestic carrier you operate to the airports that no foreign carriers that come into your country operates to, you dump all your passengers in Lagos for them to take to international destinations. Or you put then in Abuja and they will pick them from there. So you can have direct traffic coming to the point and you do the distribution where they cannot go. Now, with that and with your efficiency you will gradually begin to expand your network beyond domestic. Because you then realise that I can even partner with this one to go to points beyond because he is not doing domestic. Now look at the typical scenario of Ethiopian and Asky, Togo has a population of 2.5 million, how much traffic flows through Lome? How is Asky sustaining that traffic? Is it on its own? No way. So if we can harness and tap into the strength of the bigger ones. Today we are allowing traffic to flow through unusual routes. Like I was saying, I travelled through Istanbul to go to Tunis, if you had connectivity here, among African carriers this traffic will flow among African carriers. Do you notice that the mega carriers are usually reluctant to have code-share agreement with African airlines? For the mega carriers they have standards, now if an airline wants to partner with you and them you realise that the standards of that airline are not up to the standards of your airline, chances are you will say I will be diluting the value of my product. Two, most of the mega carriers want the smaller carriers in Africa to have minimum IOSA certification. They want you to be able to operate through the IATA clearing house. If I have to sign a code-share with you and then all you are doing is you control all your sales directly, so how can I get my money if I give you passengers? So we have not put the structures in place that can help the airlines to really be able to achieve this. So because of that this, mega carriers says no I don’t want to play ball with you; unless you come up to that level. That is the simple explanation for why most of them will not enter into that. The Director General of IATA is of the view that airport privatisation increases financial burden on airlines. How does this play out in Africa? On the airport infrastructure investment, you know in Africa we need infrastructure. The way traffic is growing today in the next 20 years 192 more million passengers to be added to what we are flying today. So passengers flying into and out of Africa will exceed 300 million per annum. Now how are we going to move these passengers through the existing infrastructure? So we definitely need infrastructure investment. Unfortunately some countries are embarking on airport construction without thinking of the capacity or the passenger traffic. So the infrastructure projects that are put up end up being a difficult challenge or burden on the operator. Can I give you a typical example? Today in Angola, the traffic into Angola per annum is two million passengers. The government

of Angola is putting up an airport which has a capacity of 15 million. Now, tell me who is going to pay for that? You have a huge facility with nobody there. And we always tell the government that. Now you are going to worsen your own plight because you are going to over tax these passengers that are coming there and if you are going to put too much tax on them they are going to go somewhere else. So even from the two million you will see the traffic start reducing because of excessive taxes. So we want infrastructure but we want infrastructure to be scaled. Infrastructure is like a house, probably this hotel was not built once this size, probably it was smaller but as the customers grew he added facilities. That is what we want African airports to do, rather than just build up a new big thing. Darker is another example. What do you think is the inclination of African governments not to give the aviation sector the support it deserves? I think every country needs air transport services and we have demonstrated that with the study that we did. And just from that perspective alone if you want air transport into your country, if you want to facilitate movement of people and goods, if you want to stimulate your economic development, you need air transport. To do that you need to put in place the infrastructure. And we encourage them to do that. How will the industry achieve sustainable fuel supply at good price, looking at what they are doing now with bio-fuel? I always say that the issue of alternate fuel was slowed down by the reduction in the crude prices. If you looked at the time when the crude price was at $120 per litre, you will see that there was so much interest in developing alternative fuel. All of a sudden

the prices collapsed and everybody says is it really worth it. What is the gain? So all of a sudden that process has slowed down, but let me tell you because the materials for bio-fuel are actually coming from natural sources and in most cases the material is grown in lands that otherwise might have no other use, so it has good potential. But the incentive to do it has sort of diminished because of the reduction in crude oil prices because ass oil prices go up people will start again to look for alternatives. For now the capacity to produce alternative fuel is low but if there is a focus on it, if there is an incentive for people to go into producing the raw material people will go in there. But is it ironical that countries that produce fuel are countries that have high price for Jet A1? What do you think is the problem? I think in Africa it is not just only in the area of fuel, if you look at everything; yesterday I was just talking to somebody, if you look at countries that produce gold the product is more expensive in those countries. You go to Botswana you cannot buy diamonds but they produce one- third of the world’s diamonds. Now the issue is this, in Africa the focus is always on the export market and not the local market. So whatever remnant is left for the local market you charge a premium on it. You will see that you go to Dubai to buy the same gold that is coming from Ghana and you find out that it is cheaper in Dubai than you will get it from Ghana. So what sense does it make? But it is because we are so focus on feeding the external market that we don’t focus on the local market. Again, for the aviation, you will see that the oil that we produce is in crude form, and what do we do we export that it, then we import the refined one. Which is cheaper to do, to setup a refinery or to export to import? African governments see air transport as

How do you see the possibility of the success of national carrier? Ghana is planning national carrier, Congo, Nigeria and some will tell you that Africa doesn’t need national carriers, others will tell you that it is very, very imperative for Africa, what is your view? For me, there is no problem in having a national carrier; my problem is with having government owned airlines that are poorly run. Look, national carrier doesn’t need to be a government airline, you can designate an operator in your country as your national carrier; I don’t have a problem with that. As long as the operator is efficient and he is providing the service there is no problem. Now in these countries that are trying to setup airlines Ghana, Nigeria, Senegal and Congo, the biggest concern is government is the one leading the setup of these airlines, that is where I have a concern. Why can’t governments in these countries create the right environment, provide the necessary incentives for private sector? Even if you say not foreign interests but my own nationals that are interested to do it you should encourage them. They can waive taxes for startup airlines to encourage them. Why don’t you tell investors that I want to setup a national carrier but I want someone with a capital of X amount who can start an airline, professionally run and I am prepared to waive taxes for these numbers of years so that we can have a solid national carrier. Don’t be the one to go there and drive it; that’s my own opinion. It is not so much about what stake you take it is actually about government interference on this entity. You might control a small stake but then you want to appoint the CEO, you want to have powerful people on the board, you want to dictate which route the airline should fly. And I told the Minister of Ghana, you have two domestic airlines, why don’t you try and force them to merge and then you designate them as a national carrier. In the same way, Nigeria, which has so many private airlines, you set a minimum capital for setting up an airline in Nigeria that is beyond the reach of any of these individuals, what will they do? They will pack their aircraft and go then you force them to merge.

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Ecuador to Partner Nigeria on Trade Expansion Eromosele Abiodun The Ambassador of Ecuador to Nigeria, Leopoldo Rovayo Verdesoto has pledged his commitment to boosting trade between Nigeria and his country with a view to improving the economic benefits of both countries. He stated his when he led a delegation of embassy staff to the Port Harcourt Chamber of Commerce Industry Mines and Agriculture (PHCCIMA). He added that he was hopeful of expanding new business frontiers and forging mutually beneficial partnership with the Chamber to promote Ecuadorian business interest in the state and region. Verdesoto commended PHCCIMA’s effort at providing significant support to businesses and contributing to stimulating the local economy, which according to him, fall within the statutory objective of the Chamber. He said PHCCIMA is

strategic to his pursuit of healthy partnership as a chamber that has consistently maintained growth as the second largest and most active Chamber of Commerce in Nigeria. Ecuador, according to him, has a lot of prospects, which have been enhanced with government’s effort to promote public policies focused on knowledge and innovation, diversification, partnerships, security and incentives for foreign public-private investments among others. According to the Ecuadorian envoy, “We are interested in export/import from both countries in products like shrimps, tuna fish, straw hats, palm heats, all varieties of coffee, prawns even in the area of partnering to tap from the huge value chain in cocoa production, and chocolates which Ecuador is well-known for- as well as other products that can interest the state and Nigeria as a whole. Verdesoto said the del-

egation had earlier visited Kano Chamber of Commerce, noting that Port Harcourt was the second visit aimed at deepening Ecuador/Nigeria business relationship, showcasing investment opportunities in Ecuador, and highlighting opportunities and policies put in place by the Ecuadorian government for smooth running of businesses for investors and the Chamber. “Let me tell you a secret you don’t know, the hairs imported through the Panama canal is gotten from Ecuador, but because it is transported through the Panama canal, it is brandished Panama hair. Basically we can directly have an arrangement and collaboration to supply this hair in Nigeria because we are here to build bridges and partnerships and connect Ecuador to Nigerian businesses, “he added. Receiving the Ambassador of Ecuador and his delegation, President of Port Harcourt Chamber of the Commerce, Dr. Emi Membere-Otaji expressed

gratitude for forging a relationship and creating awareness about Ecuadorian investment opportunities and partnerships. Membere-Otaji said it was evident that the Chamber has built significant reputation in partnerships even as she has the requisite knowledge, expertise and experience needed in virtually all areas of human endeavor. He added that the chamber was committed to partnering with Ecuadorian investors in key areas that will be of mutual benefit. ”In PHCCIMA, our major objective is to ensure that businesses thrive and to create opportunities; we have listened to you, I want to assure you we will take this message to our members and begin to peruse into potent areas we can partner and invest. My distinguished Ambassador, you have come to the main stay of investors in the country, apart from being the capital of oil and gas, Port

SIFAX: Infrastructure Deficiency Could Hinder Ease of Doing Business Eromosele Abiodun Group Executive Vice Chairman, SIFAX Group, Dr. Taiwo Afolabi, has warned that the lack of critical infrastructure could hinder the success of the federal government’s drive to improving the ease of doing business in the country. While noting that the Ease of Doing Business initiative of the government was a welcome development due to the needless bottleneck encountered in the service delivery process, he pointed that the problem of infrastructure deficiency should be urgently addressed in order to compliment the executive orders signed recently by the acting President, Prof. Yemi Osinbajo. Citing the case of the Apapa port access roads that have literally broken down and are source of concern for all business stakeholders, Afolabi said fixing the roads would not only aid the initiative but also bring relief and order to one of the country’s economic gateways. He said: “The Ease of Doing Business executive orders are

good and brilliant initiatives to improve the customer experience, particularly at the nation’s points of entry. I want to commend the government for it. However, I want to submit that the initiative should be an all-encompassing one, where other hindering factors, especially critical infrastructure, are attended to without delay. “Take for instance, the Apapa ports. There is no way a customer experience can be improved when the importers and exporters find it extremely difficult to transport their goods in and out of the ports because the roads are in a sorry state. Containers fall on these roads on a daily basis with attendant losses. Workers, residents and business owners in the area are not finding things easy as well. “My appeal to the government is to do a thorough review of other inhibiting factors to doing business in Nigeria and immediately tackle such issues with the urgency with which the Abuja airport’s faulty runway was fixed. Only then we will truly improve the customer experience in the country,”

‘Retail Sector Vehicle to Drive ‘Buy Made-in-Nigeria Goods’ Initiative’ Sunday Okobi

OUR SCORECARD

L–R: Company Secretary, Ms. Ifeoma Onubogu; Chairman, Board of Director, Mr. Segun Adebanji; and Group Managing Director, Mr. Ganiyu Musa at the 25th annual general meeting of Cornerstone Insurance Plc held in Lagos...recently

Capacity Building: Hyundai Heavy Industries Sponsors Training of 80 Nigerians Solomon Elusoji The Nigerian Content Development and Monitoring Board (NCDMB), in collaboration with Dorman Long Engineering (DLE) Ltd, have graduated about 80 trainees from a workshop sponsored by Hyundai Heavy Industries, as part of the company’s restitution for contravening local laws. Late last year, federal lawmakers found out that HHI had violated Section 33 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, which requires that companies should seek approval from the NCDMB before deploying expatriates. But

the lawmakers discovered that HHI had brought in expatriates without valid papers to take jobs which could have been handled by Nigerians. Subsequently, HHI, a client to Chevron Nigeria Limited (CNL), was directed to facilitate capacity building workshops for at least 105 Nigerians, through the NCDMB. DLE, a notable engineering firm in the country, emerged as training facilitators. Speaking at the passing out ceremony for the graduates at a DLE facility in Lagos, the Director, Monitoring and Evaluation Directorate, NCDMB, Mr. Tunde Adelana, who was represented by a NCDMB official, Adike Kopiam, noted that the idea of the training was to increase

the skills of Nigeria’s young population. The Chairman of DLE, Dr. Timi Austen-Peters, seconded the NCDMB chief’s point. “Government has done employers a favour, because this training boosts the trainees’ skill level,” he said, adding, “the more we can do this for our young people, the more employable they are; in order words, they become more attractive to employers.” The group of 80 trainees were roughly divided into two, with one half taking a three month course in Non Destructive Testing, while the others took a three month course in Project Management. Meanwhile, the graduating trainees were only

the Stream 1 batch, as a second stream of 80 trainees are set to commence courses in Health Safety and Environment (HSE) and Welding. One of the graduating students, Abraham Marshall, is a graduate of Electrical Electronics from the Petroleum Training Institute, Effurun. He was observing the mandatory National Youth Service Corps programme at the University of Nigeria, Nsukka, when he got a call from NCDMB to attend the three month programme, after applying through the Board’s website. “I learnt a lot during my time here,” he said, “and I hope to put my knowledge to practise immediately I leave.”

Operators in the retail industry have stated that without the sector, the federal government ‘Buy Made-in-Nigeria Goods’ initiative may not succeed. This assertion was made at the fourth edition of the ‘Retail Leaders’ conference with the theme: ‘Supporting Retail: The next Driver of Nigeria’s Economic Growth’, which took place in Lagos. According to the operators, the retail sector has so much potential and opportunities to be overlooked, adding that the sector would be responsible for driving any economic agenda that would support government policies in terms of diversification among others. They said: “We are the experts in the sector that the government is supposed to be talking to on this madein-Nigeria project.” At the event, one of the speakers and the convener of the conference, Mr. Joseph Ebata, stated that the retail sector has so much potential and opportunities to offer, noting that by discussing these challenges and opportunities with all stakeholders, “we would come to a point of understanding and drive an agenda as a vehicle that would support the policies of the government in terms of diversification among others. We are the experts in the sector that the government is supposed to be talking to.” He said the ‘buy madein-Nigeria goods campaign’ is a noble idea, “but it must include retail, without retail, it will not succeed because we

remain the greatest channel of distribution, and as we increase our foot print in retailing, the made-in-Nigeria goods initiative would succeed in and outside Nigeria.” According to him, Nigeria is indeed a retailer’s delight “with a population of 170 million people, and 80 million people living in its metropolitan area as well as a consumer spending in excess of about $100 billion a year and a fast-growing middle class is definitely the most promising market in Africa.” “The retail industry in Nigeria is transforming and has become the delightsome bride of many entrepreneurs, particularly the international retailers and investors seeking to do business in Africa, therefore, the conference offers us the opportunities surface and address the key challenges affecting the retail industry; understand the huge opportunities inherent in it and develop a blueprint for the industry to grow and succeed thereby affecting the Nigerian economy,” he said. Ebata, who is the President of Bervidson Group, comprising Bervidson Consulting and Retail Business School, said he chose to focus on retail because the momentum of trade is at the point of retail-where goals take place. He said: “If we can get our retail strategy right, then every other thing will be right. It is the greatest channel of distribution; it employs about average of 19 percent globally and contributes to gross domestic product (GDP). So there are a lot to gain from retail if we as a nation can get our strategy right.”

