Monday 31st July 2017 by THISDAY Newspapers Ltd

FG, States, LGs Shared N3.010tn in First Half of 2017 Udoma explains intensification of oil exploration Ndubuisi Francis in Abuja and Obinna Chima in Lagos The Federal Account Allocation Committee (FAAC) disbursed N3.010 trillion to the three tiers

of government between January and June this year, figures compiled by THISDAY have shown. The amount shared by the three tiers of government was

significantly higher, compared with the N2 trillion allocated to them in the first half of 2016. A breakdown of the disbursement gathered by THISDAY showed that the

federal government received N1.216 trillion as FAAC in the first half of 2017, higher than the N854 billion it was allocated in the comparable period of 2016.

While the states received N798 billion in the first six months of 2017, also higher than the N701 billion in the comparable period of 2016; local governments got N599

billion in the first half of 2017 as FAAC, higher than the N429.4 billion they received between January and June this year. Continued on page 12

Northern Youths To Withdraw Quit Notice To Igbos This Week, Says Shettima… Page 8 Monday 31 July, 2017 Vol 22. No 8138. Price: N250

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TIME TO CELEBRATE…

Managing Director/Chief Executive Oﬃcer, Guaranty Trust Bank, Mr Segun Agbaje, leads the Market Open Ceremony of the London Stock Exchange to mark the 10th anniversary of the bank’s listing on the Exchange… last Friday

US: Nigerian Military Lack Capacity to Hold Captured Territories in N’East Tobi Soniyi and Omololu Ogunmade in Abuja In spite the federal government’s claim that the military had defeated the Boko Haram terrorists and was busy rehabilitating displaced persons in the

North-east, the United States' Bureau of Counterterrorism has said that the Nigerian military is unable to hold and rebuild civilian structures and institutions in areas cleared by it in the region. This and many more

shocking revelations are contained in the 2016 Country Reports on Terrorism released by the United States Department of State on July 19, 2017, but obtained by THISDAY yesterday. The report came to light

on the day Acting President Yemi Osinbajo condemned last Tuesday’s ambush of the Chad Basin oil exploration team by the Boko Haram, leading to the deaths and abduction of members of the ill-fated team. The report of the Bureau,

a unit in the Department of State, belied the claim by the federal government that it was on top of the situation in the North-east. While directing military chiefs to relocate to the North-east last week, Osinbajo had said that the

government was on top of the crisis despite the resurgence of terrorists' attacks in the troubled region, the most recent of which was the ambush of the exploration team. Continued on page 8

T H I S D AY MONDAY JULY 31, 2017

MONDAY, JULY 31, 2017 ˾ T H I S D AY

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Why Buhari’s Return Is Delayed Stays back in London to regain strength and weight Olawale Olaleye Though fully recovered, President Muhammadu Buhari is staying back in London to regain physical strength and weight before he will return home to resume duties, a THISDAY source said yesterday. The source, who was one of the governors that visited the president last week at the Abuja House, London, said Buhari needed to stay back and be fit enough before returning to the country in order to prevent a recurrence of what happened in March 2017 when he returned from his second medical trip abroad but was unable to resume duties and appear at public functions for weeks. According to the governor: “The truth is that the president

is in a very fit state of mind. His sense of humour is back and the rate of recollection is encouraging with a very keen presence of mind. But I think the reason he has been asked to stay behind is to observe sufficient rest to be able to regain some more physical strength, away from his present gaunt look. “You know, the problem is that the last time he was home, he barely attended public functions, including the Federal Executive Council (FEC) as well as the Friday Ju’mat service, which he had been attending before he stopped showing presence. That created a lot of controversy as members of the public were genuinely worried. “If you see him now, although he is still very lean

and gaunt but sharp and smart, I mean, for his age. However, if he comes back now, he might still be staying back in the house and avoiding public functions. That again will elicit anxiety amongst the Nigerian people, so, he would take sufficient rest and return when he is certified fit to go home by his doctors.” The governor, who was excited about the rate of recovery of the president, said the most elating thing about Buhari’s health was that he had regained serious recollection with an intense presence of mind, such that he dismissed swirling insinuations about his poor health status. According to the governor, some of the undisclosed reports on the health of the president had claimed that he had begun

to suffer memory loss and was difficult to communicate with, a development that was believed to have been shielded from members of the public, including the actual nature of his illness. He said: “Honestly, for me, my worries had been compounded by the fact of the report that he had begun to suffer memory loss. Although we could not confirm that story, all I was thinking about was that if there was an iota of truth in the story, then we would be in a very serious trouble as some people could seize power on his behalf. “We could have a situation where they would permanently keep him away from everyone and be dishing out instructions and orders on his behalf and we would be unable to ascertain

whether or not those were coming from him. So, I had been worried until I saw him in London, established old discussions with him and he recalled everything to my fascination. “He could almost tell you word for word what you had discussed with him back then. It appears the older he gets, the better his sense of humour. Trust me on this – I am very happy for him and the country. The president is very well now and fit. But he is not coming anytime soon as some people are saying, but talks about him being on life support and about to die are all made up to overheat the polity,” he said. He, however, hinted that the acting President, Professor Yemi Osinbajo would start to carry out some more serious

assignments now, albeit on the instructions of the president, adding that attempts by some to unsettle the polity through insinuations on who is in charge would be put to rest with some of the decisions of the presidency in the days ahead. “Just watch out. The acting president will start carrying out some functions of the office of the president to further ease administrative bottlenecks, calm nerves and allay unfounded fears. The truth is that the presidency is one and the same and the ploy by some fifth columnists to create avoidable gulf has already been defeated by the unbreakable chemistry between the president and his deputy. What we have is the Muhammadu Buhari presidency and it is living up to expectations,” he said.

Northern Youths To Withdraw Quit Notice To Igbos This Week, Says Shettima Onyebuchi Ezigbo in Abuja, David-Chyddy Eleke in Awka and Emmanuel Ugwu in Umuahia The coalition of Northern youths that asked Igbos in the North to quit the region before October 1, 2017, has agreed to withdraw the quit notice and give peace a chance, Borno State Governor, Alhaji Kashim Shettima, said yesterday in Abuja. Addressing journalists shortly after a meeting with the Arewa Youth Coalition at the Borno Government Lodge, Asokoro in Abuja, Shettima said the youth groups had promised to make a public statement to that effect this week. He said the groups had exhibited courtesy and respect to constituted authority by responding to his summons and expressing their commitment to peace. He said: "We met with the leadership of the coalition of northern groups in my capacity as the Chairman of the Northern Governors Forum. They have agreed to revisit their decision and we will follow it up to its

logical conclusion and I believe that in the next couple of days we are going to get good news from them. "I don't want to pre-empt them by saying that this is what will happen or not, but definitely, they have shown responsibility and commitment to the national cause and they have wider plans to promote the cause of national unity and cohesion." Shettima who described the meeting with the youth groups as very fruitful told journalists that the leaders of the coalition have shown a lot of courtesies and respect for the establishment. According to the governor, the youths had earlier met with the Sultan of Sokoto, His Eminence Sa'ad Abubakar, as part of the consultations towards resolving the matter. He said that the forum believed that it was better to dialogue with the youth groups rather than criminalizing them. The governor said that while the northern leaders had made efforts to put their youths in check, the leadership of the South-east should also reciprocate

their action by also calling the leader of the Indigenous People of Biafra (IPOB), Mr. Nnamdi Kanu, to order. "This is the first time that they are sitting down with the leadership of the forum. There were having interactions with His Eminence, the Sultan of Sokoto. I started conversations with them right from Kaduna yesterday and we continued the discussion today and by the grace of God, it is going to yield fruit. We are trying to have an understanding of the challenges confronting us as a people and solutions to those challenges,” he said. Spokesman of the Northern Youths Coalition, Mr. Abdulaziz Sulieman said his group had accepted to work for the unity of the country, adding that they would meet this week to reconsider their declaration. He said: "At least what we can say is that there has been a major development. If we all remember what we did with the Northern governors' forum, we used to copy all our correspondences to them.

"Now the chairman of the forum has taken the initiative and invited us yesterday to start negotiations. This is the first time we are meeting publicly with any leader publicly and we believe that it's is a major step forward in our ongoing consultations. "Like he said, we hold the governor in high esteem and we have the unity of the country at heart.” IPOB Attacks Obiano in Church, Insists on No election In Anambra State, however, members of the Indigenous People of Biafra (IPOB), consisting of youths and women yesterday attacked the Anambra State Governor, Chief Willie Obiano, at St Joseph Church, Ekwulobia, Aguata Local Government Area of the state. THISDAY gathered that the governor had hardly settled down for the service, when youths and women adorned in Biafra insignias, chanting Biafra songs besieged the gate of the church shouting, "No election in Anambra State; " we want a referendum ", "No referendum, no election."

Advancing in droves towards the gate of the church, the governor's security men rushed and locked up the entrance. A source said: "As their (IPOB') confrontation with the police continued, the IPOB numbers continued to enlarge. I think they were reinforcing from Onitsha. As their number continued to increase, the governor's security had to smuggle him out of the church." But a member of the governor's press crew who pleaded anonymity said the governor left after addressing the church at the end of the service. A source said: "The governor was not smuggled out of the church. The issue was that the security men had to stop the agitators at the gate of the church when they started shouting ‘no election, no election.’ "The governor even addressed the issue while speaking to the congregation. He assured that there would be an election in the state. "He said nobody can stop the election in Anambra State;

the governor said most of the anti- election protesters are not from Anambra State." When contacted on the telephone, the Commissioner of Police, Anambra State Command, Mr. Garba Umar, confirmed the incident. The commissioner warned that the police would no longer tolerate such impunity, saying the intention of the protesters was to attack the governor. He said: "You, press people should report this. We will no longer tolerate this impunity from anybody. Why should they protest to the church? The church is a place of worship; and not a place of protest. It is obvious that they had criminal intention to attack the governor.” About two weeks ago, a group of youths suspected to be members of IPOB had allegedly disrupted a church function attended by the governorship candidate of the Progressives Peoples Alliance, Mr. Godwin Ezeemo. The incident occurred at Odoekpe, Ogbaru Local Government Area of the state.

US: NIGERIAN MILITARY LACK CAPACITY TO HOLD CAPTURED TERRITORIES IN N’EAST But the report by the US Bureau, which tracks terrorism and counter terrorism measures across the world found that Nigeria was not on top of the situation. The report states: "Despite gains made by the Multi-National Joint Task Force (MNJTF), much of its reported progress was merely duplication of failed efforts carried over from the end of last dry/ fighting season,” adding: "The Nigerian military was unable to hold and rebuild civilian structures and Institutions in those areas it had cleared." It also faulted the decision of the federal government to return internally displaced people to their original place of abode, saying that this was being done without adequate security. "The Nigerian government continued to facilitate the return of internally displaced persons to their home communities, although sometimes without providing adequate security and before

appropriate conditions were in place for safe, informed, voluntary returns," it said. The report also said that Nigeria did not show any evidence that it would implement a coordinated plan to restore civilian security in recaptured territories. Another weakness in the Nigeria's approach to dis-lodging Boko Haram as shown by the US report is the lack of coordination among intelligence gathering agencies. "The level of interagency cooperation and information sharing was limited and at times hindered overall effectiveness,' the report explained and casted a serious doubt on the ability of the security agencies to properly investigate terrorism cases. It said: "The Department of State Security (DSS) is the primary investigating agency for terrorism cases, but there have been longstanding sustained concerns about its capacity to

investigate terrorist financing as it does not share case information with other agencies that also have the mandate to conduct terrorist financing investigations and prosecutions, such as the EFCC. “These concerns continued in 2016. There were no known efforts on the part of the EFCC or the Ministry of Justice to prosecute terrorist financing cases. "The Government of Nigeria has the ability to freeze and confiscate terrorist assets as required by the UN Security Council (UNSC) ISIL (Da’esh) and al-Qa’ida sanctions regime. While there is a political will to freeze assets, bureaucratic processes occasionally cause delays," it pointed out. The report also noted that despite touting multi-lateral approach to the fight against terrorism, Nigeria was unwilling to shoulder the responsibility of leading a multi-lateral team. "Nigeria sought greater cooperation and coordination

with neighbouring countries to counter the effects of Boko Haram, yet has resisted taking control of the regional response," it said. The report also listed some of the efforts made by the government to tackle Boko Haram, including the negotiation for the release of 21 Chibok Secondary School girls, but, however, highlighted the fact that Nigeria needed to do more to succeed in the fight against terrorism. According to the report: "The Nigerian government has not invested significant resources or time enlisting regional organizations, such as the Economic Organization of West African States and Economic Community of Central African States, to assist with the Boko Haram problem. Instead, the Government of Nigeria preferred to engage Boko Haram militants in direct, unilateral military action and through the MNJTF, which is headed by a Nigerian military

officer." The Bureau was also critical of the federal government's claim of success in the anti-corruption war, stating: “The present administration has made limited progress against corruption." Again, Osinbajo meets service chiefs, condemns killing of Chad Basin oil explorers Meanwhile, Acting President Osinbajo at the weekend condemned what he described as the appalling terrorists' ambush, attack and abduction of soldiers and civilians who were on legitimate duties in the Lake Chad Basin Frontier Exploration. Last Tuesday, the Boko Haram terrorist group in the North-east had ambushed the Nigerian National Petroleum Corporation (NNPC) Frontier Exploration Continued on page 12

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Shell Discharges Caverton Helicopters from $55m Loan Repayment Obligations Ejiofor Alike The Shell Petroleum Development Company of Nigeria Limited (SPDC) has confirmed the non-indebtedness of Caverton Helicopters Limited on the $55 million loan advanced to the company by the oil giant to finance the acquisition of three new AW 139 helicopters. SPDC has also discharged and released Caverton Helicopters from all repayment obligations under the said loan, having fully recovered the total loan from the firm, in line with the agreement by all the parties. Shell had in May 2010 awarded Caverton Helicopters a five-year contract for the provision of helicopter services with a twoyear renewable option, after a highly competitive technical and commercial evaluation processes. The contract was the largest

ever given to any national company in Nigeria by Shell and given the oil giantâ€™s global reputation for very high safety and quality standards, Caverton Helicoptersâ€™ strong attention to safety, quality and continuous improvement, which accounted for its zero accidents to date, also contributed to the award that had made the company the largest fleet manager of the AW139 helicopter in sub-Saharan Africa. THISDAY gathered that in the variation to the contract Number NG01007424 awarded by SPDC to Caverton and DanCopter, Shell advanced the sum of $55 million to Caverton Helicopters as part of Shellâ€™s strategy to strengthen local capacity in the oil and gas industry, with the overall aim of adding value to the Nigerian economy. By the terms of the agreement,

the loan would be repaid from the proceeds of the same contract awarded by SPDC to Caverton for the provisions of aviation services. In fulfilment of the terms of the contract, SPDC said it had separately disbursed various sums of money amounting to the said sum of $55 million to Caverton and DanCopter A/S. Caverton had also secured Advance Payment Guarantees (APGs) from Standard Chartered Bank (SCB) Nigeria Limited as a security against early termination of the contract. However, in a letter dated July 25, 2017, and addressed to the Managing Director of Caverton Helicopters Limited, SPDC confirmed that the total sum of $55 million has been fully recovered from Caverton and DanCopter from the proceeds of the contract Number NG0107424,

as contained in the operating plan in the original contract. The letter, which was signed by SPDCâ€™s Finance Director, Yakov Kravchenko and obtained by THISDAY, also referred to Shellâ€™s earlier letter of December 17, 2014, discharging and releasing DanCopter of all repayment obligations for its portion under the loan. In the letter addressed to Caverton Helicopters titled: â€œConfirmation of Nonindebtedness and Release of Advance Payment Guarantee Procured by Caverton Helicopters,â€? SPDC noted that the release and discharge of Caverton do not affect the firmâ€™s liability to continue to provide helicopter services to SPDC under the same contract. Part of the letter reads: â€œ(a) we hereby discharge and absolutely release Caverton Helicopters from

all repayment obligations under the loan. This letter further serves to confirm to SCB, or any other third parties that Cavertonâ€™s liability for its own portion of the loan has been completely discharged, and (b) Further to paragraph (a) above, we hereby return the Supplemental Guarantee made on October 21, 2016, in favour of SPDC, in the amount of $4,293,804.33.â€? Speaking at the contract signing ceremony in 2010, Shellâ€™s then Vice President, Health Safety and Infrastructure, and immediate past Managing Director of Nigeria LNG Limited, Mr. Babs Omotowa had noted that â€œin highly technical areas of our industry, a partnership between a Nigerian company and foreign technical partner enables building of capacity and transfer of skills and technologyâ€?. â€œOur vision is that through

this relationship, SPDC and Shell Nigeria Exploration Production Company (SNEPCO) would be a catalyst for a Nigerian company to grow and be able to compete internationally outside Nigeria,â€? Omotowa, who is now Vice President in charge of Safety and Environment (S&E) at the Shell Upstream International at The Hague, Netherlands, had said. The acquisition of 6 AW 139 helicopters from the Original Equipment Manufacturer â€“ AgustaWestland enabled the appointment of Caverton Helicopters Limited as an AgustaWestland Authorised Service Centre for the AW139 intermediate twin helicopter in Nigeria and West Africa in June 2012. Caverton became the first company to be so appointed by a major aircraft manufacturer in the West African sub-region.

US: NIGERIAN MILITARY LACK CAPACITY TO HOLD CAPTURED TERRITORIES IN Nâ€™EAST Services (FES) and Surface Geochemistry Sampling crew, comprising of three consultants attached to FES and the Integrated Data external consultants from the University of Maiduguri; military personnel and members of the Civilian Joint Task Force (JTF), while returning to Maiduguri after conducting survey mapping and geological study in the Chad Basin. The exploration team suffered heavy casualties as THISDAY sources reported that the bodies of 18 soldiers, 15 Civilian JTF killed alongside five UNIMAID staff and four NNPC drivers had by last Thursday been deposited at the mortuary of University of Maiduguri Teaching Hospital, Maiduguri. Some members of the exploration team were also abducted by the terrorists. In a statement issued yesterday, by his media aide, Mr. Laolu

Akande, Osinbajo, who said the objective of the exercise was to open up new areas for oil exploration for the good of all Nigerians, lamented that the attack resulted in a number of deaths of hardworking and innocent Nigerians, and the abduction of some. Osinbajo commiserated with the families, relatives and associates of those who lost their lives in the onslaught and wished the injured a speedy recovery. The statement recalled that the acting president, after an emergency meeting with the military chiefs on Thursday, issued fresh directives to the Nigerian military and all security agencies to immediately scale-up efforts in Borno State in order to maintain a strong, effective control of the situation and secure lives and property. He commended the military for the progress already recorded on

the rescue of some of the abducted and also ordered the continuation of the search and rescue missions to locate and ensure the freedom of all the remaining abducted persons as soon as possible, using all available and expedient means in the circumstances. He added that justice would be pursued for the victims and against those who engage in this kind of unacceptable, criminal and terrorist acts just as he praised security operatives for their bravery and resilience. "Acting President Osinbajo pays tribute to the resilience, courage and bravery of officers and men of the Nigerian Armed Forces for their gallant endeavours and sacrifices for the peace, security and territorial integrity of our country. He eulogises the Nigerian soldiers who have paid the ultimate price in this mission and others linked to the current insurgency and gives a firm

assurance that the welfare of the families of the soldiers will be prioritized. "He also commends the diligence of the management and staff of the NNPC, and the lecturers and consultants from the University of Maiduguri in pursuing Federal Government's resolve to grow our country's current crude oil reserve base through potential exploration in the Lake Chad Basin, stressing that the government will by no means be dissuaded. According to him: â€œSome of these extraordinarily selfless Nigerians from the NNPC and the University of Maiduguri put their lives on the line that we and generations to come will enjoy the resources of this land. We will never forget that sacrifice. "Although pockets of terrorists have been launching attacks recently in Borno State, the Acting President assures the

people of the state, the region and indeed all Nigerians, that the FGN is not only on top of the situation but will define the end of these atrocities by both winning the war and winning the peace in the North-east,"the statement assured. The acting president again met with security chiefs and the Minister of State for Petroleum at the weekend. The meeting which was the second within two days, was attended by service chiefs including the Chief of Defence Staff, Gen. Gabriel Olonisakin, Chief of Army Staff, Lt.-Gen. Tukur Buratai, Chief of Naval Staff, Rear Admiral Ibok-Ete Ekwe Ibas and Chief of Air Staff, Air Marshall Sadique Abubakar. Also present at the meeting were the Inspector-General of Police, Mr. Ibrahim Idris and the Director-General of the Department of State Services

(DSS), Lawal Daura. According to a tweet by his spokesman, Laolu Akande, on his Twitter handle, @akandeoj, the meeting was a continuation of the earlier meeting the acting president had held with the service chiefs and the Minister of Defence, Col. Mansur Dan-Ali, in Aso Rock on Thursday. "In continuation of his close monitoring of Borno situation, AgP Osinbajo met again last night (Saturday night) with service chiefs, IGP, DSS, Petroleum Minister of State and others. "Meeting reviewed progress on release and rescue (efforts) of abducted officials of UNIMAID & rescue (efforts) of abducted officials of UNIMAID & missing NNPC staff. AgP Osinbajo had earlier met Defence Minister and military service chiefs couple of days back in his office on Thursday on the situation," he tweeted.

framework for the 2018 budget. â€œIn line with the goals of the Economic Recovery and Growth Plan (ERGP) 2017-2020, the medium term fiscal policies of government will be directed at achieving macroeconomic stability, accelerating growth, intensifying economic diversification and promoting inclusiveness. â€œThe need to look onwards to boost non-oil revenues cannot be overemphasised, as we diversify. â€œWe are on track to achieve full recovery and return firmly to the path of growth. Fiscal prudence must be observed at all levels of governance.â€? He said the MTEF and FSP were drawn from the Economic Recovery and Growth Plan (ERGP) 2017-2020, which is the blueprint guiding all the economic plans of the government. The ERGP, the minister stated, was itself the product of extensive consultations with a broad spectrum of Nigerians, including development experts, top economists and other critical stakeholders, adding that all budgets prepared within the planned period must be drawn from, and align with the provisions of the ERGP. During the interactions, he explained the basis for the key assumptions and macroeconomic framework contained in the proposed MTEF, particularly

the projections for oil production levels, crude oil price benchmark, exchange rate, inflation rate and GDP growth rate, among others. These, Udoma noted, were all being exposed for consideration and discussion purposes, and welcomed comments and suggestions on them. He said the consultations, which started penultimate Thursday with the governors, and continued last Tuesday and Thursday with the National Assembly, CSOs, private sectors operators (PSOs), the media and general public in Abuja, were for the purpose of seeking public input into the preparation of the MTEF as recommended by the provisions of the Fiscal Responsibility Act. The minister explained that though government's plan, as set out in the ERGP, is to diversify the economy as soon as possible away from reliance on crude oil proceeds, "we need the revenues from crude oil to fund the necessary infrastructure investments that are required to provide the enabling environment for the diversification of the economy into agriculture, manufacturing, construction and services." .Udoma stated that the production level of 2.3 million barrels per day (mppd) projected for 2018 is realisable, adding that the country has the technical

capacity to produce much more than that. From available statistics from the Nigerian National Petroleum Corporation (NNPC), he stated that, with the inclusion of current condensates production of 400,000 to 450,000 barrels a day, "we have been able to produce more than two million barrels a day at some periods this year," he stated. Addressing concerns raised over the level of borrowing and the continued provision for a deficit in the budget, the minister, while appreciating the concerns about the growing debt figures, explained that the issue was not so much about debt problem, but much more of a revenue problem. According to him, even with the current levels of borrowing, the countryâ€™s fiscal deficit is still well within the three per cent threshold prescribed by the Fiscal Responsibility Act, adding that government was continuously monitoring the deficit level to ensure that it remains within the threshold. The minister also admitted that it would be very challenging to achieve the target GDP growth rate of 4.8 per cent set out in the ERGP for 2018. However, he emphasised that it could be achieved if the country is able to attract a high amount of private sector investment to drive economic growth.

FG, STATES, LGS SHARED N3.010TN IN FIRST HALF OF 2017 THISDAY findings also showed a general increase in the revenue shared by the three tiers of government. A further breakdown of the monthly allocation in the first six months of the year showed that while FAAC disbursed N514.15 billion to the three tiers of government from the revenue generated in January 2017, the Committee disbursed N466.93 billion to the three tiers of government from the revenue generated in February 2017. Also, while from the revenue generated in March 2017, FAAC shared N496.39 billion, from the revenue generated in April 2017, N418.82 billion was also disbursed to the three tiers of government. In the same vein, the FAAC disbursed N462.36 billion to the three tiers of government from the revenue generated in May 2017 and N652.229 billion for June. The improved crude oil production recorded by the country recently is the major factor responsible for the increased FAAC allocation to the three tiers of government. Nigeriaâ€™s oil production recently rose from 1.2 million barrels per day to about two million barrels per day. This saw the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers,

led by Saudi Arabia and Russia, approving the decision of the federal government to cap Nigeriaâ€™s oil production at a sustainable volume of 1.8 million barrels per day.

Udoma explains governmentâ€™s intensiďŹ cation of oil exploration In the meantime, Nigeriaâ€™s Minister of Budget and National Planning, Senator Udoma Udo Udoma, at the weekend in Lagos said the federal government was aware of the diminishing long-term prospects of crude oil, explaining that this was why it was important to maximise the use and exploitation of the nation's petroleum resources now. Udoma stressed that this was also why the government was determined to move away from exporting raw crude oil and instead to encourage local refining and processing, as well as the local production of the various derivatives from crude oil for which there will continue to be domestic and international demand. He spoke during an interactive session with civil society organisations and private sector players on the 2017 Medium Term Economic Framework (MTEF) and Fiscal Strategy Paper (FSP)

and said the government was considering total oil production volume of 2.3 million barrels per day with an oil price benchmark of $45 per barrel for the 2018 budget. He said the government was targeting revenue generation of N5.16 trillion for 2018 as against N5.08 trillion in 2017. The amount would be generated from oil revenue estimated at N2.1 trillion; non-oil revenue of N1.36 trillion; dividend from Nigeria Liquefied Natural Gas -N29.58 billion, and minerals and mining â€” N1.06 billion. Others are independent revenue from agencies of government â€” N847.9 billion, domestic recoveries and fines â€” N364 billion, other federal government recoveries â€” N138.43 billion and grants and donor funding â€” N281.6 billion. He said the budget would also be predicated on an exchange rate of N305/$ as well as 12.42 per cent inflation rate. Other budget benchmarks which the minister stressed that might also be adjusted included nominal GDP of N133.97 trillion and N81.60 trillion nominal consumption. He explained: â€œThe MTEF outlines the federal governmentâ€™s fiscal policies and our macroeconomic projections for the next three years from 2018 to 2020 and it provides the broad

T H I S D AY MONDAY JULY 31, 2017

COMMENT

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

PUBLIC PROPERTY AS NOBODY’S BUSINESS Temilade Aruya argues for a change of attitude towards public infrastructure

n a daily basis, public properties and infrastructure are being destroyed and vandalised in their numbers and our environment desecrated with government losing millions of naira to repairs and sometimes replacement of these infrastructure. These are funds that could have been channelled to other sector of the economy and human development projects that can benefit the populace. Interestingly, public infrastructure such as parks and gardens, bridges, traffic lights and street lights, road sign boards, road medians, bus stop shelters, public waste bins, drainages, roads, electricity poles and cables and a host of others are state-owned properties that were actually put in place with tax payers money and for the collective good of the society. The durability and life span of the infrastructure is dependent on usage and maintenance culture. It is, however, quite unfortunate to observe that infrastructural maintenance culture, discipline and good civic sense is lacking among Nigerians. The flagrant abuse of public properties is appalling with people misusing and vandalising them at will. There have been instances of people being arrested for vandalising aluminum rails on over- head bridges to sell to steel companies while some have been arrested for vandalising electricity cables and transformers. Gone are the days when public properties are naturally safe in the country. The situation is so bad now that communities and residents where these public properties are located provide additional security to be able to enjoy them. These are properties set up and maintained with millions of naira only to be destroyed or stolen by same people whom they were originally meant for. Another way public properties are being ruined is through the careless and reckless attitude of users who often erroneously believe that since they are government property, they belong to nobody and as such are nobody’s business. Thus, they could be used without regard for safety or caution. A cursory look at the state of some road infrastructure in Lagos State, for instance, indicates that most of the damaged road props like pavements, medians, sign boards, traffic lights, street lights, bus stop shelters and the likes are destroyed by people who care less about them. It is unfortunate that government had to invest more funds to put restraints and concrete reinforcements on the road to protect some road props and flowers planted to beautify the landscape as people rammed and matched on them at will destroying them in the process. The environment is constantly defaced with litters. In spite of several awareness and enlightenment campaigns and programmes via the media, people still violate standard regulations and social safety rules meant for their good. From the stark illiterate street hawker to the well-educated office worker who throws all sorts on the road, no one is actually exempted. This flagrant disregard for public properties and the environment cuts across different facet of the society, from simple compliance to

IT IS NOT ENOUGH TO BLAME GOVERNMENT FOR VIRTUALLY EVERYTHING; THE CITIZENS ALSO HAVE THEIR ROLE TO PLAY IN THE EVOLVEMENT OF AN ORDERLY SOCIETY

environmental laws such as the use of the pedestrian bridge to the prohibition of defecating in public places, blockage of drainages with waste and dumping of refuse in undesignated places, to the obedience of traffic light, road signs and rules. It is sad to realise that in most cases, people comply only when they are compelled. Recently, the Lagos State Government embarked on massive road reconstruction in Ojodu- Berger area of the state with the expansion of the road and the construction of pedestrian bridge and bus stops with iron barricades to rein in the excesses of commuters and transporters and prevent them from taking up the road and causing traffic gridlock. The iron barricades were also put on the meridian to prevent people from crossing the road as it has been observed that people don’t often engage in voluntary compliance as they prefer to cross the road rather than use the pedestrian bridge. In spite of the risks involved in crossing the expressway, many still prefer to embark on such suicide mission. It is absurd to observe that people often prefer to disobey rules and regulations to their own detriment. The government also constructed a modern garage, all with the aim of bringing some sanity to the area and consequently makes life better for Lagosians. The transformation of the Ojodu Berger area is indeed amazing and commendable but it is saddening to observe that the barricades put in place to guide people and ensure compliance are already been damaged by careless and reckless transporters as there are dents on a few of them already. Governments across the country must ensure full and total compliance with the laws and endeavour to use the apparatus of the state within their disposal to guarantee that people develop a civic sense and imbibe the culture of discipline and respect for law and order. In Lagos, in particular, the government needs to revisit enforcement and ensure that offenders face the wrath of the law to serve as deterrent while appropriate structures should be put on ground to monitor and protect public properties such that vandals would be caught in the act. To achieve this, the Kick Against Indiscipline (KAI), which was created to address such, must be further strengthened to effectively deliver on its mandate. Nigerians must embrace civility and environmentally friendly culture. It is high time people began to take responsibility for how the environment looks. As a people, we must promote and uphold patriotic values and ethics. It is not enough to blame government for virtually everything; the citizens also have their role to play in the evolvement of an orderly society. A situation where refuse are dumped in water channels and canals, thereby leading to the desecration of the environment is grossly unacceptable. The earlier such uncivilised habits are done with, the better for us all. Aruya is with the Lagos State Ministry of Information and Strategy, Alausa, Lagos

LESSONS FROM OSUN SENATORIAL BYE-ELECTION APC lost the election to APC, contends Kunle Owolabi

HISDAY Newspaper’s editorial of Friday, July 17, 2017 was a carefully and skillfully written piece. The editorial dug deeply into how the last Osun West Senatorial byeelection was conducted, lost and won. Commendation should go to newspaper for electing to tell the truth about the issue at stake as well as its thorough appraisal of the election; and constructive criticism of the principal actors in the electoral contest. With its objectivity and near-perfect reading of the performance of the Governor, Rauf Aregbesola; the successes of his programmes and policies ‘boosted by fiscal prudence;’ and the eventual financial crisis arising from the ‘slump in oil prices and dwindling bailout from Abuja,” the editorial gladdens the heart as the positive comments and insightful appraisal of the governor’s policies and programmes would inform a lot of people who are currently being bamboozled by a section of the media with fixated minds on the true state of issues in the State of Osun. While it cannot be denied that THISDAY gesture will serve as tonic to Aregbesola’s administration in order to consolidate on his people-oriented

programmes it embarked on as his administration winds down gradually, there are few grey areas in the editorial, which ought to be put in proper perspective. Prominent among them is the notion that Ademola Adeleke left the party because of manipulation at the primary election. One, Ademola did not participate in the primary as he decamped to the Peoples Democratic Party (PDP) not more than six hours to the real primary. Though the primary election was adjudged to be free and fair, the belief in some quarters is that he left because of the array of support base for his opposition before the primary election. Two, Ademola positioned himself to be the sole candidate of the APC with the collaboration of some party top echelon in Abuja, coupled with the assistance of some renegades within the Osun APC. When this failed, he left the party. Third, it was even the magnanimity of the party and the goodwill of his late brother that paved the way for him to express his desire to contest on the platform of the party without any antagonism. The simple truth is that, Ademola was never a card-carrying member in the real sense of being a

party man. Only his brother sought to belong to the party after he was humiliated out of PDP. So the notion that the younger Adeleke decamped from APC is a contradiction for he never belonged to the party in the first place. Thus, the allegation that they denied him the ticket of the party was baseless altogether. THISDAY also situated the financial crisis bedevilling the federal government and all the states of the federation very well, especially, on the fact that states are now struggling to fulfil their monthly statutory bills right. And Osun is welloff in terms of salary payment than most other states of the federation. With the modulated salary structure adopted by the state in the face of the crisis, it can be said that the state does not owe any salary except that of July, which the state is set to pay. Under this arrangement, civil servants on Grade Levels One to Seven in the state have been getting their full salaries paid monthly while Grade Levels Eight to 10 have been taking home 75 per cent of their monthly salaries; and Grade Levels 13 to 17, half of their total monthly pay package. All these three categories have collected their salaries up to June

2017. So, the misinformation in some quarters that the state owes backlog of salaries is far from the truth. This is where the media also can help. It is sad that a section of the media is currently aiding the spread of rumours, deliberately sponsored to malign the government and Governor Rauf Aregbesola so as to portray him as being callous and unresponsive to the yearnings of workers. Let it be known that when the economy of the state was buoyant, salaries were not only paid as and when due, full salaries were also paid as ‘13th month’ to the workers. It is however unfortunate that Aregbesola’s traducers seem to have forgotten all his good deeds so soon. Not even his commitment to restore the status quo ante bellum once the financial status of the state improves. To insist therefore that the modulated salary structure demoralised the workers to the extent of contributing to the loss of the bye-election is totally untrue. It is enough to just say that APC lost the election to APC! Owolabi wrote from Osogbo, Osun State

T H I S D AY Ëž ÍąÍŻËœ Í°ÍŽÍŻÍľ

EDITORIAL OF GENDER AND THE LAWMAKERS Women have the same intrinsic worth as men

roceedings were disrupted in the House of Representatives last Thursday when female members kicked against the outcome of voting on â€œcitizenship and indigeneshipâ€? for women in the course of the constitutional amendment process. The provision sought to alter section 25 of the constitution to give married women right to choose indigeneship either by birth or marriage for the purpose of appointment or election into public ofďŹ ces. With no fewer than 240 votes needed for the amendment to pass, the members could only secure 208 votes. A day earlier, the Senate had voted down the same amendment as well as the proposed 35% afďŹ rmative action for appointive positions. At a period in history when women are playing increasing role in global affairs, it is unfortunate that the National Assembly would conduct the constitutional amendment process in Nigeria the way it did. But it is also typical. Discriminated against at every level in our country, women and girls traditionally are denied equal GENDER EQUALITY IS treatment regarding NOT JUST A HUMAN access to education, RIGHTS ISSUE, IT inheritance rights, human resources IS ESSENTIAL FOR development and THE ACHIEVEMENT sustainable economic OF SUSTAINABLE growth. At a time DEVELOPMENT they are seeking AND A PEACEFUL, equal treatment and PROSPEROUS WORLD participation in issues that concern them and their families, the lawmakersâ€™ action did diminish our women and girls as well as the larger society. As we have always argued, to the extent that women make up about 50 per cent of the Nigerian population, it makes no sense to discriminate against half of our population from contributing to national prosperity and wellbeing for archaic and oppressive reasons. That perhaps explains why last week in Amauzu Nkpoghoro village, AďŹ kpo North Local

Letters to the Editor

Government Area of Ebonyi State, a 70-year-old widow was reportedly paraded round the village and ďŹ ned three goats after she was allegedly â€˜caughtâ€™ in bed with her 30-year-old lover. It is all the more disheartening that in this climate, the National Assembly has been found wanting in its role to help achieve the goals of promoting gender equality on several occasions. In September last year, for instance, a watered down version of the Gender and Equality Bill passed a second reading in the Senate, and was referred to the committee on Judiciary, Human Rights and Legal Matters. The ďŹ rst bill put forward six months earlier, and which included equal rights for women in marriages, divorce, property ownership and inheritance, was voted down. That bill was rejected because senators said â€œenacting a law to accord women equal rights with men was un-African and anti-religiousâ€?.

