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Banks in Dilemma as Customers, Investors Shun Deposits for Treasury Bills CBN, NCC to tighten conditions for sim swap Extends BVN enrolment deadline for MFBs, others' customers Obinna Chima Nigerian banks are currently finding it extremely difficult to mobilise deposits from institutional investors such as

Pension Fund Administrators and insurance companies as well as individuals due to the attractive treasury bills yields.

The increasing awareness of the opportunities in the

treasury bills market is seeing a lot of banks lose deposits to fixed income investments.

This is because most investors and bank customers now benchmark interest rates

on term deposit against treasury bills rates.

THISDAY findings showed that those affected most are the Tier 2 banks as they are finding it difficult to meet the

demand of the fund holders.

But the Tier 1 banks are not under such pressure, THISDAY learnt.

The cash squeeze in the market clearly manifested

in the interbank lending rate which increased to 23 per cent on Friday from five per cent the preceding Friday.

Continued on page 10

Arik Faces Maintenance Challenges over Paucity of Funds‌ Page 12 Monday 7 August, 2017 Vol 22. No 8145. Price: N250

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Kachikwu: Nigeria Lost $60bn to Non-enforcement of PSCs with Oil Majors Ejiofor Alike

MAKING HISTORY...

Chairman, Board of Trustees, SystemSpecs, Dr. Christopher Kolade; Managing Director, SystemSpecs, Mr. John Obaro; former Governor of Ogun State, Otunba Gbenga Daniel; and former CEO, Nigerian Communications Commission (NCC), Mr. Ernest Ndukwe; at the oďŹƒcial launch of Remita App in Lagos...recently

Nigeria lost close to $60 billion to the non-enforcement of the terms of Production Sharing Contracts (PSCs) signed between the federal government and the international oil companies (IOCs) in 1993, the Minister of State for Petroleum, Dr. Ibe Kachikwu, has said.

The 1993 PSC provides that royalties paid by the IOCs on oil blocks located in deep water should be reviewed upward when crude oil price exceeds $20 per barrel.

Unlike in a joint venture arrangement where the Continued on page 12

Bloody Sunday in Anambra as Gunman Kills Scores in Church Buhari, Saraki, Dogara, CAN condemn killings, demand justice for victims

Omololu Ogunmade, Onyebuchi Ezigbo, Damilola Oyedele, James Emejo, Senator Iroegbu in Abuja, Benjamin Nworie in Abakaliki and David-Chyddy Eleke in Awka Scores were left dead and many others injured yesterday as a gunman invaded St. Philip

Catholic Church Ozubulu, in Ekwusigo Local Government Area of Anambra State and opened fire on worshippers that were at the morning mass of the church.

Although the state Police Commissioner, Mr. Umar

Garba, said 11 persons were killed and 18 others injured in the incident, eyewitnesses told THISDAY that scores were killed, while several other wounded persons were taken to Nnamdi Azikiwe University Teaching Hospital (NAUTH),

Nnewi.

The killings received huge umbrage yesterday as many sympathisers condemned the violence and called for justice for the victims.

Among the early commentators who said

the perpetrators must be brought to book instantly were President Muhammadu Buhari; Senate President, Dr. Bukola Saraki; Speaker of the House of Representatives, Mr. Yakubu Dogara; Anambra State Governor, Chief Willie

FG Withdraws Nomination of Two ICPC Board Members... Page 57

Obiano; Minister of Labour and Employment, Dr. Chris Ngige; and President of Christian Association of Nigeria (CAN), Rev. Samson Ayokunle.

The motive for the killings remained hazy yesterday even as there were unconfirmed Continued on page 10

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PAGE TEN BLOODY SUNDAY IN ANAMBRA AS GUNMAN KILLS SCORES IN CHURCH reports that the gunman might have raided the church in search of a suspected drug baron, who reportedly made his way out of the service, following a tip-off from his informant that the invader was coming for him.

State police boss Garba told reporters in Awka yesterday that investigations into the incident had begun and played down the casualty figures, putting the dead at 11 and the injured at 18.

He said only one gunman carried out the attack and rest assured the public that the police was on top of the situation.

Angry reactions came in torrents last night with President Muhammadu Buhari leading the way from London where he is recuperating after a bout of sickness. He described the killings as "an appalling crime against humanity and unspeakable sacrilege."

A statement by the Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, said: "There was no justification whatsoever to target Church worshippers and kill them in cold blood."

According to him: “This kind of atrocity plumbs the depth of depravity and extreme cruelty of the kind that words cannot adequately express."

The statement further stated

that "all Nigerians must rise up and speak with one voice against these remorseless evil men," noting that every religion lays "constant emphasis on sanctity of life."

While expressing his deep felt sympathy with the families of the victims, the church leadership and the government of Anambra State, Shehu said Buhari reassured all Nigerians of his administration's firm and uncompromising commitment to protect their lives and property at all times.

Reacting moments after the news of the attack broke, Governor Obiano condoled with families of the dead and injured.

He visited the crime scene and said preliminary security investigations showed that the shooting was caused by a feud between two brothers from the community living outside Nigeria.

"This is sacrilegious, totally unacceptable in Anambra State," Obiano said.

The deeply saddened governor asked the people to go about their businesses without fear or panic noting that the incident was an isolated case of security breach, which must be thoroughly investigated and the perpetrators must be brought to book.

"We can't allow this to happen in Anambra, we must get everyone involved to face the music," the governor said.

Obiano also visited the teaching hospital at Nnewi where the injured were being treated.

He thanked the over 50 doctors who were on the ground looking after the injured and promised their families that the state government would pay all the medical bills of the victims.

Saraki and his deputy, Senator Ike Ekweremadu, condemned the killings and called on security agencies to ensure that the perpetrator and their collaborators were apprehended and made to face the full wrath of the law.

In a statement by his Special Adviser on Media and Publicity, Mr. Yusuph Olaniyonu, the Senate president described the killer as the “purest kind of evil.”

He said: “Today, my heart goes out to Nigeria’s Christian community, Governor Willie Obiano, the people of Anambra State and the families of the victims and the survivors of this terrible massacre. This brutal act of attacking innocent and unsuspecting worshippers represents the purest kind of evil.

“Our security forces must not stop until everyone involved in the orchestration and execution of today’s massacre in St. Philip’s Catholic Church, Anambra are brought to book by the strong arm of justice,” Saraki

warned.

He said the Senate would offer all the necessary assistance that would bring the perpetrators to justice.

The Senate president also urged security agencies in the country to step up intelligence gathering to avert such crimes and to unravel any crime committed against Nigerians by undesirable elements in the society.

Similarly, Ekweremadu in a statement said the attack was beastly and sacrilegious, describing the day as a black Sunday for the people of the state and for Nigerians.

“I received with deep grief the news of the bloodcurdling killings at the St. Philip’s Catholic Church, Ozubulu today. It is indeed a black Sunday and the act is most sacrilegious and condemnable,” he said, adding: “My heartfelt condolences go to the Government and good people of Anambra, especially the bereaved families and the Church. I also pray God to grant the deceased a peaceful repose, and the wounded a quick recovery.”

He said the dastardly act brought to the fore, the need to re-engineer the nation’s security system, especially the policing system, to arrest the rising wave of violent crimes in the country.

Speaker Dogara condemned the attack, describing it as abominable, barbaric,

inhuman, and the height of wickedness.

In a statement by his Special Adviser on Media & Public Affairs, Mr. Turaki Hassan, he said his heart was broken by the sad news of the massacre of innocent worshippers in cold blood by people he described as "sons of perdition whose souls will rot in hell."

He said: "Have we lost our humanity? Where is the place of the sanctity of life and sacredness of worship places in our society? What offence did the worshippers commit to warrant their massacre in cold blood by wicked souls and heartless men?"

He said the increasing insecurity in the country was reducing the country to the state of nature as life was increasingly becoming cheap.

Dogara reiterated his call for the overhaul of Nigeria's policing architecture that would lead to the reform of the police, equip them with modern and sophisticated gadgets so as to discharge their duties of protecting lives and property effectively and ensure social order in the society.

He called on security agencies to fish out the perpetrators of the heinous crime and bring them to justice speedily even as he extended his heartfelt condolences to families of the victims, the people and government of Anambra State, Nigeria and the Catholic Church over the

sad and unfortunate incident.

The Chairman of the South East Governors Forum and Governor of Ebonyi State, Chief David Umahi, described the attack as ungodly.

In a statement by his Chief Press Secretary, Mr. Emmanuel Uzor, the governor condoled with the Government of Anambra State and the entire Catholic faithful of Nnewi Catholic Diocese as well as families of those that lost their loved ones, calling for a proper investigation to unravel the true cause of the carnage at the church.

He expressed shock at the level of wickedness exhibited by the unknown gunman.

Umahi said: "This type of wickedness has further opened fresh wounds in our souls and further pointed to the dynamism of human existence. I, on behalf of the good people of Ebonyi State, condemn the wanton killings recorded yesterday in a Church in Anambra State.

It shows how wicked our generation is drifting into.

The killing of the innocent worshippers is condemnable and I call on security agencies to intensify investigation to unravel the true cause of the carnage."

The CAN president, Rev. Samson Ayokunle, condemned the attack in a statement yesterday by his media

up to a service provider and claim to be the owner of the line. Most often, they have studied that number and they have collaborators, probably in the bank.

“And because the process for doing a change of sim is so loose, the telecom company would change the sim for the person and so he assumes the phone number.

“What does he do? He puts the sim in another phone and starts using the USSD to make transfers out of the account into another account.

So, we are working with the NCC to tighten the process of sim swap. It may include biometrics and a unique number may be required," he added.

According to Fatokun, over the last three years, the cases of electronic fraud in the country has reduced.

This, he attributed to the introduction of Bank Verification Number (BVN).

Fatokun added: "The game changer is the BVN. It is not only helping us to identify who owns what but going forward, just as it was announced by the Bankers’ Committee at the last meeting, the BVN would be used as an instrument to track fraudsters in the system.

“When electronic fraud happens, money is moved from one account to another account. That other account that money is moved to, the owner can be identified.

And when such owners can be identified, they can be blacklisted or watch listed.

“It means that fraudsters can be identified and if possible taken out of the system. So, the BVN is going to be a game changer in the respect.

We are working on the final framework and when it is concluded, it would be issued to the industry."

Fatokun cited the 2016

World Payments Report to have revealed that global non-cash (electronic payment) transaction volumes grew at 8.9 per cent to reach 387.3 billion in 2014. The increase was mainly driven by accelerated growth in developing markets.

The report also showed that cards have been the fastest growing payments instrument since 2010, as cheque use has declined consistently and significantly. It stated that debit cards accounted for the highest share (45.7%) of global e-payment transactions and were also the fastest growing (12.8%) payments instrument in 2014.

Global non-cash volumes were estimated to have grown by 10.1 per cent to reach 426.3 billion in 2015, aided by high growth in emerging economies across the world, including Africa.

Continued on page 12

BANKS IN DILEMMA AS CUSTOMERS, INVESTORS SHUN DEPOSITS FOR TREASURY BILLS The Nigerian Treasury Bill currently offers a unique investment opportunity to Investors. It offers security and guaranteed premium returns to its investors.

Last week, the 364-day instrument offered by the Central Bank of Nigeria (CBN) recorded excess subscription to the tune of N91.1 billion, whilst the CBN allotted N136.5 billion at a stop rate of 18.5 per cent relative to the offered amount of N120 billion.

The 91-day (offer amount: N29.1billion; subscription: N26.1 billion) and 182-day (offer amount: N80 billion; subscription: N69.75 billion) instruments were however undersubscribed, whilst the CBN allotted N23.2 billion and N69.57 billion at stop rates of 13.4 per cent and 17.4 per cent respectively.

An analyst at Ecobank, Mr. Kunle Ezun, who confirmed the situation in the money market, said the banks are feeling the brunt now.

“A lot of the PFAs, insurance companies and individuals are not willing to do term deposit again. They prefer doing treasury bills.

“If they do term deposit, they get around seven per cent interest. But they can get as high as 18 per cent from treasury bills. A lot of the banks today are losing deposits because of this.

“What the PFAs are saying is that if you cannot match treasury bills, bring back my money. Individuals are also saying: if you can’t give what treasury bills will give me, I am not going to save money with you.

“If banks don’t have deposits, they can’t give loans.

The few banks that are ready to match treasury bills rates are doing that at a cost.”

The Chief Finance Officer, Wema Bank Plc, Mr. Tunde Mabanwoku, also confirmed

the challenge currently faced by the Tier 2 banks.

Mabanwoku explained: “What we see now is that customers are increasingly benchmarking treasury bills rates. So, when customers come in that they want to do fixed deposits and you tell them its 12 per cent, they would be comparing what you tell them with treasury bills rates.

“So, customers are becoming a lot more aware of what is happening out there and they are saying if they can put their money in treasury bills at 17 per cent, why should they put their money in a bank at 12 per cent.

“So, banks have had to increase their cost of deposits just to match or get close to the sovereign rate.”

Also, the Managing Director, Afrinvest Securities Limited, Mr. Ayodeji Ebo, disclosed that owing to the opportunities in the treasury bills segment, foreign exchange speculators who had converted their naira to the dollar are now re-converting the greenback, back to naira in order to invest in fixed income securities.

He said those that doubted the ability of the central bank to sustain its intervention are now convinced that the banking sector regulator has enough ammunition to sustain its foray in the market.

He said: “People have been observing the development in the forex market. We have observed for over four months, the CBN has continued to emphasise that they would continue to intervene.

“In addition to that, despite the frequent intervention by the CBN, the reserves have also not been depleting. So, that has boosted confidence.

“Also, if you look at the volume of transactions in the Investors and exporters’ window, that has also

increased and we have seen banks now re-introduce their naira cards for dollar transactions.

“So, those people that were trying to take arbitrage opportunities, especially those that entered when the dollar was as low as N400-N500, are trying to cut their losses by investing in risk-free investments like treasury bills.

Luckily for them, the interest rate is also very high.”

Nigeria's external reserves stood at $30.927 billion as at August 3.

CBN Extends BVN Enrolment Deadline Meanwhile, the CBN has extended the deadline for the registration of Bank Verification Number (BVN) for customers of microfinance banks (MFBs), mortgage banks and other financial institutions (OFIs) under its regulation to December 31, 2017.

The deadline had expired 31st July 2017.

The CBN stated this in a circular posted on its website at the weekend that was signed by its Director, OFIs, Mrs. Tokunbo Martins.

It said part of its reasons for the extension was to support better compliance and avoid further financial exclusion.

It added: "As you are aware, the deadline expired 31st July, 2017, and consequently several OFIs are in breach of this regulatory directive.

"However, due to conscientious efforts noted, the CBN is disposed to acceding to the appeals received from the Financial Inclusion Secretariat, the National Association of Microfinance Banks, and members of Mortgage Bankers Association of Nigeria, soliciting for a shift in the deadline to support better compliance and avoid further financial exclusion.

"The various challenges encountered in the early stage the deployment of the joint CBN/NIBSS support to members of the NAMB have also informed management decision. In this regard, management has approved an extension of the timeline to December 31, 2017, to enable all OFIs to continue with the BVN enrolment and report progress,” the statement said.

Among other things, the central bank urged OFIs to ensure that all customers are enrolled on the BVN platform utilising appropriate KYC requirements before the expiration of the fresh deadline.

Meanwhile, the CBN Director, Banking and Payments System Department, Mr. ‘Dipo Fatokun at the weekend disclosed that the central bank and the Nigerian Communications Commission (NCC) would soon make regulations to tighten the process of sim swap for telecom subscribers.

Fatokun disclosed this in a presentation titled: “Electronic Payments Industry’s Performance and Regulatory Issues,” which he made at a bi-monthly forum organised by the Finance Correspondents Association of Nigeria (FICAN) in Lagos.

The CBN director said the initiative would help in checkmating the activities of fraudsters, saying that some of the incidences of fraud in the industry emanate from sim swap.

He said: "We have heard of instances where people would say for three days my phone did not work.

And because many of us carry more than one phone, if one is not working, at least one will work.

“So, what they (fraudsters) do is that they swap your phone. That is, they just walk

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NEWS

Arik Faces Maintenance Challenges over Paucity of Funds Chinedu Eze Nigeria’s biggest carrier, Arik Air, is facing maintenance and safety challenges as it has failed to ferry its aircraft that are due for various categories of checks overseas for maintenance.

Last week, one of the two engines of its aircraft, Boeing 737-800 shut down while it was about to land at the Murtala Muhammed Airport, prompting the pilot in command to call for May Day (emergency).

The Nigerian Civil Aviation Authority (NCAA) confirmed the incident and said it had handed it over to the Accident Investigation Bureau (AIB) for further investigation.

THISDAY investigations revealed that out of nine aircraft due for maintenance, the company was able to take one to Maintenance Overhaul and Repair (MRO) facility in Lithuania and last week, inspectors had travelled to the facility to inspect it and it is expected to return to Nigeria today or tomorrow.

Before the aircraft was ferried out for maintenance, THISDAY gathered that NCAA had given the airline three extensions after it was due for checks and the engineers who worked on the aircraft at the repair facility discovered

corrosion when they opened the aircraft.

Inside sources told THISDAY that before Arik was taken over by Asset Management Corporation of Nigeria (AMCON) in February, world renowned Lufthansa Technik was maintaining the aircraft and the airline was taking its fleet to well-known MRO facilities in Europe; albeit at relatively higher cost, but due to paucity of funds, the new management of the airline had to take it to the Lithuania facility, where the cost is relatively cheaper.

But a source from the airline who confirmed the engine shut down incident last week, told THISDAY that the maintenance facility in Lithuania had the approval of NCAA and there was no way the airline could take its aircraft to maintenance facilities that were not approved by the regulatory authority.

The informed source said Arik wanted to renegotiate the agreement with Lufthansa Technik but the German company offered its service at a quotation the new management felt it could not afford and before contacting Lufthansa, the management had considered taking the aircraft to Ethiopia Airlines and Egypt Air maintenance

Arik aircraft facilities in Addis Ababa and Cairo respectively.

Before now, Arik Air maintained a very high safety record and few months after AMCON took over the management of the airline, it had significantly improved its on-time performance, but due to paucity of funds and the failure of the federal government to continue to support the airline financially, the airline is facing the current maintenance challenges.

THISDAY learnt that the Ministry of Transportation

had directed NCAA to support Arik and relax stringent measures for the airline in order to help it to operate, hence the alleged three extensions given to the airline when its aircraft were due for maintenance.

But the spokesman of NCAA, Sam Adurogboye, told THISDAY that government had never interfered on issues that border on safety in NCAA; therefore, such directive could not have changed anything because if Arik compromised on safety it would still be given

the appropriate sanctions.

He said: “There is no question of protecting Arik.

Nigeria obtained US Federal Aviation Administration (FAA) Category One Safety Status and during the audit, Arik was used. FAA officials are due to visit soon and they may request to use Arik again, so we cannot afford to compromise our standards. We cannot allow anything outside the rules, no matter who is involved or what airline that is involved.

“As far as the MRO is

shortlisted in our AMO (Approved Maintenance Organisation) the MRO facility in Lithuania is qualified to maintain the Arik aircraft. On the engine shut down incident; may be, the pilot decided to take a precautionary measure that was why he called for May Day, which is the right thing to do. But I wish to say that there has never been any Minister or any directive from the Presidency that has ever interfered with our safety measures and standards,” he clarified.

as well as other parts of the country to provide adequate security in places of worship to forestall a repeat of this unfortunate incident," he said.

In its reaction, the Human Rights Writers Association of Nigeria (HURIWA) condemned the killings, saying it is a further evidence of the failure of federal policing.

In a statement by its National Coordinator, Mr. Emmanuel Onwubiko, and the National Media Affairs Director, Miss Zainab Yusuf, HURIWA said it was absolutely unacceptable that humongous budgetary releases were made towards

maintaining armed security forces in Nigeria but when the occasion called for the operatives to exercise their lawful obligations of safeguarding the lives and property of citizens, they were always found wanting.

“The serial and spectacular inability of Nigeria's federal police to secure Nigerians all across the length and breadth of the country supports the urgency of now to bring about the state policing institutions to be composed of well trained, well-motivated and well-mobilised police operatives to secure all parts of the country,” it said.

under which they would return the money.

According to him: “For countries that have not saved and we (Nigeria) haven’t saved – we haven’t saved sufficiently. I was meeting with my colleagues from the UAE and Saudi Arabia and sometimes, I am ashamed to say what I have in my reserves because when I am celebrating $30 billion, they are celebrating reserves in excess of a trillion dollars in some countries. So, I wonder what happened because we earned fairly closed to what most of these countries earned. But they managed to save a lot; they managed to invest externally. Saudi Arabia started to invest in filling stations in the US in the 1980s. At that time, nobody thought that was a concept but they began to invest massively in filling stations development in the downstream. The UAE also began to invest very massively in hedge funds and buying out property all over the world,” Kachikwu said.

“So, countries who were

smart enough invested their monies right and today, they can be cushioned by those investments. Unfortunately, we (Nigeria) didn’t, but we did one thing: we sucked out a lot of our money; a lot of fraud; a lot of diversions; a lot of our money is sitting in countries where we can’t even find them and even when we find them, they give us conditions under which they are going to return this money. We went through processes recently with a country that wants to return our money giving us terms where the money will be invested. This was our money, by the way, but you know, we so belittle ourselves with what we have done with oil proceeds that nobody in the world can give us respect.

And that is why the efforts of President Muhammadu Buhari to focus on corruption is very key,” he explained.

He said with the efforts of OPEC, oil price had been stabilised between $45 and $55 per barrel, adding that the target of OPEC is $60 between 2017 and 2018.

BLOODY SUNDAY IN ANAMBRA AS GUNMAN KILLS SCORES IN CHURCH aide, Pastor Bayo Oladeji, and commiserated with the Catholic Secretariat of Nigeria, Obiano and the families of the victims of what he described as unwarranted, senseless and wicked killings.

He said: "What are these silly gunmen here and there turning our nation to be? Whatever may be the reason or reasons for this dastardly act cannot justify this criminal jungle justice.

Without a doubt, the act is a madness that all of us must condemn in strong terms.

"I urge the Federal Government through the Inspector General of Police, Ibrahim Idris, in particular,

to address the issue of proliferation of arms and ammunitions so as to make our world safer," he said.

Ayokunle said the perpetrators must be brought to book without delay, adding: "Enough of these killings in the country."

The Peoples Democratic Party (PDP) in a statement by its spokesman described the attack as barbaric.

It said: "This invasion is indeed barbaric, sacrilegious and a serious indication that our society is fast degenerating into a state of anomie with total moral collapse and utter disregard for the sanctity of human life.

"We sympathize with the Governor of Anambra State, Chief Willie Obiano and the entire people of the State; and in particular, worshipers of St. Philips Catholic Church and families of the Victims.

We wish those injured quick recovery; and may the Souls of the departed rest in the Lord, Amen.

"The killings are a call for moral rearmament by all and sundry. It is also a wake-up call for the government to do more in the area of protection of lives and property".

The All Progressives Congress (APC) also condemned the Killings, saying it was barbaric.

Its National Publicity Secretary, Malam Bolaji Abdullahi, in a statement yesterday commiserated with the Catholic Church in Nigeria and the government and people of Anambra State.

It said: "The APC condemns the barbarism displayed by the callous attackers who gunned down defenceless people while they worshipped.

"The Party calls on security agencies to ensure that the perpetrators of this heinous crime are promptly apprehended and brought to justice.

"The Party also calls on security agents in Anambra

KACHIKWU: NIGERIA LOST $60BN TO NON-ENFORCEMENT OF PSCS WITH OIL MAJORS Nigerian National Petroleum Corporation (NNPC) and the IOCs contribute the production costs in the ratio of their stakes in the JV companies, only the IOC in a PSC bears the exploration and production costs, and recovers the costs if oil is discovered in commercial quantities, otherwise it loses its investments.

The federal government had in 1993, awarded some oil blocks in the deep water to the IOCs under PSCs and also provided generous fiscal terms to the oil majors as a result of the high risks involved in exploring in the deep water.

By the terms of the PSCs, the royalties to be paid by the IOCs depend on the depth of the water where oil is found.

THISDAY gathered that for water depths ranging from 205-500 metres, the royalty is 12 per cent; for 501-800 metres water depth, the royalty is eight per cent; for 801- 1,000 metres, the royalty is four per cent and for water depths of above 1,000 metres, the royalty is zero.

However, fortunately for the IOCs, oil was discovered

in water depths of above 1,000 metres in all the five deep water oilfields that came on stream between 2005 and 2010 – Shell’s Bonga, ExxonMobil’s Erha, Chevron’s Agbami, and Total’s Akpo and Usan fields, which implies that these IOCs pay zero royalties to the federal government in these prolific fields.

It was also learnt that even though the PSCs also stipulate that the royalties shall be reviewed upwards when oil price exceeds $20 per barrel, the federal government did not take advantage of this provision to enforce the review, thus leading to loss of huge revenues.

In a remark at the justconcluded 2017 conference of the Nigerian Council of the Society of Petroleum Engineers (SPE), Kachikwu stated that close to $60 billion was lost as a result of nonreview of the PSC terms.

Kachikwu blamed the country’s lack of commitment to enforce the PSC terms on the failure of some people to do their jobs.

He pointed out that there

were a lot of inefficiencies in Nigeria’s oil and gas sector, which had benefitted all the stakeholders, including the IOCs. He said: “When people say we have a bit of time to change, we really do not have any time. At best, we probably have not more than five years to make very dramatic decisions in this country in this field. And what are those decisions? First, the policy is going to be very bold and very consistent and very long term. It is not going to be a policy that changes, with the coming of any new regime trying to tinker with the process. People must know the basis upon which they invest and all that is a 25 to 30-year period; it is not a five-year, 10-year period.

Nobody invests money in oil and waits for five-year or 10-year returns. So, we are going to look at very long term policy directions.

“The second issue is the fact that we must deal with the inefficiencies within our system, whether it is embedded within our national

oil company and parastatals or the ministries, or embedded in the private oil companies, the reality, whether we accept it or not, is that every side has benefitted from this lack of efficiencies. A country where after the prices of crude oil moved past $20 – we couldn’t even enforce the PSC requirement terms that could enable us to negotiate with the multinationals to plough back what has been calculated as close to $60 billion of monies paid to the oil companies that didn’t get into Nigeria because people didn’t do their work. That is the level of inefficiency that we had,” Kachikwu lamented.

Kachikwu added that the country’s problem was aggravated by her failure to save during the oil boom, stressing that while other countries had saved, Nigerians stole the oil proceeds and kept them in countries where the money could not be found.

According to him, even the countries where some money was found are giving the country the conditions

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COMMENT

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

REDEFINING LAND ADMINISTRATION IN LAGOS The state government is harnessing land resources for the good of the people, writes Temilade Aruya

T

he attendant issues and problems associated with land acquisition and ownership including land registration, obtaining title documents for landed properties such as Certificate of Occupancy and the likes is fast becoming a thing of the past in Lagos as the State’s Lands Bureau is now better reposition to manage land resources.

The state is currently upgrading and redesigning the layout and business process within the land registry, in order to maintain the highest level of security and integrity of the title documents. Also with the introduction of the Electronic Documentation and Survey Plans System (EDMS), which scans and archives land documents and survey plans into a searchable and interlinked data, land registration becomes smoother and more efficient.

To further enhance the system, Lagos State Governor, Mr. Akinwunmi Ambode, wants obtaining of certificate of occupancy to be with ease and as such has signed cumulatively, since inception of his administration, a total of 4,445 electronic certificate of occupancy. The state is fully implementing the “Lagos State Land Registration Law 2015” in line with the provisions of the extant law with respect to the loss or destruction of certificate of occupancy. It has replaced the Memorandum of Loss with “Extract of Title Document”.

Similarly, on August 15, 2016, the state signed into law the “Lagos State Property Protection Law”, followed by the creation of the special task force with the aim of putting a stop to the nefarious activities of Land Grabbers (Omo onile) who made life impossible for land owners and prospective land owners.

To complement this effort and further stem the unwholesome activities of land grabbers in the state, the government also commenced the implementation of Section 89-92 of the Lagos State Land Registration Law which aims at registering all authorised family land representatives in Lagos who have the exclusive rights to dealing on family land. This, of course, will go a long way in helping prospective buyers to verify the relevant family representatives at the land registry to discover the person authorised to execute relevant deeds and invariably enhance the security of title in the registry.

Furthermore, the Lagos State Government understands the importance of all stakeholders in land administration and management and so started the quarterly interactive forum which affords all stakeholders the opportunity to interface with the state’s lands team consisting of the Lands Bureau, New Towns Development Authority and the Office of the State Surveyor-General to chart a course to further enhance the reforms embarked on and continuously ease the process of land administration in the state.

In the spirit of the Ambode administration all-inclusiveness policy, the

ANOTHER INNOVATION IS THE CREATION OF THE DEDICATED HELP-DESK FOR ABANDONED/ UNCOMPLETED APPLICATIONS AND COMPLAINTS VIA THE CITIZEN GATE PORTAL. IT IS AN INTEGRAL WEB AND MOBILE-BASED PLATFORM THROUGH WHICH LAGOSIANS CAN LODGE FEEDBACKS WITH THE LANDS BUREAU ON VARIOUS SERVICE PROVIDED AND RECEIVE FASTER RESPONSES

state government has continued to carry along stakeholders, promptly informing and educating them on changes, reforms and opportunities within the sector. Another innovation is the creation of the Dedicated Help-Desk for abandoned/uncompleted applications and complaints via the Citizen Gate Portal. It is an integral web and mobile-based platform through which Lagosians can lodge feedbacks with the lands bureau on various service provided, receive faster responses on service and interact with government via web www.citizensgate.lagosstte. gov.ng and download mobile App from Google Play Store and Apple Store.

