Wednesday 26th July 2017 by THISDAY Newspapers Ltd

Emefiele Explains CBN’s Role in 9Mobile Debt Crisis Expresses concern over budget implementation as Bank retains key policy rate Ndubuisi Francis in Abuja and Obinna Chima in Lagos with agency report The Governor of the Central Bank of Nigeria (CBN),

Mr. Godwin Emefiele has explained that the CBN’s role in the 9Mobile’s (formerly Etisalat) debt crisis was aimed at safeguarding the interest of over 20 million subscribers and

more than 4,000 employees of the network operator. Emefiele said CBN’s intervention alongside the regulator in the telecommunication sector

– Nigeria Communication Commission (NCC) – was worth the while, considering the ripple effect not doing so would have had on major stakeholders in particular

and the economy as a whole. Fielding questions from journalists after briefing them on the outcome of the meeting of the Bank’s Monetary Policy Committee (MPC) in Abuja

yesterday, Emefiele said with a subscriber base in excess of 20 million and a workforce of more than 4,000, any likely Continued on page 12

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Buhari Assures Guinean President of His Recovery, Seven Governors Visit Accepts invitation to lead AU anti-corruption fight To return as soon as doctors give green light Osinbajo to swear-in new ministers today Omololu Ogunmade in Abuja President Muhammadu Buhari has written a letter of appreciation to the President of Guinea, Alpha Conde for the nationwide prayers held last week by Guineans for his recovery and good health. This is just as the Nigerian Governors’ Forum (NGF)

last night dispatched seven governors to London to meet with Buhari, 48 hours after four governors of the All Progressives Congress (APC) and the leadership of the ruling party also met with the president. Buhari, according to Continued on page 12

Constitution Amendment: Horse Trading as Lawmakers Band Along Regional Lines North-central is beautiful bride Damilola Oyedele in Abuja As the Senate commences voting on the bills for the constitutional amendment today, there were indications yesterday that there was intense horse trading among the senators who were split along regional lines over

some of the contentious amendments. Some of the bills that have divided the lawmakers include the Land Use Act, the bill to grant financial and administrative autonomy to the local governments, and Continued on page 48

40 NNPC Contractors, Civilian JTF Feared Dead in Borno... Page 12

UNBENT BY BOKO HARAM, OUR GIRLS GRADUATE FROM SCHOOL... A cross section of some of the 42 escaped Chibok schoolgirls and 34 vulnerable girls who graduated from secondary schools in Plateau and Katsina States through a partnership between the Borno State Government and a non-proﬁt humanitarian organisation, Girl Child Concern, chaired by Dr. Mairo Mandara, at the ceremony to mark their graduation in Abuja… yesterday

T H I S D AY WEDNESDAY JULY 26, 2017

WEDNESDAY, ͺ;˜ ͺ͸͹Ϳ ˾ T H I S D AY

PAGE TWELVE

40 NNPC Contractors, Civilian JTF Feared Dead in Borno Michael Olugbode in Maiduguri There were concerns yesterday that about 40 oil exploration workers contracted by Integrated Data Services Limited (IDSL), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), and members of the Civilian JTF, to search for crude oil in the Lake Chad Basin might have been killed or abducted. The 40 persons included ten academic and technical staff of the University of Maiduguri’s (UNIMAID) Department of Geology, security operatives and members of the Civilian JTF.

They were said to have been ambushed by Boko Haram terrorists around Jibi village situated between Magumeri and Gubio Local Government Areas of Borno State yesterday at noon. The team, which was engaged in oil exploration in the Lake Chad region, was said to have been confronted by the Boko Haram insurgents. A reliable source said they were involved in a shootout with the insurgents who reportedly overpowered them, killing some of them and abducting others. It was gathered from another source last night that there were about 11

vehicles carrying security operatives who were escorting the contract oil workers to an exploration site at Bornoyesu village in Magumeri Local Government Area. The village is said to be about 40 kilometers between Magumeri and Gubio. It was learnt from security sources that the escorts comprised soldiers, civilian JTF members and local hunters. Of the 11 vehicles, according to the source, only three returned to Maiduguri, the state capital, while the rest were driven off by the insurgents after their occupants abandoned

them and scampered into the surrounding bushes. The source could not immediately reveal the number of the affected oil workers, saying: “I don’t know, but I heard they have been frequenting the site for about a month now; no source has so far revealed to us that any or some or all the oil workers who have been coming from Abuja, has escaped. “As of this night (9.30 pm) nobody has told me anything about their whereabouts,” he said. A local hunter told THISDAY that five soldiers that fled from the scene of the attack had not reached

Maiduguri. He could not confirm any deaths, but the injured among the security agents, civilian JTF and hunters, he said, had been taken to the University of Maiduguri Teaching Hospital. When contacted, NNPC spokesman Ndu Ughamadu confirmed that IDSL had contracted workers from UNIMAID to search for oil in the Lake Chad Basin. However, he said he was not aware of the number of casualties following the attack. Nigeria for over 20 years has engaged in a fruitless search for oil in the Lake Chad Basin, often known

as the Lake Chad frontier basin. Efforts by oil multinationals such as Shell and Chevron more than 15 years ago to discover oil in commercial quantities in the region had come up short. But this has not deterred successive governments and NNPC from plunking millions of dollars in its quest for oil in the Lake Chad region, even at the risk of workers’ lives. The search for oil in the region by Nigeria is not unconnected to the discoveries made by neighbouring Niger and Chad Republics, which border Lake Chad.

the BBC on Monday that Buhari would return within two weeks might have information that is not available to him and his colleagues. When told that the visit was arousing curiosity, following claims that the president had recovered, Adesina said it was part of the Nigerian culture to visit a recovering person, maintaining that his return would be as determined by his doctors. “It should be the other way round. Instead of being curious, it should be the right time for the visit like Malam Garba said earlier. “When somebody has recovered or something or the other happens, it is in our culture for us to visit such a person. “So this is the right time because the news is that he is recovering and recovering well. I’m sure you are aware of the letter he just wrote to the African Union chairman when he told him that he is making very good progress. “So this is the proper time for him to receive delegations rather than when he was indisposed. “If anybody is giving a timeline on his return, that person might have

information that we don’t have yet. But the information at our disposal is that the president will return as soon as his doctors give him the go ahead,” he said. When questioned on why none of them as his media managers was in the delegation visiting Buhari, Shehu said the president’s photographer was travelling with the governors, adding that their exclusion might be a strategy to save money. He added that whereas the former trip comprised only the APC delegation, this visit was a broader platform. “Well, how about you thinking about it this way, probably we will be saving money. Let me tell you, you know I have respect for photographers, we all do and the cameraman, Bayo Omoboriowo, is on the flight which is more important than me being there. “They say a picture conveys more than a thousand words, so Bayo will be there and I think it will be more beneficial to Nigerians than if the special adviser was on that trip without a cameraman. “You will notice that those that went at the weekend are members of All Progressives Congress (APC), so those

who are going now are on a broader platform which is the Nigerian Governors’ Forum. As to who is sponsoring, I don’t have any information on that,” Shehu said.

policies to work through the economy. “Specifically, the MPC considered the high banking system liquidity level, the need to continue to attract foreign investment inflow to support the foreign exchange market and economic activity, the expansive outlook for fiscal policy in the rest of the year, the prospective election related spending which could cause a jump in system liquidity, etc,” the governor explained. He said the MPC welcomed the move by the fiscal authorities to engage the services of asset-tracing experts to investigate the tax payment status of 150 firms and individuals in an effort to close some of the loopholes in tax collection, in order to improve government revenue. “However, the committee expressed concern about the slow implementation of the 2017 budget and called on the relevant authorities to ensure timely implementation, especially of the capital portion in

order to realise the objectives of the Economic Recovery and Growth Plan (ERGP). “The MPC believes that at this point, developments in the macro-economy suggest two policy options for the committee: to hold or to ease the stance of monetary policy,” he said, adding that available forecasts of key macroeconomic indicators point to a fragile economic recovery in the second quarter of the year. “The committee cautioned that this recovery could relapse in a more protracted recession if strong and bold monetary and fiscal policies were not activated immediately to sustain it. “Thus, the expected fiscal stimulus and non-oil federal receipts, as well as improvements in economywide non-oil exports, especially agriculture, manufacturing, services and light industries, all expected to drive the growth impetus for the rest of the year must be pursued relentlessly.

BUHARI ASSURES GUINEAN PRESIDENT OF HIS RECOVERY, SEVEN GOVERNORS VISIT a statement by his chief spokesman, Mr. Femi Adesina had earlier made a phone call to Conde, who is the current Chairman of the Assemblies of Heads of State and Government of the African Union (AU). Buhari left Nigeria for the British capital 79 days ago to seek treatment for an undisclosed medical ailment. His deputy, Prof. Yemi Osinbajo, has been acting as president in his stead. This is the second medical trip made by Buhari this year. The statement said Buhari in the letter dated July 24, 2017, thanked Conde for the kind gesture and assured him that he would return home as soon as his doctors advise accordingly. “I thank you for your kind and thoughtful action in organising nationwide prayers for my good health. It is a gesture that I will forever cherish and treasure. “Your Excellency will be pleased to hear that I am making good progress, and as soon as doctors advise, I shall return to my duties and continue serving the Nigerian people who elected me and are daily praying for my recovery,” he was quoted as saying.

The statement also said Buhari had in an earlier letter to Conde, accepted his nomination as the leader of the 2018 AU Theme on the Fight Against Corruption. It added that the nomination was made by African leaders at the 29th Session of the Assembly of Heads of State and Government of the AU in Addis Ababa, Ethiopia, on July 4. In the letter, Buhari was quoted as saying he appreciated the nomination and expressed his willingness to serve in that capacity. He was also said to have expressed his preparedness to contribute his own quota towards the collective efforts to strengthen good governance and development on the African continent. “While thanking you for the kind words and for the nomination, I wish to express my readiness to accept this new important role and to reiterate my commitment to contribute towards our collective efforts to strengthen good governance and development on the continent. “I, therefore, look forward to working closely with you in the realisation of this objective,” Buhari was

further quoted as saying. The statement on Buhari’s letter to Conte, came just as the NGF last night dispatched another delegation of seven governors to the United Kingdom to meet with him. The president’s media advisers led by Adesina made the disclosure yesterday while briefing journalists on the trip at the State House, Abuja. Adesina who was flanked by Malam Garba Shehu and Mr. Laolu Akande expressed ignorance of the sponsorship of the trip but emphasised that the selection of the delegates was done by members of the NGF. Giving the names of governors on the trip, Shehu said the delegation comprised two PDP and five APC governors as follows: Abdulaziz Yari (Zamfara), Abiola Ajimobi (Oyo), Udom Emmanuel (Akwa Ibom, PDP), Samuel Ortom (Benue), Abdullahi Ganduje (Kano), Dave Umahi (Ebonyi, PDP) and Kashim Shetima (Borno). Adesina, who also said the date of the president’s return remained unknown, reiterated that it would only be dictated by his doctors’ advice. According to him, Governor Rochas Okorocha of Imo State who told

Ministers to be Sworn-in Meanwhile, three months after the Senate confirmed the nominations of two ministerial nominees sent to it by President Muhammadu Buhari, the acting president will today swear-in the ministers-designate at the Federal Executive Council meeting. The ministers-designate are Prof. Stephen Lawani (Kogi) who will replace the late Minister of State for Labour, Mr. James Ocholi, and Suleiman Hassan (Gombe) who will replace Ms. Amina Mohammed who was appointed as Deputy Secretary-General of the United Nations (UN). Confirming the swearingin in a tweet last night, Osinbajo’s spokesman, Mr. Laolu Akande said: “AgP Osinbajo would be swearingin the two new ministers already confirmed by the Senate tomorrow morning (today) @ start of the Federal Exco meeting.”

EMEFIELE EXPLAINS CBN'S ROLE IN 9MOBILE DEBT CRISIS adverse impact, directly or indirectly, would have been enormous to bear by the subscribers, workers and their dependants. “It’s important that we don’t just allow any creditor to hurt any other stakeholder,” he said, adding that the NCC had observed that the attempt by the creditors to take over the telco was going to jeopardise the interest of the over 20 million subscribers and more than 4,000 workers. “That was why the NCC, supported by the CBN decided to intervene,” Emefiele said, noting that the intervention had been positive. According to him, 9Mobile has not only retained its subscribers but also the entire workforce while the company’s operations have continued and revenue sustained. He stated that the interim board would not exceed 180 days as efforts were underway for a new investor to acquire the company. The governor further

disclosed that 9Mobile’s revenue was stable and it made N16 billion in June, adding that the advisers – Citi and Standard Bank – appointed by the telecoms firm would organise a tender to request proposals from prospective investors, but did not provide a timeline how longer the investor sale would take. On the outcome of the MPC meeting, Emefiele said the committee decided to retain key policy rates, with the Monetary Policy Rate (MPR) still at 14 per cent, Cash Reserve Ratio (CRR) at 22.5 per cent, Liquidity Ratio at 30.00 per cent, and the asymmetric corridor at +200 and -500 basis points around the MPR. Emefiele said although changing the rates may have some positive effects, various reasons were responsible for the retention of the policy rates. “The MPC thinks that easing at this point would signal the committee’s sensitivity to growth and employment concerns by

encouraging the flow of credit to the real economy. It would also promote policy consistency and credibility of its decisions. “Also, the committee observed that easing at this time would reduce the cost of debt service, which is actually crowding out government expenditure. “The risks to easing, however, would show in terms of upstaging the modest stability achieved in the foreign exchange market, the possible exit of foreign portfolio investors as well as a resurgence of inflation, following the intensified implementation of the 2017 budget in the course of the year. “The committee also reasoned that easing would further pull the real interest rate down into negative territory,” he said, pointing out that the argument for holding was largely premised on the need to safeguard the stability achieved in the foreign exchange market, and to allow time for past

Continued on page 48

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T H I S D AY WEDNESDAY JULY 26, 2017

COMMENT

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

HIGH RATE OF TRANSGENDER MADNESS Transgenderism denies the biological basis of manhood and womanhood, writes Sonnie Ekwowusi

mad man says that there is nothing wrong with his common sense except that whenever he wants to say one thing another thing comes out of his mouth. That is a mad man for you. When last did you encounter a mad person? I am asking this question because madness is a serious ailment that should elicit human pity and concern. Instead of laughing at mad men and women we should devise ways of rendering them immediate medical assistance. There are different types of madness or what is termed neurosis or mental disorder. Given our limited time and space, it is impossible to attempt an enumeration let alone an exhaustive commentary on the different types of madness afflicting mankind. But there is one 21st Century madness that is on the increase today: it is called transgender madness, that is, a madness that makes a man to lose his common sense and start claiming that he is a woman (with or without a prior sex reassignment surgery), or, a woman to lose her common sense and start claiming that she is a man (with or without a prior sex reassignment surgery). In fact in the last few years the world has witnessed a tremendous increase in transgender madness. For example, in 2015 a 52-year-old married man called Stefonknee Wolscht who had fathered seven children suddenly abandoned his wife and seven children and started claiming that he had “transgendered” into a six year old girl. Today, Stefonknee lives in Toronto with his ‘adoptive mommy and daddy’ as a six-year-old girl. Even though Stefonknee still has the features, psychological traits and anatomy of a 52- year- old man, his adoptive ‘mommy and daddy’ treat him like a six old girl. For instance, they always dress up Stefonknee in children’s clothing and allow him to be playing with dolls. During his interview, this bald-headed man who was caught by the camera sitting down and playing with dolls, said: ‘I can’t deny I was married. I can’t deny I have children. ‘But I’ve moved forward now and I’ve gone back to being a child. I don’t want to be an adult right now. I have a mommy and a daddy - an adopted mommy and daddy - who are totally comfortable with me being a little girl. And their children and their grandchildren are totally supportive.’ In May this year the New York Times reported that a Detroit mother called Erica decided one day that she preferred to be a father instead of a mother. So she changed her name to Eric and started calling herself a man. On noticing his mother’s madness, this woman’s son also became mad. He said that he was fed up being a boy, so he took up a girl gender and became a ‘girl’. So in one fell swoop a mother and a son became mad and rejected their God-given gender. While the mother claimed she had become a father, her son claimed that he had become daughter.

THE LGBTQ LIBERALISM THAT GIVES THE WORD GENDER A SOCIAL CONSTRUCT INSTEAD OF A BIOLOGICAL CONSTRUCT HAS GIVEN BIRTH TO STRANGE DISEASE WHICH IS CAUSING MADNESS IN SO MANY PEOPLE TODAY

But one transgender madness that has been eliciting many commentaries since April 2017 is the one afflicting a 15-year old boy called Andraya Yearwood. Andraya is muscular male of student of the Cromwell High School in Connecticut, United States of America. He even has a moustache. Andraya’s Dad is a black American but interestingly his Mum is a Nigerian called Ngozi. Even though Andraya is yet to undergo a sex reassignment surgery, he claims that he is a girl. He had been nursing the ambition of participating in the school girls’ athletic competition. Eventually last April Andraya was allowed to participate in the girls’ track race. Naturally being a strong boy man he ran faster than the girls and finished the race far ahead of other girls who had trained very hard for the race. Andraya’s parents and the school authorities congratulated Andraya for the feat. But surprisingly none of them commented on the biological fact that Andraya was a boy competing among girls. Unfortunately some Nigerians are suffering from transgender madness. For instance, if you Google: “transgender madness in Nigeria” you will find the queer-looking photographs of some Nigerian men who now claim that they are women. One of the strange-looking characters is a hater of God. He says that as far as he is concerned there is no God. Another funny-looking creature among them said that although she was born a female in Nigeria she later relocated to the United States and became a male there after undergoing a gender-reassignment. This lady said that she had had 20 surgical procedures including on-going hormonal treatments to become the male she now claims she is. Absurdity. Comical. Stupidity. That is why transgender madness shall never be your portion in Jesus name! What is the main cause of transgender madness? The LGBTQ disease. The LGBTQ liberalism that gives the word gender a social construct instead of a biological construct has given birth to strange disease which is causing madness in so many people today. Otherwise, why should a 52-year-old man with seven children get up one morning and start claiming that he is now a six-year-old girl? The transgender movement is an effort to distort the basic anthropological assumptions about the human person. Transgenderism denies the biological basis of manhood and womanhood. Trangenderism is anti-God. It is anti-natural. It is antihuman. Transgenderism originated in the radical feminist work which started after World War II. The founding mother of radical feminism is French thinker called Simone de Beauvoir. She is the author of the book entitled: “The Second Sex.” The book was published in 1953. This strange woman started her book with this query: ‘What is a woman?’ Her answer to this query led to the formulation of the contem-

VENTURE CAPITAL FUND AND THE CREATIVE INDUSTRY Olubunmi Abayomi-Olukunle argues that government needs to commit some capital to the fund to inspire investor confidence

ne must commend the Federal Ministry of Information, Culture and Tourism and its partners successfully organising the maiden edition of the Creative Nigeria Summit. The Creative Nigeria Summit is a bold step in thought leadership and industry engagement around some of the key issues affecting Nigeria’s creative industry. Perhaps, more exciting are the policy direction hints which the Minister of Information, Culture and Tourism and the Office of the VicePresident dropped. Without a doubt, the vicepresident’s hint that tax breaks will be considered for players in Nigeria’s creative industry is very welcome, as tax incentives have historically been directed towards manufacturing, agriculture and extractive industries in Nigeria. Equally exciting is the idea of a $1M venture capital fund which Alhaji Lai Mohammed noted. As conceived, the objective of the venture capital fund is to provide seed money for young and talented Nigerians to set up business in Nigeria’s creative industry. The announcement of a targeted venture capital policy cum fund for the creative industry is remarkable for many reasons. In addition to the fact that macro-economic conditions seem right for investments in Nigeria’s creative sector, a venture capital policy will be a departure, albeit complimentary, from the traditional debt financing available in the industry. Nigeria’s creative industry requires much more than a clinical financing approach. The combination of patient and intelligent

capital a la exposure and industry-specific knowledge, which venture capital financing promises is what the industry needs now. It is useful to note that the announcement of the fund is in line with the objectives of the Economic Growth and Recovery Plan of the federal government which aims to increase film production by 15% on an annual basis and export videos to generate $I billion in foreign exchange by 2020. The set-up of a dedicated venture capital fund is however the first of a number of strategic moves that the Ministry will take because the broad objective should be to create an active market that allows both local and foreign investors to invest and exit with decent returns. Accordingly, the success of a targeted venture capital policy is a function of many factors and the ministry will need to adopt some of the best practices which have been tested and proven in the private funds management industry, albeit with modifications necessary for public interest considerations. The announcement of a targeted venture capital fund for the creative industries raises some fundamental questions, answers to which should go into the framework and structuring for the proposed venture capital fund. Alhaji Lai Mohammed was widely quoted to have said that “ “20 people, each investing $50,000, are expected to help make up the required amount of one million dollars…so far, five people have volunteered to invest $50,000 each and expressed optimism that more investors will come forward”. The words ‘volunteer’ and ‘help’ raises

some concern as to how the ministry is thinking about the proposed venture capital fund as they suggest a charitable purpose or at a best, a grant scheme; both not within the context of a serious venture capital financing strategy; but assuming that’s loose use of language, what is clear from the above quote is that the ministry is looking to reach out to wealthy individuals to commit to the fund as limited partners and that the ministry is not committing any of its own capital to the fund. The foregoing raises questions of whether these individuals who have ‘volunteered’, to invest are ‘accredited investors’ within the context of securities regulation, which entity is carrying out the marketing of the fund as it appears that marketing activities are in full swing and also, questions around compliance with securities laws regarding venture capital fund raising and formation. If the fund is not captive as it appears, the marketing, formation and investment of the fund monies clearly will come within the purview of securities regulation. Getting the fund structure right from the outset is critical for the fund to achieve its desired objectives, to attracting the right quality of talent and capital and also, from a risk management perspective. It is useful to note that ministries, departments and agencies of government are not immune from tortious claims and can be liable to damages under the doctrine of regulatory negligence. Accordingly, an unaccredited investor will be able to, in the right circumstances make a claim for monetary damages against the ministry and its partners.

Another critical point of reflection is the question of who the managers of the proposed creative industries fund are or should be. Whilst the ministry may decide to call for applications from the existing pool of generalist fund managers that are available locally, there are no known dedicated fund managers focused on the Nigerian creative industry. We think that government should also consider broadening the search for a management team on both local and international media and aim to receive the best combination of sectoral expertise and fund management credentials. The ministry may also decide to handpick and corporatise an assortment of professionals and finance operations for the first fund cycle after which the team may morph and independently raise subsequent funds on a management fee basis. Regardless, resident, as opposed to consulting, sector expertise should be a crucial qualifying factor for qualifying fund management teams given the inherently risky nature of financing film projects. Typically, all investor’s monies are completely used up before returns start to materialise – an additional reason why accreditation of angel investors may be important. Also, although film funds are structured like typical venture funds, there are significant differences in terms of the legal structures for channelling investment funds. In any event, the ministry will have to put some girth in the game by committing its own capital to the fund in order to inspire investor confidence and to demonstrate alignment with the broader objectives of the

T H I S D AY Ëž Í°Í´Ë&#x153; Í°ÍŽÍŻÍľ

EDITORIAL HOLDING LEADERS TO ACCOUNT There is need for discreet and painstaking investigations of public officials

convicted, Nigeria is yet to take any action against those involved in the scandal. Successive governments till date have shirked their responsibility to hold to account individuals and groups who undermined the system and abused public trust.

ecently, in Brazil, something happened that ought to invigorate our countryâ&#x20AC;&#x2122;s half-hearted efforts to root out corruption. Former President Luiz Inacio Lula da Silva, commonly known as Lula, was sentenced to nine and half years in prison following conviction in corruption charges involving the state-run oil giant, Petrobras. The amount involved was a â&#x20AC;&#x153;measlyâ&#x20AC;? $190,000. But the judge froze the bank accounts of the ex-president and barred him from using three apartments, a piece of land and two cars, assets linked with the sleaze until the ďŹ nal ruling in the case. Much earlier, in 2016, Israel demonstrated that it operates a government of laws by sending to jail, 70-year-old Ehud Olmert, former prime minister, after a bribery charge was upheld by the countryâ&#x20AC;&#x2122;s Supreme Court.

However, in Nigeria, even though corruption is rife among top government ofďŹ cials and corporate leaders, there are hardly consequences. Most of the overpaid politicians and public ofďŹ cials have continued to ďŹ&#x201A;eece the very people they are supposed to protect and yet walk the streets free. WE DEMAND MORE AND BETTER SCRUTINY OF OUR There are thousands of cases bordering PUBLIC OFFICIALS. THAT on graft that dot the IS THE ONLY WAY THE entire landscape and UNSCRUPULOUS ONES more are committed AMONG THEM CAN BE daily. Yet these are isHELD TO ACCOUNT sues that do not only impact negatively on citizens but also on national economic development. Perhaps no scandal better illustrates the impunity with which Nigerian public ofďŹ cials act than that of Halliburton. Some top ofďŹ cials of the federal government and their cronies in the private sector reportedly collected $182 million in bribes in exchange for $6 billion in engineering and construction work for an international consortium of companies to build the Nigerian LiqueďŹ ed Natural Gas plant. While the foreign companies and many of their top executives in Europe and America have long been indicted and

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Meanwhile, a combination of weak and compromised institutions â&#x20AC;&#x201C; cutting across the executive, the legislature and the judiciary â&#x20AC;&#x201C; have allowed the culture of corruption to thrive, a culture which has badly damaged the countryâ&#x20AC;&#x2122;s reputation. Even South Africaâ&#x20AC;&#x2122;s apex court was bold enough to rule last year that the sitting President, Jacob Zuma, had contravened the constitution by failing to refund some money he spent on â&#x20AC;&#x153;security upgradesâ&#x20AC;? at his personal home in Nkandla, KwaZulu-Natal. If for nothing else, Zuma publicly apologised to his nation.

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However, there are some grounds to hope that things may change. But that depends on the readiness of the anti-corruption agencies to learn from their more professional counterparts abroad and indeed catch up with the rest of the civilised world. Last week, the United States ďŹ led an assets forfeiture case against the former Petroleum Resources Minister, Diezani Alison-Madueke. The investigations were discreet and from the information on display, very painstaking and thorough. We demand more and better scrutiny of our public ofďŹ cials. That is the only way the unscrupulous ones among them can be held to account.

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

GAINS OF LAGOS PUBLIC SERVICE REFORM ublic service is one institution which drives the activities of government all over the world. With professionals and non- professionals from whom it demands a special aptitude, training, language, discipline and culture, public service is the major instrument used by government to implement its policies, programmes and plans. It consists of the civil service which includes workers in ministries, extra-ministerial departments/agencies, the local government service and parastatals. Going by the relationship between good governance and a virile and visionary public service, no government could surmount the enormous task of governance without resort to fundamental reforms in the public service. The much-talked about Singapore example of transformation, for instance, came about as a result of late Lee Kuan Yeeâ&#x20AC;&#x2122;s approach of re-creating the public service in his country. Taken into account the general notion of wastefulness, inefficiency, laziness and unresponsiveness commonly levied against the civil service in Nigeria, Lagos State Governor, Mr. Akinwunmi Ambode, with a mission to accelerate the progress of Lagos, had pledged in his inaugural speech to vigorously pursue the public sector reform. â&#x20AC;&#x153;As we all know, the best practices of yesterday may not be good enough for the products of today. In this sense, we shall embark on continuous reforms in the public service. I am determined to demonstrate that the government belongs to the citizens. You have put us here as servants to serve you

ere in Nigeria, looters walk the streets with arrogance, and nobody raises an eyebrow. Last week, PricewaterhouseCoopers (PwC) presented a report titled â&#x20AC;&#x153;Impact of Corruption on Nigeriaâ&#x20AC;&#x2122;s Economyâ&#x20AC;? to Acting President Yemi Osinbajo. According to Mr. Uyi Akpata, who led the PwC team, â&#x20AC;&#x153;the results of the study show that corruption in Nigeria could cost up to 37% of Gross Domestic Product (GDP) by 2030 if itâ&#x20AC;&#x2122;s not dealt with immediately. This cost is equated to around $1,000 per person in 2014 and nearly $2,000 per person by 2030. The boost in average income that we estimate, given the current per capita income, can signiďŹ cantly improve the lives of many in Nigeriaâ&#x20AC;?.

and not you serving us. Today we are committed to that creed.â&#x20AC;&#x2122;â&#x20AC;&#x2122; Looking back into that inaugural speech and fundamentals that have been taken care of in the Lagos State public service, the Ambode administrationâ&#x20AC;&#x2122;s public service reform is characterised by creating the public service ethos- clean, efficient and exceptional service - with public interest and accountability as a primary focus. Thus far, it has been a promise kept and gains reaped for the Lagos public sector and the generally of the Lagos citizens. Building skills and capacity of the public servants to do a thorough, professional and efficient job, the Stateâ&#x20AC;&#x2122;s Structured Training Plan (STP) and noticeable impacts of this in terms of efficient service, symbolises the state governmentâ&#x20AC;&#x2122;s unwavering dedication to keeping Lagos on the path of sustainable progress. STP, a mandatory learning and development programmes has, no doubt, integrated dynamism and competence into the stateâ&#x20AC;&#x2122;s public service. Again, it is pertinent to stress that the STP, the Lagos State Productivity Order of Merit Award, monthly Officer of the Month Award in several ministries and staff housing loan facility among other motivational and welfare packages, fits more closely with an American social psychologist, Douglas McGregorâ&#x20AC;&#x2122;s Theory Y. The central principle of the theory is that under the right conditions workers actively seek responsibility, take initiative and make creative decisions. Rasak Musbau, Lagos State Ministry of Information and Strategy, Alausa, Lagos

AMOSUN AND ARTIFICIAL BOUNDARIES

t the Monday, July 24, 2017 summit of the South West governors (now Western Nigeria Governorsâ&#x20AC;&#x2122; Forum) in Abeokuta, the Ogun State helmsman, Senator Ibikunle Amosun, rued the partition of the old Western Region in the following words: â&#x20AC;&#x153;Instead of building bridges, some of our people are digging trenches for protection against their own brothers and sisters.â&#x20AC;? The artificial partition of Africa, a product of the 1884/85 Berlin Conference, has had the same centrifugal effect on the landscape of Africa. Time and time again, brothers who had lived together in peace for centuries, have had to meet at the abattoir of mutual annihilation in defence of artificial boundaries and resolution of otherwise communal differences. Wrote Soyinka in The Man Died, â&#x20AC;&#x153;It is better to believe in people than nations... And any exercise of self-decimation sorely in defence of the inviolability of the temporal demarcations called nations is a

mindless travesty of idealism. Peoples are not temporal because they can be defined by infinite ideas. Boundaries cannot.â&#x20AC;? â&#x20AC;&#x153;And to further worsen the situation,â&#x20AC;? observed Governor Amosun, â&#x20AC;&#x153;some of our people are also making themselves available as instruments of division because of their selfish political gains. The consequence is that our people begin to see themselves as a people of one state or the other rather than as a sub-unit of the Yoruba entity.â&#x20AC;? He there and then counselled: â&#x20AC;&#x153;We cannot allow artificial boundaries such as geography, religion, politics, etc. to hinder our joint development. We should explore the common heritage in culture and tradition as a spring-board for the development of our different states and the entire region as a whole.â&#x20AC;? I believe the message of the Ogun State governor is most pertinent and has the same appeal to the people of Nigeria, especially at this time of socio-political agitations. Soyombo Opeyemi, Abeokuta

