Wednesday 12th July 2017 by THISDAY Newspapers Ltd

Nigeria Can’t Borrow Anymore, Warns Adeosun Laments budget is too small to deliver essential services Acting president pledges economic turn around in 18 months DMO targets foreign loan debt service of $483m in 10 years Omololu Ogunmade in Abuja and Obinna Chima in Lagos The Minister of Finance, Mrs. Kemi Adeosun yesterday warned that the country must

not borrow more to fund its budget and should instead raise money internally to fund

the budget. This is just as Acting President Yemi Osinbajo also

solicited the co-operation of the private sector in the federal government’s quest for a better

country, assuring it that the government has the will to turn the country around within

Olusanya Promises to Return Etisalat to Proﬁtability… Page 48

18 months. The remark by the minister was a pointer that the country might shelve its planned $2 Continued on page 9

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Osinbajo Returns to Abuja After Meeting With Buhari Omololu Ogunmade in Abuja Acting President Yemi Osinbajo arrived Abuja at about 5 a.m. today, after meeting with President Muhammadu Buhari in London, the British capital yesterday evening. Osinbajo had departed for London yesterday afternoon to meet with the president, 65 days after the latter left the country to get treatment

for an undisclosed ailment. The acting president, whose trip was announced by his spokesman, Mr. Laolu Akande in a tweet last night, was scheduled to return to the country immediately after the meeting. “AgP Osinbajo meeting with President Buhari in London today, and returning to Abuja Continued on page 10

S’Court to Rule on PDP Leadership Dispute Today Tobi Soniyi The Supreme Court will today deliver judgment on the appeal by the Ahmed Makarfi-led Peoples Democratic Party (PDP) challenging the decision of the Court of Appeal which recognised Ali Modu Sheriff as the authentic chairman of

the party. The Makarfi group has already sent notice out to its loyalists encouraging them to come to court in solidarity with the party. Although, the two warring factions have high Continued on page 10

GTBANK GOES VISITING… N’Delta Leaders Meet, Call for Lagos State Governor, Mr. Akinwunmi Ambode, ﬂanked by the Managing Director/CEO, Guaranty Trust Bank (GTBank) Mr. Segun Agbaje (left), and Assistant General Manager, GTB, Mrs. Sherifat Dawodu, when the bank’s management Implementation of 2014 Confab Report... Page 9 Plc, visited the governor at the Lagos House, Ikeja… yesterday

T H I S D AY WEDNESDAY JULY 12, 2017

WEDNESDAY, ͹ͺ˜ ͺ͸͹Ϳ ˾ T H I S D AY

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N’Delta Leaders Meet, Call for Implementation of 2014 Confab Report Maintain region not part of Biafra Abdulsalami, Kukah caution political elite against divisive statements Iyobosa Uwugiaren in Abuja and Emmanuel Addeh in Yenagoa Leaders and elders of the Niger Delta under the PanNiger Delta Forum (PANDEF) have reiterated their demand for the implementation of the 2014 National Conference report and the relocation of the headquarters of oil multinationals to the region. The national leader of PANDEF, Chief Edwin Clark, who presided over a meeting of the group yesterday in Yenagoa, Bayelsa State, also called on the federal government to urgently revisit the 16-point agenda of the forum, as the patience of the youths of the region had started running out. The nonagenarian spoke at the third general assembly of PANDEF with the theme, “Appraisal of the 16-Point Agenda: State of the Nation and the Way Forward for Sustainable Peace and Development in the Niger Delta region.” The elder statesman, in the course of the meeting attended by several other Niger Delta leaders, including Governor Seriake Dickson and the King of Twon-Brass, Alfred Diette-Spiff, said the over 600 recommendations in the report would tackle the challenges facing the country. He also asked the federal government to raise a team to commence dialogue with PANDEF to ensure the sustainability of peace in the Niger Delta region, where he maintained that crude oil production had increased significantly. PANDEF also accused the federal government of failing to prevail on the oil companies to relocate to their operational

bases, as well as not being forthright in declaring its position on the setting up of modular refineries in the region. On the current Biafra agitation, the leaders reaffirmed their position that the six states of the South-south zone were not part of Biafra as claimed by some Biafran agitators. They equally condemned the quit notice issued by the Arewa youths to the Igbo people, describing the action as a flagrant violation of the Nigerian Constitution. In his comments, Dickson assured the elders and leaders that the South-south governors were committed to working with them to promote and protect the interests of the region. Dickson maintained that peace and stability were paramount in the development of the Niger Delta, stressing that the leaders in the region would work collectively to change the long perceived notion of insecurity in the region and promote its socio-economic and political viability. He reminded the federal government that the militarisation of the Niger Delta was not a solution to resolving the issues, noting that the only battle to be fought was lack of economic inclusion and environmental terrorism in the region. “There are parts of this country that are very happy to promote crises and spread propaganda about insecurity in our region as a deliberate strategy of weakening this region economically. “So I want to use this opportunity to charge all our people, political, opinion and community leaders, to continue to work for a stable and prosperous Niger Delta

because in the end, whether we are able to bring prosperity and development to our people depends on the presence of security and stability. “I want to also use this opportunity to make the point again that militarisation of any community within any state in our region is not a solution. “And in this Niger Delta, the battles to be fought are not the ones that tanks and soldiers should be deployed; the battles all of us should unite to confront and defeat in the Niger Delta, are the issues of environmental terrorism as I have always called it and the issue of gross neglect, under-development and lack of economic inclusion,” Dickson said. He also aligned with the position of PANDEF, pledging to support the forum to ensure that its secretariat in Yenagoa functions optimally. In a related development, former military Head of State, General Abdulsalami Abubakar and the convener of the National Peace Committee, Bishop Hassan Matthew Kukah, have strongly condemned the political elite who they said were promoting hate speeches and calling for the dissolution of the country. They also commended Acting President Yemi Osinbajo for taking proactive steps to stem the growing divisive rhetoric and separatist sentiments in the country. The National Peace Committee played a crucial role in the run up to the 2015 general election and used its influence to ensure that the key contestants in the polls and their supporters did not resort to violence during and after the elections. The two eminent personalities

who said this in a statement they jointly signed yesterday in Abuja, noted that the developments were of serious concern to the peace committee. They commended Osinbajo for engaging with leaders of influence across the North and South-east, in a bid to stop the rise of mutual hostility and tension that had been stoked by elements from some parts of the country. Abdulsalami and Kukah called for more voices of leadership from all communities in the country to reinforce the message of the acting president. “We’ve recently come to the end of the holy month of Ramadan, for millions of Nigerians, a time of spirituality, introspection and the request for God’s forgiveness,” they added. “Therefore, there could be no better time than now as a nation for us all to be thoughtful, deliberate and make ourselves worthy of divine mercy, especially in the atmosphere of a steep rise in divisive and hateful rhetoric in our country. “It is indeed, the appropriate time to underscore the imperatives of peaceful coexistence of all communities and all Nigerians,” they said. They observed that Nigerians cannot afford at this time or any other time to stoke the fires of hate and divisiveness in the body politic, especially when ordinary Nigerians are engaged in difficult struggles to secure their livelihood, amidst rising insecurity and increasing fear. They added that the nation had lost too many of its citizens to random and diverse acts of violence, while many more had been maimed for life or living in displacement. They further stated: “Tens

of thousands of children have been orphaned by conflict and millions of our fellow citizens now face threats of starvation in the face of rising food insecurity.” In many parts of the country, the committee noted that mass killings had gone unpunished and unresolved, inter-communal clashes had become chronic, adding that economic deprivation and growing social exclusion and feelings of alienation, particularly among the youths were being exploited by segments of the elite with potentially dangerous and painful consequences for all Nigerians. The statement acknowledged that the drums of rising division also reflects the perception by citizens that there is poor governance in Nigeria today, blaming politicians who had failed in delivering on the mandate of the electorate for better livelihoods and neighbourhoods for teaming up with advocates of division and hate. The group stated that in many parts of the country, young people who had been left without means of livelihood or hope in their future had become converts to radicalisation preached by those it described as demagogues who resorted to various guises including ethnicity and religion. According to Abubakar and Kukah, “At this time in Nigeria, more than ever before, we need government at all levels, which works for the people, with commitment and respect for the rule of law and for the security and well wellbeing of persons and communities in the country. “We also need credible institutions, an economy that guarantees a fair deal and

outcome for hardworking people, better physical infrastructure and an enabling environment in which citizens can thrive.” They further urged the state governments to be more committed to developing their people and relying less on Abuja to fund their consumption through monthly allocations. They encouraged Osinbajo and the federal government to remain steadfast in the steps they had taken to reassure all communities and citizens of an equal stake in the Nigerian project, insisting that Nigerians need an effective state they call their own. To reinforce the unity of the country, they appealed that on-going efforts to reach out to leaders from various parts of the country should be broadened into honest dialogue with all segments of the Nigerian population to ensure that ordinary citizens get the opportunity to convey their views to government at the highest levels and get carried along in the formulation and implementation of government policies. The committee further advised the government to hold consultations on the possibility of examining the reports of the Political Reforms Conference of 2005 and other National Conferences as a basis for further and continuing dialogue on the co-existence among communities in Nigeria. Pledging their support for the government to ensure effective enforcement of laws that prohibit divisive speeches, they called on politicians to deny support to or endorse groups that harbour or express disdain for peaceful coexistence among Nigerians.

GDP at 6 per cent, while the sub-Saharan Africa average is 17 per cent; Asia’s is 26 per cent. Most of the emerging markets and advanced countries are at 30-35 per cent. “It is interesting, if you look at the statistics, there is no poor country that has a high tax to GDP ratio and there is no rich country with a lower one. And so, if we want to move with the prosperous countries, we have to do what they do. “We will not achieve prosperity in Nigeria if we continue on the tax to GDP ratio that is in the peer group of Afghanistan. I’m sure none of us aspires for Nigeria to become like Afghanistan. “We are trying to benchmark ourselves against more developed countries and we must address these problems in a more fundamental sense,” she submitted. In his remarks at the business forum, Osinbajo solicited the cooperation of the private sector in the federal government’s quest for a better country, assuring it that the government has the will to turn the country around within 18 months. “Day after day, night after night, we are working on these things. Practically every night we work on these issues. I believe very strongly that Nigeria will turn around. “I have no doubt in my mind that if we are focused, even in the next 12 to 18 months, if we

are focused, we will certainly see a turn around. And I really would want you to join us in being able to ensure that this happens to the Nigerian economy,” he said. The acting president, who reiterated the necessity for active private sector involvement in the development of the nation, recalled that 40 per cent of Indian companies generate their own power and thus help the country to make progress in the face of its challenges. He insisted that the government has the requisite discipline and enabling environment to build a stable and dynamic economy, pointing out that the Economic Recovery and Growth Plan (EGRP) recently launched by President Muhammadu Buhari was an attestation to government’s commitment to build a vibrant and productive economy. “When Mr. President launched the Economic Recovery and Growth Plan (EGRP) sometime in April, one of the things that he emphasised was the fact that we have made up our minds as to where we are going. “And I think that we have the discipline to be able to do so, but this is a complex environment. It is a complex economy. And I have said this repeatedly, that in some sense, we are fortunate to have a leader like the president who at least we know is

straightforward and honest, and committed to ensuring that government expenditure is spent the way it should be spent, and that people don’t do what they like. “To that extent, I think we have the right environment, at least in terms of government discipline and all of that, to be able to deliver on the promises that we have made. “And all I will just want to say to the private sector is be sure that we have enough

NIGERIA CAN’T BORROW ANYMORE, WARNS ADEOSUN billion loans from the World Bank, Reuters reported. Africa’s largest economy is in its first recession in 25 years, and had planned to borrow extensively from overseas to fund a record budget aimed at helping the country spend its way out of its economic doldrums. But plans for lenders like the World Bank and African Development Bank (AfDB) to loan at least $2 billion to Nigeria have been stalled for over a year, as international organisations’ frustrations mounted at the country’s refusal to impose key fiscal reforms such as allowing its foreign exchange rate to float freely. Adeosun, who made the comments while speaking at the quarterly business forum held at the Banquet Hall of the Presidential Villa in Abuja, suggested that Nigeria will no longer seek such loans, or an additional $1.5 billion it had planned to raise from international debt markets. “We cannot borrow anymore, we just have to generate funds domestically to fund our budget. Mobilise revenue to fund the necessary budget increase,” she said. In May, the Director General of the Budget Office of the Federation, Mr. Ben Akabueze had said the country has a shortfall of $7.5 billion for its 2017 budget expenditure, adding that this would be

addressed with $3.5 billion from the aforementioned loans and debt. The government also planned to raise $4 billion from the local debt market, he said at the time. But Adeosun said the government’s medium-term plan was based strongly on increasing revenue mobilisation. She stressed that increasing the country’s revenue was not something that could be attained instantly. “For example, in some cases like tax collection we needed data, we needed to sign some treaties and we needed tax policy reforms. We have been working hard on these measures. “Our focus on revenue is total. Revenue generation is not as rapid as raising debt but it is permanent. Increased revenue will ensure sustainability, will prevent us from falling into a debt trap and will reduce our debt service to revenue ratio,” the minister added. Adeosun also expressed concern over the government’s inability to deliver essential services due to financial constraints, which she blamed on the nation’s small annual budget. Putting the nation’s annual budget as a percentage of gross domestic product (GDP) at six per cent, she said this was significantly low, adding that it was the lowest in sub-Saharan Africa.

According to her, the situation was so precarious that salary payments take the largest chunk of the annual budget, explaining that the development was largely caused by non-payment of taxes by the Nigerian public. She said the by-product of tax evasion was the incapacity of the federal government to deliver basic projects aimed at improving the living standards of the people, even as she emphasised the drive of the government to generate more revenue to alter the status quo. “Our budget is significantly lower relative to GDP. We are currently at six per cent. It is lower than all our peers. We are currently at six per cent and that is the lowest in sub-Saharan Africa and one of the lowest in the world. “Our budget size is too small and that means we can only pay salaries in some cases and we don’t have money to deliver essential services. “There simply isn’t enough money in government to do what government wants to do. I am sure you will say that is because people are stealing or because you are wasting money, but I am saying even if you plug all the stealing and all the waste, the budget size is not big enough and that is because we are not paying enough in terms of taxes, or we are not collecting enough in terms of taxes. “Statistics show our tax to

Continued on page 10

TOP GAINERS NEIMETH VITAFOAM OKOMUOIL GGBREW OANDO TOP LOSERS UNIONBANK PRESCO CADBURY

NGN NGN 0.06 0.70 0.14 2.71 2.83 59.48 0.04 0.85 0.35 8.40 NGN NGN 0.35 5.23 3.39 64.54 0.59 11.40 LEARNAFRICA 0.04 0.83 JAIZBANK 0.03 0.64 HPE Nestle Nig Plc ₦ 901.00 Volume: 182.070 million shares Value: N2.027 billion Deals: 4,991 As at yesterday 11/7/17 See details on Page 40

% 9.3 5.4 5.0 4.9 4.3 % 6.2 4.9 4.9 4.6 4.4

WEDNESDAY, ͹ͺ˜ ͺ͸͹Ϳ ˾ T H I S D AY

NEWS

Lagos Kingmaker Defends Oba Akiolu’s Ascendance to Throne Akinwale Akintunde The Olumegbon of Lagos, Chief Fatai Olumegbon yesterday defended the ascendance of the Oba of Lagos, Alhaji Rilwan Akiolu to the throne before an Ikeja High Court. Olumegbon, while being cross-examined by counsel to the claimants, Mr. Babatunde Fashanu (SAN), told the court that Oba Akiolu was chosen by Ifa, the gods of divination. Princes Adedoyin Adebiyi and Rasheed Modile, who are both of the Akinsemoyin ruling house of Lagos, had dragged Akiolu to court to challenge his installation as the Oba. Adebiyi and Modile were candidates chosen by their ruling house to contest the Obaship in 2003 after the demise of Oba Adeyinka Oyekan, Akiolu’s predecessor on the throne. However, they lost out to Akiolu whom they alleged had no rightful claim to the throne. Adebiyi and Modile are claiming that Akiolu was not

entitled to ascend the throne because he is not a member of a ruling royal family by virtue of not being a direct descendant of Oba Ado, the first Oba of Lagos. The Lagos State governor, state Attorney General, Prince Babatunde Akitoye and Chief Junaid Eko, head of the traditional white cap chiefs of Lagos, were joined as respondents in the suit. Other respondents include Prince Kola Balogun and Mr. Musibau Kelani, who are head and secretary of the Eshilokun royal family, respectively. At yesterday’s proceedings before Justice Adebowale Candide-Johnson, Olumegbon and another witness, Prince Adebayo Kelani told the court that there was nothing like a 90-day rule in the crowning the Oba of Lagos. Olumegbon, who is among the kingmakers, insisted that several Obas of Lagos were crowned without observing anything like the 90-day rule, while Kelani, a former Director of Education in Lagos State, said there were at least six of such occasions,

including that of an Oba that was crowned on the same day his predecessor died. According to Olumegbon, the late Oba Dosunmu was chosen on the same day his predecessor died. “Dosunmu was chosen on the same day his predecessor died, same for my grandfather. “We received the applications of those who were selected by their various ruling houses and to ensure transparency, we requested that the names be submitted through the Olori Omo Oba. “Moreover, all the envelopes containing the names of the applicants as received, were sent for Ifa divination and one by one, the names were screened, when it was Akiolu’s turn, they shouted eji ogbe; that this is the man that will rule well and bring desired changes. “Apart from that, Akiolu was the first candidate unanimously selected by all the six kingmakers. In fact, he scored 6-0,” the king maker told the court. Olumegbon said when one particular name was checked

S’COURT TO RULE ON PDP LEADERSHIP DISPUTE TODAY expectations of winning, they had both pledged to accept the judgment in good faith regardless in whose favour it goes. While many have expressed the hope that the judgment would finally resolve the leadership dispute between the two groups, others are not too sure in view of deepseated disagreement between the groups. Efforts by leaders of the party, including former President Goodluck Jonathan to resolve the dispute did not result in any positive outcome. As the main opposition party, PDP has not been able to discharge its responsibilities, even as the ruling All Progressives Congress (APC) continues to fail the nation. Makarfi, who is the Chairman of the National Caretaker Committee of PDP, is challenging the decision of the Port Harcourt Division of the Court of Appeal, which in a spilt decision held that Sheriff was the party chairman. Many party loyalists, especially those who had sympathy for Makarfi, rejected the Appeal Court’s decision. They now hope that the Supreme Court will rule in their favour . The Supreme Court had on May 23 reserved judgment in the appeal for a date to be communicated to the parties. The Chief Justice of Nigeria

(CJN), Justice Walter Onnoghen, who presided over the hearing of the appeal, refused to give a date to ensure that members of the panel were not put under pressure. In an oral argument in support of his written brief, counsel to Sheriff’s group in the PDP, Chief Akin Olujimi (SAN), had urged the Supreme Court to dismiss the appeal filed by the Makarfi-led group on the grounds that the appellant did not have the authority to initiate an appeal in the name of PDP, having lost so in the Port Harcourt judgment, which pronounced Sheriff as the authentic chairman of the party. According to him, by reason of the judgment delivered on February 17 by the Appeal Court, Makarfi’s side lost every right and privilege to act on behalf of the PDP. He stated that the National Legal Adviser as well as the National Secretary of the party had in their motion, applied for withdrawal of the appeal, noting that the party cannot initiate a legal action against itself. But the counsel to Makarfiled side of the PDP, Chief Wole Olanipekun (SAN), urged the court to dismiss the objection made by Sheriff’s group on the grounds that it was incompetent and lacked merit. His argued that in the Port Harcourt judgment, Makarfi’s group was the appellant in the

name of PDP, while Sheriff joined issues with the group in that capacity. He maintained that until the Supreme Court, being the highest court in the land, pronounces which of the factions is the authentic camp to lead the party, the Makarfi-led PDP has the right to initiate an appeal. Olanipekun also drew the court’s attention to Rule 29 of the court and consequently urged the court to invoke the rule on those representing Sheriff. Earlier in a ruling, the Supreme Court had dismissed the application filed by Sheriff challenging the competence of the appeal filed by Makarfi, claiming that the appeal was filed outside the stipulated period by law. The CJN, in dismissing the application, upheld the argument of the counsel to Makarfi that the appeal was filed within the time limit. Justice Onnoghen upheld Olanipekun’s argument that the said judgment, having been delivered on February 17, and the notice of appeal having been filed at the Supreme Court on April 24, met the appeal timeframe, making it competent. After listening to the arguments presented by both parties, the CJN announced that the judgment day would be communicated to them.

by the Ifa priests, it was rejected outright, explaining that the person drank a lot, was a womaniser and would not have handled the position well. When asked by counsel to the claimants, Fashanu as to why the kingmakers now take minutes to meet, as against the customary practice where they used to take much longer, Olumegbon explained that the older kingmakers were not literate that’s why they did not keep minutes. “What is happening today wouldn’t have been easy to defend if not for the records,” he added. He further told the court that he followed the process in the selection of Oba Akiolu and that due process was followed. “Any member of the kingmakers could crown the Oba and Oba Akiolu was crowned by a member of Eletu Odibo family.” He explained that every eligible prince must trace his lineage to the Ado through the two ruling houses – Olugunkutere and Akinsemoyin – excluding the Sokun family that was settled with a special title. Explaining why he was a

Oba Akiolu witness, since his family was not joined as a defendant in the suit, Prince Kelani said his family has to be a witness in the matter because it concerns

them. Justice Candide-Johnson adjourned the matter till November 8 for adoption of address by the counsel.

OSINBAJO RETURNS TO ABUJA AFTER MEETING WITH BUHARI immediately afterwards,” Akande tweeted. A Reuters report said that Osinbajo was seen entering Abuja House, the Nigerian High Commission, in the Campden Hill area of the Borough of Kensington and Chelsea in West London. He did not make any comment as he entered the building. Immediately after his meeting with Buhari, the acting president, presidency sources further disclosed, departed Abuja House for Stansted Airport, London, where his plane was scheduled to depart London at 11.30 p.m. yesterday. The presidency sources informed THISDAY that other top-ranking officials who were in London at the time of Osinbajo’s flying visit included the Director General of the Department of State Services (DSS), Lawal Daura, who was attending a course in the British capital, and the Minister of State for Aviation, Senator Hadi Sirika. It is unlikely any of them was present during the meeting between the president and his deputy. Information about Osinbajo’s trip to London had circulated all day at the Presidential Villa yesterday, but State House

correspondents were hesitant to report it because there was no official confirmation of the trip. Attempts to confirm it hit a brick wall, as his aides kept denying the trip, saying it was untrue. However, pointers that the information was true were evident in the desolation evident in the acting president’s wing, which had been bustling with activities yesterday morning. Before his departure, the acting president had presided over the quarterly business forum, which had members of the cabinet and the organised private sector in attendance. It is believed that Osinbajo’s trip was not by his own design and might have been at the instance of the president to discuss the myriad of challenges confronting the acting president in the course of discharging the functions of his office. Most notable of the challenges that have confronted Osinbajo in Buhari’s absence were the threats by some Northern youths to evict residents of Igbo extraction from the North by October 1 and the continuing agitation by Biafra

agitators for the break up of Nigeria. Also, the threat by the Senate to stop further confirmation of presidential nominees, following the failure by the executive to remove the acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, who had been rejected twice by the Red Chamber, has widened the rift between both arms of government. Since Buhari’s departure more than two months ago, nothing has been heard of the president. Yesterday was the first time Osinbajo officially met with Buhari since he travelled to the UK for medical treatment for the second time this year. His wife, Aisha, who is with him in London, on Monday had alluded to his recovery and possible return when she said in a Facebook post: “God has answered the prayers of the weaker animals. The hyenas and the jackals will soon be sent out of the kingdom.” A presidency source also confirmed yesterday that the president was recovering from his illness, but could not give a date on his return to the country.

describing it as a mere disagreement between himself and the lawmakers over project priorities in the 2017 budget. “There is no problem between me as an individual and the National Assembly. And let me make that very clear, many of the senators and honourable members are my personal friends, and so you don’t fight your friends. “But we have a disagreement. And the context of that disagreement is as follows: You will remember when President Muhammadu Buhari launched the Economic Recovery and Growth Plan, he had enormous

support from the leadership of the National Assembly. “So it means that we all agreed that there is a problem. Then there is also a disagreement which I don’t think should make us disagreeable about the best way to implement that plan and I think that is all there is to it,” he said.

period and make repayments starting from next year as its dollar debts begin to mature. The DMO, in its annual report, projected debt service payments to amount to a total of $4.47 billion to be made in 2018, 2021 and 2023. Nigeria issued a debut Eurobond in 2011 with a follow up tranche in 2013. Between February and March the country also issued $1.5 billion due in 2032. The DMO report said Nigeria’s debut $500 million bond will mature in 2021, while a $1 billion issue will be due next year.

NIGERIA CAN’T BORROW ANYMORE, WARNS ADEOSUN willing and able partners. There is no way we can ever be perfect. “Government is a behemoth, where there are so many problems and issues. But do not doubt for one moment our commitment to ensure that we are able to deliver on the promises that we have made,” Osinbajo stressed. The Minister of Power, Works and Housing, Mr. Babatunde Fashola, while answering questions from journalists at the end of the meeting, said the federal government’s roadmap on electricity supply was predicated on “incremental

power” as well as stable and uninterrupted power supply. “But we are focusing on incremental power. Just yesterday, as one of our incremental power initiatives, we commissioned the Kukoba power substation to increase electricity supply to Abuja by another 120 megawatts (MW) carrying capacity. “So, it involves not only transmission but also involves generation work, distribution work, enabling the distribution companies (DISCOs) to perform better; for the generation companies (GENCOs) to perform better and carrying

out our own responsibility which is transmission. “It is an ongoing undertaking, and as I said, you must measure what we have done from where we started. “On May 29, 2015, the power from the grid was 2,690MW and we have kept it now relatively stable at about 4,000Mw. With that, it’s going to be the minimum except for occasions when we have mechanical and electrical outages and we fix them,” he explained. On his face-off with the National Assembly, Fashola said it was wrong to view the development as a feud,

$483m for Debt Service Meanwhile, the Debt Management Office (DMO) has said it plans to use $483.4 million to service the nation’s foreign debt over a 10-year

T H I S D AY WEDNESDAY JULY 12, 2017

COMMENT

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

CHARLIE GARD MUST NOT DIE

Sonnie Ekwowusi argues that every medical alternative must be exploited to keep the child alive

he concurring decisions of a London hospital, the British Courts, the British government that Charlie Gard should be allowed to die against the wishes of his parents and more than 350,000 sympathisers across the world are antithetical to the norms of human civilisation. Specifically, the ‘death sentence’ passed against Charlie is in violation of his inalienable right to life, and, specifically, contrary to articles 16 (a) & (b), 22, 24, 25, 26 of the Universal Declaration of Human Rights 1948, which is the first universally acceptable international documents binding on all nations. The decision that Charlie should die even when his parents and hordes of sympathisers are still hopeful that he might recover if given a second medical chance attests to the war constantly waged against defenseless babies and children in the world. Mankind owes the child the best it has to give. Children the treasures and the building block of human civilisation. But unfortunately children are the victims of mankind’s wickedness and atrocities. Charlie Gard, in case you don’t him, is an 11-month old baby boy. He was born perfectly healthy on August 4, 2016. But tragedy struck about eight months after his birth: he was diagnosed of an uncommon mitochondrial disease, a terminal disorder which interferes with his cells sending energy to his muscles, the kidney and the brain. At the moment Charlie can neither see anything nor hear anything. For the past weeks, the media is inundated with Charlie’s pathetic story and Charlie’s photographs. For one thing, Charlie’s miserable health condition elicits a deep reflection on the meaning of human existence. Why should innocent baby Charlie Gard be born with the aforesaid miserable health condition? Right now Charlie is on life support system. His parents, Constance Yates and Chris Gard, have found a doctor in the United States who has been treating children with similar types of Mitochondrial Depletion Syndrome using something called Nucleoside Bypass Therapy that was capable of repairing Charlie’s mtDNA. Therefore, Charlie’s parents have successfully raised plenty of money from uncountable sympathisers to take Charlie to the doctor in the United States for the treatment. President Trump has agreed to foot the bill of the baby’s treatment if he is brought to America. Pope Francis has also extended a welcoming hand to Charlie. The Pope has offered Charlie a free treatment at the Vatican hospital. Besides, an American hospital has also offered to care for Charlie free of charge. But sadly enough, Great Ormond Street hospital, London where Charlie is being treated has refused to allow Charlie’s parents to take him to the United States for improved medical treatment. The hospital has ignored President Trump’s offer to assist Charlie. It has equally ignored Pope Francis’ offer of free medical treatment to Charlie at the Vatican. The hospital has also refused to allow Charlie to go home and be in the company of his parents and looked after by his parents. Instead of allowing Charlie to go home or be taken somewhere else for further medical treatment, the hospital had on April 11, 2017 gone to court and obtained a court order to turn off Charlie’s life support system in order to allow Charlie to die. The hospital argues that the mitochondrial disease afflicting Charlie is irreversible and is bringing excruciating suffering to Charlie. Therefore, according to the reasoning of the hospital, it is preferable for Charlie to die than exposing him to suffering. But Charlie’s parents weep for their baby. “Life is the most precious jewel. He’s our son; he’s our flesh and blood. We feel that it should be

WHAT WILL GREAT ORMOND STREET HOSPITAL, THE BRITISH COURTS OR THE BRITISH GOVERNMENT LOSE BY ALLOWING CHARLIE TO GO FOR A MEDICAL TREATMENT IN THE UNITED STATES OR ELSEWHERE?

our right as parents to decide to give him a chance at life. There is nothing to lose. He deserves a chance”, they cry aloud as they show everybody the petitions signed by about 350,000 sympathisers supporting their quest that their son must live. Besides, Charlie’s parents had filed a suit at the High Court, United Kingdom to stop Charlie’s medical execution. But unfortunately, the High Court ruled that Charlie must die. Consequently, Charlie’s parents appealed to the judgment. Unfortunately, the Court of Appeal also ruled that Charlie must die. Then they appealed to the Supreme Court, United Kingdom. But in their strange logic, the Supreme Court also ruled that Charlie must die. Undeterred in their relentless efforts to save the life of their baby, Charlie’s parents approached the European Court of Human Rights to give them justice. But shockingly the European Court of Human Rights declined to intervene in the matter thus indirectly agreeing that Charlie must die. But recently, a team of medical doctors from the United States, the Children’s Hospital in Rome and some medical researchers have intervened in the matter. They have managed to persuade those insisting that Charlie must die that there is a possibility of saving Charlie’s life if he is given a further experimental drug in the United States. Consequently, Great Ormond Street hospital London has agreed to apply to the High Court to seek a fresh hearing of Charlie Gard’s case in order to finally decide whether it is in the baby’s interests to be given an experimental drug or not. As I said earlier, the concurring decisions of the Great Ormond Street hospital London, the British Courts, the British government that Charlie should be allowed to die are in complete violation of Charlie’s right to life as well as his parents rights as enshrined in articles 16 (a) & (b), 22, 24, 25, 26 of the Universal Declaration of Human Rights 1948. If Charlie’s parents and many sympathisers are hopeful that Charlie stands a good chance of staying alive if given another medical treatment elsewhere, why are the London hospital and the British Courts opposed to a second medical treatment? Whose interest should take priority in Charlie case, interest of his parents or interest of a bunch of parasites at the Great Ormond Street hospital and the British Courts? Who should be entrusted to take final decision about Charlie’s well being, Charlie’s family or the government? The British government should understand that Charlie is not a “property” or “slave” of the government. Neither the Great Ormond Street hospital nor the British Courts nor the British government brought Charlie into this world. Therefore they have no right to take away his life. Charlie is created by God. His parents give birth to him. Granted, he is mortally-ill and writhing in great pain, but it is yet to be established that his terminal illness has defied all medical solutions. Until that is established, no murderer in the United Kingdom or elsewhere should be allowed to murder him. Charlie’s parents and many sympathisers are hopeful that Charlie has a chance of recovery if given another medical treatment in the United States. What will Great Ormond Street hospital, the British Courts or the British government lose by allowing Charlie to go for a medical treatment in the United States or elsewhere? Nothing. Therefore Charlie’s parents should be allowed to take their son to any hospital of their choice for alternative medical treatment. Life is live and let live. The mortally-sick among us are also human beings. Instead of allowing them to die, efforts should be made to give them the best medical treatment.

WHY ANAMBRA NEEDS AIRPORT CITY It will create jobs and boost the economy of the state, argues Okechukwu Anarado

t goes beyond rational doubts that one of the biggest stories of Governor Willie Obiano’s administration in the past three years is the Anambra Airport City project at Umueri in Anambra East Local Government Area. Besides the 1,500 hectares of land on which the Airport City is designed to sit, the $2bn project is being domiciled in the state at no other cost to either Ndi-Anambra or the state government. A consortium of Chinese and Nigerian firms bear the cost of constructing and managing the facility which, on completion, will comprise an international airport with two runways, shopping malls, industrial and business parks, a five-star hotel and a well-appointed Chinese neighbourhood. Apart from its function as an international airport capable of landing any size of airplane, Umueri would provide refuelling facilities for international aircraft on transit. The aviation fuel will be sourced from Orient Refinery, an indigenous firm in the locality. Umueri Airport City project runs a BOMT plan where the financiers will build, operate, manage and transfer the project to the state in the course of time. The airport will provide over 1,200 direct jobs and well over 3,600 indirect jobs. Again, the Umueri community, on whose land the project is directly domiciled, will in perpetuity receive 3% of the net profit annually as the project manager’s response to corporate social responsibility international best practices. Residents of Anambra heartily celebrated the flag off of the project on April 11, 2017 at Ivite, Umueri. Noted across the globe as entrepreneur-

ial, adventurous and resilient above their peers in any part of sub Saharan Africa, Ndi-Anambra are most enthusiastic and anxious about the fruition of this impressive initiative. They interpret the scheme as the boldest measure ever taken by any government in South East Nigeria to place the business world, with its expansive opportunities, at their reach. For this, the people are very eager to see the Airport City objectified within the projected 36 months schedule. When therefore some muffled voices that first found vent in the free windows of the social media started pigeonholing the efficacy of the airport project in enhancing the state’s economy and the citizens’, one wondered what economic rationales or political persuasions underpinned such argument. Until Chief Osita Chidoka recently declared the airport project a white elephant scheme, the puzzlement about the probable source of the earlier syndicated outbursts subsisted. His claim lends a proper angle to the muffled narrative. Probably driven by the fancy of a fleeting moment of service as Aviation Minister, Chidoka thought of scoring a bull’s eye by picking holes in Gov. Obiano’s airport scheme; the conclusions would then be that the oracle of aviation has spoken, so Obiano’s airport and the people’s enthusiasm would be consigned to linger, if not languish, perpetually in limbo. But Chidoka might just have chosen to cut the nose simply to satisfy a malicious urge to spite the face. His languid stint with aviation and his fledgling political sentiments to govern Anambra State come March 17,

2018 cast questions on the efficacy of this critique of his. The statement may have attracted odium to the chief as it has compelled a reminiscence of the ex-minister’s presence in the ousted administration, during which he hardly attracted any marginal value to aviation either in the South East or elsewhere. Now that Chidoka can stake anything within his reach to covet Chief Obiano’s seat, he has chosen to lead a childlike advocacy against a project he should have ordinarily leveraged on to gain mileage in his electoral stake. He simply went the way of the opposition in the state who still finds it odd to acknowledge any good in Obiano’s reign. Not even Anambra’s most sought after security/safety brand, the workers’ welfare priority schedule, the various aspects of grassroots economic mobilisation and empowerments; not the growth in education, the infrastructural uplift (all achieved under excruciating national economic recession) merit any kind word from the opposition. It would have been strange if the palpable joys Ndi-Anambra express in the Aero City missed the attention of those wishing Obiano’s administration poor performance as an excuse for their exegesis on alternative government. But Obiano would not falter in his strategic approach to governance. His economic enablers, with security of life and property on the lead, have continued to increase and improve private sector-driven economic activities in Anambra State so much so that the squeeze of the national economic woe is ameliorated in the state. The

security in Anambra has made government’s economic and other policies flourish. It is the same stability in the polity that attracted huge private investments of over $3bn in the agricultural sector that has brought the consortium of Elite International Investment Limited, Sinoking Enterprises Investment Limited and Orient Petroleum Resources Limited to do the Umueri Airport City Project. And just as Coshed Farms, Anaku; JOSAN Farms, Ufuma; DelFarms, and Lynden Poultry Farm, both at Igbariam, operate at no incidental costs to either the government or people of the state, the Umueri project is by no means any kind of mortgage as Chidoka and his co-travellers would want to make the world believe. The terms of engagement of these firms with the state government encumber neither the present nor the future of their host communities or the rest of Ndi-Anambra’s. By the way, should a shallow utterance on Umueri Airport City by someone whose desperation to drive Anambra State affairs has ensnared and made vulnerable even in his earlier postulation that ‘People leaving PDP … are political jobbers with no character … with no principles … who have never won any free and fair election in Anambra’, constitute any perturbation to the lofty political values of the Anambra electorate? Osita Chidoka, a United Progressive Party’s proselyte today, will soon denigrate the party faster than he just did PDP where his cake was baked beyond doubts. Okechukwu Anarado wrote from AdaziNnukwu

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EDITORIAL THE AWAITING TRIAL INMATES There is an urgent need to decongest the prisons

n what has become another season of lamentations by top government functionaries, the Minister of Interior, Lt. General Abdulrahman Dambazau (rtd), conďŹ rmed recently that more than 70 per cent of Nigerian prison inmates were on the awaiting trial list. While it is not unlikely that many of those unfortunate Nigerians may have spent the equivalent years or even longer than the period for which they would have been jailed if their cases had been promptly disposed of, the main concern is that there is no sign that anything would change or that efforts are being made to address this problem. As we have argued on this page repeatedly, having these individuals languish in prison without any attempt at hearing their cases is a clear violation of their fundamental rights. Beyond that, what the huge gulf between the number of convicted persons and those awaiting trial clearly revealed is that the machinery of justice dispensation has ground to a halt in Nigeria. While we do not advocate a wholesale release of these detainees, it does not make any sense keeping people behind bars THE FEDERAL for years in excess GOVERNMENT MUST of the length of the WORK WITH THE STATES prison term they ON HOW TO DECONGEST would have served THE PRISONS, ESPECIALLY had they been tried OF THOSE WHO and convicted. ORDINARILY SHOULD NOT Therefore, we believe the minister just BE THERE re-echoed the sad narrative of the state of the Nigerian prisons across the nation. The United States â€œCountry Reports on Human Rights Practicesâ€™â€™ had pointed to the fact that the condition of the Nigerian prisons was probably the worst in the world. There are stories that in many of the stinking, tiny prisons across the country, some inmates have spent between 10 and 20 years in detention without trial. Prisoners and detainees, many of whom had never been tried in court, have been subjected to extrajudicial execution, torture, gross overcrowding,

Letters to the Editor

food and water shortages, inadequate medical treatment, deliberate and incidental exposure to heat, and infrastructure deďŹ ciencies that led to laughable sanitary conditions that could result in death. The security breaches in many prisons were strong evidence of a failed prison system for which the appropriate government authorities must take full responsibility. For example, there is no reason whatsoever why Kuje prisons located in the Federal Capital Territory, with a capacity for 560 beds, should have a population of almost 2,000 inmates. With congestion comes overstraining of infrastructure followed by repulsive stench and outbreak of diseases in the prison environment.

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here is therefore the need for some intervention measures which should include access to justice programme for the inmates; better endowment for prisoner education; vocational training and rehabilitation programmes. There is also an urgent need by the authorities to conduct prison inspections on a regular basis while there must always be a swift response to complaints. Above all, the federal government must work with the states on how to decongest the prisons, especially of those who ordinarily should not be there. We must also note that many of the prisons were built during the colonial era and since then no efforts have been made to renovate many of them or build new ones. Consequently, the worn-out facilities and infrastructure are unable to cater for the increasing population of prisoners. The result is outbreak of diseases in the prison environment. It is therefore no surprise that whereas the prison systems in most countries are meant to reform the prisoners, the Nigerian prison system hardens them. Therefore, efforts at decongesting our prisons or ameliorating the plight of awaiting trail inmates would come to naught without adequate judicial reform aimed at a complete overhauling of the countryâ€™s criminal justice system. That is the only way we can ensure that our prisons are not populated by innocent people while the real criminals roam the streets.

