Wednesday 4th October 2017

FG Released N1.2tn Allocated to Capital Projects in 2016 Budget Collected N2.3tn revenue in first half 2017 This year's projects to be rolled over to 2018 Damilola Oyedele in Abuja The federal government has said it released N1.2 trillion between January and June 2017 for the 2016 capital budget, in addition to releasing N341 billion for capital projects approved under the 2017

budget.

The government equally confirmed that the N105.8 billion raised from the Sovereign Sukuk would be deployed to funding capital

projects and was expected to increase capital releases from the 2017 budget to N441 billion by the end of next week.

This is as it also disclosed that the sum of N2.305 trillion

was collected as revenue in the first half of 2017 out of the projected N2.542 trillion revenue for the first half of the year, representing a shortfall of 9 per cent.

The federal government had projected N5.084 trillion as total revenue in the 2017 budget.

These figures were presented by a team comprising the Minister of Finance, Mrs.

House Probes Reduction of JAMB Cut-off Marks… Page 53

Kemi Adeosun, Minister and Minister of State for Budget and National Planning, Senator Udo Udoma, and Mrs. Zainab Ahmed, and the Director General of the Budget Office of the Federation, Dr. Ben Continued on page 12

Wednesday 4 October, 2017 Vol 22. No 8203. Price: N250

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Ogunbodede, DG Agriculture Institute Jailed 40 Years for Fraud… Page 49

In Leaked Letter, Kachikwu Accuses Baru of $24bn Contract Award Without Due Process Alleges campaign of calumny against him, insubordination by NNPC boss Wants recent NNPC appointments suspended, GMD keeps mum NLNG wins legal battle against NIMASA, agency to appeal ruling Iyobosa Uwugiaren, Chineme Okafor in Abuja and Ejiofor Alike in Lagos In continuation of the supremacy battle between the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr.

Maikanti Baru, the minister has written to President Muhammadu Buhari, accusing the NNPC boss of flagrant violation of due process in the award of contracts and acts of insubordination.

Ever since Kachikwu was first appointed GMD of NNPC in 2015 and subsequently the Continued on page 8

Alison-Madueke Asks Court to Compel AGF to Extradite Her to Nigeria Davidson Iriekpen A former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has urged the Federal High Court in Lagos to compel the Attorney General of the Federation (AGF) to bring her back to Nigeria from the United Kingdom, where she travelled to shortly after leaving office in 2015.

She said she would like to appear in court in Nigeria to defend a criminal charge bordering on the alleged laundering of N450 million, where her name was mentioned.

The main defendants in the charge are a senior lawyer, Mr. Dele Belgore (SAN), and Continued on page 8

Buhari's Independence Day Speech Empty Tirade, Says PDP... Page 50

L-R: Group Managing Director, CMC Connect (Perception Managers), Yomi Badejo-Okusanya; former President Olusegun Obasanjo; and Executive Producer of Gula on Stage, Tunde Oduwole, during the premiere of Gula/CMC Connect’s 25th anniversary at Terra Kulture, held in Lagos… recently

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WEDNESDAY, ͼ˜ ͺ͸͹Ϳ ˾ T H I S D AY

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PAGE EIGHT IN LEAKED LETTER, KACHIKWU ACCUSES BARU OF $24BN CONTRACT AWARD WITHOUT DUE PROCESS Minister of State for Petroleum Resources, there’s been no love lost between himself and Baru, who shortly after Kachikwu’s appointment as GMD, was promoted to the post of Group Executive Director, Exploration and Production of the corporation.

The relationship, THISDAY had exclusively reported last year, took a turn for the worse when Kachikwu reorganised NNPC in March 2016 and created five core divisions and 20 Autonomous Business units.

Baru, it was alleged, shortly after the restructuring undertaken by Kachikwu began a campaign and whipped up sentiments behind the scenes to get the minister removed from the post of GMD on the grounds that he should not be allowed to hold the posts of minister and NNPC boss simultaneously.

Indeed, stories were published by certain online media outlets and attributed to Baru alleging that Kachikwu had been removed several weeks before Buhari eventually approved the latter’s ouster as NNPC GMD in July 2016.

Having succeeded in getting Kachikwu removed, THISDAY learnt that Baru, with the collusion of top officials in the presidency, has done everything to undermine the minister who still doubles as the chairman of the NNPC board, effectively rendering him rudderless.

Attempts to get Baru to respond to the allegations made by Kachikwu in his letter to the president were unsuccessful yesterday, as the GMD did not return calls and a text message sent to his phone.

When contacted, the spokesman of the corporation, Ndu Ughamadu said NNPC had no response to the letter, as it was not addressed to the corporation.

In the letter to the president, which sources informed THISDAY was just a tip of the iceberg, the minister accused the NNPC boss of labelling him as “corrupt”, “anti-north,” and also being “in collusion with militants”, in order to convince the president on the

need to sideline him in the decision-making process in the state-run oil firm.

Kachikwu alleged that Baru awarded about $24 billion major contracts without his input or review by the NNPC board.

The minister added that he wrote the letter to the president after concerted efforts to have a one-on-one appointment with him at the State House fell through since his return from the UK for medical reasons.

Kachikwu’s letter came to light on the social media and blogs just as the Federal High Court sitting in Lagos yesterday delivered judgment in favour of the Nigeria Liquefied Natural Gas (NLNG) Company Limited in a case between the company and the Nigerian Maritime Administration and Safety Agency (NIMASA) over the applicability of NIMASA levies.

In the letter dated August 30, 2017, Kachikwu alleged that he read about the recent massive changes at NNPC on the pages of the newspapers, as Baru never discussed the changes with him and members of the board of the corporation.

“Indeed, in anticipation of vacancies that would arise from retiring senior executives of NNPC, I wrote the GMD (Baru) a letter requesting that we both have prior review of the proposed appointments.

This was to enable me to present same to the board or give an anticipatory approval and then review with the board later.

“I wrote to the GMD, given previous happenstance of this nature. In addition, thereafter, I called the GMD to a private meeting where I discussed these issues. Needless to say that, not only did he not give my letter the courtesy of a reply, he proceeded to announce the appointments without consultation or board concurrence,” Kachikwu said.

Kachikwu added that Baru did not also consult the Board Services Committee, whose function it is to review potential appointments and terminations of senior staff prior to implementation.

The minister also alleged

that Baru had sidelined the NNPC Board in the awards of contracts.

According to the minister, the legal requirement is that all contracts above $20 million should be reviewed and approved by the NNPC board.

He told the president that in over one year of Baru’ s tenure as the boss of NNPC, no contract has been run through the NNPC board.

“This is despite my diplomatic encouragement of Dr. Baru to do so to avoid wrongfully painting you as a president who does not allow due process to thrive in NNPC. Given the history of malpractices and the public perception of NNPC as having a history of non-transparency, the NNPC Tenders Board (NTB) cannot be the final clearance authority for contracts it enters into.

“The NTB, which is a collection of top-level NNPC executives and COOs, with the GMD as chairman, cannot continue to be the final approval authority for multi-million dollar contracts and transactions involving NNPC to the exclusion of the board.

“Board members have singularly and collectively raised these issues to no avail,” Kachikwu explained.

The minister listed major contracts awarded by Baru without the input of NNPC board to include $10 billion crude term contracts; $5 billion direct sales direct purchase (DSDP) contracts; $3 billion AKK pipeline contract; financing allocation funding contracts worth $3 billion; and NPDC production service contracts valued at $3-$4 billion.

“There are much more Your Excellency. In most of these activities, the explanation of the GMD is that you are the Minister of Petroleum and your approvals were obtained.

“However, the correct governance is that the Minister of State and the board review the transaction and give their concurrence prior to presentation to you.

“As in many cases of things that happen in NNPC these days, I learn of transactions only through publications in

the media. The question is why is it that other parastatals which I supervise as Minister of State or chair their boards are able to go through these contractual and mandatory governance processes and yet NNPC is exempt from these?

“I know that this bravado management style runs contrary to the cleansing operations you engaged me to carry out at the inception of your administration. This is also not in consonance with your renowned standards of integrity,” Kachikwu said.

Kachikwu informed Buhari that even though the appointments of other heads of parastatals in the Ministry of Petroleum were made without his input, he has maintained a cordial and respectful relationship with all of them.

According to him, the heads of the other parastatals have continued to excel in their areas and adhere to mandatory governance processes.

He revealed that his working relationship with Baru has been “fraught with humiliation, sidelining, and campaigns of character defamation against me”.

“This is particularly frustrating given the many contributions I have made to the growth and stability of the Nigerian oil and gas industry through the many policies I have introduced since August 2015.

“If NNPC is considered and known to be one of the parastatals under the ministry, why does the GMD refuse to report to my office or to the board on serious issues such as above, especially given that I have been by Your Grace, the minister with oversight responsibilities over these parastatals for two years?”

Kachikwu queried.

The minister further alleged that when he called for meetings, Baru would send his subordinates without the courtesy of a call to explain his absence.

He said he had managed the bad perception created by Baru’s blatant insubordination and disrespectful attitude and had also worked hard to avoid being seen as petty and meddlesome.

The minister alleged that Baru has created a fear culture in NNPC, against the open administration he had introduced with the president’s support in their first year of pushing reforms.

“NNPC staff are afraid of contacting me to avoid being punished, sidelined in appointments and targeted.

Indeed, the key factor for growth and advancement in NNPC of today is to avoid the Minister of State’s Office,” Kachikwu added.

On the allegation being circulated by faceless blogs that he is anti-north, Kachikwu said all his appointments were generated with key inputs from all the COOs of NNPC and were balanced and based strictly on skills, experience, drive and ethnic balancing for senior management positions.

He stated that he is a detribalised Nigerian who grew up in Kano and had worked in various parts of the country.

According to him, he has no reason to be anti-north, as he has also found in his working career that good and skillful people abound everywhere in Nigeria.

He also denied the allegation of corruption being circulated by some blogs, stressing that all contracts awarded under his watch were based on merit, adding that he rarely participated in those contractual processes except to review them.

“Anyone peddling any contrary information is resorting to cheap blackmail,” he said.

Reacting to the allegation that he was in collusion with Niger Delta militants, Kachikwu reminded Buhari that the blueprint of all his engagements with the militants was discussed and approved by him (the president).

According to him, all the engagements with the militants was done in collaboration with the Office of the Vice President, DSS and NSA, adding that he took the issue of security headlong because it was the primary causative factor for oil production that declined from 2.2 million barrels per day to 1 million barrels per

day in November 2016.

“I took on the issue of security headlong because it was the primary causative factor for production that declined from 2.2 mbpd to 1 mbpd at our lowest point (November 2016). At great risk to my life, I visited militant camps, coordinated with our security apparatus, organised the tour of the HEVP (His Excellency the Vice-President) to several frontline states and worked with PANDEF and other groups to bring calm and increase production and some measure of stability to what it is today.

“I have never betrayed the trust that you placed on me.

I did not deploy any public financial resources to achieve the results of the Niger Delta region. Most times I have utilised my own personal resources and goodwill accumulated over the many years prior to my appointment to achieve these far-reaching results and of course, all these were coordinated with agencies of government (Office of the VP, DSS, NSA, etc).

“I dare mention that the blueprint of these engagements was discussed with and approved by you.

“Given the sensitivity of my position, I remain one of the most tracked officers of your government, so if there is any truth to these rumours, you would have known,” Kachikwu added.

The minister also urged the president to save the NNPC and the country’s oil and gas industry from collapse arising from non-transparent practices and empower the NNPC board to do the needful.

He pleaded with Buhari to save him from the humiliation and disrespect by compelling NNPC to submit to oversight regulatory mandate and supervision, which he is supposed to manage on behalf of the president.

Kachikwu also wants the president to order the suspension of the recent appointments and promotions in NNPC until he and the NNPC board have made their inputs, noting that this would send a clear signal of process and transparency.

Continued on page 12

ALISON-MADUEKE ASKS COURT TO COMPEL AGF TO EXTRADITE HER TO NIGERIA a former Minister of National Planning, Prof. Abubakar Suleiman.

Belgore and Suleiman were charged before Justice Rilwan Aikawa for allegedly collecting N450 million from Alison-Madueke and laundering same in the build-up to the 2015 general election.

The Economic and Financial Crimes Commission (EFCC), which filed the charges against the duo, claimed that the N450 million was part of the sum of $115million which Alison-Madueke allegedly doled out to compromise the 2015 elections.

Belgore and Suleiman were arraigned on a fivecount charge, wherein Alison-Madueke’s name was mentioned but she was declared as being at large.

At the resumed hearing of the case yesterday, one Obinna Onya, a lawyer from Abuja, appeared before Justice Aikawa with an application seeking to join

Alison-Madueke as one of the defendants in the charge.

The application, filed pursuant to Section 36(1)(5)(6) (a)-(e) of the Constitution and Sections 216(1)(2)(3)(4) and 217 of the Administration of Criminal Justice Act (ACJA), is seeking an amendment to the charges against Belgore and Suleiman, so as to join Alison-Madueke as one of the defendants.

The lawyer contended that contrary to the declaration by the EFCC that AlisonMadueke was at large, the former minister was in the UK and was willing to return to Nigeria so that she could appear in court to take her plea and defend the charges.

The lawyer argued that since her name was mentioned in the charge, it would be against her right to fair hearing for the case to proceed without affording her the opportunity to defend herself.

“The statement made by the prosecution means that the applicant (Alison-

Madueke) is going to be convicted without being given the opportunity to defend herself,” Onya told Justice Aikawa.

The application prayed for an order “mandating the Attorney General of the Federation, being the agent of the complainant, to facilitate the prompt appearance of the applicant in court on the next adjourned date, to take her plea and to defend the allegations made against her in counts 1, 2, 3 and 4 of the charge, numbered FHC/L/35c/2017”.

Onya urged Justice Aikawa to hear and determine the application before proceeding with the case.

But the EFCC counsel, Rotimi Oyedepo, opposed him, saying the application was not ripe for hearing as he was yet to be served.

However, Onya told the court that he had attempted to serve Oyedepo yesterday morning in the court premises but that the prosecutor declined, adding that his

effort to serve the application at the EFCC office last Friday was also frustrated.

But Oyedepo advised him to go and serve the application at the registry of the EFCC, assuring him that the application would be accepted.

Responding, Justice Aikawa said the court could not entertain the application until all the parties had been properly served.

Meanwhile, the trial proceeded with the second witness for the EFCC, Usman Zakari, continuing his testimony.

Through the witness, Oyedepo tendered two letters written to the EFCC in relation to Standard Charted Bank Nigeria Limited and Guaranty Trust Bank Plc. The court admitted the two letters as exhibits in evidence against the defendants.

However, Oyedepo’s attempt to tender an electronic mail communication between Alison-Madueke and the Managing Director of Fidelity

Bank Plc was resisted by the defence counsel, Mr. Ebun Shofunde (SAN) and Olatunji Ayanlaja (SAN).

They contended that the document was not admissible, as according to them, it did not meet the requirement of the Evidence Act. Oyedepo sought an adjournment to counter the objection by the defence.

Justice Aikawa adjourned till today for the continuation of trial.

In the charges, Sulaiman, a Professor of Political Science and International Relations at the University of Abuja, and Belgore, a former governorship aspirant in Kwara State, were accused of conspiring between themselves to commit the offence on March 27, 2015.

The duo was accused of making a cash transaction of N450 million on March 27, 2015, without going through a financial institution.

They pleaded not guilty to the charges.

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NGN NGN % 0.16 1.79 9.8 0.05 0.79 6.7 0.05 1.09 4.6 0.04 1.04 4.8 0.23 5.99 3.9 NGN NGN % 0.03 0.57 5.0 1.27 24.23 4.9 0.15 2.88 4.9 CADBURY 0.53 10.46 4.8 STERLBANK 0.05 1.00 4.7 HPE Nestle Nig Plc ₦1,215.00 Volume: 634.326 million shares Value: N5.790 billion Deals: 3,850 As at yesterday 3/10/17 See details on Page 40

T H I S D AY WEDNESDAY OCTOBER 4, 2017

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NEWS

FBN Holdings’ GMD, Urum Eke Loses Mum Obinna Chima The passage has been announced of Madam Ahudiya K.U. Eke, mother of the Group Managing Director of FBN Holdings Plc, Mr. Urum Kalu Eke. A statement issued weekend by Chief Otems Otaka Eme on behalf of the family said the sad incident occurred on September 18 in Port Harcourt, Rivers State, after a brief illness.

“It is with a heavy heart but with the utmost submission to the will of God that the families of the late Elder K.U. Eke, Nde Nnem Inyafu and Nde Nnem Ola of Abiriba community in Ohafia Local

Government Area of Abia State announces with regret the death of our matriarch, Madam Ahudiya K. U. Eke, which sad event took place on Monday, September 18, 2017, at Sapiens Specialist Hospital, Port Harcourt, Rivers State,” the statement read.

The statement further said that Madam Ahudiya was a virtuous woman with an uncommon zeal for the works of God and service to humanity through her various community services.

Noting that her death was a huge loss not only to the immediate family but to the entire community that depended on her in both material terms and the wise

counsel she often offered.

The statement described the late Madam Ahudiya as a devout Christian and a rare woman who had a penchant for touching lives.

It added that she led an exemplary life characterised by modesty and her refusal to be carried away by the trappings of life.

According to the statement, “Her death is indeed an irreparable loss to those who had come across her during her lifetime. She was kind, hardworking and, above all, humble.

“The grace of God was manifest in her and she radiated it around her dependants and associates.

Her peaceful disposition

was marvellous and worthy of emulation. She preached peace, lived in peace and died peacefully.

“Mama UK, as she was fondly called, will be missed. But we pride ourselves in the quality of life she lived and the footprints she left behind, more especially in her children who are all accomplished professionals in diverse fields,” it stated.

The statement also indicated that the burial arrangements will be announced shortly by the family and prayed that God comforts the family, the entire Abiriba community, and grants her gentle soul eternal rest.

Madam Ahudiya Eke

FG RELEASED N1.2TN ALLOCATED TO CAPITAL PROJECTS IN 2016 BUDGET Akabueze, when they briefed the Joint Senate Committee on Appropriation and Finance on the implementation of the 2017 budget yesterday.

The government team urged also members of the legislature to accelerate the process and approval of foreign borrowing, so that the funds could be deployed towards funding of the capital budget.

During his presentation to the Senate committee, Udoma dispelled what he said were insinuations that the government has not released substantial sums allocated to the capital budget.

“There is a general sense that since January we have not released much in terms of the capital budget. That is not the case. Between January and June, we still had the 2016 budget in operation and we allowed it to flow unhindered.

“Under the 2016 Appropriation Bill, we released over N1.2 trillion of the capital budget and most in the course of this year. It is partly because of those releases that we are out of the recession, because we

realised the need to reflate he economy,” Udoma said.

He explained that there would be more releases before the end of 2017, further disclosing that some of the revenue collected in 2017 was spent on projects approved in the 2016 budget.

He also pointed out that while the government’s revenue had improved relative to last year’s earnings, external borrowing was still required to fund the capital component of the 2017 budget.

“This year’s revenue is better than last year’s, but not enough. So we need to borrow and we have been borrowing,” he said, adding that the Nigeria’s oil output was currently at 2 million barrels per day.

He noted that the N2.3 trillion deficit in the 2017 budget, which comprises mostly the capital component, could only be funded by foreign borrowing.

“It is urgent that we get all the approvals from the National Assembly,” Udoma said.

The budget minister also canvassed for the support

of the lawmakers in the restoration of the fiscal year to January-December in order to entrench an organic budget calendar.

To this end, he disclosed that the executive was ready to work with the lawmakers to ensure the submission of the budget in October to facilitate its passage before the end of the year.

“In order to go back to January-December as the fiscal year, this particular year would be very short in terms of implementation.

“You will not expect us to disburse N2.1 trillion (in the 2017 budget) in such a short time, the procurement processes would not even allow it. So we have told the MDAs to roll over 50-60 per cent of their projects, the projects will not be lost,” Udoma assured the committee.

He also assuaged fears that the proposal may have a negative effect, as it could eliminate a budget year.

“Yes, for the transition there would be issues, but we should bite the bullet and solve the problem once and for all,” he said.

Adeosun, in her presentation to the joint committee, said revenue figures had improved compared to similar periods in 2016.

She provided a breakdown of releases of the non-capital and capital component of the 2017 budget.

“Cumulative releases on recurrent expenditure stands at N1.5 trillion and we are fully on course in terms of salary releases. Statutory transfers amount to N128.8 billion, redemption funds for pensions - N37.8 billion, overheads - N92.4billion, Service Wide Votes - N223.6 billion, capital expenditure - N340.9 billion.

“We also successfully raised N100 billion (through the Sukuk) which will be released this week. At the end of this week, we would have released about N440.9 billion for the capital component of the 2017 budget,” Adeosun explained.

The finance minister also revealed that there was a rollover from the 2016 budget to the 2017 budget to fund the capital projects.

“We had a rollover from

2016 to the 2017 budget, so there was no stoppage in terms of capital spend.

Projects simply continued.

In terms of the way in which we allocated the funds, prioritisation was done in accordance with the objectives of the Economy Recovery and Growth Plan (ERGP).

“We were focused on project completion, we prioritised projects that were nearer completion and were critical in the first releases of the capital budget,” Adeosun said.

She explained that the government was more disposed to foreign borrowing than domestic borrowing, because the terms and conditions were more favourable.

“Foreign loans have longer tenure and lower interest rates, unlike the domestic market,” she said.

Speaking on why several agencies had been unable to pay their staff salaries, Adeosun blamed it on unapproved recruitment.

She said it had become the practice for several agencies of government to embark on

recruitment exercises without receiving approval from the relevant agencies, one of which includes the Budget Office of the Federation.

“They load people onto the payroll and their personnel budget remains the same. Others choose to replace retiring officers with multiple officers,” she said, adding that President Muhammadu Buhari had set up a committee to probe why the agencies are unable to meet their salary obligations.

Adeosun, however, acknowledged that some agencies had shortfalls in the appropriations for their personnel.

Also speaking, the Director General of the Budget Office aligned with Adeosun on the government’s preference for foreign borrowing.

He added that borrowing from the domestic market had to be well paced to avoid collapse.

Akabueze also harped on the need for an organic budget calendar, which he said was very crucial particularly for the private sector and economic planning.

IN LEAKED LETTER, KACHIKWU ACCUSES BARU OF $24BN CONTRACT AWARD WITHOUT DUE PROCESS He also asked the president to encourage joint presentation meetings by the heads of parastatals and himself to Buhari in order to foster a culture of working together and implant discipline in the hierarchy.

When contacted to verify the authenticity of the letter, a statement from the Director of Press in the Ministry of Petroleum, Mr. Idang Alibi, confirmed the minister’s letter to the president.

He said in the statement that the letter was part of procedures often adopted to address developments in the ministry.

He stated: “The attention of the Ministry of Petroleum Resources has been drawn to a publication on a memo emanating from the HMSPR to the president.

“Please note the following: The communication under reference is a normal procedural correspondence by the minister to the president relating to developments in parastatals under his supervision.

“It is most distressing to the Ministry of Petroleum Resources that a confidential

communication to the president on the performance of one of its parastatals can be made public.

“The focus of the communication was on improving efficiency and deepening transparency in the oil and gas sector for continued investor confidence.

It is noteworthy that the president has been fully supportive of the efforts of the ministry to entrench good governance and accountability in the oil and gas sector.

“The Ministry of Petroleum Resources remains focused on achieving measurable progress in the implementation of the ongoing oil sector reforms in line with the mandate of the president,” it stated.

NLNG Floors NIMASA In a related development, the Federal High Court, Lagos, yesterday delivered judgment in favour of NLNG in a case between the company and NIMASA over the applicability of NIMASA levies.

NIMASA had alleged that NLNG was liable to pay three per cent gross freight

on its international inbound and outbound cargo (Sea Protection Levy), two per cent cabotage surcharge on all activities carried out for and on its behalf, as well as other sundry claims, all of which NLNG disputed.

But in his judgment, Justice M.B. Idris held that NLNG was not liable to make the said payments to NIMASA and that all such payments already made by NLNG to NIMASA should be refunded to NLNG forthwith.

Justice Idris further held that NIMASA was wrong in blockading the Bonny channel for the purpose of enforcing the payments against NLNG. NLNG, in 2013, filed the case at the court against NIMASA, seeking a judicial determination on, among other things, the legality or otherwise of the levies sought to be imposed on NLNG by NIMASA, and the consequent blockade of the Bonny channel

by NIMASA and its agents as a result of the dispute.

NLNG had also sought a court order restraining NIMASA from further blockade of the channel.

An interim injunction

granted in favour of NLNG by the court was disobeyed

by NIMASA, which continued the blockade of the Bonny channel for over a three-week period whilst the matter was pending, thereby preventing NLNG vessels and other vessels doing business with the company from entering or exiting the channel.

Instead, NIMASA had filed a counterclaim restating its supposed entitlement to receive payment of the levies from NLNG. However, yesterday’s judgement reinforced NLNG’s position that by the provisions of the applicable laws, the company was not subject to payments to NIMASA of the three per cent gross freight as well as the Sea Protection Levy, and that the two per cent cabotage levy was inapplicable because the company’s LNG vessels were not involved in coastal trade or cabotage.

This decision also affirmed the sanctity of the guarantees and assurances conferred on the company and its shareholders by the Government of the Federal Republic of Nigeria, on

the strength of which the shareholders made their investments from which the country has reaped immense returns.

NLNG’s General Manager in charge of External Relations, Dr. Kudo Eresia-Eke said in a statement yesterday that the company as a lawabiding company and a good corporate citizen remained committed to conducting its business in accordance with the laws of Nigeria.

However in his reaction to the ruling, the Director General of NIMASA, Dr. Dakuku Peterside expressed the disatisfaction of his agency with the judgment of the court.

A statement by the agency’s head of corporate communications, Isichei Osamgbi said the director general signified NIMASA’s intention to appeal the judgment.

Peterside was quoted as stating that the agency’s legal team was waiting for the certified true copy of the judgment which it will study and respond to appropriately.

Section 2(1) of the NIMASA Act states that “this Act shall

apply to ships, small ships and crafts registered in Nigeria and extended to ships, small ships and crafts flying a foreign flag in the Exclusive Economic Zone, territorial and inland seas, inland waterways and in the ports of the Federal Republic of Nigeria”.

While Section 2(2) states: “The only vessels exempted from levies are…warships and military patrol ships.”

The statement added that NIMASA has portfolios of statutory revenues that it collects from shipping companies/ship operators, manning agents and seafarers.

“This, the agency pays into the coffers of the government. It is within these funds generated that the agency uses to develop and police the maritime sector.

NIMASA does not receive any government allocations,” the statement added.

NIMASA further recalled that the court in 2013 had ruled on the agreement by both parties, stipulating that NLNG would pay outstanding levies and also continue to pay all applicable levies in line with the NIMASA mandate.

T H I S D AY WEDNESDAY OCTOBER 4, 2017

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COMMENT

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

GAY MARRIAGE: LGTB TAKES BUHARI TO COURT (1) Same-sex marriage is alien to our culture, writes Sonnie Ekwowusi

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he lesbian, gay, bisexual and transgender (LGTB) in Nigeria has taken President Muhammadu Buhari to court. In their law suit filed at the Federal High Court, Lagos, the LGTB organisations allege that the Nigerian anti-gay law (Same-Sex Marriage Prohibition Act 2014) is a violation of their “right� for a man to marry a fellow man and a woman to marry a fellow woman. The LGTB also prays the honourable court to quash the Same-Sex Marriage Prohibition Act because it prohibits gay clubs, gay societies, gay publicity, gay procession, gay amorous relationship such as caressing and kissing in public and so forth in Nigeria. In essence, the LGBT in Nigeria is praying the honourable court to legalise gay marriage, gay wedding and gay associations and activities in Nigeria.

Consequently the LGTB organisations in Nigeria have filed a suit at the Federal High Court, Lagos, praying the honourable court to declare the same-sex prohibition act unconstitutional, null and void as well as declare that lesbian, homosexual, bisexual and transgender practices are genuine human rights which must not be violated by the Nigerian government. Joined in the suit as co-defendant is the Attorney- General of the Federation and Minister for Justice. The LGTB leading counsel in the suit is a prominent intelligent lawyer in the United Kingdom called Prof. Oba Nsugbe, QC, SAN. Prof Nsugbe is a Nigerian. He is one of the managing partners of Pump Court Chambers, a leading common law firm in the United Kingdom. He is reputed to have an expertise in the “the constitutional challenge to Nigeria’s Same-Sex Marriage Prohibition Act�. Curiously the Pump Court Chambers advertises itself as a chamber with a strong LGBT presence. Specifically in one of the chambers’ online advert for job recruitment it stated viva voce: “We have a strong LGBT presence in chambers�. I don’t know whether the phrase “we have a strong LGBT presence in chambers� is another way of saying that most of the lawyers in Pump Court Chambers are homosexuals and lesbians. I don’t know why the powers, dominions and principalities in the United Kingdom are putting so much pressure on Nigeria to legalise gay marriage and gay activities. Anyway, the important thing is that the LGTB in Nigeria has hired one of the best law firms in the United Kingdom to prosecute their case.

As at the time of writing it was still unclear whether the suit had been assigned to a judge of the Federal High Court. First, the suit filed by the LGTB is a public document and therefore can easily be accessible by the public. Second, the subject-matter of the suit-gay marriage together with homosexuality, lesbianism and transgenderism-is a simmering matter of public interest in which the members of the public can freely comment on. This is one of the bedrocks of our individual liberty as enshrined in the 1999 Constitution.

It is instructive that the LGTB suit in Nigeria is coming on the heels of the judgment of the European Court for Human Rights clearly stating that same-sex “marriages� are not human rights that can be protected. It is noteworthy that the European Court for Human Rights is the highest court in Europe. But on June 29, 2016 the court, sitting in Strasbourg, France, delivered a judgment that has now shattered the hopes of all homosexuals and lesbians in Europe as well as dealt a devastating blow

IT IS INSTRUCTIVE THAT THE LGTB SUIT IN NIGERIA IS COMING ON THE HEELS OF THE JUDGMENT OF THE EUROPEAN COURT FOR HUMAN RIGHTS, CLEARLY STATING THAT SAMESEX MARRIAGES ARE NOT HUMAN RIGHTS THAT CAN BE PROTECTED

on gay rights in Europe. The court ruled that “marriagesâ€? entered into by people of same-sex cannot be considered as marriage. The court’s decision arose from the suit filed at the court by Heli Hämäläinen, a citizen of Finland. Heli had in 2002 fathered a child with his wife of over 10 years. But he wanted to become a woman. Consequently in 2009 he abandoned his wife and son and underwent a sex reassignment surgery in order to anatomically look like a woman. Prior to the surgery, he had tried to change his legal identity from male to female without success. Thereafter he wanted to “marryâ€? a fellow man. But he was disallowed to do so because Finland does not allow persons of the same sex to “marryâ€? each other. Then feeling aggrieved he sued at the European court. But in its ruling the court held that European human rights law recognises the “fundamental right of a man and woman to marry and to found a familyâ€? and “enshrines the traditional concept of marriage as being between a man and a woman.â€? The court’s ruling also bars people with same-sex attraction from filing a law suit to obtain a same-sex “marriageâ€?.

This is indeed is a historic and unimpeachable judgment. Additionally, it is a highly persuasive judgment which should serve as a precedent not only in the European Union courts but in all courts including the Nigeria’s. The truth of the matter is that gay marriage and gay activities are highly abhorred in all cultures and all religions in Nigeria. In fact, the same-sex marriage prohibition act is the outcome of such abhorrence. Prior to the enactment of the act, the Nigerian Law Reform Commission took up the study of the issue of same-sex marriage and its place in the Nigerian socio-cultural, political and religious setting. And after the exhaustive study it issued a report and a recommendation that same-sex marriage should be prohibited in Nigeria through express legislative prohibition. According to the commission: “the finding on this issue is that the very notion of same-sex cohabitation or marriages, as the case may be, is abhorrent to African sensibilities, and quite contrary to the norms of the Nigerian society‌it is our view that it would be a great disservice to our society, which is currently bedevilled by so many societal ills, to accord more than a passing mention to such unions in the course of a family reform exercise. Despite our awareness of the assurance to the contrary by authorities in some of the developed countries, our view is that homosexuality is an acquired habit that ought to be eradicated and not be transformed into an acceptable human conduct by law‌ our recommendation with regard to same-sex marriage is absolute prohibition‌.â€?

In effect, the Nigerian Law Reform Commission is simply saying that laws are made in consonant with the values and culture of the people. Every country is interested in protecting what it holds dear its cherished values. If the United Kingdom and other countries are so keen on protecting same-sex marriage as their only treasure let them go ahead and do so. But for goodness sake, they should leave Nigeria alone. We are tired of listening to all these foreigners dictating to us the kind of laws we should make. We are an independent country. We are a sovereign country. We have just finished marking the 57 years of wresting our independence from the British.

IS DOMESTIC VIOLENCE A NORM? Nneoma Ebele urges victims of abuse to speak out

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ehavioural scientists posit that domestic violence is the failure of partners to exercise discretion - patience, tolerance and care for one another. Considering this vice knows neither race nor religion, Marvin J. Aston’s stance that looking into each other’s hearts with some tolerance might help tame the monster, makes a lot of sense. His words: “If we could look into each other’s hearts, and understand the unique challenges each of us faces, I think we would treat each other much more gently, with more patience, tolerance and care.�

Though domestic violence in Nigerian is not new, the social media has conspired with the digital age to give the horrors of abuse more prominence in this generation. Domestic violence is a pattern of abuse by one partner in an intimate relationship against another. The abuse could be physical, emotional, sexual, or a mix of some or all of the three. It often starts subtly with victims not recognising from the onset that they are being abused and abusers not accepting the gravity of their actions until it degenerates to a life-threatening point. Often, the abuse leaves lasting psychological effects on the victim and in worst cases results into fatalities.

A 2016 research by Domestic Violence Nigeria explains that one third of all women in Nigeria have experienced physical abuse. This is a significant number, given that almost half of Nigeria’s estimated population of 160 million are women. Curiously, 43 per cent of these women think physical abuse can be justified on the grounds of simple domestic mistakes like burning a meal or going out without permission.

This statistic devastatingly highlights how a lot of women who are victims of abuse across Nigeria blame themselves for it, so they take no action to address it.

Whereas, the Nigerian Criminal Code Act of 1990 states in Section 360 that “Any person who

unlawfully and indecently assaults a woman or girl is guilty of a misdemeanour and is liable to imprisonment for two years,� the Nigerian government has taken legal action against men who abuse women in several states.

Although the Violence Against Persons Prohibition Act was enacted in 2015 as a federal law to address all cases of violence, domestic violence is still rarely investigated, weakly reported and almost largely regarded as a norm in Nigeria.

The major tell-tale sign of abuse is feeling of fear for one’s partner. My take is that people should not live in fear of those that claim to love them.

Recognising abuse in a relationship is the first step to ending it. It can be difficult to identify non-physical abuse, because it often develops gradually. It is compounded by the fact that as relationships grow, women take on more of domestic roles. In Nigeria, there is a mental imprint in the minds of people that a woman should naturally assume these domestic roles. Therefore she is seen as mother and caretaker, even to her spouse. The general expectation is for her to kiss her husband’s feet and bend backwards to sustain the relationship. If she by any chance isn’t fulfilling these “womanly duties�, she is seen as disrespectful.

So, abusers often resort to domestic violence calling it “mental reset�, blaming the victim for ‘provoking’ the abuse. However, it is important for victims to understand one thing: abusers use fear, guilt and intimidation to dominate and control their victims. Abusers try to justify their actions by describing it as a form of discipline and in some cases, getting the abuser to promise not to repeat the offence.

Domestic abuse cuts across all societies and ages irrespective of class or status; spanning from the religious to free thinkers, illiterates to educated, married and singles and even between people

that do not cohabit. Spousal domestic violence is intensely on the rise and turning a blind eye to it will not make it go away. This is why Natures Gentle Touch’s intervention appears timely. The leading natural haircare brand has opted to join their efforts to at least reduce domestic violence through an enlightenment campaign that would empower women through knowledge-laden entertainment.

This excites me because I have long wondered how the Nigerian society can be rid of this vice.

Violence and abuse should never be acceptable. And I think that ignorance is the most fertile ground for domestic violence to grow. Everyone deserves to feel valued, safe and respected in life, particularly in personal relationships.

The Lagos State Government has been campaigning that domestic abuse is a social vice while encouraging victims to speak up to support government’s efforts to rid the society of it. I totally agree that abuse is a choice and victims should not accept responsibility for the actions of the abusers. This is where the enlightenment campaign is a clincher as it would help people to imbibe the knowledge that it is unfair to indulge in domestic violence under any guise, while victims will learn that they can solve it by helping their partners and where that fails, seek protection from the law.

This has become necessary because the public is often jolted by the horrors of domestic violence when the abuse has got to a point of fatality, with screaming headlines in the media, like “Pregnant woman brutally battered by husband,� or “Husband beats wife to death�.

Because of cultural nuances, while this evil abounds, family, friends and neighbours typically avoid poking noses in other people’s relationships.

But while it can be easy to disregard the issue especially by those not directly affected, the society faces problems from domestic violence and its

consequences. Research shows that the psychological effects of abuse can cause mental illness, eventually leading to insanity. Consequently, children who experience their mothers undergo violence are more likely to become criminals, making them become “government children� or “children of the street�.

The most commonly referenced psychological effect of domestic violence is Post-Traumatic Stress Disorder (PTSD), leaving the victim scarred for a long period of time. Following these effects, we have to ask ourselves: Do we really love our women?

Women deserve to be treated like queens, not servants. It is time for Nigerian women to stand up for themselves to identify the signs before the violence escalates into a devastating headline. It is time for us to look out for each other stand against violence rather than remaining spectators. It is time to start taking action to the saying “treat women how you want your daughter to be treated�. It will always be nice to get some enlightenment while being entertained. What makes this effort by Natures Gentle Touch more appealing is that partners or spouses can be entertained together, while being enlightened at the same time.

However, my take is that women should be more interested, because research has shown that the psychological effects of domestic violence can cause a woman to lose her self-esteem, confidence. Focusing on one’s wellbeing is an effective way to regain self-confidence after abuse. When dealing with recovery, the littlest things count the most.

Given the trend of domestic violence against women, one tends to agree that there is a burning desire to show love to Nigerian women. This is why it is commendable that Natures Gentle Touch is investing in ‘edutainment’ aimed at providing enlightenment for women to safeguard themselves and the larger society from the vice called domestic violence.

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EDITORIAL THE QUEST FOR OIL IN THE NORTH Oil exploration in the Chad and Sokoto basins is ill-advised

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he revelation that the Nigerian National Petroleum Corporation (NNPC) has resumed oil exploration in both the Lake Chad and Sokoto Basins a few months after Boko Haram ambushed and killed some lecturers from the University of Maiduguri came as a rude shock to many Nigerians. At a period when political leaders in other countries are coming to terms with the fact that the future of oil is bleak and have started preparing for alternatives to replace hydrocarbon, many are worrying that Nigeria is still making such difďŹ cult choices.

The NNPC, according to the Group Managing Director, Mr. Maikanti Baru, has been on the issue of exploration in the frontier basins. “We have already purchased aeromagnetic data and it’s being interpreted to determine the sedimentary thickness and the basin conďŹ guration,â€? said Mr. Baru who added: “We have also awarded a contract for the geological mapping of the basin.

THE DECISION TO INVEST I am happy to state here that samples SCARCE RESOURCES have been collected, IN LOOKING FOR OIL mapped, analysed, IN THESE BASINS IS and geological POLITICAL AND IT FLIES modelling executed IN THE FACE OF COMMON to ensure data SENSE AND SOUND integration.�

ECONOMIC JUDGMENT There are several pertinent questions.

Who bears the cost of geological surveys and the dry hole drill? Is it the job of NNPC to fund explorations? Can NNPC point to one oil block elsewhere in Nigeria where it funded exploration activities? Whose risk is this activity? Are we following the latest developments in technology elsewhere? Are we aware that most of these technologies are developed in the universities and commercialised by businesses? Why can’t Uthman Dan Fodio University be funded to start serious research in the area of mechanised farming and processing and storage of agricultural

Letters to the Editor

products that are abundant in Sokoto?

Crude oil is becoming outdated. So, when Europe and China are talking of phasing out hydrocarbon vehicles, it is not a threat. It is real.

While some countries like Nigeria may never phase out fossil fuel-powered vehicles as we have not sorted out our electricity requirements, questions still remain: How much of our crude is locally consumed and how much is exported?

Who are the major importers? What percentage of our foreign exchange earnings comes from oil exports? Why are we still spending millions of dollars exploring oil in the desert and building pipelines and other installations?

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ithout any doubt, the decision to invest scarce resources in looking for oil in these basins is political and it ies in the face of common sense and sound economic judgment. However, it is essentially because the NNPC does not subject its expenses to transparent process. Otherwise, there is no way that such exploration projects would have been approved, considering the humongous cost, especially as it is a risk that may yield no dividend at the end.

Unfortunately, the wrong choices being made in the oil and gas sector by this administration are not restricted to exploration. While the three reďŹ neries operated by the NNPC in Kaduna, Warri and Port Harcourt have remained a drain, government is holding on ďŹ rmly to them. Last year, Minister of State for Petroleum, Dr. Ibe Kachikwu revealed that the reďŹ neries were working at a 30 per cent capacity, but President Muhammadu Buhari would not permit that they be sold or privatised. “Personally, I would have chosen to sell the reďŹ neries but President Buhari has instructed that they should be ďŹ xed,â€? said Kachikwu. “After they are ďŹ xed, if they still operate below 60 per cent, then we will know what to do.â€?

It is clear that we are in serious trouble with policy options now a matter of gamble.

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

NIGERIA: TAKING STOCK AT 57

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ctober 1, 2017 was no doubt a remarkable day in the history of Nigeria being the 57th anniversary of our country as a sovereign and an independent nation. Firstly, as tradition demands, the occasion was meant to be used to remember the birth of Nigeria through the lowering of the Union Jack by Britain, our colonial master. Secondly, the occasion has become a fertile ground for stock taking on the gains or otherwise as an independent nation, using the overall well being of the people as a gauging parameter. There are countless number of areas where self-assessment of our country need to be carried out but the one that readily comes to mind has to do with the betrayal of the masses by politicians, who rather than owe their allegiance to the wellbeing of the people, use politics as an avenue for personal aggrandisement.

This betrayal has no doubt been well captured and summarised in a view expressed by a patriotic Nigerian and a veteran journalist, Aba Saheed whose consistent contributions and resilience towards emergence of an egalitarian society can never be opened to doubt. In his back page article titled “Butter, Bread and Betrayal� published on back page of Nigerian Compass newspaper, Monday, January 23, 2012, he said: “Unfortunately, betrayal is the order of the day. And of course, the most notorious is the world of politics. This is in atmosphere where politics is played in its crudest form. Politicus,

meaning cunning and clever, is the only interpretation of that word known to the most primitive of men all over the world.