In response to the demands of a 21st century mega city like Lagos, the state government in line with its determination and commitment towards efficient land administration and management and the drive to rapid urbanisation, has put in place these effective and dynamic reforms to reposition land resources for the benefit of Lagosians.

To further eliminate challenges associated with redundant data, increase accuracy, reduce manual entry errors and streamline the entire workflow process in the bureau, the Ambode led administration has approved the deployment of integrated land administration and automation system which includes the Geographical Information System to fully sync end to end land administration platform for sustainable and automated environment to effectively reduce silos of information that exist across departments and agency with the bureau.

The Integrated Land Administration and Automation System is a suite of technology modules that can conduct rapid inventory of land rights, automate/manage land records, create/maintain integrated geographical data accurately, and fairly value any property.

In view of the importance of land to everyone and the need to continuously ease the process of land administration for better service delivery in the state, it becomes expedient to harness the land resources for the good of the state and ultimately the benefit of the people.

Similarly, the lands bureau, being the second highest revenue earner in the state with a gross earning of N2O.8 billion in 2016, revenue which exceeded the bureau’s budget for the period by 45%, it becomes even more expedient that concrete steps be taken towards the efficient and sustainable land management and administration.

Indeed, with government’s commitment to increasing the Gross Domestic Product of the state and actualising a seamless means of doing business by giving easy access to land acquisition, it is believed that measures to further upgrade service delivery through smarter use of information technology will enhance revenue performance and service delivery.

Aruya is of the Ministry of Information & Strategy, Alausa, Ikeja.

REINVENTION IN THE SAHEL

A’isha M. Bello writes that Governor Ganduje of Kano is doing remarkably well

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overnor Abdullahi Umar Ganduje’s pedigree placed him far ahead of other contestants who wanted to govern Kano, Nigeria’s centre of commerce, in 2015. Firstly, he was a deputy governor in the preceding government. His acquaintance with the government institutions and people in the state gave him that rare privilege of understanding the major challenges of Kano State economy, and specific constraints being faced by players in different economic sectors, private and public institutions, regions and professional bodies.

Secondly, Governor Ganduje is well read. He has chains of degrees, including a PhD to his credit.

He also has a very rich professional experience spanning private business and public service, before joining politics. He was a personnel manager with Nornit Limited Kano for two years. In the public sector, he served as an education officer; a lecturer and later as an administrative officer with the Federal Capital Development Authority (FCDA), where he rose to become the director of planning, research and statistics. He was at a time a member of the Nigerian Civil Aviation Authority (NCAA); chairman, Federal Polytechnic; and the Executive Secretary, Lake Chad Basin Commission at Ndjamena, Chad Republic.

With his wealth of experience, he anchored his manifestoes on 12 different programmes, including: compulsory education; establishment of due process bureau; housing; regional water scheme; agriculture; health service and war against drug abuse; security; boosting internally generated revenue (IGR) and reinvigorating the Kano master plan, among others.

No matter how brilliant the ideals of any administration, they will only fly on the wings of regular and sustainable revenues. This means the issue of financial sustainability must be addressed as a matter of priority. He, therefore, reformed the State Board of Internal Revenue into a more professional agency to enhance revenue generation.

In addition, his approaches were quite simple and straightforward. He brought in professional accountants, tax administrators, practitioners well

versed with the technicalities of taxation for both the public and private sectors.

These innovations have started to pay off. In the last fiscal year, the state’s IGR rose a record 127 per cent to N31 billion in 2016 up from N13.61 billion in 2015. This feat was unique in the sense that between 2012 and 2014, Kano’s annual IGR stood at N13.95 billion on the average.

An idle mind is the devil’s workshop, so says the sage. If past findings have linked poverty with insurgency and other vices, then, any administration not focusing on job creation must have its programmes re-evaluated. So far, 1,857 teachers have been employed by the state’s ministry of education; 874 practitioners recruited into different units within the health ministry while 1,036 individuals employed into the state’s security outfits, Corporate Security Guards. Above all, 1,715 temporary employees under the ministry of education have been converted into permanent and pensionable status.

As an academic and a former education officer, Governor Ganduje was well equipped with the passion and knowhow to address the challenges of the education sector. He chose his projects in this sector very carefully. The teaching staff were the first port of call. Since the quality of students is linked to the level of education of the instructors, Governor Ganduje’s administration started by training and retraining the basic education teaching staff. This was supported with the release of matching grant to the Universal Basic Project (UBE) and counterpart funding for the Sustainable Development Goals (SDGs) as well as the renovation of schools while teaching materials are provided to schools across the 44 local governments in the state. The tertiary institutions in the state especially the Northwest University and Kano University of Science and Technology Wudil have witnessed the completion of notable capital projects such as halls, lecture theatres and laboratories.

Nowadays, any state government that ignores the agriculture sector does so at its own peril. This is because, apart from being the largest employer of labour in the country, the sector has remained

resilient to the forces of recession, while other sectors witnessed lower economic activities since 2016.

The renewed interest in locally grown produce such as rice, maize and sorghum, opened vast opportunities to small holders and commercial farmers.

Towards this end, major agricultural programmes have focused on the resuscitation of Kano State Agricultural Supply Company (KASCO) and Kano State Agricultural and Rural Development Authority (KNARDA) for the supply of insecticides, quality seeds, adaptable farm implements and provision of extension services. His administration has also tapped into the Central Bank of Nigeria’s (CBN) loans to farmers. A total of N2 billion is being sourced for farming related activities in the state through the CBN scheme. This was also supported by the distribution of 5,000 water pump to all farmers, compact sealing machines, combined harvesters, N100 million loans to wheat farmers, while some 60 local Fulani cattle rearers were trained abroad on artificial insemination.

Governor Ganduje’s administration has recorded some of the successes highlighted above through the cordial relationship it enjoys with the legislative arm while the state’s civil service is in complete harmony with his programmes. Since its inauguration on June 8, 2015, Kano State House of Assembly has passed 15 bills, thereby further enhancing the capacity of the state government to deliver at the pace witnessed in the last two years.

Some of the bills passed include the Land Use Charge Bill; Tax and Levy Bill; Universal Basic Education Bill; Local Government Amendment Bill and Pension and Gratuity Amendment Bill; Kano State Contributory Health Care Scheme; Kidnapping, Abduction and Forced Labour Amendment Bill, and the Metropolitan Transport Authority Bill.

Furthermore, Governor Ganduje considers prompt payment of workers’ salaries a prerequisite for economic development. Therefore, while some state governments owe the civil service backlogs of salaries due to recession, Kano State Government under Governor Ganduje has effectively employed his financial engineering skills garnered over the

years from both the public and private sector to promptly pay workers’ salaries and remit monthly pension deductions timely and even pay pension arrears by the previous governments on monthly basis, even when the monthly federal revenue allocation has nosedived.

What’s more, investors are monitoring the reforms and progress being made in the state. At present, a number of them have invested in Kano State ahead of other states in the country. The rising confidence among the investing community within and outside the state explains why the government recently signed 10 memoranda of understanding (MoUs) with different companies during 50th anniversary since the creation of the state. These companies will invest N146 billion in the state. This is aside the direct and indirect job opportunities they will create, and their impact on the tax base of the state.

Amongst the new investors in Kano State are Black Rhino/Dangote Group which are to construct a 100-megawatt solar project estimated at $150 million. In a similar vein, St. Meer International Investment and Management Company will invest $120 million in a similar project. In addition, just recently, Shandong Ruyi Technology Group, a multinational Chinese company, committed to investing $600 million into the textile and garment sector of Kano State. The disclosure was made by the Chairman, Kano State Investment Promotion Agency, Isyaku Umar Tofa.

The first two years have confirmed that Governor Ganduje has walked the talk as his legacies are visibly everywhere in the state. The next two years promise to be more fulfilling. “We want to make Kano state a functional and self-sustaining one”, said Gandule “through improved social services, boosting of agriculture, adequate water supply, provision of qualitative education, healthcare and internally generated revenue (IGR). We have succeeded in channelling most of our energies to development matters of the state. I believe that this attitude will continue to prevail as we now move into more aggressively implementing our development plan.”

A’isha M. Bello wrote from Kano

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EDITORIAL THE APAPA PORT EMERGENCY The road repairs and the decongestion of the port should be treated as a national emergency

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or the past ďŹ ve years, the media has been drawing the attention of the authorities in Nigeria to the imminence of what has now become a reality: access to the nation’s major port is virtually non-existent. Rail and road transit to and from the port has remained paralysed for as long as anyone cares to remember while the current efforts to salvage the access road to the port through private sector initiative and effort has come with avoidable gridlock.

According to a report in a national daily last week, about two million containers laden with various cargoes said to be worth over N5 trillion are currently stranded at the Lagos port complex due largely to the inability of importers to evacuate them. In fact, only one word describes the situation at the port: chaos! That situation arose as a result of the blockade of the access roads to the ports that are for repairs.

All the critical stakeholders must therefore put on their thinking caps to resolve a problem that seems to defy solution to . THE LOGJAM AT THE PORT the shame of our IS NOT ONLY A NATIONAL country.

EMBARRASSMENT; IT Since discharged HAS BECOME A SERIOUS containers reportedly THREAT TO BOTH in their millions are NATIONAL SECURITY AND choking the port, there is a long queue THE ECONOMY of vessels waiting either to discharge their cargo or even berth. The logjam at the port is therefore not only a national embarrassment; it has become a serious threat to both national security and the economy. Meanwhile, other commercial and industrial activities in Apapa have taken their share of the nearly impossible trafďŹ c situation that has become accustomed to the area.

It is all the more unfortunate that the expressway to the nation’s prime ports–Tincan and Apapa–has for years been paralysed by container-bearing trucks, trailers and petroleum tanker drivers who ordinarily

Letters to the Editor

pay scant attention to environmental regulations.

That then explains why goods from the ports are some of the most expensive in the world because of the difďŹ culties in clearing and moving them out.

Besides, on a daily basis, commuters groan in trafďŹ c as a journey of 30 minutes could extend for hours because of trucks and tankers indiscriminately parked or abandoned on both sides of the road.

Many people whose businesses are located on the axis have shut them down or relocated because of the difďŹ culties in accessing their ofďŹ ces.

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hat is particularly disturbing is that there is little indication of any concerted management of both port operations and the trafďŹ c situation in Apapa.

Worse still, even the belated road repairs within the besieged port city do not seem to be accompanied by concerted attention to orderly trafďŹ c ow even with the limitations. Yet, this is a problem that has persisted for almost a decade under different administrations. But a government that has of late made so much noise about taxation and revenue has allowed the revenue potential of the Lagos ports - one of the busiest in Africa - to be so imperilled.

A situation in which massive volumes of imported cargo cannot be cleared or discharged has direct economic consequences. Port charges are mounting, importer credits are growing; the supply chain for both consumer goods and essential raw materials is disrupted. Our image as a business destination gets worse just as our reputation for elementary common sense government operations sinks further.

Therefore, something needs to done urgently. The challenge is ďŹ rst one of emergency logistics management. We cannot wait for the repairs on Apapa roads to be completed before we restore normal port operations. Both the road repairs and the decongestion of the port should be treated as clear national emergencies requiring the mobilisation of all known institutional resources to restore sanity in and around the ports.

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

MILITANCY, AMNESTY PROGRAMME AND THE NIGER DELTA

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he federal government amnesty programme initiated by the late Umaru Yar’Adua’s administration undeniably chronicled colossal feats and ultimately fetched succours to the beneficiaries as projected. Admitted, the programme as a palliative mechanism demonstrated thoughtfulness to an extent in addressing the protracted imbalances in the polity which resulted to militancy in the Niger Delta environs, especially kidnap, indiscriminate destruction of oil pipelines, among other vices. Commendably, the initiative was appropriate by prevalent circumstances then, but subsequently necessitated paradigm shift. The successive administrations ought to substitute the amnesty programme with broader interventionist packages capable of providing optimisms to aggregate Niger Delta people, and concurrently promotes societal norms. The reason is simple. The existing programme is indirectly a crime bolster since only identifiable criminal-minded persons benefit from the packages. Hence, to be enlisted, proofs of criminalities are requisite. Eligibility in the scheme ought to not perpetually anchor on idiosyncrasies but indigenity. At this point, disbursements should be on gyratory slots across the communities; and clearly reflect all-inclusiveness.

Aptly, government is a continuum, thus, to retain such ingenious initiatives by successive administrations is a desideratum.

Nonetheless, scheduling is pivotal to its effective sustainability.

Goals are usually absolute but modes, vastly flexible. The preliminary technique as strategically designed towards arresting

the ugly situation by providing amnesty packages thereby impounding lethal weapons in their possessions and getting them engaged with vocational skills for livelihood is fantastic; however, to keep to the frequency would defeat the objectives and continuously do more harm to the society, particularly on the crumbling economy.

On account of that, in most cases, criminalities are usually deliberate and committed as prerequisites by aspiring beneficiaries to sign-up with the scheme. In situations where crimes are committed without detection, the culprits persistently repeat actions to get noticed; to secure endorsements, disappointedly as felons, militants, kidnappers, name it. Until such identification is actualised and they are convincingly certified, the society continues to face their wraths. Thus, by its continuance, the government is unconsciously endorsing lawlessness in the society since identifying with a militancy group opens doors for government’s recognition for stipends, scholarships and other incentives. Be that as it may, cessation or militarisation is completely out of it except balanced modifications. To use extreme military actions against a group that roar over prolonged injustice may proliferate the crisis beyond imagination.

Niger Delta Development Commission (NDDC) should preemptively step-up with more attractive and result-oriented packages for the people of the geopolitical zone instead of constricting it to militants. It’s irrational for cool-headed persons with standard societal norms to be isolated while the lawless

class is treated positively by the government. Candidly, archetypal of enigma cum aberration! The contemporary incentives should be aimed at impacting positively on the lives of the people without discrimination. If not, more militants groups will show up in different identities and with intense havocs looming even if dialogues with the existing groups succeed. How could there be absolute ceasefire where gentlemen are mocked, abandoned and tagged sluggish for not carrying guns in the region wittingly for induction into the amnesty programme while those that abysmally dared are enlisted, empowered and celebrated; thus posting opportunities inside calamities at the detriment of the society. The excesses of the militants should be pigheadedly, but subtly confronted.

The Avengers and other groups that had threatened everything except to pull down the heaven; throwing bombs sporadically as yuletide knock-outs, are merely targeting at one direction; enrolment into the federal government amnesty payroll like their allies, and more will continue to queue up. After all, what is sauce for the goose is equally sauce for the gander. Thus, the government needs to get back to the drawing table for a review towards restoring the polity to normalcy. Suffice to say, NDDC should expeditiously rebrand the packages after the Niger Deltans instead of militants, albeit, that’s if allotments will get to the average people, and not hijacked by influential politicians who are insatiable with wealth.

Carl Umegboro, www.pinnacleinfogallery.com

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T H I S D AY MONDAY AUGUST 7, 2017

T H I S D AY • MONDAY, AUGUST 7, 2017

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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

Resurgence of Terrorism in the Northeast

Despite claims to the contrary, the recent increase in attacks and killings by Boko Haram terrorists is an indication that the military may be losing grounds to the insurgents in the Northeast, writes Senator Iroegbu

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igerian military have over the years, been famed for their conventional war victories and exploits. The Nigerian Army, Navy and Air Force, are renowned for not losing any war within its territory as well as in their regional and international peace enforcement duties.

Unfortunately, developments within the nation’s northeast region and other parts of the country where Boko Haram terrorists held sway have dragged the military into unchartered waters of unconventional warfare.

For Nigeria, Nigerians and their armed forces, Counter-Terrorism and Counter-Insurgency (CTCOIN) Operation is a new challenge they were reluctantly drawn into when Mohammed Yusuf’s led Boko Haram started its ‘retaliatory’ onslaught against state institutions. What started like a protest attacks in 2007 have now matured into a full blown terrorism.

Unprepared and untested in asymmetric warfare with its guerrilla tactics, the nation’s security and intelligence architecture were forced to bring their resilience, adaptability and ingenuity to the fore. While the country’s armed forces could be said to have performed admirably within its limited training, resources and international assistance, the jury is still out if it has indeed passed the test.

This is accentuated by the fact that for over seven years, Nigerians have been grappling with the Boko Haram-led terrorism that has led to the death of thousands of people, destruction of properties worth billions of naira, and rendered millions as refugees or Internally Displaced Persons (IDPs). People are still apprehensive whether the military alone can resolve the complex issues, whether other arms of security and intelligence services are doing enough to assist and if the political will and sincerity is actually applied to bring the crisis to an end.

While these doubts remain, there is no doubt however, that the military are at the vanguard of the CT COIN operations, especially at the epicentre of the insurgency in the Northeast.

Significant progress has also been made from what it used to be in 2014 when the terrorists dominated three North Eastern states.

But for many, the war has dragged on beyond expectations with each announcement of victory often punctured by repeated terrorists’ attacks and resurgence. The terror group and its leader Shekau, have in more than one occasion either been declared “dead” or “technically defeated” only to make a deadly comeback that tends to mock the seemingly premature declarations.

The latest of these setbacks, was the deadly incident of July 25, 2017, when some Boko Haram Terrorists ambushed, attacked, kidnapped and killed some Nigerian troops including members of the local vigilantes known as Civilian JTF (CJTF), staff of Nigerian National Petroleum Corporation (NNPC) as well as that of University of Maiduguri (UNIMAID) who were on oil exploration mission to Yesu District of Magumeri Local Government Area (LGA) of Borno state.

While the nation is yet to recover from the unfortunate reversal of fortunes, Nigerian Air Force (NAF) confirmed that the terrorists have re-entered their infamous enclaves in the Sambisa forest. This was also followed with daring attacks in Magdali village of Adamawa state, leading to the death of seven people. Prior to these attacks, there have been sustained cases of suicide

Soldiers battling Boko Haram in the Northeast

bombings in and around UNIMAID, hitherto a ‘no-go-area’ for the terrorists and other parts of Borno State.

Bewildered, Nigerians are beginning to ask what has become of all the declared victories; capture of Sambisa Camp Zairo and the famous “technical defeat” of the terrorists.

In the same vein, concerned strategists and experts in CTCOIN are bothered by the fact that there have not been enough awareness and understanding of what asymmetric warfare is all about. Many have come to the conclusion that the public and most personnel in the defence sector lack proper education on CT COIN operations. Some have also began to brainstorm, if every single bomb that goes off invalidates the claim of victory by the military and whether it is out of place for the terrified citizens to voice these doubts?

The terror group and its leader Shekau, have in more than one occasion either been declared “dead” or “technically defeated” only to make a deadly comeback that tends to mock the seemingly premature declarations.

Notwithstanding, it’s the failure of the government to properly define and communicate these events as they unfold that prompted the US National Security Adviser (NSA), Lt-Gen. H.R. McMaster to warn about the complex nature of asymmetric warfare and the often temptation to simplify approaches, expectations and outcomes by the state actors.

According to him, there is an inherent temptation to be lost in the euphoria of often short-lived victory of conventional battles, forgetting how interactive human nature and politics influences the outcomes of CT COIN operations.

Consequently, there are doubts if the military had actually lost ground to Boko Haram and if the terrorists are now stronger than they were some months back.

Have the military lost ground?

To truly ascertain the state of things in addition to verified situations on ground from players in the battlefield, THISDAY went to town sampling the opinions of some of the players, analysts and security experts in the CTCOIN operations. Opinions were divided but findings showed that while the Nigerian military have not in any way lost grounds but are being tactically outsmarted by the terrorists that have resorted to classic asymmetric and guerrilla tactics. On this, the military seem to have been caught napping and sabotage is rife.

This has also exposed the need for improved intelligence and synergy among the security agencies, and also to fine-tune the country’s CTCOIN strategies. The terrorists, knowing their deficiencies in conventional battles, which Nigerian military is renowned for, have now resorted to hit-and-run attacks to advertise that they still retain the ability to terrorise.

For counter-terrorism expert and lecturer at the University of Nigeria Nsukka (UNN), Dr. Freedom Onuoha, the events of the recent past suggest that something has gone wrong or at least is going wrong with the current military campaign posture against the insurgents. Onuoha noted that some factors could be responsible for this, first of which is “to question the whole basis of the politics of release of some Chibok girls in the past one year, especially with the release of Boko Haram strategists or top commanders”.

According to him, “one experienced strategists or commander in any terrorist organization is worth more than a hundred foot-soldiers. His battle tested experience and intelligence are enough to pull an audacious attack that you may think that several hundred foot soldiers were involved”.

The alumnus of National Defence College (NDC) also expressed the need to look into the incessant redeployment and re-posting of military officers to see how this may be impacting on authority, command and control (ACC) structure of military operations against the insurgents.

Finally, he said, we need to probe more into the very internal resilience structure of the insurgents to ascertain if there are developments that have emboldened or bolstered their strength.

“For instance, did the government pay ransom in addition for prisoner exchange for the Chibok girls? If yes, has the flow of cash enabled the group to revive dormant cells or fund operations that have remained in the cooler?

“Also, are there pointers of possible rapprochement between the factions of the Boko Haram that may have accounted for increased audacious attacks against state interests as against themselves?

CONT’D ON NEXT PAGE

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T H I S D AY • MONDAY, AUGUST 7, 2017

POLITICS

MONDAY DISCOURSE

RESURGENCE OF TERRORISM IN THE NORTHEAST What is even the role of possible sabotage within or outside the military?” Onuoha asked In the same vein, a security analyst alluded that the “military have lost ground”, saying that the shake up and redeployment of key players, familiar with the terrain is a major setback. He however, opined that while the terrorists are waxing stronger and attacking soft targets, it shows sign of defeat and weakness.

“They are just doing it to register their presence, which is not true. They keep decreasing day by day,” he said.

“The recent analysis by the US that Nigerian military have not been able to retain the ground recovered by the MNJT is apt and true. Not only had the MNJT recovered ground, major towns recovered just before the 2015 elections have been lost. Worst case scenario is that the dreaded Sambisa forest whose alleged total clearance from the hands of Boko Haram is now officially back into the control of the terrorists. This is a clear indicator of two steps taken forward and five steps backwards in the campaign against BH. From the onset let it be made succinctly clear that fighting terrorists is not easy more so Islamic induced ones who derive their inspiration falsely from their religion as we have seen all over the world,” a retired senior officer said.

But other officers differed on the ground that “skirmishes always happen across the lifespan of an insurgency”.

“Check relevant history on the US Forces in Afghanistan and Iraq. In my opinion, except the security deteriorates beyond 2015 situation, it would be sheer mischief at best or gross lack of understanding of the situation, to suggest that the military has lost ground. Apart from the few heat and run attacks by Boko Haram in the last few months, is there any pointer to loss of territory and brazen daylight attacks as was the case a few years ago?

“It is just coincidence. We have not lost grounds. Lone wolf attacks are hard to fight anywhere in the world. The NNPC case was insider information”.

In the same vein, a retired Army Chief was emphatic that, for him, “it is a success story”, clarifying that there were gaps in the mop up operations” and “the result is what we are witnessing today”.

Technically, he added, Boko Haram is defeated but a lot needs to be done to check their isolated criminal activities, suggesting that the, “locals, natives and all well-meaning citizens need to cooperate with the Military for total success”.

The respected senior officer also fingered politicians and fifth columnists, whom he alleged, don’t want the war to end.

“You must understand that there may be saboteurs who have been profiting from the insurgency over the years and may not want peace to return. And politics and politicians are also there. I believe there is a 5th columnist somewhere. I am fully convinced the military has done its best and will surely do more to ensure sustained peace and stability.”

“To be candid the military has not lost ground.

Few pockets of Boko Haran members scattered all over the North East undercover the fact that they are trying to seek and gain attention. It is obvious that the military has denied them freedom of movement, they now resort to laying of ambush, “another officer agreed.

But Mr. Chinedu Anarado of Nigerian Stability and Reconciliation Programme (NSRP) noted that while the military had degraded the terrorists, they still possess the ability to hurt soft targets.

“There is a middle ground. While it seems the military have whittled down the sects capacity, they still retain ability to hurt and are using the current resurgence to demonstrate that.

But more importantly, to negotiate something for themselves. I believe they are in talks with government with regards to the remaining Chibok girls. Hence it is likely to show they can still hurt hence get an upper hand in the negotiations,” Anarado concluded.

There is no doubt that recent tragic events have thrown up the debate whether the once “technically defeated” terrorists are back on track? Is history about to repeat itself?

A sense of deja vu The resurgence of suffocated terrorists, have re-echoed a cyclic scenario in our war against terror that is often forgotten in our rush for another round of ‘victory’.

Just like former president Olusegun Obasanjo ordered the attack on Odi, the late Yar’Adua

Buhari..gave military ultimatum to defeat terrorists

administration, in 2008, unleashed the military on the BH group, who crushed the group, arrested their leader Mohammed Yusuf and handed him over to the police under whose custody he was killed.

Relieved, many thought that was the end of the “troublesome and irritating” Boko Haram and everyone went about their business. But they were wrong. Two years later, the group rebounded into amorphous and classical terror group under the eccentric Abubakar Shekau, bombing churches, strategic centres like Police Force Headquarters, UN Buildings and media houses, maiming and killing people. This time around, people noticed a radical ideological shift, different and even more sinister than the Mohammed Yusuf era. Shekau expanded Boko Haram terrorists’ activities beyond the hitherto limited attacks to selected security infrastructures in the North East to North West, North Central and Southwards.

Alarmed, the Nigerian security agencies and the military in particular were mobilised to confront what has now become a full blown terrorism with introduction of suicide bombings.

This is alien to Nigeria but to the credit of the then service chiefs who pioneered the military from an entirely conventional force, to CTCOIN specialists while providing the necessary trainings.

The military and security agencies did rally round to confront the rampaging terrorists but not without casualties as both the then Inspector General of Police (IGP) Hafsat Ringim who vowed to wipe off Boko Haram in one week (but failed spectacularly), the Minister of Defence, Dr. Bello Mohammed and late National Security Adviser (NSA), Gen. Patrick Azazi lost their positions.

Then entered Col. Mohammed Sambo Dasuki (rtd) as the NSA with ex-President Goodluck Jonathan declaring a ‘State of Emergency ‘on three Northeast states of Adamawa, Borno, and Yobe states. Dasuki together with the then Chief of Army Staff (COAS), Lt-Gen. Azubuike Ihejirika (rtd); Chief of Air Staff (CAS), Air Marshal Mohammed Dikko Umar (rtd); Chief of Defence Staff (CDS), Chief of Air Staff (CAS),

For instance, did the government pay ransom in addition for prisoner exchange for the Chibok girls? If yes, has the flow of cash enabled the group to revive dormant cells or fund operations that have remained in the cooler?

Air Chief Marshal Oluseyi Petinrin (rtd) and later Admiral Ola Sa’ad Ibrahim (rtd), were able to reverse the gains of the terrorists back to their Sambisa enclave. There was air of victory and the dominant discussion then whether the “fatally wounded Shekau” was dead or not and the final onslaught in Sambisa forest. While the government and military authorities were basking on this imminent victory, the terrorists in an audacious onslaught penetrated Maiduguri, temporarily captured the air force base and destroyed the air component of the then Joint Task Force (JTF) creating not only a stalemate in the war but bad blood between the Army and Air Force.

Sensing the crack, Jonathan in January 2014, reshuffled his military chiefs to inject fresh ideas with the emergence of Air Chief Marshal Alex Badeh (rtd) at the Defence Headquarters (DHQ), Lt-Gen. Kenneth Minimah (rtd) at the Army, Vice Admiral Jibrin (rtd) in Navy and Air Marshal Adesola Amosu (rtd) to commandeer the Nigerian Air Force (NAF).

Unfortunately, like old habit that dies hard, Badeh on assumption of office took the same slippery lane that got the sacked IGP Ringim into trouble by promising to crush Boko Haram

by April of 2014. Similar to the response Ringim got through the subsequent attacks at the Force Headquarters and UN Building in Abuja, Boko Haram metamorphosed into insurgency, capturing and occupying vast territories in Borno, Adamawa and Yobe states. The year marked the worst in the history of the Nigerian Armed Forces as it lost conventional battles after battles climaxing in the kidnap of over 200 girls of Government Secondary School, Chibok who were taking their final West African Examination.

Even though the military fought gallantly after acquiring some new weapons to recover almost all the lost territories before May 29, 2015 it however, cost Jonathan his re-election bid. Then came in President Muhammadu Buhari with a promise to crush Boko Haram within months of assuming office. With the military regaining momentum, Buhari allowed the security personnel inherited from Jonathan to carry on but subsequently changed them on July 13, 2015. This was followed by resurgent attacks by the terrorists. In response to the rising attacks, Buhari on August 13, 2015 at the decoration of the new Service Chiefs mimicked Ringim and Badeh by issuing a three-month ultimatum with which to defeat Boko Haram and effectively end the war on terror. Energised, the new military and intelligence chiefs including the NSA, Maj-Gen. Babagana Monguno (rtd), Gen. Abayomi Olonisakin (DHQ), Lt-Gen. Tukur Buratai (Army), Vice Admiral Ibok-Etteh Ibas (Navy) and Air Marshal Sadique Abubakar (NAF) swung into action with aggressive mop up operations with significant success.

