Wednesday 30 August 2017 by THISDAY Newspapers Ltd

NNPC Boosts Gas Supply to Gencos, Redeploys Top Staff Oil marketers to sack workers over unpaid $2bn subsidy claim Ejiofor Alike in Lagos and Chineme Okafor in Abuja with agency report The Nigerian National Petroleum Corporation

(NNPC) increased its daily average natural gas supply to the nation’s gas power plants by 123 per cent to 730 million standard cubic feet per day (mmscf/d) in June.

yesterday showed. This is just as the state-run oil firm also announced yesterday the redeployment and promotion of 55 senior management staff across its

In contrast, the corporation supplied the power plants 327mmscf/d in the corresponding period in 2016, the Monthly Financial and Operations Report released

value chain. But even as the corporation released its financial and operations report for the month of June and announced the senior staff redeployment and

promotions, all was not well in the downstream oil sector, as oil marketing firms in the country resolved to embark on the mass Continued on page 49

Amnesty Int’l Accuses Nigerian Authorities of Detaining Hundreds Illegally… Page 50 Wednesday 30 August, 2017 Vol 22. No 8168. Price: N250

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AGF Explains Why Arewa Youths Were Not Arrested Admits shallow investigations played a role in dismissal of corruption cases Sets up unit to improve probes, prosecution of cases Alex Enumah in Abuja Following accusations of bias, the Attorney General of the Federation and Minister of

Justice, Mr. Abubakar Malami (SAN) has proffered a reason as to why the proponents of the quit notice to Nigerians of South-east extraction residing

in the Northern part of the country were not arrested. Speaking in Abuja yesterday, Malami said the government resisted pressure to go after

leaders of the Arewa Youth Consultative Forum after it gave due consideration to the security implications of arresting them.

Malami has come under attack in recent days over his request to the court to withdraw the bail conditions granted to the leader of the

Indigenous People of Biafra (IPOB), Nnamdi Kanu, while ignoring the antics and Continued on page 10

Wigwe: Banks Cannot Provide for Power Sector Loans Because It’s Systemically Important Says Abu Dhabi-based Etisalat Group still has a case to answer Access Bank redeems $350m Eurobond Predicts exchange rate convergence Obinna Chima The Group Managing Director and Chief Executive Officer of Access Bank Plc, Mr. Herbert Wigwe has explained why Nigerian banks have still not made provisions for most of the power sector loans, despite the fact that most of the loans taken by investors who bought up the federal government’s assets in the electricity sector almost four years had defaulted on their loan repayments. He said if the banks were to make impairment charges on the loans it would be counterproductive, as the power sector was systemically important and critical to the growth of the Nigerian economy.

Wigwe, who said this during an interview on Arise News Channel, the sister broadcast station of THISDAY Newspapers yesterday, described the issues surrounding the power sector privatisation as very important and urged the federal government to look into the issues and create some form of reprieve for investors that had staked their funds in the sector. “There is a problem in that value chain and there is also a problem with the pricing of their product which everybody needs to look at. There is a problem in terms of access to gas also. So several little things need to be resolved. Continued on page 10

GROUP RECORDS ANOTHER MILESTONE… Katsina Senator, Kanti Bello Dies BUA The Emir of Kano, Alhaji Muhammad Lamido Sanusi II; Edo State Governor, Godwin Obaseki; Vice-President Yemi Osinbajo; the Chairman/CEO of BUA Group, Abdulsamad Rabiu, at the commissioning of BUA (Obu) Cement Plant in Okpella, Edo After Protracted Illness… Page 51 and State… yesterday (See story on page 50)

T H I S D AY WEDNESDAY AUGUST 30, 2017

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T H I S D AY WEDNESDAY AUGUST 30, 2017

Stanbic IBTC Holdings PLC Summary financial information for the period ended 30 June 2017 The Directors present the summary financial information of Stanbic IBTC Holdings PLC (“the company”) and its subsidiary companies (together “the group”) for the period ended 30 June 2017. These summary financial information are derived from the full consolidated and separate interim financial statements for the period ended 30 June 2017 and are not the full financial statements of the company and the group. The company’s auditors issued an unqualified audit opinion on the full consolidated and separate interim financial statements for the period ended 30 June 2017 from which these summary financial information were derived.

Consolidated and separate interim statements of financial position Group Assets

Consolidated and separate interim statements of profit or loss Company

Group

Company

30-Jun-17

31-Dec-16

30-Jun-17

31-Dec-16

30-Jun-17

30-Jun-16

30-Jun-17

N’million

Unaudited

30-Jun-16 N’million Unaudited

318,944

301,351

8,656

1,768

Gross earnings

97,198

71,320

25,896

423

Pledged assets

28,938

28,303

Net interest income

41,035

22,849

(1,076)

Trading assets

85,812

16,855

Interest income

56,728

36,713

Derivative assets

26,490

14,317

Interest expense

(15,693)

(13,864)

(1,095)

302,056

252,823

1,510

920

40,289

34,218

25,877

418

Cash and cash equivalents

Financial investments Asset held for sale

Non-interest revenue

112

Net fee and commission revenue

27,893

27,406

726

397

376,633

368,229

Fee and commission revenue

28,074

27,795

726

397

8,677

15,264

Fee and commission expense

(181)

(389)

Loans and advances to customers

367,956

352,965

Trading revenue

11,966

6,607

Other assets

103,301

39,220

1,693

2,226

430

205

25,151

81,324

57,067

24,801

423

(13,953)

(8,450)

Loans and advances Loans and advances to banks

Equity investment in subsidiaries Property and equipment Intangible assets Deferred tax assets Total assets

Other revenue

85,539

22,467

22,962

2,393

2,404

628

713

Income before credit impairment charges

8,579

8,638

199

Credit impairment charges

1,273,960

1,053,523

99,990

92,857 Income after credit impairment charges

Equity and liabilities Equity

161,465

Equity attributable to ordinary shareholders Ordinary share capital

159,496

140,798 137,102

96,695 96,695

72,970 72,970

5,000

Share premium

65,450

Reserves

89,046

66,652

26,245

2,520

1,969

3,696

Non-controlling interest Liabilities

1,112,495

912,725

67,371

48,617

24,801

423

Operating expenses

(38,202)

(32,935)

(781)

(247)

Staff costs

(16,492)

(14,378)

(375)

(137)

Other operating expenses

(21,710)

(18,557)

(406)

(110)

Profit before tax

29,169

15,682

24,020

176

Income tax

(5,057)

(4,365)

210

(438)

24,112

11,317

24,230

(262)

Profit for the period Profit attributable to: Non-controlling interests

3,295

19,887

1,067

1,853

Equity holders of the parent

23,045

9,464

24,230

(262)

Profit for the period

24,112

11,317

24,230

(262)

Earnings per share Trading liabilities

39,225

5,325

Basic earnings per ordinary share (kobo)

230

242

(3)

Derivative liabilities

20,999

11,788

Diluted earnings per ordinary share (kobo)

230

242

(3)

Current tax liabilities

10,490

9,508

681,370

614,735

48,619

53,766

Deposits and current accounts Deposits from banks Deposits from customers

Consolidated and separate interim statements of profit or loss and other comprehensive income

632,751

560,969

Other borrowings

91,494

96,037

16,404

30-Jun-17

30-Jun-16

30-Jun-17

Subordinated debt

28,015

27,964

N’million

9,436

10,581

231,366

136,740

3,257

3,406

100

1,273,960

1,053,523

99,990

92,857

Provisions Other liabilities Deferred tax liabilities Total equity and liabilities

Group

Company

Unaudited Profit for the period

30-Jun-16 N’million Unaudited (262)

24,112

11,317

24,230

(50)

(1,618)

(86)

(136)

(1,522)

23,976

9,795

24,230

(262)

Other comprehensive income:

Items that are or may be reclassified subsequently to profit or loss: - Net change in fair value of available-for-sale financial assets - Realised fair value adjustments on available-for-sale financial assets reclassified to income statement - Income tax on othercomprehensive income Other comprehensive income for the period, net of tax Total comprehensive income for the period Total comprehensive income attributable to: Non-controlling interests Equity holders of the parent

1,061

1,836

22,915

7,959

24,230

(262)

23,976

9,795

24,230

(262)

The fulll ffi financial nanc an ial statements statemen eme were approved by the Board of Directors on 18 August 2017 and signed on its behalf by: Bas O Basil Om iyi iy Omiyi Chairman FRC/2016/IODN/00000014093 * British ** Singaporean *** South African

Yinka Sanni Chief Executive FRC/2013/CISN/00000001072 Board of Directors Basil Omiyi CON (Chairman), Yinka Sanni (Chief Executive) Dominic Bruynseels*, Ngozi Edozien, Fabian Ajogwu (SAN), Ifeoma Esiri, Ratan I. Mahtani**, Ballama Manu, Salamatu Suleiman, Simpiwe Tshabalala***

INDEPENDENT AUDITOR’S REPORT To the Shareholders of Stanbic IBTC Holdings PLC Report on the Summary Financial Information

Opinion The summary financial information, which comprise the statement of financial position as at 30 June 2017, and the statement of profit or loss and other comprehensive income, are derived from the audited consolidated and separate financial statements of Stanbic IBTC Holdings Plc (”the Company”) and it subsidiary companies (together “the Group”) for the period ended 30 June 2017. In our opinion, the accompanying summary financial information are consistent, in all material respects, with the audited consolidated and separate financial statements, in accordance with the Companies and Allied Matters Act, Cap C.20, Laws of the Federation of Nigeria, 2004 and the Banks and other Financial Institutions Act, Cap B3, Laws of the Federation of Nigeria, 2004.

Summary Financial Information The summary financial information do not contain all the disclosures required by the International Financial Reporting Standards, the Companies and Allied Matters Act, Cap C.20, Laws of the Federation of Nigeria, 2004, the Financial Reporting Council of Nigeria Act, 2011 and the Banks and Other Financial Institutions Act, Cap B.3, Laws of the Federation of Nigeria 2004 and other relevant Central Bank of Nigeria guidelines and circulars. Reading the summary financial information and the auditor’s report thereon, therefore, is not a substitute for reading the audited consolidated and separate financial statements and the auditor’s report thereon. The Audited Financial Statements and Our Report Thereon We expressed an unmodified audit opinion on the audited financial statements in our report dated 18 August 2017. That report also includes: -The communication of key audit matters. Key audit matters are those matters that, in our professional judgement, were of the most significance in our audit of the financial statements of the current period. -An other matter paragraph. The other matter paragraph concerns the comparative information presented in the statements of profit or loss and other comprehensive income, the statements of changes in equity and the statements of cash flows and their related disclosures which were unaudited.

Victor V ictor Yeboah-Manu Yeb h-M Yeboa h-M Chief Financial Officer FRC/2016/ANAN/00000015802

Directors’ Responsibility for the Summary Financial Information The Directors are responsible for the preparation of the summary financial information in accordance with the Companies and Allied Matters Act, Cap C.20, Laws of the Federation of Nigeria, 2004, and the Banks and Other Financial Institutions Act, Cap B.3, Laws of the Federation of Nigeria 2004. Auditor’s Responsibility Our responsibility is to express an opinion on whether the summary financial information are consistent, in all material respects, with the audited consolidated and separate financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised), Engagements to Report on Summary Financial Statements. Report on Other Legal and Regulatory Requirements

Compliance with Section 27 (2) of the Banks and Other Financial Institutions Act , Cap B.3, Laws of the Federation of Nigeria 2004 and Central Bank of Nigeria circular BSD/1/2004 i.

The Group and Company paid penalties in respect of contraventions of the Central Bank of Nigeria guidelines during the period ended 30 June 2017.

ii. Related party transactions and balances are disclosed in note 37 to the financial statements in compliance with the Central Bank of Nigeria circular BSD/1/2004

Signed: d Kabir O O.. Oku O nlol lo ola, a FCA FCA Okunlola, FRC/2012 20 012/IC /I N/00 /ICA N/ / 0000 000428 FRC/2012/ICAN/00000000428 For: KPMG Professional Services Chartered Accountants 18 A Augustt 2017 Lagos, Nigeria.

The above summary financial statements and report of the independent auditor’s are published in accordance with the requirements of S.27 of the Banks and Other Financial Institutions Act.

WEDNESDAY, ͱͮ˜ ͺ͸͹͵ ˾ T H I S D AY

PAGE TEN

FG Thanks US for Decision to Sell Aircraft to Fight Insurgency Omololu Ogunmade in Abuja and Michael Olugbode in Maiduguri Almost a month after the United States approved the sale of twelve A-29 Super Tucano aircraft to Nigeria, Vice-President Yemi Osinbajo has conveyed Nigeria’s gratitude to the American government for the kind gesture. Osinbajo who announced Nigeria’s gratitude on his Twitter handle, said the nation was grateful to the U.S. government for the decision which he said would aid Nigeria’s fight against the insurgency in the North-east. “We are thankful to the U.S. Govt. for its decision to sell Super Tucano aircraft to Nigeria to aid its fight against the insurgency in the NE,” the vice-president tweeted. The US Department of Defence had on August 3 approved the sale of 12 attack planes, known as A-29 Super Tucano aircraft, bombs and other ammunition valued at $593 million, to Nigeria. The approval was preceded by the delivery of a certification

of foreign military sale to the U.S. Congress, in accordance with the country’s law. The aircraft are reportedly equipped with “wing-mounted machine guns, weapons integration with advanced surveillance… precision-guided bombs, and even air-to-air missiles”. Aside the original intention to deploy the aircraft to fight Boko Haram in the North-east, the planes will also be used to combat smuggling and trafficking in Nigeria and the Gulf of Guinea. The U.S. decision which came after years of reluctance by the Barack Obama administration, was eventually spurred by a resolve that the security interests of the country needed to be served by providing assistance to Nigeria in its running battles against terrorism. Beyond the sale of the planes, the decision also involves the commitment of the U.S. government to provide training and support to the Nigerian military including “instruction on

rules of engagement and human rights to help prevent civilian casualties”.

Trump’s US Ready to Support Nigeria Meanwhile, the Donald Trump administration, which approved the sale of the military hardware, has reiterated its readiness to support the Nigerian government to accomplish its mission of defeating the Boko Haram insurgency and restore normalcy in the North-east. Senator Christopher Coons, Head of the U.S. Congress Delegation, stated this during an assessment visit yesterday to the Theatre Command of Operation Lafiya Dole in Maiduguri, the Borno State capital and epicenter of the insurgency. Coons said the visit was designed to appraise the performance of the military and to enable him to understand the challenges facing the Nigerian Armed Forces in accomplishing its mission to defeat the

insurgents. “I am pleased to head the delegation of the U.S. Congress; three Senators and three House members to come and hear about the hard work of the military in the North-east of Nigeria. “The U.S. is strongly supporting the hard work of the military in combating terrorism and we are glad for the opportunity to know how we can support Nigeria in combating terrorism,” he said. Maj.-Gen. Ibrahim Attahiru, Theatre Commander, Operation Lafiya Dole, said the visit would strengthen the relationship between the Nigerian government and the U.S. Attahiru said the delegation visited the Army Command and Control Centre to appraise its performance and determine how they could support the military to accomplish the counter insurgency operations. “The U.S. promised that it will soon equip the military with fighter jets and other state-of-the-art combat equipment

to enable us to root out Boko Haram from their enclaves once and for all,” he said. He observed that the refusal of the U.S. to sell weapons to Nigeria in the past was caused by the absence of commitment on the part of the government in power at that time, but explained that the American government

had shown interest as a result of he zeal of the present government. Members of the U.S. Congress delegation included Senators Gary Peters, Michael Bennet and Representatives Lisa Rochester, Terri Sewel, Charlie Dent, Barbara Lee and Fedrica Wilson, among others.

AGF EXPLAINS WHY AREWA YOUTHS WERE NOT ARRESTED divisive remarks made by the Arewa Youths, even though they were later to rescind their eviction notice. The AGF, however, said the government would not hesitate to wield the big stick against anyone or group found to have engaged in any form of lawlessness in any part of the country. According to him, “Government considered the security implications on the issue. Let me state that government is alive to its responsibility and

whoever is found wanting will be prosecuted. This administration is determined to provide good governance and promote justice, peace and fairness.” Malami spoke on the issue shortly after he established an investigation unit in his ministry, with the mandate to investigate “sensitive and important cases”. He blamed the rift between himself and the acting Chairman of the Economic and Financial Continued on page 49

WIGWE: BANKS CANNOT PROVIDE FOR POWER SECTOR LOANS BECAUSE IT’S SYSTEMICALLY IMPORTANT “But this is not the first time it is happening. Remember in the 80s, the government had to step in and that was how the creation of prudential guidelines came up. “I think the government needs to revisit that whole (power) sector in terms of the people who are exposed to that sector and create some form of reprieve for them to work it out and for things to go right. “That is because that sector is extremely important for the industrialisation of our country. But if you treat it otherwise, what you get is a collapse of that sector, which would be worse for all of us. So I think it needs to be managed and I believe the government should do that. “You can’t tell the banks to provide for those loans right now. It is a very important issue and it is a national issue. It is a national issue because it is critical for our economy. “And the banks that were sufficiently patriotic to support investments in power need to be given time to manage those exposures. “Some of the problems that have come out of these exposures were actually not caused by the banks, but out of the fault in the implementation of the power policy. “Now, having said that, there is also the issue of the systemic importance, relevance, and what you need to do about depositors’ funds,” he pointed out. Also speaking on the banks’ exposure to 9Mobile (formerly Etisalat), the CEO of Access Bank said the consortium of banks that are heavily exposed to telecoms firm are eagerly looking forward to the timely conclusion of the network operator’s sale, for them to defray their exposure. Wigwe disclosed that potential investors in the troubled telco had already started doing due diligence on the company. In a move aimed at resolving its debt crisis and attracting new investors, 9Mobile had reconstituted its board and executive management to run the affairs of the company. The reconstitution of the board was sequel to the resignation of its former directors over the

company’s inability to repay a $1.2 billion loan owed 13 Nigerian banks. The Nigerian Communications Commission (NCC) and Central Bank of Nigeria (CBN) had stepped in to prevent the hostile takeover of the fourth largest mobile operator in the country by the banks and in conjunction with the banks constituted a new board for the firm after the withdrawal of its erstwhile parent, the United Arab Emirates-based Etisalat Group Throwing more light on the issue, the Access Bank boss said the affected banks had to take a collective impairment charge as far as 9Mobile was concerned in their 2017 half-year results. This, he explained, arose from all the issues that were happening in the market. “We had to basically downgrade the asset quality and what that meant was that there was an increased collective impairment. “Now if you look at our exposure to Etisalat, the direct exposure may not appear to be that significant. But we do have exposures to other companies that do business with EMTS that are still going concerns with different level of securities and all of that. “But on EMTS specifically, there was an increase in the collective impairment and we also took additional impairments with respect to those other exposures. So that is where we are on it. “It led to an increase in the impairment on a collective basis, between last quarter and this quarter by 100 per cent,” Wigwe said. Wigwe, who put Access Bank’s exposure to 9Mobile at about N11 billion, said the bank made a provision of about 30 per cent on its loan to the network operator. “First of all, what we have done is to prepare the company for sale and so we have a management team that is working on it. The second is that we have appointed sale-side advisers who are now taking bids from people who are interested and we have a live room for people to virtually start doing due diligence so that we can conclude the sale very quickly. “With respect to their parent, I think as a starting point, nobody

walks into a system and takes so many loans and wakes up to say, ‘Oh I have gone.’ It doesn’t add up. So we still have recourse to them. That is a secondary level issue. “But the most important thing is for us to sell the company and see how much we can get to defray our exposure,” he said. Wigwe expressed optimism that the Credit Reporting and Collateral Registry Acts, which were recently signed into law by the vice-president, Prof. Yemi Osinbajo, coupled with the Bank Verification Numbers (BVN), would result in significant improvement in banks’ lending to SMEs as well as retail customers. These, he explained, would compel banks to seek for other ways to raise earnings. “With these, if somebody defaults on a loan, we can blacklist that person and he cannot have access to credit in the system. The fact that I can’t lend to somebody who has defaulted means that, that person has been excluded from borrowing in the system. “Now, as banks are beginning to look for other ways to make money, look at even the EMTS exposure we are talking about, God knows how many millions of Nigerians you would have lend to for you to have that amount of bad loan. It is not even going to happen. “So people are looking for more ingenious ways to make money and it is happening. There is increased agency banking. One thing I can tell you for sure is certain: the proportion of loans that are going to be lent to retails and SMEs is going to be a lot more in 2017 than it was in 2016. And in 2018, it would be a lot more. “If you take my bank, for instance, our traditional arrangement was we were a wholesale bank, but we are now a large diversified bank and we have invested significantly this year as far as expanding our channels and the retail network is concerned,” Wigwe explained. He also stressed the need for sustainable economic growth in Nigeria, saying there was a need to diversify Nigeria’s revenue base.

According to him, “I think we really need to address the fundamentals of our economy. I think we need to pay a lot of attention to agriculture, we need to pay a lot of attention to SMEs and most importantly, we need to pay a lot of attention to the power sector which drives all of these things. “Today, the critical engine for growth is between agriculture and largely oil prices. Now, we can achieve double-digit growth in our gross domestic product without any change in oil prices once we address power. “So I think in my mind, exiting that recession as quickly as we expected, for me is not Eureka yet, because you are still susceptible or vulnerable to too many influences. “However, I guess, given the current emphasis of the government and the central bank on agriculture, if we pursue some of those actions, what you are likely to see is that we would create a much more robust and resilient economy, even though it will take a bit more time.” He opined that as more investors get into the Investors and Exporters' foreign exchange window and as more of them see that the market is real, the Central Bank of Nigeria (CBN) would achieve its aim of exchange rate convergence of various segments of the market. On his prediction for the financial services industry, he said: “I think a couple of things would happen. You don’t just come out of a recession and nothing happens. “You would see a spike in non-performing loans, particularly as loans mature. You know, some of those loans would just be maturing, so you would see a spike and then it would get better. “So what you are likely to see, depending on the risk management philosophy of the bank, you would see a spike between now and December 2018. “But I think the banks are certainly in much better positions to handle it than they did during the last exercise that happened in 2007-2008. “It would cut across sectors, but more in sectors where you have people who require imported raw materials to support production.

But I think banks are going to look at other ingenious ways of making money and by lending a lot more in the retail space where you have a wider margin and in a much more structured and secured manner, pushing cards and their channels, so that they can find replacement income for all of these. “So I think 2017 would still remain a year of muted growth for banks. But the stronger banks would continue to do well because they still have strong capital adequacy ratios and strong capital to support themselves. Overall, I think the industry would play out better.”

Access Redeems $350m Eurobond Meanwhile, Access Bank yesterday announced the final redemption of its $350 million Eurobond notes due July 25, 2017. The securities were issued in 2012 by Access Finance B.V. – a direct, wholly owned subsidiary of the bank – on the back of an unconditional and irrevocable guarantee of the bank. In October 2016, holders of $113 million of this note elected to exchange same for a new five-year bond issued by the bank at the time. According to a statement from the bank, upon maturity of the Eurobond in July 2017, the outstanding portion of $237,003,000 as well as the final coupon value of $8,698,010 was redeemed from the bank’s available cash reserves. “Access Bank has continued to maintain a robust balance sheet, supported by its strong liquidity position. The implementation of a disciplined capital and liquidity plan ensured that the bank was proactive and focused on raising capital in the International market,” it stated. Key successful Eurobond transactions by the bank in the market included US$350 million (2012), US$400 million Subordinated Notes and the US$300 million Senior Notes comprising US$113 Million exchange and US$187 million new notes (2016).

The statement from the bank said the last note was issued under extremely difficult macroeconomic conditions in 2016. Nonetheless, the success of the transaction, the first during the period, repositioned the Nigerian market in a positive light, following a year of volatile market conditions, and paved the way for other corporates to gain access to the market. According to Wigwe, “Access Bank’s ability to redeem the $350 million Eurobond Notes highlights the resilience of our balance sheet and the efficiency of our asset and liability management process, especially in the face of a macro underlined by FX illiquidity, double digit inflation and currency devaluation. “By building a robust risk management culture and sustainable capital and liquidity management strategy, the bank has positioned itself to compete and win in the challenging but recovering macro condition. “Access Bank has continued to leverage its corporate strategy and an experienced board and management, to consistently deliver solid performance. “The recent re-affirmation of its credit ratings by several credit rating agencies as well as an upgrade to Aa- from A+ by Agusto, reinforces the bank’s strong fundamentals.”

TOP GAINERS NGN NGN TOTAL 19.70 236.50 AIRSERVICE 0.27 5.68 CUTIX 0.10 2.11 VITAFOAM 0.12 2.79 CONTINENTAL 0.05 1.34 TOP LOSERS NGN NGN MOBIL 9.62 182.93 TRANSEXP 0.04 0.76 CONOIL 1.37 27.70 CHAMPBREW 0.11 2.34 LIVESTOCK 0.04 0.90 HPE Nestle Nig Plc ₦1,220.00 Volume: 346.112 million shares Value: N2.977 billion Deals: 3,276 As at 29/08/17 See details on Page 40

% 9.0 4.9 4.9 4.4 3.8 % 5.0 5.0 4.7 4.4 4.2

T H I S D AY WEDNESDAY AUGUST 30, 2017

Plot 272, Samuel Adesujo Ademulegun Street Central Business District, Abuja

PUBLIC NOTICE NOTICE TO ALL PUBLIC COMPANIES The Securities and Exchange Commission (SEC) Nigeria as apex regulator of the Nigerian capital market and in furtherance of its investor protection and market development mandate hereby directs as follows: 1. Public Companies should henceforth put appropriate modalities in place to ensure that shareholders receive Annual Reports within a reasonable timeframe before Annual General Meetings (AGMs). Accordingly, electronic copies of the reports should be forwarded timeously to the shareholdersâ€™ e-mails. Hard Copies should be dispatched in advance to Shareholdersâ€™ Associations registered by the SEC, while copies should also be made available on the day of AGMs. The list of Registered Shareholders Associations may be obtained from the SEC website: www.sec.gov.ng

REMINDER ON IMPORTANT DEADLINES The SEC wishes to remind the investing public and all Capital Market Operators of the following deadlines: DEADLINE SUBJECT DISCONTINUANCE OF PHYSICAL DIVIDEND WARRANTS:

December 31, 2017

Following numerous requests received from the investing public, the Commission has extended the deadline for discontinuance of the issuance of physical dividend warrants by Public companies to December 31, 2017.

FREE e-DIVIDEND REGISTRATION The on-going FREE e-Dividend registration sponsored by SEC for Shareholders lapses on December 31, 2017. Shareholders that are yet to register should approach their banks or Registrars before the stated deadline to mandate their bank accounts for the electronic collection of their Dividends.

December 31, 2017

TREATMENT APPLICATIONS

MULTIPLE

2. All Public companies should display Investors that purchased shares of the roll-up banner(s) sensitizing investors same company during public offers on the ongoing e-dividend using different names are required to registration exercise at the venue of approach their Stockbrokers or their AGMs. Public companies are Registrars before 31st December 2017 also enjoined to create other to regularize their shareholding in avenues for the enlightenment of accordance with the SEC Rules on the investing public on the need to customer identification. key into the Electronic Dividend Mandate Management System (eDMMS) initiative to address the prevalence of unclaimed dividends in the Nigerian Capital Market. SIGNED: MANAGEMENT

Lagos 3, Idejo Street, Opposite ICON House, Off Adeola Odeku Street, Victoria Island P.M.B:12638 Marina, Lagos State email: lzo@sec.gov.ng

phone: 017358159

Kano African Alliance House (4th Floor), F1, Sani Abacha Way/Airport Road, Opposite KLM Airlines Kano Kano State email: kzo@sec.gov.ng

Port-Harcourt 31 Woji road, GRA phase 2 Port Harcourt Rivers State email: phzo@sec.gov.ng

T H I S D AY WEDNESDAY AUGUST 30, 2017

T H I S D AY Ëž Ëœ ÍąÍŽËœ Í°ÍŽÍŻÍľ

COMMENT

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

BUHARI, POWER AND WILL OF THE PEOPLE Restructuring of the federation has become inevitable, argues Sonnie Ekwowusi

he growing opposition to President Buhariâ€™s August 21 speech clearly shows that the people have imbibed a new democratic spirit that has given them a new morale boost to be irrevocably committed to their demands for the restructuring of Nigeria. Something happened whilst President Buhari travelled to London for medical treatment. Whilst President Buhari was away a somewhat Berlin Wall suffocating the breath of freedom in Nigeria collapsed paving way for a new freedom and a new expression of the peopleâ€™s will. This newly-won freedom finds its expression in the constant demands for restructuring of Nigeria across the country. For the first time in many years Nigerians from the different political divides and different ethnic nationalities agree that the only way to resolve the contradictions in Nigeria and thus rescue Nigeria from her present miserable situation is all-round restructuring of Nigeria. This is not the Nigeria before the president left for medical tourism in London. This is a new Nigeria speaking the same language and speaking with one voice on the imperative of restructuring of Nigeria. Before President Buhari travelled out, the agitations for self-determination and restructuring of Nigeria were, so to say, minimal. Now the agitations have spread like wild fire across the country. From North, South, East and West of Nigeria, it is agitations all the way. For example, last week, the Southern Leaders Forum (SLF) organised a press conference and therein stated viva voce that they completely disagreed with President Buhari that Nigeriaâ€™s â€œunity is settled and not negotiableâ€?. In contrast, the SLF stated that the Nigerian project is a continuous one. According to the SLF: â€œIf we were a settled nation, we would not be dealing with the many crises of nation-building that are afflicting us today which have made it extremely difficult to squarely and urgently face issues of growth and developmentâ€?. But as far as President Buhari is concerned, he has uttered the final word on the matter: no restructuring of Nigeria. To show that he has a final say on the matter, he has instructed security operatives to arrest civilians agitating for self-determination or restructuring of Nigeria. Apparently following the latest clampdown on human rights agitators in the country, the Federal Attorney-General has recently approached the court to revoke the bail granted IPOBâ€™s leader Nnamdi Kanu in order to send him back to jail. The only way political leaders can wield political power in a democracy without turning democracy into totalitarianism is to respect human freedom. Exercise of political power is required for proper ordering of society. In fact every society needs an authority to govern it. And submission to a responsible authority is also required for a proper ordering of society. But political power is only valued inasmuch as it ensures the participation of the citizens in making political choices as well as permits them the possibility of exercising their freedom. The citizens are endowed by God with freedom and certain inalienable rights. The citizens preexist the government with those inalienable rights. Government was instituted by the citizens to secure those inalienable rights and not to

A DEMOCRATIC GOVERNMENT OUGHT TO CONDUCT ITS ACTIVITIES IN LINE WITH THE WILL AND ASPIRATION OF THE PEOPLE

supress them. Government exists to serve the citizens not vice-versa. Therefore the citizens are not the slaves of the government. In fact the value of democracy stands or falls with the fundamental values that it embodies and promotes. One of such fundamental values is respect for the inalienable human rights of the citizens. A democracy that violates the human rights of the citizen is despotism par excellence. A democratic government ought to conduct its activities in line with the will and aspiration of the people. Vox Populi Vox Dei (The voice of the people is the voice of God). And one aspiration binding all Nigerians at the moment is restructuring of Nigeria. Therefore President Buhari should govern according to the will of the people. For me, the greatest challenge facing the government as he returns from London is to re-galvanise himself or, if you like, reinvent himself in order to prosecute a worthier cause of ameliorating the worsening living conditions of Nigerians. If Nigerian federation were working at all there would have been no agitation for self-determination and restructuring of the country. As the SLF rightly stated last week, nothing is settled in Nigeria, not even Nigeriaâ€™s unity. The Nigerian federation is not working. For example, the 2017 Fragile State Index (FSI) ranked Nigeria as the 13th least stable country in the world, an indication that Nigeria is either a failed state or a failing state. Despite the mounting complaints about the lopsided political appointments in the country, the Buhari government has refused to remedy the lopsidedness. Despite widespread public outcry about the murderous activities of the Fulani herdsmen, the herdsmen are still boldly traversing the different Nigerian communities with their AK-47 ammunition. Political power is exercised legitimately only when it seeks to promote the will of the people. This is because political power does not derive its legitimacy from itself. It derives it from the peopleâ€™s mandate. The American founding fathers aptly recaptured this ageless truth when they said many years ago that, â€œgovernments are instituted among men deriving their just powers from the consent of the governedâ€?. By voluntarily entrusting to a few elected people with the responsibility of governing their affairs, the people have not relinquished their power. In short, the people are the repository of political power. According to Lord Acton, â€œthe fate of every democracy, of every government based on the sovereignty of the people, depends on the choices it makes between these opposite principles, absolute power on one hand, and on the other the restraints of legality and the authority of traditionâ€?. Therefore the Buhari government must not behave in an arbitrary and despotic manner. It must act in accordance with the wishes of the people from whom it derives its political mandate. It should respect peopleâ€™s freedom, their will and their aspirations. As I said earlier, the government does not derive its moral legitimacy from itself. It derives it from the peopleâ€™s mandate. Therefore it should practice distributive justice, avoiding favouritism, and any promotion of parochial interests inimical to true federalism.

SUNMOLA THE BANDIT AND SUPER CROOK J. K. Randle satirises some institutions and happenings in society

n Tuesday, February 28, 2017, Donald J. Trump, President of the United States of America, delivered his first address since his inauguration before a joint session of Congress. As it was only to be expected, the Republican majority rewarded him with general applause and climaxed with a standing ovation, when he enjoined all Americans: â€˜â€™I am asking all citizens to embrace this renewal of The American Spirit. I am asking all members of Congress to join me in dreaming big, and bold and daring things for our country. And I am asking everyone watching tonight to seize this moment and--Believe in ourselves, Believe in your future And believe, once more, in America.â€™â€™ His fellow Republicans rose to their feet and it was left to Julian Assange of WikiLeaks and Edward Snowden, the fugitive CIA consultant to publish the rest of the presidentâ€™s address: â€˜â€™The time for trivial fights is behind us. However, we are going to make an exception of this Nigerian guy Sunmola. Let me share with you the report which the Director of the Federal Bureau of Investigation, James Comey has just passed to me.â€™â€™ Headline: US JAILS NIGERIAN 27 YEARS FOR $1.7MILLION INTERNET SCAM â€˜â€™A US court last Thursday sentenced a Nigerian, Olayinka Ilumsa Sunmola, to 27 years in jail for the international romance scam he perpetrated from 2007 to 2014. Lagos-born Sunmola, who was the ringleader of a love scam organisation based in South Africa, was also ordered to repay $1.7m. Judge David Herndon of a US district Court in East St. Louis heard how Sunmola and others scammed many American women of millions of dollars while parading themselves as American soldiers stationed overseas or engineers working on a large government contract in South Africa. They cultivated romantic relationships with dozens of women using pictures of men they found online, sometimes pictures of dead servicemen from memorial websites. Prosecutors said Sunmolaâ€™s

activities drove some to bankruptcy and at least one to the brink of suicide. The 33-year-old showered the women with poetry, cards, flowers, stuffed animals and chocolates until he had successfully entrapped them. Once his target was entrapped, Sunmola began to manufacture emergencies, each of which required increasingly large amounts of money from his victims. Sunmola used their money for lavish parties, two Range Rovers, four properties in South Africa and a $363,000 home in Nigeria, prosecutors said. A federal grand jury sitting in East St. Louis indicted Sunmola in November 2013 on charges of mail fraud, wire fraud, conspiracy, and interstate extortion. After two days of a jury trial, Sunmola pleaded guilty to eight felonies, including mail fraud, wire fraud, conspiracy, and interstate extortion. In his ruling Judge Herndon said, â€˜Conspiracy,â€™ â€˜mail and wire fraud,â€™ and â€˜interstate extortionâ€™ hardly sound like the kinds of crimes that leave broken lives, wrecked women, fractured families, devastation, desires to die, humiliation and shame so extreme. But then, his charm turned to bullying, name calling, extortion, unthinkable demands and threats. Thoughts of paradise turned into thoughts of hell and, for some, thoughts of suicide. The most devastating crime one could ever imagine without laying hands or even eyes on another human being.â€? When Sunmola completes his 27-year prison term, he will be deported to Nigeria.â€™â€™ Donald Trump was incandescent with rage. â€˜â€™Above all else, we will keep our promises to the American people that we would keep America safe from drug traffickers and â€˜â€™419â€™â€™ (Advance Fee Fraud) fraudsters. I have set up a special committee under Mayor â€˜â€™Rudiâ€™â€™ (Rudolf William Louis) Guiliani to tackle cybercrime- especially cyber security. Cyber intrusion is the fastest-growing crime in the United States and a major threat to national security.â€™â€™ CBS was quick to endorse President Trumpâ€™s

verdict on Nigeria by devoting prime time to the following Breaking News: â€œThe United States has branded Nigeria a home of fraud as it also expressed concern over the capacity of Nigeriaâ€™s States Security Service (SSS) to investigate money laundering.â€? As confirmation of the gravity of the concern of the President of the United States of America, Donald J. Trump personally authorised the release of the following report which had already been leaked by Julian Assange of WikiLeaks and Edward Snowden the Fugitive CIA consultant: Headline: â€˜â€™ U.S. GOVT EXPRESSES CONCERN OVER NIGERIAâ€™S SSSâ€™ ABILITY TO INVESTIGATE FRAUD.â€™â€™ As the President Buhari administration continues its anti-corruption effort, the United States government has expressed concern over the capacity of Nigeriaâ€™s States Security Service to investigate money laundering. The U.S. government also expressed worry about the SSSâ€™ refusal to share intelligence with sister agencies to investigate financial improprieties. â€œThere are concerns about the Department of State Servicesâ€™ capacity to investigate money laundering and that it does not share case information with other agencies that also conduct financial investigations,â€? the report stated. The assessment is contained in the March 2017 edition of the International Narcotics Control Strategy Report (INCSR) authored by the US Department of Stateâ€™s Bureau for International Narcotic and Law Enforcement Affairs. The report, which highlighted major steps that countries and jurisdictions considered major hubs for money laundering have taken to improve their anti-money laundering (AML) regimes, also flayed Nigeriaâ€™s Economic and Financial Crimes Commission for its over-reliance on investigation by confession and its failure to conduct investigations with the involvement of prosecutors. It stated that the EFCCâ€™s reliance on formal mutual legal assistance with the U.S. to collect admissible evidence in money laundering cases was a major challenge in its effort to curb financial

crimes. It praised the EFCC for its â€œaggressiveâ€? probe of high-profile corruption but said that the conviction rate was regrettable. â€œHowever, the EFCCâ€™s conviction rates continue to be low due in part to gaps in the judicial system that cause cases to languish in the system for long periods of time without resolution,â€? the report said. While praising Nigerian banks for their willingness to submit currency transactions reports, it observed that the high volume of the reports and the cash-based nature of the countryâ€™s economy made it difficult to detect suspicious transactions. The report, which described Nigeria as â€œa major drug transhipment point and a significant centre for financial crimeâ€?, slammed Nigeriaâ€™s financial institutions for engaging in â€œcurrency transactions related to international narcotics trafficking that include significant amounts of US currency.â€? The INCSR observed that criminal organisations, corrupt officials, businessmen, terrorist group and internet fraudsters take advantage of Nigeriaâ€™s weak law, poor enforcement, geographical location, porous borders and socioeconomic conditions to launder proceeds of crime. â€œCriminal proceeds laundered in Nigeria derive partly from foreign drug trafficking and criminal activity including illegal oil bunkering, bribery and embezzlement, contraband smuggling, theft, and financial crimes. Public corruption is also a significant source of laundered criminal proceeds. â€œInternational advance fee fraud, also known as â€œ419 fraudâ€? in reference to the fraud section in Nigeriaâ€™s criminal code, remains a lucrative financial crime,â€? it states. It observed that Nigeria made limited progress in passing its anti-money laundering legislation. It particularly frowned at the failure of the government to sign the Nigerian Financial Intelligence Centre (NFIC) Bill, which would grant autonomy to the NFIU, and the Proceeds of Crime (POC) Bill passed by the National Assembly in 2014 and 2015, respectively.

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EDITORIAL INAPPROPRIATE PRESIDENTIAL RIOT ACT

Tough talk will do little to resolve the prevailing agitations.There is need to build bridge over troubled waters

eturning from his 103-day medical vacation abroad, President Muhammadu Buhari, gave a nationwide speech which, according to many social critics, remained perhaps the worst ever in his more than two-year presidency. Although he touched on several themes of national discourse during his long sojourn abroad, including security, national cohesion, worsening separatist agitations and restructuring, not a few critics felt that the speech was too terse and somewhat arrogant. Particularly offensive to the sensibilities of many Nigerians was his casual reference to some vexed national issues, without addressing the challenge thrown up by a quit notice given to people belonging to a particular ethnic group in a section of the country. The expectation was that the president would use both his moral authority and the law to weigh in by calling to order the purveyors of hate speech, not only in a particular section but across the board. In fairness to the president, the speech might have intended a middle WHEREAS A of the road approach REBALANCING OF THE to some of the FEDERATION WOULD divisive issues that MOST DEFINITELY currently plagued RENDER IMPOTENT ALL the country. But that THE OPPORTUNISTIC objective suffered a AGITATIONS FOR debilitating failure SEPARATION, by a stubborn refusal to appreciate some PRESIDENT BUHARI HAS INADVERTENTLY UNITED of the undercurrents that now shape the THE INTERESTS OF THESE TWO DISTINCTIVE political discussions DEMANDS WITH HIS HARD in the country. For instance, the president LINE POSTURE regarded the unity of Nigeria as settled and sacrosanct but dismissed the agitations for restructuring of the federal system as crossing the national red line. This misreading of the situation dripped through the brief presidential speech which foreclosed any discussion about how Nigerians should live together or how the system could work better for the greater majority of our people. We think this is a misconcep-

Letters to the Editor

tion and a most difďŹ cult way to quell the uprisings for detailed discussions about how to review the prevailing skewed and stiďŹ‚ing federation that is, more than any other factor, fuelling the agitations across the country. The president obviously misconceived the thin link between the upsurge of quests for the rebalancing of the federation and the separatist agitations by an obscure group in the South-east that has been given oxygen by the manner of federal responses. Whereas a rebalancing of the federation would most deďŹ nitely render impotent all the opportunistic agitations for separation, President Buhari has inadvertently united the interests of these two distinctive demands with his hard line posture.

