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APC to Submit Restructuring Framework to FG, Says Oyegun Onyebuchi Ezigbo in Abuja The National Chairman of the All Progressives Congress (APC) Chief John Odigie-Oyegun has said that the leadership of the party will forward the

recommendations of its committee on restructuring to the federal government for implementation. The ruling party had set up a nine-man committee headed by the governor of Kaduna State, Mallam Nasir el-Rufai

to review the demands of Nigerians for the restructuring of the country and to provide a framework that will guide its implementation. Oyegun who spoke at the Catholic Bishops’ Conference that took place in Jalingo,

Taraba State at the weekend said: “APC has responded to agitations for structural reforms of the country’s political architecture and to structure the debate for the benefit of the sustained unity, peace and progress of

the country by constituting a broad-based committee to provide a framework that will guide the process.” According to Oyegun, APC had constituted the broad-based committee with the Kaduna State

governor as chairman to review the reports of all past constitutional conferences, the APC constitution, manifesto and campaign promises of the party to distil the position of Continued on page 49

Arik Shareholders File N20bn Suit against FG, Ethiopian Airlines… Page 49 Monday 11 September, 2017 Vol 22. No 8180. Price: N250

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& RE A S O

Soldiers Invaded My Home, Kanu Claims, Army Denies

Three allegedly shot, many injured Paul Obi in Abuja, Emmanuel UgwuinUmuahia,David-Chyddy Eleke in Awka and Christopher Isiguzo in Enugu The leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu has alleged that soldiers of the Nigerian Army invaded his home at Afaraukwu, Umuahia in Abia State yesterday evening in a bid to arrest him. But the soldiers failed in their mission, as members of IPOB formed a human shield and stoically resisted the soldiers from gaining entry into Kanu’s home. Continued on page 12

HURRICANE IRMA TAKES ITS TOLL…

The rough waters where the Miami River meets Biscayne Bay show the full eﬀects of Hurricane Irma when it hit Florida Keys in the south western part of Florida, United States… yesterday

FG, IOCs Finalise Evaluation of Bids for $13.5bn Zabazaba Deepwater Project 50% of FPSO to be fabricated, integrated in-country Shell to issue bids on Bonga SW Aparo project, signs Lagos gas distribution agreement Ejiofor Alike The federal government, Nigerian Agip Exploration Limited (NAE) and Shell

Petroleum Exploration and Production Company

(SNEPCo) have completed the technical and commercial

evaluation of bids for the main packages in the

development of the $13.5 billion Zabazaba deepwater

States Scored 69% in Public Expenditure Reforms, Says NGF… Page 51

oil field in Oil Prospecting Lease (OPL) 245 within 14 months, THISDAY has learnt. Continued on page 12

T H I S D AY MONDAY SEPTEMBER 11, 2017

MONDAY, SEPTEMBER 11, 2017 ˾ T H I S D AY

PAGE TWELVE

CBN Enforces Migration of Banks to Electronic Capital Importation Certiﬁcate Obinna Chima Desirous of enhancing foreign investment flow into the country, the Central Bank of Nigeria (CBN) has directed banks and other authorised dealers to immediately commence the issuance of electronic Certificates of Capital Importation (eCCI) with effect from today. The central bank stated this in a letter signed by its Director, Trade and Exchange Department, W.D. Gotring, a copy of which was posted on its website.

The letter stated: “In a bid to enhance transparency and efficient processing of foreign investment flows to the country, the Central Bank of Nigeria hereby informs authorised dealers and the public of the deployment of the electronic Certificate of Capital Importation (eCCI) platform. “Accordingly, the eCCI shall replace the hard copy CCI normally issued in respect of all capital inflows either in form of cash or machinery/equipment. “Consequently, effective from

Monday, 11th September 2017, the processing of Certificate of Capital Importation in Nigeria shall only be done electronically on the eCCI platform. Please note and ensure compliance accordingly,” the statement read. A CCI is a certificate issued by Nigerian banks confirming the inflow of foreign capital, either in the form of cash (loan or equity) or goods. A CCI is usually issued in the name of the investor within 24- 48 hours of the inflow of the capital into Nigeria.

The primary purpose of the CCI is to guarantee access to the official foreign exchange market for repatriation of capital and returns on investment – dividend, interest, and capital on divestments. A copy of the CCI must be presented to the Nigerian bank to process a remittance by the requesting company. Historically, CCIs have been issued in hard copy and, for repatriation purposes, the hard copy of the CCI had to be marked down by the bank.

This, according to a report by PwC, led to a situation whereby investors were unable to make repatriations in the event an original CCI had been lost or destroyed. “The CBN has now decided to automate the process by migrating to electronic CCIs. The e-CCI will be on a server that is maintained by the CBN. “The e-CCIs will make it easier to process transactions, ease the process of tracking transactions and make it easier to amend the CCI where an investor transfers

investment in Nigeria to another investor. “The CBN has directed banks to migrate all active CCIs to e-CCIs. It is clear that government is keen to move from manual to electronic systems. This should lead to better efficiency, ease of transactions and more transparency. “Affected companies should liaise with their banks to confirm the specific process and requirements for migration of the paper CCIs,” the PwC report added.

FG, IOCS FINALISE EVALUATION OF BIDS FOR $13.5BN ZABAZABA DEEPWATER PROJECT Shell and Agip acquired OPL 245, which was christened the Zabazaba field, from Malabu Oil and Gas in 2012 for $1.3 billion. The acquisition has been the subject of a corruption probe and prosecutions in Italy and Nigeria but has not deterred Shell and Agip, which have both maintained their innocence, from going ahead with the field’s development. Agip is developing the Zabazaba field with proven reserves of 560 million barrels of oil as a standalone development in the eastern portion of the Niger Delta in water depths ranging from 1,200 to 2,400 metres. The latest development is coming as SNEPCo is set to issue bid documents for the supply of a Floating Production Storage Offloading (FPSO) vessel for the Bonga South West Aparo (BSWA) deepwater project. THISDAY gathered that the Agip-operated Zabazaba project will also set a new record in local content development as the major contractors bidding for the project were said to have submitted competitive costs and concrete plans to fabricate and integrate over 50 per cent of the topsides of the FPSO in the country. Samsung Heavy Industries (SHI) had raised the stake in Nigerian content development when it locally fabricated

six out of the 18 modules, representing over 30 per cent of the main packages of the $3.3 billion Egina FPSO being constructed in South Korea for the Egina deepwater field The Egina deepwater field is currently being developed at the cost of $18 billion by Total Upstream Nigeria Limited (TUPNI). For the first time in history, six FPSO topside modules for Egina FPSO were fabricated in-country across fabrication yards and will be integrated into the main FPSO when the FPSO arrives at the Samsung Yard (SHI-MCI yard) in Lagos later this year, before the vessel sails to the 200,000 barrels per day Egina field located in Oil Mining Lease (OML) 130. However, for the Zabazaba deepwater project being executed by Agip in partnership with Shell and the Bonga South West Aparo (BSWA) deepwater project also being developed by Shell, the Nigerian Content Development and Monitoring Board (NCDMB) has stipulated that the contractors must fabricate and integrate over 50 per cent of the topsides of the FPSOs in Nigeria. Agip and Shell signed the production sharing agreement in the ratio 50:50, with the former as the operator. Agip plans to achieve first oil in 2020 and is determined to start execution of the project in the fourth quarter of this year. Already, the main contractors

that submitted technical and commercial bids for the main packages for the Zabazaba project have in their submissions, offered to meet the NCDMB’s Nigerian content target, thus meeting the country’s aspiration of maximising local capacity in the oil and gas sector at the most competitive cost. The main packages in the Zabazaba project include the construction of the FPSO units, subsea installations and drilling rigs. The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, who confirmed the development at the weekend, said the execution of Zabazaba would grow local capacity. Apart from Total’s Egina field that will begin production next year, Nigeria currently has five other giant deep offshore oil fields that are producing – Shell’s Bonga, ExxonMobil’s Erha, Chevron’s Agbami and Total’s Akpo and Usan fields. But Wabote stated that the Zabazaba field would impact the Nigerian economy much more than previous deepwater projects. Wabote, who confirmed that the technical and commercial evaluations of bids for the Zabazaba main packages had been finalised, added that the NCDMB carried out detailed scoping of the project to ensure that the targets exceed the

accomplishments achieved for Total’s Egina. He stated that the entire approvals and evaluations for Zabazaba were completed in 14 months, setting a record in the industry as against the 24-36 months project cycle time that bedevilled the Nigeria’s oil and gas sector for many years and contributed to the high cost of projects. “It has taken just 14 months since Agip approached the board with their Nigerian content plan. Agip and NCDMB worked closely and went through the standard contracting process, including the invitation to tender, clarifications, technical and commercial bid evaluations and facility audits. “We completed the process and issued our final report on August 30. This is in confirmation that NCDMB does not delay projects and we can achieve the six months contract cycle target if operators comply with set directives,” Wabote explained. Wabote had earlier stated that more FPSO modules would be fabricated locally for future deepwater projects. According to him, NCDMB would not rest on its oars with regard to the implementation of the Nigerian Content Act and “new projects must look at doing local FPSO integration and more.” Increased domiciliation of future FPSO projects is

expected to create jobs in the economy, estimated to reach 30,000. In a related development, Shell is set to issue bid documents this September for the supply of the FPSO vessel for the Bonga South West Aparo (BSWA) deepwater project. The BSWA project includes the construction of a new FPSO facility with an expected peak production of 225,000 barrels of oil per day. The bid documents will set out the company’s plans for in-country fabrication of half of the topsides of the FPSO and their integration. These indications emerged in the September edition of Upstream, an authoritative international medium on the oil and gas industry. The BSWA field straddles OMLs 118, 132 and 140. Meanwhile, a Shell subsidiary in Nigeria, Shell Petroleum Development Company (SPDC) has signed a $300 million contract with Shoreline Energy Limited (parent company of Gasland Company Ltd.) to explore opportunities to buy, market, distribute and sell natural gas to consumers and companies in the Victoria Island, Ikoyi, Lekki, and Epe areas of Lagos. A statement from Kola Karim, chairman of Gasland and chief executive of Shoreline Energy yesterday said: “The partnership is a significant

boost to the gas supply efforts of the federal and Lagos State governments and will deliver tangible benefits to companies and households in Lagos.” “The project started in October 2015, when Shoreline Power, a subsidiary of Shoreline Energy took a 75 per cent stake in Gasland, which had been granted the Lekki gas distribution franchise for these areas by the former Nigerian Gas Company (NGC),” the statement added. SPDC’s General Manager Gas, Philip Mshelbila said: “We welcome this partnership with Shoreline to build on our companies’ gas supply strength and distribution know-how to deliver gas to customers in the franchise areas. “This is an important next step in the expansion of the Nigerian domestic gas market which we have been pioneering since the 1960s,” he stated. The Lekki franchise gives exclusive rights to distribute and sell gas in the Victoria Island, Ikoyi, Lekki, and Epe areas of Lagos. Shoreline Energy is the operator of OML 30, a prolific oil and gas field, 30km east of Warri in Delta State. The oil block currently produces an estimated 60,000 barrels of crude oil per day in the western Niger Delta and evacuates its oil through the 87km Trans Forcados pipeline to the Shell-operated Forcados Oil Terminal (FOT).

Army, Major Oyegoke Gbadamosi said in a statement that there was no iota of truth in the report. He said: “The attention of 14 Brigade Nigerian Army has been drawn to fictitious news going round especially on the social media that troops have invaded the home of Nnamdi Kanu and killed three persons. “This is far from the truth. Rather it was a group of suspected IPOB militants that blocked the road against troops of 145 Battalion while on show of force along FMC-Word Bank Road in Umuahia town, Abia State at about 6.00-6.30pm, today (yesterday).” According to Gbadamosi, “They insisted that the military vehicles would not pass and started pelting the soldiers with stones and broken bottles to the point of injuring an innocent female passerby and a soldier, Corporal Kolawole Mathew. “The troops fired warning shots in the air and the hoodlums dispersed. No life was lost. “The public is kindly enjoined to disregard the rumours

going round and the fictitious photographs of purported victims of attack. “Both the soldier and innocent female passerby have been evacuated to the unit’s Medical Inspection Room and are receiving treatment. “We would like to use this opportunity to warn mischief makers threatening the peace and security of the country through such falsehood. “Members of the public are please requested to go about their lawful business and report any suspicious activity to the nearest police station or security outfit,” Gbadamosi stated.

Powerful described the operation as a “wickedly undemocratic silent Jihadi war unleashed on peaceful Biafran populations in order to complete the extermination of the

SOLDIERS INVADED MY HOME, KANU CLAIMS, ARMY DENIES Eyewitnesses said that the enraged soldiers resorted to shooting sporadically and in the process felled three persons, while scores were wounded. However, it could not be confirmed if the gunfire led to fatalities. But the claim was immediately denied by the army which said there was “no iota of truth” in the allegation. Giving an account of the incident, Kanu said troops of the Nigerian Army had stormed his home in an armoured tank and about three Toyota Hilux vans loaded with heavily armed soldiers. He said they were shooting in every direction as they approached his father’s compound, causing panic and pandemonium among residents of Afaraukwu community. He said they had tried to gain entry into his father’s compound but IPOB members quickly formed a human shield around the compound and stoutly resisted them. “I was sleeping this evening (Sunday) when suddenly I

was woken up by the blaring of sirens. Initially, I thought it was the Commissioner of Police who lives in the neighbourhood that was returning home. But the blaring persisted and was followed by sporadic gunshots. “They wanted to bulldoze their way into the palace but IPOB members formed a human shield and resisted them. They wanted to break the shield and fired at three persons and wounded others before leaving. Everybody including children were running away in confusion,” Kanu alleged. Kanu, however, vowed that no amount of intimidation would make him abandon the struggle for Biafra’s independence. “They want to use force and beat us into submission because they have lost the argument but they will fail. They want to trigger war but we won’t oblige them because we are committed to our non-violent philosophy,” he added. Kanu said he did not receive any invitation from any security agency and wondered why the army had invaded his home.

In his reaction, Kanu’s father, who is the traditional ruler of Afaraukwu community, Eze Israel Kanu, described the invasion as “unwarranted and shocking”. The monarch said his son had committed no crime to warrant the military invasion of his palace and incessant intimidation. One of the wounded IPOB members was hospitalised at the Federal Medical Centre, Umuahia, where doctors are battling to save his life. When THISDAY visited the hospital, one of the doctors on duty in the emergency unit said the IPOB member sustained a gunshot wound in “the thigh region”. The doctor, who pleaded anonymity, said an x-ray would be conducted on the injured person to determine the extent of the gunshot wound, but added that he was responding to treatment. However, the army last night denied reports that soldiers invaded Kanu’s residence and killed some of IPOB members. Deputy Director, Public Relations, 14 Brigade Nigerian

Military Operation in S’East Condemned Prior to the incident in Kanu’s home, IPOB and other groups in the South-east had condemned the military operation, Operation Python Dance II, scheduled to begin in the geopolitical zone later this month. IPOB, in a statement signed by its publicity secretary, Mr. Emma

Continued on page 49

TOP GAINERS NGN NGN INTERBREW 2.50 37.00 FLOURMILLS 1.42 29.94 DANGSUGAR 0.60 13.65 MEDVIEW 0.06 1.58 STANBICIBTC 1.49 40.00 TOP LOSERS NGN NGN LEARNAFRICA 0.08 0.77 MOBIL 10.57 192.55 NAHCO 0.17 3.38 VITAFOAM 0.13 2.67 LINKAGE 0.03 0.72 HPE Nestle Nig Plc ₦ 1,220.00 Volume: 238.164 million shares Value: N 3.249 billion Deals: 3,618 As at 8/09/17 See details on Page 35

% 7.2 4.9 4.6 3.9 3.8 % 9.4 5.2 4.9 4.6 4.0

T H I S D AY MONDAY SEPTEMBER 11, 2017

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COMMENT

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

CONSOLIDATING GAMING BUSINESS IN LAGOS Quadri Adeleke canvasses the support of all stakeholders for the success of the sector

ourism is an instrument of economic development that impacts directly on the economy as it has been known to provide the resources that could be deployed to enhance economic growth; accelerate development and reduce poverty. Similarly, it is a veritable public relations instrument for selling a city, state or country and thereby prepares it for needed foreign investment. Tourism has become one of the fastest growing industries in the world. It has over the years proven to be a surprisingly strong and resilient economic activity and a fundamental contributor to economic growth of nations with a capacity to generate billions of dollars as well as creating millions of jobs. Acknowledging these facts, many developing and developed countries today rely on tourism as an option for sustainable development of their nations. Nigeria has large geographical regions and ecological zones. It also has different amiable climatic variables rich in biological diversity; cascading water systems, rolling links, pleasant and distinctive sceneries. Accordingly, many state governments have keyed in to diversify their economies to boost their internally generated revenue. In Nigeria, Lagos State has always been in the forefront of various trail- blazing socio-economic strategies. This is not really surprising. As the nationâ€™s Center of Excellence, it behooves on the city-state to set the pace while others follow. This commitment to excellence and innovation is being recognised in numerous initiatives to expand the tourism potential in the state. This is essentially the reason why the Lagos State Lotteries Board, which was established by the Lagos State Lotteries Law 2004 (as amended) to license and regulate lotteries and related gaming activities conducted within the state, is not resting on its oars in setting the pace in the lottery business in the country. It is in order to effectively leverage on the globally recognised potential of tourism to fast track economic development that the Lagos State government through an Executive Order, in July 2016, transferred the administration of the Lagos State Casino and Gaming Law 2007 and Casino and Gaming Regulation 2008 for effective and efficient regulatory administration to Lagos State Lotteries Board. The board whose core values include integrity, team work, passion for what they do and excellent service orientation for stakeholders embarked on a mission to accomplishing the vision of the state government to make the gaming industry a robust tourist hub in Lagos State. LSLB maintained that the commitment of the board is to redefine

IN LAGOS STATE, REVENUES GENERATED FROM THE SECTOR ARE BEING SET ASIDE FOR GOOD CAUSES SUCH AS THE PROVISION OF SOCIAL AMENITIES, SECURITY, EDUCATION AND INFRASTRUCTURE

tourism in the state through primarily putting the lottery business in the front burner by adopting a stakeholders inclusive approach in its regulatory function in a friendly environment as well as charting a legal framework to addressing issues limiting smooth operation of pools promoters and agents; casinos and the general gaming industry in the state. The need to harmonise all laws and regulations as it relates to gaming, lottery, sports betting, casinos and pools betting in the state is also of utmost importance to consolidate on its operational standard and be the most successful regulatory body in Nigeria. Also, of immense priority is opening its arms towards interacting and partnering with key players in the industry to strategise on how to frog-leap within the context of its vision and mission statements. The board expects its licensees to maintain highest operational standards with a view to promoting the sector. The challenges facing the lottery business in Nigeria, vis-a-vis the Lagos State experience include the negativity surrounding the gaming sector. For instance, while some cultural beliefs do not permit lottery gaming, underage gaming is also a thing of concern coupled with the widespread campaign that lottery is a prohibited form of entertainment. However, with intense awareness campaign, these shortcomings will be a thing of the past. Currently in Lagos State, revenues generated from the sector are being set aside for good causes such as the provision of social amenities, security, education and infrastructure. Without mincing words, Lagos State Lotteries Board harps on the open-door policy which ensures that investors, operators, aggrieved stakers and the general public have access to accurate information, excellent services and timely grievance resolution through regular stakeholders meeting where great ideas are shared and effective suggestions made on how to move the gaming sector forward in the state. All stakeholders in this sector in Lagos State including casino and pools betting operators and all other gaming operators must therefore identify with the Lagos State Lotteries Board by giving support through adherence to rules and laws guiding the business, among others. It is through this support that we could truly enhance the activities of the sector with a view to making the vision of the Lagos State Government compete favourably with the best gaming jurisdiction in the world. Adeleke is Public Affairs OfďŹ cer, Lagos State Lotteries Board

NATIONAL PARK SERVICE AND NATIONAL SECURITY The poor management of our natural resources have consequences, writes Paddy Ezeala

here is no doubt that the issue of national security has been gaining increasing traction and attention in the past decade. Also, there is no gainsaying the fact that since the Nigerian Civil War, never has the integrity of our 923,768 square kilometres territory been this violated and still subjected to continued threat. Ensuring national security is like trying to hit a moving target â€“ especially in this current world of mounting desperation and vaulting mischief. There is therefore urgent need to reorder priorities, re-evaluate strategies and reengineer approaches towards ensuring that we are a secure and prosperous nation. The nexus between security and economic development neednâ€™t be overemphasised. I have consistently voiced my discomfiture at the poor state of the National Parks in Nigeria. Our National Parks are severely degraded and the blame lies squarely at the feet of the federal government that has poorly funded and ill-equipped the National Park Service and also the coterie of successive park officials that have been wallowing in insincerity and deceit. Today, apart from the degradation and the concomitant loss of biodiversity, the National Parks, by their porosity, constitute a serious threat to national security. Any security architecture in Nigeria that does not factor in an effective protection of the swathes of massively forested land areas designated as National Parks with their invaluable biodiversity is like castle built in the air. Four out of the seven National Parks in the country are contiguous with equally massive and richly endowed forests in neighbouring countries. Nigeriaâ€™s National Parks, namely: Chad Basin National Park located in Borno and Yobe States with headquarters in Maiduguri; Cross River National Park located in Cross River State with headquarters in Akamkpa; Okomu National Park in Edo State with headquarters in Arakhuan-Udo; Old Oyo National Park in Oyo State with headquarters in Oyo town; Kainji Lake National Park in Kwara and Niger States with headquarters in New Bussa; Kamuku National Park in Kaduna State with headquarters in Birnin Gwari and the Gashaka-Gumti National Park in Adamawa and Taraba States with headquarters in Serti. Gashaka Gumti is actually

the largest National Park in Nigeria covering an area of 6,731 square kilometres. As a matter of fact it is recorded that the estimated conservation area protected in the National Parks is 22,206.24 square kilometres. This is not including the former Yankari National Park which was wrongfully downgraded to a Game Reserve with its handover to the Bauchi State Government. I have taken pains to list out the National Parks, the spread of their locations and the massive areas they cover. I have also not bothered to cinematise the unique array of ecosystems, biophysical structures and tremendous biodiversity that characterise them. This I have done in my previous articles. But it continues to beat everyoneâ€™s imagination why with all this vastness, richness in biodiversity and massive spread, National Parks in Nigeria and the National Park Service continue to hide from public view. The truth is that Nigeriaâ€™s National Parks are degraded, deficient in infrastructure, undermanned and crimogenic. It should be noted that the thousands of square kilometres bandied about as the actual sizes of our National Parks may not be real even when we agree that the sizes are huge. The recorded sizes actually represent the initial sizes captured in the laws establishing the National Park Service. Things have been changing since then. But has there been any professional survey of the parks in recent times? How has the Green Tree Agreement - the formal treaty which resolved the Cameroon-Nigeria border dispute over Bakassi peninsula - affected our parks that are contiguous with Cameroonian national parks and/or forest reserves? These are vital and fundamental questions. It is no longer arguable that park protection within the current Nigerian context should go beyond just warding off hunters and/or poachers. It now verges on national security and has gone beyond what ill-equipped, poorly trained and inadequately motivated park rangers can effectively handle. Park rangers have been helpless in the face of bandits that have been operating in and around the parks for more than a decade. Not many know that Sambisa Forest used to be part of the Chad Basin National Park. This forest reserve formed the south western axis of the park. This reserve has

been so degraded that even its rivers have dried up. This degradation had set in years before full-blown insurgency in the North East. Park rangers in Chad Basin National Park would have been seeing bandits in the park many years before now and had kept sealed lips. As far back as 10 years ago, bandits have been operating from this park to launch sporadic attacks on villages in Borno and Yobe States and at times even sacked police stations. The cost of the helplessness and inadequacy of the park rangers is what the whole country is now bearing with the escalation of insurgency in the Northeastern part of the country. The big question is; with the current state of the Chad Basin National Park, does it still qualify as a national park? This was a park that for years was used for safaris; where tourists observed from cabins or safari lodges large population of leopards, lions, elephants and hyenas. Our degradation has indeed become comprehensive. On January 26, 2008, a friend of mine, Ashimi Timisiriyu, who was a project manager with the Nigerian Conservation Foundation (NCF) informed me that Salamu Waziri, popularly known as Jagu Jagu, the winner of the 2004 World Wide Fund for Nature (WWF) International Award for Outstanding Service had been shot dead in the Gashaka Gumti National Park. Jagu Jagu who was 72 at that time worked as a research assistant in the WWF Project in the park before he was attacked by bandits along Bodel-Gashaka road near Serti. The death of Jagu Jagu was really painful to all conservationists and lovers of nature and excellence. He was a deadly and feared hunter who knew virtually everything about the forest of Gashaka before he became converted as it were to conservation. He availed the profound and vast information he harboured to research activities that crystalised in numerous PhD theses in universities around the world. He was a reservoir of knowledge even when he did not attend any school. We still hope that Salamu Waziri would someday be posthumously honoured by the relevant authorities for his immense contribution to knowledge and nature conservation. As if that was not enough, the same man who broke to me the news of Jagu Jaguâ€™s death, Ashimi Timisiriyu was himself shot dead around the Taraba

State axis of the same park during the month of Ramadan in 2013. He had gone to say his prayers and break his fast with his fellow Muslim faithful when a Toyota Hilux truck full of bandits or insurgents wielding AK 47 riffles appeared from nowhere, singled him out and shot him through the back. This senseless murder has yet to be resolved. Ashimi was a dependable hand in conservation project management having risen through the ranks to become a project manager for NCF. Just about two months ago, suspected herdsmen attacked and butchered the Chief Park Ranger of the same Gashaka Gumti National Park, Haman Njidda, in Taraba State. He was leading a team on a patrol around Buspan/Tipsan axis of the park when the herdsmen confronted him and hacked him to death as he was running to safety. Even the highly porous Kamuku National Park had been home to herdsmen and rustlers whose presence exacerbated ethnic tension and insecurity in Southern Kaduna. These gory details have been painted to project the fact that half-hearted conservation efforts and/ or poor management of our natural resources have implications and consequences beyond degradation of the environment and continued loss of biodiversity. There is a correlation between large swathes of forests and intractable and protracted rebellion and/or insurgency. Colombia, Congo DR, Uganda during the Museveni rebellion, and Angola during Savimbiâ€™s UNITA are pointers to what forest cover could do for militants. While not recommending the outright militarisation of our national parks and protected areas as that in itself is a threat to floral and faunal resources, it should be clearly noted that large â€˜protectedâ€™ areas that are not closely and effectively manned are fertile grounds for organised banditry, insurgency and/or rebellion if not brought under the national security architecture. Nigeriaâ€™s National Parks as they are currently managed is a huge joke. They are mere corridors for possible invasion of the country anytime. Ezeala was a press ofďŹ cer in the Nigeria National Park Service; Senior Manager, Media and Public Affairs of the Nigerian Conservation Foundation and Africa Communication OfďŹ cer of the World Wide Fund for Nature, among others.

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EDITORIAL YET ANOTHER DOCTORSâ€™STRIKE Government must implement agreements freely entered

igerians woke up last Monday to receive the sad news of an indeďŹ nite nationwide strike by medical practitioners in all federal medical facilities. The National Association of Resident Doctors (NARD) had risen from its National Executive Council meeting in the wee hours of the day with a decision to reject a Memorandum of Understanding (MoU) its leaders had signed with the federal government over the six-point demand on their conditions of service. NARD President, Dr John Onyebueze, said in a terse statement that he and his colleagues had decided â€œto reject the promissory offer from government and proceed on total and indeďŹ nite strike action until all items in our demand list for strike are resolved by government.â€? Coming against the background of an agreement signed a few days earlier, the federal governmentâ€™s interpretation of the strike as an act of bad faith was understandable. But given its knack for inďŹ delity to implementation INCESSANT STRIKES of agreements it ARE HUGELY INIMICAL freely enters into with TO THE HEALTH OF THE workersâ€™ unions, the ECONOMY AND, IN MANY authorities must take WAYS, DISRUPTIVE OF THE the blame for the unfortunate situation. SOCIAL ORDER. THERE SpeciďŹ cally, the IS AN URGENT NEED TO doctors demand that ABATE THIS UGLY TREND all heads of tertiary health institutions that have received funding from the federal government for the payment of all outstanding ďŹ nancial obligations should pay same immediately. Other demands include a resolution of persistent shortfalls and unpaid arrears of salaries earned in both federal and state tertiary health institutions; enrolment of resident doctors into the Integrated Personnel Payroll Information System (IPPIS); addressing the non-implementation of adjusted House OfďŹ cersâ€™ entry grade level equivalent since 2014; resolution of

Letters to the Editor

the stagnation of promotion and non-promotion of members who had met requisite criteria despite all collective bargaining agreements and circulars; and the implementation of skipping for doctors in the health sector. These were demands that had been negotiated and agreed upon with the federal government years back. Two strikes, in 2015 and 2016, had been called to protest the non-implementation of the agreement. In July 2017, the doctors issued a 21-day ultimatum to government to play ball or risk a strike. It expired without a response from the government. They then issued another 14-day ultimatum. A few days to the expiration of the second ultimatum government suddenly rushed to sign a MoU with the leadership of NARD.

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iven the issue of distrust, it was no surprise that negotiations initially broke down again last Thursday, with the doctors insisting that only bank alerts indicating the payment of the agreed sums would persuade them to call off the strike. We are however heartened that both parties had reached an agreement that will eventually lead to the suspension of the industrial action this week. Whatever may be their grievances, the principal objective of medical and dental practitioners is the promotion of the health of patients. While it is not wrong for them to put pressure to bear on the government, this must not be done in a way that contravenes their professional oath. Beyond the rising death toll of the ordinary citizens who patronise public health facilities, the strike is also affecting medical students training programme and related activities. However, we also believe that time has come for the federal government to overhaul its collective bargaining machinery with a view to ensuring effective implementation of agreements it freely enters into with its workers. Incessant strikes are hugely inimical to the health of the economy and, in many ways, disruptive of the social order. There is an urgent need to abate this ugly trend.