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NWOKO: THE MAN WHOâ€˜ENDEDâ€™NIGERIAâ€™S RECESSION

hen the military midwifed the current civilian dispensation in 1999, Prince Ned Nwoko, a Nigerian-born but United kingdom- based maritime and human rights lawyer, was among top Nigerians who won elections to sit at the National

Assembly. Nwoko blazed the trail because amongst the ranking human rights campaigners who fought for the emergence of democracy after over four decades of military interregnum, he was one of the few who decided to take the bull by the horn by venturing into the arena of partisan politics. But at the back of his mind was to render selfless service to his fatherland and his people and not for money making. He gave his all to win the coveted position to sit amongst the national legislators to build the democratic institutions that would become legendary in bringing about prosperity to the people. Ned Nwokoâ€™s political trajectories can be likened to a beautifully packaged journey whose destination has a very liberating and an inspirational mindset. He was amongst the Nigerian legal minds who helped shaped global narratives during the military regimes that won some mileage for the country to an extent that the then military ruler General Sani Abacha was persuaded by superior logic to set up the National Human Rights Commis-

t is therefore no surprise that there are only seven women among 109 Senators and they are treated most often with condescension by their male colleagues. But then, the general notion in our country that women are inferior to men was last year reinforced when President Muhammadu Buhari, at a press conference in Germany, said the role of his wife did not extend beyond the kitchen and â€œthe other roomâ€?. It was an unfortunate gaffe, especially given that women in Nigeria have made their mark in the political and economic arena, which men dominate, and excelled. Gender equality is not just a human rights issue, it is essential for the achievement of sustainable development and a peaceful, prosperous world. Therefore, circumscribing the access to opportunities that ultimately empowers women and girls is counterproductive. Women are not the objects of pleasure of men or properties to be used and disposed of. Indeed, women have the same intrinsic worth as men. Therefore any custom that seeks to discriminate against them on the basis of their marital status cannot and should not stand. Unfortunately, the National Assembly has consistently failed to appreciate that fact.

sion in conformity with the Paris principle and indeed best global practices. During those periods when the country faced sanctions for failing to embrace democracy, Prince Nwoko who was doing very well as a legal practitioner in Great Britain, volunteered to speak for the international interest of corporate Nigeria. He did virtually on pro bono basis because of his love for fatherland. His formidable background may have formed the basis for his positive and indeed impressive performance as a legislator representing his immediate constituency of Delta State at the Federal House of Representatives. He has a monumental legislative record before returning to his first love which is international practice. But many years after he left the political terrain, Nigeria has now for the umpteenth time gained a lot from his astuteness in such a way that he played pivotal role in negotiating for the payments to Nigeria by Paris Club of the debts refund which invariably has financially stabilised our country to a substantial level. We are speaking about billions of United States dollars. For this humongous amount to be brought into our economy that was at its lowest performance index, is to put it mildly, liberating. That Nigeria has been in economic meltdown is a notorious fact. Emmanuel Onwubiko; www.huriwa@blogspot.com

AMOSUN AND ARTIFICIAL BOUNDARIES

t the Monday, July 24, 2017 summit of the South West governors (now Western Nigeria Governorsâ€™ Forum) in Abeokuta, the Ogun State helmsman, Senator Ibikunle Amosun, rued the partition of the old Western Region in the following words: â€œInstead of building bridges, some of our people are digging trenches for protection against their own brothers and sisters.â€? 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€œIt 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€? â€œAnd to further worsen the situation,â€? observed Governor Amosun, â€œsome 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€? He there and then counselled: â€œWe 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€? 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 MONDAY JULY 31, 2017

T H I S D AY • MONDAY, JULY 31, 2017

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

POLITICS

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

In Search of Regional Solutions The federal government’s inability to decisively address the clamour for restructuring has forced governors to resort to regional consultations to ensure they are not caught unprepared, writes Segun James

Umahi.. chairs the South-east Governors’ Forum

ollowing the ultimatum given to the Igbos to leave the northern part of the country by a coalition of youths in the north, south-east governors, members of the National Assembly from the zone, Ohanaeze Ndiigbo and Igbo leaders met in Enugu on Saturday July 1st. In his remarks at the meeting, the Deputy Senate President, Dr Ike Ekweremadu said: “We know very well that the toad does not run in the daytime for nothing; if it is not after something, then something must be after it.” This proverb best illustrates the series of meetings now being held by governors at different levels. The agitation for the country to be restructured and the threat by the Indigenous People of Biafra to secede have both created tension to the extent that even governors can no longer assume that there is no threat to the corporate existence of the country. Many expected the Federal Government to respond decisively to the issues but the absence of President Muhammadu Buhari made it difficult for the government at the centre to come out with a robust response. The Acting President appears to be in quagmire. Although, he is acting following the letter written by Buhari to the Senate, Yemi Osinbajo obviously does not have the mandate to deal with the issue. He can only wish the

agitators will get tired and drop the campaign or pray for the president to return in earnest to handle the issues. Those hoping that the National Assembly would reduce the tension through the ongoing amendment to the constitution were disappointed when the lawmakers refused to support devolution of powers to state. In the absence of such a robust response from the federal government, governors have been meeting at regional level. Suddenly, the governors seemed to have discovered the strength inherent in regional power blocks. After the July 1st meeting’s of the South-east governors and senior political figure in the zone, the governors again met on July 9 again

We know very well that the toad does not run in the daytime for nothing; if it is not after something, then something must be after it.

in Enugu with their counterparts from the South-south zone. The agenda was to find a common ground as Nigeria searched for solutions to series of problems confronting it. They had earlier met in Abuja. The governors, at the meeting, discussed issues that affected the two regions and possible integration. The chairman of the Southeast Governors’ Forum, Governor Dave Umahi of Ebonyi State said the basis of the meeting was to share ideas on how to ensure that governors effectively deplore the resources of their states to addressing issues of security, development, welfare of the people, youth restiveness, unemployment, improving the economy and unity in the country. The Nigeria Governors Forum (NGF) followed suit. After its meeting of July 20, the state executives gave a positive nod to an important aspect of the restructuring demand by setting up a committee to look at the possibility of operating state police as against the current system where the national police force is under federal government control. The committee was headed by the Governor of Kwara State, Mr. Abdulfatah Ahmed. The Imo, Delta, Ekiti, Bauchi and Sokoto States governors are members. Monday, July 24, the governors of the six South-west states met in Abeokuta, the Ogun State capital. The agenda was to address the

challenges confronting the region and set goals towards ensuring the success of the region. Governors Ibikunle Amosun, Akinwunmi Ambode, Ogbeni Rauf Aregbesola, Arakunrin Rotimi Akeredolu, Senator Abiola Ajimobi and Ayodele Fayose were at the meeting where they talked about the development of the geopolitical zone. Though it is the quarterly meeting of the region which held under the umbrella of Development Agenda for Western Nigeria (DAWN Commission), in the light of the series of meeting already held by their counterparts across the country, it is expected that the governors would have also discussed the position of the region on the restructuring debate. But it is instructive to note that the Southwest meeting was targeted at strengthening the region. A communique that emanated from the meeting read by Amosun stated that a joint task force and joint actions would be pursued and sustained on security threats to guarantee the safety of lives, property and prosperity of the people of the region. He also said that the competitive advantage of constituent states would be harnessed for sustainable regional development. “In order to improve the food security of CONT’D ON NEXT PAGE

T H I S D AY • MONDAY, JULY 31, 2017

POLITICS

MONDAY DISCOURSE

IN SEARCH OF REGIONAL SOLUTIONS the region, DAWN should convene a regional agric summit to be held in Ibadan. Approval is given for the establishment of a Western Nigeria Export Development Initiative (WENEDI) to drive the export potentials of the region. A committee be set up for codification of our values and ethos as an instrument of Yoruba uniqueness to strengthen our identity and unity of purpose,” Amosun said. In his welcome address, Amosun charged his colleagues not to allow themselves to be used as “instruments of division”. He said the creation of states from the old western region in 1976, which should have been an impetus for development in the Southwest region, had been allowed to create artificial boundaries between the Yoruba nation. “To further worsen the situation, 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 entity of the Yoruba people,” he said. Then on July 27, 19 governors from the Northern part of Nigeria and traditional rulers from the region met in Kaduna. The agenda was broad but most importantly, it was convoked for the people to take common position on the agitation for the restructuring of the country. The meeting was aimed at discussing the position of the north in the Nigerian context, particularly as regards the calls for restructuring. At the meeting, the address of Kashim Shettima of Borno, State, the Chairman of Northern States Governors Forum was delivered by Aminu Masari of Katsina State, He said the north was not afraid of restructuring but that the forum’s position on the issue would be in the best interest of the region – a consensus that would attract popular acceptance. There were long list of issues on their agenda. The meeting spoke about the agitation for the creation of Biafra. They were particularly not favourably disposed to groups such as IPOB and MASSOB making inciting statements under the guise of exercising right to free speech. They collectively agreed on the need to re-invent politics, re-engineer society and redirect the energy of the youth to exploit their potentials. They were also unanimous in their acceptance that the prosperity of the North and Nigeria depended on annexing agriculture and talents of the people. They talked about the need to provide policyframework, funding, energy and give direction on how to set up urban and rural agro-based industries to raise productive capacity and keep the youth busy. On the issue of farmersherdsmen clashes, their position was that the conflict must be handled with care to avoid a situation that it consumes the nation. Issues of insurgency, the Almajiri system, development of the region, ensuring lasting peace in the country and other problems confronting the region were discussed. The northern governors wanted a regional,consensus on restructuring. While dismissing the general notion that the north was against restructuring, Shettima said: “It is of vital importance to arrive at such consensus position because it is crucial to dispel the erroneous impression created and disseminated by certain interests in this country that the North is opposed to restructuring. “It is important to do so, not only to accommodate the mainstream of Northern public opinion, our primary constituency, but also counter the specific versions of restructuring which generally seek to place the North in a position of strategic political and economic disadvantage, but portrayed as the only versions that can work for the nation.’’ Although the middle belt are geographically located in the north, it is not quite clear whether the region shares the same view with the rest of the north when it comes to restructuring the country. No one should be surprised if there a meeting of middle belt governors’ forum in the nearest future. At the end of their meeting in Enugu, southeast governors and Igbo leaders of thought stated in the communique they issued: “That Igbo leaders lend their full support to the restructuring of the Federal Republic of Nigeria on the basis of fairness and equity. We therefore call on the Federal Government and

Shettima... chairs Northern States Governors’ Forum

all Nigerian leaders to commence a process of dialogue among Nigerians on the modalities of achieving this pressing question within a reasonable time frame.” A common feature of all these meetings is regional integration. Why Now Why are all these meetings now that agitation for restructuring is at its loudest? Is a mere a coincidence? Or are governors agitated by the pressure? Why answers to these questions may vary, no one should be in denial of the fact that even governors have become uncomfortable with the agitation. Until proved otherwise, the widespread perspective on the matter is that governors are resorting to regional meetings probably because they are threatened by the sustained agitation for restructuring, which seems to be gaining wider acceptance among Nigerians. The reality is also that governors need to act now otherwise, they would lose the initiatives to agitators. This is already happening in the south-east where Nnamdi Kanu now commands more follower ship than some of the governors in the region. For some, like the northern governors, they need to correct the impression that the present arrangement works only in their favour and that they were opposed to restructuring. Many believe that the north is generally against restructuring. For the southwest, the governors simply don’t want to be caught napping. There is also the political aspect of the

The regional meetings have just shown that inspite of our national pretence, we are in the age of self-determination. Each political zone is meeting based on its identity and there is nothing bad in it.

movement. The clamour for restructuring is gaining stronger momentum; it is getting more sympathisers and there are clear indications that the actions and inactions of political office holders on the matter may bring about their waterloo in future elections whereas the federal government appears not to be doing enough to address the agitation. Hence, to avoid a situation where they are caught unprepared, the governors want people they govern to see that they are taking concrete action on the matter. Not to be left out, the ruling All Progressives Congress (APC) had also set up a committee on to define restructuring. The party’s National Publicity Secretary, Mr. Bolaji Abdullahi, said the decision to set up the committee headed by the Kaduna State Gvernor, Mallam Nasir el-Rufai was reached after the regular joint APC National Working Committee (NWC)/APC governors meeting held in Abuja recently. “With various agitations on restructuring, the concept has assumed several disparate meanings. In the light of this, at the fifth regular joint APC National Working Committee (NWC)/APC governors meeting on 19th July, 2017 a committee was set up to articulate the Party’s notion on restructuring,” the party noted. Governors Rauf Aregbesola of Osun State; Abdullahi Umar Ganduje of Kano Sate; Simon Lalong of Plateau State, Ibikunle Amosun of Ogun State and former Edo State governor, Oserheimen Osunbor, are members of the committee. How Nigerians See It When asked for his view on the sectional meetings by the governors, a former member of the House of Representatives who represented Kabba/Bunu/Ijumu federal constituency in the House of Representatives between 2003 to 2007, Duro Meseko said it was good and equally bad, depending on the agenda of the meetings. Meseko said: “The answer is a two-edged sword. Those sectional meetings have their advantages and disadvantages. Number one, at this point in our political evolution history, what we need is a united stand. What we need more is the Nigeria Governors Forum (NGF), not the Southwest Governors, Northeast Governors Forum and so on and so forth. Because right now when there are sectional agitations all

over the place and governors, being principal stakeholders in this enterprise called Nigeria, I think it would have been more expedient for the governors to thread with caution, especially as regards those sectional meetings that seem to have assumed life in the polity. “The other aspect of it is that of course, those sectional meetings are also good for regional integration. It depends on the agenda of the meetings, really. For instance, from reports, the Southwest governors met perhaps to discuss economic integration, how the Southwest can benefit from each other, synegise and collaborate to make life better for the people. Such sectional meeting, of course, one will not be able to fault it. “So long the agenda is not parochial or too political. If it is for economic reasons or if it is for development reasons, why not? It can be encouraged. But what one is saying is that at least for now, tension seems to be very high in the polity, regarding agitation by the various regional groupings; IPOB, MASSOB, Arewa youths and all that for regional and ethnic supremacy. It would be misread by the general public, if the governors keep meeting under the guise of regional governorship setting.” But for a die-hard agitator for restructuring and true federalism in Nigeria, the National Publicity Secretary, Afenifere, Mr. Yinka Odumakin, there is nothing bad about the regional meetings. He said it was best that the people were able to drive their development within the context of the culture and tradition. Though he underscored the meetings as indication that Nigeria had never been united. “The regional meetings have just shown that inspite of our national pretense, we are in the age of self-determination. Each political zone is meeting based on its identity and there is nothing bad in it! Because for those of us who are calling for a federal system we are talking about the need for us to have a cultural democracy in terms of allowing people to use their identity to project and promote their development within the overall national development. And it is clear that what we need in Nigeria is a salad bowl system. “When you take a salad bowl, you can see all the different ingredients; egg is egg, it does not lose its identity; tomato is tomato, it does not lose its identity, lettuce is lettuce, carrot is carrot, but it’s a blend of all these ingredients that make the salad. So, Nigeria must agree to be a salad bowl democracy where every ingredient is not meant to lose its identity but the combination of these ingredients is what will make up Nigeria. So, there is nothing wrong in it (the meetings),” he stated. Recently, during an interactive session with journalists in Lagos, the President, Oodua People’s Congress (OPC), Dr. Frederick Fasehun, was however emphatic that Nigeria needed to be restructured. But also in his views, Nigerians must work hard towards the unity of the country. He opined that the country, with all its advantages should not be allowed to crumble on the basis of sectional agitations. Fasehun, who is also the National Chairman of Unity Party of Nigeria (UPN), said impunity was the root cause of many of the political problems in the country. He said Nigerians needed to rise up and demand for good governance. “Those saying Nigeria should break are just wasting their time because Nigeria is too strong to crumble. Nobody is going is to break Nigeria. Nigerians are too interwoven to allow the country to break. Nigeria is where it is today because after the fight against the military and struggle for democracy, we left victory in the gutter for old politicians to come and start the damage from where they stopped. “We allowed failures to be recycle in public office. We have being recycling old failures and we keep recycling them. Nigerians should desist from recycling old politicians; they have not done us any good,” he suggested. As things stand today, agitation for restructuring is taking the centre stage. Government seems to be under immense pressure to do something about it because in politics, when you have no options left, you may as well bow to the inevitable. That seems to be the situation in the country right now. Additional reports by Shola Oyeyipo, Adibe Emeyonu and Benjamin Nworie

T H I S D AY • MONDAY, JULY 31, 2017

POLITICS

The Confusion Called Restructuring A scrutiny of the restructuring narrative reveals a lack of consensus among proponents of what the term actually entails, writes Tobi Soniyi

wo weeks ago, a group of elder statesmen led by Professor Emeritus, Ben Nwanbueze, SAN, decided to wade into the issue of restructuring which recently has become the issue in the country. They came together as the Eminent Leaders of Thought, (ELT). The secretary of the ELT, Mr. Olawale Okunniyi, said the leaders of thought had formed a group - Project Nigeria Movement - to serve as the engine room tfor restructuring debate. However, they were unable to come up with a consensus and have therefore decided to embark on further consultation. Okunniyi said they were unable to reach a consensus because they could not conclude on the procedure on how to go about the restructuring issue. Although the group had resolved to embark on further consultation, the dilemma it faces, illustrates the challenge proponents of restructuring are battling with it; arriving at a consensus on restructuring. No doubt, change is a permanent feature in human existence. However, as desirable as change is, it is should not be a change for change sake. In the life of a nation, it is desirable that change should be for the better. Such is the call for restructuring. Hardly a day goes by without someone or a group calling for the country to be restructured. But that is where the consensus ends. When each group or individual provides the details of the restructuring proposed by him or her, it usually becomes obvious that his version is different from the others. Worst still, arriving at a consensus has been very difficult. This is not due to lack of efforts on the part of the proponents but because the issues affecting each region differs and every region wants its own version to be the model. As the call for the country to be restructured continues to reverberate across the country, pinning down what the proponents of the term actually have in mind is difficult. Because of this difficulty, those who believe that the country does not need to be restructured tend to see the agitation as self serving. Yet, the more people you listen to on why the country must be restructured, the more confused you are likely to become. What has become clear and upon which we can all agree is: restructuring means different things to different people. While the Cambridge Dictionary defines restructure as to organise a company, business, or system in a new way to make it operate more effectively. Merriam-Webster defines it as to change the makeup, organization, or pattern of.. Coming home, its meaning depends on who you talk to; whether he is Igbo, Yourba, Hausa or from the Niger Delta, the Middle Belt or other numerous tribes that made up the country. Or whether, like former vice president Atiku Abubakar, he wants to seek elective office or not. Whether he is a professor or someone who did not have much education. The definition may also depend on whether he is a member of the ruling All Progressives Congress or the Peoples Democratic Party, or a member of those political parties seeking to gain attention. There are few exceptions though. This, precisely is why it is going to be difficult to restructure: whose perception or definition of restructuring are we going to implement? Since no two persons or groups seem to agree on what it means. Even when they seem to agree on a general meaning of what restructuring should entail, the devil is always in the details. When you probe further those who appear to share the same concept of restructuring begin to differ. For some, it means returning to regionalism as was the case in the early 60s. To others, restructuring means allowing each state to own resources in their geographical areas. Others call it devolution of powers without

Atiku...has one of the most elaborate proposals on restructuring

specifying which powers. A legal practitioner, Wahab Shittu, said: “In discussing restructuring, two questions must be answered- one, do we want to live together and second if yes, on what terms?” He said that agitation across the country sent a powerful message to those in authorities. He suggested true fiscal federalism and devolution of powers. The devil, as stated earlier, remains in the details. For Mr Akin Osuntokun, restructuring should not be a tribal issue rather it should aim at eliminating wastes and re position states for a greater efficiency. According to him, instead of having states that can not survive without recourse to the federal government, such states should be merged. The idea of running to Abuja cap in hand to beg for bail out will become a thing of the past. In a nutshell restructuring to him means having states that can generate enough revenue on their own to run their affairs. There are others whose definition of restructuring is to create more states as suggested in the report of the 2014 national conference report. The conference came up with over 600 recommendations including the creation of 18 new states; Apa, Edu, Kainji, Katagum, Savannah, Amana, Gurara, Ghari, Etiti (South East zone), Aba, Adada, Njaba-Anim, Anioma, Orashi, Ogoja, Ijebu and New Oyo. The conference also recommended

What has become clear and upon which we can all agree is: restructuring means different things to different people

one new states for the south-east to make the zone have equal number of states with the other zones except the north-west which has seven. At a time when many states depend on bail out from the federal government to survive, many still hold the view that restructuring means creating additional states! There are those whose definition of restructuring is secession. Those who hold this view would like to have a referendum to determine if the country should remain as one. Environmental and human rights activist, Annkio Briggs , believed it was too late for Nigeria to be restructured. For her, what the country needed is a complete break-up so that every emerged country can develop at its own pace. One of the leading voices in the clamour for restructuring is former vice president Atiku Abubakar. He has provided one of the well-articulated positions on the issue. He also does not miss a chance to lecture Nigerians on restructuring. Recently, he said the country could be restructured within six months. Many however, doubt his sincerity. Kaduna State governor, Nasir el-Rufai described him and others championing the restructuring cause as opportunists. Nevertheless, he remains focussed on his message. The former vice president said: “What I find odd and somewhat unhelpful is the argument of those who say that we cannot renegotiate our union and who proceed from there to equate every demand for restructuring with attempts to break up the country. I believe that every form of human relationship is negotiable. Every political relationship is open for negotiations, without pre-set outcomes. “As a democrat and businessman, I do not fear negotiations. That is what reasonable human beings do. This is even more important as a stubborn resistance against negotiations can lead to unsavoury outcomes. I have spoken a number of times in the past several years on the need to restructure our federation in order to devolve more power and resources

to the federating units. Recently I went to Kaduna and told an audience of mostly my compatriots from the North, where most of the resistance against restructuring seems to come from, that restructuring is in the interest of the North and Nigeria. I have even called on states in each geo-political zone to, in the interim, pool their resources together to provide some services for their peoples for greater efficiency and cost effectiveness.” He has even gone further to simplify It. While delivering a lecture on ‘Restructuring Nigeria’ at the University of Nigeria, Nsukka, Enugu state, Atiku said the fastest way to achieve restructuring was to reduce the power and roles of the federal government and to “return some items on the concurrent list to the states”. According to him, the country can be restructured in six months. “All you have to do is return the items on the concurrent list to the states,’ he added. Continuing, he said, “Some of what my ideas of restructuring involve require constitutional amendment; some do not. Take education and roads for instance. The federal government can immediately start the process of transferring federal roads to the state governments along with the resources it expends on them. “In the future if the federal government identifies the need for a new road that would serve the national interest, it can support the affected states to construct such roads, and thereafter leave the maintenance to the states, which can collect tolls from road users for the purpose. “The federal government does not need a constitutional amendment to start that process. The same goes for education and health care. We do not need a constitutional amendment to transfer federal universities and colleges as well as hospitals to the states where they are located.” Someone has to tell the former vice president that it isn’t going to be simple as he thinks.

MONDAY, JULY 31, 2017 • T H I S D AY

FEATURES

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

Completed section of the rehabilitated road

Relief for Commuters in C’River The rehabilitation of sections of the Calabar-Ikom-Ogoja highway has brought great relief to motorists and traders in Cross State, Bassey Inyang writes

arly this year, Minister of Power, Works and Housing; Babatunde Raji Fashola, embarked on a nationwide-tour of federal roads in country. On February 16, the minister was in Cross River State where he took a comprehensive tour of the Calabar-IkomOgoja federal highway, and Calabar-Itu-Ikot Ekpene federal highway. At the time of the minister’s visit, the sections of the roads were in very terrible state. On the Calabar-Ikom-Ogoja Road, the stretch from Uyanga to Adim, and indeed the entire Biase axis, and Iyamoyong, was in its most deplorable state, and constituted a complete nightmare to motorists who plied the road. In some instances, transporters travelling along the Calabar-Ikom-Ogoja Road spent days at the bad spots for days, with its attendant economic consequences. Being a major route for the evacuation of agricultural products, especially farm produce, and cattle to the Southern parts of Cross River State, Akwa Ibom State, and some states in the South-south region, the losses suffered by traders whenever the trucks conveying their cargo to the markets fell at the bad

spots of the road can only be imagined. However, when Fashola visited in February, he saw the situation, and promised that the federal government will expedite action to

On the Calabar-IkomOgoja Road, the stretch from Uyanga to Adim, and indeed the entire Biase axis, and Iyamoyong, was in its most deplorable state, and constituted a complete nightmare to motorists who plied the road. In some instances, transporters travelling along the Calabar-Ikom-Ogoja Road spent days at the bad spots for days, with its attendant economic consequences

ensure that roads are rehabilitated. During the visit, the minister had promised that the intervention would be a kind of pain management solution that was meant to ease the trauma of road users during the rainy season. He promised that after the immediate intervention project, the road would be expanded in the long run. Before touring federal roads in the state, Fashola had paid a courtesy call to the state governor Professor Ben Ayade who was represented by the state deputy governor, Professor Ivara Esu. Then, the minister told the state authorities that the inspection was geared towards the eventual reconstruction of roads in fulfillment of the implementation of the federal budget. Also the Federal Controller of Works in Cross River State, Chinwoba Agbana, who was part of Fashola’s entourage, disclosed that four project contractors had been mobilised to site across the state for various road projects, particularly, the Calabar-Ikom-Ogoja-Obudu axis. Barely four months after Fashola made the promise that the federal government would embark on emergency maintenance, the situation of the road is now different from what it was hitherto.