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t is appreciable that the president shifted some grounds when he mentioned the National Assembly and the Council of State as the only constituted fora for the discussion of these national issues, suggesting that some of them could be taken there for conversation. But an oracular approach to the constitutionality of these bodies as the only legitimate fora for the review of issues of national interests could become counterproductive and unhelpful. The president, therefore, must be aware of the place of freedom of speech and association in a democratic and pluralistic country like Nigeria and understand that rather than be a disadvantage, both are essential ingredients of nation- building. It is therefore against this background that we urge the president to disembark from his ultra-nationalism and tough talk over the prevailing demand for a more workable federal state in the country, knowing full well that such an approach that threatens to regard critical views as hate speech would only drive the agitators underground. The consequence of this could only be better imagined. Meanwhile, there has been a consistent pattern of drabness and lack of depth in presidential speeches that someone must pay attention to. Last week Mondayâ€™s was an epitome of this as it failed to assuage frayed nerves while the language was, to say the least, pedestrian. Besides, it worsened the countryâ€™s fault lines while exposing its divisiveness in a manner that has been unhelpful to the president.

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KOGI STATE AND ARMED VIGILANTES

he timely warning by Hon. James Abiodun Faleke on the danger inherent in training of â€œhooligansâ€? in the name of fighting crimes as published in some national newspapers and on social media recently should draw the attention of not only Kogites, but all peace loving and well wishers of the state. My unflinching support for Faleke for raising the alarm is hinged on the saying that â€œA stitch in time saves nine.â€? Or as the Yoruba would say: Bi ase npa ina kan, ni ina miran tun nwu jadeâ€? meaning, â€œWhy is it that when the process of putting off a fire is meeting with success that another fire springs up?â€? The Boko Haram insurgency was aided partly with the indiscriminate arming of people with fire arms by politicians in Borno State. This culminated in wanton killing of thousands of innocent lives and destruction of properties in Northeastern part of Nigeria. Why should the arming of vigilantes in Kogi State come at a time when the country is just trying to get over the security challenges posed, over the years, by the Boko Haram insurgents? Another Yoruba saying also readily came to my mind: â€œTi ara ile eni ba fe je kokoro buburu, oye ki atete so fun, nitori kini? Nitoripe ti wahala re ba bere lâ€™oru, kurukere re koni jeki a sun lâ€™oruâ€? meaning, â€œIf a neighbour is planning to eat a deadly insect, it is better such person is warned to desist from that act, why? Because when the trouble of eating the deadly insect starts in the middle of the night,

no one will be able to sleep in the house.â€? It is therefore hoped that well meaningful Kogites and lovers of Kogi State will prevail on the state governor to jettison the method of arming vigilantes in checking the security challenges in the state. Without mincing words, arming of state citizens outside the constitutionally recognised law enforcement agents such as the Armed Forces, the Nigeria police Force (NPF) the Nigeria Civil Defence Corps (NCDC), the Department of State Services (DSS), might create more problems for the entire society. I am tempted to reproduce excerpts of a piece I wrote some few years back entitled, â€œState Police Will Be Disastrous for multi-ethnic Nigeriaâ€?: â€œIf there is any quixotic issue that has generated an unending controversy and debate in Nigeria since independence, there is none other than the continued agitation for state police. There is no doubt that proponents and opponents have both come up with brilliant reasons in pitching their tent either for or against this age-long agitation. The 1999 Constitution gives room only for existence of federal police which by extension constitutionally empowers the federal government to have the only and final say with absolute control as far as policing of the country is concerned. Those clamouring for state police strongly believe that the life and properties of citizens would be better secured and managed by state police. There is no doubt that there is need for cognisance to be taken of the dire effect of familiarity with the people at the grassroots vis-Ă -vis their historical background, tradition and culture on effective

policing of the people in a state coupled with a view to securing the life and properties of the people. On the other hand, those rooting for retention of federal police will be quick to say that it is suicidal for Nigeria to introduce state police considering the volatility associated with the use of religion as a means of achieving selfish and parochial interests by power-hungry politicians in our country, coupled with the crude and uncivilised winner-takes-all syndrome. They may cite Kogi State as an example, where one senatorial district has been lording it over the other two senatorial districts in the state since its creation in 1991. This unfortunate situation has continued to increase the tempo of cry over glaring marginalisation and open lopsidedness in political appointments and imbalance in distribution of posts in stateâ€™s civil service.â€? There is no doubt that the setting of armed vigilantes in a state is akin to setting up of a state police which our democracy cannot for now be allowed until such a time when there will be sanity in our manner of politicking in our country. The Kogi State Government should borrow a leaf from the Lagos State Government where Lagos Neighbourhood Service Corps (NLSC) has been introduced to complement the efforts of the Nigeria Police in the fight against crime in the state and where members of the group are not armed by the state government. Odunayo Joseph, Mopa, Kogi State

T H I S D AY WEDNESDAY AUGUST 30, 2017

T H I S D AY ˾ WEDNESDAY, AUGUST 30, 2017

MIDWEEKPOLITICS

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

THE NEWSMAKER

Dissecting Osinbajo’s Stewardship as Acting President While President Muhammadu Buhari was away, Vice-President Yemi Osinbajo demonstrated a rare commitment to national service, writes Segun James

few days ago, in reply to a tweet by Vice-President Yemi Osinbajo (SAN), a Nigerian named Abubakar, wrote, “working together is a sign of good leadership the country needs both of you for the next six years and may the almighty God grant him (President Buhari) health.” Similarly, another Nigerian, using the handle, @ sebastineadele, wrote, “Thanks for holding forth for the president. You did very well while he was away. May God continue to grant you both the wisdom to govern Nigeria.” These tweets captured the feelings of many Nigerians on the performance of Osinbajo as Acting President while President Muhammadu Buhari was away on medical vacation. While he acted as president, Osinbajo was a study in commitment to national service and united leadership under a one-government system. From Abuja, Bayelsa to Borno, Osinbajo showed dedication to upholding the vision of the Buhari presidency. Osinbajo’s leadership qualities have not only endeared him to Nigerians, they have also helped in steering Nigeria in the right direction at a time when critics stoked controversies over the duration of the president’s vacation. It is pertinent to say that the criticisms were unnecessary as the president did the right thing by handing over power to Osinbajo. For instance, some faulted the president’s letter to the Senate where Osibanjo was described as coordinator instead of Acting President. The bottom line was that the president did what was right and in accordance with the constitution. Section 145 of the 1999 Constitution states: “Whenever the president transmits to the President of the Senate and the Speaker of the House of Representatives a written declaration that he is proceeding on vacation or that he is otherwise unable to discharge the functions of his office, until he transmits to them a written declaration to the contrary such functions shall be discharged by the Vice-President as Acting President.” Mischief makers also raised issue on whether the acting president had the power to sign the 2017 Budget. As a matter of fact, Osinbajo’s decision to delay signing the budget was to ensure that there were no surprises therein. This was clarified by the Senior Special Assistant, Media and Publicity, to the Vice President, Laolu Akande, in a tweet on May 17, when he stated that Osinbajo would assent to the 2017 budget when he was satisfied with it. He tweeted: “Just so we are clear: when the time comes, everything is set, and he is satisfied, Ag. President Yemi Osinbajo will assent to the 2017 Budget.” His commitment to doing things rightly also informed his decision to delay the swearing in of the two ministerial nominees after their screening on May 3. For the record, the two ministers, Stephen Ocheni and Suleiman Hassan, were assigned portfolios as Minister of State in the Ministry of Labour and Productivity and Minister of State, Power, Works and Housing respectively. What Nigerians have come to realise about the vice president is the seriousness, devotion, care and diligence with which he handled his constitutional responsibility as acting president. Like the APC, many Nigerians, including chieftains of the opposition Peoples Democratic Party, have commended Osinbajo’s forthrightness in service and competent leadership while the president was away. Despite the misrepresentation by critics who

Osinbajo...gave a good account of himself

claimed that Osinbajo as acting president had to travel to London to get approvals before making some decisions, no one can dispute the unity of purpose between the two. Akande set the record straight when he said: “Interpreting reasonable and regular communication between the acting president and the president as teleguiding of one by the other is simply curious in the least or perhaps pure mischief. These two gentlemen have always worked together as a team and will continue to do so.” Unlike what happened in similar circumstances in the recent past, the Buhari presidency has shown that it is united and one that follows due process and uphold the nation’s constitution in leadership by example. Also, there is nothing unusual in the acting president visiting the president while he was away on medical vacation. The duration of the visit is inconsequential. Leadership of a country is not a solo effort. In the same vein, Osinbajo reiterated this during an interview with CNN’s Zain Asher at the Nigeria Bar Association conference in Lagos on August 21, when he noted that himself and the both the president have always worked as a united team. Osinbajo said: “The president is very committed to everything we ‘ve done. I mean, as much as it was possible, we worked together on most of these issues. And what we are doing essentially was executing a plan, the Economic Recovery and Growth Plan, and we intend to continue to execute it as efficiently as possible. So, I think we should expect double efforts as opposed to single effort now that the president is back. And I am sure that you are going to see very strong leadership.” While mischief makers were at work, Osinbajo was not distracted. On May 18, he signed three executive order that would significantly ease some of the ways government business and operations are conducted in the country, fasttrack budget submissions and promote Made in Nigeria products. He also signed the Secured Transactions in Movable Assets Act, 2017 (otherwise known as

Collateral Registry Act) and the Credit Reporting Act, 2017. In June, he signed an executive order to implement Voluntary Assets and Income Declaration Scheme (VAIDS), a tax amnesty programme. The scheme is an attempt by the government to increase the country’s tax base with at least an additional four million taxpayers expected to boost the numbers. The three orders signed by Osinbajo provide specific instructions on a number of policy issues affecting the ease of doing business in the country, support for local content in public procurement by the federal government, and timely submission of annual budgetary estimates by all government agencies, including companies owned by the federal government. Osinbajo said the orders were in line with Buhari’s administration drive to set strong foundations for the nation’s economic recovery. “We also have the executive Orders, one looking at we are looking at transparency in government business, we are looking at annual budgets of small agencies, and another is Voluntary Assets Declaration and one on local content, encouraging local content. I think really where we are in a situation where we have cleared the mess, cleared the debris and we are laying solid foundation for modernizing the economy”, he said. As Acting President, Osinbajo’s visit to the Niger Delta has contributed to the peace in the region. His tour to the oil-rich region also further communicated the significance of Buhari’s new vision for the Niger Delta, a comprehensive peace, security and development plan that will ensure that the people benefit fully from the wealth of the region, as well as the environmental clean-up of Ogoni land, which started last year. Speaking after a meeting with Osinbajo in August, Chief Edwin Clark, said the Pan-Niger Delta Forum was happy with the federal government’s commitment to improving the fortunes of the region. PANDEF, which joined the federal government’s Inter-Ministerial Group tasked with the implementation of the vision, commended

Osinbajo for his genuineness, truthfulness and forthrightness. There have been significant improvements in manufacturing, agriculture, technology and innovation around the country. Osinbajo recently noted that there would be more improvement in several areas of the economy, as well as in the business environment and the ease of doing business in the country. He said: “I think that there are so many areas where there is going to be greater efficiency and delivery. We are at a point where I think we are taking off quite well and we will soon see significant improvement in the lives of people.” The economy is crawling back from recession, because of the commitment of this administration through its Economic Recovery and Growth Plan which built on the foundations laid by the Strategic Implementation Plan of 2016. “The plan has set forth a clear vision for the economic development of Nigeria. The impact of our Ease of Doing Business work is gradually being felt by businesses small and large; its successful take-off has allowed us to follow up with the MSME Clinics -our Small Business support programme, which has taken us so far to Aba, Sokoto, Jos, Katsina, and we expect to be in all other states in due course. Let me note, at this point, that several of our Initiatives are targeted at our young people, who make up most of our population, from N-Power, to the Technology Hubs being developed nationwide”, Osinbajo noted in his Democracy Day address to the nation on May 29. Similarly, more jobs are also being created nationwide through the Buhari administration’s Social Investment Programmes. These include the N-Power, which selected and engaged 200,000 unemployed Nigerians graduates for volunteer jobs, the Conditional Cash Transfer being implemented now in nine states, the General Economic and Empowerment Programme, GEEP-a micro credit scheme that is giving out loans and the National Homegrown School Feeding Programme, where 25 million meals have been served and almost three million school children in 14 states so far are being fed, with 33,895 cooks engaged. Again, it must be emphasised that the Buhari administration has recorded milestones in the three focal points of the administration, namely security, corruption and the economy. Indeed, despite its challenges, with such committed and united leadership, the future of this country certainly looks very bright. Many Nigerians have also praised Osinbajo for his unflinching loyalty to the president in discharging his duties as acting president. Commenting on Facebook, Boniface Denim Ortese, described Osinbajo as the “definition of loyalty”. He added, “I am really awed by your leadership style. I think I have found a role model in you. God bless your efforts so far and may he give you more strength to handle all circumstances others can’t handle together with our dear president” “Loyalty is rare”, wrote Tayo Akinyele, adding that, “I want to commend Mr. Vice-President, for holding forth while Mr. President was away”. Another Nigerian, Modupe Olaiya Shopeju, echoed Ortese’s views when she said: “I am so humbled and awed at your leadership style in the absence of our president. You were so true and exemplary in your conduct as the Acting President.” Similarly, Mustapha Sule, in a tweet, thanked the vice- president for his services to the country during the president’s absence. He also expressed gratitude to God for the president’s return in good health.

T H I S D AY ˾ WEDNESDAY, AUGUST 30, 2017

UPDATE AND TRENDING

MIDWEEKPOLITICS

Unveiling Tony Nwoye Shola Oyeyipo deconstructs Tony Nwoye, the man who defeated Andy Ubah and others to win the All Progressives Congress’ ticket for the Anambra gubernatorial election

he All Progressives Congress’ primary in Anambra state for the selection of the party’s flag-bearer for the November 18, 2017 gubernatorial election was going to be interesting. But no one knew it was going to be this interesting. Before the primary, many had given it to Andy Uba, a household name in Anambra politics. Not many expected that the election, held last Saturday, would throw up a member of the Federal House of Representatives representing Anambra East/West federal constituency, Mr. Tony Okechukwu Nwoye. But against all odds, he won the primary. Though not an underdog in Anambra State politics but not many people thought the medical doctor-turned politician stood a better chance against Uba, the senator representing Anambra South Senatorial District. For most bookmakers, Uba was favoured to carry the day but the table turned when party delegates opted to vote for the 43 year old Nwoye instead. He defeated eleven other aspirants to become the APC flag bearer. He polled 2,146 votes out of the 4, 333 votes cast by the over 5, 400 delegates with Uba polling a distance 931 votes. Some other aspirants with considerable vote figures were; George Muoghalu, 525 votes; Barth Nwibe, 414 votes and Paul Chukwuma 110 votes. In explaining the factors behind the result, it is important to first underscore the fact that there had been calls for fairness and equity from the people of the northern senatorial district who maintained the claim that the three senatorial districts should share the governorship position on rotational basis, considering that their zone never produced a governor before the incumbent Governor Willie Obiano. Therefore, with his victory at the party primary, the election is likely to become a two-horse race between the APC candidate and Governor Obiano who is also the All Progressives Grand Alliance (APGA) candidate and both of them hail from Anambra North senatorial zone. Don’t forget that the Peoples Democratic Party has been working behind the scene to put its house in order in Anambra. No one should rule out a party that was once in control in Anambra. Fact is, stakeholders in the state, including groups such as Anambra Union, Ohanaeze Ndigbo, Anambra State Association of Town Unions (ASATU), Anambra Political Stakeholders Forum (APSF), Anambra State Traditional Rulers Council, Anambra Traders Association and many others, had arrived at the conclusion that since former governor, Peter Obi from Anambra Central, ruled for eight years and Senator Chris Ngige from the same zone also having another stint at power for another three years, it was best that power is retained in Anambra north. Aside the zoning factor which was principal to his electoral success at the party level, there were power plays, money and other consideration that were particularly made possible with the support of billionaire business mogul, Arthur Eze who has been Nwoye’s political godfather, reason why some people are contending that the two men already had a pact on a power sharing formula. Barring any unforeseen circumstance, the stage is set for Obiano and Nwoye to slug it out in what will pass as a rematch of the 2013 election where Obiano defeated Nwoye, who then was the Peoples Democratic Party’s (PDP) flag bearer. In order to ensure that all the aspirants work for the success of the party, the Chairman of Anambra State Gubernatorial Election Planning and Strategy Committee, Dr Jim Nwobodo issued a statement asking those who lost the primary to support Nwoye and the party. He said: “I congratulate Dr. Nwoye for the

Before the primary, many had given it to Andy Uba, a household name in Anambra politics

Nwoye...picked the APC’s ticket against all odds

overwhelming mandate. This is a victory for the APC and all the aspirants for the peaceful manner they conducted themselves at the primary. “I wish to use this opportunity to remind all the aspirants of their commitment to support whoever emerges as the party flagbearer. And appeal to you to join Dr. Tony Nwoye and form a formidable campaign team that would secure victory for our party, the APC, in the forthcoming November, 2017, Governorship Election.” He congratulated the Governor of Borno State, Alhaji Kashim Shettima, and his committee “for conducting a free, credible and rancour-free primary in the state, making it the first time any political party would conduct such a transparent and rancour free primary in the state.” No doubt, the incumbent governor, Obiano is standing against a formidable opponent in the APC candidate who is renowned in the state as a remarkable grassroots politician, a philanthropist of note and a mobiliser of repute. Born to the family of Chief and Mrs. Lawrence Nwoye of Offianta Nsugbe on September 13 , 1974, Nwoye studied Medicine at the University of Nigeria, College of Medicine and furthered his studies at the Ebonyi State University. His political career started during his university days as medical student. He was actively involved in student union activities where he held various leadership positions. He was the first medical student to become the Speaker of the Student Union Government’s House of Representatives in the University of Nigeria. It is also on record that he was a staunch student union activist while he was in the campus. He received an award from the then Vice Chancellor, Prof Ginigeme Mbanefo, for the roles he played in fighting cultism in the school. Nwoye subsequently became the National President, National Association of Nigerian

Students (NANS) in December 2003. He was the first and only Igbo student to have attained that height. Later, he became Assistant Secretary of the Executive Committee of the Anambra State PDP in 2005. In 2006 at 31, he became the Chairman, State Executive Committee of the Anambra State which ranked him as the youngest ever state chairman of a major political party in the country. He was a member, Presidential Committee against Illegal Arm and Violent Crimes in 2004; member, National Political Reform Conference (Constitutional Conference) in 2005 and leader of the Nigerian delegation to the World Youth Summit in Venezuela in 2005. He is a household name among youths because he has led many struggles in pursuit of students and youths welfare. In 2010 he contested and won the Anambra East/ West federal constituency House of Representatives seat but his certificate of return was issued to someone who never contested the election but a

In order to ensure that all the aspirants work for the success of the party, the Chairman of Anambra State Gubernatorial Election Planning and Strategy Committee, Dr Jim Nwobodo asked those who lost the primary to support Nwoye and the party

judgement delivered by Justice Nayai Aganaba of the Legislative Election Petition Tribunal for Anambra eventually pronounced Nwoye as the duly elected candidate for the House of Representatives for Anambra East and West constituency. Nwoye had approached the tribunal asking it to set aside the election of the APGA candidate because the elections had been rigged in several polling units in his strongholds at Nsugbe Ward I and ll in Anambra East Local Government Area. The tribunal declared him winner by awarding him 3, 003 votes from Nsugbe ‘Ward l’ that was initially denied him during the April 11, 2015 National and State Assemblies elections in Nigeria. Though a strong contender in the race, Nwoye and his party have to deal with the general negative perception among the people, particularly the ruling APGA that APC is not an Igbo party, and of course he has been trying to convince the Anambra people that he has a lot to offer. According to him, “We will tell our people that it is about the individual. Let them stop using APGA. They have used APGA enough to rob Igbo. If APGA is truly an Igbo party, why is it that up till now, it is only in Anambra State? Why is it that in the House of Representatives there are only two APGA members and out of 109 senators, none is an APGA senator? Why is it that since the time of Ojukwu who is the symbol of APGA, they could not win one single state outside Anambra? They have been using it to hold our people down; to siphon our money and we must stop it.” Among several other promises, he vowed to give utmost attention, Nwoye is promising to create jobs as a way to combat crime and you restiveness. He said “We will fight crimes with jobs, not with guns and matchets.”

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Celebrating Nzem Berom Festival Seriki Adinoyi writes that Jos, the capital city of Plateau State, came alive recently with the 2017 Nzem Berom festival

A mammoth crowd at the Rwang Pam Township Stadium, Jos, venue of the 2017 edition of Nzem Berom Festival

s many still think Jos, the capital city of Plateau State has been robbed of all forms of human existence and social life because of the crises that had bedeviled it in recent past; the city once again came up alive recently with a rich, proud cultural festival, the Nzem Berom. The Nzem Berom festival, which was suspended for sometimes before last yearâ€™s edition due to the security challenges affecting the state, witnessed a massive influx of the Berom people and other Nigerians from both far and near. The Berom are the largest autonomous ethnic group in Plateau State, a state that has been jocularly described as being notorious for its extreme diversity of cultural and linguistic groups. They are an indigenous ethnic group of the Jos Plateau in Nigeria. They are concentrated mostly in the local government areas of Jos South, Jos North, Barkin Ladi, and Riyom. They speak the Berom language, which belongs to the large Niger-Congo family of languages. It is not related to the Hausa language, which belongs to the Afro-Asiatic family. Interestingly, the Berom, Fulani and Tarok, are linguistically more similar to one another than other groups. Although the Fulani and the Berom of Plateau State see themselves as belonging to the furthest poles of northern Nigeriaâ€™s political and cultural divide, especially in light of the recent past internecine ethnic conflict in the state, they not only belong to the larger Niger-Congo language family to which many languages in central and southern Nigeria belong, they actually belong to the same Atlantic-Congo subfamily of the Niger-Congo family. The Berom have a paramount ruler called the Gbong Gwom Jos. The traditional stool emerged from the realisation by the colonial administration of the Northern Nigeria, of completely different linguistic and traditional features between the Bauchi Emirate groups and the ethnicities on the Plateau. This misconception had initially encouraged the formation of vassal traditional heads to oversee the created Jos Native Area, which proved tumultuous due to conflicting views and interests. In the pre-colonial period, the Berom were divided into autonomous political groups based on regions, but the colonial period merged them

under the Gbong Gwom to help coordinate the activities of the Natives. The first chief Dachung Gyang assumed leadership from 1935 to 1941. Under Dachung Gyang, the traditional institution was designated as the 'Berom Tribal Council' composing of local chiefs within the Jos Native Area. Its authority then, only included mainly the Berom, and excluded the chiefs of Buji, Naraguta, Jos and Bukuru. Mandyeng was a major festival celebrated in Berom land to usher in the rainy season. The festival normally took place between March/April. In the past, the Berom regarded Mandyeng as the most vital festival which ensured a good farming and hunting period and harvest, but not all Berom communities celebrate it. Those that perform 'Mandyeng' claim their roots from Riyom, they include; Vwang, Kuru, Zawan, Gyel, Rim, Bachit, Bangai, Lwa, Sop, Jol, WerengKwi, Gwo, Kakuruk, Kuzeng, Kurak, Kuchin, Rahos and Tahoss. Nshok slightly varies from Mandyeng seeing that it also associates hunting with the rainy season farming. It is also held once a year around the months of April and May, to usher in the new season just as the Mandyeng. In the pre-colonial era, the Berom regarded hunting as both an occupation and a sport; it

We fought hard to get to where we are today, and God has made it possible through His grace to restore the glory of our land. We must not forget to till the lands and take advantage of every opportunity to encourage both Nigerians and foreigners alike to visit Jos-Plateau again. Ours is the home of peace and tourism and all hands must be on deck to keep that pride

was regarded as a show of skills and bravery. So much so that most Berom names are derived from game animals, most importantly duiker, not only because they are smart, fast or strong but because they are beautiful; names such as Pam, Dung, Chuwang, Gyang, Badung etc for boys, while girls answer Kaneng, Lyop, Chundung, Nvou, Kangyang. These are names for different species of duiker. Other names such as Bot (frog) Tok (fish), and Tsok (toad) are names for other animals that are non-domesticated, but not game. These names clearly typify how important a game was in pre-colonial Berom society. Nshok was not the only hunting festival in Berom land. Festivals such as Mado and Behwol also existed but were not as important as Nshok. Musical instruments among the Berom also make some interesting parts of the peoplesâ€™ lifestyle. Some of these include â€œYom Nshiâ€? a two string banjo made of calabash and skin as resonators, "Yom"- straw string instrument â€œkwagâ€? or "Gwashak" a scraper made from dry cactus played with a stick slid across the sawed body of the dry cactus to produce a scrapping sound, and "Kundung" a xylophone made of cattle horns and cobwebs However, the influx of Christianity and Western education paved the way for a lot of socio-cultural changes in Berom land. The changes devalued the rich culture of the people bringing serious predicament of a severe social and cultural crisis. In order to avoid the danger of completely losing the socio-cultural practice of their ancestors and the overall pre-colonial activities such as the Mandyeng, Nshok, Worom Chun, Vwana ceremonies were brought into a single umbrella festival known as the Nzem Berom. The Nzem Berom festival is celebrated annually between March and May. It is one of the major aborigine groups in Nigeria that "totally" looks to or trust God (Dagwi) for its existence, sustenance, and history. The 2017 edition of the festival witnessed unprecedented performances by the various cultural groups that lighted up the occasion that witnessed a mammoth crowd at the Rwang Pam Township Stadium. At the festival, where guests were thrilled with ancestral dance and other cultural displays, the custodian of the Berom culture and chairman,

Plateau State Council of Traditional Rulers, Da Jacob Gyang Buba, poured out passion in calling on the sons and daughters of Berom land to join hands together to sustain their culture. The monarch advised Beroms and their friends to key into the efforts of his council and all Berom district heads to ensure that peace and unity reigned among them and their neighbours. He said, â€œWe fought hard to get to where we are today, and God has made it possible through His grace to restore the glory of our land. We must not forget to till the lands and take advantage of every opportunity to encourage both Nigerians and foreigners alike to visit Jos-Plateau again. Ours is the home of peace and tourism and all hands must be on deck to keep that pride.â€? Warning trouble makers to keep off the Berom land and the Plateau landscape in general, the monarch stressed that anyone or group of people caught in the act of cattle rustlings or farm destruction would not be spared by security agencies. On the gains of the festival with the theme â€˜A Culture Brand for Unity, Peace and Progressâ€™ the monarch encouraged his subjects to revert to farming and hospitality enterprises which are the mainstay of Berom economy. Also speaking at the event, the former governor of the state and now senator, representing Plateau North senatorial zone, Da Jonah David Jang advised the Berom not to allow politics to divide them. He stressed, â€œNever again must we allow politics to divide us. All our traditional leaders must keep out of politics and help bring our people together to sustain the peace which we enjoy today and forever.â€? Jang called on the entire Berom nation to support the education of their children towards actualising the noble cause. â€œAgainst this backdrop, on behalf of my family and the entire people of Plateau North Senatorial District, I wish to felicitate with His Royal Majesty, The Gbong Gwom Jos, Jacob Gyang Buba and the entire Berom nation as it celebrates this yearâ€™s Nzem Berom.â€? The Senator said that he wished and prayed that the celebration will bring more unity, love, peace, friendship, togetherness and progress to the Berom nation, to the glory of God.â€?

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Berom trumpeters

Berom traditional drummers

Berom women dancers

The Gbong Gwom Jos, Da Jacob Gyang Buba, at this year's Nzem Berom festival

The festival which was witnessed by an unprecedented crowd, and a display of uncanny aspects of the Berom culture, where the stakeholders brandished series of locally made weapons to entertain visitors and spectators at the event. On his part, Director General of National Centre for Arts and Culture, Mr. Segun Runsewe, who represented the Minister of Information and Culture, Alhaji Lai Mohammed, eulogised the Berom tradition and noted that â€œyou are the custodian of culture in the history of this country. Don't forget that the first hotel in Nigeria resides here in Jos, The Rest House. The white man in 1915 said, â€œI will come back any day to Jos because Jos is my home.â€? This man was buried in Jos, but the families are still asking questions: â€œWhere is our man? Come to the best city where you find the best weather and find your man. â€œI went to South Africa, they said to me they have the Zulus, and they are not as beautiful as the Berom people. I want to tell Gbong Gwom Jos that this is the original culture of Nigeria. I believe that if any white man comes to this place, he will be so happy to see the true traditional culture of our great country," Runsewer noted. Felicitating with the Berom citizens during the festival, the governor of the state, Mr. Simon Bako Lalong described the celebration as another eloquent show of the spirit of cohesion that has strengthened the bond of brotherhood of the Berom nation, â€œand will go down in the annals of history as a celebration worthy of preservation and promotion.â€? Lalong commended the Gbong Gwom Jos and the Berom Educational and Cultural Organisation (BECO) as well as all Berom sons and daughters, for preserving the culture and history of the Berom people through the celebration of the festival of arts and culture. He said, â€œThis event no doubt epitomises the resolute commitment and determination of the Berom to sustain this cultural celebration because of the value it has on generations. For us on the Plateau, the richness of our cultures and peaceful traditional disposition has endeared us to many ethnic groups in the country and

nationals beyond Africa. This statement has publicly been made by the cosmopolitan setting of the state as a miniature Nigeria. â€œThe Berom people are no doubt a privileged people with the gift of natural resource of land, weather and geography. Given that your ancestral land of heritage is the Seat of Government, the Berom nation remains the frontline projectors of the hospitability and conviviality of the people of Plateau State. You are the brand of the Plateau spirit and as an appreciation of this gift of nature, you must continue to dignify and justify the enviable appellation of our state being the Home of Peace and Tourism.â€? Lalong observed that the crisis of the past decade notwithstanding, the renewed spirit of forgiveness, peace and accommodation

This event no doubt epitomises the resolute commitment and determination of the Berom to sustain this cultural celebration because of the value it has on generations. For us on the Plateau, the richness of our cultures and peaceful traditional disposition has endeared us to many ethnic groups in the country and nationals beyond Africa.This statement has publicly been made by the cosmopolitan setting of the state as a miniature Nigeria

that has been nurtured by the predominant Christian persuasion of the Berom race must not be allowed to be spirited away by any form of provocation, adding that â€œwhile the price of peace remains eternal vigilance, our vigilance will be lived through the virtues that have defined us as a people.â€? While commending the entire Berom nation for her commitment to the peace building process on the Plateau, the governor noted that joining the wagon of peace has taken the state to its current destination. â€œTogether with all your sons and daughters at home and abroad, we shall remain partners in the project of consolidating on the peace we are now enjoying, and we will continue to work assiduously to make the peace in the state enduring. â€œI will not fail to quickly mention that government is aware that there are displaced villagers stretching from Riyom to Barkin Ladi amongst which are Jol, Kwi, Rim, Bachit and Gashish where inhabitants are experiencing threats and the trauma of resettlement and reintegration. Our current efforts through the peace building agency we have established will accelerate the post-conflict transformation and reintegration of the people. â€œThe humanitarian challenges in these areas have to a large extent been addressed through the efforts of government, the communities, humanitarian and faith-based organisations, the human security and state security component will continue to be addressed. We will ensure that we identify and isolate healthy conflicts over land resources from sheer acts of criminality and brigandage. This we will do through community participation and effective policing so our people can fully settle to a life free of threats and build our families in an environment of peace. Having given this assurances on what remains of the embers of the post â€“ conflict experience, the governor further commended BECO for focusing on culture and education as tools for unity and progress as the theme for the 2017 Nzem Berom. He said, â€œThe combination of culture and education must be such that it guarantees peace and provides the vehicle for progress. Education

will light the path of ignorance, while culture will nurture the values and virtues of our lives as a people. Through our culture of industry, discipline, commitment, accommodation, courage and peaceful co-existence, we will enhance our socio-political and economic wellbeing. Education will in its own right enhance the application of this knowledge and cultural values which are central to the lives of the Berom for the good of the Berom nation and the state in general.â€? The governor challenged the Berom nation to sustain the dynamism that has evolved in the Nzem Berom Festival by incorporating actions that tend to create more awareness, in critical areas of agriculture, health, education and economic empowerment. Lalong said such will serve the purpose of globally inviting the attention of investors to the multi-sectoral benefits of engaging the potential that reside in the Berom land and the state for greater economic benefit. Reiterating that his government recognises that culture is a veritable tool to mirror the identity of the people and Lalong said such cannot be isolated from education and community development. He added that celebrating Annual Cultural Festival is therefore an avenue and a potent vehicle for keeping alive the rich cultural heritage and values that are now gradually going into extinction because of the misconstrued perception of globalisation which seems to pass for westernisation among the youth. â€œI dare to say a people without a culture are a people without a value and a people without a value are a people with a lost identity and infact a bleak future.â€? To improve on this, the governor said the Ministry of Culture, Tourism and Hospitality in collaboration with the various cultural and development associations will ensure the streamlining of celebrations of Annual Cultural Festivals and also ensure planned attendance by other ethnic groups in a complimentary manner to emphasise unity among the people. He said the Plateau Festival of Arts and Culture will also be sustained to showcase the rich cultural diversity and to prepare the state annually for the National Festival of Arts and Culture.

IMAGES

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L-R: Finance Director, MDS Logistics, Mr. John Gradidge; Deputy National President, Chartered Institute of Logistics and Transport (CILT) Limited, Mr. Alban Igwe; Managing Director, MDS Logistics, Mr. Solomon Ohi Aigbavboa; and Vice President, (West), CILT Nigeria, Mrs. Maina Mohammed, during the visit by CLT membersto the Managing Director, MDS Logistics Limited, in Lagosâ€Śrecently

L-R; Medical Director, Chevron Nigeria Ltd. Dr. Olubukunola Fagade; Commercial Counselor, US Mission to Nigeria, Mr. Brent E. Omdahi; President, Employee Assistance Professional Association of Nigeria,(EAPA â€“NIGERIA), Dr. Maccellinus Nwaogu; and Special guest, Prof. Part Utomi at 2-Day National Conference of (EAPA â€“NIGERIA in Lagos...recently sunday adigun

L-R; : Chief Executive Officer, Sow A Seed International, Mr. Temitope Adekoya; All People Congress (APC) Ward Chairman for Ogudu, Kosofe LGA, Mr. Michael Olatunde, Kosofe Local Government Counsellor, Hon. Bolaji Kareem and Eshorun of Oguduland, Chief Kolawole Agoro during the commissioning of Bore Hole donated by â€œSow A Seed Internationalâ€?, held at Ogudu in Lagos...recently

L-R: Baba Aladura/ Prelate elect of the Eternal Sacred Order of the Cherubim and Seraphim (ESOCS), Dr. David Dabaye Lamjose and Deputy Baba Aladura, Elder Dr. Harold Demuren ; during a media briefing announcing the Baba Aladura elect and programs lined up for his induction next month, held at ESOCS headquarters,Tejuosho ,Lagos...recently kunleogunfuyi

Publisher/CEO Sketch,Elder Bode Oyewole(left) and Director/Chief Execrtive Officer Oduâ€™a Investment Company Limited,Mr.Adewale Raji during the Visit of Chairman Board of Directors Spark Commuication Ltd and Publisher Sketch Newspaper to Oduâ€™a Investment Company Limited at Cocoa house Ibadan....recently felix ademola

L-R Former Member Rep. Isiala-Ngwa Fed. Constituency, Chief Damian Ozurumba; Abia state Governor, Dr, Okezie Ikpeazu; and Member Rep. Isiala-Ngwa Fed. Constituency Hon. Dalinton Nwokocha acknowleding cheers from PDP Faithful as Chief Damian Ozurumba defects from APGA to PDP at his country home, Mbutu in Isiala-Ngwa....recently

Minister of Information and Culture, Alhaji Lai Mohammed(left)and Chief Executive Officer,TVC, Mr. Andrew Hanlon during the visit of te ministerto the Television Station in Lagos...recently

Managing Director, Consolidated Hallmark Insurance (CHI)Plc, Eddie Efekoha(left) and, Director Standards Organisation of Nigeria( SON),Mrs Oluyemi Ayeni during the presentation of NIS ISO 9001:2015 Quality Management System Standard certificate to Consolidsted Hallmark Company by SON in Lagos... recently

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Quick Takes Facebook Introduces Innovation

UNVEILING OF THE NSE DATA CENTRE

L- R: Chief Executive OďŹƒcer, The Nigerian Stock Exchange (NSE), Oscar Onyema; Executive Director, Market Operations and Technology, NSE, Ade Bajomo; Minister of Science and Technology, Dr. Ogbonnaya Onu; Chairman, Association of Stockbroker Houses of Nigeria (ASHON), Chief Patrick Ezeagu, and National Council Member, NSE, Mr. Mohammed Daggash, at the commissioning of The NSE Data Centre at the Exchange...recently

Nigeriaâ€™s External Debt May Hit N6.31tn in 2018 Obinna Chima Following the move by the federal government to issue foreign bonds to refinance maturing naira-denominated treasury bills, Nigeriaâ€™s external debt has been estimated to increase by about 46per cent to N6.31 trillion ($20.6 billion) by the end of 2018. PwC, a professional services firm stated this in a report in which it assessed the development. The Federal Executive Council (FEC) recently approved a plan to issue $3 billion worth of foreign bonds of up to three yearsâ€™ maturity to refinance maturing naira-denominated treasury bills.

ECONOMY This decision was in line with the federal governmentâ€™s debt management strategy to rebalance its debt portfolio for domestic and foreign debt, from the current 69%:31% to a targeted 60%:40%. Although the plan was yet to be approved by the National Assembly, PwC estimated that if implemented, it would have a modest impact on broad debt sustainability indicators. â€œAlthough timelines are not clear, we suspect issuance is unlikely to be earlier than 2018, given the extensive preparatory work required in issuing international sovereign bonds. â€œConsequently, we assume

the impact on public debt ratios would become evident as from 2018. We estimate that Nigeriaâ€™s stock of treasury bills would be around NGN3.8 trillion by end-2017. â€œRefinancing $3 billion worth of maturing bills with dollar borrowing would result in a reduction in this stock by as much as nine per cent. External debt on the other hand would increase by about 46 per cent to N6.31 trillion ($20.6 billion) by end-2018,â€? it added. Under this scenario, the firm projected that debt to GDP would rise by three percentage points, from an estimated 16 per cent in 2017 to 19 per cent in 2018. Nonetheless, it stated that the impact on the cost of

debt was likely to be muted. The Debt Management Office (DMO) reports the weightedaverage interest rate on debt which takes into account the proportion of instruments issued. Treasury bills account for 16 per cent of total federal government debt, and the portion to be refinanced is about one-quarter of treasury bill maturities in 2018. â€œThus, we estimate the weighted average interest rate could increase to 13 per cent, in 2018 from an estimated 12 per cent in 2017 and 11 per cent in 2015. â€œOur analysis of key debt Continued on page 24

Kachikwu: $200m Local Content Fund Will Reduce Production Cost Chineme Okafor in Abuja The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has stated that an effective application of the $200 million Nigerian Content Development Fund (NCDF) will contribute positively to Nigeriaâ€™s plan to reduce the cost of producing oil from $32 per barrel to $15 per barrel. Kachikwu has also explained that at a single-digit lending interest, the fund, which is domiciled with the Bank of Industry (BoI), would address the funding challenges which he said has hampered the growth and success of indigenous manufacturers, service providers and other key players in the

ENERGY countryâ€™s oil sector. Speaking at the signing of a Memorandum of Understanding (MoU) between the Nigerian Content Development Management Board (NCDMB) and BoI on the $200 million NCDF, Kachikwu noted that over the years, companies involved in the countryâ€™s oil sector have found it quite difficult to access cheap funds to execute their projects. He added that the exorbitant lending costs from commercial banks in the country have contributed to high oil production costs. â€œTodayâ€™s event is significant

for the oil and gas industry and the Nigerian economy because the NCI Fund being launched today has been long expected and will go a long way in addressing the funding challenges which hamper the growth and success of indigenous manufacturers, service providers and other key players in the sector. Over the years, Nigerian companies have found it difficult competing with their counterparts from jurisdictions where funding is accessible for five per cent or less as compared to our market where bank lending rates hover around 20 per cent,â€? Kachikwu explained. â€œSome Nigerian banks are still unable to provide long-term

financing required by the local supply chain to build needed capacity; the banks also lack sufficient knowledge of the oil and gas sector. The pedigree and operating model of the Bank of Industry (BoI) is expected to close this gap. It is a known fact that the exorbitant cost of funds in our market is partly responsible for the high cost of service delivery by Nigerian Oil and Gas Service Providers (NOSPs) and this feeds into the unacceptable high cost of our crude oil production,â€? he said. â€œAt the SPE Conference in Lagos weeks ago, I directed all players in the sector to work assiduously to cut the cost of Continued on page 24

Facebook has announced new ways users can enjoy memories - a tool that makes it easier for people to see and share old memories with friends on the platform. The company said its goal remains to create a supportive environment that allows people to authentically express their feelings, connect with what matters to them, and come together online as well as in person. This, it said was why it has continued to build thoughtful products that are meaningful to the range of experiences people have every day. According to the Product Manager at Facebook, Oren Hod, â€œpeople come to Facebook to experience, share and talk about some of the most important moments happening in their lives, communities and around the world. Many of these moments are reminiscing past memories and moments between friends.â€? Hod added: â€œSince launching over two years ago, weâ€™ve learned that there are many diďŹ€erent types of memories and moments that people enjoy revisiting and celebrating, which is why we are excited to share that weâ€™ve added two new ways for people to relive meaningful memories and celebrate special moments on Facebook. â€œFor related recent memories, Facebook will bundle them into a monthly or seasonal memory recap story. Like â€˜On This Dayâ€™, these memory recap stories will show up in news feed and are shareable.