While the security chiefs could be excused for not issuing the three-month deadline, they did try to comply with the directive. But on sensing a potential backlash that would follow failure of such strategic blunder, the Minister of Information, Mr. Lai Mohammed coined the “technical defeat” of Boko Haram at the end of 2015. This was followed by another deadline to finish Boko Haram by December 31, 2016 leading to the successful capture of the Boko Haram Headquarters in Sambisa forest. While, they successfully captured Sambisa Camp Zairo on deadline, similar to the success of Jonathan’s six-week deadline before 2015 elections brought the psychological boost needed in the war against terror, it nevertheless created the relaxed atmosphere that allowed the terrorists to regroup and re-strategise to unleash new wave of attacks.

Strategic Communications Failure A cursory look into unfolding events reveals a communication gap in the CTCOIN efforts.

According to experts, there is a noticeable failure to either educate the public or deliberate attempt to obscure understanding of the asymmetric nature of the warfare. There are questions that have dominated public discourse in recent times like when government or military claims that Boko Haram has been “technically defeated”, what did they mean? How does such resonate with the people with repeated suicide bombings and terrorist attacks? Have the strategic planners and prosecutors of war against terror been able to define and communicate same to the members of the public the nature of warfare the country is currently engaged in? Is recovering territories

same as defeating the terrorists?

According to CTCOIN experts, significant part of modern warfare is in the theatre of strategic communications and psychological operations.

And as it stands, the terrorists seem to be more consistent, proactive and steps ahead in this regard.

This fact was not lost to the second in command of Al-Qaeda Ayman al-Zawahiri, who in 2005 admonished the Jihadists “that we are in a battle, and that more than half of this battle is taking place in the battlefield of the media”.

While Nigerian government is trying to do a catch-up in their communication strategies, a security and counter-terrorism expert, Mr. Amaechi Nwaokolo, warned the authorities to avoid propaganda and use of false information. Nwaokolo noted that while propaganda might work for the terrorists and state actors in conventional war situation, it would be counterproductive in asymmetric warfare that is fluid, unpredictable and undefined. “What do you think will happen if they make a claim only for it to turn out to be false like often is this case in this kind of situation,” he said.

He alluded to the fact that the public must be told and their mind prepared to appreciate the nature of the warfare like when the former US President George Bush warned Americans in the aftermath of 9/11 attack that “the war will be long and difficult”. Bush gave no deadlines but promised that the war would be won.

Experts rather advised for advanced and covert use of psychological operations and strategic communications that is subtle but effective to counter the terrorists’ propaganda.

“We should avoid making hasty and ambiguous or bogus promises and deadline that is out of tune with the nature of conflict we are in.

These must be avoided because a single suicide bombing can make nonsense of your claim of victory,” a retired military chief said.

Blame the Politicians...

In line with the postulations by McMaster, politics, politicians and political influences have a lot to do with successes or failure of the operations.

According to findings, pressures from politicians and the zeal to please the political authorities without recourse to operational and tactical implications is undoing the professionalism of the military and gains on the battlefield.

“The Nigerian politicians, for selfish gains are trying to polarise the military which till today remain the few institutions that reflect the unity the country. At the peak of terrorism in late 2013 and 2014, the opposition rather than align with the government of the day chose to celebrate the terrorist and malign our military, thinking that if they destroy it they will inherit a different one. They are now in government and have seen it... if care is not taken people in the military, security and intelligence agencies would be viewed based on where they come from or how loyal they were to former or current administration. We don’t need such polarisation,” a security personnel said.

Another security expert agreed, saying “the military had exhausted the momentum and impetus garnered towards the end of Jonathan era when the fight was boosted with new weapons and reorganisation of the forces as well as military alliances that saw the full involvement of a reinvigorated MNJTF in taming the terrorists.

“The apparent all motion without movement seen in Nigeria can be traced to many reasons: False propaganda by the Buhari government in an effort to demonise Jonathan administration.

The politicization of the fight against Boko Haram by the All Progressive Peoples Congress (APC) before 2015 and after winning the election to date has been a serious draw back in a purely serious national undertaking.

“Although, both the military and politicians for purposes of propaganda were uncharitable in failing to acknowledge the strategic input of previous leadership. But now that their capability is really being tested and challenged, they need to go back to the drawing board and re-strategise instead of joining politicians to engage in meaningless propaganda and denial of the reality on ground. “The terrorists appear set to embarrass the military and the nation yet again”.

It was argued that the rush to please and kowtow to the politicians has put the military in an embarrassing situation...the unnecessary deadlines.

“I think the government was too quick CONT’D ON NEXT PAGE

T H I S D AY • MONDAY, AUGUST 7, 2017

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POLITICS

RESURGENCE OF TERRORISM IN THE NORTHEAST to tell the world that Boko Haram has been technically defeated,” an intelligence officer noted, adding; “why should the military who are short of manpower allow our officers and soldiers to embark on the ill-fated journey for oil exploration just to please our politicians? Why can’t they be firm and stand up to them when the situation doesn’t call for it or honourably resign than put our troops in harm’s way? I mean we are still battling with these terrorists and you are sending them on oil exploration when even Niger Delta where we are sure of oil is not even secure?”

The serving and retired officers, intelligence and security experts who spoke on condition of anonymity noted that while the whole operation is subject to the civil authority, the military must be freed from undue political pressure.

“Like it is said, ‘soldier go, soldier come, barracks remain’, meaning that our military must remain constant despite changes in administration. It was in the bid to hurriedly prove the current politicians right that their presence in government will end Boko Haram that gave rise to the premature declarations of victory that makes mockery of the bravery and efforts of our armed forces,” a source said.

It’s not all about the military....

Many security experts have also noted that one of the key missing links in the ongoing CTCOIN operation is the harmonisation of intelligence and civilian components to complement the military operations. The reality is that the political authorities have relinquished all the burdens of counterterrorism efforts to the military, neglecting the critical inputs required from the civil population, intelligence and paramilitary agents.

The then Commander of US AFRICOM, Gen. Carter Ham (rtd), while responding to questions in 2013 to the raging war against Boko Haram, warned Nigeria that “military might alone cannot solve the problem”.

In the same vein, Ihejirika once lamented the failure to “mobilise and motivate public mood” in support of the military efforts, while the immediate past Theatre Commander of Operation Lafiya Dole, Maj-Gen. Leo Irabor, after the capture of Sambisa forest, noted that the military had done the 20 percent of the job but the remaining 80 percent is left for the government, media and the public.

This point is not also lost on the military personnel, who expressed their frustrations to THISDAY, saying: “It is never the responsibility of the military to hold liberated areas. Sometimes we ascribe too much to the military than they are trained or conditioned for. Military is to help liberate an enemy stronghold while the police, civil defence and constituted authority are to dominate immediately. Now we can’t blame the military for what is happening”.

They highlighted the fact that the asymmetric nature of the warfare has not been understood or well communicated to the public. Some of the analysts stressed the fact that Nigerian military is doing creditably well bearing in mind how protracted CTCOIN operations are by citing examples of the long-drawn wars in Afghanistan, Libya, Iraq and Syria amongst others. It was observed that unlike other countries with more sophisticated weapons and coalitions including the US and Russia, Nigeria has been battling the terrorists alone apart from the largely funded Multi-National Joint Task Force (MNJTF) operating at the fringes of the contiguous boundaries of the Lake Chad Basin with Cameron, Chad and Niger Republic.

According to them, the public and civil authorities should be made to understand that “this a classic counter-insurgent operations”, noting that while the country expects a quick end to the insurgency, both FARC rebels in Colombia and Lord Resistance Army in Uganda have lasted for decades.

“Check what is happening in Iraq, Syria and Afghanistan where the world top militaries are involved for many years and compare with our progress in Nigeria. Finally, I implore you to interrogate the concept of counter insurgency.

Is it all about the military? Again, what is the role of media in all these? Is it to criticise the military? What is the practice in other climes?” a concerned officer queried “In asymmetric warfare, you don’t defeat the enemy through a decisive battle like in conventional warfare but series of small battles. The adversary counts his wins not by the casualties you suffer but by his ability to hit other soft

A Boko Haram posted picture showing its leader, Shekau

targets and in this instance, civilians. It’s the nature of this type of warfare that it oscillates up and down. Remember the ‘surge’ in Iraq?

That’s what informed it. The current fight in the North East is called asymmetric war. The rules guiding prosecution of conventional war are not followed by belligerent groups or Boko Haram. One peculiar thing to note is that in asymmetric war, you know when it starts but you can’t predict when it ends. All over the world, even where there are better armaments as well as intelligent apparatus, end of asymmetric war is not predictable. But with political will and absolute dedication to duty by the military, the war could be brought to an end soon.

“Terrorist and their activities the world over are same. One of their greatest weapon is the ability to operate lonely or jointly with devastating impact. They can easily conceal their identities and live among the people. That is why countering terrorism requires a coordinated intelligence gatherings and well-articulated surveillance.”

“Secondly, terrorists often use drugs and stimulants thus making them die-hard. Even in their small groups, they aimed to create fear and apprehension. A lone terrorist will never give up or surrender but would rather prefer to be martyred. What we are seeing today in Nigeria’s Northeast may continue as in elsewhere in the world particularly as millions of vulnerable illiterate and hungry youths are available as feeders,” others corroborated.

Call for Change of Strategy The common denominator among many experts, analysts, military and intelligence personnel that spoke to THISDAY is the urgent need to keep five steps ahead of the terrorists. The consensus is that the fluid nature of asymmetric warfare requires constant reviewing of strategy to counter the terrorists.

The chiefs among the suggestions are the need for advanced technologies, strategic communications, public participation, proactive, effective and actionable intelligence as well as proper use of civil-military relations. According to the

Have the strategic planners and prosecutors of war against terror been able to define and communicate same to the members of the public the nature of warfare the country is currently engaged in?

Is recovering territories same as defeating the terrorists?

sources, the nature of the conflict requires the use of soft approaches including intelligence and counter-narratives.

In addition, there was suggestion for a central Command for the Counter-terrorism efforts in form of Home Land Security, a role the Office of NSA (ONSA) was playing under the previous administration through the Terrorism Prevention Act (amended) with some suggesting it be commandeered by the DHQ. They noted that the growing rivalry among the security and intelligence agencies including military services and their inability to share intelligence is hurting the operations.

An officer in the theatre of operations noted: “we are getting complacence and war fatigued.

Due to so many reasons: Logistical problems such as obsolete equipment, weather factor and need to review our strategy and tactics. Morale of the fighting troops. Finally, the misuse of media as a propaganda tool.”

Also, the need for operational stability was raised with incessant cases of redeployment affecting the war and urged the authorities to allow the current crop of commanders enough time to learn the ropes while injecting fresh heads and ideas at the services through change of leadership.

A concerned personnel said: “To be honest it will take a while for them to study and understand the ground. During the period of Irabor, the achievements of our troops over the adversary especially gain territories later made our troops to be more relaxed there by leaving their guards for surprises. There is therefore, need to change the leadership of the services for new guys with different ideas. Preferably, if the operation is under DHQ, because there is a sense of disunity between the services especially NA and NAF. This services render press interview on their achievements which I feel is wrong.”

Government response...the way forward The Acting President Yemi Osinbajo, sensing apprehension among Nigerians has ordered the military chiefs back to the theatre of operations in Maiduguri. While some have expressed reservation over this approach, others have hailed it as a proactive step in the right direction.

Programme Coordinator, Civilians in Conflict (CIVIC), Group Capt. Shehu Sadeeq, while summarising his take on the government directive disagreed with the former COAS, Lt-Gen. Agwai’s assertion that ordering the service chiefs to move to the North East was wrong.

Sadeeq, who was a former NAF Director of Public Relations and Information (DOPRI), described the directive as a ‘Battle field circulation’ or ‘leading from the front’, and it is an art that has been practised by the most successful commanders of the 20 and 21 Century, Patton, Montgomery, Bradley, McChrystal and now Buratai. It is necessary and to be effective, the commander must be able to understand the effects of battle on his soldiers and himself. It is front-line leadership”.

“The commander must see and be with his soldiers in their environment to really know what they are able to accomplish. Additionally, this gives them that almost mystical ability to

accomplish even more. Battlefield circulation does not necessarily mean mission-immersed presence which entails a deeper, longer-lasting participation in the operations process.”

A passionate officer gave an in-depth analysis of the current situation with recommendations on the way forward.

The officer said “that the military lost concentration at some point, while the Boko Haram Terrorists were re-strategising. The military was able to push and confine them to Sambisa forest, failed to keep them there because, in my view, they were busy celebrating a temporary victory.

“They allowed the Boko Haram to pool their resources together and draw out a new strategy.

One of such strategies was the massive distribution of suicide bombers into the civilian populace, to create the impression that they had totally lost the capability to carry out any armed confrontation.

This strategy worked a great deal because they slowed down a bit and allowed the military to open up roads within for transportation of goods, especially food, with minimal security escorts. Then the attacks began followed with ambushes, getting food supplies, attacking escorts, and seizing gun trucks and replenishing their arsenal. And this continued...the military was still sleeping...lost in the belief that the terrorists lacked the capacity to launch a major attack... a gun truck, two, three, 11 and they kept growing, people kept dying; soldiers, civilians...until now.

Then there was the release of the Chibok girls after payment of heavy ransom. The monies would only help to improve their arsenal...we were still sleeping...

“Just as Boko Haram did during the former President Jonathan’s era, where the Chibok girls actually gave international prominence to the activities of the terrorists, we have a repeat here with the attack on the oil workers.”

The officer continued with recommendations: “Now, what’s the problem? In any war situation, there’s the need for constant review of strategies to consolidate every progress made until the war is totally won. Especially if you realise that the enemy is not relaxing just like football, you may introduce a new strategy to win so many matches, but without a backup plan, your opponents will soon understand your strategies and before long, it will no longer be as effective.

“Then there’s the part played by government.

In the wake of the success of the military in the war; recapturing territories and pushing the terrorists into hiding, the government decided to cut funding. To them the war had ‘already’ been won and there was no need to spend so much on the war anymore. I guess they felt the military would just embezzle the funds since there was no more war to fight... imagine these politicians... So, by and large, everybody, including you (the media) played various roles towards the present situation...”

“Some people are just happy to hear/read that the Boko Haram have regained their powers and the military is failing, while human lives are being lost in hundreds weekly... Fellow Nigerians, let’s give some credit to the military also, while we, collectively, beg the executive to do the needful to support the military with adequate funds to execute this war to a stop.

War has never been cheap...and those fighting it are human beings too... Until the recent attack in Mubi, Boko Haram had been fully confined within the borders of Borno state. You and I know that by now, they would have completely overrun the North East region but as at today there are no serious attacks outside of Borno.

See how calm it is in Abuja, yet people are quick to condemn the military without probing deep to understand possible causes. Well, we’re back to the drawing board, hopefully, we will be seeing results soon”.

Finally, Osinbajo while speaking at the at the Silver Jubilee and graduation of 133 military and para-military participants of the Course 25 of the NDC in Abuja last Friday, challenged the Nigerian military elite to develop and master the cutting edge technology to defeat cyber hackers and terrorists in order to create a better future for the citizenry.

“I challenge the elite of our armed forces that if militants, terrorist groups and internet hackers are constantly re-inventing themselves taking advantage of emerging technologies, you have no reason whatsoever not to be at the cutting edge of technological warfare.

“You must consistently redefine your role in national security architecture,’’ he said.

MONDAY, AUGUST 7, 2017 • T H I S D AY

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FEATURES

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

Opening Etche to the World Etche and Omuma Local Government Areas of the Rivers State were once seen as the most backward in terms of road infrastructure.

But not anymore, as Governor Nyesom Wike has opened up the area with motorable roads. Davidson Iriekpen writes

A

ll over the world, improvement on public infrastructure, especially roads, is believed to be one of the quickest and easiest ways to improve macro-economic indices that impact meaningfully on the common man.

Good roads are seen as a basic component of good governance and a good parameter to measure the development and conduciveness of any city. This is because good roads only make transportation much more easier, they impact positively on the lives of the people.

Roads open a community to the world.

This perhaps is why road construction has topped the priority list of Governor Nyesom Wike since he assumed office in Rivers State.

Having crisscrossed the length and breadth of the state, the governor knows every part not accessible and linked with good roads and now that he has the opportunity, he wants to lead a transformation in the sector.

Since he assumed office in 2015, virtually every three months, a new road project is inaugurated. Recently, the governor put a lot of smiles on the faces of the people of Etche and Omuma Local Government Areas of the state with the inauguration of the two major roads in the area. Prior to now, the two local government areas were the most backward in terms of road infrastructure. The roads linking the two area councils with other parts of the state, particularly Port Harcourt, the state capital, was in complete state of disrepair. In the past, previous administrations had ignored the area until Wike came on board said no more.

To the people’s joy, Acting President Yemi Osinbajo, was on ground to inaugurate the Chokocho-Umuechem-Ozuzu Road and

Chokocho-Igbo-Etche-Rumuokurushi InterChange. The Chokocho-Umuechem-Ozuzu Road is 16 kilometres while the ChokochoIgbo-Etche-Rumuokwurusi Inter-Change is 14 kilometres.

Seeing the quality of work done, Osinbajo, who could not hide his feelings, commended Wike for embarking on pro-people projects and charged leaders to always work for their people, saying that is the only way that the people can feel the impact of government.

He said: “We must always look for ways

Road construction has topped the priority list of Governor Nyesom Wike since he assumed office in Rivers State...

Since he assumed office in 2015, virtually every three months, a new road project is inaugurated.

Recently, the governor put a lot of smiles on the faces of the people of Etche and Omuma Local Government Areas of the state with the inauguration of the two major roads in the area

Acting President Yemi Osinbajo (2nd right) cutting the tape for the newly inaugurated ChokochoUmuechem-Ozuzu Road and Chokocho-Igbo-Etche-Rumuokurushi Inter-Change in Rivers State. Flanked

by Governor Nyesom Wike and deputy governor, Mrs. Ipalibo Harry Banigo...recently to advance the interest of our people. We are greater together than apart. Today is a very happy day. We will always have happy days.”

Earlier, Wike said the two roads were constructed to revive the economy of the local government areas. He said the roads were death traps and completely damaged the economy of the area as they could not take their agricultural produce to the market. The governor decried the politics of under-development being promoted by some politicians from the state, saying he would remain committed to the development of the state despite plots to distract him.

“The condition of the two roads to be inaugurated today were so bad that the people of Etche could not use them to transport their agricultural products to markets. Some people are annoyed that our projects are being inaugurated. Their anger will not stop us from delivering projects for our people,” he said.

The acting President’s advice aligns with Wike’s policy. During his electioneering to the area, he had promised the people that he would reconstruct the road in order to ease their suffering whether they voted for him or not.

The governor once said: “My commitment to Rivers people is unwavering. I will never play politics with the construction of roads in the state. I will never make promises that I will not fulfill. My pledge is my bond.

Whether or not there is economic recession, we shall continue to work for the people of the state. Recall that the APC claimed that they were the ones constructing this road.

But the truth is known to the people. We shall continue to construct more roads so that APC members can ply on them to access

venue for campaigns. We are committed to serving all the people of the state, irrespective of their political inclinations,” Wike said.

Last week’s commendation by Osinbajo was not the first. Last February, as part of the federal government’s consultation with the leaders of the Niger Delta region, the acting President had commended the governor when he was taken round to see some of the ongoing projects undertaken by him. He had declared: “I think he deserves the title of ‘Mr. Projects’,” an overwhelmed Osinbajo said, during a state dinner organised in his honour after the project tour. “He is indeed ‘Mr. Projects.’”

In the last 20 months, the governor has embarked on and completed over 20 critical roads and sundry projects in the state, thereby reducing the suffering of his people.

As demonstration of his love for his people, Wike does not care if the road projects are federal or not, for as long as they improve the comfort of the people. He also does not care if the area is ‘opposition’ area or not.

From as little as the Operation Zero Potholes on Rivers roads, which he launched immediately he was inaugurated, the governor has long turned the state to a construction hub with projects in every nook and cranny of the state.

To show that the projects are not propaganda, a majority of them had been inaugurated by eminent personalities across the country. For instance, former President, Goodluck Jonathan, former Jigawa State Governor, Alhaji Sule Lamido, former Senate President, David Mark, Senate Minority Leader, Godswill Apkabio, Governor Zamfara State, Abdullahi Yari, former NBA President, Austine Aleghe, National Caretaker Committee Chairman of the Peoples Democratic Party

T H I S D AY • MONDAY, AUGUST 7, 2017

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FEATURES

R-L: Osinbajo, Wike and Banigo, acknowledging cheers from River’s residents during the inauguration of the Chokocho-Umuechem-Ozuzu Road and Chokocho-Igbo-Etche-Rumuokurushi Inter-Change by the Acting President

A section of the newly inaugurated roads in Rivers State

Seeing the quality of work done, Osinbajo, who could not hide his feelings, commended Wike for embarking on pro-people projects and charged leaders to always work for their people, saying that is the only way that the people can feel the impact of government

Students of INA during an interactive session with Gen. Gowon

The newly inaugurated Chokocho-Igbo-Etche-Rumuokurushi Inter-Change in Rivers State (PDP), Senator Ahmed Makarfi and Deputy Senate President, Senator Ike Ekweremadu, had at one time or the other been invited to commission road projects.

Among the roads the governor has far completed in two years are Government, Garrison-Akpajo-East West Road, Second Nkpogu Bridge, Dr Peter Odili Road, Abuluoma-Woji Road, Woji-Akpajo Road, Elelenwo-Akpajo Road, Sakpenwa-Bori Road, Rumukwurusi-Eneka Road, Igwuruta-Okehi Road, Rukpokwu-Eneka and Oroigwe Road.

Other projects visited are: Industry Road, Njamanze Road (Diobu), Eagle Island Bridge

–Agip, Rumuepirikom-Rumuolumeni Road, Rumuolumeni-Elioparanwo-OgbogoroOzuoba Road, Ozuoba-Rumoosi Road, Alakahia-Rumualogu Road, NkpoluRumuigbo-Rumuaholu-Obiri Ikwere Road and Aluu-Rukpokwu Road.

A crystal symbol of the governor’s determination to make all roads in the state motorable is his administration’s Operation Zero Pothole, an idea that saw massive rehabilitation of Port Harcourt’s internal roads, which include Tombia Street, Sokoto Road, Churchill Road, Creek Road, Ahoada Road, Force Avenue, Evo Road, Woji Road,

Ohiamini Road, Ogbunabali Road, Eleme flyover and Kolukuma Road. In all, the operation covers 20.1 kilometres and has provided relief to residents and road users.

Confident of performance for so far since assumed office, Wike last challenged the national leadership of the APC to present their best performing states of the party for a peer review against his state. Speaking while inaugurating 10 internal roads constructed by his administration in Ogbunabali area of Port Harcourt, the governor said the state was the centre of fast delivery of pro-people projects in the country.

He said: “I challenge them (APC) to bring their states for a peer review against Rivers State. Let them attempt to do the projects we are doing in the state. Here in Rivers State, we are no longer talking about payment of salaries. We have gone beyond that level. We are busy working, talking about the delivery of different types of projects.”

The governor said his administration had a covenant with the people of the state, which was the platform upon which he delivered projects to the people. He appealed to the people to continue supporting his administration for sustained development. He added that contracts have been awarded for the construction of additional roads in the area and the erection of street lights on all the constructed roads.

T H I S D AY • MONDAY, AUGUST 7, 2017

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IMAGES

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

L-R: Vice President, Indirect Sales, Wole Abu; Senior Manager, Acquisitions, Pat Olutayo; Vice President, Direct Sales, Oladokun Oye all of Airtel Nigeria at the launch of Airtel Smart Connect 4.0 held in Lagos...recently

L-R: Group Managing Director/CEO, Master Reality International Concepts Limited, Mr. Lai Omotola; Sole Administrator, Ikeja Local Government Council, Mr. Abiodun Taiwo and the Head of Administration, Mrs. Mosunmola Otaiku-Okoka, during the presentation of appreciation award to the Master Reality International concepts for its development and contributions to Ikeja area, by the council management, in Lagos...recently KOLA OLASUPO

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

L-R; Managing Director, FrieslandCampina WAMCO, Ben Langat; Chief Executive Officer, Nigeria Export Promotion Council (NEPC) Segun Awolowo; and Corporate Affairs Director, FrieslandCampina WAMCO, Ore Famurewa, during Langat’s courtesy visit to NEPC in Abuja... recently.

L-R: Majority Leader, Oyo State House of Assembly, Hon. Kehinde Subair; Commissioner of Police at the state command, Mr. Abiodun Odude; State Governor, Senator Abiola Ajimobi; General Officer Commanding, 2 Division, Nigerian Army, Maj.-Gen. Martins Abraham; and Executive Secretary, State Security Trust Fund, Mr. Femi Oyedipe, during the inauguration of patrol vans donated by the OYSSTF to the state government, in Ibadan... recently Photo: Governor’s Office

L-R: Representative of first prize winner (Nation wide), Mr. Hamza Abdullahi; Territorial Sales Manager, West, Mr. Atiomo Charles and Distribution Manager, Loading Terminal, Apapa, Lagos, Mr. Umar Abdullahi, during the 2017 Safety Posters’ Campaign and Drivers’ Award at Total Apapa Terminal, Lagos... recently.

KOLAWOLE ALLI

Women league members of lndependent Democrats Party at a stakeholders meeting in Awka, Anambra State...recently

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Group Business Editor Chika Amanze-Nwachuku

Email chika.amanzenwachukwu@thisdaylive.com 08033294157

J U L Y 18.6377 19.0469 20.4914

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

Quick Takes Remita Mobile App Unveiled

SystemSpecs has released the full version of its innovative Remita Mobile Application, for both Android and Apple phone users.

The new payment solution according to the firm is aimed at “helping individuals to access all their bank balances on one screen, conveniently make and receive payments across various bank accounts, settle various bills, request payment in style, easily manage their expenses, view their payslip, and generally stay in control of their finances.”

The application has in-built standard industry security measures as well as specific security layers that guarantee the integrity of all access and transactions, including Personal Security Number, fingerprint authentication, One-Time Password Verification, among, others.

Speaking at the product launch in Lagos recently, the Managing Director, SystemSpecs, Mr. John Obaro, said that with the full release of Remita Mobile App on Google playstore and Apple app store, more individuals can now take charge of their finances.

He stated that whether for a business or personal need, payments can be requested in the most convenient manner and shared by email or any social media channel, adding that all a payer has to do is to snap a QR code from their smartphone or tap their device against the biller’s to complete transactions.

HEALTH IS WEALTH

L-R: MD/CEO of Heritage g Bank Plc, Ifie Sekibo; Deputy p y Chief of Staff ff to Governor of Kwara State, Leke Ogungbe g g (representing p g the governor, Abudulfatah Ahmed); Chief Medical Director, University College Hospital, Ibadan, Prof. Temitope Alonge; Chief Launcher to the Fund, Dr. Pual Apolo and Governor of Oyo State, Sen. Abiola Ajimobi, at the launching of the N50billion Healthcare Endowment Fund for restoration and transformation of Government Hospitals and Health Centres in Oyo State…recently

Bond Issuance: Wema Bank Weighing Interest Rate Environment, Says CFO Obinna Chima Wema Bank Plc at the weekend said it is seriously considering the situation in the interest rate environment before taking a decision on its planned bond issuance.

The bank disclosed that out of a N50 billion bond programme that had been approved by the Securities and Exchange Commission (SEC), it raised N6.25 billion last year. Therefore, there is an outstanding of N43.75 billion to raise in the market.

The Chief Finance Offi f cer, Mr. Tunde Mabanwonku said at an interactive session with journalists in Lagos that the bank planned to start the bond issuance this August but decided to put it on hold due to high interest rate.

ECONOMY The CFO said: “The interest rate is still high and outlook for rate from what we see from infl nflation might still be very high.

The first thing we did was to look at our Capital Adequacy Ratio (CAR) and as at today, it is 12.7per cent. Do we foresee any major decline? No. The economy is improving, foreign exchange is available; customers are paying down and there is better liquidity in the market.

“So, we don’t see any major deterioration in non-performing loans (NPLs). In fact, our outlook is that the CAR would remain around the 12 per cent market.

The minimum threshold is 10 per cent and so we are very comfortable. So, if interest rates don’t reduce, we probably will

not raise the bond this year and we might have to wait till April or May this year.”

He explained further: “But if we don’t raise the bond, our CAR numbers would still remain above the 12 per cent mark. But what are the things we are doing to further improve on the bank: We are doing more on-lending, we are doing some refinancing. fi So, where Bank of Industry (BoI) schemes are available, if you on-lend, it reduces your capital charge, thereby improving your CAR position.”

Mabanwonku pointed out that between 2013 and half year 2017, the bank was able to increase its shareholders’ funds from N40 billion to N50 billion, all largely due to internal profit generation.

Earlier, an Executive Director

of the bank, Mrs. Folake Sanu, who spoke about the bank’s digital banking platform- ALAT described the platform as a revolutionary app that has transformed banking activities in the country.

ALAT aims at raising the bank customer base from its current 1.75 million to three million, and it is expected to raise its revenue base to $200 million by 2020.

Sanu noted: “We still have the branches, just in case people want to deposit cash. But you will be amazed at the various things that ALAT can do for you. If you open the account, I don’t think you will want to use any other banking software again. You will fi find out that it Continued on page 24

NSC, ICRC Partner to Increase Transportation Sector Contribution to GDP Eromosele Abiodun The Executive Secretary of the Nigerian Shippers’ Council (NSC), Barr Hassan Bello has stated that the council and the Infrastructure Concession and Regulation Commission (ICRC) will work together to give Nigeria world standard transport infrastructure to drive economy and increase the sectors’ contribution to the nation’s gross domestic products (GDP).

