Wednesday 11th October 2017

IMF: Nigerian Economy to Grow by 1.9% in 2018 But Subdued by Population Growth Kunle Aderinokun, Chika Amanze-Nwachuku, Obinna Chima and Nume Ekeghe in Washington D.C. The International Monetary Fund (IMF) has projected that the Nigerian economy will expand by 1.9 per cent

in 2018, but would remain subdued due to population growth, cautioning that the country’s projected growth was still lower than its population growth rate of 2.7 per cent.

The IMF also pointed out that concerns about policy

implementation and market segmentation in the foreign exchange market would be a challenge in the medium-term.

The Division Chief, Research Department, IMF, Oya Calesun gave the forecast while briefing the media on the World Economic Outlook

(WEO) released yesterday at the IMF/World Bank Annual Meetings in Washington D.C. In sub-Saharan Africa, the IMF also forecast that the Nigerian economy would grow faster than South Africa’s in 2017.

This is a reversal of the

fund’s earlier projection in July that South Africa’s economy would grow by 1 per cent in 2017, while Nigeria will experience a 0.8 per cent economic expansion.

It said rising political uncertainty has reduced consumer and business

confidence in South Africa.

According to the IMF, Nigeria’s growth this year was projected at 0.8 per cent owing to recovering oil production as well as improved output in the agricultural sector.

Continued on page 10

Buhari Seeks N’Assembly Approval for $5.5bn External Loans… Page 10 Wednesday 11 October, 2017 Vol 22. No 8210. Price: N250

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FG Voids NPA, Intels Pilotage Agreement Says contract was illegal ab initio Eromosele Abiodun The federal government has directed the Nigerian Ports Authority (NPA) to terminate the boats pilotage monitoring and supervision agreement that the agency has with Intels Nigeria Limited, a leading integrated

logistics and facilities services provider in the maritime and oil and gas logistics sectors of the country, saying that the contract was void ab initio.

Conveying the decision of the federal government to NPA, the Attorney General Continued on page 45

Putting Aside Public Spat, Kachikwu, Baru Chart Way Forward for Oil Sector Osinbajo: FG considering proposal to support local goods Ndubuisi Francis in Abuja 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 yesterday put aside their differences, even if temporarily, and discussed opportunities in the Nigerian petroleum industry and ways to grow the sector.

Continued on page 45

VAIDS: FG Collects Personal Data of High TEMPORARY CEASEFIRE… Minister of State for Petroleum Resources, Dr. Ibe Kachikwu (right), and the Group Managing Director of the Nigerian Petroleum Corporation (NNPC), Dr. Maikanti Baru, set aside their differences temporarily yesterday when they Net-worth Nigerians from Banks… Page 46 National discussed opportunities in Nigeria’s oil sector at the Nigerian Economic Summit (NES), holding in Abuja

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Buhari Seeks N’Assembly Approval for $5.5bn External Loans Saraki decries revenue-generating agencies’ expenditure profile Damilola Oyedele and James Emejo in Abuja President Muhammadu Buhari has sought the approval of the National Assembly for a $3 billion external loan for refinancing domestic maturing debts and the issuance of a $2.5 billion Eurobond for the funding of the 2017 capital budget.

The letter from the president making the request was read out yesterday in both chambers of the National Assembly by the President of the Senate, Dr. Bukola Saraki and the Speaker of the House of Representatives Hon. Yakubu Dogara.

Buhari in the letter explained that the $3 billion being sought from the international capital market (ICM) will be deployed to refinance maturing domestic debt to achieve more stability in the country’s debt stock and create more borrowing space in the domestic market for the private sector.

He added that replacing domestic debt with foreign debt would enhance the ability of government to execute capital projects and other priority expenditure.

Re-financing the maturing domestic debt would not lead to an increase in the public debt portfolio because the debt already exists as high interest, short-term debt, Buhari clarified.

The $2.5 billion being sought through a Eurobond or Diaspora Bond issue would be used to finance the deficit in the 2017 budget, he added.

Some of the projects to be funded from the Eurobond include the Mambilla hydropower project, the second runway at the Nnamdi Azikiwe International Airport, Abuja, counterpart funding for rail projects, and construction of the Bodo-Bonny road.

Buhari said while the terms and conditions of the borrowings could only be determined at the point of issuance, current market

conditions are favourable for the issuance of Eurobonds.

He also sought the expeditious approval of his request.

The letter read: “The Senate may wish to refer to the 2017 Appropriation Act, which has a deficit of N2.356 trillion and provision for new borrowings of N2.321 trillion, respectively. The Act also provides for domestic borrowing of N1.254 trillion and external borrowing of N1.067 trillion (about USD3.5 billion).

“The Senate may wish to note that in order to implement the external borrowing approved by the National Assembly in the 2017 Appropriation Act, the FGN issued a USD300 million Diaspora Bond in the international capital market (ICM) in June 2017.

“The balance of the 2017 external borrowing, in the sum of USD3.2 billion is planned to be partially sourced from issuances in the ICM of USD2.5 billion through Eurobonds or a combination of Eurobonds and Diaspora Bonds, while USD700 million is proposed to be raised from multilateral sources.

“It should be noted that the intention is to issue the Eurobonds first, with the objective of raising all the funds through Eurobonds, and that Diaspora Bonds will only be issued where the full amount cannot be raised through Eurobonds.

“The Senate may wish to note that the proceeds from the proposed issuance of Eurobonds (and Diaspora Bond) in the ICM would be used to finance the deficit in the 2017 Appropriation Act and provide funding for the capital projects captured in the budget.

“The projects include the Mambilla hydropower project, construction of a second runway at the Nnamdi Azikiwe International Airport, Abuja, counterpart funding for rail projects and the construction

of the Bodo-Bonny road, with a bridge across the Opobo channel.

“In addition to the implementation of the external borrowing approved in the 2017 Appropriation Act, in order to reduce debt service levels and lengthen the tenor profile of the debt stock, the FGN seeks to substitute maturing domestic debt with less expensive longterm external debt.

“The FGN plans to source USD3.0 billion through the issuance of Eurobonds in the ICM and/or loan syndication by banks, as approved by the Federal Executive Council at its meeting of August 9, 2017.

“It is important to note that the proposed sourcing of USD3.0 billion from external sources to re-finance maturing domestic debt will not lead to an increase in the public debt portfolio because the debt already exists, albeit in the form of high interest short-term domestic debt.

“Rather, the substitution of domestic debt with relatively cheaper and long-term external debt will lead to a significant decrease in debt service cost.

This proposed re-financing of domestic debt through external debt will also achieve more stability in the debt stock while also creating more borrowing space in the domestic market for the private sector.

“The Senate will recall that in the 2017 Appropriation Act, debt service at N1.663 trillion represents 32.73 per cent of the FGN’s total expenditure, which makes it important to take urgent steps to reduce debt service cost.

“Failure to rebalance the FGN’s debt portfolio through substitution of domestic debt with less expensive long-term external debt will continue to expose the country to the risk of high debt service-to-revenue ratio, thereby limiting the ability of the government to execute capital projects and other

priority expenditure.

“The Senate may wish to note that, in line with the provisions of Sections 21 (1) and 27 (1) of the Debt Management Office, (Establishment, Etc.) Act, Cap D.12 Laws of the Federation, the approval of the National Assembly is required for external borrowings as proposed in Paragraphs 2-5.

“The summary of the requests in Paragraphs 2 to 5 is as follows: i. USD2.5 billion issuance in the international capital market, through Eurobonds or a combination of Eurobonds and Diaspora Bonds, for the financing of the deficit in the 2017 Appropriation Act and capital expenditure projects in the Act as stated in Paragraph 3; and, ii. USD3.0 billion external borrowing for the refinancing of maturing domestic debt obligations through the issuance of Eurobonds or through a loan syndication.

“With respect to the terms and conditions of the proposed external borrowings, the Senate may wish to note that being market-based transactions, the terms and conditions of the borrowings can only be determined at the point of issuance of finalisation based on prevailing market conditions in the ICM. “It is important to state that the previous issuances of Eurobonds by Nigeria were at the following coupons – USD500 million (2011/10-year): 6.75%; USD500 million (2013/5-year): 5.125%; USD500 million (2013/10-year): 6.375%; and USD1,500 million (2017/15year): 7.875%, while the USD300 million Diaspora Bond (5-year) issued in June 2017 was at a coupon of 5.625%. These coupons were based on the prevailing market conditions at the respective times.

“It should be noted that current market conditions are considered more favourable than at the time of Nigeria’s last issuances of the Eurobond

in March 2017 and the Diaspora Bond in June 2017, with secondary market yields lower than the coupons.

“The Federal Ministry of Finance, the Debt Management Office and the federal government’s appointed transaction parties for the proposed external borrowings will work assiduously within the context of the market to secure the best terms and conditions for the Federal Republic of Nigeria.

“Accordingly, the Senate is requested to kindly approve the following external borrowings: i. Issuance of USD2.5 billion in the ICM, through Eurobonds or a combination of Eurobonds and Diaspora Bonds, for the financing of the FGN 2017 Appropriation Act and Capital Expenditure Projects in the Act; and, ii. Issuance of Eurobond in the ICM and/ or loan syndication by banks in the sum of USD3.0 billion for re-financing of maturing domestic debt obligations of the FGN.”

FIRS Budget, Others Passed The Senate yesterday also passed the N152 billion 2017 budget of the Federal Inland Revenue Service (FIRS).

Approving the report of its Committee on Finance, the Senate approved N75.8 billion as personnel cost, representing 49.58 per cent of the total FIRS budget, N46 billion for overheads, representing 30.09 per cent, and N31 billion for capex, representing 20.33 per cent.

The personnel budget of the agency increased from N51.8 billion in 2016, to N75.8 billion.

“This is due to the planned recruitment of 700 additional staff in 2017 and a salary review by 30 per cent as approved by the Salary, Wages and Income Commission,” the report read.

The FIRS projected a revenue

of N4.9 trillion in its 2017 budget.

The lawmakers also approved the N270.5 billion budget of the Nigeria Ports Authority (NPA) which has a projected revenue of N278.5 billion in the same year.

This was in addition to the approval of a N161.9 billion budget for the Nigerian Maritime Administration and Safety Agency (NIMASA), with a projected revenue of N161.9 billion.

Presiding, Saraki said it was necessary for the revenuegenerating agencies to live up to their mandates.

This, he said, would reduce the need for borrowing by the federal government, adding that the Senate would do its part to ensure the agencies live up to expectations.

Continuing, Saraki wondered how some of the agencies such as NIMASA and NPA were proposing to spend almost all or in some cases all of their projected revenue.

Similarly, the Nigerian Inland Waterways Authority (NIWA) has an approved budget of N2.550 billion and same figure as projected revenue, while the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) has an approved budget of N2.773 billion and projected revenue of N2.820 billion.

Saraki accused the agencies of deliberately bloating their budget proposals to match projected revenue.

“Now we have a letter from the president asking for approval of external loans, but if these revenue agencies were prudent, we may not be borrowing this much.

“Nigeria needs money now, and I think that we need to be very prudent to ensure that as much as possible. All these agencies are supposed to be putting something back in the Federation Account,” Saraki said.

IMF: NIGERIAN ECONOMY TO GROW BY 1.9% IN 2018 BUT SUBDUED BY POPULATION GROWTH The Nigerian economy grew by 0.55 per cent in the second quarter of 2017, signposting the end of a crippling recession after five consecutives quarters of contraction.

This was partly influenced by growth in the oil sector and agriculture, the IMF affirmed.

The Central Bank of Nigeria (CBN), through its Anchor Borrowers’ Programme (ABP), has continued to intervene in the agriculture sector, resulting in improved production.

Through the ABP, the CBN has released N43.92 billion to 13 participating institutions as of October 1, while 200,000 smallholder farmers from 29 states of the federation have benefitted from the programme.

In addition, with the abundance of rainfall last year and this year, agriculture output has continued to improve.

The IMF in its report, however, stressed that the Nigeria economy was not yet out of woods, noting concerns about policy implementation and market segmentation in the foreign exchange (forex) market that was still

dependent on the central bank’s interventions (despite initial steps to liberalise the foreign exchange market).

It further added that banking system fragilities were expected to weigh on activities in the medium term.

“We see significant amount of heterogeneity. What we see in the headline numbers, a pick up in growth this year, which is largely driven by the larger economies – Nigeria, Angola and South Africa.

In particular, in the case of Nigeria, stronger oil output and the dissipating problems in the Niger Delta and better agricultural production are playing positive roles in driving growth.

“Again, it is not a very strong growth. That is not to say a number of economies are not growing stronger. But there are still risks,” Calesun said while responding to a question on the Nigerian economy.

However, the IMF in the WEO, noted: “Nigeria is expected to emerge from the 2016 recession caused by low oil prices and the disruption

of oil production.

“On May 25, 2017, OPEC agreed to extend to March 2018 the production agreement in place since January this year.

The agreement entails a cut of 1.2 million barrels a day (mbd) from October 2016 production.

“Russia and other non-OPEC countries agreed to stick to current production, implying additional cuts of about 0.6mbd from the October 2016 level (bringing the total cuts to 1.8mbd).

“Notwithstanding efforts by the oil exporters participating in the production agreement, oil prices had fallen to less than $44 a barrel by late June, the lowest since November 2016, right before the initial production cuts were announced.

“The main drivers were stronger-than-expected US shale production and stronger-thanexpected production recovery in Libya and Nigeria, which are exempt from production cuts.

“In addition, exports from OPEC countries appeared to be sustained at relatively high levels, even with lower production.”

Also, the fund estimated that growth in sub-Saharan Africa was projected to reach 2.6 per cent in 2017 and 3.4 per cent in 2018, which was broadly in line with its April forecast, with sizable differences across countries.

It noted that downside risks had risen because of idiosyncratic factors in the region’s largest economies and delays in implementing policy adjustments.

It upgraded global growth projections to 3.6 per cent for this year and 3.7 per cent for next year, in both cases 0.1 percentage point above its previous forecasts, but well above the 2016 global growth rate of 3.2 percent, the lowest since the global financial crisis.

For 2017, most of the upgrade was due to brighter prospects for the advanced economies, while the positive revision for 2018 arose from emerging markets and developing economies, which are expected to play relatively bigger roles in the global economy.

“Notably, we expect subSaharan Africa, where growth

in per capita incomes has on average stalled for the past two years, to improve overall in 2018.

“The current global acceleration is also notable because it is broad-based— more so than at any time since the start of this decade.

This breadth offers a global environment of opportunity for ambitious policies that will support growth and raise economic resilience in the future.

“Policymakers should seize the moment: the recovery is still incomplete in important respects, and the window for action the current cyclical upswing offers will not be open forever,” it explained.

It stressed the need for structural reforms across countries, stating that for countries that had returned close to full employment, gradual fiscal consolidation was required to reduce swollen public debt levels and build buffers against the next recession.

“Higher infrastructure and educational spending, which

are needed in some countries that do have fiscal space, can have the added benefit of boosting global demand, just as consolidation measures elsewhere subtract from it.

“This multilateral fiscal policy mix can also help reduce excess global imbalances,” it added.

TOP GAINERS NGN NGN CCNN 0.86 0.86 AXAMANSARD 0.10 2.10 MAYBAKER 0.14 2.96 NNFM 0.27 5.77 JAIZBANK 0.03 0.69 TOP LOSERS NGN NGN C & I LEASING 0.18 1.74 PAINTCOM 0.03 0.59 DIAMOND 0.05 1.00 LAWUNION 0.04 0.85 LAFARGE 2.39 54.50 HPE Nestle Nig Plc ₦1,230.20 Volume: 353.194 million shares Value: N3.255 billion Deals: 4,202 As at 11/10/17 See details on Page 40

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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.

Solar Power 101: The Basics You Should Know remaining 50% will be sourced from NBET.

Introduction In the last two decades, solar energy has emerged as a globally sought-after source of power generation to complement power supply from non-renewable sources.

Nigeria is specially placed at an advantage to benefit from solar energy as it receives about 6 hours of sunshine per day.

According to a report by the European Union, Nigeria can theoretically achieve 42,700 MW of solar power from just 5 percent of suitable land in the Central and Northern.

Part of the policy win in the Renewable energy sector is the Mini-Grid Regulation.

The regulation covers: Isolated Mini grids (less than 100kW): Only registration with the NERC is required for such small projects.

Isolated Mini grids (100kW – 1MW): For mini-grids within this capacity range, only one permit is needed per location. Installations are required to have a distribution network complying with national standards to ensure that it can still be used on the arrival of a main grid.

From Sunlight to Electric Current In converting solar energy to electricity, specially designed solar panels with are positioned to receive direct exposure to sunrays. The rays trapped by the panels produce direct current. This direct current passes through a power inverter system to become electricity that is in turn used to power electrical appliances.

Solar Market Segments The solar market comes in all shapes and sizes which makes solar extremely adaptable to current needs. The two major segments are Off-Grid (renewables) and On-grid (national grid supply).

Solar Off-Grid Market Segments There is a growing demand for solar in comparison to the on-grid connection.

The extent of demand has made Nigeria one of the largest emerging markets for small-scale solar power.

There are several types of renewable offgrid solutions: Pico-Solar: Pico-solar solutions are made up of small capacity solar panels that can power lamps and light bulbs. Panels, batteries and charge controllers are usually inbuilt or attached to the devices to be powered.

Stand-alone Solar Home Systems (SHS): SHS are typically small technologies in the forms of solar panels mounted on the roof tops of houses in regions with the abundance of sunshine.

The advantage of this technology is that the panels can be built in different sizes to satisfy different needs. Typically, these panels range from 5-volts to 15.5-volts or higher. The system could be modified to satisfy different energy requirements for off-grid communities.

Urban Rooftop: For such solutions, large solar panels on the rooftops of houses to provide power for them. Despite the high cost of this technology, there is a growing demand for this solution by the public for either powering their homes and businesses. The advantage of this system lies in its ability to power more household appliances compared to the other solutions. In developed economies, it is possible for individuals to sell excess power from their home systems to the grid. This is known as net metering.

Mini-grids: Sometimes referred to as a micro-grid or isolated grid, a mini-grid involves small-scale electricity generation (10kW to 10MW) which serves a limited number of consumers via a distribution grid that operates in isolation from electricity transmission networks.

Typically, it can be set up to power a community without access to electricity.

According to a report by the African Development Bank, Mini-grids have been identified with the potential of electrifying 14.3% of the Nigerian populace and creation of about 360,000 jobs within 3 years.

Capital Cost In order to access power from the sun, the capital cost usually makes up the bulk of the total cost. This covers purchase of components such as the panels, charge controllers, batteries, inverters, cables as well as installation. Because many Nigerians cannot afford the bulk cost of installing solar home systems, companies such as Lumos have introduced models which allow customers to pay in bits, while enjoying the full benefits of the home systems. For mini-grids, the project developer bears the capital cost, while consumers pay for what they consume.

Solar On-Grid Market Segment For on-grid solar power, electricity is generated either through solar thermal or solar panels/plants and injected into the grid.

Operating cost Maintenance cost of solar systems are relatively little and are not incurred often.

For instance, batteries may only need to be changed once in two to five years depending on the quality and lifespan of the brand. Other forms of maintenance such as cleaning of panels and servicing of inverters require very little cost to be accomplished.

Integrating on-grid solar power generation to Nigeria’s national grid is feasible and currently being developed. Nigerian Bulk Electricity Trading (NBET) company signed 14 power purchase agreements with independent solar providers. The total power output for the project is over 1000 MW. The on grid solar sub-sector suffers challenges that are similar to the non-renewable grid infrastructure. These constraints are: a. Inadequate transmission infrastructure. b. Liquidity challenges as a result of foreign exchange shortages, financial viability of Distribution Companies, etc. c. Limited availability of local Operations & Maintenance (O&M) experts, as well as asset management skills for Utility scale solar PV plants.

The Cost of Solar Power Just like every other source of electricity generation, the cost of generating electricity from solar power is divided into capital cost and operating cost.

Retail Tariffs For pico-solar, solar stand alone or rooftop systems, tariffs are not paid by the consumer since the capital costs have already been covered. However, for minigrid systems, the ‘Multi-Year Tariff Order (MYTO) 2.1’ calculation is the basic method applied to determine consumer tariffs. This tariff system allows and expects developers to recover both capital and operating costs.

Efforts towards Improving the Nigerian Power Sector: The solar perspective Policy: According to feed-in-tariff regulations approved by Nigerian Electricity Regulatory Commission (NERC), a total of 2,000MW is expected to be generated through renewables sources in Nigeria by 2020. DisCos will be obliged to source at least 50% of their total procurement from renewables. The

Technical Solutions: Asides the Payment Assurance guarantee and other renewable generation support policies put in place by the government, there are also other plans to expand Nigeria’s transmission grid wheeling capacity from 7 Gigawatts (GW) to 10GW by the year 2019. This increment is expedient if the National Renewable Energy Action Plan (NREAP) of the government involving the diversification of the generation mix is to be achieved.

Quality Assurance: Bodies like the Standards Organisation of Nigeria (SON), Nigeria Customs and Renewable Energy Association of Nigeria (REAN) exist to address this issue of standardisation. The lack of local manufacturers means that most of the equipment are imported and face fluctuations in the macro-economy.

Therefore, there is high risk of importing substandard products to increase their profit.

Conclusion Undeniably, in the past few years, there has been substantial achievement in Nigeria towards revitalising the Nigerian power sector through renewable energy, especially through solar power. The Nigerian power challenge is real and needs to be addressed quickly; therefore, employing solar energy still remains the fastest, cheapest and safest solution to power situation. However, the efforts of every stakeholder must be intensified to yield maximum results.

Author Israel Falaye is a member of the Renewable Energy Association of Nigeria Editor Chinazo Ifeanyi-Nwaoha is a power sector analyst focused on the interplay of policypractice and regulation.

Next Topics Oct. 18 Solar: Identifying Challenges and Offering solution Oct. 25 Power to the 100 Million Unconnected Nov. 1 Practical steps in achieving targets www.nextierpower.com empower@nextierpower.com

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COMMENT

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

GAY MARRIAGE: LGTB TAKES BUHARI TO COURT (2) Sonnie Ekwowusi canvasses the need to protect values that are dear to us

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igeria no more lives under the shadow and exploitation of their former colonial master Britain.

It is imperative for the Nigerian government to protect, preserve and promote our cultural identity as a people in consonance with section 19 of the 1999 Constitution. All countries are not the same.

Every country grows with its own identity and values. To successfully preserve our identity, we must guard and protect values that are dear to us.

It will be recalled that shortly before the Senate of the Federal Republic of Nigeria passed the Same-Sex Marriage Prohibition Bill into law the then British Prime Minister David Cameron issued a statement threatening that any member of the Commonwealth that outlaws homosexuality and lesbianism would be denied developmental aid

by Britain. But with a remarkable display of courage, the then Senate President David Mark responded: “If there is any country that wants to stop giving us aid because we want to pass the bill on same-sex marriage, that country can go ahead. We are a sovereign nation and we have the right to decide for ourselves because no country can interfere in the way we run our country. Same- sex marriage is against our culture, tradition and our beliefs. Only marriage contracted between a man and a woman either under Islamic law, customary law and Marriage Act is recognised as valid in Nigeria.�

Ex-Senate President David Mark is right. It is suicidal to import a homosexual “marriage� lifestyle that is alien to Nigeria and seek to impose it as law on Nigerians all in the name of observing international obligation. In his book entitled: “Who gives the law?

Determining the Jurisprudential Question,� Professor John A. Yakubu persuasively argues that the only way to avoid chaos in a society is for the legislature to make laws that accord with the values and aspiration of the people.

Anyway, the LGTB in Nigeria has filed a suit at the Federal High Court, Lagos against President Buhari and the Attorney General of the Federation. They are praying the honourable court to strike down the Same-sex Marriage Prohibition Act 2014, and, of course, by so doing, legalise gay marriage and gay activities in Nigeria. The suit weaves mainly around the principle of non-discrimination as stipulated in section 42 of the 1999 Constitution. The LGTB alleges the application of the same-sex Marriage prohibition act is a violation of their right to freedom from discrimination as enshrined in the aforesaid section 42 of the 1999 Constitution. It goes without saying that the 1999 Constitution did not provide for affirmative right to gay practices and same-sex marriage in Nigeria. Gender in our laws connotes male and female. It does not include gay, lesbian, transgender female, transgender male, transsexual, bisexual, and so forth. Gender equality in our laws means equality between a man and a woman. Specifically, section 42(1) (a) (b) of the 1999 Constitution stipulates: “A citizen of Nigeria of a particular community, ethnic group, place of origin, sex, religion or political opinion shall not, by reason only that he is such a person- (a) be subjected either expressly by, or, in the practical application of, any law in force in Nigeria or any executive or administrative action of the government, to disabilities or restrictions to which citizens of Nigeria of other communities, ethnic groups, places of origin, sex, religion or

NO COUNTRY IN WHICH GAY MARRIAGE AND GAY ACTIVITIES ARE LEGALISED REMAINS THE SAME

political opinions are not made subject: or (b) be accorded either expressly by, or in the practical application of, any law in force in Nigeria or any such executive or administrative action, any privilege or advantage that is not accorded to citizens of Nigeria of other communities, ethnic groups, place of origin, sex, religion or political opinions�.

The discrimination frowns at in section 42 (1) (a) (b) is a discrimination which one suffers on ground of one’s particular community or one’s ethnic group, or one’s place of origin or one’s sex or one’s religion or one’s political opinion. Section 42 (1) (a) (b) of the 1999 Constitution did not provide for affirmative right to freedom from discrimination in sexual orientation- homosexuality, lesbianism, bisexuality, transgenderism, transsexuality, and so forth. The word “sex� in section 42(1) (a) (b) of the 1999 Constitution means biological sex, that is, male or female. It is does not mean social-construct sex such as homosexuality and lesbianism. In fact homosexuality, lesbianism and same-sex marriage are not, by any stretch of imagination, traceable in the history, text, structure and logic of our constitution.

This is because the notion of sexual orientation-homosexuality, lesbianism, bisexuality, transgenderism, and so forth was never in the contemplation of the framers of the 1999 Constitution at the time of the making of the constitution.

It is frightening to contemplate the possibility of a Nigerian court striking down the same-sex prohibition act in order to legalise gay marriage and gay practices in Nigeria. Such judicial pronouncement will do untold harm in Nigeria. No country in which gay marriage and gay activities are legalised remains the same. This is understandable. A legalisation of gay marriage is a gentle slope to descent into the abyss. On June 26, 2015 the United States Supreme Court in Obergefell V Hodges legalised same-sex marriage in the United States. Today this Supreme Court decision has opened the door to all possible aberrations and harmful choices in sexual orientation in the United States. For example, in the recent case of G.G V Gloucester County School Board, the court held that schools must allow biologically female students who identify themselves as males to use male restrooms. In some schools in the United States today male students who identify themselves as females (even without having undergone a sex reassignment) are allowed to undress before female students and shower together with the female students. The new wind of sexual liberation blowing across Europe has made sexual orientation a new reference point of human rights. This is bringing the remnant of European civilisation to its ruin.

Do we want Nigeria to be overtaken by the aforesaid ruin? I guess no. Surely the Nigerian judiciary will be wary of a judicial usurpation of the aspirations of the Nigerian people. A judicial review of enacted legislation is not objectionable. What is however objectionable is the judicial manufacture of a constitutional law to replace the duly enacted constitutional law and the will of the Nigerian people.

It is difficult for a society as divided as contemporary Nigeria to come to a shared understanding on fundamental political, economic or even social issues. But on the issues of gay marriage and gay rights, almost all Nigerians have the shared understanding that they are unconstitutional and antithetical to our cultural heritage.

THE DAY OF THE GIRL CHILD

Girls should be enabled to be the best they can be, writes Laure BeauďŹ ls

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oday, on the International Day of the Girl Child, I will be announcing the results of a small competition I launched not long ago: I asked young women and girls aged 16 to 25 to post a one minute video setting out why the rights of girls matter, and what they would do about it if they were given the opportunity. Along with two colleagues, I will pick one “winner� who will be invited to “be the Deputy High Commissioner in Lagos for a day�. I have received some comments on social media asking me why I am discriminating against men and boys, who may equally want such an opportunity. And so here is my answer: this is a small, symbolic, gesture. A gesture that is intended to show that, despite all the talk of girl power, across the world, girls do not have the same opportunities as boys. That there are still informal rules of the game that often hold girls back, and that are often invisible. And that we need to do something about it. There is a case for proactive action.

This is not only the case in Nigeria. It is the case across the world. Each country faces its own challenges and difficulties and journey to equality and dignity.

You know better than I do what the challenges are in Nigeria: nationally, 43% of girls are married before the age of 18. Rape and sexual violence is recognised as a widespread and serious problem.

Nigeria has the highest number of children out of school in the world - 10.5 million children.

The majority are girls. Men dominate and control social, economic and political life.

All of this matters. The globally accepted

evidence is that when girls are educated, healthy and empowered, families are healthier. According to UNESCO, 2.1 million children under the age of five were saved between 1990 and 2009 because of improvements in girls’ education. And closing the gap in the unmet need for family planning for the 225 million young women who want to delay or avoid pregnancy but aren’t using modern contraception would reduce maternal deaths by 67% and newborn deaths by 77%. Empowered girls are key to breaking the cycle of poverty for families around the world. Every additional year of school increases a girl’s eventual wages by an average of 12% - earnings she invests back into her family. Empowered, educated girls have healthier, better educated children and higher wages, helping to break the cycle of poverty.

But I am always uncomfortable with these arguments. Do we just invest in women in girls to deliver better health, education and economic outcomes for their families? Is it not, fundamentally, the right thing to do? Yes it is: irrespective of our culture, history, ethnic group and religion, it is the right thing to do. Discrimination has no place in the 21st century, no place in the Nigeria or the Britain that we want. Every child, every girl, has the right to go to school, stay safe from violence, access health services, fully participate in her community, and be the best that she can be.

And so I think it is right to dedicate a particular day, the International Day of the Girl Child, to highlight these inequalities, and to think about what we’re going to do about them during the rest of the year.

As the UK Government working in Nigeria

and with Nigerians, we have put women and girls at the heart of our development programmes. Our Department for International Development (DFID) is working hard to step up efforts and put a stop to all forms of violence against women and girls, changing policies that improve the legal environment to secure women’s rights. DFID’s flagship programme, Voices for Change (V4C), addressed social attitudes and behaviours that discriminate against women and girls; built their skills and increased their chance of getting a job. Through this programme, over 9,845 young women and 9,648 young men (aged 16 – 25 years) are taking action in relation to violence against girls and women. Over two million 16-25 year olds are demonstrating more positive attitudes in relation to women’s leadership. DFID’s livelihoods/poverty programmes have sought to improve women’s economic assets, increase women’s income and access to financial and productive resources.

1.4million women and girls have been helped to improve their incomes and have a say in how these are used. DFID’s education programmes have focused on building education systems at state level to improve access and learning in basic education. Specific results include: 1.3 million girls reached by improved teaching and girl-friendly learning environments. Through our health programmes, over eight million children under five, women and adolescent girls are benefiting from improved nutrition and over two million women and girls are now using modern methods of family planning.

The UK has also been working with International Alert in Maiduguri since October

2016 to provide support for the reintegration into their families and communities of girls who are survivors of sexual violence by Boko Haram.

Notwithstanding these achievements, addressing inequality and securing the rights of women and girls in Nigeria will require generational change.

The main driver of change must be Nigerian decision makers and the Nigerian people who, together, hold the key to achieving equality across Nigeria.

So, what we can all do as individuals to make that reality happen? I am convinced that each and everyone of us has a role to play and can make a difference. Indeed, we have a moral responsibility to do so. We can speak out when we see sexism and injustices against girls – when girls are asked to do house work but not boys, when girls are not encouraged to study and excel in science, when girls’ appearances matter more than that of boys, when girls do not have the same access to property as their brothers, when girls do not control their ability to work and manage their income. And when we see discrimination, we can shout. We can make our politicians sit up and listen.

The talent resourcefulness and dreams of the girls I’ve met thus far in my seven months in Nigeria know no bounds. These girls have star power. They can bring about meaningful change to their communities and Nigeria. Today, let us all recommit to protecting girls, empowering them and allowing them the dignity to be the best that they can be.

BeauďŹ ls is UK Deputy High Commissioner to Nigeria

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EDITORIAL CONTAINING THE MONKEYPOX OUTBREAK Good personal hygiene is key to stemming the viral disease

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n yet another national health emergency, the Nigeria Centre for Disease Control (NCDC) announced on Monday that monkeypox virus, which started with an index case about two weeks ago in Bayelsa State, has now spread to six other states, including Akwa Ibom, Lagos, Rivers, Ekiti, Cross River and Ogun. This is a very troubling development that should ginger the authorities in all the 36 states to move quickly to avert what could become a serious national epidemic.

According to the NCDC Chief Executive OfďŹ cer, Dr. Chikwe Ihekweazu, there were 31 cases of the ailment in the country as at Monday and they were already being subjected to laboratory tests.

Ihekweazu said that the centre had activated an Emergency Operation Centre (EOC) to coordinate investigation into the outbreak and work out appropriate response across the affected states. “The EOC is currently supporting state ministries of health in their response to the outbreak through active case ďŹ nding, epidemiological investigation and contact tracing,â€? Ihekweazu said.

First discovered IT IS NOT ONLY MONKEYS in 1958 when two THAT CAUSE THE outbreaks of a INFECTIOUS DISEASE. pox-like disease MAJORITY OF CASES ARE occurred in some colonies of monkeys IN FACT TRANSMITTED FROM RATS, SQUIRRELS, that had been kept for research at the RODENTS AND USUALLY State Serum Institute AS A RESULT OF DIRECT in Copenhagen, PERSON-TO-PERSON Denmark, it was CONTACT OR THROUGH immediately named BLOOD AND BODY FLUIDS ‘monkeypox’. But the ďŹ rst human index was reportedly recorded in 1970 in the Democratic Republic of Congo during a period of intensiďŹ ed effort to eliminate smallpox.

The recent index case in Bayelsa State from where it has spread to other states was traced to the eating of monkeys by some villagers.

However, it is not only monkeys that cause the infectious disease. Majority of cases are in fact

Letters to the Editor

transmitted from rats, squirrels, rodents and usually as a result of direct person-to-person contact or through blood and body uids. During the ďŹ rst few days, symptoms can include nausea, headache, fever, back pains and in advanced cases, rashes bigger than those caused by chicken pox, though unlike Ebola, it is treatable and most patients usually recover.

Fortunately, no Nigerian has died as a result of the outbreak. The only challenge is that immunecompromised patients, especially children of the poor as well as those that are malnourished or suffering from lung disease may be more endangered.

And as at present, there is no commercially available vaccine speciďŹ cally for monkeypox.

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hen there was an outbreak of the muchdreaded Ebola virus in the country in 2014, many Nigerians as well as members of the international community commended the Lagos State Government and the federal health authorities for the swift response in dealing with the disease, ferried in from Liberia. The manner the response was coordinated at the time saved several lives and prevented what could have been a national calamity. But the same cannot be said of the 2015 outbreak of meningitis where the health authorities were evidently caught napping, thus leading to several fatalities. We hope sufďŹ cient lessons have been learnt from that ugly experience.

Washing hands regularly with soap and water or using an alcohol-based hand sanitiser; avoiding contact with any material that has been in contact with a sick animal or person and isolating infected patients remain the best ways to avoid a spread of the virus.However, to the extent that it is the dirty habit of many Nigerians that has led to a situation in which rodents are everywhere, experts are agreed that there is a need for a sustained campaign to sensitise the populace on public health issues.

Therefore, since prevention is still far better than cure, we urge Nigerians to continue to observe good hygienic behaviour, especially given the causative factors of monkeypox.

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.

WHO WANTS TO BE A TEACHER?

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t the moment, it will not be an exaggeration to state that the state of education in the country is at an all time low. Concerned stakeholders are justifiably worried about the sore state of affairs in the sector. Without a doubt, every patriot must be concerned about the disturbing state of education in our nation. If we are to record reasonable scientific and technological breakthroughs, attain national development, achieve Millennium Development Goals (MGDs) among others, there is a need to do something radical about the declining fortune of education.

Some have, indeed, demanded that a state of emergency be declared in the sector while others have called for the setting up of a “firebrand task force� to deal with the nose-diving fortune of education. Whatever it is that is eventually done, the reality is that the education sector needs dire attention.

A majority of Nigerian graduates are unemployable because of the inconsistencies and instability in the sector.

We should not be abashed at this revelation. Since we have placed little value on our schools and teachers over the past decades, we should not expect anything different. It is an undeniable truth that education and national development are complementary. Therefore, it shouldn’t be surprising that we are lagging behind in so many critical areas when compared with nations such as Singapore, India, Malaysia,

Ghana, and Trinidad and Tobago, to mention but a few among nations with whom we attained political independence around the same time.

One area in which we have really erred in terms of our attitude towards education is in the gross neglect of teachers. No matter the level of investment in the sector, if we continue to treat teachers as some irrelevant bunch of people who don’t really matter, we won’t make much progress in any effort to reposition education. We need to pay close attention to the status of the teaching profession in the country. Universally, teaching is regarded as one of the oldest professions in the world. The main goal of teaching is to change the behaviour of the learner with a view to making him/her a useful or productive member of the society. The central figure in teaching is, no doubt, the teacher.

The way people perceive teachers varies from one society and culture to the other. To the Jews, he is known as “Rabbi� (the great scholar) while Indians refer to him as “Brahman� (the esteemed one). In Athens, he is referred to as ‘prodigy’, that is, the most intelligent one in the community while in Rome; a teacher is a ‘pedagogo’, meaning a slave whose duty is to teach the young ones. Back home in Nigeria, it is believed in some quarters that teachers are generally wretched and miserly persons who measure yams with a ruler or foodstuffs such as garri (cassava flour), rice, beans,

etc., so as to determine the quantity to be cooked. As evident in our society, teachers are usually sneered at for their not too comfortable and favourable social status. Worst still, while others readily get their own share of the national cake while still alive, teachers are to wait for their own reward in heaven!

In education, a teacher is one who helps students or pupils, often in a school as well as in a family, religious or community setting. A teacher is an acknowledged guide or helper in processes of teaching/learning. A teacher’s role varies between cultures. Academic subjects are emphasised in many societies. But really, a teacher’s duty may include instruction in craftsmanship or vocational training, spirituality, civic community activities, sciences or life skills, among others.

In civilised and organised societies, teachers are well rated and usually respected as specialised professionals; on the same level as many other professions. In our clime, if we are to get the best out of teachers, we need to honour, celebrate and respect them. The issue of proper remuneration for teachers is one that we must not really shy away from.

A properly motivated teacher is definitely an asset to the society.

Olalekan Olagunju, Alausa, Lagos

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T H I S D AY WEDNESDAY OCTOBER 11, 2017

T H I S D AY WEDNESDAY OCTOBER 11, 2017

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T H I S D AY ˾ WEDNESDAY,OCTOBER 11, 2017

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MIDWEEKPOLITICS

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

THE NEWSMAKER

Paseda: Undeterred By Big Political Parties Inspite of the fact that he is not a member of any of the major political parties pulling the crowds in Ogun State , Rotimi Paseda believes his United Party of Nigeria is capable of recording an upset in the state’s gubernatorial election in 2019, writes Femi Ogbonnikan

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hen he meets you for the first time, he will leave you with a lasting impression. This is because he is blessed with innate qualities that make you comfortable. You will instantly connect with him as if you met him long time ago.

Blessed with these rare attributes is Otunba Olatunde Rotimi Paseda, the 2015 Ogun State Governorship candidate of the Unity Party of Nigeria (UPN).

Born in Lagos on June 22, 1965 to Mr Olaitan and Mrs Victoria Paseda, he hails from the Ramuja ruling house (Adeneye crown), in Omu-Ijebu, Odogbolu Local Government, Ogun State.

His decision to join the politics of Ogun State, two months away to the twilight of the 2015 governorship contest, sprang surprises, as he shook the entire state to its foundation, on account of his populist and welfarist programmes which he copied from the manifestos of the late sage, Chief Jeremiah Obafemi Awolowo, the first premier of the defunct Western Region.

At the end of the governorship poll, Paseda (fondly refers to as Omo Iya teacher), came third after the PDP governorship candidate, Gboyega Nasir Isiaka.

Paseda attended Baptist Academy, Obanikoro, Lagos State, for his West African School Certificate Examination (WASCE) Ordinary Level and thereafter, travelled abroad, like his other siblings, for his university education. He attended the Berberck College, University of London, UK where he obtained a Bachelor of Science (Bsc) degree in Transport Management in 1988 and subsequently had a Post Graduate Diploma (PGD) in Tourism and Recreation Management from University of Cardiff, Wales, UK. He is a member of the Chartered Institute of Transport, United Kingdom, and worked briefly as a European Air Tour Operator with Euro Skyhop International before establishing his own firm, Skylink Travels and Tours, which has been operating for over 25 years.

This feat marked the commencement of his self-employment venture in the United Kingdom and Worldwide.

Along the line, he stumbled on a company in Mexico that manufactures heavy duty equipment and he cashed in on the opportunity, bought into it and it became one of his main businesses.

It is a big firm in Mexico and he is one of the three co-partners in the venture. Besides, as an astute business mogul, he is also into fire engines construction, which sells mostly in Eastern Europe, and Asia and Latin America. Also, he has successfully established two engineering firms that are into fabrication and building of heavy machinery; manufacturing water tankers, fire engines, garbage /compacting trucks and the likes and they are doing thriving in the international market.

Paseda owns four major companies across the world, particularly in UK, the United States, and Latin America. In Nigeria, he owns a couple of hotels, spread across different parts of the country, and little wonder, he was recently counted alongside former-president Olusegun Obasanjo and Chief Olusegun Osoba, as one of the 100 Most Influential Ogun Indigenes Still Living.

Paseda is the founder of Paseda Legacy Foundation, a non governmental organization he established as a way of helping the needy /give back to the society.

The determination to succeed against so many odds encouraged him to forge ahead. He believes that if he can succeed out there in the UK, he should be responsible to his people at home by contributing his quota to the development of

Paseda

his home state, Ogun state and Nigeria at large.

He is the major financier of Unity Party of Nigeria (UPN) in Nigeria and he personally believes in Awolowo’s ideology of free education, free health care, cheap housing scheme and rural integration, among others.

Undaunted and optimistic of winning the 2019 Ogun State governorship contest, the UPN gubernatorial hopeful has expressed his desire to continue with the good projects embarked upon by the administration of the incumbent governor Sen Ibikunle Amosun of the All Progressives Congress (APC), if voted into office. In a chat with THISDAY at the weekend in Lagos, Paseda, stated that he strongly believed in continuity, regardless of political party affinity.

According to him, development is for the people.

Therefore any projects embarked upon by a

Therefore any projects embarked upon by a governor and could not be completed before the expiration of his tenure, should be continued and completed where necessary by his successor, in a bid to prevent wastages

sitting governor and could not be completed before the expiration of his tenure, should be picked up, continued, developed and improved upon, where necessary by his successor, in a bid to prevent wastages.

“I am a very strong advocate of continuity. I mean, continuity must be total. It can’t be partly.

It has to be total which means regardless of the party the governor belong to or the party he is affiliated with, should not matter. What matters is the service he has been delivering. You can’t say, that bridge was built by the governor and that bridge remains or perhaps, it was named after somebody and you now come in as the next governor and you now change the name because it was this governor that did this bridge. No! But rather, we are only undoing ourselves. There must be some good things that a governor is doing. In fact, everything can’t be negative in majority. The projects are not meant for the benefit of the governor himself but for the state as a whole, whether we like it or we don’t. It is not what the governor is doing or he has done but it is definitely for the benefit of the people of the state, directly or indirectly. As a God - fearing person and as a servant of the people, you must carry on with the projects from that governor, from where he started and also stopped.

“There is a blue print and you will have to continue with the blue print because it is bigger than you. It is about our people. It is about our state. You would have to follow the blue print, so that at the end of it all, when you step out either after four or eight years somebody else would come and pick up that blue print and continue. At the end of it all, you will

discover we are developing and improving.

I believe what he is doing or he has done so far is service delivery continuity.”

He noted that too much money is lost on account of a change in government, particularly if it involves a change of baton from a political party to another.