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THE SOUTH EAST AND PYTHON DANCE TWO

he Nigeria Army has just announced that the reason for deploying military in the Igbo speaking South East of Nigeria is to enable her men and officers to stage what they code named as operation Python Dance part two, Egwu Eke 11 in Igbo The army stated that the reasons for this latest military show of force is to combat the rising incidence of crimes and criminality such as kidnappings and also to check the excesses of the unarmed and peaceful members of the Indigenous People of Biafra (IPOB) campaigning for selfdetermination in the South East. Tried as they can, the army ended up exposing the underbelly of this unconstitutional show of force against the people of South East as if they are to be collectively cowed, intimidated, harassed and their tranquil environments violated for observing the sit- at- home order made by the Nnamdi Kanu- led IPOB on May 30 this year to mark the 50 years of the breakout of the 30 months fratricidal war in which over one million people of mostly Igbo speaking, perished. Recall also that a group of old men who called themselves members of the Arewa Youth Coalition had since last two months issued a quit notice on Igbos in the 19 Northern states by October 1 just for observing the IPOBâ€™s spearheaded sit- at- home order. These so-called Northern youth also alluded to the fact that they endorsed the division and balkanisation of the Nigerian state but the army and police failed to arrest them as if they are sacred cows who are above the law. This failure to equitably enforce the law is a violation of the constitutional provision. In a constitutional democracy what keeps the society

going is the assurance that every one of the citizens must be made subject to the supremacy of the constitution because if certain persons can openly canvass genocide and issue threats to apply force either psychologically or physically to expel members of a significant section of the Nigerian nation and the law enforcement agencies decided to overlook these mischievous attempts, it means that the sanctity of the Nigerian constitution is undermined. Spectacularly, the ministers of Interior and Justice in the Muhammadu Buhariâ€™s administration sought to explain away the reason for not applying the same law enforcement method the government of Buhari used in the case of IPOB in which the leader of that group Mr. Nnamdi Kanu was arrested and clamped into detention for two years for series of charges relating to the so-called treasonable felony. The double standards have made a lot of Nigerians to question the validity of the claim that all citizens are equal before the law. The danger is that the more this government keeps picking and choosing when to abuse the power of deployment of armed forces to contain possible threats to law and order, whether real or imagined, the confidence and trust the people repose on the government is progressively eroded. Recall that IPOB is unarmed and their methods of advocacy are peaceful, constructive and civil. But they have suffered series of attacks from soldiers resulting in the killing through extralegal means of almost 600 of their members as documented by Amnesty International. It would seem that this governmentâ€™s security forces have decided to look the other way whilst the Arewa Youth Coalition

members issued the so-called anti-Igbo quit notice and even when a hate song calling for genocide against Igbos in the North circulated these security forces failed to fish out the perpetrators or even the members of the Arewa Youth Coalition. But suddenly, out of the blues, the government has found or rather manufactured some spurious reasons for deploying great numbers of military operatives and weapons in the Southeast. Already these soldiers have reportedly killed two commercial tricyclists in Umuahia for failing to pay some bribes to soldiers who mounted checkpoint at a place called Isi Gate in the Abia State capital. Sadly, the South East of Nigeria is cursed with some of the most predatory characters masquerading as state governors because even when soldiers killed many unarmed members of the IPOB in their domains they failed to raise their voices in condemnation of these crimes against humanity. Even as I write the cowardly characters are stridently denying a report that they castigated the Buhariâ€™s administration for the 2016 murders through extra-legal executions of unarmed members of the IPOB by armed security forces for which the international community has been informed of the atrocities through qualitatively documented reports by the United Kingdom founded Amnesty International. So this second stage of Python dance by the army has further heightened the mutual suspicions and disharmony between the military and critical members of the civil populace in the South East of Nigeria who view majority of the soldiers deployed there as persons sent to occupy a conquered territory. Emmanuel Onwubiko, head, Human Rights Writers Association of Nigeria

T H I S D AY MONDAY SEPTEMBER 11, 2017

T H I S D AY ˾ MONDAY, SEPTEMBER 11, 2017

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

POLITICS

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

Dissecting the Yoruba Position on Restructuring At no time in modern Nigeria have the Yoruba people of the South-west been more unanimous in their quest for a restructured Nigeria than now. Shola Oyeyipo and Ademola Babalola who attended the Yoruba Agenda summit held in Ibadan, the Oyo State capital, report

A cross section of participants at the summit

ast Thursday, Yoruba leaders in the South-west region converged on the Adamansingba Stadium, Ibadan, Oyo State for a summit tagged ‘Restructuring: The Yoruba Agenda 2017’ held to define the region’s position on the topical issue of restructuring. Despite the heavy down pour from the early hours of the day, participants kept trooping into the main bowl of the stadium in what was regarded as the largest gathering of the Yorubas in recent time. Heavily armed security operatives provided security cover in and around the stadium premises. There was vehicular gridlock for several hours at the city’s business commercial district area at Dugbe which was few metres away from the venue of the programme. The Ayans (Yoruba talking drummers) were joined by their Igbo traditional counterparts to keep the event alive all through. The event was largely a successful one save for the skirmishes recorded by rival Oodua Peoples Congress (OPC) members who clashed outside the stadium. The combined efforts of security operatives saved the day as rival OPC members engaged in gun duel. A factional leader, Shina Akinpelu of New Era, an arm of the congress was badly wounded and taken to police clinic at Eleyele for medical attention. Another report said, an OPC member, was gunned down at Queen Cinema Dugbe axis when the Lagos contingent were leaving Ibadan.

Among other decisions, the summit arrived at a consensus that the Yorubas prefer that Nigeria returns to regional government in the interest of peace and national development. At the event chaired by renowned legal luminary, Chief Afe Babalola (SAN), Yoruba leaders of note drawn from across party divides and various walks of life, raised many important issues but at the end of all the debates, they took the position that unless the country returns to a federal system of government as obtained in the 1960 and 1963 constitution, the crisis associated with over-centralisation of power would never stop and that national development would remain stunted. They attributed the ravaging poverty which experts said stood at 72 percent, the high unemployment rate put at 65 percent, internal displacement, security threats in form of Boko

In a restructured Nigeria, only those who can till their land and produce food will be rich. All parts of Nigeria are endowed with agricultural resources

Haram insurgency, herdsmen – farmer clashes, organised crimes and other anti-social vices to the haphazard structure created by the unitary system of government, One after the other, all the speakers in their presentations reached one conclusion: the rejection of the current federal arrangement. Not only were the people resolute that Nigeria is moving dangerously on the edge of the slope and that it required urgent steps to restructure it into a true federal constitution, the summit, in a communique signed by the duo of Babalola and the chairman, planning committee of the summit, Dr. Kunle Olajide and read by the National Publicity secretary, Afenifere, Mr. Yinka Odumakin, reiterated that the Yoruba nation remained convince that only a federal system could sustain the country. Importantly, the thrust of the communique was “that Yoruba insists that Nigeria must return to a proper federation as obtained in the 1960 and 1963 constitutions” as this has been the position of the region since 1960 Ibadan conference and also because developments in the country over the last fifty years have reinforced that conviction.” “Yoruba are clear that restructuring does not mean different things to different people other than that a multi-ethnic country like Nigeria can only know real peace and development if it is run only along federal lines. The greatest imperative for restructuring Nigeria is to move from a rent-seeking and money-sharing anti-development economy to productivity by ensuring that the federating units are free to

own and develop their resources. They should pay agreed sums to the federation’s purse to implement central services,” the communique stated further. The Yoruba people therefore suggested among other things that the federating units be it states, zones or regions should be governed by written constitution to curb impunity at all levels, Nigeria should be a federation comprised of six regions and the Federal Capital Territory (FCT), that the federal government should make laws and only have powers in relation to items specified on the legislative list contained in the constitution of the federation while each region should have in its constitution enumerated exclusive and concurrent legislative lists and that nationalities or settlements should be at liberty to elect to be part of any region other than the region in which the current geo-political zone places them. Other issues identified as panacea for unity, justice, peace and fair play were that states should determine items to be included on the legislative lists in the regional constitution, powers to create state should be within the exclusive powers of the region while powers to create local governments and assign functions to them should be vested in the states, that the sharing ratio of all revenues raised by means of taxation shall be 50 percent to the states, 35 percent to the regional government and 15 percent to the federal government and that for a period of 10 years from the commencement CONT’D ON NEXT PAGE

T H I S D AY ˾ MONDAY, SEPTEMBER 11, 2017

POLITICS

MONDAY DISCOURSE

DISSECTING THE YORUBA POSITION ON RESTRUCTURING of the operation of the new constitution there shall be a special fund for the development of minerals in the country. Where these see the light of the day, states will be managing all resources found within their boundaries and the revenue accruing therefrom. The issue of entitlement of littoral states to offshore resources and the extension of such rights from the continental shelf and rights accruing to the federal government shall be determined by the National Assembly. Earlier, Babalola who was the chairman of the summit had advocated peaceful resolution of the issue, stressing that dialogue should be the best way to go. He said: “The agitation for secession is an ill-wind that does no good. No matter the motive of the conveners of Berlin Conference, we have lived together for over 100 years having been married by fiat of the Europeans. It is better to dialogue and restructure the country. No woman wants a dissolution of a marriage if the parties live in comfort and are prosperous. It is incumbent on the leaders to make the country so prosperous that nobody would agitate for recession. So, to him, it is in the interest of Nigeria that the outcome of the National Conference is implemented because “what we need today is the implementation of outcome of the conference which shall be the people’s constitution and shall not be subject to any amendment by any of the organs of the existing Senate or House of Representatives. If necessary, it may be referred to a referendum. It is my view that the people’s constitution should be in place before we attain 60 years after independence”. According to him, it is restructuring that would curb over-concentration of power in the centre, reduce corruption, promote harmony and unity and make the country metamorphose into a nation. Ooni Sues for Peace The Ooni of Ife, Oba Enitan Ogunwusi, who was also at the forum urged the elders of Yoruba race to be honest and place the future of the youths ahead of every consideration. He said it was the only way to preserve and strengthen the Yoruba race. The monarch said, “I thank God for this forum. He is the one that leads man. He is God forever. He made the Yoruba people leaders of human race. The Yoruba leaders are here today and I thank them for this. My appeal is that we should all approach restructuring with honesty. We should separate politics from it because of the future of our youths. Out of ten people in Nigeria, seven are in the youth brackets. We should be firm in our pursuit and let peace reign in our agitation. “With peace, we can get what we want. Patience can earn us everything we want. We should place the future of Yoruba youths in front and not selfish interest. Whatever we want from the Federal Government, let us pursue it with peace. I thank the Yoruba leaders and all leaders from other parts of the country for creating this forum.” We are Together, Says Ohanaeze Ndigbo The President-General of Ohanaeze, Chief John Nwodo, who led the South-East delegation to the summit, said Nigerians, especially, people in the Southern part, was being ruled with a set of document they were not party to. According to him, it was time for every region to dictate its level of development as it was in the regional system of the past. “I am here with a large delegation to emphasise the Ndigbo solidarity with this occasion. What is happening today shows that democracy has begun to grow in Nigeria. Since 1963, the people of Nigeria have never been allowed to write a constitution that will determine the way they are ruled. “Is it wrong to have a say in your country? Is it right to be ruled by a document that you are not party to? What we are saying today is that the people of Nigeria must have a say in the way they are governed. It is not only the Yoruba that are saying it, we the Igbo are saying it loud and clear. Many people have tried to destroy restructuring by saying that it is a ploy by Southern Nigeria to monopolise the God-given mineral resources in the area. Those who are doing this do not love Nigeria. “Netherlands is the 18th richest country in the world. It’s agricultural export every year

Also worthy of note were the representatives from Kwara and Kogi states at the summit. They came with one message whih is that the Yoruba-Okun people in the West senatorial district of Kogi State and their counterparts in Kwara South and other parts partitioned with the North-central prefer to be reunited with their kinsmen in the southern part of the country.

Babalola chaired the summit

comes to $100bn. The entire oil revenue in Nigeria has never reached that figure any year. The trajectory of the world is moving away from mineral to human capital development. Netherlands has 34,000 square kilometres but Niger State in Nigeria has 73,000 kilometres. If Netherlands can export $100bn worth of agricultural produce, Nigeria should be able to do more in million folds. “In a restructured Nigeria, only those who can till their land and produce food will be rich. All parts of Nigeria is endowed with agricultural resources. California is the largest economy in the world, yet, it is only one state in the United States. California has given birth to richest companies in the world whose founders grew from universities in California. If you give the people the power to develop themselves, they will do well. “Education knows no boundaries, I was thought by Yoruba professors and today, I can mimic the Yoruba intellectual powers. I drank from the water and if that is so, every area in Nigeria that has relative advantage will export its advantage to the rest of Nigeria. I want to tell you that we support your motion for restructuring of Nigeria,” said Nwodo. South-south also in Alignment Also leader of the Pan Niger Delta Forum, Albert Horsfall, said that Nigeria’s structural was lopsided and that it gave undue advantage to a set of people to be at the saddle because of questionable population figure that remained unproven. Horsfall said, “The whole issue of restructuring depends on the control of what you or your soil produces. We in the South-South have for several decades provided the engine room that runs Nigeria but we are still expecting to be given the privilege to run our own affairs. That is the restructuring that we are talking about. “The rest of us in the South speak with one voice over restructuring. We believe in one Nigeria but every country must do something and contribute something to the nation. We do not want a system called federation but based on unitary system of government. “What is happening now and which we reject is that somebody produces the resources, some other persons, because of population that they claim but not proven, manage and run the resources. For that reason, if you go to the Niger Delta today, despite the fact that we lay the golden egg, our people are still agitating. We are not mad, we are agitating because history repeats itself. Civilisation came to Nigeria through the South-South.

We (the South-west) had television before France and radio before South Africa. Look at where we are today

“The issue of restructure must start with resource control. That is what we believe. We support the Yoruba motion in its entirety. The sage, Chief Awolowo is closely related in politics with my father who was also a leader of the Action Group. We have affinity with the Yoruba and that is why we are here to speak in acknowledgment of what the Yoruba people are doing today.” Fayose Admonition of Yoruba Leaders The Ekiti State Governor Ayodele Fayose, said at the summit that Youruba elders were the problem of the region because they failed in their duty to protect their own people. Fayose, who took a swipe at the Yoruba leaders for not taking up the restructuring struggle frontally, expressed displeasure over the antics of some unnamed leaders in the region whom he accused of standing against the people in the demand for a better structured Nigeria. He said, “I can only tell the truth in a forum like this. People can only discard my voice but they cannot throw me away. Our forefathers in Yoruba land tried their best but the present Yoruba elders are our problem. This is our fathers’ land and they must defend it. “We have had great meetings like this that was held in the past and which were attended by Yoruba elder, but after the meetings, the so-called elders would approach the media and said we do not need restructuring. This does not make any sense. The war against Yoruba land is from within. We have selfish elders in the land. Through the period when one of our elders ruled Nigeria, he never deemed it fit to honour Chief MKO Abiola who died fighting the cause of Yoruba people. “We are fighting for a just cause now but this man will appear on the television and say restructuring is not the way. He put us in the position we are today. In the Bible, Jonah was thrown into the sea because he was perceived as the problem of the ship he was travelling in. By His grace, all Yoruba enemies will be thrown into the sea. Many do not understand restructuring. We are already in slavery. Awolowo was put in jail because he said the truth, but anyone that is against me will not have peace.” Fayose said that he supported the position of the forum and that there was no alternative to a return to regionalism. He said, “I align myself with what our elders have said but they must fight without fear if we have to move forward. God will help you. There is no alternative to regionalisation. When we had one of our elders in power, people clamoured for it but he threatened us. He said we can only discuss states and not region. You know the person I am talking about because I will not mention his name. “You cannot blame the governors who are not here because our present leaders have turned themselves to Lion. When the governors want to talk, they roar at them to keep them quiet. But I will talk because they cannot stop me. God will save us from a leader that the people do not want.”

A Note of Caution from Gani Adams Meanwhile, leader of the Oodua Peoples Congress, Gani Adams, noted at the summit that it would be dangerous to call for devolution of powers to the states because it could lead to disintegration of the Yoruba states. Adams noted that, “Today is historic in the life of Yoruba race because it is a day that we want to tell the whole world where the Yoruba nation belongs in Nigeria. Other zones have known where they belong and we must decide our own too when we talk about our position on restructuring. “To devolve power to the states is dangerous for the Yoruba states. This is because if for example Lagos has the power to be on its own, after having its own constitution, police and other things, it will one day tell Ogun State that it does not want anything to do with it since it already has what it wants. This can also apply to other states in the region. What we want is to go back to regionalism. From the beginning of history, Yoruba has always been pacesetter. They should not set us backward. What we need is restructuring based on regional line.” There is Also a Call for Secession Among the Yoruba socio-cultural groups at the meeting was the Yoruba Liberation Command, who said restructuring was too late to save the nation. According to the group’s spokesperson, George Akinola, Yoruba had been trampled upon in the Nigeria arrangement, saying that it was time to gain independence. He said, “Our position is that it is too late for restructuring in Nigeria. In 1962 there was a problem in Nigeria when Awolowo was arrested. Several other crises in the country led to a coup. Yoruba has been losing its footing on the ground since then. In 1993, the June 12 election won by MKO was annulled. See where we are today. We are not for restructuring or national conference but Oduduwa Republic. “We are serious about our demands. Every region has its agitation. Nigeria is the impediment to the development the Oduduwa Republic. We had television before France and radio before South Africa. Look at where we are today.” It was indeed an occasion that attracted many notable leaders from the region and among them were the Ooni of Ife, Oba Eniitan Adeyeye Ogunwusi; Afenifere leaders, Chief Reuben Fasoranti, Chief Olu Falae, Chief Ayo Adebanjo, former Minister of Education, Mr. Tunde Adeniran; fomer Minister of Information, Mr. Walter Ofonagoro; former Minister of Foreign Affairs, Senator Ike Nwachukwu, former media aide to former President Goodluck Jonathan, Dr. Doyin Okupe, former Leader of the Alliance for Democracy, Chief Mojisoluwa Akinfenwa; daughter of Chief Obafemi Awolowo, Dr. Olatokunbo Awolowo-Dosunmu; former governors of Ogun and Ondo States, Otunba Gbenga Daniel and Dr. Olusegun Mimiko. Also in attendance were Senator Gbenga Kaka, President, Yoruba Council of Elders, Prof Idowu Sofola, Mr. Wale Oshun, Orangun of Ila, Oba Wahab Oyedokun, Oba Lekan Balogun, Otun Olubadan of Ibadanland, Oba Latifu Adebimpe, Ashipa Balogun of Ibadanland, Archbishop Ayo Ladigbolu, retired archbishop of Methodist Church Nigeria, Alaafin of Oyo, Oba Lamidi Adeyemi who was represented by Bashorun of Oyo, high Chief Yusuf Ayoola, Mr Babatunde Oduyoye, AD chieftain, Dr. Yemi Farunmbi, foremost Yoruba leader, Senator Babafemi Ojudu, Chief Adeniyi Akintola (SAN), leader, Oodua Peoples Congress, Chief Gani Adams; Iyaloja of Ibadanland, Chief Labake Lawal, Otunba Adebola Olaife represented Ogun State Governor, Senator Ibikunle Amosun; former deputy governor of Lagos State, Sen. Kofoworola Bucknor and former deputy governor of Ogun State, Sen Gbenga Kaka and several other respected leaders of the Southern part of the country. These leaders of thought from the southern part of the country have spoken. They could only hope that someone in Abuja is listening.

T H I S D AY ˾ MONDAY, SEPTEMBER 11, 2017

POLITICS

Olusola’s Endorsement Throws Ekiti PDP in Panic Mode The decision of the Ekiti State governor, Ayodele Fayose to endorse his deputy, Kolapo Olusola, as his successor caught other aspirants in the Peoples Democratic Party napping and is threatening to tear the party apart, writes Victor Ogunje

he intrigue playing out in the Ekiti State chapter of the Peoples Democratic Party(PDP) over who will succeed Ayodele Fayose as governor ahead of 2018 governorship poll is getting more and more interesting by the day. Fayose’s unpredictable nature has further worsened the matter and has turned the state into a rumour mill, with all sorts of permutations making the round. Fayose had always known that he faced a herculean task in determining who would succeed him. With heavy weights like a former Minister of Works, Dayo Adeyeye, the Senator representing Ekiti South Senatorial District and Deputy Minority Whip, Biodun Olujimi both scheming to take over from him, Fayose knew he had to thread softly in anointing a successor. While speculation was rife that the governor had preference for his deputy, Prof Dolapo Olusola, some of the governor’s loyalists said this was not so. Others said he preferred Olujimi and at a time, some people speculated that the governor’s body language suggested that he was rooting for his former works commissioner, Mr Kayode Oso. With this state of affairs, the governor succeeded in keeping the public guessing. But on Wednesday, September 8, 2017, the governor damned the consequences when he deceitfully arranged critical stakeholders within the PDP to adopt Olusola, who is from Ekiti South Senatorial District, as the preferred candidate of the party. At the endorsement meeting were the state PDP chairman, Gboyega Oguntuase, the Secretary to the State, Government, Dr Modupe Alade, the Speaker of the state’s House of Assembly, Hon Kola Oluwawole, 16 council chairmen, PDP and ward leaders among others. The strength mustered by these stakeholders conveyed a vivid impression that it was a case of the biblical hands of Esau and the voice of Jacob. The meeting did not leave anyone in doubt as to who was behind it. With this, It became quite clear to other contenders that Fayose had a hand in the endorsement despite initial claim that he was not aware of the meeting. No one could have put such a gathering iin place without the goveror’s approval. Olusola, who hails from Ikere Ekiti , is a professor of Building Technology from the Obafemi Awolowo University (OAU), Ile-Ife, Osun State. The communique issued after the meeting reads; “After due consultation, without prejudice to the provisions of the Electoral Act 2010 (as amended), we formally endorse His Excellency, Prof Kolapo Olusola (the current deputy governor), from Ekiti South Senatorial District, as our preferred aspirant/candidate”. It was signed by Hon Anifowose Mustapha, for Councillors, Alhaji Amuda Sunmonu, for ward Chairmen; Hon Femi Bamisile, for local government party chairmen; Hon Dapo Olagunju, for Local Government Chairmen (ALGON); Senator Bode Ola, for Chairmen of Board and Parastatals; Dr Modupe Alade (Secretary to the State Government), for State Executive Council; Rt. Hon. Kolawole Oluwawole, Speaker of the State House of Assembly and the State Chairman of the party, Chief Gboyega Oguntuase. Some of those who attended the meeting said they were only invited for a training at the newly established Osoko Political Institute situated within the government house only for them to get to the venue and met a different agenda. Fayose’s decision to endorse his deputy was contrary to the promise he made at his maiden press briefing on June 22, 2014 after his victory where he stated that he would leave the government house with his deputy upon expiration of his tenure. The game had changed and Olusola may end up spending another four or eight years if he is able to win the governorship election. Sensing that such action had fore closed their ambitions, the quartet of Adeyeye, Olujimi, Bejide and the immediate past Attorney General

Fayose anointing his deputy

and Commissioner for Justice, Mr. Owoseeni Ajayi reacted angrily, describing the action as a flagrant violation of section 50 sub sections A and B of the party’s constitution, which made it a matter of imperative for the conduct of primary when consensus can’t be reached for any elective positions. To further vent his anger, Adeyeye on Thursday resigned as the Chairman and Pro-Chancellor of the Governing Council of the Ekiti State University, Ado Ekiti. Fayose immediately replaced him with a Senior Advocate of Nigeria(SAN), Deacon Dele Adesina, Many believe that the battle line has bee drawn between the governor ad other aspirants. In order to douse tension, the PDP state chairman quickly exonerated the governor from the allegation that he arm twisted them to take such step. He said that the endorsement still needed Fayose’s blessing, even when it was in the public domain that the governor clandestinely initiated the action. Oguntuase said the adoption would not preclude any member of the party that is interested in the governorship ticket from contesting, adding that open and transparent primary election would be held in accordance with the rules of the party. Beyond this, an insider in the PDP said Fayose, a politically savvy individual decided to take a spontaneous action because of information from Abuja that Adeyeye was allegedly using his influence to sway the PDP Caretaker Committee Chairman, Ahmed Makarfi to his side. A party loyalist closed to the governor told our correspondent that “Fayose heard that Adeyeye wanted to send Makarfi and other national leaders to Fayose to adopt him . Two, he also

Some of those who attended the meeting said they were only invited for a training at the newly established Osoko Political Institute situated within the government house only for them to get to the venue and met a different agenda

heard that the former minister may also use his influence to pad the PDP delegates’ list for the primary. So, he decided to play a fast one.” There are those who hold the views that the game had not ended with Olusola, because Fayose had at different times said he had many games up his sleeves. These who hold this view opined that the governor might be using Olusola to test the waters because his deputy is not particularly popular in the politics of the state. Those who belonged to this school of thought said the governor might eventually settle for Oso, whose relationship with him predated 2003 when the governor first ruled the state. But far from this, the governor was said to have made it clear that he adopted his deputy because of his loyalty and in compliance with the zoning of the ticket to the south district, which has not produced a governor for the state since 1999. Meanwhile, the aggrieved aspirants, led by Adeyeye have been making efforts to rubbish the process leading to Olusola’s emergence. A statement by Prince Adedayo Adeyeye Movement (PAAM) dismissed the development as not posing any threat to his ambition to become the party’s flagberarer during its primaries in March 2018. “Any caucus of the party can adopt any candidate, whether the choice of Olusola by his caucus has Fayose’s backing hold no water as no one can impose a candidate on the party. This would not stop me from emerging the party’s governorship flagbearer .But people are patiently waiting for how far they will go in this reprisal attack”, he said. However, Olusola too is not keeping quiet. At a special prayer organized by the Ikere community to support his ambition, he said his endorsement by the party for the 2018 poll didn’t flout the party’s constitution. The deputy governor posited that the party would conduct primary for all aspirants and boasted that he would trounce other contenders with the support of Fayose and other critical stakeholders. He promised to remain loyal to the governor for adopting him even as he called on other aspirants to give peace a chance. He also gave an assurance that the bad blood generated by his endorsement would be resolved. He said: “it is normal for a candidate to be adopted by a caucus of a party. But mine adoption is far beyond a caucus arrangement. “What I mean is that all the state local government party chairmen, all serving state commissioners, councillors and ward chairmen

and who is who in the party have come together to adopt me as their preferred candidate, it is a noteworthy development. So, we appreciate our party leaders and everyone for finding me worthy as their candidate. “My emergence does not fore close other aspirants from contesting. We still have the party primaries ahead. We have a constitution that is to be followed. However, I am very sure of emerging the party’s overall candidate at the primaries because I have the support of all the leaders and members. “The truth is that when two or three people are contesting for a post, it will definitely get to only one person and others may not be happy initially. But as time goes on, everything will be settled. I want to encourage other aspirants that they have the opportunity to contest and there is no bad blood. “What we have done is not unconstitutional because we have not said this is the final candidate, it is just an adoption by a wide range of stakeholders who would actively take part in the primaries. That simply means I have a large base of support.” The opposition All Progressives Congress is also meddling. A chieftain of the party, Hon Bamidele Faparusi had advised Adeyeye and other aggrieved critical stakeholders in the PDP to stop Fayose from becoming an emperor in the party. He said for the survival of democracy, those whose rights were allegedly abridged by Fayose’s ‘despotic’ action must ensure that internal democracy thrives in the PDP. He said it was so shocking that the same Fayose, who had branded the more cautious President Muhammadu Buhari’s government as being ‘despotic’ for arresting those who allegedly looted the treasury after getting a court’s order, is now the one flagrantly muzzling his party’s constitution just for his candidate to emerge. He said: “The imposition of Olusola as the PDP’s sole candidate is not entirely an internal problem of the opposition party, because it has Started generating ripples and crisis that may threaten the already fragile peace in our dear state. It sounded so unfathomable that the same Fayose who had constantly been posing as a vanguard of the constitution now negated the constitution of his own party, just to Implant his stooge in Ekiti to cover his tracks. “In the build up to the 2014 election, Dr Goodluck Jonathan preferred consensus candidate in the PDP in a bid to avert internal crisis, the same Fayose, as an interested party foiled the arrangement. He fought for primary and now he is averse to primary election.”

