Wednesday 9th August 2017

FG Withdraws Suit against Seven Banks over TSA Davidson Iriekpen The federal government has filed a notice of discontinuance of a suit it filed before Justice Chuka Obiozor of a Federal High Court in Lagos against seven banks for allegedly withholding $793.2million from the federation account.

The banks involved are:

United Bank for Africa Plc, Diamond Bank Plc, Skye Bank Plc, First Bank Limited, Fidelity Bank Plc, Keystone Bank Limited and Sterling Bank Plc. The judge had on July 20 ordered the seven banks to, in

the interim, remit the money to a designated account at the Central Bank of Nigeria (CBN).

The order was a sequel to the granting of an ex-parte application by both the federal government and the Attorney General of the Federation

(AGF), Mr. Abubakar Malami (SAN), seeking an interim order compelling the banks to remit the funds to government coffers.

Upon the granting of the application, Justice Obiozor adjourned further hearing in

the matter till yesterday.

However, at the resumed hearing of the matter yesterday, the plaintiffs' lawyer, Prof.

Yemi Akinseye-George (SAN), drew the court’s attention to a notice of discontinuance of the suit, which he said was

Lassa Fever Kills Two in Lagos… Page 9

brought pursuant to Order 50 Rules 2 (1) of the Federal High Court Rules.

The lawyer while asking the court to strike out the suit, said the plaintiffs' decision to discontinue the suit was in the larger interest of the public.

He said: "We have decided Continued on page 10

Wednesday 9 August, 2017 Vol 22. No 8147. Price: N250

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INEC Seeks More Powers to Reject Candidates

Accuses judiciary of aiding electoral impunity Tobi Soniyi in Lagos

WE FEEL YOUR PAIN...

R-L: Governors Aminu Tambuwal (Sokoto); Kashim Shettima (Borno); Aminu Masari (Katsina); and Nasiru El-Rufai (Kaduna); during a solidarity visit to Shettima at the Government House in Maiduguri … yesterday

Following multiple law suits arising from the failure of political parties to abide by their internal guidelines on primaries, the Independent National Electoral Commission (INEC) is seeking more powers to play more decisive roles in the selection of candidates for general elections.

The electoral body in a position paper submitted to the Chief Justice of Nigeria, a Continued on page 9

Senate Stands with Buhari, Tells Protesters to Leave Him Alone Says he hasn’t violated any law

Damilola Oyedele, Olawale Ajimotokan and Paul Obi in Abuja The Senate yesterday lashed out at civil society organizations protesting the prolonged medical vacation of President Muhammadu Buhari

abroad, asking the protesters to leave the president alone as he had not violated any law.

It noted that Buhari, before his medical trip to the United Kingdom, fulfilled

Police disperse resume-or-resign demonstrators

the constitutional requirement of informing the National Assembly of his vacation and transmitted power to the Vice President.

Some CSOs had in the

past two days besieged Abuja, demanding that the president either resumes duty immediately or resigns his position.

The protest march, which

was led by entertainment icon and activist, Mr. Charles Oputa (Charley Boy), however, took a new turn yesterday as the police dispersed it, firing tear gas at the protesters that

NLC President: Over N3tn Pension Fund Invested in Bonds, Treasury Bills... Page12

had gathered at their Unity Fountain, Abuja rendezvous.

The police explained later in the day that it disrupted the protest to forestall the breakdown of law and order.

The Senate in a reaction to Continued on page 9

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Lassa Fever Kills Two in Lagos 100 under surveillance Govt says no need for panic Martins Ifijeh Two persons, including a 36 years old pregnant woman, have died at the Lagos University Teaching Hospital (LUTH), Idi-Araba, after being treated for Lassa fever.

Also, not less than 100 different hospital workers, who were exposed to the index case, including a resident doctor from the Department of Anatomic and Molecular Pathology are currently under close observation in LUTH, THISDAY investigations have shown.

The resident doctor was said to have taken part in the autopsy of the late pregnant woman. He is currently at the surveillance unit of the hospital, where he is being treated.

The Chief Medical Director, LUTH, Prof. Chris Bode, told THISDAY that the two patients died within few days of admission as they presented

late to the hospital in spite of efforts of the health workers to save their lives, adding that the late pregnant woman’s post-mortem examination was conducted before her Lassa fever status was eventually suspected and confirmed.

“The Centre for Disease Control (CDC) in Nigeria has also been contacted. Two other suspected cases from Lagos State are also currently admitted and quarantined while undergoing confirmatory laboratory test. The top management team of the hospital and I today visited the doctor and staff to boost morale and assure them of the hospital’s full support,” he said.

He enjoined all LUTH workers to maintain at a high level of alert in the wake of the new outbreak and observe universal precautions in handling all suspected cases of the viral haemorrhagic fever.

Bode said: “LUTH has always

worked closely with officials of the Lagos State Ministry of Health in handling a number of diseases of public importance such as rabies, cholera, Lassa fever and the recent diarrhoea disease at the Queen’s College.

“Both the Lagos State Ministry of Health and the Federal Ministry of Health have responded swiftly to contain this present Lassa fever outbreak by mobilising human and material resources to trace the sources and extent of the disease, follow up on potential contacts and identify early and test suspected cases.

“There are adequate materials for containment of the disease, while drugs have been made available to treat anyone confirmed with the disease.

The Centre for Disease Control (CDC) in Nigeria has also been contacted. Two other suspected cases from Lagos state are also currently admitted and

quarantined while undergoing confirmatory laboratory tests,” he stated.

When THISDAY contacted the Special Adviser to the Lagos Governor on Primary Health Care, Dr. Femi Onanuga, he said the state was aware of the recent outbreak and was taking precautionary measures to contain it.

“The Ministry of Information has started an enlightenment campaign to educate Lagosians on its prevention and prompt reporting of cases. Lagos has had a worse case of Lassa fever and we came out of it. People should go about their normal business, as there is no need for panic,” he said.

According to Bode, it is important Nigerians are aware of the febrile illness, its mode of transmission, prevention, as well as treatment.

He explained: “Lassa fever

is an acute febrile illness, with bleeding and death in severe cases, caused by the Lassa fever virus with an incubation period of 6-21 days. The virus, a member of the virus family Arenaviridae, is zoonotic, or animal-borne.

“About 80 per cent of human infections are without symptoms; the remaining cases have severe multiple organ diseases, where the virus affects several organs in the body, such as the liver, spleen and kidneys. Lassa fever is a significant cause of severe illness and death,” he explained.

He said the fever was an acute viral haemorrhagic illness caused

by Lassa virus, first identified in 1969 in Nigeria, adding that it was endemic in Benin, Guinea, Liberia, Mali, Sierra Leone, and Nigeria, with peaks in incidence closely related to seasonal patterns.

Bode explained further:

“However, because the rat species, which carry the virus are found throughout West Africa, the actual geographic range of the disease may extend to other countries in the region.”

He said that it occurred in all age groups and both sexes.

“Persons at greatest risk are those living in rural areas where Mastomys are usually found, especially in communities with poor sanitation or crowded living conditions. Health workers are at risk if Lassa fever is not suspected or while caring for Lassa fever patients in the absence of proper barrier nursing and infection control practices,” he said.

While stating that its laboratory test could be done in LUTH, he said persons with information on suspected case of the fever should notify the hospital’s response team on 08058019466, 08058744780, 07035521015 and 08023299445.

Buhari's errand boys. I guess the Senate is desperate to please the president. They have failed Nigerians when most needed.”

He said the position of the Bukola Saraki-led Senate that the protesters should leave Buhari alone as he had violated no law, was out rightly ridiculous.

“Saraki’s position,” he contended, “is a desperate attempt to patronize the president.”

Police Disperse Protesters The second day of the protest by campaigners urging Buhari to resume work or resign had ended in pandemonium yesterday after anti- riot policemen fired tear gas canisters and water canon to disperse the crowd.

The first protest held on Monday by the group that called itself 'Concerned Nigerians,' was largely successful.

But they got more than they bargained in their resolve to resume the sit-in and even extend the protest to the Presidential Villa when policemen disrupted the procession at the Millennium Park and Unity Fountain in the Central Area of the federal

capital.

In the process, many of the protesters, including Oputa were injured.

Two journalists, from the stable of Silver Bird Television, Uyi Amadim and Femi, were also brutalized along with Oputa.

He later fainted after inhaling teargas but was revived by sympathizers, who poured water on him.

Subsequently, policemen neutralized the protest by preventing the protesters from assembling at the Unity Fountain.

They also stopped the group from proceeding further to the National Assembly gate and the State House.

But the leader of Concerned Nigerians, Mr. Deji Adeyanju, accused the police of highhandedness and said no amount of police assault would deter the protesters from continuing on their call on the president to either resume or resign.

He insisted that nobody in the country had the right to stop the citizens from gathering.

Adeyanju said: "The President should resign if he

is incapacitated. We are not interested in the lies the cabal is telling.

“The Police told us that they have an order from above, claiming that our protest is embarrassing the government, and we queried them to know who gave the order.

“Buhari is a complete servant and Nigerians have the right to ask questions about the health of the person that is serving them.

“The cabal in Aso Rock cannot continue to take the president in and out of the country at will, and continue to tell us lies," he declared.

The Police, however, said it dispersed the protesters to prevent the breakdown of law and order.

According to the FCT Police Command spokesperson, DSP Anjuguri Manzah: “In the early hours of today, 8th August, 2017 the Police intervened and prevented breakdown of law and order, and disturbance of public peace in the Federal Capital Territory (FCT), Abuja by dispersing some miscreants, hoodlums and other criminal

subject of conflicting judicial pronouncements, neither the judiciary nor the election management body will be spared of impunity by political actors.

"Failure of the courts to adhere to the doctrine of stare decisis in the determination of election related cases lead to loss of public confidence in the judiciary and consequential loss of confidence in the electoral process. Such cases have confused stakeholders as they created uncertainty in the body of the law by introducing elements of arbitrariness.

"Where judgments are delivered without the court making clear orders or consequential orders, interested parties can leverage on the lacunae to make the judgments ineffectual. This, in some cases have created misapprehension and mischief in the polity in terms of enforcement."

In the main, INEC had set up a committee on conflicting judgments to among others, review, analyse and create a data base of delayed/conflicting judgments arising since the 2015 general elections.

The commission cited many of such conflicting judgments

delivered by the Court of Appeal, the Federal High Court and the various states' high courts.

The committee, which is headed by INEC's National Commissioner and Chairperson, Legal Services, Clearance and Complaints Committee, Mrs May Agbamuche-Mbu, will also "evaluate the efficacy of resolving and managing election related conflicts through Alternative Dispute Resolution mechanisms such as mediation and arbitration."

According to the commission, conflicting decisions in election matters can be categorised into: Circumstances where the courts failed to be bound by decisions of superior courts or their own decisions on similar facts; and Circumstances where courts of co-ordinate jurisdiction give conflicting decisions/orders on similar set of facts.

It stated: "Either of these poses significant problems to the electoral process. Where the courts depart from precedents, it creates uncertainty as to the state of the law and consequence of particular conduct. Where courts of coordinate jurisdiction give conflicting decisions/ orders,

it can lead to disobedience of court orders, cause confusion in the polity and to the election management body."

SENATE STANDS WITH BUHARI, TELLS PROTESTERS TO LEAVE HIM ALONE the protest by its Chairman of Media and Publicity Committee, Senator Sabi Abdullahi, cautioned the protesters against overheating the polity with what it called their unreasonable demands, saying their actions were creating unnecessary tension in the country.

It said the protests could divert the attention of the federal government from its efforts at tackling the economic and security challenges facing the nation.

"The President has broken no law and therefore we do not see any justification for this diversion and noise making,” the Senate said, adding: “The sponsors are merely seeking cheap publicity at the expense of the peace of Nigeria.”

It denied the claim of the protesters that the president’s absence had created a vacuum and disrupted the workings of government. “We, in the National Assembly, are satisfied that there is no vacuum. The Federal Government is working.

Acting President Yemi Osinbajo is providing the required

leadership. So, there is no reason for the protests.” it said firmly.

According to the upper legislative chamber: "All Nigerians now should focus on praying for the safe return of the president. We in the Senate are happy about the report by the governors and party leaders who recently visited President Buhari in London and we know he will soon return to continue to provide leadership to our people and the rest of Africa.

"We, therefore, call on the protesters to stop all these demonstrations and let their sense of patriotism overshadow the zeal for activism by joining other Nigerians to pray for the president, the acting president and Nigeria as a country at this critical period." the statement read.

But the protesters were swift in replying the Senate yesterday, saying the position of the upper legislative chamber was an embarrassment to Nigerians, who were asking necessary questions on the whereabouts of their president.

The protesters under the aegis of #OurMumuDonDo said they would not back down from

their request calling on the president to either resume or resign, despite the harassment by the police.

The leader of the group, Oputa, in a statement yesterday said the Senate had failed in its constitutional responsibilities by not asking necessary questions on the health status of the president.

“I am disappointed in this country. But let it be known that no amount of intimidation on us by security agencies will deter us from demanding explanations from the government,” he said, adding: “They must be accountable to Nigerians because they were elected into power by us, and it is on this basis that they will account for their actions. We are tired of the back and forth stories from the Presidency on Buhari's whereabouts,” Oputa insisted.

Oputa stated: "Also, to compound the mess Nigerians are in, it is disheartening for the Senate that ought to ask questions to be the very ones supporting such show of shame. Indeed, the feeling out here based on their position is that they are nothing but

Continued on page 10

INEC SEEKS MORE POWERS TO REJECT CANDIDATES copy of which was obtained

by THISDAY, also criticised the judiciary for aiding electoral impunity through conflicting judgements of courts that enabled politicians to manipulate the electoral system.

It said given the disposition of political parties to abuse their constitutions with regards to the selection of candidates, it had become imperative for it to have the power to reject any candidate whose emergence failed to comply with the provisions of their party’s constitution or the electoral law.

It said in the paper: "The role of INEC in the nomination process should be strengthened.

Thus, a variant of the provision in Section 87(9) of the Electoral Act (before amendment) should be re-introduced thus: 'Where a political party fails to comply with the provision of the Constitution or this Act in the conduct of the primaries or nomination of any candidate for any election under this act, its candidate shall not be included in the list of nominated candidates for the election.'

"This is because INEC is constrained to accept the list

submitted by political parties having regard to the proviso to Section 31 of the Electoral Act." In the past, the electoral agency was permitted by law to disqualify any candidate, who in its opinion had failed to meet the requirements of the law for eligibility.

But following widespread abuse of the powers by the electoral umpire, whose leadership became a willing tool of the ruling political party to manipulate the electoral space, the National Assembly stripped it of the power and vested it in the courts, prescribing that only a High Court could disqualify a candidate.

Also in the paper, INEC criticised the judiciary for encouraging electoral impunity through the failure of the lower courts to abide by principles laid down by the Supreme Court, adding that conflicting judgements of courts, were helping politicians to act with impunity and subvert the electoral process.

INEC said the anomalous situation was making its work difficult.

Although the commission conceded that the judiciary had helped in strengthening

democracy in the country, it nevertheless accused the courts especially the Court of Appeal and the various high courts of deliberately subverting the democratic system by refusing to follow and apply precedents already set by the Supreme Court.

The electoral umpire had earlier submitted the position paper to the then Chief Justice of Nigeria, Justice Mahmud Mohammed, before he retired.

The then CJN had directed INEC to compile and submit to his office all conflicting judgments, a directive INEC duly complied with.

The commission stated that apart from their refusal to apply the authorities already established by the Supreme Court when deciding cases of similar facts, some judges deliberately gave orders that were unclear.

INEC said: "Where political parties and their candidates are aware of the consequence of non-compliance with any electoral procedure, they will do well to avoid such certain consequence. It is however observed that if the consequence of non-compliance with electoral procedures are

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NEWS

Customs Seizes N1.611bn Vehicles, Indian Hemp Eromosele Abiodun The Nigeria Customs Service (NCS), yesterday announced the seizure of 37 assorted vehicles, 12, 081 bags of smuggled parboiled rice and other contraband with a duty paid value of N1.611 billion.

Comptroller General of the NCS, Col Hameed Ali (rtd.), who disclosed this in a chat with newsmen in Lagos said the goods were seized between 2nd and 3rd of this month by the CGC compliance team and the roving team of the Federal Operations Unit (FOU), Zone A. Armed with credible information, he said the team trailed and evacuated the 37 assorted vehicles smuggled into the country through unapproved routes.

The smuggled vehicles, he added, included eight Lexus Jeep LX570 (2017), 12 Land Cruiser Jeep (2017), 17 Toyota Hilux (2016, 2013, 2012, 2011, 2010 and 2009 respectively).

For the general goods, he

said four persons were in detention while two others were in detention for the vehicles smuggled into the country.

According to him: “Apart from the seizure of vehicles and rice, the reinvigorated anti-smuggling operations yielded another 156 assorted seizure including bales of used clothing, Indian hemp and used tyres. For the avoidance of doubt, the federal government policies banning the importation of rice and vehicles through the land borders are still in force. Nigeria Customs Service remains resolute in its determination to enforce these policies. NCS will continue to work towards crippling smugglers and getting them out of the illegitimate business.”

He added: “In the face of security and economic challenges, no responsible government will fold its hands while unpatriotic elements continue to engage in illegal activities that will further

Some of the seized vehicles compromise national economic and security well-being of her people. The NCS as one of the enforcement agencies of government will continue to work towards ensuring

compliance with all extant laws governing imports and exports in Nigeria.

“For those who use violence as an instrument of intimidation, let it be known

that going forward, the NCS operatives will not hesitate to use appropriate force to deal with any threat that is intended to obstruct the performance of its statutory functions. I

commend the comptroller FOU, Zone A and Comptroller in charge of the compliance team for effective collaboration and co-ordination of their officers to achieve this feat,” he stated.

Auditor-General Calls for Passage of Audit Autonomy Bill Says it will fast-track anti-corruption fight Joseph Ushigiale Auditor General of the Federation, Mr. Anthony Ayine, has called on the Senate to speedily pass the Audit Autonomy Bill currently before it to strengthen the present administration’s anticorruption fight of enthroning transparency, accountability and good governance.

In an interview with THISDAY recently, Ayine who threw his weight behind calls for the federal government to adopt a prevention rather than cure philosophy in its fight against corruption, explained that an autonomous or independent audit office would

open the doors for foreign direct investment through the issuance of credibility reports and assurances of clean state of accounts.

He advised the federal government to adopt prevention rather than cure policy in its anti-corruption fight, stressing: “I am sure we have seen in our context in this country that once somebody has taken out money, the chances that you can recover 100 per cent are very, very low. In fact, that you can recover even 75 per cent, I think it is very difficult. So we have to begin to develop appropriate measures, through technologies now, to be able

to advise government timely, to prevent certain things from happening; because that will help.

“Look at the cost of litigation, the efforts in recovering the stolen money; they are very costly. So if there are methods and measures to stop or prevent irregular practices we advise or recommend promptly. I think preventive measures will pay off handsomely than waiting until somebody has taken the money; he’s gone and then we are later going to court; I think that is expensive, and the chances of full recovery are not there,” he pointed out.

According to him, “investors

may want to invest in Nigeria; yes, they will look at the financial statements prepared by the Accountant-General.

What will give credibility and assurance to them that yes, we can invest in this country is the assurance, which is provided by the Auditor-General? And this leads to what exactly we emphasise about independence of the Office of the AuditorGeneral for the Federation; because whether an investor or financial analyst or other stakeholders who are interested in the accounts of the nation, will expect to see that the Auditor-General operates in an environment where he/she enjoys true independence; that

yes, he carries out his audit work, certifies and gives his audit opinion objectively.”

Lamenting the impact the non-passage of the audit bill is having on the country's status within the continent and globally, Ayine explained that “we have a situation where our personnel are recruited and promoted through the Federal Civil Service Commission or Head of Service of the Federation to post staff to the Office; and that is not acceptable within the AFROSAI-E context, and even in the international Audit community, that is a minus as far as the audit independence is concerned.”

On the issue of funding, he stated that inadequate funding will work against the anticipated independence of the audit office; “What about financial independence, how do you get your funding? Can you be sure of your funds?

We still have challenges.

For instance, the 2017 Budget, what the Office of the Auditor-General for the Federation got is very, very discouraging. Outside the personnel emoluments, we have approximately about N700 million including capital funds. For you to effectively operate the Office, and to execute your mandate, you need funds.”

security and protection of lives and property of everyone including those who choose to express their constitutional rights of protest with decorum.

"Consequently, members of the public, parents and guardians, religious/opinion leaders and other interest groups are advised to prevail on their children and wards, followers and adherents not to allow themselves to be used by any group to cause disturbance of public peace and break down of law and order."

Meanwhile, the Governor of Ekiti State, Mr. Ayodele Fayose, has said Buhari should be made the Minister for Foreign Affairs if he failed

to resign.

Speaking at a Peoples Democratic Party (PDP) forum in Ibadan, Oyo State capital yesterday, Fayose criticised the Presidency for shrouding Buhari’s health in secrecy.

He said he was excluded from the delegation that visited the president in London because the organisers of the trip knew that he would “definitely reveal the truth.”

Two weeks ago, Buhari hosted seven governors from the ruling All Progressives Congress (APC) and the PDP at the Abuja House in London.

Fayose said if he had joined his counterparts on that trip, he would have observed Buhari closely and disclosed the outcome of his findings

to Nigerians.

He asked: “Why did they not take me to London? Why didn’t they take me there?

He answered: “They obviously knew very well that I would listen to the man and know whether his voice is clear or not. Then, I would be able to tell Nigerians the truth.”

He added: “Leadership must come with a certain measure of strength. If you don’t have strength, how can you govern the country?

“So, we need a president that is hale and hearty. If our president doesn’t want to go, let him become the minister of foreign affairs in London.

These are statements of fact,” Fayose stated.

dismiss the suit and not to strike it out.

He also asked the court to award the cost of N10 million as damages against the plaintiffs.

Muraina said: "The plaintiffs had obtained an interim order and taken advantage of the defendants, it is not expected that the court will allow them just discontinue the matter, it must be dismissed with

substantial cost of N10 million "The action of the plaintiffs have had a negative effect on the operations of my client."

He also urged the court to direct the publication of the notice of discontinuance in all national dailies.

The lawyer's submissions was adopted by other defendants' lawyers, namely, Mr. N. A. Oragwu (Diamond Bank); Mr. E.A. Okorie (First

Bank); Mr. Seyi Sowemimo (SAN), for Fidelity Bank; Mr. Babatunde Ogungbamila (Keystone Bank); and Mr. Abimbola Akeredolu (SAN) for Sterling Bank.

However, Sterling Bank's lawyer urged the court to strike out the notice of discontinuance as an irregular process given the circumstances of the case.

The ruling has been fixed for today.

SENATE STANDS WITH BUHARI, TELLS PROTESTERS TO LEAVE HIM ALONE elements that have infiltrated the protest being carried out by a group of concerned Nigerians under the auspices of Our-Mumu-Don-do Movement at Unity Fountain, Maitama, Abuja.

"It will be recalled that “Our-Mumu-Don-do Movement” carried out their protest on Monday 7th August, 2017 at the same venue and were accorded necessary Police presence to safe guard public safety and public peace, and protect their rights to freedom of expression, rights to peaceful assembly and association, and right to freedom of movement as provided for in sections 39, 40, and 41 of the 1999 constitution as amended.

"However, yesterday 8th August, 2017 the same group assembled at the same venue but allowed miscreants, hoodlums and other unruly individuals to infiltrate the protests, who started blocking the major roads adjoining the Unity fountain, obstructing traffic and preventing movements of other innocent citizens from going to their means of livelihood, and thereby exhibiting unruly behaviours and other violent acts very likely to cause the breakdown of law and order and disturbance of public peace," the statement read.

Manzah explained that the Police personnel intervened at the point the concerned Nigerians group lost control

of the crowd and prevented miscreants, hoodlums and other criminal elements from hijacking the protest to cause mayhem and chaos.

He added: "It is pertinent to state here that the FCT Police Command is fully aware and recognizes the constitutional rights of every citizen including “Our-Mumu-DonDo Group” to assemble and move freely in any part of the Federal Capital Territory, but the command will not allow any protest under any guise to turn violent and jeopardise the prevailing peace, law and order currently being enjoyed in the FCT. "The command wishes to assure all residents and visitors to the territory of adequate

FG WITHDRAWS SUIT AGAINST SEVEN BANKS OVER TSA that the matter is better resolved through other means apart from litigation. We are all Nigerians and we all mean well for the country.

"The rules under which the application was brought allows the withdrawal of the suit without seeking the court's leave.

"The rules also allow the withdrawal of the suit not later than 14 days of serving

the defendants. We are still very much within the 14 days, pleadings have not been concluded while issues are yet to be joined.

"For these reasons, I enjoined the court to strike out the suit."

However, in their reactions, lawyers representing all the banks with the exception of Skye Bank Plc, urged the court to rather dismiss the suit instead of striking it out. There

was no legal representation for Skye Bank Plc in court yesterday.

In his submissions, UBA's lawyer, Dr. Ajibola Muraina, disclosed that he was only served with the notice of discontinuance after filing all the necessary court papers.

He maintained that issues have already been joined and as such the proper thing to be done by the court is to

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

Jonathan: Hate Song against Igbo Must Not Be Taken Lightly Kanu urges Ndigbo to vacate northern states

Onyebuchi Ezigbo in Abuja and Emmanuel Ugwu in Umuahia Former President Goodluck Jonathan has expressed worry over the reports of hate songs against the Igbo people of the South-east in some states of the north, saying that it must not be ignored.

Jonathan also expressed shock and disbelief over the Catholic Church shooting in Ozubulu, Anambra State that claimed the lives of many innocent worshipers on Sunday. Recall that a certain hate song has been circulating in the North against the Igbo lately.

Curiously, it is coming on the heels of a quit notice handed down to Ndigbo by a coalition of northern youth groups to vacate the region on or before October 1, this year.

The imbroglio generated by the ultimatum is yet to simmer down despite the litany of condemnations that trailed it.

Reacting to the ill developments on his Facebook page yesterday, the former president, largely known for his sermons of peace and unity reminded the purveyors of the hate message that a similar song in Rwanda prompted a genocide

whose pangs were still being felt to date.

Like Rwanda, Nigeria had also passed through a 30 month civil war that saw over one million people dead and about the same figure languished in penury between 1967 and 1970.

While suing for peace, Jonathan who notably reinforced love for willingly relinquishing power to President Muhammadu Buhari after 2015 presidential election urged the security apparatus of the country to halt the spread of the hate song.

He also condoled with the survivors and the families of the victims of the Anambra massacre and prayed for the soul of the departed.

He wrote: “I have taken my time before commenting on the killings at the St. Philips Catholic Church, Ozubulu, in Anambra State, in order that I could be accurately briefed on the truth of the matter.

“However, I condemn the killings and express my shock at such an event which is outside our culture of respect and reverence for religious places of worship and love for our fellow man.

“I condole with the survivors

and the families of the victims and pray for the departed. In order to ensure that such occurrences never reoccur, we must rededicate ourselves to our principles of being our brother’s keeper and that without delay.

“I am also disturbed about the news of a song celebrating hatred against a particular Nigerian ethnic group. Given that a similar song is what ignited the Rwandan Genocide, as a nation, we must not take these reports lightly. I urge the security services to do their utmost to nip this wickedness in the bud.

“As I have said previously, we must understand and accept that all Nigerians are brothers and sisters born from the womb of one Nigeria. May this be uppermost in

our minds as we pray that God may bless Nigeria. GEJ.” Meanwhile, the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, has urged the Igbo living in the North to start returning home following the anti-Igbo song now circulating in the region.

“I am aware of anti-Igbo song circulating now in the North.

My reaction has been to warn our people in the North that the pogrom being hatched by our enemies will come. There is an impending doom for our people living in the North,” he said.

The hate song has already been generating condemnation from well-meaning Nigerians, including former Vice-President, Alhaji Atiku Abubakar, who warned that the song was capable of precipitating

genocide.

But Kanu, who described the vexatious song as “evil, satanic and pre-genocidal,” warned Ndigbo against ignoring the danger signal as the handwriting on the wall has become very clear.

According to him, the “best bet” for Ndigbo was to leave the North to avoid history repeating itself with another pogrom against Ndigbo, adding that they should not hesitate to return to “our Biafra and build an economy capable of assimilating and absorbing all their potential and creative abilities.”

He said that Igbo treating the message contained in the anti-Igbo song with levity should realise that “this is not just hate speech but genocidal threat.

“They are inciting people to

murder others which IPOB has never done and will never do. This is the type of people insisting we will be in the same country with them. It is terrible,” Kanu lamented.

The Biafra leader stated that the fact that “they will kill us is not news but the funniest thing is that the DSS manned by Fulani people will not investigate or summon those responsible.

“What they specialise in doing is going about and creating diversion and seeking ways to intimidate the likes of Chukwuma Soludo, Pat Utomi, etc because of Biafra.”

Alluding to the October 1 quit notice issued by a coalition of Arewa youths for Ndigbo living in the North, Kanu noted that the hate song was released as a prelude to the implementation of the quit order.

Osinbajo Unveils Five Super Mushshak Aircraft Acting President Yemi Osinbajo, has unveiled five Super Mushshak trainer aircraft acquired to boost the capacity of Nigeria Air Force personnel in the country.

Osinjao unveiled the aircraft in Kaduna yesterday.

The News Agency of Nigeria (NAN) reported that the five aircraft are among the 10 acquired by the government from Pakistan.

The acting president, who was represented by Minister of Defence, Mansur Dan-Ali, said Nigeria would welcome more support from friendly nations in its efforts to mow down Boko Haram insurgency.

“I will not fail to mention that the decision to acquire the Super Mushshak aircraft from Pakistan has greatly promoted the existing bilateral relationship between the two sister countries.

“It is our hope that we will continue to have the support and collaboration of other friendly nations, especially as we continue to combat insurgency and other security challenges in our country.’’

The acting president, who also witnessed the graduation of 16 young Student Pilots from 401 Flying Training School, for the first time in 30 years, pledged that the administration would continue to invest in the country’s air arsenal.

He recalled that President Muhammadu Buhari had two years ago pledged to build the capacity of the armed forces to effectively address Boko Haram insurgency and other national security threats.

“These achievements are a demonstration of the commitment and visionary leadership of the administration,’’ he said.

Osinbajo stressed that the administration had remained committed to its desire of ensuring a peaceful country.

“This has been a major security policy thrust of this administration.

“We have since embarked on qualitative training and acquisition of new platforms and other supporting equipment for the armed forces and security agencies.

“We have also sanitised the procurement process of military hardware with a view to eliminating corruption and inefficiency.

“I make bold to say that we have achieved remarkable savings and infused quality into the system.

“This has contributed in no small way to the acquisition of these new aircraft without any encumbrances.

“It is now your responsibility to make good use of the aircraft as we await the delivery of the last batch by the end of the year.

“I have no doubt that the acquisition of the Super Mushshak aircraft would add impetus to the training efforts of 401 FTS.’’ He lauded the achievements and transformations taking place in the military, linking the feat to “focused and visionary leadership.”

“It is heart-warming to see the Nigerian Air Force striving to meet the nation’s security needs through the sacrifices, dedication of the officers, airmen and airwomen,’’ he added.

Earlier, Chief of Air Staff, Air Marshal Sadiq Abubakar, said the NAF has attained 70 per cent aircraft serviceability as against 30 per cent two years ago.

He said that the training of several combat pilots and other capacity building initiatives had raised the morale of air personnel and their efficiency.

“We now have the capability to embark on and sustain major operations simultaneously within and beyond our national boundaries,’’ he said.

HONOURING AREGBESOLA

L-R: Special Adviser to the President on Political Matters, Senator Babafemi Ojodu; Lagos State Governor, Mr. Akinwunmi Ambode; Ondo State Governor, Mr. Rotimi Akeredolu; Ogun State, Governor. Senator Ibikunle Amosun; Acting President, Prof. Yemi Osinbajo; and Osun State Governor, Rauf Aregbesola, during the eighth day Fidau Prayer of Aregbesola’s mother, Alhaja Saratu Aregbesola at Ilesa, Osun State.....yesterday

NLC President: Over N3tn Pension Fund Invested in Bonds,Treasury Bills Ndubuisi Francis in Abuja The President of the Nigeria Labour Congress, Mr. Ayuba Wabba, has debunked insinuations that the over N6 trillion accumulated pension fund under the Contributory Pension Scheme is lying idle, saying the fund has in fact been over-borrowed.

Wabba said an excess of N3trillion had been borrowed from the fund through bonds and treasury bills, noting that government was the biggest beneficiary.

Speaking in an interview with THISDAY in Abuja recently, the union president said the pension fund belongs to workers and not just anybody and could not be tampered with without welldefined guidelines by the Pension Commission (PENCOM).

According to Wabba: “It’s not true that pension funds are lying idle. I think there’s a misconception.

Let me tell you, the money has been over-borrowed through bonds and treasury bills by the government.

The money is not idle. The money is somebody’s money; the workers own the money and on retirement, would access the money.

“In fact, it has been well-utilised and I think the government has been the major beneficiary through bonds and treasury bills. This money has continuously been utilised. You should understand that they must also operate within the guidelines of PENCOM. “You can’t just dip your hands and think it is a free money. You can only access the money through very clear guidelines provided by PENCOM and this can be done through the money market because we also know the situation of borrowing and volatility in the industries. “ If you want to use it for infrastructure, go through the Pencom guidelines and you can access this money through a very defined guideline and then you can be able to use it. But just to assume that the money is nobody’s money and that anybody or any government can dip his hands and then take it over, I think this is the situation.

So, the money is properly utilised.

“Even in other countries, these are the procedures, but to say that the money is idle is not true. I think over N3 trillion has been utilised through this process. This is the reality and we must face this fact,” Wabba said.

On federal government pension liability, the union leader said the effort of NLC culminated in the recent release of N51 billion by the government.

He said: “Let me give you more information. Those that retired early 2015, which I think their own, as well as their employers’ contribution, were not remitted, we fought it out and over N51 billion was released.

“You remember they came to our office and we had to follow up the issue, and arising from that, actually N51 billion was released and it was used to defray part of the liability. Second, we had to engage the National Assembly and the executive to see how best this issue of liability of pension can be addressed. And I am happy to inform you that recently, the Federal Executive Council (FEC)

actually made a pronouncement to the effect that over N2.7 trillion has actually been approved to address this. Let me tell you how it happened.

“During the May Day rally, you remember we made presentations.

In my speech particularly, we made reference to pension liability, which is about N600 billion, and we said it is endangering the scheme because once there is a deduction and it is not remitted, it means people will continue to retire and this liability will continue to grow.

“So, we made a case; I think we must also give credit to the Senate.

The Senate President insisted that we must have a formal meeting where the issue could be resolved.

A meeting was initiated with all the leadership of the National Assembly-- the Speaker of the House of Representatives was there. The Minister of Finance was there; the Minister of Budget and National Planning was there, the Minister of Labour was there, the Director-General of the Budget Office was there.”

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T H I S D AY Ëž Ëœ ÍˇËœ 2017

COMMENT

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

STATE OF EMMERGENCY ON KIDNAPPING It is time to declare a state of emergency on kidnapping, writes Sonnie Ekwowusi

T

o reaffirm that we live in kidnappers’ paradise is an understatement. We live in the kindom of kidnappers. We live in a new gun-tottling culture. Citizens are disallowed by law to freely carry guns in Nigeria. But many Nigerians are illegally carrying guns and using them to commit all sorts of crimes. Nowadays it is not unsual to find all manner of invisible gunmen lurking in the nearest corner to either kidnap or kill their targets. In Enugu last week a man was quietly having dinner when suddenly about four fully armed men gained acesss into his dinning room and kidnapped him. And in Ozubulu, Anambra State last Sunday, some gunmen with sophiscated weapons stormed the St. Phillip Catholic Church, Umuezekwe Ofufe Amakwa Ozubulu and shot and killed some worshippers there. Yesterday I almost shed tears while someone narrated how a couple who had been kidnapped were taken to the kidnappers’ den in a certain wild forest. While they were there, the husband of the lady insistently pleaded with her to eat the kidnappers’ food to at least stay alive. But the lady refused. She preferred to starve as a protest against the kidnappers’ criminality. Consequently a few days later she died in presence of her husband. The kidnappers buried her remains in a shallow grave inside the wild. To date nobody could trace her grave. Although her husband has regained his freedom after paying a big ranson, he is still weeping and cannot be consoled to this day. He weeps for her beloved wife. He weeps, longing to set his eyes on the grave of his beloved wife to at least stand on it and bid her a final farewell.

This is the strange world in which you and I now live in. Everybody is worried. The House of Representatives has called for a state of emergency on the high rate of kidnapping in Nigeria. Former Senate President David Mark had called for the same thing to be declared in the South-east. I was critical of this in the past. Now I see the rationale. A state of emergency should be declared on the incessant kidnappings in Nigeria. There is no safe haven anywhere even after the kidnap kingpin, Chukwudidumeme Onuamadike aka Evans, had been caught and interviewed. Evans said that his arrest would put a stop to kidnapping in Nigeria. Now, we know that the criminal was just trying to deceive the Police. Kidnapping has continued to be on the increase. You can be kidnapped tomorrow.

A friend ceaselessly narrates his shocking encounter with a kidnapper.

He habitually lives in Lagos. But he hails from a quiet, humble village in Osumenyi, Nnewi-South Local Government Area, Anambra State.

One weekend he travelled to his village to, among other things, attend a funeral. While he was taking a stroll in the balcony of his country home villa one peaceful evening his eyes suddenly fell on a motionless dirty figure fully armed with AK-47 and standing right at the back of his house.

Thinking that his eyes were deceiving him, my friend removed his eye glasses, cleared his eyes and focused once again on the spectacle. It was then that it became clear to him that the spectacle was a Fulani herdsman.

His cattle were nowhere to be seen. But the man defiantly stood at the back of the house with his long stick and AK-47. He was surveying the whole environment as he was about to do a great damage to it. Terrified by the sight, my friend alerted his village folks. The next day he and his village folks stormed the Anambra State Government House to lodge a

THERE IS NO SAFE HAVEN ANYWHERE EVEN AFTER THE KIDNAP KINGPIN, CHUKWUDIDUMEME ONUAMADIKE, AKA EVANS, HAD BEEN CAUGHT AND INTERVIEWED

complaint. The governor was grateful to them for their vigilance but he did not hesitate to confide in them that the state was yet to collect its financial allocation from the federal government. This, I guess, sank deep into the visitors compelling them to leave the Government House in silence.

So we all are at the mercy of today’s kidnappers. The Buhari government should be reminded that pursuant to section 14 (2) (b) of the 1999 Constitution it is the primary responsibility of the federal government to protect the citizenry. It is not enough for the government to reiterate its committal to ending kidnap by word alone: the government should be seen to be manifestly taking some concrete positive actions to end kidnap. From Evans confession it is obvious that kidnap in Nigeria is a syndicated “business� involving the police, relatives, townsmen and women, business associates, food vendors, medical doctors, traditional rulers and community leaders and others. So government should be creative and generous in mounting security operatives everywhere.

Evans has confessed that he met and trailed his would-be victims on the internet. Therefore Social Media users should be wise and prudent.

Some of them are intoxicated by vanity. They share their private family and business information and photographs on the Internet. It is imprudent to do this kind of thing considering that the Evans of this world would get access to them and wreak havoc with them. You may be aware that some Fulani herdsmen kidnap suspects were caught recently by the Special Tactical Squad (STS) assigned by the Inspector General of Police, Ibrahim Idris, to tackle the incidence of kidnap and robbery attacks along the Kaduna, Kano, Kogi and Niger States’ highways. They have made some confessions which could be useful in ending kidnap in Nigeria. The Sun newspaper reports that on being asked why he chose to be a kidnapper instead of a cattle rearer one of the suspects called Abdurrahman Ahmed retorted: “It is my destiny to become a kidnapper, stop asking me why I did it. It is true that my parents are rich cattle rearers, I have no excuse except that it is the wish of Allah�. Abdurrahman, who had been charged to court for kidnap and later released on bail also said: “We do not have informants; we just pray everyday for a successful raid and move out. We either throw sharp instruments on the road, so that the vehicles’ tyres would burst or use cars to block the highway. As soon as we picked our victim, we would take them deep into the forest and keep moving them till they pay the ransom.� Other suspects confessed that they sell off their cattle and use the money realised from the sale to buy AK-47 rifles and thereafter form themselves into kidnap rings. Since many of these cattle rearers now carry AK-47 it is difficult to say whether it is for personal protection or for kidnapping. They go about clutching their AK-47 with reckless abandon. They plunder and pillage other people’s land and farm lands. They drive away school children from their schools. They kidnap. They kill. They rape. They maim. They are above the law.