â€˜Digital Technologies to Drive Growthâ€™

The growth of digital technologies is seeing disruption taking place across industry sectors, a report by Thomson Reuters has stated. According to the report, for companies operating in Africa, the opportunities this presents are too signiďŹ cant to ignore. Long considered the next frontier when it comes to innovation, the continent is poised to beneďŹ t from this push towards digitalisation. â€œWith the gap between technology and business all but disappearing, decision-makers are faced with a choice of either embracing a new, disruptiveenvironmentorbecomeirrelevanttothosecompaniesthat do. Unfortunately, many still perceive digitalisation to only be about technology. And yet, the collaborative environment it enables is an integral component of it,â€? Managing Director for Africa at Thomson Reuters, Sneha Shah said. Digitalisation is, after all, as much about adopting a new technological outlook as it is about using an innovative environment to get people inside the organisation working together more ďŹ‚uently. So, instead of staring blindly at the likes of big data, cloud computing, and other ITjargon, an organisation should identify how this disruption can be used to drive business growth. For the Head of Innovation at Thomson Reuters Africa, Saidah Nash-Carter, this was resulting in a far-reaching digital impact spanning industry verticals. â€œIn the past, technology change was something driven by IT departments and very rarely had signiďŹ cant business repercussions. Yet, with the boundary between business and technology becoming more ďŹ‚uid, technology has grown beyond just hardware and software support,â€? Nash-Carter said.

Jumia Unveils Reward Scheme

Jumia has announced its inaugural essay writing competition for all Nigerian students with the chance to win up to N1million in scholarship. The competition is a part of Jumiaâ€™s kick-oďŹ€ of the 2017 â€˜Back to Schoolâ€™ season sales.The nationwide competition will bring together students from all over in an intellectual bout that challenges them to develop smart solutions and unleash hidden potentials that will addresstangibleproblemsfacedinthecountry. Theessaycompetition will be divided into 3 categories - senior secondary school (SSS), junior secondary school (JSS) and advanced primary school pupils. The secondary school category ranges from SS1 â€“ SS3 and their essay topic for a N500,000 scholarship win is - â€œWhat is the role of e-commerce as a means of diversiďŹ cation for the Nigerian economy?â€? The JSS1 â€“ JSS3 students would be writing for or against the topic: â€œParental control on the internet should be enforced till age 18â€? for a N300,000 scholarship win. Students from Primary 4 â€“ 6 would write for or against the topic: â€œOnline shopping is better than oďŹ„ine shoppingâ€? for a N200,000 scholarship. â€œEvery participant is expected to send their entry in Microsoft word document format, in not more than 250 words with their full name, class, school name and address, along with their parents/guardians phone number.

â€œThe interventions will be more vigorous than ever to underscore the fact that we are determined to ensure that the Nigerian economy recovers

CBN Governor Godwin EmeďŹ ele

T H I S D AY Ëž Ëœ ÍąÍŽËœ Í°ÍŽÍŻÍľ

BUSINESSWORLD NIGERIAâ€™S EXTERNAL DEBT MAY HIT N6.31TN IN 2018 sustainability indicators suggests that the probability of debt distress at this time is low. â€œWe define debt distress as a scenario which requires a country to: incur substantial arrears on external debt; receive debt relief; and receive non-concessional balance of payments support from the International Monetary Fund (IMF),â€? the report added. Among the various indicators based on the level of debt stock, external debt to exports is cited as the most useful, as exports provide the basis for debt repayments. Furthermore, PwC estimated that Nigeriaâ€™s external debt to exports could rise by seven percentage points to 34 per cent in 2018. KACHIKWU: $200M LOCAL CONTENT FUND WILL REDUCE PRODUCTION COST producing a barrel of oil, which currently stands at $32/barrel. I am optimistic that the NCDF, which will be accessed at a single digit interest rate, with a tenor of five years, will help in this regard,â€? he added. Kachikwu, also called for proactive and strict management of the fund to avert potential abuses by its beneficiaries. â€œThe governing council of the board, of which I am the chairman, approved this transaction at our last meeting with an initial outlay of $200 million. This is to ensure that a wide spectrum of NOSPs access the fund. We are also desirous of catalysing the growth and development of Nigerian Content in all its facets, including manufacturing, asset acquisition, contract financing and contract financing for community contractors,â€? the minister said. â€œThe board must also ensure that it deploys effective communication strategies and educates Nigerians sufficiently on the terms of the fund and conditions that must be met before companies can apply and secure loans under the fund. I wish to advise companies that will successfully access the fund to be diligent in utilisation and faithful in repayment.

Group Business Editor

Ă’Ă“Ă•Ă‹ Ă—Ă‹Ă˜Ă¤Ă?Ě‹ ĂĄĂ‹Ă?Ă’Ă&#x;Ă•Ă&#x;

NEWS

Wabote: Discretionary Expatriate Quota Frustrating Local Content Act Chineme Okafor in Abuja The Executive Secretary of the Nigerian Content Development Management Board (NCDMB), Mr. Simbi Wabote has identified the porous nature of Nigeriaâ€™s borders, and discretionary quota allocation to expatriate workers as two of the main challenges militating against the deepening of the Nigerian Content Law. Wabote explained that while the Nigeria Customs has been unable to curtail the free flow of coated pipes and cables used in the countryâ€™s oil and gas industry into the country. According to him, the countryâ€™s immigration service has added to the challenges of the Act by frequently granting discretionary allocation of expatriate quotas. He spoke at the signing of a Memorandum of Understanding (MoU) between the NCDMB and Bank of Industry (BoI) for the $200 million Nigerian Content Development Fund (NCDF) recently in Abuja. The executive secretary equally explained that the NCDMB would take up new initiatives to close up the 20 million Liquefied Petroleum Gas (LPG) cylinders in the country, in addition to promoting the use of Compressed Natural Gas (CNG) for cars and power generation in the

country. â€œWe have challenges that we face as we aspire to deepen the practice of local content in our country, we are however not throwing up our hands in despair. â€œThe challenges include power, contract approval cycle; inter-agency collaboration and sundry. The importance of power cannot be over emphasised. It is the major cost adder to total cost of local products

and services. To address this, we will provide 24/7 power in the oil and gas parks we are currently setting up in five states within the oil producing areas in the first instance. On contract approval cycle, the challenge is non-compliance by operators to provisions of the NOGIC Act, we donâ€™t award contracts but the Acts and guidelines are very clear on when we come in, we have had to issue noncompliance letters to some

operators before they came forward to address these gaps,â€? Wabote explained. â€œWe still have challenges on importation of coated pipes, electric cables and other products through our borders. These are clear violation of the NOGIC Act and Executive Order 003 on patronage of locally manufactured products. Issuance of expatriate quotas by the Nigerian Immigration Services without proper recourse

to NCDMB is another area of concern. Our approach to these challenge include strengthening of our monitoring directorate including the use of third-party monitors; encouragement of whistle blowing on infringements,â€? Wabote added. â€œWe plan to close the 20 million gap in the LPG cylinder availability in the country by partnering in establishment of LPG cylinder manufacturing and other required infrastructures.

BUSINESS COLLABORATION

L-R: Former Chairman of C & I Leasing Plc, Air Vice Marshal Abdullahi Bello; a Director of Xerox Nigeria Limited, Chief Joe Anyigbo; General Manager, Large Enterprise Directorate of Bank of Industry, Mr. Joseph Babatunde; daughter of Air Vice Marshal Bello, Mrs. Michelle Oyerinde and Managing Director of First City Monument Bank (FCMB), Mr. Adam Nuru, during the commissioning ceremony of MV Bello 2015, a vessel belonging to C&I Leasing and ďŹ nanced by FCMB. The ceremony took place at Victoria Island, Lagos...recently

Electricity Unions Kick against FGâ€™s N39bn Meter Loan to Discos Chineme Okafor in Abuja The two main electricity unions in Nigeria have opposed the recent decision of the federal government to grant N39 billion loan to the 11 electricity distribution companies (Discos) to procure and install meters to customers in their networks. The unions - National Union of Electricity Employees (NUEE) and Senior Staff Association of Electricity and Allied Companies (SSAEAC) stated their position on the loan at an event organised by the Abuja Electricity Distribution Company (AEDC) in Abuja. The event was the signing of staff condition of service

between the Disco and the unions. The Minister of Power, Works and Housing, Mr. Babatunde Fashola had during the recent 18th power sector stakeholders meeting in Kano, announced that the government would provide a financial facility worth N39 billion to enable the Discos procure and install more meters to reduce the huge metering gap in their networks as well as improve their revenue collections. But reacting to the proposed loan shortly after accepting to sign the staff condition of service agreement with the AEDC, the General Secretary of NUEE, Mr. Joe Ajaero asked the Managing

Director of AEDC, Mr. Ernest Mupwaya if it was right for the government to provide such financial supports to the Discos and other operators in the sector after selling off the power assets to their current operators. Ajearo stated that in addition to the N39 billion loan, NUEE was also not in support of the N701 billion intervention fund the government had earmarked to support power generation companies (Gencos). According to him, the electricity sector could be described as a being in trouble if it still required financial bailouts from the government after four years of its privatisation. â€œIf after four years of running as private

companies you (power firms) are still looking for bailout funds or loans, then I think there is problem, because it shouldnâ€™t be so,â€? Ajaero said. Similarly, the President of SSAEAC, Mr. Chris Okonkwo, who also signed the AEDC staff condition of service agreement for his group, stated that the association would oppose the use of public funds to support the power companies. He said the firms had not delivered satisfactorily after four years of their privatisation and so do not merit such financial supports from the government. â€œLabour will not accept the borrowing of N39 billion by the federal government to

Discos for the procurement of meters. We raised this issue at the Trade Union Congress meeting and we advise you (Discos) to start looking for alternatives,â€? Okonkwo stated. However, Mupwaya stated in his remarks that the signing of the staff condition of service agreement with the unions would further enhance the Discoâ€™s partnership with them, as well as help nurture employee engagements. â€œWe are trying to create space where views of employees are respected and we are promoting employee engagement, as the answers to our new challenges lie in our collective effort,â€? he said.

World Bank Creates 5,500 Jobs in Rivers

AgriBusiness/Industry Editor

Ă™Ă˜Ă‹ĂžĂ’Ă‹Ă˜ Ă¤Ă? Comms/e-Business Editor

Ă—Ă—Ă‹ Ă•Ă™Ă˜Ă”Ă“

Ernest Chinwo in Port Harcourt

Capital Market Editor

Ă™ĂŽĂŽĂŁ Ă‘Ă?Ă˜Ă? Senior Correspondent

Ă‹Ă’Ă?Ă?Ă— Ă•Ă“Ă˜Ă‘ĂŒĂ™Ă–Ă&#x; (Advertising) Correspondents

Ă’Ă“Ă˜Ă?ĂŽĂ&#x; Ă¤Ă? (Aviation) Ă“Ă˜ĂŽĂ‹ ĂœĂ™Ă•Ă? (Labour) ĂœĂ™Ă—Ă™Ă?Ă?Ă–Ă? ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ (Cap Mkt) Ă”Ă“Ă™Ă?Ă™Ăœ Ă–Ă“Ă•Ă? (Energy) Ă‹Ă—Ă?Ă? Ă—Ă?Ă”Ă™ (Nationâ€™s Capital) ĂŒĂ“Ă˜Ă˜Ă‹ Ă’Ă“Ă—Ă‹ (Money Mkt) Chineme Okafor (Energy ) Reporters

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The World Bank has said it had created 5,500 jobs in Rivers State under its State Employment and Expenditure for Results (SEEFOR). Team Leader of World Bankassisted SEEFOR, Mr. Ismaila Ceesay, made the disclosure yesterday when he led the team on a courtesy visit to Rivers State Governor, Nyesom Wike, in Port Harcourt. He said the SEEFOR Pro-

gramme had already generated 5,500 jobs, with another 5,000 to be generated in October. He noted that the indirect benefits of the programme include the provision of water, sanitation and basic amenities to the people. Ceesay said: â€œRivers State is working steadfastly with the Task Team with Satisfactory performance. The project is having two more years. We have excellent project partners in Rivers Stateâ€?. He noted that a new

financial system was being worked out that would enhance the capacity of Rivers State to access more funds from the World Bank. Wike, in his response, lauded the World Bank for the creation of 5,500 jobs in the state and the commencement of the process for the creation of additional 5,000 jobs for the youths. While commending the World Bank for her support, Wike directed the immediate release of N35million for the

state to access the $3million grant from the World Bank for the further execution of the Fadama Project. He urged the World Bank to assist the state to develop a framework to improve the stateâ€™s revenue profile. The governor solicited the partnership of World Bank in the comprehensive conduct of the biometric verification of civil servants, which will reduce the wage bill of the state. He also declared that Nige-

rians were unhappy with the woeful performance of the All Progressives Congress (APC) and that the party would be voted out in the forthcoming general elections. Wike said no political miracle would lead to the APC having another chance to govern the country. He stated that the mistake has already been made by Nigerians, emphasising that the country cannot afford to make this costly mistake again in the future.

T H I S D AY ˾ ˜ ͱͮ˜ Ͱͮͯ͵

BUSINESSWORLD

NEWS

FirstBank Unveils Career Growth Models for Staff First Bank of Nigeria Limited has unveiled new career employment models to accelerate career growth and development for staff members. As part of the FirstBank’s efforts to continuously integrate leadership into its culture and build a pool of talents and next generation leaders who will be groomed to steer the ship of the financial institution’s business expansion and continuous growth in Africa, it has commenced an accelerated career management programme known as the FirstBank Management Associate Programme (FMAP). The programme would be a 24-month fast track comprehensive developmental programme targeted at young, dynamic, self-motivated and highly driven individuals who possess the right skill set and excellent leadership potential among Junior and entrylevel cadre staff. According to a statement, the programme will afford successful candidates the opportunity to be moved to middle management upon the successful completion of the 24-month period and become Management Associates irrespective of their grades at the point of entry. Cross country postings and

secondment opportunities will be offered to such staff to provide them with global exposure and network. In the same vein, the bank said it has also commenced a Senior Management Development Programme (SMDP); an intensive modular programme for a select group of senior to principal managers who are proven leaders in their respective functions and have been identified as central to the its succession plan. “This will result in a unique learning experience that fosters the professional, intellectual and personal development of this crop of emerging leaders. “At the end of the programme, top performing delegates will be exposed to various leadership developmental opportunities such as executive coaching by renowned career and life coaches, strategic and executive job shadowing and handholding by bank executives as well as prioritisation for international assignments,” it explained. First Bank described the career growth model as another lever targeted at capacity building for staff, coming on the heels of its recent promotion of over 3000 staff as reward for excellent performance in delivering its goals and objectives, while some

others were disengaged in line with global industry best practice in enhancing performance. According to the Group Head, Marketing and Corporate Communications, FirstBank, Folake Ani-Mumuney, the bank, as a performance driven institution, was particularly keen on developing and retaining the best talent pool in the industry. “FirstBank would continue to invest in capacity building for its employees to maintain a motivated workforce whilst building platforms where staff members can now benefit from accelerated career progression, as well as build leadership capabilities at an early stage of their career,” she added. FirstBank also implements the entry level graduate trainee programme where over 100 entry level graduates are regularly employed by the Bank and trained at FirstAcademy, FirstBank’s Corporate Academy which is also an affiliate of Global Association of Corporate Universities & Academics (G - ACUA), and the World Institute of Action Learning (WIAL), to support learning culture among the Bank’s staff whilst promoting competence development and knowledge management.

Western Lotto Rewards Winner of Eurojackpot Game with N500,000 Ugo Aliogo, Christopher Ike and Ifediora Obianujunwa Western Lotto Nigeria Limited has rewarded a second year student of the Tai Solarin University of Education, Ijebu Ode, Ogun State, Mr. Soyombo Quadim, with a cheque of N500, 000 for participating in the Eurojacketpot game with the sum of N100. Speaking at the cheque presentation ceremony in Lagos on Monday, the Managing Director Western Lotto Limited, Yomi Ogunfowora, said it was important to celebrate such a win on the platform, stating that the drive for the company was to ensure that people participate in the games they offer. He expressed the company’s satisfaction about the development, stating that it confirms

the high awareness of the brand and games on offer by consumers across the country. Ogunfowora explained that Quadim is one out of 2000 lucky winners on the company’s platform since its commencement on July 10, adding that more than 2000 players had won various prizes since the commencement of the platform. He added: “People have won on mega millions, Euro millions, Eurojackpot, Powerball and UK Lotto. Brand ambassadors asking subscribers to enroll in the appetising mega upgrade promo. We have credited the wallets of all such patrons with N1000. Also, many players received a bouquet of GSM recharge cards from one of our partners, Linda Ikeji, and our brand ambassadors such as AY, Funke Akindele

Bello, Toke Makinwa and Kemi Afolabi. “More than N170 million is on offer in our mega upgrade promo. Play N3000 and you could be one of the 2000 persons who stand to win both N50, 000, and N100, 000 million. Two people will also win cars. Our message and brand promise is that Western Lotto would continue to bring fun, excitement and rewards to our customers and the nation. “Western lotto brings a world of lotteries to Nigerians. There are currently five major global lotteries on our portal. They come from Europe and America. Soon, we will introduce additional games to increase the excitement for our players. Our assurance to our customers is that we are equipped and ready to meet the demands that your participation imposes on us.”

Global Alignment: Starcom Media Changes to Media Seal Raheem Akingbolu Following the recent global alignment which informed the partnership between Troyka Group and Publicis, a leading media buying agency in Nigeria, Starcom Media has changed its name to Media Seal. The rebranding becomes necessary because of the global alignment between Starcom Media and Publicis, which has automatically made Starcom a member of Troyka group family. In a statement issued by the Rosabel group on the authority of its Group

Managing Director, Ayo Oluwatosin and made available to THISDAY, the decision to rebrand the company is part of a larger strategic goal aimed at repositioning the business for sustained market leadership in the unfolding new global play. “Over the past 17 years, Starcom Media has become synonymous with delivering insight- driven strategies within the bounds of high ethical stands. According to him, it is time to rebrand this winning team for greater efficiency and to take advantage of the market.

With the new arrangement, Media Seal would now work with clients in creating memorable consumer experience across diverse media platforms. Oluwatosin explained that the Starcom team has a compelling pedigree in the industry which the new agency is set to take to another level with advanced technologies that unearth real consumer motivations. He added in the statement that over the years, the agency has won numerable awards from campaigns that have positively impacted clients’ business.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

The Crux of the Matter I stumbled on a quotation from WimBiz this weekend which I thought was very essential to discuss, as it is very true and also extremely important to our progress in every sphere of life. The quote says: “Leaders don’t make excuses, they create results.” It also went on to say that, “Nobody is impressed with how good your excuses are, they are impressed with your good results”. What struck me when I read these quotes was the word dependability.

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Ø ÜÏÍÏØÞ ÞÓ×ÏÝ˜ ÒËàÏ ÍÙ×Ï ËÍÜÙÝÝ Ë ÖÙÞ ÙÐ ßØÎÏÚÏØÎËÌÖÏ ÚÏÙÚÖÏ ËØÎ áÙØÎÏÜ áÒÏÞÒÏÜ ÞÒÏã ËÜÏ ËÖÝÙ ßØÎÏÚÏØÎËÌÖÏ ÓØ ÙÞÒÏÜ ËÜÏËÝ ÙÐ ÞÒÏÓÜ ÖÓàÏÝ˛ Ð ãÙßÜ áÙÜÎ ËØÎ ÚÜÙ×ÓÝÏ ÎÙ ØÙÞ ×ÏËØ ËØãÞÒÓØÑ˜ ãÙß ËÜÏ ØÙÞ ÑÙÓØÑ ÞÙ ÑÙ ÐËÜ ÙÜ ÝßÍÍÏÏÎ ËÝ ËØ Ï×ÚÖÙãÏÏ ÙÜ Ë ÌßÝÓØÏÝÝ ÙáØÏÜ˛ ÏÚÏØÎËÌÓÖÓÞã ÌÜÏÏÎÝ ÝßÍÍÏÝÝ˛ àÏÜã ÌßÝÓØÏÝÝ ÙÜ ÚÏÜÝÙØ ÞÒËÞ ÒËÝ ÝßÍÍÏÏÎÏÎ ÎÓÎ ÝÙ ÌÏÍËßÝÏ ÞÒÏã áÏÜÏ ÎÏÚÏØÎËÌÖÏ˛ Ý Ë áÙÜÕÏÜ ÎÏÚÏØÎËÌÓÖÓÞã ÏØÒËØÍÏÝ Ë áÓÎÏ àËÜÓÏÞã ÙÐ ÔÙÌ ÚÏÜÐÙÜ×ËØÍÏ ÍËÞÏÑÙÜÓÏÝ ËØÎ ÖÏËÎÝ ÞÙ ÔÙÌ ÝÏÍßÜÓÞã˛ Þ ÓÝ ÝËÓÎ˜ ÓÐ ãÙß ÍËØ ÌÏ ÙØÏ ÞÒÓØÑ˜ ÌÏ ÎÏÚÏØÎËÌÖÏ˛ ØÎÓÍËÞÏÎ ÌÏÖÙá ËÜÏ ËʵÜÓÌßÞÏÝ ÞÒËÞ áÓÖÖ ÒÏÖÚ ãÙß ÌÏÍÙ×Ï ÎÏÚÏØÎËÌÖÏ˝ Work Ethic àËÖßËÌÖÏ ÍÒËÜËÍÞÏÜÓÝÞÓÍ ËØ Ï×ÚÖÙãÏÏ ÍËØ ÚÙÝÝÏÝÝ ÓØ ËØã áÙÜÕÓØÑ ÏØàÓÜÙØ×ÏØÞ ÓÝ Ë ÑÙÙÎ ÝÞÜÙØÑ áÙÜÕ ÏÞÒÓÍ˛ ÒÏ ËÌÓÖÓÞã ÞÙ áÙÜÕ ÒËÜÎ˜ ÏʥÏÍÞÓàÏÖã ËØÎ ÎÏÖÓàÏÜ ÙØ ãÙßÜ ÚÜÙÔÏÍÞÝ ÏàÏÜã ÞÓ×Ï ËØÎ áÓÞÒ ÛßËÖÓÞã ÙßÞÚßÞ˜ ÚßÞÝ ãÙß ×ÓÖÏÝ ËÒÏËÎ ÙÐ ËØ Ï×ÚÖÙãÏÏ ÙÜ ÌßÝÓØÏÝÝ ÙáØÏÜ áÒÙ ÎÙÏÝ ÞÒÏ ÙÚÚÙÝÓÞÏ ÙÐ áÒËÞ ÞÒÏ ËʵÜÓÌßÞÏÝ ÎÏÝÍÜÓÌÏÎ ËÌÙàÏ ÝËã˛ ÏÙÚÖÏ áÒÙ ÖËÍÕ ÑÙÙÎ áÙÜÕ ÏÞÒÓÍ˜ ÖËÍÕ ÖÙØÑÏàÓÞã ËØÎ áÓÖÖ ØÙÞ ÝßÍÍÏÏÎ˛ Integrity

ØÞÏÑÜÓÞã ËØÎ ÞÜßÝÞ ÓÝ ÓØÞÏÑÜËÖ ÞÙ ÎÏÚÏØÎËÌÓÖÓÞã˛ ÏÙÚÖÏ áÓÖÖ ÎÏÚÏØÎ ËØÎ ÌÏÖÓÏàÏ ÓØ ãÙßÜ ËÌÓÖÓÞã ÞÙ ÎÏÖÓàÏÜ ÍÙØÝÓÝÞÏØÞÖã ÏËÍÒ ÞÓ×Ï ËØÎ ÞÒÏ ÚÖËÍÏ ÞÙ ÌÏ ÓÝ áÒÏØ ãÙß ÝËã ˫ áÓÖÖ ÎÙ ÓÞˬ˜ ÓÞ ÓÝ ÎÙØÏ˛ ÍËØ ÑÙ ÞÙ ÝÖÏÏÚ ÕØÙáÓØÑ ÞÒËÞ ãÙß áÓÖÖ ÎÙ ÓÞ˛ Ð ãÙßÜ áÙÜÎ ÍËØØÙÞ ÌÏ ÞÜßÝÞÏÎ˜ ÓÞ áÓÖÖ ÌÏ Ó×ÚÙÝÝÓÌÖÏ ÐÙÜ ãÙß ÞÙ ÑÏÞ ÞÒÏ Ó×ÚÙÜÞËØÞ ÚÜÙÔÏÍÞÝ ÐÜÙ× ãÙßÜ Ï×ÚÖÙãÏÜÝ ÙÜ ÍÖÓÏØÞÝ˛ Ùß áÓÖÖ ËÖáËãÝ ÌÏ Ë ÐÜÓØÑÏ ÚÖËãÏÜ ÓÐ ãÙß ÖËÍÕ ÓØÞÏÑÜÓÞã˛ Positive Attitude àÏÜã Ï×ÚÖÙãÏÜ áËØÞÝ ÞÙ áÙÜÕ áÓÞÒ Ë ÚÏÜÝÙØ

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Ð ãÙß ËÜÏ ÞÒÏ ÕÓØÎ ÙÐ Ï×ÚÖÙãÏÏ áÒÙ ÑÏÞÝ ËÖÙØÑ áÓÞÒ ØÙ ÙØÏ˜ ÌÏ ËÝÝßÜÏÎ ãÙß áÓÖÖ ÒËàÏ ÚÜÙÌÖÏ×Ý ÓØ ÞÒÏ áÙÜÕÓØÑ ÏØàÓÜÙØ×ÏØÞ˛ Detail Oriented Ëã ËʵÏØÞÓÙØ ÞÙ ÎÏÞËÓÖÝ˛ ÙÌÙÎã áËØÞÝ ÞÙ áÙÜÕ áÓÞÒ ËØ Ï×ÚÖÙãÏÏ áÒÙ ÎÙÏÝ ØÙÞ ÚËã ËʵÏØÞÓÙØ ÞÙ ÎÏÞËÓÖ ØÙÜ ËÚÚÖÓÏÝ ÜÓÑÙßÜ ÓØ ÒÓÝ ÙßÞÚßÞ˛ Ð ãÙßÜ áÙÜÕ ÓÝ ËÖáËãÝ ÝßÌÝÞËØÎËÜÎ ÌÏÍËßÝÏ ãÙß ÍÙßÖÎ ØÙÞ ËÚÚÖã ãÙßÜÝÏÖÐ ÞÙ ÏØÝßÜÓØÑ ÞÒËÞ ÓÞ ÓÝ ÙÐ ÞÒÏ ÒÓÑÒÏÝÞ ÚÙÝÝÓÌÖÏ ÝÞËØÎËÜÎ áÓÞÒ ØÙ ÏÜÜÙÜÝ˜ ãÙßÜ ÑÜÙáÞÒ áÓÖÖ ÌÏ ÝÞßØÞÏÎ˛ ßÞ ÓØ ÞÒÏ áÙÜÕ ÜÏÛßÓÜÏÎ ËØÎ ÑÏÞ ÞÒÏ ÜÏÝßÖÞÝ˛ Flexibility and Change Ï ʮÏâÓÌÖÏ ËØÎ àÏÜÝËÞÓÖÏ˛ ÏËÜØ ØÏá ÝÕÓÖÖÝ ËØÎ ÏØÝßÜÏ ãÙß ËÜÏ ØÙÞ ÚßÞ ÓØÞÙ Ë ÌÙâ ÙÐ ÕØÙáÓØÑ ÔßÝÞ ÙØÏ ÞÒÓØÑ˛ Ùß áËØÞ ÞÙ ÌÏ ÞÒÏ ÙØÏ ÞÒËÞ áÓÖÖ ÌÏ ÍÙØÝÓÎÏÜÏÎ ÐÙÜ ÞÒËÞ ÍÙ×ÚÖÏâ ÌßÞ àÏÜã ÜÏáËÜÎÓØÑ ËÝÝÓÑØ×ÏØÞ ÙÜ ÞÒÏ ÙØÏ ÞÒËÞ áÙßÖÎ ÌÏ ÍËÖÖÏÎ ÞÙ ÜÏÚÜÏÝÏØÞ ÞÒÏ ÙÜÑËØÓäËÞÓÙØ ÌÏÍËßÝÏ ÙÐ ÞÒÏ ÍÙØʨÎÏØÍÏ ÞÒÏ ÙÜÑËØÓäËÞÓÙØ ÒËÝ ÓØ ãÙßÜ ËÌÓÖÓÞã ÞÙ ÎÏÖÓàÏÜ ËÖÖ ÙÐ ÞÒÏ ÞÓ×Ï˛ ÏËÜØ ÞÙ ËÎËÚÞ ÞÙ ÍÒËØÑÏÝ Ï×ÌÜËÍÏ ÞÒÏ× ËØÎ ÖÏËÜØ ÞÙ ËÎËÚÞ ÞÙ ÞÒÏ ÙØÏÝ ãÙß ×Ëã ØÙÞ ÖÙàÏ ÌÏÍËßÝÏ ÞÒÙÝÏ ÜÏËÖÖã ÍÒËÖÖÏØÑÓØÑ ÙØÏÝ ËÜÏ ÝÙ×ÏÞÓ×ÏÝ ÞÒÏ ÙØÏÝ ÞÒËÞ ËÜÏ ÍËÜÏÏÜ ÎÏʨØÓØÑ˛ ÏÚÏØÎËÌÓÖÓÞã ÓÝ ÏàÏÜãÞÒÓØÑ ËØÎ ÓÞ ÞÜß×ÚÝ ÞËÖÏØÞ ËÖÖ ÙÐ ÞÒÏ ÞÓ×Ï˛ ßÞ ÓØ ÞÒÏ ÞÓ×Ï ËØÎ ÞÒÏ áÙÜÕ ËØÎ ÑÏÞ ÞÒÏ ÜÏÝßÖÞÝ˛ . – Marie-Therese Phido is Sales & Market Strategist and Business Coach Email: mphido@elevato.com.ng tweeter handle @osat2012 TeL: 08090158156 (text only)

T H I S D AY Ëž Ëœ ÍąÍŽËœ Í°ÍŽÍŻÍľ

Access Bankâ€™s N7.2bn Reward for Shareholders The N7.2 billion interim dividend recommended by Access Bank Plc after recording improved earnings for the half-year ended June 2017, is highly encouraging, writes Goddy Egene ratios (CRR) of 2.5 per cent and 1.0 per cent and wound down on our foreign currency exposures as a deliberate strategy to de-risk the business. As we cautiously grow our loan portfolio in light of macro realities, we will continue to uphold our proactive risk management principles in order to maintain asset quality within acceptable limits. Whilst balancing our appetite for growth and profitability, we remain committed to maintaining solid liquidity and capital ratios,â€? Wigwe said. He added that the bankâ€™s retail expansion drive led to investments in its channels, distribution network, service quality and brand enhancement. â€œThese, as well as AMCON charges resulted in higher operating expenses in the period. We continue to, however, intensify the implementation of our cost reduction initiatives in order to improve the bottom-line despite high inflationary environment. In view of the recovering macro, our focus remains growing the retail franchise through digital expansion to enable diversified earnings as well as continuous and proactive risk management as we selectively grow risk assets. We will remain resilient in the execution of our bold strategy for increased growth and profitability whilst maximising shareholder value in 2017 and beyond,â€? Wigwe noted.

The earnings season for the half year (H1) ended June 30, 2017 is almost over as most of the companies have released their financial results for the period. Though the operating economic environment remains challenging, some of the results have raised investorsâ€™ hopes for positive harvest at the end of the year. While investors are generally looking forward to an improved harvest at the end of the year, some banks have started putting smiles on the faces of their shareholders through interim dividends. Specifically, four banks have declared interim dividends. They are: Zenith Bank Plc (25 kobo per share), Guaranty Trust Bank Plc (25 kobo), United Bank for Africa Plc (20 kobo) and Access Bank Plc (25 kobo). For instance, the 25 kobo recommended by Access Bank Plc last week translates a total of N7.2 billion, which is to be paid out of the N39.45 billion profit after tax (PAT) recorded for the H1 of 2017. In all, Access Bank reported an impressive performance for the period. Revenue and proďŹ tability According to the results, Access Bank recorded gross earnings of N246.6 billion, up 42 per cent from N174.1 billion in the corresponding period of 2016. The growth in gross earnings was driven by 66 per cent increase in interest income on the back of continued growth in the bankâ€™s core business and 34 per cent non-interest income underlined by strong foreign exchange (FX) income on the bankâ€™s trading portfolio. Interest Income grew by 44 per cent to N161.9 billion, from N112.3 billion, while non interest income stood at 84.4 billion, showing an increase of 37 per cent compared with N61.7 billion in the corresponding period of 2016. Operating income increased by 29 per cent to N167.5 billion, from N130.2 billion. Profit Before Tax (PBT) for the period rose to N52 billion, representing a 18 per cent growth when compared to N43.9 billion in 2016, while PAT grew to N39.5 billion in 2017 from N33.6 billion in H1 2016. Return On Average Equity (ROAE) remained flat at 16.9 in H1 2017 flat. Asset Quality/ Operational EfďŹ ciency In terms of asset quality, non-performing loans (NPL) to total gross loans rose marginally to 2.5 per cent, as against 2.1 per cent as at December 31, 2016. NPL coverage Ratio (with regulatory risk reserves) stood at 174.8 per cent as at June 2017, compared with 169 per cent in December 2016. Cost of risk reduced marginally from 1.1 per cent in December 31, 2016 to 1.0 per cent in June 2017. An analysis of the operational efficiencies showed that Cost-to-Income Ratio (CIR) rose from 58.4 per cent to 62.7 per cent driven by increase in operating expenses. The increase in operating expenses from N75.9 billion to N1015.1 billion stemmed from high inflationary environment and the effect of unamortised AMCON charges. However, Net Interest Margin (NIM) improved to 6.7 per cent, up from 6.3 per cent.

Herbert Wigwe According to him, the group maintained stable asset quality, recording non-performing loan (NPL) and Cost of Risk Ratios (CRR) of 2.5 per

ACCESS BANK HALF YEAR FINANCIAL SUMMARY 260

Group Managing Directorâ€™s Comments Commenting on the results, Group Managing Director/CEO, Access Bank, Herbert Wigwe said the bankâ€™s performance in H1 reflects the strength and sustainability of our business as well as the effective execution of our strategy.â€?

JUNE 2017 N246.6Bn

240 220 200 180

Balance Sheet Loans and advances totalled N1.79 trillion in June, compared with N1.86 trillion in December 2016. Customer deposits declined by nine per cent to N1.90 trillion as against N2.09 trillion in 2016. Total assets was flat at N3.46 trillion as at June 2017 compared with N3.48 trillion in December 2016. Capital adequacy of 21.6 per cent and Liquidity ratios of 45.4 per cent, remain consistently above the regulatory minimum requirement.

cent and 1.0 per cent, respectively. â€œWe maintained stable asset quality, recording non-performing loans (NPL) and cost of risk

JUNE 2016 N174.1Bn JUNE 2017 N161.9Bn

160 140

JUNE 2016 N112.3Bn JUNE 2017 N105Bn

120 100

JUNE 2016 N75.9Bn

80 60 40

JUNE 2017 JUNE 2016 N10.3Bn N10.2Bn

20 0

GROSS EARNINGS

NET INTEREST INCOME

OPERATING EXPENSES

NET IMPAIRMENT CHARGES

JUNE 2017 JUNE 2016 N39.5Bn N33.6Bn

PROFIT AFTER TAX

Analystsâ€™ Assessment Assessing the results, analysts at Cordros Capital Limited have said consistent with its dividend payment, Access Bank has proposing an interim dividend of N0.25 (same as previous year) â€“ translating to a payout ratio of 18.33 per cent and a dividend yield of 2.44 per cent. According to the analysts, the growth in interest income, broadly in line with their expectation , was driven by improved yields on earning assets (+280 basis points-bps- to 13.10 per cent) loans and advances to customers (+33.48 per cent ), and investment securities â€“ available for sale (+64.64 per cent), held for trading (+307.11 per cent ), and held for maturity (+14.45 per cent ), given Access Bankâ€™s â€˜ large portfolio of fixed income securities, in line with other banksâ€™ results released so far. â€œAccordingly, net interest margin expanded 40 bps to 6.70 per cent, despite a more-than-expected surge in interest expense (79.88 per cent , 28.31 per cent above our estimate), driven by the elevated interest charges on customers deposit (63.68 per cent), interbank placements (+107.92 per cent ), and debt securities issue (+181.02 per cent) â€“ reflecting the impact of the premium on the $112 million refinancing of its Eurobond and an additional N59 billion commercial paper issued in H1 of 2017,â€? they said. They explained that Access Bank recorded a marginal (+1.48 per cent ) growth in credit loss provisioning in H1 in 2017, with cost of risk contracting by 10 bps to 1.00 per cent, despite NPL expanding by 60 bps to 2.50 per cent. â€œIn line with industry peers, Access Bank Plc recorded a surge in opex (rose 50.21 per cent and 14.09 per cent above our estimate, stemming from a one-off charge of AMCON levy (as against amortisation over the full year) impact on other opex (+65.62 per cent), elevated personnel costs (+25.72 per cent), and depreciation expense (+27.11 per cent ). As a result, cost-to-income ratio expanded 901 bps y/y to 62.73 per cent, above our estimate of 55.26 per cent, despite a 28.65 per cent growth in operating income,â€? they said. The analysts said they believe management is still on course to deliver on its 2017F ROE of 20.0 per cent (vs. 17.4 per cent in full year of 2016) and net interest margin of 7.0 per cent (vs. 6.2 per cent in full year of 2016). â€œAlso, given the run rate in interest income (supported by its sizeable fixed income portfolio and quality loan book) and the significant foreign exchange trading gain booked in H1-17, we believe Access Bank is poised to outperform in 2017 full year. Based on our last target price of N12.19, we have a BUY recommendation on the stock,â€? they said.

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Unlocking Opportunities through Islamic Finance Islamic finance, if explored, presents significant financing opportunities for businesses, writes Obinna Chima Islamic finance development has become a centrepiece in many countries in the African region. A number of market development and regulatory efforts have taken place in the region in recent years. Specifically, Nigeria, Sudan, South Africa and Senegal, Kenya, Morocco and Niger among others have put in place necessary legal and regulatory frameworks to enable Islamic banking offerings in their respective jurisdictions. According to a report by the Malaysia Worldâ€™s Islamic Finance Marketplace titled: â€˜Islamic Finance in Africa: Impetus for Growth,â€™ a lot of conventional banks across the continent have started offering Shariah-compliant banking products through Islamic window set-up. In the sukuk segment, the report showed that countries such as Senegal, Nigeria, Mauritius, Gambia had issued sukuk. A recent milestone in this space was the maiden sukuk issuance by the Africa Finance Corporation, a leading pan-African multilateral development finance institution. In fact, Islamic finance development in Africa region is in tandem with the emerging interest of Islamic finance globally. Based on the current growth momentum of the global Islamic finance, the global Islamic financial services industry had been estimated to reach $6 trillion in assets by the year 2020 with a growing number of new market entrants. That was why the Managing Director/ Chief Executive Officer of the Islamic Banking and Finance Institute of Nigeria (IBFIN), Sani Aminu Dutsinma, last week stressed the need for Nigerians to take advantage of the opportunities created by this banking instrument. According to him, Islamic banking and finance instruments have the potential to check greed, high handedness, selfishness and corruption, not only in the banking and finance industry, but also in the public sector. Dutsinma, while speaking at a sensitisation seminar organised by his organisation for journalists, pointed out that Islamic banking and finance, being asset-based, should, in principle be less prone to financial crime. According to him, the Islamic finance industry had expanded rapidly over the past few decades, growing between 10 to 20 per cent annually, as shariah-compliant financial assets are estimated at about $2 trillion, covering bank and non-bank financial institutions. Islamic banking assets have been grown faster than conventional banking assets, he said, adding that there has been an increased interest in Islamic finance from countries such as the United Kingdom, Luxembourg, South Africa and Hong Kong. Within sub-Saharan Africa, he revealed that South Africa leads in terms of Islamic finance, with one of the largest international Islamic banking conglomerates namely Al-Baraka Banking Group, he disclosed. Allaying the Fears Dutsinma noted that since the introduction of Islamic finance in Nigeria some 18 years ago, concerns and apprehension have been voiced that the introduction might be a ploy to Islamise Nigeria. â€œHowever, as at today, we are yet to receive any report of religious discrimination as regards access to any shariah-compliant products or services. â€œIslamic finance is not reserved for Muslims only. It is not a â€œMuslim finance. There is no such tag on Islamic finance products either in Nigeria or in any part of the world. The products are designed according to defined principles and are vetted by learned scholars. â€œIt is high time Nigerian policy makers recognised Islamic finance can significantly contribute to economic development, given its direct link to physical assets and real economy,â€? he added. According to Dutsinma, the use of profitand-loss sharing arrangement encourages the

provision of financial support and generates jobs. He said the emphasis on tangible assets ensures that the industry supports only transactions that serve a real purpose, thus discouraging financial speculation. â€œFurthermore, Islamic finance helps promote financial sector development and broadens financial inclusion. By expanding the range and reach of financial products, Islamic finance could help improve financial access and foster the inclusion of those deprived of financial services. â€œIslamic finance emphasises partnership-style financing, which could be useful in improving access to finance for the poor and small businesses. It could also help improve agricultural finance, contributing to improve food security,â€? he added. Also, a legal practitioner, Dr. Abdulqadir

The Islamic ďŹ nance industry has been progressing rapidly since its inception nearly four decades ago. The industry, particularly in advanced Islamic ďŹ nance markets, witnessed rapid growth and sustainable market drives enabling the system to be commercially viable and competitive industry to operate in parallel with the conventional ďŹ nancial system

Abikan, pointed out that globally, there is scarcity of resources and as such individuals and policymakers try to ensure efficient allocation of their resources. He said in Islamic economics, there are principles that guide activities, adding that the principles of Islamic finance emanated from Islamic economics. â€œWhen you know that you stand the risk of losing money, you want to work hard to ensure that your customer succeeds. â€œIslamic banking tries to maximise profit by doing all you can to enlighten the customers to do more in the business. Islamic finance has the relationship between partners (buyers and sellers). â€œIslamic finance encourages asset-based financing. Once you take Islamic finance, you must use that money according to laid down principles,â€? he explained. Unlocking Opportunities The Islamic finance industry has been progressing rapidly since its inception nearly four decades ago. The industry, particularly in advanced Islamic finance markets, witnessed rapid growth and sustainable market drives enabling the system to be commercially viable and competitive industry to operate in parallel with the conventional financial system. For instance, the Malaysia Worldâ€™s Islamic Finance report showed that using Malaysia as a case in point, the corporate sukuk had outpaced the corporate bond whereby corporate sukuk issuance was RM64.8 billion, 75.7 per cent of the 2016 total corporate bonds and sukuk issuances in the country. The global Islamic banking industry was projected to surpass $3 trillion mark by 2020. â€œApart from the Asian and the GCC driving the industry, a number of new markets especially in the African region have established necessary framework to support growth of Islamic banking development in their countries. â€œFinance development in Africa has an important role in unlocking the regionâ€™s untapped potential in various sectors in order to boost

its prosperity. â€œThe growth of Islamic finance will provide the region access to enrich offerings of its financial instruments and also provide the opportunity to greater access of liquidity pools across the Middle East and Asia particularly from markets with ready pool of investors looking for Shariah-compliant investment opportunities,â€? the report stated. Africa has almost 60 per cent of the worldâ€™s uncultivated land and vast natural resources. The continent is endowed with large oil, gas and mineral deposits. Home to over 1.2 billion population, Africa is currently the second most populous continent on earth and the total population is expected to double by the year 2050. The growing population provides an excessive demand on local economies including a ready market for agricultural business and has the potential to expand its food exports. Natural and economic resources mobilisation as well as economic diversification activities is among the drives to improve the economic growth the region. With these, there is clearly potential for Islamic finance to play a role in especially in African countries which intend to diversify their sources of funding. The demographic of Africa provides potentially strong demand for Islamic financial services and products such as credit, savings and insurance. Financial inclusion includes provision of appropriate and quality financing which is accessible and affordable to low-income and other vulnerable households to reduce poverty; reduce inequality in prosperity sharing and provide enough opportunity for vulnerable groups to improve their living standards. â€œGlobally, two billion adults do not have a bank account including five per cent in developing economies and 25 per cent in countries with almost exclusively Muslim populations do not have a bank account due to religious reasons. â€œFinancial inclusion through Islamic finance could increase account ownership and facilitate financing needs in these areas,â€? the report added.