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TRUE REASON DONALD TRUMP WON THE PRESIDEN-

or the first time in my adult life and for an unabashed Ameriphile like me I am truly amazed at what is coming out of the mainstream media in the US. I have always been a faithful admirer of mainstreamers like CNN, Time, Newsweek, MSNBS, The New York Times, The Washington Post, etc., but I do not like the panicky hue that these media outlets have assumed in trying to downplay the real reason Donald Trump won the US presidency. These mainstreamers would want to have us believe that Russia tweaked with Americaâ€™s voting publicâ€™s perception of Hilary Clinton but, in reality, this was far from it. Is not the US perceived as the most culturally sensitive country on earth? How, then, could â€œkleptocraticâ€? Russia be so refined as to influence Americans voting pattern? Moreover, the US is the epicentre of digital information processing and access and it is inconceivable that Russia would beam so much disinformation that would send Americans into gullible mode. I have wondered myself why WASP (White AngloSaxon Protestants) America came out in full support of Mr. Trump and the reason is not far to see: I would say just two names, â€œPortland, Oregonâ€? and â€œSalt Lake City, Utah.â€? Mr. Trumpâ€™s pitch to the voting populations of these towns, in addition to St. Cloud in Minnesota and Memphis in Tennessee and such like cities and towns where President Barack Obama did his utmost to consciously alter the population demographics swayed the ballot for Mr. Trump. All these years before Obama came to power everyone always associated Portland in Oregon as a region of predominantly white-Church of Christ adherents and Salt Lake City in Utah to predominantly white-Mormon devotees. But all these changed with Obama sanctioning massive in-flow of Muslim

populations from Somalia, the Middle East and elsewhere into these regions without first consulting with the city mayors as to the appropriateness of those refugee-resettlement policies. Thus, Trump heavily bombed Obama on the campaign trail by promising he would consult mayors of towns and cities before foreign refugees are settled in their domains. This promise reverberated especially well across Pennsylvania, Wisconsin, and other â€œswingâ€? states already fearful of a foreign Islamic invasion. Rightly, on the cusp of his much-touted â€œMuslim banâ€? the â€œswingâ€? states pendulum swung in favour of Donald Trump but the US mainstream media is suppressing this fact so as not to create panic in the Muslim world and lose a chunk of their subscription base, advertisement, and investment. They do this by over-rating Vladimir Putin. Citizens of Portland and Salt Lake City have even gone into backlash mode against Obama refugee-resettlement policies: at Portland two men have been stabbed to death for defending hijab-wearing Muslim girls who were being verbally-assaulted by a resident of that town and law enforcement operatives have been documented to fatally shoot Muslim Somali residents of Salt Lake City. The question on the lips of alt-right activists in the US today is why Saudi Arabia is not practicing the kind of multiculturalism that the Muslim World expects the Western World to practice. What history has taught us is that no one should try to outsmart the Americans and Saudi Arabia has just learnt the hard way by agreeing to invest scarce billions of dollars in the US infrastructure industry so as to temper Mr. Trumpâ€™s â€œMuslim banâ€? but WASP America is not sold on this trick one bit. Sunday Adole Jonah, Department of Physics, Federal University of Technology, Minna

RECESSION: GET THE SHACKLES OFF

ur government should do something concerning the present condition of the economy and the excruciating suffering that Nigerians are subjected to. It is unbearable; the effect of this recession upon us is a calamity. It is a very critical moment for Nigerians now; everybody was living under intense hardship before; now that the prices of commodities and other materials have skyrocketed beyond human imagination, how do they expect us to survive? If things continue like this, how do they expect the masses to survive? I want to ask this question: Where are we heading to in this country? What are the plans of our leaders for us? It is high time the government came out with immediate solution to our ailing economy. They should steer the ship of the country away from recession. Nigerians have suffrered enough of this excruciating living condition. Everybody is complaining.There is no money yet the cost of living is going up. The poor are mostly affected as they are can hardly afford one good meal a day. As it stands now, nobody knows what tomorrow holds for us.The government has to find a way around the problem. Our leaders should be committed, hardworking, disciplined, and transparent in their duties to this great country. Elizabeth Ugbah, Lagos

T H I S D AY WEDNESDAY JULY 12, 2017

T H I S D AY ˾ WEDNESDAY, JULY 12, 2017

MIDWEEKPOLITICS

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

THE NEWSMAKER

In Edo, Ize-Iyamu Remains the Issue Despite losing the Edo state governorship election, the Peoples Democratic Party’s candidate, Ize-Iyamu, is still the subject of discourse in the state’s politics, writes Iyobosa Uwugiaren

he Edo State’ s Peoples Democratic Party (PDP) gubernatorial candidate in the last year election, Pastor Osagie Ize Iyamu (POI), still remains the main subject in the burning narrative of the state politics, in spite of what his supporters described as ‘temporary political setback’ he suffered at the Supreme Court on Monday, to be governor of Edo State. His legal battle to get the tribunal and the Supreme Court to declare him winner of the September 28, 2016 governorship election was finally brought to a close on Monday, as the apex court affirmed the election of Mr. Godwin Obaseki as the duly elected governor of Edo State. From all indication, Ize-Iyamu has moved on. ‘’I accept in good faith this decision of the highest court of our country, which affirms Mr. Godwin Obaseki as the governor of Edo State, which began on September 28, 2016’’, he said in a press statement he personally signed. He thanked his supporters and PDP members for their immense support during his struggle - right from the time of the election till the final judgement, and congratulated the governor, assuring him of his goodwill. But, in spite of the holdup, political observers in the state believe Ize-Iyamu still remains a key subject in the Edo State’s political discourse. At every public function he attends, including at the Supreme Court on Monday, he is regularly greeted with ‘’the governor-to-be’’---an indication that many of his supporters still believe he will be governor one day. His house in Ugbo, GRA, Benin City, still plays host to hundreds of his followers, political associates and admirers day after day and his phones have not stopped rigging. The swelling acceptance of the former Secretary to Edo State government was recently re-gauged when thousands of people visited his house to celebrate his 55th birthday with him against his wish as he has earlier indicated his desire to celebrate his 55th birthday with persons living with disabilities in Edo State. Nonetheless, he along with his wife still made sure they provided free general medical and dental care for the needy for days to mark his birthday. ‘’It was a moment we can’t afford to forget. The joy and relief our care brought to them (the physically challenged persons), was a great comfort for us’’, Ize Iyamu joyfully stated recently. ‘’Sometimes, it’s easy to throw parties on our birthday and forget to share our moments of joy with the most vulnerable in the society, those who are constantly in need of material things and good health care.’’ Popularly seen as a humanist - a man who is concerned with the needs, well-being, and interests of people, especially the poor by his followers, Ize-Iyamu believes that while parties are also good to celebrate oneself, it comes and goes; but the care people provide for wonderful and special people is unending. He was thankful to those who stood by him and his wife to make his birthday a memorable one. Interestingly, he shares birthday with his lovely and beautiful wife, Dr. Idia Ize-Iyamu, an Associate Professor at the University of Benin and Consultant Orthodontist with the University of Benin Teaching Hospital. The PDP candidate had appealed to the apex court on 21-ground demanding that he be declared winner of the September 28 2016 gubernatorial election. Some constitutional lawyers who recently reacted to the judgement of the Court of Appeal averred that the court erred in law and common sense in holding that over voting did not exist where the number of actual voters exceeded the number of the number accredited voters. Professor of Constitutional Law and Legal

Ize-Iyamu... accepted S’Court’s judgment in good faith

Adviser to the PDP in Edo State, Prof. Efosa Omoregie, had criticised the verdict saying, that the tribunal did not even evaluate the charts the petitioner presented to show that if the illegal votes secured by over-voting were removed, the petitioner would be declared the winner. But rather, the tribunal and the Court of Appeal took the pre-determined path of inventing a strange meaning of over-voting despite superior court judgements to the contrary. But the Supreme Court verdict has finally brought the matter to a close. Ize-Iyamu is an Redeemed Christian Church of God pastor, political figure, former chief of staff and secretary to the Edo state government. He was formerly a member of the All Progressives Congress (APC); the National vice-chairman, South-South Zone of the defunct Action Congress of Nigeria (ACN). He served as Director General of former Governor Adams Oshiomhole’s 2nd term Campaign Organisation, and also the Coordinator of Goodluck/Sambo Campaign Organisation. Ize Iyamu has been

His legal battle to get the tribunal and the Supreme Court to declare him winner of the September 28, 2016 governorship election was ﬁnally brought to a close on Monday, as the apex court afﬁrmed the election of Mr. Godwin Obaseki as the duly elected governor of Edo State

honoured by the Benson Idahosa University with an honorary doctorate degree in Public Administration. Born in Benin City on June 21, 1962, Osagie Ize Iyamu was son of Chief Robert Osayande Ize-Iyamu and Mrs. Magdalene Naghado Ize- Iyamu (née Obasohan), both of blessed memory. His father was a revered high chief of the Oba of Benin, ranking second in command until his demise as the Esogban of Benin. His mother was a trained teacher who later distinguished herself as a very successful trader. A progeny of a well-known family profoundly rooted in graciousness and with an outstanding record of service to the community and society, His forefather, Chief Odia was the Iyase’N’ohenmwen (Prime Minister) of Benin in the reign of Oba Osemwende (1816 – 1848 A.D). Osagie Ize-Iyamu’s maternal heritage is also of notable repute. His mother’s father was the well-known Obasohan of Akpakpava. The Osagie Ize-Iyamu family came from the present day Iguododo in Orhionmwon Local Government Area of Edo State. The mother of Chief Izevbizua Iyamu, the Obahiagbon of Benin, Osagie’s grandfather was from Usen in Ovia South-West Local Government Area. Remarkably too, Osagie’s father’s mother, Igbinoghene IzeIyamu (née Ogiemwanre Obazuwaye) hailed from Ughoton, in Ovia North-East Local Government Area while her mother came from Ute in Ikpoba Okha. The Obasohan N’Akpakpava Family which is Osagie’s maternal family came from Erua of Igieduma Ward, Uhunmwonde Local Government Area. Late Pa Obasohan, Osagie Ize-Iyamu’s maternal grandfather and the mother of His late Majesty, Oba Erediauwa, were first cousins. His mother’s maternal family is of the Oyeru Family of Oredo Local Government Area. A most noteworthy aspect of the history of the Ize-Iyamu family is that it holds the record of building and owning the first storey building “Egedege N’Okaro” in the whole of the Mid-

Western Region, Nigeria which is the present day Edo and Delta States. It was built in 1906 by Osagie’s great grandfather Late Chief Iyamu, the Inneh of Benin Kingdom. It is in this revered historical house that Osagie Ize-Iyamu grew up under the shadows of inspiration. He attended St. Joseph Primary School and Ebenezer Nursery and Primary School in Benin City. He had his Secondary education at Edo College the premier secondary school in Edo State and passed out with Grade I---in his West African Examination Council (WAEC) examinations. He attended the University of Benin where he graduated with an LLB (Hons) and proceeded to the Nigerian Law School, Lagos where he bagged the Bachelor of Law (BL). Osagie Ize-Iyamu is happily married to Pastor (Dr) Idia Ize-Iyamu, a Consultant Orthodontist with the University of Benin Teaching Hospital and a Senior Lecturer in the University of Benin. They are blessed with four children. Paying tribute to Pastor Osagie Ize-Iyamu recently, one of his closest aides, Mr. Efe Igbinovia, said his benefactor is one person that is mostly misunderstood by those who aren’t close enough to know him well. ‘’For those of us who have the privilege of God of being very close to him, we see a man who understands that service to Nigeria is the highest calling--whether spiritual or political’’, Mr. Igbinovia stated. ‘’He is a believer of people; he is not afraid to give responsibility when he sees the capability. I have worked very closely with him and we have shared and achieved great heights together. We have also seen disappointments but for him disappointment is just an opportunity to begin again more intelligently.’’ For others very close to him, Osagie Ize Iyamu is someone ‘’moulded with the clay’’ of hard work, and values the principles of diligence, integrity and excellence with strong character to stay on a task until success is attained.

T H I S D AY ˾ WEDNESDAY, JULY 12, 2017

UPDATE&TRENDING

MIDWEEKPOLITICS

Chidoka: Latest Addition to Anambra Guber Race David-Chyddy Eleke takes a look at the implication of the decision of a former Aviation Minister, Osita Chidoka, to join the already crowded Anambra governorship race

arly this year, Chief Osita Chidoka called together a few journalists to declare his interest to run for the governorship position of Anambra state. He spoke passionately about his dream for his home state, and how if given the opportunity, he would turn the state around. Then, he was still a member of the Peoples Democratic Party, (PDP). The former aviation minister has however recently dumped the PDP, where he had told journalists that he had belonged since the beginning of his political career. He had, while addressing journalists, taken a swipe at politicians in the state who were flocking to the ruling All Progressives Congress, APC, describing them as ‘food is ready politicians’, who were only looking for a platform to climb to power. But during a ceremony organised for the declaration of his governorship ambition on the platform of the United Progressive Party(UPP), Chidoka said he had no regret leaving PDP for UPP. He however, stated that his defection was not the same as those of politicians who were moving to APC in the hope of using federal might to win election. I am moving from PDP; an opposition party to UPP, another opposition party. I am not afraid of being in the opposition and it is different from going to APC because one hoped to get the support of the government at the centre. I can choose to remain in PDP, but I want to be in a party that is accepted by my people, that is why I registered with UPP, where there is even more work to do.” Chidoka believes that Anambra has for too long remained in the hands of the wrong people, who he said are the cause of her long period of underdevelopment. Speaking in a recent chat with journalists, Chidoka said that for Anambra to be fully developed, it must be entrusted in the hands of a tested leader, who has the capacity to galvanize her diversity and set it as a step for development. He stated that what Anambra needed was not a governor who would ride on the back of a godfather to power, saying that such would continue to take a toll on the state if it continued to happen. While offering himself for the position of the governor of the state, the traditional Obosi chief who goes by the traditional name; Ike Obosi said, “We would generate money for the state not by taxing the poor traders in the market, the kind of government we will run is not that which will fund party activities and others with the state’s resources. Anambra money would be spent on Anambra people not generating money from the poor for the rich to enjoy.” The former corps marshal of the FRSC may have opted for UPP instead of his former party, PDP, which is dogged by litigation because of the recent acceptance of the party by people of the South-east. Recently, a faction of the Indigenous People of Biafra adopted UPP as a vehicle to be used to make a strong in-road into the politics of Nigeria by Biafrans. He said, “Ndigbo must reach the zenith in this country, through UPP, we shall demand equity in the Nigeria project because we are equal stakeholders in the project. We condemn the politics of godfatherism, it is unnecessary for one to be expected to spend his money to gain political power, that is why we urge the people of the state to subscribe to the power of ideas which drive my aspiration. I have no political godfather but am depending on Anambra people for my aspiration, and I charge them to make their token contribution of one thousand naira in order to have a stake in my governorship project,” Chidoka said. The former Minister of Aviation and Former Corps Marshal of the Federal Road Safety Corps is one man whose entry into the governorship race of the state has raised the hope of most of its indigenes. Besides being young, Chidoka is known to be a very brainy young man who has a strong drive for excellence. His footprint in his previous positions are well known. In FRSC, he transformed the agency from an almost comatose organization to one that won various international awards and became, according to the World Bank, a model for other road safety organizations across Africa.

Chidoka...believes he is the right man for the job

A graduate of management from the University of Nigeria, Nsukka and a Masters of Public Policy degree holder from the prestigious School of Public Policy at George Mason University in the United States of America, Chidoka has studied across the world and is very exposed. He has a certificate in Global Strategy and Political Economy from Oxford University, UK and a graduate diploma in Maritime & Ports Management from the National University of Singapore. During his National Youth Service Corps, he served at the Federal Capital Territory where he became an award winner and subsequently secured an automatic employment into the Federal Capital Development Authority, Abuja. In the course of his service there, he contributed immensely to national development through his services as the secretary to the National Committee for the visit of Pope John Paul II to Nigeria in 1998, which earned him Papal Commendation. He also served as a member of the Committee for the Review of the Abuja Master Plan; Team Leader, Committee for the Drafting of the National Policy on Nonmotorised Form of Transportation in Nigeria; and was the Assistant Secretary, Committee for the 1999 Military to Civilian Handover, among others. He had earlier in his career served as

I am moving from PDP, an opposition party to UPP, another opposition party. I am not afraid of being in the opposition and it is different from going to APC because one hopes to get the support of the government at the centre

Personal Assistant to the Minister of State in the Federal Ministry of Works and Housing; Personal Assistant to the Minister of Transport; as well as Special Assistant to the Senior Adviser to the President on Legal Matters. After a stellar and award-winning public career, Chidoka joined Mobil Producing Nigeria, a subsidiary of Exxon Mobil Corporation, as a Senior Adviser on Government and Business Relations. It was in this role, in 2007, that the then president of Nigeria, President Olusegun Obasanjo, sought him out and appointed him as the Corps Marshal and Chief Executive of the Federal Road Safety Corps (FRSC). His leadership of the FRSC led to the transformation of the corps to a functional lead agency in road traffic administration and safety management in the country driven by information and communication technology. This transformation has as its visible impact a 15 percent reduction in fatalities from 2007 to 2009 and 28 percent in 2010 and increases in fines generation from N0.5 billion in 2006 to N1.4 billion in 2010. Under his leadership, FRSC built a reliable Offenders’ Register and database of drivers and vehicles in the country, leading to ECOWAS adoption of the Nigerian model in the planned Regional Vehicle Administration Information System for other West African countries. The creation of the Nigeria Road Safety Strategy (2012-2016) was achieved through an all-inclusive process that ensured an inter-agency ownership of the process. Under his leadership, Federal Road Safety Corps won the prestigious Prince Michael International Road Safety Award in December 2008; the National Productivity Order of Merit Award of the Federal Ministry of Labour and Productivity in October, 2010. Furthermore, FRSC’s compliance with global best practices led to the certification of the Corps by the Standards Organization of Nigeria (SON) which conferred the Quality Management System Certificate (ISO 9001:2008 Certification) on the Corps on 15 April 2013. In recognition of Osita Chidoka’s enormous contributions to national and community devel-

opment, he was warded the traditional title of Ike-Obosi (Strength of Obosi) and a member of Ndi-Ichie, the highest decision making body of Obosi Traditional Council of Anambra State in May, 2009. He bagged the Chartered Institute of Taxation of Nigeria Merit Award on 27 November 2010, and the Institute of Logistics Management of Nigeria Fellowship Award in July 2011. He was conferred with the Distinguished Alumnus Award for Good Governance and Model on Road Safety by the Faculty of Social Sciences, University of Nigeria, Nsukka on 12 November, 2011. And in recognition of his patriotic disposition to his fatherland, the President and Commander-In-Chief of the Armed Forces, Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan, GCFR on 14th November, 2011, conferred him with Nigeria’s national honour of Officer of the Federal Republic, OFR. He won the Sun and Hallmark Newspapers Public Servant of the Year 2012 awards and under him FRSC won Leadership Newspapers Government Agency of the year 2012 award. In recognition of his expertise, he was appointed by Mr. President to head the Transportation Sub Committee of the Presidential Committee on Nigeria’s Centenary. The feats accomplished by him led to his appointment as the Chairman of the Transport Committee for the World Economic Forum held in May 2014 in Nigeria, and eventually, his appointment as Nigeria’s Minister of Aviation by Mr. President on Wednesday 23 July 2014. Osita Chidoka is a strong public policy advocate. He has written many articles, essays and delivered speeches in many areas of public policy and safety management. He writes a regular column, “Bridge Builder” for Leadership Newspapers, where he outlines pragmatic ideas for good governance. In his mid forties, Chidoka believes that there is no better time to impact on his state; Anambra, and whoever must lift the state must be a man who has chosen to stand by himself, without being lent any support from the numerous godfather figures that abound in the state. He believes that, that man is himself.

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FEATURES

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

Securing Anambra David-Chyddy Eleke looks at the security situation in Anambra State and the measures put in place by Governor Willie Obiano to protect lives and property

American styled security cars ďŹ tted with speed guns, alcohol detectors donated to the Anambra Command of the Nigerian Police by Governor Obiano

ust months into his swearing-in as Anambra State governor, Chief Willie Obiano convened a security summit, in which he flew in an Israeli security expert, Moshe Kennan. The summit had members of all the security agencies in the state and their helms man in attendance, and the agenda was to device

Anambra is highly regarded as the safest state in Nigeria today. Anyone who is familiar with the Anambra narrative would remember that for decades, our beloved state was held down by lawlessness and insecurity which made all efforts at meaningful development impossible. At a point, Anambra could almost pass for a postcard for disorder and insecurity. But our story has changed in just three years. We have made rapid progress from being an address for lawlessness to an oasis of peace and a destination for wise investors

Obiano...securing Anambra

a valid means of flushing out all criminal elements in the state, and ensuring safety

for residents of the entire state. Close to four years of his administration,

security has become one of the biggest achievements of the Anambra State governor. The security summit had given birth to the formation of Operation Kpochapu, Igbo word which in English means; clean up, and was geared at cleaning up the state of all criminal elements who have been responsible for the perpetuation of criminal activities. The Operation Kpochapu team comprises all security agencies in the state, including the Police, Army, Navy, Nigeria Security and Civil Defence Corps, National Drug Law Enforcement Agency, Customs, and even the vigilante, among others. Their mandate was to fish out drug barons, armed robbers, kidnappers and even petty thieves and all who engage in any activity considered not to be in the positive interest of the state. Their mission paid off greatly, and the song on the lips of every Anambra resident is that the governor has become the new messiah who has managed to keep the state safe, and devoid of the brazen robberies witnessed in the state previously, and also the kind of daylight kidnaps which the state was almost synonymous with then. Later, it seemed to dawn on him that as the armed robbers leave Anambra, they take refuge in neighbouring states. Obiano thought this to be detrimental to the growth of such states, hence the need to convene a security conference for the South-east states and Delta State, and get them to replicate what he is doing in Anambra by selling some of his strategies to them. The South-east, Delta Statesâ€™ Security Conference 2015 with the theme; â€˜Security Bedrock for Governanceâ€™ was two years ago held at the Anambra State Governorâ€™s Lodge with several personalities including

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FEATURES

The motorbikes donated to the Anambra Command of Nigerian Police by Governor Obiano in December 2016 being test run

five governors in attendance. The conference kicked off with host governor, Obiano welcoming guests and stating that years of successive robbery have driven investors away from the South-east zone, and left constituted authorities looking on helplessly, but the time has come for all the participating states to toe the line of Anambra, hence the need to bring the states together and set a common agenda. Obiano at the conference said, â€œWe are here to ask how long we shall continue to fall to the barrel of the gun, pointed at us by our own people? Our ability to answer that question will determine how well we will live. Here in Anambra State, we have done what we should do by fighting criminals to a standstill. By doing so, we have secured the state and investors are happier coming here. We have attracted 2.4 billion US dollars investments, and we have experienced liberty here, but our freedom will remain incomplete if the criminals we drive away here will find refuge in other states in the region,â€? Obiano said. The visiting governors, Dr. Okezie Ikpeazu of Abia State, Ifeanyi Okowa of Delta State, Chief Ifeanyi Ugwuanyi of Enugu State and Prof. Benard Odoh, the Secretary to Ebonyi State government who represented Governor Dave Umahi, all took time to appreciate their host governor and his thoughtfulness in convening the conference. They, speaking individually agreed that security is the bedrock of good governance, and must be

The new Commissioner of Police, Mr. Baba Umar while brieďŹ ng journalists to announce his assumption of ofďŹ ce said his predecessor, Okaula had briefed him on the governorâ€™s support to the command, and the level of security so far achieved, while also pledging that he will work hard to ensure that the same level of peace is maintained, and even more

L-R: Anambra State governor, Chief Willie Obiano (1st left) , Abia State Governor, Dr. Okezie Ikpeazu (2nd right) and his Delta State counterpart, Dr. Ifeanyi Okowa (1st right), after the 2015 South-east and Delta State Security Conference convened by Obiano to brainstorm on how to rid the states of criminality

gotten right. Two years after the Security conference, Anambra under Obiano is still known to be one of the most peaceful states, with the kind of brazen criminality witnessed in other states being almost nonexistent in Anambra today. Security has become the most visible achievement of the Anambra State Government, just as the hitherto nonexistent night life has arrived and investments popping up in diverse places. During a recent conference of the National Association of Law Teachers (NALT), Obiano said the state has achieved security using the law, while also advising the federal government to toe the same line to be able to provide security in the country. He told Acting President Yemi Osinbajo who was honoured by the association that, â€œAnambra is highly regarded as the safest state in Nigeria today. Anyone who is familiar with the Anambra narrative would remember that for decades, our beloved state was held down by lawlessness and insecurity which made all efforts at meaningful development impossible. At a point, Anambra could almost pass for a postcard for disorder and insecurity. But our story has changed in just three years. We have made rapid progress from being

an address for lawlessness to an oasis of peace and a destination for wise investors. â€œThe very fact that this prestigious association chose to host the golden anniversary edition of its annual conference in Awka underscores the importance of what we have achieved in securing Anambra State. The idea of holding this conference in this state would have been inconceivable in the past. But we have changed our story, and we did it with the law. If we can do it, then Nigeria can do it even better,â€? Obiano said. Security agencies in the state have also been testifying to the support they have received from the Obiano administration to ensure that they are up to the task of securing the state. Former Commissioner of Police in the state, Mr. Sam Okaula who recently proceeded on retirement had in a press interview praised the Anambra State governor for acceding to the request of the command by procuring working aids for them to work with. Okaula said the successes recorded by the police in fighting crime was as a result of the support of the governor who he said has not relented in his support to them. Recall that Anambra State governor had early in his administration procured over

100 security cars fitted with speed detector, speed gun and alcohol detector and other security gadgets for the police. He had also donated other security gadgets which include walky-talky among others. Recently too, he also donated motorbikes to the command. The new Commissioner of Police, Mr. Baba Umar while briefing journalists to announce his assumption of office said his predecessor, Okaula had briefed him on the governorâ€™s support to the command, and the level of security so far achieved, while also pledging that he will work hard to ensure that the same level of peace is maintained, and even more. In an interview on Anambra scorecard, Mr. Stanley Uzochukwu, an investor and owner of Stanel World, a 24 hours one-stop shop consisting of fuel station, eatery, farmers market and car maintenance centre among others which is yet to be officially opened, said he decided to bring home part of his investment having weighed the security in the state and found it good for investment. Uzochukwu praised Governor Obiano for the secured environment in Anambra State, saying that he believes in the governorâ€™s campaign for indigenes of the state to think home in looking for investment destinations.

IMAGES

L-R, The Oba of Lagos, HRM, Dr. Rilwanu Babatunde Akiolu 1; the celebrant/Otun Yeye Oge of Lagos, Chief Mrs. Kofoworola Adebutu and the Asoju Oba of Lagos, Sir Dr. Kesington Adebukola Adebutu, at the conferment of Mrs. Adebutu as the new Otun Yeye Oge of Lagos, by Oba Akinolu of Lagos at Obaâ€™s Palace in Lagos,recently sunday adigun

Managing Director/CEO, Niger Delta Development Commission (NDDC), Mr. Nsima Ekere (middle), ďŹ‚anked by Executive Director, Projects, Mr. Samuel Adjogbe (right) and the Project Engineer, Mr. Oghale Efe-aluta, during an inspection tour of the failed sections of east west road, being executed by the Commission..recently

L-R: Supervisor, Mono Cartons Section, Miss Sandra Musa; Unit Head, Light Packaging Division, Mr. Parminder Singh, Managing Director, Mr. Ravinder Kanwal and Printing and Production Manager, Mr. Surendar Gond all of Shongai Technologies Limited, during the facility tour of the company by top management team at Sango-Ota, Ogun State...recently

L-R:, Head CBG Energy Upstream/ Oil services, Union Bank, Uche Olowu; Transformation Director, Joe Mbulu; a Union Bank customer, Obelema Isokariari; Chief Executive OďŹƒcer, Union Bank, Emeka Emuwa and Chief of StaďŹ€, Rivers State Government, Emeka Woke, at the Union Bank Centenary Gala in Port Harcourt....recently

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

British High Commissioner to Nigeria, Ambassador Paul Arkwright (left) and Kwara State Governor, Dr Abdulfatah Ahmed during courtesy visit to the Governor by the High Commissioner at Government House, Ilorin...recently

L-R: Oyo State Commissioner for Education, Science and Technology, Prof. Adeniyi Olowofela; Secretary to the State Government, Mr. Olalekan Alli; Chairperson, Oyo State Education Trust Fund, Chief Onikepo Akande; and State Governor, Senator Abiola Ajimobi, after the inauguration of the stateâ€™s Education Trust Fund, at the Governorâ€™s OďŹƒce, Ibadan...recently governorâ€™s Office

R-L; Chief Medical Director, University College Hospital, UCH Ibadan, Professor Temitope Alonge, Former Governor of Ondo State, Dr. Olusegun Mimiko, Oyo State Commissioner for Health, Dr Azeez Adeduntan and Outgoing President, International College of Surgeons, Nigeria National Section, Professor Ndubuisi Eke. at the 51st Annual General Meeting and ScientiďŹ c Conference of the International College of Surgeons, Nigeria National Section, at UCH Ibadan,..recently

L-R: Social Media Manager, Power Oil, Kenneth Iruonagbe; On Air Personality, Omo Nla; Comedian, Stanley Chibunna (a.k.a) Funnybone ; Brand Communications Manager, Power Oil, Ijeoma Opara; Public Relations Manager, Omotayo Abiodun ; Musician, Olanrewaju Fasasi (a.k.a) Sound Sultan; and Alionye Emmanuel ,during the Power Oil walk for healthy heart in Lagos... recently.

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BUSINESSWORLD

Group Business Editor Chika Amanze-Nwachuku Email chika.amanzenwachukwu@thisdaylive.com 08033294157

ÍŻ Íś Í° ÍŽ ÍŻ Íľ NIBOR OVERNIGHT 1-MONTH

NIBOR 21.3750% 21.0038 %

3-MONTH 6-MONTH

22.5331% 24.6856%

NITTY 1-MONTH 3-MONTH

20.1827% 19.3855%

6-MONTH 9-MONTH

21.3861% 21.5058%

EXCHANGE RATE N305.35//1US DOLLAR* ĚŠ

Quick Takes LSETF Disburses Funds

UNIDO MEETS STAKEHOLDERS

L-R: Assistant Director, Enterprise Development, Federal Ministry of Women AďŹ€airs and Social Development, Dim Ijeoma Okeke; Chief Technical Adviser, United Nations Industrial Development Organisationâ€™s Investment and Technology Promotion OďŹƒce, Mr. Stanislaw

The Lagos State Employment Trust Fund (LSETF) last month had a cheque presentation ceremony to celebrate the new batch of 1,438 beneďŹ ciaries who received approval to be disbursed N924.7 million in the LSETF loan scheme. So far, a total of N3.5billion have been approved for over 4,000 businesses, as the state government pursue its quest to support about 100,000 micro, small and medium enterprises and create at least 300, 000 direct and 600, 000 indirect jobs by 2019. Speaking at the presentation ceremony, the Commissioner for Wealth Creation and Employment, Dr. Babatunde Durosinmi-Etti, who represented Governor AKinwunmi Ambode expressed delight that the government was on course to meet the objectives of the initiative. He said he was also encouraged that the previous beneďŹ ciaries had started repaying their loans, thereby expanding their businesses and creating jobs. The Chairman, LSETF, Board Of Trustees, Ifueko Omoigui Okauru, also announced the partnership of LSETF with the United Nations Development Programme (UNDP) to improve technical and vocational training in Lagos State. She stated that under this programme, LSETF will contribute the naira equivalent of $3 million, while UNDP would contribute $1 million. The funding will be used to train eligible Lagos residents in manufacturing, construction, healthcare, hospitality and entertainment; and ensure that successful trainees are placed in jobs at the completion of the programme.

Inoyo Now CIPM President

Diamond Bank to Sell Non-core Assets to Shore up Capital Chika Amanze-Nwachuku and Obinna Chima Diamond Bank Plc plans to sell some of its non-core assets as part of strategy to beef up its capital in the short to medium term. The bankâ€™s Chief Executive Officer, Mr. Uzoma Dozie, disclosed this in an exclusive interview with THISDAY. According to Dozie, the bank has adequate capital presently, and is not opening â€œnew brick and mortar branches anymore which naturally requires deployment of capital.â€? The United Bank for Africa Plc and Zenith Bank Plc recently raised $500 million respective via Eurobond issuance recently. Some other banks are also to

ECONOMY sale on June 1 at yields below initial guidance. But for Diamond Bank, Dozie said the bank would allocate its cost to its strategic objective. He added: â€œRight now, we have adequate capital because we are not building new branches any more, which is one thing that takes a lot of cost. We are also looking at assets that are not in line with our goals again, to see what to do to them. â€œThese are assets that may be of benefits to other people. Any of the assets that is not in line with our retail strategy can go. â€œSo, regardless of what our capital is, we are making sure that we have adequate capital

to absorb shocks in the system and also to grow our business.â€? He said one of the advantages of trying to grow a banking business through retail banking strategy was that from a capital perspective, the capital requirement is always lower. Dozie, however, pointed out that just like any other financial institution; capital is a critical factor in determining how to drive the business. â€œOur strategy enables us to use capital efficiently. We are not growing our branches anymore and what we are rolling out are channels that help customers carry out transactions much more conveniently. â€œWe are also looking at some of the areas where we have branches before. If we

are convinced that most of those customers there prefer the alternative channels, we may enhance these channels and downsize the branches,â€? he said. When asked if closing down the said branches would not lead to job losses, Dozie explained: â€œWhen you downsize, there wonâ€™t be loss of jobs. We are not going to sack people. Digital banking creates opportunity to employ more people. â€œDo you know how many sales agents that I have now that I didnâ€™t have before because of my retail banking strategy? I have more people that I employ now than before, all because of digital banking. Continued on page 24

NASD OTC Woos Ashaka Cement after Exiting NSE Goddy Egene The management of NASD Securities Exchange has started moves to get Ashaka Cement Plc listed on its platform barely one week after the cement manufacturing firm was delisted from the Nigerian Stock Exchange (NSE). Ashaka Cement, which is a subsidiary of Lafarge Africa Plc, opted for voluntary delisting from the NSE and remains an unlisted company. However, NASD, which is the over the counter (OTC) platform for the trading of shares of unlisted public companies, has begun moves to ensure Ashaka Cement shares are traded so as to provide liquidity for investors

CAPITAL MARKET of the cement firm. A top official of NASD confirmed the development to THISDAY on Monday, saying, â€œwe are in conversation.â€? The NASD official expressed optimism that the talks with Ashaka Cement board and management would be positive. According to him, â€œgetting Ashaka Cement on the NASD platform would provide the needed visibility and an avenue the shareholders who opted to remain with the company even after its delisting from NSE.â€? Ashaka Cement Plc opted for a voluntarily delisting of the company from the NSE after

it did not meet the exchangeâ€™s Free Float Deficiency provision of 20 per cent. According to the directors, Lafarge Africa Plc currently holds 84.97 per cent of Ashaka Cement, bringing the free float that is tradable on the NSE to 15.03 per cent as against 20 per cent stipulated by the exchange. The directors had explained that is not improbable that given this free float deficiency, the NSE could take enforcement action and initiate a regulatory delisting, given that the free float deficiency is not likely to be remedied, hence the decision to delist and operate as an unlisted company. Apart from the free float deficiency, the directors

explained that over the last five years there had been little or no trading activity with only 0.20 per cent of the shares held by the minority shareholders being traded. â€œNeither the company nor any shareholders are benefiting from the continued listing as shareholders are not getting any exit opportunity and their investments have been locked up and they find it difficult to dispose of their shareholding. Moreover, the company is bearing unnecessary cost in complying with its listing obligations,â€? the directors said. They disclosed that through the voluntary delisting of AshakaCem, they are exercisContinued on page 24

The newly elected president of the Chartered Institute of Personnel Management (CIPM), Mr. Udom Inoyo, has called for increased collaboration between the private sector and government to leap-frog human capacity development in Nigeria. Inoyo made the call while delivering his acceptance speech after his investiture as the 18th president of the institute in Lagos recently. He observed that Nigeriaâ€™s huge population was its biggest asset and to fully harness the human potential, there is urgent need for government and the organised private sector to strengthen partnerships with a view to better manage the abundant human resources for improved productivity and proďŹ tability. â€œWhen human resources are well managed, bottom-line will be impactedâ€?, he added. The new president therefore called for collaborative eďŹ€orts among governments and other stakeholders such as CIPM for eďŹ€ective human capital utilisation. Inoyo said: â€œThere is need for more engagement between government and professional organisations such as CIPM towards developing human talent. â€œThe CIPM was established to regulate the practice of human resource management in Nigeria and to promote excellence in the acquisition and application of knowledge and skills by professionals thereby enhancing sustainable national development.â€? He said in line with its mission, the CIPM under his leadership would in partnership with government ministries, parastatals and agencies (MDAs) provide advisory support to small and medium scale enterprises (SMEs), to help them build and manage capacity.

Ecobank Wins Awards

Ecobank said it scored a double win after triumphing in two categories at the Euromoney Awards for Excellence 2017 held recently. The pan-African bank was awarded â€˜Best Digital Bank in Africaâ€™ and â€˜Best Bank in Ghanaâ€™ at a ceremony held at the Tower of London. The bankâ€™s Group Chief Executive OďŹƒcer, Mr. Ade Ayeyemi said the award served as validation to the global banking industry about the positive impact of the Ecobank digital strategy. â€œWe are using digital technology to ďŹ nancially include many millions more into formal ďŹ nancial systems, and therefore improve lives across Africa, so it is wonderful to be acknowledged in this way.â€? Also, the Group Executive, Consumer Banking, Patrick Akinwuntan said: â€œThe fact that you can open your bank account - Ecobank Xpress instantly and do instant transfers and bill payments across Africa on our mobile app is what makes our value proposition to customers quite unique.â€œThis award conďŹ rms that we are indeed making banking easier, more accessible and more aďŹ€ordable across the continent than ever before.â€?

â€œWhat we did by importing rice, when we know that we can produce rice, was that we impoverished the poor rice farmers in Abakaliki, Kebbi, and other riceproducing areasâ€?

CBN Governor, Mr. Godwin EmeďŹ ele

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BUSINESSWORLD DIAMOND BANK TO SELL NON-CORE ASSETS TO SHORE UP CAPITAL â€œI have 3,000 full time employees and I have 10,000 outsourced staff and that is because we are giving people opportunity to create business for themselves. In my BETA Banking, I have 2,000 agents I would never have had if not for digital solutions. â€œI have Diamond Yello agents I would never have had if I was just doing my normal traditional banking.So, the more solutions you bring to the market, the more opportunities you create for new businesses to grow.â€? In its first quarter 2017 results, Diamond Bank showed strong determination to continue to strengthen growth in key financial parameters. The bankâ€™s performance scorecard for the first three months of the business year had reflected strong growth in asset base, customer base, quality service delivery, product development and deployment of cutting-edge technology to drive its operations. Analysis of the result had shown that interest and similar income grew by 27 per cent to N44.5 billion year on year, while the asset base leapfrogged to N2.07 trillion from N2.049 per cent, representing 1.2 per cent with personal operating cost shrinking by 3 per cent, reflecting managementâ€™s prudent resource use. NASD OTC WOOS ASHAKA CEMENT AFTER EXITING NSE ing a regulatory provision that would shield the company from any enforcement action that the NSE may effect and are also providing an exit consideration to minority shareholders who do not wish to remain in an unlisted company. Meanwhile, the audited results of Ashaka Cement showed that it a decline of 27 per cent in profit after tax (PAT) for the year ended December 31, 2016. The company posted a revenue of N17.351 billion, showing a marginal fall from N17.415 billion in 2015. Ashaka Cement ended the year with profit before tax of N2.663 billion, down from N3.209 billion in 2015, and PAT of 2.01 billion, compared with N2.76 billion in 2015.

Group Business Editor

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

Ă™Ă˜Ă‹ĂžĂ’Ă‹Ă˜ Ă¤Ă? Comms/e-Business Editor

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Ambode: Pension Reform Act has Enhanced Labour Market Flexibility Ebere Nwoji Lagos State Governor, Akinwunmi Ambode, has said that the provisions of the Pension Reform Act 2004, amended in 2014, has no doubt encouraged labour market flexibility and saved pensioners the dilemma of hanging their fortunes at the mercy of employers. Ambode, made this observation, while speaking on the stateâ€™s full commitment to pension reforms at the opening session of a training programme for officers of the Lagos State Pension Commission(LASPEC) and public servants in the state. Ambode, who was represented at the training titled, â€˜Implications of the PRA 2004â€™ by Commissioner, Lagos State Ministry of Establishments, Training and Pensions, Dr. Akintola Benson, said the training was targeted at ensuring that the officers of LASPEC effectively discharge their duties and the generality of the public service adequately prepare for the future. He stated that the general benefits of the Act as implemented in Lagos State, has boosted the welfare status of workers and pensioners in the state. He observed that it has allowed the maintenance of a Retirement Savings Account (RSA) by each employee, which gives the workers responsibility over their retirement savings. â€œPensioners on the other hand, will no longer be at the

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Ă’Ă“Ă˜Ă?ĂŽĂ&#x; Ă¤Ă? (Aviation) Ă“Ă˜ĂŽĂ‹ ĂœĂ™Ă•Ă? (Labour) ĂœĂ™Ă—Ă™Ă?Ă?Ă–Ă? ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ (Cap Mkt) Ă”Ă“Ă™Ă?Ă™Ăœ Ă–Ă“Ă•Ă? (Energy) Ă‹Ă—Ă?Ă? Ă—Ă?Ă”Ă™ (Nationâ€™s Capital) ĂŒĂ“Ă˜Ă˜Ă‹ Ă’Ă“Ă—Ă‹ (Money Mkt) Chineme Okafor (Energy ) Reporters

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

mercy of employer, workers could choose how to allocate their retirement savings and diversify their investments over a range of investment instruments. It has been argued that personal accounts would provide all workers a higher rate of return than can be paid under the Direct Benefit plan, this approach affords participants an opportunity to pass wealth to survivors in the event of deathâ€?, he sated. According to him, RSA,

maintained by millions of workers, tends to generate massive long-term funds, which are available for investment. He said given the economies of scale, the cost of investing such funds tends to be relatively lower than if individual workers were to undertake the investment on their own account. He said having a pension scheme that pays out benefits in the form of a life annuity, benefits workers with protection against longevity risk, by pooling

mortality risk across others. â€œOn a holistic note, the provisions of the law encourage labour market flexibility. The worker is free to move with his or her account as he or she moves to another place of employment and or residence. In this way, it is an important tool for enabling workers and employers to adapt to changing circumstances especially in a global environment in which change is a constant aspect of social and economic life,â€?

he observed. He said on its part,government, also stands to enjoy benefits under the law, adding that the law will stem further growth of pension obligations and provide a platform for addressing this liability. According to him, it will also impose fiscal discipline in the budgetary process because pension obligations would be accurately determined, adding that the health of the economy is always a major concern of the government.