The tragedies cry out for urgent remedy. News of incessant kidnappings is giving Nigeria a bad name. At a time the world is trying to rediscover the intrinsic worth of human life, the lives of Nigerians cannot just be snuffed by professional kidnappers and killers.

WHEN LESS LED TO MORE Juliet Obatelu writes that the open grazing prohibition and establishment of ranches law is best for Taraba

L

et’s do some rational thinking over two related issues in Taraba State - the recent Mambilla crisis and the new law on the prohibition of open grazing. It is now clear to all parties to the Mambilla crisis and other crises recorded in the state in the past that land was at the root of them all. We all now know that the Mambilla crisis was not fuelled by any deep-seated inter-ethnic hate sentiment but rather by demand for land which has become very pressing in most communities there.

The crisis was proof of how important land is to man. Land is man’s greatest asset on this planet. It is the source of all the resources man needs to survive and live a life of comfort. Land is his home and his industry. In fact, land is his life. But unlike the human population and the population of other living things living on land that grow and increase, land does not.

That is the reason the scramble for land is today a veritable source of conflicts and war in most countries of the world. Such conflicts and crises can only be prevented or minimised through regulatory policies on land use that are fair, practicable and which guarantee equality of access to land by all competing interests and groups.

The absence of such defining and unambiguous policies has been the cause of frequent communal crises in our country. Taraba State has had more than its fair share of these crises and conflicts over land.

The competition between farmers and herdsmen for land has become increasingly fierce over the years with unpleasant consequences. The latest of such consequences was the Mambilla crisis of June 17 which resulted to the death of 18 persons and destruction of some property.

At the series of stakeholders meetings convened by Governor Darius Dickson Ishaku on the crisis since then, the agitation for land was a recurring decimal.

The Fulani population on the Mambilla complained

of grazing land not being enough for their increasing heads of cattle while the other Mambilla tribes agonised over the invasion of their farms and the damage always done to their crops through such invasions. The resultant restiveness over such conflicting interests and demands for land recently boiled over and erupted in the crisis in Mambilla.

The need to permanently prevent such ugly incidents is the reason for the introduction of the Taraba State Open Grazing Prohibition and Ranches Establishment Bill, 2017 which was recently passed into law by the state assembly and assented to by Governor Darius Dickson Ishaku. The new law prohibits open grazing and rearing of livestock. It also provides for the establishment of ranches and the Taraba State Livestock and Ranches Administration and Control Committee.

The committee will act as the umpire in the musical chairs game that agitation for land for grazing and farming has resulted to in most of our communities, prevent crises and conflicts that have always been bloody and devastating to socio-economic activities everywhere they occurred. The law is not new in the country. A similar law was passed a few months ago in Benue. Edo State has also given an indication to make a similar law to restrict open grazing. What this suggests is that ranching which is the most modern approach to cattle breeding in most parts of Europe and America is becoming the fad in Nigeria and Africa. In fact, in East Africa, particularly in Kenya, ranching is practised by the Masai people.

This modern approach deserves the support of all to ensure high quality of the derivatives from cattle breeding such as beef and dairies.

Unfortunately, however, the intention of the law was largely misconstrued and misunderstood from the onset, mainly due to impatience, ignorance and deliberate falsification of facts by self-appointed ethnic champions who hope to profit politically from crisis among the people. A lot of the hostility displayed

against the bill in the media which I read was a blatant exhibition of this ignorance and selfishness.

This attitude which seeks always to throw away the baby with the bath water is unhelpful to our collective desire for peace and development in Taraba State.

Some highlights of the provisions of the new law clearly support the argument on the side of its sponsors that it is a product of the government’s patriotic sense of duty. It seeks to make land a lesser source of conflict in the communities in furtherance of peaceful co-existence among the various communities in the state. For example, it seeks, first and foremost, to “promote modern techniques of animal husbandry, particularly, the rearing of livestock.� It will also promote “job and investment opportunities in livestock farming and expand the value chain.�

There is no doubt that the Fulani who are largely the owners of the larger population of livestock in the state will profit immensely from this laudable intention of the law.

There is yet another very interesting aspect of the law which needs to be highlighted here, that is the prevention of the “destruction of crops, farms and community ponds, settlements and property by the open grazing of livestock.� The law also provides in very clear and unequivocal terms its intention to “prevent clashes between herders and farmers.� Is it not in the interest of all – herdsmen and farmers alike – that the farms and their crops, our hope for food security be insulated against wanton destruction?

Next is the intention of the law “to regulate and support the growth of livestock farming and manage the environmental impact of open livestock grazing.�

The others include – “to prevent, control and manage the spread of diseases as well as ease the implementation of policies that enhance the production of a high and healthy breed of livestock both for local and export markets.� These provisions can hardly be faulted by anybody who is sincere and holds the

collective interests of herdsmen and farmers dear.

There is, therefore, a lot of wisdom in the decision of government to promote this law for peace and harmony in the state.

Crises and conflicts caused by unregulated and open grazing have traumatised our people socially and economically in the past and even now. No geo-political zone in the state is free from the crises which have also become a huge drain on the resources of the state government. Each case takes a huge toll on government resources to be contained.

These resources could have served better and more profitable purposes for the state. People who have lived together for decades without quarrels have suddenly become mutual enemies ready to take up arms against each other at the slightest act of provocation. This is certainly not good for the state.

That is the reason this new law deserves the support of all peace-loving people of Taraba.

Members of the state House of Assembly deserve commendation for their exemplary show of courage that eventually led to the quick passage of the bill to law. Governor Ishaku’s high sense of patriotism which also gave birth to the idea of the law deserves to be acknowledged and commended. It is proof of his commitment to peace and harmony among the various groups in the state. The option of ranching which the law has adequately provided for is the global best practice in animal husbandry today.

Open grazing is primitive and unhealthy for both the animals and the herdsmen. It is injurious to the nation’s quest for food security. Those who took a position against the law while in the making should spare sometime to read it. It is one of the best and boldest steps the present administration in Taraba State has taken to consolidate the achievement it has recorded in the area of peace. Let’s welcome the latest law in the state – the Open Grazing Prohibition and Establishment of Ranches law.

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T H I S D AY Ëž Ëœ ÍˇËœ 2017

EDITORIAL THE RESURGENCE OF BOKO HARAM The security agencies could do more to contain the brutal insurgents

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outing this year was the ambush of an oil exploration team in the Magumeri area of Borno State. At the last count, some 69 people, including soldiers, civilian militia and civilians were killed. “It’s a conďŹ rmation of the boldness and reassurance that Boko Haram has managed to gain over the last six weeks,â€? said Yan St-Pierre of the Modern Security Consulting Group. “Basically they have managed to gain enough resources, enough material, to plan ambushes targeted towards high value targets.â€?

Unfortunately, the University of Maiduguri is increasingly becoming a conference where all that is worrying about the Islamic insurgency comes together.

In the last few months, the university has borne the brunt of the insurgent attacks which had robbed it of some its best and brightest. No one has told the nation while the recent mission on oil search in the volatile Lake Chad Basin was urgent, but many members of the academic community have paid with their lives for the ill-timed assignment.

lmost a year after the authorities told the nation that Boko Haram was a spent force, the Islamic insurgent group keeps coming back forcefully and grabbing the headlines; and the armed forces keep struggling to contain the chaos and violence the rebels continually inict on the nation. Through series of attacks on soft targets, on military outposts and convoys, and with suicide bombers blowing themselves up, the insurgents have escalated the violence and maintained their nuisance value. Indeed, many are raising a fundamental question of misdiagnosis – that the capacity of the insurgents had been grossly understated.

There has been a dramatic upsurge in violence with the insurgents unleashing vicious and gruesome attacks on civilians as well as members of the armed forces, particular in Borno State. The series of audacious attacks and killings by the militant group indicate that the insurgents are still very much on the loose. There are no reliable statistics but the death toll from recent insurgent attacks is huge THE STRIKING POWERS estimated to be more OF THE VIOLENT ISLAMIC than 2000, in 2017 alone. The message GROUP MAY HAVE is clear: Boko Haram BEEN WHITTLED DOWN has demonstrated CONSIDERABLY, BUT THEY SHOULD NEVER BE that it could still inict enormous damage.

WRITTEN OFF A fortnight ago, two suicide bombers struck a camp for displaced people in Dikwa, some 90 kilometres east of Maiduguri, killing 14 people and wounding scores of others. A day earlier in Bama, southeast of Maiduguri, three young female suicide bombers were killed when their explosives detonated prematurely. The extremists also killed seven people in an attack on a village where they burnt homes and shops in neighbouring Yobe State. Only last Saturday, some 31 ďŹ shermen were reportedly killed on the Islands of Duguri and Dabar Wanzan in the Lake Chad region.

However, perhaps their most brazen and bloodiest

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ndeed, the loss was colossal: ďŹ ve members of staff - two lecturers, two technologists and a driver were killed while two other academics and a driver were seized, and later displayed in a video published by the insurgents. “I want to call on the Acting President Professor Yemi Osinbajo to come to our rescue to meet the demand,â€? one of them said in the video. While negotiations are said to be on-going to free the lecturers and others, it is clear that the violent militant group still constitutes grave danger for Nigeria.

We have stated here repeatedly that the striking powers of the violent Islamic group may have been whittled down considerably, but they should never be written off.

The recent attacks suggest that some of the insurgents have regrouped while others have melted into the local population from where they unleash violence through hit-and- run tactics. Instructively, the recent wave of attacks has prompted a shift in military tactics as the army command centre has once again been moved to the theatre of the war. But beyond that, a combined technique of intelligence, law enforcement and special operations may help in containing the resurgence of criminality.

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

KIDNAPPING AND WEAK VALUE SYSTEM

P

rior to its reaching an escalating height, kidnapping did not rank among the most ardent security concerns or crimes in the country. But then, all that seems to have changed as it has not only become a high-ranking crime in the country but a lucrative one for that matter.

According to a Freedom House report, Nigeria recorded one of the highest rates of kidnapping in the world in 2013. Similarly, the US Department of State’s Country Reports on Human Rights Practices for 2013 indicates that kidnapping and related violence were “serious� problems in Nigeria.

Initially, kidnapping was ‘invented’ in the creeks of the Niger Delta by militants as a way of calling the attention of government and multi-national companies who are involved in the oil industry to their environmental and infrastructure challenges. Later on, kidnapping was to transform from a social crusading art to a well-oiled commercial enterprise. Today, without a doubt, the crime has become a top moneyspinning industry being used to acquire wealth by crooked criminals who kidnap for ransom across the nation.

Recent arrest of billionaire kidnapper, Chukwudebem Onwuamadike, alias Evans, in Lagos clearly shows that kidnapping has become a huge source of livelihood for some who desire to live big through criminal means. Before his arrest, Evans lived like an emperor courtesy the booties from his heinous crime. He lived in a delightful mansion in the highbrow Magodo GRA, Lagos. He had some of the most fascinating automobiles in his garage while also having unhindered access to choice drinks. Evans reportedly wears a wristwatch valued at $170,000 and he is also a proud owner of two mobile phones valued at $600

each. He has properties in Lagos as well as in neigbouring Ghana.

Being a kidnapping dude, Evans had in his possession a wide range of ammunition with which he carried out his dastardly act. For instance, upon his arrest, four AK47 rifles, other kinds of assault rifles and 50 magazines were reportedly found in his house. Money was not an issue for Evans as his well-oiled kidnapping venture was bringing in loads of cash in various currencies. According to police source, Evans had collected billions of naira as ransom from his victims including expatriates, business moguls and public officials. The self-styled kidnapping genius preferred to collect his ransom in dollars or other alluring foreign currencies.

But then, how did kidnapping suddenly rise to become a top rated crime in the country? The rise of kidnapping to prominence in our country could be linked to the steady disintegration of moral values in our society. Since the early 90s especially, moral value in the country has nose-dived. Today, crooks and individuals with warped moral code are being celebrated across the country. Only God knows how many ‘Evans’ that currently serve as elected or appointed political officers in the country! What we need to redress the situation is a complete re-orientation that cuts across all spectrums of the society. A process that is all encompassing in the sense of a fusion between the physical and the spiritual. As a prelude to setting this process on course, we need to change our value system as a people. We need to re-appraise our undue obsession to materialism and wealth accumulation. It is such mania that is partly responsible for the rot in our socio-political system.

How come men of questionable characters and unproven integrity are calling the shot in nearly every sector?

The answer is simple. Money has become our god. Sadly, religious centres are not excluded from this craze! Neither are traditional institutions. Today, respected monarchs, who occupy sacred ancestral thrones, dole out chieftaincy titles to the highest bidders .These days, we have chiefs, who are actually thieves, dining and wining with kings. Nowadays, people place curses on their relations for upholding integrity and honesty while holding public offices.

Until we re-order our priority as a people, we will continue to get it wrong. In the days of our founding fathers, men of ideas and principles were widely respected and honoured. Our national heroes such as Herbert Macaulay, Obafemi Awolowo, Nnamdi Azikiwe, Tafawa Balewa, Ahmadu Bello, and Aminu Kano, among others, did not rise to national prominence as a result of the fatness of their bank accounts.

Rather, they won the hearts of men of their generation because of the strength and depth of their ideas and principles as well as their total commitment to those ideals which they hold in high esteem. Ken Saro Wiwa put his life on the line not for pecuniary gains or benefits. No! He died because of his commitment to the emancipation of his people.

One vital key to strengthening our value system is good governance.

Governance is about providing sacrificial services to the people. Some analysts have posited that Nigerians are partly crazy about undue wealth acquisition because of the failure of successive governments to sincerely tackle their socio-economic needs. Imagine a Nigeria where public infrastructure works and where everyone irrespective of social status, can afford a decent living.

Tayo Ogunbiyi, Ministry of Information and Strategy, Alausa, Lagos

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

THE NEWSMAKER

Tinubu’s Diminishing Influence in APC There appears to be a plot to scheme out the National Leader of the All Progressives Congress, Senator Bola Tinubu from the party he co-founded, writes Segun James

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s it is, some people within the All Progressives Congress are of the view that the party’s national leader, Senator Bola Tinubu is such an overbearing person who must be cut to size.

Whatever position Tinubu takes, someone within the party’s hierarchy is likely try to counter him.

APC members will remember with ease his last ditch effort to install a governor in Ondo state.The leadership of the party frustrated his effort to ensure that Rotimi Akeredolu did not get the party’s ticket.

Tinubu had wanted Segun Abrahams as the party’s flag-bearer. But to his dismay, others had a different idea. They chose to support Tinubu’s former ally, Akeredolu.

The aftermath of this was that a crisis was engineered at the Ondo State chapter of the party leading to a very frustrated Tinubu to openly demand he resignation of the national chairman of the party, Chief John Odigie-Oyegun over what he called the latter’s anti-democratic handling of the party affairs.

Tinubu made the demand in a scathing statement entitled, “Oyegun’s Ondo Fraud: The violation of democracy in the APC.” The party leader said the APC’s democratic credentials had been dealt a big blow by Odigie-Oyegun’s conduct, especially with his handling of the outcome of the Ondo State governorship primary.

He said the APC was a party borne out of the quest for democratic good governance, arguing that the ideology was currently under a critical threat by those who managed to be in the party but were never part of it.

According to him, from the party’s inception, the principles of democratic fairness and justice are to guide the APC’s internal deliberations.

He stressed that the party’s founders realised that it was only by fair dealing that the party could remain faithful to the progressive ideals that were presented to the Nigerian electorate as governing creed.

“If the party cannot justly govern itself, it will find it difficult to establish and maintain just government throughout the nation,” he said.

The APC leader stressed that before now, the party was the embodiment of a democratic promise made between its members as well as a democratic vow made to the public.

“Evidently, some errant members believe that promises and vows are mere words to be easily spoken and more easily broken. Chairman John Odigie-Oyegun has breached these good pledges in a most overt and brazen display. In doing so, Odigie-Oyegun has dealt a heavy blow to the very party he professes to lead. It is an awful parent who suffocates his own child for the sake of a few nairas.

“The party was supposed to buttress the APC members elected to government at all levels.

Because of Odigie-Oyegun’s conduct of our affairs, the party is rapidly becoming an albatross to those it is meant to help”, Tinubu cried out.

However, his admonition not only fell on deaf ears, it also irritated the power that be.

The APC national leader narrated details of what transpired behind closed doors during the National Working Committee (NWC) meeting of the party held to deliberate on the report of the appeal panel saddled with the responsibility of handling the appeals.

He accused Odigie-Oyegun of up-turning the decision of the majority who voted in favour of the cancellation of the primary and the conduct of a fresh one.

Tinubu stated, “He has shown that he and democratic fair play cannot exist in the same party at the same time.

“If Tinubu is to choose between John OdigieOyegun and progress toward a better Nigeria,

Tinubu...No shaking

the choice has already been made. For those who care about the party, who care about Nigeria and its chance for a better tomorrow, now is the time to stand against this brewing evil before it grows to encompass all we have built and all we hold dear.”

Surprisingly, the national leader had an ally then in the embattled deputy national publicity secretary of the party who had been having a hard time with the national chairman, Mr. Timi Frank. He lent his voice to the call by Tinubu for Oyegun’s resignation.

Frank said that there was a need for the party’s National Executive Committee (NEC) to convene, while also calling on President Muhammadu Buhari to intervene in the current crisis rocking the party. “The founding father of our party, the national leader of our party has concurred to my earlier call that Oyegun should resign as the national chairman. That should let you know that I foresaw what they didn’t see.

“Today the Board of Trustees is not in place and no elders’ council; tell me today if I have issue where would I run to? Do I run to an NWC where Oyegun will preside over to drop my case that will not be answered? The answer is no. If you have a BoT or an elders’ council you can take your case there. We cannot run the party as a one-man show. Let me tell you, a lot of my colleagues are complaining, a lot even in the NWC.” Frank was later booted out of his position as Oyegun consolidated his position to the chagrin of Tinubu and his allies.

It was in the midst of this that Oyegun reacted to Tinubu’s call that he should resign. He told the national leader boldly that the national chairman

But those daring him may be mistaken. Allied may be deserting him, but Tinubu is a dogged fighter

of a party could not be removed on the pages of newspapers. It was the first time that Oyegun would publicly dare the Lion of Bourdillon as Tinubu is fondly called. Not surprising however, Oyegun’s response was at the Presidential Villa after a meeting with Buhari; an indication that he enjoyed presidential support for his audacity.

“The method of getting rid of a national chairman if that is what I will call it, is spelt out in the constitution. They don’t take place on the pages of newspapers. We have differences of opinion, differences of perception and I think that is normal. Yes, I agree that the nature of the statement was a bit harsh,” he said.

Asked whether the party would reverse its decision on the Ondo election primaries, since it was causing crisis in the party, Oyegun said, “It is only INEC that can make u-turn on Ondo”.

Many who hitherto were afraid of the national leaders were emboldened by what transpired in Ondo state. If Tinubu could be defeated in Ondo, then he can be defeated anywhere, they reasoned.

Even some state governors in the southwest whom he helped installed had since turned against him.

Take the case of Ibikunle Amosun of Ogun state.

Today, Amosun, who probably would not have succeeded in his first attempt to be governor but for the support of Tinubu, has now drawn a battle line between himself and the national leader. Oyo State governor, Abiola Ajimobi is said to be somewhat ambivalent. Today, Tinubu can only count on the Governor of Lagos State, Akinwunmi Ambode and Osun State governor, Rauf Aregbesola, who are still his staunch loyalists But those daring him may be mistaken. Allied may be deserting him, but Tinubu is a dogged fighter. If there is someone who fights and runs away only to come back and fight another day, that person is Tinubu. He ran those who dared him n the past out of town. With Lagos firmly under his grips, there is no cause for alarm. After all Lagos is worth more than thirty states put together!Bola Ahmed Tinubu was born on the 29 of March 1952. He was elected senator for the Lagos West constituency in 1993 just before the military take-over in November 1993.

After the return to democracy, he was elected governor of Lagos State, holding office from

29 May 1999 to 29 May 2007. He holds the chieftaincy titles of Asiwaju of Lagos and the Jagaban of Borgu Kingdom among others. He has been described as “probably the most powerful politician in Nigeria”.

Tinubu attended St. John’s Primary School, Aroloya, Lagos and Children’s Home School in Ibadan. He went to the United States in 1975, where he studied at the Chicago State University.

He graduated in 1979 with a Bachelor of Science degree in Accounting and worked for some American companies before returning to Nigeria in 1983 to join Mobil Oil Nigeria.

His political career began in 1992, on the platform of the Social Democratic Party in the faction of the Peoples Front led by Shehu Musa Yar’Adua and he was elected to the Nigerian Senate representing the Lagos West constituency in the short-lived 3rd republic.

After the results of the 12 June 1993 presidential elections were annulled, Tinubu became a founding member of the pro-democracy National Democratic Coalition (NADECO), which mobilized support for the restoration of democracy and recognition of the 12 June presidential election results. He went into exile in 1994 and returned to the country in 1998 after the death of military dictator Sani Abacha, following the lifting of the ban on politics.

In the run-up to the 1999 elections, Tinubu won the Alliance for Democracy (AD) primaries for the Lagos State gubernatorial elections. In April 1999, he stood for the position of Executive Governor of Lagos State on the AD ticket and was elected.

During his eight-year period of office, he made large investments in education in the state. He also initiated new road construction, required to meet the needs of the fast-growing population of the state.Tinubu won his re-election to office as governor in April 2003. All other states under the control of the AD in the South West fell to the PDP political machine.

He was involved in a struggle with the federal government over whether Lagos State had the right to create new Local Council Development Areas (LCDAs) to meet the needs of its large population. The controversy led to the federal government withholding funds meant for local councils in the state.Tinubu’s tenure as Lagos State governor ended on 29 May 2007 when his chief of staff, Babatunde Fashola succeeded him.

In December 2009 there were reports that Fashola and Tinubu had fallen out over the issue of whether Fashola should run for re-election in 2011, with Tinubu said to be supporting the then Commissioner for Environment, Muiz Banire.

(Today Banire has also fallen out of favour).

Tinubu later bowed to pressure and supported Fashola’s candidature which had been adjudged by the public as good.

Another scuffle on the successor of Fashola put Tinubu against him in 2015. Fashola later succumbed.Interestingly, there appears to be a deliberate effort in certain quarters to create the impression that Tinubu had fallen out of favour with the president. Earlier in the year when he travelled to London to visit the president, mischief makers went to town to claim that the visit did not take place.Recently, the social media was awash with another lie that Tinubu went to London to visit Buhari but was not allowed to see the president. Some even said his pass to gain access to the Presidential Villa had been withdrawn. Tinubu’s spokesman, Mr. Tunde Rahman dismissed these unsubstantiated claims saying they were the handiwork idle people.

Rahman said: “There is nothing like that. Nothing can be farther from the truth. When Asiwaju Tinubu and Baba Akande were in London and sought to see the President, it was an open secret that they not only saw him, they had audience with him for about an hour. And photographs of the visit were international headlines.”

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THE NEWSMAKER

MIDWEEKPOLITICS

Battle for APC Guber Ticket in Anambra Ahead of the All Progressives Congress’ primary in Anambra State, David-Chyddy Eleke reviews the chances of aspirants jostling for the party’s ticket

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eeting in Awka, Anambra State capital recently, the All Progressives Congress (APC) South-east Stakeholders Forum consisting of some of the notable politicians in the zone assured members of the party of their determination to win Anambra State governorship election, and use it as a testing ground for their incursion into the region where they have only Imo State, with Owelle Rochas Okorocha as the governor.

Vice Chairman APC South-east, Dr. Emma Eneukwu; Minister of Labour and Employment and leader of the party in Anambra State, Senator Chris Ngige; chairman of the mobilisation committee for Anambra governorship election, Dr. Jim Nwobodo; National Organising Secretary, Senator Osita Izunaso and others who converged on Awka, all spoke in favour of credibility in the election of the candidate.

The stakeholders in unison agreed that the party would win the Anambra governorship election, but that the task ahead remained how to choose a credible and acceptable candidate for the election. While Eneukwu called on the aspirants to work as a team and support whoever emerges on the platform, Nwobodo agreed that the aspirants should see the incumbent governor of the state, Chief Willie Obiano as their common enemy and pull strength together to fight him, rather than fighting each other over the party’s ticket.

He expressed the view that if any one of the aspirants emerges, no matter who and such person gets the support of the others, ousting Obiano would be a very simple task for the party. Izunaso capped it all by giving the modality for the primary election of the party, saying that the party has agreed that for the primary election, for purposes of transparency, each aspirant would be handed the delegates’ list on purchase of the nomination forms.

In all, about 13 aspirants have indicated interest in the race on the platform of the party, but with the opening of the sale of forms, more aspirants have dropped by the way side. Only about eight have purchased the forms, two known aspirants in the race have stepped down for the senator representing Anambra South Senatorial District, Dr. Andy Uba. A former deputy governorship aspirant to Ngige, Chief Ralph Okeke, who also has a large following in Anambra East and West federal constituencies, where he once represented as a lawmaker. Another strong politician from the Idemili axis of the state, Hon Charles Odedo has also dropped his ambition for Uba. Odedo, who had also represented Idemili North and South in the House of Representatives told his supporters that as much as he is very popular in the constituency, he would not be able to win the ticket of the party with just two local governments, so he sought to align with Uba whom he said was a likely candidate for victory.

As the date of the primary draws closer, there are indications that Uba’s strength is growing by the day. That is the more reason why some aspirants are determined to check his excesses. First, in the quest to checkmate Uba, a rumour was first sold in the social media that he had bribed the hierarchy of the APC starting from the national chairman with the sum of N500million.

Uba had however debunked the claim through his media office represented by Ndidi Kenedy-Ukaga. Ukaga stated that the rumour was carried by those who feared that Uba was already coasting to victory in getting the party ticket. He wondered why aspirants of the party would engage in such manner of dangerous politicking at a time when Uba was involved in issue-based campaign for the ticket of the party.

While still grappling with the implication

Uba...Confident of picking APC’s ticket in Anambra

of the bribery, rumours of a possible alliance by aspirants of the party to blackmail Uba out of the race surfaced. Though the rumours were peddled by masked persons, but it was clear that the target was Uba. Part of the plot was to present Uba as a new comer in the party who wanted to use his influence and wealth to whip everyone into line in order to pick the party’s ticket.

But as the August 19 date for the party’s primary draws closer, the coast is becoming clearer, as to who will be the party’s flag-bearer.

Apart from whipping up the sentiment that Uba is new in the party, they also claimed that APC usually favours candidates that are foundational members of the party or those who had been with the party for a long while. There is also the issue that Uba is from the southern zone of the state and as such, cannot be favoured with the ticket of the party at a time when the party was considering a someone from the northern part of the state to fulfil the wishes of those yearning for the northern zone to complete its second term, which the incumbent governor, Chief Willie Obiano started.

But on the other hand, most members of the party believe that fairness must take precedence in the party, and that the most popular aspirant should carry the day since what the party wants is victory. A media coordinator for Uba, Arinze Igboeli, told THISDAY that what is most important to the party was selecting a ‘sellable’ candidate who can win the election for the party. He

described Uba as a forthright politician who through his stay in the Senate impacted the people of his zone and also empowered a host of Anambra indigenes through various positions he held in the past.

Arinze said, Uba as a Special Assistant to former president, Chief Olusegun Obasanjo and again as a senator for six year running now, has proven himself as a capable hand for the Anambra governorship job. He said that a number of bills have been presented on the floor of the Senate courtesy of Uba and that most of the bills were targeted at bettering the lot of Anambra people. He said the feat would be replicated in the state when Uba gets executive powers.

The fear of Uba by other aspirants in the party may just be getting more intense with the level of acceptance Uba has been receiving. Recently in Abuja, a political coalition consisting of about 15 political parties led by Chief Perry Opara announced the adoption of Uba as the candidate of their various parties for the Anambra governorship election.

Opera said the parties arrived at the conclusion after several meetings by the participating national chairmen. It said, “Though APC is not very popular in the state and the South-east, but it parades the best and most experienced aspirants in the Anambra race.”

He added that after evaluating all the other aspirants on the platform of the party, its conclusion was that the aspirant that has the capacity to win the election, if handed the ticket of the party is Uba. Not done yet, Uba has been surprising the members of the party in the state, leaving them with no option than to support him, despite the argument that he was relatively new in the party. Recently, at his country home in Uga, Aguata Local Government Aea, Uba called together the state and local government officials of the party and empowered them with 24 Toyota Sienna vehicles. All the 21 local government chairmen took home a vehicle, while the zonal chairman of the three zones in the state were empowered with the remaining three.

According to Uba, it was part of his contribution to the party to ensure that state officers work more swiftly and diligently.

He said he was also told of the need to give the state party secretariat a facelift, and that he had already given instruction for work to commence at the secretariat.

He said, “After the facelift of the party, I went back to Abuja and told my friends of the challenge I have, which is how I can empower my state officers with vehicles, and they did not hesitate. They donated these vehicles I am giving out today and I can assure you that more will come. We know where we are going and we will ensure we carry everyone along in the party.”

These words of Uba may be the soothing balm that has calmed the nerves of members of the party in the state and swayed them to his side. A senior member of the party who refused to disclose him name said, “Igwebuike (Uba) may be new in our party, but we love his spirit. How many of our old members have done what he has been doing since he joined us? I will not be surprised if he beats old members of the party to pick the ticket because in politics, overtaking is allowed.”

To further instill fear in other aspirants about his acceptability, Uba arrived the APC party secretariat recently with a large number of politicians, including about 40 senators to pick the nomination and expression of interest forms of the party. This may have been the biggest show of acceptability both at home and at the national level, and may have further thrown fear in the minds of his fellow aspirants who feel he is a threat to their ambition. But as the August 19 date for the party’s primary draws closer, the coast is becoming clearer, as to who will be the party’s flag-bearer

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

The Charge to Conquer The Class of 2017 of Global International College, Lekki, Victoria Island, Lagos, was sent off with marching orders from the school’s chief executive officer, writes Peter Uzoho

The Class of 2017 of Global International College, Lekki, Victoria Island, Lagos, relishing the great moment

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oyfully processed into the Hall of Pinefields’ School, Lekki, Victoria Island, Lagos, in a dull rainy morning, adorning billowing academic gowns, with caps to match, graduating students of Global International College, were served with full dose of food for thought, as they brought to a close, their period of academic sojourning in the school.

Parents and guardians, friends and relatives, junior students, school’s management, staff, as well as representatives of the school’s international partners, were all present to witness the landmark occasion. The loving visitors had come to join in celebrating their loved ones and to bless them as they were set to move on in pursuit of their educational advancement. The usual CEO’s marching orders was issued to them, to prepare them for the challenges ahead.

Every year, at such occasion, Chairman, Board of Directors and Chief Executive Officer of Global International College, Mrs. Abolaji Osime, takes it upon herself to prepare a well-researched and insightful valedictory message for graduating students. She realised that that is the most appropriate time to feed them with such words, to guide and propel them to achieve greatness, and become agents of positive change in their families, nation, and society at large. The class of 2017, who took part in the IGCSE, A Levels, SAT, UK Foundation, Medical Foundation and Canadian Foundation programmes of the school, was not left out in this.

The message was very timely as a good number of the graduating students had already secured admission in different prestigious universities in the world, from England to Canada and back home in Nigeria, and would be exposed to new environment and cultures, capable of making or marring their future. “Congratulations Class of 2017,� Osime would begin, as the graduates were orderly seated in the front rows, with faces and eyeballs fixed to the fountain of the message. “Nearly a year ago you joined us on a journey and today, we are gathering for your graduation ceremony which opens up another chapter in your academic journey. A few months from now, you all will become students of different prestigious universities all over the world,� she would tell them loud and clear. “University education is quite different from the sixth form education you have just

completed. Going to the university brings up new challenges, responsibility and maturity.

You were once treated like children but now, you will be treated as adults. The university environment is quite different from what you have been used to,� she told them.

Sharing with them the power of thought, the CEO said, “My dear graduates, as you go on your merry way today, I want to share with you briefly about the power of thought. What you think and meditate on can either make or break you. A lot of teenagers are thinking wrong thoughts which they end up acting on and it is getting them into a lot of trouble. It is Mo Abudu, Founder of EBONY TV that says, ‘If you can think it you can do it’. Every word that comes out of your mouth comes from a thought. Our mind has incredible power, so

Chairman, Board of Directors and Chief Executive OfďŹ cer of Global International College, Mrs. Abolaji Osime, takes it upon herself to prepare a well-researched and insightful valedictory message for graduating students. She realised that that is the most appropriate time to feed them with such words, to guide and propel them to achieve greatness, and become agents of positive change in their families, nation, and society at large

be careful about what you are thinking. If we think good thoughts, our words and deeds will be good,� Osime said.

Going scriptural while drawing from the book of Proverbs 23 verse 7, she noted: ‘As a man thinks in his heart, so is he."

Osime used the innovative spirits of renowned world inventors and self-made rich men like the founder of Microsoft, Bill Gates; the late promoter of Apple computers, makers of Ipad and Iphone, Steve Jobs; owners of the popular UBERCAB.COM, Travis and Garet; Facebook founder, Mark Zuckerberg, amongst others, to drive home the message to them. “Bill Gates of Microsoft had a thought one day when in Harvard that he would put a computer on every one's desk one day. He did not even wait to finish university before putting this thought into reality. Today, Microsoft is worth $407 billion dollars. One day another fine gentleman by the name of Steve Jobs had a thought that he would like to go further than Bill and put computers in people's pockets and their hands and he came up with a product called the Iphone, Ipad. Today Apple is worth $750 billion dollars just from a thought. “One day, two friends, Travis and Garet, attended a conference and, when they could not get a taxi to take them home, they became frustrated and came up with a thought that they should set up a timeshare limo service that could be ordered via an app. They bought the domain name UBERCAB.COM and started with three cars. With a tap on the app, a ride could be ordered. GPS identifies the location and the cost is automatically charged to the card on the user account. Today, Uber is worth $70 billion dollars. “Mark Zuckerberg was studying Psychology at Harvard University and thought to himself that, it would be nice to have a social network site where students could interact with themselves.

Facebook today is worth $435 billion dollars, all from a thought. Joe Gebbia and Brian Chesky were struggling to pay their rent. They were going to attend a conference in San Francisco and the hotels were fully booked so they came up with the thought of renting out three airbeds in their living room and cooking their guests’ breakfast. The next day, they created a website called airbedandbreakfast.com. They have opened offices in Europe, Moscow, India and

other countries. Despite the global expansion nothing much has changed for the owners, they still rent the same flat they started in; no extravagant purchases and, still, work 16 hours a day. The business is now worth $30 billion dollars,� she narrated.

Challenging her audience further by using a Nigerian as a good example for being innovative, she said, “Damola Andu, thought one day when doing his Masters at Hertfordshire University that it would be nice for people to go on holidays and they would not come back home and find out that all their lovely plants had died so he invented Plant pal, a device that automatically feeds the plant once it needs water. Today, he is selling all over the world through Amazon and other outlets," she told them.

She enjoined the outgoing students to remember that everything takes off from a thought, adding: “You are one thought away from creating that innovation, that invention, that idea, one thought from being a billionaire, one thought from finding a cure for Aids and cancer, one thought from starting a business, one thought away from the greatest experience you have ever had; but guess what? You can also be one thought away from serious trouble and even jail,� she said.

According to her, many Nigerian students are today languishing in many jails abroad because they listened to the devil more than they listened to God. She said the devil fed them with lies which became thoughts and strongholds they acted out on. “Many ended up doing drugs and got overdosed on it. Some got involved in sexual immorality and either got a disease or committed abortions. Some took alcohol and ended up drinking and driving, either killing someone or themselves.�

Provoking their sensibilities further, Osime told them about a movie known as ‘The Iron Lady’, which she said was an excellent biographical portrayal of Great Britain’s former Prime Minister, Margaret Thatcher. She said Thatcher’s determination, decisiveness, and discipline gave her the edge she needed to ultimately become the first woman Prime Minister of Great Britain.

Advising the students, she reeled out one of Thatcher’s favorite quotes, which obviously, was a resonating snippet for them. ‘Watch your thoughts, they become words; watch your words, they become actions; watch your actions, they

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become habits; watch your habits, they become character; watch your character, for it becomes your destiny.’ She stated that those words were profound, saying “they describe, in detail, our life journey and the significance our thought life has on our future.�

She also enjoined them not to be misled by the new cultures and friends they would be exposed to, while dissuading them from falling prey to bad elements in their new world. “No matter the temptation, please do not fall prey to young men who will tempt you with credit card fraud, it is now rampant because of the recession as a lot of students will prefer to do that than work on campus. No matter how demanding university life is, no matter how sometimes things look insurmountable, no matter how lonely you might get sometimes in a new country with people of different cultures, I will appeal to you to please remember the homes you have left, the wonderful parents that have sacrificed so much to give you this great opportunity," she advised.

She equally urged them to remember the Godly foundation they were raised up with, while encouraging them to live Godly lives.

Earlier, Osime thanked the management and staff of the school for showing unconditional love and giving good tutelage to the student. She did not hesitate to thank profusely, parents and guardians of the graduands for their love and for providing sacrificially, the resources needed to bring their children and wards thus far. She also recognised the support and patronage of the school’s foreign partners, whose representatives were on ground to witness the occasion. “I will not forget to thank our committed partners: Universities of Loughborough, Essex, Middlesex, Surrey, Swansea, West England, Northumbria, Kent, Reading, Southampton, Cardiff, Nottingham Trent Lancaster, Sussex, and Huddersfield. Universities in Canada: Carelton, Alberta, Waterloo, Manitoba, NUBI Education, who have all worked tirelessly to ensure our students secure admission into the best universities all over the world,� she enthused.

She also used the medium to announce that, the previous year, the school had, through one of its best graduating students, Mr. Chinedu Odibelu, received the British Council and Cambridge International Examinations award for best 'A' Level results in Biology. “Global has always prided itself on its ability to churn out excellent results in the past and we are very excited about this award which we have dedicated to our teachers and students,� she said.

No matter the temptation, please do not fall prey to young men who will tempt you with credit card fraud, it is now rampant because of the recession as a lot of students will prefer to do that than work on campus. No matter how demanding university life is, no matter how sometimes things look insurmountable, no matter how lonely you might get sometimes in a new country with people of different cultures, I will appeal to you to please remember the homes you have left, the wonderful parents that have sacriďŹ ced so much to give you this great opportunity

L-R: Mr. Cyrus Efami, Mrs. Oyi Abibo, Dr. Anthony Adeola, GIC CEO, Mrs. Abolaji Osime, GIC Principal, Mrs. Adebisi Layiwola, and Mr. Tayo Adetunbi, anked by the Class of 2017 of Global International College, Lekki

CEO, Global International College, Mrs Abolaji Osime (1st right), presenting Ribena Good Values Award for 2016-17 Session to Master Nickolas Daniel

Valedictorian, Miss Ezinneka Emeh, presenting a speech on behalf of her fellow graduands at the ceremony

The 2017 valedictorian, Miss Ezinneka Emeh, appreciated the school’s CEO, Osime, the Principal, Mrs. Adebisi Layiwola, and the entire teachers for their unrelenting efforts in putting them on the right track.

Emeh, who aspired to be an architect with a view to personally design and erect a structure

that would become a tourist attraction in Dubai and Abuja, said: “We learnt quite a lot especially from our teachers. We learnt how to respect one another’s opinion and how much we needed one another. In equal measure, we have faced many challenges not too good to be experienced.� She advised her fellow graduating students to be

focused on what they had set out to achieve.

However, in the middle of the occasion, art paintings done by two junior students of the school were auctioned and a total cash of N223, 000 was realised. The students resolved that the money be donated to charity as part of their service to humanity.