It is so in America, same in Europe and Asia, and lamentably so in Africa. What makes betrayal in politics most prevalent in Africa and in most developing economies is the alarming rate of mass poverty. Politicians in developing economies speak with two sides of the mouth. If it were possible, they would grow fistula in their mouths and speak with as many holes as the disease has planted on their mouths. They behave as if the word conscience does not exist. Betrayers never go unpunished and they never end well. They never have peace. The bread will finish, the butter will melt and conscience will pursue them with vicious sword.� In the same vein one cannot but make reference to the expressed view of a concerned Nigerian, who, in Nigerian Tribune edition of Monday, May 15, 2017opined as follows: “Nigerians, it’s time to wake up. Our leaders and politicians have misplaced their priorities. They prefer to buy big houses and expensive cars, and build five star hotels all in the fear of poverty or being poor again. They see these as a means of fighting poverty after public office. They fail to create an enabling environment for investors to come into the country and industrialise it. Since they have failed to give us uninterrupted power supply, good roads, security and other basic amenities that could aid development, they also become scared on investing their ill-gotten wealth in establishing companies

that could employ the masses, in order to eradicate unemployment and fight hunger.�

It would be recalled that a bill seeking amnesty for treasury looters has been aptly described as “scandalous� by the Chairman, Presidential Advisory Committee Against Corruption (PACAC), Prof. Itse Sagay (SAN). The bill sponsored by Linus Okorie, a member of the House of Representatives and of the People’s Democratic Party (PDP), Ebonyi State, was said to have been read for the first time on June 14 in the House of Representatives. Whatever the merits or demerits of the bill, it is foolhardy for any living Nigerian to come up with such a bill knowing fully well the mindless and mind-boggling looting of the public treasury that took place under the immediate past PDP government of Goodluck Ebele Jonathan.

To say that corruption has been taken as a source of income by civil servants and public office holders before the coming to power of President Muhammad Buhari is to say the obvious.

But thanks for his hard stance against the menace, his administration is systematically tackling and clearing the rots handed over to him by his predecessor in office. The need for all hands to be on deck in the ongoing onslaught against corruption in our country cannot be overemphasised. Making our country a zero-tolerant one is a project which the present and future generations of Nigerians stand to gain from.

Odunayo Joseph, Mopa, Kogi State

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MIDWEEKPOLITICS

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

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Bode George: PDP Chairmanship on His Mind Despite the odds, the octogenarian former National Deputy Chairman of the Peoples Democratic Party, Chief Olabode George is pushing ahead with his ambition to become the national chairman of the party. Segun James takes a look at his chances

T

he clearest sign yet of the recovery of new vitality in the polity is the strong set of indications coming from the Peoples Democratic Party (PDP) that alliances are being formed across the political divide. Negotiations have begun and people are placing their cards on the table to determine who gets what, how and when.

This is the situation as the jostling for the leadership of the party enters its critical stage.

It is at this point that the name of Chief Olabode George has been ringing as the race for the national chairmanship of the party enters a more decisive stage. This week, George will formally announce his bid for the chairmanship position.

At the start of a renewal, everything seems possible. In the PDP, politicians who have spent the last two years in limbo, pondering how to retake power are now to decide the fate of their party by electing the man who will pilot the party to the proverbial 2019 election where they hope the party will retake power from the All Progressives Congress (APC) which succeeded in toppling the party from power after 16 years in the saddle.

Enters, Bode George. In the Nigerian political space, nobody divides opinion like Chief Olabode George. As the former chairman of the Nigeria Ports Authority (NPA) under the government of President Olusegun Obasanjo, he was a media delight. Anything that Bode George did was a media event, or more precisely, it was bound to generate controversy that would ell the media for weeks.

Controversy indeed is what has followed his decision to contest the chairmanship. To most of his critics, George, a former deputy national chairman of the party should leave the stage for younger and more vibrant men to stir the ship of the party to the promise land.

Today, those who control the party’s apparatchik are persons between the age of 45 and 60 years.

George needs to convince these young turks that he has all it takes to take the party to the next level given his age. He would need to relate with them and convince them that he is what the party needs at this critical junction.

Besides, they believe that what the party needed most at this critical period is a leader who is untainted and whose past will not come back to hunt him and by extension the party. It is on record that George was convicted of corruption by a Lagos High Court. However, his conviction was set aside by the Supreme Court.

Other aspirants also jostling for the chairmanship position however, noted that although the Supreme Court has cleared George on the corruption allegation against him, the All Progressives Congress (APC) can still use the scandal to smear him, a situation which will put the chances of the party at jeopardy.

Aside this, some party members hold the views that George does not command the loyalty and control of the party in the south west. They worry that if the south-west geo-political zone fields him as the official candidate of the party, many party faithful may be forced to cast their support elsewhere, a move which may be at the detriment of the party in the zone. This is moreso when the party has merely zoned the chairmanship to the south. Anyone one from the south-east or the south-south can easily beat the south-west to it.

But George sees things differently. To him age is but a number. He insisted that what the party needs now is a man who has the wherewithal, capacity and capability to lead the party at its most critical period.

For those who want to you his trial for corruption against him, his response seems to be: let us see who will cast the first stone.

Olabode George

At a recent meeting to find solution to the crisis in the south-west zone of the party, he made it clear that he would not go down without a fight. George challenged those who think they are better than him to come out and test their popularity.

George believes that he is the man to be at the contest, besides being the most experienced in the management of party affairs and the man with the leadership quality that the party needs at this most critical time.

To George, the most terrifying thing that happened to him was not the moment he was carted away to prison under a trump up charge of corruption that almost knocked him out politically; instead, it was the moment when within a fleeting second, his beloved PDP descended into crisis, and he was not in a position to salvage the situation.

Many fled but George chose to stay believing that as one of the founding fathers of the party, it was his duty to ensure its survival. To him, the period reminds him of the adage that since the party did not die during the time of his predecessors, it must not happen during his time.

To most of his critics, George, a former deputy national chairman of the party should leave the stage for younger and more vibrant men to stir the ship of the party to the promise land

It was from this time that he made up his mind to contest the chairmanship of the party and help ensure that it returns to its former glory.

Strong-willed, inflexible and arrogant, Bode George is one man who the hawks in the party will find it hard to push around. He is one man who is not afraid to say his mind on issues and stand by it.

Barely two months to the national convention of the Party, George who is the leader of the party in Lagos State many months ago lamented that the party was at a moral crossroads and struggling with survival.

He said: “We are at a pivotal junction wrestling with what the future holds for us all.

“Indeed, we are now confronted with a troubled destiny as a party. We are equally confronted with our relevance as opposition party in the great march to deepen the democratic processes of our country.

“The Peoples Democratic Party must now re-evaluate itself. We must reassess our values.

We must re-appraise our mission. We must look through our party vision and invariably rebuild our party in the crucial journey towards 2019.”

This he insisted is his mission as he contests for the chairmanship.

“Our party was founded on the principles of fairness, justice and equity. We represent all the diverse colorations of our great nation. From the vast stretches of the savannah in the north to the huge coastal waters of the south, we define the richness, the cultural beauty and the limitless aspirations of our people.

“Our party represents the hope, the inclinations and the endless possibilities of all our people regardless of tribe and tongue. That was our foundation. That was the vision of our founding fathers. That was the principle that gave our party the winning ways and the tremendous acceptability of the past.” He added.

He however regretted that the party derailed when strange bed fellows whose greed led to

the destructive path took over the leadership of the party.

Continuing he said: “We have derailed from the classical beginning. We have detoured foolishly from the redemptive path. We have lost our bearings. We have left the safety of our anchor for the perilous and the unknown shores. We are now adrift, circling in turbulent waters.

“My brothers and sisters, fellow party men and women, we must discard this new attitude of ruinous greed and desperate avarice. We must abandon the creed of irreverent conspiracy and the recourse to petty malice.

“This disturbing madness will not and cannot prevail again. We must confront new realities.

We must jettison the crude, inordinate greed of the recent past. We must eschew the unhealthy and the baseless character assassination in the crazy struggle for power.

“The eyes of our people are upon us all. We must be strong and resolute. We must re-dedicate ourselves to the new horizon.”

Olabode Ibiyinka George was born on November 21, 1945 in Lagos. He earned a B.Sc and MBA. George became a Commodore in the Nigerian Navy, and was appointed Military Governor of Ondo State (1988–1990).

He established the Rufus Giwa Polytechnic, Owo in 1990, a school that now has over 4,000 students. He became Principal Staff Officer, to General Oladipo Diya when the latter was Chief of General Staff, between 1993 and 1997. George was also a Director at the Nigerian National War College (NWC).

George was appointed Chairman of the Nigerian Ports Authority in 1999.

George was close to President Olusegun Obasanjo, and was given preference in the sale of houses in Lagos State. In 2001, George was made the PDP’s national vice-chairman in the southwest zone. Later he became PDP Deputy National Chairman, South, and then the National Deputy Chairman of the PDP.

T H I S D AY ˾ WEDNESDAY,OCTOBER 4, 2017

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UPDATE AND TRENDING

MIDWEEKPOLITICS

The Fallacies in Buhari’s Independence Day Broadcast Shola Oyeyipo reviews President Muhammadu Buhari’s address to the nation on October 1st and comes to the conclusion that some of the claims made by the president in the speech failed to project him as a national leader

P

resident Muhammadu Buhari’s broadcast to celebrate the nation’s 57 independence anniversary has continued to generate reactions from Nigerians. Although the broadcast was in the morning but by 8pm that same day, there were already torrent of reactions across the nation.

Some of the earliest reactions were from former vice-president Atiku Abubakar, a former presidential running mate to Buhari and founder, Latter Rain Assembly, Pastor Tunde Bakare, constitutional lawyer and human rights activist, Chief Mike Ozekhome, SAN, the Arewa Consultative Forum (ACF), the Nigeria National Summit Group (NNSG), pan-Yoruba socio-political organisation, Afenifere and other Nigerians. Others took to the social media to air their views.

In the broadcast, the president made some very salient points on issues affecting the country, particularly the issue of restructuring, Biafra agitation, fight against corruption, the economy, the indivisibility of the country among others.

He also used it as an opportunity to briefly reappraise the country” journey from 1999 to 2015, when Nigeria returned to democratic rule.

Lamenting the wastefulness that characterised those period when oil prices averaged $100 per barrel at about 2.1m barrels a day, the president said Nigeria had witnessed appreciable gains in recent times.

But perhaps, the most controversial part of the independence message was when he said: “Recent calls on restructuring, quite proper in a legitimate debate, has let in highly irresponsible groups to call for dismemberment of the country,” and that “We can not and we will not allow such advocacy.”

He added that “As a young army officer, I took part from the beginning to the end in our tragic civil war costing about two million lives, resulting in fearful destruction and untold suffering. I am very disappointed that responsible leaders of these communities do not warn their hot-headed youths what the country went through. Those who were there should tell those who were not there, the consequences of such folly.”

These statements did not go down well with those who expected the president to adopt a reconciliatroy approach especially given the atrocities committed by the Nigerian Army against members of the Indigenous People of Biafra.

Others wondered why Buhari as a responsible leader in the north did not call Boko Haram members to order until the insurgency grew out of control.

Ozekhome described the president’s broadcast as un-presidential and un-reconciliatory.

Ozekhome, in a statement said: “The entire national day broadcast by PMB on the occasion of Nigeria 57th independence is quite disappointing in all ramifications. He expressed disappointment over Buhari’s refusal to come out strong against the rampaging herdsmen and that the president “left the real issues and pursued trifles .

According to him, the speech was bereft of nobility of statesmanship, and devoid of a calm grasp and appraisals of the dire straits Nigeria is currently in.

He said: “The broadcast was rabidly narcissist, parochial, nepotic and clannish, as it failed to see anything wrong with the blatant and well reported threats by the Arewa youths to quit fellow Nigerians from their domain..

“The speech followed his now well worn out fixation of perceived hatred for the Igbo race, whose leadership he needlessly scurilised and lampooned, for allegedly being behind IPOB and other agitations.”

He accused the president of not giving the necessary attention to gun-wielding herdsmen ‘that literally vanquish citizens in their own homesteads across Nigeria’.

“The president celebrated mediocrity and edified his government non-performance two and half

Muhammadu Buhari

years down the line. I genuinely wondered if he was discussing the same country, Nigeria, that I am in, or another utopian planet mars,” he added.

Bakare disagreed with the position taken by the president that calls for restructuring are fuelling calls for the disintegration of the country.

The lawyer-pastor-turned-politician, in a state of the nation address at his Ogba, Lagos church argued that rather agitations are being fuelled by government’s refusal to look into what is behind the disaffection among the people.

He also noted that by the expression that government was in dialogue with stakeholders in the Niger Delta as a way to achieve peace, the president reduced the discussion to monetary gains. “The president has reduced the call for restructuring to naira and kobo by focusing on the area that produces the oil, as if other areas calling for restructuring have no voice, he said.

According to him, such position by the president is only capable of instigating grievances among those whose demand for restructuring of Nigeria is genuinely to bring about, equity, fairness, true federalism and justice, which he said would actualise the aspirations of Nigerians.

“The clamour for restructuring some years ago was the exclusive lingo of pro-democracy groups like the National Democratic Coalition (NADECO), the Pro-National Conference Organisation (PRONACO), and The Patriots. The leading individual voices in this call emerged mainly from the southern part of the country.

The president has reduced the call for restructuring to naira and kobo by focusing on the area that produces the oil, as if other areas calling for restructuring have no voice

“However, in more recent times, leaders from the northern part of the country have increasingly lent their voices to this call. From former vice-president, Alhaji Atiku Abubakar, who has aired this opinion since around 2012, to a former governor of Kaduna State, Alhaji Balarabe Musa, and, most surprisingly, former Head of State, General Ibrahim Babangida, the call for restructuring appears to be reaching a tipping point, Bakare said.

He stated that one of the conditions that made him to agree to run with Buhari as vice president was that restructuring would take pre-eminence in the government’s pursuits, as highlighted in the Congress for Progressives Change’s (CPC) manifesto.

The Secretary-General of NNSG, Mr. Tony Uranta, who spoke on behalf of the body, expressed discomfort that the presidency misread the feelings of Nigerians. He noted that: “This is a democracy and our president should not continue standing on the wrong side of history.

According to him, since Buhari returned to Nigeria from his medical sojourns abroad, it was evident that he still lacks a real connection with the people; that he still is unaware that we are not in the 1980s anymore; that he still doesn’t realise that guns are not the solution to every challenge besetting today’s Nigeria; and, that force has never triumphed over ideology in all of history.

The group wondered if Buhari’s advisers are not really leading him off the mark, by not allowing to support restructuring. It noted that it was because the president was not pro-restructuring that secessionist agenda are gaining more momentum.

The spokesperson of pan-Yoruba socio-political group, Afenifere, Mr. Yinka Odumakin, said the earlier the government saw reasons the better.

He could not understand why the government failed to understand that it was the refusal of federal government to heed the call to restructure that was responsible for the rising agitations for dismemberment of the country and not the call for restructuring as being speculated by government.That same position was expressed by Igbo socio-political organisation, Ohanaeze Ndigbo,

which in a reaction to Buhari’s statement that he is disappointed in South-east leaders, insisted that the president was responsible for agitation in the South-east and not Igbo leaders.

Ohaneze’s National Publicity Secretary, Prince Uche Achi Okpaga alleged that Buhari started hate speech in Nigeria, describing government policies of the Buhari-led federal government as “lopsided, sentimental and sectional.†Addressing a gathering of youths at the 2017 edition of Emerging Leaders Forum (ELF), public opinion analyst, Mr. Henry Agbebire was unhappy that Nigerian youths rarely got the needed attention in national discourse such as the recent presidential broadcast.

He said:. “The president himself has not paid enough attention to the youths, yet it is proven that the younger generation has larger percentage, so any leader who plans to succeed should involve them in the core place otherwise such government will fail. A lot is not being done to galvanise the youths to be leaders tomorrow and how they can be the protectors of our values.

Nobody is talking about how to use the youths for the realisation of our yearning.”

Hence, ELF founder, Dr. Kriz David urged the Nigerian youths to take up the challenge of becoming leaders themselves without waiting for anyone to handover power to them.

However, ACF commended the president for the broadcast, saying it was commendable and all encompassing, especially on the unity and indivisibility of the country. The body said it supported the position of government on the issues of restructuring and the need to allow genuine grievances to be addressed through the appropriate democratic institutions such as the legislature and judiciary.

“On the issue of hate speech and inflammatory remarks, now that government has taken a decisive action to arrest the situation, ACF appeals to all Nigerians to henceforth heed the call for restrain and resort to peaceful means of ventilating their grievances. “ACF further calls on governments at all levels to step up peace and confidence building in order to douse the current socio-political tensions”

WEDNESDAY, OCTOBER 4, ˾ T H I S D AY

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FEATURES

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

The Many Temptations and Trials of a Reverend Sister Last July, Dorothy Okuma was one of six reverend sisters who marked 25 years committing to a lifetime of chastity, poverty and obedience. But her journey has not been without bumps, writes Solomon Elusoji

"I

t is all a miracle,” was all Dorothy Okuma could muster at the o is all a miracle,” was all Dorothy Okuma could muster at the occasion of her silver jubilee celebration. “God has been awesome and faithful.”

Okuma hails from Umudike, the smallest village in Ihiala, a city situated in southern Anambra. And while she was growing, she noticed the devotion of her townsmen to the welfare of priests who hailed from the other villages. “So I kept wondering and started to nurture in my heart the desire to make my people proud, to at least prove to them that God did not desert them, that they are also one of God’s chosen race,” she said.

These puerile thoughts would go on to blossom into spiritual conviction, but not after Okuma had to abandon the desires of the flesh. During her secondary school days, she moved with a raucous group consisting mostly of boys, attending parties and spending incredible amounts of time together. “In those days, when I got a love letter, I would bring it to the group and they would be the one to reply it,” she said.

“We were really protective of each other.”

But there was this neighbour of hers who had found a way into her heart, as a trusted friend and confidant. When she completed her secondary school education, he proposed marriage to her. “But I told him I wanted to go into religious life,” she said, “I told him that he if I don’t go to serve God, I would forever regret it. The desire was so strong within me.”

But it was not an easy decision to take.

One, she liked her suitor. Two, she was the Ada of the family, the first daughter (and child) of her parents, with six other siblings. So there was a cloud of expectations hovering over her. “I was torn on the decision,” she said.

At a point, she visited some congregations

It has been joy, trials, pain, sorrow, but in all, God has been faithful.

At some points, I would be like damn it, why am I suffering myself.

Why don’t I just live this life. But that is the shallow aspect of me.

Deep down in me, I can’t. I continue to hear a voice that says ‘God has a purpose for you, this is your life and you have no other life’. That inner voice has always been my strength.

When I was told we were to mark 25 years, I couldn’t believe it. It was something I never expected

Okuma

and about two gave her admission to proceed to camp and begin a lifetime walk with God. She conferred with her Parish Priest, went on a retreat for nine days, at the end of which she drew lots. The decision to proceed to convent prevailed. In 1989, she travelled to Ogbomosho to start her spiritual journey, together with five other sisters.

After one year at Ogbomosho, the group of six were moved to the Novitiate at Ilesha.

But after about six months at the Novitiate, Okuma witnessed the dismissal of a trainee nun, one Philomena who she was very close to. “I felt sad and our Mistress of Reformation noticed it,” she said. “I told her who are we to determine for God who should serve Him. Right there, I made a secret promise to myself: if anyone else is to go, God let it be me. So I made a vow not to report anybody, because nobody would not be able to fulfil her dream because of me.”

Fortunately, no one else was dismissed

and in December 1991, Okuma’s group was asked to make its first commitment. “It was a big joy,” she said. “I was full of praise to God. That night, I looked through my window and saw the moon with a heavy cross and a woman carrying a baby. It was a blessed night.” In March 1992, she made her first vow in Ilesa and six years later, in 1998, she made her final vow.

After her first vow, she went on to live in several communities: in Ipetumodu, Osun State, in Lantoro, Ogun State, where she attended Sacred Hearts School of Nursing, and northern Cameroon, where she spent almost 12 years.

“It has been joy, trials, pain, sorrow, but in all, God has been faithful,” she said. “At some points, I would be like damn it, why am I suffering myself. Why don’t I just live this life. But that is the shallow aspect of me. Deep down in me, I can’t. I continue to hear a voice that says ‘God has a purpose

for you, this is your life and you have no other life’. That inner voice has always been my strength. When I was told we were to mark 25 years, I couldn’t believe it. It was something I never expected. I was always very sick, asthmatic. I never knew I would live to see the day.”

The parental struggle Okuma’s father was a factory worker during his heydays (at the latter end of his life, he worked with the church as a sacristan) while her mother, who is still alive, trades.

She told this reporter that convincing them to become a nun was not easy.

“In Igboland, you know that the first child, especially the first daughter, is very important,” she explained. “The mother will want to go for Omugwo, the father would want to have a son-in-law. It was a struggle.

My parents were not too happy. But I kept

WEDNESDAY, OCTOBER 4, ˾ T H I S D AY

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FEATURES

Okuma (middle) during her Silver Jubilee celebration

Faso, and Romania.

“Most of the daughters are into nursing,” Okuma said. “Some are into social work.

We have some of us that are psychologists, lawyers, teachers.” She, herself, is a trained nurse and a certified hospital manager.

Men will not mind that you’ve consecrated your life. They would come with all kinds of tricks. I’ve had several of such encounters. But when they see that this person knows what they believe, they will let you go. Each time I am able to conquer, I am happy. When we commit ourselves, we should not look back. God gives us the freedom, but within that freedom, he wants us to remember who we are. It’s easy to deceive everybody around us, but we cannot deceive ourselves

Mission to Cameroon Okuma’s most challenging period as a nun was her time in northern Cameroon, where she experienced a standard of living so low as to lead her into depression. “I was not really prepared for that mission,” she said. “I saw houses that I never knew existed in this world – mud-raffia houses.

And I was seeing children running around naked with mud all over their body. There was no light or telephone. I was shocked for many months. I was withdrawn, weak and tired. I wasn’t moved to do much. Naturally, I am the type that makes friends easily and adapt, but I saw myself struggling.”

But one day, while brushing her teeth, she looked at herself in the mirror and remembered a strange dream that she had had many years ago. In the dream, which continued for three days, she was deceived into a prison-like existence and was only rescued after intense praying and fasting.

“After that dream came back, I became lively and regained my normal self.”

Moving ahead

telling them I would not disappoint them.

Whatever the responsibility of an Ada, I would do it. Not necessarily through finance – money is not everything – but that I would always be there for my family and siblings through my counselling and prayers.

“Sometimes, the fear of parents is they don’t want you to go and come back, shame the family. But my father died being a happy man. He held me in high esteem. Right from the beginning, he prepared me as a leader of the family. He made sure my siblings confide in me. He came to accept it and was happy for me. Whenever I came for holidays, he would have saved some of his money to give to me. He would be there to accompany me to the bus stop.”

Daughters of the Holy Spirit Okuma’s service to God is funnelled through a sect, the Daughters of the Holy Spirit, a 300-year-old international Roman Catholic Religious Congregation of women, founded in a small town in Brittany, France in 1706 by Marie Balavenne and Renee Burel, who committed themselves to live together and to devote their lives to the service of the poor, the sick and children, recognising in them the person of Jesus Christ.

Through three centuries, the Sisters have found ingenious ways of surviving revolution, persecution and the myriad changes which religious life has undergone since the beginning of the eighteenth century.

Displaced by anti-clerical persecution in

Okuma

their homeland, some Daughters of the Holy Spirit arrived in the United States in 1902.

Bishop Tierney of the diocese of Hartford, Connecticut, was the first to welcome the French-speaking refugees; but in a short time, Bishops in Rhode Island, Vermont, western Massachusetts and upper New York State had welcomed these devoted religious women to neighbourhoods and parishes impacted by the emigration of French Canadian labourers to the burgeoning textile mills. The Sisters educated countless children

and walked countless miles of urban and rural streets, ministering to the sick. From the start, young American women joined these intrepid pioneers and the United States Province was born.

Gradually the ministry of the Sisters expanded to include a variety of pastoral and social services not only in the New England but also in Alabama, central California, Appalachia, the Delmarva Peninsula, extending across continents to countries such as China, Chile and Peru, Cameroon, Nigeria, Burkina

Okuma’s advise to aspiring nuns is to “be very prayerful” and to “be focused”.

Distractions, she noted, will come from every angle. “Men will not mind that you’ve consecrated your life,” she said. “They would come with all kinds of tricks. I’ve had several of such encounters. But when they see that this person knows what they believe, they will let you go. Each time I am able to conquer, I am happy. When we commit ourselves, we should not look back.

God gives us the freedom, but within that freedom, he wants us to remember who we are. It’s easy to deceive everybody around us, but we cannot deceive ourselves.”

On August 18, Okuma turned 52, but she still feels so full of life. “I feel like I am just beginning life. I pray that God gives me the grace for each minute, for each hour. I believe that the only way I can preach the gospel is by being the gospel.

“I’m a kind of character that people don’t easily understand. I am easily being misinterpreted. I struggled with that for a while, because I love justice. And I hate maltreating people. So sometimes this brings conflict between me and the others.

But after a while, I just realised I just have to live and withdrew into myself. Instead of being in the midst of people, gossiping and murdering people with your mouth, I choose to spend it with the Lord. After this life here, committing myself to God, no husband, no children, I don’t want to miss heaven.”

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IMAGES

WEDNESDAY, OCTOBER 4, 2017, ˾ T H I S D AY

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

L-R; Iyalode of Ibadan, Chief[Mrs] Iswat Abiola; Minister of Communication, Adebayo Shittu; Representative of Royal Father of the day, Olugbo of Ugboland, High Chief Kunle Obisanya and Pro Chancellor, Lead City University,Ibadan, Prof Jide Owoeye at All -Nigeria Writer Peace Summit to Commemorate United Nations International Peace day in Ibadan...recently

R-L: Hon. Minister of State for Health, Dr. Osagie Ehanire; First Lady of Edo State, Betsy Obaseki; Governor Godwin Obaseki of Edo State; United States Ambassador to Nigeria, Mr Stuart Symington; and the Representative of His Royal Highness , The Oba of Benin, the Iyase of Benin Kingdom, Chief Sam Igbe, during the opening of the Exhibition Gallery of the National Museum, Benin..recently

L-R: Glo subscriber, Mrs. Foluso Ogundiwin, Yoruba movie actor, Bolaji Amusan, a.k.a. Mr. Latin, another subscriber, Mrs. Tolulope Adewumi-Seriki, Glo brand ambassador, Odunlade Adekola, and Mrs. Ewatola Ladipo,at the Ibadan edition of the Glo Mega Music Nationwide Tour held at Jogor Event Centre, Ibadan...recently

L-R: Marketing Manager, GOtv; Johnson Ivase; ,Public Relations Manager, Jennifer Ukoh; General Manager,Marketing and Sales, MultiChoice Nigeria, Martin Mabutho and General Manager, GOtv, Akinola Salu, during the launch of GOtv-MAX, on their platform, at Ikeja, Lagos...recently kola olasupo

L-R: Insurance Manager, Yiinka Folawiyo Group of Companies, Mr. Ayuba Ogunsanu; Apapa Branch Manager, Prestige Assurance Plc, Mr. Lawrence Ajagunna; Managing Director/CEO, Prestige Assurance Plc, Dr. Balla Awamy; and Director/ Representative of Chairman, Mr. Muftau Oyegunle, at the official opening of Prestige Assurance Apapa branch in Lagos... recently etop ukutt

Executive Director, Business Development, First City Monument Bank (FCMB), Mrs. Bukola Smith; Managing Director, Think Eternity Drugs Limited, Mr. Uduak Ekpeyong; President, Pause Factory Academy, Mr. Enahoro Okhae; Divisional Head, Corporate Services, FCMB, Felicia Obozuwa and Group Head, Business Banking of the Bank, Mr. George Ogbonnaya, during a training organised by the Bank for Small and Medium Scale Enterprise (SME) operators in Lagos....recently

Pupils of Sunnydale School, GRA, Ikeja, Lagos entertaining Parents and guests during the National Day and 20th Anniversary of the school’s celebrations at the School’s premises in Ikeja, Lagos....recently

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WEDNESDAY, OCTOBER 4, ˾ T H I S D AY

BUSINESSWORLD R A T E S NIBOR OVERNIGHT 1-MONTH

A S

A T

NIBOR 15.3333% 17.0332%

3-MONTH 6-MONTH

20.1621% 23.1621%

M A R C H 9 , NITTY 1-MONTH 2-MONTH

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

2 0 1 7

13.0970% 14.0684%

3-MONTH 6-MONTH

15.7898% 19.6644%

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

Quick Takes Ani-Mumuney Emerges ADVAN President

The Advertisers Association of Nigeria (ADVAN) hosted its annual general meeting recently where it elected a new executive committee to run the affairs of the association for the next two years.The Group Head, Marketing and Corporate Communications FirstBank Nigeria, Mrs. Folake Ani-Mumuney emerged as President of the association. She took over from the Commercial Director atSystemspecs,Mr.DavidOkeme.Ani-Mumuneyalongsidethenew team of executive memberswouldruntheaffairsoftheassociation for the next two years. Speaking on the appointment, Ani-Mumuney expressed her gratitude for the honour bestowed on her to lead the associationasthe10thandfirstfemalepresident. Shesaidshelooked forwardtothechallengesaheadandthatsuccessforherwouldbeto delivermeasurableimpactto thegoalsandobjectivesofADVAN.“Itis extremelyrewardingtobedeemedfittorunthisofficebymycolleagues and peer member companies. I will ensure that the period I and other ExecutiveCommitteemembers havetoservewillseepositivechanges, strongpartnershipsandeffectivecollaboration.“Thecurrentoperating environment presents certain realities, unprecedented advances in technology driving new business models, increasing and tougher regulatory regimes with additional compliance requirements, so whilst the future is exciting it offers many opportunities wrapped in beautifulchallenges,”sheadded.Ani-Mumuneynotedthataproactive ADVAN must become the platform and catalyst for the progressive strategic marketing thinking demanded by the future.

BPE DG RINGS THE CLOSING GONG AT THE NSE

The Director General of Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh, rings the closing bell for the day’s business at the Nigerian Stock Exchange (NSE), Lagos on Friday, September 29, 2017. With him are the acting Head of Corporate Services at NSE, Pai Gamde; Chief Executive Officer of the NSE, Mr. Oscar N. Onyema and Head of Capital Market at BPE, Alhaji Baba Mohammed

Companies Raise N1.896tn from Equities Market in Seven Years Goddy Egene Companies have raised a total of N1.896 trillion from the nation’s equities market from 2010 to 2016, according to data compiled by the Securities and Exchange Commission (SEC), the apex regulator of the market.

The equities market has the potential of providing adequate fresh capital for companies at relatively cheaper rate. However, its patronage has been low due to weak demand by investors who are still traumatised by the experience of the 2008/2009 crash. In the absence of high demand by investors, most companies have been relying more on the bond market even

CAPITAL MARKET though at higher cost.

But data obtained by THISDAY showed that the equities market still provided significant capital to companies to the tune of N1.896 trillion between 2010 and 2016.

A breakdown of the funds showed that they were raised through initial public offering, rights issue and private placements. A total of N97.815 billion was raised in 2010. The figures soared to a record N1.059 trillion and moderated to N88.958 billion in 2012. The amount increased to N127.370 billion in 2013 and further to N344.707 billion in

2014. In 2015, the figures stood at N66.922 billion, while 2016 accounted for N110.731 billion.

Apart from the fear of low patronage by investors that have discouraged many companies from raising funds through equities, the time and cost of concluding the process of raising equity capital has been another issue over the years.

However, in his report to members of the Nigerian Stock Exchange (NSE) recently, the Chief Executive Officer of the exchange, Oscar Onyema said in response to stakeholder feedback gathered during the year, they embarked on several initiatives to reduce the time and cost of issuance and to strengthen their listing value proposition.

“Looking at time-to-market, we fast-tracked listing and approval processes for memorandum listings, rights issues and block divestments, as well as applications for firmly underwritten offerings and select bond types. We also worked with the Securities and Exchange Commission (SEC) to resolve regulatory overlaps, with the view of implifying and streamlining our listing processes for better customer experience,” he said.

Onyema explained that from a cost perspective, the exchange has reached an advanced stage on a collaborative market-wide pricing framework, under its Continued on page 24

W’Bank Warns of ‘Learning Crisis’ in Nigeria, Others Obinna Chima The World Bank has warned that millions of young students in Nigeria and other low and middle-income countries face the prospect of lost opportunity and lower wages in later life because their primary and secondary schools are failing to educate them to succeed in life.

Warning of ‘a learning crisis’ in global education, a the new report by the multilateral institution stated that schooling without learning was not just a wasted development opportunity, but also a great injustice to children and young people worldwide.

The World Development Report 2018 titled: “Learning to Realise Education’s

ECONOMY Promise,” argued that without learning, education would fail to deliver on its promise to eliminate extreme poverty and create shared opportunity and prosperity for all.

It noted that even after several years in school, millions of children cannot read, write or do basic math.

According to the Bank, this learning crisis is widening social gaps instead of narrowing them. It added that young students who are already disadvantaged by poverty, conflict, gender or disability reach young adulthood without even the most basic life skills.

“This learning crisis is a

moral and economic crisis,” World Bank Group President Jim Yong Kim said.

“When delivered well, education promises young people employment, better earnings, good health, and a life without poverty. For communities, education spurs innovation, strengthens institutions, and fosters social cohesion.

“But these benefits depend on learning, and schooling without learning is a wasted opportunity. More than that, it’s a great injustice: the children whom societies fail the most are the ones who are most in need of a good education to succeed in life.”

The report recommended concrete policy steps to help developing countries resolve

this dire learning crisis in the areas of stronger learning assessments, using evidence of what works and what doesn’t to guide education decisionmaking; and mobilising a strong social movement to push for education changes that champion ‘learning for all.’

According to the report, when third grade students in Kenya, Tanzania, and Uganda were asked recently to read a sentence such as “The name of the dog is Puppy” in English or Kiswahili, three-quarters did not understand what it said.

Also, it stated that in rural India, nearly three-quarters of students in grade three could not solve a twoContinued on page 24

NAIPCO Holds Stakeholders Confab

The National Association of Insurance and Pension Correspondents (NAIPCO) is set to hold the second edition of its national conference to discuss burning issues in insurance and pension sectors, while proffering solutions to challenges facing the two industries.

The conference will holdon25thofOctober,2017,atLagosOriental Hotels, Victoria Island, Lagos. A statement from the Conference Organising Committee said: “The 3-in-1 event, designed to discuss burningissuesbotheringonthetwoindustrieswillalsoaccommodate thelaunchoftheassociation’squarterlyjournal,NAIPCOTrumpetand Awardsfordeservinginsuranceandpensionfirms.” Oneofthemesof theconference,‘LegislationofPensions,Intrigues,Interest,Governance andThePeople’seekstoestablishtherelationshipbetweenlawmaking for the people and the impact of legislation on a common man, while creatingunderstandingofthecurrentpensionsystemasitaffectsthe people.Thesecondtheme,‘InsuranceLegislation:BeyondLawmaking’ is meant to reinforce the need for insurance legislation to be more of developmental in enforcement of compliance as stakeholders are expected to take positions on the proposed amendment of the Insurance Act 2003 at the event. While the concerns of insurance consumers would be extensively discussed, the conference will also deliberate on the fate of insurance stocks on the floor of the Nigerian Stock Exchange (NSE) and why most of them remain penny stocks.

GTBank Hosts Fashion Week

Fashion lovers all over the world can once again look forward to an unparalleledfashionexperienceasthesecondeditionoftheGTBank Fashion weekend is set to hold on 11th and 12th of November, 2017.

The 2-day event is expected to treat attendees to an enthralling journey across a wide variety of Africa’s finest styles and trends whilst offering small businesses in the Nigerian Fashion Industry a free and vibrant platform to connect with a wider segment of their consumers as well as experts in their industry. The GTBank Fashion weekend is a free business platform that was created

by Guaranty Trust Bank Plc, as part of its efforts to showcase the best of Africa’s fashion to a global audience whilst promoting the effervescent enterprise of the continent’s growing fashion industry.

The 2016 debut of the consumer-focused event received positive reviews nationally and internationally. This year’s Fashion Master Classes would feature global fashion experts such as reality TV personality and runway coach J Alexander, best known for his work on America’s NextTop Model; renowned fashion entrepreneur and celebrity stylist, June Ambrose; award winning fashion designer, Giles Deacon; among others.

“The country has recorded seven consecutive months of lower inflation, naira is beginning to stabilise, appreciating from N525 per $1 in February this year to N360 today”

President Muhammadu Buhar

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WEDNESDAY, OCTOBER 4, ˾ T H I S D AY

BUSINESSWORLD COMPANIES RAISE N1.896TN FROM EQUITIES MARKET IN SEVEN YEARS Competitive Pricing Structure (CPS) project.

“As part of a phased implementation of the new pricing recommendations,The exchange piloted a new fee structure for the fixed income market with lower listing and trading fees.

Feedback on this has been positive,” he said The NSE boss assured that the exchange will continue to adapt to stakeholder needs in the evolving business climate, developing innovative and diverse products that perform well in different market conditions, while maintaining a regulatory framework that engenders confident investors.

W’BANK WARNS OF ‘LEARNING CRISIS’ IN NIGERIA, OTHERS digit subtraction such as “46 – 17”—and by grade five, half still could not do so. “Although the skills of Brazilian 15-year-olds have improved, at their current rate of improvement they will not reach the rich-country average score in math for 75 years. In reading, it will take 263 years.

“These statistics do not account for 260 million children who, for reasons of conflict, discrimination, disability, and other obstacles, are not enrolled in primary or secondary school.

“While not all developing countries suffer from such extreme learning gaps, many fall far short of levels they aspire to. “Leading international assessments on literacy and numeracy show that the average student in poor countries performs worse than 95 per cent of the students in high-income countries—meaning such a student would be singled out for remedial attention in a class in those countries,” it added.

The report showed that many high-performing students in middle-income countries—young men and women who achieved in the top quarter of their groups—would rank in the bottom quarter in a wealthier country.

NEWS

Stakeholders: Why We Are Opposed to Pension Act Amendment Ebere Nwoji More government agencies and other stakeholders in pension system have expressed their disapproval of the planned amendment of Pension Reform Act 2014.

The National Pension Commission ( PenCom) in a position paper, highlighted the reasons why picked holes in exemption of some government agencies from the Contributory Pension Scheme(CPS) as demanded by the sponsors of the bill, insisting it would lead to divestment from federal government securities before maturity.

This, PenCom said, would have ripple negative effects on not only the finances of government, but on the entire financial system.

The commission said another negative impact of exempting the agencies is the erosion of the pool of long term investible funds accumulated under the CPS, which is suitable for economic development of any nation as illustrated in other jurisdictions including developed economies.

Acting Director General, PenCom, Mrs. Aisha DahirUmar, in the commission’s position paper on this, said the bill if passed, would undermine the attainment of development initiatives in the infrastructure, housing and real sectors of the economy, which are largely hinged on the utilisation of a portion of the pool of pension

fund assets.

“Indeed, the pension industry had actively participated in the establishment of the Nigeria Mortgage Refinancing Company and had already invested the sum of N83.36 billion in its securities and other mortgage refinancing initiatives of the federal government”, she said.

She further stated that exemption of some agencies of government would also result in loss of confidence in

the pension reform and other reform initiatives of government.

“The growing culture of national savings built within the last decade would be destroyed.

It is pertinent to note that due to the successful implementation of the pension reform, the discipline with which the industry players have been discharging their responsibilities and the resultant impact on the Nigerian economy, foreign investors have invested heavily in some major Pension

Fund Administrators.

She argued that there are still some expressions of interest by foreign investors to obtain stakes in the pension administration business in Nigeria.

Indeed, the private sector, including these foreign investors in the Nigerian financial sector and the Nigerian economy, would question the commitment of government to the pension and other reforms due to such policy reversals,” she stated”.

she recalled that the pension reform was necessitated by the many problems bedeviling the public and private sectors’ pension schemes in Nigeria, adding that in the public sector, the Defined Benefits Scheme, was faced with the problem of huge pension liabilities arising from lack of adequate and timely budgetary provisions as well as increases in salaries and pensions.

COURTESY VISIT

Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside (Middle) flanked from left by the Police Commissioner, Maritime Command, CP David Folawiyo; Executive Director, Maritime Labour and Cabotage Services, NIMASA, Mr. Armed Gambo; and from right by CP Celestine Okoye; Executive Director, Finance and Administration, Mr. Bashir Jamoh; Executive Director, Maritime Safety and Shipping Developmemt, Rotimi Fashakin, both of NIMASA, during a courtesy visit by the Commissioner

CEOs Urged to Embrace Action Learning for Organisational Transformation Ugo Aliogo Nigerian Chief Executive Officers (CEOs) have been enjoined to embrace action learning methodologies to transform their organisations.

Action learning is an approach to solving real problems that involves taking action and reflecting upon the results, which helps improve the problem-solving process, as well as the solutions developed by the team.

The CEO of Business School Netherlands in Nigeria, Mr. Lere Baale, made this call in a statement, while also announcing that all was set for the graduation of 74 fresh MBAs

of the School in Scheveningen, The Netherlands.

Baale noted that CEOs face onerous internal vulnerabilities and external challenges in an economy fraught with puzzling and chaotic conditions.

This, he said was why BSN launched a special MBA for CEOs as a unique proposition designed to help CEO’s achieve company-wide transformation while equipping them with tough skills to ride the waves of changing economic climate, and achieve sustainable leadership in their respective industries.

A total of 74 fresh MBA Graduates of Business School Netherlands would graduate in The Netherlands this Saturday.

In all, 11 Nigerians scored distinctions (including one Cum Laude) in their final dissertations in the Executive MBA programme while two Nigerians also achieved overall distinctions.

Baale pointed out that the graduands had undergone a programme that toughened their mind to adopt actionoriented solutions through BSN’s proprietary ‘action learning,’ a scientific learning methodology, which enabled them to experience direct impact of what they learnt on themselves, their work, their organisations and their future.

According to him, BSN’s unique teaching and learning

methods had earned the school accolades across the world and endeared it to students, graduates and employers worldwide and particularly in Nigeria.

He therefore enjoined Nigerian CEOs and managers desirous of internationally acknowledged MBA certificates to save themselves the financial stress and mental rigor of funding and procuring international travelling documents and take advantage of the BSN’s presence in Nigeria and its Special MBA for CEOs to fulfil their ambitions.

His reason is that “the BSN MBA is awof BSN. The intent of BSNN Action Learning is to contribute to

higher education in management learning and facilitate the development of African CEOs and managers’ skills, knowledge, research capabilities and ability to take action with regards to the problems, prospects and challenges facing their own organisations.

The programmes offered by the school carry the intrinsic character of the Action Learning methodology with a highly relevant approach to effective management development, which has proven to be one of the critical factors resulting in the business school’s current position as the leading provider of MBA Studies, recognised in Europe.

Group Business Editor

Power Operators Oppose Fashola on Eligible Customer Policy

AgriBusiness/Industry Editor

Ejiofor Alike

Chika Amanze-Nwachuku Crusoe Osagie

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (Maritime)

The private investors in the power sector have restated their opposition to the federal government’s plans to classify a certain category of power consumers as eligible customers that would receive direct supply from the power generation companies.

Reacting to a recent statement by the Minister of Power, Works and Housing, Mr. Babatunde Fashola that the Nigerian Electricity Regulatory Commission (NERC) would release the regulation on eligible customers by next month, the operators

argued that the declaration of eligible customer would potentially lead to hike in electricity tariffs.

Speaking yesterday in Lagos at a power roundtable organised by the Lagos Chamber of Commerce and Industry (LCCI), the minister said there was no exclusivity in any Disco or Genco. But in a swift response, the Chairman of Egbin Power Plc. Mr. Kola Adesina, who was present at the LCCI event, told the minister that tariffs would increase if eligible customers were removed from the portfolio of the distribution companies.