“If the government changes and you belong to another political party and you abandon what the governor has done, we change the system and we lose money. It should not be like that. It does not matter, be it APC, PDP or UPN. What I mean when I said continuity must be total is that, it also involves the commissioners and the people that serve within that cabinet. Why would you go and look for somebody when you already have a functional, suitable and respected commissioner for health? There must be continuity. If the current APC commissioner is good and he is delivering, why must you change him? Why must you change her? Why shouldn’t you keep her there because she or he would carry on and develop what he or she has been doing before? So, I am of the opinion that it doesn’t matter. It is not where you are coming from but whom you are. It is your pedigree. And it is your capacity to deliver. I would definitely retain some commissioners that the current governor has. Because I know that about three or four of them are very good, and unless they refuse to serve under my watch. I will approach them and ask them to continue with the good work, that what you have been doing for the outgoing governor come and do it for me. That’s my idea of continuity and I strongly believe in that. I am a very strong advocate of it”, said Paseda.

T H I S D AY ˾ WEDNESDAY,OCTOBER 11, 2017

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UPDATE AND TRENDING

MIDWEEKPOLITICS

Playing Politics with Criminality Since GovernorNyesomWikeofRivers Stateaccused operativesoftheSpecialAnti-Robbery Squad of being behind the spate of crimes in the state, the police high command has refused to act, Ugo Aliogo reports

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ince Governor Nyesom Wike of Rivers State raised the alarm that operatives of the Special Anti-Robbery Squad were responsible for the spate of crime of the state, the police high command has refused to act.

Wike, stirred the hornets’ nest recently when he accused the state’s Special Anti-Robbery Squad (SARS) of the Nigeria Police of being behind the series of kidnapping and armed robbery incidents in the state. The governor alleged that SARS Commander, Mr. Akin Fakorede, and his operatives had been indicted by an official police signal, which indicated that they were responsible for the series of kidnapping and deadly robbery incidents across the state.

The governor further alleged that the SARS commander was planted in the state to sabotage the security architecture of Rivers and create an atmosphere of fear. He specifically said the criminal activities of Fakorede were uncovered by the Inspector General of Police X Squad, Abuja, deployed in the state after the team busted the attempted kidnap of one Mr. Azumana Ifeanyi on September 11, 2017 at the GRA, Port Harcourt.

He said: “Most of the kidnappings and armed robbery taking place in this state are done by men of SARS. They use exhibit vehicles to operate. As the Chief Security Officer of the state, you complain, but they choose to play politics with crime. They fight crime in some states, but they refuse to fight crimes in Rivers State.

We are done with the elections, but they are using SARS to create insecurity in the state. As I speak with you, they will deny. But the SARS operative, who was killed, was among those who raided the Rivers East senatorial district collation centre. This man can be identified in the video as one of those who invaded the collation centre with Fakorede.”

The governor alleged that the deliberate acts of violence being perpetrated by the police had been planned as part of the rigging process for 2019. He maintained that his administration had invested more than any other state in security, logistics and lamented that the police were working against the state.

“I have never seen a country where they politicise crime. It is very obvious that they want to give the impression that Rivers State is unsafe. They want to instill fear preparatory to the elections. That is why there are so much killings. Authorities deliberately trying to destroy a whole state and you want the people to be happy. I will no longer write (to the IG). Now is the time to take my case to the public for the whole world to know what is happening,” Wike added.

Two days after Wike made the allegation, when journalists cornered the IG, Ibrahim Idris, in Abuja and sought his views, he dismissed the governor’s alleggation rather than promising to investigate the allegation.

The reaction of Idris was not a surprise to many indigenes of the state who have noticed the way he has been playing politics with security in the state since his assumption of office.

Many indigenes of the state are of the view that if Wike were an APC-led governor, Fakorede would have long been transferred out of his state. They wonder why a police officer should be left in a particular state for so long a time in an area especially when the level of crime in the state is on the increase.

Prior to his assumption of office in 2015, Wike had bitterly complained about the alleged criminal activities of two police officers namely Fakorede and Steven Hasso. The governor said he had knowledge of their recruitment by the APC to compromise security in the state and rig the 2015 elections in the state in favour of the APC. He called on the IG to transfer these men out of the state.

Following allegation by election observers and civil society organizations that the police were involved in security breaches and electoral malpractices, the governor again demanded the transfer of these men out of the state. When the police ignored his directive and also refused

Wike...police would not heed his calls

to investigate the allegations despite repeated killings in the state, the governor led leaders and members of the PDP in a protest march to the state commissioner of police on December 15, 2016. Since then, the spate of crime in the state has tripled with killings, kidnapping, robberies always in the news.

In the build up to the rerun legislative elections in the state in March and December 2016, the governor had accused the SARS Commander of plotting to rig elections in favour of the APC. The IGP refused to act, suggesting a handicap.

Truly, at the Rivers East senatorial district election collation centre, Fakorede brutally assaulted the INEC returning officer at the Port Harcourt City Council (collation centre). The incident was captured on video and shown to the whole world by Channels TV. Despite the repeated alarm, nothing was done by the police high command to transfer the SARS Commander out of the state because, according to him, he was doing the bidding of the APC. For this reason, the evidence did not move the police chiefs as they said the police officers caught on camera were not Nigeria police. Since then every effort made to investigate the issue and bring him to justice was resisted by the police high command.

THISDAY investigation revealed that Fakorede has been in the state since 2009. Before then, he had served in Cross River State where the state government on several occasions complained about his activities and mounted pressure for him to be transferred out of the state. Before he became SARS commander in Rivers State, it was learnt that he served as the Divisional Police Officer of Rumueprikom in Obio/Akpor LGA and later as OC Legal.

The governor alleged that the deliberate acts of violence being perpetrated by the police had been planned as part of the rigging process for 2019

Thinking that the Supreme Court would nullify Wike’s election and rerun election conducted, Fakorede was immediately allegedly drafted to head SARS in September 2015. With the dream not realised, the SARS commander has been left to do order special assignments of the members of the APC. Apart from Wike, since after the 2015 general election, many indigenes of the state have accused the Fakorede-led SARS of highhandedness, killings, robbing, kidnapping and extortion. They wonder why SARS commander would still be left in the state when over six commissioners of police have been transferred out of the state since 2015. It is believed that any commissioner who is determined to tackle crime in the state is promptly transferred, while the SARS commander is left untouched.

On September 11, 2017 SARS officials were alleged to have kidnapped one Mr. Azumana Ifeanyi and took him to the bank to withdraw the ransom of N500,000. Luck however ran out of them when the IG X-Squad men posted to check the excesses of police officers on duty, acting on a tip off, accosted the SARS kidnappers and in the process a SARS sergeant shot the X-Squad Inspector, Mr Justice Nyeche, who was unarmed and also killed one of their own, a SARS inspector. Despite the alarm raised by indigenes of the state, till date, nothing has happened.

The SARS officers who were fingered in the kidnap and killing have been let off the hook.

This excesses of SARS is fuelling other cases of brutality by other police officers and their agents. For instance, during the rerun elections in December 2016, an APC chieftain, was suspected in the killing and beheading of DSP Alkali Mohammed of Mobile Police Unit 48 and his orderly but the police refused to act. Till date, nothing has been heard about the case. So it means that there are different laws for different people in Rivers State.

On September 25, 2017, a 42-year-old taxi driver, Mr. Ajibade Ademisoye, was killed by SARS officials at Rumuakunde Community in Emohua Town, and to cover the crime, the deceased was labelled a cult member. But eyewitness account contradicted the police’s claim.

This act of provocation led to protests across

the area, which obstructed vehicular traffic and disrupted the economy of Emohua Local Government Area. Some of the protesting women stated that the SARS operatives after killing Ajibade, were dragging his remains into a nearby bush before passerby raised the alarm.

It took the timely intervention of official of the local government council for the protest not to snowball into violence.

There was another case of a man where SARS officials allegedly recovered his stolen vehicle and refused to release same to the owner and were driving the vehicle round the streets of Port Harcourt because he refused to give them N500,000. This type of story is common across the state.

Many have argued that Rivers SARS has metamorphosed into the militant wing of the APC. They cannot imagine why the police high command has continued to ignore the complaints against the agency and its commander.

The police are expected to inspire confidence and treat people equally but this is not the case in Rivers State. Prior to the December rerun elections, on November 5, 2016 some persons including Comrade Atonye Peterside, Director of Help Mate Consult were arrested by the police while printing INEC election result sheets at 12, Isiokpo Street, D- Line, Port Hacourt. The matter was reported to the police. The police high command transferred the senior officer who handled the case out of Port Harcourt and transferred the case to Zone 6, Calabar from where the case was killed. Nothing has been heard about the case since.

Despite the fact that security is the responsibility of the federal government, the governor has continued to support security agencies in the state. So far, he has provided of 150 Hilux pick up vehicles fitted with communication equipment and six armoured personnel carriers at the cost of N200,000,000 each. He also gives diesel and financial support to the Army, the Navy, the Air Force and Department of State Security, on monthly basis. He has equally bought and handed over 10 armoured attack boats to the Navy, built houses for them. Yet the crime rate in the state is on the increase due to the activities of SARS operatives.

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FEATURES

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

A New Vista for IDPs As part of efforts aimed at restoring the livelihoods of internally displaced persons, the UNDP is building on initiatives that will make them economically active, Adedayo Akinwale writes

A cross section of graduands from the PAN Learning Centre

T

he Boko Haram crisis which has ravaged the North-east part of the country for more than eight years now and has already displaced more than two million people, as well as leading to thousands of deaths has left the federal government and the affected state governments with so much to grapple with.

While the Internally Displaced Persons (IDPs) have been forced to rely on the government for their survival, thousands of young people and households have been displaced from their means of livelihoods, no thanks to the crisis.

However, the humanitarian crisis in the region has also attracted the sympathy of international donors, local and international non-governmental organizations (NGOs) , the United Nations, Red Cross among others; whose timely intervention is helping to alleviate the situation to a large extent.

Nevertheless, the humanitarian crisis in the North-east has also become a golden goose that lays the golden eggs for some individuals who have seized the opportunity to make illicit money out of the present predicament of those affected.

It is therefore not surprising that many-a-times, relief materials meant for the IDPs have been diverted even by government officials.

Often, diverted relief materials have ended up in the markets where they were sold. Heartless government officials and dubious NGOs continue to feed fat while the situation of the IDPs worsened.

It is equally true that prolonged development deficit in the region exposed millions of people to different kinds of vulnerabilities. Even before Boko Haram began its insurgency in the region more than eight years ago, communities were already vulnerable and struggling to survive.

Nearly seven out of 10 people were living below the extreme poverty line, on less than $1 a day, and livelihood opportunities were severely limited.

The insurgency worsened the situation resulting in mass suffering among the people especially women and the youths. The United Nation Development Programme (UNDP) assessment revealed that about 1.9 million people in the region, representing over 250,000 households are in urgent need of early recovery support, including shelter, food, livelihood, social infrastructure, public security, among others. It is important to note that currently, over 80 per

cent of households affected by the insurgency spend more than they earn, and 30 per cent of households are economically inactive.

Meanwhile, as part of this year’s commemoration of the International Day of Peace which falls on 21 September every year with the theme, ‘Together for Peace: Respect, Safety and Dignity for All’, with focus on the plight of IDPs, refugees and migrants throughout the world; the UNDP as part of its effort aimed at addressing one of the root causes of Boko Haram insurgency recently graduated 571 IDPs drawn from Adamawa, Borno and Yobe States, all trained in automotive technology skills.

In its wisdom, the world body, rather than focusing on coordinating the delivery of relief materials which may be diverted by saboteurs masquerading as aid workers, has devised a holistic package aimed at meeting early recovery needs of population affected by the Boko Haram crisis in the North-east with skills and entrepreneurship training that would enable them to have sources of livelihoods and also help in transforming the country's economy.

UNDP Country Director, Samuel Bwalya

As UNDP, we are working towards ensuring that necessary early recovery needs are met through vocational skills training, livelihood support, rehabilitation of public infrastructure – these efforts are providing catalytic ingredients for communities to thrive again, for individuals to be able to fend for themselves again, and for development to return to the region

while speaking at the graduation ceremony in Kaduna State recently said; "today’s event demonstrates that hope and opportunity still exist when peace is given a chance – knowing very well the circumstances that led to mass displacement of communities from which some of these graduates came - Adamawa, Borno and Yobe States. Today, they may just be 79 that are graduating, but they represent a lot of hope for others and communities they come from.

"As UNDP, we are working towards ensuring that necessary early recovery needs are met through vocational skills training, livelihood support, rehabilitation of public infrastructure – these efforts are providing catalytic ingredients for communities to thrive again, for individuals to be able to fend for themselves again, and for development to return to the region.

"With support from the Government of Norway, we have focused our interventions on the root-causes of the crisis, the early recovery needs that will lay the foundation for long-term development to take place in the region. We are working in partnership with other UN agencies to meet the short and medium term needs of the displaced population. We have so far been able to support farmers and mostly female-headed households with agricultural inputs including agro-processing equipment. We are convinced that this support, catalytic in nature, will help communities to bounce back and thrive again," Bwalya noted.

As a development agency, the Country Director stated that "the UNDP will still stay in the North-east for some time to coordinate the development interventions starting from early recovery to recovery built in resilience in those communities affected, while also ensuring that development occurs in those communities in a sustainable fashion is our responsibility.

"Out of the seven hundred IDPs who were shortlisted for the first phase, only 575 registered and successfully passed out. Currently, 571 of the 575 were placed into three technical facilities in Kaduna, Maiduguri and Yola, 79 of whom are graduating today while 179 others will graduate in Yola Technical Centre by this time of next week. The last two batches from the Ramat Polytechnic, Maiduguri and this Centre will graduate in November 2017 and February 2018 respectively.

"It is our hope that after passing through this training process, the graduates, depending

on the programme they were engaged in, are peace advocates, responsible citizens, better business managers and potential leaders in their communities," Bwalya stressed.

Meanwhile, the Director General, PAN Learning Centre (PLC), Ms. Elizabeth Mordi, said the Centre was honoured to have been selected amongst the organisations to partner UNDP in its laudable youth development and economic empowerment programme for the IDPs. She said through UNDP livelihoods support project, 79 IDPs drawn from Adamawa, Borno and Yobe States were enrolled at the centre mid-2016 and successfully trained in automotive technology skills-Auto Mechanic, Auto Mechatronics, Auto Panel beating and welding and Auto Spray Painting. She added that the trainees also benefited from the centre's ICT courses to Diploma Level and defensive driving skills from FRSC accredited PAN driving school.

"The first batch of UNDP trainees who started their training in July 2016, are already transformed men and women. There is a total difference in their present levels of skills, knowledge and attitude.

"The great news is that UNDP has not just trained the graduates but has gone further to provide them quite necessary tools and equipment required to start up their private practice in their various trades," Mordi added.

The representative of Yobe State governor and the Director, State Emergency Management Agency (SEMA), Mr. Musaidi Jidawasaid it may not be an understatement to say Yobe State out of all the North-eastern states was the one that is most ready for early recovery. He said this was informed by the fact that as it is now there is no form of Boko Haram activities in the state, aside attacks being carried out by the insurgents across the borders.

He added that, "all the land of Yobe State now is secured minus tiny villages bordering key neighbours. We can categorically say that Yobe State is now ready and safe for any person willing to come and assist us in the task of early recovery."

He revealed that the state has established a committee headed by the deputy governor, Engr.

Abubakar Aliyu. This committee is made up of all the key stakeholders in the state and it is charged with the responsibility of coordinating all aspects of interventions that are geared towards the recovery of the entire state.

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FEATURES "Based on this, this particular occasion of today, the graduation of middle level manpower is timely and squarely fits into the scheme of things in the state. We are looking at high hope on the graduands to serve as the key drivers of economic recovery in the state. The training and whatever process that are going to come out of that are not going to stop on them as single individuals because as would-be entrepreneurs and as employers of labours they would be able to support not only themselves or immediate families but also all the members of the community," he noted.

On his part, the Special Adviser to the governor of Borno State, Hon. Nuhu Kulak, said due to the wanton of destruction caused by the Boko Haram crisis in the state, the Ministry of Reconstruction, Rehabilitation and Resettlement was created two years ago to build from the scratch the towns, villages and communities that were totally destroyed by the insurgents.

"The state government is trying its best with the help of donors to build most of the houses destroyed. Bama is completely destroyed, the government is now building Bama from scratch.

Almost all the local governments in Borno were affected by the insurgency," he said.

One of the graduands, 20 years old Fatima Muhammed said she just finished her secondary school education when the Boko Haram crisis started. She said prior to her training as a mechanic that she has never held a spanner in her life before. Her words: "I'm from Gaidam Local Government Area of Yobe State I was trained as a mechanic. Before I started the training I have never held a spanner in my life. I feel happy doing the job. When I go back, I will open my own garage. I will like to establish in Kaduna.�

Also, another graduand, Mr. Lackison Listakis, who specialised in Mechanic- Mechatronics said he would like to open his own workshop in Adamawa State.

Janet Ibrahim, trained in paint and panel beating from Banki, Borno State, said she was a stylist before the crisis begun. She added that she has no means to start over again and she decided to join the programme.

"I was trained in paint and panel beating. I feel it is interesting for a woman to be trained in this profession that was why I chose it. I really enjoyed the training. Some of my friends said we should go and established in Maiduguri.

"I'm ready to train others and I'm sure they will be interested. Before the Boko Haram insurgen I was a hair dresser but I don't have anything to start all over again that was why I joined the programme.We were staying in Banki, a border town."

Asked how she felt being one of the ladies in the midst of men during the training, she said: "When we started the training I was the only lady in the midst of the guys before the other lady came to join I knew that I will make it and I was interested in the way the work is being done."

Also, Mr. Adegbe Michael, a MechanicMechatronics Instructor at the centre said vocational training was different from the knowledge being acquired in the higher institutions of learning in the country, adding that with vocational training you don't need to look for any job rather jobs will be looking for you because you have solution to the problems being faced by the people.

According to him, "What we do in Pan Learning Centre is Automotive Vocational Skills Acquisition. On the part of UNDP, they were able to look at the plight of the people who have been ravaged by insurgency, a lot of them

I'm from Gaidam Local Government Area of Yobe State. I was trained as a mechanic.

Before I started the training I have never held a spanner in my life. I feel happy doing the job. When I go back, I will open my own garage. I will like to establish in Kaduna

Adamawa State deputy governor, Martins Babale (1st right), presents starter kit for aluminium fabrication to Daniel Kaltiya from Mubi

Starter kits for aluminium fabrication, gsm repairs and welding distributed to help 179 IDP graduands after graduation from skills acquisition programme

A cross section of graduands from Yola

are widow, young men have lost their means of livelihoods and so UNDP saw a need to support them in restoring them back to their source of livelihoods."

He added that, "they went to Borno, Yobe and Adamawa to bring these people to this centre and supported them , they paid their training fees. The centre has also been able to turn the mere men that came 12 months ago into certified technicians today."

Michael said that the trainees were paid monthly allowances of N26,000 by UNDP, while they were also provided free accommodation and an enhanced lunch.

He explained that it was difficult teaching them but due to the techniques applied in the training, the centre was able to get it right.

"We do practical section and class section. In the practical sections we use learning programme like power point where drawings and graphical

representation are shown. We do one week class session and two weeks practical session such that all that has been thought in theory is demonstrated physically and is well assimilated.

"We also do industrial attachment so that our trainings will be able to experience live problems and how customers come with their challenges and how problems are being sorted out. They do that like six months and then the class and practical session like six months," he added.

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IMAGES

L-R: President Muhammadu Buhari; and Oyo State Governor, Senator Abiola Ajimobi, when the governor met with the president, in his oďŹƒce, at the Presidential Villa, Abuja... on Tuesday. Photo: Oyo State Governor’s OďŹƒce

L-R: Regional Sale Manager Africa, Castrol, Stan Dewing; Managing Director, Eterna Plc, Mahmud Tukur; Head of Technology, Africa, Castrol, Bob Bowen; and Marketing Manager, Nigeria, Castrol, Akosua Acheaw, at the media brieďŹ ng on the oďŹƒcial launch of Castro oil lubricants in Nigeria by Eterna Plc in Lagos...recently etop ukutt

L-R: Senior Health Specialist, Okunlola Olumide, Lead Health Specialist and Head, Health in Africa Initiative, Dr. Khama Rogo, Kwara State Governor, Dr. Abdulfatah Ahmed, Kwara State Head of Service, Mrs. Susan Oluwole and Head Advisory, Pharm Access Foundation, (PAF), Kwasi Boahene during courtesy visit to the Governor at Government House, Ilorin...Monday

L-R: Chief Operating OďŹƒcer, DuďŹ l Prima Foods Plc, Mr.Girish Sharma; Former Deputy Governor, Lagos State, Femi Pedro; winner, 2017 Indomie Independence Day Award (IIDA), intellectual Bravery category, Master Paul David; and Managing Director, Medial Research, Mr. Tolu Ogunkoya, during IIDA ceremony in Lagos..recently yomi akinyele

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

L-R: Glo subscribers, Hussaini Sahibu and Danjuma Kafayat; Glo brand ambassador, Omawumi Megbele, and other subscribers, Isah Merit Jumai and Adamu Semira, at the Anyigba edition of the Glo Mega Music Nationwide Tour, held at the Kogi State University, Anyigba,...recently

L-R: General Secretary, National Union of Air Transport Employees (NUATE), Comrade. Olayinka Abioye; Deputy General Secretary, National Union of Air Transport Services Senior Sta Association of Nigeria (ATSSSAN), Comrade. Francis Akinjole; and Vice Chairman, Nuate, Comrade. Shola Idowu, during news brieďŹ ng on the Concessioning of Murtala Muhammed International Airport and the three other major Nigerian airports at Ikeja, Lagos....recently kolawole alli

Cross section of beneďŹ ciaries of the 2017 Free Eye Screening and Surgical Operations Project sponsored by the Rotary Mega Club of Lagos Island and Geeta Ashram Nigeria at the ECWA Eye Hospital in Kano...recently

L-R: Chief Executive OďŹƒcer, ArcSkills Nigeria, Amit Daniel Washington; UNDP Team Leader Inclusive Growth, Dr Robert Asogwu; Head, Employability, Lagos State Employability Support Project (LSETF), Ibironke Oyemade; and representative of DG (LSETF) and Director of Finance, Rahman Akinwonmi, during LSETF’s workshop on Industry Engagement in Lagos...recentlyy yomi akinyele

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BUSINESSWORLD

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

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Quick Takes Access Bank Partners Remita

Customers and non-customers of Access Bank have been offered a unique platform that gives them access to loans against their next salary payment.

The solution known as ‘Payday Advance’ from Access Bank Plc, was developed in collaboration with Remita. According to a statement, it does not require any collateral or guarantor, and enables customers toobtainaloaninstantlywithoutgoingtothebank.Inthisregard,they are able to meet their urgent financial needs before payday.

Commentingontheinitiative,theExecutiveDirector,PersonalBanking, Access Bank,Victor Etuokwu said: “This offering is unique given that thebeneficiariesdonothavetobeexistingcustomersofAccessBank buthardworkingsalaryearnerswhowillnowbeabletoobtaininstant loans without a guarantor or stress.�

LSETF Engages Experts on Employability

CORONATION ASSET LISTS MUTUAL FUNDS

L-R: Executive Director, Market Operations and Technology, Nigerian Stock Exchange(NSE), Ade Bajomo; Chairman, Coronation Asset Management and Managing Director, Coronation Merchant Bank Group, Abubakar Jimoh; Director, Coronation Asset Management, Aigbovbiose Aig-Imoukhuede; Acting Head, Listing Regulation, NSE, Godstime Iwenekhai, and Director, Coronation Asset Management and Company Secretary, Coronation Merchant Bank Group, Cornelia Utuk, at the closing Gong Ceremony and listing of three mutual funds on the NSE by Coronation Asset Management in Lagos‌recently

Banks’ Cost of Risk Seen Impeding Industry Growth in 2018 Obinna Chima The banking sector cost of risk as well as its impairment levels are expected to impede growth in the sector in 2018.

The Managing Director, Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane, made the prediction in his presentation at the executive breakfast session of the Lagos Business School (LBS) for October, which took place recently. The presentation was titled: “Basking in the afterglow of Reform.�

He anticipated that some forbearance in the industry would reduce banking sector exposure, adding that availability of confirmation lines would be a differentiator next year.

According to Rewane, balance sheet quality and international ownership would also be a source of competitive advantage in 2018, just as he predicted that tier-one net interest margin

BANKING would rise to 6.4 per cent. “Average Cost-to-IncomeRatio (CIR) will be about 58.9 per cent. Capital raising to improve capital adequacy and depress share prices and strict enforcement of Treasury Single Account (TSA) will constrain public sector attractiveness.

Etisalat blues will limit the industry. Big boys have provided but with some pain,� Rewane added.

A recent Agusto & Co. Banking Industry report had noted that the performance of the Nigerian banking industry was largely dependent on the macroeconomic environment, as well as the performance of the top five banks. The report had also shown that about 47 per cent of the banking industry’s impaired loans were collectively held by the top five banks. The top five banks in Nigeria are: Zenith Bank Plc, Guaranty Trust

Bank Plc, First Bank Nigeria Limited, United Bank for Africa Plc, and Access Bank.

According to the Agusto & Co. report, the impaired loans were mainly in the oil & gas, transport & communication sectors, accounting for 37 per cent and 11 per cent respectively of the industry’s total classified loans. In the oil & gas space, also disclosed in the banking sector report, the top five banks accounted for 60 per cent of the loans disbursed to this sector, “which heightens concentration risks.�

A breakdown of the oil and gas sector loan disbursement had shown that the top five banks granted over 66 per cent of the banking industry’s total exposure to the upstream, 64 per cent of total exposure to the midstream and 73 per cent of the total loans granted to the downstream.

Continuing, Rewane in his LBS presentation predicted

that unemployment and underemployment data would show a sharp increase, just as inflation was expected to decline marginally towards 15.9 per cent this month. Furthermore, he anticipated that the federal government would disburse, at least, N500 billion of capital votes this month.

Even though Rewane anticipated that the naira would trade sideways this month, the nation’s currency is expected to come under pressure in November.

Stock market will give up some gains in October, he said, but adding that it would recover after the inclusion of Nigeria in the frontier index.

He noted that forex revenues spiked to $2.95 billion in September, just as he revealed that the investors’ and exporters’ window flows are now $12.14 billion since inception Continued on page 24

Experts Predict Further Rally in Equities Market in Q4 Goddy Egene Having recorded a growth of 7.01 per cent in the third quarter (Q3), the Nigerian equities market is expected to sustain the rally in fourth quarter (Q4) experts have said.

The market is heading for a positive close this year after losses for three consecutive years. Already, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) has recorded yearto-date growth of 37.1 per cent as at Monday. About 7.01 per cent of that growth was recorded in Q3.

CAPITAL MARKET And market analysts said the rally would continue into the Q4. For instance, analysts at FSDH Research said the recent positive developments in the Nigerian economy and the financial markets indicate that the equity market should record another rally in Q4 2017. “The Nigerian equity market as measured by the NSE appreciated by 7.01 per cent in Q3 2017, the strongest Q3 performance in the last four years. The stable macroeconomic environment

was the major driver of the positive performance in the equity market and we expect this to continue in Q4 2017,� they said.

According them, their historical analysis shows that there is a strong correlation between the movement in crude oil price and the Nigerian equity market.

The analysts said: “We expect a continued boost to the external reserves in the short-to-medium term as oil price and production continue to strengthen. This is positive for the equity market.

Additionally, the introduction of the Investors’ and Exporters’

Foreign Exchange (FX) Window (I&E Window) has increased the supply of foreign exchange into the Nigerian economy and led to relative stability in the FX market. The I&E Window has also attracted more foreign investments into Nigeria.�

They explained that their analysis of the capital importation data from the Central Bank of Nigeria (CBN) between January and July 2017 shows that there was a growth in capital importation in 2017, compared with 2016.

Continued on page 24

BuildingonitsinitiativetoenhanceemploymentopportunitiesofLagos residents through the United Nations Development Programmme (UNDP), sponsored Lagos State Employability Support Project, the LagosStateEmploymentTrustFund(LSETF)recentlyheldathree-day industryengagementseminarwithbusinessleadersandexecutives.

With top entrepreneurs and leaders across major sectors such as construction, hospitality, manufacturing and entertainment in attendance, the seminar featured various panel sessions to discuss job growth in the state, highlight areas for required improvement of skillsinordertoexpandemploymentopportunitiesforyouthsinLagos.

Speakingduringtheevent,theExecutiveSecretary,LSETF,Mr.Akintunde Oyebodeexplainedthatasstakeholders,businessleaderswereinprime position to identify issues and drawbacks regarding the availability of quality skills and employable workers in the state. “Goingforward,webelievethatthereareimmenseopportunitiesfor expansion through our strong relationship with thriving businesses in Lagos State. Working together with these leaders on LSETF’s Employability Support Programme, we can achieve the objectives of providing focused and necessary training for youths in different sectors,therebyensuringthatallourbeneficiariescancreateabetter future for themselves,� Oyebode said.

In partnership with the UNDP and leading skills training provider, Arc Skills, vocational trainings will be provided to unemployed youths to accessjobsinmanufacturing,healthcare,construction,entertainment, tourism,andhospitalitysectors,whilesignificantupgradeswillbemade in quality of teaching skills and curriculum of technical colleges and vocational centers to plan and manage the programmes.

DHL Promotes e-Commerce

DHLExpress,oneoftheworld’sleadinginternationalexpressservices provider has announced its partnership with MallforAfrica, a global e-commerce company, which will facilitate selling of made-in-Africa productstocustomersintheUnitedStates.Throughthispartnership, DHL locations will serve as drop-off points for products destined for consumersintheUnitedStates.Thiswillbethefirsttimebusinessesin AfricacanselltheirlocallymanufacturedproductsdirectlyoneBay.DHL ExpresscurrentlyhandlesinboundexpressdeliveryforMallforAfrica andhasenableditscustomersimportingfromtheUStoreceivetheir packages seamlessly in Nigeria, Kenya, Rwanda and Ghana.This is a watershed partnership for African businesses as it allows them an avenue to trade on the global stage. “We have been partners with DHL Express for many years and have tremendous trust in their ability to ship to our customers,� the CEO of MallforAfrica, Chris Folayan said. “BothcompanieshaveacommongoalofseeingAfricane-commerce businesses thrive on the global stage.We want to contribute to the future of e-commerce growth, African cross-border sales and most importantly,improvethelivesofAfricanartisanalarts,designs,crafts and more,� he added.

MallforAfricaisAfrica’slargeste-commerceenabler,providingAfricans withaplatformthroughwhichtheycanpurchaseitemsdirectlyfrom over 200 international online retailers, such as Macy’s, eBay, Ralph Lauren,Net-a-Porter,Carters,GAP,andFarFetch–brandsthat,would otherwise be inaccessible to the African consumers.

In just three years, our first 3,000 entrepreneurs have created tens of thousands of jobs and generated considerable wealth. On October 13 and 14, the global entrepreneurship community will gather in Lagos to build a self-reliant continent that will replicate the results of our programme�

Tony Elumelu, Founder, Tony Elumelu Foundation

24

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BUSINESSWORLD BANKS’ COST OF RISK SEEN IMPEDING INDUSTRY GROWTH IN 2018 The average price of diesel in the month spiked to N190 per litre, while petrol remained flat at N145 but slipped to N143 at NNPC outlets. Ships awaiting to berth declined to 44 in September.

Value of cheques cleared also increased by 6.15 per cent to N468.4 billion. “Money supply expected to grow marginally. Cost of distribution to increase- Diesel currently trades at N195 per litre. Christmas inventory build-up. Price of oil up to an average of $55.7 per barrel, oil production up to 1.8mbpd. External reserves accretion to remain positive and parallel market rate to remain stable at N368/$. “CBN needs to support the naira in the forex market to meet the capital expenditure demands of the government.

There will be increased demand for forex to meet Christmas inventory as well as political pressure to move to accommodative stance. Oil price at an average of $55per barrel and production at 1.8million barrels per day to guarantee enough supply into the forex market,� he added.

EXPERTS PREDICT FURTHER RALLY IN EQUITIES MARKET IN Q4 “We expect continued foreign inflow into the equity market as the FX market remains stable. This improved liquidity will boost the expected rally in the equity market. The drop in the yields on the fixed income securities should lead to portfolio realignments in favour of the equity market to take advantage of higher returns,� they added.

According to them, the equities market will also respond favourably to the strong Q3 2017 gross domestic product (GDP), which the National Bureau of Statistics will release in November.

Already, expectations for the improved Q3 earnings by companies have been attracting more investors in the last few weeks, another development that will sustain the rally in the Q4.

NEWS

MDAs Snub NAICOM on Insurance of Government’s Assets Ebere Nwoji

into their affairs.

THISDAY gathered that the heads of MDAs warned NAICOM to mind its business and leave them alone.

Meanwhile, year in year out, only about 10 per cent of federal government budget vote for insurance is spent but what is not clear is what happens to the rest of the money voted for insurance.

This is so even as many government’s assets damaged by fire, flood and other destructive means have remained in dilapidated conditions as nobody has asked why the damaged assets were not replaced or fixed .

Meanwhile, insurance experts, economists and business administrators have advised that if there is any time anybody in the country needs insurance, it

is now that the economy just recovering from recession and all hands are on deck to see how to recover what was lost during the recession.

According to them, at this critical time, what government, individuals, businesses need to do to remain afloat is to preserve assets they have acquired during the economic boom.

Against the backdrop of

government’s non-chalant attitude towards insurance, insurance managers have often accused government of paying lip service to the industry.

THISDAY notes that for three consecutive years, federal government has failed to pay group life insurance premium for its workers despite the prevailing ‘no premium no cover’ regime in the industry.

The lingering problem of not insuring federal government’s assets and associated loss of government properties without repair or replacement may not come to an end soon as managers of federal government Ministries, Departments and Agencies( MDAs) have outrightly frustrated move by the National Insurance Commission (NAICOM) to issue government assets.

NAICOM, which is federal government adviser on insurance matters had on October 28, 2015, advised the MDAs to set up insurance desk manned by insurance professional to handle insurances of their assets. The Commissioner for Insurance, Alhaji Mohammed Kari, had advised MDAs to ensure compliance with the provisions of the extant laws in all their insurance activities.

However, two years after NAICOM gave the advice, virtually all government assets are still without insurance cover while many agencies of government refused to set up insurance desks.

Rather than making efforts in this direction, THISDAY enquiries reveal that heads of MDAs petitioned Ministry L-R: Managing Director, Meristem Wealth Management Limited, Mr Sulaiman Adedokun, clients of the company, Mr. Saheed Olabode of Finance on the need for and Mr. Mustapha Shina-Jubril, during a courtesy visit by Meristem Wealth Management to their clients to celebrate the customer NAICOM to stop intruding service week in Lagos‌recently

CELEBRATING CUSTOMERS

Neglect of Apapa Roads Killing Nigeria’s Non-oil Exports, Groups Warn Solomon Elusoji The National Cashew Association of Nigeria (NCAN) and the Cocoa Exporters of Nigeria have warned the federal government that the country’s vision of becoming a major exporter of non-oil commodities in the near future was under serious threat.

The warning was premised on the deplorable state of the roads leading to the nation’s major ports in Apapa, with exporters incurring huge losses while attempting to access export terminals.

NCAN made this position public at a media briefing in Lagos recently.

“Export commodities, which include cashew nuts, cocoa, sesame seeds, ginger, hibiscus, shea nut, gum arabic, and many others are all perishable and if not shipped on time will perish, meaning great loss of income, livelihood and export revenue for both exporters and the nation,� NCAN President, Tola Faseru said. “An exporter that can ship 1,700 tons of commodities per day under normal circumstances when the Apapa road was in good condition now manages to only ship between 100 - 250 tons of commodities and this is bad for business.�

He also noted that truck drivers were idling away on the

road, waiting in their vehicles for “as long as seven days to get into the port as against four hours� when the roads were in good condition. “Bank customers that have borrowed or taken loans to finance their exports now find it difficult to meet their financial obligations and their ability to pay is hampered due to cost overrun as a result of this delay,� he added. “Export warehouses are filled with commodities instead of being promptly shipped and they are rotting away. Exporters are now forced to reduce their workers and workforce due to the lull in export business arising from the Apapa gridlock.�

The President of Cocoa Exporters of Nigeria and Chairman of Starlink Global and Ideal Limited, Adeyemi Adeniji, also lamented the pain and agony the bad roads have inflicted on exporters. “If the government does not help us, we are likely to be out of business in six months. We are now a laughing stock in Europe. Some of us still have contracts that mandated us to deliver in July, which are still pending as I speak to you,� he said. The exporters went on to demand that the OshodiApapa road to Sunrise undergo emergency fixing within 14 days in order to allow for easy access to the port while

the core repairs go on.

Meanwhile, the exporters condemned the “obnoxious terminal handling charges� introduced by port authorities.

According to Faseru, terminal charges were increased from N4,000 to N40,000 for 20ft containers and N6,000 to N60,000 for 40ft containers.

Faseru said: “This is an increase of almost 1,000 per cent.

All the excess collections should be refunded back to exporters.

This increase is not supportive of the economic diversification of the federal government.�

The exporters also demanded that the NPA be privatised as its level of inefficiency had become intolerable.

Again, NDIC Cautions Investors,Traders on Digital Currencies Group Business Editor

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

ĂœĂ&#x;Ă?Ă™Ă? Ă?Ă‹Ă‘Ă“Ă?

Comms/e-Business Editor

Ă—Ă—Ă‹ Ă•Ă™Ă˜Ă”Ă“ Capital Market Editor

ÙÎÎã Ă‘Ă?Ă˜Ă?

Senior Correspondent

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

Ă’Ă“Ă˜Ă?ĂŽĂ&#x; äĂ? (Aviation) Ă“Ă˜ĂŽĂ‹ ĂœĂ™Ă•Ă? (Labour) ĂœĂ™Ă—Ă™Ă?Ă?Ă–Ă? ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ (Cap Mkt) ÔÓÙĂ?Ă™Ăœ Ă–Ă“Ă•Ă? (Energy) Ă‹Ă—Ă?Ă? Ă—Ă?ÔÙ (Nation’s Capital) ĂŒĂ“Ă˜Ă˜Ă‹ Ă’Ă“Ă—Ă‹ (Money Mkt) Reporters

Ă&#x;Ă—Ă? Ă•Ă?Ă‘Ă’Ă? (Money Market) Ă™Ă?Ă‹ Ă–Ă?Ă•Ă’Ă&#x;ÙÑÓĂ? (Maritime)

Ndubuisi Francis and Udora Orizu in Abuja The Nigeria Deposit Insurance Corporation (NDIC) has cautioned investors and traders in digital currencies to be wary since such currencies are neither authorised by the Central Bank of Nigeria (CBN) nor insured by it.

NDIC stated that although digital currencies such as bitcoin, ethereum, ripple and litecoin, among others, are recognised by private subscribers and accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically, they are

highly vulnerable to fraudulent practices and illicit transfer of funds.

Speaking at the special day of the NDIC at the recent 12th Abuja international trade fair with the theme “ Returning Nigeria to the Path of Sufficiency Through Non-oil Exports,� the NDIC Managing Director / Chief Executive, Alhaji Umaru Ibrahim, who was represented by the Director of Procurement, Sani Magaji, stated that digital currencies are growing in popularity.

With this phenomenon in Nigeria, he noted that it had become important to state that digital currencies are not authorised by the CBN and

also not insured by the NDIC, adding that for the avoidance of doubt, any person or groups of persons who invest or trade in them were doing so at their own risks.

The NDIC, he said, had been participating in major trade fairs across the country since 2008 not only to showcase its landmark achievements but also to enhance public awareness on its core mandate of protecting bank deposits as well as present its contributions to financial system stability.

He added that the corporation also uses trade fair platforms to promote financial literacy and financial inclusion among both the banked and

unbanked segments of the population to appreciate the essence of imbibing the saving culture, especially given that NDIC is responsible for protecting such deposits in the banking system.

He revealed that in a bid to address the increasing customer patronage and huge deposit base, the corporation had over the years progressively increased its Maximum Deposit Insurance Coverage (MDIC) per depositor per bank to protect depositors in the unlikely event of bank failure as well as to deepen public confidence in the banking sector.

The coverage, he said, has risen from N50,000 naira in

1989 to N500,000 per depositor per deposit money bank (DMB) and non-interest banking institutions (NIBIs) .

The maximum insured limit of N500,000, he said, was recently extended to depositors of primary mortgage banks (PMBs) in view of the growth in customer base and deposit structure.

However, with the CBN licensing of mobile money operators in 2015, he said the NDIC extended deposit insurance coverage to subscribers of the scheme through pass-through deposit insurance with maximum insured sum of N500,000 per subscriber in all 23 MMOs in the country.

T H I S D AY Ëž Ëœ ÍŻÍŻËœ Í°ÍŽÍŻÍľ

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NAICOM to Pay Repudiated Claims from Statutory Deposits in CBN Ebere Nwoji The National Insurance Commission (NAICOM), highlighting areas of its regulatory priorities for the next three years , has said it will focus attention on addressing unpaid claims by mischievous operators by withdrawing money from their statutory deposits in the Central Bank of Nigeria (CBN) to settle repudiated genuine claims.

The commission, also said it will also address the prevailing unhealthy pricing competition among insurance operators, kick off pilot project on the risk-based supervision model and flag- off implementation of second phase of its Market Development and Restructuring Initiative (MDRI).

The Commissioner for insurance, Alhaji Mohammed Kari, who stated these, while answering questions from journalists at the 2017 seminar for insurance journalists held in Kaduna, Kaduna State, said claims payment was critical to deepening insurance penetration among Nigerians. He added that it will engender trust and confidence of the insuring public to the industry.

He said as such, any genuine claim being repudiated by any operator would be paid by the commission itself from the statutory deposits of such company with the CBN. He said this is the easiest way to settle genuine claims from individuals which has been rejected by dubious firms. He said for companies that continue to repudiate claims, the commission

would continue to withdraw from their statutory accounts until it has exhausted what such companies have and according to the law, if such companies fail to replenish their statutory deposits within 60 days, they will automatically eased themselves out of business.

Kari, said the commission is neither fast nor slow to remove erring operators’ licences but is only doing cost benefit analysis on such action, adding that through the above means such operators would surrender their licences.

Kari, however, said the commission is still considering what to do with operators who reject claims that are more than what they have in their statutory accounts.

He said the commission is yet to arrive at a solution to that.

He urged members of the insuring public to ensure they are on the right path on any controversial claims, noting that some people do not read their policy wordings very well before entering into contract only to blame the industry when claim arises from such ambiguous contracts.

For unhealthy competition, he said it is a problem created by the operators themselves which is currently biting hard on them to the extent that they are now begging the commission to help them solve it. Kari said the commission will see this as another area of priority.

The commissioner, further said that to implement the second phase of the MDRI, the regulator would utilise the machinery of the states

by visiting state governments to solicit for the support of the governors in the enforcement of compulsory insurances in their states.

The commission, during the seminar, visited Kaduna state governor Mallam ElRufai and sought for his partnership in this regard.

He listed the compulsory insurances as Group life Insurance, stated by Section 9 sub-section 3 of the Pension Reform Act 2004; Health Care Professional Liability insurance; under Section 45 of the National Health Insurance Scheme Act,1999; the Builders Liability Insurance, under Section 64 of the Insurance Act 2003; The Occupiers Liability Insurance; under Section 65 of the Insurance Act 2003 and Motor 3rd Party Liability Insurance under Section 68 of the Insurance Act 2003.

The commission had during the first phase of implementation of the MDRI in 2009,kicked off awareness campaign on these compulsory insurances through their official launch in the six geopolitical zones of the country with the target of creating 50,000 jobs in the country and increasing premium income of the industry from its level of N260 billion to N1.1 trillion.

Currently, the annual premium income of the industry stands at N380 billion while insurance penetration targeted at three per cent still stands at 0.6 per cent prompting the commission to gird itself to embark on the implementation of the second phase. This year’s seminar has the theme Insuring the uninsured.

Citi Foundation Partners IRC on Support for Refugees Nume Ekeghe and Nosa Alekhuogie A new partnership launched between the Citi Foundation and the International Rescue Committee (IRC) is expected to provide refugees, young people displaced within their own countries and vulnerable youths from the communities hosting them with support to help them generate a reliable income and contribute to their local economy.

Throughout the two-year project, Rescuing Futures, nearly 1,000 young people across three cities which included Athens in Greece, Amman in Jordan and Yola in north-eastern Nigeria, would be supported to start their own businesses.