The road had been subjected to the benefits of emergency intervention handled by one of the foremost construction companies in the area, Sermatech Nigeria Limited. Commenting on the recent rehabilitation of sections of the road, Project Manager of Sermatech, Mr. Desmond Ewa, said when the minister visited in February, funding was the major problem hampering progress on the spoilt sections of the road. Ewa said that despite the challenge, the company saw the seriousness of the federal government towards fixing the road, hence it obtained credit facility from the bank to rehabilitate sections of the road allocated to it. Ewa said given the rainy season, funding was still a challenge as there was a limit to what the company can get from the bank, adding that if funds were released by the federal government it will help the company greatly to execute the project. “The points of intervention are between Uyanga to Okomita (1.25km), Okomita to Akpet (925 metres), Akpet, Adim and Iyamoyong (1.4 km). “The inclement weather has not favoured us because the project was not awarded on time. You know too that in emergency contract there is no mobilisation, so, we are working with the loans that we secured from

T H I S D AY • MONDAY, JULY 31, 2017

FEATURES

Vehicles struggling to pass a bad spot at Biase along Calabar -Ikom highway

Traﬃc gridlock at a bad section at Adim before the rehabilitation

Fashola...a promise keeper the banks. “We are appealing to the federal government to release our funds as soon as we are rounding up so that we can pay back our creditors. At the moment, we have asphalted the Uyanga bad stretch of the road,” Ewa said. But the efforts put in by Sermatech appear to have yielded the required result, at least for now, following the fixing of most of the bad stretches on the federal highway which links the South-south region directly with the Northern part of Nigeria through Benue State. Comments from some of the motorists

plying the Calabar-Ikom-Ogoja Road indicate that indeed much has improved, and the long years of suffering they encountered before the intervention has been addressed. A commercial bus driver, who plies the Calabar-Ikom Road regularly, Mr. Andrew Inok, said the intervention was timely as road users would have found it extremely difficult plying the road during the rainy season. Inok specifically noted that several tankers used to be stranded for days in the Adim axis because the road became impassable. “This intervention by the federal government is a welcomed development. I recall how the road was before the intervention. At some points, trucks and lorries could no longer access the road while smaller vehicles took other longer routes to get to their destinations,” Inok said. Another road user, Udeme Bassey, who commended the federal government for rehabilitating the road, especially sections within Akamkpa, and Biase Local Government Areas, however, stated that it was necessary

for the federal government to intervene in two gully erosion spots at the Odukpani, and Akpet axis that is threatening to divide the road, and cut off the southern part of the road from the rest. “These two critical erosion spots might soon cut off Calabar from the rest of the country,” he said. A trader who is a regular user of the road, Madam Mary Okon, said the rehabilitation of the road has brought succour to traders who go to the rural markets to buy garri, and other food produce to Calabar in particular. “Before when we go to buy from farmers in the bush, we find it very hard to bring our garri, yams, plantain, banana and others to Marian Market, and Watt Market, because the road was not good. Some days we will sleep on the roads and what we buy will spoil because we cannot get to Calabar early to sell in the market. We have lost money on this road before, but we thank government for doing us well by repairing this road. God will bless them to do more for us,” Okon, who said she sells in the

This intervention by the federal government is a welcomed development. I recall how the road was before the intervention. At some points, trucks and lorries could no longer access the road while smaller vehicles took other longer routes to get to their destinations

IMAGES

T H I S D AY • MONDAY, JULY 31, 2017

Photo Editor Abiodun Ajala Email abiodun.ajala@thisdaylive.com

L-R:Former Managing Director, AXA Mansard Insurance Plc, Mrs. Yetunde Ilori; Chief Client Officer, AXA Mansard Insurance Plc, Mr. Tosin Runsewe; and Chief Corporate Sales Officer, Ensure Insurance Plc., Mrs. Taiwo Tella-Ndukwe, during a send-off dinner in honor of Ilori, in Lagos...recently

Commissioner of Police, Garba Umar (left) and Comptroller of Immigration, Ekpedeme King, during a visit to the Immigration Command in Awka, Anambra State... recently...recently

L-R: Kwara State Commissioner for Planning and Economic Development, Alhaji Wasiu Odewale, Senior Special Assistant to the President on Job Creation, Afolabi Imukhuede, Kwara State Governor, Dr. Abdulfatah Ahmed, Permanent Secretary, Ministry of Sports and Youth Development, Ayobola Samuel and Special Assistant to the Vice President on Internally Displaced Peoples, Mohammed Brimah during courtesy visit to the Governor at Government House, Ilorin...recently

L-R: Coordinator, Nigerian Agribusiness Group (NABG), Emmanuel Ijewere; ECOWAS & Regional Director, United Nations Industrial Development Organization (UNIDO) Mr. Jean Bakole; ECOWAS Commissioxxner for Trade, Customs and Free Movement, Mr Laouali Chaibou and Deputy Head of Mission, European Union, Mr Richard Young at the European Union-Enugu Trade and Investment Seminar in Enugu recently.

L-R; MD/CEO, Dr. Fidelis Ayebae; Chairman, Mr Felix Ohiwerei and Company Secretary, Mr. Abayomi Adebanjo during the company’s 18th Annual General Meeting in Lagos...recently

L-R: Director, Administration and Human Resources, Lagos State Ministry Of Tourism, Art and Culture, Mrs Olubisola Olunloyo; Managing Director, Nigerian Film Corporation, Dr. Chidia Maduekwe; MD/CEO Pinewood Medicare, Dr. Olasimbo Davidson; Executive Director, Leadway Assurance Company Limited, Miss Adetola Adegbayi and President, Directors Guild of Nigeria, Mr. Fred Amata, at the formal launch of Nolly Health Insured and MoU signing in Lagos...recently

L-R; Winner, lzed Uanikhehi of Locitrax group; CEO, Union Bank Plc, Mr. Emeka Emua; 2nd runner-up, Peter Ayeni of Mbele group and 1st runner-up, Abuyazid Musaddiq at the innovvation challenge powered by Union Bank where SMES and TECH lNNOVATORS pitch their ideas in Lagos....recently Abiodun Ajala

L-R: Managing Director Redwood Consulting Ltd, Mrs Hannah Oyebanjo; Consultant Surgeon and Lead Surgeon of the Bariatric Unit, University College London Hospital, Dr Marco Adamo; Medical Director, EURACARE Multispecialist Hospital, Lagos, Dr Tosin Majekodunmi and Consultant General and Laparoscopic Surgeon at St John and St Elizabeth Hospital, London, Dr Abuchi Okaro, when the surgeons visited Nigeria to perform gastric by-pass surgical operation in Lagos...recently

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Quick Takes USAID, Others Boost Agribusiness Devt

In order to boost food security in Nigeria, USAID and Africa Lead are boosting agribusiness entrepreneurship capacity development for the youths. The organisations, during a ﬁve-day event tagged: ‘USAID Africa Lead Entrepreneurshipa and Agribusiness Development Bootcamp’ held in Lagos recently, said it became necessary to help the youths who are dedicated to starting up agribusiness. Speaking at the event, the Training and Non State Actors Manager, Mrs. Cecilia Addae noted that the programme is aimed towards expanding agribusiness and developing the nation’s agricultural sector She added that it is a way to also foster broader economic development and agricultural transformation. Addaesaidtheyouthswhoarebetweentheagesof18-35showedthey haveinnovativeagribusinessstartupideaandentrepreneurshippassion. She further described other criteria they have as being a farmer or agri-preneur engaged in some activities along value chain, strong desire to increase skill and knowledge planning and actively managing a start-up and expansion in agribusiness. “Africa Lead is building on its existing leadership training programme and envisions working with youth, women and entrepreneurs to start up and expand agribusiness along proﬁtable value chains,” she said.

Halliburton to Pay $29.2m to Settle Charges

RENDERING ACCOUNT TO SHAREHOLDERS

L-R: Director, Mutual Beneﬁts Assurance Plc, Dr. Eze Ebube; Managing Director, Life-Mr. Femi Asenuga; Managing Director-General, Mr. Segun Omosehin; Chairman, Dr. Akin Ogunbiyi and Company Secretary, Subomi Adebero, during the 21st annual general meeting of Mutual Beneﬁts Assurance Plc in lbadan, Oyo State ... recently ABIODUN AJALA

Survey Shows Sustained Rise in Consumer Confidence Obinna Chima The NOI Polls has put the level of its Consumer Confidence Index (CCI) for second quarter 2017 at 64.8-points. This represented an increase of 2.1-points when compared with 62.7-points obtained in the first quarter of 2017. The Consumer Confidence Index reveals consumers’ tendencies to spend, which is directly proportional to their expectations for a general improvement in the country’s economic conditions, employment opportunities, personal financial strength and stability in the prices of goods and services. According to the survey, the slight leap in the confidence of consumers in Nigeria could have influenced their propensity to purchase with a degree of

ECONOMY optimism about the overall state of the economy. This optimism could be linked to some improvements in policies in recent times which have propelled the nation’s economy into the path of recovery in Q2, 2017, although, in a slow pace. Some of the policies include improvement in foreign exchange, Ease of Doing Business, the Executive Orders, amongst others according to The Business Confidence Monitor (BCM) that was released recently by the Nigerian Economic Summit Group (NESG) recently. In addition, the report showed that there were two variables that make up the CCI- the Present Situation Index (PSI) and the Expectation Index (EI). The PSI and the EI both expe-

rienced an increase of 3.8-points and 0.9-point respectively when compared to the result obtained in Q1, 2017. In February 2014, NOI Polls introduced its portfolio of indices; the NOIPolls Personal Well-Being Index (PWBI), the NOIPolls Consumer Confidence Index (CCI) and the NOIPolls Eagle 30 Business Confidence Index (EBCI). Nigerian businesses, financial and government agencies largely depend on their perceptions and micro assessment of consumers’ expectation in making decisions. At best, they draw conclusions on the business environment based on information from their immediate surroundings while the minorities conduct surveys that are time and money consuming. However, the introduction of these indices provides indicators

that will ensure stakeholders can detect and respond to changes in consumer behaviour, the economy, and the business environment in Nigeria. Furthermore, the NOI Polls’ Current Economic Situation Index increased from 39.5-points in Q1, 2017 to 42.2-points in Q2, 2017. Although this index experienced an increase of 2.7-points, it still indicates that consumers are somewhat not satisfied with the country’s Current Economic Situation. “The Expectation of the Country’s Economic situation index is one of the highest indices and it increased by 0.9-point from 93.5-points obtained in Q1, 2017 to stand at 94.4-points. This portrays a high optimism about the improvement in the Continued on page 24

Nigeria Lags Behind in Consumer Lending, to Get Boost with New Law Goddy Egene Nigeria is trailing South Africa and other countries in terms of consumer lending as only 10 per cent of its loans are for consumer lending. This is lower than 45 per cent in South Africa, 33 per cent in Brazil and 18 per cent in Indonesia. However, the signing of the Credit Reporting Act, 2017, into law on May 30 by acting President, Prof. Yemi Osinbajo is significantly deepening consumer lending in Nigeria. Speaking in an interview with THISDAY, the Managing Director/Chief Executive Officer of CRC Credit Bureau Limited, Mr. Tunde Popoola, said the new law

ECONOMY heralds significant phenomenon in credit reporting in Nigeria. “One thing that government has done and we must commend them is the enactment of the Credit Reporting Act. Before now, we did not have an enabling legislation that is providing cover for our industry. The Credit Reporting Act is just a very excellent way of support from government,” he said. According to Popoola, commercial banks have not been doing more consumer lending because tracking non-performing borrowers is difficult. “Besides, consumer transac-

tions are too small and expensive to manage. There is difficulty managing millions of borrowers and nonperforming loans, fear of multiple identities and fraud. There is also the issue of wrong lending model lack of expertise, technologies and lack of unique borrower identity,” he said. Popoola noted that apart from the Act, the Bank Verification Number (BVN) will equally impact positively on the level of consumer lending in the country. “With BVN, means of identification is becoming easier and easier and that is assisting the efficiency of processing data because we now can identify people with their BVN rather

than with their names. Before, when input a name into system, so many people come up on the system. But today, if you use their BVN, only one name comes up,” he said. The CRC Credit Bureau Limited boss added that the FICO Score recently introduced into the country will equally boost consumer lending. “FICO Scores will know the risk level of every borrower and able to dimension whether it is good, excellent, average or bad. And with that, you can now have dimension of relationship you want to have with such an individual,” he said. Continued on page 24

Oil company, Halliburton Co will pay $29.2 million to settle civil charges it violated federal anti-bribery rules related to books, recordkeeping and internal accounting controls while doing business in Angola, U.S. regulators said on Thursday. The Securities and Exchange Commission said Halliburton’s former vice president, Jeannot Lorenz, separately agreed to pay a $75,000 penalty in connection with the alleged violations of the Foreign Corrupt Practices Act. Both the company and Lorenz are settling the case without admitting or denying the allegations. In a statement, Halliburton said the Justice Department had also investigated the matter and was planning to close it out without filing related criminal charges. The probe began after the company received an anonymous allegation about possible FCPA violations in December 2010. The company said it “promptly” reported the tip about possible corruption to the Justice Department, conducted its own internal investigation and cooperated with the government. A lawyer for Lorenz could not immediately be reached for comment. The SEC said the alleged FCPA violations stemmed from contracts that Halliburton entered into with a local Angolan company in order to satisfy certain “local content regulations” for foreign firms doing business in the country. Some of those payments, the SEC said, “were made in advance of Halliburton obtaining lucrative oilfield service contracts.”

African LNG Exports to Get Boost

Cameroon plans to begin exporting liquefied natural gas later this year using a newly designed offshore plant that analysts say could slash production costs and unlock African reserves not previously considered economically viable. West and Central Africa’s Gulf of Guinea has seen a wave of new oil and gas exploration, particularly since Tullow Oil discovered Ghana’s huge Jubilee gas field in 2007. But the cost of pipelines and onshore liquefaction facilities means that relatively few gas finds have been developed, Reuters reported. However, a new technology has the potential to boost West and Central Africa’s efforts to exploit its vast gas resources by allowing smaller plants to ship gas from less accessible fields. A specialised vessel owned by Golar LNG will dock offshore Cameroon’s Atlantic coast in the coming weeks for testing. It will liquefy natural gas produced in nearby offshore fields for shipment directly overseas. Russia’s Gazprom has the rights to ship the gas to customers in Asia, Europe or South America. “Deploying offshore liquefaction facilities bypasses some of the difficulties associated with building infrastructure onshore. Sometimes, offshore is simply easier,” said Jean-Baptiste Bouzard, sub-Saharan analyst at Wood Mackenzie.

“When incidence happen, they are important for two reasons - for the fact of their occurrence and also important for the lessons that you will take away” Minister of State for Petroleum Resources,

Dr. Ibe Kachikwu

T H I S D AY • MONDAY, JULY 31, 2017

BUSINESSWORLD SURVEY SHOWS SUSTAINED RISE IN CONSUMER CONFIDENCE

country’s economic situation. “The Current Employment Condition improved from the average (50-points) position in Q1, 2017 to stand at 53.4-points in Q2, 2017 representing a significant 3.4-points increase. “The Expected Employment Condition Index remained the same (98.4-points) as the result obtained in Q1, 2017, signifying that Nigerians are still optimistic in terms of their expected employment condition,” it added. In addition, it showed that the Current Prices of Goods and Services Index experienced the highest increase of 5.3-points in this quarter to stand at 18.8-points from 13.5-points recorded in Q1, 2017. Though, it remained the lowest index, the increase observed in Q2, 2017 revealed negativity in the country’s market developments, meaning that prices of goods and services are increasing. NIGERIA LAGS BEHIND IN CONSUMER LENDING, TO GET BOOST WITH NEW LAW

Popoola explained that introduction of FICO Score will change the face of consumer lending in Nigeria as it will give opportunity for financial inclusion and private individuals who don’t have opportunity will now have opportunity to borrow and also give opportunity to lenders to give loans to people who have credit worthy based on the information they will get from FICO. He said that FICO Scores is a three digit scores that is between 300 to 850, noting that the higher it is the better the person is rated and the lower it is the higher the risk that individual is carrying. “No institution will give money to somebody with low scores. And once you have the scores (as lenders) you can now decide to differentiate who you want to lend your money to, whom you want to give your product to and the kind of condition that you want to attach to such relationship between lenders and borrowers and buyers of products and makers of products,“ he said.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

N350bn Capital Expenditure Budget: Insurers Express Hope of Better Days Ebere Nwoji With the proposed release of N350billion first tranche of expenditure for capital projects under the 2017 Budget, and plans to set up a portal system that will serve as a visual market place for buyers and sellers of insurance especially third party motor insurance, insurance managers have expressed optimism about the prospect of the industry. The insurers said the industry sees high prospect for the rest of the year because part of the capital project would come to the industry through the insurances of the projects. Chairman Nigeria Insurers Association (NIA) , the umbrella body of insurance underwriters in Nigerai, Eddie Efekoha, who stated this at a media briefing in Lagos, noted that already some of the capital projects are on the verge of being executed as the executors are already talking to insurers. Efekoha, who however noted that the industry is besieged by lots of challenges, some of which would be solved through engagements, also said the NIA, as the umbrella body of insurance underwriters, has set plan in motion to develop a portal system where insurers will play together especially in the sale of motor insurance. He expressed the regret that out of the120 million available statistics on the number of vehicles that ply Nigerian

roads, only nine million have been off loaded in the Nigeria Insurance Industry Data (NIID),a centralised database system, designed by the association to check activities of insurance fraudsters. The NIID was meant to be repository of all third party motor insurance policies underwritten by the insurance companies in Nigeria. According to Efekoha, out of the nine million, only 4.4 mil-

lion have genuine certificates. He said this was why the association resolved to develop the market portal where the insurers will collectively share business on third party motor insurance between the lead underwriter and co-underwriters who will share from the business. Efekoha, however said negotiation was going among the underwriters on the sharing formula for businesses that

The Chairman of Nigeria Breweries Plc, Chief Kola Jamodu, has commended the federal government for the Economic Recovery and Growth Plan (ERG), stating that the plan is all about inclusive and sustainable growth to drive structural economic transformation aimed at increasing national productivity. Jamodu who made the remark in Lagos over the weekend, at the Institute of Directors’ (IoD’s) 5th Biennial Presidential Lecture with the topic; ‘The Role of Corporate Leaders in Accelerated Economic Revival of Nigeria Today’ noted that the ERGP, which is a medium term plan for 2017 to 2020 was developed for the purpose of restoring economic growth while leveraging on the creativity abilities and resourcefulness of Nigerians. He however reasoned that the plan can only succeed if the needed political will, resources and support are mobilised, adding the plan focuses on restoring growth, investing in people and building a globally competitive economy. Jamodu who represented

remains that people have seen the need to increase premium payable on motor insurance. Efekoha, who spoke on other issues affecting the industry, said recent flood in the country has increased quantum of claims coming to the industry. According to him, Nigerians have seen the need to insure their assets against damage, even as he explained that insurers cover flood risk through extension of fire policy.

STOCK TAKING

L-R: MD Niger Insurance, Mr. Kolapo Adediji; NLC President, Comrade Ayuba Wabba; both Directors; Board Chairman, Mr. Ismail Agaka; MD/ CEO, Mrs. Helen Da-Souza; Independent Director, Mrs. Osaretin Demuren and MD/ CEO Regency Alliance Insurance, Olubiyi Otegbeye at the 9th annual general meeting of Trusfund Pensions Ltd in Abuja...recently

Jamodu Lauds FG’s ERGP, Seeks Increased FID to Revive the Economy Ugo Aliogo

enters the porter adding that it may be at the ratio of 80 to 20. He also expressed the hope that the ongoing debate on the insurance act amendment among the law makers would bring good days to the industry. According to him, though some have argued for increase of third party motor insurance premium from the currentN5000 to N7,500, while others said it should be increased to N10, 000 the fact

by the Corporate Affairs Adviser, Nigeria Breweries Plc, Kufre Ekanem, said there is need for increased Foreign Direct Investment (FID) in order to jump start the economy through sustainable industries that would create jobs, not just portfolio trading. He noted that before independence, the nation has always had the potential to attract FID, but the potential have remained untapped and latent owing to lack of enough investment. Earlier in his remarks, the President/ Chairman of Council of IoD, Mr. Samuel Akeju, called on government at all levels to invest and channel their capacity towards human capacity development efforts in corporate governance. He also stated that until people’s attitudes and ways of doing things are not positively oriented, the nation cannot make trajectory productivity and economic prosperity. Akeju remarked that persistent financial crisis, unbelievable personnel audit reports of federal and state ministries, department and agencies (MDAs), and underpayment by oil and gas companies collapses the

nation have reinforced the need to check ethical behavior in corporate dealings. Continuing, the NB Chair reminded the directors that they have a critical role to play in economic transformation, while urging them to consider the quality of corporate governance in the organisations that they lead. Jamodu added: “Our shift in focus from agriculture to oil in 1960 led to the enthronement of an economic system that is driven by and heavily dependent on high oil prices which accounts for 95 percent of Nigeria exports and foreign exchange earnings. This oil dependency created a vicious cycle of boom and bust for our economy, which was further compounded by the misuse of our earnings in the boom years. The recent collapse of crude oil price in the international market and the reduction in oil production volume due to the challenges in our oil sector massively impacted our economy. This led to the economic recession with significant reduction in government revenue and spending stalled/ abandoned infrastructure projects, insecurity, inflation and rising unemployment.”

FG Plans Integrated Intermodal Transport System Chinedu Eze The federal government has said that to maximise the nation’s waterways, it is considering integrated intermodal transport system, whereby there would be a mix of road, rail and water transport system. To this end, the Nigeria Inland Waterways Authority (NIWA) is developing the rivers, estuaries, creeks and others for safe and secure transport system and integrate it with rail and road so as to reduce the burden on the roads and also to provide alternative means of transport for the people who live in riverine areas. This was disclosed by the Minister of Transport, Chibuike Amaechi, who said that the major challenge is to provide security at the waterways. He noted that NIWA has gone a long way in developing the waterways from the inland waters, connecting them to River Niger and River Benue down to the Delta and Lagos areas. According to him, beyond dredging the River Niger and others, it is very important to secure the waterways so that people can move through the medium and business men and women could use the waterways as means of moving their goods without molestation. Amaechi therefore challenged the private sector to take advantage of the huge and untapped potential in the maritime sector and invest in the industry. The Minister made this known recently at the 2nd International Conference and Exhibition (ICE) 2017

held at the Orietal Hotel in Lagos. Ameachi described the theme of the conference, ‘ Improving Navigability and Inland Port Development for Sustainable Investment on Nigerian Waterways’ as apt and very topical for the self sufficiency of NIWA, adding that deliberations on the topic at the conference would help to solve some of the challenges facing marine business. He stated that the conference would provide opportunity for Public Private Partnership (PPP), adding the huge potential in the Nigerian Inland Waters had not been harnessed, calling on private investors to take advantage and invest in the business. Amaechi pointed out that already the Senate had passed NIWA Amendment Bill that would provide a turning point for the administration of inland waterways in the country. He also said that the bill when assented to, by the executive, would further help to shore up the revenue profile of the agency. Also speaking at the forum, the Chairman, Senate Committee on Marine Transport, Senator Ahmed Ogembe, said that the conference received the support of the National Assembly because of the commitment and seriousness of NIWA to be self-sustaining. He added that efforts of the Red Chamber to support inland waterways transport system cannot be over emphasised, adding that NIWA is presently in good shape and called on investors to tap into the potential in the inland waterways and invest in them.

T H I S D AY • MONDAY, JULY 31, 2017

BUSINESSWORLD

MARKET REPORT

Improved Half-year Earnings Lift Equities Market to N12.7tn Goddy Egene and Nosa Alekhuogie

and Nigerian Breweries was mainly responsible for the decline recorded on Friday. The most actively traded sectors were: Financial Services (417.57 million shares), Conglomerates (58.39 million shares), and Consumer Goods (28.29 million shares), while the three most actively traded stocks were: FBNH (96.86 million shares), Diamond Bank (88.08 million shares) and Transcorp (57.84 million shares).

It was highly rewarding for investors at the stock market last week as the market continued on its gaining streak for the third consecutive week. The market closed with a record weekly gain of N980 billion in capitalisation to be at N12.705 trillion while the Nigerian Stock Exchange (NSE) All-Share Index soared by 8.3 per cent to close at 36,864.71. Similarly, all other indices finished higher during the week with the exception of the NSE ASeM Index that depreciated by 1.09 per cent. However, the gains recorded last week were majorly propelled by reactions to positive hall year financial results by companies. Although it was mixed grill, many of bellwether companies impressed investors with increase in theirbottom-lines for the half year ended June 30, 2017. Daily Market Performance The bulls remained in control when trading resumed on Monday, lifting the NSE index by 1.86 per cent to a new year high of 34,652.52. Similarly, the market capitalisation appreciated near N12 trillion mark, closing at N11.94trillion. The appreciation recorded in the share prices of Zenith Bank, Lafarge Africa, Access Bank, Dangote Cement, and UBA was mainly responsible for the gain recorded in the Index. Investors traded 293.75 million shares worth N3.94 billion in 3,712 deals. The most actively traded sectors were: Financial Services (254.52 million shares), Conglomerates (16.51 million shares), and Consumer Goods (11.31 million shares), while the three most actively traded stocks were: Access Bank (73.56 million shares), UBA (34.61 million shares) and GTBank (32.57 million shares). In terms of sectoral performance, three sectors closed in green, while two in red. The NSE Industrial Goods Index topped gainer’s chart, appreciating 2.5 per cent due to sustained buying interest in Dangote Cement Plc and Julius Berger Nigeria. The NSE Banking index trailed, chalking up 1.1 per cent, while the NSE Oil & Gas Index ended the day 0.1 per cent higher. On the flip side, the NSE Consumer Goods Index fell 0.5 per cent due to sell-off in Nestle Nigeria Plc and PZ Cussons. In the same vein, the NSE Insurance Index shed 0.4 per cent. The market recorded its 14th positive consecutive session, as investors remained bullish on value stocks ahead of earnings releases. Consequently, the NSE ASI advanced by 1.19 per cent to close at 35,065.47, increasing the month-to-date and year-to-date returns to 7.29 per cent and 32.22 per cent, respectively. The bourse recorded gains across all sectoral indices led by the NSE Industrial Goods Index with 2.9 per cent. NSE Banking Index and NSE Oil & Gas Index added 2.6 per cent and 1.7 per cent in that order. The NSE Insurance Index appreciated by 0.59 per cent, just as the NSE Consumer Goods Index rose by 0.12 per cent. Following a 15-day bull run, the market hit a new year high on Wednesday moved closer to a three-year high after the index rose 3.4 per cent to hit 36,740.77, while market capitalisation closed higher at N12.662 trillion. That was a 32-month high, which was last attained in November 2014. However, Wednesday bullish performance was largely driven by

appreciation in Dangote Cement (+4.9 per cent), Nigerian Breweries (+5.0 per cent) and GTBank (+5.0 per cent). All sectoral indicators closed positively in line with the bullish trend. The NSE Banking Index recorded the highest gain, rising by up 3.7 per cent due to appreciation in GTBank (+4.9 per cent) and Zenith Bank (+6.7per cent). The Consumer Goods Index trailed with a gain of 2.8 per cent on the back of gains recorded by Nigerian Breweries (+5.0 per cent) and PZ Cussons (+5.0 per cent). Also, the NSE Industrial Goods Index added 2.5 per cent higher due to a rally in Dangote Cement (+4.9 per cent), just as the NSE Oil & Gas Index chalked up 1.8 per cent. The NSE Insurance Index closed 0.4 per cent higher. The market sustained its rally on Thursday as the index rose by 1.37per cent to close at 37,245.17, while the market capitalisation hit N12.84 trillion. The appreciation recorded in the share prices of Zenith Bank, UBA, Seplat, Nestle, and Nigerian Breweries bolstered the Thursday performance. Investors traded 542.8million shares valued at N8.01 billion in 5,939 deals on that day, up 72.5 per cent from N4.64 billion recorded the previous day. The most actively traded sectors were: Financial Services (437.04 million shares), Consumer Goods (53.59 million shares), and Conglomerates (22.90 million shares), while the three most actively traded stocks were: UBA (117.26 million shares), Zenith Bank (63.03 million shares) and Diamond Bank (52.15 million shares).

However, performance across the various sectors was mixed as three of five indices closed in the green. The NSE Consumer Goods Index led with 3.8 per cent trailed by the NSE Insurance Index that added 2.2 per cent.

TOP TEN BROKERS

The bears set in on Friday on profit taking after 16 consecutive days of bull run, making the index to depreciate by 1.02 per cent to close the week at 36,864.71. Profit taking in the share prices of Dangote Cement, FBN Holdings, UBA, Access Bank,

(BY VALUE)

BROKER

AS AT LAST FRIDAY VALUE % VALUE

STANBIC IBTC STOCKBROKERS LIMITED

16,147,100,567.49

26.34

RENCAP SECURITIES (NIG) LIMITED

4,535,275,425.74

7.40

FBN SECURITIES LIMITED EFCP LIMITED

3,231,766,897.84 3,044,900,417.50

5.27 4.97

A.R.M SECURITIES LIMITED - BRD

2,660,002,682.96

4.34

APEL ASSET LIMITED - BRD CHAPEL HILL DENHAM SECURITIES LTD - BRD

2,436,293,811.60

3.97

2,357,724,923.63

3.85

MAGNARTIS FINANCE AND INVESTMENT LIMITED

1,691,403,071.38

2.76

INVESTMENT ONE STOCKBROKERS INTL LTD-BRD

1,515,613,457.44

2.47

1,487,265,825.85 39,107,347,081.43

2.43 63.80

DUNN LOREN MERRIFIELD LIMITED

TOP TEN BROKERS

(BY VOLUME)

BROKER STANBIC IBTC STOCKBROKERS LIMITED APEL ASSET LIMITED - BRD CARDINALSTONE SECURITIES LIMITED RENCAP SECURITIES (NIG) LIMITED EFCP LIMITED FBN SECURITIES LIMITED DUNN LOREN MERRIFIELD LIMITED MORGAN CAPITAL SECURITIES LIMITED CHAPEL HILL DENHAM SECURITIES LTD - BRD A.R.M SECURITIES LIMITED - BRD

AS LAST FRIDAY VOLUME

%VOLUME

608,077,826

13.74

256,313,260

5.79

223,333,141

5.05

208,426,428 160,018,928

4.71 3.62

158,313,918

3.58

142,592,202

3.22

131,619,221

2.97

125,582,535

2.84

112,632,429

2.55

2,126,909,888

48.06

Market Turnover Meanwhile, a total turnover of 2.211 billion shares worth N30.636 billion in 26,287 deals were traded last week by investors in contrast to a total of 3.628 billion shares valued at N34.886 billion that exchanged hands the previous week in 19,834 deals. However, the Financial Services Industry led the activity chart with 1.735 billion shares valued at N19.044 billion traded in 14,626 deals; thus contributing 78.45 per cent and 62.16 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 165.396 million shares worth N454.240 million in 1,400 deals. The third place was occupied by Consumer Goods Industry with a turnover of 135.802 million shares worth N6.681 billion in 4,143 deals. Trading in the top three equities namely – United Bank for Africa Plc, FBN Holdings Plc and Access Bank Plc, accounted for 798.334 million shares worth N7.165 billion in 5,855 deals. Also traded during the week were a total of 1.732 million units of Exchange Traded Products (ETPs) valued at N13.711 million executed in 19 deals compared with a total of 40 units valued at N493.60 transacted two weeks ago in four deals. Also, a total of 750 units of Federal Government Bonds valued at N695,229.29 were traded last week in eight deals, compared with a total of 13,465 units valued at N14.486 million transacted the previous week in 10 deals. Price Gainers and Losers The price movement chart showed 51 equities appreciated higher than 36 equities of the previous week, while 23 equities depreciated in price, lower than 33 equities of the previous week. Conoil Plc led the price gainers with 21.4 per cent, trailed by Presco Plc with 20 per cent. Dangote Sugar Refinery Plc appreciated by 19.3per cent just as May & Baker Nigeria Plc chalked up 15.7 per cent. Stanbi IBTC Holdings Plc garnered 15.5 per cent just as Okomu Oil Palm Plc closed 15.3 per cent higher. Other top price gainers include: Fidson Healthcare (14.9 per cent); Ecobank Transcorporation Incorporated (13.3 per cent); C & I Leasing Plc (13.1 per cent) and Zenith Bank Plc (12.8 per cent). Conversely, Cadbury Nigeria Plc led the price losers with 18.1 per cent, followed by Morison Industries Plc with 17.5 per cent. Livestock Feeds Plc and Neimeth International Pharmaceuticals Plc shed 13.3 per cent and 13 per cent in that order. UACN Property Development Company Plc and Unity Bank Plc went down by 8.9 per cent and 8.5 per cent respectively. Other top price losers were: AIICO Insurance Plc (8.3 per cent); Red Star Express Plc (7.4 per cent); Chellarams Plc (4.9 per cent) and Cement Company of Northern Nigeria Plc (4.9 per cent).

T H I S D AY • MONDAY, JULY 31, 2017

BUSINESSWORLD

INSIDE BROAD STREET

A view of Lagos ﬁnancial district

AKINWUNMI IBRAHIM

Weighing Trade-off Between Growth and Stability Obinna Chima The Central Bank of Nigeria (CBN) at its Monetary Policy Committee (MPC) meeting last week, decided to retain key policy tools, 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. The MPC’s decision has continued to attract reactions from experts. While some supported the decision by the central bank, saying monetary policy has reached its limit, some held the view that retaining a restrictive monetary policy stance might impede efforts by the fiscal authorities to reflate the economy. The CBN Governor, Mr. Godwin Emefiele, while fielding questions from journalists after the meeting, explained that although changing rates might 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 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 assettracing experts to investigate the tax payment status of 150 firms and individuals in an effort to close some of the loopholes in tax collection,

MARKET INDICATOR

CBN Governor, Godwin Emeﬁele 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 nonoil federal receipts, as well as improvements in economy-wide 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. “The committee expects that timely implementation of the 2017 budget, improved management of foreign exchange, as well as the security gains across the country, especially in the Niger Delta and North-eastern axis, should be firmly anchored to enhance confidence and sustainability of economic recovery.”