CBN

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BUSINESSWORLD

ANALYSIS

Why Guinness, Unilever Shareholders Should Exercise their Rights Nigerian shareholders of Guinness Nigeria Plc and Unilever Nigeria must do everything possible to participate fully in the ongoing Rights Issues to avoid losing their stakes in the companies, writes Goddy Egene Guinness Nigeria Plc and Unilever Nigeria Plc are two leading firms listed on the Nigerian Stock Exchange (NSE). Why Guinness is a leading brewing firm, Unilever controls significant share in the food and personal care products segment of the Nigerian market. Both have foreign investors as majority shareholders. Diageo is the majority shareholder in Guinness; Unilever United Kingdom (UK) is the majority investor in Unilever Nigeria. Again, both companies have been suffering from a similar problem of increasing finance costs over the years due to their reliance on bank borrowings to fund their operations. This reliance on debts borrowings has over the years impacted their profitability and the level of returns to shareholders in form of dividends. However, in order to reduce the cost of finance, both companies have decided to inject fresh equity capital from existing shareholders through Rights Issues. Guinness Nigeria Guinness Nigeria Plc is offering 684,494,631 ordinary shares of 50 kobo each at N58 per share to existing shareholders to raise about N39.70 billion. The offer opened on Monday, July 24 and will close on August 30, 2017. Stanbic IBTC Capital Limited is the issuing house for the rights issue. To many market operators, the equity capital injection is overdue for Guinness considering the fact the high cost of finance that stemmed from reliance on debt financing pushed the company into a loss position. In the third quarter ended March 30, 2017, Guinness posted a loss of N2.6 billion as against a profit of N900 million in the corresponding period of 2016. In fact, as at half year ended December 31, 2016, Guinness Nigeriaâ€™s net debt to equity ratio stood at 103.9 per cent, indicating that the company was highly leveraged and needed urgent equity injection to reduce the erosion of its earnings through high interest charges. Hence, analysts had said the decision to go for a rights issue would go a long way in repositioning the firm for better future performance. Speaking on the rights issue, Managing Director/Chief Executive Officer of Guinness Nigeria, Mr. Peter Ndegwa said it would deleverage the companyâ€™s balance sheet and reduce finance costs. He noted that the company obtained a loan from Diageo in 2016 to manage foreign exchange related obligations, saying that between 2015 and 2016 obtained loan facilities from various financial institutions to fund working capital requirements and business expansion operations. Ndegwa said: â€œThis rights issue will allow the company to deliver on its strategic objectives and give all our shareholders a unique opportunity to increase their shareholding in the company. Our expectation is that funds raised will help mitigate the impact of increasing finance costs, optimise our balance sheet and improve the companyâ€™s financial flexibility.â€? Already the chairman of the company, Mr. Babatunde Savage, has told shareholders why they should exercise their rights fully. â€œThe companyâ€™s unique competitive advantage in terms of total beverage alcohol portfolio, consistent strong support from Diageo, world class local production assets, scalable beer operating model and strong corporate governance standards within its board and management, sets it apart as an excellent investment opportunity,â€? Savage said. According to him, the devaluation of the Nigerian currency, foreign exchange scarcity and volatility, higher interest rates, a decline in real gross domestic product(GDP), weak financial markets and increase in cost of imported raw materials impacted on the companyâ€™s performance, over recent years. â€œWe have embarked on a number of restructur-

Adeosun Ndegwa ing initiatives in order to return the company to profitability. For example we have increased sourcing of our raw materials locally, deepened our partnerships with local distributors, reduced prices to grow volumes and gain market share, enhanced operational efficiencies and broadened our product portfolio to meet consumer preferences amongst others. We believe the capital injection rights issue will help the company to deliver on our strategic objectives and give all shareholders a unique opportunity to increase their shareholding,â€? he stated. Over the past few years, consumers have considerably shifted to value brands due to weakening economic conditions. Ndegwa said Guinness, which has traditionally operated in the premium/mainstream beer and malts markets has responded by repositioning and expanding its portfolio and has become the only truly total beverage alcohol player in the country offering products right across the board from spirits, to beer, ready-to-drink and non-alcoholic beverages. â€œIn addition the company plans to fully participate in the premium and mainstream spirits segments, leveraging its recent acquisition of rights to Diageoâ€™s international premium spirits brands and mainstream spirits such as Johnnie Walker and McDowells. The company also intends to enhance its presence in the lager, beer and ready-to-drink markets with plans to launch new products designed specifically for the Nigerian market,â€? he said. Unilever Nigeria Unilever is shopping for N58.851 billion from existing shareholders. The company is offering 1.962 billion ordinary shares of 50 kobo per share at N30 per share. The offer opened on July 31 and will close September 8, 2017. The MD/CEO of Unilever Nigeria Plc, Mr. Yaw Nsarkoh has called on shareholders and capital market stakeholders to support the ongoing rights issue that will position the company to deliver better value going forward. According to him, through this rights issue, the company will be able to reinforce its financial

Nsarkoh flexibility to support its growth initiative, while giving shareholders an opportunity to consolidate their shareholding position. â€œThe rights issue is part of Unilever Nigeriaâ€™s long term strategic intent to strengthen the companyâ€™s capital base by deleveraging its balance sheet, support its working capital needs and position the company to exploit value accretive opportunities,â€? Nsarkoh said. He explained that the net proceeds would help the company repay outstanding foreign currency denominated liabilities, purchase additional raw materials required for Unileverâ€™s products and to meet other working capital requirements in order to build long term value for all stakeholders. In the same vein, the Chairman, Unilever Nigeria Plc, His Royal Majesty Nnaemeka Achebe, said rights issue represents a milestone event in Unilever Nigeriaâ€™s history as it marks the companyâ€™s first follow-on equity offering since its listing in 1973. â€œThe rights issue reiterates our confidence in Unilever Nigeriaâ€™s robust future and commitment to building a more enduring business in Nigeria. We acknowledge with deep appreciation the unwavering support we have received from our stakeholders and shareholders even in trying times which has enabled us deliver positive results. We urge all shareholders to support the companyâ€™s objective by participating in the rights issue to ensure the company obtains the flexibility to attain its growth objectives,â€? he said. Unilever posted profit before tax of N5.044 billion for the half year ended June 30, 2017, compared with N1.487 billion in 2016, showing a growth of 239 per cent. Similarly, while PAT stood at N3.676 billion, up by 236 per cent from N1.093 billion in 2016. The company had reduced its finance cost by 40 per cent to N1.7 billion from N2.8 billion, following lower interest paid on loan obtained from Unilever Finance International AG. Although the company increased its loans and borrowings by 176 per cent from N7.426 billion to N20.501 billion with N15 billion from Unilever Finance International, the interest rate

was 6.45 per cent, compared with N5 billion borrowed locally that attracted 13.9 per cent. Part of the proceeds of the rights issue would be used to repay loan. Need for minority shareholders to take up their rights There are compelling reasons why the minority shareholders local should not to miss out in the rights issues of both companies. Firstly, both issues offer the investors an opportunity to retain their holdings in the firms at prices lower than current market prices. For instance, at an offer price of N58, shareholders of Guinness are exercising their rights N27 lower than the market price of N85, as at last Friday. Similarly, Unileverâ€™s offer price of N30 per share is N15.49 lower than its market price of N45.49 as at last Friday. Secondly, failure on the part of the Nigerian shareholders to take up their rights would offer the foreign majority investors an opportunity to increase their stake and possibly take over the companies 100 per cent in the nearest future. In Guinness, Diageo, is already controlling 54.32 per cent and the company has signified its readiness to exercise its full rights. Similarly, Unilever Overseas Holdings has 60.06 per cent shareholding in Unilever Nigeria, while Stanbic Nominees has 10.43 per cent. The remaining 29.51 per cent is held by other minority shareholders. Any failure of the minority shareholders not to take up their rights portends high risk for them. Although the Finance Director of Unilever, Mrs. Adesola Sotunde-Peters has assured that Unilever UK, would pay for its rights and not convert its loans into equity, market analysts said the minority shareholders should ensure they also take up their rights. â€œAs you may know, once a majority shareholder holds 60 per cent stake in a company, that majority shareholder has the privilege to buy out the minority shareholders. And given the current holdings of foreign investors in Guinness and Unilever, any failure on the part of the minority shareholders will jeopardise their stake in the companies,â€? a market operator said.

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Addressing Human Capacity in Oil and Gas Insurance The absence of human capacity in oil and gas insurance underwriting has been identified as a major reason for the massive outflow of insurance businesses to the London market, writes Ebere Nwoji Despite efforts by the federal government and the insurance sector operators to ensure that insurance firms benefit from huge opportunities in oil and gas sector, the industryâ€™s situation could be likened to that of a pauper living in the island of gold. In spite of the level of business activities going on in Nigeriaâ€™s oil and gas sector, insurance industryâ€™s Gross Premium for 2016, remained as low as N380billion while the sectorâ€™s contribution to the Nigeriaâ€™s Gross Domestic Product (GDP) stood at 0.03 percent against N1trillion premium target and 3percent contribution to the GDP set by the regulator, the National insurance Commission (NAICOM) in 2012. This is because in the face of activities going on in the oil and gas sector, ancillary services that are supposed to be rendered by indigenous insurers to grow their premium income are taken abroad, mainly to London markets whose premium income continues to maintain upward movement year in year out. Recent reports by the Nigerian Extractive Industries Transparency Initiative (NEITl), revealed that only about 5 per cent of the oil and gas sectorâ€™s insurance business are handled by local underwriters. This is despite federal governmentâ€™s local content policy, which had targeted 45 percent local underwriting of oil and gas business by the year 2006 and 70 percent local underwriting by 2010. At a recent seminar for insurers and reinsurers organised by the Nigerian Reinsurance Corporation, the reinsurers complained that despite the local content policy, less than 30 percent of oil and gas businesses in Nigeria are currently written by indigenous firms while the rest still go abroad. Investigations on the cause of this reveals that lack of capacity in terms of human and finance is often the reason put forward by oil multinationals for taking their businesses to their captive firms or to other giant London insurers. In fact, few years back, a director in Nigeria National Petroleum Corporation (NNPC) stated that the entire operating capital of all the insurance firms in Nigeria put together cannot insure one oil rig in Nigeria. Irked by continued loss of businesses to their foreign counterparts, NAICOM, in 2007, moved to address the finance capacity problem by reviewing upward the minimum capital base of the industry with the result that today, most underwriting firms operate with as much as N5 billion, N10billion or even more capital against N3billion minimum requirement. Ten years after, some new generation and forward looking insurance underwriting firms,

Yinka Adekoya have taken it upon themselves to address the human capacity problem through training of staff of insurance underwriting firms and other stakeholders in the oil and gas insurance business. Wapic Insrance, is one of such firms .Others which have organised such trainings in the past though in other classes of insurance different from oil and gas are, Nigeria Reinsurance Corporation(Nigeria Re), Leadway Insurance Ltd, Sovereign Trust Insurance Plc among others. Wapic insurance, last week staged an intensive training programme on capacity building for oil and gas insurance stakeholders with the theme â€˜Trends in Underwriting Upstream Riskâ€™. Titled Wapic Inaugural Capacity Building Session for Stakeholders in Oil and Gas industry, the company, successfully attracted oil and gas insurance specialists from London, Mr. Nick Sorgo, Partner Energy Division, JLT Specialty Ltd, London as well as indigenous specialists in oil and gas business such as Steve Odjugo oil and Gas expert and Consultant from Nigeria, Mr. Sina Elusakin, Deputy Managing director Industrial and General Insurance Plc, Mr. Kunle, Omilani, Chairman YOA Consulting, Mr. Paul Atiomo, Senior Manager Energy and Special Risk, African Reinsurance Corporation. These experts bared their minds, ideas and knowledge on how Nigerian underwriters could conveniently

CHI Gets ISO9001:2015 CertiďŹ cation Ebere Nwoji Consolidated Hallmark Insurance (CHI) Plc, was recently presented with the NIS ISO 9001:2015 Quality Management System Standard certificate by the Standards Organisation of Nigeria(SON). With this, CHI has emerged the second insurance firm out of the existing 56 insurance and reinsurance firms to be presented with the global quality standard certification. Presenting the certificate to the company in Lagos, SON Director General, Osita Aboloma, congratulated the underwriting firm for the NIS certification merit, which he described as outstanding achievement but reminded the management that the insurance services it is

offering are extremely important to Nigeria especially in the face of the federal governmentâ€™s directive to insurance industry to attract investments in Nigeria. Aboloma, who was represented at the occasion by a director in the organisation, Mrs. Oluremi Ayeni said it is heart-warming to recognise the steps the company is taking in improving the insurance sector by putting in place a quality management system. He said the ISO 9001:2015 Quality Management System approach now provides the company a robust, globally recognised and acceptable solution to address the challenges associated with consistently meeting requirements and addressing future needs and expectations of customers in an increasingly

dynamic insurance business environment. â€œIt also ensures that you consistently provide products and services that meet customer and applicable statutory and regulatory requirements while managing the internal and external issues and addressing the risks and opportunities associated with insurance business,â€? he stated. He said achieving this certification, is a demonstration of CHI management systemâ€™s conformity to internationally acceptable standard requirements and the ability of the company to get it right the first time and all the time. According to the SON boss, the ISO 9001:2015 Quality Management System framework reflects the companyâ€™s mission and vision to be a firstchoice provider of insurance .

play safe in the juicy but high risk profile oil and gas sector. Sorgo noted that the level of political risks in Nigeria in form of terrorism, kidnappings, piracy and political violence has leaned the chances of Nigerian insurance underwriters getting easy access to foreign reinsurance coverage. According to him, as a result of this, the London market has tagged Nigerian market high risk profile market. He said this may increase cost of local reinsurance capacity to retain the risk locally. Currently, Nigerian reinsurers act as frontiers of foreign reinsurers. Sorgo therefore emphasised the need for Nigerian insurers to draw experience from London markets which he said plays safe in business acceptance. Stakeholders at the session noted that there is need for increased human and financial capacity in oil and gas insurance in Nigeria but insisted that human capacity building is very critical. A director, authorisation and policy, National Insurance Commission (NAICOM), Mr. Pius Agboola, who represented the Commissioner for Insurance, Alhaji Mohammed Kari, said that the commission was committed to increasing oil and gas business retention in Nigeria. He commended Wapic Insurance for the initiative and challenged other firms to emulate

the company. On her part, Wapic Insurance Managing Director Mrs. Adeyinka Adekoya, reasoned that insurance players must play a major role in indemnifying losses in the oil and gas sector to prevent the industry from being handicapped financially after any major loss. She said: â€œDue to the nationâ€™s dependence on the oil and gas sector, it is invariably important that one should consider the risks involved both in the offshore and onshore operations. â€œThe insurance industry, a sub-sector of the financial services sector, provides risk management measures for the petroleum industry and has been identified as one of the pillars of transformation in the industry.â€? Adekoya said the aim of the conference was to contribute to an industry-wide understanding of the recent trends and nature of risks peculiar to the oil and gas operations in Nigeria, as well as the latest solutions and risk mitigation measures in addressing such. She observed that the impact of the drastic fall of crude oil price had made it challenging for the federal government to meet its obligations on joint venture agreements and budgetary commitments. Furthermore, she said that the NNPC had announced its exit from the JV arrangement paving way for an alternative arrangement, which allows the JV to finance itself by retaining its operating cost among others. â€œThe implication of this is far-reaching; it would be interesting to see how this affects the landscape of the industry in a few years to come,â€? she said. One of the discussants at the session, Sina Elusakin, the Deputy Managing Director, Industrial and General Insurance Plc, said that Nigerian insurers need to be very careful in their risk acceptance especially in the area of facultative risk. He stressed the need for the insurers to take time to study the risk profile of the business they want to underwrite before accepting such business. He also spoke on the need for Nigerian underwriters to borrow experience from London market operators in order to play safe and avoid unnecessary exposure to risk that is beyond their capacity. Some Nigerian underwriters expose themselves to excess loss insurance because of urge to accumulate much premium noting that international players play safer than Nigerian underwriters. Elusakin also cautioned oil and gas sector operators that indulge in self insurance to look at the cost of risks they keep. He also advised them to consider their financial capacity to determine their ability to absorb such risks.

NEM Insurance Announces 290.8% Growth in Profit NEM Insurance Plc said it grew its profit before tax by 290.8 percent to N2.19billion for the year ended December 31st 2016. NEM insurance group, which includes NEM Insurance Nigeria Plc and NEM Insurance Ghana, now known as RegencyNem Insurance Ghana Ltd, also during the period, grew its profit before tax by 258.3 percent to N2.14 billion . Similarly, the companyâ€™s gross premium during the period under review, witnessed 4 percent growth to hit N10.8 billion as against gross premium of N10.3 billion recorded in 2015. The groupâ€™s gross premium for the period however witnessed 1.3 percent slide from

N10.9billion in 2015 to N10.8 billion in 2016. Announcing these at the 47th annual general meeting of the company held in Lagos recently, NEM Insurance Chairman, Fidelis Ayebae, explained that following the directive of the National Insurance Commission Ghana to increase the share base of insurance companies from $1million to $5million, NEM Insurance board and management, decided to merge its operations with Regency Alliance Ghana Ltd. He said the new name of the merged entity is RegencyNem Insurance Ghana Ltd. According to him, as a result of the merger, the status of NEM Insurance Ghana Ltd has

changed from being a subsidiary to an associate as its stake in the company is now 40per cent. He noted that the financial assets for the NEM Insurance group and that of the NEM Insurance company for the year under review improved by 8.5 percent and 17.9per cent respectively over that of the preceding year. While the total assets and total equity of the group improved by 16.1 and 19.4 respectively, adding that those of the parent company improved by 20.2 and 19.7 respectively. Earnings per share (EPS) for the year was 34 kobo; an increase of 154.7 percent over that of the preceding year which was 14 kobo.

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EDUCATION New UTME Cut-off Marks, Blessing or Curse to Higher Education? Following the announcement of new cut-off points by the Joint Admissions and Matriculation Board for higher institutions, which generated uproar in the country, some experts are calling for the reversal of the policy, just as the board explained the rationale behind the new minimum scores for admission into higher institutions. Funmi Ogundare reports The Joint Admissions and Matriculation Board (JAMB) last week released new cut-off marks for the 2017/2018 academic session, pegging universities at 120, polytechnics and colleges of education at 100, while innovative enterprising institutes was pegged at 110. The board however said institutions are allowed to raise their cut-off marks above its stipulation. These decision was taken at a combined policy meeting in Abuja, on admissions into universities, polytechnics and other higher institutions in the country, where stakeholders, including vice-chancellors, rectors and provosts of higher institutions agreed that admission should close on October 15 and December 15, 2017 for first and second choice universities respectively. The meeting was also an opportunity for the board to announce that it has lifted the ban on post Unified Tertiary Matriculation Examination (post-UTME). The Minister of Education, Mallam Adamu Adamu had described as a mistake the federal governmentâ€™s ban on tests conducted by universities after the UTME, saying that it was banned because it had become an avenue for corruption. The JAMB Registrar, Professor Is-haq Oloyede, said universities should not go below the minimum 120 cut-off point adopted by the meeting for admissions and called for the adoption of flexible cut-off marks for admission processes by higher institutions in the country. â€œWhat JAMB has done is to recommend; we will only determine the minimum, whatever you determine as your admission cut-off mark is your decision. The senate and academic boards of universities should be allowed to determine their cut-off marks.â€? The registrar said the board discovered over 17,160 illegally admitted students by higher institutions and that the body had regularised some of them. â€œ30 per cent of those in higher institutions do not take JAMB or have less than the cut-off marks. In a swift reaction, some Nigerians have expressed worry about the decision, saying that it was taken without due consideration for its implication on the quality of education in the countryâ€™s tertiary institutions, while some said it would further lead to a decline in the standard of education. A parent who prefers anonymity said, â€œso the folks who will become teachers in future can gain admission to higher institution by merely scoring 25 per cent in the examination; 100 out of 400 marks? â€œThe minimum marks for admission dropped from 200 to 150 and now 100. Is 50 in view? The irony is that more people are now passing WAEC, so why will more people pass WAEC but marks to get into the universities are reducing? Is there any bottom again? How low can we get?â€? The Education Rights Campaign (ERC) also condemned the new cut-off marks announced by the board, saying that it lowers to outrageous levels the minimum requirement for admission into universities, polytechnics and colleges of education, while demanding an urgent reversal of the policy. The National Coordinator and Secretary, Mr. Hassan Taiwo and Ibukun Omole in a statement noted that every year, nearly two million candidates apply for admission, but less than 500,000 are admitted leaving a huge shortfall. â€œBefore now, the popular belief was that the reason for this situation was because there are very few tertiary institutions available for the increasing number of admission seekers. The new twist added to this debate by the JAMB registrar only further underlines the

UTME candidates in an examination hall

monumental crises afflicting public education and the emergency the situation has already become. â€œAs a result of the collapse of quality education at primary and secondary school levels over the years occasioned by poor funding and the emergence of private unregulated and usually below-standards private schools, the quality of candidates for admissions has progressively worsened. This is reflected in the annual average performance in qualifying examinations like WASSCE which shows that increasingly fewer numbers of products of secondary schools are able to make credits in five subjects. â€œThis collapse of quality education at secondary school level is no doubt the outcome of the policy of underfunding and education privatization pursued by successive governments over the last three decades which saw a boom in establishment of private schools many without any real facility nor quality teachers; a variety of which is beginning to manifest at the tertiary levels today.â€? They argued that the problem will not be solved by artificially lowering the cut-off marks, adding that JAMB is effectively preparing the ground for another crisis in the medium and long-term. â€œMore so, if the quality of education continues to worsen as it definitely would if government fails to step in with more funding, it is only a matter of time before candidates are unable to make 120 cut-off marks. If this happens, will JAMB lower it to 50? The Spokesperson of the board, Dr. Fabian Benjamin told THISDAY in a telephone conversation that the cut-off point was not decided by the board alone as insinuated by the public, adding that it is a decision of all stakeholders that there should be a minimum requirement. According to him, â€œwhat that means is that whatever the situation is, even if you donâ€™t have candidate at all, we would prefer you close down your institution than going lower than 120. I want Nigerians to understand one thing that never in the history of cut-off points have we ever adhered strictly to it. We are trying to ensure that we adhered strictly to cut-off points now, even the 180 cut-off that Nigerians complained about that we are lowering the

standard, we have never adhered strictly to it.â€? He disclosed that most times the board usually receives entries from an average of about 1,000 candidates who were admitted through the back door applying for regularisation; a term used for late admission, adding that some of them have never written UTME and they still graduated from different institutions. â€œWe did a study and we discovered that it was as a result of the stringent conditions that we usually put in place that were imposed on these institutions. Nigerians will always appreciate that we say one thing and see different things happening. â€œWhat we resolved at the policy meeting is that this time around, we want to monitor admission process and whatever is agreed must be followed strictly, and because of that we emphasised on what will be a realistic minimum cut-off point for every institution. â€œBefore now, when the cut-off point was 180, some institutions were admitting people who didnâ€™t write UTME. We have an institution that came for regularisation of 2,000 candidates that it admitted within a period of three years and when we looked at that list, we discovered that only four out of the 2,000 met the minimum requirement of 180. â€œWhat that means is that if we had followed strictly, that you must admit only candidates that meet this cut-off point, that institution wouldnâ€™t have admitted them. What we are saying now is to allow institutions decide their cut-off points,â€? Benjamin stressed. The spokesperson said so far the board has received cut-off points sent in by various institutions in the country, adding that most of them have taken 180 or 200. â€œWe are not saying that once somebody gets 120, you must admit him. No. Let the university admit candidates based on their peculiarity. There are universities that will not admit anything less than 200. Ado Bayero University for instance said it clearly that apart from agricultural courses, it will not admit anything below 180. For all other courses, you must have 200 and above and there are so many institutions like that. â€œOne institution cannot determine the cut-off point of another institution. Let them determine

their own cut-off points and at the end of the day when they are not doing well, the time will come when people will say that their standards are low, that is the way to go instead of trying to impose a generally universal standard that is not there. Our observation should not be the yardstick to determine the standard of education in Nigeria.â€? On the reintroduction of post-UTME, he said, â€œit is a ministerial directive and we are not opposed to it. Our concern has always being that whatever that will be done to improve education in Nigeria is welcomed and I know that for the ministry to go with that, it must have reviewed the decision of last year and discovered that there are loopholes that needed to be covered. What the minister also said is that it should not be an avenue to exploit the candidates.â€? On the cut-off marks, THISDAY checks revealed that while some institutions have already started implementing it, the senate of some institutions are planning to meet to fix cut-off points for each programme. In Caleb University, Imota, Lagos, the Spokesperson, Mr. Elvis Otobo confirmed that the senate will meet this week to fix cut-off marks according to each programme. â€œCaleb stood by JAMB when it was 180, it will still stand by it now that it is 120 knowing fully well that cut-off marks for programmes defer from one to another.â€? The Director of Media, Yaba College of Technology (YABATECH), Dr. Charles Oni said his institution is yet to do anything about it. The Spokesperson of Olabisi Onabanjo University, Ago Iwoye, Ogun State, Mr. Niyi Oduwole said though his institution pegs admission at 180, the vice-chancellor and the registrar who attended the meeting in Abuja would present the report to the senate of the university to determine the cut-off point in view of the recent development. On the reintroduction of the post-UTME exercise, he said it is a welcome development. â€œWe will be able to have an idea of the candidates we are admitting irrespective of their score, it will also give us the opportunity to have access to them without necessarily going against JAMBâ€™s directive.â€?

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EDUCATION

Australia to Partner Nigeria to Promote Science, Innovation, Tech in Schools Adedayo Akinwale in Abuja The Australian Government has expressed its desire to partner Nigeria in promoting and growing potential for young people in science, innovation and technology from university level down to the primary school level. The Australian High Commissioner to Nigeria, Paul Lehmann, who disclosed this during a courtesy visit to the Minister of Science and Technology, Dr. Ogbonnaya Onu in his office in Abuja,

said the purpose of the visit was to look for ways to develop the cooperation between both countries in the field of science and technology. â€?We both know that to develop our society and diversify our respective economies we all need to focus on areas where we can tap into innovation that will drive more efficient industry, better learning and ways with which we can make most of human and natural to both our countries are bestowed

with.â€? Lehmann added: â€œIt is an opportunity to make contact with your ministry so that we can ensure that our engagement is a fruitful one and not just around your mission to Australia but also for a longer term that we can develop strong institutional links between your ministry, organisations and institutions in Nigeria and sister organ-

isations and institutions in Australia with similar aspirations to further develop innovations and science and technology in our countries. â€?I am looking forward to discussing with you ways in which in particular we can grow this potential for education for young people in science and technology and to promote innovation right down to the primary

school level so that we can take advantage of enormous resources that we have in both our countries.â€? Responding, the minister said Australia and Nigeria have had very warm relationships over years, stressing that there are many areas both countries could work together especially in the areas of science and technology. He said the ministry is leading the shift in direction

and the current economic recovery growth plan 2017, saying that research and development have tremendous impact on other sectors of the economy. â€œWe are also moving in the direction where we can also attract companies abroad to come and establish their manufacturing plants here in Nigeria for items, goods and services we rely on in a very large quantity.â€?

RenMoney to Ease Parentsâ€™ Back-to-school Expenses with School Fees Loan RenMoney Microfinance Bank recently kicked-off its #Back2School campaign with the School Fees Loan product, aimed at making back-to-school season easier and faster for parents and guardians. RenMoney, a consumer finance organisation provides unsecured loans in 24 hours. Back-to-school season can be financially stressful for parents with requirements like increased school fees, new textbooks, new writing materials, new school kits and in some cases, a new school. The School Fees Loan requires no collateral, no guarantors and it is accessible at lower interest rates compared to other lenders. This is to ensure that education for children remains accessible and easy to fund. According to the CEO, RenMoney MFB Nigeria, Ian Abrahams, RenMoney School Fees Loan was born out of the desire to address the high costs and associated panic that parents face when schools resume a new term. â€œWe want to make sure that parents can access cash as quickly as possible. We also

want to make sure that repayment terms are easy and will not break the bank, which is why the interest rate on School Fees Loan is so low.â€? RenMoneyâ€™s School Fees Loan product offers up to N4,000,000 collateral free cash loans at reduced rates to parents who meet RenMoneyâ€™s credit criteria and need to pay school related fees for their children and/or wards. RenMoneyâ€™s School Fees Loan covers tuition, registration, books, lunch as well as other invoiced education related costs by the school(s). The beneficiaries of the loan also enjoy financial ease, as they can repay their loan in convenient monthly instalments over an agreed tenure. Parents can access the financial ease by applying for a RenMoney School Fess Loan via the company website -www.renmoneyng.com/ school-fees-loan. They can also follow the companyâ€™s social media channels to stay in the loop of arising events in the #Back2School campaign on RenMoneyâ€™s social media platforms with mouth-watering giveaways for winners.

UNILORIN Appoints New VC The Governing Council of the University of Ilorin (UNILORIN) has approved the appointment of Professor Sulyman Age Abdulkareem as its 10th Vice-Chancellor. He is to take over from Professor Abdul Ganiu Ambali, whose tenure will end on October 15. The Pro-Chancellor of the institution and Chairman of Council, Dr. Abdullahi Jibril Oyekan in a statement said the council held a meeting on August 28 and in accordance with the University Act and the provisions of its miscellaneous provisions (Amendment) Act 2003, considered the recommendation of the selection board with the appointment. According to the statement, â€œinterested applicants were

given six weeks to submit their applications with a closing date of May 26, 2017. Thereafter, council met and constituted the joint council/ senate selection board, as well as the search team for the appointment of the vicechancellor. â€œThe search team visited universities in various geographical zones of the country and contacted senior academic staff in these institutions who might not have applied for the position. Subsequently, the selection board considered all the applications received and shortlisted candidates based on the various parameters indicated in the advertisement placed in two national newspapers and the university website and weekly bulletin.â€?

L-R: The former Deputy Governor of Lagos State, Sarah Sosan; former Vice-Chancellor, University of Lagos and recipient of the Tertiary Education Lifetime Award, Professor Oye Ibidapo-Obe; his wife, Mrs. Ibidapo-Obe; and Deputy President, Lagos Chamber of Commerce and Industry (LCCI), Mr. Babatunde Ruwase, during the maiden LCCI Groupâ€™s excellence in education award in Lagos... recently

NABTEB Registrar Attributes Decline in TVE to Poor Funding Adibe Emenyonu in Benin City The Registrar of the National Business and Technical Examinations Board (NABTEB), Professor Ifeoma Isiugo-Abanihe, has attributed the low rate of Technical and Vocational Education (TVE) in Nigeria to poor funding of technical colleges by government at all levels. She also identified poor condition of learning in technical schools as an obstacle to TVE. Isiugo-Abanihe, who made this known during the release of the May/June NBC/NTC examinations results in Benin, lauded the improvement in policy on technical education in various states, saying that many state governments have now braced up for it. She also observed that the poor attitude of people arising from the dichotomy

between university graduates and polytechnic graduates is not encouraging. â€œThat negative attitude that has trailed this dichotomy until recently has also been a factor as some parents do not feel that their children should go to the polytechnic because when they finish, there will be that discrimination between them and university graduates. That is part of the problems.â€? On the May/June results, she said there was an improvement this year compared to the previous year. â€œ33,712 candidates, representing 58.75 per cent of candidates in the NBC/ NTC examinations scored five credits and above, including English Language and Mathematics, whereas 47,360 candidates, representing 82.53 per cent scored five credits and above with or without English

Language and Mathematics. â€œThis represents an improved performance trend compared to the May/June 2016 results where only 38,280 candidates, representing 55.9 per cent obtained five credits and above, including English Language and Mathematics and 54,448 candidates, representing 79.6 per cent scored five credits and above.â€? Isiugo-Abanihe suggested that as a way of encouraging more enrolment, the Federal Ministry of Education should enforce the admission policy approved by the National Council on Examination (NCE) to apply the ratio of 30:70 in favour of TVE in the admission of students to federal science and technical colleges. â€œThe immediate catchment area is the federal science and technical colleges that is our main target group but the policy to admit 70 per cent

technical and 30 per cent science have not really been implemented but we are on it. We had a meeting with all the principals from technical colleges in Nigeria and they were here and we agreed that they will do better, we donâ€™t know whether they will go the hog but we are encouraging them and we are also telling the ministry to encourage the colleges to make sure that 70 per cent of students who come into these colleges will be admitted for technical. If they do and all of them do NABTEB examination, there will be increase in the number of students sitting for our examination. She stressed the need for the federal and state governments to establish more modern and well-equipped technical colleges in all local government areas in the country as directed by the ministry of education.

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Group Trains Teachers on Value-based Education Ugo Aliogo, Ifediora Obianujunwa and Christopher Ike The Foundation for Value Transformation (FVT) recently held a training programme for teachers from 20 schools as part of efforts to improve value-based education in Nigeria and equip them with the requisite knowledge to teach. Speaking at the event in Lagos, the Executive Director of the foundation, Olusegun Caulcrick, said if the society desires to change and improve peopleâ€™s results and performance in the workplace, there is need to shift focus to the origin of their values which has an impact on the attitude of people. He maintained that the quality of leadership in the country is founded mainly on the values obtainable, while stressing the need to train the youths with the right values to ensure that they become better than their predecessors. He called on public and private school owners to create a culture in the school system that would enable students to imbibe the right values, adding that when students internalise these values it becomes a part of them and make them better citizens. â€œIf the values of the older generation are bad, then the value of the society

will get worse as we move along. Values determine the long-term success of an individual. I have seen people rise to the zenith of their careers, but because they had wrong values they could not perform. Value-based education should start from the nursery and primary schools levels. â€œIn other places such as UK, and Australia they start from that level. The parents, teachers and the community are involved in this task of impacting values on the students. The society through the school system can intervene to ensure that these children are taught the right values,â€? Caulcrick stressed. He said the organisation was founded in 2012 to improve the quality of life of Nigerians, adding that an individualâ€™s performance in academics or workplace is an offshoot of his/her behaviour and decisions which he said are influenced by mind set. In her remarks, the facilitator from the International Value Education Trust (IVET), Patricia Beechey, said value-based education is a philosophy which has expanded for 10 years in the UK. She urged teachers to use their values to underpin every aspect of the school, as well as people in workplace environment. Beechey added that parents, teachers and society need to play a role in

modelling the values, while stating that the national curriculum has values already embedded in it, but it is not being implemented as expected. â€œMy role here is to support the teachers and leaders and show them a way they can make the values come to life; then work in their schools. Their challenges are horrendous. I am hoping that they will take into practice all that we have done here, while considering the fact that they have a role to play in remodelling the minds of the younger generation. â€œAlso, the expectation is that we will take the exercises and lessons back to their schools and work with other senior teachers which will have a major impact on their students. Then the school in question will select the values that are most important to them. â€œWe want these children to absorb these values into their being and make it their guiding principles. Therefore, if they want to take any decision in life they will re-examine their decisions to find out if it is in conformity with expected values. It is a slow process and a big challenge living out your values. The big drive we have done with this training is to show the leaders that if they want the children to change they have to model it.â€?

A cross-section of beneficiaries of the Rotimi Paseda Educational Foundation, during the free holiday coaching classes held in Ogun State... recently

Jumia Announces Back-to-school Essay Contest Jumia is set to organise its inaugural essay competition for all Nigerian students with the chance to win up to N1 million in scholarship. The competition will herald its 2017 back-to school season sales. The Head of Engagement Marketing at Jumia Nigeria, Mrs. Ojuola Asuquo said the competition will bring together students across the country in an intellectual bout to develop smart solutions and unleash hidden potential that will address tangible problems facing the country. She said the competition would be divided into three categories; senior secondary school (SSS), junior secondary school (JSS) and advanced primary school pupils. â€œThe secondary school category ranges from SS 1 and 3 and their essay topic

for a N500,000 scholarship win is, â€˜What is the Role of e-Commerce as a Means of Diversification for the Nigerian Economy?â€™. The JS 1 to JS 3 students will be writing for or against the topic â€˜Parental Control on the Internet should be Enforced till Age 18â€™ for a N300,000 scholarship win. â€œStudents from primary four to six will write for or against the topic â€˜Online Shopping is better than Offline Shoppingâ€™ for a N200,000 scholarship.â€? Asuquo said participants are expected to send their entries in MS-Word document format, in not more than 250 words with their full names, class, school name and address, along with their parents/ guardiansâ€™ phone number to community@ jumia.com.ng. All entries close at 12am on August 31, 2017.

â€œAlong with the competition, the Jumia back-to-school sales event will feature everything school-aged children need at incredible prices. Stationeries, backpacks, shoes, sneakers, insulated lunch boxes, water bottles, provisions, toiletries, clothing for boys and girls, socks and underwear tees, laptops and computer accessories, alarm clocks and more.â€? She expressed her organisationâ€™s delight in supporting and contributing to Nigerian students and their families towards the upcoming school year. She also encouraged parents to cheer and prompt their children to participate in Jumiaâ€™s inaugural writing competition, as well as to take full advantage of the back-to-school sales campaign and free shipping offer.