COURTESY VISIT

R-L: Executive Director, Maritime Labour & Cabotage Services of the Nigerian Maritime Administration and Safety Agency (NIMASA), Mr. Ahmed Gambo; President, Nigerian Maritime Law Association (NMLA), Mr. Luke Chidi Ilogu, SAN; Director General, NIMASA, Dr. Dakuku Peterside; Executive Director, Finance & Administration, NIMASA, Mr. Bashir Jamoh; and a Maritime Lawyer, Barrister Emeka Akabogu, during a courtesy visit by the association to the DG at NIMASA headquarters in Lagos ... recently

Elumelu: All Arms of Govt Must Collaborate to Make Nigeria Investment Destination Ebere Nwoji Chairman of Heirs Holding, Tony Elumelu, has said that the federal governmentâ€™s Ease of Doing Business in Nigeria initiative can only work when the three arms of government, the executive, the judiciary and legislature, work together to put up right business policies that will prepare Nigeria as investment destination. Elumelu, stated this in a key note address at the 2017 National Insurance Conference organised by the Insurance Industry Consultative Council ( IICC) in Abuja. Speaking on the theme, â€˜Nigeria Open for Businessâ€™, Elumelu, said capitals for business go where they are welcomed therefore for Nigeria

to promote, attract and retain investment, it must position itself to promote domestic business which will in turn attract foreign investment. â€œFor Nigeria to position and promote domestic business, government must improve the process of doing business. Insurance business in particular is a course for concern, government must create right environment for local entrepreneurs to send signal to foreign investors that the environment is conducive. â€œThe executive, must take step further towards implementing policies that enable business growth, must be willing to share the vision of the masses, the legislature also has critical role to play in this regardâ€?, he said. He maintained that Nigerian investors are ready to do busi-

ness if the right polices and legslation are in place. He listed critical factors for the three arms of government to work together, saying they must agree in their vision, must create uniform roadmap, must agree on road each arm will follow to achieve the vision, must work together for prosperity, work for infrastructural recovery including transportation. Speaking at the event, Minister of Finance, Mrs. Kemi Adeosun, represented by the Permanent Secretary in the ministry, Mamud Isa Josse said the fact that currently about three million policyholders in Nigeria out of a population of 180, who have insurance cover, means that there is a lot more potential to increase the number of policyholders.

She said through insurance,relatively small premiums from millions of policy holders, can create a pool to support long-term financing for economic growth. â€œWe must be willing to expand the insurance market beyond the upper class and formally employed market, to the middle and lower income market. Doing this, means that our distribution channels must be innovative, considering product features, cost, proximity and all other relevant factors. Alternative distribution channels can also be considered including the use of aggregators to facilitate the sale of group insurance to an existing membership base such as market associations, savings cooperatives, and mobile

network operatorsâ€?, she stated. Adeosun, also said that selling insurance policies can be done through mobile phones, adding, â€œin order to achieve sustainable and inclusive growth, we must reach the rural areas and the unbanked. We must achieve financial inclusion, deepening insurance penetration through financial inclusion would include, developing the technical capacities to meet the emerging challenges of financial inclusion and micro-insurance. This therefore, calls for more dynamic strategies to deepen the insurance reach.â€? Earlier in his welcome address, the Commissioner for Insurance, Mohammed Kari, said that insurance is a vital link in the vast chain of business activities in any economy.

Gombe State to Distribute Fertilizer Worth N2.7bn Segun Awofadeji in Gombe

Capital Market Editor

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NEWS

Gombe State government has said that it plans to spend about N2.7billion on the procurement of fertilizer to be distributed to farmers in the state for the 2017 cropping season. Gombe State Commissioner for Agriculture, Alhaji Dahiru Buba Biri, who stated this in the state capital explained that the distribution had been delayed due to shortage in supply of NPK brand, hence it became

necessary to inform the public of governmentâ€™s preparedness as they have been alleging that it failed to arrange for fertilizers for the cropping season. According to him, â€œGovernment has made adequate arrangements as you can see from the fertilizers in our stores that would be distributed to farmers immediatelyâ€? . He explained that the state government was facing challenges in the supply of NPK from the federal government

through 11 blending fertilizers across the country. The commissioner explained further that so far, only 3,000 out of the 10,000 metric tonnes of NPK Gombe subscribed for had been supplied, with approval to lift additional six metric tonnes. â€œWe have already in stock the earmarked 10,000 metric tonnes of Urea but we have to delay the distribution until we have 60 percent of the required NPK. â€œThe reason is because if we

commence distribution and suspends it halfway, there will be serious problems, people will start reading different meanings because they may not understand the cause,â€? Biri explained. He promised the farmers in the state that government would commence the distribution of the commodity immediately. He explained further that government will subsidise fertilizer to farmers in the state following approval from Governor Ibrahim Hassan

Dankwambo. The commissioner disclosed that presently, a bag of fertilizer costs between N5, 000.00 and N5, 500.00 and the state government is expected to subsidise he amount Buba Biri had conducted journalists round the ministryâ€™s storage facilities where 3000 metric tonnes of NPK and 10, 000 metric tonnes of Urea were stored for onward distribution to farmers in the state for this yearâ€™s farming season

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BUSINESSWORLD

NEWS

UNIDO ITPO to Develop Nigeriaâ€™s Business Incubation Management System The Investment and Technology Promotion Office of the United Nations Industrial Development Organisation, has said that for the remaining part of the year, its focus would be on developing business incubation management system and counseling for Nigerian businesses, especially the small and medium enterprises (SMEs). The Chief Technical Adviser, UNIDO-ITPO, Mr. Stanislaw Pigon, who disclosed this at a breakfast meeting with agencies of government in Abuja, said the aim was to foster enterprise and investment promotion across every sphere of the business strata in Nigeria. He explained that the focus on enterprise development was borne out of the discovery that investors in the country did not have the desired skill and knowledge of enterprise development and that this had affected the countryâ€™s economic growth inertia.

The organisation said it was training professionals of various associations in the private sector, financial institutions, and governmental investment promotion institutions, so that they would, in turn, train Nigerian businesses. Pigon disclosed that the UNIDO-ITPO was operating a three-year period of activities that would continue thereafter, based on outcomes, adding people would be trained on investment technology-related areas that were driving businesses in the 21st century. Furthermore he explained that the country could leap-frog in economic diversification, industrial upgrading and technological innovation, to make it a more competitive brand in the African continent and the world at large, adding that UNIDO ITPO would like to transfer knowledge and introduce the best practices in preparation for the investment

process. â€œThis way, the investment project will be presented outside Nigeria in form of attractive portfolio. But then, it is not only to train the trainers; we would also like to interact with the universities and the educational sector in general. We want the graduates to be prepared for business life,â€? he added. According to Pigon, one of the reasons SMEs have problems with access to finance is because people in the immediate financial institutions donâ€™t understand their needs. â€œAgain the target is moving from the entrepreneurs to those who should assist them in the proper way,â€? he explained. On her part, the Head, UNIDO ITPO, Nigeria, Mrs. Adebisi Olumodimu, explained that the primary target of the capacity building programme was to support the federal governmentâ€™s bid to diversify the economy.

SAA Expresses Support for Nigeria Women in Journalism Chinedu Eze South African Airways has said it is committed to supporting Nigeriaâ€™s women professionals in the field of journalism through sponsorship of a conference, Women in Journalism Africa aimed at developing the profession. Women in Journalism Africa, an annual conference, which is the initiative of Yomi Owope, a seasoned Public Relations professional is aimed at enlightening women in journalism about the current challenges and technological advancement in the profession to enhance better productivity. In partnership with South African Airways, Women in Journalism Africa brought Anthea Garman, Associate Professor of Journalism and Media Studies from Rhodes University, South Africa to inspire Nigeria women journalists at the 4th edition of the conference in last week. Discussing the theme- â€˜Pioneers, Innovators and Brave

New Worldâ€™ at the conference held at the Muson Centre in Lagos, Professor Anthea Garman enjoined women in Journalism to be creative in order to play in the current as well as fit in the future of global journalism. â€˜â€?Let me first thank South African Airways for a wonderful flight from South Africa to Nigeria. This is my very first visit to this country. When I got the invite, I couldnâ€™t say no to Nigeria, no to women and no to journalismâ€?, Garman said. The Professor added that â€œcreativity is the key in this noble profession! We all have to be very creative and have the freedom to play with our ideas in diverse ways to fit in the global standard of new era journalism.â€? Earlier in her speech, the wife of the Governor of Lagos State, Bolanle Ambode, represented by the Assistant General Manager at the Lagos State Water Corporation, Dr. Mrs. Bola Balogun, said women should leave the shadows of petty trade and become innovators

and entrepreneurs not only in the media but across many professions in the society. South African Airways Regional Manager, North, West and Central Africa, Ohis Ehimiaghe said: â€œSAA seizes this opportunity of partnering with Women in Journalism Africa to contribute its quota to the journalism profession to continue to tell many positive and developmental stories about Africa.â€? The convener of the conference, Owope said: â€œThe Women in Journalism Africa conference is simply a reawakening platform for women professional journalists to understand the enormous responsibilities bestowed upon them to educate, enlighten and more importantly inform the society without prejudice.â€™ Notable women in journalism attended the one-day conference including, Adesuwa Oyenokwe, Publisher of Todayâ€™s Woman magazine; Stephanie Busari, Editor CNN Africa and a host of others.

Ericsson Foresees Rapid Growth in Global Mobile Connectivity Emma Okonji The latest edition of the Ericsson Mobility Report has predicted continued rapid global growth in mobile connectivity. According to the report, there would be additional 2.6 billion new mobile broadband subscribers by 2022, averaging to more than one million each day. Announcing the report in Lagos at a press conference in Lagos recently, the Managing Director, Ericsson Nigeria, Mr. Rutger Reman, said the dominant access technology that will drive the rapid growth, would be 4G LTE in 2018, making it the fastest-growing mobile technology in history. He said Africa added onine million new mobile subscriptions in the first quarter of 2017, reaching a total of 985 million.

The latest collection of statistics about the growth of subscribers and data traffic in mobile networks is presented in the June edition of the Ericsson Mobility Report. It shows the highest year-on-year mobile data growth globally since 2013, led by massive growth in India and Africa, and highlights the underlying need for mobile data. According to the report, Nigeria is among the top five countries with over 3 million mobile subscriptions net additions in Q1 2017. The use of smartphones and easy access to mobile internet services comprise a major part of the traffic numbers. According to Reman, Ericsson analyses â€œsmartphone mobile data trafficâ€? within â€œmobile data trafficâ€? to illustrate this trend more clearly. â€œBy the end of 2022, total

smartphone mobile data traffic will have increased nine times, reaching 66 ExaBytes per month. The November 2016 edition of the Ericsson Mobility Report shows that mobile data traffic continues to grow in sub-Saharan Africa, and is showing no signs of slowing down. It is forecast to grow by around 55 per cent annually between 2016 and 2022. The rapid increase in mobile data traffic in sub-Saharan Africa is driving operators to explore methods of optimising network capacity, one of which is complementing traffic on Wi-Fi networks. Operators are offering Wi-Fi to consumers either as stand-alone or bundled with existing packages, and are extending Wi-Fi calling services to subscribers with devices bearing this capability,â€? the report said.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

Six Steps to Maximising Sales Results

ĂĄĂ™ĂœĂ•Ă?ĂŽ Ă?Ă™Ăœ Ă™Ă Ă?Ăœ Í°Í´ ĂŁĂ?Ă‹ĂœĂ? Ă“Ă˜ ĂžĂĄĂ™ Ă™Ă? ĂžĂ’Ă? ĂŒĂ?Ă?Ăž ĂšĂœĂ™Ă?Ă?Ă?Ă?Ă“Ă™Ă˜Ă‹Ă– Ă?Ă?ĂœĂ Ă“Ă?Ă?Ă? Ă?Ă“ĂœĂ—Ă? Ă“Ă˜ ĂžĂ’Ă? ĂĄĂ™ĂœĂ–ĂŽË› Ă˜Ă? Ă“Ă? Ă˜Ă&#x;Ă—ĂŒĂ?Ăœ Ă™Ă˜Ă? Ă‘Ă–Ă™ĂŒĂ‹Ă–Ă–ĂŁËœ ĂĄĂ’Ă“Ă–Ă? ĂžĂ’Ă? Ă™ĂžĂ’Ă?Ăœ Ă“Ă? Ă˜Ă&#x;Ă—ĂŒĂ?Ăœ Ă™Ă˜Ă? Ă“Ă˜ Ă“Ă‘Ă?ĂœĂ“Ă‹Ë›

ĂĄĂ‹Ă? Ă“Ă˜ Ă?Ă’Ă‹ĂœĂ‘Ă? Ă™Ă? Ă?Ă™Ă™ĂœĂŽĂ“Ă˜Ă‹ĂžĂ“Ă˜Ă‘ Ă‹Ă˜ĂŽ ĂŽĂœĂ“Ă Ă“Ă˜Ă‘ Ă?Ă‹Ă–Ă?Ă? Ă‹Ă˜ĂŽ Ă—Ă‹ĂœĂ•Ă?ĂžĂ“Ă˜Ă‘ Ă“Ă˜ ĂŒĂ™ĂžĂ’ Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă?Ëœ Ă™Ă? Ă?Ă™Ă&#x;ĂœĂ?Ă? ĂĄĂ™ĂœĂ•Ă“Ă˜Ă‘ Ă’Ă‹Ă˜ĂŽ Ă“Ă˜ Ă’Ă‹Ă˜ĂŽ ĂĄĂ“ĂžĂ’ ĂžĂ’Ă? Ă‹Ă˜ĂŽ ĂžĂ’Ă? Ă Ă‹ĂœĂ“Ă™Ă&#x;Ă? Ă‘ĂœĂ™Ă&#x;Ăš Ă’Ă?Ă‹ĂŽĂ? Ă“Ă˜ Ă?Ă‹Ă?Ă’ Ă™Ă? ĂžĂ’Ă?Ă?Ă? Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă?Ëœ Ă‹Ă˜ĂŽ Ă?Ă‹Ă˜ ĂžĂ?Ă–Ă– ĂŁĂ™Ă&#x; ĂžĂ’Ă‹Ăž ĂŽĂ?Ă?ĂšĂ“ĂžĂ? ĂžĂ’Ă? Ă?Ă‹Ă?Ăž ĂžĂ’Ă‹Ăž ĂžĂ’Ă?Ă?Ă? ĂžĂĄĂ™ Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă?Ëœ ĂšĂœĂ™Ă Ă“ĂŽĂ?ĂŽ Ă?Ă“Ă—Ă“Ă–Ă‹Ăœ Ă?Ă?ĂœĂ Ă“Ă?Ă?Ă?Ëœ ĂžĂ’Ă?ĂŁ ĂĄĂ?ĂœĂ? Ă Ă?ĂœĂŁ ĂŽĂ“Ă?Ă?Ă?ĂœĂ?Ă˜Ăž Ă“Ă˜ Ă?Ă&#x;Ă–ĂžĂ&#x;ĂœĂ?Ëœ ĂšĂ?Ă™ĂšĂ–Ă? Ă‹Ă˜ĂŽ Ă™Ă&#x;ĂžĂ–Ă™Ă™Ă•Ë› Ă™ĂĄĂ?Ă Ă?ĂœËœ ĂžĂ’Ă? Ă?Ă™Ă˜Ă?ĂžĂ‹Ă˜Ăž ĂĄĂ‹Ă? ĂžĂ’Ă‹Ăž Ă—Ă‹ĂœĂ•Ă?ĂžĂ“Ă˜Ă‘ Ă‹Ă˜ĂŽ ĂŽĂœĂ“Ă Ă“Ă˜Ă‘ Ă?Ă‹Ă–Ă?Ă? Ă˜Ă?Ă?ĂŽĂ?ĂŽ ĂžĂ™ Ă?Ă™Ă–Ă–Ă™ĂĄ ĂžĂ’Ă? Ă?Ă‹Ă—Ă? Ă?Ă™ĂœĂ—Ă&#x;Ă–Ă‹Ëœ ĂĄĂ’Ă“Ă?Ă’ ĂĄĂ‹Ă? ĂžĂ’Ă? Ă?Ă‹Ă?Ă? Ă“Ă˜ ĂŒĂ™ĂžĂ’ Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă? ĂžĂ™ Ă‹ Ă–Ă‹ĂœĂ‘Ă? Ă?Ă˘ĂžĂ?Ă˜ĂžË› Ă’Ă? ĂŽĂ“Ă?Ă?Ă?ĂœĂ?Ă˜Ă?Ă? ĂĄĂ‹Ă? ĂžĂ’Ă‹Ăž Ă™Ă˜Ă? Ă™Ă? ĂžĂ’Ă? Ă?Ă“ĂœĂ—Ă? ĂŽĂ“ĂŽ Ă‹ Ă–Ă™Ăž ĂŒĂ?ĂžĂžĂ?Ăœ ĂžĂ’Ă‹Ă˜ ĂžĂ’Ă? Ă™ĂžĂ’Ă?Ăœ Ă‹Ă˜ĂŽ ĂžĂ’Ă? Ă?Ă“Ă˜Ă‹Ă˜Ă?Ă“Ă‹Ă– ĂœĂ?Ă?Ă&#x;Ă–ĂžĂ? Ă?Ă’Ă™ĂĄĂ?ĂŽ ĂžĂ’Ă“Ă? ĂŽĂ“Ă?Ă?Ă?ĂœĂ?Ă˜Ă?Ă?Ë› Ă’Ă? Ă›Ă&#x;Ă?Ă?ĂžĂ“Ă™Ă˜ Ă“Ă?Ëœ ĂĄĂ’Ă‹Ăž ĂĄĂ™Ă&#x;Ă–ĂŽ ĂĄĂ? Ă?Ă‹ĂŁ Ă‹Ă?Ă?Ă™Ă&#x;Ă˜ĂžĂ?ĂŽ Ă?Ă™Ăœ ĂžĂ’Ă“Ă? Ă?Ă&#x;Ă?Ă?Ă?Ă?Ă? ĂŒĂŁ Ă™Ă˜Ă? Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜ Ă‹Ă˜ĂŽ Ă?Ă‹Ă?Ăž ĂžĂ’Ă‹Ăž ĂžĂ’Ă? Ă™ĂžĂ’Ă?Ăœ ĂĄĂ‹Ă? ĂšĂ–Ă‹ĂŁĂ“Ă˜Ă‘ Ă?Ă‹ĂžĂ?Ă’ Ă&#x;ĂšË› Ă˜Ă? ĂŒĂ“Ă‘ Ă?Ă‹Ă?ĂžĂ™Ăœ ĂĄĂ‹Ă? ĂžĂ’Ă? ĂšĂ?Ă™ĂšĂ–Ă? Ă‹Ăž ĂžĂ’Ă? ĂžĂ™Ăš Ă‹Ă˜ĂŽ ĂžĂ’Ă? Ă–Ă?Ă‹ĂŽĂ?ĂœĂ?Ă’Ă“ĂšËœ ĂĄĂ’Ă“Ă?Ă’ ĂĄĂ‹Ă? ĂžĂ’Ă? Ă•Ă?ĂŁ ĂžĂ™ ĂžĂ’Ă“Ă? Ă?Ă&#x;Ă?Ă?Ă?Ă?Ă?Ë› Ă? Ă?Ă’Ă™Ă&#x;Ă–ĂŽ Ă˜Ă?Ă Ă?Ăœ Ă&#x;Ă˜ĂŽĂ?ĂœĂ Ă‹Ă–Ă&#x;Ă? Ă?ĂžĂœĂ™Ă˜Ă‘ Ă‹Ă˜ĂŽ Ă Ă“Ă?Ă“Ă™Ă˜Ă‹ĂœĂŁ Ă–Ă?Ă‹ĂŽĂ?ĂœĂ?Ă’Ă“ĂšË› Ă’Ă? Ă™ĂžĂ’Ă?Ăœ Ă?Ă‹Ă?ĂžĂ™ĂœĂ? Ă‹ĂœĂ? ĂžĂ’Ă? Ă?Ă“Ă Ă? ĂšĂ™Ă“Ă˜ĂžĂ? Ă–Ă“Ă?ĂžĂ?ĂŽ ĂŒĂ?Ă–Ă™ĂĄË?

r Build and deepen relationships â€“ I always tell people, especially competing organisations, in addition to the two I worked in, that most times the difference between one organisation and the other is the strength of the relationships. Organisations have similar products and processes and the only difference is the people. On an account management training for one of our big banks recently, this was the message that I hammered. This applies to all businesses. We need to stop being transactional about our relationships and prospecting. We need to establish a position of trusted advisor and confidant by spending the necessary time required to nurturing these relationships. An organisation can achieve more value if it spends time nurturing clients. Many of us find this aspect of selling difficult. I know someone who finds it difficult to make small talk and thinks since she cannot, selling is not for her. Selling can be for everybody. We need to discover a connection between us and the person we are trying to develop a relationship with and hone it. r Understand what would compel an individual or organisation to buy from you. You need to constantly put yourself in your customer â€™s shoes and answer the question â€˜what is in it for them?â€™, because that question resonates with the customer daily by proposing solutions that improves their business, service, social standing, business performance, bottom-line results or whatever the client or target holds dear. Ă˜Ă™ĂžĂ’Ă?Ăœ Ă?Ă™Ă—ĂšĂ?Ă–Ă–Ă“Ă˜Ă‘ ĂœĂ?Ă‹Ă?Ă™Ă˜ ĂžĂ™ Ă?Ă™Ă˜Ă?Ă“ĂŽĂ?Ăœ Ă“Ă? ĂĄĂ’Ă‹Ăž Ă’Ă‹Ă? Ă?Ă’Ă‹Ă˜Ă‘Ă?ĂŽ Ă“Ă˜ ĂžĂ’Ă? Ă?Ă–Ă“Ă?Ă˜ĂžËŞĂ? Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜ Ă™Ăœ Ă“Ă˜ ĂžĂ’Ă? Ă?Ă˜Ă Ă“ĂœĂ™Ă˜Ă—Ă?Ă˜Ăž ĂžĂ™ Ă—Ă‹Ă•Ă? ĂžĂ’Ă?Ă— ĂŒĂ&#x;ĂŁ Ă?ĂœĂ™Ă— ĂŁĂ™Ă&#x;Ë› Ă? ĂŁĂ™Ă&#x; Ă‹ĂœĂ? ĂšĂœĂ™Ă Ă“ĂŽĂ“Ă˜Ă‘ Ă?Ă?ĂœĂ Ă“Ă?Ă?Ëœ ĂĄĂ’Ă‹Ăž Ă‹ĂœĂ? ĂžĂ’Ă? ĂžĂ’Ă“Ă˜Ă‘Ă? ĂžĂ’Ă‹Ăž Ă?Ă&#x;Ă?ĂžĂ™Ă—Ă?ĂœĂ? Ă?Ă“Ă˜ĂŽ ĂĄĂœĂ™Ă˜Ă‘ ĂĄĂ“ĂžĂ’ ĂŁĂ™Ă&#x;Ăœ Ă‘ĂœĂ?Ă‹ĂžĂ?Ă?Ăž Ă?Ă™Ă—ĂšĂ?ĂžĂ“ĂžĂ™Ăœ Ă‹Ă˜ĂŽ Ă’Ă™ĂĄ Ă?Ă‹Ă˜ ĂŁĂ™Ă&#x; ĂžĂ‹Ă•Ă? Ă‹ĂŽĂ Ă‹Ă˜ĂžĂ‹Ă‘Ă? Ă™Ă? ĂžĂ’Ă“Ă? ĂŒĂœĂ?Ă‹Ă•ĂŽĂ™ĂĄĂ˜ Ă“Ă˜ Ă?Ă?ĂœĂ Ă“Ă?Ă? ĂžĂ™ ĂŁĂ™Ă&#x;Ăœ Ă‹ĂŽĂ Ă‹Ă˜ĂžĂ‹Ă‘Ă?Ë› Ă? Ă&#x;Ă?Ă&#x;Ă‹Ă–Ă–ĂŁ Ă?Ă“Ă˜ĂŽ Ă™Ă&#x;Ăœ Ă?Ă‹Ă–Ă?Ă? Ă™ĂšĂšĂ™ĂœĂžĂ&#x;Ă˜Ă“ĂžĂ“Ă?Ă? Ă“Ă˜ Ă“Ă˜Ă?ĂžĂ‹Ă˜Ă?Ă?Ă? ĂĄĂ’Ă?Ă˜ Ă™Ă&#x;Ăœ ĂšĂœĂ™Ă?ĂšĂ?Ă?ĂžĂ“Ă Ă? Ă?Ă&#x;Ă?ĂžĂ™Ă—Ă?ĂœĂ? Ă‹ĂœĂ? Ă?Ă“ĂžĂ’Ă?Ăœ ĂŽĂ“Ă?Ă?Ă‹ĂžĂ“Ă?Ă?Ă“Ă?ĂŽ ĂĄĂ“ĂžĂ’ Ă?Ă™Ă—Ă? Ă‘Ă‹Ăš Ă“Ă˜ ĂšĂ?ĂœĂ?Ă™ĂœĂ—Ă‹Ă˜Ă?Ă?Ë›

Ă˜ Ă™ĂœĂŽĂ?Ăœ ĂžĂ™ Ă?ĂœĂ?Ă‹ĂžĂ? Ă‹ ĂœĂ?Ă‹Ă?Ă™Ă˜ Ă?Ă™Ăœ Ă™Ă&#x;Ăœ ĂšĂœĂ™Ă?ĂšĂ?Ă?ĂžĂ? ĂžĂ™ Ă?ĂĄĂ“ĂžĂ?Ă’ ĂžĂ™ Ă&#x;Ă?Ëœ ĂĄĂ? Ă˜Ă?Ă?ĂŽ ĂžĂ™ Ă–Ă?Ăž ĂžĂ’Ă?Ă— Ă&#x;Ă˜ĂŽĂ?ĂœĂ?ĂžĂ‹Ă˜ĂŽ ĂĄĂ’ĂŁ ĂžĂ’Ă?ĂŁ Ă˜Ă?Ă?ĂŽ ĂžĂ™ Ă?Ă’Ă‹Ă˜Ă‘Ă?Ëœ Ă‹Ă˜ĂŽ ĂšĂœĂ™Ă?Ă?Ă?Ăœ Ă?Ă™Ă–Ă&#x;ĂžĂ“Ă™Ă˜Ă? ĂžĂ’Ă?ĂŁ Ă?Ă‹Ă˜Ă˜Ă™Ăž

say no to. Ă™ĂĄĂ?Ă Ă?ĂœËœ ĂœĂ?Ă—Ă?Ă—ĂŒĂ?Ăœ ĂžĂ’Ă? Ă•Ă?ĂŁ Ă“Ă? ĂšĂœĂ™Ă Ă“ĂŽĂ“Ă˜Ă‘ Ă‹ Ă?Ă™Ă—ĂšĂ?Ă–Ă–Ă“Ă˜Ă‘ ĂœĂ?Ă‹Ă?Ă™Ă˜Ëœ ĂŒĂ?Ă?Ă‹Ă&#x;Ă?Ă? ĂžĂ’Ă? Ă—Ă™ĂœĂ? Ă?Ă™Ă—ĂšĂ?Ă–Ă–Ă“Ă˜Ă‘ ĂžĂ’Ă? ĂœĂ?Ă‹Ă?Ă™Ă˜Ëœ ĂžĂ’Ă? Ă—Ă™ĂœĂ? Ă–Ă“Ă•Ă?Ă–ĂŁ ĂžĂ’Ă?ĂŁ Ă‹ĂœĂ? ĂžĂ™ Ă?Ă’Ă‹Ă˜Ă‘Ă?Ë› Ă‹Ă˜ĂŁ ĂŒĂ‹Ă˜Ă•Ă? Ă“Ă˜ Ă“Ă‘Ă?ĂœĂ“Ă‹ Ă?Ă?Ă–Ă– ĂžĂ™ ĂŁĂ™Ă&#x; ĂžĂ™ĂŽĂ‹ĂŁ ĂĄĂ“ĂžĂ’Ă™Ă&#x;Ăž Ă‹Ă–ĂĄĂ‹ĂŁĂ? ĂšĂœĂ™Ă Ă“ĂŽĂ“Ă˜Ă‘ Ă‹ Ă?Ă™Ă—ĂšĂ?Ă–Ă–Ă“Ă˜Ă‘ ĂœĂ?Ă‹Ă?Ă™Ă˜ Ă?Ă™Ăœ ĂŁĂ™Ă&#x; ĂžĂ™ Ă?ĂĄĂ“ĂžĂ?Ă’ ĂžĂ™ ĂžĂ’Ă?Ă—Ë› Ă’Ă? Ă™Ă˜Ă–ĂŁ ĂœĂ?Ă‹Ă?Ă™Ă˜ Ă—Ă‹Ă˜ĂŁ Ă?ĂĄĂ“ĂžĂ?Ă’ Ă™Ăœ ĂšĂ‹ĂžĂœĂ™Ă˜Ă“Ă?Ă? ĂžĂ’Ă?Ă“Ăœ ĂšĂœĂ™ĂŽĂ&#x;Ă?ĂžĂ? Ă“Ă? Ă?Ă“ĂžĂ’Ă?Ăœ Ă?ĂœĂ™Ă— ĂšĂœĂ?Ă?Ă?Ă&#x;ĂœĂ? Ă™Ăœ ĂžĂ’Ă? ĂœĂ?Ă–Ă‹ĂžĂ“Ă™Ă˜Ă?Ă’Ă“ĂšĂ? ĂŁĂ™Ă&#x; Ă’Ă‹Ă Ă? ĂĄĂ“ĂžĂ’ ĂžĂ’Ă? Ă?Ă?Ă–Ă–Ă?ĂœĂ?Ë›

r Determine the necessary investment required. Anthony Iannarino, says acquiring something of a higher quality requires a greater investment. But organisations mistakenly want to postpone that conversation as long as possible. If there is a compelling reason to change, there is a compelling reason to invest in that change. â€œMostly I work with clients with higher prices and who produce greater results than their competitors. The greater investment is necessary to produce those results. Ă™Ă&#x; Ă—Ă“Ă‘Ă’Ăž ĂŒĂ?Ă–Ă“Ă?Ă Ă? Ă‹ Ă’Ă“Ă‘Ă’Ă?Ăœ ĂšĂœĂ“Ă?Ă? ĂŒĂ&#x;Ă“Ă–ĂŽĂ? ĂœĂ?Ă?Ă“Ă?ĂžĂ‹Ă˜Ă?Ă? ĂžĂ™ Ă‹ ĂŽĂ?Ă‹Ă–Ëœ ĂŒĂ&#x;Ăž Ă“Ă? ĂŁĂ™Ă&#x; Ă‹ĂœĂ? Ă?Ă™Ă?Ă&#x;Ă?Ă?ĂŽ Ă™Ă˜ ĂžĂ’Ă? Ă Ă‹Ă–Ă&#x;Ă? ĂŁĂ™Ă&#x; Ă?ĂœĂ?Ă‹ĂžĂ? Ě™ĂžĂ’Ă? Ă™Ă&#x;ĂžĂ?Ă™Ă—Ă?Ă?ĚšËœ Ă“Ăž ĂœĂ?ĂŽĂ&#x;Ă?Ă?Ă? ĂœĂ?Ă?Ă“Ă?ĂžĂ‹Ă˜Ă?Ă?ËŹË› Ă? ĂĄĂ? Ă?Ă‹Ă˜ Ă?Ă?Ă?Ëœ ĂžĂ’Ă? Ă•Ă?ĂŁ Ă’Ă?ĂœĂ? Ă“Ă? ĂžĂ™ Ă‹Ă–ĂĄĂ‹ĂŁĂ? ĂŒĂ&#x;Ă“Ă–ĂŽ Ă Ă‹Ă–Ă&#x;Ă?Ëœ Ă™Ă˜Ă?Ă? ĂžĂ’Ă? Ă Ă‹Ă–Ă&#x;Ă? Ă“Ă? Ă&#x;Ă˜ĂŽĂ?ĂœĂ?ĂžĂ™Ă™ĂŽ Ă“Ăž Ă“Ă? Ă?Ă‹Ă?Ă“Ă?Ăœ ĂžĂ™ Ă?Ă‹Ă“Ă– ĂžĂ’ĂœĂ™Ă&#x;Ă‘Ă’Ë› r Build consensus because people do not like change. Fight the status quo. If there is one thing that can derail an opportunity for you faster and more assuredly than anything else, that would be your mortal enemy, the status quo. Ă’Ă? Ă?ĂžĂ‹ĂžĂ&#x;Ă? Ă›Ă&#x;Ă™ Ă’Ă‹Ă? Ă—Ă‹Ă˜ĂŁ ĂŽĂ?Ă?Ă?Ă˜ĂŽĂ?ĂœĂ?Ë› Ă˜Ă–Ă?Ă?Ă? Ă‹Ă˜ĂŽ Ă&#x;Ă˜ĂžĂ“Ă– ĂŁĂ™Ă&#x; ĂĄĂ™ĂœĂ• ĂŁĂ™Ă&#x;Ăœ ĂĄĂ‹ĂŁ ĂžĂ’ĂœĂ™Ă&#x;Ă‘Ă’ ĂŁĂ™Ă&#x;Ăœ ĂžĂ‹ĂœĂ‘Ă?Ăž Ă?Ă–Ă“Ă?Ă˜ĂžËŞĂ? Ă?Ă™Ă—ĂšĂ‹Ă˜ĂŁ ĂŒĂ&#x;Ă“Ă–ĂŽĂ“Ă˜Ă‘ Ă?Ă™Ă˜Ă?Ă?Ă˜Ă?Ă&#x;Ă?Ëœ ĂŁĂ™Ă&#x; Ă‹ĂœĂ?Ă˜ËŞĂž Ă–Ă“Ă•Ă?Ă–ĂŁ ĂžĂ™ Ă—Ă™Ă Ă? ĂžĂ’Ă? Ă™ĂšĂšĂ™ĂœĂžĂ&#x;Ă˜Ă“ĂžĂŁ Ă?Ă™ĂœĂĄĂ‹ĂœĂŽË› Ă™ Ă–Ă™Ă™Ă?Ă?Ă˜ ĂžĂ’Ă? Ă?ĂžĂ‹ĂžĂ&#x;Ă? Ă›Ă&#x;Ă™ËŞĂ? Ă‘ĂœĂ“Ăš Ă™Ă˜ ĂŁĂ™Ă&#x;Ăœ ĂžĂ‹ĂœĂ‘Ă?Ăž Ă?Ă–Ă“Ă?Ă˜ĂžËŞĂ? Ă?Ă™Ă—ĂšĂ‹Ă˜ĂŁËœ ĂŁĂ™Ă&#x; Ă’Ă‹Ă Ă? ĂžĂ™ Ă?ĂšĂ?Ă˜ĂŽ ĂžĂ“Ă—Ă? ĂĄĂ“ĂžĂ’ ĂžĂ’Ă? Ă?ĂžĂ‹Ă•Ă?Ă’Ă™Ă–ĂŽĂ?ĂœĂ? ĚŽ Ă“Ă˜Ă?Ă–Ă&#x;Ă?Ă˜Ă?Ă?ĂœĂ?Ëœ ĂŽĂ?Ă?Ă“Ă?Ă“Ă™Ă˜ Ă—Ă‹Ă•Ă?ĂœĂ?Ëœ Ă‘Ă‹ĂžĂ? Ă•Ă?Ă?ĂšĂ?ĂœĂ?Ëœ Ă&#x;Ă?Ă?ĂœĂ? Ă‹Ă˜ĂŽ ĂžĂ’Ă? ĂžĂ?Ă?Ă’Ă˜Ă“Ă?Ă‹Ă– ĂžĂ?Ă‹Ă—Ë› Ă™Ă&#x; Ă’Ă‹Ă Ă? ĂžĂ™ Ă’Ă?Ă–Ăš ĂžĂ’Ă?Ă— Ă&#x;Ă˜ĂŽĂ?ĂœĂ?ĂžĂ‹Ă˜ĂŽ ĂžĂ’Ă? Ă?Ă‹Ă?Ă? Ă?Ă™Ăœ Ă?Ă’Ă‹Ă˜Ă‘Ă?Ëœ Ă‹Ă˜ĂŽ ĂŁĂ™Ă&#x; Ă’Ă‹Ă Ă? ĂžĂ™ Ă’Ă?Ă–Ăš Ă—Ă“ĂžĂ“Ă‘Ă‹ĂžĂ? ĂžĂ’Ă? ĂšĂœĂ™ĂŒĂ–Ă?Ă—Ă? Ă“Ăž Ă?ĂœĂ?Ă‹ĂžĂ?Ă? Ă?Ă™Ăœ ĂžĂ’Ă?Ă—Ë› Ă? Ă˜Ă?Ă?ĂŽ ĂžĂ™ Ă?ĂšĂ?Ă˜ĂŽ ĂžĂ“Ă—Ă? ĂĄĂ“ĂžĂ’ ĂžĂ’Ă? ĂšĂ?Ă™ĂšĂ–Ă? ĂĄĂ’Ă™ ĂĄĂ“Ă–Ă– Ă?Ă&#x;ĂšĂšĂ™ĂœĂž Ă™Ă&#x;Ăœ Ă?Ă‹Ă–Ă?Ă? Ă™ĂŒĂ”Ă?Ă?ĂžĂ“Ă Ă?Ă? Ă‹Ă˜ĂŽ Ă?Ă–Ă“Ă?Ă˜Ăž Ă?Ă™Ă‹Ă?Ă’Ă?Ă? ĂĄĂ’Ă™ ĂĄĂ“Ă–Ă– Ă‘Ă“Ă Ă? Ă&#x;Ă? Ă“Ă˜ĂžĂ?Ă–Ă–Ă“Ă‘Ă?Ă˜Ăž Ă“Ă˜Ă?Ă™ĂœĂ—Ă‹ĂžĂ“Ă™Ă˜ Ă‹ĂŒĂ™Ă&#x;Ăž ĂžĂ’Ă? Ă“Ă˜Ă˜Ă?Ăœ ĂĄĂ™ĂœĂ•Ă“Ă˜Ă‘Ă? Ă™Ă? ĂžĂ’Ă? Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă?Ë› Ă?Ăž Ă?Ă™Ă—Ă—Ă“ĂžĂ—Ă?Ă˜Ăž Ă™Ă˜Ă? Ă?ĂžĂ?Ăš Ă‹Ăž Ă‹ ĂžĂ“Ă—Ă?Ëœ ĂĄĂ’Ă‹Ăž Ă?Ă‹Ă–Ă– ĂžĂ’Ă? ËŤĂ–Ă“ĂžĂžĂ–Ă? Ă? Ă‹Ă˜ĂŽ ĂžĂ’Ă? Ă‹ĂœĂ‘Ă? Ă?ËŹË› Ă˜Ă?Ă&#x;ĂœĂ? ĂžĂ’Ă‹Ăž Ă?Ă Ă?ĂœĂŁ Ă“Ă˜ĂžĂ?ĂœĂ‹Ă?ĂžĂ“Ă™Ă˜ ĂĄĂ“ĂžĂ’ ĂžĂ’Ă? Ă?Ă–Ă“Ă?Ă˜Ăž Ă–Ă?Ă‹ĂŽĂ? ĂžĂ™ ĂŒĂ™ĂžĂ’ Ă™Ă? ĂŁĂ™Ă&#x; Ă?Ă™Ă—Ă“Ă˜Ă‘ ĂžĂ™ Ă‹ Ă?Ă™Ă˜Ă?Ă?Ă˜Ă?Ă&#x;Ă? Ă™Ă˜ ĂžĂ’Ă? ĂĄĂ‹ĂŁ Ă?Ă™ĂœĂĄĂ‹ĂœĂŽ Ă‹Ă˜ĂŽ Ă’Ă?Ă–Ăš ĂŁĂ™Ă&#x;Ăœ Ă?Ă–Ă“Ă?Ă˜Ăž Ă‹ĂœĂœĂ“Ă Ă? Ă‹Ăž ĂžĂ’Ă? ĂŽĂ?Ă?Ă“Ă?Ă“Ă™Ă˜ ĂŒĂŁ ĂšĂœĂ™Ă?Ă?Ă?ĂœĂ“Ă˜Ă‘ Ă Ă‹Ă–Ă&#x;Ă?Ëœ Ă˜Ă&#x;ĂœĂžĂ&#x;ĂœĂ“Ă˜Ă‘ ĂžĂ’Ă? ĂœĂ?Ă–Ă‹ĂžĂ“Ă™Ă˜Ă?Ă’Ă“Ăš Ă‹Ă˜ĂŽ ĂšĂœĂ™Ă Ă“ĂŽĂ“Ă˜Ă‘ Ă‹ Ă?Ă™Ă—ĂšĂ?Ă–Ă–Ă“Ă˜Ă‘ ĂœĂ?Ă‹Ă?Ă™Ă˜ Ă?Ă™Ăœ ĂĄĂ’ĂŁ Ă“Ăž Ă—Ă&#x;Ă?Ăž ĂŒĂ? ĂŁĂ™Ă&#x; Ă‹Ă˜ĂŽ Ă˜Ă™ Ă™Ă˜Ă? Ă?Ă–Ă?Ă?Ë› Ă™ Ă?ĂœĂ™Ă— Ă?Ă™Ă—Ă—Ă“ĂžĂ—Ă?Ă˜Ăž ĂžĂ™ Ă?Ă™Ă—Ă—Ă“ĂžĂ—Ă?Ă˜ĂžËœ Ă?ĂœĂ?Ă‹ĂžĂ“Ă˜Ă‘ Ă Ă‹Ă–Ă&#x;Ă? Ă‹Ăž Ă?Ă Ă?ĂœĂŁ Ă?ĂžĂ‹Ă‘Ă? Ă™Ă? ĂžĂ’Ă? ĂšĂœĂ™Ă?Ă?Ă?Ă?Ë› Ă‹Ă•Ă? Ă?Ă&#x;ĂœĂ? ĂŁĂ™Ă&#x; Ă–Ă?Ă‹Ă Ă? Ă?Ă Ă?ĂœĂŁ Ă“Ă˜ĂžĂ?ĂœĂ‹Ă?ĂžĂ“Ă™Ă˜ ĂĄĂ“ĂžĂ’ ĂžĂ’Ă? Ă?Ă–Ă“Ă?Ă˜Ăž ĂĄĂ“ĂžĂ’ Ă‹ Ă?Ă–Ă?Ă‹Ăœ Ă?Ă?Ă˜Ă?Ă? Ă™Ă? ĂžĂ’Ă? Ă˜Ă?Ă?Ă?Ă?Ă?Ă‹ĂœĂŁ Ă˜Ă?Ă˘Ăž Ă?ĂžĂ?ĂšĂ? ĂžĂ™ Ă‘Ă?Ăž ĂŁĂ™Ă&#x; Ă?Ă–Ă™Ă?Ă?Ăœ ĂžĂ™ ĂŁĂ™Ă&#x;Ăœ Ă‘Ă™Ă‹Ă–Ă?Ë› Ă’Ă?ĂœĂ? Ă‹ĂœĂ? Ă—Ă‹Ă˜ĂŁ Ă—Ă™ĂœĂ? Ă?ĂžĂ?ĂšĂ? ĂŒĂ&#x;ĂžËœ ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă“Ă˜Ă‘ ĂžĂ’Ă? Ă?ĂžĂ?ĂšĂ? Ă‹ĂŒĂ™Ă Ă? ĂĄĂ“Ă–Ă– Ă?Ă˜Ă’Ă‹Ă˜Ă?Ă? ĂŁĂ™Ă&#x;Ăœ Ă?Ă‹Ă–Ă?Ă? ĂšĂœĂ™Ă?Ă?Ă?Ă?Ë› Ăž ĂŽĂ™Ă?Ă? Ă˜Ă™Ăž Ă—Ă‹ĂžĂžĂ?Ăœ ĂĄĂ’Ă‹Ăž Ă•Ă“Ă˜ĂŽ Ă™Ă? ĂŒĂ&#x;Ă?Ă“Ă˜Ă?Ă?Ă? ĂŁĂ™Ă&#x; Ă‹ĂœĂ? Ă“Ă˜Ëœ ĂžĂ’Ă? Ă?ĂžĂ?ĂšĂ? ĂĄĂ“Ă–Ă– Ă?Ă™Ă—Ă? Ă“Ă˜ Ă’Ă‹Ă˜ĂŽĂŁ Ă“ĂœĂœĂ?Ă?ĂšĂ?Ă?ĂžĂ“Ă Ă?Ë› Ăž Ă“Ă? Ă‹Ă–Ă– Ă‹ Ă—Ă‹ĂžĂžĂ?Ăœ Ă™Ă? ĂžĂ?Ă?Ă’Ă˜Ă“Ă›Ă&#x;Ă? Ă‹Ă˜ĂŽ Ă?Ă™Ă˜Ă?Ă“Ă?ĂžĂ?Ă˜Ă?ĂŁË› ĚŽ Marie-Therese Phido is Sales & Market Strategist and Business Coach Email: mphido@elevato.com.ng tweeter handle @osat2012 TeL: 08090158156 (text only)