T H I S D AY WEDNESDAY JULY 26, 2017

T H I S D AY ˾ WEDNESDAY, JULY 26, 2017

MIDWEEKPOLITICS

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

TRIBUTE

Exit of a Human Rights Defender

Segun James revisits the life and times of Olu Onagoruwa, a human rights defender, whose decision to work for the late military dictator, Sani Abacha, as Attorney General of the Federation, resulted in a reversal of fortunes in his political and personal life

n September 22, 2014, Dr Olu Onagoruwa was absent at the special session of the Supreme Court to swear in those who were conferred with the rank of the Senior Advocate of Nigeria. He was one of the 17 selected for the honour. He could not make it to the Supreme Court on that day on health grounds. He was subsequently brought to the Supreme Court a few days later. He scored a first as the only person to be separately conferred with the award after those selected with him had been decorated with the rank. Onagoruwa was a controversial figure in life. He demonstrated rare courage as he took up human rights violation cases that would bring him on collision course with military dictators. In his lifetime, this PhD in Law graduate from the University of London was one person that was ready to confront dictators even when this posed great danger to his life. He did dare the former maximum ruler, General Sani Abacha and he paid dearly for it. His son and heir apparent to the Olu Onagoruwa’s dynasty, Toyin was murdered under controversial circumstances. Yet as the former Minister of Justice and Attorney General of the Federation refused to budge. He fought Abacha till the former Head of State expired in 1998. That was the quintessential Olu Onagoruwa. Onagoruwa, who made a name as a human rights activist served as Attorney-General of the Federation under the military government of Abacha between 1993 and 1994. He had been suffering from stroke since the brutal killing of his son in December 1996 by yet unknown gunmen. The death of his wife few years ago also compounded his health problem. Onagoruwa was appointed the AGF by Abacha in November 1993, he however left the post months later due to disagreements with the then military government. His friend and comrade at arms, the late Chief Gani Fawehinmi, SAN advised him not to take the job. But convinced that democratic would never be conceded willingly but must be fought for, he chose to dine with devil. The rest is history. Respected across Africa, he was part of the international team that drafted the constitution of the Republic of Ethiopia in 1994. Onagoruwa studied law at the University of London where he obtained his LL.B; LL.M and PhD degrees. Upon his return to the country, he attended the Nigerian Law School and was called to the Nigerian Bar in 1971. After his pupilage, he set up his law firm in Lagos with bias for human rights violation causes. As a liberal scholar, he combined his legal practice with regular commentary on socio-legal affairs. He wrote several books and has to his credit over 250 published articles. At a period when human rights had been put in abeyance by martial law, Onagoruwa handled many cases of constitutional significance which questioned the basis of continued military rule. He had cause to challenge the arrest of activists like Ken Saro-wiwa, Minere Amakiri, Tai Solarin et al. When Fawehinmi, Beko Ransome-Kuti and Femi Falana were detained at the Kuje prison in 1992 under the obnoxious State Security (Detention of Persons) Decree No. 2 of 1984, Onagoruwa was on hand to defend them. On account of his leading role in the defence of public interest cases he was subjected to crude intimidation by the military junta. Falana, SAN has this to say about him: “It is a great pity that Nigeria has not been fair to “Egbon” Olu Onagoruwa in his struggles to make the country a great country to live. Instead of supporting progressive lawyers for leading the campaign for the restoration of

Onagoruwa...his decision to serve under Abacha came back to haunt him

democracy and rule of law in the country the reactionary forces who held sway in the legal profession at the material time teamed up with the military minions to harass them.” Onagoruwa was for some years the legal adviser of the Daily Times of Nigeria when the newspaper was the most authoritative source of news in the country under the able control of the late Babatunde Jose. Onagoruwa distinguished himself in that position. Those were the days of brilliant journalism displayed in the Times Group of Newspapers by Gbolabo Ogunsanwo, the late Femi Sonaike, Dipo Ajayi, Felix Adenaike, Dapo Fasina Thomas, Bisi Adebunmi, Tola Adeniyi, Remi Akano, Areoye Oyebola, and several others. He was one of the big pen pushers of the Daily Times of that time. He struck the headlines at that time with the case of Minere Amakiri (a journalist whose head was shaven with a broken bottle by the AideDe-Camp to the military governor of Rivers state, Commander Alfred Diete-Spiff, police officer Mr. Iwowari in 1972) in Port Harcourt, Rivers State. Minere was a journalist with the Observer Group of Newspapers based in the then Midwest State. Amakiri had published a story in the Observer considered by Diete-Spiff, to be rude to him. The story was about teachers’ strike in Rivers State. The military governor immediately ordered the arrest of Amakiri. The governor ordered that the head of the journalist be shaved clean

Respected across Africa, he was part of the international team that drafted the constitution of the Republic of Ethiopia in 1994

and detained. The Newspaper Proprietors’ Association, then under the leadership of Alhaji Lateef Kayode Jakande, did not take the incident funny. The association immediately sent Onagoruwa to follow the case and advise appropriately what should be done. Onagoruwa did follow the case. He called for a large scale condemnation of the governor’s action. He eventually ended up writing a book titled “PRESS FREEDOM IN CHAINS”. The book contained details of the events of the Amakiri affair. The incident shot Onagoruwa into limelight. He was a fearless Nigerian who believed that nothing must ever be done to shut the gates of justice against any Nigerian (no matter his status) in any attempt to disturb the path of justice and freedom. Many years after this incident, Onagoruwa emerged the Attorney-General of Nigeria after the coup led by the late General Sani Abacha and General Oladipo Diya against the government then headed by Chief Ernest Shonekan. Throughout his tenure as Attorney-General, he never allowed the gate of justice to be shut against any Nigerian. Some instances deserve mention here. There was the Turner Ogboru case. Turner Ogboru had been arrested, tried and imprisoned by the General Ibrahim Babangida regime after the abortive coup attempt of April 22, 1990, Turner’s brother, Great Ogboru, was accused by the IBB regime as having financed the 1990 coup. Turner was subsequently arrested by security forces and put on trial. Immediately, a high court judge granted the application for freedom of Turner Ogboru, which was filed by his lawyer, Femi Falana, Dr. Olu Onagoruwa, the Attorney-General sent letters out to the late Alex Ibru, the then Minister for Internal Affairs, and Alhaji Ibrahim Coomasie, the Inspector General of Police directing the immediate release of Turner Ogboru as directed by the Court.

Alex Ibru complied immediately with the Attorney-General’s instructions by ordering the release of Turner Ogboru from prison custody. A Provisional Ruling Council meeting headed by Abacha was held the next day after Ogboru’s freedom. Towards the end of the meeting, the Inspector-General of Police, ACoomasie drew the attention of the PRC meeting to the letter by Onagoruwa ordering the release of Turner Ogboru. Abacha was said to have been so enraged to learn of the subsequent release of Turner that he was said to have told Onagoruwa and the late Ibru that what they had done by releasing Ogboru was worse than treasonable felony. Turner Ogboru was immediately rearrested after the PRC meeting and returned to prison. It is generally believed that the releases of Turner Ogboru was one of the sins Onagoruwa committed leading to the gruesome murder of his son Toyin in December1996. The murder of his son by unknown policemen did have an effect on his health. Eventually, Onagoruwa suffered a devastating stroke some few months after the murder. He never fully recovered from the effect. To make matters worse for him, his loyal wife of many years suddenly died. She was buried at the Onagoruwa’s family compound at Odogbolu in Ogun State. The former Attorney General of the Federation was the principal partner of a law firm that bears his name. He was the author of the Nigerian Civil War; Fundamental Human Rights and International law 1969, The Amakiri Case, Press Freedom in crisis 1978 and Law and Contemporary Nigeria Reflections 2004 amongst others. Onagoruwa, who attended the Academy of American and International Law Center USA on a Fulbright and Hays scholarship, served as a law lecturer in various Nigerian Institutions. For over 45 years, Onagoruwa was involved in general practice of law. His core practice areas included constitutional law, legislative matters, banking and insolvency, oil and gas, telecommunication law and litigation.

T H I S D AY ˾ WEDNESDAY, JULY 26, 2017

PERSPECTIVE

MIDWEEKPOLITICS

Kwara PDP’s Endless Crisis

The Kwara State chapter of the Peoples Democratic Party remains divided despite the decision of the Supreme Court, which resolved the party’s leadership crisis at the national level, writes Hammed Shittu

Fagbemi…victory at last

he seemingly intractable crisis among members and the leadership of the Peoples Democratic Party (PDP) in Kwara State has shown no sign of waning despite the Supreme Court’s decision that declared the Ahmed Makarfi-led Caretaker Committee the authentic leader of the party. As a fallout the crisis, the party failed to win any election in the state during the 2015 general elections. The party was factionalised then and remains so even today. Members are unable to work as a team. Rather, each group tries as much as it can to undermine the other. This simply explains the abysmal performances of the party during the last general elections. One faction is being led by Chief Iyiola Oyedepo while Prince Sunday Fagbemi leads the other. The duo have been locked in an epic battle over who is the authentic chairman of the party before the last general elections in the state. The discord followed alleged anomalies that characterised the party’s state convention held at Stella Obasanjo Hall, Ilorin. During the convention, some members of the party accused Oyedepo of adopting unconstitutional procedures in the conduct of the party’s convention of the party. The Fagbemi-led group rejected the procedures but Oyedepo, who then was the incumbent chairman, refused to budge. The development eventually led to the disruption of the convention despite the heavy presence of security personnels. In the course of the confusion, Fagbemi organised a parallel convention at the Bekandims Hotel, in Ilorin and consequently elected another set of state officers for the party while the Oyedepo group also elected its own state executive council. This was how the PDP came to have to set of executives in Kwara. The crisis was further deepened by the emergence of the former national chairman, Alhaji Ali Modu Sheriff as some members and leaders of the party in Kwara followed pledged allegiance to Sheriff while others pitched their tent with Makarfi. The Oyedepo’s faction was allegedly loyal to Sheriff chairmanship while the Fagbemi’s faction supported the Makarfi-led national caretaker committee. The ugly situation led to a break down of law and order as some members loyal to Makarfi early this year took over the state party’s secretariat in Ilorin while the other faction threatened to

Oyedepo…no retreat, no surrender

retaliate. It however, took the quick intervention of law enforcement agencies to prevent the crisis from blowing over. The development also led to the arrest of some members and leaders of both factions. They were consequently arraigned in court and later freed after they signed a peace pact. The state’s police commissioner then, Mr. Olusola Amore, had to convene a peace meeting at the state police command to restore peace. This remained the situation until the Supreme Court delivered judgment which affirmed the Makarfi-led national caretaker committee as the party’s leader at the national level. Since the court’s pronouncement, members of the party in Kwara have reignited their rivalry quarrel. While the Fagbemi-group parades party chieftains like former Minister of National Planning, Professor Suleiman Abubakar, Alhaji Abdulraham Abdulrasaq, Barrister Kunle Sulyman, Senator Suleiman Ajadi, Alhaji Ilyas Abdulrahman among others, the Oyedepo group banks on the support of the youths, women and top chieftains of the PDP who are spread across the 16 local government councils of the state. While addressing journalists in Ilorin shortly after the victory of Markafi at the Supreme Court, Fagbemi lauded the ruling of the court describing it as “a triumph over falsehood and application of the rule of law.”

Except this crisis is amicably resolved, the party should not except to make any gain in Kwara State. APC is waxing stronger in the state and it will take a united PDP to take back power from the ruling party

According to him, the ruling has finally affirmed the true position of things as far as the control of PDP is concerned. He advised party members across the country to close ranks and work for the success of the party during the 2019 general elections in the country He said: “We thank the judiciary for staying on the side of the truth and we urge its officials to continue in that direction, so that together we can build a country where there will be equal opportunities for all, regardless of class or status. With this landmark judgement, our great party, the PDP is now in a better stead to play its role as the leading opposition party in the country. It’s also a great opportunity to reposition the party ahead of the 2019 general elections.” He also expressed confidence that the party under Makarfi would wrest power from the ruling All Progressives Congress (APC) in the next general elections. Recently, the Makarfi-led National Caretaker Committee recognised Fagbemi as the state chairman of the party, thereby putting an end to the crisis in the state. That was expected because the Fagbemi-faction had always pledged allegiance to Makarfi. It was therefore not surprising when Fagbemi was invited to attend the first national executive council called by Makarfi after the Supreme Court Judgment. Speaking with journalists in Ilorin after his return from the Abuja meeting, Fagbemi who is now recognised as the new Kwara State PDP chairman, said he was overwhelmed by the recognition accorded him by the party’s leadership in Abuja as well as the rousing welcome organised in his honour by the party’s supporters on his return to Ilorin. He extended a hand of fellowship to Oyedepo and his team and asked thhem to join hands with him in rebuilding the party that once ruled the state for eight years. He also thanked the party supporters, urging them to continue to work hard for the victory of the party in future elections. Despite the fact that the party’s leadership in Abuja had recognised the Fagbemi-led exco,some youths loyal to the Oyedepo-faction insisted that, Oyedepo remained the authentic chairman of the party in the state. The youths, under the auspices of the Concerned PDP Youths (CPY), at a press conference, appealed to the party leadership in

Abuja not to impose anybody on the party in Kwara or violate the constitution of the party. The spokesperson of the youths, Comrade Musibau Esinrogunjo, said: “Oyedepo, as the state chairman of the party, has provided sound leadership since he was elected”. According to him, Oyedepo was duly elected as the chairman in 2016 at a convention attended by every members of the party. The youth leader also expressed the support of PDP youths in the state for Makarfi and rejoiced with him and the party on his success at the Supreme Court. “We congratulate the national leadership of our party under the stewardship of Senator Ahmad Makarfi over our victory at the Supreme Court against those who did not mean well for the progress of our party. It is indeed a feat worthy of celebration for all and sundry. The victory has provided an avenue for us to put our house in order to take over the mantle of leadership in the country come 2019,” Esinrogunjo added. He also said that Oyedepo had never been found wanting in the discharge of his duty as the chairman of PDP in Kwara, even as he castigated Fagbemi and his followers saying “report reaching us indicates that some self-centred individuals, who did not mean well for our party, are now parading themselves at the national secretariat as leaders of the party in Kwara. “As far as we are concerned, these individuals are not only mischief makers, but are agents of the ruling APC, hired to cause disunity in our party in order to weaken us,” he added. Esinrogunjo maintained that there was no faction in Kwara PDP as the only chairman of the party was Oyedepo. He maintained that he remained the only authentic and legitimate chairman of PDP in the state. He therefore called on the Makarfi-leadership to give recognition to Oyedepo as the genuine and authentic chairman of the party in Kwara, stressing that “Any attempt to do otherwise shall be met with decisive resistance. We shall remain calm, firm and resolute as party loyalists and wait for further directive from the party.” Except this crisis is amicably resolved, the party should not except to make any gain in Kwara State. APC is waxing stronger in the state and it will take a united PDP to take back power from the ruling party.

T H I S D AY Ëž Ë&#x153; Í°Í´Ë&#x153; Í°ÍŽÍŻÍľ

FEATURES

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

KABAFEST: A Gathering of Literary Giants The just concluded maiden edition of the Kaduna Book and Art Festival was a gathering of literary giants, writes Peter Uzoho

Governor el-Rufai (left) presenting the Lifetime Achievement Award to a foremost Nigerian writer, Tabo Yari, at the Kaduna Book and Art Festival...recently

he maiden edition of Kaduna Book and Arts Festival (KABAFEST) has just ended but those who missed the four-day programme would be yearning and counting down for the second edition. Kaduna, with its peace and serene atmosphere, not minding its security challenges, attracted accomplished and budding authors, filmmakers, novelists, poets, visual artists, and journalists to the state to participate in the programme. Guests in their numbers, from within and outside Nigeria registered their presence. Corporate organisations in love for education and arts were on ground to show their support - in words and action. Students of literature (both secondary and tertiary), and indeed, lovers of books and arts made their way to the venue to see and hear from their literary idols. Traditional rulers and chiefs in their normal regalia showed up. Beautiful Fulani maidens were everywhere and, really, added more glamour to the â&#x20AC;&#x2DC;feastâ&#x20AC;&#x2122;. The festival was organised by the Book Buzz Foundation under a strong public private partnership (PPP) arrangement with the government of Kaduna State and the Gusau Institute, the first of its kind in the state. The festival was aimed at providing a safe and conducive avenue for thinkers and creatives to tell Nigeriaâ&#x20AC;&#x2122;s stories without inhibitions. It was also targeted at helping to anatomise the many crises in the country, especially, as it concerned the Northern part of the country. As obtained in such festivals, KABAFEST was headlined by a Sudanese author and winner of the Caine Prize for African Writing, Leila Aboulela, who is also the author of â&#x20AC;&#x2DC;The Kindness of Enemiesâ&#x20AC;&#x2122;, a book featured in one of the sessions. Activities began in full swing with the opening ceremony which took place at the Arewa House, a venue that has gained more popularity among Nigerians and foreigners for the right reasons. Unfortunately, it was at the Arewa House that the meeting of a coalition of Northern Youths that issued the October 1 quit notice to Igbos residing in the North was held. With this in mind, attendees initially had feelings of anxiety and fear of the unknown, but this was doused by the heavy presence of security agents mobilised by the state government to ensure seamless peace and order throughout the duration of the programme. The governor of the state, Mallam Nasir elRufai, who was on board with his team, gave a nod to the commencement of the event by officially opening it. This was after the Bazobe Cultural Troupe; a Hausa/Fulani dance group, would perform as a show of welcome and hospitality to their visitors. Poetry performances by Titilope Sonuga, Maryam Bukar Hassan, Efe Paul Azino and Aminu Alan Waka were

rendered and savoured; even as singer and multi-instrumentalist, Jeremiah Gyan, would climb the stage, clutching his beloved guitar, thrilled the audience as he led out one of his beautiful tunes. Ingratitude would not be said of the Festival Director and Founder, Book Buzz Foundation, Ms Lola Shoneyin, as she did the needful, welcoming all in attendance for coming, through her welcome address and, that was accompanied by goodwill messages from other partners. The opening ceremony also featured the display of a documentary on activities of the Yasmin El-Rufai Foundation, a brainchild of the First Lady of Kaduna State, Hadiza el-Rufai. Screams filled the hall, noise rent the air, walls quaked and claps overtook the atmosphere as a foremost Nigerian writer and septuagenarian, Tabo Yari, was given an uncommon ovation, after an alternate reading of his citation by the duo of Denja Abdullahi, and Wale Okediran. A Lifetime Achievement Award was conferred on him for his immense contribution to fatherland through his writings, which was presented to him by Kaduna State governor, el-Rufai. With the ceremony officially opened by the Kaduna State governor, a declamation contest involving 20 secondary schools in Kaduna State ensued, moderated by Shoneyin under the eagle eyes of an impartial panel of judges. Queen Amina College, Kaduna, finally emerged winner having outclassed their competitors in the contest and were rewarded with one tablet each, and a mini library for their school. Activities at the Arewa House came to a closed after the contest, resulting to mass movement of people to the Gusau Institute, where all other sessions for the festival were held. From the main hall to the overflowing room, book stand to photo stand, to media room, the institute was beehive of happenings; there was no dull moment at all.

The festival was aimed at providing a safe and conducive avenue for thinkers and creatives to tell Nigeriaâ&#x20AC;&#x2122;s stories without inhibitions. It was also targeted at helping to anatomise the many crises in the country, especially, as it concerned the Northern part of the country

L-R: Editorial Board Chairman, THISDAY, Mr. Segun Adeniyi, Andrew Walker, Chitra Nagarajan, Razinatu Mohammed and Abubakar Othman, after a panel session at the festival

In a book lounge the following day, Dami Ajayi hosted two young writers, Edify Yakusak, Lawyer and author of â&#x20AC;&#x2DC;After They Leftâ&#x20AC;&#x2122;, and Maryam Bobi, joint winner of ANA Prose Prize 2015 and author of â&#x20AC;&#x2DC;Bongelâ&#x20AC;&#x2122;. The focus of the discussion was â&#x20AC;&#x2DC;Finding Your Voice in a Dark Roomâ&#x20AC;&#x2122;. Both talked about incidence of early child marriage, particularly in Northern Nigeria which is the main theme in Bobiâ&#x20AC;&#x2122;s â&#x20AC;&#x2DC;Bongelâ&#x20AC;&#x2122;, and the effects of the insurgency in the North, which Yakusak explored in her novel, â&#x20AC;&#x2DC;After They Leftâ&#x20AC;&#x2122;. Bobi posited that poverty and illiteracy were the major causes of early child marriage rampant amongst the people in the North. According to her, the upper-class uses the lapses created by poverty and illiteracy to take advantage of the poor. â&#x20AC;&#x153;I come from a part of the country where sadly, girls are married off early,â&#x20AC;? she said, adding â&#x20AC;&#x153;The patriarchal structure of the North is cause of the illiteracy of the women. Once the literacy level of women improves, it will reduce suppression of their rights.â&#x20AC;? She sees the implementation of the Childâ&#x20AC;&#x2122;s Right Act as the solution to the problem. However, Bobi noted that the passage of the bill was being delayed because government â&#x20AC;&#x153;is still trying to adjust it to suit the cultural realities of the country.â&#x20AC;? She observed that the reason why such crimes as murder, rape and the likes, against vulnerable people in Nigeria kept going on was because the perpetrators were from the upper-class. Speaking on the crisis in the North, Yakusak sees it as a massacre and not a war. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s not a war because if itâ&#x20AC;&#x2122;s a war, itâ&#x20AC;&#x2122;s understandable- people will die, there will be victims. But what is happening in the North is a massacre, a cleansing and genocide. She stated that government needed to be more focused in handling the situation. Yakusak revealed that she was inspired to write the book â&#x20AC;&#x2DC;After They Leftâ&#x20AC;&#x2122; because people were being killed in the crisis and nothing was done about it. Contributing, a member of the audience, Saudatu Mahdi, suggested recourse to psycho-socio support as part of the solutions for early child marriage in the North. While concurring that poverty was part of the causes, she added that religious misrepresentation was also responsible. However, refuting Yakusakâ&#x20AC;&#x2122;s position that nothing was being done about the problems, Maldi stated that a lot was being done but there was under-reportage of those efforts by the media. Later at night, Kenneth Gyanâ&#x20AC;&#x2122;s film, â&#x20AC;&#x2DC;Blood and Hennaâ&#x20AC;&#x2122;, was screened and Pearl Osibu engaged the young talented filmmaker and director in a discussion about the film. Produced in 2012, the film, a political love story, is set around the 90s (period of military dictatorship) in Nigeria, fraught with economic, political and rebellious turmoil. It tries to narrate the ordeal of the 1996

Pfizer Clinical Test in Kano during the outbreak of meningitis which resulted in the deaths of many. Discussing the challenges of publishing in Northern Nigeria, Richard Ali hosted Nurâ&#x20AC;&#x2122;din Busari and Professor Zakari Muhammed to dissect the issue in a panel discussion session. While noting the opportunities in publishing especially in this digital era, Busari revealed that the North does not consume its products in terms of books, pointing out that they rather patronise books from the South. He listed lack of electricity and funds, religious and cultural misrepresentation as challenges in publishing in the North. He also said: â&#x20AC;&#x153;There are no children books written by Northern authors who were born and bred in the North- people who will tell the stories of their root. We are looking forward to have this happen.â&#x20AC;? Busari also revealed to the audienceâ&#x20AC;&#x2122;s shock that Northern women read more than their men. For Mohammed, the issue of culture continues to be a problem and nothing seems to be done in that area. He sees the revelation that women in the North read more than their men as a good development, noting that it is a way of helping to empower their women and liberate them from the suppression of Northern patriarchy. In a panel discussion on â&#x20AC;&#x2DC;Religious Violence: Picking Up the Pieces, activist and writer, Chitra Nagarajan, hosted a four-man panel made up of the Editorial Board Chairman of THISDAY Newspapers, Segun Adeniyi; Author, Andrew Walker; a Lecturer of African Poetry and Creative Writing at the University of Maiduguri, Dr. Abubakar Othman; and Associate Professor of Feminist Literary Criticism and Theatrical Approaches at the University of Maiduguri, Razinatu Mohammed. Othman while recounting the religious violence in the North and alleged governmentâ&#x20AC;&#x2122;s inability to address the problem, said â&#x20AC;&#x153;Nigeria is a failed state.â&#x20AC;? He explained that since there was nothing people could look up to for help, they had to take recourse to religion. â&#x20AC;&#x153;If you canâ&#x20AC;&#x2122;t come to your Governor or your President or your Senator for salvation, ultimately you come to God and that is religion.â&#x20AC;? He explained that over the last 16 years of the crisis, gender was never an issue as there was hardly a distinction between men and women. Even as government boasts of decimating Boko Haram, Othman said the insurgents were gracefully edged out of the Sambisa Forest instead of being cleared. â&#x20AC;&#x153;I come from Madagali in Adamawa State. Madagali is still under the control of the Boko Haram miscreants, not minding the fact that they have been flushed out of the Sambisa Forest called Ground Zero. But the Boko Haram miscreants

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FEATURES

KABAFEST Director and Founder, Book Buzz Foundation, Ms Lola Shoneyin, delivering her welcome address at the festival

Screams ďŹ lled the hall, noise rent the air, walls quaked and claps overtook the atmosphere as a foremost Nigerian writer and septuagenarian, Tabo Yari, was given an uncommon ovation, after an alternate reading of his citation by the duo of Denja Abdullahi, and Wale Okediran. A Lifetime Achievement Award was conferred on him for his immense contribution to fatherland through his writings, which was presented to him by Kaduna State governor, el-Rufai in the Sambisa Forest were actually gracefully edged out of the Sambisa Forest instead of being cleared. They were gradually edged out, gradually escorted out of the Sambisa Forest. To where? They were let lose into the society and the safest area for them was Madagali. Madagali is in the centre of nowhere. Politically, it is in Adamawa State. But it is at the tail of Adamawa State,â&#x20AC;? he said. Othman said his young daughter and other children now play with guns rather than toy because their generation â&#x20AC;&#x153;is a gun slinging generation.â&#x20AC;? â&#x20AC;&#x153;She got used to it now. Children in Maiduguri now donâ&#x20AC;&#x2122;t play with toys, they play with guns. They play military hide and seek, and I encourage them to do so. I said to them, learn the military tactics. The society that we are facing is a society that has been militarised psychologically, physically and politically. If you are afraid of the gunâ&#x20AC;ŚI said learn to overcome the fear of the bomb blast. Learn how to handle the gun. Your generation is a gun slinging generation. So if you donâ&#x20AC;&#x2122;t do it you will miss it. So Iâ&#x20AC;&#x2122;m now teaching them the psychology of the military,â&#x20AC;? he explained. Contributing, Mohammed attributed the proliferation of churches and Islamic sects; political and cultural structure of the Nigerian society as causes of the crisis, pointing out that

Sudanese Writer, Leila Aboulela, speaking during an interview session at the festival

Pearl Osibu engaging Kenneth Gyan in a post- ďŹ lm screening discussion session at the festival

it was not so in the 80s. However, she singled out poverty as the â&#x20AC;&#x153;major cause of the great violence that erupted in the North-east. So with the level of poverty; with the low level of education; all these put together bring about violence,â&#x20AC;? she noted. She corroborated Othmanâ&#x20AC;&#x2122;s position saying, â&#x20AC;&#x153;Nigeria is a failed state. Look at what is happening in the Senate with the recall process of Senator Dino Melaye. The Deputy Senate President (Senator Ike Ekweremadu) stood up in the Senate and said â&#x20AC;&#x2DC;donâ&#x20AC;&#x2122;t mind them, they have already failedâ&#x20AC;&#x2122;. Can you imagine our lawmakers calling a lawful process by the voters a waste of time? Why will there be no violence in Kogi State. They are trying to recall him and it is his brother Senators that have refused that to happen. They make laws and they donâ&#x20AC;&#x2122;t allow the laws to work. So there must be violence in the country.â&#x20AC;? Also speaking, Adeniyi said the same crisis going on in the North was also happening in the South, citing the Niger Delta militancy and kidnapping, especially, the recent kidnapping of school children in Lagos. He described the level of violence currently going on in the country as â&#x20AC;&#x153;scaryâ&#x20AC;?, adding that, it is the same pattern in both the North and South. â&#x20AC;&#x153;And when you look at it there is a socio-economic dimension to it. Itâ&#x20AC;&#x2122;s everywhere. Young people everywhere are carrying guns. There is no violence that you can talk about in the North that you cannot talk about in the South. Kidnappers are everywhere. It is difficult to go to school in Lagos now. You have a situation where kidnappers actually go to classrooms

and carry children. Even at the height of Boko Haram we didnâ&#x20AC;&#x2122;t hear of that kind of violence. But that is what is obtained in several theatres of the country now. This issue of violence is not a Northern problem. Itâ&#x20AC;&#x2122;s a Nigerian problem and we have to deal with it as a national problem,â&#x20AC;? Adeniyi said. He stated that failure of government in dealing with some of the issues was the reason for the problem. â&#x20AC;&#x153;This culture of impunity has been with us over a decade. After every crisis whether religious, communal or whatever, there will always be a commission of inquiry and that will be the end of it. Nobody will publish; there will be no sanction. Nothing will happen until there will be next crisis, and you have this again and again. When you have that kind of situation, it will only embolden these entrepreneurs of violence.â&#x20AC;? Reacting to a point made by a member of the audience who made a reference to messages he had been receiving on Whatsapp about the health of the President, Adeniyi advised that people should delete such messages when posted. â&#x20AC;&#x153;When you see them, delete them. And I believe that the social media has become a danger.â&#x20AC;? However, Walker has a different opinion. â&#x20AC;&#x153;Let me say very quickly that I disagree that Nigeria is a failed state. It is not. I believe that Nigeria is a state that is working but only for a few. So, you still have all the apparatus of a functioning state but the system is not working for the majority of the people.â&#x20AC;? In picking up the pieces, (suggestions on how best to address the problems), Walker enjoined Nigerians to be more responsible citizens by

paying more taxes. He said thatâ&#x20AC;&#x2122;s the only way they can challenge the government and make them accountable to them. â&#x20AC;&#x153;Individuals, you need to pay more taxes. I know no one wants to do that. The only way you can make them responsible to you is by paying your taxes.â&#x20AC;? Mohammed on her part urged the government to be more responsive to the people. â&#x20AC;&#x153;They should be more honest in the execution of policies. In the educational sector, they are dishonest; they are not being truthful to the populace. Health-wise they are not honest; our roads are bad; there is no power. Let the government respect its population.â&#x20AC;? For Othman, â&#x20AC;&#x153;If the country can guarantee us that this is our country we will all be loyal to it and love it as our country. Letâ&#x20AC;&#x2122;s try to forget the past and look up to something that will hold us together and, that we can call our own. But for now, the hunterâ&#x20AC;&#x2122;s war song is more assuring, more melodious to my ear than the national anthem.â&#x20AC;? According to him, the song was used by hunters, mobilised by former Vice-President Atiku Abubakar to dispel Boko Haram from their town when Abubakar saw that his business in the area was being targeted by the insurgents. â&#x20AC;&#x153;But for that to happen leadership must be responsible. We must have hope and confidence in the government and in the system so that we can love the country.â&#x20AC;? The festival headliner and Sudanese writer, Leila Aboulela, was engaged in an interview session by Kola Tubosun, where they discussed her book, â&#x20AC;&#x2DC;The Kindness of Enemiesâ&#x20AC;&#x2122;. Apart from Sudan, her country, and the UK, Aboulela explained that Nigeria and India are the other countries she had read more literature from. â&#x20AC;&#x153;So I was so excited to come and quite happy to be here,â&#x20AC;? she said. According to her, the book would have been written earlier than it was written but was because as a historical book, it needed a lot of research to be able to achieve its purpose. She said the purpose of the book â&#x20AC;&#x2DC;The Kindness of Enemiesâ&#x20AC;&#x2122; was to in a way â&#x20AC;&#x153;response to the terrorism that is happening in the name of Islam. The most important part is to create a distance between the concept of Jihad as a self-defense and the violence that is happening.â&#x20AC;? Advising on the concept of Jihad and its practice by adherents, Aboulela said: â&#x20AC;&#x153;They have to be sincere to themselves; they have to be true to their values and not being hypocritical. And they have to be matured in that they take on battles they can win and not enter in a battle youâ&#x20AC;&#x2122;re going to lose because there is courage in that. The courage is that you choose your battles and you gauge your strength properly. And I think a lot of young people make this mistake. If you overestimate yourself or underestimate yourself youâ&#x20AC;&#x2122;re so making a mistake either way. She revealed that â&#x20AC;&#x153;Natasha is the most challenging character in the novel.â&#x20AC;?

