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External Reserves Chalk up $1.26bn as Shale Oil Threat Persists Obinna Chima The accretion of Nigeria’s foreign exchange (forex) reserves has continued, as figures released by the Central Bank of Nigeria (CBN) have shown that reserves had grown by $1.263 billion this

quarter to $31.551 billion as of August 16, compared with the $30.288 billion on June 30. This signified a steady improvement in the country’s current account balance, despite the threat from rising shale oil production in the United State of America.

The growth in reserves was also influenced by the drop in militancy in the Niger Delta and rising oil exports, which have led to an improvement in the country’s foreign exchange earnings. Improved crude earnings have also been reflected in the

amount of funds disbursed by the Federal Account Allocation Committee, which climbed to N3 trillion to the three tiers of government in the first six months of the year, figures compiled by THISDAY have shown. The amount shared by the

three tiers of government was significantly higher relative to the N2 trillion allocated to them in the first half of 2016. A breakdown of the disbursement gathered by THISDAY showed that the federal government got N1.216 trillion from the

Federation Account in the first half of 2017, higher than the N854 billion it was allocated in the comparable period in 2016, while the states received N798 billion in the first six months of 2017, higher Continued on page 12

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Buhari Passes the Buck on Restructuring to National Assembly, Council of State Says there are legitimate concerns but won’t allow irresponsible elements to trouble Nigeria Omololu Ogunmade in Abuja In his first reaction to the deafening clamour for the restructuring of the country, President Muhammadu Buhari this morning passed the buck on discussions on Nigeria’s future to the National Assembly and the National Council of State, saying

they are the “legitimate and appropriate bodies for national discourse”. Buhari, who by his statement effectively slammed the door against the report of the National Conference, for which he has never hidden his disdain in the past, also Continued on page 12

Investors Shun NNPC’s Planned Pipeline Project from Kaduna Reﬁnery to Niger Republic Ejiofor Alike The plan by the Nigerian National Petroleum Corporation (NNPC) to build a crude oil pipeline from the Kaduna refinery to Niger Republic may have hit the rocks, as investors have shunned the project because it is commercially unviable, THISDAY has learnt.

As part of efforts to address frequent disruptions to the supply of crude oil to the Kaduna refinery, arising from the Niger Delta militancy, the Group Managing Director of NNPC, Dr. Maikanti Baru had after bilateral discussions with the Minister of Energy and Oil of the Republic of Niger, Hon. Continued on page 12

12 Dead, Scores Missing as Boat Capsizes in Lagos... Page 52

AREGBESOLA: LOOKING THE PART OF A COMMUNIST FARMER... L-R: Osun State Commissioner for Education, Mr Wasiu Omotunde-Young; Commandant, Osun Youth Empowerment Scheme (OYES), Col. Eni 'Ibukun Oyewole (rtd.); and Osun State Governor, Rauf Aregbesola, during the ﬁrst harvest of hybrid farm produce cultivated by OYES volunteers at Ilesa, Osun State… weekend

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PAGE TWELVE

Another Executive, Senate Face-off Looms

Tobi Soniyi in Abuja

The Senate appears to be bracing for another face-off with the executive over the recent directive by Acting President Yemi Osinbajo to the newly appointed heads of the National Pension Commission (PenCom), the Code of Conduct Bureau (CCB), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to assume duty without Senate confirmation. A principal officer in the Senate, who spoke to THISDAY under the condition of anonymity, said the looming disagreement could determine the future relationship between the executive and the legislature. He said members of the

upper legislative chambers were seething with anger over the directive given by Osinbajo to the nominees to assume office in an acting capacity when they have not been cleared by the Senate. According to him, the senators consider the latest attempt by the presidency to ridicule them as deliberate, warning that they would not allow it. “Except the presidency toes the path of the rule of law, we will blacklist all communications from the presidency. The budget proposal for 2019 is likely to be affected,” he said. A Permanent Secretary and Director Press Office in the Office of the Secretary to the Government of the Federation, Mr. Bolaji

Adebiyi had made Osinbajo’s directive to the nominees last week. Adebiyi said the directive for them to assume duties was to ensure that there is no vacuum in certain important federal institutions. The appointees comprised those of PenCom – Ali Ahmed to serve as the acting chairman of the commission; Funso Doherty who is to serve as the acting directorgeneral; and Manasseh Denga, acting executive commissioner. Others are Abubakar Magawata – acting executive commissioner, Ben Oviosun – acting executive commissioner, and Nyerere Anyim – acting executive commissioner At the CCB, Muhamma

Isah was directed to assume office as its acting chairman, Murtala Kankia – acting member and Emmanuel Attah – acting member. Others are Danjuma Sado – acting member, Ubolo Okpanachi – acting member, Ken Alkali – acting member, S. F. Ogundare – acting member, Ganiyu Hamzat – acting member, Saad Abubakar – acting member, and Vincent Nwanli – acting member. At the ICPC, Bolaji Owasanoye was directed to assume duty as the acting chairman. But in a counter move, the Senate on Saturday advised the nominees not to start work until they had been confirmed, in accordance with the constitution and

the establishment laws of the affected institutions. A statement by its spokesperson, Senator Aliyu Sabi Abdullahi said: “The leadership of the Senate has been inundated with enquiries from individuals from across the country who want to know whether the statement from the Office of the Secretary to the Government of the Federation to the effect that the nominees into the headship of PenCom, Code of Conduct Bureau and ICPC should resume work immediately, pending their confirmation by the Senate was as a result of an understanding between the executive and the legislature. “We will like to advise the acting president who was quoted to have given the

directive for the assumption of office by the nominees that the directive was illegal and not right. The Senate will not support any action that is not in line with the law. “We advise the nominees to hold on until they are cleared by the Senate as required by law before assuming in their respective offices. We do not want anything that will cause any problem between the executive and the legislature,” Abdullahi had stated. Apart from the fact that the nominees have not yet been cleared, there are cases in court challenging the new appointments into the pension commission. The Senate is currently on vacation and will resume on September 12.

BUHARI PASSES THE BUCK ON RESTRUCTURING TO NATIONAL ASSEMBLY, COUNCIL OF STATE restated that Nigeria’s unity was not negotiable. He equally warned that his administration would not allow irresponsible elements to trouble the nation, but at the same time acknowledged that there are legitimate concerns. Buhari made the remarks in a nationwide broadcast following his return from a 103-day medical vacation in the United Kingdom. The president had left Nigeria for London on May 7 for treatment of an undisclosed ailment. He returned to the country on Saturday into the waiting arms of his deputy, Professor Yemi Osinbajo, governors, presidential aides and hundreds of his supporter who took over the streets on the day he flew into Abuja.

In his address, Buhari who said he had followed developments daily at home when he was in London, added that he was distressed by certain comments questioning the nation’s unity. He recalled how in 2003, he hosted the late ex-Biafra warlord, Chukwuemeka Ojukwu at his Daura country home where both of them had resolved that Nigeria must remain an indissoluble entity. According to him, every Nigerian reserved the right to reside in any part of the country without hindrance, stating that he was sure that this position was held by the vast majority of Nigerians. The president, who further said it was better to stay together than to break up, tasked the security operatives

not to allow the successes recorded in the last 18 months to be jeopardised, pledging that all criminal elements including Boko Haram terrorists, kidnappers, violent herdsmen, among others, would be adequately fought. He urged all to shun what he described as petty differences and close ranks to handle the issues of economic security, political evolution and integration. He thanked Nigerians for their prayers, saying he was pleased to be back to the country. “In the course of my stay in the United Kingdom, I have kept in daily touch with events at home. Nigerians are robust and lively in discussing their affairs, but I was distressed to notice that some of the comments,

especially on the social media have crossed our national red lines by daring to question our collective existence as a nation. This is a step too far. “In 2003, after I joined partisan politics, the late Chief Emeka Ojukwu came and stayed as my guest in my hometown, Daura. Over two days, we discussed in great depth till late into the night and analysed the problems of Nigeria. We both came to the conclusion that the country must remain one and united. “Nigeria’s unity is settled and not negotiable. We shall not allow irresponsible elements to start trouble and when things get bad they run away and saddle others with the responsibility of bringing back order, if necessary with their blood.

“Every Nigerian has the right to live and pursue his business anywhere in Nigeria without let or hindrance. I believe the very vast majority of Nigerians share this view. “This is not to deny that there are legitimate concerns. Every group has a grievance. But the beauty and attraction of a federation is that it allows different groups to air their grievances and work out a mode of co-existence. “The National Assembly and the National Council of State are the legitimate and appropriate bodies for national discourse. The national consensus is that, it is better to live together than to live apart. “Furthermore, I am charging the security agencies not to let the successes achieved in the last 18 months

be a sign to relax. Terrorists and criminals must be fought and destroyed relentlessly so that the majority of us can live in peace and safety. “Therefore, we are going to reinforce and reinvigorate the fight not only against elements of Boko Haram who are attempting a new series of attacks on soft targets, but also against kidnappings, farmers versus herdsmen clashes, in addition to ethnic violence fuelled by political mischief makers. We shall tackle them all. “Finally, dear Nigerians, our collective interest now is to eschew petty differences and come together to face the common challenges of economic security, political evolution and integration, as well as lasting peace among all Nigerians,” he submitted.

INVESTORS SHUN NNPC’S PLANNED PIPELINE PROJECT FROM KADUNA REFINERY TO NIGER REPUBLIC Foumakoye Gado, confirmed that the federal government was planning to begin the construction of about 1,000km of pipelines to convey crude from the Nigerien oil field in Agadem to the Kaduna refinery. To actualise this plan, Baru said NNPC would hold discussions with the Chinese firm operating the Agadem oil field located in the East Niger Rift Basin. Though the spokesman of the corporation, Mr. Ndu Ughamadu had told THISDAY that discussions on the proposed project were still ongoing, investigations revealed that the project was not commercially attractive to investors. THISDAY gathered that the idea of building the pipeline was originally mooted by Chinese National Petroleum Corporation (CNPC), which had approached the Bureau of Public Enterprises (BPE) to acquire the Kaduna

refinery around 2005 with a commitment to pipe crude oil to the plant from Niger Republic. An official of NNPC told THISDAY at the weekend that when CNPC found oil in Niger Republic, it approached BPE and offered about $103 million to acquire the Kaduna refinery during the privatisation exercise carried out by the Olusegun Obasanjo administration but their offer was rejected. “Their financial bid was low because they also offered to build about 700 kilometres of pipelines from the refinery to Niger Republic and also use their money to rehabilitate the refinery. “But the federal government informed them that NNPC already had a pipeline from Escravos to Kaduna. But they preferred to build their own pipeline because of the constant vandalism of the Escravos-Warri pipeline, which feeds the Kaduna

refinery. “When they could not buy the Kaduna refinery, they went back to Niger to build a small refinery,” he explained. The official added that CNPC left Nigeria in March 2016, noting the crude pipeline from Kaduna to Niger was no longer attractive because the crude reserves in Niger are very small, while the low oil price environment had made the project unattractive. “Besides, other investors are not favourably disposed to partner NNPC in the project because the project is not viable. “When they consider the price of crude oil and the low reserves in Niger, and juxtapose this against the capex of building the pipeline and opex of maintaining the pipeline, the project seems commercially unviable. “For political and market integration, it may look attractive, but it is not

commercially competitive. Once the crude oil coming from Niger Republic is not in excess of 100,000 barrels per day, no investor will be willing to partner NNPC. “The command and control era is over; it was the past military administration that conceived the Kaduna refinery but that era is over. We are in an era of market competitiveness. So the pipeline project is dead on arrival,” said the NNPC official, who spoke off the record. A former top official of the BPE, Mr. Dan Kunle also confirmed to THISDAY yesterday that the Chinese firm had actually approached the privatisation agency to acquire the 110,000 barrels per day Kaduna refinery and build a pipeline to Niger Republic but the bid was rejected because it was considered too low. “They (CNPC) offered about $100 million but BPE

rejected their bid because Nigerians will cry blue murder that the agency has given out the refinery for a pittance,” he said. “Actually, they offered to build a pipeline to bring crude oil from Niger so that after refining in Kaduna, Niger will take their own share. But the bid was rejected and I doubt any investor will embark on the project today. “It was viable in 2004-2005 but it is no longer viable in 2017,” Kunle added. THISDAY gathered that CNPC and Niger had in 2008 signed integrated upstream and downstream deals on the Agadem field involving oilfield exploration and development, construction and operation of a longdistance pipeline and a joint venture refinery. By the terms of the contract, CNPC would complete the first phase of construction and bring the oilfield, pipeline, and refinery into operation

EXTERNAL RESERVES CHALK UP $1.26BN AS SHALE OIL THREAT PERSISTS than the N701 billion in the comparable period in 2016. Local government areas, on the other hand, got N599 billion in first half of 2017, higher than the N429.4 billion they received between January and June last year. Oil prices rose sharply on Friday, as the benchmark Brent crude rose by $1.69 to $52.72, while U.S. crude was

virtually flat on the week. Meanwhile, a report by Financial Derivatives Company Limited (FDC) showed that U.S. shale production was expected to climb 117,000bpd to 6.14mbpd this quarter, stressing the need for the federal government to be more aggressive in its revenue optimisation programme, including

blocking of leakages. “In an increasing shale production world, oil is expected to trade within a range of $40-60 per barrel between 2017-2022. But as we all know there is no way of accurately forecasting oil price futures. “In this scenario, Nigeria will need to be more aggressive in its revenue

optimisation programme, including blocking of leakages. The whistle blowing policy aimed at retrieving stolen funds and improving transparency is a step in the right direction to achieving revenue growth,” the FDC, in a report, added. Nigeria’s oil production has risen from 1.2mbd to about 2mbd since the cessation of

militant attacks on oil and gas installations in the Niger Delta. This has seen the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers, led by Russia, approving the decision of the federal government to cap Nigeria’s oil production at a sustainable volume of 1.8mbd.

within three years. The project was completed on schedule. A Nigerian delegation had in November 2011 represented former President Goodluck Jonathan when Niger inaugurated the 20,000 barrelper-day Soraz refinery near Zinder, close to the Nigerian border. The refinery is 60 per cent owned by CNPC and 40 per cent by the government of Niger.

TOP GAINERS NGN NGN % ZENITH 1.52 24.53 6.6 GTBANK 2.40 39.50 6.4 FCMB 0.06 1.18 5.3 NASCON 0.61 12.81 5.0 STANBICIBTC 1.85 38.85 5.0 TOP LOSERS NGN NGN % CUSTODIAN 0.19 3.61 5.0 OKOMUOIL 3.63 69.09 4.9 CADBURY 0.63 12.07 4.9 UPDC 0.14 2.75 4.8 CCNN 0.45 9.22 4.6 HPE Nestle Nig Plc ₦1,210.00 Volume: 236.619 million shares Value: N4.807 billion Deals: 3,803 As at Friday 18/8/17 See details on Page 33

MONDAY, ÍşÍšËœ ÍşÍ¸ÍšÍż Ëž T H I S D AY

NEWS

Buhariâ€™s Return Invokes More Reactions NANS celebrates, demands immediate resolution of ASUU strike

Two-Minute BrieďŹ ng NEWS Ex-PDP Chieftains Give Party

Conditions for Return As the Peoples Democratic Party ups the tempo on wooing back former members of the party who had decamped to other parties, its push to win them back has met with some challenges... Page 52

NEWS

MONDAY AUGUST

21, 2017 Ëž T

Ex-PDP Ch ieftains Give for Return Party Cond itions Dem Email davidso

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H I S D AY

Davidson Iriekpe

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and level play ing field as party PDP accuses woos Obasanjo APC of attem , Atiku, Kwa Ezigbo in Abuja pting to hood kwanso, othe wink Nigerians rs on restructuring

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former PDP chieftains As the Peoples whose move to the ups the tempo Democratic Party (APC) All Progressives Congress in December. On the issue former memberson wooing back ruling was said to have boosted committee, of a search for the a National the Chairman of the had decamped of the party who causedpartyâ€™s electoral fortunes and presidential candidate, Caretaker Committee Meanwhile, the Adeniran the defeat to other parties, said that its push to PDP has accused , the ruling According to of PDP in 2015. present, it was not an issue at Senator Ahmed Makarfi win party accordingly APC of attempting the source, the specifically met with some them back has is to adding that charged them divide aim woo as many to the party to bring back However, in . was learnt that challenges, as it party fold former political of the former was focusing on the to the interest Nigerians by its sudden a statement Anambra members as governorship have given some ex-members possible. who were elected office holders after in the countryâ€™s restructuring yesterday by PDP spokesman,issued election slated The the several months on the platform Adeyeye, the for conditions under party leadership effort source also said that the November 18 and of denial PDP described Dayo it promised how to win on the party. to woo which they would the contest. APCâ€™s restructuring that move as â€œdeceitful return to its According not limited to more members is manifesto. in its and ploys fold. â€œAfter former party being implement designed committee is to Makarfi, the A top PDP leader leaders, organise that, the party hopes The ed by the who did not adding that the PDP leadership want his name the best convention to bring back to to reconcile and faulted main opposition party also party to hoodwink Nigerians spreading is the fold those the statement of the 2019 general ahead ever held the sensitive mentioned due to to some its dragnet to reach out in the country which who made top political nature of the will be free disgruntled from all offices on the National Publicity Secretary by the It said the APC electionâ€?. revealed to THISDAY issue, APC Mr. Bolaji of the He said similar APC members. we can the ills of the past, so that PDP platform, be they presidents, should that those discussions were planning to return have a formidable vice-presidents, Ojo-Abdullahi taken seriously on the not be ongoing speakers, deputy alleging that the PDP issue of restructuring, certain conditions, are insisting on party simultaneously with former to prepare for the 2019 team speakers, governors describing the was interested general governors. ruling in restructurin not party as a â€œdo or deputy include that they some of which partiesmembers and those in other election,â€? he said. nothing g described it should be allowed in all the six The PDP as laughable. and believes in nothingâ€?. party that equal participatio geopolitical â€œYou can even reconciliatio zones in the Following co-chaired country. â€œWe have read divergent views contests without n in all electoral by Gombe n is those who have reconcile with by its Most of these the statement stakeholde discriminat never governor, Ibrahim State been in the former chieftains rs, the National credited to the National ion. â€œOne thing the PDP Working Committee Dankwambo PDP and bring them to of Publicity the PDP. raised them is that common to all of of the left the party in the wake and his Rivers State of the APC Secretary of the APC, Mr. they are demanding counterpart, You must not close the intra-party crisis Nyesom Wike. Bolaji doors to by a 24-man committee headed Ojo-Abdullahi in that the party anybody coming that hit it in the which should ensure the governor into the While field. They said a level electionrun up to the 2015 general of Kaduna State, that our party, the PDP he said and we must inaugurating create a level PDP, Mallam Nasiru El-rufai , has and the leadership been and is the field,â€? want discriminatthat they do not after playing a not interested never to articulate he had said. crisis position on the election. ion in any restructuring in restructuring and that if the of the country the advice the leadership When contacted and party leadershipway with guarantee that for his views on can the progress of the ruling amusement. there will be equality being made at in participatin wooing Contâ€™d on pg members g 58 party, then they in the affairs of the of the back, a founding member PDP, Prof. Tunde would rejoin,â€? source said. the told THISDAY Adeniran that he might So far, THISDAY not gathered that know all those that had so a number of far been contacted former have been contacted PDP stalwarts because by the partyâ€™s leadership there is by the partyâ€™s contact and mobilisation for doing so. a team responsible committee for their return He said that to the party A highly reliablethe party. source in the decided to keep its doors has party said the not only open include former list of politicians return to former members to President Olusegun but for Obasanjo, his other parties, others from the deputy, including the Abubakar, former Atiku governor of APC to come and be part ruling Kano State transformation of the Rabiu in erstwhile governor Kwankwaso, Adeniran, who the PDP. once chaired Col. Olagunsoy of Osun state, PDPâ€™s the former Oyo State e Oyinlola (rtd), and Sub-committee on Strategy is Ladoja, and othergovernor, Rasheed nationalcurrently an aspirant for the party from the ex-bigwigs of the party chairmanship seat, said the aims to woo as South-west. many leading Others being politicians as approached possible are before the next elective into its fold convention

US FAA Begin s Audit of Niger Aviation Indus iaâ€™s try

EDITORIAL Again, Another ASUU Strike!

Following a meeting between a federal government delegation comprising the Ministers of Education, Labour and Employment, Finance, the Attorney General of the Federation and representatives of ASUU. Page 15

Ëœ Í°ÍŻËœ Í°ÍŽÍŻÍľ

EDITORIAL

AGAIN, ANO

It is in the nationâ€™s

THER ASUU STRIKE! union to come

interest for the government and the

ollowing a meeting between government a federal delegation comprising Ministers of the Education, Labour and ployment, Finance, Emthe Attorney of the Federatio General the Academic n and representatives of Staff Union (ASUU), a proposal was of Universities off the current tabled to call university lecturers. nationwide strike by the â€œThe major strike called issue is that off so that our we want the their degree and promotio children in school can they will come write n exams. ASUU back to us within leaders said Labour Minister, Dr. Chris Ngige.the next one week,â€? We hope ASUU said

to a mutual

will respond offer from the positively to tionâ€™s tertiary federal government the so that the instituti as a result of another ons are not grounded nafurther damage industri again whatever is al action that could of tertiary left of the credibili education in our country. our universi ty Students in years while ties have suffered enough in recent signiďŹ cantlyincessant strikes have to the decline contribu in the quality ted GOING FORWA graduates of RD of our REQUIRES public universi OTHER ties. CRITICAL STAKEH It is unfortun ate TH IN THE EDUCAT OLDERS that the EDITOR I S D AY federal DEPUTY EDITORS ION SECTOR JOINING ernment and gov MANAGING

Ëœ ASUU DEPUTY MANAGINGDIRECTOR had for several IN THE EFFORT HANDS DIRECTOR CHAIRMAN S TO FIND

EDITORIAL years been A LASTING BOARD EDITOR NATIONâ€™S locked in SOLUTION CAPITAL

running battles TO WHAT HAS BECOME A over the impleme PERPLEXING of agreeme ntation CHALLENGE NATIONAL nts on the funding public universi T H I S D AY of the country N E W S PA EDITOR-IN-C ties. The consequ PE lengthy industri GROUP EXECUTIVE HIEF/CHAIRMAN R S L I M I T E D ences have â€™s DIRECTORS al strikes by

the attendan

the lecturers been Ëœ t Ëœ debilitat GROUP FINANCE Ëœ , with development ing effects DIRECTOR DIVISIONAL on educatio DIRECTORS following the in Nigeria. The academi nal Ëœ end of industri c calendars, DEPUTY DIVISIONAL Ëœ very little attention al actions, DIRECTOR SNR. ASSOCIATE to serious studies, allow for That is why ASSOCIATE

DIRECTOR DIRECTORS our public CONTROLLE or research ued to go down RS Ëœ universities . Ëœ have the ladder GENERAL MANAGER of academi contin Ëœ GROUP HEAD

c ranking,

DIRECTOR, PRINTING

Letters to the Editor

TO SEND EMAIL:

HOW OSIN

even among their peers While we in Africa. we cannot hope this crisis is resolved shy away from quickly, funding the the fact had collateraeducation sector, over that underthe years, has such that ourl damaging effects on the country, universi grotesque carcasses ofties have now become dealing with their the challeng former selves. But seasonal strikes e requires more than by the lecturers government while the federal also needs macy of constan to understa current realities t dialogue, especial nd the prily given the .

owever, going stakeholders forward requires other critical in hands in the the education sector joining efforts to ďŹ nd to a lasting solution challenge. In what has become a perplexin doing g national take the initiative, this, the federal so that we can government should with ways to collectively reposition tertiary come up Broken promises education federal governm and unfulďŹ lled agreemenin our country. ts by the we can develop ent are unhelpful as there revitalise key our country until efforts is no way sectors like are made to are enormou education. But the challenge s. Commercialisat s

ion of academi poorly written c grades handouts, award of question delayed disserta and able degrees tion, unwholesome practices have and all manner university of combined education to ruin in Nigeria. issues which Yet, these are to ASUU andseem to be of little or once-vibrant that perhaps explain no concern organisation why the national discours that e in its heydayset the agenda for into a strike-o has bsessed trade union. degenerated While we expectations call on the lecturers to temper their with realism, federal governm we also hope ent team will the within their do strike that powers not only to everything end the current threatens to in our country cripple tertiary educatio to the problem but also to ďŹ nd a lasting solutionn .

Letters in response to speciďŹ c readers may publications TO opinions on send such letters along in THISDAY OUR READERS topical local, should 1000 words). national and with their contact details be brief (150-200 They should internatio words) and to opinion@ be sent to opinion@nal issues provided straight to thisdayliv the point. Interested thisdaylive.com they are well-writt e.com. We also welcome en and should along with the comments also not be longer and email address and phone numbers than (950of the writer.

BAJO FARE D IN BUHA RIâ€™S ABSENCE

r. President, while leave, detractors, you were away on medical and hate speech using politicking, agitations made several take over the attempts polity, but Osinbajo remained Acting Presidentto Yemi resolute in Osinbajo avoided governance and promoting purposeful attempts to leadership. good tive drive for make him Mr. tried to create positive change to mundanedeviate from your politics. Many collecthinking that imaginary scenarios detractors to brainwash Vice-Presid president, but he was ent Osinbajo was not the public into n i i d

POLITICS NBS Bribery Survey: A Hard Pill

PRODUCTION ďŹ rst name.surnam e@thisdayliv e.com

agreement

to follow, if our Most pairings democracy must continue to flourish. ticket. In many on a presidential ticket are cases, the two harmonised persons are meant to balance the action plan like-minde less, these and work d, have a two could in the same also direction. Nonetheconflicting views of certainbe at variance on certain disagree on issues, have phenomen things. a and maybe Nigerians sometimes are used to it li

and personally friendly. A the way Osinbajo few politicians are not happy ran the expectation with s, Mr. President.affairs of the nation Nigerian politicians These politicians according to your are the â€˜regularâ€™ selfish expectation who run politics just for per s from th h l

UGUST 21, 2017

POLITICS

M O N D AY

Group Politic s Editor Tobi Soniyi Email tobi.so niyi@thisday live.com 0803314613 9 SMS ONLY

NBS Bribery to Swallow Survey: A Ha rd Pill to Sw allow The revelations contained two in the report: â€˜Corruption in Nigeria. T Brib- ery: public experience and response 2017â€™ released last Wednesday by the National Bureau of Statistics and the United Nations Office on Drugs and Crime were quite chilling. Page 17 DISCOU

RSE

For a governm report of the ent that likes to flaunt the success corruption surv of its in partnership ey with the Unit carried out by the Nati anti-corruption war, the awakening, ed Nations onal Bureau writes Tobi Office on Drug of Statistics, Soniyi s and Crim he revelations contained two e, is a rude report: â€˜Corruptio in n in Nigeria. the ery: public experience Brib-

and response 2017â€™ released the National last Wednesday by and the UnitedBureau of Statistics Another misconcep Drugs and Nations Office Crime were tion is that on lacks the political quite chilling. It must also will to fight this government be a rude re-awaken the will is government corruption there. ing that shown as much In recent time, no . I think administrations takes delight in blaming for a one has for whatever past administration. political will as the Buhari-led The report, among other ills it comes across. 95 per cent findings, stated of that What then when offered Nigerians would accept is the or pay a bribe a bribe To begin with, problem? The survey the report proves found that when demanded. was right to Nigerians would only 5.3 per that Buhari make cent of either refuse one of the policy the fight against corruption when asked to pay to thrusts of his The report stated: is offered to or refuse to accept when a bribe administration. them. a bribe â€œThe above explain why, The Nigerian findings could after the high Corruption unemployment, cost of living by the NBS gave graphic Survey, first of its kind Nigerians consider and to be in different details the third corruption of corruption shades and s their country, most important problem how it of the average well ahead facing Nigerian citizen.affects daily life countryâ€™s infrastruct of the ure and healthstate of the Misconceptions service.â€? A Flawed National Governmentâ€™s Anti-Corruption In May, when going to work. attempt to shift the blame Strategy the Attorney-G The response isnâ€™t Federation Special Presidenti of eneral of the and al Investigati the Chairman, Malami, (SAN), Minister of Justice, Abubakar Recovery of on Panel for Public released the the Corruption of to the implication Property, Okoi Obono-Ob National AntiStrategy of the report, la non-governmental (NACS), two internation was baffling. to say the least, al organisati Royal Institute Reacting to the of Internatio ons, namely the known as Chatham nal Affairs, Sunrise Daily report on Channels Televisionâ€™ better Show, he said, s separate reports House and OXFAM daunting, outrageou â€œIt published s and shockingis chilling, approach adoptedwhich clearly showed not surprised that the but I am in the fight against by the present administra pandemic andbecause corruption has become tion corruption was and would pathologically endemic. Most Nigerians not working not corrupt. are Reviewing lead to a reduction in grafts. â€œThis governme the NACS nt wants to these two and the reports but what is fight corruption respected internation the of former Chairman Dr Yemi Kale, want to support challenge? Nigerians al NGO, a Director General, do not the fight against of the National of the Governing the judiciary National Bureau Council corruption; Human Rights of Statistics Dr Chidi Odinkalu, the report. Or to support and the legislature do the not is it the president observed that Commission, rivalry did as if only the fight against corruption want should take inter-agencies of Ghana that not allow the the responsibi President . It is to federal administra and come are in support lity? Another misconcep the up with a strategy governme tion, this governmen of the war againstVice-President that tion is that corruption that could help nt t is indeed fighting fight against corruption His self righteousne government corruption the is not fighting the report shows corruption . Although, the governmen He said: â€œFrom of lack of understanss was a clear demonstrat .â€? canâ€™t be the truth. corruption. That t is fighting but it lacks the Even the authors ion in question ding of the Attorney-G the wreckage of this shows. It is also of the report what drives it in Nigeria. basic understanding of admitted this eneralâ€™s departmen conflict, an admission what the report said: victorious. This weakness why it has concentrat with the responsibil much when that those saddled â€?Over the t emerged reveals departmen The result was that they addressing ed on of corruption years we have seen war are ill-prepareity to lead the anti-corrup other ministries, ts and agencies the socio-econ punishment without the effect manifesting expertise on with compleme corruption. omic factors lack the requisite d for the task because tion society with collusion across all ntary they sectors across the public sectors of successive It is making the same mistakedriving or excluded the subject were either on that mandate.knowledge required to sports relegated administration from the process. to private to deliver every joined One does not will be the same. made genius to understan â€œSadly, Nigeria bodies and even civil This absence up need to be society. mistake The president and the result document thinking is evident of as a country a this menace d that the merely fighting in the resulting made the same . It is confused, in 1984 when for a long time has experienced of the symptoms government is to be arguably self-contra and not corruption state: he believes he was a military but now appears tackling it of corruption head anti-climaworse than no strategy dictory and (he still does) itself. people into â€œIt is for this head on. Obono-Obla, at all. It is an x.â€? jail clamping reason that the years will stopand sentencing them to of Statistics According to to support the claimed that Nigerians had National (NBS) partnered donkey had Bureau has him, the new corruption. refused Nations Muham d anti-graft crusade of th been ap The NBSâ€™ shown th strateg with th Offi P h

FEATURES Abuja Millennium Tower: A

FEATURES

Monument Abandoned to Its Fate The three cylindrical pillars along T Independence Avenue are the signature identity of Abuja, the capital city of Nigeria.The monolithic structures dominate the skylines like gallant sentry, watching the city from any incursion by its adversaries. Page 20

Senator Iroegbu in Abuja with agency report More Nigerians continued to react to the return of President Muhammadu Buhari from medical vacation on Saturday, with some stating yesterday that his return will boost the war against terrorism in the North-east and was a good omen to Nigeria. Governor Kashim Shettima of Borno State and the Emir of Kanam, Alhaji Muâ€™azu Muhammadu were some of the prominent Nigerians who commented on Buhariâ€™s return. In his remarks, Shettima congratulated the entire people of the North-east on the return of the president, reported the News Agency of Nigeria (NAN). â€œThe people of the North-east should be congratulated as the major beneficiaries of Buhariâ€™s return, because of his open love, empathy and keen interest in addressing the security challenges in the sub-region,â€? the governor said. He said aside from his zeal in fighting insecurity, the president had been magnanimous in appointing individuals from the sub-region into key federal government positions. â€œBefore the coming of Buhari in 2015, the North-east was the most marginalised in everything that had to do with the federal government, from the presence of federal projects to representation at the national level. â€œBut he changed that soon after he assumed the mantle of leadership and made the region the bride of his administration in terms of national representation. â€œFor this and other reasons, Buhari occupies a special place in the hearts and minds of all true sons and daughters of the six states that make up the North-east geo-political zone,â€? he added. Shettima described Buhari as a

former governor of the defunct North-Eastern State â€œand our in-law in whom we are very pleasedâ€?. Also, the emir said Buhariâ€™s absence brought about unnecessary speculation and agitations that almost threatened the oneness of the nation. â€œI am so glad, like any other wellmeaning Nigerians that Mr. President is back to Nigeria hale and hearty to continue his good works, especially his promises to the citizens. â€œNow that he is back, we should as patriotic citizens, keep praying for him for more health and strength,â€? he said. The traditional ruler said the prayers would enable the president to turn around the economy and the security of the country for the desired growth and development. Emir Muhammadu also called on Nigerians from all walks of life to co-operate with the president, in order for him to succeed in piloting the affairs of the nation to greater heights. The emir assured Nigerians that Buhari would prove his critics wrong by displaying his characteristic good nature of a principled and visionary leader who means well for his country. The emir, who expressed happiness over the manner Vice-President Yemi Osinbajo had piloted the affairs of the nation in the absence of the president, described Buhari and Osinbajo as a â€œperfect teamâ€? for Nigeria. Similarly, the National Association of Nigerian Students (NANS) rejoiced over Buhariâ€™s safe return from the UK with renewed vigor after a prolonged absence to attend to his ailing health. The NANS President Chinonso Obasi, in a statement in Abuja yesterday, said Nigerian students stood with the president throughout the difficult times and would continue to be with him in prayers for the sustenance of his health. Obasi prayed for more wisdom,

knowledge, understanding and energy to enable the president provide the necessary leadership to move the nation forward. He stressed that as the president settles down to recuperate, he will in the spirit of comradeship and solidarity, mobilise the leadership of Nigerian students to pay a special welcome back solidarity visit to Buhari as the father of the nation and to intimate him of certain developments in the country. NANS further urged ahead the president, ahead of his special broadcast on today, to consider the current issues of urgent national importance and speak to the indefinite strike embarked upon by the Academic Staff Union Universities (ASUU) to ensure that Nigerian students return to school at the earliest convenience. Obasi also drew the attention of Buhari to the critical challenges of Nigerian universities and students, adding that the federal government regrettably left out an agenda on the education sector in its Economic Recovery and Growth Plan (ERGP). He stated that going forward, Nigerian students and youths should be deliberately included in the decision making process on issues that concern them, to enable them actively participate and contribute to the development of the nation. Against the background of the numerous challenges facing the nation, Obasi urged Buhari to use the opportunity of his return to â€œquickly introduce a new sense of vigor into his administration by rejigging and repositioning his cabinet for effectiveness and efficiency by bringing on board cerebral, competent, vibrant, contemporary and dynamic young people to herald and stimulate a whole new level of impetus and vibrancy in the administration of the ailing Nigerian economyâ€?.