The President/ Chief Executive Officer of the IRC Mr. David Miliband, explained in a statement that the IRC’s partnership with the Citi Foundation represents a best-in-class global publicprivate partnership. “The IRC has unique expertise in working with

conflict-affected populations and the urban-displaced to build economic resilience.

Alongside the Citi Foundation’s Pathways to Progress initiative, a commendable commitment to investing in the futures of young people, this project will have a lifechanging impact on some of the most marginalised youth around the world,� he said.

The humanitarian landscape is changing – 60 per cent of the world’s refugees, and 80 per cent of internally displaced people, now live in urban areas, and fourfifths live in developing countries that can least afford to host them.

There are more young people in the world now than ever before 1.2 billion and they face huge challenges with employment.

On the part of Citi Group, the CEO of Citi Europe Middle East and Africa (EMEA) Mr. Jim Cowles said: “Our ‘Pathways to Progress’ initiative is our solution to securing positive futures for vulnerable young people.

Working with the IRC will enable us to invest in some

of EMEA’s most vulnerable youth and put them on a sustainable economic path.

Given today’s context, well-designed interventions like ‘Rescuing Futures’ can address inequality of opportunity, and positively impact community wellbeing and economic growth.�

According to him, the Citi Foundation is a longstanding supporter of the IRC, helping to fund their research & development and emergency work in recent years.

This year saw the expansion of the Citi Foundation’s Pathways to Progress initiative globally with a $100million commitment to reach 500,000 young people with entrepreneurship and employability training before 2020. Alongside the $2 million grant from the Citi Foundation, a further $8 million has been committed across EMEA to support programmes under the Citi Foundation’s Pathways to Progress initiative and contribute to UN Sustainable Development Goal 8, reducing youth unemployment.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

What to Do To Get To The Top of Your Career Ă’Ă“Ă? ÚËĂ?Ăž ĂĄĂ?Ă?Ă•Ëœ ĂĄĂ? Ă‹Ă–Ă– ÑÙÞ ÞÒĂ? ÑÙÙÎ Ă˜Ă?ĂĄĂ? ÞÒËÞ Ă“Ă?Ă’Ă‹ Ă’Ă—Ă?ĂŽ Ă’Ă‹ĂŽ ĂŒĂ?Ă?Ă˜ Ă˜Ă™Ă—Ă“Ă˜Ă‹ĂžĂ?ĂŽ ÞÙ ĂŒĂ?Ă?Ù×Ă? ÞÒĂ? Ă˜Ă?ĂĄ Ă?ĂšĂ&#x;Þã Ùà Ă?ĂœĂ˜Ă™ĂœËœ ÞÙ ÞËÕĂ? Ùà Ă?Ăœ Ă?ĂœĂ™Ă— Ă‹ĂœĂ‹Ă’ Ă–Ă‹ĂŽĂ?Ëœ ĂĄĂ’Ă™ Ă’Ă‹Ă? come to the end of her tenure. Many Ă™Ă? Ă&#x;Ă? ĂĄĂ?ĂœĂ? ÒËÚÚã Ă‹Ă˜ĂŽ Ă?âĂ?Ă“ĂžĂ?ĂŽ Ă?Ă™Ăœ Ă’Ă?Ăœ and still are. We felt she deserved the Ă˜Ă™Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă‹Ă˜ĂŽ ÞÒĂ? ÚÙĂ?Ă“ĂžĂ“Ă™Ă˜ ĂŒĂ?Ă?Ă‹Ă&#x;Ă?Ă? she has done all she needs to do to ĂŒĂ? ĂœĂ?Ă‹ĂŽĂŁ Ă?Ă™Ăœ Ă‹Ă˜ĂŁ ÚÙĂ?Ă“ĂžĂ“Ă™Ă˜ Ă‹Ă˜ĂŁĂĄĂ’Ă?ĂœĂ? Ă“Ă˜ the world. Ă’Ă? Ă’Ă‹Ă? ÞÒĂ? ĂœĂ“Ă‘Ă’Ăž Ă›Ă&#x;Ă‹Ă–Ă“Ă?Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă?Ëœ åÓÞÒ Ă Ă?ĂœĂŁ ÑÙÙÎ ĂšĂœĂ™Ă?Ă?Ă?Ă?Ă“Ă™Ă˜Ă‹Ă– Ă?Ă?ĂœĂžĂ“Ă?Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă?Ëœ ÞåÙ Ă‹Ă?ĂžĂ?ĂœĂ?ËŞ ĂŽĂ?Ă‘ĂœĂ?Ă?Ă?Ëœ Ă™Ă˜Ă? Ă?ĂœĂ™Ă— Ă“Ă‘Ă?ĂœĂ“Ă‹ and another from the UK. She works in Ă‹ ĂœĂ?ĂšĂ&#x;ĂžĂ‹ĂŒĂ–Ă? Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă¤Ă‹ĂžĂ“Ă™Ă˜ Ă‹Ă˜ĂŽ ĂĄĂ‹Ă? Ă•Ă˜Ă™ĂĄĂ˜ for many other worthwhile activities Ă™Ă&#x;ĂžĂ?Ă“ĂŽĂ? Ă™Ă? Ă’Ă?Ăœ ĂšĂœĂ™Ă?Ă?Ă?Ă?Ă“Ă™Ă˜Ă‹Ă– Ă–Ă“Ă?Ă? Ă–Ă“Ă•Ă? ĂŒĂ?Ă“Ă˜Ă‘ ÞÒĂ? Ă’Ă‹Ă“ĂœĂšĂ?ĂœĂ?Ă™Ă˜ Ă™Ă? Ă“Ă— Óä Ă‹Ă—Ă™Ă˜Ă‘Ă?Ăž ÙÞÒĂ?Ăœ ĂšĂ’Ă“Ă–Ă‹Ă˜ĂžĂ’ĂœĂ™ĂšĂ“Ă? Ă‹Ă?ÞÓà ÓÞÓĂ?Ă?Ëœ ĂĄĂ’Ă“Ă?Ă’ Ă’Ă‹Ă? Ó×ÚËĂ?ĂžĂ?ĂŽ Ă–Ă“Ă Ă?Ă?Ë› Ă&#x;ĂœĂ“Ă˜Ă‘ Ă’Ă?Ăœ ĂžĂ?Ă˜Ă&#x;ĂœĂ?Ëœ Ă“Ă— Óä ×Ùà Ă?ĂŽ Ă?Ă™ĂœĂĄĂ‹ĂœĂŽ Ă‹Ă˜ĂŽ Ă‹Ă?Ă’Ă“Ă?Ă Ă?ĂŽ additional leverage in the minds of both men and women in the Nigerian business environment. She was also not one of those nominees that you ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă‹Ă?Ă•Ă“Ă˜Ă‘ ĂŁĂ™Ă&#x;ĂœĂ?Ă?Ă–Ă?Ëœ ËŤ Ă’Ă™ Ă“Ă? ÞÒÓĂ? Ă™Ăœ ĂĄĂ’Ă?ĂœĂ? Ă?ĂœĂ™Ă—ËŹËŁ Ă™Ëœ Ă“Ăž ĂĄĂ‹Ă? Ă˜Ă™ Ă?Ă&#x;ĂœĂšĂœĂ“Ă?Ă? ÞÒËÞ Ă?Ă’Ă? Ă’Ă‹Ă? Ă‹Ă?Ă?Ù×ÚÖÓĂ?Ă’Ă?ĂŽ ÞÒĂ? Ă‹Ă?Ă?ÙÖËÎĂ? Ă™Ă? ÞÒÓĂ? Ă™Ă?Ă?Ă“Ă?Ă? Ă‹Ă˜ĂŽ Ă?Ă‹ĂœĂ˜Ă?ĂŽ Ă’Ă?Ăœ Ă?Ă?Ă‹Ăž Ă‹Ăž ÞÒĂ? ÞÙÚ Ă™Ă? ÞÒĂ? ĂŒĂ‹Ă˜Ă•Ă“Ă˜Ă‘ Ă“Ă˜ĂŽĂ&#x;Ă?ĂžĂœĂŁ Ă“Ă˜ Ă“Ă‘Ă?ĂœĂ“Ă‹Ë› Ă’Ă? Ă›Ă&#x;Ă?Ă?ĂžĂ“Ă™Ă˜ Ă“Ă?Ëœ Ă?Ă™Ă&#x;Ă–ĂŽ Ă?Ă’Ă? Ă’Ă‹Ă Ă? Ă‹Ă?Ă’Ă“Ă?Ă Ă?ĂŽ ÞÒÓĂ? without ensuring that she was worthy Ă™Ă? Ă?Ă‹ĂœĂ˜Ă“Ă˜Ă‘ ÞÒĂ? ĂšĂœĂ™Ă—Ă™ĂžĂ“Ă™Ă˜ËŁ Ă?Ă‹Ă˜ Ă‹Ă?Ă?Ă&#x;ĂœĂ? ÞÒËÞ Ă“Ăž ĂĄĂ™Ă&#x;Ă–ĂŽ Ă’Ă‹Ă Ă? ĂŒĂ?Ă?Ă˜ Ó×ÚÙĂ?Ă?Ă“ĂŒĂ–Ă? Ă™Ăœ the news of her nomination would have been received with mixed reviews if she had not done all of the above to be ĂĄĂ™ĂœĂžĂ’ĂŁ Ă™Ă? ÞÒĂ? ÚÙĂ?Ă“ĂžĂ“Ă™Ă˜Ë› ĂŽĂ™ Ă˜Ă™Ăž Ă•Ă˜Ă™ĂĄ Ă’Ă?Ăœ ĂšĂ?ĂœĂ?Ă™Ă˜Ă‹Ă–Ă–ĂŁËœ ĂŒĂ&#x;Ăž ĂœĂ?Ă‹ĂŽĂ“Ă˜Ă‘ Ă‹ĂŒĂ™Ă&#x;Ăž Ă’Ă?Ăœ Ă‹Ă?Ă?Ù×ÚÖÓĂ?Ă’Ă—Ă?Ă˜ĂžĂ? Ă‹Ă˜ĂŽ ĂžĂ‹Ă–Ă•Ă“Ă˜Ă‘ Ă‹Ă˜ĂŽ ĂœĂ?Ă‹ĂŽĂ“Ă˜Ă‘ Ă?ĂœĂ™Ă— ĂšĂ?ÙÚÖĂ? ĂĄĂ’Ă™ Ă•Ă˜Ă™ĂĄ Ă’Ă?ĂœËœ Ă˜Ă?ÓÞÒĂ?Ăœ Ă™Ă? us have doubted her ability to get the work done.

Ă—Ă‹ĂŁ ĂŒĂ? ĂĄĂœĂ™Ă˜Ă‘Ëœ ĂŒĂ&#x;Ăž Ă“Ăž Ă‹Ă–Ă?Ă™ ÖÙÙÕĂ? ÞÙ Ă—Ă? Ă–Ă“Ă•Ă? Ă?Ă’Ă? ĂšĂ–Ă‹Ă˜Ă˜Ă?ĂŽ Ă’Ă?Ăœ Ă&#x;ĂšĂĄĂ‹ĂœĂŽ ĂžĂœĂ‹Ă”Ă?Ă?ĂžĂ™ĂœĂŁË› Looking at the way she selected the ĂŽĂ?Ă‘ĂœĂ?Ă?Ă? Ă‹Ă˜ĂŽ ÞÒĂ? Ă?Ă?ĂœĂžĂ“Ă?Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă?Ëœ Ă“Ăž Ă“Ă? clear that she had an idea of where she wanted to go and who she wanted to ĂŒĂ?Ă?Ù×Ă?Ë› Ă‹Ă˜ĂŁ Ă™Ă? Ă&#x;Ă?Ëœ Ă–Ă?Ă‹Ă Ă? ÞÒÓĂ? ÞÙ Ă?Ă’Ă‹Ă˜Ă?Ă?Ëœ ÚÖĂ&#x;Ă? ĂŁĂ™Ă&#x;ĂœĂ? ĂžĂœĂ&#x;Ă–ĂŁË› ĂĄĂ‹Ă? Ă˜Ă™Ăž ĂŽĂ?Ă–Ă“ĂŒĂ?ĂœĂ‹ĂžĂ? about my career. I just worked really Ă’Ă‹ĂœĂŽ Ă‹Ă˜ĂŽ ĂĄĂ‹Ă˜ĂžĂ?ĂŽ ÞÙ Ă‹Ă?Ă?Ù×ÚÖÓĂ?Ă’ ÑÙÙÎ ĂœĂ?Ă?Ă&#x;Ă–ĂžĂ?Ë› Ă™ĂŽĂ‹ĂŁËœ Ă—Ă‹Ă•Ă? Ă“Ăž Ă‹ ĂŽĂ&#x;Þã ÞÙ ÞËÖÕ ÞÙ ĂŁĂ™Ă&#x;Ă˜Ă‘ Ă‹ĂŽĂ&#x;Ă–ĂžĂ? Ă‹Ă˜ĂŽ Ă?Ă?ĂšĂ?Ă?Ă“Ă‹Ă–Ă–ĂŁ Ă‘Ă“ĂœĂ–Ă? Ă‹ĂŒĂ™Ă&#x;Ăž deliberately charting their careers and Ă?Ă‹ĂœĂ˜Ă“Ă˜Ă‘ ÞÒĂ? ĂœĂ“Ă‘Ă’Ăž ĂšĂœĂ™Ă—Ă™ĂžĂ“Ă™Ă˜Ă? ÞÙ Ă‘Ă?ĂžĂžĂ“Ă˜Ă‘ ÞÒĂ?Ă— ÞÙ ÞÒĂ? ÞÙÚ Ă‹Ă˜ĂŽ Ă?Ă™ĂœĂ˜Ă?Ăœ Ă™Ă?Ă?Ă“Ă?Ă?Ë› Here are some of the advice I give that I’d like to share with you:

Ëž Ă’Ă? Ă?Ă“ĂœĂ?Ăž ĂžĂ’Ă“Ă˜Ă‘ ĂŁĂ™Ă&#x; Ă˜Ă?Ă?ĂŽ ÞÙ ĂŽĂ™Ëœ Ă“Ă?

know where you want to go (your Ă Ă“Ă?Ă“Ă™Ă˜ Ă‹Ă˜ĂŽ Ă‹Ă?ĂšĂ“ĂœĂ‹ĂžĂ“Ă™Ă˜ Ă?Ă™Ăœ ĂŁĂ™Ă&#x;ĂœĂ?Ă?Ă–Ă?Ěš ÞÙ and be determined to achieve it. It all Ă?ĂžĂ‹ĂœĂžĂ? åÓÞÒ ĂŁĂ™Ă&#x;Ăœ ĂšĂ?ĂœĂ?Ă™Ă˜Ă‹Ă– ĂŽĂ?Ă?Ă–Ă‹ĂœĂ‹ĂžĂ“Ă™Ă˜ of “this is who I want to become and ÞÒÓĂ? Ă“Ă? ĂĄĂ’Ă?ĂœĂ? Ă‘Ă™Ă“Ă˜Ă‘ ÞÙˏ˛ Ă?ĂœĂ?Ă™Ă˜Ă‹Ă– declarations that we truly believe are Ă Ă?ĂœĂŁ ÚÙåĂ?ĂœĂ?Ă&#x;Ă–Ë› Ă Ă?ĂœĂŁ Ă?ĂžĂ?Ăš ĂĄĂ? Ă—Ă‹Ă•Ă? Ă“Ă˜ life starts with what we declare and ĂĄĂ’Ă‹Ăž ĂĄĂ? ĂŒĂ?Ă–Ă“Ă?Ă Ă?Ë› Ă?Ă—Ă?Ă—ĂŒĂ?ĂœËœ Ă˜Ă™ĂžĂ’Ă“Ă˜Ă‘ Ă“Ă? Ó×ÚÙĂ?Ă?Ă“ĂŒĂ–Ă?Ë› Ă’Ă‹Ăž ĂŁĂ™Ă&#x; ĂŒĂ?Ă–Ă“Ă?Ă Ă? Ă‹Ă˜ĂŽ work towards you get.

Ëž Ă?Ă?Ă™Ă˜ĂŽĂ–ĂŁËœ Ă’Ă‹Ă Ă? Ă‹ ĂœĂ™Ă‹ĂŽĂ—Ă‹Ăš Ă?Ă™Ăœ ÒÙå ĂŁĂ™Ă&#x; want to achieve this vision and dream Ă?Ă™Ăœ ĂŁĂ™Ă&#x;ĂœĂ?Ă?Ă–Ă?Ë› Ă’Ă?Ă?Ă? Ă‹ĂœĂ? ÞÒĂ? ĂŒĂ&#x;Ă“Ă–ĂŽĂ“Ă˜Ă‘ blocks with a timeframe that will get ĂŁĂ™Ă&#x; ÞÒĂ?ĂœĂ?Ë› Ă’Ă“Ă? Ă“Ă? ĂĄĂ’Ă?ĂœĂ? ÞÒĂ? ĂŒĂ‹Ă?Ă“Ă?Ă? Ă–Ă“Ă•Ă? what kinds of qualifications and jobs

you would need to achieve your objective.

ËžNote that there are big sacrifices to be Ă—Ă‹ĂŽĂ?Ëœ Ă˜Ă™ĂŒĂ™ĂŽĂŁ Ă‹Ă?Ă’Ă“Ă?Ă Ă?Ă? Ă‘ĂœĂ?Ă‹ĂžĂ˜Ă?Ă?Ă? åÓÞÒÙĂ&#x;Ăž Ă—Ă‹Ă•Ă“Ă˜Ă‘ Ă—Ă‹Ă?Ă?Ă“Ă Ă? Ă?Ă‹Ă?ĂœĂ“Ă?Ă“Ă?Ă?Ă?Ë› Ă’Ă?Ă?Ă? Ă?Ă‹Ă?ĂœĂ“Ă?Ă“Ă?Ă?Ă? ĂĄĂ“Ă–Ă– Ă“Ă˜Ă?Ă–Ă&#x;ĂŽĂ? ĂŁĂ™Ă&#x;Ăœ ÞÓ×Ă?Ëœ ĂŁĂ™Ă&#x;Ăœ Ă?Ù×Ă?Ă™ĂœĂžËœ ÞÓ×Ă? with loved ones and sometimes even doing a job you do not necessarily want ÞÙ ĂŽĂ™Ëœ ĂŒĂ&#x;Ăž ÞÒĂ? Ă”Ă™ĂŒ ÞÒËÞ ĂĄĂ“Ă–Ă– ĂŒĂ? ÚÓà ÙÞËÖ Ă™Ăœ strategic to your eventual destination. Ă‹Ă˜ĂŁ ĂšĂ?ÙÚÖĂ? Ă’Ă‹Ă Ă? Ă’Ă‹ĂŽ ÞÙ ÞËÕĂ? ÚËã Ă?Ă&#x;ĂžĂ? ÞÙ ĂšĂ&#x;Ăž ÞÒĂ?Ă— Ă“Ă˜ ÞÒĂ? ĂŽĂ“ĂœĂ?Ă?ĂžĂ“Ă™Ă˜ Ă™Ă? ÞÒĂ?Ă“Ăœ ĂŽĂœĂ?Ă‹Ă—Ă? or done things that were beneath them because it was necessary to their goal. Ă’Ă? Ă“Ă—ĂšĂ™ĂœĂžĂ‹Ă˜Ăž ĂžĂ’Ă“Ă˜Ă‘ Ă“Ă? ÞÙ Ă•Ă˜Ă™ĂĄ ÞÒËÞ Ă“Ăž Ă“Ă? ĂžĂ?Ă—ĂšĂ™ĂœĂ‹ĂœĂŁËœ ĂŁĂ™Ă&#x; Ă’Ă‹Ă Ă? Ă‹ ÞÓ×Ă? Ă?ĂœĂ‹Ă—Ă? Ă?Ă™Ăœ Ă“Ăž and it is moving you to where you want to get to. Ëž Ă™Ă&#x; Ă˜Ă?Ă?ĂŽ ÞÙ Ă–Ă?Ă‹ĂœĂ˜ ÞÙ Ă—Ă‹Ă•Ă? ÞÒĂ? ĂœĂ“Ă‘Ă’Ăž Ă?Ă™Ă˜-

Ă˜Ă?Ă?ĂžĂ“Ă™Ă˜Ă?Ë› ĂœĂ?Ă—Ă?Ă—ĂŒĂ?Ăœ Ă?Ă?Ă?Ă“Ă˜Ă‘ Ă“Ă?Ă’Ă‹ Ă‹Ă˜ĂŽ her team visit Sanusi Lamido Sanusi a few Ă—Ă™Ă˜ĂžĂ’Ă? Ă‹Ă‘Ă™ Ă?Ă™Ăœ ÞÒĂ? ĂŒĂ“Ă‘ Ă?Ă“Ă?ĂžĂ?Ăœ ĂšĂœĂ™Ă‘ĂœĂ‹Ă—Ă—Ă? Ă‹Ă˜ĂŽ ĂĄĂ‹Ă? Ă–Ă“Ă•Ă? ËŤĂ™Ă•Ă‹ĂŁËœ Ă–Ă?Ăž Ă—Ă? Ă?Ă?Ă?Ëœ ÒÙå ÞÒÓĂ? ÚÖËãĂ? Ă™Ă&#x;Ăž Ă‹Ă˜ĂŽ ĂĄĂ’Ă‹Ăž Ă?Ù×Ă?Ă? Ă™Ă&#x;Ăž Ă™Ă? ÓÞˏ˛ Ă’Ă?Ă˜

Ă?Ă‹ĂĄ Ă’Ă?Ăœ Ă˜Ă™Ă—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜Ëœ Ă—ĂŁ Ă—Ă“Ă˜ĂŽ ĂĄĂ?Ă˜Ăž ĂŒĂ‹Ă?Ă• ÞÙ ÞÒÓĂ? Ă™Ă?Ă?Ă‹Ă?Ă“Ă™Ă˜ Ă‹Ă˜ĂŽ ÞÒÙĂ&#x;Ă‘Ă’ĂžËœ ĂĄĂ‹Ă? ÞÒËÞ Ă?Ù×Ă? Ă?Ă™Ă˜Ă˜Ă?Ă?ĂžĂ“Ă™Ă˜ ĂĄĂ™ĂœĂ•Ă“Ă˜Ă‘ Ă™Ăœ ĂšĂ‹ĂŁĂ“Ă˜Ă‘ Ă™Ă&#x;Ăž ĚŽ

Ă—Ă‹ĂŁ ĂŒĂ? Ă?Ù×ÚÖĂ?ĂžĂ?Ă–ĂŁ ĂĄĂœĂ™Ă˜Ă‘ Ă’Ă?ĂœĂ? Ă™Ăœ ĂŽĂ?Ă‹ĂŽ right. It is essential to maintain strong ĂœĂ?Ă–Ă‹ĂžĂ“Ă™Ă˜Ă?Ă’Ă“ĂšĂ? åÓÞÒ ÞÒĂ? Ă•Ă?ĂŁ ĂšĂ?ÙÚÖĂ? ÞÒËÞ ĂĄĂ“Ă–Ă– Ă’Ă?Ă–Ăš ĂŁĂ™Ă&#x; Ă‘Ă?Ăž ÞÙ ĂŁĂ™Ă&#x;Ăœ ĂŽĂ?Ă?ĂžĂ“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă‹Ă˜ĂŽ Ă˜Ă?ĂžĂĄĂ™ĂœĂ• åÓÞÒ ÞÒĂ?Ă— Ă™Ăœ Ă‘Ă?Ăž ĂšĂ?ÙÚÖĂ? ÞÙ Ă—Ă‹Ă•Ă? the introductions you need to achieve your objectives.

Ëž Ă™ĂœĂ• Ă’Ă‹ĂœĂŽËœ Ă?Ă?Ă?Ă?Ă?ÞÓà Ă?Ă–ĂŁ Ă‹Ă˜ĂŽ Ă?Ă?Ă?Ă“Ă?Ă“Ă?Ă˜ĂžĂ–ĂŁ Ă‹Ăž

whatever role you are assigned. Leave your mark. Be known for excellence. Let ĂšĂ?ÙÚÖĂ? Ă•Ă˜Ă™ĂĄ ÞÒËÞ Ă’Ă‹Ă Ă“Ă˜Ă‘ ĂŁĂ™Ă&#x; Ă™Ă˜ ÞÒĂ?Ă“Ăœ ĂžĂ?Ă‹Ă— will give them stellar results. It does not matter what kind of work it is. It may ĂŒĂ? ĂŒĂ“Ă‘ Ă™Ăœ Ă?Ă—Ă‹Ă–Ă–Ëœ ĂŒĂ&#x;Ăž Ă?Ă˜Ă?Ă&#x;ĂœĂ? ÞÒËÞ ĂŁĂ™Ă&#x; ĂŽĂ™ it to the best of your ability because ÖÙåÖã ÚÙĂ?Ă“ĂžĂ“Ă™Ă˜Ă? Ă’Ă?Ă–Ăš ĂŁĂ™Ă&#x; Ă‘Ă?Ăž ÞÙ ÞÒĂ? Ă’Ă“Ă‘Ă’Ă?Ăœ ÚÙĂ?Ă“ĂžĂ“Ă™Ă˜Ă? Ă‹Ă˜ĂŽ ÞÒĂ? ĂœĂ?Ă?Ă&#x;Ă–ĂžĂ? ĂŁĂ™Ă&#x; ĂšĂœĂ™ĂŽĂ&#x;Ă?Ă? Ă‹Ă˜ĂŽ ÞÒĂ? Ă Ă‹Ă–Ă&#x;Ă? ĂŁĂ™Ă&#x; ĂŒĂœĂ“Ă˜Ă‘ ĂŽĂ™Ă“Ă˜Ă‘ ÞÒĂ? ÖÙå Ă”Ă™ĂŒËœ ĂĄĂ“Ă–Ă– determine whether you get the high job.

Don’t take any assignment for granted. Ă™ Ă?Ă‹Ă?Ă’ Ă‹Ă?Ă?Ă“Ă‘Ă˜Ă—Ă?Ă˜Ăž ĂĄĂ?Ă–Ă–Ë› Ă™Ă&#x; Ă‹ĂœĂ? Ă&#x;Ă?Ă&#x;Ă‹Ă–Ă–ĂŁ as good as your last good assignment.

Ëž Ă?Ă‹ĂœĂ˜ Ă˜Ă?Ă Ă?Ăœ ÞÙ Ă?Ă‹ĂŁ Ă˜Ă™Ëœ ĂĄĂ’Ă?Ă˜ Ă‘Ă“Ă Ă?Ă˜ Ă‹Ă˜

Ă‹Ă?Ă?Ă“Ă‘Ă˜Ă—Ă?Ă˜Ăž Ă?Ă?ĂšĂ?Ă?Ă“Ă‹Ă–Ă–ĂŁ ĂĄĂ’Ă?Ă˜ Ă“Ăž Ă“Ă? Ă?Ă’Ă‹Ă–Ă–Ă?Ă˜Ă‘Ă“Ă˜Ă‘Ë› Ă’Ă?Ă?Ă? Ă?Ă’Ă‹Ă–Ă–Ă?Ă˜Ă‘Ă“Ă˜Ă‘ ĂœĂ™Ă–Ă?Ă? Ă—Ă™Ă&#x;Ă–ĂŽ you and make you better at whatever Ă?ĂœĂ‹Ă?Ăž ĂŁĂ™Ă&#x; Ă‹ĂœĂ? ĂšĂ&#x;ĂœĂ?Ă&#x;Ă“Ă˜Ă‘Ë› ÙÞ Ă?Ă‹ĂŁĂ“Ă˜Ă‘ Ă˜Ă™Ëœ ÞÙÙ ÞÙ Ă?Ă’Ă‹Ă–Ă–Ă?Ă˜Ă‘Ă“Ă˜Ă‘ ĂĄĂ™ĂœĂ•Ëœ Ă—Ă‹Ă•Ă?Ă? ĂŁĂ™Ă&#x;Ăœ Ă?Ă&#x;ĂšĂ?ĂœĂ“Ă™ĂœĂ? ĂœĂ?Ă?Ă™Ă‘Ă˜Ă“Ă¤Ă? ĂŁĂ™Ă&#x; Ă‹Ă˜ĂŽ Ă‹ĂœĂ? Ă?Ă‹Ă‘Ă?Ăœ ÞÙ ÚÙĂ?Ă“ĂžĂ“Ă™Ă˜ ĂŁĂ™Ă&#x; Ă?ĂžĂœĂ‹ĂžĂ?Ă‘Ă“Ă?Ă‹Ă–Ă–ĂŁ ĂĄĂ’Ă?Ă˜ ÞÒĂ? ĂœĂ“Ă‘Ă’Ăž ÙÚĂ?Ă˜Ă“Ă˜Ă‘Ă? Ă?Ù×Ă? Ă&#x;Ú˛ ÑÙÞ ÞÒÓĂ? Ă?Ă‹Ă‘Ă? Ă‹ĂŽĂ Ă“Ă?Ă? Ă?ĂœĂ™Ă— Ă™Ă˜Ă? Ă™Ă? Ă—ĂŁ Ă—Ă?Ă˜ĂžĂ™ĂœĂ?Ëœ ĂĄĂ’Ă™ ÞÙÖÎ Ă—Ă?Ëœ ËŤ Ă‹ĂœĂ“Ă?Ëœ Ă˜Ă?Ă Ă?Ăœ Ă?Ă‹ĂŁ Ă˜Ă™ ÞÙ Ă‹Ă˜ĂŁ ĂĄĂ™ĂœĂ• ĂŁĂ™Ă&#x; Ă‹ĂœĂ? Ă‘Ă“Ă Ă?Ă˜Ëœ Ă?Ă Ă?Ă˜ Ă“Ă? ĂŁĂ™Ă&#x; ĂŽĂ™ Ă˜Ă™Ăž Ă•Ă˜Ă™ĂĄ ÒÙå ÞÙ do it. Say you can and then go and figure Ă™Ă&#x;Ăž ÒÙå ĂŁĂ™Ă&#x; Ă?Ă‹Ă˜ ĂŽĂ™ ÓÞˏ˛ Ă’Ă“Ă? Ă‹ĂŽĂ Ă“Ă?Ă? ĂĄĂ‹Ă? very beneficial to my growth. I tell my subordinates the same. Never say no to Ă‹Ă˜ĂŁ ĂšĂœĂ™Ă”Ă?Ă?Ăž Ă‹Ă?Ă?Ă“Ă‘Ă˜Ă?ĂŽ ÞÙ ĂŁĂ™Ă&#x; Ă‹Ă˜ĂŽ Ă•Ă˜Ă™ĂĄ ĂŁĂ™Ă&#x; have the ability to achieve whatever you Ă’Ă‹Ă Ă? ĂšĂ&#x;Ăž ĂŁĂ™Ă&#x;Ăœ Ă—Ă“Ă˜ĂŽ Ă“Ă˜ĂžĂ™Ë› Ă? ĂŁĂ™Ă&#x; Ă?Ă‹Ă˜ ĂžĂ’Ă“Ă˜Ă• Ă‹Ă˜ĂŽ ĂŒĂ?Ă–Ă“Ă?Ă Ă? Ă“ĂžËœ ĂŁĂ™Ă&#x; Ă?Ă‹Ă˜ ĂŽĂ™ ÓÞ˛ Ă–Ă?Ă Ă‹ĂžĂ“Ă˜Ă‘ ÞÙ ÞÒĂ? ÞÙÚ Ă™Ă? ĂŁĂ™Ă&#x;Ăœ Ă?Ă‹ĂœĂ?Ă?Ăœ Ă?Ă’Ă™Ă&#x;Ă–ĂŽ not be left to chance. Be deliberate about it. Plan effectively and do all you can to Ă‹Ă?Ă’Ă“Ă?Ă Ă? ĂŁĂ™Ă&#x;Ăœ Ă™ĂŒĂ”Ă?Ă?ÞÓà Ă?Ă? Ă–Ă“Ă•Ă? Ă“Ă?Ă’Ă‹ Ă’Ă‹Ă? ĂŽĂ™Ă˜Ă?Ë› ĚŽ 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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Need for Judicious Deployment of Borrowed Funds As the Debt Management Office strives to raise funds for the federal government, it is imperative that the funds are deployed to productive use, writes Goddy Egenes

Adeosun

Some stakeholders have expressed mixed feelings about the high debt profile of Nigeria. While some said the country has too much debts, others said borrowing, in itself, is not bad but diverting the loans to unproductive purposes is the danger.

One thing that is obvious is that Nigeria, a country that is battling with infrastructural deficits, and experiencing lower revenue generation due to low oil prices, borrowing to stimulate the economy is inevitable.

While the Debt Management Office(DMO), with experienced and hardworking staff, has been successfully raising money for the federal government both in the domestic and international financial markets, there have been concerns on the judicious utilisation of money raised. Currently, the total debt of the federal government stands at about N19 trillion and it is expected to rise further as the government has to continue to finance budget deficits and provide the critical infrastructure needed to stimulate the economy.

The Minister of Finance, Mrs. Kemi Adeosun, recently said in an article that national debt is an emotive issue as well as an economic one. According to her, “the thought of saddling future generations with unserviceable debt, is not conscionable and certainly not part of the President Muhammadu Buhari-led-administration’s agenda.�

Commenting on the N19 trillion debt, Adeosun said while total public debt in Dollar terms has remained relatively stable since 2015, our debt, when denominated in Naira, has increased from N12.1 trillion to N19.6 trillion. “However, this belies the impact of the recent devaluation of the Naira on the external obligations we inherited, which accounted for N1.63 trillion of this increase. Also, to be considered, is the effect of the compounding of debt service on the inherited domestic debt, which was largely short dated. The administration has always been transparent and the reward for transparency should not be consternation but rather, patient and informed analysis. Nigeria’s debt to GDP currently stands at 17.76 per cent and compares favourably to all its peers,� she said. The minister added that the government puts its plans together, the economic modelling team correctly forecast that in the short term, there would be an acceleration in the accumulation of debt and an increase

Fashola

in debt servicing costs. “However, this would be ameliorated by correcting the low tax to GDP ratio through revenue mobilisation, releasing funds to sustain investment in capital and repaying the debt. Mobilising revenue aggressively is not advisable, nor indeed possible, in a recessed economy but as Nigeria now reverts to growth, our revenue strategy will be accelerated. This is being complimented by a medium-term debt strategy that is focusing more on external borrowings to avoid crowding out the private sector. This would also reduce the cost of debt servicing and shift the balance of our debt portfolio from short term to longer term instruments,�

Adeosun said.

But analysts said for all these to be meaningful to Nigerians, there must be judicious use of the funds being borrowed.

This is why some analysts have hailed the decision to tie the N100 billion recently raised through Sukuk bond to specific projects.

The Director General of DMO, Ms. Patience Oniha had explained that the debut N100 billion Sukuk bond was dedicated to building critical road infrastructure in the country.

According to her, it is designed by the government as a revenue source to fund the construction and rehabilitation of key economic infrastructure projects across Nigeria, such as roads. It is intended to diversify the sources of government funding, offer ethical investors an opportunity to invest in government-issued securities, achieve a higher level of financial inclusion and serve as a reference for pricing Sukuk issued by other bodies, especially private sector issuers. “This is one of several efforts to raise funds for specific projects and this is backed by the full faith of the federal government.

This is a rental product to cater for segment of our society that requires such services,� she said.

Before the raising of the N100 billion, the Federal Ministry of Power, Works and Housing had listed 25 road projects spread across the six geo-political zones of the country which the money will be used for. Some of the projects include: the Loko Oweto Bridge, dualisation of a section of the Abuja-Lokoja road, dualisation of the Suleja-Minna road, the dualisation of the Kano-Katsina road (phase 1), rehabilitation

Oniha

of the Onitsha – Enugu Expressway, and the Enugu-Port Harcourt road (section 1-3). Others are the Ibadan-Ilorin Road (Oyo-Ogbomoso), Kolo-Otuoke-Bayelsa-Palm.

After the DMO has succeeded in raising the money, it handed over the to ministry for purpose for which it was raised. “The N100 Sukuk funds are earmarked for roads and will be released on Thursday this (last) week. We have kept the capital spending going to ensure that efforts to improve the economy are continuous and seamless,� Adeosun had assured.

According to her, major construction will resume on 25 roads across the key road networks/sections (A1-A4), which cuts across the six geopolitical zones, following the successful raising of over N100 billion.

All eyes are now on the Ministry of Works Housing that is headed by BabatundeFashola.

It is believed even if in the past most money raised, were diverted, there should be a positive change by sticking to the projects for which the N100 billion was raised.

Financial experts have hailed the DMO for remaining consistent in ensuring that the country succeeds in raising the needed funds. “What is left is for the deployment of the funds so that good impacts would be felt by all Nigerians. There is no doubt about the ability of the DMO on the management of the country’s debt, this can be seen from the efficiency demonstrated by the agency over the years. These efforts by the DMO should be complemented by other agencies of the government by making sure that the funds raised are not diverted,� a market operator said. Speaking on deployment of the N100 billion, a partner with PricewaterhouseCoopers (PwC) on Global Board for Leadership Development, Taiwo Oyedele said that investing the N100 billion Sukuk fund in non-capital projects and infrastructure would have negative impacts on the economy.

He therefore urged the federal government to ensure that the fund is judiciously invested to fund projects which are self-financing and yield returns on investments.

Oyedele, who stated that borrowing is a huge challenge for the economy, noted that the country’s GDP to debt ratio is low judging by global standards.

“It is under 20 per cent, compared to the United State (US) where it is 90 per cent.

Government has no choice, but to borrow that is why the debt profile is rising. We have to do things differently so that we can raise money internally to fund infrastructural and capital projects. Taxation is an important issue therefore government should take a critical look at it. The economy cannot continue to depend on oil. When you borrow to finance a road project that has toll, it is a project that is capable of paying for itself. But you borrow to take pilgrims for Hajj or Jerusalem that is a disaster waiting to happen. We cannot afford anymore.�

Before now, Economist and Senior Faculty Consultant, Lagos Business School, Dr. Bongo Adi, explained that taking the country back to its green days implies that the government must be ready to stimulate economic activities in different sectors, which also implies injecting funds and getting money into the real sector, the hands of investors and consumers. “All these put together will enhance economic activities in the country. Looking at the GDP ratio, which is still very low at the market, it is not a bad thing if government can approach the global loan market, but what we should really worry about is the judicious utilisation of any loan taken. We need to look into budget implementation and the mechanism put in place to ensure the transmission of funds from the government to the sectors where these monies are actually required,� he stated.

Another economist and former Executive Director in Zenith Bank, Dr. Wale Bolorunduro, stated that the government must define its purpose for borrowing. “If we must borrow, it has to be for infrastructure that will improve our economy. We should get our revenue to go up, while we get long term financing to fix our infrastructure; but we must come to the table to identify the infrastructure,� he said. According to him, things must be prioritised and properly matched, because long term borrowing must bring optimal solution. “We should avoid error of previous administrations that borrowed to do commercial infrastructure when we can get the private sector to do that. Our problem is not borrowing, but borrowing for wrong purposes and in the next 30 years, the future generation will be paying for that,� Bolorunduro said.

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T H I S D AY Ëž Ëœ ÍŻÍŻËœ Í°ÍŽÍŻÍľ

Pension Sector Gets Pass Mark Ebere Nwoji writes that after 57 years, Nigeria’s pensions sector has grown in leaps and bounds Nigeria has no doubt recorded significant success in the reformation of its pension sub-sector. Aside the quantum of assets accumulated by the sector which currently stands at N6.5 trillion invested in various portfolios, a good sign that the country has achieved improvement in its pension subsector is the growing interest and awareness among Nigerians on pension matters.

Indeed, every Nigerian worker, irrespective of his level, is now aware that pension benefit is a package waiting for them at retirement. Many, on daily a basis, look at quantum of benefit in their Retirement Savings Accounts(RSA).

Having this at the back of their minds, every Nigerian worker is interested in pension matter and is eager to contribute his ideas on such matter anytime anywhere.

A proof of this is the number of Nigerian workers that trooped into the auditorium of House of Representatives Abuja few days back to make their presentations at the public hearing on a sponsored private bill for amendment of 2014 Pension Reform Act to return some paramilitaryagencies of government to the old Defined Benefit Scheme from the contributory Pension Scheme.

Nigerian workers, from various sectors of the economy and from government agencies trooped in large numbers just to lend their voices to the debate and to warn against any act by an body to destabilise the existing pension scheme in the country.

National President, Nation Union of Pensioners (NUP), Dr. Abel Afolayan, at the public hearing made no pretence about the feelings o f pensioners on the bill when he said: “For the pensioners under the Defined Pension Scheme, the introduction of the contributory Pension scheme and the enactment of the Pension Reform Act 2004 ammended in 2014, was the most laudable and commendable step that has been taken by government to transform and improve the pension sector in Nigeria. “.It is our hope, however, that none of them, individually or collectively by any act of omission or omission will take any step that will undermine or destroy the work they have started�, he stated.

Pension by its definition and meaning as spelt by the Cambridge English Dictionary is an amount of money paid regularly by government or a private company to a person who does not work an more because he is too old or has become ill.

The dictionary.com defines it as a fix amount other than wages paid at regular intervals to a person or the person’s surviving dependents in consideration of past services, age, merit, poverty , injury or loss sustained.

By whichever way the word pension is looked at, it is an entitlement belonging to a retired worker who had used his youthful strength to work for a particular organisation until he grows old and weak that he can no longer work as he used to do and so goes for retirement.

At the retirement period, he sits back to receive periodically usually monthly, certain amount though may not be as high as what he was receiving during his service years, for his continued up keep in life.

A good pension scheme serves as an incentive to new employees and helps to hold back experienced staff. It is, therefore, the responsibility of a good employer to articulate and design a good pension plan that will motivate staff.

However, 57 years after independence, Nigeria has recorded huge success in the transformation of its pension system which had in the past recorded ugly history.

Improvement in this regard was so tremendous that the rest of African countries now look at Nigeria as role model in the reformation of their pension system Before the advent of the current Contributory Pension Scheme established by

Executive Secretary, PTAD, Sharon Ekeazor

the Pension Reform Act of 2004, ammended in 2014, Nigeria was operating the Defined Benefit Scheme currently tagged old scheme.

It came into effect in April 1974 , but was backed up by an enabling law in 1979.

The scheme, which was unfunded in nature, was apparently characterised by problems of different magnitude and complexities. The problems included: lack of accountability, transparency, mismanagement of funds and corruption . The consequence of this was that Nigerian pensioners were denied payment of their benefits and other legitimate entitlements on retirement.

The result was that many retirees died out of shock, heart attack, stress on regular calls for verification of pensioners and other serious life threatening hardships to which they were subjected simply to be eligible to be paid their gratuity and pension. Many of them after the sufferings never received the said pensions until they died.

In 2010, there were media reports about a particular pensioner who was ill and his children continued to struggle for payment of his monthly pension arrears to enable them take him to hospital for treatment, but the paymasters insisted that unless he was brought out from the hospital to the point of verification, he would not be paid.

The children later succumbed and carried the sick pensioner to the verification venue only for him to give up the ghost on the way and the children had to bring the corpse to the pay masters before his entitlement was paid.

This was one of the gory experiences of pensioners simply because the pension fund managers then preferred to divert the money to their own account while the real owners die in poverty and penury.

This ugly situation continued until in 1999, when the former President Olusegun Obasanjo was confronted with the challenge of rampage by retired military officers who happened to be his school mates in military school and protest letters from some prominent university professors. He was then compelled to form a committee which he sent to different parts

of the world to study the pension system in advanced countries.

The committee later came up with suggestions and advice for Nigeria to adopt the ongoing contributory Pension Scheme practiced in Chile.

The Pension Reform Act was in June, 2004, signed into law thereby establishing the regime of Contributory Pension Scheme (CPS) in Nigeria.

The scheme was meant to accommodate workers who had three years to go for retirement before the enactment of the contributory pension scheme.

While those who had from four years up to retire were accommodated.

The former were retained under the Defined Benefit Scheme (DBS) and the two are currently existing side by side until the last pensioner under the old scheme dies.

Also military personnel were exempted from the CPS. With this arrangement, sufferings and old age poverty associated with retirement in Nigeria became a history.

Pensioners under the CPS and those under the DBS now receive human treatment with respect from managers of the scheme. At the verification exercise conducted by the PensionTransitional Arrangement Committee( PTAD) for about 21,000 pensioners residing in Lagos who are under the DBS recently, the pensioners confirmed that there has been a great change in the way their cases were handled.