“When the minister said that tariff is politics, I shifted a little. The assets were not sold emotionally as the minister said.

When the Discos were sold, they were sold based on a model – certain specific exchange, certain expected revenue, among others.

But from the day the assets were handed over to the investors, the government did not meet its own part of the bargaining.

So, the assets were not sold emotionally. The banks in Nigeria are bleeding as a result of the weight of acquisition financing by the power sector,” Adesina explained.

Adesina also faulted the minister’s claim that tariff is associated with politics, stressing that as an investor, his concern is the economics of tariffs and not politics. He acknowledged that with the high level of poverty in the country, it would be difficult for customers who cannot pay for electricity bills to pay for meters. “There is a need for holistic review of where we are; where we want to be. When you remove eligible customers from the portfolio of the Discos, then tariff will go up. Let us have a stakeholder engagement,” Adesina added.

Fashola had told the participants at the LCCI even that the regulations for the eligible customers would also be ready

by October. “What does eligible customer mean? Egbin Power Plant can sell power to three classes of people. It can sell to the Discos; it can sell to the Bulk Trader, which is the NBET and it can sell to the eligible customers. But that eligible customer is not defined. The responsibility to define eligible customer was vested in my by law and I have issued the policy statements to NERC.

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NEWS

Babalola: Digital Transformation, Key to Insurance Sector Survival Ebere Nwoji A former Minister of State for Finance, and Chairman Law Union and Rick Insurance Plc, Remi Babalola, has said that for insurance sector to remain relevant and survive in the future financial services industry, operators must embrace digital transformation.

Babalola, who stated this at the quarterly Breakfast Meeting of the Chartered Insurance Institute of Nigeria (CIIN) held in Lagos, said digital transformation among insurance industry operators has become necessary in view of the changing consumer segment and appetite, which requires that digitalisation is quickly embraced to drive changing customer relationships and experiences, redefine value proposition and optimise business models and processes.

Speaking on the Theme, ‘Millennials: Digital Transformation & The Nigerian Insurance Industry’, Babalola said that the millennials are either critical success or failure factor for the insurance industry both

locally and globally, depending on how proactive the insurance industry harnesses their positive characteristics.

“Proactive adaptation of their lifestyle or behaviour to innovate products by insurers to match their lifestyle needs will significantly change the landscape of the insurance industry”, he stressed.

According to him, with 92 million segment of the population as active users of the mobile phone, insurance business communication needs to change in order to achieve phenomenal growth in the insurance industry and financial service sector.

“Babalola also warned that “If your brand doesn’t show up in online search, millennials are not likely to take you seriously.”

He said available information has shown that the millennials have the capacity and are in fact influencing purchasing decisions as well as how companies conduct business.

He said insurers must therefore be ready to tailor their marketing strategies to align with the digital natives

in order to achieve improved performance.

He further stated that the insurance industry needs to embrace the strategic significance of social channels.

He added: “We need to be where the customer is and be part of the conversation where they interact, exchange opinions and levy complaints.

“Insurance companies would need to allocate resources to study millennials’ habits and employ effective marketing strategies to sell multiples strands of insurance.

Since they engage in a sharing economy, we may need to think of how to insure space and time.”

Speaking at the event, President, CIIN, Funmi BabingtonAshaye, in her welcome remarks said one key factor that has impacted the way business is done and value is communicated to consumers today is information technology.

She said the emerging generation of workforce and consumers are now tech-savvy and require online real time information on products and their offerings.”

Ecobank Promotes 1000 Staff Ecobank Nigeria Limited has announced the promotion of more than 1,000 of its staff.

This latest promotion exercise which affected about 30 per cent of core employees of the bank, the financial institution explained, was in line with its commitment to recognising and rewarding excellence and exceptional performance.

The ban said in a statement that the promoted staff cut across all cadres of the workforce.

Also the bank said it has commenced a graduate recruitment exercise that would give opportunity to several hundreds of young Nigerians to join the workforce within the next few years starting from 2018 through

a structured training programme that will prepare them as next generation of leaders in the banking industry.

The Managing Director of Ecobank Nigeria, Charles Kie stated that these developments are part of the bank’s roadmap to leadership targeted at making Ecobank one of the top three banks in Nigeria within the next five years.

He stated that the bank was fully committed to rewarding excellence and would continue to take appropriate positive actions in line with international best practice to sustain excellence in its work force.

Kie emphasised that Ecobank Nigeria would also continue

to simplify and digitize its operations to better serve its customers.

“This exercise is part of steps taken by the bank to realign its work force for better efficiency in line with best practices.

“Our people are our greatest asset as they allow us to maintain high service quality standards, constantly improve on customer satisfaction and enhance our brand experience,” Kie said.

The promoted staff were selected through an appraisal exercise conducted using an in-house developed performance management system which uses both financial and non-financial metrics to appraise staff.

Heritage Bank, Others Support Creative Industry Heritage Bank Plc has stressed the need to continue to support the diversification of the economy through the Nigerian creative industry in order to guarantee sustainable growth.

The MD/CEO of the bank, Ifie Sekibo stated this at the Exhibition Gallery of National Museum Benin by the National Commission for Museums and Monuments (NCMM) in collaboration with the Edo State Government, and the Smithsonian Institute, United States of America, which Heritage Bank was the lead sponsors.

The exhibition focused on photographic works of Chief Solomon Alonge, photographer to Royal Court of Benin kingdom during the reign of Oba Akenzua II. Represented by the Executive Director, Jude Monye, the Heritage Bank boss said: “The art and culture industry has become one of the major contributors to so many countries gross

domestic products (GDP) and Heritage Bank is committed to supporting it because it is part of Nigeria’s heritage.”

According to him, Heritage Bank has continued to make efforts in supporting ideologies like this, through the use of arts as a tool to promote cultural awareness and to help younger Nigerians form a strong sense of national identity.

He promised that the bank would always be driven by cultural heritage in delivering distinctive financial services to create, preserve and transfer wealth.

In his presentation, the Minister of Information and Culture, Alhaji Lai Mohammed called on states to emulate Edo in collaborating with the federal government to promote culture, tourism and the arts.

The minister, who was represented by Director General, National Commission for Museums and Monuments, Yusuf Usman,

said synergy amongst corporate bodies, states and the federal government would guarantee diversification of Nigeria’s economy whilst showcasing its rich culture.

He commended Heritage Bank, Smithsonian Institute, US Embassy and others for the exceptional supports in making a huge success of the Exhibition Gallery at the National Museum Benin by the NCMM. Edo State, Gov Godwin Obaseki, while appreciating the Smithsonian Institution, said the exhibition would add to state’s quest to develop tourism as it makes a connection between past and present.

The governor said art was assuming a wider national importance and the possibility of it being developed as a self-sustaining alternative to oil revenue was now being appreciated across the country.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

The Role of Rest in a Busy Professional Life I have been very busy in the last few weeks. When I say very busy, I mean very! We do so much that we do not realise how much we are doing.

Mine has been publishing a magazine, conducting strategy sessions for my client and regional sessions for this same client, submitting my articles every Monday, being a mother and a wife. All of this, done within the last two weeks; in addition to getting on a plane on Friday into Nigeria and flying out of Nigeria the very next night.

I know people who do this all the time and I doff my hat to them. But, I guess I know why – it is usually the will to succeed. It can be grueling and challenging. People ask me, “how do you do it”? I say, “determination and a will to leave a legacy”. I cannot afford to fail because I have so much to accomplish. There is just so much to do and sometimes, time is not your friend.

However, I recognise that it is not always ideal to pack in so much. But, my consolation is that if I could have given this level of commitment to working for an employer, I can achieve much more, with better results going the extra mile for myself.

So right now, I am struggling to get some rest and relaxation in the midst of writing this article and reminding myself as suggested by a friend that there is a place and a role for rest in the life of a busy professional in order to get the best out of us.

He pointed out to me that this is Stephen Covey’s 7th habit – “Sharpen the Saw”, which means preserving and enhancing the greatest asset you have - you. It means having a balanced programme for self-renewal in the four areas of your life: physical (exercising and resting), social/emotional connections with others, mental (learning, reading, writing and teaching), and spiritual (spending time in nature, expanding your spiritual self through meditation, music, art, prayer or service).

Stephen Covey says: “As you renew yourself in each of the four areas, you create growth and change in your life.

Sharpening the Saw keeps you fresh so you can continue to practice the other six habits. You increase your capacity to produce and handle the challenges around you. Without this renewal, the body becomes weak, the mind mechanical, the emotions raw, the spirit insensitive, and the person selfish.

Not a pretty picture, is it?

Feeling good doesn’t just happen.

Living a life in balance means taking the necessary time to renew yourself. It’s all

Regardless of how you approach your time to rest, the end goal is to unplug from the daily frenzy of activity. Find time to breathe deeply, calm your mind, and relax your body

up to you. You can renew yourself through relaxation. Or you can totally burn yourself out by overdoing everything. You can pamper yourself mentally and spiritually.

Or you can go through life oblivious to your well-being. You can experience vibrant energy. Or you can procrastinate and miss out on the benefits of good health and exercise. You can revitalise yourself and face a new day in peace and harmony. Or you can wake up in the morning full of apathy because your get-up-and-go has got-up-and-gone. Just remember that every day provides a new opportunity for renewal--a new opportunity to recharge yourself instead of hitting the wall. All it takes is the desire, knowledge, and skill”.

Lyne Duane, who wrote the article “Seven Ways to Rest When You Have A Busy Life”, says “the busier you are, the more you need to build in time for rest and rejuvenation.

Without committing to time for yourself, you will find a way to fill your time with busy work and stray tasks. Do this for too long, and you will burnout. It’s inevitable”.

I have the niggling feeling, that if I do not just stop and rest I may burnout, which also happens to many of us.

She advises that to prevent burn out, we should engage in one of the activities below, which I am determined to start doing.

I have decided to take some out of her seven and added mine:

Go for a walk

Walk in silence and/or through nature if you can, but if you can’t, go out early in the morning and have a morning walk before the world wakes up.

Listen to nighttime meditations

Reap the benefits of relaxation by listening to meditations at night. You’ll calm your mind and, as a bonus, create change while getting some much needed rest.

Be present in your body

Avoid reading or computing for a while, as these activities distract you from clearing your mind. Instead, use the time to free up your mind, to be present in your body, and to observe thoughts that come up.

Embrace the dolce far niente (Do nothing)

Introduced in Elizabeth Gilbert’s Eat, Pray, Love: One Woman’s Search for Everything Across Italy, India and Indonesia, the dolce far niente is a chance for you to do nothing—without any guilt, stress, or be overwhelmed. It’s time that you set aside for you and you alone, to do as you wish, whatever that may be.

The key here is to focus on that which relaxes you - you decide what that thing or activity is.

The conclusion is, regardless of how you approach your time to rest, the end goal is to unplug from the daily frenzy of activity. Find time to breathe deeply, calm your mind, and relax your body. Just, like I plan to in the next few days. God help me!

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

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ANALYSIS

Nigerian Bourse on the Right Trajectory Goddy Egene writes that although the capital market’s performance is a reflection of the adverse economic situation, if current efforts by regulators and other stakeholders are sustained, it will play its role in capital formation distribution Nigeria’s capital market effectively came on stream the same year the country gained its independence. Hence, the fate of both the market and country has ever since been tied together.

Therefore, the market’s performance is similar to how the country has fared in the past 57 years. There have been good times and bad times. Although the capital market has been the major centre for the formation and distribution of long-term capital, its performance has been hampered by some factors.

The Nigerian capital market really became active with the establishment of the Nigerian Stock Exchange (NSE) in 1960, the same year Nigeria got its independence. The market has evolved over the years and has taken a new shape which has given hopes that with little push and good policies, it would developed to the desired level.

With the coming on board of two other platforms, the FMDQ OTC Securities Exchange and NASD OTC Securities Exchange, the future of the market is very bright. The FMDQ OTC is the platform for the trading of debt and fixed income securities and currencies, while the NASD OTC is for the trading of equities not listed on the NSE.

NSE Floor.

NSE’s evolution The NSE of today was established as the Lagos Stock Exchange (LSE) in 1960.

However, the name was changed to NSE by the Indigenisation Decree of 1977 as a result of the recommendations of the Industrial Enterprises Panel (Adeosun Panel) of 1975 that branch exchanges should be established.

Consequently, six new trading floors of the NSE were established in Kaduna, Port Harcourt, Kano, Onitsha and Yola.

Also, as part of efforts to make the market more accessible to smaller companies, the Second-tier Securities Market (SSM) of the NSE in 1985. Also in 1998, the trading in Rights Issues was permitted as the first derivative instrument in the Nigerian stock market.

The Central Securities Clearing System (CSCS) was incorporated in 1992 as the official central clearing and depository of the NSE. The CSCS was introduced to implement a computerised Stock Exchange Management System (SEMS) which places emphasis on the immobilisation of share certificate in a Central Depository.

Similarly, the Automatic Trading System (ATS) was introduced in the Nigerian stock market to replace the open outcry method.

The ATS is a security trading arrangement whereby transactions on the stock exchange are achieved through a network of computers operating on-line, real-time, automatically. With the introduction of the ATS, the settlement efficiency was increased from T+2 weeks to T+3 days.

In order to make the market more vibrant and assist in the growth of the economy, the federal government set up a panel led by late Dennis Odife (popularly called the Odife Panel) in 1996. In some specific terms, the panel was mandated to review the history, structure, conduct and performance of the Nigerian capital market and its contributions to the Nigerian economic development among others.

The recommendations of the panel led to the enactment of the Investment and Securities Act (ISA) No.45, 1999. The ISA repealed the Securities and Exchange Commission Decree of 1998, the Lagos Stock Exchange Act of 1960, the Nigerian Enterprise Promotion (Issues of Non-Voting Equity Shares) Decree of 1990, Part XVII of the Companies and Allied Matters Act of 1990, Sections 3(d) of the capital Gains Act and Section 21 (2) of the Nigerian Investment Promotion Decree of 1995. The act is now the basic legislation guiding the conduct and operations of the Nigerian capital market.

Impressive performance amidst challenges Reviewing the performance of the market over the years, it has done fairly well, considering the

many challenges in the operating environment.

The market has had challenges such as lack of capital market-friendly economic policies, massive ignorance on the part of many people, policy summersault and political instability. In spite of these challenges, the market has witnessed improved performance. For example, total of new issues before 1989 was below N1 billion but increased to N10 billion and crossed the N10 billion mark in 1997. Between 1996 and 2001, a total of 172 new issues (securities of public companies amounting to N56.40 billion) were floated in the capital market. The total of new issues was valued at N5.85 billion in 1996 but it rose by about 532 per cent to N37.198 billion in 2001. This improved to N61.284 billion in 2002, N180.079 billion in 2003. 2004 and 2005 accounted for N195.418 billion and N552.782 billion respectively before it crossed the trillion naira mark to hit N1.935 trillion in 2007 when the market was at its peak.

In terms of number of securities on the NSE, it grew from eight in 1961 to 60 in 1971,194 in 1981, 239 in 1990. The number of securities improved to 264 in 2010 but reduced to 247 as at the end of 2016 due to delisting of some companies.

In terms of market capitalisation, which is the most widely used indicator in assessing the size of a capital market to an economy, it hovered between N10 billion and N57 billion 1988 and 1994. It improved to N1. 3593 trillion in 2003, N2.1125 trillion in 2004 and N5.12 trillion in 2006. The market capitalisation recorded the highest value of N13.2294 trillion in 2007 before falling to N9.562 trillion in 2008 due to the global financial meltdown. It closed at N12.217 trillion last Friday. The NSE All-Share Index, which was introduced with a base 100, has also followed the same pattern of fluctuation over the years but closed at 35,439.98 last Friday.

Some

reforms

The apex regulatory body for the market, the Securities and Exchange Commission (SEC) had tried to make the market attractive prior to the financial meltdown in 2008 and 2009.

But the market witnessed major changes. The market witnessed some noteworthy product innovation, improved listing rules and landmark bond market reforms. This brought the bond market closer to the same level with the equities market, making it attractive enough for Triple A issuers such as African Development Bank (AfDB) and International Finance Corporation (IFC) to issue bonds, introduction of Exchange Traded Funds (ETFs). It further widened participation in the markets through licensing and coming – on – stream of other capital trade points FMDQ OTC and NASD OTC.

SEC equally made sure that the market integrity was restored by considerably enforcing rules. Additionally, an 18-man Nigeria Police Force team was introduced as a resident enforcement team at the SEC to handle enforcement matters swiftly and on time. This was a first-time record in the history of the regulator.

SEC also strengthened disclosure requirements and led the implementation of international financial reporting values for listed companies.

To top it all, SEC set up a community that came out with 10-year Capital Market Masterplan, which is currently being implemented to transform the market.

Operators said the policies and initiatives so far introduced by SEC in line with the master plan, are capable of making the market investors’ haven once the external challenges subside.

For instance, the strengthening of capital market operators (CMOs) with the successful completion of the recapitalisation last year is a good development that has helped to reposition them for better competition.

Also, SEC’s collaboration with the Central Bank of Nigeria (CBN) and Nigerian Inter-Bank Settlement System (NIBSS) for the introduction of the electronic dividend payment platform that will address the challenge of unclaimed dividends in the market is another positive move.

Another laudable development is the introduction of direct cash settlement (DCS), which allows investors to have direct access to the proceeds of their shares sold by brokers.

In addition, SEC launched the Capital Market Masterplan Implementation Council (CAMMIC), National Investors Protection Fund and Corporate Governance Scorecard, which are expected to enhance the market performance going forward.

On its part, the NSE performed over the years. But the coming of Mr. Oscar Onyema as the chief executive officer of the exchange in 2011, led to more innovations aimed at deepening the market and offering investors more opportunities.

No doubt the low patronage of the Nigerian stock market is partly attributed to the losses it suffered during the 2008 and 2009 market downturn, which was blamed on inadequate protection from regulators.

Realising this factor, the NSE swung into action by signing a Memorandum of Understanding (MoU) in 2013 with the Economic and Financial Crimes Commission (EFCC). This MoU is aimed at tackling market infractions and curbing market abuse because of its zero-tolerance stance on infractions by dealing member firms and listed companies. This partnership has successfully opened direct lines of communication and information sharing with the EFCC for reporting

and investigation of incidents, leading to a more proactive law enforcement and swift recovery of stolen securities.

The initiative recently led to the arrest of three individuals suspected of forgery, impersonation and fraudulent sale of shares.

Also, in order to promote sound practices of corporate governance, the NSE introduced the Corporate Governance Rating System (CGRS), an initiative designed to rate listed companies on the exchange based on their corporate governance and anti-corruption culture, thereby improving the overall perception of and trust in Nigeria’s capital markets and business practices. The product offering has also been improved with the many ETFs coming on board to give investors investment choices.

Stakeholders’ Assessment Assessing the market performance, the Group Chief Executive Officer of United Capital Plc, Oluwatoyin Sanni said the market has evolved over 57 years into a vibrant market place and a key source of funding for listed companies and capital growth for investors.

“Whilst the market has suffered a few crashes in correlation with the adverse global developments, it has proved its resilience and ability to recover each time,” Sanni said.

Speaking in the same vein, the Chief Executive Officer of Highcap Securities Limited, Mr. David Adonri said for the past 57 years, the capital market has been the epicentre of capital formation and investment outlet for the economy.

“The market has reasonably fulfilled its mission in respect of above objectives. However, performance remains below expectations due to the short term nature of the economy which favours the money market. Notwithstanding, the capital market can still be credited with facilitating emergence of many Nigerian enterprises as African champions in banking and manufacturing industry,” he said.

Another operator, Mr. Kasimu Garba Kurfi of APT Securities and Funds Limited, said the it is encouraging that the market has grown from 17 listed securities in 1963 to more than 270 currently and less than N300 million in capitalisation to N16 trillion.

“We started with less than 10 stockbrokers, now there are more than 200 stockbrokers.

We started with equities and debentures only , but today we also have exchange traded funds(ETFs), federal savings bonds and Sukuk, state bonds among others,” he said.

On their own parts, shareholders rated the performance mixed. For instance, the Chairman, Ibadan Zone Shareholders Association (IZSA), Continued on page 28

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NIGERIAN BOURSE ON THE RIGHT TRAJECTORY Mr. Eric Akinduro, said the capital market has come with a lot of improvement in the areas of technology, surveillance, trading period and settlement cycle.

“These and many more have positioned our market to be one of the proactive markets globally.

It has served as a vehicle of financial breakthrough for many investors that were fortunate to invest in good companies. Likewise we have companies that were performing wonderfully over the years but today they are moribund due to macro-economic challenges and bad management. The role of regulatory authorities in protection of investors’ rights and creating enabling environment for investors to invest cannot be over looked and it is also commended,” he said.

He added that the activities of shareholders associations within this context have also helped the market.

“They served as checks and balances and also act as pressure groups to keep the companies’ board and management on their toes. They are also voice to the voiceless. Only of recent that

some of the leaders of these groups are failing in performing their roles and responsibilities due to closeness to companies’ board to the detriment of their members. Also some of them do not give room for democratic process to elect officers,” Akinduro said.

Looking ahead, the IZSA boss said one of the anticipations of the investors is the demutualisation of the NSE, saying “if this can be achieved within the shortest period, it is going to catapult our exchange to very high level in comity of nations.”

“Nigeria capital market still has a lot benefits that investors will derive by the time all what is been put together start to materialise. But by then, only those that have total confidence in the market and invest wisely will gain from it,” he added.

Another shareholder activist and founding member of the Nigeria Shareholders Solidarity Association (NSSA), Alhaji Gbadebo Olatokunbo, said the performance of the market is mixed liked that of Nigeria as a nation because it failed

to perform like its age and position demands.

“Like Nigeria, the NSE’s infancy period was wasted in egoism of been a privilege-club, while the adulthood was that of a unsettled-parents, who realised the purpose of existence late in life and later woke up to reality of its mandate and had to be on the run since the discovery. Still, it was a blessing that, the market was established though it failed to run like a private organisation that it is. It provided the platform for growth to the industries and might do better that it is currently doing provided it amended some of its egocentric-manners,” he said.

Olatokunbo described the Hayford Alile’s years at the NSE as that of laying the foundation, while that of Ndi Okereke-Onyiuke as full of ego, “when it supposed to be on the run to catch the moving train, before the intervention period of SEC that knocked senses into all stakeholders and then the advent of the current team of management.

“To be candid, l never took the current management so serious, but they have proved

their worth and a lot still need to be done if the real progress is to be recorded,” he said.

The investor said the NSE succeeded in sending my companies parking at the detriment of their shareholders.

“No consultation and no provision for the investors before showing them the exit and they were given free tickets to fly with our money, whereas SEC and NSE should have provided security for the investors who relied on both the regulators’ approval for their quotations.

It was after sending many away that, the NSE later introduced policies that encourage good corporate governance,” he said.

Speaking on the planned demutualisation of the exchange, Olatokunbo said the NSE has been finding it difficult to implement the programme due to the “erroneous belief of the stockbrokers that formed majority of NSE Council that they alone own NSE despite the fact that capital market operates with investors’ money. They forget that without investors, the NSE and capital market cannot exist.”

LASG Explains Use of Electronic System in Pension Administration Ebere Nwoji The Lagos State Government (LASG) said it has employed the use of digital and electronic system of pension management in order to ensure effective and efficient administration of pension.

The state governor, Akinwunmi Ambode, who disclosed this in his opening address at the training for Senior Staff Members of the Lagos State Civil Service Pension administration held recently in Lagos, noted that pension in Nigeria, has been haphazardly handled over the years, resulting in huge pension arrears and the subjection of pensioners to untold hardship.

Ambode, at the training themed, ‘Digital and Electronic Administration of Pensions in Lagos State, was represented by the Commissioner, Lagos State Ministry Of Establishments, Training and Pensions, Dr. Benson Oke. He said the training organised

by the Civil Service Pensions Office of the Ministry of Establishments, Training and Pensions has become necessary because digital and electronic administration of pensions entrenched by the state is crucial to effective and efficient administration of pension in the State.

According to him, the sufferings of Nigeria pensioners in the past years, call for reforms across board on pension matters and that Lagos State Government is aiming at assuring the sustainability of the series of digital and electronic mechanisms and innovation now enshrined in the processes of its Civil Service Pensions Office (CSPO).

He explained that the CSPO has been responsible for processing of terminal benefits of staff who exit the system by way of statutory or voluntary retirement, noting that this is for pensioners who disengage on the “Pay As You Go” Scheme.

EkoBits Academy ICT Students Get Instant Jobs Emma Okonji Two students out of 37 youths, who were trained and certified in basic Information and Communications Technology (ICT) skills, from Ekobits Academy in Lagos, have been offered instant jobs at their graduation ceremony.

The free ICT training was facilitated by Poise Nigeria. The youths, who were selected for free ICT training from Otodogbame, Itedo, Ajiran, Ikate, and Babalola areas of Lagos State, had their graduation ceremony last week at the permanent site of Poise Nigeria. It was attended by the human resource department of most organisations, that were on ground to interview all the graduates for on-the-spot assessment and employment.

They passed through 13 months intensive training programme in Graphics and Design, Web Design and Development, Work Ethics and Professionalism, Attitude and Behaviour, Business Plan, Photography and Video Editing, Basic ICT Skills and Excellence in Customer Service.

One of the lucky graduates, Opeyemi Adebisi, who was awarded best female student of the programme, was offered immediate employment at Techpointng as a graphic artist. The best graduating male student, Opeyemi Adeshina, also got a job with Gigastream Consulting as the IT and admin executive.

During his opening remark at the graduation ceremony, the Managing Director of Techpointng, Mr. Adewale Yusuf advised the graduating students to remain focussed, make use of the internet positively to develop themselves and be hardworking.

The Managing Director of EkoBits Training School, Mrs. Uki Dare also announced the setting up of a new EkoBits location in November at Ikate, Lekki, which will allow the academy train up to a 100 youths from more slums in Lagos and other states.

A special recognition was given to Mr. Edafe Mathew Eseoghene for his outstanding dedication and commitment to the students through his mentorship during the 13 months training programme.

CONGRATULATIONS

L-R: Relationship Officer, Sterling Bank Plc, Paul Inua; Business Manager, Sterling Bank, Yunusa Abdullahiy; Sterling Bank customer and beneficiary of N1 million shopping voucher, Alh. Sani Sergent Yauri and Relationship Officer, Sterling Bank, Jibril Mohammed Kardi at the Samsung Shop in Kebbi…recently

Odu’a Unveils Multimillion Naira Estate Ademola Babalola in Ibadan Odu’a Investment Company Limited, the investment portfolio of six South West States, Tuesday attained another feat with the commissioning of a multi million naira housing estates at Jericho GRA of Ibadan.

Tagged “Ace Estate’’, the new property was part of various Property Redevelopment Programme of the company.

The commissioning, which attracted past and present boards of directors of the company was furnished to meet with the “modern exquisite and quintessentially finished residential

estate’’ located within the prime location of Jericho GRA. The Estate comprises three luxury units of five bed rooms duplex and four luxury unit of four bedroom duplex tastefully designed with all rooms en suite, with modern amenities that appealed to middle class family.

The Estate also has street and perimeter lighting, swimming pool, fitness center, electricity, water supply, underground drainage system and stone pave roads.

According to the Group Managing Director, Mr. Adewale Raji, the estate was constructed in nine months and now available for group or individual who

desire to acquire such quality of property in Ibadan, the State capital.

Raji said the property was completed within the time frame of its schedule adding that it was done with the internally sourced funds adding that, “Sustaining the quality of this kind of Estate is very key to Odu’a investment,” he noted.

While speaking, the pioneer chairman of Odu’a investment, Basorun Kola Daisi said Odu’a conglomerate, in spite of several turbulence has remained the vanguard of upholding the common heritage of the Yoruba nation and with a renewed mandate to be the engine room

for economic development and competitiveness of western Nigeria.

Daisi said: “it is an uncommon grace of God to be well alive to witness the seed sown by our forebears since the 1950s that metamorphosed into Odu’a Investment Company Limited in 1976 of which I was privileged to be pioneer chairman of the board for two years still flourishing today. We are today witnessing the commissioning of ACE estate which is an architectural masterpiece quintessentially designed and tastefully finished as a manifestation of aesthetic, quality and luxury rolled into one.”

Leadway Assurance Partners NBA on Insurance Coverage for Lawyers Ebere Nwoji Leadway Assurance has pledged its commitment to providing insurance protection to practicing lawyers especially members of the Nigerian Bar Association (NBA).

Leadway stated this during the signing of the partnership deal with the NBA at a week long 2017 Nigerian Bar Association General Conference, which

held at the Landmark Centre, Lagos recently.

The conference, which has the theme “African Business: Penetrating through Institution Building” drew participants cutting across different sectors and industries around the world.

As part of the partnership deal, Leadway Assurance deployed its state of the art Insurance Mobile Office to engage the lawyers who at-

tended the conference on its tailored-for-lawyers insurance plan known as the Leadway Lawyer Affinity Cover.

According to the company, the plan, which is for all active NBA members, comes at no extra cost to the lawyers as it is covered under the annual bar practice fee paid to the NBA. The Leadway Lawyer Affinity plan, according to the company, provides insurance cover of up

to N1,000,000 (One Million Naira only) covers accidental permanent total disability, critical illness, accidental medical and accidental death expenses for the ‘learned’ professionals.

Speaking on the partnership, Executive Director, Leadway Assurance, Ms. Adetola Adegbayi said: “We believe that by providing insurance to the members of the Nigerian Bar Association,

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Insurance Makes Its Mark The insurance industry has witnessed some positive changes that could engender the desired growth and development despite a number of challenges it is contending with, writes Ebere Nwoji Although the insurance industry is still battling with a number of challenges that have dwarfed its growth, the sector, no doubt, has in the past few years recorded positive changes, which if sustained, would lead to the attainment of its much desired growth and development.

Notable among these changes are the successful implementation of some aspects of the Insurance Act 2003, around which revolves the growth of the industry but which has been dormant over the years.

The industry in January, 2013, successfully enforced the no” premium no cover” policy, which its non-implementation over the years plunged operators into huge debt that nearly killed the industry.

The result was the industry’s inability to pay claims when risks occur and inability to handle capital intensive accounts which were often flown abroad.

At present, the industry operates on cash basis and is well positioned to pay claims and handle big accounts.

Closely connected to this was the problem of fake insurance operators, especially motor and marine insurance operators which for many years, drained the industry’s vault .Currently, the industry has been able to address this through its insurance industry database platform set up by the Nigerian Insurers Association (NIA).

The development of micro insurance which the industry is experimenting now was another mile stone recorded by the industry in recent years.

Also the introduction of the Risk Based Supervision model, which the industry adopted this year, was a major feat and the aim was to classify the operating firms according to their financial capacity in business handling and enable them operate in line with their solvency margin.

These achievements and more if sustained, will in the nearest future turn around the fortunes of the industry and reposition it as a major contributor to the Gross Domestic Product (GDP) of the economy.

Prior to these changes, insurance industry in Nigeria, since the exit of British operators, has recorded a chequered history due to activities of the early Nigerian practitioners who alienated the people to the industry. Indeed, the industry, suffered the worst neglect and poor patronage as it ranked last in the scale of preference of an average Nigerian.

The industry was so jettisoned by every Dick and Harry in the country that very few Nigerians want to buy insurance, work in an insurance company or want to have anything to do with the industry. Although this is changing, the industry is still faced with some challenges.

Top of these challenges is the problem of low capital base which has over the years incapacitated the operating firms in handling capital intensive businesses especially in the oil and gas and aviation industries.

The above problem combined with the poor patronage of the industry to result in low premium income, which in turn resulted in its low contribution to the GDP of the economy.

The industry’s contribution to the GDP has remained less than one percent.

After 57 years of Nigeria’s independence and the exit of British insurance managers from Nigeria, other sub-sectors of the economy were recording success and growth, whereas the insurance industry, remained a toddler for several years mainly due to low capital base, as the capital base of operating firms was ridiculous when compared with those of their counterparts in other sectors of the economy, and the banks.

To address the issue of capital base, the federal government, through the various chief executives of the industry regulator, the National Insurance Commission (NAICOM), namely; Chief Oladipo Bailey, Emmanuel

CBN building Executive SEC PTAD, Sharon Ikeazor

Chukwulozie and Fola Daniel carried out major recapitalisation exercise that upgraded the minimum capital base of the industry from N50million to N150million and currently, for life underwriting companies, N2billion. Then general business has risen from N20 million to N70 million, to N200 million then to the current N3billion for underwriters and from N90 million to N5 billion for composite companies and N10 billion for reinsurance firms.

This last recapitalisation exercise by Emmanuel Chukwulozie raised so much dust more than the previous in the industry.

After a long drawn battle that lasted for 26 months, the exercise was declared an illegal one by the Federal High Court in Abuja on the ground that the Federal Ministry of Finance and the National Insurance Commission do not have the power to raise the minimum capitalisation of insurance companies without recourse to the National Assembly and having done so, thy contravened relevant provisions of the Insurance Act, 2003.

With this, the number of operators in the industry reverted to the pre-February 2008, 2007 era of 103 underwriting and four reinsurance companies.

The cancellation which threw the entire industry into a big confusion raised questions as to how the companies will start all over again? How will the merge entities commence separation? Will the acquired companies break out again? Did all the operators not know that Section 9 (1) of the Insurance Act needs to be amended before embarking on recapitalisation? How soon can the CBN return all the monies kept in the escrow account? Is NAICOM capable of returning all fees collected in respect of the illegal capitalisation? All these and so many more remain unanswered.

Indeed the 2007 consolidation exercise will forever remain historical in the industry as the industry suffered serious stagnation, which is still telling on the operations of many firms today. One negative impact of it was that the

insurers’ money in the Escrow Account of CBN was left idle for the whole of the period as activities in the entire industry came to a halt. After this long drawn battle, Daniel was appointed to relieve Chukwulozie of his job as the Commissioner for Insurance while the industry’s capital was increased to the present level of N2 billion for life underwriting firms, N3billion for general business underwriters and N 5billion for composite firms and N10 billion for reinsurers. Until the current year when NAICOM under Mohammed Kari as the Commissioner for Insurance introduced the regime of risk based capital , operators since after the last recapitalisation exercise resorted to self regulation as many insurance firms now have capital in excess of N15billion.

Having secured enough capital, the regulatory body faced the challenge of deepening insurance penetration in the country to raise the industry premium.

NAICOM captured this in what it called Market Development and Restructuring initiative (MDRI) which it launched in 2009.The initiative has the objectives of transforming the industry from N380 billion naira premium income to a trillion naira industry. This, the commission said would be done through the enforcement of compulsory insurances.

It listed five compulsory insurance policies stipulated by the insurance act of 2003 for effective enforcement.

These are third party motor insurance, Statutory Group Life Insurance, Employee’s Compensation (which replaced Workmen Compensation) Occupier’s Liability Insurance, Builder’s Liability Insurance, and health Care Professional Indemnity Insurance.

The commission launched these policie in the six geo political zones of the country and declared that enforcement should commence in March 2011.

The MDRI also has the objective of creating 50,000 jobs through the agency system. The

initiative was also targeted at fighting against fake insurance practice in Nigeria.

The regulatory body has been at the fore front of efforts to see that the initiative achieved its objectives. Although at the onset, the insurers were far from giving their support to the commission as they preferred the usual way of doing their business. However, of recent they have started aligning with the commission especially in the area of retail insurance. Many operators are now designing products that will attract the interest of Nigerians at the grassroots instead of chasing government and corporate businesses around.

By its original design, the first phase of the MDRI which was between 2009 and 2012 was meant to achieve the objective of transforming the market into a trillion naira market. This was not achieved at the targeted time as the industry’s premium remained at N300 billion as at December 2012 according to NAICOM prompting the commissioner to declare that come the second phase of the initiative which will last between 2013 and 2017, the industry will achieve the target.

Also the industry has solved the problem of disjointed and non transparent accounting system as the industry migrated from the Nigerian Accounting Standard Board system to International Finance Reporting standard (IFRS).The industry also launched the cooperate Governance structure and the anti -money laundry structure in order to remain globally competitive.

Still in search of ways of growing the industry’s premium, the commission in 2010 launched guidelines on insurance of oil and gas business in Nigeria as a way of ensuring that local content policy of federal government is implemented in the insurance industry.

The enforcement of the no premium no cover in the industry received loud ovation of the industry operators as they described it as the beginning of new things in the industry.

The above developments put together have no doubt placed the insurance industry on a better growth plat form as could be seen from signs of growth shown by many firms in the system.

But the industry is still far from meeting the target set by Daniel, which is that come the year 2017, the value of insurance contracts would rise to about N1 trillion ($6.4 billion) from N300 billion in 2017, and that the industry, would contribute about three per cent to the Gross Domestic Product (GDP), up from the current 0.6 percent contribution. He also targeted that penetration will increase to 22.5 per cent from 10 per cent.

He said compulsory motor-vehicle insurance, which makes up most contracts now, would remain at about 10 per cent by 2017, while life insurance would constitute seven per cent, general business insurance three per cent and petroleum companies’ insurance 2.5 per cent.

One of the major growth plans, which the industry operators have been able to achieve within the period, was the development of the Nigerian Insurance Industry Data base by the Nigeria Insurers Association (NIA) The NIID is a central system that allows all insurance companies to store all valid policy real time. Also, the insurance industry has built its own indigenous College of Insurance to address the problem of lack of trained professionals.

Also the educational arm of the industry, the Chartered Insurance Institute of Nigeria (CIIN) few years back, collaborated with the ministry of education and has obtained approval for inclusion of insurance as a subject of study in senior secondary schools in the country.

The industry has also formed a consultative committee comprising of executive members of various arms of the industry. The relevance of the committee is that hence forth, the industry will begin to speak with one voice in any matter of interest rather than speaking separately as individual arms.

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Abiodun: The Future of Consumer Finance is Bright The Chief Executive Officer, Motion Yield Limited, Mr. Oyelaja Abiodun, in this interview spoke about the potential of consumer finance in Nigeria and plans by his firm to expand its operations in Nigeria. Obinna Chima presents the excerpts: What is your firm into?

What we try to do is to ensure that we look at situations and proffer solutions. We are a consumer finance firm. At the moment, we give loans without collateral and we disburse to customers’ accounts within 24 hours. A customer does not need to have an account with us before we give him or her the loan.

We know that in the normal banking sector, you must open an account and provide collateral, but we are saying no to all those things. We focus on the employee, which are salary earners. What we do is that we collect post-dated cheques and for those with savings accounts, we do a direct debit mandate on their accounts.

Now, looking into the future, we know there are vast opportunities for us in this country. What we are doing is a segment of retail banking, which is consumer finance. We realised that there are lots of opportunities that we need to tap and that is why we are saying we need some people as investors to look into us and see what we are doing, so that we can move together and then expand. At the moment we are in three states- Lagos, Ogun as well as Oyo. We only started operations in 2015 and despite the recession the economy just came out of, we have been able to weather the storms by bringing out good results. Going forward, what we are trying to do by next year is to expand our number of branches or our presence to about 13 other states. So, we are looking at having presence in 16 states, including the Federal Capital Territory by next year. To do that, we would need to get some additional investors. As I earlier said, it is a business that is taking a different dimension from what is being practised. Truly the banks are trying to learn from us. So, our long-term goal is that by 2020, we would become a regional bank, with strong bias for retail banking. We would want to consolidate into a regional bank and then bring in other aspects of retail banking into our operations. At Motion Yield Limited, we believe in technology and we have adopted technology. We don’t believe in having a gigantic building. That is why if you come to our head office, you will realise it is a small office. That is because what the people are supposed to do have been pushed to the system. We are not a bank because we do not take deposits. We are not regulated by the Central Bank, but we have a lenders’ permit which we obtained from the court.

The loan is to assist those that need to rent a new apartment or they need to renew their rent, or maybe they need money to travel out.

So, what we are doing is tailored towards the individual. The amount of loan we do is not above N1 million and we ensure that we get the credit history of the customer.

Why is it that the consumer finance subsector appears to be growing rapidly with increasing competition among operators?

I can tell the story of the sector because we actually started it. Before we came into the picture, the only organised firm was giving loans to only those in the public sector. But when we came in, we changed the landscape and from then, we started learning. This business requires understanding. Some of the operators do not understand the business and that is why we have seen a lot of them close shop because of high NPLs. But as to the future of this business, it is very bright. Consumer finance is the future of banking in Nigeria. It is the future of financial services in this country.

Why did I say so? What we are doing here is what is called credit scoring in the developed world. What we are looking at is a situation whereby even in the comfort of your home, you can just log into the website, make a loan request and you will see the money in your account. So, the future is very bright for those that understand the business. But for those that don’t understand the business, they would not survive. So, at the end of the day,

Abiodun

those of us that understand the business would take the business away from the banks. The banks would now be concerned with commercial banking. At Motion Yield, we set the pace, because we started the issue of direct debit mandate. What others were doing before was cheques, but we introduced the direct debit mandate in the sector.

How do the new legislations on Movable Assets and Credit Registry support your

The Credit Reporting law that was passed is actually in our favour.

We have been using the credit bureau before the law was passed. At the moment we have three credit bureaus in Nigeria and all of them are on our platform

business?

The Credit Reporting law that was passed is actually in our favour. We have been using the credit bureau before the law was passed.

At the moment we have three credit bureaus in Nigeria and all of them are on our platform.

In this business, we need to understand our customers and their credit worthiness and that is why we are very happy with the government passing the law because it is going to deepen credit to individuals. Now, for the collateral registry, that one is new and it is actually for the commercial banks, microfinance banks and other organisations that take collaterals. For us, we don’t take collateral and so that one does not concern us. But our vision is that by 2020, we would become a regional bank, so what we are doing is that we are studying that law so as to know how to use it to our advantage. We do things differently and we call it disruptive banking. We don’t want to follow what others are doing. We want to do something different so as to achieve different results.

Do you consider the fact that jobs are unstable in giving out loans to employees, also, is the rising number of number performing loans in the industry not a concern to you?

Like I said earlier, we started in 2015. When we started this organisation in 2015, the economy was already going down. But we saw an op-

portunity. Banking is to us an adventure. We know that jobs are unstable, but we don’t take the extreme position that everybody would lose their jobs. That is not possible. Secondly, we believe the economy would recover. Therefore, if somebody loses his job today, we know that in few months’ time, that person would get another job. So, we don’t consider that as a set back to us. Also, even losing a job is not an issue to us because what we do is that every loan that we give out is insured. So, it means that if there is a job loss, we approach our insurer, who pays us. Now, on the growing non-performing loans (NPLs), I was in the banking industry for more than a decade before I left. I usually say most of the NPLs in banks are not supposed to materialise. Before a loan goes bad, you would have known. At the point your risk officers are reviewing the loan request, they ought to know that the loan is not okay and in a situation the bank knows that the loan is not okay and goes ahead to grant the request, you know that the loan would definitely go bad. So, that is what we guard against. Our assessment procedure is very strict and thorough. So, once at that point, we know that the loan is not good, we decline it. But if it is a good loan, we go ahead. So, it is not that we don’t have NPLs, but because we know our customers, we are able to manage the situation. Another thing we do is that we monitor the economy and each of the sectors that we give money to.

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EDUCATION Obasanjo Presidential Library: Expanding Nigeria’s Knowledge-base Funmi Ogundare, who recently visited the Olusegun Obasanjo Presidential Library,Abeokuta writes that apart from a place for sight-seeing and recreation, it has become a repository of knowledge and reference point for scholars to carry out academic research on governance, politics, leadership, human security and other aspects of life A library is seen as a collection of sources of information and similar resources made accessible to a defined community for reference or borrowing. It also provides physical and digital access to materials.