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FEATURES

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Taking on the Menace of Kidnapping Chiemelie Ezeobi writes that the proactive measures put in place by the Nigeria Police Force to counter the menace of kidnapping nationwide, has started paying off

Some arrested kidnap suspects paraded by the police

t Gawu Babaginda Village in Niger State, a band of brigands once held sway. They pilloried, raided and robbed motorists along the Suleja - Lambata, Bida and Minna Roads with impunity. In fact, the gang had attained god-like status and were referred to in fear by all and sundry. That was until August 22 2017. Their cup became full. The Inspector General of Police, Ibrahim Idris, who was reacting to the incessant complaints of victims, had directed the operatives deployed to man the Abuja-Kaduna Highway to cover the Suleja - Lambata, Minna and Bida Roads. After due intelligence gathering, it was gathered that the dreaded gang were kidnappers that escaped arrest on Abuja - Kaduna Highway and relocated to some major roads within Niger State to continue their nefarious activities. Armed with the information, the police operatives set about nipping their activities in the bud and in one fell swoop arrested 26 of the gang members, recovering three AK47 rifles, four single barrel gun, two cut-to-size guns, one locally made revolver, one locally made pistol and one set of military camouflage uniform. Also recovered were 69 rounds of 7.62X39 mm live ammunition, 28 live cartridges, two expanded cartridges, one set of military rain coat, two sets of military shoes, one jack knife, assorted bundle clothes for men and women and some charms. The suspects who operated in five gangs were identified and broken down into their gangs with members of the first gang identified as 34-year-old Isah Umar (principal suspect and gang leader), 32-year-old Abubakar Muhammed, 33-year-old Baje Sari, 34-year-old Sanusi Adamu (driver of the gang), 32-year-old Nuhu Yahaya and 29-year-old Sanda Sale. The second gang were those operating in military camouflage and they were identified as 27-year-old Isiya Tukur (principal suspect) and 28-year-old Abbas Tasus. The members of the third gang was identified as 27-year-old Shafiu Mohammed, 22-year-old Ali

Ali, 35-year-old Okechukwu Atama, 26-year-old Mohammed Aliyu, 24-year-old Sagiru Dahiru, 50-year-old Abdulahi Bala, 28-year-old Haruna Adamu and 31-year-old Abubakar Aliyu. In the fourth gang were 37-year-old Haruna Abubakar, 33-year-old Yalli Ibrahim, 35-yearold Yusuf Abdullahi, 36-year-old Deneri Buba, 25-year-old Sani Abubakar and 29-year-old Adamu Bello The fifth and last gang had 26-year-old Abubakar Iliyasu, 34-year-old Yahaya Alimadu, 32-year-old Abdullahi Abubakar and 37-year-old Suleiman Mohammed as members. Like the Suleja gang like several kidnap syndicate round the country, who have turned the vice into a money spinning venture. It's undisputed that one of the vices plaguing Nigeria is the scourge of kidnapping where some unscrupulous few kidnap others for ransom. However, there are yet other kidnappers who target school children as their prey. However, the police under the leadership of Inspector-General of Police, Ibrahim Idris, have undoubtedly put in measures in curbing this menace despite the daunting challenges of poor funding and inadequate machinery. It is also on record that these efforts by the IG have in recent times paid off with the several successes recorded by the different units and squads of the police force. From Abuja-Kaduna Expressway, to Kogi State, Minna and Bida areas of Niger State, to Lagos State especially those targeted at schools, Port

Kidnap suspects enjoy freedom more than law abiding Nigerians, even some states which have enacted laws to punish convicts with death penalties are yet to execute them

Harcourt and several states across the country, kidnapping especially for ransom, seemed to have held sway for a long while before the proactive measures put on ground by the police IG started to change the narrative. Harvest of successes The proactive measures by the Inspector General of Police, Ibrahim Idris, has recently paid off with the several milestones achieved in nabbing notorious kingpins of kidnappers in Lagos, Port Harcourt, Kaduna and Abuja among other places. The IG also recently disclosed that with the creation of special task force squadron on terrorism, a lot of kidnappers had been arrested and that the force had 2, 000 suspected kidnappers in custody across the country. However, prime amongst the successes was the arrest of the most wanted and richest kingpin of kidnapping, Chukwudumeje Onwuamadike a.k.a Evans from one of his mansions at Magodo in Lagos, on Saturday, June 10, 2017 by the Intelligence Response Team (IRT). Evans who has been on the police wanted list for years was nabbed by the Intelligence Response Team of the IG, after five years of evading arrest and a N30 million ransom placed on his head by the police. Evans according to police sources was responsible for many high profile kidnapping in the South-west, South-south and Eastern parts of the country and he had successfully collected billions of Naira as ransom from his victims including expatriates, business moguls and public office holders. The billionaire kidnapper had a wristwatch valued at 170,000 dollars and two phones at 6,000 dollars each with many properties in Lagos and Ghana as he confessed to be able to afford such lifestyle through the millions of dollars he demanded from his victims. Also in his confession, he admitted to have kidnapped up to 10 people since 2015. In February, the duo of two German archaeologists, Professor Peter Breunig and Mr. Johannes Behringer, were abducted in Kadarko Local

Government Area of Kaduna State, prompting the then acting President Yemi Osinbajo to summon the IG. They were later rescued in Jenjela Village of Kagargo LGA of South Kaduna. Also, when the Deputy High Commissioner of Sierra Leone to Nigeria, Major General Alfred Nelson was abducted by men of the underworld, a coordinated operation based on intelligence and technical support by the IRT smashed the 11-man kidnap gang and rescued the victim. The modus operandi of these criminal elements includes mounting road blocks on highways in military uniforms and then launch surprise attacks on unsuspecting motorists. Acting on the directive by the IG, the IRT carried out tactical surveillance of the Abuja-Kaduna axis and all the adjoining states. This coordinated operation led to the arrest of 11 gang members and they were identified as Alhaji Rabiu Yusuf (the gang leader), Yusuf Adamu, Hussaini Musa, Shuaibu Idris, Usman Bello, Musa Ali, Muhammadu Abubakar, Suleiman Abubakar, Gambo Ibrahim and Balarabe Mohammadu. The IRT also recovered three AK 47 rifles, three AK47 rifle magazines loaded with 90 rounds of ammunition and two sets of military camouflage uniforms. Also prominent was the capture and subsequent of another notorious armed robbery kingpin, Henry Chibueze also known as Vampire in Rivers State, Port Harcourt on March 2, 2017. Vampire was notorious for terrorising the South-east region from his den in Imo State until his death in Omu Awa Forest, Ikwerre Local Government Area in Rivers State. Vampire was killed by the Police Special Forces, led by the IG's IRT and five suspected members of the gang were also arrested and cache of arms and ammunition recovered from them. Until their arrest, the gang was responsible for many kidnappings and robbery attacks in Imo, Abia, Rivers, Delta and other states in the South-east and South-south. Recall that before his death, Vampire, had been spirited away by his gang members on 27 January in the premises of an Owerri High

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FEATURES Court, on the day he was arraigned. Also, the IG's zero tolerance on kidnapping again paid off with the arrest of 72 suspects along the Abuja-Kaduna expressway after raiding the forest along the road. While 32 were nabbed on Monday July 31, 2017 at Kateri on Abuja-Kaduna Highway, the other 40 were arrested after combing the forest along the road. Three victims also were rescued unhurt from the gang. In July, the five suspects responsible for the kidnap of Kogi State Governor Yahaya Belloâ€™s 80-year-old mother, Mrs. Hawawu Bello, was finally arrested three years after it happened. The governor was the then Managing Director of Fair Plus Transport Services. The arrested suspects are: Iliyasu Suleiman (former Councillor and gang leader), Danjuma Ibrahim, Iliyasu Obadaki, Alhaji Nasiru, and Hafiz Yakubu and items recovered from the suspects include: two AK 47 rifles; 20 live cartridges; one army camouflage inner wear; two army camouflage pair of trousers, two army camouflage caps, one black Beretta, two plastic guns, three sharp knives and one axe. Proactive steps against kidnapping While pledging to ensure that the renewed commitment of the Nigeria Police Force to reduce crimes and criminalities in the country remains unwavering, the IG had on August 14 ordered for the extension of Area of Responsibilities of Operations Absolute Sanity on Abuja - Kaduna Highway to cover Suleja - Lambata, Minna and Bida Roads. The brief for the personnel were to tackle the gangs of kidnappers that escaped arrest on Abuja - Kaduna Highway and relocated to some major roads within Niger State to continue their nefarious activities. The diligence of the officers paid off as five different vicious and notorious kidnap for ransom gangs were dislodged and busted in their hideouts along Suleja -Lambata-Bida and Minna Roads in Niger State and a total of 26 suspected kidnappers were arrested in the operation. They all confessed to the offence and admitted to the various criminal roles they played in the commission of the crime. Also, the arms and ammunition and other properties belonging to some of their victims who were rescued from the gang were recovered from them. Most of the suspects were identified by the victims for being responsible for their kidnap and already, investigation is being intensified to arrest the other suspects at large. According to the IG, given that all the suspects will be arraigned in court on completion of investigation, the operation is being sustained. In the same vein, Idris had directed the Assistant Inspector General of Police (AIGs) and Commissioners of Police (CPs) in zones and commands across the country to beef up security in their Area of Responsibilities (AOR). Also in July, the IG acting on the incessant kidnappings on the Abuja-Kaduna Highway deployed a joint police team of 510 personnel and tasked them to rout out the kidnap for ransom gangs and armed robbery gangs that have been terrorising the highway. Tagged 'Operation Maximum Safety', the operation was backed with 40 patrol vehicles and armoured carriers, and was expected to man dark spots and vulnerable points along the road which had become notorious for kidnapping and other violent crimes, thus providing security for travellers and residents of surrounding communities. While calling on community leaders, residents and youths to support the police with information, adding that the operatives were selected from different Mobile Police Force units for the special operation, Idris had assured the policemen that their welfare would be taken care of, adding that Kaduna State government had offered to pay their allowances and to fuel their patrol vehicles. Idris said, â€œWe would regularly review the template for providing security from time to time, we will smoke out the criminals, we are not going to spare or think twice about anyone who raises his gun to fire at innocent citizens, we would not allow that hand to come down. I say this with all sense of purpose, but we cannot achieve this without the support of the community leaders, the people and the youth. Although there was an already existing joint police/military operations in that area, the IG said the fresh deployment was to complement them. The additional deployment paid off as they recently arrested 32 suspects responsible for kidnapping along the Abuja-Kaduna expressway. According to the Force Spokesman, CSP

Arrested notorious kidnapper, Evans

Jimoh Moshood who paraded them, items recovered from the suspects include four AK47 rifles, six locally made pump action gun and two magazines in a joint arrest conducted by the IG Intelligence Response Team (IRT), STS, Counter Terrorism Unit (CTU) and the Special Force of the Nigeria Police. The suspects have made confessional statements indicating the various criminal roles they played in the commission of the crime and most of them have been identified by some of their victims. They will soon be charged to court on completion of investigation. Given the recent spate of kidnapping targeted at school children, the Nigeria Police Force had also directed state commissioners of police to deploy policemen in schools to prevent further attacks and abduction of pupils, students and staff, thus prompting the police to work out an action plan for schoolsâ€™ protection. Another proactive move by the IG was the establishment of the Eminent Persons Forum (EPF), made up of professionals and well-meaning citizens in communities across the nation, which has further helped to check violent crime in different communities. Already on record is that the EPF has led to the arrests of several notorious criminals in the past six months. Stringent punishment for kidnappers To show his zero tolerance for kidnappers and kidnapping, the IG had on July this year called for stringent punishment for kidnappers to check the menace of kidnappings in the country. Making this call at a meeting with commissioners of police in Abuja, he had lamented that he had not seen where kidnap suspects were convicted and jailed for committing the said offence. Ibrahim had also lamented that some of the kidnap suspects enjoyed freedom more than law abiding Nigerians, adding that even some states which have enacted laws to punish convicts with death penalties are yet to execute them. Citing the example of neighbouring Niger Republic where the prosecution and conviction of kidnap and terrorism suspects were being given expeditious attention, he said if the suspects

The panacea to the seeming inexorable menace of kidnapping and other criminalities is that the police alone cannot redeem the situation effectively, but with the collective backing of entire community and the people, as security is everybodyâ€™s business

IG Ibrahim Idris...smoking out kidnappers and other criminals from their hideouts

were allowed to go scot-free, they would be encouraged to carry on with the crime. He went on to urge police commissioners of Niger and Kaduna states to engage community and religious leaders to sensitise the people on kidnapping on that route, adding that crimes along this route were being perpetuated by youths of the communities. Kidnapping as cash cow for hoodlums It is pertinent to note that these kidnappers do not just strike for the fun of it. Far from it. They have embraced the business because it has become a juicy cash cow that keeps yielding fruit. This according to experts should be blamed on the desperation of families to secure the release of their loved ones, which has emboldened the kidnappers who know they can always coerce the cooperation of victims' families to keep the security agents off their trail. For the kidnap of 62-year-old Kudirat Adeboye, N50 million was demanded but N3million paid. The Orekoyas paid N2.5million before their three kids, 11-months-old Aderomola Orekoya, 4-year-old Adedamola Orekoya and 6-year-old Demola Orekoya, were released. Although the kidnappers had first demanded for N15 million but had later reduced it N13 million. The kidnappers of Durodola Muwalu, had demanded for N60 million as ransom, they reduced it to N10million when their initial offer was not met. They again reduced to N5 million but they were yet to be paid when they were rounded up by the police. Abeokuta-based businessman, Mr. Akeem Lawal, was also a victim of kidnappers and he allegedly paid a ransom of N30 million even though the initial demand was N150 million. Also, the kidnappers of Bishop Moses Tabuwaye, demanded for N40 million as ransom, while those who kidnapped Pastor Japheth Obafemi, also demanded for N60 million. However, the stance of the police on ransom has always been for the victims not to pay. According to the police, "As a law enforcement agency guided by rule of law and professional ethics we do not support any circumstance that encourage the payment of ransom to kidnappers or other criminals as it is tantamount to rewarding crime and motivating other criminals to follow that path. "History has shown that even where ransom is proven to have been paid the life or safe return of a kidnap victim may not be guaranteed. We wish to advice that in future families who fall victims of such acts should rather work closely with the police component of the rescue initiative so that we can achieve the primary purpose of rescuing the victim alive instead of wittingly or unwittingly giving the impression of encouraging criminal activity by rewarding criminals with payment of ransom." Panacea for kidnapping While there is no hard and fast rule to curbing the menace of kidnapping, many are of the opinion that since these kidnappers take pleasure in inflicting pain on the victims and by extension

their families, the ultimate punishment should be the death penalty. Although the law has a spelt out punishment for kidnappers, many are however of the opinion that death penalty should be adopted. About three years ago, the then Senate President, David Mark, had advocated for death penalty for kidnappers, adding that it was merely the application of "Hammurabi's ancient Mesopotamian law of an eye for an eye, a tooth for a tooth." Although Anambra, Edo, Delta State and now Lagos Governments have already signed the law prescribing death penalty for kidnappers, other states haven't. The issue of death penalty for kidnappers again became a front burner matter issue during the ordeal of Steve Nwosu. Once calling on the federal government to act decisively on kidnapping, Lagos lawyer and human rights activist, Gabriel Giwa-Amu, had said this would restore sanity and general security. He said, "A tooth should go for a tooth. In criminal law, kidnapping is the taking away a person against that person's will. It is also the crime of unlawfully seizing and carrying away a person by force or fraud. Thus, capital punishment for kidnap suspects, should be the penalty. The kidnappers of Nwosu's wife should be made to face death penalty because of the inhumane treatment which they impose on their victims." Asides the death penalty as punishment, many are of the opinion that people should on their own take some personal protective measures by purchasing the Personal Locator Beacons (PLB) or using trackers that can identify their locations at each given time. The PLB's are usually registered in the name of the owner and when triggered, the person's data comes to the main system and alert the rescue team. Given that some smart kidnappers might identify the PLBs, experts advocate that it be built into wrist watches as a disguise. But the downside is that as useful as the PLB is, one could cost between 300 to 700 dollars, and as such only about 300 PLBs are in circulation in Nigeria, which is even too small a number compared to what is applicable worldwide. Although Nigerians have unanimously condemned kidnapping, many are however of the opinion that since the root causes of kidnapping are poverty, unemployment, ostentatious display of wealth and greed, the government must live up to its part of providing basic amenities for the citizenry, as well as make sure the economy is boosted to favour everyone instead of a select few. Nonetheless, it was a general consensus that the police should be proactive in its constitutional role of protecting citizens by ensuring that they are up to par operationally and intelligence-wise, thus putting them steps ahead of the kidnappers. Meanwhile, the IG's stance on kidnapping remains that the panacea to the seeming inexorable menace of kidnapping and other criminalities is that the police alone cannot redeem the situation effectively, but with the collective backing of entire community and the people, as security is everybodyâ€™s business.

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EXPOSURE OF PROPOSED NEW RULES AND SUNDRY AMENDMENTS TO THE RULES AND REGULATIONS OF THE SEC, NIGERIA 1. NEW RULES 2. SUNDRY AMENDMENTS a. Proposed Rules on Specialized a. Proposed amendments to Rules 96 and 97 of the Rules and Funds/Schemes: Regulations – Investment Advisers: This Rule expands the investment universe of Sequel to the proposed guidelines on rendition of investment advice specialized funds/schemes and distinguishes by CMOs, consequential amendments are being proposed to be made them from traditional mutual funds by allowing to Rules 96 and 97 of the Commission’s Rules in order to give legal selection/inclusion of riskier assets and effect to the guidelines and specifically exempt some providing for diversification across a broader individuals/entities from registration though they render investment spectrum of asset classes. advisory services. Amongst others, it makes provisions for eligible b. Proposed amendment to Rule 61- Nominee Accounts: investible assets, duties and responsibilities of This proposal is seeking to streamline the existing Rules on regulation the Fund Manager, disclosure requirements, of nominee accounts. investment policy, objective of such funds and c. Proposed amendments to Regulations for Demutualization of responsibility statements to be made with Securities Exchanges in Nigeria: respect to such funds. This proposal seeks to add and define some terms to the existing Rules on Demutualization of Securities Exchanges as approved by the Most importantly, it restricts investments into Commission in 2015 and provide clarity to the provision relating to such funds to only qualified investors as aggregate holding of each stakeholder group post demutualization. defined in the Rules and Regulations. b. Proposed Rules on Investment d. Proposed amendments to the Rules on Fund/Portfolio Advisory Services: Management Operations and Rule on Book Building: The essence of this Rule is to make provision The existing Rules (specifically Fund/Portfolio Management for guidelines which shall be applicable to all Operations Rules and Rule 321 relating to Book building) contain capital market operators that render diverse provisions/definitions of the term “High Net-worth Investor” investment advice to investors in the Nigerian (HNI). This proposal is thus necessary to harmonize the definition of capital market. the term. It provides for fiduciary duties such advisers owe to their clients, duty to asses clients’ risk profiles, disclosure requirements and records to be kept upon rendition of investment advice to clients. Additionally, the Rule seeks to introduce certification/continuous professional education programs for CMOs rendering investment advice for the purpose of having a standard measure of competence tailored specifically to investment advisory business especially for individuals acting as investment advisers’ representatives in the capital market.

e. Proposed amendment to the Code of Corporate Governance: Clause 1.3(d) of the Code of Corporate Governance for Public Companies has been rendered redundant in view of the mandatory nature of the Code. The said clause is therefore sought to be deleted via this proposal.

Details of the proposed New Rules and Sundry Amendments are available on the Commission’s website at www.sec.gov.ng. All comments and input should be forwarded to: The Secretariat, Rules rulescommittee@sec.gov.ng.

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COMMEMORATION OF BROADCASTING AGREEMENT

L – R: Digital Marketing Manager, The Nigerian Stock Exchange (NSE), Cliﬀord Akpolo; Head, Domestic Capital Markets, NSE, Tony Ibeziako; Chief Executive Oﬃcer, Television Continental (TVC), Andrew Hanlon; Executive Director, Market Operations and Technology, NSE, Ade Bajomo and Head, Market Services, NSE, Ade Ewuosho, at the Closing Gong Ceremony in commemoration of the signed Broadcasting Agreement with the NSE at the Exchange ... recently

Pension Reform Bill: Experts Warn Amendment Will Jeopardise CPS, Deplete N6.5tn Pension Assets Chika Amanze-Nwachuku and Ebere Nwoji As the dates for public hearing on one of the bills seeking the amendment of Pension Reform Act 2014 are being awaited, economic experts and other stakeholders have cautioned against upholding the bill, positing that it would endanger the Contributory Pension Scheme (CPS), which was introduced to arrest the huge pension debts in the country. Currently, there are about seven bills before the national assembly, seeking the amendment of the 2004 Pension Reform Act, which was amended in 2014. The most contentious of the bills is the one sponsored on May 16, this year by Honourable Oluwole Oke, a lawmaker representing Obokon/Oriade constituency in Osun State. Specifically, the bill seeks to amend the Pension Reform Act 2014 in order to shut out some paramilitary organisations including the Nigerian Security and Civil Defence Corps (NSCDC), Nigeria Customs Service, the Nigeria Police, the Nigeria Prison Service, Nigeria Immigration Service and the Economic and

PENSION Financial Crimes Commission (EFCC). It has already passed its second reading and is being treated by the relevant committee of the House of Representatives. Another one is the bill sponsored by Senator Aliyu Wamako of Sokoto North Senatorial Zone seeking to “…further amend the Pension Reform Act 2014 to Provide for Definite Percentage a Retiree can withdraw from his RSA and for other matters thereto.” This clause is recommending that retirees withdraw 75per cent of the total value of their Retirement Savings Account (RSA) while the remaining 25per cent remains to service their pension requirements. The bill seeking to exempt the Nigeria Police, para-military institutions as well as the Economic and Financial Crimes Commission (EFCC) from the CPS, has continued to attract wide spread condemnations from various quarters, even as experts have cautioned that the enactment could endanger the huge pension assets, which currently stand at N6.5trillion with more than seven million

contributors. The CPS replaced the corruptridden old Defined Benefit Pension Scheme adopted by the various tiers of government and some private sector establishments. Before the advent of the CPS, corruption and crisis were predominate in Nigeria’s pension system as retirees died waiting for their pension. This was beside the huge pension liabilities in trillions of naira. These fundamental concerns have largely been addressed since the advent of the CPS, as retirees now draw their pensions, monthly, without complaints. Some economic experts, who spoke with THISDAY over the weekend, alleged that the various bills before the national assembly are at the behest of some vested interests. They noted that these recommendations negate the actuality of individual participation and contribution, those unique qualities that stand the CPS out. “The beauty of the CPS is the freedom of the worker to choose his/her PFA. This freedom would further be accentuated by the portability that would come with the impending opening

of the transfer window by the National Pension Commission (PenCom). Railroading a group of workers into one pension option is evidently retrogressive. Also, returning paramilitary establishments to the Defined Benefit Scheme is a giant step backwards into the dark era of dysfunctionality and corruption that characterised pension”, posited the experts. President of Pension Operators Association of Nigeria (PenOp), Longe Eguarekhide noted that the bills, if passed, have dire consequences and is capable of truncating the achievements recorded in the Nigerian pension system. He noted that upholding the ideas raised in the bills would place additional financial burden of making provision for the paramilitary pensions to government. Eguarekhide said: “In the last 10 years, the number of FGN employees that retired under the CPS from the six paramilitary agencies sought to be exempted are 50,730 and the total accrued benefits of these personnel amounted to N208.22 billion, which had been redeemed by the federal Continued on page 24

Analysts Bearish on Bond Market, Explain Low Patronage Goddy Egene Analysts at Cordros Capital Limited, an investment banking firm, have said the bond market will continue to witness low patronage in the month of September as investors focus on bargain hunting in equities market, taking advantage of attractive yields in the treasury bills market. Reviewing the performance of the financial markets in the month of August and making projections for September, Cordros Capital said that demand for the Federal Government of Nigeria

CAPITAL MARKET (FGN) bonds was low leading to under subscription in August. According to them, the Debt Management Office (DMO), on behalf of the FGN, allotted bonds valued at N56.05 billion (vs. N135 billion offered), comprising N9.18 billion (vs. N35 billion offered), N17.51 billion (vs. N50 billion offered), and N29.36 billion (vs. 50 billion offered) of the JUL-2021, MAR-2027, and APR- 2037 bonds, respectively – all in reopening. They explained that the fiveyear, 10-year, and 20-year bonds, although undersubscribed, were

issued at significantly higher-thanprevious stop rates of 16.80 per cent (previously 16.24 per cent), 16.80 per cent (previously 16.25 per cent) and 16.90 per cent (previously 16.25 per cent) respectively, the highest since January. “We attribute the notable under subscription to the low level system liquidity, and more specifically, the near-coincidence of the auction with Lagos State’s N27 billion bond auction – offered at a higher rate of 17.5 per cent with an issue rating of A+ by Augusto & Co,” they said. The analysts therefore stressed that with inflation rate expected

to remain sticky downward for the month of August, “we do not see the expected improvement in system liquidity translating into significant demand in the bond market, as return-hungry investors will hunt bargain in the equities space while taking advantage of attractive yields in the treasury bills market.” Analysing the performance of the equities market in August, the analysts said the market closed lower for the first time in six months, as investors took profit across most sectors, particularly Continued on page 24

The 12th Abuja International Trade Fair will hold from September 21-October 7 with 30 countries in attendance. The Director General, Abuja Chamber of Commerce and Industry (ACCI), Chijioke Ekechukwu, disclosed that the countries indicated their willingness through the commercial attaches of their respective embassies in Nigeria. Vice-President Yemi Osinbajo will declare the fair to promote economic activities open on September 26. It will hold at J.T Useni International Trade Fair Complex and will showcase a lot of Made-in-Nigeria products and in addition significantly boost the Micro, Small and Medium Enterprises (MSMEs). Ekechukwu stressed that the trade fair will be different from previous editions as many MDAs, manufacturers, business men and investors will be part of the event. Beside the northern state governments will also use the platform to showcase agricultural and mineral products peculiar to their environments. “There will be many innovations that are changing the metrics of what we used to do. Until now the Abuja international trade fair was predominantly for people coming to buy and sell, but now we trying to reach out to people who are interested in expanding their market space through creating a chain of retailers, wholesalers as the case may be. And a good number of such distribution chain will like to see which company they can represent in the Nigerian market. There are many innovators, especially one or two universities coming with the inventions they have made, while a group in Aba will bring all the Made-in-Aba products to the exhibition stands,” Ekechukwu said.

THISDAY Introduces Model Portfolios Effective from Monday September 18, 2017, THISDAY Economic and Financial Intelligence Unit (TEFIU) in partnership with five leading stockbroking firms in the country will be flagging off a stockmarket investment tracking index, called MODEL PORTFOLIOS. This would enable leading stockbrokers and investment bankers in the country share their trading skills and methodologies with ordinary investors. The investment houses involved in this project are Afrinvest Limited, Capital Assets Limited, FSDH, Lead Advisory Limited and Meristem Limited. The project which began four months ago in the background involved asking five leading stock broking houses in the country to construct a portfolio of 10 stocks they can bet on in the next 12 months each using their best and well tested stock selection and investment strategies . They were then each given an imaginary N10m (ten million naira) to invest on the ten stocks in whatever proportions they considered best. Fundamentally, too, we also asked each of the fund managers to clearly state the investment strategy on which they built the portfolio-for instance it could be for an investor with long term perspective; it could for a speculator; it could be for a child whose parents want to build portfolio that would grow with the child and so on. Preliminary results turned in over the weekend show that all the investment houses without exception were able to increase initial amount invested (N10m) over a two-month period ( July 1st to August 31st) . The full reports for the two-month trial period will be published next Monday. According to Ayo Arowolo, Editor-at Large,THISDAYNewspapers, ‘the whole idea is to begin to generate interest from the general public on the stock market when they see how carefully constructed combination of stocks from experienced fund managers can still generate moderate and consistent returns”. All the representatives of the partner stock broking firms expressed optimism the project has the capacity to re-awaken the lost interest in the stock market through this collaborative efforts.