Bello, who stated this during the visit of the acting Director of ICRC, Chidi Izuwa to his offi f ce in Lagos, noted that good transport infrastructure will impact positively on trade facilitation for the benefit of

ECONOMY Nigerian shippers.

He stated that partnership between the two agencies will ensure Nigeria achieve world standard transport infrastructure like what is obtainable abroad.

Transportation, he added, drives the economy and it is important for Nigeria to have a modern transport infrastructure as it looks to diversify the economy from crude oil.

Bello stated that the partnerr ship with ICRC is important, since the agency provides the framework, institutional and legal development of modern transport infrastructure.

Earlier, Izuwa said the visit to the NSC was to seek its partnership to ensure the ease of doing business effort of the government succeeds.

According to him, the ICRC appreciates the efforts of the council for the IDP and TTP projects in the country.

He said the ICRC will continue to offer its support for the success of the two projects in the country.

The projects, he added, have a lot of benefits to the country because of their multiplier effect on the national economy.

Speaking at the forum with shippers, the Coordinating Direcc tor/CEO of Nigerian Agricultural Quarantine Service (NAQS) Dr. Vincent Isigbe, expressed

the readiness of his agency to collaborate with the NSC. Isigbe told the shippers that goods coming in or going out of the country must be of international standard adding that it was the duty of NAQS to certify export goods so that they would be accepted overseas.

He expressed dismay that sometimes some exporters were in the habit of forging certifi ificates for their export goods.

Reacting to complaints of high charges on import by shippers, he said this was not true as according to him, the charges were even too low.

He expressed concern that Continued on page 24

FirstBank Fetes Customers

FirstBank Nigeria Limited has said holiday revellers are in for a more exciting time this summer with its bouquet of dollar denominated cards.

According to the bank, convenience, security, flexibility and improved spend are the key defining features of its dollar cards.

To delight customers, wherever they travel this summer, FirstBank said it is offering three Dollar card products namely - Visa Gold, Visa Dollar Prepaid, and Visa Dual Currency Card.

FirstBank Visa Gold Card is issued either as a self-funded or a cash backed revolving credit card. This premium card, gives the flexibility of defining your spend limit and is eligible for discount on purchases at selected Visa partnered merchant locations, worldwide.

The revolving credit variant offers up to45 days interest free period on utilised funds.

The Visa Dollar prepaid card is the perfect travel card for secure and controlled spending. What you spend is limited to your predefined budget, which is paid into a dedicated card account. It is an ideal card to empower children and young adults to shop independently while on vacation and also suitable as an internet shopping card or international gift card for friends, associates and loved ones.

With FirstBank Visa Dual Currency Card, both Naira and Dollar accounts are linked to a single card for direct spend, home and abroad.

According to Chuma Ezirim, Group Head, E-Business, FirstBank, the Bank’s dollar denominated cards are positioned to support the life style and convenience of its customers, putting them first.

BoI Bags g Sustainable Devt Award

The Bank of Industry Limited said it bagged the Karlsruhe sustainable development award for its pioneering role in the massive deployment of off-grid electrification projects in some select rural communities across the country.

The ‘Outstanding Sustainable Project Financing’ award was given to the bank recently at the 2017 edition of the Global Sustainable Conference, held in Karlsruhe, Germany.

The award recognises outstanding success in long – term financing of exemplary industrial/commercial or infrastructure projects that benefit local communities, protect the environment and ensure reliable returns to investors and lenders.

Recall that access to affordable, reliable, sustainable and modern energy for all falls under item seven of the UN Sustainable Development Goals(SDGs).

In partnership with the United Nations Development Programme, UNDP, the development finance institution, through its Access to Renewable Energy(AtRE) project, is already piloting the deployment of micro-grid and stand-alone solar solutions in the off-grid communities across the six geo-political zones in Nigeria.

“Rice is a special p crop p that need ds a lot of knowledge ge and skill to cultivate. So, farm mers need to be supported pp and sensitised on the need to g go into massive production of the crop” Osun State FADAMA III Prroject Coordinator, or,r,,

Dr. Ganiyu Adediji

T H I S D AY • MONDAY, AUGUST 7, 2017

24

BUSINESSWORLD BOND ISSUANCE: WEMA BANK WEIGHING INTEREST RATE ENVIRONMENT, SAYS CFO

very simple and easy.

“If you want to fund your ALAT account from an existing account, what you need to do is to enter the details of your existing debit cards and it pulls funds from the account automatically rather than going to withdraw from a bank to pay into ALAT. You can fund it from any debit card in the world. So, you don’t have to be moving cash physically to fund the ALAT account,” she said.

According to Sanu, one of the things the bank also did to promote financial inclusion was the adoption of agency banking model She explained: “Yes, the ALAT opportunities are there for those that want to do digital, the *945# also remains, for those that don’t have data driven phones. But there are areas in Lagos, within Nigeria where people still want to do some cash transactions and we have the relatively underbanked or unbanked areas. So, we have some partners and we are rolling out agency banking across Nigeria.

“So, with the traditional account opening process, with *945#, with ALAT, all of that add up to better customers’ growth for the bank.”

NSC, ICRC PARTNER TO INCREASE TRANSPORTATION SECTOR CONTRIBUTION TO GDP

some shippers have chosen not to appreciate the low charges, which according to him, were aimed at encouraging export trade.

In his response, President Shippers Association of Lagos, Jonathan Nicole complained of high charges and requested for a platform to be introduced by the NSC where charges can be controlled.

He also urged the NAQS to address the issues raised by shippers, particularly the delay on the import and export permits.

The NAQS CEO said the meeting was necessitated by comments and observations by shippers concerning the services offered by the agency.

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

ECOWAS Brown Card Treaty: Nigerian Insurers Retreat from Compulsory Motor Insurance Remittance Ebere Nwoji Insurance sector operators in Nigeria have backed out of the Compulsory Automatic ECOWAS Brown Card Bureau treaty, which required every insurance firm operating within ECOWAS countries to compulsorily pay a certain percentage of their entire third party motor insurance account to the coffers of the bureau.

Although reports from the sub regional insurers meeting held in Lome recently indicated that most franco phone countries within the sub region have commenced compliance with the treaty agreement while among Anglophone countries, Ghana, Liberia among others are already complying.

But Nigeria insurers said they would kick against the treaty, describing it as “unfair and punitive” decision on the part of the sub regional insurance market.

Chairman, Nigeria Insurers Association (NIA), Mr. Eddie Efekoha said at a press briefing that Nigerian insurers would prefer that each operating firm pays to the bureau a percentage of ECOWAS Brown Card motor insurance underwritten instead of asking them to pay a certain percentage of their entire motor insurance proceeds.

Efekoha declared: “NIA will kick against it. Taking my own company for instance, I do not know how many ECOWAS brown card policy I issued in relation to my entire motor portfolio to be asked to pay certain percentage to a bureau. It is unacceptable

but I do appreciate that these are treaties that are signed at higher level. I thought it would be on the basis of if I issue a brown card policy, charge me, if I did not issue don’t charge me.”

He added: “If they are looking for funding and they felt that Nigerian market is big enough therefore they can generate a lot from us it is unfair to be asked to pay that way it is also very unfair to implement such policy. One other challenge we have is that Nigerian market has not been too involved in the affairs of the bureau and they capitalise on our absence to implement

punitive policies and decisions we will take some steps in the days ahead.”

Speaking on this, Chairman Nigerian Bureau of ECOWAS Brown card, Mr. Tope Smart, said during the last month meeting, the issue of the compulsory ECOWAS Brown Card motor insurance payment was on the front burner of their discussion.

He however said that his committee resolved to conclude the third party motor insurance and Nigerian Insurance Industry Data Base issue as well as the electronic portal market issue, which they already have at hand before talking about

the ECOWAS Brown Card issue to avoid making their members lose focus.

According to him, for now, NIA members are paying attention to third party motor issue to avoid losing focus and as soon as they settle with that, they would face the ECOWAS brown Card issue.

Efekoha said the NIA has entered into partnership with the Lagos State Safety Commission to address the problem of incessant building collapses in the state.

According to him, the Lagos State Government is championing the course of compulsory building insurance in the

country to ensure that cases of building collapses without compensation is tackled and in case it occurs, victims will be entitled to compensation on account of insurance policy put in place by the owners of such buildings.

Furthermore he said, the insurance industry sees high prospect in the rest of the year especially with the increased budget for capital projects which the federal government has executed this year.

This, he said is because part of the capital project vote would come to the industry through the insurances of the projects.

LUCKY WINNER

L-R: Regional Retail Head, Abuja & North, First City Monument Bank (FCMB), Mr. Sunday Egele; a manager with the National Lottery Regulatory Commission, Mrs. Eucharia Umeh; winner of N1million at the second draw of the FCMB Millionaire Promo Season 4 in Abuja & North Region, Mr. Yusuf Usman; Regional Director of FCMB, Mr. Lukman Mustapha and the Bank’s Zonal Head, Wuse, Mr. Baldwin Onuigbo, during the cheque presentation ceremony to the winner in Abuja…recently

Harness Maritime Sector’s Huge Potential to Boost Economy, FG Told Eromosele Abiodun Group Executive Vice Chairman, SIFAX Group, Dr. Taiwo Afolabi has said that the federal government can harness the huge potential of Nigeria’s maritime sector to end poverty and unemployment.

He made the remark at the Taiwo Afolabi Annual Maritime Conference held recently at the University of Lagos.

The maritime sector, he pointed out, has a role to play in alleviation of extreme poverty and hunger as it is important source of income and employment for many developing nations.

The sector, he added, provides opportunities such as the supply of seagoing personnel, ship recycling, ship owning and operating shipbuilding and repair and port services.

“According to the United Nation’s affiliate responsible for regulating the global maritime industry, International Maritime Organisation (IMO), over 90 per cent of world trade is transported by the sea and it is, by far, the most cost-effective way to move en masse goods and raw materials around the world.

“As highlighted above, the maritime industry is strategic to any maritime nation in terms of its contribution to its economic growth and development.

In Nigeria, the contribution of the sector to the country’s gross domestic products (GDP) is still very low when

juxtaposed with its huge potentials and opportunities, “Afolabi said.

He noted that one of the factors that had impeded the sector from fulfilling its potential was huge infrastructural deficit.

“Deplorable access roads, faulty cargo scanners, non-existent rail system, Non-functional trucks bay, amongst others have conspired to negatively to impact the service delivery efficiency and overall impact. This is the major reason we are all gathered here in order to address it. Our sector cannot continue to reel under the burden of infrastructural decay if we want to contribute meaningfully to the economy and fulfil its industrial potential, “he stated.

In her speech, the Managing Director of the Nigerian Ports Authority, Ms Hadiza BAla-Usman, stressed that for any maritime country, the seaport is indeed the gateway to the country’s economy.

The seaport, she added, serves as a gauge for the purse of the economy, facilitate trade when it operates efficiently, but inhibits business and economic growth when it is efficient.

“It is in recognition of this pivotal role of the port that successive efforts have been made by administrations in the past to reforms or restructure the industry, invariably with the ultimate aim of infusing efficiency for overall good of the national economy.

IATA Suggests How Nigeria Can Create More Jobs Chinedu Eze The International Air Transport Association (IATA) has said that thousands of jobs could be created in Nigeria if the country could take the advantages offered by the aviation industry, which it said recorded improvement in the last few months.

The world body observed that there has been sharp rise in business confidence in Nigeria recently and this has also reflected in the economic growth of West Africa.

IATA’s Regional Vice-President for Africa and Middle East, Muhammad Ali Albakris, made the remarks at the weekend in Lagos. He said: “Air transport in Nigeria supports more than 650,800 jobs including tourism-related employment, while contributing $8.2 billion to the country‘s GDP. Over the next ten years passenger volumes are forecast to grow more than 7per cent annually, exceeding the global average by a healthy margin. For Nigeria, this means additional 7.9million passengers will take to the sky every year, creating significant opportunity to accelerate economic growth, boost prosperity and support development.”

IATA however noted that despite significant investment in Nigeria’s aviation sector, the country’s air transport infrastructure still ranks low among African states.

“IATA recognises and supports the positive developments by the government on infrastructure and aviation processes, urging continued adherence to international best practices and an optimal regulatory environment. Now that the country is emerging from recession, aviation can unlock the enormous economic potential that exists within Nigeria. We encourage the government to continue to promote aviation

for its role as a catalyst and socioeconomic enabler for the country, and to promote stronger connectivity within Nigeria and its neighbouring African countries. In addition, now is the time to continue to invest in modern and efficient infrastructure to accommodate the future traffic growth that will occur,” he concluded.

During his visit to Nigeria, Albakri’s delegation said it would meet industry stakeholders from the Nigerian Civil Aviation Authority, the National Association of Nigerian Travel Agents (NANTA), IATA member airlines based in Nigeria and other domestic and international airlines.

Meanwhile, in IATA’s global traffic data for the month of June 2017, there are indications that African airlines’ traffic soared 9.9 percent. Capacity rose 7.1per cent, and load factor jumped 1.7 percentage points to 64.3 percent, although this still was the lowest among regions.

IATA said conditions in the region’s two largest economies have continued to diverge, with business confidence in Nigeria rising sharply in recent months, while South Africa’s economy fell into recession in the first quarter.”

According to IATA on the global scale, “the total revenue passenger kilometers (RPKs) rose by 7.8 percent compared to the year-ago period. This was in line with the 7.7 percent growth recorded in May. All regions reported growth.

June capacity (available seat kilometers or ASKs) increased by 6.5 percent, and load factor rose 1.0 percentage point to 81.9 percent.”

For the first six months of 2017, the industry experienced a 12-year high in traffic growth (7.9per cent) and a record first half load factor of 80.7per cent.

T H I S D AY • MONDAY, AUGUST 7, 2017

25

BUSINESSWORLD

MARKET REPORT

Market Records 39% Year-to-date Growth Goddy Egene and Nosa Alekhuogie

Bank, Nigerian Breweries, Zenith Bank, and GTBank was mainly responsible for the gain recorded on Thursday.

Investors traded 412.12 million shares worth N4.72 billion in 4,207 deals. The three most actively traded sectors were: Financial Services (206.31 million shares), Agriculture (134.81 mill lion shares), and Conglomerate (23.52 million shares), while the three most actively traded stocks were: Livestock Feeds (134.48 million shares), Access Bank (73.53 million shares) and GTBank (48.90 million shares).

The Nigerian equities last week hit a new high to record year-to-date growth of 39.3 per cent following consistence positive investors’ sentiments. After a 16-day bullish streak in equities which ended the previous Friday, the market witnessed some profit taking in the early trading sessions of this week. However, the bulls returned on Tuesday and held on for four consecutive days. Consequently, the Nigerian Stock Exchange (NSE) All-Share Index gained 1.52 per cent to close at 37,425.56, while market capitalisation added N194 billion to close at N12.899 trillion.

Similarly, all other indices finished fi higher during the week with the exception of the NSE Banking and the NSE Oil/Gas Index that depreciated by 1.64 per cent and 3.05 per cent respectively.

Daily Market Performance In line with the bearish trend of last day of the previous week, the market depreciated further on Monday, which was the last trading day of July. The index dropped by 2.7 per cent to close at 35,844. The depreciation partly stemmed from a decline in the share prices of Dangote Cement, GTBank, Lafarge Africa, Zenith Bank, and Nigerian Breweries Plc. Despite the decline, the market ended the month with growth of 8.2 per cent and year-to-date appreciation of 33.3 per cent.

A further analysis of the performance showed that investors traded 490.16 million shares worth N5.27 billion in 5,558 deals.

The most actively traded sectors were: Financial Services (387.94 million shares), Conglomerates (49.98 million shares), and Consumer Goods (23.14 million shares). Similarly, the three most actively traded stocks were: FCMB (127.60 million shares), FBNH (58.34 million shares) and Transcorp (49.70 million shares).

Performance across sectors was mixed as three of fi five indices closed in the red. The NSE Industrial Goods Index led, falling by fell 4.7 per cent due to losses in Dangote Cement while the NSE Banking Index depreciated 3.8 per cent following profit taking in GTBank and Zenith Bank. In the same vein, the NSE Consumer Goods Index went down by 0.4 per cent on the back of losses in Nigerian Breweries.

On the positive side, the NSE Insurance index led gainers, rising by up 1.2 per cent trailed by the NSE Oil & Gas Index that appreciated 0.3 per cent.

However, on Tuesday, which was the first day of the month of August, the market rebounded boosted by Dangote Cement Plc following acquisition of 2.3 per cent by foreign investors.Some foreign investors bought 2.3 per cent stake or 416 million shares in Dangote Cement Plc for N86.1 billion ($236 million).

Although the identity of the new foreign investors who bought 2.3 per cent yesterday could not be ascertained, the news lifted the price of the stock by 7.26 per cent or N16.25 from N223.75 to N240 per share to record highest price gain in absolute terms.

Reacting to the transaction, a leading stockbroker, Mr. David Adonri said it as good development for both the company and the Nigerian economy.

“As you are aware, Dangote Cement is a multinational entity. It is capable of eliciting global interest. New foreign investment can be viewed from the perspective that the company is performm ing very well and that the Nigerian economy is providing it with necessary enabling environment,” he said.

That acquisition that led to the rise in price of Dangote Cement lifted the index

by 2.45 per cent to close at 36,720.62.

The market recorded its second positive performance for the month August as the bulls remained in control on Wednesday. This followed barging hunting by investors in value stocks, a development that made the benchmark index to close 0.50 per cent higher at 36,905.06. Market capitalisation added N64.3 billion to close at N12.7 trillion.

C & I Leasing Plc led the price gainn ers, chalking up 10 per cent as investors continued to react to the positive results reported by the company for the half year ended June 30, 2017.

The company grew its profit after tax by 298 per cent to N580 million in 2017, from N145.4 million in 2016. The Managing Director of the company, Mr. Andrew Otike-Odibi attributed the improved fi financial performance to the strength in the diversity of its business.

Lafarge Africa Plc trailed as the second highest price gainer, rising by 5.0 per cent, just as Guinness Nigeria Plc went up by 4.9 per cent. Skye Bank Plc and Caverton Offshore Services Group Plc appreciated by 4.6 per cent and 4.3 per cent respectively.

Other top price gainers were Jaiz Bank Plc (4.3 per cent); Flour Mills of Nigeria Plc (4.2 per cent) and United Capital Plc(3.9 per cent).

Conversely, Okomu Oil Palm Plc led the price losers with 5.0 per cent, trailed by Continental Reinsurance Plc that depreciated by 4.9 per cent.

Mobil Oil Nigeria Plc and Nigerian Aviation Company Plc shed 4.8 per cent apiece among others.

In terms of sectoral performance, three sectors appreciated, while two depreciated. The NSE Industrial Goods Index led the gainers with 1.93 per cent following investor interests in

Lafarge Africa and Cement Company of Northern stocks. The NSE Consumer Goods Index followed with 1.63 per cent, while the NSE Banking Index appreciated by 0.49 per cent.

On the flipside, the NSE Oil and Gas Index dominated, falling 2.43per cent due to sell-off in Seplat, while the NSE Insurance Index shed 0.49 per cent.

TOP TEN BROKERS

The market sustained the bullish run on Wednesday as the benchmark index appreciated 0.

The equity market surged further on Thursday, growing by 0.62 per cent and crossing the 37,000 mark to close at 37,135.23. Similarly, the market capitalisation closed higher at N12.80 trillion. The appreciation recorded in the share prices of Lafarge Africa, Access

(BY VALUE)

BROKER

AS AT LAST FRIDAY VALUE % VALUE

UNITED CAPITAL SECURITIES LIMITED

39,516,053,241.18

56.61

STANBIC IBTC STOCKBROKERS LIMITED

4,744,897,369.98

6.80

CSL STOCKBROKERS LIMITED FBN SECURITIES LIMITED

3,916,455,363.28 2,953,651,521.54

5.61 4.23

RENCAP SECURITIES (NIG) LIMITED

2,561,042,042.06

3.67

APT SECURITIES AND FUNDS - BRD

1,446,775,666.55

2.07

FINMAL FINANCE COMPANY LIMITED

955,339,473.02

1.37

897,168,213.60

1.29

EFCP LIMITED NIGERIAN INTERNATIONAL SECURITIES LTD CARDINALSTONE SECURITIES LIMITED

TOP TEN BROKERS

(BY VOLUME)

BROKER UNITED CAPITAL SECURITIES LIMITED

854,654,046.57

1.22

658,512,935.57 58,504,549,873.35

0.94 83.82

AS LAST FRIDAY VOLUME

%VOLUME

4,179,417,063

57.61

CORDROS SECURITIES LIMITED - BRD

349,699,038

4.82

FIDELITY FINANCE COMPANY LIMITED

336,787,470

4.64

FBN SECURITIES LIMITED STANBIC IBTC STOCKBROKERS LIMITED

221,797,447 172,399,722

3.06 2.38

CSL STOCKBROKERS LIMITED

154,709,884

2.13

147,311,389

2.03

RENCAP SECURITIES (NIG) LIMITED

120,216,830

1.66

CARDINALSTONE SECURITIES LIMITED

106,524,298

1.47

MORGAN CAPITAL SECURITIES LIMITED

73,245,346

1.01

5,862,108,487

80.80

APT SECURITIES AND FUNDS - BRD

Market Turnover Meanwhile, market turnover soared last week following huge transactions in the shares of Dangote Cement Plc. As a result, a total of N114.117 billion was staked on 2.518 billion shares in 23,546 deals, as against N30.636 billion invested in 2.211 billion shares in 26,287 deals the previous week.

However, the Financial Services Industry led the activity chart, in volume terms, with 1.507 billion shares valued at N16.354 billion traded in 12,511 deals; thus contributing 59.85 per cent and 14.33 per cent to the total equity turnover volume and value respectively. The Industrial Goods Industry followed with 441.914 million shares worth N89.356 million in 1,282 deals. The third place was occupied by Conglomerates Industry with a turnover of 184.608 million shares worth N701.665 million in 929 deals.

Dangote Cement Plc, Access Bank Plc and Zenith Bank Plc accounted for 833.966 million shares worth N95.969 billion in 3,203 deals, contributing 33.12 per cent and 84.10 per cent to the total equity turnover volume and value respectively.

Also traded during the week were a total of 1.166 million units of Exchange Traded Products (ETPs) valued at N16.169 million executed in 17 deals compared with a total of 1.732 million units valued at N13.711 million transacted the previous week in 19 deals.

A total of 5,850 units of Federal Government Bonds valued at N5.702 million were traded last week in seven deals, compared with a total of 750 units valued at N695,229.29 transacted the previous week in eight deals.

Price Gainers and Losers A look at the price movement chart showed that 38 equities appreciated in price during the week, lower that 51 equities of the previous week, while 28 equities depreciated in price, higher than 23 equities of the previous week.

C & I Leasing Plc led the price gainers with 44.9 per cent, trailed by Dangote Sugar Refi efinery Plc with a gain of 37.2 per cent. Linkage Assurance Plc garnered 27.1 per cent, just as NASCON Allied Industries Plc appreciated by 26.8 per cent.

Livestock Feeds Plc, Cadbury Nigeria Plc went up by 19.2 per cent and 12.9 per cent respectively, while Jaiz Bank Plc and Guinness Nigeria Plc chalked up 12.1 per cent and 10.6 per cent in that order. Newrest ASL Nigeria Plc and UACN Property Development Company Plc closed higher, gaining 10.1 per cent and 8.0 per cent in that order.

Conversely, Morison Industries Plc led the price losers, shedding 16.9 per cent, trailed by Red Star Express Plc with 12.4 per cent. Cutix Plc and University Press Plc declined 12.4 per cent and 9.8 per cent in that order.

Other top price losers included: NPF Microfinance fi Bank Plc(9.1 per cent); Mobil Oil Nigeria Plc (8.3 per cent); FCMB Group Plc, Fidson Healthcare Plc (6.8 per cent apiece); Champion Breweries Plc (5.2 per cent) and Beta Glass Plc (4.9 per cent).

T H I S D AY • MONDAY, AUGUST 7, 2017

26

BUSINESSWORLD

INSIDE BROAD STREET ments the Economic Recovery and Growth Plan (ERGP).

AKINWUNMI IBRAHIM

Broad street

Confronting the Fragile Economic Recovery Obinna Chima The International Monetary Fund (IMF) last week declared that Nigeria’s economic backdrop remains challenging, despite some signs of relief in the first half of 2017. The fund also noted that near-term vulnerabilities and risks to economic recovery and macroeconomic and financial stability remained elevated in the country.

The IMF’s verdict came few days after the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) warned at its last meeting that the nation’s economy may relapse into another recession due to threats to economic recovery.

This therefore requires that both the monetary and fiscal policy authorities to put all hands on deck in order to lift the economy out of the doldrums.

The IMF had after its visit to Nigeria last month, pointed out that economic activity in the country contracted in the first quarter of the year by 0.6 per cent, mainly as maintenance stoppages reduced oil production.

It said: “However, following four quarters of negative growth, the non-oil economy grew by 0.6 per cent (year-on-year), on the back of a rebound in manufacturing and continued strong performance in agriculture. Various indicators suggest an uptick in activity in the second quarter of the year.

“Helped by favourable base effects, headline inflation decreased to 16.1 per cent in June 2017 but remains high despite tight liquidity conditions.

“Preliminary data for the first half of the year indicate significant revenue shortfalls, with the interest-payments to revenue ratio remaining high (40 per cent at end-June) and projected to increase further under current policies. High domestic bond yields and tight liquidity continue to crowd out private sector credit.

“Given Nigeria’s low growth environment and the banking system’s exposure to the oil and gas sector, non-performing loans increased from 6 per cent in 2015 to 15 per cent in March 2017 (8 per cent after excluding the four undercapitalised banks).”

Also, the CBN Governor, Mr. Godwin

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CBN Governor, Godwin Emefiele Emefiele, had at the end of last month’s MPC said the committee was seriously worried about the increasing indebtedness of the federal government, which resulted into N2.51 trillion deficit in the first half of 2017.

The MPC had also noted that the economy was going through a fragile economic recovery and thus called for bold fiscal and monetary measures to ensure that the economy does not relapse into another recession.

Emefiele said: “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 are not activated immediately to sustain it.”

The federal government has projected that the economy would grow at 2.2 per cent this year.

The government’s forecast is contained in its: 2018-2020 Medium Term Fiscal Framework and Strategy Paper, which forms the basis for its 2018 budget.

It also projected a 4.8 per cent growth in 2018 and 4.5 per cent in 2019, before reaching seven per cent in 2020.

The Nigerian economy slipped into a recession in 2016 as low crude prices and oil production slashed government revenues, caused dollar shortages and crippled its economy.

It contracted 0.5 per cent in the first quarter, its smallest fall in five quarters of decline.

Need for Policy Shift The federal government has been advised to adopt policies that would that the vulnerabilities and risks to Nigeria’s economic recovery, macroeconomic and financial stability are not affected.

Some financial analysts that made this call during separate interviews with THISDAY stressed the need for the government to ensure effective implementation of the 2017 budget.

The advice came following the declaration by the International Monetary Fund as well as the CBN earlier that Nigeria’s economic backdrop remained challenging, despite some signs of relief in the first half of 2017.

To the Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismark Rewane, “there is a lot of work to be done to take the economy out of its present challenges.”

According to Rewane, the “speed at which the government is moving in terms of policy implementation is too slow.”

He therefore called for shift in terms of policy implementation in the country.

The Director General of the West African Institute for Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo called for more fiscal stimulus.

“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.”

The Chief Executive Officer, Cowry Assets Management Limited, Mr. Johnson Chukwu, urged the government to ensure that the imple-

“We cannot control oil price, but we can control what we produce. So, the government must ensure that the peace in the Niger Delta is sustained. Then the policies they have put together in the ERGP, the government needs to evolve actionable plans towards implementing those policies.

“For example, the target for the power sector, we need to have actionable plans on how to achieve that. The issue of stopping the importation of refined petroleum products must also be addressed.

“Also, our approach to infrastructure financing should be reviewed such that public-private partnership is adopted because government does not have the wherewithal to fund infrastructure,” he added.

On his part, the Chairman, Polar-Afrique Consulting Limited, Dr. Chris Itsede, believes the government is getting into indebtedness and an ambitious spending plan which obviously outstrips its expected revenue stream.

Itsede, who is the founding Director General of the West African Institute for Financial and Economic Management, said what he expected was for the government to scale back expenditure and tighten spending efficiency, so that for example, if you spend N1, it would be sure of getting at least 85 per cent of the real value of that N1.

“That is spending efficiency and that is what we should be thinking about now. If you look at the numbers now, our debt profile as a country is really alarming. It has never been this bad.

Research Analyst at FXTM, Lukman Otunuga also stressed the need for governments at all levels in Nigeria to focus on infrastructural development.

Otunuga pointed out that while major roads in the country are in poor condition; the power sector remains a cause for concern, health and education also needed to be revamped.

According to the analyst, rectifying these issues has the ability to not only create jobs but also support economic growth and boost investor confidence.

He said: “focusing on the fiscal side, this still remains a gray are with the nation’s longrunning infrastructure problems compounding to its woes. With the overall projected fiscal deficit tagged at N2.36 trillion one can only hope that the approved budget offers a helping hand to the nation.

“As we head deeper into the third quarter of 2017, market players may closely observe hard domestic data at home to gauge the nation’s health and verify if an economic recovery really is on the cards for 2017.