One of the pensioners, Mrs. M. Shonowo, who retired as commercial Manager Ministry of Communications, Ikoyi, Lagos, in her assessment of the Lagos verification exercise said: “The arrangement now is superb. Before, we were under sun and rain. No seat, no separation of elders and sick ones. But because it is a woman that is handling it now, she is very considerate. She has pity, she made provision for us elderly and the sick ones to get prompt attention. It is a good arrangement, God will continually help PTAD. They will know no sorrow, they will reap the fruit of their labour.�

For the CPS, which is funded in nature, both the employers and employees save to better the lot of the worker at retirement.

Initially, both the employee and employer were required to save 7.5 percent each of the employee’s monthly package which should be paid into the RSA of the employee . The pension Act also requires every employer,

who has up to five employees to open RSA for each of the employee with any of the 21 Pension Fund Administrator of his choice.

The amended version of the act requires that employers of labour with two employees should enroll them into the scheme while the employee contributes eight per cent of his monthly wage and his employer 10 per cent which should be saved in his RSA. Actors in the scheme, are the National Pension Commission( PenCom) as the regulator, the Pension Fund Administrators ( PFAs)as the managers of the funds and the Pension Fund Custodans (PFCs) as the custodians and investors of the funds.

By the design of the Act, none of the above actors has access to the fund and none has the power to tamper with the fund as the funds are invested in various instruments where they yield interest to the contributors’ savings.

Today, records show that pension assets under the CPS have grown to N6.5 trillion and retirees are no longer passing through difficult times in collection of their Retirement Benefits.

Indeed, most PFAs pay retirees as early as 18th of every month while the retirees have testified that they are getting their pension benefits earlier than they were getting their salaries while in service.

The CPS, has remained one of the most successful and enduring legacies left by the Obasanjo’s administration.

But as successful as the CPS is the regulator is still battling to fine tune it and ensure that every working Nigeria is brought under the scheme.

The scheme is still going through some challenges. These challenges are how to secure the compliance of all eligible employers of labour to the scheme; how to ensure that every working Nigerian is under the CPS through the micro pension scheme; how to judiciously invest the accrued funds in such a way that the contributors will feel the positive impact of the invested funds while Continued on page 28

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PENSION SECTOR GETS PASS MARK reaping its yields.

The immediate past Director General of PenCom, ChineloAnohu- Amazu, had said that to achieve this, the commission should look at investment of the funds in real estate in such a way that contributors can through their RSA own houses of their own.

Before her exit, she disclosed that the commission had opened discussions with some heads of federal ministries on how to achieve this so that Nigerians at retirement would not think of how to live their retirement life without roof on their heads.

To achieve these, the commission had

established partnership with the Pension and Investments/World Pension Summit, Amsterdam, to institute the annual Pension Summit Africa Special . The summit, which was established by the two bodies in 2014, now serves as platform for exchanging ideas, supporting professionals in social security and in all aspects of pensions to gain expertise in pension fund management .

In all, given the level of success currently recorded by Nigeria in the journey to enthrone the regime of workable and functional pension system, one will modestly say that Nigeria, has successfully covered reasonable distance in

its journey to achieve perfect pension system that will conquer the fear of retirement among Nigerians and at the same time build long term investible funds that will help to keep Nigeria on stable economic track.

Managing Director/CEO ,Premium Pension Limited, Mr. Wilson Ideva, has attributed this success story to what he described as the ‘airtight statutory provisions and the efficiency’ of PenCom. Obasanjo, to whom credit of achievements recorded in pension sub sector goes, speaking at the last pension summit in Abuja, told his audience that he was happy that the CPS, his

administration introduced in Nigeria in 2004, has earned public confidence and acceptability. “Today, I am proud to say that 7.13 million employees from both the public and private sectors in Nigeria have been registered under the CPS and have all opened RSAs and the scheme has so far accumulated about N6.5 trillion worth of pension assets. I am happy to mention that this modest achievement demonstrates that the PenCom has achieved two of the objectives - coverage and generation of a pool of investible funds, for which the government decided to reform the Nigerian pension system twelve years ago.�

NBET Disburses N38 Billion to Operators ChinemeOkafor in Abuja The Nigerian Bulk Electricity Trading Plc (NBET) has so far disbursed about N38 billion of its own fund to electricity generation companies (Gencos) to offset their bills to gas suppliers while awaiting the Central Bank of Nigeria (CBN) to finalise its N701 billion loan request.

According to the minutes of the last monthly meeting of power operators in Nigeria, an unnamed official of the NBET disclosed this, stating that the agency was doing that in good faith and expecting the CBN will eventually release funds to it.

Both CBN and NBET are reportedly yet to conclude on the terms for the N701 billion fund, which would provide some payment assurances for gas supplies to Gencos for a period of two years. The fund would also ensure that Gencos continue to produce power and improve their generation capacities.

Quoting the NBET official, the minute of meeting which THISDAY obtained in Abuja stated: “The representative of NBET informed the meeting that NBET had been

working with CBN and other relevant stakeholders to expedite payment of the intervention funds to operators. “He stated that NBET disbursed N38 billion of its own funds to operators in good faith while awaiting CBN’s release of the funds.�

Similarly, the minutes disclosed that the Nigerian Electricity Regulatory Commission (NERC) has asked the 11 electricity distribution companies (Discos) to deploy and install prepaid meters to all the buildings housing ministries, departments and agencies (MDAs) of the federal government. NERC’s Vice Chairman, Mr. Sanusi Garba, told the meeting that the plan was underway, and that it was part of efforts to ensure that the MDAs do not accumulate future energy debts after the debts they accumulated in the past were paid off by the government.

Meanwhile, the Transmission Company of Nigeria (TCN) has also restored and energised the second Jebba to Kainji 330kV power transmission line, as well as the Ajokuta to Gwagwalada 330kV Double Circuit transmission line which were out for a period of time.

GAS TO BOOST POWER SUPPLY

L-R : Chief Executive OďŹƒcer, Axxela, Bolaji Osunsanya; Executive Director/Chief Operating OďŹƒcer Gas & Power, Nigerian National Petroleum Company (NNPC), Saidu Mohammed and Managing Director, Nigerian Gas Processing and Transportation Company, Babatunde Bakare, during the recent submission of a feasibility study by Axxela to NNPC regarding a proposed 510km ELPS-Ibadan-Ilorin-Jebba gas pipeline to boost power generation across the South Western and Central States

Firms Partner H. Pierson to Support Insurance Cornerstone Insurance, Sector Risk-based Supervision Hepstar Partner on Travel Insurance Sales

Ebere Nwoji South African-based global insurance aggregator, Hepstar, has entered into partnership with Cornerstone Insurance Plc for sale of its travel insurance policy through Amadeus travel channels.

Amadeus is a provider of advanced technology solutions for the global travel industry.

Its customer groups include travel providers such as airlines, hotels, rail and ferry operators, travel sellers such as travel agencies and websites as well as travel buyers like corporations and travel management companies.

With this arrangement, Hepstar, said travel agents booking through Amadeus channels will have a variety of travel insurance products they can offer their travelers from a single booking page.

Speaking on the partnership Hepstar’s Chief Operating Officer, Cluudia Snyman, said: “Travel agents can now add an insurance policy to a flight booking in one fell swoop and never leave the booking flow.

Trip and traveller details are automatically pre-populated so no data needs to be entered twice. This saves time and

effort for the agent. Insurance bookings are fully integrated into the Passenger Name Record (PNR) and back office systems, allowing for easy reporting and after-sales servicing.�

According to him, traveling is a wonderful experience, you get to explore new places, meet new people, and taste great cuisine.

But traveling also comes with its share of risks. He added that travelers should know to protect themselves against travel related risks with adequate travel insurance coverage.

Speaking further on his company’s motive in the partnership, he said: we are making it easier for travel agents in Nigeria to book insurance products smoothly through the GDS. This will be hugely beneficial for travel agents and travellers alike.�

Also speaking, Head, E-Business and Alternative Markets at Cornerstone Insurance Plc , Kolawole Ladejobi, said his company’s aim in the deal is to revolutionise penetration and distribution of insurance through cutting edge technology.

He said with the partnerships, the two firms have made travel insurance more accessible for Nigerians and seamless for travel agents.

A Netherland-based company, SecondFloor SA, has joined forces with one of Nigeria’s leading consulting firm, H. Pierson Associates to leverage on its risk practice to support the Nigerian insurance sector on risk-based supervision compliance and initiation of Solvency II. In a statement to announce the partnership, H. Pierson Associates stated that SecondFloor SA, is a leading governance risk and ompliance (GRC) and Solvency II solutions provider

in Europe.

H. Pierson added that SecondFloor has great experience working for European Insurance regulatory authorities and operators in driving risk-based supervision and solvency II migration “H. Pierson on the other hand has spent a major part of its 27 years in committedly providing strategy, end-to-end risk management consulting, capacity building and risk-culture transforming solutions in the Nigerian market. “SecondFloor’s collaboration

with H. Pierson is offering the insurance sector risk-based supervisory compliance consulting, GRC and capital management consulting, own-risk-self-assessment (ORSA) tools as well as GRC and solvency II tools and software,�the company added. According to the company, “On software, the partnership’s offer to clients, of a low pricing model and free trial flexibility, is key for Nigerian companies who are in a recession-imposed costconscious mode. SecondFloor

serves about 20 per cent of the European insurance market, they support over 500 solo entities, they have over 2,000 happy users, and they offer both Cloud and server options of the software.

According to some insurance companies, this is a very welcome development as combining the joint expertise of H. Pierson and SecondFloor will serve to further strengthen insurance companies, the regulatory landscape and the insurance sector in general.

Accion MFB Appoints Joda MD/CEO Designate Nume Ekeghe The Board of Directors of Accion Microfinance Bank has announced the appointment of Mr. Taiwo Adeshina Joda as the Managing Director/ Chief Executive Officer designate.

The appointment became effective from August 1, 2017, and Joda is expected to take over the helm of affairs at the bank from December 2017.

This followed the exit of the pioneer MD/CEO, Ms. Bunmi Lawson, having spent the maximum period of 10 years in accordance to the Central Bank of Nigeria rules

for maximum tenure for CEOs of banks in Nigeria.

The Chairman of Accion MFB, Mr. Patrick Akinwuntan explained in a statement: “After a rigorous search, the board is pleased to have Joda join the Accion MFB family, given his considerable experience in both bank and non-bank financial institutions along with his strong track record of success in his previous employment, both of which make him an outstanding candidate for the role, in a selection that saw several well placed, and extremely capable candidates emerge.

“Joda has demonstrated the ability to work successfully in different environments of the bank, leading successful teams and creating lasting value. I look forward to working with him to guide Accion Microfinance Bank through its next phase. “I thank Bunmi Lawson for her tenacity and dedication to the growth and development of Accion Microfinance Bank as its pioneer MD/CEO. Her place in the history of Accion Microfinance Bank is guaranteed forever. She will work closely with Taiwo to ensure a smooth transition. On her part, Lawson welcomed

Joda, saying: “My heartfelt thanks goes to the board, management and staff of Accion Microfinance Bank who have supported me this last decade and helped position Accion Microfinance Bank as a leading Microfinance Bank in Nigeria.�

In his remark on the appointment, Joda said: “I am delighted to have been chosen for the important task of seeing Accion MFB through its next phase of growth as a leading microfinance bank in Nigeria. “I look forward to working with the board, management and staff to actualise Accion MfB’s objectives.�

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Nigeria’s Renewed Focus on Agriculture After decades of neglect, Nigeria has now placed a renewed emphasis on agriculture as it seeks to revive an underperforming economy, provide jobs, and address food insecurity, writes Jonathan Eze The agricultural sector at a time was the backbone of the country’s economy, contributing significantly to domestic production and employment. It was also the major foreign exchange earner for the nation before a myopic and thoughtless total dependence on oil from the Niger Delta region.

The North flourished so much with the groundnut cultivation while in the Southwest, cocoa was massively produced.

The successes of that era like the Cocoa House in Ibadan still underscores the importance of deploying resources to facilitate infrastructural development of a nation.

Sadly, the oil sector in the oil boom years overtook agriculture and the rest is now history as Nigeria continues to grapple with economic instability and its attendant manifestations in socio-political and economic dysfunctions on top of which is unemployment among teeming Nigerian youths.

However, respite came when President MuhammaduBuhari listed agriculture as critical element in addressing challenges confronting Nigeria and as the only substantially viable sector that can counter unemployment challenge.

One area the administration has hit the ground running is on Rice production.

According to Presidential spokesman, GarbaShehu, giant strides of the government in rice farming has resulted in geometric increase in production output, stating that the import net of the country on the product fell from 1.2 million tonnes in 2014 to only 58 tonnes in 2016.

Shehu made the disclosure while fielding questions from the Pyramid Radio in Kano.

He also stated that many abandoned fertilizer plants had come on stream to help reduce the high cost of the item. According to Shehu, some of the plants employed as many as 100 workers to reduce the unemployment rate. He said: “Because the elite don’t care for ordinary people they are saying that government is doing nothing but we are doing a lot for ordinary people.

This country has more important things to talk about instead of dwelling on trivia.� “The price of a bag of fertilizer is down from about N9,000-N10,000 per bag to 5,500. This country has about 32 fertilizer blending plants that have remained idle for many years but that about half that number are now in production with many of them running three shifts a day. “While 2014, we bought 1.2 million tonnes of rice from Thailand, only 58,000 tonnes were imported last year. “As a result of the country’s growing rice production, assisted by the decision by the government to deny foreign exchange through the Central Bank for the importation of rice parboiled rice mills in some Asian countries are shutting down because Nigeria, one of the world’s largest importers is not buying. Five of such mills in Thailand servicing Nigeria have stopped production due to the withdrawal of our patronage. “Currently, government is watching with keen interest, the growing investment in rice milling by the private sector and will continue to give encouragement through the Ministry of Agriculture to such efforts by BUA Industries in Jigawa, Dangote in Kano, OLAM and WACOTT in Nassarawa and Kebbi and what a consortium of businessmen led by a former Governor in Anambra State are doing.

The increase in the volume of rice production and processing is already saving this country a lot of money.�

Garba also indicated that the administration’s agricultural revolution was bringing about other socio-economic changes in the country. “A recent survey in two urban areas in Jigawa State, the capital Dutse and Kiyawa showed that jobless young men are migrating from motor cycle, taxi, achaba to farming. In Kiyawa, it takes a long wait to catch a motor

Ogbeh

cycle because they are rapidly disappearing.

The young men are moving to the farms.

These are development issues in the country that our media should pay attention to,� he said in the program.. “The President will rather commission successes not promises.

In some weeks or months ahead, you will see happen�, he said.

Curiously, the importance of Agriculture to a viable economy has reinforced concerted efforts by the governments at the federal and state levels in reorganising the agricultural framework to boost food production.

A former Minister for Agriculture and Rural Development, AkinwunmiAdesina and the current President of African Development Bank, said at the launch of Youth in Agriculture at the Federal University of Technology, Akure that the government was committed to encouraging more skilled farmers and also changing the ideology of majority of people about agriculture. “With the launch of the “Youth in Agriculture�, farmers of the future that will make Nigeria’s agriculture competitive for decades have emerged. Agriculture is changing rapidly. Today, only countries that move into commercial agriculture have a chance to compete. We must change the way we train students, what we train them and what we prepare them for,� he added.

Significantly, vital interventions from the private sector have also complemented government’s efforts in alleviating poverty through agriculture.

Minister of Agriculture, Chief AuduOgbe, said at an event in Lagos that the quality of food consumed by a people is a stark revelation of the quality of life of the people. With a population of more than 170 million and growing, Nigeria needs to produce enough food to cater for her growing population

and also export to earn foreign exchange. “Nigeria is currently looking to cut down on the huge amounts of money in foreign currency that is spent on subsidising food imports. A sure way of achieving this is to leverage on the comparative advantage of good weather and vast arable land that Nigeria has, to produce food to cater for her population and also feed other nations.�

Another major role currently being played by the agricultural sector in Nigeria is in the provision of agro based raw materials to cater for the fledgling manufacturing and production industry. Crops such as cotton, cassava and oil palm, as well as animal products such as cattle hide and wool are very important raw materials that are in high demands in a variety of industries.

An abundance of raw materials will boost the output of the existing industries and attract foreign direct investments (FDI) into the country.

The role of agriculture in Nigeria’s economy cannot be over emphasised. As it stands now, the role of agriculture is on the ascendency because of the current fall in oil prices. The government should do well to build on the progress made so far in the area of agriculture.

Stakeholders in the sector have all agreed that the current dwindling of crude oil prices in the international market, makes it better for the diversification agenda of the federal government and In the quest for diversification, agriculture seems to be the most sustainable way forward.

According to African richest man, AlhajiAlikoDangote, If the proper investments are made in the agricultural sector, the current contributions being made to the economy by this sector can be doubled or even tripled because Nigeria has both human and natural resources to achieve this potential.

He added that the company would invest

$4.6 billion in the agricultural sector in the next five years.

He listed sugar, rice, tomatoes and oil palm as some of the agricultural sectors where the monies would be invested.

Dangote said this at the 6th edition of the 2017 AgrikExpo and NABG Conference in Abuja and appealed to government at all levels to rehabilitate and construct feeder roads to facilitate movement of farm produce to markets.

The industrialist said that rehabilitating rural roads would help to reduce costs of production and prices of goods.

He also said that improving technology in agriculture would guarantee improved inputs (seeds, fertilisers), and also help farmers improve yields.

According to him, if agriculture must succeed in the country, our farmers must be young and active which means that the youths must be involved. “We need to improve human capital in every aspect of the farm value chain. “There is need for infrastructure to be in place to enable farmers transport their produce from farm to markets.�

He called on state governments to initiate programmes that would promote areas of their comparative advantage in agriculture to boost food security and assist Federal Government’s agriculture efforts.

Dangote also called for adequate cooperation between the public and private sector to enable agriculture thrive in the country. “Agriculture cannot thrive in this country except there is a better partnership, collaboration between the private and public sectors.�

The 57th independence anniversary should be a jump pad for exhaustive reflections on the potential of Agriculture as a way of ensuring sure and studded footing for Nigerian economy.

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Is Arik Air Too Big to Fail?

Wendy Akpareva, insolvency law expert, argues that Arik Air cannot be said to be a company of strategic economic importance and therefore, is not too big to fail

Arik Plane

One of the fallouts of Nigeria’s recent recession has been the collapse of businesses that could not survive the crash in the economy. Arik Air happens to be one of such businesses.

The reason for its collapse has been attributed the airline’s inability to service its debt and pay employees’ salaries. One of the causative factors underlying the airline’s failure to meet its obligation can be traced to the recession and the resultant plunge in the value of the Naira.

At the time of its collapse, Arik Air had debts in excess of N300 billion owed to Assets Management Corporation of Nigeria (AMCON) and other creditors in Nigeria and around the world. Consequently, in February this year, AMCON, the government body charged with resolving non-performing loan assets of banks placed the company in receivership and appointed a receiver/manager team to manage the affairs of the troubled airline.

AMCON had stated that its takeover of the management of the distressed airline was to prevent a total collapse of the airline which it considered ‘too big to fall’ given that it accounts for 55 per cent of domestic passenger traffic. It is therefore safe to conclude that the government’s intention in taking over Arik Air is to ensure that the airline re-organises its affairs and returns to profitable trading.

Recently it was reported that Ethiopian Airlines had indicated interest in taking over of the troubled Airline, a position AMCON has formally denied. The reported interest of Ethiopian Airlines in taking over the troubled Arik Air did not sit down well with members of the public, who felt that Arik Air, though a private airline had been serving as Nigeria’s de-facto national airline and so should not be taken over by a foreign airline. As a result calls were made on the Nigerian government to bail out the distressed airline by extending a financial lifeline to it.

Should the government bailout Arik Air? Generally, funding of corporate rescues/ restructuring such as is the case with Arik Air, is highly reliant on private investment/financial firms and individuals in the form of pre-existing creditors (and in some cases new lenders), nonetheless, it is not uncommon to see the government in some jurisdictions funding an insolvent

company’s restructuring plans.

The last global economic crisis is illustrative of how governments can get involved in the rescue of companies or institutions it considered “too big to fail�.

A case in point is the bailout of banking institutions by the British government and the bailout of the automobile industry by the Obama administration.

The failure of a company may, in some situations and to some extent, impact socio-economically on the society and this may slow down the overall growth of the economy, and in the case of Nigeria, its recovery rate, as it makes progress from the recession. It therefore seems that in very dire situations where a failing company’s collapse would impact socially and economically on a country, governments should assist in ensuring that the company returns to viability.

Government bailouts are much more than handing out money to distressed companies. Other factors have to be taken into consideration. Whilst the benefits derived from the survival of a company are not restricted to only the debtor and its creditors, but also have a positive impact on the society as a whole, a government’s decision to fund a struggling company’s restructuring plan is not obligatory; rather it is a decision which is taken after serious consideration of a number of factors which may range from the social to economic impact of allowing that company fail and the legal limitations faced which may exist to prevent an abuse of the process.

In such circumstances such as this, the government is faced with making a difficult decision: if the government provides a rescue loan, they may be saddled with having to make a substantial long-term commitment of taxpayer money.

On the other hand, not intervening could result in dire consequences in the form of a fire sale liquidation of assets and this may come with attendant socio-economic implications and in some cases electorate disfavour. Accordingly, government funding of the restructuring plans of struggling companies seem to involve balancing the costs of intervention against the need for a quick restructuring. It therefore seems that these costs include both the direct financial ones as well as any indirect economic costs

that could eventually appear from both action and inaction of the government.

A close analysis of institutions or companies that have benefitted from government bailouts worldwide shows that their function in the society makes it imperative for government to extend a helping hand. Government bailouts are primarily aimed at saving the services provided by the distressed company rather than the company itself. In essence, the company is seen as too big to fail not because of its size but because of its function. Take for instance the bank bailouts in England, without government’s intervention in the crisis involving the banking industry in the United Kingdom; it is possible that the UK economy would have suffered a total collapse. Likewise the bailout of Chrysler and General Motors by the Obama administration; the city of Chicago is heavily reliant on the survival of the automobile industry and failure by the Obama government to bailout the industry at the time would have been catastrophic. It would seem that the objective behind government bailouts is to restore equilibrium to the economy.

As it stands presently, is there really any tangible advantage to be if the Nigerian government bails out Arik Air? Agreed, jobs would be lost directly or indirectly following the collapse of the airline and undue hardship would be suffered by 55 per cent of domestic air travel passengers.

Nevertheless, it is doubtful if Arik’ Air’s collapse would impact the economy enough to slide the country back into another recession. While Arik Air provides an important service to members of the public, the function of its business is not necessarily fundamental to the country’s socio- economic survival. There certainly would be a vacuum left by the demise of Arik Air, but nature abhors vacuums and the marketplace has a way of resetting itself. Even if it were the case that the Nigerian government could bail out Arik Air, government bailouts appears to hold some inherent dangers and as such the framework supporting the government’s involvement needs to be carefully defined and government assistance should only be relied on, as a last resort option for a struggling company. As it is, the Nigerian

government appears not to have a clearly defined bailout framework for situations such as this; adopting an ad-hoc approach would undermine the efficacy of a government bailout.

Furthermore, research has shown that the most prominent of these dangers is the “moral hazard� effect bailouts have on firms. According to research, this principal incentive problem is a well-known concern that someone who is shielded from the consequences of a risk has less incentive to take precautions against the risk. It has been acknowledged that rescue loans provided by governments seem to increase uncertainty, increase the cost of moral hazard and discourage private actors from resolving distress before it becomes too late.

It has also been stated that the possibility of subsidized taxpayer funding on the eve of bankruptcy encourages risky behaviour from both potential investors and the firm itself. Both of whom would be relying on a government bailout to underwrite any ensuing costs. Equally, the executives of the troubled firm may deliberately ignore the distress signs and neglect to take steps to prepare for bankruptcy since the firm’s chances for governmental aid become higher if bankruptcy is not a reasonable option. This creates a nonchalant attitude among management and firms may now be more disposed to taking risks they otherwise wouldn’t have taken, knowing that a buffer from the government probably exists. What this does is that, it sends a message that taxpayers are more or less there to indemnify distressed companies that cannot be allowed to fail.

Despite the potential drawbacks of government bailouts, it can be used to turnaround the fortunes of companies whose failures would have significant impacts on the economy and the society at large. Arik Air cannot be said to be a company of strategic economic importance and therefore, isn’t ‘too big to fail’.

Moreover, bailing out every company that fails based on sentiments would alter the natural cycle of the market which gets rid of ineffective companies. t"LQBSFWB 1I % *OTPMWFODZ -BX

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Is Victor Ogiemwonyi Nigeria’s Bernie Madoff?

RaďŹ u Ajakaye in this article blamed regulatory failure for the infractions in the capital market involving Victor Ogiemwonyi, the Managing Director of Partnership Investment Company Plc and Partnership Securities Limited

NSE oor

On September 19, the Securities and Exchange Commission (SEC) announced that Victor Ogiemwonyi, the Managing Director of Partnership Investment Company Plc (PIC) and Partnership Securities Limited (PSL) has been banned for life from serving as a director in any public company in Nigeria for unprofessional conduct in respect of the activities both companies. The operating licenses of both companies were also withdrawn. A number of directors of the companies were, along with Ogiemwonyi, suspended from engaging in capital market activities in the Nigerian Capital Market. Those suspended included Henry Omoragbon, the Chairman of the companies, Funke Ogiemwonyi, Mr Ogiemwonyi’s wife, and Arese Ugwu, Mr Ogiemwonyi’s daughter and, ironically, the founder of Smart Money Africa, a personal finance platform, and the author of a book called The Smart Money Woman: An African Girl’s Journey to Financial Freedom. In addition to the bans, fines ranging from N1 million to N3 million were imposed on Ogiemwonyi, his wife and daughter and Omoragbon.

The reason for the SEC’s action was PSL’s unlawful sale of 48,200 shares in Forte Oil Plc belonging to one Cletus Mbaji Uchendu, and the misappropriation of the proceeds therefrom and of the dividend that accrued on the shares. However, there were hundreds of other reasons why the SEC might have imposed the penalties that it did. On January 14, 2016, one Chief Charles Adogah filed a petition at the Federal High Court, Lagos, seeking the winding up of PIC on the ground that it was unable to pay its debts, and was indebted to the petitioner in the sum of N40 million. At the hearing of the petition on June 12, 2017, when a winding up order was made, a number of other parties attended to support the petition.

In separate, and unrelated, proceedings, the former Chief Executive Officer of Togolese based Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Nigeria Plc, filed a petition on November 1 2016, seeking the winding up of PIC and PSL for the failure to pay some

N1.3 billion being the proceeds of the sales of his ETI shares that had been sold by PSL. Over one hundred other creditors have appeared to support of the petition, as has the SEC, which had prepared a report, dated November 16, 2016, alleging that, amongst other infractions, PIC and PSL had engaged in unauthorised capital market operations, had co-mingled client funds with their own, had been operating without the requisite number of sponsored individuals, had inadequate liquidity positions with liabilities of N10.5 billion and stated assets of only N1.6 billion. On October 31 2016, the Federal High Court appointed an interim provisional liquidator to take possession of the assets of the companies, so as to protect them for the benefit of creditors. Those proceedings are now stalled before the Federal High Court because PIC and PSL have appealed against the appointment of the provisional liquidator, and are seeking to stay the proceedings until the appeal is concluded. It is certain that not all the victims of the activities of PIC and PSL have come forward, and the reality is that both companies can now be viewed as dead, with their activities halted following the appointment of the provisional liquidator, who remains in place.

Ogiemwonyi was arrested by the EFCC in October 2016 and, in December 2016, was charged with stealing the proceeds from the sales of the ETI shares. He was granted bail immediately, but was unable to fulfil the bail conditions until 2017, spending Christmas of 2016 and the New Year in Ikoyi prison. His trial is pending before the Lagos High Court, where it is being subjected to the usual.

Bernard Madoff is described in Wikipedia as an “American fraudster and a former stockbroker, investment advisor, and financier. He is the former non-executive chairman of the NASDAQ stock market, and the admitted operator of a Ponzi scheme that is considered the largest financial fraud in U.S. history. Prosecutors estimated the size

of the fraud to be $64.8 billion, based on the amounts in the accounts of Madoff’s 4,800 clients as of November 30, 2008.� In December 2008, after his sons reported him to the authorities, Madoff was arrested by the FBI and charged with securities fraud. The U.S. Securities and Exchange Commission had previously conducted multiple investigations into Madoff’s business practices, but had not uncovered the massive fraud.

In March 2009, at his first hearing, he pleaded guilty to 11 felony charges and was convicted. In June 2009, he was sentenced to 150 years on each count and is serving his sentence in a federal prison in North Carolina. His scheduled date of release is November 14, 2139, by which time he would be 201 years old!

The U.S. Securities Investor Protection Corporation (SIPC), created under the Securities Investor Protection Act of 1970 to protect investors appointed a trustee, who estimated the actual losses to investors at $18 billion. The trustee reports that, as at September 22 2017, $12.7 billion had been recovered.

Turning to the question with which this article starts, it seems clear that although Ogiemwonyi has been responsible for significant losses to investors in the Nigerian capital market, the scope of his alleged misdeeds pales into insignificance when compared to Madoff’s. First, the extent of the losses caused by PIC and PSL, as recorded by the SEC, even if multiplied by a factor of five, to make it in excess of N40 billion, does not approach the $18 billion lost to Madoff. Secondly, there has been a significant recovery achieved in the Madoff case, primarily as a result of a legal system that produces results. Third, Madoff, recognising that he could not toy with the US federal legal system, chose not to fight the charges brought against him.

Ogiemwonyi, however, has hired a senior S.A.N., and is vigorously fighting both the civil and criminal actions brought against him, such that commentators wonder how

much of the monies stolen from his victims is being received by the lawyer. In addition, Madoff’s punishment was stringent.

Not only did he receive eleven 150 year sentences, he was ordered to pay $170 billion in restitution. Ogiemwonyi’s penalty from the SEC is a life ban from the Nigerian Capital Market and fines totalling less than N6 million.

One thing that the two cases have in common is the regulatory failures. The US Securities and Exchange Commission, in spite of numerous investigations of Madoff found nothing. Our SEC, to its credit, did find infractions when it conducted its investigation into Ogiemwonyi’s activities. However, it failed to conduct any investigations into Ogiemwonyi’s companies for at least eleven months from when it should have been aware that all was not well in the Partnership bubble. This begs the question as to whether the fact that Ogiemwonyi had hitherto been regarded as a leading light amongst capital market operators may have blinded the regulators as to what was going on. This was certainly a factor in Madoff’s ability to get away with his scheme for such a long time. Whilst the SEC has now acted to prevent Ogiemwonyi and his family from further predation on unsuspecting members of the public, it does not appear to have taken any concrete steps to help the victims to recover their money, leaving them to their own devices. In the Madoff case, the SIPC has fought to make recoveries for the benefit of victims, and has been quite successful in this regard.

No, Victor Ogiemwonyi is not Nigeria’s Bernie Madoff. However, he is the closest we have unearthed to date, and if the regulatory authorities do not improve their performances, one fears that we may some day be cursed with someone as bad as Madoff. t3BmV "KBLBZF JT B -BHPT CBTFE KPVSOBMJTU

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EDUCATION World Teachers’ Day: Boosting Teachers’ Morale for Effective Teaching As Nigeria joined the rest of the world to commemorate World Teachers’ Day recently, experts who have been monitoring issues in the teaching profession opined that it should be given pride of place and teachers rewarded adequately to boost their morale for effective discharge of their duties. Funmi Ogundare reports Teachers in Nigeria last week joined their counterparts across the world to commemorate the 2017 World Teachers’ Day, an annual event held on October 5 since 1994.

This year’s World Teachers’ Day with the theme ‘Teaching in Freedom, Empowering Teachers’, marks the 20th anniversary of the 1997 UNESCO recommendation concerning the status of higher-education teaching personnel, which most times at institutions of higher education are often overlooked in discussions concerning the status of teachers.

In Nigeria, the day usually brings together governments, multi- and bilateral organisations, NGOs, private sectors, teachers and experts in the field of teaching.

Teaching at any level be it nursery, primary, secondary and higher education is a profession that requires expert knowledge, specialised skills, and pedagogical competence. However the profession just like some others comes with its own share of challenges which include; lack of instructional facilities, poor teaching methods, policy somersault, environmental problems, lack of proper training, delay in the payment of salaries, among others.

At a programme held at the Yaba College of Technology Sports Complex, Lagos, the state Chairman, Nigeria Union of Teachers (NUT), Chief Adesegun Raheem, expressed concern that not only are teachers encumbered by the excesses of the parents, but are shackled by the environment, adding that the students and the society in general are a menace. “Parents come to school to harass and embarrass teachers for their children’s misdeeds and misdemeanours. The school curriculum is fixed and teachers who are supposed to implement the curriculum are hardly consulted. There is policy somersault, the government packages a policy today and the succeeding governance upturns it on assumption of office. The empowering instructional facilities are scarcely unavailable. “We are still at the rudimentary stage of teaching methods when the world has shifted to the use of machine and where machines are available, there is no electricity to power them. What a teacher encounters on the internet, he cannot disperse it so as not to be accused of teaching what he is not paid to teach. We are yet to acknowledge the fact that the teacher is the gatekeeper of knowledge and that he is the pivot of the education system.�

Raheem added that the idea that teachers’ reward is in heaven belongs in the past, saying, “what is the conviction that all teachers will make heaven? Are bankers, lawyers, engineers not going to be rewarded in heaven too? Won’t they be taking a double ration if this becomes true? Even if our reward is in heaven, it is good we get a deposit here!�

He also regretted that teachers in the country are yet to be elevated to the status of their counterparts in Finland, Denmark and many other advanced countries and stressed the need for the government to reinstate the abrogated allowances of teachers, which he said would go a long way in boosting their morale.

The allowances he said included dutyposts, science, riverine, rural, boarding house, among others, adding that teachers that are posted to rural or riverine areas for instance often encounter challenges getting to such locations thereby allowing children to miss key subject teachers. “Employers have a way of boosting the morale of their staff to appreciate their input

The Deputy Governor of Lagos State, Mrs. Oluranti Adebule (middle) with members of the state chapter of the Nigeria Union of Teachers (NUT) and ofďŹ cials of the ministry of education during the World Teachers’ Day programme‌ recently

in the progress of the corporate organisation.

A sudden cut in these morale boosters will dampen the spirit of concerned staff.�

He emphasised need for more teacher recruitment and retention in the education sector to be able to cope with the constant increase in enrolment at different levels, just as he expressed regret that many teachers are retiring on a daily basis without replacements for their positions. “There is no over-emphasising the fact that teachers are very vital in any educational system as they are the professionals who interpret the aims, goals and plans of education and ensure that children are educated in the direction of those aims and goals. It therefore means that this very important workforce should be available in sufficient numbers.�

The state Governor, Akinwunmi Ambode used the occasion to announce the approval of the recruitment of additional 500 teachers into the school system.

Ambode, who was represented by the Deputy Governor, Oluranti Adebule, said the teachers’ recruitment would be needsspecific, adding that it will be limited to Bachelor of Education (B.Ed) holders in core science subjects, Mathematics, English, Yoruba, French Languages, Computer Science, Creative Arts and Home Economics.

He also announced the approval of the promotion of primary school teachers to grade level 17 so that they can be at par with their counterparts in the civil service.

He said the decision was unprecedented in the annals of the country’s education reforms. “Teachers are the catalyst to realise any meaningful, functional, quality and effective education delivery and as such my administration has continued to consolidate on the many reforms initiated to adequately empower them and appropriately reward them.�

He revealed that the annual merit awards

being organised by the ministry of education and the districts are meant to boost the morale of teachers and achieve healthy competition while promoting and rewarding excellence, diligence, dedication, hard work and commitment to work.

Ambode urged teachers to continue to maintain the ethics of the profession and discourage unethical and unhealthy practices such as examination malpractices, admission racketeering, illegal collection of fees, late coming to schools, absenteeism, among others.

The National President of NUT, Michael Alogba expressed dismay that many teachers have been sent to their early graves as a result of neglect from their employers, saying that they are made to work under poor conditions and remunerations with little or no professional freedom.

He said the theme of the event was apt as it seeks to draw attention of government to issues bothering on the condition of teachers in the sector, adding that it is imperative to celebrate teachers in all spheres of endeavour for impacting the society.

Olukoya, who was represented by a member of the union, Mrs. Olubukola Kareem, said teachers must be appreciated in their chosen career even in their culpable neglect. “The Nigerian teachers will continue to contribute to nation building as none can grow above its education system,� he said.

He presented an award to Ambode and commended him for providing an enabling environment for teaching and learning to take place in schools while also prioritising teachers’ welfare and rewarding hard work.

Awards were presented to people for their service to the teaching profession.

They included Alogba; Permanent Secretary TEPO, Lagos, Mrs. Sewanu Amosu; former Permanent Secretary, Ministry of Education, Mrs. Ariyo Olabisi; and Director General, Quality Assurance on Education, Mrs. Ronke Soyombo.

Others were: best 2016 principal, head teacher and teacher in the secondary and primary school categories. The best teacher in the primary school category, Mr. Mufutau Olusegun of LASA United Nursery and Primary School, Ibeshe Town, Lagos told THISDAY that since he has been teaching in the past 17 years he is satisfied being a teacher, adding that in giving, one receives. “I feel excited about the award. I have contributed my quota to the profession.

For me, the award is a great honour.

Teachers should keep up the ethos of the profession.�

In Abuja, as teachers were being celebrated globally, a senator representing Enugu North Senatorial District, Chukwuka Utazi stressed that teachers in Nigeria should be paid before lawmakers and other public servants.

He spoke through order 43 of senate rules while expressing concern over the pathetic condition of Nigerian teachers. “Nobody wants to take to teaching profession anymore.�

He expressed disgust at how Nigeria elites chase teachers around the world by spending so much money in sending their wards abroad, leaving teachers in Nigeria with difficulties. “Mr. President, distinguished colleagues, I am saying this with all sense of responsibility that Nigerians should be encouraged in teaching profession. In today’s society, people believe that the teaching profession is not a lucrative one and I know that we are getting it wrong at that. That is why most of us here spend so much money in sending our children from this part of the globe to another in search of teachers.�

He argued that basic salaries of teachers are not often paid, which might discourage people from going into the profession. “If nothing is done, there will be dearth of teachers in Nigeria in the nearest future.�

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EDUCATION

Aisha Buhari: Book on Inspiration to be Included in Curriculum Kuni Tyessi in Abuja The first lady, Mrs. Aisha Buhari has announced that her office will work towards including the book titled ‘Stop, Turn it Around’ into schools’ curriculum, especially for secondary school students as a result of its rich inspirational and motivational content.

Speaking at the launch of

the book in Abuja, she said it is necessary not only for the girl-child but for all students and adults, as it promises to have a positive impact on their lives.

Mrs. Buhari, who was represented by an aide, Hajiya Bintu Muazu, said humans must continue to see the good and the bad in all spheres of life in order to value and

appreciate life. “I will advise that the book should be introduced to schools as part of the curriculum for students to have it as one book to be read for impact in their lives. “The book will impact on all and not just on women.

If you don’t see trials in life, you cannot enjoy success when it comes. In every hardship,

there is relief and as such, we all must never give up concerning our pursuit in life.�

The author of the book, Kenny St. Brown, in her speech which was in a poetry-like summation, talked briefly about her life and the wrong path and decisions she had taken, as well as the implication for wrong choices. She said she got

inspired to write the 140-page novel when she determined to make a comeback and right the wrongs. “We all love to see our drams come to reality. But every dream carries its own peculiar challenges. That can change, damage or even destroy its template. “Every one of us fights the wars of why, what, when,

where, who and how did our dreams get marred? We invariably get stuck, suffer setbacks and become fruitless and unproductive. “As we have been mandated to be fruitful, replenish and subdue in our individual pursuit, ‘Stop, Turn it Around’ is a recommended guide-book to go from those setbacks to great comebacks,� she added.

Shekina College Wins AMKF Essay Contest As part of efforts to promote academic excellence and give back to the people of Boripe, Ifelodun and Odo-Otin Federal Constituencies, a Lagos lawyer and founder of the Ayodele Musibau Kusamotu Foundation, Mr. Ayodele Kusamotu, recently organised an English Language essay competition in Osun State, which saw Master Adeyemo Adeshina of Shekina College, Inisha, Odo-Otin emerge the overall winner.

Adeshina was among the 660 students from 15 schools in the senior secondary category from public and private schools that participated in the examination written on August 19 at the Holy Trinity Middle High School, Ikirun, Osun State.

At the prize-giving ceremony held recently, N25,000 cash with a merit certificate was presented to 32 successful candidates by the Akinrun of Ikirun Land, Oba Rauf Olayiwola Adedeji II on behalf of the founder and sole financier of the foundation.

Out of 40 students that sat for the examination, eight were disqualified, but were reconsidered by the founder after the royal fathers at the event pleaded on their behalf. He promised to present their award in November.

The candidates were instructed to write 450 word essays on topics like ‘Poverty: Causes, Effects and Solutions in Nigeria’ and ‘Factors Responsible for Bad Leadership and Solutions.’ In his remarks, Kusamotu said the best legacy one can give to the youth is

education, adding that such empowerment equips them for the future and brings about healthy rivalry.

He urged the students to be studious and focused so as to succeed in their chosen fields of study, adding that the foundation would continue to prioritise the welfare of the people of Odo-Otin, Boripe and Ifelodun Federal Constituencies.

The Coordinator, Mr. Rauf Oloyede said the essence of the competition is to reward academic excellence and to support the less privileged in the society. “Aside the awards to the students, the foundation also supported some individuals with different challenges.

Mr. Tijani Musibau from Ikirun was supported with N50,000 over a fire incident that razed his house. Mrs. Sikirat Agboola from Eko-Ende township and Mrs. Agboola Abimbola from Iba township also got N25,000 each.�

The guest speaker and son of a former vice-chancellor of the University of Lagos, Mr. Goke Omotola in his paper, ‘Dare to be Different’, urged the students to brace up for the academic challenges ahead of them, saying that only those who dare to be different with improved academic performance and dedication will be reckoned with in the society.

Other runners-up in the essay competition are Sheu Ayotunde of Unique International School; Oyebode Deborah of Intellectuals Academy; and Adeyemi Adebayo of Kidvarc Group of Schools.

L-R: A former Vice-Chancellor, Obafemi Awolowo University, Ile Ife, Professor Wale Omole; assistant Sports Prefect, Vivian Fowler Memorial College for Girls, Miss Doyinsola Ogunsola; the school Director, Mrs. Olufunke Amba; ace photographer and media entrepreneur, Mr. Sunmi Smart-Cole; another prefect of the school, Miss Ibukun Adetola; and a former Attorney General and Commissioner for Justice, Lagos State, Mr. Olasupo Shasore, during an A ‘ fternoon Tea with Nigerian Historians’, organised by the school in Lagos‌ recently

Ex Childville School Student Wins Microsoft Office Contest Funmi Ogundare A former student of the Childville School, Ogudu, Lagos, Miss Katherine Eta, 16, has emerged second runner-up in the 2016 Microsoft Office Specialist (MOS) world championship, a global competition designed to challenge students to demonstrate their proficiency in the use of Microsoft Word, PowerPoint and Excel.

Eta was one of the participants in the rigorous competition held at the United States that attracted more than 560,000 candidates from 122 countries.

For her efforts, she got a cheque of N750,000 from Readmanna Empowerment Initiative, an organisation that promotes proficiency in basic computer literacy aligned to global standards among students through such competitions, and another from Zenith Bank, while her ICT teacher, Mrs. Rukayat Adebayo got N250,000.

Principal Solicits Parents’ Support for Safety Education The Principal, Federal Government College, Ijanikin, Lagos, Mrs. Olufunmilayo Essien, has called on parents to support the federal government in realising the goal behind the introduction of Safety Education in schools.

Essien, who made the call during the inauguration and handing over of some projects donated by the 1992 set of graduates of the school, said for academic excellence to be achieved, there is need for parents to show commitment and step

up their responsibilities in the welfare of their children. “Parents must complement the efforts of the schools in ensuring the safety of their children at all times especially in this period when kidnapping and other vices are on the rise.