“Let us take the news of being out recession with caution and not celebrate yet. The federal government has unveiled the Economic Recovery and Growth Plan (ERGP). It is the disciplined execution of that plan that matters for now” MD/CEO of Fidelity Bank Plc,

Mr. Nnamdi Okonkwo

T H I S D AY ˾ MONDAY, SEPTEMBER 11, 2017

BUSINESSWORLD PENSION REFORM BILL: EXPERTS WARN AMENDMENT WILL JEOPARDISE CPS, DEPLETE N6.5TN PENSION ASSETS

government and paid into their respective Retirement Savings Accounts and consolidated with their monthly pension contributions to fund their retirement benefits. “These retirees are currently receiving their retirement benefits promptly as at when due. Exempting them from the CPS, would imply that government would shoulder the huge financial obligation of payment of their pensions as well as that of future retirees through budgetary provisions with no guarantee of availability of funding and timeliness of payment.” He reasoned further that the federal government is already overburdened with the payment of pensions as illustrated by the 2016 Appropriation Act, which made a provision under service wide vote for the use of N2.170billion as total pension and gratuities allocation, adding that the allocation is still insufficient to fund the pension liabilities of the federal government. Citing the 2016 Pension Transitional Arrangement Directorate Continued on page 30

ANALYSTS BEARISH ON BOND MARKET, EXPLAIN LOW PATRONAGE

NEWS

FG Boosts Export with N20bn Claims Settlement Approval Eromosele Abiodun Federal government’s efforts to diversify the economy to shoreup foreign exchange has received a boost with the approval of N20 billion for export claims settlement. The Executive Director/Chief Executive Officer, Nigeria Export Promotion Council (NEPC), Olusegun Awolowo announced the approval at a stakeholders’ forum on the revised guidelines on the Export Expansion Grant (EEG) in Kano. An initiative of the federal government, the Export Expansion Grant (EEG) was meant to encourage exporters of non-oil products, including agro-commodities, in order to cushion the effects of infrastructural deficiencies and reduce overall unit cost of production. It was introduced through the Export Incentives and Miscellaneous Provisions Act, Cap 118 of 1986 to enhance the contributions of non-oil export to the national economy. Awolowo, had at another forum recently said if the huge EEG claims of over N300 billion was not addressed, it would affect the efforts of the government to diversify the economy owing to the near absence of incentives to encourage exports. Awolowo stated that the review of the scheme by the federal government was meant to boost the economy, as well as resuscitate ailing industries in the country. According to him, the theme of the forum, ‘Improved EEG scheme for sustainable growth and development,’ was to review the scheme by an

inter-ministerial committee set up to look at the underlying issues and proffer solutions to enable the reactivation of the scheme after its suspension in 2013. “I am glad to also announce that the Federal Government has approved a budgetary provision for the settlement of the EEG claims, with initial provision of N20billion in the 2017 budget for the settlement of the current year’s export claims. “This will eliminate complaints over revenue loss by utilising agencies, as well as the Export Credit Certificate, which replaces the Negotiable Duty Credit Certificate, which is

expected to cover a wider scope than just settlement of taxes. Its usage will include purchase of government’s bonds, settlement of government loans, such as from the BoI, NEXIM AMCON, BoA etc.” The President of Manufacturers Association of Nigeria (MAN), Mr Frank Jacobs, had recently called on the federal government to re-introduce EEG scheme to salvage the manufacturing sector. He said that recipients of the export grant held an instrument called Negotiable Duty Credit Certificate (NDCC) which they used in the payment of import and excise duties. Jacobs said

that the suspension of the NDCC had affected export of manufactured goods which had drastically reduced the volume of exports. According to him, the inability of Nigerian exporters to meet delivery targets has destroyed the confidence built over the years by overseas importers of Nigerian products. Jacobs said that MAN had severally met with the Vice President and the Minister of Trade, Commerce and Investment on the need to re-introduce EEG scheme to boost the manufacturing sector. He added: “The association also visited the Minister of

Finance, Mrs. Kemi Adeosun and she assured that MAN “will be hearing from government soon but till now nothing has been done.” “We have made it clear to the government to re-introduce EGG and pay the outstanding NDCC to save many companies that are folding up. Some have folded up already. The Vice President has promised us that something will come up soon but we do not know how soon it will be, if nothing is done fast many companies are still going to fold up; we are hoping that the government that soon do something positive with regard to the NDCC,” Jacobs said.

the Oil and Gas, wherein stocks recorded the largest contraction. According to them, the NSE All-Share Index (ASI) declined by 0.96 per cent to 35,504.62. “The loss was not unexpected (the ASI has consistently recorded negative returns in August over the last five years), as the significant gains recorded for five consecutive months provided a leg room for L – R: Executive Director, Capital Markets Division, The Nigerian Stock Exchange (NSE), Haruna Jalo-Waziri, presenting a gong to the profit taking. Also, it reflected the Group Managing Director/Chief Executive Oﬃcer, Standard Alliance Insurance Plc, Bode Akinboye, at the Facts Behind the Figures absence of any fundamental news Presentation at the Exchange in Lagos…recently in the market as most companies (save for some banks) on the bourse had released Q2/H1 results in July in line with the regulatory post-listing requirement,” they said. Looking ahead, the analysts said while noting the risk of continued to ensure success of the project. for smallholder farmers profit taking, “the expectation of Ndubuisi Francis in Abuja As a first step, NIRSAL aligns with ACDI/VOCA continued impressive earnings in Q3 (for the banks, consumer goods, The Nigeria Incentive Based and ACDI/VOCA hosted a commitment to improving “This should ease soon, while cement, and agric companies Emma Okonji Risk Sharing System for Agri- workshop on building practical the livelihoods of rural higher oil revenue may help the especially) and importantly, cultural Lending (NIRSAL) has synergies for inclusive agri- communities. “I am pleased to partner improved developments in the commenced a partnership with cultural development in rural Senior Economist in charge construction and real estate sectors macro environment, should drive of Africa and the Middle East, to recover. As a result, Bloomberg a United States of America- communities drew participants with ACDI/VOCA on this recovery on the local bourse.” based economic development from different aspects of the project. NIRSAL will provide for Bloomberg Intelligence, Mr. Intelligence Economics still expects the leadership to start the proorganisation - ACDI/VOCA, agricultural value chain. Mark Bohlund, has predicted that the economy to expand by 1-1.5 The workshop had in cess and make it a reality for to catalyse investment into telecommunications’ contribution to per cent in 2017 as a whole, but the agriculture as well as raise attendance participants from the benefit of our local farmers. Nigeria’s Gross Domestic Product trajectory of the telecoms industry the living standards of local the John Deere; Hello Tractor; As the producers of the food (GDP) could expand the country’s will be the wild card for second-half Center for Dryland Agriculture, that the nation feeds on, they communities. economy and completely move it growth,” Bohlund said. He explained that Nigeria’s real The synergy is in continu- Bayero University Kano (BUK); deserve strong support and out of recession. ation of NIRSAL’s efforts to Ahmadu Bello University, should also get decent reward Bohlund, who made the disclo- GDP rose by 0.55 per cent yearincrease the incomes of Zaria (ABU); Syngenta Ltd, for their produce. sure in a recent report on Nigeria over-year in the second quarter, “It is my expectation that smallholder farmers, who and Traxi Continental Ltd. economy released by Bloomberg, missing the median forecast of Others are Tohfan, Naston this partnership will make constitute 75 per cent of the said his prediction was based on economists of 1.3 per cent in a country’s farming population, Engr. Ltd, Dupont Pioneer, significant contribution to other the trajectory of telecommunications Bloomberg News survey. Group Business Editor He said part of the shortfall The pilot project under Trade Co., Olam, FCMB, efforts that we are currently industry and its contribution to Chika Amanze-Nwachuku could be explained by a revision the partnership expected Valmont USA, Premier Seeds pursuing in this direction,” GDP in recent times. AgriBusiness/Industry Editor he added. to produce 80,000 tonnes of and Narto Engr Nig. Ltd. To buttress the prediction, the to first quarter growth to -0.91 per Jonathan Eze The Senior Agribusiness Speaking at the workshop, maize, rice and soybeans, Executive Vice Chairman of the cent from -0.52 per cent previously, Comms/e-Business Editor create 22,000 new jobs across which had various businesses Advisor and Country Rep of Nigerian Communications Com- largely because of a downward Emma Okonji the value chains and ensure from the agricultural value ACDI/VOCA, Mr. Olaf Kula, mission (NCC), Prof Umar Garba adjustment to oil and gas GDP Capital Market Editor individual farmer income chain in attendance, the Man- emphasised the importance of Danbatta had last week, said the in the quarter. Goddy Egene “A seasonal adjustment by of N1,000,000 per year for aging Director of NIRSAL, Mr. making agriculture appealing telecoms sector contributed N1.549 Senior Correspondent Abdulhameed, stated that “We to youth as one of the funbeneficiaries. trillion to GDP in the second quarter Bloomberg Intelligence Economics Raheem Akingbolu (Advertising) Explaining the collabora- must urgently begin to work damental reasons for creating of 2017, representing 6.68 per cent showed the economy expanding by Correspondents tion, the Head, Corporate with smallholder farmers to Alliance for Agriculture. increase, up from the N1.452 trillion 0.7 per cent quarter-over-quarter in Chinedu Eze (Aviation) Linda Eroke (Labour) His words: “If you can’t Communications, NIRSAL, enhance their capacity so that it contributed in the first quarter second quarter, but this was almost Eromosele Abiodun (Maritime) entirely because of higher oil output Innocent Azebeokhai, said they become commercially vi- make money from a farm of the year. Ejiofor Alike (Energy) NIRSAL and ACDI/VOCA able business entities whose there’s little incentive for youth Bohlund noted that a sharp with the non-oil sector flattening. James Emejo (Nation’s Capital) Obinna Chima (Money Mkt) will collaborate in the areas businesses are economically to venture into agriculture. decline in telecoms output was The service sector actually shrank Chineme Okafor (Energy) We’re not going to be able of providing access to finance, sustainable”. responsible for a large part of the 0.8 per cent in second quarter, raisto feed the globe if young He added that NIRSAL’s ing doubts about to what extent input supply, farmer training weakness in service-sector growth Reporters on best practices as well as mandate and focus on making people are fleeing from the of the country in the second quarter the economy is recovering beyond Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness) the increase in oil output. facilitation of efficient irrigation agriculture more profitable rural centres to the cities.” of the year.

FACTS BEHIND THE FIGURES PRESENTATION

‘Telecoms Contribution to GDP Will Take Nigeria Out of Recession’

NIRSAL, US Group Partner to Boost Operations of Smallholder Farmers

T H I S D AY ˾ MONDAY, SEPTEMBER 11, 2017

BUSINESSWORLD

MARKET REPORT

Equities Market Rebounds after Three Weeks of Decline Goddy Egene and Nosa Alekhuogie

Insurance Plc, African Prudential Plc, and Dangote Sugar Refinery Plc garnered 3.6 per cent, 3.5 per cent and 3.4 per cent respectively. Conversely, Seplat Petroleum Development Company Plc led the price losers with 5.0 per cent, trailed by NCR Nigeria Plc with 4.9 per cent. May & Baker Nigeria Plc and Skye Bank Plc shed 4.7 per cent apiece. However, the bears returned on Friday, leading a decline of 0.44 per cent. But the decline was not enough to offset earlier gains. Hence, the market closed with a weekly gain of 1.27 per cent.

The Nigerian equities market closed last week on a positive note as stocks rebounded after three weeks of decline. Following weeks of rally, the market succumbed to the bears due to profit taking. As a result, the market remained under the control of the bears for three consecutive weeks. However, the bulls resurfaced last week following bargain hunting in some bellwether stocks. Besides, impressive full year results by leading brewer, Guinness Nigeria Plc and Stanbic IBTC Holdings Plc bolstered investors’ confidence to increase their demand for stocks. Consequently, the Nigerian Stock Exchange (NSE) All-Share Index and market capitalisation appreciated by 1.27 per cent to close the week at 35,957.24 and N12.393 trillion respectively. Similarly, all other indices finished higher during the week with the exception of the NSE Main Board, NSE Banking, NSE Insurance, NSE Oil/Gas and NSE Industrial Goods Indices that depreciated by 0.24 per cent, 1.08 per cent, 0.10 per cent, 3.77 per cent and 1.01 per cent respectively while the NSE ASeM Index closed flat. Daily Market Performance When trading resumed on Tuesday, sentiments remained negative, pushing the down by 0.28 per cent. The depreciation recorded in the share prices of Lafarge Africa, Total, Unilever, GTBank, and UBA was mainly responsible for the lower close. Investors traded 230.03 million shares worth N4.77 billion in 4,188 deals. The three most actively traded sectors were: Financial Services (189.55 million shares), Consumer Goods (24.09 million shares), and Conglomerates (4.74 million shares), while the three most actively traded stocks were: Access Bank (63.29 million shares) UBA (27.61 million shares) and Zenith Bank (17.84 million shares). In terms of sectoral performance, the NSE Oil & Gas Index recorded the highest decline of 2.99 per cent, followed by the NSE Industrial Goods Index that fell by 2.11 per cent.The NSE Consumer Index shed 0.30 per cent, while the NSE Banking Index went down by 0.06 per cent. On the positive side, the NSE Insurance Index appreciated by 0.13 per cent. Analysts at Afrinvest were, however, bullish that the market would rebound the next day. “We believe the five days of consecutive negative returns leave some legroom for positioning, as such, we expect the market to close positive in tomorrow’s trading session,” they said. As expected, the market halted its losing streak on Wednesday with the index rising by 0.58 per cent to close at 35,609.07, pushing the year-to-date to 32.5 per cent. The rebound was propelled by gains in Dangote Cement, Zenith Bank, Nigerian Breweries Plc and Guinness Nigeria. Similarly, activity level improved as volume and value traded rose 22.5 per cent and 13.6 per cent to 281.8 million shares respectively. A further breakdown of the performance the NSE Oil & Gas Index led sector gainers, up 1.3 per cent as a result of bargain hunting in Seplat that went up by 3.4 per cent. In the same vein, buy interest in

Nigerian Breweries and Guinness Nigeria boosted the NSE Consumer Index 0.8 per cent. Similarly, growth in Zenith Bank and Stanbic IBTC lifted the NSE Banking Index by 0.1 per cent. On the flip side, despite an uptick in Dangote Cement the NSE Industrial Goods Index closed 0.5 per cent lower. Also, the NSE Insurance Index fell 0.4 per cent. The stock market sustained its positive performance on Thursday as the index rose by 1.4 per cent to close at 36,112.37, while market capitalisation added N174.8 billion to closed higher at N12.4 trillion. Guinness Nigeria Plc led the price gainers with 10.2 per cent, trailed by Dangote Cement Plc, which rose by 4.7 per cent. Investors have increased demand for shares of Guinness following its impressive results for the full year ended June 30, 2017. Details of the audited showed a revenue of N125.919 billion in 2017, up from N101.973 billion in 2016. Net finance cost increased from N6.763 billion to N7.524 billion, making the brewing to end the year with an operating profit of N10.186 billion, up from N4.415 billion in 2016. Profit after tax stood at N1.923 billion, hence the directors have recommended a dividend of N963.7 million. The company recommended a dividend of N963.7million for the year ended June 30, 2017, showing an increase of 28 per cent compared

with N752.9 million in 2016. Stanbic IBTC Holdings Plc, which also released an improved results

TOP TEN BROKERS

for the half year to June 30, 2017, closed as the third highest price gainer. It chalked up 3.8 per cent. AIICO

(BY VALUE)

BROKER

AS AT LAST FRIDAY VALUE % VALUE

STANBIC IBTC STOCKBROKERS LIMITED

14,721,416,399.50

25.48

RENCAP SECURITIES (NIG) LIMITED

13,854,491,319.76

23.98

CSL STOCKBROKERS LIMITED CHAPEL HILL DENHAM SECURITIES LTD - BRD

4,958,816,154.62 2,948,684,237.00

8.58 5.10

EFCP LIMITED

2,825,742,533.88

4.89

1,955,833,911.81

3.39

FBN SECURITIES LIMITED APEL ASSET LIMITED - BRD

1,949,523,279.59

3.37

VETIVA CAPITAL MANAGEMENT LTD

1,189,684,244.24

2.06

PRIMERA AFRICA SECURITIES LTD

1,112,797,401.64

1.93

604,920,382.81 46,121,909,864.85

1.05 79.84

CARDINALSTONE SECURITIES LIMITED

TOP TEN BROKERS

(BY VOLUME)

AS LAST FRIDAY VOLUME

%VOLUME

567,723,582

18.66

325,181,027

10.69

RENCAP SECURITIES (NIG) LIMITED

256,633,819

8.44

FBN SECURITIES LIMITED TRUSTBANC CAPITAL MANAGEMENT LIMITED MORGAN CAPITAL SECURITIES LIMITED

118,890,369 94,737,361 85,714,899

3.91 3.11 2.82

CARDINALSTONE SECURITIES LIMITED

83,809,354

2.75

EXPRESS PORTFOLIO SERVICES LIMITED

78,682,066

2.59

BROKER STANBIC IBTC STOCKBROKERS LIMITED CSL STOCKBROKERS LIMITED

READINGS INVESTMENTS LIMITED - BDR

73,217,048

2.41

CHAPEL HILL DENHAM SECURITIES LTD - BRD

60,397,447

1.99

1,744,986,972

57.36

Market Turnover Meanwhile, market turnover was 887.024 million shares worth N17.450 billion in 16,955 deals, as against 998.973 million shares valued at N11.455 billion that exchanged hands in 13,626 deals the previous week. The Financial Services Industry maintained its number one spot on the activity chart, accounting for 729.177 million shares valued at N8.816 billion traded in 10,744 deals, thus contributing 82.20 per cent and 50.52 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry trailed with 68.153 million shares worth N6.692 billion in 2,908 deals. The third place was occupied by Conglomerates Industry with a turnover of 32.109 million shares worth N183.098 million in 687 deals. Trading in the top three equitiesAccess Bank Plc, Guaranty Trust Bank Plc, Zenith Bank Plc accounted for 320.549 million shares worth N6.909 billion in 2,643 deals. Also traded during the week were a total of 3,000 units of Exchange Traded Products (ETPs) valued at N31,590.00 executed in one deal compared with a total of 86,063 units valued at N838,754.79 transacted two weeks ago in eight deals. A total of 8,535 units of Federal Government Bonds valued at N8.660 million were traded last week in 11 deals, compared with a total of 12,244 units valued at N12.374 million transacted the previous week in 11 deals. Price Gainers and Losers The price movement chart displayed 28 price gainers higher than the 19 of the previous week, while 38 equities depreciated in price, lower than 48 equities of the previous week. Guinness Nigeria Plc led the price gainers with 27.5 per cent, trailed by Caverton Offshore Support Group Plc with 6.2 per cent. C & I Leasing Plc garnered 6.0 per cent, just as African Prudential Plc and AIICO Insurance Plc chalked up 5.7 per cent and 5.3 per cent respectively. Newrest ASL Nigeria Plc and Dangote Cement Plc appreciated by 4.9 per cent and 4.8 per cent in that order. Other top price gainers included: Redstar Express Plc (4.7 per cent); Conoil Plc (4.6 per cent) and Berger Paints Plc (4.2 per cent). Conversely, Jaiz Bank Plc and Sterling Bank Plc led the price losers with 7.7 per cent apiece. Lafarge Africa Plc shed 7.3 per cent, while Seplat Petroleum Development Plc and Fidson Healthcare Plc went down by 6.6 per cent and 5.6 per cent respectively. Other top price losers were: Beta Glass Plc(5.0 per cent), Julius Berger Nigeria Plc, Presco Plc, PZ Cussons Nigeria Plc and Cadbury Nigeria Plc (4.9 per cent apiece).

T H I S D AY ˾ MONDAY, SEPTEMBER 11, 2017

BUSINESSWORLD

INSIDE BROAD STREET He noted that improvement in dollar supply to manufacturers arising from the growth in the country’s external reserves as well as improved crude oil production, contributed to the economic expansion.

A view of Lagos ﬁnancial district

AKINWUNMI IBRAHIM

Economic Diversification Remains the Way Out Obinna Chima Although Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS) last week showed that the Nigerian economy expanded marginally in the second quarter (Q2) of the year and has exited recession, the near-term vulnerabilities and risks to economic recovery and macroeconomic stability remain elevated in the country. Therefore, analysts have stressed the need for policymakers to continue to drive towards diversifying the country’s revenue base in order to achieve sustainable economic growth. The NBS figures showed that the economy grew by 0.55 per cent (year-on-year) in Q2 2017. It is noteworthy that the muted Q2 2017 growth rate was 2.04 per cent higher than the corresponding quarter of 2016 (-1.49%) and higher by 1.46 percentage points over the -0.91 per cent recorded in the preceding quarter. According to the report, Nigeria’s economic recovery was driven principally by the performance of four main economic activities comprising oil, agriculture, manufacturing and trade. Clearly, the growth rate was driven mainly by oil sector GDP, which recovered significantly by 17.04 percentage points from the -15.40 per cent recorded in Q1 2017 to 1.64 per cent in Q2 2017, reflecting the relative peace in the Niger Delta and increased oil output from the region. Expectedly, this rubbed off positively on the electricity and gas sector, which also grew significantly by 35.5 per cent, compared to the contractions of 5.04 per cent in Q1 2017 and 10.46 per cent in Q2 2016. Nevertheless, while oil GDP expanded considerably in the second quarter of 2017, non-oil GDP only grew slightly by 0.45 per cent, down from 0.72 per cent in the preceding quarter. The non-oil sectoral breakdown showed that the agriculture sector, which should be the main growth driver in the government’s

MARKET INDICATOR quest to diversify the economy, grew by only 3.01 per cent in Q2 2017, down from 3.39 per cent in Q1 2017 and 4.53 per cent in Q2 2016. Manufacturing also declined to 0.64 per cent, compared to 1.36 per cent in Q1 2017, while trade which has a dominant share of GDP remained negative at -1.62 per cent, but the contraction in the sector decelerated from the -3.08 per cent recorded in Q1 2017. The NBS report further showed that industry grew positively by 1.45 per cent in Q2 2017, after nine consecutive quarters of negative growth since Q4 2014. Similarly, financial services sector grew by 11.78 per cent in Q2 2017, compared to 0.60 per cent in Q1 2017 and -13.24 per cent in Q2 2016. These figures clearly call for more work by policymakers so as to promote activities in the non-oil sectors, even though some Nigerians have continued to criticise the NBS report, saying they were yet to feel the impact of the economic turnaround. NBS Explains The Statistician General of the Federation, Dr. Yemi Kale, last week explained that economic recovery was a gradual process, stressing that Nigerians would not feel the impact of the country’s exit from the recession overnight. Speaking in an interview on ARISE News Channel, the broadcast arm of THISDAY Newspapers, the NBS boss noted that the first step to come out of an economic recession was to halt the contraction, which the nation has been able to achieve. But Kale, who took his interviewers through reasons why the nation was able to reverse the contraction, however, stressed that the GDP growth attained in the second quarter was still fragile. According to him, the economy started

slowing down from six per cent, before it slumped to five per cent, and continued spiralling downwards. “Nobody was paying attention then. The numbers are there. From five per cent it went to three per cent, two per cent and down to negative. It has been happening for a while, but nobody was paying attention. “So, the same way, the recovery will be a gradual process. The first step is to arrest the decline. Once you stop the slump, then you can now build on it. That is the stage we are in now. It doesn’t mean that things are now alright. “Look at manufacturing, during the recession, employers laid off workers, they cut down on advertisement and in the process the advertising companies lost revenue, sacked staff and cut back on other services,” he pointed out. According to him, the country exiting the recession was based on 46 different economic activities. In those 46 activities, he said some grew while some contracted. Shedding more light on how the NBS arrived at its data, Kale said when the entire sectors were aggregated total output came to 0.55 per cent. He explained: “It does not mean that the entire economic activities were negative. Of the 46 economic activities, 21 still remained negative which suggested that everything was not yet well. But the other 25 that went positive were enough to push up the overall figure. So, that was basically what happened. “So the man on the street would say he didn’t feel the growth, but there is a reason for that: the broader sectors that drove the growth were agriculture and industry. Industry is basically mining, manufacturing and crude oil production. “Whether I have money in my pocket or not, does not stop the oil from flowing from the Niger Delta. So, when you say oil production grew the economy, the man on the street will not feel it because it has nothing to do with his pocket,” he explained.

Analysts’ Opinion With this feat, the Director General of the West African Institute for Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo said, there is need for the government to continue to push for structural reforms. Specifically, the WAIFEM boss urged the government to ensure that the challenge of epileptic power supply is addressed, take steps to improve the quality of education in the country, continue with the drive to promote made-in-Nigeria goods and services as well to improve the quality of infrastructure in the country. In addition, Ekpo said: “Monetary policy should now be loosened. It shouldn’t be tight so as to enhance growth.” Also, the Chief Executive Officer, Cowry Assets Management Limited, Mr. Johnson Chukwu, urged the government to ensure the implementation of the Economic Recovery and Growth Plan (ERGP). “We cannot control oil price, but we can control what we produce. So, the government must ensure that the peace in the Niger Delta is sustained. Then the policies they have put together in the ERGP, the government needs to evolve actionable plans towards implementing those policies. “For example, the target for the power sector, we need to have actionable plans on how to achieve that. The issue of stopping the importation of refined petroleum products must also be addressed. “Also, our approach to infrastructure financing should be reviewed such that public-private partnership is adopted because government does not have the wherewithal to fund infrastructure,” he added. On his part, the Chairman, Polar-Afrique Consulting Limited, Dr. Chris Itsede, believes the government is getting into indebtedness and an ambitious spending plan which obviously outstrips its expected revenue stream. Itsede, who is the founding Director General of the West African Institute for Financial and Economic Management, said what he expected was for the government to scale back expenditure and tighten spending efficiency, so that for example, if you spend N1, it would be sure of getting at least 85 per cent of the real value of that N1. “That is spending efficiency and that is what we should be thinking about now. If you look at the numbers now, our debt profile as a country is really alarming. It has never been this bad. Research Analyst at FXTM, Lukman Otunuga also stressed the need for governments at all levels in Nigeria to focus on infrastructural development. Otunuga pointed out that while major roads in the country are in poor condition; the power sector remains a cause for concern, adding, health and education also needed to be revamped. According to the analyst, rectifying these issues has the ability to not only create jobs but also support economic growth and boost investor confidence. He said: “Focusing on the fiscal side, this still remains a grey are with the nation’s longrunning infrastructure problems compounding to its woes. With the overall projected fiscal deficit tagged at N2.36 trillion one can only hope that the approved budget offers a helping hand to the nation. “Nigeria’s mission to diversify away from oil reliance while recovering from an economic deceleration remains an on-going quest and it will be interesting to see how far the nation has progressed by year end.” According Otunuga, the current speed of Nigeria’s recovery could be described as slow and steady, with the macro-fundamentals gradually stabilising. “Although I remain optimistic over Nigeria resurging from an economic meltdown and eventually breaking away from its dependence on oil as an engine for growth, there are still external risks which could present headwinds on the road to recovery. “The greatest threat to Nigeria’s current recovery in the medium to longer term is depressed oil prices. Falling oil has the ability to directly impact the nation’s government revenues, external reserves, and stability of the nation’s foreign exchange market,” he said.

T H I S D AY ˾ MONDAY, SEPTEMBER 11, 2017

BUSINESSWORLD

MONDAY INTERVIEW

Okonkwo: Fidelity Bank Will Continue to Fund Bankable Projects Managing Director/Chief Executive Officer of Fidelity Bank Plc, Mr. Nnamdi Okonkwo recently spoke with journalists on sundry economy issues and on the bank’s half year results for the period ended June 30, 2017. Chika AmanzeNwachuku presents the excerpts: Recently, the National Bureau of Statistics said Nigeria is now out of recession, as a banker ,can you tell us some of the damages recession caused the economy? Recession simply means negative growth in an economy over a specific period of time. I am not in a position to quantify the damage but I am in a position to know that a lot of things slowed down in line with the slowing economic growth, because the banking industry is a melting point of what goes on in the economy. For instance, if my bank has a customer at Idumota in Lagos who normally lodges in N1 million into his account daily and now he is lodging in N200,000.00, it is because something or the engine of what was responsible for generating those revenues is no longer firing as before. Also, if a bank gives out a consumer loan and it is not performing, it is probably because that consumer, that government employee or corporate employee is not getting his salary on time in line with the situation in the economy. The same thing goes for when a bank finances a factory that was expanding its production line to increase output and suddenly that factory realises that it cannot kick off that line because there is no longer demand for its products because of general slowdown in demand. So I am not able to calculate the quantum but in terms of everyday impact on business, it was a thing everybody felt. Having said that, let us take the news of being out recession with caution and not celebrate yet. The federal government started the Economic Recovery and Growth Plan (ERGP). It is the disciplined execution of that plan that matters for now. On the monetary side, I want to commend the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele and his team because they were under intense pressure to devalue the naira but they stayed focussed to address the issue from the retail end of the market by opening up a window where banks were given $2 million weekly to enable individuals buy foreign exchange to pay tuition fees of their children in foreign higher institutions and before you know it the exchange rate dropped from N520 per dollar to about N370 presently. Besides tuition fees, the apex bank also allowed SMEs and operators in the aviation industry to have access to foreign exchange but perhaps the most significant move by CBN in stabilising the currency was the introduction of Investor/Exporter FX window which has resulted in major inflows by portfolio foreign investors. Why are banks reluctant to lend to agric and the real sector of the economy? There have been so much talk about banks not willing to fund agricultural sector of the economy and I have asked repeatedly, why would a bank that is set up to buy and sell money see an opportunity to sell money that it has bought and would not be willing to sell. The answer is if a bank sees a bankable agricultural project, it will fund it. For instance, if a person has personal money to lend as a money lender, I don’t think such a person will like to go to a village and lend the money to a farmer who does subsistence farming, who does not know how to use herbicides; who does not understand book keeping and who does not know that the money the lender gives to him is a debt that needs to be paid back. Thankfully, we now have an avenue to fund such local farmers through Anchor Borrower Scheme where their products are guaranteed off take by bigger companies such as rice mills.

Okonkwo And guess what, the scheme is producing great quantities of rice in the country. So if subsistence farmers in the villages could be put together by professional private sector operators under cooperative societies and extension services are being used like what obtains in the CBN’s Anchor Borrower Scheme, banks will be willing to fund such farmers because their produce have guaranteed off take and there are some

There are lots of bankable agricultural projects banks had funded and are still funding across the country. For instance, Fidelity Bank has a huge portfolio of agricultural projects it has supported over the years. One of the best rice mills in the country today, based in Kano was funded by the bank and I am not talking about now when everybody is talking about agric. I am talking about as far back as 2010. If you go there today it is a very solid company that we are proud of

organised structure under which they operate. Having said that, there are lots of bankable agricultural projects banks had funded and are still funding across the country. For instance, Fidelity Bank has a huge portfolio of agricultural projects it has supported over the years. One of the best rice mills in the country today, based in Kano was funded by the bank and I am not talking about now when everybody is talking about agric. I am talking about as far back as 2010. If you go there today, it is a very solid company that we are proud of. Despite remarkable performance of Fidelity Bank in the ﬁrst half of the year, there was a slight decline in the deposit base, what was responsible for this? We had a slight drop in deposits because of the high yield in treasury bills and bonds which attracted depositors to migrate to such instruments. Secondly, we deliberately took a decision to optimise our balance sheet because we do not want to be known as a bank with a big balance sheet without efficient returns. Therefore, though we could grow our deposit by say N20billion, using expensive deposits but profit and returns will suffer. The half-year result showed that we are producing more revenue with less assets and we are springing out more revenue with a more efficient Balance Sheet. Finally, our numbers depict a substitution situation where the major area of growth is now in low cost deposits which currently account for 75per cent of our total deposit base. Fidelity Bank’s outlook for the end of the year Well, our half year audited accounts made us happy but we are not relenting in our quest to deliver even better returns. Therefore we will stay focussed on executing our strategies so that full year will meet expectations. How is the bank handling its investment in 9Mobile? As you are aware, the creditor banks came together to appoint a new Board and Management for the company with the Deputy Governor of the CBN as chairman of the board. The company has good fundamentals, with about 22million subscribers and it also has

I want to commend the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele and his team because they were under intense pressure to devalue the naira but they stayed focussed to address the issue from the retail end of the market by opening up a window where banks were given $2 million weekly to enable individuals buy foreign exchange to pay tuition fees of their children in foreign higher institutions and before you know it the exchange rate dropped from N520 per dollar to about N370 presently. Besides tuition fees, the apex bank also allowed SMEs and operators in the aviation industry to have access to foreign exchange but perhaps the most significant move by CBN in stabilising the currency was the introduction of Investor/Exporter FX window which has resulted in major inflows by portfolio foreign investors

very strong in data. Our interest is to ensure the company remains as a going concern so that it can attract interested buyers. The banks are working collectively on this. What are your plans for your Eurobonds maturing next year? On Eurobond, we have $300 million Eurobonds maturing in May 2018 and we advised the market that we are considering options: Should we refinance? Should we issue another one or should we pay off the one that is maturing? We have informed the market that come September 30, we would make announcement on the options we have chosen. Why is Fidelity Bank not giving out loans to operators in the oil and gas industry? That is not correct, oil and gas form about 27 percent of our loan book mainly in the upstream sector.