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IMAGES

Glo Mega Music Nationwide Tour anchor, Mercy Johnson Okojie (middle;) flanked from left to right by Glo subscribers, Obinna Chinonso, Adeniyi Joshua, Grace Bassey and Suleiman Zakari at the Glo Mega Music Nationwide Tour in Suleja, Niger State...recently

Co-Founder, Africa Cinematography Festival, Henry Emenike;; Founding Group Matron, Mrs, Folorunsho Alakija; Founding Brand Ambassador, Mrs, Judith Alakija and ACF Founder, Sunnie Odafe at the briefing on forth coming Africa Cinematography Festival in Lagos...recently

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

L-R: Managing DirectorCEO, Crown Realities, Darl Uzor; Minister of industry, Trade and Investment, Dr Okecukwu Enalamah; his Special Adviser on (Technical), Femi Edun and Managing Director, Bank of Industry, Olukayode Pitan, during the Minister’s visit to the site of proposed Enyimba Industrial City, in Abia State....recently

L-R: Executive Director, Corporate Services/Commercial,Bank of Industry (BoI), Mr Jonathan Tobin; Executive Director, Small and Medium Enterprises,BoI, Mr Waheed Olagunju; Managing Director/CEO, BoI,Mr Olukayode Pitan;Country Director,DQS Management System Nigeria Limited,Mr. Ogudu Lawrence,and CEO BJ Chris,Ogulu Ezekiel,during the presentation of the ISO 9001:2015 Certification to BoI in Lagos...recently

L-R;Group Managing Director, Palton Morgan Holdings, Adeyinka Adesope; Managing Director, Grenadines Homes, Fernando Barreto; Partner, ECAD, Abiodun Akanni; Chairman, Palton Morgan Holdings, Femi Banwo; Partner, MO & A, Engr Dapo Abe and Managing Director, Cappa & D’Alberto, Giovanni Melo Grand at the signing-on of Cappa & D’Alberto as main building contractor on the Atlantic Resort Development at Victoria Island, Lagos...recently

L-R; Regional Director, Lagos, First City Monument Bank (FCMB), Mr. Oliver Opara; Head of Department, Sanitation Ministry, Redeem Christian Church of God (RCCG), Pastor (Mrs.) Nike Ilori; Assistant General Overseer/Secretary General, RCCG, Pastor Johnson Odesola; Executive Director, Business Development, FCMB, Mrs. Bukola Smith and Executive Director, Institutional Banking for UK & Nigeria of the Bank, Mr. Femi Bakre , during the handing over ceremony of two blocks of restrooms renovated by FCMB for RCCG. at Redemption Camp, Mowe in Ogun state...recently

L-R: Head, Business Development West Africa, Freetel, Mr. Anantha Surendran; Managing Director TD Mobile, Mrs. Gozy Ijogun; Head, Business Development, Middle East & Africa, Global Sales Group, Freetel, Mathew Anish, and Executive officer, Global Business Development, Freetel, Mr. Eugene Yoshioka, during media presentation/ unveiling of Freetel Mobile Smartphones in Nigeria at Renaissance Hotel GRA Ikeja, Lagos...recently etop ukutt

L-R: Technical Director, NatanelFlorens, Andre Wasserman; CEO, LMI Building Solution (South AfricaGys Lucas – ); Executive Director NatanelFlorens,Yinka Daramola; Executive Director NatanelFlorens Oguche Agudah and Specialist Alternative Building Technology, LMJ Gary Hoey at the signing of an exclusive partnership with NatanelFlorens on the development of 1000 “green houses� to be sold using NatanelFlorens “Rent-to-Own� scheme, in Lagos...recently

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BUSINESSWORLD

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

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Quick Takes Union Bank Takes Celebration to Kano

FOR ADEQUATE GAS SUPPLY

L-R: Head, Business Development and Commercial, Falcon Corporation Limited, Engineer Chichi Emenike; Town Planner, Cityscape Planning Services, TPL, Sanni Kamil; Technical Services Manager, Falcon Corporation Limited, Emeka Arizor; Town Planner, Rep. of the Commissioner for Physical Planning and Urban Development, TPL, Akinyemi A. O. , at the Falcon Gas Pipeline Infrastructure and Underground Safety Forum‌recently

Why Nigerians Are Averse to Payment of Taxes Obinna Chima A lot of Nigerians are averse towards payment of any form of taxes because they feel governments at all levels are not accountable.

This accounts for the high level of tax evasion in the country, according to a note by Lagosbased CSL Stockbrokers Limited.

In fact, they disclosed that a few small business owners they engaged in recent times were apathetic toward taxes payments.

According to them, the reasoning of the small business operators was that it “would be pointless to pay taxes to an allegedly corrupt government that has proven itself incompetent in terms of providing critical

ECONOMY infrastructure and basic amenities.�

The Minister of Finance, Mrs. Kemi Adeosun recently held a 30-minute interactive media chat, during which she expressed concerns about the number of tax evasion cases among wealthy individuals. “What we found out was that there are about 14 million tax payers out of about 70 million individuals that are economically active‌the tax burden is not being shared fairly, it’s being carried by those who are least able to afford it. Whereas high net worth individuals have been able to evade taxes,â€? she had said.

Nigeria’s tax system has been described by experts as one with various forms of loopholes. As such, it is not inconceivable that the rate of tax underpayment by the upper class may be significant.

Interestingly, Adeosun had pointed out in May that 214 individuals pay taxes above N20 million annually. This implies that, assuming an average personal income tax rate of 24 per cent as effective rate, only 214 Nigerians earn at least N83 million annually – an understatement indeed.

Although Adeosun’s message was that her ministry is now increasingly taking a hard line approach to tax evaders, CSL Stockbrokers’ analysts pointed

out that there was worryingly little said about tax avoidances and collection inefficiencies surrounding micro, small and medium enterprises. “Economic activities in Nigeria are largely informal, with transactions mostly cash-based.

In this environment, accurately measuring taxable income thus becomes difficult. “On top of this, the average Nigerian is likely to be more averse towards any form of taxes, given that the government has not been seen to show any level of accountability and seriousness in the management of funds,�

CSL Stockbrokers added.

The Executive Chairman of the Continued on page 24

After 39.6% Growth, Analyst Still Bullish on Nigerian Equities Market Goddy Egene Analysts at Cordros Capital Limited, an investment banking firm, have said the equities market will remain bullish for most part of the second half (H2) of 2017. The market recorded an outperformance in the first half (H1) of 2017 with the Nigerian Stock Exchange (NSE) All-Share Index rising by 23.2 per cent. Although there have been occasional profit taking since the H2 began, the market has appreciated by 13.3 per cent as at Monday, bringing the year-to-date growth to 39.6 per cent.

However, in a special report obtained by THISDAY, Cordros Capital said following the

CAPITAL MARKET outperformance in H1, they look forward to a sustained uptrend in domestic equities over the remaining part of the year. “The gains will be supported by consistency and sustainability of policies that speak to near term macroeconomic recovery, in addition to better-than-2016 corporate earnings,� they said.

According to them, they acknowledge downside risks from around the globe, notably rising geopolitical tensions, higher interest rates in the United States, and most profoundly, hazy outlook for oil prices –which could particularly threaten forex stability and consequently spark

capital flow reversal.

Cordros Capital, however, stated that developments in the domestic economy signal recovery in the near term which will further strengthen investor appetite. “We look for the economy exiting recession in Q2-2017 (we project output to expand by 1.80 per cent during the quarter and 0.97 per cent for the full year). As a leading indication, manufacturing and non-manufacturing activities expanded in the second quarter of the year, as revealed by the Purchasing Managers’ Index (PMI) which averaged 52.2 and 52.1 points respectively during the three months period. We expect that to be consolidated by fiscal spending related gains

from the record 2017 budget,� they added. The analysts noted that further supporting the argument for a bullish run on the domestic bourse, the Central Bank of Nigeria (CBN)’s Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) window has the potential to further buoy foreign portfolio investment (FPI) inflows over H2.

According to them, still on expected increased participation in the equities space, the likely implementation of the amended Regulation on Investment of Pension Fund Assets, particularly the introduction of the multi-fund structure released by the National Pension Commission (PENCOM) Continued on page 24

Union Bank has continued its centenary anniversary celebrations this time taking the celebration to Kano State as it recently launched two newly upgraded branches in the state. The upgraded branches will aord Union Bank customers the opportunity to enjoy simpler and smarter banking services in a vibrant, professional setting.

The launch of the upgraded branches located at Murtala Muhammed Way and Zoo Road areas of the state was amongst activities that formed the major highlights of the bank’s centenary anniversary celebrations in Kano.The line-up of activities also included a courtesy visit to the Emir of Kano, HRH Muhammadu Sanusi II at his palace as well as a centenary anniversary gala event. The gala was attended by stakeholders and key personalities in Kano state including the representative of the Governor– the Attorney General of the State, Alhaji QHaruna Mohammed Nagoma and Commissioner of Finance, Kano state, Prof. Kabiru Dandago. Also in attendance were Union Bank customers, some of whom have been with the bank for over half a century. Speaking at the event, Union Bank Chief Executive OďŹƒcer, Emeka Emuwa said: “Kano is an inherent part of our history and our growth through the years. “Since we established our ďŹ rst Kano branch along Bank Road in 1949, we have grown together with the state. Here we are, 68 years after, celebrating decades of a mutually beneďŹ cial relationship with the good people of Kano State.â€?

Quantum Global Appoints Board Members

Quantum Global has welcomed two new members to its Advisory Board – Jack Rosen and Richard Nouni. Rosen, the President of the American Jewish Congress, serves also as Chairman of Rosen Partners, an investment ďŹ rm with global investments (including investments in Africa). He also acts as Chief Executive OďŹƒcer of several commercial and residential real estate ďŹ rms and is an active contributor to African government and political aairs. On the other hand, Nouni is CEO of CFAO Technologies, a Division of CFAO Group and a major player in Information and Communication Technologies (ICTs) in Africa. The new appointments came hand in hand with Quantum Global’s rapidly growing investment portfolio across sub-Saharan Africa. Rosen was elected as President of the American Jewish Congress and has served on the New Jersey Governor’s Commission on International Trade. A graduate of City University, New York, he is a Member of the Board of Governors at Hebrew University and a professor at Peking University. He has also advised several U.S. Presidents including Bill Clinton, GeorgeW. Bush andBarackObama.Commentingontheappointment,QuantumGlobal’s CEO and Chairman of the Advisory Board, Jean-Claude Bastos de Morais said: “Both Richard and Jack are exceptional professionals in their ďŹ elds, marked by their remarkable successes and we are pleased to welcome them as members of our Advisory Board. “I am conďŹ dent that their contributions will have great impact and support us in shaping the strategic direction of the Group, as we continue to successfully grow our African investment footprint.â€?

Airtel Oers 100% Bonus Data

Telecommunications services provider, Airtel Nigeria, is oering 100 percent value of a customer’s recharge as extra data in addition to the 8 times instant bonus customers get on every recharge.

With the new SmartConnect package, Airtel customers will receive bonus data that is commensurate to the total value of their recharge at the end of a calendar month and also get eight times the value of every recharge, instantly, any time they recharge their lines.

The product, which is nicknamed ‘Ovajara x8’, is the default prepaid plan speciďŹ cally designed for new customers on the network.

According to the management of the company, the newly revamped package is conceived to empower more telecoms consumers to stay connected with friends, family members and business associates, also oering them an amazing mobile Internet experience as they engage the larger world.

Chief Commercial OďŹƒcer, Airtel Nigeria, Ahmad Mokhles, said Airtel is committed to creating value oerings that will enrich and transform the lives of Nigerians, noting that the product value oering is practical and relevant just as it is designed to suit the lifestyle of telecoms consumers.

“As the foreign exchange regime improves in the economy, you will see a lot of people paying down on their loans, hence reducing non-performing loans’

Executive Director,Wema BanK, Mrs. Folake Sanu

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BUSINESSWORLD WHY NIGERIANS ARE AVERSE TO PAYMENT OF TAXES Federal Inland Revenue Services (FIRS), Mr. Babatunde Fowler recently called on Nigerians to fulfil their obligation to the country by paying their taxes, saying without taxes, Nigeria cannot develop.

Speaking on Arise News Network, a THISDAY sister company, he said when Nigerians go abroad, they pay taxes for consumables, adding that “in foreign countries, they pay what is required as tax at the point of departure, and the government of that country claims their VAT, so let’s do the same here too.

Fowler reiterated that the current Voluntary Assets and Income Declaration Scheme (VAIDS) by acting President Yemi Osibanjo was not designed to put pressure on Nigeria.

AFTER 39.6% GROWTH, ANALYST STILL BULLISH ON NIGERIAN EQUITIES MARKET on 18th April, 2017, will further bolster local pension funds’ exposure to equities. “The impact of this on pension fund managers exposure to risky asset will be positive for dealers who are already taking advantage of cheap valuation in local proprietary positions. Compared to 2016, most listed companies appear better positioned to deliver better-than-anticipated results over the remaining part of the year. Drilling on activities in the consumer goods space, we hinge our optimism on notable upside factors including improved access to the dollar (potentially limiting finance cost), moderately recovering consumer confidence, easing energy challenges, balance sheet deleveraging, rebounding aggregate demand (amid expected fiscal stimulus), and cost-reflective pricing,� they added.

The Cordros Capital analysts explained that speaking volume to their confidence in this environment is the rebound (after four-quarter negative growth) in manufacturing GDP – with food, beverage and tobacco being the biggest component, accounting for 44 per cent) – in the first three months of the year.

NEWS

FMBN: 4,342 Civil Servants Benefited from Home Renovation Loan Scheme Adedayo Akinwale in Abuja The Federal Mortgage Bank of Nigeria (FMBN), Monday revealed that it has disbursed N3.5 billion to 4,342 federal and state civil servants, as well as organised private sectors across the country through its Home Renovation Loans Scheme.

Its Managing Director, Ahmed Dangiwa disclosed this in Abuja, at the disbursement and sensitisation programme for public servants on home renovation scheme.

He explained that the objective was to provide cheap source of loanable funds to nurture and sustain the mortgage industry and eventually facilitate affordable home-ownership for the low and medium group in country.

Dangiwa stated that the fund, which is managed by the FMBN was sourced from 2.5% of the basic income of Nigerian workers who are earning the minimum income group.

Dangiwa commended the commitment and cooperation of the Head of Service of the Federation and the Executive Secretary of the Federal Government Staff Housing Loans Board (FGSHLB) for the collaboration with the bank,

which enabled the approval of the sum of N643million being the fifth batch of the FMBN home renovation loans for 740 federal civil servants.

The latest disbursement, according to him, brought the total loan approved and

disbursed by the FMBN under this loan window to federal civil servants through federal government staff housing loan board to N1.2billion for 1,347 beneficiaries.

Earlier, the Executive Secretary, FGSHLB, Dr. Hanatu Fika said

that the disbursement of the 5th batch of the loan scheme demonstrated the federal government’s commitment to the welfare of the civil servants.

She noted that addressing the mortgage need of the federal public servants would not only

reduce the burden of payment of rents annually but would also eradicate the perceived corrupt practices among the workforce and serve as a source of motivation for workers to drive the administration’s war against corruption.

CAPACITY BUILDING

L-R: Chief Executive OďŹƒcer, GuarantCo, Lasitha Perera; and Chief Executive OďŹƒcer, InfraCredit, Chinua Azubike, at the Infrastructure Investor Workshop in Lagos... recently

Kari Charges Insurance Managers on Professionalism Ebere Nwoji The Commissioner for Insurance, Alhaji Mohammed Kari, has advised insurance professionals to imbibe the spirit of professionalism and abide by the ethics of their profession in the conduct of their business.

Kari, who gave the advice at the investiture of Mrs. Funmi Babington- Ashaye as the 48th President of the Chartered Insurance of Nigeria( CIIN), said as the number of qualified insurance professionals in the country who constitute members of the institute grew to 3316, it is now imperative for them to ask how many of these CIIN certified and qualified members

have exhibited and sustained the spirit of the profession and how many of us conduct our business in line with the ethics, standards and principles that guide the practice of an insurance professional.

These, he said “ are some concerns I felt we should try to address especially as we usher in a new era and leadership in the Institute.�

He added: “The current developments in the country obviously call for our collaborative effort to reposition the profession and rebrand the institute. With the benefit of hindsight, it is apparent that no arm of the industry can do it standing alone. The achievements of the CIIN over the years could not have been possible

without the active support and participation of all arms of the industry. I want to implore every segment of the sector to continue to work together and grow the industry for the benefit of all.�

He further said there is obvious need for a reawakening to ensure that trained professionals are continually retrained and equipped with prevailing skills and knowledge for optimal performance in line with international best practice.

According to him, the commission, would continue to support the institute to ensure that Insurance professionals are regularly updated to enable them align with current global trends. “Suffice it to say that it is high time that the CIIN as a

professional body reinvented itself, updated its curriculum to either adopt or adapt contemporary best practices for the overall benefit of the profession.

I will implore our brand new president to treat these issues as priority in her agenda. These steps when taken will certainly engender respect and credibility for the Institute and the insurance industry�, he said.

He expressed belief that given the choice of Funmi Babngt-Ashaye as the 48th CIIN President, the institute is in very competent and capable hands. “Indeed, the new president is a woman of immense value and intellectual prowess with strong willingness to contribute her quota to the development of

the insurance sector especially in the area of insurance education and awareness. We are confident that she will bring her experience spanning over 20 years as an insurer, broker and administrator to bear in her leadership of the Institute�, Kari stated.

He said over the years, the CIIN has achieved a number of milestones in various aspects including but not limited to: Attracting more people into its fold as members, increase in visibility of the Institute and its activities, developments of academic activities at the college of insurance; enhanced pursuit of relevance in educational institutions, establishment and sustenance of the IICC among others.

‘EPA Vital for Nigeria’s Economic Diversification, Regional Jonathan Eze Group Business Editor

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

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Comms/e-Business Editor

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Senior Correspondent

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The European Union (EU) and ECOWAS Commission have urged the managers of the Nigerian economy to sign the Economic Partnership Agreement (EPA) to fast-track its quest for economic diversification and regional integration.

The Head of Trade and Economic Section, EU Delegation to Nigeria and ECOWAS, Filippo Amato, gave the charge during the Lagos Chamber of Commerce and Industry, LCCI, Stakeholders forum on EUECOWAS Economic Partnership Agreement in Lagos recently.

According to him, signing the EPA would accelerate Nigeria’s industrial development, discard

EU tariffs on Nigerian exports; protect domestic industries, agricultural and consumer products. “All the goods that Nigeria can produce are excluded from the list to protect your industries and the goods to be imported are capital goods, machinery and inputs that are useful for the industrial sector. All West African exports will gradually reduce duties on 75 per cent of EU imports over a long transition period of 20 years,� he said.

He stressed that manufacturers would also benefit from lower input prices under the agreement, adding that EPA would enhance cooperation on issues such as standards, trading, agriculture, investment and

custom cooperation.

Also speaking at the event, the ECOWAS Commissioner, Trade, Customs and Free Movement, Laouali Chaibou, said the overall objective of the stakeholders forum was to sensitise key stakeholders on the content of the EPA, in order to better understand and disseminate factual information.

He said the advantages offered by the EPA tend to make the West Africa region the production center for export to Europe, pointing out that the integration of ECOWAS and Nigeria in the global value chains involves the ability for Nigeria to attract investments from all walks of life either to transform local raw materials

or to transform semi-finished products, saying that the EPA is one of the instruments to achieve this. “The ECOWAS commission remains committed to building West Africa’s capacity on the EPA. We believe that the different stakeholders gathered here have a critical role to play in this process,� he said.

The president, LCCI, Nike Akande, said the chamber has followed the debate on the EPA, maintaining that as members of the organised private sector (OPS), it deemed it fit to provide a platform where all stakeholders could meet and discuss the issues. “There are arguments for and against Nigeria’s endorsement of

the EPA, but we believe we can find a middle ground. In international trade, competitiveness is paramount for any country to get a fair deal. We would therefore continue to stress the imperative of an enabling environment to deepen the competitiveness of firms in Nigeria,� she said.

Meanwhile, the national president, NACCIMA, Iyalode Alaba Lawson, said as a country in the process of diversifying its economy, protectionism may hamper Nigeria’s quest to achieve a sustainable economy, stressing that at the same time, without adequate room to grow, certain sectors of the economy may be scuttled by global competition before they even get a chance to develop.

T H I S D AY ˾ ˜ ͷ˜ Ͱͮͯ͵

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BUSINESSWORLD

NEWS

Maritime Stakeholders Urged to Support CDF to Protect Investments Eromosele Abiodun Maritime sector stakeholders and export groups have been advised to support the mandate of the Cargo Defence Fund (CDF), which is in place to protect trade investments through the instrumentality of the law and technical expertise.

Secretary of the fund, Okwudili Taiwo Daniels stated this in a paper presented to the export group of the Lagos Chamber of Commerce and Industry in Lagos.

Limited by guaranty, the CDF was established by the Nigerian Shippers Council (NSC) to assist importers and exporters in the pursuit of their legitimate claims.

Prior to the establishment of the fund, Daniels said the NSC noticed a very high rate of abandonment of legitimate claims by indigent Nigerian shippers who could not afford the cost of pursuing their legitimate claims either in the court of law or through arbitration as may be prescribed in the

carriage contract.

He said: “To provide a viable solution to this problem face by shippers at the time, the NSC established two similar service schemes and products, initially known as the Cargo Protection and Indemnity Fund and the Cargo Litigation Fund. These two were situated under the legal unit of the NSC at the time. The schemes were later merged and formalised into the present Cargo Defence Fund with a special unit created to form its secretariat.

“The fund is a mutual scheme for importers and exporters in the sense that shippers contribute to the fund by the way of registration. The registration fee is paid into the fund and when a registered member runs into a problem, the mutually contributed fund is used to assist the member in solving the problem. The CDF is managed by a board of trustees headed by a chairman. Membership of the board is drown from the six geo-political zones of the country, with each zone having

one representative.”

Over the years, he said the CDF has had to re-examine the financial import-export policies and sought ways to protect the interest of Nigerian shippers.

This, he added, is done by ensuring successful repatriation of export proceeds and prevention of letter of credit fraud.

“We also do so by promoting bankers duty of care to importers and exporters, ensure that Nigerians receive good value for their money and partner with NEXIM Bank, Department of Trade and Exchange, the Central Bank of Nigeria (CBN) and of recent, International Chambers of Commerce to ensure that INCOTERMS 2010 and U.C.P 600 are incorporated into terms of sale for Nigerian shippers,” he said. On marine insurance, he said the CDF developed procedures to claim successfully from insurance companies who before this development would refuse to honour any claim due to one mistake or the other from claimants.

WACOT Rice Mill to Increase Capacity to 500,000Metric Tonnes Jonathan Eze WACOT Rice Limited has said that it intends to increase its rice milling capacity in Nigeria to 500,000 metric tonnes per annum in the next few years in order to reduce Nigeria’s dependence on imported rice.

This was disclosed by the Group Managing Director of the TGI Group, the parent company of WACOT Limited Mr. Rahul Savara, , during the official opening of the WACOT Rice Mill located in Argungu, Kebbi State, by the acting President, Professor Yemi Osinbajo.

Osinbajo was accompanied during the visit by the Governor of Kebbi State, Senator Abubakar Atiku Bagudu, 23 members of the Progressive Governors Forum, and other dignitaries from both the public and private sectors. Welcoming the guests, Savara stated that the quality of rice being produced at the mill is comparable to the best in the

world. The current phase of the Rice Mill, he further disclosed, has a production capacity of 120,000 metric tonnes per annum and fully automated silos that have the capacity to store raw materials for up to six months of production.

The state-of-the-art rice mill with a capital outlay of over N10 Billion capable of processing over 120,000 metric tonnes of paddy per annum is also expected to generate direct and indirect employment for 3,500 people and its procurement of rice paddy will reach out to at least 50,000 local farmers, as the capacity grows.

He commended the federal government for its various initiatives in support of agriculture through the Central Bank of Nigeria (CBN) and other mediums, which has impacted the growth of the sector positively, and has also served as a motivation for private sector players in the sector.

“Therefore, for us this is just the beginning. We have plans to invest over =N= 100 billion over the next years in various agricultural value chains.”

It is worthy of note that the rice processing plant is the first rice mill to be conceptualised, executed and commissioned during the administration of President Muhammadu Buhari.

The construction of the mill was first announced by the Governor of Kebbi State in November 2015, when President Muhammadu Buhari launched the Central Bank of Nigeria’s Anchor Borrowers Program in Birnin-Kebbi. Work started on the mill in February 2016 and has now commenced operations.

WACOT, Nigeria’s leading Agri-business conglomerate, contributes to achieving Nigeria’s objective of food self-sufficiency with significant investments in seed multiplication, out-grower farming, food processing and distribution.

CSO Urges Police to Respect Court Order on Benue Revenue Agency Adedayo Akinwale in Abuja The Coalition of Civil Society Organisations for Transparency in Governance (CCSOTG), has called on the Nigerian Police Force to comply with the order by Justice Adam Onum of the Markurdi High Court to withdraw its officers from revenue checkpoints to enable the Benue State Board of Internal Revenue Service (BIRS)-Consultants immediately resume work.

The Inspector General of Police, Ibrahim Idris had in May 2017 inaugurated a Police Special X-squad teams specifically charged with the responsibility of arresting all tax

revenue officials operating on federal roads across the nation.

The Convener of the group, Comrade Sabo Ode made the call at a press conference in Abuja, where he stated that the IGP’s order was stern and enforced instantly, thus, leading to avoidable confrontations with tax collectors and the Police in some states, including Benue, leading to the loss of critical revenues to states.

This according to the group, forced the Chairman of BIRS, Mrs. Mimi Adzakpe- Orubibi to challenge the directive of the Police in court.

Ode noted that the court last week declared that the Police is incompetent of issuing such

directive and restrained its men from harassment, Intimidation and disruption of lawful tax collection in any part of the state.

Ode stated: “Like affirmed by the court, the actions of the Police in the pretense of enforcing the IGP’s order manifested in a manner that prescribed more not only to insanity, but dictatorial and undemocratic tendencies; thus arrogating to themselves the power to cripple the internal revenue generation capacity of not only Benue, but other states in the federation “We hold this court verdict as very sacrosanct and the signpost of the triumph of good over evil for the Nigerian state.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

When Slot Missed the Slot

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brand reputation”.

Lost investment Most brands don’t start out with a bad ÜÏÚßÞËÞÓÙØ˛ Ø ÐËÍÞ˜ Ë ÖÙÞ ÙÐ ÓØàÏÝÞ×ÏØÞ ÑÙÏÝ ÓØÞÙ ÌßÓÖÎÓØÑ ËØÎ ÝÒËÚÓØÑ Ë ÌÜËØβ ÒÏØ Ë ÌÜËØÎ˪Ý ÜÏÚßÞËÞÓÙØ ÑÙÏÝ ÝÙßÞÒ˜ ØÙÞ ÙØÖã ÎÙÏÝ ÞÒÏ ÙáØÏÜ ÝÞËØÎ ÞÙ ÖÙÝÏ ÞÒËÞ ÓØÓÞÓËÖ ÞÓ×Ï ËØÎ ÐÓØËØÍÓËÖ ÓØàÏÝÞ×ÏØÞ˜ ÌßÞ ÞÒÏ ÏØÞÓÜÏ ÝÞÙÜã ÝßÜÜÙßØÎÓØÑ ÞÒÏ ÌÜËØÎ can be rewritten to the point that the ÙÜÓÑÓØËÖ ÌÜËØÎ Ó×ËÑÏ ÓÝ ÖÙÝÞ˛ ÒÏ ÙáØÏÜ ÙÐ ÞÒÏ ÌÜËØÎ ×ÓÑÒÞ ÌÏ ÐÙÜÍÏÎ ÞÙ ÜÏÓØàÏØÞ ÙÜ ÜÏàË×Ú ÞÒÏ áÒÙÖÏ ÌÜËØÎ ÏØÞÓÜÏÖã ÞÙ ÜÏÚËÓÜ ÞÒÏ ÌËÎ ÜÏÚßÞËÞÓÙØ˛ ÌÜËØÎ áÓÞÒ Ë ÌËÎ ÜÏÚßÞËÞÓÙØ ÓÝ ÖÓÕÏ Ë ÞÏÜÜÓÌÖÏ ÞÙÙÞÒ ËÍÒÏ ÞÒËÞ áÓÖÖ ØÙÞ ÑÙ ËáËã ÙØ ÓÞÝ Ùáؘ ÏâÍÏÚÞ ÝÙ×ÏÞÒÓØÑ ÞËØÑÓÌÖÏ ÓÝ ÎÙØÏ ËÌÙßÞ ÓÞ˛ Financial implications ËàÓØÑ Ë ÌÜËØÎ áÓÞÒ Ë ÞËÜØÓÝÒÏÎ ÜÏÚßÞËÞÓÙØ áÓÖÖ ÝÓÑØÓÐÓÍËØÞÖã ÜÏÎßÍÏ ÝËÖÏÝ ËØÎ ÚËÞÜÙØËÑÏ˛ Þ áÓÖÖ ÎË×ËÑÏ ÞÒÏ ÐÓØËØÍÓËÖ ÝÞËÞßÝ ÙÐ ÞÒÏ ÌßÝÓØÏÝÝ ËØÎ ÖÓ×ÓÞ ÞÒÏ ÑÜÙáÞÒ ÙÐ ÞÒÏ ÌßÝÓØÏÝݘ ÒÓØÎÏÜ ÞÒÏ ÑÜÙáÞÒ ÙÐ ÞÒÏ áÙÜÕÏÜÝ ËØÎ ÏàÏÜãÞÒÓØÑ ÏÖÝÏ ËÝÝÙÍÓËÞÏÎ áÓÞÒ ÞÒÏ ÌÜËØβ Þ áÓÖÖ ÒÓØÎÏÜ ÙÚÚÙÜÞßØÓÞÓÏÝ ÐÙÜ ÏâÚËØÝÓÙØ ÙÜ ÐÙÜ ÎÓàÏÜÝÓÐÓÍËÞÓÙØ˛ Þ áÓÖÖ ÝÞËÖÖ ÏàÏÜãÞÒÓØÑ ÞÒËÞ ÒËÎ ÓØÓÞÓËÖÖã ÌÏÏØ ÑÙÙÎ ËÌÙßÞ ÞÒÏ ÌÜËØβ Ø ËÎÎÓÞÓÙؘ ÞÒÏ ÌßÝÓØÏÝÝ áÓÖÖ ÖÓÕÏÖã ÒËàÏ ÞÙ ×ËÕÏ Ë ÝÓÑØÓÐÓÍËØÞ ÓØàÏÝÞ×ÏØÞ ÞÙ ÍÖÏËØ ßÚ ÓÞÝ ÜÏÚßÞËÞÓÙØ˛ People impact Businesses with a poor brand ÜÏÚßÞËÞÓÙØ ×ßÝÞ ÚßÞ ÓØ ËÎÎÓÞÓÙØËÖ ÞÓ×Ï ËØÎ ×ÙØÏã ÞÙ ËÍÛßÓÜÏ ØÏá ÞËÖÏØÞ ËØÎ áÓÖÖ ÖÓÕÏÖã ÖÙÝÏ ÙßÞ ÙØ ÒÓÜÓØÑ ÞÒÏ ×ÙÝÞ ÛßËÖÓÐÓÏÎ ÚÜÙÝÚÏÍÞÝ áÒÙ áÙßÖÎ ÜËÞÒÏÜ áÙÜÕ ÐÙÜ Ë ×ÙÜÏ ÜÏÚßÞËÌÖÏ ÌßÝÓØÏÝݲ ÝÞßÎã Ìã ÞÒÏ ËÜàËÜÎ ßÝÓØÏÝÝ ÍÒÙÙÖ˜ ÐÙßØÎ ÞÒËÞ Ë ÍÙ×ÚËØã áÓÞÒ ͯͮ˜ͮ​ͮ​ͮ Ï×ÚÖÙãÏÏÝ áÙßÖÎ ÒËàÏ ÞÙ ÙÐÐÏÜ Ë ͯͮ ÚÏÜÍÏØÞ ÚËã ÓØÍÜÏËÝÏ ÞÙ ÍÙØàÓØÍÏ Ë ÚÜÙÝÚÏÍÞ ÞÙ áÙÜÕ ËÞ Ë ÍÙ×ÚËØã áÓÞÒ Ë ÌËÎ ÜÏÚßÞËÞÓÙØ˞ ËÖÞÒÙßÑÒ ÞÒÓÝ ×Ëã ØÙÞ ÏâËÍÞÖã ÌÏ ÞÒÏ ÍËÝÏ ÐÙÜ ÓÑÏÜÓ˲ Opportunity cost Ø ÞÙÚ ÙÐ ÝÓØÕÓØÑ ÝËÖÏݘ ÞÒÏÜÏ ÓÝ Ë ÜÏËÖ ÙÚÚÙÜÞßØÓÞã ÍÙÝÞ ÐÜÙ× ØÙÞ ÒËàÓØÑ ÝËÞÓÝÐÓÏÎ ÍßÝÞÙ×ÏÜݲ ËÞÓÝÐÓÏÎ ÍßÝÞÙ×ÏÜÝ ËÜÏ ×ÙÜÏ ÖÓÕÏÖã ÞÙ ÜÏÐÏÜ Ë ÌÜËØÎ ÞÙ ÝÙ×ÏÙØÏ ÞÒÏã ÕØÙá ËØÎ ÌÏÍÙ×Ï ÜÏÚÏËÞ ÍßÝÞÙ×ÏÜݲ ÒÏ ÌßÝÓØÏÝÝ áÓÖÖ ËÖÝÙ ÖÙÝÏ ÙßÞ ÙØ ÚÙÞÏØÞÓËÖ ÍßÝÞÙ×ÏÜÝ ÙÜ ÍÖÓÏØÞÝ ÎßÏ ÝÙÖÏÖã ÞÙ ÓÞÝ ÚÙÙÜ ÌÜËØÎ Ó×ËÑÏ˛ Reputational debt àÏØ ÙØÍÏ Ë ÍÙ×ÚËØã ÒËÝ ÚßÞ ÓØ ÞÒÏ ÏÐÐÙÜÞ ÞÙ ÍÖÏËØ ßÚ ÞÒÏ ÚÜÙÌÖÏ× ÞÒËÞ ÖÏÎ ÞÙ Ë ÜÏÚßÞËÞÓÙØ ÍÜÓÝÓݘ ÞÒÏ ÞËÓØÞ ËÝÝÙÍÓËÞÏÎ áÓÞÒ ÞÒËÞ ÚÜÙÌÖÏ× áÓÖÖ ÍÙØÞÓØßÏ ÞÙ ÒËßØÞ ÞÒËÞ ÌÜËØÎ ÐÙÜ ãÏËÜÝ ÞÙ ÍÙ×Ï˛ ÏÚÏØÎÓØÑ ÙØ ÞÒÏ ØËÞßÜÏ ÙÐ ÞÒÏ ÓÝÝßϘ Ë ÌßÝÓØÏÝÝ ×Ëã ÏàÏØ ÖÙÝÏ ÙßÞ ÙØ ÓÞÝ ÕÏã ÚÙÝÓÞÓÙØÓØÑ ÓØ ÞÒÏ ×ËÜÕÏÞ ÙÜ ÖÙÝÏ ÍÜÏÎÓÌÓÖÓÞã ÓØ ÓÞÝ ÍÙÜÏ àËÖßÏ ÚÜÙÚÙÝÓÞÓÙØ˛ ÌÜËØÎ˪Ý ÌËÎ ÜÏÚßÞËÞÓÙØ ÍÙßÖÎ ÎÏàÏÖÙÚ áÓÞÒÙßÞ áËÜØÓØÑ ÌÏÍËßÝÏ ÝÙ×ÏÞÓ×ÏÝ ÓÞ ÙØÖã ÞËÕÏÝ ÞÒËÞ ÙØÏ ÌËÎ áÙÜÎ ÙÐ ×ÙßÞÒ˜ ÍÙ××ÏØÞ ÙÜ ÜÏàÓÏá ÞÙ ÍËÞÍÒ ÙØ ËØÎ ÎÙ ÏâÞÜÏ×Ï ÎË×ËÑÏ˛ Ý ×ã ÍÙ×ÚËØã ÝËãݘ ÚËÜÞ ÙÐ ÞÒÏ ÜÓÝÕÝ ÙÐ ÝÒÙáÓØÑ ßÚ ÙØÖÓØÏ ÓÝ ÞÒËÞ ÝÙ×ÏÙØÏ ÏÖÝÏ ×ÓÑÒÞ ÏØÎ ßÚ ÞÏÖÖÓØÑ ãÙßÜ ÝÞÙÜã˛ ÜÙÞÏÍÞ ãÙßÜ ÌÜËØÎ Ìã ÚÜÙÞÏÍÞÓØÑ ãÙßÜ ÙØÖÓØÏ ÜÏÚßÞËÞÓÙØ˛ .

– Marie-Therese Phido is Sales & Market Strategist and Business Coach Email: mphido@elevato.com.ng tweeter handle @osat2012 TeL: 08090158156 (text only)

T H I S D AY Ëž Ëœ ÍˇËœ Í°ÍŽÍŻÍľ

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Dangote Cement as Beautiful Bride of Investors Improved half-year results and prospects of a higher return on investment is attracting more investors to Dangote Cement Plc, writes Goddy Egene expensive alternatives – low pour fuel oil and imported coal. As a result, Gross profit margin increased to 57 per cent in H1’17 (52 per cent in H1’16).

Despite the increased spending on operating activities on its pan-African businesses, the group still recorded a sizeable growth in operating margin to 40 per cent in H1’17 (H1’16 34 per cent).

Accordingly, bottom line rose by 25 per cent to N155.58 billion (H1’16 N124.89 billion).

Dangote Cement Plc has a vision to “be Africa’s leading cement company, respected for the quality of our products, for our service and for the way we conduct our business.� Similarly, the company’s mission is to “deliver strong returns to shareholders by selling high-quality products as affordable prices, backed by excellent customer service.�

Dangote Cement, which accounts for about 31 per cent of the market capitalisation of the Nigerian Stock Exchange (NSE) has shown its determination to realise that vision and mission since its listing on the exchange. Although the company has suffered its own rough patch due to the challenging operating environment, on the average, it has performed well to the admiration and satisfaction of many shareholders and many stakeholders.

It has posted impressive results over the years and is set to deliver another improved performance at the end of the current financial year, going by its results for the half-year (H1) ended June 30, 2017.

The past performance and bright future prospects probably made more foreign investors to buy into the cement company last week.

Half -year ďŹ nancial results Having delivered improved full-year results for 2016, Dangote Cement Plc recorded another improved performance for H1 of 2017, sending positive signals to investors to expect another bounteous harvest at the end of the year.

According to unaudited results, Dangote Cement posted a revenue of N412.7 billion, up by 41.2 per cent from N292.2 billion in the corresponding period of 2016. Production cost of sales rose from N139.2 billion to N177 billion, while administrative expenses grew marginally from N19 billion to N20.9 billion. Sale and distribution expenses rose by 39 per cent from N37.2 billion to N51.8 billion, while finance cost rose by 46 to N24.4 billion, compared with N16.7 billion in 2016.

Dangote Cement ended the H1 with profit before tax (PBT) of N155.5 billion, showing an increase of 24 per cent from N124.8 billion in 2016. Profit after tax (PAT) grew faster by 39 per cent to N144 billion, from N103 billion in the corresponding period of 2016.

Analysts’ assessment Commenting on the second quarter(Q2) results, analysts at Cordros Capital Limited, said revenue rose 34.8 per cent, earnings before interest tax, depreciation and amortisation (EBITDA) rose by 67.5 per cent, and PAT 45.1 per cent at the group level.

According to Cordros Capital, revenue was ahead of their estimate by 3.9 per cent while PAT lagged by 9.3 per cent. “Compared to Q1-17, revenue (-1.8 per cent) and EBITDA (-2.3 per cent) declined while PAT, owing to lower net finance cost and effective tax rate, grew by 4.1per cent. The revenue growth was underpinned by higher average prices (58 per cent), which more than compensated for the decline in volume (14.6 per cent),� they said.

They explained that the expectedly, the group volume was dragged by the Nigerian operation, wherein sales fell by 27.5 per cent y/y and 18.2 per cent q/q in response to: higher prices (75.1 per cent y/y and 11.5 per cent q/q); the still-weak construction activities nationwide, and long/heavy rain.

The analysts said the non-Nigerian volume grew by nine per cent y/y but was lower by 11 per cent q/q, amidst 42 per cent y/y and six q/q increase in average realised price.

