Wednesday 18th October 2017 by THISDAY Newspapers Ltd

Buhari Seeks N’Assembly Approval for 2018-2020 MTEF Oil benchmark set at $45/bl, targets crude output of 2.3mbpd Reject president’s $5.5bn loan request, PDPtells legislature Onyebuchi Ezigbo and James Emejo in Abuja Preparatory to the presentation of the 2018 budget to the National Assembly, President

Muhammadu Buhari yesterday transmitted the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the legislature.

In a letter addressed to the Speaker of the House of Representatives, Hon. Yakubu Dogara the president also noted that pursuant to the provisions of the Fiscal

Responsibility Act, the preparation for the eventual submission of the 2018 budget to the National Assembly was “progressing well”. Under the MTEF, the

executive is proposing an oil benchmark of $45 per barrel for the 2018 budget, a production target of 2.3 million barrels per day (mbpd), and an exchange rate of $305 to

the dollar. The presentation of the MTEF came on the heels of the plea made by the Continued on page 12

Inﬂation Dips Further to 15.98% Amid Sustained Pressure on Food Prices… Page 49 Wednesday 18 October, 2017 Vol 22. No 8217. Price: N250

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Intels Seeks Amicable Resolution to Pilotage Contract Imbroglio… Page 49

Kachikwu’s Letter: Presidency Lobbies Senate C’ttee, Seeks Soft Landing for Baru President meets with Wamakko Damilola Oyedele in Abuja There are indications that the presidency has initiated moves to avert the indictment of the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru by the Senate ad hoc committee charged with investigating him for awarding

contracts to the tune of $25 billion without recourse to the NNPC board of directors. The nine-man committee chaired by Senator Aliyu Wamakko (Sokoto, APC) is charged with investigating Baru over the allegations raised against him in a letter by the Minister of the State for Petroleum Resources, Dr. Continued on page 12

Saraki: Why Another Attempt at Devolving Power May Fail Damilola Oyedele with agency report The President of the Senate, Dr. Bukola Saraki has disclosed that the overheated discourse on the devolution of powers from the federal government to the states might stall another attempt to get it passed during the constitution amendment process. Saraki disclosed this to newsmen during the 137th

Inter-Parliamentary Union (IPU) Assembly in St. Petersburg, Russia yesterday, reported the News of Agency of Nigeria (NAN). The National Assembly had in the course of voting for the amendment of the 1999 Constitution on July 26, rejected the bill for the devolution of powers. The rejection was the Continued on page 12

Obasanjo Meets Makarﬁ, Rules Out PDP Return... Page 51

MAKING MINING ATTRACTIVE... L-R: Taraba State Governor, Darius Ishaku; Minister of Mines and Steel Development, Dr. Kayode Fayemi; and Minister of Power, Works and Housing, Mr Babatunde Fashola (SAN) at the opening session of the Nigeria Mining Week, held in Abuja… yesterday

T H I S D AY WEDNESDAY OCTOBER 18, 2017

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Judge Orders Abaribe to Produce Kanu in Court or Lose N100m Bond Alex Enumah in Abuja Justice Binta Nyako of the Federal High Court in Abuja yesterday ordered Senator Enyinaya Abaribe and two others to appear in court and explain why the leader of the proscribed Indigenous People of Biafra (IPOB) Nnamdi Kanu was absent from court to face trial, warning that they stood to lose their bail bonds of N100 million each if they failed to produce him in court. Senator Abaribe, Immanuel Okabemadu and Tochukwu Uchendu had stood as sureties for Kanu as part of his bail conditions, and guaranteed that he would attend his trial after the bail was granted by the court to attend to his failing health. In addition, they signed a bail bond of N100 million each that would be forfeited in the event that the defendant failed to appear in court to face trial.

However, when the matter was called yesterday, the three other defendants were in court except Kanu. Owing to the absence of the first defendant, the prosecution counsel Shuaibu Labaran urged the court to revoke the bail granted the first defendant. He argued that failure to attend to day-to-day trial was a serious violation of the law. He told the court that the matter was adjourned for hearing, but given the circumstances of the absence of the first defendant, the trial may not hold in the interest of justice. “For failure to appear in court, we urge this court to revoke the bail granted the first defendant and issue a bench warrant for the arrest of the first defendant and order the three sureties, Senator Enyinaya Harcourt Abaribe, Emmanuel Shalum Okabemmadu and Tochukwu Uchendu to show cause why the bail bond of N100 million

each should not be forfeited or commit three of them to prison,” he urged the court. Following his submission, the trial judge called on the counsel to the first defendant, Ifeanyi Ejiofor to explain why his client was not in court. Responding, Ejiofor said his client was willing to stand trial but he could not account for his whereabouts since the invasion of Kanu’s home on September 14, 2017, by soldiers of the Nigerian Army. “I cannot tell the court at this stage whether the defendant is alive or dead. I don’t know where he is, the soldiers should tell the court the whereabouts of the first defendant,” he said. Justice Nyako then called on the sureties to explain why Kanu was not in court to face trial. Though none of the sureties was in court, the counsel to Abaribe, Ogechi Ogbonna told the court that the senator did not know

Kanu’s whereabouts, adding that Abaribe had already filed a motion to withdraw as Kanu’s surety. However, Justice Nyako held that it would be impossible for Abaribe to withdraw as surety to Kanu without first producing him in court. “Before he can wash off his hands, the defendant has to be here,” she said. The judge added that the alternatives to Abaribe were to accept that he could not account for Kanu and forfeit his bail bond, or ask for more time to produce him. Though Abaribe’s counsel continued to insist that nobody including his client knew the whereabouts of Kanu, he opted for the second option given by the court, adding that more effort would be made at locating the first defendant. In a brief ruling, Justice Nyako said: “Sureties should come to court to show cause why the first defendant was not in court,” adding that it

was their responsibility to make sure that the defendant did not breach his bail terms. Justice Nyako added that she could not take a decision on Abaribe’s motion seeking withdrawal as surety except the defendant was produced in court. While the court declined to hear various applications brought by the second, third and fourth defendants, it however directed the prison authorities to allow the fourth defendant access to his personal physician, adding that the same privilege was extended to the first defendant. Counsel to the fourth defendant, Maxwell Opara had in an application he attempted to move, prayed the court to order the prison officials to allow his client have access to his personal doctor on the grounds that the medical personnel at the prison had been threatening the life of his client and as such the fourth defendant

no longer had confidence in them. The judge, in admonishing the prison officials, reminded them that their allegiance was to the court and not to the security agencies, adding that inmates, whether sentenced or awaiting trial, are held in the custody of the court. Justice Nyako, after stating that the trial could not go on without the presence of the defendants in the criminal matter, adjourned the case till November 20. Kanu, Onwudiwe Chidiebere, Benjamin Madubugwu and David Nwawuisi were arraigned by the federal government on an 11-count charge bordering on terrorism, treasonable felony and illegal possession of firearms, among others. But Justice Nyako had struck out six out of the 11 amended charges filed against the defendants on the grounds that the charges lacked competence.