In our school for instance, we give our children safety education lessons from time to time, as proposed by the federal government. “We talk to them on the need for them to always

walk in groups as well as report whenever they discover that any of their classmates is not there. In addition we emphasise the need for them to always appear in their correct and appropriate school uniforms at all times and avoid speaking to strange persons or those they are not familiar with.�

Essien said the federal government has insisted on the importance of safety education and why it must be thoroughly taught in schools as a part of Civic Education

Speaking at the 2017 ReadManna awards in Lagos recently, the Group Managing Director, Zenith Bank Plc, Mr. Peter Amangbo pledged the bank’s continued support for the competition.

Amangbo, who was represented by the General Manager, Mrs. Wunmi Ogunbiyi, commended ReadManna for successfully organising the annual event for 16 years with the objective of encouraging the use of Microsoft Office tools in Nigerian schools.

He described the award as a celebration of excellence, while acknowledging the efforts of the Director, Mrs. Edna Agusto. “I am confident of the achievements of the participating students which will further encourage her to break more records and establish more frontiers. Zenith Bank is committed to sponsoring an expanded Nigerian competition involving more schools, as well

as supporting the Nigerian contingent to the 2018 Microsoft World championship.�

He lauded Eta’s feat in the 2017 MOS World Championship, saying, When Katherine Eta emerged the third place winner in the keenly contested 2017 Microsoft Office Specialist World Championship, held in the USA, from a rigorous competition that attracted more than 560,000 candidates from 122 countries, it elicited hope and confidence for the future of our children and country.�

He said the bank would continue to engage in partnerships that would also positively impact on Nigerians in the short, medium and long-terms. “Let me congratulate the children that have won various awards and also encourage the potential winners in the hope that it will soon be their turn on the stage.�

Reading the report of the 2017 MOS championship in

Nigeria, Agusto thanked the bank for its decision to grow the competition.

She said the 2017 edition, which was open to students between the ages of 13 and 22 enrolled in any academic institution, took place over a period of seven months, from August 1, 2016 to April 30, 2017 with about 882 entries from 20 secondary schools across four states and the Federal Capital Territory (FCT).

On her plans for the money, Eta who expressed delight about her success, said she is currently learning new skills and plans to study computer engineering. “I feel great and privileged to represent Nigeria and make the country, myself, parents and school proud. I am happy that I was able to come third in the world. I got a lot of selfmotivation seeing other people from other countries becoming world champions; it moved me to want to be like them.

Chevron Partners JOA to Donate Books to Schools in Delta, Ondo Ugo Aliogo, Omotayo Ajayi and Afolabi Lawal Chevron Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Corporation (NNPC) and CNL (NNPC/CNL JV), in partnership with the Jewels of Africa Foundations (JOA) recently donated over 12,000 books on science, mathematics and English Language to 37 public schools in Delta and Ondo States.

CNL in a statement signed by the External Communications Coordinator, Victor Anyaegbudike, said 16 of the schools that benefitted from the donation are located in Warri North, Warri South and Warri South-west Local Government Areas, Delta State, while the remaining 21 schools are located in Ilaje Local Government Area, Ondo State.

The CNL’s General Manager, Policy, Government and Public Affairs, Brikinn Esimaje, said the company is delighted to have

partnered with several state governments in the country over the years; including Ondo and Delta governments in adding value to people’s lives in the areas of education, health and economic development.

He added that between 2007 and 2016, 15,900 undergraduates and secondary school students from Ondo and Delta States have benefitted from its scholarships, stressing that these include visually impaired and physically challenged students.

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EDUCATION

Expert Bemoans Children’s Poor Writing Skills Funmi Ogundare The Lead Professional Developer of the Writers’ Corner, Mrs. Uche Odoji, has expressed concern over children’s use of the social media, saying that it is affecting the way they communicate through writing.

Udoji, who made this known recently at the 2017 Rising Star Writing Competition Award organised by TWC, in conjunction with Vuvuzela Communications Limited in Lagos, said the writing culture is dying in the country as a result of the social media. “We have noticed how the online language is making its way into the class. Some children can’t write properly again. We are struggling with them using the words they use online in the class. Right now, some of them can’t punctuate properly, and write improperly. They are now using contracted words in their writings. “These children probably think they are right because they see adults use those words online. It is actually a big trouble for us, but we hope

that through competitions like this, they can become better writers and readers.�

On the competition, Odoji said the children were asked to write an essay on the theme ‘The Beauty of Nature’, designed to encourage children in primary and secondary schools to become better writers, adding that over 540 entries were received from Lagos, Abuja, Anambra, Delta and Ogun States.

She commended the participants in the competition while encouraging them to “keep writing as a professional writer is an amateur who did not quit. We urge parents and teachers to place more importance on writing.�

She expressed hope that more pupils from more schools and states would participate in the next edition, which would be the third organised by TWC. In his remarks, the Chairman of the occasion and Deputy Vice-Chancellor, Academic and Research, University of Lagos, Professor Oluwatoyin Ogundipe,

stressed the need for parents to start creating more time to train their children, as there is always room to develop the country educationally. “We all need to play our part so as to move the country forward and to make sure it is reckoned with in the comity of nations. “The teachers in particular and everyone need to do more. The government shouldn’t be totally blamed for the system’s collapse. Parents too should be willing to put in more work and create time to train their children. They shouldn’t be running after money while they forget to train their children.�

At end of the competition, Master Kolom Oden-Ikpi 15, of Yaba College of Technology Secondary School came first in the secondary school category with his short story; Miss Adrina Nkpolara, 14, of Louisville College, Ijebu Itele, Ogun State came second; while Master Nyajo Pelemo,15, of Starville School, Abuja came third.

The Issue of Marking as Teachers In one of my articles in the past, I speciďŹ cally wrote about marking which is what teachers do most. How marking is taking their time despite working as many sixty hours a week. There are thousands of teachers in Nigeria said to be burning the professional candle at both ends amidst marking.

The relevant question is do you do yours safely? The natural shape of your spine shows three curves that form shape similar to “Sâ€?. The ďŹ rst curve is the neck curve, the second is the mid back curve and the third curve is the low back curve. Such curve or posture mportant for leading 1 healthy life. Sitting, standing, walking and performing various other physical activities in wrong bodily positions for a long period of time lead to bad or incorrect posture. A bad posture is the root of several undesired medical conditions. The list is quite long and includes improper ow of oxygen throughout the body, increased susceptibility to injury, lowered energy levels and low level of selfconďŹ dence. If you wish to avoid such health and wellbeing issues you need to maintain good posture.

A correct posture means that when you sit on chair your back should be straight, chest up and outward and your tummy should be completely tucked in. The simplest way to maintain such 1 body posture is to sit and stand straight maintaining the given ideal stance. Make sure that you put minimum possible strain on your bones and muscles.

Also, use a chair that allows comfort and the suggested posture for long term purposes.

Posture correction exercises

L-R: The Head, Boardroom Services Ltd; Mr. Emmanuel Agha; Miss Ojumefor Agha; and Director of Administration, Ibru Organisation, Sir Henry Muogho, when Ojumefor bagged 2:1 in Law from Babcock University, Ilishan Remo, Ogun State‌ recently

BAF Unveils Library at Lagos Public Primary School The Bunmi Adedayo Foundation (BAF) has recently inaugurated the Bunmi Adedayo Library, a state-of-the-art 4,000-book capacity library to enable pupils of Yaba Model Nursery and Primary School and Nathan Nursery and Primary School, Lagos gain access to knowledge through research materials and textbooks among other resources available in the library.

The library is the sixth project the foundation will unveil in its 21 months of existence. The library was set up in conformity with the foundation’s goal of transforming the educational landscape of primary schools in Nigeria.

The event, which was also used to commemorate the fourth year remembrance of BAF’s Inspirational Founder, Olubunmi Omotayo Adedayo, attracted partners of the foundation and representatives from the State Universal Basic Education Board

(SUBEB).

The occasion was chaired by Mr. Craig Heaton, the Head Teacher of St. Saviours School, Ikoyi, who commended the foundation for a job well done. He said books placed on shelves are not just books but information, adding that information, when right is of enormous value to the child.

Representing the Executive Chairman of SUBEB, Mrs Olabimpe Carrena said: “undoubtedly, Bunmi Adedayo Foundation has shown us over the years that they are our dependable and reliable partner in the wheels of progress and the quest to provide qualitative education to our children who are the leaders of tomorrow. “A short while back, when the promise of setting-up a befitting library was made, I had no doubt the foundation is capable of delivering on this promise. I am therefore delighted to witness the fulfilment of a

dream come true.�

In his remarks, the Chairman, Board of Directors of the foundation, Mr. Babatunde Akinleye, reiterated the impact the foundation is making since its launch in January 2016.

He stressed the need for continued support to ensure continuity of the good work the foundation is doing and encouraged everyone present to embrace the foundation’s ongoing fundraising campaign tagged ‘1k4change’.

The campaign encourages individuals to donate at least N1,000 to support the foundation’s work of enhancing the learning outcome of primary education.

In line with its core value of commitment, BAF was recently awarded as ‘Most Supportive NGO Corporate Organization’ by the Lagos SUBEB in recognition of the foundation’s work in the state.

Indomie Holds Independence Day Party for Pupils In its tradition of bringing together pupils from various schools to instil in them the spirit of oneness, the Indomie Fan Club recently organised an Independence Day party for about 20,000 pupils to celebrate Nigeria at 57. The event, which featured marchpast, dancing competition, calisthenics, choreography, games and other fun activities, held at the Teslim Balogun Stadium, Lagos.

In his remarks, the Public Relations and Events Manager, Dufil Prima Foods, Mr. Tope Asiwaju said this year’s event was unique because the children were gathered at the same location after a while to appreciate the need for unity, irrespective of tribe and other differences.

“We want to instil and inculcate this act in the children because 57 years ago all of them were not born, but today the importance of celebrating the uniqueness of the nation’s independence is clearly shown here.� He added that the brand stands for quality, fun and “we support education throughout the nation and that is what we are witnessing here today with the presence of so many schools participating.�

On measures put in place to ensure a hitch-free celebration, Asiwaju said the company tries as much as possible to work with the government of the day. “We partnered with the Lagos State government to ensure that the police are present, the

state ambulance, first aid at all corners, we also engaged so many teachers to ensure that each school has some one attached to them, as well as other security operatives.�

While stating that the programme was for children to loosen up and celebrate Nigeria, he urged them stay focussed and remain one, as the country is one nation and indivisible.

Also speaking, the Indomie Fan Club Coordinator, Mrs. Faith Joshua, said the programme is one of its kind, adding, “we think it is necessary that we bring them together for them to imbibe the habit of oneness, unity and have it in mind that Nigeria is not going to be separated.

Exercise 1: Stand erect. Align your ears over the shoulders. Raise both your hands straight up. The arms should be alongside your ears. Bend your hands at the elbow so that the palms touch the blades of your shoulders. Stay in this position for a minute. Perform this exercise to a count of 10 every day.

Exercise 2: Take chair and sit on it with both the feet touching the oor.

Make sure that you sit on the chair straight yet comfortably. Wait and relax for a couple of seconds. When you feel at ease, place your palms on your thighs. Now, move your shoulders backwards. Squeeze the shoulder blades together. Do both the movements simultaneously but slowly. Stay in this posture for a moment. Come back to your original position. Perform this exercise for posture correction to count of 15 every day.

Exercise 3: Sit straight on the oor with your legs crossed. Place your hands on your thighs. You should be comfortable in this position. Take deep breath and pull your tummy in. Exhale slowly by releasing the tummy slowly. Do it 15 times in the initial stage. With regular practice you would be able to perform this posture correction exercise to a count of 150-200. This particular exercise is one of the most simple ways to tuck your bulging belly in and correct your body posture.

Posture correction tools You may ďŹ nd number of tools for correcting posture used by physiotherapists and like professionals. They are basically of two types- assessment and correction. The assessment tools determine the problem while the correction tools ďŹ x the problem. Their regular and proper use will bring you positive result over time. Some of the common examples are briey described as under.

Dowel Rod: The dowel rod is an assessment tool for body posture. It is a long and lightweight stick that is placed on the back to observe spinal alignment. It can be used to determine if you have the tendency to favour a particular side of the body. For determination of the posture, you may be asked to perform ew dowel assessment exercises. One such exercise is performed on the knees and hands. You would be asked to draw your belly in without creating any spinal movement.The dowel rod is placed on the spine in a vertical position. Lift your right leg and left arm simultaneously. Come back to your original position and then lift your right arm and left leg. If the dowel rod moves, the determination is that you favour one side of your body and allow your back to sag. Braces: Posture corrective braces are usually recommended by medical professionals for posture correction. They are soft, non-elastic straps that are designed in a way to provide secure and non-binding ďŹ t. They are often equipped with easily adjustable hook-and-loop closure, to increase or decrease the amount of support and pressure. The posture corrective braces provide support to the back muscles. They can be used both by adults and children. You are an ideal candidate for the use of posture corrective braces if your job requires you to sit for long hours, which puts a lot of strain on your body or you are sportsperson who has to perform rigorous exercises.

If you have to buy a posture corrective brace, then go for the one that has terry cloth protector. It will keep your back dry.

As has been mentioned already, poor posture opens ways to numerous health problems. It directly aects the position of the body’s centre of gravity. This eventually aects balance and coordination. Therefore, it is very important to work towards maintaining correct posture.

You can use any of the above suggested ways to correct your body’s posture.The best idea is to visit medical practitioner for determination of the root cause and recommendation of posture correction devices and exercises..

- Omoru writes from the UK

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Making Sense of Obaze’s Education Plan for Anambra Chima Christian The Anambra governorship election is now upon us. And as such, it is incumbent on the candidates to present their bona fides to the electorate. Interestingly, some candidates are doing this with vigour. Others seem to consistently evade the issues; busying themselves with irrelevant political talks and innuendos that have little or no bearing on the lives of the people they aspire to continue governing or govern.

One major contender has, however, remained focussed on the issues. Utilizing every opportunity to espouse his views, which often times, reflect his deep thinking and character. That candidate is Mr. Oseloka Obaze, the PDP’s flag bearer.

Not yielding to temptations of being drawn in to the fray of name calling, mudslinging, character assassination and campaign of calumny that seem to have dominated the campaign, Obaze has insisted on discussing only the issues thus, living up to his professional bidding as a career diplomat and a well-refined gentleman.

Obaze leaves no one in doubt as to what he intends doing in office, if given the privilege to serve Anambra State in the capacity of an Executive Governor. His towering edge over the competition is his clear understanding of what the issues are and a piece by piece plan of how to address them.

Obaze’s manifesto is clear and concise.

No promises of building castles in the air, turning water into wine or making a naira equal to a dollar. Perhaps, nothing in his plan stands out like his proposed education policy framework for Anambra. And none does he communicate more frequently and eloquently to the voting public.

Apparently because of his international exposure and experience at the United Nations where he formerly served as a top official, the core theme of Obaze’s education plan for Anambra is to adopt the UNESCO policy recommendation of 26 per cent budgetary allocation to education. He further plans to devote 10 per cent of the 26 per cent allocation to private schools and schools run by missions. His reasoning being that such schools also train Anambra children.

As at today, only two states in NigeriaKwara and Sokoto States- have met this 26 per cent threshold. Anambra State government currently devotes a paltry 3 per cent of its budget to education; thus starving the

specifics in a particular gathering, Obaze gave illustrations with how government-backed subsidy of sun screens and reading lenses to students living with albinism can ensure a more inclusive education system.

Obaze proposes, as an official government policy, that classroom teachers be provided supplementary trainings on how to handle special needs children. This is in addition to his stated plans of properly funding special needs schools like schools for the blind, deaf, dumb, autistic, etc.

With the understanding that mid-level manpower or blue collar skilled personnel are imperative to the development of any nation, Obaze’s education plan pays acute attention to vocational training and professions that require certification. The PDP governorship candidate plans to fund tertiary institutions and other institutes in Anambra to run short certification courses for masons, bricklayers, carpenters, painters, cobblers, electricians, mechanics, vulcanizers, bakers, caterers, farmers and the likes.

Obaze

all-important sector the much needed steam.

The PDP candidate sees a new Anambra where amenities in schools will be greatly improved to meet modern standards. Beyond amenities, qualified and properly remunerated teachers, teacher training and re-training, access to computer and internet facilities, teaching and learning aids, appropriately sized classrooms, as well as well-furnished laboratories - which are all essential to 21st century learning- will be catered for by the greatly increased funding.

With 10.5 million Nigerian children currently not enrolled in school, statistics say Nigeria has the highest number of out-ofschool children. Agreed, the largest chunk of these people are not domiciled in the state Obaze aspires to serve, but he has plans to ensure that all Anambra children, regardless of parents’ income cadre, have access to quality education.

The public policy expert agrees with Article 26 of the Universal Declaration of Human Rights, which makes a case for basic education for all. The declaration has it that “everyone has the right to education.

Education shall be free, at least in the elementary and fundamental stages.� Obaze

Ribena to Award N100,000 Scholarships in ‘Back to School’ Promo With the commencement of a new academic session, Ribena the nutritional drink from the stables of Suntory Beverage and Food Nigeria, has announced its ‘2017 Back to School Scholarship Promo’ with Ribena and Lucozade.

With an interest in child development and education, the promo is designed to help students return to school and alleviate the burden of school fees payment by parents in these challenging times. The initiative, which is part of the brand’s efforts to make learning fun, is open to loyal, existing and new consumers.

Undeterred by the recession, the company is set to award scholarships worth N100,000 each to lucky families and everyone stands a chance at winning.

According to the Senior Brand Manager, Ribena, Mr. Essien Ekemini, “our investment in the Nigerian child is hinged on our unwavering dedication to promoting goodness in all forms especially as it relates to quality child education, values and funfilled learning. By providing scholarships thereby assisting parents with their school fees

responsibilities, we believe this will go a long way in reducing their financial pressures due to the reality of the times. “Already, our consumers have been anticipating the kick-off of this year’s promotion. We promise to make this experience an exciting one for both children and parents with our super-enriched drinks. I therefore call on everyone to participate, especially children and their mothers.�

Ekemini said the promo, which runs from September 1 and is valid while stock lasts, offers scholarships of N100,000 each. To enjoy the offer, new and existing consumers are expected to buy a promo carton of 150ml Ribena or Lucozade; search the carton for the berry card, scratch the silver strip behind the card to reveal an entry code, and text the code and their first names to 20966 for verification and redemption. “Consumers are encouraged to retain their cards as it will be required for post verification.�

The Marketing Manager, Lucozade, Mr. Yusuf Murtala said “the arrival of a new school year puts a lot of financial pressure on parents.

proposes to give all Anambra school children from nursery school to JSS 3 free but quality education.

Unlike conventional politicians who mouth campaign rhetorics and promises they have little or no grasp of, Obaze has worked out the number of school children in this target group and knows the exact amount of money the state government needs to invest to achieve that purpose. He also factored into his plans how to secure the grants and finances needed to kick-start and sustain the policy initiative.

In addition to ensuring free basic education, Obaze plans to run an inclusive education system. To him, the state has a responsibility to ensure that people living with disabilities enjoy all privileges, human rights and fundamental freedoms on an equal basis with others. While it is true that no government originally sets out to marginalise people living with disabilities, the inability of policy formulators to deliberately make plans for such people group technically sidelines them in the scheme of things.

On the flip side, Obaze has said his administration will pay extra attention to school children with special needs. Offering

This idea of tertiary education stems from the glaring fact that not all can afford university degrees, the way our education system is currently structured. Obaze believes our society will be better for it if we have people trained, skilled and certified in mid-level manpower jobs.

With his comprehensive education policy framework, Obaze has shown that his government, if elected, will prioritise education and ensure that Anambra children are properly equipped to excel in a highly competitive 21st century global marketplace.

While other candidates make promises, Obaze, as an expert in public policy goes the extra mile of laying down step by step plans of how to achieve his visions for Anambra.

One added advantage is that he served as the ninth Secretary to the Anambra State Government. In his days as the SSG under Gov. Peter Obi, he put these plans to bear and, for the first time, Anambra really became the “Light of the Nation.� Will Ndi Anambra elect him come November 18 to serve in a higher capacity? Nobody knows. But one thing is sure: the coming election will be a referendum between a new way of doing things and the old way.

Christian, a good governance advocate and a public policy analyst, writes from Nnewi, Anambra State

King’s College Old Boys Pledge Commitment to Reforms, Quality Education Funmi Ogundare The King’s College Old Boys Association (KCOBA) class of 97 has expressed its determination to intervene and advocate for issues on justice sector reforms; quality education, as well as free and qualitative healthcare with a view to positively impact the society.

The pro-term Chairman, Mr. Akin Rotimi, who made this known recently at the 20th anniversary dinner of the association held at the college

hall, expressed concern that the country is confronted with violent extremism and ultranationalistic agitations, just as he disclosed that the association has secured the release of 30 prisoners needlessly incarcerated and paid the hospital bill of a number of patients who are now well but held because of their inability to pay. He said the move was to commemorate its anniversary and in collaboration with a non-profit organisation, the Angle Project, adding that it has finalised the paperwork and

met the financial bail conditions of the prisoners. “The twin evils of incompetence and corruption have become our culture and continue to undermine our institutions and daily lives. Poverty has been weaponised to keep our people in perpetual servitude and dependency on stomach infrastructure. A small circle of political elite have been foisted on us, most of them bereft of neither ideology nor a commitment to the common good.

This is why we are leveraging

this season to refocus on our obligations to KC and the larger society.� Other projects the association embarked on include renovation and equipping a model classroom complete with smart boards and inverters for back-up power supply; facilitating the support of the Lagos State cricket association for the construction of a new cricket pitch in the college; as well as the donation of equipment and kits. “In addition, a cricket coach has been engaged to train the boys twice a week.

Maltina Teacher of theYear to Emerge October 12 The winner of the 2017 edition of the Maltina Teacher of the Year will emerge tomorrow at a grand ceremony inside the Eko Hotels and Suites, Lagos.

The initiative with prizes worth N50 million annually, rewards commitment and diligence to duty by exceptional teachers in the country. This year’s edition, the third in the series, attracted entries from all 36 states and the Federal Capital Territory, Abuja.

The applications were

shortlisted and validated after a painstaking scrutiny by a panel of judges chaired

by Professor Pat Utomi, renowned economist and management expert with other distinguished members of the academia and the media.

According to the Corporate Affairs Adviser, Nigerian Breweries Plc, Mr. Kufre Ekanem, “the Maltina Teacher of the Year is an initiative of the Nigerian Breweries-

Felix Ohiwerei Education Trust Fund, which was set up in 1994 to demonstrate the company’s commitment to the development of education in the country. The Maltina Teacher of the Year initiative is also aimed at restoring the pride of teachers and the dignity of the teaching profession.�

The winner is expected to take home N1 million instantly in addition to the N500,000 received as a state champion.

He/she will also get another

N1 million every year for five years; a developmental training opportunity abroad and a block of classrooms built at the school where he/she teaches.

The first and second runnersup will receive N1 million and N750,000 respectively in addition to the N500,000 they each will get as state champions.

Each state champion will be rewarded with N500,000 while the top 10 teachers will be recognised before the grand winners are announced.

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CITYSTRINGS

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Celebrating Ogidi New Yam Festival Dr. Obiora Okonkwo recently hosted his annual New Yam ceremony in Ogidi, Anambra State. The event attracted prominent personalities within and outside the country. Iyobosa Uwugiaren who witnessed it presents an account of the pleasurable ceremony

T

he characteristics of the Ogidi people, which cover their language, religion, cuisine, social habits, music and arts, hugely resonated recently in Ogidi Village, Anambra State, the home of Professor Chinua Achebe, the late Nigerian novelist, poet, and critic. It is the Ogidi’s culture of celebrating the “New Yam.�

Hosted by Dr. Obiora Okonkwo, a politician and culture enthusiast, in Ire Ogidi, the event pooled the “who is who�, especially from Anambra State.

A holder of two traditional titles: the Dikeora of Ogidi and the Ugegbe Igbo, Okonkwo chose Saturday, September 16, to revel the “New Yam� with his friends some of whom came from faraway Germany, South Africa, Burkina Faso and other parts of the country. His kinsmen were also on hand to join him to cut the roasted yam, which was eaten with a well prepared local sauce laced with natural herbs.

The colourful, entertaining and pleasurable ceremony began with a Catholic Mass celebrated at a Chapel situated at the expansive and roomy compound of Okonkwo. Twenty-three Reverend Fathers/Sisters, friends and family members joined at the Mass. Together they dedicated the celebration to God Almighty and thanked Him for a very successful planting season, which output they described as plentiful.

The home kitchen opened as early as 5a.m. with a pack of cooks dishing out their different kinds of foods to all and sundry, who had come around to help fix the grounds for the day.

Okonkwo's ceremony started the previous night with what looked like a night of eulogies.

Many of his friends and associates gathered to pour encomiums on the Dikeora for sustaining the “Iwa Ji�, the traditional ceremony, which has become an annual event, hosted solely by him..

The night, which lasted into the early hours of the morning, was made cool with traditional Ogene music, which blared from a music system in the background. But on the day of the event proper, Saturday, the atmosphere changed. Dignitaries appeared in their traditional regalia. Chiefs, Nze, Ozo and other title holders appeared as demanded by culture. Everyone was welcomed by a mountain of yams that had been brought in for consumption.

The ceremony formally kicked off at about 1p.m. after a church service conducted by dozens of Catholic priests. Different cultural music groups numbering over 20 and clad in special attires took the centre stage. First, there was a competition staged for the Ogene music groups from different states in the South-east geo-political zone.

A Catholic priest, Rev. Father Okonkwo accompanied by other clerics took to the floor, dancing to a cultural rendition by different Ogene troops. That prepared the ground for the welcoming to the stage of the chief host, Okonkwo. A special group peopled by men and women, mainly from Ogidi Village ushered him into the arena with a traditional music beat.

He danced round the compound, waving a traditional hand fan to the huge guests.

While he had a hand fan in his right hand, he gripped a traditional staff on his left hand.

Interestingly, a Catholic priest conducted the oratory speech-making, eulogising and evoking emotions. After more than 40 minutes dance round the spacious compound to the admiration of the crowd, he took his seat.

Okonkwo sat alongside notable leaders of Ire Ogidi, including the traditional ruler, popularly known as the Owelle of Ogidi. Okonkwo described the “Iwa Ji� as an important event that shows the richness of the Igbo culture.

According to him, culture is crucial to the growth of the society, cautioning against taking to idol worshipping or anything that inhibits progress.

As he broke the Kolanut, there was a resound-

The chief host, Dr. Obiora Okonkwo, cutting the roasted New Yam at the ceremony

ing shout of Dikeora! Dikeora! Dikeora! his traditional title by the huge crowd. His facial scrub mien showed he was ecstatic by the applause. Apparently delighted by the welcoming atmosphere, he went ahead to perform the Iwa Ji. Again there was huge ovation by the appreciative crowd.

A holder of two traditional titles: the Dikeora of Ogidi and the Ugegbe Igbo, Dr. Obiora Okonkwo chose Saturday, September 16, to revel the “New Yam� with his friends some of whom came from faraway Germany, South Africa, Burkina Faso and other parts of the country. His kinsmen were also on hand to join him to cut the roasted yam, which was eaten with a well prepared local sauce laced with natural herbs

This marked off the proper beginning of the event. Masquerades of diverse sizes and makeup took over the stage. There was an elephant masquerade as well as the one locals call 'Obodo Dike'. Each tried to out-perform the other. The crowd gave a standing ovation and applauded those considered to be exceptional.

The treatment was handed to the cultural dancing troupe that followed. The dancing groups were not from only Ogidi; they came from five other states especially the South-east states. Each canopy had something to watch and comment on; there were those whose business was to blare the local flute, while others especially two women busied themselves with solo renditions. As these were going on, shots from cannon gun were let out intermittently.

The arrival of prominent individuals like, former ministers, Prof. ABC Nwosu and Mrs. Josephine Anenih; former governor of Anambra State, Chief Peter Obi and others further swelled the event. The crowd shouted approval, as they stroll to the canopy that housed Okonkwo, the traditional holder of Owelle Ogidi.

The event lasted till night. Okonkwo promised to sustain the event, as it promotes the cultural values of the Ndi Igbo.

Talking about where he derives the inspiration for the annual event, the chief celebrant said, “As far as I’m concerned, all positive inspirations come from God. Just looking for what is good, what will excite people, the whole nation is so moody. “South-east is so downtrodden and it’s always in my mind, what is it that we will do to give hope, even if it is for one second, to bring joy?

I believe in the saying that ‘any joy that you bring to somebody’s face, mind, heart, soul for one second, even if it is just to say hello that will bring about a smile, is worth a whole lot to some people who may never have had excitement’. “So, I think what is always in my mind is what do we do to make people happy? Don’t forget that I’m also in the business of hospitality. It’s all about service and in this whole environment, one way or the other; you just do what will fit into this particular nature of the environment,'" he explained.

Talking more about the culture within the context of Ogidi as a community, Okonkwo added that Anambra is the heartland of Igbo land, adding that Ogidi is one of the elite towns of Igbo land, and by extension, also victims of the cultural decay because they are all embracing metropolitan status. “So, doing this is part of the way of doing practical things to bring about cultural renewal.

I still singly believe that part of our problems today in our society, whether it’s in Ogidi, in Nigeria, solutions can be gotten from the cultural leaning,� he added. “Our cultural values, our traditional values are impeccable. The ones I know about, the ones I grew up with, all the things that I knew as a child within our own traditional setting that you must not do that it is abomination; that it makes you look bad before people, those things are practically all the 10 commandments of Moses. “It was very strictly implemented those years when we were growing up. You know it, you

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CITYSTRINGS

One of the Ogene cultural music groups that performed at the ceremony

have to respect it and the society at large must have to observe it.�

Okonkwo’s junior brother, Catholic Rev. Father Okonkwo is at home with the culture of Ogidi community. At the event he danced excitedly to Ogene music, putting on traditional dress.

He talked about the link between Christianity and culture: “As an individual, I think I’m a great promoter of my tradition, my culture, my custom, not only practically but also theoretically. “By that, I mean I did a profound research, that is my Masters and PhD research in Theology and Religious Studies in Belgium and my point of departure is to see the transformative potentialities of religions, with particular reference to African traditional religion and Christianity. “Intrinsically, African culture is not devilish.

It is not in itself bad. But for a very long time, African culture was kind of demonised and given all kinds of names, perhaps more because our own history as West Africans have been told severally by people who are not Africans.

But the normal thing in today’s experience, the owner of a particular story is the best person to tell his or her story,� he pointed out.

An ordained priest of the Catholic Church and Priest of the Catholic for about 23 years, Rev. Father Okonkwo is also a traditional chieftaincy title holder in Ogidi. He was given the title of Ezeudo – an advocate of peace, king of peace in his tradition. “Today being a great day, I try to get actively involved in what was done today. For instance, I invited my Ogene group.

I have my Ogene group that took the second position. I introduced the Ogene dancing group in my place of work. I formed it,� the man of God added.

He said he took active part in what happened at the New Yam celebration against the background of understanding that the festival as an occasion to give thanks to God for what he has done for his people, when they go into the farmland to cultivate and at the end of it they come out with fruits of the land. “But by extension, I see it as a holistic opportunity to thank God, not just for farmers.

There are some who don’t have the opportunity

Rev Father Okonkwo(on red cap) dancing to Ogene cultural music.

So, doing this is part of the way of doing practical things to bring about cultural renewal. I still singly believe that part of our problems today in our society, whether it’s in Ogidi, in Nigeria, solutions can be gotten from the cultural leaning

Yams used for the ceremony

due to the nature of their work to take part in cultivating the land like civil servants; but wherever one is working, that may be

considered to be the person’s farmland and whatever comes from it is harvest of the land.�

He advised the people not to equate culture

celebration with paganism because according to him, one may not say that it is outrightly paganism.

T H I S D AY Ëž , OCTOBER 11, 2017

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BUSINESS/MONEYGUIDE

Accountants Urged to Adhere to Prudent Financial Management Nume Ekeghe President Muhammadu Buhari has described accountants as the first set of gatekeepers to ensure that transactions are conducted prudently. According to a statement, Buhari made the remark in a message to the opening of the 22nd annual general meeting of the Association of National Accountants of Nigeria (ANAN) held in Abuja recently.

The president assured that his administration would continue to drive the diversification of Nigerian economy, confronting the security challenges and dealing decisively with corruption in all aspects of government businesses. “In all these spheres, the role of accountants cannot be over-emphasised,� Buhari, who was represented by the

Accountant-General of the Federation, Alhaji Ahmed Idris said. He noted that the association’s choice of the theme: “Sustainable Economic Management in a Recession,� was considered timey and all important. The president said that her administration’s resolve to combat corruption with enhanced transparency and accountability had come to stay. “To strengthen the fight against corruption, we launched the Whistle Blower Protection Policy and presented as Whistle Protection Bill 2016 to the national assembly in order to ensure and protect Nigerians for supporting this fight. Also, a firm implementation of the Treasury Single Account (TSA) since September 2015 has significantly enhanced transparency

in the Federal Government’s Public Financial Management System,’’ Buhari said.

He recalled that over the past decades, Nigeria had witnessed a period of boom and prosperity which unfortunately were not harnessed for the nation’s collective economic development.

In the area of agriculture, the president explained that so far, 200,000 small holder famers, cultivating some 233,000 hectares of farmland in 29 states had benefitted from the Agricultural Anchor Borrowers’ Programme. “We have revolutionised rice production to allow for nation self-sustenance and have impacted on fertiliser availability which eventually led to a sharp drop in fertiliser price from N13,000 to N5,500 per 50 kg bag,� he said.

NMRC Boss Wants Debt Capital Market Deepened The Managing Director of the Nigeria Mortgage Refinance Company (NMRC), Prof.

Charles Inyangete has called on public and private sector stakeholders to collaborate in creating a conducive policy and regulatory environment for a robust and transparent debt capital market(DCM).

He said this would help attract more domestic and international investors, increase the market’s financial depth and strengthen its capacity to provide the multibillion-naira/dollar long-term financing required to address the country’s housing deficit.

Speaking at the just concluded FMDQ 2017 Nigerian Debt Capital Markets Conference with the theme: “Positioning for Growth� which held

By accessing long-term funds at affordable market rates to refinance mortgage loans that are provided by primary mortgage lenders, NMRC is able to increase liquidity in the market and in the process help extend the repayment period for mortgage loans for as long as 20 years.

NMRC has used over N8 billion raised from the capital market to refinance mortgages for several primary mortgage institutions.

He said: “In connecting mortgages to the capital market, we are finding that we need to have the mortgages in the first place. So, housing stock is important and of course the structure to support housing is also crucial.�

in Lagos, Inyangete, who acknowledged the positive strides being recorded by NMRC in increasing home ownership, expressed concern that the company’s N440 billion Bond Issuance Programme to fund its refinancing activities was grossly inadequate compared to an estimated N130 trillion needed to meet the housing deficit. He tasked stakeholders to take actions that would help deepen the DCM because of its pivotal role as an effective financing enabler of infrastructure development.

Specifically, he said that a more vibrant capital market was critical as it serves as the main source of funds that NMRC uses to make housing affordable for Nigerians.

More Winners Emerge in Access Bank Promo More winners have emerged in the on-going Access Bank Plc’s ‘Family Fortune Promo’ as the bank recently rewarded 118 customers in its second monthly draw.

The event, which held at the bank’s Alausa Branch in Ikeja, produced 50 customers who won DSTV decoders while another 30 got N50,000 worth of shopping vouchers.

Also, 20 customers won Samsung mobile phones, 10 customers won Home Theatres, 5 customers won 49 inch LED televisions and 3 customers each won 7-seater home furniture (sofa).

At the launch of the promo in June, the bank had promised to reward its consumers with

was designed to reward the collective savings habit of families with grand prizes and competitive interest rates while they enjoy the confidentiality of their banking transactions as individuals.�

In line with the objectives of the Access Bank’s Family Fortune Promo, the chances of a family winning are quite high while all the winners from the selection met the Promo criteria which include achieving a minimum balance at the qualifying level of N150,000.

The fund is required as a cumulative balance across family members’ accounts with each member having a minimum balance of N20, 000 to qualify for the promo.

over 100,000 gifts, specifically to family units through weekly, monthly and the mega random selections.

The promo tagged: “Save Today, Take Tomorrow,� ultimately aimed at stimulating a savings culture between families does not leave the kids out, as scholarships are up for grabs.

Speaking at the second monthly random selection of winners, Group Head, Inclusive Banking, Ope Wemi-Jones, said the promo had attracted a large number of participants from across the country while, winners had emerged from previous random selections in Lekki, Port Harcourt, Ibadan and Abuja.

Wemi-Jones said: “The promo

Sterling Bank Rewards Customers Sterling Bank Plc said it recently rewarded some of its customers in its on-going savers reward promo. At the end of the draw held in Lagos, 16 customers with a monthly balance of N25,000 in their savings accounts won N1 million each, bringing the number of millionaires produced by the promo that was launched in March to 60.

The draw also saw 40 customers with a weekly balance of N10,000 in their accounts winning N50,000 each while

four non-individual customers with Sterling Plus accounts won N250,000 each. At the second draw, individual customers with monthly balance of N25,000 each in their savings accounts won N1 million each, 40 customers with weekly balance of N10,000 in their accounts won N50,000 each while four customers won an-all expense paid foreign trip to a country of their choices or a shopping voucher worth N1 million each.

Also, at the first draw held last July, 29 individual custom-

ers with monthly balance of N25,000 in their savings accounts won N1 million each, 40 customers with weekly balance of N10,000 their accounts won N50,000 each while four non-individual customers with Sterling Plus accounts won N250,000 each.

Speaking during the event, Mass Market Product Manager, Sterling Bank, Mr. Olamide Jolaoso, explained that the promo which started in March was expected to produce 192 millionaires by February 2018.

Buhari

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, WED, 9 OCT 2017 The price of OPEC basket of fourteen crudes stood at $53.70 a barrel on Monday, compared with $54.47 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 11, 2017

Nigeria’s top 50 stocks based on market fundamentals

10-Oct-17

9-Oct-17

% Change

Capitalisation

EPS

P/E

P/S

Div. Yld

Price/ Book Value

Table 1 Market Statistics Mkt Indicators

Open 9-Oct-17

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

36,831.93 12.68

36,776.60 12.66

-0.15% -0.15%

155.58 12.11

155.33 12.09

-0.16% -0.16%

01 Dangote Cement Plc

224.00

224.00

0.00%

3,817,073,658,720.00

13.34

15.95

4.93

3.76%

4.40

02 Nigerian Breweries Plc

168.90

170.00

-0.65%

1,339,225,139,983.20

3.58

51.23

4.64

1.96%

8.77

03 Guaranty Trust Bank Plc

42.00

42.02

-0.05%

1,236,109,527,408.00

4.49

8.79

2.78

4.48%

2.16

1,230.20

1,230.06

0.01%

975,125,721,210.40

10.00

122.02

5.32

2.38%

31.32

05 Zenith Bank Plc

25.25

25.25

0.00%

792,761,468,096.50

4.13

5.52

1.41

7.89%

1.02

Table 3 Top 5 Gainers

06 Stanbic IBTC Holdings Plc

41.00

41.01

-0.02%

410,000,000,000.00

2.85

14.20

2.59

0.25%

2.88

Stock

07 United Bank for Africa Plc

9.34

9.37

-0.32%

338,850,775,847.48

1.99

4.81

0.91

6.26%

0.78

16.75

16.75

0.00%

307,354,982,851.25

0.68

26.61

0.56

3.44%

0.53

9.71

9.75

-0.41%

280,890,604,537.01

13.18

0.76

0.76

5.50%

0.64

67.83

67.83

0.00%

269,317,457,962.35

0.03

2,338.93

3.81

1.90%

6.49

472.49

472.49

0.00%

261,433,589,789.37 -82.02

-5.88

4.21

3.30%

0.71

12 Lafarge Africa Plc

54.50

56.89

-4.20%

248,242,148,645.00

3.71

15.36

1.18

5.26%

1.04

Table 4 Top 5 Losers

13 FBN Holdings Plc

6.08

6.14

-0.98%

218,243,380,175.36

0.16

35.99

0.35

2.55%

0.35

Stock

14 Dangote Sugar Refinery Plc

13.77

13.80

-0.22%

165,240,000,000.00

2.01

6.92

0.77

3.60%

2.19

15 Unilever Nigeria Plc

43.50

43.50

0.00%

164,573,386,875.00

0.81

49.26

2.17

0.13%

12.95

16 Guinness Nig Plc

98.50

98.50

0.00%

148,329,986,518.00

-3.06

-25.17

1.12

4.16%

2.94

17 International Breweries Plc

39.90

39.90

0.00%

131,440,546,272.00

0.02

1,642.11

4.58

0.68%

11.11

253.00

253.00

0.00%

85,899,024,761.00

43.58

5.43

0.28

5.92%

3.41

29.00

27.87

4.05%

76,102,878,423.00

3.71

7.82

0.14

6.90%

0.72

6.05

6.00

0.83%

72,809,444,308.70

0.29

23.59

0.18

10.95%

0.43

21 Forte Oil Plc.

49.00

49.00

0.00%

63,821,574,047.00

3.66

13.66

0.50

6.90%

1.38

22 Okomu Oil Palm Plc

66.37

66.37

0.00%

63,311,006,700.00

5.15

12.75

4.36

0.15%

3.68

166.00

166.00

0.00%

59,858,813,492.00

22.61

7.69

0.67

4.14%

2.92

90.00

90.00

0.00%

57,653,132,670.00 -21.86

-4.21

0.52

2.39%

5.47

25 Transnational Corporation Of Nigeria Plc

1.38

1.35

2.22%

53,434,976,446.50

-0.03

-43.98

0.83

0.00%

0.57

26 Fidelity Bank Plc

1.38

1.40

-1.43%

39,968,368,254.96

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

13.00

13.00

0.00%

34,442,698,914.00

0.91

14.26

1.88

4.23%

4.28

29 U A C N Plc

15.60

15.60

0.00%

29,965,484,437.20

3.37

4.44

0.38

6.68%

0.38

1.01

1.05

-3.81%

29,078,322,307.26

0.18

5.86

0.27

8.57%

0.35

31 Glaxo Smithkline Consumer Nig. Plc

21.00

21.00

0.00%

25,113,406,248.00

3.02

6.95

1.67

1.43%

1.50

32 PZ Cussons Nigeria Plc

23.74

23.24

2.15%

23,740,000,000.00

5.69

4.73

1.87

0.37%

0.72

1.00

1.05

-4.76%

23,160,388,968.00

-0.29

-4.02

0.13

0.00%

0.12

32.50

32.50

0.00%

22,750,000,000.00

2.17

15.89

3.54

3.33%

16.77

35 Mansard Insurance Plc

2.10

2.00

5.00%

22,050,000,000.00

0.25

7.57

0.96

2.63%

0.99

36 Custodian And Allied Insurance Plc

3.60

3.65

-1.37%

21,174,711,102.00

1.06

3.35

0.51

3.93%

0.64

37 FCMB Group Plc

1.06

1.06

0.00%

20,990,873,427.86

0.09

13.13

0.13

8.93%

0.12

10.40

10.00

4.00%

19,533,301,216.00

-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

2.04

2.01

1.49%

16,177,603,222.32

-0.40

-5.19

0.35

7.62%

0.50

41 Continental Reinsurance Plc

1.38

1.38

0.00%

14,314,387,150.56

0.30

4.51

0.54

8.96%

0.69

42 Cement Co. Of North.Nig. Plc

9.32

8.46

10.17%

11,712,236,779.12

1.29

6.96

0.70

1.11%

0.90

43 Skye Bank Plc

0.52

0.52

0.00%

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

0.53

0.53

0.00%

6,195,349,109.26

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 Nigerian Aviation Handling Company Plc

3.25

3.26

-0.31%

5,278,710,937.50

0.36

9.51

0.69

5.88%

0.85

48 Fidson Healthcare Plc

3.50

3.50

0.00%

5,250,000,000.00

0.50

6.46

0.41

1.56%

0.69

49 UACN Property Development Co. Limited

2.85

2.85

0.00%

4,898,437,485.75

-0.90

-3.23

0.79

24.05%

0.15

50 AIICO Insurance Plc

0.55

0.54

1.85%

3,811,612,464.00

1.48

0.38

0.14

8.93%

0.45

04 Nestle Nigeria Plc

08 Ecobank Transnational Incorporated 09 Access Bank Plc 10 Presco Plc 11 Seplat Petroleum Dev. Co. Ltd

18 Total Nigeria Plc 19 Flour Mills Nig. Plc 20 Oando Plc

23 Mobil Oil Nig Plc 24 7-Up Bottling Comp. Plc

30 Sterling Bank Plc

33 Diamond Bank Plc 34 Cap Plc

38 Cadbury Nigeria Plc

TOTAL

12,094,285,942,864.60

TOTAL MARKET CAP

12,659,122,281,266.70

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

95.54%

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

Close 10-Oct-17

Open 9-Oct-17

Cement Co. Of North.Nig. Plc Mansard Insurance Plc Flour Mills Nig. Plc Cadbury Nigeria Plc Transnational Corporation Of Nigeria Plc

8.46 2.00 27.87 10.00 1.35

Open 9-Oct-17

Diamond Bank Plc Lafarge Africa Plc Sterling Bank Plc Fidelity Bank Plc Custodian And Allied Insurance Plc

1.05 56.89 1.05 1.40 3.65

Change %

Close Change 10-Oct-17 % 9.32 10.17% 2.10 5.00% 29.00 4.05% 10.40 4.00% 1.38 2.22%

Close Change 10-Oct-17 % 1.00 54.50 1.01 1.38 3.60

-4.76% -4.20% -3.81% -1.43% -1.37%

Market halts gaining streak by 0.15% loss Market pulse on the Nigerian Stock Exchange (NSE) today - Tuesday, October 10th, 2017 ended positive as the market closed red. This was further highlighted by negative performance from the NSE Subsectors: Banking and Consumer Goods (Save Insurance and Oil & Gas). However, trading activities increased in volume as 353.19 million shares worth N3.26 billion in 4,201 deals exchanged hands today. This is an increase from the 262.17 million shares worth N2.99 billion in 4,283 deals were carried out on Monday. Topping in volume terms are: Diamond Bank Plc, Fidelity Bank Plc and FCMB Group Plc; while Nigerian Breweries Plc and Guaranty Trust Bank Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed negative with 0.15% (+55.33) decrease to close at 36,776.60 from 36,831.93 the previous trading day. Market capitalization depreciated in tandem to N12.66 trillion from N12.68 trillion of prior trading day. Similarly, the Thisday BGL 50 Index closes with an decrease of 0.16% to 155.33 from 155.58 recorded at the end of the previous trading day, while its market capitalization stood at N12.09 trillion from N12.11 trillion of the previous trading day.