Cordros Capital noted that the group gross margin of 56.1 per cent was ahead of Q2-16’s (49.2 per cent), but below the 57.8 per cent recorded in Q1-17. “Gross margin in Nigeria remained well-above the previous year’s figure, but declined marginally relative to Q1-17, wherein the increase in price was offset by increase in production cost. To

Recommendation According to WSTC Financial Services Limited, they expect top line in H2’17 to benefit from the price increases effected in H1’17. “However, we believe the high base effect of the price increase in H2’16 will temper the pace of top-line growth in H2’17. We expect the effect of the series of price increases introduced earlier and the prolonged rainy season to weigh on volume in H2 2017. In addition, we expect more expansion in operating margin in H2’17 stemming from improved operating efficiencies due to favorable fuel mix. Using a blended discounted cashflow (DCF) and relative valuation approach, we arrived at a fair value estimate of N219.15 for Dangote Cement. We place a hold recommendation on the stock at the current market price of N240.00 (as at last Friday), which is at a 9.51 per cent premium to our fair value estimate,� they said.

Dangote be clear, energy cost in Nigeria surprisingly increased by 19.5 per cent q/q. On the other hand, while the non-Nigerian gross margin improved by 475 bps q/q (owing to higher price and lower production cost), it fell by 225 bps on y/y basis (as higher production cost offset higher prices),� the analysts said.

According to them, net finance cost of N26.4 billion was reported by pan-African in 2017 (vs. N15 billion in Q1-17) and Nigerian net income of N24.4 billion (vs. N9.1 billion in Q1-17). They noted that Nigerian operation reported forex gain of N21 billion (vs. N5.9 billion in Q1-17) during the period.

Robust top-line In their own assessment of the H1 performance, analysts at WSTC Financial Services Limited

said Dangote Cement Plc delivered a robust top line performance in H1’17, driven entirely by series of price increases effected during the period as well as in H2’16 in reaction to elevated input cost. Revenue soared by 41per cent to N412.67 billion in H1’17 from N292.19 billion in H1’16, despite a 22 per cent decline in volume sold in Nigeria to 6.85 million tonnes from 8.77 million tonnes as the higher pricing dampened demand during the period.

Improved operating efďŹ ciency Dangote Cement also benefitted from sizeable efficiency gains contributed by more favorable fuel mix from the increased use of cheaper energy sources; gas and internally manufactured coal, as against the more

New foreign investors Apparently seeing the prospects in Dangote Cement Plc, some foreign investors bought 2.3 per stake in the company for N86.1 billion ($236 million) last week. The sale involved 416 million shares that was consummated in six off market deals on the NSE. This is the third time foreign investors are buying into Dangote Cement.

South Africa’s Public Investment Corporation (PIC) had bought 1.5 per cent for $289.3 million in 2013, while Sovereign fund Investment Corp of Dubai (ICD) acquired 1.4 per cent for $300 million in 2014.

Commenting on 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 performing very well and that the Nigerian economy is providing it with necessary enabling environment,� he said.

With this sale of 2.3 per cent, the holdings of Dangote Industries Limited in the cement subsidiary have reduced to 88.63 per cent from 90.93 per cent as at last February.

DANGOTE CEMENT HALF YEAR FINANCIAL SUMMARY 500 450

JUNE 2017 N412.7Bn

400 350 300

JUNE 2016 N292.2Bn

250 150

JUNE 2017 JUNE 2016 N177Bn N139Bn

200 150

JUNE 2017 N144Bn JUNE 2016 N103Bn

100

JUNE 2017 JUNE 2016 N20.9Bn N19Bn

50 0

REVENUE

COST OF SALES

ADMIN. EXPENSES

JUNE 2017 N24.4Bn JUNE 2016 N16.7Bn

FINANCE COST

PROFIT AFTER TAX

T H I S D AY WEDNESDAY AUGUST 9, 2017

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BUSINESSWORLD

ANALYSIS

As Risk Management Gains Traction The need to promote transparency, integrity and business ethics have driven many businesses towards embracing a risk management culture, writes Nume Ekeghe Last week, the Risk Managers Association of Nigeria (RIMAN) held its 17th annual international conference and training in Lagos. The theme was: “Risk Management for Economic Development and Revenue Diversification,� and it was a time to rub minds with industry experts in understanding the trajectory of Nigeria’s risk portfolio as it affects economic growth and development.

In his opening speech, RIMAN’s president, Mr. Jude Monye noted that Nigeria’s tackling of the global oil crises and economic recession would depend largely on the role of risk management in the economy, hence the significance of the conference.

Also, the Managing Director of Financial Derivatives Company Limited, Bismarck Rewane defined risk as the probability that something unpleasant may happen, leading to the conclusion that there is risk in everything. “From the moment you are born, you are dealing with risks,� he said. “There is nothing with zero probability in economics.�

Drawing from the impact of the global economic crisis in 2008 (triggered by greedy US bankers) and its impact on Nigeria, Rewane noted that there are some risks which risk managers can do nothing about, but warned that “we must learn from the lessons of the past, be more proactive and have a more robust system,� in dealing with shocks from the global macroeconomic environment. “The capitalist system depends on profit and profit is a reward for risk-taking,� he said. “But risk that is not managed is very dangerous.

There are risks that you can do something about and there are ones that you can’t do anything about. We can only insulate ourselves with buffers. “Risk Management is financial discipline. It is a mental place where people are not risk averse but risk aware.�

Pointing out that the victims of poor risk manage-

Monye ment are usually the tax-payers, he questioned the resilience of Nigerian banks and the resilience of the system’s stress-testing.

Then he called on risk managers to understand that they are not just protecting themselves from unpleasant outcomes, but also “protecting the system and future generations from unpleasant outcomes.�

After the goodwill messages from the Oba of Lagos, Oba Rilwan Akiolu and the Chartered Institute of Bankers of Nigeria (CIBN) President, Prof. Olusegun Ajibola, the Risk Consulting Partner at KPMG Nigeria, Mr. Olumide Olayinka, spoke on the topic “Macroeconomic Risks and Corporate Survival.� “Macroeconomic risks have significant impact on people’s lives,� he said. “In the economic crash of 2008, a lot of people lost their lives and livelihood. Your (Risk Managers) understanding of the macroeconomic environment

will be key to securing your jobs in the future, because the risks will always be there, but your understanding will be pivotal to your survival, quicker recovery (faster than your competition), and the minimisation of economic shocks on your institutions.�

He also pointed out that it was important to understand what is happening in big countries like the United States and the United Kingdom, climate change: how more countries are moving away from crude oil and towards electrical power, and the effects of digitisation on their business. “What is happening in digital disruption will reduce the time for data gathering and processing,� he said. “As a risk manager, you will have to unlearn most of the things you know today, because a large chunk of your responsibilities today will be left to robots, while you spend time on analysis and strategy.�

Listing some of the things risk managers must ensure they do in the 21st century, he harped on diversification. “You must diversify,� he said. “No matter how interesting what you are doing is, you must have alternatives. It is important that a risk manager understands his environment and knows which battles to fight. “Don’t ever fall in love with a particular area of business or have the hubris of success. Even regulation can change the dynamics of your business overnight. As a risk manager, you must see where the wind is blowing and quickly react.�

He also warned that this is not the time to be “antagonistic of your regulators. You have to be partners with them, understand them and work with them. That, to me, will be the key to your corporate survival.�

On what companies must do reduce their risk exposure, he advocated for strong corporate governance. “Where there is no corporate governance, failure

is beckoning on such an organisation,� he said. “But companies must be careful not to stick just to the letter of corporate governance, but go beyond that into the spirit – that’s what it means when you say an organisation has a soul.�

Reacting to Olayinka’s speech, Ajibola reinforced the former’s ideas when he said “the job of a risk manager is a calling, because it comes with a lot of name-calling. “Let people realise that it is not a bed of roses every time. We have the onerous duty to manage people’s risk. We need to help corporate Nigeria manage its risks; you must know what’s happening in every facet. “We must not replace projections with prophecies; we must be prepared to apply the brakes when others are running.�

Also, the Managing Director of RTC Advisory, Mr. Opeyemi Agbaje, while speaking on the theme: “Imperatives of Revenue Diversification in a Challenging Economic Environment,� noted: “When we talk about diversification, we are thinking about three things: production output/Gross Domestic Product, foreign exchange earnings, and government revenue. “GDP is already diversified but government revenue is not and praying that oil prices recover and borrowing are not sustainable strategies,� he said. On what could done to get the country’s economy back on track, he said: “We need to examine what each tier of government does, their productivity, their kill and competence, so as to restructure the civil and public service for maximum effectiveness and efficiency. “We also need a tax reform and begin to find more ways to use private capital as a source for infrastructure funding. Also, we have to minimise corruption and increase value for government spending.�

Another Looming Strike by PENGASSAN Solomon Elusoji examines the issues behind the threat by the Petroleum and Natural Gas Senior Staff Association of Nigeria to embark on strike On July 26, at the end of its Central Working Committee (CWC) meeting in Abuja, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) resolved to embark on a nationwide strike if some industrial issues, especially anti-labour practices by some employers in the oil and gas industry, were not addressed within 21 days.

A statement signed by the union’s National Public Relations Officer, Comrade Fortune Obi stated that “PENGASSAN in the last three years has not only been excessively stretched but equally unnecessarily over-burdened and is fast running out of patience over the loss of will by various managements to attend to industrial/welfare issues.� Obi said that particularly frustrating is “the sustained, deliberate and indiscriminate redundancies, sack, casualisation, ill-treatment, adverse work condition, incessant disagreement to collective bargain resolutions and other antilabour practices against our members by these managements without recourse to extant labour laws.� PENGASSAN identified, in particular, the provocative stance of managements of the Fugro, Sterling Global, Indorama Petrochemical Company, Baker Hughes/General Electric, Universal Energy, Frontier Energy, Vam Onne, Neconde Energy and Obi Jackson Group, SDF, Ciscon, Tecon, Obax, Pan Ocean, NNPC Retail Limited, Exxon-Mobil and Petrobras.

To this end, the PENGASSAN spokesperson said that the association has directed the Zonal Executive Councils, in the four zones of Port Harcourt, Lagos, Kaduna and Warri, to commence systematic mobilisation of its members for the planned action which will commence, if demands were not met by August 16.

PENGASSAN’s struggle with these oil companies have come at a period when the business of oil, itself, is under attack and companies are scrambling for survival. Last month, the Chief

Minister of Labour and Employment, Chris Ngige

Dr.

Executive Officer at Royal Dutch Shell Plc, Ben Van Beurden, said his next car would be electric, an announcement which spoke volume about the future of fossil fuels. In addition to the decline in global oil prices, firms have taken the route of downsizing staff and reducing costs, a development, which has secured the enmity of labour unions like PENGASSAN. When THISDAY contacted Obi, he said that the companies were not doing enough to align with the union’s interests. “Each of these companies is in the know of how far we’ve gone into our discussions,� he said, “they’ve been part of these deliberations, so they know where they have erred and the issues under contention.�

He added: “What we have done is that we have passed our message, simple and clear. What we have also done is that we have created an opportunity for continuous dialogue. We are not closing our doors; we are still open for discussion.

But at the expiration of the 21 days, there is nothing PENGASSAN can do but embark on the strike.�

When this reporter asked whether the failure of one company to re-sit for negotiations would still trigger the strike action, Obi was coy and unambiguous. But if that is the case, then the strike action might as well start tomorrow, because, after this reporter tried to contact representatives of some of the listed companies, the general feel was that they were not (or could not, due to legal bottlenecks) ready to negotiate.

Take, for example, Neconde Energy’s longstanding battle with the labour union. On May 15, PENGASSAN had led a picketing of Neconde premises in Lagos and Warri, over alleged grievances, which include, among others, non-payment of staff salaries.

However, on May 18, after the picketing, officials of PENGASSAN and Neconde met and reached and, apparently, came to a friendly agreement. it was agreed that nobody will be victimized on the ground of the industrial action. But, by June 1, Neconde allegedly terminated the employment of five members on based on the industrial actions.

This development led to PENGASSAN issuing a 72-hour ultimatum calling on Neconde to reverse its termination decisions or face monumental consequences. But Neconde fired back with a lawsuit. “There is a court injunction, so I wouldn’t be able to comment on the issue,� a Neconde spokesman told THISDAY, responding to PENGASSAN’s 21 days ultimatum. This suggests, of course, that negotiation with the union is not exactly top priority as they both await the sound of the gavel.

Meanwhile, PENGASSAN is also miffed at the government, particularly on certain provisions of the just passed Petroleum Industry Governance Bill (PIGB), which overlooked labour unions in the membership composition of the governing boards of the regulatory entities in the bill. Obi explained that PENGASSAN is a body of professionals who are best equipped to access and make inputs to

policies in the petroleum industry by the virtue of their positions and in-depth knowledge in the Industry. “We know where the challenges are in the oil industry, so anybody who wants to make policies that would bring better fortunes to the country will need to engage the labour sector,� he told THISDAY. “It’s a system that we have been in all our life. We are not against the bill, but what we are saying is that industry players must be carried along.� According to Obi, the government agreeing to discuss and engage the union on the PIGB bill is also part of the conditions that must be met for the strike to be averted. “Whoever wants to run the industry can continue to do that, but our members will stop to support the process after 21 days. So it is an opportunity for the government to come and address.

We are an association of mature, experienced professionals; we are not an association of touts; it is where you have the best brains in Nigeria,� he said. Although Obi declined to comment on the length of the proposed strike action (“The CWC and the NEC will be meeting from time to time,� he said), a strike action from PENGASSAN will adversely affect oil production in the country, especially the functioning of the refineries, and might create a negative ripple effect that spreads to the downstream sector.

But, according to analysts that spoke to this reporter, PENGASSAN should not be taken seriously, since it would be difficult to enforce compliance among its members over a stretched duration, an effect that will no doubt weaken its negotiating strength with the powers that be.

At a time when the country’s economy is just trying to recover from a recessionary slump, a PENGASSAN strike should, by all means, be avoided, but the answers to the union’s demands are fraught with numerous complications that are beyond the scope of a 21-day ultimatum.

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RBS Compliance: Mutual Benefit to Increase Authorised Capital to N20bn Stories by Ebere Nwoji Mutual Benefit Assurance Plc plans to shore up its authorised capital from the present level of N10 billion to N20billion ordinary shares of 50 kobo each.

The company announced this at its 21st annual general meeting held in Lagos recently.

Chairman of the company, Dr. Akin Ogunbiyi, who disclosed this to the shareholders at the meeting, said it is part of the company’s positive response to the regulator’s Risk Base Supervision initiative.

Ogunbiyi informed: “In response to RBS regime, Mutual

Benefits Assurance Plc is set to recapitalise. As a first step to recapitalisation, the company’s authorised share capital was increased from 10,000,000,000 ordinary shares of 50 kobo each to 20,000,000,000 ordinary shares of 50 kobo each to accommodate the proposed issue of shares, which is planned for the third and fourth quarters of 2017�.

Announcing the company’s scorecard during the period, Ogunbiyi said that given the very challenging economic environment during the year, the recorded 17per cent decrease in Gross Premium Written (GPW) of the company was not unexpected.

He however said the decrease in gross written of the company did not cascade to the underwriting profit. “Underwriting profit increased by 16 percent from N3.6 billion in 2015 to N4.2billion in 2016, this is because your management employed better strategies of risk profiling of businesses within its portfolio thereby reducing its reinsurance costs�, the Mutual Benefit Assurance boss stated.

According to him, the Mutual Benefit Assurance group reported a loss before tax of N1.1billion in the year from N1.2 billion profit reported in 2015.

He explained that the major

contributing factor to this was the depreciation in the value of naira against major currencies. “This resulted in a foreign exchange loss of N1.9billion on the foreign currency denominated borrowings held by your Company. As a result of the diminution in the value of the naira, coupled with the difficult business operating environment in 2016, your Company was unable to achieve the desired returns for dividend declaration,� he explained. He however assured the shareholders of management and board commitment to the growth and success of the company. The Mutual Benefit

Group, during the year under review, grew its total assets by 12percent from N46billion in 2015 to N51billion in 2016, while shareholders’ funds decreased by 8 percent as a result of the impact of the foreign exchange loss. On the future outlook of the company, Ogunbiyi, said that from 2017, the board and management of the company has set the wheels in motion for its repositioning as part of their goal to lead the industry in growth, profitability, innovation, operational efficiencies, and dividend returns with the implementation of a new five-year strategic roadmap tagged;’ Project One Reloaded

Starting from 2017.

He said: “To achieve the goals of the project, we will focus on the following key priorities: Deepen market penetration/customer acquisition by aggressively growing our customer base across all segments; embed customer and service delivery excellence by establishing our company as the most customer focused in the industry; transform people and culture by creating the right environment to attract, develop and retain knowledgeable and motivated staff; and drive operational effectiveness by leveraging on disruptive technology and embedding analytics.

OAK Pensions Announces 76.8% Growth in Profit OAK Pensions Limited, one of the licensed Pension Fund Administrator in the country, said in the2016 financial year, it grew its profit by 76.8 per cent from N130.57million in 2015 to N230.88million in 2016.

Chairman, OAK Pensions, Dr. Awa Ibraheem, disclosed this in the annual report of the company he presented to stakeholders at the company’s 11th annual general meeting held in Lagos.

According to him, the company was committed to generating increased returns on the Retirement Savings Accounts (RSA) of its contributors, adding, “We made profit this year and we are satisfied with the returns we are generating for our RSA holders which I believe is a product of the service we are rendering. What is important to us is effectiveness in the totality of the services to our stakeholders, � he stated.

Ibraheem also said that

OAK Pensions was increasing its accessibility in all parts of the country, adding that in its efforts to take pensions to more Nigerians, the company has established offices in the six geopolitical regions of the country, adding that an individual only needs to call the company’s call center and be attended to.

He said in Lagos, Oak Pensions operates two offices likewise in some other parts of the country.

The Chairman also disclosed that the company will explore the potential in the micropension scheme when it is officially introduced by the National Pension Commission. “We are more than prepared because we have started doing our background work; we are just waiting for the federal government to launch the scheme.

What we do now is that we have a department that is devoted to micro-pension activities.

BUSINESS EXPANSION

L-R: Head of Commercial, Leadway Assurance Company Ltd, Mr. Gboyega Lesi; Divisional Director/Head Life Commercial, Leadway Assurance Co. Ltd, Mr. Adebayo Okuwobi; Executive Director, Leadway Assurance Co. Ltd, Mr. Tunde Hassan-Odukale; Executive Director, Leadway Assurance Co. Ltd, Ms. Adetola Adegbayi; Head of Business Development, Leadway Pensure PFA, Mr. Osaghae Osarhieme and Head of Human Resources Department, Mrs. Kunbi Adeoti, during the unveiling ceremony of the Leadway Assurance Mobile OďŹƒce in Lagos ...recently kolawole alli

Royal Exchange General Insurance Pays N2.71bn Claims Royal Exchange General Insurance Company, (REGIC), has said it paid out a total of N2.71 billion as claims to its corporate and individual clients at the end of the 2016 financial year.

Making this disclosure in Lagos, the Managing Director of REGIC, Mr. Benjamin Agili said his company’s focus is on prompt settlement of genuine insurance claims ,promising that this will continue to be the business philosophy of the company in years ahead.

He added the company will continue to support the business community as it strives to increase the manufacturing capacities of industries in the country. According to Agili, “Royal Exchange has once again demonstrated its strength and ability to honour its financial obligations and also protect the interest of its various corporate and individual clients, as there is a conscious effort to have a genuine partnership with the clients based on trust and integrity, core values which was instilled by the founders of the

company and have continued to drive the operations and strategic directions of the company. “For us in Royal Exchange, customer satisfaction is everything. We have an enduring capacity to shoulder our customer’s risk, should they arise and this is further evidence of our financial depth derived from prudent and conservative accounting system, a highly motivated workforce as well as a professionally structured organisation�.

Furthermore, he said: “At Royal Exchange, our core values of relationship, trust, and integrity compel us to always seek ways of optimising our processes to ensure that the customer receives immediate benefit for doing business with us�. Giving a breakdown of the various amounts paid in the different insurance classes, Agili said that a total of N1.045 billion was paid on Fire and Industrial All Risk (IAR) insurance policies, representing 38.5 percent of the total amount paid to clients at the end of the year. For Motor

and Accident insurance policies, he said that N953.76 million was paid to policy holders, accounting for 35 percent of the total sum paid, while Marine Insurance claims took 15.3percent of the total claims paid, which amounted to N415.87 million.

Other classes of insurance with claims payments include Special Risk insurance policies with N277.11 million paid out as claims, representing 10.1 percent of total claims. while Engineering Insurance Policies took N20.08 million and Bond Insurance amounted to N5.27million.

Speaking on the company’s previous actions on claims payment, the Corporate Communications Manager Royal Exchange, Wilson Okoh said the company paid close to N4billion to Nigerian bottling Company for the fire in its Benin plant in 2010 and was the lead insurer in a consortium that paid out over N3.63billion to Friesland Foods West African Milk Company (WAMCO) over the major flood disaster that occured in its Lagos factory in 2011.

IGI Constitutes New Management Team Industrial And General Insurance Plc (IGI) has constituted a new management team that will oversee the affairs of the company.

This, according to the company, is in continuation of its restructuring programme aimed at repositioning for optimum performance.

The company’s Corporate Communications manager, Steve Ilo, who made this known said the new team would occupy the positions in acting capacities, with immediate effect pending when substantive officers are appointed in line with the regulations of the National Insurance Commission (NAICOM). The new team is headed by Mr. Bayo Folayan, as the acting Managing Director; Mr. Shade Ajayi, acting Executive Director, Technical and Operations; Mr. Nnamdi Iwuoha, acting Head, Technical Division; Mr. Bolade Ashaolu, acting Head, Marketing, and Mr. Emmanuel Udoh, acting Chief Finance Officer.

He said the development, followed the retirement of members of the executive

management led by the Managing Director/Chief Executive Officer, Mr. Rotimi Fashola, alongside the Deputy Managing Director, Mr. Sina Elusakin, both of whom have served the company in various positions for over 20 years.

The Executive Director, Finance and Accounts, Mr. Yinka Obalade, also retired, while his Information Technology, Human Resource and Administration counterpart, Mrs. Foluso Gbadamosi, tendered her resignation.

Ilo, said the change in the company’s leadership is part of the restructuring process initiated by the Board of Directors to revitalise the organisation. “The erstwhile management, having laid the requisite foundation and structures for the success of the repositioning agenda, offered to step aside to pave the way for fresh ideas that will further galvanise the advancement of the new strategic direction of the company. “The board thanked the outgoing management for its immense contribution to

the growth of the company and for laying the proper structures and processes for the ongoing restructuring�, Ilo added.

On the company’s performance track over the years, Ilo said, “from the performance indices, it is clear that IGI, is applying the right strategies and moving in the right direction, with strong momentum. We recognise the need to sustain this momentum in order to create a formidable platform for long-term performance.

On the future of the company he said: “Shareholders have every cause to look forward to a better future as the company is being positioned to enhance sustainable growth and improve return on equity.

In the months ahead, there will be strong emphasis on strategy execution in order to efficiently and effectively realise our expected gains. Our projections indicate positive growth in all areas and we are committed to exceeding the benchmark for standard performance,� he stated.

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T H I S D AY WEDNESDAY AUGUST 9, 2017

FEDERAL REPUBLIC OF NIGERIA

THE FEDERAL MINISTRY OF FINANCE DEVELOPMENT FINANCE PROJECT Loan No.: 84410-NG

REQUEST FOR EXPRESSIONS OF INTEREST (CONSULTING SERVICES – FIRMS SELECTION) Assignment Title: Technical Assistance for Commercial Banks in Nigeria to Downscale their Operations to Micro, Small, and Medium Enterprises in a Sustainable and Commercially Viable Fashion Reference Number: FMF/DF Project/REOI/001/2017 The Federal Government of Nigeria (FGN) has obtained a loan from the International Bank for Reconstruction and Development and intends to apply part of the proceeds of this loan to engage qualified consulting firm(s) for the implementation of Technical Assistance to select Commercial Banks to downscale their operations to service the needs of micro, small and medium enterprises (MSMEs) in a sustainable and commercially viable fashion.

This technical assistance is planned in the context of the establishment of the Development Bank of Nigeria (DBN), a wholesale development bank licensed by the Central Bank of Nigeria, that will provide long term financing and partial credit guarantees to eligible financial intermediaries for on-lending to MSMEs. In addition to the World Bank, the DBN is supported by other development partners including the African Development Bank (AfDB), European Investment Bank (EIB), German Development Bank (KFW) and French Development Agency (AFD); with a combination of equity, debt financing, and technical assistance support.

The Federal Ministry of Finance (FMoF), which is the implementing entity for the technical assistance component of the project, is currently conducting the selection of commercial banks, with the support of an expert consultant; to ensure their eligibility and interest in a technical assistance facility, along with a preliminary assessment of their technical assistance needs that will inform the detailed terms of reference (including technical assistance tasks, time frames, objectives and deliverables) to be included in the Request for Proposal (which will be sent to short listed firms, following this Expression of Interest stage).

The consulting services (“the Services”) are envisaged to include: i) institutional assessment of each of the selected commercial banks to determine specific strengths, weaknesses, technical shortcomings and gaps, including staffing level and capacity for lending to MSMEs; ii) formulation of a detailed Technical Assistance (TA) plan which outlines measurable goals and objectives to be accomplished within a defined time-frame including certain time bound deliverables on part of the commercial bank; iii) inputs for the Technical Cooperation Agreement (TCA) to be signed between each commercial bank and the FMoF, outlining agreed services to be provided and commercial bank obligations under the technical assistance program; iv) implementation of an agreed TA plan which could include: a) modifying processes and procedures for loan eligibility, loan criteria per MSME product, product pricing, client documentation and the loan review cycle; b) training and mentoring of account officers, relationship managers, branch managers, MSME managers, credit committee and risk staff on cash flow based lending from pre-screening through monitoring c) development of manual and automated credit analysis tools and forms d) MSME segmentation development on product usage by segment, segment targeting, product design and/or modification for specific segments e) advice to client MSMEs, in the context of the loan application process, on relevant requirements (e.g. adequacy of financial records) for accessing loans f) enhancing technology platforms on data analysis, segment targeting, debt service capacity, cash flow funding structures, expedited loan origination, portfolio servicing, monitoring and risk management v) completion report including evaluation of commercial bank capacity for MSME lending. The details of above outlined Services are contingent on the detailed terms of reference that will be provided in the Request for Proposal stage.

The FMoF invites eligible consulting firms (“Consultants”) to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services.

The shortlist criteria are: ?

Evidence of at least 10 years of demonstrated international experience with similar advisory projects related to MSME finance (in the case of a joint venture this will apply at least to the lead consulting firm). ?

Evidence of international experience with at least two commercial bank downscaling projects in different regions (e.g. China, Russia, Eastern Europe and Central Asia, Africa) financed by international development institutions such as the World Bank Group, European Bank for Reconstruction and Development, and/or others as relevant. ?

Evidence of demonstrated experience of setting up sustainable MSME finance units in large commercial banks and supporting banks to reach out to MSMEs beyond their traditional client base. ?

Evidence of extensive capacity building experience with the understanding and usage of appropriate (e.g. cash-flow based) lending techniques, required in environments where MSME's financial record keeping and access to collateral is limited, and where weaknesses in the financial infrastructure inhibit efficient foreclosure on collateral.

Interested Consultants should provide the following information as part of their Expression of Interest: i) Firm qualifications and details of relevant experience specifically responding to each of the shortlist criteria above and including a brief description of the scope of the projects, the dates of implementation, budget and the funding organization; ii) To illustrate achievement and sustainability the expression of interest should indicate measurable results following the cited interventions (e.g. number of partner banks, volume and number of outstanding MSME loans per annum and over the period of the program, portfolio quality, average size of outstanding SME loans, number of SME loan per SME loan officer and/or other indicators as relevant).

The attention of interested Consultants is drawn to paragraph 1.9 of the World Bank's Guidelines: Selection and Employment of Consultants under IBRD and IDA Credits & Grants by World Bank Borrowers, May 2011, revised in July 2014 (“Consultant Guidelines”) setting forth the World Bank's policy on conflict of interest. Consultants may associate with other firms in the form of a joint venture or a sub-consultancy to enhance their qualifications.

A Consultant will be selected in accordance with the Quality and Cost Based Selection method set out in the Consultant Guidelines.

Further information can be obtained at the contact information below during office hours [0900 to 1700 hours Monday- Friday].

Expressions of interest must be delivered in a written form either to the address below (in person, or by mail or fax) or preferably e-mail by August 31, 2017 Director, International Economic Relations Attn: Procurement Specialist Project Implementation Unit (PIU) Development Finance Institution (DFI) th Room 427, 4 Floor Federal Ministry of Finance, Ahmadu, Bello Way, Abuja.

E-mail:PIUDFIfinance@gmail.com

31

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EDUCATION Utilising the Long Vacation for Community Service, Vocations As students continue to enjoy their summer holiday after the academic session, experts have suggested that they spend their time on creative activities like improving their computer literacy, engaging in community service and vocations, among others rather than roaming about and achieving nothing. Funmi Ogundare writes For two days, stakeholders drawn from the academia, African Union (AU), UNESCO, African Engineering Education Association (AEEA), Council for the Regulation of Engineering in Nigeria(COREN), Manufacturers Association of Nigeria (MAN), among others, recently converged on the African Leadership Development Centre (ALDC) Covenant University, Ota, for the third African Engineering Deans Council(AEDC) 2017 summit.

The summit themed, ‘Engineering For Socio-Economic Development of Africa’, seek to increase synergy, collaboration, networking and partnerships among Engineering deans, professors, educators, policy makers and captains of industry in order to catalyse the growth and advancement of engineering education in Africa.

The Chancellor of Covenant University, Dr. David Oyedepo who declared the summit open enumerated the challenges confronting humanity, saying that engineers must take responsibility to address them. “Most developed countries in the world begin with engineering , it is the core of any meaningful development. Engineering is moving from what it used to be, to innovation, and trying to catch up with what is needed today using present day technology, �he said The President , Global Engineering Deans Council (GEDC), Dr. Peter Kilpatrick McCloskey said Africa needs engineers to innovate and lead to solve pressing challenges of income inequality, sustainability, energy , water, housing, food and employment for billions of people who will need to be served over the next 30 years. “If engineers do not lead in these endeavours, which will require great technological innovation and skill, who will?,� he asked, adding that it is also imperative that students are trained and motivated to serve their countries and the people. “We need to start training engineers to become employers that will transform the society and also understand how we can help create the leaders that Africa needs for the 21st century,� he said.

Earlier in his keynote address, former President and Chairman AU, Chief Olusegun Obasanjo stressed the need for Nigeria to increase investment in higher institutions of learning to produce engineers that will be job creators rather than job seekers.

He said the leaders must also understand what it takes to keep tab with the 21st century and reform engineering education while supporting research for best practices.

He however expressed concern that our society is experiencing serious deficit due to the dearth of the will to come together and seek ways of working solutions to our problems without any political undertone.

According to him, “the engineering curriculum of the 20th century is no longer sufficient to address the engineering challenges of the 21st century. Certain engineering competencies such as problem solving, design and analytical thinking have become essential.�

He recalled that in many parts of Africa, young engineers have not been trained for specific roles in the industry saying, “we have to teach them to convert the technical knowledge acquired into useful artifacts that are needed in the industry and to learn also how to transform manufactured products into viable business ventures.�

Obasanjo argued that women are underrepresented in technology and engineering careers in most industrialised countries around the world, as well as admission into the programme in tertiary institutions. “The image of engineering as a masculine

They should be kept busy

profession has reproduced the perception that engineering is unsuitable for women. While various strategies have been used to try to increase the number of women entering engineering education and employment, their success has been limited.�

The President AEDC, Professor Adagboyin Obiazi noted that a Memorandum of Understanding (MoU) will be developed with defined structures and framework for implementation that will foster synergy, partnership and winwin collaboration between the academia and industries.

According to him, “this will surely turn things around and create the required impetus and momentum for industrial growth, research funding and national development. It is our firm hope that the successful implementation of the MoU will become a model to be replicated across the African continent.�

He opined that since the council is buoyed by the acceptance of the chairman of the African Union, it would help to place engineering and technology in the front burners of AU agenda and programmes, noting, “Africa needs to invest massively in engineering and technology in order to drive her development and take her away from third world nomenclatures.�

The President of COREN, Mr. Kashim Ali affirmed that engineering is very essential to improving human livelihood, while expressing concern that Africa currently lacks the critical mass of graduates in scientific disciplines. “Statistics show that there is one or less scientist or engineer per 10,000 people compared with 20 to 50 in the industrialised countries. This ratio, if calculated for technicians and artisans is even worse. This is the reason why COREN became concerned with the dearth of technical education in Nigeria within the last decade.�

As engineers, he said the council has a collective responsibility to improve the quality of living around Africa and the world, adding that teachers of engineering have greater responsibility to impact the basic knowledge that would ensure continuity for the 21stcentury.

While pledging his council’s commitment to support Africa’s progress towards the attainment of socio-economic development objectives, Ali said, “it is my hope that as we look at engineering and African development, this workshop will

be a contribution to the process of addressing challenges and identifying opportunities for constructive, creative and positive engagement of the huge engineering human resources in Africa.�

The Executive Vice Chairman and Chief Executive Office of the Nigerian Communications Commission(NCC), Professor Umar Danbatta who described the engineering sector as the bedrock of many other sectors, said it plays a prominent role in contributing to the Gross Domestic Product (GDP), but expressed concern that a major challenge for developing countries is in preparing the citizenry for knowledge economy; a world where technology dominates and activates every aspects of life. “Engineering educators must take a closer look at how its students are being prepared to enter the real world. Current graduates will be called upon to make decisions in a socio-geo political environment quite different from that of today. Artificial intelligence and robotics are a reality today, cars drive themselves, drones master the airspace, every equipment is ‘smart and cognitive’, and everything is getting internetworked with everything,� he said.

He stressed the need for the council to collaborate with manufacturers, vendors, innovators, operators, among others so as to develop an enduring engineering curricular and policy that will place the continent at the same pedestal as the developed world. The Secretary General of Committee of Vice Chancellors of Nigerian Universities (CVCNU), Professor Michael Faborode who emphasised on achieving effective research and innovation, said there must be a collaboration between the industry and the university, adding that agencies must be set up to ensure that the products and patents impact and change lives. “We must all realise that there is a challenge which must be solved. Universities must take research seriously, they must be adequately funded and accorded the needed recognition and challenged to deliver on their mandate, � he said.

The Chair, Local Organising Committee(LOC), Covenant University, Professor Christian Bolu told THISDAY that the council would work within the framework of the African union to solve African problems, as well as improve on the curriculum so that the students being

produced will be relevant for the industries.

Asked what the summit would achieve at the end of the day, he said, “we have started achieving them, we have got the attention of AU through the chairman who has invited us to Conakry for us to discuss further. We have also gotten the attention of former President Olusegun Obasanjo and the vice chancellors.

We also need to get the involvement of Nigerian manufacturers and organised private sector; and set up the structure for us to collaborate, and use the model for Africa.�

He said the committee will work on making its curriculum to be Outcome Based Education (OBE), in order to benchmark it for international best practices. “The former president has said it that our curriculum has been accepted in large numbers of areas. The only area we are trying to work on is to make our curriculum to be outcome based education.�

Bolu described its quality of engineering graduates as good saying, “that is why we are meeting with manufacturers to be able to understand their requirements and see whether we can change or modify our curriculum for it to be useful.�

Asked about the role the industry plays in the training of engineers, the Chair said, “it is to provide the information that is required for us to train people and provide the platform where students can get hands-on experience.�

On how exposed the lecturers are to practices in the industry, he said, “our lecturers need to get in touch with the industry and see the way they do things and come back for the training.�

The programme witnessed a brief award ceremony where plaques were given to former President Olusegun Obasanjo for being an ‘Achiever in Engineering’, President of the Republic of Guinea, Professor Alpha Conde for being the ‘Champion of African Renaissance’.

Others are the Chancellor of Covenant University, Dr. David Oyedepo for ‘Restoration of the dignity of the black man’, the Executive Vice Chairman and Chief Executive Office of the Nigerian Communications Commission(NCC), Professor Umar Danbatta for ‘Africa Outstanding Achiever in Communication’, as well as Nigerian Society of Engineers(NSE) for being ‘African’s Ground breaker in Engineering’.

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EDUCATION

Sixth Form College, Vital for Successful Varsity Education, Says Ebiai Mrs. Christiana Ebiai is the Principal of The Regent College, Abuja; a sixth form school recently established by the Regent group of schools. She highlights the essence of sixth form colleges as a bridge between secondary and university education, the uniqueness of the new school, among other issues. Uchechukwu Nnaike reports delivery of their subject matter. In addition to this, our UK partners will compulsorily visit our college for teacher training at least twice a year, the curriculum is the same as the one our partner institutions deliver, the exams are the same, and a marks scheme is provided for uniformity and standardisation between our college and that of our partners. Furthermore, our teachers will visit the UK school now and then for immersion and on-the- job observation and training. All of these serve to replicate the exact same conditions and standards of our partner and affiliate institutions in the UK.

What informed the introduction of sixth form colleges?

Sixth form colleges are not a new concept.

They were preceded by the Higher Secondary Certificate (HSC) which was later scrapped in Nigeria. This level of education is the tier where students aged between 16 and 18 years prepare for their advanced level examinations.

The foundation for university education is laid here and every necessary input for a successful university education overseas is ensured.

The minimum age of admission to study a degree programme in the university is at least 17 years by the third week of September in the year of admission. Hardly do you find year 11 or senior secondary three (SS3) students that are 17. Their average age range is 14-16. You will agree with me that it is a big gamble to release a young child into the world to depend on his own devises because if a child is sent abroad too early, distraction and peer influence can lead to the derailing of such a child.

How ready is the Regent College for this segment of education?

The Regent College is fully prepared for its sixth form. Everything the Regent family of schools undertake is invariably executed excellently.

You can very well expect the same measure of excellence. Our faculty is second to none in the industry and every pre-requisite facility has been provided.

What are the distinguishing features of the college?

We have put in place a unique curriculum that caters for the all-round development that will evolve our vision of a globally endowed Nigerian. Harry S. Truman, the 33rd President of USA is quoted to have said “men make history and not the other way around. Progress occurs when courageous, skillful leaders seize the opportunity to change things for the better.�

Our curriculum is constructed to groom leaders that will bring about positive change tomorrow. Our students will imbibe an experiential leadership oriented curriculum that is geared towards building a mind-set of change and the willingness to affect the future of Nigeria positively. Change can only start from an equipped individual. They would know their

Why it is better for students to do A Level /foundation programmes in Nigeria?

Many parents make the wise choice of having their children attend a sixth form college in Nigeria so they can play a supervisory role in these crucial one or two years leading to university entry. Another advantage for parents is that the fees required to pay in Nigeria would be on the average, about 10 per cent of the fees they would have had to pay for the same quality of education outside the shores of Nigeria and the money they will save in these one-two years can be ploughed back to extend the child’s stay to the master’s level.

Regent School.

country and its neighbours and place them in a comparative perspective with the countries they aim to proceed to for studies, to extract workable African solutions for Nigeria. Our college is designed to be an academic think tank for the youth where academics will be pursued at a vertex point but the ideals required for achievement and change will not be left un-touched.

Also the college is accredited by the Cambridge International Examinations for the conduct of Advanced Subsidiary and Advanced Level examinations. We are in partnership and affiliation with the top 5 per cent of world universities for feeder University Foundation Admissions (UFP) in many sought after fields of practice.

Our college is also an accredited Universities and Colleges Admissions Service centre (UCAS).

We are here to cater to the needs of parents

who value good education and are willing to bequeath an excellent academic experience for the future right-standing of their children in their chosen professions.

What steps has the college taken in terms of quality assurance of the programme?

We have put together a carefully selected faculty with the right disposition and passion for students’ achievement who are also skilled in the application of modern educational technology to evolve an excellent and robust citadel of learning. Our faculties are very experienced and acknowledged top achievers in their individual subject areas, as well as the area of our unique curriculum emphasis (leadership). They will challenge the students and broaden their intuitive and cognitive development skills as they bring their individual exciting approaches to the administration and

With your experience as an educator over the years, what are the challenges faced by private schools in Nigeria?