The Olusegun Obasanjo Presidential Library (OOPL) complex located in the heart of Abeokuta, Ogun State serves this purpose and more. To a first time visitor, the library offers a unique way to see Nigeria and reflects the choices made by the former president from its location to its total contents.

Established in 2015, the project was conceived as a centre designed to preserve the past, capture the present, inspire the future and promote tourism. It encompasses the library, museum and other tourist attractions such as zoological gardens, the Adire and Africa Fabric Centre, as well as several advocacy centres.

Remodelled after the United States presidential library system, the Olusegun Obasanjo Presidential Library is primarily a historic, touristic, recreational and academic centre regarded as a national archive and place for the preservation of genuine presidential papers, documents, materials and other historic items associated with the office of former President Obasanjo.

During a tour of the complex, THISDAY was taken through the building that accommodates some presidential artefacts such as Obasanjo’s first car, a well-kept Volkswagen Beetle, an official jeep, helicopter and a miniature warship.

Walking through the building, Keke Ota is sure to strike a first time visitor with nostalgia. The bicycle is a replica of what Obasanjo used to navigate his Ota farm when he left government in 1979, while he used the Volkswagen beetle to travel round the country during the war periods.

According to one of the tour guides, “discussions about the Nigeria civil war took place in the car. He also had discussions with the Nobel Laureate, Professor Wole Soyinka while in it.�

Of utmost importance among the relics is the Nissan Patrol Jeep; this according to the tour guide “occupies a special place in Baba Obasanjo’s life. The vehicle conveyed him and his late wife Stella to the State Security Service (SSS) office when he was implicated in the phantom coup of 1995.

The vehicle also brought him back after three years, three months and three days in prison. The car was also used to campaign before he became civilian president in 1999.�

A bridge which another tour guide described as ‘Bridge of Unity’ links the main building with the others; it is equally significant because of Obasanjo’s pedigree as a military engineer.

However, as one steps inside the main building with two wings (A and B), the canonical voice of Obasanjo welcomes guests.

In wing A, one would find relics around his humble beginning, military career and imprisonment. The first section is Nigeria before 1960. A video plays a documentary, where Obasanjo is the narrator. The documentary captures what happened before 1960. There is Nigeria from 1960 section.

The political history of the country is also captured.

A section is devoted to the former president’s first steps. It is a pictorial representation of stages in Obasanjo’s life: childhood, school days and military career.

Front view of Olusegun Obasanjo Presidential Library

Another important section in the wing is devoted to the Nigerian child. It is an interactive section and children are allowed to take pictures of their career dream. These pictures are transferred to a screen where they are processed. The aim of the section and the pictures, according to the tour guide is for the children to be inspired to attain their dreams. “Children can re-enact important moments on sets replicating the Obasanjo Aso Rock Villa. Exhibits centred on the life of Stella Obasanjo and learn about her sense of dressing. Quite a number of schools have visited,� he said He added that the library would be stocked with books and educational material from all over the world to aid proper research.

The Deputy Chief Coordinator, Mr. Ayodele Akinrinwale told THISDAY that the presidential library can avail researchers of important resources that may enable them arrive at accurate and objective analysis of their subjects. “The OOPL complex is a combination of so many things; the museum and archive section both provide wonderful opportunities for research for scholars and tourists that want to visit the exhibition, for those who want to learn or undertake research on governance and politics leadership, human security, aspects of life and living will also have that kind of opportunity; all types of researchers both academic and non-academic.�

Asked what makes the library stand out as an institution of learning, he said, “this is the first type of institution in West Africa, Nigeria. It is a trail blazer and incomparable.

It is the first time that we are preserving our history in a modern museum which is probably the most modern in Nigeria today. The light at the exhibition area is controlled, a lot of research was undertaken before it could be designed the way it was.

The library is interactive, the connection is designed in such a way that there is a particular temperature at which all the

artefacts are kept. It is a modern museum in the whole of Africa today.�

Akinrinwale said it is open to people from all walks of life and different visitors make different demands on the facility within the complex. “There are those who are here for sightseeing, the entire complex is designed as a continuous learning environment. It is designed in such a way that from the moment you come in through the gate, there are so many sources of information that may not ordinarily be readily available and that might interest you, but those are interested in seeing other things such as trees, floral we have that and you can see it. But we have several demonstration projects within the library complex. We have a windmill; we are working on hydro-power plant and also installing some solar panels. “We also have the recycling plant, Islamic study centre and the mosque, youth development centre, archaeological site and collection of animals in the wildlife park, so it is a continuous learning environment from the moment you come in until you leave, there are too many things to learn. “We have been having visitors who are researchers in the academic and people who are enthusiastic about particular subject matter or issues, looking for policy paper or documents that they need to use.�

On what the country and schools can do to help preserve Nigerian culture and history, the deputy coordinator said: “There are already established ways of preserving our history and culture, the society is not just evolving. There are time-tested ways and practices of doing it from time immemorial either through your socialisation process or other means. “Teaching and learning about our history is not the only way we preserve our culture.

Our great grandfathers were oral, they were not literate so to speak, but our culture was preserved through the socialisation process.�

On the bookshop, he said “it specialises in history, literature and philosophy. Research

students can also order printouts of PDF documents from the extensive digital archives that are continually being updated by the archives unit of the presidential library.�

Asked if he shares the view that there is decline in the reading culture, Akinrinwale said, I don’t know if there is any scientific or empirical study, there are lots of assumptions by a lot of people and most people who make these assertions hardly averred that there is any empirical study. It is just a comparative analysis about the reading culture over some periods.

The young people today have multiple sources of information and knowledge; they convert this information to knowledge and are better informed than the older and previous generations. Most of these digital devices that they carry have their books in them. It must not necessarily be in the traditional format.

There are so many ways of learning and reading today.

The role of learning and education in museums cannot be overemphasised, as the acting Managing Director, OOPL Ventures, Mr. Vitalis Ortese described it as a sector which offers a huge and still relatively untapped resources, which can support inspiration and offer an invaluable, original and thrilling learning resource, which can make a difference in young people’s lives.

He described the career of former President Obasanjo as unique, saying that the museum is divided into two main sections showing his humble beginnings, military career and imprisonment; and politician, statesman and mediator. “These sections are further presented as three thematic areas. Each area is presented in five exhibit elements; a story telling cone, a table case, a touch screen, a portrait case and Baba’s minute. This is a multimedia experience for all.�

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EDUCATION

FG Earmarks 5% UBE Funds for Early Childhood Education Kuni Tyessi in Abuja The federal government has said that five per cent of the 2017 Universal Basic Education (UBE) fund will be committed to the development of early childhood education.

The Minister of Education, Adamu Adamu, represented by the Permanent Secretary, Sunny Echono, made this known in Abuja during the 2017 national conference on early childhood education.

He said the federal government has directed the Universal Basic Education Commission (UBEC) to conduct audit of UBE schools both public and private schools.

The minister, who stressed that the huge number of outof-school children in Nigeria remains a challenge that must be addressed, noted that the conference would create a new path for the early childhood development education.

Also at the conference, the

United Nations Children’s Fund (UNICEF) said out of 22.2 million under-five children in Nigeria, over 60 per cent of them are at risk of poor development due to lack of early childhood development support.

The UNICEF representative, Mallick F all, stated this at the 2017 National Early Childhood Development (ECD) conference, organised by UNICEF, World Bank and Global Partnership for Education.

Speaking at the conference with the theme ‘For Every Nigerian Child, Early Years Matter’, the UNICEF representative said over 31 per cent of children under-five years are moderately or severely malnourished in Nigeria. “Nigeria is putting its children at risk of underdevelopment, both physically and mentally, because critical national policies are not providing an adequate foundation

for their growth. During the first years of a child’s life, the brain grows rapidly. Providing good nutrition, loving care and appropriate play provide solid foundation for a child’s learning and eventual contribution to economic and social growth. “Stunting as a result of malnutrition can cause irreversible physical and mental retardation. Even though exclusive breastfeeding for the first six months of a

baby’s life has clearly been shown to improve physical and mental development, the same survey revealed that only 24 per cent of Nigerian children are exclusively breastfed for six months.

He added: “With 90 per cent of a child’s brain development occurring before the age of five years, early childhood experiences can have a profound impact on a child’s development can ultimately impact a country’s growth.�

BSN Tasks CEOs on Action Learning, Produces 74 Nigerian MBA Graduates Uchechukwu Nnaike Nigerian chief executive officers have been advised to embrace action learning methodologies to transform their organisations.

The CEO, Business School Netherlands (BSN) in Nigeria, Mr. Lere Baale, who gave the advice in a statement, also announced that all is set for the graduation of 74 MBA students of the school in Scheveningen, The Netherlands. “Today’s CEOs face onerous internal vulnerabilities and external challenges in an economy fraught with puzzling and chaotic conditions. This is why BSN is launching a special MBA for CEOs as a unique proposition designed to help CEO’s achieve company-wide transformation while equipping them with tough skills to ride the waves of changing economic climate, and achieve sustainable leadership in their respective industries.�

On the graduation, he said a total of 74 fresh MBA students of the school will graduate on October 7, 2017 in The Netherlands. Eleven Nigerians made distinctions (including one Cum Laude) in their final dissertations in the executive MBA programme, while two Nigerians also achieved overall distinctions.

Baale pointed out that the graduands have undergone a programme that toughened their minds to adopt actionoriented solutions through BSN’s proprietary “action learning�, a scientific learning methodology, which enabled them to experience direct impact of what they learnt on themselves, their work, their organisations and their future.

He said BSN’s unique teaching and learning methods have earned the school accolades across the world and endeared it to students, graduates and employers worldwide and particularly in Nigeria.

He therefore enjoined Nigerian CEOS and managers desirous of internationally acknowledged MBA certificates to save themselves the financial stress and mental rigor of funding and procuring international travelling documents and take advantage of the BSN’s presence in Nigeria and its special MBA for CEOs to fulfill their ambitions.

“The BSN MBA is awarded centrally in the Netherlands.

The over 488 people that have earned the BSN’s MBA through the Nigerian outreach have had to satisfy the requirements of the parent institution. The certificate awarding ceremonies are also held in the Netherlands to further cement the international status of BSN.�

According to the CEO, the intent of BSNN Action Learning is to contribute to higher education in management learning and facilitate the development of African CEOs and managers’ skills, knowledge, research capabilities and ability to take action with regards to the problems, prospects and challenges facing their own organisations. “The programmes offered by the school carry the intrinsic character of the Action Learning methodology with a relevant approach to effective management development, which has proven to be one of the critical factors resulting in the business school’s current position as the leading provider of MBA studies, recognised in Europe.�

The Nigerian outreach of BSN commenced operations in October 2003 as one of the affiliate learning centres of BSN across the world and operates from purpose-built facilities in Ikeja GRA, Lagos, and study centres in Abuja FCT and Port Harcourt. With over 1,400 enrollments, Nigeria has become a leading BSN location in the world, offering experiential action-learning programmes pioneered by BSN. To date the school has graduated over 488 “action learning� MBA researchers, managers and business leaders.

Baale added that the vision of BSN is to be the global provider of excitingly different learning experiences that enable CEOs and managers learn faster than the prevailing rate of change. “We have kept true to our mission to contribute to higher education in management learning and facilitate the development of African managers’ skills, knowledge, research capabilities and ability to take action with regards to the problems, prospects and challenges facing their own organisations.�

L-R: A member of the Board of Governors of The Vale College, Ibadan, Mr.Gbenro Adegbola; the CEO, Mrs. Funso Adegbola; wife of the Ondo State Governor, Mrs. Betty Akeredolu; and Venerable Godwin Daramola, at the dedication of the college’s permanent site at Iyaganku GRA, Ibadan... recently

Nigeria@57: Lekki British School Celebrates Culture,Values Funmi Ogundare The Lekki British High School, Lagos recently commemorated Nigeria’s 57th independence with a programme where its students showcased the country’s culture and values as depicted by their dressing and dance. Speaking at the programme, the Chief Executive Director of the school, Dr. Biodun Laja, said it is imperative that the students are aware of the country’s independence and can relate well with their values and culture.

On how the education sector has fared in the past 57 years, she said the government must improve education policy and infrastructure, adding that more needs to be done in the area of funding.

“The government should improve and put more funding into the education sector and expose the children. The children in public schools must also be exposed enough to be able to compete side by side with their counterparts in private schools. The children have to be current.�

She added that the government must appoint the right people at the right places. “There is policy inconsistency, the government and those at the helms of affair should put the right people there, we need people who have good records to put things right.� She stressed that children in public schools must be exposed early to ICT. “The children in private schools are doing better than those in public schools because

they are more exposed to such things, not because their parents are rich enough, but because their teachers are better trained and experienced. They put in their best and the children gain a lot much more than children in public schools.�

On how the country can bridge the gap between the rich and the poor, Laja said, “the government can do it by exposing the children to programmes in the private schools during the holidays.

We do it in my school. We give scholarships to students from less privileged background I have a ministry where I educate children from less privileged background by sending them to schools in the UK. So far, they have fared well and some of them have become directors of

companies. It is fulfilling doing that.� The Principal, Mr. Ashish Gill said the programme was designed to ensure that students imbibe the country’s cultural values aside the international curriculum. “we also let them know where they belong, and their backgrounds which is very important as a way of exposing them to the culture from different parts of Nigeria.�

He expressed delight that Nigerians have been making a mark in their different fields of endeavour adding, “I feel a lot of boom coming in to the country in the area of ICT so I think a lot of Nigerians are really making a mark in universities all over the world and when they come back, they are able to make an impact in the country.�

A’Ibom Shuts 782 Illegal Private Schools, Polytechnic Okon Bassey in Uyo Worried by the poor state of facilities in some schools, the Akwa Ibom State Government has closed down 782 private schools, including a polytechnic.

Operators of the affected schools were accused of operating illegally without any valid license from the state ministry of education.

The Commissioner for Education, Pastor Paul Udofia, personally led a task force to close down some of the schools identified

to have operated illegally in the state across the three senatorial districts.

He said owners of the affected schools were operating out of tune with the regulatory framework of the state government and observed that some of the illegal schools lack qualified teachers, while some operated from uncompleted structures and lacked recreational and tailored facilities.

According to him, “any proprietor, teacher or student found within the premises at the return inspection will be

arrested.� He said the state government is desirous of making the education sector functional through approved framework guiding it and warned that the private schools’ proprietors that are in the habit of establishing educational institutions at will would be made to face the full weight of the law.

Udofia, who expressed delight for being able to identify the illegal schools in the state, urged the monitoring task force to ensure that no stone was left unturned in the process of fishing them out.

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UBA Foundation to Arouse Students’ Creativity with Essay Contest Uchechukwu Nnaike UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Plc, has announced call for entries for the 2017 edition of its annual National Essay Competition.

The competition is aimed at encouraging healthy and intellectual competition among secondary school students in Nigeria. The foundation said this year’s topic is meant to arouse students’ creative and critical thinking skills. Students are expected to ‘select a popular new technology or application and write an instruction manual for your grandparents on how to use it, and how to get the most value out of it’.

Briefing journalists in Lagos, the Chief Executive Officer of UBA Foundation, Bola Atta, said the competition, which is open to all senior secondary school students across the country, provides an opportunity for the students to win prizes in form of educational grants, which will help them realise their goals in life. “We are well aware that if you help get one child educated, you help support an entire family as that child will eventually impact his entire family. “The competition is a key aspect of our investment drive in human capital and

we will continue to sustain the exercise.

Education is very strategic to us as an institution and we are more than committed to keeping it that way.�

Atta added that each year, the bank donates books to students in Nigeria and other parts of Africa, under the ‘Read Africa’ initiative to encourage and promote the reading culture in secondary schools. “We are driven by the mantra ‘do well do good’. We would not relent in our efforts at touching lives through our various projects and initiatives.�

According to her, the first prize for the essay competition is a N1 million educational grant for the winner to study in any African university of his or her choice. The second and third prizes are N750,000 and N500,000 educational grants respectively.

She explained that the competition is part of the foundation’s initiative to promote creative and analytical thinking among senior secondary students in Nigeria and across Africa and a follow up on its Read Africa initiative, which promotes the reading culture among students through mentoring and free distribution of Africa literary classics in secondary schools.

The national essay competition is also held in Ghana and Senegal. Entries received

for the competition will be reviewed by a distinguished panel of judges made up of professors from reputable Nigerian universities, who will then shortlist 12 best essays for further assessment. A second round of the competition will involve the 12 finalists who will write a second supervised essay from which three best essays will be selected. “Three best essays will be selected as the overall winners from 12 finalists that will emerge from the first round of the competition,� Atta said.

Also Speaking, the Deputy CEO, Anglophone Africa, Ebele Ogbue, said knowledge is power and the only effective way to transform Africa is through education. “Undoubtedly, the future of any nation rests on the younger generation. Hence, the legacy passed on by the preceding generation could make a nation. Therefore, investing in their future of the youths is key to redeeming the economy for the collective good that is why UBA’s support of education across Africa is relentless.�

As a the CSR platform of the UBA Group, UBA Foundation embodies the group’s CSR objectives and seeks to impact positively on the society through a number

L-R: The Head, Brand Management, United Bank for Africa (UBA), Mr. Toruka Osadunkwu; Director, Marketing and Corporate Relations and Chief Executive Officer, UBA Foundation, Mrs. Bola Atta; Deputy CEO, Anglophone Africa, UBA Plc, Mr. Ebele Ogbue; and Group Head, External Relations, UBA Plc, Mr. Nasir Ramon, during the launch of the 2017 UBA Foundation National Essay Competition at the UBA House in Lagos... recently

St. Gregory Old Boys Mark Golden Jubilee, Renovate Labs Ugo Aliogo, Omotayo Ajayi and Christopher Ike St. Gregory College Old Boys Association, 1967 set recently marked its golden jubilee with series of activities aimed at bringing about unity among members.

The programme, which kicked-off with a thanksgiving mass witnessed an award of academic excellence to the best senior teacher and students in the senior and junior secondary school.

Speaking at the event, the National President of the association, Dr. John Abebe, said the significance of the celebration was the unity they have built over the years, which he said has kept them together despite all odds.

He disclosed that 12 laboratories have already been renovated by the old boys and would be launched in January next year to mark the college’s 90th anniversary and cross-over to 134 years of existence.

Abebe said the focus of the project is to raise the standard of learning in the college, adding that the association would also raise money to carry out other projects.

“My area of focus has been getting the old boys back to do things for the college.

I remember when I came in as the national president of the old boys association it was not easy getting members to attend meetings, but now things have improved.

As a matter of fact, the annual general meeting that brought me in, we had 500 members, it has never happened in St. Gregory’s College. We are delighted and we are maintaining that focus of bringing in more members, with more people you can achieve more.�

In his remarks, the Secretary General, Mr. Edward Sappor said the college has a project team which is the standing committee, adding that it is a collaboration of the board of governors and the old boys.

He stated that when the college was handed over in 2001, their first projects were the renovations and rehabilitations of the laboratories which were already in bad shape, saying, “we got our architects to come with two different designs options. “We finally settled with the design with 12 laboratories, there were subjects that were not part of the school curriculum,

but they are now part of the curriculum because of the education system which government placed into it. Whatever the policy of government is, the church will implement, but choose its standard. “We began the project just about 18 months ago; some of the materials used for the project were imported to reduce the cost. One of the ways we are financing it is to solicit financial support from old boys of different sets and individuals. We have a break down, for anybody who funds a particular aspect of the project we put a plaque in commemoration of whoever does it.�

In his remarks, the Chairman of the association, Mr. Yinka Ajala, described the last 50 years as wonderful for them, adding that during their days in the college, the reverend fathers ensured that they received overall educational development and inculcated in them the spirit of discipline.

He explained that the training they received in the college helped in strengthening their foundation and positioned them as shining examples among their peers from other schools.

The Significance of Hand Washing Teachers should at all times stress to their pupils and/or students the importance of washing of hands. Good hand washing protects against the spread of many ailments. As children, we would have learnt from school the importance of washing our hands always especially after using the toilet. However, as the years have passed by and we are now comfortably in adulthood, many people have done away with religiously practicing this need. Many people don’t bother to wash their hands after a visit to the toilet. Hand washing deďŹ nitely is a habit that needs to be ingrained and re-iterated, constantly.

In one ‘Hand Washing Survey’ carried out by the American Society for Microbiology and the Soap and Detergent Association, it was found that only 66 per cent men and 88 per cent women actually wash their hands after using a public toilet. This is in America, who must have far more handwashing facilities in public toilets than in developing nations. If we were all taught in school how dangerous not washing our hands can be, how come that several adults are forgetting to do so? If we’ve forgotten then it’s high time we refresh our memories. Let’s ďŹ nd out why exactly we ought to perform this hand cleansing ritual every single time we visit the toilet.

It is important to note that people who don’t wash their hands after using the toilet are more susceptible to colds, respiratory ailments and other contagious infections. Skipping hand washing after visiting the toilet can lead to picking up germs which could result in an infectious disease like diarrhoea. The person is at risk of contracting an illness every time he or she touches mucosal areas of his body like the nose, mouth, eyes and the genitals with unwashed hands.

Human faeces could contain germs like salmonellosis etc. are usually passed from a person who hasn’t washed their hands after using the toilet, then transmits the germs to their while shaking hands, handling food items, touching communal objects and surfaces and handling food. By washing your hands properly with soap and running water, the germs from the toilet gets washed o. This protects yourself and the others you are coming in contact with.

Salient point to note is that unwashed hands and poor hygiene often result in food-borne illness outbreaks. If this happens in an establishment, it could be due to negligence on the part of both the employer and employees working in the work-place. Employers have a duty of care to provide and implement handwashing trainings and facilities as well as food hygiene measures and trainings. People directly or indirectly dealing with food or food packaging need to doubly make sure they wash their hands properly after using the toilet. Improperly washed or unwashed hands transfer germs from the toilet to the food items and then to the person eating the food.

Employees of supermarkets keep handling fruits and vegetables; these could be a major source of germs if they maintain poor hygiene.

Managers of supermarkets need to ensure their sta maintains proper hygiene. Moreover, people working in the hotel industry like chefs, waiters, waitresses etc. can also be transmitters of food borne illnesses. People in the health care sector also need to make sure they wash their hands after using the toilet. The aim of workers in these areas should be to control the spread of infections rather than to initiate transferable infections.

Proper hand washing is the most important way to prevent the spread of infections. By not washing your hands after using the toilet, you are forming a channel to spread infections to others. It is solely up to every individual to determine not to create or promote any chain of infection. You should take personal responsibility to wash your hands after using the toilet. It suďŹƒces to say that, “in protecting yourself, you are protecting others!â€?The message should be spread to all and sundry. = Omoru writes from the UK

VCs Set to Hold National Conference Hammed Shittu in Ilorin All is now set for the 32nd national conference of vicechancellors and principal officers across all universities in the country, under the aegis of the Conference of Association of Vice-Chancellors, scheduled to hold in Kwara State University, Malete between October 8 and 12, to discuss the way forward in university education in Nigeria.

Already the Senate President, Bukola Saraki and the state Governor, Abdulfatah Ahmed have signified intention to grace the occasion, while Chief Afe

Babalola will present the keynote address with the title ‘University Management and Economic Challenge: The Nigeria Education Perspective’.

The Chairman, Local Organising Committee of the conference and the Deputy Vice-Chancellor (Academic) of the host university, Professor Sakah Saidu Mahmud, told journalists that the central theme of the conference is, ‘24th Century, University Education in Nigeria, Prospect and Challenges’, while several other critical sub-themes relevant to the development of universities will be discussed by other distinguished scholars.

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Osinbajo Urges Nigerian Varsities to be Problem Solvers Yinka Kolawole in Osogbo The Vice-President, Prof. Yemi Osinbajo has charged higher institutions in the country to be the domain of problem-solvers, as well as a breeding house for nation-builders.

Osinbajo, who was represented by Pastor Idowu Iluyomade, made this known at Redeemer’s University convocation ceremony held at the multipurpose hall of the institution in Ede, Osun State.

He said the primary assignment of the academic community should be to raise the elite rangers of problems solvers and not just job seekers.

“There is need for a paradigm shift in our curriculum to enable the products of our ivory towers adapt to an ever-changing world. We need to begin to have innovators and courageous initiators of start-up businesses straight from the university.�

Osinbajo stated that the world is becoming more challenging, as phenomena like climate change and terrorism are becoming issues in Africa. He therefore urged the graduands to be good ambassadors of the university in all spheres of human endeavours.

The Pro-Chancellor of the university, Pastor Tokunbo Adesanya, who urged the graduating students to be

diligent and change the world, implored them to pursue the knowledge and skills they have acquired while in school in the outside world.

The Vice-Chancellor, Prof.

Debo Adeyewa, commended the parents for investing in the institution, saying that it is the right choice. “I wish to congratulate the parents of our graduates for your perseverance and sacrifices; you have made the right choice by investing in their future through the Redeemer’s University. These wards will be a pride to you, the nation and the generation.�

Adeyewa also charged the students to fight the ills of

the country and make it a better world. “As divine champions, you must fight the ills of this nation; corruption, laziness, nepotism, short sightedness, among others. You gave been destined to win the battle of life. None of you is a failure; therefore do not act like one.

While others run, choose to fly. You have been primed, prepared to fly, you were made to fly.�

Speaking on the achievements of the university within a short time, he said the institution has sustained and continues to improve on its academic excellence. “Redeemer’s University’s

service delivery in terms of academic has been greatly enhanced; our academic quality assurance remains the best in the country. “Our capacity building in ICT is second to none as staff members were trained on highskill information technology by the Digital Bridge Institute in the past few months. “As a top-rated research university, we set the pace.

Few years ago, the university was thrown into limelight for emerging as the best rated university in research-related qualification among its peers.�

While urging the graduands to be good ambassadors of the institution, Adeyewa charged

them to be courageous to face the Goliath of life and to be passionate about God and His people.

Meanwhile, the overall best student, who graduated from the Department of Natural Science/Biological Science, Miss Ifeoluwa Bejide, urged other graduands to always put God first in whatever they do, just as she charged them to always remember their parents who laboured for them.

Bejide thanked God for giving her strength, knowledge and wisdom to accomplish her dream. She also thanked Pastor E.A Adeboye and his wife for their moral, spiritual and financial support.

Banks Compliance Officers Sensitise Students on Accountability Funmi Ogundare The Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN) recently held a career talk for secondary school students across the country to sensitise them on the role compliance plays in the society and ensure that organisations are accountable and transparent.

Speaking during the programme at King’s College, Lagos, the Chairman of the association and Chief Compliance Officer of StanbicIBTC, Mr. Rotimi Adojutelegan, said the career talk was part of the association’s 10th anniversary which began with a walk, adding that it decided to go round schools so that students can understand the importance of compliance in the society and the benefit of being a compliance officer and the role they play. “We are doing it in schools across the federation. The way it is structured is that we have compliance officers everywhere we have our branches. The whole idea is to sensitise the younger children as to what compliance is all about and the role it plays in the society. It is about following rules and laid down regulations and ensuring that the organisation does the right things.�

For organisations, he said they have to be compliance to avoid financial loss and going to jail, adding that government is also focusing on same to maintain their integrity. “Every day you are faced

with a choice to be compliant and you are thinking of a sustainable future for yourself.

Compliance is important in the society as you have to promote market discipline, rule of law, as well as culture of transparency.�

In charting a career path for the students on compliance, he stressed the need for them to have integrity and be honest, apart from a university degree. “You must aim for professionalism, be knowledgeable and solve problems for people.

You must also be able to network, manage stress and meet deadlines.�

He advised them to be focused, diligent and understand that education is key in whatever they want to do, regardless of any discipline. “It is the foundation and they must also make sure that they pay attention to their studies and be focused, once you do that the sky will be your starting point.�

Speaking with journalists, Adojutelegan said his association achieved its aim, adding, “from the questions they asked, it shows that they understood what we were saying and from the interest that they showed it is a testament to the fact that it had its impact. I am hoping that this same result will be achieved in every other place where our members had career talk with the students.�

The Chairman, Planning Committee, Mr. Franklin Bennie said from the interactive session his association had with the students, they would be able

L-R:The Chief Compliance Officer, UBA, Plc, Mr. Franklyn Bennie; a consultant, Mr. Abimbola Adeseyoju; Chief Compliance Officer, GTBank, Mrs. Subuola Abraham; Chairman ACCOBIN/Chief Compliance Officer, Stanbic IBTC, Mr. Rotimi Adojutelegan; and Chief Compliance Officer, Coronation Merchant Bank, Mr. Ibrahim Bello, during a Career talk for students at King’s College, Lagos to mark the 10th anniversary of the Association of Chief Compliance of Banks in Nigeria‌ recently sunday adigun

Abia, Enugu for Cowbellpedia Maths TV Quiz Semi-finals Representatives of Enugu and Abia States have pushed up the chances of the south-east by advancing to the semifinal stage of the ongoing Cowbellpedia Secondary Schools Mathematics TV Quiz Show, sponsored by Cowbell, the flagship brand of Promasidor Nigeria Limited.

In the ninth preliminary group contest, Greatman Nwachukwu of Dority International Secondary School, Aba, Abia State progressed to the semi-finals in the junior category, while Franklin Ezenduka of College of Immaculate Conception, Uwani, Enugu State made it to that stage in the senior category. The other qualifier from the same category with Nwachukwu is Osasere Ehgharevba of Graceland International School, Port Harcourt, Rivers State. They survived stiff competition from Oluwafunmito Adedeji of Obafemi Awolowo University Staff School, Ile-Ife, Osun State; Wisdom Ede of Logos International Secondary School, Owerri,

Imo State; Muhammed Anas of Community Science Secondary School, Kaura Namoda, Zamfara State; and Ahmad Ado of Jigawa State Academy for the Gifted, Bamaina, Jigawa State.

Nwachukwu, who achieved a response time of 2.17 seconds, scored 98 per cent in the qualifying examination conducted nationwide in March 2017. He aspires to win the ultimate prize and make his family and state proud.

Just like Nwachukwu, Egharevba also scored 98 per cent in the qualifying examination. She described her experience as great and exciting. The 13-year-old expressed hope to qualify for the final and wear the crown. “I feel very happy to scale the hurdle, especially being my first time of participating in the competition. I hope to get to the final. I have prayed and practiced a lot.� Along with Ezenduka, Faith Adelaja of Bibo Oluwa Academy, Ilesha, Osun State also picked the semi-final

ticket at the expense of Ekene Onyekaba of King’s College, Lagos; Abdulmueez Yusuf of NITC, Abuja; Aisha Salisu of Michael Omonogun Memorial Secondary School, Lokoja, Kogi State; and Shedrack Dauda of SSSLID Science Schools, Badariya, Kebbi State. Ezenduka, who aspires to be a civil engineer, hopes to win the ultimate prize. “I feel cool scaling this hurdle. I really thank God. But my ultimate ambition is to be the 2017 Cowbellpedia champion,� he said. Adelaja was a semi-finalist in the junior category of the 2015 edition and is confident of his chances this time. “My expectation is to be the champion. I have won six prizes in other competitions, but Cowbellpedia remains my ultimate dream.�

The star prize in the senior and junior categories is N1 million each and an allexpense paid educational excursion abroad.

The first and second runners-up for each category will get N750,000 and N500,000 respectively.

Iyela Leaves OfďŹ ce as Provost of FCE Okene Yekini Jimoh in Lokoja After eight years of meritorious service as the Provost, Federal College of Education, Okene, Kogi State, Dr. Iyela Ajayi has bowed out.

Addressing journalists in his office recently, Ajayi said he was able to make positive changes in the history of the college through the enthronement of transparency, accountability

and open door policy in the day-to-day affairs of the college.

Ajayi, who thanked the host community, staff and students of the institution for their support and corporation, said apart from introducing five new courses and massive infrastructural development, he raised the bar as the institution can boast of more than sixty doctorate degree holders.

He added that his track

record in human development prompted the last accreditation team to suggest upgrading of the college to university status.

The former provost added that during his tenure, the college attained full accreditation status in all NCE courses with the introduction of degree programme which has so far produced three sets of graduates with impressive results, as well as gaining

full accreditation for all the degree courses. “My greatest joy is that I am leaving a peaceful academic environment for my successor.

Before assuming the position of provost, this college was enmeshed in incessant staff crises and students’ unrest. I appeal to everyone to support the incoming provost whose appointment will soon be announced to maintain the

legacy of my administration. “The college has been enjoying absolute peace throughout my tenure of eight years. This is one of my major legacy that needs to be sustained to enable the institution maintain its status as one of the leading colleges of education in the country. “Infrastructure development within this eight years was unprecedented and the structure

and other facilities we have put in place qualify the institution to be a full fledge university.�

While identifying paucity of funds, salary shortfall, unpaid staff allowances and nonpayment of outsourced services as some of his challenges while in office, Ajayi revealed that he was able to avert several industrial actions as a result of his open mindedness with staff members.

WEDNESDAY, OCTOBER 4, ˾ T H I S D AY

36

CITYSTRINGS

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

When Daystar Took to the Streets Recently, Daystar Christian Centre distributed 20,000 back to school kits to students in Lagos, as a new academic session kicked off. Solomon Elusoji writes about the church’s motivation

Pastor Sam Adeyemi (middle) with beneficiaries of the back to school kits distributed by the Daystar Christian Centre

O

ne Saturday last September, Ilabeshi Gabriel, a bearded man in his mid twenties, stood for close to 10 hours, defying the harsh Lagos sun, to help facilitate in the distribution of back to school kits to some 20,000 students on behalf of Daystar Christian Centre. Two days later, Gabriel, who attends Daystar, took to Facebook to share his emotions.

“We plead and screamed in an effort to control the crowd,” Gabriel wrote, “But none of that mattered, not even the pains we went through. What mattered was that we were part of something. What mattered were the kids and the priceless smile on their faces. It didn’t matter if I had to stand for another 12 hours, as long as the kids were happy, excited with eyes full of hope; that was everything; that is everything.”

Gabriel’s effusive outpour of emotions resonates with the vision of Daystar’s leadership and why the church decided to undertake such a project. Senior Pastor at Daystar, Sam Adeyemi, has said the value of any church is measured by its impacts on the society where it exists and not the built cathedrals.

“We as a church believe and practice the teaching of Christ on being responsible to the society where we live,” Adeyemi said during the distribution. “We noticed the gap and a unit in our church started it over seven years ago and it has since become an annual event for us. This year, we decentralised around six various locations like Idimu, Agege, Ikorodu, Lekki, Badagry and Oregun in Lagos so that many people can benefit.

We are doing 20,000 children this year and the reports getting to me show the pupils and their parents are happy. What is the value of a church if it cannot contribute to the society?”

Adeyemi also noted that although the government is doing its bit, church leaders must throw their weight on solving societal issues, particularly the challenge of providing quality education. He also urged govern-

ment officials, at all levels, to maximise the opportunity to create credible legacies.

“Leadership is a phenomena opportunity,” he said. “Selfishness and leadership don’t go together. It is sacrifice that makes the best of a leader’s opportunity. I want to encourage our leaders to pay more attention to these younger lives because they are our tomorrow as a Nation.”

The church benevolence unit head, Akinwande Ademosu said “the passion behind the programme annually is tied to the commitment of the church to raise the next generation of leaders. We are committed

We as a church believe and practice the teaching of Christ on being responsible to the society where we live. We noticed the gap and a unit in our church started it over seven years ago and it has since become an annual event for us. This year, we decentralised around six various locations like Idimu, Agege, Ikorodu, Lekki, Badagry and Oregun in Lagos so that many people can benefit.

We are doing 20,000 children this year and the reports getting to me show the pupils and their parents are happy

to see transformation in the true sense of it, not just in words. This massive expense is solely powered by the church without any agency’s support. However, we are open going forward to such so we can touch more lives in the society. It is about the people not the church.”

Intervening in schools The journey of Daystar’s intervention in schools began when, one day, Adeyemi walked into Oregun High School and discovered there was no single chair or desk for students to use during instruction.

“Tears welled up in my eyes that day when I saw the state of the classes because I attended public schools throughout my academic career,” he told THISDAY in an interview. “I asked where do these kids sit? They said on the floor; if they want to sit on a chair they bring it from their homes and when they are going they will take it along with them or it will be stolen before daybreak. It was too much for me to believe.”

Adeyemi blames Nigeria’s ruling class for the rot in the educational system, since their children go to boarding schools in Switzerland and the United Kingdom. “It is not that we don’t have money but it’s just going somewhere and grooming this young people is not their priority. The results are there for us right now, one million write JAMB and universities can only take a fraction of that number. What should the rest do? So you have those who passed WAEC, passed JAMB and can’t still find higher institutions to go. Some of them do that for three to four years before they can get into a university. All that will turn around to hurt the country.”

As part of its efforts to rid the Nigerian system of bad leaders, Daystar runs a Leadership Academy, which has been quite successful over the years. Included in the Academy is a programme for teenagers (age 13 to 19), which is run every July.

During that programme, Adeyemi takes two courses, one of which is National

Development where he discusses Nigeria with these young people.

“I cannot forget the very first one,” he said, “because I gave them the opportunity to ask questions and one of them asked what to do ‘if I believe Nigeria can change but my friends do not and they tell you that they have made up their minds that if they work in government when they become adults that they will steal money’. Now what do you do in a situation like that? My heart broke. One of our church members whose children went to school in the UK said that he was discussing with his friends, children of other rich Nigerians, and two of them were throwing banters. One said, ‘I saw your dad’s name in the newspaper, what is going on, how much did they say your dad stole because it’s nothing near what they said my dad stole’. When you hear those things they break your heart.

The question now is whether the younger generation are listening, are they changing, are they redeemable? I will say the more challenging we find it the lower we must go to intervene.”

Built on leadership Once, Sam Adeyemi was asked whether he speaks to the Nigerian President. “Yes,” he replied, before clarifying: “I know you are thinking about the president that is in the office now but I am discussing with the president that is going to be in office because I think that is the best time to talk to him or her.”

Adeyemi, together with his wife, Nike, have built a religious institution designed to churn out leaders who can function in any kind of capacity, either in the world of spirits or profit.

“We got inspiration from God before we started this church,” he told THISDAY. “Our purpose has always been the same: to raise role models in the society, to raise people who will be examples. And from scratch that indicated to us that the people who are called are influencers and leaders. So we started various platforms for doing

WEDNESDAY, OCTOBER 4, ˾ T H I S D AY

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CITYSTRINGS

this. But practically everything we do in our church is about growing people. It’s about helping people to find their purpose.

There is something we say frequently in our church- ‘Your life is too small to be the purpose of your life’. We help people to break free from self centeredness, focus on other people, focus on people’s needs and then we help people to discover how they have been equipped by God with gifts, with talents to meet people’s needs. We encourage the acquisition of skills, we encourage our church members to get education, develop the use of their minds, specialise, develop expertise and learn to do things with excellence. All targeted towards service. That has made our church to engage the community in a practical way. Church for us is more than what we do during our services. In fact, we tell ourselves that our services are merely leadership conferences. They are places where we come refuel, recharge and then go out to meet people’s practical needs out there in the world.”

In 2002, the Leadership Academy came into existence, and Adeyemi says this was precipitated by the need to fill the huge gap of quality leadership training on the African continent.

“Africa has a reputation for producing some of the worst quality of leaders in the world,” he said. “Here we are in Nigeria, we know it. This is what we need. So somewhere along the line we asked ourselves amazing questions. So if this is such a huge area of need how come this is not part of our school curriculum? Why do we expect people to give what they don’t have? We allow people to get into leadership positions they mess up then we all complain, we grumble, we mourn. But what structure is there for preparing people, because leadership is a skill, leadership is learned and leadership has become a school curriculum now. I have a post graduate degree in leadership. I am running a terminal degree programme right now on leadership. All over the world, they are doing PhD in leadership. Where are the degree programmes on leadership in our universities? Leadership is more than an academic thing, it’s supposed to be part and parcel of your upbringing. So where is it in our primary school curriculum and secondary school curriculum? Two major things make a leader: character and competence.

So where is that deliberate grooming of the character and deliberate cultivation of skills and expertise in leadership?”

Since the Academy was set up, tens of thousands of people have been trained as leaders, scaling through courses taught in typical business schools, such as: Financial Management, Project Management, Systems Development, Organisational Growth, Entrepreneurship and other practical things like Health Management, Family Success, and others.

“We also teach National Development,” Adeyemi said. “We take up all Nigerian issues and apply the principles that we learned in solving them and the testimonials that we have gotten are amazing because now employers in town recognise the small certificate that we give people these days. The Dean of one of the private universities told me two years ago, they put out advertisement for two vacancies. They processed about 3,000 people, two people were employed.

When they tried to analyse what made the difference with the two they found out that the two had been to our leadership school.

Selfishness and leadership don’t go together. It is sacrifice that makes the best of a leader’s opportunity. I want to encourage our leaders to pay more attention to these younger lives because they are our tomorrow as a nation

Pastor Adeyemi presenting free school bags to pupils

Excited kids collecting free school bags from Pastor Adeyemi

Pastor Adeyemi presenting free school bags to kids

They realised that was what made the difference. The person told me that they are planning to make a proposal to us because the students that they disciplined may be

suspended and when they come back to the university they get worse. So what they are planning is to build a partnership with us so that when they send them on suspension

it will be compulsory for them to come to our leadership school so that they can come back better by the time they go back to school.”

T H I S D AY Ëž , OCTOBER 4, 2017

38

BUSINESS/MONEYGUIDE

‘Technology, Key Growth Driver in Accounting Profession’ Ugo Aliogo, and NoďŹ sat Malik The Vice President of the Institute of Chartered Accountants of Nigeria (ICAN), Alhaji Razaq Jaiyeola, has described technology as a key driver for growth in the accounting profession.

He therefore urged accountants to employ the use of technology in their daily activities to promote efficiency and better practice.

Jaiyeola, who made the remark at the First Reunion Dinner of the Cooper and Lybrand Alumni in Lagos, stressed that technology would help

accountants to attain greater height and be abreast with the latest developments in the profession.

He noted that digital platforms such as the big data, internet of things, artificial intelligence and robotics were influencing the profession.

The ICAN VP expressed delight over the alumni reunion dinner, noting that it serves as a medium of motivation for the younger ones to keep with abreast of the development in the profession in order to improve on their skills and try to attain greater heights.

In his remarks, the Convener of the alumni, Folaranmi Odunayo, said the event was aimed at reuniting alumni with former colleagues and friends of coopers, re-live memories, dine together, share contact information and keep closer relationship thereafter.

Odunayo further stated that the idea of the dinner was birthed after the establishment on January 3, of a coopers and Lybrand alumni forum on the Whatsapp platform, adding that the membership has grown very quickly and there are about 150 members on the platform.

S&P Revises Ecobank Nigeria’s Outlook to ‘Stable’ Nume Ekeghe Standard & Poor’s (S&P) has revised its outlook on Ecobank Nigeria Limited to ‘stable,’ from ‘negative’ and affirmed the bank’s ‘B/B’ long and short-term counterparty credit ratings.

In a statement, the ratings agency explained that Ecobank Nigeria was considered to be a core subsidiary within the Ecobank Group, adding that as a result, its ratings on the lender reflect the wider group credit profile.

It further stated that the outlook revision reflected its view, adding that “Ecobank Group’s management has addressed the significant liquidity risks and is improving the capitalisation and asset quality of the Nigerian business, while implementing a wider strategy

of improving asset quality and financial performance around the group.�

According to S&P, “Ecobank Nigeria is considered to be a core subsidiary within the Ecobank Group. As a result, our ratings on Ecobank Nigeria reflect the wider group credit profile. On Dec. 31, 2016, Ecobank Nigeria accounted for approximately 30 per cent of total assets and loans and 46 per cent of total adjusted capital (TAC) of the group.