21Ëœ Í°ÍŽÍŻÍľ Ëž T

H I S D AY

mple ct, initiated 12 years ago,ted Nigerian Cultural has been aban Cent doned, repo re. rts

ale Ajimotok

he three cylindrica l pillars along Independ ence Avenue signature are the identity of Abuja, the capital city of Nigeria. The monolithi c structures dominate the sentry, watching skylines by its adversari the city from anylike gallant incursion es. They are prominen Business District and t icons in the Central residents and immediate tourists are visitors to the city in draw for like manner attracted to Tower Bridge Eiffel Tower in London in Paris, in Rio de Janeiro, Brazil.and Cristo Redentor At night, bulbs that they are brightened by the neon illuminate to the aura the environs of and add The tallest the city. metres (560ft).of the towers stands Presently at 170 the tallest they are regarded structures in the The columns are surroundcity. steel wings, wrapped delicately ed by stainless around the but base open outwards of the tower. Theyprotectively of the tower. as they extend up gradually the height At the summit, accessible visitors can have conspicuo by an escalator, including iconic structuresus view of the city Assembly, the President like the National Mosque, ial Villa, Ecumenic National al Centre, Secretaria the t, Millenniu Police Headquarters, National m Park, among and the On top of the others. tower is a revolving where dinners restaurant, can take a the city and panorami feel The Italian its pulse during the c view of rush hour. Manfredi the tower Nicoletti as part of the integrated designed Complex project. National The extensive by the Olusegunproject was initiated in 2005 Obasanjo It incorpora administr tes the National ation. National Square, Library, the and the Nigerian International Auditoriu m The Managing Cultural Centre. ian firm constructDirector of Salini, the Italing Capitanio , describes the project, Dr. Piere a â€˜city in the cultural a cityâ€™. centre as It is equipped with swimming pool, galleries,a museum, indoor luxury hotel, commercial centre, section and coffee shops, children boutiques sports . The cultural glass structure, centre is a wide-shap containing ed steel buildings. several multi-stor It is shaped ey viewed from like a pyramid the tower. when The exhibition of arts a veritable institute for will make the museum the auditoriu arts m, surround and culture, while rooms, has ed by conferenc a sitting capacity and is dedicated e for 1,250 The National to performing arts. guests Square, the and the Millenniu Cultural Centre m Tower and Auditoriu m are li k Internati d l

President Muhammadu Buhari (centre), surrounded by his children and grandchildren, after his return from the UK... Saturday

MONDAY, AUGUST

Acting Featur es Editor Charles Ajunw Email charle a s.ajunwa@this daylive.com

Abuja Mill ennium To Abandone wer: A Monument The vertical d to Its Fate The sad tale tower is the key featu is that the re of an unco Olaw proje

BUSINESS FMDQ OTC Exchange Records N78.9tn

T 21, 2017

BUSINESSW

Transactions in Eight Months The fixed income and currency markets operated by FMDQ OTC Securities Exchange have recorded transactions worth N78.90 trillion between January and July.Trading statistics obtained byTHISDAY, however, showed a decline of 8.6 per cent in the month of July. Page 23

NIBOR OVERNIGHT 1-MONTH

R A T E S

68.3333 18.4671

3-MONTH 6-MONTH

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20.7451 22.6098

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Email chika.amEditor Chika Amanze-Nwac anzenwachukw huku u@thisdaylive.c om 0803329415 7

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21.5160 22.3546

Quick Takes Air Peace Disown

s Facebook Air Peace Onyema has Chairman/Chief ExecutiveAccoun ts alerted the Officer, Mr. fake Facebook public accounts created to the existence of Allen defraud unsuspect several ing members by fraudsters in his name A statement of the public. to Manager, Mr. issued by the airlineâ€™s Corporate Chris Iwarah Communications any other social said Onyema had no Facebook The existing media account. or of the airlineâ€™s social media accounts with boss, the statement the name of criminal elements warned, were and pictures seeking to swindle the creation out of their hard-earned members of money. the public â€œOur attention has been counts in the name of the drawn to several social Chairman/Chief Air Peace, Mr. media acExecutive on Facebook, Allen Onyema. Some of the accounts, Officer of bear the pictures to our chairman. and other materials especially connected â€œFor the avoidance of any accounts are fake and were doubt, we confirm that scamming members created by all the L-R: Managing and other valuables. of the public of theirfraudsters intent on Director ,11Plc, hard-earned Billy Okoye; Managing Mr. Tunji Air Peace any other social money Director, NIPCO Oyebanji; Executive Director; media account Chairman has no Facebook MD NPMC, Mr. to open or maintain Plc, Mr. Sanjay Umar Ajiya, during and or Teotia; Group Commercials, Nigerian Petroleum any in his name.has not authorised anyone an inspection â€œMembers of Managing visit by NPMC Marketing the public are, from dealing to NIPCO Plc Director, NIPCO Plc, Mr. VenkataramCompany (NPMC), therefore with in Apapa, Lagos...rec Mr. Peace and report the fraudsters posing , advised to refrain ently Abiodun an Venkatapathy and as the Chairman Ajala to security agentsany suspicious represent of Air ation for action,â€? the statement said.in his name Dulux Excites Customers In line with the with Price 2017 Dulux â€˜Letâ€™s and Allied Products Colourâ€™ Campaign Offer (CAP) Plc, makers of UACN Plc , Chemical of and Dulux Goddy Egene worldâ€™s largest the technological licensee paint, a subsidiary coatings manufactu of AkzoNobe ECONO MY price offer. l, the compared rer, has announced The fixed income with the The â€˜Letâ€™s Colourâ€™ a special value experience recorded in June. markets operated and currency in the The CBN sold at adding colours campaign, which d a slight appreciaForeign Exchange a total by FMDQ OTC is a global project Securities Exchange to peopleâ€™s market accounted (FX) various of $1.17 billion through tion, gaining N0.30 to communities aimed close at have reto paint their lives, encourages individuals intervention $/N305.65 from corded transactions for 22.01 creating a better homes during the period s conducted the $/N305.95 at and worth N78.90 per cent Federal Governme trillion between living environmeand surroundings thereby beginning of under of Nigeria (FGN) world. The campaign nt January and nt for people bonds recorded a 32.2 per cent decreasereview, Trading statistics Total volumes the month July. is a colour movemen all over the by AkzoNobe the figure recorded from traded obtained by 4.53 per cent. l and has been THISDAY, however, across the globe. in June. The I&E FX Window settled in the Turnover in activated in t launched in 2010 showed a at $1.85 the fixed income apex bank also maintained billion for July, different countries decline of 8.6 market According to an increase its 13.80 month of July. per cent in the review in the month under marginal rate for the of Oladeji, â€œthe the Marketing Manager, Second- with per cent when compared Nigerian edition CAP N11.53 trillionInvestors traded with settled at N5.60 trillion, ary Market Interventio volumes recorded was launched T.bills accounting of the â€˜Letâ€™s Plc, Mr. Dominic (SMIS) â€“ Wholesale n Sales in June. from N12.62 in July, down per Inter-memb Colourâ€™ campaign localize the in 2012 at the Red Cross Forwards cent. Outstandin for 90.58 intervention global project, Orphanage, $0.98 billion in er trades stood at in June. But trillion recorded at the at $/N320.00 g T.bills N357.00 Makoko, to ence for the thereby creating the month of in and $/ end of the month children July, has facilitated all, the market at N9.06 a colourful experistood sized for Small and medium- an increase of 3.0 per CAP has continued and staff of the N78.90 trillion trillion, an cent when enterprises investments to build platformsorphanage. Since then, (SMEs) and compared with trades with the Dulux in seven months. 6.38 per cent from increase of invisibles. recorded for colour interactio brand,â€? in June. Member-c N8.51 An analysis of the transactions in June, whilst FGN trillion lient Also, n in July indicates bondsâ€™ review, in the month under stood at $5.56 billion trades outstanding Indomie Wins in July, a value decrease rates for the income market, that the fixed by Award In recognitio 1.22 per cent increased converged naira previousof 4.91 per cent from the dominated by n of business the Treasury to close at even further, month. Member-C N7.12 the harsh operating resilience and Bills ment continued (T.bills) seg- under trillion in the period the parallel market closed as trades stood excellence despite business environme Lagos Chamber at $1.17 billionBN review. month at $/N365.00 the July, representin to dominate market share. in â€˜Brand of The of Commerce and Industrynt in the country, the Transactions trading g a premium in the FX (LCCI) has conferred 43.6 per cent It accounted for settled to the Investorsâ€™ at 32.21 per cent. a decrease of 2017 edition Yearâ€™ Award to Indomie at $7.71 billion market Exportersâ€™ while activities & of LCCI Commerce Instant noodles Apart from (I&E) FX Window in July, a which decrease of According to at the 4.9 per cent closed at $/N367.88 rency trading, facilitating curthe organisers and Industry Awards. when The award is to recognise, the market is , the . CBN official also promote and objective of the annual institutions spot rate celebrate operating in Continued Nigeria for best private and public growth through on page 24 business practices, impact on the innovations, business sustainabi people and lity and positive society. Receiving the award on b R l h

INSPECTION VISIT

FMDQ OTC Exchange Rec N78.9tn Transa ctions in Eig ords ht Months

CBN Mov Less Riskyes to Make Agriculture Len di

CITYSTRINGS Supporting Communities Through CSR

A few cynical chief executives will inevitably try to portray themselves as CITYST RINGS responsible when they are decidedly not. And for some critics, nothing short of a massive overhaul of the world system will suffice.The truth is that many large corpora tions are devoting real time and money to environmental sustainability Supporting Communiti programmes and various social es Through CSR welfare initiatives. A Page 36 MONDAY, AUGUST

21, 2017 Ëž T H I S D AY

Acting Featur es Editor: Charles Ajunw Email charle a s.ajunwa@this daylive.com

Representa tive of the Lagos State Agege in Lagosâ€Śrec Ministry of Health, Adeola ently

Sogbesan (right),

observing the

administrat ion of free

anti-hypert ensive therapy

by StaďŹ€ of

May and Baker

Nig. Plc to mark

the 2017 World

Hypertensio n Day at

Jonathan Eze examines programmes are aimed the CSR initiatives of at impactin May and Bake few cynical chief executive g on host com will inevitably try to portrays Communications themselves Manager, munities r and posits that Clement Adulugba as responsible May and they when

its

Baker, more are decidedly , he disclosed companyâ€™s efficient not. And for some critics, corporate that the initiative social responsib acquired and supply chains, and nothing have both partnered world system of a massive overhaul short empoweris geared towards engenderi ility helped access to vaccines. ing people other companie in technology of the health ng hope, The truth will suffice. that be respected their sustainab s and partners Hencefort and well-beingand supporting public is that many h, Nigeria tions are devoting achieve as a vaccines with economic . â€œIt is large corporawill Adulugba ility goals.â€? on the African producing and health a total package sensitive real time added that environm for the bettermen country continent and money outlook executed ental sustainab Africa (fill the company alongside to the socio-poli to philanthr and various t of finish only), South and will tical environm is limited BCG social welfareility programmes opic social life and delivered Tunisia (producin continue activities should as tions responsib and rabies), ent starting), to sustain initiatives. â€œOur g with their ility. These friendly company has been be encourag Ethiopia Egypt (some same time, host communicordial rela- and (just governme ed, but at DTP and Senegal ties and the nt at the under and all products environmentally reassessed. continually questione are manufact Meanwhile, all levels. yellow fever by Aventis pasteur fill finish) standard d and working labour practices ured Day the 2017 World producing In 2010, the last 200 years,vaccines. I believe became another conditions. International Hypertension and safe Standardisation that in the constantly the greatest We are Organisation company is vaccines human invention released ISO to demonstr opportunity for the for especially promoting employeereputed for sibility. voluntary because it 26000, a set ate its social standards security tool.â€? is the foremost in such areas well-being The meant to help of and culture. implemen responhealth as education sensitisation company ventured t corporate companies He disclosed on a direct campaign social responsib clear terms decades, we From our experienc , health, where that, the Joint ment free hypertens tagged â€˜Walk for ility. In e over the have developed Venture Agree responsibilittherefore, a company Lifeâ€™ i d was cemented on th ion a d bl testi ' d

INTERNATIONAL Barcelona Attack: Spain Terror Cell Had 120 Gas Canisters A 12-strong terror cell that carried out two attacks in Spain this week had collected 120 gas canisters and was planning to use them in vehicle attacks, Spanish police say. Page 48

SPORTS Plateau Utd Slips as MFM FC

INTERNATIONA L

MONDAY AUGUST

21, 2017 Ëž T H

I S D AY

Barcelona Att ack: Spain Ter Gas Canister ror Cell Had 120 s email:foreigndesk@

thisdaylive.com

A 12-strong terror out two attacks cell that carried Five suspected in jihadists were had collected 120 Spain this week dead by police in the second shot remains to be identified, was planning to gas canisters and attack. he added. The Catalan authorities use The attacks, Spanish them in vehicle confirmed have also driver person at large was the president said he had told police say. him he vehicles that a wanted to go of the van, Mr Canisters were back seven-year-old, British-Australian said, adding were rented Trapero Julian Cadman, Weâ€™re starting to Morocco. that police knew credit card of Younes under the will overcome said to be used found at a house among was identity to see his that [the those killed in Abouyaaqoub. fear.â€? but would blew up in the by the cell that Barcelona. Alcanar house] clearly One He read a message He had But police have not reveal it. place where was the Ramblas was used in the Las from Pope on Wednesday town of Alcanar becoming been missing since confirmed they they were preparing Francis, which attack, another are hunting Moroccan-bo night. separated from explosives for was found said the pontiff after the attack Police are still one or â€œcondemns injured mother his rn once again in the attack and Abouyaaqoub, 22, who Younes in the city of Barcelona,â€?more attacks and a third in the town of Vic violence, driver of the van hunting for the his family the Spanish said. in Ripoll. Mr Trapero media say was which that people on Barcelonaâ€™s hit dozens of news of had put out appeals for the driver. Mr Trapero said offence against is a very grave his whereabout The two sets the cell had the creator, and Las Ramblas, He added: â€œWe planned to killing 13. of remains to s. prays to God Catalan police are not fill all identified be position for help so we he to say what causedin a explosive material three with continue On Sunday, a can Trapero has givenchief Josep Lluis the house may refer to victims of working Mass was held to carry out radicalisation the attacks. explosion at Alcanar. an update on Barcelona to mourn in the investigation harmony in the for peace and of these Spanish media worldâ€?. Mr Trapero said people.â€? . On Sunday, have speculated In addition to the victims. As the debate He said the cell police could King Felipe the 13 killed not rule about possible was still believed the two may be Youssef on Thursday to consist Aallaa, at large out that the suspect still and Queen Letizia attended Catalan independen the brother of one afternoon on ce continues, Barcelonaâ€™s had Las planning of 12 men and had been Ramblas, a woman of the crossed Cardinal suspected border, Sagrada Familia the French Omella added: jihadists killed attacks died in a although â€œThe union to mourn those at Cambrils, second vehicle months. One for more than six Abdelbaki and information he had â€œno specific killed in the makes us strong, the division Es attacks Friday in the attack early on large, four person remained at on thisâ€?. corrodes us from the town Satty, an imam town of Cambrils. were and destroys The father of Some reports of Ripoll, north us.â€? there were two under arrest and of Barcelona, Later two on Sunday, Barcelona in Spanish sets of human where a number shot dead by police in of those media say the FC will hold of the suspects jihadist cell Cambrils, their Mohamed and are from. Omar Hychami, intended to target the had game of the season, first league The imam apparently told the iconic, expected with 100,000 left the HechamBBC he was devastated. Gaudi-designed church mosque abruptly at the Camp with where explosives. Nou, there will be not been seen in June and has imam Igasi also accused the a minuteâ€™s of radicalising since. The mosque Cardinal Juan silence. It is now known his sons. Archbishop of JosĂŠ Omella, the spectatorsPolice have warned that three Barcelona, called to expect stepped for peace and security, including up unity, saying: a ban on bringing â€œWe large bags.

Wreckage of Lost Seven Decades Ship USS Indianapolis Foun d after

Researchers announced Saturday they discovered The wreckage was found in lost warship the wreckage of the the Philippine Navy. USS Indianapolis Sea 5.5 kilometers 72 years after the World War , (3.4 miles) below the Some 800 of cruiser was the shipâ€™s 1,196 said Allen. torpedoed by II according to philanthropsurface, sailors and â€œAs Americans, marines Japanese submarine. a Microsoft ist co-founder Paul and survived the maritime initially debt of gratitude we all owe a Allen, but who headed the disaster, their to the crew for only 316 ultimately courage, persistence crew that locatedcivilian research after enduring lived sacrifice and in the several days The ship was the ship. shark-infeste in circumsta face of horrendous nces.â€? days of World hit in the final also faced d waters where they War II just after â€œWhile risks completing and drowning. of dehydration rest of our search for the a Of those survivors, the wreckage delivering partssecret mission 22 are will continue, still alive today, bomb used in of the atomic Navy the US connected I hope everyone said. Hiroshima. to The vessel sank â€œTo be ship will feel this historic minutes, meaning in just 12 men of able to honor the brave of closure at some measure to send a distress it was unable and theirthe USS Indianapolis this discovery so signal long families or in through the coming.â€? life-saving equipment, deploy discovery Allen posted of a ship that according such to the history a significant role played of the wreckage several photos division of the US World War II is truly in ending account includi on his Twitter h bl i

MONDAYSPO RT

T H I S D AY

Plateau Utd S Slip Closes in on s as MFM FC the NPFL Ti tle

Closes in on the NPFL Title Plateau Unitedâ€™s six-point lead at the top of the Nigeria Professional Football League (NPFL) was reduced to just three points yesterday in a Match-day 35 clash in Ilorin as the Jos-based club suffered $12,000 up Grabs a 2-0 defeat to Abubakar Bukola SquasashChaOpembeforn rlain Begins Saraki (ABS) FC. Page 60

Ëž MONDAY, AUGUST

21, 2017

Group Sports Editor Duro Ikhazuagbe Email duro.ik hazuagbe@th isdaylive.com

Duro Ikhazuagb e Biffo has Plateau Unitedâ€™s disappointing described as matches six-point loss lead at the top his to Kano Pillars sideâ€™s 0-2 ensure on the calendar to Professional of the Nigeria at the we hide Sani Abacha yesterday said the get good results,â€? Pillarshis joy for the Kano (NPFL) was Football League in Kano. Stadium Tornadoes former Niger precious Pillars side. three points reduced to just coach to supersport. midfielder, Rabiucaptain and Two first half â€œRabiu played Ali. Match-day yesterday in a foot goals off the com. â€œRabiu Ali and scored Biffo to SuperSport last against Benin 35 clash in is a wonderfu Biffo however night. Pillars as the Jos-based Ilorin the of duo, Nwagua Nyima Republic in 25th in could not player to have in any team l CHAN qualifier the Musa Head Coach, Ibrahim club suffered 2-0 defeat to is truly an asset said his jewel, and a Rabiu minute and captain, he Rabiu Ali to the Kano 24-hour here he is upless than is a game changer Saraki (ABS)Abubakar Bukola provedAli in the 27th minute for the side and scoring FC. that adequate to Samuel Adedeji as well,â€? said he fielded him againstis why hand the Kano Warriors. Abia the penalty awardedtucked in pointslandlords the whole three at stake in the ABS five minutes into Biffo said forthright clash. Akinbo Segunthe game before match-pla that his n failed beyond the took the game the crucial game his side in from plateaureach of the men Pillars. against Kano with his strike in the 65th â€œThe outcome minute. Despite the of the clash was not what we planned still lead the defeat, Plateau coming for just three log on 62 points, Kano to Kano to confront points ahead Pillars. second placed of â€œI defeated GombeMFM FC who blamethink we have ourselves to for the United 1-0 at the Agege Stadium as our tactics poor performance failed Monsuru Bashiru in Lagos. â€œUnfortunately, us woefully. scored winner for before MFM in the the we could come minute. up with the 21st required change the home The duo of side Stephen Odey had scored their two and Sikiru Olatunbos goals. â€œWell, this one un were have conspicuously is gone we to look forward the MFM line missing from to other up as they were away on national duties with the home-bas MATCH-DAY ed Eagles who 35 defeated Benin Rangers Intâ€™l Republic 2-0 2-1 in a CHAN Wikki Tourists Katsina Utd qualifier in Kano. 1-0 Remo Stars Elsewhere Rivers Utd 2-1 Enyimba continued the, Rivers United Intâ€™l ABS FC 2-0 move into safety Plateau Utd zone after defeating MFM FC 1-0 Gombe Utd 2-1 in Port Harcourt. Enyimba Kâ€™ Pillars 2-0 The Pride of Rivers people Abia Warriors Shooting 2-0 are now 11th on the log. Nassarawa FCIU 1-0 Akwa Meanwhile, Abia Warriors Lobi Stars 3-2 Utd Head Coach, Elkanemi Abdul Usman Sunshine 2-1 Tornadoes Marcos Alonso

celebrating his brace in

PREMIER

LEAGUE

the 2-1 defeat

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COMMENT

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

AS PRESIDENT BUHARI RETURNS

Ikeogu Oke writes that the president has another opportunity to bring development to the country in an evenhanded manner

here are those who wouldnâ€™t bear the thought of President Muhammadu Buhari recovering from his illness, returning from his medical leave in the United Kingdom and resuming duty as president. A brief journey into cyberspace would prove this, with their posts on some social media platforms affirming it with or without giving reasons for their ill-will. One of the reasons â€“ for those who bother to give any â€“ is the position the president had taken when the late President Umaru Yarâ€™Adua was in a similar situation to his, having travelled abroad for medical reasons, a journey from which, unfortunately, he did not return alive. They remind us that President Buhari, then a serial contestant for Yarâ€™Aduaâ€™s position, the Presidency, had insisted that the best thing was for the latter to be impeached, having become incapable of discharging his duties as president due to illness. Well, I think that was harsh of Buhari, whom experience would have made wiser with the lesson that anyone could become incapacitated by sickness. And that baring the grace of providence and the dedication of the best doctors giving him the best medical attention in the UK, his story might have ended like that of the â€œrivalâ€? for whose impeachment he had called in a manner reminiscent of hitting a man when he is down. Then it would seem that, besides spite, those who give this reason are driven by a lust for vengeance, despite their hint that they understand that Buhariâ€™s reaction to Yarâ€™Aduaâ€™s incapacitation due to ill-health was inhumane and therefore wrong. But what I donâ€™t understand is that they seem unaware that it is a more grievous wrong to repeat a wrong deliberately. That to choose to commit the same sin against Buhari that he had committed against Yarâ€™Adua is a worse moral violation than the original sin. And I would like to be contradicted on this by any of them who, being incapacitated by sickness as a public servant, would prefer people wishing for them to vacate their office or be ejected from it, or for their death, rather than their recovery, whatever their past or current sins or shortcomings. Any of them who would rather that the admonition to do to others as we would have them do to us â€“ found in the scriptures of the 10 major religions, including Christianity and Islam â€“ applies to them as a death wish in a time of illness may indeed contradict me. The bitter and divisive politics prevalent in our country, on the crest of which Buhari rode to power and apparently stoked with some of his unfortunate remarks â€“ recall the one about his being voted by 97 per cent and 5 per cent of sections of the electorate and his hint of his wish to reward them accordingly â€“ which portray him as an ethnic champion rather than a statesman, is a plausible reason for such strong antipathy towards him. But it is a reason that falls short of being a justification. Rather, like the reason of what Buhari said about Yarâ€™ Adua, it would only create a vicious cycle for the perpetuation of hate-driven calls for regime change that may be injurious to our country if adopted as a justification for such calls. And unless we terminate the insidious emergence of this vicious cycle in the present times, we may be creating a situation where political

WOULD BUHARI, FOR INSTANCE, ACT WITH THE SOBRIETY EXPECTED OF A SURVIVOR OF WHAT APPEARS TO BE A NEAR-DEATH EXPERIENCE TO UNITE OUR COUNTRY AND GOVERN IT WITH A SENSE OF EQUITY RATHER THAN INSTIGATE DIVISIVENESS AND TREAT IT â€“ AS SOME OF HIS DETRACTOR ALLEGE, AND NOT ENTIRELY WITHOUT JUSTIFICATION â€“ AS A CONQUERED FIEFDOM FOR HIS ETHNIC GROUP, EXHIBITING TRIUMPHALIST ATTITUDES?

adversaries of our leaders would constantly seek to profit from such calls for the precipitate termination of their tenures when they fall sick, worsening the resultant tension as we now have in our country, even as it is hard to determine which leader would fall sick and be incapacitated as a result in the future. But more important than the foregoing are the lessons Buhari may bring back with his return and if he would put them to use, as one would expect of him, in improving himself and our country as a leader. Would he, for instance, act with the sobriety expected of a survivor of what appears to be a near-death experience to unite our country and govern it with a sense of equity rather than instigate divisiveness and treat it â€“ as some of his detractor allege, and not entirely without justification â€“ as a conquered fiefdom for his ethnic group, exhibiting triumphalist attitudes? Would his long sojourn abroad for medical care, as the President of â€œthe giant of Africaâ€?, strike him as a compromise of his and our countryâ€™s dignity, and a mockery of rationality, especially considering the trillions in the 2017 budget for the Aso Rock clinic to which he should have unfettered access? Would the fact that other self-respecting leaders (like him) of other self-respecting nations (like ours) would consider such a journey a humiliation inspire him to strive to improve our health sector in order to prevent a repeat of such journeys, if only to save some of us the anguish of imagining our president â€œlike a patient etherised upon a tableâ€?, to adopt an image from T. S. Eliotâ€™s â€œThe Love Song of J. Alfred Prufrockâ€?, and left at the mercy of foreign scalpels, especially those of our colonial masters from whom we are supposed to have gained our independence more than 56 years ago? Would he return, having won a long and difficult fight to keep his own life, which apparently underscores his appreciation of the value of life, show more dedication to securing the lives of all Nigerians in fulfilment of his constitutional mandate, not only by seeking to end the menace of Boko Haram in the Northeast but also that of the alleged Fulani herdsmen known to have spread murder and carnage in the middle belt and the southern parts of our country? Would he, in addition to genuinely seeking to end the menace of the herdsmen, ensure that the perpetrators are identified and brought to book, bearing in mind that leaving such killers at large is tantamount to spreading terror? Would he, in all, dedicate himself to bringing real development to our country in an evenhanded manner that reverses the impression of his provincialism that threatens to blight his legacy? Perhaps Buhariâ€™s long medical sojourn abroad would vindicate Shakespeare saying in Hamlet that â€œthere is nothing either good or bad, but thinking makes it soâ€? if he returns from it with a genuine commitment to provide good leadership for all Nigerians regardless of their ethnicity, religion and the percentage of votes he received from their states or ethnic groups. With half of his four-year tenure already gone, he is running a race against time. Oke, a poet and public affairs analyst, wrote from Abuja

THE PORTS AND COST OF MONOPOLY

The restoration of the concession agreement saved Nigeria from an economic catastrophe, writes Dokubo Tare-Johnson

n 2006, President Olusegun Obasanjo carried out a concession exercise to save the Nigerian ports from total collapse. The concession was conceived to break the monopoly of Nigerian Ports Authority (NPA), increase efficiency of the ports through promoting competition on level playing fields, decrease cost of port services to users and also reduce the cost of support of the port sector to the government and to attract foreign direct investment (FDI). The post-concession era had hardly taken off when NPA brought a storm to bear on the smooth sail of the vessels. Without any official pronouncement or change in the agreement between government and concessionaires, NPA began to divert vessels carrying a class of cargo known as General Cargo to Intels terminal at Onne, Rivers state. This was irrespective of the importersâ€™ port of preference for the discharge of their cargo. The cargo which include pipes, steel pipes, dismantled rigs and so on, were classified by NPA as â€õil and gas cargoâ€™, a nebulous term that was neither in the concession agreement nor in maritime lexicon anywhere in the world. Obasanjo could not understand where this impunity sprang from. Having set up a panel to investigate this odious arrangement, he suspended Intels, one of the concessionaires, from Nigerian ports after its indictment by the panel. The oil and gas cargo invention made another stormy appearance on November 7, 2007 under President Umaru Musa Yarâ€™Adua and without any government policy supporting this resort to private monopoly, the Minister of State, for Transport, Prince John Okechukwu Emeka issued a directive that all â€õil and gas cargoâ€™ should be routed through the oil and gas cargo terminal in Onne. The â€õil and gas terminalâ€™ was a strange cook up to Yarâ€™Adua as it was to the concessionaires whose businesses were beginning to emaciate fast. Miffed by this impunity, Yarâ€™Adua fired the minister after the infamy of

compelling him to reverse his directive on the pages of national newspapers. It is important to note that Yarâ€™Aduaâ€™s family held shares in Intels. But after a critical examination of the huge negative impact of Prince Emekaâ€™s directive which was crippling the maritime sector and driving investors out of Nigeria, Yarâ€™Adua had no choice but to reverse the directive and sack the minister, a clear statement in patriotism. The death of Yarâ€™Adua again saw the irrepressible oil and gas cargo issue loom even larger than ever. Once again a letter with the reference number EP/ AGM/OPTS/034 dated March 18, 2013 from NPA and another dated November 8, 2013 from the Ministry of Transport ordered all vessels carrying â€˜oil and gas cargoâ€™ to be diverted to Intels terminal. From now on, the battle to exterminate the siege of the oil and gas cargo cabal and end private monopoly in Nigerian ports would rage and simmer for some years to come. Battles were fought in court and from the House of Representatives to the Senate, with committees of the National Assembly cancelling one another under extraneous influences. The cost of these battles is almost incalculable. Between November 15, 2007 and August 8, 2008, an estimated US$150 million was lost to neighbhouring countries and about US$3.8 billion in the next eight years. The Board of Schlumberger, an oil and gas multi-national company which approved US$125 million investment into a new facility in Lagos, moved the investment to Ghana after learning of the compulsory diversion of oil and gas cargo bearing vessels to Onne. Femi Atoyebi, SAN, a lawyer to Ports and Terminals Operators Limited (PTOL) in a paper presented before the Senate on the occasion of the public hearing on the act to amend the Oil and Gas Export Free Zone Authority Act (OGEFZA) to provide for the designation and establishment of oil and gas

free zone and special investment areas and related matters, captured the huge costs the concessionaires paid and were likely to lose due to monopoly. In his words, â€œthe terms, tenure and amounts of the yearly lease ranged from US$1.25 million to US$10 million and later up to US$12 millionâ€?. Some of the concessionaires, having lost the most lucrative cargo, which is general cargo that includes pipes, dismantled rigs and so on, now dubbed oil and gas cargo, could not continue with their businesses after seven years while many struggled and could not meet their financial obligations to government in terms of lease, through put fees and taxes. Indeed the government is said to have lost well over US$2.1 billion by the beginning of 2017 in lease, throughput fees and taxes. The Managing Director of PTOL, Mrs Lizzie Ovbude, lost three vessels carrying her cargo to the monopolistic directive in quick succession. Due to the diversion of these vessels, MV Kota Berlain, MV Kota Bakti, and Cosco Jing Gang Shan among others, her company lost millions of dollars. A lawyer, with focus on maritime stated unequivocally that â€œNigeriaâ€™s economy must have suffered a loss of over US$7 billion due to the monopoly squabbles at the portsâ€?. He argued that the colossal loss of revenues to neighbouring countries, the massive losses due to stunted investment and development of the ports and terminals, leakages, tax evasion and shedding of employees due to skeletal finances, were far more than the estimated US$7 billion the government must have lost due to the heinous activities of the oil and gas cargo syndicate. Continuing, he added that â€œgovernment is paying one concessionaire US$5.2 billion which it claims is â€œreimbursementâ€? for construction of facilities at Onne, Warri and Calabar. My worry about such claims is that there have never been any reputable quantity surveyors to independently verify these claims and I guess too, that there is no engineering,

procurement and construction (EPC), or similar agreement between the concessionaire and NPA, to make auditing of the construction possible. So there are no checks and balances. And despite having their money refunded with interest in dollars, this concessionaire will still have exclusive use of the facility for 25 years. Quite hard to believe that this is happening in Nigeria in this ageâ€?, he lamented. Another maritime close observer adds that the role of NPA and government at the ports defeats and indeed perverts the whole essence of the concession. â€œHow, for instance, can the tariff regime not be regulatedâ€?? he asked. â€œThe concessionaires clearly negotiated with the government and agreed on a flat tariff regime to ensure a level playing field. How is it that the same government now allowed one company to charge much higher tariff? Why is it that while 25 concessionaires charge US$7.40 dollars per tonne for discharge and loading of cargo and pay US$1.12 to the government, one single company and a concessionaire like others, that is Intels, charges US$65 per tonne and pays US$5.8 to NPA? This simply defeats the whole idea of reducing cost of doing business at the ports, one of the cardinal reasons for the concession.â€? This was the cloudy situation at the ports when on April 27, 2015, President Goodluck Jonathan gave the unintelligible directive that legitimised monopoly. Jonathanâ€™s directive signed by Mr. David Omonibeke, Executive Director, Marine and Operations, requested that all oil and gas related cargo must be handled only at the designated terminals at Onne, Warri and Calabar, three terminals operated exclusively by Intels. The same directive also instructed LADOL Integrated Free Logistics Zone Enterprise to relocate its US$500 million fabrication and integrated yards in Apapa, Lagos, South West Nigeria, to Agge in Bayelsa State. Tare- Johnson wrote from Port Harcourt

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EDITORIAL AGAIN, ANOTHER ASUU STRIKE!

It is in the nationâ€™s interest for the government and the union to come to a mutual agreement ollowing a meeting between a federal government delegation comprising the Ministers of Education, Labour and Employment, Finance, the Attorney General of the Federation and representatives of the Academic Staff Union of Universities (ASUU), a proposal was tabled to call off the current nationwide strike by the university lecturers. â€œThe major issue is that we want the strike called off so that our children in school can write their degree and promotion exams. ASUU leaders said they will come back to us within the next one week,â€? said Labour Minister, Dr. Chris Ngige.

even among their peers in Africa. While we hope this crisis is resolved quickly, we cannot shy away from the fact that underfunding the education sector, over the years, has had collateral damaging effects on the country, such that our universities have now become grotesque carcasses of their former selves. But dealing with the challenge requires more than seasonal strikes by the lecturers while the federal government also needs to understand the primacy of constant dialogue, especially given the current realities.

We hope ASUU will respond positively to the offer from the federal government so that the nationâ€™s tertiary institutions are not grounded again as a result of another industrial action that could further damage whatever is left of the credibility of tertiary education in our country. Students in our universities have suffered enough in recent years while incessant strikes have contributed signiďŹ cantly to the decline in the quality of graduates of our GOING FORWARD public universities. It is unfortunate REQUIRES OTHER that the federal govCRITICAL STAKEHOLDERS ernment and ASUU IN THE EDUCATION had for several SECTOR JOINING HANDS years been locked in IN THE EFFORTS TO FIND A LASTING SOLUTION TO running battles over the implementation WHAT HAS BECOME A of agreements PERPLEXING NATIONAL on the funding CHALLENGE of the countryâ€™s public universities. The consequences have been lengthy industrial strikes by the lecturers, with the attendant debilitating effects on educational development in Nigeria. The academic calendars, following the end of industrial actions, allow for very little attention to serious studies, or research. That is why our public universities have continued to go down the ladder of academic ranking,

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owever, going forward requires other critical stakeholders in the education sector joining hands in the efforts to ďŹ nd a lasting solution to what has become a perplexing national challenge. In doing this, the federal government should take the initiative, so that we can collectively come up with ways to reposition tertiary education in our country. Broken promises and unfulďŹ lled agreements by the federal government are unhelpful as there is no way we can develop our country until efforts are made to revitalise key sectors like education. But the challenges are enormous.

Commercialisation of academic grades and poorly written handouts, delayed dissertation, award of questionable degrees and all manner of unwholesome practices have combined to ruin university education in Nigeria. Yet, these are issues which seem to be of little or no concern to ASUU and that perhaps explain why the once-vibrant organisation that set the agenda for national discourse in its heyday has degenerated into a strike-obsessed trade union. While we call on the lecturers to temper their expectations with realism, we also hope the federal government team will do everything within their powers not only to end the current strike that threatens to cripple tertiary education in our country but also to ďŹ nd a lasting solution to the problem.

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.

HOW OSINBAJO FARED IN BUHARIâ€™S ABSENCE

r. President, while you were away on medical leave, detractors, using politicking, agitations and hate speech made several attempts to take over the polity, but Acting President Yemi Osinbajo remained resolute in promoting good governance and purposeful leadership. Mr. Osinbajo avoided attempts to make him deviate from your collective drive for positive change to mundane politics. Many detractors tried to create imaginary scenarios to brainwash the public into thinking that Vice-President Osinbajo was not in control as acting president, but he was never distracted. Mr. President you have indeed, a reliable and dependable vice- president, whom you can always expect to get required support from anytime, anywhere. During your absence, Mr. President, Osinbajoâ€™s performance as acting president was excellent. He performed according to the expectations of most Nigerians and in line with tenets of the Buhari presidency. Osinbajo in his capacity as acting president has been a good representative of the â€˜Buhari Schoolâ€™. He has shown that he has not been a figure-head vice-president, rather an astute complementing figure to your drive to take Nigeria to greater heights. Mr. President, when one looks at the relationships between many leaders and their deputies in the past and present, it is apparent that there have never been two persons like you and Osinbajo who have shown Nigerians how delegation of power is used for the benefit of the nation and for the development of democracy instead for personal motives. The two of you have set a standard which should become a model for leaders and assistants

to follow, if our democracy must continue to flourish. Most pairings on a presidential ticket are meant to balance the ticket. In many cases, the two persons are like-minded, have a harmonised action plan and work in the same direction. Nonetheless, these two could also be at variance on certain issues, have conflicting views of certain phenomena and maybe sometimes disagree on things. Nigerians are used to sit-tight leadership at all levels that see political positions as personal, abhors delegating authorities, see their deputies as rivals and a threat; a leadership that often have disdain for their second-in-command; and one that will never support their deputies in anything, let alone transfer power to them to act in their absence. Nigeria has witnessed numerous cases of leaders and their assistants turning against one another. Some have even turned out to become sworn enemies- Mr. President, your adherence to constitutional provisions has brought to an end this phenomenon. Mr. President, you and vice-president Osinbajo have reestablished the ideal of one presidency and it is working well for the good of the country and democracy. Prior to your absence and during your absence, the two of you have redefined how we view the president vis-a-vis the vice-president. You have created an atmosphere of progressive political synergy never seen in Aso Rock Villa in recent times. It is a known fact that relationship between you and Professor has looked promising since your campaign days. Both of you have unique chemistry. Civility of the two of you has kept the relationship of the Buhari/Osinbajo presidency close, warm

and personally friendly. A few politicians are not happy with the way Osinbajo ran the affairs of the nation according to your expectations, Mr. President. These politicians are the â€˜regularâ€™ Nigerian politicians who run politics just for personal gains. Their selfish expectations from the Muhammadu Buhari government have not materialised. These politicians have forgotten that the only item that has kept and is keeping your presidency â€˜afloatâ€™ is the ordinary man on the street. But for the ordinary-manâ€™s belief in Buhari School, no political leader in Nigeria can take some of the stringent decisions as you did without drawing the ire of the masses. Mr. President, welcome back! In your vice-president Yemi Osinbajo you have got a potential â€˜heir-apparentâ€™ who shares your thoughts, style and commitment to nation-building without any overriding personal interest. During your absence, Professor Osinbajo was able to tacitly calm nerves of agitators, maintain the administrationâ€™s credibility; re-evoke public confidence, reassure Nigerians of your administrationâ€™s empathy with the suffering of the masses and the commitment to do something to alleviate that suffering. What most Nigerians are expecting now is cabinet reshuffle - new hands, portfolio reassignment and reduction of burden of jobs on some ministers. Most Nigerians still believe that you are the right man to push the right button for a bold, home-grown and off-the-shelf development model that will focus on promoting economic growth, massive structural changes and improving the potential of Nigeriaâ€™s human capital through both public and private channels. Zayyad I. Muhammad, Jimeta, Adamawa State

T H I S D AY MONDAY AUGUST 21, 2017

T H I S D AY ˾ MONDAY, AUGUST 21, 2017

POLITICS

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

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

NBS Bribery Survey: A Hard Pill to Swallow For a government that likes to flaunt the success of its anti-corruption war, the report of the corruption survey carried out by the National Bureau of Statistics, in partnership with the United Nations Office on Drugs and Crime, is a rude awakening, writes Tobi Soniyi

Another misconception is that this government lacks the political will to fight corruption. I think the will is there. In recent time, no one has shown as much political will as the Buhari-led administration.

he revelations contained two in the report: ‘Corruption in Nigeria. Bribery: public experience and response 2017’ released last Wednesday by the National Bureau of Statistics and the United Nations Office on Drugs and Crime were quite chilling. It must also be a rude re-awakening for a government that takes delight in blaming past administrations for whatever ills it comes across. The report, among other findings, stated that 95 per cent of Nigerians would accept a bribe when offered or pay a bribe when demanded. The survey found that only 5.3 per cent of Nigerians would either refuse to pay a bribe when asked to or refuse to accept when a bribe is offered to them. The Nigerian Corruption Survey, first of its kind by the NBS gave graphic details of corruptions in different shades and how it affects daily life of the average Nigerian citizen. Misconceptions Government’s attempt to shift the blame isn’t going to work. The response of the Chairman, Special Presidential Investigation Panel for the Recovery of Public Property, Okoi Obono-Obla to the implication of the report, to say the least, was baffling. Reacting to the report on Channels Television’s Sunrise Daily Show, he said, “It is chilling, daunting, outrageous and shocking but I am not surprised because corruption has become pandemic and endemic. Most Nigerians are pathologically corrupt. “This government wants to fight corruption but what is the challenge? Nigerians do not want to support the fight against corruption; the judiciary and the legislature do not want to support the fight against corruption. It is as if only the President and the Vice-President are in support of the war against corruption.” His self righteousness was a clear demonstration of lack of understanding of what the report shows. It is also an admission that those saddled with the responsibility to lead the anti-corruption war are ill-prepared for the task because they lack the requisite knowledge required to deliver on that mandate. One does not need to be a genius to understand that the government is merely fighting the symptoms of corruption and not corruption itself. Obono-Obla, claimed that Nigerians had refused to support the anti-graft crusade of the President Muhammadu Buhari administration because they are pathologically corrupt. Why should they, if the president is unwilling to prosecute his friends that are corrupt? Why should they when children of highly placed people were given employment secretly in well paying public institutions while their children, more qualified, continue to roam the streets for lack of jobs? As long as those leading the anti-corruption war do not understand that fighting corruption is not just about breaking the houses of judges at night, the country should expect more damning reports in the future. If Obono-Obla’s position is baffling, the position taken by Professor Femi Odekunle, a member of the Presidential Advisory Committee on Anti-Corruption can not be defended. He said the report was not an indictment on the federal government led by President Muhammadu Buhari. If the Nigeria Police Force is corrupt, who takes the blame? Who appoints the Inspector General of Police? If the federal civil service is corrupt, whose duty is it to reform it? Just because the president is fighting corruption does not mean he should not accept responsibility for not able to stop public sector corruption as shown by

What then is the problem? To begin with, the report proves that Buhari was right to make the fight against corruption one of the policy thrusts of his administration. The report stated: “The above findings could explain why, after the high cost of living and unemployment, Nigerians consider corruption to be the third most important problem facing their country, well ahead of the state of the country’s infrastructure and health service.”