Between Stability and Growth To FXTM Research Analyst, Mr. Lukman Otunuga, Nigeria’s on-going mission to diversify away from oil reliance, as well as a sharp drop in oil prices, encouraged the CBN to maintain its key interest rates at 14 per cent. According to Otunuga, although the nation still remains exposed to external risks, there has been optimism over the economic landscape stabilising, with the improving macro fundamentals fuelling speculations of a potential economic rebound by the end of 2017. “Although CBN’s repeated intervention has played a significant role in the naira’s recovery against the dollar on the parallel exchange, confidence over Nigeria’s economic recovery continues to play a leading role. “A potential economic rebound by year end and further signs of stability at home may prompt the Central Bank of Nigeria to cut interest rates in the medium to longer term,” he added. To Afrinvest West Africa Limited, status quo was maintained on all key rates because the committee noted that recent gains recorded in the economic landscape remain fragile and could be disrupted if adequate fiscal and monetary policies are not implemented to complement the recovery. “In our view, the decision was the most appropriate option open to the MPC in light of the fragile state of the economy despite the recent improvements in the forex market as well as general price levels. “Given the broad consensus on the expected outcome of the meeting, the impact of the decisions across the various markets has been muted,” they added. In the fixed income market, yields have remained elevated despite moderating headline inflation rate, and so the anticipation is that the CBN would likely keep financial system liquidity tight – via aggressive open market operations (OMO) auctions - in order to attract portfolio flows and maintain stability in the forex market. “With only two MPC meetings left for the year, in September and November, there is an increasing likelihood that status quo would be maintained on all policy rates till the end of the year, given the fragile nature of the forex market rebound and negative inflation surprises in the past five months,” Afrinvest analysts added. To London-based Chief Economist, Africa, Standard Chartered Bank, Razia Khan, there was little surprise in the decision of the MPC to keep all its key monetary rates unchanged. She noted that although inflation had decelerated, the MPC commentary still suggested that it might be substantially due to a base effect,

which may not be long-lasting. According to Khan, what was noteworthy about the MPC outcome was: “First, the rhetoric around the economic recovery has changed very subtly. It is no longer seen as something that might happen on autopilot. “Risks to the 2017 recovery are seen to be more substantial. There are on-going concerns about the weakness of financial intermediation. “Fiscal stimulus is viewed by the MPC to be relatively untargeted. There are concerns about the scale of the FG deficit. Recovery will not be without its risks. “Second, the unanimous ‘hold’ decision of the May MPC meeting has now given way to a 6-2 vote in favour of maintaining the current monetary policy stance. “The debate on the MPC is growing, with at least two members seeing room for a more accommodative policy. “Our base case remains for Nigeria’s policy rate to be kept on hold at 14 per cent through to the end of 2017, even as year-on-year inflation decelerates further. “This will be necessary in order to support the nascent NAFEX forex regime, especially with the pledge to cap Nigeria’s oil output at 1.8million barrels per day.” Khan observed that stabilising the economy requires on-going confidence in the availability of forex, saying that given external pressure, the only way to achieve this would be for a modest real tightening of the policy stance. “In our view, the MPC was correct to avoid the temptation to ease policy prematurely,” she added. The Director General of the West African Institute for Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, said the MPC did “the correct thing to have left the interest rate unchanged”. According to Ekpo, “Right now, we are in a recession and monetary policy cannot do anything. What we need now is more of a fiscal stimulus and there should be no delay in policy implementation. We need structural reforms now.” However, Ekpo advised that once the economy comes out of recession, the central bank should concentrate on using monetary policy to enhance growth instead of fighting inflation. But the Chief Executive Officer of Financial Derivatives Company Limited, Mr.. Bismarck Rewane, expressed a contrary opinion, saying that what the MPC did was to maintain a tightened monetary policy stance at a time when the economy needs liquidity to stimulate activities. Although Rewane acknowledged the risk of inflationary pressure, he argued that the MPC ought to be more audacious. According to him, the MPC could have signalled its intention to start easing monetary policy by either reducing slightly the CRR or restrain its squeeze on liquidity. “If you are dealing with protecting the naira, then maintaining the status quo would be considered to be an option. But if you really want to deal with growth, then there would have been the need to directionally show that you want to move in that direction. “If you say you can’t do anything at this point, then at what point are you going to do something? Then there is no clarity on that,” he added. Reacting to the comment by the WAIFEM boss that monetary policy has reached its limit, Rewane insisted: “But monetary policy cannot cannibalise fiscal policy. “What you have now is that you are cannibalising fiscal policy. Fiscal policy should be growth oriented and pro-cyclical. The MPC decisions are counter-cyclical. “So monetary policy cannot be counter-cyclical because what is needed as a stimulus to improve economic activities is a pro-cyclical stance. “However, the central bank has said there are risks, and I agree. But there is a need for the central bank to be clear as to where must inflation get to before they start the easing process? We cannot be left in the air. “So what they have done is to leave a certain amount of monetary policy uncertainty as to when the direction of interest rate would change.” On their part, Lagos-based CSL Stockbrokers Limited, noted that things appear to be playing out in the CBN’s favour as far as exchange rates are concerned. According to them, recent CBN’s policy have closed the gap between the official and parallel market, keep rates stable, and most importantly improve forex liquidity. Access to foreign exchange by Nigerian banks has improved significantly since the introduction of new forex policies by the CBN in February this year.

T H I S D AY • MONDAY, JULY 31, 2017

BUSINESSWORLD

APPOINTMENT / AWARDS

Olawore Elected 15th President of NBCC The Nigerian-British Chamber of Commerce (NBCC), the foremost bilateral Chamber of Commerce in Nigeria, at its 38th annual general meeting (AGM) held last week in Lagos, elected Mr. Akinola Olawore, as its 15th President and Chairman of Council of the Chamber. He is expected to steer the ship of the foremost bilateral Chamber and take charge of its affairs for the next two years. His election followed the expiration of Adedapo Adelegan’s tenure of office as chairman, after he meritoriously served the Chamber for two years. At the AGM, the report of the council audited financial statements for the year ended 31 December, 2016 and the reports of the auditors were

presented to the members as part of the ordinary business of the day. Also elected into the National Executive Committee, were; Mr. Kayode Falowo as Deputy President; Mr. Alan Davies as Second Deputy President; Mr. Uwamai Igein as Vice President; Dr. Ikenna Nwosu as Second Vice President; Mrs. Adebisi Adeyemi as Third Vice President; Mr. Nnamdi Okonkwo as fourth Vice President; and Bimbo Olashore as Treasurer. In addition, new council members were also elected at the annual general meeting. While reviewing the activities of the year, during his speech, Adelegan said the Chamber witnessed more

member involvement in various activities and events, during the last two years, with increased number of its members. He said the NBCC had four breakfast meetings in 2016, which were highly attended and graced by high profile guest speakers. He said the NBCC celebrated its 40th anniversary with a press conference held in Lagos on 9th February 2017, followed by a commemorative anniversary lecture, with the theme: Nigerian-British Relations-The Next 100 years, which was held in April this year. “As part of our 40th anniversary celebrations, the Chamber embarked on an outward trade mission to the United Kingdom between May 22 and 26, 2017, with key

focus on Maritime, Finance and Investment, Mining and Mineral Resources and Professional Services,” Adelegan said. He added that work has commenced on the NBCC Plaza project and that the committee handling the project is working tirelessly with the support of the Council to complete the project in record time. “Today, we have become a voice to be reckoned with developed relationships across board for the benefits of our members. I will to remind members that the best reward for success, is more work. I therefore wish to encourage the incoming administration to see the achievements of this administration as the pedestal for greater heights,” Adelegan said.

Reliance InfoSystem Wins 2017 Microsoft Partner Award Reliance Infosystems Limited, an information technology service provided has won the 2017 Microsoft Partner of the Year Award for Nigeria. Microsoft recognised Reliance Infosystems Limited as its top Nigeria partner, based on the company’s outstanding field service, innovation, and implementation of customer solutions based on Microsoft technology. Microsoft awarded winners from several countries at the Microsoft Inspire Conference in Washington, D.C. United State, last week. Commenting on the award at the award ceremony, the Corporate Vice President, One Commercial Partner, Microsoft, Ron Huddleston said the 2017 Partner of the Year Award winners and finalists represented the most valued and innovative solutions within our partner community. “It is an honor to recognize our top partners providing

their expertise and solutions to solve complex business challenges. Hearty congratulations to each winner and finalist on this tremendous achievement,” he said. The CEO, Reliance Infosystems Limited, Olayemi Popoola expressed how elated he was for his company to be rewarded. “I am happy because we strive to provide impeccable innovations and solutions to customers. I believe we are now in the spotlight in terms of leading the partner ecosystem in Nigeria for Microsoft because we imbibe creativity and innovation in most of our engagements with Microsoft customers. “Furthermore, we organise periodic workshop for different industries on how they can leverage Microsoft solutions in enhancing business processes. One of these is the Technology Meets Manufacturing events held in May, 2017,” Popoola said.

BHM Appoints Adenekan as General Manager

BUSINESS COLLABORATION

L-R: Senior Manager, Brand Management, Babatunde Sule; Head, Regulatory, Damian Udeh; General Manager, Products,Jide Mafolabomi; Manager, Products, Ayoola Ogunlade and Head, Corporate Communications,Toni Kan Onwordi, all of ntel at the launch of Nokia’s new suite of phones in Lagos...recently

Woman Wins Trip to Dubai FG Launches in Three Crown Competition Entrepreneurship Network A 30-year old mother of one, Oluwakemi Longe has emerged the 2017 Three Crowns Milk Mom of the Year. She was adjudged the winner ahead of five other finalists at the grand finale of the competition held in Lagos. The panel of judges for the grand finale of this year’s edition of the competition include; Nigerian’s Dance Queen, Kafayat Shafau, popularly known as Kaffy; Nollywood screen goddess, Chioma Chukwuka Akpotha and popular Radio On-Air Personality, Matse. The panel declared Oluwakemi Longe winner having scored the overall highest mark in all three stages of the competition; fun, smart and fit. For emerging the 2017 Three Crowns Milk ‘Mom of the Year’, Oluwakemi would be rewarded with an all-expense paid trip to Dubai alongside three other members of her family. She would also get

one-year supply of Three Crowns Milk products among other benefits. Mrs. EziamakaOgechukwu who emerged the first runner up, was rewarded with a double door refrigerator while Mrs. Gloria Ojoh the second runner up was presented a Washing Machine. The fourth, fifth and sixth place winners were also rewarded with a N50, 000.00 worth of shopping voucher and a dinner date each while all the finalists also received cartons of Three Crowns milk products. Speaking at the grand finale, the Sales director, FrieslandCampina, WAMCO, Mr. AdewaleArikawe stated that as Nigeria’s leading low cholesterol milk brand from the stables of FrieslandCampinaWAMCO – Three Crowns Milk is a brand that cares for the health and well-being of its consumers especially mothers who it believes are the strength of the family.

Minister of State for Industry, Trade and Investment, Aisha Abubakar has launched the Global Entrepreneurship Network (GEN). The initiative is a year round platform of programmes and initiatives aimed at creating one global entrepreneurial ecosystem. GEN helps people in 160 countries unleash their ideas and turn them into promising new ventures, creating jobs, accelerating innovation and strengthening economic stability around the world. The board is to be chaired by Peter Bamkole, while the Director General of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dikko Umaru Radda is also a member. Abubakar emphasised that SMEs have a major role in the economic recovery and growth plan and the transformation of country’s industrial sector. The minister described the

platform as one step that will give access to market, growth opportunity and build capacity in terms of quality of product and diversification. She also added that GEN will enhance the SMEs financially in addition to other incentives. “I am very excited because there is no extent to the limit our SMEs can grow both nationally and internationally and how they are faring, “ Abubakar said. Bamkole stressed that though GEN activities have always taken place in the country in the past seven years, as the Global Entrepreneurship Week (GEW), GEN Nigeria was launched to harmonise entrepreneurial activities around the country and expose the creative endeavours of Nigerians. He added that efforts will be made to promote a more entrepreneurial culture by celebrating the success of Nigerian businesses and inspiring the coming generation.

Lagos-based Reputation Management and Marketing Communications Company, BHM has announced the appointment of Mr. Moruff Adenekan as its General Manager/Chief Operating Officer. Before his new appointment which takes effect August 1, 2017, Adenekan was the Head of Operations at C&F Porter Novelli Lagos, the affiliated agency of the London based global PR/ Reputation firm –Porter Novelli. According to a statement released on the new appointment, Ayeni Adekunle, Founder and CEO of BHM said: “We are delighted to have Mr. Adenekan join our leadership, having garnered experience across the industry. In his new role, he will provide day-to-day leadership to the PR teams in line with the company’s mission to build a beautiful company that puts people before profit”. Adenekan will be charged with managing the processes at BHM and his responsibilities will include but not limited to: driving BHM’s business to achieve and surpass business goals, spearhead the development, communication and implementation of effective growth strategies and processes

at Black House Media, including introduction of new PR and reputation management models in critical areas like product thinking, advocacy and government relations. As a result-driven executive, Adenekan will be bringing his over 20 years cumulative experience and expertise in the marketing communications Industry spanning Advertising, sales/experiential marketing and Strategic Public Relations/ Reputation management to bear on his new role at BHM, as the company works to implement at 10-year blueprint driven by technology, product thinking and consumer intelligence. Reacting to his new appointment, Adenekan said: “Moving to BHM is the next step in my career trajectory, it’s a challenge I have been looking forward to. It puts one in the eye of the storm just as it offers an opportunity to join forces with forward-looking and unconventional professionals to move the company and our industry forward. I have always wanted to contribute to new learning and move the conversation forward. BHM offers a perfect opportunity”

OMD Shines at Cannes Lions 2017 The Cannes Lions Festival of Creativity has named OMD Worldwide the “Media Network of the Year,” after winning one Gold, five Silver and five Bronze lions and earning 14 shortlists in the Media Lions category. Commenting on the feat, the Executive Director and Chief Operating Officer of mediaReach OMD Nigeria, Mr. Alaba Fadero, said innovation and creativity are at the centre of what the organisation stands for. “We are extremely proud of the creative and innovative work we are producing around the world in partnership with our Clients,” he stated. Fadero affirmed that “our global winning culture cascades into our local markets; and we

train our talent on an on-going basis, including exposure to regional webinars as a source of inspiration to be abreast of latest developments and raise our game.” He further stated that the OMD has many local initiatives through which it encourages its people to produce works that deliver on objectives and help overcome current business challenges of its clients. This year, mediaReach OMD Nigeria won the Young Lions Media - Nigeria Competition and Young Pro Media - West Africa Championship for eight times since 2008. mediaReach OMD is the leading media agency in West Africa with presence in Nigeria, Ghana and Cameroon.

T H I S D AY • MONDAY, JULY 31, 2017

BUSINESSWORLD

NEWS

FG Moves to Accelerate Industrial Growth, Assures Investors of Sustained Support Emmanuel Ugwu, Umuahia Despite the vagaries of the present economic and business environment in Nigeria, the federal government has assured investors of its full commitment to enhance industrial growth to enable them reap maximum yields in their investments. The Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah gave the firm assurance when he toured a number of industrial clusters located at Aba, the industrial and commercial heart beat of Abia state. The minister, whose entourage included the director of

industrial development in the ministry, Adewale Bakare and the managing director of Bank of Industry (BoI), Olukayode Pitan, has been on a confidence building tour of industrial locations across the country. He has so far visited the South West and South East zones feeling the pulse of manufacturers with a view to assisting them overcome the challenges confronting them. At the Inner Galaxy indusial Park in Ahala Ukwu village, Umuahala Obuzor Ukwu, Ukwa West local government of Abia, Enelamah and his entourage were pleasantly surprised at the industrial development

taking place in the Abia rural community. He expressed deep appreciation to the Chinese investors for their confidence in Nigeria’s economy with the establishment of the high-tech manufacturing and servicing group of companies in Abia. Enelamah said that diversification and industrialisation remain the main thrust of government’s economic policy, which also includes food security and infrastructure development across the nation, adding that it was important for the South East to embrace the economic policy of government. According to him, with the

prevailing economic policy, the present government has further demonstrated its commitment to be “a good partner, good regulator (of the business environment) as well as being a good government to the people of Nigeria. He said that the presence of Inner Galaxy Group in Abia and the success story it has started posting has further reinforced the commitment of the federal government to work with the states for the realisation of the nation’s industrialisation agenda. “This is a season of cooperation and partnership,” he said, adding, every incentive needed to

build the confidence of investors would be provided, including tax incentives and removing of obstacle hindering the ease of doing business in Nigeria. Alluding to the action of Biafra agitators, who disrupted his scheduled interaction with the members of Powerline Shoe Manufacturers Association of Nigeria (PSMAN), the minister noted that it has further underlined the urgent need for rapid industrialisation of the South East zone. He said that with the presence of many industries in the zone, a huge population of youths would be “sucked up” by the attendant

employment opportunities and if the youths were fully engaged the rising tide of agitation in the zone would subside. In his address the Group Managing Director of Inner Galaxy Group. Mr. Andy Lu, lauded the minister for his support and encouragement, adding that the ease of doing business has become less cumbersome. He said that the Inner Galaxy industrial complex which presently comprises five companies already has 3,000 Nigerians in its employment while thousands more job opportunities would be created as 15 other companies would come on stream in due course.

UPDC REIT Rewards Unit Holders with N1.26bn Dividend Nosa Alekhuogie

SIGMA PENSIONS’ RE BRANDING

L–R: Actis principal/director at Sigma, Tony Abakisi; Global Head of Actis Private Equity, Natalie Kolbe; Director, Sigma Pensions Limited, Alhaji Umaru Madibbo; Chairman, Sigma Pensions, Mr. Rasaki Oladejo; MD/CEO, Sigma Pensions, Dave Uduanu; Executive Director, technical, Mr. Ibrahim Balarabe; and Non-Executive Director, Mr. Daniel Broby, during the Rebranding of Sigma Pensions in Abuja ... recently

Chinese Trade Mission Parleys ACCI, to Open Office in FCT Olawale Ajimotokan in Abuja A delegation of investors from the Hebei Province of China at the weekend held talks with officials of Abuja Chamber of Commerce and Industry (ACCI) led by its president Tony Ejinkeonye, to prospect business opportunities between the region and the Chamber. The meeting was part of the exploratory discussions between the province and Nigerian business interest groups, which included the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Manufacturers Association

of Nigeria (MAN), during their visit to the FCT Minister Muhammed Musa Bello. Deputy Governor of Hebei, Wang Xiaodong led the 20-man visiting delegation, which comprised the President of China Civil Engineering Construction Corporation(CCECC), Zhao Dianlong, Deputy President of China Fortune Ltd, Huang Xianghua, the Deputy President, Shijiazhuang Junlebao Dairy Co. Ltd, Zhu Hong and the Managing Director Baoding Shuofeng Ltd, a leading global producer of cotton, Li Manchang. Wang said the Hebei Province Government would open a trade office in Abuja to underscore the business ties. Hebei is one of the biggest

economic regions among the 31 provinces and municipalities in China. Its GDP by 2016 estimates is $500million, while its population is put at 74million. Located in an area contiguous to Beijing, it is fully industrialised with a developed commuter transport system. It is also one of the leading steel producers in the world. Its annual cement output is 120 million tonnes while its flat glass output is estimated at 100million tonnes. Wang expressed optimism in Nigeria and especially Abuja, saying that what they saw made a deep impression on the delegation. He had impressive words for Abuja’s

pleasant environment and good planning, while observing that Nigeria has indeed laid a good foundation for an economically viable city. “There are obviously many complementary features, potentials and space for cooperation between Abuja and Hebei Province. Entrepreneurs from Hebei are eager to partner with Abuja in many mutually beneficial fields,” he said. Bello said FCT is a fertile ground for foreign direct investment because of its strategic location, conducive atmosphere, tight security and a centralized airport and railways that would soon be fully developed in the next couple of years.

UPDC REIT has rewarded its unit holders with a distribution of 24 Kobo per unit. The company said in a statement that the distribution, which was proposed by the Fund Manager, FSDH Asset Management Limited, (FSDH AM) was approved by its unit holders at its annual general meeting held in Lagos. Managing Director of FSDH Asset Management Limited, Mrs. Olumayowa Ogunwemimo, attributed the performance of the REIT to not only the quality of assets in the REIT but also to the management process of the REIT portfolio. She noted that, FSDH AM will continue to seek additional investments in quality real estate assets and real estate related assets to ensure that the REIT continues to deliver on its promise to generate and distribute competitive returns to its unit holders. She further that the real estate market was adversely affected by the economic recession as a number of new developments recorded slower take-up rate and rental income lowered, as tenants were requesting for a downward review of rent or a rent free period.

“The lack of access to FX on the interbank market and the continuous depreciation of the Naira on the parallel market resulted to higher costs for retailers looking to fit out and restock their stores. This also resulted in higher costs for the required periodic maintenance for a commercial building. “The prices of fixed-income securities trended downwards while yields increased in the second half of the year. The increase in yield was as a result of the illiquidity in the market resulting from the existing reserve requirements and the Treasury Single Account (TSA) implementation by the FGN. In July 2016, the Monetary Policy Committee (MPC) increased the Monetary Policy Rate (MPR) to 14 per cent from 12 per cent. “Despite the macroeconomic challenges, Novare Lekki Mall, Onitsha Mall and Maryland Mall were completed and opened to customers in 2016. There is currently an oversupply of grade A office space. In order to attract tenants, Landlords had to reduce rental rates. There was also a shift of the demand for office spaces from the oil and gas sector to management, consulting, technology, finance and other services sector, “she explained.

Sokoto Seeks USAID’s Collaboration in Agro-allied Industries Governor Aminu Waziri Tambuwal of Sokoto State, has called on the United States Agency for International Development (USAID) to collaborate with the state government in the area of leather clusters and agro-allied industries. He said the state government will continue to explore areas of possible collaboration with local and international agencies for the mutual benefit of all parties. Tambuwal spoke in Sokoto when he hosted the new USAID Mission Director for Nigeria, Mr. Stephen M. Haykin in his office. “We have benefited immensely from past relationships with USAID in areas of health, education and support for good governance. We have a lot to learn from each other as such, we need a closer relation-

ship in the area of agriculture and especially agro-allied industries. “You have focused on impacting the lives of a greater number of people in our state. And because agriculture employs more than eighty percent of the populace, we need to come up with policies and programs for the sector. “I’ve always said it that ours is a rewarding and productive relationship which we are willing and ready to expand,” the governor said. Tambuwal extended the appreciation of the people and government of Sokoto to the US government for their care and concern, and especially praised the efforts of Haykin’s successor in office, Mr. Michael Harvey, for his commitment to the development of the state.

T H I S D AY • MONDAY, JULY 31, 2017

BUSINESSWORLD

PERSPECTIVE

Nigeria’s Non-oil Exports and the Quest for Federalism Ugochukwu Joseph Amasike writes that devolution of powers to the states would serve as a catalyst for the development of non-oil exports, restart Nigeria’s industrialisation-drive, create jobs and strengthen the economy as a whole The need to diversify Nigeria’s revenue base has continued to gain traction by the day, especially in light of recent economic challenges that were largely occasioned by over-dependence on oil and gas revenue. The drastic fall in oil prices in 2015 and the consequential foreign exchange crisis it triggered, reverberated across the entire spectrum of the Nigerian economy, resulting in job-losses, inflation, and untold hardship for Nigeria’s already beleaguered masses; and ultimately lead to Nigeria’s first economic recession in a quarter of a century. It is generally known that over 70% of government revenue comes from the oil and gas sector, this fact puts Nigeria in a precarious situation, especially in view of emerging global trends that is characterised by a shift away from traditional forms of fossilfuel based energy, to alternative energy sources, thus under-scoring the critical need for Nigeria to rapidly diversify its revenue base. It is pertinent to note that contrary to the general impression that the economy requires diversification, what is in fact required is the diversification of Nigeria’s sources of income, and the strengthening of the non-oil sectors of the economy. This submission is highlighted by a 2016 World Bank report which revealed that the Nigerian oil and gas sector accounts for only eleven percent (11%) of Nigeria’s gross domestic product and employs less than three percent (3%) of Nigeria’s working population, yet disproportionately accounts for more than 90% of foreign exchange earnings. In light of this fact the need for a strategic alternative to oil and gas revenue cannot be overemphasised. To this end there should be a conscious and deliberate effort on the part of the government to develop the non-oil export sector of the economy and to achieve this there is need to undertake institutional and regulatory reforms necessary to eliminate structures that impede the development of the economy and by extension the non-oil export sector. It is suggested that incidental to these reforms is the amendment of the fiscal provisions of the 1999 Constitution and other subsidiary legislations, with a view to devolving economic power to the states, in order to encourage and enable their participation in the goal of diversifying the nation’s revenue base. The reality of the Nigerian situation is that the production activities of exporters occurs within the business landscape of the states, thus highlighting the importance of the states in the effort to diversify the nation’s revenue base and for the states to meaningfully contribute; they must do so as unhindered economic agents, not as incapacitated dependent appendages of the government at the centre. The 1999 Constitution which was bequeathed to Nigeria by its erstwhile military dictators imposed on Nigeria a unitary system, which is today, dishonestly passed off as a federal system by

some, in their desperate bid to maintain a status quo that feathers their nests. The fiscal provisions of the Constitution which concentrates all economic power in the government at the centre is the chief obstacle to the sensible desire and drive to diversify Nigeria’s revenue base, because rather than leverage on the combined capacity of Nigeria’s 36 states, it shackles them and transforms them into dead-weight that hinders the nation’s quest for economic development. It is noteworthy that Nigeria’s golden economic era in the 50’s and 60’s was largely non-oil export driven, with agro-industrial complexes across the then three nay four federating regions. The then regions, unrestrained by a suffocating unitary structure harnessed their respective comparative advantages, to finance and develop infrastructure, provide social services and aid the rapid growth of the national economy and concurrently facilitated the creation of a diversified revenue base for the nation. This state of affairs was made possible only as a result of the equitable and broad distribution of economic power to the regions by the Republican Constitution of 1963, which permitted the regions to exploit their resources, remitting fifty percent of all revenue generated from their respective region to the central government and retaining the remaining percentage for their upkeep. However, today, Nigeria’s federating units are glorified appendages and outposts of the federal government, and are constantly locked in a desperate, never-ending struggle for the dwindling revenue generated from the oil and gas sector. If this unhealthy state of affairs is to change, then Nigeria must grow its non-oil exports, and if that is to be accomplished, then the current administration will have to implement its manifesto and as promised, “initiate action to amend our constitution with a view to devolving powers, duties and responsibilities to state and local governments in order to entrench true federalism and the federal spirit.” The devolution of power to states would serve as a catalyst for the development of non-oil exports, restart Nigeria’s industrialisation-drive, create jobs, strengthen the economy, and expand the nation’s income streams, whilst engendering sustainable economic growth through greater exports and import-substitution, and simultaneously transforming Nigeria from a seemingly mono-product economy, to a full-fledged industrial economy. It is prayed that Nigeria’s leadership will see the urgent need to take the ostensibly hard decision of devolving economic power to the states in order to deliver Nigeria from poverty and underdevelopment and to usher in a new era of economic growth and prosperity for Nigeria and Nigerians. - Amasike, a Lawyer, wrote from Abuja Email: ugoamasike@yahoo.com

T H I S D AY MONDAY JULY 31, 2017

MONDAY, JULY 31, 2017 • T H I S D AY

BUSINESS/MONEYGUIDE

CBN to Sell Treasury Bills Worth N229bn Obinna Chima The Central Bank of Nigeria (CBN) will this week conduct its bi-weekly treasury bills auction with total offer of N229.1 billion to offset maturing bills of the same amount. In addition, the central bank is expected to float open market operations (OMO) auctions to keep financial system liquidity tight. Afrinvest West Africa Limited stated in a report at the weekend that despite repeated OMO auctions, money market rates eased last week against the backdrop of an OMO repayment and improved system liquidity. The CBN conducted OMO auctions on all trading sessions but for Monday. Despite this, system liquidity during the week remained in the positive region save for

Wednesday which had a negative balance of N53 billion. Money market rates – Open Buy Back (OBB) and overnight (OVN) – were at first elevated at the start of the week (relative to preceding Friday’s close of 14 per cent and 14.9 per cent respectively). But both rates closed at five per cent and 5.8 per cent respectively. Despite the MPC’s decision to retain rates at current levels, performance of the secondary treasury bills market was bearish last week as average yield rose on four of five sessions. On the other hand, foreign exchange rate at the official market remained pegged within a range of N305.70/$1 - N305.75/$1 during the week, closing at N305.70/$1. At the parallel market, rate appreciated from last week’s close of N366.00/$1 to touch

a 2017 high of N364/$1 on Wednesday before closing the week at N365/$1. Meanwhile, at the NAFEX segment, a total of $983 million traded during the week with market rate appreciating slightly from N366.45/$1 at the start of the week to close at N366.08/$1 on Friday. “In the week ahead, we expect the central bank to continue its current administration of the forex market by way of weekly SMIS sales and operation of multiple FX windows. Hence, we expect rates to hover around current levels,” the report added. Activities in the domestic bonds market remained soft as the market recorded a bearish performance last week with average yield across benchmark bonds rising on four of five trading days.

Fidelity Bank Moves to Improve Customer Satisfaction Fidelity Bank Plc said it again demonstrated its desire to continuously improve on customer service with the introduction of a personalised self-service feedback system on its Instant banking product -*770#. This initiative, according to the bank, is expected to take its customer service a notch higher. When a customer completes select transactions using Instant Banking (*770#), the feedback system prompts the customer to rate the quality of their experience using the product. Customers who participate in this optional feedback rating also automatically qualify for exciting monthly rewards, the

bank explained in a statement. “This initiative gives the bank real-time insights on the product’s performance and ensures that our Instant Banking Product (*770#) is continuously improved to give our customers the best possible experience. “This reinforces our drive to use digitization and analytics to get deeper insights about our customers and ultimately improve the customer experience across our channels. “We will be extending this innovative feedback rating system to our other transaction channels very soon,” Fidelity Bank CEO, Nnamdi Okonkwo said in a statement from the

bank. Instant Banking (*770#) is a USSD short code service that currently allows Fidelity Bank Customers perform 14 types of transactions/requests. Instant Banking works only with the customer’s registered phone number with the bank. “All the customer requires is any type of mobile phone and there is also no need to have data on the phone. This product from Fidelity bank also has some advanced security features like instant blocking which enables customers to automatically disable the service from any phone by sending a short code if their phone gets missing,” he added.

Wapic Insurance Harps on Savings Culture Nume Ekeghe Wapic Insurance Plc has said that its product called ‘Wapic Smart’ would help people achieve their financial goals seamlessly. In a statement obtained from the firm recently, Wapic said that the product would help to build a sustainable savings culture particularly where it concerns specific financial goals or objectives. The Managing Director, Wapic Insurance, Mrs. Yinka Adekoya, observed that it was difficult to

make progress without a plan and goals. She said that Nigerians should not view saving as something to be done when there was excess money, but as an activity that is as important as eating food for survival. According to Adekoya, Wapic Smart products would provide more options to choose from, with the addition of a life insurance cover. She observed that financial institutions, from banks to insurance companies, were daily clamouring to sell the

best savings product, but few attached huge benefits to their offerings. Adekoya said: “This is why it makes a lot of sense to say that Wapic has done its homework by developing products that are tailored towards specific needs and with enticing benefits to go with them. “The products basically give one the chance of efficiently amassing reserves, towards meeting commitments, and carrying a life cover. So, this implies that for the period you save, you are covered.”

FirstBank Launches Mobile Payment Solution First Bank of Nigeria Limited has partnered Visa to launch a mobile payment solution – mVisa. This mobile solution, according to the bank, allows customers pay for goods and services by scanning a QR code using a smart phone via the FirstMobile App. Payment goes straight from the consumer’s FirstBank account into the merchant’s account and provides real-time notification to both parties. mVisa is available on the FirstBank’s mobile banking application - FirstMobile - and it adds to the seamless multiple payment channels FirstBank customers enjoy. Customers with

the FirstMobile app can make payments from their FirstBank accounts at merchants’ locations where mVisa logo is displayed. In a statement by the Group Head, E-Business, First Bank of Nigeria Limited, Chuma Ezirim, the bank would continue to put customers first by leading the industry in the use of technology to provide convenient and fast banking solutions. It said partnering with Visa to deliver the product was part of the bank’s strategy to deliver reliable, secure and convenient payment options to its esteemed customers. “It further promotes our digital approach by delivering

omni-channel experience to all our customers, while enhancing our existing offerings,” he reiterated. Speaking at the launch of mVisa, President for Visa Sub-Saharan Africa, Andrew Torre said: “We are thrilled to have FirstBank as one of our key partners in bringing mVisa to Nigeria. Consumers and merchants will experience the speed, convenience and security that mVisa brings when making everyday purchases. mVisa is a payment solution fully integrated into the Firstmobile app to support business transactions and lifestyles of FirstBank customers.