The United Nations recommends that 26 per cent of a member country’s budget should be allocated to education, but Nigeria consistently falls below this level so the most prominent challenge is shared by the entire education sector, and that is inadequate support. In the 2017 budget for example, only 6 per cent was allocated to this sector. Private educators have had to soldier on without support in spite of the wonderful work achieved in contributing to the development of the future workforce of this country. Mushrooming of schools is a problem that borders on standardisation. This must be seriously looked into by bodies concerned. At the micro level you have so much competition which can be positive as well as negative. Where it is positive, it results in the raising of standards this in turn leads to undue pressure on children to achieve. A balance is necessary.

UNILORIN Lecturer Wins Ayo Ogunye Trust Foundation Award Funmi Ogundare For his research in the development of hybridized TiO2 photocatalytic and adsorption unit for indoor air purification, a lecturer at the Department of Chemical Engineering, University of Ilorin, Dr. Jamiu Adetayo Adeniran has emerged the winner of the second edition of Professor Ayo Ogunye Trust Foundation, University of Lagos Research grant award of N1.5 million.

The research-based endowment by Ogunye is aimed at promoting scholarship and academic excellence in the Department of Chemical Engineering.

His research emerged the best among many entries thoroughly screened by the research grant committee and an external assessor in Obafemi Awolowo University.

Speaking at the presentation ceremony in Lagos recently, the Chairman Research Grant Committee, Professor Oluwole Familoni said the call for entries was widely advertised on UNILAG’s website and other engineering-related institutions, adding that interested academics needed to make a proposal that can win. “At the end of that we collated everything and evaluated based on what they want to do, how they want to do it and the cost. If your money is within what we can give, then we will be able to shortlist. After shortlisting, we had to do a ranking that went through stages. At the second stage, we sent it out to another external assessor who looked at the face value and ranked it. When the external assessor returned it to us, we paid him, it was not for free

and then we added our marks to it and ranked it again.

Fortunately, the person that came first with us also came first with the external assessor too, so by the time we put the marks together, Adeniran emerged first.�

He explained that Ogunye, a renowned scholar and teacher set up the Chemical Engineering Department in UNILAG and decided during the launch of the faculty endowment fund in 1990 to endow a professorial chair in the university. “To achieve this dream, and initiate the endowment, he donated N100,000 in two instalments of N50,000 each, in February and March 1990.

To further demonstrate his commitment, he sacrificed his retirement benefits (gratuity of N333,370.70 and his pension entitlements, earned since 1995

till date which amounts to N73,530,684.51 towards the endowment of the professorial chair in the department.�

Familoni said part of the total amount raised to date towards the endowment of the professorial chair in perpetuity have been used to award scholarships and prizes to deserving students of the university, from 2008/2009 session till date.

The Vice-Chancellor, Rahaman Ade Bello said, “what we are celebrating today is the legacy of a committed academic in chemical engineering. I am happy that it is a pace setting achievement and we need to really assist academics. He stated that the foundation has been sponsoring people and contributing to the economy of the nation directly, while commending the board of trustees of the

foundation.

To Adeniran he said, “all eyes are on you to ensure that you deliver some positive results that will change the nation, with research innovation you will be able to identify with values.�

In his remarks, Ogunye, who recently celebrated his 44th year in UNILAG, said he is proud to be a teacher, adding that by 2020, the endowment will have risen to N100 million.

The winner of the research grant, Adeniran, who expressed delight about his success, said his research has to do with purifying the air that we breathe by removing pollutants emitted from household activities. “You will realise that people spend 70 to 90 per cent of their time indoors from morning till evening, you may be in your

office and after that you will still go back home to sleep.

In our homes, we cook, use perfumes, insecticide and air fresheners. Those pollutants will be there for a very long time especially in a poorly ventilated environment. So my research is proposing that we use titaniumdioxide catalystic unit and absorption that will be able to remove the pollutants.�

Adeniran who noted that he had published researches in reputable journals said, “affordable absorption material will be produced from waste agricultural products and those waste will be used as absorbent. It will be a hybrid of so many components. I will be coming up with a product that will clean the air, you can get a product that will be as cheap as N200 that will absorb the pollutants.�

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EDUCATION

Kaduna Trains 13,000 Teachers on ICT John Shiklam in Kaduna The Kaduna State government has commenced the training of 13,000 senior secondary school teachers on Information and Communication Technology (ICT).

The Deputy Director, Schools in the state ministry of education, Idris Aliyu, who disclosed this in an interview at the Kaduna ICT hub, said the training was initiated under the state government’s secondary school e-learning project.

According to him, the training is expected

to prepare teachers for the senior secondary school e-learning project coming up in September, adding that 10,000 tablets loaded with over 300 books are ready for distribution under the first phase of the project when schools resume in September.

He said the project would start with senior secondary one (SSI) female students in all girls’ boarding schools in the state after which it would be extended to boys until each SS I student has a computer tablet. Aliyu added that the next batch

will be SS II students, followed by SS III, stressing that by the end of 2018, all secondary school students in the state will have a computer tablet.

He explained that the training of teachers was aimed at ensuring the success of the programme “This is why we are training the teachers before school resumes in September, such that as soon as the students are back in school, we will distribute the tablets to the teachers and students and they will all be on the same page.�

L-R: A teacher at Ansar Ud-deen Nursery and Primary School, Isolo, Lagos, Mrs.Victoria Adedokun; immediate past President, Rotary Club of Lagos, Gladys Modupe Sasore; HeadTeacher of the school, Mrs. EM Adeniyi; Special Adviser to the Governor of Lagos on Sports, Mr. DejiTinubu; and Editor, Quramo Publishing Limited,Tahirah Sagaya with the pupils of the school as they pose with their award as the best school in phonics during the grand finale of Read Project, organised by Rotary Club of Lagos, in conjunction with Quramo‌recently etop ukutt

Firm Launches Programme to Boost Teaching, Learning in Africa Sunday Okobi and Emmanuel Ella eThink African Learning Network (ALN), the first certified Moodle partner in Nigeria, has launched a first-of-its-kind programme that would allow schools across Africa to collaborate and share resources online through its learning management system.

The co-founder and Chief Executive Officer of eThink Education, a rapidly growing, privately owned corporation, Mr. Brian Carlson, said it is the first to offer Moodle hosting and services in the country and other regions in Africa.

Carlson noted in a statement that the Moodle launched by eThink African Learning Network (ALN), would allow member institutions to collaborate, easily share resources and provide a connected educational experience to learners across the continent. He added that with a shared background in both education and technology, the corporation was founded on a

vision to change the way students and teachers interact using the cutting-edge open source learning management system. “It also provides K-12 institutions support, hosting and training for the learning management system Moodle which is used by millions of learners worldwide.� He said the partnership of the certified Moodle among Nigeria, United State and the Caribbean, is aimed at providing Moodle services to colleges, corporations, government entities, K-12 schools and districts in Nigeria and Africa at large, adding that the Learning Management System (LMS) Moodle is a free open-source platform that is being used across the globe to bring learning online. “With over 100 million users, Moodle is the most widely used learning platform in the world. It allows educators to share educational resources in a web-based format, enabling students to learn onthe-go via mobile devices while saving

teachers and students valuable time. “Moodle allows educators to easily incorporate online resources and innovative eLearning tools and strategies into their lesson plans to enhance classroom learning,� the project CEO added.

Carlson added that “eThink is excited to become the first official Moodle partner in Nigeria. As a partner, we will be able to service the Moodle needs in this territory, a moodle which has already been widely adopted throughout Africa, and we look forward to supporting institutions and businesses to leverage the benefits of an incredibly flexible and affordable eLearning solution. “The Moodle by ALN will allow students and teachers at various institutions to collaborate and easily share resources directly through the platform, regardless of physical distance. This network allows institutions to share or co-teach online courses with other institutions and offer social learning opportunities for learners across the region.�

School Proprietor Harps on Quality Education, Graduates 130 Kuni Tyessi in Abuja The Proprietor of Solid Fundamentals Montessori Academy, Tudun Wada, Nasarawa State, Prince Emmanuel Obiagbona, has urged parents to as a matter of necessity, provide sound education for their children and wards with the aim of helping them to stand tall in a competitive society.

He made the call recently at the sixth graduation ceremony of the school in which 130 pupils and students; 38 from secondary, 32 from primary and 33 at the nursery school levels graduated.

He said the schools’ primary motive is not to make profit, but to invest in the moral, social and academic wellbeing of the students and enjoined parents and guardians to desist from using the present harsh economic situation of the country as an excuse not to invest in their children. “Parents should do the utmost best in the progress of their children and should not be stumbling blocks.

Some parents prefer to buy clothes than pay for the school fees of their children. Where your heart is, that is where your treasure will be. “We are not out for profit but for

community service. Many times, parents will not pay school fees and will wait till end of term before giving excuses which are usually tied to the harsh economic situation. Kindly take out time to pay their school fees because we all go to the same market.�

In her remarks, the Proprietress, Mrs. Mayen Obiagbona, said the management and staff of the school were confident that the secondary school graduating students could be referred to as the most well-behaved Nigerians of their age after being equipped to face a larger society where they will most often have to take decisions on their own.

My Diary, My Strength In furtherance to my earlier work on legacy, it is important once again to reiterate the very important subject. A gift by will, especially of personalproperty,oftentimesisavaluablereceivedfromapredecessor and/or previous owner. A property left to you, a business you have begun to run at the demise of your loved one, cash you could turn over in its multiples or what have you, helps you to grapple head on with the essential needs of life. If he is given the grace to, “a good man (or woman) leaves an inheritance to his children.�

Of a higher cadre than an inheritance is a legacy. Now well into the second half of my forties, I took a stock of what I was given and what I hopetogiverecently.IformerlyrealisedthatIwasgivenbymydeceased parents, a number of astounding legacies. None of them is material, but all of them have been my bedrock, references, tools, strategies, blueprints and my “modus operandiâ€? for living. Each of my legacies is simple really. The beauty of each is that it has been applicable to the dierent concerns and issues of my life, as well as to the dierent quiet and serene times of my life. They are applicable to my dreams and hope and ultimately, will deďŹ ne where I spend my eternity.

My legacies surmount any inheritance. Often times, when I am bold enough to display them, they have caused me pain, much trouble, being misunderstood,buttheyhaveneverbeenopenlyjudgedasunjustiďŹ able.

In this, I speak my stance, my view points, my ‘non-verbal’, my ‘verbal’ my rationale and my actions. Do pardon my coinages, dear readers, I can’t presently ďŹ nd in my repertoire substitute English words. In the 12- and-a-half years only that I knew my mother before she passed away, she drilled so many strategies into me that to this day, I still wonder how on earth I could have internalised so much in so short a time with anybody. She a teacher, who had studied education in the UK and at the University of Lagos and had taught both in England and in Nigeria, left me a legacy, the art of documentation- keeping a diary. Sound documentation and record-keeping would stand you out in teaching any day. My mother, Mrs. Adeyinka Latunde-Dada, penned and had me pen onto the very many calendars on the walls of our home and into both our diaries, things we were going to do (thus capturing time futuristically); things that were being done (thus managing the time that is presently at our disposal); things we had done or tasks complete (thus taking stock of the things we had used retrospectively/historically); things we may be doing in the months left of that year (thus mastering time proactively); and things we possibly could not envision that year, but would tackle the following year (thus ennobling the coming year).

Yes! My mother made me keep my own diary. It was one of the standard practices at home. I remember one or two of them as quaint little girlie books she’d bought from Leventis Stores at the top of our James Robertson Road, Surulere home then in the 70s’. My ones must note my chores after school and at the weekend as standard entries and in correct spellings too! Check that they were done and tick as done she would! She marked my completed duties with ticks as you would a right sum! I had rewards at times for chores well done. She was a teacher with an eye for details and the evidence of pedagogy. Her diaries housed her own evidence.

Dearest colleague of our noble profession- teaching, do you have evidence? Are your record-keeping skills up to date and in the standard formofyourlanguageofteaching?Areyourlessonnotes/plansconcise?

Can you explain your stewardship in the past, at present and what it would be in the future? Are you on top of time or does time rule you?

Omoru writes from the UK

Edo, Ondo Produce Semifinalists in Cowbellpedia Maths TV Quiz A student of Gloryland Secondary School, Igarra, Edo State, Anita Alabi; and another from Model Secondary School, Alagbaka, Akure, Ondo State, Henry Famuyiwa have emerged as the first set of semi-finalists in the junior category of the 2017 Cowbellpedia Secondary Schools Mathematics TV Quiz Show, sponsored by Promasidor Nigeria Limited. Oseghale Ailuelohia of Mind Builders High School, Satellite Town, Lagos; Abdusamad Ahmad of Flora College, Ilorin, Kwara State; Stanley Odebeatu of All Hallows Seminary, Onitsha, Anambra State and Olali Diepreye of Belary Schools, Yenagoa, Bayelsa State did not make it to the semi-final stage.

Alabi and Famuyiwa, who garnered 90 and 105 points respectively, could not conceal

their excitement as they screamed and embraced their teachers who expressed confidence in the students’ ability to advance to the finals. Alabi, the only female in the group, who had a perfect score in the qualifying examination in March, said her performance in the competition would make her father proud.

Famuyiwa, whose hobbies are drawing and singing, said he looks forward to celebrating his success with his schoolmates.

In the senior category, Michael Paul of Excelgrace Academy, Gboko, Benue State and Margaret Chibuzo of Dority International Schools, Aba, Abia State with 105 and 110 points respectively scaled through to the semi-finals.

Paul had a perfect score in the qualifying examination, while Chibuzo scored 95 per cent.

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RUNNING THE CLASSROOM

NUC Urges Students to Seek ODL Programme to Curb Forex Scarcity Peace Obi The Director, Open and Distance Education, National Universities Commission (NUC), Dr. Olamide Adesina, has stressed the need for more Nigerian students seeking admission into higher institutions to explore Open and Distance Learning (ODL) programmes. This he said will reduce the high rate of foreign exchange experienced in the country as a result of Nigerian students seeking foreign education.

He described ODL as an advantageous initiative of the federal government, designed to serve as a credible and qualitative means of delivering quality degree programmes that is of global comparability.

Delivering a keynote address with a theme, ‘The Role of Open and Distance Education in attaining a Sustainable Economy’, during the launch of the University of Lagos Distance Learning Institute

Students’ Association (DLISA), Adesina said there is a limit to what conventional provisions for university education can accommodate.

He said lack of access to higher education and prestige resulted in Nigerians seeking higher education beyond the shores of the country, adding that ODL was created to give increased access to Nigerians seeking higher education. “The exodus of Nigerians for the same reasons in recent years is staggering, more so, the huge foreign exchange drain. In the midst of a recessed economy, this option is hardly sustainable. “Options and alternatives that will not burden individuals and national economy needs to be sought. There is a global acceptance of ODL as a means of human capital formation. It has the advantage of economy scale. It is an additional way of democratisation, increased access and to ensure inclusiveness. However, an appropriate

curriculum is also of utmost importance in this course.�

He noted that university education is beyond getting a degree or preparing students for employment. “It should broaden students’ mind and horizon, while empowering them to discern connections, effectively analyse problems and exhibit creative understanding. “The higher the number of individuals who possess these abilities, the greater is the hope that there will be development.

Opportunities should therefore abound so that more persons could take advantage of the offer.�

The Chancellor, Oduduwa University, Ile-Ife, Osun State, Dr. Rahmon Adedoyin, who was represented by the ViceChancellor, Professor Chibuzor Nwoke, said ODL has gained world acceptance, noting that sustainable development will be elusive without quality manpower to man critical sectors of the economy.

He urged Nigerians to embrace the flexible learning opportunities it offers, saying that it eliminates barriers to further education by workers and affords them the opportunity to develop other skills while gainfully employed.

In his remarks, the Director, Distance Learning Institute, University of Lagos, Professor Olukayode Amund, noted that open learning is an approach that seeks to remove unnecessary barriers and restrictions to learning. He traced the history of ODL in UNILAG to 1973 when it started with a correspondence programme, adding that it has over the years expanded in length and breadth with more approved courses and migrated to electronic platforms of learning. “The annual DLISA lecture is in recognition of the fact that education and training are a crucial pillar and indeed the foundation for the reconstruction and development of Nigeria.

CHIOMA ERUOTOR

The Power of ‘I am Sorry’

ËŠ Ă‹Ă— Ă?Ă™ĂœĂœĂŁËŞËœ Ă‹ Ă?Ă’Ă™ĂœĂž ĂŒĂ&#x;Ăž ×ÓÑÒÞã Ă?Ă?Ă˜ĂžĂ?Ă˜Ă?Ă?Ë

Ă? ĂŁĂ™Ă&#x; ĂĄĂ“Ă?Ă’ ÞÙ Ă–Ă“Ă Ă? Ă–Ă™Ă˜Ă‘Ëœ ĂŽĂ™Ă˜ËŞĂž ÔÙÕĂ? åÓÞÒ ÞÒÓĂ? Ă?Ă’Ă™ĂœĂž Ă?Ă?Ă˜ĂžĂ?Ă˜Ă?Ă?Ëœ ËŠ Ă‹Ă— Ă?Ă™ĂœĂœĂŁËŞË› Ă™ ĂŁĂ™Ă&#x; Ă•Ă˜Ă™ĂĄ ÒÙå Ă—Ă‹Ă˜ĂŁ ĂšĂ?ÙÚÖĂ? ĂĄĂ’Ă™ Ă’Ă‹ĂŽ Ă‘Ă™Ă˜Ă? ÞÙ Ă?Ă‹ĂœĂ–ĂŁ Ă‘ĂœĂ‹Ă Ă? ĂŒĂ?Ă?Ă‹Ă&#x;Ă?Ă? ÞÒĂ?ĂŁ Ă˜Ă?Ă‘Ă–Ă?Ă?ĂžĂ?ĂŽ ÞÒĂ? ÞÒĂ?ĂœĂ‹ĂšĂ?Ă&#x;ÞÓĂ? ÚÙåĂ?Ăœ Ă™Ă? ËŠ Ă‹Ă— Ă?Ă™ĂœĂœĂŁËŁËŞ Ă“Ă˜Ă‘Ă–Ă? Ă?Ă™ĂœĂœĂŁ Ă?Ă‹Ă˜ Ă?ÞÙÚ Ă‹ ĂĄĂ‹ĂœËœ Ă‹Ă˜ĂŽ ĂšĂœĂ?Ă Ă?Ă˜Ăž Ă—Ă“Ă–Ă–Ă“Ă™Ă˜Ă? Ă™Ă? Ă—Ă?Ă˜Ëœ åÙ×Ă?Ă˜ Ă“Ă˜Ă?Ă–Ă&#x;ĂŽĂ“Ă˜Ă‘ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ Ă?ĂœĂ™Ă— ĂŽĂŁĂ“Ă˜Ă‘Ë Ă™Ă?Ăž Ă™Ă? ÞÒĂ? ĂžĂœĂ™Ă&#x;ĂŒĂ–Ă?Ă? Ă“Ă˜ Ă—Ă™Ă?Ăž ÒÙ×Ă?Ă? Ă‹ĂœĂ? Ă’Ă?Ă“Ă‘Ă’ĂžĂ?Ă˜Ă?ĂŽ ĂŒĂ?Ă?Ă‹Ă&#x;Ă?Ă? ĂĄĂ“Ă Ă?Ă? Ă‹ĂœĂ? ÞÙÙ ĂŒĂ“Ă‘ ÞÙ Ă?Ă‹ĂŁ ËŠ Ă‹Ă— Ă?Ă™ĂœĂœĂŁËŞ ÞÙ ÞÒĂ?Ă“Ăœ Ă’Ă&#x;Ă?ĂŒĂ‹Ă˜ĂŽĂ? Ă‹Ă˜ĂŽ ĂŁĂ™Ă&#x; Ă?Ă‹Ă˜ ĂžĂœĂ&#x;Ă?Ăž ÞÒĂ? Ă?Ă‘Ă™ Ă™Ă? Ă’Ă&#x;Ă?ĂŒĂ‹Ă˜ĂŽĂ? Ă“Ă˜ Ă?Ă‹ĂŁĂ“Ă˜Ă‘ Ă?Ă‹Ă—Ă? ÞÙ ÞÒĂ?Ă“Ăœ ĂĄĂ“Ă Ă?Ă?Ë› Ă&#x;Ă‹ĂœĂœĂ?Ă– Ă–Ă“Ă˜Ă‘Ă?ĂœĂ? ĂŒĂ?ÞåĂ?Ă?Ă˜ Ă?ĂœĂ“Ă?Ă˜ĂŽĂ? ĂŒĂ?Ă?Ă‹Ă&#x;Ă?Ă? Ă˜Ă™ ĂšĂ‹ĂœĂžĂŁ ĂĄĂ‹Ă˜ĂžĂ? ÞÙ Ă?Ă‹ĂŁ ËŠ Ă‹Ă— Ă?Ă™ĂœĂœĂŁËŞË› Ă‹Ă?Ă’ Ă?Ă‹ĂŁĂ? Ă™Ăœ Ă‹Ă?Ă•Ă?Ëœ ĂĄĂ’ĂŁ Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? ÞÒĂ? Ę¨ĂœĂ?Ăž ÞÙ Ă?Ă‹ĂŁ ËŠ Ă‹Ă— Ă?Ă™ĂœĂœĂŁËŁËŞ Ă? Ă™Ăœ Ă?Ă’Ă? ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ?Ă‹Ăž Ă’Ă“Ă? Ă™Ăœ Ă’Ă?Ăœ Ă?Ă’Ă?Ă?Ăž Ă‹Ă˜ĂŽ Ă&#x;ĘľĂ?Ăœ ÞÒĂ? Ă?Ă‘Ă™ ĂšĂ’ĂœĂ‹Ă?Ă?Ëœ ËŠĂ‹ åÒÙÖĂ? Ă—Ă?Ë ËŞ Ă‹ĂŽĂ“Ă?Ă? Ă‹Ă˜ĂŽ Ă‘Ă?Ă˜ĂžĂ–Ă?Ă—Ă?Ă˜Ëœ ĂĄĂ?Ă–Ă?Ù×Ă? ÞÙ ÞÒĂ? ĂšĂ‹ĂœĂž Ă™Ă? ÞÒĂ? ĂĄĂ™ĂœĂ–ĂŽ ĂĄĂ’Ă?ĂœĂ? Ă?Ă‹ĂŁĂ“Ă˜Ă‘ ËŠ Ă‹Ă— Ă?Ă™ĂœĂœĂŁËŞ Ă“Ă? Ă‹ Ă’Ă‹ĂœĂŽ Ă˜Ă&#x;Ăž ÞÙ Ă?ĂœĂ‹Ă?Ă• ĂĄĂ’Ă“Ă–Ă? Ă?Ă&#x;ĂœĂ?Ă?Ă? Ă‹ĂœĂ? Ă?Ă‹Ă?Ă“Ă–ĂŁ Ă&#x;Ă˜Ă–Ă?Ă‹Ă?Ă’Ă?ĂŽË› Ă?Ă–Ă?Ù×Ă? ÞÙ ÞÒĂ? ĂšĂ‹ĂœĂž Ă™Ă? ÞÒĂ? ĂĄĂ™ĂœĂ–ĂŽ ĂĄĂ’Ă?ĂœĂ? ĂšĂ?ÙÚÖĂ? ĂœĂ?Ă?Ă?Ăœ ÞÙ Ă‹ ĂšĂ?ĂœĂ?Ă™Ă˜ ĂĄĂ’Ă™ Ă?Ă‹ĂŁĂ? ËŠ Ă‹Ă— Ă?Ă™ĂœĂœĂŁËŞ Ă“Ă˜ Ă‹ Ă—Ă“ĂŽĂ?Ăž Ă™Ă? Ă‹ ĂœĂ“Ę° Ă‹Ă? Ă‹ ËŠĂĄĂ?Ă‹Ă•Ă?Ăœ Ă?Ă?â˪Ë? Ă™Ă˜Ă? ĂĄĂ’Ă™ Ă“Ă? Ă˜Ă™Ăž Ă—Ă‹Ă˜ Ă?Ă˜Ă™Ă&#x;Ă‘Ă’Ëž Ă™Ă˜Ă? ĂĄĂ’Ă™ Ă“Ă? Ă?ÙÙÖÓĂ?Ă’Ë› Ă?Ă–Ă?Ù×Ă? ÞÙ Ă?ĂœĂ“Ă?Ă‹ ĂĄĂ’Ă?ĂœĂ? Ă?Ă‹ĂŁĂ“Ă˜Ă‘ ËŠ Ă‹Ă— Ă?Ă™ĂœĂœĂŁËŞ Ă“Ă? ÞÙĂ&#x;Ă‘Ă’Ă?Ăœ ĂžĂ’Ă‹Ă˜ Ă?Ă™ĂœĂ?Ă“Ă˜Ă‘ Ă‹ ĂŽĂ™Ă˜Ă•Ă?ĂŁ ÞÙ ÚËĂ?Ă? ĂžĂ’ĂœĂ™Ă&#x;Ă‘Ă’ Ă‹ Ă˜Ă?Ă?ĂŽĂ–Ă? ÒÙÖĂ?Ë› Ă–Ă– Ă™Ă? Ă&#x;Ă? Ă‹ĂœĂ? Ă Ă“Ă?ÞÓ×Ă? Ă™Ă? ÞÒÓĂ? ĂŽĂ“Ă?Ă?Ă&#x;Ă?Ă?Ă“Ă™Ă˜Ë› Ă? Ă’Ă‹Ă Ă? Ă–Ă™Ă?Ăž Ă Ă‹Ă–Ă&#x;Ă‹ĂŒĂ–Ă? Ă‹Ă?Ă?Ă?ĂžĂ?Ëœ Ă—Ă™Ă˜Ă?ĂŁ Ă‹Ă˜ĂŽ Ă?Ă Ă?Ă˜ Ă–Ă“Ă Ă?Ă? ĂŒĂ?Ă?Ă‹Ă&#x;Ă?Ă? Ă™Ă? ÞÒÓĂ? Ă?Ă’Ă?Ă‹Ăš Ă‹Ă˜ĂŽ Ă‹ĘĽĂ™ĂœĂŽĂ‹ĂŒĂ–Ă? Ă?Ă?Ă˜ĂžĂ?Ă˜Ă?Ă? ËŠ Ă‹Ă— Ă?Ă™ĂœĂœĂŁË›ËŞ Ăž Ă?Ó×ÚÖã Ă?Ă™Ă?Ăž Ă™Ă˜Ă–ĂŁ Ă‹ ĂŒĂœĂ?ËÞÒ Ă™Ă? Ă?ĂšĂ?Ă?Ă?Ă’Ë› Ă‹Ă Ă? ĂŁĂ™Ă&#x; Ă?Ă Ă?Ăœ ĂĄĂ™Ă˜ĂŽĂ?ĂœĂ?ĂŽ ĂĄĂ’ĂŁ ÎÙ×Ă?Ă?ÞÓĂ? à ÓÙÖĂ?Ă˜Ă?Ă? Ă“Ă? Ă–Ă?Ă?Ă? ĂšĂœĂ™Ă˜Ă™Ă&#x;Ă˜Ă?Ă?ĂŽ Ă“Ă˜ ÞÒĂ? ĂĄĂ?Ă?ĂžĂ?ĂœĂ˜ ĂĄĂ™ĂœĂ–ĂŽËŁ Ăž Ă“Ă? Ă?Ó×ÚÖã ĂŒĂ?Ă?Ă‹Ă&#x;Ă?Ă? ÞÒĂ?ĂŁ Ă&#x;Ă˜ĂŽĂ?ĂœĂ?ĂžĂ‹Ă˜ĂŽ ÞÒĂ? Ă?ĘŠĂ?Ă‹Ă?ĂŁ Ă™Ă? ËŠ Ă‹Ă— Ă?Ă™ĂœĂœĂŁË›ËŞ Ă&#x;Ă?ĂŒĂ‹Ă˜ĂŽĂ? Ă?Ă‹ĂŁ Ă“Ăž ÞÙ ÞÒĂ?Ă“Ăœ ĂĄĂ“Ă Ă?Ă? Ă‹Ă˜ĂŽ Ă?Ă Ă?Ă˜ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ ĂĄĂ’Ă?Ă˜Ă?Ă Ă?Ăœ ÞÒĂ?ĂŁ Ă?ĂœĂœËœ ĂĄĂ“Ă Ă?Ă? Ă‹Ă˜ĂŽ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ ĂŽĂ™ ÞÒĂ? Ă?Ă‹Ă—Ă? Ă‹Ă˜ĂŽ Ă–Ă“Ă?Ă? Ă‘Ă™Ă?Ă? Ă™Ă˜ Ę¨Ă˜Ă?Ë› ĂœĂ“Ă?Ă˜ĂŽĂ?Ëœ ÞÒÓĂ? Ă“Ă? Ă?Ó×ÚÖã Ă‹ ÚÓĂ?Ă?Ă? ÞÙ Ă?Ă˜Ă?Ă™Ă&#x;ĂœĂ‹Ă‘Ă? Ă&#x;Ă? ÞÙ Ă?Ă&#x;ÖÞÓà ËÞĂ? Ă‹ Ă’Ă‹ĂŒĂ“Ăž Ă™Ă? Ă?Ă‹ĂŁĂ“Ă˜Ă‘ ËŠ Ă‹Ă— Ă?Ă™ĂœĂœĂŁË›ËŞ Ăž Ă“Ă? ĂŽĂ“ĘŠĂ?Ă&#x;Ă–Ăž ĂŒĂ&#x;Ăž ĂœĂ?Ă‹ĂŽĂ“Ă–ĂŁ Ă‹ĘĽĂ™ĂœĂŽĂ‹ĂŒĂ–Ă?Ë› Ă?Ă‹ĂœĂ˜ ÒÙå ÞÙ Ă?Ă‹ĂŁ ËŠ Ă‹Ă— Ă?Ă™ĂœĂœĂŁËŞ Ă?Ă Ă?Ă˜ Ă“Ă? ĂŁĂ™Ă&#x; Ă‹ĂœĂ? ĂœĂ“Ă‘Ă’ĂžË› Ă?Ăž Ă&#x;Ă? ĂžĂ?Ă‹Ă?Ă’ Ă™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ ÒÙå ÞÙ Ă?Ă‹ĂŁ Ă‹Ă— Ă?Ă™ĂœĂœĂŁË›

Eruotor writes from Lagos

Unpaid Salaries: ECWA Constitutes Visitation Panel for Bingham Varsity Kuni Tyessi in Abuja

R-L: Theresa Ilechukwu, Uche Ilechukwu, Oge Ilechukwu (the graduand), Chidimma Ilechukwu,the Spiritual Director, Queen of Angels Catholic Adoration Prayer Ministry, Awgu, Enugu State, Rev. Fr. Clement Mary Ilechukwu, and Agnes Ilechukwu, at the 2017 graduation of Konigin Des Friedens College (KFC), Enugu... recently

Abia Poly Recovers from Setbacks, to Restore Mass Comm Programme Emmanuel Ugwu in Umuahia After busting a fraud syndicate that compromised its Internally Generated Revenue (IGR), the new management of Abia State Polytechnic (Abia Poly), Aba, has adopted strategic measures to boost the revenue profile of the institution.

The Rector, Professor Ezionye Eboh, who disclosed this recently, during a courtesy visit by members of the Nigeria Union of Journalists (NUJ) Abia State Council, said the strategic business unit of the institution has been reinvigorated to bring in the needed funds.

He said an enhanced IGR would make it possible for the institution to overcome the challenge of defaulting in payment of its 1,400 staff with monthly wage bill of N180 million.

According to him, some of the revenueyielding businesses owned by the institution have been revived, including the guest house, bakery, and bottled water, among others.

On the issue of subvention he said,

“government has been so generous in funding the institution and if it continues in such manner and we shore up our IGR the issue of salary arrears would be over.�

Eboh, who assumed duty in February, said there are a lot of challenges facing the polytechnic when he came on board, adding that the institution was “like a grave yard as it was crippled by labour unions that were on strike.�

He said it took him three days to negotiate with the unions to call off their strike and bring academic life back to the institution; hence things were now looking better. “We have seen the ugly days but we are now on a progressive march. We are on a journey to the promised land,� he said, adding that the management is committed to the progressive march of this institution. The rector also disclosed that the polytechnic is now ready to restore its Mass Communication programme which had been frozen for many years while successive managements

never bothered to resolve the issues that necessitated the scrapping of the programme.

He said the current management has made representations to the Tertiary Education Trust Fund (TETFund) for assistance as Mass Communication programme is capital intensive and is not something one starts and leaves it half way. “The stage is now set for Abia Poly to resume its Mass Communication programme in the 2017/2018 academic session and would ensure that the restored programme would be run with the highest standard. In her remarks the Registrar, Mrs. Comfort Nwabuogu, said the management is now “doing the right thing at the right time.�

She said a sanitisation exercise has already been carried out as the institution has not only busted the fraud syndicate but also shown the exit door to staff found to have entered the polytechnic with fake certificates.

A nine-man visitation panel has been constituted for Bingham University, established by the Evangelical Church Winning All (ECWA), and it is expected to look into the issue of several months unpaid salaries to staff.

Speaking during its inauguration recently in Jos, Plateau State, the Chairman of the board, Professor James Saliba said among other terms of reference, the panel is expected to assess the governance and administration of the institution at different levels and ascertain whether or not there is compliance with due process.

In his welcome address, the visitor to the university and ECWA President, Reverend Jeremiah Gado acknowledged Bingham University as ‘a gift from God’, adding that every gift that comes from him has to be handled very well because it is very precious. “We are not out to find faults but to find out what is wrong and address it. ECWA is on a mission to have an everest of all universities beyond Nigeria.

We will continue to pursue perfection and attain excellence because the God we serve is a God of excellence. The panel therefore, is our quest to pursue perfection and attain excellence for Bingham and ECWA. The eyes of the world are on us and even non-Christians expect us to do better than what we are doing now.�

Responding on behalf of the panel, the former ViceChancellor of Kaduna State University, Professor Barnabas Williams Qurix, appreciated

ECWA leadership for choosing them to serve, saying, “it is a privilege, even though, we are not wise enough to undertake the assignment, we trust that God will see us through. If there was a time that Bingham requires our support, the time is now that the church is facing challenges in accessing quality education.�

Speaking after the inauguration ceremony to journalists, ECWA General Secretary, Rev. Yunusa Nmadu, said the idea of a visitation panel is statutory as it is in line with the laws guiding the establishment of universities in Nigeria to review the university governance at intervals.

He described as temporal the economic challenges it is currently facing, adding that the situation is not as precarious as being peddled in many quarters.

On what ECWA expects from the panel, Nmadu said, “our expectation is that the panel will do a thorough work and come up with suggestions to put the university on its right footing.�

Members of the panel include Qurix; Mrs. Florence Dada, Mr. Daniel Gwaza, Professor Sunday Bassey, Professor Gabriel Motty, Mr. Godwin Williams, Dr. Ezekiel Adeleye and Professor James Saliba, the chairman.

Academic and non-academic staff members of the university had down tools in order to press home their demands as a result of several months’ unpaid salaries and other allowances

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CITYSTRINGS

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

Breaking New Grounds As part of efforts to improve the standard of education in Nigeria, Dimeji Falana and Dare Adebayo developed a digital education software known as EDVES. In this report, Ugo Aliogo examines the unique features of the software

Falana

Adebayo

EDVES training at a school in Ikorodu, Lagos

D

We then carried out a research and built the better version for them which they are using till date,� he noted.

The software is built and deployed as a mobile and cloud solution. As an application, it helps schools (primary, secondary and tertiary institutions) to automate academic activities, such as student enrollment, serve as a platform for parents to identify schools online, check the information on these schools and enroll them without their physical presence.

The software is currently covering schools in 10 states in Nigeria, though the long term focus is to automate 30 per cent of schools in Africa, then expand to other continents in the near future. Subscribers of this application are all South-western states excluding Ekiti, Kwara, Bayelsa, Ebonyi, Kogi states.

Judging from the growth of digital innovations in the world, Falana is optimistic that the software will be a sought after materials for schools in Nigeria and Africa because it addresses a lot of academic and administrative needs.

He espoused that the software will not only eliminate the traditional pen and paper work in carrying out academic assessment for the students, but also give parents an opportunity to research on affordable schools especially private owned delivering quality education.

Falana said the software would help bring efficiency to the work of teachers especially in result grading, documentation of student information, regular communication with parents, assist school owners to keep record of school fees and other payments. It also helps teachers to save time in order to upgrade their lesson notes and carry out necessary research for innovative teaching.

The software will allow parents to login in any time to know the performance of their children, academic records, pay school fees and track result compilation. Also, parents who are not connected can receive information on their children’s performance through text messages on their phones.

Parents can also download the application on their android phones to keep track of their children academic performance. Beside, result checking, parents can also use it to pay school fees and this allows the school owners get their money through online payment.

To fast track the payment process and ensure that it is secured, Falana said they have entered into a partnership agreement with Interswitch.

This ensures that the payment goes to the school without any barrier of entry because it is totally free and setup takes 24 hours. The payment convenience allows parents to check relevant information about payment for school fees, transportation, PTA levy or textbook and pay for them. According to him, “This is really helping the school to get their return on investment so that they deliver quality education. There are lots of reports they generate to know the performance in each subject. Every school on our platform can track the performance of their students in each subject to know the subjects that need improvement in the school. The student attendance can also be tracked. This software will enable the school to be sensitive to any change that can accumulate and create problem in the education system in Nigeria. “October, 2016, we registered EDVES Nigeria Limited to stand on its own and today, we have 214 schools in 10 states that are using this software.

We have been able to automate records that are close to 400,000. We have been able to do this through the support and partnership with some great organisations. “We don’t focus only in the cities because we believe that education is meant for everybody and there shouldn’t be any division. We have our team going into every part of the state we are operating to onboard the schools. They use this solution to automate their work and improve their impact over the time. It has been awesome connecting with these schools. We want to become a cloud that is actually powering delivery of education in Africa and then the ability to track this improvement over time. “We also do a bit of e-learning because we provide alternatives to teaching. We started this during the Ebola outbreak when educators and students couldn’t go to school. We launched our

imeji Falana is a graduate of Computer Science, University of Ilorin, Kwara State. His original intention was to study Medicine, but by a twist of fate he found himself studying Computer Science. This was a choice he never opted for, from the outset. Years before gaining admission, he frequently visited his cousin’s office, a lecturer in the University of Ilorin and assisted her in preparing PowerPoint Presentation for inaugural lectures.

While assisting his cousin, he gained mastery of Microsoft PowerPoint and Microsoft Excel.

This created the room for him to prepare Power Point presentations for inaugural lectures for some university professors. This activity helped not only in deepening his love for Microsoft PowerPoint and Microsoft Excel, but inspired him to learn programming on the Youtube and create software which could do the work of those office applications combined.

After graduation, Falana and Dare Adebayo created a digital education software application known as EDVES as a product under their business known as ITvessel. Then in October, 2016, they registered their company known as Edves Nigeria Limited. They created this application because of their desire to develop software which could assist teachers in having enough time to research and innovate having realised that pen and paper often times slowed the pace of the teaching process. Their first client was a school they frequently visited in Ilorin to assist with IT and Multimedia jobs when needed. They began first with creating a website for the school, but later saw a need to improve on it by deploying the software which could handle calculations and grading of academic activities for the school. “During a meeting with the school proprietress, she told us she wanted something like a website.

Though she could not express appropriately, but we knew what she wanted. So we built a website for the school. But we also told her that there are things Microsoft Excel could not do such as handling complex computation, email, SMS amongst other things. “Therefore we decided to offer the software that could handle calculation, and grading of academic activities for the school. So instead of using pen and paper to write student grades one-by-one, the application can automate them with 100 per cent accuracy. When we built the better version, it was not actually successful because it was a learning curve for us. It worked for a while and stopped, then came back again.