Dr Yemi Kale, Director General, National Bureau of Statistics

the report. Or is it the president of Ghana that should take the responsibility? Another misconception is that the report shows that government is not fighting corruption. That can’t be the truth. Even the authors of the report in question admitted this much when they said: ”Over the years we have seen the effect of corruption manifesting across all sectors of society with collusion across the public to private sectors to sports bodies and even civil society. “Sadly, Nigeria as a country has experienced this menace for a long time but now appears to be tackling it head on. “It is for this reason that the National Bureau of Statistics (NBS) partnered with the United Nations Office on Drugs and Crime (UNODC) to carry out this survey on the quality and integrity of public services in Nigeria, the results of which are published in this report.” That is not a comment these two organisations would have made three years ago. The report admitted that the government is fighting corruption but proved that the effort isn’t comprehensive enough. No Doubt Government is Fighting Corruption When compared with Dr Goodluck Jonathan’s

As long as those leading the anti-corruption war do not understand that ﬁghting corruption goes beyond breaking judges’ houses at night, the country should expect more damning reports in the future.

administration, this government is indeed fighting corruption. Although, the government is fighting corruption but it lacks the basic understanding of what drives it in Nigeria. This weakness reveals why it has concentrated on punishment without addressing the socio-economic factors driving corruption. It is making the same mistake every successive administration made and the result will be the same. The president made the same mistake in 1984 when he was a military head of state: he believes (he still does) clamping people into jail and sentencing them to donkey years will stop corruption. The NBS’s report has shown that he is wrong. The perception from the South-east and South-south is also understandable. Many from these two zones do not believe the government is fighting corruption. The reverse would have been the case if the research was carried out while Jonathan was in the office. The perception clearly shows the frustration of the people of the south-east and the south-south with an administration that has chosen to reduce their influence in governance. It is this same perception, justifiable so in our view, that is driving the clamour for restructuring. For one, if President Muhammadu Buhari is genuinely interested in leading a united country, he should bend backwards to accommodate the south-east and the south-south. The government should stop relying on technicalities to support its argument that it is not discriminating against the two zones. Another misconception is that only members of the Peoples Democratic Party are being prosecuted. First, there is nothing wrong with prosecuting members of the PDP since they were the ones that ran the country for the past sixteen years before Buhari took over. They must be held acountable. Besides, members of All Progressives Congress are also being prosecuted. While those who do not belong to any political parties are also being prosecuted.

A Flawed National Anti-Corruption Strategy In May, when the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, (SAN), released the National AntiCorruption of Strategy (NACS), two international non-governmental organisations, namely the Royal Institute of International Affairs, better known as Chatham House and OXFAM published separate reports which clearly showed that the approach adopted by the present administration in the fight against corruption was not working and would not lead to a reduction in grafts. Reviewing the NACS and the reports of these two respected international NGO, a former Chairman of the Governing Council of the National Human Rights Commission, Dr Chidi Odinkalu, observed that inter-agencies rivalry did not allow the federal government to come up with a strategy that could help the fight against corruption He said: “From the wreckage of this conflict, the Attorney-General’s department emerged victorious. The result was that other ministries, departments and agencies with complementary expertise on the subject were either relegated or excluded from the process. This absence of joined up thinking is evident in the resulting document. It is confused, self-contradictory and arguably worse than no strategy at all. It is an anti-climax.” According to him, the new strategy, which had been approved by the Federal Executive Council, lacks any clear diagnosis of why fighting corruption in Nigeria has proved so intractable. “The result is that the NACS document does not in any way offer any assurance that this current phase of fighting corruption in Nigeria will suffer a fate different from its predecessors”, he added. Other deficiencies he identified in the NACS include lack of coherent narrative of the corruption challenge and non recognition of other actors in shaping or fighting it beyond the narrow halls of government as well as failure to evince any need for popular ownership of the fight against corruption. It also does not see any relationship between the nature and incoherence of the Nigerian state and Nigeria’s chronic corruption pandemic. With these shortcomings, analysts knew that the new anti-corruption strategy was unworkable and therefore dead on arrival. The UNODC and NBS’ reports have further validated the observations raised by Odinkalu. Since the report was not written by PDP or job seekers as the Presidency likes to describe those opposed to its policies, it will be difficult to wish away the damming findings contained therein. Fighting Corruption the Wrong Way Away from the myopic anti-corruption strategy, CONT’D ON NEXT PAGE

T H I S D AY ˾ MONDAY, AUGUST 21, 2017

POLITICS

MONDAY DISCOURSE

N B S B R I B E RY S U RV E Y: A H A R D P I L L T O S WA L LO W the two reports address most of the shortcomings inherent in the Nigerian government’s document. To begin with the Chatham House’s report, Nigeria lacks a holistic approach to the fight against corruption. The report said: “President Muhammadu Buhari has shown sincerity in his commitment to lead anti- corruption efforts in Nigeria, including through strengthening whistleblowing incentives and protections, high-profile investigations of prominent individuals for large-scale theft of public funds, and the recovery of billions of naira by Nigeria’s anti-corruption agencies. “These efforts are essential, but cannot by themselves foster a sustainable, comprehensive reversal of long-established assumptions and practices in the absence of a decisive shift in public apathy and a collective will to achieve collective behavioural change. “Nigeria’s ongoing anti-corruption efforts must now be reinforced by a systematic understanding of why people engage in or refrain from corrupt activity, and full consideration of the societal factors that may contribute to normalizing corrupt behaviour and desensitizing citizens to its impacts. “This holistic approach would better position public institutions to engage Nigerian society in anti-corruption efforts.” The report diagnoses what drives corrupt behaviour in Nigeria and identifies beliefs that support corrupt practices. It is a must read for anyone serious about fighting corruption in Nigeria. It examines corruption in Nigeria from the perspective of social norms that serve as embeded markers of how people behave as members of a society. It exposes one of the fundamental weaknesses in the federal government’s anti-corruption strategy when it said: “In the context of anti-corruption in Nigeria, understanding these underlying social drivers helps to identify which forms of corruption are underlined by social norms, and which practices are driven by conventions, local customs or circumstances. “Identifying the specific social drivers of specific collective practices is critical to designing targeted and effective policy interventions to change those practices.” For example, because punishments for certain offences are unknown, unclear and uneasy to inflict, people find that bribing their way out is the fastest way to go. Many police officers and drivers don’t know the punishment for driving without a driver’s licence. So the drivers end up paying bribes to the arresting officers. This also happens in traffic offences. Yet a government that is fighting corruption does not know how to fix this! The report also finds that lack of exemplary behaviour by leaders encourages corruption as it robs the government the needed public trust to fight corruption. It said: “Routinely abusive behaviour by public officials is an obstacle to building public trust and stimulating collective action.” While exposing the flaws in the new anticorruption strategy, Odinaklu said: “In what could easily be a summary of the shortcomings of the NACS, the Chatham House report laments that Nigeria’s focus has mainly been on ‘traditional’ legal and governance-based measures, emphasizing the reform of public procurement rules and public financial management, anti-corruption laws and the establishment of various agencies tasked with preventing corruption and punishing those who engage in it.’ “While acknowledging the importance of these measures, the report emphasizes the need ‘to foster a comprehensive shift in deeply ingrained attitudes to corruption at all levels of society.’ Its central argument, therefore, is that ‘Nigeria’s ongoing anti-corruption efforts must now be reinforced by a systematic understanding of why people engage in or refrain from corrupt activity, and full consideration of the societal factors that may contribute to normalizing corrupt behaviour and desensitizing citizens to its impacts.’” OXFAM report titled: “Inequality in Nigeria: Exploring the Drivers” although focuses on why many Nigerians remained poor while the economy was expanding, it nevertheless provides rare insights into why corruption remains inevitable in the country. It states: “Poverty and inequality in Nigeria are not due to lack of resources, but to the ill-use, mis-allocation and misappropriation of such resources. At the root there is a culture of corruption and rent-seeking combined with a

Buhari...committed to the ﬁght against corruption

political elite out of touch with the daily struggles of average Nigerians.” It also strikes at the root cause of corruption when it said, “The overlap between political and economic power bends the allocation of opportunities, income and wealth to vested interests, and biases policy-making in favour of the rich.” The result of this is what it described as the astronomical cost of governance. Paying members of the National Assembly so much while the people continue to languish in abject poverty. Despite budgeting so much for provision of water, the larger percentage of Nigerian population don’t have access to water safe for drinking. Unemployment has also continued to rise. While the Buhari administration was quick to file charges against a former minister, Abba Moro for his role in the 15th of March 2014 recruitment scam when 6.5 million people applied for 4000 vacancies which left 16 people dead, no one has been queried for secret recruitment that took place when Buhari took over government. Yet, both are corrupt practices. By allowing the secret recruitment to stay, this government has lost the credibility to ask Nigerians to support its anti-corruption crusade. A government who chose to constitute a civil panel to investigate allegation of corruption against the Secretary to Government of the Federation, Babachir Lawal and the Director General of National Intelligence Agency, Ayo Oke but would not allow the National Judicial Council investigate corrupt judges should not expect Nigerians to support its corruption crusade. There is nothing Ibrahim Magu is doing now that Nuhu Ribadu did not do when he was the chairman of the Economic and Financial Crimes Commission. There must be a missing link. The tragedy of the Nigerian system is such that some of the people Magu is hounding today, may turn out to be the people who will determine his fate tomorrow. The Report According to the report, an estimated N400 billion, or the equivalent of $4.6 billion in purchasing power parity (PPP), representing 39 per cent of the combined federal and state education budgets in 2016, is paid out as bribes to public officials in Nigeria annually.

There is nothing Ibrahim Magu is doing now that Nuhu Ribadu did not do when he was the chairman of the Economic and Financial Crimes Commission. There must be a missing link.

The National Corruption Report, which covered the period between June 2015 and May 2016 also showed that almost a third of Nigerian adults (32.3 per cent) who had contact with public officials between June 2015 and May 2016 had to pay, or were requested to pay a bribe to such public officials. According to the report, the magnitude of public sector bribes in Nigeria becomes even more palpable when factoring in the frequency of the payments, adding that the majority of those who paid bribes to public officials did so more than once over the course of the year. Bribe-payers, it added, pay an average of some six bribes in one year, or roughly one bribe every two months. “Roughly 400 billion Nigerian Naira is spent on bribes each year. Taking into account the fact that nine out of every ten bribes paid to public officials in Nigeria are paid in cash and the size of the payments made, it is estimated that the total amount of bribes paid to public officials in Nigeria in the 12 months prior to the survey was around 400 billion Nigerian Naira (NGN), the equivalent of $4.6 billion in purchasing power parity (PPP). This sum is equivalent to 39 per cent of the combined federal and state education budgets in 2016,” the report said. It equally revealed that bribe-payers spend an eighth of their salary on bribes, noting that the average sum paid as cash bribe in the country was approximately N5,300, which is equivalent to roughly $61(PPP). “This means that every time a Nigerian pays a cash bribe, he or she spends an average of about 28.2 per cent of the average monthly salary of approximately NGN18,900. “Since bribe-payers in Nigeria pay an average of 5.8 bribes over the course of one year, 92 per cent of which are paid in cash, they spend an average of NGN 28,200 annually on cash bribes—equivalent to 12.5 per cent of the annual average salary,” it added. The report, which is the first of its kind in the country in terms of scope, said Nigerians consider bribery the third most important problem facing their country. “Public sector bribery is not the only form of corruption affecting Nigeria: the prevalence of bribery in relation to selected employees of private companies is 5.5 per cent, meaning that bribery is also significant in the private sector in Nigeria. “However, the payment of bribes to public officials is the most familiar and widespread form of corruption directly experienced by the population and the one that most affects the lives of ordinary citizens,” it noted. Giving an insight into how bribery works in the country, the report said public officials in Nigeria show little hesitation in asking for a bribe, noting that the vast majority of bribery episodes are initiated either directly or indirectly by public officials (85.3 per cent), while almost 70 per cent of bribes are paid before a service is rendered. It stressed that with such a large portion of public officials initiating bribes, which are paid up-front, it seemed that many public officials

show little hesitation in asking for a kickback to carry out their duty, adding that bribery is an established part of the administrative procedure in Nigeria. “While money is by far the most important form of bribe payment in Nigeria, the survey shows that other forms of bribe payment, such as the provision of food and drink, the handing over of valuables or the exchange of another service or favour, also exist. “Qualitative research shows that such exchanges may sometimes include sexual services, although the actual extent of that particular form of bribe payment is unknown,” the NBS report said. The survey showed that a large proportion of bribes in Nigeria (42 per cent) are paid to speed up or finalise an administrative procedure that may otherwise be delayed for long periods or even indefinitely, thus making bribery the most effective option for facilitating that service. According to the report, the second largest proportion of bribes (18 per cent) is paid to avoid the payment of a fine, a frequent request in citizens’ encounters with the police, while 13 per cent of all bribes are paid to avoid the cancellation of public utility services, an indication that the provision of the most basic amenities, including water and sanitation, can be subject to abuse of power by public officials in Nigeria. On the categories of public servants indulging in bribery, the report said law enforcement and the judiciary were areas of particular concern. “Police officers are the type of public official to whom bribes are most commonly paid in Nigeria. Of all adult Nigerians who had direct contact with a police officer in the 12 months prior to the survey, almost half (46.4 per cent) paid that officer at least one bribe, and in many cases more than one, since police officers are also among the three types of public officials to whom bribes are paid most frequently (5.3 bribes per bribe-payer over the course of 12 months) in Nigeria. At the same time, the average bribe paid to police officers is somewhat below the average bribe size. “Although fewer people come into contact with judiciary officials than with police officers over the course of the year, when they do, the risk of bribery is considerable: at 33 per cent, the prevalence of bribery in relation to prosecutors is the second highest, closely followed by judges and magistrates, at 31.5 per cent. “The experience of corruption in encounters with public officials whose duty it is to uphold the rule of law can lead to the erosion of trust in public authority,” it said. The report put the prevalence rate of corruption in the public sector at 32.3 per cent, and the average number of bribes paid to public officials by bribe-payers at 5.8. The total number of bribes paid to public officials in Nigeria in the 12-month period also stands at 82.3 million, while per capita number of bribes paid to public officials by the adult population was 0.9 per cent. The contact rate with public officials in the review period was 52.2 per cent; the prevalence rate in the rural setting was 31.0 per cent while 34.8 per cent was posted in the urban setting On the average number of bribes paid to public officials by adult Nigerians in the period, by zone, the North-west recorded 0.86 per cent; North-east 0.78 per cent; North-Central 1.1 per cent; South-West 1.13 per cent; South-South 1.05 per cent; and South-east 0.60 per cent. The NBS said the data presented in the report was collected in the National Survey on the Quality and Integrity of Public Services, otherwise known as the Nigerian Corruption Survey, a project funded by the European Union and implemented by the UNODC in collaboration with the National Bureau of Statistics of Nigeria (NBS). The statistical agency noted that Nigerian Corruption Survey was designed as a large-scale household survey, representative at the level of the Nigerian states, with the aim of collecting baseline information. The report is the first comprehensive nationwide household survey on corruption to be conducted in Nigeria and in Africa at large, and covers all states of the federation, including the Federal Capital Territory. According to the NBS, the report provides very valuable and reliable information, which will support the national efforts at reducing the corruption menace, as well as blocking loopholes in public services.

T H I S D AY ˾ MONDAY, AUGUST 21, 2017

POLITICS

Nigeria: The Missing Link 56 years after independence, Nigeria still lacks a national ethos that bounds her people as a nation, writes Senator Iroegbu Introduction: The process and manner with which people, societies, countries and organisations around the world and across generations, govern themselves, is vital to their level of development and status in history. This implies that governance is a catalyst to human civilisation. According to UNESCO, governance refers to “structures and processes that are designed to ensure accountability, transparency, responsiveness, rule of law, stability, equity and inclusiveness, empowerment, and broad-based participation. Governance also represents the norms, values and rules of the game through which public affairs are managed in a manner that is transparent, participatory, inclusive and responsive. Governance therefore can be subtle and may not be easily observable. In a broad sense, governance is about the culture and institutional environment in which citizens and stakeholders interact among themselves and participate in public affairs. It is more than the organs of government”. There are also, styles, types and philosophies of governance, which include: democracy, civil or military rule, dictatorship, authoritarianism, totalitarianism, traditionalist, monarchism, liberalism, conservatism, aristocracy, socialism, federalism, unitarism, republicanism, among others. While most western and Asian countries have been able to define and advance the course of governance, their counterparts in Africa and particularly, Nigeria, are yet to find their bearing. Governance: The Nigerian experience Nigeria has experimented with various approaches to governance since its amalgamation in 1914. The country has evolved from the self-governance during the colonial system of indirect rule, to the period of the post-colonial era of parliamentary democracy, military interregnum and the subsisting presidential system of government – adopting a systemic trial-and-error method in over 100 years of existence. Nevertheless, the country has also managed to anchor its governance approach on two cardinal ideals of democracy and federalism. As a pluralist society, Nigeria strives for “a political system that guarantees opportunities for citizens to choose and replace their leaders or representatives via free and fair elections; that respects and protects socio-economic, political and cultural rights of citizens as well as guarantee acceptable level of active involvement of citizens in decision-making”. Unfortunately, this has remained a mirage from independence in 1960 to the nascent democratic dispensation since 1999. Governance in the country has grown worse despite changes in systems, leadership and structures with many scholars including Chinua Achebe proffering diagnosis on the “trouble with Nigeria”. The general consensus is that good governance is virtually, the missing link in Nigeria’s democratic experience. This now begs the question: why good governance has remained elusive in Nigeria. Why is governance such a difficult task in Nigeria? Nigeria: The un-making of a nation To do justice to this topic, proper diagnosis on why good governance has remained difficult in Nigeria will require philosophical, academic and historical approaches. On the surface, we can mention deep-rooted corruption, lack of patriotism, ethno-religious hatred, divisions, among others, but these are rather symptoms of structural and systemic defects, which can be narrowed down to the following three keys issues: Soul-less nation: The damning verdict about Nigeria was given by some of our founding fathers including Chief Obafemi Awolowo who said in 1947 that, “Nigeria is not (yet) a nation” but “mere geographical expression” This was seconded by Sir Ahmadu Bello who described the country as “the mistake of 1914” (5) and Gen. Yakubu Gowon

President Muhammadu Buhari

(rtd), agreed in 1966 that the “the basis of (Nigerian) unity is not there” (6). The point is that these statements were laden with implications but nobody did anything to change the tide. Awolowo and others were honest enough to alert that Nigeria is an artificial entity hobbled together by the colonial masters for their selfish interests but remained silent on practical steps to resolve the quagmire. According to the alarming summation of these pioneers, Nigeria lacks a soul – an important element that gives a country life and by implication, passion and spirit of patriotism. Tragically, these leaders failed to address these fundamental cracks at the formative stage. It should be noted that nationalism and patriotism does not connote absence of injustice but creates spiritual bond and an intangible cord of belief in citizens for their country. This is why patriotism is high among citizens of countries with philosophical, cultural, spiritual and ideological principles, deliberately created to infuse a sense of satisfaction, ownership and greatness for the nation. For example; France is guarded by and takes pride in the principle of egalitarianism, equality and fraternity further moulded by the policy of Lacite (secularism). In the same vein, Israel and Jews are bounded by a sense of kinship, collective suffering, greatness and strong belief as the chosen one; US anchored its greatness in American dream and land of opportunities; while Britain prides itself in its ideals, language and civilization. These

There is no doubt that Nigeria is at a crossroads in our quest for nationhood, and at the heart of this is the need for good governance.

in turn breathes patriotism and loyalty from both the governors and governed for the nation. Unfortunately, we cannot say Nigeria has ideology, principle, philosophy, ideals and national ethos that bounds her people as a nation. The country lacks national culture. Systemic failure: Nigeria simply lacks a system. It has experimented with many but has failed to adopt one. The country is a federation just in name but unitary in practice; a democracy in name but dictatorial in practice; secular in name but highly theocratic in practice; republican in name but with strong allegiance to certain powerful monarchs. The list is endless and no governance can succeed in such a confusing system. Consequently, the country has a chronic systemic problem that has created identity crisis for both leaders and followers. The British were smart enough to realize that Nigeria is a complex and pluralist society with entrenched regional differences, and adopted a system that eased their administrative duties in the three dominant regions. Unfortunately, this cannot be said about the post-colonial Nigeria that have neither abandoned nor improved on the British legacy. The result is that nothing can work in this state of confusion. Leadership failure: The third factor which was elaborately defined by the late literary icon, Chinua Achebe in his prophetic book: “The Trouble with Nigeria”, is the failure of leadership. In fact, this should be the key to resolving the issues enumerated above. The paradox however, is while the two factors stated earlier prevents emergence of a true, patriotic and nationalist leaders/leadership, the latter is required to effectively address the former. Hence, the country is in a quagmire and a vicious circle of cause and effect. For Nigeria to get its governance right and match towards nationhood and explore its huge potentials, require a selfless, fearless, impartial and visionary leadership like Jerry Rawlings of Ghana who spared neither friends nor foes and Lee Kuan Yew who moulded Singapore with the needed soul for nationhood.

Conclusion There is no doubt that Nigeria is at a crossroads in our quest for nationhood, and at the heart of this is the need for good governance. However, this cannot be achieved in absence of patriotism, loyalty and service to the nation. Unfortunately, the factors that endear citizens to the soul of nationhood is lacking, including the right principles, ethos, philosophies and ideologies that galvanise the people to believe in as well as die for the country. Our founding fathers, though brilliant and nationalistic, failed to formulate one. Added to this, is total systemic failure and lack of true leadership. In a nutshell we need a well-defined national values, ideology, principles and guiding system as well as true leadership. A classic quote from Achebe sums this up succintly: he said: “The trouble with Nigeria is simply and squarely a failure of leadership. There is nothing basically wrong with the Nigerian character. There is nothing wrong with the Nigerian land or climate or water or air or anything else. The Nigerian problem is the unwillingness or inability of its leaders to rise up to the responsibility; to the challenge of personal example which are the hallmarks of true leadership. “In spite of conventional opinion Nigeria has been less than fortunate in its leadership. A basic element of this misfortune is the seminal absence of intellectual rigour in the political thought of our founding fathers - a tendency to pious materialistic woolliness and self-centred pedestrianism. “Spurious patriotism is one of the hallmarks of Nigeria’s privileged classes whose generally unearned positions of sudden power and wealth must seem unreal even to themselves. To lay the ghost of their insecurity they talk patriotically. “But whereas tribalism might win enough votes to install a reactionary jingoist in a tribal ghetto, the cult of mediocrity will bring the wheels of modernization grinding to a halt throughout the land. “ The above quotes are very apt with the prevailing governance situation in Nigeria.

MONDAY, AUGUST 21˜ Ͱͮͯ͵ ˾ T H I S D AY

FEATURES

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

Abuja Millennium Tower: A Monument Abandoned to Its Fate The vertical tower is the key feature of an uncompleted Nigerian Cultural Centre. The sad tale is that the project, initiated 12 years ago, has been abandoned, reports Olawale Ajimotokan

he three cylindrical pillars along Independence Avenue are the signature identity of Abuja, the capital city of Nigeria. The monolithic structures dominate the skylines like gallant sentry, watching the city from any incursion by its adversaries. They are prominent icons in the Central Business District and immediate draw for residents and visitors to the city in like manner tourists are attracted to Eiffel Tower in Paris, Tower Bridge in London and Cristo Redentor in Rio de Janeiro, Brazil. At night, they are brightened by the neon bulbs that illuminate the environs and add to the aura of the city. The tallest of the towers stands at 170 metres (560ft). Presently they are regarded the tallest structures in the city. The columns are surrounded by stainless steel wings, wrapped delicately but protectively around the base of the tower. They gradually open outwards as they extend up the height of the tower. At the summit, accessible by an escalator, visitors can have conspicuous view of the city including iconic structures like the National Assembly, the Presidential Villa, National Mosque, Ecumenical Centre, the National Secretariat, Police Headquarters, and the Millennium Park, among others. On top of the tower is a revolving restaurant, where dinners can take a panoramic view of the city and feel its pulse during the rush hour. The Italian Manfredi Nicoletti designed the tower as part of the integrated National Complex project. The extensive project was initiated in 2005 by the Olusegun Obasanjo administration. It incorporates the National Library, the National Square, International Auditorium and the Nigerian Cultural Centre. The Managing Director of Salini, the Italian firm constructing the project, Dr. Piere Capitanio, describes the cultural centre as a ‘city in a city’. It is equipped with a museum, indoor swimming pool, galleries, commercial centre, luxury hotel, coffee shops, children sports section and boutiques. The cultural centre is a wide-shaped steel glass structure, containing several multi-storey buildings. It is shaped like a pyramid when viewed from the tower. The exhibition of arts will make the museum a veritable institute for arts and culture, while the auditorium, surrounded by conference rooms, has a sitting capacity for 1,250 guests and is dedicated to performing arts. The National Square, the Cultural Centre and the Millennium Tower and International Auditorium are linked by an underground

You will not appreciate the magnitude of the project until you see it. Obviously, it is a task we want to complete subject to the availability of fund. By the time it is completed, it will edify the beautiful landscape of Abuja

The Abuja Millennium Tower

basement that houses a parking space for 1,200 vehicles. The measurement of the basement is 7,000 square miles. Unfortunately, the federal government is

stalling on the project completion arising from inadequate funding. Capitanio informed the FCT Minister, Malam Musa Mohammed Bello, when the

latter toured uncompleted federal projects, that government made no budgetary provisions for the complex in 2016 and this year. He regretted that the development had war-

T H I S D AY ˾ MONDAY, AUGUST 21, 2017

FEATURES

The uncompleted Cultural Centre

The International Auditorium

Salini Nigeria Ltd. MD, Piere Capitanio (2nd right), takes FCT Minister, Mohammed Musa Bello (2nd left) and others, on tour of construction site

ranted the Italian firm to suspend construction work which was only 38 per cent completed and over N35.7 billion already sunk into it. The construction firm said the construction had been suspended pending the allocation of adequate budget and resolution of contractual issues. The company has also submitted to the Federal Capital Development Authority (FCDA) the extension of time claims to the tune of N4.9 billion for 36 months. Capitanio said an additional sum of $500 million (N38.2 billion) would be required for the project to be completed. The estimated amount required is N35.6 billion at official rate of 1 EUR to N385, while variation of prices and extra amount required is N1.2 billion. When government signed the contract for the project, it was designed to cost N69.3 billion. “I know the idea is to attract private investment but what I think personally is that this project is bound to attract core investors as we move ahead. It is too much on the cost but we have to do more,” Capitanio said. Capitanio said the centre is supported by high profile facilities that will make Abuja the cultural capital of Africa in view of its uniqueness. The Nigeria Cultural Centre occupies a total surface of 192,000 square miles. According to Salini Nigeria Limited, about 3,690 tonnes of steel reinforcement and total concrete of 133,600 million cubic in addition to 563,000 million cubic of total excavation will be required for the project. The Cultural Centre is touted as a “city in a city.” It boasts of the national library, museum, indoor swimming pool, offices, luxury hotel,

coffee shops, boutiques, auditorium and an underground parking space for 1,200 vehicles. Bello promised to address the issues raised by Capitanio’s that the project was abandoned because of no budgetary allocations in 2016 and 2017. The minister described the National Cultural Centre and Millennium Tower as one of the expensive and ambitious projects embarked upon in Abuja by government. He said the project was strategic as it would make Abuja an international city and boost tourism and culture upon completion. “You will not appreciate the magnitude of the project until you see it. Obviously,

It is nice to have a place like this where the population can come during the week and weekend and have something to do. The facilities will encourage people not to go out of Abuja during weekend. This is a way to build a city within a city. It is nice to have a place like this for cultural millage and where people come and relax

The completed underground parking basement

it is a task we want to complete subject to the availability of fund. By the time it is completed, it will edify the beautiful landscape of Abuja,’’ Bello said. He noted that the car park will also solve the issue of indiscriminate street parking in Abuja if the car park is managed and put into use. “From what I have seen, the car park is large and can conveniently contain 1,200 vehicles. It will ease the problem of street parking you see in Abuja, when it is put into use. This is a solution and it will be a priority. May be what we need to do is to ensure that the access road that will allow

vehicular traffic is in place. We should also bring the citizens here to the cultural arcade,’’ Bello said. Capitanio recalled that the project presentation was approved by President Obasanjo to attract tourists to Abuja that lagging in international tourism. He said: “It is nice to have a place like this where the population can come during the week and weekend and have something to do. The facilities will encourage people not to go out of Abuja during weekend. This is a way to build a city within a city. It is nice to have a place like this for cultural millage and where people come and relax.’’

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L-R; Managing Director, Prestige Assurance Plc, Dr. Balla Swamy;Chairman, Mr. Hassam Usman; and the Company Secretary, Mr. Abayomi Odulana, at the 47th annual general meeting of Prestige Assurance in Lagos... recently PHOTO: ETOP UKUTT

L-R: Olorogun Sonny F. Kuku being decorated as Board memeber of Proudly Nigerian Campaign by the General Manager of the Campaign, Mr. Michael E. Abugo in Lagoe.....recently. KOLAWOLE ALLI

L-R Legal OďŹƒcer, Lagos State Lotteries Board (LSLB), Simisola Muniru; Assistant Category Manager Skin Care & Deodorants, Unilever Nigeria Plc,George Enema; AG Head, Consumer Protection Council, Lagos OďŹƒce, Susie Onwuka; Manager, National Lottery Regulatory Commission, Lagos Zonal OďŹƒce, Uchechukwu Uhegwu and Head, Business Development Unit, National Lottery Regulatory Commission, Lagos Zonal OďŹƒce, Nwakuche DurugoNwaohiri at the AXE â€˜Find Your Magicâ€™ Consumer Promo Draw and DJ Search Selection held at the Unilever Head OďŹƒce, Lagos...recently

T H I S D AY ˾ MONDAY, AUGUST 21, 2017

BUSINESSWORLD NIBOR OVERNIGHT 1-MONTH

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

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EXCHANGE RATE N305.50/ 1 US DOLLAR* *AS AT LAST FRIDAY

Quick Takes Air Peace Disowns Facebook Accounts

INSPECTION VISIT

L-R: Managing Director ,11Plc, Mr. Tunji Oyebanji; Executive Director; Commercials, Nigerian Petroleum Marketing Company (NPMC), Mr. Billy Okoye; Managing Director, NIPCO Plc, Mr. Sanjay Teotia; Group Managing Director, NIPCO Plc, Mr. Venkataraman Venkatapathy and MD NPMC, Mr. Umar Ajiya, during an inspection visit by NPMC to NIPCO Plc in Apapa, Lagos...recently Abiodun Ajala

FMDQ OTC Exchange Records N78.9tn Transactions in Eight Months Goddy Egene The fixed income and currency markets operated by FMDQ OTC Securities Exchange have recorded transactions worth N78.90 trillion between January and July. Trading statistics obtained by THISDAY, however, showed a decline of 8.6 per cent in the month of July. Investors traded N11.53 trillion in July, down from N12.62 trillion recorded in June. But in all, the market has facilitated N78.90 trillion investments in seven months. An analysis of the transactions in July indicates that the fixed income market, dominated by the Treasury Bills (T.bills) segment continued to dominate market share. It accounted for 43.6 per cent while activities

ECONOMY in the Foreign Exchange (FX) market accounted for 22.01 per cent Federal Government of Nigeria (FGN) bonds recorded 4.53 per cent. Turnover in the fixed income market in the month under review settled at N5.60 trillion, with T.bills accounting for 90.58 per cent. Outstanding T.bills at the end of the month stood at N9.06 trillion, an increase of 6.38 per cent from N8.51 trillion in June, whilst FGN bonds’ outstanding value increased by 1.22 per cent to close at N7.12 trillion in the period under review. Transactions in the FX market settled at $7.71 billion in July, a decrease of 4.9 per cent when

compared with the value recorded in June. The CBN sold a total of $1.17 billion through various interventions conducted during the period under review, a 32.2 per cent decrease from the figure recorded in June. The apex bank also maintained its marginal rate for the Secondary Market Intervention Sales (SMIS) – Wholesale Forwards intervention at $/N320.00 and $/ N357.00 for Small and mediumsized enterprises (SMEs) and invisibles. Also, in the month under review, rates for the naira converged even further, as the parallel market closed the month at $/N365.00 trading at a premium to the Investors’ & Exporters’ (I&E) FX Window which closed at $/N367.88. The CBN official spot rate

experienced a slight appreciation, gaining N0.30 to close at $/N305.65 from $/N305.95 at the beginning of the month Total volumes traded in the I&E FX Window settled at $1.85 billion for July, an increase of 13.80 per cent when compared with volumes recorded in June. Inter-member trades stood at $0.98 billion in the month of July, an increase of 3.0 per cent when compared with trades recorded in June. Member-client trades stood at $5.56 billion in July, a decrease of 4.91 per cent from the previous month. Member-CBN trades stood at $1.17 billion in July, representing a decrease of 32.21 per cent. Apart from facilitating currency trading, the market is also Continued on page 24

CBN Moves to Make Agriculture Lending Less Risky Obinna Chima In order to enhance the effectiveness of the Commercial Agriculture Credit Scheme (CACS) as well as mitigate the risk faced by participating financial institutions in financing the agriculture sector, the Central Bank of Nigeria (CBN) has reviewed the guidelines for the scheme. The review, according to a circular signed by the Director, Financial Policy and Regulation Department, Kevin Amugo, affected section 16 and 17 of the guidelines and introduced significant changes, including a requirement that henceforth, the Nigeria Agriculture Insurance

ECONOMY Corporation (NAIC) should provide insurance cover for all agricultural facilities/projects under the CACS in line with the NAIC Act. In furtherance of the above revision, the central bank has directed the immediate commencement of insurance premium payments by borrowers under the CACS scheme. As part of its developmental role, the CBN in collaboration with the federal government, represented by the Federal Ministry of Agriculture and Rural Development (FMARD), had established the CACS for pro-

moting commercial agricultural enterprises in Nigeria, which is a sub–component of the Federal Government of Nigeria Commercial Agriculture Development Programme (CADP). This fund complements other special initiatives of the Central Bank of Nigeria in providing concessionary funding for agriculture such as the Agricultural Credit Guarantee Scheme (ACGS) which is mostly for small scale farmers, Interest Draw-back scheme, Agricultural Credit Support Scheme and other similar developmental initiatives. The scheme is financed from the proceeds of the N200billion, three year bond raised by the Debt Management Office (DMO).