Childhood Pranks (II) I do apologize for the seeming inconclusiveness of Timiâ€™s story last week. It all ended this way: I asked Timi to bring in a knor cube. To put him at some ease, I randomly chose two other children and asked one to bring in ginger and the other garlic. I divided my class of 20 children into four groups of five. Each group then elected their own scribe and presenter. With my guidance, the children listed 20 flavours and named who was bringing what flavour. We democratically agreed that the content of our presentations across the groups would be as follows: Ëž Ă‹Ă—Ă? Ă™Ă? Ă?Ă–Ă‹Ă Ă™Ă&#x;Ăœ Ă?Ă–Ă‹Ă Ă™Ă&#x;ĂœĂ“Ă˜Ă‘ Ëž Ă™Ă™ĂŽĂ?ËšĂĄĂ’Ă‹Ăž Ă“Ăž Ă?Ă–Ă‹Ă Ă™Ă&#x;ĂœĂ? Ëž Ă&#x;Ă‹Ă–Ă“ĂžĂŁ ĂœĂ?Ă›Ă&#x;Ă“ĂœĂ?ĂŽ Ě™Ă&#x;Ă?Ă“Ă˜Ă‘ Ă—Ă?Ă‹Ă?Ă&#x;ĂœĂ?Ă? Ă–Ă“Ă•Ă? ĂšĂ“Ă˜Ă?Ă’ Ă‹Ă˜ĂŽ Ă?ĂšĂ™Ă™Ă˜Ă?Ă&#x;Ă–Ěš Ëž Ă?Ă?Ă?Ă?ĂžĂ? Ă™Ăœ Ă˜Ă™Ăž Ă™Ă˜ Ă?Ă?Ă?Ă?Ă?ĂžĂ? Incidentally and most gratifying for me, Timi was presenting his groupâ€™s findings. He was very enthusiastic about the whole ĂšĂœĂ™Ă”Ă?Ă?Ăž Ă‹Ă˜ĂŽ Ă™Ă?Ă?Ă?ĂœĂ?ĂŽ ĂžĂ™ ĂžĂŁĂšĂ? ĂžĂ’Ă? Ă˜Ă™ĂžĂ“Ă?Ă?Ă? ĂžĂ™ ĂšĂ‹ĂœĂ?Ă˜ĂžĂ? ĂœĂ?Ă›Ă&#x;Ă?Ă?ĂžĂ“Ă˜Ă‘ for flavourings. Timiâ€™s presentation on Thursday was brilliantly done. He identified his flavouring as knor-cube used to enhance tastes of soups and stews. He explained that he had found out that one or two cubes was about all that was needed for Ă‹ Ă–Ă“ĂžĂœĂ? ĂšĂ™Ăž Ă™Ă? Ă?ĂžĂ?ĂĄ Ě™Ă’Ă? ĂšĂ‹Ă?Ă?Ă?ĂŽ Ă‹ĂœĂ™Ă&#x;Ă˜ĂŽ Ă‹ ĂšĂ™Ăž Ă™Ă? Ă’Ă“Ă? Ă—Ă?Ă‹Ă?Ă&#x;ĂœĂ?ĚšË› He informed us that knor had a very salty and concentrated taste, should never be eaten on its own or snacked on. Per the effects, he explained that knor-cubes improves the taste of food and makes it more delicious. He cautioned that knor-cubes, as many other condiments should never be over used or left within the reach of children as misuse could very well result in stomach upsets and vomiting. He advised that we must always refer to the manufacturer advice on the packaging. I took Timi by surprise and kept him back for 15 minutes after school. Timi was already very sobered by his own research. He confessed to me that he had always wanted to know the taste of knor for a long time. He said it looked very much like the dark cube chocolates that his mum had made puddings with before. His mummy had given him a tiny bit of this chocolate taste, it tasted bitter-sweet he added. Knowing that his formidable auntie Mine would disallow him from the slightest opportunity to taste knor cubes, he figured that the only option left for him was to â€˜nick itâ€™. I told him that I could now see his point of view and was somewhat relieved by the logic in his reasoning. However, he had done things in the wrong way. I explained that in the first instance, he was wrong to steal ĂžĂ’Ă? Ă•Ă˜Ă™Ăœ Ă™Ăœ Ă‹Ă˜ĂŁ Ă™ĂžĂ’Ă?Ăœ ĂžĂ’Ă“Ă˜Ă‘ Ă?Ă™Ăœ ĂžĂ’Ă‹Ăž Ă—Ă‹ĂžĂžĂ?ĂœË› Ă&#x;ĂœĂžĂ’Ă?ĂœĂ—Ă™ĂœĂ?Ëœ told him it could be potentially very dangerous and even life threatening to taste anything and everything in the name of curiosity. Thirdly I led him to see that it was morally wrong to have maintained his innocence for the forty minutes it took to uncover the truth. Lastly, I asked him to tell me what he thinks that his reputation stands at before his father and auntie. He Ă Ă?ĂœĂŁ ĂšĂ?Ă˜Ă“ĂžĂ?Ă˜ĂžĂ–ĂŁ Ă‹Ă˜ĂŽ Ă›Ă&#x;Ă“Ă?ĂžĂ–ĂŁ Ă?Ă&#x;ĂšĂšĂ–Ă“Ă?ĂŽ ĂžĂ’Ă? ĂžĂĄĂ™ ĂĄĂ™ĂœĂŽĂ?Ëž Ă–Ă“Ă‹Ăœ Ă‹Ă˜ĂŽ dishonest. He was going to write a letter of apology to dad and also resolved to be truthful from then on. As Timi walked away head bowed shoulders hunched, I lowered my own head and prayed for God to help Timi to be truthful always. As I raised my head up, it dawned on me that it was a matter of perception after all. Perception is the process of understanding information received by the senses. To have perceived something correctly, you must have been able to isolate the stimulus from others, discriminated between it and other stimulus and related it to the information held in your long term memory. Timi had seen both the cubes of chocolate and knor. Both had a similar color and both were used in cooking. He knew the taste of the chocolate but not the knor and he reckoned that his knowledge of both would be complete only when he had tasted the latter. It is a bit like this scenario: you are listening to music, you hear a ringing sound. You know that it is not part of the music because you recognize it and have worked out that it is the doorbell and not the telephone or vise versa. Ă™Ăœ ĂšĂ?Ă™ĂšĂ–Ă? ĂĄĂ“ĂžĂ’ ĂŽĂŁĂ?Ă–Ă?Ă˘Ă“Ă‹Ëœ Ă‹ Ă—Ă‹Ă”Ă™Ăœ ĂšĂ™ĂžĂ?Ă˜ĂžĂ“Ă‹Ă– ĂšĂœĂ™ĂŒĂ–Ă?Ă— Ă‹ĂœĂ?Ă‹ Ă“Ă? perception. Poor visual perception experienced by them is usually responsible for the incorrect shapes of words, letter sizes and haphazard word distancing that teachers see in their work. In addition, they also experience weak auditory perceptual skills leading to difficulty in discriminating between sounds, hearing sounds in the right order, and hearing rhythms in speech. Learning through listening can be very challenging as well. Such children might persistently find the following exercises difficult: Ëž ĂŽĂ?Ă˜ĂžĂ“Ă?ĂŁĂ“Ă˜Ă‘ ĂžĂ’Ă? Ă™ĂŽĂŽ Ă™Ă˜Ă? Ă™Ă&#x;Ăž Ă“Ă˜ Ă‹ Ă–Ă“Ă?Ăž Ă?Ă‘Ë? Ă?Ă‹ĂžËœ Ă—Ă‹ĂžËœ ĂšĂ“Ă‘Ëœ Ă?Ă‹Ăž Ëž Ă&#x;ĂšĂšĂ–ĂŁĂ“Ă˜Ă‘ ĂœĂ’ĂŁĂ—Ă“Ă˜Ă‘ ĂĄĂ™ĂœĂŽĂ? Ă?Ă‘Ë? Ă?Ă‹ĂžËœ Ă—Ă‹ĂžËœ Ă?Ă‹ĂžËœ ĂšĂ‹ĂžË&#x; Omoru writes from the UK

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Education: Our Take in Osun Abiodun Komolafe Festus Adedayoâ€™s article entitled â€˜WAEC Results: Of Awoâ€™s Mud Houses and Governorâ€™s Model Greedâ€™ (Sunday Tribune, August 20, 2017) refers. Let me start by congratulating Adedayo for confessing the roles of â€œsocietal ills like fixing of results, hiring pliable invigilators and allied illsâ€? in statesâ€™ actual performance in education. At least, rational minds can now understand why Osun prefers year-on-year performance in the West African Examinations Council (WAEC) results to WAEC rankings for planning purposes. Again, even if the writer was not bold enough to come clean on the state which, in his reckoning, â€œtowers from behind on WAECâ€™s score sheetsâ€?, I have no doubt in my mind that his ignorance about developments in Osun needs some form of education. That said, had Adedayo carried out a specific, not generalised evaluation of studentsâ€™ performance in Nigeria, he most certainly would have realised that the case on hand and a hunchbackâ€™s awkward movement are identical. For instance, Rauf Aregbesola came into office as governor when almost all things were dull and ugly. Specifically, our school buildings were in such dilapidated forms that they were only fit for habitation by pests and rodents. As at 2010, the â€˜performance level of students in WAECâ€™ was a miserable 15.7 per cent. With this sorry state of development, Aregbesolaâ€™s administration was of the view that, if our students must go to school at all, there was an urgent need to move from where we were to where we were supposed to be! In other words; and, for economic reasons, there was an urgent need for the administration to erect new structures, not only for the moment but also for the future. Of course, that was it all started! Interestingly, these interventions have started bearing fruits. For instance, as at 2016, Osunâ€™s performance level in WAEC has risen to 46.3 per cent which is quite a huge jump in the number of students with credit passes in English and Mathematics. A better performance is being keenly expected in 2017. Similarly, Osun has, since 2013, been featuring prominently between the first and third positions in the Joint Admissions Matriculation Board (JAMB) matriculatable students in Nigeria. Added to these is the higher level of enrolment and retention at the elementary school level which is due, largely, to the positive impact of the school feeding programme, aka Oâ€™MEAL. The totality of all these interventions has been a consistent increase in school certificate results since 2010. Yes, Osun is not there yet! But, with various interventions in the sector, itâ€™s only a matter of time before â€˜Hallelujahâ€™ takes the centre stage! For obvious reasons, Adedayo would remember World Bankâ€™s recommendation of Peter Obiâ€™s

Aregbesola

â€œmodel for Africa and other developing countriesâ€? but would easily forget the laurels, commendations, even recommendations garnered by Osun in appreciation of its laudable initiatives, latest of which was the recommendation of its Oâ€™MEAL scheme to other Nigerian states by United Nations International and Children Emergency Fund (UNICEF). Was our friend not in Nigeria when WAEC also recommended Osunâ€™s Tablet of Knowledge (Opon Imo) to other states? A case of different strokes? It is also â€œpoor logicâ€? on his part to have

MTOY Records More Teachersâ€™ Participation across Nigeria

concluded that the learning environment has no bearing on the improvement in performance. On the contrary, if the former is conducive, chances are that the latter will be positively affected. Again, if Adedayo could condemn Aregbesolaâ€™s modest contributions to Nigeriaâ€™s education sector, one can only wonder what differentiates him from those â€œcriticsâ€? of 1954 who accused Obafemi Awolowo of â€œopting for â€˜substandardâ€™ buildings.â€? Not only that, if â€œ400,000 pupils turned upâ€? for Awoâ€™s scheme in 1955, â€œcontrary to his projected 175,000â€?, has

chaired by Prof. Pat Utomi. The panel also includes other distinguished members of the academia and one of Nigeriaâ€™s seasoned broadcasters. â€œThe valid entries will now be subjected to further scrutiny and thorough assessment process by the Panel of Judges to pick the State Champions. From the State Champions, the 10 best entries will thereafter be invited for another round of assessment where the panel will further subject the 10 finalists to rigorous scrutiny in order to determine the Maltina Teacher of the Year for 2017. On October 12, 2017, the winners will be announced and celebrated at a grand event in Lagos,â€? he said. Like last year, the Maltina Teacher of the Year 2017 will receive N1 million instantly, plus N1 million every year for the next five years. The package also includes a developmental

training opportunity abroad and a block of classrooms built at the school where the winner teaches. â€œIt is our hope that through the Maltina Teacher of the Year initiative, we can inspire this nation to accord our teachers their deserved credit and bring back respect to the teaching profession in Nigeria,â€? Ekanem stated. The MTOTY initiative with prizes worth N50 million annually is executed on the platform of NB/Felix Ohiwerei Education Trust Fund. The trust fund was established in 1994 to contribute to the development of the countryâ€™s education sector. Over the years, the company has used the fund to assist over 20,000 students, built over 250 classrooms and 22 libraries in both primary and secondary schools across 49 communities in the country.

Komolafe wrote in from Ijebu-Jesa, Osun State (ijebujesa@yahoo.co.uk)

Training Firm Canvasses Technologyoriented Curriculum Funmi Ogundare

As entries close for this yearâ€™s Maltina Teacher of the Year, the organiser of the initiative, Nigerian Breweries Plc said it received entries from teachers across the 36 states and the Federal Capital Territory, Abuja. The Corporate Affairs Adviser, Nigerian Breweries Plc, Mr. Kufre Ekanem, who disclosed this as the panel of judges met to commence assessment of the entries, said over 300 valid entries were received, compared to 176 received in 2016. â€œAll 36 states and the FCT will be up in the battle for the third edition of the Maltina Teacher of the Year.â€? Ekanem maintained that although hundreds of entries were received, they were shortlisted and validated by the stringent project assessors after a thorough and painstaking scrutiny ahead of the assessment by the panel of judges

he carried out an assessment study of what Oâ€™MEAL has done for education in Osun? The columnist contradicted himself when, in one breath, he likened Rotimi Amaechiâ€™s â€œstructures of primary and secondary schoolsâ€? to â€œprivate universities in the westâ€? while in another, he condemned Aregbesola for erecting â€œcozy buildingsâ€? in Osun! He also goofed when he brazenly accused â€œa governor in one of the south west statesâ€? of being â€œso obsessed with structures that he demolishes old school structuresâ€?. We challenge our friend to come real on those schools that were â€˜demolishedâ€™ and the reasons behind their demolition. To the best of my knowledge, no school was demolished for the building of DTTC Middle School in Ijebu-Jesa; and I doubt if any â€œold school structureâ€? was removed in Osogbo to pave the way for Osogbo Government High School. On â€˜school uniformâ€™, I believe that has been sufficiently addressed in Bola Bolawoleâ€™s column (See Sunday Tribune, August 6, 2017). Let Adedayo also note that more than 12,000 new teachers were hired in 2012 to replace those who quit the service due to their disinterest in the Contributory Pension regime. In addition to streamlining and decentralising the management of education for optimum performance, Aregbesolaâ€™s administration has also added 23 elementary schools and 22 middle schools to the existing structures while four out of 12 high school structures - all high-capacity schools - are already in use. More than 40 schools have also been completely refurbished in order to enhance the learning environment. The creation of three tutors-general and the about-to-be-created nine headmaster-general positions are aimed at paying sufficient attention to the early-stage development of pupils. Of course, Adedayo failed to tell Nigerians what the once-rejected Awoâ€™s free education went through- even in the west- before it eventually became the corner piece. He also erred in branding some states as champions in education! For Godâ€™s sake, is he aware that Edo and Ekiti States are far behind in the payment of pension allowances and salaries to their teachers? Lastly, if Adedayo thinks that erection of â€œcozy structuresâ€? or â€œconstruction of roads and bridgesâ€? are synonymous with making â€œsubstantial billions of naira kick-backsâ€?, then, Nigerians are expecting his â€˜better ideas.â€™ But who will take our friend through some tutorials in building technology, especially with regard to the expansion and contraction characteristics of mud which limit its lifespan to a maximum of 40 years? May principalities and powers assigned to rubbish our leadersâ€™ efforts, scatter!

The Programme Director, Neuro Linguistic Programming (NLP), Mr. Rajiv Sharma, has stressed the need for the curriculum of schools in the country to be technology-oriented and that it should be tailored towards training peopleâ€™s mind, fine-tuning the language and programme people for better future. Rajiv said this recently while briefing journalists on its licensed NLP practitioner programme scheduled to hold in Lagos between October 20 and 23 for module I; and October 27 and 29 for module II, as well as November 6 to 9 for module 1 and November 10 to 12 for module II in Abuja. He said since technology is evolving, the Nigerian curriculum should also change fast. â€œOur curriculum should ride on technology, even if it is

old, it can always be revised not only because of technology, but because of advancement which keeps changing.â€? Explaining the NLP, Sharma said it trains people on skills and the way they think, speak and programme their thoughts, adding that the success of every person depends on the thinking, language and habits. â€œWe programme people to think in more effective ways: How to rewire your brain so that you can generate new thoughts. When you have lived in a place for a couple of years, you are not thinking something new, so how can you get new results. That is where neuro linguistic programming steps in and generate in people new thoughts, ideas and systems. It is the action that you take towards your goal that matters, so every day you should take action towards achieving it.â€? Asked how long he has

been running the programme, the director said, â€œI have been doing it for 16 years. We run programmes that have been certified and created by Dr. Richard Bandler and the Society of Neuro-Linguistic Programming. He invented the programming in 1970 and runs it in the US. â€œSince then we have been so grounded in neurolistic things. We are working on this in Africa so that people can become more aware about how to solve their problems faster and become more practical.â€? He said so far, it has trained professionals, leaders, celebrities and business people, saying, â€œLNP teaches you how to probe people, there is a model for that, so that you can get details from the person, otherwise when people speak, they distort information and we generalise.â€?

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CITYSTRINGS

Homeless Residents Count Their Losses Over 5,000 Lagosians displaced by the recent demolition exercise carried out by the Lagos State Government at the Balogun Extension, Abete-Iwaya, Yaba, are counting their losses, writes Peter Uzoho

Residents trying to salvage some items from the demolished buildings at the Balogun Extension, Abete-Iwaya, Yaba...recently

Shocked residents at the demolished Balogun Extension

n his shattered look, with tears rolling down uncontrollably from his eyes, not minding his fatherly status, his age and, even his masculinity, Prince Omowunmi Omowole, had a four-bedroom apartment he built and lived in with his family. He had a beer parlour with a-six room lodging facility, which he invested huge amount of money in. He was among those displaced by the demolition exercise carried out recently by the Lagos State Government at the Balogun Extension, Abete-Iwaya, a suburb of Yaba, Lagos State. Omowole, apparently, was left with nothing but to pour out his heart before this reporter. He was just standing and gazing at his house and investment that have been reduced to debris. â€œJust look at me. All I have worked for over 15 years have gonejust like that. What am I living for now? From a four-bedroom flat to a homeless man, with wife and children; from owner of a business not less than a million naira to nothing. No food to eat again; no cloth to wear again; no place to sleep again; no hope again. What kind of life is this? Why are our leaders this

heartless?â€? He bemoaned. Omowoleâ€™s wife is nursing a baby of barely two months old, who

Just look at me. All I have worked for over 15 years have gone just like that. What am I living for now? From a four-bedroom ďŹ‚at to a homeless man, with wife and children; from owner of a business not less than a million naira to nothing. No food to eat again; no cloth to wear again; no place to sleep again; no hope again. What kind of life is this? Why are our leaders this heartless?

only understands the taste of milky juice from his motherâ€™s breast running into his mouth at his behest. He now sleeps in the open with the mother and is exposed to health hazards at such tender age. Is power or nature being fair to this innocent child? Lagos State Government through its Ministry of Physical Planning and Urban Development, had on Friday, August 18, 2017, entered the community with bulldozers, accompanied with frightening gun-carrying Law Enforcement agents, demolished buildings in the community. Over 200 houses and properties worth millions of naira were damaged, including academic certificates and other relevant documents. According to the residents, who have by this incident, added to the Internally Displaced Persons (IDPs) index in the country, they were not notified ahead of time so as to enable them move their belongings out. Sharing boundary with the University of Lagos and, overlooking the Third Mainland Bridge, the demolished Balogun Extension has an bestimated population of over 5,000 people, who engaged in genuine works and businesses

to earn a living. Before the unfortunate incident, the community used to be a city of its own as some of them had good accommodation ranging from duplexes to bungalows with flats and single rooms. Tenancy fees ranged from N50, 000 to N500, 000 depending on oneâ€™s financial strength. The lowest class among them lived in their shacks with the hope to move to a better place when the economy improves. There were churches, eating and drinking joints, even, with lodging facilities. Some of them were into one artisan field or the other, rendering services to their clients who were majorly fellow residents. According to them, there was peace in the community as they had machinery in place to checkmate crimes and, never imagined that such calamity would befall them. In their present condition, the over 5,000 people are left with nohope. At night, they resort to sleeping in the open with mosquitoes and all manner of harmful flies preying on them. Those who could not cope had without delay, relocated to their villages as the last option. As early as 5:30 am Sunday, barely two days

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CITYSTRINGS

after the house they were living in was brought down, Mr. Charles Ayenero, a teacher in one of the secondary schools in Yaba had to put his wife and four children in the first bus to Ekiti State to go and stay in the village for the time being. They were living in a two-bedroom flat which he renewed its rent three months ago. â€œI went somewhere only for my wife to call and tell me that our housechas been demolished. I ran back home to see my house in this state. They didnâ€™t even allow us to move anything out. They didnâ€™t evencinform us that they were coming to demolish the place. Now how can weccope? Where do I start from now? So I decided to send my family to thecvillage because I canâ€™t allow them to stay here and die,â€? Ayenero toldcTHISDAY. Mrs. Olaniyan Oyeleye, mother of five, had her shop fully-stocked withbprovision and food stuff in the community. Her business wasvflourishing before the ugly experience. According to her, no pin was removed from her house and shop during the incident. Fate has reduced her to an Amala vendor in just few days of the demolition as she has to feed her children. â€œThis is too bad oh!,â€? she exclaimed. â€œNo notice at all, no notice. They just want us to die. They are not happy that we are surviving with all their fake promises. God will judge The earth moving excavator pulling down buildings at the Balogun Extension, Abete-Iwaya, Yaba them oh,â€? she lamented. It was also gathered that the owner of a one storey building (name unknown) demolished in the exercise has been in an unknown hospital as she was said to have slumped and fainted due to the shock. The building according to them was only put to use barely six months of completion. With such huge loss, they doubt if she could survive it. Another resident and landlord of a threebedroom apartment, Mr. Oluwaseye Oladojo, was totally short of words and was just imagining the loss he had incurred and how to come out of it. â€œSuch is life,â€? he would manage to utter. He said he and others whose buildings were pulled down bought the land genuinely and were issued with the relevant papers and, wondered why the government would take such action again. â€œWhen we were buying these lands nobody came to tell us that we should not buy. There was no caveat emptor placed anywhere around this area. We have lived here for years. We bought the land from the owner, Macron Eleyele. Although, the University of Lagos has been claiming that the land belongs to them, no court has ordered that we should vacate. So itâ€™s really shocking to see this happen to us,â€? Oladojo told THISDAY. Some residents at the demolished Balogun Extension, Abete-Iwaya, Yaba Also baring her mind on the demolition and its effects on her, a retired Director of Education Lagos State Ministry of Education residing in the community, Pastor Victoria Okewumi, whose church auditorium in the community was pulled down, said she never experienced such loss in her life. She said all her belongings including over 3,000 building blocks and 50 bags of cement she planned to use to start her new building were all damaged. â€œI donâ€™t know how to bear this. They didnâ€™t even allow us to come closer to remove anything. All my properties have gone. All my upholstery, my electronics, clothes, foodstuff, everything I have just gone. As I stand here, I donâ€™t even have another cloth or shoe to change the one Iâ€™m wearing. They destroyed everything, certificates and important documents. Even my pot of soup was trapped on the ground and I donâ€™t have anything to eat,â€? she told THISDAY sorrowfully. Okewumi also said even her church members who were injured by nails and other sharp objects when struggling to see if they could see anything remaining to pick from the debris were receiving treatment at the hospital. She Food vendor crowded by hungry victims looking for food to eat

As I stand here, I donâ€™t even have another cloth or shoes to change the one Iâ€™m wearing.They destroyed everything, certiďŹ cates and important documents. Even my pot of soup was trapped on the ground and I donâ€™t have anything to eat

lamented that even the churchâ€™s glass pulpit was destroyed, which according to her, â€œis agreat act of opposition to the gospel of Christ.â€? Thatâ€™s a sacrilege. It shows how disrespectful people can be to God,â€? she said. Ironically, while the victims are still suffering the effect of the misfortune, some roguish elements, who take delight in feeding from othersâ€™ adversity, used the opportunity to loot any property they could set eyes on, compounding the sorrow of the affected. Also, for the victims to survive, they resorted to selling off their half-damaged zincs

and woods to waiting buyers. Iron benders on their part, cash in on the situation as they were also sighted cutting irons for the owners and were paid. Buses, pushcarts and wheelbarrows were on ground rendering services as those who bought those properties patronised them. While still wondering why the government would embark in such demolition, some of the residents attributed the action to the case of a four-year-old girl who was missing and later found lifeless close to a shrine in the community with her throat cut off. They said, the girl, Miss Farida Ayomide Suleiman, was suspected to have been used for ritual at the shrine barely

48 hours to the day of the demolition. Meanwhile, the Lagos State Government justified the demolition, saying, the structures were built without due approval. The Chief Public Affairs Officer, Lagos State Ministry of Physical Planning and Urban Development, Mrs. Olubukonla Nwonah, said the land belonged to the University of Lagos (UNILAG) and that the ministry carried out the demolition exercise so as to return the land to UNILAG. â€œThe demolition is from our office. The property belongs to UNILAG. The development has no permit. All necessary statutory notices had been served them before demolition,â€? Nwonah said.

WEDNESDAY, AUGUST 30, 2017 Ëž T H I S D AY

BUSINESS/MONEYGUIDE

UBA Holds Statutory Provision against 9mobile Loan Obinna Chima The United Bank for Africa (UBA) yesterday explained that it has always maintained a statutory prudential provision of two per cent against its exposure to 9mobile. A source at the bank that spoke with THISDAY, explained that the statutory prudential provision has always been on the loan to the troubled network provider. The lender however said it had a N38 billion ($125 million) exposure to 9mobile. UBA said the exposure was

secured, and part of a syndicated loan with 12 other banks extended to Etisalat Nigeria four years ago. â€œWe have taken a general loan loss provision on Etisalat,â€? Reuters quoted UBAâ€™s Chief Executive, Kennedy Uzoka to have told an analysts call. â€œItâ€™s instructive to note that Etisalat has reasonably turned around in terms of subscribers and revenues,â€? he said, adding that the bank was one of the lenders managing its receivables. Zenith Bank said this month it had made a 30 percent provi-

sion on its loan to 9mobile, the countryâ€™s fourth-largest telecoms group. Uzoka said Nigeria is its largest market, but that he expects the bankâ€™s African operation to contribute about 50 percent to group earnings over the medium term from 32 percent in the first half of the year. He said the lender had applied to British regulators for a banking license. UBA shares, which have gained 114 percent so far this year, dipped 0.52 percent to N9.58 on Tuesday.

FG, BoI Launch N5bn Funding Support for Artisanal, Small Scale Miners Kasim Sumaina and Ononso Nwoafor-Orizu Ă“Ă˜ ĂŒĂ&#x;Ă”Ă‹ The Federal Ministry of Mines and Steel Development (FMMSD) yesterday signed a Memorandum of Understanding (MoU) with the Bank of Industry (BoI) for the management of a N5 billion fund in support of Artisanal and small scale miners in the country. Under the arrangement, the ministry would contribute N2.5billion which would be matched by another N2.5 billion by the BoI. The ministry hinted that, under the scheme, a certified artisanal scale miner, can access between N100 and N10 million; while a small scale miners can access between N10 million and N100 million. The Minister, Dr. Kayode Fayemi, said at the signing of the MoU that the development was aimed at addressing the issue of insufficient funding and access to capital, which is a major factor militating against artisanal and small scale miners in the country and account for about 80 per cent of activities in the mining sector. According to him, â€œthe Bank of Industry would serve as the custodian and manager of the fund, which would be given to the artisanal and small scale miners at five per cent interest. â€œThis agreement is a meeting of minds between the FMMSD and the BoI. We are in the first instance launching a N5 billion fund. With our ministryâ€™s pilot contribution of N2.5 billion, BoI will match our contribution with

another N2.5 billion.â€? Fayemi said: â€œConsequently, with this agreement, the FMMSD appoints BoI as the Custodian and Manager of the Nigerian artisanal and small-scale miners (ASM) financing support fund, for the purpose of financing artisanal and small scale mining projects involving industrial minerals, precious stones, precious metal (Gold), Dimension Stone and such other strategic minerals in Nigeria as shall be approved by the ministry and BoI from time to time.â€? The minister said that the fund would be available in the form of term loans or working capital to be utilised for the purchase of requisite items of plant and machinery; payment for drilling, geological and other services related to mining business as may be required, among others. He added that proper funding would help to integrate the artisanal and small-scale miners into the formal sector, enhance their growth and development in a structured manner, and spur productivity and job creation in the mining sector. He said: â€œThe single obligor limit of loans to be granted under the Fund shall be from N100,000.00 to N10,000,000.00 for artisanal scale miners; and from N10,000,000.00 to N100,000,000.00 for small scale miners. â€œThe loans would be made available to certified industry participants at a single digit interest rate of five per cent per anum, which is by far about the most attractive within our jurisdiction.â€?

He stated that, in addressing the challenge of insufficient funding and lack of access to capital, the ministry secured approval for N30bn (approximately $100 million) from the mining sector component of the Natural Resources Development Fund from the federal government of Nigeria. â€œWe also secured the World Bankâ€™s approval for $150 million to support the ministryâ€™s Mineral Sector Support for Economic Diversification (MinDiver) programme. â€œThe Solid Minerals Development Fund (SMDF) is now spearheading the assembling of a $600M investment fund for the sector, working with entities such as the Nigerian Sovereign Investment Authority, the Nigeria Stock Exchange and others.â€? He added: â€œThis is a departure from the past, judging by the fact that in 2015, out of the meagre N1 billion allocated to the ministry, only N352 million was released. â€œIt is noteworthy that in addition to funding support from multilateral agencies, partnerships on technical cooperation have also been brokered or re-activated with several foreign governments. Existing technical partnerships have been operationalised with the governments of South Africa, China, Australia, Canada, the United Kingdom and the United States of America. Nigeria now takes the lead in regional efforts to develop mining, especially within the framework of the Africa Mining Vision.â€?

Sovereign Trust Insurance Achieves 64% Growth in Gross Premium in Half-year 2017 Ebere Nwoji Sovereign Trust Insurance Plc, has announced 64per cent growth in its gross premium for the first half of 2017. The company made this known in its unaudited financial statement released to the public recently. Commenting on this, Assistant General Manager Corporate Communications and Brand Management of the company, Mr. Segun Bankole, said going by its performance in the first half of this year, Sovereign Trust Insurance has maintained positive performance as seen in the unaudited financial results . He said the company, in

its effort to emerge a leading player in the insurance industry, has through the half year performance, shown that it is right on track in delighting her shareholders and other stakeholders alike as its year and future looks bright. He announced other performances of the company during the period saying, â€œtotal gross premium written by the company grew from N3.7billion in the second quarter of 2016 to N6.1billion representing an increase of N2.4billion and a growth rate of 64per cent in the current financial year. Likewise, the net premium income grew from N2.3billion

in the second quarter of 2016 to N2.8billion in the same period of 2017 amounting to a growth rate of 22 percent. Underwriting profit, rose from N1.11billion to N1.4billion representing a growth rate of 2.7percent while investment income also grew by 73 percent from N140million in 2016 to N243million in 2017 quarter two. He said profit before tax had a growth rate of 57.5 percent having increased from N400m in 2016 to N630million in 2017 while profit after tax also grew from N373million in 2016 to N588million in 2017 representing a growth rate of 57.6 percent.]

Uzoka

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

DECEMBER 2016 Broad Money (M2)

23,840,392.42

-- Narrow Money (M1)

11,520,166.67

---- Currency Outside Banks

1,820,415.90

---- Demand Deposits

9,699,750.76

-- Quasi Money

12,320,225.75

Net Foreign Assets (NFA)

9,353,504.03

Net Domestic Assets(NDA)

14,486,888.39

-- Net Domestic Credit (NDC)

26,970,297.97

---- Credit to Government (Net)

4,595,579.89

---- Memo: Credit to Govt. (Net) less FMA

7,436,917.79

---- Memo: Fed. and Mirror Accounts (FMA)

-2,841,337.90

---- Credit to Private Sector (CPS)

22,374,718.08

--Other Assets Net

-12,483,409.58

Reserve Money (Base Money)

5,837,322.41

--Currency in Circulation

2,179,174.28

--Banks Reserves

3,318,344.71 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

MANAGED FUNDS Month Inter-Bank Call Rate

December 2016 10.39

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

14.00

Treasury Bill Rate

13.96

Savings Deposit Rate

4.18

1 Month Deposit Rate

8.53

3 Months Deposit Rate

8.80

6 Months Deposit Rate

10.23

12 Months Deposit Rate

10.76

Prime Lending rate

17.09

Maximum Lending Rate

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

OPEC DAILY BASKET PRICE AS AT 28 MON AUGUST 2017 The price of OPEC basket of fourteen crudes stood at $49.86 a barrel on Monday, compared with $49.93 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

˾ WEDNESDAY, AUGUST 30, 2017

Nigeria’s top 50 stocks based on market fundamentals

29-Aug-17 28-Aug-17

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

Table 1 Market Statistics Mkt Indicators

01 Dangote Cement Plc

212.65

214.99

-1.09%

3,623,663,899,673.25

13.34

15.95

4.93

3.76%

4.40

02 Nigerian Breweries Plc

183.60

185.01

-0.76%

1,455,782,923,036.80

3.58

51.23

4.64

1.96%

8.77

03 Guaranty Trust Bank Plc

39.50

39.20

0.77%

1,162,531,579,348.00

4.49

8.79

2.78

4.48%

2.16

1,220.00

0.00%

967,040,627,440.00

10.00

122.02

5.32

2.38%

31.32

05 Zenith Bank Plc

22.80

0.00%

715,840,058,320.80

4.13

5.52

1.41

7.89%

1.02

Table 3 Top 5 Gainers

06 Stanbic IBTC Holdings Plc

40.50

40.00

1.25%

405,000,000,000.00

2.85

14.20

2.59

0.25%

2.88

Stock

07 United Bank for Africa Plc

9.59

9.64

-0.52%

347,920,657,427.98

1.99

4.81

0.91

6.26%

0.78

08 Ecobank Transnational Incorporated

18.00

0.00%

330,291,921,870.00

0.68

26.61

0.56

3.44%

0.53

09 Access Bank Plc

10.00

0.00%

289,279,716,310.00

13.18

0.76

5.50%

0.64

10 Presco Plc

68.39

0.00%

271,540,925,107.55

0.03

2,338.93

3.81

1.90%

6.49

482.00

0.00%

266,695,570,866.00 -82.02

-5.88

4.21

3.30%

0.71

12 Lafarge Africa Plc

57.00

0.00%

259,629,403,170.00

3.71

15.36

1.18

5.26%

1.04

Table 4 Top 5 Losers

13 FBN Holdings Plc

5.89

5.93

-0.67%

211,423,274,544.88

0.16

35.99

0.35

2.55%

0.35

Stock

14 Dangote Sugar Reﬁnery Plc

13.90

0.00%

166,800,000,000.00

2.01

6.92

0.77

3.60%

2.19

15 Unilever Nigeria Plc

40.00

0.00%

151,331,850,000.00

0.81

49.26

2.17

0.13%

12.95

16 International Breweries Plc

37.00

0.00%

121,887,223,360.00

0.02

1,642.11

4.58

0.68%

11.11

17 Guinness Nig Plc

76.98

78.07

-1.40%

115,923,272,712.24

-3.06

-25.17

1.12

4.16%

2.94

6.85

6.80

0.74%

82,437,139,423.90

0.29

23.59

0.18

10.95%

0.43

236.50

0.00%

80,296,914,450.50

43.58

5.43

0.28

5.92%

3.41

20 Flour Mills Nig. Plc

29.00

29.10

-0.34%

76,102,878,423.00

3.71

7.82

0.14

6.90%

0.72

21 Forte Oil Plc.

50.00

0.00%

65,124,055,150.00

3.66

13.66

0.50

6.90%

1.38

173.79

182.93

-5.00%

62,667,850,582.98

22.61

7.69

0.67

4.14%

2.92

23 Okomu Oil Palm Plc

65.64

69.09

-4.99%

62,614,652,400.00

5.15

12.75

4.36

0.15%

3.68

24 7-Up Bottling Comp. Plc

92.00

92.12

-0.13%

58,934,313,396.00 -21.86

-4.21

0.52

2.39%

5.47

1.28

1.31

-2.29%

49,562,876,704.00

-0.03

-43.98

0.83

0.00%

0.57

34.20

35.99

-4.97%

45,144,000,000.00

-2.89

-11.83

0.32

4.39%

0.64

1.37

0.00%

39,678,742,398.04

0.39

3.54

0.26

11.68%

0.21

13.00

0.00%

34,442,698,914.00

0.91

14.26

1.88

4.23%

4.28

1.05

1.06

-0.94%

30,229,939,032.30

0.18

5.86

0.27

8.57%

0.35

14.98

15.70

-4.59%

28,774,548,517.26

3.37

4.44

0.38

6.68%

0.38

1.18

1.19

-0.84%

27,329,258,982.24

-0.29

-4.02

0.13

0.00%

0.12

32 PZ Cussons Nigeria Plc

26.89

0.00%

26,890,000,000.00

5.69

4.73

1.87

0.37%

0.72

33 Glaxo Smithkline Consumer Nig. Plc

21.00

0.00%

25,113,406,248.00

3.02

6.95

1.67

1.43%

1.50

34 Cap Plc

34.50

0.00%

24,150,000,000.00

2.17

15.89

3.54

3.33%

16.77

35 Cadbury Nigeria Plc

12.07

0.00%

22,669,898,622.80

-0.64

-18.74

0.70

10.77%

2.15

36 FCMB Group Plc

1.12

1.13

-0.88%

22,179,036,074.72

0.09

13.13

0.13

8.93%

0.12

37 Custodian And Allied Insurance Plc

3.56

3.41

4.40%

20,939,436,534.20

1.06

3.35

0.51

3.93%

0.64

38 Mansard Insurance Plc

1.90

0.00%

19,950,000,000.00

0.25

7.57

0.96

2.63%

0.99

39 Wema Bank Plc

0.51

0.00%

19,672,977,701.31

0.07

7.59

0.37

0.00%

0.41

40 Honeywell Flour Mill Plc

2.10

0.00%

16,653,415,081.80

-0.40

-5.19

0.35

7.62%

0.50

41 Continental Reinsurance Plc

1.34

0.00%

13,899,477,378.08

0.30

4.51

0.54

8.96%

0.69

42 Cement Co. Of North.Nig. Plc

9.00

0.00%

11,310,099,894.00

1.29

6.96

0.70

1.11%

0.90

43 Skye Bank Plc

0.61

0.62

-1.61%

8,466,983,860.10

-2.93

-0.21

0.05

49.18%

0.08

44 Unity Bank Plc

0.59

0.57

3.51%

6,896,709,385.78

0.19

3.16

0.08

0.00%

0.08

45 Wapic Insurance Plc

0.50

0.00%

6,691,369,126.00

0.18

2.78

0.85

6.00%

0.41

46 Resort Savings & Loans Plc

0.50

0.00%

5,664,866,202.00

0.03

17.71

3.72

0.00%

1.94

47 Nigerian Aviation Handling Company Plc

3.40

0.00%

5,522,343,750.00

0.36

9.51

0.69

5.88%

0.85

48 UACN Property Development Co. Limited

2.91

3.00

-3.00%

5,001,562,485.45

-0.90

-3.23

0.79

24.05%

0.15

49 Fidson Healthcare Plc

3.20

3.15

1.59%

4,800,000,000.00

0.50

6.46

0.41

1.56%

0.69

50 AIICO Insurance Plc

0.56

0.54

3.70%

3,880,914,508.80

1.48

0.38

0.14

8.93%

0.45

04 Nestle Nigeria Plc

11 Seplat Petroleum Dev. Co. Ltd

18 Oando Plc 19 Total Nigeria Plc

22 Mobil Oil Nig Plc

25 Transnational Corporation Of Nigeria Plc 26 Julius Berger Nig. Plc 27 Fidelity Bank Plc 28 National Salt Co. Nig. Plc 29 Sterling Bank Plc 30 U A C N Plc 31 Diamond Bank Plc

TOTAL

11,876,275,268,414.80

TOTAL MARKET CAP

12,465,411,559,931.30

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

95.27%

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

Open 28-Aug-17

Close Change % 29-Aug-17

36,317.31 12.52

36,165.93 12.47

-0.42% -0.42%

153.21 11.93

152.53 11.88

-0.44% -0.44%

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

Open Close Change 28-Aug-17 29-Aug-17 %

Custodian And Allied Insurance Plc AIICO Insurance Plc Unity Bank Plc Fidson Healthcare Plc Stanbic IBTC Holdings Plc

3.41

3.56

4.40%

0.54 0.57 3.15 40.00

0.56 0.59 3.20 40.50

3.70% 3.51% 1.59% 1.25%

Open Close Change 28-Aug-17 29-Aug-17 %

Mobil Oil Nig Plc Okomu Oil Palm Plc Julius Berger Nig. Plc U A C N Plc UACN Property Development Co. Limited

182.93 69.09 35.99 15.70 3.00

173.79 65.64 34.20 14.98 2.91

-5.00% -4.99% -4.97% -4.59% -3.00%

Market sheds 0.42% Market pulse on the Nigerian Stock Exchange (NSE) today - Tuesday, August 28th, 2017 ended negative as the market closed red. This was further highlighted by negative performance from the NSE Subsectors: Banking and Consumer Goods (Save Insurance and Oil & Gas). Also, trading activities decreased in volume as 144.45 million shares worth N1.51 billion in 3,716 deals exchanged hands today. This is a decrease from the 348.11 million shares worth N2.98 billion in 3,276 trades were carried out on Monday. Topping in volume terms are: Fidelity Bank Plc, Zenith Bank Plc and FCMB Group 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$51.95 per barrel while it closed at $51.89 per barrel on Monday. The All Share Index (NSEASI) closed negative with 0.42% (-151.38) decrease to close at 36,165.93 from 36,317.31 the previous trading day. Market capitalization depreciated in tandem to N12.47 trillion from N12.52 trillion of prior trading day. Similarly, the Thisday BGL 50 Index closes with an decrease of 0.44% to 153.21 from 153.21 recorded at the end of the previous trading day, while its market capitalization stood at N11.88 trillion from N11.93 trillion of the previous trading day. A total number of 14 stocks gained on the bourse today while 26 stocks declined, leaving 61 stocks unchanged. Leading the pack was Champion Breweries Plc led with a gain of 6.84% to close at N2.50 per share. It was followed by Neimeth International Pharmaceuticals Plc with a gain of 4.82% to close at N0.87 per share. Others on the gainers’ list include: Cutix Plc, May & Baker Plc and Livestock Feeds Plc. On the decliners’ list, Mobil Oil Nig. Plc once again led with a loss of 5.00% to close at N173.79 share. It was followed by Jaiz Bank Plc with a loss of 5.00% to close at N0.76 per share. Others on the decliners list include: Okomu Oil Palm Plc, Julius Berger Nig. Plc and First Aluminium Nigeria Plc. Custodian And Allied Insurance Plc emerged the toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 4.40% to close at N3.56 per share. It was followed by AIICO Insurance Plc with a gain of 3.70% to close at N0.56 per share. Others on the gainers chart include: Unity Bank Plc, Fidson Healthcare Plc and Stanbic IBTC Holdings Plc. On the decliners’ list, Mobil Oil Nig. Plc again led with a loss of 5.00% to close at N173.79 per share. It was followed by Okomu Oil Palm Plc with a loss of 4.21% to close at N78.07 per share. Others on the decliners’ list are: Julius Berger Nig. Plc, UACN Plc and UACN Property Development Co. Limited.