KACHIKWU’S LETTER: PRESIDENCY LOBBIES SENATE C’TTEE, SEEKS SOFT LANDING FOR BARU Ibe Kachikwu to President Muhammadu Buhari. The allegations included insubordination and keeping the NNPC board chaired by Kachikwu in the dark in the award of contracts and promotion of senior executives of NNPC. However, Baru in his response to the letter, which was leaked on social media, dismissed the allegations, saying he did not need the approval of the board, as all the contracts went through the NNPC Tenders Board, got No Objections from the Bureau of Public Procurement (BPP), and were approved by the president.

But he failed to address the issue of his appointment of senior executives of NNPC without obtaining the approval of the corporation’s board. The ensuing furore over Kachikwu’s memo prompted the Senate to mandate an inquiry into the allegations raised in the memo and to carry out a holistic investigation into the finances of the NNPC. The Senate ad hoc committee was supposed to hold its inaugural meeting yesterday at noon but the meeting was postponed to next Tuesday without any reasons proffered for the

postponement. A highly placed source, however, informed THISDAY that Buhari met with Wamakko yesterday evening to lobby the committee to give Baru a soft landing. The meeting was still ongoing as of 6.54 p.m. The source explained that the president was prevailed upon to personally meet with Wamakko instead of delegating the assignment to any of his aides. “Wamakko has a reputation for being firm and straightforward. Obviously, many senators were certain of his handling of the probe with him at the helm of the

committee, because he would say it as it is. “That is why the president’s aides convinced him (Buhari) to personally meet with Wamakko to ensure that the message is clear. If not, he would have delegated someone like Abba Kyari (the president’s chief of staff), or even any of the party leaders,” the source said. The source was emphatic that the motive behind the meeting was to ensure that Baru is not indicted by the committee and to prevent a recommendation for his removal from office. “The motive of the meeting is to ensure that Baru is not

indicted because that would make the Senate committee recommend for his removal. “Of course, most Nigerians already believe he was appointed for certain purposes and with Kyari on the board of NNPC, and the president himself as the substantive Minister of Petroleum Resources, the purpose is clear. “So the issue now is to make sure the ‘purpose’ is not scuttled,” the source added. Speaking further, the source observed that even Kachikuwu seemed to be recanting on the clarity of the allegations he levelled against Baru in his memo to the president.

“Kachikwu is now saying he did not say anything about corruption, but that he raised the issue of governance. Baru then said that the contracts were approved by the president. “But perhaps because of the constitutionality of any action by a president on vacation, Osinbajo (the vice-president) then said that he approved and added that he signed loans, not contracts. “All this confusion is simply because the presidency is trying to put its house in order over the matter, but they also realise the need to tighten loose ends at the Senate,” the source said.

and ending on December 31. In his lead debate, Gbajabiamila said critical sectors of the FCT economy would receive adequate attention. He said: “Mr. Speaker, my honourable colleagues, despite the delay experienced in the presentation of this budget, I’m glad to inform this House that serious attention is being given to infrastructure in satellite towns with N50 billion allocated to rural roads and electrification projects. “Health, education and water have also been adequately captured in this budget with huge sums of money allocated as an indication of this administration’s willingness to make life comfortable for citizens within the FCT.” But Hon. Kingsley Chinda (PDP, Rivers), citing Section 122 of the constitution, argued that the presentation of the FCT money bill had gone past the six months

threshold provided by the constitution and therefore rendered it unconstitutional for deliberation. According to him, the budget had less than three months to the end of the fiscal year as prescribed by the constitution, and should be withdrawn and sent back to the FCT Committee, which should in turn revert back to the appropriation of the previous year as damage control. But Pally Iriase (APC, Edo) countered Chinda, insisting that the 2016 budget of the FCT was passed in September last year. Iriase said the House has a tradition of putting a clause in any money bill to the effect that its lifespan is 12 months, making the time quoted by Chinda untenable. He said if the life of the 2016 budget ended in September, then it was less than a month since the end of the previous financial year

of the FCT. Further reacting to the opposition by Chinda, Gbajabiamila argued that the section of the constitution referred to only applied to the recurrent expenditure necessary for the running of governance and not capital expenditure. He said: “The FCT budget as presented before the House

allow people to know that there is nothing detrimental about the devolution of power to any part of the country. “We do not have to play politics with the issue. We must allow the National Assembly to do its job. Noise making is not the answer, there is a process to everything. “We have sent what we have to the state Houses of Assembly to start working

on and I am hoping that by the time we start engaging ourselves and getting everybody on board, we will be able to pass it, he said. Saraki disclosed the National Assembly would hopefully have a roundtable where experts would be invited to enlighten people on the benefits of devolution of power and why it should be allowed to scale through.