The fund is made available to participating bank (s), to finance commercial agricultural enterprises. The objectives of the scheme are: to fast track development of the agricultural sector of the Nigerian economy by providing credit facilities to commercial agricultural enterprises at a single digit interest rate; enhance national food security by increasing food supply and effecting lower agricultural produce and product prices, thereby promoting low food inflation; reduce the cost of credit in agricultural production to enable farmers exploit the potentials of the

Air Peace Chairman/Chief Executive Officer, Mr. Allen Onyema has alerted the public to the existence of several fake Facebook accounts created by fraudsters in his name to defraud unsuspecting members of the public. A statement issued by the airline’s Corporate Communications Manager, Mr. Chris Iwarah said Onyema had no Facebook or any other social media account. The existing social media accounts with the name and pictures of the airline’s boss, the statement warned, were the creation of criminal elements seeking to swindle members of the public out of their hard-earned money. “Our attention has been drawn to several social media accounts in the name of the Chairman/Chief Executive Officer of Air Peace, Mr. Allen Onyema. Some of the accounts, especially on Facebook, bear the pictures and other materials connected to our chairman. “For the avoidance of any doubt, we confirm that all the accounts are fake and were created by fraudsters intent on scamming members of the public of their hard-earned money and other valuables. Air Peace Chairman has no Facebook or any other social media account and has not authorised anyone to open or maintain any in his name. “Members of the public are, therefore, advised to refrain from dealing with the fraudsters posing as the Chairman of Air Peace and report any suspicious representation in his name to security agents for action,” the statement said.

Dulux Excites Customers with Price Offer

In line with the 2017 Dulux ‘Let’s Colour’ Campaign, Chemical and Allied Products (CAP) Plc, makers of Dulux paint, a subsidiary of UACN Plc and the technological licensee of AkzoNobel, the world’s largest coatings manufacturer, has announced a special price offer. The ‘Let’s Colour’ campaign, which is a global project aimed at adding colours to people’s lives, encourages individuals and communities to paint their homes and surroundings thereby creating a better living environment for people all over the world. The campaign is a colour movement launched in 2010 by AkzoNobel and has been activated in different countries across the globe. According to the Marketing Manager, CAP Plc, Mr. Dominic Oladeji, “the Nigerian edition of the ‘Let’s Colour’ campaign was launched in 2012 at the Red Cross Orphanage, Makoko, to localize the global project, thereby creating a colourful experience for the children and staff of the orphanage. Since then, CAP has continued to build platforms for colour interaction with the Dulux brand,”

Indomie Wins Award

In recognition of business resilience and excellence despite the harsh operating business environment in the country, the Lagos Chamber of Commerce and Industry (LCCI) has conferred ‘Brand of The Year’ Award to Indomie Instant noodles at the 2017 edition of LCCI Commerce and Industry Awards. According to the organisers, the objective of the annual award is to recognise, promote and celebrate private and public institutions operating in Nigeria for best business practices, growth through innovations, business sustainability and positive impact on the people and society. Receiving the award on behalf of Indomie, Group Head, Public Relations, Dufil Prima Foods Plc, Ashiwaju Temitope, thanked the organisers of the award, saying it was an honour to be recognised as the Brand of the Year. According to him, “We are honoured as a brand to have won this prestigious award and this is to further attest to the fact that Indomie Instant Noodles is not just the leading Nigerian noodles brand but also the most preferred instant noodles in homes and everywhere noodles is consumed.”

“You can be sure that before we can start the implementation of 30 percent of this budget we would have entered into another budget year. That is not good enough for our economy” A former Vice Chancellor of the Federal University of Technology, Owerri,

Prof Jude Njoku Continued on page 24

T H I S D AY ˾ MONDAY, AUGUST 21, 2017

BUSINESSWORLD FMDQ OTC EXCHANGE RECORDS N78.9TN TRANSACTIONS IN EIGHT MONTHS

making efforts to facilitate the development of sustainable finance strategy. According to the Managing Director/CEO of FMDQ, Mr. Bola Onadele.Koko the exchange was working hard, in collaboration with other key stakeholders in that regard. CBN MOVES TO MAKE AGRICULTURE LENDING LESS RISKY

sector; and Increase output, generate employment, diversify the revenue base, increase foreign exchange earnings and provide input for the industrial sector on a sustainable basis. The scheme is under the management of the Central Bank of Nigeria through the Board of Directors and the Committee of Governors. The Committee of Governors is responsible for the overall administration of the scheme while Development Finance Department is in charge of the day-to-day implementation of the scheme. Key agricultural commodities to be covered under the scheme are: Cash Crops -cotton, oil palm, fruit trees, rubber, sugar cane, jatropha carcus and cocoa. Others include food crops such as rice, wheat, cassava, potato, yam, maize/soya; poultry -broilers and eggs production; livestock, among others. “ The Central Bank of Nigeria has approved the participation of all deposit money banks under the Scheme. All participating banks are required to sponsor projects from any of the target areas indicated in the Guidelines and bear all the credit risk of the loans they will be granting the single obligor for any project from a participating bank under N1 billion,” the guidelines stated. The borrower shall: Be a limited liability company with asset base of not less than N100 million and having the prospect to grow the net asset to N250 million in the next three years and complies with the provision of the Company and Allied Matters Act (1990), have a clear business plan; provide up-to-date record on the business operation if any; have out growers programme, where appropriate; and satisfy all the requirements specified by its lending bank.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

BoI Loans to SMEs Hit N13 Billion in April Nosa Alekhuogie As the House of Representatives Committee on Public Accounts awaits details of disbursements of loans to its customers by the Bank of Industry (BoI), it emerged at the weekend that as much as N13billion was advanced to small and medium enterprises (SMEs) by the bank as at April this year. A highly reliable source at the bank, who released the figure to THISDAY recently, said that before May 2015, the bank’s loan to SMEs stood at N1.8billion annually, but it rose to N5.6billion in 2015, which was about 205per cent increase over the previous year’s figures. According to the source, in 2016, the bank’s annual loan to SMEs increased to N8billion, representing 42per cent increase from what it gave it out the previous year. By April 2017, the loan advanced to SMEs, had increased to N13billion. The House of Representative last week summoned the Managing Director of the bank, Mr. Olukayode Pitan over unanswered audit queries by the Office of the AccountantGeneral of the Federation. The 2014-2015 audit queries covered spendings totalling N11billion, out of which N8billion was on unrecovered loans and N2billion on unexplained expenditure. Pitan, who assumed office in May, appeared before the committee on Friday after the committee threatened to issue arrest warrant on him, following his failure to appear in person after an invitation was extended to him by the

committee. He was however interrogated by the House committee members, who also directed him to make available a more detailed analysis of the bank’s activities including loan disbursements, repayments and actions initiated against loan defaulters. The BoI, one of the development finance institutions (DFI) in the country, has a core mandate to provide financial assistance for the establishment of large, medium and small projects; as well as expansion, diversification and modernisation of existing enterprises and rehabilitation of ailing

industries. Chairman of the committee, Hon. Kingsley Chinda (PDP, Rivers) had insisted that the N8billion unpaid loan “was too huge to forgo as it threatened the purpose for which the DFI was established.” The BoI boss however assured the committee that efforts had been initiated towards recovering the debt, even as he affirmed that some debts had actually been recovered. He explained that some of the debtors had been dragged to court, while others have been handed over to the Economic

and Financial Crimes Commission (EFCC) for defaulting in their obligations with properties in form of collateral were said to be with auctioneers. But the committee insisted that the BoI chief should provide it with proof of the total amount so far recovered and a progress report of efforts towards recovering the debt as well as comprehensive report of litigation on the debt. The AuGF had stated in its periodic audit report that about N8.4 billion paid to delinquent debtors was yet to be recovered. He further requested for original copies of publication

of the names of the debtors, copies of report to the EFCC and the list of the delinquent debtors and their statuses. “Where N8billion debt is outstanding, the purpose for which the bank is established is threatened. Our interest is to ensure you survive because if you continue at this rate, you may not even have a job”, Chinda said. He added: “In the banking system, we believe you have some safety measures before the loan is given out. We are concerned about the recovery of the fund and the survival of the bank.”

MEDIA PARLEY

R-L: Corporate Affairs Manager, SIFAX Group, Mr. Muyiwa Akande; Group Head, Corporate Communications, Heritage Bank Plc, Mr. Fela Ibidapo; winner of The Next Titan Season-3, Mrs. Marvis Marshal-Idio; Executive Producer of the Next Titan, Mr. Mide Kunle-Akinlaja and Commercial Manager, Aero Contractors Company of Nigeria Ltd, Rogers Cookey, at a press conference to flag off the season 4 of the entrepreneur TV Show ‘The Next Titans’ project in Lagos …recently

‘High Returns in Money Market Affecting the Stock Market’

Adoption of OTT Will Ground Telecoms Operations, Operators Cry Out

Goddy Egene

Emma Okonji

The high returns on money market instruments is discouraging investors from the stock market, one of THISDAY’s National mentors, Mr. Yemisi Shyllon, has said. He stated this while responding to questions raised by readers of THISDAY Life Lessons column published every Sunday. According to Shyllon, from his observations, the returns on the money market instruments are far greater than what we have in the stock market. “So, any reasonable investor would always put his money in the money market, and preferably in the mutual funds which are based on baskets of money market investment instruments. Until government is able to put in place policies that would restore investors’ confidence and also protect them from infractions, you would continue to see people shy away from the market,” he said. The investor, who is also an engineer, noted that in terms of the short-term horizon, the stock market is not encouraging but in the long run, “ if government can put in place enabling policies, perhaps the stock market can regain its lost glory.” “Government should also consider putting long-term investment such as the pension funds in the stock market. That would attract institutional investors and also boost

confidence in the market,” he said. Speaking on his investment rules, Shyllon said they came in phases. “At the initial stage, I relied essentially on accurately interpreting the impact government policies would have on the economy. At that time, there was this indigenisation policy in which shares being held by foreigners were being transferred to Nigerians. I used to read newspapers a lot from where I was able to gather a lot of information to analyse the situation of things. My perception then, was that the stock market would grow and the value of the shares would increase. So, I started to buy shares. I was right,” he said. Shyllon explained that after some time, interpreting the government policies was not enough, saying I had to train to become a chartered stockbroker. “I had to apply strict rules of professional practice to my investment in shares by subjecting the stocks I wanted to invest in to both trend and fundamental analyses. Trend analysis allows you to look at the trend and regression lines of the value of the stock. If it points upward combined with the perception that it would continue to grow, then, you would buy. Fundamental analysis enables you to analyse the financial accounts of the companies issuing the shares to determine what the real value of the shares would be vis-à-vis the market value of the shares,” he said.

Telecoms subscribers under the aegis of the Association of Licensed Telecoms Operators of Nigeria (ALTON) have again raised the alarm that the increasing adoption of Over the Top Technology (OTT) services, being rendered by social network operators, using voice and instant messaging, will cripple telecoms business in Nigeria, if unchecked. The OTT services are rendered by social network providers who ride on the infrastructure of Mobile Network Operators (MNOs) like MTN, Globacom, Airtel, among other GSM operators, to offer free voice and instant massaging services such as: WhatsApp, WeChat, Skype, Facebook, Viber, Imo, at no cost to the subscribers. Chairman of ALTON, Mr. Gbenga Adebayo, who raised the alarm, said the social network operators do not invest in infrastructure, but ride on the infrastructure of MNOs to provide free services to customers at the detriment of MNOs, who have invested so much to build their infrastructure and are still investing in the maintenance of such telecoms infrastructure.

He said the new development is causing MNOs to lose revenue strings hitherto coming from their voice and data services, because subscribers now prefer to patronise the social network operators who provide the services at no cost to the subscriber, yet they ride on the MNOs infrastructure to provide the free voice and instant messaging services. According to Adebayo, “The increasing adoption of OTT applications by telecom subscribers negatively impact on incoming international traffic as well as SMS at huge cost to the telecoms operators, but revenue to OTT service providers. “OTT players also hold much customers’ personal data they can use for any desired purpose without risk of being sanctioned by the government while Telcos are not permitted to use or disclose subscriber information to third party.” Adebayo said current data shows that voice minutes have been declining due to impact of OTT. Voice Minutes has been declining while voice over Internet (VoIP), which the social network operators provide, has been increasing, and OTT Data flux has been increasing as shown

with the 2016 data. He said traditional telecoms operators are losing money due to this trend, and called for urgent action to save the operators further loss due to activities of OTT players who do not invest in infrastructure. Comparing OTT and Mobile Network Operations, Adebayo said OTT Operators offer the same services as the operators, but argued that their services are neither subject to licensing under the NCA nor have any contractual obligation with telecommunication operators in terms of interconnection. He said the traditional telecoms operators have contributed so much to the Nigerian economy since the inception of GSM in 2001, and should not be allowed to go under. Telecoms has contributed over $68 billion to foreign direct investment FDI in the past 16 years, and also a major employer of labour having created over 30,000 direct job opportunities and over 500,000 indirect job opportunities. The OTT players have no traceable address in the country, which makes little or no contribution to the nation’s direct economy either in employment generation, payment of taxes, among others, Adebayo said.

T H I S D AY ˾ MONDAY, AUGUST 21, 2017

BUSINESSWORLD

MARKET REPORT

NSE Index Sheds 3.4% to Profit Taking Goddy Egene and Nosa Alekhuogie

Commenting on the performance, the Managing Director/CEO of GTBank Plc, Mr. Segun Agbaje, said: “Our strong performance in the first half of 2017 reflects the strength of our businesses, the quality of our past decisions and the success of our efforts towards becoming a digital-first customer-centric Bank that offers simple and easily accessible products and services.” However, after three days of decline, the equities market rebounded as the index appreciated by 0.59 per cent to close at 36,316.58, while market capitalisation climbed to N12.52 trillion. The appreciation recorded in the share prices of Dangote Cement, Zenith Bank, FBN Holdings Plc, Dangote Sugar, and Total Nigeria Plc propelled the rebound. The total value of stocks traded on Friday was N5.48 billion invested in 225.14 million, up by 7.64 per cent from N5.09 billion invested the previous day. The three most actively traded stocks were: Custodian and Allied Insurance (30.30mn), Zenith Bank (25.96mn) and GT Bank (24.72mn)

The stock market recorded its first weekly fall last week after five consecutive weeks of bullish. The market succumbed to profit taking activities leading to a decline of 3.35 per cent in the Nigerian Stock Exchange (NSE) All-Share Index at 36,920.56. Following five weeks of gains that lifted the market to a 34-month high the previous week, profit taking on previous gains recorded in the market was imminent. Hence, the market resumed for the week on bearish note on Monday, which lasted till Wednesday. However, the negative performance was bucked on Thursday, helped by gains in Dangote Cement Plc, following news of a regulatory approval of the sale of shares in the company by Dangote Industries Limited to foreign investors. Although the market appreciated two days, the gains were not enough to offset the losses posted in three days. Consequently, the market ended with a decline of 3.35 per cent. Performance across sectors was broadly bearish, led by the NSE Industrial Goods Index with 6/02 per cent, while the NSE Consumer Goods Index shed 2.7 per cent. The NSE Oil & Gas Index, NSE Insurance Plc and NSE Banking Index closed 2.3 per cent, 1.01 per cent and 0.45 per cent respectively. Daily Market Performance Following investors’ move to take profit on stocks that have recorded significant capital gains in past weeks, trading at the Nigerian equities market resumed on a bearish note on Monday. The market depreciated by 0.65 per cent to close lower at 37,950.96, while market capitalisation shed N85.4 billion to be at N13.08 trillion. A total of 27 stocks depreciated while 18 appreciated. But the negative performance mostly resulted from bearish sentiments towards Dangote Cement Plc, the stock that controls about 30 per cent of the market capitalisation. Reacting to the performance of the market on the first day of the week, analysts at Meristem Securities Limited said: “Bearish sentiments dominated the equities market in the day, as investors took profit on stocks that have appreciated in recent times particularly the large cap banking stocks. We expect a similar trend in the remaining trading days of the week.” C & I Leasing Plc led the price losers’ table with 9.2 per cent, trailed by Total Nigeria Plc and Med-View Airline Plc with 5.0 per cent apiece. May & Baker Nigeria Plc and Flour Mills of Nigeria Plc declined by 4.8 per cent, just as Neimeth International Pharmaceuticals Plc and Jaiz Bank Plc closed 4.7 per cent lower each. N.E.M Insurance Plc and Nigerian Aviation Handling Company Plc went down by 4.5 per cent and 4.3 per cent in that order. Fidson Healthcare Plc led the stocks that recorded gains with 4.6 per cent, followed by A.G Leventis Plc with 4.3 per cent. Linkage Assurance Plc added 4.0 per cent, just as Union Bank of Nigeria Plc, Unity Bank Plc and Dangote Flour Mills Plc garnered 3.9 per cent, 3.4 per cent and 3.2 per cent respectively among others. Apart from the indeed that fell, the volume and value of transactions also declined by 10.6 per cent and 32.9 per cent in that order. Investors traded 316.122 million shares worth N4.224 billion in 4,113 deals compared with 353.645 million shares valued at N6.301 billion exchanged in 4,079 deals last Friday. The three most actively traded

sectors were: Financial Services (282.61 million shares), Consumer Goods (11.61 million shares), and Conglomerates (9.51 million shares), while the three most actively traded stocks were: Access Bank (169.66 million shares), GTBank (26.17 million shares) and FBN Holdings (17.79 million shares). The market depreciated further on Tuesday, falling by 2.25 per cent to close at 37,096.60, while capitalisation close lower at N12.79 trillion. The depreciation recorded in the share prices of Dangote Cement, Lafarge Africa, Stanbic IBTC, Nigerian Breweries, and FBN Holdings was mainly responsible for the loss recorded in the index. Investors staked N5.44 billion on 391.63 million shares in 5,285 deals. The most actively traded sectors were: The three most actively traded Financial Services (348.05mn), Consumer Goods (15.76 million shares), and Conglomerates (10.44 million shares), while the three most actively traded stocks were: Access Bank (179.30 million shares), Zenith Bank (40.14 million shares) and UBA (24.88 million shares). In the bearish trend, performance across sectors was largely bearish as all indices closed in the red. The NSE Industrial Goods Index fell 4.2 per cent owing to a decline in the price of Dangote Cement (-4.3 per cent),followed by the NSE Banking Index shedding 1.2 per cent on account of losses recorded by Stanbic IBTC and GTBank. Similarly, the NSE Insurance Index and NSE Consumer Goods Index dipped 1.0 per cent apiece. The NSE Oil & Gas Index shed 0.4 per cent. Wednesday witnessed a further decline in the market with the index falling by 2.68 per cent to close lower at 36,102.38 as profit taking persisted on the bourse. At the close trading on Monday, 31 stocks depreciated while only 10 stocks appreciated. The depreciation

recorded in the share prices of Dangote Cement, Lafarge Africa, GTBank, Nigerian Breweries, and Stanbic IBTC was mainly responsible for the loss recorded in the index. However, Jaiz Bank Plc led the losers’ table with 5.0 per cent, trailed by Access Bank Plc, FCMB Group, Stanbic IBTC Holdings Plc that went down by 4.9 per cent apiece. Dangote Cement fell by 4.8, while Cutix Plc, just as May & Baker Nigeria Plc ND Livestock Feeds Plc lost 4.7per cent each.

TOP TEN BROKERS(BY VALUE)

Even Guaranty Trust Bank Plc, which declared an interim dividend of 30 kobo on Tuesday, was not spared in profit taking, as it fell by 4.6 per cent to close at 37.10 per share. GTBank recommended an interim dividend of 30 kobo, which is higher than the 25 kobo paid in the corresponding period of 2016 after recording a profit after tax of N83.6 billion. The PAT showed an increase of 16 per cent from the N71.7 billion posted in the corresponding period of 2016.

AS AT LAST FRIDAY

BROKER

VALUE % VALUE

STANBIC IBTC STOCKBROKERS LIMITED

3,581,547,732.58

A.R.M SECURITIES LIMITED - BRD

2,026,389,728.42

17.15 9.70

CARDINALSTONE SECURITIES LIMITED CSLSTOCKBROKERSLIMITED

1,767,682,707.19 1,726,841,049.06

8.46 8.27

FBN SECURITIES LIMITED

1,568,985,736.20

7.51

EFCP LIMITED

824,632,476.12

3.95

RENCAP SECURITIES (NIG) LIMITED

786,846,934.65

3.77

CHAPEL HILL DENHAM SECURITIES LTD - BRD

700,816,965.32

3.36

SECURITIESAFRICAFINANCIALLIMITED-BRD INVESTMENTONESTOCKBROKERSINTLLTD-BRD

TOP TEN BROKERS

(BY VOLUME)

BROKER CARDINALSTONE SECURITIES LIMITED A.R.M SECURITIES LIMITED - BRD

441,853,605.91

2.12

423,696,423.08 13,849,293,358.53

2.03 66.32

AS LAST FRIDAY VOLUME

%VOLUME

218,752,694

9.48

195,038,494

8.45

STANBIC IBTC STOCKBROKERS LIMITED

188,562,493

8.17

TRUST YIELDS SECURITIES LTD CSL STOCKBROKERS LIMITED

104,032,419 94,989,773

4.51 4.12

FBN SECURITIES LIMITED

91,728,488

3.97

TRUSTBANC CAPITAL MANAGEMENT LIMITED

80,112,466

3.47

MORGAN CAPITAL SECURITIES LIMITED

77,915,307

3.38

READINGS INVESTMENTS LIMITED - BDR

66,870,644

2.90

MERISTEM STOCKBROKERS LIMITED

63,758,052

2.76

1,181,760,830

51.20

Market Turnover Meanwhile, the market recorded a turnover of 1.394 billion shares worth N25.037 billion in 23,133 deals in contrast to a total of 1.518 billion shares valued at N28.868 billion that exchanged hands the previous week in 23,053 deals. The Financial Services Industry remained the most activity led the activity with 1.185 billion shares valued at N15.073 billion traded in 13,728 deals, thus contributing 84.9 per cent and 60.2 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 90.576 million shares worth N7.384 billion in 4,687 deals. The third place was occupied by Conglomerates Industry with a turnover of 40.906 million shares worth N87.613 million in 796 deals. Trading in the top three equities namely, Access Bank Plc, Zenith Bank Plc and Guaranty Trust Bank Plc, accounted for 655.596 million shares worth N12.182 billion in 4,881 deals, contributing 47.02 per cent and 48.65 per cent to the total equity turnover volume and value respectively. Price Gainers and Losers The price movement chart showed that 19 equities appreciated in price during the week, lower than 32 equities of the previous week, while 51 equities depreciated in price as against 37 equities of the previous week. Fidson Healthcare Plc led the price gainers with 9.7 per cent, trailed by Continental Reinsurance Plc with 6.5 per cent. University Press Plc appreciated by 6.3 per cent, while Berger Paints Nigeria and Glaxosmithkline Consumer Nigeria Plc garnered 5.0 per cent apiece. Other top price gainers included: Golden Guinea Breweries Plc (4.7 per cent); Prestige Assurance Plc (4.0 per cent); Conoil Plc, Union Bank of Nigeria Plc (3.9 per cent apiece) and Zenith Bank Plc (3.2 per cent). Conversely, Cement Company of Northern Nigeria Plc led the price losers with 13.9 per cent, followed by N.E.M Insurance Plc with 12.7 per cent. Jaiz Bank Plc shed 9.5 per cent, just as Total Nigeria Plc and Morison Industries Plc went down by 8.3 per cent and 8.1 per cent respectively. Other top price losers included: Nigerian Aviation Handling Company Plc (8.1 per cent); Cutix Plc (7.4 per cent); UACN Property Development Company Plc, Forte Oil Plc(7.4 per cent each); and Guinness Nigeria Plc (7.1 per cent).

T H I S D AY ˾ MONDAY, AUGUST 21, 2017

BUSINESSWORLD

INSIDE BROAD STREET by N0.14 and N0.42 respectively as their yields fell to 16.80% (from 16.89%) and 16.41% (from 16.57%). Elsewhere, FGN Eurobonds traded on the London Stock Exchange appreciated in value across all the maturities amid renewed bargain hunting. The 10-year, 6.38% JUL 12, 2023 and 5-year, 5.13% JUL 12, 2018 bonds appreciated by USD0.80 (yield fell to 5.53%) and USD0.20 (yield fell to 3.58%) respectively. But, this week, the Debt Management Office (DMO) will auction bonds worth N135 billion, viz: the 5-year, 14.50% FGN JUL 2021 worth N35 billion, 10-year, 16.2884% FGN MAR 2027 worth N50 billion and 20-year, 16.2499% FGN APR 2037 worth N50 billion. “We expect bond prices to appreciate at the OTC market on the back of expected ease in financial system liquidity.” As part of efforts to further strengthen the value of the Naira on the parallel market segment of the foreign exchange (forex) market, the Central Bank of Nigeria (CBN) has directed that payments for port charges to the Nigerian Ports Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA) by oil marketing companies should henceforth be accommodated in the official forex window.

A view of Lagos ﬁnancial district

AKINWUNMI IBRAHIM

Interbank Rates Fall on Matured Treasury Bills Obinna Chima Nigeria’s interbank overnight lending rate fell sharply on Friday to an average of 12 per cent from around 60 percent a week ago after the central bank repaid matured treasury bills and a refund of excess cash deposited by banks to buy dollars. The central bank sold $100 million at its special intervention auction in the foreign exchange market on Tuesday, which was less than the amount requested by banks, leading to a refund of the excess deposited by banks on Friday, Reuters disclosed. The regulator also injected about N168 billion in matured open market operation (OMO) treasury bills into the system on Thursday, raising money market liquidity levels. “The interbank rate is seen climbing again next week as the central bank resumes its aggressive liquidity mop up and sustains its intervention in the forex market,” a currency trader said. The overnight lending rate jumped last week to as high as 100 percent intraday after the central bank tightened liquidity to support the naira currency. The central bank has consistently issued OMO treasury bills to reduce excess liquidity in the money market and curb speculation on the local currency. It sold a total of N68.79 billion worth of treasury bills on Friday in its bid to further tighten liquidity in the banking system. The bank’s sales on Friday amounted to N65.5 billion of 363-day open OMO treasury bills at 18.55 percent, and 3.29 million naira of the 174-day paper at 17.95 percent. On the other hand, a report by Cowry Asset Management Limited showed that the NITTY moved in mixed directions across the maturities– yields on the 1month and 3 months maturities rose to 17.77% from (14.41%) and 19.45% (from 19.43%) respectively.

MARKET INDICATOR

CBN Governor, Godwin Emeﬁele However, 6 months and 12 months yield fell to 19.79% (from 20.36%) and 22.13% (from 22.30%) respectively. “This week, we expect maturities via secondary market worth N14.65 billion viz: 167-day bills worth N7.976 billion and 168-day bills worth N6.674 billion. We expect further financial system liquidity ease and stability in interbank rates,” the investment firm added. Forex Transactions Meanwhile, the local currency remained stable week-on-week on the interbank segment amid CBN’s intervention of $364 million into the interbank foreign exchange market from

which the Retail Secondary Market Intervention Sales (SMIS) received $264.19 million while $100 millon was allocated to authorised dealers in the wholesale window. According to analysts at Cowry Asset Management Limited, the naira also strengthened at the Investors & Exporters Forex Window (I&E) to N361/$. However, it depreciated at the Bureau De Change and Parallel market segments by 0.27 per cent each to N365/$ and N368/$ respectively. “Dated forward contracts at the interbank OTC segment suggests likely appreciation of the naira amid an increase in the foreign exchange reserves – external reserves increased week-to-date by 1.06 per cent to $31.55 billion as at Thursday, August 17, 2017. The 3 months, 6 months and 12 months forward contracts appreciated week-on-week by 1.37 per cent, 1.29 per cent and 2.09 per cent, to N379.04/$, N400.18/$ and N438.59/$ respectively,” Cowry Asset Management added in a note at the weekend. However, the spot rate of the naira depreciated slightly week-on-week by 0.03 per cent, to N305.65/$”. “In the coming week, we expect further stability of the naira/dollar exchange rate amid consistent build up in external reserves and continued CBN intervention in the interbank segment.” Bond Market In the just concluded week, prices of FGN bonds traded at the OTC segment moved in mixed directions - the 20-year, 10% FGN JUL 2030 paper and the 10-year, 16.39% FGN JAN 2022 debt depreciated w-o-w by N0.44 and N0.06 respectively; corresponding yield rose to 16.47% (from 16.35%) and 16.38% (from 16.36%). However, w-o-w the 7-year, 16.00% FGN JUN 2019 and 5-year, 14.50% FGN JUL 2021 appreciated

Easing Dollar Access to Maritime Operators As part of efforts to further strengthen the value of the Naira on the parallel market segment of the forex market, the CBN last week directed that payments for port charges to the Nigerian Ports Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA) by oil marketing companies should henceforth be accommodated in the official forex window. The central bank issued the directive Tuesday in a circular titled, “Payment of Ports and Nigerian Maritime Administration and Safety Agency Charges by Oil Marketing Companies,” signed by its Director, Trade and Exchange Department, Mr. W.D. Gotring, a copy of which was obtained by THISDAY. CBN explained that the initiative would help improve forex availability in the market, as well as address the challenges encountered by stakeholders in the maritime sector. The two-paragraph circular stated: “In the continued effort to improve forex availability in the Nigerian forex market and ameliorate challenges encountered by critical stakeholders, payment for port charges to the NPA, NIMASA, etc, by oil marketing companies can now be accommodated by the CBN using Form ‘A’. “Therefore, authorised dealers are directed to accept the request for payment of port charges from oil marketing companies and forward same to the CBN forex window.” National Corruption Report An estimated N400 billion, or the equivalent of $4.6 billion in purchasing power parity (PPP), representing 39 per cent of the combined federal and state education budgets in 2016, is paid out as bribes to public officials in Nigeria annually, a new report released by the National Bureau of Statistics (NBS), in collaboration with the United Nations Office on Drugs and Crime (UNODC), revealed last week The National Corruption Report, which covered the period between June 2015 and May 2016 also showed that almost a third of Nigerian adults (32.3 per cent) who had contact with public officials between June 2015 and May 2016 had to pay, or were requested to pay a bribe to such public officials. According to the report, the magnitude of public sector bribes in Nigeria becomes even more palpable when factoring in the frequency of the payments, adding that the majority of those who paid bribes to public officials did so more than once over the course of the year. Bribe-payers, it added, pay an average of some six bribes in one year, or roughly one bribe every two months. “Roughly 400 billion Nigerian Naira is spent on bribes each year. Taking into account the fact that nine out of every ten bribes paid to public officials in Nigeria are paid in cash and the size of the payments made, it is estimated that the total amount of bribes paid to public officials in Nigeria in the 12 months prior to the survey was around 400 billion Nigerian Naira (NGN), the equivalent of $4.6 billion in purchasing power parity (PPP). This sum is equivalent to 39 per cent of the combined federal and state education budgets in 2016,” the report said.

T H I S D AY ˾ MONDAY, AUGUST 21, 2017

BUSINESSWORLD

APPOINTMENT / AWARDS

CRC Credit Bureau Appoints Jobome Chairman CRC Credit Bureau Limited has announced the appointment of a new chairman and three non-executive directors. The board appointed Dr. Gregory Ovie Jobome as the Chairman of its board of directors. Jobome replaces Mr. Dele Alabi whose two-year tenure expired in May 2017. Also, the three non-executive directors appointed are Kyari Bukar, Shuaib Audu and Biyi Olagbami According to a statement, Jobome is currently the Executive Director, Risk Management Division at Access Bank Plc. He is a thorough-bred professional with strong academic credentials. He obtained a first-class degree in Economics from the University of Maiduguri in 1986 and a Distinction in Master of Business Administration from Obafemi Awolowo University in 1990. Jobome also obtained a Master of Science Degree (1994) and a Doctorate Degree (2002) both in Economics and Finance from Loughborough University, United Kingdom. He has over 25 years of work experience obtained from Guarr anty Trust Bank Plc; University of Liverpool Management

Jobome School; Manchester Business School and Access Bank Plc. He was appointed director, representing Access Bank on the board of CRC Credit Bureau limited in December 2013. On the other hand, Bukar appointed as independent director, is the Chairman of the Board of the Nigerian Economic Summit Group. He was the MD/CEO of the Central Securities Clearing System Limited (CSCS) till December 2016. He holds a B.Sc. degree in Physics from Ahmadu Bello University, Zaria, Nigeria and M.Sc. degree in Nuclear Engineering from Oregon State University,

USA. He is an alumnus of Lagos Business School (LBS); Wharton Business School and Harvard Business School, USA. Bukar’s professional experience transverses the financial services, IT Services, IT/financial fi infrastructure and the public sector. Also, Audu will represent the Stanbic-IBTC/Standard Chartered Bank bloc on the board of CRC. He is currently an Executive Director at Stanbic IBTC Asset Management Limited. He holds a MBA from the University of Oxford UK, a MSc. in International Securities, Investment & Banking from Henley Business School, University of Reading, UK and a B.A. (Hons) degree in Business Economics from Leicester University, UK. Audu has extensive investment banking experience in Treasury/Global Markets and is also a Director of Stanbic IBTC Investments Limited and Stanbic IBTC Ventures Limited. Olagbami will represent the Keystone Bank/Union Bank bloc on the board of CRC. He is currently the Chief Credit Offi f cer of Union Bank of Nigeria Plc. He holds a B.Sc and M.Sc in Architecture from the

Obafemi Awolowo University, Ile-Ife and a MBA from IESE (University of Navarra), Barcelona, Spain . Olagbami has extensive cross-border experience in credit and risk management. “The board of CRC is delighted at the appointment of Dr. Jobome and look forward to him bringing his wealth of corporate experience and expertise in risk and compliance, corporate governance, human resources and strategy to CRC. The company is also delighted to have the three directors join the board; their rich, diverse professional experience will contribute to the company’s next growth phase. “CRC Credit Bureau Limited is the leading credit bureau company in Nigeria with credit information of over 95 per cent of the Nigerian lending industry covering commercial banks, non-bank institutions, retailers and utility service providers. We provide an industry-wide information repository on credit profiles of corporate entities as well as consumers, thus improving the ability of credit providers to make informed lending decisions,” the statement added.

e-Stream Wins Broadband Company of the Year e-Stream Network has been awarded the Broadband Comm pany of the year 2017 at the just concluded Titans of Technology Awards held recently at the Oriental Hotel, Lekki, Lagos. The broadband company was awarded in recognition for its outstanding transformation and rapid growth largely driven by its innovative connectivity soluu tions for corporate organisations and unrivalled customer service delivery. The award was presented by the Founder and CEO of Teledom Group, Dr. Emmanuel Ekuwem to e.Stream Networks’ Head of Corporate Sales, Mr. Tajudeen Adeniyi on behalf of the management of the company. e.Stream Networks is a leading broadband communications provider with over 11 years

of providing best-in-class connectivity solutions and round the clock proactive customer service support for businesses. Leveraging on a variety of upto-date technologies, e.Stream is committed to the provision of Internet access and integration which provides maximum convenience to all its customers. The Titans of Tech Awards seeks to promote and celebrate innovation in the ICT landscape that facilitates smooth operations of businesses, improves way of life and the society in general. In attendance at the event were top government functionaries including the Minister for Comm munications, Barrister Adebayo Shittu, immediate past Governor of Delta State, Dr. Emmanuel Uduaghan, captains of industries and ICT stakeholders.

FBN General Appoints Mimiko as ED FBN General Insurance Limited has announced the appointment of Babatunde Mimiko as its Executive Director. The company said in a statement that Mimiko brings on board a sterling 18-year career financial services across the fi industry including a short stint in banking. The company stated expressed delight with Mimiko’ appointt ment, adding, he “is no doubt an ideal fi fit to help our business to the next level”. Mimiko began his insurance career at WAPIC Insurance in 1999 as Assistant Superintendent (Underwriting), from there, he moved to the then Intercontinental Bank (now Access Bank) as Product Manager – Consumer Banking Group. At Intercontinental Bank, he was responsible for developing,

marketing and management of all the retail banking products of the bank. In 2003, he re-joined WAPIC Insurance as Branch Manager of its Port Harcourt offi ffice. He went on to spend the next 10 years of his professional career rising through various top management positions until he left as Controller in 2013. Prior to his appointment as Executive Director at FBN General Insurance, Mimiko was Managing Director/Chief Executive Offi f cer of Ensure Insurance. Mimiko is a Fellow of the Chartered Insurance Institute of Nigeria (FCII) and an alumnus of the prestigious Pan Atlantic University (Lagos Business School). A strategic and analytical mind, he is an MBA (Financial Management) holder from Lagos State University.

Fatgbems Wins Bikers Converge Merit Award

PRESENTING FACTS AND FIGURES

L-R: Non-Executive Director, ChamsAccess Limited, Sir Demola Aladekomo; Managing Director, CAL, Mrs. Funke Alomo Oluwa; and Chairman, CAL, Dr. Evans Woherem, at ChamsAccess Limited annual general meeting in Lagos... recently

Eaton’s Visual Power Manager Wins “Best IT Software” Category Multinational power management company, Eaton has been named Gold winner in Network Products Guide’s 2017 IT World Awards in the “Best IT Software” category for its Visual Power Manager (VPM) software. Network Products Guide, a leading technology research and advisory guide, annually honors products and top achievements in every facet of the information technology (IT) industry.

The Visual Power Manager software’s robust platform provides data centers and IT professionals with the tools to monitor and manage power distribution in their infrastructure, including rack power distribution units (PDUs) and uninterruptible power supplies (UPSs). Another great feature of the VPM is its capacity to initiate mass firmware, run bulk commands and send mass information to the Power

distribution Units, thus saving time and resources. With its user-friendly setup which streamlines the deployment process, and relieves common pain points with software installation, the VPM provides easy deployment for operators of all sizes and types of data centers, from multi-tenant facilities to remote data closets. The software’s real-time monitoring capabilities also help improve business conti-

nuity and ensure that power is continuously supplied to critical equipment. It also supports reporting which alerts users of potential issues to ensure you can react and take corrective action quickly. Network Products Guide has recognised Eaton products in its annual awards for four consecutive years. In 2016, Eaton’s Intelligent Power Manager™ software won Gold in the “Best IT Software” category.