Furthermore, a large percentage of the group’s asset quality issues emanated from Nigeria because of ENG’s legacy problem loans and its concentrated lending in U.S. dollars to the oil and gas sector.�

The agency also stated that the financial year ending December 2016, was difficult for the group in terms of as-

set quality, profitability, and ultimately capitalisation, adding that risk costs were significantly higher than it (S&P) expected at year-end 2016, when loanloss provisions reached 7.95 per cent of average customer loans, up from 4.33per cent a year earlier.

The global rating agency added: “We consider that the forex translation losses, combined with the reshaping of the business by the new management team and institutional shareholders, reflect the difficult macroeconomic and legacy issues in the group’s key markets, especially Nigeria.

Positively, going into the first half of 2017, the group gained some momentum on strengthening control of risk and operating costs. Ultimately, this will improve the group’s bottom line.�

Lagos Informal Sector Operators Trained on Tax Matters Peter Uzoho A civil society organisation, Community Life Project, in conjunction with the USAID has offered training to over 60 leaders of various artisanal groups in Lagos State to enable them engage the state government constructively on tax-related issues.

The training, which lasted for three days with the title: ‘Capacity Building Workshop on Informal Sector Taxation for Leaders of Artisanal Groups in Lagos State,’ held at the Isolo Community Centre, was a follow up of the research validation workshop conducted recently by the NGO..

According to the organisa-

tion, the training was necessary as it was aimed at offering the participants requisite skill and knowledge on their approach of government on tax issues and also to keep them abreast of the current tax policies in the state.

It said the programme was also intended to help the sector guard against multiple taxation and tax fraud. “What the training is trying to accomplish is to first of all give them a good understanding of what the issues are – current tax rate, tax compliance, multiple taxation and tax fraud, and also to ensure that when they sit with government in dealing with these matters, they are really focused and clear on

what they want,� Facilitator and Programme Coordinator, CLP, Mr. Francis Onahor told THISDAY. He explained that participants were made to understand the role of the various levels of government, their sources of revenue and why they (government) continued to fail in their responsibilities, saying those were part of the issues raised by them in the report of the survey it presented earlier. “So they now have a good understanding of the issues; they now know what they should be asking the local government and the state government. They’re really clear about the issues now,�

Onahor said.

FCMB Wins Award on Alternate Channels Banking First City Monument Bank (FCMB) said it was recently conferred with the “Excellence Award in Alternate Channel Banking,� at the 2017 edition of the New Age Banking awards.

The awards ceremony, organised by solutions provider, UMS Conferences, formed part of activities of the New Age Banking Summit held in Lagos recently. According to a statement, FCMB has continued to expand its channels by providing electronic banking offerings and solutions that align with the lifestyles of its existing and potential customers.

The bank said it is known for

providing one of the fastest, secure, convenient and seamless alternate channel banking platforms cutting across Automated Teller Machines (ATMs), Point of Sales (PoS), mobile, internet banking, among others.

Commenting on the award presented to the financial institution, its Executive Director, Business Development, Mrs. Bukola Smith, described it as another landmark achievement and a clear demonstration that the various strategic approaches adopted by the lender to revolutionise alternate channel banking services are yielding the desired results and are appreciated by

not just customers, but other stakeholders. “This latest award for FCMB is another confirmation of our unequalled commitment in offering cutting-edge and exceptional electronic banking and payment offerings to our teeming customers and the Nigerian public. As a forward-looking institution built on the culture of excellence, we will continue to invest in digital platforms and other modern solutions that enable us sustain the tempo in the provision of simple, helpful and reliable banking services driven by robust technology and best practices,� she added.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

DECEMBER 2016 Broad Money (M2)

23,840,392.42

-- Narrow Money (M1)

11,520,166.67

---- Currency Outside Banks

1,820,415.90

---- Demand Deposits

9,699,750.76

-- Quasi Money

12,320,225.75

Net Foreign Assets (NFA)

9,353,504.03

Net Domestic Assets(NDA)

14,486,888.39

-- Net Domestic Credit (NDC)

26,970,297.97

---- Credit to Government (Net)

4,595,579.89

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

7,436,917.79

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

-2,841,337.90

---- Credit to Private Sector (CPS)

22,374,718.08

--Other Assets Net

-12,483,409.58

Reserve Money (Base Money)

5,837,322.41

--Currency in Circulation

2,179,174.28

--Banks Reserves

3,318,344.71 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

MANAGED FUNDS Month

December 2016

Inter-Bank Call Rate

10.39

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

14.00

Treasury Bill Rate

13.96

Savings Deposit Rate

4.18

1 Month Deposit Rate

8.53

3 Months Deposit Rate

8.80

6 Months Deposit Rate

10.23

12 Months Deposit Rate

10.76

Prime Lending rate

17.09

Maximum Lending Rate

28.55 Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ

OPEC DAILY BASKET PRICE AS AT, MON , 2 OCT 2017 The price of OPEC basket of fourteen crudes stood at $54.61 a barrel on Monday, compared with $55.20 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

39

˾ WEDNESDAY, OCTOBER 4, 2017

Nigeria’s top 50 stocks based on market fundamentals

3-Oct-17

29-Sept-17

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld Price/ Book Value

Table 1 Market Statistics Mkt Indicators

01 Dangote Cement Plc

210.00

212.99

-1.40%

3,578,506,555,050.00

13.34

15.95

4.93

3.76%

4.40

02 Nigerian Breweries Plc

162.00

165.00

-1.82%

1,284,514,343,856.00

3.58

51.23

4.64

1.96%

8.77

03 Guaranty Trust Bank Plc

40.00

40.00

0.00%

1,177,247,168,960.00

4.49

8.79

2.78

4.48%

2.16

1,215.00

1,220.11

-0.42%

963,077,346,180.00

10.00

122.02

5.32

2.38%

31.32

05 Zenith Bank Plc

24.01

23.40

2.61%

753,829,815,801.86

4.13

5.52

1.41

7.89%

1.02

Table 3 Top 5 Gainers

06 Stanbic IBTC Holdings Plc

40.01

39.50

1.29%

400,100,000,000.00

2.85

14.20

2.59

0.25%

2.88

Stock

07 United Bank for Africa Plc

8.79

8.64

1.74%

318,897,036,370.38

1.99

4.81

0.91

6.26%

0.78

17.20

17.50

-1.71%

315,612,280,898.00

0.68

26.61

0.56

3.44%

0.53

9.55

9.63

-0.83%

276,262,129,076.05

13.18

0.76

0.76

5.50%

0.64

450.00

450.10

-0.02%

248,989,640,850.00 -82.02

-5.88

4.21

3.30%

0.71

11 Lafarge Africa Plc

52.02

50.68

2.64%

236,945,992,156.20

3.71

15.36

1.18

5.26%

1.04

12 Presco Plc

59.00

59.00

0.00%

234,258,145,655.00

0.03 2,338.93

3.81

1.90%

6.49

5.77

5.64

2.30%

207,115,839,409.84

0.16

35.99

0.35

2.55%

0.35

14 Dangote Sugar Refinery Plc

13.93

13.70

1.68%

167,160,000,000.00

2.01

6.92

0.77

3.60%

2.19

15 Unilever Nigeria Plc

43.61

43.61

0.00%

164,989,549,462.50

0.81

49.26

2.17

0.13%

12.95

16 Guinness Nig Plc

98.50

95.01

3.67%

148,329,986,518.00

-3.06

-25.17

1.12

4.16%

2.94

17 International Breweries Plc

37.00

37.00

0.00%

121,887,223,360.00

0.02 1,642.11

4.58

0.68%

11.11

235.00

231.00

1.73%

79,787,631,695.00

43.58

5.43

0.28

5.92%

3.41

5.90

5.93

-0.51%

71,004,251,474.60

0.29

23.59

0.18

10.95%

0.43

20 Flour Mills Nig. Plc

26.55

26.55

0.00%

69,673,497,314.85

3.71

7.82

0.14

6.90%

0.72

21 Forte Oil Plc.

48.10

49.90

-3.61%

62,649,341,054.30

3.66

13.66

0.50

6.90%

1.38

170.00

170.00

0.00%

61,301,194,540.00

22.61

7.69

0.67

4.14%

2.92

23 Okomu Oil Palm Plc

63.21

63.21

0.00%

60,296,651,100.00

5.15

12.75

4.36

0.15%

3.68

24 7-Up Bottling Comp. Plc

90.02

90.02

0.00%

57,665,944,477.26 -21.86

-4.21

0.52

2.39%

5.47

25 Transnational Corporation Of Nigeria Plc

1.38

1.36

1.47%

53,434,976,446.50

-0.03

-43.98

0.83

0.00%

0.57

26 Fidelity Bank Plc

1.36

1.34

1.49%

39,389,116,541.12

0.39

3.54

0.26

11.68%

0.21

27 Julius Berger Nig. Plc

29.33

29.33

0.00%

38,715,600,000.00

-2.89

-11.83

0.32

4.39%

0.64

28 National Salt Co. Nig. Plc

12.02

12.02

0.00%

31,846,249,303.56

0.91

14.26

1.88

4.23%

4.28

29 U A C N Plc

15.00

15.00

0.00%

28,812,965,805.00

3.37

4.44

0.38

6.68%

0.38

1.00

1.05

-4.76%

28,790,418,126.00

0.18

5.86

0.27

8.57%

0.35

21.00

22.00

-4.55%

25,113,406,248.00

3.02

6.95

1.67

1.43%

1.50

1.07

1.10

-2.73%

24,781,616,195.76

-0.29

-4.02

0.13

0.00%

0.12

33 PZ Cussons Nigeria Plc

24.23

26.00

-6.81%

24,230,000,000.00

5.69

4.73

1.87

0.37%

0.72

34 Cap Plc

32.50

32.50

0.00%

22,750,000,000.00

2.17

15.89

3.54

3.33%

16.77

35 FCMB Group Plc

1.07

1.07

0.00%

21,188,900,535.67

0.09

13.13

0.13

8.93%

0.12

36 Custodian And Allied Insurance Plc

3.60

3.60

0.00%

21,174,711,102.00

1.06

3.35

0.51

3.93%

0.64

37 Mansard Insurance Plc

2.00

2.00

0.00%

21,000,000,000.00

0.25

7.57

0.96

2.63%

0.99

10.46

10.99

-4.82%

19,645,993,338.40

-0.64

-18.74

0.70

10.77%

2.15

39 Wema Bank Plc

0.50

0.50

0.00%

19,287,233,040.50

0.07

7.59

0.37

0.00%

0.41

40 Honeywell Flour Mill Plc

2.02

2.02

0.00%

16,018,999,269.16

-0.40

-5.19

0.35

7.62%

0.50

41 Continental Reinsurance Plc

1.50

1.50

0.00%

15,559,116,468.00

0.30

4.51

0.54

8.96%

0.69

42 Cement Co. Of North.Nig. Plc

8.36

8.36

0.00%

10,505,826,123.76

1.29

6.96

0.70

1.11%

0.90

43 Skye Bank Plc

0.52

0.53

-1.89%

7,217,756,733.20

-2.93

-0.21

0.05

49.18%

0.08

44 Wapic Insurance Plc

0.50

0.50

0.00%

6,691,369,126.00

0.18

2.78

0.85

6.00%

0.41

45 Unity Bank Plc

0.57

0.60

-5.00%

6,662,922,626.94

0.19

3.16

0.08

0.00%

0.08

46 Resort Savings & Loans Plc

0.50

0.50

0.00%

5,664,866,202.00

0.03

17.71

3.72

0.00%

1.94

47 Fidson Healthcare Plc

3.52

3.52

0.00%

5,280,000,000.00

0.50

6.46

0.41

1.56%

0.69

48 Nigerian Aviation Handling Company Plc

3.00

3.10

-3.23%

4,872,656,250.00

0.36

9.51

0.69

5.88%

0.85

49 UACN Property Development Co. Limited

2.72

2.72

0.00%

4,674,999,986.40

-0.90

-3.23

0.79

24.05%

0.15

50 AIICO Insurance Plc

0.53

0.55

-3.64%

3,673,008,374.40

1.48

0.38

0.14

8.93%

0.45

04 Nestle Nigeria Plc

08 Ecobank Transnational Incorporated 09 Access Bank Plc 10 Seplat Petroleum Dev. Co. Ltd

13 FBN Holdings Plc

18 Total Nigeria Plc 19 Oando Plc

22 Mobil Oil Nig Plc

30 Sterling Bank Plc 31 Glaxo Smithkline Consumer Nig. Plc 32 Diamond Bank Plc

38 Cadbury Nigeria Plc

TOTAL

11,567,084,273,102.20

TOTAL MARKET CAP

12,171,231,099,761.20

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

95.04%

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

Open 29-Sept-17

Change %

35,439.98 12.22

35,306.09 12.17

-0.38 -0.37

149.14 11.61

148.56 11.57

-0.39 -0.39

Open 29-Sept-17

Guinness Nig Plc Lafarge Africa Plc Zenith Bank Plc FBN Holdings Plc United Bank for Africa Plc

Close 3-Oct-17

Close Change % 3-Oct-17

95.01 50.68 23.40 5.64 8.64

98.50 52.02 24.01 5.77 8.79

3.67 2.64 2.61 2.30 1.74

Table 4 Top 5 Losers Stock

Open 29-Sept-17

PZ Cussons Nigeria Plc Unity Bank Plc Cadbury Nigeria Plc Sterling Bank Plc Glaxo Smithkline Consumer Nig. Plc

Close Change % 3-Oct-17

26.00 0.60 10.99 1.05 22.00

24.23 0.57 10.46 1.00 21.00

-6.81 -5.00 -4.82 -4.76 -4.55

Market closes with 0.38% loss Market pulse on the Nigerian Stock Exchange (NSE) today - Tuesday, October 3rd, 2017 ended negative as the market closed red. This was further highlighted by negative performance from the NSE Subsectors: Consumer Goods and Oil & Gas (Save Banking and Insurance). Also, trading activities increased in volume as 634.33 million shares worth N5.79 billion in 3,850 deals exchanged hands today. This is a decrease from the 235.82 million shares worth N3.83 billion in 2,809 trades were carried out on Thursday. Topping in volume terms are: FCMB Group Plc, FBN Holdings Plc and Guaranty Trust Bank Plc; while Guaranty Trust Bank Plc and Zenith Bank Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed negative with 0.38% (-133.89) decrease to close at 35,306.09 from 35,439.98 the previous trading day. Market capitalization appreciated in tandem to N12.17 trillion from N12.22 trillion of prior trading day. Similarly, the Thisday BGL 50 Index closes with an decrease of 0.39% to 148.56 from 149.11 recorded at the end of the previous trading day, while its market capitalization stood at N11.57 trillion from N11.61 trillion of the previous trading day.

A total number of 18 stocks gained on the bourse today while 22 stocks declined, leaving 63 stocks unchanged. Leading the pack again was C&I Leasing Plc led with a gain of 9.82% to close at N1.79 per share. It was followed by Learn Africa Plc with a gain of 6.76% to close at N0.79 per share. Others on the gainers’ list include: Caverton Offshore Support Grp Plc, N.E.M Insurance Co (Nig.) Plc and Union Bank Nig. Plc. On the decliners’ list, PZ Cussons Nigeria Plc led with a loss of 6.81% to close at N24.23 per share. It was followed by Unity Bank Plc with a loss of 5.00% to close at N0.57 per share. Others on the decliners list include: United Capital Plc, Cadbury Nigeria Plc and Sterling Bank Plc. Guinness Nig. Plc emerged the toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 3.67% to close at N98.50 per share. It was followed

by Lafarge Africa Plc with a gain of 2.64% to close at N52.02 per share. Others on the gainers chart include: Zenith Bank Plc, FBN Holdings Plc and United Bank for Africa Plc. On the decliners’ list, PZ Cussons Nigeria Plc led with a loss of 6.81% to close at N24.23 per share.

It was followed by Unity Bank Plc with a loss of 5.00% to close at N0.57 per share. Others on the decliners’ list are: Cadbury Nigeria Plc, Sterling Bank Plc and GlaxoSmithKline Consumer Nig. Plc. REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the firm may have a conflict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

T H I S D AY Ëž , OCTOBER 4, 2017

40

MARKET NEWS

NSE Index Sheds 0.38% as Market Opens on Bearish Note Goddy Egene and Nosa Alekhuogie The Nigerian Stock Exchange (NSE) All-Share Index shed 0.38 per cent to close lower at 35,306.09 as the trading at the stock market resumed for the week on negative note.

The performance indicates persistent negative investors’ sentiments that have enveloped the market for

some times now. Having shed 0.14 per cent last week due to losses by bellwether stocks, the bears remained in control when trading resumed yesterday.

A total of 22 stocks depreciated compared with 18 that appreciated. Unity Bank Plc led the price losers with 5.0 per cent, trailed by PZ Cussons Nigeria Plc and United Capital Plc with 4.9 per cent apiece.

T H E MAIN BOARD

DEALS

MARKET PRICE

PZ Cussons yesterday reported its first quarter results, where it recorded a loss of N123 million, an improvement on the N1.585 billion in the corresponding period of 2016.

Cadbury Nigeria Plc shed 4.8 per cent, just as Sterling Bank Plc, Glaxosmithkline Consumer Nigeria Plc and Jaiz Bank Plc went down by 4.7 per cent, 4.5 per cent and 4.2 per cent in that order.

N I G E R I A N QUANTITY TRADED

STO C K

VALUE TRADED ( N )

Daily Summary as of 22/02/2016 Printed 22/02/2016 14:36:10.010

Daily Summary (Bonds) No Debt Trading Activity Daily Summary (Equities) Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals AGRICULTURE Totals CONGLOMERATES DiversiďŹ ed Industries A.G. LEVENTIS NIGERIA PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. DiversiďŹ ed Industries Totals CONGLOMERATES Totals CONSTRUCTION/REAL ESTATE Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NASCON ALLIED INDUSTRIES PLC N NIG. FLOUR MILLS PLC. TIGER BRANDED CONSUMER GOODS PLC Food Products Totals Food Products--DiversiďŹ ed CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--DiversiďŹ ed Totals Household Durables VITAFOAM NIG PLC. Household Durables Totals Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. Banking Totals Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CONSOLIDATED HALLMARK INSURANCE PLC LASACO ASSURANCE PLC. AXAMANSARD INSURANCE PLC N.E.M INSURANCE CO (NIG) PLC. UNITY KAPITAL ASSURANCE PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FCMB GROUP PLC. STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals FIDSON HEALTHCARE PLC

6 6 12

30.00 34.00

19 19 31

On the positive side, C & I Leasing Plc recorded the highest price gain of 9.8 per cent, trailed by Learn Africa Plc with 6.7 per cent. Caverton and N.E.M Insurance Plc appreciated by 4.8 per cent and 4.3 per cent respectively.

Union Bank of Nigeria Plc and Guinness Nigeria Plc added 3.9 per cent and 3.6 per cent respectively.

While Guinness Nigeria

12,629 11,640 24,269

374,530.15 421,345.20 795,875.35

1.25

1,078,511 1,078,511 1,102,780

1,358,964.30 1,358,964.30 2,154,839.65

5 68 13 86 86

0.77 1.13 20.47

33,500 6,740,423 65,995 6,839,918 6,839,918

25,070.00 7,635,453.96 1,344,425.15 9,004,949.11 9,004,949.11

13 13

41.50

31,970 31,970

1,409,214.78 1,409,214.78

5 5 18

5.20

28,901 28,901 60,871

154,716.48 154,716.48 1,563,931.26

6 24 7 98 135

2.85 118.85 20.00 99.00

190,900 53,000 15,200 429,541 688,641

528,079.00 6,201,924.95 293,757.00 42,728,789.84 49,752,550.79

9 9

168.50

166,476 166,476

28,285,937.95 28,285,937.95

54 38 6 12 1 29 140

5.61 19.00 1.37 6.86 6.65 1.27

2,120,306 314,421 40,000 119,863 433 3,285,739,119 3,288,334,142

11,610,520.13 5,953,792.96 55,716.00 842,442.48 2,736.56 4,074,348,894.07 4,092,814,102.20

11 54 65

17.86 700.00

18,825 98,360 117,185

329,518.50 68,567,962.00 68,897,480.50

11 11

4.46

99,050 99,050

420,455.00 420,455.00

13 21 34 394

21.90 28.00

36,887 133,117 170,004 3,289,575,498

820,034.75 3,737,067.92 4,557,102.67 4,244,727,629.11

82 51 21 25 200 41 16 147 11 15 67 676

4.10 1.49 15.60 1.21 16.70 1.07 1.76 2.95 5.30 0.63 0.98

3,962,506 2,163,396 278,470 790,900 4,847,312 1,969,858 1,204,932 8,586,418 39,752 501,617 5,920,564 30,265,725

16,210,255.82 3,314,106.88 4,136,459.40 958,864.34 80,963,793.44 2,115,552.11 2,087,767.85 25,302,954.71 205,645.40 316,018.71 5,813,502.17 141,424,920.83

14 8 2 3 7 10 1 1 46

0.80 0.90 0.50 0.50 2.06 0.76 0.50 0.50

200,107 276,500 5,004,000 1,000,000 351,540 327,285 37,708,135 10 44,867,577

160,838.67 251,350.00 2,502,000.00 500,000.00 720,728.80 245,325.31 18,854,067.50 5.00 23,234,315.28

1 1

1.08

4,760 4,760

4,950.40 4,950.40

31 7 105 7 20 170 893

2.46 4.00 0.85 14.15 1.31

1,149,464 27,041 31,257,120 38,035 708,255 33,179,915 108,317,977

2,830,722.84 104,002.06 26,613,309.20 537,985.34 931,556.31 31,017,575.75 195,681,762.26

27

2.69

614,065

1,572,223.05

Plc recently closed its rights issue, Union Bank is currently in the market raising about N50 billion from existing shareholders. The bank is offering 12.1 billion ordinary shares of 50 kobo at N4.10.

The Group Chief Executive Officer of Union Bank , Emeka Emuwa had said: “With the commencement of the Rights Issue subscription, we have now officially entered a new

phase of our transformation where we will be focused on accelerating business growth to deliver on our objective of becoming one of Nigeria’s leading financial institutions.�

According to the Emuwa, the capital raised from the rights issue will support its strategy to accelerate business growth and position Union Bank as a leading commercial bank in Nigeria.

E XC H A N G E

MAIN BOARD GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC Pharmaceuticals Totals HEALTHCARE Totals ICT IT Services TRIPPLE GEE AND COMPANY PLC. IT Services Totals ICT Totals INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals Packaging/Containers BETA GLASS CO PLC. Packaging/Containers Totals INDUSTRIAL GOODS Totals OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals OIL AND GAS Totals SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals Courier/Freight/Delivery RED STAR EXPRESS PLC Courier/Freight/Delivery Totals Printing/Publishing LEARN AFRICA PLC Printing/Publishing Totals Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals SERVICES Totals EQTY Board Totals Daily Summary (Equities) Activity Summary on Board ASeM CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals CONSUMER GOODS Totals ASeM Board Totals Daily Summary (Equities) Activity Summary on Board PREMIUM FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals Other Financial Institutions FBN HOLDINGS PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals INDUSTRIAL GOODS Building Materials DANGOTE CEMENT PLC Building Materials Totals INDUSTRIAL GOODS Totals PREMIUM Board Totals Equity Activity Totals

DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

32 4 6 69 69

25.33 0.94 0.69

551,998 16,020 597,000 1,779,083 1,779,083

13,903,164.18 15,299.40 412,110.00 15,902,796.63 15,902,796.63

1 1 1

1.69

500 500 500

805.00 805.00 805.00

16 9 4 6 10 31 76

24.00 9.30 35.78 8.62 3.36 80.50

110,727 40,229 26,700 142,300 299,900 14,373,223 14,993,079

2,707,053.97 362,501.29 992,680.00 1,227,076.00 966,480.00 1,157,057,077.16 1,163,312,868.42

6 6

1.51

134,500 134,500

204,240.00 204,240.00

5 5 87

50.00

24,529 24,529 15,152,108

1,165,135.50 1,165,135.50 1,164,682,243.92

2 2

0.50

24,262 24,262

12,131.00 12,131.00

90 90

3.47

3,827,573 3,827,573

13,288,632.05 13,288,632.05

21 7 8 21 7 64

18.34 1.84 342.00 150.00 145.00

81,125 100,300 20,300 16,295 13,699 231,719

1,505,034.50 182,832.00 6,595,470.00 2,396,080.60 1,959,692.96 12,639,110.06

33 33 189

318.00

389,934 389,934 4,473,488

124,037,602.56 124,037,602.56 149,977,475.67

1 1

0.50

941 941

470.50 470.50

5 5

3.80

32,870 32,870

127,756.40 127,756.40

13 13

0.89

624,500 624,500

538,430.00 538,430.00

1 22 23

2.29 4.00

4,588 251,094 255,682

10,001.84 1,001,583.80 1,011,585.64

1 1 43 1,811

1.68

10,000 10,000 923,993 3,428,226,216

16,000.00 16,000.00 1,694,242.54 5,785,390,675.15

2 2 2 2

1.21

270,464 270,464 270,464 270,464

327,261.44 327,261.44 327,261.44 327,261.44

306 306

11.45

13,929,679 13,929,679

159,605,439.23 159,605,439.23

278 278 584

3.74

10,438,552 10,438,552 24,368,231

39,515,087.18 39,515,087.18 199,120,526.41

35 35 35 619 2,432

139.83

38,770 38,770 38,770 24,407,001 3,452,903,681

5,304,666.00 5,304,666.00 5,304,666.00 204,425,192.41 5,990,143,129.00

2 2 2 2 2 10 10 10

2,330.00 2.33 6.02 11.09 18.07

3,000 20 20 20 15 3,075 3,075 3,075

6,986,000.00 46.70 120.20 221.80 270.65 6,986,659.35 6,986,659.35 6,986,659.35

Daily Summary (ETP) Exchange Traded Fund Name NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA BANKING ETF VETIVA CONSUMER GOODS ETF VETIVA GRIFFIN 30 ETF VETIVA INDUSTRIAL ETF Exchange Traded Fund Totals ETF Board Totals ETP Activity Totals

42

T H I S D AY WEDNESDAY OCTOBER 4, 2017

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43

T H I S D AY WEDNESDAY OCTOBER 4, 2017

Vol. 1 Issue 13 Oct. 04, 2017

Nextier Power is a consulting firm that provides policy advisory, investment advisory, and support services to the electricity supply industry. The firm aims to use this weekly publication to educate Nigerians on the intricacies of the Nigeria electricity supply industry on the assumption that a more informed public would advocate for the right policies and programmes which, in turn, would lead to a robust market that delivers the electricity needs of Nigerians. This column will cover everything from the basics of the industry to the more intricate, sometimes, complex policies and programmes.

Power: A Social Service or A Business Venture Introduction The argument as to whether electricity should be treated as a social service (paid for by government) or a business venture (paid for by consumers) still exists even after the privatization of the power sector in 2013. In need of help, the government decided to follow the pattern of most nations’ power sector by reforming the sector. Prior to the reforms, the sector was a monopoly (fully owned and controlled by the government) and was based on the assumption that electricity supply was a social service. However, electricity business requires huge financing on an ongoing basis which could not be sustainably provided through the Federal Government’s (FG) budget over the years.

For electricity supply to improve, there was need to attract investments from elsewhere other than government’s allocation.

How Cost is Incurred Electricity is generated from different energy sources typically from power plants built by different operators. To illustrate this, gas-fired Generation Companies (GenCos) buy gas from Gas Companies (GasCos) to produce electricity that is sent to the national grid. The electricity is transported through large cables called pylons operated by the Transmission Company of Nigeria (TCN) and delivered to the Distribution Companies (DisCos).

The DisCos then send this electricity to end users (households and industries) who are the final consumers.

To recover the costs of producing electricity, the energy used by the customers has to be paid for somehow, either by the government or the consumers or both. Failure to do so has a negative ripple effect through the value chain. The implication is that the DisCos will be unable to make (full) payment for the electricity they received from TCN. The GenCos will not receive (full) payment for the electricity they generated because TCN can’t pay them. Consequently, the GasCos will not receive (full) payment for the gas sold because the GenCos can’t pay them.

These insufficient payments consequently make business operations inefficient, and investments to improve the power situation almost impossible. The entire situation then begins to create chaos which benefits no one. The above depicts the current status of the power sector in Nigeria.

Electricity as a Social Service Prior to privatization, the initial power sector model was designed as a social service. The electricity tariff structure was designed based on this assumption and consumers typically paid less than the “reasonable” price as the government supplemented the sector with subsidies.

Therefore, electricity users were charged an estimated bill from the inception of the Nigerian power sector because determining the exact amount to be paid for electricity in the past was almost impossible. Note that in the beginning

existing capacity and a huge supply gap was created.

The situation during that period can be compared to what Nigeria has experienced for decades. Unlike Nigeria, Brazil pushed for privatization at an early stage and they were able to achieve this in good time.

So, to pay one’s electricity bills or not depends on one’s belief on whether electricity is a social service or a business.

But we must all note that first, the FG no longer allocates subsidies to the sector, and secondly, private investors will seek to recoup their investment.

(being the late 1890’s to the early 1900’s), government subsidy was sufficient to run the sector because the demand for power were not as high and electrification was low.

Over time, things changed – Demand for power grew. The population size grew as well and the FG retained its obligation to provide power for all at subsidised rates.

This was the model of the state-owned National Electric Power Authority (NEPA).

Electricity as a social service means that it is not a profit-making venture. The FG retains its role as a provider of this essential service but the implication of this decision is that the required financial investment to maintain the current infrastructures and build more will remain missing.

Electricity as a Business Venture Globally, power sector reforms have been embraced for close to three decades.

Governments of various countries recognised their inability to provide the finances required to grow the sector. Part of the reform idea was to invite private sector players as just investors, co-owners or full owners of the companies.

In a bid to tackle the poor power supply, the government decided to retrace its steps and take an entirely different route. In Nigeria, the idea of remodeling the power sector into a business began with the 2005 reform. The process was expected to relieve the government of its burden of subsidy by identifying the appropriate tariff (price) for electricity and attracting new investors that would rehabilitate the infrastructure and build new structures to meet the growing demand.

For private companies to participate in the power sector, they have to earn profit that will cover the huge investment that they will make over time. However, this profit is to be regulated by the Nigerian Electricity Regulatory Commission (NERC).

The implication of this structure includes the absence of FG’s subsidy and gradual

increase in tariff charged to customers over time. This is required to recover the true cost of generating power plus a marginal profit. On this premise, private investors were attracted to the power sector as part of the privatisation process in November 2013.

To Pay or Not Despite the laudable objectives of privatisation, there has been no significant improvement in power supply in Nigeria.

Dissatisfaction continues to increase on all sides: Investors, government, consumers, etc.

On the consumers’ side, common complaints include the refusal or inability of the DisCos to supply prepaid meters months or even years after payments have ben made, complaints of high estimated bills (for consumers without prepaid meters), incessant power outages and high electricity tariff, etc.

The private investors, on the other hand, complain about low electricity tariffs which impact cash-flow across the value chain, inability to access financing/forex, high interest on loans, non-payment of debt

by MDAs, etc.

For an emerging economy such as Brazil, the power sector is overseen by the Ministry of Mines and Energy and the market is fully deregulated which allows GenCos sell their electricity through freely negotiated contracts with consumers above a certain level (3 Megawatts) or through auctions administered by the operator of the commercial market.

Today, Brazil has an installed capacity of over 121,000MW with about 97 percent of its population with access to electricity.

This means that almost everyone enjoys uninterrupted power supply. However, prior to the sector’s reform in the 90s, Brazil operated a state-dominated model.

This model worked well until the late 80s.

Electricity supply was unable to match the growing demand due to lack of funding caused by the heavily subsidized tariff. A revenue deficit of about $35 billion also meant inability to maintain and expand

The power of the consumers plays a significant role in the development of the sector. Electricity assets are so expensive to acquire and maintain especially with the high foreign exchange rate, and someone has to pay for it.

The FG has since moved on from bearing this burden, and reversing the decision would have huge funding and legal implications. It is important that consumers pay for what they consume. The current structure is not perfect yet. There are claims that estimated bills are high and customers do not feel they are justified.

The DisCos must be compelled to provide the pre-paid meter and discontinue the practice of estimated bills.

Conclusion NERC, the sector regulatory agency, could allow electricity tariffs to be determined by market forces. This would seem unpleasant to consumers at the beginning as we have experienced inflation in commodity prices in recent years while income has remained constant. However, a deregulated power sector will attract the investment required to take the sector to the point where power outages would be a thing of the past. One thing we can all agree on is that the power sector is underfunded and the Federal Government, due to its inability to manage the sector efficiently, requires assistance from the private sector to rehabilitate the electricity supply industry in Nigeria. For the private sector to actively get involved, the power sector must be viable enough i.e. a profit-driven sector.

Author: Ezuma Okoronkwo is an Energy Economist with a keen interest in the electricity Industry Editor: Chinazo Ifeanyi-Nwaoha is a power sector analyst focused on policy-practice interplay Next Topics Oct 11 Solar 101 Oct 18 Solar: Identifying Challenges and Offering solution Oct 25 Power to the People: Solving the 100 Million people Problem www.nextierpower.com empower@nextierpower.com

44

T H I S D AY WEDNESDAY OCTOBER 4, 2017

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45

46

T H I S D AY WEDNESDAY OCTOBER 4, 2017

UTILIZATION OF FOREIGN EXCHANGE AS AT 29TH OF SEPTEMBER 2017 S/N

CUSTOMERS

AMOUNT (US$)

PURPOSE

S/N

CUSTOMERS

S/N

CUSTOMERS

1

ABIOLA OLAKUNLE OLASUPO

360.00 25-Sep-17

150

UNILEVER NIG PLC

26,722.88 MARGARINE

315.50 26-Sep-17

299

ODUGBEMI BABATUNDE ADENIRAN

1,800.00 PTA

360.00 28-Sep-17

2

AIR PEACE LTD

300,000.00 AIRCRAFT MAINTENANCE SERVICES

360.50 25-Sep-17

151

UNILEVER NIG PLC

16,726.20 MARGARINE

315.50 26-Sep-17

300

AKINRINLUDE YETUNDE TOKUNBOH

4,000.00 PTA

360.00 28-Sep-17

3

FRAGRANCE PLUS NIG LTD

100,000.00 AMBIPUR

360.00 25-Sep-17

152

UNILEVER NIG PLC

47,304.72 MARGARINE

315.50 26-Sep-17

301

UFOMBA CHIBUZO KENNETH

1,600.00 PTA

360.00 28-Sep-17

4

ANUDU EMMANUEL CHINONSO

5,000.00 BTA

360.00 25-Sep-17

153

UNILEVER NIG PLC

48,483.04 MARGARINE

315.50 26-Sep-17

302

SOLANKE ANIMOTU ESTHER

5,000.00 BTA

360.00 28-Sep-17

5

TAIWO TAJUDEEN ADEDEJI

5,000.00 BTA

360.00 25-Sep-17

154

UNILEVER NIG PLC

50,377.80 MARGARINE

315.50 26-Sep-17

303

VICTOR ODUTOLA MAYOMI

750.00 PTA

360.00 28-Sep-17

6

UGWU MAUREEN CHINASA

5,000.00 BTA

360.00 25-Sep-17

155

UNILEVER NIG PLC

46,684.80 MARGARINE

315.50 26-Sep-17

304

ARDO UMAR

250.00 PTA

360.00 28-Sep-17

7

OSINOWO OLUKEMI IBIYEMI

4,491.67 BTA

360.00 25-Sep-17

156

CBN

308,231.29 UNUTILIZED IMTO TRANSFERRED TO CBN

357.00 27-Sep-17

305

EJIOFOR UDOKA RUFUS

4,000.00 PTA

360.00 28-Sep-17

8

OSINOWO OLUGBENGA JOEL

4,491.67 BTA

360.00 25-Sep-17

157

CBN

218,850.98 UNUTILIZED IMTO TRANSFERRED TO CBN

357.00 27-Sep-17

306

EDWARD EDWARDKING OLUSEGUN

1,000.00 PTA

360.00 28-Sep-17

9

CHINA UNITY MANUFACTURING CO.LTD

360.50 25-Sep-17

158

CBN

357.00 27-Sep-17

307

UKPONMWAN EWAENOSA ESOHE

800.00 PTA

360.00 28-Sep-17

10

VICTOR O ADEPOJU

1,410.83 LIVING EXPENSES

360.00 25-Sep-17

159

ANUMUDU MICHAEL IFEANYICHUKWU

5,000.00 BTA

360.00 27-Sep-17

308

OGIERIAIKHI MARIE OSARETIN

2,000.00 PTA

360.00 28-Sep-17

11

IJEZIE HUMPHERY OKAFOR

2,000.00 LIVING EXPENSES

360.00 25-Sep-17

160

OZOR IFEANYI TOCHUKWU

4,000.00 PTA

360.00 27-Sep-17

309

AUGUSTINA IFEYINWA OKAFOR

4,000.00 PTA

360.00 28-Sep-17

12

ADESOLA A YOMI-AJAYI

8,535.88 PERSONAL HOME REMIT FOR JUNE 2017

315.00 25-Sep-17

161

MADUNATU CHIKEZIE

4,000.00 PTA

360.00 27-Sep-17

310

OWEI BINYA OPUENEBO

4,000.00 PTA

360.00 28-Sep-17

13

ANDREWS REUBEN G. J.