IMAGES

L-R: Managing Director/CEO, Continental Reinsurance, Dr. Olufemi Oyetunji; Chairman, Chief Ajibola Ogunsola and Company Secretary, Mrs. Abimbola Falana, during the companyâ&#x20AC;&#x2122;s Annual General meeting in Lagos...recently.

R-L: Executive Director Operations, Nigeria Police Force(NPF), Microfinance Bank, Ohanehi Jude; Regional Head, Northern Region, John Tizhe; Police officer, Joan Isichei; one of the 25 winners Hajia Nafeesa Bello and Head, Marketing department, Mrs Olajumoke Fatima, during the draw of NPF Microfinance Bank Plc festival account promo, in Abuja... recently

L-R: Head of Prosperity Fund and Deputy Head of Mission, British Deputy High Commission Lagos, Andrew Anderson; ConsulGeneral, South African Consulate General in Nigeria, Darkey Ephraim Africa, and National President, Nigerian-American Chamber of Commerce, Chief Olabintan Famutimi, at the commemoration of the 2017 Mandela Day Celebrations hosted by Southern Sun, Ikoyi, Lagos....recently.

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Photo Editor Ă&#x152;Ă&#x201C;Ă&#x2122;Ă&#x17D;Ă&#x;Ă&#x2DC; Ă&#x201D;Ă&#x2039;Ă&#x2013;Ă&#x2039; Email Ă&#x2039;Ă&#x152;Ă&#x201C;Ă&#x2122;Ă&#x17D;Ă&#x;Ă&#x2DC;Ë&#x203A;Ă&#x2039;Ă&#x201D;Ă&#x2039;Ă&#x2013;Ă&#x2039;ĚśĂ&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x17D;Ă&#x2039;ĂŁĂ&#x2013;Ă&#x201C;Ă Ă?Ë&#x203A;Ă?Ă&#x2122;Ă&#x2014;

L-R; Chairman, FSDH Asset Management Ltd. Hamda Ambah; Head, South East Region and CIS, United Capital Trustees Ltd. Mr. Auston Akpe; Company Secretary, Mrs. Oyindamola Ehiwere; and Managing Director, FSDH Asset Management, Mrs. Mayowa Ogunwemimo, at the 9th General Meeting of Coral Income Fund in Lagos...recently sunday adigun

L-R; CEO, lnstant Pickup App, Franklin Ubi; Comedian/Actor, Julius Agu; Ex-Big Brother Naija Housemate, Tokunbo ldowu(T-Boss) and General Overseer, Revival Assembly Church, Lagos, Apostle Amsalem Matulouko at the launch of lnstant Pick up, a mobile app for laundry pick up in Lagos....recently abiodun ajala

R-L: Executive Director, Investments, Mr. Oladele Sotubo; Head, Business Development, Mrs. Nike Bajomo, both of Stanbic IBTC Pension Managers Limited (SIPML), handing over the keys of renovated blocks of sanitary facilities at the Nigerian Prisons Services (NPS) Training College Kaduna to Commandant Prisons Staff College , Asst. Controller General, Kehinde Fadipe; Commandant Prisons Training School Kaduna, Controller of Prisons, Patrick Ani; and Zonal Coordinator Zone B, Nigerian Prisons Service, Asst. Controller General, Musa Maiyaki, during the commissioning of the project in Kaduna...recently

R-L; Chief Executive Officer, TVC, Andrew Hanlon; Presenters TVC Wake-Up Nigeria, Titi Oyinsan and Yomi Owope; Deputy Director of Programmes, Morayo Afolabi-Brown and Manager , Public Relations, Mabel Aladewusi at the launch of TVC new breakfast show â&#x20AC;&#x2DC;â&#x20AC;&#x2122;wake UP Nigeriaâ&#x20AC;&#x2122;â&#x20AC;&#x2122; in Lagos...recently abiodun ajala

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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 CGMA Speaks Holds on Thursday

SIPMLâ&#x20AC;&#x2122;S EMPLOYERSâ&#x20AC;&#x2122; FORUM

L-R: Executive Director, Investments, Stanbic IBTC Pension Managers Limited (SIPML), Mr. Oladele Sotubo; Director Admin, Budget OďŹ&#x192;ce, Hajiya Rabi Badamosi; Head, Business Development, Stanbic IBTC Pension Managers Limited, Mrs. Nike Bajomo; and Representative of the acting Director General, National Pension Commission, Mr. Babatunde Ogunniyi, during SIPMLâ&#x20AC;&#x2122;s Employersâ&#x20AC;&#x2122; Forum in Abuja recentl

Equities Market Gains N810bn to Hit N11.945tn on 13-day Rally Goddy Egene The Nigerian equities gained N810 billion in capitalisation following a bull run for 13 trading days. The renewed demand for equities on the Nigerian bourse lifted the market capitalisation from N11.133trillion on July 5, to N11.945 trillion on Monday, July 24, 2017. Although the return of more foreign portfolio investors due to the introduction of a new foreign exchange window by the Central Bank of Nigeria (CBN) in April had influenced the return of the bulls to the market, expectations that companies would release improved corporate results for the first

CAPITAL MARKET half (H1) of the year helped to sustain the momentum. The development made the market to appreciate for 13 consecutive trading days, leading to a gain of N810 billion or 7.3 per cent. The Nigerian Stock Exchange (NSE) All-Share Index rose by same margin from 32,302.32 to close at 34,652.52. The market appreciated every trading day from July 6 to Monday, July 24. Market analysts said investors have been taking position ahead of H1 corporate announcements. The results so far released showed improved performance compared to the previous year. For instance, Unilever

Nigeria posted a revenue of N45.105 billion in H1 of 2017, up 39 per cent from N32.278 billion in the corresponding period of 2016. Cost of sales was up at N32.197 billion in 2017. Sales and distribution expenses also went up from N1.502 billion to N1.942 billion in 2016. However, marketing and administrative expenses reduced from N6.689 billion to N5.571 billion. Unilever ended the period with profit before tax (PBT) of N5.044 billion, compared with N1.487 billion in 2016, showing a growth of 239 per cent, while profit after tax (PAT) stood at N3.676 billion, up by 236 per cent from N1.093 billion in 2016.

Lafarge Africa posted N154.8 billion, indicating an increase of 44.2 per cent from N107.3 billion in 2016. Cost of sale grew by 19.7 per cent from N92.2 billion to N110 billion, while sales and marketing expenses followed same uptrend to hit N2.12 billion, from N1.98 billion. Administrative expenses rose from N10.23 billion to N16.3 billion. Technical fees soared by 202 per cent from N1.584 billion in 2016 to N4.798 billion in 2017. But the company ended the H1 with PBT of N18.2 billion, compared a loss of N30.2 billion in 2016, while PAT stood at

The total number of persons with Retirement Savings Account (RSA) in Nigeria increased by 96,346 to 7,589,936 workers under the contributory pension scheme as at the second quarter of 2017, compared with 7,493,590 registered in the first quarter of the year. They countryâ&#x20AC;&#x2122;s total working population stood at 69,470,901 as at the fourth quarter of 2016. The National Bureau of Statistics (NBS) stated this in its Retirement Savings Account (RSA) Membership Distribution for the second quarter 2017 (Q2 2017), posted on its website. The RSA membership distribution as at Q2 of 2017

ECONOMY represented 10.93 per cent of the total working population. This, the NBS stated was not surprising given the largely informal structure of the Nigerian labour force with about 50 per cent of the current workforce engaged in subsistence agriculture and informal trading. Micro businesses, for example, accounts for over 90 per cent of total micro, small and medium scale enterprises in Nigeria. Further disaggregation of RSA membership revealed that of a total male working population of 36,363,042 only 5,391,887 or 14.83 per cent male workers registered under the pension scheme as at Q2 2017 compared to 5,328,035

or 14.65 per cent registered male workers in Q1 2017. Similarly, only 2,198,049 or 6.64 per cent out of a total female working population of 33,107,859 were registered under the scheme as at Q2 2017 compared to 2,165,555 or 6.54 per cent registered female workers in Q1 2017. Accordingly, out of the 7,589,936 RSA members, 71.04 per cent were men and 28.96 per cent were women compared to 71.10 per cent men and 28.90 per cent women in Q1 2017. This was compared with the gender split of the working population which had 52.3 per cent men and 47.7 per cent women. RSA membership was dominated by the Private sector.

DuďŹ l Plans N40bn Debt Issue

Nigerian pasta maker, DuďŹ l Prima Food plans to raise N40 billion ($131 million) from the local debt market to broaden its funding base, it said on Monday.The privately held company, set up over two decades ago, has grown to become the largest pasta maker in West Africa, it said. According to Reuters, DuďŹ l competes with listed rival such as Dangote Flourmill, Flour Mills of Nigeria and Honeywell Flour Mills. DuďŹ l also makes cooking oil. Several Nigerian companies have said they want to tap debt markets this year but local inďŹ&#x201A;ation still above 16 per cent have kept bond yields high, leaving many ďŹ rms undecided on timing of issue. DuďŹ l Chief Operating OďŹ&#x192;cer Madhukar Khetan said in a statement that the issue has been approved by the Securities and Exchange Commission but that the timing of sale was subject to market conditions. Nigeria is in its second-year of recession brought on by lower oil prices.

FXTM Leads Campaign on FX Education

FXTM has said that it would continue to create awareness on foreign exchange (forex) education in Nigeria. The ďŹ rm recently organised an â&#x20AC;&#x153;Ultimate Trading Formulaâ&#x20AC;? roadshow in Nigeria.Presented by FXTM Head of Education and renowned forex educator, Andreas Thalassinos, the tour was comprised of a seminar and a 3-day workshop in Port Harcourt, followed by the same seminar and a more comprehensive 4-day workshop in Lagos. Collectively, a statement from the ďŹ rm said the events attracted 600 attendees, which it stated was a conďŹ rmation of FXTMâ&#x20AC;&#x2122;s status as a key player in the evolution of forex education in the region. â&#x20AC;&#x153;As the global broker with a local touch, committed to keeping its clients informed through in-depth education initiatives since its foundation, FXTMâ&#x20AC;&#x2122;s latest success in Nigeria ďŹ ts into an ongoing trend..

Agusto & Co Releases MicroďŹ nance Report Continued on page 24

Retirement Savings Account Holders Rise by 96,346 in Second Quarter Obinna Chima

To ensure that the ďŹ nance function and professionals in home-grown, blue chip and leading corporations in Nigeria are ďŹ t, ďŹ&#x201A;exible and nimble in a fast changing world, the second edition of CGMA Speaks Series will focus on the Future of Finance. It will hold on Thursday in Lagos. CGMA Speaks is the thought leadership platform of the Chartered Institute of Management Accountants (CIMA). It brings senior business leaders and executives together for broad reaching conversations, about the context of todayâ&#x20AC;&#x2122;s business environment in Nigeria and across the world. This thought leadership event for Chief Executive OďŹ&#x192;cers (CEOs), Chief Financial OďŹ&#x192;cers (CFOs) and senior executives in ďŹ nance related functions will deliberate the emergence of a new operating model for modern ďŹ nance. The Executive Chairman, Financial Reporting Council of Nigeria, Mr. Dotun Sulaiman, is the Chairman of the occasion, while Mr. Kunle Elebute, National Senior Partner, KPMG Nigeria and Chairman, KPMG West Africa, will give the keynote address at the event. ConďŹ rmed panellists for the session, which will be moderated by Dr. Noel Tagoe, Executive Vice President, Academics, The Association of International CertiďŹ ed Professional Accountants (AICPA), include Gbemisola Adelowore, Head of Finance, SAP West Africa; Ononuju Irukwu, Managing Director, Chapel Hill Denham Management; Bola Onadele, Managing Director, FMDQ OTC; and Lolomari George, Head of Treasury, Shell.

The federal level had 1,898,199 registered RSA members under the national pension scheme as at Q2 2017 of which 1,384,579 or 72.94 per cent were male and 513,620 or 27.06 per cent were female compared to 1,889,143 registered RSA members of which 1,378,382 or 72.96 per cent were male and 510,761 or 27.04 per cent were female in Q1 2017. â&#x20AC;&#x153;This may indicate that there are a lot more male employees in the federal public service than female. At the state (including local government) level, 1,537,138 State public workers are registered under the national pension scheme with 863,605 or 56.18 per cent male and 673,533 Continued on page 24

Agusto & Co has released its 2017 microďŹ nance industry report. The report examined the microďŹ nance industryâ&#x20AC;&#x2122;s performance with particular focus on the asset quality, capitalisation, liquidity and proďŹ tability of key operators. In addition to microďŹ nance banks, it examined other microďŹ nance institutions in Nigeria such as nongovernmental organisations (NGOs) and cooperative societies. Between 2015 and 2016, the CBN licenced 31 new microďŹ nance banks, bringing the total number of MFBs in operation to 978 as at the end of 2016. It noted that despite the high number of operators, microďŹ nance activities remain concentrated in Southern Nigeria, with an estimated 70 per cent of all licensed microďŹ nance banks. The report provided an in-depth review of the Industryâ&#x20AC;&#x2122;s operations and how the macroeconomic climate impacts the growth and development of microďŹ nance activities.

â&#x20AC;&#x153;Given that most banks provide security, power and other infrastructure, it is not surprising that some of these costs are passed on to customers in form of highinterest ratesâ&#x20AC;?

CBN Governor, Godwin EmeďŹ ele

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BUSINESSWORLD EQUITIES MARKET GAINS N810BN TO HIT N11.945 TN ON 13-DAY RALLY N19.7 billion. Also, Transnational Corporation of Nigeria Plc, which released its results on Monday, recorded PAT of N4.164 billion recorded in H1 of 2017, compared with a loss of N12.191 billion posted in the corresponding period of 2016. Specifically, Transcorp Plc recorded revenue of N32.174 billion in 2017, up from N24.779 billion in 2016. Cost of sale stood at N19.3 billion, as against N13.3 billion in 2016, while administrative expenses rose to N5.663 billion, compared with N5.265 billion in 2016. Net finance cost fell from N17.268 billion in 2016 to N4.988 billion in 2017. Consequently, Transcorp ended H1 2017 with PAT of N4.164 billion, a recovery from a loss of N12.191 billion in 2016. RETIREMENT SAVINGS ACCOUNT HOLDERS RISE BY 96,346 IN SECOND QUARTER or 43.82 per cent female as at Q2 2017 compared to 1,525,748 registered public workers of which 858,365 or 56.26 per cent were male and 667,383 or 43.74 per cent were female in Q1 2017.â&#x20AC;? â&#x20AC;&#x153;This may indicate that the federal public service is larger than that of all 36 States combined and similar to the Federal service, men dominate with respect to number of employees,â&#x20AC;? it added. According to the study, private firms had 4,154,599 registered RSA members under the pension scheme as at Q1 2017 of which 3,143,703 or 75.67 per cent were male and 1,010,896 or 24.33 per cent were female compared to 4,078,699 registered RSA members of which 3,091,288 or 75.79 per cent were male and 987,411 or 24.21 per cent were female in Q1 2017. It showed that the highest number of registered working population came from the age bracket of 30-39yrs and closely followed by the working population within the age bracket of 40-49 years and 50-59years.

NEWS

Benin Disco Pledges to Reconnect Ondo Communities Ejiofor Alike The Benin Electricity Distribution Plc (BEDC) has urged the Ondo State Government to create industrial layout for energy concentration to enable it boost economic activities , even as it promised to restore power supply to six Akoko communities, under Owo Business Unit of the state. The Managing Director and Chief Executive Officer of BEDC, Mrs. Funke Osibodu, who stated this during a courtesy visit by the top officials of the company to Governor Oluwarotimi Akeredolu in Akure disclosed that the company had already partnered the state to boost its economic activity by completing electricity projects numbering 50 out of which 31 had been commissioned, while 17 others were awaiting commissioning. Osibodu said dedicated projects would increase production capacity of industries through the reduction in the cost of power in their operation since BEDC power was cheaper than any alternative. She also added that it will also make them create more jobs for indigenes and enable BEDC make more power available for economic development and job creation in the State. Osibodu also noted that BEDC community relations department was set up to ensure proper relationship management of all communities within its network of operations. To this end, she said the resolution to make power

available to six communities had reached the final stage, adding that the six communities would be energised, having fulfilled the terms of the agreement signed. She urged the state government and other stakeholders to join in the crusade against vandalism of the companyâ&#x20AC;&#x2122;s property, adding that BEDC has taken some steps such as fencing of transformers to prevent destruction by vandals. She asserted that BEDC has, through employment of graduates and technicians of Ondo State origin under its Graduate

and Technician Trainee scheme, supported youth empowerment with a view to reduce youth restiveness in the state. In addition, she stated that the partnership with Elizade University in Ilara Mokin on the Graduate training programme has also empowered a university within the state. Osibodu also called on the governor to ensure that that there was a review in the curriculum of tertiary institutions in Ondo state such as university, polytechnics and technical colleges to make their content

more in line with industries and company requirements so as to make it easier for students to use when employed. Earlier in her presentation, Chief State Head, Ondo state, Olakunbi Labiyi had listed key challenges on power supply to the state to include; major transmission limitations restricting quantum of power delivery to the state, adding â&#x20AC;&#x153;132KV lines from Oshogbo to Akure with undersized conductor covers Ondo and Ekiti states with maximum power pegged at 50MW, the

feeder is often open by TCN under frequency condition and kept out until the frequency improvesâ&#x20AC;?. She called on the Ondo State government to lend their voice in ensuring FGN through the Ministry of Power quickly completes ongoing National Independent Power Projects (NIPP) with a view to boosting power supply to Ondo state, saying â&#x20AC;&#x153;this includes the Omotosho 1x150MVA and Okitipupa 2X30MVA (to boost supply to the Ondo South) and Ogbese 2X150MVA.â&#x20AC;?

EXCHANGING VIEWS

L-R: Chairman of the Occasion, Mr. Norrison Quakers (SAN), with the Director General, NIMASA, Dr. Dakuku Peterside at the African Day of the Seas and Oceans celebration in Lagos ...recently

Trustfund Adopts Cost Reduction Strategy, Declares 25k Dividend Ndubuisi Francis in Abuja Leading pension fund administrator (PFA), Trustfund Pensions Limited has adopted a cost reduction strategy designed to boost revenue to consolidate on the companyâ&#x20AC;&#x2122;s corporate governance goal. In line with this strategy, it posted a drop in its cost-toincome ratio from 83 per cent in December 2015 to 78 per cent as at December 31, 2016. The company Chairman, Mr. Ismaila Mohammed Agaka,

who made the disclosure at its 9th annual general meeting (AGM) in Abuja, stated that despite the rough economic dynamics, the company performed well. He described Trustfundâ&#x20AC;&#x2122;s operating results for 2016 as encouraging when juxtaposed with the 2015 figures, noting that the company posted N4.971 billion revenues, N3.892 billion expenses and a profit after tax of N1.249 billion. Addressing the shareholders, he said: â&#x20AC;&#x153;These results are

encouraging when compared with total revenues of N4.662 billion, expenses of N3.850 billion and profit after tax of N1.018 billion for the year ended 31st December 2015.â&#x20AC;? Based on the performance, a 25 kobo per share dividend was approved for shareholders whose names are contained in the companyâ&#x20AC;&#x2122;s register of members as at close of business on December 31, 2016. On the future of the company, Agaka said: â&#x20AC;&#x153;Distinguished shareholders, our

company has over the years grown consistently evidenced by the healthy key financial indicators. We intend to sustain the momentum with a forward-looking board, sound management and resilient workforce.â&#x20AC;? In an interview with THISDAY on the sidelines of the AGM, Agbaka expressed confidence in the companyâ&#x20AC;&#x2122;s future, adding with a stringent corporate governance structure, an entrenched resolve on cutting the ratio of cost in

favour of income, the future was looking very bright for Tertfund. Also, in an interview, the President of the Nigeria Labour Congress (NLC), Comrade Ayuba Wabba said the labour centre was pleased with the performance of Tertfund. He assured that the NLC would continue to encourage workers to repose their confidence in Tertfund. The NLC is one of the shareholders of Tertfund with more than 5 per cent of the issued capital of the company.

Foreign Investors to Develop Nigeriaâ&#x20AC;&#x2122;s Inland Waterways Group Business Editor

Ă&#x2019;Ă&#x201C;Ă&#x2022;Ă&#x2039; Ă&#x2014;Ă&#x2039;Ă&#x2DC;Ă¤Ă?Ě&#x2039; ĂĄĂ&#x2039;Ă?Ă&#x2019;Ă&#x;Ă&#x2022;Ă&#x; AgriBusiness/Industry Editor

Chinedu Eze

Ă&#x2122;Ă&#x2DC;Ă&#x2039;Ă&#x17E;Ă&#x2019;Ă&#x2039;Ă&#x2DC; Ă¤Ă? Comms/e-Business Editor

Ă&#x2014;Ă&#x2014;Ă&#x2039; Ă&#x2022;Ă&#x2122;Ă&#x2DC;Ă&#x201D;Ă&#x201C; Capital Market Editor

Ă&#x2122;Ă&#x17D;Ă&#x17D;ĂŁ Ă&#x2018;Ă?Ă&#x2DC;Ă? Senior Correspondent

Ă&#x2039;Ă&#x2019;Ă?Ă?Ă&#x2014; Ă&#x2022;Ă&#x201C;Ă&#x2DC;Ă&#x2018;Ă&#x152;Ă&#x2122;Ă&#x2013;Ă&#x; (Advertising) Correspondents

Ă&#x2019;Ă&#x201C;Ă&#x2DC;Ă?Ă&#x17D;Ă&#x; Ă¤Ă? (Aviation) Ă&#x201C;Ă&#x2DC;Ă&#x17D;Ă&#x2039; Ă&#x153;Ă&#x2122;Ă&#x2022;Ă? (Labour) Ă&#x153;Ă&#x2122;Ă&#x2014;Ă&#x2122;Ă?Ă?Ă&#x2013;Ă? Ă&#x152;Ă&#x201C;Ă&#x2122;Ă&#x17D;Ă&#x;Ă&#x2DC; (Cap Mkt) Ă&#x201D;Ă&#x201C;Ă&#x2122;Ă?Ă&#x2122;Ă&#x153; Ă&#x2013;Ă&#x201C;Ă&#x2022;Ă? (Energy) Ă&#x2039;Ă&#x2014;Ă?Ă? Ă&#x2014;Ă?Ă&#x201D;Ă&#x2122; (Nationâ&#x20AC;&#x2122;s Capital) Ă&#x152;Ă&#x201C;Ă&#x2DC;Ă&#x2DC;Ă&#x2039; Ă&#x2019;Ă&#x201C;Ă&#x2014;Ă&#x2039; (Money Mkt) Chineme Okafor (Energy ) Reporters

Ă&#x;Ă&#x2014;Ă? Ă&#x2022;Ă?Ă&#x2018;Ă&#x2019;Ă? (Money Market) Ă&#x2122;Ă?Ă&#x2039; Ă&#x2013;Ă?Ă&#x2022;Ă&#x2019;Ă&#x;Ă&#x2122;Ă&#x2018;Ă&#x201C;Ă? (Maritime)

Foreign investors from Serbia have expressed interest in the development of Nigeriaâ&#x20AC;&#x2122;s inland waterways, which is said to hold so much promise as alternative means of transportation in Nigeria. This was disclosed by the management of the National Inland Waterways Authority (NIWA), which said that both local and international investors have realised the potential of inland waterways transportation as money spinner for investors.

Officials of the Authority at a press conference in Lagos at the weekend said that most parts of the country would be connected through the waterways and the channels from the coast to Bida through the Rivers Niger has become a reality as it plans to concession the Ontisha port in Anambra state and also to develop the Oguta Lake in Imo State. In order to attract more investors, NIWA said it has concluded arrangements for the hosting of the second International Conference and Exhibition, (ICE), on July 25,

2017 at the Oriental Hotel in Lagos. NIWA said the conference with the theme: â&#x20AC;&#x2DC;Improving Navigability and Inland Port Development for Sustainable Investment on Nigerian Waterwaysâ&#x20AC;&#x2122; is aimed at creating a platform for people to get to know what the agency is doing and to attract more investors. According to the area manager, Lagos Zone of NIWA, Muazu Sambo, who was accompanied by the general manager corporate affairs of NIWA, Tayo Fadile

and the general manager Marine, Olusegun Balogun, disclosed that the Minister of Transportation, Rotimi Amaechi would be the guest of honour, while the managing director of NIWA, Mustapha Boss would be the host. The keynote speaker, he added, would be the head of the Centre for Port Operations of the Serbian Port Governance Agency responsible for managing inland ports in the Republic of Serbia, Srda Ljesevic. He said Nigerians in the maritime business would be learning from Ljesevic with his

over 20 years of experience in managing inland ports in the Republic of Serbia. He would be delivering the first paper on the Imperatives for Enhancing Navigation and Inland Port Operations on Nigerian waterways, while Kunle Folarin would deliver the second paper on â&#x20AC;&#x2DC;Deriving the Benefits of Investments in Coastal and Inland Shipping Operations on Nigerian waterway. He said the book on compendium of ICE 2014 procedures would be presented by the Minister of Transportation.