T H I S D AY Ëž Ëœ ÍŻÍ°Ëœ Í°ÍŽÍŻÍľ

Flour Mills: In Dire Need of Equity Capital Going by the financial results of Four Mills of Nigeria Plc for the full year ended March 31, 2017, the company needs urgent equity capital injection to improve on its performance going forward, writes Goddy Egene Flour Mills of Nigeria (FMN) Plc is one of the leading names in the Nigerian economy and one company that investors look up for regular dividends. Although the companyâ€™s name reflects milling of flour as its major preoccupation, FMN is a conglomerate that operates in the food, agro-allied, packaging, ports and property sectors. With a well diversified base, it is expected that the company would be able to navigate the challenging operating environment and always end up with improved performance. Although FMN has been a regular dividend paying company, its performance has been inhibited recently with high cost of finance due to its dependence on bank borrowings. While the company recorded a growth of 53 per cent in revenue for the year ended March 31, 2017, its profit after tax (PAT) fell by 38 per cent. The decline in bottom-line notwithstanding, the directors recommended a dividend of 100 kobo per share, the same paid the previous year, apparently to maintain its track record as a regular dividend payer. Full year results According to the audited results of FMN released last week, the company posted a revenue of N524.5 billion, up by 53 per cent from N342.6 billion in 2016. The high cost of doing business that prevailed during the review period, shot up the cost of sale of sale (COS) by 50 per cent, which rose from N304.9 billion to N457.8 billion in 2017. A look at the COS indicated that the highest cost element that witnessed the highest rise was fuel, gas and oil, which soared from N8.591 billion in 2016 to N18.58 billion in 2017. Although administrative expenses increased by 16 per cent from N15.84 billion to N18.419 billion, the expenses would have been lower if not for the jump in bank charges which increased by 148 per cent to N2.553 billion, from N909 million in 2016. A further analysis of the figures showed that FMN recorded an operating profit of N41.439 billion in 2017, up from N9.052 billion in 2016. However, unlike 2016 when the company realised N23.7 billion as gains from the disposal of investment in a subsidiary, no such gain was recorded in 2017. Besides, finance cost rose by 45 per cent from N22.397 billion to N32.529 billion. Hence, the companyâ€™s PAT fell by 38 per cent to N8.836 billion, from N14.42 billion. Market analysts said the board and management of FMN should urgently address the issue of huge borrowings that is eating deep into its revenue. Interest on bank loans and over draft increased from N21.2 billion to N29 billion. FMNâ€™s overdraft rose from N16.46 billion to N49 billion, while total borrowings stood at N192.5 billion, from N148.8 billion in 2016. Out of the borrowings, about 78 per cent or N148.8 billion is current, which indicate high pressure because must strive to meet its debt repayment obligation. Deferring the rights issue FMN had seen the need to reduce its reliance on debt banks borrowings and applied for a Right Issue. However, considering the bearish nature of the equities market that affected the share price of FMN, the company had to defer the rights issue Directors of the company said they decided to put the right issue on hold and would later raise the funds in three tranches. The directors had said given the economic headwinds, they decided to undertake the rights issue through a Shelf Programme (a situation whereby securities are sold over a period of time) to enable the company raise the required funds in several transactions over three year period. According to them, they have already registered a N40 billion Shelf Programme with the Securities and Exchange Commission (SEC), adding that they would continue to assess the economic

climate to determine the most appropriate time to launch the first tranche. Although, the directors cited the current economic situation for the deferring the Rights Issue, market sources said investor apathy could be one other major reason for pushing the issue forward. Analystsâ€™ comments Commenting on the results, analysts at FBN Quest said on a full year basis, sales grew by 53 per cent y/y to N524 billion, noting, however, that PBT and PAT declined by nine per cent and 38 per cent to N10.5 billion and N8.7 billion respectively. â€œSimilar to the trends in the Q4 quarter, the y/y declines in PBT and PAT were driven marked increases in interest expense and opex respectively. The company has proposed a dividend per share of N1.00 (flat y/y) which translates to a dividend yield of 3.7 per cent. The proposed dividend is around 30 per cent lower than our N1.43 forecast and 41 per cent lower than consensus. The dividend per share (DPS) translates to a dividend payout of around 30 per cent,â€? they said. The analysts explained that in terms of the

top-line, the foods business, which contributed around 80 per cent to sales grew by around 51 per cent on a full year basis. â€œHowever, the agro-allied business, which accounts for around 15 per cent of sales grew faster, by 72 per cent. Pending comments from management, we believe that the top-line growth benefited slightly more from price increases as opposed to volume growth. We also believe that unit volumes, particularly those in the foods division benefitted from consumers down-trading to cheaper domestic brands,â€? they said. Assessing the fourth quarter(Q4), which is from January to March, 2017, analysts at Cordros Capital said compared to the loss they expected, Q4 PBT of N179 million (vs. N1.5 billion in Q3) was reported. According to them, a net operating gain of N10.3 billion (vs. N11.8 billion loss as at end-December, owing to FX gain of N7.54 billion) and a finance charge of N14.8 billion were the major surprises in the final quarter result. They explained that revenue in Q4 grew by 70.5 per cent, the highest in all quarters of the year, but compared to the Oct-December

FLOUR MILLS FULL YEAR FINANCIAL SUMMARY

600 550

MARCH, 2017 N525Bn

MARCH, 2017 N455Bn

500 450 400 350

MARCH, 2016 N69.7Bn

MARCH, 2016 N305Bn

300 250 200 150 100 MARCH, 2017 N18.4Bn

MARCH, 2016 N15.8Bn

MARCH, 2017 N32.5Bn

MARCH, 2016 N22.3Bn

MARCH, 2017 N8.8Bn

MARCH, 2017 N14.4Bn

REVENUE

COST OF SALES

ADMIN. EXPENSES

FINANCE COST

PROFIT AFTER TAX

period, revenue was almost flat. â€œThe food division remained resilient, growing by 50 per cent y/y and 41 per cent q/q. The introduction of new products, strong price increases, and the relatively less-cyclical demand for foodbased products accounted for the impressive performance of this division. Also supporting the y/y top-line growth in Q4 was the packaging division, in continuation from the recovery in Q3. Management attributed the recent performance of this division to the slightly improved activities in the macro environment, but more importantly, to the performance of other divisions (accounting for up to 60 per cent of total demand) within the Group. Asides from Food and Packaging (although revenue contracted q/q), all other business divisions performed poorly in revenue terms during the review period,â€? they said. According to Cordros Capital, the first negative surprise from the Q4 result was the 287 basis points (bps) y/y and 279 bps q/q declines in gross margin (GM) to 9.8 per cent, the lowest during the year. â€œWhile noting possible pricing pressure, particularly in the agro-allied division (e.g the fertilizer market where the federal government was supplying at highly subsidised prices), we think the decline in GM may also be related to higher production cost. Raw materials and packaging costs increased by 68 per cent y/y (although down 46 per cent q/q), and notably, the 352 per cent y/y and 48 per cent q/q increases in fuel, gas, and oil costs are not unrelated to the increase in diesel prices over the period. Gas supply to FNMâ€™s Apapa factory area is yet to improve,â€? they said. The analysts added that another negative surprise in Q4 was the 119 per cent q/q increase in finance charge to a quarterly record of N14.8 billion, contrary to their expectation of a slight reduction following the relatively high charge (N6.8 billion) incurred in Q3. â€œWe consider this worthy of note, considering that: FMNâ€™s total debt only increased by N8 billion during the quarter; there was no material change in the interest rate environment, and the naira strengthened during the period, making the case for huge FX loss on the companyâ€™s cumulative $42 million loan unlikely,â€? they said. The analysts added that operating expenses increased 74 per cent q/q to the yearâ€™s peak of N9.3 billion. According to them, while this conforms with FMNâ€™s usually bloated opex in the final quarter, we note that the amount reported was below the N10.2 billion we had expected. The N836 million reported as other income was also above our estimated N551 million.â€?

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Larbie: Producing Locally is a More Sustainable Business Strategy Managing Director/Chief Executive Officer of Rand Merchant Bank Nigeria and Regional Head, RMB West Africa, Mr. Michael Larbie, in this interview stressed the need for increased support for local production. Obinna Chima presents the excerpts: Why did Rand Merchant Bank decide to issue an N80 billion Commercial Paper? As part of our funding to support the bank and our activities, we seek to employ a variety of options and CP is certainly one of the options that allow you to do that. So, we are quite excited to do that. It is going to be part of a package of funding solutions which would include a bond issuance and a bond programme which we are basically working on, in addition to corporate deposits that we have raised. But we believe CP is efficient, quick to do and more importantly, it is shorter and aligns with the short-term businesses that we do. We think the market environment and the work that the FMDQ has been doing in ensuring transparency in that market and ensuring good investor appetite and education, have all come together to give us confidence to do that. Did you consider cost? Absolutely, we did consider the cost. Ultimately, when we raise this type of funding, we add it to our available funding already and obviously use that to support our lending to clients. Certainly, cost is very important to us and that was considered. Would the bond programme be dollardenominated? Our bond programme would certainly be a pure naira programme. It wonâ€™t be a Eurobond programme. That is because being part of a global group â€“the FirstRand â€“we are able to source dollars from FirstRand when we need them. So, there is no immediate need to issue a foreign currency bond. But, when the opportunity comes, we would consider it. But our group does it for us. So, when the group raises funding in the international market, they consider our activities also. But I think on a broader basis, the appetite for Nigerian issuances has increased in the international market. You are aware that the United Bank for Africa Plc recently tapped the market, Zenith Bank also tapped the market and the federal government also tapped the market for a 15-year paper, which was priced very efficiently. So, we believe there is good investor appetite for Nigerian paper. Increasingly, given the challenges we have gone through in the foreign exchange market, I think as banks, it is important that we also reflect carefully on the clients that we are lending dollars to. It is important that the dollars are lent to clients who are generators of dollars. And when they are not generators of dollars, we need to be comfortable that they are able to source the dollars to repay. So what we see in the market is re-balancing between clients borrowing in naira and borrowing in dollars. A lot of the activities, clients now want to borrow in naira to fund the activities. That is actually a good thing. Obviously, rates at the current level seem high. But as rates normalise given that inflation is coming down, clients would be more encouraged to borrow in naira, which is good. With your capital raising programme, are there speciďŹ c infrastructure projects you are investing in? We are quite engaged in the power sector. We see pockets of opportunities in the power sector, especially the Independent Power Producers (IPPs). But we also see quite a bit of opportunities in the FMCG space, so investments into manufacturing plants. There are clients setting up plants to be able to manufacture their products locally, which is good for the market. So, we are seeing opportunities in that and the funds we are raising would go towards supporting our corporate clients who are going into either expanding their current facilities, building new plants and also working capital for their businesses. I think local production is a

Larbie

sustainable business. Importation of products is not a sustainable business model, given what we have seen with foreign exchange shortages. So what we see in the market today are businesses looking to explore what can be produced locally. It is not without challenges in the sense that we have limited infrastructure capability we are having in the country. Inefficient roads, rail networks, power, generally makes the cost of production higher than other markets, in a global context. But we believe that as investments are made into rail, things would get better. So, I think clients need to take a long-term view and that is what I encourage them to do. And the clients who are taking long-term view; we are convinced it is the right thing to do, set up plants locally and produce locally. There are going to be some equipment that naturally we donâ€™t do here that would be needed, but then you limit your foreign exchange needs to those ones. With your foray into the power sector, are you seeing and headway? Power projects naturally take some time, maybe about three and half years. So, we are confident that by that time, a solution would have been found to the power situation in the country. Of note however, is that the power purchase agreements that were negotiated for these new projects are much better than what pertains before. But I think sometimes we generalise issues in the power sector. So, in talking about

the power sector, it is important we identify the three key areas â€“generation, distribution and transmission. We do believe that a lot of the issues that were in generation came from gas supply shortages which were obviously related to the Niger Delta challenges. That has now been resolved to and there is good gas flow, so we should see generation pick up. Then the issue now becomes transmission. We do believe that the capacity of transmission would go up to maybe 8,000 megawatts. We are not there yet and the power plants that we are supporting would still not hit that target yet. But we are aware that the government is working with the Transmission Company of Nigeria (TCN) to enhance its transmission infrastructure. There are lots of issues in the distribution sector. That is reflected in the type of tariff that they are able to charge. Also, with the sale of the assets from Power Holding Company of Nigeria (PHCN) to the new buyers, the template captures the cost of acquisition or the cost of funding, that they take their own technical capabilities. So, those templates need to be reviewed to ensure that we find a good way as to how the tariffs are better reflected. I think until that is done, we are still going to be having the liquidity challenges we are having in the distribution sector. Now, if the distribution sector is not working efficiently, the generation sector does not generate the required revenue and that becomes a vicious cycle that needs to be broken. We are aware that the Ministry of Power is

engaging them to try and find solution to the issues. The Discos have a role to play in terms of enhancing their technical capabilities and efficiency while we look for solution to the liquidity shortages that besieged that sector. So, we are encouraged that in the generation side where we currently focused, that there is room for more power producers. Look I think certainly the efforts of the Central Bank of Nigeria have brought us to where we are. The creation of the NAFEX which is also known as I&E window is certainly a welcome development. Normally the central bank would always have its policies, but a market is a market and willing sellers and willing buyers should be able to freely exchange what they want to sell or buy and that is what the central bank has done. So, I think as a market, market participants should determine the price and I am encouraged that, that is what I & E market is doing. I am very excited by the central bank approving that market and today we do quite a bit in that market and international investors and local investors who have dollars to sell go to that market. And when they are selling it, local corporates and investors who have a need for it are able to freely buy it. What it does is that it has brought confidence, certainty in the market, which in itself is fuelling demand and supply. As market participants, we must always play by the rules set out by the central bank so that the market can flourish.

T H I S D AY WEDNESDAY JULY 12, 2017

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Somefun: Weâ€™re Enforcing a Four-point Agenda to Reposition NSITF Mr.Adebayo Somefun assumed office as the Managing Director/CEO of the Nigeria Social Insurance Trust Fund about two months ago. In this interview, he speaks about his fourpoint agenda to reposition the fund, and build on the achievements of his predecessors. Damilola Oyedele presents the excerpts: What agenda is the new management team setting for the NSITF? We were appointed May 2, 2017 and we have come up with a four point agenda. One is consolidating on the past achievements of previous administrations by improving upon existing systems. There are systems that have to be improved upon. We cannot say the past administrations did not do well so we want to consolidate on their achievements. The second agenda is to increase our revenue base to achieve our statutory responsibilities. When one talks about improving on existing systems, for instance, getting this place fully automated. If the NSITF is fully automated, then it will take care of many things; contributions will be online, there will be transparency, people will pay as at when due. Thirdly, we intend to rebrand the NSITF to improve acceptance and public enlightenment on what we do. These we have already started, we will let the public know what NSITF stands for and what it is doing. Lastly, we intend to work on motivation of the staff and improvement of their welfare. That is out four point agenda, which shows our commitment to increasing social insurance advocacy in this country. We are very committed to that. One of the biggest challenges to the Employees Compensation Scheme is the refusal of employers to make their mandatory contribution. Your predecessor chose the path of dialogue. Would you be towing the same line? Yes, dialogue is very important, we will try to persuade them and also use the apparatus of government to mandate them. I will not talk about enforcement per say, but it is mandatory. Where persuasion has failed, one way or the other, we can try to mandate them. I am aware some circulars have been written but we still have some recalcitrant employers. We will sit and persuade them and enforce when necessary. Unfortunately the provision of the Act for the penalty on defaulting is so small, it is about N10,000. So I believe this Act needs to be amended

Somefun

to provide stiffer penalties, which we would propose after due consultations.

We have collaboration with labour and we are going to have collaboration with CAC, PenCoM (Pension Commission) , FIRS (Federal Inland Revenue Service) when we start. We will link up even with the ITF (Industrial Trust Fund). All these agencies are going to be on board with this new management. When we talk about raising the revenue base, if all these things are done, the revenue base will be raised to make sure our statutory responsibilities are fulďŹ lled

In pushing for amendment of the Act before the National Assembly, what exactly would you be asking for? There are several defaulters, we would propose for the government to mandate them to make their contributions. We are supposed to enforce by taking them to Court, but once we do automation, we will get everything right. Any company that does not contribute to the scheme, would not be able to secure any government contracts. Corporate Affairs Commission is in the picture, and we have collaboration with them. When a company wants to bid for contracts, it must present several certificates, which also includes the NSITF certificate. But at several investigative hearings at the National Assembly, there have been revelations where companies without these certiďŹ cates, including the NSITF certiďŹ cate, get contracts running into billions from government entities. Some of the companies are not even registered by the CAC. So what assurances are there that things would be different? That has been because some things were not done properly. This is a change administration and you have heard about the executive order

and it will take care of most of this things. People are now being informed, it will get better. If we put this in place it will take us higher than where we are now. By the time most of these laws are enforced and scapegoats are made, people will begin to conform. Do you have collaboration with other related government institutions, particularly on the Executive Order on the Ease of Doing Business? We have collaboration with labour and we are going to have collaboration with CAC, PenCoM (Pension Commission) , FIRS (Federal Inland Revenue Service) when we start. We will link up even with the ITF (Industrial Trust Fund). All these agencies are going to be on board with this new management. When we talk about raising the revenue base, if all these things are done, the revenue base will be raised to make sure our statutory responsibilities are fulfilled. We want to be as transparent as possible; we want the public to have confidence in us and this new management There have been proposals towards expanding the scope of the NSITF, to include unemployment beneďŹ ts scheme. There is however an ofďŹ ce in the presidency currently handling that. Would you be pushing for the program to be transferred

to the fund? Basically, what we are pushing for now is the passage of the social security bill, and once that is passed, it takes care of everything. Has the fund ever encountered fraud such as false claims of injury for compensation, probably in collusion with an unscrupulous employer? We should have had some cases in the past but if we take care of automation, it will take care of fraud and all that. The employer will not be able to under value what he is supposed to pay. We go to CAC to know the number of companies that are registered, by the time we have this stakeholders in place, there will be nothing like fraud. The most important thing now is to get this place fully automated, by the grace of God we are already on the process. Is there a limit to the compensation, to how much NSITF can pay beneďŹ ciary under the ECS? Yes, Part 4 of the Act, section 17(1) talks about scales of compensation. 17(1) says â€œwhen there is an injury to the employee, compensation will be paid to the deceased dependant of the employee, where the deceased employer leaves a dependant wholly dependent on his earnings, a widow or widower and two or more children, of a sum equal to 90 percent of the sum total of the contribution.â€?

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The Quest for Local Refining Enyeribe Anyanwu writes that the federal government should encourage investors in modular refineries, given the huge benefits, including reducing capital flight to fuel importation, meeting local demand and foreign exchange earnings through exports Since its inception, the present administration has been working hard towards getting Nigeria to refine its crude for local consumption and possibly exportation. Beyond this economic calculation, the government is equally miffed by the countryâ€™s despicable and shameful status as a major crude producer and a net importer of refined petroleum products. Owing to the inability to refine its crude, the nationâ€™s socio-economic life continues to suffer perennial disruptions induced by incessant fuel crisis. In its efforts to change this ugly scenario, the government recognizes that it cannot go it alone. Hence it has enlisted the private sector as the driving force in this charge. Things could not have been any other way considering the hundreds of billions of dollars the previous governments had frittered away in their corruption-prone efforts to repair the nationâ€™s four refineries they had criminally allowed to decay over the years. To the government and Nigerian people, therefore, the private sector remains the last hope. Even, the boasting by the government to end fuel importation by 2019 is hinged on the efforts by the private sector especially the 650,000pbd Dangote refinery that is nearing completion. Refining and petroleum industry experts have often harped on the need for government to encourage other investors who have picked up the gauntlet of venturing into crude refining. They maintain that even with the efforts to revamp the nationâ€™s jinxed refineries and the expectations from the Dangote refinery when it comes on stream, Nigeria may not effectively end fuel importation let alone have its name

Captain Emmanuel Iheanacho

stamped on the world map of crude oil refining and petroleum products exporting nations. Other investors who have shown considerable interest and demonstrated in concrete terms their desire to assist government to achieve this desired goal should, therefore, be encouraged. Governmentâ€™s pronouncements of desire to see private refineries spring up in the country should be backed by concrete actions. It is in the light of this that government should take modular refinery projects serious. This it must do by providing enabling environment for entrepreneurs who have decided to establish modular refineries as

Prestige Assurance Launches Travel Insurance Scheme Ebere Nwoji Prestige Assurance Plc, has launched Travel Insurance Scheme tagged, â€˜Prestige Insurance Overseas Medical Policyâ€™ (POMP) The company said in a statement that the product, has already been approved by the National Insurance Commission (NAICOM). Designed as a comprehensive package to protect all the eventualities arising while travelling and/or staying outside Nigeria at an affordable premium payable in Naira, the product, according to Prestige Insurance has the significance of paying for medical expenses incurred by the insured persons, outside Nigeria as a direct result of bodily injuries caused or sickness or disease contracted and other benefits. The scope of insurance covers to the travellers provided by the policy according to the company, is medical expenses and repatriation, personal accident, loss of checked-in baggage, delay of checked-in baggage, loss of passport, personal liability, hijack distress allowance, financial emergency assistance, travel delay, trip cancellation & interruption and bounced booking for hotel and airlines. â€œPOMP is specially designed to indemnify the legal residents/ citizens of Nigeria who are travelling temporarily outside Nigeria for the purpose of business, holiday, employment and study. The policy is available to persons in the age group of six months to 70 years. In case of travel to USA/Canada, medical reports are required for insured

persons over 60 yearsâ€?, said the company. It said based on the needs of the travelers, the policies are categorised into two segments such as Worldwide Cover and Worldwide Cover excluding USA/Canada. It said the value of insurance cover is paid in USD ranging from USD50,000 to USD500,000 in different categories towards medical expenses and the other benefits are add-ons. The company further stated that the Corporate Frequent Travellers (CFT) policy, mainly for executives are categorised under a different plan where a blanket insurance cover is given as CFT. â€œA special plan is also available for those who travel to Asian countries for a sum insured of USD15,000 towards medical expenses and USD7,500 towards Personal Accident. It said the product is available to Nigerians who travel for the purpose of education and employment outside the country up to a period of 12 months and subsequent renewals in case of their continued stay. According to the company, the travellers who go on holidays and business trips can also avail themselves the benefits of the policy up to a period of 180 days and above. â€œPrestige Assurance under this policy provides emergency assistance and Claims administrative services through its international business partners (American Assist and Heritage Health Third Party Administrator) to meet the obligations such as cashless medical exigencies and other emergencies arising out of accidental/ unforeseen events.

a way of meeting the nationâ€™s refining capacity. Stringent conditions and unnecessary regulatory bottlenecks should be reviewed and made more investment friendly. Capt. Emmanuel Ihenacho, Chairman, Integrated Oil and Gas Limited, a frontline promoter of modular refineries in the country sees modular refineries as holding the key to the nationâ€™s attainment of refining capacity. Ihenacho, whose petroleum products marketing company is promoting a 20,000bpd modular refinery in Tomaro Island, Lagos wants the government to demonstrate its support for investors in petroleum products refining. He said the support could come in form of a policy framework that will compel financial institutions to make fund available to indigenous players that intend to build refineries. â€œFinancial support is one major area we need governmentâ€™s help, if government realizes that there is need to have a lot of the small-scale refineries to turn around the economy. We can now start exporting refined products than we are currently importing. Government should make provision for financing because it is key requirement to do 20,000 barrels per day. It requires an investment of over $100 million. We need government to assist modular refinery operators. We are not asking to be given grants and handout but to be assisted in the process of being able to secure financing in major finance institutions,â€? said the former Interior minister. Ihenacho, who is eager to see an end to fuel importation and its resultant capital flight, explained that if government could assist the operators to secure finance, it would go a long

way to assist them realize some of the benefits that would drive the countryâ€™s economic growth. According to him, his $116 million proposed refinery would be a reference point in Nigeria when completed and appealed to government to support holders of modular refinery licenses. Integrated Oil & Gas modular refinery is expected to begin production with Automated Gas Oil (AGO) known as diesel, Dual Purpose Kerosene (DPK), export quality aviation fuel, Naphta and fuel oil. The plant would later be upgraded to produce Premium Motor Spirit (PMS) -petrol. According to Ihenacho, the facility is designed as a one-stop shop that comprises refinery plant, storage facility and other projects that would create massive employment for the teeming youths of the country. With private refineries as the only hope of achieving the desired refining capacity and the role modular refineries can play in this regard, government should handle with caution its planned withdrawal of refinery licences which, according to it, have remained idle since they were issued. It should rather evaluate the challenges that have hindered the utilization of these licences with the view to proffering solutions. The Department of Petroleum Resources (DPR) should critically take a look at the licensees, identify the serious ones for necessary encouragement, bearing in mind that these licenses were issued in a bid to reduce the huge capital flight to fuel importation, meet local demands and earn foreign exchange through export. t"OZBOXV JT UIF NFEJB DPSQPSBUF SFMBUJPOT NBOBHFS PG *OUFHSBUFE 0JM (BT -JNJUFE

Insurers Capture 8m Motor Insurance Certificates in NIID

Oyetunji Calls for Patronage of African Insurers, Reinsurers

Ebere Nwoji

Over eight million motor insurance certificates have been captured in the Nigerian Insurance Industry Database (NIID), six years after the platform was created by the umbrella body of insurance underwriters in Nigeria, the Nigeria Insurers Association ( NIA). Also, the insurance industry, last year recorded annual turnover of N380 million in the 2016 financial year. These were made known at the 46th annual general meeting of NIA, which held in Lagos recently. Speaking during the AGM, NIA Chairman, Eddie Efekoha, said the price of crude oil; epileptic power supply; cut throat inflation; internal conflicts between herdsmen and farmers; a near comatose economy and the prolonged recession had serious consequences on the operations of insurance companies. He stated that the association is working on the establishment of a common platform for the sale of third party motor insurance policies. â€œThe estimated volume of business underwritten by the industry in 2016 was estimated at N380 billion as against N311billion underwritten in 2015â€?, he said. He said in spite of the challenges posed by the economy, the suspension of the Federal Reporting Council Code of Corporate Governance, implementation and improved

compliance with â€˜no premium no coverâ€™ especially by the Federal parastatals and ministries departments and agencies, improved Anti-Money Laundering mechanism, full implementation of the International Financial Reporting Standard (IFRS); improved enforcement of the compulsory insurances; renewed vigour by the government to improve the Ease of Doing Business and other efforts, the insurance industry has continued to be the preferred investment destination for reputable players in the global insurance. On NIID platform, Efekoha, said the platform was demonstrated at the last association retreat of Chief Executive Officers of member companies in March 2017, adding that the association and the service provider are working hard to ensure that all the issues raised at the presentation are fully addressed. He further said that in the associationâ€™s desire to extend the coverage of the NIID to other states of the federation, it encountered the challenge of network coverage and internet connectivity. He stressed that the association is taking steps to resolve the issue through the deployment of Unstructured Supplementary Service Data (USSD) code. According to him, the marine module has been running and member companies are daily uploading on the platform, adding that at the end of May 2017, 33 member-Companies have uploaded 65,000 marine policies.

The Group Managing Director, Continental Reinsurance Plc, Dr. Femi Oyetunji, has called for patronage of African insurers and reinsurers by regional governments in their project execution. Also, Continental Reâ€™s Board Chairman, Chief Ajibola Ogunshola, said his vision was to transform the company to become leader in African Reinsurance market. Oyetunji, who made this call while presenting the score card of Continental Reinsurance Plc in the past three decades of its existence, said the capacity of African insurers and reinsurers can only be enhanced if local operators are patronised. He observed that over the years, two big global insurance companies have combined to write more than 30 times businesses written by all African reinsurers and insurers put together. He said: â€œThe argument in support of that is that local insurers do not have the capacity. However, without giving any of the project business to African carriers, the situation can never change.â€? Oyetunji applauded insurance regulators who are increasingly looking for local markets to take a share in all business, with foreign carriers picking up once local capacity is exhausted. He pointed out that this message has to be reinforced at government level, simply because too many projects are being agreed at the highest levels without the industry being able

to out-forward its arguments. Noting some of the giant strides of the company in the past three decades of its existence, he said Continental Re, provides support to over 200 insurance companies in Africa with its main offices in Nigeria, Cameroon, Kenya, CĂ´te dâ€™Ivoire, Tunisia and Botswana. He said it also has a specialist subsidiary â€“ Continental Property and Engineering Risk Services, registered in South Africa. Oyetunji, also said Africans must find solution to their challenges, simply because some vested interests from outside the continent have no interest in Africans doing things for themselves. He observed that the answer to many of the African insurance market dilemmas, lies in much greater collaboration. â€œThe industry should work together to enable it compete with the global players in a meaningful way. We are heavily dependent on external factors, but there are opportunities to take greater control of our destiny. â€œIf I could wave a magic wand for the next 30 years of business, it would be to have enough capacity that we could write the business we choose, without compromise. With that capacity, I would be able to do the things that the big globals are doing â€“ and not just in terms of underwriting. We would be able to use insurance as a mechanism to lift more people out of poverty. But no-one is going to help us with that â€“ we have to do it by ourselves and to work together to achieve thatâ€?, he stressed.

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EDUCATION Merit, Improved Remunerationâ€™ll Boost Education Says Imasuagbon In this interview with Funmi Ogundare, the Chairman, Pace Setters Group of Schools, Kenneth Imasuangbon said rather than focus on the oil and gas industry, the university system in the country must be well taken care of, teachers properly remunerated and emphasis must be placed on merit so as to lift education out of the doldrums will give you admission , you get a scholarship and tuition is free . For pacesetters, money is not our primary motive , most times we make losses rather than profit. But at the end of the day, both the poor and the rich have succor in pacesetters and they are treated equally. If you are from poor home but brilliant, you have a role to play in the school.

Since the establishment of this school, how have you been surviving with the stiff competition among schools in Abuja? We have been setting the pace for others to follow, like our name, we live our name and set the pace, we set the lead and we are ahead of others both in academics and others copy what we do, in and outside the country and they learn from us. We are guided by that, even our children must show good example. You must do good always so that others can follow. That is why I challenge our leaders that they must lead well because good character counts. In Pacesetters, you must have good character which counts in academics, social activities, religion, self esteem, confidence and in totality. In terms of standards, it is second to none. We have our laboratories , children have access to facilities, computers and Internet services. We have six schools located in four major areas in Abuja; Gwarimpa, Wuse, Wuye and Gusape extension. So if you are in Abuja metropolis, when you talk about education in Abuja , it is Pacesetters. What the school is doing to reshape and redefine academic landscape in Abuja. I must say in those days, 10 to 15 years down the line, Lagos used to lead, but today I can say that Abuja schools are the first among equals in Nigeria and by extension focused and disciplined. As an educationist, what do you think is the problem with Nigerian educational system and the way out? I would say that our products from Nigerian universities these days are half-baked, and you canâ€™t give what you donâ€™t have. Why are they half-baked? We need to go back to the roots and take care of our university system. Firstly, teachers should be well remunerated, we need to equip our laboratories and we need to emphasise on merit and not on who you know so that the students within the academic system, will study hard. To source for good teachers is very hard these days because most of the people that are out there are half-baked. So we need to go back to the tertiary institution and emphasise on hardwork rather than who you know to get a job. It helps because when the students find themselves outside, they will be able to perform well when they have been equipped by the system. The way forward for the country is not bombs, oil or stolen money, but the education we are able to give. If we have a country whose people are well educated, everybody will know his rights. There will not be hate, bias or suspicion, what we need is love, rule of law, fear of God and development of the country. Education must take the highest budget and health . I donâ€™t believe that the military should have the highest budget, we should educate our children rather than using the money to buy bombs. Education must be a priority. As a researcher, are you into a new discovery and what are you working on at the moment? I am working on changing the lifestyle of Africans especially Nigerians. We lack knowledge on health issues and challenges. A lot of people slump and die not because they were terribly sick but because of negligence by common things like the food they have been eating, the lack of appropriate exercise and absence of locally available things they should have eaten to detoxify their body. For instance, lemon and water detoxify and people donâ€™t know.

How are you able to balance it? It is difficult , it is the mercy of God. The principal and my wife share in the vision. It is collective thing . How have you been able to oversee six schools at the same time and still keep the standard? Honestly, I thank God for divine wisdom, direction and strength, but I also thank God for the passion and energy as well as ideas that are working for us. I make one contribution here and there which I consider the icing on the cake. I have been very versatile, I do education and also do politics very well. At the very first day we had 32 students and over the past decades we have had over 1,000 students.

Imasuangbon

Do you incorporate this into your school curriculum? Yes we do. Even in the boarding school for the secondary school, there is no meal without adding vegetable or fruit. Even though our children find it difficult to eat it because they werenâ€™t brought up with it, we emphasise it and also orientate them on the importance of balanced diet to their body system. As a successful entrepreneur, what inďŹ‚uenced your decision to establish Pacesetter group of schools? It is basically because of the love for the country Nigeria and I was also born into it. In most schools you find only one partner involved but in the case of Pacesetter schools, it has been my wife and I all the way. The school started about 20 years ago with the aims and objectives of giving back to the society. It started with Pacesetter Academy at Wuse. We later floated another arm in Gwarinpa, then Pacesetter College in Wuye and another Pacesetter Academy in Gwarinpa all in the Federal Capital Territory (FCT). There seems to be more emphasis on certiďŹ cation rather than entreprenueral skills, what is your view on this? The two are needed, you canâ€™t suppress one for the other. The academic ability should be able to inspire and spread the creative ability. The creative ability in action is what people need to be able to put food on the table ultimately . For instance, if you are doctor, you must know Mathematics, Algebra and Calculus. You must know Pythagoras Theorem, if you know these, it is not enough. The real creativity is in trying to dissect what the issues are medically. So the

two can go pari parsu . What were your challenges over the years and how were you able to surmount them? In the past, we had challenges of trying to acquire land, finance and banks giving us loans without the necessary collateral. But education is not actually profit making venture. It is basically for societal benefits. If the country must grow, we must have a dream for ourselves and generation. We need education as the foundation, as the pillar. Even America, Russian, China and Japan, are still emphasising on education. Education is the bedrock and the key , the total thing needed for the society to grow. God has always helped us with challenges . Our determination to surmount those challenges has been our top focus. We are determined, the teachers and parents are the best. The problems that come, we are able to surmount them that is what makes us. There seems to be a disparity between the education of the rich and that of the poor, how do you think we can bridge the gap? The gap between the rich and the poor in a society like ours, is like the ocean; the Pacific and the Atlantic, but even between them, there is a meeting point and that is what we are doing. As a test case in Pacesetters, we charge fees but 45 to 50 percent of the children are on scholarship . For instance, if you are in the military, you are entitled to 20 to 50 percent discount to encourage the service men for a job well done for the country. Whether you are in the police, navy, or army it does not matter. If you lose either a father or mother when you are in pacesetters, you are entitled to scholarship . If you are coming in to the school and you are exceptionally good , the admission committee will look at it and they

What do you think makes Pacesetters tick? It is the combination of the total child academically, socially and morally. Because we donâ€™t want to produce robots that all they do is only reading but donâ€™t know how to express themselves. If you see a typical Pacesetters, that child is very confident, has a strong self esteem and is academically very enlightened. We emphasise that they canâ€™t be less, they have to set the pace in these three spheres; academically, socially and morally. We make sure that we are above standard in everything we do. When you walk into any Pacesetters classroom you will be excited and perceive may be you are abroad. I have had opportunity to teach in classrooms in the US, Pacesetters classrooms are better. We used a lot of teaching aids, learning charts. If you enter into any classrooms you are already educated. The teachers are also encouraged to walk closely with students. We are into all kinds of sports such as football, basket ball, volley ball. Like I said, exercise is next to health. We also get involved in childrenâ€™s match past and we donâ€™t go beyond third position. So students have it inside of them that they canâ€™t be less than Pacesetters, stepping in the leads and that helps the work to be easier and the children want to key into that name. We have several of our students all over the world excelling. We have them in the UK, US and in Nigeria. We have them in all the best and top schools all over the world. How would you rate your studentsâ€™ performance? To start with, the name pacesetters is a very strong name and it means stepping in the lead for others to follow which is all encompassing; academically, socially and morally. That has been our greatest strength. We draw our strength from the name of the school. We work on that. academically, we must excel. So we do research to excel academically and God has been helping us. Most of the competitions and awards our students go for in the FCT, our students come back with prizes. They went for a Mathematics competition that involved over 80 Schools in FCT, and Pacesetter missed it by one point and came second in the overall. Also, they went for an MTN essay competition and came third overall in the North and the school won a bus. We are doing a great job at Pacesetters. We try to balance a child not only in academics but socially and morally.

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EDUCATION

â€˜Amendment of the TETfund Act â€™ll Allow Private Varsities to Benefitâ€™ A Professor of Law at Kogi State University, Anyigba, Allswell Osini Muzan explained to Funmi Ogundare why there has to be a statutory amendment of the Act that sets up The Tertiary Education Trust Fund (TETFUND) so that private universities in the country can be included in the list of beneficiaries The Tertiary Education Trust Fund (TETFUND) was established by an Act of the National Assembly in June 2011. The Act replaced the Education Tax Fund Act Cap. E4 laws of the Federation of Nigeria 2004 and Education Tax Fund (Amendment) Act No 17, 2003. The Fund was set up to administer and disburse education tax collections to the Federal and State tertiary educational institutions in Nigeria. However, private universities in Nigeria are being denied access to the much-needed fund, as a Professor of Law at Kogi State University, Anyigba, Allswell Osini Muzan said there is a need for statutory amendment of the Act that sets up the fund so as to allow private universities in the country to benefit. According to him, â€œthose private tertiary institutions in Nigeria which are not geared solely, mainly or substantially for the making of profit should be allowed to benefit from TET Fund, but, the condition of a not-for-profit status should be absolute and non-negotiable. â€œAs it stands now, private institutions are not within the contemplation of the TET Fund Act. There are, indeed, a handful of private tertiary institutions which are committed to high standards and quality education without regard to the profit motif. I think these category of institutions should be encouraged to provide the quality human resources that a great nation can be built upon.â€? On his assessment of the performance of the Fund so far, the founding Dean of

the Faculty of Law of the university said, â€œfrom my observation of the TETfund interventions, I think it is a success story.

Muzan

Benue School Feeding Programme to Feed 294,000 Students From George Okoh In Makurdi The Benue State Governor, Samuel Ortom has said that the school feeding programme embarked upon by the state is critical to enrolment, retention and completion of primary school by pupils and that it will provide once a day feeding for over 294,000 pupils. Ortom who made this known, recently when he went on an on-the-spot assessment of the school feeding

programme at LGEA Primary School, Wurukum, Makurdi during their break hour, said the bane of primary school education in the state has been the inability of pupils to start and complete primary education in the state. The governor who was represented by his Deputy, Benson Abuonu said the essence of the programme is to ensure huge enrollment at the school entry level and promote school completion by pupils at the elementary stage.

According to him, â€œIt is a call to contribute in helping to reduce the dropout rate in our primary schools, in addition to creating a means of livelihood for our women.â€? He said the programme would be beneficial to the state, since agriculture is the countryâ€™s area of comparative advantage. Earlier, the State Focal Person, Social Investment Programme, Terhide Utaan explained that Benue was among the first 11 states to pilot the feeding programme.