BUHARI SEEKS N’ASSEMBLY APPROVAL FOR 2018-2020 MTEF opposition Peoples Democratic Party (PDP) to the National Assembly to consider the plight of Nigeria’s unborn children and reject the president’s request for approval of $5.5 billion external loans. Buhari, in the covering letter for the MTEF, said the document had been prepared against the backdrop of generally adverse global economic uncertainty as well as fiscal challenges and recovery in the domestic economy to ensure that planned spending is set at prudent and sustainable levels and consistent with government’s overall developmental objectives and inclusive growth. Buhari further sought the consideration and expeditious approval of the MTEF and FSP “to bring the 2018 FGN Budget preparation process to a timely closure”. The speaker referred the letter to House Committees

on Appropriation, Finance, Debts, Loans and Services, and Legislative Budget for consideration. But the president’s correspondence to the House failed to provide a summary of the MTEF in terms of the budgetary parameters for the three-year period. Efforts by reporters to access the draft document proved abortive, fueling speculations that Buhari’s letter might not have been accompanied by the relevant details. However, sources in the Ministry of Budget and Planning informed THISDAY that the executive had premised the 2018 budget under the MTEF on an oil benchmark of $45 per barrel, with an oil production target of 2.3mbpd and an exchange rate of N305 to the dollar. The source assured THISDAY that more details of the three-year MTEF would be made public soon.

The House yesterday also commenced legislative work on the general principles of a bill seeking to authorise funds from the Consolidated Revenue Account of the Federation for the Federal Capital Territory Administration (FCTA) amid some contentious issues. The Bill for an Act to Authorise the issue from the Federal Capital Territory Administration Statutory Revenue Fund of the Federal Capital Territory Administration Account, the total sum of N222,360,551,512 was presented by the House Majority Leader, Hon. Femi Gbajabiamila (APC, Lagos). He said out of the sum, N52,574,479,667 was for personnel costs while N41,294,590,480 was for overhead costs, leaving a balance of N128,491,481,366 for capital projects for the service of the Federal Capital Territory for the financial year commencing from January 1

SARAKI: WHY ANOTHER ATTEMPT AT DEVOLVING POWER MAY FAIL outcome of the electronic voting on the bill to alter the Second Schedule, Part I & II of the 1999 Constitution to move certain items from the Exclusive to the Concurrent Legislative List to give more power to the states. Saraki called for dialogue, saying it was the best approach to getting Nigerians to see the benefits of devolution of power to all, rather

than bullying any part into amending the constitution in that regard. “Constitution amendment is such that we need the collaboration of everybody and it is always through dialogue, not intimidation. We have to come to the table in a peaceful and friendly atmosphere. “As I have said many times if we had had this amendment about nine months ago, the bill

on the devolution of power would have been passed. “Unfortunately, because of all the noise and people equating devolution of power to restructuring, those who were skeptical about restructuring, unfortunately, developed cold feet. “I am hoping that things will calm down a bit and we will be able to have this discussion in an atmosphere that will

Continued on page 48

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% 5.7 4.6 4.5 4.0 3.8 % 9.1 8.8 5.1 4.9 4.7

T H I S D AY WEDNESDAY OCTOBER 18, 2017

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COMMENT

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

TRIAL OF BUHARI, BARU AND OSINBAJO The NNPCâ€™s contract scandal will follow the â€˜normalâ€™ pattern, writes Sonnie Ekwowusi

s I watched from afar I saw a multitude of crowd impossible to count- men, women, young, children, NNPC staffers, lawyers, commercial bus drivers, market women, litigants, politicians, medical doctors, legislators, civil servants, political office holders, architects, pharmacists, court personnel and so forth- flowing in and out of the already over-crowded court room of the Federal High Court. The right entrance to the court had been condoned off in order to allow the â€˜Black Mariaâ€™ vehicle bringing the accused persons to court gain easy access to the court premises. Looking around, I discovered that the whole Federal High Court was well guarded by fully-armed military personnel. By my right I saw an NNPC 30-seater coaster bus bringing some people to court. The occupants of the bus looked like staffers of the NNPC. As I looked closely I could see that all the occupants of the bus were holding what looked like white handkerchiefs in their respective hands. And as the bus cruised on, the occupants waved the handkerchiefs symmetrically to the right and the left while intoning: â€œAll we are saying bring the looters to justice; Nobody is above the lawâ€?; Monkey dey work, baboon dey chopâ€?. When I looked behind I saw a group of women dancers gaily dressed in different traditional attires. Their rhythmic dance was such that made them take two steps forward and two steps backward at the same time. Although I heard the sound of the beating of their drum I could hardly decipher the song they were singing. But I overheard a lady saying: â€œOur mothers have come. Let me see who will talk nonsense. Justice has caught up with themâ€?. As I turned and looked in front of me, precisely on the road leading to the Federal High Court, I saw a large crowd of fierce-looking young men and women holding cudgels and chanting some war songs. They were advancing close to the gate of the Federal High Court which had been condoned off. Looking closely I saw a young man whom I could recognise as a court clerk of the Federal High Court. It seemed he was no longer a clerk of the court. He had become a mad man. He was dressed in a brown suit with green stripes. Although he was mad he spoke flawless English, occasionally interlaced with some Yoruba words. He was carrying a black bag, a black bell and what looked like a Bible. As he rang the bell he kept shouting: â€œRepent! Jesus is coming again! What a man soweth so he reapeth! Jesus is coming to reap. He is coming to judge the living and the dead. Repent !â€? I was trembling. As I turned to my right I saw a middle-aged man, no, I think he was a lawyer; yes, he was a lawyer because he was fully dressed in his lawyerly attire except that he was clutching his wig and gown in his hands. Still gripped by fear, I asked him slowly what was happening. At first he ignored me and looked the other way. But when he apparently regained his human kindness he turned, sternly looked at me in the face and said: â€œAre you not living in this country? So you donâ€™t know that they are bringing them to court today? â€œBringing who?â€? I asked. â€œMy friend go your way. Some of you just exist to eat without knowing anything. It is illiterates like you who do not know that they are bringing Buhari, Baru, Kachichukwu and Osinbajo to court today over the stolen money at NNPCâ€?, he angrily responded as he briskly walked