One of Nigeria’s leading petroleum marketing firm, Fatgbems Petroleum Company Limited, has won ‘The Bikers Converge Merit Award’ at the just concluded annual Bikers Convention that took place in Abeokuta, Ogun State capital. Bikers Converge is a yearly gathering organised to foster unity and encourage safety attitude among various bikers associations in Nigeria and other West African countries. The three day event, which had in attendance over 400 bikers had riders from Ghana, Togo and other parts of Nigeria was flag-off fl by former President Olusegun Obasanjo. Speaking at the award Night, President, Bikers Converge, Mr. Ogundimu Adeola, disclosed that the event is not about biking for adventure or transportation it is about promoting tourism in Nigeria and most especially to show case the natural gift of nature in the ancient town of Abeokuta. The occasion also provides an avenue for bike sports to be spiced with fashion and entertainment. Latest brands of machines in town were showcased at the event as well. Ogundimu added that the event could not have been possible without the support of the

sponsors and the partnership the group has been enjoying since inception. He applauded Fatgbems Petroleum for the prompt response despite the short notice to the company and the value added to the 2017 edition of The Converge. ‘The award is to show appreciation for the selfl lflessness of the company and its commitment to development in Nigeria as bikers converge continue to push beyond the immediate frontier and position to continue to foster higher courses in the nearer future’ he added. Commenting on the award, Chief Operation Offi fficer, Fatgbems Petroleum, Mr. Dare Adeola disclosed that the award is a way to reaffi f rm the company’s commitment to development. He further noted that after the rebranding, his company has decided to support ideas that will not only create avenue to give back, but promote development as bikers converge is specifi ifically designed to promote tourism in the country. Adeola also restated his company’s commitment to bikers converge as it is not just a partnership but an adoption that will be extended to a much high frontiers in the next edition.

T H I S D AY ˾ MONDAY, AUGUST 21, 2017

BUSINESSWORLD

INTERVIEW

Njoku: FG Must Expedite Budget Implementation Prof. Jude Njoku is a former Vice Chancellor of the Federal University of Technology, Owerri. He was also a governorship aspirant on the platform of the Peoples Democratic Party. In this interview with Amby Uneze, he expressed concern about the nation’s economic quagmire and proffered measures to revitalise the economy. Excerpts: Nigeria is currently passing through economic difficulties, as an agricultural economic expert, what do you think could assist the country wriggle out of her present quagmire? I think from available information on the phenomenon of recession in the economy, it began in the later part of 2015 and snowballed into 2016. Incidentally, it happened when there was a change of government and the government was trying to settle down while the economy was nose-diving, and it created difficulties for the government to manage because it was like a man who has come into power and was just trying to understand how the system functions and then suddenly there is a turbulent and it is difficult to manage. We went into a very difficult year in 2016 and all the economic indices were deepened and aggregate inflation rose to high heavens. That is, the prices hit the roof and there was severe shortage of foreign exchange arising from the fact there was drastic fall in oil production. The price of petroleum also went down drastically, so the revenue available to government went down drastically and government was not able to fulfil its basic obligations to the point of finding it difficult to paying workers’ salaries as well as to pensioners and so forth. Again, foreign exchange management was difficult and the Central Bank of Nigeria (CBN) came up with a foreign exchange regime that pegged the value of Naira relative to the Dollar. That didn’t go down well with free market forces and so there was this agitation particularly amongst the monetary and fiscal experts that the Central Bank should move away from a fixed exchange rate to a more liberalised exchange rate regime. Of course with that shortage, the manufacturing sector went into difficulties; again, the reason being that acute shortage of foreign exchange means that they couldn’t import the needed raw materials to be used to produce optimally. In fact, there was lay off in many manufacturing establishments, banks also laid off, almost every industry laid off some of their workers. It was a very difficult situation. Of course, you also noticed that it took the government a long time to take off. It took the President about six months to appoint his cabinet. That means that the machinery of government took off very slowly. Imagine that in the case of America recently, it took less than 24 hours after Donald Trump was announced the President-elect to announce his cabinet. The very moment you announce the cabinet it means that you begin the machinery of government moving. So, that had its own effect. Of course, the fight against corruption sometimes created negative image for Nigeria. The President did well by going outside to launder the image of Nigeria positively, but at the same time somewhere along the line he kept creating the impression that Nigerians were very corrupt. It was a disincentive for foreign investors to come. And of course there was this fight against corruption, fight against insurgency which he had recorded very appreciable success. I have said the Boko Haram insurgency if defeated frontally will transform into guerrilla warfare and that is what we are witnessing now. Though they have been displaced in frontal attack but now they have gone into guerrilla warfare and there are pockets of attacks here and there. But to a large extend they have decimated the strength of the Boko Haram insurgency and it is to the credit of the government of the day.

liquidity in the system, which is what most people are suffering. You can see projects are not going on, people are cash trapped, the spending power is low, and the private sector is almost grounded for non-implementation of budget. You can be sure that before we can start the implementation of 30 percent of this budget we would have entered into another budget year. That is not good enough for our economy. That means the implementation of the economic plan would be delayed so the worry is that you may have a good plan, but then the implementation becomes the problem. You can see the projects are slow with the implementation of 2016 budget which ended May this year. You could have seen that most of the projects were not implemented. I know a number of contractors who tendered for projects and their tenders could not be completed, and eventually the funds were not released. And people had spent quite some money in tendering for projects having felt that they would at least get some money to engineer the economy. If we don’t take our time it will happen again this year, it increases the level of misery, suffering and disease and the general welfare of our people. I think we need to speedy up on the machinery of governance on budget and project implementation and be a little more sincere with what we are doing so that we can really come out of this recession, otherwise it is still going to take us longer than we are projecting to come out of the recession fully. Prof. Njoku Also, there is heightened insecurity in the country where gunmen appear from nowhere attacking villages, attack people on the road, there is militancy in the Niger Delta which heightened in 2016 that affected crude oil production and the nation’s revenue, though that had come down. Has there been an appreciable move to redeem the mess, economically? In recent times, I think there has been a positive turn on the economy as the indices can show. We noticed that some of the indices are improving, we have improved GDP, we also have noted that inflation was still rising even though that was food inflation, that also was because of structural difficulties in the production system; I think a couple of the indices are beginning to improve. There is marginal growth that is coming up, giving

I think we need to speedy up on the machinery of governance on budget and project implementation and be a little more sincere with what we are doing so that we can really come out of this recession, otherwise it is still going to take us longer than we are projecting to come out of the recession fully

hope that we are coming out of recession. I think also that government has been able to come up with its own economic recovery and growth plan, which is on the positive side. People had been agitated that government didn’t have any clear-cut road map for tackling the mess in the economy. Now they have come up with the economic recovery and growth plan and most of them have been criticised. A good number of experts, particularly members of the international community and donor agencies think it is a good plan, but it has also received some bashing from some of our local experts. However, by and large, majority of the people still think it is a good plan, but they worry on its implementation. The Ministry of Budget and National Planning has come up with some strategies for its implementation but they have not taken off. I recall that recently, the Minister of Budget and National Planning, Senator Udo Udoma said that the implementation was imbedded in the 2017 budget. By and large this is a budget that should have started with implementation in January, and we have moved into the third quarter of the year and still the budget for 2017 has not started being implemented. Of course you know the process of budget. Now that the budget has been signed by Mr. Acting President, it supposed to go back to the MDAs for them now to dissect the budget, assign it to various projects and programmes and then it begins the process of implementation by way of advertising the projects for tendering purposes. Are you saying that budget issues slow progress of the economy? Of course, by now, we would have been preparing for another budget for 2018. So these things are not helping us to reflect on the economy. It is not helping to improve

From the analysis you have given, it appears we are not nearing to the end of recession, what in your mind do you suggest government should adopt for quick economic recovery? I think that a number of things have happened; if we increase our implementation speed, you would be quickening the process of economic recovery. Let me look at the certain sectors of the economy, a few months ago the Manufacturers Association of Nigeria (MAN) were crying bitterly because of very low capacity utilisation occasioned by shortage of raw materials because they could not get the necessary foreign exchange to enable their members import the raw materials for production. Added to that also were some level of dumping of foreign goods from foreign countries because of our penchant for loving foreign made goods as against our own. This affected their ability to survive. But I think now that the Naira have picked up over a Dollar, that is a very great improvement, and they have greater access to foreign exchange now so they can import more of the raw materials they need and that means their capacity utilisation will improve, they will produce more and keep afloat and create more employment. I think that with this improvement in foreign exchange supply to manufacturers the indices of production in the manufacturing sector will improve tremendously and that will impact on so many other things, even in terms of prices of locally made commodities, etc. If we continue that way of managing the foreign exchange effectively and proactively the manufacturing sector will beef up. Again with some of the policies and programmes that have been put in place in the agricultural sector over time, the sector will also pick up faster and the GDP component of the agricultural sector will rise faster. I think the economic recovery has its own estimates CONTINUED ON NEXT PAGE

T H I S D AY ˾ MONDAY, AUGUST 21, 2017

BUSINESSWORLD

INTERVIEW

NJOKU: FG MUST EXPEDITE BUDGET IMPLEMENTATION

Prof. Njoku as to what they want to do. If you look at the economic recovery and development plan you will be talking about restoring micro-economic stability and inviting various sectors towards achieving the nation’s full economic potentials. When it comes to planning proper, they were looking at five key broad outcomes: achieving a stable micro-economic environment and achieving agricultural transformation and food security, as well as having self-sufficiency in energy and power; improving transportation infrastructure, and industrialisation with a focus on small and medium enterprises. With respect to agriculture the plans to increase GDP from 16.0 trillion in 2015 to 21.0 trillion in 2020 with an average annual growth rate of about 6.92 percent between 2017 and 2022. With this plan they also want to drastically reduce food import and also achieve high rate of exports of agricultural products so that Nigerians can begin to export rice, tomatoes and vegetables, cashew nuts groundnuts cassava, poultry, etc. With respect of the manufacturing sector they want to see the sector grows at an annual rate of 13.3 percent which is almost three times the 4.8 percent growth experienced in 2016. It also seeks double the manufacturing sector GDP, creates special economic zones so as to attract manufacturing sector away from areas where product cost is very high. They also want to implement what they now call Nigerian Industrial Revolution Plan, which is the major plan of the industrial policy of government that focuses on agro-businesses, solid minerals, oil and gas as well as construction. These are all aimed at achieving the economic diversification policy of the government. What areas of the non-oil diversification do you proffer? Government has said it clearly that it tends to focus primarily on the agricultural sector in order to achieve its economic diversification policy. They are looking back at what the economy used to be in the 60s and 70s when the economy was driven by the agricultural sector; when we had the famous groundnut pyramids and cotton bells in the north, cocoa in the South west, rubber in the mid-west, oil palm in the south east, etc. They are thinking that if we go back or come close to that situation we will now move away from our almost total dependence on oil to a situation where our revenue will be generated from agriculture in addition to the mining sector. I think that is the major plank of the economic diversification efforts. Truly if we hinge our effort in that direction there will be very significant improvement in our economy. You note that most of the development projects that were financed by proceeds from agricultural products are today standing the test of time. In fact, it is popularly known that even the famous University of Nigeria, Nsukka (UNN) was built with revenue derived from palm oil and even Ahmadu Bello University, Zaria (the oldest University in the North) part of the funding of the university was from groundnut and cotton produce, the same with University of Ibadan financed with proceeds from cocoa. These are the major ones but there are a lot of other minerals produced locally and they were being exported such as saint leave (Nchawu), bitter leave (olugbu),

Diversiﬁcation simply means diversifying your sources of revenue, and it is applied at the national level, state level even at individual level. But government has to provide the enable environment; provide water, electricity, security, good roads, etc. In the agriculture, it is pertinent that farmers have easy access to fertilizer and improved variety that would enable them get higher yields. There are a lot of improved technologies for the agricultural programme but a lot of farmers do not know this, so we need to re-orientate our people on this aspect

etc. There are so many Nigeria can export to enhance her ability to earn foreign exchange and a way to finance the economy because these things we are talking about with respect to the value of Dollar relative to the Naira is a matter of import and export because if you export more and then you earn more Dollar, then the value of Dollar relative to the Naira will fall. But if you are importing, there is excess of supply of your currency in the international market so the value of your currency will fall relative to the Dollar. Incidentally the Dollar is the relative index for measuring these performances. So, a lot is being done in the agricultural sector to achieve this diversification. They have focused much attention on rice production and through this anchor borrower’s programme of the government which is being implemented in almost all the states of federation now, and so if they achieve that and provide complementary facilities, it will be a lot beneficial. I think agriculture is the major plank of that programme. Diversification simply means diversifying your sources of revenue, and it is applied at the national level, state level even at individual level. But government has to provide the enable environment; provide water, electricity, security, good roads, etc. In the agriculture, it is pertinent that farmers have easy access to fertilizer and improved variety that would enable them get higher yields. There are a lot of improved technologies for the agricultural programme but a lot of farmers do not know this, so we need to re-orientate our people on this aspect.

T H I S D AY ˾ MONDAY, AUGUST 21, 2017

BUSINESSWORLD

NEWS

9mobile Calls for Fresh Pitch to Consolidate New Identity, Structure Raheem Akingbolu As part of its strategic plans to strengthen the acceptability of its new brand name and deepen the influence of the brand in the market, 9mobile, (formerly Etisalat), has concluded arrangement to hire a new Adverting and Public Relations firms to handle its PR brief. The fi business currently resides with 141 Worldwide, X3M Ideas and Chain Reactions. Chain Reactions handles PR while the other firms fi handle advertising. According to a source within the company, the decision became necessary following the new development in the company and the need to breathe a new life into the brand. The source however stated that the plan has nothing to do with the performance of the existing agencies on the account. ‘’It is natural for businesses to review their activities and

with the latest development at 9mobile, especially as it concerns its restructuring and rebranding, we think it is strategic for us to look for new ways through which we can further entrench the brand in the market. In fairr ness, all our existing partners, including Public Relations and creative agencies have performed wonderfully well but the decision becomes necessary to refresh the brand,’’ the source told THISDAY. Etisalat, as it was formerly known was established in 2008 as a private company, by Emerging Markets Telecomm munication Services (EMTS), and owned by Mubadala and Etisalat Group. In 2011, the company launched a superfast broadband network to the Nigerian population. All along, everything was believed to be alright with the company until recently when it found itself in a financial mess, following its inability

to fulfill financial obligation to its former partner. At its entry point nine years ago, Etisalat had engaged C&F Public Relations, perhaps because of the fantastic work the Nn’emeka Maduegbuna’s agency did on the MTN brand when it was first launched in Nigeria. Few years later, the account moved to The Quadrant Company after a keenly contested pitch that involved the agency and others. For its Advertising business, the telecom company, at the beginning, worked with 141 worldwide but later gave part of the business to Centerspread Grey. Few years ago, Centrespread pulled out of the business and a substantial part moved to X3M Ideas, led by Steve Babaeko. For Babaeko, it was considered a familiar terrain, having worked on the account while serving as Creative Director at 141 Worldwide.

However, since the news filtered in, not a few analysts have condemned the timing of the proposed pitch because of the imminent transition and need for new investors. To those who share this sentiment, the company ought to continue with the existing agencies, who understand the heritage of the brand. However, to another school of thought, the decision to change hands can be described as the best option. According to the Chief Executive Offi f cer of GO Media Ideas, Mr. Gani Olowu, ‘’Since there have been change in management and identity, it is natural for this to cascade to other areas of the brand management and marketing. Besides, we should not rule out the place of emotional connection between the brand and its stakeholders and this will influence a lot of things,’’ he said.

L-R: CEO Vanguard Pharmacy Ltd, Ladi Odukoya; Social Media Strategist, Subomi Plumptre; Lagos Coordinator, SMEDAN, Yinka Fisher; Senior Manager, Enterprise Business Unit, MTN Nigeria, Sharafadeen Mohammed and Executive Director, TricomXPL, Habeeb Adeleye at the MTN SME Motivation Series organised by Tricomxpl in Ibadan, Oyo State...recently

… to Empower Software Developers, SMEs 9mobile has partnered Africa’s Talking, a Pan-African company, to empower software solutions developers and small and medium-scale enterprises (SMEs) with access to telecomm munication infrastructure through mobile communication Application Programming Interfaces (APIs). The 9mobile’s partnership with Africa’s Talking, a PanAfrican company focused on providing developers with easy and reliable way to access telecommunication infrastructure, aims at boosting the activities of Nigerian software developers and enabling SMEs to effectively engage customers across multiple channels. The Director, Digital Business, 9mobile, Adia Sowho, who made the disclosure recently, said through the direct connection to 9mobile’s

infrastructure and the unified API platform that Africa’s Talkk ing provides, developers would be able to access and build innovative applications while SMEs can use the platform to improve their marketing capabilities. According to her, “We at 9mobile are delighted to partner Africa’s Talking in our bid to support Nigerian software developers and small businesses as they build viable and scalable businesses. This partnership will provide businesses with quality and affordable mobile communication tools like 2-way SMS and USSD APIs that they can then embed into their day to day business activities. With these tools, SMEs can improve their marketing capabilities and interact easily with their customers.” “In the past decade, mobile communication has proven

Ebere Nwoji Reinsurance fi firms in Nigeria, are currently grappling with twin problems of hard conditions and diffi fficult business terms spelt out by their foreign retrocessionairs as well as non- patronage by indigenous insurance fi firms who prefer to cede their reinsurance businesses abroad despite the local content policy of the federal government. Investigations by THISDAY revealed that whereas federal government’s local content policy stipulates that indigenous reinsurr ance and insurance fi firms should control 70 percent of insurance and reinsurance business available in Nigeria while the surplus which is beyond their capacity will be taken abroad, local reinsurers don’t control up to 30 percent of the businesses as Nigerian insurance firms prefer ceding their businesses to foreign reinsurers. Similarly, insurance fi firms still struggle to control 30 percent of oil and gas and other juicy businesses in Nigeria as operators prefer to patronise foreign insurance firms in place of indigenous ones. The overall effect is insurance sector’s low turnover and minii mal contribution to the GDP of the economy year in year out. The sector’s total premium in 2016 stood at N380 billion with 0.03 percent contribution to the GDP. The industry players, have over the years been contending with the low patronage problem but at present, reinsurers who stand as the cornerstone and backbone of risk bearing mechanism in the sector said their biggest problems are hard

conditions given to them by their foreign retrocessionairs based in Europe. They listed other challenges as lack of patronage by indigenous insurers, who are their prime business targets and poor ratings as a result of unhealthy competition among themselves. By the nature of insurance business which is about risk transfer, insurance underwriters are required by law to reinsure the risk they buy from the insuring public with reinsurance firms who in turn are required to reinsure the same risk with retrocessionairs. At a recent training programme organsed by the Nigee rian Reinsurance Corporation in Lagos, the company’s Managing Director Isioma Chukwuma said that given the challenge of huge claims coming the way of global insurers and reinsurers since the advent of terrorism and climatic change in different parts of the globe, foreign reinsurers and retrocessionairs have in recent times tightened their business conditions especially with country like Nigeria that has continued to grapple with activities of terrorist groups, whereas domestically, unhealthy competition with its associated unprofessional pricing has remained the order of the day. According to her, despite the local content policy of federal government, which for insurr ance sector requires business operators to insure and reinsure 70 percent of their businesses in Nigeria before taking the surplus fi abroad, Nigerian insurance firms, currently retain less than 30 percent of their risks with local reinsurers, while ceding greater part to foreign reinsurers.

Western Union Promises Cars in Consumer Promotion

MOTIVATING THE SMES

Emma Okonji

Hard Business Terms by Foreign Retrocessionairs, Lack of Patronage, Worry Reinsurers

beneficial for businesses seekk ing to create and maintain meaningful relationships with their existing and future customers. It is through this that businesses are able to offer effective customer support, real time communication solutions, collect data as well as optimise their operations. With this solution, SMEs will also be able to tap into the local developer community to build systems that enhance business effi f ciency, leading to job creation and overall support of local talent.” She added. Sowho noted that with the partnership, individual developers do not need to interface directly with telco-grade protocols which prove to be diffi f cult and time consuming. “With an estimated 250,000 developers in the country, having easy access to this infrastructure will encourage

more developers to build innovative solutions that can directly impact the lives of the Nigerian populace. At 9mobile, we are always passionate about providing technology based support to innovative thinkers,” Sowho said. She added that 9mobile and Africa’s Talking were dedicated to working closely with the developer community across the country through supporting training workshops, hackathons and other developer activities, with the aim of educating and encouraging developers to take advantage of the tools that are now available to them locally. Africa’s Talking has also provided a sandbox environment for developers to use while learning how to work with the APIs as well as testing out their applications before taking them to production.

Western Union, a global payments service company, has announced the launch of the Western Union ‘Mega’ Promo, in Nigeria for 2017. Through the promo, which is designed specifi ifically for Nigerian consumers who conduct outbound money transs fer transactions, the company will give away new cars to two lucky winners, in addition to 50 consolation prizes, in the first phase of the promotion which started running from July and end this month. ‘’The Western Union mega promo, is an initiative to reward Nigerian customers. To qualify for this promotion individuals must send money overseas via Western Union within the speculated period,’’ a statement issued by the company stated. Western Union Vice President for Africa, Aida Diarra, was quoted as saying that the company began its journey in Nigeria over 20 years ago and that it appreciated the loyalty and trust of our Nigerian customers. ‘’Over the past two decades, we have helped connect Nigerii ans to their loved ones by moving money for education, healthcare, and regular support, amongst many other reasons. We know thisabilitytotransferfundssecurelyy

andconvenientlyhelpsindividuall sandfamiliesfulfi lfiltheirambitions, dreams and heart’s desires,” she said, She further stated that rewardd ing consumers is important to Western Union, and a part of what the company does do, adding that it recently concluded the Easter Promotion which was highly successful. This time around, Diarra pointed out that the company has stepped it up several notches by giving away new cars and other high-value prizes. The Vice President for Africa, also pointed out that customers who use their My WU loyalty card when placing their outbound transactions will also have triple the opportunity of winning prizes during the Western Union Mega Promo. ‘’Western Union bridges geographical gaps through its offering of diverse options to send and receive money with reliability, convenience and speed. From a single agent location with the First Bank of Nigeria in the heart of Lagos in 1996, Western Union has expanded its walk-in retail agent location count to more than 5,100, as of June 30, 2017, with a presence in every one of Nigeria’s 36states,”.

T H I S D AY MONDAY AUGUST 21, 2017

FRIDAY, AUGUST 21, 2017 Ëž T H I S D AY

BUSINESS/MONEYGUIDE

BDCs Seek Exchange Rate Review Obinna Chima The Association of Bureau De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to take urgent steps to review the rate at which the dollar is sold to BDCs in order to boost ongoing recovery of the naira against dollar. ABCON alleged that more than 700 BDC operators have in recent months been rendered inactive due to the new structure of the foreign exchange market. President of ABCON, Alhaji Aminu Gwadabe, said in a statement at the weekend that the BDC business had been badly affected by â€œuncompetitive rate as the CBN sells dollars to BDCs at higher rate compared to what the regulator sells to commercial banks, yet both institutions target the same market segment and customers.â€? However, a top central bank official who pleaded to remain anonymous, disclosed to THISDAY that the CBN Governor recently assured the forex dealers that he would look into their complaints. Continuing, Gwadabe said the BDCs buy dollar from the CBN at N360/$1 and sell to

end users at N362/$1 while the regulator sells to commercial banks at N358/$1 and the banks sell to end users at N360/$1. The CBNâ€™s approved list showed that 3,389 BDC operators have been licensed to carry out the business and are expected to get $40,000 allocations weekly from the CBN Forex Window. The apex bank disburses about $135.5 million to the 3,389 registered BDCs on weekly basis to sell to forex end users. The funds are needed for settling demands for Personal Travel Allowances (PTA), Business Travel Allowances (BTA), medical needs and school fees payment abroad. According to the ABCON boss, â€œthe banks enjoy large customer base with the customers able to carry out their transactions by having their accounts debited to cover the cost of purchase.â€? He said â€œsuch convenience plus a lower rate put the banks at advantage position to attract more customers than BDCs.â€? He lamented that â€œBDCs are not only buying at exorbitant rate, but also sell at a rate higher than that of the banks hence, creating low patronage for the operators.â€?

He said: â€œThe success recorded by the CBN in stabilising the naira was largely contributed by the BDCs which remain backbone of the retail forex segment of the economy.â€? â€œThe CBN should be proactive enough to quickly review the BDC buying rate to ensure effective competition among all the stakeholders. There is no need to give the banks undue advantage over the BDCs as is currently the case based on the level of disparity seen in the dollar buying rate by both sectors. Nothing stops the CBN from ensuring that both the banks and BDCs buy dollars at same rate,â€? he added. Gwadabe warned that the rate challenge faced by BDCs, if not checked, would trigger a liquidity crisis that may derail the ongoing recovery of the naira against the dollar. He said the BDCs will continue to support CBNâ€™s determination to achieve exchange rate stability, and strengthen the value of the local currency against the dollar. He said downward review of the BDCs rate â€œis critical at present, as it will keep operators afloat to meet increasing forex demand at the retail end of the market.â€?

Firm Unveils New App to Boost Agricultural Yields Nume Ekeghe As government intensifies efforts towards diversifying the economy, two young Nigerian entrepreneurs have developed an App that will connect farmers and broaden knowledge base of stakeholders in the sector. Speaking with journalists in Lagos on the new tool, the Co-founder and CEO of Probityfarms, Mr. Olushola Ogunniyi explained that the new technology is a simpleto-use farm management app to help farmers manage both the day-to-day activities of the farm and even the business-side of their operations. Farmers, he said, can use the application throughout the value chain of all farming activities. Ogunniyi said: â€œWe understand that there are two sides to running successful farming; the business side and the technical side. However, many farmers today lack the professional and business skills needed to manage these two farm operations successfully. â€œWith ProbityFarms, our pilot farmers depended on our

simple dashboard to solve these important needs. After creating their farm profiles, they can easily capture all activities on the farm, from crop production, livestock production and farm economics. â€œThe tools enable them to measure and track every activity in the farm, thereby enabling the farmer to plan better and make sound decision and not just guess work or native intelligence. They also utilise the platform to communicate, learn, share knowledge, and build their relationship with other farmers.â€? Giving further insight into the App, he said, that the solution was divided into seven core offerings based on an assessment of the needs of small holder farmers. He said: â€œUsing the tool will help operators keep farm records and all farming data in one place in order to get real-time insight to livestock and crop activities. Manage sales, expenses and cash flow to ensure the health of your farm finances. The data generated from the information supplied

by the farmer makes it easy to work with insurance, banks and accountants or their financial providers for assessments. â€œAlso, the App is an eCommerce market place for farmers to sell their farm produce, list agricultural equipment like tractors for sale/lease. It is designed as a business listing site where farmers can list their produce online and off-takers can connect with them, and also noted that as online forum, it will help farmers seek expert opinion and to discuss farming related issues and best practices with other farmers or extension workers and also do business with other farmers. The Pest Weed and Diseases report alarms warn you if your crops are at risk. â€œWe are currently working with our partner to make wholesale market rates of products available to farmers to assist them in getting the best prices for their products in the marketplace. The price chart would be updated everyday with data point sourced different markets in the country.â€?

Heritage Bank Supports Reality Show for Budding Entrepreneurs In a bid to continue boosting entrepreneurship development to curb the high level of unemployment in the country, Heritage Bank Plc plans to sponsor the fourth season of â€œThe Next Titans,â€? a Nigerian entrepreneurial Reality TV Show. The move by the bank, according to a statement, was a consistent commitment to build the next generation of sustainable Nigerian businesses; young and budding entrepreneurs who will end up becoming â€˜titansâ€™ in their own disciplines whether in Technology, Inventions, Media, Real Estate, Fashion, Agriculture,

or Productions, and so on. The Group Head of Corporate Communication of the Bank, Mr. Fela Ibidapo, was quoted to have explained the reasons for the continued support of â€˜The Next Titanâ€™ project, attributing it to bankâ€™s connection with the development of young people through small and medium scale enterprises. â€œWe decided to support The Next Titan project, because its scope resonate with what our brand stand for which is the business of raising young people through SMEs either through the Youth Innovative Entrepreneurship Programme

(YIEDP), an initiative of the Central Bank of Nigeria (CBN) in conjunction with the Nigeria Youth Service Corp (NYSC), in partnership with the Nigerian Youth Professional Forum (NYPF) to support entrepreneurship and education in the country with N500 million Young Entrepreneurs and Students (YES) grant and the bank is also in partnership with Centre for Values in Leadership (CVL) empowered 100 aspiring start-up entrepreneurs under the Young Entrepreneurship Business Training Programme (YEBTP), among others,â€? 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

December 2016

Inter-Bank Call Rate

10.39

Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)

14.00

Treasury Bill Rate

13.96

Savings Deposit Rate

4.18

1 Month Deposit Rate

8.53

3 Months Deposit Rate

8.80

6 Months Deposit Rate

10.23

12 Months Deposit Rate

10.76

Prime Lending rate

17.09

Maximum Lending Rate

28.55 Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ Ă™Ă–Ă“Ă?ĂŁ Ă‹ĂžĂ? Ě‹ ÍŻÍąĎą

OPEC DAILY BASKET PRICE AS AT 17 AUGUST 2017 The price of OPEC basket of fourteen crudes stood at $48.07 a barrel on Thursday, compared with $48.69 the previous day, according to OPEC Secretariat calculations.. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

FRIDAY, AUGUST 21, 2017 ˾ T H I S D AY

MARKET NEWS

Caverton Wins Chevron Contract for Helicopter Services Goddy Egene and Chinedu Eze Caverton Offshore Support Group Plc is set for improved financial performance as its subsidiary, Caverton Helicopters, has been awarded a five-year logistics support contract by Chevron Nigeria Limited (CNL), operator of the Nigerian National Petroleum Corporation

(NNPC/CNL Joint Venture, for the provision of aviation services with a two- year renewable option. In a notification to the Nigerian Stock Exchange (NSE) last Friday, Caverton said the contract was awarded following an extended competitive tendering process. Caverton emerged successful after scaling through both the

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

DEALS

technical and commercial evaluation ahead of other bidders. Given CNL’s reputation for very high safety and quality standards, it is safe to say that Caverton’s commitment to safety, quality and continuous improvement contributed in no small measure to this successful bid. Caverton will service this contract with 11 Bell manufactured helicopters in line

N I G E R I A N MARKET PRICE

QUANTITY TRADED

STO C K VALUE TRADED ( N )

No. of Deals 1 1 2 2 2

Current Price 98.7 135

Quantity Traded 105 100 205 205 205

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

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

Current Price 44.18 46

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

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

No. of Deals 1 1 4 56 48 110 110

Current Price 0.78 0.66 3.77 0.78 15.1

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

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

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

Current Price 4.79

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

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

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

Current Price 0.5

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

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

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

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

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

Current Price 0.78

Current Price 34.83 Current Price 2.12

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

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

with CNL’s requirement. As part of the contract, Caverton will provide guaranteed medevac response to CNL 24 hours a day, seven days a week, covering their entire area of operations,” the company said. Commenting on the development, the Group Chairman of the Caverton, Mr. Remi Makanjuola said: “We are thankful to our clients, the aviation

E XC H A N G E

regulators, our shareholders, our staff and many others who have played a role in our development and success as a company. Special recognition to the Access Bank Group that has supported Caverton on various projects over the years. Caverton Helicopters is poised to continue to work on consolidating its vision to be the leading provider of

premium aviation services in sub-Saharan Africa to the oil and gas industry.” Over the past decade, Caverton has worked hard to raise the bar in key areas in this specialised sector: helicopter availability, ontime departure, service and maintenance quality; doing all this while pursuing a robust local content strategy.

1 5 / 0 2 / 2 0 1 7

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

DEALS

MARKET PRICE

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

Current Price 0.5 Current Price 1.01 14.75 1 0.66 1.95

QUANTITY TRADED

VALUE TRADED ( N)

87,962,909

649,506,329.59

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

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

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

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

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

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

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

Current Price 1.3

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

Current Price 11.25 6.08 29.6 4.28 0.87 42

No. of Deals 1 1 1

Current Price 9.75

Quantity Traded 2,000 2,000 2,000

Value Traded 18,540.00 18,540.00 18,540.00

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

Current Price 0.5

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

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

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

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

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

Current Price 0.5

Current Price 1.45 Current Price 36.45 9.69

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

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

No. of Deals 1 1 1 1

Current Price 0.9

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

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

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

Current Price 15.01

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

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

No. of Deals 10 10 10 429 4,216

Current Price 169

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

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

Current Price 3.2

˾ MONDAY, AUGUST 21, 2017

MARKET NEWS

LASG N50bn Waste Management Bond Gets ‘Buy’ Rating Goddy Egene Afrinvest (W.A) Limited, a leading investment banking firm, has rated the Lagos State Government (LASG) N50 billion for waste management a “buy.” Lagos State Government Bond is being floated to finance the mobilisation of assets for residential and general waste collection under the Cleaner Lagos Initiative of Lagos State Ministry of Environment. It will also be deployed to the renovation and upgrade

transfer loading stations and landfills in the state, among others. The first tranche of N27 billion opened on Monday August 14, 2017 at 17.5 per cent coupon for five-year tenor. The offer ends on August 25, 2017. Assessing the bond, analysts at Afrinvest said: “We rate the offering a “Buy”, taking into consideration the high credit rating of both the issue and primary sponsor of the issuer, minimal risk of default due to expansive

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

financial flexibility of the subnational backing or sponsoring the issue (LASG) and the relatively attractive valuation of the bond.” According to them, due to the backing of the issue by the LASG via the issuance of an Irrevocable Standing Payment Order (ISPO), the bond was rated A+ by Agusto & Co. “Our view of the bond’s minimal risk of default is further supported by the positive economic fundamentals of Lagos state and the

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 17Aug-2017, unless otherwise stated.

capability of the state in terms of revenue generation. Lagos State accounts for over 60 per cent of economic activities in Nigeria while its Internally Generated Revenue (IGR) profile is in excess of N300 billion annually (37.7 per cent of total Nigeria states’ IGR). Furthermore, Lagos state revenue is to a large extent delinked from federal allocation as the state’s IGR has shown steady growth over the years and given an increasingly diversified economic base,

the state is poised for higher growth in coming years,” they said. Afrinvest said although low liquidity is a major downside risk of investing in non-sovereign bonds in Nigeria, most institutional investors (fund managers, insurance companies ) have historically held high investment grade corporate and municipal instruments in Nigeria to maturity. “Interestingly, Lagos State has the highest quality

of credit rating amongst the sub-nationals, making liquidity risk less of a concern as Lagos bonds have often been more tradable over the counter (OTC) than other state bonds,” they said. The Lagos State Commissioner, Ministry of Environment, Babatunde Adejare had explained that the initiative was an example of how the private sector and government could work together for sustainable development.