Gombe Teachers Protest Handling of Salaries, Welfare by Local Government Segun Awofadeji in Gombe Teachers in Gombe state have protested the continuous handling of their welfare by the local government authorities, saying they do not want a repeat of past experiences. Nigeria Union of Teachers (NUT) of the state branch had staged a protest to the office of the Head of Service, Dr. Daniel Mohammed Musa. The Chairman , Mr. Dauda Usman, said the Kogi state example and their 1994 experience in Bauchi state

Incidentally, you would recall that TETfund is the brain-child of ASUU (Academic Staff Union of Universities in Nigeria). It is a

were enough eye-openers for them, adding that the teachers would rather prefer to have their salaries and welfare issues transferred to the state government or paid directly. Earlier during the rally the Gombe branch of NUT threw their weight behind the call for local government autonomy. They however said their concern was the salary of primary school teachers as the poor handling of this stratum of education has an overall effect on quality and standard. The State Chairman of

Nigeria Labour Congress (NLC), Haruna Kamara said the NLC would do everything in its power to defend the integrity of teachers whom he described as the pivot of development. In his response, the Head of Service, Dr. Daniel Mohammed Musa acknowledged the role of teachers as foundational, insisting that nothing survives without a foundation. He promised to present their request before the governor and assured them that they would get their entitlements as and when due.

brilliant idea and I hope the management of the fund will continue to maintain the strides and successes that have been recorded so far. I have never met any of the previous or present chief executives of the fund and so, my opinion is based on my observation of the projects â€˜interventionsâ€™ in my university and in those that I have visited. â€œI must commend the management of the TETfund to remain consistent with their policy and practice of requiring the recipient institution to conspicuously and properly label the projects as TETfund funded or supported. That way the discerning public can see the achievements of the Fund and the beneficiary institution will have no recourse or justification to divert it to other uses- no matter how pressing or urgent. Indeed, TETfund is a success story and it is worthy of emulation by other laudable government program, executors, and implementers.â€? Rating Kogi State University, Muzan said, â€œKogi State University is one of the best state owned universities in Nigeria. All the courses (better programmes) in the several departments and faculties of the university are accredited by the Nigeria Universities Commission (NUC) and the relevant professional bodies. The Faculty of Law is one of the best in the nation. During my deanship of the Faculty of Law, we were rated the best in Nigeria. That was in 2007 and we were the first state owned faculty of Law to be so rated in the history of Nigeria. It has maintained that rating to date.â€?

Edwin Clark Makes Case for Education Sector The Founder of Edwin Clark University, Kiagbodo, Delta state , Chief Edwin Clark has said there is need for the country to be structured and power being distributed among the sector, noting that this will bring about the needed change in the education sector. Clark who made this known in a statement expressed concern that, â€œthere is competition between the state and federal government on education. The standards are been mutilated. Examination malpractices are going up. If education

is properly restructured, it will be better. Individuals are not doing better, but they could do better. Before Ghanaian students used to come to Nigeria , but now it is the Nigerian students going to Ghana. Something must be wrong somewhere.â€? He regretted that wrong people are being appointed into government while stressing the need to give the universities independence so that they can manage their own affairs. According to him, â€œ that was the case in University

of Ibadan in those days. Imagine a situation where the state government are building universities when they cannot even cater for them and there are no programmes for them! Imagine a situation where a university like Ambrose Alli University, Ekpoma is not being taken care of and the governor went ahead and opened another one in his village. These are the type of things we are talking about. So he is now improving the university in his village at the expense of the state university.

FEGGICOLLA Holds Fund Raising Ceremony Ugo Aliogo Federal Government Girls College Aumni (FEGGICOLLA) Akure, Ondo State is set to hold a fund raising ceremony, as part of activities to mark the 40thanniversary. Briefing Journalists, weekend, in Lagos, the Alumni President, Mrs. Orie Mong Vann, said the ceremony will hold on July 15, at Sheba Centre, Maryland, Ikeja, Lagos, adding that it is aimed at assisting the school in improving the security , infrastructure and other facilities. She affirmed that the issue of providing security infrastructure has become imperative as a result of recent

series of kidnapping taking place in various schools, in Lagos, Ogun and Borno states. Vann stressed that the association would embark on the laudable projects such as illumination of the school premises using solar energy; re-enforcing the existence fence, and provision of solar energy to power the classrooms, dormitories, laboratories, street lights and borehole. She added that the project would be handled and managed by the association before handing over to the school. â€œA maintenance committee of the association in conjunction with the school management

will also set up to monitor the project.â€? She said the alumni plans to hold a fundraising/reunion dinner to raise N100,000,000 on the anniversary which will be held at Akure, Ondo state, from October 27-29. â€œWe are approaching Nigerians to support us financially. We have levied our members 20,000. We have 3,000 members. We are expecting 11,000 members to attend the funding raising. The project is on the long term. We are also hoping to get to the federal level to source for funds. The school has been supportive. They have been assisting us with getting individuals to support us.

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EDUCATION

LBS Dean Stresses Global Context of Education for the Nigerian Child Funmi Ogundare The Dean of Lagos Business School, Lekki, Dr. Enase Okonedo has stressed the need for the country to place emphasis on the education of the Nigeria child in a more globalised context that will prepare them for the world of work. Okonedo who made this known, weekend, at the 10th year anniversary of the Foreshore School, Ikoyi, formerly Tenderloving School (TLS), said since the world is fast changing as technology is changing, there is need to consider the curriculum, training of teachers and proper funding of the system. According to her, â€œwhat are we educating the Nigerian child for? We need to consider the future of work because the change has become more rapid. In a more developed world, workers are being replaced by robot and knowledge is growing at an exponential rate. What you learnt in the university today, will be extinct in another three years.â€? In her paper titled, â€˜Education as a Cutting Edge for the Nigerian Childâ€™, she said the way the Nigerian children is educated is very important as this would help keep them in school right from the basic to the tertiary level, adding that as they progress, some may want to drop of school because they are not

able to measure up. â€œEducation speaks on the ability of a people to learn and be empowered. We need to look at the curriculum. What are they being taught? That is when we learn to learn at the basic level. We only focus on the knowledge within the curriculum, but outside of it , we must also consider the teachers. Are they getting the best training?â€? Okonedo also emphasised on the kind of environment where they are being taught, noting that proper funding of the sector and ensuring that there is adequate facility is very important. â€œIf we are going to educate the Nigerian child to enable him actualise his dreams, , we have to ensure that there is adequate funding backed up with the right policy.â€? The programme witnessed the unveiling of the new logo of the Foreshore school, awards for teachers who have served the school; ballet, choir, solo and piano presentations by the pupils. In her remarks, the Deputy Governor of Ogun State, Chief Yetunde Onanuga who unveiled the new logo, said education is the only legacy we can leave for the children, while commending the Director of the school, Mrs. Olubunmi Egbeyemi for her passion in training the future leaders in the last 10 years. â€œI can see that you are indeed passionate

about what you are doing.â€? She also thanked the teachers for supporting the school saying they should keep up the good and not rest on their oars. In her remarks, Egbeyemi recalled how it started 10 years ago because of her passion for children saying, â€œwe pay attention to details and ensure that no child is left behind. We make it a duty to work with the parents so that the children can realise their potentials.â€? She thanked the parents, teaching and non-teaching staff for their support of the years saying that without people you cannot realise your dreams. The Director of Enterprise Development Centre(EDC), Mr. Peter Bankole who emphasised on the â€˜Metamorphosisâ€™, also recalled how the journey started saying that 10 years is a milestone in the life of an institution. He added that when an institution decide to change its name, the spiritual connotation is that something significant is about to happen. â€œIn a name, there is a purpose which drives what we will be doing. As the school changed its name from Tender Loving School(TLS) to The Foreshore School, there had been a transformation in terms of co-curriculum, physical development, the teachers and the co-ownership of the school with the parents who are all striving for excellence.â€?

Diminished Child Activity Is Not Languor The greater support for social identity versus socio-cognitive theory revealed that parents and teachers might not quickly spot subtle changes in children. Whenever changes in childrenâ€™s demeanour come to the fore, it is important to quickly investigate the causes of these changes before they become problematic. Teachers must be aware of their childrenâ€™s eating and drinking habits, their emotional states whilst continuing to monitor their cognitive development. One example of a potentially dangerous change is, falling child participation at lessons or at play. In malaria endemic countries like Nigeria, it is important for teachers to realize that tiredness, listlessness and pallor might not be signs of disinterest or laziness. They are vital symptoms of malaria and must be investigated in children displaying such, before complications like cerebral malaria sets in. In light of my previous writings on the versatility of a good teacher, please ďŹ nd below a brief reminder on the nature of malaria. Malaria is potentially life-threatening. Simply put, malaria can, does and is presently killing! In children, malaria could bring about respiratory diďŹƒculties and rapidly progressive Cerebral Malaria. Cerebral malaria may manifest as sensorium and seizures. Currently, there is no licensed childhood or adult vaccine against malaria. Malaria is the leading cause of death in children under 5 years old in Africa. Worldwide, more than 3,000 children die daily from the complications of Malaria. However, generally, the severity of malaria infection is highly dependent on the immune status of the infected person. Languor Do you even know how greatly this country in which you live is malaria scored? Is the area you or your children traveling to malaria prone? Are you totally immune to or partially immune to malaria? There is a need to constantly up-date your awareness of the SYMPTOMS of malaria and the MANAGEMENTTECHNIQUES available to your children and you. It is particularly important to be aware of the signs and symptoms of malaria in children. The following are possible indicators of malaria in children and adults: High fever Vomiting Loose bowels or frequent bowel movements Chills or shivering Rigour and sweating Headaches General weakness Joint aches and backache Pallor Loss of appetite Disorientation It is never enough to self-medicate these symptoms when your children display them. MALARIA IS NOT SIMPLY A PARACETAMOL MATTER!! Malaria needs to be conďŹ rmed through the appropriate laboratory blood testing.The blood smears taken from your child help to determine the presence, type and severity of malaria infection. Your doctor or an appropriate medical personnel acts on your blood test result to prescribe the exact medication or combination of medications, to cure you. So investigate your childâ€™s symptoms and the signs before you! Omoru writes from the UK

Lagos Reiterates Zero Tolerance for Child Abuse Pupils of the Foreshore School, Ikoyi (formerlyTender Loving School), during their graduation ceremony held in Lagosâ€Śrecently

ERC Urges Benue Govt. to meet ASUUâ€™s Demands The Benue State University (BSU) chapter of the Education Rights Campaign (ERC) has appealed to the state government to immediately meet the demands of striking members of the Academic Staff Union of Universities (ASUU) so that students can resume academic activities. The students of Benue State University had been at home for over two months as a result of the unmet demands of BSU union who have consequently embarked on strike. The Protem Coordinator of ERC, BSU chapter, Mr. Oko Owi Ocho, in a statement, condemned the antipoor government of Samuel Ortom-led administration for refusing to meet the demands of ASUU. â€œThese demands range from unpaid Earned Academic Allowance (EAA), absence of an Insurance policy for members, pension scheme, appointment of principal officers in the university by the government and delayed payment of

staff salaries, payment of death benefits to members, among others.â€? He said the lecturers in the university have not been placed on pension scheme by the state government, adding, â€œthis means that after years of meritorious service, they will have nothing to survive on with their families. The lamentable side of the whole issue is the fact that lecturers are charged so much tax that they can barely afford decent living standards. The lecturers in BSU are charged about 34 percent tax, yet they are not being paid allowances. While the politicians collect fat salaries and allowances for doing nothing, the lecturers are deprived their earned allowances.â€? He however called on students and the striking lecturers to begin to organise mass protests and demonstrations to mount pressure on the state government so as to resolve the impasse.

â€œWe also demand free, quality and democratically-managed public education in Benue State. Benue is one of the most backward states when it comes to education. The state primary and secondary schools are in a total mess due to poor funding. The irresponsibility of the government towards education, health, public infrastructures and payment of workersâ€™ salary is on the verge of collapsing the state, â€œOcho said He demanded a reversal of the exorbitant school fees that undergraduates are paying in the institution, noting that Benue state is dominated by poor peasant farmers who mainly do their farming with crude farming tools. â€œWe urge the government to urgently reverse the astronomical fees in order to curb the growing rate of dropouts in the institution as a result of the difficulty faced by poor working class and peasant parents to pay the fees.â€?

The Lagos State Government through the Office of Education Quality Assurance has reiterated its commitment to zero tolerance for child abuse and molestation. The Director General, Office of Education Quality Assurance, Mrs. Ronke Soyombo who made this known, during a courtesy visit of the executive members of the National Association of Nigerian Students (NANS), Lagos State Chapter, commended the Deputy Governor, Mrs. Oluranti Idiat Adebule for her support and commitment to the protection of the girl-child from abuse and improving the lots of learners in private and public schools through mandating school owners to make child protection policy a priority and educating parents against child neglect. Addressing the students, she said her office, with support of Ministry of Education has

continued to ensure the safety and security of the children against abuses and crimes such as rape, defilement, neglect and maltreatment of pupils with prescribed management systems in place to create and maintain a safe environment. â€œ The Lagos state ministry of education in its monitoring function, is set out to surpass expectations and standards for education in the state through striving for educational excellence by building morals, discovering and developing talents, supporting the gifted and training learners in basic skills across schools in the state.â€? Another positive is the inclusion of sex education in the school curriculum. While this is a welcome development, she maintained that contents of recommended text books must be thoroughly examined and approved to avoid them having negative effect on pupils.

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US Varsity Don Canvasses Globally Competitive Engineers Funmi Ogundare A Professor of Petroleum and Natural Gas Engineering and Vice Provost for Global Programmes at Pennsylvania University, USA, Michael Adewumi has stressed the need for the country to focus more attention in training engineers that will be globally competitive. He said there has to be paradigm shift in the way we think for such training in the 21st century, rather than be confined to what used to obtain in the past . Adewumi who made this known, at the 2017 annual lecture, in Lagos, titled â€˜Training Engineers for the Global Centuryâ€™, of the Nigeria Academy of Engineers (NAE), said, â€œwe can no longer focus on the way we trained them in the 20th century because the world has changed and we have to change with it.â€? He said the government has a role to play in supporting creative and innovative ideas by apportioning the right resources, noting, â€œwhen I ask colleagues this question, they always talk about money, resources and that is important, government can do it. But frankly speaking, the most important part is ideas, innovations that people can actually sell to the government. Once people are able to come out with creative and innovative ideas, it is the responsibility of the government to support it.â€? He expressed concern that

organisations prefer to hire expatriates for its technical jobs, saying that they do, this as a result of global mobility of labour and knowledge for the best and the brightest. According to him, â€œ you need to have a two-pronged approach; by building capacity while at the centre, you are getting experts to do the job. It should be a short term temporary measure, not a permanent thing. You also need to begin to train high quality engineers who are globally competitive, once this is done, thereâ€™s no reason to bring somebody else to come and do the job. So we need to really get our house in order.â€? The guest lecturer who emphasised on curriculum and policy making, said, â€œwhen you look at the National Academy of Engineering, this are the best and brightest minds in the country; so these people should be influencing policy making on behalf of the government. For instance, they have this situation where everybody has to teach the same thing, it does not make any sense. In the university, we have professors, they have to be creative and come up with new ideas and disseminate. It is not the role of the government, the government should hands off. â€œIn terms of the curriculum, you adapt the curriculum to be locally relevant and globally competitive. Therefore, there is no point training Nigerians

who do not understand the problem of Nigeria, unless you train them on that, they would disengage and once they disengage, you are losing the capacity.â€? The programme witnessed life achievement awards and induction of new fellows including Senator Barnabas Gemade, the first female engineer to be elected into the executive Committee of the Nigerian Society of Engineers(NSE), Mrs. Mayen Adetiba; a leading international authority on Liquidified Natural Gas(LNG), Dr. Olufunmilayo Coker, a Director in CD Net Limited/Gte, Dr. Elizabeth Nadu Denloye, among others. In her remarks, the President of the Academy, Mrs. Joana Maduka said the programme was aimed at celebrating the academy and drawing the attention of stakeholders to the issues confronting the engineering profession. â€œAll attention is directed at Engineering education and we are making an impact. If our technician and craftsmen are not taught properly, then they will not be reckoned with in the field.â€? She expressed concern that people prefer to import expatriates from Coutonou and other West African countries saying that this is killing the profession. â€œThat is why we are trying to draw the attention of the public and relevant agencies

to some of these problems and people are beginning to take lessons,â€? Maduka said, adding that over the years, the academy has not relented in its campaign and advocacy.â€? She agued that engineering contractors bring in substandard personnel and pass them through the countryâ€™s immigration as engineers saying this is one of the problems confronting the profession which must be tackled headlong. The president stressed the need for the country to improve the quality of its graduates. The Minister of Communication, Adebayo Shittu who congratulated the new fellows and life achievers said the engineering profession boosts the growth of any society. While promising his readiness to be an ambassador for the academy in government, he said the country must place emphasis on technologically training noting that Nigeria is yet to get the best out of it. He disclosed that the government would establish an Information Communication Technology (ICT)-based institution to feel the gap, while urging the academy to partner with his ministry for its success. â€œWe want to open an ICT university that will be run in a Public Private Partnership (PPP).We want to ensure that we get the best ICT training obtainable in the western world,â€?Shittu stressed.

The Chairman, Pace Setters Schools, Ken Imasuangbon and the Director, Mrs. Kate Imasuangbon, during the schoolâ€™s 2017 International Cultural Day celebration held in Abujaâ€Śrecently

170 NCE Students BeneďŹ ted From BNET Scholarship John Shiklam in Kaduna No fewer than 170 Nigeria Certificate of Education (NCE) students of the National Teachers Institute (NTI), Kaduna, have benefited from the UK- based British - Nigeria Educational Trust (BNET) in the last 10 years. The Director-General and Chief Executive of the institute, Prof. Garba Dahuwa Azare disclosed this, recently, during a visit of the BNET team to the institute. Azare who was represented by the Director, Field Operations and Studentsâ€™ Services (FOSS), Dr. Dele Yaya,

commended BNET for contributing to the development of education in the country through financial support. He said BNET, being a philanthropic organisation had within the past 10 years, supported the institute by awarding scholarship to the best NCE students, adding, â€œ the scholarship tagged â€˜Teachers Awardâ€™, was offered to students with best Grade Point Average (GPA) in the second semester from the 36 states of the federation and the Federal Capital Territory (FCT) who enrolled in the Distance Learning Studies(DLS) programme by offering

each beneficiary N47,500 for his/her expenses.â€? He appealed to BNET to extend the scholarship to students of the institute undergoing Bachelorâ€™s degree programme as well. In his remarks, the BNET team leader, Mr. David Brandler said the scholarship award will henceforth be called â€˜Gary Clark Memorial Awardâ€™ in memory of the late secretary of BNET who passed on earlir in the year and that it would be reviewed upwards, with a view to extending it to those pursuing degree programmes at the institute.

RUNNING THE CLASSROOM CHIOMA ERUOTOR

Lasting Solutions to The Menace of Exam Malpractice in Schools

Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă—Ă‹Ă–ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă? Ă“Ă? Ă˜Ă™ĂžĂ’Ă“Ă˜Ă‘ Ă˜Ă?ĂĄ Ă“Ă˜ Ă“Ă‘Ă?ĂœĂ“Ă‹ Ă™Ăœ Ă™ĂžĂ’Ă?Ăœ Ă?Ă™Ă&#x;Ă˜ĂžĂœĂ“Ă?Ă?Ë› Ă™ĂĄĂ?Ă Ă?ĂœËœ Ă?Ă‹ĂœĂ–Ă“Ă?Ăœ ĂžĂ’Ă“Ă? ĂŁĂ?Ă‹ĂœËœ ĂĄĂ? Ă?Ă‹ĂĄ ĂžĂ’ĂœĂ™Ă&#x;Ă‘Ă’ ĂžĂ’Ă? Ëœ Ă‹ Ă˜Ă?ĂĄ ĂŽĂ“Ă—Ă?Ă˜Ă?Ă“Ă™Ă˜ ĂžĂ™ Ă?Ă’Ă?Ă‹ĂžĂ“Ă˜Ă‘ Ă“Ă˜ Ă?Ă‹ĂœĂ‹ĂĄĂ‹ĂŁ Ă˜ĂŽĂ“Ă‹Ë› Ă’Ă“Ă–Ă? Ă—Ă™Ă?Ăž Ă—Ă‹Ă–ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă?Ă? Ă‹ĂœĂ? Ă&#x;Ă?Ă&#x;Ă‹Ă–Ă–ĂŁ ĂšĂ?ĂœĂšĂ?ĂžĂœĂ‹ĂžĂ?ĂŽ Ă“Ă˜ Ă?Ă?Ă?ĂœĂ?Ă?ĂŁËœ ĂžĂ’Ă“Ă? Ă?ĂšĂ“Ă?Ă™ĂŽĂ? ĂĄĂ‹Ă? Ă“Ă˜ ĂŒĂœĂ™Ă‹ĂŽ ĂŽĂ‹ĂŁ Ă–Ă“Ă‘Ă’ĂžË› Ă‹ĂœĂ?Ă˜ĂžĂ? Ă‹Ă˜ĂŽ Ă?Ă‹Ă—Ă“Ă–ĂŁ Ă?ĂœĂ“Ă?Ă˜ĂŽĂ? ĂĄĂ?ĂœĂ? Ă?Ă?Ă‹Ă–Ă“Ă˜Ă‘ ĂžĂ’Ă? Ă?Ă?Ă’Ă™Ă™Ă– ĂĄĂ‹Ă–Ă– Ă“Ă˜ Ă™ĂœĂŽĂ?Ăœ ĂžĂ™ Ă‘Ă?Ăž ĂšĂœĂ?ĂšĂ‹ĂœĂ?ĂŽ Ă‹Ă˜Ă?ĂĄĂ?ĂœĂ? ĂžĂ™ ĂžĂ’Ă?Ă“Ăœ ĂĄĂ‹ĂœĂŽĂ? Ă“Ă˜ ĂžĂ’Ă? Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă’Ă‹Ă–Ă–Ë› Ă?Ă?Ă™ĂœĂŽĂ“Ă˜Ă‘ ĂžĂ™ ĂœĂ?ĂšĂ™ĂœĂžĂ?Ëœ ĂžĂ’Ă?ĂœĂ? Ă‹ĂœĂ? Ă?ĂžĂ“Ă?Ă? ĂšĂ?Ă˜Ă‹Ă–ĂžĂ“Ă?Ă? Ă?Ă™Ăœ Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă—Ă‹Ă–ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă? Ă?Ă&#x;Ă?Ă’ Ă‹Ă? ĂšĂ?ĂœĂšĂ?ĂžĂœĂ‹ĂžĂ™ĂœĂ? ĂŒĂ?Ă“Ă˜Ă‘ ĂŒĂ‹Ă˜Ă˜Ă?ĂŽ Ă?ĂœĂ™Ă— ĂžĂ‹Ă•Ă“Ă˜Ă‘ Ă‹Ă˜ Ă?Ă˘Ă‹Ă— Ă?Ă™Ăœ Ă?Ă™Ă—Ă? ĂžĂ’ĂœĂ?Ă? ĂŁĂ?Ă‹ĂœĂ?Ëž Ă’Ă™ĂĄĂ?Ă Ă?Ăœ ĂžĂ’Ă“Ă? Ă?Ă?Ă?Ă—Ă? Ă˜Ă™Ăž ĂžĂ™ ĂŒĂ? Ă?Ă&#x;Ă?Ă?Ă“Ă?Ă“Ă?Ă˜Ăž ĂžĂ™ ĂŽĂ?ĂžĂ?Ăœ Ă?ĂžĂ&#x;ĂŽĂ?Ă˜ĂžĂ? Ă?ĂœĂ™Ă— Ă“Ă˜Ă Ă™Ă–Ă Ă“Ă˜Ă‘ ĂžĂ’Ă?Ă—Ă?Ă?Ă–Ă Ă?Ă? Ă“Ă˜ ĂžĂ’Ă? Ă Ă“Ă?Ă?Ë›

Ă˜ Ă“Ă‘Ă?ĂœĂ“Ă‹Ëœ Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă“Ă? Ă˜Ă™Ăž Ă—Ă&#x;Ă?Ă’ ĂŽĂ“Ă?Ă?Ă?ĂœĂ?Ă˜ĂžË› Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă—Ă‹Ă–ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă? Ă“Ă˜ Ă“Ă‘Ă?ĂœĂ“Ă‹ Ă™Ă?Ă?Ă&#x;ĂœĂ? Ă‹Ă? Ă‹ ĂœĂ?Ă?Ă&#x;Ă–Ăž Ă™Ă? Ă?Ă™Ă–Ă–Ă&#x;Ă?Ă“Ă™Ă˜ ĂŒĂ?ĂžĂĄĂ?Ă?Ă˜ Ă?Ă?Ă’Ă™Ă™Ă–Ă?Ëœ ĂšĂ‹ĂœĂ?Ă˜ĂžĂ? Ă‹Ă˜ĂŽ Ă?ĂžĂ&#x;ĂŽĂ?Ă˜ĂžĂ?Ë› Ă˜ Ă?Ă™Ă—Ă? Ă?Ă‹Ă?Ă?Ă?Ëœ Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă?Ă&#x;ĂšĂ?ĂœĂ Ă“Ă?Ă™ĂœĂ? Ă?ĂœĂ™Ă— Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ ĂŒĂ™ĂŽĂ“Ă?Ă? Ă’Ă‹Ă Ă? Ă‹Ă–Ă?Ă™ Ă”Ă™Ă“Ă˜Ă?ĂŽ ĂžĂ’Ă? ĂšĂ‹ĂœĂžĂŁË› Ă’Ă“Ă–Ă? Ă?Ă?Ă Ă?ĂœĂ‹Ă– ĂœĂ?Ă?Ă&#x;Ă–ĂžĂ? Ă’Ă‹Ă Ă? ĂŒĂ?Ă?Ă˜ Ă?Ă‹Ă˜Ă?Ă?Ă–Ă?ĂŽ ĂŽĂ&#x;Ă? ĂžĂ™ Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă—Ă‹Ă–ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă?Ă? Ă‹Ă˜ĂŽ Ă?Ă™Ă—Ă? Ă?Ă?Ă’Ă™Ă™Ă–Ă? ĂŒĂ‹Ă˜Ă˜Ă?ĂŽ Ă?ĂœĂ™Ă— Ă?Ă™Ă˜ĂŽĂ&#x;Ă?ĂžĂ“Ă˜Ă‘ Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ ĂŽĂ&#x;Ă? ĂžĂ™ ĂžĂ’Ă? Ă?Ă‹Ă—Ă? Ă™Ă?Ă?Ă?Ă˜Ă?Ă?Ëœ ĂžĂ’Ă?ĂœĂ? Ă‹ĂœĂ? Ă˜Ă™ ĂœĂ?Ă?Ă™ĂœĂŽĂ? ĂĄĂ’Ă?ĂœĂ? ĂžĂ’Ă? Ă–Ă‹ĂĄ Ă’Ă‹Ă? ĂŒĂ?Ă?Ă˜ Ă?Ă&#x;Ă–Ă–ĂŁ Ă‹Ă?ĂžĂ“Ă Ă‹ĂžĂ? Ă‹Ă‘Ă‹Ă“Ă˜Ă?Ăž Ă™Ă?Ă?Ă?Ă˜ĂŽĂ“Ă˜Ă‘ Ă“Ă˜ĂŽĂ“Ă Ă“ĂŽĂ&#x;Ă‹Ă–Ă? Ă™Ăœ Ă“Ă˜Ă?ĂžĂ“ĂžĂ&#x;ĂžĂ“Ă™Ă˜Ă?Ë› ĂœĂ‹Ă˜Ă•Ă–ĂŁËœ Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă—Ă‹Ă–ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă? Ă“Ă? Ă‹ ĂœĂ?Ă?Ă–Ă?Ă?ĂžĂ“Ă™Ă˜ Ă™Ă? ĂžĂ’Ă? Ă?Ă™Ă?Ă“Ă?ĂžĂŁ ĂĄĂ’Ă?ĂœĂ? ĂžĂ’Ă?ĂŁ Ă‹ĂœĂ? ĂŒĂ?Ă“Ă˜Ă‘ ĂšĂ?ĂœĂšĂ?ĂžĂœĂ‹ĂžĂ?ĂŽË› Ăž Ă“Ă? Ă‹Ă–Ă?Ă™ Ă‹ Ă›Ă&#x;Ă?Ă?ĂžĂ“Ă™Ă˜ Ă™Ă? ĂžĂ’Ă? Ă—Ă™ĂœĂ‹Ă– Ă?Ă™ĂŽĂ?Ă? Ă™Ă? Ă?Ă˘Ă?Ă’Ă‹Ă˜Ă‘Ă? Ă“Ă˜ Ă?Ă™Ă—Ă—Ă&#x;Ă˜Ă“ĂžĂ“Ă?Ă? Ă‹Ă˜ĂŽ ĂšĂ–Ă‹Ă?Ă?Ă? ĂĄĂ’Ă?ĂœĂ? ĂžĂ’Ă™Ă?Ă? ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă?Ă? Ă‹ĂœĂ? ĂšĂœĂ?Ă Ă‹Ă–Ă?Ă˜ĂžË› Ă’Ă?ĂœĂ?Ă?Ă™ĂœĂ?Ëœ Ă“Ă? ĂĄĂ? Ă—Ă&#x;Ă?Ăž Ă‹ĂŽĂŽĂœĂ?Ă?Ă? ĂžĂ’Ă? ĂšĂœĂ™ĂŒĂ–Ă?Ă— Ă™Ă? Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă—Ă‹Ă–ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă? Ă?ĂœĂ™Ă— ĂžĂ’Ă? ĂœĂ™Ă™ĂžËœ ĂžĂ’ĂœĂ?Ă? ĂžĂ’Ă“Ă˜Ă‘Ă? Ă‹ĂœĂ? ĂšĂœĂ“Ă™ĂœĂ“ĂžĂŁ Ă‹Ă—Ă™Ă˜Ă‘Ă?Ăž Ă—Ă‹Ă˜ĂŁË› Ă“ĂœĂ?Ăž Ă“Ă? Ă?ĂžĂœĂ?Ă˜Ă‘ĂžĂ’Ă?Ă˜Ă“Ă˜Ă‘ Ă—Ă™ĂœĂ‹Ă–Ă? Ă“Ă˜ Ă?Ă‹Ă—Ă“Ă–Ă“Ă?Ă? Ă‹Ă˜ĂŽ Ă?Ă™Ă—Ă—Ă&#x;Ă˜Ă“ĂžĂ“Ă?Ă?Ëœ ĂžĂ’Ă?Ă˜ Ă?Ă?ĂžĂ‹ĂŒĂ–Ă“Ă?Ă’Ă“Ă˜Ă‘ Ă?Ă–Ă?Ă‹ĂœĂ–ĂŁ ĂŽĂ?Ă?Ă“Ă˜Ă?ĂŽ Ă–Ă‹ĂĄĂ? Ă‹Ă˜ĂŽ Ă“Ă—ĂšĂ–Ă?Ă—Ă?Ă˜ĂžĂ‹ĂŒĂ–Ă? ĂšĂ?Ă˜Ă‹Ă–ĂžĂ“Ă?Ă? Ă?Ă™Ăœ Ă?Ă˜Ă‘Ă‹Ă‘Ă“Ă˜Ă‘ Ă“Ă˜ ĂžĂ’Ă? Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă—Ă‹Ă–ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă?Ë› Ă“Ă˜Ă‹Ă–Ă–ĂŁËœ Ă˜Ă‹Ă—Ă? Ă‹Ă˜ĂŽ Ă?Ă’Ă‹Ă—Ă?Ëœ Ă‹Ă˜ĂŽ ĂšĂ&#x;ĂŒĂ–Ă“Ă? Ă‹ĂĄĂ‹ĂœĂ?Ă˜Ă?Ă?Ă?Ë› Ă™ĂœĂ‹Ă–Ă? Ă“Ă˜ Ă‹Ă—Ă“Ă–Ă“Ă?Ă? Ă‹Ă˜ĂŽ Ă™Ă—Ă—Ă&#x;Ă˜Ă“ĂžĂ“Ă?Ă?Ë? Ă’Ă“Ă? Ă“Ă? ĂžĂ’Ă? ĂœĂ?Ă?ĂšĂ™Ă˜Ă?Ă“ĂŒĂ“Ă–Ă“ĂžĂŁ Ă™Ă? ĂžĂ’Ă? Ă?Ă‹Ă—Ă“Ă–ĂŁ Ă‹Ă? Ă‹ ĂšĂ–Ă‹Ă?Ă? ĂĄĂ’Ă?ĂœĂ? ĂŒĂ‹Ă?Ă“Ă? Ă—Ă™ĂœĂ‹Ă– Ă?Ă™ĂŽĂ?Ă? Ă?Ă™Ăœ Ă–Ă“Ă Ă“Ă˜Ă‘ Ă‹ĂœĂ? Ă–Ă?Ă‹ĂœĂ˜Ă?ĂŽË› Ă Ă?ĂœĂŁ Ă?Ă‹Ă—Ă“Ă–ĂŁ Ă™ĂĄĂ?Ă? ĂžĂ’Ă?Ă—Ă?Ă?Ă–Ă Ă?Ă? Ă‹Ă˜ĂŽ ĂžĂ’Ă? Ă˜Ă‹ĂžĂ“Ă™Ă˜ ĂžĂ’Ă? ĂœĂ?Ă?ĂšĂ™Ă˜Ă?Ă“ĂŒĂ“Ă–Ă“ĂžĂŁ Ă™Ă? ĂŽĂ?Ă—Ă™Ă˜Ă?ĂžĂœĂ‹ĂžĂ“Ă˜Ă‘ ĂžĂ™ ĂžĂ’Ă?Ă“Ăœ ĂĄĂ‹ĂœĂŽĂ? ĂžĂ’Ă? Ă“Ă—ĂšĂ™ĂœĂžĂ‹Ă˜Ă?Ă? Ă™Ă? Ă‘Ă™Ă™ĂŽ Ă—Ă™ĂœĂ‹Ă–Ă? Ă‹Ă˜ĂŽ ĂšĂœĂ™ĂšĂ?Ăœ Ă?Ă™Ă˜ĂŽĂ&#x;Ă?Ăž Ă“Ă˜ ĂžĂ’Ă? Ă?Ă™Ă?Ă“Ă?ĂžĂŁË› Ă’Ă?ĂœĂ? Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă‹ Ă?Ă–Ă?Ă‹Ăœ ĂŽĂ?Ă?Ă“Ă˜Ă“Ă˜Ă‘ Ă‘ĂœĂ™Ă&#x;Ă˜ĂŽ ĂŒĂ?ĂžĂĄĂ?Ă?Ă˜ ĂĄĂ’Ă‹Ăž Ă“Ă? Ă‘Ă™Ă™ĂŽ Ă‹Ă˜ĂŽ ĂĄĂ’Ă‹Ăž Ă“Ă? ĂŒĂ‹ĂŽË› Ă’Ă“Ă? Ă“Ă˜Ă?Ă–Ă&#x;ĂŽĂ?Ă? ĂœĂ?Ă Ă?Ă‹Ă–Ă“Ă˜Ă‘ Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă—Ă‹Ă–ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă?Ă? Ă‹Ă? Ă˜Ă™ĂžĂ’Ă“Ă˜Ă‘ ĂŒĂ&#x;Ăž Ă?Ă’Ă?Ă‹ĂžĂ“Ă˜Ă‘Ë› Ă™Ëœ Ă“Ă? Ă?Ă’Ă?Ă‹ĂžĂ“Ă˜Ă‘ Ă“Ă? Ă‹ ĂŒĂ‹ĂŽ Ă‹Ă?ĂžËœ Ă?Ă™ Ă‹Ă–Ă?Ă™ Ă“Ă? Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă—Ă‹Ă–ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă?Ë› Ă‹Ă—Ă“Ă–Ă“Ă?Ă? Ă—Ă&#x;Ă?Ăž ĂžĂ?Ă‹Ă?Ă’ ĂžĂ’Ă‹Ăž Ă?Ă˜Ă‘Ă‹Ă‘Ă“Ă˜Ă‘ Ă“Ă˜ Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă—Ă‹Ă–ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă? ĂœĂ“Ă˜Ă‘Ă? ĂœĂ?ĂšĂ&#x;ĂžĂ‹ĂžĂ“Ă™Ă˜Ă‹Ă– ĂŽĂ‹Ă—Ă‹Ă‘Ă? ĂžĂ™ ĂžĂ’Ă? Ă˜Ă‹Ă—Ă? Ă™Ă? ĂžĂ’Ă? Ă?Ă‹Ă—Ă“Ă–ĂŁ Ă‹Ă? ĂĄĂ?Ă–Ă– Ă‹Ă? ĂžĂ’Ă? Ă“Ă˜ĂŽĂ“Ă Ă“ĂŽĂ&#x;Ă‹Ă–Ă? Ă“Ă˜Ă Ă™Ă–Ă Ă?ĂŽË› Ă‹ĂĄĂ? Ă‹Ă˜ĂŽ Ă“Ă—ĂšĂ–Ă?Ă—Ă?Ă˜ĂžĂ‹ĂŒĂ–Ă? ĂšĂ?Ă˜Ă‹Ă–ĂžĂ“Ă?Ă? Ă’Ă“Ă–Ă? ĂžĂ’Ă? Ă?Ă™Ă?Ă“Ă?ĂžĂŁ Ă—Ă‹ĂŁ ĂœĂ?Ă–ĂŁ Ă™Ă˜ ĂžĂ’Ă? Ă?Ă‹Ă—Ă“Ă–ĂŁ ĂžĂ™ Ă“Ă—ĂŒĂ“ĂŒĂ? Ă‘Ă™Ă™ĂŽ Ă—Ă™ĂœĂ‹Ă–Ă? Ă“Ă˜ ĂžĂ’Ă?Ă“Ăœ ĂĄĂ‹ĂœĂŽĂ?Ëœ ĂžĂ’Ă?ĂœĂ? Ă—Ă&#x;Ă?Ăž ĂŒĂ? Ă?Ă–Ă?Ă‹ĂœĂ–ĂŁ ĂŽĂ?Ă?Ă“Ă˜Ă?ĂŽ Ă–Ă‹ĂĄĂ? Ă™Ă˜ Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă—Ă‹Ă–ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă?Ë› Ăž Ă“Ă? ĂšĂ™Ă?Ă?Ă“ĂŒĂ–Ă? ĂžĂ’Ă‹Ăž ĂžĂ’Ă“Ă? Ă?Ă&#x;ĂœĂœĂ?Ă˜ĂžĂ–ĂŁ Ă?Ă˘Ă“Ă?ĂžĂ? Ă“Ă˜ Ă?Ă™Ă—Ă? Ă?Ă™ĂœĂ—Ă?Ëœ ĂĄĂ’Ă‹Ăž Ă‹Ă— Ă˜Ă™Ăž Ă?Ă&#x;ĂœĂ? Ă“Ă? Ă’Ă™ĂĄ Ă&#x;ĂšĚ‹ĂžĂ™Ě‹ĂŽĂ‹ĂžĂ? Ă‹Ă˜ĂŽ ĂĄĂ?Ă–Ă–Ě‹ĂŽĂ?Ă?Ă“Ă˜Ă?ĂŽ ĂžĂ’Ă? Ă–Ă‹ĂĄĂ? Ă‹ĂœĂ?Ë› ĂžĂ&#x;ĂŽĂ?Ă˜ĂžĂ? Ă?Ă’Ă™Ă&#x;Ă–ĂŽ Ă‹Ă–Ă?Ă™ ĂŒĂ? Ă—Ă‹ĂŽĂ? ĂžĂ™ ĂœĂ?Ă‹ĂŽ ĂžĂ’Ă? Ă‹ĂšĂšĂ–Ă“Ă?Ă‹ĂŒĂ–Ă? Ă–Ă‹ĂĄ Ă‹Ă˜ĂŽ Ă‹ĂšĂšĂ?Ă˜ĂŽ ĂžĂ’Ă?Ă“Ăœ Ă?Ă“Ă‘Ă˜Ă‹ĂžĂ&#x;ĂœĂ? ĂŒĂ?Ă?Ă™ĂœĂ? ĂžĂ’Ă? ĂŒĂ?Ă‘Ă“Ă˜Ă˜Ă“Ă˜Ă‘ Ă™Ă? Ă‹Ă˜ Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜Ëœ ĂžĂ’Ă“Ă? ĂĄĂ™Ă&#x;Ă–ĂŽ Ă?Ă?ĂœĂ Ă? Ă‹Ă? Ă“Ă˜ ĂžĂ’Ă? Ă?ĂšĂ™Ăž ĂœĂ?Ă—Ă“Ă˜ĂŽĂ?Ăœ Ă“Ă˜ Ă?Ă‹Ă?Ă? ĂžĂ’Ă?ĂŁ Ă‹ĂœĂ? Ă˜Ă™Ăž Ă‹ĂĄĂ‹ĂœĂ?Ë› Ă›Ă&#x;Ă‹Ă–Ëœ Ă?Ă&#x;ĂšĂ?ĂœĂ Ă“Ă?Ă™ĂœĂ? ĂĄĂ’Ă™ Ă?Ă™Ă–Ă–Ă&#x;ĂŽĂ? ĂĄĂ“ĂžĂ’ Ă?ĂžĂ&#x;ĂŽĂ?Ă˜ĂžĂ?Ëœ Ă?Ă?Ă’Ă™Ă™Ă–Ă? Ă‹Ă˜ĂŽ ĂšĂ‹ĂœĂ?Ă˜ĂžĂ? Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă—Ă‹ĂŽĂ? ĂžĂ™ ĂŽĂ™ Ă?Ă‹Ă—Ă?Ë› Ă?Ă&#x;Ă˜Ă?ĂžĂ“Ă™Ă˜Ă“Ă˜Ă‘ Ă–Ă‹ĂĄ ĂĄĂ“ĂžĂ’ Ă“Ă—ĂšĂ–Ă?Ă—Ă?Ă˜ĂžĂ‹ĂŒĂ–Ă? ĂšĂ?Ă˜Ă‹Ă–ĂžĂ“Ă?Ă? ĂĄĂ™Ă&#x;Ă–ĂŽ Ă‘Ă™ Ă‹ Ă–Ă™Ă˜Ă‘ ĂĄĂ‹ĂŁ ĂžĂ™ ĂŽĂ?ĂžĂ?Ăœ ĂšĂ?ĂœĂšĂ?ĂžĂœĂ‹ĂžĂ™ĂœĂ?Ë› Ă—Ă&#x;Ă?Ăž Ă‹Ă–Ă?Ă™ Ă‹ĂŽĂŽ ĂžĂ’Ă‹Ăž ĂžĂ’Ă“Ă? Ă–Ă‹ĂĄ Ă—Ă&#x;Ă?Ăž Ă‘Ă“Ă Ă? ĂœĂ™Ă™Ă— Ă?Ă™Ăœ Ă?Ă‹Ă“Ăœ Ă’Ă?Ă‹ĂœĂ“Ă˜Ă‘ Ă‹Ă˜ĂŽ Ă˜Ă?Ă?Ă?Ă?Ă?Ă‹ĂœĂŁ Ă?Ă Ă“ĂŽĂ?Ă˜Ă?Ă? ĂšĂœĂ?Ă?Ă?Ă˜ĂžĂ?ĂŽ ĂžĂ™ Ă?Ă–Ă?Ă‹Ăœ Ă™Ăœ Ă?Ă?ĂžĂ‹ĂŒĂ–Ă“Ă?Ă’ Ă?Ă‹Ă?Ă?Ă? Ă™Ă? Ă—Ă‹Ă–ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă?Ă?Ë› Ă‹Ă—Ă?Ě‹Ă‹Ă˜ĂŽĚ‹ Ă’Ă‹Ă—Ă? Ă‹Ă˜ĂŽ Ă&#x;ĂŒĂ–Ă“Ă? ĂĄĂ‹ĂœĂ?Ă˜Ă?Ă?Ă?Ë› Ă‹Ă?ĂžĂ–ĂŁËœ Ă‹Ă˜ĂŁĂ™Ă˜Ă? Ě™Ă?Ă?Ă’Ă™Ă™Ă– ĚŽĂšĂœĂ“Ă˜Ă?Ă“ĂšĂ‹Ă– Ă™Ăœ ĂžĂ?Ă‹Ă?Ă’Ă?ĂœĂ?Ëœ Ă?Ă&#x;ĂšĂ?ĂœĂ Ă“Ă?Ă™ĂœËœ Ă?ĂžĂ&#x;ĂŽĂ?Ă˜ĂžĚš Ă?Ă‹Ă&#x;Ă‘Ă’Ăž Ă“Ă˜ ĂžĂ’Ă? Ă‹Ă?Ăž Ă™Ă? Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă—Ă‹Ă–ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă?Ă? Ă?Ă’Ă™Ă&#x;Ă–ĂŽ Ă—Ă‹ĂŽĂ? ĂžĂ™ Ă‘Ă™ ĂžĂ’ĂœĂ™Ă&#x;Ă‘Ă’ ĂĄĂ’Ă‹Ăž Ă?Ă‹Ă–Ă– ËŤĂ˜Ă‹Ă—Ă?Ě‹Ă‹Ă˜ĂŽĚ‹Ă?Ă’Ă‹Ă—Ă?ËŹ Ă‹Ă˜ĂŽ ĂšĂ™Ă?Ă?Ă“ĂŒĂ–ĂŁ ĂžĂ’Ă?Ă“Ăœ Ă˜Ă‹Ă—Ă? Ă?Ă˜ĂžĂ?ĂœĂ?ĂŽ Ă“Ă˜ĂžĂ™ Ă‹ ĂŒĂ–Ă‹Ă?Ă• ĂŒĂ™Ă™Ă• Ă?Ă‹Ă–Ă– Ă’Ă‹Ă–Ă– Ă™Ă? Ă?Ă’Ă‹Ă—Ă?Ë› Ă’Ă? Ă?Ă’Ă‹Ă—Ă“Ă˜Ă‘ Ă?Ă‹Ă˜ ĂžĂ‹Ă•Ă? ĂŽĂ“Ă?Ă?Ă?ĂœĂ?Ă˜Ăž Ă?Ă™ĂœĂ—Ă?Ëœ Ă’Ă™ĂĄĂ?Ă Ă?Ăœ ĂžĂ’Ă? Ă“Ă˜ĂžĂ?Ă˜ĂžĂ“Ă™Ă˜ Ă“Ă? ĂžĂ™ Ă?Ă™Ă&#x;Ă˜ĂŽ Ă‹ Ă˜Ă™ĂžĂ? Ă™Ă? ĂĄĂ‹ĂœĂ˜Ă“Ă˜Ă‘ ĂžĂ’Ă‹Ăž Ă“Ă? Ă‹ Ă?ĂœĂ“Ă—Ă? ĂžĂ™ Ă?Ă’Ă?Ă‹ĂžË›