“Nigeria’s mission to diversify away from oil reliance while recovering from an economic deceleration remains an on-going quest and it will be interesting to see how far the nation has progressed by year end.”

According Otunuga, the current speed of Nigeria’s recovery could be described as slow and steady, with the macro-fundamentals gradually stabilising.

“Although I remain optimistic over Nigeria resurging from an economic meltdown and eventually breaking away from its dependence on oil as an engine for growth, there are still external risks which could present headwinds on the road to recovery.

“The greatest threat to Nigeria’s current recovery in the medium to longer term is depressed oil prices. Falling oil has the ability to directly impact the nation’s government revenues, external reserves, and stability of the nation’s foreign exchange market,” he said.

Inflation in Nigeria cooled for the fifth consecutive month in June at 16.1 per cent, illustrating further signs of price stability while manufacturing and non-manufacturing activities have both moved in a positive trajectory. Also, the naira has continued to display resilience against the US dollar this year, with prices currently trading around N363 on the black market.

Although the repeated intervention by the Central Bank of Nigeria has supported the naira’s recovery and stability and confidence over Nigeria’s economic recovery continues to play a leading role.

Therefore, the government needs to ensure that it implements the 2017 budget so as to drive spending. In addition, it must promote activities that would ensure that earnings from the non-oil sector continue to improve in its quest to diversify away from oil.

T H I S D AY • MONDAY, AUGUST 7, 2017

27

BUSINESSWORLD

INTERVIEW

Adediji: FG Must Implement Policies to Drive Agric-based Economy In this interview with Eromosele Abiodun, the Osun State FADAMA III Project Coordinator, Dr. Ganiyu Adediji, speaks on the significance of private sector intervention in small-scale agriculture. Excerpts: The federal government recently introduced the Agricultural Promotion Policy (APP), otherwise known as the Green Alternative. Do you see any significant difference between the APP and the Agricultural Transformation Agenda (ATA) of the immediate past administration?

The contents of the two policies are similar.

The APP builds on the ATA of the previous administration. The policies are good and okay, but implementation is the key here. We should make sure that the policies are implemented according to their letters and dictates. If the policies are religiously implemented it will guarantee a good agricultural landscape for the country.

Policy itself may have some defects, but it is for the implementers to remove the defects.

How best do you think this policy can be applied and made suitable in addressing challenges confronting smallholder farmers and agriculture in the country?

Well, if all the support contained in the policy is given to farmers, it would be very beneficial to them. Policies are nothing but mere papers if there are no benefits accruing to the people in whose interest the policies exist. The federal government is actually doing its best to make inputs available to farmers but for the inflation being currently experienced in the country.

One of the cardinal objectives the roadmap to improving the agricultural sector unveiled by the Minister of Agriculture in 2016 is hinged on is the encouragement of new generation farmers, especially the youth. To what extent has it rekindled the interest of youths in agriculture?

In Osun State, the state government has a scheme for youth empowerment known as the Osun State Youth Empowerment Scheme (OYES).

The state government, through the Ministry of Youth Empowerment, has been doing all it can to ensure that youths in the state are empowered through gainful employment. Recently, some youths were sent to Germany and Shongai Centre in Benin Republic to receive training on modern agricultural techniques. A similar scheme is being run by FADAMA currently. They are given support on the agricultural enterprise of their choice. Another way by which the interest of youths is being stimulated in agriculture is through providing them with farm inputs and access to farm machinery.

It has been over a year since the ban on the importation of rice, which was hailed by many as a step in the right direction, citing its capability to enhance local production of the crop. Has local production been able to meet local demand since? And how much interest is the crop attracting from smallholder farmers (SHFs)?

It is a federal government policy that was well thought-out. However, the implementation would have been a gradual process spread over a period of time. Rice is a special crop that needs a lot of knowledge and skill to cultivate. So, farmers need to be supported and sensitised on the need to go into massive production of the crop. Another challenge is leakages in the policy as result of which the crop is being imported into the country through unorthodox means. If we have been able to produce locally at a reasonable and competitive price there wouldn’t be any market for the ones being smuggled in. Quite unaware to many people is the fact that local rice is more nutritious than the imported rice which in most cases is mere fibre. It has been discovered that some imported rice have been stored for 10 to 15 years before their importation, and so have lost their nutrients. Moreover, rice importation is not sustainable. The billions of dollars spent on rice importation can be used to support our farmers in local production. Interestingly, there have been some private sector interventions in this area.

Adediji Dangote, for example, is currently supporting local production of rice. Also worthy of note is the massive support BATNF gives to smallholder farmers through its rice enterprise value chain projects across the federation.

Experts have always canvassed for a scientific approach to tackling the problem of climate change. How can the Nigerian Meteorological Agency (NiMET) be of help here?

NiMET is doing a tremendous job by giving us weather forecast for each year. I think the Memorandum of Understanding the BATN Foundation signed with NiMET, earlier in the year, to provide weather information to farmers, is commendable. If farmers are armed with information on weather conditions, especially rainfall pattern, it is left for them to decide when it will be favourable for them to plant their crops and plan their farming season. Hence, you don’t leave everything to nature or fate. So, it is necessary to work within the knowledge we have of production in our environment. This also includes livestock.

The 2017 budget allocation to the agricultural sector is N123 billion out of which N91.7 billion is for capital projects. This represents two percent of the entire budget, which is far below the 10 per cent allocation for agriculture recommended by the 2003 AU-Maputo Declaration. What is your take on this?

The federal government is serious about agriculture and is increasingly giving attention to the sector. However, if adequate provision is not made for agricultural production, it may become counter-productive. Agriculture is our economic mainstay and without it we cannot survive. So we must invest efforts in the improvement and sustenance of our productivity.

The critical objectives of the FADAMAIII scheme are the reduction of rural poverty and ensuring food security. What is the success

rate so far?

FADAMA has achieved its targeted objectives to a very large extent. The latest evaluation report we had shows that more than 75 per cent of targeted farmers have had their incomes increased by more than 40 per cent at least. That is a key indicator of the achievement we have made so far. Also, crop yield has improved.

We have about 78 per cent increase in cassava yield and about 40 to 50 per cent increase in rice yield. This increase in productivity would not have been possible without an increase in input. The boost in production has attracted off takers who now come to take cassava to their processing plants.

How has the relationship between farmers and off takers been?It has been beneficial. The only challenge is the transportation of produce, especially for the processing plants that do not have transportation network. Thankfully, we have discovered a transportation company that is ready to bring their vehicles to the farm gates and off-take the produce to their plants.

How knowledgeable are smallholder farmers about the various agricultural finance schemes, such as the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and others?

There are several means of securing loans for farmers, but most of them are not accessible to farmers. What we do in FADAMA is give farmers grants, and not loans. BATNF also gives grants to them. They are expected to plow back the money in order to sustain the project. That is the only conditionality attached to it; we do not collect the money back from them. In Osun State, for example, the state government has some loan schemes for the farmers, and they are quite aware of it. Farmers in the state benefit from the scheme through their various associations.

Through the associations the state government enlightens them on the loan scheme. NIRSAL, which is an anchor-borrower scheme, is a good

finance scheme as it provides risk mitigation conditions for farmers to benefit from and to be able to repay the loan. However, the scheme is yet to be implemented in Osun State.

How can the Bank of Agriculture (BOA) intervene to mitigate the problem of agriculture financing?

The BOA has been mandated by the federal government to lend agricultural credit to farmers at single digit interest. I think the lending rate is about eight percent. In the State of Osun, there is a special incentive for farmers. The state government has collaboration with them in which the government provides 50 percent of the total loan package and BOA provides another 50 percent which are given to farmers as loan. There is an agency that is responsible for that in the state.

So, Osun State is doing well. However, not every farmer in the state can benefit from this; that is why the intervention of BATNF is valued here.

Considering the challenge of accessing loans confronting the farmers, some experts have suggested that a microfinance bank for farmers could be a way out as is being done in a few states. Do you agree with that?

Well, it brings farmers’ needs nearer to them and makes them an authority over their capital or funds. It is one of the concepts that were introduced by FADAMA. It arose from the fact that a lot of resources are pumped into farming.

Therefore, farmers are supposed to have some funds set aside for the sustainability of the implementation of the project. The idea is that the fund recouped from farmers could be used to establish a micro finance agency in the state.

It is already being operated by some FADAMA beneficiaries in some states, including Plateau State. I think it is a very good idea, if it can be sustained.

CONTINUED ON PAGE 29

T H I S D AY • MONDAY, AUGUST 7, 2017

28

BUSINESSWORLD

NEWS

NANTA Partners IATA, NCAA to Curb Fraud in Aviation Sector Chinedu Eze The National Association of Nigeria Travel Agencies (NANTA) has expressed its determination to partner the Nigerian Civil Aviation Authority (NCAA) and the International Air Transport Association (IATA) to eliminate fraud in the aviation industry.

The body noted that out of 6,000 travel agencies operating in Nigeria, only about 10per cent, (600) was registered under the appro-

priate organisations, such as NANTA and IATA. Speaking during a stakeholder meeting at the weekend in Lagos, NANTA President, Bankole Bernard disclosed that as a result of the economic downturn in the economy, several people resort to fraudulent practices and vowed that NANTA would collaborate with relevant agencies to end such illicit acts in the aviation industry.

“The job of a travel agent is not for everyone but for

professionals. It is sad today that people who have lost their jobs as a result of the recession run to start up a travel agency without proper training and certifications.

Passengers are often stranded because of these fraudsters who only collect their money and abscond. Today, it is diffi f cult to know who a true agent is, thereby forcing people to do business directly with the airlines because of the sad experiences they have had,” Bernard added.

He recalled that few weeks back, a woman defrauded travellers in Nigeria by issuing fake tickets and absconded with over N56million.

Bankole said in a bid to curtail this menace, the agency is partnering NCAA to introduce a Travel Practitioners Identification Project.

“With this project, we will create a database to accommodate all genuine travel practitioners in Nigeria and issue a unique identification number to every practitioner in

NCAA, Edem Oyo-Ita, who represented the Director General of the agency, said there was need to sanitise the downstream of the sector as the recent fraudulent activities have continued to impact negatively in the image of the country.

He said this project would bring sanity to the system once again by identifying the fraudsters, applying sanctions and creating an environment where practitioners can serve the economy better.

the industry. This database will be accessible to all stakeholders in the sector. This way, fraudsters who are not registered on the system can be fished out,” he said.

He added that each practitioner will have an identity card, which will cost N3, 500 and would be renewed every three years at the cost of N2, 500 and this would help identify who the true travel agents are.

Earlier, the Director of Air Transport Regulations at the

9mobile Restates Commitment to Corporate, Brand Values Emma Okonji In spite of the challenges faced in the recent rebranding exercise, 9mobile has promised its over 20 million subscribers of commitment to its established corporate and brand values.

Top management of the telecoms company, who pledged stakeholders’ continued commitment to innovative and qualitative service delivery,

stated that the name change did not erode what the company stands for.

Chief Executive Offi f cer, 9mobile, Boye Olusanya, said: “Our name change does not change what we stand for. We have always stood for innovativeness, diversity, vibrant brand. These stay because the brand is dependent on one thing – the people. It is critical to note that the people that participated over the years

in the process that led to the success of what we had before are still here and they are even more determined to make this work because this is a brand they own and believe in; this is Naija’s own brand.”

He expressed confidence that 9mobile would surpass the legacy it built over the nine years of the company’s operations in Nigeria, stressing that, “we have remained a prime driver and avid supporter of

the Nigerian spirit of excellence and we will continue to stay true to that spirit of Naija-centricity.”

Olusanya added that the new brand identity was not a product of circumstance or chance but “a deliberate representation and confi nfirmation of our 0809ja heritage and Naija centricity and our evolution over the years. For those who don’t know, this is our ninth year; so, there is a big

have continued to perform.

“In our migration to a new brand, the immediate focus is to drive value for our customers. Our customers remain at the heart of the business, and so our key stakeholders.

The speed at which we have gone through this exercise of rebranding just shows what we hope to continue to represent to our customers, and this shows we are an agile and responsive business,” Ighodaro said.

connotation with that for us.”

Also corroborating, the Chief Financial Offi fficer, 9mobile, Funke Ighodaro said the immediate focus of the new management is to ensure continue delivery of value to our customers and key stakeholders. “9mobile represents, for us, speed, quality, excellent service and also the future. It represents resilience and continuity. If you go into any of our experience centres, you will see that we

Crisis Looms over Control of Lagos State Waterways Chinedu Eze The brewing disagreement between the Lagos State Governn ment and the National Inland Waterways Authority (NIWA) over who is in charge of the waterways in Lagos may result in clashes as dredgers and boat operators are confused over whom to pay allegiance to.

While the Lagos claims that the waterways belong to it and has given the operators ultimatum to comply with all laws and regulations guiding their operations, NIWA is insisting that by law, it is in charge of all the waterways in Nigeria because no water begins and ends in Lagos state.

NIWA has therefore charged Lagos State to define its Intrastate water routes in Lagos State based on an Appeal Court judgment.

Speaking during a stakeholdd ers meeting at Lagos recently, the area manager, Lagos Zone of NIWA, Muazu Sambo explained that the Appeal Court judgment granted Lagos State power to legislate on intra-state waterways, which the state does not have.

But Sambo argued that all

bodies of waterways in Lagos State are international, tidal, intra-coastal and/or inter-state waterways.

He urged operators in the inland waterways business to go about their normal business without fear of harassment, statt ing that NIWA would not allow the operators to be harassed by the Lagos state government.

He explained further that some people might be wonderr ing why NIWA approached the Supreme Court on the matter if the case at the Appeal was in its favour. Sambo explained that NIWA decided to approach the Supreme Court based on the issue of the illegality of the Lagos State Waterways Authority (LASWA), which he said the Appeal Court was silent on and which was an issue at the lower court, including the advice of the Attorney General of the Federation on the matter.

NIWA Area Manager Lagos, said that no state House of Assembly has the power to repeal the federal law and replace it with a state law, pointing out that this is what Lagos state did in the law setting up Lagos State Waterways Management

Agency (LASWA).

He assured the operators that the Minister of Police Affairs will not disposed to allow the federal police to be used by the Lagos state government to enforce impunity.

Sambo also said NIWA would not allow what happened in 2008 to happen again, where many of the operators were driven out of business by Lagos state and as a result of that, many of them and their dependents died and some suffered untold hardships.

According to NIWA, Lagos State does not have the power to make Laws in respect of intracoastal route from Badagry, along the Badagry Creek to Lagos through Lagos Lagoon to Epe, Lekki Lagoon to Iwopin, along Omu Creek, Talifa Kivei to Atii jere, Akata, Aboto, Oluwa River to Okitipupa and onto Gbekebo, Arogbo, Ofunama, Benin Creek to Warri. Also the canal running from Araromi through Aiyetoro, Imelumo to Benin River and from Aiyetoro through Mahin Lagoon to Igbokoda based on Item 5, 2nd Schedule, Section 10 of National Inland Waterways Authority Act. Cap N.47, LFN 2004.

DataPro Reaffi ffirms Sterling Bank BBB+ Rating Raheem Akingbolu DataPro, a leading Credit Rating Agency (CRA) recognised and approved by the Securities & Exchange Commission (SEC), has re-affi f rmed Sterling Bank long-term rating of BBB+ with a stable outlook for the year 2017/2018.

The BBB+rating indicates that the bank has a fair financial strength, operating performance and business profile when

compared to the established standards. It further indicates that the bank has the ability to meet its on-going obligations, subject to adverse changes in economic conditions.

The DataPro Rating Committee approved the rating after a review of the bank’s Capitalisation, Earnings Profile, fi Liquidity, Quality of Assets and Sustainability of its current healthy profile in the medium to long-term period.

The rating is supported by the bank’s stable management and strong brand presence.

The rating took note of the fact that the bank’s capital adequacy for the reviewed period was 11per cent against the regulatory requirement of 10per cent.

Sterling Bank subsequently got a short term rating of A2.

This reflects fl the bank’s capacity for timely payment of financial fi commitments.

S/N

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Date of Fund Purchase

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59.24 59 .24

28 2 8

CORONATION C ORONATION O MERCHANT RC BANK

BANK CHARGE CHARGES RG S

2-Aug-17 2-AugAug 17

305.66 305.

05 66

7,018.04 , 80

29 2 9

FCMB C

INTERBANK SALE SALES S

4-Aug-17 4-AugAug 17

307.05 307.

0 05

50,000.

50,000.00 0,000 00

330 0

SUMO UMO S STEEL

SPARE PARTS (HOLDER CODE-3006441)

4-Aug-17 4-AugAug 17

306.

306.30 06 30

997.58

S/N

Date of Fund Purchase

Exchange Rate

Exchange Rate

1

CBN

31-Jul-17 Ju

326.00

372,160.19

2

CBN

31-Jul-17 1-JulJu

321.0 321.00 0

3,346,427.47 ,

3

OTHER THER SOURCES 1

2-Aug-17 ug

305.60 305.

05.60

5,000.00

4

OTHER R SOURCES SOURC S 2

4-Aug-17 ug

306.55 306.

06.55

50,000.00

TOTAL O AMOUNT OU AVERAGE AMOUNT

3,773,587.66 , 943,396.92

USD Amount

T H I S D AY • MONDAY, AUGUST 7, 2017

29

BUSINESSWORLD

INTERVIEW

ADEDIJI: FG MUST IMPLEMENT POLICIES TO DRIVE AGRIC-BASED ECONOMY Foundation and facilitated by the International Institute of Tropical Agriculture (IITA). About 190 farmers participated in the scheme. We tried to sensitise them about the dangers of Aflatoxin to make sure their produce is safe for consumption and even for industrial use. Our farmers complied with the scheme. One key advantage is that it boosts the market value of the produce and its export. We have succeeded in sensitising our farmers, especially the beneficiaries of BATN Foundation’s collaboration and other farmers to whom the benefit of the collaboration has spread to, in improving their knowledge in improved production of maize.

Experts are of the view that some of the reasons smallholder farmers do not thrive is the failure to regard agriculture as an enterprise, enhance their knowledge of improved farming practices and embrace application of technical knowledge. What can be done to change their attitude towards the agriculture business?

Part of the objectives of the FADAMA III project is to change the mindset of farmers, make them realise that they are into business.

It is for this reason that FADAMA is no longer being referred to as a developmental project; it is now a business project. Farmers are being educated and encouraged to keep records of every kobo they spend and make from their business, and also to realise that their survival depends on it. So, the new approach is to change the mindset of farmers and make them earn real income from their enterprise in order to be at par with their counterparts in other fields of endeavour. We have been doing that through several capacity building trainings and advisory services so as to make sure that they run their enterprises as a business. The objective here is to make them begin to see agriculture as a business and no longer as a family enterprise for survival.

How will you describe the relationship between the Osun State FADAMA Coordination Office and the British American Tobacco Nigeria Foundation (BATNF)?

The BATN Foundation has supported smallholder farmers in transiting from subsistence to commercial farming. It has provided access to finance and input, removing barriers to growth. For example, BATN Foundation began its intervention in Osun State in 2015 with the implementation of the maize and cassava value-chain enterprise development project. The beneficiary farmers were first grouped into local cooperatives and were all

One of the key objectives of the second phase of the FADAMA is the provision of a small-scale community-owned infrastructure. Apart from transportation, which you identified earlier, what other infrastructure are we looking at here?

In area of transportation, FADAMA has tried to make access roads available to farmers. FADAMA also provides boreholes, tube wells, etc. We are also considering small scale irrigation for our farmers. FADAMA also provides assets like tricycles and wheelbarrows for farmers. In the present dispensation, FADAMA has been seeking ways of alleviating the burden that farmers face in transporting their inputs and produce.

Adediji supported with the complete tractorisation of their land, the required inputs, including agrochemicals and 600 bundles of cassava cuttings, capacity building and weather forecast information to ensure maximum yield and reduce harvest losses.

We are pleased with this partnership from the private sector and hope to have more of it going forward.

To what extent has the Osun State FADAMA

boosted maize production following its collaboration with the British American Tobacco Nigeria Foundation (BATNF) to train farmers and staff on the application of the fungicide, ‘Aflasafe?

Aflasafe is not a yield enhancement products, so it is not meant to boost production. It is meant to improve crop quality and make it safe for consumption. It was first introduced in August 2016when we had a training supported by BATN

How about storage which is a critical infrastructure for conservation?

FADAMA is particularly concerned about the storage of staple crops like rice and sorghum.

However, there is no serious challenge in the storage of cassava. The only concern about cassava is to ensure that it is harvested at a time it can be off-taken to the processing plant. But for the other crops, adequate storage facilities are being considered as one of the infrastructural facilities.

We have an aggregation centre where all the produce can be properly stored.

T H I S D AY • MONDAY, AUGUST 7, 2017

30

BUSINESSWORLD

NEWS

India Partners Nigeria to Accelerate ICT Growth Emma Okonji The government of India, in collaboration with the federal government of Nigeria, is set to forge closer cooperation in a determined effort to accelerate growth in Information and Communications Technology (ICT), with a view to boosting both countries’ economies through greater penetration and use of advanced technologies and services.

Based on the collaboration, Nigeria and India plan a twoday international conference and exhibition, under the auspices of Indo-Africa relations, scheduled to hold on September 6th and 7th at the Eko Hotel, Lagos.

The conference is being organised by the Telecom Equipment and Services Export Promotion Council (TEPC), an organisation set up by the government of India to promote

and support export of telecom equipment and services.

The Indian Minister of State for Communications, Manoj Sinha, had since communicated to his Nigerian counterpart, Abdul-Raheem Adebayo Shittu, on the new partnership between both countries.

According to Sinha, “India has emerged as one of the prominent trade partners for Africa, and both regions have shown complementarities for business to expand and grow.”

“IT and Telecom form the backbone for the growth of any country and Africa has been one of the fastest growing markets worldwide in ICT adoption and communication technology,” Sinha said.

The conference is expected to bring together over 100 ICT companies from India and many more from ICT sector from Africa and attract over 2000 visitors.

While commending the Indian government for the collaboration, Shittu welcomed the idea of the Indo-Africa ICT conference and promised Nigeria’s cooperation and parr ticipation to ensure a successful and worthwhile event for the good of India and Nigeria as well as the ICT industry in general.

“We are delighted about the idea, and from Nigeria we will put in our best to ensure the programme comes out very well,” Shittu said, adding that India and Nigeria share a lot in common, and ICT currently being very topical globally, it is in the interest of both countries to pool resources to deliver results for their common people.

According to details for the event, a key highlight will be an ICT Ministers’ Roundtable Meeting scheduled for September 6, on the guiding theme ‘Digital Vision of the

Developing Nations,” a platform for ministers to present and share the ICT visions of their countries over the next five years thereby showcasing fi partnership opportunities that such vision would bring to the industry at large for the two regions.

TEPC is working in conjunction with the National Association of Software and Service Companies, (NASSCOM), which is the premier trade body and the chamber of commerce of the IT-BPM industries in India.

From India, some of the speakers include, Chairman of TEPC, Mr. Shyamal Ghosh; Chief Executive Offi f cer and Managing Director at Tejas Networks, Sanjay Nayak; Direcc tor, Centre for Development of Telematics, Bangalore, Mr. M Soundara kumar; Vice President and Head of Global Trade Development at NASSCOM, Shivendra Singh, among others.

Nigeria to Take Broadband Campaign to ITU Telecom World Emma Okonji The federal government, through the Nigerian Communications Commission (NCC), said it will take the country’s broadband penetration campaign to global investors at the forthcoming ITU Telecom World 2017, holding in Busan, South Korea, from September 25 – 28, 2017.

The Director, Public Affairs at NCC, Mr. Tony Ojobo, who made the disclosure, said Nigeria’s robust telecommunications regulatory environment, guarr antee of Returns On Investment (ROI) and investors renewed confidence in the fast growing sector would form part of the country’s narrative at the Interr national Telecommunications Union (ITU) Telecom World 2017.

Since 2001 when Digital Mobile Licences (DML), were issued by the NCC, the country has witnessed multiplier effects in social and economic development. Telecommunications services are now available to everyone unlike the pre-GSM era when only 500,000 lines were available to a population of nearly 90 million from an investment profile fi of about $50 million. Teledensity was about 0.01 per cent. Internet connectivv ity was a nightmare. But the story has since changed, and it is necessary that we tell our story to global investors who may be willing to invest in the country’s broadband penetration, hence the need to take the broadband campaign to ITU Telecom World 2017, Ojobo said.

According to him, “There are over 150 million active subscrib-

ers now. Internet connections are over 90 million, teledensity is well over 100 per cent. There is over $80 billion invested in the sector so far with over 70 per cent of it as Foreign Direct Investment (FDI).

“The investors have never known a better yesterday. So as Nigeria’s delegation berths in Busan, South Korea, the narrative will be endearing as the country beckons on more investors especially in broadband internet.”

Existing and potential investors will want to hear the cherry news of a robust regulatory agency, the NCC, which has carried out its regulatory functions in line with global best practices, stakeholders’ engagement, among others, Ojobo said.

The Minister of Communicaa tions, Adebayo Shittu, will lead the country’s delegation which will include the Chairman of the Board of Commissioners of NCC, Senator Olabiyi Durojaiye; Chief regulator and Executive Vice Chairman (EVC) of NCC, Prof. Umar Garba Danbatta; key industry leaders and players among others.

The ITU Telecom World 2017 is a global platform for major industry players, Small and Medium Enterprises (SMEs), countries and organisations to network and share ideas about new developments and technologies that would lead to better connected societies.

It is an event for international visibility of innovative Inforr mation and Communications Technology (ICT), products/ services and solutions from around the world.

Governor Advises Outdoor Practitioners on Restricted Products Raheem Akingbolu

MEETING OF BRAND EXPERTS

L-R: Analyst-in-Chief, BRANDish, Ikem Okuhu; Managing Director, The Quadrant Company MSL, Bolaji Okusaga; CEO, The Lucent Consulting Company, Lampe Omoyele and a former Chairman, Lagos NIPR, Nkechi Ali-Bagun, at the 2nd Edition of BRANDish Meeting of Minds. themed, IN Search of the Right Purpose for the Nigerian Brand, held at Ibis Hotel, Ikeja, Lagos... recently

Experiential Agencies Tasked on Innovation, Capacity Devt Raheem Akingbolu The thirty seven members of the Experiential Marketers Association of Nigeria (EXMAN), have been enjoined to see innovaa tion and capacity development as key factors to grow the industry in the coming years.

Speaking at the inaugural EXX MAN awards while completing his tenure as the Association President, Dr Rotimi Olaniyan said that, innovation, capacity development and solidarity among members of the Associaa tion will aid the speedy growth that is anticipated by the industry players and practitioners.

He said: “Innovation is key and we must build on it to distinguish ourselves from

illegal practitioners,” adding that “knowledge is important and that comes through training and retraining of personnel as it will be witnessed tonight.”

The immediate past president then advised members to mainn tain a united front to end the clients’ unnecessary bickering among agencies.

Olaniyan said: “There is need for us to understand that as agency practitioners, we should show solidarity to one another.”

Before now, he stated, “clients used to knock the heads of agencies and fundamentally have reduced the game to commodity pricing.”

“We must not allow that to continue, because the Mackenzie of this world will not lift a finger fi

until a fee has been agreed. They don’t operate on the basis of commodity pricing, they operate on the basis of the fact that they are good and they should pay for it,” he enthused.

The Association annual genn eral meeting/congress, which climaxed with the awards at the Federal Palace Hotel last week, saw the emergence 22 winners out of 62 entries in the 11categories. The Exman Life time achievement award that went to Chris Parkes, founder of Chris Parkes Marketing Services witnessed glitz and glamour.

Keskese won the Grand Prix for its strategic interpretation of client’s brief, innovative experiential idea and seamless execution of the first-of-its-kind fi

Noiseless Party for one of its clients – MTN Nigeria, tagged “The MTN Music+ Noiseless Party”.

At the event, Kehinde Salami of Ideas House was sworn in as the association’s new president, with four others to work with him.

The new President, Salami in his maiden address said it is a new order that calls for new strategic ideas and execution profi oficiency in running effi f cient experiential agencies.

He promised to put in structures that will among others: enhance professionalism, earn for the practitioners respect of the clients and work toward harmonising interest rates which have put the practitioners’ businesses in jeopardy.

Delta State Governor, Dr. Ifeanyi Okowa, has challenged members of the Outdoor Advertising Association of Nigeria (OAAN)) on the need for close monitoring and supervision to restrict advertising for such products as alcohol and tobacco, within a set of radius of schools, parks and residential areas.

The governor has also advised the practitioners to avoid indiscriminate placement of billboards to deface the environment and that members should take the extra care of the beauty and aesthetics of environment.

Okowa made the statement during the 32nd Annual General Meeting of the association in Asaba in Delta State. The theme of the meeting was ‘Managing Our Business Profitably in a Recession ‘ The governor, who was represented by the state commissioner for Commerce and Industry, Barrister Mary Iyasere, said as a result of the wide reach of the activities of the association, there is the important need for close monitoring and supervision to restrict advertising for such products as alcohol and tobacco, within a set of radius of schools, parks and residential areas. “It is

important to avoid indiscriminate placement of billboards to deface the environment. I sincerely think that your members would always take the extra care of the beauty and aesthetics of environment” Okowa said.

He also implored the outdoor advertising practitioners to come up with suggestions for solutions to the numerous diffi f culties that face outdoor advertising in Nigeria.