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 • Source - CBN

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 • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE AS AT 27 JULY 2017 The price of OPEC basket of fourteen crudes stood at $48.88 a barrel on Thursday, compared with $48.51 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

MONDAY, JULY 31, 2017 • T H I S D AY

MARKET NEWS

Union Bank Posts Slight Rise in Half-year Profit Goddy Egene and Nosa Alekhuogie Union Bank of Nigeria Plc reported a marginal increase in profit for the half year ended June 30, 2017. According to the results, the financial institution ended the H1 with profit before tax of N9.5 billion, showing a minimal growth of seven

per cent compared with N8.9 billion in 2016. Profit after tax also rose slightly by five per cent from N8.8 billion to N9.2 billion. The results also showed that the bank recorded gross earnings of N73.7 billion, showing a growth of 23 per cent from N60 billion in the corresponding period of 2016. Interest income was boosted

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

DEALS

MARKET PRICE

by naira devaluation-fueled foreign currency loan book to hit N58.3 billion, up from N44.3 billion. Net interest income rose 19 per cent to N26.3 billion, from N22.2 billion, while non-interest revenue fell marginally by two per cent from N15.7 billion to N15.4 billion. Customer deposits rose 15 per cent due to growing

N I G E R I A N QUANTITY TRADED

VALUE TRADED ( N )

No. of Deals 1 1 2 2 2

Current Price 98.7 135

Quantity Traded 105 100 205 205 205

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

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

Current Price 44.18 46

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

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

No. of Deals 1 1 4 56 48 110 110

Current Price 0.78 0.66 3.77 0.78 15.1

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

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

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

Current Price 4.79

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

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

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

Current Price 0.5

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

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

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

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

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

Current Price 0.78

Current Price 34.83 Current Price 2.12

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

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

confidence in the bank to hit N759 billion as at June 30, up from N658 billion as December 31, 2016. Impairment charge fell by 39 per cent from N8.8 billion to N5.4 billion. In his comments on the results, Chief Executive Officer of Union Bank of Nigeria, Mr. Emeka Emuwa said: “As our centenary celebrations continue and with the launch

STO C K

of ourN50 billion rights issue in the second half of the year, 2017 will remain a very busy year for the bank. With our clear focus on enhancing the operational efficiency of the franchise, gross earnings grew by 23 per cent in the first half of the year to N73.7 billion, from N60.1 billion in H1 2016. In a challenged economy, the group delivered PBT of N9.5

billion, a six growth over the corresponding period in 2016.” According to him, in the second half of the year, their focus will centre on the rights issue launch, adding “we will remain nimble to take advantage of emerging opportunities and while improving on service delivery to our customers.”

E XC H A N G E

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

DEALS

MARKET PRICE

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

Current Price 0.5 Current Price 1.01 14.75 1 0.66 1.95

No. of Deals 1 1 No. of Deals 1 1 2

Current Price 1.3

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

Current Price 11.25 6.08 29.6 4.28 0.87 42

Current Price 0.5

Current Price 1.45 Current Price 36.45 9.69

QUANTITY TRADED

VALUE TRADED ( N)

87,962,909

649,506,329.59

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

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

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

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

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

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

No. of Deals 1 1 1

Current Price 9.75

Quantity Traded 2,000 2,000 2,000

Value Traded 18,540.00 18,540.00 18,540.00

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

Current Price 0.5

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

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

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

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

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

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

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

No. of Deals 1 1 1 1

Current Price 0.9

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

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

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

Current Price 15.01

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

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

No. of Deals 10 10 10 429 4,216

Current Price 169

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

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

Current Price 3.2

Ëœ ÍťÍšËœ ÍşÍ¸ÍšÍľ Ëž T H I S D AY

MARKET NEWS

Sterling Bank Records N57bn Gross Earnings, N4bn Profit After Tax Goddy Egene Sterling Bank Plc, has reported gross earnings of N57 billion for the half year ended June 30, 2017, representing a growth of 14 per cent over the corresponding period of 2016. Net interest income increased by 5.4 per cent to N27 billion, from against N25.6 billion. The bank reduced operating expenses by 1.6 per cent to N25.7 billion in 2016. Sterling Bank Plc ended

the period with profit before tax of N4.3 billion, down marginally from N4.0 billion, while profit after stood at N3.8 billion as against N4.0 billion in 2016. A further analysis of the results showed that the bankâ€™s loans and advances increased by 11.9 per cent to N524 billion from N468.3 billion in December 2016, while customer deposits increased by 4.2 per cent to N609 billion compared to N584.7 billion in December

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 â€˜sharesâ€™ on the

2016. Shareholdersâ€™ funds also increased by 10.5 percent to N94.6 billion from N85.7 billion in December 2016, while total assets (excluding contingent liabilities) increased by 14.8 percent to N957.9 billion compared to N834.2 billion in December 2016. Commenting on the results, Managing Director/Chief Executive of Sterling Bank Plc, Mr. Yemi Adeola said: â€œWe continued to deliver strong

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 27-July-2017, unless otherwise stated.

top line earnings with a 14 percent growth in gross earnings arising from a 20 per cent increase in interest income,â€? adding that in a bid to re-affirm the bankâ€™s commitment to building efficient operations, it recorded a 110 basis point improvement in cost-toincome ratio as a result of the reduction in operating expenses.â€? Adeola remarked that the Bank maintained its global credit rating from

Moodyâ€™s (B2) with a stable outlook as a result of a resilient deposit funding base and solid local currency liquidity buffers. He attributed the rating re-affirmation to improvements in the bankâ€™s IT infrastructure and risk management processes as well as a growing retail product suite. On the prospect for the second half of the year, Adeola said the bank is committed to sustainable

growth of its balance sheet and revenues in a cautious but optimistic manner, adding that risk asset growth strategy will remain focused primarily on the health, agriculture and education sectors. According to him, the bank would also continue to drive its retail business aggressively using technology whilst remaining committed to superior service delivery and value creation for its stakeholders.

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 177.61 177.86 39.67% Nigeria International Debt Fund 231.71 231.95 8.95% 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 0.80 0.81 14.18% 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 18.75% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 16.82 17.33 36.26% ARM Discovery Fund 358.60 369.41 24.87% ARM Ethical Fund 25.39 26.16 13.66% ARM Money Market Fund 1.00 1.00 17.73% 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 139.70 140.68 32.82% AXA Mansard Money Market Fund 1.00 1.00 18.51% 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 18.57% 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 1,096.48 1,092.57 8.10% FBN Heritage Fund 140.06 141.29 25.65% FBN Money Market Fund 100.00 100.00 19.46% FBN Nigeria Eurobond (USD) Fund - Institutional $109.03 $110.03 6.04% FBN Nigeria Eurobond (USD) Fund - Retail $108.28 $109.28 6.05% FBN Nigeria Smart Beta Equity Fund 153.89 155.92 36.59% 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 1.33 1.36 43.09% Legacy Short Maturity (NGN) Fund 2.81 2.81 9.23% 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 2,688.82 2,734.79 22.04% Coral Income Fund 2,303.45 2,303.45 9.47% 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 14.28% 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 17.55% Vantage Balanced Fund 1.99 2.01 18.30% Vantage Guaranteed Income Fund 1.00 1.00 18.38%

LOTUS CAPITAL LTD ďŹ ncon@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 1.10 1.12 11.28% Lotus Halal Fixed Income Fund 1,025.22 1,025.22 6.71% 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 13.21 13.28 36.48% 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 2,156.51 2,169.66 17.79% Stanbic IBTC Bond Fund 160.96 160.96 4.55% Stanbic IBTC Ethical Fund 0.99 1.00 29.22% Stanbic IBTC Guaranteed Investment Fund 204.22 204.22 9.27% Stanbic IBTC Iman Fund 170.03 172.35 31.01% Stanbic IBTC Money Market Fund 100.00 100.00 18.44% Stanbic IBTC Nigerian Equity Fund 9,510.07 9,622.37 25.42% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.27 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

10.78 106.07

10.88 108.07

22.65% 39.98%

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 GrifďŹ n 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

4.53 8.06 17.02 22.95 129.76

4.57 8.14 17.12 23.15 131.76

63.57% 14.57% 42.38% 43.61% 0.67%

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 managerâ€™s website and FMANâ€™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 MONDAY JULY 31, 2017

T H I S D AY • MONDAY, JULY 31, 2017

CITYSTRINGS

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

Floods Wreak Havoc in Niger Virtually all parts of Niger State have witnessed one disaster or the other as a result of floods this year, writes Laleye Dipo

Houses destroyed by the ﬂood in Suleja Town

orty-three year-old Abubakar Saadu has been in the news in recent times albeit negatively because he was the man that lost six children and two wives to the flood that ravaged Suleja town in Niger State recently. Saadu was able to escape with his life intact but his children who clung to him as he spirited himself to safety didn’t because the father preferred to implement the Yoruba proverb that if inferno engulfs one and the child, the first thing to do was to battle to save one’s life first. Saadu, a tea seller had retired home from his shop to the warm embrace of his family members but a few hours after everyone went to sleep tragedy struck. Heavy rains which started at about 10p.m. and lasted over five hours accompanied by floods had first brought down one of the rooms behind thereby allowing water to rush into other parts of the building. By the time Saadu realised what was happening the whole house had been overtaken by water leaving him with the option of struggling to save his life. Saadu who said he built the house from the income he made from his tea selling business and moved into its completed part last January after working on the project for three years, said he could not know that his wives and children had died until the floodwater had receded and could not trace any member of the family. His motorcycle was also washed off by the floodwater. Saadu now in a state of total dejection as a result of the incident to the extent that Islamic scholars had to be engaged to assist him with prayers for him to come back to normal life added “I don’t know what to do next, how will I live without other members of my family.” One of his two wives that died Suebat was said to have been washed away by the flood with her baby strapped to her back. The second wife who had just delivered also lost her life with the baby. Their bodies were recovered

at about 10a.m. while the remains of other members of the family were yet to be found. The entire building was in ruins with only the debris as sign that there was ever a house there. The story surrounding the death of 25-year-old Abdullahi Kura was not very clear. While one eyewitness said the deceased saw a floating corpse on the river and tried to recover it, another explained that Kura dived into the river to take what looked like a mattress but unfortunately hit his head on the rock making him to lose consciousness resulting in his death. Nineteen-year-old Shehu Usman who had just finished his senior secondary school examination was also among those that died as a result of the flood. He was said to be involved in rescue operation when his legs slipped resulting in his being washed away by the water. Another middle aged man was washed from an unknown place to Suleja, but for a tree which stopped him from going further down he would have also died. Good Samaritans threw a rope to the almost lifeless man which he managed to tie to the tree. With the rope some young boys were able to rescue the man who was then taken to the hospital for medical attention. The velocity of the flood was so high that two bodies were recovered from the river in

As at the last count according to the state Director of the National Emergency Management Agency, Alhaji Ibrahim Inga, 18 lives have been lost while eight others have been declared missing

Gwagwalada town several kilometres from Suleja. According to officials of the National Emergency Management Agency (NEMA) the two bodies were found floating on the river when the attention of the agency was drawn to it that they could have been from the Suleja flood disaster. In neighboring Tafa Local Government Area, two lives were reported to have been lost to the flood. As at the last count according to the state Director of the National Emergency Management Agency, Alhaji Ibrahim Inga, 18 lives have been lost while eight others have been declared missing. Inga said five others were still in the hospital receiving treatment. In Suleja town alone about 50 houses were completely destroyed while not less than 90 buildings were damaged in Tafa Local Government Area. Several kilometres of rice field and maize farms were also washed off in addition to cars and other vehicles that were submerged by the flood. The loss in human lives and destruction of buildings was colossal because most of the houses were built not more than 20 metres from the bank of the river. The intensity of the flood was also said to have been aggravated by water from the Bwari Dam which discharged excess water to the river. The vice chairman of Tafa Local Government Area, Mr. Samuel Yakwoe who corroborated this said the Bwari Dam had impounded more than enough water and had to discharge it one way or the other. The State Police Command Public Relations Officer, DSP Bala Elkana speaking in similar vein said the Police Force believe that water from one dam must have been responsible for the flood. As a result of the disaster, hundreds of refugees have emerged with some staying in schools while others hibernate with their relations. The Suleja and Tafa local government areas incidents were the height of disaster occasioned

by flood and rainstorm in Niger State since the 2017 rainy season started. The rains which commenced early around mid May has already taken its toll on several communities in the state the most recent being in Minna, the state capital last Thursday after about three hours of down pour. Many houses along the river path, shops and vehicles were destroyed. The most affected areas were Gbanganu, Dutsen- Kura Gwari and some parts of Barakin Sale. It was the second time that rain will wreak havoc in the state capital this year. But for the construction of drainage around Minna the state capital by the military administration of former military president general Ibrahim Badamasi Babangida this year’s early rain and flood would have swept off most houses in the state capital. This notwithstanding, the bridges and culverts linking several communities especially the one at old Mypa School Road and another one in Bosso have collapsed while four others are under threat if the rains continue with its present intensity. “We must thank General Babangida for what he has done, the entire residents of Minna should appreciate him because but for the construction of this drainage the story would have been different. “The present administration of Governor Abubakar Sani Bello has continued from where General Babangida stopped, by the next rainy season the people of Minna will have little or nothing to fear about flood because this job costing the administration several millions of Naira would have been completed,” Mr Vatsa said. Though the casualty as far as loss of human lives is concerned has not been high compared to the Suleja incident the loss of property and destruction of infrastructure within the short period the rains started has been colossal. The first sign that this year’s rain will bring with it tears and sorrows came early May when torrential rains wreaked havoc in two local government areas, Edati and Mokwa. Electric poles spanning over five kilometres were pulled down, schools, churches, mosques and health clinics had their roofs blown off

T H I S D AY • MONDAY, JULY 31, 2017

CITYSTRINGS

What is left of the building where Abubakar Saadu lived with his family

Abubakar Saadu lost two wives and six children in the Suleja ﬂood

One of the buildings destroyed by the ﬂood in Suleja

even as several hectares of freshly cultivated farmlands were submerged by the flood that accompanied the rain. The district head’s palace was destroyed along with the car parked in front of the house when an electric pole fell on both the house and the car. No life was lost but the communities in the two local government areas are still counting their losses because no assistance has come their way either from the federal, state or local governments. Part of the burden the victims have to carry is to search for money to buy fresh seeds for planting and the reconstruction of their damaged houses. The much the state and local governments could do so far was to visit the victims who have become refugees on their land and make promises of assistance which are yet to come. The disaster also moved to another part of the state but in the same senatorial district where the bridge linking Lapai and Muye was washed off by flood that accompanied several hours of rainfall. As a result, vehicular movements from this part of the state to either Abuja or Lokoja were disrupted for days until the state governor, Alhaji Abubakar Sani Bello directed the state Road Emergency Maintenance Agency to immediately move in to rescue the situation. Motorists plying the route had to seek alternatives to get to their destinations. If the district head of Edati was lucky to be alive after the incident in his domain, the village head of Masama in the Duma district of Borgu Local Government Area, Malam Abdulmumuni Mohammed was unlucky because he lost his life when the roof of his palace collapsed on his head during the heavy rainfall. More than 20 of his subjects were said to have sustained various degrees of injuries resulting in their being hospitalised at the New Bussa General Hospital. These people and others also lost their houses and farmlands to the disaster. In nearby Mashegu Local Government Area and on the same day six people lost their lives to rainstorm. Flood was also reported to have

swept off not less than 500 animals in addition to the destruction of many houses in the local government area. The Mashegu Local Government chairman, Alhaji Shuaibu Kaboji had to rush to Minna to seek for assistance from the state government for the victims. “The situation is serious, the loss in human lives and materials is enormous, it is beyond our control we need assistance,” Kaboji declared The collapse of the bridges at Bokani and Tatabu in Mokwa Local Government Area were to follow within a spate of three days. These bridges constructed on a Trunk A road linking the Northern and Southern parts of the country at this axis. Following the collapse of the bridges movement of men and vehicles to both sides of the country have been disrupted. A fuel tanker and another truck loaded with fruits heading for the northern part of the country were washed off the road by the flood. Several hectares of cultivated farmlands were submerged causing additional losses and expenses to the

In Suleja town alone about 50 houses were completely destroyed while not less than 90 buildings were damaged in Tafa Local Government Area. Several kilometres of rice ﬁeld and maize farms were also washed off in addition to cars and other vehicles that were submerged by the ﬂood

One of the submerged vehicles

farmers who owned the farmlands. People had to scoop the diesel which they either sold or converted to their personal use. Men of the underworld also took undue advantage of the situation by dispossessing travelers who went through the bush as alternative route to get to their destinations. One Hadiza Mohammed was reported to have lost close to N100,000 when thieves waylaid her and others on the alternative route they plied. An artificial border has been created because motorists conveying passengers to either the North or Southern part of the country discharge their passengers for the vehicles at the other end and therefore return to base. Traders have been making brisk business by conveying soft drinks, sachet water or edibles like bread and cake to the river side which they sold to stranded travelers at exorbitant prices. Some motorists going to the Southern part of the country now go by ferry from Nupeko in Niger State to burst out at Pategi in Kwara State a journey that lasts over one hour because there is only one ferry to transport men and goods to and fro. In the past the cost of ferrying a car was N5,000 but as a result of the heavy traffic the amount has increased to N10,000. Those who could not afford to go through Minna- Abuja - Lokoja to Ilorin route now spend days at Nupeko waiting for their turn to use the ferry. Acting President Professor Yemi Osinbajo has however renewed the hope of the people that the access to both the North and the South will become possible within two weeks following his directive that alternative route be provided for motorists within the period. Osinbajo brought back hope to hundreds of stranded motorists when he paid an on the spot inspection to the site of the damaged bridge. Similarly and recently too, engineers of the Nigeria Railway Corporation have begun the movement of heavy equipment from Abuja to Tatabu to reconstruct the washed out portion of the rail track in this section.

Since the disaster, rail transportation between the North and South had been disrupted causing the NRC losses of several millions of Naira daily. The collapse of the bridges at Tatabu and Bokani has again drawn attention to the terrible conditions of all federal roads in Niger State necessitating the call by the state government for the federal authorities to “declare an emergency on all federal roads in the state.” The Commissioner for Information, Mr. Jonathan Tsado Vatsa after an on the spot inspection of the damaged bridges cried out to the federal government to immediately embark on the repair of the bridges and all federal roads in the state because their present state “is having negative effect on the economy of the state and its people.” Vatsa also said the collapse of these bridges had resulted in heavy duty vehicles diverting to other roads in the state a situation that has now put “unnecessary pressure on these roads because they are not designed for these type of vehicles.” Vatsa however said that losses as a result of the destructions across the state were beyond the financial capability of the state government. “We want the federal government to release money to us from the ecological fund to enable us attend to the pressing demands of our people “As a responsible and responsive government this is the most appropriate time for us to listen to the cries of the ordinary people so that they would feel the impact of government,” he noted. The commissioner has however in the meantime advised those residing in the riverine areas of the state to move up land while those around the drainages in Minna should also vacate to “safer places because the period for heavy rains has not come.” While the victims have been counting their losses, government has done little or nothing to bring them succour blaming lack of funds for the inaction. Experts have however partly blamed the people for being responsible for the flood especially in Minna and other urban towns.

T H I S D AY MONDAY JULY 31, 2017

5(78516 21 87,/,=$7,21 2) )81'6 62/' 72 &86720(56 )25 7+( :((. (1'(' )5,'$< 7+ -8/

T H I S D AY MONDAY JULY 31, 2017

5(78516 21 87,/,=$7,21 2) )81'6 62/' 72 &86720(56 )25 7+( :((. (1'(' )5,'$< 7+ -8/

T H I S D AY MONDAY JULY 31, 2017

Ëœ ÍąÍŻËœ Í°ÍŽÍŻÍľ Ëž T H I S D AY

Nigeriaâ€™s top 50 stocks based on market fundamentals

28-Ju-17

27-Jul-17

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

01 Dangote Cement Plc

235.51

244.99

-3.87%

4,013,209,898,951.55

10.95

22.37

6.79

3.27%

5.24

02 Nigerian Breweries Plc

171.62

173.77

-1.24%

1,360,792,294,398.56

3.58

46.29

4.19

2.17%

7.93

03 Guaranty Trust Bank Plc

41.10

41.00

0.24%

1,209,621,466,106.40

4.49

8.81

2.81

4.47%

2.31

04 Zenith Bank Plc

25.90

25.71

0.74%

813,169,189,057.40

4.13

6.20

1.58

7.03%

1.14

1,003.27

955.50

5.00%

795,248,237,944.04

10.00

91.02

3.97

3.19%

23.36

37.53

37.50

0.08%

375,300,000,000.00

2.85

12.95

2.36

0.27%

2.62

05 Nestle Nigeria Plc 06 Stanbic IBTCÂ Holdings Plc

Table 1 Market Statistics Mkt Indicators

Open 27-Jul-17

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

37,245.17 12.84

36,864.71 12.71

-1.02% -1.02%

157.63 12.27

155.97 12.14

-1.05% -1.05%

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

9.81

10.10

-2.87%

355,902,153,218.82

1.99

5.06

0.95

5.95%

0.82

08 Ecobank Transnational Incorporated

17.00

16.53

2.84%

311,942,370,655.00

0.68

23.28

0.49

3.94%

0.46

09 Access Bank Plc

10.11

10.30

-1.84%

292,461,793,189.41

13.18

0.80

5.21%

0.67

10 Presco Plc

73.20

71.00

3.10%

290,638,919,694.00

0.03 2,342.70

3.81

1.90%

6.50

11 Lafarge Africa Plc

60.75

60.00

1.25%

276,710,284,957.50

3.71

16.44

1.26

4.92%

1.12

488.00

0.00%

270,015,432,744.00 -82.02

-5.91

4.23

3.28%

0.71

5.78

5.97

-3.18%

207,474,792,337.76

0.21

28.34

0.40

2.55%

0.34

14 Unilever Nigeria Plc

38.68

38.32

0.94%

146,337,898,950.00

0.81

47.19

2.08

0.13%

12.40

15 Dangote Sugar ReďŹ nery Plc

10.86

9.88

9.92%

130,320,000,000.00

1.20

7.84

0.67

5.31%

1.71

16 International Breweries Plc

32.00

31.50

1.59%

105,415,976,960.00

0.02 1,331.44

3.71

0.83%

9.01

17 Guinness Nig Plc

65.05

66.00

-1.44%

97,958,026,629.40

-3.06

-20.60

0.92

5.08%

2.41

7.80

8.00

-2.50%

93,870,027,373.20

0.29

28.93

0.22

8.93%

0.53

19 Total Nigeria Plc

270.00

0.00%

91,670,895,990.00

43.58

6.15

0.31

5.22%

3.86

20 Mobil Oil Nig Plc

253.00

0.00%

91,230,601,286.00

22.61

11.19

0.97

2.85%

4.25

21 Forte Oil Plc.

61.70

62.90

-1.91%

80,363,084,055.10

2.22

28.34

0.55

5.48%

1.89

22 Flour Mills Nig. Plc

29.00

29.43

-1.46%

76,102,878,423.00

-1.19

-24.67

0.18

6.80%

0.78

23 Okomu Oil Palm Plc

74.41

0.00%

70,980,443,100.00

5.15

13.77

4.71

0.14%

3.97

24 7-Up Bottling Comp. Plc

90.50

90.21

0.32%

57,973,427,851.50

-0.05

0.62

2.44%

2.60

1.49

1.48

0.68%

57,694,286,163.25

-0.03

-53.25

1.01

0.00%

0.69

36.00

0.00%

47,520,000,000.00

-2.89

-12.45

0.34

4.17%

0.68

1.28

1.31

-2.29%

37,072,109,685.76

0.39

3.33

0.25

12.40%

0.20

16.58

16.70

-0.72%

31,847,931,536.46

3.37

5.04

0.43

5.88%

0.43

29 Diamond Bank Plc

1.28

1.33

-3.76%

29,645,297,879.04

-0.29

-4.29

0.14

0.00%

0.13

30 Sterling Bank Plc

1.02

1.01

0.99%

29,366,226,488.52

0.18

5.58

0.26

9.00%

0.34

31 FCMB Group Plc

1.31

1.30

0.77%

25,941,551,123.11

0.72

1.80

0.15

7.69%

0.14

32 National Salt Co. Nig. Plc

9.46

9.50

-0.42%

25,063,687,055.88

0.91

10.20

1.35

5.91%

3.06

33 Cap Plc

34.99

35.44

-1.27%

24,493,000,000.00

2.29

15.47

3.64

3.24%

10.86

34 Glaxo Smithkline Consumer Nig. Plc

20.00

0.00%

23,917,529,760.00

3.51

5.69

1.66

1.50%

1.40

35 PZ Cussons Nigeria Plc

23.30

23.00

1.30%

23,300,000,000.00

5.69

4.06

1.61

0.43%

0.62

36 Mansard Insurance Plc

2.10

2.20

-4.55%

22,050,000,000.00

0.25

8.37

1.06

2.38%

1.09

37 Custodian And Allied Insurance Plc

3.60

3.43

4.96%

21,174,711,102.00

0.91

3.75

0.52

4.12%

0.66

38 Wema Bank Plc

0.54

0.55

-1.82%

20,830,211,683.74

0.07

8.19

0.39

0.00%

0.44

10.45

11.20

-6.70%

19,627,211,318.00

-0.16

-80.79

0.80

10.20%

2.17

40 Honeywell Flour Mill Plc

2.05

2.01

1.99%

16,256,905,198.90

-0.40

-4.95

0.33

8.00%

0.48

41 Continental Reinsurance Plc

1.37

0.00%

14,210,659,707.44

0.42

3.12

0.61

9.16%

0.73

42 Cement Co. Of North.Nig. Plc

9.22

9.70

-4.95%

11,586,569,002.52

0.22

44.31

1.10

1.03%

1.13

43 Skye Bank Plc

0.71

0.74

-4.05%

9,855,014,001.10

-2.93

-0.26

0.06

40.00%

0.10

44 Unity Bank Plc

0.64

0.61

4.92%

7,481,176,282.88

0.19

3.16

0.08

0.00%

0.08

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 Fidson Healthcare Plc

3.38

3.49

-3.15%

5,070,000,000.00

0.21

16.05

0.66

1.47%

0.77

48 UACN Property Development Co. Limited

2.75

2.77

-0.72%

4,726,562,486.25

-0.90

-3.25

0.79

23.89%

0.15

49 Nigerian Aviation Handling Company Plc

2.78

2.90

-4.14%

4,515,328,125.00

0.36

8.36

0.61

6.69%

0.75

50 AIICO Insurance Plc

0.55

0.00%

3,811,612,464.00

1.48

0.37

0.14

9.26%

0.43

12 Seplat Petroleum Dev. Co. Ltd 13 FBN Holdings Plc

18 Oando Plc

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

39 Cadbury Nigeria Plc

TOTAL

12,144,123,910,264.50

TOTAL MARKET CAP

12,705,446,827,912.20

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

95.58%

Change %

Table 3 Top 5 Gainers Stock

07 United Bank for Africa Plc

Close 28-Jul-17

Open 27-Jul-17

Dangote Sugar ReďŹ nery Plc Nestle Nigeria Plc Custodian And Allied Insurance Plc Unity Bank Plc Presco Plc

Close Change % 28-Jul-17

9.88 955.50 3.43

10.86 1,003.27 3.60

9.92% 5.00% 4.96%

0.61 71.00

0.64 73.20

4.92% 3.10%

Table 4 Top 5 Losers Stock

Open 27-Jul-17

Cadbury Nigeria Plc Cement Co. Of North.Nig. Plc Mansard Insurance Plc Nigerian Aviation Handling Company Plc Skye Bank Plc

Close Change % 28-Jul-17

11.20 9.70 2.20 2.90

10.45 9.22 2.10 2.78

-6.70% -4.95% -4.55% -4.14%

0.74

0.71

-4.05%

Market loss 1.02% to end a 14-day gaining streak Market pulse on the Nigerian Stock Exchange (NSE) today- Friday, July 28th 2017 was a bear market, despite Brent crude oil growth of 2.57% over unexpected drop in crude inventories. The equity market closed red owing to negative performances from the NSE Subsectors: Insurance and Oil & Gas (Save Banking and Consumer Goods). However, trading activities increased in volume as 525.6 million shares worth N8.14 billion in 5,799 deals exchanged hands today. This is an increase from the 542.80m shares worth of N8.01 billion in 5,939 trades carried out on Thursday. Topping in volume terms are: FBN Holdings Plc, Diamond Bank Plc and Transnational Corporation Of Nigeria Plc; while Guaranty Trust Bank Plc and Nigerian Breweries Plc. ended trading as the most active stocks in value terms. Brent crude oil price today shows downward signal as it dips to US$52.53 per barrel while it rose to $51.49 per barrel at its previous closing. The All Share Index (NSEASI) closed negative with 1.02% (-380.46) decrease to close at 36,864.71 from 36,740.77 the previous trading day. Market capitalization depreciated in tandem to N12.71 trillion from N12.84 trillion of prior trading day. Similarly, the Thisday BGL 50 Index closes with an decrease of 1.05% to 155.97 from 155.31 recorded at the end of the previous trading day, while its market capitalization stood at N12.14 trillion from N12.27 trillion of the previous trading day. A total number of 30 stocks gained on the bourse today while 28 stocks declined, leaving 50 stocks unchanged. On the gainersâ€™ chart, Dangote Sugar ReďŹ nery Plc led with a gain of 9.92% to close at N10.86 per share. It was followed by Nestle Nigeria Plc with a gain of 5.00% to close at N1,003.27 per share. Others on the gainers chart include: Custodian And Allied Insurance Plc, Unity Bank Plc and Newrest Asl Nigeria Plc. On the declinersâ€™ list, Cadbury Nigeria Plc led with a loss of 6.70% to close at N10.45 per share. It was followed by Chellarams Plc with a loss of 4.99% to close at N3.24 per share. Others on the declinersâ€™ list are: CCNN Plc, Livestock Feeds Plc and Mansard Insurance Plc. Dangote Sugar ReďŹ nery Plc emerged the toast of investors as it topped the Thisday BGL 50 Index gainersâ€™ list with a gain of 9.92% to close at N10.86 per share. It was followed by Nestle Nigeria Plc with a gain of 5.00% to close at N1,003.27 per share. Others on the gainers chart include: Custodian And Allied Insurance Plc, Unity Bank Plc and Presco Plc. On the declinersâ€™ list, Cadbury Nigeria Plc led with a loss of 6.70% to close at N10.45 per share. It was followed by CCNN Plc with a loss of 4.95% to close at N9.22 per share. Others on the declinersâ€™ list are: Mansard Insurance Plc, Nigerian Aviation Handling Company Plc and Skye 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 ďŹ rm may have a conďŹ‚ict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

MONDAY, JULY 31, 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Australia Foils ‘Terror Plot’ to Bring Down Airplane Australia has foiled an Islamist-inspired “terrorist plot” to bring down an airplane with an improvised explosive, authorities said

Sunday, after four people were arrested in raids across Sydney. Prime Minister Malcolm Turnbull said the plot ap-

Two Dead, Four Wounded in Germany Nightclub Shooting A gunman opened fire at a packed nightclub in southern Germany early Sunday, killing one and wounding four before being shot by police, authorities said, ruling out a terror attack. The 34-year-old man, identified as an Iraqi national, “was critically injured in a shootout with police officers as he left the disco, and later succumbed to his wounds in hospital,” police said in a statement. “We’re not assuming that this is an act of terrorist violence,” police spokesman Fritz Bezikofer told rolling news channel NTV. “The events in the disco and all the links are somewhat clearer and they actually rule out a terror background,” he

said, adding that the gunman was not an asylum seeker and has been living in Germany for some time. Another police source said he could have been motivated by personal relationship issues. Ofﬁcers began receiving emergency calls from terriﬁed clubbers at around 4:30 am (0230 GMT) as the man began shooting in the nightclub heaving with “several hundred” people, said police. One person was killed on the spot and three others seriously wounded in the club called “Grey”, located in an industrial zone in Constance, a city on the banks of the eponymous lake near the Swiss border.

peared to be “elaborate” rather than planned by a lone wolf, as security was beefed up at major domestic and international airports across the nation. “I can report last night that there has been a major joint counter-terrorism operation to disrupt a terrorist plot to bring down an airplane,” Turnbull told

reporters. “The threat of terrorism is very real. The disruption operation, the efforts overnight have been very effective but there’s more work to do.” Officials did not specify if the alleged plot involved a domestic or international flight, but Sydney’s Daily Telegraph reported that a

local route had been the objective. Australian Federal Police Commissioner Andrew Colvin described the plot as “Islamic-inspired”, saying four men had been arrested in a series of raids across Sydney on Saturday. “We do believe it is Islamic-inspired terrorism. Exactly what is

behind this is something we need to investigate fully,” he said. Colvin added that local authorities had received “credible information from partner agencies” about the claims but would not elaborate further or state if the men were o n a n y w a t c h list.