Ă? ĂšĂ?Ă™ĂšĂ–Ă? Ă?Ă?Ă? Ă˜Ă‹Ă—Ă?Ă? Ă™Ă? Ă?Ă’Ă?Ă‹ĂžĂ? Ă“Ă˜ ËŤĂ˜Ă‹Ă—Ă?Ě‹Ă‹Ă˜ĂŽĚ‹Ă?Ă’Ă‹Ă—Ă?ËŹ Ă–Ă“Ă?ĂžĂ?Ëœ ĂžĂ’Ă?ĂŁ ĂĄĂ“Ă–Ă– ĂžĂ‹Ă•Ă? Ă–Ă?Ă?Ă?Ă™Ă˜Ă?Ëœ ĂšĂœĂ?ĂšĂ‹ĂœĂ? ĂšĂœĂ™ĂšĂ?ĂœĂ–ĂŁ Ă?Ă™Ăœ Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜Ă? Ă‹Ă˜ĂŽ Ă?Ă™Ă˜ĂŽĂ&#x;Ă?Ăž ĂžĂ’Ă?Ă—Ă?Ă?Ă–Ă Ă?Ă? Ă™ĂœĂŽĂ?ĂœĂ–ĂŁ Ă“Ă˜ ĂžĂ’Ă? Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă’Ă‹Ă–Ă–Ë› Ă’Ă?ĂœĂ? Ă?Ă’Ă™Ă&#x;Ă–ĂŽ Ă‹Ă–Ă?Ă™ ĂŒĂ? Ă?Ă™Ă˜Ă?ĂžĂ‹Ă˜Ăž Ă‹ĂĄĂ‹ĂœĂ?Ă˜Ă?Ă?Ă? ĂšĂœĂ™Ă‘ĂœĂ‹Ă—Ă—Ă?Ă? Ă“Ă˜ Ă?Ă?Ă’Ă™Ă™Ă–Ă? Ă‹ĂŒĂ™Ă&#x;Ăž ĂžĂ’Ă? ĂŽĂ‹Ă˜Ă‘Ă?Ăœ Ă™Ă? Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă—Ă‹Ă–ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă?Ă?Ë› Ă‹ĂœĂžĂ“Ă?Ă&#x;Ă–Ă‹ĂœĂ–ĂŁËœ ĂžĂ’Ă‹Ăž ĂœĂ?Ă–ĂŁĂ“Ă˜Ă‘ Ă™Ă˜ Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă—Ă‹Ă–ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă?Ă? ĂœĂ?ĂŽĂ&#x;Ă?Ă?Ă? ĂžĂ’Ă? Ă?Ă‹ĂšĂ‹Ă?Ă“ĂžĂŁ ĂžĂ™ ĂžĂ’Ă“Ă˜Ă• Ă‹Ă˜ĂŽ ĂšĂœĂ™Ă?Ă?Ă?Ăœ Ă?Ă™Ă–Ă&#x;ĂžĂ“Ă™Ă˜Ă? ĂžĂ™ ĂšĂœĂ™ĂŒĂ–Ă?Ă—Ă?Ëœ Ă?Ă Ă?Ă˜ ĂšĂ?ĂœĂ?Ă™Ă˜Ă‹Ă– Ă?Ă’Ă‹Ă–Ă–Ă?Ă˜Ă‘Ă?Ă? Ă–Ă‹ĂžĂ?Ăœ Ă“Ă˜ Ă–Ă“Ă?Ă?Ë› Ă’Ă“Ă? Ă‹ĂĄĂ‹ĂœĂ?Ă˜Ă?Ă?Ă? Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂžĂ‹Ă•Ă? ĂšĂ–Ă‹Ă?Ă? Ă?Ă Ă?ĂœĂŁ ĂžĂ?ĂœĂ— Ă“Ă˜ ĂžĂ’Ă? Ă‹Ă?Ă‹ĂŽĂ?Ă—Ă“Ă? ĂŁĂ?Ă‹Ăœ ĂĄĂ“ĂžĂ’ Ă?Ă™Ă—Ă? Ă?Ă‹Ă˜Ă?Ă‹ĂœĂ? Ă‹ĂœĂ™Ă&#x;Ă˜ĂŽ ĂžĂ’Ă? Ă?Ă Ă?Ă˜ĂžË› Ă’Ă? Ă–Ă‹ĂœĂ‘Ă?Ăœ Ă?Ă™Ă?Ă“Ă?ĂžĂŁËœ ĂšĂ‹ĂœĂžĂ“Ă?Ă&#x;Ă–Ă‹ĂœĂ–ĂŁ ĂšĂ‹ĂœĂ?Ă˜ĂžĂ? Ă‹Ă˜ĂŽ Ă? Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă“Ă˜Ă Ă™Ă–Ă Ă?ĂŽ Ă“Ă˜ Ă?ĂœĂ?Ă‹ĂžĂ“Ă˜Ă‘ Ă‹ĂĄĂ‹ĂœĂ?Ă˜Ă?Ă?Ă?Ë› Ă™Ă—ĂšĂ?ĂžĂ“ĂžĂ“Ă™Ă˜Ă? Ă?Ă&#x;Ă?Ă’ Ă‹Ă? Ă?Ă?Ă?Ă‹ĂŁ ĂĄĂœĂ“ĂžĂ“Ă˜Ă‘ Ă‹Ă˜ĂŽ ĂšĂœĂ“Ă¤Ă?Ă? Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? ĂšĂ‹ĂœĂž Ă™Ă? ĂĄĂ’Ă‹Ăž ĂĄĂ™Ă&#x;Ă–ĂŽ Ă?Ă˜Ă?Ă™Ă&#x;ĂœĂ‹Ă‘Ă? ĂšĂ‹ĂœĂžĂ“Ă?Ă“ĂšĂ‹ĂžĂ“Ă™Ă˜Ë› Ă–Ă– Ă™Ă? ĂžĂ’Ă?Ă?Ă? Ă“Ă? ĂžĂ™ Ă?Ă˜Ă?Ă&#x;ĂœĂ? ĂžĂ’Ă?ĂœĂ? Ă“Ă? Ă?Ă™Ă˜Ă?ĂžĂ‹Ă˜Ăž Ă?ĂŽĂ&#x;Ă?Ă‹ĂžĂ“Ă™Ă˜ Ă™Ă˜ ĂžĂ’Ă? Ă˜Ă?Ă?ĂŽ ĂžĂ™ Ă?Ă˜Ă‘Ă‹Ă‘Ă? Ă“Ă˜ Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ ĂĄĂ“ĂžĂ’Ă™Ă&#x;Ăž Ă&#x;Ă˜ĂŽĂ&#x;Ă? Ă‹ĂŽĂ Ă‹Ă˜ĂžĂ‹Ă‘Ă? Ă™Ă Ă?Ăœ Ă™ĂžĂ’Ă?ĂœĂ? Ă‹Ă˜ĂŽ ĂžĂ’Ă? Ă?ĂŁĂ?ĂžĂ?Ă—Ë› Ă’Ă? Ă™Ă?Ă?Ă?Ă’Ă™Ă™Ăž Ă™Ă? Ă?Ă˘Ă‹Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă—Ă‹Ă–ĂšĂœĂ‹Ă?ĂžĂ“Ă?Ă?Ă? Ă“Ă? Ă?Ă™ĂœĂœĂ&#x;ĂšĂžĂ“Ă™Ă˜Ă? Ă‹Ă˜ĂŽ Ă—Ă“Ă?Ă‹ĂšĂšĂœĂ™ĂšĂœĂ“Ă‹ĂžĂ“Ă™Ă˜ Ă™Ă? Ă?Ă&#x;Ă˜ĂŽĂ?Ë› Ă’Ă? Ă‹ĂŒĂ“Ă–Ă“ĂžĂŁ ĂžĂ™ Ă?Ă&#x;ĂœĂŒ Ă“Ăž Ă‹Ăž Ă‹Ă˜ Ă?Ă‹ĂœĂ–ĂŁ Ă?ĂžĂ‹Ă‘Ă? ĂĄĂ™Ă&#x;Ă–ĂŽ Ă‘Ă™ Ă‹ Ă–Ă™Ă˜Ă‘ ĂĄĂ‹ĂŁ ĂžĂ™ Ă?ĂœĂ?Ă‹ĂžĂ? Ă‹ Ă”Ă&#x;Ă?Ăž Ă‹Ă˜ĂŽ Ă—Ă™ĂœĂ‹Ă–Ă–ĂŁ Ă?Ă™Ă&#x;Ă˜ĂŽ Ă?Ă™Ă?Ă“Ă?ĂžĂŁË›Ë› Eruotor writes from Lagos

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CITYSTRINGS Taking Development to the People

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

Quoting several development experts, Yinka Kolawole writes that the social protection policies of the Osun State government has had a huge impact on the stateâ€™s residents

Osun State governor, Ogbeni Rauf Aregbesola (2nd right), Chief, Field Services/Coordination (UNICEF), Dr. Annefrida Kisesa Mkusa (left), Chief of Field OďŹƒce, Akure (UNICEF), Dr. Tejinder Singh Sandhu (2nd left), and Director General, OďŹƒce of Economic Development and Partnerships and Coordinator, Osun Rural Entreprise and Agriculture Programme, Dr Charles Akinola (right), at the opening plenary of the State of Osun Social Protection Study Tour of UNICEF at Aurora Event Centre, Osogboâ€Śrecently

he United Nations International Children's Emergency Fund, (UNICEF), has described the Governor of Osun, Mr. Rauf Aregbesola, as a symbol of service to the course of human development. The international organisation hinged its commendation passed on the governor on his commitment to human and infrastructure development since he assumed office in 2010. The Chief of Field Services of UNICEF Nigeria, Dr. Annefrida Kisessa, made this observation at a get-together party organised by the state in honour of the representatives from 15 states and leadership of UNICEF on a visit to Osun to learn more about the stateâ€™s Social Protection Programmes and its successes. Kisessa expressed her delight over what she described as â€œgood governance in action,â€? saying Osun has revolutionised governance in Nigeria. She applauded Aregbesola's sense of commitment and passion to humanity, describing Osunâ€™s social protection programmes as one of the best in the country. The UNICEF team head said the social intervention initiatives of Aregbesola have been assessed to be one of the most impactful, beneficial and rewarding. According to her: â€œI have visited about 15 to 20 states in Nigeria and since I have been visiting, I have not seen a leader like Aregbesola with rare passion for people's welfare. I have seen your passion to banish poverty, banish hunger, restore healthy living, promote functional and quality education for your people among others. I have also seen your passion to develop your people and your state. I am really proud of your achievements because I have seen your indelible legacies in all sectors. "With what I have seen, it is clear that Osun has shown that education is the key to development. Your programmes are no

doubt centred on the people as your social protection projects are designed to better

I have visited about 15 to 20 states in Nigeria and since I have been visiting, I have not seen a leader like Aregbesola with rare passion for people's welfare. I have seen your passion to banish poverty, banish hunger, restore healthy living, promote functional and quality education for your people among others. I have also seen your passion to develop your people and your state. I am really proud of your achievements because I have seen your indelible legacies in all sectors. With what I have seen, it is clear that Osun has shown that education is the key to development.Your programmes are no doubt centred on the people as your social protection projects are designed to better the lives of your people, especially the less privileged, vulnerable and downtrodden

the lives of your people, especially the less privileged, vulnerable and downtrodden. Your initiatives, like O'MEAL, O'YES, O'HUB, O'REAP, O'AMBULANCE, all have direct impact on your people. â€œI am also happy because all the achievements of this state are properly and accurately documented. I have seen that Osun has genuine statistics and database for all its programmes. I have seen rare difference in governance in the case of Osun because, since I have been visiting states, Osun is the only state where sanitation takes precedence in the activities of the government as everywhere I have visited was clean and streets tidy even more than some of Abuja streets. â€œOsun is a place I will like to be. I am very impressed with the quality of Osun Social Protection Programme. This shows the quality of Aregbesola's leadership. It shows that Aregbesola is a very good leader and a symbol of service to humanity. I have come, I have seen and I have many memories to talk about.â€? Director General, Office of Economic Development and Partnership, Dr. Charles Diji Akinola, said the social protection programmes of Osun has indeed helped to ameliorate poverty and improve the well-being of the citizenry since Aregbesola became governor. He said the state had been further encouraged by the supports from agencies locally and internationally, saying the contribution of UNICEF in consolidating and solidifying the initiatives of Osun government on its life-long human and capital development projects remains commendable. He said: â€œAbout two years ago, Osun Government had collaboration with the United Nations International Children's Emergency Fund (UNICEF) on the need to strengthen the stateâ€™s social protection programme. Today, the visit of the leadership of the UNICEF to Osun is a demonstration of the robust relationship, between the organisation and

the state. â€œThe idea behind this partnership is to consolidate on Osun's social protection programmes, which have been the central concern of this administration; 13 of these projects would be discussed and shared with the visiting team. We have been encouraged with what UNICEF has done in ensuring a mutually-beneficial partnership.â€? In their separate remarks, the Zamfara State Commissioner for Education, Alhaji Moukhtar Luga, said Aregbesola is one of the successful Nigerian politicians that has made the country proud. He noted that the governor has changed the face of governance in such a way that old beliefs and practices have been re-modelled. He said: â€œI have seen so many projects. I have seen the quantum of infrastructure development put in place by the Aregbesolaled administration. I have seen a revolution going on in all sectors. I have seen how people are made to realise that change is about good governance and commitment to human and capital development. I have seen the passion and commitment to development as some of Osun policies and programmes have been replicated locally and internationally. â€œI have gone round some of the schools built by your administration and I am impressed with what I have seen so far. I am going back to my state to ensure the replication of all these programmes.â€? Sokoto State Commissioner for Health, Dr. Sheu Balarabe, said he was elated to see the achievements of the state in all sectors. He described as heart-warming all he saw on his tour of some of the facilities, saying all the governor's intervention programmes are highly conscious of the people. According to Balarabe, â€œWe have learnt a lot most especially on how things are being done in the state to record these laudable feats. We have been exposed to programmes like Osun Rural Enterprise and Agricultural

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CITYSTRINGS

Aregbesola (8th from left) and others at the opening plenary of the State of Osun Social Protection Study Tour of United Nations International Children's Emergency Fund (UNICEF) at Aurora Event Centre, Osogbo

Programmes called (O'REAP); Osun Youth Empowerment Scheme (OYES). We have also been told of how model schools built across the state came to limelight as well as other social protection programmes. â€œI am proud of all these projects because I have been to schools. I have seen how children are being motivated with government programmes. I have seen the energy in the pupils as a result of support, which your government is making. All you are doing is about building an assured future for your state and the country as your projects are designed to meet the present and future needs of the people of the state. â€œOsun has built a template and as well harnessed its potential in such a way that Nigerian Government and by extension the whole world could learn and tap from. Osun has built a template for education revolution. So, we have learnt a lot and we are ready to apply this in our states.â€? The Head of Service, Kebbi State, Alhaji Abubakar Idris, said the governor has, in six years, done what his peers would find difficult to do. â€œAregbesola had achieved within six years of his administration what many of his peers could not achieve even if given third term to administer their states,â€? he said. â€œAregbesola is one of the most successful politicians in Nigeria. You are one of the respected governors in Nigeria whose passion for development could not be tainted or distorted.â€? On his own, the representative from Federal Ministry of Economic Planning and Budget, Dr. Samson Ebimaro, said what he saw in Osun was very amazing, emulating and commendable as they justify the honour given to the Governor in 2013 as one of the few working governors in Nigeria.

I thank you all for choosing Osun and for identifying with our successes in supporting our people. Our mission is to provide better quality of life and advance the general welfare of our people. It is our belief that this partnership will be sustained in furtherance of our collective efforts to enhance the living conditions of our people

R-L: Head of Service, Kebbi State, Mallam Abubakar Idris, Director Bureau of Communication and Strategy, State of Osun, Mr. Semi Okanlawon, Head Mesres Anthony UdoďŹ a Elementary School, Farinloye Oluyemisi and others, when UNICEF and 16 other states in Nigeria came to understudy the State of Osun's social protection programmes at Anthony UdoďŹ a Elementary Schoolâ€Śrecently

â€œI know all these are achieved with the supports which Mr. Governor received from his cabinet. So, as donor to both local and international agencies, we shall continue to support and encourage Osun Government to enhance quick realisation of its objectives since the state had taken first in all sectors,â€? Ebimaro said. The Lagos State Director of Economic Partnership, Ministry of Economic Planning and Budget, Mr. Adejola Bankole, noted that with what he has seen in Osun, it is clear that all negative reporting in the newspapers are being concocted by some people to discredit Aregbesola's administration. â€œI have gone round the state and I have seen real

development and change and I encourage Mr. Governor not to be deterred but rather, double his efforts in taking the state to the Promised Land,â€? he said. Earlier, Chief of Field Services, UNICEF, Akure, Nigeria, Dr. Tejinde-Singh Sandhu, noted that the â€œOsun government had demonstrated what government and good governance is all about as this was reflected in the passion of Governor Aregbesola to humanity, saying he has not seen â€œIn any state in Nigeria where government caters for its citizens from cradle to grave as is being done by the Aregbesola-led administration in Osun.â€? In his response, Aregbesola expressed

gratitude to all representatives of the 15 visiting states most especially the leadership of UNICEF in Nigeria. He said, â€œI thank you all for choosing Osun and for identifying with our successes in supporting our people. Our mission is to provide better quality of life and advance the general welfare of our people. It is our belief that this partnership will be sustained in furtherance of our collective efforts to enhance the living conditions of our people.â€? He therefore enjoined UNICEF's leadership on the need to prioritise seminars and meetings, which according to him would help to further strengthen development among the states of the federation.

T H I S D AY Ëž , JULY 12, 2017

BUSINESS/MONEYGUIDE

GTBank Raises International Spend Limit on Naira Cards to $1,000 Monthly Obinna Chima In a move that signalled improved foreign exchange (forex) liquidity in the banking system, tier-one lender, Guaranty Trust Bank Plc (GTBank) has raised the monthly international spend limit on its naira MasterCard by 900% to US$1,000 from US$100 effective July 10. In an e-mail to customers, GTBank said the limit was raised for only electronic transactions online and via point of sale terminals, stressing that rstrictions still remain on cash withdrawal. The bank stated: â€œWe write to inform you of the monthly spending limits currently applicable when using your GTBank Naira MasterCard for International payments. Kindly note that

International cash withdrawal is still restricted.â€? The withdrawal commission, however, has been reviewed upward by 138 per cent to N1,000 per withdrawal from N420. Nigerian banks had reduced and in some cases suspended forex transactions on their Automated Teller Machine cards (debit and credit) in the face of acute dollar shortage brought on by shrinking petrodollars, a tightening in forex policies by the Central Bank of Nigeria (CBN) and reduced portfolio inflows. But recent CBNâ€™s policies have helped to close the gap between the official and parallel market, keep rates stable, and most importantly, improved forex liquidity. â€œAccess to foreign exchange by Nigerian banks has improved

significantly since the the introduction of new forex policies by the CBN. The investorsâ€™ and exportersâ€™ FX window (I &E window) appears to have become an acceptable substitute to a float. â€œThis move by GTBank, in our view, is a key indicator of improved liquidity in the foreign exchange market. We believe other banks will likely follow in line and raise dollar limits on their naira cards. This implies -on the part of banks, improved fee and commision income in view of a rebound in fee on card transactions and the higher commission charged, and reduced demand pressure at the black market if other banks follow suit,â€? analysts at Lagos-based CSL Stockbrokers Limited stated.

BoI to Inject N1tn into Economy Senator Iroegbu Ă“Ă˜ ĂŒĂ&#x;Ă”Ă‹ The Bank of Industry (BOI) plans to inject N1trillion into the Nigerian economy through collaboration with financial institutions in the country and development institutions in Africa. The Managing Director of BOI, Mr. Olukayode Pitan disclosed this to journalists yesterday at the inauguration of the governing board of the bank at BOIâ€™s headquarters in Abuja. The synergy, Pitan said was to further deepen the bankâ€™s involvement in the development of the economy as well as providing necessary impetus in revitalising key sectors that have been stressed by the global economic downslide. The intervention, he posited, was the resolve of the new management to be abreast of advancing the economy

in furtherance of keeping the bankâ€™s mandate of providing financial assistance for the establishment of large, medium and small projects as well as the expansion, diversification and modernisation of existing enterprises; and rehabilitation of existing ones. The BOI, he said, would invest the fund in infrastructural development, focus more on small and medium enterprises without neglecting large scale businesses and assist in remedial activities such as building road network to attract investors who are interested in working with the Nigerian government. He specifically mentioned the interest of the bank in investing in the Calabar Free Trade Zone, Kano Free Trade Zone, Nnewi Free Trade Zone and the Akwa Ibo Deep Port.

The board chairman, Mr.Aliyu Alrahman Dikko said the board would ensure a sustainable future of the bank by benchmarking international best practices qualities. He promised that the board would uphold the interest of beneficiaries of the bank while it will create opportunities for more entrepreneurs to benefit from the bank and consequently contribute their quota to national development. The chairman said board members will justify their appointments as a call to national service by being transparent in performing their oversight duties. Inaugurating the board, the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, said BOI needed to raise its capital base to further assist SMEs.

FSDH Forecasts Drop in June Inflation Rate to 15.64% As the National Bureau of Statistics (NBS) prepares to release Nigeriaâ€™s inflation rate for June 2017, FSDH Research, the research arm of FSDH Merchant Bank has projected a lower inflation rate of 15.64 per cent for the month of June compared to 16.25 per cent recorded in May. â€œWe estimate that the increase in the CCPI in June 2017 would produce an inflation rate of 15.64 per cent lower than the 16.25 per cent recorded in May 2017,â€? FSDH

said in its report. If this happens, it would mark the fifth consecutive decline in inflation rate since February 2017. The organisation stated that its model indicated that the general price movements in the consumer goods and services in June 2017 would increase the Composite Consumer Price Index (CCPI) to 233.25 points, representing a month-on-month increase of 1.18 per cent. â€œOur model indicates that the general price movements in the consumer goods and services

in June 2017 would increase the Composite Consumer Price Index (CCPI) to 233.25 points, representing a month-on-month increase of 1.18%. â€œWe estimate that the increase in the CCPI in June 2017 would produce an inflation rate of 15.64 per cent lower than the 16.25 per cent recorded in May 2017,â€? it noted, adding that the increase in the price of food items moderated in the month of June when juxtaposed with the month of May 2017.

â€˜ExchangeRateStabilityHasImprovedBusinessTravelâ€™ Nume Ekeghe The Chief Executive Officer of the American Express Global Business Travel, Mr. Louise Van Zyl, has said that the exchange rate stability achieved by the Central Bank of Nigeria (CBN) has helped in revamping the travel industry. He said this yesterday at the executive client forum held in Lagos, with the gathering of the firmâ€™s prominent customers from all sectors. The firm, a franchise from American Express, is an integrated travel management company catering to international and regional business travelers with vast international network, stressed that Nigeria

travel and aviation industry, is resilient and has recovered due to the improvement in the economy. Van Zyl added: â€œThere are a number of analytics that are affecting the corporate travel industry. Significant fluctuation in the exchange rate is part of it. At some point, on the parallel market, we saw the exchange rate got to about N520 and we are unfortunately players in the parralel market for all intensive purposes because it is really not possible for us to have access to foreign currency through the formal or Central bank because it comes with a huge amount of delay and a huge amount of difficulties. â€œHowever the good sign is that it is now in

the region if N360/$, against the official rate.â€? However, he said the positive signs outweigh the negative in terms of international travel, the nigerian economy and travel business in general. Furthermore, he said oil price stabilisation was a good development for the economy. â€œPreviously airlines were selling tickets in dollars, but the trend is moving back to purchasing tickets in naira. The stabilisation of the exchange rate has improved. The differential between the official rate and the parallel market is probably going to continue to reduce which has helped the travel industry,â€? he added.

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 Ă™Ă–Ă“Ă?ĂŁ Ă‹ĂžĂ? Ě‹ ÍŻÍąĎą

OPEC DAILY BASKET PRICE AS AT, MON, 10 JULY 2017 The price of OPEC basket of fourteen crudes stood at $44.77 a barrel on Monday, compared with $45.11 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

˾ WEDNESDAY, JULY 12, 2017

Nigeria’s top 50 stocks based on market fundamentals

11-Jul-17

10-Jul-17

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

01 Dangote Cement Plc

206.21

204.93

0.62%

3,513,923,031,985.05

10.95

18.72

5.68

3.90%

4.38

02 Nigerian Breweries Plc

154.26

153.01

0.82%

1,223,143,102,982.88

3.58

44.29

4.01

2.27%

7.59

03 Guaranty Trust Bank Plc

35.51

34.62

2.57%

1,045,101,174,244.24

4.49

7.94

2.53

4.96%

2.08

901.00

0.00%

714,183,283,052.00

10.00

91.02

3.97

3.19%

23.36

22.02

21.31

3.33%

691,350,793,167.72

4.13

5.06

1.29

8.61%

0.93

9.01

8.92

1.01%

326,878,532,161.22

1.99

4.75

0.90

6.34%

0.77

04 Nestle Nigeria Plc 05 Zenith Bank Plc 06 United Bank for Africa Plc

Table 1 Market Statistics Mkt Indicators

Open 10-Jul-1

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

32,614.60 11.24

32,827.98 11.31

0.65 0.65

137.25 10.69

138.14 10.76

0.65 0.65

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

30.26

31.00

-2.39%

302,600,000,000.00

2.85

11.37

2.07

0.31%

2.30

9.80

9.58

2.30%

283,494,121,983.80

13.18

0.72

5.76%

0.61

465.00

0.00%

257,289,295,545.00 -82.02

-5.67

4.06

3.42%

0.68

10 Presco Plc

64.54

67.93

-4.99%

256,254,588,484.30

0.03 2,496.60

4.06

1.78%

6.93

11 Ecobank Transnational Incorporated

13.11

12.87

1.86%

240,562,616,428.65

0.68

19.68

0.42

4.66%

0.39

12 Lafarge Africa Plc

50.00

0.00%

227,745,090,500.00

3.71

13.48

1.04

6.00%

0.91

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

13 FBN Holdings Plc

6.20

6.24

-0.64%

222,550,815,310.40

0.21

29.88

0.42

2.42%

0.36

33.00

34.00

-2.94%

124,848,776,250.00

0.81

50.31

2.21

0.12%

13.22

15 Dangote Sugar Reﬁnery Plc

8.90

8.70

2.30%

106,800,000,000.00

1.20

7.50

0.64

5.56%

1.63

16 Oando Plc

8.40

8.05

4.35%

101,090,798,709.60

0.29

25.94

0.20

9.96%

0.47

17 International Breweries Plc

29.97

0.00%

98,728,650,921.60

0.02 1,356.74

3.78

0.82%

9.18

18 Guinness Nig Plc

60.00

62.00

-3.23%

90,353,291,280.00

-3.06

-23.38

1.04

4.48%

2.73

19 Total Nigeria Plc

259.99

266.00

-2.26%

88,272,282,401.63

43.58

6.24

0.32

5.15%

3.92

20 Mobil Oil Nig Plc

236.55

0.00%

85,298,809,226.10

22.61

11.06

0.96

2.88%

4.20

21 Flour Mills Nig. Plc

25.00

0.00%

65,605,929,675.00

-1.19

-23.46

0.17

7.15%

0.74

22 Forte Oil Plc.

48.70

0.00%

63,430,829,716.10

2.22

23.75

0.46

6.55%

1.58

23 Okomu Oil Palm Plc

59.48

56.65

5.00%

56,738,566,800.00

5.15

11.36

3.88

0.17%

3.28

1.41

1.44

-2.08%

54,596,606,369.25

-0.03

-50.16

0.95

0.00%

0.65

25 7-Up Bottling Comp. Plc

82.00

0.00%

52,528,409,766.00

-0.05

0.63

2.42%

2.63

26 Julius Berger Nig. Plc

32.14

0.00%

42,424,800,000.00

-2.89

-13.64

0.37

3.80%

0.74

1.26

1.29

-2.33%

36,492,857,971.92

0.39

3.41

0.25

12.12%

0.21

17.00

17.25

-1.45%

32,654,694,579.00

3.37

5.34

0.46

5.56%

0.46

29 Sterling Bank Plc

1.04

0.00%

29,942,034,851.04

0.18

5.91

0.27

8.49%

0.36

30 Diamond Bank Plc

1.24

0.00%

28,718,882,320.32

-0.29

-4.43

0.14

0.00%

0.13

31 National Salt Co. Nig. Plc

9.30

9.40

-1.06%

24,639,776,915.40

0.91

10.19

1.35

5.92%

3.06

32 FCMB Group Plc

1.24

1.27

-2.36%

24,555,361,368.44

0.72

1.77

0.14

7.81%

0.14

33 Glaxo Smithkline Consumer Nig. Plc

20.00

0.00%

23,917,529,760.00

3.51

5.82

1.70

1.47%

1.43

34 Cap Plc

34.00

0.00%

23,800,000,000.00

2.29

13.97

3.29

3.59%

9.81

35 Mansard Insurance Plc

2.19

0.00%

22,995,000,000.00

0.25

8.53

1.08

2.34%

1.11

36 PZ Cussons Nigeria Plc

21.50

21.00

2.38%

21,500,000,000.00

5.69

4.04

1.60

0.44%

0.62

37 Cadbury Nigeria Plc

11.40

11.99

-4.92%

21,411,503,256.00

-0.16

-86.50

0.86

9.52%

2.32

38 Wema Bank Plc

0.55

0.56

-1.79%

21,215,956,344.55

0.07

8.19

0.39

0.00%

0.44

39 Custodian And Allied Insurance Plc

3.40

0.00%

19,998,338,263.00

0.91

4.04

0.56

3.83%

0.72

40 Honeywell Flour Mill Plc

1.91

1.90

0.53%

15,146,677,526.78

-0.40

-4.35

0.29

9.09%

0.42

41 Continental Reinsurance Plc

1.40

1.36

2.94%

14,521,842,036.80

0.42

2.95

0.58

9.68%

0.69

42 Cement Co. Of North.Nig. Plc

9.70

0.00%

12,189,774,330.20

0.22

46.64

1.15

0.98%

1.19

43 Skye Bank Plc

0.59

0.57

3.51%

8,189,377,831.90

-2.93

-0.21

0.05

49.18%

0.08

44 Unity Bank Plc

0.66

0.64

3.13%

7,714,963,041.72

0.19

3.91

0.10

0.00%

0.10

45 Wapic Insurance Plc

0.50

0.00%

6,691,369,126.00

0.18

2.89

0.89

5.77%

0.42

46 Resort Savings & Loans Plc

0.50

0.00%

5,664,866,202.00

0.03

17.71

3.72

0.00%

1.94

47 UACN Property Development Co. Limited

2.90

2.80

3.57%

4,984,374,985.50

-0.90

-3.10

0.76

25.00%

0.14

48 Nigerian Aviation Handling Company Plc

2.85

2.80

1.79%

4,629,023,437.50

0.36

8.59

0.63

6.51%

0.77

49 Fidson Healthcare Plc

2.83

0.00%

4,245,000,000.00

0.21

12.55

0.52

1.89%

0.60

50 AIICO Insurance Plc

0.60

0.00%

4,158,122,688.00

1.48

0.41

0.15

8.33%

0.48

14 Unilever Nigeria Plc

24 Transnational Corporation Of Nigeria Plc

27 Fidelity Bank Plc 28 U A C N Plc

TOTAL

10,755,771,523,796.60

TOTAL MARKET CAP

11,314,185,185,721.30

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

95.06%

Change %

Table 3 Top 5 Gainers Stock

07 Stanbic IBTC Holdings Plc

Close 11-Jul-17

Open 10-Jul-1

Okomu Oil Palm Plc Oando Plc UACN Property Development Co. Limited Skye Bank Plc

Close Change % 11-Jul-17

56.65 8.05 2.80

59.48 8.40 2.90

5.00 4.35 3.57

0.57

0.59

3.51

Table 4 Top 5 Losers Stock

Open 10-Jul-1

Presco Plc Cadbury Nigeria Plc Guinness Nig Plc Unilever Nigeria Plc Stanbic IBTC Holdings Plc

67.93 11.99 62.00 34.00 31.00

Close Change % 11-Jul-17 64.54 11.40 60.00 33.00 30.26

-4.99 -4.92 -3.23 -2.94 -2.39

Bullish trend continues as Index appreciates by 0.65% Market pulse on the Nigerian Stock Exchange (NSE) today – Tuesday, July 11th, 2017 again ended on a positive note as the stock market closed green. This was further highlighted by positive performance from the NSE Subsectors: Banking, Insurance, Consumer Goods and Oil & Gas. Also, trading activities increased in volume as 218.76m shares worth of N2.11 billion in 4,991 deals exchanged hands today. This is an increase from 212.38m shares worth of N2.47 billion in 3,217 deals which exchanged hands on Monday. Topping in volume terms are: United Bank for Africa Plc, Niger Insurance Co. Plc and Zenith Bank Plc; Zenith Bank Plc and United Bank for Africa Plc ended trading as the most active stocks in value terms. Brent crude oil futures price in an upward trajectory moved to US$47.28 per barrel while it closed $46.88 per barrel the previous day. The All Share Index (NSEASI) closed positive with 0.65% (+213.38) increase to close at 32,827.98 from 32,614.60 the previous trading day. Market capitalization appreciated in tandem to N11.31 trillion from N11.24 trillion of prior trading day. Similarly, the Thisday BGL 50 Index closes with an increase of 0.65% to 138.14 from 137.25 recorded at the end of the previous trading day, while its market capitalization stood at N10.76 trillion from N10.69 trillion of the previous trading day. Market breath closed positive today as 24 stocks gained on the bourse while 20 stocks also declined leaving 61 stocks unchanged. Leading the pack was Neimeth International Pharmaceuticals Plc with a gain of 9.38% to close at N0.70 per share. It was followed by Vitafoam Nig. Plc with a gain of 5.45% to close at N2.71 per share. Others on the gainers’ list include: Okomu Oil Palm Plc, Golden Guinea Brew. Plc and Oando Plc. On the decliners’ list, Union Bank Nig. Plc led with a loss of 6.27% to close at N5.23 share. It was followed by Presco Plc 4.99% to close at N64.54 per share. Others on the decliners list include: Cadbury Nigeria Plc, Learn Africa Plc and Jaiz Bank Plc. Topping the Thisday BGL 50 Index gainers’ list Okomu Oil Palm Plc as it emerged as the day’s toast of investors with a gain of 5.00% to close at N59.48 per share. It was followed by Oando Plc with a gain of 4.35% to close at N8.40 per share. Others on the gainers list include: UACN Property Development Co. Limited, Skye Bank Plc and Zenith Bank Plc; while on the decliners’ list, Presco Plc lead with a loss of 4.99% to close at N64.54 share. It was closely followed by Cadbury Nigeria Plc with a loss of 4.92% to close at N11.40 per share. Others on the decliners list include: Guinness Nig. Plc, Unilever Nigeria Plc and Stanbic IBTC Holdings 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 ﬁrm may have a conﬂict 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

T H I S D AY Ëž , JULY 12, 2017

MARKET NEWS

STI Posts N4.1bn Premium as NSE Lifts Suspension Goddy Egene and Nosa Alekhuogie The Nigerian Stock Exchange (NSE) yesterday lifted suspension on the trading of shares of Sovereign Trust Insurance (STI) Plc. The insurance firm was among those suspended by the exchange for failing to submit its audited accounts for the period ended December 31, 2016 within the stipulated

period. However, the NSE said the company has submitted the results. It explained: â€œIn view of the submission of the relevant accounts and our satisfaction that the accounts complied with our applicable rules, the Exchange has lifted the suspension of trading in the shares of Sovereign Trust Insurance Plc.â€? Meanwhile, STI, in its

T H E MAIN BOARD

DEALS

MARKET PRICE

unaudited financial statement announced gross premium written of N4.1billion for the first quarter ended March 31, 2017. This represents 78 per cent growth from N2.3 billion the company made in the first quarter of 2016. The underwriting companyâ€™s profit rose from N571million in 2016 to N746m in 2017, representing 30 per cent growth

N I G E R I A N QUANTITY TRADED

STO C K

VALUE TRADED ( N )

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

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

6 6 12

30.00 34.00

19 19 31

rate while investment income also grew by 12 per cent from N121 million in 2016 to N135 million in 2017. The profit before tax grew by 102 per cent from N241 million in 2016 to N488 million in 2017. Head Corporate Communications of STI, Mr. Segun Bankole, said in a statement that worthy of note is the fact that the companyâ€™s management

12,629 11,640 24,269

374,530.15 421,345.20 795,875.35

1.25

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

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

5 68 13 86 86

0.77 1.13 20.47

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

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

13 13

41.50

31,970 31,970

1,409,214.78 1,409,214.78

5 5 18

5.20

28,901 28,901 60,871

154,716.48 154,716.48 1,563,931.26

6 24 7 98 135

2.85 118.85 20.00 99.00

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

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

9 9

168.50

166,476 166,476

28,285,937.95 28,285,937.95

54 38 6 12 1 29 140

5.61 19.00 1.37 6.86 6.65 1.27

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

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

11 54 65

17.86 700.00

18,825 98,360 117,185

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

11 11

4.46

99,050 99,050

420,455.00 420,455.00

13 21 34 394

21.90 28.00

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

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

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

4.10 1.49 15.60 1.21 16.70 1.07 1.76 2.95 5.30 0.63 0.98

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

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

14 8 2 3 7 10 1 1 46

0.80 0.90 0.50 0.50 2.06 0.76 0.50 0.50

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

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

1 1

1.08

4,760 4,760

4,950.40 4,950.40

31 7 105 7 20 170 893

2.46 4.00 0.85 14.15 1.31

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

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

2.69

614,065

1,572,223.05

expenses reduced from N402 million in 2016 to N369 million in the same period in 2017. â€œOne can attribute this development to the management teamâ€™s commitment to reducing cost of operation as much as possible with the ultimate aim of delighting its shareholders,â€? he said. According to him, notwithstanding the harsh operating environment that has beclouded the operations of so

many insurance companies and other corporate organisations in the Q1of the year especially at a period that the Nigeria is still in recession, STI was able to record meaningful appreciation in all its financial indices. â€œGoing by financial statements, which was recently released by the organisation, one can only say that indeed, it has been a season of impressive performance.