In his welcome address at the occasion, the President of the association, Mr. Tunde Adedoyin while admitting that the association has been facing some challenges in recent times, reeled out his scorecard in his first two years in offi f ce.

He said his tenure has strengthened the bond of unity amongst members in relating with one another in the area of business and social interaction.

He also made reference to the setting up of a library within the body’s Secretariat within the years under review.

Adedoying also pointed out that the association has recorded success in conducting a detailed research work on outdoor advertising industry as well as being able to facilitate negotiations with the APC as a party to pay the debts owed some outdoor advertising agencies.

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MONDAY, AUGUST 7, 2017 • T H I S D AY

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BUSINESS/MONEYGUIDE

Govt Urged to Promote Leasing Industry for Economic Growth Peter Uzoho The federal government has been advised to encourage the leasing industry in order to promote economic growth.

Leasing is a contract between the owner of an asset (lessor) and the user of an asset (lessee), giving the lessee possession and use of the specific asset on payment of rentals over an agreed period.

With its huge economic benefits such as returns on investment for government, private sector as well as individuals; cost saving and wealth creation and minimisation of wastage, stakeholders in the industry have urged the government to pay greater attention to this sub-sector to save the nation’s economy.

Speaking in Lagos, at a programme organised for journalists by the Equipment Leasing Association of Nigeria (ELAN), its Executive Secretary,

Mr. Andrew Efurhievwe, said while ELAN was making frantic effort to ensure that full benefit of leasing was realised in Nigeria, government on its part, should show more commitment to the vision.

He revealed that since the advent of modern leasing in Nigeria, over 250 companies had been involved in the business, generating N1.26 trillion in 2016.

This, he said represented 14 per cent growth over N1.1trillion in 2015. He said vehicles, generators and household equipment are the most leased assets in the country.

Efurhievwe also noted that, in the past 15 years, leasing had contributed over N7.08 trillion to the Nigerian economy.

“Today the impact of leasing is pronounced in all sectors of the economy, enhancing capital formation, generating employment and creating wealth,” he said.

He stated that leasing had

continued to be attractive to new investors with massive diversification by existing players in the industry, adding that, on a daily basis, the appetite for leasing was increasing, with new lease transactions being booked daily due to the current economic situation, which according to him had made outright purchase increasingly difficult.

To develop the leasing industry, Efurhievwe suggested that the federal government should implement the Leasing Act, saying, it would foster greater contribution of leasing to the economy.

He also urged government to include leasing as one of its intervention funds to enhance the capacity of the industry to undertake big ticket leases.

“To further develop the industry, there is need for direct policy on government’s utilisation of leasing in its development agenda.”

MARKET INDICATORS

FG Wants States to Enhance Revenue Profile with Waste Products Emmanuel Ugwu, Umuahia The federal government has advised state governments to start thinking of ways to exploit the revenue potential in the heaps of waste products that have become common place in most cities and rural communities across the nation.

To prod state governments to start making money from refuse heaps, the federal government has launched the National Waste-to-Wealth Programme with appropriate technology whereby states could make money from wastes and enhance their internally generated revenue (IGR) profile.

Minister of science and technology, Dr. Ogbonnaya Onu flagged-off the programme at Abia State government house, Umuahia for the Southeast zone, where he called on the state governments to key into the programme, adding that the new programme would be launched in all the six geopolitical zones.

He expressed optimism about the viability of the waste to wealth project, saying that all Nigerians must embrace the programme as it would help create both wealth and jobs.

Explaining how states could make money from waste products, Onu said that electric power can be generated from wastes, organic fuel for domestic and industrial use is also available in refuse heaps while organic fertilizer can also be produced for use in the farms to enhance food production.

“I am confident that this programme, if properly implemented, will help our great nation, Nigeria to effectively convert the huge amount of waste generated in both our rural and urban areas into very useful products to promote the happiness of our people,” he said.

According to the minister, the deployment of appropriate technology to realise the programme would further “strengthen the place of science, technology and innovation in our search for a new beginning and help move our economy from being resource based to become knowledge based and innovation driven for the good of all.”

Onu stressed that the nation has a lot to benefit from turning heaps of garbage to generate wealth as it would usher in a new order of sustainable

development and enduring prosperity for the nation.

“It will help create wealth and jobs, reduce poverty, help defeat hunger and stimulate national consciousness in the power of science and technology as an important instrument for nation building, he said.

Furthermore, the minister expressed confident that through this National Waste-to Wealth programme, by using appropriate technologies no waste would be wasted as “what becomes waste for one household can become useful for another,” he said.

The science and technology minister dispelled any doubt about the possibility of waste generated in one household becoming a source of wealth for other people, insisting that science, technology and innovation would make it possible.

According to him, the new initiative of using waste to create wealth was part of the commitment of the All Progressives Congress (APC) led federal government to do all that is necessary in the best interest of the nation to accelerate the pace of national development driven by science, technology and innovation.

MONEY AND CREDIT STATISTICS 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

Winners Emerge in NIBSS’ Competition

Savings Deposit Rate

4.18

Chinazor Megbolu

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

Winners have emerged in the Nigeria Inter-Bank Settlement System Plc (NIBSS) Competition tagged: ‘Ennovate Naija’.

The grand finale of the NIBSS Ennovation Challenge which held in Lagos recently, powered and managed by DigitalJewels Limited saw winners going home with various cash prizes.

The Managing Director, NIBSS, Mr. Adebisi Shonubi said that the initiative came as a result of the Central Bank of Nigeria’s (CBN) policy on cash-based transactions which stipulated a cash handling charge on daily cash withdrawals.

“The policy is aimed at reduc-

ing the amount of physical cash circulating, encouraging more electronic-based transactions (payments for goods, services, transfers, etc.) and to drive financial inclusion by providing more efficient transaction options and greater reach.

“It is also aimed at developing and modernising the Nigerian payment system, “he said.

He further explained that as a proactive measure to solve some of the challenge, NIBSS conceived the idea of organising an online crowd sourced contest aimed at generating innovative ideas to drive the policy and generate solutions to overcome the present challenges.

Shonubi also pointed out that the initiative is an online contest

to stimulate innovation amongst Nigerians and generate ideas on ways to enhance e-payment in Nigeria.

He further added that the contest is open to Nigerians with no age restrictions, and winners will be rewarded with cash prizes for the best 5 ideas.

“The winners, in addition will be given exposure to investors who could help move their ideas forward, “Shonubi said.

Meanwhile, the eight contestants that made the grand finale were tested on originality, feasibility, innovation, articulation, self-confidence, intellectual capacity and stage of development of idea and saw Mr. Charles Atere winning the top prize of N350,000.

(MILLION NAIRA)

DECEMBER 2016

• Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE AS AT 3 AUGUST 2017 The price of OPEC basket of fourteen crudes stood at $50.24 a barrel on Thursday, compared with $49.73 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, AUGUST 7, 2017 • T H I S D AY

39

MARKET NEWS

Jaiz Bank Records N540m Profit After Tax in Six Months Goddy Egene and Nosa Alekhuogie Jaiz Bank Plc has recorded a profit after tax of N540.212 million in the first half (H1) of the year as against N152.673 million reported in the corresponding period of 2016, showing an impressive growth of 254 per cent.

The unaudited report sub-

mitted to the Nigerian Stock Exchange (NSE) showed that Jaiz Bank Plc recorded gross income from Islamic financing transactions of N3.246 billion, up from N2.563 billion posted in the corresponding period of 2016.

An analysis of the income indicated that the bank realised N2.953 billion from financing investment,

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

compared with N2.464billion in 2016. Income from Sukuk soared from N98million to N293million, while fee and commission took jumped by 218 per cent from N185million to N590million.

The bank grew its customer deposits to N31 billion, from N18.8 billion in 2016, while total assets hits N80.662billion in H1 of

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

2017, compared to N65.230 billion in the corresponding period of 2016.

Similarly, the bank’s shareholders’ fund increased from N11.302 billion in the first half of 2016 to N15.248 billion in 2017.

Speaking on the impressive results, the Managing Director/Chief Executive Officer of Jaiz Bank Plc,

STO C K

Hassan Usman attributed the success to the support from the board, management and staff of the bank in addition to commitment to the business model which is hinged on a better life for all our stakeholders.

Usman said: “The results attained so far already prove we are doing better than 2016. This year will define

how we move forward; we are in the process of creating a five-year plan that will further define our identity in the Nigerian banking space. We have ambitious ideas about what we would like to be, and the Board and the shareholders are committed to ensuring we become a formidable player in the market.”

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

40

˾ MONDAY, AUGUST 7, 2017

MARKET NEWS

Unilever Nigeria Canvasses Support for N58bn Rights Issue Goddy Egene The Managing Director of Unilever Nigeria Plc, Mr. Yaw Nsarkoh has called on shareholders and capital market stakeholders to support the ongoing Rights Issue that will position the company to deliver better value going forward. He made the call while presenting the ‘facts behind the right issue’ at the Nigerian Stock Exchange (NSE) last week.

Unilever Nigeria is making

a rights issue of 1.962 billion ordinary shares of 50 kobo per share at N30 per share to raise about N58.851 billion.

The offer is being made to existing shareholders on the basis of 14 new shares for every 27 shares already held.

It opened on July 31 and will close September 8, 2017.

However, speaking on the issue, Nsarkoh said all stakeholders should support the rights issue to ensure the company obtains the flexibility to attain its growth objectives

A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

According to him, through this rights issue, the company will be able to reinforce its financial flexibility to support its growth initiative, while giving shareholders an opportunity to consolidate their shareholding position.

“The Rights Issue is part of Unilever Nigeria’s long term strategic intent to strengthen the company’s capital base by deleveraging its balance sheet, support its working capital needs and position the company

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 03Aug-2017, unless otherwise stated.

to exploit value accretive opportunities,” Nsarkoh said.

He explained that the net proceeds would help the company repay outstanding foreign currency denominated liabilities, purchase additional raw materials required for Unilever’s products and to meet other working capital requirements in order to build long term value for all stakeholders.

Shareholders of the company had at the 92nd annual general meeting

(AGM) held in May, 2017, approved the rights issue.

Speaking at the AGM, the Chairman, Unilever Nigeria Plc, His Royal Majesty Nnaemeka Achebe, had said rights issue represents a milestone event in Unilever Nigeria’s history as it marks the company’s first follow-on equity offering since its listing in 1973.

“The rights issue reiterates our confidence in Unilever Nigeria’s robust future and commitment to

building a more enduring business in Nigeria. We acknowledge with deep appreciation the unwavering support we have received from our stakeholders and shareholders even in trying times which has enabled us deliver positive results.

We urge all shareholders to support the company’s objective by participating in the rights issue to ensure the company obtains the flexibility to attain its growth objectives,” he said.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 176.15 176.49 38.56% Nigeria International Debt Fund 231.88 232.23 9.06% 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 14.38% 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 18.44% 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 17.27 17.80 39.92% ARM Discovery Fund 364.05 375.02 26.77% ARM Ethical Fund 25.83 26.61 15.63% ARM Money Market Fund 1.00 1.00 18.17% 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 143.01 144.02 35.97% AXA Mansard Money Market Fund 1.00 1.00 18.43% 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 18.81% Paramount Equity Fund 11.34 11.63 21.15% Women's Investment Fund 93.53 95.92 10.56% 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 18.56% 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 1,104.80 1,105.89 9.10% FBN Heritage Fund 140.26 141.49 25.83% FBN Money Market Fund 100.00 100.00 18.47% FBN Nigeria Eurobond (USD) Fund - Institutional $109.22 $110.17 6.20% FBN Nigeria Eurobond (USD) Fund - Retail $108.57 $109.52 6.30% FBN Nigeria Smart Beta Equity Fund 155.76 157.95 38.31% 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 1.34 1.36 43.62% Legacy Short Maturity (NGN) Fund 2.81 2.81 9.52% 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 2,777.13 2,825.87 26.07% Coral Income Fund 2,311.81 2,311.81 9.86% 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 14.47% 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 18.32% Vantage Balanced Fund 2.06 2.09 22.70% Vantage Guaranteed Income Fund 1.00 1.00 18.43%

LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.11 1.13 12.18% Lotus Halal Fixed Income Fund 1,028.28 1,028.28 7.01% 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 13.23 13.32 36.80% Meristem Money Market Fund 10.00 10.00 19.10% 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 1.17 15.38% PACAM Fixed Income Fund 10.70 10.76 2.95% 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 123.65 125.97 22.09% 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 7.60% 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 2,157.50 2,169.95 17.83% Stanbic IBTC Bond Fund 161.37 161.37 4.81% Stanbic IBTC Ethical Fund 0.99 1.00 29.22% Stanbic IBTC Guaranteed Investment Fund 205.06 205.06 9.72% Stanbic IBTC Iman Fund 175.15 177.50 34.94% Stanbic IBTC Money Market Fund 100.00 100.00 18.59% Stanbic IBTC Nigerian Equity Fund 9,511.55 9,620.47 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 1.28 1.30 14.83% United Capital Bond Fund 1.37 1.37 12.26% United Capital Equity Fund 0.81 0.83 20.94% United Capital Money Market Fund 1.14 1.14 3.51% ZENITH ASSETS MANAGEMENT LTD info@zenith-funds.com Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 12.33 12.54 27.08% Zenith Ethical Fund 13.12 13.28 19.85% Zenith Income Fund 18.42 18.42 11.43%

REITS NAV Per Share

Yield / T-Rtn

11.41 128.78

1.01% 3.88%

Bid Price

Offer Price

Yield / T-Rtn

10.83 106.02

10.93 108.01

25.48% 39.91%

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

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.46 8.68 17.13 22.21 131.64

4.50 8.76 17.23 22.41 133.64

61.07% 23.34% 43.28% 39.00% 2.11%

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

T H I S D AY MONDAY AUGUST 7 , 2017

41

42

T H I S D AY MONDAY AUGUST 7, 2017

T H I S D AY MONDAY AUGUST 7 , 2017

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44

˾ MONDAY, AUGUST 7, 2017

Nigeria’s top 50 stocks based on market fundamentals

4-Aug-17

3-Aug-17

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld Price/ Book Value

01 Dangote Cement Plc

242.00

240.00

0.83%

4,123,802,792,010.00

10.95

21.91

6.65

3.33%

5.13

02 Nigerian Breweries Plc

175.65

172.40

1.89%

1,392,746,570,977.20

3.58

48.10

4.36

2.09%

8.24

03 Guaranty Trust Bank Plc

40.00

40.01

-0.02%

1,177,247,168,960.00

4.49

8.90

2.84

4.42%

2.33

1,026.42

1,026.42

0.00%

813,598,230,177.84

10.00

102.66

4.47

2.83%

26.35

05 Zenith Bank Plc

25.20

25.40

-0.79%

791,191,643,407.20

4.13

6.15

1.57

7.09%

1.13

06 Stanbic IBTC Holdings Plc

37.50

37.55

-0.13%

375,000,000,000.00

2.85

13.17

2.40

0.27%

2.67

07 United Bank for Africa Plc

9.81

9.90

-0.91%

355,902,153,218.82

1.99

4.97

0.94

6.06%

0.80

08 Ecobank Transnational Incorporated

17.30

17.00

1.76%

317,447,236,019.50

0.68

25.13

0.53

3.65%

0.50

09 Presco Plc

74.50

74.50

0.00%

295,800,539,852.50

0.03 2,547.90

4.15

1.74%

7.07

10 Access Bank Plc

10.02

10.00

0.20%

289,858,275,742.62

13.18

0.76

0.76

5.50%

0.64

11 Lafarge Africa Plc

59.00

58.00

1.72%

268,739,206,790.00

3.71

15.63

1.20

5.17%

1.06

470.10

470.10

0.00%

260,111,178,141.30 -82.02

-5.73

4.10

3.39%

0.69

6.22

6.01

3.49%

223,268,721,166.24

0.21

28.96

0.41

2.50%

0.35

14 Dangote Sugar Refinery Plc

14.91

14.00

6.50%

178,920,000,000.00

1.20

11.67

0.99

3.57%

2.54

15 Unilever Nigeria Plc

41.00

40.00

2.50%

155,115,146,250.00

0.81

49.26

2.17

0.13%

12.95

16 International Breweries Plc

34.00

34.00

0.00%

112,004,475,520.00

0.02 1,508.97

4.21

0.74%

10.21

17 Guinness Nig Plc

72.00

72.00

0.00%

108,423,949,536.00

-3.06

-23.54

1.05

4.44%

2.75

7.95

8.00

-0.62%

95,675,220,207.30

0.29

27.55

0.21

9.38%

0.50

19 Total Nigeria Plc

261.50

261.50

0.00%

88,784,960,375.50

43.58

6.00

0.31

5.35%

3.77

20 Mobil Oil Nig Plc

232.00

232.00

0.00%

83,658,100,784.00

22.61

10.26

0.89

3.10%

3.90

21 Flour Mills Nig. Plc

30.00

30.00

0.00%

78,727,115,610.00

-1.19

-25.14

0.19

6.67%

0.79

22 Forte Oil Plc.

60.37

57.50

4.99%

78,630,784,188.11

2.22

25.91

0.50

6.00%

1.73

23 Okomu Oil Palm Plc

72.23

72.23

0.00%

68,900,919,300.00

5.15

14.03

4.80

0.14%

4.05

24 7-Up Bottling Comp. Plc

92.00

90.25

1.94%

58,934,313,396.00

-0.05 -1,975.91

0.62

2.44%

2.60

1.49

1.43

4.20%

57,694,286,163.25

-0.03

-49.13

0.93

0.00%

0.64

35.99

34.20

5.23%

47,506,800,000.00

-2.89

-11.83

0.32

4.39%

0.64

1.31

1.28

2.34%

37,940,987,256.52

0.39

3.31

0.25

12.50%

0.20

28 U A C N Plc

17.50

17.50

0.00%

33,615,126,772.50

3.37

5.19

0.44

5.71%

0.44

29 National Salt Co. Nig. Plc

12.00

11.50

4.35%

31,793,260,536.00

0.91

12.62

1.67

4.78%

3.79

30 Diamond Bank Plc

1.34

1.28

4.69%

31,034,921,217.12

-0.29

-4.36

0.14

0.00%

0.13

31 Sterling Bank Plc

1.03

1.03

0.00%

29,654,130,669.78

0.18

5.74

0.27

8.74%

0.35

32 PZ Cussons Nigeria Plc

24.98

24.98

0.00%

24,980,000,000.00

5.69

4.39

1.74

0.40%

0.67

33 Cap Plc

34.99

34.99

0.00%

24,493,000,000.00

2.29

15.28

3.59

3.29%

10.73

1.22

1.22

0.00%

24,159,307,152.82

0.72

1.68

0.14

8.20%

0.14

20.00

20.00

0.00%

23,917,529,760.00

3.51

5.69

1.66

1.50%

1.40

2.17

2.20

-1.36%

22,785,000,000.00

0.25

8.77

1.12

2.27%

1.14

11.80

11.51

2.52%

22,162,784,072.00

-0.16

-72.94

0.72

11.29%

1.96

38 Wema Bank Plc

0.56

0.55

1.82%

21,601,701,005.36

0.07

8.19

0.39

0.00%

0.44

39 Custodian And Allied Insurance Plc

3.52

3.50

0.57%

20,704,161,966.40

0.91

3.86

0.53

4.00%

0.68

40 Honeywell Flour Mill Plc

2.18

2.21

-1.36%

17,287,830,894.44

-0.40

-5.47

0.36

7.24%

0.53

41 Continental Reinsurance Plc

1.39

1.35

2.96%

14,418,114,593.68

0.42

3.21

0.63

8.89%

0.75

42 Cement Co. Of North.Nig. Plc

9.84

8.94

10.07%

12,365,709,217.44

0.22

40.84

1.01

1.12%

1.05

43 Skye Bank Plc

0.71

0.71

0.00%

9,855,014,001.10

-2.93

-0.24

0.06

42.25%

0.09

44 Unity Bank Plc

0.63

0.60

5.00%

7,364,282,903.46

0.19

3.21

0.08

0.00%

0.08

45 Wapic Insurance Plc

0.50

0.50

0.00%

6,691,369,126.00

0.18

2.78

0.85

6.00%

0.41

46 Resort Savings & Loans Plc

0.50

0.50

0.00%

5,664,866,202.00

0.03

17.71

3.72

0.00%

1.94

47 UACN Property Development Co. Limited

2.97

2.91

2.06%

5,104,687,485.15

-0.90

-3.23

0.79

24.05%

0.15

48 Nigerian Aviation Handling Company Plc

2.96

2.90

2.07%

4,807,687,500.00

0.36

8.11

0.59

6.90%

0.73

49 Fidson Healthcare Plc

3.15

3.00

5.00%

4,725,000,000.00

0.21

14.21

0.59

1.67%

0.68

50 AIICO Insurance Plc

0.59

0.57

3.51%

4,088,820,643.20

1.48

0.39

0.15

8.77%

0.45

04 Nestle Nigeria Plc

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

34 FCMB Group Plc 35 Glaxo Smithkline Consumer Nig. Plc 36 Mansard Insurance Plc 37 Cadbury Nigeria Plc

TOTAL

12,338,905,080,768.30

TOTAL MARKET CAP

12,899,429,120,693.80

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

95.65%

Table 1 Market Statistics Mkt Indicators

Open 3-Aug-17

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

37,135.23 12.80

37,425.15 12.90

0.78 0.78

157.21 12.24

158.47 12.34

0.80 0.80

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

Close 4-Aug-17

Change %

Table 3 Top 5 Gainers Stock

Open 3-Augy-17

Cement Co. Of North.Nig. Plc Dangote Sugar Refinery Plc Julius Berger Nig. Plc Fidson Healthcare Plc Unity Bank Plc

8.94 14.00 34.20 3.00 0.60

Close Change % 4-Aug-17 9.84 14.91 35.99 3.15 0.63

10.07 6.50 5.23 5.00 5.00

Table 4 Top 5 Losers Stock

Open 3-Aug-17

Mansard Insurance Plc Honeywell Flour Mill Plc United Bank for Africa Plc Zenith Bank Plc Oando Plc

2.20 2.21 9.90 25.40 8.00

Close Change % 4-Aug-17 2.17 2.18 9.81 25.20 7.95

-1.36 -1.36 -0.91 -0.79 -0.62

Bullish trend persist with 0.78% gain Market pulse on the Nigerian Stock Exchange (NSE) today- Friday, August 4th, 2017 ended bullish as the market record positive changes. The equity market closed green due to positive performances from the NSE Subsectors: Insurance, Consumer Goods and Oil & Gas (Save Banking). Correspondingly, trading activities increased in volume as 515.48 million shares worth N6.30 billion in 4,132 deals exchanged hands today. This is an increase from the 12.12 million shares worth N4.72 billion in 4,207 trades carried out on Thursday. Topping in volume terms are: Wapic Insurance Plc, Zenith Bank Plc and Access Bank Plc; while Zenith Bank Plc and Guaranty Trust Bank Plc ended trading as the most active stocks in value terms. Brent crude oil price today shows downward signal as it dips to US$52.31 per barrel while it drops to $52.01 per barrel at its previous closing.

The All Share Index (NSEASI) closed positive with 0.78% (+289.92) increase to close at 37,425.15 from 37,135.23 the previous trading day. Market capitalization appreciated in tandem to N12.90 trillion from N12.80 trillion of prior trading day. However, the Thisday BGL 50 Index closes with an increase of 0.80% to 158.47 from 157.21 recorded at the end of the previous trading day, while its market capitalization stood at N12.34 trillion from N12.24 trillion of the previous trading day.

A total number of 37 stocks gained on the bourse today while 11 stocks declined, leaving 44 stocks unchanged. Leading the pack was CCNN Plc with a gain of 10.07% to close at N9.84 per share. It was followed

by Livestock Feeds Plc with a gain of 9.41% to close at N0.93 per share. Others on the gainers’ list include: Dangote Sugar Refinery Plc, Julius Berger Nig. Plc and Fidson Healthcare Plc. On the decliners’ list, Beta Glass Plc led with a loss of 4.99% to close at N57.33 share. It was followed by Neimeth International Pharmaceuticals Plc with a loss of 4.76% to close at N0.80 per share.

Others on the decliners list include: Morison Industries Plc, Honeywell Flour Mill Plc and Mansard Insurance Plc. CCNN Plc emerged the toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 10.07% to close at N9.84 per share. It was followed

by Dangote Sugar Refinery Plc with a gain of 6.50% to close at N14.91 per share. Others on the gainers chart include: Julius Berger Nig. Plc, Fidson Healthcare Plc and Unity Bank Plc. On the decliners’ list, Mansard Insurance Plc led with a loss of 1.36% to close at N2.17 per share.

It was followed by Honeywell Flour Mill Plc with a loss of 1.36% to close at N2.18 per share. Others on the decliners’ list are: United Bank for Africa Plc, Zenith Bank Plc and Oando Plc. REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the firm may have a conflict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

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MONDAY AUGUST 7, 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

UN Slams ‘Disregard’ for Civilians afterYemen Strike A top UN official in Yemen has said reported Saudi-led air strikes, in which at least 12 civilians including children were killed, were an example of the “disregard” for civilians’ safety shown by all sides in Yemen’s civil war.

At least 10 others were also wounded in Saada province after attacks on Friday on a house and a private vehicle, the UN’s Humanitarian Coordinator in Yemen Jamie McGoldrick said, citing reports

from fellow aid groups.

Three women and six children from the same family were killed in an air strike by the Saudi-led coalition on their home in the area, a local health official told the Reuters news agency.

A spokesman for the Saudiled coalition did not respond to a request for a comment.

‘Disregard for the protection of civilians’ Yemen has been torn apart

by a civil war in which the exiled government of President Abd-Rabbu Mansour Hadi, backed by the Saudi-led coalition, is trying to push back gains made by Houthi rebels and their allies, who control most of the north, including the capital Sanaa.

The latest attacks exemplified the “brutality” of the conflict, McGoldrick said in the statement in which he expressed deep concern.

Nigeria Congratulates Republic of Benin on 57th Independence Anniversary The Minister of Culture and Information, Alhaji Lai Mohammed, has felictated with the Republic of Benin at a dinner recently organised in Abuja to commemorate the 57th independence anniversary of the country.

The minister who was represented by the DirectorGeneral, National Council for Arts and Culture, Segun Runsewe, enjoined Benin Republic and her host, Nigeria to sustain the long time standing relationship between the two countries.

Speaking briefly during the dinner, Runsewe said: “In terms of culture, tourism, sports, trade, commerce and social-political activities, we have a lot in common with the republic of Benin,” adding that even the date of independence of both

countries was similar.

“Nigeria gained her independence on October 1st while that of Benin was on August 1st so you can see the similarity already.”.

Runsewe who was impressed with the way the Beninese in Nigeria have taken Nigeria to be their homes said he was happy that Nigerians being a happy and hospitable people have equally taken the Beninese as their brothers in return.

The culture helmsman used the opportunity to charge the Beninese in Nigeria to encourage their brothers and sisters to come to Nigeria and explore the unique opportunities in the country waiting to be tapped.

In her welcome address, the Benin Ambassador to Nigeria,

Paulette.M Adjovi Yekpe, thanked President Muhammadu Buhari for the pleasant reception accorded her while she was posted to Nigeria for the National assignment.

The Ambassador also appreciated acting President, Professor Yemi Osinbajo, for working closely with her country especially in the areas of trade and investment assuring Nigerians that she will continuously work harmoniously with the government of the day by way of collaboration towards enhancing the existing cordial relationship between the two countries.

The event had in attendance, South African High Commissioner, Lulu Louis Mnguni, Togo ambassador, Dimban and many other eminent personalities.

Suicide Bomber Kills 7 in Northern Cameroon 0 A suicide bomber has killed at least seven people in a small town in northern Cameroon near the Nigeria border, a local official and a military source said on Sunday.

The attack occurred on Saturday near Amchide in Cameroon’s Far North region, which has become a target for Boko Haram suicide bombers, many of whom are young women forced to enter populated areas with explosives strapped to

their bodies.

No group has claimed responsibility for the attack and the identity of the bombers is unknown.

Another suicide bomb exploded in the town of Waza in north Cameroon on Saturday, but no casualties were reported other than the bomber, the sources said.

Boko Haram’s bid to establish an Islamic caliphate in northern Nigeria

has spilled over into neighboring Cameroon, Chad and Niger, killing more than 20,000 people in the Lake Chad region and displacing nearly 3 million people, according to the United Nations.

DespitemilitarygainsbytheNigerian army and a regional force, attacks by Boko Haram continue unabated.

Last month, suicide bombers killed at least 12 people and wounded over 40 others in Waza.

Pope Francis is World Rarest Icon of Humility, Says Okonkwo Pope Francis has been commended as the world most outstanding living example of sacrificial humility, inexhaustible love and extraordinary meekness.

Senator Annie Okonkwo, a knight of Saint John international, made this commendation at the St Peter Basilica, Vatican City, after a privileged audience with the Pope together with his daughter, Miss Nkem Okonkwo, recently.

The Pope who blessed them specially and prayed for Nigeria passionately on the senator’s request, charged them to remain the flaming lights of service as global ambassadors of peace to humanity and to Nigeria in particular.

Reflecting on this solemn encounter, Okonkwo was inspirationally emphatic, “that you cannot experience Pope Francis

personally and remain the same.

Of course, I caught my miracle of spiritual rebirth swiftly and gladly with a revived charter of love to all and ill to none firmly implanted in me.”