T H I S D AY ˾ ˜ Ͱͯ˜ Ͱͮͯ͵ WEDNESDAY, ͺ;˜ ͺ͸͹Ϳ ˾ T H I S D AY

25 25

BUSINESSWORLD

PERSPECTIVE

Corrupting Privileges and National Mismanagement Narrative Prof. Dafe Otobo of the Faculty of Business Administration, University of Lagos, writes on how some groups of persons dominate the political space and enrich themselves to the detriment of their fellow Nigerians The recent spate of strident, incendiary and fractious narratives on the Nigerian Condition offered by several privileged Nigerians are only surprising for their flimsiness, not their thrusts. Why? Privileges, at any age, have been notorious for their toxic, perverting, and corrupting tendencies, where they stand for right granted to and/or usurped by an individual or a select few, bestowing advantages not enjoyed by others. And it all started with over-arching elite formation across the very many ethnic groups which inhabit the space politically labelled “Nigeria”. Modern Elite-formation and Political Partying Each ethnic group has subgroups, usually clans formed by lineages with common ancestry occupying several villages and towns, often speaking a dialect of a dominant language, with few kingdoms becoming empires after subjugating neighbouring groups. Before European/British colonial domination, it is crucial to note there were no occasions for pan-ethnic group political events where persons or traditional elites saw and presented themselves as representing Nupe, Jukun, Berom, Yoruba, Hausa, Kanuri, Efik, Urhobo, Isoko, Ijaw, Igbo, etc. One lived and died in the village or small town, with very few trans-village events, let alone trans-clan, and political power and control rested with elders’ council, chief, alkali, king, etsu, oba, shehu, emir, sultan, and suchlike political autocrats or oligarchs, with identities firmly tied to and meshed in village, town and clan culture till less than barely eighty years ago. Whatever political alliances that existed were strictly between autocrats/oligarchs where mass representation was inconceivable. The founding of new towns via pre-colonial and colonial trading and other activities (e.g., mining activities, administrative headquarters, etc.) and random declaration of provinces, local governments and, later, regions, necessitated new patterns of political mobilisation and representation of those units. It was also a wrenching shake-up of distribution of privileges and criteria for elite-membership, and the political party became the dominant vehicle for both. The political parties attracted and created new elites, sucking in an already adulterated traditional rulership system too, where anyone was made chief, king, etc., by colonial authorities. The most significant output, for our purposes, was the emergence of a class of persons across villages, towns, provinces, local governments, regions and states who spoke above everyone else, on behalf of conjured constituencies and to themselves alone, and subsequently made an art the gliding from party to party, literally, in what I call, “political partying” with resources and their distribution. Political Partying, Corrupting Privileges and “National Development” Political parties, with membership drawn from business community, burgeoning academia, so-called educated elite, and traditional elite, for political Independence and national development after, now declared themselves to be representing “the North”, “the Middle Belt”, “the West”, “the East”, “the COR States”, “Midwest”, “Niger Delta”, “Northern Minorities”, Southern Minorities”, “Biafra”, “the Southwest”, “the South-South”, “the Southeast”, “the Hausa”, “the Arewa”, “Kanem-Borno Empire”, “the Yoruba Nation”, “the Igbo Nation”, “the Urhobo Nation”, etc. Cast in this form, “national development” mutates into “development” of notional ethnic groups, ethnic competition, and never mind being starkly antithetical to that oft-mouthed “unity in diversity” and other themes in the “National” Anthem. The practice and reality is thus the wresting of and wrestling over ever larger quantum of resources ostensibly in name of all these notional entities by mostly self-enriching individuals and cabals: census figures, revenue allocation formula, manipulation of the federal character principle, location of infrastructures and projects, vicious competition over all manner of contracts, emoluments of political office holders, creation of new local governments and states and more. Political Partying, Corrupting Privileges and Management of the Public Sector

Acting Presideny, Yemi Osinbajo

The public sector comprises the following institutions: the Presidency and Ministers and their coterie of Assistants (the Government), the National Assembly, the Civil Service and its Ministries, the Parastatals (Customs, Immigration, NNPC, etc.), the Judiciary, the Armed Forces, Law enforcement agencies (Police, Security agencies, etc.), State Governments, their ministries and parastatals, and local government. Those who occupy top and policy-making decisions in these institutions comprise the elite of the public sector. Combined with business, academia and traditional elites, one has roughly a “national elite”. Managing this public sector triggers the “mother of all fights”, that of populating these institutions which the protagonists insist depends on “representativeness” in numbers – concocted statistics of general population and its alleged distribution among regions and states such that “the North” always has 51 point something per cent and “the South” 48 point something per cent, and Kano State must have more persons than Lagos State, as fertility rates, birth rates, mortality rates, rural-urban migration have been held constant since creation their creation. These imposed population percentages should then be reflected in the recruitment of bureaucrats for each institution as yardstick and evidence of fairness, and further broken down to number of Christians and Moslems respectively, another set of estimated percentages. Accurate physi-

There are several impacts of these stratagems on the public sector, the very ﬁrst being the orientation and worldview of many top bureaucrats, inseparable and indistinguishable from those of cabals dominating the political parties and thus venomously bigoted and sectional – at their most pristine and corrosive forms during military regimes

cal counting was and is certainly anathema, fraught with nasty, brutal facts - estimates being more negotiable, thus establishing seemingly national culture of absence of precise statistics on anything – birth rates, mortality rates, women, men, children of certain ages, unemployment, etc., and electoral votes in particular which are better “declared”. There are several impacts of these stratagems on the public sector, the very first being the orientation and worldview of many top bureaucrats, inseparable and indistinguishable from those of cabals dominating the political parties and thus venomously bigoted and sectional – at their most pristine and corrosive forms during military regimes. For the main civil service and certain parastatals, policy options seem to follow suit: sharing of oil blocks; “constituency” projects; cancellation of Lagos Metroline project; abandoned Federal Secretariat in Ikoyi; it does not matter how many millions of American dollars have been unsuccessfully expended on “national ID card” project since the Babangida’s regime; same for the Ajaokuta steel project, the Osogbo, Jos and other steel mills; defunct Iwopin and other paper mills; the favour to friends and others of licences for banks and finance houses, most of which went under after the punishing rise of interest rates followed by bankruptcies and further restructuring of banks; hardly used airports in odd but favoured locations; the several times awarded and re-awarded Lagos-Ibadan Expressway contract; the Shagamu-Benin Expressway; the East-West Expressway in a state of utter disrepair; bloated contracts and yet poorly executive turn-around-maintenance of oil refineries that ended with epileptic performance till date; continuing importation of refined petroleum products sustained by the patronage system, inflicting so much general hardship; the strangely located and abandoned housing schemes occupied by cobwebs, overgrown bushes and rodents strewn across the country; selectively and poorly executed privatisation programmes, including the more recent energy sector scheme which increased supply of darkness; borrowing over half a billion dollars from the Chinese to construct totally uneconomic Kaduna-Abuja rail link, instead of Kano-PH-Lagos that has vast economic benefits, just for a handful of bureaucrats to spend weekend away, derivable fares not able to repay the loan even in a hundred years; expensively redesigned and expanded expressway to and from Abuja Airport and other roads therein when major trunk roads in various parts of the country are impassable; abandonment of the railways in preference for the less efficient and more costly road haulage dominated by trucks owned by a handful of party-financiers; the uneconomic and enforced location of NNPC Group headquarters in Abuja and massive zonal headquarters in Benin City, that already hosts at least one NNPC’s subsidiary,

when there are only few drops of crude oil in Edo State; the routine bypassing of the NNPC (NGC) by oil and gas companies to secure certain waivers, including supply of natural gas on credit for indefinite periods of time… The list is endless. At no point, in order not to spoil the partying by politicians-bureaucratic elite “diarchy”, is anyone held accountable for choice of cost-injurious, failed and abandoned projects, the presumed benefit being one of them is sited in your area at all, a colourful addition to the otherwise too natural-looking landscape. The other equally pernicious and insidious impact is the unintended creation of multiple and parallel organisations within each of the ministries and parastatals, the principle of need-to-know basis camouflaging critical officers receiving different sets of instructions from different godfathers and mentors but all acted out in the name of the institution. For practical purposes therefore several forthright officers would learn, like everyone else, measures and actions being taken in the name of their organisations and even own sections or divisions, from news and social media. This state of affairs prevails in all the security and intelligence agencies, the military, police, judiciary, EFCC, Customs, Immigration, the NNPC Group, etc., and everyone straining to recognise principles behind many decisions and actions, especially anti-corruption policy, prevailing notions of national interest and security, and basis for appointments, promotions and deployments. Here we find the implanted seeds growing rapidly and rabidly into fruition in the essentials of national mismanagement: de-motivation, disillusionment of, and mounting indifference to plight of general public by many public servants, especially critical elements of the bureaucratic elite; a massively corrupt budgetary process, guided less by pressing must-do projects and actions/ policies than by political partying calculations and trade-offs; mounting greed and the push to augment salaries via bewildering variety of corrupt practices (bribes by Ministries, parastatals and government Departments to access their statutory allocations – in spite of, knowing her, encouragement of measures by Dr Ngozi Okonjo-Iweala to prevent such; bribes for missing files to reappear; bribes to facilitate processing of any matter, including some percentage retainer fee for collecting pension and other entitlements of retirees - especially the dead ones; bribes to think up, arrange the funding of, and award contract for a project; unofficial surcharges on custom duties, arbitrary and illegal payments by importers for product certificates even for school books that are VAT and import duty-free and have no specifications to be verified and not even on the list of items that require same in the first place; manufacturing of indeterminate number of “ghost” workers; multiple illegal payments imposed on shop owners and small and medium-scale businesses (SMEs) generally, often physically collected by violent groups of young men as agents of local authorities; very lucrative trade in expatriate quotas until replaced by work permits; extortions for “your particulars” at check-points manned by personnel from over five agencies and counting, leaving this strategic segment of society (students, public servants, workers, traders, pensioners, transporters, entrepreneurs of SMEs, etc.,), with gnawing feelings of humiliation, deprivation and unceasing harassment; extortions at police stations, and random “arrests” of able-bodied young men and women for “vagrancy” in their own neighbourhoods; the uncertain movement of “justice” in many segments of the judiciary, especially and naturally, electoral cases where, for example, someone who did not contest gubernatorial election was declared the “winner”; illicit diversion/appropriation of state and local government funds; the multiple and irregular imposition of charges for acquisition and retention of land and General President Obasanjo’s fiat, unprecedented anywhere, of forcing the Land Use Act into the Constitution, and doing same with permanent secretaries deemed now to be “political appointees” and CONTINUED ON PAGE 26

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Lafarge Africa Turns the Corner With Lafarge Africa reporting a profit of N20 billion for the half year ended June 30, 2017, up from a loss of N30 billion in the corresponding period of 2016, its turnaround has raised shareholdersâ&#x20AC;&#x2122; hopes for improved returns, writes Goddy Egene The devaluation of the naira by the Central Bank of Nigeria (CBN) in 2016 had negative impact on many companies, especially those that have foreign currency loans. The devaluation increased the cost of servicing those loans due to foreign exchange loss. Lafarge Africa Plc, one of the leading cement and building solutions providers in Nigeria, did not escape from the negative impact of the currency devaluation. In fact, last year, the company, like many others, issued a profit warning that its second quarter (Q2) financial performance for 2016 would be affected by an unrealised foreign exchange loss of N28 billion. â&#x20AC;&#x153;The impact of the naira devaluation is expected to be a N28 billion unrealised exchange loss arising from the USD borrowings, which at the time of the devaluation, consisted of $310 million shareholders loans and $85 million external loans. These loans relate to the United Cement Company of Nigeria Limited (Unicem) and were mainly set up prior to the acquisition by Lafarge Africa of its original 35 per cent stake in Unicem,â&#x20AC;? the company said. The company ended 2016 with a full year a profit after tax (PAT) of N16.898 billion, showing a decline of 38 per cent from N27.163 billion in 2015. Lafarge Africa would have ended the year with loss before tax of N22.818 billion compared with a profit before tax of N29.286 billion. However, a N39.717 billion tax credit, which came mainly from deferred tax assets generated from Unicem operations, lifted the companyâ&#x20AC;&#x2122;s PAT to N16.898 billion for 2016. But going by the half year results ended June 30, 2017, Lafarge has turned the corner and is set to make profit at the end of the financial year and deliver higher returns to shareholders. Half year results The unaudited results released to the Nigerian Stock Exchange (NSE) last week, showed a revenue of N154.8 billion, indicating an increase of 44.2 per cent from N107.3 billion in 2016. Cost of sale grew by 19.7 per cent from N92.2 billion to N110 billion, while sales and marketing expenses followed same uptrend to hit N2.12 billion, from N1.98 billion. Administrative expenses rose from N10.23 billion to N16.3 billion. A further analysis of the administrative expenses showed that an upsurge in technical fees shot up the expenses. Technical fees soared by 202 per cent from N1.584 billion in 2016 to N4.798 billion in 2017. While technical fees accounted for 15 per cent of the administrative expenses in 2016, it rose to 29 per cent in 2017. Another cost element that affected the bottom-line is the cost of finance that more than doubled to stand at N10 billion in 2017, up from N4.6 billion in 2016. Interest on overdraft shot up by 161 per cent from N527 million to N1.379 billion, while interest on borrowings rose by 77 per cent from N5.025 billion to N8.941 billion in 2017. In all, the company ended the H1 with a profit before tax (PBT) of N18.2 billion, compared a loss of N30.2 billion in 2016, while PAT stood at N19.7 billion. In terms of margin, Lafarge Africa gross profit margin improved from 14.1 per cent to 28.7 per cent, while net margin improved from a negative 28.2 per cent to a positive 12.7 per cent in 2017.However, the company has a debt to equity ratio of 128.8 per cent to 51.2 per cent, indicating that Lafarge is in need of equity capital. Analystsâ&#x20AC;&#x2122; comments Assessing the second quarter (Q2), analysts at FBN Quest said PBT grew to N8.7 billion compared with a pre-tax loss of N28 billion in Q2 2016. â&#x20AC;&#x153;The key drivers of the PBT growth were sales growth of 34 per cent and a 18.64 per cent expansion in gross margin to 32 per cent.

These positives completely offset a 78 per cent rise in opex and a 138 per cent spike in net interest expense. Thanks to a tax credit of N5.9 billion and a positive result of N5.8 billion on the other comprehensive income (OCI) line, PAT accelerated to N20.3 billion. Sequentially, sales and PBT were down by 10 per cent quarter/ quarter (q/q) and eight per cent q/q respectively. However, PAT expanded by 44 per cent q/q thanks to the positive results on the tax and OCI lines. Compared to our forecasts, sales missed by 11 per cent; although, PBT was in line with our N8.6 billion forecast, PAT beat by 260 per cent mainly due to the tax rebate of N5.9 billion and the positive result of N5.8 billion on the OCI line,â&#x20AC;? they said. In terms of the H1 performance, said while sales were missed by around six per cent, the PBT was in line with their forecast.

200

â&#x20AC;&#x153;However, thanks to a positive result of N15.1 billion on the OCI line and a tax credit of N1.6 billion, PAT came in around 74 per cent higher than our forecast. We had expected significantly improved results in Q2/H1 2017, driven by base effects due in part to an unrealised foreign exchange loss of N27.5 billion that the company reported in Q2 2016. However, we note that the earnings were also underpinned by a marked expansion in gross margin driven by significantly higher pricing (+40 per cent ) and a noticeable reduction in energy costs (due to a higher gas-to-total fuel ratio) following improvements in gas supply. Rights Issue In order to reduce its exposure to adverse foreign currency translation losses as experienced in 2016, shareholders of the company

LAFARGE AFRICA HALF YEAR FINANCIAL SUMMARY

180 160

JUNE 2017 N154.8Bn

140 120

JUNE 2016 N107.4Bn

100

JUNE 2017 N110Bn JUNE 2016 N92.2Bn

80 60 40 JUNE 2017 N16.4Bn JUNE 2016 N10.2Bn

20 0

REVENUE

COST OF SALES

OPERATING EXPENSES

JUNE 2017 JUNE 2016 N10Bn N4.6Bn

FINANCE COST

JUNE 2017 N19.7Bn

PROFIT AFTER TAX

JUNE 2016 (N30.2Bn)

last month approved a Rights Issue of N140 billion. Approving the rights issue, the shareholders charged the directors to make sure that the company remained listed on the Nigerian Stock Exchange (NSE). Speaking on rights issue, the first since 2005, Chairman of Lafarge Africa Plc, Mr. Mobolaji Balogun, said it represents an important step in resolving the companyâ&#x20AC;&#x2122;s foreign currency exposure and impact on its earnings. According to him, apart from reducing debt of the company, the right issue provides all shareholders opportunity to increase their investment in the company. â&#x20AC;&#x153;The recapitalisation is positive and our largest shareholder, LafargeHolcim has committed to subscribing to their rights in full through a conversion of existing shareholder loans. This investment is a strong indication of the groupsâ&#x20AC;&#x2122; continued belief in the Nigerian story. It is the largest right issue and the largest investment in a listed company by an investor. It reduces our foreign currency exposure by approximately half, improves our cash flow and positions the company for our future capacity expansion plans,â&#x20AC;? he said. Responding to request by the shareholders that the company should not be delisted after the right issue, Balogun said if the LafargeHolcim was considering that option, it would not commit to make such huge investment in the company. Speaking on the companyâ&#x20AC;&#x2122;s turn-around plan launched in the third quarter of 2016, the chairman said it has started yielding results. â&#x20AC;&#x153;The plan revolves around achieving high reliability across our production facilities, increasing the use of alternative fuel(biomass) and locally sourced coal as a way to mitigate disruption of production by gas supply shortages and the impact of devaluation on cost of gas. We have increased local sourcing of critical materials to lower foreign exchange component of our operational costs. Finally, we are working on a new route to market initiative and improvements in logistics with increased vehicle turn-around and size of fleet of third party providers,â&#x20AC;? Balogun said.

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BUSINESSWORLD

ANALYSIS

That Leap of Faith With expectations that the country would exit the biting recession sooner rather than later, organisations that defied the downturn will be better positioned for the next growth phase, writes Obinna Chima Recessions are hard times. People lose their jobs, companies get wound up, and the lucky ones take the losses from their cash reserves. But the founder and CEO of DesignCrowd. com, Alec Lynch, in an article published on forbes.com, stressed that recession is not all bleak. According to him, under such a situation, start-ups, with their inherent agility, can take advantage of a weaker economy and come out on top. While economic uncertainty is never a desirable situation, some of the worldâ&#x20AC;&#x2122;s greatest businesses started during a downturn or recession, Lynch further revealed. â&#x20AC;&#x153;Recessions create problems. They also slow investment in innovation down. Consumers and businesses are looking for solutions to problems which present opportunities. â&#x20AC;&#x153;There are plenty of reasons to start a business during a downturn, and plenty of business models that are considered recession-proof,â&#x20AC;? he added. The economy also sank into its worst economic recession in 29 years last year and has seen government pursuing expansionary fiscal policies to reflate the economy. Importantly, Providus Bank Plc was same year granted a commercial banking licence with regional authorisation by the Central Bank of Nigeria (CBN). The Providus Bank Story The bankâ&#x20AC;&#x2122;s Chief Executive Officer, Mr. Walter Akpani, said the bank intends to tap from the enormous opportunities in the Nigerian economy. According to him, Providus Bank would focus on offering the best in terms of five propositions, which he listed to include- speed, convenience, quality service, innovation and transparency. He said the bank had identified these five areas and would leverage on them to ensure customer satisfaction. â&#x20AC;&#x153;What is different that we would do to excite our customers and others that we expect to join the bank, is that if we say we are going to do something in 24 hours, we should be able to do it in 12 hours. â&#x20AC;&#x153;If you compare our services to that of others, the innovation we are bringing to others, that to me is something that would different us,â&#x20AC;? Akpani added. He also said the bank would carve a niche for itself in the industry. â&#x20AC;&#x153;If we say we want to bank everybody, that would challenge resources, it would challenge personnel, control and speed as well. But we have decided that what we would is to create a niche in the market and bank them well so as to offer the best,â&#x20AC;? he added. In addition, he explained that the Nigerian banking sector has a lot of competent hands as well as a lot of opportunities. Akpani also noted that the countryâ&#x20AC;&#x2122;s population of about 180 million was also a big opportunity for the industry to tap into. â&#x20AC;&#x153;We have about 24 commercial banks, while Ghana has about 35 or 38 banks. So, you can see that the opportunity is there. So, even more banks are licenced tomorrow, there would still be opportunities to do business and offer services for the benefit of consumers. â&#x20AC;&#x153;For us, we want to build a sustainable and enduring institution that would outlive us that are the founders. The story of Providus Bank started from United Mortgage Bank. â&#x20AC;&#x153;For me, this is a journey that I feel that for anybody who wants to run a sustainable institution must have a long-term objective and that is our focus at Providus Bank. â&#x20AC;&#x153;Our perception about banking is different. We want to do it in ways consumers and those who buy banking products would get the satisfaction they deserve,â&#x20AC;? he added. Creating a Niche Market Global professional services firm, PwC, in a report titled: â&#x20AC;&#x153;How banks can profitably serve the rising mass affluent,â&#x20AC;? pointed out that capturing a greater share of the mass affluent business will be an uphill battle for banks. But the report noted

Walter Akpani

that a good starting point should be targeting the rising mass affluent. This is because, according to the study, these individuals are more open than other mass affluent members to their primary retail bank becoming their investment provider. According to the report, capturing this market share should be seen as a major path to growth â&#x20AC;&#x201D; and one that can be used to build capabilities that will serve other cohorts as well. In the end, however, the great promise of the rising mass affluent is the ability to build lifetime customer relationships. â&#x20AC;&#x153;These individuals, between the ages of 30 and 49, have distinctly different desires and circumstances than their older counterparts. They are the generation with the greatest future wealth potential and strongest desire for financial guidance. â&#x20AC;&#x153;Retail banks that design and offer the right products and services to fulfil their needs will win a loyal market that few other retail banks have discovered. â&#x20AC;&#x153;Many banks have struggled with the mass affluent segment because those clients do not neatly fall into the traditional retail, wealth, or business models. â&#x20AC;&#x153;Rather, their needs straddle multiple areas of the bank that donâ&#x20AC;&#x2122;t traditionally work together,â&#x20AC;? it added. Governor Akinwunmi Ambode of Lagos State, recently challenged Providus Bank to support economic growth in the country by paying more attention to small and medium-scale enterprises because of their capacity to provide jobs. â&#x20AC;&#x153;I urge you, as financial intermediaries, to facilitate the growth of the economy by designing products for the real sector, thereby supporting

made-in-Nigeria goods. â&#x20AC;&#x153;I also urge you to pay special attention to the Small and Medium-scale Enterprises because these are the fastest vehicles for job creation and growing new businesses.â&#x20AC;? Ambode who said he had been following the progress of Providus Bank from inception, urged the bank to support the financial inclusion drive in the state by providing more people access to financial services. He also urged the bank to design products for the real sector thereby supporting madein-Nigeria goods. â&#x20AC;&#x153;Obviously, this is in consonance with your mission â&#x20AC;&#x153;to provide our customers with unique experience, be their preferred financial partner and nurture the attainment of their objectives.â&#x20AC;? â&#x20AC;&#x153;My advice to you is simple. To successfully run your business in the 21st century, your business must be driven by technology, strong values and a robust risk management system â&#x20AC;&#x153;It is my hope that Providus Bank will bring into the financial service sector innovation that will make a significant difference in supporting business survival and growth in Lagos and the South West/South- South regions of Nigeria,â&#x20AC;? he said. To the Managing Director/Chief Executive Officer, Wema Bank Plc, Mr. Segun Oloketuyi, the sky is big enough for all banks to fly without them bumping into each other. According to him, Taiwan has a population of about 23 million people, but the country has over 80 banks. On the other hand, Nigeria has a population estimated at 180 million. â&#x20AC;&#x153;Are we under banked? Relative to the size of the economy, relative to the potential that

we have, honestly this economy can do with more banks. Now, is it in the number of licences that we have or in the number of branches of banks? It is both. â&#x20AC;&#x153;There are some places where we donâ&#x20AC;&#x2122;t have any trace of a financial institution, especially in the rural setting. So, I think the economy can accommodate more banks. What it does is that you also donâ&#x20AC;&#x2122;t want to create a monopoly. â&#x20AC;&#x153;We have seen what happens to public institutions where there is monopoly. Now, you may not create a monopoly, but you create an oligopolistic economic environment. It is almost similar to monopoly because they can come together and fix prices and a whole lot of things if they are just a few of them participating in the industry,â&#x20AC;? the Wema boss had explained in an interview. But he said there was need for banks to define their target market, saying â&#x20AC;&#x153;If all of us are playing in the same area, then we bump into each other.â&#x20AC;? On his part, a former Chief Executive Officer of Citibank Nigeria Limited, Mr. Omar Hafeez, had advised Nigerian banks to respectively develop niche markets so as to have competitive edge in the industry. â&#x20AC;&#x153;I think that there is definitely a categorisation between the very large banks in Nigeria and the relatively small banks in Nigeria. â&#x20AC;&#x153;I think banks would have to ensure that they have a niche that they play. I donâ&#x20AC;&#x2122;t think banks would have and can be everything to everybody because the big banks would dominate as they have the brick and mortal presence which makes them very well placed to take advantage of opportunities,â&#x20AC;? he added.

BUSINESSWORLD

ANALYSIS

Enabling Business Environment as Imperative to Growth Experts who spoke at the 2017 National Insurance Conference, organised by the Insurance Industry Consultative Council, agreed that the surest way to fix Nigeria’s ailing economy was for government to collaborate with the private sector to enthrone an enabling environment for businesses to thrive. Ebere Nwoji who was in attendance report Insurance managers, in their strategic search for the way forward for Nigeria’s ailing economy, recently assembled a cream of experts from various sectors of the economy to brainstorm on how to make Nigeria a good investment destination for both domestic and foreign investors. The forum was the 2017 National Insurance Conference, an annual public discourse organised by the Insurance Industry Consultative Council (IICC). This year’s edition of the conference held at TranscorpHilton Abuja, has the theme, ‘Nigeria Open For Business’. The conference, the third in the series, witnessed a kind of paradigm shift from the usual focus on insurance matters to issues affecting the economy as a whole, especially on the need for collaboration between the various arms of government and private sector operators in providing an environment where business can thrive. Since the inception of the conference three years ago, discussions have always centered on how to promote insurance awareness and make an average Nigerian see the need to patronise insurance. But this year, perhaps, having realised that insurance can only thrive in a healthy economy, the insurance managers,resolved to take a wholistic look at the state of the economy and proffered ways to its exit from the current recession. According to the chairman organising committee of the conference, Shola Tinubu, this year’s conference, was aimed at aligning with federal government’s Ease of Doing Business initiative to remove all inhibitions against growing insurance business in Nigeria. “It is insurance practitioners and stakeholders’ pleasure to applaud the federal government for the all policy directions, especially against the backdrop of the nation’s recessive economy. Delivering his key note address, Chairman of Heirs Holdings, Mr. Tony Elumelu, listed strategies that can be adopted to promote, attract and retain investments, as well as areas of improvement to ensure the country achieveslongterm goals – employment, empowerment, and economic opportunity for our people. He said: “The facts are startling: Nigeria accounts for nearly 50 percent of West Africa’s population and is currently home to 184 million inhabitants – a figure expected to double to over 380 million by 2050. Out of this, 60percent will be under 30 years of age.” Elumelu, who is also the Chairman of United Bank for Africa and founder of The Tony Elumelu Foundation, said that for Nigeria to successfully position herself to promote domestic business and attract investments, the public sector must improve its process of doing business. He noted that the private sector, can only thrive with the support and enabling environment created by government and its agencies. “We need the public sector to be willing partners in establishing the right, investmentworthy business environment we need in Nigeria. This is the only way Nigeria can be truly open for business. I must recognise here the good efforts of the Buhari – Osinbajo administration. “But you must go one step further. You must re-orientate the minds and disposition of the executives charged with implementing your vision. They must buy into it. They must begin to see themselves as business enablers. They must realise the urgency of the moment and the need to quickly reposition our economy lest disaster of monumental proportions befall us all. They must be willing and committed apostles who share the vision of the masters – otherwise, there will only be motion without movement”, Elumelu, mentored.

The new President of Chartered Insurance Institute of Nigeria (CIIN) and new Chairman IICC, Funmi Babington-Ashaye

Elumelu,said that the government needs strengthening and capacitisation of major institutions in the various sectors. He spoke on the status of Nigeria’s Judiciary,saying the presence of an independent Judiciary, ensures the objective enforcement of rule of law, guarantees the protection of properties and contracts, and assures investors of a neutral platform to settle unforeseen business disputes in a timely fashion. He advised: “The adjudication mechanism in Nigeria,must be improved to support government’s efforts in getting Nigeria ready for business.” On the legislative arm, Elumelu said: “This arm of government, is especially critical. As elected representatives of their constituencies, legislators must pass laws that are good for business, enable job creation, and encourage the inflow of investments. “The only way legislators can put their people first is by focusing on designing a business climate that creates Jobs Jobs Jobs.” Elumelu, also observed that some bills that have the potential to transform the entire industries and should be passed into laws are delayed for too long, pointing out that the best way these institutions of government can function effectively and ensure the country is open for business is for them to work together with a shared purpose, consensus and deep alignment to accomplish the three Es– employment, empowerment and economic opportunity for Nigerian people. He further said to position Nigeria as the destination for global investment, the three arms of government must agree on the vision for the

country; the roadmap to achieve this outcome; as well as the role that each respective arm must play to accomplish this vision. The UBA chair, also noted that Nigeria, can only be open for business if transport system is efficient, especially road network, sea infrastructure, air and rail system. He said: “Poor infrastructure at best increases the cost and time for doing business, and at worst breed uncertainty which is difficult to measure, and thus, dissuades investors from doing business in a country. “Nigeria’s infrastructure gap, currently estimated at $14 billion annually, may be considered as one of the greatest impediments to doing business in the country but in my opinion, also represents tremendous opportunity for discerning investors who can plug this deficit.” On the insurance sector he said: “I also appreciate the current on-going industry reforms which I hope will take the insurance industry to its rightful leading position in our financial service sector, as is the case in the developed world. “In more advanced economies, the insurance industry leads the financial service sector, even owning banks in several cases. I expect this to happen very soon in Nigeria given the reforms in the pipeline.” Recommending the way forward for the sector in particular, Elumelu, said that regulators must wear a different hat or improve as the industry is transforming and modernising. He urged insurance operators to be predictable and put on sense of urgency, responsiveness to encourage more Nigerians to participate in the

insurance industry . In his paper titled Insurance Industry, Navigating the Odd,the Group Managing Director, Custodian and Allied Insurance Plc, and a former Chairman Nigerian Insurers Association, Mr. Wole Oshin, called for a build up of a mega insurance industry that will encompass insurance itself, pensions and health insurance schemes. He said this has become necessary to make Nigerian insurance sector be in tandem with the insurance sector of country like UK where Nigeria drew its insurance experience. Oshin, noted that insurance industry in Nigeria, has over the years been struggling for survival, adding there is need to reinvent the industry. He also challenged the industry operators to push out more value in the compulsory insurances than just waiting for government enforcement. Oshin,said it is unfortunate that while stakeholders in the industry often compare Nigerian insurance sector’s annual premium with those of other countries and conclude that the sector’s turnover falls much below those of other countries, they forgot the fact that the quantum of premium often quoted by insurance sectors of those countries include their insurance premium, pension assets and health insurance proceeds. He said there is need to bring pension and health insurance scheme back to insurance so as to have a mega insurance sector. Also speaking at the event, the Commissioner for Insurance, Mohammed Kari,said insurance is but a vital link in the vast chain of business activities in any economy. According to him, insurance, is also the best vehicle for reducing economic losses as it serves as a stabiliser and promoter of an economy’s commercial activities. “In the spirit of the Executive Order issued by the Acting President, Professor Yemi Osibanjo,on the ease of doing business, the commission, has commenced a review of its processes, which include timelines and datelines as stipulated and the longevity of time period for certain documentations e.g, approvals, licensing and permits”, Kari stated.. According to him, the Nigeria development plan vision 2020 described the Nigeria insurance sector as “a gross untapped opportunity “with low market penetration. He said the foreign investors, having noted these great opportunities, are attracted by the huge potential in the Nigerian insurance space, noting that the investors are ready to position themselves for the future, hence the likes of Axa, Prudential, Liberty, Swiss RE, Sunu Group,Saham, have taken positions in the industry and in partnership with indigenous companies for development and growth. Kari noted that the country,witnessed three foreign acquisitions into the sector in 2014, two in 2015, five in 2016 while two Companies are now in progress. He said despite that, the growth of the Nigerian insurance industry is hinged on right products, innovation, prompt claims payment and healthy competition between local players and their foreign counterparts. “It is worthy to note that insurance entities have been working hard on clearing some of the misconceptions inhibiting insurance penetration and growth by planningmassive sensitisation campaigns across multiple communication channels. Once the consumers understand and value the actual benefits of insurance, the Nigerian insurance industry will grow sharply and prosper, as it has been the case in many other countries. The presence of foreign insurers in the Nigerian market is another incentive expected to boost penetration, technical capacity and service delivery”, he said.

T H I S D AY WEDNESDAY JULY 26, 2017

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EDUCATION Education, Human Resources are Nigeriaâ&#x20AC;&#x2122;s Biggest Priorities, Says Adesina Mrs. Adeyoyin Adesina is the Chief Executive Officer of Corona Trust Council. She told Funmi Ogundare why the country needs to repriotise its plans by equipping its human resources and totally overhauling the education sector. Exerpts How has it been since you assumed duty as the Chief Executive OfďŹ cer of the school in the last four months? It is different task I admit but not too different because I am still within the Corona Trust Council. I have been with the organisation for the past 15 years and I started out as a teacher in Victoria Island and rose to the position of deputy and head of school. I left Victoria Island to pioneer the school in Lekki. I was there for six years and I left again to go and work in the secondary school. I have been in all of the schools; primary straight to secondary and from the secondary school, I came here. The only different thing is that I am not in school anymore, not around children. I missed that greatly.

take initiatives. So we had our students build a block of classroom in the community school they have adopted, we had them roofing the whole school and buying musical instruments, donating books and even building public toilets for the community. There was a time when there was cholera outbreak in Agbara, they went round the market to clean the public toilets. When I was in Lekki, we went as far as a school in Ibeju Lekki, it wasnâ&#x20AC;&#x2122;t just enough that we took things to them, we roofed their classrooms and donated so many things. We have had parents partner with us , we got them a generator and we brought their primary six pupils to our school just to give them a renewed sense of belonging, to aspire to greater things beyond where they are.

How does the school empower teachers ? One thing is clear, teachers are empowered to do what they know how to do best. We tell our teachers that they are the chief executive officers of their classrooms and they have that responsibility. Our curriculum was put together by teachers, it is not a core Corona curriculum. We are a Nigerian school and proudly Nigerian and that is why we are not running any foreign curriculum . So what we have done is to take our Nigerian curriculum which we also looked as not very relevant in terms of contemporary times. We sat down and worked on it to bring it up to global ranking with different teaching methodologies and resources. By so doing, we have taken ownership of the curriculum and its delivery which is empowering them to teach with it.