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IMF Seeks Stronger Collaboration against Terrorism Financing Obinna Chima The International Monetary Fund (IMF) has stressed the need for countries to intensify the fight against financing of terrorism as well as corruption and tax evasion. The fund also disclosed that in the coming days, it would release new analysis that shows how systemic corruption can seriously undermine a country’s ability to deliver sustainable and inclusive growth. IMF’s Managing Director, Christine Lagarde, made this call in a speech titled: “Working Together to Fight Money Laundering & Terrorist Financing,� she delivered at the Financial Action Task Force (FATF), on Money Laundering Plenary Meeting in Valencia, recently. Lagarde described combating of terrorism financing as a top policy priority, saying that as terrorism becomes more pervasive in our societies, it was our collective responsibility to choke off the financial flows—both large and small—that enable terrorists to inflict unspeakable suffering on individuals, families, and communities. Combating the financing of terrorism increasingly requires harnessing the power of financial technology, she said. She said: “Of course, fintech is a double-edged sword. It can be used to promote and fund terrorism, including through the anonymity of virtual cur-

rencies. But it can also be a powerful tool to strengthen our defenses against the financing of terrorism. “We can use fintech to identify terrorist financial flows, including in the case of very small transactions. Machine learning and other artificial intelligence tools can help identify patterns of activity that would otherwise be very difficult to detect.� She added: “There is no doubt that money laundering and terrorist financing can threaten a country’s economic stability, which is why the IMF has become increasingly active in supporting and promoting the AML/CFT efforts of our member countries, based on the FATF standard. “What started as a small endeavor some 20 years ago has become part of our core work—from analysis and policy advice, to assessing the health and integrity of financial sectors, to providing financial assistance when needed, to helping countries build institutions and increase operational effectiveness.� According to the IMF boss, large-scale tax evasion is a key factor, because it typically means lower government revenue, higher public debt, and less investment in health, education, and other public services. This, she also pointed out means higher economic inequality because the most vulnerable are most affected

by a sharp drop in social spending. That, in turn, can trigger popular discontent and economic instability. “The good news is that we can use the AML/CFT framework to help break this vicious economic cycle. A good example is Greece, where the strengthening of the AML framework facilitated the seizure of hundreds of millions of euros in proceeds from tax crimes. “We helped the central bank strengthen its financial sector supervision, which led to a sharp increase in reporting to the financial intelligence unit. That unit itself froze more than â‚Ź200 million in assets between 2012 and 2014. The financial intelligence unit also referred more than 400 cases to the prosecutor’s office and more than 2,500 cases to the tax authorities. “Both FATF and the IMF are forward-thinking organizations designed to help our members address some of the most pressing global issues of our time. We both are deeply committed to supporting countries in building defenses against money laundering and the financing of terrorism through the AML/CFT standards. We both know that these global challenges cannot be resolved by countries working alone,â€? she said. According to her, over the past 16 years, the IMF has been involved in joint effort through our technical assistance and capacity building work.

Union Bank Unveils Upgraded Branches Union Bank of Nigeria Plc has reiterated its commitment to providing simpler and smarter banking services to its teeming customers with the unveiling of three more upgraded branches across Rivers State. The unveiling ceremonies of the branches located in Bori, Kingsway Road and Aba Road areas of the state were part of a two-day line up of activities which also included a networking and empowerment event for young professionals and entrepreneurs as well as a gala event to host customers in celebration of the bank’s 100th year anniversary. Speaking at the anniversary gala event to customers, stakeholders and government dignitaries, a statement quoted

the Chief Executive Officer of Union Bank, Mr. Emeka Emuwa as saying: “We are very proud of our 100 year old heritage as this is not a feat easily achieved. We are however also looking forward and preparing for the next 100 years. “At Union Bank, we are very passionate about our customers and we are committed to ensuring they have access to the best banking service possible. This has prompted us to equip our branches with state-of-the-art infrastructure. Our mobile and internet banking applications are also one of the best in the country as we strive to ensure our customers experience service excellence across the country.� Also speaking at the event, Transformation Director, Union

Bank, Joe Mbulu, explained that the overhauling of these branches was as a result of the bank’s firm commitment to ensuring its customers have access to the best and most effective banking solutions. According to him, “We are providing the simpler and smarter way to bank through these improvements. It isn’t just a tagline for us, it is a promise - one which we will continue to keep.� The bank stated that it also launched an Elite Lounge at the Kingsway Road branch in Port Harcourt. The Elite lounge will provide value added banking benefits and a range of personalised banking services to Elite Banking customers of the bank.

DHL Fetes Employees DHL Express at its annual DHL Employee Appreciation Week, an employee engagement initiative held recently, attributed its success in Nigeria to the contribution by members of its workforce across the country. This year, the Africa-wide initiative was run in the month of June in over 50 countries impacting over 4,000 employees. Vice President, Human Resources, DHL Express Sub Saharan Africa, Paul Clegg said while the focus at the event was on fun, it was meant to recognise and reward its team across Africa, who made it possible for the company to deliver excellence to its customers.

He added: “One of Deutsche Post DHL Group’s three bottom lines is to be the ‘Employer of Choice’, so our efforts are focused on creating a great place to work. We believe how we think influences what we say and do and the only way to maintain our ‘Insanely Customer Centric Culture’ is if we have highly motivated, well-trained, emotionally-engaged and happy employees.� In Deloitte’s, 2017 Global Human Capital Trends, it is shown that while employee engagement is increasingly being recognised across the globe as an integral component to business success, relatively few companies have begun to

build programs, strategies and teams that understand and continuously improve employee engagement. On top of recommending taking a proactive role in understanding and improving employee experience in the company, especially those that operate in competitive global economies—like DHL Express—the study also suggests that pushing out these engagement programs and strategies is becoming increasingly vital to business bottom-lines. This is because when companies succeed in attracting and retaining skilled employees, these employees will in turn provide excellent customer experiences.

Lagarde

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

DECEMBER 2016 Broad Money (M2)

23,840,392.42

-- Narrow Money (M1)

11,520,166.67

---- Currency Outside Banks

1,820,415.90

---- Demand Deposits

9,699,750.76

-- Quasi Money

12,320,225.75

Net Foreign Assets (NFA)

9,353,504.03

Net Domestic Assets(NDA)

14,486,888.39

-- Net Domestic Credit (NDC)

26,970,297.97

---- Credit to Government (Net)

4,595,579.89

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

7,436,917.79

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

-2,841,337.90

---- Credit to Private Sector (CPS)

22,374,718.08

--Other Assets Net

-12,483,409.58

Reserve Money (Base Money)

5,837,322.41

--Currency in Circulation

2,179,174.28

--Banks Reserves

3,318,344.71 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 20 JUNE 2017 The price of OPEC basket of thirteen crudes stood at $50.48 a barrel on Thursday, compared with $51.88 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

MONDAY, JUNE 26, 2017 ˾ T H I S D AY

36

MARKET NEWS

Nigerian Companies Should Embrace Innovation to Overcome Recession Goddy Egene and Nosa Alekhuogie Top chief executive officers (CEOs) across sectors of the economy have said that the recession provide an opportunity to innovate and take advantage of opportunities hitherto unseen. The CEOs, who were part of a panel at the Nigerian Stock Exchange (NSE)

Bloomberg CEO Roundtable in Lagos recently, said the recession have made many of them to innovate in order to survive the challenging times. For instance, the CEO of Stanbic IBTC Bank, said that 2015 was a tough year for Nigerian banks as it “affected the quality of our loan book (personal and corporate).

T H E MAIN BOARD Activity Summary on Board DEBT Federal Bond Name 15.54% FGN FEB 2020 16.00% FGN JUN 2019 Federal Totals DEBT Board Totals Bond Activity Totals Daily Summary (Equities) Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals AGRICULTURE Totals CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. JOHN HOLT PLC. S C O A NIG. PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals CONGLOMERATES Totals CONSTRUCTION/REAL ESTATE Building Construction ARBICO PLC. Building Construction Totals Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Automobiles/Auto Parts DN TYRE & RUBBER PLC Automobiles/Auto Parts Totals Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NASCON ALLIED INDUSTRIES PLC Food Products Totals Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals Household Durables VITAFOAM NIG PLC. Household Durables Totals Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. JAIZ BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. Banking Totals Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. AXAMANSARD INSURANCE PLC N.E.M INSURANCE CO (NIG) PLC. NIGER INSURANCE CO. PLC. STANDARD TRUST ASSURANCE PLC STANDARD ALLIANCE INSURANCE PLC. UNITY KAPITAL ASSURANCE PLC UNIVERSAL INSURANCE COMPANY PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks FORTIS MICROFINANCE BANK PLC NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Mortgage Carriers, Brokers and Services INFINITY TRUST MORTGAGE BANK PLC Mortgage Carriers, Brokers and Services Totals Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC DEAP CAPITAL MANAGEMENT & TRUST PLC FCMB GROUP PLC. STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC Other Financial Institutions Totals

DEALS

MARKET PRICE

People were just not able to pay. The loans became impaired. The situation was the same in 2016 and was exacerbated by forex illiquidity.” Managing Director of Okomu Palm Oil Company, Graham Hefer, said in agriculture, there were significant revenue drops, leading to aggressive lowering of cost.

N I G E R I A N QUANTITY TRADED

VALUE TRADED ( N )

No. of Deals 1 1 2 2 2

Current Price 98.7 135

Quantity Traded 105 100 205 205 205

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

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

Current Price 44.18 46

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

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

Current Price 0.78

No. of Deals 1 1 4 56 48 110 110

Current Price 0.78 0.66 3.77 0.78 15.1

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

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

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

Current Price 4.79

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

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

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

Current Price 0.5

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

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

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

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

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

Current Price 34.83 Current Price 2.12

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

Current Price 6.6 0.86 9.8 0.84 23.8 1.31 0.7 4.8 4.9 0.83 0.5 Current Price 0.59 1.05 0.5 1.59 0.79 0.5 0.5 0.5 0.5 0.5 0.5 Current Price 2.58 1.08 Current Price 1.47 Current Price 3.05 3.32 0.5 1.31 17 3.7

According to him, in this company, there “were issues with having to import and the lack of forex.” In the words of the CEO of African Finance Corporation (AFC), Mr. Andrew Alli: “In the last couple of years there hasn’t been any new large scale infrastructure project due to the fact that the recession has constricted

STO C K

ability to pay.” On how businesses stood up to the challenge presented by the recession, Sogunle said that when considering companies with which to do backward integration, his bank looked at firms who were able to source raw materials locally and whose reliance on foreign currency was moderated, or those who were in a position

to export (and thus could earn FX to bring in their imports). On his part, Hefer said the recession helped his company aggressively lower costs while guarding forex that it obtained. According to him, to bolster their forex sourcing, they devised a system of selling palm oil locally and selling rubber to the international markets.

E XC H A N G E

MAIN BOARD FINANCIAL SERVICES Totals HEALTHCARE Healthcare Providers UNION DIAGNOSTIC & CLINICAL SERVICES PLC Healthcare Providers Totals Pharmaceuticals FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC PHARMA-DEKO PLC. Pharmaceuticals Totals HEALTHCARE Totals ICT IT Services TRIPPLE GEE AND COMPANY PLC. IT Services Totals Processing Systems CHAMS PLC Processing Systems Totals ICT Totals INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC MEYER PLC. LAFARGE AFRICA PLC. Building Materials Totals Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals Packaging/Containers BETA GLASS PLC. GREIF NIGERIA PLC Packaging/Containers Totals INDUSTRIAL GOODS Totals NATURAL RESOURCES Metals ALUMINIUM EXTRUSION IND. PLC. Metals Totals NATURAL RESOURCES Totals OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals OIL AND GAS Totals SERVICES Advertising AFROMEDIA PLC Advertising Totals Courier/Freight/Delivery RED STAR EXPRESS PLC TRANS-NATIONWIDE EXPRESS PLC. Courier/Freight/Delivery Totals Hotels/Lodging TOURIST COMPANY OF NIGERIA PLC. TRANSCORP HOTELS PLC Hotels/Lodging Totals Printing/Publishing LEARN AFRICA PLC STUDIO PRESS (NIG) PLC. Printing/Publishing Totals Transport-Related Services NEWREST ASL NIGERIA PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC C & I LEASING PLC. Support and Logistics Totals SERVICES Totals EQTY Board Totals Daily Summary (Equities) Activity Summary on Board ASeM FINANCIAL SERVICES Mortgage Carriers, Brokers and Services OMOLUABI MORTGAGE BANK PLC Mortgage Carriers, Brokers and Services Totals FINANCIAL SERVICES Totals ASeM Board Totals Daily Summary (Equities) Activity Summary on Board PREMIUM FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals Other Financial Institutions FBN HOLDINGS PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals INDUSTRIAL GOODS Building Materials DANGOTE CEMENT PLC Building Materials Totals INDUSTRIAL GOODS Totals PREMIUM Board Totals Equity Activity Totals

DEALS

MARKET PRICE

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

Current Price 0.5 Current Price 1.01 14.75 1 0.66 1.95

Current Price 1.3 Current Price 0.5

QUANTITY TRADED

VALUE TRADED ( N)

87,962,909

649,506,329.59

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

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

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

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

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

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

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

Current Price 11.25 6.08 29.6 4.28 0.87 42

No. of Deals 1 1 1

Current Price 9.75

Quantity Traded 2,000 2,000 2,000

Value Traded 18,540.00 18,540.00 18,540.00

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

Current Price 0.5

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

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

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

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

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

Current Price 1.45 Current Price 36.45 9.69

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

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

No. of Deals 1 1 1 1

Current Price 0.9

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

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

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

Current Price 15.01

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

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

No. of Deals 10 10 10 429 4,216

Current Price 169

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

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

Current Price 3.2

37

˾ MONDAY, JUNE 26, 2017

MARKET NEWS

Premium Pension Takes Savings Campaign to NYSC Camp Ebere Nwoji In an effort to widen knowledge on the Contributory Pension Scheme (CPS) and encourage early savings into the scheme among working youths, Premium Pension Limited, one of the licensed Pension Fund Administrators (PFAs) in the country has kicked off a youth inclusive pension enlightenment campaign tagged ‘Make It Happen’. The pension fund administrator, said with the Campaign, it is targeting the youths to deepen the CPS and widen its appeal.