A total number of 19 stocks gained on the bourse today while 19 stocks declined, leaving 59 stocks unchanged. Leading the pack again was CCNN Plc led with a gain of 10.17% to close at N9.32 per share. It was followed by Mansard Insurance Plc with a gain of 5.00% to close at N2.10 per share. Others on the gainers’ list include: May & Baker Nigeria Plc, NNFM Plc and Jaiz Bank Plc. On the decliners’ list, C&I Leasing Co. Plc led with a loss of 9.38% to close at N1.74 per share. It was followed by Paints And Coatings Manufactures Plc with a loss of 4.84% to close at N0.59 per share. Others on the decliners list include: Diamond Bank Plc, Law Union And Rock Ins. Plc and Lafarge Africa Plc. CCNN Plc emerged the toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 10.17% to close at N9.32 per share. It was followed by Mansard Insurance Plc with a gain of 5.00% to close at N2.10 per share. Others on the gainers chart include: Flour Mills Nig. Plc, Cadbury Nigeria Plc and Transnational Corporation Of Nigeria Plc. On the decliners’ list, Diamond Bank Plc for a second time in a consecutive row led with a loss of 4.76% to close at N1.00 per share. It was followed by Lafarge Africa Plc with a loss of 4.20% to close at N54.50 per share. Others on the decliners’ list are: Sterling Bank Plc, Fidelity Bank Plc and Custodian And Allied Insurance Plc.

REQUIRED DISCLOSURE This report has been prepared by BGL Plc. BGL Plc does and seeks to do business with companies covered in its research reports. As a result, the firm may have a conflict of interest that could affect the objectivity of this report. Investors should use this report as one of many other factors in making their investment decisions.

For more details go to www.thisdaylive.com

T H I S D AY Ëž , OCTOBER 11, 2017

40

MARKET NEWS

Nigerian Stock Exchange All-Share Index Sheds 0.15% on Profit Taking Goddy Egene and Nosa Alekhuogie The market closed on a negative note yesterday as investors booked profit following days of growth. The Nigerian Stock Exchange (NSE) All-Share Index depreciated by 0.15 per cent to close at 36,776.60 compared with a growth of 1.14 per cent the previous day.

Expectations that companies would soon begin to release impressive results for the third quarter ended September 2017, has been leading to more demand for stocks in the past few days. The development kept the market in the bulls’ territory for the last four trading days.

However, the bears returned yesterday as profit taking set in. Consequently, the index

T H E MAIN BOARD

DEALS

MARKET PRICE

closed lower. However, the market ended with 19 price losers and 19 price gainers. But the depreciation recorded in the share prices of Diamond Bank, FBN Holdings, Lafarge Africa, Nigerian Breweries, and Access Bank was mainly responsible for the decline recorded in the index. At the end of trading, investors staked N3.26 billion on 353.19 million shares, up

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

from N3.0 billion invested the previous day. The most actively traded traded sectors were: Financial Services (309.59 million shares), Consumer Goods (23.20 million shares), and Services (8.28 million shares), while the three most actively traded stocks were: Diamond Bank (215.76 million shares), Fidelity Bank (15 million shares) and FCMB Group (14.59 million shares).

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

Meanwhile, more companies have informed the NSE of their meeting to consider their nine months results. For instance, Zenith Bank Plc said its board will soon meet for that purpose.

Investors are expected impressive performance from the bank given the half year results.

Zenith Bank Plc announced an interim dividend of N7.8 billion for the H1half year ended June

30, 2017, which translated to 25 kobo per share.

The bank . recorded gross earnings of N380.4 billion, up by 77 per cent from N214.8 billion posted in the corresponding period of 2016.Net interest income stood at N138.962 billion, as against N127 billion in 2016.

However, impairment charges increased by 196 per cent from N14.2 billion to N42 billion.

E XC H A N G E

MAIN BOARD GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC Pharmaceuticals Totals HEALTHCARE Totals ICT IT Services TRIPPLE GEE AND COMPANY PLC. IT Services Totals ICT Totals INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals Packaging/Containers BETA GLASS CO PLC. Packaging/Containers Totals INDUSTRIAL GOODS Totals OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals OIL AND GAS Totals SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals Courier/Freight/Delivery RED STAR EXPRESS PLC Courier/Freight/Delivery Totals Printing/Publishing LEARN AFRICA PLC Printing/Publishing Totals Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals SERVICES Totals EQTY Board Totals Daily Summary (Equities) Activity Summary on Board ASeM CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals CONSUMER GOODS Totals ASeM Board Totals Daily Summary (Equities) Activity Summary on Board PREMIUM FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals Other Financial Institutions FBN HOLDINGS PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals INDUSTRIAL GOODS Building Materials DANGOTE CEMENT PLC Building Materials Totals INDUSTRIAL GOODS Totals PREMIUM Board Totals Equity Activity Totals

DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

32 4 6 69 69

25.33 0.94 0.69

551,998 16,020 597,000 1,779,083 1,779,083

13,903,164.18 15,299.40 412,110.00 15,902,796.63 15,902,796.63

1 1 1

1.69

500 500 500

805.00 805.00 805.00

16 9 4 6 10 31 76

24.00 9.30 35.78 8.62 3.36 80.50

110,727 40,229 26,700 142,300 299,900 14,373,223 14,993,079

2,707,053.97 362,501.29 992,680.00 1,227,076.00 966,480.00 1,157,057,077.16 1,163,312,868.42

6 6

1.51

134,500 134,500

204,240.00 204,240.00

5 5 87

50.00

24,529 24,529 15,152,108

1,165,135.50 1,165,135.50 1,164,682,243.92

2 2

0.50

24,262 24,262

12,131.00 12,131.00

90 90

3.47

3,827,573 3,827,573

13,288,632.05 13,288,632.05

21 7 8 21 7 64

18.34 1.84 342.00 150.00 145.00

81,125 100,300 20,300 16,295 13,699 231,719

1,505,034.50 182,832.00 6,595,470.00 2,396,080.60 1,959,692.96 12,639,110.06

33 33 189

318.00

389,934 389,934 4,473,488

124,037,602.56 124,037,602.56 149,977,475.67

1 1

0.50

941 941

470.50 470.50

5 5

3.80

32,870 32,870

127,756.40 127,756.40

13 13

0.89

624,500 624,500

538,430.00 538,430.00

1 22 23

2.29 4.00

4,588 251,094 255,682

10,001.84 1,001,583.80 1,011,585.64

1 1 43 1,811

1.68

10,000 10,000 923,993 3,428,226,216

16,000.00 16,000.00 1,694,242.54 5,785,390,675.15

2 2 2 2

1.21

270,464 270,464 270,464 270,464

327,261.44 327,261.44 327,261.44 327,261.44

306 306

11.45

13,929,679 13,929,679

159,605,439.23 159,605,439.23

278 278 584

3.74

10,438,552 10,438,552 24,368,231

39,515,087.18 39,515,087.18 199,120,526.41

35 35 35 619 2,432

139.83

38,770 38,770 38,770 24,407,001 3,452,903,681

5,304,666.00 5,304,666.00 5,304,666.00 204,425,192.41 5,990,143,129.00

2 2 2 2 2 10 10 10

2,330.00 2.33 6.02 11.09 18.07

3,000 20 20 20 15 3,075 3,075 3,075

6,986,000.00 46.70 120.20 221.80 270.65 6,986,659.35 6,986,659.35 6,986,659.35

Daily Summary (ETP) Exchange Traded Fund Name NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA BANKING ETF VETIVA CONSUMER GOODS ETF VETIVA GRIFFIN 30 ETF VETIVA INDUSTRIAL ETF Exchange Traded Fund Totals ETF Board Totals ETP Activity Totals

41

˾ WEDNESDAY, OCTOBER 11, 2017

MARKET NEWS

Sovereign Trust Insurance Grows Income to N186 Million Ebere Nwoji Sovereign Trust Insurance (STI)Plc, said it grew its total comprehensive income for the year ended December 31, 2016 to N186 million, from N19 million in 2015 just as the company’s chairman Oluseun Ajayi, has observed that Nigeria’s growing population, and untapped nature of insurance market are pointers to potential success of the industry.

Ajayi, who stated these at the 22nd annual general meeting

(AGM)of the company held in Lagos, said the expensive nature of Nigerian economy and growing population offer great opportunities to businesses in the country.

“The potential of the economy cannot be underestimated even in the face of renewed interest from international investors. All of these in addition to the low penetration rate of insurance market are pointers to great opportunities available in our country and industry,” he stated.

A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

He said despite the harsh operating environment during the year, STI grew its balance sheet size by 3.3 per cent from N9.2billion in 2015 to N9.5billion in 2016 and its investment income from N214million in 2015 to N281million in 2016 representing a 32 percent growth.”

According to Ajayi, 2016 was tough on business operators including the insurance industry especially on the not steady foreign exchange which affected the Naira and as a result the

floor of the Nigerian Stock Exchange.

A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg.

Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 9-Oct-2017, unless otherwise stated.

company recorded a downward shift in its profit and gross premium written.

Gross premium written of the company, stood at N6.3billion as against N7.1billion in 2015, representing about 12 per cent drop in revenue for the year under review.

“As a result of the increase on our foreign currency exposure and the drop in the consumption of insurance by the hitherto insuring public, our profit for the year under review was greatly impacted. From a profit before

tax of N454million in 2015, the figure dropped to N44.98million in 2016 while profit after tax was N23.59million from N557.85.”

He, however, noted that despite the challenges, the total comprehensive income for the year net of tax rose to N186 million against N19million in 2015.

Meanwhile, the company has raise investors’ hopes for improved returns, given the half year performance to June 30, 2017. The company grew its gross premium in the H1 by

64 per cent from N2.4 billion to N3.7 billion.

Commenting on the results, Assistant General Manager Corporate Communications and Brand Management of the company, Mr. Segun Bankole said with this result, the company’s promise to create exceptional value for its numerous shareholders spread across the country and beyond is beginning to look very hopeful and one can only hold on to that glimmer of hope as the underwriting firm forges ahead.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 171.26 171.26 171.26 Nigeria International Debt Fund 233.55 233.55 233.55 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 0.82 0.81 15.69% ACAP Income Funds 0.61 0.61 74.28% ACAP Income Funds 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 18.57% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 17.45 17.98 41.35% ARM Discovery Fund 367.25 378.32 27.88% ARM Ethical Fund 25.79 26.57 15.43% ARM Money Market Fund 1.00 1.00 17.99% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 142.71 141.71 34.73% AXA Mansard Money Market Fund 1.00 1.00 18.62% 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 1,091.85 1,092.94 7.91% FBN Heritage Fund 145.37 146.60 30.39% FBN Money Market Fund 100.00 100.00 17.86% FBN Nigeria Eurobond (USD) Fund - Institutional $112.36 $113.43 9.27% FBN Nigeria Eurobond (USD) Fund - Retail $111.59 $112.65 9.27% FBN Nigeria Smart Beta Equity Fund 154.75 157.01 37.45% 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 1.37 1.39 46.81% Legacy Short Maturity (NGN) Fund 2.89 2.89 12.46% 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 2,856.52 2,895.40 29.90% Coral Income Fund 2,378.64 2,378.64 14.15% 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 17.58% 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 2.08 2.11 23.82% Vantage Guaranteed Income Fund 1.00 1.00 18.50% Kedari Investment Fund (KIF) 111.06 111.06 14.46%

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 1.14 1.16 15.40% Lotus Halal Fixed Income Fund 1,024.97 1,024.97 8.90% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 13.07 13.17 35.20% Meristem Money Market Fund 10.00 10.00 18.82% 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 1.21 19.92% PACAM Fixed Income Fund 10.83 10.87 4.13% 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 125.22 127.50 23.60% 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 1.39 1.39 11.34% 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 2,195.79 2,209.09 19.94% Stanbic IBTC Bond Fund 169.02 169.02 9.78% Stanbic IBTC Ethical Fund 0.98 0.99 27.92% Stanbic IBTC Guaranteed Investment Fund 212.00 212.00 13.44% Stanbic IBTC Iman Fund 171.16 173.38 31.84% Stanbic IBTC Money Market Fund 100.00 100.00 18.23% Stanbic IBTC Nigerian Equity Fund 9,536.42 9,647.54 25.76% Stanbic IBTC Dollar Fund (USD) 1.04 1.04 4.00% SIAML PENSION 40 130.57 133.37 31.97% 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 1.32 1.33 18.01% United Capital Bond Fund 1.45 1.45 18.69% United Capital Equity Fund 0.85 0.87 26.90% United Capital Money Market Fund 1.00 1.00 18.50% 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 12.53 12.72 28.35% Zenith Ethical Fund 13.12 13.27 19.49% Zenith Income Fund 18.59 18.59 12.38%

REITS NAV Per Share

Yield / T-Rtn

11.41 131.15

1.01% 5.79%

Bid Price

Offer Price

Yield / T-Rtn

10.83 136.03 107.17

10.93 138.98 109.19

25.48% 37.51% 41.43%

Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund

EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 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

4.47 9.07 17.00 20.54 138.06

4.51 9.15 17.10 20.74 140.06

61.43% 28.85% 43.65% 28.60% 8.92%

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.

42

T H I S D AY WEDNESDAY OCTOBER 11, 2017

T H I S D AY WEDNESDAY OCTOBER 11, 2017

43

WEDNESDAY, OCTOBER 11, 2017 ˾ T H I S D AY

44

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Kenya’s Raila Odinga Quits Election Re-run Kenyan opposition leader Raila Odinga has pulled out of October’s election re-run.

Mr Odinga said his

withdrawal would give the electoral commission enough time to introduce reforms that will help deliver a more

Trump Challenges Rex Tillerson to IQ Test US President Donald Trump has challenged his Secretary of State, Rex Tillerson, to an IQ test, in the latest sign of discord between the two.

He made the remark in a magazine interview when asked about reports that Mr Tillerson had called him a moron.

“I think it’s fake news,” Mr Trump told Forbes, “but if he did that, I guess we’ll have to compare IQ tests. And I can tell you who is going to win.”

Mr Trump is due to have lunch on Tuesday with Mr Tillerson.

Reports have swirled of a schism in the Trump administration between the commander-in-chief and his top diplomat, as the US faces a host of vexatious foreign policy conundrums, from North Korea to Iran.

Last week Mr Tillerson called a news conference

to deny reports that he was considering quitting.

But the former ExxonMobil chief executive did not refute an NBC News report that he had called his boss a moron after a July meeting at the Pentagon.

Earlier this month, Mr Trump publicly undercut the former Texas oilman by tweeting that he was“wasting his time”trying to negotiate with nuclear-armed North Korea.

Last week the NewYork Times reported that Mr Tillerson was astonished at how little Mr Trump grasps the basics of foreign policy.

According to the newspaper, quoting sources close to the secretary of state, Mr Trump has been irritated by Mr Tillerson’s body language during meetings.

Mr Tillerson is said to roll his eyes or slouch when he disagrees with the decisions of his boss.

credible election.

The Supreme Court annulled the result of the original 8 August poll after finding irregularities and declaring it “neither transparent or verifiable”.

The electoral commission had declared incumbent Uhuru Kenyatta the winner.

It said Mr Kenyatta had won by a margin of 1.4 million votes.

The re-run was due to take place on 26 October, but Mr

said in the latest update to a semiannual report on the world economy.

The new projections come as the IMF stages annual meetings this week with the World Bank.

“The picture is very different from early last year, when the world economy faced faltering growth and financial market turbulence,” IMF Research Director Maurice Obstfeld said in prepared remarks.

But Obstfeld said the current moment presented a fleeting opportunity to act, pointing to recent IMF warnings about sluggish growth in advanced economies, sharpening divides between rich and poor and bloated sovereign debt levels.

Thailand will hold elections in November 2018, junta chief Prayut Chan-O-Cha said Tuesday, a date that will fall more than four years after he seized power in a coup.

Immediately after his 2014 putsch Prayut promised to return power to civilians within 18 months. But that date has repeatedly slipped, and even after the vote critics say there will be limits on democracy.

“In November 2018 there will be an election.

Meanwhile, weak oil prices along with violence and strife in the Middle East and Latin America threatened to undermine progress while -- despite the mainly rosy forecasts -- nearly one in five countries in the world was still expected to see negative per capita income growth this year.

No ‘cliff-edge’ Brexit “The recovery is still incomplete in important respects and the window for action the current cyclical upswing offers will not be open forever,” Obstfeld said.

In the latest version of its World Economic Outlook, the IMF now predicts advanced economies will grow by 2.2

North Korea ‘Hackers Steal US-South Korea War Plans’ Hackers from North Korea are reported to have stolen a large cache of military documents from South Korea, including a plan to assassinate North Korea’s leader Kim Jong-un.

Rhee Cheol-hee, a South Korean lawmaker, said the information was from his country’s defence ministry.

The compromised documents include wartime contingency plans drawn up by the US and South Korea.

They also include reports to the allies’ senior commanders.

The South Korean defence ministry has so far refused to comment about the allegation.

Plans for the South’s special forces were reportedly accessed,

along with information on significant power plants and military facilities in the South.

Mr Rhee belongs to South Korea’s ruling party, and sits on its parliament’s defence committee.

He said some 235 gigabytes of military documents had been stolen from the Defence Integrated Data Centre, and that 80% of them have yet to be identified.

The hack took place in September last year. In May, South Korea said a large amount of data had been stolen and that North Korea may have instigated the cyber attack - but gave no details of what was taken.

North Korea denied the claim.

South Korea’s Yonhap news agency reports that Seoul has been

was best that he withdrew from the race.

The opposition party has previously made clear its participation in the election was contingent on reforms being made.

It believes the election will have to be cancelled as a result of Mr Odinga’s withdrawal, allowing “adequate time to undertake the reforms necessary to conduct an election that is in strict conformity with

the constitution, the relevant laws and the constitution”.

Mr Odinga has also called on people to protest on Wednesday, using the slogan “no reform, no elections”.

But Mr Kenyatta said the election will go ahead regardless.

Speaking at a rally in the southern town of Voi, he said: “We have no problem going back to elections. We are sure we will get more votes than the last time.”

Thai Junta Chief Vows Elections in November 2018

IMF Raises Global Growth Forecasts, Calls for Reforms The International Monetary Fund on Tuesday bumped up its global growth forecasts, saying an upswing in the world economy would likely gather pace into next year.

But the global crisis lender called on governments to strike while the iron was hot, saying dangers for the current recovery lurked on the horizon and ambitious reforms were necessary for continued poverty reduction.

Global economic output should increase by 3.6 percent this year and by 3.7 percent in 2018, up marginally from forecasts published three months ago but well above growth seen in 2016, the IMF

Odinga said on Tuesday: “We have come to the conclusion that there is no intention on the part of the IEBC [electoral commission] to undertake any changes to its operations and personnel... All indications are that the election scheduled for 26 October will be worse than the previous one.”

As a result, he said, “considering the interests of the people of Kenya, the region and the world at large” it

subject to a barrage of cyber attacks by its communist neighbour in recent years, with many targeting government websites and facilities.

The isolated state is believed to have specially-trained hackers based overseas, including in China.

North Korea has accused South Korea of“fabricating”the claims.

News that Pyongyang is likely to have accessed the SeoulWashington plans for all-out war in the Koreas will do nothing to soothe tensions between the US and North Korea.

The two nations have been at verbal loggerheads over the North’s nuclear activities, with the US pressing for a halt to missile tests and Pyongyang vowing to continue them.

Is it clear?” the often gruff leader told reporters, adding that he would announce the exact date next June.

The election will not restore the full-scale democracy that existed before the latest military takeover in Thailand -- a country that has seen more than a dozen coups since the end of absolute monarchy in 1932.

After seizing power the generals drafted a new charter that curbs the power of elected politicians and

calls for a fully appointed upper house Senate with several spots reserved for military leaders.

The junta has also said that any future government must adhere to a “legally binding 20-year-plan” for the country that is still in the works.

The election announcement comes after Prayut travelled to the US earlier this month to meet with President Donald Trump at the White House -- an embrace the

junta chief was denied under Barack Obama’s administration.

A joint statement after the meeting said Trump welcomed Thailand’s commitment to “lead to free and fair elections in 2018.”

That unexpected announcement caused a commotion back in the kingdom, where Prayut initially rowed back and said only that a specific date would be announced in 2018.

45

˾ WEDNESDAY, OCTOBER 11, 2017

PAGE FORTY-FIVE

Shock as 21,780 Kaduna Teachers Fail Primary Four Exams About 21,780 out of 33,000 teachers have failed the primary four exam administered to test their competence by the Kaduna State government.

Owing to the mass failure, the state is now shopping for 25,000 new teachers as one of the plans to restore quality to education.

Governor Nasir el-Rufai of Kaduna State unveiled the planned recruitment when he received a World Bank delegation in Kaduna

on Monday, reported the News Agency of Nigeria (NAN).

“We tested our 33,000 primary school teachers, we gave them primary four examinations and required they must get at least 75 per cent but I am sad to announce that 66 per cent of them failed to get the requirements.

“The hiring of teachers in the past was politicised and we intend to change that by bringing in young and qualified primary school teachers

to restore the dignity of education in the state,” the governor said.

He stressed that teachers would be redeployed across the state to balance the teacher-pupil ratio.

“We have a challenge with the teacher-pupil ratio in the urban schools; there is a concentration of teachers that are not needed.

“In some local government areas, it’s a teacher-pupil ratio of 1-9 while in some places it’s 1-100,” he said.

The governor said in a bid to improve the education sector, the school directors decided to enrol their children in public schools starting from this academic session.

The World Bank representative, Dr. Kunle Adekola expressed appreciation to the state for investing in education and for the priority given to the girl child.

“This state has demonstrated and supported us to achieve our

goals,” he said.

Adekola said the World Bank would invest N30 million in Rigasa Primary School, which has a population of about 22,000 pupils, as part of its support for the state.

The Education Intervention Fund by the World Bank and other collaborative development partners is providing support to about 13 Northern states and a state each from the other four geopolitical zones in the country.

el-Rufai

Section 162(1) states: “The Federation shall maintain a special account to be called ‘the Federation Account’ into which shall be paid all revenues collected by the Government of the Federation, except the proceeds from the personal income tax of the personnel of the armed forces of the Federation, the Nigeria Police Force, the Ministry or department of government charged with responsibility for Foreign Affairs and the residents of the Federal Capital Territory, Abuja.

While Sub-section 10 of the same Section states: “For the purpose of subsection (1) of this section, ‘revenue’ means any income or return accruing to or derived by the Government of the Federation from any source and includes: (a) any receipt, however described, arising from the operation of any law; (b) any return, however described, arising from or in respect of any property held by the Government of the Federation; (c) any return by way of interest on loans and dividends in respect of shares or interest held by the Government of the Federation in any company or statutory body.”

In the letter titled, Request for Clarification of Conflict Between

Executed Agreement and Federal Government Treasury Single Account Policy, the attorney general said: “I refer to your letter dated 31st May 2017, ref: MD/17/MF/Vol.XX/583 in respect of the above subject matter wherein you sought clarification on the legal issues implicated by the continuous implementation of the Managing Agent Contract Agreement dated 11th February 2010 executed between the Nigerian Ports Authority (NPA) and Intels Nigeria Limited for the provision of boats pilotage operations, in the light of the Federal Government of Nigeria’s Treasury Singe Account (TSA) policy.

“Upon my review of your letter under reference and the relevant agreements, I have been able to conclude inevitably that the terms of the agreement as agreed by parties and the dynamics of its implementation which permits Intels to receive revenue generated on behalf of NPA ab initio, clearly violates express provisions of Sections 80(1) and 162(1) and (10) of the 1999 Constitution of the Federal Republic of Nigeria, 1999 (as amended). It is thus curious that parties did not avert their minds to the above provisions of the constitution whilst negotiating

the agreement.

“The inherent illegality of the agreement as formed has since been expounded by the TSA policy issued by the Head of Service of the Federation on behalf of the Federal Government of Nigeria directing all ministries, departments and agencies to collect payment of all revenues due to the federal government or any of her agencies through the TSA. “The objective of the presidential directive (TSA policy) in exercise of the executive powers of the president under Section 5 of the 1999 Constitution (as amended) was in furtherance of the spirit and intent of Sections 80 and 162 of the constitution and to aid transparency in government revenue collection and management.

“NPA being an agency of the federal government is bound by the TSA policy and has not howsoever been exempt therefrom. Due to the constitutional nature of the TSA, where there is a conflict between the TSA and the terms of the agreement, the TSA shall prevail.

“Therefore all monies due to the NPA currently being collected by Intels and any other agents/third parties on behalf of NPA must henceforth be paid into the TSA

or any of the sub-accounts linked thereto in the Central Bank of Nigeria (information of the account will be communicated in due course) in accordance with the TSA policy.

“For the avoidance of doubt, the agreement for the monitoring and supervision of pilotage districts in the Exclusive Economic Zone of Nigeria on terms inter alia that permits Intels to receive revenue generated in each pilotage district from service boat operations in consideration for 28% of total revenue as commission to Intels is void, being a contract ex facie illegal as formed for permitting Intels to receive federal government revenue contrary to the express provisions of Sections 80(1) and 162(1) and (10) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), which mandates that such revenue must be paid into the Federation Account/Consolidated Revenue Fund.

“In the premise of the above, the conflict between the agreement and the TSA policy presents a force majeure event under the agreement, and NPA should forthwith commence the process of issuing the relevant notices to Intels exiting the agreement which indeed was void ab initio.”

stage last year, we were losing up to one million barrels a day of crude oil but thanks to the series of engagement we had with stakeholders in the Niger Delta on the new vision for that region, production has been restored to nearly 2 million barrels per day,” he stated.

The vice-president, however, pointed out that government was concerned about the very high interest rates, tracing it to government borrowing.

He added that since evidence pointed to a crowding out of the private sector, the federal government was reducing its demand for domestic paper and would seek to refinance maturing domestic debt with longer tenor and cheaper external borrowing.

Earlier in a panel discussion, Osinbajo alongside the Chairman of United Bank for Africa (UBA) Plc, Mr. Tony Elumelu and an executive of General Electric (GE), Mr. John Price, had assured that government was determined to address the nation’s socio-economic challenges.

He stated that attention was being refocused from resource-dependency to productivity.

In his opening address, the Chairman of the Board of Directors of the Nigeria Economic Summit Group (NESG), Kyari Bukar said that at the last summit, the NESG had called for a more pragmatic engagement of the Niger Delta region by the federal government to address the frequent disruption to oil production linked to the vandalism of production and transportation infrastructure.

Kyari said: “We are pleased to note the impact of the engagement of the government and the resultant impact on the broader economy.

“However, growth in the non-oil economy remains low. Nevertheless, we note that the action led by the Central Bank of Nigeria to stabilise the exchange rate and increase dollar supply to the economy also meant that many industries in the non-oil sector were able to turn the corner after a very difficult 2016.

“While the steps taken have been positive for the economy, it is important to note that the cost and supply of dollars remain a challenge for many businesses.

“These and other challenges continue to make Nigeria a tough place to do business. We therefore emphasise again that policy and institutional reforms must continue if we are to realise the potential of the economy,” he said.

Also in his address, the Minister of Budget and National Planning Senator Udoma Udo Udoma said the Economic Recovery and Growth Plan (ERGP) of the federal government included the concept of ‘Made in Nigeria’ goods, which is the theme of this year’s summit, noting that it was more than this.

According to him, “It sets out our comprehensive strategy for increasing our national productivity and output, in order to achieve our objective of a prosperous economy providing maximum welfare for all our citizens.

“Our aim simply put, is to achieve a growth rate of 7 per cent by the year 2020, and thereafter continue on a growth trajectory that could reach up to 10 per cent in the succeeding years.

“If sustained, there is no reason why Nigeria cannot become a regional industrial and commercial powerhouse.”

FG VOIDS NPA, INTELS PILOTAGE AGREEMENT of the Federation (AGF) and Minister of Justice Mallam Abubakar Malami (SAN), in a letter dated September 27, 2017 to the Managing Director of the NPA, Ms. Hadiza Bala-Usman said that the agreement which has allowed Intels to receive revenue on behalf of NPA for 17 years, violates the Nigerian Constitution, especially in view of the implementation of the Treasury Single Account (TSA) policy of government.

Based on the directive to terminate the agreement, Intels which was founded over three decades ago

by Mr. Gabriele Volpi, an Italian national who also has Nigerian citizenship, stands to lose several millions of dollars in commissions for the monitoring and supervision pilotage services it handles on behalf of NPA on Nigerian coastal waters.

To ensure the safety of ships’ passage within Nigeria’s seaports, the NPA, through Intels as its agent, provides pilotage services to guide ships into and out of the ports.

The rule of thumb in the maritime industry is that pilotage must be compulsory for all ships of 35 metres overall length or greater unless a valid Pilotage Exemption Certificate is held by the ship’s master.

In return for the service, ship owners/companies are required to pay a pilotage fee, which Intels collects on NPA’s behalf and retains 28 per cent of the revenue as commission for the services rendered.

However, with the memo written by the AGF, a copy of which was obtained exclusively by THISDAY from the justice ministry, Intels would no longer be allowed to provide the service.

Drawing the attention of Bala-Usman to the illegality of the agreement, Malami made it expressly clear that the agreement violates Sections 80(1) and 162(1) and (10) of the constitution, and wondered that the parties – NPA and Intels – did not avert their minds to the relevant provisions when they were negotiating the agreement in 2010.

Section 80(1) of the constitution states: “All revenues or other moneys raised or received by the Federation (not being revenues or other moneys payable under this Constitution or any Act of the National Assembly into any other public fund of the Federation established for a specific purpose) shall be paid into and form one Consolidated Revenue Fund of the Federation.”

PUTTING ASIDE PUBLIC SPAT, KACHIKWU, BARU CHART WAY FORWARD FOR OIL SECTOR In a leaked letter to President Muhammadu Buhari, Kachikwu had listed a litany of procedural breaches against Baru, accusing the latter of not only undermining his position as the chairman of the NNPC board but also of awarding contracts totalling $26 billion without recourse to due process.

In response to Kachikwu’s allegations, Baru had said there was no law that stipulates that he should seek the approval of the minister in awarding contracts.

The public spat between the two top officials of the government was however punctuated, even if temporarily at the 23rd Nigeria Economic Summit (NES) 2017 in Abuja yesterday.

Both men were discussants at the Energy Policy Committee breakout session.

Baru, a lead discussant at one of the sessions, came first to the venue of the programme, while Kachikwu walked in about 15 minutes later.

As soon as Kachikwu arrived, Baru stood up, approached him and exchanged pleasantries.

Kachikwu also offered that he should be represented at the second session of the dialogue by Baru, a request the organisers politely declined because Baru was to chair a session and it would have affected his participation.

However, Kachikwu left before the end of the session and Baru represented him. But the minister returned and joined Baru in chairing the event. After the session, both men engaged in a brief chat before departing.

Kachikwu, who moderated the panel discussion on energy with Baru, said the federal government would develop policies that would ensure that the global decline in fossil energy does not take Nigeria unawares, adding that government was already thinking towards that direction.

He, however, said the federal government was currently dealing with the fundamentals of ensuring that the refineries work and ensure availability of energy sources to meet day-to-day energy needs.

Kachikwu said: “The first thing first is to develop the policies and to do that the NNPC would have to take over the commercial aspects because they are going to be the one deploying it.

“As the refineries get kitted up, obviously we would continue to look at new fossils development programmes and will see a need to pump out policies that would enable Nigerians to see the advantages in terms of costs,” he explained.

Commenting on the issues raised by the panelists on the upcoming marginal field bid round, Kachikwu said the government was determined to ensure transparency in the bid process so that the public could monitor the process and would know who gets what.

“These are some of the issues the Niger Delta communities are always enquiring about and indeed all Nigerians. The more transparent it is (bid process), the better for us.

“Another key question is regarding ensuring that the local communities in the Niger Delta are carried along.

“We are developing models to ensure better regulations geared towards transparency in the bid

process and we would alert Mr. President as soon as we are done,” he explained.

In his opening remarks, Baru expressed concern that only nine out of the 14 firms that won previous bid rounds for the marginal fields were operating, noting that it was not a good development.

In his response, Kachikwu said the Ministry of Petroleum Resources would work closely towards ensuring that concerns and constraints that had hindered the companies which were yet to commence production from their oil acreages are appropriately addressed.

While declaring the summit open, the Vice-President Yemi Osinbajo said one of the critical things that the Manufacturers Association of Nigeria (MAN) had proposed to the government in support of the local content initiative was what they have described as margins of preference for locally made goods.

“In order words, what they are saying is if you prefer locally made goods, then you must take care of the problems that local goods have; in order words, they are usually more expensive than the imported goods, so you have to take care of that by what they call margins of preference.

“So we are looking at that proposal and we are looking at the percentage for procurement purposes. But we do agree with the principle that if we are going to promote local goods then we must find ways of preferring them to imported ones and we think that the margins of preference are the sensible way to do so,” he said, Osinbajo noted that while the federal government was determined to build a modern economy, its ability

to do so was hamstrung by the fact that its annual budgeted expenditure of N7 trillion was only a small part of a multi-trillion naira economy.

“The private sector is clearly the bigger contributor to the economy. It thus follows that the private sector must be enabled and encouraged to play a decisive role if our development efforts are to succeed,” he stated.

According to him, the economy has now returned to the path of growth after the precipitous slide from 2014, adding: “As its now well known, we exited the recession in the second quarter of 2017 with a GDP growth rate of 0.55 per cent, while inflation has similarly declined continuously from its peak of about 18 per cent in January 2017 to about 16 per cent today.

He also noted that last year, there were concerns about the availability of foreign exchange and a rapidly deteriorating exchange rate, noting that the situation has been turned around and stabilised.

Osinbajo noted that foreign exchange reserves has risen to about $33 billion and end users have increased access to foreign exchange partly due mainly to increased export earnings and remittances as well as the introduction of a dedicated transparent window for investors and exporters (NAFEX).

He said: “The results have been encouraging as the inflows of capital in the second quarter of 2017 of about $1.8 billion were almost double the amount of $908 million imported in the first quarter of the year.

“Third, another issue of great concern last year that has been resolved was the loss of a significant amount of oil production. At some

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NEWS

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

Ekiti Confirms Two Monkey Pox Cases Senate urges FG to be proactive, advocates sustained awareness Envoy: British govt will support FG to curb spread of virus Christopher Isiguzo Ă“Ă˜ Ă˜Ă&#x;Ă‘Ă&#x;Ëœ Damilola Oyedele Ă“Ă˜ ĂŒĂ&#x;ÔË, Hammed Shittu Ă“Ă˜ Ă–Ă™ĂœĂ“Ă˜ Ă‹Ă˜ĂŽ Victor Ogunje Ă“Ă˜ ĂŽĂ™ ÕÓÞÓ The Ekiti State Government yesterday said two suspected cases of monkey pox victims had been recorded in the state.

The state government said the victims, who were discovered in Okemesi Ekiti, a border town with Osun State in Ekiti West Local Government Area had been quarantined, while their blood samples had been taken to Abuja for laboratory tests.

However, it was different story in Enugu State as tension gripped residents following an unconfirmed case of the dreaded monkey pox disease at the State University Teaching Hospital, Parklane, Enugu.

A female patient at the hospital was said to have shown signs of the disease as some strange pox were seen all over her face.

The discovery made other patients to panic as they feared the disease might have finally entered the state.

The state government has however swiftly denied that the disease has arrived the state.

The Director of Public Health, Ministry of Health, Dr Okechukwu Ossai, said the case remained a suspected one as it was not confirmed. “For now, it’s a suspected case, it’s not been confirmed.

But as I speak, there are many things pointing to the negative in her system as far as monkey pox disease is concerned,� Ossai said.

He, however, could not

confirm whether the patient has been quarantined pending final confirmation of the actual problem with her, adding that the state has taken steps to forestall such outbreak in the state.

Also, the authorities of the University of Nigeria Teaching Hospital (UNTH), Enugu have denied the outbreak of monkey pox in the hospital in view of the rumours in town.  The hospital’s Public Relations Officer, Mr. Cyril Keleze, said no such case has been reported in the hospital noting that Consultants in the hospital were still on strike which has equally affected the resumption of the Resident Doctors since they shelved their industrial action.

The Commissioner for Health, Dr. Fintan Ekochin, could not be reached for his reaction.

Meanwhile, the Senate has urged the Federal Ministry of Health, state governments, local governments and community-based organisations to be proactive in containing the spread of the monkey pox diseases.It also called for sustained enlightenment and education of citizens on efforts to take to reduce exposure to the virus.

The Senate’s resolution followed a motion sponsored

by Senator Ali Wakili (Bauchi South) who expressed worry that the unavailability of vaccines or specific treatment for the virus, has caused panic among Nigerians.

Contributing to the debate, Senator Magnus Abe (Rivers APC), said it was necessary

VAIDS: FG Collects Personal Data of High Net-worth Nigerians from Banks The Federal Ministry of Finance has said the Voluntary Assets and Income Declaration Scheme (VAIDS) has commenced the collection of data on the income and assets of high net-worth individuals and companies in the country.

In a statement issued yesterday, it further said this is the first step in collecting intelligence that would ensure that corporate entities and individuals who may refuse to take advantage of VAIDS. Data have already been mined from the Nigerian Customs Service and the Asset Management Corporation of Nigeria (AMCON) for all payments and receipts over N100 million between 2010 and 2015 — and personal bank accounts would be in the next round of data mining.

Data, according to The Cable would also be collated from the Federal Inland Revenue Service, state lands departments, Corporate Affairs Commission (CAC), Securities and Exchange Commission (SEC), National Identity Management Commission (NIMC), land registries, treasury bills and Nigerian

Inter-Bank Settlement System (NIBSS), Integrated Payroll and Personnel Information System (IPPIS), Nigerian Civil Aviation Authority (NCAA) and payment platforms such as Remitta. “The data being collected is on individual and corporate liquid as well as fixed assets and income over the last five years both within and outside Nigeria. Data collected will be profiled against tax payments made by such individuals and corporate entities,� it said.

VAIDS is an initiative of the ministry of finance that provides a time-specific opportunity for taxpayers with tax liabilities to regularise their tax status by truthfully declaring previously undisclosed assets and income.

Taxpayers who take advantage of the window avoid penalties and interest on taxes owed, tax audits and prosecution for tax offences.

The federal government expects to generate $1 billion, raise the country’s tax-to-GDP ratio from an unimpressive six per cent, one of the lowest in the world, to 20 per cent by 2020 and provide vast tax education to boost voluntary tax compliance.

that all available machinery and resources of the government be deployed so that the current cases of monkey pox do not become an epidemic.

Abe added that Nigeria, in recent years, has had to deal with ebola, lassa fever and now monkey pox, all of which are linked to poor sanitary conditions and uncontrolled contact with animals.

Senator Emmanuel Paulkner (Bayelsa PDP) expressed worry at the spread of the virus. “No sooner an incident was recorded in Rivers State, which is closest to Bayelsa, incidents are being reported in Lagos.

This shows there is need for the agencies to work together,“ Paulkner said.

The British Deputy

High Commissioner to Nigeria,   Laure Beaufils, yesterday said the British government would support the federal government in its efforts to curb the spread of the recent outbreak of monkey pox disease in the country.

Beaufils disclosed this in Ilorin, the Kwara State capital during his visit to the office of the state chapter of International Federation of Women Lawyers.

According to him, “This outbreak is a very serious concern and the British Government is supporting the government of Nigeria in addressing health, education and basic services in general and to ensure that the health of the population here goes from strength to strength.�

He said: “We are monitoring the situation very closely with the World Health Organisation (WHO) and we will be reviving our support as and when we go. “We will be monitoring the situation closely and we provide through the Department for International Development about 400million pounds in aids to Nigeria every year in support of poverty reduction, health and education. “Our support is wide, broad and deep and of-course we cannot respond to every priority here and I hope the government itself, as well as the state governments will take responsibility and invest in health solutions to protect their people.�

On the 2019 general election

in the country, the British envoy said: “It  is possible to have woman president,� adding that, “Absolutely (it is possible for Nigeria to have a female president.) I see no reason why not.� He said: “I think girls ought to have that ambition. I think the moral model there are for young girls, the better. I hope to see many more women governors and ultimately a woman president. I think it will be a very good thing for the country. “A woman is just as able as a man. If it is going to happen in 2019, possibly not, because there are not got many women in very senior positions right now that are vying for the presidency, I do not think. But of course it should be possible.�

LAGOS RESIDENTS HAVE THEIR SAY‌

L-R: Lagos State Governor, Mr. Akinwunmi Ambode; Oba of Lagos, Alhaji Rilwan Akiolu I; and Chairman, Senate Committee on Land Transportion, Senator Gbenga Ashafa, during the state fourth quarter town hall meeting held in Ojota, Lagos‌ yesterday

Ajimobi Takes Tussle to Buhari, Says I Won’t Depose Olubadan Omololu Ogunmade Ă“Ă˜ ĂŒĂ&#x;ÔË The Governor of Oyo State, Abiola Ajimobi yesterday took the battle of wits between him and Olubadan to President Muhammadu Buhari, reiterating that he would not depose the monarch.

Both Ajimobi and Olubadan of Ibadan, Oba Saliu Adetunji have been locked in a battle for supremacy in the past one month following the former’s decision to elevate chiefs under the latter to royalty.

Since then, things have fallen apart while the centre can hardly hold in the state.

However, the intensity of the heat and protracted condemnation of Ajimobi’s action seemed to have compelled him to bring the matter to Buhari’s attention yesterday.

He claimed that the matter had been hijacked by politicians whom he said sought to exploit it for political gains but expressed optimism that reason would prevail in the end.

Speaking with State House

correspondents after the meeting, Ajimobi said the monarch was more or less a father to him and hence, woudn’t depose him. “I also mentioned the issue of security to the President.

Recall that Oyo State has been in the news because of the issue of Olubadan chieftaincy declaration. So, I came to make him know that the Olubadan is my father. He is a younger brother to my own father and we have had a very long relationship, which has been father-son relationship. “I assured him that come rain, come shine, I will never depose the Olubadan because he is a father and a son does not depose his father. Even though he has done so many things that could be used to remove him, I will never remove him. We have to continued to show respect. “I also made him to realise that that particular chieftaincy declaration is being politicised.

Politicians have hijacked it. Out of 11 council members, two of them are dead now and we

have only nine remaining. It is only one that is not supporting it; and that one that is not supporting it is a politician. He wants to run after I leave office. “So, I believe that the Olubadan declaration issue is being hijacked by politicians.