Arab FMs to Meet in Bahrain to Discuss Qatar Boycott Top officials of four Arab states boycotting Qatar are scheduled to meet in the Bahraini capital Sunday, as a political crisis that has split the Gulf enters its second month. The foreign ministers of Saudi Arabia, the United Arab Emirates, Bahrain and Egypt will meet in Manama in a bid to persuade Qatar to “end its support for extremism and terrorism, stop meddling in the affairs of neighbouring countries and change its policies,” read a statement

on state news agency BNA. On June 5, the Saudi-led bloc cut diplomatic and economic ties with Qatar -- the world’s largest exporter of liquefied natural gas -over allegations the emirate supported Islamist extremism and had close ties to Shiite Iran, Saudi Arabia’s regional arch-rival. The Saudi-led bloc recalled their ambassadors, ordered all Qataris to return home and banned Qatar from using their airspace. Qatar has denied the al-

legations and accuses the bloc of imposing a “blockade” on the tiny emirate. Qatar has also rejected the bloc’s demands -- which include downgrading ties to Iran and closing both the Al-Jazeera news channel and a Turkish military base in the country -- as a violation of its sovereignty. Bahrain’s King Hamad on Saturday called for “the solidarity of all Arab countries in fighting terrorism and cutting off its financing... for the defence

of our homelands” ahead of the meeting, which comes after the Saudi-led bloc held talks in Cairo earlier this month. Kuwait is leading mediation efforts in the crisis, the worst to grip the region since the 1981 creation of the six-nation Gulf Cooperation Council. Kuwait and Oman -GCC members along with Saudi Arabia, the United Arab Emirates, Bahrain and Qatar -- have not joined the Qatar boycott.

MONDAY, JULY 31, 2017Ëž T H I S D AY

NEWS

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

Kaduna APC Crisis: Thugs Invade NUJ Secretariat, Attack Senators, Journalists John Shiklam Ă“Ă˜ Ă‹ĂŽĂ&#x;Ă˜Ă‹

The crisis ravaging the All Progressives Congress (APC) in Kaduna State took a different dimension yesterday when

Senator Othman Suleiman Hunkuyi and Senator Shehu Sani among other prominent members of the party narrowly escaped being lynched by armed thugs at the secretariat

Constitution Amendment: Speakersâ€™ Conference Hails Nâ€™Assembly The Conference of Speakers of state Houses of Assembly has commended the National Assembly for the successful completion of the first leg of the amendment process on the 1999 Constitution, particularly the depth of work done to deepen democracy and improve on the quality of governance at all levels in the country. In a statement by the Chairman, Alhaji Ismaila A. Kamba, the Speakers urged the National Assembly to quickly forward the items approved by both chambers to the states for expeditious deliberation and action by the 36 state Houses of Assembly. Kamba, who is Speaker, Kebbi State House of Assembly, stated that since the National Assembly has at different stages of the debates and discussions on the amendment process involved the Conference of Speakers, it should not be difficult for the 36 state legislative houses to vote on the issues and revert back to the National Assembly. He praised the ingenuity and innovations introduced

in the process by the National Assembly during the voting on the issues put forward by the Joint Committee on Constitution Amendment. â€œThe Conference of Speakers is happy as the National Assembly separated the issues into different bills such that it is easy to vote on different issues in a clear manner. We will enjoin all our colleagues to borrow a leaf from that in the voting on the amendment to the constitution. Same procedure can be used by Speakers during voting on other thorny and sensitive issues that may come to our respective chambers in the future. â€œWe are also happy that issues that can help improve governance at all levels, that can strengthen the judiciary, aid the anti-corruption war of the government, entrench separation of powers, develop the legislature at the state levels and improve on the performance of the local government authorities and many important issues have been taken care of in the constitution amendment.

of the Nigerian Union of Journalists (NUJ) in Kaduna. However, a cameraman with a private radio and television station, Liberty Radio and Television, was seriously injured while their camera was destroyed. Several mobile phones and recorders belonging to journalists were destroyed by the thugs who invaded the conference hall. The hoodlums also smashed the windscreen of a car belonging to the state Chairman of Action Democratic Party (ADP), Mr. Mordecai Ibrahim, which was parked in the premises. Hunkuyi, Sani and other top members of the APC faction in the state were at the NUJ Press Centre to address a press conference on the outcome of the recent election of delegates to APC National Convention when hundreds of armed thugs alleged to be loyal to the Special Adviser to Governor Nasir El-Rufai on Politics, Mallam Uba Sani, invaded the press centre and unleashed

terror on the politicians and journalists. The thugs had stormed the NUJ press centre after they got wind of the press conference by the APC faction. They were initially restricted to the gate by the police, however, they later overpowered the police as more of them trooped to the area and forced the gate opened. Attempts by the police to disperse them with teargas did not yield any results. The Gabasawa Divisional Police Officer (DPO), Abdullahi, who later arrived at the premises, allegedly led some thugs into the conference hall where the press conference was going on. Upon gaining access to the conference hall, with knives and sticks they wielded, everybody in the hall scampered for safety while the thugs destroyed mobile phones, recorders and the Liberty television camera. The senators were however whisked away as journalists

rallied round to defend themselves from the attack. The state Commissioner of Police, Abah Agyole, later visited the NUJ secretariat and assured them that the incident would be investigated. Senator Hunkuyi who addressed the conference alleged that the there was no election of delegates to the National Convention of the APC, adding that the names of those who emerged as delegates were written by an official of the state government. â€œThe list of the delegates was not known to us. The list was fake, so we wrote two petitions to the National Secretariat of the APC and the zonal office to buttress our grievances. â€œWe hope the national body would look into our complaints and fixed another date,â€? Hunkuyi said. Before the press conference by Hunkuyi and his group, the leadership of the party had also addressed journalists at its secretariat, insisting that the delegate elections followed due

process and that it was free, credible and fair. The state Publicity Secretary of the party, Salisu Tanko Wusono, said the delegate election was attended by all the party officials from ward level to the state level. He said five officials from the national secretariat of the APC came to supervise the state election, arguing that â€œwe acted within the partyâ€™s guidelines as no party member was sidelined. Meanwhile, El-Rufai has condemned the mob action at NUJ secretariat. In a statement by his spokesman, Samuel Aruwan, the governor said nobody would be allowed to stifle freedom of expression. â€œHaving been briefed on the situation, the governor expressed sympathy with the NUJ and the persons that were harassed by the hoodlums. â€œThe governor directed that security agencies should investigate and take necessary action against the hoodlums.â€?

GTBank Celebrates 10th Anniversary of Listing on LSE Guaranty Trust Bank Plc (GTBank) is celebrating the 10th anniversary of its listing on the London Stock Exchange (LSE) as the first Nigerian bank to be listed on the London bourse. The bank is the first to dual list on an international exchange and the first Nigerian company to raise international capital using listed Global Depositary Receipts. To mark the pioneering feat, the Managing Director/ Chief Executive Officer of GTBank, Mr. Segun Agbaje, led the market open ceremony at the LSE last Friday, accompanied by senior representatives of the bank and other institutional partners. The LSE is a diversified international exchange that offers international business, and investors, unrivalled access to Europeâ€™s capital markets. A statement from the bank at the weekend explained that since its listing on the LSE, GTBank has embarked on a decade of unparalleled growth, leading the financial industry in profitability and products and service delivery.

Commenting on the anniversary,Â Agbaje, said: â€œTo be listed on the London Stock Exchange, one of the most illustrious exchanges in the world, was a pioneering feat which remains fresh in our minds. â€œWe are deeply grateful to all our investors and partners for the integral role they played and their confidence in our ability to pull of that giant leap. Ten years on, we remain committed to maximising shareholdersâ€™ value and delivering superior and sustainable return, guided by our founding values of hard work, discipline and integrity.â€? GTBank offers a wide range of financial services and products throughout Nigeria, with strong footprints in West and East Africa, as well as the United Kingdom. GTBank had been recognised as the Best Bank in Nigeria by Euromoney (2016), the African Bank of the Year by the African Banker Magazine (2016) the Best Bank in Africa for Corporate Governance (2015) and the Most Innovative Bank in Africa by African Investor (2016).

MEDIA GURUS MEET

L-R: President, Newspapers Proprietorsâ€™ Association of Nigeria (NPAN) and Chairman, THISDAY/ARISE TV, Nduka Obaigbena, Secretary of International Press Institute (IPI) Nigeria, Mr. Raheem Adedoyin; Executive Secretary of the Nigerian Press Council (NPC), Mr. Nnamdi Njamanze; and Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, at the IPI Nigeria meeting in Abuja....weekend

IPI Sets up Committee for 2018 World Congress in Abuja The International Press Institute (IPI) has set up a secretariat and constituted a steering committee to organise the next world congress of the institute in June next year in Abuja.Â The setting up of the committee was one of the resolutions reached at the meeting hosted by Daily Trust in Abuja yesterday.Â The committee is headed by the President of Newspaper Proprietors Association of Nigeria (NPAN), Mr. Nduka Obaigbena, who would be assisted by two deputies - Kabiru Yusuf, Chairman of Daily Trust and Chairman of IPI Nigeria and Garba Shehu, Senior Special Assistant to the President on

Media and Publicity. Â Other members of the committee are Raheem Adedoyin, Secretary of IPI Nigeria and Head of the Secretariat, Mrs. Funke Egbemode, President of Nigerian Guild of Editors (NGE) and a representative of the Minister of Information,Â Alhaji Lai Mohammed. The resolutions also indicated that IPI Nigeria would open up the event to the participation of all media organisations in the country.Â In his acceptance speech, Chairman of the Planning Committee, Obaigbena, described the IPI World Congress as â€œthe most important media

event in our country in the last 50 years.â€?Â Calling for the support of all Nigerians in hosting the event which he described as a â€œpublic-private partnership,â€? NPAN president said: â€œWe must do everything to make our country great. We must not under-estimate or under-rate the greatness of our country.â€?Â The Publisher of Vanguard Newspaper, Mr. Sam AmukaPemu, said the hosting of IPI World Congress â€œis an awesome task which calls for the support of all Nigerians; it means a lot to the government and people of Nigeria.â€?Â The Chairman of IPI Nigeria, Malam Kabiru A. Yusuf, warned

against the scepticism and image dissonance concerning Nigeria which, if not handled very well, might torpedo the countryâ€™s hosting of the event. He, therefore, charged the newly-established secretariat to be ready to respond to international enquiries, particularly with regards to the issues of safety.Â The other members of the planning committee in attendance at the meeting included a veteran of the IPI, Malam Ismaila Isa, Malam Wada Maida, Mr. Nnamdi Njemanze of the Nigeria Press Council (NPC), Mr. Emma Agu and Mr. Timothy Oyedeji, representing the Minister of Information.

MONDAY, JULY 31, 2017˾ T H I S D AY

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Resident Doctors Give FG 21-day Ultimatum to Avert Nationwide Strike Resident doctors have issued a 21-day ultimatum to the federal government to meet their demands, else they will embark on a nationwide strike. The decision was made at the end of the national executive council meeting of the National Association of Resident Doctors (NARD) in Calabar, Cross River State. In a communique signed by its President, Onyebueze John; Secretary General, Aneke Emmanuel, and Publicity Secretary, Asinobi Ugoeze, the resident doctors urged the government to address “the circularisation of house officer entry point despite various collective agreements on same. The plan of the federal government to stagnate the promotion of resident doctors. “The delay in payment

of salary shortfalls experienced between January and May 2017 as well as outstanding shortfalls from 2016. “The cloud of poor working conditions and poor remunerations that our members in the state tertiary health institutions have endured despite our appeals to relevant stakeholders and having proffered viable solutions to the quagmire. “The recent attempts by official of some federal government parastatals to erode the proper placement for resident doctors on their appropriate grade levels and steps which was noted with dismay. “The activities of some past and current top officials of the Ministry of Health who are our life members which are viewed as inimical to the welfare and progress of

the association.” The doctors, according to the News Agency of Nigeria (NAN), also referred the Minister of Health, Prof. Isaac Adewole, to the disciplinary committee

of NARD for sanction. “That in view of the negative actions and stance of the following life members of our association on the aforementioned issues, Adewole, Dr

Wapada Balami, Prof. Onyebuchi Chukwu, are hereby referred to NARD disciplinary committee for adjudication and further action,” the communique further read.

It stated: “In the light of the foregoing, NARD gives the Federal Government of Nigeria 21 days to address these issues in totally, failing which NARD cannot continue to guarantee industrial harmony.”

Ijaw Youths Threaten to Halt Agip Operations in Bayelsa

PEACE MEETING

Emmanuel Addeh ÓØ ÏØËÑÙË

Amaechi Accuses Wike of Forging Documents against Him

complained of persistent oil spillage by the company in the affected without Two oil-bearing towns communities in Bayelsa State at the payment of compensation weekend threatened to shut and thereafter resorting down the operations of to “persistent military Nigeria Agip Oil Company harassment.” The protesters recalled (NAOC) over the oil in 2007, “the giant’s alleged refusal to that honour a Memorandum mismanagement of an of Understanding MoU by Agip in Ogboinbiri (MoU) entered with the community led to the death of more than 67 communities. Leaders of Ogboinbiri persons including security and Azuzuama, the affected personnel.” They added that a fire areas, who spoke during a protest march to the incident at Azuzuama President of the Ijaw Youth community “from the Council (IYC) Worldwide, negligence of Agip in Eric Omare, argued that 2015 led to the death of each time they raised any several persons including issues, the company was Late Linus Epunumokumor in the habit of deploying in respect of which Agip has refused to pay the military to the area. Led by the Chairmen compensation to the family of the areas, Tari up till date.” Responding, Omare Okoso and Walter JobMolo respectively, the urged the oil company communities informed to comply with the MoU the IYC youth leader that entered with its host Agip had refused to comply communities and observe with the contract which international best practices was mutually agreed upon in the oil and gas industry in its operations to avoid by both parties. The host communities a complete halt to its noted that part of the operations after the expiry understanding was for of the ultimatum. The President of IYC the company to carry out developmental projects that called on Governor Seriake would enhance the quality Dickson of Bayelsa State of life of residents of their and the federal government to prevail on Agip to areas of operation. “We have been pushed respect the MoU “to to the wall and we have avoid a violent shut down issued an ultimatum to of operations with grave shut down Agip operations security and economic in the communities by implications.” The youth leader asking Agip workers to also called on the leave,” they declared. to It was gathered that Agip multinational produces a combined daily respect Nigerian laws environmental output of about 50, 000 on barrels of crude oil in both protection and payment communities in the state. of compensation to its The communities also host communities.

L-R: Leaders of coalition of Arewa Groups: Balarabe Rufai, Yerima Shettima, Chairman of Northern Governors ‘ Forum and Governor of Borno State, Kashim Shettima; Spokesman of Coalition of Arewa Groups Abdul-Azeez Suleiman; Other leaders, Ashir Sherrif; and Aminu Adam, after a dialogue between northern governors and coalition of Arewa groups at the Borno State Governor’s lodge in Abuja... yesterday.

His blackmail of judiciary will fail, says gov The Minister of Transportation, Chibuike Rotimi Amaechi, has accused the Governor of Rivers State, Nyesom Wike, of forging documents with the intention to use them and prosecute him in court. Amaechi who was the governor of Rivers State, alleged that Wike has been “twisting, falsifying and forging fresh documents that he intends to use against me, bragging that he would certainly get a conviction against him.” In a statement issued by his media office yesterday, Amaechi alleged that the governor “wants to use the elaborately distorted and most times outright but carefully forged documents to persecute and prosecute his erstwhile benefactor in court. “In the past couple of days, Wike has been telling anyone who cares to listen, bragging that he will certainly get a conviction- a judgment against Amaechi in the law courts on spurious charges of corruption using his forged documents because he (Wike) is in control of the judiciary at the state and national level,” the statement said. The minister alleged that Wike had been boasting that he has the judges in the state judiciary in his pocket; that he was in full control and that the state judiciary would always give him any judgment he wanted against his predecessor at the apex court, “using his contorted documents.”

He said: “Wike is also telling anyone who cares to listen that the Supreme Court (justices) and judges generally are not happy with Amaechi and so they would easily convict him with any forged document he presents in court. Wike is using the recent visit of the CJN to state as his bragging right to prove his ‘extreme’ closeness to the CJN.” Amaechi alleged that a few days ago, one Livingstone Wechie who the governor used to accuse him of corruption and had written false and frivolous petitions to the National Assembly, Economic and Financial Crimes Commission (EFCC) has “confessed in a live television programme and in a statement he also circulated to the media that all the documents he used to wrongfully portry Amaechi as corrupt when he governed Rivers State, were phonies, forged documents given to him by Wike’s Rivers State Government House. “Wechie also admitted, like we have always said, that the forged documents were used as the template and basis for the Justice Omerejiled Judicial Commission of Inquiry, a panel Wike set up early in his administration to witch-hunt, malign, vilify and persecute Amaechi. “Sadly, this is the kind of administration that presides over the affairs of Rivers people. An administration that embarks on wholesale forgery and distortion of government

documents and then retails it out to his minions, the media and now the judiciary in a shameful and futile bid to defame and destroy Amaechi. Brazenly, without any scruples, Governor Wike runs an administration that manufactures and concocts documents to indict Amaechi of corruption. Yes, this is the kind of character, a low-level conman that is at the helm of affairs in Rivers State,” the statement alleged. The statement also said since he became governor, Wike’s sole agenda has been to attack and vilify Amaechi. The minister in the statement said Nigerians would not forget in a hurry how Wike lied that the over $43million found by EFCC in a luxury apartment in Ikoyi, Lagos and the apartment belonged to him. However, Wike has reacted to the allegation, saying the minister has embarked on another journey to blackmail the judiciary again and noted that his plan would fail. In a statement issued by his Special Assistant on Electronic Media, Simeon Nwakaudu, the governor denied the allegations and described them as unfounded and baseless. “Our attention has been drawn to a reckless press statement credited to Amaechi to the effect Wike is forging documents to secure his conviction in a court of law. This allegation is unfounded, baseless and a figment of the imagination of the former

governor,” the statement said. It noted that the minister also went ahead to falsely allege that Wike bragged that he has the judiciary at the state and federal level in his pocket to secure his conviction on charges of corruption, saying, “This is another false allegation, merely concocted by the former governor to distract attention from the crimes he committed against Rivers people, by diverting their resources.” “This statement issued by Amaechi is part of the campaign of calumny launched by the former governor, following the foundation stone laid by the Chief Justice of Nigeria (CJN) Justice Walter Onnoghen for the construction of the Rivers State judges’ quarters. The former governor sponsored advertorials and electronic adverts through proxies to stop the laudable project without success, hence the resort to falsehood and character assassination. “We are not surprised by Amaechi’s antics to blackmail the judiciary. Ever since the Supreme Court victory that validated the election of Wike, Amaechi has never failed to malign the judiciary. The governor is a law abiding citizen, who believes in the rule of law. That is why he has followed due process in tackling the issues of high level corruption against the Minister of Transportation,” the statement said.

MONDAY, JULY 31, 2017˾ T H I S D AY

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Appeal Panel Upholds NCAA’s N33.5m Sanction on First Nation, Pilot Chinedu Eze The Nigerian Civil Aviation Authority (NCAA) has announced that a five-man appeal panel has upheld and reaffirmed the civil sanctions imposed on First Nation Airways and one of its pilots by the agency over infractions for which the airline was penalised N33.5 million. NCAA made this known yesterday in a statement signed by its spokesman, Sam Adurogboye, and said the upholding of the sanction was contained in the report submitted by the panel to the regulatory authority at the conclusion of the sitting. The agency explained that First Nation Airways had earlier filed an appeal following a Letter of Sanction written to the airline on January 23, 2017, and recalled that violations were detected during a ramp inspection on the airline’s aircraft, Airbus A319 with registration mark 5N-FNE,

on November 8, 2016, at the Nnamdi Azikiwe International Airport (NAIA), Abuja. “After the exercise, it was discovered that the Pilot-inCommand (PIC) was not in possession of a current medical certificate. In addition, the airline similarly the Pilot was added on the roster to carry out operational flights when obviously his medical certificate had expired. “Therefore, the airline and the pilot violated Parts 8.4.1.5(a), 8.14.1.2(1), 8.14.9.4(a) (1) and 8.2.1.8(a) (24) of the Nigeria Civil Aviation Regulations (NigCARs) 2015. Consequently, in accordance with IS 1.3.3. (1) (14) of the NigCARs 2015,the airline and pilot were fined N32 million and N1.5 million respectively being moderate civil penalty for the violation,” the statement said. The agency noted that the airline swiftly filed an appeal in disagreement with the reported violations and sanctions and NCAA in a

bid to be fair constituted an appeal committee to hear the airlines appeal. According to the statement, “The five-man appeal panel had three airline operators, a private legal luminary and NCAA officials as observers. First Nation Airways was represented by four Lawyers, the pilot and three management staff. After four days of sitting, submissions and deliberations the panel upheld and reiterated the applicable sanctions meted out to the airline and its pilot. “It arrived at the following conclusions in agreement with the NCAA findings prelude to the application of sanctions. The ATRL 1874 License of the Pilot in Command of First Nation

Airways had expired on November 2, 2016. The PIC was not in possession of the licence during the ramp inspection on November 8, 2016. The PIC did not have a valid licence and was not properly certified from November 2 to 8, 2016.” It also remarked that the PIC operated 15 flights and the airline added him on the roaster 16 times. “The PIC operated with expired licence from November 2 to 8, 2016, and there are all indications that the airline knew the PIC did not have a valid licence. This is a very serious safety issue, therefore, the moderate sanctions applied by the NCAA were reasonable under the circumstances. The

PIC’s argument that he had a valid licence when he operated the flights is incorrect, as he had no valid medical certificate,” NCAA also said. The agency remarked that the PIC had 14 days according to the Nigeria Civil Aviation Regulations (NCARs) to apply before the expiration of the licence. However, he did not apply until November 3, 2016, after the expiration. “The invoice was issued by NCAA on the November 3, 2016. The pilot did not do the Cardiac Risk Assessment (CRA) test mandatory for his 62 years of age even after he was informed by NCAA, the Authorised Aviation Medical Examiner

(AAME). He did the medical assessment eventually. The CRA report was dated November 7, 2016, and was sent to NCAA on November 8, 2016. Therefore, the accusation of delay and inefficiency by the Authority is wrong and unfounded. The PIC and the airline did not follow laid down procedure. “NCAA received the medical report same day, reviewed it and issued the medical certificate same day on November 8, 2016. The panel hereby dismissed all grounds of appeal and upholds the NCAA’s Letters of Sanctions in respect of First Nation Airways and its pilot,” the agency added.

LASG: FG Rejected Proposal to Decongest Prisons under Tinubu Govt Seeks relocation of prisons nationwide Gboyega Akinsanmi The Lagos State Government has disclosed how the federal government rejected its plan to resolve the challenges of overpopulation and sanitation in three prisons in the state under the administration of Senator Bola Ahmed Tinubu. It, however, canvassed the relocation of the prisons across the federation to more spacious locations, which he said, would largely solve the problem of accommodation facing prison service. The Secretary to the State Government, Mr. Tunji Bello, made the disclosure at a meeting with the state Comptroller of the Prisons Service, Mr. Tunde Ladipo and top officials of the Nigerian Prisons Service at the weekend. At the meeting, Bello canvassed the need to relocate the prison yards across the federation “to more spacious locations as one of the means of accommodating more inmates adding that prisons in the state which include Maximum, Minimum and Ikoyi prisons are overpopulated.” He explained that there was a time that the state government under the Tinubu administration planned to build massive prison yards in Epe and provide adequate facilities for members of staff in order to reduce the problems of overpopulation in the prisons. He explained that the federal government then rejected the proposal, which he said, had really compounded the challenges of overpopulation and sanitation in three prisons in the state. He said the prisons in Lagos

“are over populated one way or the other. In fact, Ikoyi Prison has always been having persistent problem on sanitation and this has remained unresolved. “The prisons capacities have been exceeded and their facilities are over stretched. Transporting the inmates to court remains a serious burden to the staff as well,” Bello explained. He, however, noted that the administration of Governor Akinwunmi Ambode would continue to assist the State Command of the Nigerian Prisons Service with equipment and facilities to keep the prisons safe. Bello also said the state was ready to embrace non-custodial punishment of offenders and would also liaise with the state Attorney General on the issue, lamenting that many people “are now being remanded in prison custody for civil offences like street trading among others.” Also speaking at the meeting, Ladipo had commended the Ambode administration for its constant assistance to the state command of the Nigerian Prison Service despite the fact that it is a federal agency. He also sought the assistance of the state government in providing security equipment like body scanners at the Prisons and the installation of close circuit cameras and watch towers to monitor the inmates. He pleaded with the state government “to consider non-custodial sentences for people who run foul of the state Environmental Sanitation laws because many offenders convicted cannot pay the optional fine.”

COURTESY VISIT

L-R: Usmanu Danfodiyo University, Sokoto (UDUS) Alumni and Tony Elumelu Entrepreneur, Dr. Shadi Sabeh; Vice Chancellor, UDUS, Professor Abdullahi Abdu Zuru; Chairman, UBA Plc and Founder, Tony Elumelu Foundation, Mr. Tony O. Elumelu; Sultan of Sokoto, Sa’ad Abubakar III; and Executive Director, North, UBA Plc. Ibrahim Puri, when Elumelu paid a courtesy visit to the state ahead of the national dialogue series in Sokoto....weekend

Murray-Bruce Berates Yakassai over Stance on Restructuring Ejiofor Alike Senator Ben Murray-Bruce has condemned a northern elder, Alhaji Tanko Yakassai’s recent criticism of former Vice President, Atiku Abubakar, over his stance on restructuring and described it as unfortunate. He lampooned Yakassai for his failure to comprehend the visionary ideas and details that Atiku introduced into the restructuring debate at his recent speech at the University of Nigeria, Nsukka. Murray-Bruce quoted Yakassai as saying: “I thought as a politician that he (Atiku) is, that he has read our constitution from A to Z before suggesting that we can restructure in six months. My question here is, what are the details of the budgetary provisions for the Ministry of Works that should be transferred to the states’ ministries of education and so on and so forth before he made his pronouncement that these could be done within six months?...We already have a budget approved by

the National Assembly as empowered by the constitution for appropriation.” The senator, who represents Bayelsa East, however, faulted Yakassai’s argument, saying as a member of the National Assembly that participated fully in the budget process, the northern leader was wrong to tie restructuring to just one budget cycle. According to him, “Atiku’s ideas on restructuring specifies how he would do away with quota systems by increasing Nigeria’s educational capacity through the return of seized schools back to the missionary and handing over federal universities back to the states while more resources will be devolved from the federal government to the states and local government areas to enable them build more primary and secondary schools.” Murray-Bruce argued that a budget is not needed to transfer schools from the federal government to the state government but a mere Executive Order.

“Why would anyone be against such a plan that would not require a constitutional amendment and will almost immediately take care of the over 12 million children out of the formal education system in northern Nigeria? This number is twice the population of Togo, our next door neighbour. Is Yakassai, as a northern elder, satisfied with this situation? Shouldn’t he rather applaud Atiku for wanting to fix this problem? And even in those areas that require constitutional amendments, Atiku is right to say that Nigeria can restructure within six months.” “Let me ask Yakassai how long it took the National Assembly to come up with the Doctrine of Necessity in 2010? It only took a day. When a nation has the political will to restructure, she can achieve it in one day or at least begin the process,” he added. The senator urged northern elders like Yakassai to celebrate Atiku who has shown that true federalism can work, stressing

that Abubakar employs more people in Adamawa State than the Adamawa State Government, which is an indication that a state government does not need oil to survive. “Finally, let me add that at that event at the University of Nigeria, Atiku predicted that the automobile industry will be moving away from diesel and petrol powered cars in favour of electric and alternative energy powered cars. This, he stated, was one of the reasons why Nigeria must restructure now or risk being bypassed by the global economy. Of course he was criticised and painted as crying wolf by the likes of Yakassai, yet only eight days after he gave this warning, Atiku was vindicated by the news from the United Kingdom which was reported in THISDAY front page on Thursday, July 27, 2017, with the headline: ‘Doom for Nigeria, Britain Moves to Ban Petrol, Diesel Cars by 2040’,” the senator added.

MONDAY, JULY 31, 2017Ëž T H I S D AY

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Contractors Threaten to Suspend Work on Lagos-Ibadan Expressway 107 roads, bridges up for construction, repairs, Fashola tells legislators Chineme Okafor Ă“Ă˜ ĂŒĂ&#x;Ă”Ă‹ The two principal contractors working on the Lagos-Ibadan Expressway, Messrs Julius Berger and Reynolds Construction Company (RCC), have issued the federal government notice of suspension of work due to delay in the payment of agreed contract fees on work already done, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, has disclosed. Fashola said the firms had complained of the adverse effect of the debts on their pace of work on the highway, which could in turn lead to them defaulting in meeting up with the completion deadline they agreed. Speaking to members of the House of Representatives Investigative Committee on Breach of Privilege, Violation of Appropriation Act, in Abuja, Fashola explained that the letters from Julius Berger and RCC on this had been submitted to him. The committee had queried his utterances over the National Assembly review of the 2017 budget. He noted in a statement from his Senior Special Adviser on Communication, Mr. Hakeem Bello, yesterday that RCC, which handles Section 11 (ShagamuIbadan) of the highway contract wrote to him, stating that: â€œIn view of the irregular payment and the attendant cash flow problem, we shall be constrained to suspend further execution of work unless there is an appreciable improvement in the projectâ€™s cash flow and adequate funding arrangement is put in place for further works.â€? Fashola, indicated that RCCâ€™s letter to him was dated June 2, 2017, and signed by its Managing Director, Mr. M. Nakhla.

Similarly, the minister said he received Julius Bergerâ€™s letter on June 5, 2017, indicating that it would stop work on Section 1 (Lagos-Shagamu Dual Carriageway) of the highway. Julius Berger, he said, wrote in the letter which was signed by the Division Manager, Mr. W. Loesser and the Commercial Division Manager, Mr. T. Meletschus: â€œMinister, it has become evident that the required adequate funding for the continuation of the project is not available. We trust that you will understand that therefore and as a consequence of the unacceptable financial risk to Julius Berger Nigeria Plc, we are left with no choice than to immediately commence suspension of the works on the project, as earlier notified.â€? But while Julius Berger and RCC are still being owed for road works they have done, Fashola however disclosed that the government would undertake to build and repair about 107 roads and bridges across the country in the 2017 budget. He said the government has plans to undertake construction of 44 federal highways in the budget, as well as 63 roads across the country it said needed emergency interventions ahead of the rainy season. Fashola, stated that the 63 roads were identified and prepared for intervention during his inspection tour of roads in 34 states of the federation earlier in the year. According to him, for the purpose of effective implementation, the government has classified the roads into critical economic routes and agricultural routes, adding that they either advance trade and commerce across the states or lead to the ports and agricultural areas across the country.

18 Die in Jigawa Road Crash No fewer than 18 persons at the weekend died in an accident involving a tipper and a J5 bus on Gumel-Gugunju road in Gumel Local Government Area of Jigawa State. The Sector Commander of the Federal Roads Safety Corps (FRSC) in the state, Angus Ibezim, disclosed this to the News Agency of Nigeria (NAN) in Dutse. Ibezim said the driver of the tipper with registration number: XY 744 GRK abandoned the vehicle on the road after it broke down. He explained that the driver of the bus hit the truck from behind, which resulted in the mishap. He said 15 of the occupants of the vehicle, including the driver, died on the spot while three others sustained injuries. According to the sector commander, the other three passengers in the bus later died in hospital. He said the command had

begun investigation to ascertain the main cause of the accident. â€œWe are now trying to find out the main cause of the accident. â€œThe first thing we suspect is that the driver of the tipper did not place any caution sign to indicate that the vehicle was faulty. â€œSecondly, we also suspect that the driver of the J5 bus was speeding or has bad or no headlights at all,â€? Ibezim said. He said the corps had already removed the broken down vehicle from the road to avoid a recurrence of the ugly incident. The sector commander added that the command had launched a man-hunt to apprehend the driver of the tipper now at large, saying â€œthe driver will surely be prosecuted.â€? Ibezim advised motorists to desist from speeding under whatever circumstances.