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

WEDNESDAY, AUGUST 30, 2017 ˾ T H I S D AY

MARKET NEWS

Stanbic IBTC Group Reports 113 % Growth in Profit to N24bn Goddy Egene and Nosa Alekhuogie Stanbic IBTC Holdings Plc, a member of Standard Bank Group, yesterday announced its audited results for the six months ended 30 June 2017, showing impressive growth. Gross earnings rose by 36 per cent to N97.198 billion in

2017, from the N71.320 billion recorded in the corresponding period of 2016.Net interest income jumped by 79 per cent from N22.8 billon to N41 billion. Credit impairment charges stood at N14 billion, showing an increase of 65 per cent compared with N8.5 billion in 2016. However, profit before tax

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

DEALS

MARKET PRICE

(PBT) increased by 86 per cent to N29.169 billion during the period, from N15.682 billion last year, while profit after tax (PAT) grew faster, rising by 113 per cent from N11.317 billion to N24.112 billion. Total assets went up by 21 per cent to N1.273 trillion from N1.053 trillion in December 2016.

N I G E R I A N QUANTITY TRADED

VALUE TRADED ( N )

No. of Deals 1 1 2 2 2

Current Price 98.7 135

Quantity Traded 105 100 205 205 205

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

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

Current Price 44.18 46

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

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

Current Price 0.78

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 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

Commenting on the results, Chief Executive Officer, Stanbic IBTC Holdings Plc, Yinka Sanni, said: “Income before impairment charges grew by 43 percent, driven by a sustained growth in yields from investment securities and trading activities. Interest income increased by 55 per cent and trading

STO C K

revenue grew by 81percent positively impacting PAT, which increased by 113 per cent year-on-year. The balance sheet grew by 21 per cent year-to-date as trading assets and financial investments increased by over 100 per cent and 19 per cent respectively. Our costto-income ratio continued to

witness improvement, standing at 47.0 per cent at the end of H1 2017 when compared with 57.7 per cent in H1 2016. The growth in non-performing loan ratio is on account of some newly classified loans in line with economic realities. We are optimistic that this would moderate towards the end of 2017.”

E XC H A N G E

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

DEALS

MARKET PRICE

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

Current Price 0.5 Current Price 1.01 14.75 1 0.66 1.95

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

Current Price 1.3

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

Current Price 11.25 6.08 29.6 4.28 0.87 42

Current Price 0.5

Current Price 1.45 Current Price 36.45 9.69

QUANTITY TRADED

VALUE TRADED ( N)

87,962,909

649,506,329.59

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

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

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

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

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

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

No. of Deals 1 1 1

Current Price 9.75

Quantity Traded 2,000 2,000 2,000

Value Traded 18,540.00 18,540.00 18,540.00

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

Current Price 0.5

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

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

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

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

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

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

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

No. of Deals 1 1 1 1

Current Price 0.9

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

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

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

Current Price 15.01

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

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

No. of Deals 10 10 10 429 4,216

Current Price 169

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

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

Current Price 3.2

˾ WEDNESDAY, AUGUST 30, 2017

MARKET NEWS

Morison Industries, Consolidated Hallmark Shop for N1.002bn Goddy Egene Morison Industries Plc and Consolidated Hallmark Insurance Plc are set to raise a total of N1.002 billion from existing shareholders through Rights Issues. Morison Industries Plc, which is into production and marketing of pharmaceuticals, hygiene products, is to raise N502 million by issuing 836,983,125 ordinary shares of 50 kobo each at 60 Kobo per share on the basis of 11 new ordinary shares for

every two shares held by the existing shareholders. According to the company, the qualification date for the rights issue is August 205. Similarly, Consolidated Hallmark Insurance Plc is to raise N500 million via one billion shares of 50 kobo each at 50 kobo per share on the basis of one new share for every six shares already held. More companies are now raising funds through rights issues since the initial public offering sector has remained dormant for fear of under-

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

subscription. Currently, Guinness Nigeria Plc and Unilever Nigeria Plc are in the marketing shopping for fresh funds from existing shareholders. While Guinness is raising about N39.70 billion, Unilever is raising N58.851 billion. Speaking on the rights issue, Managing Director/ Chief Executive Officer of Guinness Nigeria, Mr. Peter Ndegwa said it would deleverage the company’s balance sheet and reduce finance costs.

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 25-Aug-2017, unless otherwise stated.

He noted that the company obtained a loan from Diageo in 2016 to manage foreign exchange related obligations, saying that between 2015 and 2016 obtained loan facilities from various financial institutions to fund working capital requirements and business expansion operations. Ndegwa said: “This rights issue will allow the company to deliver on its strategic objectives and give all our shareholders a unique opportunity to increase their shareholding in the company.

Our expectation is that funds raised will help mitigate the impact of increasing finance costs, optimise our balance sheet and improve the company’s financial flexibility.” Similarly, the MD/CEO of Unilever Nigeria Plc, Mr. Yaw Nsarkoh said: “The rights issue is part of Unilever Nigeria’s long term strategic intent to strengthen the company’s capital base by deleveraging its balance sheet, support its working capital needs and position the company to exploit value

accretive opportunities.” He explained that the net proceeds would help the company repay outstanding foreign currency denominated liabilities, purchase additional raw materials required for Unilever’s products and to meet other working capital requirements in order to build long term value for all stakeholders. Nsakorh noted that the rights issue reiterates in the robust future and commitment to building a more enduring business in Nigeria.

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 173.05 173.48 36.16% Nigeria International Debt Fund 230.32 230.84 8.86% 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 0.81 0.82 16.18% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 18.62% 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 17.31 17.83 40.20% ARM Discovery Fund 363.57 374.53 26.60% ARM Ethical Fund 25.70 26.48 15.05% ARM Money Market Fund 1.00 1.00 18.15% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 143.20 144.21 36.15% AXA Mansard Money Market Fund 1.00 1.00 18.46% 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 19.17% 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 1,116.00 1,117.09 10.12% FBN Heritage Fund 141.30 142.54 26.76% FBN Money Market Fund 100.00 100.00 18.27% FBN Nigeria Eurobond (USD) Fund - Institutional $109.65 $110.64 6.63% FBN Nigeria Eurobond (USD) Fund - Retail $109.20 $110.18 6.93% FBN Nigeria Smart Beta Equity Fund 153.25 155.45 36.10% 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 2.84 2.84 10.63% 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 2,853.66 2,897.24 29.40% Coral Income Fund 2,328.48 2,328.48 10.66% 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 14.59% 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 18.37% Vantage Balanced Fund 2.06 2.09 22.83% Vantage Guaranteed Income Fund 1.00 1.00 18.06%

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 13.09% Lotus Halal Fixed Income Fund 1,034.24 1,034.24 7.60% 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 12.84 12.95 32.87% 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 1.15 1.18 16.18% PACAM Fixed Income Fund 10.73 10.79 3.26% PACAM Money Market Fund 10.00 10.00 17.42% 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 120.54 122.79 19.01% 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 1.36 1.36 9.06% 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 2,153.79 2,165.31 17.60% Stanbic IBTC Bond Fund 162.20 162.20 5.35% Stanbic IBTC Ethical Fund 0.96 0.97 25.32% Stanbic IBTC Guaranteed Investment Fund 207.58 207.58 11.07% Stanbic IBTC Iman Fund 174.11 176.33 34.09% Stanbic IBTC Money Market Fund 100.00 100.00 18.62% Stanbic IBTC Nigerian Equity Fund 9,369.08 9,470.57 23.50% 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 1.28 14.77% United Capital Bond Fund 1.38 1.38 13.27% United Capital Equity Fund 0.86 0.84 24.94% United Capital Money Market Fund 1.00 1.00 18.00% 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 12.37 12.56 27.35% Zenith Ethical Fund 18.56 18.56 67.28% Zenith Income Fund 13.10 13.24 -20.03%

REITS NAV Per Share

Yield / T-Rtn

11.41 129.68

1.01% 4.61%

Bid Price

Offer Price

Yield / T-Rtn

10.74 105.24

10.84 107.23

24.46% 38.89%

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

4.48 9.71 17.30 20.94 131.95

4.52 9.79 17.40 21.14 133.95

61.79% 37.91% 44.67% 31.09% 2.35%

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

T H I S D AY WEDNESDAY AUGUST 30, 2017

UTILIZATION OF FOREIGN EXCHANGE AS AT 25TH OF AUGUST 2017 S/N 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 190 191 192 193 194 195 196 197 198 199 200 201 202 203

CUSTOMERS PURECHEM MANUFACTURING LTD ROOSKEY ELECTRICAL LTD NEXUS FORLIFE LTD CHINA UNITY MANUFACTURING CO.LTD PURECHEM MANUFACTURING LTD PURECHEM MANUFACTURING LTD NEXUS FORLIFE LTD PURECHEM MANUFACTURING LTD PURECHEM MANUFACTURING LTD TNC SPARES & INVESTMENT LTD PURECHEM MANUFACTURING LTD NEXUS FORLIFE LTD DAG IND.NIG.LTD DAG IND.NIG.LTD DAG IND.NIG.LTD DAG IND.NIG.LTD GSK CBN CBN ANYANWU SAMUEL OLUYOLE SEGUN DADA OZOMGBACH OGBUEFI ORAH OZOMGBACH CHINEDUM CHINEGWU AUSTIN NDUBUISI OLAJIDE SIMISOLA ABIODUN ANIKPE CHUKWUEBUKA HENRYPTA ANIKPE CHIZOBA FRANCES KODILINYE CHINWE IFEATU AJUA DIKE OKOR IZIBESOUN OBODO EDIRIN ARINZEUMOBI CAROL NWANJI STEVEN CHUKWUJI USIFO JOHN EHIMEN FRANK OGHOGHO OHONBA IZUHUNWA OUNU NZE ABEL MOMOH OMOSO RITA IMAFIDON EVBU KATE IDIODI ALUKHOMO EVELYN ERHAGBE OSHIORENUA ELIZABETH ABUBAKAR SHUAIBU ABDURRAUF ABUBAKAR UMAR IBRAHIM SHUAIBU IBRAHIM ADAM ISA KHADIJA ADAM MUHAMMAD NASIR AKPAN AKANINYENE SAMUEL ELOCHUKWU EZEBUNANDU ATUNE BIBIAN N ADENIYI ADEGOKE FREDRICK UKOH IQUO UDOYO NWANKWO PAUL CHIBUZO TIMSON BASIRAT AJOKE POSU JAMES JIMOH JOY CHIBUOGWU ONYENEHO DOUGLAS IKECHUKWU ADEBAJO ADEYEMI KAZEEM PRINCE VINVENT DIKE UBA MARJOE OLUNNA NUHU DUNIYA Z.AGARWA LOREL SOLICITORS FAYOSE EBELE JACKLLOYD SOIBI KALU CHIKWENDU ENYINNAYA OKERE LINUS CHUKWUEMEKA OHABUIKE KEZIAH SEWUESE OHABUIKE E. DANIEL OHABUIKE PATIENCE DOOSHIMA BRISIBE OSUSULUWA MARY PAM EDITH ASABE NCHELEM OLUCHI OROAKWU ANUNOBI CHIDOZIE CHARLES HUSSAINI ZAINAB USMAN HALIMATU S JEW ZENE NDIVE CLARA IYANGOWO IDOWU DUROTOYE AKANNI BENJAMIN TAMUNOIYEKURO AKARIBARA RAIFU ADEKUNLE MUMINI FATAI ADISA AJALA OFOEGBU ESTHER IFEOMA SIR CHARLES K WAMI WAMI CHISA URAECHU ANTHONY OJIH OKWUDILI NWAGU DOROTHY EBISIKE RICHARD AKINSETE SAMUEL OGBORODI JOHN EBIKIBINA MBONU NKEIRU VIVIAN IGWE SAMUEL CHUKWU OLUOKUN LAURETTA OMAMOKE BUARI ADEKUNLE WASIU MADAMEDON LOUIS AFESEOMABI BABS OGUNLEYE KOLAWOLE ADEBOLA ADENEKAN BUKOLA JUMOKE OFFIONG SHEDERACH BASSEY BANJO ABOSEDE ODENEYE OSENI HAKEEM OLANREWAJU OFFIONG SHEDERACH BASSEY BAMGBOSE ADEBOLA OLAYIWOLA BUKOYE BASHIR MOHAMMED SANI BABALOLA ADEOLA ELIZABETH ENEH KINGSLEY UCHENNA ANIEMEKE DOMINIC AZU AIMUFUA OSAIZOGUE KENNY PACESETTERS COMMUNICATIONS LTD KARIMU MUYIBATU FUNMILOLA OBI BERTHA EKEAMA OLUGBULE ADEBIMPE LYDIA NWAFOR JAMES NWAFOR EUGENIA NWAMAKA ATIGWE SIOMN CHUKWUEMEKA OSHOKOYA MOJISOLA OLUWATOSIN YUSUF SURAJUDEEN AGBOLA ADEMIDUN AYOMIDE AGBOLA BEATRICE ADETORO EZIAKOR PETER SIMEON ORESANYA ADENIKE CHRISTIANA OPARA JUDE UGOCHUKWU ADELAJA OYINLOLA YETUNDE AKABUEZE TOCHUKWU MICHAEL UZOATUEGWU IHUOMA CHIJIOKE ANOSIKE NTIANU SCHOLARSTICA DEMEK SUPERMARKET ENT NURA MOHAMMED ADAKAWA SUARA MARY OMOLOLA ALFRED CHIENYENWA AUGUSTINA BOB MANUEL DATONYE KELVIN JERRY UGWU ADAORA RALUCHUKWU MUDASIRU MARIA OGHOGHO OGUNSIPE A OLAJUMOKE (NEE) OGUNSIPE ONYIA THERESA NDIDI GRAHAMDOUGLAS EREFAMA.C GRAHAMDOUGLAS DUBOYE .D OKEKE IFEYINWA OGOCHUKWU OKEKE CHIDIEBELE DAVID OLUBODUN OLUWATOYIN GANIYU AGHAIYO DAVID AGHAIYO IHUOMA AUSTIN ANYANWU CHINELO OBI EMEKA OGUNLEYE HELEN ADERONKE ADELEYE IBUKUN AANU ADELEYE ADEWALE WILLIAMS ONOJA FRIDAY RAMSES AKINDELE OLANIKE WOHEREM TONY NDAMZI ATUNE C CHRISTIAN EZEIFE AZUKA VIRGINA OSHOKOYA MOJISOLA OLUWATOSIN OKPOH UGONNA QUINNETH IGBARO OLUYEMISI OLUBUSOLA ENYINWAFOR KELECHI AMARACHI NWAFOR ENYINNAYA CHIMA BANKOLE OLUSEGUN ADEBOWALE ONYIA THERESA NDIDI CHIA KUMAM OBI CHIBUEZE ERNEST ADEWUMI MOJISOLA OLUDOTUN OKONWKO AUGUSTINA UKAMAKA OKOLO ONONYE BENJAMIN WOLUCHEM NNANNA VICTOR OVIASU EFOSA KEKIBO HELENOR EBINYO ADEGBOYE JONATHAN TAIWO OSHODI AJIBIKE OKPOH UGONNA QUINNETH ISITOAH AUGUSTINE CHUKWUKA OBI CYPRIAN IZUNDU SKF FARMS NIGERIA LIMITED UCHE ORJI OWEIKEME A COLE OLADOKE A OYETUNJI OWETE O UCHE MIKE O AYANBODE OLATUNJIEDET OMOWUNMI ABIOLA OLAKUNLE OLASUPO UCHE ORJI AMADI IFEANYI NATHANIEL HYACINTH L ODITA KENNEDY UGO EZEIGWE NNENNA MARCELLINA ROTIMI M ADEOYE KOFO E ADETOMIWA KENNEDY UGO MARGARET K AVONGS MARGARET K AVONGS AIR PEACE LTD DHL INTERNATIONAL KELLOGG TOLARAM NIG LTD ETERNA PLC ETERNA PLC UNILEVER NIGERIA PLC DAG MOTORCYCLE IND NIG LTD ROOSKEY ELECTRICALS LTD WESTERN METAL PRODUCTS CO LTD CROWN FLOUR MILL LTD SUPERIOR METAL MANUFACTURING CO LTD GLAXOSMITHKLINE CONSUMER PLC PURECHEM MANUFACTURING LIMITED GLAXOSMITHKLINE CONSUMER PLC

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AMOUNT (US$) 4,950.00 98,632.00 226,993.40 128,600.00 26,745.00 40,572.00 105,473.01 8,720.00 31,103.45 320,125.38 23,882.95 91,961.01 296,630.00 296,630.00 703,655.00 703,655.00 28,372.66 132,703.18 229,747.59 4,000.00 3,060.00 4,000.00 4,000.00 2,000.00 4,000.00 4,000.00 4,000.00 2,600.00 4,000.00 4,000.00 2,500.00 4,000.00 1,800.00 1,700.00 4,000.00 4,000.00 4,000.00 850.00 4,000.00 1,300.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 3,000.00 2,800.00 4,000.00 4,000.00 4,000.00 5,000.00 4,000.00 2,000.00 1,100.00 450.00 4,000.00 4,000.00 600.00 2,500.00 5,000.00 4,000.00 2,300.00 4,000.00 2,000.00 4,000.00 4,000.00 2,000.00 2,400.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,400.00 4,000.00 3,500.00 650.00 2,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,500.00 2,200.00 4,000.00 4,000.00 1,500.00 4,000.00 2,000.00 4,000.00 4,000.00 2,000.00 4,000.00 2,000.00 4,000.00 2,000.00 5,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 3,000.00 4,000.00 4,000.00 4,000.00 1,500.00 4,000.00 900.00 4,000.00 4,000.00 300.00 4,000.00 4,000.00 4,000.00 1,000.00 2,000.00 3,000.00 4,000.00 4,000.00 4,000.00 1,318.00 3,562.00 3,900.00 3,900.00 390.00 4,940.00 3,910.50 3,910.50 3,921.00 3,930.00 4,585.00 3,995.50 3,995.50 1,948.61 552.01 3,995.49 4,999.49 1,580.04 829.52 263.64 3,298.61 3,998.60 3,998.69 396.00 2,644.00 2,710.00 3,999.40 3,308.26 1,322.89 661.85 2,484.17 3,811.00 4,994.80 2,651.22 2,327.00 3,725.71 4,933.23 3,999.40 6,879.76 12,244.39 14,878.71 8,298.07 12,845.37 10,619.17 11,685.56 4,550.66 12,605.34 2,230.00 15,000.00 14,997.21 15,000.00 6,800.00 5,050.00 14,997.21 3,000.00 6,000.00 409,000.00 700,000.00 13,906.01 976.38 3,543.41 266.23 1,339.54 29,948.00 4,678.28 1,875.00 3,098.04 501.57 924.74 300.04

PURPOSE INDUSTRIAL MACHINERY AND SPARES A/C MOTOR SINGLE PHASE RAW MAT. FOR EXERCISE BOOK PROD 5,600 SETS OF BUTTERFLY BRAND SEWING MACHINE IND RAW MAT. GALVANIZED WIRE FOR ELECT. CABLE INDUSTRIAL RAW MATERIAL RAW MAT. FOR EXERCISE BOOK PROD INDUSTRIAL RAW MATERIAL INDUSTRIAL RAW MATERIAL MOTORCYCLE SPARE PARTS BRAND INDUSTRIAL RAW MATERIAL RAW MAT. FOR EXERCISE BOOK PROD AUTORICKSHAW IN CKD PACKED CONDITION AUTORICKSHAW IN CKD PACKED CONDITION BAJAJ BOXER BM 100CC MOTORCYCLE BAJAJ BOXER BM 100CC MOTORCYCLE SPARE PARTS IMTO TRANSFERRED TO CBN IMTO TRANSFERRED TO CBN PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA BTA PTA BTA PTA PTA PTA BTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA BTA PTA PTA PTA PTA BTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA BTA PTA PTA PTA BTA PTA SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES AIR PLANE PARTS & MAINTENANCE OTHERS INDUSTRIAL RAW MATERIALS GASOIL GASOIL KENYA BLACK TEA AUTORICKSHAW IN CKD PACKED CONDITION A/C MOTOR SINGLE PHASE INDUSTRIAL MACHINERY ARGENTINE BREAD WHEAT 12.5 % PROTEIN INDUSTRIAL RAW MATERTIALS C* PHARMSORBIDEX NC16205SORBITOL SYRUP INDUSTRIAL RAW MATERIAL SORBITOL 70% SOLUTION

RATE 315.00 359.00 359.00 359.00 310.50 310.50 359.00 315.00 315.00 359.00 315.00 359.00 359.00 359.00 359.00 359.00 359.00 357.00 357.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 337.50 337.50 337.50 337.50 337.50 359.00 337.50 337.50 337.50 310.00 337.50 337.50

DATE 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 21-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17

S/N 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400 401 402 403 404 405

CUSTOMERS CYBERNETICS INTERNATIONAL SERVICES LTD CHI LTD CHI LTD CHI LIMITED CHI LIMITED AFRICAN WIRE AND ALLIED INDUST(NIG) LTD AFRICAN FOUNDRIES LIMITED NEW HOME PRODUCTS IND LTD NEW HOME PRODUCTS IND LTD NEW HOME PRODUCTS IND LTD FAREAST MERCANTILE CO LTD TG ARLA DAIRY PRODUCTS LTD NIGERIA BREWERIES NIGERIA BREWERIES NIGERIA BREWERIES PROMASIDOR NIG LTD DE UNITED FOODS INDUSTRIES LIMITED PABOD BREWERIES LIMITED ADEFOLORUNSHO TECHNICAL VENTURES LTD CHI LTD AFRICAN FOUNDRIES LIMITED FAREAST MERCANTILE CO LTD NEW HOME PRODUCTS IND LTD NIGERIAN BOTTLING COMPANY LIMITED NIGERIAN BOTTLING COMPANY LIMITED NIGERIAN BOTTLING COMPANY LIMITED PRIMEPAK INDUSTRIES NIG LTD PURECHEM MANUFACTURING LIMITED PARCO ENTERPRISES NIG LTD PARCO ENTERPRISES NIG LTD SAMKING CHEMICALS NIGERIA LIMITED UNIQUE PARM LTD AFRICAN GLASS LIMITED DEUNITED FOODS IND LIMITED GLAXOSMITHKLINE CONSUMER PLC PARCO ENT. NIGERIA LTD FINE CHEMICAL NIGERIA LIMITED AFRICAN FOUNDRIES LIMITED FREISLANDCAMPINA WAMCO NIG PLC AFRICAN STEEL MILLS NIG LTD EDO CEMENT CO. LTD. LANDCRAFT IND LTD CBN CBN CBN INTERBANK/FSDH INTERBANK/ECOBANK INTERBANK/CORONATION INTERBANK/FSDH IGNATIUS C ITUH JOHN AGIAYE IMASUEN ISOKEN ANANYI DUNSTAN CHUKWUEMEKA ADEKOGBE ADESOJI MICHAEL JUSTINE KAINU AYODELE OLUFUNK OMOWUMI ADULOJU OLUSOLA PETER OBIKANSI OGECHI MARY ENAJEMO ISIRE AUSTINE SADIQ OLAREWAJU LATEEF ANYAOGU JONATHAN HARRISON OTARU DAHIRU MUSA OLUWATOBILOBA JUBRIL ODUNSI SHITTU RASHEED ABOLADE IDENYI BONAVENTURE CHIJIOKE ISMAIL MOHAMMED ODEYANI BADMOS OYEBISI OLUWAYEMISI KANAMMA GARBA MOHAMMED ADERIBIGBE PATRICIA OSAMA AKINREMI FOLASADE FRANCISCA CHUKWU CALLISTUS UCHECHUKWU OGONO OTOVO CECILIA DOZIE NICHOLAS OFOEGBUNAM FRIDAY CHINEDU OYEDUNTAN ABISOLA OYINDAMOLA AZUBOGU VIVIAN CHIOMA OWOPE ADEBAYO MICHAEL AZOGU CHIKEZIE OLAYINKA AKUNYILI JOHN CHIKE AGBONIFO OMOGHENE CORNELIA ORIZE JOSIAH CHUKWUEMEKA MORAWO TAWAKALIT MORAWO HABEEBAT OMOLARA RAJEESH NEELANJERI OKOH GIFT CHINENYE OGBUNUDE PATRICK OKAFOR UKONNA THEOPHILUS EMENIKE WOBE NCHELEM EVELYN ODEBUNMI AKINYELE OLUYOLE FRANCISCA NWAEZEAPU OGECHI ANITA TEMIAGIN SANEMOR OVIE CHIDILLOYD ADANMA DIVINE OGBECHE NGOZI CELESTINA EIGBE PHILOMENA IMOTSEMHE OBARO JACOB OMEIZE OABRO IFEOMA ANNETTE AWESOWILLIAMS TOYIN AWANAT AKOR JOSEPH LANKO ADEPETUN OLUWATAMILORE ADEMIDE BASHIRU MUTIU ADEWALE BASHIRU RAHEEMAT TOYIN INI UTUK PAULINUS UTIBEABASI JIM NSIKAN INI UTUK VERONICA INI UTUK GRACE PAULINUS JIM KURE IBRAHIM ABDULLAHI AKUBUEZE CHRISTIANA OLUCHI GREEN CLARI NGORWARI CHINELO NWABICHIE IFEANYI CHARLES ODUSOTE FRANCIS KEHINDE UZOEWULU CECILIA NWAELUTU UMEASIEGBU OKEDIOGWA VIRGINIA ADEOYE OLUBUNMI ADELEYE SPIFF EDWARD DANDESON CHINDA KINGSLEY OGUNDU OKWESILI UGOCHUKWU ODEDEYI OLAYINKA MOYINOLUWA HAMPTON APARTMENTS LTD ESSIET E ASSIAK EKAGBO SALLY ONYOWO OMOHA EKPO W PARKER SNOWBALL TRAVELS AND TOURS LIMITED OLUFEMI AND ADEFUNSO ESAN FOLASADE A BABATUNDE OKAFOR OBIOMA NWANNEKA EGOR F EGBE HAKEEM O YISAU DAIVD S ARIBIKE TAIWO D OKWUDILI HAMZA MUSA INVESTMENT LTD MICHAEL C UBA INAIN N OBED CLARA HARRIMAN CLARA HARRIMAN WHITE SOUL (INV) LTD WAHAB SANNI VENTURES UBA PLC/GROUP COMPLIANCE SOLPIA NIGERIA LTD PAPER TRADE INTEGRATED IMPEX LIMITED DEEKAY & SONS (NIG.)LTD NEXUS FORLIFE LTD PURECHEM MANUFACTURING KAM IND. PARCO GROUP CBN CBN INTERBANK/DIAMOND BANK INTERBANK/ACCESS BANK INTERBANK/DIAMOND BANK OJO CLEMENT OLUBUNMI SHOLUADE TOLULOPE FEELICIA OLADEJO MUTIU OLUWAGBENGA SENAMEH EMMANUEL ENIKHE IROFUALA VINCENT CHUKWUDI CLEVER GIFT OREVAOGHENE AYODELE IBEKELE EBIEKURAJU OLUDOTUN OLATOMIDE asogwa stella rita OSINBOYEJO ABUBAKAR MOROOF ODUSANYA KAZEEM ABIDEMI BALOGUN RIANATU BOLATITO SHOYOOLA ABIODUN KAZEEM OKEREKE OKORONKWO CHUKWUMA BABATUNDE SHERIFF OMOLADE OLLOH CHRISTINA IFEYINWA KABIR SAIDU OPANIKE OLUSEGUN MOSES TUKUR YUSUF YAMEL ABUBAKAR GAMBO ANYAECHEM DICKSON CHUKWUNWUBA ONU NGOZI BRIDGET SALAMI WASIU SALIU OKEGBENRO OMOBOLA OLUSEUN OLADEINDE ALIU ALABI OLUSUNLE EMMANUEL B IBEWUIKE OKOYE CALLISTER NUHU ABUBAKAR DANBURAN AKHIGBE OMONIGHO ROSE SANI ABDULRASHID ROGO AMIRA ABUBAKAR OGBARA OLUSHOLA HAKEEM OYETI TOLUWABORI AYINKEOLA ALIGBE SIMEON OZEMOYA NJOKU OGBONNA STAN OBIADI IKECHUKWU FREGENE OGHALE GLORIA WISEKERE AGNES SORBARI FELICIA AKWAUGO WISEKERE OSHIONEBO ELIZABETH OLAYINKA KANI MOHAMMED ABDULLAHI TOLUHI ABIMBOLA CAPT. OLUFEMI OLAIYA ALAKE FLORENCE MOYINOLUWA ONYEOZIRI, JOSEPHINE AZOMGINI ABIMBOLA CHRISTIANA TITILOLA BAMKOLE ADEWALE OLUWAFUNMI BABALOLA ADEOLA ELIZABETH IMASUEN OSAZUWA PRINCE AWOYE ABIODUN NIKE AWOYE WASIU OLALEKAN

AMOUNT (US$) 4,078.85 7,091.12 30.00 7,957.46 5,339.86 581.06 988.02 180.46 206.43 618.29 4,933.82 674.68 431.98 129.31 431.98 6,398.50 779.12 763.79 134.59 1,090.46 118.53 4,933.82 198.63 4,421.15 5,738.59 3,710.94 1,219.50 1,628.03 844.19 1,278.60 230.67 3,268.78 333.87 245.36 929.49 1,490.59 1,683.15 4,466.53 4,797.34 2,094.44 3,953.89 371.47 139,348.61 470.60 220,742.75 160,800.00 367,114.11 37,000.00 139,200.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 300.00 4,000.00 3,000.00 4,000.00 1,700.00 1,120.00 3,000.00 4,000.00 4,000.00 1,000.00 4,000.00 1,000.00 4,000.00 4,000.00 3,100.00 350.00 5,000.00 4,000.00 2,000.00 4,000.00 5,000.00 4,000.00 4,000.00 900.00 5,000.00 4,000.00 4,000.00 4,000.00 5,000.00 2,200.00 4,000.00 4,000.00 4,000.00 1,500.00 4,000.00 4,000.00 4,000.00 700.00 4,000.00 3,000.00 2,000.00 500.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 2,000.00 1,794.46 1,719.57 3,995.29 3,931.11 838.95 3,935.67 3,957.33 3,966.30 3,966.30 1,380.00 13,221.00 9,000.00 12,000.00 8,388.10 6,610.50 11,896.00 8,567.20 6,279.98 3,305.25 460.00 2,489.42 6,563.77 6,550.00 10,331.09 13,181.30 7,138.02 7,780.56 15,000.00 3,706.43 177,242.96 132,338.16 2,831.23 140,395.60 66,614.00 57,357.54 100,000.00 2,099,895.00 209,022.92 290,261.03 400,000.00 133,180.00 312,764.12 2,700.00 4,000.00 4,000.00 1,000.00 1,200.00 3,500.00 4,000.00 1,200.00 3,000.00 4,000.00 2,700.00 2,000.00 4,000.00 4,000.00 2,700.00 4,000.00 4,000.00 4,000.00 5,000.00 5,000.00 5,000.00 5,000.00 4,000.00 4,000.00 3,200.00 4,000.00 3,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 840.00 4,000.00 2,000.00 4,000.00 4,000.00 4,000.00 4,000.00 3,000.00 2,900.00 4,000.00 4,000.00 4,000.00 2,000.00 1,400.00 4,000.00 1,200.00 4,000.00 4,000.00 5,000.00

PURPOSE BITUMEN 60/70 WHOLE MILK POWDER WHOLE MILK POWDER WHOLE MILK POWDER WHOLE MILK POWDER INDUSTRIAL RAW MATERIAL INDUSTRIAL MATERIAL SCANFROST BRAND AIR CONDITIONER SCANFROST BRAND AIR CONDITIONER SCANFROST BRAND AIR CONDITIONER GREENFLAG FILLED MILK POWDER DANO COOL COW FILLED MILK POWDER WINTER BARLEY 11X 20 CONTAINERS BRITESORB BK 75 IN 20 KG POLYETHYLENE BAGS BRITESORB BK 75 IN 20 KG POLYETHYLENE BAGS BULK MULTIPLY BAGS COWBELL INSTANT MILK SEASONING FOR SPECIALIZED & FRANCHISED FOOD MALTEUROPE INJECTION MOULDING MACHINE ETC TETRA PAK MATERIAL : FOOD RAW MATERIAL INDUSTRIAL MATERIAL GREENFLAG MILK POWDER SCANFROST BRAND DLED COLOUR TELEVISION AMORPHOUS PET CHIPS (BC3020) AMORPHOUS PET CHIPS (BC3020) AMORPHOUS PET CHIPS (BC3020) POLYETHYLENE PLASTIC RAW MATERIAL IN GRANUELS INDUSTRIAL RAW MATERIAL INDUSTRIAL RAW MATERIAL INDUSTRIAL RAW MATERIAL ESSENTIAL INDUSTRIAL RAW MATERIALS PETROLEUM JELLY PH. EUR. INDUSTRIAL MATERIAL BLEACHING EARTH PRECIPITATED SILICA INDUSTRIAL RAW MATERIAL RAW MATERIALS FOR INDUSTRIAL USE: INDUSTRIAL RAW MATERIAL EVAPORATED UNSWEETENED FULL CREAM MILK PEAK INDUSTRIAL RAW MATERIAL MACHINERY AND EQUIPMENT FOR EDO CEMENT FERRO SILICO MANGANESE IMTO TRANSFERRED TO CBN IMTO TRANSFERRED TO CBN IMTO TRANSFERRED TO CBN INTERBANK INTERBANK INTERBANK INTERBANK PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA BTA PTA PTA PTA BTA PTA PTA BTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES LIVING EXPENSES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES ACCOMMODATION AND SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES ANNUAL WORLD CHECK SUBCRIPTION FEE ARTIFICIAL FILAMENT TOW (TYPE: AFRELLE) PLAIN PAPER WASHING MACHINE BOTH WASH AND DRY BRAND RAW MATERIALS: EXERCISE BOOK PRODUCTION ETC INDUSTRIAL RAW MATERIAL HOT ROLLING STEEL MELTING PLANT EQUIPMENTS RUSSIAN MILLING WHEAT IMTO TRANSFERRED TO CBN IMTO TRANSFERRED TO CBN INTERBANK INTERBANK INTERBANK BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA BTA BTA BTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA BTA PTA BTA

RATE 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 310.00 310.00 310.00 337.50 337.50 310.00 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 337.50 357.00 357.00 357.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 359.00 359.00 360.00 360.00 360.50 306.25 315.50 357.00 357.00 360.00 360.50 360.50 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00

DATE 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 22-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17

S/N 406 407 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 476 477 478 479 480 481 482 483 484 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 502 503 504 505 506 507 508 509 510 511 512 513 514 515 516 517 518 519 520 521 522 523 524 525 526 527 528 529 530 531 532 533 534 535 536 537 538 539 540 541 542 543 544 545 546 547 548 549 550 551 552 553 554 555 556 557 558 559 560 561 562 563 564 565 566 567 568 569 570 571 572 573 574 575 576 577 578 579 580 581 582 583 584 585 586 587 588 589 590 591 592 593 594 595 596 597 598 599 600

CUSTOMERS EGBEBU CHIBUZOR PATRICK AROWOSAFE BUSOLA TOYIN CHARLES B NDIOMU BALOGUN OMOWUNMI ITORO OLUBUNMI THOMAS ADAMU SALISU ALI WASIU ABIODUN BALOGUN MUSA ALI ANAS SAAD ALI MUSA GARBA SALE MUAZU LABARAN SALISU MAITAMBARI OJI MARGARET EZIOMA HASSAN ALI M T JOSHUA D JOSHUA PHOLLYNIKE PETROLEUM AND ENERGY LRD OLATUNJIEDET OMOWUNMI OWOLABI ROYAL LINKS ENTERPRISES ZIMAKO O ZIMAKO CO ZIMAKO O ZIMAKO CO PROF A ADISA AKUME S ABENGA AMALU NNANNA FESTUS ALIYU BABANGIDA OKEKE VALENTINE CHUKWUEMEKA OLANREWAJU O ONIGBOGI OLUWAKEMI ADETOLA ADENIYITHOMAS GOTEP, BWIRDIMMA DUGUL FESTUS OKOH MATTHIAS C NLEMCHI IFEANYICHUKWU NRIAMA OLUFUNMILAYO OROGBANGBA UBA NOMINEE/UBA TRUSTEES/INDO NIG FUND O AND COMPANY NIG LTD TINCAN ISLAND CONTAINER TERMINAL NEXUS FORLIFE LTD REPLACEMENT MP INFRASTRUCTURE CBN CBN ROOSKEY ELECTRICALS LTD HUSSEINI DIO YAHAYA SULEIMAN SARATU DR SULAIMAN BALA Ibrahim Murtala MurtalaIbrahim Fati SHOBOWALE DEBORAH DAMILOLA SOTAYO RASAK OLUSOLA MAKINDE TAOREED TOKUNBO OBIJE BECKY ONUOSI OLIVER OSI ORJI FRANCIS UDU NWURUKU HUMPHERY ALIEZE NWOKPOR IFEANYI JULIUS OKPATA FIDELIS OSINACHI CHIMA BASSY ONYIBA OGBU ANTHONY IKECHUKWU ILIYASU BASHIR SHUAIBU INUWA IBRAHIM MUBARAK OGUN KOFOWOROLA ANNE EMENYONU CHIMA KELECH ADEBIMPE ADEBOWALE WASIU OMIRHOBO MALCOLM EMOKINIOVO OGBALOR ONAJITE NANCY BINTA AMINU BABA HON ABDULLATEEF ABDULHAKEEM HAJIS NIG LTD TAPERE WURAOLA ABUBAKAR USMAN SHAAIBU NAFIU UJEGE IYORSHAA EDWARD OKPANEFE JULIET AKPOEYERIN MBA UCHECHUKWU MARIAN ODUNSI MUJIBAT SHOLABOMI OBI EMMANUEL ANIEDUNEGBU IFERE PATRICIA NASARA AYEGBA JULIANA ONOME BOMA PETER IMON ROWLAND JOHN ADEBOWALE EMIKO GABRIEL ROBINSON ALONGE ADERINOLA IBUKUNOLUWA ADEWALE TAWAKALITU ANIKE ARIRI OSARIEMEN KANMI OLALEYE CHAMBERS AJAYI BETTY BUKOLA IRINOYE OLABISI OMOLAYO OGUNLEYE OMOLOLA OLUJIMI GBADEYANKA MUKTA ADEWALE OBASOHAN JOEL ADESINA EMMANUELLA OLUWADAMILOLA ADEYEMI ADEDOYIN RUTH ADEYEMI ADESHINA TEMITOPE OSORE MARY ADERONKE REV EKEDIEGWU PASCHAL T IBIRONKE ONAYEMI OKE CHARLES OLUFEMI IWUANYANWU UDOCHUKWU JOHN IDAM JULIET NGOZI AJIMATI THERESA OMOSI ONUOHA STANFORD UGOCHUKWU AKINWOLE AKINSOLA CHARLES FRANK BRIGGS INE ANGELA IKENMA IRENE KANMI OLALEYE CHAMBERS FEMI OWOLABI AYO MIRIAM ORIKAMARI AMACHREEBROAD AJALA MUKAILA UBA PLC/EDGE VERVE SYSTEM LTD UBA PLC/EDGE VERVE SYSTEM LTD RINGARDAS NIGERIA LIMITED AFRICA GB FOODS MANUFACTURING NIG AFRICA GB FOODS MANUFACTURING NIG AFRICA GB FOODS MANUFACTURING NIG AFRICA GB FOODS MANUFACTURING NIG AFRICA GB FOODS MANUFACTURING NIG AFRICA GB FOODS MANUFACTURING NIG RANONA LIMITED CBN CBN ALI JOSHUA OGUNGBE PETER ADEWALE EZEOMA NWOGBAGAALO BENJAMIN NWANKWEGU SABINUS ALO NWEGEDE ANTHONY ONYIBE DISU OYEYINKA FUNMILAYO OMOGOHI MARTINA OJONUGWA LAWAL ADEYINKA HAUWA OKE YEMI ENILAMA OKACHIE KINGSLEY AROGBOFA JONES OLADEHINDE NWORIEANI OKECHUKWU BULUS MSHELIA AGADA OFUNI ADA DOSUMU MOJISOLA DOLAPO BOBMANUEL IBIFIRI IBIENE OHAMUO J EMMANUEL MADUEKWE JOSEPH NNAEMEKA OGUNMEKAN OLUKAYODE OLAWALE EKA VICTOR OSAHON ASHIRU OLUSOLA RAHEEMAT KOLO MOHAMMED AISHA JAJA SOLOMON VICTORIA NGWOGU ADA CAROL CHIOMA BLESSING OGBUAGU ADEKUNLE EMMANUEL OLUDAISI ALABI RAMON OLASUNKANMI ALABI BUKOLA UKUBEYINJE MISAN RAPHAEL IMADONMWINYI ENDURANCE PRINCE ADETOKUNBO OLUWATOSIN MICHEAL OSINUBI ELIZABETH A ADAMSON ADEBORO ADEGBOYEGA OLUFUNKE OLATUNDUN TOLOFARI TAMUNOKEDIARI DANIEL ODUBONA ABIOLA OLUWATOYIN PAV VIASHIMA VICTOR AKPE FAVOUR UDEH CHINENYE JOHN ANENE NKEM LILIAN OLUWOLE BABAFEMI FAMILONI OYAGESHIO EGOMIKA EDMUNDTAMINABO E CHUDI OBINNA SAGOE STELLA MODUPE OKEKE CHINWE ELIZABETH BALOGUN OLUWATOYIN BABATUNDE IBRAHIM BULAMA ABDULKAREEM ALHAJI OGEDI CHARLES DADA OLUSOLA ELIZABETH AWOLALU FOLUKE E THANNY NOEEM TAIWO THOMAS I ONUKWUGHA RISIKAT O SHOBOWALE BRILLANTA AFRIQUE LIMITED GODSON, IDEMILI OLUMATI, FESTUS IKECHI KUNLERE BOLUWAJI DURODOLA ADEWUMI OJENIYI FEYISAYO C OGOJI ADESOLA YOMIAJAYI ABIODUN R OLEGHE ONWUNEME EZE EMMANUEL QUADRI AYOKUNLE OLATUNJI OGBEVIRE BENSON BRIGHT O OROVWUJE LUCKY S IDIAKE LUCKY S IDIAKE ROBINSON I IMAFIDON ANTHONY A ADIARI CYRIL A AZUONYE AMAOWOH GODWIN CHIMEZIE DEAN CHIMERE FRONT IMPACT MANAGERS LTD FRONT IMPACT MANAGERS LTD ENGR I NUHU CHINAEMELUM J OKECHUKWU MOHAMMED A MUSTAPHA