T H I S D AY MONDAY SEPTEMBER 11, 2017

T H I S D AY ˾ MONDAY, SEPTEMBER 11, 2017

BUSINESSWORLD

APPOINTMENT / AWARDS

PTAD Appoints New Directors The Pension Transition Arrangement Directorate (PTAD) has appointed two new directors and three substantive directors to man its operations. The new directors are Mrs. Ndidi Egwuatu, appointed as Director, Civil Service Pension Department, and Mrs. Olufunmilayo Onafowokan, Director, Pension Support Service Department. The substantive directors are Babagana Kaigama, Director, Police Pension Department, Charles Wali, Director, Parastatals Pension Department and Sulayman Yusuff-Shelleng, Director, Corporate Services Department. A statement by Deputy Direc-

tor Corporate Communications of PTAD Emma Okondo said the appointments take immediate effect. He also said this, forms part of repositioning exercise embarked upon by the directorate for better service delivery . Egwuatu has a Masters degree in International Law and Diplomacy and was until her appointment an acting Chief Risk Officer having gathered wealth of experience from banking industry as a prominent banker. Onafowokan is a Fellow, Institute of Chartered Accountants of Nigeria and had wealth of experience in financial control and auditing in both the private sector and educational service.

With the new appointees in their positions, PTAD assured the public that it remained committed to fulfilling its responsibilities to pensioners under the Defined Benefit Scheme (DBS). Barely six months ago, PTAD sacked five directors over employment irregularities and redeployed some staff back to the office of the Accountant General of the Federation. This, followed a staff audit authorised by the Head of Service of the Federation upon the request of the Executive Secretary of the Directorate, Barr. Sharon Ikeazor. Available information said that the staff audit was conducted because upon assumption of

MEDIA PARLEY

office as the head of the directorate, Ikeazor, was inundated with requests from staff for the confirmation of their appointments. The report uncovered irregularities in the appointment of the directors by the former ES, Mrs. Nellie Mayshak and led to the sack of the directors. The directors sacked were Godson Ukpevo of the Civil Service Pension Department; Uloma Uruakpa of Custom, Immigration and Prison’s Department; Taiwo Ogundipe in charge of Parastatal Department; Atiku Dambatta of Police Pension Department and Roz Ben-Okagbue of Pension Support Services Department.

R-L: Senior Management Staﬀ of Asset Management Corporation of Nigeria (AMCON), Prisca Ndu, who represented the MD/CEO, Mr. Ahmed Kuru; Managing Director/Chief Executive, Proshare Nigeria, Mr. Femi Awoyemi and Money Market Correspondent of THISDAY Newspapers, Obinna Chima, at the Financial Journalists’ and Banks’ Communications Managers Parley organised by Center for Financial Journalists in Lagos ... recently

Global Entrepreneurship Network Appoints Opeseitan PR Ambassador Africa’s Young Entrepreneurs (A.Y.E), an international entrepreneurship network, with over 12.6 million members across Africa, has appointed a Nigerian Public Relations practitioner, Olabode Opeseitan as its Public Relations Ambassador. In a statement signed by A.Y.E’s Regional Manager, Joy Michael, the Johannesburg, South-Africa headquartered organisation said Opeseitan’s enormous continental PR experience will be harnessed to support the promotion of one of the network’s fundamental goals of arousing the entrepreneurial skills of young Africans and transforming them into a global economic power house. “Our focus at A.Y.E is the successful development of Africa’s budding entrepreneurs through

mutual networking in collaboration with established captains of industry, government parastatals and international organisations. We are delighted that Opeseitan identifies with A.Y.E’s objectives and has accepted to be our PR Ambassador, thereby using his decades of experience in journalism, public relations, events and promotions to support the bold agenda of A.Y.E to uplift Africa’s budding entrepreneurs,” said Michael. In his acceptance remarks, Opeseitan congratulated the A.Y.E for what he called its very noble objectives and thanked the organization for considering him worthy of the honour, promising to use his knowledge and extensive pan-Africa contacts to support “the virtuous and

altruistic mission of the group.” Opeseitan who, with other like minds, founded SA&B, a new fully integrated Marketing Communications company in August, 2017, had worked at African Newspapers of Nigeria (ANN), the oldest privatelyowned newspaper in Nigeria where he rose to become the Editor of the Saturday edition of ANN’s publications and joined Globacom Limited in 2003, where he served in various capacities, including the Director of PR, Events and Promotions until July 2017. In its mission statement, A.Y.E stated that it is committed to empowering young entrepreneurs across Africa by creating platforms that facilitate intra-trade on the continent.

Coding among Youths, Children Will Trigger Revolution, Say Experts Emma Okonji In furtherance of efforts to ensure Nigeria’s place in the emerging digital economy, experts have called on the government to support initiatives to teach children coding as this can precipitate a silent revolution. Speaking at the closing ceremonies of ‘A Summer to Code’ training in Alimosho, Lagos State, the Chief Content Officer at De Royale Hall Resources, Mr. Elvis Eromosele, noted that in the emerging digital society, coding would become as basic as reading

and writing. He explained that coding, which makes it possible for us to create computer software, apps and websites, will become the new literacy. According to him: “It is imperative that children be provided access to coding know-how, to ensure that Nigeria and Nigerians are not left behind. “Coding is now a life skill, so children from every strata of society deserve the opportunity to acquire coding skills, to be prepared for the future and to keep abreast with change in the society.” He explained that there is no limit to what they can achieve,

“we only need to provide the platform to set them on the right path. ‘A Summer to Code’ helped to create an enabling environment and platform to help them find expression for their thoughts and imaginations. “In the course of this summer, we found that coding equally helped to strengthen the children’s logical thinking, improved their problem solving skills and boosted their readiness for the digital future,” he said. On the experience, Eromosele noted that the six Saturdays of learning to code, was highly enlightening.

PENSION REFORM BILL: EXPERTS WARN AMENDMENT WILL JEOPARDISE CPS, DEPLETE N6.5TN PENSION ASSETS

( PTAD’s) budget proposal which indicated a total annual pension liability of the sum of N388,320,580,231.64, Eguarekhide said out of that amount, the sum of N255,896,017.38 constituted unfounded liability which was inherited by PTAD mostly due to outstanding payments for 33 percent pension arrears to pensioners under the Defined Benefit Scheme (DBS). He observed that the federal government’s pension liability burden under the DBS is much higher than the PTAD proposals in view of the provisioning of about N74.53billion for the military Pension Board, N7.64 billion for the state’s security service and N3.71 billion for the National Intelligence Agency. According to him, with this, it would be fiscally imprudent to increase the number of this category of retirees under that scheme and would render the retirees financially vulnerable and unsecured. Eguarekhide said: “The proposed bill is faulty on so many levels due to the fact that it is based on a misunderstanding of the concept of pension payment under the CPS.” Besides, he also said it would render retirees financially vulnerable and insecure, lead to sustainable allocation of funds to cater for the agencies being exempted due to large number of police personnel and result in dismantling of the systems, institutions and resources that government had put in place

including the culture of national savings and efforts to eradicate structures that encouraged corruption in the pre pension reform era. He added: “Indeed, it is the benefit of the CPS that are attracting increasing number of state governments in Nigeria and other African countries to adopt and implement the scheme in favour of their respective employees. From the above listed negative impacts, it calls to question the motives of the sponsor of the bill and their supporters within the listed paramilitary organisations.” Speaking recently on the bill seeking 75 percent lump sum withdrawal from contributors’ RSA, Managing Director IEIAnchor Pensions Managers, Glory Etaduovie, said the proposal, if allowed, would destroy the very essence of pension which is to ensure a steady income for retirees at retirement. He said the agitation for 75 percent lump sum withdrawal at this initial stage, looks exciting and interesting but would certainly not be good for the future of the retirees. “This looks exciting on hearing same but not futuristic. Steady pension payment is to both re-settle a retiree into a new life without creating a radical difference, retaining income consistency and considering the length of time one may live, up to 30 years of life after retirement. Children are less dependable as insurance when unemployment and under employment is high.”

T H I S D AY MONDAY SEPTEMBER 11, 2017

T H I S D AY Ëž MONDAY, SEPTEMBER 11, 2017

BUSINESSWORLD

PERSPECTIVE

Pension Reform and the Legislative Do-Gooders In this article, Paddy Ezeala posits that the Contributory Pension Scheme remains the answer to the growing pension liabilities in Nigeria, insisting that the bill seeking to amend the Pension Reform Act negates the whole essence of individual participation and the contributions that defines the scheme It seems that Nigeria would have disappointed the rest of the world if the Contributory Pension Scheme (CPS) were to run unfettered without spanner being put in the works somehow somewhere. Arguably, the CPS operating under the Pension Reform Act 2004 as amended by the Pension Reform Act 2014 has been the most effective and visibly successful programme of the Federal Government since the return of democratic governance in 1999. Needless to recount or reminisce on the plight of pensioners in the old defined benefit pension scheme adopted by the various tiers of government and even some private sector establishments before the advent of the CPS. The runaway success that the CPS has become is turning out to be its greatest burden. With amassed pension assets to the tune of more than N6.5 trillion and more than seven million enrolees, the centrality of the pension industry in the future development narrative of Nigeria is almost assured. I addressed the issue of the role of pension funds in national development in a widely published article entitled: The Liquidity Squeeze and the Traction of Pension Funds. However, the sore point of this rapidly growing industry is the clearly perceptible lack of adequate public awareness on the workings of the scheme. This ignorance permeates even the very high echelon of society including the highly educated circles. This lack of awareness can be said to be at the root of the barrage of policy or statutory somersaults emanating from the legislative arm of the Federal Government. This however does not detract from the altruism and/or good intensions that could underlie the actions of the legislators behind the more than seven bills snaking their way through the chambers of the National Assembly. These bills aim to profoundly amend the Pension Reform Act of 2014. One would not believe that legislators deliberately set out to make laws to disorientate a scheme that has run without hitches for twelve years without President of Pension Operators Association of Nigeria (PenOp), Longe Eguarekhide any known case of fraud. The most contentious of the bills already compliance of those establishments with the freedom of the worker to choose his/ in the works in the National Assembly is the scheme. It would also shake up the her PFA. This freedom would further be the one sponsored by Honourable Oluwole financial system considering the fact that accentuated by the portability that would Oke on May 16, 2017 seeking to amend pension assets are invested in various asset come with the impending opening of the the Pension Reform Act 2014 in order to classes, the bulk of which is in government transfer window by the National Pension shut out some paramilitary organisations securities. Commission (PenCom). Railroading a including the Nigerian Security and Civil The most devastating of all the consegroup of workers into one pension option Defence Corps (NSCDC), Nigeria Customs quences would be the ripple effect this is evidently retrogressive. Also, returning Service, the Nigeria Police, the Nigeria ill-advised legislative proposal would have. paramilitary establishments to the Defined Prison Service, Nigeria Immigration Service Benefit Scheme is a giant step backwards What would prevent all the ministries and and the Economic and Financial Crimes even all agencies of government from exitinto the dark era of dysfunctionality and Commission (EFCC). This bill has already ing or having their own PFAs? We should corruption that characterized pension. The passed its second reading and is being commandism that characterizes the military not forget that one of the demands of the treated by the relevant Committee of the Academic Staff Union of Nigerian Universiand paramilitary organizations would House of Representatives. Another one ties (ASUU) in the ongoing nationwide not even help matters in managing both is the Bill sponsored by Senator Aliyu strike is the establishment of a special salaries and pension of their officers and Wamako of Sokoto North Senatorial Zone pension scheme/PFA that would among men. seeking to â€œâ€Śfurther amend the Pension other things allow professors and associate It should be noted that the old Defined Reform Act 2014 to Provide for Definite professors retire with their full monthly Benefit Scheme left a deficit of almost two Percentage a Retiree can withdraw from salaries. The CPS is indeed severely trillion naira by 2004 before the commencehis RSA and for other matters thereto.â€? threatened by Nigerian peculiarities and ment of the CPS. It is against the backdrop This clause is recommending that retirees of this deficit that pension assets have been unbridled impetuosity. The Government withdraw 75% of the total value of their can still bridge the shortfall in the pension grown to more than 6.5 trillion naira. To Retirement Savings Account (RSA) while of professors if need be without univermanage the backlog of pension liabilities, the remaining 25% remains to service their sity teachers dabbling into pension fund the Federal Government set up the Pension pension requirements. Transition Arrangement Directorate (PTAD). administration. These two recommendations fall flat The other Bill proposing the withdrawal With the annual pension liability of more in the face of reason and operability. It of 75% of the total value of RSAs by than 388 billion naira out of which more negates the whole essence of individual retirees is a clear manifestation of lack of than 255 billion naira constitutes unfunded participation and contribution that defines proper understanding of the real essence liability, there is no doubt that the Federal the CPS. It is this individuating element of of pension. The pension industry under Government is overwhelmed by crushing the scheme that stands it out. Participation the CPS is arguably the most regulated pension burden. This is the situation under in the CPS is an individual thing and not industry in the country today. The industry, which the legislators are proposing ada collective enterprise. Not even when intricate as its, operates under clearly laid ditional burden. pension funds are managed collectively. down and airtight procedures and guideThe exit of all paramilitary agencies from There is a fiduciary relationship between an the CPS would entail dismantling of all lines and the regulatory body, PenCom, RSA holder and his Pension Fund Adminhas lived up to expectation in enforcing structures in those institutions including istrator (PFA). The beauty of the scheme is compliance. pension desk offices established to oversee

What matters is the amount a retiree goes home with as pension every month or what is called replacement ration. Pension replaces oneâ€™s salary in the whole arrangement. The replacement ratio in the current scheme is 50%. In other words, a retiree should be able to earn a minimum of 50% of his/her salary at the time of retirement as pension. How many workers would be able to amass Retirement Savings Accounts 25% of which would be able to fund monthly or quarterly pension worth 50% of their monthly salary for the rest of their life? Pension administration in modern times is an intricate and highly technologically-driven enterprise. It can survive policy reforms but certainly not politicization. There is need for a demonstration of proper understanding of issues and in-depth research before contributions are made to enrich or buttress government policies. Our legislators should tread softly even when they might seem to mean well for the citizenry. The contributory Pension Scheme remains the answer to the growing pension liabilities in the country and the unimpeachable social security safety net for Nigerian workers on retirement. It is participatory, all-inclusive and transparent. It should therefore be insulated from unnecessary politics and the excesses of meddlesome interlopers and latter day do-gooders. t&[FBMB JT B DPNNVOJDBUJPO BOE EFWFMPQNFOU TQFDJBMJTU CBTFE JO "CVKB &NBJM QBEEZF[FBMB!ZBIPP DP VL

T H I S D AY MONDAY SEPTEMBER 11, 2017

T H I S D AY Ëž Ëœ ÍŻÍŻËœ 2017

BUSINESS/MONEYGUIDE

CBN Pledges to Sustain Intervention in Forex Market Obinna Chima The Central Bank of Nigeria (CBN) at the weekend assured members of the public of its continued intervention in the interbank foreign exchange market in order to sustain liquidity and stability in the sector. The Acting Director, Corporate Communications Department at the Bank, Mr. Isaac Okorafor, who gave the assurance in Abuja, said measures taken by the Bank had yielded positive results as far as forex supply was concerned. While acknowledging a marginal fluctuation in the exchange rate, he noted that the naira remained stable against other major currencies around the world; even as he observed that activities in the foreign exchange market remained dynamic.

According to him, the interventions of the central bank were in line with its commitment to sustain liquidity in the market to meet genuine requests as well as deepen flexibility in the foreign exchange market. However, Okorafor warned speculators against nefarious activities, adding that the CBN had put necessary checks in place to guard against sharp practices in the forex market. While stressing that there was nothing to suggest that the CBN planned to discontinue its forex intervention, he noted there had been accretions in the countryâ€™s foreign reserves from $30 billion to about $32 billion. Okorafor therefore urged those who genuinely require foreign exchange for their transactions to approach their banks, noting that the banks had enough forex

to meet the demands for foreign exchange. The central bank had consistently injected funds into in the interbank foreign exchange market, which received a boost of $547million in the last round of intervention. Meanwhile the naira exchanged at the rate of N363 to the US dollar in the Bureau de Change segment of the market last Friday. It however closed at N358.50 to the dollar on the Investors and Exportersâ€™ window where turnover as at Friday was $231.23 million. As part of efforts to mitigate risk by bank customers that carry out transactions through Unstructured Supplementary Service Data (USSD), the CBN last week unveiled to members of the public an exposure draft on the regulatory framework for banking platform.

FirstBank Targets Disbursement of N15bn to Private Schools With the beginning of another school term and as students return to school after the long holidays, FirstBank of Nigeria Limited at the weekend disclosed that it had set aside N15billion through its various product offerings for private schools in Nigeria. The bank said it remained committed to supporting schools with their business requirements to enhance preparations for the school year. According to a statement, FirstBank had developed an array of products and solutions targeted at enabling schools acquire attractive educational facilities to support their business whilst empowering parents and guardians to seamlessly send their wards back to school. It stated that FirstBankâ€™s educational products and solutions include the FirstEdu Loan, Operational Vehicle Loan, Term Loans for constructing new sites and extension of existing sites, Personal Loan against Salary (PLAS) and Salary Overdraft (SODA) which enhances Parents/Guardiansâ€™ capacity

to pay their wardsâ€™ school fees. The FirstEdu loan is targeted at private nursery, secondary and A-Levels schools. The product offers opportunity for private schools to access flexible funding to meet urgent cash flow needs, replace old furniture and equipment, as well as refurbish dilapidated buildings and classroom blocks. â€œWith this product, school owners/proprietors can stay ahead of competition in providing educational services and support to the target population by maintaining acceptable standard infrastructure at all times. â€œThis product allows the customer access up to N10 million with no tangible collateral required apart from the domiciliation of school account with the bank. This reduces the cost of borrowing to the customer and eliminates the challenges posed by the provision of additional demanding collaterals,â€? it explained. According to the statement, the Operational Vehicle Loan is targeted at registered businesses. It allows the entrepreneur to

acquire brand new vehicles for the day to day operation of the business, the bank stated. It pointed out that organisations can take advantage of this facility to purchase school buses in the case of school proprietors and even upscale their staff welfare schemes through provision of staff buses. In the same vein, the Personal Loan against Salary (PLAS) offers customers in paid employment access to cash to meet immediate financial needs such as payment of school fees, medical treatment, holiday expenses, etc. PLAS has a flexible repayment plan spread up to 48 months for customersâ€™ convenience. There is no equity contribution or collateral requirement. The Salary Overdraft Account (SODA) is also available to customers who want short tenured overdraft to meet immediate financial needs. SODA can be dispensed as a one-off overdraft for 30 days with up to 40 per cent net salary and a revolving overdraft for 180 days with 25 per cent of applicantâ€™s average previous three months net salary.

MARKET INDICATORS DECEMBER 2016 -- 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)

26,774,684.47

---- 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) ---- 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

Flour Mills to Increase Investments in Local Production Flour Mills of Nigeria Plc (FMN) has reiterated its resolve to continue to invest in local production, in line with the drive of the federal government. The Chairman of the FMN Group, Mr. John Coumantaros, said this in his speech at the companyâ€™s 57th annual general meeting that took place in Lagos recently. Though the operating environment had been tough and challenging, Coumantaros urged shareholders of the company to look to the future with confidence that the Groupâ€™s prospects were promising and bright while the fundamentals were strong. He said FMN was determined to continue to feed the nation every day. Coumantaros said to further the Groupâ€™s vision to be involved at all stages of the food chain value â€“from farm to table -raw materials were being produced locally to ensure that good quality

and fair value products were developed through the food supply chain to final consumers. â€œWe shall keep maintaining our wide portfolio of high quality consumer food options and step up our input of locally sourced raw materials, thereby supporting the livelihood of Nigerian businesses. â€œWe shall continue to invest in our growing portfolio of localised products in support of the nationâ€™s economy. â€œAs we strive to further restructure our operations, streamline our business operations to focus on core businesses, constantly monitor and manage our costs optimally, improve and re-engineer our existing product range, we will focus on innovation and develop new strategies for the market, making our products more visible and available at points of sale,â€? he added. He said the Group would also continue to improve sales, merchandising, redistribution personnel and activities.

Furthermore, he pointed out that in its continued support of the federal governmentâ€™s backward integration policy, it was determined to ensure that its agro-allied strategy provides sustainable returns on capital invested by maximising local content in Group products. â€œBy our policy of aggregating grains and local farm products, we are creating jobs and boosting rural economy. â€œWe are determined to continue to ensure that our investments and processes aside from ensuring value for shareholders and other stakeholders continue to enrich the lives of our consumers, farmers, suppliers and other relevant stakeholders,â€? he added. Flour Mills posted revenue of N375 billion in 2016, representing a growth by 51 per cent, over the N284 billion recorded last year. Its profit before tax was N11 billon, compared with the N6.2 billion it made the previous year.

-2,841,337.90

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MONEY MARKET INDICATORS (%) December 2016 Inter-Bank Call Rate

10.39

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

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OPEC DAILY BASKET PRICE AS AT THURSDAY, 7 SEPTEMBER 2017

The price of OPEC basket of fourteen crudes stood at $52.48 a barrel on Thursday, compared with $52.04 the previous day, 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)

T H I S D AY Ëž Ëœ ÍŻÍŻËœ Í°ÍŽÍŻÍľ

MARKET NEWS

PZ Cussons Grows ProďŹ t to N3.8bn, to Pay N1.9bn in Dividends Goddy Egene PZ Cussons Nigeria Plc yesterday recorded a profit after tax of N3.886 billion for the year ended May 31, 2017, showing an increase of 73 per cent over the N2.129 billion posted in 2016. The audited results released by the company to the Nigerian Stock Exchange (NSE) indicated that the company posted a revenue of N79.65 billion, up

by 14.5 per cent from N69.52 billion posted in 2016. In line with the high inflationary trend during the review period, cost of sales went up from N49 billion to N51 billion, while sales and distribution expenses rose from N8.825 billion to N9.09 billion. However, net finance cost fell from N387 million to N195 million. Consequently, profit before tax stood at N4.811 billion in

T H E

2017, up from N3.148 billion, while profit after tax grew to N3.886 billion, from N2.129 billion in 2016. The directors have recommended a dividend of N1.98 billion, which is 50 kobo per share for the shareholders. According to the company, it has adapted its management structures to create a truly customer care organisation, saying as part of a global organisation,

N I G E R I A N

it has benefitted from global innovations and initiatives of the group. â€œIn this breadth, our supply chain processes and sales functions have been integrated as a single structure across the globe and across the region,â€? it said. PZ Cussons Nigeria noted that it is confident of its brands which are leading in the market segments they participate. â€œWe are going to sustain the

STO C K

current initiatives that have proved to be positive and effective. We will also keep the focus on key brands,â€? it said. Meanwhile, trading at the stock market was bullish for the first time in five days following the return of the bulls yesterday. The NSE All-Share Index appreciated by 0.58 per cent to close at 35,609.07, compared with the depreciation of 0.28 per cent recorded the previ-

E XC H A N G E

ous day. Similarly, the market capitalisation appreciated today by 0.58 per cent to close at N12.27 trillion. The appreciation recorded in the share prices of Dangote Cement, Stanbic IBTC, Zenith Bank, Guinness, and Nigerian Breweries was mainly responsible for the gain recorded in the Index. Investors traded 281.83 million shares worth N4.77 billion in 4,066 deals.

˾ MONDAY, SEPTEMBER 11, 2017

MARKET NEWS

Shareholders Commend Heirs Holdings’ Investment Strategies Goddy Egene Shareholders have commended the investment strategies of Heirs Holdings (HH) Plc that have turned around the fortunes of some listed companies and deliver improved returns to investors. HH, which is a vision of Tony Elumelu, is an African proprietary investment company, with interests in financial services, hospitality, power, oil and gas, real estate and healthcare. It primarily targets three kinds

of investments (underperforming assets, entrepreneurial start-ups and joint ventures). One of the company’s proven strengths is turning underperforming assets into drivers of growth for sustainable returns. Using this strength, HH has repositioned United Bank for Africa Plc, Transcorp Plc and Transcorp Hotels Plc and delivering returns to investors. Commending the strategy of HH, shareholders under the aegis of Association for the Advancement of Rights of Nigerian Shareholders

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

(AARNS), said the Chairman of HH, Elumelu and his team have brought value to the many investors in the stock market. The President of AARNS, Dr. Faruk Umar, who spoke to THISDAY, said before now, UBA was regarded as an old and inefficient bank, while Transcorp was moribund. “But since HH bought into UBA, the bank has been transformed into a leading financial institution not only in Nigeria but it is now a panAfrican financial conglomerate.

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 07-Sept-2017, unless otherwise stated.

Shareholders have been sharing from this growth. The same thing can be said of Transcorp, which was almost dead. But Elumelu has been able to reposition the company and it is now performing and has also listed a separate company, Transcorp Hotels Plc, which is equally doing very well,” he said. According to Umar, Elumelu deserves a lot of commendation for showing good leadership qualities that helped in the transformation of these companies.

“You can see the quality of directors in UBA, for instance. The composition of the board has greatly improved and from what we are seeing from last year and half year results, they are strictly sticking to corporate governance rules. This has translated to what we are seeing in terms of financial figures. So I really want to commend the repositioning,” Umar said. UBA grew its gross earnings by 34.5 per cent to N222.7 billion in 2017, from N165.6 billion recorded in corresponding

period of 2016. Interest income rose from N107 billion to N155 billion, while net interest income grew by 58 per cent to N101.4 billion, compared with N64.1 billion posted in 2016. It posted a Profit Before tax (PBT) of N57.5 billion, showing a growth of 65.5 per cent over N34.8 billion recorded in the corresponding period of June 2016, while profit after tax (PAT) rose by 56.2 per cent to N42.3 billion, as against N27.1 billion recorded in the half-year of 2016.

Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 171.46 172.05 34.97% Nigeria International Debt Fund 230.55 231.22 9.01% 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 16.36% 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 18.74% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 16.97 17.49 37.48% ARM Discovery Fund 358.85 369.67 24.96% ARM Ethical Fund 25.40 26.17 13.71% ARM Money Market Fund 1.00 1.00 18.24% 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 142.03 143.03 35.04% AXA Mansard Money Market Fund 1.00 1.00 18.70% 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 19.70% 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 1,123.71 1,124.80 10.83% FBN Heritage Fund 141.42 142.04 26.59% FBN Money Market Fund 100.00 100.00 18.44% FBN Nigeria Eurobond (USD) Fund - Institutional $110.92 $111.59 7.70% FBN Nigeria Eurobond (USD) Fund - Retail $109.93 $110.60 7.48% FBN Nigeria Smart Beta Equity Fund 150.61 152.80 33.77% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 1.33 1.36 43.09% Legacy Short Maturity (NGN) Fund 2.86 2.86 11.13% 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 2,849.82 2,893.40 29.23% Coral Income Fund 2,348.10 2,348.10 11.59% 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 15.97% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 1.00 1.00 18.31% Vantage Balanced Fund 2.06 2.08 22.29% Vantage Guaranteed Income Fund 1.00 1.00 18.02%

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 13.65% Lotus Halal Fixed Income Fund 1,040.55 1,040.55 8.22% 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 12.68 12.78 31.16% Meristem Money Market Fund 10.00 10.00 18.96% 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 1.16 1.18 16.92% PACAM Fixed Income Fund 10.76 10.82 3.57% PACAM Money Market Fund 10.00 10.00 17.20% 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 119.17 121.35 17.64% 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 2,150.66 2,162.34 17.44% Stanbic IBTC Bond Fund 163.00 163.00 5.87% Stanbic IBTC Ethical Fund 0.95 0.97 24.68% Stanbic IBTC Guaranteed Investment Fund 208.63 208.63 11.63% Stanbic IBTC Iman Fund 168.86 171.04 30.06% Stanbic IBTC Money Market Fund 100.00 100.00 18.67% Stanbic IBTC Nigerian Equity Fund 9,362.97 9,464.50 23.42% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.29 1.30 15.25% United Capital Bond Fund 1.38 1.38 13.43% United Capital Equity Fund 0.85 0.83 23.68% 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 12.35 12.54 27.19% Zenith Ethical Fund 13.04 13.19 19.11% Zenith Income Fund 18.39 18.39 11.23%

REITS NAV Per Share

Yield / T-Rtn

11.41 129.68

1.01% 4.61%

Bid Price

Offer Price

Yield / T-Rtn

10.63 104.23

10.73 106.19

23.22% 37.55%

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

4.38 9.47 16.82 19.88 132.94

4.42 9.55 16.92 20.08 134.94

58.21% 34.51% 40.74% 24.49% 3.10%

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

T H I S D AY MONDAY SEPTEMBER 11, 2017

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CITYSTRINGS

StarTimes Celebrates with Less-privileged Ahead of the Sallah celebrations, StarTimes Nigeria embarked on visits to select charity homes in Lagos to celebrate with less-privileged children, writes Peter Uzoho

ver the last two years, StarTimes Nigeria has identified and adopted charity as an integral part of its corporate social responsibility (CSR) initiatives aimed at touching the lives of less-privileged children around its host communities in the country. Every quarter, the company selects charity homes from a pull of many states it does business with, to visit and render some support to them. This, it does by providing them with essential items for their survival, ranging from food items, to clothing, and to even, providing them with important appliances they need for their comfort. The company follows this up by enquiring from them their future needs to enable it make provision for them before the next visit. When on August 31, it paid a surprise visit to two charity homes in Lagos ahead of the Salah celebrations, there was the feeling of sense of belonging amongst their hosts. â€œThank you for coming to our home; thank you for your kindness to us. God will bless you,â€? five-year-old Favour warmly said to StarTimes team. Young Favour is one of the children at the Mother Theresa Orphanage, Ketu, one of the homes visited. She was playing with her fellow children under the watchful eyes of their caregiver, Miss Helen Ikogo when members of the team were ushered into their rooms. Favour could not but express gratitude to their August visitors and benefactors. She was full of excitement for seeing such an organisation come to identify with them not minding where fate has placed them. Favour and her fellow children were indeed overwhelmed by the amount of food and other household items that were given to them for their sustenance. At least, they were sure of what to eat for the next three months. The entrance of the delegates in their rooms, the delegates exchanging handshakes and talking with them, really gave them the assurance that they are not forgotten. Seeing members of the companyâ€™s team in their gorgeous outlook would no doubt, make them want to be like them and have a positive view of life other than where they see themselves which was part of the purpose for the visit. Joining her beloved children in showing gratitude to their visitors, Chief Matron of the Home, Sister Mary Mbuva, thanked StarTimes Nigeria for extending their blessing to the children and, in turn, prayed that God would reward them accordingly. Mbuva, a Tanzanian, who is managing the home that has a population of 60 children, must have, through the visit by a responsible organisation like StarTimes, seen the hospitality and caring nature of Nigerians. Even with short notice, she never expected that the company would be that eager to want to come to them to render such kind of support. Although, not given to much talk, her mood really captured the impact of the visit by the organisation. Mbuva was even

The StarTimes delegation with some Down Syndrome patients and oďŹƒcials of the Down Syndrome Foundation Nigeria, Surulere, during the former's visit to the charity home...recently

The less-privileged children at Mother Theresa Orphanage, Ketu, Lagos; oďŹƒcials of the charity home; and StarTimes delegation, during the latter's visit... recently

Over the last two years, StarTimes Nigeria has identiďŹ ed and adopted charity as an integral part of its corporate social responsibility (CSR) initiatives aimed at touching the lives of less-privileged children around its host communities in the country

more surprised when the team requested to know what they would need that were not in the items provided. Hesitantly, she could reel them out. â€œWe need many things,â€? she uttered. â€œWe need heater; we need tomato, milk, golden morn, cornflakes, adult pampers,â€? Mbuva mentioned. Seeing the team off to their cars, she was engaged in cordial interaction and, her face was full of smiles as she profusely thanked them for coming. At the same time, the delegates assured her that all that she had requested for would be provided to them come next visit. Leaving Mother Theresa Orphanage, StarTimes team moved to the Down Syndrome Foundation Nigeria, in Surulere, where they met with children

suffering from Autism and Down syndrome. Due to the holidays, only few, out of about 45 children in the foundation were around to receive the blessing from their kind visitors. They were watching film with the Vice-President of the foundation, Mr. Muyiwa Majekodunmi, in a cheerful atmosphere when the team arrived. StarTimes immediately presented to them, branded T-shirts as their first gifts, which got them excited and, they could not hesitate to try them out while posing for photograph. Food items of different kinds were equally donated to them by the organisation. Speaking after receiving the gifts on behalf of the foundation, Vice-President of the Foundation, Majekodunmi, said the visit by StarTimes was a

manifestation of the fact that more awareness was being created on the issue of Down syndrome and other related diseases in the country. He said lack of adequate awareness of the health defect and its management had led to too many problems in families. He noted that marriages have broken up because people donâ€™t understand anything about the health challenge. â€œYou see husband blaming wife; wife blaming the husband; family members accusing either of the spouses. Children are abandoned by parents simply because they are confirmed to be patients of the disease,â€? Majekodunmi said. â€œAnd for coming here unannounced they have done the right thing,â€? he noted. â€œItâ€™s really a privilege to have them here and also

T H I S D AY ˾ MONDAY, SEPTEMBER 11, 2017

CITYSTRINGS

Sales Director, StarTimes, Mr Thunder Lei, presenting gifts to Down Syndrome patients

StarTimes oﬃcials chatting with the Down Syndrome patients and the foundation's oﬃcials after presenting T-shirt packs to them

a pleasant surprise and we’ll like to see more people coming around. We hope this is a sign of a new relationship and, like I’ll always say, ‘the sky is not the limit’; there is more that can always be done beyond the gifts,“ he said. Majekodunmi explained that the foundation was established because his son, Solomon, is a Down syndrome patient and wanted to ensure that he took adequate care of him through the foundation rather than throwing him away. He pointed out that the children have some good talents that need to be developed. “They’re not daft, they have potentials. They have talents that need to be developed to get the best out of them. So we all need to join

They’re not daft, they have potentials.They have talents that need to be developed to get the best out of them. So we all need to join in ensuring that we render the support they need to be useful to themselves and useful to the society as well. We’re hoping that other organisations will be encouraged to coming in and support what we’re doing as StarTimes has just done

Chief Executive Oﬃcer, SarTimes Nigeria, Mr Justin Zhang

in ensuring that we render the support they need to be useful to themselves and useful to

the society as well. We’re hoping that other organisations will be encouraged to coming in and support what we’re doing as StarTimes

has just done. He noted that there are lots of benefits from supporting charity and called on government, corporate organisations and well-meaning individuals to contribute towards helping the less-privileged children. Giving insight into the visitations and the donations, Chief Executive Officer of StarTimes Nigeria, Justin Zhang, said it was a way of giving back to the children who, he said, needed the items most, noting that they decided to focus on Lagos this quarter. Zhang, who spoke through the Manager, Public Relations, StarTimes Nigeria, Mr. Funmi Balogun, said the organisation would lend more support to the children, explaining that the gifts presented to them were all the basic things they needed to keep them going. He assured that StarTimes would participate actively in the Awareness Walk coming up in October, which is being planned by the Foundation. “We’ll support them with some other things they need. While we were in there, we discovered that they may need a bigger generator set. So we’re thinking big and I know that by the next three months when we’ll decide to go on another drive, we know that for sure they will get better things from us going forward. Zhang added: “What we’ve given them may appear little to someone’s eyes but to them it’s a big deal. They’re very excited that an organisation like StarTimes remembered them. Look at the gifts we gave them, you could see how happy they were and, it makes us happy as an organisation to see these kids happy as well. So if any organisation who deems it fit to support kids that are less-privileged and does so it will be good thing and I believe if organisations can partner or come together to do things like this the children will be more better.”

T H I S D AY MONDAY SEPTEMBER 11, 2017

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MONDAY, SEPTEMBER 11, 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Hurricane Irma: Eye of Storm Hits Florida Keys The eye of Hurricane Irma has hit Florida’s southern islands as a category four storm, forecasters say. The storm is lashing the low-lying Keys with winds

reaching 130mph (209km/h). Florida Governor Rick Scott said he was “very concerned” about the state’s western Gulf Coast, where the storm is expected to head next.

Bangladesh Minister Speaks of ‘Genocide’ in Myanmar’s Rakhine Bangladesh’s foreign minister said Sunday that genocide was being waged in Myanmar’s violence-racked Rakhine state, triggering an exodus of nearly 300,000 Muslim Rohingya to his country. “The international community is saying it is a genocide. We also say it is a genocide,” A.H. Mahmood Ali told reporters after brieﬁng diplomats in Dhaka. Ali met Western and Arab diplomats and the heads of UN agencies based in Bangladesh to seek support for a political solution and humanitarian aid for the Rohingya. He told the diplomats that some 300,000 of them had ﬂed to Bangladesh in the past two weeks, taking the total number of such refugees to over 700,000. “This is creating a huge challenge for Bangladesh in terms of providing shelter as well as other humanitarian assistance

to them,” a foreign ministry statement said. At least two diplomats who attended the brieﬁngs said the minister told them as many as 3,000 people may have been killed in the latest round of violence. The United Nations says 294,000 bedraggled and exhausted Rohingya refugees have arrived in Bangladesh since attacks by Rohingya militants on Myanmar security forces in Rakhine on August 25 sparked a major military backlash. Tens of thousands more are believed to be on the move inside Rakhine. Mainly Buddhist Myanmar does not recognise its stateless Muslim Rohingya community, labelling them“Bengalis”-- illegal immigrants from Bangladesh. International aid programmes in Rakhine have been severely curtailed as the ﬁghting tore through parts of the state.

More than 6.3 million people in Florida were told to evacuate, with warnings of a “life-threatening” storm surge. More than a million homes are without power. Irma has already devastated parts of the Caribbean with at least 25 deaths. What is happening in Florida? Extreme winds, around the eye of the hurricane, are

Cities such as Tampa and St Petersburg lie in the path of the storm. The Tampa Bay area, with a population of about three million, has not been hit by a major hurricane since 1921. Governor Scott told NBC’s Today Show that though authorities had prepared all week for the arrival of Irma, the prospect of such a large storm surge was “really scary”.

be “almost like suicide”. Media reports say a man was killed on Saturday in the Keys when his trucked crashed into a tree as the storm gathered pace. As the eye of the storm is expected to move north to mainland Florida, more than a million homes in the state are reported to be without power and some 50,000 people have taken refuge in shelters.

expected to last for the next two hours in the Lower Florida Keys area, which includes Key West. All residents had been ordered to leave. There are reports of storm surges on the coral cay islands, most of which are only a few feet above sea level. Some surges could reach 15ft (4.6m). One ofﬁcial had warned staying on the islands would

Rohingya Rebels Call One-month Myanmar Ceaseﬁre as Exodus Grows Rohingya militants in Myanmar, whose raids sparked an army crackdown that has seen nearly 300,000 Muslim Rohingya flee to Bangladesh, on Sunday declared a unilateral ceasefire but the government declared it would not negotiate with “terrorists”. The United Nations said 294,000 bedraggled and exhausted Rohingya refugees have arrived in Bangladesh since the militants’ attacks on Myanmar security forces in neighbouring Rakhine state on August 25 sparked a major military backlash. Tens of thousands more are believed to be on the move inside Rakhine after more

than a fortnight without shelter, food and water. “The Arakan Rohingya Salvation Army (ARSA) hereby declares a temporary cessation of offensive military operations,” the group said in a statement on its Twitter account. It urged “all humanitarian actors” to resume aid delivery to “all victims of humanitarian crisis irrespective of ethnic or religious background” during the one-month ceasefire until October 9. In addition to Rohingya, some 27,000 ethnic Rakhine Buddhists as well as Hindus have also fled violence in the northern part of Rakhine

state. ARSA called on Myanmar to “reciprocate this humanitarian pause” in fighting. Myanmar, which has previously labelled ARSA as “terrorists”, appeared to reject the overture. “We have no policy to negotiate with terrorists,” Zaw Htay, a senior government spokesman, tweeted late Sunday. Aung San Suu Kyi’s government has come in for strong international criticism over the military’s treatment of the Rohingya -- including the alleged laying of mines along the border to prevent those who fled from returning.

Three Rohingya are reported to have been killed by a mine and others including children have been injured. Mainly Buddhist Myanmar does not recognise its stateless Muslim Rohingya community, labelling them “Bengalis” -- illegal immigrants from Bangladesh. Rohingya refugees say the army operations against ARSA led to mass killing of civilians and the burning of hundreds of villages, sending them across the border. International aid programmes in Rakhine have been severely curtailed, as the fighting tore through parts of the state.

China, the world’s biggest car market, plans to ban the production and sale of diesel and petrol cars and vans. The country’s vice minister of industry said it had started “relevant research” but that it had not yet decided when the ban would come into force. “Those measures will certainly bring profound

changes for our car industry’s development,” Xin Guobin told Xinhua, China’s ofﬁcial news agency China made 28 million cars last year, almost a third of the global total. Both the UK and France have already announced plans to ban new diesel and petrol vehicles

Article 5 of the Nato treaty says that an attack against one member is considered an attack against all. Guam, an island territory of the US in the Paciﬁc Ocean, is a key military outpost and has been the subject of heated rhetoric from Pyongyang. “I will not speculate about whether Article 5 will be applied in such a situation,” Mr Stoltenberg said.

“What I will say is that we are now totally focused on how can we contribute to a peaceful solution of the conﬂict and press North Korea to stop its nuclear missile programmes.” He called on North Korea to stop its development of nuclear weapons, saying it was a blatant violation of UN security resolutions and “a threat to international peace and stability”.

Swiss Glacier Collapses, After Hundreds Evacuated Part of the Swiss alpine glacier Trift in the country’s south collapsed Sunday, but caused no damage or casualties and residents evacuated from the area can return home, police in Valais canton said. More than 220 people living in the ski resort of Saas-Fee had to leave their homes on Saturday as authorities feared a collapse of the glacier could

trigger an ice avalanche which could reach the village. The lower part of the glacier collapsed early Sunday but did not reach the houses, allowing residents to return and for a local road to reopen, though hiking trails remain closed, police said in a statement. Geologists had recently noticed significant move-

11-13 October 2017 | Landmark Centre, Lagos, Nigeria

by 2040, as part of efforts to reduce pollution and carbon emissions. Chinese-owned carmaker Volvo said in July that all its new car models would have an electric motor from 2019. Geely, Volvo’s Chinese owner, aims to sell one million electric cars by 2025.

North Korea: NATO Chief Says Global Response Needed Nato’s general secretary, Jens Stoltenberg, has said North Korea’s nuclear programme “is a global threat and requires a global response”. “That of course also includes Nato,”he told the BBC’s Andrew Marr Show. But he refused to say whether an attack on the US overseas territory of Guam would trigger the military alliance’s collective defence pact.

TO EE ND FR TTE A

China Looks at Plans to Ban Petrol and Diesel Cars

ment along the “tongue” of the Trift glacier, up to 130 centimetres (50 inches) in a single day, local authorities said. “There remains only about a third” of the unstable tongue of the Trift glacier, police said, adding that the area is under surveillance and “the situation will be continually reevaluated.”

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˾ MONDAY, SEPTEMBER 11, 2017

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Arik Shareholders File N20bn Suit against FG, Ethiopian Airlines Chinedu Eze Shareholders of Arik Air Limited have filed a N20 billion suit against the federal government and Ethiopian Airlines over recent stories in the media that they were in negotiations on the takeover of the airline. Ethiopian Airlines had stated that it has submitted a bid for Nigeria’s largest carrier, but this was dismissed by the Asset Management Corporation of Nigeria (AMCON) which took over the troubled airline last February over mounting debts. AMCON’s chief executive, Ahmed Kure had informed THISDAY that he had not received a bid from Ethiopian Airlines for Arik. The suit challenging the so-called takeover bid was instituted by the shareholders of the airline at the Federal High Court, Lagos, against Ethiopian Airlines, the Federal Ministry of Transportation and the Attorney

General of the Federation, Mr. Abubakar Malami (SAN). A copy of the suit which was filed on September 6 by Arik’s counsel, Mr. Babajide Koku (SAN), Mr. Chukwuemeka Nwigwe and Mrs. Ezinne Emedom, was obtained by THISDAY yesterday in Lagos. In its statement of claims, supported by a 20-paragraph affidavit and deposed to by Mr. Chris Ndulue, a director with Arik Air, the plaintiff asked the court to restrain the first and second defendants from further negotiations on the Nigerian airline’s takeover. The plaintiff averred that the AMCON had taken over the airline on February 8, which was challenged by its management via two suits already pending before the Federal High Court, Lagos. According to the plaintiff, the suits numbers are FHC/L/ CS/827/17 and FHC/L/ CS/826/17, adding that the

Minister of State for Aviation, Hadi Sirika negotiations by the defendants will render the outcome of the suits nugatory. “The plaintiff avers that the agreement of the second defendant with the first defendant will be wide ranging and intricately affect every aspect of the plaintiff herein, including but not limited to the day to day running, technical as well

The plaintiff also asked the court for an order directing Malami to ensure the investigation of Ethiopian Airlines by the appropriate authorities for inducing and interfering in the administration of justice in the pending suits. The shareholders added that if found culpable, the Ethiopian airline should be charged to court for criminal contempt, contrary to Section 133 (4) and (9) of the Criminal Code Laws of Lagos State, Cap C17 Laws of Lagos State of Nigeria, 2004. The plaintiff also asked the court for an order compelling the Inspector General of Police to investigate the actions of the second defendant. It further asked the court for N20 billion, being punitive damages against the first defendant, for inducing or partaking in the interference of the rights of the plaintiff and the administration of justice. Speaking on behalf of the

stakeholders, former vicepresident of Arik Air, Senator Anietie Okon accused Ethiopia Airlines of engaging in unethical behavior and of conspiring with unnamed persons in the Nigerian government to take over Arik, noting that records show that Ethiopian Airlines has owed huge debts in the past which with the support of its own government it had defrayed but is currently still indebted to various creditors. Okon noted that in the aviation industry, debts by airlines were a continuum and it is believed that as long as that airline is flying it owes debts. According to him, debts are staggered and paid for and in all countries of the world, most governments support their airlines, whether flag carriers or national carriers, including those that are indebted. He said Arik has over 2,000 direct staff and is indirectly providing sustenance to over 5,000 Nigerians.

and the general running of the party in the state. Oyegun said during the 2015 campaign, APC had focused on three core areas, namely, the fight against corruption, stabilising the economy and restoration of peace and security in the country. He recounted that the achievements of the administration included the fight against the insurgency, tackling corruption, and revamping of the economy through the implementation of the Treasury Single Account

(TSA) and stringent monitoring of expenditure. “Your Lordships, the state of the nation is strong. The difficult conditions in which the APC administration took over have been stabilised and the country is headed in the right direction. “The weak economy is being diversified through an aggressive focus on agriculture, development of solid minerals, the creative industry, and other viable sectors. “Today, the Buhari administration is transforming the nation’s economy from being

oil-dependent and consumerbased to a multi-sector and production-based economy. “The economy is currently being directed on the path of inclusive growth in which the weaker elements of the society are not left behind but supported through social safety nets. “The political space is liberal and individuals and groups are able to freely express their opinions without repression. National peace and security challenges are being tackled assiduously and the future of the country is bright,” he said.

the federal government for its decision to resort to what it described as the use of “brute force” to resolve the increasing spate of agitation for selfactualisation in the South-east zone. The group faulted the launch of a fresh military operation code named “Python Dance II” which has led to the deployment of heavy military arsenal to the South-east in an obvious bid to battle the people of the zone to submission. The statement signed by the Secretary of ECA, Mr. Elliot Ugochukwu-Uko said the option of a military operation, even in area areas where such actions were uncalled for, instead of embarking on the restructuring of Nigeria for enduring peace and development, was totally unacceptable. “The blunt refusal of the sectionally controlled government of today, to listen to the cries, yearning and pleas of the people to begin the consensual reconstruction of Nigeria in order to enthrone equity peace and progress throws up only one option: application of brute force in order to sustain the unjust status quo. “For the second time in ten months, heavy military equipment, acquired with oil proceeds are rolled into eastern Nigeria in line with the two-year old policy to intimidate, terrorise and silence the long oppressed people of the region, whose only sin is that together with three other zones of the country, they

are crying for a restructuring of Nigeria to enthrone fiscal federalism and regional autonomy like we had in the first republic,” the group said. According to ECA, the Nigerian state, by the launch of the military operation “has again confirmed the rumours, that justice, equity and fair play isn’t anywhere near its mindset and that the continued oppression and intimidation of the people of eastern Nigeria through brute force remains her choice strategy of engaging the frustrations and anger of the much-oppressed people of the region. “This seems to be the path rulers of Nigeria today seem to prefer. Whether this path will lead to peace and stability is something else. “The paranoia, the prevarication and the invasion of pythons cannot in anyway alter the resolve of our people, who are completely fed up with Nigeria as presently constituted and have wholly resolved to stay away from Nigerian affairs, including voting in elections, until Nigeria is restructured into a truly federal nation,” it said. The group said the owners of Nigeria who created 36 unviable states, according to their whims, and handed the rest of the nationals a military constitution, “say they are only ready to use brute force to try to sustain the unworkable unitary structure that has brought misery and sorrow to 196 million Nigerians”. “Younger generation of Easterners believe they would

never get justice in the current unitary structure where everything including the University admission cut off mark is deliberately skewed against them. “Like the unhappy people of Scotland, Quebec, Catalonia, etc, they desire a peaceful separation from a land that has vowed never to give them justice. “The older generation believes Nigeria could still be salvaged through a consensual restructuring of the polity along the lines of true federalism anchored on regional autonomy. “But the owners of the universe who deliberately took total control of the defence, intelligence and security architecture of the country, believe that prevarication and pretences will hide their acute paranoia and phobia for truth. “No amount of quit notices, hate songs, cobra or viper dance can stop the restructuring of Nigeria if Nigeria will survive. “The hubris of the oppressor could only lead to a direct provocation of the peaceful but angry masses of eastern Nigeria, who continue to bear in a remarkable stoic manner, the savagery of the Fulani herdsmen, who clearly are above the law while praying fervently for the much-desired freedom. “Any attempt to slap the honour and dignity of the people could lead to unintended consequences. We are not perturbed by the desperate follies of a clueless oppressor,” the statement from ECA said.

as financial management, which will affect the plaintiff as being the largest domestic and regional airline in Nigeria. “The plaintiff further avers that the action taken by the first and second defendants will have a negative effect on the country’s image, as the plaintiff being the largest airline will be pawned over to another country for management,” it said. The plaintiff also averred that the negotiations had caused undue hardship and irreparable damage to the Arik Air brand and ongoing investment discussions as well as unbearable distress to the airline’s shareholders and directors. The plaintiff therefore asked the court to declare the negotiations null and void because the Ministry of Transportation has no power to transfer the management of the airline to Ethiopian Airlines while the suits over the takeover by AMCON were pending.

APC TO SUBMIT RESTRUCTURING FRAMEWORK TO FG, SAYS OYEGUN the APC as regard to Nigeria’s federalism. He said the recommendations of the committee will be reviewed by the party organs and a framework for implementation of the report will be presented to the government. “As a governing party, the vision for our country is clear and it is to steer it to peace, progress and the restoration of hope for a better tomorrow for all our people. “The APC is committed to working hard to achieve this vision by building and

consolidating on the successes so far achieved while striving for accelerated growth and development. “The recommendations of the committee will be reviewed by the party organs and a framework for the implementation of the accepted report will be presented to the government,” he said. Speaking on the criticism of the APC-led administration, Oyegun said despite the daunting challenges, President Muhammadu Buhari has performed creditably.

Oyegun told the bishops that the APC-led administration has delivered on key aspects of its promises to Nigerians. “I am happy to confirm to your Lordships that while there is much work to be done, the President Buhari-led APC administration has been able to achieve a lot in its over two years of stewardship,” he said. The statement issued yesterday by the publicity unit of the APC said Oyegun also used the opportunity to meet with the party’s stakeholders in Taraba State to assess the leadership

SOLDIERS INVADED MY HOME, KANU CLAIMS, ARMY DENIES Igbo race under the pretext of a military exercise in a peaceful civilian environment”. IPOB said the act was primitive, criminal and intended to intimidate and provoke and must not go unchallenged by men and women of good conscience. “This latest attempt to use military show of force in Biafraland to deal with legitimate peaceful agitation for self-determination vindicates IPOB’s position that Nigeria is irredeemably primitive and incapable of human development. “Where on earth is it heard that combat ready troops are deployed within the borders of a country to deal with a non-violent civil matter; only in Nigeria. “It makes a mockery of the role of the military and nonsense of the constitution that soldiers can be ordered by one army officer without the permission of the Senate to kill civilian populations in an area devoid of any conflict. “This is one of the many reasons we IPOB cannot share the same geopolitical space with people that can hardly reason like humans. “The Nigerian Army is only strong when it comes to killing unarmed peaceful civilians. We advise (Lt.-Gen-Tukur) Buratai not to march his army into Biafraland under the cover of Operation Python Dance II because IPOB is agitating for self-determination in a peaceful manner. We have no arms and will never resort to bearing arms,” he said. In its condemnation of the military’s planned operation,

Onitsha-based rights groups, Coalition of Human Rights Organisations in collaboration with International Society for Civil Liberties and the Rule of Law (Intersociety) also condemned the launch of Operation Python Dance II by the Nigerian Army in the South-east geopolitical region, saying that it was a bastardisation of the security of the people of the region. The statement issued yesterday by Emeka Umeagbalasi of Intersociety, Aloysius Attah of the Civil Liberties Organisation and others, said the operation was nothing short of an “open confrontation and daring affront on the will and psyche of the people of the region”. While lamenting the lopsided composition of personnel of the operation, the group described the operation as an army of occupation. The statement said: “The Nigerian Army’s commencement of the so-called ‘Operation Python Dance II’ in the South-eastern part of Nigeria, starting from 15th September to 14th October 2017, is nothing short of radicalisation and bastardisation of civil security in the South-east or Igbo heartland of Nigeria, as well as the deliberate traumatisation of the law abiding and peaceful people of the zone. “It is also a clear case of declaration of unprovoked and unwarranted war on the Igbo population right inside their ancestral citadel. This act of mindless militarisation and militarism in a supposedly

democratic dispensation has a lot of intractable consequences. “When a peaceful people are pushed too far or to the wall and subjugated to the extreme over issues concerning their rights of existence and ethnic identities, the response in many, if not most cases, results in far reaching consequences and complications; if not in the short run, then in the long run. “We have warned on this before (that is in our memo to the present federal government dated 16th of February 2016) and we are warning on same again. “Global history is replete with several instances where the same radicalisation and bastardisation of civil security and ethno-religious sentiments and disquiet of sub-national entities dangerously escalated and transformed; pushing the referenced sub-nationals to reprisal radicalisation by way of insurgency or street crime warlordship and turning such sub-national entities and the entire national entity into a socio-political toxemia or failed and balkanised states. “Those who are the repositories of state coercion or force of arms have always been warned by modern theorists of violence not to make a suicidal mistake of seeing themselves as ‘sole holders of the monopoly of violence’ and always see and treat violence and its controllers as double-edged swords,” the groups said. Similarly, a pro-restructuring group, the Eastern Consultative Assembly yesterday berated

MONDAY, SEPTEMBER 11, 2017Ëž T H I S D AY

NEWS

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

Atiku Contributed to the Success of APC in 2015, Aide Insists Freed Chibok girls not forced to attend AUN, says ex-VP Onyebuchi Ezigbo The Media Office of former Vice-President Atiku Abubakar, who has come under heavy criticism by some members of the ruling All Progressives Congress (APC) for saying he had been sidelined by the party and the President Muhammadu Buhari administration despite contributing to its success in the 2015 elections, has maintained that he (Atiku) contributed to the partyâ€™s victory in the presidential election. Atiku and the Minister of Women Affairs, Mrs. Aisha Alhassan, have rocked the boat of the party recently, with the latter stating that her loyalty lay with the former vice-president who she said she would support should he contest for the presidency in 2019. However, in a statement by Atikuâ€™s media aide, Paul Ibe, the media office said it was a distortion of facts to claim that the former vice-president did not contribute to APCâ€™s victory in the 2015 election. According to the statement, â€œIt

is a distortion of facts for anyone to lay claim that Atiku did not contribute to the success of the APC success at the presidential election. â€œThat is not true. It is the alternative fact that is being contrived to suit the needs of the time by those who do not wish the ruling party and democracy well. â€œAtiku before, during and after the presidential election contributed his time, energy, resources, ideas and counsel to the success of the ruling party at the 2015 presidential election. â€œEven the person laying claim to that is not in a position to know what transpired (in a campaign in which I was a Deputy Director of the Media and Publicity Directorate) since he was not a member of the APC Presidential Campaign Council, the highest organ of the campaign that had as members President Muhammdadu Buhari, Asiwaju Bola Tinubu, Atiku Abubakar, among several others. â€œThe Atiku media office was part of the campaign. The president acknowledged the fantastic work that the

Directorate of Media and Publicity of the APC Presidential Campaign did. â€œAtiku continues to seek the success of the Buhari administration for the good of Nigeria, the ruling APC and democracy.â€? Also, the former vicepresident, who is the founder of the American University of Nigeria (AUN) Group of Schools, has expressed shock at what he described as an attempt to exploit young Chibok girlsâ€™ trauma to score cheap political points. While responding yesterday to a story by an online medium, in which it was alleged that one of the freed Chibok girls attempted suicide because she was being forced to attend ABTI School, founded by Atiku, Ibe dismissed the story as false. â€œAtiku is not aware that anyone is forced to attend ABTI schools. The story is contrived hogwash. He urges the media, a

critical partner in our march to progress and development, to remember that not everything is about 2019,â€? he said. The statement by Ibe further said: â€œI wish to stress that the intention of the Waziri Adamawa was to give the freed Chibok girls (just like he did to an earlier batch in 2014) the best education, and that was why he helped set up the foundation programme to create such an opportunity in a familiar environment. â€œUnfortunately, the best intentions can backfire. These girls are still healing, and clearly, the recent deterioration of the security situation in the Northeast has opened old wounds. â€œThe Waziri Adamawa prays that those who have suffered so much get all the treatment and support they need and urgently calls on the federal government to honour its promise to make Nigerians feel safe again.â€?