The roads which he said are spread out across the different geopolitical zones of the country include KanoKatsina Road (Phase 1: Kano Town at Dawanau Roundabout to Katsina State Border); Sokoto-Tambuwal-Jega-Yauri Road; Ilorin-Jebba-MokwaBokani Road; Ilorin-KabbaObajana Road (Sections 1 and 11); Ibadan-Ilorin Road; Section11 (Oyo-Ogbomosho); Lagos-Shagamu-Ibadan Dual Carriageway; and Sections 1 and11 and Lagos-Otta Road. Also included are Apapa/ Tincan Port, NNPC Depot (Atlas Cove) to Mile 2 Accessd Road; Apapa-Oshodi Road; Third Mainland Bridge; Apapa/ Tincan Island Port-NNPC Depot Access Road; Benin-Ofosu-Ore

Ajebandele-Shagamu Road; Obajana Junction-Benin Road Phase 2: (Sections i-iv); SapeleEwu Road Sections 1&11; Second Niger Bridge; Onitsha-Enugu Expressway (Amansea-Enugu State Border); Yenegoa Road Junction-Kolo-Otueke-Bayelsa Palm; and Bodo-Bonny Road with Bridge. The minister stated that others roads and bridges in the mix are Odukpani-Itu-(Spur Ididep-Itam)-Ikot Ekpene Federal Highway Sections 1 and 11; Ikom Bridge; Enugu-Port Harcourt Dual Carriageway Sections I to IV; Calabar-Ugep-Katsina Ala Road; Vandeikya-Obudu-Obudu Cattle Ranch Road; OshegbuduOweto Road; Oju/Loko-Oweto Bridge with approach roads; Nassarawa-Loko Road;

Abuja-Lokoja Road Sections I and IV; Suleja-Minna Road Section 11; Kaduna Eastern Bypass; Kano-Maiduguri Road Section 1-1V; Hadejia-NguruGashua-Bayamari Road; and Kano Western Bypass. Fashola said some of the 63 roads and bridges slated for emergency interventions include construction of a bridge at KM 32 along Billiri Filiya in Taraba and the repair of Billiri-Filliya Road in Gombe; Potiskum-Agalda-Gombe State Border (S/B) and PotiskumKari-Bauchi S/B Road in Yobe State. The Tella Road and Bridge 2 AbutmentÂ and ApawaJunction-Zing-Adamawa (State Border) in Taraba State; BauchDarazo-Kari Road in Bauchi

State; Numan-Lafia-Gombe State Border Road; NumanJalingo Road; Numan-Guyuk (Borno State Border) and Ngurore-Mayobelwa Road in Adamawa State, Â are also in the mix, just like the IbilloIsu-Epinmi-Akungba Road and Owo-Akure Road in Ondo; Ilesa-Ijebu-Ijesa Road; IjebuIjesa-Ekiti S/B and Ibadan-IleIfe-Ilesa Road; Osun S/B-Ilesa in Osun; Ibadan-Ile-Ife-Ilesa Road in Oyo; Ijebu-Ode-Epe-Ibadan Road in Ogun and Ikorodu-Shagamu in Lagos; Abakaliki-Oferekpe Road in Ebonyi; Nsukka-AdaniAnambra S/B Road in Enugu State; Umuokpor section of Ikot Ekpene-Aba Road in Abia and Ihiala-Orlu-Umuduru Road; Owerri-Okigwe, among others.

REJOICING WITH NNAMANI

L-R: Enugu State, Governor, Hon. Ifeanyi Ugwuanyi; Archbishop of Methodist Church Nigeria, Enugu Diocese, Most Rev. Christopher Ede; his wife, Nkechi; Wife of the former Senate President, Mrs. Jane Nnamani; and her husband, Senator Ken Nnamani, at the conferment of â€œEzinne Awardâ€? of the Womenâ€™s Fellowship on Mrs. Nnamani at the Wesley Cathedral Church,Â Uwani, Enugu....yesterday.

Shettima Attends Promptly to Security Chiefs, Says Deputy Gov Michael Olugbode Ă“Ă˜ Ă‹Ă“ĂŽĂ&#x;Ă‘Ă&#x;ĂœĂ“ Borno State Deputy Governor, Usman Durkwa, has said the doors of his boss, Governor Kashim Shettimaâ€™s office are always opened to military and security chiefs, stating that they are always immediately ushered in to see the governor and never allowed to wait at least for five minutes. Â Speaking with journalists at the weekend, Durkwa said: â€œIn the last six years, no past or serving head of military formations, Commissioners of Police or Directors of the Department of State Service (DSS) spends at least five minutes to see the state governor with or without prior appointment.â€? The deputy governor said he needed to clarify the matter â€œfor all Nigerians to know the

extent of Shettimaâ€™s support for successive heads of security agencies in the state as part of the state governmentâ€™s devotion to the fight against Boko Haram terrorists.â€? He added that: â€œI know that majority of Nigerians within and outside Borno State deeply appreciate the sincere efforts of Shettima in fighting the Boko Haram terrorists; supporting internally displaced persons, rebuilding and resettling IDPs but I am also worried that some mischievous politicians are doing everything within their powers to discredit my boss through all kinds of daily mischief. â€œGovernor Shettima is a very humble and modest person who will not say what he is doing, but I feel compelled to let everybody know that I have been part of his administration

since 2011 as a commissioner before I became the deputy governor in 2015, I can tell you without any fear of contradiction that in the last six years, no security chiefs whether past or present, Theater Commanders of Operation Lafiya Dole, past or present Brigade Commanders, Air Force Commanders, Garrison Commanders, Commissioners of Police both past and present or Directors of DSS have ever spent up to five minutes in the Government House before having access to the governor and most of the times, they come without appointment.â€? He revealed that â€œthe governor gave a standing order since 2011 that any security chief should be given unrestricted access to his office so long as he is not presiding over a state council meeting. All the security chiefs just come to the Government House and walk

straight to his office; no matter what the governor is doing, he would suspend it and attend to the security chiefs.â€? He stressed that â€œTo Shettima, what comes first is security. And if they need any further information, he will immediately call stakeholders from the communities involved and do his best to get the information. Â â€œI want to urge mischief makers to allow the governor remain focused as he has always been in order to continue to attend to the challenges of the state.â€? â€œThe military is doing its best and making huge sacrifices. Fight against insurgents is difficult all over the world. Mischief makers should stop trying to distract him even though I am confident that if Boko Haram couldnâ€™t distract the governor, I donâ€™t see anyone who can succeed,â€? Durkwa stated.

MONDAY, JULY 31, 2017˾ T H I S D AY

NEWSXTRA

APGA Slates Anambra Guber Primary for August 15 Agbaso is national chairman, insists NWC Olawale Ajimotokan ÓØ ÌßÔË ËØÎ David-Chyddy Eleke ÓØ áÕË The National Chairman of the All Progressives Grand Alliance (APGA), Chief Victor Oye, yesterday said the party had slated August 15 for its primary election to select a candidate to fly its flag in the November 18 governorship election in the state. Oye stated this in an interview with journalists at his house in Amawbia, Anambra State. He said this was coming on the heels of two separate High Court judgments in Awka and Nnewi last Friday, where the courts held that the factional National Chairman of the party, Chief Martin Agbaso, cannot hold the primary election for the party. Oye said with the judgments, Agbaso has been permanently gotten rid of in the party. He said Agbaso was not a member of the party ab initio, and as such, cannot contend its leadership. He said: “The two court judgment came simultaneously, and you saw the joy the people expressed yesterday over it. The court simply interpreted the constitution of the party and said the chairman of the party was elected through a national convention, and only a national convention can remove him. “The Supreme Court made this clear in the matter between Makarfi and Sheriff in PDP. So we have resolved the problem; there is no more problem in the party, and so we are forging ahead. Oye said the party would start the sale of nomination form within the week, but refused to state how many aspirants were indicating interests to run on the platform of the party besides

the state Governor, Chief Willie Obiano. Meanwhile, Oye has denied that former Governor of the state, Peter Obi, has finally left the APGA. He said his party has been speaking with Obi on the need to return, and expressed confidence that soon, Obi would return to the party. On whether Obi would support his successor, Obiano, to win a second term despite the frosty relationship between the two, Oye said Obi has no other option but to support Obiano. Meanwhile, Agbaso has been backed by the National Working Committee of the party as its Acting National Chairman. The backing followed the validation of a High Court order of mandamus that sacked Oye by the Court of Appeal in Enugu. The NWC insisted at the weekend that Agbaso remains the national chairman of APGA pending when both the Court of Appeal and Supreme Court decide otherwise. APGA’s position was taken via a statement issued by the party’s acting National Publicity Secretary, Onapuruagu Prince Ukaegbu, where it berated Oye and his group for challenging the judgment of the Appeal Court at a lower court. The statement said the action ridiculed the Nigerian judiciary, stressing that the party would not join hands in bringing the judiciary to ridicule, as the judgment of the Appeal Court superseded whatever judgment was pronounced at the lower court. The Independent National Electoral Commission (INEC) was on July 10 compelled by an Appeal Court, sitting in Enugu, to recognise and deal with the

Agbaso-led, APGA NWC, after the former chairman, Oye was suspended. The order also validated a High Court ruling on the same matter. The development, which led to the APGA leadership to fix its primary election and congress for the November 18 Anambra State governorship election for August 17, 2017 in Awka was, however, challenged by the former chairman. “The APGA notes with amusement and derision, the bastardisation of the Anambra State judiciary by the government of Anambra State under the watchful eyes of Governor Willie Obiano, in their hallucinated attempt to prop up their puppet chairman, Oye. “The Awka High Court judicial rascality is of no moment. Article 20(4) of APGA Constitution under which Oye

was suspended from office is explicit and does not require a national convention and should not have befuddled the Judge in his mischief and misapplication,” the statement said. It added that the Nnewi Interlocutory Order did not call for much discussion, being a rehearse of the earlier ex-parte order vacated by the same court as being offensive to section 87(11) of the Electoral Act 2010 as amended. “The provisions of the Electoral Act is clear and robs any court the jurisdiction and powers to bar persons, parties and the INEC from conducting primaries or election.” Ukaegbu noted further that the party’s programme and activities for the gubernatorial election in Anambra scheduled for November 18, 2017 remains on track. However, Obiano has

described as landmark, the recent court judgments delivered by Awka and Nnewi High Courts which affirmed Oye as the authentic National Chairman of APGA He also said it was a vindication of his earlier position. A statement issued by his Senior Media Aide, Oliver Okpala, in Awka said the judgment has restored the hope of Nigerians in the principle of the independence and impartiality of the judiciary. According to him, “the judgment on APGA and that of the PDP which upheld the leadership of Senator Ahmed Makarfi recently has once again affirmed the principle of the supremacy of political party above other sectional considerations.”

He said the judgment was a frank reminder to merchants of impunity in political parties that there is no longer room for their lawlessness in the nation’s political space. Okpala advised other arms of government to emulate the judiciary which he said had always risen up to the occasion whenever democracy was at the crossroads. The media aide said the judgment on APGA has once again confirmed the correctness and clear direction of Obiano as well as cleared off all impediments to his reelection bid. He described Obiano as a man who believes in the rule of law and abhors in its entirety, political rascality, impunity and lawlessness.

MOVING UP THE LADDER

L-R: New President, Rotary Club of Ikoyi, Mr. Isichei Osamgbi; Immediate Past President of the club, Mr. Dele Ojogbede; and Chairman of I’ll Respond To Calls to the occasion, Mr. Alban-Ofili-Okonkwo, at the investiture of Osamgbi, as the 33rd President of Rotary Club of Ikoyi in Lagos.....weekend. Contest in 2019 After Due Consultations, Says Alhassan SERAP Urges UN to Stop House from Passing Bill to Weaken CSOs to their call at the right time. Wole Ayodele ÓØ ËÖÓØÑÙ The Minister of Women Affairs and Social Development, Aisha Jummai Alhassan, has declared that her decision to contest the 2019 gubernatorial election in Taraba State would be taken after a statewide consultation. Reacting to calls by several youth organisations across the state to contest in 2019, Alhassan while fielding questions from journalists yesterday after the local government congress of the APC in Jalingo, said she would not respond to the calls until she finished consultations across the state. Alhassan, who was the APC candidate in the 2015 gubernatorial election in Taraba State, noted that she has heard the calls of the youths who gathered from across all the local government areas of the state at the Jolly Nyame Stadium in Jalingo to urge her to contest and would respond

“The situation is not different from what happened in 2012 when stakeholders from Taraba Central met me to say I should contest in 2015. I discussed with my husband and when he gave me the go ahead, I then went round the state to consult people before I yielded to their call. “Now that my children, the youths of Taraba State deemed me fit, saw me fit and feel I will be the one to help them when I become the governor, I will still have to consult very wide like I did before. But they have every right to call me. It is happening everywhere across the country whereby people are being called to contest,” she said. The minister, who had participated in the APC local government congresses described the exercise as very transparent and peaceful saying there was consensus in all the 16 local government areas.

A civil society organisation, Socio-Economic Rights and Accountability Project (SERAP), has asked three United Nations special rapporteurs to pressure the Speaker of the House of Representatives Yakubu Dogara, and others National Assembly leaders to withdraw a bill seeking to monitor civil society organisations (CSOs). The bill, according to TheCable, seeks to establish a commission that would monitor, supervise, de-register, and pre-approve all activities by civil society, labour, community-based organisations, and the media, in the country. The bill will establish a commission responsible only to the president and the senate. Under section 7, the commission will monitor and supervise these groups supposedly to “ensure that they accomplish their missions according to law” and under section 26, strictly “in line with the programmes of government.”

The appeal, dated July 28 and signed by the group’s Executive Director Adetokunbo Mumuni, was sent to Annalisa Ciampi, special rapporteur on the rights to freedom of peaceful assembly and of association; Michel Forst, special rapporteur on the situation of human rights defenders; and David Kaye, special rapporteur on the promotion and protection of the right to freedom of opinion and expression. According to SERAP, the bill, if signed into law, “would severely curtail the rights of all Nigerians to freedom of expression and freedom of peaceful assembly and association in the country.” It further said: “The sole objective of the green chambers is to weaken and delegitimise the work of independent and credible civil society.” SERAP urged the UN to prevail on the Acting President Yemi Osinbajo to decline signing the bill into law.

“If adopted, the bill which is copied from repressive countries like Somalia, Ethiopia and Uganda, would have a chilling effect not only on expressions of peaceful dissent by the citizens but also on the legitimate work of NGOs and individual human rights defenders and activists scrutinising corruption in the National Assembly and exposing human rights violations by the government,” the appeal read. “SERAP is seriously concerned that the bill is by far the most dangerous piece of legislation in the country in terms of its reach and devastating consequences not only for the work of civil society but also the effective enjoyment of constitutionally and internationally recognised human rights of the citizens. The bill will devastate the country’s civil society for generations to come and turn it into a government puppet. “The bill is a further path of closing civic space in the country,

something witnessed only under military regimes, and has no place in a democratic Nigeria. The bill is entirely unnecessary, as the work of civil society is already sufficiently regulated under existing legislation, including the Companies and Allied Matters Act, Economic and Financial Crimes Commission (EFCC) Act, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) Act and other similar legislation. “SERAP is also concerned that the proposed bill is coming at a time the members of the senate and house of representatives are proposing amnesty and immunity for themselves against prosecution for corruption and other economic crimes; and the government is proposing a social media policy to restrict and undermine citizens access to the social media ahead of the general elections in 2019.”

MONDAY, JULY 31, 2017˾ T H I S D AY

NEWSXTRA

Security Operatives Invade Abuja Home of Akpabio’s Aide EFCC denies raiding Shettima’s residence Paul Obi ÓØ ÌßÔË Security operatives yesterday invaded the Abuja home of Mary Ekpenyong, an aide to the Senate Minority Leader, and former Governor of Akwa Ibom

State, Godswill Akpabio. The operatives, believed to be from the Department of State Services (DSS), raided Ekpenyong’s home for undisclosed reasons. A private security man

Buratai: Nigerian Army to Deploy 230 Personnel to Liberia The Nigerian Army is to deploy 230 personnel, including 19 officers and 211 soldiers to Liberia, Chief of Army Staff, Lt-General Tukur Buratai, has said. Speaking in Kaduna at the end of a four-week intensive training on leadership and peacekeeping for the personnel, Buratai charged them to shun acts that could tarnish Nigeria’s image. “You must observe human rights, and respect the cultural and religious sensitives of Liberians,” he said. The army chief said since 1960, Nigeria has deployed over 20,000 troops to 40 peacekeeping missions in Africa and across the world. Earlier the Nigerian Army Peacekeeping Centre, Jaji was renamed Martin Luther Agwai International Leadership and Peacekeeping Centre, in recognition of his commitment to peacekeeping efforts and excellent service. The centre was established in 2004 by Agwai as a Wing when he was the Chief of Army Staff. Speaking, Agwai noted that

peacekeeping was gradually becoming an intra-country issue with the military at the centre stage following internal conflicts such as ethnic, religious other crises. He, however, noted that Nigeria has been involved in peacekeeping operations in Africa and the world at large, but had not repeat the economic and diplomatic benefits of such venture. Agwai, who was also a Chief of Defence Staff, called on government and private-owned organisations to partner the centre in leadership training on conflict prevention and management in the quest to achieve enduring peace. He thanked current and past leadership of the army for the honour done him by naming the centre after him. Agwai was former Deputy Force Commander, United Nations Peacekeeping Operation in Sierra Leone (UNAMSIL), Chief of Army Staff, Nigerian Army, Force Commander of African Union/ United Nations Mission Hybrid Mission in Darfur (UNAMID).

guarding the compound located in the Jabi District, said the armed men forcibly gained access to the house using metal equipment. “Six armed persons came to the compound and ask for Madam and I told them the family travelled to Akwa Ibom State. “When I asked them to identify themselves, they shouted at me to shut up. One of them asked me to produce the keys to the house and threatened to deal with me if I don’t oblige them. “They told me they came to find the stockpile of arms

and money hidden in the compound by the Akpabio. “Since I couldn’t produce the keys, they brought out some equipment and forced the doors open and ransacked all the rooms,” the security man said. The move according to sources is another strategy to get at top hierarchy of the Peoples Democratic Party (PDP) since the victory of the party at the Supreme Court. Head of Media and Information, Economic and Financial Crimes Commission (EFCC), Wilson Uwujaren, denied any knowledge of

the raid. Meanwhile, EFCC also dismissed news and photos being circulated in the social media alleging that the commission had raided a residence of Borno Governor, Kashim Shettima, discovering a huge sum of dollars. Uwujaren explained that there was no iota of truth about the photos, adding: “we are not aware of anything like that.” Also speaking, the media aide to Shettima, Isa Gusau, said: “The pictures being circulated were obtained from the internet in order to tarnish

the governor’s image. “It is just a continuation of series of mischief being planted by some evil politicians to discredit Shettima. This is the seventh mischief in two weeks. “They started with an alleged phone call with Governor Ibikunle Amosun, came with different press conferences including one on workers verification and then the latest. “I am sure they will continue till the 2019 elections are over but they should know that even Boko Haram couldn’t distract Governor Shettima” Gusau stated.

CALL TO SERVE HUMANITY

L-R: Newly installed District 911 Inner Wheels Nigeria, Adegbemisola Fathiat Amoke Rufai; Guest Speaker, Prof. Olanrewaju Adigun Stakeholders Back Fagbohun; and Celebrant’s husband, Biodun Rufai, at the installation of Rufai in Ikeja, Lagos ...weekend Demutualisation of Nigerian Afenifere: Local Govt Autonomy Ploy to Grab Land for Stock Exchange Fulani Herdsmen James Emejo ÓØ ÌßÔË Stakeholders have expressed support for the proposed demutualisation of the Nigerian Stock Exchange (NSE), describing it as a crucial step towards boosting liquidity and growth of the economy. The National Assembly is currently promoting a bill to demutualise the NSE from a company limited by guarantee to a company limited by shares. Demutualisation refers to the transition from a mutual association of exchange members to a limited liability company which is accountable to shareholders. The concept typically separates ownership and voting rights from the right of access to trading on an exchange. At a joint public hearing organised by the Senate and House of Representatives Committees on the Capital Market on a bill for an Act to facilitate the development of Nigeria’s capital market by enabling the conversion and

re-registration of the NSE from a company limited by guarantee to a public company limited by shares and for related matters, 2017, stakeholders agreed that the move was long overdue in order to stimulate liquidity in the system among other things. Leading deliberations on the legislation, the sponsor, Senator Foster Ogola, who is the acting Chairman, Senate Committee on Capital Market, said the NSE plays a critical role in the country’s financial market, arguing that the conversion and re-registration into a public company limited by shares is essential to developing and strengthening the market as well as enhancing the formation of capital for the expansion of the economy. He said: “It is anticipated that the demutualisation of the NSE will reinforce the continuous growth and development of a dynamic, fair, transparent and efficient capital market and thus significantly contribute to Nigeria’s economic development.”

Lambasts South-west Senators Gboyega Akinsanmi ËØÎ Shola Oyeyipo

The group said the National Assembly had passed two bills, which it said, sought The Afenifere Renewal Group to abrogate Joint Allocation (ARG) yesterday disclosed Accounts Committee and that the proposed bills to another one to guarantee grant autonomy to 774 local funding only for LGAs government areas (LGAs) with democratically elected under the ongoing constitution executives. These two bills, if passed amendment exercise was a ploy to grab land for Fulani by at least 24 state Houses herdsmen in all states of the of Assembly, will make LGAs independent of state federation. The ARG, a socio-political governments, noting that organisation, therefore, asked there “are traps hidden in the 36 State Houses of Assembly the Land Use Act which the to through the proposed bills National Assembly cleverly to grant autonomy to all local refused to remove from the government independent under 1999 Constitution.” As contained in its statement, the on-going amendment of the 1999 Constitution by the the ARG cited section 6(1) (b), which states that it shall be National Assembly. The group rejected the lawful for a local government in proposed bills in a statement respect of land not in an urban by its National Chairman, Hon. area...to grant customary right Olawale Oshun, noting that of occupancy to any person the proposals “will destroy or organisation for the use of our federalism and turn it land for grazing purposes and effectively into a unitary state.” such other purposes ancillary

to agricultural purposes...” The group explained that the customary right of occupancy could be as much as 500 hectares if granted for agricultural purposes, or 5,000 hectares if granted for grazing purposes. It noted that the main reason for the push “to remove LGA from under the control of state governments is to make this clause in the Land Use Act enforceable. “The so called autonomy therefore is a Greek Gift and states with recent history of herdsmen attack had better collaborate with other states to reject it. ARG will work with states in the southwest to totally agitate against it.” It noted that the advocates of autonomy for LGAs need “to convince Nigerians of the benefit of such, despite the glaring fact that it is an aberration in any federalism and it works against development. “If Nigeria is yet to get

the possible maximum good governance from 36 executive powers granted to states, what will creating additional 774 executive powers bring? Total waste and failure. “This plan will further destroy federalism in Nigeria and turn it effectively into a unitary state. However, we must remind Nigerians that there is nothing the federal government has taken over, since the enactment of the Unification Decree 34 of 1966, that has flourished.” It cited the example of Liberty Stadium in Ibadan, noting that the stadium “had started hosting international boxing fight before it was taken over. Today, it cannot even host national championships. “In the same vein are WNTV, Obafemi Awolowo University, Cocoa Research Institute (CRIN), Moore Plantation and many other notable institutions. We can assure you that LGAs will be worse off if this so called autonomy is allowed to pass.

MONDAY, JULY 31, 2017˾ T H I S D AY

CRIME&PUNISHMENT How Lagos Students Were Released from Ondo Creeks Findings show no kidnapper was killed in gun battle Akinwale Akintunde Findings yesterday revealed that the Ondo State Government negotiated the release of six male students of Lagos State Model College, Igbonla-Epe, who were kidnapped on May 25 at the height of Lagos@50 anniversary. The new facts disproved the claims of Lagos State Commissioner of Police, Mr. Fatai Owoseni, that 20 of the kidnappers died in gun battle with security operatives; eight policemen and four civilian volunteers sustained injuries. Different government officials involved in the negotiation process provided insight into how the kidnapped students were eventually released on Friday evening to the Deputy Governor of Ondo State, Mr. Agboola Ajayi. The students were kidnapped in their school premises precisely on May 25 after spending 65 days in the captivity and after their parents collectively paid their abductors N30 million to security their release, though all to no avail. The kidnapped students – Peter Jonah, Isiaka Ramon, Adebayo George, Judah Agbausi, Pelumi Philips and Farouq Yusuf – were finally released at about 3.30pm at

Aboto Creek at Ilaje Local Government Area, Ondo State. Consequent upon their release, Owoseni, Lagos police commissioner, claimed that 20 of their abductors were killed in gun shootout; eight security operatives and four civilian volunteers among other sustained injury in the gun battle. But one of the officials who was involved in the negotiation process, faulted Owoseni’s claims on the death record, noting that the option of hot pursuit was not considered to secure the release of the students safely and unhurt. After it was discovered that the kidnappers were hiding in Ondo and Delta creeks, the official disclosed that Lagos State Governor, Mr. Akinwunmi Ambode, worked with his Ondo counterpart, Mr. Rotimi Akeredolu, to secure the release of the kidnapped students. Consequently, the official noted that Akeredolu directed his deputy, Mr. Agboola Ajayi “to negotiate the release of six kidnapped students. He gave the directive at a time when their parents and security agencies could no longer establish contacts with the abductors of the students. “The deputy governor is from Kiribo town in Ese Odo Local Government Area, a

riverine area in the state. So the governor deliberately gave his deputy the responsibility to negotiate with the abductors of the kids because he was a youth leader in the area before he assumed office. “Agboola did not work alone. He worked with the Deputy Governor of Delta State, Mr. Kingsley Otuaro, to secure the release of the students. It is on record that the duo worked tirelessly for days in the creeks before they established with the kidnappers and subsequently the students,” he said. Another official said it was untrue that 20 persons died

The Lagos State Police Command yesterday said it had commenced investigation into the death of a teenager who was raped to death by some neighbourhood thugs at the Abule Ado area of the state. The 14-year-old Obiamaka Orakwue, an SSS II student, died after she was gagged and raped in her parent’s residence while her entire family was sleeping. According to reports, the teenager was asleep in her room when the yet-to-be identified suspects broken into their apartment and gagged her to prevent her from screaming and waking the other occupants of the house. After viciously having their way with her in turns, the suspects were said to have smashed her head with a stone. Although initial reports had claimed the deceased was murdered by some boys whose advances she rebuffed, the family yesterday said was far from the truth. According to them, they had woken up that morning and while preparing for the day’s activities, they went to the deceased’s room to wake her up, only to find her in a pool of her own blood. After raising an alarm,

the family went gone to the Abule Ado Police Station and some policemen were sent to the house to ascertain things themselves. After the preliminary questioning of the family members and neighbours, as well as an on-the-spot assessment of the broken window and destroyed burglary, the corpse was taken away. As the family still battle with the death of their daughter in cold blood, the inability of the police to nab the culprits five days after the incident happened, has been like an open sore that has refused to heal. Already, some activists have taken up the clarion call to ensure that the police rise up to their responsibility and fish out the culprits, who are said to reside in that same community. Women and girl child’s rights activist, Esther Ijewere, is one of those who has taken up the matter and is demanding justice for the deceased using the hashtag #Justice4ObiAmaka. To propel the security agencies to action, she said a peaceful sit-down protest would on Thursday, August 3, be held at the governor’s office at the secretariat in Alausa. She said: “As we rejoice and thank God for the release of the six Igbonla boys, let us remember our young girls

world. There was no record of death while the negotiation was on-going. There was no case of casualty when the abducted kids were handed over. “If it was gun duel as Owoseni claimed, the kids would not have come out without injury. It might even claim any of them. Their release was negotiated without ransom to the best of my knowledge. And no person died in the process,” the governor’s official noted. “Of importance was the contribution of the Ondo Deputy Chief of Staff, Mr. Donald Ojojo. He is also from Ese Odo LGA. However, four states, Ondo,

Lagos, Ogun and Delta were also involved, especially in the area of intelligence gathering and sharing. The Acting President, Prof. Yemi Osinbajo, too was involved. The police, DSS and the military were not left out. “The students were handed over to the Ondo deputy governor, his deputy chief of staff and other members of his team. The team drove directly to Akure. But few kilometres from Akure, Akeredolu directed them to come to Lagos because he was already in Lagos waiting to receive and hand them over to the Governor of Lagos State,” the official explained.

Police Arrest Neuropsychiatric Hospital Staff for Allegedly Defrauding Job Seekers Christopher Isiguzo ÓØ ØßÑß The police in Enugu State yesterday re-arrested Mrs. Stella Achalla, the Principal Secretary to Dr. Jojo Onwukwe, Managing Director, Federal Neuropsychiatric Hospital, Enugu for allegedly defrauding some job-seekers of undisclosed sums of money. Achalla was picked up on her way to the church service following several petitions against her at the Enugu State Police Command headquarters.

Police Launch Investigation into Death of Teenager Raped to Death by Neighbourhood Thugs Chiemelie Ezeobi

in gun battle while security operatives were fighting to “release the kidnapped students. No person died contrary to what Lagos State Commissioner, Mr. Fatai Owoseni said.” He explained that Owoseni did not say the truth about how the abducted students were negotiated and eventually handed over to the deputy governor of Ondo State, noting that the release of the abducted students was purely a product of negotiation and not gun battle or shootout. He said: “There was no gun duel as Lagos police commissioner told the whole

that are being raped and traumatised. “The latest victim is 14-year-old Obiamaka Orakwe, an SS2 student, who was right in her home raped and killed. Her killers must be found. “A lot of our young girls would be at home alone during this vacation. We need to keep them safe. “Do join the peaceful sitdown protest on Thursday, August 3, 2017 in front of the Governor’s Office Alausa from 8.30a.m. -11a.m. It is the only way to ensure the security forces fish out the culprits.” When contacted, the state Police Public Relations Officer, Olarinde Famous-Cole, an Assistant Superintendent of Police, confirmed the incident, adding that an investigation has been launched despite the conflicting reports they got on the incident. He said: “The information gotten for the divisional police officer of Abule Ado is that they were all sleeping at night and when they woke up in the morning for her to take h e r b a t h and they saw her in a pool of her blood with i n j u r y i n t h e h e a d . “Regardless of the different tale of the event, we are saddled with the responsibility of arresting the culprits.”

The Police Public Relations Officer in the state, Ebere Amaraizu, confirmed the arrests to journalists noting that “yes, she was arrested this morning based on several petitions against her. “The petitions border on fraudulent activities. She has to answer for them and our criminal investigation department has commenced full scale investigation into the allegations,” Amaraizu noted

S/N

CUSTOMER

in a statement. The hospital secretary has been standing trial before an Enugu East Chief Magistrate Court on charges bordering on obtaining money under false pretense. She and her alleged accomplice, Mrs. Stella Egotanwa, were arraigned on two counts charge bothering on obtaining money under false pretence, an offence punishable under section 495 (a) and

ITEM OF IMPORT

section 386 of the criminal code, cap 30, laws of Enugu State of Nigeria, 2014. The police later returned to the same court, presided over by Chioke Angela with a fresh charge, which borders on advanced fee fraud. They were alleged to have collected money ranging from N350,000 to N600,000 from some job seekers, with a promise of giving them employment.

DATE OF FUND PURCHASE

EXCHANGE RATE

USD AMOUNT

STARSONIC NIGERIA LIMITED.

INDUSTRIAL MOULDS TO BE USED IN PLASTIC MANUFACTURING

24-Jul-17

306.25

51.90

STARSONIC NIGERIA LIMITED.