What impact has that made on your students? Great impact because we work with parents on these . You will see quite a number of them learning not to throw things away because these are the values that we teach them, firstly, to enjoy the privilege that God has given rather than taking it for granted, secondly, to realise that for everything that they have, there are people that do not have. We join a few organisations who feed the poor, and send some money for their children to go to school. It is the thought process that we get our children to engage in, and get them to know the need to give back to the society and the less priviledged.

By taking the ownership of the curriculum, how does it make your students to be globally competitive? Our method of teaching is student-centred, not teachers-centred and fortunately we are leveraging heavily on the use of technology. Recently, we started the Bring Your Own Device (BYOD) to school. The students are also in the forefront of taking ownership of their learning. When focus is on learning, the child is the focus.

Adesina

Corona Trust Council is the ďŹ rst in the country to get the New England Association of Schools and Colleges (NEASC) accreditation, what principle have you been able to set with and how does it guide the school? Our mission is very clear, one of the reasons why we have been able to maintain focus is our adherence strictly to our mission which is to provide world class education to children, so we benchmark everything that we do against world best practice, is it a world class standard? How does it rank in international practices? So when we do that, it helps us set the tone for the things that we want to do. The NEASC is something we had to sort out and to get the accreditation because they set global standards for school improvement. So we felt since we have been in business for 62 years, we believe we know what we are doing, we decided to look for someone from outside who can look at it in a different perspective and go through our processes and tell us how well we are doing, what we are not doing and the areas we need to improve. Which is what the NEASC has done for us. They came in with critics and told us so many things that did not meet international standard. We kept working at these areas and what this has done for us is that we have come to a level where an external body can look at us and say that

we have met a certain international standard for school improvement. What impact will it have on the school and what status has it conferred on the school? The benefit it has conferred on us has been great and the benefit is what you are realising now at the end of the accreditation. This process is something we started four years ago and even as we were going , we could see and measure areas where we were improving and where we were changing. In a school improvement thing, the difference is the students. The students were interviewed and they were confident and know what they want concerning their education. The WAEC result is out, we had almost 100 percent distinction for this year. That is just to show that we are setting higher targets for ourselves and this we were able to do over the past four years. So we have seen improvement in our infrastructure, teachers in the delivery of their lessons , we have also seen improvement in our use of technology. We leverage heavily in technology for all our classrooms, we have seen improvement in our facilities and students. So these are the things that the NEASC has helped to do and for us to measure for ourselves as well. Even when I joined Corona few years ago, I, now, can see the difference. What the process helped us to do is to look at everything.

Am coming in to an office and am looking at the issue of safety and paying attention to every detail. In terms of security, how do you ensure they are protected considering the insecurity situation in the country? First of all, I would say it is God that protects , but at the same time, we are not taking things for granted . One of the principles of security is that you donâ&#x20AC;&#x2122;t give out your security details to the public. We had to look at our security network and places where we need to beef up security and I can tell you now that with what is happening around now, it is not what any school should take for granted. How does Corona help to bridge the gap between the poor and the rich in terms of education? Corona school is not for profit institution , and not the most expensive school in Lagos, but we are mindful of the community . One thing that all of our schools do is that we give back to the community. It is one of our core values; community service. So all of our schools have an adopted school. It goes beyond CSR but we want our students to know. From the primary school and it is done to a greater level at the secondary school because they are older and they are able to

Some section of the society, believe that the standard of education is dropping, do you also share in this view? In the public sector, yes. Unfortunately even in the private sector, there are some schools that call themselves international, but when I look at it, I wonder what makes it international. Education is not anything that we can take by halfway measure either you are educated or not. The worst thing that can happen to anybody is to have a semblance of education, so you are neither here nor there. You donâ&#x20AC;&#x2122;t qualify with the people who have the full benefit of education so you are just there . I think it is the greatest misdeed we can do to anybody. Not all our private schools give quality education. The largest number of students fall into the public sector , we have government that is unmindful of education, that has not given education the rightful attention that it deserves. Yet we are seeing countries giving education their priority . There are many countries that pay teachers more than they pay doctors or lawyers . If you go to Singapore, there are no private schools, the few they have are probably affiliated to religious bodies, you see the efforts of the government on the public schools. The greatest resource any organisation or government has is its people. Its not about what you have in terms of capital resource, its your human resource. If you have human capital that you are not equipping well enough, then there is a problem and I think that is the bane of our society right now. What should be done in that regard? We need to refocus , repriotise and place premium on education . We need to build up schools and empower teachers and pay them well and make education a first choice of profession not an alternative , as well as a total overhauling of the education sector. The curriculum is the last thing because when you have the right people there, they will do the right things . Our teachersâ&#x20AC;&#x2122; colleges should be well equipped and training for teachers should be paramount .

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EDUCATION

150 Nigerians Get $2 m to Study in the US Funmi Ogundare The United States Government has offered 150 Nigerian students within the Lagos Consulate District scholarships worth $2m to study in various universities in the US. The institutions are; Howard University, Syracuse University, Drexel University, University of Wisconsin in Madison, University of Texas at Dallas, Wellesley College, and Rochester Institute of Technology to pursue a variety of majors, including engineering, public health, computer science, business, chemistry, and economics

both at undergraduate and graduate levels. Out of the total, seven students who received financial aid through its EducationUSA Opportunity fund were granted full scholarships by various U.S. universities. They also had their up-front costs of obtaining U.S. admission, including testing, application fees, and airfare covered by the EducationUSA opportunity Fund, while five of them received funding for their Ph.D studies and two others will be pursuing undergraduate studies. Speaking at pre-departure orientation organised for

the students, the US Consul General, John Bray appealed to them to be exceptional ambassadors of their country and take seriously their responsibilities to be good citizens and scholars. According to him, â&#x20AC;&#x153;as you depart for the U.S, remember that you are going to be representing your country to many people who may never have met an African or a Nigerian before. I wish you great success in your chosen academic fields and a fulfilling experience in the United States of America. â&#x20AC;? He also advised them to take advantage of the opportunity

that will prepare them to make the most of the U.S. educational experience, saying, â&#x20AC;&#x153;you will receive a wide range of practical advice about U.S. culture and educational expectations to set you up for success, such as building positive relationships with professors and peers, time management, and balancing course workloads with a strong social and community life.â&#x20AC;? Bray quoted the Institute of International Educationâ&#x20AC;&#x2122;s Open Doors report, saying that Nigeria has experienced a remarkable increase in the number of students pursuing higher education in the United

States. â&#x20AC;&#x153;About 10,674 Nigerians are studying at more than 730 colleges and universities in the United States, making Nigeria the leading source of African students in the United States. It is also noteworthy that Nigeria ranks as the 14th nation worldwide with the most students in the United States. The consular general expressed confidence that the scholars will be the next generation of leaders, scientists and artists, ensuring the continuity of Nigeriaâ&#x20AC;&#x2122;s remarkable input in the global community. â&#x20AC;&#x153;Congratulations to all of

you who have been selected to attend U.S. colleges and universities for the 2017-18 academic session.â&#x20AC;? He commended the EducationUSA Advising Center, in Lagos, for assisting thousands of young Nigerians achieve their dreams to study in the United States, saying, â&#x20AC;&#x153; this year alone, students within the Lagos Consulate district have received numerous scholarships from several U.S. universities totaling over two million dollars and more are still trickling in by the day through the wonderful work of our EducationUSA advisors.â&#x20AC;?

FG Seeks Smart Technology Impact on Skill Devt. Among Youths Seriki Adinoyi in Jos The Federal Government has stressed the need for the youths to be engaged in the digital revolution to fill the skill gaps identified by employers of labour by mainstreaming their expertise into the knowledge economy and curb unemployment in the country. The Minister of Education, Mallam Adamu Adamu made this known, recently, during the 2017 Cisco African Academy Safari Conference for English Speaking West and Central Africa , which held at the University of Jos, Plateau State, with the theme â&#x20AC;&#x2DC;Internet of Things (IoT): Get Connected for Collaboration and Professional Development.â&#x20AC;&#x2122; In his paper, titled, â&#x20AC;&#x2DC;The Impact of SMART Technology on Skill Developmentâ&#x20AC;&#x2122;, Adamu who was represented by the Deputy Director of the Ministry, Mrs. Onyeka Anyawu said SMART technologies are predictive and adaptive to changes and are therefore needed in highly dynamic environments because they are capable of handling complex databases that are user friendly. â&#x20AC;&#x153;It is expedient to offer wholesome SMART solutions to the education sector by formalising the collaboration of any intervening information technology enterprise with government activities using the proper channels, so that the benefits accruing to such interventions could be maximised.â&#x20AC;? The Governor of Plateau State, Simon Lalong, represented

by his Senior Special Assistant on ICT, Mr. Daniel Dung Dalyop, said the hosting of the conference in the university validates the assertion that peace has returned to the state, while assuring that the state government will continue to partner with the university and the CISCO Academy through a public-private partnership in moving the state forward. Lalong added that his state is keying into the policy of being ICT compliant by ensuring that ICT and other related activities in the state are protected by the requisite laws. The Vice-Chancellor of the institution, Professor Sebastian Maimako described internet as a timely and contemporary issue globally, noting that the management is making efforts to ensure that all its activities are internet driven. Maimako, who was represented by his deputy, Professor Nelson Ochekpe said, as an ICT-driven university, the Cisco programme is an integral part of its academic curriculum. The Director General of National Information Technology Development Agency (NITDA), Dr. Isa Ali Ibrahim represented by Mr. Lawrence Dirisu said such an initiative would help to equip youths with the requisite skills to be employable both locally and internationally, adding that the agencyâ&#x20AC;&#x2122;s statutory mandate is to develop the countryâ&#x20AC;&#x2122;s human capacity through ICT. He expressed optimism that this can be achieved through the implementation of programmes run by Cisco academies.

Members of the Bunmi Adedayo Foundation with staďŹ&#x20AC; and pupils of Yaba Model Nursery and Primary School, Lagos, during the donation of an ICT laboratory by the foundation to the school... recently

Principal Canvasses Academic Excellence for Students Hammed Shittu in Ilorin The Principal of Federal Government College Ilorin, Mrs. Rita Okpaleke has urged the founding fathers of the school not to leave the infrastructural development of the college at the hands of the government alone, so as to boost the academic excellence of the students . Okpaleke who gave the advice, recently, in Ilorin, when the 2007 set of the school celebrated their reunion, said despite the deplorable condition of the college, the government has been up and doing in the

task of making it more comfortable for academic learning. According to her, â&#x20AC;&#x153;the development has assisted the college to attain its greatness in the results of the students compared with other colleges in the country. I want to appeal to the founding fathers to rise up to the deplorable infrastructures in the college by providing a condusive academic environment for the students. This will boost their academic excellence and also enhance the educational development of the country.â&#x20AC;? She commended the Old students of the college for

donating valuable materials and renovating the food laboratory, while appealing to other former students to emulate them by contributing their quota towards the development of the school. She however prayed for Godâ&#x20AC;&#x2122;s continuous blessings and guidance for the students who she described as a â&#x20AC;&#x2DC;fully baked setâ&#x20AC;&#x2122;. Earlier, the Chairman of the re-union committee, 2007 set of the college, Mr. Abdulateef Babalola Abdulsalam expressed satisfaction that they were able to actualise their desire to give back to the school that moulded them.

â&#x20AC;&#x153;Whatever we all are today, it was from this great school, we lived 90 percent of our adolescent life in this premises, we were thought punctuality, time planning, taking responsibilities among others. All those helped prepare us for the outer world. 10 years down the line, we now have magistrates, medical doctors, lawyers, farmers, entrepreneurs and numerous professional amongst us.â&#x20AC;? He assured the management of the college of its continued support to the school in its bid to add values to the educational development of the students.

be an effective way to abate the shortage of potable water here.â&#x20AC;? Xiaoliang pledged that the Consulate would continue to identify with the development of the institution saying, â&#x20AC;&#x153;we hope to learn from your successful experience and strengthen cooperation with you, and also take part in the development of this university, because we believe that friendship and cooperation

will empower development.â&#x20AC;? The highpoint of the event was the presentation of the â&#x20AC;&#x2DC;China-Africa People-to-People Friendship Actionâ&#x20AC;&#x2122; plaque to the Vice Chancellor of the university, Prof. Rahamon Ade Bello. In his response, Bello thanked the Consulate for selecting the institution to benefit from its CSR programme, assuring that the university would make good use of the facility.

Chinese Consulate Donates Borehole to UNILAG The Chinese Consulate in Lagos, recently, donated a state-of-the-art borehole to the University of Lagos (UNILAG), Akoka, as part of its Corporate Social Responsibility (CSR) initiative in the country. The project, executed under the framework of â&#x20AC;&#x2DC;China-Africa People-to-People Friendship Actionâ&#x20AC;&#x2122;, was handed over to the university authorities by the Consul General of China (CGC), Mr. Chao Xiaoliang at

a ceremony. According to the Consul General, â&#x20AC;&#x153;the project, which is located within the Faculty of Education, was meant to enhance water supply on campus and make the university environment more conducive for teaching and learning.â&#x20AC;? He said the â&#x20AC;&#x2DC;China-Africa People-to-People Friendship Actionâ&#x20AC;&#x2122; is aimed at fostering better relations between Chinese companies and their

host countries, adding that the Chinese Consulate General in the state, began operation 34 years ago and has been paying attention to public sector needs as its CSR in Nigeria. â&#x20AC;&#x153;CGC began operation in Nigeria 34 years ago, that is 1983. Ever since then, we rapidly grew into business including consultancy, investment, infrastructure, logistics and trading with its footprint across the world.

â&#x20AC;&#x153;We pay a lot of attention on public activities as our CSR in Nigeria such as yearly donation of material and food, combating flood and disaster, supporting development of communities in several states in Nigeria. â&#x20AC;&#x153;We decided to donate this borehole as soon as we realised that there is lack of potable water in UNILAG campus. Now, we fulfill this CSR by completing this project with good quality. We hope it will

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Corona Schoolsâ&#x20AC;&#x2122; Trust Council Gets NEASC Accreditation Funmi Ogundare Corona Schoolsâ&#x20AC;&#x2122; Trust Council, recently got its accreditation as a member of the New England Association of Schools and Colleges (NEASC), an international nonprofit association based in United States, which oversees schoolâ&#x20AC;&#x2122;s improvement processes to meet international standards. The school has now become the only one in the country and second in West Africa to get the accreditation. The management led by the Chairman of the Corona Secondary Trustee Council led by Hon. Justice Bukunola Adebiyi, and the schoolâ&#x20AC;&#x2122;s Chief Executive Officer, Mrs. Adeyoyin Adesina who briefed Journalists on the new attainment said getting the accreditation is not restricted to what happens in the classrooms but cuts across everything that happens in the school; including safety and security, facilities, governance, processes , among others. The Chairperson of the Board, Justice Adebiyi said it was skeptical about the benefit it could bring, but after considering the history of NEASC and the opportunity, it set to work to be able to deliver world class education. â&#x20AC;&#x153;We got the support of the trust council. The NEASC team at each stage needed to ensure that they got support as one of the major pillars of the exercise. At each visit the NEASC came, they met us on ground and the whole reason why the body felt that it would benefit the school is that it will help us to pull the school to an international standard which helped a great deal. The board was helpful in terms of providing strategic direction and

funding. â&#x20AC;&#x153;We kept getting the list of items needed to pull up the school in terms of infrastructure and training. The board was very committed and supported management, even when we had some stops along the way and we felt we had arrived but were told we needed to do more.â&#x20AC;? The Principal, Corona Secondary School, Mrs. Chinedum Oluwadamilola recalled how it all started four years ago saying, â&#x20AC;&#x153; at the time I got to the secondary school, the process had started and of course, we continued the process because there were lots of things to put in place; majorly we had to look at the infrastructure, the curriculum, teaching and learning, safety, policies, the governance structure (because they needed assurance that there would be continuity in funding for the school to continue to grow) and our financial standing as well. Those were the areas we needed to put together to ensure that we meet the standard prescribed for us.â&#x20AC;? She added that the association had visited four times, noting, â&#x20AC;&#x153; the major one was the self-study visit where they brought six members from different parts of the world; Turkey, China, UK, USA, Ghana and Tunisia, to come and look at all the areas. Following that visit they pointed to areas that needed improvement and afterwards, we were given accreditation in June.â&#x20AC;? â&#x20AC;&#x153;In all, there were four visits. The major one was the Self Study visit where they put together six members from different part of the world (from Turkey, China, UK, USA, Ghana and Tunisia) to come

and look at all the areas and were with us for five days. They came with wealth of experience process and they know what they were looking. Following that visit they pointed to areas that needed improvement. And after May visit they gave us the accreditation in June.â&#x20AC;? Corroborating the school Principal, the Chief Executive Officer of the School, Mrs. Adeyoyin Adesina said her school went as far as Kigali in Rwanda to share a note with one of the schools that also got the NEASC accreditation after the six team members visited. â&#x20AC;&#x153;As the only school in Nigeria we didnâ&#x20AC;&#x2122;t have anybody to look up to. Ghana was the first to get it in West Africa and because one of the visiting members was from Ghana we had to jettison that idea. So it was a thorough process and not window dressing.â&#x20AC;? She expressed optimism that the school will take its place as leader in the education sector saying, â&#x20AC;&#x153;we have come to a stage where we begin to influence policies that will influence education sector in Nigeria.â&#x20AC;? The Chairman, Steering Committee NEASC, Mr. Paul Obah said the accreditation gives the school the opportunity not to rest on its oars to meet international standards and be able to carry it with confidence. â&#x20AC;&#x153;As a proudly Nigerian school you have to set up where our students can match with their counterpart wherever they find themselves globally and they compete and fit in perfectly. Currently, we have a delegation of our students in USA attending the Global Youthâ&#x20AC;&#x2122;s Leadership conference.

Teachers in the face of Economic Recession The objective of most school teachers is to impact knowledge, which is adjudged globally as a veritable source of power in a seamless manner. This is especially to ensure that students live and work successfully in any state that they ďŹ nd themselves in our globalized world. However, in this days of economic recession, most teachers in our schools now ďŹ nd it very hard to concentrate and often times now sleep oďŹ&#x20AC;spasmodicallyinclass.Whatismajorlyresponsibleforthisisinsomnia thatisoccasionedbyfatigue.Thisisasaresultoftoomuchthinkingnow usually associated with the economic reality in our dear country. Our teachers are worse hit and this now aďŹ&#x20AC;ects their total concentration. InsomniaisdiďŹ&#x192;cultyfallingasleeporstayingasleep,evenwhenaperson has the chance to do so. People with insomnia can feel dissatisďŹ ed with theirsleepandexperienceusuallysymptomssuchaslowenergy,diďŹ&#x192;culty in concentrating, decreased performance in school and general fatigue. What would make a teacher constantly drop his/her head on the table, in the staďŹ&#x20AC; room and sleep oďŹ&#x20AC;? Worse still what would make you doze oďŹ&#x20AC;duringstaďŹ&#x20AC;meetings,whilstimportantmattersarebeingdiscussed. Why are you not addressing the constant embarrassment you suďŹ&#x20AC;er, when your students catch you sleeping or dozing in class? A common culprit in this matter is the issue of this insomnia which is a recurrent experiences of inadequate sleep. Sleep is an essential part of good health and wellbeing. A good nightâ&#x20AC;&#x2122;s sleep helps you feel good, look healthy, work eďŹ&#x20AC;ectively and think clearly. Sleepimpactspositivelyonyourmind,bodyandsoul.Yourbodyâ&#x20AC;&#x2122;sorgans and systems are at work, conducting healing and tissue repairs, whilst you are asleep.Your brain and mind re-calibrate whilst you are sleeping and body growths occur whilst you are asleep. Sleephoweverisnotalwayseasytocomeby.Ifyousometimesoralways havetroublefallingasleeporstayingasleep,youarenotaloneespecially now that the economic situation in our country is dire! Daytimedrowsinessisoftenindicativeofasleepproblemthatispotentially dangeroustoyourhealth,ifnottreatedurgently. Thisiswhygovernment shouldcriticallylookintothispresenteconomiccrisisasitaďŹ&#x20AC;ectsteachers in our schools. The eďŹ&#x20AC;orts of our teachers should be appreciated at all times more so, when they are the ones responsible for the training of our politicians no matter the angle you look at this unassailable fact! Omoru writes from the UK

Foundation Donates ICT Lab to Lagos Primary School

L-R:The Chairperson, Corona Secondary School Board, Hon. Justice Bukunola Adebiyi, Chief Executive Office(CEO), Corona SchoolsTrust Council, Mrs. Adeyoyin Adesina, Principal, Corona Secondary School, Mrs. Chinedum Oluwadamilola and Corona parentâ&#x20AC;&#x2122;s representative, Mr. Bolaji Okoya, at the media briefing announcing the accreditation of Corona Secondary School as member of New England Association of Schools and Colleges

MOUAU in Dilemma over Fate of Workers Hired on Contract Emmanuel Ugwu, in Umuahia The fate of 440 workers of Michael Okpara University of Agriculture, Umudike (MOUAU) said to have been hired on temporary basis is now hanging in the balance following their suspension by the management on the ground that their appointments have elapsed. The workers were employed at the tail end of the administration of Professor Hilary Edeoga and their employment had been a source of controversy with his successor, Professor Francis Otunta who said that the wage bill of the temporary staff constituted additional burden on the institution. The affected workers include 100 academic staff, 263 senior professional administrative and technical staff, as well as 77 junior workers. The position of MOUAU management on the issue of the affected workers was made known at a press conference jointly addressed by the Head Public Relations/

Protocol Unit, Adanma Odefa and the Deputy Vice-chancellor (Administration), Professor Joy Nwabueze. Odefa said that the employment of the 440 workers that constitute 12 percent of the total staff strength of the institution had timed out because they were hired on temporary basis between November 2015 and February 2016. To this end, payment of their salaries has been halted forthwith after they got their June salary. According to her, â&#x20AC;&#x153;the affected workers were expected to have their employment regularised within a year before they could qualify as full time staff, failure of which has led to the elapsing of their employment.â&#x20AC;? She explained that instead of outright sacking of the affected staff, the university management decided to place them on suspension during which period it would review their cases and determine those that could

still be brought back and converted to full staff of the institution. The MOUAU spokesperson further stated that Prof. Edeoga had no reason to employ 440 workers at the tail end of his tenure when his successor was already designated, adding that he purposely took the action , â&#x20AC;&#x153;knowing full well there was no funds to pay them.â&#x20AC;? In order to carry the burden of the additional 440 workers, Odefa said the university staff were made to forfeit 25 percent of their salary over the past few months as those on temporary appointment were not entitled to earn salary after their employment elapsed. She pointed out that at the time the mass employment was carried out, the university didnâ&#x20AC;&#x2122;t have need for that huge number of additional staff but, â&#x20AC;&#x153;Prof Edeoga didnâ&#x20AC;&#x2122;t care because these workers were never going to be his problem.

As part of efforts to improve the quality of education and its delivery in Nigerian public primary schools, the Bunmi Adedayo Foundation (BAF) recently donated a 40-seater state-of-the-art ICT laboratory to Yaba Model Nursery and Primary School, Lagos. The ICT laboratory, which consists of 21 desktop computers, inverters, two air conditioning units and one year internet facility, is expected to help pupils become computer literate and empower teachers in content development and research skills in line with the Sustainable Development Goal 4 (SDG) 2030 which emphasises quality education. The Chairman, Board of Directors, Mr. Babatunde Akinleye said it is expected that at least 10,000 pupils and 400 teachers would directly benefit from the ICT facility within the next five years, adding that the facility would serve all cluster schools in Surulere Local Government Education Authority (LGEA). In memory of the late Bunmi Adedayo, who was known for his passion for indigent childrenâ&#x20AC;&#x2122;s education, Akinleye called for public private partnership among organisations to give equal opportunity to the underprivileged children usually found in public schools. â&#x20AC;&#x153;Bunmi had always been passionate about disadvantaged children to enable them have access to facilities and education

that privileged children have. At inception, we were looking at the purpose and we decided that in his memory, we have to practice what he did when he was alive. â&#x20AC;&#x153;Basically children from the less privileged backgrounds are the ones who attend public schools. The whole idea is to look at the public schools and say, what are the things that the public school doesnâ&#x20AC;&#x2122;t have that those who attend private schools have which make them have an advantage over them. â&#x20AC;&#x153;We developed mentoring/ tutoring programmes for all primary six pupils every year, usually two to three months programme and at the end we send about 10 candidates for interview to determine if they will be able to cope, so we do our own evaluation and the best is chosen. The scholarship includes everything for books, accommodation, uniforms and tuition. All we do is whenever it is time to resume, we take the child to the school and we usually go for visitation from time to time to know if the child is adjusting well.â&#x20AC;? â&#x20AC;&#x153;We have sponsors who donate both in cash and kind just like the Proprietor of Neander International School, Mrs. Oguntade, who donated a full scholarship to Oâ&#x20AC;&#x2122;Level/SSCE exams, and CKC also did the same thing to us with a school fees of over N2.5 million.â&#x20AC;?

T H I S D AY WEDNESDAY JULY 26, 2017

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CITYSTRINGS

Ă?Ă&#x17E;Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă?Ă&#x2039;Ă&#x17E;Ă&#x;Ă&#x153;Ă?Ă? Ă&#x17D;Ă&#x201C;Ă&#x17E;Ă&#x2122;Ă&#x153;Ë? Ă&#x2019;Ă&#x2039;Ă&#x153;Ă&#x2013;Ă?Ă? Ă&#x201D;Ă&#x;Ă&#x2DC;ĂĄĂ&#x2039; Ă&#x2014;Ă&#x2039;Ă&#x201C;Ă&#x2013; Ă?Ă&#x2019;Ă&#x2039;Ă&#x153;Ă&#x2013;Ă?Ă?Ë&#x203A;Ă&#x2039;Ă&#x201D;Ă&#x;Ă&#x2DC;ĂĄĂ&#x2039;ĚśĂ&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x17D;Ă&#x2039;ĂŁĂ&#x2013;Ă&#x201C;Ă Ă?Ë&#x203A;Ă?Ă&#x2122;Ă&#x2014;

Keeping Dreams Alive Day Waterman College recently celebrated the valedictory service for the Class of 2017. The event had in attendance important dignitaries from the public and private sectors. Ugo Aliogo who attended the event, reports

une 29, remains a memorable day in the annals of Day Waterman College, Shagamu, Ogun State. Unlike other important days in the school calendar, the day was set aside to mark the 2016/2017 valedictory service of the Class of 2017. For a school with a rich culture in hard work and excellence, every valedictory service is an opportunity to present to the world some of its finest brains. The ceremony began with its special sparks to the delight of visiting parents, teachers and special guests. The hymn renditions from the orchestra team gave the hall, a celestial ambience. When the graduating students marched into the hall, they were the cynosure of all eyes. They walked through the isle with an angelic presence. Their faces looked solemn and wrapped in glory. Parents looked out from their seats to catch a glimpse of their wards. There were several flash lights from cameras of the joyous parents. For the graduating students, it was the end of an era. A great journey has come to an end. They have succeeded in crossing an important phase in their lives, which would launch them to another. Their hope is that the experiences and time in the school will have a direct impact in this new phase. Their tenacity to break through the hurdles is a testament of the formation they received from the school. When the Acting Principal, Dr. Tunji Abimbola, walked up to the podium, there was a standing ovation from the audience. This display of respect and honour stemmed from his personality and impressive track record in academics. Abimbola is a man who has proven his mettle in school administration. He is a man cut off from the rough and tumble of daily life. On the academic front, he has continuously entrenched the principles of hard work, dedication and commitment to students, teaching and non-teaching staff. He is looked up to by the students as a quintessential mentor and friend. He began the address on a note of appreciation to the teaching and non-teaching staff for their immense support to the graduating students. He remarked that the mentoring the students have gained from the school was a great launch pad in this knowledge driven world. He also took time to advice the students on upholding the good virtues the school has

instilled in them. He said good character formation is a necessity of every successful man. He explained that it helps to mark an individual's path and take him/her to higher quarters. He argued that talent is not enough for excellence in any chosen endeavour, while maintaining that a good character is needed to support talent. â&#x20AC;&#x153;I urge you to uphold good character and be good ambassadors of the school and their families. Eschew poor attitude, aim extremely high and donâ&#x20AC;&#x2122;t compromise their standards because the world is counting on them.â&#x20AC;? Abimbola said from September, the students would embark on another important phase in their respective life journeys. He further stated that over 40 of the students would be attending Schools and Colleges in the United Kingdom, while 14 would be moving to Colleges in Canada and a minimum of seven would be progressing to schools in the United States. The Acting Principal added that some students have decided to go for their University education in Hong Kong, China and Singapore, while others have decided to take a year off to gain work experience before furthering their education. â&#x20AC;&#x153;An academic session is coming to an end today. What made your admission poignant for me, is that these students that have been part of Day Waterman College. After five years

I urge you to uphold good character and be good ambassadors of the school and their families. Eschew poor attitude, aim extremely high and donâ&#x20AC;&#x2122;t compromise their standards because the world is counting on them

The DAY Waterman College Class of 2017 at their valedictory service ...recently

you must move on after an incredible journey. Over the years, I believe you have become more resilient, confident and self- motivated. I am excited about everyone of you. â&#x20AC;&#x153;You have the potential to be all you want to be. I urge you to put your energies, time and talent to the institution with strong codes of conduct which will benefit you and the community at large. Many great corporate disasters would not have happened if they applied strong codes of conducts.â&#x20AC;? Abimbola urged the students to focus solely on their future, adding that at this stage whatever they focus all their energy and time on, would have an immediate impact on them. Therefore he urged them to search for opportunities in every situation and make best use of it. In her remarks, the Valedictorian, Adebola Osuntoki, noted that they wrote the external examinations and had interviews, while fine tuning their paths after DWC and preparing intensely for the International General Certificate of Secondary Education (IGCSE). â&#x20AC;&#x153;Right from the outset, we were labelled as â&#x20AC;&#x2DC;smoking from here and thereâ&#x20AC;&#x2122; and truthfully, we were a cohort filled with a spectrum of gifts and talents. I am confident that we fulfilled this appraisal and God helped us, our results will be the physical proof of our hard work.â&#x20AC;? In her remarks, the former Chief Executive Officer, Standard Chartered Bank, Bola Adeosun, called on the students to make wise choices in

order not to jeopardise their future and dreams. She advised the students to find their own respective identity and pursue it with integrity, while urging them to always strive to be a first rate version of themselves, instead of settling for a second rate version. â&#x20AC;&#x153;If there is no opportunity, you need to build a new door for yourself. Honour your parents and donâ&#x20AC;&#x2122;t forget the background that you are coming from. Donâ&#x20AC;&#x2122;t forget the trainings and the teachings you have gotten from DWC. Shun deviant behaviours that will bring disgrace to your parents. Avoid temptations that will bring you shame,â&#x20AC;? she advised. Adeosun reminded the students that they were the future of the nation; therefore they must live upright, build a lasting legacy and make a mark for themselves in the affairs of life. She challenged them never to conform to the happenings of the bandwagon, while urging them to pursue their goals with enthusiasm and prepare themselves for the task of nation building. The success story of the Day Waterman College canâ&#x20AC;&#x2122;t be complete without a reflection on the founderâ&#x20AC;&#x2122;s message, late Olutayo Aderinokun. The founder in his message, said at DWC it is their firm belief that secondary education remains one of the most important phases of a childâ&#x20AC;&#x2122;s educational journey because it is in secondary school that the most enduring relationships in an individualâ&#x20AC;&#x2122;s life are made; hence the clichĂŠ â&#x20AC;&#x2DC;Old Boys Networkâ&#x20AC;&#x2122;. Given this

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CITYSTRINGS

The Valedictorian Adebola Osuntoki (second from left ) receiving an award of excellence from the Acting Principal Dr. Tunji Abimbola

background, it is therefore important that the experience of the child at this crucial period of life be solid, rewarding and pleasurable. It stated that over the last two decades, they have witnessed a marked deterioration in the quality of education available in Nigeria, and its immediate environs, as a result of massive direct government intervention in education. Therefore, the major force driving the founders of the school is the desire to reverse this trend. It added: â&#x20AC;&#x153;We believe that the Nigerian child

If there is no opportunity, you need to build a new door for yourself. Honour your parents and donâ&#x20AC;&#x2122;t forget the background that you are coming from. Donâ&#x20AC;&#x2122;t forget the trainings and the teachings you have gotten from DWC. Shun deviant behaviours that will bring disgrace to your parents. Avoid temptations that will bring you shame

The Day Waterman College Valedictorian, Adebola Osuntoki, and her Parents, Mr. and Mrs. Osuntoki

should have the benefit of a high quality education while remaining in the local environment that allows them to maintain their cultural values and family affiliations. We are set to provide such an environment. Towards achievement of these objectives therefore, DWC will

provide education of world class standard in an environment of care, using the best available facilities both locally and abroad, to build the next generation of leaders for our country and indeed the African continent. â&#x20AC;&#x153;We seek to provide a platform for education

that will meet, and in due course surpass, the most demanding standards available anywhere in the world. DWC is an institution that heralds a new chapter in the provision and delivery of high quality international standard secondary education in Nigeria,â&#x20AC;? it stated.