9,600.00 PERSONAL HOME REMIT FOR JUNE 2017

315.00 25-Sep-17

162

RABIU KAZEEM AYOBAMI

2,000.00 PTA

360.00 27-Sep-17

311

EVBUOMWAN SONIA OSAREMEN

4,000.00 PTA

360.00 28-Sep-17

14

SATHYANARAYANAN SAMPATH

6,390.00 PERSONAL HOME REMIT FOR JUNE 2017

315.00 25-Sep-17

163

OTU JERRY ANSON

800.00 PTA

360.00 27-Sep-17

312

OBASI ANGELINA OBY

4,000.00 PTA

360.00 28-Sep-17

15

RICHY GOLD INTERNATIONAL

330.75 25-Sep-17

164

OMIYI O GREGORY

1,000.00 PTA

360.00 27-Sep-17

313

MORIAM BIMPE ADEYINKA

4,000.00 PTA

16

OFURUM GOLDEN AMANZE

4,000.00 PTA

360.00 25-Sep-17

165

OMEGA PEACE UDOKA

3,000.00 PTA

360.00 27-Sep-17

314

JOSEPH BASSEY OKEGBE

4,000.00 PTA

360.00 28-Sep-17

17

BOLUM OZULUONYE NICHOLAS

4,000.00 PTA

360.00 25-Sep-17

166

FRANCIS E ONONIWU

2,500.00

PTA

360.00

27-Sep-17

315

NZELIBE GRACE CHINELO

2,500.00 PTA

360.00 28-Sep-17

18

ANOKE UZOAMAKA REBECCA

3,000.00 PTA

360.00 25-Sep-17

167

OCHUGBUE IFECHUKWUDE MARY

2,000.00

PTA

360.00

27-Sep-17

316

DURUIHEOMA EZE

4,000.00 PTA

360.00 28-Sep-17

19

OYENUGA HABEEBAT MOSUNMOLA

1,700.00 PTA

360.00 25-Sep-17

168

LAWAL OLUSOJI MICHAEL

4,000.00 PTA

360.00 27-Sep-17

317

IZUOGU LINDA CHINEYE

3,200.00 PTA

360.00 28-Sep-17

20

ADENIYI ATINUKE TAIWO

4,000.00 PTA

360.00 25-Sep-17

169

UMEOBI EZINNE SYLVIA

4,000.00 BTA

360.00 27-Sep-17

318

EWUZIE SUNDAY DANIEL

5,000.00 BTA

360.00 28-Sep-17

21

ADEBIYI ADEDOYIN SAMMY

500.00 PTA

360.00 25-Sep-17

170

UMEOBI ONYINYECHUKWU VIVIAN

4,000.00 BTA

360.00 27-Sep-17

319

MOHAMMED LAWAN DAHIRU

4,000.00 PTA

360.00 28-Sep-17

22

AJAO ODUNOLA ESTHER

1,500.00 PTA

360.00 25-Sep-17

171

NKECHI OGWU TESSY

4,000.00 PTA

360.00 27-Sep-17

320

NWOBODO EDWIN OKECHUKWU

4,000.00 PTA

360.00 28-Sep-17

23

UGOCHINYERE IZUNNA KINGSLEY

4,000.00 PTA

360.00 25-Sep-17

172

AGOCHUKWU OKPALAOKA CO

4,000.00 PTA

360.00 27-Sep-17

321

OKAFOR STELLA IFEOMA

4,000.00 PTA

360.00 28-Sep-17

24

GANAGANA AMAEBI JOAN

4,000.00 PTA

360.00 25-Sep-17

173

AKWAJAH ONYEKA CHARITY

4,000.00 PTA

360.00 27-Sep-17

322

EZIBE OBIANUJU CHIKAODILI

4,000.00 PTA

360.00 28-Sep-17

25

AKINLADE OLUWATOYIN

4,000.00 PTA

360.00 25-Sep-17

174

NWAKPADOLU MMACHUKWU GLORY

5,000.00 BTA

360.00 27-Sep-17

323

ALABI AYODELE GBENLE

474.88 PTA

360.00 28-Sep-17

26

TINUBU OJO FOLASADE MUJIDAT

4,000.00 PTA

360.00 25-Sep-17

175

MGBEMENE VICTUS EKPEMEZIE

4,000.00 PTA

360.00 27-Sep-17

324

UFOMBA CHIBUZO KENNETH

2,374.39 PTA

360.00 28-Sep-17

27

MAYALEEKE SAKARIYAU

550.00 PTA

360.00 25-Sep-17

176

EMESOWUM IJEOMA JOY

4,000.00 PTA

360.00 27-Sep-17

325

AMASIATU NWANEGBO ATHANASIUS

3,917.74 PTA

360.00 28-Sep-17

28

ALAKA OGOCHUKWU

4,000.00 PTA

360.00 25-Sep-17

177

CHUKWU GODWIN AGBAI

4,000.00 PTA

360.00 27-Sep-17

326

LAR GOMPEN KINGSLEY

1,807.50 PTA

360.00 28-Sep-17

29

ATIONU SUSSY KELLY

4,000.00 PTA

360.00 25-Sep-17

178

IROHA OJU CHIMEZIE

5,000.00 BTA

360.00 27-Sep-17

327

AMADI IKECHI STEPHEN

2,356.53 BTA

360.00 28-Sep-17

30

BANK AKINNUOYE RACHAEL TINUOLA

4,000.00 PTA

360.00 25-Sep-17

179

NWAKA GABRIEL AGWU

5,000.00 BTA

360.00 27-Sep-17

328

AMADI IKECHI STEPHEN

2,633.00 BTA

360.00 28-Sep-17

31

ONYEMA EKENE KINGSLEY

4,000.00 PTA

360.00 25-Sep-17

180

OKOLI OKECHUKWU EMMANUEL

5,000.00 BTA

360.00 27-Sep-17

329

GODWIN AKWAJI

3,950.08 PTA

360.00 28-Sep-17

32

SHENBANJO ADENRELE ADEBAMBO

4,000.00 PTA

360.00 25-Sep-17

181

OKOLO AMAKA NWAKAEGO

1,300.00 PTA

360.00 27-Sep-17

330

ETIM BASSEY OKON

3,987.92 PTA

360.00 28-Sep-17

33

SHOGBANMU ELIZABETH

4,000.00 PTA

360.00 25-Sep-17

182

UGOCHUKWUCHRISTIANA ALOZIE

1,000.00 PTA

360.00 27-Sep-17

331

OSHUN FOLAKUNLE DAVID

1,348.69 PTA

360.00 28-Sep-17

34

AJANDU CHIDINMA

4,000.00 PTA

360.00 25-Sep-17

183

OBIEZE EMEKA CHRIS

4,000.00 PTA

360.00 27-Sep-17

332

ARDO UMAR

1,348.69 PTA

35

MUHAMMAD KOKO SHEHU

4,000.00 PTA

360.00 25-Sep-17

184

ALUKA MARAIZU TONY

4,000.00 PTA

360.00 27-Sep-17

333

UGWU NANCY CHINENYE AKU

3,992.14 PTA

360.00 28-Sep-17

36

JEDY-AGBA EDI CONSTANCE

4,000.00 PTA

360.00 25-Sep-17

185

SADIQ ADAMU

4,000.00 PTA

360.00 27-Sep-17

334

EBODAGHE BARBARA SOKI

2,157.91 PTA

360.00 28-Sep-17

37

YOHANNA STEPHEN

4,000.00 PTA

360.00 25-Sep-17

186

ROTIMI W OLUBEKO

4,000.00 PTA

360.00 27-Sep-17

335

AKINSANMI OLUWAYEMISI TOLULOPE

674.35 PTA

360.00 28-Sep-17

38

NWOSU GEORGINA CHINYERE

100.00 PTA

360.00 25-Sep-17

187

EFFIEM JACKSON ABBAH

4,000.00 PTA

360.00 27-Sep-17

336

CHINWO NYEMA CHRISTIAN

1,348.69 PTA

360.00 28-Sep-17

39

EMOEFE OJARIKRE

4,000.00 PTA

360.00 25-Sep-17

188

OMOYENI OLUWASEUN OLAWALE

4,000.00 PTA

360.00 27-Sep-17

337

OBASI FIDELIA NGOZI

2,381.75 BTA

360.00 28-Sep-17

40

OGUEGBE C KATE

4,000.00 PTA

360.00 25-Sep-17

189

OYAWOLE SHAKIRAT OLUKEMI

3,000.00 PTA

360.00 27-Sep-17

338

LAMBERT N ONYEKONWU

1,773.00 SCHOOL FEES

360.00 28-Sep-17

41

TOMILOLA TEMITOPE LAWAL

4,000.00 PTA

360.00 25-Sep-17

190

OBIERIKA UCHENNA CHINYELU

4,000.00 PTA

360.00 27-Sep-17

339

FAITH O OKELUE

3,900.00 SCHOOL FEES

360.00 28-Sep-17

42

MARTINS OLAWONKE ADUNNI

4,000.00 PTA

360.00 25-Sep-17

191

OBERIKA CHUKWUNEDU OSITA

4,000.00 PTA

360.00 27-Sep-17

340

NKECHI J ARIZOR

5,398.22 SCHOOL FEES

360.00 28-Sep-17

43

OMOTOLA RONKE ADUNNI

1,000.00 PTA

360.00 25-Sep-17

192

OMOSANYA RITA

4,000.00 PTA

360.00 27-Sep-17

341

NKECHI J ARIZOR

4,152.48 LIVING EXPENSE

360.00 28-Sep-17

44

OTOBOEZE SAMUEL

4,000.00 PTA

360.00 25-Sep-17

193

JOSHUA MGBOR

1,050.00 PTA

360.00 27-Sep-17

342

ANTHONY N OLOWOLAFE

2,512.02 SCHOOL FEES

360.00 28-Sep-17

45

AJAYI OLUFUNMILOLA CHRISTIANA

1,000.00 PTA

360.00 25-Sep-17

194

STEPHEN CHIGOZIE OKORIE-ORUH

4,000.00 PTA

360.00 27-Sep-17

343

UABOI G AGBEBAKU

1,905.40 SCHOOL FEES

46

ADEBOLA KHADIJAT TEMITOPE

3,250.00 PTA

360.00 25-Sep-17

195

MBAGWU SYLVANUS ANOCHIRIM

4,000.00 PTA

360.00 27-Sep-17

344

OLAPEJU OLASUNKANMI OLUSOLA

1,712.56 SCHOOL FEES

360.00 28-Sep-17

47

FINGESI OCHEGOMIE PROMISE

4,000.00 PTA

360.00 25-Sep-17

196

AZUBUIKE NKECHI NDIDI

2,000.00 PTA

360.00 27-Sep-17

345

OLU I FUBARA

3,510.87 SCHOOL FEES

360.00 28-Sep-17

48

AMANA EDWARD IDRIS

4,000.00 PTA

360.00 25-Sep-17

197

NWEBONYI ONYEKACHI PETER

2,500.00 PTA

360.00 27-Sep-17

346

COMPLETE INT. GLOBAL PROJECT LTD

13,610.00 SCHOOL FEES

360.00 28-Sep-17

49

MUSA OHUNENE AMIRA

4,000.00 PTA

360.00 25-Sep-17

198

OLUGBENGA ABIODUN OMOBO

1,000.00 PTA

360.00 27-Sep-17

347

COMPLETE INT. GLOBAL PROJECT LTD

12,715.28 ACCOMMODATION FEE

360.00 28-Sep-17

50

SALLAU MOHAMMED

4,000.00 PTA

360.00 25-Sep-17

199

ONUWAJE STELLA

4,000.00 PTA

360.00 27-Sep-17

348

BELLO L BUKOLA

7,349.40 SCHOOL FEES

51

MODUPE I OSAYOMI

4,000.00 PTA

360.00 25-Sep-17

200

EGBA DANIEL

3,400.00 PTA

360.00 27-Sep-17

349

OWOLABI WILLIAMS

6,805.00 SCHOOL FEES

360.00 28-Sep-17

52

AKERELE-IGBOIN IYABO CHRISTIANA

4,000.00 PTA

360.00 25-Sep-17

201

EKPUKA AKHERE LAWRENCE

2,361.00 PTA

360.00 27-Sep-17

350

IDRIS S NYAM

2,842.09 ACCOMMODATION FEE

360.00 28-Sep-17

53

UMEOBI ANDREW CHUKWUDI

4,000.00 PTA

360.00 25-Sep-17

202

EZEILO CHINYERE GLORIA

730.00 PTA

360.00 27-Sep-17

351

IDRIS S NYAM

9,976.13 SCHOOL FEES

360.00 28-Sep-17

54

UMEOBI NWAMAKA BENEDICTA

4,000.00 PTA

360.00 25-Sep-17

203

IBEH SOLOMON

5,000.00 BTA

360.00 27-Sep-17

352

ADEBAYO S YUSUF

15,000.00 SCHOOL FEES

360.00 28-Sep-17

55

SOLAJA EDITH IYATUNDE

3,947.22 PTA

360.00 25-Sep-17

204

EBILI AMOBI BONNY

3,000.00 PTA

360.00 27-Sep-17

353

ADEBAYO S YUSUF

14,996.22 SCHOOL FEES

360.00 28-Sep-17

56

NWOSU GEORGINA CHINYERE

654.32 PTA

360.00 25-Sep-17

205

ODUGBESAN OLADUNSI ANIKE

4,000.00 PTA

360.00 27-Sep-17

354

PAULINA N OSASONA

2,392.40 ACCOMMODATION FEE

360.00 28-Sep-17

57

LADIPO OYEYEMI LEKAN

681.60 PTA

360.00 25-Sep-17

206

AKERELE-MICHAEL DEBORAH IMOLE

4,000.00 PTA

360.00 27-Sep-17

355

EKURE VINCENT TAWO

5,000.00 SCHOOL FEES

360.00 28-Sep-17

58

AKINMUTMI ABIOLA LUCIA

410.79 PTA

360.00 25-Sep-17

207

OKOROAFOR IJEOMA VANESSA

555.00 PTA

360.00 27-Sep-17

356

ADEDEJI ODUYEMI EYITAYO

4,246.32 SCHOOL FEES

360.00 28-Sep-17

59

FAJUYITAN OLUSOLA EMMANUEL

6,674.83 SCHOOL FEES

360.00 25-Sep-17

208

WAKIRWA SALIHU IDRISA

4,000.00 PTA

360.00 27-Sep-17

357

ADEDEJI ODUYEMI EYITAYO

4,246.32 SCHOOL FEES

360.00 28-Sep-17

60

OSAH M OBARO

1,943.06 SCHOOL FEES

360.00 25-Sep-17

209

ADELEKE DOLAPO ABDULWAHID

1,000.00 PTA

360.00 27-Sep-17

358

BEN J OBENEME

1,500.00 SCHOOL FEES

360.00 28-Sep-17

61

MANU, EMEKA CYRENIUS

7,235.53 SCHOOL FEES

360.00 25-Sep-17

210

DANESI AMINA MAUREEN

4,000.00 PTA

360.00 27-Sep-17

359

PRINCEWILL C OPARA

750.00 SCHOOL FEES

360.00 28-Sep-17

62

NNENNA CHUKWUIGWE

7,814.48 SCHOOL FEES

360.00 25-Sep-17

211

EGENTI ONYEKACHI VALENTINE

4,000.00 PTA

360.00 27-Sep-17

360

PERFUMERY LIMITED

11,568.50 SCHOOL FEES

360.00 28-Sep-17

63

DR & UKWENI(HOSPITAL

2,500.00 SCHOOL FEES

360.00 25-Sep-17

212

IJI ESTHER AND ANTHONY ANAYO

4,000.00 PTA

360.00 27-Sep-17

361

DANIEL T EGBE

1,497.10 SCHOOL FEES

360.00 28-Sep-17

64

OLAYINKA M OYEYEMI

1,800.00 SCHOOL FEES

360.00 25-Sep-17

213

NWABUNWANNE JOHN UCHENNA

4,000.00 PTA

360.00 27-Sep-17

362

OLADIPO OLANREWAJU

65

NDIDI R ERNEST

2,500.00 SCHOOL FEES

360.00 25-Sep-17

214

IKEOGU CHUKWDI OBIORA

5,000.00 BTA

360.00 27-Sep-17

363

OPARA EMMANUEL NWAWUIKE

66

MOHAMMED B HUSSAINI

3,000.00 SCHOOL FEES

360.00 25-Sep-17

215

ABAH NNABUIKE CHARLES

5,000.00 BTA

360.00 27-Sep-17

364

ADETOUN O ANENE

67

CHINWE R NWOKOLO

6,000.00 SCHOOL FEES

360.00 25-Sep-17

216

ADIELE CHUKWUEMEKA CHRISTOPHER

4,000.00 PTA

360.00 27-Sep-17

365

ADENIYI O OSIBOGUN

11,487.27 SCHOOL FEES

360.00 28-Sep-17

68

T-FASH QUALITY FOODS (NIGERIA) LTD

4,834.00 SCHOOL FEES

360.00 25-Sep-17

217

MUOKWE CHRISTIAN CHUKWKELU

4,000.00 PTA

360.00 27-Sep-17

366

GBOLAHAN ABATAN OLUSEGUN

1,848.27 SCHOOL FEES

360.00 28-Sep-17

69

EMEMOBONG O OKON

14,035.33 SCHOOL FEES

360.00 25-Sep-17

218

OKEKE CHIDUBEM VITALIS

4,000.00 PTA

360.00 27-Sep-17

367

DANLADI YOHANNA

3,978.00 SCHOOL FEES

360.00 28-Sep-17

70

NEMEL PHARMACEUTICALS

15,062.30 SCHOOL FEES

360.00 25-Sep-17

219

ORJI KENNETH OBUNEME

5,000.00 BTA

360.00 27-Sep-17

368

SANNI MONSURU AYINLA

11,702.60 SCHOOL FEES

360.00 28-Sep-17

71

HABU ISHAYA SARKI

5,477.20 SCHOOL FEES

360.00 25-Sep-17

220

UMEGEKWE LILIAN

4,000.00 PTA

360.00 27-Sep-17

369

MASTA SERVICES COMPANY LTD

9,367.11 SCHOOL FEES

360.00 28-Sep-17

72

VICTOR A EKONG

12,321.19 SCHOOL FEES

360.00 25-Sep-17

221

ORJI CHRISTIAN AMECHI

4,000.00 PTA

360.00 27-Sep-17

370

OSHUNLOLA BURAIMOH SUKANMI

6,718.74 SCHOOL FEES

360.00 28-Sep-17

73

NEXUS FORLIFE LTD

202,790.86 UNCOATED PLAIN PAPER IN SHEETS

360.50 25-Sep-17

222

EZENWIGBO ALOYSIUS CHUKWUDI

5,000.00 BTA

360.00 27-Sep-17

371

EDMOND I IKWUOGU

4,019.38 SCHOOL FEES

360.00 28-Sep-17

74

CBN

211,004.04 UNUTILIZED IMTO TRANSFERRED TO CBN

357.00 25-Sep-17

223

ONUIGBO OGOCHUKWU GODGIFT

5,000.00 BTA

360.00 27-Sep-17

372

J I L INTL VENTURES

5,342.40 SCHOOL FEES

360.00 28-Sep-17

75

CBN

133,708.61 UNUTILIZED IMTO TRANSFERRED TO CBN

357.00 25-Sep-17

224

OSAWE OGHOGHO DELE

2,500.00 PTA

360.00 27-Sep-17

373

AJATTA JAIYEOLA JOSEPH

8,827.24 SCHOOL FEES

360.00 28-Sep-17

76

CBN

258,614.54 UNUTILIZED IMTO TRANSFERRED TO CBN

357.00 26-Sep-17

225

UMAR FAYU SANI

4,000.00 PTA

360.00 27-Sep-17

374

MICHAEL O CHARITY

3,386.00 SCHOOL FEES

360.00 28-Sep-17

77

CBN

167,922.44 UNUTILIZED IMTO TRANSFERRED TO CBN

357.00 26-Sep-17

226

VICTOR ODUTOLA MAYOMI

3,000.00 PTA

360.00 27-Sep-17

375

LODONI COMPANY NIG LTD

6,400.00 SCHOOL FEES

360.00 28-Sep-17

78

EZENWOBI CHIOMA LILIAN

2,000.00 PTA

360.00 26-Sep-17

227

EZEAKU ANARIOCHI INNOCENT

4,000.00 PTA

360.00 27-Sep-17

376

ALAN SAMBO

4,480.49 SCHOOL FEES

360.00 28-Sep-17

79

SULAIMON OLASUKANMI LATEEF

4,000.00 PTA

360.00 26-Sep-17

228

KAFOHRO JOWHO LAMI

4,000.00 PTA

360.00 27-Sep-17

377

ISAAC A IDAKWOJI

2,500.00

360.00 28-Sep-17

80

OLAJIDE EMMANUEL TAIWO

4,000.00 PTA

360.00 26-Sep-17

229

TAOFIK BOLAJI SADIAT

5,000.00 BTA

360.00 27-Sep-17

378

PETER N LASSA

10,041.07 SCHOOL FEES

360.00 28-Sep-17

81

MAHE ALIYU SALIM

3,000.00 PTA

360.00 26-Sep-17

230

TAOFIK SUSAN FUNLAYO

5,000.00 BTA

360.00 27-Sep-17

379

STEPHEN O AGWO

14,768.27 SCHOOL FEES

360.00 28-Sep-17

82

MADUKWETHOMAS IHUOMA LURA

4,000.00 PTA

360.00 26-Sep-17

231

EJELUE IKECHUKWU AZUBUIKE

4,000.00 PTA

360.00 27-Sep-17

380

JIBRIN A JIBRIN

12,677.78 SCHOOL FEES

360.00 28-Sep-17

83

ENYICHUKWU UCHECHUKWU

4,000.00 PTA

360.00 26-Sep-17

232

DABIRI MARIAM KIKELOMO

1,000.00 PTA

360.00 27-Sep-17

381

TAWOR NIGERIA LTD

13,786.41 SCHOOL FEES

360.00 28-Sep-17

84

EMESOWUM NKIRU LORETTA

4,000.00 PTA

360.00 26-Sep-17

233

OLUYEMI WURAOLA OLUBUNMI

4,000.00 PTA

360.00 27-Sep-17

382

EJIROGHENE M DR

1,263.88 SCHOOL FEES

360.00 28-Sep-17

85

PRITCHARD PETER A

4,000.00 PTA

360.00 26-Sep-17

234

CHUKWURAH CHRISTOPHER EMEKA

4,000.00 PTA

360.00 27-Sep-17

383

BECKLEY C IBEABUCHI

5,480.05 SCHOOL FEES

360.00 28-Sep-17

86

ONWOSI UWABUNKEONYE

3,000.00 PTA

360.00 26-Sep-17

235

OGBOLUMANI AZUKA SAMUEL

4,000.00 PTA

360.00 27-Sep-17

384

CHOICE MARBLE & FURNITURE LTD

9,000.00 SCHOOL FEES

360.00 28-Sep-17

87

ILEDIAGU KENECHUKWU M

4,000.00 PTA

360.00 26-Sep-17

236

GURI ALIYU MUHAMMAD

4,000.00 PTA

360.00 27-Sep-17

385

HYACINTH O AGBO

3,000.00 SCHOOL FEES

360.00 28-Sep-17

88

ILEDIAGU NKECHI JOY

4,000.00 PTA

360.00 26-Sep-17

237

HASSAN UMAR

4,000.00 PTA

360.00 27-Sep-17

386

ADEKUNLE A ATOLAGBE

14,565.96 SCHOOL FEES

360.00 28-Sep-17

89

EDERARO GOODLUCK

3,700.00 PTA

360.00 26-Sep-17

238

ZALIHA MUHAMMAD

4,000.00 PTA

360.00 27-Sep-17

387

UMAR GADA ABUBAKAR

8,000.00 SCHOOL FEES

360.00 28-Sep-17

90

OPARA JOHNMARK EBERE

1,200.00 PTA

360.00 26-Sep-17

239

OBI OGOCHUKWU RUTH UZOMA

4,000.00 PTA

360.00 27-Sep-17

388

NEXUS FORLIFE LTD

91

OBI ROSEMARY OBIAGERI

320.00 PTA

360.00 26-Sep-17

240

ZACCHEAUS OLABIMPE IBIDUNNI

3,800.00 PTA

360.00 27-Sep-17

389

NEXUS FORLIFE LTD

33,390.55 UNCOATED WOOD FREE PAPER IN SHEETS

360.50 28-Sep-17

92

ADEMILUYI LAWRENCE FEMI

1,000.00 PTA

360.00 26-Sep-17

241

UBIARU MADUKA EPHRAIM

1,100.00 PTA

360.00 27-Sep-17

390

ROOSKEY ELECTRICALS LTD

67,120.20 VENTILATING EQUIPMENT

360.50 28-Sep-17

93

THOMPSON ZAHEED OLAREWAJU

1,500.00 PTA

360.00 26-Sep-17

242

ACHILEFU OGECHI

1,200.00 PTA

360.00 27-Sep-17

391

SUNRISE PRODUCT LTD

94

NJOKU KELECHI

4,000.00 PTA

360.00 26-Sep-17

243

DANIEL AYEBAWANEMI EBENEZER

2,000.00 PTA

360.00 27-Sep-17

392

CBN

205,062.20 UNUTILIZED IMTO TRANSFERRED TO CBN

357.00 29-Sep-17

95

NGWOKE IFEANYI

4,000.00 PTA

360.00 26-Sep-17

244

OMOKHODION SAMUEL ILENRE

3,000.00 PTA

360.00 27-Sep-17

393

CBN

138,816.95 UNUTILIZED IMTO TRANSFERRED TO CBN

357.00 29-Sep-17

96

NGWOKE IJEOMA BELINDA

3,000.00 PTA

360.00 26-Sep-17

245

OMOKHODION OLUFUNKE FOLASADE

4,000.00 PTA

360.00 27-Sep-17

394

EKONG EMEM PAULINE

4,000.00 PTA

360.00 29-Sep-17

97

ANYAGWA JOSEPH CHIMA

1,500.00 PTA

360.00 26-Sep-17

246

AKAM AZUBUIKE.G

4,000.00 PTA

360.00 27-Sep-17

395

EBIYE MICHEAL OLUSEYI

2,800.00 PTA

360.00 29-Sep-17

98

OKOYE FLORENCE NONYE

5,000.00 BTA

360.00 26-Sep-17

247

AGBO JOHNBOSCO

4,000.00 PTA

360.00 27-Sep-17

396

KAREEM SHAMUSIDEEN OLALEKAN

4,000.00 PTA

360.00 29-Sep-17

99

OLUTOSIN ABIOLA FAUSAT ABEJE

5,000.00 BTA

360.00 26-Sep-17

248

EWII OBINNA FERDINARD

5,000.00 BTA

360.00 27-Sep-17

397

SOETAN ADEBOWALE ADEPEJU

4,000.00 PTA

100

ALABI SAKIRAT FOLASHADE

4,000.00 PTA

360.00 26-Sep-17

249

ANI SAMUEL AFMEFUNA

4,000.00 PTA

360.00 27-Sep-17

398

MBELEDE NNEOMA PEARL

2,500.00 PTA

360.00 29-Sep-17

101

SIMEON ADANWA DOREEN

4,000.00 PTA

360.00 26-Sep-17

250

IKE MORRIS MADUKA

5,000.00 BTA

360.00 27-Sep-17

399

KUTEYI NURAT AYOKA

400.00 PTA

360.00 29-Sep-17

102

OLUSUNLE OLUFUNMILAYO KIKELOMO

4,000.00 PTA

360.00 26-Sep-17

251

OBIDO DONATUS EJIKE

1,500.00 BTA

360.00 27-Sep-17

400

EZEONU PAUL ONYEKWELE

103

HASSAN BOLAJI SULEIMAN

4,000.00 PTA

360.00 26-Sep-17

252

NWEKE BENNETH ANIEZILI

4,000.00 PTA

360.00 27-Sep-17

401

UGOCHUKWU NKEDIRIM JENNIFER

500.00 PTA

360.00 29-Sep-17

104

OMOLABI RASHEED

2,500.00 PTA

360.00 26-Sep-17

253

UCHE NDUBUISI BENEDICT

5,000.00 BTA

360.00 27-Sep-17

402

EBHOJIE GRACE EJEMHEN

1,000.00 PTA

360.00 29-Sep-17

105

UDUGBA ANTHONY ALEX

400.00 PTA

360.00 26-Sep-17

254

ELUKE CALISTUS CHIBUEZE

4,000.00 PTA

360.00 27-Sep-17

403

SADIQ MUSA KAWU

4,000.00 PTA

360.00 29-Sep-17

106

ENUOYIBO EDWIN IGWE

1,000.00 PTA

360.00 26-Sep-17

255

ABATAM NDIDI JANEVIVE

4,000.00 PTA

360.00 27-Sep-17

404

NAGOGO USMAN MAHMUOD

4,000.00 PTA

360.00 29-Sep-17

107

NGOKA EJIKEME KENNETH

4,000.00 PTA

360.00 26-Sep-17

256

OKORO NKIRU EUCHARIA

2,500.00 PTA

360.00 27-Sep-17

405

TIJJANI MAHMUD ABOKI

4,000.00 PTA

360.00 29-Sep-17

108

AJALA OLUWAMAYOWA SEUN

4,000.00 PTA

360.00 26-Sep-17

257

NWABUEZE EMMANUEL

5,000.00 BTA

360.00 27-Sep-17

406

OKPE PRINCE OKPE

600.00 PTA

360.00 29-Sep-17

109

EGBO SUNDAY SOLOMON

4,000.00 PTA

360.00 26-Sep-17

258

DURU CHIBUIKE

4,000.00 PTA

360.00 27-Sep-17

407

DEDEWANU YETUNDE ADEOLA

3,000.00 PTA

360.00 29-Sep-17

110

OLULOYE OLUWATOBILOLA REBECCA A

4,000.00 PTA

360.00 26-Sep-17

259

ZAKARIYA MUSTAPHA

4,000.00 PTA

360.00 27-Sep-17

408

MUSA HASSAN HAUWA

4,000.00 PTA

360.00 29-Sep-17

111

EZE ONYEKA DARLINGTON

4,000.00 PTA

360.00 26-Sep-17

260

KOSOKO FRIDAY OLADELE

5,000.00 BTA

360.00 27-Sep-17

409

MUSA HASSAN

3,000.00 PTA

360.00 29-Sep-17

112

ANYANWU BEN KEVIN

5,000.00 BTA

360.00 26-Sep-17

261

KOSOKO OLUWASEUN RUTH

4,000.00 PTA

360.00 27-Sep-17

410

ANGAYE GESIYE SALO

2,000.00 PTA

360.00 29-Sep-17

113

OKONJI CHUKWUEMEKA HENRY

4,000.00 PTA

360.00 26-Sep-17

262

COMFORT UGONMA UKEJE

4,000.00 PTA

360.00 27-Sep-17

411

ZIWORITIN BEKEYEI ANNE

2,750.00 PTA

360.00 29-Sep-17

114

OGBONNAYA NGOZI NWANNEDIYA

5,000.00 BTA

360.00 26-Sep-17

263

KHALID BASHIR ABDULLAHI

2,000.00 PTA

360.00 27-Sep-17

412

FAKUMA ILAGHA AYEBATONFIELATEI

1,000.00 PTA

360.00 29-Sep-17

115

IDELE EDOGHOGHO IFUEKO

4,000.00 PTA

360.00 26-Sep-17

264

MOHAMMED IBRAHIM KIDA

4,000.00 PTA

360.00 27-Sep-17

413

ABDULMALIK MOHAMMED M

4,000.00 PTA

360.00 29-Sep-17

116

BAKARE OLUYINKA ALAKE

4,000.00 PTA

360.00 26-Sep-17

265

EMENALO UGOCHI DORIS

1,000.00 PTA

360.00 27-Sep-17

414

AKPAN HENRY SEDMUDOH MOSES

4,000.00 PTA

360.00 29-Sep-17

117

ISIAKPERE GRACE IYABO

1,000.00 PTA

360.00 26-Sep-17

266

FRANK BRIGGS SAMUEL OTOKINI

4,000.00 PTA

360.00 27-Sep-17

415

AKPAN CHIDINMA PATRICIA HENRY

4,000.00 PTA

360.00 29-Sep-17

118

NWAGURU PETER OZOMENA

3,500.00 PTA

360.00 26-Sep-17

267

ONUORAH EZICHUKWU JOEL

800.00 PTA

360.00 27-Sep-17

416

JAJI BABATUNDE ABDULRAHMAN

1,000.00 PTA

360.00 29-Sep-17

119

NNADIEKWE SEBASTINE UCHEY

5,000.00 BTA

360.00 26-Sep-17

268

ADO MUHAMMAD

3,000.00 PTA

360.00 27-Sep-17

417

HARRISON MBUWAT-OENYAN S.

4,000.00 PTA

360.00 29-Sep-17

120

OSONDU ONYEKWERE RAPHAEL

3,961.65 PTA

360.00 26-Sep-17

269

ADABA JANET EMILEKEUAN

4,000.00 PTA

360.00 27-Sep-17

418

ACHIKE ANTHONIA IFEYINWA

4,000.00 PTA

360.00 29-Sep-17

121

AROWOJOLU OLATUNJI AYODELE

3,625.50 PTA

360.00 26-Sep-17

270

AWE LOIS OLUWASHOLA

5,000.00 BTA

360.00 27-Sep-17

419

NKEMJIKA MARVELLOUS MAKO

4,000.00 PTA

360.00 29-Sep-17

122

OGUNDOWOLE O ABOSEDE

3,402.78 PTA

360.00 26-Sep-17

271

USMAN NAGOGO ASMAU

4,000.00 PTA

360.00 27-Sep-17

420

OBIDIKE TOCHUKWU DOMINIC

4,000.00 PTA

360.00 29-Sep-17

123

SODEINDE ADEBAYO ROSALINA

1,362.39 PTA

360.00 26-Sep-17

272

UCHEGBULAM CHIGOZIE AKOBUNDI

5,000.00 BTA

360.00 27-Sep-17

421

EMETI IROGUBA PETER

4,000.00 PTA

360.00 29-Sep-17

124

AROKWU SALVATOR NONSO

817.43 PTA

360.00 26-Sep-17

273

EDEBIRI OTABOR IDOWU JOSEPH

1,800.00 PTA

360.00 27-Sep-17

422

SADIQ ADAMU HAUWA

3,000.00 PTA

360.00 29-Sep-17

125

AMBILLE BOMA OBEY

2,179.82 PTA

360.00 26-Sep-17

274

ANOZIE LOUIS EMEKA

3,885.16 PTA

360.00 27-Sep-17

423

OGIDI EMMANUEL TOCHI

2,000.00 PTA

360.00 29-Sep-17

126

BOLLORE TRANSPORT & LOGISTICS

360.95 26-Sep-17

275

IGBOKWE UBOCHI STELLA

171.68 PTA

360.00 27-Sep-17

424

ALABI AYODELE GBENLE

500.00 PTA

360.00 29-Sep-17

127

C-WAY FOODS & BEVERAGES

128

C-WAY FOODS & BEVERAGES

129

C-WAY FOODS & BEVERAGES

130

DAG MOTORCYCLE INDUSTRIES NIGERIA LTD

131

8,178.59 ACCOMMODATION FEES

128,600.00 BUTTERFLY BRAND SEWING MACHINE

33,438.16 PHARMACEUTICAL FINISHED GOODS

500,000.00 LOAN REPAYMENT 42,020.00 PRINTED FLEXIBLE MATERIAL

RATE DATE

AMOUNT (US$)

PURPOSE

9,000,000.00 RETURN OF INVISIBLE

RATE DATE

AMOUNT (US$)

PURPOSE

RATE DATE

360.00 28-Sep-17

360.00 28-Sep-17

360.00 28-Sep-17

360.00 28-Sep-17

806.71 SCHOOL FEES

360.00 28-Sep-17

7,336.94 SCHOOL FEES

360.00 28-Sep-17

1,500.00 LIVING EXPENSES

360.00 28-Sep-17

LIVING EXPENSE

135,190.62 UNCOATED PLAIN PAPER IN SHEETS

769.59 TRANSPARENT, BOPP FILM FOR PACKAGING

5,000.00 BTA

360.50 28-Sep-17

360.50 28-Sep-17

360.00 29-Sep-17

360.00 29-Sep-17

361.00 26-Sep-17

276

OGUNRIN JANET AFOLAKE

1,119.21 PTA

360.00 27-Sep-17

425

NWANKWO MARTINS UGO

4,000.00 PTA

360.00 29-Sep-17

361.00 26-Sep-17

277

IBRAHIM JIMOH AYOBAMI

2,238.41 PTA

360.00 27-Sep-17

426

ANGAYE GESIYE SALO

1,500.00 PTA

360.00 29-Sep-17

361.00 26-Sep-17

278

UMEH CHRISTOPHER OKECHUKWU

3,306.80 PTA

360.00 27-Sep-17

427

ALADE OMOTAYO TITILAYO

1,700.00 PTA

360.00 29-Sep-17

703,655.00 BAJAJ BOXER MOTORCYCLE IN CKD

360.97 26-Sep-17

279

UNOGU GODSON MENTHUS

3,924.34 PTA

360.00 27-Sep-17

428

ADEOSUN ISAIAH OLUWADARE

400.00 PTA

360.00 29-Sep-17

MOI FOODS NIG LIMITED

100,000.00 LOAN REPAYMENT

360.50 26-Sep-17

280

EZEOMA IGNATIUS MADUABUCHI

4,784.78 BTA

360.00 27-Sep-17

429

MARSHALL HARRY IBINABO

132

PROMASIDOR NIG LTD

700,000.00 COWBELL INSTANT MILK POWDER

360.95 26-Sep-17

281

IJEZIE CHUKWUDALU CHINATU

4,194.07 BTA

360.00 27-Sep-17

430

OJOH JOSEPH OROKPO

133

PROMASIDOR NIG LTD

63,912.00 COWBELL INSTANT MILK POWDER

360.97 26-Sep-17

282

ADEDIPE ADEWUMI TAIWO

408.92 PTA

360.00 27-Sep-17

431

134

PROMASIDOR NIG LTD

347,351.76 COWBELL TINA INFANT FORMULA

360.97 26-Sep-17

283

OKWECHIME CHUKWUDI OKECHUKWU

3,928.62 PTA

360.00 27-Sep-17

135

SONHART LIMITED

360.00 26-Sep-17

284

UMESI DONNA CHIOMA

363.84 PTA

136

SUMO STEEL NIG LTD

360.50 26-Sep-17

285

OLUGBENGA ABIODUN OMOBO

952.70 PTA

137

TINCAN ISLAND CONTAINER TERMINAL

360.95 26-Sep-17

286

TAIWO ADEBAYO OLARENWAJU

2,449.80 PTA

138

UBA ACADEMY

14,354.07 TRAINING FEE

360.50 26-Sep-17

287

OSELEBE CHISOM CHERISH

139

UBA ACADEMY

14,354.07 TRAINING FEE

360.50 26-Sep-17

288

140

UNIKEM IND. LTD

700,000.00 ETHANOL

360.95 26-Sep-17

289

141

UNILEVER NIG PLC

568,801.60 MARGARINE

315.50 26-Sep-17

142

UNILEVER NIG PLC

1,192,510.77 MARGARINE

143

UNILEVER NIG PLC

144

8,080.00 CHEST FREEZER, CHILLING REFRIGERATOR 48,800.00 PRINTED FLEXIBLE MATERIAL

3,000.00 PTA

360.00 29-Sep-17

500.00 PTA

360.00 29-Sep-17

ENEH OBIORA

1,310.00 PTA

360.00 29-Sep-17

432

OWEH BLESSING YOLEME

2,930.00 PTA

360.00 29-Sep-17

360.00 27-Sep-17

433

UDOM EME UKO

2,900.00 PTA

360.00 27-Sep-17

434

OKOLI IFEANYICHUKWU

2,900.00 PTA

360.00 29-Sep-17

360.00 27-Sep-17

435

RAHEEM TOYOSI YEKEEN

800.00 PTA

360.00 29-Sep-17

3,947.22 PTA

360.00 27-Sep-17

436

MOMOH RENOSI

2,683.60 SCHOOL FEES

360.00 29-Sep-17

IBETO OLIVE CHINWE

3,950.93 PTA

360.00 27-Sep-17

437

EMMANUELLA ENOCH

1,000.00 SCHOOL FEES

360.00 29-Sep-17

HARUNA ISMAILA HAFSAT

1,361.00 PTA

360.00 27-Sep-17

438

BABABODE KEHINDE

1,915.00 SCHOOL FEES

290

OBASI FIDELIA NGOZI

4,763.50 BTA

360.00 27-Sep-17

439

JAYI MODUPE ORUKEME JOYCE

3,900.00 SCHOOL FEES

360.00 29-Sep-17

315.50 26-Sep-17

291

ADAMU PETER EMMANUEL

3,947.22 PTA

360.00 27-Sep-17

440

NWACHI HARVEY OKOLI-EJIKE

8,365.04 SCHOOL FEES

360.00 29-Sep-17

910,074.60 MARGARINE

315.50 26-Sep-17

292

COUSINS NIG LTD

61,660.00 TOVASTE DRUM SET WITH CYMBALS AND SEATS

360.50 27-Sep-17

441

STANBIC

UNILEVER NIG PLC

821,342.71 MARGARINE

315.50 26-Sep-17

293

ELEGANT WATER MERCHANT

50,000.00 CONNECTING VALVE FOR PUMPING MACHINE

360.50 27-Sep-17

145

UNILEVER NIG PLC

828,162.25 MARGARINE

315.50 26-Sep-17

294

CBN

229,344.38 UNUTILIZED IMTO TRANSFERRED TO CBN

357.00 28-Sep-17

146

UNILEVER NIG PLC

952,005.43 MARGARINE

315.50 26-Sep-17

295

CBN

158,916.41 UNUTILIZED IMTO TRANSFERRED TO CBN

357.00 28-Sep-17

147

UNILEVER NIG PLC

453,656.00 MARGARINE

315.50 26-Sep-17

296

BETTS GEORGE.T

4,000.00 PTA

360.00 28-Sep-17

148

UNILEVER NIG PLC

22,473.60 MARGARINE

315.50 26-Sep-17

297

OGEDENGBE MOTUNRAYO JUMOKE

5,000.00 BTA

360.00 28-Sep-17

149

UNILEVER NIG PLC

14,673.60 MARGARINE

315.50 26-Sep-17

298

GARRICK KAYODE

4,000.00 PTA

360.00 28-Sep-17

www.ubagroup.com

45,730.00 POLYPROPYLENE COPOLYMER 1,499,999.90 HOT ROLLED STEEL SHEET IN COILS 500,000.00 LOAN REPAYMENT

3,800,000.00 INTERBANK

360.00 29-Sep-17

360.00 29-Sep-17

359.50 29-Sep-17

Africa’s global bank

47

T H I S D AY WEDNESDAY OCTOBER 4, 2017

SOURCES OF FOREIGN EXCHANGE AS AT 29TH OF SEPTEMBER 2017 S/N 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58

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

www.ubagroup.com

AMOUNT (US$) 2,828.03 1,500.00 990.00 6,000.00 3,000,000.00 2,000,000.00 631,390.86 387.59 410.00 18,910.00 70.00 589.15 3,125.79 278,212.93 6,050.85 28,473.95 37.83 291.00 9,625.29 182.64 267,850.00 465.00 62.00 21,800.00 2,091.37 176,186.78 2,500.00 100.00 59.00 185.00 150.62 250,000.00 103.77 80.25 411,263.76 797,006.38 145.60 4,456.23 499,965.00 250.00 186.04 2,500.00 479.21 796,178.34 3,752.87 341,066.52 100.00 442.59 588.25 61.18 127.50 3,330.00 730.30 413.10 6,431.51 176.48 290.00 5,000.00

RATE 310.00 310.00 310.00 358.00 357.00 357.00 359.50 310.00 310.00 305.50 310.00 310.00 354.68 355.00 310.00 330.50 310.00 310.00 310.00 310.00 359.50 310.00 310.50 358.00 355.00 355.00 310.00 310.00 310.00 310.00 310.00 359.50 310.00 310.00 360.00 315.50 310.00 310.00 359.50 310.00 310.00 310.00 310.00 314.00 354.66 355.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00

DATE 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 25-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17

S/N 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116

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

AMOUNT (US$) 63,912.00 700,000.00 1,500,000.00 3,256.22 357.18 496.54 29.41 6,000,000.00 700,000.00 700,000.00 1,000,000.00 382.00 2,560.65 221,335.94 100.00 100,000.00 5,000.00 4.00 19.99 327.08 480.00 4,647.23 406,327.82 5.82 475.00 275.00 1,166.60 150.00 1,500.00 1,166.60 290.00 357,150.00 246,342.00 250.00 300.00 100,000.00 100,000.00 3,383.04 288,418.27 2,522.00 350.00 143,765.00 1,770.82 149,990.00 32.51 295.80 1,943.00 120,000.00 190.00 1,490.52 150.00 220.40 255.20 104.98 175.00 33.19 104.40 3,492.58

RATE 360.97 360.95 337.00 358.00 310.00 310.00 310.00 315.00 359.95 359.95 359.95 310.00 355.00 355.00 310.00 359.50 310.00 310.00 310.00 310.00 310.00 354.62 355.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 359.50 315.00 310.00 310.00 359.50 306.05 355.00 355.00 310.00 310.00 359.50 310.00 359.50 310.00 310.00 310.00 359.50 310.00 314.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 354.68

DATE 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 26-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 27-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17

S/N 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 167 168

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

AMOUNT (US$) 302,299.93 5,015.66 574.20 1,735.94 265.42 280.00 4,829.08 87.00 153.70 65.42 145.00 284,956.41 58.00 714,360.00 1,300.00 39,032.25 2,000.00 34.80 2,413.02 209,475.53 340.00 73.00 40.00 3.86 41.48 45,000.00 440.00 35.85 3,800,000.00 267,000.00 158.70 231.22 150.00 370.00 200,000.00 115.61 578.05 12,800.00 440.00 132.19 2,798.20 270,618.06 274.00 4,624.40 66.10 715.92 5,000.00 462.44 12.90 15.94 2,168.83 182,920.44 2,168.83 182,920.44

RATE 355.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 359.50 310.00 310.00 310.00 310.00 355.00 355.00 310.00 310.00 310.00 310.00 310.00 359.50 310.00 310.00 359.00 314.00 310.00 310.00 310.00 310.00 314.00 310.00 310.00 310.00 310.00 310.00 354.68 355.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 310.00 355.00 355.00 355.00 355.00

DATE 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 28-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17 29-Sep-17

Africaâ&#x20AC;&#x2122;s global bank

41

˾ WEDNESDAY, OCTOBER 4, 2017

MARKET NEWS

FMDQ OTC Restates Commitment to Debt Capital Market Devt Goddy Egene

and called for greater commitment Nigerian DCM. According to him, the from the private sector to FMDQ OTC Securities Exchange exchange has continued to complement the government’s has restated its commitment to champion market transforming efforts especially in the area of the development of the Nigerian initiatives in the Nigerian DCM, infrastructure development.

He charged all participants debt capital market (DCM). The noting that with the collective effort Vice Chairman of FMDQ, Mr. and support of all stakeholders, at the conference to support the Jubril Aku, stated this at the it is resolute to making the federal government’s diversification DCM Conference organsied Nigerian financial markets globally efforts by embracing the DCM and by the exchange in Lagos. He competitive, operationally excellent, the opportunities therein.

The Minister of Finance, commended all stakeholders liquid and diverse.

Also speaking at the Mrs. Kemi Adeosun, who gave for the support given to FMDQ thus far, stating that the exchange conference, the Vice President a special address, recognised the would continue to provide the Yemi Osinbajo hailed the pivotal opportunities inherent in the DCM requisite platform to power growth role being played by FMDQ in and assured the participants that and foster the deepening of the transforming the Nigerian DCM the federal government was taking A Mutual fund (Unit Trust) is an investment floor of the Nigerian Stock Exchange. vehicle managed by a SEC (Securities and A REIT (Real Estate Investment Trust) is an Exchange Commission) registered Fund Manager. investment vehicle that allows both small and Investors with similar objectives buy units of the large investors to part-own real estate ventures (eg.

Fund so that the Fund Manager can buy securities Offices, Houses, Hospitals) in proportion to their that willl generate their desired return. investments. The assets are divided into shares that An ETF (Exchange Traded Fund) is a type are traded on the Nigerian Stock Exchange. of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, GUIDE TO DATA: etc.) and divides ownership of those assets into Date: All fund prices are quoted in Naira as at 29shares. Investors can buy these ‘shares’ on the Sept-2017, unless otherwise stated.

“To sustainably develop bold steps towards putting the necessary reforms to support Nigeria, reliance must be shifted private sector-led growth, even from owners’ capital and shortterm funding from commercial as the country exits recession.

Also, in his keynote banks to long-term capital from address, the Director General the DCM,” Gwarzo said.

Vice President & Treasurer, of the Securities and Exchange Commission (SEC), Mr. Mounir International Finance Corporation Gwarzo, provided an overview (IFC), Mr. Jingdong Hua, noted of the recent milestones achieved that for Africa to meet and in the Nigerian DCM and further maximise its potential in the highlighted that the Nigerian global financial markets space, Economic Recovery and Growth Nigeria must be one of its greatest Plan underscores the role of the engines.

He therefore, called on the private sector in leading the growth government to create an enabling that Nigeria desires.