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 171.41 171.78 34.85% Nigeria International Debt Fund 234.54 234.50 10.20% 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 14.87% 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 18.76% 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 17.07 17.59 38.29% ARM Discovery Fund 359.87 370.72 25.31% ARM Ethical Fund 25.91 26.69 15.98% ARM Money Market Fund 1.00 1.00 18.01% 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 141.14 142.14 34.19% AXA Mansard Money Market Fund 1.00 1.00 18.45% 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 19.60% Paramount Equity Fund 11.50 11.80 22.89% Women's Investment Fund 93.23 95.62 10.21% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 19.01% 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 1,111.04 1,112.13 9.67% FBN Heritage Fund 139.59 140.82 25.23% FBN Money Market Fund 100.00 100.00 18.20% FBN Nigeria Eurobond (USD) Fund - Institutional $109.79 $110.73 6.74% FBN Nigeria Eurobond (USD) Fund - Retail $108.47 $109.41 6.20% FBN Nigeria Smart Beta Equity Fund 151.71 153.89 34.73% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 1.33 1.35 42.55% Legacy Short Maturity (NGN) Fund 2.83 2.83 10.12% 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 2,899.23 2,952.03 31.66% Coral Income Fund 2,325.32 2,325.32 10.51% 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 14.49% 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 18.36% Vantage Balanced Fund 2.06 2.09 22.76% Vantage Guaranteed Income Fund 1.00 1.00 17.78%

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 1.12 1.14 13.20% Lotus Halal Fixed Income Fund 1,031.39 1,031.39 7.32% 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 13.00 13.10 34.49% 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 1.13 1.15 14.20% PACAM Fixed Income Fund 10.73 10.78 3.18% PACAM Money Market Fund 10.00 10.00 14.83% 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 1.35 1.35 8.33% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 2,156.08 2,167.87 17.73% Stanbic IBTC Bond Fund 162.14 162.14 5.31% Stanbic IBTC Ethical Fund 0.97 0.98 26.62% Stanbic IBTC Guaranteed Investment Fund 206.43 206.43 10.46% Stanbic IBTC Iman Fund 174.52 176.84 34.45% Stanbic IBTC Money Market Fund 100.00 100.00 18.58% Stanbic IBTC Nigerian Equity Fund 9,423.93 9,527.70 24.23% 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 1.30 1.31 16.14% United Capital Bond Fund 1.38 1.38 12.83% United Capital Equity Fund 0.86 0.88 27.77% United Capital Money Market Fund 1.10 1.10 5.45% 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 12.38 12.57 27.50% Zenith Ethical Fund 13.11 13.25 19.68% Zenith Income Fund 18.50 18.50 11.88%

REITS NAV Per Share

Yield / T-Rtn

11.41 129.51

1.01% 4.47%

Bid Price

Offer Price

Yield / T-Rtn

10.96 104.95

11.06 106.93

26.95% 38.50%

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

4.30 9.58 17.03 21.17 131.91

4.34 9.66 17.13 21.37 133.91

55.36% 36.07% 42.46% 32.52% 2.32%

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

T H I S D AY MONDAY AUGUST 21, 2017

MONDAY, AUGUST 21, 2017 ˾ T H I S D AY

CITYSTRINGS

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

Representative of the Lagos State Ministry of Health, Adeola Sogbesan (right), observing the administration of free anti-hypertensive therapy by Staﬀ of May and Baker Nig. Plc to mark the 2017 World Hypertension Day at Agege in Lagos…recently

Supporting Communities Through CSR Jonathan Eze examines the CSR initiatives of May and Baker and posits that its programmes are aimed at impacting on host communities

few cynical chief executives will inevitably try to portray themselves as responsible when they are decidedly not. And for some critics, nothing short of a massive overhaul of the world system will suffice. The truth is that many large corporations are devoting real time and money to environmental sustainability programmes and various social welfare initiatives. These activities should be encouraged, but at the same time, continually questioned and reassessed. In 2010, the International Organisation for Standardisation released ISO 26000, a set of voluntary standards meant to help companies implement corporate social responsibility. In clear terms therefore, a company's sense of responsibility towards the community and environment in which it operates is referred to as Corporate Social Responsibility (CSR). The Managing Director and Chief Executive Officer of May and Baker, Mr. Nnamdi Okafor, priortises the need to give back to the society as a way of discharging its CSR functions to communities where it operates. Recently, the company donated sick bays to the Central Primary School, Ikeja, St. Agnes Primary School, Yaba, United Africa Methodist Primary School, Oyingbo among others. The staff and pupils and even the parent associations were excited at the initiative. When THISDAY asked the Corporate

Communications Manager, May and Baker, Clement Adulugba, he disclosed that the company’s corporate social responsibility initiative is geared towards engendering hope, empowering people and supporting public health and well-being. “It is a total package with economic and health outlook executed for the betterment of life and delivered as philanthropic social responsibility. “Our company has been environmentally friendly and all products are manufactured under standard labour practices and safe working conditions. We are reputed for constantly promoting employee well-being especially in such areas as education, health, and culture. From our experience over the decades, we have developed and cultivated

The Managing Director and Chief Executive Ofﬁcer of May and Baker, Mr. Nnamdi Okafor, priortises the need to give back to the society as a way of discharging its CSR functions to communities where it operates

more efficient supply chains, and have both acquired and partnered in technology that helped other companies and partners achieve their sustainability goals.” Adulugba added that the company is sensitive to the socio-political environment and will continue to sustain cordial relations with their host communities and the government at all levels. Meanwhile, the 2017 World Hypertension Day became another opportunity for the company to demonstrate its social responsibility. The company ventured on a direct sensitisation campaign tagged ‘Walk for Life’ where free hypertension and blood pressure testing and checks were administered. All through the walk, the company’s caravan was accompanied by members of the Federal Road Safety Corp, the Nigerian Police Force, the Army, Medical team and ambulance from Agege Local Government Area providing security and welfare. Also worthy of mention is the recent partnership struck between the company and the federal government on production of vaccines is yet another testimony to its determination to impact significantly on the nation’s economy. The MD, Okafor described the partnership as one that is in the right direction with bountiful health benefits for millions of infants, women and adult Nigerians. According to him, “This is good for Nigeria, as the citizens will have swift and unmitigated

access to vaccines. Henceforth, Nigeria will be respected as a vaccines producing country on the African continent alongside South Africa (fill finish only), Tunisia (producing limited BCG and rabies), Ethiopia (just starting), Egypt (some DTP and fill finish) and Senegal by Aventis pasteur producing yellow fever vaccines. I believe that in the last 200 years, the greatest human invention is vaccines because it is the foremost health security tool.” He disclosed that, the Joint Venture Agreement was cemented on the merit of the vast industry experience and pedigree of May and Baker in local medicines manufacture. May and Baker has over 72 years’ experience, expertise (especially as a subsidiary of the multinational vaccines manufacturing giant Aventis Pasteur), and knowledge in drug manufacturing and distribution in Nigeria. “The company has been in the business of local production of medicines as well as in distribution and marketing of human vaccines and biologicals in Nigeria for nearly 40 years with the inauguration of its first plant in Ikeja in 1978. Okafor added that May and Baker is a pace-setting Pharma House in many respects. “In 2006, May and Baker set up one of the first facilities for production of anti-retroviral (HIV/AIDS) drugs in Nigeria and has been a major supplier of these important medicines to federal government for its programme on management of HIV/AIDS in Nigeria.”

MONDAY, AUGUST 21, 2017 ˾ T H I S D AY

CITYSTRINGS

Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah (left), MD Bank of Industry, Olukayode Pitan, Industrial Development Director, Adewale Bakare, the SA to the Minister, Oladele Ajayi...listening to the MD/CEO May and Baker Nnamdi Okafor (r), beside the PMG-MAN Chairman Okechukwu Akpa, during the minister’s tour of PHARMACENTRE, in Ota, Ogun State… recently

Corporate Communications Manager, May and Baker Nigeria Plc, Clement Adulugba (right) with the company’s Chief Security Oﬃcer, Chidi Echenini (left) presenting Medical/First Aid kits to oﬃcers of the MAN Centre Police Station, WEMABOD Estate, Ikeja, Lagos

Pupils of St. Agnes Primary School, Yaba, receiving medical items from staﬀ of May and Baker Plc

Pupils in a Sick Bay donated by May and Baker Pls

Continuing, he stated that, “In 2011, the company inaugurated a World Health Organisation (WHO) Standard Pharmaceutical production facility, ‘Pharmacentre’ in Ota, Ogun State, the biggest in West and Central Africa. This facility, is today one of the very few in Africa to be certified by WHO for current Good Manufacturing Practice (cGMP). The company is now in the process of prequalifying an anti-retroviral drug with the WHO.” Addressing journalists after the federal executive council approval, the Minister of Health, Prof. Issac Adewole said: “A key leg in the Joint Venture Agreement is the establishment of a company called Bio-vaccines Ltd which will be jointly owned by Federal Government of Nigeria and May and Baker Plc. The board of the company will comprise seven Directors; four from May and Baker and three from federal government. But the Board will be headed by a government appointee who must be an expert in this field. “Biovaccines is a full private company and will source and generate its funds accordingly. The company would be expected to meet the nation’s basic vaccines requirements in the next four years.” Okafor also made some authoritative clarifications on the Joint Venture Agreement when he said, “The selection of May and Baker as government partner on this project is not a mere happenstance. May and Baker approached the government in the late ‘90s and then presented its first proposal in 2004 for the rehabilitation of the moribund Federal Vaccines Production Laboratory, which, at the time, was a desolate and deteriorated facility for over 13 years.” “In policy, that decision was taken in 2005 by the Government of President Olusegun Obasanjo and endorsed by the four successive Ministers of Health- Professors Eyitayo Lambo, Adenike Grange, Babtunde Osotimehin and Onyebuchi Chukwu before the current minister. What the Federal Executive Council just did was to ratify the revised and renewed 2007 Joint Venture Agreement and this decision preceded the Public Procurement Act 2007 which prescribed open competitive bidding.” The federal government is for this and many more reasons interested in supporting the company to grow optimally and maximally. This was confirmed with the

visit of the Minister of Industry, Trade, and Investment, Dr. Okechukwu Enelamah to the Pharmacentre. In her presentation, the Head Pharma Manufacturing, Mrs. Yetunde Adigun, told the minister and his entourage that the root cause of the variance between installed capacity and capacity utilisation is traced to impact of declining economy. She noted that this factor greatly impacted the capacity utilisation in 2016 as there were long periods of time when the factories could not run as a result of stock outs of key input materials arising from the lack of foreign exchange. On sea port issues, she further said: “More recently, root cause of stock outs have shifted to the issues at the port where clearing and transporting of goods are taking longer than expected leading to longer lead times and production down time.” She added that there is a general preference for imported products especially when purchase of such drugs is being funded by donor agencies. The MD also reeled out some of the challenges it was facing to the minister and his entourage but he was soon consoled by Enelamah’s response and that of the Bank of Industry’s MD, Mr. Kayode Pitan. The minister said: “Let me say first that we are very glad to have come to May and Baker. We are in this partnership for the vaccines and it’s a very important project for the government. We want to see this prevention is better than cure approach and we are glad that May and Baker was very well represented at the meeting where it was approved and frankly, I am glad that you are maintaining that spirit of excellence. “Let me say that we do want to partner with you as a company and the private sector

The company is sensitive to the socio-political environment and will continue to sustain cordial relations with their host communities and the government at all levels

in general and as a pharmaceutical company and other companies to solve problems in ways so that we can move ahead and then we have a sense of urgency spread across government and I am sure if Bank of Industry (BOI) and Industrial Training Fund (ITF) talk, you will find that we are working to find solutions to issues because many of us come from the private sectors, we felt your pains and we know that when we don’t work, it is not good. “We want your businesses to grow ahead and when we don’t solve the problems, it stops them from developing. You have been here for a long time and I am not surprised. I also know that you have trained a lot of people who have gone to other things. I am happy that you are still here thinking to grow, innovate and other things for Nigerians. “Let me also say that in terms of the industry as a whole, we are very interested in the move towards producing more locally and the move towards quality assurance and better standards, whether it is in terms of the work we are doing with the World Bank, in terms of best practices and certifications, generally making sure that you deal with issues of fake drugs and substandard drugs that the quality will meet the people because it all affects the healthcare of all. It is very important. “Let me also say in terms of industrialisation as a whole, moving beyond pharmaceuticals, the main thrust of this government is basically to diversify the economy in ways that increases the local production, in what I called local value added and create more jobs locally and we know the only way to do it is to partner industries and manufacturers and players in the private sectors. “We are not paying lip service when we say we want to understand your problems and see how we are to solve it but the main message I would like to leave with you is that we genuinely and are very interested in being part of the solutions. If you ask me, people in government, they can probably list all the problems you have. But my point is that it’s good to state the issues but we must be quick in solving them. “My approach to problem solving is that, I like people who first accept responsibility. Anybody that’s a student of personal effectiveness or anybody who is a life coach

would tell you that we begin to get solution when the person accepts the problem. Most people look at issues from what can you do for me but problems don’t get solved from there. “What will be good is to say these are the issues, these are ways we want to go about them and what you should do for us and I am sure you will find us helping out.” Continuing he said: “I am not trying to abdicate problems, it also applies to me. I don’t want to take too much of your time. I talked about how we are doing things and you capture them. I am glad that you have keyed into that, but by far the most important legacy we want to leave behind as a government is to deal with the issue of enabling environment. “I would be extensive in that. It includes both soft and hard infrastructure. We want to make it easier for you to deal with government, easier for you to get cleared from the ports too.” On his part, the Managing Director of BOI and Chief Executive Officer, Mr. Kayode Pitan, promised to continue to partner with the company. He said: “We want to improve your capacity so that you can employ more people. Like you said we have worked in the past, let’s see how we can meet and work more. The problems that you listed are common to most of the industries. We had forex problems and because of that, working capital tripled in some cases, delays in ports, working capital increased. Similar problems everywhere, but they can be solved. Cost of financing, interest are high, you said you are paying about 25 per cent. There are few businesses that you can do, pay 25 per cent interest and still be very profitable. That’s why BOI is in business. Government want to lower that cost and we are aware, as you are ,making effort to help the MSME’s and we know that people like you that employ 1,000 workers must also be supported. Of course we are open for business. “We want you to grow, more people in your sub sector, we want more people to have World Bank certification that you are able to produce drugs in a conducive environment and quality products.”

T H I S D AY MONDAY AUGUST 21, 2017

JOINT TAX BOARD COMMUNIQUÉ ISSUED AT THE END OF THE 138TH MEETING OF THE JOINT TAX BOARD (JTB) TH HELD ON THE 14 AUGUST, 2017 AT TRANSCORP HILTON HOTEL, ABUJA. th

The JTB held its 138 Meeting on the 14 August, 2017 at Transcorp Hilton Hotel, Abuja. The Theme of the meeting was “Administering VAIDS in Nigeria: The Roles of Stakeholders”. The Board deliberated on various issues and resolved as follows: 1. The Board approved the appointment of Sir Oseni Salawe Elamah, mni, as the Executive Secretary of the Joint Tax Board and appreciated the outgoing Secretary M. L. Abubakar for a job well done. 2. Taxpayers should take advantage of the incentives contained in the Voluntary Assets and Income Declaration Scheme (VAIDS) recently launched by the Government and called on taxpayers to declare their assets and income for tax assessment. 3. Administration of VAIDS should be vigorously pursued in full collaboration between the taxpayers and tax authorities so as to reap the benefit of the scheme to the nation. 4. Implementation strategies on National Tax Policy should be intensively carried out in order to ensure efficient and effective service delivery and optimum revenue generation through cooperation amongst the general public, tax authorities and all relevant stakeholders. 5. The Nigerian Association of Small and Medium Enterprises (NASME) assured the JTB of their readiness to collaborate with the Board to achieve increased taxpayer database by sharing the NASME's information on registered twenty-six (26 million) Small and Medium Enterprises with the Board. 6. States IRS are to designate officers in their offices with phone numbers for prompt collection of produced driver's license. 7. The National Identification Management Commission (NIMC) to collaborate with JTB in the aspect of data sharing and collocation of NIMC’s system with the FIRS and State IRS offices.

SIGNED: Tunde Fowler

Chairman, Joint Tax Board

M. L. Abubakar Secretary, Joint Tax Board

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MONDAY AUGUST 21, 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Barcelona Attack: Spain Terror Cell Had 120 Gas Canisters A 12-strong terror cell that carried out two attacks in Spain this week had collected 120 gas canisters and was planning to use them in vehicle attacks, Spanish police say. Canisters were found at a house said to be used by the cell that blew up in the town of Alcanar on Wednesday night. Police are still hunting for the driver of the van that hit dozens of people on Barcelona’s Las Ramblas, killing 13. On Sunday, a Mass was held in Barcelona to mourn the victims. In addition to the 13 killed on Thursday afternoon on Las Ramblas, a woman died in a second vehicle attack early on Friday in the town of Cambrils.

Five suspected jihadists were shot dead by police in the second attack. The Catalan authorities have also confirmed that a British-Australian seven-year-old, Julian Cadman, was among those killed in Barcelona. He had been missing since becoming separated from his injured mother in the attack and his family had put out appeals for news of his whereabouts. Catalan police chief Josep Lluis Trapero has given an update on the investigation. He said the cell was still believed to consist of 12 men and had been planning attacks for more than six months. One person remained at large, four were under arrest and there were two sets of human

remains to be identified, he added. The person at large was the driver of the van, Mr Trapero said, adding that police knew his identity but would not reveal it. But police have confirmed they are hunting Moroccan-born Younes Abouyaaqoub, 22, who Spanish media say was the driver. The two sets of remains to be identified may refer to victims of the house explosion at Alcanar. Spanish media have speculated the two may be Youssef Aallaa, the brother of one of the suspected jihadists killed at Cambrils, and Abdelbaki Es Satty, an imam from the town of Ripoll, north of Barcelona, where a number of the suspects are from. The imam apparently left the mosque abruptly in June and has not been seen since. The mosque

president said he had told him he wanted to go back to Morocco. We’re starting to see clearly that [the Alcanar house] was the place where they were preparing explosives for one or more attacks in the city of Barcelona,” Mr Trapero said. He added: “We are not in a position to say what caused the radicalisation of these people.” Mr Trapero said police could not rule out that the suspect still at large had crossed the French border, although he had “no specific information on this”. The father of two of those shot dead by police in Cambrils, Mohamed and Omar Hychami, told the BBC he was devastated. Hecham Igasi also accused the imam of radicalising his sons. It is now known that three

vehicles were rented under the credit card of Younes Abouyaaqoub. One was used in the Las Ramblas attack, another was found after the attack in the town of Vic and a third in Ripoll. Mr Trapero said the cell had planned to fill all three with explosive material to carry out attacks. On Sunday, King Felipe and Queen Letizia attended Barcelona’s Sagrada Familia to mourn those killed in the attacks Some reports in Spanish media say the jihadist cell had intended to target the iconic, Gaudi-designed church with explosives. Cardinal Juan José Omella, the Archbishop of Barcelona, called for peace and unity, saying: “We

will overcome fear.” He read a message from Pope Francis, which said the pontiff “condemns once again the violence, which is a very grave offence against the creator, and he prays to God for help so we can continue working for peace and harmony in the world”. As the debate about possible Catalan independence continues, Cardinal Omella added: “The union makes us strong, the division corrodes us and destroys us.” Later on Sunday, Barcelona FC will hold their first league game of the season, with 100,000 expected at the Camp Nou, where there will be a minute’s silence. Police have warned spectators to expect stepped up security, including a ban on bringing large bags.

Wreckage of Lost Ship USS Indianapolis Found after Seven Decades Researchers announced Saturday they discovered wreckage of the lost warship the USS Indianapolis, 72 years after the World War II cruiser was torpedoed by a Japanese submarine.

The wreckage was found in the Philippine Sea 5.5 kilometers (3.4 miles) below the surface, according to philanthropist and Microsoft co-founder Paul Allen, who headed the civilian research crew that located the ship. The ship was hit in the final days of World War II just after completing a secret mission delivering parts of the atomic bomb used in Hiroshima. The vessel sank in just 12 minutes, meaning it was unable to send a distress signal or deploy life-saving equipment, according to the history division of the US

Navy. Some 800 of the ship’s 1,196 sailors and marines initially survived the maritime disaster, but only 316 ultimately lived after enduring several days in shark-infested waters where they also faced risks of dehydration and drowning. Of those survivors, 22 are still alive today, the US Navy said. “To be able to honor the brave men of the USS Indianapolis and their families through the discovery of a ship that played such a significant role in ending World War II is truly humbling,”

said Allen. “As Americans, we all owe a debt of gratitude to the crew for their courage, persistence and sacrifice in the face of horrendous circumstances.” “While our search for the rest of the wreckage will continue, I hope everyone connected to this historic ship will feel some measure of closure at this discovery so long in coming.” Allen posted several photos of the wreckage on his Twitter account, including images of the ship’s anchor and bell.

˾ MONDAY, AUGUST 21, 2017

Nigeria’s top 50 stocks based on market fundamentals

18-Aug-17 17-Aug-17

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld Price/ Book Value

Table 1 Market Statistics Mkt Indicators

Open 17-Aug-17

Close 18-Aug-17

Change %

01 Dangote Cement Plc

225.00

219.80

2.37%

3,834,114,166,125.00

10.95

21.91

6.65

3.33%

5.13

02 Nigerian Breweries Plc

181.02

184.00

-1.62%

1,435,325,842,745.76

3.58

53.02

4.80

1.89%

9.08

03 Guaranty Trust Bank Plc

39.50

37.10

6.47%

1,162,531,579,348.00

4.49

8.91

2.84

4.42%

2.34

1,210.00

0.00%

959,114,064,920.00

10.00

121.63

5.30

2.38%

31.22

05 Zenith Bank Plc

24.53

23.01

6.61%

770,155,992,570.58

4.13

5.81

1.48

7.50%

1.07

Table 3 Top 5 Gainers

06 Stanbic IBTC Holdings Plc

38.85

37.00

5.00%

388,500,000,000.00

2.85

14.03

2.56

0.25%

2.84

Stock

07 United Bank for Africa Plc

9.35

9.30

0.54%

339,213,571,110.70

1.99

4.77

0.90

6.31%

0.77

08 Ecobank Transnational Incorporated

17.60

18.00

-2.22%

322,952,101,384.00

0.68

25.55

0.54

3.59%

0.51

09 Presco Plc

71.98

0.00%

285,794,937,699.10

0.03 2,461.71

4.01

1.81%

6.83

10 Access Bank Plc

9.86

9.73

1.34%

285,229,800,281.66

13.18

0.78

5.37%

0.65

11 Lafarge Africa Plc

59.00

58.50

0.85%

268,739,206,790.00

3.71

16.17

1.24

5.00%

1.10

Table 4 Top 5 Losers

482.00

0.00%

266,695,570,866.00 -82.02

-5.73

4.10

3.39%

0.69

Stock

6.02

6.00

0.33%

216,089,662,607.84

0.21

29.40

0.41

2.46%

0.35

14 Unilever Nigeria Plc

45.50

45.49

0.02%

172,139,979,375.00

0.81

53.02

2.33

0.12%

13.93

15 Dangote Sugar Reﬁnery Plc

12.81

13.00

-1.46%

153,720,000,000.00

1.20

11.30

0.96

3.69%

2.46

16 Guinness Nig Plc

85.00

0.00%

128,000,495,980.00

-3.06

-29.76

1.33

3.52%

3.48

17 International Breweries Plc

34.01

34.00

0.03%

112,037,418,012.80

0.02 1,508.97

4.21

0.74%

10.21

7.13

6.86

3.94%

85,806,832,714.22

0.29

24.87

0.19

10.39%

0.45

Market appreciates by 1.66%

19 Mobil Oil Nig Plc

225.06

0.00%

81,155,569,665.72

22.61

10.48

0.91

3.04%

3.98

20 Total Nigeria Plc

228.11

0.00%

77,448,326,238.07

43.58

5.71

0.29

5.62%

3.59

21 Flour Mills Nig. Plc

28.51

28.89

-1.32%

74,817,002,201.37

-1.19

-24.31

0.18

6.90%

0.76

22 Okomu Oil Palm Plc

69.09

72.72

-4.99%

65,905,641,900.00

5.15

14.13

4.83

0.14%

4.08

23 Forte Oil Plc.

50.00

0.00%

65,124,055,150.00

2.22

24.23

0.47

6.42%

1.62

24 7-Up Bottling Comp. Plc

96.96

0.00%

62,111,641,596.48

-0.05 -2,145.59

0.67

2.24%

2.83

1.34

1.33

0.75%

51,886,136,549.50

-0.03

-49.48

0.94

0.00%

0.64

35.99

0.00%

47,506,800,000.00

-2.89

-12.45

0.34

4.17%

0.68

1.28

1.26

1.59%

37,072,109,685.76

0.39

3.49

0.26

11.85%

0.21

28 National Salt Co. Nig. Plc

12.81

12.20

5.00%

33,939,305,622.18

0.91

13.79

1.82

4.38%

4.14

29 U A C N Plc

16.00

16.60

-3.61%

30,733,830,192.00

3.37

5.04

0.43

5.89%

0.43

30 Sterling Bank Plc

1.04

0.00%

29,942,034,851.04

0.18

5.74

0.27

8.74%

0.35

31 Diamond Bank Plc

1.20

1.15

4.35%

27,792,466,761.60

-0.29

-4.46

0.14

0.00%

0.13

32 PZ Cussons Nigeria Plc

26.93

25.65

4.99%

26,930,000,000.00

5.69

4.75

1.88

0.37%

0.73

33 Glaxo Smithkline Consumer Nig. Plc

21.00

0.00%

25,113,406,248.00

3.51

5.69

1.66

1.50%

1.40

34 Cap Plc

34.40

0.00%

24,080,000,000.00

2.29

15.28

3.59

3.29%

10.73

1.18

1.12

5.36%

23,367,198,721.58

0.72

1.68

0.14

8.20%

0.14

12.07

12.70

-4.96%

22,669,898,622.80

-0.16

-80.48

0.80

10.24%

2.16

37 Mansard Insurance Plc

2.05

0.00%

21,525,000,000.00

0.25

8.37

1.06

2.38%

1.09

38 Custodian And Allied Insurance Plc

3.61

3.80

-5.00%

21,233,529,743.95

0.91

3.92

0.54

3.94%

0.69

39 Wema Bank Plc

0.53

0.00%

20,444,467,022.93

0.07

7.89

0.38

0.00%

0.42

40 Honeywell Flour Mill Plc

2.00

1.98

1.01%

15,860,395,316.00

-0.40

-5.44

0.36

7.27%

0.53

41 Continental Reinsurance Plc

1.30

0.00%

13,484,567,605.60

0.42

3.02

0.59

9.45%

0.70

42 Cement Co. Of North.Nig. Plc

9.22

9.67

-4.65%

11,586,569,002.52

0.22

48.92

1.21

0.93%

1.25

43 Skye Bank Plc

0.67

0.00%

9,299,801,944.70

-2.93

-0.24

0.06

43.48%

0.09

44 Unity Bank Plc

0.58

0.56

3.57%

6,779,816,006.36

0.19

3.27

0.08

0.00%

0.09

45 Wapic Insurance Plc

0.50

0.00%

6,691,369,126.00

0.18

2.89

0.89

5.77%

0.42

46 Resort Savings & Loans Plc

0.50

0.00%

5,664,866,202.00

0.03

17.71

3.72

0.00%

1.94

47 Nigerian Aviation Handling Company Plc

3.27

3.12

4.81%

5,311,195,312.50

0.36

10.46

0.76

5.35%

0.94

48 Fidson Healthcare Plc

3.28

3.15

4.13%

4,920,000,000.00

0.21

14.68

0.61

1.61%

0.71

49 UACN Property Development Co. Limited

2.75

2.89

-4.84%

4,726,562,486.25

-0.90

-3.29

0.80

23.57%

0.15

50 AIICO Insurance Plc

0.56

0.00%

3,880,914,508.80

1.48

0.39

0.15

8.62%

0.46

Market pulse on the Nigerian Stock Exchange (NSE) today - Friday, August 18th, 2017 ended positive as the market closed green. This was further highlighted by positive performance from the NSE Subsectors: Banking, Insurance and Oil & Gas (Save Consumer Goods). However, trading activities decreased in volume as 236.62 million shares worth N4.81 billion in 3,803 deals exchanged hands today. This is a decrease from the 225.14 million shares worth N5.48 billion in 5,110 trades carried out on Thursday. Topping in volume terms are: Zenith Bank Plc, United Bank for Africa Plc and Guaranty Trust Bank Plc; while Zenith Bank Plc and Guaranty Trust Bank Plc ended trading as the most active stocks in value terms. Brent crude oil price today currently sells at US$50.87 per barrel while it grew to $51.03 per barrel against Thursday’s closing. The All Share Index (NSEASI) closed negative with 1.66% (+603.98) increase to close at 36,920.56 from 36,316.58 the previous trading day. Market capitalization appreciated in tandem to N12.73 trillion from N12.52 trillion of prior trading day. Similarly, the Thisday BGL 50 Index closes with an increase of 1.70% to 155.98 from 153.38 recorded at the end of the previous trading day, while its market capitalization stood at N12.15 trillion from N11.94 trillion of the previous trading day. A total number of 26 stocks gained on the bourse today while 12 stocks declined, leaving 61 stocks unchanged. Leading the pack was Zenith Bank Plc with a gain of 6.61% to close at N24.53 per share. It was followed by Guaranty Trust Bank Plc with a gain of 6.47% to close at N39.50 per share. Others on the gainers’ list include: FCMB Group Plc, National Salt Co. Nig. Plc and Stanbic IBTC Holdings Plc. On the decliners’ list, Custodian And Allied Insurance Plc again led with a loss of 5.00% to close at N3.61 share. It was closely followed by Okomu Oil Palm Plc with a loss of 4.99% to close at N69.09 per share. Others on the decliners list include: Cadbury Nigeria Plc, UACN Property Development Co. Limited and CCNN Plc. Zenith Bank Plc emerged the toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 6.61% to close at N24.53 per share. It was again followed by Guaranty Trust Bank Plc with a gain of 6.47% to close at N39.50 per share. Others on the gainers chart include: FCMB Group Plc, National Salt Co. Nig. Plc and Stanbic IBTC Holdings Plc. On the decliners’ list, Custodian And Allied Insurance Plc led with a loss of 5.00% to close at N3.61 per share. It was closely followed by Okomu Oil Palm Plc with a loss of 4.88% to close at N3.124.99% to close at N69.09 per share. Others on the decliners’ list are: Cadbury Nigeria Plc, UACN Property Development Co. Limited and CCNN Plc.

04 Nestle Nigeria Plc

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

18 Oando Plc

25 Transnational Corporation Of Nigeria Plc 26 Julius Berger Nig. Plc 27 Fidelity Bank Plc

35 FCMB Group Plc 36 Cadbury Nigeria Plc

TOTAL

12,145,165,700,814.40

TOTAL MARKET CAP

12,725,510,339,197.40

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

95.44%

NSE All Share Index NSE Market Cap (N'Trillion) Thisday BGL 50 Index Thisday BGL 50 Market Cap (N'Trillion)

36,316.58 12.52

36,920.56 12.73

1.66 1.66

153.38 11.94

155.98 12.15

1.70 1.70

Open Close Change % 17-Augy-17 18-Aug-17

Zenith Bank Plc Guaranty Trust Bank Plc FCMB Group Plc National Salt Co. Nig. Plc Stanbic IBTC Holdings Plc

23.01 37.10 1.12 12.20 37.00

24.53 39.50 1.18 12.81 38.85

6.61 6.47 5.36 5.00 5.00

Open Close Change % 17-Aug-17 18-Aug-17

Custodian And Allied Insurance Plc Okomu Oil Palm Plc Cadbury Nigeria Plc UACN Property Development Co. Ltd Cement Co. Of North.Nig. Plc

3.80

3.61

-5.00

72.72 12.70 2.89 9.67

69.09 12.07 2.75 9.22

-4.99 -4.96 -4.84 -4.65

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 MONDAY AUGUST 21, 2017

MAY 2017 ELECTRICITY MARKET PAYMENTS

! " )" & ,$# $ +)" "+/ ) "& $ "* ) $ '- )&% &+ ' " )" '.& (, $" $" "$"+/ '%( &/ *+ $"*! +' + $/*+ "& +! - $'(% &+ ' & Ã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

SUMMARY OF NBET INVOICES AND PAYMENTS FOR MAY 2017 CYCLE

GENCO PAYMENT BASED ON DISCO RECEIPTS

TOTAL DISCO INVOICES AND PAYMENTS

DISCO

% of Total Energy Consumption

Invoice Value (N)

Discos Late Payment for April 2017 ABUJA BENIN EKO ENUGU IBADAN IKEJA JOS KADUNA KANO PH YOLA TOTAL

S/N

Payment from Discos (N)

Shortfall (N)

Performance Ratio (%)

202,739,098.18 11.76%

5,232,312,421.12

2,092,924,968.45

3,139,387,452.67

40%

8.44%

3,753,255,479.24

1,276,078,909.41

2,477,176,569.83

34%

11.48%

5,108,775,512.49

1,528,190,896.44

3,580,584,616.05

30%

8.53%

3,793,770,437.50

1,200,000,000.00

2,593,770,437.50

32%

12.06%

5,365,354,277.75

2,037,685,027.00

3,327,669,250.75

38%

10.29%

4,578,640,752.78

1,831,456,301.11

2,747,184,451.67

40%

4.80%

2,133,438,489.94

362,684,543.29

1,770,753,946.65

17%

7.97%

3,547,407,235.32

650,000,000.00

2,897,407,235.32

18%

6.46%

2,872,905,577.74

400,000,000.00

2,472,905,577.74

14%

7.29%

3,244,279,826.42

778,627,158.34

2,465,652,668.08

24%

2.59%

1,153,804,832.03

407,752,880.59

746,051,951.44

35%

91.68%

40,783,944,842.33

12,768,139,782.81

28,218,544,157.70

31.31%

OTHER OFFTAKERS INVOICES AND PAYMENTS Other Offtakers

% of Total Consumption

Int'l Customers and Net Importers

8.32%

Total Invoice Values (N)

Payment from Other Offtakers(N)

3,181,934,851.52

NBET's exposure due to Int'l Customers tariff

Shortfall (N) -

3,181,934,851.52

Performance Ratio (%) 0%

517,970,484.52

Successor Gencos

2,602,912,512.20 2,448,305,579.69 569,032,409.35 4,913,543,049.48 4,821,109,767.96 825,672,764.25 3,287,904,818.92 2,904,335,567.40 2,528,883,789.53 1,277,935,020.26 1,196,707,172.63 3,166,230,749.84 416,857,427.22 1,194,759,625.32 1,321,146,369.70 1,656,778,241.79 220,949,327.28 779,171,147.07 1,062,372,122.76 0.00 3,041,113,997.02 4,248,128,718.71

Payment to GenCo based on Receipt from Discos (N) 747,110,483.13 702,733,862.90 163,328,608.35 1,410,327,663.48 1,383,796,662.81 236,991,744.79 943,722,905.10 833,627,537.91 725,862,118.27 366,803,972.83 343,489,252.80 908,798,960.44 119,650,027.57 342,930,250.91 379,206,868.43 475,542,833.98 63,418,788.71 223,644,448.06 304,931,243.82 0.00 872,886,866.89 1,219,334,681.65

44,483,850,178.37

12,768,139,782.81

GenCo Invoices (N)

1 KAINJI (Mainstream) 2 JEBBA (Mainstream) 3 SHIRORO (North South Power) 4 EGBIN 5 UGHELLI TRANSCORP (DELTA) 6 SAPELE (POWER) STEAM 7 GEREGU 8 OLORUNSOGO 9 OMOTOSHO ELECTRIC 10 ALAOJI NIPP 11 GEREGU (POWER) NIPP 12 ODUKPANI (CALABAR) NIPP 13 OLORUNSOGO (POWER) NIPP 14 OMOTOSHO GEN CO. NIPP 15 SAPELE (OGORODE) NIPP 16 IHOVOR 17 GBARAIN NIPP 18 IBOM 19 OMOKU (FIPL) 20 TRANS AMADI (FIPL) 21 SHELL (AFAM VI) 22 AGIP (OKPAI) TOTAL

% Payment 28.70% 28.70% 28.70% 28.70% 28.70% 28.70% 28.70% 28.70% 28.70% 28.70% 28.70% 28.70% 28.70% 28.70% 28.70% 28.70% 28.70% 28.70% 28.70% 0.00% 28.70% 28.70% 28.70%

SUMMARY PERFORMANCE RANKING MAY 2017 DISCOS RECEIPTS TOP RECEIPTS S/N DISCOS RATIO 1 ABUJA 40% 1 IKEJA 40% 2 IBADAN 38% 3 YOLA 35%

3,699,905,336.04 SUB-TOTAL

TOTAL MARKET INVOICES AND PAYMENTS Market TOTAL

% of Total Consumption 100.00%

Invoice Value (N) 43,965,879,693.85

Payment from Discos and Other Offtakers (N) 12,768,139,782.81

Shortfall (N) 31,400,479,009.22

Performance Ratio (%) 29.04%

BOTTOM THREE 1 KANO 2 JOS 3 KADUNA

14% 17% 18%

For further enquiries, please contact: - The total Energy Generated by all the GenCos for May 2017 was 3,466.89 MWh/Month. - The DisCos received 91.68% of the total energy generated while international customers and other off-takers consumed 8.32% For the total energy generated in the month of May 2017Â - Disco paid NBET the sum of à¬‚12.77 Billion from the total invoices of à¬‚40.78 Billion which represents 31.31% payment performance - NBET paid to the GenCos the sum of à¬‚12.77 Billion out of the total invoices of à¬‚44.48 Billion for the energy delivered in May 2017.