We have 214 schools in 10 states that are using this software. We have been able to automate records that are close to 400,000. We have been able to do this through the support and partnership with some great organisations

e-learning, online assignment and also video content. Even on weekends, teachers can give the children assignment and send the reports to the parents on Mondays. “Teachers can use it to grade them and then send it back to the parents on their mobile application and through text messages. The schools have adopted this software. When they compared with what they (school owners) are getting from outside the continent it is better because this software is built with them in mind. We go as far as seeking their opinions and asking questions, then go back to the drawing board and build it for them. We work with the teachers, students and parents in mind. “This software is not only for primary and secondary schools, but also tertiary institutions are not left out. We looked at the school’s system, their needs and then we sat down and built the solution before deploying it to them. We always train the teachers on how to use it and they will take it from there. But even before this software was created, most of these schools don’t really have any system in place. We have seen stories of schools that claimed they couldn’t figure out their finance but they can now track their finances.�

The software is very user-friendly as a result more parents are connected to it. Within months, the software has received about 1.8 million paid navigation on its site. They have visitors between 1000 to 4000 visitors per day with a total user of over 80,000. The penetration of this software is so efficient that parents can always check the performance of their kids from anywhere and know what else to do. It also provides result breakdown. Falana added: “We are under Federal Government Technology Incubation, under Federal Ministry of Science and Technology.

We also have partnership with private sectors like UBA Group and others. We have met like minds over the years. We have always engaged our hosting company to see how we can put more firewall security in place. We have gone as far as putting our own encryption. “We have used the Secured Socket Layer (SSL) that gives encryption. All this encrypts every detail that go through every network. Our hosting companies, Mainone Cable Company protects us from DOS attack and enable firewalls for security purpose. We are making giant strides in Africa because I believe when we started that it didn’t make much sense, but it is breaking grounds. With the software, African schools will deliver quality education and measure growth and impact."

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CITYSTRINGS

The March against Land Grabs Civil Society Organisations in Edo State, under the umbrella of Coalition for Protection of the Environment, recently staged a protest against land grabbing and deforestation.

Adibe Emenyonu who was there, reports

The coalition of CSOs protesting against land grabbing and deforestation in Benin, Edo State...recently

B

ose Eruanga is a peasant farmer from Uzalla, Owan West Local Government Area of Edo State.

Eruanga, as a widow with six children depends on the produce from the farmlands in her community to train her children.

Pastor Sunday Erha, a native of Uhunmora, also in Owan West Government Area also depends on farming to take care of his family of seven apart from his pastoral calling.

Mrs. Esther Osagiede, from Orhua Agudezi, Uhunmwode Local Government Area is in the same league with Erha and Eruanga, who depend on farming for livelihood.

The trio, are among several farmers from over 25 communities who are currently at war with Okomu Oil Palm Plc over alleged encroachment of their farm lands for agriculture.

The land in dispute covers 13,750 hectares spread in Okomu Village, Agbede, IK Camp, Makilolo, Memo, Oweike, Aibiosi, Sobe, Uhiere, Owan, Ugbebezi, Oke-Ora, Ekpan, One, Atorunu, Ogbetu, Umokpe, Orhua, Ozalla, Sabongida Ora, Odiguete, Agudezi, Uhunmora, Uzebba, Odighi and others.

In order to resolve the dispute between the communities and Okomu Oil Palm after several complaints by the affected farmers in these communities, the Edo State Government revoked the land in a Gazette dated November 5, 2015.

It was gathered that the land in question was originally allotted to Iyayi Group of Companies for the purpose of planting trees, who in turn allegedly sold it to Okomu Oil. Upon taking possession, the company was said to have drafted bulldozers to these reserved lands to expand their operation thus, fueling the protest by the communities.

Having waited for nearly two years without the state government enforcing the revocation order, the affected communities resorted to taking their case to Environmental Rights Action/Friends of Earth Africa (ERA/FoEN)

and other Civil Society Organisation (CSOs).

Against this backdrop, the group, under the aegis of Coalition for Protection of the Environment in Edo State, staged a protest against the Okomu Oil Plc on June 21, accusing the company of grabbing land belonging to farming communities in the state.

The coalition comprising farmers' association, lawyers, teachers, environmentalists, human rights defenders also marched against what it called "the growing wave of deforestation with concern for rising food prices due to scarcity of farmlands for small-scale farmers growing staple food."

The protesters recalled that on November 5, 2015, the Edo State Government through government revocation Order under the leadership of former Governor Adams Oshiomhole revoked 13,750 hectares de-reserved land in Owan and Okomu Forest Reserves from Okomu Oil Palm Company Plc, a member of the global SOCFIN

In order to resolve the dispute between the communities and Okomu Oil Palm after several complaints by the affected farmers in these communities, the Edo State Government revoked the land in a Gazette dated November 5, 2015

Group which it illegally acquired.

Spokesman of the coalition and Executive Director of ERA/FoEN), Dr. Uyi Ojo, particularly, frowned at the fragrant disregard of Edo State revocation order by the company nearly two years after as it continued to defy the order to further its plantation business under the watch of the current state government.

In order to give the protest the desired attention, the coalition visited the Edo State House of Assembly, Edo State Government House and Oba of Benin Palace where they laid the same complaints.

At the assembly, the Speaker, Dr. Justine Okonobo thanked the protesters for conducting themselves in a civilised manner, noting that it’s better to jaw-jaw than to war-war.

He promised that during next assembly sitting, the matter will be discussed, adding that "we will take the matter seriously."

However, when the group took their protest to Government House, no official came to address them, prompting the coalition to demand that Okomu Oil should vacate the 13,750 hectares of land it is occupying.

They also implored the state government to be on the side of the 21 communities affected by the land occupation. That the Okomu Oil Palm Company must obey the state government revocation order of 5th November, 2015.

According to them, "As a state currently with the second highest deforestation rate in Nigeria after Cross River State, with Okomu Oil Palm Company becoming one of the drivers of deforestation for oil palm cultivation in Nigeria, the company has continued to disregard the revocation order by the Edo State Government to further its expansion.

"The stakeholders-coalition including the impacted commune, farmers and civil society organisations and global environment is watching as you and your colleagues in Edo State Government move towards making a decision about the future of sustainable community-based forest management system in Edo State. We

urge you to enforce the revocation order on Okomu Oil Palm Company Plc in Edo State and commence regeneration of the areas destroyed."

They further reminded the state government saying: "Plantations are not forests; communities' forest is not for sale. Host communities, civil society and scientists over the years have known that industrial plantation companies bring far more harm than good, contribute to climate change crisis through land use change soil contamination and pollution of water bodies which people depend on."

Mum also remained the reaction of the management of Okomu Oil as efforts to reach them proved abortive.

However, one dangerous aspect of the struggle by the farming communities is that they will not be able to get enough land to embark on agriculture and food production especially at this present time both the federal and state governments are laying more emphasis on agriculture as a means of overcoming the present recession the country finds itself.

Moreover, not too long ago, the state government launched its Agri-prenure with 1,000 hectares of land at the Sobe Farm Settlement where about 200 persons were empowered in the state Accelerated Agricultural Development Programme (AADP) for small-scale farmers, aimed at creating jobs and sustainable food production.

Not only that, Governor Obaseki during a programme commemorating the World Environmental Day, outlined part of his administration’s agenda to salvage forest resources from degradation, revealing that in addition to the GPS land imaging system inaugurated in Benin four months ago, a firm had also been engaged to capture another 2000km2.

Given these two scenarios, many are of view that the state government's continued silence over the revocation order, is capable of jeopardising its agricultural policies if it has refused to act by taking a stand either for or against.

T H I S D AY Ëž , AUGUST 9, 2017

39

BUSINESS/MONEYGUIDE

Presidential Council, Operators Optimistic about Credit Growth Obinna Chima The Enabling Business Environment Secretariat (EBES) of the Presidential Enabling Business Environment Council (PEBEC) as well as operators in the credit bureau sub-sector have expressed optimism that the Nigerian economy would soon record growth in access to credit following the two Acts that were recently passed into law by the National Assembly.

The two Acts are the Credit Reporting Act 2017 and the Secured Transactions in Movable Assets Act (also known as the Collateral Registry Act) 2017.

The Reform Leader, EBES/ PEBEC, Mrs. Funmi Ilamah stated this at the fourth Credit Bureaus Association of Nigeria (CBN), National Reporting Conference held in Lagos yesterday, with the theme: “Credit Bureaus and the Nigerian Economic Recovery: Facilitating the Ease of Doing Business,� yesterday.

In July 2016, President Muhammadu Buhari established the PEBEC with the primary mandate of sustainably and

progressively making Nigeria an easier place to do business.

PEBEC is chaired by the Vice President, and comprises 10 ministers, the Head of Service and the CBN Governor, with representatives of the National Assembly, Lagos and Kano State Governments, and the private sector. The Enabling Business Environment Secretariat (EBES) supports PEBEC in implementing its reform mandate.

According to Ilamah, micro, small and medium scale enterprises (MSMEs) account for almost 50 per cent of the Nigerian Gross Domestic Product (GDP), as such, policies that support MSMEs would grow the economy.

She pointed out that access to credit was critical to economic growth and is considered to be the motor for driving private sector development. However, in Nigeria more than 70 per cent of private enterprises, typically MSMEs, have no access to credit or have very limited access. “The Act strengthens the CBN Credit Bureau Guide-

lines. It delineates the roles, responsibilities and rights for credit bureaus, credit information providers and credit information users, as well as the rights of the credit data subject (ie the borrower). “Another recent reform which supports the access to credit infrastructure is the Secured Transactions in Movable Assets (aka Collateral Registry) Act which was also signed into law by the acting President on 30th May 2017. This Act permits movable assets to be used as collateral. This especially favours MSMEs who tend not to have the traditional collateral of fixed or landed property. With this Act, entities can use equipment, vehicles, inventory, Accounts Receivable, and even farm products as collateral�, she explained.

According to her, the increase in confidence of lenders due to the above Acts would inevitably lead to a reduction in the risk premium charged on credit, especially to MSMEs, and thereby increase the availability of credit and ultimately reduce its cost.

Inflation Predicted to Rise Marginally in July to 16.26% The Financial Derivatives Company has predicted that year-on-year headline inflation will increase by 0.16 per cent, from the 16.10 per cent it was in June, to 16.26 per cent in July, leading to a reversal of a positive trend of the last five months.

According to the Lagos-based research and financial advisory firm, the influence of base year effects on headline inflation has weakened immensely. “In our estimates, month-onmonth inflation is expected to taper significantly to 1.37 per cent (17.74% annualised) from 1.6 per cent (20.98% annualized) in June. This reduction in the monthly inflation is a manifestation of further exchange rate appreciation as the naira has been relatively stable in the forex market. “The Purchasing Managers’ Index (PMI), a proxy for manufacturing activity, improved further to 54.1 in July, signaling an expansion in manufacturing activities though supply-side constraints

persist. Manufacturers are building up inventory levels on the perceived idea that the economy is improving.

Unfortunately this is occurring in an environment with naira illiquidity, large carrying costs and dwindling disposable income. The rains and flood in July disrupted movement and reduced traffic to supermarkets. Power supply dropped below 3000mW/hr in July,� FDC stated.

They noted the general moderation in food prices even though there were a few outliers such as beans and rice.

Furthermore, they opined that the decline in power supply from the grid during the period resulted in higher electricity costs, while the price of diesel, which is generally used to power generators and trucks increased by 6.25 per cent to N170 per litre. “Consumer prices are to be directly affected by the beginning of the harvest season. Competitive pressures amongst manufacturers and

retailers have intensified and are anticipated to fuel further price decline of some manufactured goods. “There are some other factors that have an impact on prices, which include the trend of increased capital importation by foreign investors. These investors are buying naira denominated assets and their foreign exchange is helping further injections by the CBN. However, the country is prone to a stock market and forex market shock as many analysts believe that gains in both markets are bubbles. “In the event that these two outcomes materialise, the economy might stumble and consumer prices are likely to shoot up on output constraints. If the inflation numbers change direction as anticipated, the hawks at the Monetary Policy Committee will again be emboldened to maintain the current stance.

We are thus likely to see the status quo maintained,� the FDC added.

Fidelity Bags ‘SME Friendly’ Bank Award Fidelity Bank Plc said it was recently awarded the “SME Friendly Bank of the Year 2017� in recognition of its support for micro small medium enterprises (MSMEs) in Nigeria.

The award, which was bestowed upon Fidelity Bank Plc at the 2017 Lagos Chamber of Commerce & Industry (LCCI) Awards, the bank said was a clear testament of its resolve to raise a new generation of entrepreneurs.

As part of its core mandate of trade promotion and business & policy advocacy, the LCCI recognises deserving corporate organisations, public institutions and individuals that have contributed meaningfully to

the development of commerce and industry in different sectors of the Nigerian economy on an annual basis.

Receiving the awards on behalf of the Managing Director/ Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo, the Bank’s Divisional Head, Brand & Communications, Charles Aigbe, was quoted in a statement to have thanked the LCCI for the recognition, stating that it validated the bank’s efforts at promoting small enterprises. “Medium and small enterprises are the engine room of any economy thus creating a dedicated SME Banking Division that ensures that we focus on providing solutions

to their challenges through a multifaceted approach� he said.

He reiterated the bank’s commitment to drive economic growth by helping government to reduce its dependence on oil income.

Speaking in the same vein, Senior Business Advisor, Managed SME Division, Fidelity Bank Plc, Isaiah Ndukwe, said the bank has supported a huge number of customers expand the scope of their business. “Fidelity Bank has always being in the business of helping people grow. We are extremely happy to be associated with this and it is such a great honour to receive this award�, he stated.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

DECEMBER 2016 Broad Money (M2)

23,840,392.42

-- Narrow Money (M1)

11,520,166.67

---- Currency Outside Banks

1,820,415.90

---- Demand Deposits

9,699,750.76

-- Quasi Money

12,320,225.75

Net Foreign Assets (NFA)

9,353,504.03

Net Domestic Assets(NDA)

14,486,888.39

-- Net Domestic Credit (NDC)

26,970,297.97

---- Credit to Government (Net)

4,595,579.89

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

7,436,917.79

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

-2,841,337.90

---- Credit to Private Sector (CPS)

22,374,718.08

--Other Assets Net

-12,483,409.58

Reserve Money (Base Money)

5,837,322.41

--Currency in Circulation

2,179,174.28

--Banks Reserves

3,318,344.71 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

MANAGED FUNDS Month Inter-Bank Call Rate

December 2016 10.39

Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)

14.00

Treasury Bill Rate

13.96

Savings Deposit Rate

4.18

1 Month Deposit Rate

8.53

3 Months Deposit Rate

8.80

6 Months Deposit Rate

10.23

12 Months Deposit Rate

10.76

Prime Lending rate

17.09

Maximum Lending Rate

28.55 Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ

OPEC DAILY BASKET PRICE AS AT, MON, 7 AUGUST 2017 The price of OPEC basket of fourteen crudes stood at $50.04 a barrel on Monday, compared with $49.94 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

39

˾ WEDNESDAY, AUGUST 9, 2017

Nigeria’s top 50 stocks based on market fundamentals

8-Aug-17

7-Aug-17

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld Price/ Book Value

Table 1 Market Statistics Mkt Indicators

Open 7-Aug-17

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

37,525.38 12.93

37,999.56 13.10

1.26 1.26

158.86 12.37

160.73 12.51

1.18 1.18

01 Dangote Cement Plc

240.00

240.79

-0.33%

4,089,721,777,200.00

10.95

21.99

6.67

3.32%

5.15

02 Nigerian Breweries Plc

190.05

181.00

5.00%

1,506,925,623,764.40

3.58

50.50

4.57

1.99%

8.65

03 Guaranty Trust Bank Plc

40.20

40.13

0.17%

1,183,133,404,804.80

4.49

8.93

2.85

4.41%

2.34

1,154.93

1,060.00

8.96%

915,462,485,122.36

10.00

106.02

4.62

2.74%

27.21

24.50

25.10

-2.39%

769,214,097,757.00

4.13

6.08

1.55

7.17%

1.12

Table 3 Top 5 Gainers Stock

04 Nestle Nigeria Plc 05 Zenith Bank Plc 06 Stanbic IBTC Holdings Plc

38.50

37.02

4.00%

385,000,000,000.00

2.85

12.98

2.37

0.27%

2.63

07 United Bank for Africa Plc

9.56

9.68

-1.24%

346,832,271,638.32

1.99

4.86

0.92

6.20%

0.78

08 Ecobank Transnational Incorporated

17.99

17.31

3.93%

330,108,426,357.85

0.68

25.59

0.54

3.58%

0.51

09 Access Bank Plc

10.20

10.03

1.69%

295,065,310,636.20

13.18

0.76

0.76

5.48%

0.64

10 Presco Plc

70.78

74.50

-4.99%

281,030,365,245.10

0.03 2,547.90

4.15

1.74%

7.07

11 Lafarge Africa Plc

60.00

60.00

0.00%

273,294,108,600.00

3.71

16.17

1.24

5.00%

1.10

470.10

470.10

0.00%

260,111,178,141.30 -82.02

-5.73

4.10

3.39%

0.69

6.17

6.17

0.00%

221,473,956,526.64

0.21

29.74

0.42

2.43%

0.35

14 Dangote Sugar Refinery Plc

14.52

14.87

-2.35%

174,240,000,000.00

1.20

12.40

1.05

3.36%

2.70

15 Unilever Nigeria Plc

41.30

40.10

2.99%

156,250,135,125.00

0.81

49.39

2.17

0.12%

12.98

16 Guinness Nig Plc

79.38

72.00

10.25%

119,537,404,363.44

-3.06

-23.54

1.05

4.44%

2.75

17 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

7.50

7.80

-3.85%

90,259,641,705.00

0.29

26.87

0.21

9.62%

0.49

19 Total Nigeria Plc

260.00

261.50

-0.57%

88,275,677,620.00

43.58

6.00

0.31

5.35%

3.77

20 Mobil Oil Nig Plc

236.90

236.90

0.00%

85,425,017,567.80

22.61

10.48

0.91

3.04%

3.98

21 Forte Oil Plc.

59.54

59.54

0.00%

77,549,724,872.62

2.22

26.83

0.52

5.79%

1.79

22 Flour Mills Nig. Plc

28.97

28.97

0.00%

76,024,151,307.39

-1.19

-24.28

0.18

6.90%

0.76

23 Okomu Oil Palm Plc

72.72

70.00

3.89%

69,368,335,200.00

5.15

13.60

4.65

0.14%

3.93

24 7-Up Bottling Comp. Plc

98.00

94.70

3.48%

62,777,855,574.00

-0.05 -2,073.34

0.65

2.32%

2.73

1.46

1.48

-1.35%

56,532,656,240.50

-0.03

-50.85

0.96

0.00%

0.66

35.99

35.99

0.00%

47,506,800,000.00

-2.89

-12.45

0.34

4.17%

0.68

1.30

1.26

3.17%

37,651,361,399.60

0.39

3.25

0.24

12.70%

0.20

28 National Salt Co. Nig. Plc

12.74

12.14

4.94%

33,753,844,935.72

0.91

13.32

1.76

4.53%

4.00

29 U A C N Plc

16.95

16.95

0.00%

32,558,651,359.65

3.37

5.03

0.43

5.90%

0.43

30 Diamond Bank Plc

1.32

1.30

1.54%

30,571,713,437.76

-0.29

-4.43

0.14

0.00%

0.13

31 Sterling Bank Plc

1.00

1.00

0.00%

28,790,418,126.00

0.18

5.58

0.26

9.00%

0.34

32 PZ Cussons Nigeria Plc

26.22

24.98

4.96%

26,220,000,000.00

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

1.21

0.83%

24,159,307,152.82

0.72

1.67

0.14

8.26%

0.13

35 Glaxo Smithkline Consumer Nig. Plc

20.00

20.00

0.00%

23,917,529,760.00

3.51

5.69

1.66

1.50%

1.40

36 Cadbury Nigeria Plc

12.57

12.39

1.45%

23,608,999,642.80

-0.16

-78.51

0.78

10.49%

2.10

37 Mansard Insurance Plc

2.02

2.07

-2.42%

21,210,000,000.00

0.25

8.25

1.05

2.42%

1.08

38 Wema Bank Plc

0.53

0.55

-3.64%

20,444,467,022.93

0.07

8.19

0.39

0.00%

0.44

39 Custodian And Allied Insurance Plc

3.42

3.42

0.00%

20,115,975,546.90

0.91

3.77

0.52

4.09%

0.67

40 Honeywell Flour Mill Plc

2.21

2.22

-0.45%

17,525,736,824.18

-0.40

-5.49

0.37

7.21%

0.53

41 Continental Reinsurance Plc

1.33

1.33

0.00%

13,795,749,934.96

0.42

3.17

0.62

9.02%

0.74

42 Cement Co. Of North.Nig. Plc

10.82

10.84

-0.18%

13,597,253,428.12

0.22

49.52

1.22

0.92%

1.27

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

0.64

0.62

3.23%

7,481,176,282.88

0.19

3.32

0.09

0.00%

0.09

45 Wapic Insurance Plc

0.54

0.52

3.85%

7,226,678,656.08

0.18

2.89

0.89

5.77%

0.42

46 Resort Savings & Loans Plc

0.50

0.50

0.00%

5,664,866,202.00

0.03

17.71

3.72

0.00%

1.94

47 Nigerian Aviation Handling Company Plc

3.41

3.10

10.00%

5,538,585,937.50

0.36

8.67

0.63

6.45%

0.78

48 UACN Property Development Co. Limited

2.98

2.97

0.34%

5,121,874,985.10

-0.90

-3.29

0.80

23.57%

0.15

49 Fidson Healthcare Plc

3.02

3.02

0.00%

4,530,000,000.00

0.21

14.30

0.59

1.66%

0.69

50 AIICO Insurance Plc

0.57

0.59

-3.39%

3,950,216,553.60

1.48

0.40

0.15

8.47%

0.47

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

TOTAL

12,514,907,302,079.40

TOTAL MARKET CAP

13,097,413,325,865.50

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

95.55%

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

Open 7-Augy-17

Guinness Nig Plc Nigerian Aviation Handling Company Plc Nestle Nigeria Plc Nigerian Breweries Plc PZ Cussons Nigeria Plc

Close 8-Aug-17

Change %

Close Change % 8-Aug-17

72.00 3.10

79.38 3.41

10.25 10.00

1,060.00 181.00 24.98

1,154.93 190.05 26.22

8.96 5.00 4.96

Table 4 Top 5 Losers Stock

Open 7-Aug-17

Presco Plc Oando Plc Wema Bank Plc AIICO Insurance Plc Mansard Insurance Plc

74.50 7.80 0.55 0.59 2.07

Close Change % 8-Aug-17 70.78 7.50 0.53 0.57 2.02

-4.99 -3.85 -3.64 -3.39 -2.42

Market sustains bullish trend with 1.26% gain Market pulse on the Nigerian Stock Exchange (NSE) today - Tuesday, August 8th, 2017 ended again bullish as the market closed green as investors’ risk appetite improves. This was further highlighted by positive performance from the NSE Subsectors: Insurance and Consumer Goods (Save Banking and Oil & Gas). However, trading activities decreased in volume as 218.22 million shares worth N5.07 billion in 5,336 deals exchanged hands today. This is a decrease from the 254.49 million shares worth N5.8 billion in 4,600 trades carried out on Monday. Topping in volume terms are: FCMB Group Plc, Zenith Bank Plc and Sterling Bank Plc; while Nigerian Breweries Plc ended trading as the most active stocks in value terms. Brent crude oil price today currently sells at US$52.41 per barrel while it stood at $52.37 per barrel at its previous day closing.

The All Share Index (NSEASI) closed positive with 1.26% (+474.18) increase to close at 37,999.56 from 37,525.38 the previous trading day. Market capitalization appreciated in tandem to N13.10 trillion from N12.93 trillion of prior trading day. Similarly, the Thisday BGL 50 Index closes with an increase of 1.18% to 160.73 from 158.86 recorded at the end of the previous trading day, while its market capitalization stood at N12.51 trillion from N12.37 trillion of the previous trading day.

A total number of 31 stocks gained on the bourse today while 20 stocks declined, leaving 58 stocks unchanged. Leading the pack was Guinness Nig. Plc with a gain of 10.25% to close at N79.38 per share.

It was followed by Dangote Flour Mills Plc with a gain of 10.17% to close at N6.39 per share. Others on the gainers’ list include: Nigerian Aviation Handling Company Plc, C&I Leasing Plc and Nestle Nigeria Plc. On the decliners’ list, Morison Industries Plc led with a loss of 8.85% to close at N1.03 share. It was followed by Caverton Offshore Support GRP Plc with a loss of 8.73% to close at N1.15 per share. Others on the decliners list include: Conoil Plc, Presco Plc and Oando Plc. Guinness Nig. Plc emerged the toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 10.25% to close at N79.38 per share. It was followed

by Nigerian Aviation Handling Company Plc with a gain of 10.00% to close at N3.41 per share. Others on the gainers chart include: Nestle Nigeria Plc, Nigerian Breweries Plc and PZ Cussons Nigeria Plc. On the decliners’ list, Presco Plc led with a loss of 4.61% to close at N2.07 per share. It was followed by Oando Plc with a loss of 3.85% to close at N7.50 per share. Others on the decliners’ list are: Wema Bank Plc, AIICO Insurance Plc and Mansard Insurance Plc. REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the firm may have a conflict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

T H I S D AY Ëž , AUGUST 9, 2017

40

MARKET NEWS

May & Baker Posts Profit Growth of 215% in Six Months Jonathan Eze May & Baker Nigeria Plc has announced a profit before tax (PBT) of N139.5 million for the half year ended June 30, 2017, representing an increase of 215 per cent above the N44.2 million recorded in the corresponding period of 2016.

The company said it recorded revenue of N4.5billion in 2017.

This showed an increase of 20.6 per cent from N3.7 billion posted in the previous year.

According to the trading figure released to the Nigerian Stock Exchange (NSE), the operating expenses for distribution, sales and marketing grew by 17.9 per cent from N510.838 million in 2016 to N602.5 million in 2017.

However, the 2017 admin-

T H E MAIN BOARD

DEALS

MARKET PRICE

istrative cost was pruned to N298.8 million against N309.5 million previous year, posting a three per cent decrease.

Accordingly, the earnings per share which trended at 3.07kobo in June 2016 jumped to 9.68kobo 12 months after, showing an impressive 215 per cent growth.

Commenting on the results, the Managing Director/Chief

N I G E R I A N QUANTITY TRADED

STO C K

VALUE TRADED ( N )

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

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

6 6 12

30.00 34.00

19 19 31

Executive Officer of May & Baker, Nnamdi Okafor, expressed optimism despite some environmental challenges.

He said: “May & Baker is determined to improve on her performance, year-on-year so as to consolidate her leading position in the competitive pharma manufacturing sector.

We also will continue to create more wealth and value for

12,629 11,640 24,269

374,530.15 421,345.20 795,875.35

1.25

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

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

5 68 13 86 86

0.77 1.13 20.47

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

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

13 13

41.50

31,970 31,970

1,409,214.78 1,409,214.78

5 5 18

5.20

28,901 28,901 60,871

154,716.48 154,716.48 1,563,931.26

6 24 7 98 135

2.85 118.85 20.00 99.00

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

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

9 9

168.50

166,476 166,476

28,285,937.95 28,285,937.95

54 38 6 12 1 29 140

5.61 19.00 1.37 6.86 6.65 1.27

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

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

11 54 65

17.86 700.00

18,825 98,360 117,185

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

11 11

4.46

99,050 99,050

420,455.00 420,455.00

13 21 34 394

21.90 28.00

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

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

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

4.10 1.49 15.60 1.21 16.70 1.07 1.76 2.95 5.30 0.63 0.98

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

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

14 8 2 3 7 10 1 1 46

0.80 0.90 0.50 0.50 2.06 0.76 0.50 0.50

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

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

1 1

1.08

4,760 4,760

4,950.40 4,950.40

31 7 105 7 20 170 893

2.46 4.00 0.85 14.15 1.31

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

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

27

2.69

614,065

1,572,223.05

our stakeholders.�

However, Okafor highlighted some challenges the company is facing. “Our everyday operations are curtailed by some encumbrances such as power, steep taxation system, port congestion and other macroeconomic challenges.

I am optimistic that our numbers would become

more appealing as the socioeconomic environment shows steady improvement this year,� he said.

Chairman of May & Baker, Lt. General Theophilus Danjuma (rtd) had told shareholders at the annual general meeting (AGM) that the company was already looking forward to a more efficient and impressive performance in 2017.

E XC H A N G E

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

DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

32 4 6 69 69

25.33 0.94 0.69

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

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

1 1 1

1.69

500 500 500

805.00 805.00 805.00

16 9 4 6 10 31 76

24.00 9.30 35.78 8.62 3.36 80.50

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

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

6 6

1.51

134,500 134,500

204,240.00 204,240.00

5 5 87

50.00

24,529 24,529 15,152,108

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

2 2

0.50

24,262 24,262

12,131.00 12,131.00

90 90

3.47

3,827,573 3,827,573

13,288,632.05 13,288,632.05

21 7 8 21 7 64

18.34 1.84 342.00 150.00 145.00

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

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

33 33 189

318.00

389,934 389,934 4,473,488

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

1 1

0.50

941 941

470.50 470.50

5 5

3.80

32,870 32,870

127,756.40 127,756.40

13 13

0.89

624,500 624,500

538,430.00 538,430.00

1 22 23

2.29 4.00

4,588 251,094 255,682

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

1 1 43 1,811

1.68

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

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

2 2 2 2

1.21

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

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

306 306

11.45

13,929,679 13,929,679

159,605,439.23 159,605,439.23

278 278 584

3.74

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

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

35 35 35 619 2,432

139.83

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

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

2 2 2 2 2 10 10 10

2,330.00 2.33 6.02 11.09 18.07

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

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

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

41

˾ WEDNESDAY, AUGUST 9, 2017

MARKET NEWS

Quant Capital Organises Seminar to Boost REITs in Nigeria Nosa Alekhuogie The Lagos State Commissioner for Housing, Gbolahan Wasiu Lawal has been confirmed to officially open the Real Estate Investment Trusts (REITs) seminar slated to hold in Lagos on August 17, 2017 and subsequently in Abuja, Port Harcourt and Kaduna.

The management of Quant Capital Limited, the organisers of the seminar disclosed this in a statement.

Quant Capital is a private

Equity firm specialising in investment services to meet the needs of individuals, institutions, corporate and governments through three business divisions which are financial services, consulting/ advisory, and capital projects/ infrastructural funding.

According to the General Manager, Quant Capital, Ken Chiazor, the seminar is designed to provide professionals with an understanding of the real estate industry’s unique drivers and challenges.

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

“The seminar will also equip participants with the knowledge of how to build advanced REITs valuation model using actual current case study. Participants with little or no knowledge of REITs will also be able to gain an understanding of their nature, relevance and key features.

Participants will also enjoy two years post-seminar support,” he said.

The Managing Director, Quant Capital, Wale Gomez also added that: “It is significant that the Commissioner will be

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 07Aug-2017, unless otherwise stated.

declaring the seminar open. It further confirms that we have a forward thinking government in place; a government that knows that robust and enduring investment window that REITs provides as well as the potential growth that REITs can birth in an economy.

REITs which are modelled after mutual funds provide investors of all types with regular income streams, diversification and long-term capital appreciation. REITs are a form of collective

investment scheme regulated by the Securities and Exchange Commission (SEC), which pools capital from investors and uses same in the acquisition of income generating real estate, mortgage loans, or a combination of both.

While so many other countries have keyed into REITs and have significantly tapped into it for real estate development, REITs in Nigeria is still at its infancy stage despite the huge potential.

According to the organisers, the seminar would consist of a rich faculty drawn from within

and outside Nigeria. They include: Managing Partner of S.I.A.O Partners, Ituah Ighodalo; former Managing Director, Wema Bank, and former Deputy Governor of the Central Bank of Nigeria, Tunde Lemo; United States based expert in REIT design and operational models, James Duncan; President of the Commonwealth Association of Surveying and Land Economy, Joe Ajalekoko; former Company Secretary and Head of Legal, Union Homes Savings & Loan, Daniel Aderemi.

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 176.83 177.18 39.10% Nigeria International Debt Fund 231.01 232.38 8.89% 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 18.65% 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 17.61 18.14 42.61% ARM Discovery Fund 367.34 378.42 27.92% ARM Ethical Fund 25.94 26.72 16.11% ARM Money Market Fund 1.00 1.00 18.18% 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 143.80 144.81 36.72% AXA Mansard Money Market Fund 1.00 1.00 18.27% 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 18.72% 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 1,106.77 1,107.86 9.28% FBN Heritage Fund 140.48 141.71 26.02% FBN Money Market Fund 100.00 100.00 18.62% FBN Nigeria Eurobond (USD) Fund - Institutional $109.51 $110.46 6.48% FBN Nigeria Eurobond (USD) Fund - Retail $108.84 $109.78 6.56% FBN Nigeria Smart Beta Equity Fund 156.53 158.73 38.99% 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 2.82 2.82 9.72% 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 2,857.32 2,908.73 29.74% Coral Income Fund 2,313.92 2,313.92 9.96% 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 14.33% 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 18.31% Vantage Balanced Fund 2.09 2.12 24.39% 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 12.60% Lotus Halal Fixed Income Fund 1,033.75 1,033.75 7.55% 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 13.33 13.43 37.83% 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 15.53% PACAM Fixed Income Fund 10.70 10.76 2.95% PACAM Money Market Fund 10.00 10.00 14.54% 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 124.44 130.09 24.49% 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 7.97% 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 2,162.74 2,174.96 18.11% Stanbic IBTC Bond Fund 161.54 161.54 4.92% Stanbic IBTC Ethical Fund 0.99 1.00 29.22% Stanbic IBTC Guaranteed Investment Fund 205.45 205.45 9.93% Stanbic IBTC Iman Fund 176.50 178.87 35.98% Stanbic IBTC Money Market Fund 100.00 100.00 18.60% Stanbic IBTC Nigerian Equity Fund 9,543.50 9,652.00 25.83% 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

11.41 129.43

1.01% 4.40%

Bid Price

Offer Price

Yield / T-Rtn

11.00 107.34

11.10 109.37

27.41% 41.66%

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

4.53 8.89 17.40 22.50 131.69

4.57 8.97 17.50 22.70 133.69

63.57% 26.31% 45.49% 40.81% 2.15%

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.

WEDNESDAY AUGUST 9, 2017 ˾ T H I S D AY

42

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Kenya Election 2017: Kenyatta Says Respect the Result People are voting in Kenya’s general election amid fears that the result could trigger communal violence.

President Uhuru Kenyatta called for unity, saying he would accept the result, and urged his rivals to do the same. He said Kenyans should “move forward as one nation”.

Queues at polling stations formed early and some minor stampedes were reported.

The contest pits Mr Kenyatta against his long-time rival, Raila Odinga, and is seen as too close to call.

Mr Kenyatta, the 55-year-old son

of Kenya’s founding president, is seeking a second and final term in office.

The final week of campaigning has been marred by the murder of a top election official and claims of vote-rigging. Long, snaking queues Chief EU observer Marietje Schaake said polling stations were busy and people were eager to cast their vote.

“Today is a very important day for Kenyans. We hope these elections will be peaceful, credible and transparent,” she said at

Nairobi’s Moi Avenue primary school polling station.

Observers say the leading candidates both avoided inflammatory speeches as polling day drew closer.

In 2007, more than 1,100 Kenyans died and 600,000 were displaced after a disputed election - an outcome neither side wants to see repeated.

This time long queues were seen at some polling stations, and video footage at one showed people injured on the ground after an apparent stampede.

South Africa’s President Zuma Facing No-confidenceVote South Africa’s President Zuma faces a motion of no-confidence as MPs vote in a secret ballot shortly.

Opposition parties believe that MPs from the governing African National Congress (ANC) would be more likely to vote against the president if their vote is secret.

Rival protests have been held in Johannesburg, Pretoria and Cape Town, where the vote will take place.

Mr Zuma has so far survived seven no-confidence votes - none held in secret.

The parliament’s speaker, Baleka Mbete, made the decision to hold the vote in secret on Monday, after

opposition parties took the case to the Constitutional Court.

The debate in parliament is under way, with the opposition parties pleading with ANC MPs to “vote with their conscience”.

At least 50 out of the ANC’s 249 MPs would need to vote against the president in order for the no-confidence motion to pass.

“Today our choice is between right and wrong; between good and evil,” the Democratic Alliance’s Mmusi Maimane said, while Andries Tlouamma, deputy president of the Agang party, warned if Mr Zuma survived then South Africa was “on a highway

to hell”.

Meanwhile, Mangosuthu Buthelezi, of the opposition Inkatha Freedom Party, said President Jacob Zuma has “trampled on the constitution” and has “sold the country to the highest bidder”.

But Defence Minister Nosiviwe Mapisa-Nqakula told the gathered MPs the vote was “akin to a coup”.

“My conscience tells me we all need to respect the voters who brought us here,” she said, urging MPs to wait until the 2019 election, when the people would make their voices heard.

Mr Zuma will not be standing in 2019.

Lebanon’s Army Prepares to Clear Border Area of IS Militants Lebanon’s U.S.-backed military is gearing up for a long-awaited assault to dislodge hundreds of Islamic State militants from a remote corner near Syrian border, seeking to end a years-long threat posed to neighboring towns and villages by the extremists.

The campaign will involve cooperation with the militant group Hezbollah and the Syrian army on the other side of the border — although Lebanese authorities insist they are not coordinating with Syrian President Bashar Assad’s government.

But the assault could prove costly for the under-equipped military and risk activating IS sleeper cells

in the country.

The tiny Mediterranean nation has been spared the wars and chaos that engulfed several countries in the region since the so-called Arab Spring uprisings erupted in 2011.

But it has not been able to evade threats to its security, including sectarian infighting and random car bombings, particularly in 2014, when militants linked to al-Qaida and IS overran the border region, kidnapping Lebanese soldiers.

The years-long presence of extremists in the border area has brought suffering to neighboring towns and villages, from shelling, to kidnappings of villagers for ransom. Car bombs made in the

area and sent to other parts of the country, including the Lebanese capital, Beirut, have killed scores of citizens.

Aided directly by the United States and Britain, the army has accumulated steady successes against the militants in the past year, slowly clawing back territory, including strategic hills retaken in the past week. Authorities say it’s time for an all-out assault.

The planned operation follows a six-day military offensive by the Lebanese Shiite militant group Hezbollah that forced al-Qaidalinked fighters to flee the area on the outskirts of the town of Arsal, along with thousands of civilians.

Dutch Egg Probe Widens to Chicken Meat Tests In a new twist in Europe’s tainted egg scandal on Tuesday Dutch authorities announced they had started testing chicken meat coming from affected poultry farms to determine whether it, too, was contaminated.

Scientists are looking for the presence of the insecticide fipronil, a substance potentially dangerous to humans, after supermarkets in

Germany, the Netherlands, Belgium, Sweden and Switzerland pulled millions of eggs from the shelves.

“We are currently testing chicken meat in the poultry farms where eggs were infected to determine whether the meat is contaminated as well,” Tjitte Mastenbroek, spokesman for food security agency NVWA, told AFP. The probe focuses on “a few

dozen” farms that produce both eggs and chicken meat, NVWAsaid.

Millions of chickens now face being culled in the Netherlands as the scandal widens across Europe.

Hard-hit Germany on Tuesday called on Belgian and Dutch authorities to quickly shed light on what it termed a “criminal network” involved in the contamination of eggs with fipronil.

US Military to Shoot Down Consumer Drones The Pentagon has given US military bases permission to shoot down or otherwise destroy consumer drones flying overhead and nearby.

A spokesman revealed that guidance was issued on 4 August.

He said the exact terms of the policy were classified.

The move comes days after the

US Army ordered its own troops to stop using drones made by Chinese manufacturer DJI because of alleged “cyber-vulnerabilities”.

Privacy worries It became illegal to fly personal drones within 400ft (122m) of the US’s 133 military facilities in April.

The Federal Aviation

Administration announced at the time that those who disobeyed the order would face financial penalties and possible criminal charges.

The watchdog has forecast that US-based hobbyists will own more than3.5milliondronesby2021,andthat there could be a further 1.6 million commercial models in operation.

NOTICE FOR THE ANNUAL GENERAL MEETING OF THE FUND MANAGERS ASSOCIATION OF NIGERIA (FMAN)

N

otice is hereby given to all members that the Annual General Meeting of the FUND MANAGERS ASSOCIATION OF NIGERIA will hold on Wednesday, 23 August 2017, at 11:00AM at the Best Western Hotel, Ahmadu Bello Way V.I. Lagos to conduct the following business.

1.

To receive the audited accounts of the association and the report of the Executive Committee for the year ended 31 December 2016 2.

To approve proposed amendments to the FMAN Constitution 3.

To review the Chartered Institute of Securities and Investment Bill and its likely impact on Funds Managers 4.