According to the lawmaker, “It is now remarkably clear to me why the centrepiece of Pope Francis Pontificate is on peace, love and mercy. This is because his total substance in its entirety is locked down to his peculiar aromatic charisma, which resonates in a dedicated life of continual giving, caring and healing to all humanity, especially the poor, the weak and the vulnerable.

“Yes, I know the truth is obvious, but I echo it loudly the more from the exhilaration of my heart and the command of my conscience, that His Holiness

greatest sword of revival and evangelism remain his plain simplicity and open meekness.”

Capturing her own feelings like her dad, an equally elated Miss Okonkwo stated that the pure bliss of her hilarious experience is spiritually unforgettable, “and I owe this Pope my prayers for canonisation, and to my awesome dad, a lifetime gratitude for this rare kindness.”

Arising from the Pope’s prayers for Nigeria, Okonkwo tasked all Nigerians to rise to the challenges that hurts the country’s access to good governance for peace, unity and prosperity, through prayers, sacrifices and honest patriotism, “because Nigeria’s transformation to a great nation remains bright, but still work in progress.”

MONDAY AUGUST 7, 2017 ˾ T H I S D AY

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NEWS

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

Al-Makura: North will Make Its Position on Restructuring Known Soon

Governor Tanko Al-Makura of Nasarawa State has said that a committee of northern governors and traditional rulers will soon come up with its position on restructuring of the country.

Al-Makura stated that the committee is led by Governor Aminu Tambuwal of Sokoto State.

He made this known on Saturday at the official installation and presentation of first class staff of office to the new Emir of Keffi, Shehu Yamusa III, in Keffi Local Government Area of the state.

“I wish to say that in spite of the numerous provocative statements credited to some unpatriotic elements cloaked in the guise of restructuring, I want to assure

everyone that a joint committee headed by Tambuwal, comprising Northern governors and traditional rulers would soon come up with a common position that will be in the best interest of not only the North, but Nigeria as a whole.

“Since our coming on board, we have remained consistent in our determination to ensure the inclusion of traditional rulers in the constitution of the Federal Republic of Nigeria to enable our traditional institution to continue to play its pivotal role as custodian of our traditions, customs, and heritage.

“We have since incorporated the traditional institution into the machinery of governance in Nasarawa State by engaging them

in the affairs of government at all levels in the state.

“This has availed government of their wealth of experience and doggedness in our governance of Nasarawa State and, indeed, the conscience of the society.

“It is our conviction that when this is done, the traditional rulers will more proactively complement government efforts toward the development of our society,” he said.

Al-Makura also noted that the state government has embarked on robust infrastructural development

in Keffi and environs.

“We have networked the city with asphalted roads and completed the abandoned Keffi Modern Market which will open commercial activities for the people.

“We have also awarded contract of about N400 million for the construction of a bridge over Antau River to link the municipality of Keffi with other communities,” he added.

He urged the monarch to abide by the oath of office and to discharge his duties without fear or favour to promote peace

Osinbajo Drops Two ICPC Nominees over Alleged Fraud Omololu Ogunmade in Abuja Acting President, Professor Yemi Osinbajo, at the weekend dropped two of the 14 nominees into the Board of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) who are being investigated for alleged N1billion fraud by the same commission.

The nominees are Maimuna Aliyu and Sa’ad Alanamu.

Osinbajo had on Tuesday last week appointed Professor Bolaji Owasanoye as the new Chairman of ICPC and redeployed the former Chairman, Ekpo Nta, to the National Salaries, Wages and Income Commission. He also named 13 others as board members of the commission.

But four days after the appointments, there were reports that Aliyu and Alanamu were being investigated for alleged fraud which was believed would bring credibility crisis into the commission set up to fight such fraudulent acts.

Following the report, Senior Special Assistant to the acting President on Media and Publicity, Mr. Laolu Akande, announced on his Twitter handle yesterday that in view of conflicting interest brought by the nominations of the two men into the board of the commission, the presidency had opted to cancel their appointments.

According to Akande, whereas allegations against the duo which had not been established via convictions in a law court shouldn’t

ordinarily amount to their automatic disqualification, the government still had the responsibility to ensure that the right thing was done when weighty allegations were made.

“We are stepping down two of the new ICPC board nominees who have ongoing investigation issues with the commission as this presents a conflict.

“While existence of allegations or petitions against someone shouldn’t necessarily disqualify them from considerations for appointments, this case presents a peculiarity as we have confirmed that the agency in which they are to serve is indeed investigating the two of them.

“A basic check showed no court convictions against them. But when weighty petitions come up, this administration will always do the right thing,” Akande tweeted.

Owasanoye who was hitherto a member of the Presidential Committee on Anti-orruption headed by Professor Itse Sagay, will serve for a renewable term of five years while other members will serve for four years.

Other nominees into the board are: Dr. Grace N. Chinda, Okolo Titus M., Obiora Igwedebia, Mrs. Olubukola Balogun, Group Capt.

Sam Ewang (rtd.), Justice Adamu Bello, Hannatu Mohammed and Abdullahi Maikano Saidu.

Also nominated are: Dr. Sa’ad Alanamu, Yahaya Umar Daud, Khamis Ahmed Mailantarki, Maimuna Aliyu and Prof. Musa Usman Abubakar as the board secretary.

Adebanjo Faults Acting President on Restructuring Afenifere chieftain, Chief Ayo Adebanjo, yesterday faulted the Acting President, Prof Yemi Osinabjo, for describing those agitating for restructuring as political jobbers. Adebanjo said this yesterday at the Southern Leaders’ Forum meeting in Lagos.

Reacting to the acting president’s remarks that those championing the call for restructuring were looking for appointments, the Afenifere leader, according to the News Agency of Nigeria (NAN), said: “That is a very unfortunate statement. I wouldn’t like it to appear that we are attacking our acting president.

The acting president was born on the principle of restructuring. myself

and his father were followers of Awolowo since the 1950s.”

Speaking further, he said: “He cannot say we are looking for appointment, is it me or Horsfall or Gen Ike Nwachukwu? It just shows someone in position, but does not understand the problem of the people he is leading.

It is an unfortunate statement to make, I am not going to engage in a brick bat with him, it shows the limit of his knowledge of how the country came together.

I think he should know better. He is not only a lawyer, he has been an Attorney-General and vice president.”

and socio-economic development of the country.

The governor expressed gratitude to the governors, traditional rulers, and politicians within and outside the state, who attended the ceremony.

He called for sustained cordial relationship with one another in the interest of peace and tranquility in the country.

Responding, the new emir expressed appreciation to AlMakura for the honour done him and gave an assurance that the Keffi emirate council would be loyal to

Afenifere chieftain, Chief Ayo Adebanjo, yesterday faulted the Acting President, Prof Yemi Osinabjo, for describing those agitating for restructuring as political jobbers. Adebanjo said this yesterday at the Southern Leaders’ Forum meeting in Lagos.

Reacting to the acting president’s remarks that those championing the call for restructuring were looking for appointments, the Afenifere leader, according to the News Agency of Nigeria (NAN), said: “That is a very unfortunate statement. I would like it to appear that we are attacking our acting president. The acting president

the state government by providing all the support expected of it.

He pledged to initiate projects and programmes that would impact the lives of the people of the state and Nigerians at large.

The News Agency of Nigeria (NAN) reported that Governors Tambuwal, Simon Lalong, and Samuel Ortom were at the event.

The Emir of Kano, Sanusi Lamido, and the Sultan of Sokoto, Muhammadu Sa’ad Abubakar III, were among other traditional rulers and dignitaries that graced the occasion.

was born on the principle of restructuring. Myself and his father were followers of Awolowo since the 1950s.”

Speaking further, he said: “He cannot say we are looking for appointment, is it me or Horsfall or Gen Ike Nwachukwu? It just shows someone in position, but does not understand the problem of the people he is leading. It is an unfortunate statement to make, I am not going to engage in a brick bat with him, it shows the limit of his knowledge of how the country came together. I think he should know better. He is not only a lawyer,

CONDOLENCE VISIT

L-R: Former Commissioner for Budget and Planning, Ogun State, Mrs. Oluwande Muoyo; Acting President, Prof. Yemi Osinbajo; Governor Ibikunle Amosun; and his Commissioner for Commerce and industry, Bimbo Ashiru, at the burial ceremony of Mrs. Muoyo’s mother, in lkorodu....recently

FG Offers Monthly Savings Bond at 13.535%, 14.535% for Retail Investors Urges states to embrace more strategic ways in public finance management Ndubuisi Francis in Abuja The federal government has offered for subscription a two-year and three-year Savings Bonds to investors at 13.535 per cent and 14.535 per cent, respectively from August 7 to August 11, 2017.

A statement from the Debt Management Office (DMO) said the two-year bond would be due in August 2019, while the threeyear bond has a maturity date of August 2020.

The offer has a minimum subscription of N5,000 with increases thereafter in multiples of N1,000 up to a maximum subscription of N50 million.

According to the DMO, the bond is backed by the full faith and credit of the federal government, with quarterly coupon payments to bondholders.

The DMO stated that the savings bond would help broaden the country’s funding base.

The FGN Savings Bond is targeted primarily at retail investors to enable them contribute to the development of the country, while also earning good returns on a safe investment in a sovereign instrument.

The FGN Savings Bond was

launched by the DMO in March 2017 and is issued every month through stockbroking firms trading on the Nigerian Stock Exchange.

The FGN Savings Bond is promoting the savings culture in the country and enhancing financial inclusion.

Since its introduction in March, the FGN Savings Bond has attracted a lot of new investors to the FGN Securities market with its attractive features.

The income earned on the FGN Savings Bond is exempted from taxes and it can be traded in the secondary market on the Nigerian Stock Exchange.

Meanwhile the DMO has advised states to embrace more strategic ways in their public finance management in the face of a drastic drop in oil revenue.

Its Director-General, Ms. Patience Oniha, handed down the admonition when the Edo State Governor, Mr. Godwin Obaseki, paid her a congratulatory visit in Abuja over her recent appointment.

Oniha said the huge drop in oil revenue which has led to a heavy reduction in allocation to the various tiers of government had recommended a new strategic

and innovative ways in public finance management.

Her words: “Previously, we could rely on funds from Federation Account Allocation Committee (FAAC) and in addition to that, we could borrow both at the federal and the state levels because there was no challenge. But I think the times have changed. Revenues are under severe pressures; we are still dependent on oil, non-oil revenues are picking up, but that is still a journey.

“So it means now, and in future, we need to do things so much differently. We must be more strategic in the management of public finance so the language I always use in my previous work where I was at the Efficiency Unit is that it’s no longer business as usual. We can’t collect money from FAAC, borrow, continue and wait until the next month.

So at various levels, we need to be more strategic and more creative in the things that we do.”

While welcoming Obaseki and his team, Oniha said she was gladdened by the visit of her state governor, even as she applauded Edo State for being fully compliant in its obligations,

including filing required data promptly to the DMO. In his remarks, Obaseki noted that Nigeria is saddled with a serious challenge considering its huge debt profile and debt service obligation.

According to him, being conversant with the federal government’s balance sheet, there was no doubt that the nation has a huge challenge vis-à-vis its debt profile.

But he expressed confidence that the appointment of Oniha to superintend over the affairs of the DMO at a time like this was one of the best steps taken by the government.

He stated that managing Nigeria’s debt at this critical period required someone who is clear-headed and unquestionably competent like the new DMO chief executive.

Oniha’s appointment, he added, was propelled by two factors God’s divine intervention and her competence, stressing that nobody lobbied for her to get the job.

Obaseki urged the top management team of the DMO to support Oniha to succeed in her new task for the benefit of the nation.

58

MONDAY AUGUST 7, 2017 ˾ T H I S D AY

NEWSEXTRA

Clark Calls for Kanu’s Arrest over Comments on Anambra Guber Election MASSOB orders Ndigbo to participate in INEC voters’ registration Christopher Isiguzo in Enugu with agency report Niger Delta leader and convener of Pan-Niger Delta Forum (PANDEF), Chief Edwin Clark, has called for the arrest of the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu.

Clark said the IPOB leader should be locked away for declaring that an election would not take place in Anambra State in November.

Governorship election in the state has been scheduled for November 18.

But Kanu is insisting that no election would take place in the state until the government holds a referendum to determine if the South-east wants to remain a part of Nigeria.

In an interview with Vanguard, the Ijaw leader said Kanu did not know the implications of his demand for an independent state of Biafra.

“I think Nigeria is one country,

we cannot break up. My advice to those beating the drum of secession is to take it easy. The war of 1967 to 1970 claimed so many lives and property; made some Nigerians to almost become second class citizens in their own country.

“These boys who are going around, led by Nnamdi Kanu, some of them were not born at that time, and if they were born, they were very little children. I agree that President Muhammadu Buhari’s government has marginalised them.”

The elder statesman, according to The Cable, added: “Okay. What of former President Goodluck Jonathan’s government? I think the Igbo played a leading role in Jonathan’s government; they had every chance, every opportunity to develop their area. But some of them were selfish. The secretary to the government was an Igbo man.

“At that time, the chief of army staff was an Igbo man; the Igbo occupied very important positions in President Jonathan’s government,

so they couldn’t have said they were marginalised. Rather it was the Yoruba who were crying that they were being marginalised. And towards the end of Jonathan’s government, he decided to give them so many posts because we all belong to one country called Nigeria.

“So, these boys should be told the history of Nigeria from independence to let them know that the Igbo were not marginalised in the past, especially in the first republic and, in fact, their kinsman, late Gen. Aguyi Ironsi, was head of state.

“Rather we the minorities have always cried of marginalisation and not the three major ethnic groups until 1966 when the coup of the young majors changed the face of Nigeria and the Igbo suffered in the war that followed, but that era is gone.

“And they won’t say that during Shagari’s time in the second republic the Igbo suffered because an Igbo man, Dr Alex Ekwueme, was the vice president. If the Igbo are marginalised, by the present administration and I am one of those who support them in their cries against marginalisation, but secession is not the answer.

“There is nowhere that youths will take over the administration of a place and it is very irresponsible for Kanu to say there will be no election in Anambra State in November. He should be arrested and detained. There is a limit to their agitation and I am happy that the PresidentPeneral of Ohanaeze Ndigbo has condemned them.”

Meanwhile, the Movement for the Actualisation of the Sovereign State of Biafra (MASSOB) yesterday

asked all eligible voters in the five South-east states to immediately take part in the ongoing voter’s registration exercise in readiness for a possible referendum for the emergence of the Republic of Biafra.

This is a clear departure from the position of IPOB) leader, Kanu. who has asked South-east electorate to boycott any further election in the zone beginning with the Anambra State governorship poll on November 18 until a referendum is ordered.

This came as MASSOB declared September 13, 2017, as its anniversary day for its members and friends of Biafra.

But in their latest position contained in a statement signed

by Ugwuoke Ibem Ugwuoke, National Secretary, MASSOB, and made available to THISDAYin Enugu, the pro-Biafra group urged the citizens not to fail to register

at the nearest INEC office.

MASSOB made it clear that possession of the Nigeria voter’s card was not for Nigeria election.

“That for a proposed statehood of Biafra to be ordered and declared by United Nations, the voting population of Biafrans through the registration and possession of the voters card must be captured in the national demography of the existing political territory (Nigeria) from which the voting population of coming statehood (Biafra) is seeking a separation.

“That it is never an all comers affairs, even if UN comes in the existing mother country (Nigeria) to conduct and supervise a referendum that will determine the future of Biafra, she still has a critical role to play. The registration and possession of the voters card is for the Biafra referendum,” he said.

Bird Strike Aborts Med-View’s Airlifting of 222 Pilgrims in Kwara Hammed Shittu in Ilorin What could have been a major air mishap was at the weekend averted at the Ilorin International Airport Kwara State, as the bird strikes on the Med-View plane carrying 222 intending pilgrims to the Kingdom of Saudi Arabia aborted the take-off of the trip.

THISDAY checks revealed that it took the quick initiative of the pilot of the plane to return to the airport after few minutes of its take-off when he discovered red signal from the plane.

It was gathered that the development made the pilot to abort a Saudi-bound flight at Ilorin airport.

Sources close to the airline said a team of engineers has been deployed in Ilorin to get the aircraft back to service.

Confirming the development yesterday, the management of the airline said: “The B767 aircraft carrying 222 pilgrims was taxiing for takeoff when it was struck by a brood of birds forcing the pilot to abort the flight.”

The statement added that “the 222 pilgrims were deboarded without incident, and arrangements are being made to provide another aircraft to airlift them.

The airline however assured all pilgrims that the schedule for their airlift to the Holy land would not be affected by the incident.

Meanwhile, the Manager of Ilorin International Airport, Alhaji AbdulAzeez Ibrahim, has confirmed that 1,774 of the 2017 intending pilgrims have so far been transported to Saudi Arabia from the airport.

Ibrahim who spoke with journalists yesterday disclosed that 460 pilgrims made the first batch from the airport, 215 were the second batch while 539 pilgrims were the third batch.

He then said the airport authority had perfected arrangement for a successful transportation of all the pilgrims from Kwara, Ondo and Ekiti States from the airport.

Anti-Igbo Song is Playing with Genocide, Says Omokri A former presidential aide, Mr. Reno Omokri, has stated that the reported anti-Igbo song being circulated in certain parts of the country amounted to playing with genocide and called for the arrest and prosecution of those behind it.

Omokri said in a statement yesterday that Nigeria must not take the reported anti Igbo song exposed by the Foundation for Peace Professionals as circulating surreptitiously in parts of the country lightly.

According to him, songs have very strong emotive power, adding that in 2008, Rwanda’s most famous Musician, Simon Bikindi, was convicted by the International Criminal Court for using his songs to ignite the Rwanda genocide.

“I call on all Northern leaders

to condemn this song! Those behind the song must be traced and immediately arrested, tried and punished severely. If we treat them like the Arewa Youths whose arrest was ‘ordered’ by Nasir ElRufai, but never implemented by the Nigerian Police even as they continue to walk freely and grant interviews, we will be sending a very terribly wrong message that genocide can be condoned,” Omokri said.

He also urged the international community to intervene.

“What do Donald J. Trump, Theresa May and António Guterres think will happen to democracy in West Africa if Nigeria is destabilised?

The time to nip this is when it is at the bud. This bud must not yield its flower,” Omokri added.

PAPAL AFFECTION

Pope Francis hugging Senator Annie Okonkwo when the senator visited Vatican City to request prayers for Nigeria, President Muhammadu Buhari and family....recently

Nigerians May Face Identity Risk Without NIN Registration, NIMC DG Insists Emma Okonji The Director-General of the National Identity Management Commission (NIMC), Aliyu Aziz, has warned that Nigerians who are yet to register and obtain the National Identification Number (NIN) issued by the Commission, run the risk of being regarded as a non-Nigerian citizen in the next few years.

Aziz who gave the warning at the weekend in Lagos at a press conference organised by NIMC, advised Nigerians that are yet to register, to do so without further delay.

The DG spoke of the commitment and renewed efforts of the federal government, through NIMC, to enlighten Nigerians on the importance of enrolling to obtain the national identification number.

“It is the duty of every citizen to enrol and obtain his or her national identification number, which entitles one to be fully regarded as a Nigerian citizen,”

he stated, adding that without the NIN, anyone’s claims of being a Nigerian citizen are doubtful, as stipulated in the NIMC Act. According to him, the commission has enrolled only 18.5 million Nigerians into the national identity database, out of the over 170 million Nigerian population, which he said, is less that 10 per cent of the entire population of Nigerians.

He said registration centres and located in NIMC offices and other designated centres across every state and local government areas of the country. He insisted that all Nigerians, irrespective of their age, are expected to enroll and obtain their national identity number, through which the national identity card would be produced and issued. He however said identity cards would not be issued to minors until they attain the age of 18, but that it was necessary for them to enroll and obtain their NIN. Aziz disclosed that the

commission had produced 1.2 million cards, but explained that not all the 1.2 million cards have been issued.

The NIMCdirector-generalusedthe opportunity to clarify the misconception held in some sections of the society that NIMC’s primary role was merely the production and issuance of national identity cards to citizens.

Identifying the role of the media as pivotal to the success of the federal government target to enrol every citizen and issue same with the NIN, Aziz urged journalists to help in enlightening the public on the urgency and importance of enrolling and obtaining the NIN. Reeling out the many benefits of the NIN, Aziz said they included one person one identity, enhances participation in the political process, important tool for fight against corruption and terrorism, enables citizens to exercise their rights and facilitates management of subsidies and safety net.

Other benefits are the facilitation

of service delivery in Ministries, Departments and Agencies (MDAs); enhancing activities of law enforcement agencies thereby providing public safety; policing; national security and border protection, among others.

Aziz who was appointed in November 2015, listed some of the key achievements of the commission to include the population of the national identity database, which currently boasts of about 18.5 million records; the establishment of up to 809 NIN enrollment centres nationwide; launch of the new electronic national ID card with multiple functions; achievement of GVCP Certification and recertification of the NIMC Card Personalisation Bureau in 2014, 2015, 2016 and 2017, among other achievements.

He however named funding as the overriding hindrance of the commission in executing its mandate.

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Obasanjo: I Don’t Want Another Civil War in Nigeria Shola Oyeyipo and Ugo Aliogo Former President, Chief Olusegun Obasanjo, yesterday said having fought in the Nigerian civil war, he would never want to see Nigeria experience another war in its political history.

Obasanjo, who was a special guest yesterday at the Archbishop Vining Memorial Church in Ikeja during a programme, ‘God in My Life’ series organised by the Torchbearers Society where he recounted some of his life experiences, said the civil war

was avoidable and that he was not prepared to see the country plunge into another war.

Speaking about the civil war at the event which presented the former two-times Nigerian leader the opportunity to recount how God helped him in his life, Obasanjo said: “There are two things I want to say about the civil war that are important. From the coup and the counter-coup, we rolled into the civil war. It was a war we should never have been fought. My experience is that I have fought one war too many. My prayer is that I will never witness another war again.

House Members to Get N17m SUV by December James Emejo in Abuja Chairman, House of Representatives Committee on Media and Publicity, Hon. Abdulrassaq Namdas, had said all 360 members of the eight National Assembly will receive their official sport utility vehicle (SUV) valued at N17 million each by December.

Already, he said over 200 units of Peugeot 508 cars had been supplied to members, leaving a balance of 160 vehicle awaiting to be delivered.

His disclosure came against the backdrop of alleged protests by some members of the lower chamber who were yet to receive their cars since the inauguration of the current National Assembly.

Addressing journalists over the weekend, Namdas said there appeared to be a misconception on the mode of delivery of the vehicles.

He said the vehicles were to be supplied by instalments and not at once as being misconstrued in some quarters.

Some of the lawmakers had expected that given the National Assembly’s N10 billion increase in the 2017 budget, the orders for the remaining vehicles ought not to tarry.

But the House spokesman said the new budget was yet to be implemented and no money had been released.

He said the seeming delay in the delivery of the vehicles

was “not designed to frustrate anybody and it’s not done in bad faith.”

According to him, And members are even aware of that and they know it’s not deliberate. Some of us that are members of the House services, have been able to tell our colleagues in various states as to the reason why this thing has not come out fully.

“And even some people are alleging that because we’ve increased our budget with about N10 billion, why didn’t we complete the payment and things like that.

“The challenge is that from day one, we didn’t say we were going to take out money and pay for this thing at once. We didn’t say that we will be paying installment and the company will also be supplying us, and that’s why we collected about 50 and subsequently it keeps coming bit by bit.”

He said:”We want to make it clear that the story that some members are complaining, is not true if you have 360 people and you haven’t gotten all of these things at the same time, we expect one or two people to feel like it’s time that I get and I didn’t get.

“I want to tell you that we’ve not started implementing the new budget and no fund has been released in respect of that to say why we’ve not been able to put that into new cars. “

Troops Ambush Boko Haram Logistics Team, Kill Two Terrorists Paul Obi in Abuja Soldiers under the Operation Lafiya Dole fighting Boko Haram insurgency in Borno State yesterday ambushed and neutralised the terrorists logistics team around Alagarno Forest.

This came as the military intensified its efforts in curtailing the recent resurgence of attacks by Boko Haram terrorists.

Director of Army Public Relations, Brig. Gen. Sani Usman, said: “Troops deployed in Forward Operation Base Mainok, at the early hours August 5, 2017, laid ambush for suspected Boko Haram terrorists along a track route leading to Alagarno forest.

“They were ferrying logistics items to their colleagues. The ambush team neutralised two Boko Haram terrorists and recovered their weapons, two motorcycles, jerry cans and milled guinea corn.

“Similarly, troops of 151 Battalion, 21 Brigade Nigerian Army, on routine clearing of bushes to aid unhindered movement of troops, discovered multiple Improvised Explosive Devices (IEDs),” he added.

Usman added that the IEDs were “connected together laid on the shoulder of the road at a suspected terrorist ambush site along road Banki JunctionBama. The troops successfully disconnected and recovered them.”

“After the war, I came to Lagos and General Gowon had given the commitment Yakubu that the military will go in 1976 then he came up and said 1976 was unrealistic and that was rather unfortunate and that was the cause of the coup that unseated General Gowon. That brought late Gen. Murtala Muhammed and Obasanjo regime. We, though, were doing what we should do. I think we were naïve. We forgot about security. Murtala was killed like a chicken. I would have been killed.

Then I was persuaded to take over and at the end, we conducted an election and we handed over to the one who won” Earlier, Obasanjo had noted that save for providing specified security, the military should not be allowed to participate in electoral processes, stating: “The military should not be directly involved in any election. They can provide security on the roads, they can do what they call showing the flag but they must not be involved in election.”

Referring to his treason charge

during the late General Sani Abacha’s regime, Obasanjo recalled: “Later, I was arrested, tried and sentenced to 30 years in prison which Abacha commuted to 15 years. While in prison in Jos, Abacha’s son died and I wrote a letter of condolence to Abacha.

Also, while I was in Yola, when Abacha died, wrote a letter of condolence to his wife.”

Also corroborating Obasanjo’s experience back then, former Commonwealth of Nations Secretary General, Chief Emeka Anyaoku, who noted the frantic effort he made to get Obasanjo off the hook during the period, said the late Abacha was recalcitrant about releasing the former president until the intervention of two former African leaders.

“I am delighted to say a few words about our speaker (Obasanjo). I want to commend our speaker for showing what it meant to serve God and humanity.

Also what it meant to be saved from the jaws of death. As he rightly said, he was saved by the grace of God. I was in a position where I

was one of those very concerned at the time about his fate.

“I believe, your excellency that the first sentence that the Abacha military tribunal passed on you was death. It was death sentence and Abacha commuted it only when he was visited by two heads of state that I had joined in pleading with to come and see Abacha. They were presidents of Zimbabwe and president of Uganda. Before then, I had persuaded President Nelson Mandela to send his Deputy President, Thabo Mbeki, who subsequently became president.

“Mbeki came, spent about three hours with Abacha, returned home and then Mandela called me to say that the mission had not succeeded but it was not until these two presidents came and spent three hours and 15 minutes with Abacha and when they left Nigeria, one of them telephoned me to say all Abacha showed them was a video alleging our very extinguished speaker was part of a phantom coup, but this president

said there was no evidence, that all that they saw was one army officer leaving his room and that was all, there was no evidence of the coup,” Anyaoku said.

The former president aligned himself with the lawmakers’ recently passed ‘Not-Too-Young to-Run’ bill which reduced the age limits of political officer seekers thereby allowing younger Nigerians to participate in future election.

According to Obasanjo, “If we put minimum age, why shouldn’t we put maximum age? There should not be age limit for presidents. Let the people decide whether the man or woman is matured enough.”

Obasanjo, who recounted the ups and downs in his life; from his educational pursuit to his eventual venturing into the military and how he escaped many life threatening situations, said: “God in my life is His goodness and special favours.

It also means grace, mercy and compassion from conception till today. I have said in many occasions that God has been partial to me.

Therefore, I will be submissive and serve God ad humanity.”

THANK YOU FOR COMING

Director-General, Debt Management Office (DMO), Ms. Patience Oniha, presenting a souvenir to the Governor of Edo State, Mr. Godwin Obaseki, when he paid a courtesy visit to the DMO...recently

Osinbajo Receives Nigerian Doctor Who Successfully Operated on Foetus in US Says Nigeria continues to shine everywhere in the world Omololu Ogunmade in Abuja Acting President Yemi Osinbajo has received Dr. Oluyinka Olutoye, a United States-based Nigerian medical doctor who successfully led a medical team which operated on a foetus in Houston.

Osinbajo, according to a statement by his spokesman, Mr. Laolu Akande, yesterday, said Nigeria produces the best in every way while its citizens continue to shine in various ways around the world.

He said as the government continues to do what is right in public service, the country is bound to reach the top globally.

Akande said Olutoye who secured global accolades for

attaining that feat, had also been an active member of another medical team which separated a set of conjoined twins successfully in the US. He said the team actually included two other Nigerian female doctors including his wife, Dr. Toyin Olutoye, an anaesthesiologist, and Dr. Oluyemisi Adeyemi-Fowode, a pediatric gynaecology fellow.

He added that Osinbajo further told Olutoye who was accompanied to the Presidential Villa by members of his family including his wife and parents that “our country continues to shine in various ways, your achievement is remakable in every sense. People are bound to wonder. It’s the kind that fables are made of and this is from someone who is Nigerian-trained.”

Akande further quoted him as

saying “this country can be well run; we produce the best in every way, but it will take a lot of doing, by good men and women. This is what i have learnt in the past over two years here. If we do the right things, day by day, we’ll change and improve the Nigerian situation significantly.