Henrietta Ighomrore Head, Corporate Communications communications@nbet.com.ng (09)4605630

T H I S D AY MONDAY AUGUST 21, 2017

MONDAY AUGUST 21, 2017 ˾ T H I S D AY

NEWS

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

Ex-PDP Chieftains Give Party Conditions for Return Demand level playing field as party woos Obasanjo, Atiku, Kwakwanso, others PDP accuses APC of attempting to hoodwink Nigerians on restructuring Onyebuchi Ezigbo in Abuja As the Peoples Democratic Party ups the tempo on wooing back former members of the party who had decamped to other parties, its push to win them back has met with some challenges, as it was learnt that some ex-members have given the party leadership conditions under which they would return to its fold. A top PDP leader who did not want his name mentioned due to the sensitive nature of the issue, revealed to THISDAY that those planning to return are insisting on certain conditions, some of which include that they should be allowed equal participation in all electoral contests without discrimination. “One thing common to all of them is that they are demanding that the party should ensure a level field. They said that they do not want discrimination in any way and that if the party leadership can guarantee that there will be equality in participating in the affairs of the party, then they would rejoin,” the source said. So far, THISDAY gathered that a number of former PDP stalwarts have been contacted by the party’s contact and mobilisation committee for their return to the party. A highly reliable source in the party said the list of politicians include former President Olusegun Obasanjo, his deputy, Atiku Abubakar, former governor of Kano State Rabiu Kwankwaso, erstwhile governor of Osun state, Col. Olagunsoye Oyinlola (rtd), former Oyo State governor, Rasheed Ladoja, and other ex-bigwigs of the party from the South-west. Others being approached are

former PDP chieftains whose move to the All Progressives Congress (APC) was said to have boosted the ruling party’s electoral fortunes and caused the defeat of PDP in 2015. According to the source, the aim is to woo as many of the former party members as possible. The source also said that the effort to woo more members is not limited to former party leaders, adding that the PDP leadership is spreading its dragnet to reach out to some disgruntled APC members. He said similar discussions were ongoing simultaneously with former party members and those in other parties in all the six geopolitical zones in the country. Most of these former chieftains of the PDP left the party in the wake of the intra-party crisis that hit it in the run up to the 2015 general election and the leadership crisis after the election. When contacted for his views on the progress being made at wooing members back, a founding member of the PDP, Prof. Tunde Adeniran told THISDAY that he might not know all those that had so far been contacted by the party’s leadership because there is a team responsible for doing so. He said that the party has decided to keep its doors open not only to former members to return but for others from the other parties, including the ruling APC to come and be part of the transformation in the PDP. Adeniran, who once chaired the PDP’s Sub-committee on Strategy and is currently an aspirant for the national chairmanship seat, said the party aims to woo as many leading politicians as possible into its fold before the next elective convention

US FAA Begins Audit of Nigeria’s Aviation Industry Chinedu Eze The United States Federal Aviation Administration (FAA) has commenced the assessment of Nigerian’s aviation sector with a visit to the Nigerian Civil Aviation Authority (NCAA) yesterday. A four-member team from the FAA arrived Nigeria weekend to conduct the audit which would take place from August 21 to 25, 2017, according to the spokesman of NCAA, Sam Adurogboye. The members of the team are Louis A. Alvarez, Team leader, L.P.Vanstory, Operations Specialist, Benjamin Garrido, Airworthiness Specialist and Jeffrey Klang, Attorney. NCAA said the FAA officials would assess the state’s aviation law, regulations and oversight capability in accordance with the eight critical elements as defined in ICAO document 9734. In addition, during the assessment, the team would need to visit the facilities of an Airline Operators Certificate (AOC) holder. They would also look at the operations and maintenance organisations. At the end of the assessment,

there would be a debriefing session at the headquarters of the NCAA, the regulatory authority said. If certified, FAA would renew the Category One Safety Status, which it awarded to Nigeria in August 2010, when the country was able to meet its stringent safety standards. The Category 1 Safety Status enabled Nigerian airlines to fly to the US and for the country’s registered commercial aircraft to fly to Nigeria and it was after the certification was obtained by Nigeria that United Airlines, Delta Air Lines started flying to Nigeria and Arik Air started flying to US destinations with Nigerian registered aircraft. FAA Category I Safety Status is important in the air transport sector because other international carriers and aviation institutions use it along with the International Civil Aviation Organisation (ICAO) certification to take decisions on the safety status of every country on airline operation. With the certification, any airline in the world can fly to Nigeria if the country meets its commercial objective.

in December. On the issue of a search for a presidential candidate, Adeniran said that it was not an issue at present, adding that the party was focusing on the Anambra governorship election slated for November 18 and how to win the contest. “After that, the party hopes to organise the best convention ever in the country which will be free from all the ills of the past, so that we can have a formidable team to prepare for the 2019 general election,” he said. The PDP reconciliation is co-chaired by Gombe State governor, Ibrahim Dankwambo and his Rivers State counterpart, Nyesom Wike. While inaugurating the

committee, the Chairman of the National Caretaker Committee, Senator Ahmed Makarfi specifically charged them to bring back to the fold former political office holders who were elected on the platform on the party. According to Makarfi, the committee is to reconcile and bring back to the fold those who held top political offices on the PDP platform, be they presidents, vice-presidents, speakers, deputy speakers, governors or deputy governors. “You can even reconcile with those who have never been in the PDP and bring them to the PDP. You must not close the doors to anybody coming into the PDP, and we must create a level playing field,” he had said.

Meanwhile, the PDP has accused the ruling APC of attempting to divide Nigerians by its sudden interest in the country’s restructuring after several months of denial that it promised restructuring in its manifesto. The main opposition party also faulted the statement made by the National Publicity Secretary of the APC Mr. Bolaji Ojo-Abdullahi alleging that the PDP was not interested in restructuring and described it as laughable. Following divergent views by its stakeholders, the National Working Committee of the APC raised a 24-man committee headed by the governor of Kaduna State, Mallam Nasiru El-rufai to articulate a position on restructuring and advice the leadership of the ruling

party accordingly. However, in a statement issued yesterday by PDP spokesman, Dayo Adeyeye, the PDP described APC’s move as “deceitful ploys designed and being implemented by the party to hoodwink Nigerians ahead of the 2019 general election”. It said the APC should not be taken seriously on the issue of restructuring, describing the ruling party as a “do nothing party that believes in nothing”. “We have read the statement credited to the National Publicity Secretary of the APC, Mr. Bolaji Ojo-Abdullahi in which he said that our party, the PDP, has never been and is not interested in the restructuring of the country with amusement.

Cont’d on pg 58

HONOURING A WORTHY ENVOY

L-R: Nigerian Ambassador to Russia, Prof. Steve Ugba; Enugu State Governor, Ifeanyi Ugwuanyi; and Nigerian Ambassador to Republic of India with Concurrent Accreditation to Bangladesh and Nepal, Major General, Chris Sunday Eze (rtd); and his wife, Francisca, at a reception organised in honour of Ambassador Eze by the Enugu State Government...yesterday.

12 Dead, Scores Missing as Boat Capsizes in Lagos Chiemelie Ezeobi The Lagos State Government yesterday confirmed the death of 12 persons in the boat mishap which occurred at the weekend in Ilashe area of the state. In a statement issued by the Managing Director of Lagos State Waterways Authority (LASWA), Mr. Abisola Kamson, the state government attributed the unfortunate mishap to overloading of passengers on a Banana Boat and operation of illegal jetty. Kamson said four victims of the mishap who were rescued are already receiving treatment at a nearby hospital, while search and rescue operation was still on-going. While commiserating with the families of those that lost their loved ones, the state government said the mishap had again brought to the fore the need for the National Inland Waterways Authority (NIWA) to respect the recent verdict of the Court of Appeal which upheld the powers of the state government to

control its intra-inland waterways. Going into details of the mishap, Kamson said: “An unfortunate incident occurred at Ilashe today (yesterday) arising from overloading of passengers on a Banana boat taking off from an illegal Jetty which has become a perennial issue of the Lagos State Government to rid our waterfront areas of illegal operators. “We sympathise with the families of the deceased as 12 lives were lost in the mishap and four people receiving treatment in the hospital. “The LASWA rescue team has been on ground and search is still on-going. This brings to fore again the need for NIWA to allow the judgement of the Appeal Court granting Lagos Control of her waterways to take effect without hindrance. “It is a matter for regret that ever since the judgment was pronounced, NIWA has ejected all state Water Guards monitoring standards from all Federal owned jetties. In spite of this, the government of Lagos State aligns to the safety of citizens on

the waterways. All Lagosians are enjoined to wear standard life jackets at all times on our waterways,” Kamson said. Besides, the LASWA boss urged boat operators and other stakeholders in the inland waterways sector to adhere strictly to safety standards at all times. Meanwhile, THISDAY gathered that due to the secluded nature of the area, local divers were the first emergency responders who stormed the scene before other primary governmental responders arrived. With the help of those local volunteers, the emergency workers commenced search and rescue efforts and nine bodies were as at press time recovered while the search for others continues. At the scene were operatives of the National Inland WaterwaysAuthority (NIWA) and the Marine Police Division, with full compliments of personnel from the National Emergency Management Agency (NEMA). Confirming the incident, the

South-West Zonal spokesperson of NEMA, Ibrahim Farinloye, said most of the deceased persons were children. He said: “NEMA has just been alerted of a boat capsizing with nine dead bodies of victims recovered while some others are still missing. “The boat is said to be a private boat conveying church congregation from one side of Ilase village to the other side beach. “As at now, the number onboard the passenger boat is unknown but there is no indication that anyone had lifejackets on when the incident happened. “When the incident happened local volunteers swooped into search and rescue efforts and NIWA and the Marine Police were alerted by NEMA for prompt action immediately. “Unconfirmed reports indicate that many children are involved. However, the marine police will investigate the cause of the incident after our search and rescue operations.”

MONDAY AUGUST 21, 2017 ˾ T H I S D AY

NEWS

Niger Gov: Buhari’s Return, Blow to Mischief Makers Kogi declares today public holiday to celebrate president’s return IYC calls for focus on governance than politics Amby Uneze in Owerri, Sylvester Idowu in Warri, Yekini Jimoh in Lokoja and Laleye Dipo inMinna Niger State Governor, Alhaji Abubakar Sani Bello, yesterday said the return of President Muhammadu Buhari from medical vacation in London had dealt a blow on mischief makers in the country. This came as the Governor of Kogi State, Alhaji Yahaya Bello, yesterday declared today as public holiday and thanksgiving day to thank God for the safe return of President Muhammadu Buhari from London. President Buhari returned to the country at the weekend and was received by the Acting President Yemi Osinbajo and other government officials at the Nnamdi Azikiwe International Airport, Abuja. Bello said in a statement made available to journalists in Minna

yesterday that the mischief makers and death wishers had hoped that the president would not return to the country alive. “The president’s return has indeed dealt a dirty blow on mischief makers and death wishers who rather than wish the president well wanted him dead or to resign from office”. In the statement signed by his Chief Press Secretary, Jibrin Ndace, the governor regretted that “the perpetrators of such false, malicious and ungodly speculations and those calling for his resignation either wanted to overheat the polity for their selfish ends or are completely ignorant of the country’s constitutional provisions. “The president’s return has rekindled hope, strengthened the resolve and faith among Nigerians that the country will be great again”. The governor who had earlier visited the president when he was recuperating in London, also noted that the uncommon,

natural goodwill and support he enjoyed from most Nigerians would strengthen his resolve to return the country to the glorious past and take it to the next level. “President Buhari ‘s return to the country will no doubt rekindle our hope for a better Nigeria. Nigerians look up to him as a father - figure who is committed to building the

country of our dream” “The spontaneous positive reaction of Nigerians was a clear indication of the love for, and faith in the President’s capacity and political will to build a new Nigeria”. Also in the statement, the governor commended Vice President Yemi Osinbajo for

successfully piloting the affairs of the country throughout the President’s absence.” He also commended religious leaders, political organisations for their prayers, outpouring of love and solidarity during the president’s medical trip to London, and asked for the sustenance of such behaviour.

Meanwhile, Governor Bello of Kogi State, has declared today as public holiday and thanksgiving day to thank God for the safe return of President Muhammadu Buhari from London. The declaration came as the people of Imo State and their Governor, Chief Rochas Okorocha,

Cont’d on pg 57

Kogi Health Commissioner Blames Gastroenteritis for Death of Scores in State Yekini Jimoh in Lokoja The Kogi State Government has blamed gastroenteritis for the death of scores of persons in the state last week. Over 60 persons were believed to have died last week from a mysterious disease in Koloke, Okuna, Isanlu-Isa and adjourning Hausa-Fulani communities in Yaba-West Local Government Area of the state. But speaking with journalists in Lokoja yesterday, the state Commissioner for Health, Dr. Ahmed Saka, said the disease had been diagnosed to be gastroenteritis. Saka therefore called for calm, promising that the state government was making efforts to tackle the disease. “We want to assure the public that government is doing all that is possible to stay on top of the situation and forestall further loss of lives. “We will continue to inform the public as the investigation progresses,’’ the commissioner stated. Before the commissioner made the revelation, the state Governor, Alhaji Yahaya Bello, had directed him to immediately ensure that he has a proper diagnosis of the epidemic with a view to finding medical remedies to the unfortunate incident. Bello while speaking through his Director General on Media and Publicity, Mr. Kingsly Fanwo, on the efforts the state government was making to find a lasting solution to the disease, noted that it was working round the clock to avert a further loss of lives. The governor said: “Government will ensure the epidemic is tamed from doing further damage.” Bello said government had been working hard to arrest the situation since some deaths were reported, assuring inhabitants of the settlements of government’s readiness to provide healthcare

support to the affected persons. “We have been circumspect in disclosing the cause of the deaths and the statistics of casualties because the Kogi State Government will not rely on unverified claims by people who do not have accurate information and data on the incident. “We have directed the health commissioner to immediately ensure we have a proper diagnosis of the causes of the epidemic with a view to finding medical remedies to the unfortunate incident. “Survivors are under intensive care by the state government and our fears that the victims died of Lassa Fever are being allayed. There is no proof to link it with Lassa Fever. “In a couple of days, we will be able to address all the issues surrounding the epidemic and give accurate information to the public as medical experts are on the field gathering facts. “We sympathise with the families who have lost lives of their loved ones. But as a responsible government, we shall do everything possible to curtail the spread of the epidemic or ailment as the case may be,” Bello said. The governor urged residents of the area to be vigilant and take health precautions, saying government would continue to cater for the health needs of the citizens. He admonished Kogi residents to take the issues of personal and environmental hygiene seriously, as well as guard against selfmedication. “The state Ministry of Health has been campaigning against self-medication. We urge Kogites to always visit medical experts in clinics and hospitals to ensure they are diagnosed before treatment. On its part, government will continue to cater for the health needs of the people as every life is important to Kogi State,” he said.

CELEBRATING WITH A FRIEND

L-R: Member, House of Representatives, Wole Oke; Speaker of the House of Representatives, Hon. Yakubu Dogara; and Regent of Ojoto in Anambra State, Chief Gerald Mbamalu, during Oke’s birthday celebration in London…yesterday.

ArewaYouths Want Kanu Arrested over Hate Speech IPOB leader recants, insists on Anambra election boycott John Shiklam in Kaduna and David-Chyddy Eleke inAwka The Arewa Youth Forum (AYF) has called for the immediate arrest of the leader of the Indigenous People of Biafra (IPOB) Nnamdi Kanu, declaring that his activities were responsible for the increasing hate speeches and tension in the country. The AYF in a statement yesterday in Kaduna, noted that hate speeches and quit notices permeating the country were a direct fallout of the activities of Kanu National President of AYF, Alhaji Gambo Ibrahim Gujungu, who signed the statement, said action must be taken against Kanu’s activities which, according to him, is responsible for the current divisive tendencies that threaten the nation’s unity. According to Gunjungu, it was Kanu’s utterances that warranted the quit notice issued by northern youths to Igbo living in the northern part of the country. The group blamed the federal government for failing to take action against IPOB leader despite the fact he had violated all the bail conditions for his release. The group maintained that as a result of Kanu’s activities, almost every part of the country is threatening the other with quit notices.

“As the umbrella organisation of all youths in the North, we are worried of the descend to regionalism by major actors in the country but the federal government is to be blame. “Kanu has violated all his bail conditions but the judiciary has kept mute. The federal government on the other hand is allowing him to carry on as if he is operating a country with the Nigerian state. “A character like Kanu should not be allowed to hold the country to ransom. The earlier government act, the better. “We also want to use this opportunity to call on all those who, through their utterances or actions are doing what is threatening to dismember the country to desist from such, as we are better together as one indivisible country. “We are of the believe that the federal government has the capacity to reign in all those threatening the cooperate existence of the country, the government must not fail in its duty....” Gujungu said. The AYF, while welcoming Buhari back to the country from medical vacation in London, urged him to send the cabal in Aso Rock that has been a clog in the wheel of progress of his administration and preventing the Acting President Yemi Osinbajo from performing his duties. “We are happy to see that

Mr. President has improved tremendously and our prayer is that Allah (SWT) will continue to strengthen him, hear our prayers so that he would now have the strength to carry on with the work that Nigerians overwhelmingly mandated him to do for them in 2015. “As critical stakeholders that have been praying and keeping vigil for your safe return, youths from the 19 Northern states implore you to as a matter of urgency immediately send out the cabals that have been impeding on the progress of your administration. “This cabals that many referred to as the hyenas and the jackals have been hindering men of goodwill in your administration from functioning properly including the Acting President Yemi Osinbajo and the earlier you send them away the better, before they derail your government,” the statement urged. Meanwhile, the IPOB leader, Kanu, has denied that he has shelved his position on the boycott of the Anambra State governorship election in November. The Media and Publicity Secretary of the group, Emma Powerful, in a statement, said: “Our mission to Ekwulobia is to sensitise Biafrans to know the reason why it is necessary to boycott Anambra election and other subsequent elections in Biafran land

and to tell the world that election boycott stands. “We refute the rumours going round now that our leader, Kanu, has withdrawn the order IPOB gave against Anambra gubernatorial election on November 18, 2017. IPOB’s order of ‘no election’ remains unless the Nigerian government gives us date for referendum, we are not calling for war.” Kanu said the group was not at Ekwulobia to play Nigeria politics, rather to show the whole world how serious and determined they were towards the restoration of Biafra independence. “There will be no election in the whole of Biafra land, no retreat, no surrender because we have taken it as a point of duty to restore Biafra without war. Anybody or group calling for war is doing that at his or her own detriment. We are calling on the United Nations and other relevant human rights organisations across the globe to prevail on the Nigerian government to give us date for referendum to ascertain whether the people of Biafra want to stay in Nigeria or not. “IPOB under Kanu is a peaceful and ordained movement that is bent only to restore Biafra independence. We are not fighting for our personal gain and we are only interested in Biafra restoration or nothing, IPOB will boycott election in Anambra State.”

T H I S D AY MONDAY AUGUST 21, 2017

MONDAY AUGUST 21, 2017 Ëž T H I S D AY

NEWSEXTRA

NJC Rejects NBS Report on Judiciary as Second Most Corrupt Institution Alex Enumah in Abuja The National Judicial Council (NJC) yesterday dismissed a report by the United Nations Office on Drugs and Crimes (UNODC) in conjunction with the National Bureau of Statistics (NBS) ranking the judiciary as the second highest receiver of bribes in the country. The NJC which described the report as untrue, baseless, unfounded and a figment of the imagination of the two agencies, wondered the parameters used by them in reaching their conclusions. The statement which was signed by the NJCâ€™s Director of Information, Soji Oye, lamented that allegation was coming at a time when the current leadership of the judiciary was making frantic effort to bring desired reforms in the justice sector. â€œThe attention of the Nigerian judiciary has been drawn to the report of UNODC, in conjunction with the NBS titled, â€˜Corruption in Nigeria; Bribery: public experience and response â€“ 2017; alleging that the judiciary is the second highest receiver of bribes in the country. â€œThe judiciary finds the conclusion of the organisations not only subjective but speculative. â€œThere is no denying the fact that there are few bad eggs in the judiciary, like in every other arm of government; at the same time, there are many honest and hardworking judicial officers and magistrates

making the kudiciary and the country proud,â€? the statement read in part. The NJC stated that what should agitate the minds of the people was the criteria used by the UNODC and NBS to measure the level of bribe taking in the judiciary to grade it as the second largest receiver of bribes. â€œFor instance, what is the percentage of judges caught receiving bribe out of a total number of 1,059 judges in both the federal and state judiciaries? â€œWhat is the percentage of magistrates caught taking bribe from an estimated total number of 4,000 in the country? â€œHow many judges or magistrates have been arrested and/or prosecuted and convicted of corruption till date to deduce such conclusions?,â€? the NJC demanded to know. While still at a loss as to how the agencies arrived at their conclusions, the statement claimed that the judiciary was the only arm of government that has been investigating its judicial officers and dealt appropriately with those found guilty by dismissal or removal from office. NJC added: â€œMembers of the public are also aware that the NJC has been recommending judges found guilty of corrupt practices to the appropriate security agencies for prosecution. â€œIt is unfortunate that this orchestrated allegation is coming

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at a time the current Chief Justice of Nigeria and Chairman of the NJC, Justice Walter Samnuel Onnoghen is making frantic efforts to stamp out corruption, restructure the judiciary and

also give the Nigerian legal system a new lease of life for the rule of law to take its firm roots in the country. â€œThe judiciary calls on the general public to disregard the afore-stated

allegation as it is untrue, baseless, unfounded and a figment of the agenciesâ€™ imagination. â€œTheNJCasusualcallsonmembers of the public to forward written

petitions against any judicial officer found soliciting or receiving bribes or otherwise engaging in conducts unbecoming of a judicial officer to the NJC for appropriate action.â€?

Adoke Accuses Presidency, EFCC of Plot to Abduct Him Shola Oyeyipo Former Attorney-General of the Federation and Minister of Justice, Mohammed Bello Adoke (SAN), has raised the alarm over an alleged plot by the federal government and its agency, the Economic and Financial Crimes Commission (EFCC), to forcibly extradite him back to Nigeria over corruption allegations. Adoke in a statement he personally signed yesterday and titled: â€˜Threat to My Life and Impending Abduction,â€™ pointed accusing fingers at the presidency, unnamed powerful families in the country and the EFCC as the masterminds of the plot to whisk him back to Nigeria against his wish. According to him, the EFCC in collaboration with the presidency and the families he mentioned are fine-tuning plans to illegally abduct him and forcibly drag me to Nigeria so as to detain and humiliate him for his audacity to challenge

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his â€œcontinuous persecution, intimidation and harassment by the EFCCâ€? in court. â€œI wish to use this medium to once more sensitise Nigerians and the international community about the flagrant abuse of my rights being perpetrated by Nigerian authorities under the guise of fighting corruption and the plan to illegally abduct me against all known international laws, rules and norms in order to forcibly take me to Nigeria akin to the botched â€˜Umaru Dikko Sagaâ€™ in the UK in 1984 for the sole purpose of humiliating and illegally detaining me indefinitely for daring to challenge the actions/illegalities of the EFCC before Nigerian courts and relevant UN Human Rights mechanisms. â€œI have petitioned the United Nations (UN) Special Rapporteur on the Independence of Judges and Lawyers about my plight and the deliberate efforts being made by the EFCC and the government to deny me my livelihood, family life, as well as my legitimate right to fundamental freedoms,â€? he alleged.

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Explaining the source of his predicament, Adoke said: â€œIt will be recalled that following relentless media attacks on my person by the EFCC acting in concert with some powerful families with known ties to the government which culminated in the filing of phantom money laundering and corruption charges against me, I made spirited efforts to engage with relevant officials of government including the EFCC, the office of the AGF and the presidency to furnish them with all the information in respect of the OPL 245 Settlement Agreement between the Federal Government of Nigeria and Malabu Oil & Gas Limited which was brokered by the administration of President Olusegun Obasanjo. â€œI also furnished copies of relevant agreements and presidential approvals to implement the settlement agreement; evidence that the signature bonus of US$210 million due to government was duly paid and that all the officials that were involved in the implementation of the settlement

agreement acted in furtherance of the requisite presidential approval to actualize governmentâ€™s desire to end a long standing dispute over the ownership and operation of Block 245 that had prevented the commercial exploitation of the block for the benefit of the country. â€œDespite my best endeavour to explain the transaction, it became obvious that those who felt aggrieved by my refusal to use my office to further their interests in Malabu Oil and Gas Limited, (the beneficiary of the OPL 245 Settlement Agreement) were intent on impugning the transaction in order to strengthen the hands of their collaborators in government to repudiate the settlement. Consequently, concerted efforts were made in the media to taint the otherwise transparent implementation of the settlement agreement with corruption. I was singled out for prosecution in the absence of any proof of personal interest/gain or wrongdoing on my part.â€?

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MONDAY AUGUST 21, 2017 Ëž T H I S D AY

NEWSEXTRA

NEITI: FG, States, LGs Shared N2.8tn in First Half of 2017 38% increase over 2016 figure

Bennett Oghifo The three tiers of government (federal, states and local governments) shared N2.788 trillion between January and June this year, a 38 per cent increase on the N2.019 trillion shared in the first half of 2016. This disclosure is contained in the NEITI Quarterly Review which focuses on the disbursement from the Federation Accounts and Allocation Committee (FAAC), according to a statement yesterday by NEITIâ€™s Director, Communications and Advocacy, Dr. Orji Ogbonnaya Orji. The statement said the review was based on data obtained by NEITI at the meetings of FAAC and data from National Bureau of Statistics, Office of the Accountant General of the Federation, Federal Ministry of Finance and the Debt Management Office. â€œOut of $2.788 trillion disbursed in the first half of 2017, the Federal Government received N1.09 trillion, 36 state governments received N923 billion while N549.8 billion went to 774 local governments in the country. â€œA further breakdown shows that total releases to the three tiers of government was N430.16

billion in January, N514 billion in February, N496.40 billion in March, N418.82 billion in April, N418.82 billion in May and N462.36 billion in June.â€? However, despite the 38 per cent increase in disbursements in the first half of 2017, when compared with 2016, all the three tiers of government suffered significant revenue decline in terms of projected FAAC disbursement. The NEITI Quarterly Review observed that, â€œCoupled with the low price of oil is the countryâ€™s difficulty in meeting the targeted/budgeted production rate of 2.2 million barrels per day. Production has consistently fallen below two million barrels per day since March 2016. Thus the double â€œwhammyâ€? of low oil prices and lower production that hit the country since 2014 has remained.â€? For instance, while the expected FAAC disbursement for the three tiers of government was N4.7 trillion, the actual FAAC disbursement to them was N2.788trillion, representing a shortfall of over 40.67 per cent. According to the publication, â€œThe volatility nature of disbursements to all tiers of government in the first

half of 2017 would suggest difficulty in implementing budgets at federal, state and local government levels. The volatility in revenue inflows will adversely affect planning and expenditure of government and thus likely hamper efforts at stimulating growth and development.â€? The NEITI Quarterly Review further disclosed that a total of N513 billion was spent on debt servicing by the three tiers in the first quarter of 2017. This was against the N1.276 trillion disbursements in the first quarter. This means that debt servicing took up 40.27 per cent of FAAC disbursement for the first quarter of this year. â€œThe figure reveals that debt servicing as proportion of total FAAC allocations is generally higher in the first quarter of the year, after which it falls to lower levels. Based on this, the figure of 40.27 per cent observed in the first quarter of 2017 might be an upper threshold and it would thus be expected that this figure will be lower for the remaining quarters of the year,â€? the Report concluded. However, the Debt Management Office (DMO) is yet to provide data on the figure for the second quarter of 2017.

In this direction, the NEITI publication expressed concern that, the nationâ€™s debt in relation to revenues appears to have reached critical levels. It further disclosed that domestic debt servicing constituted 90% of total debt servicing. The Report also remarked that â€œdomestic debt servicing consistently outstrips external debt servicing. In the first quarter of 2015, domestic debt servicing made up over 93% of total debt servicing. This figure did not change much by the first quarter of 2017 as domestic debt servicing was over 92 per cent of total debt servicing.â€? On the Paris Club debt refund to the 36 States and Federal Capital Territory (FCT), the NEITI Quarterly Review confirmed that N760.18 billion was released by the Federal government to the 36 states and the FCT. The money, which was paid in two tranches, represented refunds of over deductions from FAAC allocations to states and local governments used for quick payment of debt relief granted to Nigeria by the Paris Club between 1995 and 2002. The NEITI publication disclosed that Rivers received the highest amount of N44.93

NIGER GOV: BUHARIâ€™S RETURN, BLOW TO MISCHIEF MAKERS yesterday expressed their gratitude to God for the return of President Buhari to the country. A statement issued yesterday by the Director General on Media and Publicity to the governor, Mr. Kingsley Fanwo, stated that the gesture was in line with the support of the people of the state for the renaissance of the country by the president. â€œWe urge Kogites to also use the occasion of the public holiday to pray for Mr. President as he resumes his responsibilities of repositioning Nigeria.â€? The governor described Buhari as â€œan African icon who is a nightmare to corruption.â€? According to him, Buhari is adored around the world â€œfor his vision and commitment to the greatness of Nigeria. â€œNigeria was almost a globally blacklisted country due to the institutionalised corruption until the advent of the man who world leaders respect as the antidote for corruption came on the stage to reverse the trend. Mr. Integrity is the singular reason the world is having hope in a prosperous Nigeria. â€œLet me thank Nigerians for standing firmly with the man who has restored their hopes. â€œNigerians prayed fervently for the recovery of Mr. President and their prayers have been answered. â€œWith the return of Mr. President, we are reassured that good governance will continue to be the lot of our nation. â€œThe acting president has displayed competence, loyalty and patriotism throughout his stint. It is a testimony that our party is blessed with great

leaders.â€? Bello urged Nigerians to continue to support the change initiative of the federal government, insisting that Nigeria is better than it was two years ago. â€œWe are witnessing a transition from a badly damaged economy to recovery. We have seen how gradually the federal government is rebounding the economy of our great nation. â€œEconomic growth is gradually becoming visible. Nigeria will continue to witness progress,â€? he said. Meanwhile, Okorocha and said it was a thing of joy that Buhari returned home strong and healthy after four months of medical trip to London. He equally thanked God for answering the prayers of Nigerians for granting the president total recovery from the ill-health that took him outside the country. According to the governor, if anything had happened to the president, no doubt, the country would have been thrown into a state of uncertainty. He added that it was out of Godâ€™s abundant love for the country that the president recovered and came back alive and healthy. Okorocha said though the president is back, Nigerians should continue in their prayers for him, his family and for the nation. â€œOnce again, the government and good people of Imo State welcomes back the president, and pray that the good Lord will continue to sustain him as he continues to serve God and humanity especially Nigerians

who elected him,â€? he stressed. However, with the return of President Buhari to the country, the Ijaw Youth Council (IYC) has urged him to hit the ground running by solving the various agitations and economic challenges facing the country. It advised the president to focus on good governance rather than politicking. According to a statement issued by the factional President of IYC, Eric Omare, the Ijaw youths noted that the economy had suffered tremendously due to the constant absence of the president on health grounds. â€œThe IYC worldwide while joining Nigerians in expressing delight over the return of President Buhari to Nigeria call on him to focus on governance by hitting the ground running rather than unnecessary politicking. â€œThe Nigerian polity especially the economy has suffered from the constant absence of President Buhari due to health challenges, however now that he has returned in good state, he should take urgent steps to address the economic challenges to take Nigeria out from economic recession, address the agitations in the Niger Delta region, the IPOB agitations and the different calls for self-determination and restructuring in the country. â€œWe want to strongly advise President Buhari not to be misled by selfish politicians to disregard the different agitations in the country. The agitations are genuine and must be addressed for the country to make progress,â€? he said. The IYC president also

advised the president to avoid the temptation of been too engrossed in intra and inter party politics, adding â€œWhat Nigerians need now is serious and purposeful leadership to address the multifarious problems facing the country. This is not time for politics but it is time for President Buhari to rise up as statesman to address the national challenges. â€œIn the coming days and weeks, we expect President Buhari to take concrete steps towards addressing the demands for restructuring, sincere commitment towards the Niger Delta peace process and steps towards economic recovery including resolution of the ongoing industrial action by university teachers,â€? he added. Also the National Coordinator of Centre for Peace and Environmental Justice CEPEJ and a Niger Delta Activist, Sheriff Mulade, yesterday urges maximum support for President Muhammadu Buhari to enable him steer the ship of state successfully devoid of politics. While expressing excitement over the return of President Buhari back home from medical vacation in London, he also urged Nigerians to remember the President in their prayers. According to a press statement in Warri, the elated CEPEJ boss said that it was a good thing that the president was back, imploring Nigerians to always remember the president in their prayers and give him maximum support to carry on. â€œWe at CEPEJ are so excited about the return of Mr. President back home after over 100 days of medical vacation in London. We thank God for the life of our president.

billion; followed by Delta with N37.61billion; and Akwa Ibom N35.98 billion. Bayelsa got N34.9 billion while Kano State received N31.74 billion respectively. The FCT received the lowest amount of N2.05 billion. The NEITI Review reports that â€œthe Federal Ministry of Finance stressed that the Paris Club releases should be used largely by the states for the payment of workersâ€™ salaries, welfare, and pensions which may have been pending since 2014.â€? The NEITI Quarterly Review also confirmed that the NNPC has completed the refund of N450 billion owed the Federation Account, as a result of portions of domestic crude receipts withheld by the corporation from November 2004. This followed the implementation

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of a payment schedule worked out between the corporation and the FAAC. From the NNPC debt refund which commenced since 2011, a total of N206.242 billion was paid to the federal government, N151.446 billion was paid to the 36 states and FCT while the 774 local governments collectively received N92.311 billion. NEITIâ€™s interest in providing timely information and data on the FAAC allocations to the three tiers of government is in line with its mandate to monitor and enthrone transparency in the management of extractive industry revenues. NEITIâ€™s is also interested in the FAAC disbursements in view of the fact that over 70 per cent of the funds involved are derived from the extractive sector.

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MONDAY AUGUST 21, 2017 ˾ T H I S D AY

NEWSEXTRA

Osinbajo Orders IG to Commence Community Policing Omololu Ogunmade in Abuja Acting President Yemi Osinbajo has ordered the Nigeria Police to commence the implementation of community policing programme.

The acting president gave the order at a one-day National Economic Council (NEC) security retreat held at the Banquet Hall of the Presidential Villa last Thursday. Making this disclosure in a statement last night, the acting president’s spokesman, Mr. Laolu

Bakare Calls Buhari, Obasanjo, Jonathan,Yar’Adua Colonial Masters Omololu Ogunmade in Abuja The pastor of the Latter Rain Assembly, Tunde Bakare, yesterday described President Muhammadu Buhari and his predecessors, Olusegun Obasanjo, Umaru Yar’Adua and Goodluck Jonathan, as colonial masters. Bakare who was Buhari’s running mate at the 2007 presidential election, made this submission while delivering a sermon in his church at Ogba, Lagos and aired on Channels Television. Bakare who recalled one of his trips to the United States, said members of a US church where he was invited to preach were lamenting that they found themselves in the country because their forefathers were brought as slaves. The lawyer turned preacher who said he challenged the congregation that if they got to the US as slaves why couldn’t they return to their original land? He said when people leave their country because they could not fix their problems and searching for solutions where things are fixed, they remain slaves. Comparing the situation to the Nigerian experience, he said Obasanjo who spent billions of naira on power that could not produce a candle and yet not being questioned by anyone, is a colonial master. He then proceeded to list Buhari, Jonathan and Yar’Adua as other colonial masters. “Obasanjo spent eight years in power, spent huge sums on power and there is no candle from it. Nobody is asking him questions over that investment. Obasanjo

is a colonial master. Jonathan is a colonial master. Yar’Adua is a colonial master. Buhari is a colonial master,” he said. Taking a further swipe at the current government and apparently criticising incumbent ministers for inefficiency, he said neither work nor housing has been seen. According to him, whereas the apparent excuse is that there is no money to execute projects, yet the ministers have continued to earn salaries. “Work, housing, we have not seen. Is it their fault? There is no money but they are earning salaries,” he wondered. The preacher then proceeded to state that until Nigeria is restructured, nothing will work, pointing out that if former military President, Gen. Ibrahim Babangida and others are talking of restructuring now, it is clear that the time to restructure the country has come. “Until you restructure, nothing can work. Until you restructure, you can do nothing. Put the cart before the horse, it can’t work,” he added. Bakare who then slammed the North over its stiff opposition to restructuring, said the region is afraid because it fears that restructuring will render it bankrupt and desolate. According to him, unlike the situation in the past when different regions could feed themselves, states now depend on Abuja for survival because Nigeria is a mono-product economy. “Why is the North suddenly afraid of restructuring? It is because they know that they will suddenly become desolate and bankrupt,” he further said.

Again, Unknown Gunmen Kill Ortom’s Aide George Okoh Unknown gunmen yesterday morning attacked and killed the Principal Special Assistant on Knowledge Economy and Investment to Governor Samuel Ortom of Benue State, Dr Tavershima Adyorough. Adyorough was shot and killed by gunmen who invaded his residence at about 12.30a.m. and also shot his wife who is on admission in the hospital. Adyorough who only returned back to Nigeria to serve under the Ortom-led government two years ago, was said to be very valuable to the government. Meanwhile, the governor has described the killing of his aide as sad and unacceptable and condemnable, urging security

agencies to swing into action immediately so as to arrest those responsible for the dastardly act. He demanded the arrest and prosecution of the killers of Adyorough. The governor stated that Adyorough was a competent and dependable aide who delivered on his assignments with dedication and honesty. He sympathised with the immediate family of the deceased and the people of the state, pledging that he would support security agencies in apprehending the culprits. He urged those with useful information that can lead to the arrest to make same available. Unknown gunmen had in 2016 killed a former Special Assistant to the governor on Security, Mr. Denem Igberna.

Akande, said Osinbajo asked the Nigeria Police to immediately begin the implementation of community policing to ensure protection of life. “Indeed, the acting president has already directed the immediate implementation of the federal government community policing programme in a bid to shore up protection of life and security in the country,” he said. He said the retreat was organised to review current security challenges across Nigeria with a view to finding lasting solutions to identified problems. According to him, the retreat featured presentations on the national security, terrorism in the North-east, herders/farmers clashes, ethno-religious crises, regional agitations for secession, hate speech; kidnapping; and security challenges in the Niger Delta. “There was a clear conclusion that policing the country and the entire law enforcement generally, cannot effectively continue without devolving policing and law enforcement out to the states. “But it was also noted that while the idea of state police requires

constitutional amendments, the community policing model must now be enforced,” the statement said. Akande also quoted Osinbajo as saying “we must enforce a model that democratises security in such a way as to include everyone in the process of protecting themselves, securing their own lives and the lives of people in their community. “The simple advantage of the arrangement is that it means that it would involve the ordinary citizen in ensuring his security and that of his community. It must involve all local leaders, all structures of civil society. And on every street, the police ought to have one or two persons who can contact the police at short notice.” The statement added that presidential directive to the IG on community policing was pursuant to Section 215(3) of the Constitution of the Federal Republic of Nigeria 1999, as amended and Section 10(1) of the Police Act Cap. P19, LFN 2004. He quoted Section 215(3) of the Constitution as saying that “the President or such minister of the government of the federation as he

may authorise in that behalf may give to the IG such lawful directions with respect to the maintenance and securing of public safety and public order as he may consider necessary and the IG shall comply with those directions or cause them to be complied with. “Also section 10 (1) of the Police Act, ‘the president may give to the IG such directions with respect to the maintaining and securing of public safety and public order as he may consider necessary, and the IG shall comply with those directions or cause them to be complied with.’” The statement added: “The roll-out of the community policing programme is intended to enhance crime prevention and control, improve intelligence-gathering capabilities of the police and deliver quality and people-oriented policing. “The programme will involve the community partnering with the police to uncover and solve crimes through a process involving town hall meetings to assess security situation and security priorities of the communities, the performance of the police and the nature of the support the communities can

provide to improve the quality of policing.” The statement further said the retreat discussed concerns about the delay in the arrest and prosecution of perpetrators of terrorist acts, kidnapping and purveyors of hate speeches. Against thisbackground,thestatement saidthedesignationofspecialcourtswas advocatedwitha consensusthatjudicial andexecutivearmsofthefederalandstate governmentswill be working together to establish such courts. It also said the federal government would also help states develop a template on how such special courts would be established and managed. On farmers/herdsmen clashes, it said NEC agreed that both the federal and state governments need to properly define the problems and eschew the ethno-religious construction of an economic challenge. “NEC members stated that it would be useful bringing the different groups together-herdsmen and the farmers -to meet and discuss, and also work out some of the issues that concern them,” he said.