T H I S D AY Ëž , JULY 26, 2017

BUSINESS/MONEYGUIDE

Senate Commends CBNâ&#x20AC;&#x2122;s Moves to Block Leakages in FX, Shore up Naira Duro Ikhazuagbe The Senate has commended the Central Bank of Nigeria (CBN) for installing an Enterprise Screening Platform (ESP) through which leakages experienced in the allocation and management of foreign exchange as well as the collection of revenue in the country by the Nigerian Customs Service (NCS) would be blocked. The Chairman of the Senate Joint Committee on Customs, Excise & Tariff and Marine Transport, Senator Hope Uzodinma, who made the commendation, noted that the platform, designed by the CBN to aid the apex bank stabilise the naira, by providing accurate cross referenced data on all trade facilitation documents like the Form M, Bill of Lading, Letters of Credit, Clean Certificate of Inspection, tracking of repatriation of forex proceeds records and online real time remote screening of inbound and outbound cargo or passengers, was timely to curb inherent leakages in revenue collection by the Customs. Under the new arrangement, the hitherto manual examination of cargo for the purpose of duties collection by the Customs and infractions; including the abuse of Form M, violation of foreign exchange manual issued by the Central Bank

of Nigeria (CBN), incorrect classification, under-valuation, under-declaration, incorrect declaration, incorrect origin, error in calculation, temporary importation, exemptions & waivers, forex manipulations, unit cost analysis & excise, smuggling & illegal removal of cargo from terminals and lack of exit certificate by vessels would be completely eliminated. The measure, which has already been introduced by the CBN Governor, Mr. Godwin Emefiele, also comes with brand new scanners which the NCS would not expend money to buy new ones. This came to the fore at the recent hearing of the Senate Joint Committee on Customs, Excise & Tariff and Marine Transport headed by Uzodinma, when the CBN through the Chairman of the Technical Committee on the Comprehensive Import Supervision Scheme (CISS), Gotring Wuritka Dauda, informed the committee that Nigeria was losing trillions of naira through the manual revenue collection and other associated infractions. Giving a detailed account of how the platform works, the CBN said that the platform as designed would utilise its revolutionary modular architecture to integrate hardware and software solutions that would create a factual data mapping platform that ensures absolute visibility

of all transactions within the import - export value chain. The platform comprises a Network Operating Center (NOC) that is a centralised command and control centre where realtime data from the Operational Screening Stations (OSS) are monitored. The OSS is deployed at all exit and entry points in the country (Land, Air and Sea) and comprises High Definition Scanners and proprietary analysis software that are remotely linked by high speed Tri-Channel data path comprising a mix of VSAT, BTS and Fibre channels to the NOC. The platform boasts of Remote Screening Stations (RSS), configured as a war room, which is installed at the CBN, the Nigerian Customs Headquarters, the Ministry of Finance and the Presidency from where the ESP could be monitored in real time on a Video Graphic Display with 36 panels given life views of activities across all Nigeriaâ&#x20AC;&#x2122;s entry and exit points. The ESP has an inbuilt Remote Support System that welds the geographical dispersed locations onto a single platform that is administered from the NOC and supports them through, video, audio and data channels with real life interactive personnel who use Video Calls, Online Chat, Standard Operations Manuals and Knowledge bases to support field operatives.

Sigma Pensions Unveils New Corporate Identity Nume Ekeghe Sigma Pensions Limited, one of the leading pensions fund administrators has said that it targets is to increase its Asset Under Management (AUM) to N600 billion in the next few years, from the N310 billion currently under its management. The Managing Director/Chief Executive Officer of Sigma Pensions Limited Mr. Dave Uduanu said this yesterday at the rebranding of the company in Abuja. Also, the firm unveiled a new corporate identity, as part of the evolution of the Sigma brand as it strives towards achieving various milestones. Uduanu said: â&#x20AC;&#x153;Sigma Pensions has indeed come a long way and many of you here have been a part of that journey. You have celebrated milestone after milestone with us over the years and we acknowledge

your commitment, we appreciate your patronage. â&#x20AC;&#x153;Now that we have reached and exceeded the milestone of N310 billion, we are braced for the next challenge which is to achieve an AUM of N600 billion through organic growth within the next few years. By 2020, we aim to be a more productive and profitable organisation and we look forward to embarking on this journey with you.â&#x20AC;? Speaking further on what prompted the rebranding exercise, the Sigma boss said: â&#x20AC;&#x153;It is as a result of the new ownership that we have decided to rebrand as part of the evolution of the new Sigma. The new refreshed logo symbolises who we are today and showcases our dynamic futuristic approach to our business. Sigma Pensions has an energised and rebranded team of competent thought leaders to actualise our goals and

we reiterate our commitment to consistently deliver value to all our stakeholders. â&#x20AC;&#x153;We are pleased to announce the launch of our new company identity as part of the evolution of the Sigma brand. The new refreshed logo symbolises who we are today and showcases our dynamic futuristic approach to our business. We have an energised and rebranded team of competent thought leaders to actualise our goals.â&#x20AC;? He explained that the colour blue symbolises a sense of security, while connoting trust, dependability and professionalism, adding that colour green is perceived as the colour of money and liquidity. It represents: Growth, Renewal, and Wealth. The new Sigma Pensions will be a company solely focused on putting the needs of its customers first, he said.

Coral Income Fund Unit Holders Get N23.34 Per Unit Dividend Despite the downturn in the Nigerian economy last years, unit holders in the Coral Income Fund have been rewarded with N23.34 per unit dividend even as the fund manager has promised to enhance unit holdersâ&#x20AC;&#x2122; return. The Coral Income Fund is an open unit trust scheme managed by FSDH Asset Management Limited. The Fund was established in 2006 with the objective of providing unit holders with capital preservation and appreciation over the long term. Since the inception of the Fund, it has been consistent in distributing dividend to unit holders. The Fund Manager, Mrs.

Olumayowa Ogunwemimo, in a statement assured unit holders that their company was in good hands, adding that the 2016 performance was a testimony to the fact that a good future awaits them. She stressed that the investment management process of the Fund is overseen by an investment committee which is made up of an experienced portfolio management team who have broad experience in the Nigerian Financial Market. Ogunwemimo mentioned that the Fund would continue to lock into high yielding fixed income and money market instruments in order to provide unit holders with highest possible returns.

She said the company recorded a profit after tax of N104.80 million for the year ended December 31, 2016, as against the N64.45 million earned in the corresponding year, indicating an increase of 63 per cent. Speaking on its investment pattern, she said: â&#x20AC;&#x153;As at December 2016, 100 per cent of the fundâ&#x20AC;&#x2122;s assets were invested in varying money market and fixed income instruments. These investments were made up of bonds issued by blue chip corporate entities (12.45 per cent), Treasury bills (85.39 per cent) as well as other short term securities and fixed deposit (2.15 per cent).â&#x20AC;?

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&#x2122;Ă&#x;Ă&#x153;Ă?Ă? Ě&#x2039;

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&#x2122;Ă&#x2DC;Ă?Ă&#x17E;Ă&#x2039;Ă&#x153;ĂŁ Ă&#x2122;Ă&#x2013;Ă&#x201C;Ă?ĂŁ Ă&#x2039;Ă&#x17E;Ă? Ě&#x2039; ÍŻÍąĎą

OPEC DAILY BASKET PRICE AS AT, MON, 24 JULY 2017 The price of OPEC basket of fourteen crudes stood at $46.01 a barrel on Monday, compared with $46.99 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 26, 2017

Nigeria’s top 50 stocks based on market fundamentals

25-July-17 24-July-17

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

Table 1 Market Statistics Mkt Indicators

Open 24-July-1

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

34,652.52 11.94

35,065.47 12.09

1.19 1.19

145.95 11.36

146.33 11.39

0.26 0.26

01 Dangote Cement Plc

222.60

0.00%

3,793,216,948,353.00

10.95

19.08

5.79

3.83%

4.47

02 Nigerian Breweries Plc

155.60

159.00

-2.14%

1,233,768,098,172.80

3.58

42.98

3.89

2.34%

7.36

03 Guaranty Trust Bank Plc

37.60

37.50

0.27%

1,106,612,338,822.40

4.49

8.14

2.60

4.84%

2.13

04 Zenith Bank Plc

23.85

23.25

2.58%

748,806,376,796.10

4.13

5.31

1.36

8.21%

0.98

910.00

902.00

0.89%

721,317,189,320.00

10.00

90.32

3.93

3.21%

23.18

06 United Bank for Africa Plc

10.10

9.45

6.88%

366,423,215,852.20

1.99

4.52

0.85

6.67%

0.73

07 Stanbic IBTC Holdings Plc

33.50

0.00%

335,000,000,000.00

2.85

11.04

2.01

0.32%

2.24

08 Access Bank Plc

10.06

10.08

-0.20%

291,015,394,607.86

13.18

0.75

5.56%

0.63

09 Ecobank Transnational Incorporated

15.00

0.00%

275,243,268,225.00

0.68

20.89

0.44

4.39%

0.41

10 Lafarge Africa Plc

60.05

60.20

-0.25%

273,521,853,690.50

3.71

14.02

1.08

5.77%

0.95

485.00

0.00%

268,355,501,805.00 -82.02

-5.79

4.15

3.35%

0.70

61.26

61.00

0.43%

243,231,423,776.70

0.03 2,207.26

3.59

2.01%

6.13

Table 4 Top 5 Losers

6.02

6.00

0.33%

216,089,662,607.84

0.21

29.11

0.41

2.48%

0.35

Stock

38.32

0.00%

144,975,912,300.00

0.81

40.64

1.79

0.15%

10.68

15 Dangote Sugar Reﬁnery Plc

8.71

9.13

-4.60%

104,520,000,000.00

1.20

7.50

0.64

5.56%

1.63

16 International Breweries Plc

30.00

0.00%

98,827,478,400.00

0.02 1,396.24

3.89

0.79%

9.45

17 Guinness Nig Plc

63.00

0.00%

94,870,955,844.00

-3.06

-20.60

0.92

5.08%

2.41

18 Mobil Oil Nig Plc

254.50

0.00%

91,771,494,179.00

22.61

11.50

1.00

2.77%

4.37

7.50

0.00%

90,259,641,705.00

0.29

26.00

0.20

9.93%

0.47

256.99

0.00%

87,253,716,890.63

43.58

5.97

0.30

5.38%

3.75

21 Forte Oil Plc.

62.90

57.50

9.39%

81,926,061,378.70

2.22

25.31

0.49

6.14%

1.69

22 Flour Mills Nig. Plc

27.10

26.70

1.50%

71,116,827,767.70

-1.19

-20.95

0.16

8.00%

0.66

23 Okomu Oil Palm Plc

67.00

64.00

4.69%

63,911,970,000.00

5.15

11.56

3.95

0.17%

3.34

1.61

0.00%

62,340,805,854.25

-0.03

-47.76

0.91

0.00%

0.62

25 7-Up Bottling Comp. Plc

90.21

0.00%

57,787,656,646.23

-0.05

0.61

2.47%

2.57

26 Julius Berger Nig. Plc

36.00

0.00%

47,520,000,000.00

-2.89

-11.30

0.31

4.59%

0.61

1.29

1.26

2.38%

37,361,735,542.68

0.39

3.25

0.24

12.70%

0.20

16.68

17.39

-4.08%

32,040,017,975.16

3.37

4.92

0.42

6.03%

0.42

29 Diamond Bank Plc

1.26

1.25

0.80%

29,182,090,099.68

-0.29

-4.36

0.14

0.00%

0.13

30 Sterling Bank Plc

0.99

1.02

-2.94%

28,502,513,944.74

0.18

5.69

0.26

8.82%

0.34

31 FCMB Group Plc

1.29

1.26

2.38%

25,545,496,907.49

0.72

1.73

0.14

8.00%

0.14

35.44

0.00%

24,808,000,000.00

2.29

15.47

3.64

3.24%

10.86

9.15

9.30

-1.61%

24,242,361,158.70

0.91

10.42

1.38

5.79%

3.13

34 Cadbury Nigeria Plc

12.75

12.80

-0.39%

23,947,076,010.00

-0.16

-79.59

0.79

10.35%

2.13

35 Glaxo Smithkline Consumer Nig. Plc

20.00

0.00%

23,917,529,760.00

3.51

5.69

1.66

1.50%

1.40

36 Mansard Insurance Plc

2.10

2.00

5.00%

22,050,000,000.00

0.25

8.89

1.13

2.24%

1.16

37 PZ Cussons Nigeria Plc

21.40

0.00%

21,400,000,000.00

5.69

3.78

1.50

0.47%

0.58

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

3.56

0.00%

20,939,436,534.20

0.91

3.94

0.54

3.92%

0.70

40 Honeywell Flour Mill Plc

1.97

1.95

1.03%

15,622,489,386.26

-0.40

-4.50

0.30

8.79%

0.43

41 Continental Reinsurance Plc

1.25

1.30

-3.85%

12,965,930,390.00

0.42

3.29

0.65

8.70%

0.77

42 Cement Co. Of North.Nig. Plc

9.70

0.00%

12,189,774,330.20

0.22

44.31

1.10

1.03%

1.13

43 Skye Bank Plc

0.71

0.73

-2.74%

9,855,014,001.10

-2.93

-0.21

0.05

49.18%

0.08

44 Unity Bank Plc

0.61

0.67

-8.96%

7,130,496,144.62

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

2.78

0.85

6.00%

0.41

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

3.00

3.02

-0.66%

5,156,249,985.00

-0.90

-3.22

0.79

24.14%

0.15

48 Nigerian Aviation Handling Company Plc

2.99

2.80

6.79%

4,856,414,062.50

0.36

8.36

0.61

6.69%

0.75

49 Fidson Healthcare Plc

3.08

2.94

4.76%

4,620,000,000.00

0.21

14.06

0.58

1.68%

0.68

50 AIICO Insurance Plc

0.57

0.00%

3,950,216,553.60

1.48

0.41

0.16

8.20%

0.49

05 Nestle Nigeria Plc

11 Seplat Petroleum Dev. Co. Ltd 12 Presco Plc 13 FBN Holdings Plc 14 Unilever Nigeria Plc

19 Oando Plc 20 Total Nigeria Plc

24 Transnational Corporation Of Nigeria Plc

27 Fidelity Bank Plc 28 U A C N Plc

32 Cap Plc 33 National Salt Co. Nig. Plc

TOTAL

11,393,538,827,453.40

TOTAL MARKET CAP

11,550,943,562,369.10

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

98.64%

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

Close Change % 25-July-17

Table 3 Top 5 Gainers Stock

Open 24-Jul-1

Forte Oil Plc. United Bank for Africa Plc Nigerian Aviation Handling Company Plc Mansard Insurance Plc Fidson Healthcare Plc

57.50 9.45 2.80

62.90 10.10 2.99

9.39 6.88 6.79

2.00 2.94

2.10 3.08

5.00 4.76

Open 24-Jul-1

Unity Bank Plc Dangote Sugar Reﬁnery Plc U A C N Plc Continental Reinsurance Plc Sterling Bank Plc

Close Change % 25-Jul-17

0.67 9.13 17.39 1.30 1.02

Close Change % 25-Jul-17 0.61 8.71 16.68 1.25 0.99

-8.96 -4.60 -4.08 -3.85 -2.94

NSE Index sustains bullish trend with 1.19% appreciation Market pulse on the Nigerian Stock Exchange (NSE) today – Tuesday, July 25th, 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 and Oil & Gas (Save Consumer Goods and Insurance). However, trading activities decreased in volume as 288.58m shares worth of N2.46 billion in 2,578 deals exchanged hands today. This is a decrease from 293.75m shares worth of N3.95 billion in 3,712 deals which exchanged hands on Monday. Topping in volume terms are: United Bank for Africa Plc, Transnational Corporation Of Nigeria Plc and Fidelity Bank Plc; United Bank for Africa Plc and Access Bank Plc ended trading as the most active stocks in value terms. Brent crude oil price today shows downward signal as it dips to US$50.24 per barrel while it stood at $48.60 per barrel at its previous closing. The All Share Index (NSEASI) closed positive with 1.19% (+412.95) increase to close at 35,065.47 from 34,652.52 the previous trading day. Market capitalization appreciated in tandem to N12.09 trillion from N11.94 trillion of prior trading day. Similarly, the Thisday BGL 50 Index closes with an increase of 0.26% to 146.33 from 143.10 recorded at the end of the previous trading day, while its market capitalization stood at N11.39 trillion from N11.36 trillion of the previous trading day. Market breath closed positive today as 23 stocks gained on the bourse while 16 stocks also declined leaving 55 stocks unchanged. Topping the Thisday BGL 50 Index gainers’ list Forte Oil Plc as it emerged as the day’s toast of investors with a gain of 9.39% to close at N62.90 per share. It was followed by United Bank for Africa Plc with a gain of 6.88% to close at N10.10 per share. Others on the gainers list include: Nigerian Aviation Handling Company Plc, Mansard Insurance Plc and Fidson Healthcare Plc; while on the decliners’ list, Unity Bank Plc lead with a loss of 8.96% to close at N0.61 share. It was followed by Dangote Sugar Refinery Plc with a loss of 4.60% to close at N8.71 per share. Others on the decliners list include: UACN Plc, Continental Reinsurance Plc and Sterling Bank 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 26, 2017

MARKET NEWS

Guinness MD Says N40bn Rights Issue Will Enhance Firmâ&#x20AC;&#x2122;s Performance Goddy Egene and Nosa Alekhuogie The Managing Director of Guinness Nigeria Plc, Mr. Peter Ndegwa, yesterday said that the N39.70 billion Rights Issue being floated by the company would optimise its balance sheet for future growth and continue to deliver higher to investors.

The company is offering 684,494,631 ordinary shares of 50 kobo each at N58 per share to existing shareholders to raise about N39.70 billion. The offer opened on Monday, July 24, and will close on August 30, 2017. Stanbic IBTC Capital Limited is the issuing house for the rights issue. But speaking at the companyâ&#x20AC;&#x2122;s â&#x20AC;&#x2DC;Facts behind the issue presenta-

T H E MAIN BOARD

DEALS

MARKET PRICE

tion to stock market operators at the Nigerian Stock Exchange (NSE) in Lagos, yesterday, Ndegwa said that the proceeds of the offer would help the company repay outstanding loan obligations, improving the operational and financial flexibility of the company. He stated that the rights issue was being floated to deleverage the companyâ&#x20AC;&#x2122;s balance sheet

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

and reduce finance costs. He noted that the company obtained a loan from Diageo in 2016 to manage foreign exchange related obligations, noting that between 2015 and 2016 obtained loan facilities from various financial institutions to fund working capital requirements and business expansion operations. Ndegwa said: â&#x20AC;&#x153;This Rights

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

Issue will allow the company to deliver on its strategic objectives and give all our shareholders a unique opportunity to increase their shareholding in the company. Our expectation is that funds raised will help mitigate the impact of increasing finance costs, optimise our balance sheet and improve the companyâ&#x20AC;&#x2122;s financial flexibility.â&#x20AC;? â&#x20AC;&#x153;Our expectation is that funds

raised will help mitigate the impact of increasing finance costs, optimise our balance sheet and improve the companyâ&#x20AC;&#x2122;s financial flexibility,â&#x20AC;? he added. Also speaking at the event, Chairman, Guinness Nigeria, Mr. Babatunde Savage stated that the process is part of the companyâ&#x20AC;&#x2122;s long term plans to continue to invest and return to profitability.

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 26, 2017

MARKET NEWS

Presco Posts 772% Rise in Profit amidst Economic Challenges Solomon Elusoji Presco Plc, one of the leading players in Nigeria’s oil palm sector, has announced a 772 per cent increase in its profit profit after (PAT) to N21.735 billion for the year ended December 31, 2016, up from N2.494 billion in 2015. The Chairman of Presco Plc, Mr. Pierre Vandebeeck, stated this while addressing shareholders during the company’s 24th annual general meeting (AGM) in Benin, Edo

State. According to him, for three years running there has been increasing challenges in the Nigerian business environment and the economy contracted in 2016 for the first time in two decades. “In 2016, inflation rose to an 11-year high of 18.55 per cent in the last quarter of the year. There was no improvement in government revenue and monetary liquidity deteriorated. Forex availability worsened both in terms of scarcity and

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

depreciation of the naira against major international currencies,” Vandebeeck said. However, he noted that none of these complex challenges could limit Presco’s impressive performance. During the period under review, the company recorded a turnover of N15.716 billion compared to N10.448 billion in 2015, resulting in PAT , after accounting for changes in fair value of biological assets, of N21.735 billion compared to N2.494 billion in 2015.

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 24Jul-2017, unless otherwise stated.

Accordingly, the company’s board of directors proposed a dividend of 150 kobo per share, which amounts to N1.5 billion to be paid to shareholders.. One of the company’s shareholders, Mr. Peter Okoh, told THISDAY he was particularly excited about the biological assets evaluation which shot up Presco’s final earnings. “It’s a fantastic result. Besides, 150 kobo is one of the highest they have ever paid as dividend, so we are very happy

as shareholders.” The company’s success can also be attributed to its aggressive plantation policy. Presco, which is a subsidiary of Siat, a Belgian agro-industrial company, has three estates – Obaretin (7,000ha) and Ologbo (11,000ha) both in Edo state, and Cowan (2,800ha) in Delta state. The three estates achieved production of fresh fruit bunches (FFB) 176,477 tonnes in 2015, about14,000 more than the previous year, and 164, 513 tonnes in 2016. The company

recently started operations in Sakponba with the development of a nursery and is actively looking for new land to work with. The Governor of Edo State, Mr. Godwin Obaseki, has stated his administration is ready to give the company more land, after observing the business’s positive impact on its peoples. In addition, the company is looking to acquire plantations that are badly managed in other states to be bought out or leased.

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 169.47 169.69 33.27% Nigeria International Debt Fund 227.44 227.62 6.96% 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 0.77 0.78 10.02% 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 18.89% 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 15.95 16.44 29.22% ARM Discovery Fund 345.33 355.75 20.25% ARM Ethical Fund 24.62 25.36 10.18% ARM Money Market Fund 1.00 1.00 17.77% 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 136.06 137.02 29.36% AXA Mansard Money Market Fund 1.00 1.00 18.86% 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 10.97 11.25 17.19% Women's Investment Fund 92.36 94.73 9.18% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 18.61% 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 1,100.61 1,101.70 8.71% FBN Heritage Fund 134.94 136.09 21.04% FBN Money Market Fund 100.00 100.00 18.08% FBN Nigeria Eurobond (USD) Fund - Institutional $108.85 $109.85 5.87% FBN Nigeria Eurobond (USD) Fund - Retail $108.13 $109.13 5.90% FBN Nigeria Smart Beta Equity Fund 145.17 146.99 28.81% 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 1.27 1.29 36.17% Legacy Short Maturity (NGN) Fund 2.80 2.80 9.08% 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 14.36% 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 17.50% Vantage Balanced Fund 1.99 2.01 18.30% Vantage Guaranteed Income Fund 1.00 1.00 18.37%

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 1.09 1.11 9.96% Lotus Halal Fixed Income Fund 1,023.39 1,023.39 6.53% 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 13.04 13.12 34.76% Meristem Money Market Fund 10.00 10.00 19.18% 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 1.14 1.16 14.89% PACAM Fixed Income Fund 10.67 10.73 2.65% PACAM Money Market Fund 10.00 10.00 15.30% 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 121.10 124.52 20.13% 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 1.34 1.34 7.25% 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 2,100.30 2,112.38 14.70% Stanbic IBTC Bond Fund 163.31 163.31 6.07% Stanbic IBTC Ethical Fund 0.94 0.95 22.73% Stanbic IBTC Guaranteed Investment Fund 203.89 203.89 9.10% Stanbic IBTC Iman Fund 160.67 162.86 23.80% Stanbic IBTC Money Market Fund 100.00 100.00 18.55% Stanbic IBTC Nigerian Equity Fund 9,061.75 9,165.20 19.48% 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 1.29 13.84% United Capital Bond Fund 1.37 1.37 11.88% United Capital Equity Fund 0.80 0.82 19.53% United Capital Money Market Fund 1.13 1.13 3.53% 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 11.92 12.12 22.94% Zenith Ethical Fund 12.61 12.75 15.29% Zenith Income Fund 18.30 18.30 10.72%

REITS NAV Per Share

Yield / T-Rtn

11.41 128.61

1.01% 3.74%

Bid Price

Offer Price

Yield / T-Rtn

10.09 98.92

10.19 100.78

14.84% 30.54%

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

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.21 7.88 15.90 21.22 131.35

4.25 7.96 16.00 21.42 133.34

52.14% 12.02% 33.20% 32.83% 1.88%

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 26, 2017

WEDNESDAY JULY 26, 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Israel Removes Flashpoint Metal Detectors at Jerusalem Holy Site Israel has removed metal detectors from outside a holy site in East Jerusalem after uproar from Palestinians over their recent

introduction. It said it plans to replace them with less obtrusive surveillance. However Muslim leaders have

Switzerland Chainsaw Attack: Manhunt Becomes International Swiss police have issued an international arrest warrant after a man went on the rampage with a chainsaw in the town of Schaffhausen. Suspect Franz Wrousis, 50, is still on the run more than 24 hours after the attack on a local health insurance office close to the German border. Five people were hurt. The victim with the most serious wounds is now out of danger, police said. They believe the suspect is still armed with the chainsaw. Police released a new photo of Franz Wrousis on Tuesday and said he had convictions for weapons offences in 2014 and 2016. “Anyone who sees him should avoid him,” a spokesman warned. They said he had been wearing the same green jacket shown in the picture and that he was carrying three bags, including a black bin-type bag thought to contain the chainsaw. Police with dogs spent the night searching an area close to the German border. However, officials in the German

state of Baden-Württemberg said there was no evidence that the suspect had left Switzerland. The suspect was said to have lived in local forests close to the border for some time, and photos issued by police on Monday showed a man of dishevelled appearance. The attack unfolded shortly after 10:30 (08:30 GMT) on Monday, when two workers were attacked and wounded by a chainsaw at the CSS insurance office. One was badly hurt and needed surgery in hospital. Police said Franz Wrousis had been a customer of the agency. Two customers suffered shock and a bystander was slightly hurt during the ensuing security operation, police said. The suspect’s vehicle was found on Monday and prosecutors warned he was “aggressive and dangerous”. As the manhunt continued on Tuesday, all the insurance agency’s offices were shut in the immediate area and children’s holiday activities were cancelled.

called on worshippers to continue boycotting the sacred compound for now. There were deadly clashes after the metal detectors were set up, which Palestinians saw as an Israeli attempt to assert control over the site. Israel said they were necessary to prevent weapons being smuggled

in. It followed the killing on 14 July of two Israeli policemen by Israeli-Arab gunmen, who police say had hidden their weapons on the hilltop site known to Jews as the Temple Mount and Muslims as Haram al-Sharif. The Israeli prime minister’s office said the state security bodies

had recommended replacing the metal detectors with “advanced technologies and other means”. It said the new, unspecified, measures, costing 100m shekels ($28m; £21m), would be put in place over the next six months. Until then, extra police would be deployed around the site, it added.

However, the Muslim body which oversees the holy compound, the Waqf, called on worshippers to stay away from the site until it advised otherwise. Many Palestinians had been refusing to visit the complex as long as the metal detectors were there, holding prayers in the street outside the Old City instead.

Official: US Navy Ship Fires Warning Shots near Iranian Ships A U.S. Navy patrol boat fired warning shots Tuesday near an Iranian vessel that came close to it during a tense encounter in the Persian Gulf, an American defence official said. The incident involving the USS Thunderbolt, a Cyclone-class patrol ship based in Bahrain as part of the U.S. Navy’s 5th Fleet, is the latest confrontation between Iranian vessels and American warships. The Thunderbolt was taking part in an exercise with American and other coalition vessels when the Iranian patrol boat approached it, the official said. The Iranian ship did not respond to radio calls, flares and sirens as it came within 150 yards (137 meters) of the Thunderbolt, forcing the U.S. sailors aboard to fire the warning shots, the official said. The Iranian boat went “dead in the water” after the shots and the vessels all left the area without

further incident, the official said. The official spoke on condition of anonymity as the incident had yet to be made public. Iranian officials and state-run media there did not immediately acknowledge the incident. Iran and the U.S. frequently have tense naval encounters in the Persian Gulf. The U.S. Navy recorded 35 instances of what it describes as “unsafe and/or unprofessional” interactions with Iranians forces in 2016, compared to 23 in 2015. Of the incidents last year, the worst involved Iranian forces capturing 10 U.S. sailors and holding them overnight. It became a propaganda coup for Iran’s hard-liners, as Iranian state television repeatedly aired footage of the Americans on their knees, their hands on their heads. Iranian forces view the American presence in the Gulf

as a provocation by itself. They in turn have accused the U.S. Navy of unprofessional behavior, especially

in the Strait of Hormuz, the mouth of the Persian Gulf through which a third of all oil trade by sea passes.