Encouraging the youths to key into the scheme early enough, Chief Marketing Officer of the company, Kabir Tijani, during a courtesy visit to the National Youth Corps (NYSC) orientation camp in Iyana Ipaja Lagos recently, stated: “The Contributory Pension Scheme is most beneficial and yields the most results on retirement if contribution is started early enough in one’s career.” According to him, gone are the days when pension was only associated with old age. He said the campaign is geared towards promoting skills

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

acquisition as a guarantee to the good life in future. “Our ‘Make it Happen’ celebrates ‘Made in Nigeria’ businesses” continued Tijjani. He added: “Through the campaign, we will promote and support youth corp members with entrepreneurial skills.” He said the campaign, which is in form of a competition requires entrants or participants to make a oneminute video displaying their business or skill. The video is then uploaded on Twitter or Instagram with the Make it Happen hashtag. He said the most inspiring

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 22Jun-2017, unless otherwise stated

of these entries after evaluation by a panel of judges wins a cash prize of N250,00, adding that there are also other consolation prizes. Also speaking on the campaign, Head, Corporate Communications of the company, Mr. Paddy Ezeala, said: “We are complementing the federal government’s programmes emphasising entrepreneurship, skill acquisition and resourcefulness.” He said that the state of the economy is only challenging the youths to look inwards as there are immense opportunities

which only the resourceful and creative can see, pointing out that the most successful people today are those who have adopted measures to bring out the best in themselves. Ezeala informed the youths that the quest for regular white collar jobs should preclude people from being resourceful and entrepreneurial, adding that the future is brightest when you adopt the right mindset and measures early enough including keying into the Contributory Pension Scheme. Premium Pension Limited is one of the pioneer PFAs in the country with regional offices

and branches spread across the country. The company manages 738,736 Retirement Savings Accounts (RSAs) and 46, 941 retirees and has paid since inception retirement benefits to the tune of almost N119 billion. The company has N460 billion pension assets under management (AUM) in excess of N460billion. “We will drive our business to greater heights by re-establishing commanding presence in retail business, lubricants, aviation, liquefied petroleum gas, specialised products and non-fuel retail services”, Adenuga said.

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 160.08 161.21 26.24% Nigeria International Debt Fund 223.85 225.35 5.60% 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 0.74 0.75 5.93% 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 18.83% 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 16.07 16.55 30.14% ARM Discovery Fund 345.10 355.51 20.17% ARM Ethical Fund 24.89 25.65 11.43% ARM Money Market Fund 1.00 1.00 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 135.72 136.68 29.04% AXA Mansard Money Market Fund 1.00 1.00 18.69% 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 16.91% Paramount Equity Fund 11.30 11.59 20.73% Women's Investment Fund 91.10 93.44 7.69% 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 19.16% 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 1,076.70 1,077.83 6.52% FBN Heritage Fund 129.38 130.46 16.04% FBN Money Market Fund 100.00 100.00 18.65% FBN Nigeria Eurobond (USD) Fund - Institutional $108.43 $109.40 5.46% FBN Nigeria Eurobond (USD) Fund - Retail $107.68 $108.64 5.45% FBN Nigeria Smart Beta Equity Fund 148.69 150.81 32.04% 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 1.25 1.28 34.57% Legacy Short Maturity (NGN) Fund 2.76 2.76 7.57% 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 2,628.96 2,675.10 19.35% Coral Income Fund 2,293.06 2,293.06 8.97% 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 16.08% 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 17.44% Vantage Balanced Fund 1.96 1.99 16.79% Vantage Guaranteed Income Fund 1.00 1.00 17.33%

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 1.07 1.09 8.39% Lotus Halal Fixed Income Fund 1,036.14 1,036.14 5.28% 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 12.83 12.92 32.67% Meristem Money Market Fund 10.00 10.00 17.88% 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 1.13 1.15 13.67% PACAM Fixed Income Fund 10.62 10.70 2.28% PACAM Money Market Fund 10.00 10.00 16.95% 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 122.60 124.08 20.65% 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 1.32 1.32 5.76% 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 2,068.08 2,079.98 12.94% Stanbic IBTC Bond Fund 160.45 160.45 4.22% Stanbic IBTC Ethical Fund 0.92 0.93 20.13% Stanbic IBTC Guaranteed Investment Fund 200.90 200.90 7.50% Stanbic IBTC Iman Fund 162.17 163.73 24.70% Stanbic IBTC Money Market Fund 100.00 100.00 18.50% Stanbic IBTC Nigerian Equity Fund 8,923.52 9,025.72 17.66% 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 1.28 1.29 8.07% United Capital Bond Fund 1.35 1.35 14.87% United Capital Equity Fund 0.82 0.84 0.38% United Capital Money Market Fund 1.16 1.16 11.26% 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 11.89 12.08 22.61% Zenith Ethical Fund 12.68 12.82 15.90% Zenith Income Fund 18.09 18.09 9.41%

REITS NAV Per Share

Yield / T-Rtn

11.41 127.54

1.01% 2.88%

Bid Price

Offer Price

Yield / T-Rtn

10.03 95.98

10.13 97.76

14.16% 26.64%

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

4.00 8.11 15.72 19.65 130.11

4.04 8.19 15.82 19.85 132.11

44.64% 15.28% 31.72% 23.05% 0.94%

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.

MONDAY, JUNE 26, 2017 • T H I S D AY

38

CITYSTRINGS

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

Bayelsa’s Painful Rains The rainy season this year in Bayelsa, a state which literally lies below the sea level, brings with it not so palatable stories for its residents, writes Emmanuel Addeh

A flooded street in Yenagoa

B

ayelsa State is peculiar in many respects, one of which is its topography. The state is located in the heart of the Niger Delta, South-south geographical zone of Nigeria and directly borders the Atlantic Ocean. A lowland with just about 20 per cent land and 80 per cent water, the state experiences one of the heaviest rainfalls in the country, lasting between the months of March to the early part of November. This year, the rains have started and the perennial problem of flooding in the city centre especially, has begun to take its toll on residents. Like many urban areas in Nigeria, the initial Yenagoa Master plan which was drawn in 1984 by a team of town planners and reviewed in 2007 remains severely distorted. Of course the situation has been made worse by rapid population growth which has culminated in indiscriminate construction in marshy terrain that is prone to flooding. Compliance and implementation of the original design remains a major challenge. The result, compounded by poorly constructed and blocked drainages, worsened by residents' habit of clogging the system

have combined to aggravate the danger of flooding now manifest in Yenagoa. Buildings have sprung up in designated green areas, floodplains as well as sewage points and when the rains do not find any space to empty their excess, they drain

Several of such incidents have occurred this year alone, but by far the most impactful was last Tuesday’s downpour which disrupted life in Yenagoa for the entire period. From Agudama-Epie to Tombia, from Yenegue to Opolo, from Okaka to Kpansia, from Ekeki to Amarata, the story of regret induced by the about nine-hour rain was the same

directly to residential areas. And in very bad times, this could be worsened by the intermittent over-flowing of nearby rivers and its numerous tributaries. So, though the rains are still in their early months, residents of Yenagoa may have started sleeping with one eye closed when the rains start in the night or become extremely anxious when it becomes cloudy in the day. Several of such incidents have occurred this year alone, but by far the most impactful was last Tuesday’s downpour which disrupted life in Yenagoa for the entire period. From Agudama-Epie to Tombia, from Yenegue to Opolo, from Okaka to Kpansia, from Ekeki to Amarata, the story of regret induced by the about nine-hour rain was the same. Recall that earlier in the year, the Nigeria Meteorological Agency (NIMET), led by Prof. Sani Mashi, had also predicted mass flooding in several states, including Bayelsa. But residents have continued to count their losses after many homes were taken over while many of them worked round the clock to salvage what was left of their valuables after the last set of downpours. Narrating his experience, Mr. Godbless

Timi, a resident of Amarata told THISDAY that it was a terrible ordeal watching his belongings getting flooded and damaged. “The whole house was filled up. The foams, the televisions were already soaked by the time I got inside while myself and some members of my family tried to ‘bail’ the water. But there was really nothing we could do. “We moved the children to a neighbour’s apartment which was upstairs so we could salvage what was left of our property, but the rain came suddenly and after some hours of trying, we got tired and just allowed the water to take over,” he said. He blamed the local governments for abandoning their primary duty of ensuring that gutters are not clogged, insisting that until the government wakes up from its slumber, such occurrences might even become deadlier. On the other hand, Timi said the people who live in the city could not be exonerated from the repeated blocking of the drainages. “The people who use the gutters as their refuse dumps should also take some of the blames. So also those who build on where they should not. The way forward is for the people to stop messing up the gutters

MONDAY, JUNE 26, 2017 • T H I S D AY

39

CITYSTRINGS

Homes and streets affected by the downpour in Yenagoa

A flooded house in Yenagoa

A foam spread in the sun aftermath of the downpour

Chief of Staff to Bayelsa State governor, Mr. Talford Ongolo, led other government functionaries to inspect affected areas after the heavy downpour in Yenagoa

and for government to stop shirking its responsibility,” he added. Newspaper houses were not spared during the downpour as Punch Road and other adjoining streets which house some media houses were also affected. It took days before things began to return to normal. A sales representative with one of the national newspapers on Imgbi Road, said the media house incurred some losses as a result of last week’s rains. “I was sitting in the office here when it started raining around 12 in the afternoon. Then I noticed that it got heavier, but I still didn’t feel anything untoward was happening until I saw water near my feet. “I wasn’t expecting it because even when our neighbours' houses are soaked, ours is usually not affected because this office is a bit higher than theirs. “When I noticed the rains coming in, I immediately locked the doors and the windows, alas, that was when the real thing started. After bailing water for more than three hours, I got tired and tried to save what I could. But most of the ‘unsold’ newspaper copies were already soaked and damaged,” he said. Also affected by the torrential rains were Ekeki Housing Estate, along Azikoro Road in the heart of Yenagoa, either due to blocked or non-existent drainages. Some residents of the area said they were already making efforts to relocate from their

homes to avoid the kind of disaster that occurred in 2012 which led to the setting up of Internally Displaced Persons (IDPs) camps in some parts of the state. But in a statement after the first major rain that also affected some schools, the Governor of Bayelsa State, Seriake Dickson, sympathised with victims of the flood that ravaged parts of the city, describing the incident as “sad

And a day after last Monday’s severe flooding, the state government said it had unfolded plans to checkmate incessant flooding in some parts of the state capital, Yenagoa and again warned residents against indiscriminate dumping of refuse, blockage of the drains and illegal structures

and unfortunate.” Dickson in a statement by his Chief Press Secretary, Daniel Iworiso-Markson, attributed the floods to the fact that the “entire state is resting below sea level and is surrounded by water.” He advised Bayelsa people to observe environmental best practices by cleaning their surroundings always, particularly drainages so as to allow the free flow of water when it rains. While calling on the people to also stop the indiscriminate dumping of refuse, the governor equally advised them to stop building on the right of ways. The governor added that he had directed relevant agencies of government to clear the blocked areas arising from the flood and urged residents to bear with the government. And a day after last Monday’s severe flooding, the state government said it had unfolded plans to checkmate incessant flooding in some parts of the state capital, Yenagoa and again warned residents against indiscriminate dumping of refuse, blockage of the drains and illegal structures. The Chief of Staff, Government House, Mr. Talford Ongolo who led other government functionaries including the state Commissioner for Information and Orientation, Mr. Jonathan Obuebite, Commissioner for Works and Infrastructure, Mr. Lawrence Ehwrujakpor, Commissioner for Environment, Mr. Williams Alamini on an assessment to some areas

ravaged by the floods said the administration was committed to putting an end to it. The governor, according to him has set up an inter-ministerial committee to look into the issue and proffer a lasting solution, adding that relevant government agencies had commenced work on the clearing of drainages to ensure free flow of water. He called for the collaborative efforts of the people of the state to ensure that the issue of flooding becomes a thing of the past. Also, the state Commissioner for Works and Infrastructure, Ehwrujakpo said the government would adopt a short term measure of clearing the drainages and channeling them to a particular point. However, he warned that any resident caught violating the state's environmental law will be dealt with in accordance with the law. According to him, some people build houses on canals, thereby impeding free flow of water in the natural channels and subsequently resulting into flooding in the affected areas. “That the government will not hesitate to demolish houses that are blocking the canals,” he maintained. But the fact is that it is still early days yet. The torrential rains are just starting. Flooding in the state capital is likely to get worse if agencies of government who have the responsibility to enforce the laws do not go beyond mere rhetorics.

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MONDAY JUNE 26, 2017 ˾ T H I S D AY

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INTERNATIONAL

email:foreigndesk@thisdaylive.com

Spain Fights Forest Fires in Donana Nature Reserve A forest fire in southern Spain forced the evacuation of 1,000 people and is threatening a national

park famous for its biodiversity, authorities said Sunday. The flames have advanced

Pakistan Oil Tanker Inferno Kills At Least 140 At least 140 people were killed when a lorry transporting oil burst into flames near the Pakistani city of Ahmedpur East, local officials say. A crowd had gathered reportedly to collect fuel leaking from the overturned vehicle when it caught fire. Dozens are being treated in hospital. It appears the tanker blew a tyre while rounding a sharp bend in the road. The subsequent fire may have been sparked by someone lighting a cigarette, rescue services say. The country’s roads are notoriously dangerous, with poor vehicle maintenance and reckless driving contributing to the problem. Army helicopters were dispatched to ferry casualties to hospitals, army spokesman Major Gen Asif Ghafoor said in a tweet. Pakistani media have published pictures from the scene, showing charred bodies and vehicles. There

are fears that the death toll could rise further. At least six cars and 12 motorcycles were burnt, Pakistan’s Dawn newspaper reports. Some victims may only be identified by DNA sampling as bodies were badly burned in the incident, reports say. ‘Police appeals ignored’ Police sources told Pakistani government news agency APP that the tanker had been carrying 25,000 litres (5,500 gallons) of oil and had been travelling from Karachi to Lahore. It slipped off a road and overturned in the Kachi Pul area, they said, about 8km (five miles) from Ahmedpur East, in Punjab’s Bahawalpur district. “People living in roadside villages, carrying domestic pots rushed to the scene to collect oil and they also made phone calls to their relatives living in other villages to immediately come to collect oil,” the sources said.

eastward and have entered Donana National Park, one of Spain’s most important nature reserves and a UNESCO World Heritage site since 1994. The park, which has over 50,000 hectares (123,550 acres) of wetlands and woods, is an important stop for migratory birds from Africa and Europe and is home to a variety of animals, including the highly endangered Iberian lynx and the Iberian imperial eagle. “The fire has entered in the

limits of the reserve, and that is where we are focusing our efforts,” Jose Gregorio Fiscal Lopez from the regional Andalusian authority in charge of the environment told Spanish national television. Susana Diaz, the regional president of Andalusia, said “there’s no risk to the population” after a 1,000 people were evacuated from campsites and houses near

the town of Moguer on Spain’s southern coast where the fire started on Saturday night. By midday Sunday, at least 750 people were allowed to return. Still, Diaz said fighting the fire was proving difficult due to the hot, dry weather, with temperatures reaching 39 degrees Celsius (102 degrees Fahrenheit), and shifting winds. Over 150 firefighters and 21 air units were combating the blaze Sunday after televised images

showed trees engulfed by flames overnight. “It’s still very early, but we are not ruling out the human factor” as a possible cause of the fire, said Diaz. She also thanked Spain’s King Felipe VI for his phone call of concern about the fire. The fire comes a week after wildfires killed 64 people in neighboring Portugal, which like Spain is suffering from lack of rain and high temperatures.