Any Other Business According to Article 10.3 of the Association’s Constitution, “The quorum at all general meetings of the Association shall be two-thirds of the members of the Association or 10 members (whichever is less)”.

By Order of the Executive Committee FUND MANAGERS ASSOCIATION OF NIGERIA (FMAN) c/o 16 Amodu Ojikutu Street, Victoria Island, Lagos.

FUND MANAGERS ASSOCIATION OF NIGERIA ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2016

STATEMENT OF FINANCIAL POSITION 2016 NON-CURRENT ASSETS N Property, Plant and Equipment 74,541 CURRENT ASSETS Cash and Cash Equivalent Trade Receivables Other receivables

2015 N 111,806

33,748,444 4,500,000 90,000 38,338,444

21,761,329 2,000,000 140,384 23,901,713

TOTAL ASSET

38,412,985

24,013,519

CURRENT LIABILITIES Trade Payables Other Payables TOTAL CURRENT LIABILITIES

250,000 8,611,145 8,861,145

3,775,095 3,775,095

NET ASSET Financed by: Accumulated fund

29,551,840

20,238,424

29,551,840

20,238,424

ADEDOTUN SULAIMAN CHAIRMAN, BOARD OF TRUSTEES

BISMARCK REWANE SECRETARY, BOARD OF TRUSTEES

FRC/2013/ICAN/00000002885

FRC/2014/CIBN/00000006624

STATEMENT OF COMPREHENSIVE INCOME 12 Months to Dec. 2016.

INCOME N Membership Dues/Subscription 23,207,143 Other Income 2,558,445 25,765,588 Administrative expenses (16,452,171) Surplus for the year 9,313,416 Other Comprehensive income Total Comprehensive income 9,313,416

7 Months to Dec. 2015 N 12,317,857 745,644 13,063,501 (9,930,761) 3,132,740 3,132,740

43

T H I S D AY WEDNESDAY AUGUST 9, 2017

UTILIZATION OF FOREIGN EXCHANGE AS AT 4TH OF AUGUST 2017 S/N 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157

CUSTOMERS OLUWASEUN V COKER UNITED BANK FOR AFRICA CBN APM TERMINALS APAPA APM TERMINALS APAPA APM TERMINALS APAPA APM TERMINALS APAPA ANYANWUU NORA NNACHI ADENIYI ABOSEDE OLUWASEUN IBEH KENNEDY CHIDOZIE EVELYN VINCENT FURO OKEKE FRANKLIN AMAECHI JULIET MABONG KOLAWOLE OHIRO OLOHITARE ABAJUO EMMA REASON ANYAEGBU IKECHUKWU PATRICK AIWONEGBE IKHENA SOFOLAHAN IBRAHIM ADEWALE OZIKA EMMANUEL OZIKA ELSIE DOOLUMUN SUZZY AFOLABI ALBERT ABIODUN ALBERT AFOLABI SARAH NWANKWO CHRISTIANA O EJIKE EJIKEME NNAMANI PHILIP GBAYISEMORE ADEKUNLE THERESA ODEGUN BROWN NENGI OFOLUE TOLULEKE OJO ROSELINE YETUNDE CHIEDU OLISEAMAKA NKECHIYEM OGUCHE CHINASA ANTHONIA ONYEMAECHI JUSTICE OLIVER ROE AKUDO MOHAMMED AFEEZ ALERE AGU CHINELO J OKORIE NNANNA OKONKWO NDONNA CHIKA WEST DENTON SOTONYE OHUABUNWA SAMUEL PRECIOUS OYEBAMIJI AJIBOLA SAMUEL OGUNRO OLATUNDUN MABEL AYERITE EDWARD AWOTONGHA UCHE-OMENUKO CHIOMA I CHUKWU VIVIEN NNENNA ABRAHAM AYIBATARI GABRIEL LABESA VANESSA DIJAH PATRICIA OPENE-ODILI AYANTAYO ABOSEDE ANITA AKANMU UDEH DANIEL UZONDU KUTIGI YUNUSA IDRIS WILLIAMS ESTHER KARINA AGBEDE OLUMIDE OLUTAYO OYEDOKUN RAHIM OLATUNJI OGALA SALOME CETUYA EZEUGWU OGECHUKWU VIVIAN AKADU JAMES OKEREKE OKPALA IHEANYI IGWE VIVIAN UZOMA AJOSE ELIZABETH ADUKE IREBISI UCHENNA CLARA EZEILO CHIDIMMA OGECHUKWU ONYEKA SYLVESTER IKECHUKWU OKAGBARE RITA C AGATHA GEORGE IJEWERE AMOBI THERESA EBELECHUKWU IKE FAUSTINA NGOZI AMOBI BONIFACE ANAYOCHUKWU OSI EFA NGOZI LILIAN EMEKA IKE EMMANUE IBEANUSI MARTIN PATIENCE NDIDI OKEREAFOR ENEFIA KELVIN KIRIDI ODEH BELINDA ORUONYE OLOWE MICHAEL OLUGBENGA JIDEOFOR FLORENCE IRUOMA ONYEABO CHINWE ORIAKU DUNNI TOWOBOLA OLUNLOYO OSHINOWO FOLAKE IBIRONKE JITUBOH AMAIBI EMMAN EGWUH KINGSLEY EMEKA OKAFOR AZUBUIKE UBACHUKWU NWANNEKA KALU ELSIE IKPO ISEH IQUO PETER LAWAL AYANNIHUN TEMITOPE OKONKWO IFEANYI PETER NWEKPA WILLIAM CHINEDU OGALI UGOJI UGOJI AGBEDE ISERE JULIET AGBEDE OLUWOLE SAMUEL OGARABE UZONNA NWAKA ROSEMARY ISIOMA IYOHA OJEAGA MAXWELL OFOEGBU B CHUKWUNYERE BARR OSIBOGUN MONISOLA OLUWATAYO PRINCEWILL C OPARA PATIENCE E ENEMA KEKONG, PATRICK NKRAH VICTOR O ADEPOJU NWIKOGBARA HELEN BONITA OMONEKA IGHO-AKPEDEYE OLAYINKA J KEVIN PRINCE IKECHUKWU OBIOHA JOSEPH E AIGBODUWA CHIOMA M EGBUCHULAM STELLA C JACKS CHIMA G NJOKU EBUBECHUKWUCALLISTUS MADUEKE VINCENT N ONWUDINJO OLUSEGUN D AKINOLA MR & SUBERU CHARLES OTEGBADE MAIRO NUHU MUSA JOE IGBOKWE FREDA O JATTO KAYODE K AWOLOLA AJISE MARGARET OLUFUNMILAYO ABAYOMI J ORUNGBE OLASEBIKAN M AFOLABI UABOI G AGBEBAKU ENYINDAH NMERUKINI ABDULLAHI K BASHIR DAVID JACOB USMAN ISAAC BOTOSAN CBN CBN SEVEN-UP BOTTLING CO. PLC PROMASIDOR NIGERIA LIMITED KELLOGG TOLARAM NIG LTD FRANEMM INDUSTRIES LIMITED FRANEMM INDUSTRIES LIMITED ANZZY IND. CO. NIG. LTD AFRICAN FOUNDRIES LIMITED ADEFOLORUNSHO TECH VENTURES ADEFOLORUNSHO TECH VENTURES FRANEMM INDUSTRIES LIMITED CBN NIGERIAN AGIP COY LTD CBN UNITED BANK FOR AFRICA APM TERMINALS APAPA APM TERMINALS APAPA APM TERMINALS APAPA UGOCHUKWU HELEN CHINMA AKINGBADE JOHN ADEWALE CHEN EFANG WARREN OJI BOLANLE WAJIDAT EGOR-EGBE MICHAEL OSHEM ODIHILI ABUBAKAR ABUSHE ODIHILI AISHA EDORO ITUA DAVID KRAGHA ANIBOR OLOKO UDEME STEPHEN DOSUMU STELLA JUMOKE KEKE AUGUSTINE CHIBUZO

AMOUNT (US$) 12,500.00 1,250.00 151,194.74 228,568.89 73,522.09 19,800.00 9,113.99 4,000.00 4,000.00 3,800.00 4,000.00 5,000.00 2,777.00 1,100.00 2,500.00 5,000.00 5,000.00 2,750.00 5,000.00 4,000.00 4,000.00 4,000.00 3,500.00 4,000.00 1,000.00 4,000.00 4,000.00 2,500.00 4,000.00 1,500.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 5,000.00 5,000.00 3,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,000.00 2,350.00 4,000.00 2,000.00 4,000.00 800.00 2,500.00 1,400.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,000.00 4,000.00 1,390.00 2,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 5,000.00 5,000.00 5,000.00 665.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 1,200.00 1,800.00 700.00 850.00 4,000.00 1,178.11 3,959.08 3,963.30 3,963.30 3,963.30 3,963.33 661.69 1,324.00 3,972.00 1,000.00 2,000.00 10,000.00 1,309.42 275.00 15,000.00 14,841.58 5,673.89 10,660.00 3,750.00 4,000.00 15,000.00 12,648.00 7,140.00 4,694.00 1,800.00 2,880.00 4,450.00 9,115.00 8,734.10 1,181.00 4,960.20 5,812.84 4,293.58 1,849.54 14,928.43 4,623.85 5,760.00 10,568.80 141,029.12 198,774.74 4,265.80 3,501.67 4,962.35 1,755.63 695.65 471.73 2,793.45 1,785.45 1,576.56 296.76 232,638.89 6,270.00 209,599.34 11,510.47 1,000,000.00 500,000.00 200,000.00 4,000.00 4,000.00 400.00 500.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 2,000.00 3,600.00

PURPOSE SCHOOL FEES SWIFT CHARGES IMTO TRANSFERRED TO CBN LEASE PAYMENT LEASE PAYMENT LEASE PAYMENT LEASE PAYMENT PTA PTA PTA PTA BTA PTA PTA PTA BTA BTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA BTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA BTA BTA BTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA LIVING EXPENSES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES MEDICAL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES IMTO TRANSFERRED TO CBN IMTO TRANSFERRED TO CBN 588 UNITS PEPSI COLA 70KG BAGS BULK RAW TEA KELLOGG READY TO EAT CEREALS CETO STEARYL ALCOHOL CETO STEARYL ALCOHOL PLASTER OF PARIS IN 40 KG BAGS HOT ROLLED STEEL PLATES INJECTION MOULDING MACHINE INJECTION MOULDING MACHINE COCAMIDE MEA FLAKES IMTO TRANSFERRED TO CBN SUBSCRIPTION FEE IMTO TRANSFERRED TO CBN SWIFT CHARGES LEASE PAYMENT LEASE PAYMENT LEASE PAYMENT PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA

RATE 337.50 357.00 357.00 366.00 369.00 362.00 365.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 337.50 315.00 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 357.00 357.00 315.00 368.00 368.00 369.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00

DATE 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 31-Jul-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17

S/N 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314

CUSTOMERS HARRIMAN AYODELE SUSANNAH ODUMOSU TITLATO RACHAEL ODUMOSU JOEL OLUKAYODE ENELAMAH U CHUKWUMEZIRIM ENELAMAH ATINUKE GLORIA UWAGBOE EHIGIE PAUL IHEANETU ONYEMMA MIKE ADESINA MOTUNRAYO MARIA OLATISE THELMA ADAKU EKPO BEATRICE HOGAN EJIM JOSEPH CHIKEZIE ORIE SAMUEL AMAEFULA ONYIA-EKWUAZI MAUREEN CHINELO ANUKU WILSON OGUNBEKUN HAFEEZ OLANREWAJU OMENI CHIOMA ANTHONIA AFOLAGUNADETUTU ABIODUN OKAM OBIANUJU ELSIE ONUMAJULU CHUKWUNEKE PAUL NJOKO AUGUSTINE UZOMA CASMIR CHIMEZIE EZEAKA CHINYERE VERONICA OLUNLOYO CHRISTIANA REMILEKUN SUBAIR AHMED OLAKUNLE BADMUS SHAKIRAT OMOWUNMI OGOLI-EGBUNE HYPOLITUS NDUBUISI ODUBIYI EBENEZER OLUTOBI ONUMAJULU CHUKWUNEKE PAUL DURO BELLO, OLAOLUWA HASSAN O OLATUNJI MARYANN H IGBINOVIA JAMES O EBUETSE ABUJA STEEL MILLS LIMITED CBN CBN APM TERMINALS APM TERMINALS SOLPIA NIGERIA LTD. AFRICA GB FOODS MANUF NIG LTD. NIGERRIA PIPES LTD NIGERRIA PIPES LTD REIME WEST AFRICA EKOH OMONON CATHERINE ABU PAUL EJAKPOMEWHE OLADEINDE BOLUWATITO DAVID YUSUFU AMINU ADO EGBOH NNABUIFE EMMANUEL NWADIMKPA PETER ONYEBUCHI BANNON SAMUEL ANALABA VICTORIA C UBOSI EDWARD UCHENNA AJAYI EMMANUEL OLUROTIMI BULUS BALA EZUE CHIZUBE NNEKA AINA ADEOLA OGBODO NGENE IKECHUKWU WONGO MILTON ABHELAM ORIANZI RICHARD ORIANZI AUGUSTA TOGONU-BRICKERSTETH CHARLES S O BELLO UMAR SANI DIKKO MOHAMMED KABIR ADEJUWON TEMILOLUWA ESTHER ADEJUWON CAROLINE JUMOKE OLUFEMI OLUBUKOLA ENITAN AUDU JOHN PATIENCE OJONUGA IGHO-AKPEDEYE OMONEKA BONITA EMELOBE C CHARMQUEEN T AYATSE JAMES ORTESE IORZUA EZEMADUKA TOCHUKWU THERESA UNDIE UKELINA CELSUS AJAYI TAIWO JAMES IROJU AYINDE OLAWALE ISIAKA BAIYEROJU OMOLOLU IBUKUNOLUWA AJAO ABIOLA OLAOLU ADEOLA AKIN EZEKIEL EHON LAWRETTA AIROBOMIQULE UWAGBOE OSEREMEN CHRISTIANA FUNMILAYO OYINLOLA OKE FOWODE OLUWASEUN ADEOLA MUSA MOHAMMED OLUWADAMILARE MEDUNOYE OLUDARE TEMITOPE FAYOMI OLUYEMI OYENIKE WILBERFORCE GLORY ALBERT MARVIN EGHO O ANUOLUWAPO MARVIN EGHO OTTO GIFT ONISOKIEN OKONKWO CHRISTOPHER CHIDI WIFA ALICE PYALE EZEKIEL-HART MERCY BENNET EKONG MFON ETIM PASE ROBERT OLUFEMI ABIOLA-CUDJOE OMOLARA ROSELINE IROAKAZIGHI ULOMA UZOKA LOTANNA SAM-ERO JOY ETEBIREME UBAKAEZE FRANK CAESAR HASSAN O OLATUNJI DENNIS OSSAI OMONON T AKUGHA ISAMOTU AYODELE TOBI EDEBHOR OMOWA SAMIRA, OYIZA MUSA VICTORIA U NEGEDU ALIYU JIBRIN GOODRAND NIGERIA LTD OJEOLOWOMBAYE IDOWU SAMSON IRIGHA J OBUALA ETOP S OKOKO OKEYEA, SARAH NGOZICHUKWU GP C AKINYELE MBAHAOTU N JOEL OLORI ABIODUN MORUFF ILU AUWALU AHMED UNDIE C UNDIE ESSANG MARY SUNDAY ABDULMALIK D ABDULAHI DANIEL F NKUCHE OSHUNTOYE OLADIPO & ASSOCIATES CBN CBN UNIKEM IND.LTD APM TERMINALS OKEKE NGOZI EBELE FOLARIN OLUFUNKE DAMOLA I ONUWAJE ANTHONY MELE AJILEYE SHADE OMOTAYO NWONYE JOHN OKECHUKWU AZUMAH MILLICENT AZUMAHOKECHUKWU GBOYEGA ADEBOWALE HENRY OLUMOLAWA OLASIMBO ROSEMARY BOROKINI SIMEON ARIBISALA OLADUNNI OLASIMBO AJALA SHERIFAT OMOBOLANLE JOHNSON EKUNDAYO IAN UMANA EDET ROSEMARY OKONKWO ARINZE MARTINS SONGKAT WILLIAM GOPAR ECHE PETER ELOCHUKWU AKUBUDE BARTHOLOMEW C OKAFOR UZOCHUKWU FIDELIES AZUBUIKE UCHENNA BRIGHT CHIKWELU FABIAN OKOYE IFEOMA BENEDICTA UMEH VIVIAN CHIKODILI OKONKWO MARTIN JIBUNO ULTIMATE SOLUTION SERVICES ESI ELIZABETH CHIAKU OJIH NGOZI ADOGA SUNNY PEPPLE NENGI ESIN RONALD OLORUNLEKE PAUL AJARAOGU BENJAMIN ADEGBIE TONYE

AMOUNT (US$) 4,000.00 4,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 2,000.00 4,000.00 4,000.00 4,000.00 4,000.00 340.00 4,000.00 4,000.00 5,000.00 5,000.00 500.00 2,500.00 4,000.00 1,000.00 4,000.00 4,000.00 5,000.00 4,000.00 397.00 1,979.54 1,453.22 6,590.18 8,078.88 7,652.05 9,484.86 2,237.70 313,896.48 188,123.23 2,000,000.00 500,000.00 500,000.00 313,761.76 164,835.00 36,480.23 9,500.00 4,000.00 4,000.00 3,000.00 4,000.00 4,000.00 4,000.00 5,000.00 4,000.00 4,000.00 4,000.00 350.00 4,000.00 4,000.00 4,000.00 3,000.00 4,000.00 4,000.00 4,000.00 5,000.00 4,000.00 4,000.00 4,000.00 1,100.00 4,000.00 4,000.00 4,000.00 4,000.00 1,060.00 4,000.00 4,000.00 1,000.00 3,000.00 4,000.00 4,000.00 3,300.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 1,284.50 2,209.92 3,903.75 2,911.27 3,308.26 3,996.38 3,996.38 1,323.31 6,627.00 4,130.52 3,326.96 14,971.30 6,421.03 12,320.97 14,804.96 3,000.00 4,000.00 2,128.00 1,000.00 14,679.00 13,616.48 8,273.45 10,588.00 2,000.00 1,000.00 6,500.00 13,716.00 2,650.00 15,000.00 2,500.00 2,700.00 226,529.95 181,332.45 500,000.00 362,262.03 1,500.00 4,000.00 5,000.00 4,000.00 5,000.00 2,800.00 4,000.00 2,000.00 4,000.00 2,000.00 4,000.00 2,500.00 3,000.00 2,000.00 5,000.00 3,800.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 5,000.00 700.00 5,000.00 1,000.00 4,000.00 3,500.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00

PURPOSE PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA BTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SILICO MANGANESE IMTO TRANSFERRED TO CBN IMTO TRANSFERRED TO CBN LEASE PAYMENT LEASE PAYMENT DIVIDEND PAYMENT FAT FILLED INSTANT MILK POWDER PVC RESIN SUSPENSION K65-K68 CALCIUM CARBONATE SNOWCAL CCI LOAN PAYMENT PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA BTA PTA PTA PTA PTA SCHOOL FEES LIVING EXPENSES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES IMTO TRANSFERRED TO CBN IMTO TRANSFERRED TO CBN CRUDE DENATURED ETHYL ALCOHOL LEASE PAYMENT PTA PTA BTA PTA BTA PTA PTA PTA PTA PTA PTA PTA BTA PTA BTA PTA PTA PTA PTA PTA PTA BTA BTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA

RATE 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 337.50 357.00 357.00 369.00 369.00 368.00 367.00 368.00 368.00 368.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 357.00 357.00 365.00 368.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00

DATE 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 1-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 2-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17

S/N 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400 401 402 403 404 405 406 407 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463

CUSTOMERS OKOYE JUSTINA NENE AJAJA ADEBUKOLA ABIOLA OLANREWAJU EMMANUEL OLUYOMI ADETUNBI MUSIBAU OLUFUNWA TINUOLA ROSANAH SALAKO OLAJUMOKE SUSAN SONDE BAYO OLUYEMI OLAJIDE PHILIP OLUSOLA AKINYEMI MICHAEL OLUKAYODE IKPEAMA PETER CHUKWUDI OBICHERE EMEKA AUGUSTINE IBE JULIANA OGECHUKWU ONWUDIEGWU JUDE IKECHUKWU AFUWAH PATIENCE NNEDINMA UWORUYA JOSEPH ONAIWU ADAMSON KAYODE AKINTUNDE LAMBO ABOSEDE ADEKOYA GARUBA RASAKI AJANI CHITIS PASTRIES EDELIPINUE ARIT OKON IDONGESIT NTEKPERE ODEWALE ROLAND ADEWALE FISHER MOJISOLA FOLAKEMI UWAZURUONYE JULIET CHIDINMA OLUBODUN OLATUNDUN FALILAT AMEH AFOR MARY BABARINDE AMOS OLAJIDE ASUQUO ENE RITA OJO ABOSEDE OLUFUNKE UGWUEZUMBA CYNTHIA NNENNA OLAOYE BASIRAT OLUWATOYIN IYAMU ISRAEL NOSAWARU MANG AGWU CHIOMA SOGBESAN OLUWADAMILOLA O SASHI-COMOE SHANTI VICTORIA OMOJASOLA P F DIMOBI IKECHUKWU SAMUEL LAWAL MUSTAPHA ACHONWA OBINNA OSITA AGBOLA ADELEKE OLANIYI LAWAL SAHEED OLADIPUPO CHIGOZIE GERALD MUSTAPHA LAWAL OMOGIAFO OWEN DIANA OMOGIAFO OSATO AYEGBENI ODIASE EVELYN ODION NWACHUKWU GLORIA UCHE ODUNAYO-OJO BOLANLE IYABO AJAKAIYE BABATOPE OLUSEUN AJIBOLA OLAYODE ADEBIYI UDOUDO OTU FADASE OLUWASEYI AYODELE OTUORIMUO LORETTA ROSELINE ARODIOGBU BRIAN OTUORIMUO ISAAC AKPOEDE GIWA-AMU GABRIEL OZIEGBE SULE JAMES MARY A PHILIPS OKE-CHINDA MERCY ADEBAYO ADEOLA ABIODUN DUPE O KUPOLUYI ADEOLU ADEBOYE UMAR I GUSAU URUAKA WALTER ONYEKA ADEYOOLA A ABIOYE OSAKWE LINDA OLUEBUBE OMODELE TAIWO DOLAPO MR&MRS M OKOLI STELLA C JACKS AFEOFO J DOGHO EJENAME BROWN OLOWOJAIYE CHINWE R NWOKOLO ALANUMO S NAYABOFA OJOGBANE S SANI MUKORO, ABRAHAM EDIRI ADJEKUGHELE VERA OWODIONG-ISEMEKO IDE OKON ABDULAZEEZ MANSURAH CBN SEVEN-UP BOTTLING CO. PLC AFRICA CONT GBF TRADING NIG LTD JULIUS BERGER NIG PLC FAS AGRO IND.CO. LTD UKAEGBU HENRIETTA CHIOMA ALLI OLATUNJI KOLAWOLE ALLI EGO MAUREEN THOMAS ADENIKE ADEBIMPE ETOTOK INNOCENT UDUAK SUMANU UYI JENNIFER FRANK OFONDA PROF EGBUNIKE G NWACHUKWU EGBUNIKE NKECHI AKUZIE EHIOROTOBO SAMUEL FUNMILAYO ANTHONY ATAWHE JOSIAH AKINTOLA ODERINDE DAVID BANJI AKEREDOLU EDOBOR EUSTACE AODUKOYA OWOTOMO SAMUEL SOKUNBI GANIYAT OLAYINKA IGBOKWE NGOZI JOSEPHINE ABUBAKAR NASIRU YEMISI SUSWAM NDUBUKA DONATUS IFEANACHO ISIOLU EMMANUELLA IJEOMA EMEDEME OKEOGHENE UROUPA NOTOMA LURVY ONORIODE NNENNA IKENNA COLLINS AKINBOYEWA AKINPELUMI AKINTEMI OLUSEGUN OLADIPUPO OLUWIBE UWAGBOE OSAZE ANTHONY TEMITOPE EDU EZENWA JOSEPHINE CHIOMA OIKERHE KENNEDY OGUNKUA MONISOLA FOLUWAKEMI OGUNKUA TOSIN OLOLADE IGBOKEI STEPHANIE OLUWABANKE AFOLABI OLUBUNMI FOLASHADE OYEBADEJO OLUFEMI AGBOOLA ODUKOYA IDOWU ELIZABETH ZEMO GIDEON AUDU OHENE DORA O ABIKOYE BOLAJI OLUMIDE DYNAMIC RESOURCES CO LTD OKAFOR CHIDOZIE SYLVESTER DAFIEWHARE ANDREW OCHUKO OLISAH IFECHUKWUDELU VICTOR SOLABI OLUKUNLE ALABA MONANU GODDY CHIKA OBIANEFO JUSTINE OKECHUKWU NWANDU DANIEL CHUKWU EZUGO ONWO OGHENETEGA FERGUSON ADEBIYI OMOLADE CHRISTIANAH EZEANI CHINELO LAURA ONAH CYRIL OKEY ONAH ESTHER OBIAGELI OKENE TUOMA PAUL ODUMODU CHUKWUNWEIKE EBELE UCHENDU EZIAHA EZEAKOR ANTHONY OSITA AKPE AUSTIN AZUBIKE ODUWOBI OLUTUNDE TEMITOPE SAMAGBEYI NEWTON REV FR. BONIFACE CHIDOZIE EZEOKE OGUNKUA TOSIN OLOLADE EMMANUEL RITA ADETUTU UCHENDU EZIAHA ONWU UCHENNA IJEOMA HAASTRUP GRACE MODUPE ONWUKA ISAAC C

AMOUNT (US$) 5,000.00 4,000.00 2,000.00 4,000.00 2,700.00 2,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,200.00 1,000.00 300.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 2,000.00 2,000.00 1,000.00 2,000.00 2,500.00 300.00 4,000.00 2,800.00 4,000.00 4,000.00 4,000.00 2,300.00 4,000.00 3,000.00 4,000.00 1,000.00 4,000.00 4,000.00 4,000.00 4,000.00 2,000.00 2,750.00 3,600.00 4,000.00 4,000.00 4,000.00 4,000.00 295.83 3,671.95 2,842.80 2,778.93 3,996.38 8,601.45 5,676.96 14,820.96 14,887.13 5,227.04 14,556.30 7,173.52 6,159.96 2,500.00 13,000.00 11,997.40 2,375.50 2,000.00 2,500.00 7,000.00 1,500.00 2,581.30 1,350.00 2,000.00 5,287.88 2,800.00 233,178.83 1,727.13 301,669.92 208,763.32 65,350.00 1,500.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 2,000.00 4,000.00 2,000.00 4,000.00 4,000.00 700.00 800.00 4,000.00 4,000.00 4,000.00 1,500.00 3,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 2,600.00 2,000.00 4,000.00 4,000.00 1,500.00 4,000.00 4,000.00 3,800.00 4,000.00 5,000.00 4,000.00 5,000.00 1,100.00 2,500.00 5,000.00 4,000.00 4,000.00 4,000.00 1,000.00 4,000.00 4,000.00 3,000.00 4,000.00 4,000.00 3,300.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,333.31 3,999.92 666.65 4,012.80 2,675.22 3,344.03

PURPOSE BTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA BTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA LIVING EXPENSES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES PTA IMTO TRANSFERRED TO CBN 588 UNITS PEPSI COLA GINO CHICKEN SEASONING CUBE BUILDING MAT,CONSUMABLES AND SPARES POLYPROPYLENE GRADE RAFFIA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA BTA PTA PTA PTA PTA PTA BTA PTA BTA BTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA

RATE 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 357.00 357.00 367.00 367.00 367.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00

DATE 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 3-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17 4-Aug-17

SOURCES OF FOREIGN EXCHANGE AS AT 4TH OF AUGUST 2017 S/N 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52

SOURCE AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS IMTO IMTO IMTO IMTO AUTONOMOUS AUTONOMOUS AUTONOMOUS CBN CBN AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS IMTO IMTO IMTO IMTO AUTONOMOUS AUTONOMOUS

www.ubagroup.com

AMOUNT (US$) 170.00 490.00 1,100.00 625.00 1,655.00 150.00 200.00 3,000.00 4,250.00 975.00 141.14 1,590.00 141.26 970.00 985.00 175.00 126.62 814.74 150.32 140.99 10,000.00 152,380.95 185,796.47 2,242.36 262,254.87 2,778.11 4,608.77 11,566.13 195.92 2,000,000.00 3,000,000.00 11.94 125.00 125.00 75.98 76.16 117.21 5,030.00 1,936.00 1,200.00 535.00 240.00 25,000.00 500.00 723.08 79.51 199,200.98 2,392.01 306,888.63 3,296.55 76.43 161.92

RATE DATE 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 315.00 31-Jul-17 355.00 31-Jul-17 355.00 31-Jul-17 355.00 31-Jul-17 354.66 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 310.00 31-Jul-17 357.00 31-Jul-17 357.00 31-Jul-17 310.00 1-Aug-17 310.00 1-Aug-17 310.00 1-Aug-17 310.00 1-Aug-17 310.00 1-Aug-17 310.00 1-Aug-17 310.00 1-Aug-17 310.00 1-Aug-17 310.00 1-Aug-17 310.00 1-Aug-17 310.00 1-Aug-17 310.00 1-Aug-17 310.00 1-Aug-17 310.00 1-Aug-17 310.00 1-Aug-17 355.00 1-Aug-17 355.00 1-Aug-17 355.00 1-Aug-17 354.68 1-Aug-17 310.00 1-Aug-17 310.00 1-Aug-17

S/N 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104

SOURCE AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS CBN INTERBANK INTERBANK AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS IMTO IMTO IMTO IMTO AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS CBN INTERBANK INTERBANK AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS IMTO IMTO

AMOUNT (US$) 124.91 315.75 23.13 899.26 1,000,000.00 500,000.00 200,000.00 6,626.15 1,499,736.19 190.00 75.87 1,000.00 1,590.00 256.17 990.00 440.00 490.00 70.00 120.00 1,020.00 300.00 500.00 1,068.10 25,000.00 276,073.22 3,392.57 413,733.02 4,795.62 636.25 2,601.08 277.58 233.00 116.50 2,000,000.00 450,000.00 500,000.00 470.00 970.00 1,000.00 140.00 150.00 132.12 330.31 1,300.03 300.00 391.00 2,267.00 400.00 2,100.00 2,980.00 248,092.87 2,738.10

RATE DATE 310.00 1-Aug-17 310.00 1-Aug-17 310.00 1-Aug-17 310.00 1-Aug-17 367.00 1-Aug-17 367.00 1-Aug-17 368.00 1-Aug-17 364.00 1-Aug-17 366.00 1-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 355.00 2-Aug-17 354.12 2-Aug-17 355.00 2-Aug-17 354.63 2-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 310.00 2-Aug-17 368.00 2-Aug-17 364.25 2-Aug-17 367.00 2-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 355.00 3-Aug-17 355.00 3-Aug-17

S/N 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153

SOURCE IMTO IMTO AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS IMTO IMTO IMTO IMTO AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS

AMOUNT (US$) 298,783.46 3,256.47 130.38 196.54 1,165.00 104.85 58.25 81.55 133.98 133.79 29.09 349.02 221.05 1,745.10 118,000.00 200.00 101.00 32,500.00 73.04 70.00 280.00 955.00 4,035.00 25,000.00 995.00 411.00 254.00 127.99 1,500.00 79.69 153.33 2,814.84 2,737.14 4,000.00 50.02 228.45 38.03 87.06 80,000.00 238,993.94 2,782.66 307,470.38 3,434.72 200.99 2,737.53 2,326.77 2,099.50 499,906.30 499,874.04

RATE DATE 355.00 3-Aug-17 354.65 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 310.00 3-Aug-17 364.00 3-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 340.00 4-Aug-17 355.00 4-Aug-17 355.00 4-Aug-17 355.00 4-Aug-17 354.63 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 310.00 4-Aug-17 367.00 4-Aug-17 367.00 4-Aug-17

Africa’s global bank

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WEDNESDAY AUGUST 9, 2017 ˾ T H I S D AY

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NEWS

Boko Haram Kills 31 Fishermen in Lake Chad Buratai urges troops to go into bushes, forests to clear insurgents Boko Haram terrorists have attacked and killed 31 fishermen in separate attacks in Baga, Borno State.

The incident occurred at Duguri and Dabar-Wanzam fishing communities in Kukawa Local Government Area of the state.

An anonymous member of the Civilian Joint Task Force (CJTF) disclosed that 14 persons were killed at Duguri, while 17 others were murdered at Dabar-Wanzam.

The source noted that the attack came barely four weeks after the fishermen returned to Baga and resumed fishing.

The lifting of the ban on fishing by the military attracted thousands of fishermen to the area.

The military had earlier banned fishing on the Nigerian side of the lake, following accusations that Boko Haram was using proceeds from fishing to fund its armed campaign.

Confirming the killings yesterday at the presentation of relief materials donated to the state by the Economic Community of West African States (ECOWAS) to the Internally Displaced Persons (IDPs) in Maiduguri, the state Governor, Kashim Shettima, said the attack indicated that the Boko Haram insurgents were still unleashing terror, killing and maiming people in the Lake Chad Basin.

Shettima noted that the military and other security agencies were yet to verify the report.

“Somebody called me this morning and informed me that the insurgents had killed 31 fishermen in the Lake Chad Basin.

“The security agencies have not

commented on the attack so you cannot confirm it.

“This shows the level of crisis we faced in the state as the so-called Jihadists continued with their inhuman acts in the Lake Chad basin,” Shettima said.

He, however, commended the efforts of the military towards ending the insurgency and ensuring that peace returned to the North-east region.

However, the Chief of Army Staff, Lt-General Tukur Buratai, has charged troops to move deep into the bushes to engage and clear remnants of the Boko Haram terrorists from the North-east region.

Buratai, according to The Cable, gave the charge yesterday in Bama, after he decorated two officers and 63 soldiers with gallantry medals for their exceptional performances in the clearance operation.

“You must take this fight to their hideouts. You must go further, that should be the next stage.”

“I won’t accept a situation where our troops are being unnecessarily killed or innocent civilians are ambushed on the highways or in some other areas.

“The remnants (of terrorists) that are roaming in the bushes and forest must be followed through. They must be identified and cleared.

Don’t rest on your oars. We still have little to accomplish. You have done the greater part.

“We are moving to the end of this operation, but there are still more tasks to be accomplished. It requires perseverance and discipline, so, let us work harder and clear these criminals,” he said.

Buratai moved to the theatre command of Operation Lafiya Dole in Maiduguri, after acting President Yemi Osinbajo ordered service chiefs to relocate to Borno State to take charge of operations, following renewed Boko Haram attacks.

Buratai, who relocated in compliance with the directive, had been visiting troops in the front line to boost their morale.

Meanwhile, the factional leader of Boko Haram, Abu Musad AlBarnawi, has said the Abubakar Shekau-led faction of the insurgent group will be defeated by the Nigerian military.

Al-Barnawi made the prediction in a video uploaded to YouTube.

He said Shekau had gone against the objectives of the insurgent group.

“Muhammad Yusuf and the rest of the Mujahiddeen (Commanders), have sacrificed their lives leaving people like Shekau with violent quotes of the Holy Qur’an and refused to take advice or other people opinions,” he said in the video.

“How can you succeed against the Nigerian government (infidel), when you indiscriminately attack innocent people, ordinary Muslims without sufficient grounds. How can you succeed when you kill orphans?

“Apart from the wanton killing and destruction of human lives, Shekau also sees anyone who doesn’t agree with his ideology as Kufur which literary means an act of infidelity,” Al-Barnawi said.

PDP Inaugurates Convention Planning Committee Plans to woo Obasanjo, Atiku, others back Onyebuchi Ezigbo in Abuja The Peoples Democratic Party (PDP) has stated that it is set to reconcile with former President Olusegun Obasanjo, his erstwhile deputy, Alhaji Atiku Abubakar, as well as others who left the party.

The Chairman of the PDP National Caretaker Committee, (NCC), Senator Ahmed Makarfi, who stated this while inaugurating committees for the Saturday’s national convention of the party in Abuja, said no stone will be left unturned to bring back those who left the party.

The three committees are national convention, disciplinary and reconciliation, which is co-chaired

by Gombe State Governor, Ibrahim Dankwambo, and his Rivers State counterpart, Nyesom Wike.

Makarfi specifically charged the reconciliation committee to bring back to the fold, former political office holders who were elected on the platform of the party.

According to Makarfi, “Reconciliation is to reconcile and bring back to the fold those who held top political offices on PDP platform, be they president, vice president, speaker, deputy speaker, governor or deputy governor.

“You can even reconcile with those who have never been in the PDP and bring them back to the party. You must not close doors

to anybody coming into the PDP, and we must create level playing ground.”

On his part, the former Minister of Foreign Affairs, Chief Tom Ikimi, who is heading the disciplinary committee said his committee would work closely with reconciliation committee to ensure former members who left the PDP return.

“All Progressives Congress (APC) is now dying and is almost dead. I am aware that they were able to win (the 2015 election) because of (former) members of PDP. “I have it on good authority that key members who left PDP and joined APC are now returning to the party. I will like us to receive then with open hands and we will rebuild the party,” Ikimi added.

Also, the Delta State Governor, Ifeanyi Okowa, who is the Chairman of the National Convention Committee, said the convention would be the major assignment for the party as it prepares to take over power from APC in 2019.

In his response, Okowa, thanked the party for the opportunity to serve, promising that the members would immediately devote themselves to the onerous task of making the special non-elective national convention a successful one.

“The committee is comprised of eminent Nigerians and party chieftains with vast experience. We shall organise a convention that will not only positively shake Abuja but the entire country, The task before the committee is a daunting one as we have barely 48 hours to plan and this requires that all hands must be on deck to ensure that the committee delivers on its mandate,” he said.

Meanhwhile, the party has appointed former Minister of Health, Prof. ABC Nwosu, as the chairman of a caretaker committee to revive its fortunes in Anambra State following the dissolution of the three parallel executives.

Former National Women Leader of the party, Josephine Anenih, is the Secretary of the committee.

Speaking during the inauguration of the committee at the party’s national secretariat, Chairman of the National Caretaker Committee (NCC) of the party, Makarfi, charged the committee members to use the opportunity offered them to serve in the interest of the party.

“You are to see that interests are protected and balanced. If we give you power, use it well and just,” Makarfi said.

Part of the terms of reference given to the caretaker committee is to organise a credible and effective party primary for the forthcoming state governorship election.

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WEDNESDAY AUGUST 9, 2017 ˾ T H I S D AY

NEWSEXTRA

Church Killings: Police Quiz Community Leader, Foundation Chairmen Community insists bishop not a drug lord Mark, Dickson, others condemn killings David-Chyddy Eleke in Awka, Ugo Aliogo, Blessing Alaku, Mabel Benson and Ibikunle Abikoye Anambra State Police have interrogated the President-General of Ozubulu community, Dr. Ernest Chukwuka, over the killing of worshipers at St Philip Catholic Church in Ozubulu last Sunday by an unknown gunman.

THISDAY gathered that the president-general was invited by the state Police Commissioner, Mr. Garba Umar, to answer some questions from the command over the incidence.

Also invited alongside the president general were the chairman of Ekwusigo Local Government

Area, Ikenna Ofodeme, and the Chairman of Ebubechukwuzo Foundation, Mr. Emeka Jovita Ofomata.

The foundation is owned by High Chief Aloysius Ikegwuonu, who was said to be the target of the gunman who stormed the church and massacred worshipers.

A source told THISDAY that the invitation might not be unconnected to revelations made by suspects who were said to have been arrested by police in the state.

Ofomata confirmed to THISDAY in a telephone interview that he and the president general of Ozubulu and the chairman of Ekwusigo council area were at the police command to honour the invitation of the police commissioner.

Osinbajo: I Didn’t Call Advocates of Restructuring Job Seekers Omololu Ogunmade in Abuja Acting President Yemi Osinbajo yesterday said he was surprised to learn about a comment credited to Chief Ayo Adebanjo, accusing him of describing proponents of restructuring as political jobbers.

The acting president, in a statement by his media aide, Mr. Laolu Akande, said at no time did he describe advocates of restructuring as job seekers.