Aisha Alhassan Denies Accusing El-Rufai Meanwhile, Alhassan said yesterday that the statement attributed to her on the involvement of Nasir el-Rufai, Kaduna State governor, in the kidnap of the Chibok schoolgirls in 2014, was false. Dantsoho Suleiman, Alhassanâ€™s spokesman, in a statement, said the comment was a â€œplot to cause bad blood between Senator Jummai and her APC colleaguesâ€?. The minister has of late been in the news for her endorsement of Abubakar Atiku, former vicepresident, for the presidency in 2019. Reacting, el-Rufai had said supporters of Buhari had opposed his choice of Alhassan as a minister as â€œshe was never in the Buhari campâ€?, reported news website, The Cable. To counter the online chatter that she made accusations against the governor, the statement read:

â€œThe current APC government under President Buhari inherited a series of problems from the past administration, the kidnap of the Chibok girls by the dreaded Boko Haram happens to be one of them and President Buhari and our military have been able to rescue some of them and checked Boko Haramâ€™s excesses. â€œSenator Jummai is not in possession of any security report and therefore will never have made the statement allegedly made by her against the person of governor el-Rufai. â€œBoko Haram kidnapped many others, including women and children apart from the Chibok girls. And this government has been able to rescue most of them. â€œThe plot to cause bad blood between Senator Jummai and her APC colleagues will continue to hit a brick wall.â€? Alhassan also has accused

Contâ€™d on Pg 54

UBA Highlights Investment Opportunities in Chad Obinna Chima The United Bank for Africa (UBA) Plc has described the Republic of Chad as one of itsÂ subsidiaries in the continent and urged potential investors to look into the country as an investment destination. The pan-African bank was present at a roundtable organised in Paris recently, by the government of the Republic of Chad, on the financing of the countryâ€™s National Development Plan (2017- 2021). The forum was opened and closed by the Chadian President, Idris Deby Itno. In attendance were the President of Mauritania, Moamed Ould Abdel Aziz; all the Chadian cabinet ministers, representatives from various governments, including the governments of Japan, Canada, the United States, Saudi Arabia, Switzerland and from the African Union, AfDB, EU, IMF, the IFC and many others. A statement from the bank explained that the Chairman of UBA Group, Mr. Tony Elumelu. was represented by the CEO, UBA Francophone Africa, Emeke E. Iweriebor. Iweriebor who spoke at a session during the forum stated that UBAâ€™s decision to invest in Chad a decade ago turned out to be a very sound investment decision. He said UBA Chad had contributed to the growth of the Chadian economy through financing infrastructure, a critical lever in sustainable development. HThe statement went further

to describe UBA Chad as one of the Pan-African bankâ€™s high performing subsidiaries in the continent and encouraged potential investors to look into Chad as an investment destination. â€œWith presence in 19 African countries and in London, Paris and New York, UBA has supported several projects in Tchad including a 60 Mega Watt Central Electricity power plant in Farcha. UBA contributed $18.5million and led the syndication that raised $80 million for the project resulting in an improvement in the access to electricity in Chad by 3.9 per cent. â€œThe bank continues to support the government of Chad in its development initiatives in the areas of infrastructure, oil and gas and other key sectors of the economy,â€? he added. The forum on the National Development plan saw many organisations and countries pledging to support Chad with about $20 billion having been raised. Ending the forum, the Chadian President Itno thanked all the people and organisations present who had come to support the country, promising that the administration was going to put in the maximum effort to ensure that the development plan is successful. â€œThis administration is a transparent one that is working with partners to ensure successful implementation of all the projects. It is the responsibility of the government to lead the country to sustainable development,â€? he said.Â

SHOWCASING NIGERIAâ€™S MINERAL RESOURCESâ€Ś

Australian Foreign AďŹ€airs Minister, Julie Bishop (MP), at the Ministry of Mines and Steel Developmentâ€™s exhibition stand at the Africa Down Under (ADU) conference, held in Perth, Australiaâ€Ś recently

UN Secretary-General Names Fowler Member, International Experts Committee on Tax Matters The United Nations SecretaryGeneral, Mr. Antonio Guteress, has named the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, as a member of the International Experts Committee on Tax Matters. The committee has 25 members worldwide. Fowlerâ€™s appointment was conveyed by Mr. Bolaji Akinremi, Minister Plenipotentiary of Nigeria Permanent Mission in New York, in an e-mail to the FIRS. Akinremi, in the e-mail, said: â€œI have great joy to inform you that the UN Secretary-General, Guteress, has appointed Fowler as one of the 25 members of the

prestigious International Experts Committee on Tax Matters for a four-year tenure to commence at the inauguration ceremony in Geneva on Â October 1, 2017. Â â€œIn addition to the notification of the appointment by the secretary-general to the UN, Economic Council already placed on the website of the council, individual letters of appointment would be addressed to the appointee and the appointee is to formally accept the nomination through a letter of acceptance addressed to the UN secretarygeneral through the Nigeria Permanent Mission New York. Please, express the heartfelt congratulations of

the Permanent Representative of Nigeria to the UN Tijjani Muhammad-Bande, to Mr. Williams Babatunde Fowler on his appointment and a warm wish for a successful tenure.â€? Fowler, who is also the Chairman of the African Tax Administration Forum (ATAF) and the Joint Tax Board (JTB), was Chairman, Lagos Internal Revenue Service (LIRS). His sterling performance in Lagos led to a sharp rise in Internally Generated Revenue (IGR) from an average of N3.6 billion monthly, as at January 2006, to an average of over N23 billion monthly as at June 2015. Despite a challenging economy, with crude oil at

under $50 per dollars for the most part of 2016 and a sliding purchasing power, Fowler led FIRS to realise over N3.303 trillion in 2016. With Fowlerâ€™s leadership, the FIRS got the ATAF Award for the best Innovation in Africa, with the FIRS e-Stamp Duty solution, while the Chartered Institute of Taxation, Ghana, (CITG) honoured Fowler as a fellow of the Institute. FIRS recently introduced six payment solutions: e-Registration), e-Stamp Duty, e-tax pay, Remita), e-Receipt, e-filing and e-Tax Clearance Certificate e-TCC- to make tax payment easy as ABC, anytime, anywhere.Â

MONDAY, SEPTEMBER 11, 2017˾ T H I S D AY

NEWSXTRA

States Scored 69% in Public Expenditure Reforms, Says NGF Onyebuchi Ezigbo ÓØ ÌßÔË The Nigeria Governors’ Forum Secretariat (NGFS) has said its assessment has recorded 69 per cent success in Public Expenditure Reforms being implemented by governments at the sub-national level. Ahead of its forthcoming NGF conference on fiscal sustainability scheduled to hold in November 2017, the NGF said state governors’ contribution to the nation’s economic recovery has been tremendous. In a statement issued yesterday by the Head of Media and Public Affairs, Abulrazque Barkindo, the forum said the disclosure was made in a presentation by an economist at the NGFS, Mr. David Nabena, when the FSP technical committee met at the Federal Ministry of Finance in Abuja “Thanks to governors and their reforms at the subnational level, there is a 69 per cent success in Public Expenditure Reforms being implemented by governments at the subnational

level,” it said. According to NGF, economists adjudged that this feat by the states may have contributed immensely to the quick turnaround of the national economy which wriggled itself out of recession much faster than the public had expected. The FSP committee comprises of officials of the Nigeria Governors’ Forum and the Federal Ministry of Finance. The statement explained that Fiscal Sustainability Plan, the framework for the sustenance of state governments in Nigeria, which is a product of an agreement between federal and state governments, The FSP seeks to improve transparency and accountability, increase public revenue, rationalise public expenditure, improve public finance management and facilitate sustainable debt management. It said the meeting was to review the 22 core action points of the FSP from its last workshop held in April. According to the NGFS findings, “the action point

with the highest percentage of implementation is that of Public Expenditure Reform, which recorded 69 per cent success, the NGFS Economist, Nabena disclosed. Several economists have argued that since most economic activities take place in the states, they might have indirectly assisted the economic recovery that the nation is now celebrating. However, Nabena still believes more can be done by states to get the country out of the doldrums. Others with encouraging results according to him were public revenue reforms 63 per cent and 54 per cent for debt management reforms.

Nabena noted that the purpose of the meeting was to share findings of the 22 core action points of the FSP from the workshop held in April, as well as acquaint the ministry of the plans of the NGF Secretariat going forward. During his presentation, Nabena noted that around 15 out of the 22 action points of the FSP have been implemented by most States, stating however that, this finding was contained in the states’ self-assessment reports. He also highlighted the actions with the weakest implementation status, among which Nabena lamented were those targeted at accountability and transparency. Even here,

Nabena explained, there is light at the end of the tunnel because there is a 44% success in implementation despite the fact that many states find the adoption of IPSAS cumbersome, expensive and challenging. In conclusion, the NGF Economist regretted that the picture is not all rosy for governance at the subnational level. In many states that work was conducted, Nabena stated that there is no consolidated debt service account or sinking fund. Nine states do not have an active and functional website, seven states have not yet concluded their biometric staff audit, and up to 31 states have recorded success in the internal audit

of their accounts. “Only 16 states” Nabena added, “have an efficiency unit.” Responding, the Director, Home Finance in the finance ministry, Mrs. Olubunmi Siyanbola, congratulated the Forum for the brilliant and thorough work that they had done and also added that the figures given by the forum is not far from that of the consultants they deployed for the same reason. Olubunmi Siyanbola also disclosed that six consultants have been sent to the different geo-political zones to make a report on the activities of the states around the 22 action points of the FSP and their success stories so far.

Dangote-led Presidential Flood Committee Donates N250m to Benue Victims Jonathan Eze The Presidential Committee on Flood Relief and Rehabilitation led by Aliko Dangote has provided N250 million as relief assistance to victims of the devastating floods in Benue State. Also, in response to the request by the Benue State Government, the committee has approved the release of one IDP Hostel already completed by the Committee in Benue State to provide temporary shelter for some of the displaced persons. More than 110,000 persons in 24 communities, including Makurdi, have been displaced by the flood in Benue State. The Executive Secretary of the State Emergency Management Agency (SEMA), Mr. Boniface Ortese, who disclosed this recently, said over 2,769 households were also affected. He explained that places affected included Achusa, Idye, Wurukum Market, Genabe, Industrial Layout, Demekpe, Wadata Market, Katungu, behind the Civil Service Commission, Agboughul-Wadata among others in Makurdi. “In Achusa, 200 houses were affected with 5,125 persons displaced. In Idye, 217 houses with 5,200 persons displaced. Also, behind the Civil Service Commission, 200 houses were submerged in flood and 5,777 persons were displaced.” At Genabe, 200 houses were affected with 5,021 persons displaced, 218 houses around the Wurukum Market were affected with 1,000 persons displaced, and at Wadata Market, 150 houses were affected and 4,300 persons were displaced.” Aside the donation in Benue, the Dangote-led presidential committee also revealed that it had also donated the sum of

N150,000,000 to provide relief assistance to flood victims in Anambra State. It also released the sum of N118,000,000.00 to NEMA to augment the N1.6 billion released by the federal government for procurement of food and nonfood relief materials in aid of the flood victims in the following 16 states: Abia, Akwa-Ibom, Bayelsa, Ebonyi, Edo, Ekiti, Enugu, Abuja FCT, Kebbi, Kwara, Lagos, Niger, Ondo, Oyo, Plateau and Sokoto. The committee further revealed that it is currently implementing various projects in the 24 States that were affected by the 2012 nation-wide floods. The rationale behind the projects, according to the committee is to assist the benefiting states to better handle future emergencies, including flooding. The committee at its inauguration by former President Goodluck Jonathan, raised a whopping N11.35 billion for flood victims. Top on the list of donors at the event were Dangote and the federal government, who donated N2.5 billion each. Dangote, however, said from his N2.5 billion, N200 million had earlier been given to Kogi State Government and N150 million for the running of the secretariat of the committee. Arthur Eze, Tony Elumelu and Jim Ovia donated N1million each and the chief fundraiser, Mike Adenuga donated N500 million. Former Anambra State Governor, Peter Obi, also announced a donation of N1.8 billion on behalf of the state governors at the rate of N15 million each. Other who made donations were construction giants, Julius Berger, Setraco, Dantata and Sawoe, RCC and other corporate organisations and spirited individuals.

TIME FOR WORSHIP

L-R: Rivers State Governor, Nyesom Ezenwo Wike; Deputy Governor, Ipalibo Harry Banigo; Speaker, state House of Assembly, Mr. Ikuinyi Ibani; former Governor, Sir Celestine Omehia; and former Acting National Chairman of PDP, Prince Uche Secondus, during the inaugural service at the Government House Port Harcourt Chapel of Everlasting Grace in Port Harcourt....yesterday.

Senate to Consider Direct Funding of Police John Shiklam ÓØ ËÎßØË

authorities to deploy their men to the forest to flush The Senate is to consider out the criminals from their direct funding of the hideouts. Nigerian police to enable Ibrahim promised that it confront the security his committee would push challenges facing the for a bill that will ensure country squarely. that at least one per cent Chairman, Senate of the federal allocation Committee on Police is set aside for security Affairs, Senator Abu operations by the police. Ibrahim stated this He stressed that a yesterday during an situation where the police assessment tour of the use funds meant for special team deployment purchasing of equipment along the Kaduna-Abuja and welfare of its personnel Expressway to combat the for special operations was menace of kidnapping. unfortunate unacceptable. Ibrahim who was A d d r e s s i n g conducted round the policemen manning operational locations the highway at Katari of the police along the Divisional Police Kaduna-Abuja highway to Headquarters, an check the activities of the operational base of bandits by the Kaduna police operations tagged State commissioner of “Operation Absolute Police, Mr. Agyole Abeh, Sanity,” Ibrahim said, lamented the lack of welfare of police personnel poor funding of police would be discussed in the operations. upper chamber when it He urged the police resumes from recess.

He also disclosed that his committee will soon embark on a tour of Nassarawa, Kano, Kaduna, Niger, Kogi, Zamfara and Katsina States to solicit for the commitments of the governors to support security operations around their state with funds. Speaking earlier, the Commissioner of Police, Mr. Agyole Abeh said, members of the special forces deployed on KadunaAbuja highway were the best brains in the police force, having undergone series of trainings He assured that with proper equipment and welfare, they will not only comb the forests, but will equally rid Kaduna-Abuja highway of kidnappers. According to the police commissioner, some villages along the high way used to be a haven for the kidnappers and armed robbers who have since

been flushed out by the police. Agyole explained that the tactics of the kidnappers was to empower some villagers with motor bikes and mobile phones to serve as their informants. “While the kidnappers are in the forest, these informants ride bikes down to the forest to give them information on the movement of security personnel. Also, when a vehicle breaks down on the road, the informants quickly alerts them to come and kidnap the passengers. “The kidnappers often use mobile phones collected from their victims. They also travel very far from the crime spot and their camps to contact the victims’ relatives on phone. This is is making it difficult for us to easily track them down. But, even with this, we have arrested a large number of them” he said.

MONDAY, SEPTEMBER 11, 2017˾ T H I S D AY

NEWSXTRA

Buhari’s Supporters Call Alhassan a Liar Insist on second term for president dent’s political associate Iyobosa Uwugiaren ÓØ ÌßÔË˜ Christopher Isiguzo ÓØ ØßÑß ËØÎ Yekini Jimoh ÓØ ÙÕÙÔË The controversy trailing recent public endorsement of former Vice President Atiku Abubakar for the presidency in 2019 by Women Affairs Minister, Senator Aisha Alhassan, took a new dimension yesterday as President Muhammadu Buhari Support Group insisted on a second term for the president. The group, Buhari Support Group (BSO) in a statement by its Chairman in Enugu State, Chief Anike Nwoga, said Buhari at no time told anybody that he would not run in 2019. The group called the minister a ‘liar and agent provocateur,’ for claiming that President Buhari told her that he will stay only one term in office. BSO said the president needs eight years to consolidate on his achievements in office noting that the president is already revamping decayed infrastructure, war against corruption and insecurity, hence laying a solid foundation for economic prosperity. “Whereas Women Affairs Minister, Alhassan has the inalienable right to support anybody of her choice for president in 2019, they were of the candid opinion that President Buhari should complete his second term. “From all our interactions and that of our leadership, with President Buhari before the election, there was no day the issue of one term was discussed. Rather, from day one we had always known that the

rot left behind by the successive Peoples Democratic Party (PDP) squandermania regimes was deep and that President Muhammadu Buhari needed eight years in order to cleanse the Augean Stable. And to be exact, he needs to consolidate the war against corruption, insecurity in the land and to consolidate the solid foundation for economic prosperity.” “All we in the BSO is praying to God is to guide and give President Buhari good health to complete the good works he is doing in revamping our critical infrastructure, Enugu Coal, second Niger Bridge and so on,” Anike said. The group also expresses optimism that the president would redress the imbalance in his appointments which he said had not favoured the South-east zone. Meanwhile, Kogi State Governor, Alhaji Yahaya Bello, has declared support for President Buhari should he declare his intention to run for the presidency in 2019, saying the president is justifying his mandate through “sound economic reforms and genuine fight against corruption.” The governor, who made this known yesterday in Lokoja through his Director General on Media and Publicity, Kingsley Fanwo, said Nigerians still need Buhari beyond 2019 “to consolidate the gains of the past two years. Nigerians have seen why this nation was messed up for many years with institutionalised corruption, institutional failure and absence

90,000 Candidates Jostle for 11,000 Spaces in UNILORIN Hammed Shittu ÓØ ÖÙÜÓØ The authorities of University of Ilorin yesterday hinted that no fewer than over 90,000 candidates are seeking admission into the institution for the 2017-2018 academic session. The management however said that, only 11,000 students would be offered admission. Already, the affected candidates will start the university’s screening exercise today (Monday) in both the main campus, (Ilorin) and Lagos centre of the university. The Deputy Director, Information, Office of the Vice Chancellor of the University, Alhaji Abdulganiyu Kunle Akogun, who spoke with journalists in Ilorin yesterday, said the students to be offered admission would be based on the carrying capacity of the institution. The spokesman of the university said the administration of the out-going Vice Chancellor, Professor Abdulganiyu Ambali expanded the academic programmes of the university by adding three faculties to make the number of the institution’s faculties to 15. According to him, “the

university is known for its stable academic calendar, making the institution, the most sought after university in the country. He promised that the administration of the vice chancellor-designate would continue to uphold the virtue and standards of the university. Akogun also noted that the university witnessed rapid physical infrastructural development, improved research and teaching activities and stable power supply on the campus to facilitate academic activities on campus. He added that the university now has an automated digital library, the first of its kind in the country, where books and other reading materials could be accessed all over the country. Akogun also used the occasion to dispel the rumour making the rounds that the university had shifted its screening exercise that would commence today to next week Wednesday. He said the management of the university has not shifted the screening exercise adding: “The exercise would commence as scheduled and will start from today in both Ilorin and Lagos centres of the university.

Atiku is politically damaged, says presi-

of visionary leadership. The present administration has restored the confidence of the international community in Nigeria. “In two years, President Buhari has given hope to the international community and Nigerians that the country is capable of fulfilling its potential for the benefit of her citizens, Africa and the world at large.” Bello said the recent ‘rescue from recession’ is a clear indication that “Nigeria is set to take the world by storm through sound economic policies that are germane to improved standards

of living of Nigerians.” Meanwhile, one of the closest political associates of President Buhari and Board Member of the Nigerian National Petroleum Corporation (NNPC), Mallam Mohammed Lawal, said former Vice President Atiku Abubakar is politically damaged, saying his rash and hard criticism of the president would not make any difference in the policies and programmes of the federal government. Speaking with THISDAY last night in Abuja, Mallam Lawal said the former vice-president started plotting to cause problem

for Buhari-led administration right from the day the president was sworn in to ensure that his administration does not succeed. In an interview aired on morning programme of the Hausa Service of the Voice of America (VOA), Atiku accused Buhari of side-lining him despite the fact that he used his contacts and resources to defeat the Peoples Democratic Party (PDP) in 2015. I was part of all the processes, including campaigns until success was achieved,’’ he said However, speaking with THISDAY, Lawal, who was

Deputy Director in the Buhari Campaign Organisation in 2015, said Atiku lied about his contribution to Buhari’s victory, stating that during the campaign the former vicepresident granted an interview to BBC and stated that Buhari would not win the presidential election. “Atiku is nobody in APC; he is politically damaged; he was making preparations to go back to PDP and get the ticket after ex-President Goodluck Jonathan’s exit in 2019, if Buhari fails in the election,’’ Lawal added.

STAKEHOLDERS’ MEETING

R-L: Executive Director/Publisher, OrderPaper Nigeria, Oke Epia; Deputy Chairman, House of Representatives Committee on Constituency Outreach, Hon. Bede Eke; and Managing Director, News Services, DAAR Communications, Imoni Amarere, at a stakeholders’ roundtable on ConsTrack in Abuja....recently

Anambra PDP Caretaker C’ttee Petitions Makarﬁ over State Congress, Primary Election Ejiofor Alike The 22 members of the Anambra Peoples Democratic Party (PDP) Caretaker Committee have sent a petition to the Chairman of the National Caretaker Committee of the party, Senator Ahmed Makarfi, against the Anambra State Chairman and the Secretary of the party, alleging manipulations in the ward congress held on August 21 and the state congress/ gubernatorial primary election held on August 28, 2017. In the petition signed by 22 members of the state caretaker committee, they alleged that the ward congress and the state congress/primary election were marred by “fraudulent manipulations of the electoral process and the blatant and brazen disregard to the PDP constitution and the electoral guidelines.” The caretaker committee members alleged that the chairman and secretary are working against the victory of the party in the November 18, 2018 governorship election

in the state and urged Makarfi to call them to order, adding that the party’s register were handed over by the chairman and secretary to the agents of APGA and APC for manipulations at the detriment of the PDP. They further alleged that they were ‘humiliated, rendered dysfunctional, alienated and excluded in all the activities and management of the affairs of the party and in the decision making process leading to the party congress held on August 21 and the subsequent state congress/primary election held on August 28, 2017. “The chairman and the secretary of the state caretaker committee did compile, approve and published the composite list of local government areas without consultation and any input from members of the state caretaker committee and other stakeholders,” the petitioners said. “The chairman and the secretary willfully, deliberately and maliciously altered and manipulated the list of

membership in four local government areas, namely: Onitsha South, Ekwusigo, and Anaocha, Orumba North and South, thereby causing disaffection among the genuine members of the party in the affected areas,” the petitioners alleged. The members disclosed that they had planned to open the distribution of membership registers on August 18 but the Chairman and Secretary frustrated the plan to undermine the PDP’s victory in the November 18 election, stressing that the distribution of the said membership registers was done secretly on August 19 without any publicity to reduce the number of PDP members that would be successfully registered and undermine the party’s chances in the forthcoming governorship election. They also alleged that all the members of the caretaker committee, except the chairman and secretary were excluded and shut out from participation in the ward congress and the primary election.

“It is shocking how the Chairman and Secretary generated the list of delegates which they used to manipulate the state congress/primary election without INEC observation or authentication,” the petitioners added. According to the petitioners, all the INEC-certified delegates that won in the ward congresses were excluded from participation in the state congress. They alleged that the activities of the chairman and secretary spell doom for the party in the forthcoming election and urged Makarfi to call them to order. The petition was signed by Dan Nwabueze (Ogbaru LGA); Gilbert Ifemena (Awka North); HC Nsofor (Ekwusigo LGA); Chibu Oka (Anambra West); Emma Odum (Awka North); Chris Ama (Orumba LGA); Emeka Osaemeka (Onitsha North); Uchennu Oforkansi (Anyamelum LGA) and Chukwudi Umeh (Orumba North LGA) and 13 other members of the Anambra State PDP Caretaker Committee.

MONDAY, SEPTEMBER 11, 2017˾ T H I S D AY

NEWSXTRA

New Book by APC Spokesman Reveals How Jonathan Lost Power Onyebuchi Ezigbo ÓØ ÌßÔË Former Minister of Youths and Sports and presently the National Publicity Secretary of the All Progressives Congress (APC), Mallam Bolaji

Abdulahi, has written a new book that gives a definitive account of the rise and fall of former President Goodluck Jonathan. The book, which is an epic collection on the fate that befell Jonathan

Ibadan Family Heads Write Police Over Mass Rally for Olubadan Ademola Babalola ÓØ

ÌËÎËØ With just about 48 hours to Tuesday’s deadline on the ultimatum issued to Governor Abiola Ajimobi of Oyo State by his kinsmen in Ibadan to withdraw his alleged verbal assault against the Olubadan of Ibadan land, Oba Saliu Adetunji, the family heads otherwise known as Mogajis yesterday demanded police permit over their impending mass rally. The spokesman of Authentic Ibadan Mogajis (AIM), Chief Wale Oladoja, confirmed to journalists that the group comprising over 300 indigenous family houses in Ibadan land were prepared to register their displeasure through a peaceful protest around the 11 local government areas in the city as their seven-day ultimatum wind down. The governor entered the ‘bad book’ of the family heads, the Olubadan and an high ranking chief in the city, Senator Rashidi Ladoja, following the elevation of 21 chiefs to beaded crown wearing Obas against the custom and tradition of the city. Not only that, the Mogajis rue verbal assault meted at the stool when the governor reportedly said “One of Olubadan’s wives used to run love errands for me.” The Mogajis who had since described the crowning of more Obas as custom robbery which cannot be accepted by the people of Ibadan land, said they are awaiting the permit of the state police command to lay their grievances before all Ibadan sons and daughters in the land under the Olubadan’s jurisdiction. Oladoja who is also the Mogaji of Akinsola compound in Oopo Labiran area of Ibadan had last Friday, while addressing journalists at the ancient palace of Olubadan, Oja Oba Ibadan, said the governor jetted out of the country to avoid responding to the ultimatum issued by them. Oladoja in company of Mogaji Oloko family, Chief Abass Oloko and Mogaji Oladosu Olasomi, Elekuro Ibadan, said the group was not in anyway fighting the state

when out of the blues, the university teacher-tuned politician was swept out of office The book titled: ‘On a Platter of Gold’, which gives definitive account of the Jonathan presidency, will be presented in November 2017. A former columnist and editor with THISDAY newspapers, Abdullahi, brought his perceptive on power as a skillful analyst to bear, producing a great work of free-flowing prose. Even though he was himself involved in many of the events that made up the book, he has managed to keep himself out of the story; thereby demonstrating a rare fidelity to objectivity and balance in a way that only a thoroughbred journalist can do. A statement issued

yesterday by the Special Assistant to the former minister, Mr. Julius Ogunro, said the book gives detailed and largely exclusive account of the making and the unmaking of the Jonathan presidency, revealing for the first time, some of the intrigues that surrounded the 2015 presidential election and its aftermath. “On a ‘Platter of Gold’ is part history, part political thriller, which answers many of the oftenasked questions about Jonathan’s incredible rise to the highest political office in the land and his unprecedented electoral defeat in 2015. “Was Jonathan weak and clueless, as his traducers have claimed? Or as his supporters have alleged - was he

just a victim of vicious conspiracies by an entitled cabal that would stop at nothing to bring down this ‘intruder’ to power?” He wrote as a preview of the book. Further insight into the yet-to-be launched book showed that it capture memories of an episode when an unknown university teacher, Jonathan, rose to become president of Africa’s largest democracy, in less than a decade -most astonishingly, without winning a single vote While contesting the 2011 presidential election, Jonathan had declared that growing up as the son of a fisherman in the creeks of Niger Delta, he had no shoes. This message resonated with millions of Nigerians. “If I can make

it, then you can as well,”. Jonathan used to say He went on to win with the highest majority vote ever recorded in the nation’s history. As a former minister in Jonathan’s cabinet, Abdullahi had easy access to the major characters in the story, his former colleagues actually. Using this to great advantage, Abdulahi has produced what may be considered a seminal book not only on the Jonathan administration but also on the contemporary history of Nigerian politics The book, which is slated for release in October, will be presented in November in Abuja at an event that promises to be one of the largest gathering of politicians and political actors in Nigeria.

government, but were only interested in making the governor “to distinguish between the tradition of a people from governance.” Reacting to a statement credited to the governor that he does not know the people calling themselves the authentic Mogajis of Ibadan land, member of the group said they are not faceless, adding that they contributed to the electoral victory of the governor in 2015 and wondered why the governor was trying to pay Ibadan people back with ill-conceived bastardisation of people’s customs and tradition’. Oladoja said; “Our stand on the seven days ultimatum remain intact. The governor must apologise for insulting wife of our father and Olubadan of Ibadan land over his recent comment on his wife. No intimidation can make us change our mind. We are the bonafide sons of Ibadan land and nobody can dispute that. “All the indigenes of Ibadan land know their Mogajis, so nobody can deny that we represent our respective families. We won’t allow unconstitutional crowning of high chiefs to obas, ditto baales, who by tradition are under us. It L-R: Director of Logistics, Nigerian Bottling Company (NBC), Danny Collins; Executive Director,Aquila Leasing Ltd, Nnamdi Nwankwo; is custom robbery and we Director of Procurement,NBC, Deepak Juneja; Managing Director, Aquila Leasing Ltd, Chuka Onwuchekwa, during the signing ceremony of won’t accept that. Above a new operating lease contract by Aquila Leasing and NBC in Lagos....recently. all, it is not possible and we won’t accept it. The governor should allow court to decide the fate of everyone involved in the Olubadan crisis and the group discovered that the vanguard for the upward litigations from banks and stop verbal vituperation Udora Orizu ÓØ ÌßÔË contractors responsible for review of their daily feeding microfinance outfits where they against the person and A non-governmental organisation feeding of the inmates are being allowance from N200 per day to got loans to service the inmates stool of Olubadan.” Also, the Mogagis have under the aegis of Alliance owed huge sums of monies for N450 per day , which we still in Nigeria prisons across the alleged Ibadan elders forum for Good Governance and the services they rendered to admit to be grossly inadequate country. Some we gathered have of perceived inconsistency Democracy has expressed Nigerian Prisons Service for considering the cost of food lost their lives because of these items in the country. huge indebtedness,” it stated. over their current posture on concern over the non- payment over two years. “There are about 75,000 “We therefore call and The group recalled: “In Ibadan chieftaincy matter. of over N5.6 billion outstanding The Mogajis, quoting a money owed contractors for inmates scattered in the appeal to our listening January 2015, the federal Muhammadu government increased feeding letter dated April 24, 2009, the food supplied inmates in nation prisons. A lot of President and signed by the President prisons nationwide, more prisoners would have been Buhari; the Minister of allowance for prison inmates of Ibadan Elders Forum, Olu than two years after the dying on a daily occurrence Interior, Abdulrahman Bello from N200 to N300 per prisoner Sanu, and secretary, Onalapo federal government announced if not for the kind gesture of Danbazau, and the prison per day excluding allowance for Ajibola, a copy of which increment in the feeding these patriotic contractors who authorities for a quick gas which is N150 per inmate was given to journalists, had allowance of prison inmates have not relent in supplying intervention in the lingering per day. The total provision for warned the former governor from N200 to N450 (feeding foods to the inmates despite the issue to avert an imminent feeding prisoners in Nigerian huge indebtedness by Nigeria stoppage of food supplies to Prison is N450 per prisoner Akala not to dabble into and gas allowance). The group in a statement Prisons Service (NPS) in the last inmates in prisons nationwide. per day the review of the Olubadan signed by its National two years The consequences may It noted that some contractors chieftaincy law. “We gathered that most of be fatal if something is not were paid for the months of The Mogajis therefore Coordinator and National wondered why the elite Secretary, Shadrack Nwokolo the contractors borrowed money done urgently to pay up the January and February 2015, who fought Akala to retrace and Jimi Sanwo respectively, from financial institutions with backlog of indebtedness to the while outstanding payments from June to December 2015 is his step over the move in and made available yesterday huge interest rates” the group contractors. “It saddened our heart still pending, same is applicable 2009, are today the people in Abuja revealed that after opined “We are concerned about that most of these patriotic to 2016 where 60 per cent has surreptitiously backing the a thorough investigation of incumbent governor on the the state and conditions of the welfare of inmates and contractors are struggling to been made for some months prisons across the nation that was why we were in survive, while some are facing in 2016. same matter.