WHENEVER MONEY IS STOLEN IN THE PUBLIC PLACE OR WHENEVER ANY SCANDAL IS UNEARTHED, THE PEOPLE WILL MAKE BIG NOISE OF IT. BUT AFTER ABOUT ONE OR TWO MONTHS EVERYBODY WILL FORGET ABOUT IT AND THE MATTER DIES A NATURAL DEATH

away from me. On getting to the court it was brimming over with people. No empty space let alone empty seat. Seeing a small opening in one of the windows I went immediately and grabbed the outer frame of the window. I hung precariously there. From there I could peep inside the court room. All of a sudden the court clerk shouted: â€œCourt !â€? As I watched I saw a stoic-looking super-mortal majestically attired in a black robe with a microscopic eye glasses resting at the tip of his nose walked into the court room and took his seat. Turning to the man by my side I asked him who the figure was, and, he told me that he was the judge ready to give judgment against the accused. Looking closely I saw Buhari, Baru, Osinbajo and three other unidentifiable persons inside the dock. Charges were read out. On the whole, about 150 charges bordering on illegal approval of NNPC oil contracts and loans worth over N640 billion were read out against the accused persons jointly and severally. Buhari was specifically charged with approving series oil contracts from his sick bed. All the accused persons pleaded not guilty to the charges. As I watched, I saw the EFCC lead prosecutor, Mr. Rotimi Jacobs, SAN sauntering in to open the prosecutionâ€™s case against the accused. Names of witnesses were called. About 300 witnesses came out and lined up to testify against the accused. Among the witnesses was one lawyer whom I could vaguely recognise as Mr. Femi Falana, SAN. It was at this juncture that some commotions were heard outside the court room. As I watched I saw a lady whom I later identified as Aisha Buhari carrying a placard with the bold inscription: â€œAso Rock Clinic must account for the N3.89 billion budgeted for medicals in that Clinicâ€?. She was staging a peaceful protest inside the court premises alongside hundreds of thousands of people especially women and girls. As this was going on, another peaceful protest led by Olisa Agbakoba, SAN, became the cynosure of all eyes inside the court premises. As I watched closely I observed that most of the people in the Agbakoba protest were displaying many placards that read: â€œStop the Marginalisation of the South-Eastâ€?; â€œSouth-East is marginalised in the NNPC appointments; â€œRestructure Nigeria now or neverâ€?. My alarm clock chimed. I woke up. I had been dreaming. I cleaned my eyes. I stood up. I surveyed my environment. I was in my room. I was not at the Federal High Court. No trial taking place. It was all a dream. Dreams, some say, are figments of the imagination. One dreams about whatever oneâ€™s imagination has been fed with during the day. For one week and half weeks or so, the media has been inundated with the NNPC oil deals scandals. We take solace in discussing them at the moment. We dream about them. But after about one month or thereabout we will forget about them and start discussing other things. This is our tragedy in Nigeria. Whenever money is stolen in the public place or whenever any scandal is unearthed in any public institution in Nigeria the people will make big noise of it. It will be the subject matter of discussion in many public fora. The media will sensationalise them. But after about one or two months everybody will forget about it and the matter dies a natural death. The recent NNPC oil contracts deals will soon die a natural death and we will go back to our vomit as if nothing had happened in the first place.

AT LAST, PROGRESS

Chuks Iloegbunam writes that Willie Obiano deserves to be returned as Anambra governor

omeone brought to the office a video clip of Tony Nwoye â€œcampaigningâ€?. Since the man is the All Progressives Congressâ€™ candidate in the November 18 Anambra governorship election, the urge to view his message was overpowering, especially as he had been rather taciturn since the contentious primary election that threw him up as his partyâ€™s candidate. What was his governorship ambition all about? Decked out in a dark suit, a cordless microphone appeared glued to his lips. â€œWillie Obiano is a thief,â€? shouted Tony Nwoye. â€œHis wife also is a thief.â€? He mouthed this abuse for the second and third times. Like a repeater station, the voice of an unseen fellow echoed his foul words. A few of his listeners clapped. In a minute the clip ended. What an anticlimax, I thought. Tony Nwoyeâ€™s sacrilegious tongue apart, there was the more serious tenor of malicious prejudice in this unsubstantiated accusation. Was his fulmination the sum total of the APCâ€™s manifesto? One assumed that, in soliciting for political endorsement, effort must be made to portray the candidate as deserving of support. Did the outpouring of invectives ever solve any societyâ€™s problems? I immediately reckoned with the link between Tony Nwoyeâ€™s diatribe and the standard fare of the PDP in Anambra State, that has converted into a fine art the usage of the social media for mendacious effusions. We will return to these aberrant behaviours. In the meantime, an introduction of Chinua Achebe integrity is important. When Abuja toyed with investing the distinguished novelist with a national honour, he struck a resounding blow for the oppressed, and demonstrated that real Ndigbo never put forward their conscience for sale. In a letter addressed to President Obasanjo and dated October 15, 2004, Achebe said inter alia: â€œI write this letter with a very heavy heart. For

some time now I have watched events in Nigeria with alarm and dismay. I have watched particularly the chaos in my own state of Anambra where a small clique of renegades, openly boasting its connections in high places, seems determined to turn my homeland into a bankrupt and lawless fiefdom. I am appalled by the brazenness of this clique and the silence, if not connivance, of the Presidencyâ€Ś â€œNigeriaâ€™s condition today under your watch is, however, too dangerous for silence. I must register my disappointment and protest by declining to accept the high honor awarded me in the 2004 Honors List.â€? Well, Anambra has come a long way since the heady days of PDPâ€™s governance of the state. Therefore, Governor Willie Obiano was able to deliver this proclamation last Year: â€œNdi Anambra, when I assumed office with my team on March 17, 2014, we took over a state that had no landmark infrastructure and no clear-cut strategic vision for the future. And perhaps more importantly, we met a state that was heavily traumatised by violent armed robbery, kidnapping, child-trafficking and endless cases of drug-related crimes. This crime-ridden scenario discouraged investments and successfully cut off the state from the grid of modern development. Ladies and gentlemen, my team and I inherited a state with an average ambition but through strategic refocusing and a commitment to excellence, we have repositioned Anambra among Nigeriaâ€™s leading states today!â€? Now, Governor Obiano is seeking reelection, to consolidate his administrationâ€™s legacy. The imminent governorship election means that the elephantâ€™s carcass lies prostrate on the ground, and everybody has reached for their knife, to cut themselves a helping of its meat. Not surprisingly, there are more than 30 candidates primed for the contest. Of course, most of them are in it for keeping