E XC H A N G E

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

DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

32 4 6 69 69

25.33 0.94 0.69

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

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

1 1 1

1.69

500 500 500

805.00 805.00 805.00

16 9 4 6 10 31 76

24.00 9.30 35.78 8.62 3.36 80.50

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

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

6 6

1.51

134,500 134,500

204,240.00 204,240.00

5 5 87

50.00

24,529 24,529 15,152,108

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

2 2

0.50

24,262 24,262

12,131.00 12,131.00

90 90

3.47

3,827,573 3,827,573

13,288,632.05 13,288,632.05

21 7 8 21 7 64

18.34 1.84 342.00 150.00 145.00

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

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

33 33 189

318.00

389,934 389,934 4,473,488

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

1 1

0.50

941 941

470.50 470.50

5 5

3.80

32,870 32,870

127,756.40 127,756.40

13 13

0.89

624,500 624,500

538,430.00 538,430.00

1 22 23

2.29 4.00

4,588 251,094 255,682

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

1 1 43 1,811

1.68

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

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

2 2 2 2

1.21

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

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

306 306

11.45

13,929,679 13,929,679

159,605,439.23 159,605,439.23

278 278 584

3.74

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

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

35 35 35 619 2,432

139.83

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

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

2 2 2 2 2 10 10 10

2,330.00 2.33 6.02 11.09 18.07

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

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

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

˾ WEDNESDAY, JULY 12, 2017

MARKET NEWS

United Capital Half-year Profit Drops to N1.9bn Goddy Egene United Capital Plc, a leading investment banking group yesterday reported a profit after tax of N1.997billion for half year ended June 30, 2017, showing a decline of 3.2 per cent compared with N2.065 billion recorded in the corresponding period of 2016. The company’s gross earnings rose to N3.87 billion, showing a marginal increase of six per cent from N3.666 billion in the corresponding period of 2016.

Similarly, investment income grew from N1.721 billion to N2.016 billion, while total revenue rose to N3.876 billion, from N3.665 billion in 2016. Commenting on the performance, Group Chief Executive Officer, United Capital Plc, Oluwatoyin Sanni said: ”After an impressive 2016, we understood that market expectations would rise considerably but continued to believe that the initiatives being executed across the businesses as well as the existing pipeline of work, would enable us meet

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

those heightened expectations. We remain committed to the pursuit of our clear and consistent strategy across all businesses and will ensure we continue to deliver long term value to shareholders. Whilst the general economic conditions in the main domestic market continue to be challenging, it has also offered an opportunity for innovation. We thank our clients for their continued trust and confidence in us as their investment banking partner and look forward to a stronger second half of the year.”

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 10Jul-2017, unless otherwise stated.

According to her, United Capital has remained committed to providing finance solutions for domestic and international investors, with a keen understanding that our business model must evolve to complement our clients’ financial objectives. Sanni explained that while the challenges in the market may have proved disruptive to various aspects of the economy, it has also opened an avenue for the development of innovative Investment banking products/ solutions for the group.

The GCEO noted that as a testament to company’s commitment to innovate and lead the development of the capital markets, United Capital Asset Management launched the United Capital Wealth for Women Fund and the United Capital Nigerian Eurobond Fund. “These unique solutions were a direct response to the changing investment market domestically and internationally. In this same period, the firm’s investment banking division also executed a number of successful transactions, including acting as

the Joint Issuing House for the FSDH N50billion Commercial Paper Series 3 and Series 4 and as well as financial adviser to United Bank for Africa Plc’s premier Eurobond of US $500 million issued at 7.75 per cent, which was 240 times oversubscribed,” she added. Sanni assured stakeholders that United Capital would continue to expand its footprint internationally and across Africa, deploying innovative investment banking solutions to governments, companies and individuals.

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 161.62 161.74 27.06% Nigeria International Debt Fund 226.38 226.45 6.44% 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 5.59% 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 18.80% 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 15.63 16.10 26.59% ARM Discovery Fund 340.34 350.60 18.51% ARM Ethical Fund 24.27 25.00 8.63% ARM Money Market Fund 1.00 1.00 0.00% 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 132.46 132.93 25.72% AXA Mansard Money Market Fund 1.00 1.00 19.02% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 0.00% Paramount Equity Fund 10.78 11.05 15.14% Women's Investment Fund 91.41 93.75 8.05% 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 19.11% 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 1,094.84 1,095.93 8.18% FBN Heritage Fund 130.56 131.64 17.10% FBN Money Market Fund 100.00 100.00 17.95% FBN Nigeria Eurobond (USD) Fund - Institutional $108.70 $109.41 5.59% FBN Nigeria Eurobond (USD) Fund - Retail $107.72 $108.42 5.36% FBN Nigeria Smart Beta Equity Fund 142.05 143.74 26.00% 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 1.23 1.25 31.91% Legacy Short Maturity (NGN) Fund 2.79 2.79 8.74% 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 2,606.19 2,649.36 18.25% Coral Income Fund 2,304.07 2,304.07 9.50% 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 16.42% 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 17.68% Vantage Balanced Fund 1.96 1.98 16.53% Vantage Guaranteed Income Fund 1.00 1.00 18.21%

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 8.57% Lotus Halal Fixed Income Fund 1,044.98 1,044.98 6.16% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 12.44 12.52 28.61% Meristem Money Market Fund 10.00 10.00 19.08% 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 14.28% PACAM Fixed Income Fund 10.65 10.71 2.46% PACAM Money Market Fund 10.00 10.00 14.12% 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 119.36 120.49 17.31% 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 1.33 1.33 6.52% 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 2,061.93 2,073.44 12.60% Stanbic IBTC Bond Fund 162.77 162.77 5.72% Stanbic IBTC Ethical Fund 0.91 0.92 18.83% Stanbic IBTC Guaranteed Investment Fund 202.86 202.86 8.55% Stanbic IBTC Iman Fund 155.33 157.43 19.68% Stanbic IBTC Money Market Fund 100.00 100.00 18.53% Stanbic IBTC Nigerian Equity Fund 8,832.93 8,932.06 16.46% 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 1.27 1.28 6.45% United Capital Bond Fund 1.36 1.36 15.15% United Capital Equity Fund 0.79 0.81 -3.61% United Capital Money Market Fund 1.13 1.13 11.51% 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 11.73 11.91 20.98% Zenith Ethical Fund 12.53 12.66 14.51% Zenith Income Fund 18.24 18.24 10.32%

REITS NAV Per Share

Yield / T-Rtn

11.41 128.42

1.01% 3.59%

Bid Price

Offer Price

Yield / T-Rtn

9.70 94.63

9.80 96.39

10.42% 24.87%

Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund

EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund Stanbic IBTC ETF 30 Fund

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Grifﬁn 30 Exchange Traded Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

3.87 7.59 15.07 19.26 131.03

3.91 7.67 15.17 19.46 133.03

40.00% 7.92% 26.39% 20.62% 1.64%

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

T H I S D AY WEDNESDAY JULY 12, 2017

WEDNESDAY JULY 12, 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

China’s Ailing Nobel Laureate in ‘Critical Condition’ China’s cancer-stricken Nobel laureate Liu Xiaobo is in a critical condition, his hospital said Monday, raising fears about his life after Western doctors said there was time to take him abroad. The First Hospital of China Medical University in the northeastern city of Shenyang said Liu’s tumour has grown, his liver is bleeding and he has kidney problems. The hospital said in a statement on its website that it is preparing to take the 61-yearold democracy advocate into emergency care if necessary, adding that “Liu’s family members have been informed of the above circumstances” . But human rights activists

decried the hospital statement as a delay tactic to prevent Liu from getting his wish of going abroad, where they say he would be free to speak out. The Germany embassy, meanwhile, voiced “deep concern” about the leak of a video showing a gaunt-looking Liu in his hospital bed while the German and American doctors talk to his wife, Liu Xia, and Chinese physicians. Decrying a breach of doctorpatient confidentiality, the embassy said in a statement that “certain authorities have evidently made audio and video surveillance recordings” of the weekend visit “against the expressed wishes of the German side”.

“It seems that security organs are steering the process, not medical experts. This behaviour undermines trust in the authorities dealing with Mr. Liu’s case, which is vital to ensure maximum success of his medical treatment.” China has faced international pressure to grant its most prominent dissident complete freedom and let him leave the country since he was transferred from prison to the hospital after being diagnosed with terminal liver cancer in late May. The two foreign cancer specialists examined Liu on Saturday and said Sunday he could still safely leave the country, contradicting their Chinese counterparts.

Battle for Mosul: Iraq PM Abadi Formally DeclaresVictory Iraqi Prime Minister Haider al-Abadi has formally declared victory over so-called Islamic State (IS) in Mosul. Mr Abadi waved a national flag with troops after announcing the “collapse of the terrorist state of falsehood”. Earlier, clashes were

reported in a small part of Old City where a few dozen IS militants were holding out. The battle for Mosul has taken almost nine months, left large areas in ruins, killed thousands of civilians and displaced more than 920,000 others. Commanders from the US-led coalition that has provided air

and ground support to Iraqi forces said the urban combat had been most intense since World War Two. Mr Abadi made the declaration of victory at the operations room of the CounterTerrorism Service, whose elite forces were the first to enter Mosul in November.

Trump Son Defends Meeting Russian ‘with Clinton Material’ President Donald Trump’s son has hit back at US media reports of his meeting with a Russian lawyer who said she had damaging material about Hillary Clinton. Donald Trump Jr denied issuing inconsistent statements about last year’s meeting. He also suggested it was normal practice to receive information about a political opponent. US officials are investigating alleged Russian meddling in the US election. The president’s son-in-law, Jared

Kushner, and then-campaign head, Paul J Manafort, were also at the meeting with Natalia Veselnitskaya. Mr Trump Jr insists she provided “no meaningful information” on Mrs Clinton, his father’s rival for the presidency. On Monday he tweeted sarcastically: “Obviously I’m the first person on a campaign to ever take a meeting to hear info about an opponent.” He then tweeted: “No inconsistency in statements... In response to further Q’s [questions]

I simply provided more details.” And he linked to a piece in the New York Post headlined “The Times’ exposé’ on Donald Trump Jr is a big yawn”. The meeting took place on 9 June 2016 at New York’s Trump Tower, just two weeks after Donald Trump secured the Republican nomination. It is thought to be the first confirmed private meeting between a Russian national and members of President Trump’s inner circle.

Four Dead in Week of West Midlands Stabbings Four men have died in a week of stabbings in the West Midlands. The first of the four separate attacks happened on Monday, with the latest on Saturday afternoon. The offences in Birmingham and Solihull are not linked, but have raised fears about knife crime in the area. David Jamieson, the region’s police and crime commissioner, said knife crime was a “major concern and has been for quite some time”. Mr Jamieson said: “There has been a growing trend that’s particularly prevalent in the warmer weather, The warm weather does bring out more crime, particularly crime that happens on the streets. “It’s desperately worrying. Any increase in any violent crime is worrying. “The police are there to tackle the violence so people will have the full weight of the law thrown

at them.” Elsewhere, a man was arrested on Saturday in connection with a

stabbing at Merry Hill shopping centre in Brierley Hill at about 11:15 BST.

WEDNESDAY JULY 12, 2017 ˾ T H I S D AY

NEWS

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

Olusanya Promises to Return Etisalat to Profitability NCC begins enforcement of code of corporate governance

Emma Okonji with agency report The newly appointed Chief Executive Officer of Etisalat Nigeria, Mr. Boye Olusanya, has promised to return the telecoms company back to profitability, while assuring subscribers of business continuity, despite the withdrawal of Etisalat Group from the Etisalat Nigeria business. Olusanya told Reuters yesterday that he was also working on the paperworks to eventually raise new capital or the business. “Our mandate is to make sure the business runs as profitably as it can. What is most important now is to ensure that the business runs and meets its obligations,” he said. Nigerian regulators intervened last week to save Etisalat Nigeria after talks with its lenders to renegotiate a $1.2 billion loan from 2013 with 13 local lenders failed. Etisalat Nigeria has 20 million subscribers, making it the country’s number four mobile operator with a 14 per cent market share. South Africa’s MTN has 47 percent, Globacom 20 per cent and Airtel - a subsidiary of India’s Bharti Airtel - 19 per cent. “Once we have gotten ourselves to where certain decisions are made and the structure and form of the business is formed then maybe we would look at a capital raising structure that would be suitable for the nature of how the business will be run,” the new CEO said yesterday. Olusanya, who took over as CEO of Etisalat Nigeria following the appointment of a new board led by the Central Bank of Nigeria

(CBN), said while the business could run without an immediate recapitalisation, he would not rule one out completely. “Obviously if its possible to do it tomorrow we will do it, because that enhances the ability of this business to roll-out quickly, to get more subscribers, which is what everybody wants,” he added. “We are still in negotiations with Etisalat over the use of the brand name,” Olusanya said, adding that the technical service agreement with Etisalat covered the brand name Meanwhile, Etisalat Nigeria has reassured its customers of business continuity and commitment to service quality delivery. In a statement signed by its Vice President, Regulatory and Corporate Affairs, Ibrahim Dikko, the telecoms company said: “Emerging Markets Telecommunication Services Limited (EMTS), trading as Etisalat Nigeria hereby assures its customers and other stakeholders that Etisalat Group’s reported withdrawal of the right to the continued use of the Etisalat brand in Nigeria by EMTS does not in any way imply discontinuation of our business as Nigeria’s fourth largest mobile service provider.” The statement further said, “Contrary to certain misleading statements in the press about our experience centres and outlets being closed, we wish to state that all Etisalat offices, Experience Centres and outlets across Nigeria are in full operation and are providing services including customer care services on 24/7 basis. “Etisalat Nigeria also reiterates its unwavering commitment to

delivery of quality services and commitment to continuously empowering all segments of Nigeria through the development and roll-out of innovative products, services and solutions that help individuals, businesses and organisations solve their everyday problems. “While we are intensifying efforts aimed at reaching full closure on ongoing discussions with regards the transition phase, we want to assure that our customers and stakeholders will be duly informed as soon as these are concluded, including details of a rebranding should that become necessary,” Dikko said, while thanking all Etisalat customers, stakeholders and the media for their unalloyed support to the company. Meanwhile, the Nigerian Communications Commission (NCC) yesterday revealed that it had started an aggressive enforcement of the agency’s codes of corporate governance to address customers dissatisfaction. Umar The Executive Vice Chairman of the commission, made this known in an address at the 80th edition of the Telecoms Consumer Parliament (TCP) in

Abuja. Danbatta, who was represented by the Executive Commissioner, Stakeholders, Mr. Sunday Dare, said the enforcement was necessary to ensure that operators in the industry continued to operate as viable businesses. The theme for this year’s edition of TCP is tagged: ‘Celebrating the Telecoms Consumer.’ Danbatta said this year’s theme was apt as it focused on the continued improvement on telecom operators provide for consumers in the country. He said in order to ensure consumer satisfaction and protection, the commission had initiated SIM card registration, mobile number portability, and broad band policy implementation. He said others are development of 2442 and 622 short codes as well as various consumers’ awareness campaigns. The NCC boss said more emphasis had been placed on the quality of service, protection and empowerment of telecom consumers. He said in view of the role of telecom consumers in the overall

achievement of the growth of telecom Industry, the commission had declared 2017 the year of Nigerian telecom consumers. “Consumers have continued to spend a significant portion of their disposal income on telecommunication services as it continued to improve quality of life, businesses and social engagement. “Let me underscore the fact that if all initiatives, projects, investment and efforts were met with low consumer patronage, the telecommunication revolution will have been an unqualified failure. “It is really the investment of the consumer through patronage of services that have encouraged and supported service provision. “Thus, there is need to celebrate and recognise the consumer as the boss of the industry and as boss, he pays the piper and as such must dictate the tune,” he said. Danbatta, according to the News Agency of Nigeria (NAN) noted that the key focus of this declaration were continuous improvement of quality, ubiquitous and affordable services to the consumers and increasing

consultative engagement with the consumers. He said other focus include ensuring that services yield improved customers satisfaction by supporting better access to life changing opportunities, career development, quality education and social engagement among others. Earlier, Alhaji Abdullahi Maikano, the Director, Consumer Affairs Bureau, NCC, said the input of TCP had continued to help in the feedback mechanism to meet the mandate of the commission. He said the parliament had reawaken network operators on the consciousness that without the consumers, they would be out of business. The Acting Director-General, National Lottery Regulatory Commission (NLRC), Mr. Adamu Cifawa, said the commission tried to ensure that the consumers of services it regulate enjoyed maximum satisfaction to keep the industry growing. He therefore called on NCC as a regulatory body of telecommunications to continue to toward ensuring satisfaction of customers.

Nigerian Troops Kill Terrorists in Lake Chad Region In continuation of their ongoing efforts to rout Boko Haram terrorists in its area of responsibility, troops of 7 Brigade Special Forces, 8 Task Force Division have dislodged terrorists who have been gathering in Dawashi Gari village, in an area bordering the Lake Chad. In an engagement yesterday morning, soldiers of the division killed four terrorists, while others fled, abandoning their motorcycles, which were recovered and destroyed, to prevent their being

used to perpetrate terror on innocent villagers. Similarly, as part of the theater wide and ongoing clearance operations, troops of 145 Battallion, 5 Brigade, 8 Task Force Division have cleared Gashigar, Asaga, Bukarti and neighbouring villages. In the process, troops made contact with terrorists in Kanama village and killed two terrorists, arrested two more, while one AK 47 riffle, four magazines and four motorcycles were recovered.

RETREAT FOR STATE EXCO

L-R: Chief of Staff to the Governor, Mr. Taiwo Akerele; Secretary to the Edo State Government, Mr. Osarodion Ogie; Agricultural Consultant, Mr. Mike Osime; Deputy Governor of Edo State, Hon. Phillip Shaibu; Governor Godwin Obaseki; Managing Director of Shell Petroleum Development Company (SPDC), Mr. Osagie Okunbor; Chairman/Editor-in-Chief of THISDAY Newspapers and Chairman of Arise Television, Mr. Nduka Obaigbena; and Director of Lagos Business School, Prof. Pat Utomi, at the closing dinner of the Edo State Executive Council retreat in Lagos.....yesterday

Senate, CBN, Banks, Meet over Interest Rates Damilola Oyedele in Abuja

Linus Chukwuemeka Onu Dies The oldest man in Umuosogwu (Onyishi Umu Osogwu) of Ozalla Ezimo-Uno in Udenu Local Government Area of Enugu State, Chief Linus Chukwuemeka Onu, is dead. The late Chief Onu, who was until his death, the “Agu Na Eche Ibe” (Lion) of Ezimo, is the father of a former board member of Tertiary Education Trust Fund (TET Fund), representing the South-East; ex-Commissioner in Enugu State; former Local

Government Chairman, and former governorship aspirant, Mr. Chinedu Hillary Onu. According to a statement by his son, who is the founder of Ingrace, there will be a Christian Wake at Ozalla Ezimo-Uno on July 20, 2017; a burial ceremony on July 21 and a thanksgiving service at St. Theresa Catholic Station, Ozalla Ezimo-Uno on July 23. Onu is survived by his wife, many children and grandchildren.

The Senate Committee on Banking, and Financial Institutions yesterday continued its meeting with officials of the Central Bank of Nigeria (CBN) and representatives of commercial banks over rising interest rates. The meeting which held behind closed-doors with Senate President, Bukola Saraki, was on modalities to maintain a stable interest rate that would encourage sustainable business growth among small and medium enterprises. The meeting also had in attendance the Minister of Finance,

Mrs. Kemi Adeosun. Briefing journalists at the end of yesterday’s session, the Chairman of the Senate Committee on Banking, Senator Rafiu Ibrahim, said the interest, inflation and exchange rates must be properly managed to ensure a vibrant economy. “All of us shared the sentiment that no matter what it takes, now that the exchange rate regime has stabilised, all hands must be on deck for us to achieve a better interest rate regime. We had a fruitful discussion and we are hopeful that once we continue to work hard as this, working together, we will achieve what is desirable for

our economy to grow and make businesses survive and sustain their growth,” he said. “Our thinking is very open. We have started the meeting before. We just wanted to listen to them, to work together and fast-track the processes for us to achieve a better interest rate regime. And from our discussion, everybody agreed that we must work on many of the indices, interventions and the meeting continues,” Ibrahim added. The Chairman of the Committee on Finance, Senator John Owan Enoh, said the meeting would soon begin to yield fruit. He commended Saraki for

pushing for the meeting to discuss the interest rates as part of efforts by the Senate to ensure growth of small businesses and revive the economy. “I think that this is one more moment that the Senate President has demonstrated leadership and I think that the benefits of the outcome of the meetings we have had will begin to show in the next couple of weeks and months in terms of how both the monetary and fiscal authorities are going to continue to corporate because all these issues that have been examined require their total corporation,” he said.

WEDNESDAY JULY 12, 2017 ˾ T H I S D AY

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Senate Condemns Kogi Govt’s Role in Melaye’s Recall Process Insists lawmaker’s fate lies with senators Damilola Oyedele in Abuja The Senate has condemned the role of the Kogi State Government in the proposed recall of the senator representing Kogi West, Dino

Melaye, and particularly expressed concern that scarce public resources are being expended on venture. This is as the lawmakers maintained that the fate of Melaye would ultimately be determined in

Tatabu Bridge CollapseVindicated N’Assembly on Budget, Says Senate Damilola Oyedele in Abuja The Senate has said the collapse of the Tatabu bridge on the important Mokwa-Jebba road in Niger State, is a vindication of its position on the need for a balanced budget that caters for infrastructural needs in all sections of the country. This is as the lawmakers commended the Acting President, Prof. Yemi Osinbajo, for visiting the collapsed section of the road. Osinbajo on Monday inspected the road and bridge damaged by floods, in company of Niger State Governor, Abubakar Sani Bello, and the Minister of Works, Power and Housing, Mr. Babatunde Fashola. Fashola recently verbally sparred with National Assembly over what he said were distortions of his ministry’s 2017 budget by the lawmakers, who had argued that his budget was distorted for equitable distribution in all parts of the country. The Senate, in a statement by its spokesman, Senator Sabi Abdullahi yesterday, said the collapse of a segment of the road at Tatabu, was just a tip of the iceberg, as several roads in Niger are in dire situation. He observed that the lawmakers are the representatives of the constituencies, and are therefore familiar with the state of affairs in the areas. This, he said, places lawmakers in a better position to know the level of decay and magnitude of

intervention required on federal government infrastructure within their domains. Abdullahi added that the lawmakers are therefore empowered by the constitution, within the context, to modulate the proposals submitted by the executive, to create the needed balance in resource allocation. “As at date, there are additional four collapsed bridges and road sections at Gidan Mai Village on Mokwa – Bokani- Makera road; Sahon Rami and Baban Rami on Makera –Kontagora road and at Tungan Kade on Ibeto – Auna – Kainji Dam road. A potentially dangerous event waiting to happen are the two colonial-type bridges at Lioji and Gulbin Boka on the Kontagora – Rijau road, which in itself has become travellers’ nightmare and a death trap for those plying the road to Kebbi, Sokoto and Zamfara States,” he said. Abdullahi added that the situation at Tatabu, which has affected traffic from Northern Nigeria to parts of the South, has affected Nigerians regardless of tribe, religion or political affiliations. “For example, trucks carrying economic goods now spend 7 to 10 days to reach Lagos from different parts of the North as they have to pass through another very important but serially neglected and abandoned road which is the New Bussa –Wawa-Kaiama-Kishi-Oyo Federal road that traverses Niger, Kwara and Oyo State,” Abdullahi added.

the Senate as stipulated by Section 68 (2) of the 1999 Constitution (as amended). The Senate’s position at plenary yesterday was adopted following a point of order raised by the Deputy Senate President, Senator Ike Ekweremadu, who faulted the arguments contained in an advertorial sponsored by Kogi State Government on the subject matter. TheAttorney General (AG) of Kogi State, Mr. Ibrahim Sanni Mohammed, in advertorials published in several national dailies yesterday, said the Senate has no role to play in the recall process of a senator, other than to receive the certificate of recall from the Chairman of the Independent National Electoral Commission (INEC). Mohammed had insisted that “by the provisions of the INEC regulations for the recall of a legislator, a legislator stands recalled upon INEC’s confirmation of a majority vote in favour of the recall.” The Senate President, Dr. Bukola Saraki, presiding, said the position of the Kogi State AG confirms that the recall bid was being orchestrated

by the state government. He also expressed reservations at the argument of the AG. “Honestly, I am concerned with the calibre of people holding very senior positions. Even those of us who only have association with the legal profession by being married to one, have learnt over the years to know that this is straight forward,” Saraki said. He further added that it was disturbing and irresponsible that N10 million was allegedly spent for the advertorial. “This pretty much shows that it is government that is truly behind the entire process. When a government can go about and take an advert on an issue like this, it becomes worrisome,” he said. “There is a need for people appointed or elected to positions to show some level of responsibility. This is a very simple matter in the constitution. You did not write it, neither did you invent it. The Deputy President of the Senate only read it as it is. As you said, it is very unfortunate for the people of Kogi State,” Saraki added.

Ekweremadu, in his argument earlier, said the resources being used to sponsor the recall bid, can be deployed to pay workers salaries, which have been unpaid for several months. “He (Kogi Attorney-General) is saying that the Senate has no role. I stand by what I said the other day and I would like to take him to Section 68(1)(h) and (2) of the Constitution. It shows the role of the Senate, which he says has no role,” “Section 68(1h) reads: “The President of the Senate or, as the case may be, the Speaker of the House of Representatives receives a certificate under the hand of the Chairman of the INEC stating that the provisions of section 69 of this Constitution have been complied with, in respect of the recall of that member,” Ekweremadu said. The Deputy Senate President observed that the AG mischievously, or out of ignorance, left out Section 68 (2) which reads thus: “The Senate President or the Speaker of the House of Representatives, as the case may be, shall give effect to

the provisions of subsection (1) of this section. “So however that the Senate President, or the Speaker of the House of Representatives or a member, shall first present evidence satisfactory to the House concerned that any of the provisions of that subsection has become applicable in respect of that member,” Ekweremadu argued. “I am the Chairman of Constitution Review Committee of this National Assembly since 2010. So, if I am talking about the constitution, I know what I am talking about. I expect the Attorney-General, instead of him displaying his ignorance, to simply call me and I will educate him on the correct position of the law. “So I take exception to this and I believe that he needs to refund the amount spent on this to the people of Kogi. I call on the Kogi House of Assembly to institute an inquiry on who paid for this and find a way of getting the money back to pay the salaries of the people of Kogi State,” Ekweremadu said.

TEAM Adeleke Gets INEC Certificate ECONOMIC L-R: Minister of Power, Work and Housing, Babatunde Fashola; Minister of Finance, Mrs. Kemi Adeosun; Minister of Industry, Trade Says his victory has taught APC lesson Onyebuchi Ezigbo in Abuja The senator-elect for Osun West senatorial district, Ademola Adeleke, yesterday declared that his victory in last weekend’s election was big lesson to the ruling All Progressives Congress (APC) to stop any form of impunity in its affairs. Speaking with journalists shortly after receiving his Certificate of Return from INEC National Commissioner, Solomon Adedeji Soyebi, the senator-elect accused the APC leadership of imposing an unpopular candidate on its members. Adeleke described his victory at the poll as a big lesson to his former party not to ignore individuals’ potential in any electoral any contest. The senator-elect stated that the undemocratic posture of the APC precipitated his return to the Peoples Democratic Party (PDP) and his subsequent victory at the polls. Adeleke said: “This is a big lesson to APC. Henceforth, they

should not discard a winner. I have followed the electoral process; I won unopposed before the APC started their fraud. Thank God they gave me the opportunity to return to my home. PDP is my home. “The APC is not democratic. They are just maeven g noise. Thank God, I am back home.” He added that the people of Osun West senatorial district remained resolute as the voted in the election and stood by their votes which ensured victory for him and the party. He also paid glowing tribute to his elder brother and former governor of the state, late Senator Isiaka Adeleke whose work as a former governor and senator laid the foundation for the victory. Earlier, the National Commissioner in charge of Publicity and Voter Education, Mr. Adedeji Solomon Soyebi, had promised that INEC would continue to be fair and transparent in the conduct of all elections in the country.

and Investment, Okechukwu Enelamah; Minister of State for Petroleum Resources, Dr. Ibe Kachukwu; and Acting President, Prof. Yemi Osinbajo, during the quarterly Presidential Business Forum at the Conference Centre, Presidential Villa in Abuja....yesterday Godwin Omoigui.

NNPCVows to Sustain Products Supply Despite Downstream Sector Challenges Chineme Okafor in Abuja The Nigerian National Petroleum Corporation (NNPC) yesterday said it would continue to supply petroleum products to all parts of Nigeria despite challenges in the downstream petroleum sector. According to a statement in Abuja, the corporation’s Group Managing Director, Dr. Maikanti Baru, stated this at the end of a combined three editions of the annual general meetings of its downstream subsidiaries, the Nigerian Products Marketing Company (NPMC) and the Nigerian Pipelines and Storage Company (NPSC). The statement was signed by NNPC’s Group General Manager, Public Affairs, Mr. Ndu Ughamadu. It quoted Baru to have said the two companies have done well

with their operations under the circumstances in which they found themselves. He noted that amid upheavals in products pricing and the intrigues among players in the industry, the NPMC and NPSC have ensured an unimpeded petroleum products supply in the country. For a while now, the NNPC has remained the sole importer and supplier of petroleum products in the country, particularly petrol. This development has been supported by other marketers’ challenges with getting foreign exchange to embark on products importation, as well as reported arrears of subsidy debts owed the marketers by the government which they claim has impeded their capacities to trade. Baru however, said in the statement: “The NPMC and NPSC are the sole vehicles through which

the NNPC is currently satisfying its obligation of being the supplier of last resort to the nation. We have ensured that we sustain the steady supply of petroleum products across the country and we are doing this onerous task with integrity.” He further explained that the splitting of Pipelines and Products Marketing Company Limited (PPMC) into NPMC and NPSC was to commercialise the operations of the company for the better. According to him, the federal government and the NNPC had put in place strategies to engage various host communities to stem incidences of pipeline infractions. This efforts, he added has begun to yield positive results. The statement also noted that external auditors of the companies, Messrs PricewaterhouseCoopers, gave them a clean bill of health,

stressing that their financial statement and operations complied with international best practices. NNPC also stated that the recent strategic intervention it initiated led to a 42 per cent fall in the price of diesel in the country. It added that the reported downward trend has remained in place across the country. It said it has also taken steps to resuscitate some of its critical pipelines and depots such as the Atlas Cove - Mosimi Depot Pipeline; Port Harcourt Refinery – Aba Depot Pipeline; Kaduna – Kano Pipeline; and the Kano Depot which it said have enhanced efficiency in the distribution of diesel. NNPC maintained that efforts were ongoing to revamp and recommission other critical pipelines and depots across the country.

WEDNESDAY JULY 12, 2017 ˾ T H I S D AY

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Local Oil Firms Seek Stable, Competitive Fiscal Regime in PIB Neconde debunks allegations by Gbaramatu communities Ejiofor Alike Nigerian independent exploration and production (E & P) companies have called on the federal government to ensure that the yet-to-be introduced Petroleum Industry Bill (PIB) that will govern the fiscal regime in the oil and gas industry is globally competitive and rewarding to investors. The operators, who gathered yesterday in Lagos at the maiden edition of Aspen Energy Roundable, cited Algeria and Indonesia, which had stable fiscal regime but investors still ran away because their fiscal regimes were not globally competitive. The independent E & P companies insisted that the fiscal regime in the new PIB should not only be stable but also competitive, adding that the federal government should stop focusing on rent collection and incentivise investors, “even if means putting money on the table.” The Chairman of Aspen Energy, Mr. Bayo Opadere, in his welcome address, said the roundtable was a rallying point to articulate energy

issues to realise the potentials in Nigeria’s oil and gas industry, stressing that “the potential will not be realised if we don’t break this silence.” The Chief Executive Officer of Seplat Petroleum Development Company Plc, Mr. Austin Avuru, who was the keynote speaker, argued that local content without capacity building is useless. Avuru charged the Nigerian E & P companies to adopt good corporate governance, stressing that a company that has a board that does not have powers to remove the Chairman or Chief Executive Officer does not have a board at all. “If you have a board that can remove the CEO or Chairman when in their opinion, anyone of them is not performing, then you have a board. But if you have a symbolic Nigerian board that is answerable to the chairman’s wife or the CEO, then you have no board,” he said. Avuru recalled that Seplat was not listed on the London Stock Exchange to source for funds but to save the company from its owners. “The reason we listed at the

London Stock Exchange was not because we were looking for money. We were looking for a platform that will force us to save the company from ourselves because the London Stock Exchange will force good corporate governance on us,” Avuru explained. In his speech, the Managing Director of Vertex Energy, Mr. Segun Olujobi, stressed the need for a transparent, predictable and internationally competitive fiscal regime in the new PIB. “Investments must be incentivised, even if it means that government should make money available on the table. Even if government loses money, it is okay, provided that jobs are created,” he added. Speaking on the lessons learnt from the recent divestment by the international oil companies, the Managing Director of ND Western, Dr. Lai Fatona, stated that the acquisition of the assets by indigenous operators was a catalyst for the Nigeria oil and

gas industry to grow itself. In a related development, Neconde Energy Limited has debunked the allegation by the Gbaramatu Traditional Council, that it violated of the rights of the indigenous people of Gbaramatu Kingdom by displacing those employed at the flow stations and hijacking contracts from local contractors. Neconde was also accused of refusing to honour an agreement to remit five per cent of its 45 per cent equity to Oil Mining Lease (OML) 42 Host Communities. The traditional rulers also alleged that there has not been any community re-entry project since recommencement of oil exploration activities in OML 42 in 2012. But in a statement yesterday, Neconde stated that as a joint operator of OML 42 with the Nigerian Petroleum Development Company (NPDC), it found these allegations ludicrous and a calculated attempt to arm-twist

the company into abandoning its transparent operating model. The company further clarified that it has an established model of executing “Freedom To Operate” agreements with all relevant host community groups for all projects and operational activities in its areas of operation. Neconde added that it prides itself in local talent development and does not in any way ignore the services of local talent, especially in the host communities of its operations. The company also described as untrue, the allegation bordering on hijacking contracts from local contractors, stressing that local contractors have been providing and continue to provide many services that are key to the operations of the company. The company added that when its operations became epileptic due to frequent outages of both the Trans-Forcados Pipeline and the Forcados Export Terminal,

it also became difficult for the JV to effectively manage some of the contracts it employs in its operation, especially the Operate and Maintain (O&M) contract, where a decision was made by the JV to manage these O&M activities directly using JV personnel. On the allegation of nonremittance of five per cent of its 45 per cent equity to the host communities, Neconde said it was “unaware of and did not enter into any agreement with any party or parties to sell or otherwise transfer any of its equity, for any consideration whatsoever, to any party or parties. Obviously, Neconde Energy Limited cannot honor, nor should be expected to honor, an agreement that it is not privy to. “Furthermore, it is a fact that OML 42 was one of five assets divested by the NNPC/Shell/Elf/ Agip JV. Neconde Energy Limited is unaware of any other instance where this claim of entitlement to five per cent equity exists,” Neconde added.

Pandemonium in OAU as Court Remands Ex-VC There was pandemonium yesterday in Osun State as staff and students of Obafemi Awolowo University (OAU) Ile-Ife, staged violent protest at the premises of the state High Court, Ede. The protest followed Justice David Oladimeji’s order that a former Acting Vice Chancellor of the institution, Prof. Anthony Elujoba and the bursar, Mrs. Aderonke Akeredolu, be remanded at Ilesa Prison. Lecturers, students and other categories of workers locked the gate of the court as the prison van escorted by heavily armed guards whisked Elujoba away. The protesters demanded the unconditional release of the former vice chancellor and threatened to occupy Ilesa Prison until Elujoba was released. The angry workers, according to the News Agency of Nigeria (NAN), locked the gate of the court premises; but armed policemen later forced opened the gate.

On July 7, the Economic and Financial Crime Commission (EFCC) arraigned Elujoba and the bursar, over alleged N1 billion fraud. The two accused were arraigned on a seven -count charge. Elujoba was alleged to have paid workers allowances totalling about N1 billion which was not budgeted for. The accused, however, pleaded not guilty to the seven-count charge. Their counsel, Mr. Ibrahim Lawal, made an oral application for bail. After listening to the bail application, Oladimeji ordered that the two accused be remanded in Ilesha prison pending the ruling on their bail application. He adjourned the case until July 19. As the judge rose after his ruling, several workers, who were displeased with the ruling, staged angry protest in the court premises before the accused were whisked away.

NTA Reporter’s Murder: One Death Too Many, Says IPC The International Press Centre (IPC) has condemned the murder of Mr. Lawrence Okojie, a reporter with the Nigerian Television Authority (NTA), Benin City, the Edo State capital, who was allegedly killed by gunmen on the night of last Saturday. Media reports said the deceased was dropped off by NTA staff bus at Ogunola Junction in Benin City around 8p.m on Saturday and thereafter called to inform his wife that he was on his way home. But several hours later, his wife could not reach him leading to apprehension and search that led to the discovery of his corpse in a morgue in the city on Sunday night. The Director of IPC, Mr. Lanre

Arogundade, described the killing of the journalist as shocking, unfortunate and therefore deserving of urgent investigation. “It is one killing too many. It is very sad that journalists are still being murdered in cold blood with no one so far prosecuted and convicted for the acts,” Arogundade said, adding that the police should make the case of Okojie a turning point. Arogundade also said the death of Okojie has again reinforced the need for media stakeholders to meet and brainstorm on measures to safeguard the life of journalists and other media professionals while putting up stout defense of media freedom in Nigeria.

IJAW LEADERS MEET

Bayelsa State Governor, Hon. Seriake Dickson (left), exchanging pleasantries with Ijaw leader, Chief Edwin Clark, during the Pan Niger Delta Forum (PANDEF) General Assembly at the Chief DSP Alamiyeseigha Memorial Banquet Hall, Government House, Yenagoa....yesterday. With them is the Chairman, State Traditional Rulers Council and Co-Chairman of PANDEF, King Alfred Diete-Spiff.

S’Court Pegs Juniors Appearing with Lead Counsel at Five Bulkachuwa sends justices out on rescue mission Tobi Soniyi As part of measures to save precious judicial time, the Chief Justice of the Nigeria, Justice Walter Onnoghen, has directed that lead counsel should appear before the Supreme Court only with five juniors. Prior to now, there was no limit to the number of junior that could appear with a senior before the apex court. The new directive would also reduce the number of lawyers in court and create space for more lawyers who have cases in court. In a circular, the CJN said the large number of lawyers appearing in a case defeats the utilitarian value of junior appearing with a senior in court as many of those lawyers who appear have absolutely nothing to do with proceedings in terms of rendering assistance to the lead

counsel in the course of proceedings. This circular came on the heels of an embarrassing situation experienced in the open court where lawyers who could not find seat had to stand up while many seated on the floor in the court room. Some senior counsel sometimes appear in court with as many as 30 juniors and waste the court’s precious time while announcing their appearances. A senior lawyer, Chief Wole Olanipekun (SAN) was said to have pleaded with the CJN for the enlargement of the number but Justice Onnoghen said the circular was out already and that the Nigerian Bar Association (NBA) had been notified. He said the circular might be varied later but that as now, it stood. Also yesterday, the President of

the Court of Appeal, Justice Zainab Adamu Bulkachuwa, announced new measures to clear back-log of pending appeals. Appeal Court’s Media officer, Mrs Sa’adatu Musa Kachalla, said Justice Bulkachuwa had constituted five task forces comprising of justices sitting at less -busy divisions such as Makurdi, Ilorin, Yola, Ekiti and Sokoto to reduce the workload in Lagos, Benin, Port Harcourt, Enugu and Abuja which are busier divisions. In a notice to the affected justices, the President of the Court of Appeal said: “I believe we are now ready to face the challenges. They are to reserve two weeks in the fourth quarter whereby they will move to an identifiable division and preside over some of the pending appeals thus reducing the workload in the said divisions.” The task forces have already

achieved some success. In the Lagos division, the special taskforce from the Makurdi division delivered 85 judgments while the taskforce from Ilorin division which sat in Benin division delivered 57 judgments in the fourth quarter which ended on June 30 2017 while that of Ekiti that sat in Enugu division delivered 38 judgments. Justices from the Sokoto division on a rescue mission to Abuja division during this period gave 31 judgments in 31 while the Justices of Yola division trashed out 21 pending appeals in Port Harcourt division. In addition to dispensing justice as members of the task forces, the justices also ensured that works at their various divisions did not suffer. Meanwhile, the annual vacation of the Court of Appeal will commence on the July 17 and end on September 11, 2017.

WEDNESDAY JULY 12, 2017 ˾ T H I S D AY

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Again, FG, A’Ibom, Cross River Meet over 100-year Boundary Dispute Okon Bassey in Uyo The federal government yesterday called on the people of the boundary communities of Itu in Akwa Ibom and the Odukpani in

Cross River State to shealth their swords and ensure peace reign among the two sisters state. The Director General, National Boundary Commission (NBC), Dr Muhammad Ahmad, at a

House Directs Education Minister to Separate Religious Studies from Civic Education Restores CRK as stand-alone subject James Emejo in Abuja The House of Representatives yesterday passed a resolution directing the Minister of Education, Mallam Adamu Adamu, to “separate our national values from religious values” and that each subject be taught independently. Essentially, the lawmakers said religious studies should be distinct from civic education as a subject while the former should be taught in accordance with the dictates of the constitution. The resolution appeared to have put an end to recent controversies over the alleged removal of Christian Religious Knowledge (CRK) from the education curriculum going by a new policy which is to take effect from September. The lower House, after an intense debate on a motion sponsored by Hon. Beni Lar (PDP, Plateau) seeking to make civic education an optional instead of a compulsory subject for Senior Secondary Certificate Examinations (SSCE) said the revised Secondary School curriculum was in breach of the constitution and called for a reversal. The House further agreed that while civic education should be taught as Government without the religious component, it should be made compulsory in both primary and secondary levels. The House noted that the Federal Ministry of Education had introduced a revised curriculum without due consultation with parents and stakeholders. The new nine-year Basic Education Curriculum on Religion and National Values Consolidated Religious Education and Civic Education under National Values made civic education a compulsory subject for SSCE.