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.

environment to support the DCM and also promote financial markets education for capacity building of market participants, and the general public.

There were discussions and recommendations on market and product development strategies for the Nigerian DCM, capital inflows and opportunities for operational excellence in the Nigerian fixed income and currency markets, infrastructure projects financing, sustainable finance strategy and non-interest capital market, amongst others.

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 171.21 171.99 34.85% Nigeria International Debt Fund 232.85 233.74 10.12% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.80 0.81 14.28% ACAP Income Funds 0.63 0.63 79.62% 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 18.99% 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 16.59 17.09 34.40% ARM Discovery Fund 353.76 364.42 23.19% ARM Ethical Fund 25.20 25.96 12.79% ARM Money Market Fund 1.00 1.00 18.46% 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 140.72 141.71 33.79% AXA Mansard Money Market Fund 1.00 1.00 18.15% 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 19.04% Paramount Equity Fund 11.57 11.87 23.63% Women's Investment Fund 94.94 97.47 12.28% 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 1,144.03 1,145.17 12.69% FBN Heritage Fund 141.50 142.76 26.95% FBN Money Market Fund 100.00 100.00 18.41% FBN Nigeria Eurobond (USD) Fund - Institutional $111.44 $112.49 8.38% FBN Nigeria Eurobond (USD) Fund - Retail $110.84 $111.89 8.54% FBN Nigeria Smart Beta Equity Fund 149.02 151.18 32.35% 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 1.32 1.34 41.49% Legacy Short Maturity (NGN) Fund 2.88 2.88 12.23% 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 2,828.77 2,870.53 28.72% Coral Income Fund 2,370.05 2,370.05 13.74% 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 16.08% 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 18.25% Vantage Balanced Fund 2.04 2.07 21.54% Vantage Guaranteed Income Fund 1.00 1.00 18.42%

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 1.13 1.15 14.14% Lotus Halal Fixed Income Fund 1,043.10 1,043.10 8.48% 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 12.55 12.66 29.86% 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 1.19 1.22 19.87% PACAM Fixed Income Fund 10.79 10.86 3.83% PACAM Money Market Fund 10.00 10.00 13.95% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 120.97 123.09 19.37% 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 1.38 1.38 10.96% 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 2,147.74 2,160.06 17.29% Stanbic IBTC Bond Fund 166.62 166.62 8.22% Stanbic IBTC Ethical Fund 0.94 0.95 22.73% Stanbic IBTC Guaranteed Investment Fund 210.91 210.91 12.85% Stanbic IBTC Iman Fund 165.63 167.73 27.56% Stanbic IBTC Money Market Fund 100.00 100.00 18.49% Stanbic IBTC Nigerian Equity Fund 9,183.26 9,287.07 21.14% Stanbic IBTC Dollar Fund (USD) 1.04 1.04 4.00% SIAML PENSION 40 131.86 134.72 33.29% 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 1.31 1.32 16.99% United Capital Bond Fund 1.42 1.42 16.46% United Capital Equity Fund 0.84 0.86 24.69% United Capital Money Market Fund 1.00 1.00 6.00% 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 12.33 12.52 26.97% Zenith Ethical Fund 12.99 13.13 18.62% Zenith Income Fund 18.54 18.54 12.13%

REITS NAV Per Share

Yield / T-Rtn

11.41 131.02

1.01% 5.69%

Bid Price

Offer Price

Yield / T-Rtn

10.55 102.61

10.65 104.54

22.31% 35.41%

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

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.30 8.94 16.45 19.39 134.59

4.34 9.02 16.55 19.59 136.59

55.36% 27.02% 39.14% 21.43% 6.27%

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

WEDNESDAY OCTOBER 4, 2017 ˾ T H I S D AY

48

INTERNATIONAL

email:foreigndesk@thisdaylive.com

LasVegas Shooting: Trump Dubs Killer ‘Sick and Demented’ President Donald Trump has described the gunman who killed 59 people and injured 527 in Las Vegas on Sunday as “a sick man, a demented man”.

Speaking at the White House, he said he would look at gun laws “as times goes by” but he did not elaborate. Police are still trying to find out why Stephen Paddock, 64, opened fire on an open-air concert from the 32nd floor of the nearby Mandalay Bay Hotel.

Police found 23 guns in his room and firearms and explosives at his home. As yet, no clear reason for the killing has emerged and investigators have found no link to international terrorism. Some investigators have suggested Paddock had a history of mental illness, but this has not been confirmed.

Paddock had no criminal record and was not known to police.

Speaking to reporters as he was about to board the presidential

helicopter, Mr Trump said Paddock was “a sick man, a demented man. Lot of problems, I guess, and we’re looking into him very, very seriously”. When asked, Mr Trump declined to call the attack domestic terrorism.

On the issue of gun control, the president said: “We’ll be talking about gun laws as time goes by.”

Mr Trump, whose position on gun control has changed over the years, gave no further detail.

Catalan Referendum: Anti-police Strike Hits Public Services Crowds are thronging central Barcelona and blocking roads across Catalonia in a protest strike over police violence during the independence referendum.

There is little public transport, after Catalan trade unions called the strike to show public anger at Spanish police tactics during Sunday’s disputed vote.

More than 50 roadblocks caused big traffic jams. Barcelona port was at a standstill, union sources said.

However, the city’s El Prat airport and its taxis are operating normally.

Many small businesses across Catalonia have shut for the day.

Schools, universities and medical services are also closed or operating

at a minimum level.

Barcelona’s metro traffic was cut to a 25% service during rush hour and no trains at all at other times.

Top tourist attractions were also closed, including the city’s famous Sagrada Familia church.

Mercabarna - Barcelona’s massive wholesale market - was left deserted as some 770 food businesses closed for the day.

The strike was called in protest at “the grave violation of rights and freedoms” seen during Sunday’s ballot. Almost 900 people were hurt as Spanish police tried to prevent voting, in a referendum declared illegal by the Madrid government.

Spanish Prime Minister Mariano

Rajoy said the vote made a “mockery” of democracy.

Some police officers were seen firing rubber bullets, storming into polling stations and pulling women by their hair.

Thirty-three police officers were also injured in Sunday’s clashes, Catalan medical officials said.

However, more than 2.2m people reportedly voted in spite of this.

The Catalan government says the vote in support of independence was nearly 90%, but official results have not yet been released.

Turnout was relatively low at a reported 42%, potentially weakening the position of Catalan President Carles Puigdemont.

...Creating a Tax Friendly Environment!

PUBLIC NOTICE This is to notify the Public that the Joint Tax Board (JTB) has relocated to a new office.

Myanmar Beauty Queen ‘Dethroned over RohingyaVideo’ A Burmese beauty queen has claimed she was stripped of her pageant title over a video she made on the ongoing violence in Rakhine state.

Shwe Eain Si had posted the clip online last week, accusing Rohingya militants of perpetuating the unrest.

The 19-year-old Miss Grand Myanmar lost her title on Sunday when organisers announced they had revoked it. They said she breached contract rules and did not behave like a role model. They did not mention her video.

But on Tuesday Shwe Eain Si drew a connection between the

dethronement and her clip.

“Yes, Shwe Eain Si made a video about the reign of terror brought about by the Arsa militants in Rakhine state, but that was hardly qualified as a failure to project a decent image of a pageant contestant,” a statement posted on her Facebook page said, making reference to the Arakan Rohingya Salvation Army.

It added that she “is obliged as a citizen of this country to use her fame to speak out the truth for her nation”.

In the graphic video, posted on her Facebook page last week, the

beauty queen says Arsa’s “caliphatestyle movement” attacks were “out of proportion”.

Speaking in English, Shwe Eain Si accuses the militants and their supporters of conducting a media campaign “so that harbingers of terror and violence themselves [now seem] as if they are the oppressed”.

Her video makes no mention of allegations that the Burmese military have carried out widespread atrocities against the Muslim Rohingya minority. The army, which has been accused of conducting ethnic cleansing, has said it is only targeting militants.

Veteran Iraqi Kurdish Leader Jalal Talabani Dies The Kurdish leader and former Iraqi President, Jalal Talabani, has died at the age of 83, Iraqi state TV has said.

Talabani was a veteran of the Kurdish struggle for an independent state and founded the Patriotic Union of Kurdistan (PUK) in 1975.

In 2005, two years after the USled invasion that ousted Saddam Hussein, he became Iraq’s first non-Arab president.

He stepped down in 2014, two

years after suffering a stroke that led him to seek medical treatment in Germany.

Although the post of president is largely ceremonial, while in office he helped mediate disputes among the country’s many political and religious factions.

Talabani’s death was announced on Tuesday amid a major rift between the autonomous Kurdistan Region and the Arab-led central government in Baghdad.

Iraqi Prime Minister Haider al-Abadi has demanded that the Kurdish authorities annul the referendum on independence that was held eight days ago and banned international flights to the region.

The Kurdistan Regional Government insists the vote, in which more than 90% of people backed secession from Iraq, was legitimate and accused Mr Abadi of “collective punishment”.

US Cuba Row: Washington Expels 15 Cuban Diplomats The US has expelled 15 Cuban diplomats, saying Havana failed to protect US diplomats from mysterious acoustic attacks.

The Cuban personnel have been given seven days to leave.

The Department of State move follows last week’s US withdrawal of more than half of its own diplomats from the

Cuban capital.

Nearly two dozen US personnel have suffered ill health after unexplained attacks in the Cuban capital. “The decision was made due to Cuba’s failure to take appropriate steps to protect our diplomats in accordance with its obligations under the Vienna Convention. This order will

ensure equity in our respective diplomatic operations,” US Secretary of State Rex Tillerson said in a statement on Tuesday.

At least 21 people working at the US’s embassy in Cuba have reported health problems, ranging from mild brain trauma and deafness to dizziness and nausea.

NEW OFFICE ADDRESS: Federal Inland Revenue Service (FIRS), House Annex IV, (Golden Building), 12, Sokode Crescent, Wuse Zone 5, Abuja, Nigeria.

Signed: MANAGEMENT For further information: Visit. www. jtb. gov. ng or contactus@jtb.gov.ng or call 08036097671, 08035496463, 08065983630.

WEDNESDAY OCTOBER 4, 2017 ˾ T H I S D AY

49

NEWS

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

Ogunbodede, DG Agriculture Institute Jailed 40 Years for Fraud The Economic and Financial Crimes Commission (EFCC) yesterday secured the conviction and sentencing to 40 imprisonment of Prof. Benjamin Adefemi Ogunbodede, a former DirectorGeneral, Institute of Agriculture Research and Training, IART, Ibadan, Oyo State.

The judgment was delivered by Justice Nathaniel Ayo-Emmanuel of the Federal High Court sitting in Ibadan.

Ogunbodede was prosecuted alongside Zacheaus Tejumola, the institute’s accountant, Adenose Clement and Jalekun Omotowoju on a 17-count charge bordering on conspiracy, misappropriation and

diversion of funds to the tune of N177 million.

Trouble started for the convicts following a petition dated December 17, 2012 written by the Academic Staff Union of the institute, alleging that Ogunbodede falsely claimed to have used the sum of N115million to pay hazard allowance to the members of staff of the institute in December 2013.

It was also alleged that Ogunbodede claimed to have used the sum of N15million to harvest crops.

However, investigation revealed that he actually spent N800, 000 to harvest the crops.

The convicts had all pleaded

not guilty to the charge when they were arraigned on June 16, 2014, thereby setting the stage for their trial.

In the course of the trial, the prosecution presented 15 witnesses and tendered relevant documents, which were all admitted in evidence.

Also, in 2016, 10 other accused persons in the matter had pleaded guilty to the charge and subsequently entered into a plea bargain arrangement with the

commission.

Justice Ayo- Emmanuel said the prosecution had proved its case beyond any reasonable doubt.

He, therefore, convicted and sentenced the first and second accused persons to 40 years imprisonment without an option of fine.

The third accused was sentenced to four years imprisonment without an option of fine.

The sentences are to run concurrently.

Mr Tunde Olupona, the counsel to Ogunbodede, had pleaded with the court to temper justice with mercy before his client was sentenced.

The News Agency of Nigeria (NAN) reported that he said his client lacked administrative experience in running such a sensitive position.

Similarly, Mr I.A Salawu and Mrs Yetunde Adegboye, counsel to Tejumola and Adenose, pleaded with the court to show mercy to

their clients, citing various portions of the constitution.

However, Mr NkwurukaAmana, the counsel to EFCC, urged the court to sentence the convicts in accordance with the stipulation of the law.

Olupona, who spoke after the judgment, told journalists that he and his other colleagues were still studying the judgment and would in due course take appropriate decision on whether to appeal or not.

Climate Change Not a Hoax, Dogara Warns N’Assembly to move environmental issues to Concurrent List James Emejo in Abuja The Speaker of the House of Representatives, Hon. Yakubu Dogara, yesterday cautioned against taking the issue of change for granted.

He said the National Assembly planned to move environment from the residual to concurrent list to enable the federal parliament legislate on it.

He said the increasing spate of environmental and natural disasters across the world was proof that climate change is not a hoax and must be taken seriously in the country.

Speaking at the opening of a national stakeholders’ summit on legislativeframeworkforenvironmental law and policy in Abuja, Dogara, argued that the Nigerian environment currently presents the picture of a threatened heritage.

Climate-related disasters have increased displacement and vulnerability of exposed populations. It’s like these disasters convey a brutal message to those who believe climate change is a hoax that they can only continue to ignore environmental issues at unremitting peril.

“Some of the emerging national environmental concerns include depletion of biodiversity and illegal trade in wildlife. This fast growing habitat alteration and illegal trade in

wildlife products is eroding earth’s precious biodiversity, robbing mankind of our natural heritage and driving important species to the brink of extinction. It only stands to reason, that this national summit should proffer practicable policy and legislative solutions to this menace.”

He said environmental change is expected to increase the likelihood and impact of extreme weather variability while the parallel and paradox of climate change continue to exacerbate the plight of many local communities in Nigeria.

He said: “National Assembly is very conscious of the grave threats posed by such issues as global warming, climate change, ocean surge, drought/desertification, oil spillage, erosion, waste management and gas flaring, degradation of agricultural lands, soil loss, erosions, landslides, bush burning, unwarranted and uncontrolled grazing, deforestation and general environmental pollution.

“The issues of human, economic and social progress are inseparable from the protection of the physical environment. Therefore, limiting the issues to one or the other is not the way to go. This is because the environment does not exist as a separate sphere from human actions, ambitions and needs.

Every human development has an environmental cost.”

Again, INEC Puts Dina Melaye’s Recall on Hold Onyebuchi Ezigbo in Abuja The Independent National Electoral Commission (INEC) has again suspended the verification exercise in the process for the recall of the senator representing Kogi West senatorial district, Dino Melaye.

The commission in a statement issued by its National Commissioner and Chairman Information and Voter Education Committee, Solomon Soyebi, said it decided to concede to the rule of law and await the outcome of the appeal filed by the senator before going ahead with the recall process.

In its amended timetable and schedule of activities for the recall of Melaye, the notice of verification was scheduled to commence yesterday.

The amended timetable was made pursuant to the order of the Federal High Court, Abuja.

However, INEC said all its efforts to serve the affected lawmaker with the notice of recall personally failed, saying that the senator failed to make himself available.

The commission later approached the court to obtain an order for substituted service but the court declined and asked INEC to go and serve the senator personally.

The latest on matter is that the lower court has disqualified itself from further hearing of the case pending the outcome of an appeal filed by the embattled senator at the Court of Appeal.

THE BUDGET COMES UNDER SCRUTINY…

L-R: Minister of Budget and National Planning, Senator Udoma Udo Udoma; Minister of Finance, Mrs. Kemi Adeosun; and Director General Budget Office of the Federation, Mr. Ben Akabueze, when the government’s team appeared before the Joint Senate Committee on Appropriation and Finance to brief it on the performance of the 2017 budget… yesterday in Abuja Julius Atoi

Lai Mohammed Blames High Cost of Food on Exports, Infrastructure Deficit The federal government has said despite the revolution witnessed in the agricultural sector, the cost of food items is still high because of infrastructural deficit and export demands.

The Minister of Information and Culture, Alhaji Lai Mohammed, said this yesterday when he featured on Africa Independent Television’s (AIT) Current Affairs programme “Focus Nigeria.”

“Despite the fact that the production of staples like rice, grains, yam has increased with the agriculture revolution of the government, food items are still on the high side.

“There are many reasons why the prices are still up there but principally, I think it is infrastructural deficit.

“By this, I mean what it takes to bring the produce from the farms to the farm gates and from the farm gates to the city centres and this may not improve until various road and rail projects are completed.

“The good news, however, is that from October this year, the General Electric, which has the concession for the 3,500 narrow gauge rail routes will commence work.

“The Lagos to Kano standard gauge rail project and the Lagos to Calabar rail lines which will criss-cross all the South Eastern States are priority projects of the

government.

“That will help in the transportation of goods and services including agricultural produce at a far cheaper fare and that will percolate to the common man,” he said.

The minister said that the government would leave no stone unturned to ensure that the Lagos to Ibadan, Kano to Maiduguri and other critical roads across the country were completed.

Mohammed also explained that “there is so much demand on our grains and cereals from other parts of Africa.

“You cannot stop the farmers especially with the ECOWAS Protocols that allows for free movement of goods and services.

“There is also a lot of demand for our grains from other parts of the world and as a matter of fact, we got over N30 billion from agricultural export in the second quarter of this year.

“I believe that with the economy picking up and the various infrastructural development coming up, Nigeria will very soon start to feel some relief.

“Also the presidential initiative to employ 10,000 people from each state in the agricultural sector will bring succour and a lot of relief,” he said.

Speaking on his hopes and fears for the country, the minister said that, 57 years after independence, he

was very confident and optimistic that Nigeria will be great.

“Living together for 57 years as an independent country with all the ups and downs and challenges and we are going stronger in all ramification.

“The present administration is getting its priorities right and focussed on the economy, good governance, security and improving the quality of life of Nigerians,” he said.

The minister reiterated the position of President Muhammadu Buhari that with Nigeria exiting recession, the administration would not rest on its oars until the impact is felt by all Nigerians.

He said it was on record that since January, the country had recorded monthly steady reduction on headline inflation.

“Capital inflow has improved from $902 million in first quarter to $1.792 billion in second quarter.

“We have been able to add additional $8 billion to our foreign reserve which was $23.7 billion last year, but now $33.5 billion this year.

“Our Balance of Trade has increased, farmers today get fertiliser at N5,500 as opposed to N13,000 before and we were able to deliver the fertilisers to farmers before the planting season.

“These are incremental gains and if we remain focussed on our reforms, all these will improve,” he said.

For those criticising the president on his Independence Address to the nation, the minister said that Buhari addressed issues that were germaine to national development.

He said Buhari’s speech touched on national security, economy, corruption, unity and development as well as the achievements recorded by the administration despite constraints.

The News Agency of Nigeria (NAN) reported that the minister said though the government had made its position clear on the agitation for restructuring, but “the greatest threat we have today is not restructuring but it is about corruption.”

“I make bold to say that corruption is the bane of the country and the biggest threat to our existence.

“Year in year out, huge sums of money are voted for and released for projects that will touch the lives of Nigerians but they are stolen and these projects are left abandoned.

“It is interesting that those people who are vociferous about restructuring are the same people that were in power for 16 years and they did not do anything about restructuring,” he said.

The minister commended the ruling APC for creating the platform to get the aggregate of the views of Nigerians as to what they meant by restructuring.

50

WEDNESDAY OCTOBER 4, 2017 ˾ T H I S D AY

NEWS

Buhari’s Independence Day Speech Empty Tirade, Says PDP Onyebuchi Ezigbo in Abuja The Peoples Democratic Party

(PDP) has dismissed President Muhammadu Buhari’s speech on Nigeria’s 57th Independence

Labour Party Convention Sacks Chairman, Abdulsalam, Elects Omotosho No valid convention took place, says Abdulsalam Onyebuchi Ezigbo in Abuja The crisis bedeviling the leadership of Labour Party (LP) yesterday took a new dimension as one of the factions convened a special convention where it removed the national chairman, Alhaji Abulkadir Abdulsalam, and replaced him with Mr. Tayo Omotosho.

However, the embattled national chairman, has dismissed the move describing it as a non issue, adding that the group came with thugs and forcibly gained entry into the office.

“They are miscreants who wanted to create confusion in the party. I as the chairman did not convene any meeting or convention and no one else is mandated by our constitution to convene a convention,” he said.

While chronicling the many ‘sins’ of the ousted party chairman, the party’s National Vice Chairman (South) and Convention Chairman, Calistus Okafor who presided over the convention, said the former chairman had contravened various sections of the constitution, embezzled party finances and arrogated undue powers to the office of the chairman, as well as forgery.

Okafor in his opening remarks at the convention, also lamented that the party under its former Chairman, Alhaji Salam, never held party meetings to agree on the way forward but rather enjoyed administering the party through executive fiat, a situation he said made other NWC members uncomfortable.

Okafor said: “Since 2015, Labour Party has never held meetings, even towns and associations hold meetings

regularly. I usually feel ashamed when I watch TV and see the PDP, APC and other parties convening and holding meetings and we have nothing to show.

“Labour Party is supposed to be the mouthpiece of the people in a period when the ruling APC is having crisis of all sorts, PDP is having one corruption case or the other. The leadership has however rendered our party useless.

“In the build up to the 2015 general election, the party generated a whopping sum of N1,344,047,000 all from the sales of expression of interest forms, nomination form and waivers to aspirants,” the aggrieved party leaders revealed.

The stakeholders also alleged that majority of party secretariat staff no longer come to work because they were owed about eight months salary arrears, among other liabilities.

Drama however, ensued when the delegates in their hundreds led by the new factional chairman matched to the party’s national secretariat at Garki II and forced the ousted chairman (Abdulsalam) to leave the building.

Later, the new chairman accompanied by supporters addressed journalists at the party’s national secretariat saying that he has formally taken over the reigns of office.

The new National Chairman, Tayo Omotosho, who is a former Abuja Rotary Club Governor, assured the supporters of a new beginning in the Labour Party.

He also promised to bring back all the aggrieved members who had left the party due to the inefficient leadership style of the former national chairman.

DMO Disclaims Media Report on 23 States Exceeding Borrowing Limits Ndubuisi Francis in Abuja The Debt Management Office (DMO) has dissociated itself from a recent newspaper report that 23 states of the federation overshot their borrowing threshold as permitted by law.

In a disclaimer captioned: ‘Re: 23 States Exceeded Borrowing Limits – FRC’, the DMO said its attention had been drawn to the publication by a national daily.

According to the DMO, in the publication in question, which was said to be based on a report of the Fiscal Responsibility Commission (FRC) “on the states and indebtedness”, 23 states had borrowed more than 50 per cent of their annual statutory allocations by 2015.

The states were listed as Lagos, Kaduna, Cross River, Gombe, Ekiti, Edo, Ondo, Oyo, Abia, Ogun, Imo,

Zamfara, Adamawa, Taraba, Kebbi, Enugu, Bauchi, Nasarawa, Kano, Benue, Kwara, Katsina and Sokoto.

“The said publication also made reference to the DMO’s guidelines on sub-national borrowings. For the avoidance of doubt, the DMO wishes to dissociate itself from the publication.

“Neither the quoted guideline (borrowed more than 50 per cent of their annual statutory allocation) nor the conclusion of the FRC as stated in the publication, originated from the DMO. “Interested members of the public can access the DMO’s Revised External and Domestic Borrowing Guidelines for the federal and state governments and their agencies (2012) with particular reference to Section F which is titled: ‘Domestic Borrowing

by States and their Agencies,’ the DMO said in the disclaimer.

anniversary as empty and lacking in substance.

In a statement issued by the spokesman of the party, Dayo Adeyeye, the party said: “Like every other right thinking Nigerians, the PDP, watched with utter shock and disbelief, the address made by President Buhari to the country’s on the occasion of Nigeria’s 57th Independence anniversary.”

The party said though it never expected anything fantastic from the president but the level of emptiness portrayed in the statement was too grave to be ignored.

He said any attempt to hoodwink Nigerians again would not succeed this time around; as the speech, tailored towards deceiving the populace who are already in the worst form of livelihood brought upon them by the ruderless Government of the All Progressives Congress (APC) could not do the magic they hoped for.

“We feel ashamed on behalf of the APC government which promised much but almost

three years into its tenure, has no meaningful development to show to the people except mere continuous deceit, blame game and display of lack of vision in actualisation of its bogus campaign promises for good governance.

“We wonder how President Buhari can, after two and half years of being on the saddle still maintains the stale rhyme of meeting an empty treasury after all the hard evidence of huge funds left behind by the PDP led-administration of Dr. Goodluck Jonathan administration?

“We still ask, and we expect an answer, though we know nothing will be offered as explanation.

Where did the APC government get the money paid out by President Buhari as first bailout funds to states few weeks into his administration?”

PDP said another remarkable falsehood that came from the president’s uninspiring speech was the super-imposed narratives of how successful the APC administration has handled the

issue of insecurity in the country especially, in the North-east Zone.

“While the government rejoice in self-delusion, we make bold to say that since this government took over government more than two years ago, it’s all motion with no appreciable movement.”

PDP said its administration was able to curtail the terrorists and ensured elections were peacefully held in the troubled North-east zone without anyone getting killed during the elections of 2015 by terrorists.

It said the only achievement of the APC government regarding the issue of the Boko Haram insurgents, is the inability of government to protect Internally Displaced Persons (IDPs) who are being bombed at will by insurgents.

The party also accused President Buhari of just playing the ostrich with the daily bombings and ambushing of men of the Nigeria military formations by the terrorists group.

On the issue of fight against

corruption, PDP said the APC has lost credibility, adding that Nigerians are still waiting to see what President Buhari would do to the suspended Secretary to the Government of the Federation who was investigated for corruption.

“We observed that the situation in the North-east has worsened in the last two and half years. A complete counter of the promise made by the APC government to effectively rout the remnants of the terrorists within two months of assuming office.

“We say unequivocally, that insecurity has risen under this administration, as more cases of kidnapping, armed robbery, agitation for secession and general insecurity in the country have escalated.

“We state in clear terms that infrastructure are decaying at a fast rate under this administration, lives are being lost, jobs are being lost, Nigerians are being unnecessarily divided along ethnic and religious lines.

SECURITY SUMMIT

L-R: Inspector General of Police (IG), Mr. Ibrahim Idris; Akwa Ibom State Governor, Mr. Udom Emmanuel; and Rivers State Governor, Mr. Nyesom Wike, at the IG’s South-south security summit and public lecture in Uyo, Akwa Ibom State.... yesterday

Ezekwesili: Very Soon, Nigeria will Have to Drink Her Crude Oil Chineme Okafor in Abuja Former Vice President of the World Bank, Africa Division, Mrs. Oby Ezekwesili, yesterday said Nigeria’s continued grip on crude oil as her economic mainstay would soon come to an end.

She added that when it does, the country could be in serious trouble following her seeming indifference to growing changes in global energy matrix.

Ezekwesili also called out members of the engineering profession in Nigeria for the country’s decrepit and inferior infrastructure base, alleging that their refusal to show character, competence and capacity in their tasks has contributed to the decay in infrastructure.

Speaking at the 2017 civil engineering conference organised by the Abuja chapter of the Nigerian Institution of Civil Engineers (NICE), an offshoot of the Nigerian Society of Engineers (NSE), Ezekwesili, stated that at the moment,

major oil producing countries were diversifying from their dependence on the commodity while Nigeria looked adamant to the development.

She spoke within the theme of the conference - fighting corruption in Nigeria: the role of engineering profession, where she also explained that over the years, engineers in the country have contributed to the corrupt practices that have kept Nigeria from developing her infrastructure.

“Let me tell you something, Norway, one of the biggest oil producers has just stashed $1 trillion of her oil money in a sovereign wealth fund. I was in Norway recently, and 10 per cent of vehicles used there run on electric.

Nigeria should ask herself these critical questions because very soon, Nigeria will drink her crude oil,” Ezekwesili said, while making a call for an immediate diversification of Nigeria’s economy.

On the sorry state of infrastructure and how engineers

can contributed to that, Ezekwesili said: “You are at the heart of public investment. Governance can be looked on as a market - a supply side and a demand side. Those of you that are part of the supply side of governance, what quality of governance are you supplying?

“As an engineer in government, what are the ethics of the profession, how are you upholding the systems of professionalism that are supposed to determine the value for money in every engineering process that you are responsible?”

She further asked: “Are you trying to pretend that you are not part of government when we know that in governance, the class that has security of tenure is the technocratic class, and that is who you are. The failure of Nigeria to produce good outcomes will be squarely deposited on the heads of many of you here.”

Ezekwesili equally claimed that the engineering profession has abdicated its responsibility to

hold government and its members to account on erratic practices, adding that engineers have seldom penalised their members found wanting for many of the building collapses in the country among other infrastructural failures.

Also in his remarks, the Chairman of NICE Abuja chapter, Ben-Osy Okoh, stated that the conference chose to discuss the roles engineers can play in curtailing corrupt practices in Nigeria’s infrastructure sector, especially from procurement and implementation of contracts.

He said: “If civil engineers are to compete successfully and establish themselves as leaders in solving many of the world’s most pressing problems, they must embrace the need for professional innovation and they must do so quickly. They must understand that long-established methods of practicing civil engineering and educating civil engineers are in critical need of reform.”

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SERAP Asks CJN to Remove Lawyers from Salami-led Committee Tobi Soniyi in Lagos A civil society organisation, Socio-Economic Rights and Accountability Project (SERAP) has asked the Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, to remove legal practitioners from the Justice

Ayo Salami-led Corruption and Financial Crime Cases Trial Monitoring Committee (COTRIMCO).

In an open letter to the CJN signed by SERAP’s Executive Director, Mr Adetokunbo Mumuni, it stated that allowing legal

Akpabio: Nigeria’s Visa is the Hardest to Procure Damilola Oyedele in Abuja The Minority Leader in the Senate, Godswill Akpabio, has stated that the visa to visit Nigeria remains one of the hardest to procure in all her missions around the world, a development which could hamper ties with foreign business men.

This, he said, is caused by the hardships experienced

by Nigeria’s foreign officers at missions where they are posted due to the delay or outright failure by the federal government to release their allowances.

The foreign officers in turn take out their pains on the public-Nigerians who require consular services, or foreigners who seek visa to visit Nigeria, he explained.

Akpabio said these while contributing to a motion on the urgent need for the federal government to fund Nigerian Missions abroad.

“I visited several of our embassies as a governor, and the stories are the same. The foreign officers are not paid; some have had their children dropped out of school because Nigeria has not sent money. So they take it out on the public, it is a natural reaction,” he said.

Senator Tayo Alasoadura (Ondo Central) narrated his experience while on the delegation of the Nigerian Nuclear Regulatory Agency to a conference in Vienna, Austria.

“We were told that Nigeria has not paid her dues for the last five years, I almost ran away,” he said, adding that it was also revealed that the delegation was at the conference due to the contribution of other member countries.

“We should also look at our commitments not just to foreign missions, but to foreign organisations,” he said.

Sponsor of the motion,

Senator Tijjani Kaura (Zamfara North), said Nigeria’s image is being diminished by the status of her missions abroad.

According to him, “Note that Nigerian diplomatic missions are facing several challenges, including their inability to pay home-based officers allowances, local staff salaries, rent for residences, chanceries and other staff official quarters, in addition to the dire lack of funds for other sundry expenses such as visits to Nigerians in jail and provision for other consular services.

“Regrets that there are threats by host countries to revoke building permits of some properties abroad belonging to Nigerian Missions, following their poor structural conditions, which constitute hazard to the communities where such buildings are situated, and lack of routine maintenance that will bring such structures in line with the building codes of host countries.

“Further regrets that the ministry’s budget envelope is grossly inadequate to meet its expenditure requirements even at headquarters, and with this situational analysis, the ministry’s approved 2017 budget would hardly provide the needed impetus required of the ministry to achieve Nigeria’s foreign policy goal and objectives in pursuance of our national interest.”

Presiding, Senate President Bukola Saraki also warned that there are inherent dangers to delaying payment of allowances to the foreign officers.

They could be induced to sell state secrets, he warned.

The Senate however resolved to constitute an ad hoc committee to meet with the officials of the Ministry of Foreign Affairs, envoys of the most affected missions and other stakeholders on how to resolve the issues.

Aduke Ololade Adesina Dies at 102 The families of Adesina and Hammed have announced the passing away of their mother, grandmother and great grandmother, Alhaja Aduke Ololade Adesina, on Thursday, September 28, 2017 at the age 102 years.

She is survived by Mr. Fatai Hammed, Mrs. Yinka Ademola and Mrs. Adejoke Oduniyi.

The eighth day fidau prayers will hold on Thursday, October 5, 2017.

Adesina

practitioners to be members of the committee would result in conflicts between the work of the committee and the private practice of some of its members who are handling high-profile cases of corruption involving politically exposed persons (PEPs).

SERAP therefore asked the CJN to urgently revisit and review the composition of the committee.

It stated that for the Salami committee to perform its tasks effectively and with propriety, it should preferably be composed entirely of members of the judiciary, particularly drawn from available pool of brilliant and incorruptible retired judges.

SERAP noted that while international law did not prohibit some representation of the legal profession or academics, the CJN in selecting people from these fields as members of the committee should do so based on their

demonstrable commitment to the fight against corruption, and after extensive consultation, and a thorough scrutiny of the candidates’ past record of legal practice, to eliminate possibilities of bias and conflict of interest.

The organisation said doing this would ensure accountability as well as keeping the independence of the judiciary intact and uncompromised.

“SERAP believes that until the issues raised in this letter are satisfactorily addressed, Nigerians would have a doubt in their mind as to the ability of the Salami committee to discharge its mandates effectively andwith propriety, and would have a right to have a doubt,” the letter added.

The group said it welcomed and shared the CJN’s commitment to promote judicial accountability and combat corruption in the judiciary.

It said: “We share your Lordship’s vision of a judiciary that is corruption-free, and demonstrates the fundamental principles of independence, impartiality and integrity. An independent and impartial judiciary is indeed essential for the enjoyment of the right to a fair trial and effective and efficient administration of justice, as well as the credibility of the entire justice system.”

NJC had last week approved the appointment of Salami as chairman of the 15-member COTRIMCO. The has some judges and senior lawyers as members.

They include Chief Judge of Borno State, Justice Kashim Zannah; Chief Judge of Imo State, Justice P.O. Nnadi; Chief Judge of Delta State, Justice Marsahal Umukoro and Chief Judge of Oyo State, Justice M. L. Abimbola.

Others are representative of NJC; representative of non-

governmental organisations, representative of Ministry of Justice; representative of the Institute of Chartered Accountants of Nigeria (ICAN); President, Nigerian Bar Association (NBA), Abubakar Mahmoud (SAN); Chief Wole Olanipekun (SAN); Olisa Agbakoba (SAN); Mr. J.B Daudu (SAN); Mr. Augustine Alegeh (SAN) and Dr. Garba Tetengi (SAN).

The committee is to regulate and monitor proceedings at designated courts for financial and economic crimes nationwide; advise the CJN on how to eliminate delay in the trial of alleged corruption cases; give feedback to the NJC on progress of cases in the designated courts and conduct background checks on judges selected for the designated courts. The committee is also expected to evaluate the performance of the designated courts.

RECEIVING PRESIDENTIAL ATTENTION

President Muhammadu Buhari (right), receiveing Anambra State Governor, Chief Willie Obiano, at the State house in Abuja....yesterday State House.

Dogara Swears in Mato as House Formalises Bills Passed in Constitution Amendment James Emejo in Abuja Speaker of the House of Representatives, Hon. Yakubu Dogara, yesterday finally swore in Mrs. Dorothy Mato, as member of the House representing, Vandikya/ Konshisha constituency of Benue State, ending weeks of speculations and controversy.

Also yesterday, all the bills which were passed at the recent constitution review exercise in the lower chamber were presented for third reading and subsequently passed during plenary.

The passage was a mere formality to satisfy legislative requirements as the bills had their fate determined before now.

The amendments would now proceed to the Senate for concurrence after which they’ll be transmitted to the state Houses of Assembly for their inputs.

However, Mato was ushered

into the chamber at about 11.55 a.m. and was immediately administered the oath of office by the clerk.

Thereafter, she proceeded to shake hands with Dogara who welcomed and asked her to proceed to her seat: there was rapturous applause from members of the House as the visibly happy lawmaker was ushered to her seat by the sergeant-at-arms after exchanging pleasantries with principal officers and members.

She replaces Herman Hembe, who was sacked by the Supreme Court which ordered that she be immediately sworn in. It further directed him to refund all monies received as salaries and entitlements while he occupied the seat albeit illegally.

However, the initial delay to swear her in caused the Chief Justice of Nigeria, Justice Walter Onnoghen, to warn Dogara of the consequences of disobedience.

The House, thereafter clarified that Mato was yet to complete her documentation to enable the swearing in, adding that the delay wasn’t the fault of the speaker.

Her formal admission appeared to have put paid to all controversies surrounding her matter.

Meanwhile, some of the bills passed by the House include a Bill for an Act to Alter the Provisions of the Constitution of the Federal Republic of Nigeria, 1999 to include former Heads of the National Assembly in the Council of State and for Related Matters; A Bill for an Act to Alter the Provisions of the Constitution of the Federal Republic of Nigeria, 1999 to reduce the period within which the president or the governor of a state may authorise the withdrawal of monies from the consolidated revenue fund in the absence of an Appropriation Act

from six months to three months and for Related Matters, as well as a Bill for an Act to Alter the Provisions of the Constitution of the Federal Republic of Nigeria, 1999 to provide for funding of the Houses of Assembly of states directly from the Consolidated Revenue Fund of the state and for Related Matters.

Other are; a Bill for an Act to Alter the Provisions of the of the Constitution of the Federal Republic of Nigeria, 1999 to abrogate the state joint local government accounts and empower each local government council to maintain its own special account and make provisions for savings in the federation account before distribution to other levels of government and for related matters and a bill for an act to establish the office of the accountant-general of the federal government separate from the office of the accountantgeneral of the federation and for related matters — third reading.

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2019: INEC Warns Politicians against Early Campaigns Says election budget ready next week To hold Anambra guber, assembly bye-elections same day Onyebuchi Ezigbo in Abuja The Independent National Electoral Commission (INEC) has cautioned political parties and politicians against jumping the gun by kick-starting political campaigns when it has not given such approval.

Giving update on its preparations for the 2019 general election, the commission said it would be ready with the election budget estimate next week.

Speaking during an interactive meeting with the media at INEC headquarters in Abuja, the Chairman of INEC, expressed worry over the antics of some politicians who have already stated campaigns even when the time table such activity is yet to be issued.

“Let me state here that the

release of time table does not imply the commencement of campaigns. I want to draw the attention of political parties and their candidates through the media that are already going round the country on campaigns that INEC, the only institution responsible for the release of time table for election has not done so and that anything anybody is doing about that is outside the law,” he said.

Regarding the measures being taken by the commission to deal with some of its staff indicted by the Economic and Financial Crimes Commission (EFCC) on electoral fraud, Yakubu said it has acted swiftly to deal with the issue.

According to him,” I want to say that this is first time in the history of elections that the commission would discipline 205 staff in one fell swoop following reports we

received from the EFCC in 16 states.”

He said under the INEC’s terms and conditions of service what the commission can do is to interdict the indicted staff and then allow the state to prosecute them accordingly.

So far, Yakubu said all those indicted for electoral malfeasance are being prosecuted in the courts.

He also stated that the commission has reached an understanding with the EFCC to henceforth not wait to submit interim report to the commission but to go ahead and prosecute any member of staff, adding that INEC will on its part immediately activate the relevant provisions in its conditions of service.

“Whatever we need to do, we will do it, even if it means getting rid of everybody in the commission and recruit afresh for

2019, we are determined to do so. We must sanitise this process.

When visited Norway, they were talking about election and its relationship with development.

In our part of the world as a developing country, election makes a lot difference. A badly conducted election is a recipe for crisis, and we know this.

We are ready to discharge our responsibilities and we will not fail this country,” he said.

The chairman of the commission said management of the commission is currently working out the details of the election budget plan and would be able to make it public by next week.

He added that the commission may have to conduct two elections simultaneously in Anambra State Apart from the governorship election which is due for November 18, INEC also said plans were underway to conduct a bye election to replace a member representing Idemili North constituency who died recently.

He said barring any last minute change in plans, the two elections will hold simultaneously on November 18 in the state.

On preparations for the state governorship election, Yakubu said: “The commission is ready seriously for the governorship election. We have been briefed by the Resident Electoral

Commissioner (REC) on preparations on ground, including security situation and there is no reason for worry.

“So far, we have had the quietest election in Anambra State; the commission have not yet received any injunction to stop the election and this is quite unusual for the state which in the past has had to be embroiled in legal contests,” he said.

The INEC chairman assured all involved that all registered voters in the state would be given their permanent voter card before the election.

He also said security agencies have given assurances that there would be adequate security for the election.

Akinlola Appointed New CEO of NTEL Emma Okonji The board of ntel yesterday announced the appointment of Ernest Akinlola as its new substantive Managing Director/ Chief Executive Officer.

Akinlola is a senior executive with over 20 years experience in telecoms media and technology.

He joined the fledgling One 2 One telecoms operator in the United Kingdom and was instrumental in establishing a world class internal audit and compliance department.

Akinlola replaces the former and first CEO of ntel, Mr. Kamar Abass, who had to vacate the office to take care of his failing health. As Head of Department, Akinlola led the assessment and subsequent launch of Virgin Mobile UK on the One 2 One network, which proved to be the pioneering Mobile Virtual Network Operator (MVNO) at the time. Following One 2 One’s acquisition by T-Mobile, Akinlola was a key member on the integration team, leading on commercial strategy and growing

the wholesale side of the business to launch several MVNO’s focused on specific customer segments. He was an integral member of the team charged with executing Virgin Mobile’s $1.5 billion IPO. Many senior roles followed including leading the transformational roll out of T-Mobile’s store retail programme.

Having led teams in Marketing, Sales, Finance, Strategic Planning, Business Development and Operations in blue chip telecoms companies, Akinlola was headhunted as COO by Lycamobile, the world’s largest international MVNO, to lead its European strategy, successfully expanding into 10 countries within two years.

Following this notable success in Europe, Akinlola focused on Nigeria’s telecoms sector and was approached to lead a major marketing drive for 9mobile, the 4th entrant in a highly competitive telecoms market. As Marketing Director, he spearheaded a range of initiatives that took 9mobile from the 4th ranked operator to

Rivers, Oando Expand Gas Pipeline The Rivers State Government and Oando Plc are closing in on the completion of an 8.5km expansion of the natural gas distribution network in the Port Harcourt franchise area from the Above-Ground Installation (AGI) in Trans-Amadi to BUA Sugar Refineries (BUA).

The project is being executed by the Central Horizon Gas Company (CHGC), a Special Purpose Vehicle set up by Oando and the state government, focused on the rehabilitation, operation, and expansion of the existing natural gas distribution network in Greater Port Harcourt City and the Trans-Amadi area.

According to a statement by the company, the pipeline will boost BUA’s productivity, provide substantial cost-savings, and open the state to a new wave of industrialisation via natural gas utilisation.

The statement noted that the expansion is on the back of Oando’s agreement through its midstream subsidiary Oando Gas & Power (OGP) with the Rivers

State Government to assume the operation and expansion of the states existing gas infrastructure in the greater Port Harcourt industrial areas.