up appearances. But Oseloka Obaze and Tony Nwoye, Peoples Democratic Party and the APC candidates respectively, deserve some attention, if only because they are of parties with some grounding in Nigerian politics. You expected these dudes to say in concrete terms what they would do differently if they attained the political power they are hankering for. Governor Obiano has restored the peace and stability of an Anambra State previously reduced to a criminal fiefdom, as Achebe put it. He has transformed Awka into a real capital city. He has attracted investments both local and foreign. He has revolutionised agriculture in the state. He is taking particularly good care of government employees and retirees, paying their salaries and pensions and gratuities promptly and regularly. He has given back to Ndigbo their pride. Now it is the place of those challenging Governor Obiano for Anambraâ€™s governorship to, at least, have the good sense to state what they intend to do differently to further improve the lot of the people. Instead they are throwing curses and falsehoods about like confetti. If Tony Nwoye knows no better than to excoriate Anambraâ€™s Number One Citizen and his dear wife, Oseloka Obaze, given the fact that he worked under Governor Obiano, should restrain the lying excesses of his campaign loudspeakers. Perhaps, he has bounded himself up a dilemma, knowing that the world knows that he would not be in politics today had Peter Obi not commandeered him godfather-like into the gambit. Even Peter Obi himself knows that the world knows that his self-imposed objective of dethroning Governor Obiano is nothing to do with principles. Otherwise, they would not aggregate and deploy mudslingers and quasi-journalists in the demeaning fixation with interminable lies on the Internet, the newspapers and frequency modulated wavebands. I recently met with Anyanwu (Mrs.) Bianca

Ojukwu who professed an inability to get over Peter Obiâ€™s betrayal of APGA because it was in front of her eyes that he solemnly vowed before her husband, Dim Ojukwu, that he would forever keep the APGA flag flying. How should Ndi Anambra respond to the contingency of their salvaged state being handed over to the political party on whose watch cultists thrived and Barrister Barnabas Igwe and his pregnant wife, Barrister Abigail Igwe were murdered and mutilated? Isnâ€™t the prospect of the return of those that abducted a siting governor and turned Anambra into a bankrupt and lawless fiefdom too hazardous to contemplate? What is there to say to the traitorous, the folks that see public office as an exclusive club only for the initiated, who have no time to appreciate that governance is about the welfare of the people rather than a religion of rules and protocols? The good news is that Anambraâ€™s choice in the impending ballot is unambiguous. Ndi Anambra know the antecedents of the candidates and the sleight of hand masquerading as godfatherism. They know those with bloodstained hands and others whose â€œgood morningâ€? should inevitably induce a retirement for the night. They know that it is anathema to ditch General Odumegwu-Ojukwuâ€™s party and settle for an alternative that grudgingly ceded to our people a miserable seven per cent of democracyâ€™s dividends. They understand that the equitably arranged zoning principle that should see the governorship in Anambra South in 2022 will be irredeemably compromised if unprincipled conspirators and recidivists forced the hardworking Willie Obiano from office. Those, blessed reader, are the reasons I will cast my vote for Governor Willie Obiano on election morning. Iloegbunam is the Chairman of Governor Obianoâ€™s Media Team

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EDITORIAL NNPC: THE CHALLENGE OF TRANSPARENCY The NNPCâ€™s contract scandal offers another opportunity to reform the corporation

ven if the belated response of Mr. Maikanti Baru to the leaked memo containing grave allegations on the running of the Nigerian National Petroleum Corporation (NNPC) could be excused, the standards of behaviour in the state-owned oil company are troubling. While the NNPC superintends the wealth of the nation, there are many grey areas which have continued to allow the organisation to be run more or less like a personal estate. Baru, the Group Managing Director of the NNPC, said pointedly that the Minister of State, Petroleum Resources, Mr. Ibe Kachikwu and the NNPC Board were irrelevant in the award of contracts. He said only the NNPC Tenders Board, incidentally chaired by Baru himself or the President in his executive capacity or as Minister of Petroleum, was responsible for the approval of contracts. But if, as Baru maintained, the governing board was responsible for approval of work programmes, corporate plans and budgets, is it not NO GOVERNMENT HAS implicit that it should BEEN ABLE TO SUMMON know about the THE COURAGE TO award of contracts? ADDRESS THE IMPUNITY What is the purpose AND THE ARBITRARINESS of a board if vital IN THE SECTOR WITH THE decisions affecting OVERALL AIM OF CLOSING the organisation are THE LOOPHOLES THAT taken without its knowledge? In any BREED CORRUPTION case, the act establishing the NNPC explicitly states that the affairs of the corporation â€œshall be conducted by a Board of Directors of the Corporation which shall consist of a Chairmanâ€? and some others. So how can these supervisory powers be exercised without some kind of oversight on contracts worth billions of dollars? There are so many pertinent questions begging for answer in the response by Baru which deliberately ignored another weighty allegation: that the GMD by-passed the board in appointing senior management staff for the company. What is further

Letters to the Editor

perplexing is that President Muhammadu Buhari is yet to intervene in the controversy that has been the subject of headlines and heated debate for two weeks. However, if Baruâ€™s activities were condoned, what evidence is there that this administration is out to curtail the dismal culture of impunity at the NNPC or in the public service? This is why the issue at stake is beyond the mistrust between Kachikwu and Baru, and who calls the shots at the NNPC. At stake are the observance of due process, and even more, the health of the economy. The NNPC has a dismal record when it comes to the issue of transparency and accountability. The revelations from the investigations of Mrs Diezani Alison-Madueke, former Petroleum Minister, are not only stunning, but bear witness to the abysmal recklessness in the management of our oil industry. But as things stand today, nothing is being done to correct the grave mistakes of the past and to ensure history does not repeat itself.