AMOUNT (US$) 5,000.00 4,000.00 4,000.00 2,500.00 4,000.00 4,000.00 4,000.00 5,000.00 4,000.00 4,000.00 5,000.00 1,110.39 12,927.18 7,013.65 12,139.88 12,489.59 5,488.84 1,233.83 1,233.83 1,800.00 1,051.00 7,671.00 4,300.00 15,000.00 11,000.00 2,429.10 2,500.00 2,709.39 3,477.00 638.89 3,268.50 3,675.00 10,000.00 500,000.00 173,383.33 429,840.00 145,104.16 189,467.44 100,000.00 4,000.00 4,000.00 4,000.00 5,000.00 5,000.00 4,000.00 3,000.00 4,000.00 1,500.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 2,500.00 3,500.00 4,000.00 4,000.00 4,000.00 5,000.00 4,000.00 4,000.00 4,000.00 5,000.00 500.00 4,000.00 1,380.00 1,000.00 4,000.00 4,000.00 250.00 4,000.00 4,000.00 3,500.00 5,000.00 4,000.00 2,000.00 1,200.00 4,000.00 1,600.00 4,000.00 1,200.00 4,000.00 2,750.00 3,700.00 3,000.00 4,000.00 2,000.00 4,000.00 4,000.00 5,000.00 600.00 4,000.00 4,000.00 4,000.00 2,628.00 657.00 3,990.28 1,586.27 5,500.00 227499.93 78750.009 100,000.00 7,500.06 147,254.60 36,000.00 9,120.00 28,130.51 1,151.21 186,250.00 128,609.44 183,591.76 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 3,000.00 2,100.00 4,000.00 1,700.00 4,000.00 5,000.00 2,000.00 3,000.00 500.00 4,000.00 4,000.00 4,000.00 3,000.00 4,000.00 1,100.00 2,800.00 4,000.00 1,200.00 4,000.00 1,000.00 4,000.00 4,000.00 2,000.00 4,000.00 3,000.00 4,000.00 2,000.00 1,100.00 4,000.00 4,000.00 5,000.00 4,000.00 5,000.00 800.00 2,000.00 2,800.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,202.69 706.31 3,915.92 661.06 7,319.16 6,584.05 13,140.00 14,716.80 398.14 6,585.77 2,338.92 14,979.60 9,360.27 570.98 5,436.44 8,335.42 6,003.45 7,090.01 6,768.66 14,999.28 6,000.00 4,678.38 12,296.50 3,476.00 5,000.20 4,000.00 2,000.00 2,500.00 2,500.00 5,212.00

PURPOSE BTA PTA PTA PTA PTA PTA PTA BTA PTA PTA BTA PTA SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES ACCOMMODATION FEES ACCOMMODATION FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES LIVING EXPENSES ACCOMMODATION AND SCHOOL FEES SCHOOL FEES SCHOOL FEES LOAN REPAYMENT RAW MATERIAL: EXERCISE BOOK PRODUCTION ETC LEAD ACID BATTERY AND ACCESSORIES IMTO TRANSFERRED TO CBN IMTO TRANSFERRED TO CBN OTHERS PTA PTA PTA BTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA BTA PTA PTA PTA BTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA BTA PTA PTA SCHOOL FEES IMPLEMENTATION FOR FIN.CONFIGURATION REVIEW INTER ENTITY CUSTOMIZATION BITUMEN SEASONINGS CURRY FLAVOUR/INSTANT MILK PWDER SEASONINGS CURRY FLAVOUR/INSTANT MILK PWDER SEASONINGS CURRY FLAVOUR/INSTANT MILK PWDER SEASONINGS CURRY FLAVOUR/INSTANT MILK PWDER SEASONINGS CURRY FLAVOUR/INSTANT MILK PWDER SEASONINGS CURRY FLAVOUR/INSTANT MILK PWDER BEVERAGE EQUIPMENT PRE FABRICATED BUILDING IMTO TRANSFERRED TO CBN IMTO TRANSFERRED TO CBN PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BTA PTA BTA PTA BTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES ACCOMMODATION FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES SCHOOL FEES LIVING EXPENSES SCHOOL FEES SCHOOL FEES SCHOOL FEES

RATE 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 359.50 359.00 359.34 357.00 357.00 359.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 359.00 359.00 306.30 359.00 359.00 357.00 358.00 360.50 355.00 359.00 357.00 357.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00

Africa’s global bank

DATE 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 23-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 24-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17 25-Aug-17

T H I S D AY WEDNESDAY AUGUST 30, 2017

SOURCES OF FOREIGN EXCHANGE AS AT 25TH OF AUGUST 2017 S/N 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53

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SOURCE AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS IMTO IMTO IMTO IMTO AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS CBN AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS IMTO IMTO IMTO IMTO IMTO IMTO AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS INTERBANK AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS

AMOUNT (US$) 25.00 214.42 509.06 1,000.00 270.00 1,058.06 48,525.60 100,000.00 286,350.00 174,954.40 1,983.17 303,212.96 3,117.16 552.23 28.91 346.95 115.65 3,500,000.00 2,000,000.00 26.15 375.00 115.38 91.46 100.00 400.00 5,375.25 16.11 280,000.00 50,000.00 12,825.00 183,642.53 2,155.62 623.68 3.78 291,120.20 3,203.46 114.18 726.33 634.35 217.50 347.07 138.83 584,518.83 2,500,000.00 100,000.00 75.78 329.65 500.00 2,031.81 100.00 492.00 109.09 2,399.89

RATE DATE 310.00 21-Aug-17 310.00 21-Aug-17 310.00 21-Aug-17 310.00 21-Aug-17 310.00 21-Aug-17 310.00 21-Aug-17 306.15 21-Aug-17 306.15 21-Aug-17 315.00 21-Aug-17 355.00 21-Aug-17 355.00 21-Aug-17 355.00 21-Aug-17 354.68 21-Aug-17 310.00 21-Aug-17 310.00 21-Aug-17 310.00 21-Aug-17 310.00 21-Aug-17 358.00 21-Aug-17 357.00 21-Aug-17 310.00 22-Aug-17 310.00 22-Aug-17 310.00 22-Aug-17 310.00 22-Aug-17 310.00 22-Aug-17 310.00 22-Aug-17 310.00 22-Aug-17 310.00 22-Aug-17 337.00 22-Aug-17 310.00 22-Aug-17 310.00 22-Aug-17 355.00 22-Aug-17 355.00 22-Aug-17 355.00 22-Aug-17 355.00 22-Aug-17 355.00 22-Aug-17 354.63 22-Aug-17 310.00 22-Aug-17 310.00 22-Aug-17 310.00 22-Aug-17 310.00 22-Aug-17 310.00 22-Aug-17 310.00 22-Aug-17 358.50 22-Aug-17 359.00 22-Aug-17 306.00 23-Aug-17 310.00 23-Aug-17 310.00 23-Aug-17 310.00 23-Aug-17 310.00 23-Aug-17 310.00 23-Aug-17 310.00 23-Aug-17 310.00 23-Aug-17 310.00 23-Aug-17

S/N 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107

SOURCE AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS IMTO IMTO IMTO IMTO AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS

AMOUNT (US$) 1,170.69 450.00 535.00 80.00 1,966.68 130.00 20,000.00 100,000.00 1,489,000.00 47,000.00 463,895.00 275,552.84 3,144.39 382,793.98 4,220.72 5,069.43 8.90 104.66 87.22 539.59 102.34 36,000.00 100,000.00 500,000.00 98,000.00 1,345.00 3,000.00 105.84 354.23 205.59 125.11 101.46 1,238.25 174.26 113.15 131.03 109.51 693.45 110.01 163.60 240.00 505.37 261.03 110.09 47.48 122.20 494.20 101.03 247.25 18.75 975.00 2,022.00 88.00 646.77

RATE DATE 310.00 23-Aug-17 310.00 23-Aug-17 310.00 23-Aug-17 310.00 23-Aug-17 310.00 23-Aug-17 310.00 23-Aug-17 310.00 23-Aug-17 315.00 23-Aug-17 315.00 23-Aug-17 315.00 23-Aug-17 315.00 23-Aug-17 355.00 23-Aug-17 355.00 23-Aug-17 355.00 23-Aug-17 354.61 23-Aug-17 310.00 23-Aug-17 310.00 23-Aug-17 310.00 23-Aug-17 310.00 23-Aug-17 310.00 23-Aug-17 310.00 23-Aug-17 357.00 23-Aug-17 359.00 23-Aug-17 359.50 23-Aug-17 359.50 23-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17

S/N 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155

SOURCE AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS IMTO IMTO IMTO IMTO AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS INTERBANK AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS IMTO IMTO IMTO IMTO AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS AUTONOMOUS STERLING BANK AUTONOMOUS ZENITH BANK

AMOUNT (US$) 95.16 7.24 655.40 2,000,000.00 191,232.53 2,239.68 249,914.24 2,709.01 59.25 58.15 807.87 289.35 231.48 347.22 115.74 11,623.87 226,993.40 54,700.00 1,867.27 100,000.00 110.00 158.15 25.00 200.00 975.00 1,204.90 121.55 1,044.00 135.00 6,090.00 290.32 32.52 169,388.89 2,090.36 242,221.43 2,567.58 209.77 1,203.09 882.77 378.33 5,981.40 8.07 165.64 104.62 581.20 100,000.00 500,000.00 330,000.00

RATE DATE 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 337.00 24-Aug-17 355.00 24-Aug-17 355.00 24-Aug-17 355.00 24-Aug-17 354.67 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 310.00 24-Aug-17 359.00 24-Aug-17 359.00 24-Aug-17 310.00 25-Aug-17 306.05 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 355.00 25-Aug-17 355.00 25-Aug-17 355.00 25-Aug-17 354.65 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 310.00 25-Aug-17 354.25 25-Aug-17 358.00 25-Aug-17 358.25 25-Aug-17

Africaâ€™s global bank

T H I S D AY WEDNESDAY AUGUST 30, 2017

WEDNESDAY, AUGUST 30, 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Amid Harvey Floods, Houston Chief Worries ‘How Many Bodies?’ Crews overwhelmed by thousands of rescue calls during one of the heaviest downpours in U.S. history have had little time to search for other potential victims, but officials acknowledge the grim reality that fatalities linked to Harvey could soar once the devastating floodwaters recede from one of America’s most sprawling metropolitan centres. More than three days after the storm ravaged the Texas coastline as a Category 4 hurricane, authorities had confirmed only three deaths — including a woman killed Monday when heavy rains dislodged a large oak tree onto her trailer home in the small town of Porter. But unconfirmed reports of others missing or presumed dead were growing. “We know in these kind of events that, sadly, the death toll goes up historically,” Houston police Chief Art Acevedo told The Associated Press.“I’m really worried about how many bodies we’re going to find.” One Houston woman said Monday that she presumes six members of a family, including four of her grandchildren, died after their van sank into Greens Bayou in East Houston, though Houston emergency officials couldn’t confirm the deaths. Virginia Saldivar told The Associated Press her brother-in-law was driving the van Sunday when a strong current took the vehicle over a bridge and into the bayou. The driver was able to get out and urged the

children to escape through the back door, Saldivar said, but they could not. “I’m just hoping we ﬁnd the bodies,” Saldivar said. And a spokeswoman for a Houston hotel says one of its employees disappeared while helping about 100 guests and workers evacuate the building amid rising ﬂoodwaters. The disaster is unfolding on an epic scale, with the nation’s fourth-largest city mostly paralysed by the storm that has parked itself over the Gulf Coast. With nearly 2 more feet (61 centimetres) of rain expected on top of the 30plus inches (76 centimetres) in some places, authorities worried the worst might be yet to come. Early Tuesday, Harvey’s relentless downpour continued to drench Houston and the surrounding area. Rain fell at a pace of about half an inch (1 centimetre) per hour over Harris County — home to Houston — and up to 2 inches (5 centimetres) per hour to the east. The Houston metro area covers about 10,000 square miles (25,900 sq. kilometres), an area slightly bigger than New Jersey. It’s criss-crossed by about 1,700 miles (2,700 kilometres) of channels, creeks and bayous that drain into the Gulf of Mexico, about 50 miles (80 kilometres) to the south-east from downtown. The storm is generating an amount of rain that would normally be seen only once in more than 1,000 years, said Edmond Russo, a deputy district engineer for the Army Corps of

Engineers, which was concerned that floodwater would spill around a pair of 70-year-old reservoir dams that protect downtown Houston. President Donald Trump was expected in Corpus Christi, Texas, and Austin Tuesday for briefings on the first major natural disaster of his administration, accompanied by first lady Melania Trump. And Vice President Mike Pence said in an interview with News Radio 1360 KKTX in Corpus Christi that he and his wife, Karen, will visit south-east Texas later this week. The impact of Harvey is also already being felt in Lake Charles, south-western Louisiana, where emergency crews have been rescuing residents from their flooded homes after steady overnight rainfall. Forecasters expect the storm to creep eastward as far as Mississippi by Thursday, meaning New Orleans, where Hurricane Katrina unleashed its full might in 2005, is in Harvey’s path. Foreboding images of Harvey were lighting up weather radar screens early Tuesday, the 12th anniversary of the day Katrina made landfall in Plaquemines Parish. Rescuers meanwhile continued plucking people from inundated Houston neighbourhoods. Mayor Sylvester Turner put the number by police at more than 3,000. The Coast Guard said it also had rescued more than 3,000 by boat and a i r a n d wa s t a k i n g m o re t h a n 1 , 0 0 0 c a l l s p e r h o u r.

Palestinian Cartoonist’s 1987 Murder Reinvestigated The murder of a Palestinian cartoonist who was shot dead is being reinvestigated 30 years on. Naji Salim Hussain Al-Ali, a political cartoonist for Kuwaiti newspaper Al-Qabas, was shot in the neck as he walked to his ofﬁce in west London. He was taken to hospital after the attack on 22 July 1987 in Ives Street, Knightsbridge, but died a month later. The Met’s Counter Terrorism Command wants information about the gunman and a man seen driving from the scene. Mr Al-Ali’s satirical cartoons

were sometimes seen as critical of the Palestinian regime and he had received a number of death threats in the years leading up to his murder, police said. At the time of his death, Middle Eastern commentators maintained he had been killed as part of a Palestine Liberation Organisation (PLO) campaign to silence its critics in Europe and the Middle East, but the PLO denied this. His son Khalid Al-Ali said: “Obviously many people were unhappy with his cartoons throughout his career: that

could range from, obviously Israel as the enemy, and Arab leaders and Arab governments, including Palestinian leadership. “There were always threats, there were always problems with his cartoons but this did not stop him from actually drawing.” A Palestinian student arrested in Hull during the inquiry was later jailed for possessing weapons and explosives. He claimed to have been working for both the PLO and the Israeli secret service, Mossad.

Chinese Troops to Patrol Border Area after India Stand-off China said Tuesday that its troops would continue to patrol a disputed Himalayan border area after resolving a months-long military stand-off there with India. Foreign ministry spokeswoman Hua Chunying refused to disclose future plans for the road project that had triggered the confrontation on the remote Doklam plateau. “I’ve said that Chinese border troops will continue to be stationed and patrol in Doklam and we will continue to exercise

our sovereignty according to historical conventions,” Hua told a regular press brieﬁng. The standoff began in midJune after Chinese troops started building a road in the area, which is disputed between China and India’s ally, Bhutan. India itself does not claim the territory but has a military presence in Bhutan. The Indian government announced on Monday that Beijing and New Delhi had agreed to pull back back their border forces.

When asked whether China would halt roadbuilding, Hua told reporters: “We’ll take into consideration all relevant factors, including weather, to make any infrastructure plans -- including road-building.” The border tensions eased days before India’s Prime Minister Narendra Modi is expected to travel to China for a summit of the BRICS group of countries, which also include Brazil, Russia and South Africa.

T H I S D AY WEDNESDAY AUGUST 30, 2017

˾ WEDNESDAY, AUGUST 30, 2017

PAGE FORTY-NINE

African Leaders Blasted for Medical Tourism A South African minister has criticised African leaders who seek medical treatment abroad. Aaron Motsoaledi condemned “health tourism” while speaking in Zimbabwe. According to the BBC, President Robert Mugabe, who frequently receives treatment in Singapore, had left the meeting of health ministers when Dr. Motsoaledi made

the comments. Mugabe’s spokesman has said that the president’s doctor “is not only Zimbabwean, he is actually black… He is very, very, very black”. George Charamba made those comments to Zimbabwe’s state-run Herald newspaper in May, insisting that Mugabe was not turning his back on Zimbabwean

medical help. Nigeria’s Muhammadu Buhari and Angola’s José Eduardo dos Santos have also been criticised for seeking medical treatment abroad this year. At this week’s conference Dr Motsoaledi said: “We are the only continent that has its leaders seeking medical services outside the continent,

outside our territory. We must be ashamed of that.” “This is called health tourism. We must promote our own,” he added. Dr. Motsoaledi also urged governments to increase funding to local facilities. He has been praised by South Africans for using public hospitals instead of private facilities.

Indeed, his comment was the elephant in the room as over 30 of Africa’s health ministers met to discuss strategies to tackle the continent’s public health problems. The list of African heads of state who have recently sought medical treatment abroad includes Buhari, Eduardo dos Santos, Mugabe, Benin’s

President Patrice Talon and 80-year-old Algerian President Abdelaziz Bouteflika. When Dr. Motsoaledi made the comments in a plenary session, his remarks were met with silence from the other member states represented. Dr. Motsoaledi admitted his position was a controversial one, but added that it needed to be said.

296 terrorism cases within the period of 2015 and 2016, while a total of 6,646 criminal cases ranging from oil theft, culpable homicide, rape, armed robbery, unlawful possession of arms and murder, among others, were equally concluded. Malami added that the government has commenced the profiling of over 1,000 suspected Boko Haram members, including those that are either in custody and those whose case-files were left unprosecuted. He maintained that despite the numerous challenges facing the ministry, such as prolonged and inconclusive investigations by law enforcement agencies, lack of funds to sponsor witnesses to court, delays in mobilising prosecutors, delays in the production of case files to his office by law enforcement agencies, officers in the Department of Public Prosecution (DPP) were able to

secure commendable convictions. Malami said his ministry was working on securing the approval of the Federal Executive Council (FEC) for the installation and implementation of a state-of-the-art modern Virtual Automated Case Management System (V-ACMS) in order to incorporate an online up-to-date integrated biometric prisoner information database that would strengthen the operations of the federal justice sector institutions and eliminate bottlenecks in the administration of criminal justice system in the country. He decried the high number of awaiting trial inmates in Nigeria, saying it was the major reason the prisons are constantly overcrowded. He said the government was working on modalities to reduce the population of awaiting trial inmates in the country, adding that the committee

on the prerogative of mercy will consider and recommend inmates qualified to be granted state pardons. Besides, the AGF revealed that the judgment debt profile of the ministry stood at N113 billion last year, a situation he said necessitated the re-establishment of the Judgment Department Verification Committee to assist in reducing the quantum of the debt against the federal government by reaching a compromise with judgmentcreditors on modalities and payment of such debt. The AGF further disclosed that the government was determined to recover about $15 million that was seized by the South African government under the Goodluck Jonathan administration, blaming the delay in the recovery of the money on cumbersome legal procedures between Nigeria and South Africa.

on mass retrenchment of their personnel, following the federal government’s failure to meet its outstanding subsidy obligations to the firms. Rising from a joint meeting held in Lagos yesterday, the Major Oil Marketers Association of Nigeria (MOMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), Depot and Petroleum Products Marketers Association (DAPPMA), and Independent Petroleum Products Importers (IPPIs), stated that some of their members were already owing their workers over eight months’ salaries as a result of a $2 billion debt owed them by the federal government since 2015. In a joint communiqué issued at the end of the meeting, the marketers said they had resolved to downsize their workforce unless the government urgently pays the accumulated debt to save their businesses from total collapse. The communiqué signed by their legal adviser, Mr. Patrick Etim stated that the marketers were indebted to Nigerian banks to the tune of over $2 billion, which was incurred on the importation of petroleum products. The communiqué noted that the federal government’s violation of the agreement reached with marketers on the payment schedule had also put the operations of many commercial banks that provided the funds in jeopardy. “The hope that the outstanding debt owed marketers will be paid resulting from the intervention of the vice-president, Professor Yemi Osinbajo appears to be dashed, as the payment that was promised to take effect in July 2017 is yet to materialise. “This is devastating to marketers, as we are being dragged daily by banks for debts owed and are under threat of

putting our tank farms under receivership,” said the marketers. “It was expected that the various meetings held between very senior government officials and the leadership of the oil dealers to resolve the issue of the outstanding debt owed oil marketers will yield the desired result, as the figures were fully reconciled and there was a commitment from government to pay by the end of July 2017. “However, Nigerian banks that are carrying the indebtedness of the marketers on their balance sheets have had their hopes dashed because as it stands now, the payment of all the debts by the federal government has not been received and this has led to problems between the banks and marketers,” the communiqué added. The marketers recalled that the contract between themselves and the federal government had stipulated that the government shall pay the difference between the landing cost of petrol and the selling price of petrol, as fixed by the government, provided that the landing cost is higher than the selling price. According to the oil traders, a key term of the contract was that the under-recovery payments shall be paid to marketers within 45 days of submission of documents evidencing discharge of petrol cargoes and trucking out from storage. “It was also agreed that after 45 days, the government shall pay the interest charges on the loans taken by the marketers to finance the importation of cargoes of petrol,” the marketers added. According to them, they opened letters of credit at the approximate exchange rate of N197 per dollar, while petrol cargoes were supplied at the selling prices approved by the government and the

repayment calculated using the agreed exchange rate. According to them, the foreign exchange differentials arose as a result of the initial devaluation of the naira by the last administration from N165 to the dollar. The marketers stated that it was only in the first quarter of 2017 that the banks were able to liquidate the letters of credit from 2014/ 2015 at N360 to the dollar as against N176-195 to the dollar at the time the LCs were opened because of the foreign exchange scarcity prevalent at the time, leaving their accounts with the huge differential. “The recent further devaluation of the naira from N195 to N305 and later to over N365 to the dollar, while the federal government agencies based their reimbursement calculation on N197 to the dollar, left petroleum marketers within our association with additional debts in excess of N600 billion. This is in addition to the over N250 billion arrears owed,” the marketers added. The marketers argued that the downstream sector is now saddled with a debt of over N850 billion, which according to them, has kept rising as the banks keep charging interest on their loans until the debts are fully liquidated. The marketers added that while they await the payment of monies owed them as approved and announced by the Federal Executive Council (FEC), they are still unable to transact with banks because their accounts have been classified as non-performing. “There is a need for President Muhammadu Buhari’s government to keep improving governance especially by correcting the wrongs of previous governments and making government responsible for its contracts and responsibilities,” the communiqué added.

AGF EXPLAINS WHY AREWA YOUTHS WERE NOT ARRESTED Crimes Commission (EFCC), Mr. Ibrahim Magu over prosecution of high profile cases on negative media reports. He admitted, nonetheless, that shallow investigations were a major reason some cases were thrown out by the courts. He said the new unit that was established in the Ministry of Justice would henceforth “coordinate and form part of every investigation in Nigeria”, saying the move had become necessary in view of apparent lack of “legal expertise in the conduct and process of investigations by the various security agencies in Nigeria”. Malami pointed out that the new unit would address the anomalies that not only led to frequent losses at the courts by the prosecuting agencies but equally the “consistent rejection of vital/relevant evidence in the course of prosecution”. He, however, declined to

specify the agencies whose pending court cases would likely be taken over by the new unit. Malami said: “Consequent upon want of expertise in the conduct and process of investigations by various security agencies in Nigeria and the need to address such anomalies leading to consistent rejection of vital/relevant evidence in the course of prosecution and or the writing down of the probative value of such evidence owing to inappropriate investigation, my office as a result, and in line with the constitutional powers conferred on me as the Chief Law Officer of the Federation and by virtue of section 105(1) and (3) of the Administration of Criminal Justice Act, hereby deems it fit to establish an Investigation Unit within the ministry. “This unit shall coordinate and form part of every

investigation in Nigeria for robust investigation and successful prosecution of such cases,” he announced. He said the core function/ mandate of the unit would equally involve giving advice beforehand to every security agency carrying out an investigation on the best lawful and admissible means of such investigation for effective prosecution thereafter. Other than the EFCC, other prosecuting agencies directly under the AGF’s supervision include the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Department of State Service (DSS), National Drugs Law Enforcement Agency (NDLEA), National Agency for the Prohibition of Traffic in Person (NAPTIP), and the Nigerian Police Force (NPF). The AGF said his ministry successfully concluded a total of

NNPC BOOSTS GAS SUPPLY TO GENCOS, REDEPLOYS TOP STAFF sack of their workers, following the federal government’s failure to pay an outstanding subsidy bill of $2 billion to the firms. It is uncertain how the federal government intends to pay the astronomical claims of the marketers, since it disingenuously informed the Nigerian public that it had stopped paying subsidy on petrol consumed in the country, and made no budgetary provisions in 2016 and 2017 to settle the subsidy claims. According to NNPC’s monthly report, gas supply to power plants increased slightly by 0.13 per cent from 729mmscf/d in May 2017 to 730mmscf/d in June 2017. The report also indicated that petroleum products supply continued to record remarkable stability nationwide owing to the performance of Nigeria’s three refineries, which produced between five and six million litres of petrol in June. The refineries also produced between five and six million litres of diesel per day in the period under review, reported the News Agency of Nigeria (NAN). “The corporation has maintained seamless nationwide supply and distribution of petroleum products which guarantees stable products and queue-free filling stations across the nation,” the report stated. The report also showed that the performance of the Port Harcourt refinery continued to improve with a boost to the midstream value chain, as it inched towards sustained commercial operations. The pump price of diesel crashed by 42 per cent nationwide, following strategic intervention by the corporation in May 2017, the report added. The report indicated that NNPC recorded about 86 cases of pipeline breaks across the country in the period under review. Seventyseven of the cases were due to

vandalism, representing a 40 per cent increase relative to the cases recorded in May. The report added that while the Port Harcourt-Aba line recorded the highest pipeline breaches of 55 points (66 per cent), there was also an unusual upsurge in the activities of vandals along the Kaduna-Zaria line, which witnessed 13 vandalised points during the period. There was also a slight decrease in national gas production compared to the previous month, which stood at 227.15BCF, or an average of 7,571.50 mmscf/d, the report noted. This, NNPC explained, was despite sustaining the success recorded by its enhanced crude oil evacuation and lifting in June, following the re-opening of Forcados Oil Terminal (FOT) on March 31. NNPC also announced yesterday the redeployment and promotion of 55 top managers of the corporation ordered by its Group Managing Director, Dr. Maikanti Baru. A statement by NNPC spokesman, Ndu Ughamadu said Baru had informed NNPC staff shortly before the announcement was made public that the new appointments would not only help to position the corporation for the challenges ahead but would help fill the gaps created due to the statutory retirement of staff. Under the reorganisation, Roland Ewubare, formerly MD of the Integrated Data Services Limited (IDSL) was move to the National Petroleum Investment Management Services (NAPIMS) as the new Group General Manager (GGM), while Diepriye Tariah, former GGM and Senior Technical Assistant to the NNPC GMD, takes over from Ewubare as MD of IDSL. Malami Shehu, Executive Director Operations of the Kaduna Refining and Petrochemical

Company (KRPC) was appointed MD of the Port Harcourt Refining Company (PHRC), while Adewale Ladenegan, former MD of the Warri Refining and Petrochemical Company (WRPC) was moved to KRPC to assume duty as MD. Muhammed Abah, until recently, the Executive Director Operations of WRPC, succeeds Ladenegan as MD of Warri Refinery. With the retirement of Alhaji Farouk Ahmed as the MD of the Nigerian Products Marketing Company (NPMC), Umar Ajiya, former GGM in charge of Corporate Planning and Strategy (CP&S), now assumes duty as MD of NPMC, while Bala Wunti, former, General Manager, Downstream, GMD’s Office, takes charge as GGM CP&S. Other changes included Usman Yusuf who takes over as GGM/STA to the GMD, Adeyemi Adetunji confirmed as MD NNPC Retail, alongside Dr. Bola Afolabi who now functions as GGM in charge of Research and Development Division of the corporation. Also on the list is Mrs. Ahmadu-Katagum who was appointed GGM (Shipping) in the Downstream Autonomous Business Unit, while Kallamu Abdullahi takes over as the GGM in charge of the Renewable Energy Division in the Downstream ABU. Dr. Shaibu Musa was promoted MD of NNPC Medical Services Limited, while Ibrahim Birma was named the new GGM in charge of the corporation’s Audit Division now renamed Governance, Risk and Compliance Division.

Mass Retrenchment But even as the corporation announced the senior staff redeployment and promotions, all was not well in the downstream oil sector, as oil marketing firms in the country resolved to embark

WEDNESDAY, AUGUST 30, 2017Ëž T H I S D AY

NEWS

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

Amnesty Intâ€™l Accuses Nigerian Authorities of Detaining Hundreds Illegally Ejiofor Alike Global rights group, Amnesty International, has accused the federal government of illegal detention of several Nigerians and raised concern that hundreds of people are being held in secret detention. The organisation said in a statement yesterday that the enforced disappearance of persons, which is being perpetrated by the agencies of the federal government, is prohibited under the International Convention for the Protection of All Persons from Enforced Disappearance, to which Nigeria is a state party. Amnestyâ€™s statement, which marks the International Day of the Disappeared being celebrated today, noted that enforced disappearances are being used toÂ instil fear into civilian population living in areas of the country wracked with conflict and insecurity. The groupâ€™s media manager, Isa Sanusi, called on the government to release details on the fate and whereabouts of all those who have been disappeared. â€œMany families of the victims of enforced disappearance spend painful years searching for justice, truth and reparation but are ignored or misled about the fate of their relatives. The authorities must do the right thing now by releasing all of them or disclosing information about their fate or whereaboutsâ€? the Director of Amnesty International Nigeria, Osai Ojigho, said. According to Amnesty International research, most enforced disappearances take place in the conflict-ridden North-east of Nigeria where young men are often seized by the military after being accused of affiliation to the armed group Boko Haram. The organisation obtained details of men, women and children who are victims of

enforced disappearance in other parts of Nigeria. According to figures provided to Amnesty by theÂ Islamic Movement of Nigeria (IMN),Â at least 600 of their membersâ€™ whereabouts are not known since the clashes with the military in December 2015 in Zaria, Kaduna state.Â Â The figures showed that more than 350 people are believed to have been unlawfully killed by the military between December 12 and 14, 2015. Amnesty quoted the families of some of the victims who told the group about their painful ordeal of years in search for justice. According to the group, one Malama Zainab Isa said her husband, Abdullahi Abbas, and their six childrenâ€™s whereabout or fate is not known since the night of December 14, 2015, following the clashes in Zaria. â€œHe sells books at the Husainiyyah where the clashes took place. All six of our children were with him that day. Up to now we donâ€™t know their fate. We donâ€™t know whether the seven Â of them are alive or dead and no one is giving us any information that can ease our pain,â€? the group quoted the woman as saying. Amnesty also quoted Ibrahim Aliyu, whose three brothersâ€™ whereabouts or fate is not known since 2012 after arrest by state security services as saying that: â€œBefore my three brothers disappeared, we used to contribute money to support our extended family. â€œNow without them, the burden is entirely on my shoulder. I have to do everything; take care of their families and provide for our mother. Our mother is now perpetually ill, because she thinks a lot about my brothersâ€™ fate. Sometimes, I feel I canâ€™t bear the pain anymore,â€? Aliyu added.

Chimamanda Adichie Awarded Doctor of Letters by University of Edinburgh Nigerian novelist, Chimamanda Adichie, has been awarded an honourary degree of Doctor ofÂ Letters by the University of Edinburgh, Scotland. The award was presented by Timothy Oâ€™Shea, Vice Chancellor of the university, in recognition of her achievement as an author and public intellectual. While delivering her speech, the 39-year-old author of,â€? We Should All Be Feminists told the audience that she was â€œvery fortunateâ€? to receive the honour. She said: â€œIt is lovely to be in this place, which is hallowed. I feel very fortunate to be included among the people who have been honoured with a degree from this university.â€? The Director of the Centre for African Studies, Barbara Bompani, who proposed Adichie for the award, according

to The Cable, said there are many stories of the influence that â€œChimamanda Ngozi Adichieâ€™s work has had on the lives, thoughts and creativity of others.â€? She said: â€œThrough her writing, her advocacy and her public engagement, she inspires all of us to better understand our own, and other peoplesâ€™ stories.â€? Adichie is a prominent contemporary writer who has authored three award-winning novels, Purple Hibiscus, Half of a Yellow Sun, and Americanah, and a short story collection, The Thing around Your Neck. Her most recent work, Dear Ijeawale, or A Feminist Manifesto in Fifteen Suggestions, is a series of letters about feminism and motherhood.

Commenting on the International Day of the Disappeared, Amnesty International called on the Nigerian authorities to investigate all cases of enforced disappearances and bring all those suspected of criminal

responsibility to justice in fair trials before ordinary civilian courts without recourse to death penalty. â€œIn addition, the authorities must provide full reparation to victims and their families, including compensation,

rehabilitation, restitution, satisfaction and guarantees of non-repetition.â€? â€œWe call on authorities to investigate cases of enforced disappearance across Nigeria to end this crime under international law that makes the

victims vulnerable to torture and other human rights violations. The families of the victims of enforced disappearance have already waited too long for answers. They deserve justice, truth and reparation now,â€? Ojigho added.Â

LIVING THE LIFE AFTER GOVERNMENT...

Former Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, and Prof. Kingsley Moghalu, former Central Bank of Nigeria Deputy Governor and Distinguished Senior Fellow, The Fletcher School of International Affairs, Tufts University, at the U.S. premiere of â€œProvidence and Destiny: The Archbishop Nicholas Duncan-Williams Storyâ€?, held at the JF Kennedy Centre, in Washington DC... recently

Osinbajo Commissions Fertilizer Plant, BUA Cement Factory in Edo Adibe Emenyonu Ă“Ă˜ Ă?Ă˜Ă“Ă˜ Ă“ĂžĂŁ Vice President, Yemi Osinbajo yesterday inaugurated the 60,000 metric tonnes per annum Edo State Fertilizer Plant, Auchi; Â and a two million metric tonnes per annum BUA Cement Plant at Okpella,in Etsako West and Etsako East Local Government Areas of the state. Inaugurating the BUA cement plant, the vice president said: â€œThe construction of this plant is of course a big boost to the Nigeria economy, it will provide thousands of direct and indirect jobs both for skilled and unskilled workers from the commencementÂ Â of the construction of the plant to the smooth running of the operations process.â€? According to him, at the level of production obtained, it also means the consolidation of the Nigeriaâ€™s self-sufficiency in cement and a big boost to our export capacity.Â â€œI am happy to note that for the construction of power production facility for this plant, the BUA group has used the most modern and efficient gas turbine which combines low and economically value cost with a very high degree of reliability.â€? InÂ Auchi, Osinbajo inaugurated the Edo Fertilizer Plant and Chemical Company Limited, a public, private venture which has the capacity to produce about 60,000 metric tones of fertilizer

per annum. The vice president who was accompanied by the Ministers of Agriculture and Rural Development, Chief Audu Ogbeh; and Industry, Trade and Investment, Dr. Okechukwu Enelamah, commended the foresight of the Edo State Governor, Mr. Godwin Obaseki, for creating the enabling business environment which saw to the revitalisation of the fertilizer plant which had been non-functional for about 14 years. Osinbajo expressed delight at the 500 direct jobs that have been created by the investment, stressing that much more employment opportunities would result from the ancillary economic activities that would be generated by the fertilizer plant. Commending the governor for having the right attitude to development, he called on leaders across the country in different areas to dedicate themselves to activities that will improve the lotÂ of their people. â€œThe President Muhammadu Buhari administration is committed to making it easy for investors to do business in the country. We want to achieve this through the promotion of transparency and efficiency. We want every state to be involved in this drive and create the enabling environment for business to thrive in their domain,â€? Osinbajo said. He said the revitalisation of fertilizer blending plants across the country was the direct consequence

of the presidential initiative to diversify the economy from crude oil, boost farming activities as well as develop the agricultural value chain. The vice president added that agricultural activities in the country could be enhanced significantly if there was improved access to inputs, hence the drive to make fertilizer which is a major farm input, easily available and accessible to farmers in Nigeria. Osinbajo explained that the blending plant would also complement Obasekiâ€™s agricultural development initiative which is aimed at improving investment in agriculture via public private partnership (PPP) as well as creating jobs for youths across the three senatorial districts of the state. In his remarks, Â Obaseki said the inauguration of the fertilizer plant signified a milestone in his administration as the facility was never operated for a day after it was fraudulently launched by the opposition party about 14 years ago. He said what the opposition could not do for nearly a decade, his government, with the support of the Edo people, has done it in only about nine months. The governor said: â€œThe aim of revitalising this plant is to make the state self-sufficient in food production and enable farmers getÂ fertilizer at affordable prices. We in Edo State are determined to make food available in the country.â€? He added that the facility would go a long way in providing fertilizer

for neighbouringÂ states such as Kogi, Delta, Ondo and Anambra, among others as it was the only blending plant in the region. Obaseki commended the leadership role played by the federal government in the execution of the Presidential Fertilizer Initiative as well as the management of WACOT for partnering the Edo State Government in revamping the plant. â€œThis achievement is an open call to other investors to bring in new technology, create more jobs and expand our economic opportunities,â€? he said. The governor called on the traditional ruler, Otaru of Auchi; the community where the plant is located, to ensure the protection of the facility against vandalism as it creates a large range of opportunities for businesses in the community and the state. Also speaking the Group Managing Director of WACOT, Mr. Rahul Savara, commended the Vice President for ianuguration the plant and governor Godwin Obaseki for fostering the partnership between the state and his company. He said the presidential fertilizer initiative has made local production feasible and sustainable in the country, assuring that the Edo Fertilizer and Chemical Company would be made up of 95 per cent indigenous workers.

WEDNESDAY, AUGUST 30, 2017˾ T H I S D AY

NEWSXTRA

Katsina Senator, Kanti Bello Dies after Protracted Illness Buhari, Atiku, Saraki, others mourn

Onyebuchi Ezigbo iØ ÌßÔË ËØÎ Ibrahim Shuaibu ÓØ

ËÞÝÓØË A prominent Katsina State politician and close associate of late President Umaru Musa Yar’Adua, Senator Muhammad Kanti Bello, died in the early hours of yesterday in Abuja. Bello, aged 72, died in Abuja after protracted illness. Until his death, he was a member of the ruling All Progressives Congress (APC). He was the two-time senator who represented Katsina North senatorial district between 2003 to 2007 and 2007 to 2011 on the platform of the Peoples Democratic Party (PDP). He was also a former Senate Chief Whip. Bello was also the pioneer Managing Director of Katsina Steel Rolling Mill who was also known as “Rodi,” meaning steel. One of his sons, Mr. Mustapha Mohmmed, is the present Commissioner of Resource Development in Katsina State. Confirming his death, the personal assistant to late senator, Mr. Aminu Ashiru, told THISDAY in Katsina that the burial of his principal took place in Abuja by 1p.m. yesterday. Following his death, the sleepy city of Katsina was quiet with mourners discussing his

passing in every corner of the state. It was learnt that late Bello had been battling an unknown ailment before his death. Meanwhile, President Muhammadu Buhari, former Vice President, Atiku Abubakar; Senate President, Dr. Bukola Saraki; his predecessor, Senator David Mark, and Deputy Senate President, Ike Ekweremadu, have described the death of Bello as a great loss to Nigeria’s democratic struggle. Buhari said the late senator contributed to the unity of Nigeria and represented his people effectively at the national level. In a statement by Mr. Femi Adesina, the president’s spokesman, Buhari said the late senator’s commitment to the unity of Nigeria would be long remembered and honoured; and would continue to serve as inspiration to many others. He recalled that Bello was a very outspoken and courageous patriot. The president extended heartfelt condolences to the Kanti-Bello family as well as the government and people of Katsina State on his death. Atiku, in a condolence message issued by his media office in Abuja, said he received Bello’s demise with shock.