Trump Attacks US Attorney General as Weak on Clinton Emails US President Donald Trump attacked Attorney General Jeff Sessions again on Tuesday, calling him “VERY weak” in pursuing intelligence leaks and failure to go after former Democratic candidate Hillary Clinton over her emails. Trump’s latest Twitter salvo followed a report in the Washington Post that the president and his advisers have discussed replacing Sessions, once one of his closest allies. “Attorney General Jeff Sessions has taken a VERY weak position on Hillary Clinton crimes (where are E-mails &DNC

server) & Intel leakers!” Trump tweeted. Trump has openly criticized Sessions for recusing himself from overseeing a federal probe into possible collusion between the Trump campaign and Russian to meddle in the 2016 US presidential elections. Sessions has said he has no plans to resign. With pressure mounting from the investigation led by former FBI director Robert Mueller, Trump has sought to revive a campaign year controversy over Clinton’s use of a private server to send email while secretary of state.

WEDNESDAY JULY 26, 2017 ˾ T H I S D AY

NEWS

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

Jumbo Allocation: FG, States, LGs Share N652bn for Month of June

Ndubuisi Francis in Abuja Things appear to be looking up, at least, financially, especially for various states in the country. After last week’s handsome refunds as over-deductions for the London and Paris Clubs

of creditors, the three tiers of government -federal, states and local government- yesterday shared a total of N652.229 billion as statutory revenue for the month of June. This is the first time in the President Muhammadu Buhari administration that the various

Nigeria Has over 50% of World’s Out-of-School Children More than half of the world’s children who are not being educated are in Nigeria, the federal government has said. Acknowledging the scale of the problem, the education ministry’s permanent secretary Adamu Hussaini said it was “sad to note” that Nigeria had 10.5 million children out of school. This is the first time senior officials have admitted the size of the problem, reported the BBC yesterday. Cultural factors have been blamed but critics point to a lack of funds going to publicly funded schools. The UN’s children’s agency, UNICEF, has been campaigning on this issue as well as a number of other groups. On a visit to the country last week, education activist Malala Yousafzai met Acting President Yemi Osinbajo and asked him

to declare what she called “an education state of emergency in Nigeria”. Hussaini said those most affected were girls, street children and the children of nomadic groups, adding that economic prosperity can only be achieved with an “inclusive and functional education system”. But BBC Hausa Service says the failure in the education system is due to a lack of government funding, rather than any cultural factors as suggested by the ministry. “Government funded schools in Nigeria have practically collapsed over the years because of poor funding leaving children from poor homes with nowhere to go but the streets,” he said. UNICEF estimates that 60 per cent of Nigerian children not attending school live in the north of the country.

tiers of government would share anything above the N500 billion band. Ironically, it was exactly for the month of June 2016 that the sum of N559.032 billion (the second highest so far) was shared at the monthly Federation Allocation Committee (FAAC). Giving the breakdown of the June 2017 allocations at a media briefing after the FAAC meeting, the Accountant-General of the Federation, Alhaji Ahmed Idris, said the N652.229 comprised Value Added Tax (VAT), Petroleum Profit Tax (PPT) and customs duty. Of the N652.229 billion shared, the federal government received

the lion share of N286.650 billion, states N178.619 billion and local government councils N134.927 billion. The sum of N29.894 billion went to oil producing states under the 13 per cent derivation principle. Ahmed also revealed that statutory revenue received during the month under reference stood N570,584 billion, which is above the N317.562 billion received in May by N253.022 billion. “The decrease in the average price of crude oil from $55.18 to $50.27 per barrel and a significant decrease in export volume by 3.20

million barrels, resulted in decreased revenue from export sales for the federation by $183.68 million. “Crude oil production suffered due to leakages, shut-ins and shut-downs at terminals for maintenance and force majeur declared at Forcados terminal since February being subsisted. There were significant increases in Company Income Tax (CIT) being the peak period for its collection and Petroleum Profit Tax (PPT). Also VAT, import and Excise duties recorded marginal increases,” the AccountantGeneral explained. In response to a question as to whether or not Lagos State

has begun to benefit from the 13 per cent derivation principle, having joined the league of oil producing states, Idris said the state was already recognised as an oil-producing state. He, however, noted that relevant agencies were working round-theclock to gauge the quantum of oil being produced by the state. “Lagos is already being identified as oil-producing state, the first hurdle has been crossed. The relevant agencies to determine the quantity of oil that is being produced from the state are working round-the-clock. We are on course, the state already knows its position,” he stated.

Crude Oil Price Rises By 3% as US Shale Shows Signs of Slowdown Ejiofor Alike with agency reports Crude oil price rose by around three per cent yesterday, a day after United States oil producer Anadarko said it would cut capital spending plans and Saudi Arabia vowed to reduce crude oil exports to help curb global oversupply. The global benchmark, brent crude futures, rose $1.37 or 2.8 per cent to $49.97 a barrel, while the US West Texas Intermediate futures rose $1.39 or 3 per cent to $47.73 a barrel. Lower oil prices in June and July may be affecting US shale production, Reuters quoted Mark Watkins, regional investment manager at US Bank as saying. “Companies are not drilling as fast they had been in the beginning of 2017. They are not producing as much because it’s much less profitable with prices in the low $40s,” Watkins said. Last Monday, Anadarko Petroleum Corp posted a largerthan-expected quarterly loss and said it would cut its 2017 capital budget by $300 million because of depressed oil prices, the first major U.S. oil producer to do so. Earlier, Halliburton’s executive chairman said growth in North America’s rig count was “showing signs of plateauing. “In the US, investors have been waiting to see where that top is in oil production.” “We’ve hit a tension point,” Watkins added At a meeting of the Organiation of the Petroleum Exporting Countries (OPEC) and non-OPEC producers last Monday in St. Petersburg, Russia, Saudi Arabian Energy Minister, Khalid al-Falih, said his country would limit crude oil exports to 6.6 million bpd in

August, down almost 1 million bpd from a year earlier. Nigeria agreed to join the deal boy capping or cutting its output from 1.8 million bpd once it stabilises at that level. OPEC said stocks held by industrial nations had fallen by 90 million barrels in the first six months of the year but were still 250 million barrels above the five-year average, which is the target level for OPEC and non-OPEC members. The Joint OPEC and Non-OPEC Ministerial Monitoring Committee (JMMC) had at its fourth meeting in Russia, last Monday approved the decision of the federal government to cap Nigeria’s oil production at a sustainable volume of 1.8 million barrels per day (mbpd). The meeting reviewed the June 2017 report, and also listened to the presentations made by the representatives of Libya and Nigeria on their production recovery plans, prospects and challenges. OPEC and non-OPEC producers led by Russia had agreed to cut oil output by a combined 1.8 million barrels per day from January 2017 until the end of March 2018. However, Libya and Nigeria were exempt from the production cap to help their production to recover from destructions caused by internal strife. But in a communiqué issued at the end of last Monday’s meeting, hosted by the Russian Federation, the JMMC said it welcomed the flexibility of Nigeria in this regard, “which despite its commitment to recover its pre-crisis production level, voluntarily agreed to implement similar OPEC production adjustments as soon as its recovery reaches a sustainable production volume of 1.8 million barrels per day.”

SPEAKERS’ CONFERENCE

L-R: Senate President, Dr. Bukola Saraki; Acting President, Prof. Yemi Osinbajo, Speaker, House of Representatives, Hon.Yakubu Dogara; and Deputy Speaker of the National Assembly of Cameroon, Hon. Emilia Monjowa Lifaka, at the official opening ceremony for the 16th Commonwealth Speakers and Presiding Officers Conference (Africa Region) in Abuja....yesterday

42 Escaped Chibok Schoolgirls Graduate from Plateau, Katsina Schools Onyebuchi Ezigbo in Abuja Forty-two girls who escaped from Boko Haram terrorists after their abduction from the Government Secondary School, Chibok on April 14, 2014, have graduated from private schools in Plateau and Katsina States. The girls were sponsored by a non-profit humanitarian organisation, Girl Child Concern (GCC) chaired by Dr. Mairo Mandara, a foremost advocate of girl-child education in Nigeria and in conjunction with the Borno State Government. Speaking at a ceremony in Abuja to mark the graduation of 73 girls among whom were the 42 Chibok girls and 31 internally displaced girls, the Borno State Governor, Alhaji Kassim Shertima, said about 54,911 widows and 52,311 orphans were left to bear the brunt of the over three years of murderous insurgency in the North-east part of the country. The governor also said the activities of the dreaded Boko Haram, have left a total of 5,335 buildings from 503 schools destroyed. According to him, the figures were obtained from the report compiled by the World Bank in

partnership with European Union and the presidency. He said: “A total of 54,911 widows and 52,311 orphans were created by the years of insurgency in the North-east. “These are official figures, probably the unofficial figure may be twice these number. The truth is that we either take care of these orphans or ten to fifteen years from now, they will be the monsters that will drive us out of this land.” The 42 Chibok girls were among the 56 that escaped from the terrorists after they were kidnapped from their school in 2014. The girls were assisted by GCC to gain admission to complete their education in Nurul Islam Secondary School, Bukuru, Jos, Ulul Albab Islamic School in Katsina and Bethel International Christian Academy in Jos, Plateau State. Speaking on the challenges posed by these children from broken families resulting from terrorists activities, Shettima said there was need for leaders to take responsibility and do something to ensure that they become useful to the society, adding that failing to do so may be disastrous. According to him, some elite and political big wigs were already afraid of visiting the rural areas to

meet with the common man for fear of being molested. He added that there was presently a palpable discontent against the elite glaring on the faces of most common men. The governor stressed that unless the country’s leadership began to think towards improving the lots of the common man in the society and working for the people, the situation would deteriorate. “The truth is that we either take care of these orphans or 10 to 15 years from now, they will be the monsters that will drive us out of the land,” he said. The governor said his government was paying special attention to education and that about 30 per cent of the annual state budget is being devoted to the sector. “Where there is a will, there is always a way, we are right now building twenty mega schools across the state and each of them is going to be a state of the art institution with very conducive study environment and kitted with digital facilities,” he said. Earlier, the chairperson of GCC, Dr. Mairo Mandara, expressed gratitude to the governor as well as the Malala Fund who she said did a lot to ensure that the Chibok school girls completed their secondary

education. Mandara recounted some of the challenges faced by the Chibok girl after being rescued, adding that they faced stigmatisation in their quest to secure a new school to complete their studies. According to her, in some of the schools, the parents even threatened to withdraw their children if the Chibok girls were admitted. Speaking on the near incommunicado which the girls were kept years after escaping from captivity, Mandara said: “Today is a special day for GCC because a group of our graduating girls were kept out of the lime light for the last three years. It was difficult getting them schools at the time we got custody of these girls. Schools refused to accept them out of fears of consequences that could befall them if it is discovered that they were in the school.”. Some of the girls who spoke to THISDAY said apart from studying for their school certificate examination, they were also taught several skills that can make them survive economically. They however refused to be drawn into revealing their experiences while in captivity, describing it as heinous and agonising to remember.

WEDNESDAY JULY 26, 2017 ˾ T H I S D AY

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Osinbajo Harps on Harmony Between Executive, Legislature Saraki calls for purposeful leadership Dogara advocates strong institutions to checkmate dictators Egmont group suspension: Osinbajo meets senators to avert Nigeria’s expulsion Omololu Ogunmade and James Emejo in Abuja Acting President, Yemi Osinbajo yesterday said Nigerians deserved better dividends of democracy from the leadership, advising that positions and tenures of political office holders, particularly in the executive and legislature, must not be wasted on conflicts and divisions. Speaking in Abuja at the opening of the 16th Commonwealth Speakers and Presiding Officers Conference (CSPOC) with the theme: ‘Presiding Officer in a Challenging Society’, he said there were numerous challenges that need urgent solutions, particularly the quest to provide the ordinary Nigerian with improved living standards rather than needless conflicts between both arms of government. He added that the leadership can’t afford to betray public trust in that regard. Osinbajo, however, took a swipe at both traditional and social media practitioners for fueling the seeming disharmony between the executive and legislature. He cited an instance whereby a newspaper headline portrayed him as threatening the leadership of the legislature, humorously questioning how that could have been possible. The acting president said: “On a lighter note, I don’t know the experience of presiding officers from other nations of the portrayal of the relationship between the executive and the legislature by the press. Here in Nigeria, what makes news is conflict between the executive and the legislature. He said rumours of wrangling and quarrelling usually catch the attention of both traditional and social media platforms.

Nevertheless, Osinbajo said present circumstances in which the ordinary Nigerian finds himself demanded that the political elite show a “measure of humanity” as well as empathise with them in order to assuage their sufferings. He said the changing times further placed a burden on the executive and legislature to craft measures aimed at improving the lives of the poor. The acting president blamed the current political and economic predicament on the failure of the leadership, adding that political offices should be seen as opportunity to brighten the future of the electorates rather than for personal aggrandisement. He said: “When we work together, we can better the lives of our people.” Osinbajo further buttressed his position by arguing that government was able to decimate the Boko Haram insurgents as a fighting force largely because of the good working relationship which had existed between the executive and the legislature, whereby virements were speedily approved by the latter for purchase of military hardware to withstand and conquer the terrorists. Nonetheless, he said government has recorded significant successes in various programmes recently undertaken to achieve selfsufficiency for the country. Osinbajo said investments in local rice production have reduced import bill by 80 percent while rice yields had also improved from 3.5 metric tons to 7.5 metric tones. He assured ns that the country would achieve rice sufficiency by 2018. His comments came on a day the Senate President, Senator Bukola Saraki, said Nigeria in particular and Africa at large needed purposeful leadership in addressing its numerous challenges.

He said at a period of widespread public distrust in public officers and lots of public misconceptions of the functions of political officers, a call to higher service and accountability could go along way to turn the tide. Saraki said partnerships were critical for repositioning the continent for political and economic milestones. Also speaking at the occasion, chairperson of the conference/ Speaker, House of Representatives, Hon. Yakubu Dogara, lamented that the executive has hardly reciprocated the gesture of cooperation extended to it by the National Assembly in its effort to ensure smooth running of government for the delivery of dividends of democracy to Nigerians. He urged legislatures across the continent to free their people from dictatorship by building strong institutions that would drive socio-economic development and lift the people out of poverty. According to him, Africa’s problems could best be solved by erecting formidable institutions to free people from the “shackles

of the strongman,” adding that the parliament cannot also perform its job without strong connections. He also said there was no need for squabbles as the continent is confronted with diverse developmental challenges. Dogara noted that Africa is in a hurry to develop, stressing that this could only be achieved when strong institutions are build to replace weak ones that had been deliberately put in place by dictators to ensure that leaders remain stronger than the people. He said good governance could only be achieved through cooperation and collaboration between the legislature and the executive for the smooth running of all government institutions in the race for development. The speaker argued that the legislature as the first institution of democracy must make sacrifices in the interest of the people and support the executive to enable it deliver the people’s needs and aspirations, while at the same time, maintaining its independence. Meanwhile, in a rather emotional remarks to Nigerians leaders, Deputy Speaker, National Assets of

Cameroon, Hon. Emila Monjowa Lifaka, said many African countries currently look up to the success of Nigeria and celebrated the “long time brotherly relationship between Nigeria and Cameroon. Saraki said the legislature was the only arm of government which conducts its business in the open, hence the special interest which it’s activities had generated in recent times. He, however, pledged the National Assembly’s unflinching commitment to partnership and collaboration with the other arms of government. Meanwhile, concerned by the threat posed to Nigeria’s financial system by its suspension from Egmont Group, Osinbajo yesterday met with members of the Senate Committee on Financial Crimes and Anti-corruption in the State House, Abuja. The meeting was meant to provide a forum for both the presidency and National Assembly to reason together on possible ways of addressing the matter and consequently avert its final expulsion from the group. The senators were led to

the meeting by the committee Chairman, Senator Chukwuka Utazi. The meeting was confirmed to THISDAY by a top presidential source. Egmont Group is a network of 152 financial intelligence units (FIUs) across the world. The Nigeria Financial Intelligence Unit (NFIU), prior to Nigeria’s suspension at the July 2017 meeting of the Egmont in China, represented Nigeria in the group. The country was suspended following Nigeria’s failure to grant operational autonomy to NFIU, a situation which the group has objected to for years. Nigeria was also accused of divulging confidential information and constant leakage of sensitive intelligence to the Nigerian media, contrary to global best practices the country signed up for. The group also issued a December 2017 ultimatum to Nigeria to address the issues that led to the suspension or be expelled, which will attract international sanctions against Nigeria’s financial system.

NAPTIP Operatives Assume Duties at London Airports Alex Enumah in Abuja Operatives of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) selected for the joint operations with the Border Force of the United Kingdom have commenced operations at the London Heathrow and Gatwick Airports. The team, which comprises male and female operatives, according to a statement, arrived in London at the weekend and was said to have commenced work immediately. The statement which was signed by the Head, Press and Public Relations (NAPTIP), Josiah Emerole, added that their task primarily is to profile passengers from Nigeria, particularly those of Nigeria decent who may likely be victims of trafficking. “Their operations entail helping to profile passengers especially those of Nigerian origin with a view to identifying Potential Victims of Trafficking (PVoT), their traffickers and collaborators,” the statement read. The British authorities recently approved joint operations between NAPTIP operatives and the UK

Border Force at the two airports with the aim of randomly profiling passengers and identifying PVoT and suspected traffickers. This gesture was the outcome of some high level meetings in London between the Director-General of NAPTIP, Julie Okah-Donli, and officials of the Home Office of the United Kingdom. The NAPTIP boss had at the meetings insisted on mutual respect and liaison by law enforcement agencies across the world in the fight against human trafficking. This joint operation which would be for a short period would see the operatives of NAPTIP working side by side with the UK Border Force and other relevant agencies at the two gateways into the UK. Before their departure at the weekend, the Director-General admonished them to be good ambassadors of the agency and Nigeria. She also urged them to use the opportunity to showcase to the world the capacity of the agency’s personnel to carry out operations anywhere in the world observing global best practices.

ANOTHER BUILDING COLLAPSE

Scene of a four- storey building which collapsed on Mercy Street, Lagos Island ....yesterday

Abiodun Ajala

Many Trapped, Five Rescued as Another Building Collapses in Lagos Chiemelie Ezeobi Barely two years after a three-storey building collapsed at Swamps Street on Lagos Island, another building yesterday collapsed in the same axis, trapping scores underneath the rubbles. As at 7p.m., five children and 10 adults had been rescued, with many still trapped under the rubbles. An eyewitness said some customers who were eating in the restaurant downstairs were still trapped, including a woman and her four kids, who are residents in the building. Also trapped are two women who sold rice and yam and some

of their customers. Confirming the recent figure of survivors, the General Manager of the Lagos State Emergency Management Agency (LASEMA), Mr. Adesina Tiamiyu, said rescue operations had continued as their heavy duty equipment are presently searching through the rubble for others still trapped underneath. He said other agencies at the site were National Emergency Management Agency (NEMA), Lagos State Ambulance Services (LASAMBUS), Lagos State Fire Service, Nigerian Security and Civil Defence Corps (NSCDC) and Red Cross. He said their primary focus was to

save lives, which has proven difficult, adding that the residents and the crowd are making it difficult to access the site and rescue the victims. Meanwhile, the residents blamed the recently erected telecommunications mast and the rains for the structurally defect on the building. According to an eyewitness account, the building,saidtobeowned by Kafo family, suddenly gave way and collapsed around 4p.m. without any prior warning or crack. As initially confirmed by the Director, Lagos State Fire Service, Mr. Rasaq Fadipe, five people were rescued first, adding that operation was ongoing.

In another development, a collision between a commercial bus and a private car by Aswani bus stop along Apapa/Mile 2 Expressway, left many passengers and passersby injured. To contain the situation were personnel of LASEMA Response Unit (LRU), who administered first aid treatment to the victims in the mobile ambulance. Meanwhile, a tanker, fully-loaded with aviation fuel, disconnected from the head of the heavy duty vehicle and fell at the Barracks, inwards Ojuelegba, Lagos. Because there were no casualties, the emergency responders were more interested in containing the incident to prevent any explosion.

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Senate Passes Peace Corps Bill Despite Reservations by Legal C’ttee NFIU bill passes second reading Damilola Oyedele in Abuja The Senate yesterday passed the bill establishing the Nigerian Peace Corps (NPC), to empower and provide employment for the youths, to facilitate peace, volunteerism, community services and nation building, despite reservations expressed by its Committee on Judiciary and Legal Matters. The senators voted to adopt the conference committee report on the bill, presented by the Chairman of the Committee on Interior, Senator Bayero Nafada (Gombe North). Its Committee on Judiciary, in its report on the bill, however stated that the major objective of the NPC bill, which is to provide employment for the youths, can be achieved by strengthening existing agencies and not necessarily creating a new one. This, the Senator David Umaru chaired committee, is to avoid overburdening the federal government. The committee also observed that the powers and functions of the Peace Corps call for concern, and urged that they be subjected to further examination. “That the right vested by the Bill in clause 37 (1) (a) on members of the corps to “access all records of any person or authority” is too broad in scope and to that extent constitutes an infringement on the right to privacy guaranteed by the Constitution, under Section 37. This power is unnecessary, given that the corps is not an investigative agency,” the report stated. “That the operation of the Peace Corps is limited to social and economic development only in other jurisdictions as indicated in their mandate, pursuant to section 591 of the Companies and Allied Matters Act, 1990, in the case of Nigerian Peace Corps,” it added. The reservations however did not stop the lawmakers from passing the bill. Presiding, Senate President, Bukola Saraki, said the journey towards establishing the NPC has been a long one, and expressed appreciation to the committees for their work. “The long journey has finally reached the promised land,” Saraki said. The NPC bill was passed in the House of Representatives in June 2016, while the same bill was passed in the Senate in November of the same year. The two chambers set up a conference committee to reconcile the areas of differences in the passed bill. The Senate at its plenary sitting on May 2, 2017, had deliberated on the report of the conference committee, and had referred it to the Committee on Judiciary, when some knotty issues emerged. In another development, the Senate also passed through second reading a bill seeking to grant administrative and financial autonomy to the Nigerian Financial Intelligence (NFI) Unit, and establish the NFI Agency. The bill was passed through first reading last week. The bill named: “A bill for an Act to Establish the Nigerian Financial Intelligence Agency as the central body in Nigeria responsible

for receiving, requesting, analysing, and disseminating financial intelligence reports and other information to law enforcement, security and intelligence agencies and other relevant authorities and for related matters,” is sponsored by Senator Chukwuka Utazi (Enugu North). The Senate however maintained that it does not have any ulterior motive in accelerating the decoupling of the NFIU from the Economic and Financial Crimes Commission (EFCC), other than the quest to do the right thing for Nigeria. Utazi, in his lead debate, said while the NFIU is currently

domiciled within the EFCC, as provided by Section 1 (2) of the EFCC Act, the provision has however, been found to be inconsistent with international standards and has affected the effective functioning of the NFIU. “Since the NFIU is not set up to be a law enforcement agency, this provision negates the core objectives for which the NFIU was established in the first place. The mandate of a FIU (Financial Intelligent Unit) is different from that of law enforcement: while law enforcement agencies carry out investigations and prosecution, FIUs are mostly collection, collation and analytical,” he said.

Utazi added that there can only be one FIU in every country, causing an awkward situation in Nigeria where the unit was created, but was not given powers to operate. “Presiding, Deputy Senate President Ike Ekweremadu referred the bill to the Committee on Anti-Corruption and Financial Crimes. He directed the committee to submit its report on Wednesday. Meanwhile, the spokesman of the Senate, Senator Sabi Abdullahi, reiterated that the Senate was not fast tracking the passage of the bill, to fulfill any ulterior motives.

Briefing journalists at the end of plenary yesterday, Abdullahi said the Senate’s determination is borne out of a quest to avert the explosion of Nigeria from the group, with its dire implication for the country’s financial system. “People may insinuate that we are rushing it for any reason, there is no other reason other than doing the right thing, so that Nigerians can continue to carry out financial transactions online and in real time,” he said. The NFIU, the agency which represents Nigeria in the Egmont Group, was suspended at its July 2017 meeting in China, following Nigeria’s failure to

grant operational autonomy to the NFIU, a situation which the group has objected to for years. Nigeria was also accused of divulging confidential information concerning the activities of the Egmont group, a network of 154 national financial intelligence units, is the highest inter-governmental association of intelligence agencies in the world with membership by 152 countries. The group also issued a December 2017 ultimatum to Nigeria to address the issues that caused the suspension, or be expelled, a situation which will attract international sanctions against Nigeria’s financial system.

WEDNESDAY JULY 26, 2017 ˾ T H I S D AY

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WEDNESDAY JULY 26, 2017 ˾ T H I S D AY

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DHQ Keeps Mum over Recent Rise in Boko Haram Attacks Police inspector dies from gun battle with terrorists in Kano Army promotes troops fighting sect Troops neutralise eight female bombers Paul Obi in Abuja The Nigerian Defence Headquarters (DHQ) has continued to keep a sealed lips over the recent rise in Boko Haram attacks in the North-east. In the last two months the Boko Haram terrorists have intensified their attacks in the North-east, particularly, Borno State. The sect in the last month have targeted the University of Maidugiri (UNIAID), with several communities in Borno facing intense suicide and gun attacks. Though there have been significant improvement by the military in curtailing the terrorists from carrying out attacks, the

recent resurgence by the Boko Haram terrorists appeared to have dashed DHQ hopes of a complete extermination of the sects. Efforts by THISDAY to speak to authorities at the DHQ were not fruitful as the Director of Defence Information, Major General John Enenche, did not respond to calls put across neither did he reply to text messages sent to him on the matter. Meanwhile, Police Inspector, Idris Musa, who engaged in a gun battle with Boko Haram terrorists in Kano eventually died from injury he and two other police officers sustained. The three officers came under attack of remnant of Boko Haram insurgents who were moving to

attack public centres, places of worship and other locations in Kano metropolis in the early hours of July 23, 2017 The Boko Haram remnant insurgents attacked the Special Police Team with Improvised Explosive Devices (IEDs) and fire arms. The team repelled the attack and in the process three Boko Haram insurgents sustained serious bullet wound injuries and three police officers equally wounded. The Special Police Team successfully prevented the Boko Haram insurgents from carrying out their planned attacks on selected targets in Kano metropolis on the fateful date. Police Public Relations Officer, Jimoh Moshood, explained that

“the late police inspector was a member of the Joint Police Special Team set up by the Inspector General of Police to trail, arrest and prevent the remnant of Boko Haram insurgents from regrouping to attack innocent Nigerians in Kano and other northern states. In another development, the Chief of Army Staff (COAS), Lieutenant General TY Buratai, yesterday approved the special promotion of 6,199 soldiers serving in Operation Lafiya to various ranks between Lance Corporals to Warrant Officers in the Nigerian Army. According to the Director of Army Public Relations, Brig. Gen. Sani Usman, “the breakdown of the beneficiaries of the special promotion are as follows: Staff

Sergeants - Warrant Officers –329, Sergeants – Staff Sergeants –371, Corporals – Sergeants –707, Lance Corporals – Corporals –1,290, Privates – Lance Corporals –3,502, with a total of 6,199.” Buratai while commending the beneficiaries, tasked them to “increase the tempo of the ongoing clearance operations of the Boko Haram terrorists in the North-east.” Meanwhile, troops of Operation Lafiya Dole in the North-east part of the country have within one week neutralised eight female bombers even as Boko Haram attacks have intensified. According to Deputy Director, Army Public Relations, 7 Division, Lt. Col. Kingsley Samuel, “efforts towards checkmating suicide bombings in Borno State of North-

east” have been intensified in order to prevent casualties. He said: “Troops recorded huge feats in foiling suicide bomb attacks by neutralising not less than 8 female suicide bombers who were unleashed by remnants of desperate Boko Haram terrorists to cause mayhem to civilian populace. “The Nigerian troops floodgates of interceptions of suicide bombers are glaring as a female suicide bomber was neutralised by troops of 251 Battalion of 7 Division Garrison of Operation Lafiya Dole on Sunday, July 23, 2017 by 8:15p.m. while trying to infiltrate through the fence of Dalori Internally Displaced Persons (IDP) Camp 2 within Maiduguri Metropolis in Borno State.”

FG: Conmen Plotting to Discredit PACAC Olawale Ajimotokan in Abuja The federal government has raised the alarm over a veiled attempt to rubbish its anti-corruption efforts by using con artistes to discredit the Presidential Advisory Committee Against Corruption (PACAC). The Minister of Information and Culture, Lai Mohammad, said in a statement yesterday that con people and their ilk, within and outside the country, were forging PACAC’s letter head, stamp as well as the signature of its Chairman, Prof. Itse Sagay. It cited a particular instance where a letter purportedly signed by Sagay, entitled: ‘Presidential Investigation on Outstanding Federal Government External Contract Debts’, and a form to be filled for that purpose, were being sent to unsuspecting persons to extort money from them and

to portray the country’s highest advisory committee against corruption in bad light. ‘’For the avoidance of doubt, the president has not mandated PACAC to investigate and recommend for payment some outstanding contract debts as contained in the letter in question, neither has the federal government approved the disbursement of $850 million in the 2017 budget for payment of the so-called external contract debt. ‘’We are therefore using this medium to inform Nigerians and foreigners alike to disregard such letters,’’ Mohammed said. He described Sagay, and all the members of his committee as men and women of proven integrity who will never allow the committee to be used for any activity that is not within its mandate or that is capable of weakening the anticorruption fight of government..

LISTENING WITH RAPT ATTENTION

Chairman, Petroleum Technology Association of Nigeria (PETAN), Bank Anthony Okoroafor, and other members of the association at a public hearing on the utilisation of the Nigerian Content Development Fund by the Joint Committee on Petroleum Resources (Upstream) and Gas and stakeholders at the Senate... recently

Benue to Borrow to Pay Salaries of Workers

IYC Threatens Militancy over 70% Non-indigenous Ownership of Modular Refineries

George Okoh in Makurdi

Sylvester Idowu in Warri

Following the inability of the Benue State Government to meet its financial obligations to workers in the state, it has announced its intention to obtain loans from an undisclosed financial institution to pay salaries of workers. The Acting Governor, Mr. Benson Abounu, who made this disclosure yesterday while addressing journalists after meeting with labour leaders at the Government House, Makurdi, said already government was talking with some financial institutions but said it was an uphill task for the state. He explained that to secure such loan, the state must get clearance from the Ministry of Finance as well as Debt Management Office (DMO). “Government will do everything possible to clear all salaries of workers. That is why we want to secure a loan from a financial institution. We do not want to embark on half solution but full one. The internally generated

revenue (IGR) which range between N250 million to N300 million is inadequate to augment with federation allocation to pay salaries,” he complained. Also, speaking the state Chairman, Nigeria Labour Congress (NLC), Godwin Anya, expressed dissatisfaction with the outcome of the meeting, adding that the Paris Club refund of N6.5 million that was given to the state is insufficient to pay substantial months to workers. Anya however blamed the state government for being complacent and nonchalant about workers’ salary, arguing that with the declaration of emergency on salaries by Governor Samuel Ortom, it was expected that government would have sourced for funds elsewhere and augment with the Paris Club to clear many months salary. The state government is owing over six months salaries to the state civil servants while local government staff and teachers are owed over nine months.