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WHEN THE GIRL-CHILD IS RIGHT Shannon L. Alder has a saying about moving forward: â€œNo one is a victim of life; we are all volunteering to grow.â€? er submission bears the sheer truth and instruction that slings over the philosophy on individuality in collectivity. In a simple and universal way, she also suggests that as the society sorts us into different roles we would labour wilfully without undermining others role. And that everyone is in the right place and bears the right to be there. And we would not consider some better performers than others but reward each according to their roles. Over the years, if thereâ€™s anything I have learnt about respect for others right to self-expression, it will include the fact that everyone is right. No one is a doll who works at the instructions given. Everyoneâ€™sâ€™ opinion is valid and true. Everyoneâ€™sâ€™ feeling is significant. â€˜The ground is leveled so everyone can playâ€™. On October 1, the Speaker of the House of Representatives, Yakubu Dogara, publicly testifies in the house, that women involvement in politics is necessary for growth. As you already know, we have argued that no one holds the right of the girl child. But I beg to ask, what scale should we deploy in equating the rings of truth in the argument? Or it might as well be â€œwhat practical indicators reflect our claims?â€? A significant number from the stables of UNICEF Nigeria still shows that about 60 per cent of out-of-school children are girls. Many of those who do enroll drop out early. Some of the reasons

or decades, there have been efforts to address the legal, institutional and regulatory framework weighing down the NNPC and indeed, the entire oil industry. Kachikwu had, for instance, said a while ago before the National Assembly that there was a broad consensus that the role of government in the sector needed to be â€œbetter clariďŹ edâ€? whilst the policy, regulatory and commercial institutions â€œneed to be given a refocused mandate to ensure better sector governance, transparency of regulations and operationsâ€?. Unfortunately, no government has been able to summon the courage to address the impunity and the arbitrariness in the sector with the overall aim of closing the loopholes that breed corruption. But given recent disclosures, there can be no better time than now to fast-track reforms in the NNPC and make it more beneďŹ cial to the Nigerian people. So too is the need to speed up the passage of the Petroleum Industry Bill (PIB) which aims at strengthening the institutional and governance structure of the oil industry and the promotion of transparency and accountability.

include low perceptions of the value of education for girls and early marriages. Also, UN report suggests that every 10 minutes, somewhere in the world, an adolescent girl dies as a result of violence which manifests sexually, physically, early marriage, exploitation and trafficking. If we say a girl child is right merely for the sake of political correctness and not as rightful as the moral responsibility that hangs on the practicality, it only confronts us figuratively as a metaphor. Shannon, mentioned earlier, has a saying about being right, kindness, understanding, and even crueltyâ€™: â€œBeing kind to someone, only to look kind to others, defeats the purpose of being kind.â€? The federal governmentâ€™s bold and relentless effort to and successful rescue of the Chibok girls in the second quarter of this year is a laudable effort. Nonetheless, we need to establish a system that respect, value and reward the girl- child. Else, the girls would suffer the same evil, disrespect and abuse experienced with the so-called abductors. And we would not have a better description than a â€˜rival abductor.â€™ Every girl child deserves protection, education and adequate provision. My hashtag to celebrate the girl-child is #TheGirlChildIsRight which is call to recognise that her opinions are valid and true. Her feeling is significant. Sheâ€™s not a doll who works at the instructions given. She shall not be discriminated in both cities and villages. The ground is leveled so she can play. Chris Iduma, christopheriduma@gmail.com

SCREENING CHRISTIAN PILGRIMS IN OGUN

he Ogun state Christian Pilgrims welfare board recently conducted a screening exercise for participants in the December 2017 Pilgrimage to Jerusalem . According to the Executive Secretary of the Board, Mr Oluwole Odejobi, the screening which is one of the major steps in the pilgrimage , was organised to ascertain the eligibility of intending pilgrims to participate in the journey .Similarly , it will avail the board with the neccesary information to take care of the piilgrims while in the holy land He described the pilgrimage exercise as a physically, mentally and spiritually demanding exercise hence the need to ensure that only the right set of

people participate in it . He also reiterated the fact that pilgrimage to Jerusalem is not a funfare or a tourist activitiy, but an experience that will have a lifetime effect on the participants. The state screening committee comprised of representatives of the Nigerian Christian Pilgrims Commission, The Nigeria Police, Department of State Services, NDLEA and Immigration services Kudos should be given to the State Christian Pilgrims Board for doing all within its capacity to ensure a seamless and hitch-free pilgrimage for all participants. Based on what we have seen so far the forth coming pilgrimage will not fall short of our high expectations. Temidayo Agida Lukosi, Abeokuta

T H I S D AY WEDNESDAY OCTOBER 18, 2017

T H I S D AY ˾ WEDNESDAY,OCTOBER 18, 2017

MIDWEEKPOLITICS

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

THE NEWSMAKER

Aisha Buhari: The Amazon Who Refuses to Be Intimidated First Lady Aisha Buhari is one person who is not afraid to speak her mind on issues. Her boldness has made her a toast of the people but the cabal around her husband is not amused. Segun James reports

n the Nigerian political firmament, a first lady is that wife of the president who sets up social programmes aimed at elevating the social status of the people especially women and the poor. Until the coming of Dame Patience Jonathan who elevated the position into a political powerhouse, all first ladies, beginning with the iconic Mrs. Maryam Babangida, never broke this unwritten rule not to dabble into politics. But then, none of the ladies ever attempted to take control of the activities of their husbands and the goings-on in the domestic front of the Aso Villa State House until the coming of Mrs. Turai Yar’Adua. But then, in her case, all she did was to protect her husband, a move many people believed she took too far given the fact that her husband had become the property of the people of the Federal Republic of Nigeria upon assumption of office as the President and Commander-in-Chief of the Armed Forces. Of all of them however, Mrs. Aisha Buhari is of a different hue. Incisive, intelligent and a woman with a mind of her own, Mrs. Buhari has taken the perception of First Ladyship in the country to a new level, making it known that being the wife of a president does not mean she doesn’t have a mind of her own or that she must agree with everything that is being done in the name of her husband. Mrs. Buhari first gave indication of independence of mind when she accused some people within the Presidency of engaging in a power play that is alienating her husband from the people who worked assiduously to make him the president in particular and Nigerians in general. Her outburst sent a shock wave through the political hierarchy, a situation which forced the president to wonder which political party his wife belonged and that her position was in his kitchen and “the other room.” If the president thinks bringing down his wife to pacify the cabal of irredentists around him will stop the woman, he is mistaken; the woman knows what she is saying and is not afraid to say her mind, even to the president. In the last few weeks, Mrs. Buhari has become a toast of the people and a moral beacon in the tensed political minefield of the nation. At a time when Nigerians want someone to stand up and speak for them, she has become the Queen Amina of Zaria, an amazon for people’s rights, not just for the women but the entire people of the country. Mrs. Buhari is one person that is not afraid to speak her mind, despite the fact that her husband is a strict Muslim who believes that women must remain in the background, only to be seen and not be heard. Although, Aisha does not talk all the time, but when she does or when she is forced to talk, she appears as frustrated just like most Nigerians. She stirred the hornet’s nest recently when she promised that “hyenas and jackals” around her husband would soon be evicted from the proverbial kingdom headed by her husband. Mrs. Buhari, who has never shied away from “controversy,” alluded to a cabal in the Presidency that was influencing her husband. In a Facebook post in response to a post by the senator representing Kaduna Central in the National Assembly, Senator Shehu Sani, who had lamented that prayers for the “Lion King” had waned due to his prolonged absence. But in her response, which shed more light