Eid Truce in War-torn Philippines City of Marawi Ends An eight-hour ceasefire in a Philippine city allowing residents to celebrate the end of Ramadan came to an abrupt end Sunday afternoon as the government continued its offensive against Islamist militants occupying parts of war-torn Marawi. Assaults backed by air and artillery bombardment had stopped at the start of Islamic prayers at 6am but gunfire broke out as soon as the truce ended around 2pm, AFP reporters in Marawi said. Regional military commander Lieutenant General Carlito Galvez said the truce also

allowed five Muslim religious leaders to enter ground zero and negotiate with the militants to release civilian hostages, especially children, women and the elderly. “It’s already been more than 30 days (of fighting) and we received reports that some of them have nothing to eat,” Galvez said. The negotiators later Sunday emerged from the conflict zone with five civilians, incuding a mother and her 16-month-old daughter. The woman said she had given birth to another child just two

weeks ago in the middle of the fighting but her infant boy died due to lack of food, according to police who interviewed her. A video released by the military showed the rescued residents looking terrified, pale and haggard. Military chief General Eduardo Ano ordered his forces to observe a “humanitarian pause” during the Eid al-Fitr holiday in Marawi, the most important Muslim city in the mainly Catholic Philippines. The Eid al-Fitr festival ends the fasting month of Ramadan.

“We declare a lull in our current operations in the city on that day as a manifestation of our high respect to the Islamic faith,” Ano said in a statement. Hundreds of militants, flying the flag of the Islamic State group and backed by foreign fighters, seized swathes of Marawi in the southern region of Mindanao last month, sparking bloody street battles and raising regional concern. Troops have launched a relentless air and ground offensive but have failed to dislodge gunmen from entrenched positions in pockets of the city.

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Nigeria’s top 50 stocks based on market fundamentals

23-Jun-17

22-Jun-17

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

01 Dangote Cement Plc

195.60

205.00

-4.59%

3,333,123,248,418.00

10.95

18.72

5.68

3.90%

4.38

02 Nigerian Breweries Plc

151.90

158.03

-3.88%

1,204,430,424,887.20

3.58

44.09

3.99

2.28%

7.55

03 Guaranty Trust Bank Plc

34.50

34.34

0.47%

1,015,375,683,228.00

4.49

7.64

2.44

5.15%

2.00

900.01

900.01

0.00%

713,398,553,362.52

10.00

90.02

3.92

3.22%

23.10

05 Zenith Bank Plc

20.33

20.43

-0.49%

638,290,718,669.38

4.13

4.95

1.26

8.81%

0.91

06 Stanbic IBTCÂ Holdings Plc

30.60

30.60

0.00%

306,000,000,000.00

2.85

10.73

1.96

0.33%

2.17

07 United Bank for Africa Plc

8.32

9.20

-9.57%

301,845,658,999.04

1.99

4.62

0.87

6.52%

0.74

73.00

73.00

0.00%

289,844,824,285.00

0.03

2,496.60

4.06

1.78%

6.93

8.86

9.22

-3.90%

256,301,828,650.66

13.18

0.70

0.70

5.97%

0.59

460.00

460.00

0.00%

254,522,743,980.00 -82.02

-5.61

4.02

3.46%

0.68

11 Ecobank Transnational Incorporated

13.27

13.30

-0.23%

243,498,544,623.05

0.68

19.66

0.42

4.66%

0.39

12 Lafarge Africa Plc

48.60

51.15

-4.99%

221,368,227,966.00

3.71

13.79

1.06

5.87%

0.94

13 FBN Holdings Plc

5.89

6.08

-3.13%

211,423,274,544.88

0.21

29.30

0.41

2.47%

0.35

42.99

42.99

0.00%

162,643,905,787.50

0.81

52.95

2.33

0.12%

13.91

04 Nestle Nigeria Plc

08 Presco Plc 09 Access Bank Plc 10 Seplat Petroleum Dev. Co. Ltd

14 Unilever Nigeria Plc 15 Dangote Sugar ReďŹ nery Plc

9.03

9.01

0.22%

108,360,000,000.00

1.20

7.51

0.64

5.55%

1.63

16 Guinness Nig Plc

71.50

71.50

0.00%

107,671,005,442.00

-3.06

-23.38

1.04

4.48%

2.73

17 International Breweries Plc

29.12

29.12

0.00%

95,928,539,033.60

0.02

1,292.38

3.60

0.86%

8.74

18 Total Nigeria Plc

272.01

272.01

0.00%

92,353,334,882.37

43.58

6.24

0.32

5.15%

3.92

19 Mobil Oil Nig Plc

248.00

248.00

0.00%

89,427,624,976.00

22.61

10.97

0.95

2.90%

4.17

7.24

6.91

4.78%

87,130,640,792.56

0.29

23.80

0.18

10.85%

0.43

21 Flour Mills Nig. Plc

27.74

29.20

-5.00%

72,796,339,567.38

-1.19

-24.47

0.18

6.85%

0.77

22 Forte Oil Plc.

50.04

50.04

0.00%

65,176,154,394.12

2.22

22.55

0.44

6.89%

1.50

23 Okomu Oil Palm Plc

61.56

64.80

-5.00%

58,722,699,600.00

5.15

12.59

4.30

0.15%

3.63

24 7-Up Bottling Comp. Plc

90.00

90.00

0.00%

57,653,132,670.00

-0.05 -1,970.44

0.62

2.44%

2.60

1.43

1.52

-5.92%

55,371,026,317.75

-0.03

-52.22

0.99

0.00%

0.68

41.52

41.52

0.00%

54,806,400,000.00

-2.89

-14.36

0.39

3.61%

0.78

1.20

1.19

0.84%

34,755,102,830.40

0.39

3.07

0.23

13.45%

0.19

17.42

18.00

-3.22%

33,461,457,621.54

3.37

5.34

0.46

5.56%

0.46

29 Sterling Bank Plc

1.01

1.02

-0.98%

29,078,322,307.26

0.18

5.69

0.26

8.82%

0.34

30 Diamond Bank Plc

1.13

1.12

0.89%

26,171,239,533.84

-0.29

-3.81

0.12

0.00%

0.11

31 National Salt Co. Nig. Plc

9.33

9.56

-2.41%

24,719,260,066.74

0.91

10.49

1.38

5.75%

3.15

32 Cadbury Nigeria Plc

13.10

13.54

-3.25%

24,604,446,724.00

-0.16

-85.80

0.85

9.60%

2.30

33 Glaxo Smithkline Consumer Nig. Plc

20.45

20.45

0.00%

24,455,674,179.60

3.51

5.82

1.70

1.47%

1.43

1.19

1.24

-4.03%

23,565,225,829.39

0.72

1.71

0.14

8.06%

0.14

33.25

34.99

-4.97%

23,275,000,000.00

2.29

15.28

3.59

3.29%

10.73

36 Mansard Insurance Plc

2.19

2.30

-4.78%

22,995,000,000.00

0.25

9.17

1.17

2.17%

1.20

37 Wema Bank Plc

0.57

0.61

-6.56%

21,987,445,666.17

0.07

9.08

0.44

0.00%

0.49

20.90

20.90

0.00%

20,900,000,000.00

5.69

3.68

1.46

0.48%

0.56

39 Custodian And Allied Insurance Plc

3.50

3.43

2.04%

20,586,524,682.50

0.91

3.78

0.52

4.08%

0.67

40 Honeywell Flour Mill Plc

1.86

1.94

-4.12%

14,750,167,643.88

-0.40

-4.80

0.32

8.25%

0.46

41 Continental Reinsurance Plc

1.27

1.29

-1.55%

13,173,385,276.24

0.42

3.07

0.60

9.30%

0.72

42 Cement Co. Of North.Nig. Plc

10.21

10.74

-4.93%

12,830,679,990.86

0.22

49.06

1.21

0.93%

1.26

43 Skye Bank Plc

0.67

0.70

-4.29%

9,299,801,944.70

-2.93

-0.24

0.06

42.86%

0.09

44 Unity Bank Plc

0.76

0.76

0.00%

8,883,896,835.92

0.19

4.07

0.11

0.00%

0.11

45 Wapic Insurance Plc

0.50

0.50

0.00%

6,691,369,126.00

0.18

2.78

0.85

6.00%

0.41

46 Resort Savings & Loans Plc

0.50

0.50

0.00%

5,664,866,202.00

0.03

17.71

3.72

0.00%

1.94

47 Nigerian Aviation Handling Company Plc

3.05

2.95

3.39%

4,953,867,187.50

0.36

8.25

0.60

6.78%

0.74

48 UACN Property Development Co. Limited

2.88

2.80

2.86%

4,949,999,985.60

-0.90

-3.10

0.76

25.00%

0.14

49 Fidson Healthcare Plc

2.75

2.85

-3.51%

4,125,000,000.00

0.21

13.50

0.56

1.75%

0.65

50 AIICO Insurance Plc

0.58

0.58

0.00%

4,019,518,598.40

1.48

0.39

0.15

8.62%

0.46

20 Oando Plc

25 Transnational Corporation Of Nigeria Plc 26 Julius Berger Nig. Plc 27 Fidelity Bank Plc 28 U A C NÂ Plc

34 FCMB Group Plc 35 Cap Plc

38 PZ Cussons Nigeria Plc

TOTAL

10,517,361,787,309.50

TOTAL MARKET CAP

11,107,927,530,111.50

% OF MARKET CAP Annotation - MA* = Simple Moving Average

94.68%

Table 1 Market Statistics Mkt Indicators

NSE All Share Index NSE Market Cap (N'Trillion)

Open 22-Jun-17

Close 23-Jun-17

Change %

32,928.44 11.39

32,122.14 11.11

-2.45 -2.45

138.72 10.80

135.08 10.52

-2.62 -2.62

Thisday BGL 50 Index Thisday BGL 50 Market Cap (N'Trillion)

Table 3 Top 5 Gainers Stock

Open Close Change 22-Jun-17 23-Jun-17 %

Oando Plc Nigerian Aviation Handling Company Plc UACN Property Development Co. Limited Custodian And Allied Insurance Plc Diamond Bank Plc

6.91 2.95

7.24 3.05

4.78 3.39

2.80

2.88

2.86

3.43

3.50

2.04

1.12

1.13

0.89

Table 4 Top 5 Losers Stock

Open Close Change 22-Jun-17 23-Jun-17 %

United Bank for Africa Plc Wema Bank Plc Transnational Corporation Of Nigeria Plc Flour Mills Nig. Plc Okomu Oil Palm Plc

9.20 0.61 1.52

8.32 0.57 1.43

-9.57 -6.56 -5.92

29.20 64.80

27.74 61.56

-5.00 -5.00

NSE Index slides for three days consecutive Market pulse on the Nigerian Stock Exchange (NSE) today – Friday, June 23rd, 2017 ended on a negative note as the stock market closed red. This was further highlighted by negative performance from the NSE Subsectors: Banking, Insurance and Consumer Goods (Save Oil & Gas). Also, trading activities decreased in volume as 417.57m shares worth of N3.25 billion in 5,456 deals exchanged hands today. This is a decrease from 509.76m shares worth of N5.03 billion in 5,321 deals which exchanged hands on Thursday. Topping in volume terms are: Transnational Corporation of Nigeria Plc, Access Bank Plc and FBN Holdings Plc; Zenith Bank Plc and Access Bank for Africa Plc ended trading as the most active stocks in value terms. Brent crude oil price slides further to US$45.66 per barrel. The All Share Index (NSEASI) closed negative with 1.64% (-806.30) decrease to close at 32,122.14 from 32,928.44 the previous trading day. Market capitalization depreciated in tandem to N11.11 trillion from N11.39 trillion of prior trading day. Similarly, the Thisday BGL 50 Index closes with a decrease of 2.62% to 135.08 from 138.72 recorded at the end of the previous trading day, while its market capitalization stood at N10.52 trillion from N10.80 trillion of the previous trading day. Market breath closed positive today as 21 stocks gained on the bourse while 33 stocks also declined, leaving 71 stocks unchanged. Leading the pack was Champions Breweries Plc with a gain of 9.74% to close at N2.93 per share. It was followed by Neimeth International Pharmaceuticals Plc with a gain of 6.52% to close at N0.98 per share. Others on the gainers’ list include: C&I Leasing Company Plc, Ashaka Cement Plc and Transcorp Hotels Plc. On the decliners’ list, United Bank for Africa Plc lead with a loss of 9.57% to close at N8.32 share. It was followed by Wema Bank Plc with a loss of 6.56% to close at N0.57 per share. Others on the decliners list include: Transnational Corporation of Nigeria Plc, Flour Mills Nig. Plc and Okomu Plc. Topping the Thisday BGL 50 Index gainers’ list Oando Plc as it emerged as the day’s toast of investors with a gain of 4.78% to close at N7.24 per share. It was followed by Nigerian Aviation Handling Company Plc with a gain of 3.39% to close at N3.05 per share. Others on the gainers list include: UACN Property Development Co. Limited, Custodian and Allied Insurance Plc and Diamond Bank Plc; while on the decliners’ list, United Bank for Africa Plc lead with a loss of 9.57% to close at N8.32 share. It was followed by Wema Bank Plc with a loss of 6.56% to close at N0.57 per share. Others on the decliners list include: Transnational Corporation of Nigeria Plc, Flour Mills Nig. Plc and Okomu Plc. REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the ďŹ rm may have a conict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