The Ijaw Youths Council (IYC) yesterday vowed that it would use whatever means, even bombing of oil facilities, to frustrate the operations of licensed modular refinery operators in the region if the federal government fails to review the licensing process and give 70 per cent ownership of the refineries to people from the Niger Delta region. The factional President of the IYC (Worldwide), Oweilaemi Pereotubo, who gave the warning at a press conference in Warri, also said the Ijaw nation’s support for the call for the restructuring of the Nigerian federation only meant the call for resource control and fiscal federalism. The Ijaw youth body also gave a 90-day ultimatum, starting from July 12, 2017, to all multinational companies with field operations in the Niger Delta, but headquartered outside the region, to relocate their headquarters back to the region where their primary

field activities are located, or face dire consequences. Pereotubo noted that the decision of multinationals to take the headquarters of their businesses to other places, especially Lagos State had robbed the people of the Niger Delta of their due benefits and growth, but had on the other hand nourished Lagos. “After series of meetings, the IYC has resolved that as long as the Ijaw nation remains part of Nigeria, the oil companies must comply with the presidential order by relocating their headquarters to their operational bases in the Niger Delta within 90 days (three months), beginning from July 12, 2017. We do not wish to reiterate that the failure to heed this ultimatum will have dire consequences. “Over the years, monies that were supposed to accrue to the Niger Delta states and their people have been paid to Lagos State, thereby boosting their Internally Generated Revenue (IGR).

Relocating the headquarters will not only boost the revenue base of the Niger Delta states, it will also bring about employment opportunities, thereby reducing youths restiveness in the region,” he said. On the threat to frustrate operations of modular refineries if the current arrangement is continued, Pereotubo, who said the 56 licences had been issued to non-Niger Delta private investors, demanded that the conditions for obtaining the license be relaxed so that it could be affordable for indigenous Niger Delta people. “The IYC was shocked to the marrows after discovering the fact that not a single one of the beneficiaries is a Niger Deltan, not to talk of being Ijaw. We will take our destinies in our hands to stop those companies from operating in our territories and we will do this by any means possible, including paying the supreme price to liberate our people from the hands of our oppressors.

“We will invoke the Ijaw gods of war to go before us and we will triumph over evil. We have no fear and we have no doubt. No gunboats will stop us, not even fighter jets. The only panacea is when we, the Ijaw in particular and Niger Deltans in general are given 70 per cent ownership of the modular refineries. This should be accompanied with a review of the conditions for the award of licenses,” he said. On the call for restructuring/ resource control, the IYC leader said “the IYC is in league with those who advocate dialogue. We must sit down and discuss the problems/issues that affect us as component parts of this country, Nigeria. To evade discussion is to invite the inevitable and we all know the consequences. Rwanda will be a child’s play because Nigeria will witness a macabre dance she has never experienced in all of her 57 years of nationhood,” he added.

WEDNESDAY JULY 26, 2017 ˾ T H I S D AY

NEWSEXTRA

Power Generation Dropped by 2,841MW in a Week The Transmission Company of Nigeria (TCN) wheeled out 22,978 megawatts (MW) of electricity between July 17 to July 23 against the 25,819MW generated in the previous week. Power generation dropped by 2,841MW between the two periods. The daily statistics of TCN operations obtained by journalists from the Nigerian Electricity

System Operator (SO), a section of the TCN, showed that power generation between July 17 and July 23 was taken by 11 distribution companies. According to the statistics, the daily power generation during the period were 3,227MW, 3,504MW, 3,285MW, 3,656MW, 3,579MW, 2,898MW and 2,829MW, respectively. However, the daily distribution

Customs Removes Road Blocks Nationwide Eromosele Abiodun Following directive from the Presidential Enabling Business Environment Council (PEBEC) in line with the Executive Orders issued by the federal government, the Nigeria Customs Service (NCS) has ordered all its commands across the country to immediately remove all road blocks nationwide. The Comptroller General of the NCS, Col Hammed Ali (rtd), in a circular copied to Deputy Comptroller General, all acting Deputy Comptroller General, Assistant Comptroller Generals, Zonal Coordinators, Customs Area Controllers, Comptrollers Federal Operating Units, Comptroller General’s Compliance Teams and Marine Commands, yesterday, directed them to ensure immediate compliance. Ali in the circular titled: ‘Removal of All Illegal CheckPoints Across the Country,’ signed by Acting Deputy Comptroller General (E, I & I), said, “Reference to the PEBEC letter No: PEBEC/ EBES/SSAITIOVP/TWN/03 of 18 July, 2017, on the above subject-matter, you are hereby directed to ensure compliance. “For avoidance of doubt, it is hereby emphasised that check-points mounted outside 40 kilometres to the border are illegal while information patrols outside this point should not last more than 24- hours at any given time.” He added: “The 40 kilometres radius applies only to the borders and consequently there should be no check-points within the port areas. To further clarify the issue, it should be reminded strongly that only two checkpoints situated at Agbara and Gbaji along LagosBadagry-Seme road are statutorily approved for instance. “Henceforth, Zonal Coordinators, Comptrollers FOUs, CACs CIU and other units will be jointly held responsible for flouting the directive. Ensure widest circulation for strict compliance please.” The federal government had recently endorsed and signed three Executive Orders expected to give boost to the Nigeria’s concept of ease of doing business. The development is expected to increase patronage for locally manufactured goods. It will also remove all bureaucratic bottlenecks that stifled growth of businesses in Nigeria. The three executive orders, according to a statement from the office of the acting president, touched on specific instructions on a number of policy issues. The issues include “the promotion of transparency and efficiency in the business environment designed to facilitate the ease of doing business in the country; timely submission

of annual budgetary estimates by all statutory and non-statutory agencies, including companies owned by the Federal Government; and support for local contents in public procurement by the federal government, ”it stated.

to distribution companies (DISCOs) between July 10 and July 16 were 3,511MW, 3,973MW, 3,915MW, 3,947MW, 3,3511MW, 3,487MW and 3,475MW, respectively. The TCN indicated that the national peak demand forecast stood at 19,100.00MW, of which 11,165.40MW was the installed available capacity, 7,139.60MW was the available capacity, 7,000MW was current transmission capacity and network operational capacity of 5,500.00MW. The peak generation ever attained in Nigeria was 5,074.7MW, while the maximum energy ever attained stood at 109,372.01MWh. The President of Nigerian Gas Association, Mr. Dada Thomas, said the nationwide shortage of available natural gas supply was

the most critical issue facing the Nigerian power sector. Thomas said his association, gas producers and investors in the country would be at ease if the natural gas shortage was checked at least in the short term. According to him, the shortfall in natural gas supply, has been further worsened by pipeline vandalism. Thomas said the problem was impacting on cost-reflective electricity tariffs, unworkable Power Purchase Agreements (PPAs) and over regulation of gas price. He urged the federal government to take action to resolve the problem and other challenges that had made further investments unattractive for gas producers, processors, pipelines and transportation

companies. Thomas, according to the News Agency of Nigeria (NAN), said the shortages, being witnessed over the years, would be trivial to the massive economic and social disruptions in future “if we fail to act now.” Former Minister of Power, Prof. Bart Nnaji, expressed deep concern about the future of Nigeria’s power sector. Nnaji said the environment was not attractive for investment that would help address various challenges in the industry. He said foreign investors were not willing to invest in the sector because the federal government had not addressed major issues that would guarantee good returns on investment. He said many projects had been stalled due to financial

constraints and tariff issues. The Minister of Power, Works and Housing, Mr. Babatunde Fashola, on July 5, said that the TCN would undertake 200 projects to improve power supply. Fashola said at the Nigeria Energy Forum (NEF) in Lagos, that TCN was concentrating on completing the projects to ensure smooth transmission of energy to the national grid. “Electricity is a very topical subject in the country; lack of it affects production, security, comfort and standard of education. “If all of us will draw all energy needs from the grid, we will need over 13,000 Megawatts (MW), but unfortunately, the maximum we have from the grid is just 4,700MW,” Fashola had said.

WEDNESDAY JULY 26, 2017 ˾ T H I S D AY

NEWSEXTRA

Kidnappers Kill 18 Police Informants John Shiklam in Kaduna Residents of Rijana village, along the Kaduna-Abuja Expressway in Kaduna State have disclosed that 18 members of their community who attempted to expose the activities of kidnappers, terrorising the highway were macheted to death. A community leader and former Special Assistant to former Governor Ahmed Makarfi on Rural Development, Abdulsalam Abubakar, disclosed this when the Minister of Interior, Lt. Gen. Abdulrahman Danbazau (rtd), visited the community which has become a haven for kidnappers. Abubakar said the reason why kidnapping has persisted on the highway was because intelligence information divulged to security agents have not been treated with secrecy and often lead to the killing of the informant. According to him, any synergy with security personnel in the area can no longer be guaranteed as anyone who tried to expose the kidnappers would be risking his life. He said the people no longer trust security personnel with any information about the bandits, some of who live in the community because the security agents, for whatever reason, always exposed the person who gave the

information. “Everybody in this community knows that in the process of giving out information to security agents, especially the police, we have lost 18 people. “There was one of us who was seen as a very brave man. He gave a list of suspects to the security and three days after, he was macheted into pieces in the presence of his wife. “Also, there was a gentleman, Mallam Abdulrahman, who gave information to the security, he was equally macheted to death. Same with Yakubu, Sani and Solomon, son of a village chief. All of them were killed after providing information to the security agents. Abubakar said: “There are bad eggs among the security personnel, especially the police. “Our patriotic Inspector General of Police has done very well because we have observed that at every U-turn along this expressway, there is a police patrol van with minimum of 10 personnel. “But unfortunately, you will hear that in-between, there are cases of armed robbery or kidnapping. And if you tell policemen that robbery or kidnapping is going on somewhere close by, they will tell you point blank that they will not go because they cannot stand the sophisticated

weapons the criminals are carrying “It is very disturbing that the IG has deployed 600 policemen to this area and not even a common chicken has been arrested. We believe that our police have the requisite intelligence to tackle this problems.” The minister however, declared that the kidnappers were terrorists that must be crushed by all means and appealed for synergy between the community and security operatives to put an end to the heinous crimes along the highway. “We are here on a fact-finding mission because of the incessant kidnappings going on in this area. Government is interested because it is its responsibility to protect lives and property and besides, it is a promise this government made before it was elected into office. “So I’m here to meet with the community and see how the ongoing special operation is going. We see this as act of terrorism because every element of terrorism is reflecting and it must stop. I’m aware that most of the people involved are foreigners but they cannot succeed without connivance with those that reside here in the community. It is tragedy that anyone plying this road cannot be sure of his safe return.

Confusion over Presidential Directive for IOCs to Relocate Hqtrs Ndubuisi Francis The recent reported directive by the Acting President, Prof. Yemi Osinbajo, to international oil companies (IOCs) to relocate their headquarters to the Niger Delta region is being mired in confusion. Osinbajo was reported to have in Uyo, Akwa Ibom State early this year, directed the IOCs to relocate their headquarters to the oil-rich region, a directive that is yet to be complied with. Many prominent citizens from the region have since the reported presidential order clamoured for compliance by the IOCs. However, responding to a question on the said directive at a stakeholders’ meeting in Abuja yesterday, the Minister

of Niger Delta Affairs, Pastor Usani Uguru Usani said he had heard unofficially from many people, including chieftains of IOCs that the reported order was a mere rumour. The stakeholders’ meeting had in attendance top executives of IOCs, federal government officials, representatives of the nine oil producing states in the Niger Delta, and Presidential Amnesty Office, among others. However, none of the representatives could categorically speak on the reported presidential order. Speaking at the forum, Usani who was the convener, said the forum had received a draft report on the work plan which would serve as a guide for the putting up and implementation of

projects in the Niger Delta region in the next one and half years. “But today, we are able to see a draft report of the 2017 to 2019 work plan. We are not saying action plan or master plan, we are saying work plan. “That means by this plan_ our work will be guided. So we are not just formulating what we will do, we are now talking about how we will do, where we will do it, who will do it. That is why it is called a work plan for one and half years--between 2017 and 2019,” the minister said. Usani explained that a reasonable point had being attained in the design, adding that “there are many plans, there are many programme. Here is not just another one.”

We AreVictim, Not Cause of Apapa Gridlock, Says APM Terminals Ejiofor Alike APM Terminals Apapa has said it is a victim of the menacing Apapa gridlock, just like other stakeholders doing business in the port community. In a statement issued yesterday, the company stated that its employees, service providers, contractors and customers also go through the harrowing traffic experience, like every other person. “These employees are the ones that operate the equipment that service the trucks and would not by any means delay or stop servicing trucks unnecessarily as it would equate to ‘shooting ourselves in the foot’. We have always updated our stakeholders on the traffic situation in the Apapa area and it amazes us that APM Terminals is tagged as the cause of the situation. We will

not deter in doing what is right, and would always communicate the true position of things to you our esteemed customer. In the last 24 hours, we have gated out about 1,000 trucks, this is the reason for the movement of the trucks on the queue waiting to enter the port. Like we always say, if we do not gate out trucks, it is almost impossible to gate in new trucks,” the company explained. APM Terminals Apapa, which is the operator of the largest container terminal in Nigeria and in the West African sub-region, also assured its customers that it would continue to update them on the traffic situation. The Lagos State Commissioner of Police, Mr. Fatai Owoseni, had told THISDAY that all the relevant stakeholders that transact business aroundApapa area of the state should carry out their respective obligations

to ease the traffic situation in the area. The Lagos police boss also appealed to business operators not to go to that axis of Apapa to transact business unless it is absolutely necessary, pointing out that the Nigeria Police will continue to carry out their obligations to control the “appalling” traffic situation. “The trucks are not parked because they like to park like these. The whole of Apapa is more or less not motorable. It is a big challenge. You can see that if you move from here towards Surulere, all the roads have been taken over by the trucks, weakening the bridges as well,” Owoseni had said. He noted that the traffic situation at Apapa also posed a security, stressing that in the event of any emergency, it will be difficult for emergency-response organisations to access the area.

T H I S D AY ˾ WEDNESDAY, JULY 26, 2017

WEDNESDAYSPORTS

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

IAAF WORLD CHAMPIONSHIPS

AFN Lists Okagbare, 11 Others for London 2017 Duro Ikhazuagbe The Athletics Federation of Nigeria (AFN) yesterday released the list of 12 athletes to represent Nigeria at the 2017 IAAF World Championships in London next month with sprinter Blessing OkagbareIghoteguonor and USA-based Tobiloba Amusan the star cast. The 16th IAAF Worlds is scheduled to begin on August 4 through 13. Okagbare is making her fourth appearance at the Worlds where she has long jump silver and 200m bronze medals to show for her outing at the 2013 edition in Moscow, Russia. The Sapele-born sprinter is to compete in IAAF flagship event the 100m and the long jump events. Okagbare is out of the 200m as well as the 4x100m relay that Nigeria dumped due to insufficient quality legs to guarantee podium placement. Amusan on the other hand

is making her debut in the Worlds’ women’s 100m hurdles event in London. She is the second fastest Nigerian nay African woman (12.57 seconds) in the sprint hurdles after African record holder, Glory Alozie (12.44 seconds). Others listed for the championships are reigning Commonwealth Games long jump queen, Ese Brume, who will be hoping to leap at least two steps higher than her fifth place finish at the 2016 Rio Olympics. Another debutante, Glory Onome Nathaniel, will compete in the 400m hurdles as well as join the quarter-mile trio of Patience Okon-George, Yinka Ajayi and Margaret Bamgbose for the 4x400m relay. Okon-George, semi-finalists in the 400m two years ago in Beijing, China at the 15th edition of the championships will also race in the 4x400m relay quartet comprising: Ajayi, Bamgbose, Emerald Egwin and Abike Egbeniyi.

Okagbare

Amusan

In the men category, homeboy Samson Nathaniel will be making his debut at the championships and will compete in the 400m while the USA-based duo of Chukwuebuka Enekwachi and Edose Ibadin will also be making their first appearance at the championships. Enekwachi will be

competing in the Shot Put event following his impressive 21.07m throw almost a fortnight ago in Cork, Republic of Ireland while Edose will compete in the 800m and become in the process the first Nigerian man to compete in the two full laps race in the history of the championships.

Edose holds a personal season’s best of 1:45.87 which is a Nigerian record and makes him only the second Nigerian to run inside 1:46 seconds in the event. Nigeria has won a total of eight medals in the championships made up of four silver medals (Innocent Egbunike in the 400m in 1987;

the 4x100m men in 1997; Glory Alozie in the 100m hurdles in 1999; and Blessing Okagbare in the long jump in 2013). The four bronze medals are; (Ajayi Agbebaku in the triple jump in 1983; the men’s 4x400m team in 1995; Francis Obikwelu in the 200m in 1999; and Okagbare in the 200m in 2013).

Action from Plateau Rocks, IGP Queens match at the ongoing Final Phase of the Zenith Bank Women’s Basketball League in Lagos… yesterday

NPFL: LMC Suspends Six Arsenal Instructor Lauds ‘Brilliant’ Iwobi, Kanu Referees from the League Olawale Ajimotokan in Abuja

Six match officials in the Nigeria Professional Football League (NPFL) whose performances have been adjudged as not meeting the high standard of the league have been suspended from further handling of matches for the rest of the 2016/17 season. Following a review of performances of match officials in the last three match days, the League Management Company (LMC) has requested the Nigeria Football Federation (NFF) to withdraw the said match officials from the NPFL games. The officials include four Referees and two assistant Referees who officiated in different games on Match-day 29, 30 and 31. They include Umar Mohammed of the Federal Capital Territory (FCT) who officiated in the Match-day 29 fixture between Niger Tornadoes and Plateau United, Aliyu Abdulahi of Kaduna State who was the match referee on Match-day 30 between Katsina United and Kano Pillars, Saleh Mohammed of Jigawa for his poor performance on Match-day 30 between Plateau United and FC IfeanyiUbah and Samuel Agba of Cross

River State who officiated on Match-day 32 between FC IfeanyiUbah and Gombe United. The assistant referees are Emmanuel Udoh of Akwa Ibom State and Falegha A of Bayelsa State who were the assistant referees to Agba in the FC IfeanyiUbah and Gombe United fixture. The LMC in a letter signed by the Chief Operating Officer, Salihu Abubakar and addressed to the NFF General Secretary, said, “The said Referees failed to meet up with the high standard expected in the Nigeria Professional Football League and made decisions which were obviously wrong and which had a direct impact on the outcome of the respective matches”. The LMC suggested that while a full investigation is instituted, “we therefore request that they be withdrawn from further consideration for future NPFL matches”. For other match officials who are still eligible to manage games, the league body warned, “this line of action will be a wake-up call to all match officials whose efficient adjudication of the game will help strengthen the credibility and value of the elite league”.

A member of Arsenal Football Club technical coaching crew, Simon McManus, has described Super Eagles forward Alex Iwobi as an influential and fantastic player of the North London club. Aside Iwobi, McManus also generously lavished the outstanding exploits of former Nigerian captain, Nwankwo Kanu, several years after the gangling player left the Gunners. The UEFA-licensed coach

is one of two Arsenal coaches brought to Abuja by Star Larger Beer for a clinic to equip local coaches numbering 30 with the tactical knowledge and skills to improve the overall quality of Nigeria’s local football league. The coach, who will run the clinic with James Colinese, until Thursday at the National Stadium in Abuja, said Nigerian players have always influenced Arsenal’s style of football whenever they play for the London side. “Iwobi is a great player

with creative and dynamic ability on the ball. He is a key member of the current Arsenal side. No one can forget Nwankwo Kanu, who is a big part of Arsenal history. “Kanu played for the invincible Gunners that finished the 2003-04 season unbeaten in 49 matches and won the double. He is loved by the fans for his charisma and character both on and off the field,” McManus recalled with relish. On a general note, he rated the Super Eagles highly,

describing the national team as an entertaining group that attracts more fans to their game and is globally reputed. The Arsenal-Star Lager partnership was brokered in 2016 for the Nigeria Professional Football League (NPFL) by the League Management Company (LMC). The clinic features theoretical and practical sessions. It will impact the local coaches to embrace the free-flowing and all attack approach style of Arsenal.

ZENITH WOMEN B’BALL LEAGUE

Aboderin Applauds Dolphins, IGP Queens’ Display Dolphins Basketball Club of Lagos Owner and Handler, Wale Aboderin, was hailed the narrow victory of the team over IGP Queens in one of the opening matches of the Final Phase of the Zenith Bank Women Basketball League. The encounter which was one of the late games on Monday, was won with just one point as the Aboderin ladies managed a 65-64 victory. Aboderin said the victory was not his source of joy but the skills exhibited by the players which was a delight

to the fans who cheered every move and point scored as if it was a final match. He said: “We had not played them this season and because of their heights, we knew it was going to be a full day’s job to get even a half point win. And that was exactly what happened. “But winning or losing isn’t the important thing about this match. We are happy that every minute was well played; we are happy that everyone watching enjoyed the game. This is clearly the

match of the day and how wonderful it would be for the development of the women’s league if all or at least many of the games play out like this.” The IGP Queens’ Coach, Abraham Ogaba, was lost for words when reporters demanded his reaction. In another late match on Monday, First Bank defeated Customs 115-35. On Day Two of the Final Eight yesterday, IGP Queens defeated Plateau Rocks 59-37, while First Bank defeated

First Deepwater 91-74. The encounter between Customs and GT2000 ended 46-40 in favour of Customs Defending Champion, First Bank will open proceedings on Day Three of the final Phase today with an encounter against GT 2000 while Plateau Rocks will confront Dolphins in the second match. IGP Queens and Delta Force are billed to play in the third match of the day with the Customs versus First Deepwater clash as the last match today.

Wednesday July 26, 2017

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& RE A SO

Price: N250

MISSILE

Sagay to Okorie “In summary, what Mr. Linus Okorie is encouraging is free plundering of state funds without consequences. Simply put, it is the legitimation of treasury plundering. It is clear that if such a Bill becomes law, the anti-corruption war is doomed” – Chairman, Presidential Advisory Committee Against Corruption, Prof. Itse Sagay describing Okorie’s proposed Bill recommending amnesty for looters of public funds as scandalous and amounts to a slap on the wrist for corrupt persons.

WAZIRIADIO GUEST COLUMNIST

The Need to Stop Eating with Ten Fingers

popular saying admonishes us not to eat with ten fingers. This axiom is not a homily about table manners. It is a metaphor about the virtue of living prudently. A more prosaic rendering willgo like this: save a portion of your earnings for the possibility of emergencies in the here and now, and for the uncertainties of the future. Or put differently, always save for the proverbial rainy day. But both poetry and prose seem to elude us. Our country has made a habit of not only eating with its ten fingers, but also, in periods of plenty, throwing its ten toes into the mix. From data harvested from the Central Bank of Nigeria (CBN), Nigeria earned in excess of N70 trillion from oil and gas alone between 1999 and 2014. By the time prices of crude oil started plunging in mid-2014, it was (and still is) difficult to point to what we had done with that sizeable windfall. Worse, we saved little during the long boom period to minimize the impact of what has turned into a not-so-short spell of not-so-high oil prices. Before long, Nigeria landed at a desperate pass, one where we do not have enough dollars from oil, our near-sole export, to feedour addiction to imports, one where most states struggle to pay salaries, and one where national productivity shrank and the economy contracted. To be sure, many factors combined to produce the undesirable outcome that we are just slowly emerging from. But a few things could have turned out differently if we were not eating with ten fingers and ten toes at boom time. Imagine if we had saved between $50 billion and $150 billion in the Excess Crude Account (ECA) alone before oil prices started sliding south in mid-2014. Having that quantum of savings in ECA is not as far-fetched as it seems. Just remember that at some point in 2008, Nigeria had $20 billion in the ECA, and this was after $12 billion had been paid to the Paris Club to get $18 billion loan reprieve, and this was much before oil prices lingered in $100+/ barrel territory for four years. We could have saved a lot, if we wanted, as lateranalysis will show. But we did not. Countries that are dependent on natural resources are always advised to save a portion of their earnings. This is a common, almost elementary, prescription for prudent management of revenues from natural resources. And it makes good sense for many reasons. One, prices of natural resources are known to be very volatile, prone to fluctuation not only across fiscal years but even within the same budget period, exposing countries dependent on them to the potentially devastating boomand-bust cycle. Two, natural resources are non-renewable: so it makes sense tosave for the day they will be depleted. Nigeria’s oil reserve, for instance, is estimated to run out in 38 years. On a related note, natural resources can quickly become less valuable, as alternative resources and technology can rapidly depreciate once-valuable resources. (In the 1840s, the economy of Peru prospered on the export of bird droppings—gueno—but that era ended when alternative sources of fertilizer came on stream. Just think of how electric cars and

Minister of Finance, Kemi Adeosun other technological advances can make oil a less valuable source of energy very soon.) Another reason for saving earnings from natural resources is the need to put something aside for the future generation, as the resources do not belong to only one generation. This is the inter-generational equity argument. It also makes sense to invest earnings from natural resources to create other streams of income, to diversify and multiply the revenue base of a country, and to creatively transform these natural resources into gifts that keep giving beyond their natural lifespans. A good example of this is Norway. In 2016, the Scandinavian country earned three times more from the investment of its oil savings than it earned from the sale of oil that year. In addition, saving natural resource earnings helps in taming the negative impact of the sudden influx of foreign exchange on the local economy (Dutch Disease, crowding out of local manufacturing, mono-cultural economy, import-dependence) and assists in limiting the disposition to fritter away and

From data harvested from the Central Bank of Nigeria (CBN), Nigeria earned in excess of N70 trillion from oil and gas alone between 1999 and 2014. By the time prices of crude oil started plunging in mid-2014, it was (and still is) difﬁcult to point to what we had done with that sizeable windfall. Worse, we saved little during the long boom period to minimize the impact of what has turned into a not-so-short spell of not-so-high oil prices

pilfer resource rents. In sum, having a robust and prudently-managed resource savings is one of the means for ensuring that natural resources become real blessings, and not curses, to resource-rich countries. From a policy paper released last week by the Nigeria Extractive Industries Transparency Initiative (NEITI), it is clear that Nigeria is aware of this simple but effective prescription. The problem, though, is that we have been more than half-hearted in our implementation. Titled “the Case for a Robust Oil Savings Fund for Nigeria,” the NEITI report shows that our country has three different oil savings funds: the 0.5% Stabilization Fund, started in 1989, with a current balance of $95 million; the ECA, started in 2004, with a current balance of $2.3 billion; and the Nigerian Sovereign Investment Authority (our sovereign wealth fund), started in 2011, with a current balance of $1.5 billion. The combined balance in the three accounts is $3.9 billion. It is good news that we have been saving part of our oil earnings for the past 28 years. However, our present balance is too little and too inadequate to serve our purpose in the immediate and in the future. Between 1989, when we formally started saving part of our oil earnings and 2014 when oil prices started falling, Nigeria had sold $980 billion worth of oil. The $3.9 billion balance of our combined savings represents only 0.4% of the value of oil sold in 25 years of operating oil savings funds. We also have one of the lowest natural resource savings in the world in absolute and relative terms. The sovereign wealth funds of other countries covered in the NEITI study are as follow: Norway, $922 billion; Kuwait, $592 billion; Russia, $89.9 billion; Chile, $24.1 billion; Botswana, $5.7 billion; and Angola $4.6 billion. The comparison between Nigeria and Norway is inversely jarring. Norway has a population of 5.2 million people, which is 2.8% of Nigeria’s 186 million people. But its oil savings of $922 billion is 23, 641% of the total $3.9 billion in Nigeria’s three oil savings funds. Comparison of the two countries in per capita terms and savings as a proportion of budget further buttresses the sharp contrast: While Norway’s $922 billion comes to $185, 000 per citizen, Nigeria’s $1.5 billion sovereign wealth fund (NSIA) amounts to $8 per citizen; and while Norway’s $922 billion can fund 37 years of the country’s budget, Nigeria’s $3.9 billion in the three oil saving funds can pay for only 16% of the N7.44 trillion federal budget for this year (it should not be forgotten that the money does not belong to the federal government alone). The fact that our totalsavings cannot fund up to a fifth of a year’s budget at the federal level should serve as serious wake-up call. It shows how vulnerable we are as a country and how our half-hearted approach to savings makes a mockery of and undermines the need for oil savings in the first instance. Some will say a comparison with Norway is unfair, and maybe it is. Excuse can be made for howNorway is a developed country that does not need its oil revenues and can afford to save all. It can also be said that Norway is a smaller country, where three in five of the citizens work and pay taxes and without

the huge developmental challenges that we have. But there are serious lessons we can learn from not just Norway and other countries cited in the NEITI study, but also and especially from our own experience. Truth is we did not manage most of our oil savings in a transparent, accountable and prudent manner, especially in moments of significant high oil prices. Two instances will suffice. One, 2010 was one of the few years when both the price and the volume benchmarks were lower than the actual price and the actual production figures. This was a year we did not need to draw down on the ECA at all because Section 35 of the Fiscal Responsibility Act of 2007 says that there should be withdrawals only when actual price falls below the benchmark price. But a report of the National Economic Management Council (NEC) cited by NEITI shows that while inflow to the ECA was $10.9 billion, outflow was $15.9 billion,resulting in a negative net balance of $5 billion. Also, the NEC report shows that while $201.2 billion accrued to the ECA between January 2005 and June 2015, $204.7 billion left the account during the same time, indicating that outflow was 102% of inflow. Imagine that instead of our save-and-spend attitude, a conscious decision was made to save between 25% and 75% of the ECA accruals. That would have left a balance of between $50.3 billion and $150.9 billion in ECA alone. More than a mere academic, counter-factual exercise, this shows the road not taken. To be sure, there are binding constraints to having a robust oil savings fund in Nigeria, ranging from governance, developmental, conceptual to constitutional. The NEITI paper took account of all of these and made some recommendations, chief of which are the following: settling the casesbetween the states and the federal government at the Supreme Court, consolidating all the funds into the NSIA (which is better structured and governed as a resource savings fund), saving even oil prices are low (Angola saves 100,000 barrels of oil per day), delinking budget from oil, creating incentives for savings, implementing complementary macro-economic policies, and amending Section 162 of the 1999 Constitution. Some of these might look daunting, but not necessarily so if the will is there, as President Olusegun Obasanjo and late President Umaru Yar’Adua clearly demonstrated in building up the ECA. It is even possible to save when oil prices are low: the present administration added $500 million to the $1 billion seed money to NSIA by the President Goodluck Jonathan administration—$250m in November 2015 and another $250 million in March 2017. Both the ECA and NSIA were products of elite political consensus. Same consensus can be built upon to amend the constitution using the inclusive platform of NEC. Though it should be clear by now that eating with ten fingers puts everyone at risk, having a consensus on that, whether at the elite level or at the national level, is not a naturally occurring phenomenon. It has to be consciously shaped and midwifed. That is one of the critical leadership tasks of these testy times. t"EJP JT UIF &YFDVUJWF 4FDSFUBSZ PG /&*5*

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