But let’s thank God that elders, stakeholders and well meaning Nigerians have intervened and I think reason will prevail. These are the things I have to let the president know,� he said.

Asked what was the president’s response to the matter, Ajimobi claimed that “the president was glad. He knows that I don’t tell lies.�

He also said he discussed with the president about infrastructure development in Oyo State particularly about the need to invest in a dam which he said had the potential to improve the wellbeing of Oyo people through private public partnership (PPP). “I also came to give him progress report of Oyo State where we are trying to position the state economically. I came to

talk to him about infrastructure that we require. For instance, we have the Ikere gorge dam in Oyo State, the fourth largest earth dam in the world, stretching almost 50 kilometers. “We felt it would provide benefits to us, like in the area of irrigation, water supply both industrial and household.

Similarly, that dam can provide us with opportunities for farming and energy generation.

It has a reservoir of 690 million cubic metres. “So, I felt that Ikere gorge dam should be handed over to Oyo State or we participate through PPP in resuscitating the dam such that Oyo State can benefit from all the deliverables from the dam. “Still on the dam: similar thing was done in Dakin Kowa dam in Gombe state. The dam was given back to that state. So Ikere dam can be given back to us as we are willing to make it work because it can serve Ogun, Lagos and Oyo State. I think we can make it work,� he added.

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Buhari: Our Resolve to Combat Corruption is Irreversible Ndubuisi Francis ËØÎ Udora Orizu ÓØ ÌßÔË President Muhammadu Buhari has assured Nigerians that the resolve of his administration to combat corruption, entrench transparency and accountability

was irreversible.

He said in battling corruption and enhancing transparency, it was public knowledge that government’s resolve has come to stay, adding that to strengthen the fight against corruption, the Whistle Blower Policy evolved

Buhari Approves Transaction Advisor for C’River Deep Seaport Ayade, cabinet laud president President Muhammadu Buhari has approved a transaction advisor for the Cross River State deep seaport project in fulfillment of his earlier promise to assist the state in its quest to establish a deep seaport which will bridge the distance and foster economic activities between the northern and southern states.

As the news broke yesterday, Governor Ben Ayade of Cross River State and members of the state Executive Council gave a standing ovation to President Buhari in appreciation of the approval of a transaction advisor for the Bakassi Deep Seaport project by the federal government.

The news of the approval of the transaction advisor for the multi-billion naira project was announced to the members of the state executive council at the council chambers by the governor moments after a presentation by Siemens, which is seeking to invest in the state.

It was greeted with a aloud standing ovation, which the governor said was the least the state could do in appreciation of a president that has a special love for the state.

“As the president receives a standing ovation in this executive chambers, I want to appreciate him for graciously keeping to his promise by appointing a transaction advisor for the people of Cross River for the uptake and starting of the Bakassi Deep

Seaport project.

“It is a classical demonstration of the president’s commitment to his words,” an excited Ayade said.

Recalling that the president had during the groundbreaking ceremony for the project promised to assist the state in actualising it, he said the approval of the transaction advisor in just two years is record-setting.

According to him, “The people and government of Cross River State are grateful to President Buhari for helping us to achieve this feat within record speed of two years.”

He explained that the appointment of the transaction advisor for the project means that work would soon commence on site.

Ayade used the occasion to also express gratitude to the Minister of Transport, Hon. Rotimi Amaechi, who according to him, stopped at no point in putting pressure on his entire team to get the transaction advisor approved.

On what the development means for the state, he said: “For us as a state, it puts an end to the dreaming phase, now we are in reality, thank God for President Buhari and the Ministry of Transport who made it possible.

“Preliminary reclamation works will commence soon while commencement of the actual work will also start this year.”

Our Father Died after Protracted Illness, Says Malu’s Family The family of the late former Chief of Army Staff, Lieutenant General Victor Malu (rtd), has formally announced his death, disclosing that he passed on in Egypt, where he was flown to as part of treatment for an undisclosed ailment.

According to a statement signed by his son, Lt.Col. Tarumun Malu, his father died after a “protracted illness.”

The spokesman of the family also expressed appreciation to President Muhammadu Buhari, former Vice President, Atiku Abubakar and former Senate President David Mark for the condolence messages issued on Monday.

The statement read in part: “Our father, General Malu lived a life of service to God and country.

“We will miss his fatherly love and affection, even as we believe

he will always be remembered as a man that selflessly served his country in and out of the military.

“We would like to sincerely appreciate the outpour of condolences coming from different parts of the country.

“We most especially thank the President and Commanderin-Chief, Muhammadu Buhari for his heartfelt message to the family.

“We are thankful to former Vice President Atiku Abubakar and the former Senate President, Senator David Mark, for their words of condolence.

“We also are grateful to members of NDA Regular Course 3, the All Progressives Congress (APC) and all other associates, friends of the family and well-wishers who have shared in our grief at this difficult time.”

with the sponsoring of a Whistle Blower Protection Bill 2016 to the National Assembly in order to encourage and protect Nigerians for supporting the fight.

Buhari, who spoke in Abuja yesterday at the annual conference of the Association of National Accountants of Nigeria (ANAN), said it was interesting to note that part of the stolen funds recovered was being used by the government to finance the 2017 Budget.

Represented at the occasion by the Accountant-General of the Federation, Mr. Ahmed Idris, Buhari commended the association on their 22nd annual conference, expressing delight at this year’s theme: ‘sustainable economic management in a recession.’

He recalled that over the past decades, Nigeria had witnessed periods of boom and prosperity, regretting that these were not harnessed for collective economic

development.

He said: “You will recall when Nigeria was producing an average of 2.1 million barrels of crude oil per day selling at an average of $100 per barrel which today is not the case.

By 2016, Nigeria was in real recession for the first time in about three decades.

“We firmly believe that if our numerous resources were appropriately managed, corruption duly checked, patriotism deeply imbibed in everything we do, the spirit of rule of law was observed and the citizen’s political freedom was ensured, Nigeria could not have been in recession.

“You are all witnesses to our government’s promises majoring on diversifying the economic base of Nigeria, confronting the security challenges and dealing decisively with corruption in all aspects of government businesses.

“In all these spheres of concerns, the roles of the accountants cannot be overemphasised. Permit me at this juncture to remind you that as accountants you can be described as the first set of gatekeepers to ensure that all transactions are conducted prudently. This I believe is a challenge to you as accountants.

“In diversifying the economy, my administration has practically done much in delivering on its core focus of diversifying the economy. Part of our government’s efforts to fulfill this promise is exemplified in the launching of the Agricultural Anchor Borrowers’ Programme in November 2015, barely five months after we assumed office,” he said.

Buahri noted that this has been carefully designed and prudently implemented since inception, adding that so far, over 200,000 small holder farmers,

cultivating some 233,000 hectares of farmland, and 29 states had benefited from the programme.

He also applauded the professionalism and heroic acts of the armed forces “from whom we have seen physical bravery by crushing the Boko Haram, turning them into mere pockets of cowards attacking only soft and vulnerable targets.”

Buhari added: “Today, there exists Naval Force presence in the Lake Chad Basin. We commend the wonderful support from our neighbouring countries in our war against terrorism. “ The President and Chairman of council (ANAN), Alhaji Shehu Usman Ladan, while addressing the participants, said this year’s conference would examine the decline in the Nigerian economy brought about by the crash in international oil prices, with its attendant negative impact on the economy and the citizenry.

HOW TO GROW THE ECONOMY

L- R: Minister of Budget and National Planning, Senator Udo Udoma; Chairman, Nigerian Economic Summit Group (NESG), Buka Kyari; Vice President Yemi Osinbajo; Chairman, Sterling Bank and Vice President, NEGG, Mr. Asue Ighodalo, during the 23rd Nigerian Economic Summit sponsored by Sterling Bank in Abuja ...yesterday

House C’ttee Probes Duke Oil over Alleged N6tn Revenue Loss Asks NNPC, DPR, CBN to show evidence of remittances James Emejo ÓØ ÌßÔË The House of Representatives Ad hoc Committee Investigating Revenue Leakages in the Department of Petroleum Resources (DPR) and its subsidiaries, the Nigerian National Petroleum Corporation (NNPC), has beamed its searchlight on Duke Oil over alleged non remittance of over N6 trillion revenue.

The Chairman of the committee, Hon. Jarigbe Agom Jarigbe (PDP, Cross River), said the probe would span January 2016 to 2017 and predicated on the apparent inability of DPR to enforce compliance of remittances into the Consolidated Revenue Fund (CRF).

The committee also resolved to among other things, ascertain the actual quantity of crude oil lifted by Duke Oil, the volume of special products such as fuel oil (LPFO), naphtha, condensates, liquid natural gas, pentane plus, liquefied petroleum gas (LPG)

for which they were supposed to have paid royalties.

Duke Oil, being a subsidiary of the NNPC, the committee will also look at the composition of the firm’s board to ascertain who the directors are, why it is registered in Panama while it head office is in the United Kingdom; but does business in Nigeria; non payment of taxes to the federal government and why it had not published its audited accounts since inception.

Jarigbe said DPR appeared helpless in ensuring that revenues are remitted to the government coffers.

He said: ”The speaker asked pertinent questions regarding the payment of funds into the Consolidated RevenueAccounts, and while they assured him that some of the funds had been remitted, a large portion of it is still out there.

“The Speaker also demanded the status of outstanding remittances as alleged by petitions that led to the impending

investigation, and they said documents to that effect would be made available at the shortest possible time.

“We know royalties are supposed to be paid to DPR but from the information we have, some of these companies are not paying the required royalties and in this period of recession, we cannot allow some few cabals fleet away resources that are supposed to accrue to the consolidated revenue account of the federation.”

A member of the panel, Hon. Olayiwola Kazeem (APC, Ogun), reminded the panel that issues of revenue leakages have continued to plague the oil sector, adding that “even now, the issue of Oil Mining Lease (OML) has risen where these wells are not relinquished as at when due into the pocket for further re-allocation.”

Also, Hon. James Abiodun Faleke (APC, Lagos), a member of the panel, said: “If Duke Oil is responsible for lifting our crude

oil, we need to know the volume it has lifted, the meter used in calculating the volume, is it a special meter?

“Without these, we cannot ascertain the volume of oil they lifted and they have to avail us this information to enable us establish the true position of things.”

Nonetheless, Jarigbe vowed that the panel would leave no stone unturned as it scrutinises the stock profile of the Port Harcourt and Warri Refineries with regards to the volume of products they come out with per day.

According to him: “While other companies take 32,000 barrels of crude per day, Duke Oil alone takes 90,000 barrels per day and uses other oil firms as third-party traders who pay into offshore accounts belonging to Duke Oil, whereas there are no evidence of them remitting the said funds back to government coffers. It is this leakage and the whereabouts of these missing funds that we want to unravel.”

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Northern PDP Leaders Slam Fayose, Insist on Sanctity of Zoning Makarfi: Micro-zoning not binding Onyebuchi Ezigbo ÓØ ÌßÔË Top leaders of the Peoples Democratic Party (PDP) in the northern part of the country yesterday declared that there is no going back on the approved zoning arrangement for 2019 election which cedes the presidency to the North and party chairman to South.

The northern stakeholders frowned at the action of the Ekiti State Governor, Ayo Fayose, who recently declared interest in the presidential race under the platform of the party, in disregard of the zoning formula of the party.

The party leaders who rose from a meeting in Abuja, warned him and others who might want to toe his line to desist from playing spoilers game, adding that the zoning of the presidential ticket to the North by the 2015 national

convention is sacrosanct.

The outrage by the northern PDP stakeholders came just as the Chairman of the National Caretaker Committee, Senator Ahmed Makarfi, clarified the position of the party on the issue of micro-zoning of other national executive offices, saying it is not binding on members.

While some of the leaders advocated sanctions against the governor for disobeying the party’s zoning arrangement, others argued that in as much as zoning of the two key offices has been endorsed, those who wish to try their luck would be allowed to do so.

Governor Fayose, who hails from Ekiti State in the Southwest, had jolted the party leadership when he formally declared his presidential ambition in Abuja a fortnight ago.

But speaking at the meeting, Makarfi maintained that the

zoning arrangement as approved by the national convention still stands.

He maintained that while the North will produce the president, the southern zone is to produce the chairman of the party.

Makarfi stated that while micro zoning is not binding on the party, he stressed the need for constructive engagement over the choice of who emerges.

He explained that the Supreme Court in its judgment last July affirmed the supremacy of the party’s national convention and

decision taken therein.

“For the avoidance of doubt, we asked the National Publicity Secretary to issue a statement affirming that the zoning approved by the Port Harcourt convention remains valid and binding.

“I want to also expatiate that the Supreme Court affirmed the supremacy of the the convention.

The Supreme Court, in affirming the authenticity of the caretaker committee, has also affirmed the decisions of the convention.

“One of the decision taken at the convention is the setting up of

the National Caretaker Committee and the zoning of the presidency and party chairmanship,” Makarfi recalled.

He however, called for caution so that the intentions of the Supreme Court might not be misinterpreted.

He noted that while zoning arrangement between the North and the South is recognised by the party, micro-zoning is not binding on anybody, adding that the PDP would not deny anybody the right to seek any political office to void litigations.

“If a position is zoned to the North and you are from the North and you come to buy form, we will sell to you,” he said, adding: “People will not get tired of taking the PDP to court.

“That is why I am saying that consultation and consensus remain the best option.

Former Minister of Information, Prof. Jerry Gana, who was one of the conveners of the meeting, dismissed Fayose’s presidential ambition as he said that PDP had already zoned the presidency to the north.

Special Courts in Kainji Commence Trial with Arraignment of over 300 Boko Haram Suspects

Alex Enumah ÓØ ÌßÔË

The federal government initiative to quickly dispense Boko Haram cases officially began yesterday with the arraignment of over 300 out of over 1,600 suspects held at the military facility in Kainji, Niger State.

The suspects were arraigned in connection with various attacks in different locations in the country.

The special sitting in Kainji is part of ongoing efforts by the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami, to ensure expeditious disposition of Boko Haram cases as well as prison decongestion in the country.

According to a statement from Salihu Isah, Special Adviser on Media to the AGF, Malami, most of the cases heard on the opening of trial were exparte motions in the four special dedicated courts located within the premises of the military facility by the acting Chief Judge of the Federal High Court, Justice Abdu Kafarati, recently.

The statement said Justice Binta Nyako, the trial judge assigned to court 1, opened the process by hearing the first case to kick-start the federal government initiative to dispense the terrorism cases expeditiously.

“The case with Motion No FHC/KAINJI/CF/1/2017, an exparte motion involving the Federal Republic of Nigeria versus Emmanuel Yakubu, Kamslim Abdullahi, Kefas Yusuf, Mohammed Garba and Ham Jangal and 95 others opened at 1.35p.m.

“Lead prosecuting counsel in the case, Mrs. Nkiruka Jones Nebo, who is also an Assistant Director in the Department of Public Prosecution of the Federal Ministry of Justice, applied for the amendment of the title of the court to read at the Wawa Cantonment, Kainji, Niger State.

“Nebo who led Mr. Y.A. Cole, a senior state counsel in

the Federal Ministry of , said: “The motion exparte was brought pursuant to Section 35 (1) (c) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), Section 299 0f ACJA 2015, Section 27 of the Terrorism Prevention (Amendment Act) 2015 and under the inherent jurisdiction of this court.

“Such further order as this court may deem fit to make in the circumstance,” said the trial judge who directed that the accused be kept for 90 days in custody and ordered that if no case is preferred against them, they should show cause why they should not be released,” the statement read in part.

Isah also disclosed that sitting in court 4 began at 13:38, with the court granting the prayers of Mr. Labaran Magaji, a principal state counsel in the Office of the Director of Public Prosecution in the Federal Ministry of Justice.

He had through his application made on behalf of the Attorney General of the Federation requested for the transfer of one Adamu Abbdullahi (aka Danjuma) from the Kainji facility to Bauchi Prison to continue facing his trial.

According to the statement, the suspect whose case was said to be awaiting judgment at the Bauchi judicial division, was one of the terrorism suspects transferred to the prison facility in Wawa Cantonment, Kainji, in circumstances said to be for safe keep arising from rumours of planned jailbreak in prison facilities in North-east zone of the country.

“So, the prosecuting counsel, Labaran argued that the suspect don’t need to repeat the rigours of another round of trial but to be simply relocated to Bauchi judicial division where he was earlier charged to get judgment, a request the defence counsel did not object to in the interest of justice.

WHAT’S YOUR VIEW ON RESTRUCTURING?

R-L: Speaker, House of Representatives, Hon. Yakubu Dogara, welcoming the Chairman, All Progressives Congress (APC) Committee on True Federalism and Kaduna State Governor,Mallam Nasir El-Rufai,during the committee’s visit to the Speaker at the National Assembly in Abuja...yesterday

El-Rufai: N’Assembly Ultimate Stakeholder in Pursuit of True Federalism President lacks powers to restructure Nigeria, says Dogara James Emejo ÓØ ÌßÔË Governor of Kaduna State and Chairman, All Progressives Congress (APC) Committee on True Federalism, Mallam Nasir el-Rufai, yesterday described the National Assembly as the ultimate stakeholder in the pursuit of true federalism otherwise known as restructuring.

The governor, who led members of the APC committee on a courtesy call on the Speaker of the House of Representatives, Hon. Yakubu Dogara, said the work of the committee was merely to collect and collate the views of Nigerians particularly young people and other vulnerable groups and present them to the party which will then find a way to engage with parliament.

He said: “Ultimately, whatever discussion we have about federalism will have no value unless the National Assembly enacts whatever the people of Nigeria say they want. We felt that as ultimately the most important stakeholder in this project, we must come here and brief you because we started work while

you were on recess.”

El-Rufai’s recognition of the powers of the National Assembly in resolving the current agitations for restructuring across the country appeared to have silenced some critics who held argued that consultations with various stakeholders was unnecessary since the president could single-handedly restructure the country.

The governor said: “We are here as APC committee on true federalism to pay you a courtesy call to give you a brief background on the assignment the party has entrusted on us; where we are so far and the important role of the National Assembly in this process.

“APC in its manifesto made very firm commitment towards devolution of powers and true federalism which is variously referred to restructuring and so on.

“However, because of other challenges, the administration has to deal with since assumption of office, the expeditious implementation of some of these commitments has not occurred.

“I am proud here to say that

the National Assembly led by the APC went ahead to begin this process of constitutional amendment to make the federation better balanced. There’s some imbalance in our federation and this is why we’ve actually committed to do something about it.

“However, it’s better late than never.”

He noted that the party had approved the committee’s recommendations to expand the membership of the committee to move it from a technical committee to a broad-based political committee in order to include everyone.

The Kaduna State governor said one of the decisions of the committee was to invite the two houses of the National Assembly to nominate members to join the discussion to serve as a bridge “so that whatever we come up with will not be a surprise to you.”

Nevertheless, Dogara, in his response clarified that arguments that President Muhammadu Buhari has powers to restructure the country by the stoke of the pen was grossly misplaced.

He said: “When the president talked about the National Assembly

being the proper forum for this discussions, so many people objected to that and some are even suggesting, including senior advocates that the president could just sit down and restructure the country.

“I don’t know whether by any stroke of imagination or magic, the green pen can actually restructure Nigeria. Unfortunately, most of the issues that are being raised are there in the foundational documents of this country which is the constitution.

“And even going by the elementary description and functions of the departments of agencies of government, the executive cannot make laws, and cannot tinker with the provisions of the constitution- it’s the National Assembly that must do that.

“I guess if the president even has powers, his powers will just amount to recommendations in form of an executive bill, if there’s any such thing that’ll be sent to the National Assembly or constitutional alterations in order to address fundamental basis for some of these agitations.

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Ambode: We’ll Soon Restore Apapa’s Glory Pledges to complete Oshodi-Airport road by Nov 2018 Says clamour for restructuring not out of place Gboyega Akinsanmi In response to intractable traffic congestion crippling the Apapa Central Business District, Lagos State Governor, Mr. Akinwunmi Ambode yesterday promised that his administration would soon restore the pristine glory of Apapa as a hub of economic prosperity.

Ambode also assured that the 10-lane Oshodi-Airport road, which his administration started reconstructing about three months ago, would be completed by November 2018 in line with the plan.

He gave the assurance at the nineth quarterly townhall meeting he addressed yesterday at Kosofe Local Government Area, Ogudu, where he expressed concern about the devastating effect of intractable gridlock in Apapa.

The meeting was attended

by Senator Gbenga Ashafa, former Deputy Governor, Prince Abiodun Ogunleye, former Speakers of the House of Assembly, Hon. Adeyemi Ikuforiji, Hon. Jokotola Pelumi, Oba of Lagos, Oba Rilwan Akiolu I and members of the State Executive Council.

At the meeting, the governor acknowledged that the traffic situation in the Apapa area in recent times “has been of major concern to our administration” citing its devastative impact on the national economy.

He noted that the state government had put measures in place to address it, disclosing that about 43 major link roads affected by rain would be rehabilitated before the end of the year.

He added that the state government “will therefore not relent in our efforts to reclaim Apapa as a liveable part of Lagos and return it to its pristine glory as a hub of economic prosperity.”

Ambode, also, gave more insight into the reconstruction of the Murtala Muhammed International Airport road into a 10-lane highway of world class standard, noting that it “is our plan to complete the project within the next 15months – November 2018.”

He said the state government would always stand with the National Leader of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu on the need to restructure and

entrench true federalism.

The governor added that the clamour across the country for restructuring was not out of place as the current political structure was seriously hindering Nigeria’s development.

He said: “I support true federalism. I support all the issues our leader raised. We are on the same page. That is the page of APC. That is where we are and that is what we are committed to. Like I have always said, we need to deal with issues that relate to

devolution of powers.

“Like somebody said, if I have more resources, all these items that you are coming to raise here. Once you raise it, I will just say done. I need more money. So, why should somebody be saying they are the ones in charge of inland waterways when the waterways are transporting my own people and my own services and when there is a law about it.”

Ambode decried attempts from the central government to regulate hotels and entertainment

centres in the state despite the existence of Hotel Occupancy and Restaurant Consumption Law enacted by the Lagos State House of Assembly.

He said: “We enact a law and somebody says he wants to do another law that regulates hotels inside Lagos. Is it not because of the roads that they put hotel there? That is what devolution of power is saying.

“If these things are on residual list, let local government and states deal with them. That is all that we

are asking for. It is not that we will generate Value Added Tax (VAT) here and somebody will be sharing 50 per cent of the VAT somewhere else,” the governor explained.

Ambode also tasked chairmen of the 20 local government and 37 local council development areas to look into the welfare of persons living with disabilities and the elderly, noting that the all inclusive mantra of his administration should be felt in every part of the state.

Nigeria’s Oranto Petroleum Signs Two PSC Agreements with Uganda TOWARDS BETTER HEALTHCARE Ejiofor Alike áÓÞÒ ËÑÏØÍã its border with the Democratic Chairman, Northern States Governors’ Forum, Governor Kashim Shettima (second right) in a handshake with the Vice Chairman/ ÜÏÚÙÜÞÝ Nigeria’s Oranto Petroleum has signed two production sharing agreements with Uganda to explore for oil and gas around Lake Albert.

Oranto Petroleum International was among a number of companies that bid in the country’s first competitive oil exploration licensing round last year, with two other Nigerian firms and Australia’s Armour Energy.

“We are excited to enter this agreement ... Lake Albert is home to some prime petroleum acreage,” Reuters quoted Chairman of Oranto Petroleum, Prince Arthur Eze, as saying in a statement.

The deal covers the Ngassa Shallow Play and Ngassa Deep Play exploration blocks located near the southern part of Lake Albert, Uganda’s ministry of energy and mineral development said.

Uganda discovered oil in 2006 in the Albertine rift basin along

Republic of Congo. Recoverable crude reserves are estimated between 1.4 and 1.7 billion barrels and first production is due in 2020.

Uganda’s Ministry of Energy and Mineral Development had earlier confirmed that the deal with Oranto covers the Ngassa Shallow Play and Ngassa Deep Play exploration blocks located near the southern part of Lake Albert.

The first batch of licences that Uganda awarded in the early 2000s was given on a first-come, first-served basis.

But after the discovery of commercially recoverable reserves the country enacted new laws to manage the sector and under those laws exploration licences must be granted on a competitive basis.

In Nigeria, Oranto Petroleum operates Oil Prospecting Leases (OPLs) 293 and 320, a deepwater block in the Niger Delta with major upside potential, as well as OML 109.

Ex-Imo Deputy Governor Loses Wife The wife of the former Deputy Governor of Imo State, Lady Ihuoma Agbaso, is dead. She died on October 7, after a brief illness. According to an invitation issued to THISDAY by a member of the family, Ochoudo Agbaso, the funeral service would take place on October 28 at Our Lady of Mount Carmel, Emekuku, Owerri, Imo State, by 11a.m.

It also noted that internment

would take place at the Agbaso family compound, Ezedibia Emekuku, Owerri. Agbaso in the statement added: “If individual wants to send a condolence letter to the family, the individual should do so on or before October 16. Please all condolences should be sent as a word document and soft copies emailed to: agbasofamily@ yahoo.com.”

President,General Electric’s Global Growth Organisation, John Rice, after the signing of an MoU between the GE and northern governors for upgrading of healthcare infrastructures in their states in Abuja....Monday

450MW Azura Power Plant to Come on Stream Eight Months Ahead of Schedule NERC approves 40-day connection timeline for customers by Discos Chineme Okafor iØ ÌßÔË Barring any unforeseen developments, the 450 megawatts (MW) Azura-Edo independent power plant currently being built by Azura Power Holdings and its coshareholders would come on stream and begin to generate that amount of electricity into Nigeria’s national grid by the first week of May 2018, its Managing Director, Dr. David Ladipo, has disclosed.

Ladipo stated during a tour of the project site by a team of project monitoring officials from the Nigerian Bulk Electricity Trading Plc (NBET) on yesterday in Benin, that the planned commissioning of the plant’s operations and generation of its electricity into the grid would be achieved almost eight months ahead of the construction timeline it reached with the NBET in its Power Purchase Agreement (PPA).

He said already, relevant works required to get the plant ready for the May 2018 commissioning have continued to advance and that its first fires would be achieved in December 2017.

According to him, the eight months cutback in project completion timeline was made possible because it competitively procured the best contractors for the job, in addition to instituting a transparent management of work schedules on the project which he noted its contractors started work on in January 2016.

“We expect to come on stream in May 2018, and that is nearly eight months ahead of the completion timeline we agreed with the NBET. We will achieve our first fire in December, and then by May, we would be on the grid,” said Ladipo.

He further stated: “Typically, around the world and not just in Nigeria, projects delivery come in late, and it is human nature because we are always more optimistic than being realistic, and it is the same for contractors.

He explained that access to a secure and reliable source of gas for the plant was already guaranteed by Seplat from the country’s main gas trunkline - the Escravos Lagos Pipeline System (ELPS), in addition to a transmission evacuation loop

that connects to the country’s transmission highway at the existing Benin main substation and the new Benin North substation.

Similarly, Ladipo, noted that at peak periods, the number of workers on the site shoot up to 1400, to ensure that the delivery time was kept.

Equally, to keep tab on the project, the NBET stated that it engaged the department of engineering of the University of Benin as consultant, to work with its joint project monitoring team. It said the engagement of the university has also helped its engineering students gain immense insights into the practical aspects of power plants construction.

Azura’s PPA with the NBET is backed by the federal government, and World Bank Group which provides a Partial Risk Guarantee (PRG) programme and political risk insurance placed by the Multilateral Investment Guarantee Agency (MIGA) of the bank, both of which ensures the project’s bankability.

Meanwhile, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, has disclosed that the 11 electricity

distribution companies (Discos) in the country would now have a timeline of just 40 days to connect new customers willing to get connected to their networks.

Fashola, stated in a communique from the October edition of the monthly power sector operators’ meeting in Owerri, that the Nigerian Electricity Regulatory Commission (NERC) has passed a regulation that has reduced the time for connection of new customers from 145 days to 40 days.

He noted that the new regulation was part of the government’s regulation on the ease of doing business in Nigeria, and that Discos must comply with it.

The minister also explained in the communique that the ministry was compiling the estimate of investment required by the Discos to absorb an additional 2000MW of electricity that could be generated by the generation companies into their 33Kv networks, to ensure that more power gets to their customers.

The government,headded,would also review the possible financing solutions for this investment with the Discos.

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Aviation Workers Give FG 15-day Ultimatum to Halt Planned Concession Allege Bi-Courtney owes FAAN N2bn

Chinedu Eze Aviation workers under the aegis of the Air Transport Services Senior Staff Association of Nigeria (ATSSSAN); the National Union of Air Transport

Employees (NUATE) and the Nigeria Union of Pensioners (NUP) have given the federal government 15 days to jettison the planned concession of the Murtala Muhammed International Airport (MMIA),

Biafra: Kanu’s Fundamental Rights Suit Suffers Setback Alex Enumah ÓØ ÌßÔË Hearing in the civil action on alleged fundamental rights violation brought against the federal government at the Economic Community of West African States (ECOWAS) Court of Justice by the leader of the proscribed Indigenous People of Biafra (IPOB), Nnamdi Kanu, was yesterday stalled due to the absence of the government lawyer in court.

The lead counsel to the Nigerian government, Mr. Dayo Apata, was reportedly having a meeting with the Vice President, Professor Yemi Osinbajo and subsequently unable to make it to the court session.

The applicant, Kanu had approached the court through his lawyer, Mr. Ifeanyi Ejiofor, with a motion against the Nigerian government on alleged violation of his rights and demanded an order of the ECOWAS Court for compensation of the sum of $800million as damages for the alleged violation.

The matter had been adjourned for hearing of the substantive suit and inclusion of fresh motions by Ejiofor for yesterday, but was further adjourned following the inability of the government counsel to attend the hearing.

A counsel representing the Attorney General of the Federation (AGF) at the court, Abdullahi Abubakar asked for stand-down of the case which the court granted to enable government lawyer to be present in court.

Abubakar’s request was predicated on the grounds that the Nigerian government lawyer was at the Supreme Court for a different matter and asked

for a short postponement of the hearing.

Following Abubakar’s application, the case was stood down for two hours.

However, when the court resumed session on the matter, Abubakar again approached the court with another request for an adjournment on the ground that the government lawyer, Dayo Apata, who is also the SolicitorGeneral of the Federation, was having a meeting with the vice president.

Abubakar further told the court that his team had not gotten some of the documents from a previous ruling in the ECOWAS Court.

Responding however, Ejiofor accused the Nigerian government of ‘deliberately delaying the matter’.

Ejiofor asked the court to compel the respondent to pay a cost of N2million for what he described as deliberate frustration of the matter.

Reacting to the submission of Ejiofor, Abubakar said the previous adjournment on the matter was not at the instance of the government but based on a request from the court.

The three-member panel led

by Justice Hemeye Mahdmadane consented to the submissions of Abubakar regarding the facts resulting in the last adjournment.

The court also adjourned the matter till November 21, for hearing of all the applications and determination of Ejiofor’s motion for award of cost against the respondents.

Reacting to questions from journalists as to the reason for his client’s absence in court, Ejiofor reiterated his earlier stance that ‘only the Nigerian army can speak on Kanu’s current location.

FG Appoints Sumaila Sole Administrator Ajaokuta Steel Complex Kasim Sumaina ÓØ ÌßÔË The federal government yesterday announced the appointment of Mr. AbdulAkaba Sumaila as the Acting Sole Administrator of the Ajaokuta Steel Complex Minister of Mines and Steel Development, Dr. Kayode Fayemi, on behalf of the government, made the announcement in Abuja.

Sumaila replaces Mr. Joseph Isah, who retired from the civil service last month, having attained the mandatory 35 years in service.

A trained engineer and project manager, Sumaila is a fellow of the Nigerian Society of Engineers. He was until his appointment, a Senior Advisor, Government Relations with Shell Petroleum Development Company.

He holds a Bachelor of Engineering, Mechanical Engineering, from the University of Ilorin, Ilorin, Nigeria and a Masters in Business Administration (MBA) from Business School Netherlands (BSN).

The appointment takes immediate effect.

Lagos and three other major airports in the country as well as also disband the Transactional Advisors meant to concession the airports.

The workers threatened to paralyse the aviation industry indefinitely if the federal government continues with the planned concession, which they insisted was insincere and self-serving.

Speaking in a press conference in Lagos yesterday, the General Secretary of NUATE, Olayinka Abioye, alleged that the federal government, through planned concession, wants to sell the nation’s airports to already designated companies without open bidding or transparent process.

The workers said there is alternative and more workable solution to the management of the airports, adding that the planned concession under the Public, Private Partnership (PPP) cannot work under the

“insincere” disposition of successive governments that have not shown commitment and sincerity in the management of airport facilities.

The workers said a more workable alternative should be the commercialisation of FAAN, noting that the agency has not been able to meet the expectations of Nigerians because of government’s interference and erosion of its activities through policy sommersault.

“Nigerian aviation workers have critically analysed the PPP concept as a veritable vehicle to drive the process of engendering revenue growth, quality service delivery and maintenance of facilities, infrastructures and returns on investment and accepted its workability, if driven with good intentions and in a transparent manner.

“Unfortunately for us and given the penchant with which our political class makes

pronouncements without deep thoughts, we became deeply worried and hugely concerned about the haste, hush-hush and secret disposition of the minister in actualising this contraption without following due diligence as practiced worldwide while we also observed with grave concern, the deceit and coercion that goes with the current process of concessions, that is lacking in transparency which is hugely required at this moment,” Abioye said.

He said although many believed that the concession of the domestic terminal of the Lagos airport known as MMA2 to Bi-Courtney Aviation Services Limited (BASL) under the Build Operate and Transfer (BOT) arrangement was a good example of a successful concession but alleged that the company owed the Federal Airports Authority of Nigeria (FAAN) N2 billion as follows: Management

fee-N331, 088,683.68; fire and safety-N131, 219,451.83; marshaling service-N2, 168,058.21; electricity-N438, 955,342.20; rent and SRC conference-N87, 864,556.06 and hotel-N116, 845,500.00.

The workers insisted that concession is not the solution to the problem of airport facilities management but the commercialisation of FAAN. “Why not allow the airports to run as commercially oriented profitable concerns with accountability to shareholders, who may be government agencies or private investors, as we had canvassed for the full commercialisation of the FAAN long ago albeit without the usual political, ministerial, presidential official meddlesomeness and interference, which has been the bane of lackluster performance and failure of the aviation system in Nigeria?”

The workers asked.

CSR IN ACTION

L-R: Chief Executive Officer, Seplat, Austin Avuru; Student, Lumen Christi, Uromi, Cletus Ifedhor; Seplat CSR Manager, Esther; Kingsley Okafor; and Clinton Opara; Commissioner for Basic Education, Delta State, Chiedu Ebie, during Pearls 2017 quiz competition in Asaba ...recently

WAEC Raises the Alarm over Examination Malpractices Funmi Ogundare The West Africa Examinations Council (WAEC) yesterday lamented the high rate of malpractices in its public examination, saying misguided candidates and their collaborators, including school authorities, teachers and parents, have continued to devise ingenious and sophisticated methods of cheating.

The Council’s Registrar, Dr. Iyi Uwadiae, who briefed journalists in Lagos on its plans to hold a summit on examination malpractice with theme: ‘Examination Malpractice: The Contemporary Realities and Antidotes’, said the reported cases of fraud for those whose results were withheld grew from 58, 494 in the May/June1993 WASSCE in Nigeria to 214,952 in 2017.

According to him, “Examination malpractice is a form of corruption; there are people who patronise the people

who perpetrate this evil and that is why they have continued to be in the market. The council, in the five member countries, has introduced several measures, adopted various strategies and deployed technologies at great costs in the fight against the ever festering menace.”

Research studies, he noted, had shown that one of the ways of curbing the worrisome trends in examination irregularities is by mounting public enlightenment campaigns to draw attention of the stakeholders in education and the public to the negative effects of examination malpractice on national development.

Uwadiae stressed the need for more enlightenment campaigns especially in churches and mosques to constantly remind children and adults of the negative effect of going into such act.

“People wants to reap where they did not sow. For us, the cost of conducting an examination has become so high; money

that would have been used to take care of staff is going into conducting an examination.

Our fight against the menace is yielding fruits but the more we fight, the more people perpetrate the criminal act,” the registrar said He expressed concern that students are no longer learning, and people carry around certificates that they cannot defend, adding: “We are hoping that there will be less emphasis on certificates but the skill you are able to display.”

Uwadiae, however, expressed hope that those who are in charge of executing the law would do it well so that anybody caught carrying out the act would be brought to book.

“Examination malpractice is a global thing today and all the five-member countries are going through the same thing. The lives of WAEC staff are being threatened, and for private candidates, some go into the examination hall with guns

while the school candidates drug the food or drinks they give to supervisors. It is criminal,” Eguridu stressed.

Also, Emeritus Professor Pius Obayan is expected to give the keynote address at the two-day summit which will hold on October 19 and 20 at the Academy Inn and Multipurpose Halls, Agidingbi, Ikeja.

Other speakers are Professor Jonathan Fletcher from Ghana who will speak on ‘Examination Malpractice: A Threat to National Development’; Professor Jonas Redwood Sawyerr from Sierra Leone to speak on ‘Technology and Examination Malpractice’; a representative of ICPC Nigeria, Mr. Shintemap Binga, to speak on Statutory Provisions against Examination Malpractice, as well as Professor Pierre Gomez from The Gambia speaking on ‘International Collaborations in Curbing Examination Malpractice’

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ECOWAS Court Orders FG to Pay $75,000 to Family of Dead Military Cadet The ECOWAS Court of Justice has ordered the Nigerian government to pay $75,000 to the family of a deceased cadet of the Nigerian Army, Elshadai Kwasu, for alleged violation of the deceased right to life.

The deceased, a 19-yearold military cadet, died during the conduct of a waterman-ship training in April 2015.

Following his death, the late cadet’s father, Danladi Kwasu, who instituted the case for his deceased son approached the court to demand the invocation of relevant sections of the African Charter on Human and Peoples Rights on the grounds of alleged violation of his child’s right to life.

The defendants in the case are the Nigerian government and the Nigeria Defence Academy (NDA).

Falana and Falana Chambers represented the plaintiff in the suit.

But the Nigerian government through its

lawyers argued that the family of the deceased had signed a prior agreement consenting to possible negative effects of the exercise, wherein they (Kwasu’s family) agreed to understand any hazards that the programme could result in.

Delivering its ruling on the matter, a three-member panel led by Nwoke Chijioke said the cited agreement entered into by parties, secretly, does not negate the requirement for carefulness on the part of government.

Chijioke said the facts before the court clearly indicated that the death of the deceased was linked to acts of negligence on the part of the defendants.

“There is a colossal link between the death of the deceased and the negligence on the part of the defendant. The defendant merely made a general denial of the act and depended on the consent of the applicant given to the NDA,” said Chijioke.

The judge described as ‘sad’ the fact that the Nigerian government as well as the NDA officials failed to perform any act of reparation to the family regarding the death of their son.

The court decided that a case of violation of the deceased right to life was duly established, given the court documents which has shown that the late cadet was forced to swim, despite the defendant’s knowledge that he lacked the ability to do so.

Chijioke also said the failure of the defendant to investigate the arbitrary deprivation of the deceased right to life is a violation of article four of the ACHPR. He, therefore, agreed with the application for payment of $75,000 as damages for the life of the deceased which was demanded by Mr. Kwasu’s father and ordered an immediate investigation into the matter, with a view to prosecuting the officials involved in the violation.

NERDC Reintroduces History in Schools from 2018/2019 Academic Session The Nigeria Education Research and Development Council (NERDC) is set to reintroduce History as a subject, beginning from the 2018/2019 academic session.

The NERDC Executive Secretary, Ismail Junaidu, told the News Agency of Nigeria (NAN) in Abuja yesterday that the curriculum is ready.

He said the subject would now be a stand alone curriculum and would be taught from primary one to JSS III. The National Council on Education had approved the reintroduction of the subject in July.

The executive secretary said the NERDC had forwarded a sample of the new curriculum for History to the states to give them ample time to plan ahead of its implementation.

“All states are expected to be sensitised and teachers trained on how to use the curriculum before the implementation can begin.

“We need to give the states ample time to put their house in order before we start implementing the curriculum,” he said.

According to him, History is already in the senior secondary school curriculum.

He said the implementation

would only start after the curriculum had been distributed to states.

“We have begun work on the curriculum because the NCE has given the directive, it will soon get to schools.

“The implementation will commence in the next academic session,’’ he noted.

Junaidu added that the NCE had approved that all efforts should be made to ensure the commencement of History in schools and it will be accomplished.

“By the next academic session (2018/2019), everything will be in place,’ the executive secretary said.

Glo-sponsored Onitsha Ofala Festival Begins The 2017 edition of Ofala Festival, sponsored by telecommunications services provider, Globacom, kicked off yesterday with the Oraeze International Arts Exhibition at the Ime Obi, Onitsha, Anambra State.

According to a statement issued by the company in Lagos, this year’s celebration of the festival would run from October 10 through 16.

The schedule of activities shows that a youth carnival will take place on October 12, while the main Ofala will be celebrated in the morning of October 13 and a cocktail party, Eze Onicha, held in the evening of the same day.

Azu Ofala, according to the plans, will take place on October 14, while the

Ofala Music Concert, during which the most beautiful girl in Onitsha will be crowned Miss Ofala 2017, will be held on Sunday, October 15, at CJ Patterson International Auditorium, Onitsha.

The activities will be rounded off with a Royal Banquet in honour of the Agbogidi, Obi of Onitsha, Igwe Alfred Nnaemeka Achebe. The banquet will be held at the Dolly Hills Hotel, Onitsha, on Monday, October 16.

The telecommunications company expressed satisfaction that “the festival is growing bigger and bigger every year since we officially took over its sponsorship in 2011. We commend the Agbogidi for all the innovations he has

over the years introduced to the festival to make it more exciting and a tourist attraction”. We are delighted to be part of this noble festival for another three years”.

Globacom urged all lovers of tradition and culture to troop in to the Ime Obi, Onitsha Palace, to witness first hand, the celebration of the biggest festival in the entire Ndigbo race and enjoy the hospitality of Onitsha people.

Globacom has been the official sponsors of the Ofala Festival since 2011, and recently signed an agreement to extend the sponsorship to 2019.

The company has added colour and grandeur to the celebrations.

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Senior Lawyer: It’s Unlawful for States to Fund High Courts, Sharia, Customary Courts of Appeal Tobi Soniyi ÓØ ËÑÙÝ The funding of state High Courts, Sharia Courts of Appeal and Customary Courts of Appeal by state governments is unconstitutional, a Senior Advocate of Nigeria, Chief Sebastine Hon, has said.

In a statement obtained by THISDAY yesterday, Hon said funding these courts exposed them to undue manipulation and near-asphyxiation by state governors, thereby compromising the rule of law and due process.

He called on state governors to stop funding these courts illegally.

He urged the National Judicial Council (NJC) to collect and

collate all capital and recurrent expenditures of these courts from their various heads, make a consolidated budget and present it to the Budget Office for inclusion in the yet to be submitted 2018 federal budget.

He added that by funding the courts, the rule of law and constitutional due process is facing a regressive nosedive in the various states – owing to the ‘winner takes all’ attitude of most state governors.

According to him, by section 6(1) of the 1999 Constitution as amended, judicial powers of the federation are to be exercised by “the courts to which this section relates, being courts established for the federation.”

Quoting the constitution he said: “The phrase ‘to which this section relates’ becomes consummated when we look at subsection (5) of that same section – which has listed the mentioned ‘federal’ courts, including the State High Courts, the Sharia Courts of Appeal and the Customary Courts of Appeal of the various states. This then means that these courts are federal courts, established by the constitution to operate at the state level.”

In support of his argument, Hon said that section 84(1) and (4) of the constitution placed payment of remuneration, salaries and allowances of all judicial officers manning superior courts of record in Nigeria, including the courts

listed above, on the doorsteps of the federal government.

“If these courts were mere state courts, the states would have been saddled with the responsibility of paying the salaries and emoluments of the judicial officers manning them,” he argued Also, section 84(7) of the Constitution provides that “The recurrent expenditure of judicial offices in the Federation (in addition to salaries and allowances of the judicial officers mentioned in subsection (4) of this section) shall be a charge upon the Consolidated Revenue Fund of the Federation.” The phrase “recurrent expenditure” here carries its ordinary, grammatical meaning – ‘that which happens again and again.’