50

T H I S D AY MONDAY JUNE 26, 2017

MONDAY JUNE26, 2017 ˾ T H I S D AY

51

NEWS

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

Demand for ‘Service Fee’ on N701bn Loan for Gencos Rocks NBET Obinna Chima in Lagos Chineme Okafor in Abuja The Nigerian Bulk Electricity Trading Plc (NBET) is currently enmeshed in a controversy that could rock its operations and that of Nigeria’s electricity market, investigations by THISDAY have revealed. According to industry sources, top officials in the agency and Ministry of Power, Works and Housing have made demands of its Managing Director, Dr. Marilyn Amobi, to approve a four per cent service charge that will accrue to them, following the federal government’s approval of NBET’s request of N701 billion from the Central Bank of Nigeria (CBN) for onward payment to power generation companies (Gencos). The service charge, they said, was to cover for their so-called facilitation of the loan approval by the Federal Executive Council (FEC). However, reliable sources in NBET and the ministry told THISDAY that everything that had to do with the facilitation of the loan was done by Amobi and her team. An investment banker by training, Amobi was said to have turned down the offer to work as

a consultant to NBET to help the agency make its case to the federal government for the loan, and as such, in her capacity as managing director, worked with her team to get the necessary approvals. This, sources who anonymously spoke to THISDAY said, irked certain persons in the ministry and NBET, because she reportedly refused to approve the service fee, which she insisted was scandalous and she could not support. Her vehement position, the sources explained, has resulted in high-wire internal politicking allegedly orchestrated by the ministry to restructure NBET and promote three of Amobi’s general managers who are loyal to the ministry to positions of executive directors. The goal of the agency’s restructuring, one of the sources explained, is to ensure that the three general managers would as executive directors be given almost the same executive powers as Amobi, effectively empowering them to either support or disprove decisions made by the management team in their favour. The proposed restructuring would also mean that the organogram would be altered, as against the current structure

that makes the board the highest decision making body of the agency and the managing director as the sole reporting authority to the board. It was also gathered that interested parties who are tacitly backed by the Ministry of Power, would from the restructuring be able to finally approve the four per cent service charge at board level, which Amobi has refused to approve. Similarly, it was learnt that the high-wire politics initiated by these interests are already beginning to affect the working environment in the NBET, an agency set up by the government to amongst other responsibilities, midwife the transition of competitive financial transactions between the Gencos and distribution companies (Discos) in the country’s privatised electricity market. Originally, the NBET was set up with a nine-member board comprising the Minister of Finance

as the statutory board chairman, managing director of NBET, Minister of Power, Director-General of Bureau of Public Enterprises (BPE); a representative of the Discos; and four independent persons chosen by the presidency and Ministries of Power and Finance. Though the last board of the agency was disbanded by Buhari and has not yet been reconstituted, the Minister of Power, Works and Housing, Babatunde Fashola (SAN), has in the interim acted as its board chairman and issued directives to it. The goal now is for the ministry, as was alleged by the sources, to fill the four independent board positions with the general managers that are reportedly loyal to its interests. Also, Amobi was said to have been assaulted on November 9, 2016 in the presence of the staff of the agency by one of

the general managers who is in charge of NBET’s finances. While she reportedly filed three back-to-back complaints of her assault by the general manager to the Ministry of Power on December 3, 2016 (copies of her complaints were sighted by THISDAY), no response or action has been taken to date by the ministry on her claims. It was also alleged that the same general manager had previously assaulted the former managing director of NBET, Mr. Rumundaka Wonodi while he was in office and gotten away with the offence. All efforts to speak to the Permanent Secretary in the Ministry of Power, Mr. Loius Edozie, as phone calls and a text message to his phone were not replied. When contacted to comment on the developments, Amobi declined to speak to THISDAY, saying she does not discuss NBET’s internal operations on the pages of newspapers.

Notwithstanding the official silence from NBET and the ministry, another top official of the Independent Power Producers’ Association of Nigeria (IPPAN), a group comprising of investors in independent power plants in the country, confirmed the allegation to THISDAY on the condition that his identity would not be revealed in the paper. IPPAN has members that include Geometric Power owned by former power minister, Prof. Bath Nnaji; Zuma Energy Nigeria, owned by Dr. Innocent Ezuma; and Supertek Electric Limited, owned by a former information minister, Prof. Jerry Gana. The IPPAN official further noted that relevant stakeholders in the industry were watching with keen interest as the controversy in NBET unfolds, adding that the alleged restructuring could signal the end to the agency which has about $800 million as its capitalisation fund.

DSS Arrests top Boko Haram Commander, 20 Others in Kano The Department of State Services (DSS) in Kano yesterday said it arrested a top Boko Haram commander and 20 others suspects. The Director, Kano local office of DSS, Alhassan Muhammad, told the News Agency of Nigeria (NAN) in Kano that the 48 hours operation neutralised what would have been a bloody Eid-el-Fitr in Kano recent history. Muhammad disclosed that the combat operations jointly carried out by the police, and his men led to the arrest of the unit commander of Boko Haram who was also in charge of Kano, Kaduna and Sokoto. He explained that it also arrested 30 other suspects while planning coordinated attacks during Sallah festivity in Kano and other major northern cities. Alhassan said: ”We have in our custody about 30 suspected Boko Haram terrorists including a sector

commandant whom we arrested at Rijiyar Zaki and Dorayi areas of Kano in just two days.” The Director said the success story was the outcome of a painstaking effort buoyed by intelligence gathering and sharing by the police and DSS which helped put more spots areas at red alert. He added: “Our joint intelligence gathering and the synergy that existed between all the security apparatus in Kano give a moral buster to our giant efforts in tracking every suspicious movements and make it highly difficult for the terrorists to make any impact.” Alhassan explained that the proactive move helped averted the dastardly planned to lay ambush on Kano and other cities in this period of Sallah celebrations. The Director revealed that “arms and ammunition, primed Improvised Explosive Devices, IEDs were recovered from the suspects’ hideouts in the state”.

Kirikiri Prison Overpopulated by 1,853 Inmates Shola Oyeyipo An appeal was yesterday sent to relevant authorities and the Governor Akinwunmi Ambode-led Lagos State Government to help intervene in de-congesting the over populated Kirikiri Prison in Apapa, Lagos. Making the appeal during a prison de-congestion initiative commemorating the 55th birthday of the Leader of the House of Representatives, Hon Femi Gbajabiamila, the Deputy Comptroller of Prison and Head, Medium Security Prison, Kirikiri,

Apapa, Olawanyi Emmanuel, said whereas the prison capacity is 1,700, there are currently 3,553 inmates. According to him, “The prison facility is dangerously overstretched. Lagos State, which is responsible for most of the inmates is not showing enough concern. The inmates live as slaves and the medical personnel is nothing to talk about.” Gbajabiamila, as part of activities marking his birthday and the Sallah celebration, had facilitated the release of 40 selected inmates of Kirikiri Medium Security Prison with various charges.

PRAYING FOR PEACE

L-R: Speaker, Sokoto State House of Assembly, Hon Salihu Maidaji; Governor Aminu Waziri Tambuwal and Sultan of Sokoto, Muhammad Sa’ad Abubakar II, at the Sokoto Central Eid praying ground, during the prayers to commemorate the 2017 Eid-el-Fitr celebration in Sokoto... yesterday

Dialogue with Kanu, Other Marginalised Groups, Fayose Tells Buhari Victor Ogunje in Ado Ekiti Ekiti State Governor, Ayodele Fayose, has called on the federal government to dialogue with the leader of Indigenous People of Biafra (IPOB), Mr. Nnamdi Kanu to douse the growing ethnic-based tensions in the country. In the same vein, Fayose canvassed the review of the revenue formula of the country, argued that the lopsided formula only favoured the federal government at the expense of the states, adding that this remains the only panacea to the dwindling economies of many of the states and their inabilities to pay salaries. Speaking on some national issues yesterday, the governor advised the federal government to be equitable, fair and just to all sections of the country, especially, the Igbo people, whom he said had been grossly marginalised. Condemning the October 1 ultimatum issued to Igbo by some

northern youth leaders to leave the North, the governor said the federal government must take steps that will address the agitation of the people. He said: “As much as secession is not an option, the handlers of our democracy must be equitable, fair and just to everyone. “The Igbo have continued to suffer because of the perceived role of Emeka Ojukwu. If we say past governments didn’t do well what has the present government done differently? “I agree that secession is not desirable but there must be justice and equity. When people are being killed or vilified, you must expect a reaction. No region should begin to use power to oppress another. If Nigeria is truly one, it will not get to a stage that one region will openly call on another to leave its land. “The Acting President Yemi Osinbajo is doing his best but that is not enough. We must

remember that those who make positive change impossible make violent change inevitable. A situation where a section will be suffering forever because of their role in the civil war is not fair.” Suggesting the way forward, the Chairman of the Peoples Democratic Party Governors’ Forum called for a review of “the revenue sharing formula because it is not a true reflection of our collective interest. For the country to move forward the states should takeover economically.” He also urged the federal governments to dialogue with Kanu and release other members of the IPOB in detention. “The federal government must purge itself of some responsibilities because the actual development is at grassroots. The states and the local governments are nodal points of developments. “The federal government should dialogue with the aggrieved and forge ahead. Using force will not

help because some of those things they thought had died in the past are now rearing their ugly heads. “It is no doubt that Kanu is representing the interest of the younger generation of Igbo. Instead of fighting him, they should release them and invite him for a dialogue. “His struggle has become an ideological movement with massive followers irrespective of what some people are telling the federal government to curry a favour, which is momentary. By the action of this government they have made Kanu more popular. “Without mincing words, the present government has divided Nigeria more than ever. It is the legitimate right of the people to agitate if they feel they are wrongly treated. You can’t get peace where there is no justice. “Nigeria belongs to all of us. It is the wish of some people that an Igbo man does not become the president but this is against the spirit and letters of our constitution.”

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MONDAY JUNE26, 2017 ˾ T H I S D AY

NEWSEXTRA

Atiku Rates Osinbajo High on Governance APC preaches unity, at Eid-el-Fitr Onyebuchi Ezigbo in Abuja The former Vice President, Alhaji Atiku Abubakar, has given kudos to the acting President, Professor Yemi Osinbajo, for giving a good account of himself in running the affairs of the country. The commendation came just as the All Progressives Congress (APC), urged Nigerians to exercise temperance, love and understanding, while shunning divisive and hate speech. In his Eid-el-Fitr message to mark the end of the Ramadan fasting period, Atiku said the acting president has demonstrated remarkable resourcefulness at a point the country’s unity was being ominously threatened. “Osinbajo has demonstrated strong leadership by moving fast to nip the recent tension in the country in the bud, which arose from the quit notice issued on the

Igbos by a coalition of northern Youth group and the counter notices from groups from other regions,” Atiku said. In a statement issued yesterday by his Media Office, Atiku said: “By moving quickly to invite chief executives of the 36 states, traditional rulers, religious leaders and other leaders of thought across the country, the acting president has proved himself to be a very sensitive leader who demonstrated remarkable resourcefulness at a point the country’s unity was being ominously threatened.” While commending Osinbajo for giving a good account of himself in running the affairs of the country, Atiku urged continued prayers for the quick recovery of President Muhammadu Buhari who is receiving medical treatment in the United Kingdom. He added that Osinbajo’s prompt response to the situation had earned

him the respect of many Nigerians, adding that Nigeria cannot afford to toy with its unity when the rest of Africa envies its resilience. Atiku urged Nigerians to demonstrate a greater spirit of tolerance and firmer commitment to peaceful coexistence, which he describes as the prerequisite for unity and love in Nigeria. He also urges Muslims to imbibe the lessons of the fast, which include: self discipline and sacrifice through abstention from eating, drinking and sinful acts. “Abstention from eating and drinking should go a long way to create empathy from the rich towards the poor, making the wellto-do appreciate the conditions of millions who go hungry because

of poverty,” the Waziri Adamawa said. “I urge well-to-do Muslims to identify with ordinary Nigerians who go without food almost every day, and to be more concerned about what to do to improve their plight.” He also urged all Muslims to extend the lessons of the fasting period beyond the Ramadan. Speaking on Nigeria’s current challenges, the former vice president calls on his fellow Muslims to be good ambassadors of Islam by demonstrating the spirit of tolerance, love, respect for others and firmer commitment to peaceful coexistence. Atiku said Nigeria’s diversity should be translated into love, and religion should be a vehicle

for cementing love and harmony amongst the people. “The greatest tribute Muslims can pay to the Prophet Muhammad is to live by his example of a pacifist spirit and tolerance,” Atiku said. “These are the tools with which to strengthen the pillars of Nigeria’s unity. There is no religion in the world that doesn’t preach love, but practice has far greater impact on perception than precept.” On its part, his party, the APC, congratulated the Muslim community for successfully completing the Ramadan fast and urged them to continue to pray for the peace, unity and prosperity of the country. In a statement issued yesterday by the National Publicity Secretary,

Malam Bolaji Abdullahi, APC said: “As a party, we note that the economic progress and development the country seeks cannot be achieved in a state of rancour, disunity and discord. The party therefore urges all Nigerians, especially the people of faith, to exercise temperance, love and understanding, while shunning divisive and hate speech. The ruling party noted that although the country has gone through several challenges recently occasioned by the economic recession, the future is bright as the federal government implements policies and programmes to diversify the economy, secure the future and ensure enduring legacies.

Ishaku Sets up Truth and Reconciliation Commission, Administrative Panel to Resolve Mambilla Crisis

Tells Alhassan to stop playing politics with lives Wole Ayodele in Jalingo In a bid to find a permanent solution to the violent clashes between Fulanis and other ethnic tribes in the Mambilla plateau, Taraba State Governor, Darius Ishaku, has set up three committees to ascertain the remote and immediate causes of last week’s violence in the area. Announcing the setting up of the committees after an emergency marathon meeting with all the stakeholders in the Mambilla plateau including the GOC, 3rd Division, Jos, Brig. Gen Benjamin Ahanotu, and other security chiefs, Ishaku said the committees would include a Truth and Reconciliation Commission that would afford all the parties to frankly discuss what transpired to pave the way for genuine reconciliation. Besides the Truth and Reconciliation Commission, other committees set up by the governor are an administrative panel of inquiry and a peace committee comprising representatives of the stakeholders. Membership of the Truth and Reconciliation Commission, according to the governor, would be made public after due consultations but noted that Christian and Muslim leaders would be part of the committee. However, the peace committee, according to Ishaku, would comprise five Fulanis, five Mambillas, one Kaka, one Paso, one Kambu and a non-indigene all of whom are to be selected by the paramount ruler of Mambilla, Audu Baju II. Fielding questions from journalists after the emergency meeting, Ishaku expressed confidence that the current efforts would bring permanent solution and lasting peace to the area. According to him, “I really commend all the people that made comments during the meeting because everything said were quite revealing and would help us to speed up the process of genuine

reconciliation and enduring peace on the plateau.” Condemning the wanton killings and destruction of property in strong terms, Ishaku stated: “What happened is highly unfortunate, totally uncalled for and must be condemned by all men of conscience. No life is worth taking for whatever reason and we must all commit ourselves to ensure it never happened again. “Sardauna local government is not only strategic to the state, but to the entire country considering the enormous potential that abound in the area, especially in agriculture, tourism, mining and the 3,050 MW Mambilla Hydro Power Plant which is the biggest single power project in Africa.” Also, Ishaku has charged Minister of Women Affairs and Social Development, Senator Aisha Jummai Alhassan, to stop playing politics with the crisis that broke out on Mambilla plateau. Speaking on behalf of the governor in a statement made available to journalists, by his Senior Special Assistant on Public Affairs, Emmanuel Bello, Ishaku said rather than see the sad and unfortunate incident that claimed several lives and property as a platform to kick-start her campaign for 2019, the minister should come up with credible alternatives to what the governor already proposed. The minister had at the weekend called for the resignation of the governor, saying she would back any move to impeach him by the state House of Assembly. But in a swift reaction, Bello said the minister got it wrong, saying she was only crying wolf and playing to the gallery to hoodwink unsuspecting members of the public. According to him, “Funny enough, as Alhassan was delivering her speech at the press conference, accusing him of doing nothing, Ishaku was actually locked in a close to 24 hours meeting with stakeholders from Sarduana, seeking answers and looking for solutions.