DOING BUSINESS TOGETHER

75,000 Prison Inmates Risk Starvation Food contractors owed N7.5bn nationwide

MONDAY, SEPTEMBER 11, 2017˾ T H I S D AY

NEWSXTRA

In Brief NOUN Law Graduates Conﬁdent in Court

PUTTING HEADS TOGETHER

L-R: Representative of the Lagos State Commissioner for Economic Planning and Budget, Mr. Seun Akinsanya; Special Adviser to the Governor on Education/ representative of the Governor, Mr Obafela Bank-Olemoh; and President, Nigerian Statistical Association (NSA), Prof. Sidney Onyeagu, during the opening ceremony of the first international statistical conference, in Lagos...recently

Implement MoUs to Curb Violence in N’Delta, Security Expert Tells IOCs Boroh: Over 5m persons benefit from amnesty programme Ndubuisi Francis ÓØ ÌßÔË ËØÎ James Sowole ÓØ ÕßÜÏ A security expert, Mr. William Park, has advised international oil companies (IOCs) operating in the Niger Delta to constantly implement the provisions of Memoranda of Understanding (MoUs) reached with host communities in order to curb the incidents of violent activities in the region. Park spoke in Akure, the Ondo State capital where stakeholders converged at the second National Council on Niger Delta (NCND), organised by the Ministry of Niger Delta Affairs. In a presentation titled: ‘Security: An Inclusive and Collaborative Security strategy of the Niger Delta Region,’ he identified oil spills, poor means

of livelihood and lack of coherent and integrated development plan as the biggest threats to security in the region. He, therefore, advocated the practice of an “inclusive security approach” which includes the involvement of stakeholders in the prevention and resolution of violent conflicts in the region. Park stressed that efforts should be put in place by government, oil companies and host communities to develop sustainable industries in the region, adding that this would reduce rural-urban drift and check unemployment with attendant boost on the nation’s economy. He stressed that all approaches must be based on truth, equity, fairness and inclusiveness. According to a statement

issued by the Director, Press in the Ministry of Niger Delta, Mr. Marshall Gundu, in search of efforts to tackle the challenges and obstacles to the development of the region, stakeholders held a consultative forum in Akure at the weekend to identify and evolve strategies of overcoming such. In his presentation titled: ‘Security and Amnesty in the Niger Delta,’ the Special Adviser to the President on Niger Delta and Coordinator of the Presidential Amnesty Programme, Brigadier-Gen. Paul Boroh (rtd), said the programme was being sustained by the federal government to cater for the yearnings of the region. Boroh disclosed that the federal government was committed to exploring new strategies of ensuring peace

and security in the region. He revealed that a lot of “quick impact projects” were being executed to ensure that the region is safer and conducive for economic growth and development. Boroh said over five million persons mostly youths have benefited from the Presidential Amnesty Programme of the federal government. He said peace efforts in the Niger Delta region had brought about increase in the nation’s crude oil production to 2.3 million barrels per day, surpassing the 2017 budget’s target of 2.2 million barrels. He said though the amnesty programme was expensive, but has yielded a lot of fruits in the interest of peace and the country’s economy.

Kaduna Electric Dismisses Load Rejection Claim

ATIKU CONTRIBUTED TO THE SUCCESS OF APC IN 2015, AIDE INSISTS

Kaduna Electric has described as “factually incorrect”, the recent media report attributed to the Transmission Company of Nigeria (TCN) that it was rejecting power allocated to it for distribution to its customers. A statement issued by the Head, Corporate Communications of the company, Abdulazeez Abdullahi, in Kaduna yesterday, said contrary to the report, the company had in many instances lately, actually taken more than its allocation, a development which he said cost the company millions of naira. Some invoices submitted to the company by the Nigerian Bulk Electricity Trading Plc (NBET) indicated that Kaduna Electric received 8.34 per cent, 8.44 per cent, 9.42 per cent, 9.06 per cent, and 8.70 per cent in the months of January, February, March, April, and May 2017 respectively. This is way above its monthly allocation of eight per cent of the total power generation sent to the national grid.

Femi-Fani Kayode, a former Minister of Aviation and member of the opposition Peoples Democratic Party (PDP), of peddling “falsehood, lies and propaganda” over the statement attributed to her. Fani-Kayode, on Twitter, asked Alhassan to disclose all she knew about the governor’s role in the “Chibok girls scam and Boko Haram”. But Alhassan denied the statement in a reply tweet to Kayode, saying “it is demeaning of your person to deliberately engage in peddling falsehood”. However, in a quick reply, FaniKayode called on the minister, also known as “Mama Taraba”, not to allow herself to be intimidated and continue to speak the truth. He said: “Mama Taraba should continue to stand on the platform of truth and not allow herself to be intimidated. I reacted to a story in which she allegedly exposed Nasir el-Rufai. “It took her 24 hours to deny the story and I wonder why it

“With exception of the last two months, the monthly invoice submitted by NBET has consistently shown that our company is taking much more than its allocation. Consequently, we have been paying dearly for our commitment to meet the energy need of our customers. It therefore does not appeal to logic and verifiable fact to list Kaduna electric among distribution companies rejecting load,’’ he contended. He also blamed TCN for intermittent interruption of power supply in the company’s operational territory, stating that Kaduna Electric lost 638.2 megawatts in the month of August 2017 in 152 TCN requested outages. “While it is not in our tradition to engage in blame game, it suffices to say that in the month of August alone, TCN demanded that we drop load on emergency on 152 different occasions which resulted in the loss of 653.2 megawatts.’’

took so long. If the story is not true she should blame the original source, medium and author of the allegation and not me. “I merely reacted to it like millions of other Nigerians did. She should clean up her stinking mess and not blame me for it. “I guess that it is also not true that her associates in the APC government have alleged that N12 million went missing under her watch as minister and that she now supports Abubakar Atiku against her own boss. “She should stand firm and stop blowing hot and cold. You cannot serve God and the devil at the same time. I repeat she should clean up her stinking mess and understand that I am not a soft or easy target. “Whichever way the APC sun is still setting. My advice to her is to stop getting her pretty knickers in a twist, to tow the path of honor, to resign from this accursed government and to leave the APC before they strip her stark naked and feed her to the dogs.”

The Nigerian Law School had during the recent annual general conference of the Nigerian Bar Association (NBA) held in Lagos reiterated its position that National Open University of Nigeria (NOUN) is not qualified to nominate students for admission into the law school. In a response to a question at the end of the conference over the fate of NOUN following the recent amendments of the university’s Act by the Senate from ‘correspondence’ to now ‘full-time’, with a view to resolving the lingering crisis over admission, the Director-General of the Nigerian Law School, Dr. Olanrewaju Onadeko (SAN), stated that the Council of Legal Education (CLE) had not changed its position concerning NOUN, and therefore, “the university remains ineligible to nominate students for admission into the law school.” Reacting to the development, the NOUN Law Graduates Forum (LGF) said through its Chairman, Mr. Carl Umegboro, that there is no cause for alarm as the judgment slated for October 4 at the Federal High Court in Port Harcourt, Rivers State, will positively vindicate them. He said: “There’s no cause for worry as we will meet in court on October 4. We expect only two things on that day to wit-equity and justice. The court is a court of equity and justice; hence, we are not moved by any statements from anybody or persons, but remain optimistic that the protracted battle will finally be nailed at the altar of justice. No doubt, it is regrettable, but the predicaments cannot linger ad infinitum.

Aquila, NBC Sign N2.3bn Transportation Contract Aquila Leasing Limited, a leasing company, has secured a new N2.3billion transportation services contract with Nigerian Bottling Company Limited(NBC). In line with its vision of being a world class leasing firm that provides superior solutions through people, innovation and technology, and in a bid to boost its business profile, Aquila Leasing has continued to provide fleet management solutions to NBC and other esteemed clients operating within the country. Aquila Leasing, through the new transportation services contract will continue to provide cutting edge service delivery to the biggest non-alcoholic beverage manufacturing company in the country. This clearly indicates the confidence that NBC has in the management of Aquila Leasing and the huge business potential within the Nigerian leasing industry. Aquila Leasing Limited’s constant repositioning Aquila Leasing Limited currently employs the services of 272 staff directly involved in NBC contract. The new contract would further boost employment opportunity with the recruitment of about 100 additional staff into the project. Aquila Leasing Limited is focused on fleet management, Haulage, consumer leasing and SMEs.

Bring Maku Back to PDP, Says Former Guber Candidate The Peoples Democratic Party (PDP) governorship in the 2015 general election candidate in Nasarawa State, Dr. Yusuf Agabi, has tasked the state chapter of the party to bring the National Secretary of the All Progressives Grand Alliance (APGA) Hon. Labaran Maku, under the umbrella of PDP. Agabi stated this at the weekend in Lafia, the state capital, while reacting to the recent zoning of the party’s governorship ticket to the northern senatorial district of the state, adding that Maku and some other bigwigs that deserted the party have to be brought back to party to have a solid and solidified party before raising the issue of zoning. He said: “For instance the big fish, Maku, was one of the strongest members of PDP but he has to leave because he was not satisfied with the order. So these people have to be brought together under one umbrella of PDP so that by the time we have a solid party, we can then talk about asking people intelligently, with some level of diplomacy; if we all agree to go for zoning?”

Runsewe Markets Nigeria to the World with AFAC Director-General of the National Council of Arts and Culture, Olusegun Runsewe, is already using the ongoing Art and Craft village, venue of the African Arts and Craft Expo (AFAC) in Abuja, to promote the cultural artifacts and beauty of Nigerian rich art heritage to the world. Declared open by the acting Secretary to the Government of the Federation (SGF), Dr. Habiba Lawal, Runsewe, revealed that from 2018, AFAC will no longer be celebrated in August and September but in April and May, a more favourable weather period. In his remark, he stated that the 2017 edition of AFAC has been carefully packaged in line with international best practice. He called on all participants, particularly the international exhibitors, to take full advantage of the facilities provided for a successful outing, and to enjoy the warmth and hospitality of the Nigerian people. The Arts and Crafts village that was neglected by successive administrations has now being activated with local and international tourists flooding the village to purchase different artistic items. AFAC has been organised several times without reasonable success until the repositioning that has made it the biggest in Africa within Runsewe’s three months in office.

T H I S D AY ˾ MONDAY, SEPTEMBER 11, 2017

MONDAYSPORTS

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

WORLD CUP 2018 QUALIFIER

Zambia FA Boss Tags Clash with Super Eagles a ‘Do or Die’ Affair Targets picking maximum points from Nigeria, Cameroon Olawale Ajimotokan inAbuja President of the Football Association of Zambia (FAZ), Andrew Kamanga, has tagged the Match day 5 FIFA World Cup 2018 qualifier with the Super Eagles on October 7 in Uyo as a ‘do or die’ encounter for the Chipolopolo. Zambia has seven points compared to the Super Eagles superior haul of 10 points from the first four matches of Group B fixtures. Speaking at the weekend, Kamanga was quoted by Fazfootball.com, to have drummed his position into the players that they dare not drop any point in the fixture against Nigeria in the Akwa Ibom State capital. “We are putting in every effort to make sure that this team is adequately prepared as we face Nigeria. For me is a do or die game as whoever wins that game will be assured of going to Russia 2018 World Cup,” Kamanga restated in his directive to the players The Chipolopolo have suddenly found their voices after successive victories over Algeria in a spate of four days to narrow the gap separating them and Nigeria to just three points. This perhaps must have informed the decision of FAZ to be toying with the idea of pitching a camp in Europe to prepare the team for the must win clash in Uyo. Kamanga, said at the weekend that it would be much easier to prepare in Europe where some

of the national team players ply their trade. The Zambian FA boss believes that the return flight to Europe will also be shorter and more convenient for the players from Nigeria after the match. “We have only got four weeks before the Nigeria game, so we are looking at options in terms of where we can camp the team and get the best value. “As you know some of the players are already in Europe, they did not return with us to Zambia from Algeria. They have gone back to their clubs. We may see it fit to camp the team in Europe so that it is easier to prepare adequately and it is actually shorter to go into Europe from Nigeria,” Kamanga stressed. He said that FAZ would not leave any stone unturned to ensure victory for Zambia, coached by Wedson Nyirenda, ahead of their last fixture in November against Cameroon in Yaounde. Zambia, the winners of the Africa Cup of Nations in 2012, is the only Group B team that has never been to the FIFA World Cup final and will be motivated to foil Nigeria’s aspiration to secure their sixth World Cup ticket. The team has a crop of experienced players led by goalkeeper Kennedy Mweene, Stoppilla Sunzu and Chisamba Lungu, mixed with five members of the Under-20 team that reached the quarter final of FIFA Under-20 World Cup in South Korea.

President of the Nigeria Football Federation (NFF), Amaju Pinnick (3rd left), presenting the 2016/2017 NPFL winner’s trophy to Plateau United Captain, Elijah Golbe, at the Rwang Pam Stadium in Jos… Saturday

Dalung Hails Plateau Utd for Emerging NPFL Champions The Minister of Youth and Sports, Solomon Dalung, has commended Plateau United FC of Jos for emerging champions of the 2016/2017 Nigeria Professional Football League (NPFL) for the first time. Plateau United defeated 2016 champions, Rangers International of Enugu 2-0 at the Rwang Pam Stadium on Saturday to seal victory. Plateau amassed 66 points from 38 matches to stave off the challenge of Mountain of Fire and Miracles Ministry FC

who finished second on the log. Dalung described the victory as the direct result of hard work of all parties playing their part well to bring honour to the state. “Kudos must go to the Plateau State government for regularly releasing funds for the day to day running of the club. Without government’s financial backing, perhaps, the club would not have been able to honor all their away games. “The players have shown dedication, discipline and great team spirit to ward off

the onslaught of MFM FC and bring home the league trophy for the first time.” The minister also thanked the management of the team for bringing glory to Plateau State and appealed to all parties to double their effort ahead of the next season which will see Plateau United competing at the 2018 CAF Champions League “We, as fans of Plateau United are grateful to the Team Manager, Kennedy Boboye and the technical crew who brought something extra to the team during the 38

grueling match days. All hands must be on deck as you prepare for the bigger stage next year,” stressed Dalung. The minister also hailed the League Management Company (LMC) for a successful conclusion of the 2017 league season as he eagerly anticipates the start of the 2017/2018 league season. “We can boldly say that the domestic league is getting bigger and better and can only hope for more from Malam Shehu Dikko and the entire board of the LMC,” he noted.

The Director of Football (DOF), Abubakar Bukola Saraki (ABS) Ilorin FC, Alloy Chukwuemeka, has said relegation was not part of what the club bargained for at the start of the just concluded 2016/2017 Nigeria Professional Football League (NPFL). He said this after the Saraki Boys lost 2-1 to Nasarawa United in Lafia on Saturday in the final game of the season. The Nigeria Premier League Club Owners’ Scribe, said he was very disappointed with the outcome of the season but has

learnt some great lessons from the bad season. He added that although the club started the season on a brighter note but was later affected by what he described as ‘ the usual Nigeria football environmental factors’. Chukwuemeka however expressed hope that with the solid football management structure in his club, the Ilorin side would make a quick return to the Premier League next season. “With our sustainable

football management structure I can assure you that we will bounce back to the NPFL soonest because that is where we belong “ “The objective of our proprietor, Dr. Bukola Saraki, for the club was to give young boys lifeline through football. “We have been able to achieve this, we had three of our victorious NPFL/La Liga U-15 Promises boys playing in the main team now. “Few of the other young players we discovered may also

move on to bigger clubs too. “The beauty of it is that we have plenty talents in Kwara and Nigeria in general and we will discover more when we start the season,” Chukwuemeka said. Chukwuemeka apologised to the fans for the embarrassment brought them with the relegation but assured them the team will bounce back sooner than expected. The Saraki Boys still has the AITEO Cup to compete for as they tackle Unicem Rovers in the round of 16 of the competition on Wednesday in Calabar.

Nigerian Weightlifters Aim for C’wealth Games Qualiﬁcations …Chukwuemeka Apologises to ABS Fans over Relegation Nigerian weightlifters are still nursing the ambition of taking part in the 2018 Commonwealth Games in Gold Coast, Australia, despite their inability to compete at the on-going Commonwealth Weightlifting Championships in that country. The nation’s plan of sending a strong team of weightlifters, made up of Chineye Fidelis, Oluwatoyin Adesanmi, Bilikis Otunla and Mariam Usman, to Australia for the Commonwealth Games trial was not successful due to the inability of the NWF to secure visas for the athletes early. Secretary General of NWF, Umar Lambu, said at the weekend that hopes of Team Nigeria lifters making it to the 2018 Commonwealth Games was not lost yet. “Nigeria still stand a chance of making it to the Gold Coast 2018 Commonwealth Games. The qualification for next year’s Commonwealth Games will be based on countries’ rankings from October 2016 to October 2017. “At the end of the on-going weightlifting trials in Australia, new rankings will be made, and

some countries who could not attend the championship may still qualify through wildcard. So, it is not over for Nigeria as far as participating in the Commonwealth Games is concerned,” concludes the NWF scribe. Meanwhile, Nigerian female weightlifter, Mariam Usman, was last Thursday in Abuja presented the Beijing Olympic Games bronze medal awarded to her following the disqualification of the previous winner due to dope infraction. Nigerian Olympic Committee (NOC) presented the precious metal to Usman at a brief ceremony at the Abuja Stadium. Usman originally finished fifth at the Games nine years ago but was upgraded to the third position after the silver and bronze medalists winners were suspended by the IOC for anti-doping rule violations. Usman is a four-time African champion and reigning gold medalist in her category at the last Commonwealth Games in Glasgow, Scotland. She also has a bronze medal from the 2011 World Championships in Paris.

Victor Ochei Wheelchair Basketball Championship to Begin October 22 The 2017 edition of the Victor Ochei International Wheelchair Basketball Championship is scheduled to hold between October 22 and October 28, organisers of the event have disclosed. Former Speaker of the Delta State House of Assembly, Hon. Victor Ochei, has solely funded the Victor Ochei International Wheelchair Basketball Championship in the last six years. He had also sponsored the

Nigerian Wheelchair Basketball teams to various international competitions, including the Rio 2016 Olympics Games qualifiers in Algeria, where the country fielded both male and female teams. The current economic situation in the country not withstanding, Ochei has given his word to continue to stick to his promise of using the wheelchair basketball to change the lives of many physically challenged people in Nigeria and some African countries.

According to the President, Wheelchair Basketball Federation of Nigeria (WBFN), Bukola Olopade, the 2017 edition, which is the sixth in the series, will witness the introduction of wheelchair basketball challenge. “The wheelchair basketball challenge is one of the several new things we are going to introduce in this year’s edition. It will carry its own prize money. We will hold a world press conference by the end of this month to officially

announce the package,” Olopade stated. Olapade, a former commissioner for sports in Ogun State, was full of commendation for Victor Ochei for his continuous pledge to empower special sports athletes in the country. Some of the players, who spoke at the weekend after their morning training at the National Stadium in Lagos, praised Ochei for his continuous love for special athletes, especially when he is no longer in government.

Monday September 11, 2017

UT H

& RE A S O

Price: N250

MISSILE Sagay to Senators â€œThey exist for themselves and they donâ€™t care what happens to Nigerians. I maintain my position. That is why Obasanjo (the former president) called them un-armed robbers and they could not reply because they know it is the truth.â€? â€“ Chairman, Presidential Action Committee on Anti-corruption (PACAC), Prof., Itse Sagay maintaining his earlier position on National Assembly membersâ€™ proďŹ‚igacy in the midst of glaring poverty and want in the society.

KINGSLEYMOGHALU GUEST COLUMNIST

Political Path to Economic Transformation

ith economic growth of 0.55% in the second quarter of 2017 Nigeria seems headed out of its recession, the worst it has experienced in 25 years. Make no mistake, however. That is only recovery in a technical sense: a recession technically happens when Gross Domestic Product (GDP) growth in an economy is negative for two consecutive quarters. This growth was driven by the oil sector, not the real economy, and remains fragile. If we continue to record positive GDP growth, even from our current very low base and no matter how small this growth may be, we will have started recovering from recession -- technically. No doubt, some of our leaders will flaunt such a meager performance as evidence of progress. Make no mistake also: we have suffered economic destruction on a massive scale in the past two years. From a GDP of $568.5 billion in 2014 we are down to $406 billion in 2016 -- and that is if you are using the official exchange rate of about 305 Naira to the dollar. If you calculate with the parallel market rate of N366 to a US Dollar, our GDP today is well less than $300 billion. That is a massive erosion of our national wealth. Foreign investment into Nigeria was $5.16 billion in 2016, the lowest in seven years. That figure was $9.6 billion in 2015, and $20.75 billion in 2014. This means that we have had more than a 75% decline in foreign investment into our economy between 2014 and now. Why did all this happen? And what should we as Nigerian citizens do about it? This massive economic contraction has happened largely as a result of cumulative bad political leadership. We know, of course, the story of the sharp decline in oil prices starting from 2014, which is a major factor. There are two other important factors. The first was the depletion of the Excess Crude Account by the Federal Government and State Governments that insisted on drawing down from the account, from about $22 billion in 2007 to approximately $2 billion as of December 2014.This left our country with no protection for the rainy day as oil prices began to decline in late 2014. We therefore had no fiscal buffers to help us defend our economy from the implications of the oil price fall for the naira. The value of the naira depends on external reserves built on the back of crude oil price sales that bring in more than 90% of our forex earnings. The second factor is that of weak economic management by the present federal government. The government refused to make the necessary policy adjustments and has instead gone on a borrowing spree. We have increased our external borrowing by 46% (from $9.46 billion to $13.81 billion) in the past two years. We now spend over 60% of all our revenues, weak as they already are, on debt servicing.

Minister of Finance, Kemi Adeosun

We are where we are because of wrong political decisions that have prevented us from achieving real economic development. From the very nature of Nigeria as a petrostate on fiscal life support from crude oil sales for nearly 50 years instead of creating a productive economy with diversified streams of forex income, to the venal depletion of our savings by politicians who insisted, against the advice of technocrats, that we should not save for a rainy day because â€œthe rain is already beating usâ€?, and on to a rigid and statist approach to economic management for political reasons that have served vested interests but not the poor masses in whose name these misnomers were proclaimed as â€œpolicyâ€?, our political leadership choices have kept our economy down. The policy response of the present federal government only bred corruption and arbitrage in the management of forex and negatively impacted manufacturing companies, leading to declining output and further job losses. Our nominal GDP per capita, which is the best measurement of the inclusive nature or otherwise of the wealth of nations, is $2,260 as of 2016. That is just 19% of the global average. Our GDP per capita has averaged $1648.26 from 1960 to 2016 (a truly abysmal statistic). You get the picture. Malaysiaâ€™s per capita GDP is $9,360; Brazilâ€™s is $8,727; South Africaâ€™s is $7,504 and 54% of the global average. As citizens, we must take our destiny into our hands and take the political actions necessary to ensure that we do not remain a poor country. This means that we must understand that the political choices we make in leadership selection matter a great deal. As I have demonstrated here, the decisions taken by political leaders determine whether we are rich or poor. There are three ways in which this reality matters. First, the primary requirement of leadership is the character, ability and competence to create positive transformations, to lead a people or institution from where the leader meets them to a much better

place. Second, an economy cannot make progress beyond the vision, capacity and competence of the political leadership, regardless of how many brilliant technical economists abound in a country. If the political leadership lacks vision, is venal and focused on other priorities, sound technocrats canâ€™t achieve very much. Their full potential contribution will be suppressed by political decisions above them, usually taken in caucuses at night in places that are not offices. Third, the political and constitutional structure of Nigeria affects its economic management, in our case in a very negative manner because the potential productivity of the countryâ€™s component regions and states is suppressed by the rent-seeking politics to control absolute power at the center and dispense patronage. This is part of why constitutional restructuring for a true federalism is so essential. When we vote to select our leaders, we must remember that these three issues are the ones that really matter for our welfare. It is not, as many of us are led to believe, falsely, ethnicity, religion or other primordial considerations (â€œna my brodaâ€?). We need to begin to elect competent Nigerians with leadership skills, a clear economic vision, and the capability to make such visions into reality. This is the only way Nigeria can become globally competitive. Some African countries are achieving inclusive growth economies â€“ Botswana, Ethiopia, Mauritius, Morocco, and Rwanda. They have not gotten it right because their elected leaders are angels. Rather, they have made real progress because their leaders are competent. They are competent because they understand how leadership can create a shared sense of nationhood amongst their citizens. They are competent because they understand political economy and economic development at intellectual and practical policy levels. They are competent because they have a philosophical worldview you can identify. As a university professor, one of my favorite reading assignments to students was a powerful essay in defense of industrial policy written by the late Ethiopian President Meles Zenawi. Despite industrial policy having fallen out of favor in contemporary economic orthodoxy, which favors unrestrained free markets and very little state involvement in national economies, Meles insisted, with sound intellectual argument, on his vision of an economy powered by industrial policy in which state guidance is combined with private enterprise to pursue inclusive economic growth. He has applied that vision competently to his countryâ€™s economic policy. It is working in Ethiopia. The country has had a growth rate of 8-11% for the past decade, and has one of the lowest rates of income inequality in the world. Leadership. In Rwanda, Paul Kagame has led his country to some interesting outcomes, although the political space remains

restricted. Like Meles, Kagame reads wide and deep, and is intellectually curious. He has a clear vision which he has been able to communicate effectively to his citizens, and utilizes performance contracts to ensure effective governance. Uniquely, Kagame has empowered women far more than is the case in most African countries, and women make of 56% of Rwandaâ€™s parliament, the highest ratio in the world. His conceptual originality has led Rwandaâ€™s ruling party to own and run profit-making business corporations. Thatâ€™s better than stealing state resources to fund partisan politics. Leadership. In Mauritius, President Ameena GuribFakim is a former university professor who has done research and published tons of scientific papers. She is a leader who is an intellectual, and has argued that citizens get the leadership they deserve because it is their vote that selects and elects their leaders. Leadership. In Botswana, the founding President Sir Seretse Khama, a British-trained barrister, instituted a superior culture of leadership grooming and succession that has assured the countryâ€™s stability and economic growth from 1966, when it was one of the worldâ€™s poorest countries, up till today when Botswanaâ€™s nominal GDP per capita, at $7,000, is one of the highest in Africa. Leadership. We can therefore see a common thread of intellectually and technocratically competent political leadership in the successful emerging African countries. These leaders all recognize that ideas matter. They are therefore engaged with ideas, and with translating them into policy against the background of clear worldviews. The outcomes indicate successful economic performance. To paraphrase a popular saying, the problem in our country is that many in power have no ideas, and those with ideas have no power. We once were led by intellectual politicians, the likes of Nnamdi Azikiwe and Obafemi Awolowo. Most of our politicians today donâ€™t read. Many are Ghana-must-go bag-carrying characters or ethnic irredentists for whom politics is all about the self-preservation of the status quo. They are more interested in peddling ethnicity, religion and other primordial factors as their passport to power. Naively drawn in by these sentiments, we are left with the short end of the stick at the end of the day. High poverty and unemployment rates have been our lot. We have had enough. We should have had enough. When we continue to vote these kinds of compatriots into power, we are great accomplices in our continuing poverty. As citizens, we have the power to change our destiny. It is time to understand and to use that power. The path to economic transformation begins in our political choices. r %S .PHIBMV JT B GPSNFS EFQVUZ HPWFSOPS PG UIF $FOUSBM #BOL PG /JHFSJB

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