According to him, this then means that all year-in, year-out expenditure of these courts are a direct responsibility of the Federal Government.

He said: “ There cannot be any other reasonable interpretation of this subsection, which has decidedly used the words ‘of judicial offices’ (not ‘officers’). Clearly, therefore, these federal courts operating as state courts (“judicial offices”) are to have their year-in, year-out expenditure drawn directly from the Consolidated Revenue Fund of the Federation.

“A consideration of other portions of the constitution will further show the unpretentious intentions of its framers that these courts herein discussed are federal courts.

“Paragraph 21(e) of Part I of the 3rd Schedule to the 1999 Constitution has vested powers in the National Judicial Council to ‘collect, control and disburse all moneys, capital and recurrent, for the judiciary.’

“The word ‘judiciary’ here contemplates, in an inescapable fashion, the courts ‘established for the Federation’ in section 6(1) and (5) of the Constitution. It will be absurd to posit that only the Supreme Court, the Court of Appeal, the Federal High Court and the National Industrial Court are contemplated by paragraph 21(e) – since section 6(1) and (5) of the Constitution has listed all the superior courts of record, including the ones here discussed as belonging to one Federal family.”

Ogbeh: FG Won’t Relent in Yam Export Initiative The federal government says it will not relent in its yam export policy which is aimed at attracting foreign exchange for the country.

The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, said this during a sensitisation walk in commemoration of the World Food Day in Abuja yesterday.

Ogbeh, who was reacting to reports that some yams recently exported to Britain were rejected, said that the policy had come to stay.

The minister said the set back would not deter the dealers of the produce from exporting it, pointing out that the current world market for yams was worth $12 billion.

He said that the country could not afford to stay away from it because it was the highest producers of yams in the world.

“I read some news report about some yams arriving in Britain and being rejected. They

stayed so long en route and if they stay that long, they are bound to rot.

“It happens to yams from Ghana as well. We will not stop the policy of the exportation of yam. I can assure you that.

“It is a policy that will stay because we are the largest producers of yams in the world.

We produce 67 per cent of the yams.

“We will continue to help exporters; we will not as an institute export yams. We only support the private sector to do that and if there are problems we will solve them,’’ he said.

The News Agency of Nigeria (NAN) recalled that the yam export initiative was flagged off on June 29 and the consignment exported to the US recently was rejected.

Exporters of yam include Messrs Wan-Nyikwagh Farms Nig. Ltd, Gboko, Nigeria and Oklanbest Limited, Ibadan, Nigeria.

One Dead, 19 Rescued as Boat Capsizes in Lagos Chiemelie Ezeobi Except for one person, all passengers of a 20-seater passenger boat belonging to Sealink Boat Services, which capsized yesterday at the Ebute Ero area of Lagos, were rescued alive by operatives of the marine police.

The boat, which was conveying 20 passengers capsized at about 10a.m. under the Third Mainland Bridge.

The boat which loaded from the Ikorodu Ebute Jetty was heading to Ebute Ero when it ran over a wooden boat used for sand dredging that had sunk in the water.

Following the crash, the Sealink boat capsized and overturned all passengers and the rider into the water.

When the information filtered out, the marine police division of the Lagos State Police Command in a joint effort with Rapid Response Squad (RRS) and policemen from Oworo Police Division, stormed the scene and rescued 19 of the passengers

of the capsized boat.

It was gathered that it was eyewitnesses who called the officer-in-charge of Marine Police, who immediately deployed seven boats to the scene.

Also deployed to the scene was RRS helicopters, which got the coordinates and mobilised to the scene, leading to the quick rescue of the 19 passengers.

The rescue operation however recovered the corpse of the female passenger, whose husband was fortunately rescued in the same incident.

Meanwhile, the police have arrested the conductor of the capsized boat after its driver abandoned the passengers and ran away from the scene of the incident.

The rescued passengers along with the conductor of the capsized boat have been taken to the Marine Police Office in Keffi, Obalende, Lagos.

The capsized boat has equally been recovered and taken to marine police yard while the corpse of the dead passenger have been deposited in mortuary.

REGIONAL GATHERING L-R: Prof. Toyin Falola of the University of Texas, USA; Alaafin of Oyo, Oba Lamidi Adeyemi III; Eleruwa of Eruwa, Oba Samuel Akindele; and daughter of the late Prof. Joseph Atanda, Mrs.Ajoke Fatunde, at the Yoruba nation and politics conference held in honour of Prof. J.A. Atanda at the Olabisi Onabanjo University (OOU) Ago-Iwoye....Monday

Yoruba Indigenous Knowledge Should Be Basis for Development, Says Alaafin The Alaafin of Oyo, Oba Lamidi Adeyemi III, has stated that the Yoruba indigenous knowledge finds application and relevance in all spheres of human endeavour and forms the basis of development.

He made this assertion at an international conference entitled: ‘The Yoruba Nation and Politics since the 19th century’ held in honour of Prof.

Joseph Adebowale Atanda at Olabisi Onabanjo University (OOU), Ago-Iwoye.

The Alaafin declared the three-day conference opened.

The keynote address entitled: ‘Yoruba Nation: (dis) unity, National politics and the

Republican Spirit’ was given

by Executive Vice chairman Ibadan School of government and public policy, Dr. Tunji Olaopa.

“A careful reading of the Yoruba intellectual traditions would reveal the extent and ramifications of the Yoruba system of knowledge, which if properly studied would reveal an uncommon commitment to inquiry, research, investigation and functional application of knowledge in solving human existential problems,” said Alaafin.

He added that a perspective understanding and appreciation of developments in Yorubaland

since 19th century would no doubt put the race in a better stead to negotiate from the point of advantage and strength and to preserve the legacies of the forebears.

Alaafin implored Yoruba scholars at the event to go beyond the limited requirements of paper presentation and be moved by a patriotic zeal to proffer solutions to the problems facing the Yorubaland today and which the race could face tomorrow.

“As we brainstorm on Yorubaland and politics since the 19th century, it is equally right to identify the

basic ingredients of nation and empire building which for many centuries before the 19th century, demonstrated the robust contributions of our race to human civilisation” he said.

Other dignitaries at the events are, Eleruwa of Eruwa, Oba Samuel Adegbola, Akindele, Dr. Wale Babalakin (SAN), Orangun of Ila Orangun Oba Abdulwahab Oyedotun, acting Vice Chancellor, Prof. Ganiyu Olatunde, Prof. Toyin Falola, Prof. Anthony Asiwaju, Prof Ayo Olukotun, over 200 scholars, the only daughter of Atanda and her brothers, among others.

FRSC Holds Lecture on Safe Driving The first Federal Road Safety Commission (FRSC) celebrity special marshals annual lecture will holds at Renaissance Hotel.

GRA Ikeja Lagos on November 13, 2017 starting from 11a.m.

The lecture with the Theme: ‘Ember Months, The Rush, The Myth And Subsequent Effect’ will be delivered by the Corps Marshal of the FRSC, Dr Boboye Oyeyemi, alongside other eminent keynote speakers.

This was disclosed in a joint

statement signed by Chris Kehinde Nwandu (Coordinator), Segun Arinze (Lagos Unit Coordinator) and Ogee Onazi (FCT Unit Coordinator) stated that the FRSC Celebrity Special Marshals was established in 2001 to assist the FRSC in propagating the gospel of safe driving Among Nigerians, educate and enlighten, as well as to act as Ambassadors of Road Safety as part of their corporate social responsibilities to the society.

The marshals also as part of their mandates embark on public campaigns at motor parks, high net worth areas, major roads.

They also propagate the culture of safe driving via radio, television and other promotional programmes.

The celebrity marshals also engage in raising funds to assist the FRSC procure working tools for its various activities Membership of the group currently stands at over a

hundred members made of celebrities in the media, comedy, music, Nollywood, corporate world, fashion, etc.

The organisers said the event would be a yearly event incorporated into the annual calendar of the FRSC and will be held during the ember months (September-December) They added that the event would be attended by dignitaries, key stakeholders and members of the public.

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Wike: Perpetrators of Mgbuoshimini Killings Will Be Brought to Justice PDP, APC bicker over incident Ernest Chinwo ÓØ ÙÜÞ ËÜÍÙßÜÞ Rivers State Governor, Nyesom Wike, has declared that the perpetrators of last Monday’s killings at Mgbuoshimini in Obio/ Akpor Local Government Area of the state would be brought to justice.

This came as the All Progressives Congress (APC) and the Peoples Democratic Party (PDP) accused each other of being responsible for the killings.

Speaking yesterday when he led members of the State Security Council for an on-the-spot

assessment of Mgbuoshimini community where unknown gunmen killed innocent persons at a market, Wike said security agencies had been empowered to fish out the culprits.

He said: “This is most unfortunate. Those involved in this dastardly act will not go scot-free. The security agencies have been empowered to go after them.

“Everybody should remain calm as we are talking measures to ensure that our people are protected from such ugly attacks.”

The governor stated that initial

House Adopts Bill to Establish National Vigilante Group James Emejo ÓØ ÌßÔË The House of Representatives yesterday adopted a bill seeking to establish the Vigilante Group of Nigeria (VGN).

The report, presented by the Committee on Police Affairs, seeks to establish organisation, duties and disciplinary powers of the Vigilante Group.

The bill proposes that the group shall exist for the assistance of active collaboration with the police and other law enforcement agencies to curb crimes., protect and preserve public property including crowd control and maintenance of peace at public function.

The VGN is also proposed to be under the command of the National Chairman and contingents of the service stationed in a state shall, subject to the authority of the National Chairman, be under the command if the chairman of the state.

At the committee of the whole, the recommendations were unanimously adopted and

the bill read for the third time and passed.

Shortly after its passage, the group’s Chief of Staff, retired Navy Captain Bakori Umar, who was accompanied by several uniform officials from the body commended the National Assembly for believing in its ability to provide support in the fight against crime in the society.

He said the group had sought and got the support of traditional rulers and other eminent citizens in its desire to be recognised as a federal government body.

Umar described crime as local, hence the role of his group to nip crimes in the bud even before they are perfected.

He said he was confident that President Muhammadu Buhari would assent to the bill in the shortest possible time in view of the formidable role the vigilante group plays in taming crimes.

He added that the group was instrumental to the success of the 2015 general election, having foiled many crimes through intelligence gathering.

Rotary Club Tasks FG on HealthCare The Rotary of Club of Lagos Island District 9110 Nigeria, in partnership with the Geeta Ashram Nigeria has called on federal government to continue to pursue policies aimed at improving healthcare delivery in the country. The charge was given at the recently concluded free eye operation camp, tagged: ‘Vision 2020-the right to sight’ which was organised by the Rotary Club of Lagos Island District 9110 in Kano State. According

to astate,emt by the media consultant to Rotary Club of Lagos Island District 9110, Aramide Noibe, it was noted that government health policies should focus on area of blindness and other chroni ailments. It also called individuals and non-governmental organisations (NGOs) to support government financially in its drive to healthcare delivery, adding that government alone cannot shoulder the financial responsibilities.

Methodist Prelate Commends Knights on Annual Choral Concert The Prelate, Methodist Church Nigeria, Dr. Samuel Uche, has commended the Lagos Chapter, Council of Knights, Methodist Church Nigeria, on the successful organisation of the annual

choral evening concert, which was the fourth in the series, and put together to enhance the beauty of Methodist songs, coupled with its hymnal evangelical spread.

security report indicated that it was a cult-related violence, wondering why perpetrators would unleash mayhem on innocent persons.

He said as part of measures to forestall a recurrence, the administration would build a police station and quarters in the community to check the activities of criminals.

The governor also said the state government would assist the families of the deceased.

Wike called on members of the public to cooperate with security agencies through the supply of relevant information to check the activities of criminals.

Meanwhile, the APC and the PDP in the state, yesterday engaged in blames over the killings.

The state Publicity Secretary of the APC, Mr. Chris Finebone, in a statement blamed the state government for the killings.

He stated that the present administration in the state came to power through violence and stated that violence would remain the state as long as the administration remained in office.

“As long as this government remains in power in the state, the cult and factional armed groups PDP used to capture power will continue the carnage,” Finebone said.

But the state Publicity Secretary of PDP, Mr. Samuel Nwanosike, described the statement issued by the APC as irresponsible and assured the people of the state that Governor Wike would not fail in bringing the killers to book.

Nwanosike dismissed Finebone’s allegation and commiserated with families who lost their beloved ones, averring that based on the statement by APC spokesman, the opposition

knew the perpetrators of the crime.

He noted that Finebone was meant to condole with the deceased families and not to make accusations, adding that the governor of the state would work with the police to unravel what led to the incident.

The PDP spokesman urged security agencies in the state to invite Finebone for questioning.

Meanwhile, PDP has berated the Niger Delta Bishops and Ministers Forum’s award to the Commander, Federal Special Anti-Robbery Sqaud (FSARS), Akin Fakorede.

Nwanosike, who to journalists yesterday, in Port Harcourt, said the award to Fakorede has demeaned the integrity of the forum.

Nwanosike noted: “It is highly unimaginable that a body such as the Niger Delta Bishops and Ministers Forum (aka

United Bishops and Eminent Clerics Initiative of Nigeria Incorporated), could bestow such an award upon someone like CSP Akin Fakorede, who has been a tool of the APC-led federal government.

“Frankly, that award on him is a misnomer. It came on a time when F-SARS operatives are doing more harm than good in Rivers State. We are all aware that the F-SARS led

by Fakorede, has always been in the news for negative and unprofessional conducts.

“It could be recalled that the said Fakorede, who the acclaimed Forum just gave an award because of his good works in Rivers State, was the same man that led F-SARS operatives to facilitate the rigging of December 10, 2016, Rivers State Legislative rerun elections in favour of APC members,” Nwanosike said.

TOUCHING LIVES

L-R: Member of Rotary Mega Club of Lagos Island, Grace Okafor; Directors of the club, Kamlesh Jairs; Director of the Club; a staff of the Lagos State Blood Transfusion Unit, Ishore Bendre, Coordinator of the Blood Donation Camp project sponsored by the Rotary Mega Club of Lagos Island and Chellarams Nigeria Limited at their Apapa -Oshodi Expressway premises in Lagos...recently

FG to Spend $350m to Tackle Child Malnutrition House summons health minister over monkey pox outbreak James Emejo ÓØ ÌßÔË The Minister of Health, Prof.

Isaac Adewole, yesterday said plans by the federal government and the World Bank to launch a $350 million programme to address malnutrition and stunting among 13 million children has reached advanced stage.

Speaking at the opening of a two-day conference on maternal/ child nutrition in Nigeria which was organised by the House of Representatives Committee on Healthcare Services and UNICEF, the minister, who was represented by Director of Family Health in the ministry, Dr. Adebimpe Adebiyi, said the sum of N1.2 billion was set aside for procurement of Ready to Use Therapeutic Food (RUTF) paste for treatment of Severe Acute Malnutrition (SAM) in the 2017 budget, but with little progress had been

recorded, prompting the federal government’s decision to scale up services that will save the lives millions of children.

About 11 million children are stunted in Nigeria, according to surveys as the UNICEF puts the number of children suffering from Severe Acute Malnutrition (SAM) at 2.5 million.

Experts warn that if drastic action is not taken, one in five of these children would die.

Adewole said: “The Federal Ministry of Health is preparing a national nutrition project that would be financed with approximately $350 million from the World Bank to enable the implementation of the Strategic Plan of Action for Nutrition.”

Chairman of the House committee, Hon. Chike Okafor, said the committee partnered with UNICEF and members of state Houses of Assembly in order to address the challenges of malnutrition

in Nigeria more effectively.

The Speaker of the House, Hon. Yakubu Dogara, in his opening address said legislators at all levels must play a vital role in curbing the scourge of malnutrition.

Represented by the House Deputy Minority Whip, Binta Bello, the Speaker stressed that no nation has attained great socio-economic development without its citizens being healthy while nutrition had been found to be a driver for development.

But the minister’s disclosure came on a day the House passed a resolution during plenary, inviting him to appear and explain why the country should rely on a laboratory in Dakar, Senegal to analyse samples of the suspected monkey pox virus Outbreak in the country.

The lower chamber, in a motion moved by Hon. Diri Douye (PDP, Bayelsa) on

the suspected outbreak of monkey pox in Bayelsa State and the urgent need for federal government intervention and international community support, called on government to provide as well as logistical support to the state government to reach out to threatened water locked communities.

It among other things, mandated its committee on Health to investigate and report back to the House within two weeks for further legislative action.

The House had expressed shock that samples from 10 suspected cases were transmitted to Dakar for definite laboratory confirmation.

Adewole reportedly admitted that monkey pox could not be confirmed in Nigeria until laboratory investigations by the World Health Organisation (WHO), referral laboratory in Dakar.

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

WORLD CUP 2018 QUALIFIERS

Rohr Salutes Super Eagles Players for Defying the Odds Femi Solaja Super Eagles Franco-German tactician Gernot Rohr, yesterday paid glowing tribute to all the players and officials of the Super Eagles following the team’s qualification to play at next year’s World Cup finals in Russia.

The three-time continental champions became the first African country to qualify for the tournament and the second time the team will achieve such feat with one match to play since France ’98 qualifying series when the final group match in Conakry against the Syli Stars of Guinea was just a mere formality.

“I am very excited to be working with this team: a blend of the experienced and the young and ambitious ones. They are a delight to be with at all times, and I believe we can do more in the coming tournaments and matches to come,” he remarked last night.

The Franco-German tactician was engaged early last year at a time the profile of the team was at its lowest after failing to qualify for two consecutive African Cup of Nations tournaments and several coaches the Nigeria Football Federation (NFF) planned to engaged turned down the job, to paved way for the Rohr to step in.

“At the beginning of the qualifying series, many people said we were going to be chasing it. But we sat down together and promised ourselves that we would go all out and get the ticket.”

The 64-year old tactician hit the ground as soon as he stepped in

despite stringent conditions set for him by the NFF that the team must qualify for the World Cup finals.

On record, Rohr has played 10 matches, winning six and losing only one. It was perhaps the first time the senior team will play in qualifying series without the perennial agitation for pay rise.

His victories include a 1-0 defeat of Tanzania in Uyo in September 2016; 2-1 defeat of Zambia in Ndola in October 2016 at the start of the 2018 World Cup race; a 3-1 defeat of Algeria in Uyo in November 2016; a 3-0 defeat of Togo in a friendly match in Paris in June 2017; a 4-0 bashing of Cameroon in Uyo in September 2017 and; a 1-0 defeat of Zambia in Uyo in October 2017, which guaranteed the World Cup ticket.

The only loss was against South Africa’s Bafana Bafana in Uyo, at the start of the 2019 Africa Cup of Nations qualifiers in June 2017.

“That match was a big wake-up call for us. Now that we have the World Cup ticket, we will go all out for the AFCON ticket and get it.

“When you have a team that has so much self –belief, a lot of things are possible. Age is but a number. I feel young and able and willing to go on working with this group.”

Super Eagles last match in the on-going qualifying series will be against Fennecs of Algeria next month but it’s a mere formality but the NFF has assured Nigerians that the team needed the tie to improve its monthly FIFA ranking to be released before the draw ceremony in December.

NWPL SUPER 4

Nasarawa Amazons Book Final Ticket with Second Win Nasarawa Amazons defeated Rivers Angels 2-1 yesterday in the ongoing Nigeria Women’s Professional League (NWPL) Super 4 Tournament at the Samuel Ogbemudia Stadium, Benin City, Edo State.

With two victories and a game to spear, the Amazons have booked a place in the NWPL Super 4 final.

In the other game played yesterday evening, Bayelsa Queens and Delta Queens ended the encounter 1-1.

Meanwhile, the Chairperson of the NWPL, Aisha Falode, has expressed her delight on the Super 4 opener games on Monday evening.

She said the results of the two opening games were indications of what should be expected in the competition to determine the 2017 Women’s league champions.

“The Super 4 teams just told Nigerians on Monday evening that they were the best in the land going by the results of the two matches played.

“It was a clear indication that any of the four teams could win the league title. The two victories on Monday were against the odds, Nasarawa Amazons and Delta Queens, against predictions of some followers of the game turned the

table against Bayelsa Queens and Rivers Angels respectively.”

She stated that, what that showed was that all the teams are equally matched and only the best would emerge true champion.

Falode commended the Technical crew of the four teams for comporting themselves well in the opening games.

She was also full of plaudits for the officiating officials for the excellent job at the opener. “The referees were carefully selected to give the Super 4 the standard it requires.”

She was full of praises for the Edo State government for the provision of the excellent facilities at the Samuel Ogbemudia Stadium.

“The Edo State government has been so wonderful as sponsors of the Super 4. We were honoured by the presence of the Deputy Governor, Rt. Honourable Philip Shaibu, in the opening games. We are also grateful to the Chairman of the Edo State Football Association, my brother and colleague, Frank Ilaboya. I cannot stop thanking my board members, the board secretary and members of my constituency, the media, for their excellent cooperation and supports. God will bless you all,” she concluded.

Super Eagles players dispay a banner telling the world about the qualification of Nigeria for the World Cup 2018 last Saturday in Uyo

IMEGA Honours Onigbinde, Akakasiaka, Muda for Sport Excellence Olawale Ajimotokan in Abuja Former Super Eagles coach, Chief Adegboye Onigbinde and Nigeria’s golf icon, Peter Akakasiaka were among the outstanding personalities honoured for sporting excellence at the maiden IMEGA Award in Ibadan, Oyo State.

The awards were the climax of Ibadan Mesiogo Open golf championship that witnessded a large turnout of international golfers.

Onigbinde famously guided the Super Eagles to the final of the Africa Cup of Nations in 1984, where they lost 3-1 to

Cameroon. He is also the first indigenous coach to lead Nigeria to the FIFA World Cup in Korea/ Japan 2002. The Septuagenarian, a former member of FIFA Technical Committee, bagged the IMEGA Sports Achievers 2017 Award.

Also, Akakasiaka was named IMEGA Nigeria Golf Legend.

Akakasiaka remains the only Nigerian to feature in the final round of the Open Golf Championship. He only missed the final 36-hole cut by two strokes at the 1984 tournament held in Liverpool.

Many sportsmen and women were in the category of those honoured in the sports achievers

list. Some of them include former Shooting Stars of Ibadan and Abiola Babes of Abeokuta midfield maestro, the Late Mudashiru Lawal.

Astute football administrator, Late Chief Lekan Salami, Late boxer Dele Jonathan, Dauda Ladipo, Korede Adeniji, Mumini Babalola, Sarah Adegoke, Ajibade Quadri, Valerie Oloyede, former basketball national team captain, Olumide Oyedeji, table tennis stars, Waheed Ekun and Aruna Quadri were in the list that also had late Best Ogedegbe, Emmanuel Ochai, Tunde Odedokun, Tunde Omisore and Prof. Jide Bademosi, the

former captain of Nigeria Cricket team.

Other awardees include: Power lifting world record holder and Olympic Gold medallist, Yakubu Adesokan, Late Chief Omowale Kuye, (IMEGA Heroes Award), Chief Michael Ade-Ojo (IMEGA Legacy Award) and IBB Golf Club, Abuja (Best Golf Course in Nigeria).

One of Nigeria’s foremost statemen, Chief Obafemi Awolowo, was posthumously given the IMEGA Lifetime Award in recognition of the construction of Liberty Stadium, when he was the first Premier of Western Nigeria.

Nigeria Bankers Games Begin with Funfair It was glitz and glamour as the 17th edition of Nigeria Bankers Games kickoff at the Yaba College of Technology Sports Complex at the weekend.

In the opening match of the football event, defending champions, Fidelity Bankers

were forced to a goalless draw by their First Bank counterparts.

Dignitaries and top executives which include the Group head, Corporate Communication of BUA Group, Mr O’tega Ogra, COO of MediaVision Ltd, Mr Jimmy Sogbesan, Head Corporate

Services of FCMB Mrs Felicia Obozuwa graced the encounter.

In the second match, five-time champions of the football event, UBA defeated the 2008 football winners FCMB by 3-0.

BUA Group defeated Konga by a lone goal in a novelty match

that preceded the opener.

EcoBank, FCMB, Fidelity Bank, First Bank, Sterling Bank, UBA and Union Bank took part in the match past.

Action continues this weekend at the Yaba College of Technology Sports Complex, Yaba.

12th GOTV Boxing Night: Oto Targets C’wealth Belt After confirming himself as the Commonwealth Africa lightweight title holder with a win over Israel “Money Machine” Kammwamba of Malawi at the GOtv Boxing Night 12, Joseph ‘Joe Boy’ Oto is targeting the main Commonwealth title in December.

Oto defeated Israel “Money Machine” Kammwamba of Malawi to make history as the first ever winner of the title.

“My next target is to win the main Commonwealth title come

December but I must admit that my lastfight against the Malawian was my toughest bout.

My opponent, Kammwamba, was not a pushover as he is a very technically boxer.

“He never gave up easily as he was all over me throughout the encounter. I never expected the bout to go all length because I thought I could easily knock him out early into the fight. But I also realised that a good boxer should not just focus on knocking out

his opponent but just focusing on fighting till the end. I have also learnt a lot from the fight because it got to a stage, I was a bit tired. I must also credit my coach for his support and motivation throughout the bout,” he said.

Oto who will be aiming for the Commonwealth title later in the year said he hopes to return to training next week in preparation for the bigger task in December.

“I am going back to training

from next week in readiness for the main Commonwealth title bout which I believe will be against a tougher opponent and for me I need to correct some of the mistakes I noticed in my last bout. I am going to be fully ready for the title fight in December,: Oto added.

He however, commended the management of WEO ALLSPORTS, who are the managing firm catering for the boxer alongisde Olaide Fijabi.

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WEDNESDAYSPORTS

Breakthrough in the Horizon, Sports Finally Get Attention at Nigerian Economic Summit Kenneth Ezaga Today in Abuja key players in the sports industry will take to the stage at the Nigerian Economic Summit to articulate the nationwide economic and socio-cultural impact of sports.

Listening will be an audience comprising the leading lights in the nation’s public and private sectors.

The local sports industry has struggled for attention and investments since the turn of the century, but recent developments suggest that things may be changing. Less than a fortnight ago the Nigerian football hierarchy also met with the national economic management team headed by the vice president, Professor Yemi Osinbajo, at the Presidential Villa in Abuja.

It is the first time there has been this level of engagement between the leading sports players and the nation’s top economic brains. Hopefully they find common ground as sports have an almost infinite power to add real gross value to the GDP of nations. The economic bounce at the weekend in Uyo when the Super Eagles clashed with Zambia to seal their 2018 World Cup place, tells a story that can be replicated every weekend in towns and cities across the country. There was increased business for airlines, hotels, food outlets, beverages, local transportation, media, banks and more.

It has to be more than mere coincidence that the world’s leading economic giants are countries that also invest heavily in sports. Indeed, of the top seven finishers at the Rio Olympics in 2016 – the USA, England, China, Russia, Germany, Japan, and France, six were among the globe’s seven largest economies. Africa’s leading economy, South Africa, is also by far the biggest investor in sports on the continent.

In fact, IEG, the global authority on sponsorship, says sports events hold the largest market share of global sponsorship dollars, accounting for a whopping 66%, followed by entertainment and attractions which accounts for a mere 11%.

There are different reasons why progressive countries prioritise sports: one is the industry’s ability to create jobs across a broad spectrum of society, and the other is its power to unify nations locally while inspiring immense national pride on the international stage. The latter can be seen in the never-ending battles for superiority among leading nations like the United States, Russia, China, and others. Some dub this the ‘sports arms race’.

Let’s quickly examine how a sports culture creates wealthier societies. First, by helping to unify a people sports aggregate their strengths and inspires passion to achieve much more together than in polarized societies like Nigeria. Secondly, sports help people lead healthier and more disciplined lifestyles. Healthy and disciplined people achieve more at school and at work.

Ours is a country in dire need of a sustainable sports culture. It is surprising that sports does not have a place

in the government’s 2017-2020 economic recovery and growth plan. Early post-independent Nigeria was different, we had a rich sports culture. This was reflected in government’s massive investments in the industry in the 1970s and 1980s. In fact, the majority of the sports assets we have as a country today was built during that time, and at the time our facilities could compete with some of the best in the world. Back then our economy was also strong and it can be argued that domestic sports played its part as they were popular and generated a lot of economic activity.

While most countries transformed their sports industries from the mid-1990s, ours lost critical support, leading to most of the facilities becoming rundown and outdated. Virtually all our stadiums, including the recently-built ones, are lacking the contemporary spectator-engagement facilities commonplace around the world today. In reality Nigeria is still some distance from handing sports entirely to the private sector, so government must continue to lead. Government leading the industry, however, is not entirely the same as government doling out free money to unprofessional crony administrators. There is a need for policies that encourage symbiotic public-private sector partnerships.

In this regard we must applaud the recent bold efforts of the Minister of Information and Culture, Alhaji Lai Mohammed, to shore up support for domestic sports. The minister’s call for local brands sponsoring foreign sports to pay a 30 per cent tax on their investment value for the development of the local alternative is a brilliant example of how government can, and should, lead. Some countries have even tighter controls over protecting their local industry.

Only recently Chinese authorities sanctioned their football clubs paying lavish sums for foreign players to pay 100 per cent tax on any such contract, for the development of the local game.

Some think that government should stop supporting sports financially under the mistaken notion that that is what happens in the developed nations. For all the financial success of English football, for instance, the British government still provides up to 30-40m pounds (N14-19b) to the FA to support the development of the local game every year.

Hear the UK Sports Minister Tracey Crouch threaten the FA with the withdrawal of financial support in 2016 over slow reforms: “We’ve made it clear that all sports governing bodies have to reform their governance codes,” she told BBC’s Sportsweek. “The FA is not excluded from that and, if they don’t, they won’t get public funding. It’s as simple as that. I could not be more clear about how I want to see governing bodies perform. The FA gets between £30-£40million of funding and that can go elsewhere.”

To be fair the Nigerian government already invests a bit in sports, but there is a need to not only significantly

increase the investment, but to professionalize this support.

Government’s investment must be made more transparent, with clear targets set that should drive enterprise. The economic team must see this as key to its plans for a post-oil economy. There is no better way to engage our exploding population of poorly-educated, poorly-skilled and unemployed youth. From the grassroots through schools and the professional class, this can create direct jobs for many like athletes and sports competitors; coaches and scouts; umpires, referees, and other sports officials; entertainers and performers; gaming and sports book writers and runners; agents

and business managers of artists, performers, and athletes.

More people will be off the streets and working; earning wages and boosting purchasing power. To get some perspective on this, in 2012 when South Africa was thinking its football future, then CEO of the South African Football Association (SAFA) Robin Petersen showed how football alone engaged three million people. According to the Brand South Africa website, Petersen was at the time “looking at new ways to fund development, so that the 330 local football associations, the 20000 clubs and the threemillion players in South Africa, as well as schools, will become a

Amaju Pinnick... NFF President

breeding ground for new talent.”

That figure would probably be closer to 15 million players in Nigeria. Government would do well to mandate giant parastatals to invest in sports. Behemoths like the NNPC, CBN, NCC, NIMASA, NPA, FAAN, should be made to invest a billion or two in the industry annually.

Many of these organizations waste billions in corporate gifts like diaries, calendars, branded items, etc. Put the money in sports and put more Nigerians to productive work.

Major private firms, especially our conglomerates and banks, should also be encouraged to do same through tax rebates and protection from unscrupulous

administrators.

2019 is around the corner and this government can expected tough questions about how their programmes have directly affected the lives of the common man.

Sports will be a great way to create a “feel good” factor while putting many to work in a short time. It will also be a great way to unite the country. 1n 1995 Nelson Mandela turned to sports to try and heal his country’s deep divisions. Now more than ever Nigeria needs to borrow a leaf from the great leader. *Ezaga is a marketing communications professional, promoter of the Nigerian Tennis Majors and a THISDAY on Saturday columnist.

Shehu Dikko....LMC Chairman

Portugal, France Claim World Cup Spots Cristiano Ronaldo’s Portugal and France earned places at the 2018 World Cup following wins over Switzerland and Belarus respectively yesterday.

A Johan Djourou own goal and an Andre Silva strike secured a 2-0 win for Portugal in Lisbon, while Antoine Griezmann and Olivier Giroud scored as France downed Belarus 2-1 in Paris.

Elsewhere Tuesday night, World Cup hosts Russia needed a second-half equaliser from Zenit St Petersburg striker Dmitry Poloz to secure a 1-1 draw against Iran in a friendly in Kazan.

Russia fell behind when Iran striker Sardar Azmoun beat backup goalkeeper Andrei Lunev in the 57th minute after Mehdi Taremi powered through the Russian backline.

Russia, however, hit back in

the 74th minute, with Poloz sliding in to get a touch on cross by Alexander Samedov, beating Iranian goalkeeper Alireza Beiranvand.

Russia came into the game on the back of a confidence-boosting 4-2 win against South Korea at the weekend, when they were aided by two own goals from South Korean defender Kim Ju-young.

As World Cup hosts, Russia has not had the opportunity to measure themselves against Europe’s best in qualifying.

The friendly against South Korea was Russia’s first international test since they exited the Confederations Cup at the group stage in June, which added to a long list of recent failures.

Russia also made an early exit at both the 2016 European

Championship and the 2014 World Cup, failing to win a match in both tournaments, and they are eager to avoid embarrassment at next year’s finals..

A full list of the 19 countries that have qualified for the 21st FIFA World Cup can be found below.

UEFA (Europe) Qualified: Russia (host), Belgium, Germany, England, Spain, Poland, Iceland, Serbia, France, Portugal In Contention: Sweden, Switzerland, Northern Ireland, Republic of Ireland, Italy, Greece, Croatia, Denmark AFC (Asia) Qualified: Iran, South Korea, Japan, Saudi Arabia In Contention: Australia

CAF (Africa) Qualified: Nigeria, Egypt In Contention: Democratic Republic of the Congo, Tunisia, Ivory Coast, Morocco, Burkina Faso, South Africa, Senegal, Cape Verde CONCACAF (North America) Qualified: Mexico, Costa Rica In Contention: United States, Panama, Honduras CONMEBOL (South America) Qualified: Brazil In Contention: Colombia, Uruguay, Chile, Argentina, Peru, Paraguay, OFC (Oceania) Qualified: None In Contention: New Zealand

G OV ’S C U P 1 ST L E G

Former Champion, Majeric Crashes Out Slovenia player, Tadeja Majeric, who won the Governor’s Cup Lagos Tennis Championship in 2013 and 2016 editions was sent out of the first leg (Futures 4) of the competition this year in the first round matches played at the Lagos Lawn Tennis Club , Onikan yesterday..

Majeric, number 7th seed in the women’s category , who was ranked number 367 in the

world, was defeated by French Estelle Cascino, an unseeded player from Marseille in straight set of 6-3,6-2.

Majeric was coming into the match with an impressive record having won nine singles career titles and seven doubles crowns than Cascino, ranked 460, who had three singles and nine doubles titles to her credit.

In order women matches,

South Africa based Nigerian player, Adetayo Adetunji could not make it past her more experienced number two seed, Ayla Aksu from Turkey in a match that ended 0-6,1-6.

Brazilian Nicole Santos beat South African Lance-Pierre DU TOIT 7-5,6-2, Alejandro Davidonich Fokina from Spain defeated Nigerian Christopher Andrew Itodo 6-1,60,American

Alexandra Riley stopped German Janira Geiss 6-2,6-3,Zimbabweans Valeria Bhunu defeated Canada based Nigerian Nifemi Akinbiyi 6-3,7-5.

In the men’s singles, second seed, Turkish Ilkel Cem beat Croatian Ivan Sabanov 6-4,64, Matej Sabanov defeated Nigerian Thomas Otu 6-0,6-3, Thomas Setodji beat Nigerian Henry Atseye 6-3,6-0.

Wednesday October 11, 2017

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Price: N250

MISSILE

Tinubu to FG “The hurdles we face are not technical in nature. We must convince those political and economic factors currently impeding our quest for reliable power to step aside so that we may obtain this critical ingredient to economic vitality.” – National Leader of the All Progressives Congress (APC), Asiwaju Bola Tinubu outlining to the federal government, the necessary steps to be taken to revive the economy.

KAYODEKOMOLAFE THE HORIZON

kayode.komolafe@thisdaylive.com

0805 500 1974

Restructuring and Chapter II of the Constitution

I

t is an important step in the restructuring debate when proponents call on President Muhammadu Buhari to seize the moment and give leadership in the process. At least, there has been a suggestion that the President should set up a commission on restructuring. In a way, that seems to be an expression of lack of confidence in the National Assembly where the business of constitutional amendment is already afoot. This is because on his return from his medical trip, Buhari directed those interested in restructuring to take their case to the National Assembly. The divergent approaches to solving the problem should interest the Senate President Bukola Saraki and the Speaker of the House of Representatives, Hon. Yakubu Dogara.

After all, restructuring is ultimately a constitutional matter. While the proponents of restructuring are pushing for a new constitutional entirely to be legitimated by a referendum, the National Assembly seems comfortable to be addressing the extant issues of the Nigerian federalism by means of amendments of the 1999 Constitution. The huge deficit in both perspectives is that the focus is almost exclusively on the vertical issues of Nigerian federalism – devolution of powers (to the states or regions as the case may be); fiscal federalism, resource control, state police, contents of the legislative lists etc. There is hardly any corresponding passionate argument on the horizontal issues of the socio-economic rights richly embodied in the Chapter II of the Constitution. How many proponents of restructuring are making the case for socio-economic rights to be justiciable in their proposed Constitution of “True Federalism.”

Why is there not so much agitation for the socio-economic empowerment of the people guaranteed constitutionally as proponents of restructuring push for greater powers for governors and state and regional parliaments?

It is simply because making Chapter II work can only be a pan-Nigerian struggle and not an ethnic, regional or religious effort.

So when proponents of restructuring dismiss the 1999 Constitution as one imposed by the military they are silent on the remarkably humane content of Chapter II. They ignore the material power that Chapter gives to the people while they hanker after the powers of governors relative to that of the President and the powers of state/regional parliaments relative to those of the National Assembly.

Even if the British imposed the welfare and humane content embodied in the Chapter II of the 1999 on Nigeria at their departure in 1960, it would be worthwhile for the working people of Nigeria to defend those provisions called the “Fundamental Objectives and Directive Principles of State Policy.” You don’t need any referendum to implement the policies of access to basic education, primary healthcare, social housing, food security, mass transit, water, sanitation etc. in Chapter II. What is not being said in this debate is that merely redrawing the political map of Nigeria by means of a restructuring legitimised by a referendum does not on its own provide the magic wand for the achievement of the great objectives encapsulated in Chapter II. It requires massive political economy efforts including competent and modern economic management to realise those objectives regardless of the structure that may be finally agreed upon by the ethnic and regional champions. Otherwise, the real marginalisation will persist, that is the socio-

Saraki

Dogara

economic marginalisation of the poor who constitute the overwhelming majority by the tiny minority of the economic and political elite. The poor and the elite alike belong to all ethnic groups, regions and religions. This is the yet-to-be- unanswered class question in the restructuring debate.

It is important to reflect deeply on the interplay of forces between democracy and federalism in the Nigerian context.

Politicians and their publicists talk so much about “dividends of democracy”; yet the meaning of the phrase has become imprecise. Depending on who is engaging in propaganda, the meaning could range from the construction of an expressway to the filling of potholes on a road built 40 years ago. The dividend could also be massive waterworks providing millions of litres of water a day to some communities or simply the construction of boreholes. Similarly, there is a lot of imprecision about the benefits of restructuring as a democratic and federalist proposition.

However, those who at least still harbour some social democratic convictions should insist that the gains of democracy should not be trivialised or perverted. For the real dividend of democracy is freedom including freedom from poverty, disease and ignorance.

Therefore, we cannot seriously talk of dividends of democracy in a social order in which the basic human rights are not protected.

It must be emphasised that these rights include the socio-economic rights. So when next a politician tells you his story about “dividends of democracy”, steer away the conversation from propaganda and ask him or her pointedly what he or she has done in terms of policy execution, articulation or legislation to ensure that the socio-economic rights of the people are adequately protected.

The struggle for the protection of basic social economic rights guaranteed in the constitution is a legitimate struggle ultimately towards the inauguration of a humane social order in Nigeria.

The proponents of restructuring argue that “true federalism” would make Nigeria more democratic. But their idea of democracy does not envisage the social democracy guaranteed in Chapter II. It is the duty of lovers of genuine democracy and anti-poverty activists to stress the centrality of socio-economic rights

to a “true federalism.” A few years back, this reporter made this point on this page when an anti- poverty bill was proposed in the House of Representatives. The bill was aimed at empowering the citizens to sue government officials for failing to provide basic needs in education, healthcare, security, water etc. These are the issues that should be raised with strident voices in the present conversation about Nigeria’s constitutional future. Of course, the social Darwinists in our midst (and some proponents of restructuring are among given their ideological background) would jeer at such a proposition and dismiss it as “utopian”. The state and society do not owe anybody a living in their limited comprehension of the inherent contradictions in this inhumane social order. To those with this philosophical bent, socio-economic life is all about competition; those who cannot compete may as well disappear from the face of the earth. The authors of austerity budgets and theoreticians of Structural Adjustment Programmes (SAP) abhor social spending.

By the way, economic policies in the over 30 years in this country have been consistently ideological mutants of SAP. However, the fact they often ignore is that if the resources lost to massive treasury looting, corruption, leakages and other forms of economic crimes are applied to social welfare programmes, poverty will be reduced and society will be safer.

Inequality is not only regional or ethnic. The primary question is about social inequality.

Even in the metropolis of capitalism, theoreticians are having a rethink about social inequality. Nobel Laureate in economics, Professor Joseph Stiglitz, once argued that when policies bridge gaps created by social inequality the economy will grow better. The policy process in favour of people’s welfare would be enhanced when the basic law of the land backs it up. That is why those who are not outraged that more than 13 million children are out of school or that thousands die yearly in remote villages because of lack of access to basic medical care that could cost less than N1, 000 should be reminded that there is a Chapter II in the constitution. It is part of the basic law of this country. Millions of Nigerians are denied socio-economic rights that are fully guaranteed as “Fundamental Objectives and

Directive Principles” of policy in Chapter II of the 1999 Constitution that is currently under review. However, the weak point in the constitutional provision which those who are cynical about social justice always exploit is that these socio-economic rights are not “justiciable”. A six-year old citizen who is denied primary education cannot go court to enforce his socio-economic right to education.

That has been the obstacle to the advancement of the frontier of this aspect of human freedom in Nigeria. The National Assembly could make their process of constitutional amendment relevant by removing the obstacle in the way of the enforcement of socio-economic rights. The Senate and the House of Representatives should take the initiative of advancing this restructuring debate by deepening the socio-economic rights in the constitution. If the National Assembly toes this line, it would be making a significant contribution towards building social democracy. It is when socio-economic rights are made justiciable that democracy in this land would mean more than calling on the people periodically to queue up to vote for competing candidates in elections.

To be sure, there is no illusion here that the poor will have a better deal in a selfish society by merely amending the constitution to make socio-economic rights justiciable. It would take a greater battle to be waged against the predominant ideology of governance that is opposed to government’s investment in welfare programmes. It takes a genuinely anti-poverty president or governor to focus more on those policies that would democratise access to basic needs rather engaging in propaganda of executing “projects” all over the place.

For instance, more than four years ago a civil society organisation, the Socio-Economic Right Accountability Project (SERAP secured a judgment against the federal government in ECOWAS on the child education.

The court upheld the right of child to education; but the government has treated the judgment with contempt while not disputing the jurisdiction of the court. As the people’s lawyer, Femi Falana, often reminds his compatriots, even the idea of justiciability in the present situation should be tested.

For instance, the constitution guarantees right to life and that of free movement. But lives are being lost daily on scandalous roads including the so-called expressways because of the social irresponsibility of governments at all levels that refuse to fix these roads. There is constitutional right to life yet thousands of children are dying of hunger and preventable diseases. Yet all what our bourgeois lawyers can tell us is that the citizens who use these hazardous roads and starving children cannot go to court because the rights involved in these instance are not “justiciable”.

Hence, in several public interest cases, Falana has gone to court to test the justiciability of the rights. Such advocacy should be embraced by all those committed to making the people reap the real dividends of democracy.

Although poverty might not be merely legislated out of this land; yet the law could be employed as a weapon in the important anti-poverty war. Devolution of power to states or regions and resource control by governors would not automatically eradicate poverty. The structure of poverty plaguing this land should also interest the advocates of restructuring.

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