IN THE SPIRIT OF THE SEASON

Yobe State, Governor, Ibrahim Gaidam (middle), flanked by his deputy, Mr. Abubakar D, Ali (left); and National Secretary of the All Progressives Congress (APC), Mai Mala Buni, at the Eid prayer ground at Yobe Mosque and Islamic Centre in Damaturu .....yesterday

Court Orders Air Force toVacate Shopping Mall Ernest Chinwo in Port Harcourt The Federal High Court sitting in Port Harcourt has ordered the Nigerian Air Force (NAF) to vacate the premises of a multi-billion modern market and mall operated by Blue Boulevard Limited, located within the NAF Base in Port Harcourt, the Rivers State capital. The presiding judge, Justice Hillary Oshomah, gave the order in his judgment in an application for the enforcement of the fundamental rights of the applicant in suit number: FHC/PH/FHR/71/2017. Blue Boulevard Limited and its Chief Executive Officer, Mr. Peter-Kings Osunde, had dragged the Nigerian Air Force Properties Limited, to court in suit number: FHC/PH/FHR/71/2017, challenging the invasion of its market and mall and forceful barricading of its main entrance at Market Junction, Rumuomasi, Port Harcourt, by personnel of the 115 Special Operation Group, Nigerian Air Force, Port Harcourt on April 11. Even while the matter was in court, the presiding judge, Oshomah, had on April 21, 2017, directed counsel to both parties and the registrar of the court to visit the market to confirm if personnel of the Air Force actually invaded and barricaded the market valued at over N11 billion. On getting there, the armed personnel refused the court officials

entry, citing orders from their boss. The presiding judge said after the counsel and the court registrar reported their findings, “The report of all the parties confirms that res of this suit is under invasion by fierce and weird military personnel who would not allow the court official and even their own counsel access into the premises even though their own counsel duly introduced himself. “It is beyond any iota of doubt that the defendant has taken laws into its hand by resorting to self-help. This conduct of the defendant is most condemnable and highly deprecated and should not be tolerated in any civilised society.” Delivering judgment on the matter, Oshomah issued a perpetual injunction restraining the Nigerian Air Force Properties Limited and its agents and officers from further barricading the gate and within the premises of the firm. He said in the judgment order: “It is hereby declared by the order of this honourable court, that the continuous stay of the armed men of the 115 Special Operation Group, Nigerian Air Force, Port Harcourt at the main entrance of the second applicant’s gate and within its premises on the order of the respondent is ultra vires, null and void and beyond the statutory duties of the respondent. “That the continuous stay of

the armed men of the respondent is wrongful, unlawful and unconstitutional as it violates the applicants’ fundamental right of freedom of movement, right to own property and right to personal liberty guaranteed by Section 34, 35 and 44 of the 1999 Constitution (as amended). “The respondent is hereby directed to immediately withdraw its men stationed at the main gate and within the premises of the second applicant at NAF Base, Market Junction, Rumuomasi, Aba Road, Port Harcourt, Rivers State. “An order of perpetual injunction restraining the respondent by itself, through its agents, officers and privies from further barricading the gate and within the premises of the second applicant at the aforementioned place. “By way of consequential order of this honourable court, the respondent, it’s agents, servants, privies and or anybody of whatsoever either acting on its behalf or stead is by order of this honourable court restrained from indulging in any act or conduct which is likely or capable of undermining, frustrating, stifling or calculated or capable of rendering nugatory the attainment and/or benefits of prayers 1, 2, 3 and 4 granted the applicants by this honourable court.” Speaking to newsmen later, counsel to the applicants, James Akaro Okanje, expressed

happiness over the decision of the court on the matter, saying the court has demonstrated its primary assignment of ensuring that justice is dispensed without fear or favour. Okanje said: “To my mind, I have again seen the Court demonstrating its primary assignment of ensuring that justice is dispensed without fear or favour. “Prior to April 11, 2017, the Nigerian Air Force granted us leave to use their property to build our shops. So we had a good rapport with them. All of a sudden, on April 11, they brought in their men and armoured tanks and restrained us from entering. “What we have lost as a result of the action of the Nigerian Air Force is unquantifiable. It runs into millions of naira on daily basis. All the commercial activities within that premises have been paralysed. With this judgment now, we get a roll out order as soon as possible, serve it on them. So that they can order their men, as directed by the Court to leave our premises.” Speaking to journalists also, counsel to the Nigerian Air Force, Mathew Onwukwe, said they will study the judgment of the court and advise their client appropriately. “The only thing I can say is that the court has given its judgment and it is our duty to study it and properly advise our client,” he said.

MONDAY JUNE26, 2017 ˾ T H I S D AY

EID L-FITR FELICITATIONS...

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EID L-FITR FELICITATIONS...

El-Rufai Urges Nigerians to Resist Those Bent at Dividing the Country Our Correspondents The Kaduna State Governor, Mallam Nasir el-Rufai, has urged Nigerians to resist those who are bent at dividing the country. The governor who spoke shortly after the Eid Prayers in Kauru, headquarters of Kauru Local Government Area where he went to celebrate the Sallah, said Nigerians should not allow agents of doom to realise their sinister agenda. “We should use this celebration to reflect and pray hard for peace and unity of Nigeria. As citizens, we should stand together against those preaching division and violence. “Our diversity is a source of strength and our common humanity is a threat to those who earn “Let us be uncompromising about maintaining peace and promoting harmony,” the governor said. The governor also declared a state of emergency in the development of Kauru Local Government Area. He noted the locality has become the most backward area in the state due to long period of neglect, saying that his administration was determined to remedy the poor development indices there. The governor lamented that 92 per cent of local government area has no access to electricity, roads, water and basic health facilities. “We came here as a government to declare a state of development emergency in Kauru local government area. Kauru is behind in electrification, hospitals, roads, water and other basic social amenities. “Within the next two years, we will do all that we can to ensure that we achieve significant progress in these areas within Kauru local government,” the governor promised.

Ugwuanyi Visits Enugu Mosque

As Muslim faithful celebrated Eid-el-Fitr, which marks the end of Ramadan yesterday, Governor Ifeanyi Ugwuanyi of Enugu State has called on them to use the period to offer special prayers for peaceful co-existence and national unity for the continued progress and sustainability of the dreams of the country’s founding fathers. Ugwuanyi who earlier paid a surprise visit to the Muslims at their Central Mosque located in Owerri Road, Enugu to felicitate with them, in his message, noted that Eid-el-Fitr offers an opportunity for both Muslim and Christian faithful to continue to live in harmony for the progress of the country. He added that the country’s strength lies in its diversity and ability to overcome challenges despite socio-political differences.

Wike Congratulates Nigerian Muslims

Rivers State Governor, Nyesom Ezenwo Wike, has felicitated with Nigerian Muslims on the successful completion of the 2017 Ramadan fast, urging them to use the Sallah celebration to pray for the unity of the country. In a Sallah message, the governor advised the Muslims to emulate the Holy Prophet Mohammed by imbibing the ideals of sacrifice exemplified by the Prophet. He said this is a season to promote love, peace and friendship. He urged Nigerians to embrace religious tolerance, which would promote peace across the country and enhance national development.

Dickson Felicitates with Muslims

Bayelsa State Governor, Hon. Henry Seriake Dickson, has joined in felicitating with Muslims across the country, especially in the state on the celebration of Eid-el-Fitr. In a statement released in Yenagoa at the weekend, the governor called for more tolerance, unity and peaceful coexistence as they celebrate, emphasising that no meaningful development can take place without those things. The statement which was signed by his Chief Press Secretary, Daniel Iworiso-Markson, urged all Muslim faithful to love their brothers and sisters in other religions and see themselves as one at all times. He said there is so much to achieve in the country by working together as one and urged all promoters of hate speeches and divisive tendencies to desist for the interest of the future of upcoming generations.

Okowa Sues for Tolerance

Delta State Governor, Senator Ifeanyi Okowa, has congratulated Muslims in Delta State, Nigeria and all over the world on the occasion of the 2017 Eid-el-Fitr celebration. Okowa in a statement yesterday in Asaba by his Chief Press Secretary, Charles Aniagwu, enjoined all Muslim faithful in Delta State and Nigerians in general to extend the spiritual benefits of Ramadan, which are love, peace and justice to their daily living and through this contribute to the development of the nation. “I felicitate with all Nigerians, especially our Muslim brothers and sisters on the auspicious occasion of this year’s Eid-el-Fitri celebrations. I congratulate all of our countrymen and women who have successfully undertaken the purifying Ramadan fast.”

Kwara Gov, Speaker Urge Muslims to Sustain the Lessons of Ramadan

Kwara State Governor, Alhaji Abdulfatah Ahmed, has urged Muslims in the state to imbibe the lessons of Ramadan so as to move the nation forward. Ahmed, in a press release by his Chief Press Secretary, Alhaji Abdulwahab Oba, yesterday in Ilorin said: “Such lessons as endurance, tolerance, abstinance from vices and harmonious relationship with one another learnt during the month of Ramadan are important ingredients for growth and development which should endure after fasting.” Ahmed advised Nigerians not to depart from the path of steadfastness to God but continue to do the right things that will launch the nation

L-R: Husband of Lagos State Deputy Governor, Alhaji Saheed Adebule; Oba of Lagos, Oba. Ridwan Akiolu; Deputy Governor, Dr. Oluranti Adebule; Majority Leader, House of Representatives, Hon..Femi Gbajabiamila; and Baba Adini of Lagos, Sheik Abdul Hafeez-Abu, during the Eid- el -Fitr prayers, at the Lagos Central Mosque, to commemorate the end of fasting....yesterday to the path of greatness, sustainable growth and development and national cohession. Also, Speaker of the state House of Assembly, Dr. Ali Ahmad, has congratulated Muslim Ummah on the successful completion of the month and tasked them to sustain the virtues of Ramadan by maintaining the love, togetherness and peaceful co-existence that characterised it.

Umahi Preaches Unity

Ebonyi State Governor and Chairman of South East Governors’ Forum, Mr. David Umahi, has called on Muslim faithful to maintain peace and learn to live in unity with other segments of the Nigerian society. The governor in his goodwill message to all Muslims urged them to embrace peace and live in unity with their Christian brethren as they mark this year’s Eid-el-Fitri. He also assured all Muslims living in any part of the South-east of adequate security of lives and property to do their businesses, while calling on his brother governors in the northern parts of the country to do same by ensuring security of Ndigbo living in any part of their states are protected. Describing it as a month of peace and sacrifices, Umahi noted that this year’s celebration as very critical to the unity and peace of the country, adding that the country’s political space had been troubled by various hate speeches from various parts of the country and maintained that the celebration was a good moment to let go of all hate speeches and embrace peace as the only panacea for development.

Ortom Pledges Strong Security Measures

As Muslims celebrate Eid-el Fitri, Benue State Governor, Samuel Ortom, has reassured the people of the state that his administration will continue to give priority to security of lives and property as well as other key sectors of the economy. Ortom said the task of ensuring peace in all parts of the state requires the cooperation of all stakeholders irrespective of religion, place of origin and ethnicity. He called for prayers, peaceful coexistence and sacrifice among the Muslim faithful and the entire people of the state.

Ajimobi Congratulates Muslims, Seeks Spiritual Rebirth

Oyo State Governor, Senator Abiola Ajimobi, has congratulated the Muslim community in the country on the successful completion of the holy month of Ramadan. The governor, in a statement by his Special Adviser on Communication and Strategy, Mr. Yomi Layinka, in Ibadan yesterday, called for spiritual rebirth among the Islamic faithful. He also enjoined Muslims not to deviate from the teachings of the Holy Prophet Muhammed on the essence of Ramadan, even after the sallah celebrations.

Aregbesola: We Need Prayers to Keep Nigeria One

Governor Rauf Aregbesola of Osun State has urged Muslims who just completed one month of fasting to pray for an urgent end to festering hate comments that are threatening the corporate existence of Nigeria. Aregbesola also urged them to sustain the advancement they attained in moral standards even after Ramadan while asking them to make use of the opportunity of their state of piety to pray for the redemption of Nigeria from many of the social, economic and political complications that have beset it. The governor, in a statement made available by the Director, Bureau of Communication and Strategy, Mr. Semiu Okanlawon, said Nigeria is in dire need of new directions, noting that a new orientation is

possible only when people are ready to drop their old habits for a new culture of fear of God. The Governor expressed regrets over festering ethnic tensions while saying that prayers however can heal the wounds created by the hate comments among the different peoples that make up Nigeria.

Edo Gov, Benin Monarch Urge Muslims to Pray for Peace

Edo State Governor, Mr. Godwin Obaseki, has urged Muslims to continue to practise lessons from the Ramadan even after the fasting period for the peaceful co-existence of all Nigerians and progress of the nation. Similarly, Oba of Benin, Oba Ewuare II, in his message to the Muslims community in the state, urged them to pray against the political problems confronting Nigeria and think of ways of surmounting them. Obaseki made the call when he played host to Muslim faithfuls in the state on a visit to government House, Benin City. Obaseki who was represented by his deputy, Philip Shaibu, said for Nigeria to remain united, religious faithful must protect the interest of the country by showing love to their neighbours as enshrined in the holy books, Bible and the Qura’an which promote love for one another. On his part, Oba Ewuare II harped on the need for all Muslims to pray for good health, well-being, wisdom and understanding for the Nation’s leaders so that they would be able to pilot the affairs of the country on the path of unity, peace and progress.

Emir Sanusi, Masari, Ganduje Preach Peace

Emir of Kano, Alhaji Muhammadu Sanusi II, has called on the people of the state to live in peace with one another to foster national unity. According to him, no society or country can achieve any meaningful development or greatness in an atmosphere of chaos and mistrust among its citizens. Sunusi said yesterday after he led the Eid prayer at the Kofar Mata Central Eid ground, stating that there was need for the people of the state to ensure peaceful coexistence in the state and the country so as to ensure economic growth and development in the country. “I want to use this occasion to call on our wealthy individuals to continue to support the poor so as to alleviate their sufferings in the society.” The emir also used the occasion to called on well-to-do Muslims in the society to continue to support the less-privileged to alleviate their sufferings. Also in their separate statements, Katsina State Governor, Mr. Aminu Bello Masari and his Kano State counterpart, Mr. Abdullahi Umar Ganduje, have congratulated the Muslim Ummah over the successful completion of the fasting in the month of Ramadan, and the celebration of the Eid-el-Fitr. The governor also urged Muslims to imbibe the virtues, lessons and discipline taught by the month of Ramadan. He noted that the lessons and discipline taught by Ramadan could not have come at a more opportuned time than now when the world is confronted by a myriad of challenges, especially bordering on the economy and security. On his part, Ganduje called on the Muslim Ummah to continue to exhibit the strict spiritual teachings of the holy month of Ramadan in their daily affairs. He said the lessons of tolerance, peace, fairness, justice, love and support for the needy and less privileged learnt during the month - long fast should be practiced by all beyond the holy month to attain spiritual uplifting, peaceful coexistence, and national unity particularly at this period of our national history where various agitations are assuming disturbing trends.