Mrs Buhari

on the power play at the Presidential Villa, following the President’s illness and absence from the country, she said God had answered the prayers of the weaker animals and that the Lion King is coming back. Senator Sani’s post had read: “Prayer for the absent Lion King has waned; until he’s back then they will fall over each other to be on the front row of the palace temple. Now the hyenas and the jackals are scheming and talking to each other in whispered (tones); still doubting whether the Lion King will be back or not. “Now the Lion King is asleep and no other dares to confirm if he will wake up or not. It is the wish of the hyenas that the Lion King never wakes up or comes back so that they can be kings. It is the prayers of the weak animals that the Lion King comes back to save the kingdom from the Hyenas, the wolves and other predators.” In her response to the senator’s post, Mrs. Buhari said: “God has answered the prayers of the weaker animals. The hyenas and the jackals will soon be sent out of the kingdom. We strongly believe in the prayers and support of the weaker animals. Long live the weaker animals, long live Nigeria.” Her response attracted hundreds of comments from her followers on Facebook, most of them wishing her husband quick recovery. As if that was not enough to send her back to the kitchen as her husband once said, this

If the president thinks bringing down his wife to pacify the cabal of irredentists around him will stop the woman, he is mistaken

time she publicly upbraided the Chief Medical Director of the State House Medical Centre, Dr. Husain Munir, for the poor state of the health facility established to take care of the President, Vice-President, their families as well as members of staff of the Presidential Villa, Abuja. She spoke at the opening of a two-day stakeholders’ meeting on Reproductive, Maternal, Newborn Child, Adolescent Health and Nutrition held at the Banquet Hall of the Presidential Villa. Mrs. Buhari admitted that Nigeria was unstable in the last six months owing largely to the president’s ill-health that forced him to remain outside the country for months. She wondered what would have happened to a common man on the street if Buhari could spend several months outside Nigeria for health reason. She recalled that she was sick recently and was advised to travel abroad because of the poor state of the clinic. The president’s wife explained that she had to go to a private hospital owned by foreigners when she was told that the x-ray machine in the State House Medical Centre was not working. Mrs. Buhari told Munir, who was present at the event that the budget allocated to the clinic must be accounted for. That is boldness on display. “I am happy the MD of Aso Rock Clinic is here. Dr. Munir, I am happy you are here. As you are all aware, for the last six months, Nigeria wasn’t stable because of my husband’s ill-health. We thank God he has fully recovered now. “If somebody like Mr. President can spend several months outside Nigeria, then you wonder what will happen to a man in the street. “Few weeks ago, I was sick as well. They advised me to take the first flight out to London; I refused to go. I said I must be

treated in Nigeria because there is a budget for an assigned clinic to take care of us. If the budget is N100m, we need to know how the budget is spent. “Along the line, I insisted they call Aso Clinic to find out if the X-ray machine is working. They said it was not working. They didn’t know I was the one that was supposed to be in that hospital at that very time. “I had to go to a hospital that was established by foreigners 100 per cent. What does that mean? “So, I think it is high time we did the right thing. If something like this can happen to me, there is no need for me to ask the governors’ wives what is happening in their states. This is Abuja and this is the highest seat of government, and this is the Presidential Villa.” This was a new and uncommon First Lady who has chosen for herself a role transcendent that of just being the wife of a leader. Like Mrs. Hilary Clinton and Mrs. Michele Obama before her, she is woman of intelligence, beautiful and capable of holding her own without the aura of her husband. Aisha Muhammadu Buhari was born on 17 February 1971 in Adamawa State, Northeastern Nigeria. Her grandfather, Alhaji Muhammadu Ribadu was Nigeria’s first Minister of Defense and her father was a civil engineer while her mother is a descendant of the famous Ankali family, renowned farming and textile business giants. Aisha Buhari went to primary and secondary school in Adamawa state where she lived with siblings, her nieces and nephews. Aisha holds a Bachelor of Arts degree in Public Administration from Ahmadu Bello University (ABU) and a master’s degree in International Affairs and Strategic Studies from the Nigerian Defence Academy, Kaduna. Prior to acquiring her higher degrees, Mrs. Buhari had earlier pursued a career in beauty and fashion. For years, Mrs. Buhari has run a successful business as the Founder/Managing Director of Hanzy Spa and Principal of Hanzy Beauty Institute, a Beauty salon in Kaduna and Abuja. She is a Resource Person to the National Basic Technical Education (NBTE) on Beauty Therapy and Cosmetology and had participated in the curriculum development of Small Medium Enterprises for NBTE. Aisha closed her beauty salon following the emergence of her husband, Buhari as President of Nigeria. On 2 December 1989, Aisha married Muhammadu Buhari, who had five children from a previous Marriage to Safinatu Yusuf. Aisha and Muhammadu Buhari have five children together and one grandchild. She is a women’s right activist and child right advocate. She is one of the Nigerians who criticized child marriage and homosexuality. This was a focal point during her campaign for her husband’s election in 2015. She has, on several occasions, emphasised the need for young girls to get primary and secondary school education before getting married, saying that she believes no girl should get married before the age of 17. In May 2015, on the sidelines of the Global Women Conference held in Buenos Aires, Argentina, she stressed the need for Nigerian laws that would protect women from forced early marriages, sex trafficking and other issues Nigerian girls and women contend with. She raised concerns on child sexual abuse in Nigeria, sex trafficking and the need for legislation against early marriage