The agreement was signed in August 2011 by the Chief Executive Officer, OGP, Mr. Bolaji Osunsanya, and the then Permanent Secretary, Rivers State Ministry of Energy and Natural Resources, Dr. George Nwolu.

The agreement followed the company’s successful participation in a tender process by the state government to actualise its gas master plan.

The objective was to find a qualified private sector partner to operate, rehabilitate and expand the state’s gas distribution grid for the purpose of utilizing gas as catalyst for industrial development in the state.

Oando’s holistic gas integration strategy includes methods of transmission and distribution to fulfill market requirements while the gestation period for the implementation of the Nigerian Gas Master Plan elapses.

the 2nd, in terms of ARPU and active customer base.

Prior to joining ntel, Akinola was a strategic consultant to several blue chip organisations including Blackberry Nigeria, the World Bank, and most recently, provided strategic oversight to Swazi Mobile in formulating commercial strategic plan for the successful application of a 4G VoLTE, 3g ,2g licence in Swaziland, South Africa.

Akinlola is a Fellow of The Chartered Certified Accountants, holds an MBA from Manchester Business School with a first degree in Economics from UEL. Commenting on his new appointment, Akinlola said: “I am excited to be appointed MD/CEO of ntel, Nigeria’s pre-eminent 4G/ LTE network. ntel has tremendous untapped capabilities which can provide a step change in customer experience for large enterprise, SME’s and consumers. I look forward to leading the team in driving innovation and delighting our current and future customers.”

NETWORKING

British Prime Minister, Theresa May (left), and former Presidential Aide, Reno Omokri, at the Conservative Party conference in Manchester, England....Monday

Omokri: Buhari Should Stop Blaming Jonathan and Learn to Accept Responsibility Martins Ifijeh A former media aide to former President Goodluck Jonathan, Reno Omikro, has said instead of President Muhammadu Buhari to stick to the quarrel he is having with Ohanaeze Ndigbo, he has continued to drag Jonathan into matters he knows nothing about.

He said the Senior Special Adviser to the President, Shehu Garba, was quoted to have said President Buhari inherited a country whose economy, security and social relations were in tatters, and that Buhari deserves credit for rebuilding what has been destroyed.

“But no less a personality than the president’s own confidante, Professor Itse Sagay, has revealed that the All Progressive Congress (APC) is an ‘evil’ party, built on propaganda,” adding that the recent statement by Garba only serves to corroborate Sagay’s statement.

He said for one, President Buhari

did not inherit a country in tatters, but that on May 29, 2015, the day he was sworn in, the president inherited a nation that was the largest economy in Africa and the 24th largest economy in the world.

“By the testimony of CNNMoney, he inherited an economy that was the third fastest growing economy in the world, with only China and Qatar growing faster. By the testimony of the British Government, he inherited the fourth fastest growing economy in the world.

Whether you take the testimony of CNNMoney or that of the U.K. government, the fact is that we were one of the world’s most progressive economies.

“Also, on May 29, 2015, President Buhari inherited an economy that by the evidence of the World Investment Report, prepared by the Geneva-based United Nations Conference on

Trade and Development (Unctad), the number one destination for foreign direct investment in Africa,” Omikri said He said the various scores showed that Buhari inherited an economy with a stable currency where the naira exchanged for N199 to $1 and in which Nigeria had a single digit inflation rate.

According to him, this is in addition to over $30 billion in foreign reserves, $5.6 billion NLNG dividends and a 2015 budget of over N4 trillion which were handed over to the incoming administration by the outgoing Jonathan government.

While stating that the facts could be verified even on google, he noted that within just six months of his swearing-in as president, the Buhari’s administration negatively turned the table around in the most remarkable display of ineptitude ever seen in modern political history, to such an extent that from the

third fastest growing economy, Nigeria entered into a recession.

“Also, from being the top destination for foreign investment, Nigeria experienced unprecedented capital flight because of the Buhari administration’s Stone Age voodoo economics, which, according to the Nigerian Bureau of Statistics, led to a job loss of six million jobs and the closure of thousands of manufacturing firms and other concerns in the real sector.

“It should be noted that from being one of the best performing currencies in the world under President Jonathan the naira, by evidence of Bloomberg, was the world’s fourth worst performing currency in 2016 having lost more than 100 per cent of its value under Jonathan,” he said.

Omikro, explained that when President Jonathan was tackling the Boko Haram insurgency, he did not blame or accuse Northern elders.

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House Probes Reduction in JAMB Cut-off Marks Senate, stakeholders to review board, Post-UME regulatory conflict Damilola Oyedele and James Emejo in Abuja The House of Representatives yesterday passed a motion mandating its Committee on Tertiary Education and Services

to investigate the circumstances which led to a recent decision by the Joint Admissions and Matriculation Board (JAMB) to slash the cut-off marks for admission of candidates into tertiary institutions in the country.

Your False Opinions About Me Do Not Matter, Kalu Replies IPOB Former Governor of Abia State, Dr Orji Uzor Kalu, has said the Indigenous People of Biafra (IPOB) holds false opinion about him and has advised the separatist movement not to forget their lines so soon.

Kalu was responding to the different statements emanating from the Publicity Secretary of the IPOB, Emma Powerful, and lawyer to Nnamdi Kanu the IPOB leader, Ifeanyi Ejiofor, on their reaction to an interview he allegedly granted last Sunday.

He was quoted to have said in the interview that he got intelligence from Nnamdi Kanu’s relative that he has travelled abroad following his questionable whereabouts since the Nigerian Army’s alleged invasion of Kanu’s home.

In a statement signed by the former governor’s Special Assistant, Peter Eze, yesterday, Kalu said he cannot be worried by false narratives of IPOB spokesman about him when there are so many other things to be concerned about.

He said this is not the first time he was being misunderstood.

“I believe everyone has right priorities and knows what really matters. For instance, our Igbo brothers are safe in the North and our minds are settled over their property, and that’s what matters.

Dancing to the beats of a popular drum isn’t top of my list. These boys hurling abuses and insults at everyone that stands against division are simply ignorant. I forgive them,” Kalu stated.

He said his statement on Kanu’s whereabouts was an offshoot of an interview he granted to a reporter.

Kalu referred to it as pathetic that most Nigerians are interested in sensational headlines and care less about details.

He added that Biafra agitation is an issue that concerns a lot of people, and keeping silent in the face of its dangerous consequence would amount to wickedness and disregard for safety of lives of the

Igbo people .

The former governor accused the group of running the interest of some politcians and despising good counsel. He described it as laughable when people try to link his actions with corruption charges levelled against him since 2007.

He said Nigerians knew him before the charges and the genesis of the allegations and how it was targeted to destroy him politically.

Kalu however said the case being in a court of competent jurisdiction, he prefers not making further statements on it.

He said he had wished the IPOB was more civil to monitor their utterances, arguing that attacking his personality and leaving the issue he raised makes them look irresponsible. The former governor said the group’s activities should be carried out with civility and respect, adding that the lives of Igbo people are priority to him.

He chided the IPOB for forgetting their lines so quickly and disclosed that through his intervention, many detained IPOB members have been bailed.

“I wonder how IPOB easily forgot their lines. They have had many of their detained members bailed through my intervention.

“Would it be appropriate for even somebody like Emma Powerful to heap unprintable insults and accusations on me? I bailed him out when he was detained and was left to rot in prison.

“When Kanu was in prison, I was the first to visit him thus opening doors for others to do same. I did that because he is my brother. Although he showed a lot of appreciations during the visit but he still maintained his grounds on Biafra. For the sake of posterity, I have made my stand clear. In a restructured Nigeria, Igbo people would be better off.

We got it wrong in 1967 and we need to get it right now, else we get it wrong again,” Kalu warned in the statement.

The Registrar of JAMB, Prof.

Ishaq Oloyede, had after a policy meeting with heads of tertiary institutions and other stakeholders announced the reduction of the minimum cut-off threshold to 120 marks in the Unified Tertiary Matriculation Examination (UMTE) for entry into universities and 100 marks for admission into polytechnics or colleges of education for the 2017/2018 academic session.

The House, however, noted that despite the fact that over 500,000 candidates scored above 200 marks which represented 50 per cent of the total mark, JAMB still went ahead to announce a 120 cut-off mark which represented only 30 per cent of the total examination mark of 400, while the 100 marks stipulated for polytechnics and colleges of education represented only 25 per cent of the total mark.

The lower chamber, in a motion need to investigate the reduction in the cut-off marks for admissions into tertiary institutions in Nigeria, which was moved by Hon. Hassan Saleh (APC, Benue), expressed concern that the decision is bound to lower the standard/quality of education in tertiary institutions as many candidates who performed woefully in the UMTE examination could secure admissions through nepotism, bribery and corruption while many other candidates who

perform excellently could be denied admissions.

The lawmakers agreed that universities ought to be centres of excellence for learning, research and innovation, hence the need to always admit the best candidates in order to produce graduates who could compete favourably with their peers anywhere in the world.

They argued that tertiary education should be for those candidates who have the intellectual capacity, contending that lowering the entry qualification into higher institutions of learning would definitely reduce the productivity and peak performance of young people seeking admissions into such institutions.

The motion, which was extensively debated on the House floor, saw the majority of the contributors criticising the new policy not only because the parliament was not carried along in taking the decision but also that it tends to further dampen education standards which is already at the low ebb.

Hon. Abubakar Kannike Garba (APC, Kwara) likened the slash in exam cut-off marks to inverting the pyramid, adding that it could send the wrong signal to the world that the country celebrates incapability in its education system.

Hon. Afe Olowookere (APC,

Ondo) said the policy could further exert undue pressure on existing infrastructure which is inadequate in tertiary institutions, stressing that education authorities must brief the legislature on the rationale for the reduction in cut-off marks.

Also, Hon. Henry Archibong (PDP, Akwa Ibom) said the reduction tended to make students lazy adding that those who are unable to pass exams should learn a trade. He said JAMB ought to be disbanded to allow tertiary institutions the right to solely admit candidates.

In related development, the Senate yesterday directed its Committee on Tertiary Education to meet with stakeholders from the Ministry of Education, JAMB and universities over perceived regulatory conflict between the examination body and entry examinations conducted by the universities.

The resolution followed the rejection of a motion calling for the scrap of the Post-UME exercise in its entirety, and for JAMB to develop a strategy to ensure efficiency and integrity in the conduct of its examinations.

The motion was sponsored

by Senator Umaru Kurfi (Katsina Central) who said the introduction of the Post-UME has failed to remedy the problems associated with JAMB,

and its continued existence poses more challenges for the education system.

“Cognisance that while the executives introduced the Post-UME policy as a remedy to the decay in educational standard in higher institutions of learning, there have been public outcry of extortion from candidates despite the rigorous test they pass through at JAMB,” “Disturbed that as the integrity of the Post-UME examination is open to question as the pecuniary motive of the respective institutions comes so visibly to the fore that there is little pretence about maximizing the income flows through these internal examinations,” Kurfi said.

The Chairman of the Senate Commitee on Tertiary Education, Senator Jibrin Barau, however disagreed that there is a regulatory conflict between JAMB and Post-UME exercises conducted by universities.

He clarified that the duty of JAMB is to conduct the examinations which set the cut off marks for the minimum scores as universities can choose to demand higher scores from candidates.

Barau added that the efficiency of JAMB in the conduct the examinations has increased.

Presiding, Senate President Bukola Saraki directed the committee to submit its report in one month.

THANK YOU FOR COMING

Minister of Health, Professor IsaacAdewole (right), receiving the President and Members of Medical and Dental Consultants’ Association of Nigeria (MDCAN), Professor Ngim E. Ngim, in his office in Abuja... yesterday.

Buhari Meets Obiano, Akeredolu, Assures of Free Polls in Anambra

Don’t Allow Politics Affect Fight Against Insecurity, Wike Cautions IG

Omololu Ogunmade in Abuja

Ernest Chinwo in Port Harcourt

President Muhammdu Buhari yesterday met Governor William Obiano of Anambra State and his Ondo State counterpart, Rotimi Akeredolu in the State House, Abuja and assured the former that the forthcoming governorship poll in his state would be free and fair.

Answering questions from journalists after the meeting, Obiano who advocated the necessity by the Independent National Electoral Commission (INEC) to conduct free polls in the November 18, 2017 governorship election in his state, said the president assured him that the election would be free and fair.

He said the president was pleased with him because in his characteristic manner, he likes governors who perform well and deliver dividends

of democracy to their people.

Obiano who said rigging was antithetical to the principles and beliefs of his party, the All Progressives Grand Alliance (APGA), claimed that Anambra remained the safest state in Nigeria today because cases of kidnapping, robbery and other crimes do not exist to the state.

Also answering questions from journalists, Akeredolu said his mission in Aso Rock was to canvass the need for Nigeria to establish a deep seaport in Ondo State with a view to promoting the export of huge mineral deposits in the state.

He said having a deep seaport in Ondo State had become compelling in viewoftheinabilityoflargeshipstosailto Nigerianportsbecauseofnon-availability of deep seaports where such ships can berth adding that when the volume of Nigeria’s grows, existence of a deep seaport will be inevitable.

Rivers State Governor, Nyesom Wike, has called on the Inspector General of Police (IG), Alhaji Ibrahim Idris, not to allow politics to negatively affect the fight against insecurity.

The governor advised him to allow state Commissioners of Police to work with state governors, as that is the only way that security could be promoted.

Speaking during a Public Lecture on Security organised by the Inspector General of Police in Uyo yesterday, Wike said he has nothing personal against the police, but pointed out that he would continue to alert the Police Chief on Security challenges in Rivers State.

The governor said: “You (IG)

must allow the Commissioners of Police to work closely with their respective governors to improve the security architecture.

“Politicisation of security is a major crime. Commissioners of Police work with governors on the basis of the governor’s relationship with the powers that be. This should not be.

Let’s not bring politics into fighting crime. A kidnapper does not care about the political party of his victim. Nobody is immune from insecurity, irrespective of status.”

The governor said all stakeholders must collaborate to improve security across the country.

He said: “Let me further reiterate the point that as the nation’s number one police officer, the buck on civil security stops at the table of the IG and he is as accountable to the public as any other public

office holder.”

Wike said: “I wish to assure you that Rivers State under my watch will continue to support and collaborate with the Nigerian Police and other security agencies as partners to combat insecurity not only in Rivers State but also across the nation.”

The governor urged the IG to look into complaints by state governors, as they are important to improve security.

He said peace, security and national stability are prerequisites for development in any social polity, pointing out that no governor will support insecurity in his state.

Wike noted that denying the people their right to electoral choice leads to insecurity. He urged the electoral umpire to ensure the conduct of free and fair elections.

He said unless the right thing is

done by the authorities, hundreds of security summits would not enhance security in the country.

Earlier, the IG, Alhaji Ibrahim Idris, said the security summit was aimed at improving security in the country.

He said the public lecture series would help the police understand the security challenges of the different geo-political zones.

The public lecture with the theme: ‘Insecurity: Socioeconomic impacts and conflict resolution perspectives,’ witnessed goodwill messages from the governors of the South-south region and the Minister of Niger Delta.

Wike, in recent weeks, have raised the alarm over the alleged involvement of the Rivers Special Anti-Robbery Squad in kidnapping and armed robbery.

WEDNESDAY OCTOBER 4, 2017 ˾ T H I S D AY

54

CRIME&PUNISHMENT Judge Withdraws from Trial of Eight Boko Haram Suspects

Alex Enumah in Abuja

Justice John Tsoho of the Federal High Court in Abuja yesterday disqualified self from the trial of eight Boko Haram suspects following allegation of bias levied against him by the defendants.

The defendants are Mohammed Usman (aka Khalid Albarnawi), described as leader of a Boko Haram splinter group, Mohammed Bashir Saleh, Umar Bello (aka Abu Azzan); Mohammed Salisu (Datti); Yakubu Nuhu (aka Bello Maishayi), Usman Abubakar (Mugiratu) and a lady, Halima Aliyu.

Justice Tsoho, in disqualifying himself from the trial, held that the issue of bias or lack of confidence in a trial court was not something to be taken lightly.

The 1st, 4th, 5th, 6th, 7th and 8th defendants through their counsel had requested that their trial be transferred from Justice Tsoho to another court, accusing him of bias.

They are also asking for the transfer of their custody from the Department of State Service (DSS) to the prisons, alleging deteriorating health and threat to their lives at the DSS In delivering ruling on the oral application made by Samuel Attah, counsel to the 1st, 4th and 6th defendants, Justice Tsoho recalled how prosecuting counsel, Shuaibu Labaran had on resumption of trial urged the court not to entertain any application or move that may likely

delay the day’s proceedings, but had to stand down the case for 15 minutes to allow the defendants meet with their lawyers when they insisted they have something to tell the court.

However, when the court reconvened later, counsel to the 1st, 4th and 6th defendants told the court that his clients in their brief meeting said they no longer have the confidence that they will get justice in the court, following a reversal by the court of its earlier ruling on the place of custody of the suspects pending the determination of their trial.

Justice Tsoho who noted that the defendants did not appeal the ruling then, however said the defendants’ message was clear enough, adding that “the court will not ignore their grievances.”

He said even when their counsel hinted them that the trial will start all over again if it was transferred to another court, the defendants insisted they prefer their lives to any speedy trial of the case.

Justice Tsoho said since it has become obvious that the issue of their being transferred from DSS custody to prison was no longer important, it was not necessary for them to make a formal application seeking the transfer of their trial to another court.

“This court disqualies itself, accordingly the case file is hereby transferred to the acting Chief Judge for reassignment”, he said.

Two Remanded for Wrongly Accusing Dickson’s Brother of Possessing Firearms, Hard Drugs Emmanuel Addeh in Yenagoa A Magistrate’s Court in Ovom, Yenagoa, Bayelsa State, yesterday ordered that two persons who allegedly supplied the Nigeria Police false information about a younger brother of the state Governor, Mr. Seriake Dickson, be remanded in prison custody.

But in a dramatic twist, the duo of Francis Babatunde, aged 30 and John James, 32, pleaded guilty before the court after their arraignment by the police.

Both Babatunde and James, the police said, maliciously furnished them with information on Mr. Moses Oruaze Dickson, younger brother of the governor, knowing same to be false.

THISDAY learnt that Babatunde, a plumber working in the residence of Dickson had conspired with James and one Obiene Matthew, who is said to be on the run, to inform the Inspector General of Police monitoring team that he (Dickson) was in possession of firearms and narcotics.

Acting on that premise, the police team reportedly stormed the residence of the younger Dickson at Yenezue- Epie and thoroughly ransacked the building in search of the firearms and illicit drugs.

It was gathered that the police found nothing in line with the information they received from the accused and thereafter arrested them for providing false information.

The two accused who were arraigned on two count charges are being prosecuted by Mr. Matthew

Umana from the IG team.

Part of the charges read: “That you Francis Babatunde ‘m’ , John James and one Obiene Matthew now at large on about September 14, 2017 in the Yenagoa Magisterial District did unlawfully conspire amongst yourselves to cause Mr. Moses Oruaze to be charged with offence of unlawful possession of firearms.

“Knowing that or not believing him to be in possession of any firearm as alleged and thereby committed an offence contrary to and punishable under section 99(10 [4) of the Criminal Code Cap 14, Laws of Bayelsa State 2006.”

According to the second charge, “Francis Babatunde ‘m’, John James ‘m’ now at large on the same date and place in the aforesaid magisterial district did give the Inspector General of Police , a person employed in the public service of Nigeria Police Force information which you knew or believed to be false. “(This you did) by stating that Mr. Moses Oruaze is in possession of firearms with the intention of causing the said IG to use his lawful power as a person employed in the Nigeria Police Force to the injury or annoyance of Oruaze by causing him to be arrested and questioned and thereby committed an offence punishable under section 100[1] [b] of the Criminal Code Cap 14, Laws of Bayelsa State 2006.”

After the two accused pleaded guilty to the two-count charge, the Chief Magistrate, Mrs. Mirin Johnson, adjourned the case to October 24 for judgment.

Earlier, counsel to the 1st, 4th and 6th defendants, Samuel Attah, told the court that his client are no longer safe in the custody of the DSS owing to alleged inhuman treatment meted out to them.

While they are therefore seeking transfer of their custody from DSS to prison, they also sought transfer of the case to another court accusing the trial judge of bias.

Also, counsel to the 5th and

7th and 8th defendants, Elisha Oloruntoba and Aliyah Momoh respectively, aligned themselves with the position of Attah.

However, counsel to the second and third defendants objected to the transfer of the trial to another court reinstating their confidence in the court.

Nathaniel Adekunle, counsel to the third defendant, said: “So far, the 3rd defendant has

unwavering confidence in the court. He wants justice and he wants speedy trial.”

“If the court would grant the application to transfer the case, we ask for a separate trial so that his own would be tried by this court,” he added.

Also, prosecuting counsel vehemently opposed the application claiming it was a ploy to frustrate the trial. Labaran wondered why it

took them four months to react to a valid court order which assigned their place of custody with the DSS. He disclosed that during the 15 minutes granted the defendants to consult with their counsel, he also did same with the authorities and discovered that the application was a premeditated action going by the behaviors of defendants particularly the first defendant at the DSS earlier on.

PREPARING FOR CRUSADE

L-R: Operations Director of Christ for All Nations (CFAN), Mr. Kwame Biney; Executive Director, Africa, Rev John Darku; and Administrative Manager, Mrs. Blessing Uzoigwe, during Darku’s address at the social media launch of Reinhard Bonnke Farewell Crusade and passing of the Burning Torch in Lagos…yesterday.

Tambuwal, Akeredolu Pardon 49 Inmates Mohammed Aminu in Sokoto Sokoto State Governor, Alhaji Aminu Tambuwal and his Ondo State counterpart, Rotimi Akeredolu, have pardoned 49 prigon inmates.

While Tambuwal freed 19 in Sokoto, Akeredolu freed 30 in Ondo.

Speaking at the Sokoto central prison yesterday, Tambuwal said the move was in line with the governor’s mandate as contained in section 214 of the 1999 Constitution.

“The gesture is exercised by the governor based on the powers conferred on him by the 1999

Constitution.’’

Tambuwal, who was represented by the state Attorney General and Commissioner of Justice, Suleiman Usman (SAN), said each of the pardoned inmates would be given N30,000 as assistance to enable them return their various homes.

He called on the pardoned inmates to be law abiding and keep away from criminal activities.

In a remark, the state Commissioner of Home Affairs, Alhaji Isa Sadiq Achida, called on the freed inmates to turn a new leaf.

According to him, they should use the opportunity to engage in

meaningful activities that will enable them become responsible members of the society. ”You should be of good behavior, be good ambassadors of your families, as well as strive to be good and productive citizens,” Achida advised.

The Controller of Prisons, Mr. Haliru Nababa, commended the governor for the gesture.

He urged the freed inmates not to engage in any activity that could lead them back to jail.

In Ondo State, the Commissioner for Information, Mr. Yemi Olowolabi, said the pardon of

the prisoners by Akeredolu was effected to mark the country’s 57th Independence anniversary.

Olowolabi said the action of the governor, was a follow up to recommendation of the State Advisory Council.

“The prisoners’ pardon is part of the prerogative of mercy which the state governor executes regularly particularly during the annual independence anniversary.

“Most of the released prisoners were recommended for pardon on account of having been found to be of good conduct while serving their jail terms,” he said.

Court Remands Driver in Prison for Raping, Robbing College Student Grants bail to three murder suspects Victor Ogunje in Ado Ekiti A suspected rapist, Tope Ojolo, has been remanded in prison custody by an Ado-Ekiti Magistrate Court for robbing and raping a female student of the College of Education, Ikere-Ekiti.

Ojolo, 21, was arraigned in court by the police for the offence committed on September 17 after the state police command concluded its investigation.

The accused on the said date conveyed the victim from the town but veered into the bush few metres away from the college campus where he allegedly raped and robbed her of some of her personal effects.

He turned himself over to the

palace of the Ogoga of Ikere, Oba Adejimi Adu, after a manhunt was launched on him, before the monarch handed him over to the police.

The suspect had confessed to the crime at the Ikere Main Police Station, and exhibits such as offensive weapons were recovered from him.

At the court proceeding, police prosecutor, Sergeant Monica Ikebuilo, urged the court to grant her request to enable her send the duplicate file to the Director of Public Prosecution (DPP) for legal advice.

Defence counsel, Timi Omotoso, took date to approach the appropriate court for the bail of his client.

The presiding Magistrate, Mrs. Dolapo Akinsanya, ordered the remand of the suspect pending the issuance of the legal advice.

Meanwhile, an Ado-Ekiti High Court has granted bail to three suspects accused of murder during the riot that trailed the land dispute between Ayede and Itaji communities in Oye Local Government Area on January 31.

The suspects, Joshua Akanbi, Abiodun Ogundaisi and Segun Ogundaisi, are standing trial for complicity in the murder of one Seyi Oladipo during the battle between the two communities for the ownership of Orisunmibare farm settlement.

At the resumed hearing of the case yesterday Justice Toyin

Abodunde admitted the three suspects to bail in the sum of N500,000 and one surety each.

Each of the surety, the judge ruled, must be a community leader, who must deposit his Certificate of Occupancy (C of O).

She held that the suspects must sign an undertaking not to cause any trouble or be involved in any breach of public peace and to maintain peace throughout the period of the trial, stressing that the court will not hesitate to revoke the bail if they cause trouble again.

The accused persons are standing trial on two-count charge of conspiracy and murder.

The court adjourned the case to November 6 and 7 for definite hearing.

T H I S D AY ˾ WEDNESDAY, OCTOBER 4, 2017

55

WEDNESDAYSPORTS

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

C O U N T D O W N T O B AT T L E O F U Y O

20 Super Eagles at First Training Session Victor Moses, four others missing Duro Ikhazuagbe Twenty Super Eagles players trained yesterday evening in Uyo ahead of next Saturday’s World Cup 2018 qualifier against Zambia.

Alex Iwobi, Moses Simon, Chidozie Awaziem, Ola Aina and Victor Moses all missed the evening session which had about 200 Uyo fans in attendance.

The training began at about 5pm with the team drawn into two groups having a light workout and doing some ball work.

It ended at 6.20pm under the floodlights, with Coach Gernot Rohr and his assistants fully involved.

But at the team’s dinner at their Meridien Hotel and Resort camp late Tuesday evening, only Victor Moses was still been expected to join the squad.

Super Eagles’ Media Officer, Toyin Ibitoye told THISDAY that the Chelsea wing back was been expected to join the team last night.

“Apart from Victor Moses, all the invited players are here in camp with us now. We are expecting the Chelsea player to arrive camp any time this night,” observed Ibitoye.

Meanwhile, Technical Adviser of the Super Eagles, Gernot Rohr, has said his team will not underestimate the Chipolopolo of Zambia when both sides clash in Uyo on Saturday.

“We are not under any pressure and I am much focused. As a team, we must not underrate the Zambians.

I have seen the environment around here, people believe the match will be an easy one for us, but I don’t think so.

“The Zambians are a good team who beat Algeria home and away, so this is a little bit of trouble for us; so, I expect the boys to approach this game the same way we approached the Cameroon game,” Rohr cautioned.

The Super Eagles’ coach also shed light on why he decided to stick with the core of the players that defeated Cameroon in the last game.

“Yes, it is true that many have questioned why we did not invite new players to the team and it only logical for me, because as it’s been said in Britain ‘you don’t change a winning team’.

“I am confident in the players brought into the squad so Nigerians should ease their fears. I brought back Iwobi because obviously he was injured in the last match and we are happy to have him back and hopefully he will score this weekend as he did in the league in England last Saturday,” Rohr said.

The Super Eagles will host the Chipolopolo of Zambia in Uyo on Saturday and a win will all but seal their qualification to the World Cup in Russia next year.

Super Eagles at training in Uyo... yesterday

EAGLES AT TUESDAY’S TRAINING Goalkeepers Dele Ajiboye Ikechukwu Ezenwa Daniel Akpeyi Defenders Elderson Echiejile Leon Balogun Shehu Abdulahi

Uche Agbo William Troost Ekong Midfielders John Mikel Obi Mikel Agu John Ogu Oghenekaro Etebo Ogenyi Onazi

Aremu Afeez Ifeanyi Ifeanyi Wilfred Ndidi

Ahmed Musa

Forwards

Victor Moses Moses Simon Alex Iwobi Chidozie Awaziem Ola Aina

Anthony Nwakaeme Odion Ighalo Kelechi Iheanacho

Players Missing

Former Tahiti Coach Picks AKS Offers Eagles ‘Total Comfort’ ahead Zambia Clash Fresh Talents for Copa Lagos Okon Bassey in Uyo

A prominent beach soccer coach, Angelo Shirinzi, has started a process that could turn around the sport in Nigeria.

Working on the initiative of Kinetic Sport, organisers of the annual Copa Lagos, Schirinzi has succeeded in discovering 23 fresh talents from the six centres he conducted talent hunt ahead of the forthcoming Copa Lagos slated to take place between December 8 and 10 at the Eko Atlantic.

The coach who led Tahiti to win silver at the last edition of Beach Football World Cup said he was impressed with the talents in Nigeria.

“I was amazed to see many talented players in Lagos. Over 300 of them were brought together and I picked 23 who will be prepared for about 10 days before the Club Challenge at Copa Lagos,” he said.

Managing Director of Kinetic Sports, Samson Adamu, at the weekend revealed that Takwa Bay and Badagry Beach were some of the places the coach visited to look for talents.

Adamu said: “We want a solid team to be raised for the forthcoming event.

We are also looking at a

bigger picture beyond the three-day competition. We want to give some of the youths opportunity they have been looking for to excel.”

He also have commendations for the sponsors of the annual Copa Lagos.

“The sponsors have been great that is why we are trying to make the competition better every year.

“FCMB has been our lead sponsor since inception.

Special thanks also go to Pepsi, our Official Beverage partner, as well as Hero, the Official Beer of Copa Lagos.

Wakanow who joined up as the Official Travel Agency for Copa Lagos, have also been wonderful.”

Meanwhile, Kinetic Sports has lined up activities including its Corporate Social Responsibility event, tagged ‘Clean the Beach,’ to spice up the Copa Lagos tournament.

The ‘Clean the Beach’ project is aimed at conserving the beach, encouraging cleanliness in the environment and preserving marine life.

The exercise will involve over 200 people that will include beach football players, staff, sponsors, celebrities and other volunteers.

The Akwa Ibom State government has expressed optimism that the Super Eagles will emerge victorious in this weekend encounter with the Chipolopolo of Zambia.

The State Commissioner for Youths and Sports, Mr Monday Uko, said in Uyo yesterday that the necessary

logistics have been put in place for the Super Eagles to win the match.

“God has delivered them (Chipolopolo) into our hands, and this time around I believe the goals could be as many as 4-0,” Uko posited According to him, with the expected win during the Eagles clash with Chipolopolo, the Godswill

Akpabio International Stadium would continue to be Nigeria’s fortress against visiting teams in crucial encounters.

Meanwhile, Eagles handler, Gernot Rohr, has urged fans to turn out massively to ensure Nigeria takes the maximum point at the end of the crucial encounter with Zambia on Saturday.

He ruled out injury worries,

stressing that the players were highly motivated for the big game.

Rohr who supervised the first training session of the team at the training pitch of the Ibom Le Meridien Hotel and Golf Resort further stressed that Eagles would be drilled twice daily (morning and evening) before the clash on Saturday.

‘Why Fans Need to Pay to Watch 2017 Lagos Gov’s Cup Tennis’ Femi Solaja The Local Organising Committee (LOC) of the 2017 Lagos Governor’s Cup Tennis competition yesterday ruled that fans coming to watch the annual prestigious event will have to pay to get access to daily actions.

The new development is a clear departure from the old order which encourages all comers into the arena for the ITF sanctioned tournament at no cost to the fans.

At a crowded press conference yesterday, the Tournament Director, Prince Wale Oladunjoye, explained that with many top players from around the world taking part in the tournament, “it is fair enough to have people pay to watch them in action.”

Oladunjoye, clarified that tennis enthusiasts need to buy tickets for a minimum of N1,500 for popular seat and a maximum of N5,000 for the VIP seat.

“We can’t be watching the best players play without paying to watch them. We have to start the option of making people pay before watching. We must have some level of payment for entertainment.

“We must pay for the talents that we want to watch. What we are starting now is not a full tickets fee, we want to start with a segment. We will still invite people and give them tickets, but we have to start somehow.

“Some people want to pay but they don’t know how to pay. It doesn’t matter if we end

up with a scanty arena but what is certain is that we have to start from somewhere,” he asserted yesterday.

The organisers of the tennis fiesta said tickets for the $100,000 prize money tournament are available at the rates of N1,500 for regulars and N5,000 for VIPs on the platforms of Ariya Tickets and Naija Tickets Shop.

Meanwhile, the President of the Nigeria Tennis Federation (NTF), Ifedayo Akindoju, has listed the gains of the annual Governor’s Cup Lagos Tennis Championship.

The NTF President who spoke at the press briefing to herald the commencement of this year’s competition, noted that the tournament is already exposing the Lagos to the world with the caliber and

number of players who come into the country every year.

He encouraged the journalists on ground to ensure they give the tournament a wide coverage and project the country in a positive light.

“These Futures 4 and 5 are the only ones that combine both male and female players in Nigeria having done the 1, 2 and 3 early in the year.

“I encourage the media personnel to advertise this sport and let the world know that there is tennis in Nigeria.

“Report the tournament to project Nigeria in a very positive light. There are a lot of gains from this tournament.

“Over 500 players coming here for the tournament means that we are moving the world to Lagos,” concludes the new NTF chief.

Wednesday October 4, 2017

TR

UT H

& RE A SO

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Price: N250

MISSILE

Senate to Sagay “Only a senile, jaded, rustic and outdated Professor of Law like Sagay will make such a comparison which falls flat on its face, even to an ordinary layman. Surely, Sagay is basing his analysis on street talks” – The Senate berating presidential aide, Prof. Itse Sagay for always disparaging the Senate at the slightest given opportunity.

KAYODEKOMOLAFE BuildingaNationWithoutNationalists?

W THE HORIZON

hile Nigeria marked the 57th Anniversary of her independence on Sunday one streak of the national mood was not explicit in the messages sent on the occasion.

Here is the point: it is hardly fashionable anymore to wave the flag of Nigerian nationalism or defend the unity of the country as a matter of historical responsibility. The latest fad is that of championing ethnic, regional or religious interests at the huge expense of national integration and cohesion.

The tragedy of the moment is simply that it used not be like this; a generation of Nigerian youths once made Nigerian nationalism their career. For example, the young men in the Zikist Movement proudly and selflessly fought in the spirit of Nigerian nationalism; they did not champion northern or southern interests. No, a century of British colonialism did not come an end on October 1, 1960 without a fight. To be sure, there were no guerrilla fighters who went to the bush; but there were radical youths agitating in the cities. As the late Marxist historian, Bala Usman, used to put in his inimitable polemical fashion, the struggle for independence was for the nationhood of Nigeria and not for ethnic or regional divisions. In fact, 70 years ago, some of the young men were so immersed in the liberation of Africa such that Nigerian independence was expected to be the launching pad for the total liberation of the black people. It was not for nothing that the appellation of the chief inspirer of the young nationalists, Dr. Nnamdi Azikiwe, was not “Zik of Onitsha” or even “Zik of Nigeria.” He was hailed as “Zik of Africa”! Azikiwe later emerged the first President of Nigeria, albeit a ceremonial one. The first president of Ghana, Osagyefo Kwame Nkrumah, remarked in his autobiography that Azikiwe inspired him. In the early 1960s, Nkrumah himself was championing the cause of African unity including the possibility of an all –African government. The dimension of the tragedy of our time could be gauged by the reality that decades after such a momentum the passion for Nigerian unity is dwindling. If Nigerian unity is no more an imperative, how would the forces for African integration be galvanised?

To the separatists and ethnic champions, Nigerian unity has become a naïve proposition. And that is putting the matter in the mildest form. Yet the actual naivety is not responsibly contemplating the multi-dimensional consequences of the disintegration of Nigeria due to political recklessness. To the moderate ethnic and regional champions, the unity of Nigeria is solely hinged on “restructuring.” That is why some elements in this camp view any divergence from their own concept of “true federalism” as the view of “enemies of Nigeria.” The separatists are more combative in their approach. To defend Nigerian unity and integration is to defend “injustice and inequity;” it is to stand on the way of those who are imbued with fantasies of carving out Nigeria into ethnic enclaves.

The immense deficits in the historical process of nation- building have become manifest in the tone and tenor of the restructuring debate. To start with, many of the protagonists in the largely unstructured debate do not seem to appreciate the dynamics of the Nigerian political economy. The dominant tendencies in the debate do not adopt political economy approach which is a more rigorous and radical approach to the problem at hand. After all, the category National Question has a leftist origin.

The binary approach of north versus south is more convenient and, therefore, more popular. It is the absence of the poltical economy approach that makes some of the leading voices in the debate not to empahasise the fact that those who are really marginalised are the wretched of the earth found among all ethnic groups, located in all regions and

kayode.komolafe@thisdaylive.com

Buhari zones and who are adherents of all religions. It is the lack of the political economy approach that prevents the champions of “true federalism” not to see the anti-poverty importance of Chapter II of the 1999 Constitution regardless of whatever fault they may find with that constitution.

Sometimes, the debate assumes an ahistorical

0805 500 1974

dimension. Listening to the regional advocates you would think that since Lord Lugard Nigeria has achieved zero integration. Ethnic irredentists even deny the sociological forces of cultural mix taking place especially in the urban areas. In the name of restructuring public intellectuals pontificate as if the history of Nigeria was frozen in 1914.

Another unjustifiable deficit in nation-building is that the voices that should be raised in defence of Nigerian unity are now very strident in articulating ethnic and regional positions. The cause of national unity is not helped when those who have had the privilege of superintending over Nigerian affairs in various departments of national life are simply transmuted into defenders of ethnic and regional interests in their retirement. Some of those who have experienced this political transfiguration are heads of arms of government, former service chiefs, generals, ministers, heads of security agencies, senior civil servants, heads of parastatals etc. They are unmindful of the signals they send to the succeeding generation. Contrast this situation with the British experience in the debate preceding the vote on Scottish independence recently. Former Prime Ministers Tony Blair and Gordon Brown along with other former British ministers of Scottish origin rose spiritedly in the defence of the union. They didn’t wear Scottish

nationalism as a badge of honour. There is a moral in this example. Worse still, in Nigeria the political parties have simply lost their voices in the debate.

So how can a Nigerian nation be built without nationalists? Among the determinants of nation building the most crucial is the subjective consciousness of willing to belong to a nation.

That is the feeling of nationalism. It is the historical duty of nationalists to inspire the people to embrace nationalism. At this historical conjecture, President Muhammadu Buhari should assume the role of the Nationalist-in-Chief both in words and action. Even his body language should exude nationalism. His appointments should demonstrate nationalism. His speeches should be imbued with nationalism. For instance, his October 1 speech did not pass the test of the nationalism expected of him at this period of Nigerian history.. The President rightly rebuked the Igbo political elite for not calling the Biafran separatists to order early enough. However, Buhari should have demonstrated a greater outrage at the recklessness of the Arewa youths issuing quit notice to fellow citizens resident in the north. In fact, by not applying the law in dealing with the delinquent Arewa youths, the Nigerian state has done a terrible disservice to the cause of nation- building. That is not the way of nationalism.

Time to Roll Up Our Sleeves Babafemi Ojudu

O

ne of the things I love doing is driving through the streets and towns of Ekiti State. It was a dream when I was a boy with no hope of ever getting behind the wheels of a car.

It’s a hobby now that I am an adult.

I love to drive as the soft morning breeze wafts through the air. Ekiti is a small state blessed with green vegetation. The morning air is pure and does wonders to the soul. Our elders used to say if you listen well, you could hear the voice of the angels whistling through the winds.

You can drive the length and breadth of my beloved State in an hour. If you’re an indigene of Ekiti or a resident of the state or someone who has had the good fortune of visiting with us, you will know what I mean. You think better driving the length and breath of the state as the sun rises over those glorious hills and mountains. Our towns have different names, from Omuo to Efon, from Emure to Iye but we are one.

I enjoy the easy banter with folks in the towns and villages. Our people are welcoming and prosperous.

All they need is a chance, an opportunity. It takes me back to a time not too long ago, a time when boys could dream of bright futures and girls shaped their destinies.

I am a poster child for what is possible in Ekiti.

I was born with little. Try hard as my parents did, we couldn’t afford much. But, we had something money couldn’t buy. We had hope. And, it wasn’t just me. It was most of the kids I know on the streets and in school. We knew if we kept good grades, we will keep moving forward.

But, those days are long gone. These days, driving through the streets is not the joy it once was. You have to cut through the cloud of gloom and doom that hangs over the state. Then you have to deal with the hopelessness etched across the faces of

the children, youth and elders.

The future of any society lies in its children and youth. Sometimes I wonder what sort of future are we leaving to them. Our fathers laid a great foundation for us to build a better future. That future is today. But, has our leadership in Ekiti laid a good foundation for the children and youth of today?

I talk to a lot of the youth. A lot of times they seek me out – all over Ekiti and outside the state. I get tons of emails from many outside the country.

Sometimes I seek them out. And they all have two questions – how did we get here? How do we get away from here?

How do you sow hope in the midst of crushing bleakness? How do you tell a child to hold on a while longer and that better days are coming?

How do you convince the youth that there’s something at the end of the dark tunnel and it’s not the brainless insanity of the last few years?

It’s tough to preach hope when the emperor who specializes in doom snatches opportunities provided to the youth and children and dump them in his basket of failures. Take the case of the Home Grown School Feeding Program of the federal government for example. This was a no-brainer. The federal government had designed the programme to encourage kids to go to school by providing them a free meal, nourish them and improve their performance. It was designed to increase school enrollment and encourage local farmers to go back to farm and increase food production.

Our kids in Ekiti were denied that opportunity until I started screaming for all to hear. I had to challenge the Governor in the presence of the Vice President about it for reason to sink into him.

And, it’s not just our children that were losing out. The entire state was. We have lost dozens of months where our farmers could have earned income providing the food for the children, our

caterer could have been employed cooking the food and the lives of the people would have been tremendously better.

I often wondered what would have happened if I was born into this age of gloom, when the only thing that seems waiting at the end of the tunnel is doom. These kids know leaders who are everything but leaders. I knew leaders who were men and women of honor. Chief Obafemi Awolowo. Pa Adekunle Ajasin. Mrs. Funmilayo Ransome-Kuti. Professors Banji Akintoye and Sam Aluko. Ewi Aladesanmi Anirare. Lady Deborah Jibowu.

These kids these days have not been that lucky, especially in the last few years. So, when some kids came to me the other day lamenting our great State and the future, how they love the State but don’t like the way it’s been dragged through the mud, how they’re tired of being the laughing stock of the nation, my heart bled for the State.

But, that wasn’t all of it. One of the kids asked me, what would I tell the children of Ekiti. How can I convince the youth that tomorrow will be better? It was a question that gnawed at my soul.

These are kids who just want their state and their leadership to do right by them. They don’t want too much. They just want to be able to live in a land of opportunity because they know when there is hope, with their sweat and determination they will create plenty.

I told them what my father once told me. That when all the chips are down, it’s time to roll up your sleeves and go to work. I am rolling up my sleeves and getting ready to go to work. With our sweat and determination we will make Ekiti great again. I told them to spread the news – tell every kid in Ekiti it is time to roll up their sleeves and sing songs of freedom. Hope is coming to Ekiti. t 4FOBUPS 0KVEV JT B 4QFDJBM "EWJTFS UP UIF 1SFTJEFOU PO 1PMJUJDBM .BUUFST

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