“The problem is not the about the availability of resources, but its the management,” recalling how it is that the Federal Government is now doing more when funds are scarce than in the days when oil was selling at over $100 per barrel.

“When we were making over a $100 per barrel, we were owing oil JVC cash calls, not able to pay salaries and owing contractors. Now that we are down in earnings by 60%, we have sorted out the

problem of cash calls and are able to support states to pay salaries.”

The statement added that Olutoye, while speaking earlier, attributed his medical successes in the US to his Nigerian training and education up to the university level, noting that he is a graduate of Medicine from the University of Ife, now Obafemi Awolowo University.

“All we have achieved from primary to university is from Nigeria, and I believe that Nigeria will surpass what we have achieved out there,” Olutoye was quoted as saying.

Akande said among his family members who were in the meeting was his father and Alani of Ido-Ani, Oba Olufemi Olutoye, a retired major-general.

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NAAPE Threatens to Embark on Strike over Aero’s Non-payment of Ex-workers Chinedu Eze The National Association of Aircraft Pilots and Engineers, (NAAPE) has threatened to embark on nationwide strike over the non-payment of redundancy benefits to workers that were laid off from Aero Contractors.

It was part of the agreement during the disengagement of the workers that the company would pay the aforementioned benefits but THISDAY gathered from the new Aero management that it does not have the funds to fulfill that promise; although it is disposed to pay the benefits when funds are available.

But NAAPE said the strike action would commence at a soon-to-be announced date after it finalises consultation with other aviation unions and stakeholders in the industry.

Speaking at a press conference in Lagos at the weekend, the National President of NAAPE, Abednego Galadima, alledged that the Assets

Management Corporation of Nigeria, (AMCON), the receiver manager of Aero Contractors has not paid workers affected by the redundancy exercise their redundancy benefits till date.

According to Galadima, “In defence of the rights of the workers of Aero Contractors, as well as in keeping with our duties and mandate under the laws of Nigeria, (NAAPE) has decided to declare a nationwide strike action in demonstration of our abhorrence of the inhuman treatment being meted to the unfortunate Aero workers.”

He said the association is inviting the government and other relevant bodies and stakeholders to prevail on AMCON to do the needful with regards to the rights of the workers of Aero Contractors in order to avert the imminent crisis of shutting down Nigeria’s aviation industry.

The president who also observed the high level of unemployment of pilots and engineers in Nigeria,

suggested that to address the problem, government needs to encourage or assist in the development of Maintenance Repair Organisations (MRO) and give serious consideration to bringing forth the General Aviation by facilitating the granting of low interest capital and providing enabling environment.

On the issue of allocating five per cent of the Passenger Service Charge (PCS) to fund the Accident Investigation Bureau (AIB), which was approved by the Minister of State for Aviation, Senator Hadi Sirika, Galadima said the association supports this as it is a step in the right direction.

He explained that the task of

modern accident investigation is very exerting, requiring high tech equipment and high calibre personnel, adding that it is inherently a costly venture which cannot be handled adequately in an atmosphere of limited funding.

Galadima promised that

NAAPE would give support to the federal government’s effort to midwife a private sector national carrier and concession the four international airports in Nigeria.

He noted that these developments would create employment for pilots, engineers, and other professionals in the industry.

Labour Party Guber Aspirant, Enemuo Kidnapped in Anambra David-Chyddy Eleke in Awka A former member of the House of Representatives and Commissioner for Environment in Anambra State during Governor Chris Ngige’s administration, Chris Okey Enemuo, has been kidnapped.

Enemuo who recently picked his nomination and expression of interest form to contest for the November governorship election on the platform of the Labour Party (LP), was kidnapped around Udi, Enugu State THISDAY gathered.

His family members were said

to have been told of his kidnap by yet to be identified person through a phone call.

According to Chairman Anambra Unite, a political forum, chief sir Tony Chigbo, Enemuo was kidnapped between 6:30p.m. and 7p.m. along the Udi Enugu road as he left Ekwulobia by 6p.m.

He said Enemuo’s kidnappers have not contacted the family or demanded any ransom.

Police Public Relations Officer for the state police command, Nkiru Nwode, could not confirm the incident as calls to her phone were unsuccessful.

Senate: Judge Us by Facts, Not Sentiments The Chairman, Senate Committee on Media and Public Affairs, Senator Sabi Abdullahi, has called on Nigerians to base their judgment of the eighth Senate by the facts of its achievements, rather than sentiments or propaganda.

In a statement yesterday, Abdullahi described the current Senate as the highest performing ever, despite the distractions.

“The facts speak for themselves, this eighth Senate has already passed 128 Bills in 26 months.

This is weighed against the fifth Senate that passed 129 bills in four years; the sixth Senate that passed 72 bills in four years and the seventh Senate that passed 128 bills in four years. When it comes to public petitions, in just 26 months, again, we have cleared 82 petitions. This is juxtaposed against the sixth and seventh Senate that cleared only six petitions in four years,” he said.

Abdullahi also listed out some of the noteworthy achievements of the eighth Senate, highlighting the fact that it had passed several historic bills that had tripped up previous parliaments like the Petroleum Industry Governance Bill (PIGB).

“This is the same Senate that broke the Petroleum Industry Bill’s jinx in two years. This is also the same chamber that

passed a comprehensive Electoral Reform Bill within 18-months of its inauguration,” he stated.

“I can keep on listing out our achievements. We also finished the Constitution Review process a full two years before the next election cycle; we have also passed seven economic priority bills that will create more opportunities for private sector participation in our economy, and put millions of Nigerians back to work.

“Additionally, let’s not forget the ‘Made in Nigeria’ amendment that we passed with our review of the Public Procurement Act. This amendment will create myriad of opportunities for Nigerian-owned businesses, by ensuring that they get first-option priority in the government’s procurement process. Moving forward, although we have already passed four anti-corruption Bills to strengthen our nation’s capacity to fight graft, we are still committed to passing as many laws as we need to cut and curb corruption in Nigeria,” he said.

“In this regard, when we hear people judge us by the propaganda of adverse elements in our polity, we would like to ask them to do their research and follow our work themselves, so that they can judge us by facts, not sentiments,” Abdullahi said.

ENUGU IS WORKING

L-R: Enugu State Deputy Governor, Mrs. Cecilia Ezeilo; Governor feanyi Ugwuanyi; and former Minister of State, Foreign Affairs, Chief Dubem Onyia, at the flag-off ceremony of the reconstruction of Ekochin-Ekeani-Miliken Hill-New Market road (old Onitsha -Enugu road), Ngwo, Enugu North Local Government Area.....yesterday.

Osoba Queries Senate’s Allegation on 282 Missing Ships against NPA Eromosele Abiodun The former Governor of Ogun State, Chief Segun Osoba, has disclosed that some entrenched interests are behind the allegations that 282 vessels got missing under the watch of the Nigerian Ports Authority (NPA) between 2010 and 2016 by the Senate Committee on Customs, Excise and Tariff.

Osoba who stated this in a chat with newsmen in Lagos at the weekend, stressed that Nigeria cannot move forward if leaders at all levels refuses to embrace change and accept that things cannot continue the way they were.

He said his is aware that the management of the NPA is currently doing a forensic audit that will reveal what went wrong and under whose watch. He calling on Nigerians to disregard unfounded allegations tailored to spit.

According to him, “Hadiza, I can

tell you is doing forensic auditing of what anybody is claiming and when you do forensic audit and you insist on compliance to due process you are bound to have head on collision with entrenched interest. Entrenched interests are the major problem that she is facing in the NPA. “I can tell you that the problem in Nigeria is that we do what is unnecessary. For example, dredging, dredging of our waterways the way we are approaching it is not the right thing. We have deep-sea off-shore that is why we are losing to countries like Togo and Benin Republic. They are using their deep-sea offshore of their countries and a lot of ships prefer to go and berth there. The more you dredge the more environmental problem you create for Lagos state. Lagos itself is below sea level and that is why you have this flood. Anytime the water

rises, it creates problem for Lagos and the coaster areas.”

Speaking on the effort by the NPA to stamp out monopoly from the maritime sector, he said the move was timely and will save the country from inefficiency.

He said: “I totally support her!

Monopoly anywhere in the world creates inefficiency but where you have competition in any sphere of life, you create efficiency and better practices. The only thing is that I know that it is not easy to want to do things right. We Nigerians we are a country that was developed on falsehood, corruption and malpractices.

“I praise her courage; it is not easy to face established system.

I can tell you confidently that recently I met with one of our governors and Hazida was on television and the governor was asking me as an operator how she was doing and I told him she

was doing well and the governor jokingly said, “She would not be the true daughter of her father if she behaved otherwise.”

On the relationship between operators and the NPA, Osoba said: “I must confess to you that there have been changes, before now there was a lot of lobbying, manipulations, begging. Now I don’t need to bother my head or appeal or starts lobbying the management of the NPA. Now whatever is due to us is done in an efficient manner and fortunately, we also have a relationship with the Central Bank of Nigeria (CBN) who is the custodian of the Treasury Single Account (TSA). Whenever our payment is approved we get paid. That has created a situation where we can now be able to develop equipment and create high efficiency in the business.”

APDA to Decide on Participation in Anambra Guber Race Onyebuchi Ezigbo in Abuja One of the newly registered political parties, Advanced Peoples Democratic Alliance (APDA), has said it will hold a National Executive Committee meeting tomorrow to consider its participation in the November 18 governorship election in Anambra State.

In a statement jointly signed by the Interim Deputy National Chairman (South), Ayodele Fajibi Adebo and Interim National

Organising Secretary, Saleh Barde, the party said it would also take decisions on date for its national convention, tenure of the National Working Committee (NWC) and membership of the Board of Trustees.

The statement said the NEC would consider the constitution and adopt the financial statements of the party detailing the pre-registration expenses.

Meanwhile the National Chairman, Mallam Shitu

Mohammed and members of the National Working Committee (NWC) of APDA at the weekend unveil it’s Ekiti State chapter of the party where he charged the state working committee led by Mrs. Foluke Okeya to mobilise the state and get ready to take over government in the next year governorship election.

In his speech read to mammoth crowd that witnessed the unveiling, he

said APDA is the next biggest thing in the country.

“As we begin a new democratic journey to salvage our dear nation and the unveiling of Ekiti chapter which is very strategic in the southwest of Nigeria at this material time as we approach the governorship election latter this year,” he said.

Shittu said APDA is the birth of an ideological political party that believes in mobilising Nigerian youths and women to take charge of the destiny of this country.

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MONDAYSPORTS

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

IAAF WORLD CHAMPIONSHIPS

Okagbare Fails at Semi-final Again!

George, two others in tough 400m s’final Tosin Oke begins triple jump final ticket race Duro Ikhazuagbe Nigeria’s biggest hope for a medal at the ongoing 16th IAAF World Championships in London, Blessing OkagbareIghoteguonor failed to qualify for the final of the women’s 100m final last night. American Tori Bowie (10.85secs) won the final in a photo-finish with Marie-Josee Ta Lou (10.86) of Cote d’Ivoire. Dutch girl, Dafne Schippers (10.96) picked the bronze.

Earlier, Okagbare who is former African record holder in the event ran 11.08secs to place fourth in the third semi final of the night.

Just like it happened two years ago at the Beijing edition of the Championship when Okagbare finished third in the semi stage, the University of Texas in El Paso (UTEP) graduate, failed to reproduce the form that earned her the African title of 10.79 secs to stand a chance of fighting for podium placement in the final.

She had similarly failed to make the final of the event at the last Olympic Games in Rio de Janeiro, Brazil.

The Delta lady’s late surge in form that saw her running a sub-11 (10.99) leading to the competition had raised the hope of a miracle happening to wipe the memory of her eighth position at the Olympic Stadium during the London 2012 games.

With the 100m gone with the wind, Okagbare’s next focus will now shift to the long jump event where she won a silver medal at the 2013 edition of

the World Championships in Moscow, Russia.

Despite Okagbare’s slip in the sprint, three other Nigerian ladies: Patience Okon George, Yinka Ajayi and Margaret Bamgbose will have to set new personal best times and possibly run inside 50 seconds if one or all three of them desire to race in Tuesday’s women’s 400m final.

The trio made history of some sort in the first round when they became the second Nigerian trio of quarter-milers to qualify for the semi-final of the championships after the feat recorded in 2009 by the trio of Folasade Abugan, Sorina Nwachukwu and Amaka Ogoegbunam.

George came second in heat 5 behind USA’s Quanera Hayes in 51.83 seconds while the duo of Ajayi and Bamgbose came third in their respective heats.

Ajayi, making her debut at the championships ran 51.58 seconds in a heat that had the reigning Olympic champion in the event, Bahamas’ Shaunae Miller-Uibo (50.97) and Jamaica’s Stephenie Ann McPherson (51.27) who came first and second respectively.

Bamgbose, a semi-finalist at the Olympics in Rio last year was also third in heat 6 to book a place in Monday night’s semi-final.

The trio will make history if they make it to the final to become the first time Nigeria will present three athletes in the final. The best Nigeria has produced when Fatimah Yusuf and Falilat Ogunkoya ran in the final of the event in

Gatlin Booed again at Medal Presentation Justin Gatlin was subjected to boos and jeers from the crowd inside London Stadium yesterday as he was presented with his 100m World Championships gold medal.

The American, who has twice served a doping ban, pulled off a shock win on Saturday to end Usain Bolt’s reign in the Jamaican’s final individual race.

Bolt received cheers as he was awarded his bronze, but there were sections of the crowd that booed Gatlin.

The 30-year-old Jamaican applauded Gatlin as he was presented with gold.

American six-time individual world sprint champion Michael Johnson said his compatriot had been cast as a “villain” by the media who he said had ignored other cheats.

The 49-year-old told BBC Sport: “At London 2012 nobody booed Gatlin [he won bronze in the 100m final]. When he started getting close to Bolt at the

2015 World Championships we created this narrative.

“We didn’t educate people about all the drugs cheats.

I think we have presented him as a villain. I think we need to do a better job of educating all of what has been going on,” stressed Johnson.

In 2001, when he was still at college, Gatlin was given a two-year suspension for taking a banned amphetamine.

He successfully argued this was due to medication he took for attention deficit disorder and was allowed to return to competition after a year.

Then, in 2006 - having won the 100m and 200m double at the 2005 World Championships in Helsinki - he tested positive again, this time for testosterone.

Gatlin was banned for eight years, avoiding a lifetime ban in exchange for his co-operation with doping authorities. This suspension was halved to four years on appeal.

Gothenburg, Sweden in 1995.

They will however have to break new grounds to make that a reality. George has been drawn in the first of the three semi-final heats and will have to run faster than the 50.71 seconds personal best she set two years ago before she can have a chance of upsetting the duo of Miller-Uibo and Hayes and pick one of the two automatic qualification slots for the final or hope to qualify as one of the two

fastest losers after the three semi-finals must have been decided.

The same magic the duo of Ajayi and Bmagbose would have to perform tonight as they were also drawn against world-class quarter-milers.

Ajayi will run from lane 8 in the second semis and will hope for a miracle of some sort to race past defending champion, USA’s Allyson Felix, the Jamaican duo of Shericka Jackson and ageless

Novlene Williams-Mills as well as 2015 9th IAAF World Youth Championships winner, Salwa Eid Naser of Bahrain.

Meanwhile the duo of quarter-mile barrier runner, Glory Onome Nathaniel and triple jumper, Tosin Oke will also be in action Monday.

Nathaniel whose brother Samson failed to advance beyond the first round of the men’s 400m will hope to at least go one step further and equal Nigeria’s best performance in

the event, a semi-final finish.

She will run from lane three in heat five of the opening round.

Oke, finalist at the last edition of the championships in Beijing two years ago has been drawn in the second of two qualifying groups and will need to set at least a new personal season’s best of 17.00m to gain automatic qualification or hope to be among the best 12 performers in the two groups to make his second straight final in the event.

Arsenal players celebrating the victory over Chelsea in the Community Shield... yesterday

Community Shield: Giroud Seals Shootout Victory for Arsenal Olivier Giroud scored the decisive spot kick as Arsenal defeated Chelsea 4-1 in a penalty shootout to win the Community Shield at Wembley yesterday.

After the Premier League and FA Cup winners were locked at 1-1 following an evenly contested 90 minutes, the Frenchman stroked home after Alvaro Morata and Thibaut Courtois missed for Chelsea, in a shootout that trialled the new ‘ABBA system’.

Chelsea’s Victor Moses opened the scoring when

he reacted fastest to smash a loose ball past Petr Cech in the 46th minute before Arsenal substitute Sead Kalasinac equalised in the 82nd minute, heading home to cap an impressive performance.

Chelsea’s Pedro was dismissed for a nasty lunge on Mohamed Elneny which led to Arsenal’s equaliser while Arsene Wenger’s side also handed a debut to record signing Alexandre Lacazette.

Chelsea begin their title defence when they host Burnley on Saturday, while

Arsenal entertain Leicester City on Friday to kick off the Premier League season.

At a sun-kissed Wembley Arsenal, who beat Chelsea in May to win the FA Cup, started brightly with Lacazette, Danny Welbeck and Alex Iwobi all having early half-chances.

Arsenal’s fluid front three continued to cause the Premier League champions problems and midway through the half France forward Lacazette saw his curling effort cannon off the post.

Chelsea, who cantered to last

season’s league title, grew into the game and Spanish winger Pedro drew a save from Cech with a fearsome drive following a swift counter-attack.

Chelsea’s Willian was then booked when referee Robert Madley judged the Brazilian to have dived as he surged past Hector Bellerin into the Arsenal box.

The second half was less than a minute old when Moses, sent off in the FA Cup final defeat, reacted fastest against a static Arsenal defence to thrash home Gary Cahill’s header.

NPFL: No Changes as Plateau Utd Stays at the Top With the Nigeria Professional Football League (NPFL) hitting the home-stretch, leaders Plateau United and second placed MFM FC maintained status quo in their match day 33 matches.

The Jos team grabbed a 1-1 away draw against Kano Pillars at their Sani Abacha Stadium fortress while the Olukoya boys were also held in a goalless draw with Enyimba at the Agege Stadium.

A win for MFM would have

taken the church team to 58 points with just one point off Plateau United. They remain on 56 points, three below Plateau. Enyimba is fourth on 51 points. Pillars is seventh on 48 points.

Plateau however was at the point of widening the gap in the Sunday clash with the Sai Masu Gida. Ibeh Johnson gave United a surprise 1-0 lead when he scored in the 17th minute. Pillars however equalized in the 52nd minute through Hamza Abba Tiya as

both teams shared the spoils.

In Ijebu Ode, Akwa United’s title hopes suffered a big setback as they were beaten 1-0

by Sunshine Stars.

The only goal of the game was scored by Ajibola Otegbeye from the penalty spot in the 16th minute.

Akwa remains third on the league table on 51 points.

El-Kanemi Warriors also suffered a setback in their quest for a continental ticket following their 1-0 away loss to Niger Tornadoes.

Tornadoes’ goal was scored

by Bolaji Adeyemo in the 77th minute.

MATCH-DAY 33 MFM 0 - 0 Enyimba Kano Pillars 1 - 1 Plateau Utd Sunshine 1 - 0 Akwa Utd 3SC 2 - 1 Gombe Utd Tornadoes 1 - 0 El-Kanemi ABS 2 - 0 Remo Stars Lobi 2 - 4 Abia Warriors IfeanyiUbah 1 - 0 Nasarawa TODAY Rivers Utd vs Katsina Utd

Monday August 7, 2017

TR

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Price: N250

MISSILE Magu to Bankers “In appropriate circumstances, these bankers would also be called upon to account for their roles in granting these questionable facilities” – Acting Chairman, Economic and Financial Crimes Commission (EFCC), Ibrahim Magu recommending prosecution for bankers who approved toxic loans.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Help,theFutureisinDeepTrouble “L

ittle Johnny goes to his dad and asks, “Dad, what is politics?”

Dad says, “Well son, let me try to explain it this way. I’m the breadwinner of the family, so let’s call me Capitalism. Your mum is the administrator of the money, so we’ll call her the Government. We’re here to take care of your needs, so we’ll call you The People. The nanny, well, consider her The Working Class. Your baby brother, we’ll call him The Future. Now go think about this and see if it makes sense.”

So the little boy goes off to bed confused and thinking about what Dad had said. Later that night, he hears his baby brother crying and runs to his room only to find that his diapers were very soiled.

So the little boy goes to his parents’ room.

Mum was sound asleep. Not wanting to wake her, he goes to the nanny’s room. Finding the door locked, he looks through the peephole and sees his father in bed with the nanny. He gives up and goes back to bed.

The next morning, the little boy says to his father, “Dad, I think I now understand what politics is.”

“Good son, tell me in your own words then what politics is” the father responded.

The little boy replies, “Well, while Capitalism is oppressing the Working Class, the Government is sound asleep, the People are being ignored and the future is in deep sh*t.”

This old joke points to the deceit in comments like “the future belongs to the youth”. “The youth are the leaders of tomorrow”. The sad reality is that with the way things are going, there may be no future left for our youth. The other reality is that the future is here. As we take actions that tend to obliterate the future, it is my opinion that it is only the youth that should rise up to the challenge and put a stop to actions that tend to put the future in jeopardy.

And what better way to do this than to show more interest in who governs them and how they are governed rather than the docile attitude of fighting in the social media in support and against the ruling class whose interests could be anything but those of the youth.

There seems to be a convention that those in the corridors of power or those that had ruled in the past, whether they did well or not, will continue to dominate governance in Nigeria. The doctrine of recycling in Nigerian politics has become so pervasive that some of our politicians, after they have been National Assembly members, returned to their states to accept commissionership and other lower positions, just to remain in power. The most common is that Governors who complete their tenure of office in their states simply go to hibernate in the Senate, even if they have nothing to contribute in that hallowed chamber.

The sole driver of their ambition is to remain in power and continue to benefit from our common purse.

It is instructive that, with the return of democracy in 1999, we had a throwback to the past, where the former Head of State, General Olusegun Obasanjo, who ruled the country between 1976 and 1979, was drafted to contest the first democratic presidential election of the 4th Republic, which he won, and ruled again from 1999 to 2007. Subsequently, attempts have been made by former military leaders like Ibrahim Babangida, to return to power. Again in 2015, the current President, PMB, who ruled the country from 1983 to 1985 contested and won. As 2019 approaches, veterans like the retired paramilitary officer and one time Vice

Minister of Youth & Sports, Solomon Dalung President, Alhaji Atiku Abubakar, are warming up to contest. I also read recently that another retired Senior Military Officer, David Mark, a one-time minister of communications in those days when telephones were not meant for the poor, and a recurrent decimal in the Nigerian Senate, serving his 6th term out of 8, was endorsed by Obasanjo to contest the next presidential election.

Without prejudice to their rights to vie for any office they wish to, one thing that cuts across most of the Presidential hopefuls against 2019, is that they are all about 70 years and above. Do I have a problem with age? Definitely not. Do I have issues with the age of ideas? Certainly!

For me at over 50, to my discomfort, I find that I am ageing. Some of the things I could do with ease, a few years ago, I find nowadays that I can do no more, even with my very best efforts.

Some risks I could take a few years back, sadly, have become impossible today. I may choose to live in denial, but within me, I know the difference. It is therefore in everyone’s interest to yield leadership to people who are not only at the right age but who can dare and take risks.

Unfortunately, power is hardly given. It is taken and that is where this intervention comes in. If the youth who should know the right thing to do, refuse to show interest, then just like the saying goes, “they take away their rights to complain when fools begin to govern them.”

Interestingly, many of our past leaders emerged in their youth.Chief Obafemi Awolowo, was 43 when he became the Premier of Western Region. His youthful disposition could have helped him to institute free education and limited free health care delivery in the region. He was able to achieve these in a Nigeria without oil. As Minister of Finance subsequently, he was able to finance the civil war without borrowing. He built landmark structures like stadia, television stations and The Cocoa House in Ibadan, the first skyscraper in tropical Africa. Obasanjo was 39 when he became the Head of State in 1976. Yakubu Gowon was under 32 when he became Head of State. Ibrahim Babangida was 44 when he became Military President in 1985 while Abubakar Tafawa Balewa was also in his 40s when he became the first Nigerian Prime Minister. Buhari was 41 when he became head of State in 1983. Odimegwe Ojukwu was barely 34 when he led the Biafra war. Aguiyi Ironsi was in his early 40s when he became the first Military Head of State in 1966.

On the international scene, many of the

popular American Presidents assumed office when they were in their 40s. Barack Obama was 47, Bill Clinton 46, Edward Kennedy 43 and Frank Roosevelt 42 respectively when they became Presidents. Elsewhere, Emmanuel Macron was recently sworn in as President of France at 39. Vanessa D’Ambrosio became President of San Marino, Europe at 29. The current President of North Korea who has been giving Trump sleepless nights, Kim Jong Un, became President at 32.Lee Kuan Yew became the Prime Minister of Singapore at the age of 36. Of course, there were exceptions like Donald Trump and Ronald Reagan both of whom became Presidents at 70.

So, what is wrong with Nigeria? Nothing really, except that our young ones are not only docile, but cowardly, and many of them are largely uninformed. The rest may just be outrightly selfish. They are quick to come up with a laundry list of excuses why they are not interested in politics. The excuses may range from lack of money to fear of being killed. According to statistics, over 70% of our population is below the age of 40. This has been aptly described as “a pot-bellied youth bulge”. For purposes of this discussion, I want to define the youth as that part of the population aged less than 50. To understand how bad it is, in a country of over 180m people, the number of registered voters for the 2015 General Election was 68.83m. If we subtract the under aged, there is no argument that over 50% of eligible youthful voters were not registered. What that means is that this number of youths has wittingly or unwittingly disenfranchised themselves. Because they can neither vote nor be voted for, they probably have little or no interest in the way the country, states and local governments are governed. If you are unable to participate actively, you should at least have a permanent voter’s card and be available to vote. But alas, that is not the case.

And it is because of the lack of interest by the youth that the throwback conspiracy stands. Why can’t the youth, through different civil society groups or social media groups, decide that in 2019, one of them would become President? If this kind of decision is made, they would then match it with actions of a vigorous campaign and massive voting and protection of their votes.

I am 100% certain that if this happens, they would win the election. As has been written, “One of the penalties of refusing to participate in politics is that you end up being governed by your inferiors” Many of the challenges that this country face today are traceable to poor, ignorant and/or selfish leadership. The gerontocratic leadership system that was foisted on us has little or no regard to how its actions, shape or scatter the future and I will just highlight a few and you are at liberty to add to the list. We have had a country that starts its yearly budget providing more than 70% of its spending on recurrent expenditure, earmarking less than 30% to capital expenditure. What this means is that we are not building any foundation nor infrastructure for the future generation. Because infrastructure continues to decay, a silent de-industrialisation of the economy has been implemented as policy.

Look around you and tell me if you can see those industries that littered major towns in the past.

Because these industries are forced to close shops or relocate, the jobs that were hitherto created have practically disappeared. That is one of the reasons why unemployment has continued to be on the rise. Youth unemployment is close to 30% as per statistics. Who should worry about this? The 80-year-old or the 40-year-old? How come most of the establishments and facilities

put in place in the olden days when there was no oil, stood the test of time? In some parts of the South East, there are some 1960-1970 roads that are still useable, even though subsequent governments have been unable to maintain them.

The people who built those facilities were young in those days and they were interested in the future. As they show up forty years later to clutter the leadership space, their priorities are bound to be different. Do you hear any leader seriously addressing industrialisation, as a policy of the government? I don’t know about where you come from, but in the state from where I come, either by neglect or simply the absence of mind, subsequent governments have implemented policies that led to the shutdown of factories and manufacturing outfits, established by their predecessors. So when governments talk about job creation, the question should be where the jobs are going to be created from when the same government is pursuing a de-industrialisation policy?

The issue of piling up debts for the future generation is another one that I expect the youth to stand firmly against. There is nothing inherently wrong with borrowing, but the purpose must be regenerative and not for payment of salaries, fat allowances, security votes, pensions of politicians and funding the lavish lifestyle of leaders. Recently, the National Assembly approved dollar loans for some state governments to be repaid over a period of 20 years with 7 years moratorium.

I wonder how those loans will be paid and from what sources. Some state governors are already jubilating and the intent is to pass the debts to you the young ones. So, why are you keeping quiet? Do you realise the implication of paying back loans that were used to finance the frivolities and excesses of your parents? Will you be happy to pay back such loans?

There is a lot to say, including the promotion of primordial interests like ethnicity, and religion which keep the youth divided while their oppressors are united in looting the country, irrespective of same divides. Suffice it to add that the youth have shown a strong presence in business and the entertainment industry in this country. So have they also shown tenacity in the information technology space? Unfortunately, the continued survival and growth of these sectors of the economy can only be guaranteed by competent and good governance. One bad policy of government can wipe out all the successes recorded in the Nollywood industry and the creative business.

Finally, I won’t be surprised if some people, out of mischief, give a misleading interpretation to my arguments including implying that the youth is synonymous with good leadership while the more advanced people are synonymous with bad leadership. I have said no such thing. My point is that the youth has more stake in the future than the aged. Of course, I am not unaware of young people that have bungled leadership opportunities both here and elsewhere. I also give credit to experience, maturity and skills.

It is my contention, however, that the youth should not sit idly by feeling unconcerned while the older generation destroys and mortgages their future.

We, the older ones who have promoted a situation where the majority of the youth are excluded and have no say in how they are governed, should also deliberately create space and encourage them to take over from us. After all, just like Plato said, “we can easily forgive a child who is afraid of the dark, the real tragedy of life is when grown up men are afraid of the light”

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