INFRASTRUCTURE POWER HOUSE

Minister of Power, Works and Housing, Mr. Babatunde Fashola (left); with the Acting Director General/CEO, Infrastructure Concession Regulatory Commission, Mr. Chidi Izuwah, during the Nigeria Industrial Policy and Competitiveness Advisory Council’s Critical Infrastructure Stakeholders’ session on power, road and broadband, in Lagos...recently

EX-PDP CHIEFTAINS GIVE PARTY CONDITIONS FOR RETURN “This sudden resurrection of the ruling party’s interest in ‘restructuring’ after several months of denial by the chairman of the APC, Chief John Odigie-Oyegun, Minister of Information, Alhaji Lai Mohammed, some governors elected on the platform of the party, and other senior party officials that the APC promised restructuring in its manifesto and during the campaigns in 2015, is the latest in a series of deceitful ploys designed and being implemented by the party to hoodwink Nigerians ahead of the 2019 general election,” the main opposition party said. PDP added: “Restructuring is a process of re-arrangement, re-organisation or re-formation in the manner or way in which something (in this case governance) is done. “Restructuring is the modification of the system of governance to

guarantee the socio-economic and political growth and development of the Nigerian people.” PDP noted that it had become imperative to inform Nigerians that it is not against the restructuring of the system of governance in the country in a manner that places Nigeria firmly on the path of growth, development and prosperity. According to PDP, its commitment to constantly seeking solutions to the challenges confronting the nation had led it to amend its constitution to include the equitable devolution of power for greater functionality, national integration, and rapid economic and socialreconstruction,amongotherissues. PDP also argued that it was due to its commitment to restructuring the system of socio-political governance in Nigeria for better functionality and efficiency that the administration of former President Goodluck Jonathan convened a National Conference to

recommend amendments to the Nigerian Constitution. “This conference submitted a report with several proposed amendments to the constitution which the APC-led federal government has refused to implement more than two years later. “It is imperative to point out that the APC was the only political party which refused to attend the National Conference in 2014. It is also imperative to point out that APC’s refusal to participate at the conference was predicated on narrow and selfish interests. “Further evidence of our commitment to the restructuring of the country is provided in a statement to newsmen by the National Chairman, Senator Ahmed Makarfi on June 22, 2017. “In light of the above, we reiterate our support for the restructuring

of the system of governance in the country to ensure more functional and efficient governance at all tiers of government. “We urge opinion leaders and leaders of thought around the country to participate in the process in the best interest of our country and its people. “Finally, we wish to reiterate our position that the APC has nothing more to offer Nigeria and Nigerians. The party only resorts to unbridled propaganda as a ploy to deceive Nigerians and distract them from the topical issues upon which they are required to assess APC’s performance in office. “Nigerians should never take the APC for its word. It is a party that was built and is still being sustained by propaganda. Making empty promises is its stock in trade. It is a do nothing party that believes in nothing,” said the PDP.

MONDAY AUGUST 21, 2017 ˾ T H I S D AY

NEWSEXTRA

Violence as PDP Wins Gombe State Constituency By-Election Segun Awofadeji in Gombe Unidentified political thugs yesterday stormed two polling units with dangerous weapons disrupting proceedings during the Dukku-North State Constituency by-election where the Peoples Democratic Party’s (PDP) candidate, Hon. Saidu Kawuwa Malala emerged winner. THISDAY checks revealed that though the results of the two polling units, 19 and 23 where there was violence and unit 24 were cancelled in Malala ward, it however did not prevent the PDP candidate from winning the election after polling 7,060 votes to beat his closest rival from the All Progressives Party (APC), Alhaji A Inuwa, who polled 4,024 votes from the entire six wards of the constituency. The Collation Officer for Malala ward, Dr. Musa Dahiru, while presenting his results at the constituency collation centre in Government Secondary School (GSS) Malala, explained that thugs in two Hilux vans stormed the polling units threatening election officials to give them ballot papers thus creating chaos and disrupting the electoral procedure. He reported that one person sustained serious injuries after being stabbed with a knife just as the results were cancelled. In unit 24 of the same ward, Musa reported that the voting machine was faulty, as such;

details of some voters were not matching with what was on their Permanent Voter’s Cards (PVCs). Following this confusion, the results from the ward showed that there was over voting in the unit and the result was also cancelled. But the Returning Officer of the election, Professor Musa Sani Saidu, while announcing the overall results which ended by midnight of Saturday said, the cancelled results from the three units amounting to 1,700, even if added to the closest looser, the PDP candidate will still win with a clear margin. “This situation cannot therefore result in making the election inconclusive”, Professor Saidu pointed out. He therefore, announced Saidu Kawuwa Malala winner and returned him elected as the member representing Dukku-North State Constituency in the Gombe State House of Assembly. The election which witnessed a not-too-impressive turnout was contested by five other candidates from Labour Party, Sirajo Mohammed, who polled 29 votes; Mohammed Ahmed Hashidu, GNP 29 votes; Yakubu Abubakar, ADPN – 31 votes; Abubakar Ibrahim Hashidu, Accord Party – eight votes while Mohammed Adamu Mohammed of the AA party polled eight votes. Reacting over the exercise which was conducted amid

Shell Raises the Alarm over Safety Risks from Illegal Occupation of Belema Facility Ejiofor Alike Shell Petroleum Development Company (SPDC) has raised the alarm that the continued illegal occupation of Belema flow station and gas plant in Rivers State since August 11, 2017, has safety implications both for the people at the facilities and nearby communities. According to a statement issued yesterday by SPDC spokesman, Mr. Bamidele Odugbesan, the company said it was “deeply concerned that unauthorised persons, including women and children, have been observed in close proximity to equipment that process crude oil and gas without the protection of safety clothing that is mandatory for people working in or accessing such restricted areas.” Shell said it had carried out an emergency shutdown of production ahead of the illegal occupation, but has been unable to access the facilities since then to ensure a safe shutdown over a prolonged period. “The continued illegal occupation for many days exposes people at the plant to higher safety risks as anything could trigger a spill or fire with potentially serious consequences,” the statement added. The company added that it would remain committed to the development of the Niger Delta, especially host communities including Belema and Kula. “The SPDC JV partners have contributed $29 billion to the economic growth of Nigeria between 2012 and 2016. The SPDC JV is also currently supporting various Global Memorandum of

Understanding (GMoU) Cluster Development Boards in the Niger Delta and mentoring NGOs to deploy a total of N7 billion for development projects of host communities’ choice under the GMoU programme,” Odugbesan added. The company had earlier decried the illegal occupation and had also informed the relevant authorities. Debunking allegations of neglect of communities in Kula kingdom and Belema, Shell said it had implemented a GMoU in the area that led to a wide variety of social investment projects including university scholarships awards. It explained that the Rivers State Government initiated a mediation process for the resolution of disagreements in the community, which had resulted in the creation of the Kula Project Implementation and Monitoring Committee (PIMC) in 2012. The PIMC served as an interim platform for the delivery of social investment initiatives and programmes worth N263 million in the Soku-San Berth Project. These projects are separate from the GMoU projects initiated by communities using funds provided by the SPDC JV. A GMoU was eventually signed in 2014 for the Kula Cluster but Shell said it had not been implemented because of continuing intra-community disagreements. According to the company, as at 2015, there were a total of 11 court cases involving different groups with SPDC as a co-defendant in all of them.

tight security and under the watchful eyes of INEC National Commissioner in

Charge of Bauchi, Gombe and Yobe States, Baba Shetima Arfo and the Gombe State Resident

Electoral Commissioner (REC), Alhaji Umar Ibrahim, they both described the process as very

transparent even though they had expected more turnout of voters.

RUBBING MINDS

Former Governor of Anambra State, Mr. Peter Obi (left); and Prof. Pat Utomi, at the 28th Theology Week of the Catholic Institute of West Africa, Port Harcourt...recently

Wike, Fayose, Ugwuanyi Storm Anambra for PDP Ward Congress Today Nwosu insists on credible primary David-Chyddy Eleke in Awka The trio of Governors Nyesom Wike of Rivers State, Ayo Fayose of Ekiti State and Ifeanyi Ugwuanyi of Enugu State are billed to be in Anambra State today for the ward congress of the Peoples Democratic Party (PDP). The three governors were mandated by the party to lead the conduct of the party’s congress for the nomination of three delegates from the 326 wards of the state which would hold

today. THISDAY gathered that the governors are expected at a hotel in Awka, but as at the time of filling this report, they were still being awaited, with all the logistics put in place for their arrival. When THISDAY visited the venue, it was noticed that the atmosphere was charged, with several big wig politicians from the party awaiting their arrival in the hope of going into private meetings with them as the intrigues over the delegates’

list of the party heightens. Meanwhile, the Caretaker Chairman in the state, Prof ABC Nwosu, has promised that there would be a credible ward congress and primary election in the state. Nwosu who spoke with journalists while awaiting the arrival of the governors, said his team is ensuring that no aspirant of the party highjacks the process. “We have been meeting stakeholders and members of the party in the state, and we have

assured them that the process will be fair. We are in Anambra to ensure that we restore the political process in the state, and we are surprised that our people have been seeking to bend the rule. “We have been running the party on our own pockets, and that is just because we do not want to be collecting money from the aspirants. We have been fair to all, and I can tell you that no one can accuse us of collecting money from them,” Nwosu said.

Abia Oil Producing Communities Decry Neglect by NDDC Accompanied on the visit of the of the projects, the commission had West to pass through the Asa

Uchenna Nwosu in Aba

Ukwa people of Abia State, under the aegis of Asa Development Union (ADU), have warned the Niger Delta Development Commission (NDDC) and oil exploring companies in the area against pushing them to resort to violence over the continued neglect of their communities by sidetracking them in the scheme of things. Conducting journalists round the various sites where projects were started but abandoned by NDDC over 10 years ago in many communities in Ukwa West Local Government Area, the President General of Asa Development Union, Dr. Onwubiko Dike, insisted that since the discovery of crude oil in Owaza in Asa in 1958, the people have not enjoyed any landmark project to atone for the long years of degradation of their environment.

abandoned projects by elders and leaders of thought from various communities in Asa land, Dike lamented that even the ones sited and started sometimes ago have been abandoned by the commission, thus giving the impression that Asa communities are not part of the oil producing communities of this country. He disclosed that the NDDC has reneged in all agreements it had with people which, according to him, included the building of a multi-million civic centre/ multi-purpose hall at Ugwuati, a modern sports complex at Okeikpe, 132/133kv electricity substation at Ikpokwu, Obokwe district hospital as well as the reconstruction of Ugwuati-Obokwe-Uratta-Aba road amongst other agreements. He regretted that despite the efforts made by his people to enter into dialogue with the NDDC aimed at ensuring the completion

continued to rebuff any parley that would make contractors handling the projects in Asa land to return to sites. Addressing journalists later at a meeting of Asa Development Union in Obehie attended by prominent sons and daughters from the area, Dike outlined the sad experiences of Asa people in the hands of the commission which, he said, included the non-execution and abandonment of its projects, awards of non-existent of roads/ bridges, poor execution of its projects, non functionality of the few executed projects, deliberate denial of Asa people of benefits of NDDC human capacity development programmes among others. In their remarks, the Secretary General of ADU, Dr. Ikechi Ajuzieogu and an elder in Asa land, Alfred Agomuo, requested that all the NDDC projects meant for Ukwa

Development Union before they are satisfied for execution, adding that a joint programme committee of NDDC and Asa Development Union should be instituted to assist the conceptualisation, design, implementation and execution of any project to be sited in the area. “Award of contracts to Asa indigenes should be a top priority of NDDC in the execution of infrastructural projects sited in Ukwa West LGA for the purpose of empowerment and ownership by Asa people”, they further demanded. The people used the opportunity to call for the immediate swearing in of their son as a member of the commission now that President Muhammadu Buhari has returned from his medical vacation, pointing out that it was only Abia that has not had a representative on the board of the NDDC.

T H I S D AY ˾ MONDAY, AUGUST 21, 2017

MONDAYSPORTS

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

Plateau Utd Slips as MFM FC Closes in on the NPFL Title

Duro Ikhazuagbe

Plateau United’s six-point lead at the top of the Nigeria Professional Football League (NPFL) was reduced to just three points yesterday in a Match-day 35 clash in Ilorin as the Jos-based club suffered a 2-0 defeat to Abubakar Bukola Saraki (ABS) FC. Samuel Adedeji tucked in the penalty awarded ABS five minutes into the game before Akinbo Segun took the game beyond the reach of the men from plateau with his strike in the 65th minute. Despite the defeat, Plateau still lead the log on 62 points, just three points ahead of second placed MFM FC who defeated Gombe United 1-0 at the Agege Stadium in Lagos. Monsuru Bashiru scored the winner for MFM in the 21st minute. The duo of Stephen Odey and Sikiru Olatunbosun were conspicuously missing from the MFM line up as they were away on national duties with the home-based Eagles who defeated Benin Republic 2-0 in a CHAN qualifier in Kano. Elsewhere, Rivers United continued the move into safety zone after defeating Enyimba 2-1 in Port Harcourt. The Pride of Rivers people are now 11th on the log. Meanwhile, Abia Warriors Head Coach, Abdul Usman

Biffo has described as disappointing his side’s 0-2 loss to Kano Pillars yesterday at the Sani Abacha Stadium in Kano. Two first half goals off the foot of duo, Nwagua Nyima in the 25th minute and captain, Rabiu Ali in the 27th minute proved adequate to hand the Kano landlords the whole three points at stake in the clash. Biffo said forthright that his match-plan failed his side in the crucial game against Kano Pillars. “The outcome of the clash was not what we planned for coming to Kano to confront Kano Pillars. “I think we have ourselves to blame for the poor performance as our tactics failed us woefully. “Unfortunately, before we could come up with the required change the home side had scored their two goals. “Well, this one is gone we have to look forward to other

matches on the calendar to ensure we get good results,” said the former Niger Tornadoes coach to supersport. com. Biffo however could not

hide his joy for the Kano Pillars precious captain and midfielder, Rabiu Ali. “Rabiu Ali is a wonderful player to have in any team he is truly an asset to the Kano

Pillars side. “Rabiu played and scored against Benin Republic in the CHAN qualifier and less than 24-hour here he is up for the side and scoring as well,” said

Biffo to SuperSport last night. Pillars Head Coach, Ibrahim Musa said his jewel, Rabiu Ali is a game changer that is why he fielded him against Abia Warriors.

MATCH-DAY 35 Rangers Int’l 2-1 Katsina Utd Wikki Tourists 1-0 Remo Stars Rivers Utd 2-1 Enyimba Int’l ABS FC 2-0 Plateau Utd MFM FC 1-0 Gombe Utd K’ Pillars 2-0 Abia Warriors Shooting 2-0 Nassarawa FCIU 1-0 Akwa Utd Lobi Stars 3-2 Elkanemi Sunshine 2-1 Tornadoes

Marcos Alonso celebrating his brace in the 2-1 defeat of Tottenham Hotspur... yesterday

reuters

$12,000 up for Grabs P R E M I E R L E A G U E as Chamberlain Moses Shines as Chelsea Spoils Spurs’Wembley Opener Squash Open Begins Promoted Huddersfield defeats Newcastle to make it two out of two The maiden Chamberlain Squash Open (CSO), which kicked off at the weekend in Lagos is set to chart a new frontier for the game in the country. Sponsor of the event, Chamberlain Usoh, who spoke at the weekend during a media parley in Lagos, said that he has full confidence in the leadership of new President of the federation, Boye Oyerinde, to take squash to fresh heights. He revealed that about $12,000 will be up for grabs at the tournament which will feature both local and international players. According to Osoh, one of the key reasons for sponsoring the championship, he revealed, is to ensure that more Nigerians get ranked in the Professional Squash Association (PSA), ranking. In his remarks, Oyerinde, thanked the sponsors for finding squash as a veritable sport for sponsorship and assured him and other stakeholders in the sport that they will not be disappointed with their investment. The new squash boss further assured stakeholders that the new board has been reaching

out to great minds of the past to help reposition the sport. “Former President of the board, Dr Kayode Roberts is on the board and we have been making moves to bring people like like Barr. FRA Williams and Barr. George Etomi, so that we can together move the game forward and the discussions with these great men have so far been fruitful,” he revealed. Oyerinde, said the clincher is the to revive the annual Chairman’s Squash Tournament for sports journalists, that was initiated by Dr Roberts and sooner than later the media will be awash with plans for the tournament expected to coincide with a major national or international tourney. Meanwhile, the Lagos State Commissioner of Police, Mr Fatai Owoseni, yesterday unveiled the trophy of the maiden edition of the Chamberlain Squash Open Speaking at the event, Lagos police chief hailed the promoter of the CSO, Mr Chamberlain Usoh for putting together what he described as a beautiful and excellent initiative worthy of support.

Two goals from Marcos Alonso gave Chelsea a 2-1 victory over Tottenham Hotspur yesterday in the first-ever Premier League game at Wembley Stadium. Super Eagles Victor Moses who was back in The Blues’ starting line-up for the London derby against Hotspur, had the double-satisfaction of smiling last and better than Nigerianborn England midfielder, Dele Ali. Moses who is expected to play a vital role for Eagles when Indomitable Lions of Cameroon come visiting on September 1 in Uyo for

a World Cup 2018 qualifier was on for the entire duration of the London derby. His form should give joy to Eagles Coach, Gernot Rohr, who is counting on the winger for the maximum point in Uyo. For all the noise and wall of flags that greeted their arrival, Spurs, who played at Wembley while their new stadium is constructed, needed an early goal to feel at ease in their surroundings. It was Chelsea, however, who made the breakthrough against the run of play on 23 minutes when Alonso thumped home a superb free

kick from 20 metres after Dele Alli had fouled David Luiz. The shock jolted Spurs, who spent much of the game peppering Chelsea’s goal with Harry Kane hitting the post and Christian Eriksen also going close. They eventually scored when Michy Batshuayi put through his own net from Eriksen’s free kick two minutes after coming on but, as Spurs pushed for the winner, Alonso hit back on 88 minutes with a shot that went straight through keeper Hugo Lloris. Elsewhere on the afternoon, Promoted Huddersfield Town

made it two wins out of two in the Premier League as a superb Aaron Mooy strike gave them a 1-0 home win over Newcastle United. The hosts built on last week’s 3-0 win over Crystal Palace, which marked their return to the top flight after a 45-year absence, when Australian Mooy grabbed the winner in the 50th minute. Newcastle, who also won promotion from the Championship last season, should have equalised in the 68th minute but Ayoze Perez wasted a chance from close range.

Nigeria Wins Bid to Host 2018 Africa Wrestling Championship Nigeria has won the bid to host the 2018 Africa Wrestling Championship. The announcement was made at the United World Wrestling meeting in Paris, venue for the upcoming World Championship at the weekend. Nigeria defeated Tunisia to win the hosting rights for the tournament that is scheduled to take place between February 7th and 11th next year.

United World Wrestling Africa boss, Fouad Meskout, made a three-day working visit to Nigeria last month to inspect facilities for the tournament in Port Harcourt and expressed satisfaction at the level of work done and was also thrilled by the passion Nigeria displayed towards the sport. Rivers State Governor, Nyesom Wike has promised that all facilities will be in place

for the hosting of the African Wrestling Championship in Port Harcourt and during Meskout’s visit, the possibility of building an academy was also discussed. President of Nigeria Wrestling Federation, Daniel Igali who is in Paris for the bid thanked everyone who contributed in ensuring Nigeria won the hosting rights. ‘’This is immense joy for

wrestling in Nigeria. For us to considered worthy to host reveals the amount of work we have been doing. Hosting this championship will aid in developing the sport and most importantly, provide sponsorship,’’ he noted. About 43 countries are expected to compete at the tournament and it will be the first time Nigeria will be hosting since wrestlers from the continent since 1976.

MON ˜ Ͱͯ˜ Ͱͮͯ͵ ˾ T H I S D AY

MONDAYSPORTS WWE NXT CHAMPIONSHIP

Asuka RetainsTitle as Roode Loses Belt to Mclntyre Femi Solaja at the ringside in Barclays Center, New York It was a historic moment as super stars of WWE NXT set the bar high on Saturday night with TakeOver Brooklyn III as titles were retained but most others lost theirs at the Barclays Center, Brooklyn, New York. One of the main heroes of the night was arguably the flamboyant Japanese female wrestler Kanako Urai fondly called Asuka who survived a painful tornado slam from formidable challenger, Ember Moon of Texas. The feat thus means, Asuka, a graphic designer and video game journalist holds the record of the second longest reigning female champion in the last 30 years. Asuka who has reigned for 504 days is second behind Fabulous Moolah. Moon came close to beating Asuka, more than what anyone has ever tried previously as she hit her with the eclipse. Surprisingly, Asuka became the first superstar to kick out of it such dire situation. She worked Moon’s arm and shoulder throughout the encounter. And it worked to her advantage as Moon was forced to tap the Asuka lock in the closing stage of the fight watched by over 28,000 professional wrestling fans at the packed arena. “I am better than my opponent. The crowd can see that I’m the champion and always a champion and I still want to remain the champion for a much longer time,” remarked exhausted Asuka after the clash to THISDAY at the ringside. Frustrated Moon entered TakeOver as perhaps the most

dominant Superstar in WWE history. Her winning streak surpassed that of Goldberg in WCW, and it seemed as though nobody was capable of knocking her from her perch. Although there had been some close calls, it can be argued that nobody pushed Asuka more than Moon at NXT TakeOver: Orlando the night before WrestleMania. Ember seems to have her on the ropes, but Asuka used the referee to interrupt Moon’s attempt to hit the Eclipse, which resulted in the Japanese Superstar retaining her precious belt for atleast another day. THISDAY recalled that it was an injury that prevented Moon from competing at NXT TakeOver: Chicago, where Asuka defeated both Nikki Cross and Ruby Riot in a Triple Threat match. In the other events of the night, Adam Cole, Kyle O’Reilly and Bobby Fish left as NXT champion Drew McIntyre picked the title. McIntyre defeated tittle holder and crowd pleaser, Bobby Roode to become the new men champion. McIntyre remains undefeated since his return to NXT, as he beat Bobby Roode at NXT TakeOver: Brooklyn III to become the new NXT champion. Roode appeared on course to win the match, but he got greedy by going for three Glorious DDTs in a row, and McIntyre took advantage by hitting the Claymore Kick to win. “I don’t want to talk now, I will squeeze the hell out of him when next I come across him,” the dethroned champion Roode, yelled at waiting media

Lennox Lewis Calls Mayweather, McGregor Fight a ‘Farce’

Floyd Mayweather (left) and Conor McGregor

Floyd Mayweather’s fight against Conor McGregor is a farce, says former world heavyweight champion Lennox Lewis. Irish UFC lightweight champion McGregor, 29, will make his boxing debut when he faces undefeated American Mayweather on August 26 in Las Vegas. “There is tremendous buildup and hype but I don’t really take it as a serious fight,” Briton Lewis told Sportsweek. He added that “nothing is ever obvious when it comes to gimmicks and hype” but “Mayweather should win it”. Mayweather, 40, will surpass fellow American Rocky Marciano’s perfect record of 49 fights without defeat should he overcome McGregor. But Lewis told BBC Radio 5 live: “I wouldn’t count a

fight like this as a ‘fight’. He’s basically boxing a guy that is a UFC fighter and not a boxer. He added: “Everybody wants to know what’s going to happen. “Is McGregor going to throw a kick because, obviously when he resorts to boxing and realises he is no match for Mayweather, what will he do? How will he get around that? “No other boxers from 49 fights have figured out how to beat Mayweather - now a UFC fighter that doesn’t even have a boxing career is trying to beat him at boxing - I think it’s a farce to a certain degree. “I don’t think it is a fight that I am going to jump on a plane and go to see unless they pay me to commentate on it,” insists Lewis last night to BBC Sports.

McIntyre emotionally celebrating his win at the Barclays Center... on Saturday night. Inset is Asuka

after the match. But the follow up after the match was when Cole made his debut at NXT with a savage super kick on victorious Mclntyre who was still savouring his win. He was left rolling on the ground with his belt in the ring. Earlier in the night, the war between NXT tag team champions, The Authors of Pain and Sanity, resulted in a physical battle between the teams. Originally, it was supposed to be Alexander Wolfe and Killian Dain

representing the latter, it turned out to be Eric Young who replaced Dain mid-match. Young found himself isolated from partner Wolfe for the majority of the match, beaten black and blue by the oppressive champions. A hot tag to Wolfe led to a strong showing from the German, who broke out and brought a physical intensity and unpredictability to the proceedings. Late in the match, both Young and Wolfe flew onto Akam and Rezar at the

ringside. Nikki Cross teased following in kind, only for Paul Ellering to enter the squared circle. The Hall of Fame manager distracted the referee as Cross flew into the waiting arms of Akam. Dain speared both of them through a table, allowing Young and Wolfe to deliver a combination neck-breaker and score the tag titles. After the match, Kyle O’Reilly and Bobby Fish hit the ring and obliterated the new champions and stood tall, the titles in their grip.

prowrestling.com

After the thrilling night, fans went home happy and looking forward to late Sunday’s WWE SummerSlam Battle scheduled for the same venue. The main match of the night was between WWE Champion, Jinder Mahal and Japanese Shinsuke Natalya for the men’s tittle while Randy Orton faces Rusev for the first time in his career. In SmackDown tag team champions, The New Day will stage their title against The Usos in one of the several bouts of the night.

KWESE PREMIER BASKETBALL

Pillars, Falcons Win Conference Six Playoffs Nigerian Premier Basketball League defending champions, Kano Pillars, and top notch Nigerian club, Kwara Falcons at the weekend emerged champions of the Savannah and Atlantic Conference Six of the Kwese Premier League playoffs. The two conferences had six teams each. The Savannah Conference held at the Murtala Muhammed Square in Kaduna while the Indoor Sports Hall of the Kwara Sports Complex in Ilorin played hosts to the Atlantic Conference. The Final 8 is scheduled for Kano between September 4th and 9th. Kano Pillars defeated hard-fighting Gombe Bulls 104-97 points in their first game, crushed Kada Stars 91-58 points, won the clash with Bauchi Net 85-44 points before succumbing to defeat from Niger Potters 103-71 points. They defeated Plateau Peaks 80-64 points. Coach of the Kano-based team, Sani Ahmed, speaking on his team’s performance after the championship reiterated his club’s desire to retain the trophy at the Final 8 in Kano. “Winning the Savannah Conference Six shows the level of consistency in the club. “It also tells of the amount

of hard work put in by the players to remain consistent on the winning side.” Ahmed said the ultimate goal of the team is to retain the Final 8 trophy next month. “The team is not 100 per cent perfect yet. We are still a high scoring side averaging 80 points per game but we can still be able to do more so as to defend and win the Final 8 at home in Kano. “Our tradition is to win

any tournament we find ourselves in. So, we aim to retain the Final 8. We have noticed some weaknesses and lapses in the course of our games and will work on them before the Final 8. “I noticed the boys sometimes get complacent; but we need to be consistent and more perfect in taking shots,” observed the Pillars coach.” In the Atlantic Conference

Six Play-offs, Kwara Falcons tutored by Adewunmi Aderemi, also defeated all five opponents, Police Batons 106-70, Oluyole Warriors 77-67, Customs 84-73, Hoops and Read 78-73 and defeated Rivers Hoopers in the final game. In the Atlantic Conference, Rivers Hoopers placed second, Hoops and Read was third with Customs fourth. Police Batons and Oluyole Warriors didn’t make the Final 8.

Kwara State Commissioner for Youth and Sports, Mr. Kale Ayo Nuhu (3rd right), presenting trophy to Kwara Falcons’ captain, El Lawal Tunde. 2nd right is Factional President of the Nigeria Basketball Federation (NBBF), Mr. Tijjani Umar and Kwara State Basketball Association Chairman, Dr. Joseph Adeyemo (right) at the closing ceremony of the Kwese Premier Basketball League Atlantic Conference Six playoﬀ in Ilorin…yesterday

T H I S D AY MONDAY AUGUST 21, 2017

Monday August 21, 2017

UT H

& RE A S O

Price: N250

MISSILE Southern Monarchs to Sultan “I say this because they (northerners) are beneficiaries of the current distortions in the country. By that campaign from the Sultan, they want the existing imbalance and cheating in the country to continue” – Southern monarchs denouncing the Sultan of Sokoto, Alhaji Mohammed Sa’ad Abubakar’s position on the restructuring the country.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

All Fingers Are Not Equal, But How Unequal Should They Be?

“N

igeria has the unenviable position of being at the bottom of the Commitment to Reducing Inequality (CRI) Index. Its social spending (on health, education and social protection) is shamefully low, reflected in very poor social outcomes for its citizens. More than 10 million children in Nigeria do not go to school and 1 in 10 children do not reach their fifth birthday. The Africa Progress Panel has demonstrated that despite Nigeria’s positive economic growth for many years, poverty has increased, and the proceeds of growth have gone almost entirely to the top 10% of the population. The CRI Index shows that while Nigeria collects significant tax revenues from oil, there is huge potential for it to raise more tax, for example on personal incomes, and so it scores very badly on this aspect too. Finally, Nigeria’s treatment of workers and women in the workplace also puts it near the bottom of the rankings.” Above is the verdict of the Development Finance International and Oxfam in their research report published just last month, July 2017. In 2015, some 193 countries, including Nigeria, came together and reached an agreement to reduce inequality in line with the understanding that poverty can only be tackled with reduction in inequality as per the Sustainable Development Goals (SDGs). CRI is the first index designed to measure the commitment of countries to reduce the gap between the rich and the poor and was created by Development Finance International and Oxfam. In measuring the first set of countries numbering 152, the duo of Development Finance International and Oxfam relied on data that measures government action on social spending, tax and worker’s rights amongst other indicators to determine how committed countries are in reducing inequality. The first report published, which they admit is subject to adjustments, revealed that while Sweden came first, Nigeria, came first if you count from the rear in commitment to reduce inequality. We were actually number 152 out of the 152 countries measured. The same Oxfam in May this year presented a shocking revelation of the level of inequality in the country. According to the report, 5 Nigerians that are worth almost $30billion could end extreme poverty in Nigeria. It claims that 112million Nigerians, representing more than 65% of the population, live in abject poverty. This report which is part of the “Even it up” campaign aimed at bridging the gap between the rich and the poor, also focussed on how the benefits of economic growth in Nigeria have been exclusively appropriated by the wealthy few at the expense of the majority of ordinary people. The report also shows that the wealthiest man in Nigeria earns 8000 times more in one day than an ordinary Nigerian will spend on basic needs in a year. The report goes further to highlight that quite unlike most other countries in the world, Nigeria was one of the exceptional cases where the number of people living in poverty increased from 69 million in 2004 to 112million, 6 years later. This represents close to 70% growth. On the hand, the number of millionaires increased by 44% over the same period. Everything that has been said above points to the fact that inequality is a major factor in the level of poverty that the country’s population experiences. According to Index Mundi, a

Minister of Finance, Kemi Adeosun

statistical and information portal for measuring countries, Nigeria has the 6th largest proportion of its population living below poverty line. This report goes further to state that Nigeria with 70% of its population living below poverty line, is only better than Chad, Haiti and Liberia at 80%, DRC at 71%, and Sierra Leone at 70.2% out of the 152 countries ranked. As we had stated elsewhere in our intervention, the World Bank has defined poverty line as that amount of money below which people are not expected to lead a decent life. The threshold has recently been reviewed from $1.25 to the current $1.90 per day. That figure translates to less than N600 per day at today’s exchange rate or N18, 000 monthly. The number of people living below this amount relative to the total population is said to live below poverty line. To move many more people out of poverty and begin to report better numbers in the poverty line index, we must drastically attack inequality and reduce the gap between the haves and the have nots. Inequality is not good for anyone whether poor or rich. It has been linked with crime and insecurity, lower economic growth, poor healthcare delivery and hunger. While the impact on the poor people can be very severe, the rich would also not be able to sleep well. There is this popular saying that the poor cannot sleep because they are hungry and the rich cannot sleep because the poor is awake. How can they when the society is bedeviled by violent crimes including armed robbery, kidnapping, terrorist activities and outright brigandage? Can something be done about this? The answer is yes. We are aware of the several humanitarian programs set up by the the wealthy to assuage poverty and assist the indigent. While this is commendable and should be encouraged, there is only so much these palliatives can do to solve the inequality scourge and pull people out of poverty. Given the number of people who have been counted as living below poverty line, it is obvious that more concerted efforts need to be put in place to address extreme poverty and this can only be done by government through policy. It is interesting that Nigeria is one of the signatories of the 2015 agreement to reduce inequality. The solution lies not in reducing the wealth available to the richest few. That kind of thinking is not practicable and has never worked anywhere. The solution that will work

is for government to engage in massive social spending. Government spending on healthcare, education and social protection is one sure way of reducing inequality. How does it work? When government spends on healthcare delivery and education, those facilities are made available to the rest of the society and access helps in elevating them from a state where those facilities were either not available or could only be accessed at unaffordable costs. Just think of what will happen if every community has a well equipped hospital built by government and probably managed by experts who would ensure that the service is provided at affordable rates to the people of the community. The same thing goes for education about which we had written extensively. These facilities would not only provide service, but would also generate jobs for those in the catchment area, thereby reducing unemployment which is another fallout of inequality. To buttress this point, the report that we had quoted earlier had pointed out that a recent study of 13 developing countries that had drastically reduced their overall inequality level, found that 69% of the reduction of inequality was because of investment in public services. Social spending is almost always progressive because it helps reduce existing levels of inequality. Despite this, in many countries, social spending could be far more progressive and pro-poor and can play a key role in reducing the amount of unpaid care work that women do by redistributing child and elder care, healthcare and other domestic labour. Beyond government spending is the issue of progressive taxation. We had demonstrated in this column in the past that the inability of government to efficiently collect tax has hampered its ability to deliver service to the citizens. Nigeria’s tax to GDP ratio is an abysmal 6%, the lowest in Africa. The real issue is that those who are in a position to pay tax, (and anyone who earns income should be in a position to pay tax), do not pay tax. As oil revenue continues to dwindle and as oil’s imminent collapse approaches, (in view of developed countries’ announcements of phase-out dates of gasoline vehicles), government must pay attention to improving its tax collection strategies. Why this is important is that progressive taxation is a sure way to redistribute income in favour of the poor and reducing inequality. The second point is that it is also a veritable way to raise funding for social spending. I know a lot of people would have been worried about where the funding of the spending we had earlier proposed was going to come from. Of course taxation is one way of funding government expenditure. Continuous upward adjustment of wages is critical to reducing inequality and eradicating poverty. At a minimum wage of N18, 000.00 monthly, it will be difficult to reduce poverty as that amount is presently the threshold for poverty line. It is therefore a good thing that the issue of minimum wage has recently come to the front burner of discussions. These discussions should be encouraged if we truly want to bridge the gap between the rich and the poor. I know all the arguments against increase in wages which includes the unemployment argument and the fact that employers are struggling in a challenged economy, but I have always submitted that if you pay peanuts, you can only attract monkeys. There is a strong direct correlation between pay and productivity.

The government needs to pay attention to an inclusive growth model that will bring minorities and women into the economic equation. To achieve this, efforts must be made to empower women, pay them appropriately for their roles, (most of them are not paid for at the moment) and ensure that they are included in economic activities. This becomes very important given their numbers. Any serious effort to reduce inequality without addressing the gender issue is dead on arrival. This is also true of other excluded segments of the society including the youth. Government can also do a lot by spending massively on infrastructure in terms of power, roads, rail, seaports and airports. This is very useful in bridging the gap between the rich and the poor in more ways than one. In the first instance, availability of infrastructure will create jobs and take a lot of the economically weak out of poverty. It will also reduce the cost of living, though, for everyone including the rich, but the poor will feel the impact more. It will reduce the cost of doing business and encourage more people to get into economic activities and reduce tension in the polity. It is, however, instructive to emphasise here that the ability of government to engage in social and infrastructural spending is limited not only by the resources available to it, but that part of the resources earmarked for capital expenditure in the annual budget. It bears repeating that beyond the political will and commitment to reduce inequality, the government has been ambivalent with the budgeting process over the years. As a result we budget N7 out of every N10 spend on payment of salaries, servicing of debt and day to day running of the government, leaving only N3 to spend on capital projects. In many cases, by the time the year comes to an end, we would have actually spent more than N7 out of N10 on government overheads. The solution, therefore is to force a rejig of the budget numbers so that we can have enough for social and infrastructural spending. It can be argued that because this is not being done that we battle with all sorts of insurrection and crimes. We may choose to allocate more money to fighting crimes or to address the root cause of the crimes a chunk of which is inequality. Any choice we make has both short term and long term consequences. One of the longer term consequences is that our democracy which we all know is not working may eventually implode and those that survive it will be forced to learn from the lessons of the past and do the right thing. As highlighted by the CRI research report, many decades ago, a US Supreme Court Justice Louis Brandeis succinctly said “you can either have extreme inequality or you can have democracy – you cannot have both”. Across the world, faced with growing gaps between elites and the rest of society, politicians are clamping down on democratic rights and closing the space for civil society. Inclusive policy making processes which respect the rights and voice of all people are important as an end in themselves – but also to secure the best policies. Conversely, policy making processes dominated by elites undermine democracy and have been shown to result in policies which predominantly benefit those elites. The result is obvious, extreme poverty, hunger, disease, squalor, which in turn are not unconnected with violence, crime, terrorism and instability. We must all act now as tomorrow may be too late.

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