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Mark Says Agitation for Break up Needless Former Senate President, Senator David Mark, has taken stock of the unfolding sectional agitation calling for a break up of Nigeria and reminded promoters of the divisive agenda of the consequences of a fragmented nation. A worried Mark cautioned the agitators of a possible break up of Nigeria to think otherwise “because the trend today is that nations are coming together and bridging gaps of differences for mutual cooperation under a new world order of globalization for a better society. Nigeria is part of the global community.” The former senate president in a goodwill message to Nigerians marking this year’s Eid-el-Fitr celebration urged Muslim faithful to imbibe the lessons of the Holy month of Ramadan and continue to pray for peace, unity and stability of Nigeria. He cautioned those stirring up the embers of disunity, anarchy and confusion to desist from doing so and concentrate their efforts toward building a more stable, prosperous and united Nigeria stressing that “we have more to gain staying together than falling apart.” Mark warned that the consequences of another civil war for the country will be devastating and catastrophic not only for Nigeria but for the entire African Continent. He acknowledged that there may be shortcomings in our system but expressed optimism that they can be addressed amicably through all legitimate channels without resorting to the extreme. Mark appealed to all our religious, traditional and political leaders across the country to restrain their followers and youths from making inflammatory statements capable of plunging the country into chaos.

Ramadan: Akpabio Urges Continuation of Tenets

Senate Minority Leader, Godswill Akpabio, has congratulated Islamic faithful and Nigerians on the successful completion of Ramadan fast, just as he charged them never to deviate from lessons learnt during the period. Akpabio whose goodwill message was contained in a release by his Special Assistant on Media, Jackson Udom, urged Muslims to close ranks and work for the peace, unity and development of the country. “Muslim faithful should not forget the very tenets of the religion, which are love, obedience and perseverance,” as they celebrate the end of the Ramadan fast.

Pray for Peace and Unity, Says Gbenga Daniel

Former Governor of Ogun State, Gbenga Daniel, has congratulated Muslims on the celebration of the Eid-el-Fitri marking the end of the 30-day fasting period charging them to renew their faith in Allah and pray for peace and unity in the country. Daniel, in a goodwill message signed by his Media Officer, Ayo Giwa, said: “Muslims should be guided by the spirit of the period of total abstinence, keeping away from vices in all ramifications and imbibing the teachings and pious lifestyles of the Holy Prophet Muhammad.” Also, the former governor urged Muslim faithful in the country to uphold the lessons of the Holy Month by avoiding all sinful acts that were abhorred and not allow them to become part of their lives after Ramadan.

Obi Felicitates with Muslims

Former Governor of Anambra State, Mr. Peter Obi, has felicitated with Muslims as they celebrate the 2017 Eid-el-Fitri festival, reminding them about the spiritual message which this solemn feast signifies for the entire human society. Obi said: “The successful conclusion of the Ramadan fast, upon which the Eid-el-Fitri festivity rests, is an apt reminder that human society must be imbued with those values that lead to, and reflect the brilliance of God.” Speaking further, Obi, who said as the Eid-el-Fitri celebration underscored love, friendship, brotherliness, charity and generosity, among other values, that Muslims were reminded of the virtues of harmonious co-existence in a diverse society like ours.” His words: “Greatness will come to nations that consciously plan and work for it through consensus and confidence building measures.” Concluding, Obi submitted: “As we share in the joy and fun of Eid-el-Fitri, let us remember that hard work and discipline are essential to safeguarding the future. Let us reflect always on the goodness of God which correspondingly demands greater comportment on our part. To move our country and society forward, we must constantly look inward and toward the almighty Allah.”

Extend Hand of Fellowship to Others, Bauchi Gov Urges Muslims

Governor Mohammed Abdullahi Abubakar of Bauchi State has urged Muslim faithful across the state to extend their hands of fellowship to belivers of other faiths in order to promote peaceful and harmonious coexistence for the socio-economic development of the state. The governor who spoke in his goodwill message to mark the Eid-el-Fitr celebration yesterday, said his administration was committed to peaceful and harmonious coexistence among the various groups and individuals in the state and appealed for tolerance and accommodation by various ethnic, religious as well as political groups in the state.

Faleke Urged Nigerians to Eschew Divisive Tendencies

The Chairman, House of Representatives Committee on Customs

R-L: Wife of the President, Aisha Muhammadu Buhari, accompanied by family members and associates to offer Eid-el-Fitr prayers at the Guards Brigade,Mambila Barracks in Abuja....yesterday and deputy governorship candidate of the All Progressives Congress (APC) in the last governorship election in Kogi State, James Abiodun Faleke, has urged Nigerians to eschew divisive tendencies and embrace love of one another while promoting issues that can unite the various entities in the country. He made this remark in a statement issued yesterday to felicitate with Muslims on this year’s Sallah celebration. According to him, the current fragile political atmosphere in the country occasioned by primordial agitations and hate speeches here and would lead the nation to nowhere save disunity and underdevelopment. “We must stop promoting primordial sentiments. We must see ourselves as one and the same people. Nigeria is our country and we have no other country to call our own. Therefore all hands must be on deck to jealously guard our corporate existence from disintegration.” Faleke praised the efforts being made by the Acting President, Prof Yemi Osinbajo to douse tension in the country through day-to-day engagements with traditional, tribal and religious leaders towards achieving normalcy, adding that it was” better to jaw jaw than to war war”. He urged Muslims to follow the pillars of Islam, key of which is peace.

Group Donates Food Items to Bauchi Orphanage

A Bauchi-based non-Governmental Organisation (NGO), Save Bauchi State Organisation (SABSO) has donated food items to a Bauchi Orphanage ahead of the coming Eid-el-Fitr celebrations. Speaking yesterday, the Chairman of the group, Zaharaddeen Baba Takko, said the organisation is non-partisan, non-political and its main objective is to unite the people of Bauchi State towards development. While speaking, a lecturer with Bayero University Kano (BUK), Professor Salisu Shehu, said he has been conversant and following the activities of the organisation in the state.

Adebule, Akiolu, Chief Imam Preach Love, Tolerance

As Muslim faithful celebrated Eid- el –Fitr yesterday to commemorate the end of one month of Ramadan fasting, the trio of Lagos State Deputy Governor, Dr. Idiat Oluranti Adebule, Oba of Lagos, Oba Ridwan Akiolu and the Chief Imam of Lagos, Alhaji Garba Ibrahim Akinola, have called on Lagosians to continue to live together in peace and allow the existing peaceful relationship among people of diverse tribes and religions in the state to continue so as to accelerate developments and strengthen good governance enjoyed in the state. The deputy governor who joined other Lagosians to observe the Eid-el-Fitr special prayers at the Central Mosque Lagos, urged all Muslims to imbibe the tenets of the Ramadan fasting which according to her include: fear of God, love for one another, tolerance, equality, obedience, abstinence from sins, discipline and caring for the welfare of fellow human beings irrespective of religion, colour or tongue. While congratulating Muslims for enjoying God’s mercy to see the end of the fasting and witness another Ed- El Fitr celebrations, they advised them to strengthen their faith in God and ensure that they do not go back to any sinful act they may have stopped during the fasting, noting that one of the lessons of the fasting was for Muslims to be more pious, move closer to God and refrain from sins.

PDP Insists on Peace, Unity

The Peoples Democratic Party (PDP) led by Senator Ahmed Makarfi’s Natonal Caretaker Committee, has said its believe in the peaceful coexistence of Nigerians irrespective of their political, social, cultural and religious differences remains unshaken. In its message signed by its Head, Publicity Division, Mr. Chinwe Nnorom, on the Eid-El-Fitr celebration, the party urged Muslims and indeed all Nigerians, to imbibe the culture of peace, tolerance, love, sacrifice and unity. “We insist that Nigeria’s unity cannot be overemphasized! We therefore re-iterate on the party’s position for Nigerians peaceful co-existence irrespective of our political, social, cultural and religious differences; and urge all to eschew violence and stop all forms of provocative

utterances that are capable of disintegrating us and detrimental to our peace and oneness. “It appears that the celebration may be low-key nationwide due to the present harsh economic situation in the country coupled with non performance of the APC-led administration that has made life difficult for most “We urge the citizens of this great nation not to despair but to continue praying for God’s intervention,” it said.

Sallah Celebrated without Security Hitches in Borno

The Eid-el-Fitri was celebrated without security hitches in Borno State yesterday as many Muslim worshippers were made to trek the long distance to the Eid prayer grounds scattered all over the state capital, Maiduguri. Due to recent upsurge in Boko Haram attacks in the state especially around Maiduguri, vehicular movement was restricted to check against any security breach during the celebration making the month-long Ramadan fasting. Many Muslims were seen trekking long distance to be part of the important ritual, even as there was heavy security presence at prayer grounds. The Borno State Governor Hon. Kashim Shettima, has apologised to the state civil servant for his government inability to pay them their June salaries due to some hitches beyond his control.

Glo Joins Muslims to Pray for Nigeria’s Progress, Unity

Leading telecommunications operator, Globacom, has congratulated Nigerian Muslims on the successful completion of this year’s Ramadan, urging them to inculcate the lessons learnt during the period to make a positive impact on their neighbours and the larger society. In a statement from its head office in Lagos, Globacom encouraged all Muslims to use the opportunity of the celebration to pray for the peace, unity and development of the nation, and to fully imbibe the tenets of Islam as taught by Prophet Mohammed. “We wish all our Muslim brethrens a very happy Eid-el-Fitri and we pray that the Almighty Allah will grant their prayers for peace and progress of Nigeria,” Globacom said. ‘’It is a season of charity, peace-making and forgiveness. We must use this season to remember to care for the poor and the needy in line with Allah’s injunction to be our brother’s keeper,” Glo further stated.

Ramadan: Conoil Urges Caution on the Roads

As Muslim faithful celebrate the end of the 30-day fasting period, the nation’s foremost petroleum marketing company, Conoil Plc, has wished all Nigerians accident-free celebrations. It enjoined motorists as well as passengers to exercise extreme caution on the roads as they travel far and near to join their loved ones in celebration. The company urged motorists to keep a rein on their speed, obey traffic rules, wear seat belts, read caution signs and ensure their vehicles are in good condition, electrically and mechanically, before embarking on their trips. The oil major also enjoined Nigerians to continue with the lessons of love and tolerance learnt during the fasting period to promote peace and unity in the country.

Amid Tight Security, Muslims Mark Eid-el-Fitr Prayers in Ilorin

The two rakat prayers observed by Muslims at Ilorin Eid praying ground, Ilorin, Kwara State capital to commemorate the end of Ramadan fast was held amidst deployment of security personnel to the venue of the praying ground. Though, it was a peaceful one but it was devoid of glamour that usually accompanied the celebration of the Eid prayer in the city.

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

F I FA C O N F E D E R AT I O N S C U P

African Champion, Cameroon, Fails to Progress to Semis Germany tops Group B, to meet Mexico in second S’final Thursday African champion, Cameroon, failed to make the cut to the semi final of the 2017 FIFA Confederations Cup in Russia as the Vincent Aboubakar led Indomitable Lions lost their last Group B game 3-1 to Germany at the Fisht Stadium in Sochi yesterday. Germany finished top of the Group on seven points followed by Chile who played 1-1 with Australia. Chile is to play European champion Portugal in the first semi final on Wednesday while Germany takes on Mexico the next day. Cameroon is left to play for classification before returning to Yaounde to begin their preparation for the trip to Uyo to play the Super Eagles in the double headed Russia 2018 World Cup qualifier in August. After a goalless first half, highlighted by a superb save from Marc-Andre Ter Stegen, Die Mannschaft eventually found the breakthrough thanks to Kerem Demirbay, who scored his first goal for Germany with a thunderbolt finish 25 yards from goal after captain Julian Draxler played him through with a neat flick. The Cameroonians were reduced to ten men in the 64th minute when, after a Video Assistant Referee review,

Ernest Mabouka was sent off for a late challenge on Emre Can. Werner then gave Germany a two-goal cushion with a diving header, his first goal at senior international level, from Joshua Kimmich’s cross on the right wing. Vincent Aboubakar found the net with a glancing header with ten minutes remaining, but Werner restored Germany’s two-goal lead, ensuring their first-place position in the group and becoming the first German to score two goals in a single Confederations Cup match with his close-range, accurate finish. The victory means that Joachim Low’s side will stay in Sochi for their semi-final against Mexico on June 29. The Budweiser Man of the Match award went to RasenBallsport Leipzig forward Timo Werner. He was finally rewarded for his fine performances in the Bundesliga last season, where he was the top-scoring German in the league. Werner scored his first goals for the senior national team and made history in the process by becoming the first player for Germany to score twice in a Confederations Cup match.

In the other game of the evening, Chile reached the semifinals after coming from behind to draw 1-1 against Australia in front of 33,639 fans in Moscow. James Troisi had Robbie

Kruse partly to thank for the opener. The No10 stole possession from the Chileans around the halfway line before persevering with the ball. His cross-shot found its way to Troisi, who lofted the ball delightfully over Claudio

Bravo. Trent Sainsbury then had a huge chance to increase the lead to 2-0, a margin of victory that would have seen Ange Postecoglou’s side through, but the central defender blazed over after being teed

up by Tim Cahill. After the break, Australia remained in the ascendancy, but were punished for not converting their chances. Substitute Martin Rodriguez finished from close range to level matters.

L-R: Principal Partner of Falana & Falana, winners of the 2017 BOA Lawyers Football Tournament, Femi Falana (SAN); CEO Astroturf 2000 Prince Aderoju Ademoroti; Founding Partner & Chairman, Aluko & Oyebode, Mr. Gbenga Oyebode; and Mr. Tokunbo Aluko, at the recently concluded Bankole Olumide Aluko Lawyers’ Football Tournament in Lagos

ZENITH B’BALL LEAGUE

Referees, Assessors, Fitness Trainers Set for FIFA Elite Programme

Elephant Girls Target Title as Third Phase Ends Today

All is now set for this year’s FIFA Member Association (MA) Elite Programme for Nigerian referees, assessors and physical fitness trainers taking place in the Federal Capital Territory, Abuja between 3rd and 8th July 2017. Last year, more than 230 Nigerian referees, instructors and assessors were involved in the elite programme, which took place 16th – 20th May 2016, also in Abuja. Head of the NFF Referees Unit and Secretary of the NFF Referees Committee, Mallam Sani Zubair said at the weekend that all arrangements have been concluded for the international

The third Phase of the National Women Basketball League Sponsored by Zenith Bank ends today in Asaba. Abuja and Kaduna hosted the first and second phase respectively. First Bank’s Elephant Girls and last year’s runner up, Dolphins look certain to repeat the same feat this season as both sides have remained unbeaten as the third phase draws to an end. First Bank Basketball Coach, Peter Ahmedu, is confident that his will retain the title after beating FCT Queens 118 - 33 points yesterday. Ahmedu said the victory was due to the commitment put in by the old generation bank adding that their target is to make the team a household name in the continent. He explained that the league

has shown that so many talents are untapped and abound with the display put up by such new teams as Sunshine Angels and GT2000 in the League. He thanked the sponsor, Zenith Bank, for leaving up to its promise by keeping the women busy in face of the present economic recession adding that they would ensure they repay the bank by winning the continental ticket next year. “Zenith Bank has been wonderful for keeping the League aglow for 13 years, we are grateful to them for providing a source of employment for the women folk,” he said. The League continues in a fortnight in Ibadan with the final leg slated for Lagos with the best eight teams.