Leading the debate, Lar argued that the curriculum for primary one to three, which is the formative stage of a child does not provide for adequate teaching of the religious beliefs of the people but rather destructive half-truths, capable of destroying the fundamentals of the religious beliefs and erodes the essence of such religion being taught the children. She expressed concern that the new curriculum appeared to conflict with certain religious beliefs and made the teaching of those beliefs compulsory. The legislator noted that Section 10 of the 1999 Constitution makes the country a secular state, requiring that religion be separated from national values. The Deputy Speaker of the House, Hon. Yussuff Lasun, who presided over yesterday’s plenary, said the new education policy attempts to severe parents’ influence and religious guidance over their children, particularly in their formative years- a right which is already enshrined in the constitution. Also, the House Majority Leader, Hon. Femi Gbajabiamila, said the new policy was defective and violated the provisions of the constitution. He also moved against suggestions that the education ministry be invited to explain the rationale behind the new policy, stressing that the idea of fair hearing does not apply because it was clearly a constitutional matter. The general consensus of the lawmakers was that the issue was a constitutional matter which required no debate. The new policy had been criticised by Nigerians, particularly the Christians who saw it as a ploy by the current administration to Islamise the country.

Industrial Court Gets 19 New Judges Alex Enumah in Abuja Acting President, Yemi Osinbajo has approved the appointment of 19 judges for the National Industrial Court of Nigeria. The appointment was based on the recommendation of the National Judicial Council (NJC). The new judges are: Targema John Iorngee from Benue State; Namtari Mahmood Abba, Adamawa State; Nweneka Gerald Ikechi, Rivers State, Kado Sanusi, Katsina State; Adeniyi Sinmisola Oluyinka, Ogun State,; Abiola Adunola Adewemimo, Osun State; Opeloye Ogunbowale A., Lagos State. Others are Essien Isaac Jeremiah, Akwa-Ibom State; Elizabeth Ama

Oji, Ebonyi State; Arowosegbe Olukayode Ojo, Ondo State; Ogbuanya Nelson S. Chukwudi, Enugu State; Bashir Zaynab Mohammed, Niger State; Galadima Ibrahim Suleiman, Nasarawa State; Bassi Paul Ahmed, Borno State; Danjidda Salisu Hamisu, Kano State; Hamman Idi Polycarp, Taraba State; Damulak Kiyersohot Dashe, Plateau STate; Alkali Bashar Attahiru, Sokoto State and Mustapha Tijjani, Jigawa State. According to a statement by Soji Oye, Director, Information of the NJC, the new judges will be sworn in by the Chief Justice of Nigeria and Chairman of the NJC, Justice Walter Onnoghen, on July 14, 2017, by 3p.m. at the Supreme Court.

joint sensitisation/enlightenment campaign of the border communities stressed that the federal government was more determined to bring an end to the dispute which has lasted for more than 100 years now. Ahmad at the meeting held at the bridge head between Itu and Odukpani Local Government Areas said the federal government plans a definite demarcation of the boundary as administrative limits for both states. Between December last year and May this year, unconfirmed reports had it that more than 200 persons were feared killed in the protracted boundary skirmishes between the people of Oku Iboku in Itu Local Government Area of Akwa Ibom State and the people of Ikot Offiong in Odukpani Local Government Area of Cross River State. The director general of NBC said the sensitisation forum was a follow up of similar meeting the acting President Yemi Osibanjo had with stakeholders from the two localities five months ago to midwife a final demarcation of boundary to prepare the people to embrace development. According to him, with the

East-West rail line from Lagos to Calabar proposed for the area, it has become expedient for peace to reign in the area if development must thrive. “The federal government is not happy with the killing and destruction of property. That was why in February this year, the acting president who is the Chairman of the NBC called for a meeting with stakeholders from these areas, and from the meeting, we agreed to first of all carry out a sensitisation of the communities and the actual demarcation of operational limit for both states,” he stated. Ahmad called on states, traditional institutions and other stakeholders to take the message of peace and reconciliation to their communities to prepare ground for actual demarcation. Speaking on behalf of the government and people of Akwa Ibom State, the Deputy Governor, Mr. Moses Ekpo, lauded the federal government for its thoughtful intervention and insisted that Akwa Ibom and Cross River States, having been together since inception, had no reason to fight and kill each other. “Akwa Ibom and Cross River

States have been together since the creation of this country. I want to assure you that the problem will be sorted out once and for all. I have always said the issue of water and land is not a creation of man, but God, therefore these things do not belong to us, but God,” he said Ekpo stressed that misunderstanding should not cause the people who have always known one another as brothers and sisters to shed blood. “What could divide us cannot make us to fight each other. After all, when we die, its just a little portion, about six feet that would be allocated to us which may later be cultivated on. Land and water should not cause us to fight,” he declared Also speaking, the Cross River State Government, through its Deputy Governor, Prof. Ivara Esu, called for peace across the country and stated that the Cross River States Government is determined to ensure that peace reign in the state for progress and development to be achieved. “Those who kill people innocently should repent; else the wrath of God would be upon them. What more can we give to

Governor Udom Emmanuel of Akwa Ibom State on his birthday than peace,” he said Speaking on behalf of Itu traditional institution, the Paramount Ruler of Itu, Edidem Akpan Inyang, expressed optimism that the peace mission would be pursued to a logical conclusion. “It has been our desire as traditional rulers to see the cannage come to an end. Let’s dialogue and work together to see the success of this exercise as initiated by the federal government,” he stated. The Chairman, Odukpani Traditional Rulers council and Clan Head of Ekim/Uyi clan, Odukpani Local Government Area of Cross River State, Etinyin Ekeng Okon Nyong, said the people have lived together for over 100 years and had no justifiable reason to fight. The Surveyor General of the Federation, Ebisintie Awudu, promised that the boundary demarcation would be done without bias. He explained that the boundary demarcation is for administration purposes, to be demarcated on ground and with pillars for the state governments to know and plan for her people.

WITH LOVE FROM NIGERIA

L-R: Former Mexican Ambassador to Nigeria, Mr. Luiz Barrero Stahl; former Spanish Ambassador to Nigeria, Mr. Angel Losada; Publisher of The Abuja Inquirer, Dan Akpovwa; and former GM/CEO of Transcorp Hilton, Abuja, Mr. Andre Herrenschmidt, during the wedding of Ms. Natalia Losada and Steve at the Santa Barbara Catholic Church in Madrid, Spain.... yesterday

House Asks Osinbajo to Swear in Minister-Designates from Kogi, Gombe C’ttee queries NDE over N717m bad loans James Emejo in Abuja The House of Representatives yesterday passed a motion urging acting President Yemi Osinbajo to swear in and allocate portfolio and official duties to the minister-designate from Kogi and Gombe States within one week. In a motion sponsored by Hon. Karimi Sunday (PDP, Kogi), Hon. Emmanuel Egwu, Hon. Binta Bello and Hon. Ali Isa, the House noted that since May 3, 2017 when the Senate confirmed the appointment of Prof. Stephen Ocheni and Suleiman Zarma Hassan as ministers from Kogi and Gombe States respectively,

they have not been sworn-in or allocated any office, portfolio or ministry till now. The lawmakers expressed concern that both Kogi and Gombe State were not represented in the Federal Executive Council (FEC), adding that the council as currently constituted is in flagrant breach of Section 14(2) and Section 147(3) of the 1999 Constitution. Meanwhile, the House Committee on Public Accounts yesterday queried the National Directorate of Employment (NDE) over the disbursement of loans amounting to N1.4 billion out if which only about N717 million had not been recovered.

The NDE has disbursed N1,470,594,611.76 to beneficiaries of its skill acquisition scheme, since inception in 1987. The lawmakers, however, found that only N287.95 million had been recovered by the agency. Deputy Chairman of the committee, Hon. Ibrahim Baba, questioned the Director-General of the agency, Mr. Nasiru Ladan Mohammed on the issue, and noted that according to the report of the Auditor-General of the Federation to the Committee, the agency has seven queries to answer. Subsequently, the lawmakers requested for the names and

certificates of beneficiaries of the loans scheme. The DG however told the committee that he was recently appointed to head the agency and that the loan was disbursed by the last administration of the agency but that nonetheless, he had submitted all requesteddocumentsbythecommittee. TheHouseCommittee thereafter adjourned hearing on the issue to July 17, 2017, for a continuation of the session. Also yesterday, the committee insisted that four staff of the Office of the Head of Civil Service of the Federation must refund the sum of N46.1 million to the federation account within 40 days

WEDNESDAY JULY 12, 2017 ˾ T H I S D AY

NEWSEXTRA

EFCC Arraigns Industrial Court Judge, Fishim Akinwale Akintunde The Economic and Financial Crimes Commission (EFCC) yesterday finally arraigned Justice James Agbadu Fishim of the National Industrial Court before an Ikeja High Court over allegation of corruption. The judge was arraigned before Justice Raliat Adebiyi on a 19-count charge bordering on unlawful enrichment by public official contrary to Section 82(a) of the Criminal Law of Lagos State, No.11, 2011 He, however, pleaded not guilty to all the charges and was granted bail on self-recognisance as prayed by his counsel, Prof. A Amuda Kannike (SAN) on the grounds that his client is a sitting judge. “He was served last Monday at 5p.m., and he responded immediately. “He is a sitting judge and has a lot to lose if he decides to jump bail,” Kannike said. While not opposing the oral

application for bail by the defence counsel, EFCC Prosecutor, Mr. Rotimi Oyedepo, however asked the court to condition the bail so that the defendant would be mandated to attend trial. Justice Adebiyi in granting the judge bail, asked him to deposit his international passport with the court Registrar. “It is the discretion of the court to grant bail to the defendant. It should be noted that the main function of bail is so that the defendant attends trial. “The defendant is a sitting judge of the National Industrial Court, who is facing a 19-count charge of unlawful enrichment which is a bailable offence. “I hereby grant the defendant bail on self recognizance and he is also expected to deposit his international passport with the Chief Registrar of the court,” Justice Adebiyi ruled. According to EFCC, Justice Fishim unlawful enriched himself by receiving an aggregate of N4.6 million from seven Senior

Advocates of Nigeria (SAN), one other Lagos-based lawyer and one law firm between 2013 and 2015. EFCC maintained that the defendant could not give a reasonable explanation of how the monies passed through his First Bank account with numbers 3008199491 and 2006900216. The commission alleged that Justice Fishim received a total of N1.4 million from Chief Felix Fagbohungbe (SAN) between

December 5, 2013, and February 26, 2015. The defendant was also accused of receiving a total of N1.4 million in multiples tranches from Paul Usoro (SAN) between August 5, 2014 and March 26, 2015. Other SANs from whom the judge allegedly received money, were Chief Gani Adetola-Kazeem, who gave him N100,000 on February 10, 2015 and Mr. Uche Obi, who gave him N250,000

between October 17 and 20, 2013. Others are: Dr. Muiz Banire (SAN), who according to the EFCC, gave the judge N500,000 on June 20, 2013; and Chief Adeniyi Akintola (SAN), who gave him a total of N500,000 in four tranches of N200,000, N100,000, N100,000 and N100,000 between June and February 26, 2015 respectively. The EFCC also claimed that Justice Fishim received a total of N250,000 from Dr. Joseph Nwobike

(SAN), in tranches of N150,000 and N100,000 on December 12, 2014, and September 10, 2015, respectively; while a Lagos-based lawyer, Enobong Etteh, was said to have transferred N200,000 to the judge on October 27, 2014. A law firm, Alliance Law Firm, according to the EFCC, also paid N250,000 into the judge’s account on August 21, 2015. Justice Adebiyi has fixed trial for October 11,12 and 13, 2017.

N38bn Balance Stalls Millennium Tower Project Olawale Ajimotokan in Abuja Salini Nigeria Limited, the contractor handling the landmark Nigeria Cultural Centre and Millennium Tower, has admitted that the delay in the completion of the project is occasioned by inadequate funding by the federal government. The company’s Managing Director, Dr Piero Capitanio, disclosed this yesterday at a project tour of the centre and the Inner Southern Expressway (ISEX) by FCT Minister, Malam Musa Bello Mohammad. He lamented that there was no budgetary provision this year for the project, discernible by it trademark cluster of three vertical towers that adorn the Abuja skies. Capitanio said the development had prompted the Italian firm to suspend construction work. The project was initiated in 2005 by former President Olusegun Obasanjo and is only 38 per cent completed as over N35.7billion has been sunk into it. Capitanio said an additional sum of $500million (N38.2billion) was required for its completion. The estimated amount required is N35.6 billion at official rate of 1 EUR to N385, while variation of

prices and extra amount required is N1.2billion.The original cost of the contract is N69.3 billion. The world class centre, which upon handover, will make Abuja Africa’s cultural capital, occupies a total surface of 192.000 square mile. It requires 3.690 tonnes of steel reinforcement and total concrete of 133.600 million cubic. The cultural centre is touted as a “city in a city.” It boasts of the national library, museum, indoor swimming pool, offices, luxury hotel, coffee shops, boutiques, auditorium and underground parking space for 1,200 vehicles. On top of the tower, accessible by an escalator, is a revolving restaurant, where dinners can take a panoramic view of the city. The FCT Minister, Mohammed, described the project as strategic as it would make Abuja an international city and boost tourism and culture upon completion. Capitanio said the work being done was to International specification, adding the design was submitted and approved by The federal government. He also promised that ISEX which would ease traffic burden from Keffi road to Abuja heartland, would be opened to the public latest by August.

Chief Ejoor Dies @ 100 The death has been announced of Chief Daniel Mewe Ejoor, of Ovwor Olomu in Ughelli South Local Government Area of Delta State. He died in his sleep at of 100 years. Born in December 1916, Chief Ejoor, the Okakuro of Agbon, a community leader and devout Christian, was one of the major pillars of the African Church in Warri, Delta State. He was a member of Midwestern State Local Government Service Board from 1972 to 1975 during the Ogbemudia administration and later Chairman of AREC Engineering Limited. He will be buried in his hometown, Ovwor Olomu, on August 10, 2017, which will be preceded by a Christian wake and

lying in state at his residence at 12 Daudu Street, Warri a day earlier. Chief Ejoor is survived by many children, scores of grand children and great grand-children.

Ejoor

BANK RESCUES YABA LIBRARY

L-R:SpecialAdvisertothe,LagosStateGovernoronEducation,Mr.ObafelaBank-Olemoh; stateDeputyGovernor,Mrs.OlurantiAdebule;andManaging/ CEO,GTBankPlc,Mr. SegunAgbaje,duringtheinaugurationofthenewlyrefurbishedYabaLibrarybyGTBankinLagos....yesterday. KOLAWOLEALLI

JAMB Begins Sale of Direct Entry Forms, Says 2017 Cut-off Marks Not out Senator Iroegbu in Abuja The Joint Admissions and Matriculation Board (JAMB) has commenced the sale of Direct Entry (DE) application forms for qualified candidates who possess A-level results and wish to gain direct entry admission into degree programmes in Nigerian tertiary institutions. The Head of Media and Public Relations of JAMB, Dr. Fabian Benjamin, in a statement issued yesterday, said the organisation has also commenced the sale of UTME application forms for Nigerians abroad and foreign candidates who desire to attend tertiary institutions in the country. Benjamin said the Board had not determined the cut-off marks for 2017 admissions neither has it

commenced the change of course and institutions. He stated: “JAMB has not determined the cut-off marks for 2017. This is only done at a policy committee meeting with all stakeholders chaired by the Minister of Education which is yet to hold. “Candidates should disregard any unauthorised information about cut-off marks for the 2017 Unified Tertiary Matriculation Examination (UTME) “The process is as it was with the UTME where you create a profile and obtain the pins and proceed for biometric capturing at the Computer-Based Test (CBT) Centres for DE candidates. We urge all candidates wishing to register through DE to obtain the pins at Interswitch, Remita or any of the

commercial banks approved earlier for the vending of UTME pins. “The Board also wishes to state that it has not commenced the change of course and institutions. We will soon begin and when we start, the changes will be done in all approved CBT centres nationwide. Candidates need not necessarily come to the JAMB centres for the change. It can be done in any of the CBT centres. “This is to avoid overcrowding of our offices for services that can be obtained at the utmost comfort by the candidates. “The delay has been occasioned by the preparation by JAMB to ensure that the system is smooth and without encumbrances. The public is urged to note that every candidate desirous of a change of course or institution will be allowed to do so as the

platform will be open until the close of admission.” According to the JAMB spokesman, candidates need not panic or get desperate as it will not be closed as being speculated by those who want to use the opportunity of candidates’ desperation to defraud them. In view of this, he urged them not to patronise any fraudulent individuals or organisations but to visit approved CBT centres and never to hesitate to cross check any information they are not too clear about. Benjamin advised candidates not to be victims of fraudsters who claim to have the capacity to inflate candidates’ scores, adding that “they do not have such ability, and when caught, JAMB will prosecute both the fraudsters and the candidate who patronises them.”

Ethiopian Airlines to Commence International Flights from Kaduna Airport on August 1 Ethiopian Airlines yesterday announced that it would commence scheduled international flights from the Kaduna International Airport to other international destinations in its vast global network by August 1, 2017. The airline was the first to land in Kaduna after the six-week closure of Nnamdi Azikiwe International Airport, Abuja, for the repairs on its runways in April. To maximise the viability of the upgraded Kaduna Airport, the Kaduna State Government engaged foreign and domestic airlines in discussions to secure

regular flight operations. Ethiopian Airlines, having conducted their own commercial assessments, has since found Kaduna suitable for their operations. Accordingly, the airline has added the Kaduna International Airport to its vast global network. The three flights a week will connect Kaduna to 95 other international destinations and 55 African countries en route Addis-Ababa, boosting Kaduna’s already business-friendly atmosphere. Mrs. Firiehiwot Mekonnen, the

Traffic and Sales Manager of the airline, made the announcement at a press conference yesterday at Asaa Pyramid Hotel in Kaduna. “We are pleased to commence scheduled operations to Kaduna, a fifth city in the Federal Republic of Nigeria,” Mekonnen said. “With this commencement, Ethiopian Airlines is availing easy movement of Africans from one corner to another. “During the temporary closure of Abuja Airport for reconstruction four months ago, we were the first foreign carrier to land in Kaduna Airport, allowing

our passengers to experience unlimited comfort onboard our B-787 Dreamliner. “It is a source of great pride for us to consolidate the warm bilateral ties that the two countries are enjoying with the commencement of this operation to Kaduna thrice weekly as from August 1, 2017.” The Kaduna State Government warmly welcomes this further expression of confidence in the prospects of the state. Ethiopian Airlines will be availing Kaduna residents and travellers from other North-west states a comfortable experience of international travel.

WEDNESDAY JULY 12, 2017 ˾ T H I S D AY

NEWSEXTRA

Maritime Workers Shutdown Ports for Hours over ‘Obnoxious’ Bill Eromosele Abiodun and Solomon Elusoji A coalition of industrial unions comprising Maritime Workers Union of Nigeria (MWUN) and the maritime branch of the Senior Staff Association of Communication, Transportation and Corporation (SSACTAC) yesterday made good their threat to shut down every major seaport across the country. The punitive action was the unions’ strategy to voice out against a bill recently passed by the Senate and has reached second reading stage in the House of Representatives, which seeks to privatise Nigeria ports. Titled: ‘Bill for an Act to Repeal the Nigerian Ports Authority (NPA) Act, CAP126 LFN 2004, and to Establish the Nigerian Ports and Harbours Authority to Provide for the Ownership, Management and Development of Ports and Harbours and for Related Matters’, it is being sponsored in the House of Representatives by Hon. Ossai Nicholas Ossai, representing Ndokwa/Ukwani constituency from Delta State. Speaking at a rally held at the Apapa seaport yesterday, MWUN’s President-General, Adewale Adeyanju, said: “The purpose of this bill is to strip Nigeria of her commonwealth through further consolidation of harbour operations in the guise of amending the NPA

Act of 1955. “If this bill is being passed into law, it will lead to massive job loss among our members, as item six of the second schedule of the bill says not all the staff of the NPA will be absorbed into the Nigeria Ports Harbour Authority. In other words, the bill will send a large number of NPA staff to the labour market, including the dock workers, seamen and other relevant stakeholders in the port industry. Besides, the bill does not make provision for how, when and who will pay those who are not going to be absorbed by the new proposed arrangement.” Adeyanju also pointed out that a privatisation move poses a huge security risk, as it might be difficult for the government to regulate what comes into the country. “It is a security risk and the repercussions can be very grave if the bill is being passed into law. “Remember the recent incident of a container at Tin-Can Island containing 440 cartons of deadly ammunition. This is why we are opposing this bill. We are sending a very serious signal to the authorities that this bill must not see the light of the day,”he said. The shutdown, which commenced in the early hours of yesterday, lasted only till noon as the union leaders called it off and directed workers to return to their duty posts.

APC Suspends Buhari’s Aide, Ibekaku Christopher Isiguzo in Enugu The Enugu State chapter of the All progressives Congress, (APC) has slammed an indefinite suspension on the Senior Special Assistant to President Muhammadu Buhari on Justice Reform, Mrs. Juliet Ibekaku. She was suspended alongside 19 others over alleged misconduct and violation of the party’s constitution. The suspension was contained in a notice signed by the Chairman of APC in the state, Dr. Ben Nwoye, which was made available to journalists yesterday. It read thus: “Notice of indefinite suspension for violation of article 21 (A) (v) of our party constitution.” According to the notice. “APC national secretariat has been notified

of their suspension. The affected individuals have seven days from the date of this Notice to appeal their case. “The affected persons are barred from attending any function organized or sponsored by the APC. Any member of the public dealing with them as members of APC does so at their risk.” Others suspended members are, Ngozi Nwankwo (Woman Leader), Mr. Ikechukwu Oloto, (Youth Leader), Mr. Louis Okolo, (Assistant Secretary), Mr. Sydney Eze (Former Financial Secretary) Mr. Ebere Okolo (Former Treasurer), among others. The Deputy Chairman of the party in the state, Adolphus Udeh, had earlier been expelled from the party.

No Child Fighters Among Civilian JTF, Says Global Amnesty Watch Michael Olugbode in Maiduguri A humanitarian organisation, Global Amnesty Watch, yesterday said findings have shown that there is no child fighter among the Civilian JTF fighting Boko Haram in the North-east. The organisation said the report published recently which also accused the Nigerian government and military authorities of complicities and contravention of the Child Soldier Prohibition Act, CSPA, 2008, was a disservice. The organisation, addressing a press conference in Maiduguri after conducting an investigation into allegations by the United States that children were recruited in

the war against insurgency by the Civilian JTF, said there was no truth in the accusation. The Country Representative of the organisation, Mrs. Helen Adesola, said: “An investigation by the Global Amnesty Watch found that the US 2017 Trafficking in Persons Report that accused the Civilian JTF of recruiting children in the fight against Boko Haram is false.” She lamented that: “A likely consequence of this is further unveiling of sanctions and measures against Nigeria that could tilt the balance in favour of terrorists as opposed to safeguarding the wellbeing of the civilian population that had been forced in the past to adopt desperate ploys to stay safe.”

What we are doing is an awareness to let the world know that the workers oppose this bill,”the MWUN president-general said. He added: “We are going to sit down and consult with all the executives of the great union and see how we can move forward.” On his part, SSACTAC President,

Benson Adebgeyeni, stated that “the situation of the nation is dicey, and the senators and House of Representative members who we voted to represent us are trying to short-change Nigeria’s future. “Remember the concession of 2005/2006. They said then that we should collaborate with those who

are going to buy the ports, but our members were thrown into the labour market. Then, NPA had about 14,000 workers, but we were reduced to about 3,000. “And if we look at it critically, we have seen similar occurrences in Nigeria. NITEL was privatised, and today, where is NITEL; NEPA the

same thing, they said there would be light for 24 hours, I think we are enjoying the light now. “The message of this protest is clear-the wrong thing should not be done to the nation. We are not against privatisation, but the stakeholders should be carried along.”

PRODUCT LAUNCH

L-R: General Manager Sales (North), ntel, Ismaila Kabara; General Manager, Brand Management, ntel, Jenika Mukoro; Managing Director Gaddison, Aminu Suleman; Director Sales, ntel, Inusa Bello; representative of Zeph, Chioma Edoka; and General Manager Products, ntel, Jide Mafolobami, at the launch of ntel NOVA, ntel’s bespoke 4G/LTE phone in Abuja....yesterday

Nigeria, Cameroon Military Brainstorm on Stopping Boko Haram Army assures UNIMAID of maximum security Michael Olugbode inMaiduguri Nigerian and Cameroonian military authorities yesterday brainstormed on strategies to curb renewed Boko Haram attacks. The military authorities from both neighbouring countries met in Maiduguri, the Borno State capital, the birthplace of Boko Haram and the command headquarters of the counter-insurgency operation in Nigeria. Leading the Nigerian delegation to the meeting, the head of counter- insurgency operations in the North-east (Theatre Commander of Operation Lafiya Dole), Maj. Gen. Ibrahim Attahiru, said after the closed door meeting that its essence was for the security forces of the two countries to deliberate on enhancing counter- insurgency efforts, not only along the border but into the territories of the two countries. He added: “The idea of the meeting is to emphasise on intelligence sharing and how best

we can operate as forces together for the betterment of both countries,” he said, stressing, “this is a platform for us to meet and iron out things.” The Theatre Commander said: “We are thinking of joint operations on both sides, sharing intelligence, sharing information, all towards success in the Boko Haram insurgency along our common borders in the entire North-east.” Attahiru while describing the bilateral meeting with the Cameroonian security forces as routine, said: “Next time it will be with Chad, Niger and other countries; so we will meet bilaterally, and we will meet multilaterally for the war against Boko Haram terrorism.” The leader of the Cameroonian delegation to the meeting, Brig. Gen. Nka Valere, said the military capabilities of the Boko Haram terrorists has been drastically reduced by the Multinational Joint Task Force operating against them in the Lake Chad Basin. He assured: “Boko Haram is not as powerful as it used to be

three or four years ago,” explaining, “this is why the insurgents are now operating only through suicide bombing, laying of IEDs and attacking border villages.” Valere said: “At the beginning, they (insurgents) said they wanted to create a Caliphate, but they lack the capability to do that now, saying, “ we (MNJTF) only need some more time to clear their remnants in the Lake Chad Basin.” Meanwhile, the Nigerian Army has promised the staff and students of the University of Maiduguri (UNIMAID) of security support. The Acting General Officer Commanding (GOC) 7 Division of the Nigerian Army, Brigadier General Ibrahim Manu Yusufu, gave the affirmation when he paid a courtesy call on the Vice Chancellor of the university, Professor Ibrahim Yusuf Abubarka Njodi, at his office in Maiduguri Borno State. The GOC who was accompany on the visit by commanders and some principal staff officers from Headquarters 7 Division, assured

the VC of adequate security for the university community. He sympathised with the university on the recent suicide bomber attacks on the university. He commended the staff and the VC for holding forth during the trial period. The GOC also commended the VC for not closing the University as doing that will have scored a cheap point to the perpetrators of the act while calling the university community to provide security agencies with relevant information that will aid them in the stemming the tide of suicide bomb attacks. The Vice Chancellor in his response assured the GOC of the university’s support in the ongoing war against insurgency. He attributed the recent relative peace enjoyed within the university after of high spate of suicide bombings to Nigerian Army doggedness and professional display in securing the university, Maiduguri metropolis in particular and Borno State in general.

APDA Dissolves Media Committee, to Constitute BoT Soon In a move aimed at repositioning his party, the National Chairman of the newly registered Advanced Peoples Democratic Alliance (APDA), Mallam Shitu Kabir Mohammed, yesterday announced the dissolution of the media and communications committee of the party. In a statement he personally signed, Mallam Mohammed also debunked reports of the existence of a Board of Trustees (BoT) for the party, stating that the board had not been constituted.

According to him, the “APDA wishes to inform the public that only two of the three statutory organs of the Party namely National Working Committee (NWC) and National Executive Committee (NEC) have so far been constituted by the party while the BoT Committee is yet to be constituted until we find men and women of impeccable characters that had served our country meritoriously with unblemished track records to occupy the exalted body.” He said the party would soon

constitute the BoT, Council of Elders and the remaining organs of the party as soon as possible. While announcing the dissolution of the media and communications committee of the party, the National Chairman said the decision was informed by the need to avoid conflict of interest. “APDA wishes to inform public that due to the inclusion of some practitioners who are in paid employs of some media houses, which has resulted in conflict of interest, the party has

therefore resolved to dissolve the committee with immediate effect. A new committee will be constituted shortly.” Mohammed in the statement encouraged Nigerians especially the youths to take advantage of the party in its robust offer of 30 per cent of all elective and appointive party positions to women, 25 per cent to youths and five per cent to persons with special needs respectively by coming out to register en-masse as members.

WEDNESDAY, ͹ͺ˜ ͺ͸͹Ϳ ˾ T H I S D AY

WEDNESDAYSPORTS

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

Ogba Warns against Consequences of Eagles Missing World Cup 2018 Appeals to Osinbajo to sign NFF Bill into law

Chairman of the Senate Committee on Sports, Senator Obinna Ogba, has declared that it would be a disaster if the nation incurs the wrath of world soccer governing body, FIFA, on account of the legal battles the Nigeria Football Federation (NFF) is facing in civil courts. Ogba who spoke yesterday in Abuja said the only way the nation can be saved once and for all from the incessant FIFA threats is for the Acting President, Yemi Osinbajo, to as a matter of urgency sign the NFF Bill into law. “My appeal is for the Acting President, Prof Yemi Osinbajo to sign the NFF bill into law. Once that bill is signed into law, it would save us a lot of trouble. There is a provision in the bill for those in ordinary courts now to go to the Court of Arbitration for Sports (CAS) to seek redress. FIFA frowns at people taking sports matters to civil courts. We freely signed to be a member of FIFA and genuine stakeholders should learn to respect FIFA rules in the interest of the country.” He warned stakeholders in Nigerian football not to drag the country into situations like what Sudan is facing at the moment. “We can’t afford to go the way of Sudan that has just been

hammered by FIFA. Sudan’s World Cup 2018 hopes have been frittered away, just like that of their clubs in continental football. “Nigeria is too big to go the way of Sudan and given the role football play in bonding the country together, it is not a sector we should toy with. “Football is the first love of every Nigerian. The game brings us together as a people and I know even those that run our judiciary know that much and would put the nation’s interest first even when stakeholders carry their fight to them,” stressed the former NFF board member. “Just last week, FIFA banned Sudan from all football activities following alleged government interference in the running of the country’s football. The same fate may befall Nigeria if the renewed court battle over the leadership of Nigerian football is allowed to affect the administration of the game in the country,” Senator Ogba warned. Penultimate Monday, the nation’s apex court, the Supreme Court gave the NFF led by Amaju Pinnick and claimant to the post, Chris Giwa, notice to await further directives on when it would deliver judgment on the suit between both parties.

Gov Ahmed Tees-off Kwara @50 Golf Championship in Ilorin Kwara State Governor, Abdulfatah Ahmed, has teed-off the Kwara @ 50 Golf Tournament at Ilorin Golf Club yesterday with a promise to making the city a golf hub with series of event that in the pipeline. With unprecedented number of professional golfers’ entry (138), the governor said, “We are pleased to have this huge number of golfers sign up and we are working at making the state a golf hub in the nearest future.” The tee-off began the professionals’ race for a total purse of $25,000 and places in the PGA of Nigeria’s ranking. It is also chance to pre-qualify for another international event billed for later in the year in Equatorial Guinea. Luqman Owolewa, a former board member of the Nigeria Golf Federation (NGF) and a consultant for the event, said that the Kwara @50 tournament apart form being a key event on the golf calendar had the huge pull because of the level of hospitality that golfers are exposed to whenever they play in Kwara State. Meanwhile, big names stuttered after the opening round with budding star and rookie of the year 2015 Ishaya Atang, sharing the spotlight with Francis Isuku of Ibori Golf and Country Club Asaba; both fired 69, three under par.

Atang, who turned professional in 2015, stunned the star-studded PGA rank to pick a win in his debut year as a professional. He won the Plateau State Governor’s Cup. Four former number one players are closely chasing first day leaders with one shot separating them. They are Sunday Odegha at 70, two under par, while Nojeem Shofela, Mike Ubi and Dominic Andrew returned 71, one under for the day. The amateurs round is billed for Saturday July 15 and Sunday 16 where over 150 players are expected to participate.

New Manchester United forward, Romelu Lukaku, at his ﬁrst training session with the English Premier League club in United States of America...yesterday

Venus Williams Reaches Her 10th Wimbledon S’Final Djokovic beats Mannarino to reach Q’final Five-time champion Venus Williams yesterday won in her 100th singles match at Wimbledon to knock out French Open winner Jelena Ostapenko and reach the semi-finals. Yesterday’s clash with Ostapenko was Venus’ 20th appearance at the All England Club’s Championship while the qualification for the semis is her 10th. Williams earned a 6-3 7-5 victory against the 20-year-old Latvian in one hour and 13 minutes on Centre Court. She will play either Britain’s Johanna Konta or Simona Halep in the last four. Similarly, Garbine Muguruza reached her second Wimbledon semi-final with a powerful 6-3 6-4 victory over seventh seed Svetlana Kuznetsova.

American Williams, 37, is the oldest player to reach the last four since Martina Navratilova in 1994, but says she doesn’t think about her age. “I feel quite capable, to be honest, and powerful,” she said. “So whatever age that is, as long as I feel like that, then I know that I can contend for titles every time.” Williams, competing at her 20th Wimbledon, is just one victory away from her ninth final at SW19 - eight years after her last appearance. Meanwhile, Novak Djokovic yesterday reached the Wimbledon quarter-finals with a straight-set victory over France’s Adrian Mannarino. In a match delayed from Monday, the world number four beat Mannarino - who is

ranked 51st in the world - 6-2 7-6 (7-5) 6-4 in two hours and 13 minutes. The Serb appeared unhappy with the condition of Centre Court and also received treatment on his right shoulder during the match. The 30-year-old will face Czech 11th seed Tomas Berdych in the last eight. When asked about his shoulder, Djokovic told BBC Sport: “We’ll see. It has something which has been dragging back and forth for a while, but I am still managing to play.” The match was due to be played on Monday on Court One but was postponed following Rafa Nadal and Gilles Muller’s four hour and 48 minute tie. The decision to postpone the match until Tuesday, rather than play it on Centre Court after Roger

Federer’s victory on Monday over Grigor Dmitrov, was questioned by some, including Djokovic’s wife Jelena. There were early concerns over Mannarino’s fitness, as the Frenchman looked to be struggling from the effects of playing two five-set matches on his way to the last 16. He clutched at his hip as Djokovic broke in his first service game, and although he grew sufficiently into the match to save two set points, he was unable to prevent Djokovic taking the first set in 37 minutes.

NPFL Result Remo 1-1 Ifeanyiubah TODAY Rivers Utd v MFM FC

Okagbare, Amusan Arrive Nigeria for Warri Relays

Governor Ahmed ... at tee-oﬀ yesterday

Nigeria’s top performers on the track this season, Blessing Okagbare-Ighoteguonor and Tobi Amusan, have both arrived in Nigeria ahead of the 2017 Warri Relays & CAA Grand Prix. The 2017 Warri Relays & CAA Grand Prix fixed for Tuesday, July 18 at the Delta State Polytechnic Stadium, Ozoro, is guaranteed to have a rich number of top athletes on parade; some of whom are

already arriving in the country. Okagbare who last weekend in London ran an impressive 10.99secs in the women’s 100m event is one of the star attractions even as the sprints queen will hope to strike a better rhythm on the home front as she counts down to the 2017 IAAF World Championships in London. For Amusan, the home crowd will have a glimpse of

the hurdler who has been hugging the headlines with breathtaking performances in the circuit in the United States this season. Among other heroics, Amusan last month won the women’s 100m Hurdles at the National Collegiate Athletic Association (NCAA) title with a new personal best time of 12.57secs. The Delta State Government as well as Solid Works Limited

is sponsoring the 2017 Warri Relays & CAA Grand Prix which over the years has attracted top athletes from across the world to the oil-rich and sports loving state. Immediate past President of the AFN and CEO, Solid Works Ltd, Chief Solomon Ogba, revealed that outside of the elite cast of athletes, the High School Category is also gathering much momentum.

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Fayose to Presidency “Only three Nigerians who are of the president’s cabal are allowed access to the president. I will keep their identities for now. Anyone with a contrary claim should produce the president to Nigerians within the next 48 hours. It is obvious that Nigeria is drifting like the last days of the Umaru Musa Yar’Adua’s government.” – Ekiti State governor Ayodele Fayose alleging that President Muhammadu Buhari has abdicated his constitutional responsibility by his continouos absence from the seat of power.

KAYODEKOMOLAFE THE HORIZON

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Funding Education as Policy Issue

n the last few weeks the progressive movement in Nigeria has been mourning two of their own that happened to be academics in their life times – Abubakar Momoh, a professor of Political Science and Funmi Adewumi, a professor of labour relations. As they are wont to do at a time like this, the comrades and colleagues of these fighters for human progress have been using the sad moment for sober reflections on the cause the departed passionately pursued while they were alive. Memorials meetings have been held. For instance, in one of the memorial gatherings in honour of Professor Momoh in Lagos last Wednesday, the theme that was explored was “Nigeria in Crisis: Rethinking Economic Policies and Posing Alternative Developmental and Political Options,” with Professor Toye Olorode as the guest speaker. Radical lawyer Femi Falana, who chaired the occasion, threw a challenge to the Academic Staff Union of Universities (ASUU) on the perennial question of funding education. He asked the union to take a greater interest in the enforcement of existing laws on education tax fund. After all, the enactment of laws is a product of the struggles for democratisation of access to education in the country. It is, therefore, fitting to the memories of these progressive academics that reflections on funding education (among other issues) are provoked at this time. Funding education has remained a policy debacle not for lack of attempts at solving the problem. To be fair to successive governments since the days of the military regimes, laws have been made to back up the drive for resources to fund education. The regrettable experience has been that the best of these efforts have simply not proved to be good enough. As far back as 1993, Education Tax Act came into existence. The Tertiary Education Trust Fund Act of 2011 repealed the 2003 and 2004 laws on education tax. In the light of the chronic underfunding of tertiary education, the impact of the Fund should be judiciously assessed. Efforts should be stepped up to ensure the enforcement of the laws as well as the prudent disbursement of the resources made available as a result of the work of the Fund. The Tertiary Education Trust Fund imposes a tax of two per cent on “assessable profits” of all companies registered in Nigeria. On the Fund’s Board of Trustees are representatives of the universities, polytechnics and colleges of education. It is important that the “stakeholders” should take more interest in the policy outcomes of the implementation. There should be insistence on accountability and transparency. For example, for decades teachers’ unions in the higher institutions

Minister of Education, Adamu Adamu

ASUU President, Prof. Biodun Ogunyemi

have fought gallant battles to draw public attention to the steady collapse of public education due to underfunding. The nation has witnessed maximally paralysing strikes. Hours have been spent on committee meetings with representatives of government. Now, the Fund is to tackle underfunding in tertiary education. Among the areas the Fund is expected to focus upon are infrastructure and equipment, staff training, research and publication as well in the overall development of the institutions But the reality is that the entire education sector is poorly funded. The

indubitable fact is that the decay in the education sector is a social problem. It requires a social solution. And that is essentially the spirit of the various laws backing education tax funds. Unfortunately, there are still members of the elite within and outside government playing the ostrich with the matter of funding education. They perceive quality education as a commodity. And like other commodities, education is increasingly subject to the pernicious regime of market forces. Those who can afford it simply “solve” the problem by playing in the burgeoning education market. Meanwhile, the overwhelming majority of parents cannot afford to play in this market of quality education at home and abroad because of poverty. One of the destructive consequences of the trend in the education sector is inexorably the widening inequality in the society. The members of the elite cannot, of course, pretend to be oblivious of this vicious cycle and its calamitous implications for the future. Doubtless, funding education is a policy issue globally. That is why from the east to west governments design socially creative policies to solve the problem of funding education instead of relying on private business strategies to solve the problem. More than a decade ago, a slogan emerged in the United States that no child would be “left behind” in the race for education. Perhaps it is worthwhile reminding our policymakers and other enthusiasts of the education market in Nigeria about an observation made in the American context a decade ago. The observation was made by Alan Greenspan as he reflected on “Education

A progressive approach to solving the problem of underfunding education is making the sector a budgetary priority. The poor funding of education should have an eminent position in the agenda for the public sphere discussion

and Income Inequality” in his memoirs entitled “Age of Turbulence.” Greenspan writes: “Another education imperative goes beyond fostering market forces in schools. I recognize that left to their own devices, market incentives will not reach the education of those children “left behind” (to borrow a term from current U.S. education legislation). The cost of educational egalitarianism is doubtless high and may be difficult to justify in terms of economic efficiency and short-term productivity. Some students can achieve a given level of education far more easily, and therefore at far less cost, than others. Yet there is danger to a democratic society in leaving some children out of sync with its institutions. Such neglect contributes to exaggerated income concentration, and could conceivably be far more costly to the sustaining of capitalism and globalization in the long run. The value judgments involved in making such choices reach beyond the imperatives of the marketplace”. Now just as you cannot be more Catholic than the Pope, so also can you possibly not be more capitalist than Greenspan who for many years was the Chairman of the United States Federal Reserve Bank. Funding of education should be central to any productive policy discussion in resolving the crisis of the Nigerian political economy. It is not enough for policymakers at all levels to wring their hands and plead budgetary constraints. In the last year American presidential election, while seeking the Democratic ticket Bernie Sanders audaciously proffered his own socialist alternative to funding of education, which still remains a big problem in the richest in the world. The American youths who have a future to aspire to embraced Sanders’ message of progress with vigour. The problem of funding manifests at all levels of education. Teachers in primary schools are protesting placing the funding and management of that level of education in the hands of local governments. The teachers have no confidence in the quality of governance at the local government level. The primary school teachers would prefer the state governments to fund basic education. Meanwhile, secondary teachers are not satisfied with funding and management of schools in most states. All these developments suggest a more progressive approach of solving the problem: that is making budgetary allocation to education a priority as well as gear up the mobilisation of education funds. It is an elementary proposition that a progressive approach to solving the problem of underfunding education is making the sector a budgetary priority. The poor funding of education should have an eminent position in the agenda for the public sphere discussion.

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