Osinbajo said the subject of restructuring was broad and made up of some valid constitutional provisions and hence, every Nigerian reserves the right to lend his voice to it.

He also said he had himself been a staunch advocate of some elements of restructuring such as state police, community police, devolution of powers and fiscal federalism.

Osinbajo added that the

administration of President Muhammadu Buhari had been a strong believer in the rights of federating units.

He said for the benefits of those in doubt, the video, audio tapes and full text of his speech at the national security summit organised by the Department of State Services (DSS) where he was said to have made the comment last week are available in public domain for confirmation.

The acting president also said several newspapers and media outfits which reported the event did not attribute such “blatantly inaccurate claim” to him.

Akande said the debate on restructuring was an important one while the calls for restructuring cover a wide range of legitimate and constitutionally valid issues, pointing out that all Nigerians have both a right and a duty to advance their arguments on the subject.

Petrified Passengers Run Amuck as FAAN Blows Unclaimed Baggage at MMIA Chinedu Eze The sound of explosion sent intended pilgrims at the Hajj and Cargo Terminal of the Murtala Muhammed International Airport running helter-skelter, petrified when the Federal Airports Authority of Nigeria (FAAN) blew unclaimed luggage in order to forestall possible bombing of the facility.

The passengers who suspected that the sound was a bomb blast, scampered from the terminal until they learnt that there was no danger but a safety measure to protect their lives.

In line with international practices, unattended luggage at the airports are usually destroyed in case bombs are hidden in them, but when the luggage was destroyed, there was no bomb hidden in it; rather Hajj materials were found.

FAAN in a statement signed by the agency’s spokesperson, Mrs. Henrietta Yakubu, FAAN explained that at about 9:30 am, an unattended bag was noticed at

the Hajj and Cargo terminal, after the departure of the 4th flight for the intending pilgrims.

“The Chief Security Officer of FAAN, Hajj and Cargo Terminal as well as the Bomb Disposal Unit were contacted and they began the process of finding out the owner and the content of the bag.

No one claimed ownership of the bag, so the decision to blow up the bag using an explosive device was made, which in turn caused some panic amongst the second batch of intending pilgrims waiting.

“After detonation, it was discovered that the bag contained some copies of an Islamic guide; meant for pilgrims to guide them with regards to their journey,” FAAN said.

The agency therefore advised the passengers to be cautious of their belongings, and ensure that their belongings were securely kept.

The authority assured the public that there was no bomb and the Hajj and Cargo Terminal was safe, secure for flight operations.

He, however, denied that the invitation had anything to do with revelations made by arrested suspects, saying the discussion with the police authorities was a friendly one.

According to Ofomata, “they (police) did not inform us of any revelation or arrested suspects. They simply called us to tell them what we knew that can help them in their investigation.”

Attempt to speak to the state police commissioner, however, was unseccessful as several attempts to reach him through phone call was thwarted by his busy line.

Meanwhile, members of Ozubulu community have insisted that their son, Ikegwuonu, is not a drug lord.

Though the entire community was visibly devoid of humans, some members of the community who spoke to THISDAY said no one in the community suspected Ikegwuonu to be a drug lord.

They insisted that he was an easy-going philanthropist who has touched a lot of lives in the community and beyond.

A member of of the community, Mrs. Dorothy Ikem, said:

“Everybody in Amakwa knows Ebubechukwuzo (Ikegwuonu). He is a generous young man who is always willing to assist people. We do not know him to be a drug baron. He imports spare parts and has also helped to train a lot of people.”

Chairman of Ekwusigo Local Government Area, Ofodeme, also stated that the allegation of Ikegwuonu being a drug peddler was not true. He said there was nothing like a gang war spilling from South Africa.

“I seriously believe that it was a terror attack on our people, and the people are hiding under false stories to cover up the attack,” he stated.

“Ebubechukwuzo has not complained about having problems with anyone. We have called to ask him if there is anyone he has problem with and he said no,” Ofomata said.

Meanwhile, reactions have trailed the recent church killings at St Philips Catholic Church, Ozubulu, Ekwusigo Local Government Area, Anambra State, where scores of worshippers were killed and

many injured.

Reacting to the dasdardly act, former Senate President, Senator David Mark, condemned the killings describing it as barbaric and inhuman.

Mark in a condolence message to the state government urged security operatives not to leave any stone unturned in unraveling the identities of the perpetrators and bring them to book.

He said the massacre of innocent worshippers in the cruelest circumstances was a dangerous trend that must not be tolerated in Nigeria.

He called on the traumatised Christian community not to be deterred by the sad event, but renew their faith in God. Also reacting to the issue, the Baysela State Government described the incident as most disheartening, shocking and barbaric, noting that the state government condemns the action in its entirety.

In a statement signed by the Commissioner for Information and Orientation, Hon. Jonathan Obuebite,

He said: “On behalf of the government of Bayelsa State, the chiefs and peace loving people of the state, I condemn in very strong terms the killing of innocent worshippers last Sunday morning at the St. Philips Catholic Church, Ozubulu in Ekwusigo Local Government Area of Anambra State”.

The statement also condoled with the Anambra State governor, Willie Obiano, the families of the dead, and the Christian community.

On its part, the Committee for the Defence of Human Right (CDHR) described the incident as a sin against man, desecration of the altar of God and a highly condemnable act.

In a statement signed and issued to THISDAY by the Director Programme and Projects, CDHR, Dr. Bode Fasade, said whichever faction of the story one chose to believe may have been the cause of the killing in the church is immaterial, stressing that this barbaric human wastage is a pointer to the abysmal level which the society has degenerated into in the recent time.

INVESTMENT MEETING

L-R: National President, Nigerian American Chambers of Commerce, Chief Olabintan Famutimi; Chief Executive Officer, Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awolowo; Founder Nigeria Initiative for Economic Development, Dr. James Tofade; and a Guest, Mr. Olajide Opaleye, during an interactive meeting with the United States trade mission delegation in Abuja...yesterday

APDA Crisis: Stakeholders Sack Interim NWC Party fires back, suspends faction Onyebuchi Ezigbo in Abuja The crisis rocking the newlyregistered Advanced Peoples Democratic Alliance (ADPA) took a new turn yesterday as stakeholders met in Abuja and sacked the Alhaji Kabiru Muhammad Shittu-led Interim National Working Committee (NWC) of the party.

But the Shittu-interim party NWC has reacted by approving the suspension of Chief Raymond Dokpesi, Dan Nwanyanwu, and Mainasara Ilo for unlawful gathering in the name of the party and for holding what it described as illegal National Executive Committee (NEC) meeting.

At the NEC meeting which was held at Riez Hotel in Abuja yesterday the stakeholders said that

the tenures of the NWC members had expired since June 14 this year in line with the constitution of the party, adding that the meeting of yesterday complied with the party’s Constitution as well as the provisions of the Electoral Act (as amended).

The following are the new national officers of the party elected during the NEC meeting: Illo, National Chairman, Chief Dan Nwanyan, Chairman Board of Trustees (BoT), Mr Amobi Nwosu, National Secretary, Alhaji Muhammed Tanko, Deputy National Chairman (North), Dr. Fijabi Adebo, Deputy National Chairman (South) and Mr. Ide Felix Eguabor as the National Publicity, among others.

Addressing journalists shortly after the meeting, the new National

Chairman, Mr. Illo pointed out that the former NWC failed to organise a proper meeting to either extend their tenures or elected news officers in line with constitution of the party when their tenures expired.

Ilo, who read out the decisions reached at the meeting, said it also resolved to partake full in the forthcoming governorship election in Anambra State.

He said the NEC approved the relocation of the party’s national secretariat to another more spacious location in Abuja.

He stated that the party with the appointment of new NWC members, was poised to embark on membership drive nationwide to enable it to contest and win in future elections.

However, the embattled interim national chairman, Shittu, addressed

the media shortly afterwards and clamped a suspension order on some of the key leaders of the party.

One of the suspended leaders of APDA, Dokpesi, appeared to still be holding tight to his membership of the Peoples Democratic Party (PDP) as his name was listed yesterday as the head of publicity for the party’s national convention.

He said: “Due to the indiscipline of these members, the NWC met at an emergency meeting today and suspended them and constituted a disciplinary committee to sanction them for bringing disrepute to the party.

“We want to appeal to the public to disregard the announcement because they are agent of PDP trying to destroy the emerging alternative party that will give Nigerians a better life,” he said

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IPOB Not against Anambra Governorship Poll, Says Obiano Group has no powers to stop election, says ID

Onyebuchi Ezigbo in Abuja and David-Chyddy Eleke in Awka Anambra State Governor, Chief Willie Obiano, has said the Indigenous People of Biafra (IPOB) has no intention to stop the forthcoming governorship election in the state.

He said the government would not allow anyone truncate the election as long as the Independent National Electoral Commission (INEC) has sanctioned it.

The governor, who came to the APGA national secretariat to pick nomination form for the governorship ticket of his party, also gave update on last Sunday’s killings in a church in Ozubulu, saying some suspects had been arrested, adding that he would make sure the killers are arrested dead or alive.

He, however, dismissed any insinuation that the attack was done by either the Boko Haram

terrorist or people agitating for self-determination.

When asked about his reaction to the threat by IPOB that election will not take place in the state, Obiano said: “That is not correct.

The fellow you mentioned did not say there will be no election by yesterday (Monday), you would have heard the words of veterans who met with me, these are the same people who fought the war, 87 of them.

“They were at the lodge to meet me and what they said is that they will support the election and they have endorsed my election on the second term journey,” he said.

The governor explained that during the meeting he had with the Biafran war veterans, their leader and a renowned Biafran apologist, Gen. Achuzia expressed support for the poll.

“The leader of that group, Gen. Achuzia, most of you should know him, is the brain in IPOB, so that comment that election won’t take

place in Anambra, let me begin to dissipate that now. They didn’t say that and there would be election in Anambra, of course nobody can stop election in Anambra when INEC has already mapped out time table. We would not even allow anybody to do that, to stop election in Anambra State, we won’t allow that.”

Obiano, who came in with funfair to obtain the governorship forms to contest second term yesterday declared that from all indication, he has won the forthcoming election.

I have already won the election.

Haven’t you seen my performance?

My performance in three years will tell you what I can do in eight years.

“By that, mean by the time I leave office in the next four and half years Anambra will be like Lagos. It will be self-sufficient and therefore whatever comes

from Abuja will be additional, that is the whole objective. And we are doing that in Agriculture, in trade and commerce, in oil and gas, industrialisation and our airport will be up and running in the next three years.

“Security will be critical where people will sleep with their two eyes closed because I will be awake to make sure they sleep well. Agriculture will be brought to a level that is unprecedented. We are going to be number one state in agriculture in Nigeria purely based on what we are doing now, you know we have Anambra rice.”

When asked on his own intervention on the leadership crisis rocking APGA, Obiano said: “What I can assure you is that we have only one National Chairman and that National Chairman is Victor Oye. Every other guy or whoever is parading himself is not recognised and will fall like a pack of cards

in the front of court.”

On the Ozubulu killings, the governor said: “Let me make this point, Ozobulu killings is not the kind of terrorism you use to know, it is not by Boko Haram or anybody.

Again it is not by people agitating for separation.

“It is a feud between two gangstars that live outside Nigeria.

They killed themselves over there and they decided to come home and both of them are from that village where the church is built.

We have picked up some guys and very soon, I’m very confident that we are going to pick up the guy that did the killings dead or alive.”

Meanwhile, the National Chairman of Independent Democrats (ID), Chief Edozie Madu, has declared that IPOB does not possess the powers to stop the November 18 governorship election in Anambra State.

Madu who was in Awka

yesterday for the inauguration of the party’s women league and 10-man committee ahead of the governorship election in the state at the party’s secretariat.

Madu said if IPOB wanted to test its popularity in the state, that it should form its own party where it would have all the powers to dictate to its members and not on Anambra governorship election.

According to him, “they are just jokers and nobody should take them seriously. Nobody will listen to them because their threat is an empty one.”

However, Madu charged the committees to be fishers of men in all their local government areas and wards, adding that his party was fully prepared and ready for the Anambra governorship election.

He condemned the last Sunday’s killings by unknown gunmen at Ozubulu, describing it as barbaric and satanic.

Uzodimma: Serving Governor, Others Plotting to Discredit Our Committee Senate Joint Committee on Customs, Excise and Tarrif and Marine Transport has raised the alarm about a carefully packaged plot spearheaded by a serving governor from the North-west to discredit the noble and patriotic duties of committee members aimed at ending the vexed issue of revenue leakage at the nation’s ports.

He disclosed this yesterday in a statement issued by the Media Consultant to the Senate Committee on Customs, Hon. Duro Meseko.

According to Uzodimma, the serving governor working in concert with some federal agencies under probe have perfected plans to invade some media organisations with fake concocted stories aimed at ridiculing and painting members of the committee and by extension the institution of the Senate as corrupt.

He said the media would be awash with those outrightly discrediting stories any moment from now.

“We wish to draw the attention of Nigerians to a satanic plan by a sitting governor from the North-west region working with some disgruntled federal agencies currently under probe over their role in the infractions at the nation’s

ports which had cost the federal government over N30 trillion loss in revenues to launch a massive propaganda in some sections of the media aimed at the discrediting the good works of the committee.

Our investigation reveal that this particular governor acting on behalf of the chief executive of one of these agencies have voted a huge amount of money for this dirty job. We make bold to say that our committee has the express mandate of the Senate to investigate these unfortunate infractions at the ports with a view to blocking revenue leakages and shoring up the nation’s revenue profile at the ports and we will never succumb to cheap blackmail or subterfuge of any sort from any quarters no matter how highly placed.

“It may interest Nigerians to know that our investigation has led the federal government to recover not less than N120 billion from some defaulting agencies and more money is being recovered as we speak. So why are some unpatriotic Nigerians indifferent to this laudable achievements by the Senate and are bent on denting the image of members with unreasonable allegations that at best remain laughable?”

Hubmart Stores Set to Delight Customers with New Ikeja Outlet On the heels of her successful launch of operations on Victoria Island, (35 Adeola Odeku Street), leading indigenous retail giant Hubmart Stores Limited, is poised to delightcustomersandresidentsinthe Ikeja and its environs with the opening of its new outlet situated at 26 Isaac John Street in Ikeja G.R.A. The shopping complex will be officially opened to the public on Friday, August 11, 2017 at 11a.m in an exciting fiesta of events with a bouquet of activities such as enjoyable music, celebrity guest appearances and free giveaways to excite customers. The facility is a

masterpiece of retail-purposed civil engineering exquisitely designed to give customers the ultimate shopping experience and set to take shopping to a whole new level.

The new store boasts of ultramodern facilities designed to create amazing and mind numbing shopping experience for customers.

Heading the list of star attractions is the Hubmart food court which will boast of a Deli and several other exciting offers. This is located on the first floor of the building for those looking for a quick bite and a relaxing atmosphere to enjoy their favorite meals.

PETROLEUM CLUB

L-R: Dr. Udumo Itseh; Chairman Petroleum Club, Mr. Godswill Ihetu; Guest Speaker and Minister of Power, Works and Housing, Mr. Babatunde Fashola (SAN); former Minister of Petroleum, Chief Don Etiebet; and Otunba Adekunle Ojora, at a dinner party of the Petroleum Club in Lagos...recently Mubo Peters.

Northern Governors Donate N360m to Borno as El-Rufai,Tambuwal, Masari, Bindo visit Maiduguri Governors of the 18 northern States in North yesterday donated N360million to support Borno State in addressing problems associated with humanitarian needs and rebuilding of communities and livelihoods arising from the Boko Haram insurgency.

Governors Aminu Bello Masari of Katsina, Nasiru El-Rufai of Kaduna, Aminu Waziri Tambuwal of Sokoto and Bindo Umaru Jibrilla of Adamawa States conveyed the donations in cheques issued with each donating N20 million naira.

Whereas there are 19 states in the north, Borno was excluded since it is the beneficiary of the aide.

The four governors who flew to Maiduguri in the morning, spent some hours before departing. While in Maiduguri, the governors visited one of the internally displaced persons camps and paid a courtesy call on Governor Kashim Shettima.

At the courtesy call, Governor Masari of Katsina spoke on behalf of his visiting colleagues. He said they were nominated by other governors to travel to Maiduguri on behalf

of their forum to show solidarity and commiserate with Governor Shettima and the people of Borno State over the resurgence of Boko Haram attacks especially the killings and abduction of oil prospectors and many other innocent citizens.

“At our last meeting, it was resolved that a committee was set up to visit Borno. We were nominated as members of the committee. We are here to show sympathy to the good people of Borno and in solidarity with our brother, Governor Kashim Shettima.

We are solidly behind him and we stand by him at this trying time.

We have also resolved to be more united than ever before. What affects any of us, affects all. Each of the 18 northern states is donating N20m totaling N360m. Some have already issued cheques while others are sending theirs soon. We will stand in solidarity with each other and we will do everything humanly possible to ensure that this kind of crisis that affected the northeast does not affect any other part of the north and by extension the

country” Masari said.

The host governor Shettima, said part of what has kept him going is the empathy of his colleagues from different states in Nigeria.

“As your brother and colleague in this state, one of the things that has kept me strong despite the calamity of Boko Haram is the genuine empathy and encouragement I constantly receive from all of you. Most Governors have solidly identified with us even when Borno suffered its most severe neglect between 2011 and 2014. It was at this period that Boko Haram took over most of our local government areas after very audacious and bloody attacks.

They killed thousands, destroyed communities, abducted and raped our sisters and daughters.

“They destroyed nearly one million residential houses; destroyed over 5,000 classrooms and other school buildings. They destroyed over 200 healthcare centres. They bombed water and electricity installations.

“They set large scale farms

ablaze, blocked major economic highways like the Ngala road connecting Nigeria with five countries. Wealthy traders and international transporters lost their trailers and became poor overnight.

The insurgents kept on launching suicide attacks on the Maiduguri Monday Market in order to cut off economic activities in the state. “ They mounted pressure on the state so much that our local economy was only charged anytime salaries were paid to workers at the state level and at the University of Maiduguri which is the second largest employer in Borno. Traders were terribly affected to the extent that we had to resort to giving some sort of bailout to some of them.

“Shocking as this may sound, throughout that darkest period of large scale killings and destructions, the total support we got from the federal government was a paltry two hundred million naira. This came at a time the state government was spending six hundred million naira monthly to feed about two million internally displaced persons.

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EFCC Recovers N328.9bn from Oil Marketers Says investigation of Gombe govt house accountant ongoing Segun Awofadeji in Gombe and Ibrahim Shuaibu in Kano The Economic and Financial Crimes Commission (EFCC) in North-west zone in Kano has recovered N328.9billion from alleged fraudulent petroleum transactions in the Nigerian National Petroleum Corporation (NNPC) between July 2016 to July 2017.

The Head of Operations of the commission, Dr. Adamu Hamisu Danmusa, told journalists yesterday that the money was recovered from 11

major petroleum marketers.

Danmusa said a petition filed by Independent Petroleum Marketers Association of Nigeria (IPMAN) through a legal practitioner, complained that some major marketers in connivance with NNPC were poised to sabotage the economy through the supply of petroleum products to the major marketers, whose debts were in turn declared as legacy debt.

The petitioners further alleged that the major oil marketers were indebted to the petroleum corporation, citing huge amount being diverted, prompting the

anti-graft agency to move into actions.

According to him, EFCC operatives attached to the commission launched investigations into the transactions involving NNPC and the 11suspected major petroleum marketers across the country, culminating into the recovery of the fund designated to be bad/ current transaction.

He also disclosed that from January 2017 till date, 31 cases were dragged to court, the commission won 24.

The agency alleged that on July

Three Suspects Arrested for Killing Village Head in Sokoto Mohammed Aminu in Sokoto The Sokoto State Police Command has arrested three suspects in connection with the killing of Alhaji Ibrahim Maigandi the Village Head of Bijeje in Goronyo Local Government Area of Sokoto State.

The Police Public Relations Officer, Ibrahim Muhammad, made this known during a chat with THISDAY in Sokoto yesterday.

Muhammad disclosed that the suspects had been detained and already providing useful information to the police.

He revealed that Maigandi

was reportedly attacked by the hoodlums while on his way to the mosque Monday morning.

“The village head was attacked and matcheted by hoodlums while on his way to offer morning prayers in a nearby mosque and they did not take anything from him.

“In fact, he died as a result of the injuries sustained and his body was mutilated by the assailants,” he stated.

He said the command had already commenced investigation with a view to unraveling those behind the dastardly act.

According to him, the command had deployed detectives to the area

in order to fish out the remaining perpetrators of the heinous crime.

“Our officers are already on the trail of the other suspects and we will leave no stone unturned to apprehend the culprits.

“I am assuring the public that the suspects will not escape justice and will be charged to court and prosecuted,” he said.

He reaffirmed the commitment of the police towards protecting lives and property of the people in the state.

Meanwhile, the remains of the slain village head had been buried in accordance with Islamic rites in the area.

Police Uncover Ritualists’ Den in Lagos, Arrest Suspect Parade notorious kidnapper for murder of 60-year-old woman, others in Ebonyi Chiemelie Ezeobi and Benjamin Nworie inAbakaliki Detectives attached to the Lagos State Police Command yesterday uncovered the den of suspected ritual killers at Obadeyi Ajala Street, Ijaye Ojokoro area of Lagos and arrested one of the suspects for his alleged involvement.

After they stormed the den, the operatives allegedly recovered charms, carvings, white clothes stained with blood, as well as local soap.

It was gathered that the suspect was allegedly arrested following a persistent cry for help by an alleged victim, which drew the attention of some passersby.

Given that the voice emanated from an underground tunnel which linked the canal at Obadeyi Street, one of the passersby summoned the courage and crawled in to help.

Meanwhile, the neighbours had invited the police who stormed there with some soldiers attached to the Operation Mesa (OP MESA) squad, to rescue the victim alongside another one, who was said to be almost unconscious.

The security operatives also arrested the alleged mastermind and recovered the aforementioned items from the said den.

The soldiers were said to have helped to whisk the suspect away immediately as the then teeming crowd tried to lynch him on the spot.

As the crowd was baying for

blood, the human traffic spilled over to the road, thus causing vehicular traffic on the LagosAbeokuta Expressway.

Although he declined to state if it was a ritualist den, the state police spokesperson, Olarinde Famous-Cole, said the command was still investigating the case.

He, however, confirmed that one person was arrested, adding that investigation was still ongoing to ascertain if it was an actual case of ritual killing.

He said: “We are still investigating the matter. It is still too early to begin to say if it is an actual case of ritual killing. We shall make our findings known to the public at the end of the investigation.”

Meawhiled the Ebonyi State police yesterday paraded a notorious kidnapper, Ogonna Alikoa, and 11 other suspects who were allegedly involved in

the abduction and killing of Mrs. Catherine Okorie Chukwu, 60.

The command said Alioka popularly known as ‘Pilot’ and his gangs were said to be operating within Ebonyi and Abia States.

Other suspects paraded were Chukwudi Nwezaku, Otu Okpara, Eze Chima ,Chiadikaobi Ani, UchechukwuAniewo and Ozomena Obasi, and were in connection with armed robbery attacks, electricity cable vandalism, buying of stolen cars and unlawful possession of firearms.

The deceased, who is an indigene of Ishiagu community in Ivo Local Government Area of the state was on January 18, 2017, abducted in her residence and later killed and buried by her assailants in a shallow grave located in a forest bordering Lokpanta in Umunneochi and Awgu Local Government Areas of Abia and Enugu States for recognising one of the kidnappers

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25, a Chinese national nameed Ma Yongin, was accosted at Mallam Aminu Kano International Airport in Kano by EFCC operatives for allegedly being in possession of N305,000,00 in N500 denominations in wrapped bundles in an attempt to ferry the exhibit to Dubai.

He said the suspect was arrested based tip-off from officers and men of the Nigeria Customs Service at the airport.

Dan Musa disclosed that the suspect, during interrogation said he planned to use the N500 denomination to produce a naira album.

According to him, the suspect has made useful confessional statement that would help in unraveling the mystery surrounding the matter, adding that investigation into the matter

was ongoing.

He disclosed that one Yasir Salihu Abdullahi was also in EFCC custody for being in possession of 849 ATM cards, issued by commercial banks.

He said the suspect was arrested on July 29, and when questioned and claimed that he was conveying the cards to their various owners who were residing in Dubai.

The head of operation also restated that 17 cars had been recovered from the former Comptroller General of Nigeria Customs Service, Mr. Dikko Inde, while £74,000 pounds and $9,772,800 recovered from the former NNPC boss Mr. Andrew Yaku.

Meanwhile the Head of Operations of EFCC in the Northeast zone, Aminu Ado Aliyu,

has said the commission is still investigating cases of economic and financial crimes involving indicted politicians.

Aliyu stated this yesterday shortly after briefing journalists on the achievements of the commission’s zonal office in the last seven months.

He stated that about 191 suspects were arrested over various petitions received.

According to him, “In the course of investigation of these cases, we have also recovered the sum of N79,074,743.53 in draft and cash of N31,745,280 summing up to N110, 820,023.53 from cases under investigation.”

He said the cases were under investigation and some of the investigations would soon be completed after which the press would be briefed.

Policeman Arraigned for Allegedly Burgling Jonathan’s House Granted N7m bail Alex Enumah in Abuja A 23-year- old man, Musa Musa was yesterday arraigned before Magistrate Marbel Segun-Bello of Magistrate Court, Wuse 2, for allegedly burgling the Abuja residence of former President Goodluck Jonathan, at No. 89, Fourth Avenue in the Gwarimpa district of Abuja.

Musa, who was a Sergeant with the Nigerian Police Force, was arraigned yesterday before the magistrate court following his arrest, trial and subsequent dismissal from the force over his alleged complicity in the said criminal offense.

Though, the Nigeria Police said it arrested three of its officers for stealing items valued at several millions of naira from the Abuja residence of the former president, only Musa was however docked.

When the one count charge in the police first information report dated 8th August, 2017, was read to him, he entered a not guilty plea.

Consequently, his lawyer, Gabriel Egbule moved an application for his bail.

According to the charge, Musa was accused of house breaking, mischief and theft contrary to Sections 353, 326 and 288 of the Penal Code Law Cap 89 Laws of Northern Nigeria, 1963.

It reads, “That you Musa Musa, a dismissed police officer on the 5th day of July 2017 unlawfully broke into the residence of former president of the federal republic of Nigeria, president Goodluck Ebele Jonathan situate at Gwarinpa within the jurisdiction of this honourable court and stole all the internal fittings, furniture, cloth, Electrical Fittings, Water Heaters, Kitchen Shelves, Wardrobes, Chandelier, Refrigerators, Door and went further to steal canopies and hide same in the premises, valued at thirty million naira belonging to the former president and thereby committed the above mention offence”

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WEDNESDAYSPORTS

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

WORLD CUP 2018 DOUBLE HEADER

Rufai Drums Support for Eagles against Indomitable Lions Says Akpeyi not to blame entirely for Nigeria’s defeat to S’Africa Duro Ikhazuagbe Ahead of Nigeria’s double header FIFA World Cup 2018 qualifying matches against Cameroon, former Super Eagles goalkeeper and Captain, Peter Rufai, yesterday advised football fans and purists in the country to stop dwelling on the team’s last failure against South Africa.

Dodo Manyana, as Rufai is better known told THISDAY in Lagos yesterday that the World Cup games with the Indomitable Lions were going to be explosive as clashes between both countries hold so much promises.

“I see very explosive matches ahead between Nigeria and Cameroon. We should not use what happened between Nigeria and South Africa in the AFCON 2019 qualifier to judge the Super Eagles. They are two different matches. I however believe Nigeria will come out of the double header matches with Cameroon with better results,” observed Rufai.

He insisted that the fact that Cameroon is the current African champions is not enough to write off the Super Eagles. “In the past, playing Cameroon used to strike fears in the minds of Nigerians but not anymore.

The situation is now different

from when the Lions were almost insurmountable,” stressed the ex international.

Against a backdrop of concerns being raised by Nigerian football fans on the quality of goalkeepers available for selection for the crucial World Cup matches in the absence of Carl Ikeme who is undergoing treatment for leukemia, Rufai insisted that there is no need to fret.

“Nigeria is a big country with so many potentials capable of picking up the Number 1 jersey in the Eagles.

Between now and the match in September is enough time for handlers of the team to pick suitable replacement for Ikeme.

I have seen some wonderful goal keeping in the Nigerian topflight league and we equally have players doing very well in their clubs in Europe. It is the duty of the technical department of the federation (NFF) to give us somebody we all are going to be proud of after the qualifiers,” he noted.

Rufai said Daniel Akpeyi should not be blamed entirely for the 2-0 Eagles suffered against the Bafana Bafana of South Africa in the AFCON 2019 qualifier played in Uyo. “Football is team work. I don’t think it is fair to heap Eagles 2-0 defeat against South Africa on Akpeyi. I also don’t think it is enough to dismiss

him as not good enough for the team again because of that defeat. The entire team should take the blame for the defeat.

My philosophy in life is not to dwell on past mistakes,” Rufai stressed further.

He however advised the

senior team players to take the game with all seriousness in order to exorcise the ghost of invincible Cameroon from the minds of Nigerians once and for all.

Nigeria currently leads Group B with six points from

two games while Cameroon is second, four points behind the Super Eagles while Zambia and Algeria make up the rear on one point each.

FIFA brought back the dates for the double header from August 31 for the first game

in Uyo to September 1 with the reverse leg taking place on September 4.

A win for Nigeria will see the Super Eagles take a giant step towards qualification for the FIFA World Cup 2018 to be held in Russia.

CLASSY REAL MADRID WINS SUPER CUP...

Real Madrid players and officials celebrating the 2-1 defeat of Manchester United to lift the 2017 UEFA Super Cup in Skopje, Macedonia yesterday. Casemiro scored the opener before Isco doubled it for Real Madrid. New Manchester United striker, Romelu Lukaku, pulled back one for United

Remita Corporate Champions I A A F W O R L D C H A M P I O N S H I P S Cup to Kick off Saturday Okagbare, Brume Set for Long Jump Battle

The Remita Corporate Championship Cup, popularly known as RC3, would commence on Saturday August 12, 2017 and feature winners and runners-up of various sector-based competitions across Nigeria’s corporate clime covering banking, telecoms, insurance, and FMCG. The knock out based tournament would hold at the Sports Pavilion of Yaba College of Technology Lagos for a period of three weeks.

Organisers of the tournament, MediaVision Limited yesterday announced the commencement of the 2017 edition of competition regarded as the most prestigious league of all corporate football competitions in Nigeria.

Speaking on expectations from the competition, one-time goalie of the Super Eagles and tournament ambassador, Peter Rufai, noted that “With all that is on ground, the 2017 edition of RC3 would be more exciting than all others in the past.”

“Nigerians across the length and breadth of this nation should expect nothing short of football at its best from all participating corporate teams,” Dodo Mayana continued.

Managing Director of SystemSpecs, John Obaro, said he was happy that the competition was encouraging healthy bonding between those in the corporate world in the country.

“SystemSpecs is pleased to be associated with this competition which encourages professionals in the corporate world to maintain the all-important balance between work and life,” he noted Chief Operating Officer of MediaVision, organiser of the corporate soccer festival, Jimmy Sogbesan, said that as always, this edition of RC3 would provide a competitive yet friendly platform for professionals, their families and brands across various sectors of the economy to bond.

Now in its 3rd edition, Corporate Championship Cup is bankrolled by SystemSpecs, Nigeria’s leading financial technology firm. SystemSpecs owns Remita. Eight top brands from corporate Nigeria: First Bank, UBA, VConnect, IHS, 9Mobile, Leadway Assurance, FrieslandCampina, and Nestle are participating in this year’s edition

Nathaniel disqualified in 400m hurdles Nigerian duo of Blessing Okagbare-Ighoteguonor and Ese Brume will attempt to make history this evening when they file out for the long jump event at the ongoing 16th IAAF World Championships at the Olympic Stadium in London.

The duo will be seeking to become the first Nigerian women duo to compete at the same championships for places in final of the event and follow in the footsteps of their male counterparts Yusuf Ali and Paul Emordi who both competed

in the semi-final and qualified for the final of the event in 1987 in Rome.

While OkagbareIghoteguonor will also be seeking to become the first Nigerian athlete to win two individual medals in the same event at two championships following her silver medal feat in Moscow, Russia four years ago at the 14th edition of the championships, Brume, the reigning Commonwealth Games champion will be hoping to toe the path of Glory

Alozie (100m hurdles in 1999) and Ajayi Agbebaku (triple jump in 1983) who made the podium on their debut at the championships.

Brume, finalist in the event last year at the Rio Olympics will also be seeking to become the fourth Nigerian to qualify for the final of the event after Christy Opara-Thompson in 1991, Chioma Ajunwa in 1997 and Okagbare in 2013.

For the duo to turn their dreams into reality however, they will have to hit the 6.70m

qualification mark or be among the top 12 performers at the end of the qualifying series.

Meanwhile Glory Onome Nathaniel was disqualified for a possible lane violation during the second semi-final heat of the women’s 400m hurdles.

The brave Nigerian who ran a new 55.30 seconds personal best in the first round looked sharp in the race and was in contention for a place in the final via the fastest losers slot after finishing fourth in the race in 55.40 seconds.

Subscribers Commend StarTimes over ICC Games Pay TV Company, StarTimes Nigeria has received accolades from subscribers and football fans across the country for the live broadcast of matches of the just concluded International Championship Cup (ICC) played across three countries, America, China and Singapore.

Some of the subscribers noted that at a time when the European League season ended and there were no

major football games on the screen, StarTimes engaged them through the live broadcast of exciting matches from the various venues in United States of America, China and the Singapore, delivering on its promise of real entertainment.

The International Champions Cup is a pre-season tournament that has been held every summer since 2013, drawing football stars across the

continent and featuring world cup champions, continental club championship winners and league winners.

This year had the participation of teams including Barcelona, Real Madrid, Bayern Munich, Manchester United, Juventus, Roma, Olympic Lyon, Chelsea among many others which kept football lovers busy and entertained during the duration of the games.

Timothy Aku, a StarTimes subscriber expressed delight in the company’s laudable initiatives to satisfy subscribers by bringing the games live when other football calendar dried up, urging them to keep it up. “Thanks to StarTimes for unbeatable reach and affordable subscription rates.

I can’t imagine not being able to watch the ICC games but this was made easy for me”.

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MISSILE

Atiku to Promoters of Hate Song “This song is reminiscent of the beginning of the Rwanda genocide. Nigerians need to be aware that the Rwanda genocide was believed to have been ignited by a song titled ‘Nanga Abahutu (I hate Hutus)’ sung by Rwanda’s then most popular musician, Simon Bikindi. God forbid that we should have such a déjà vu in Nigeria” – Former Vice President Atiku Abubakar warning promoters of a hate song ridiculing Igbos to refrain from stoking the embers of disunity in the country.

DONALDDUKE GUEST COLUMNIST

Let’s Be the Africa We Ought to Be G

LOBAL CHANGE is creating a new Africa. Whether it will become the indispensable continent depends on it reinventing itself and not remaining a land created by the imagination of others. Let me explain.

Africa is home to the Nile, arguably the longest river in the world, and the Sahara, the world’s largest desert. If we treat these two geographical realities as metaphors, we could say that they embody two global views of our continent. The first is the benign riverine view: Africa as the fertile cradle of humanity, the ancient soil of wisdom, and the provenance of amazing mythological diversity that flourishes to this day.

The second is the parched desert view: Africa as the continent of too many humans living in squalor and misery because of corruption, nepotism, tribalism, despotism and terrorism (hopefully with only cannibalism having been taken off the menu of allegedly ingrained African habits).

For Africans however, these caricatures play no part in the daily organisation of our economic, political, social and moral lives. The truth for us is that Africa enjoys both the bounty of a deeply resilient indigenous history and the malevolent legacy of disruption produced through the foreign onslaughts of slavery, colonialism and the Cold War. Unfortunately, Africans are seen more by the world than they see the world.

The rest of the world defines us more than we define it – and even ourselves.

If Africa is to inherit its global domain, it must not be the object of world history but one of its subjects, such as the West, India and China are.

I admit that this is an old hope. It motivated some of the best thinkers of post-colonial Africa. It culminated in the quest for an African renaissance that could replicate the flowering of popular and elite energies in the renaissances of 16th-century Europe, 19th century India and 20th-century China.

But such visions amounted to little. That is because the material conditions of Africa did not permit as yet the transformation of cultural heritage and progressive thinking into a concrete programme for the immediate future.

Today, the vision is less forlorn, change more tangible. The reason is that the rest of the world is moving towards Africa. We Africans can take our place in contemporary history if we understand the underlying logic of that movement.

Africa attracts the Chinese because of its vast natural resources, which are necessary to fuel China’s economic boom.

China’s Belt and Road Initiative would reconnect Asia, Africa and Europe while complementing the African Union’s

African Union Chairperson, Alpha Condé

President Muhammadu Buhari

Deputy Senate President, Ike Ekweremadu

Agenda 2063, particularly by creating the infrastructure for a modern Africa.

At the same time, Africa is important to a West that feels threatened by the rise of a global order emerging in a politically autocratic China. The West considers African democracy to be necessary for the global effort to fend off Chinese authoritarianism as the new international norm.

More than anything else, the European Union, weakened after Brexit, would want Africa to keep its millions home and not send them over as refugees or illegal immigrants.

Look at the map of change, Africa lies inextricably between the boundaries of today and tomorrow. It is the global contest of power, between the West and the East, what Latin America once was to the competition between capitalism and socialism.

If we Africans pass by this window of ideological opportunity, we shall have only ourselves to blame.

take for granted. He succeeded because he knew that history was on his side.

Today, history remains on Africa’s side: It is the young Africans who have to decide whether they want to be on history’s side.

I said recently that Nigerians, particularly the youths, behave like tenants in their own country. They chase after the present.

For example, in the form of jobs that are simply not there, instead of demanding of their leaders, yes, demanding, to create the economic opportunities which will contour the employment landscape of the future. The result is unemployment and underemployment, especially among the youths.

It is difficult to see how a country can even speak of success when its youths face such a dire and bleak future. For things to change, they have to stop behaving like tenants and start being owners of their nation.

In doing so, let Africans – whether Nigerians or others -- be inspired by the words of the poet, Rabindranath Tagore, the Indian Nobel laureate who in his rousing 1937 poem, “Africa”, dramatised the colonial ravaging of the continent as an act of unbridled barbarity carried out against a rich habitat but helpless civilisation.

Tagore invokes the aspirations of youths of this new age, demanding that they take their stand with the vulnerable of their violated Africa. This great poem -- African in spirit -- embodies the solidarity which the best minds of a generation display towards the dispossessed of the earth.

On its 80th anniversary, we could show gratitude to lovers of Africa, such as Tagore, no greater favour than to say that we have made their love for us, our own, their hopes, our destiny. Let us be the Africa we ought to be.

It is difficult to see how a country can even speak of success when its youths face such a dire and bleak future. For things to change, they have to stop behaving like tenants and start being owners of their nation In doing so, let Africans – whether Nigerians or others -- be inspired by the words of the poet, Rabindranath Tagore, the Indian Nobel laureate who in his rousing 1937 poem, ‘Africa’

Young Africa When I speak of opportunity, I have in mind the young Africans in particular.

Bill Gates referred to them in his Nelson Mandela Lecture at the University of Pretoria last year. In the next 35 years, he said, two billion babies will be born on the continent. Instead of treating births as a liability -- an idea which runs counter in any case to the religious convictions of most people -- he emphasised the potential of Young Africa. “The most important thing about young people is the way their minds work,” he observed. “Young people are better at driving innovation because they are not locked in by the limits of the past.”

Innovation means not just the economic and technological aspect of change but also the political and social dimensions.

Young Africans are the best placed to create a new self-perception for the continent.

Take me as an example; when I was growing up, apartheid was the single most divisive force in Africa, severing the continent into two grossly unequal parts through the racial economy of colour.

As a Nigerian, I found it intolerable that such a regime should exist, particularly because black Africans had never used colour to subordinate the rest of the world.

Today, young Nigerians, Ghanaians, South Africans and Kenyans can mingle and dream together regardless of colour and are beginning to accept Africa as a multi racial continent, a fact that was hardly discernible let alone acceptable three decades back, thanks largely to Nelson Mandela -- old in years perhaps but forever young in mind -- who peacefully destroyed a status quo that the world had come to

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