Nigeria, Egypt to Rekindle Rivalry in Morocco Africa’s best table tennis playing nations – Nigeria and Egypt are scheduled to renew their rivalry at the ITTF Africa Cup holding in Agadir, Morocco. Egypt as the defending champions will be relying on their stars – Omar Assar and Dina Meshref who are hoping to hold on to the title

they won at Yaounde 2015 in Cameroon. According to the President, ITTF Africa, Khaled ElSalhy, the favourites for this tournament are Nigeria and Egypt but countries like Congo Brazzaville, Algeria and Tunisia would not be pushovers when the championship serves off on July 1.

program that will this year, involve Nigeria’s 29 men and women FIFA referees, 15 elite National referees, all National referee assessors, all National physical fitness instructors and non-FIFA women referees. Zubair also disclosed that the team of three FIFA instructors would be led by the Regional Development Officer, Carlos Manuel Neves Henrique, and will include Felix Onias Tangawarima from Zimbabwe (referee instructor) and Tracy Sophia Lovell (physical instructor). The FIFA instructors will be supported by nine respected Nigerian instructors Calistus Chukwujekwu, Felicia Okonji,

Mohammed Adebayo Ameenu and Faith Irabor (technical), as well as Abraham Zakowi, Bola Abidoye, Emmanuel Edikin Imiere, Bola Sekiteri and Stella Eloji (physical). The programme will take place at the National Stadium Complex, Abuja with theoretical classes inside the Media Centre of the complex. Day 1: Physical Fitness Test; Laws of the Game; Google Test; Formation of Working Groups & Allocation of Clips Day 2: Practical Training Recovery; Power Point Presentation on Offside; Clips Discussion and Analysis; Tactical Fouls; Positioning and Movement/Reading

the Game Day 3: Practical Training Instant Feedback; Clip Discussion &Analysis on Handball; Analysis on Penalty Area Incidents; Presentation on Integrity; Video Test (incorporating all areas) Day 4: Practical Training Instant Feedback; Discussion on Tactical Fouls; Qualities of a Match Official; Presentation By Physical Instructor; Discussion on Clips from Referees Day 5: Video Test; Discussion Forum and Course Evaluation; Course Conclusion; Closing C e re m o n y / C e r t i f i c a t e Presentation

Ayade United Gets Club House, Camp from Cross River Sports Commission Bassey Inyang in Calabar The Cross River Sports Commission has provided a Club House, and Camp for Ben Ayade United FC of Calabar currently featuring in Division 2B of the Nigeria National League (NNL). Chairman of the Commission, Orok Duke announced the package to journalists at the U.J. Esuene Stadium, Calabar, where the team plays its home matches. Duke made the disclosure after the NNL debutant’s defeated visiting Obingwa FC of Abia State 5 - 0 in their second home match of the NFL season. According to Duke the facility will enable the Coach Paul Undelikwo-led technical crew to prosecute the team’s

campaign in the league. He said the coaching crew had been mandated to monitor the progress and welfare of the players some of who are in their teens. Duke expressed the hope that the facility would motivate the team to put in their best and gain of promotion to the next cadre of the NFL. He noted that the players had so far exhibited qualities which through coordinated encouragement would help to realise the objective of incorporating the club to boost football development in Cross River. “They are quite young and rookies in the game but you can see that they are gradually gaining confidence as the competition progresses.

“Some of them are within the age bracket of 16 to 18 years and are still in the Senior Secondary Schools or writing the NECO examination,” Duke said. “It is a deliberate approach to ‘catch them young’, in tandem with the best global practice, such that they mature and blend with the skills to emerge as a formidable club in future,” the sports commission chairman said. Duke said that by the time the lads stay together and play as a team in a conducive environment they would have been honed to confront opponents with unity of purpose. “Already, the Commission is very grateful to His Excellency Governor Ben Ayade for his support so

far in this deliberate effort of ours to create tomorrow stars today. “The governor had provided some of the basic requirements in the camp to facilitate this vision and dream”, he said. Duke also said that as soon as some basic furniture and utensils were in place the team will move into a permanent camp. “The accommodation is handy except for some minor finishing touches, the team will move in and will be playing the remaining matches from the abode,” Duke said. Ben Ayade United FC, incorporated early this year by the Sports Commission, had in its first match in the league mauled the SKE FC of Port Harcourt 3 – 0.

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MISSILE Sultan Abubakar to Coalition of Media, CSO, Security Agencies “We should stop looking down on others unless we want to lift them up. We should understand ourselves and respect one another. Let us sit down, discuss these issues so that together we can find out what really went wrong. Let us retrace our steps and see where did we start to get things wrong so that we can find the way of sorting things out” – Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar calling on Nigerians to imbibe the spirit of tolerance and eschew hate and divisive speeches capable of imploding the polity.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Hunger and Insurgency Have The Same Mailing Address

I

n his 1963 book titled ‘The Wretched Of The Earth’, Franz Fanon wrote on colonialism and how countries could free themselves not just from the clutches of colonial rule, but break their yoke of dysfunctional development or underdevelopment, eradicate poverty and disease and emancipate themselves from the umbilical cord of their oppressors. He was specifically addressing Algerians in their struggle for independence from the French Colonialists in the 60’s. He advised against the path to independence taken by some countries in Latin America that seemed to have encouraged a transition from foreign oppressors to local oppressors, leaving the entire structure that supported colonialism intact. The structure in turn reinforced poverty and hunger on the larger populace while keeping them dependent on foreign markets and capital which ensured the institutionalisation of a vicious cycle of poverty. He concludes that rather than the conventional negotiation approach to securing independence, Algeria and in fact other African countries should engage in revolutionary arms struggle, not only to uproot colonialism, but to totally eradicate all its vestiges. A new crop of leaders without any trace of the old order would therefore emerge to protect the interest of even the poorest of the poor. It is now several decades since the dismantling of colonial rule in Africa. It is true that majority of the independent countries have struggled with enthroning true national leadership that would work in the interest of the people. What is open to debate is whether Fanon’s recommendations would have been able to cure the issue of poverty and hunger that most African societies are dealing with in the recent times. Critics have also argued that Fanon’s theory was an open invitation to violence and could boil over to consume the countries, setting off civil wars and leading to military interventions in extreme cases. Nigeria has battled with poverty for as long as one can remember and the level of has reached the point where serious attention must be paid to it before the country is plunged into a fratricidal crises. Poverty refers to a situation where people are unable to access basic needs of food, shelter and clothing. Poverty can be absolute or relative. Absolute poverty has to do with severe deprivation of basic human needs and has the same definition everywhere. The World Bank defines it as a condition limited by malnutrition, diseases, illiteracy, squalid surroundings, high infant mortality, and low life expectancy, which is below any reasonable definition of human decency. It depends both on the income and on the access to services. Relative poverty, on the other hand, occurs when people in a country do not enjoy a certain minimum level of living standards as compared to the rest of the population and so would vary from country to country, and even within the same country. The World Bank has defined poverty line as that amount of money below which people are not expected to lead a decent life. The threshold has recently been reviewed from $1.25 to the current $1.90 per day. That figure translates to less than N600 per day in today’s exchange rate or N18, 000 monthly. The number of people living below this amount relative to the total population is said to live below poverty line and it is usually expressed in percentages. Countries are therefore ranked according to the percentage of

President Muhammadu Buhari their population living below poverty line. The higher up the ladder a country is, the worse off that country becomes. In the latest report published by Index Mundi, Nigeria, with 70% of its population living below poverty line, came 6th amongst the 162 countries ranked. Nigeria only did better than Chad, Haiti and Liberia with 80% each, Democratic Republic of Congo at 71% and Sierra Leone at 70.2%. Another measure which puts the situation in clearer perspective is the Human Development Index, HDI. The HDI ranks countries on the basis of life expectancy, education and income per capita. A country scores higher HDI when the life expectancy at birth is longer, the education period is longer and better, and the income per capita is higher. HDI is used to determine whether the country is a developed, a developing or an underdeveloped country. There are four categories that countries fall under as measured by the United Nations. These are Very High, High, Medium and Low HDI. In the latest report released March this year by the UNDP, Nigeria placed 152nd out of the 185 counties measured. The HDI measure works in the opposite direction with the poverty rate measure, as the lower a country is in the ranking, the worse off that country becomes. At number 152, we fell into the category of Low HDI countries. It should be noted that in Africa, 5 countries made it to the High HDI category. These are Mauritius, Seychelles, Algeria, Libya, and Tunisia. So, how come a country that prides itself as the biggest economy in Africa parades this level of poor people at the same time? One answer lies in the law of averages. Absolute numbers tend to mislead but when you apply the rule of relativity, you would discover that what otherwise looked very big may actually not be that big after all. That is why, even with a GDP size of over $510b in 2014 when we rebased our GDP and became the biggest economy in Africa, Nigeria still remained one of the poorest countries when looked at on a per capita income basis. Simply put, we have a lot more mouths to feed than other countries and therefore require a lot more resources than they do. But that is not where the story ends. It is instructive that the poverty rate was slightly over 27% in 1980 and just like in most things we have made progress albeit in the wrong direction to the present 70%. Helping the slide

is the number of our people that either do not have jobs or are doing jobs much below their capacity. Unemployment figures have grown with rising population from single digits of less than 5% about 10 years ago to close to the current 15%. From a statistical perspective, this is abnormal as unemployment rate should actually go down with a larger population. Inequality is another culprit. The gap between the haves and the have nots has become so much that Oxfam had to raise the alarm recently that 112 million Nigerians are living in abject poverty while the combined wealth of the five richest Nigerians, put at about $29.9 billion, could end extreme poverty in the country. According to Oxfam, “despite a rapidly growing economy, Nigeria is one of the few countries where the number of people living in poverty increased, from 69 million in 2004 to 112 million in 2010 – a rise of 69 percent. The number of millionaires increased by 44 percent during the same period.” If this is not a recipe for disaster, I wonder what else is. Poverty cannot be discussed without looking at corruption, a dysfunctional political system and bad governance. There may not be any agreement on how much has been stolen from Nigeria through the corrupt practices of its leadership in the last 57 years but everyone agrees that the funds would have been enough to eradicate poverty in the land. Besides, our political system is organized in such a way that government spends over 70% of our budget on recurrent expenditure including paying salaries and allowances of government functionaries and politicians, leaving a meagre 30% for infrastructural development and social services. This is very sad and is a major reason why ravaging poverty and hunger have been the lot of Nigerians. We also seem to have misplaced our priorities with the advent of oil. We became an oil-dependent economy and de-emphasized other sectors that used to provide jobs and means of livelihood for our people. Agriculture, particularly, has been the worst hit. Meanwhile, majority of our people live in the rural areas. We became a net importer of food and other goods and services in which we hitherto, were self-sufficient. With population explosion and dwindling oil prices, hunger became our companion. All these were not helped by a changing value system that denigrated hard work and encouraged laziness and get-rich-quick crusade. Education was relegated to the back seat as a lot of school leavers end up in the unemployment line. The quality of education itself became suspect owing to several factors. Criminality, brigandage, robbery and thuggery became very attractive to a lot of the young people and were wittingly or unwittingly encouraged by the warped political system imposed on the populace. Granted, there have been attempts at reducing poverty or better still alleviating poverty as successive governments call it, they have been largely cosmetic and ephemeral. One is not unaware of some rural development initiatives, skills acquisition programs, and other intervention programs. One makes bold to say, however, that these have remained at best palliatives rather than enduring solutions. Most of our people still face acute malnutrition challenges, poor healthcare delivery systems, non-existent educational opportunities, severe unemployment and general lack of basic amenities of life. All

these are in spite of the opulence exhibited by a few of us. In fact, Oxfam’s report that exposes the large and growing gap between the rich and the poor in Nigeria, insists that extreme inequality is exacerbating poverty, undermining the economy, and fermenting social unrest, and that Nigerian leaders must be more determined in tackling this terrible problem. The report highlighted the fact that poor people are unable to benefit from Nigeria’s wealth because of high levels of corruption and the excessive influence that big business and a wealthy elite have over government policy making. For example, public office holders stole an estimated $20 trillion from the treasury between 1960 and 2005, while multinational companies receive tax incentives worth an estimated $2.9 billion a year – three times more than Nigeria’s entire health budget. Meanwhile, small and medium-sized businesses and workers in the informal sector are faced with multiple taxes. Despite being Africa’s biggest economy, the share of the national budget allocated to education, health and social protection is one of the lowest in Africa. In 2016, Nigeria spent just 6.08 per cent of its national budget on education and 3.6 per cent on health. By comparison, Ghana spent 18.5 percent and 12.8 percent on education and health respectively in 2015. As a result, 57 million Nigerians lack access to safe water, over 130 million lack adequate sanitation and the country has more than ten million children out of school. The report insists “Nigeria is not a poor country yet millions are living in hunger. The government must work with the international community to get food and aid to hungry people now but it can’t stop there. It must free millions of Nigerians from poverty by building a new political and economic system that works for everyone and not just a fortunate few. “The government can make a start by tackling corruption, ensuring big business and wealthy individuals pay their fair share of tax, investing in vital public services, and protecting the rights of women”, the report concluded. In the face of all these, there have been a lot of strife and social tension in the country. Starting from Niger Delta militants through Boko Haram in the North, to the secessionist agitations in the South East. While social unrest is inevitable in most countries, it is our contention that Nigeria’s case has been worsened by high level of discontent in the land which is fueled by hunger and poverty. The large “reserve army of the unemployed” would remain willing tools in the hands of whoever wants to use them for any purpose. Literature has documented that out of self-interest, the ruling class provides for the vast majority of the masses to ensure against insurrection. Somehow, we seem to stand everything including logic on its head. Otherwise, someone should have realised that if nothing is done about the increasing level of hunger and deprivation in the land, it is a matter of time before arms struggle and probably, revolution set in. The sad reality is that students of history will confirm that sometimes, both the leaders of an insurrection and the followers may not realise that against the professed cause, the latent cause may just be social injustice, deprivation and hunger unleashed by the ruling class. It is therefore time for us to deal with causes rather than effects. Let me therefore join my struggling compatriots in squealing, Chairman, do something; your boys are hungry!

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