INDUSTRIAL MOULD, MASTER BATCH & SPARES TO BE USED IN PLASTIC MANUFACTURING

24-Jul-17

306.25

51.90

SACVIN NIGERIA LIMITED

INDUSTRIAL ACCESSORIES SPARES TO BE USED IN PLASTIC MANUFACTURING

24-Jul-17

306.25

51.90

CORONATION MERCHANT BANK

BANK CHARGE

24-Jul-17

306.25

245.66

OK FOODS LIMITED

PACKAGING MATERIAL FOR SWEETS

24-Jul-17

306.25

304.06

CORONATION MERCHANT BANK

BANK CHARGE

24-Jul-17

306.25

701.79

OK FOODS LIMITED

LIQUID GLUCOSE

24-Jul-17

306.25

963.28

CORONATION MERCHANT BANK

BANK CHARGE

24-Jul-17

306.25

CORONATION MERCHANT BANK

BANK CHARGE

24-Jul-17

306.25

966.15

CORONATION MERCHANT BANK

BANK CHARGE

24-Jul-17

306.25

1,450.67

CORONATION MERCHANT BANK

BANK CHARGE

24-Jul-17

306.25

1,601.29

OK FOODS LIMITED

PACKAGING MATERIAL FOR BISCUITS

24-Jul-17

306.25

1,947.45

FCMB

INTERBANK SALES

25-Jul-17

306.25

20,000.00

KEYSTONE

INTERBANK SALES

26-Jul-17

306.20

20,000.00

CORONATION MERCHANT BANK

BANK CHARGE

26-Jul-17

306.20

0.74

CORONATION MERCHANT BANK

BANK CHARGE

26-Jul-17

306.45

112.91

306.20

5.73

CORONATION MERCHANT BANK

BANK CHARGE

26-Jul-17

306.45

30.86

OK FOODS LIMITED

LIQUID GLUCOSE

26-Jul-17

306.20

64.84

CORONATION MERCHANT BANK

BANK CHARGE

26-Jul-17

306.20

130.00

CORONATION MERCHANT BANK

BANK CHARGE

26-Jul-17

306.45

CORONATION MERCHANT BANK

BANK CHARGE

26-Jul-17

306.45

325.74

CORONATION MERCHANT BANK

BANK CHARGE

26-Jul-17

306.20

488.33

CORONATION MERCHANT BANK

BANK CHARGE

26-Jul-17

306.20

545.81

CORONATION MERCHANT BANK

BANK CHARGE

26-Jul-17

306.20

1,536.00

CORONATION MERCHANT BANK

BANK CHARGE

26-Jul-17

306.20

CORONATION MERCHANT BANK

BANK CHARGE

26-Jul-17

306.20

2,595.37

PROMASIDOR NIGERIA LIMITED

BULK MULTI-PLY BAGS MIKSI FAT-FILLED MILK POWDER INSTANT FORTIFIED

26-Jul-17

306.20

2,659.56

PROMASIDOR NIGERIA LIMITED

BULK MULTI-PLY BAGS MIKSI FAT-FILLED MILK POWDER INSTANT FORTIFIED

26-Jul-17

306.45

4,752.96

CORONATION MERCHANT BANK

BANK CHARGE

26-Jul-17

324.50

17,213.85

CORONATION MERCHANT BANK

BANK CHARGE

26-Jul-17

324.50

1,873.59

CORONATION MERCHANT BANK

BANK CHARGE

26-Jul-17

324.50

380.00

PROMASIDOR NIG

TECHNICAL FEES

26-Jul-17

324.50

20,532.56

STARSONIC

INDUSTRIAL MOULDS TO BE USED IN PLASTIC MANUFACTURING.

26-Jul-17

324.50

78,186.00

OLAM SANYO

SEASONING FOR NOODLE FLAVOUR

26-Jul-17

324.50

20,000.00

CHELLARAMS PLC

WHOLE MILK POWDER

26-Jul-17

324.50

30,000.00

VIK INDUSTRIES

RAW MATERIAL - PROPYLENE COPOLYMER

26-Jul-17

324.50

4,200.00

MULTIPRO CONSUMER

TRACTORS IN CKD/SEMI TRAILER TRI-AXLE IN CKD

26-Jul-17

324.50

27,614.00

MULTIPRO- IRON PRODUCTS

324.50

322,139.00

PROMASIDOR

TECHNICAL FEES

26-Jul-17

324.50

160,000.00

WORLDWIDE COMMERCIAL VENTURES LTD

NOVARTIS PHARMACEUTICAL PRODUCTS

26-Jul-17

324.50

117,861.00

OLAM SANYO

SEASONING FOR NOODLE FLAVOUR

26-Jul-17

324.50

80,000.00

CHELLARAMS PLC

WHOLE MILK POWDER

26-Jul-17

324.50

120,000.00

S/N 1

MINL LIMITED

CUSTOMER OTHER SOURCES 1

WEIGHING SCALE, SPARE OF PRINTING MACHINE

TRACTORS IN CKD/SEMI TRAILER TRI-AXLE IN CKD

DATE OF FUND PURCHASE 24-Jul-17

USD AMOUNT 10,000.00

OTHER SOURCES 2

OTHER SOURCES 3

26-Jul-17

305.70

30,000.00

CBN

26-Jul-17

324.00

200,000.00

CBN

26-Jul-17

324.00

800,000.00

5 1

TOTAL AMOUNT

AVERAGE AMOUNT

25-Jul-17

EXCHANGE RATE 305.75 305.75

20,000.00

1,060,000.00 212,000.00

26-Jul-17

963.60

26-Jul-17

297.99

1,968.20

T H I S D AY MONDAY JULY 31, 2017

Ëœ ÍąÍŻËœ Í°ÍŽÍŻÍľ Ëž T H I S D AY

MONDAYSPORTS NPFLâ€Ś

NPFLâ€Ś

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

NPFLâ€Ś

Plateau Continues Steady March to Title, 3SC Crashes in Jos Duro Ikhazuagbe Plateau Unitedâ€™s cruise to its first Nigeria Professional Football League (NPFL) title in recent time appears a done deal with another 2-0 victory over Shooting Stars yesterday. The Plateau team consolidated its stronghold of the topflight on 58 points from 32 games. Emmanuel Odafe and Ibeh Johnson sealed the victory for the Jos team with the two goals on each half of the game in the 16thÂ and 78thÂ minutes. The defeat was however no good news for the Ibadan team struggling to be free from dropping to the lower rung of the Nigerian league. 3SC is 16thÂ on 40 points. Elsewhere in Sagamu, MFM FC secured a 1-0 away victory against Remo Stars to stay just three points below league leaders Plateau United.Â Austin Ogunye scored the winner for the Olukoya Boys in the 71st minute. Before that goal came league hotshot and Super Eagles invitee, Stephen Odey blew the chance to take his goal haul to 19 in the 55thÂ minute. Odeyâ€™s penalty was saved byÂ Starsâ€™ goalkeeper, Adekunle Tunde. Tunde was unarguably the man of the match. He denied Odey and Olatunbosun Sikiru attempts on goal on several occasions. In Calabar,Â Mfon Udohâ€™s 71st minute penalty was allÂ Â Enyimba needed to pick maximum three points against Kano Pillars. However, the trip to the Cannan City was no pleasure journey as the Sai Masugida are going to

miss the service ofÂ Â Junior Lokosa who got a straight red card with ten minutes left to play. The victory has however pushed the Aba Elephants to the fourth spot on 50 points. Similarly, Akwa Unitedâ€™s trip to Maiduguri failed to yield dividend as El KanemiÂ Â grabbed the three points at stake with a lone winner by Tchoanfine Pade in the 26thÂ minute.Â Â The Promise Keepers however remain undaunted hanging on to the third place on 51 points. El Kanemi is fifth on 49 points. In other Match-day 32 matches played yesterday, ABS of Ilorin forced Katsina United to a 2-2 draw in Katsina while Wikki Tourist edged Sunshine Stars 2-1 in Bauchi. In another Oriental derby in Umuahia, IfeanyiUbah held home team Abia Warriors to a 0-0 draw to gain a valuable away point. Â Nasarawa United defeated visiting Niger Tornadoes 1-0 while Gombe United and Lobi Stars fired blanks. In Enugu, heavy down pour caused the postponement of the clash between champions Rangers and Rivers United. They are to replay this morning at same venue. Â

MATCH DAY 32 Plateau Utd 2-0 Shooting Remo Stars 0-1 MFM Enyimba 1 vs 0 Kano Pillars El-Kanemi 1- 0 Akwa United Katsina United 2 -2 ABS Abia Warriors 0 -0 IfeanyiUbah Wikki 2 -1 Sunshine Stars Nasarawa 1- 0 Tornadoes Gombe 0 - 0 Lobi Stars

GOtv Boxing Night Returns withÂ N20m Prize Monies Africaâ€™s premier professional boxing show,Â GOtv Boxing Night,Â is set to return in a much bigger way, with participating boxers billed to earn up to N20million in prize monies.Â The 11thÂ edition of the show held in IbadanÂ on March 26, delivering the biggest ever pay day in the countryâ€™s boxing history when Rilwan â€œBaby Faceâ€? Babatunde won the Mojisola Ogunsanya Memorial Trophy and a cash prize of N2million for the best boxer, a shade higher than N1.5million and N1million won by previous winners of the award.Â GOtv Boxing Night 12 is tentatively slated to holdÂ SeptemberÂ in Lagos, while the 13thÂ edition is billed forÂ 26 December. The event organisers, Flykite Sports, disclosed that Mr. Adewunmi Ogunsanya (SAN), Chairman, GOtv Boxing Night, has given them a mandate to speed up the eventâ€™s progress by ensuring that African and Commonwealth title fights are staged this year, while a world title fight will hold at the event next year. â€œOur Chairman, Adewunmi

Ogunsanya is passionate about the development of the sport and the personal growth of the boxers. He wants a situation where our top boxers can buy cars and homes from their purses,â€? a statement from the organisers said. Â Â Towards the realisation of the mandate, Managing Director, Flykite Sports, Mr. Jenkins Alumona, travelled abroad last week to seal agreements with top-tier international boxers in line with the direction GOtv Boxing Night is moving. The details of Gotv Boxing Night 12 will be unveiled at a press conference in August, the organisers said.Â The event is sponsored by GOtv, and supported by MultiChoice, SuperSport, Paragonis Multimedia Limited, KSquare Security, Newsbreak.ng, Bond FM, Brila FM, and Complete Sports and is broadcast live in 47 African countries. Â Since debuting three years, GOtv Boxing Night has rekindled public passion for boxing, with each edition held before a capacity crowd. Equally importantly, it has revamped the sport through better organization and financing.

L-R: Nigeriaâ€™s duo of Zainab Momoh and Ramatu Yakubu (silver medallists); Thilini Pramodika Hendahewa and Ishadika Kavidi of Sri Lanka (bronze medallists) with Hadia Hosny and Doha Hany (Egypt), and Ugandaâ€™s Bridget Shamim Bangi and Aisha Nakiyemba, all womenâ€˜s double medallists at the just concluded Lagos International Badminton Classicsâ€Ś last Saturday

Amangbo Pledges Zenith Bankâ€™s Continued Support for Womenâ€™s Basketball The Group Managing Director of Zenith Bank, Peter Amangbo, at the weekend showered praises on the players and officials that took part in the just concluded National Women Basketball League sponsored by the bank. Amangbo who was at the National Stadium, Surulere for the final of the competition, said he was elated with the sportsmanship spirit exhibited by the competitors. First Bank Basketball Club of Lagos defeated First Deepwater also of Lagos, 84-53 to retain the

title they won last year. Although the match started on a very keen note, it did not take much time before First Bank stamped authority on the game to completely dominate their opponents. First Deepwater were able to win the third quarter 24-20 in an attempt to stage a comeback after trailing 45-22 at half time of the final match. The champions were clearly superior in the three other quarters in the largely onesided final that was witnessed

by almost a full capacity of spectators at the Indoor Sportshall of the stadium.Â The Zenith Bank boss noted that the players have displayed so much guts and determination to excel al through the event which held between April 10 and August 29. Amangbo said: â€œI commend all the players and officials because everybody is a winner. I want to assure all that Zenith Bank will continue to support sports and basketball in particular.

â€œOver the years, we are proud that many of the players who feature in this competition represent the country in international competitions. â€œWe are committed to the development of sports as one of our social responsibilities and so this event will get bigger and better every year.â€? The former President of the Nigeria Basketball Federation (NBBF), Tijani Umar, was at the event as well as the FIBA Africa Zone Three President, Col. Sam Ahmedu (rtd).

Igali Makes Case for Nigeria to Host African Wrestling President of Nigeria Wrestling Federation, Daniel Igali, has described the visit of the President of United World Wrestling â€“ Africa, Fouad Meskout, as a major turning point for wrestling in Nigeria. Nigeria is bidding to host the 2018 Africa Wrestling Championship and when Meskout made a three-day working visit to inspect facilities for the tournament, Igali said it provided a huge chance in showcasing the development of the sport in the country. Igali told the African wrestling boss that Nigeria had produced

passionate and world-class wrestlers who are eager to promote the sport by competing with the best at home. â€?Since 1976 till date, Nigeria has not hosted the African Championship. It is about time for Nigeria; we have the capacity, material wealth and full support of the Rivers State Government. We are confident we will not lack anything.â€? Igali lavished praises on the Governor of Rivers State, Nyesom Wike for displaying amazing support in the bid process and believes hosting the tournament in Port Harcourt provides useful

opportunity to showcase the sport to prospective sponsors. â€?Governor Nyesom Wike has been awesome. He made things look so easy when he confirmed his interest to host the championship and if we have more persons like him, Wresting in Nigeria will grow to admirable heights. â€œI have told the President of African Wrestling Federation that after we host next yearâ€™s edition, in 2019 the country will be asked to host again because it will be the best in the history of the competition.â€? The African wrestling boss,

Meskout, also confirmed he was impressed with the facilities he saw in Port Harcourt and after meeting with the Minister of Youth and Sport, Solomon Dalung and officials of the Nigeria Olympic Committee, he was convinced the country is determined to promote the sport by hosting the continental championship. Nigeria and Tunisia are chasing the hosting rights for the tournament that is schevuled to take place in February next year. The winner of the bid will be announced on August 18 in Switzerland.

Nigeria Shines as India, Sri Lanka DominateÂ Lagos Badminton Classics Team Nigeria put up impressive show at the third edition of the Lagos International Badminton Classics which ended on Saturday at the Molade Okoya Thomas Indoor Sports Hall of the Teslim Balogun Stadium in Surulere.Â Although the traditional stronghold of badminton, Sri Lanka and India stole the

show emerging as champions in most of the five categories, the emerging Nigerian players proved their mettle.Â The pair of Zainab Momoh and Ramatu Yakubu fought gallantly to the final of the Womenâ€™s Doubles but lost to the Sri Lankan duo of Thilini Pramodika Hendahewa and Ishadika Kavidi in the final

match.Â It was two straight win of 21-8, 21-5 for the Sri Lankans.Â But the score lines speak little about the efforts of Zainab Momoh and Ramatu Yakubu who had faced very stiff oppositions on their way to the final. They beat the Ugandan duo of Bridget Shamim Bangi and Aisha Nakiyemba. The Nigerian

pair had to come from behind to eventually win 14-21, 21-18 and 21-15.Â Before then, they had beaten another Nigerian team of Asisat Ogunkambi and Felicia Omotola in the quarter-finals.Â Nigeriaâ€™s Badminton Federation President, Francis Orbih, is undeterred that the Nigerians did not emerge winners.

T H I S D AY ˾ MONDAY, JULY 31, 2017

MONDAYSPORTS TRANSFER NEWS…

Chelsea Midﬁelder Matic Completes Medical at Man Utd Chelsea midfielder Nemanja Matic has undergone a medical at Manchester United ahead of a 40-million-pound ($52.53-million) move that will reunite him with former manager Jose Mourinho, British media said reported yesterday. The midfielder was pictured at the club’s Carrington Road training complex on Sunday, with media reporting that a deal would be announced today. It will be the second time that Matic, who turns 29 on Tuesday, has played under Mourinho. The Portuguese first signed him when he was Chelsea manager, for 21 million pounds in Jan. 2014. Matic, who had originally joined the Blues in 2009 before moving to Benfica in 2011, became an influential part of Chelsea’s title-winning side under Mourinho in 2014-15. However, the 32-times capped Serbian international was among those under-performing badly in Mourinho’s final season at

Stamford Bridge before becoming a regular as new manager Antonio Conte took Chelsea to another title last season. This month Chelsea have signed Monaco midfielder Tiemoue Bakayoko and, probably sensing his place was under threat, Matic declined to sign an extension to his contact which had two years left to run. At Old Trafford, Matic will be reunited with another former Chelsea midfielder Juan Mata and compete with Michael Carrick and Marouane Fellaini for a first-team spot. Matic’s arrival follows Mourinho’s unsuccessful move for Tottenham Hotspur’s Eric Dier as United seek to mount a serious Premier League challenge for the first time since the departure of Alex Ferguson in 2013. United have already signed 30-million-pound defender Victor Lindelof from Benfica and paid Everton 75 million pounds for striker Romelu Lukaku.

Raul Wants Real to Finalise Mbappe Deal Real Madrid legend Raul doesn’t believe the club should hesitate in spending £160 million on Monaco prodigy Kylian Mbappe. The youngster has been tipped to make a big-money move to Los Blancos this summer transfer window. Speaking to Marca the club’s former striker suggested they shouldn’t worry about the fee paid in the current climate. “The market will set the price,” he said. “There has

to be an agreement between several parties and that will define it. Real Madrid have great players but it is clear that until August 31, anything can happen. For now you have to focus on those who are here and we’ll see what happens,” observed the Real Madrid great. There’s no doubt spending £160 million on an 18-yearold would be something of a gamble, although Mbappe is the finest prospect in world football at the moment.

Arsenal Wins Emirates Cup Despite Losing to Sevilla Alexandre Lacazette yesterday scored a first home goal for Arsenal since his £52m move from Lyon as the Gunners lost 2-1 to Sevilla but retained the Emirates Cup . The France international, 26, tapped home following Alex Oxlade-Chamberlain’s cross. Sevilla had taken the lead through Joaquin Correa, while Steven N’Zonzi’s long-range strike ensured a 2-1 win. But the Gunners still claimed the trophy on goals scored despite Sevilla winning both their matches. The La Liga side overcame Germany’s RB Leipzig 1-0 in their opener, while Arsenal beat

Benfica 5-2. Each team earned a point for every goal scored, meaning the Gunners finished top of the table. Lacazette was taken off 10 minutes after scoring against Sevilla as he appeared to be troubled by a leg injury, but manager Arsene Wenger said the change had nothing to do with that. Lacazette’s first goal for his new club came against Sydney FC in their pre-season opener. Arsenal face Chelsea in the Community Shield at Wembley on 6 August, before starting the Premier League season against Leicester City five days later.

Dressel Equals Phelps Record U.S. swimmer Caeleb Dressel equalled compatriot Michael Phelps’s record of seven gold medals at a single World Championships yesterday. Dressel secured his recordequalling feat as the United States won gold in the men’s 4x100 metres medley relay, in which he swam the butterfly leg. The 20-year-old had previously

won individual gold medals in the men’s 50m and 100m freestyle and 100m butterfly, as well as in the men’s 4x100m freestyle, 4x100m mixed freestyle and 4x100m mixed medley relays. Phelps, the most decorated Olympian of all time, won seven gold medals at the World Championships in Melbourne, Australia 10 years ago.

Mbappe

Ramos Happy to See Neymar Leave Barca Rival La Liga side, Real Madrid may be happy at the disintegration of the hitherto potent strike force of FC Barcelona following the very likely departure of Neymar. The indication is deduced from the reaction of Real Madrid’s hard tackling Sergio Ramos who was happy that the mercurial Neymar may have played his last El Clasico last Saturday night in Miami, US. Neymar swapped shirts with Ramos after Barcelona’s

3-2 win over Real Madrid in Miami, a move that has set the rumours swirling again. As reported by the UK’s Daily Express, Ramos said, “I don’t know (if the transfer will happen), everybody is free to decide their own future. “I hope it does happen, it’ll be one less problem for us”. Ramos continued, “I swapped shirts with him after the game and hopefully it’ll be the last one he’s worn for Barcelona.” Neymar’s present Manager

Ernesto Valverde believes Neymar will stay with the club and only he will decide his future. “I try to talk about things that are happening, not things that can happen,” Valverde said on Neymar after the game “We’re going to wait, but we think Neymar will help us this season. I see him here on the field and we hope he’ll stay.” Neymar failed to score in what may be his final appearance in a Barcelona shirt on Saturday night.

Spanish media reported yesterday that Neymar did not return with Barcelona after their Miami ICC expedition. He’s scheduled to travel to China for club and promotional activities. However, there were speculations that after the trip to China Neymar will visit Qatar to meet with PSG President Nasser Al-Khelaifi to close his signing with the French club. His medical is expected to happen at the Aspire Medical Centre in Doha, Qatar.

IAAF WORLD CHAMPIONSHIPS

Never Bet against Bolt, Says Ato Boldon Tips the Jamaican to bow out gracefully Former 100 metres world record holder Donovan Bailey has backed Usain Bolt to bow out in triumph at the IAAF World Championships starting on Saturday in London despite his slow buildup to the athletics showpiece. Bolt logged his season best of 9.95 seconds just over a week ago in Monaco, a time beaten by a raft of sprinters this year. But the 30-year-old Jamaican is still raging favourite to win his fourth 100m World title, and with good reason, according to former world and Olympic champion Bailey. “Anyone that bets against Bolt at a major championship isn’t smart,” the Jamaica-born Canadian told Reuters at the weekend. “Those athletes have to have a mistake-free race to make (the 100m final) interesting,” he said

Bolt of Bolt’s rivals. Bolt is currently ranked joint seventh with arch-rival Justin Gatlin on the year’s top timesheet which is headed by world leader and American NCAA champion Christian Coleman.

Coleman ran 9.82 seconds in Eugene, Oregon last month. Bolt’s Jamaican training partner Yohan Blake is second on the list with 9.90, ahead of South African Akani Simbine (9.92) and Americans Cameron Burrell and

Christopher Belcher. Former Trinidad and Tobago sprinter Ato Boldon, who won the 200m World Championship in 1997, thinks only Blake has a chance to spoil world record holder Bolt’s party in London. “If Blake is healthy, he can be a real threat to Bolt. I don’t know that anyone else this year has shown me that they can be better than Bolt in the last 50m,” Boldon told Reuters. Bolt, who has won eight Olympic and 11 world championship gold medals, is planning to quit the track after competing in the 100m and 4x100m relay in London. Boldon, a four-times Olympic medallist, said there could be no debate about the world’s greatest ever sprinter. “There isn’t anyone who can say that he (Bolt) has not been the best ever,” he said.

Monday July 31, 2017

UT H

& RE A S O

Price: N250

MISSILE NPA to Senator Hope Uzodinma “The NPA has reviewed the documents as requested by the Committee and has discovered that of the 29 items handed over to the NPA on July 20, 2017, only five vessels were identifiable. We discovered that the other 24 items are repetitions of the five vessels that were identified.” – The Nigerian Ports Authority (NPA) replying Chairman, Senate Committee on Customs, Excise and Tariff, Senator Hope Uzodinma on the alleged missing 282 vessels

UWIKORANDREW Re: Amaechi’s God Complex RIGHT OF REPLY

hen Shaka Momodu in his column, This Republic published on the back page of THISDAY Newspaper of Friday, July 21, 2017, wrote the titled article: “Amaechi’s God Complex”, what intention he strove to accomplished is lost in my imagination and perhaps those who have been ardent followers of his column as I have been. For the first time, I am wont to take divergence in his summations, which dialectics stilt largely from inadequate information at his disposal and set for a matter of public discourse that would further enrich our understanding of the so call ‘God complex’ in the enigma called Chibuike Rotimi Amaechi. Inadvertently put, Momodu’s Amaechi’s God Complex’s article could be deconstructed into two main frames: the mundane side of Amaechi and his spiritual side for proper perspectives in the understanding of the real meaning of the intentions of the author as reflected in the said article. What though is lost is what he intended to achieve with the mundane side of Amaechi and his spiritual side. Is there a nexus between the mundane side of Amaechi and the spiritual side of Amaechi? Can the mundane side enhance the political discourse in Rivers State in particular and Nigeria in general? Can the spiritual side of Amaechi further discourse in the Nigerian polity, nay Rivers State? Such are the thoughts that pressed on the subconscious mind that reads Momodu’s Amaechi’s God Complex. Taken in a superlative context, Momodu’s Amaechi’s God complex is, but a flight of adjunct superfluousness, measured and deliberately written to confuse, rather than enhance further discourse of how the personae Amaechi fit into the Nigerian contextual political landscape. Momodu’s Amaechi’s God Complex was written to foreclose similar minds that may be living in abstractions just as the author. The Nigerian political stage, just like any other is fluids with a lot of corridors and passages to take in whichever direction the politician wants to. What is certain is that the end result is not always certain. What, however, is certain is that the outcome defines who you are, good or bad. But it would be a curse if an individual fails to take the step. This can’t be said of Chibuike Amaechi, in all his political life. He took a step. The mundane side of Amaechi: permit me not to bore you with repetitive non essentials in the said write up. But the specifics of Momodu’s 240 lines article posit that Chibuike Rotimi Amaechi rose from the menial position of Personal Assistant to Dr. Peter Odili when he was a Medical Doctor to be made Speaker of the Rivers State House of Assembly for eight years and later Governor for another eight years. Momodu put this rise to godfatherism and a curious judgment of the judiciary. He dismissed Amaechi’s rise in the mundane sphere as the elevation of visionless people viz, plunderers, profiteers, gangsters with their manifest tendencies into position of leadership and authority. This, to me, is the height of indiscretion a columnist could publicly exhibit. Therefore, I beg to differ. I would rather think that Amaechi was made of the milk of humility when he accepted to serve as Personal Assistant to a Medical Doctor after graduation from the university. A position which neither adds to his personality; but definitely a subtraction, considering that he was the immediate past national president of NURSS. Albeit this, Odili must have seen a promising future in Amaechi when he offered him the job. I see

Amaechi a symbiotic relationship between Odili and Amaechi, rather than the nonlinear sight of Momodu. We are all living witnesses to the circumstances that led to the Supreme Court judgment of October 25 2007. There is no gain repeating the details, but rather to state that Peter Odili’s PDP era was a monolithic political order that almost foreclosed political space and anyone with ambition to climb the ladder. Politicians queued to show evidence of loyalty, service and respect for party leadership while party leaders lined up to give a nod of approval or disapproval. In this situation, one cannot challenge party hegemony. But Amaechi did and won. Why begrudge him for wining? It is distasteful to call a Supreme Court judgment curious! Let us not lose sight of a statement of the Supreme Court ruling which only stated that, in the eyes of the law, Celestine Omehia was the alter ego of Chibuike Amaechi. It therefore cannot be said that Amaechi did not contest election to be made governor of Rivers State. He did by proxy, so said the law. If there was any doubt as to who was the preferred candidate between Celestine Omehia and Chibuike Amaechi in 2007, that battle of supremacy or popularity was settled in 2011 when both stood election for APGA and PDP respectively and Celestine lost gallantly. Throwing up the 2007 Supreme Court Judgment at each time Amaechi’s name is mentioned, is but an intellectual laziness and is wont to add little or no value to the discourse. Amaechi’s challenge of the PDP’s hierarchy in 2007 and wining same was like a breath of fresh air after the stifling political space of the Odili’s era. The spiritual side of Amaechi: citing Chinua Achebe, Momodu stated: “Those who have their paths cleared by the benevolent spirits should not forget to be humble.” The best bet in this comment would be in the conclusion that one could smell a stint of jealousy in the ink of ShakaMomodu as he writes his Amaechi’s God Complex for his column, This Republic. In a politician like Amaechi, his strings of victories in politics are enough to evoke envy and petty jealousy in his foes and fans alike. When no one thought of challenging party hegemony, he did and won the Rivers State coveted governorship seat. He defied the PDP apparatchik and won the then governor’s forum chairmanship position. He was the fulcrum of the All Progress Congress (APC). As the Director General of the Buhari’s campaign organization, he superintended the defeat of Dr.Goodluck Jonathan; in the first ever transition from a ruling party to the opposition. His judicial victories are so infectious that politicians struggle to replicate them in all spheres. So enigmatic is his

name that it would not be out of place for Momodu to associate him with the God complex! Let me address the superlatives which formed the choice of words in the title. Momodu quoted Amaechi as saying: “In my capacity as the leader of APC in Rivers State, Abe cannot be the governorship candidate of the party in Rivers State in 2019. Abe has no character.” Momodu’s angst with the wording saw Amaechi playing God when this same Abe was his Secretary to the State Government and once feigned being shot for his sake. Momodu also pointed to other unsavory statements made by the former governor and the APC leader in the state concerning other party stalwarts. Taken on their face values, the wordings are very strong terms to describe the personality of the erudite Senator of the Federal Republic. But in truth, can those words be taken to mean the perceptions of what Amaechi holds of the person of Abe? Can such a speech, in this age of doublespeak, in the quick sand of Nigerian politics, be taken for real? I doubt lt. My only summation here is that Shaka Momodu has been taken in, in the doublespeak of Chibuike Amaechi and concluded that the words meant what they were. Perhaps, Abe’s reply would help as it seems that he best understood what his party leader meant when he stated that he has no character. Hear him speaking to his kinsmen in Ogoni recently: “Let me use the opportunity of this visit to address some issues in our great party, the APC in Rivers State and to say clearly for the record that there are no members of the party, including myself, that is disputing the leadership of my friend, the Rt. Hon. Chibuike Rotimi Amaechi. We are not disputing with him who is the leader of the party. He is the leader and will continue to be the leader of our party in Rivers State.” Abe understood Amaechi’s diatribes as accusing him of having no regard for his leadership of the party in Rivers State and publicly offered otherwise. Abe’s comment means he holds Amaechi’s leadership of the APC in Rivers State in very high regards. End of the matter. Again, Momodu wrote based on hearsay, as all that he quoted were not in public domain. It is obvious that both Abe and Dakuku have benefited from Amaechi’s political decisions over the years, and will not be surprised if he ever sounded that way. He knows how best to approach the enemy outside, particularly now that there is a crude, recalcitrant, formidable foe to contend with. So also, Amaechi who understands what it means and takes to be a Governor in Rivers state may not have made a mistake to have said that Abe do not have character. He knows that to have character, it means the support and the strengthening of the party by ensuring that everybody remains in one ship. Amaechi’s choice of words was apt in the face of decampments in the Rivers APC. One final comment that perhaps may point to some unsavory language used by Amaechi in the weeks of party realignment to himself may be in the matter put before him concerning the party, on which he needed to stamp his authority. This is contained in the press briefing given by the chairman of the party in the state, Chief Davis Ikannya. Perhaps, if Momodu has this clip, he would have thought otherwise in his write up. Said Ikannya: “After a careful appraisal of the political developments in Rivers State in the past two years, we have come to the conclusion that certain issues require special mention and documentation for the purpose of clear

understanding, direction and benefit of posterity, we note with shock a statement credited to a group that calls itself Rivers Elders Consultative Council led by a certain Dr. Granville Abiye Georgewill in which the said Dr.Georgewill disparaged the person of our respected leader and mentor, Rt. Hon. Chibuike Rotimi Amaechi, Honourable Minister of Transportation for allegedly facilitating a stakeholder meeting during the visit of Acting President, Prof.Yemi Osinbajo to Rivers State recently. We unequivocally state that the APC Family in Rivers State under the leadership of Rt. Hon. Chibuike Rotimi Amaechi remains solidly unified, cohesive and intact. We wish to warn that any person or persons in the family that may lend themselves to the machinations of the enemy will be doing a great disservice to the party. We urge the party to watch out for such persons and take appropriate disciplinary actions in established cases. We reiterate that the loyalty of each and every member of the All Progressives Congress, APC, in Rivers State is to the party, under the able-leadership of our great leader, Chibuike Rotimi Amaechi.” Ikannya’s central theme in his briefing was that the leadership of the party was disparaged and that there was a question of loyalty. Going into 2019, the APC cannot win the ultimate prize with a disparaged leadership with a dubious claim on loyalty, hence the grand standing of Chibuike Amaechi. As a matter of hindsight, the APC Rivers State is standing on three powerful tripods that does not auger well for it to remain one. The first tripod belong to the Honourable Minister of Transportation, Rotimi Amaechi; the second, Senator Magnus Abe, senator representing Rivers - East Senatorial District in Nigeria’s 8th Assembly and the third, the Director- General of the Nigerian Maritime and Safety Agency, NIMASA, Dr.Adol Dakuku Peterside. Between the last two tripods, Abe and Peterside, the heat generated for their gubernatorial ambitions by their supporters almost tore the party in the state apart. With the state leadership seemingly unable to whip party faithful in line for sanity to prevail, the leadership of the party reverts to their national leader Chibuike Amaechi to stem the tide of disaffection and desertions plaguing the party. Amaechi’s welding of the big stick against Abe and other senior party members was to create a level playing field in the party as the party plots to wrestle the state from the PDP. The strategy may not have been sanguine, but for now, sanity has returned to the state APC. For 16 consecutive years Chubuike Rotimi Ameachi pulled the strings and weathered the political storm in Rivers State leaving his name on the sands of time. No wonder at the Federal Ministry of transportation where he currently superintends over, is on the fast track of uncommon development. No thanks to his sense of commitment and dedication, dotted by his vision and spirit of doggedness. Be that as it may, one would have wished that Shaka Momodu’s Amaechi’s God complex have narratives that would further national discourse rather than personality talks, because whenever political discourse is God centered, it becomes futile to progress forward or build consensus. Momodu’s God centered approach in the Amaechi’s monologue abruptly ends the narratives, thereby defeating the purpose for which it was meant to serve or achieve. In this, Momodu’s Amaechi’s God Complex failed in the narrative, hence losing the point. r .S "OESFX B QPMJUJDBM BOBMZTU XSJUFT GSPN 1PSU )BSDPVSU 3JWFST 4UBUF

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