According to him, the role of Bello in bringing democracy into being cannot be forgotten in hurry. He explained that one of Bello’s outstanding virtues was his outspokenness and courage to express his convictions. Saraki on his part, expressed grief over the death of Bello. In a statement by his Special Adviser on Media and Publicity, Yusuph Olaniyonu, Saraki described late Bello as an outspoken and courageous legislator, who was always guided by national interest and that of his community in discharging his legislative responsibilities. While sympathising with the

immediate family of the late senator, his friends, constituents and the government and people of Katsina State, Saraki prayed that the Almighty Allah will grant him aljannah firdaus. Also, Mark while, reacting to the demise of Bello in Abuja today, Mark noted that late lawmaker’s exit has created a vacuum in the contemporary politics of Nigeria. He stated that death is an inevitable end that will come when it shall but Bello’s death is particularly painful as it came at a time when his wealth of experience and knowledge would have been needed to navigate through the murky political waters.

Similarly, Ekweremadu expressed sadness over the death of Bello, describing it as a heavy loss to the entire nation. Ekweremadu, who served with the late senator in the fifth and sixth Senate, said the Katsina-born Senator was a “cosmopolitan and highly detribalised Nigerian, who worked tirelessly to resolve Nigeria’s leadership challenges.” The Deputy Senate President who condoled with the people and government of Katsina State over the sad development, also prayed God to grant his family, associates, and the people of Katsina State the fortitude to bear the irreparable loss.

On his part, Katsina State Governor, Mr. Aminu Bello Masari, described the death of Bello as a big loss to the entire state and not only his family. Masari in a statement by his media aide, Mr. Abdu Labaran Malumfashi, stated: “It is with total submission to the Will of Allah (SWT) and deep sense of loss that I received the sad news of the death of Bello. “The death of Engr. Kanti, as he was fondly called, is a big loss not only to his family or Katsina State but to Nigeria as a whole in view of his tremendous conributions, both as a renown engineer and a sound politician, to the development of Nugerian.

Five Nigerian Pilgrims Die in Saudi Arabia Saraki heads for hajj Five Nigerian pilgrims to this year’s hajj in Makkah, Saudi Arabia, have died. The Chairman of the National Hajj Commission of Nigeria (NAHCON), Abdullahi Mohammed, announced the passage of four of the pilgrims yesterday in Makkah, Islam’s holiest city. Mohammed, who spoke at the 2017 pre-Arafat meeting with Hajj stakeholders, however, declined to disclosed the identities of the late pilgrims as well as the circumstances that led to their death. According to Premium Times, he said such information could only be disclosed after their families had been appropriately informed. The NAHCON chair pleaded with the media to withhold the details so as not to further devastate the families of the affected pilgrims. Shortly after the chairman spoke, an official on the medical team of NAHCON announced the passage of another pilgrim from Kwara. A total 81,200 Nigerian pilgrims are performing this year’s hajj, all of whom have converged on Makkah after some of them visited and prayed at the Prophet Mohammed’s mosque in Madinah. A few other pilgrims came directly to Makkah after flying into Saudi Arabia through the nearby city of Jeddah. All the pilgrims have

performed the rites of Umrah, the lesser hajj, at al-Masjid al-Haram in which is situated the Kabah. On Wednesday, the pilgrims, like their counterparts from other parts of the world, will move to the city of Mina to spend the eve of the 9th of Dhul-Hijah. The pilgrims will then proceed to Arafat on Thursday praising Allah and reciting the Qur’an. Meanwhile, the Senate President, Dr. Bukola Saraki, has travelled to Saudi Arabia for hajj and pray for development of Nigeria. While in the holy land, Saraki would also offer prayers for the better health of President Muhammadu Buhari. According to a statement by his Special Adviser (Media and Publicity), Mr. Yusuph Olaniyonu, the Senate President flew out of the country yesterday to join over two million Muslim faithful who are already in Saudi Arabia for this year’s rites. He would also spend the period of the holy pilgrimage to pray for more success for the eighth National Assembly in the execution of its legislative agenda which is aimed at helping to improve the standard of living of the citizenry and positively transform the national economy. The Senate President is expected back early September when the hajj rites would have been completed by pilgrims.

COURTESY VISIT

L-R: Chairman, Senate Committee on Transport, Senator Gbenga Ashafa; Sokoto State Governor, Aminu Waziri Tambuwal; Minister of Transport, Rotimi Amaechi; and another official when the minister paid a courtesy visit to Sokoto Government House...yesterday

Lagos Asks Court to Uphold Death Sentence against Mustapha Files 10 grounds of appeal before Supreme Court Gboyega Akinsanmi áÓÞÒ ËÑÏØÍã ÜÏÚÙÜÞ The Lagos State Government has asked the Supreme Court to quash the judgment of a Lagos Court of Appeal that acquitted Maj. Hamza al-Mustapha, Chief Security Officer to the late Head of State, General Sani Abacha and Alhaji Lateef Shofolahan in the murder of Alhaja Kudirat Abiola. Also, the state government has asked the apex court to uphold the death sentence awarded against Mustapha and Shofolahan by Justice Mojisola Dada of the Lagos State High Court on January 30, 2012. In a report by an online medium, Premium Times, the state government had already filed a notice of appeal before the apex court in Abuja, thereby seeking vacation of the decision of the appellate court on 10 different grounds. The state government filed the notice of appeal after the Supreme Court granted its

request on January 12, 2017 to appeal the judgment of the lower court outside the time frame stipulated by law. The state Attorney General and Commissioner of Justice, Mr. Adeniji Kazeem, signed the notice of appeal, seeking an order of the Supreme Court allowing the appeal, and another “setting aside the judgment of the court below.” In the notice of appeal, the state government argued that the testimonies of its star witnesses, Barnabas Jabila, also known as Sergeant Rogers, and Mohammed Abdul, who had confessed to their roles in the murder, were detailed and consistent. It claimed that the contradictions in the witnesses’ testimonies were not material enough to warrant the decision of the Court of Appeal to disregard their entire evidence. Aside, the state government argued that the appeal court “erred when it determined that there were material

contradictions that rendered the testimony of Barnabas Jabila inconsistent and unreliable.” The state government insisted that Barnabas Jabila, in his testimony before the Lagos State High Court, was consistent and that the details supplied by him were “not materially controverted.” On these grounds, it faulted the decision of the appellate court for failing to take into cognisance the testimony of Mohammed Abdul. It, therefore, argued that the appellate court “erred in law when it held that there were material contradictions that rendered the testimony of Mohammed Abdul unreliable.” It said Mohammed Abdul gave graphic and detailed evidence of the conspiracy to and murder of Alhaja Kudirat Abiola, thereby contending that the appellate court erred in discharging and acquitting Mustapha and Shofolahan. Precisely on June 4, 1996, Kudirat, wife of the acclaimed winner of the June 12, 1993,

presidential election, Chief Moshood Kashimawo Olawale (MKO) Abiola was gruesomely assassinated in Lagos. After a 12-year long trial before the Lagos State High Court, Justice Dada sentenced both Mustapha and Shofolahan to death on January 30, 2012 for complicity in the murder of Kudirat. In a lead judgement by Justice Amina Augie, however, the Court of Appeal in Lagos discharged and acquitted both Mustapha and Shofolahan for lack of credible evidence precisely on July 12, 2013 The appellate court held that the testimonies of Ore Falomo, as first prosecution witness, and Ahmed Yusuf, the fourth prosecution witness, were irrelevant and unreliable. The appellate court also noted that the oral evidence and statements of Barnabas Jabila and Mohammed Abdul had been discredited under cross-examination and were therefore unreliable.

WEDNESDAY, AUGUST 30, 2017˾ T H I S D AY

NEWSXTRA

ASUU Shuns Meeting with FG, Awaits Response on Counter Offer Ngige: Strike to top FEC meeting today Senator Iroegbu ÓØ ÌßÔË The Academic Staff Union of Universities (ASUU) has pulled out from the scheduled meeting with the federal government to resolve the ongoing strike that has paralysed academic activities in the nation’s universities, until it gets a response for its counter offers. The Deputy Director (Press) of the Ministry of Labour and Employment, Mr. Samuel Olowookere, had late last Monday announced that there would be a meeting with ASUU and relevant stakeholders to be coordinated by the Minister of Labour and Employment, Senator Chris Ngige. Others who were expected at the meeting were the Ministers of Education and Finance, Mallam Adamu Adamu and Mrs. Kemi Adeosun; the Chairman, National Income Salaries and Wages Commission, Executive Secretary, National Universities Commission

(NUC) and the President of the Nigerian Labour Congress (NLC), Ayuba Wabba. But the ASUU President, Prof. Biodun Ogunyemi, in a statement, said the union would suspend further meetings with the federal government until it receives a reply to their proposal detailing their new offer on the way out of the protracted industrial action. Ogunyemi said last Thursday, the ASUU leadership met with officials of the Ministries of Education and Labour and Employment where it was agreed that the union should consult and “revert to government.” He said following due consultations, the union had collated the views of their members on the offers from the government in dispute in the letter of August 16, 2017. According to him, these views were submitted to the federal government vide their letter dated August 28, 2017. According to him, “Members

of ASUU were forced to proceed on indefinite, comprehensive and total strike on August 13, 2017, following government’s failure to implement issues on which understanding was reached during the suspended warning strike of November 2016.” While speaking with journalists on the latest development, Ngige said the ASUU issue would top the agenda of today’s Federal Executive Council (FEC). He noted that the confusion arose because the meeting had already been scheduled before ASUU made their counter offers

NANS gives govt 21 days to end strike but assured Nigerians that it would be considered before a reconciliation meeting at a future date. However, the National Association of Nigerian Students (NANS) has given the federal government a 21-day ultimatum to resolve the ASUU strike. The NANS President, Chinoso Obasi, in a statement yesterday urged the federal government to use its planned meeting with ASUU “to engage in constructive engagement with a human face to resolve the lingering issues that led to the declaration of the strike

to safe the education sector and the future of Nigerian students in the interest of the nation.” He said the 21-day ultimatum is to resolve the issues to enable students return to school. The students said failure to resolve the industrial action would lead to a total shut of activities across nation by the students. He decried the incessant and prolonged strike as one of factors responsible for the falling standard of education in Nigeria apart from the attendant untold hardship to the students

and their parents and guardians. According to the NANS President, “incessant strikes and stoppage of academic activities as a result of lack of agreements or lack of adherence and implementation of duly executed memorandum of agreements between the federal government and ASUU does not reflect and demonstrate commitment to the sustainable development of the nation’s education sector and the development of the nation’s human capital development.”

Cherubim and Seraphim Church Announces Appointment of New Prelate The Advisory Board of the Eternal Sacred Order of the Cherubim and Seraphim Worldwide (ESOCS) yesterday announced the appointment of Dr. David Dabaye Lamjose BobManuel as its new Prelate and Baba Aladura-elect. The announcement was made by the General Secretary of the Church and Senior Apostle General, Dr. Napo Emuchay at a well-attended press conference held at the national headquarters of the church in Surulere, Lagos. Dr. Emuchay also stated that the induction of Bob-Manuel as Prelate will take place from September 7 to 10, 2017 at an elaborate ceremony at the church’s headquarters that will also mark the 92nd anniversary of the church. Until his appointment, BobManuel was a Deputy Baba Aladura and had held several administrative positions in the Church of God. He was the General Secretary/Senior Apostle General for more than 10 years, Assistant General Secretary, CMC Secretary, Provincial Chairman and Provincial Secretary amongst other positions. In his acceptance speech, Bob-Manuel thanked the Almighty God and members of the Advisory Board for his appointment to serve God at the top echelon of the church. He added that he will continue to foster spiritual revival, evangelism, righteous and holy living in the church. On the issues of youth ministry and women, he noted that the roles of these groups will be enhanced. He further prayed for unity among Christendom, admonishing that denominational differences should not be used to hinder the central purpose of winning

souls for Christ and standing together to fight against evil and the ills of the society. He also solicited for the cooperation, patience and loyalty of members of the church in order to take the work of God to greater heights. The 76-year-old Bob-Manuel hails from Abonnema in Rivers State and had worked with Shell Petroleum and Development Company, retired in 2004 at a management level having worked for 31 years. Bob-Manuel is known to be humble but very articulate and committed to discipline and dedication to the work of God and humanity. His appointment as Prelate and Supreme Head of the Church makes him the 9th Baba Aladura since the church was founded. He is married to Prophetess Elsie Bob-Manuel and blessed with children, all of whom are members of the ESOCS Church. The ESOCS Church is the mother church of all Cherubim and Seraphim churches. It is also the first indigenous Christian Organisation and Pentecostal movement in Nigeria, solely founded in 1925 by Saint Moses Orimolade Tunolase (of blessed memory)

Bob-Manuel

LEARNED COLLEAGUES

L-R: Former President, Commonwealth Lawyers Association, Ms. Boma Ozobia; former Governor of Cross River State, Mr. Donald Duke; and President, Nigerian Bar Association (NBA), Mr. Abubakar B. Mahmoud, during the unveilling ceremony of Primera Africa Legal in Lagos ....Monday

NNPC/Total JV, Greenville Sign Gas Supply Agreement for $500m Mini LNG Project Chineme Okafor ËØÎ Nnenna Akuma ÓØ ÌßÔË The Nigerian National Petroleum Corporation (NNPC) and Total Exploration and Production Nigeria Limited (TEPNG) joint venture (JV) yesterday signed a domestic gas supply agreement with the Gas Aggregation Company of Nigeria (GACN) and Greenville Oil and Gas for the construction of a $500 million first-of-its-kind mini Liquefied Natural Gas (LNG) plant in Nigeria. The mini LNG project to be built by Greenville in phases, would when completed reportedly become the first domestic LNG plant in Nigeria, taking up to 74 metric million standard cubic feet per day (mmscf/d) of gas from Oil Mining License (OML) 58 in Obite Rivers State to Grenville’s plant in Rumuji also in Rivers State for liquefaction and distribution to end users across Nigeria. The gas supply agreement was signed before the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, in Abuja. Also in attendance at the

meeting were the Managing Director of the NNPC, Dr. Maikanti Baru, represented by Mr. Sam Ndukwe, a senior official of the corporation; the Managing Director of TEPNG, Mr. Nicolas Terraz ; and Chairman Greenville, Eddy Van Den Broeke. Kachikwu, stated in his remarks that the development of the mini LNG project was in line with President Muhammadu Buhari’s mandate to him to shift Nigeria’s focus from oil to gas, considering that the country was rich in gas resources. Speaking on the project however, Broeke said the mini plant would be developed in phases, with the first phase costing $500 million of equity investment, while the second phase would take another $350 million. He explained that the plant will produce gas for domestic use in Nigeria, adding that the electricity, transportation sectors, as well as other industrial users would be served by the mini LNG plant. “We have just decided to invest in the first three mini LNG plants in Africa, but the big challenge

today is that no bank is available to finance this investment because of the temporary problems that Nigeria is going through. We have taken the bold step in saying this country will come back in the next two or three years with the revolution that is going in the country and development of more agriculture,” said Broeke. He further stated: “It will allow Nigeria to get back to a stronger financial position again. Our project is done with Total Gas, local gas coming from Obite. That means no need for foreign exchange. Today, we have passed the dark tunnels and we are getting back. “The investment is around $500 million in the first phase, and we will go up to about $850 million, and completely on equity without any bank financing up till now. We hope that in the second phase, as the minister has said today, more assistance will be given once the people see the investment and once the product come to the market, automatically there will be confidence and we have to build the confidence.”

Meanwhile, Kachikwu, who said the agreement will unlock unbelievable opportunities, noted that: “President Muhammadu Buhari provided this leadership under the seven big wins. Conversations have been on over the last two-three years.” He further stated: “Our first step was to set up the Nigerian Gas Management Company and Nigerian Gas Pipeline Transportation Company. I am happy that a few months after we launched the gas policy we are seeing this happen. We want to ensure that the payment issues are dealt with and made on time so there is a good financing for the project.” The minister urged other investors to invest in the gas sector, saying: “We will see what we can do to move this fairly fast from oil-focused to gas-focused zone.” He stated that most industries in the northern parts of Nigeria were dying as a result of poor power supplies, adding that projects such as the mini LNG plant could help solve the power challenges of the companies in the north .

WEDNESDAY, AUGUST 30, 2017˾ T H I S D AY

NEWSXTRA

Ibadan Indigenes Back New Obas as Ladoja Says He Remains Olubadan-in-Waiting, If... Ademola Babalola ÓØ ÌËÎËØ Ninety per cent of Ibadan indigenes at home and in the Diaspora are in support of last Sunday’s mass coronation of Ibadan high chiefs and some Baales (village heads) to their new-beaded crown-wearing status by Governor Abiola Ajimobi of Oyo State, the Central Council of Ibadan Indigenes (CCII) has said yesterday. Criticisms have continued to trail last Sunday’s traditional exercise, as the Olubadan of Ibadanland, Oba Saliu Adetunji, did not only dissociate himself from the elevation of the chiefs but had also staged a roadshow last Monday around the Ibadan metropolis to display to Ibadan indigenes and residents alike that he remains the “only consenting authority on Ibadan chieftaincy system.” But addressing a press conference on the perceived

misgivings over the crowning of the new Obas in the city, the CCII President General, Chief Yemi Soladoye, said there was a history of chieftaincy reforms dating back to the 19th century in the city, noting that the flawless succession system in Ibadan was the result of several reviews. According to Soladoye, high chiefs who have been elevated to the position of kings in Ibadan have always been accorded the status of second class kings by the state government. He stated that the new kings had no domain, meaning that Ibadanland remains under the Olubadan authority. He said: “The CCII wishes to confirm that the change that has just taken place was desired, initiated, supported, applauded and appreciated by the generality of Ibadan indigenes worldwide. “Constant changes and

reviews are in fact the ingredients that have sustained our well-organised and rancour free ascension to the throne of Olubadan of Ibadanland in almost 200 years of our existence. During the time of Lagelu, our progenitor, up to the perishing of the second Ibadan, we were using various titles including Olubadan and since the emergence of this third Ibadan around 1820, tittles like Basorun, Balogun, Aare have been used to describe our leaders. “Nobody has created any new ruling house (with the new system). The former high chiefs can now physically carry the authority of the Olubadan for development in their communities and create flamboyancy around the Kabiyesi at public functions. The new kings are not kings of anywhere as they are still on the queue to become the Olubadan and the

Owerri Market Killings: Imo Leaders Asks Rochas to Resign or Get Impeached Senator Iroegbu ÓØ ÌßÔË The leaders of thought in Imo State have called on Governor Rochas Okorocha to either resign from office or be impeached by the state House of Assembly following last weekend demolition of structures at the Ekeukwu Owerri market that led to the death of some people. Speaking under the umbrella of Concerned Imo Leaders, Chief Sam Obaji, at a briefing in Abuja yesterday, said Okorocha has lost both moral and legal authority to preside over affairs of the state because of allegations bordering on flagrant violation of court orders, abuse of the executive power vested on him, insensitive demolition of the market and leadership incompetence. He accused the governor of ordering the demolition of the ancient market without recourse to court order restraining the state government from doing so, went ahead “engaging the military in the exercise which allegedly resulted in the killing of four persons, including a 10-year-old boy, Somtochukwu Igboanusi, an indigene of Anambra State who was “gunned down whenas he tried to clear wares from his father’s shop.” Obaji warned the governor to refrain from further violation of court orders in respect of the demolition. The group “unambiguously condemns the governor’s penchant for disregarding court orders and carrying out actions that traumatise the people and render many homeless and without means of livelihood.” He described Okorocha’s style of governance as “uncivilised, reckless, thoughtless and disrespectful.” The group claimed that the demolition was carried out

in violation of the order of Justice S.I. Okpara restraining the state government from demolishing the market until the determination of a suit filed by the stall owners in the market and in utter disrespect for the general will of Owerri people and their traditional institutions. Meanwhile, an Abuja-based lawyer, Charles Mbalisi, yesterday dragged the Governor of Imo State, Rochas Okorocha and nine others before the National Human Rights Commission (NHRC) in Abuja, over the demolition of a market in Owerri and the alleged killings of some persons during the demolition. In the petition dated August 29, 2017, Mbalisi is asking the commission to investigate the involvement of the Imo State Government, Nigeria Police, Imo State Commissioner of Police, Nigerian Army, Brigade Commandant Nigerian Army Brigade, Owerri; Nigerian

Security and Civil Defence Corps (NSCDC); Imo State Security Network and Imo State Community Watch over the incident. While speaking with journalists yesterday in Abuja, the legal practitioner, said the NHRC is empowered by Section 6 (1), (2) a, b, and c of the Human Rights Act to conduct investigation and enquiries in a complaint of human rights abuse of this nature. “By section 33 (1) of the Nigerian Constitution, that boy that was deprived his life has the constitutional right to life and that right has been deprived. That is why we have brought this to the human rights commission, which has every constitutional right to investigate and make inquiries in respect of the cause of the death of that boy and anyone found culpable or liable will then be charged to court by the NHRC to ensure that justice is done,” he said.

imperial power over the entire Ibadan land still resides with the Olubadan of Ibadan land.” Soladoye explained that the Baales who were elevated to king status were from satellite towns that were subdued by the Ibadan warriors many years ago, adding that it was not an attempt to divide Ibadan into several parts. “The fact of the case is that satellite towns like Ijaiye-Orile, Erunmu, Lalupon had in fact existed before the present Ibadan but having defeated them in wars, so we demoted their kings and annexed them to Ibadan. The new arrangement is a manifestation of the usual magnanimity and hospitality of Ibadan people but they wear the coronet from the Olubadan and not their ancestral crowns in the new dispensation. Some of the crowns are also granted to protect our border towns,” the CCII boss noted. In the same vein, one of the newly promoted Obas and former Governor of the state, Senator Rashidi Ladoja, has said the state government has shown beyond reasonable doubt that he is the prime target of the review of Olubadan Chieftaincy Declaration by asking him to either “join in the mockery of obaship and agree to be made

a government-appointed oba” or forfeit his right to the throne. Ladoja, who spoke through his media aide, Alhaji Lanre Latinwo, said he remained the Osi Olubadan of Ibadanland and would neither agree to be a government-appointed oba with no domain, chiefs and subjects nor “support attempt at desecrating the Olubadan throne.” Latinwo, in the statement, said: “Thousands of Ajimobi can’t stop Ladoja from becoming the Olubadan if it is the will of God,” advising the governor to stop playing God. According to Latinwo, “High Chief Ladoja believes that only God chooses the Olubadan as clearly demonstrated in the divine enthronement of the current Olubadan, Oba Adetunji, who was three steps to the throne. “May God lengthen the years and reign of Oba Adetunji in sound health. We will like to make it abundantly clear that thousands of Ajimobi can’t stop Ladoja from becoming the Olubadan if it is the will of God. “People continue to ask the question why the mockery of obaship in Ibadanland is the most important thing to Ajimobi of all the challenges facing his government. It is now clear that Ajimobi has found in this futile

exercise, a distraction from his six years of misgovernment in the state. “Ajimobi is using temporary executive power for ego trip and feels that he is humiliating perceived enemies and also playing God. Why should the governor turn himself into a kingmaker, ignoring the long-established peaceful, self-reforming chieftaincy system of Ibadanland that has become the envy of many cities because it is rancour-free? “Today, August 29, 2017, makes it exactly 21 months to the expiry of Ajimobi’s governorship. The state will surely be freed from the stranglehold of the emperor and the office will outlive the officer. Very soon, Ajimobi’s portrait will join those of ex-governors hung on the wall of the Executive Council Chambers. Whatever has a beginning must surely have an end. “Again, we will like to appeal to the people of Ibadanland to remain calm and peaceful, even in the face of provocation, as this misuse of power, pursuit of vendetta and bastardisation of a rancor-free process will be challenged to the end through constitutional and peaceful means.”

WEDNESDAY, ͻ͸˜ ͺ͸͹Ϳ ˾ T H I S D AY

WEDNESDAYSPORTS

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

WORLD CUP 2018 QUALIFIER

Eagles Camp Bubbling with Excitements as 24 Players Train Rohr: We are fully focused on claiming three points in Uyo Duro Ikhazuagbe Super Eagles camp in Uyo got off to a bubbling start yesterday as 24 players filed out for training ahead Friday’s World Cup 2018 qualifier against Cameroon. All the invited 24 players trooped out of their Ibom Meridien Hotel camp for Tuesday’s training sessions at the practice pitch of the Godswill Akpabio Stadium. Expectedly, John Mikel Obi led the team that included Abdullahi Shehu, Aaron Samuel, Moses Simon, Uche Agbo, Leon Balogun, John Ogu, Anthony Nwakaeme and Victor Moses who all arrived the Akwa Ibom capital yesterday for the first feel of the pitch. Early birds like Ogenyi Onazi, Oghenekaro Etebo, Kelechi Iheanacho, William Ekong, Ahmed Musa, Chidozie Awaziem, Ola Aina, Daniel Akpeyi, Ikechukwu Ezenwa, Mikel Agu, Odion Ighalo, Wilfred Ndidi, Dele Alampasu, Elderson Echiejile and Tyronne Ebuehi who made it to Uyo on Monday all showed enthusiasm to cage the Cameroonian Lions on Friday. The team’s final training sessions today and tomorrow will be behind closed gates as fans and journalists are barred. Technical Adviser, Gernot Rohr, admitted yesterday that his wards were fully focused on what pundits have referred to as Nigeria’s biggest match of the year. “It is a big match and we are fully focused and committed. The players know what it means; they need little or no reminding of how important this match is. I am happy we have almost the full house now and can concentrate on our tactics for the game,” observed the Franco-German coach aiming to lead Nigeria to her sixth appearance at the Mundial scheduled to hold in Russia next year. Table-topping Eagles are

confident of overhauling the Indomitable Lions when both teams clash in perhaps the biggest match of Africa’s Group B of the FIFA World Cup 2018 qualifying race on Friday. Reigning African champions Cameroon come to town at a time the Eagles are fully committed to establishing an unassailable lead in the pool, and on the back of Nigeria having won the last three encounters between both nations at senior level. Cameroon won the African title in Gabon early in the year – a championship for which Nigeria failed to qualify – and then tucked three big games under their belt at the FIFA Confederations Cup in Russia in the summer. Yet, they have a mountain to climb against a Nigerian side ready to rise to the occasion in front of a partisan home crowd at the Godswill Akpabio International Stadium. Cameroon’s Indomitable Lions manager, Hugo Broos on Monday admitted that the Lions face an uphill task of beating Eagles in Uyo. “If we still have the chance to qualify, we must take at least four points out of six against Nigeria. “If that is not the case, I think it will not be possible to qualify for the 2018 World Cup. It will become very difficult. “These are two important matches. And even after that there will be Zambia and Algeria, four important games,” stressed the coach who led Cameroon to win AFCON 2017 last February. Broos and the Indomitable Lions are expected to land in Uyo today. The match in Uyo is the first of two World Cup qualifiers between Nigeria and Cameroon. The second meeting is slated for the Stade Ahmadou Ahidjo in Yaounde on September 4.

Diamond League: Okagbare Wins in Zagreb Set for $50,000 top prize race in Brussels Reigning double Commonwealth Games sprint champion Blessing Okagbare-Ighoteguonor raced home first in the 100m (11.14 seconds) event Tuesday evening at the IAAF World Challenge in Zagreb, Croatia to set herself in confident mood ahead of Friday’s IAAF Diamond League final in Brussels, Belgium where she has been re-confirmed as one of the eight athletes to battle for the $50,000 top prize on offer. The Nigerian who failed to make it the 100m final at the 16th IAAF World Championships in London early this month won the race in Zagreb ahead of Britain’s Dina Asher-Smith (11.23 seconds) and Trinidad and Tobago’s Ahye

Michelle-Lee (11.26 seconds). She will however need to run faster than the 11.14 seconds she posted in Zagreb and the 10.99 seconds personal season’s best she ran at the London leg of the IAAF Diamond League last month to get a chance of not only pocketing the top prize but also emerge the blue ribband winner for the season. The former African record holder in the event (10.79 seconds) however faces very tough hurdles in the duo of reigning double Olympic champion, Elaine Thompson of Jamaica and Ivorian wonder girl, Marie-Josée Ta Lou who picked silver medals in the 100m and 200m at the IAAF Worlds in London.

Eagles training ahead of the World Cup qualifying clash with Cameroon on Friday

Police to Deploy 700 Personnel for Nigeria, Cameroon Match Okon Bassey in Uyo More than 700 specially selected police officers knowledgeable in crowd control and policing events are to be deployed to provide top-notch security before, during and after the Nigeria versus Cameroon football match. Akwa Ibom State Police Commissioner, CP Zubairu Muazu, in a statement in Uyo yesterday said that the Police Command has put in place adequate security arrangement

to ensure a hitch free encounter. In the statement signed by the Police Public Relations Officer, DSP Chukwu Ikechukwu, the state police boss said the Command is determined to guarantee that soccer loving Nigerians enjoy the football match under a peaceful atmosphere devoid of any infractions of law. “In addition, due to influx of soccer fans into the state, adequate crime reduction strategies have been put in place

to check crime and criminalities throughout the state. It is also in addition to existing anti-crime measures in the state,” he stressed. CP Muazu enjoined all soccer fans visiting the Nest of Champions to conduct themselves in a most orderly and hospitable manner, stressing that sport is a veritable means to promote unity, solidarity and cultivate enduring friendship. He maintained that the Command, in collaboration

with sister security agencies and other stakeholders in sports administration are working assiduously to facilitate adequate sports security in accordance with international standards. The Police Commissioner however vowed that the Command will not hesitate to deal decisively with miscreants and sports hooligans who may take undue advantage of the peace and security existing in Akwa Ibom State.

AfroBasket: Buhari to Receive Victorious D’Tigress Today Olawale Ajimotokan in Abuja President Muhammadu Buhari will today at the Federal Executive Council (FEC) meeting receive D’Tigress as a mark of recognition to the team for clinching the 2017 AfroBasket Championship in Mali. The team arrived Abuja yesterday two days after they defeated Senegal 65-48 in Bamako, to clinch their third AfroBasket Championship. Sports Minister, Solomon

Dalung, said the presidential reception is a demonstration of Buhari’s passion for sports development. Team Captain, Alisha Mohammed and President of the Nigeria Basketball Federation (NBBF) Musa Kida, presented the trophy to Dalung last night at a reception at the National Stadium, Abuja. The players presented a signed jersey to the minister as a token. Dalung said the victory will inspire the team to greater heights

at the FIBA Women’s World Basketball Championship in Spain next year. He said the victory will justify the controversial sports reforms he introduced in June that produced a new board of the national sports federations. Mohammed, who spoke on behalf of the team, assured that they would put in great efforts to excel in Spain. A member of the victorious team, Nkechi Akachi, said the tournament was tough,

particularly the semi final match against Mali, which Nigeria narrowly won by 48-47. “It was a tough and demanding campaign. The semi final match against Mali could have gone either way. It was not easy when you are playing against the host team, the country, the referee and match commissioner. It was tough,” Akachi who was a member of the team that reached the semi final two years ago in Cameroon observed.

IHS Wins Remita Corporate Champions Cup The third edition of the Remita Corporate Champions Cup, came to a thrilling end on Sunday as foremost telecommunications service provider, IHS emerged champions over online marketplace VConnect and six other corporate brands that took part in the tournament. IHS defeated VConnect 4-1 on penalties in the final to emerge the winners of the

third edition of the competition played at the Yaba College of Technology Sports Complex. Both sides failed to breach the defence lines of each other as the regulation time ended goalless. IHS scored all their kicks while VConnect players missed two to hand the trophy to IHS. Regarded as the pinnacle of all corporate games in Nigeria, the other organisations that

participated in the competition include First Bank, UBA, 9Mobile, Leadway Assurance, FrieslandCampina, and Nestle. The participating teams were winners and runners-up of various industry games like Bankers Games, Insurance Games, FMCG Games, and Telecoms Games. Executive Director, SystemSpecs, Nigeria’s leading financial technology firm and

sponsors of the competition, Deremi Atanda, commended the organisation of the 2017 edition. “More than all other editions, RC3 this year served as an opportunity to bring Remita closer to fellow players in Nigeria’s business space as well as numerous individual customers, in a relaxed, nonwork environment,” Atanda noted.

T H I S D AY WEDNESDAY AUGUST 30, 2017

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Adeyanju to EFCC â€œDiezani is enjoying in London. Look at her press release the other day. She is practically laughing at Nigerians. You donâ€™t need Baba to give any instruction before you swing into action. Corruption is just everywhere.â€? â€“ Deji Adeyanju of #BRINGBACKDIEZANI campaign group calling on the Economic and Financial Crimes Commission (EFCC) to expedite processes that would extradite former Minister of Petroleum Resources, Diezani Alison-Madueke back to Nigeria to answer to widespread allegations of corruption and abuse of oďŹƒce.

CHIDIAMUTA GUEST COLUMNIST

Echoes of Babangida A

ugust is Babangida month. It is the month of his birth and the commemoration of his ascension to power as Nigeriaâ€™s sixth military leader and eighth head of state. Rightfully, the nation and his friends have a right to reflect on his abiding significance in the persisting pantheon of Nigerian leadership, both imposed and elected. An armored officer who acquired political power in a bloodless coup, assumed the curious title of President and maintains a tortured persistent relevance deserves at least periodic acknowledgment. Fortuitously perhaps and to those who are conscious of his historical footprints, Babangidaâ€™s ideas on key issues about the survival of the Nigerian nation have constantly returned to center stage especially in recent times. After his long medical leave, President Buhari made a national broadcast that is still being debated widely. His key contention, against the disturbing background of divisive noises about the future and structure of our federation, is that the unity of the Nigerian nation is a settled matter: â€œNigeriaâ€™s unity is settled and not negotiableâ€ŚEvery Nigerian has the right to live and pursue his business anywhere in Nigeria without let or hindranceâ€?. It was Babangida who inaugurated the concept of â€œNo Goâ€? areas in our political discourse. He clearly told politicians aspiring to succeed him then that they were free to debate everything under the sun except certain â€˜No Goâ€™ areas. These included the inviolability of our national unity and indivisibility of the federation, the secularity of the state, the right of Nigerians to hold opinion and subscribe to divergent faiths, a two party system etc. Then as now, politicians and their errand spokespersons were up in arms. They wanted to keep busy debating nearly everything including questioning the very unity of the country in order to further degrade military rule. Babangida remained resolute and soon enough, the politicians fell into line once faced with the the prospect of elections on the platform of the two mandatory parties. In the heat of the current clamour for restructuring of our federation, Babangida has advised that all views be heard and power devolution be given consideration. This view, which has been variously misinterpreted as an endorsement of the dissolution of the federation, falls into the manâ€™s liberal disposition, which allows free debate of key national issues. Easily the author of the modern Nigerian liberal state, Babangida as military president had the singular distinction of subjecting key national issues to open liberal debate as a precondition to achieving the consensus that should inform the actions of the state. A checklist of the issues he subjected to national debate: the question of ideology, economic reform, Structural Adjustment, relationship with the IMF, the political programme, privatization, political party structure, rural development, poverty alleviation, the future role of the military, civil-military relationship, the place of traditional authority etc. etc. Those who are harassing President Buhari over his position on the re-structuring issue do not understand the nationalist doctrine

Babangida

which binds all the key civil war generals. â€˜To Keep Nigeria One is a Task that Must be Doneâ€? is the slogan on which the war was fought and won by the federals. Barely one week before President Buhariâ€™s return from his hospital leave, the Minister of Internal Affairs, retired General Abdurrahman Dambazzau while receiving the commander of the California National Guard expressed the Federal Governmentâ€™s desire to establish a National Guard for Nigeria in the light of increasing internal security challenges. This again was a return to one of Babangidaâ€™s pet projects. It is worth recalling that in the dying days of his administration, President Babangida had actually established the National Guard with a commander designate (Col. Abdul Mumuni Aminu) and begun ordering equipment and uniforms while putting together an enabling law to back the organization. Because of the politically problematic nature of the tail end of his tenure, the more vocal wing of our public opinion mounted a vicious propaganda, insisting that the establishment of the National Guard was a ruse by the then President to raise a private army to prolong his tenure. This argument sounded somewhat foolish to those of us who were close to and in sympathy with the regime at the time. My argument then was that a full fledged army general in control of all the armed forces and the machinery of government of the country did not need to float an alternative force to remain in power if he so desired. All he needed to do was to take off his uniform and join one of the two parties and contest the presidential election. The outcome would be a landslide in his favour. But wild conspiracy theories had seized the moment as politicians and professional rabble-rousers joined forces to discredit a military that had in any case overstayed its welcome. I recall engaging informally with the president and some of his security advisers on the National Guard matter. It was our conclusion that our federation was still unsettled, with many real and potential flash points. The present and future nature of our internal security challenges would overwhelm the police and distract the professional

military. The police are too civil to contain armed insurgency while the military is too fierce to be pressed into combatting fellow Nigerians with its characteristic terminal precision. The solution was to establish a mid intensity intermediate force- a National Guard- specially trained and indoctrinated to manage internal security with a mixture of resolute force and patriotic compassion. The Guard would have home contingents in every state and specialized national units in the key flash points nationwide. That was the origin of the National Guard concept and a debate that will not go away for as long as this federation remains unsettled. On July 12, 2017, Nigeriaâ€™s Supreme Court delivered a judgment that settled the leadership tussle in Nigeriaâ€™s major opposition Peoples Democratic Party (PDP). That judgment may have served the specific needs of justice in a matter that was legitimately before the court. But the political import was more far reaching. The Supreme Court was making a major statement in jurisprudence. It was a major step by the judiciary to stabilize and re-balance the polity by re-establishing the fact that viable political parties are the major pillars for a workable democracy. Through that judgment, the Supreme Court reaffirmed the integrity of the nationâ€™s effective two party democracy. While the Nigerian constitution and the electoral law empowers Nigerians that meet the relevant INEC guidelines to establish political parties in line with the dictates of a multi party democracy, the reality of our situation is that we are now effectively a two party democracy. This reality took between 1999 and 2015 to fully evolve and crystallize. For that long, the PDP as the ruling party ruled Nigeria almost as a one party state while the smaller parties shopped for loyalty, alliances and followership in limited favourable locations. But by the eve of the 2015 elections, it became clear that only a coalescence of major opposition parties into a single effective pan-Nigerian counter party could challenge and supplant the PDP. The emergence of the APC was therefore the culmination of the evolution of an effective two party system for Nigeriaâ€™s democracy. Here again are loud echoes of Babangida, a leader â€˜who saw tomorrowâ€™ on the necessity of a two -party democracy for Nigeria. It would be recalled that on October 7, 1989 following the completion of the work of the Political Bureau, the military administration of General Babangida announced the establishment of two party system for Nigeria. The Social Democratic Party(SDP) and the National Republican Convention(NRC) came into being, complete with two ideologically diametrical manifestoes and national symbols. This development was, like most military decisions, an arbitrary imposition. It was however informed by historical hindsight and a deep historical analysis of Nigeriaâ€™s political evolution so far. Babangida rationalized his decision then with admirable philosophical insight. Nigerian political history had shown that Nigerians and their political leaders aggregate around two major poles after each election: a winning party and a coalition of

those that lost. The losers either form an electoral alliance or agree to work together in subsequent elections. In effect, Nigerian politicians and their followers always aggregate around two poles. Therefore, the choice of a two party system was a logical outcome of a perennial Nigerian political tendency. In addition, the choice of two parties was also a strategic national unity move. It prevents Nigerians from aligning along ethnic or religious lines, as each party must have offices, representation and followership in all states of the federation in order to qualify as a national party. To ensure that the two -party system was truly national and representative, the government designed and built identical party offices at local government, state and national levels at government expense. Here again, we have witnessed an evolution towards the Babangida ideal from a decreed two party system to one freely chosen by politicians with its inherent deficiencies. But the realization that the nationâ€™s future political stability would depend on a bipolar political party structure remains a tribute to Babangidaâ€™s foresight, vision and profound courage. It is one that has placed us in the same league with major democracies of the world. In Babangidaâ€™s bold idealism, however, is also to be located the major flaws and contradictions that bedeviled his legacy. His political legacy remains riddled with unpardonable contradictions. Although he wore a nationalist garb, he cancelled party primaries when the late Shehu Musa Yarâ€™dua had won in most of the south and south west. Similarly, many Nigerians believe that one reason why he annulled the June 12 elections was the defeat of the NRC candidate, Bashir Tofa, in his won Kano state constituency by M.K.O Abiola as well as an unstated understanding with the late General Abacha. Rightly or wrongly, the truism that no man escapes his destiny holds true for this interesting man. Babangida believed in ideas, subjected public policy to robust exchanges of ideas and ruled the nation with the force of those ideas while eternally respecting men and women of ideas. His cabinet read like an Ivy League faculty list. To stand for something definable is one of the attributes of great leadership. Ibrahim Babangida, Nigeriaâ€™s self effacing but contentious military president, has never tired of stoutly assuming responsibility for his ideas and actions. He endlessly insists that while leaders can delegate aspects of authority, a leader must assume ultimate responsibility for the actions taken under his watch. One area of responsibility for which Babangida cannot escape responsibility is his championship of certain strategic ideas about the Nigerian nation and state. Undeniably, most of the ideas he canvassed in the public space and brought to bear on his administration were mostly visionary and farsighted, thus making him a leader for all seasons. r %S $IJEJ "NVUB B .FNCFS PG 5IJTEBZ &EJUPSJBM #PBSE JT $IBJSNBO PG 8JMTPO 8FJ[NBOO "TTPDJBUFT -UE -BHPT

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