T H I S D AY ˾ WEDNESDAY,OCTOBER 18, 2017

PERSPECTIVE

MIDWEEKPOLITICS

The Witch-hunt against Atiku Begins Mohammed Isiaka describes the decision of the federal government to terminate the boats pilotage agreement between Intels Nigeria Limited and the Nigerian Ports Authority as a political witch-hunt targeted at the former Vice President, Atiku Abubakar who is a major shareholder in the company and a possible presidential aspirant in the next election

t all began as a single-handed alteration to the terms of contract with Intels to remit all revenues, including the revenue that should accrue to the company, into the Treasury Single Account, (TSA). Then it transmuted into media campaign against the company accusing it of running an unhealthy monopoly in the oil and gas services industry in Nigeria. The tempo kept increasing, and now we have the last straw aimed at breaking the camel’s back. Following a presidential approval, Mr. Abubakar Malami, the Attorney-General of the Federation wrote to the Managing Director of the Nigerian Ports Authority, (NPA), Hadiza Bala-Usman directing her to terminate the boats pilotage monitoring and supervision agreement between Intels Nigeria Limited and the NPA, which allowed the company to receive revenue on behalf of the government and retain a certain percentage of the revenue collected. According to reports, the AGF in response to a letter from the NPA boss, stated that the agreement should be terminated because it is illegal and contravenes Sections 80(1), 162(1) and (10) of the constitution of the Federal Republic of Nigeria. This contravention is further heightened by the resolve of the current administration to implement TSA. En passant, it is imperative to establish here that the government will always find a constitutional basis for whatsoever it is determined to do. So there is probably no point in attempting to scrutinise the spirit of the sections of the constitution the decision is predicated on. As a background, the Managing Director of NPA had written to Intels earlier this year proposing a review of the existing contract, among other things, between the two parties. The proposal also requested Intels to respect the new policy of the federal government, TSA. Intels provided reasons why it would not be able to adjust its financial process to accommodate TSA at the time. The company stated that the TSA policy was not part of the contractual agreement it had with NPA; as a result, the company had already used its account to secure loan facility that can only be serviced by retaining its percentage of revenue collected. After series of correspondences between the two parties, the NPA issued a threat that it would terminate the agreement with Intels if the company refused to comply with the TSA policy. That threat has now been fully executed. However, many have described the ongoing crisis as a political witch-hunt targeted at former Vice-President, Atiku Abubakar who is a major shareholder in the company and a possible presidential aspirant in the next election. Inasmuch as one would prefer to reason otherwise, how do you prove the point that this is not a witch-hunt when all the handwriting on the wall clearly suggests it is? It is more difficult to think otherwise considering that the former VP, during the formal launching of his presidential bid for the 2015 elections, had publicly pronounced Intels as his most successful business. In the first instance, the reference made to the constitution in the letter written by the AGF to the MD of NPA does not in any manner forbid the government from entering into agency agreements with private entities. Or is there a part of the law that says government cannot engage in contractual agreement with private companies in the collection of revenue? Intels is not the only private organisation that collects revenue on behalf of the government and remits same into the government’s coffers. This is replicated in many other sectors of the economy. For instance, many companies deduct withholding tax from contractors

Atiku Abubakar. Termination of Intels agreement targeted at him?

and remit the same to the government. I would like to believe that is a form of agency arrangement that allows the private entities to collect revenue on behalf of the government. The same model is employed at the state levels. This model has been beneficial to both the government and the citizenry in many ways. It is common knowledge that government performance in the country is marred by bureaucratic bottleneck that eventually take its toll on the overall output of any endeavour. The model is not peculiar to Nigeria. It is the same that is employed in other developed nations such as the United States, United Kingdom and South Africa where they have Private Collection Agencies. In other words, it is international best practice; agency arrangement is a normal phenomenon. It is therefore worrisome that the government could terminate a contractual agreement on the premise that it was in contravention of the constitution. Maybe, we will require professors of law to further enlighten Nigerians on the issues at stake. Until then, the only logical summation to all of this is political witch-hunt. But what is more alarming is the preference of the government to take on a company that employs over 20, 000 Nigerians for political reasons. It is common knowledge that politics is a dirty game that sometimes thrives on the survival of the fittest theory. That said, is it then appropriate to allow politics determine the

There are certainly other ways to ﬁght politics; not by attempting to kill a company that has been socially responsible throughout its existence in Nigeria

fate of innocent Nigerians? Likewise, when government agents revoke an agreement with another corporate entity without recourse to due process, the signal it sends to the international community and other prospective investors is not palatable in any way. Government is a going concern, a continuum that demands respect for existing agreements. And in that regard, it is difficult to believe that the previous administrations respected the agreement with Intels despite its illegality. More so, the TSA issue is a recent development that was never in the picture when the agreement with Intels was signed. If the government wants the other party to embrace the TSA, that has to be agreed at the table of negotiations not by revocation of agreements. The government cannot just issue a directive to a partner in a contract when the terms of the contract did not support such. It is dangerous to play politics with the livelihood of Nigerians, very dangerous. According to data from the National Bureau of Statistics, Nigeria currently has an unemployment rate of about 15% of the population. It appears we are more interested in increasing that percentage than we are in reducing it. The ripple effect of revoking Intels’ contract is the attendant job loss. The only way to fully understand the impact of Intels on Nigeria and the possible effect of the witch-hunt is to visit Onne community and have a conversation with the king of Onne. The whole community practically survives on the company as it employs many of the youths and continues to provide both direct and indirect jobs for the people. To attack Intels is to attack the Onne community and further plunge thousands of young men and women into the labour market. Does it really worth it? Politics is meant to be in the interest of the people not against the people. In the same way, the continued persecution of Intels also has a negative colouration on the country’s image. The image we are gradually building is that of an unreliable partner in a Public Private Partnership

arrangement. This is evident in how we have handled other PPP arrangements. If we continue like this it may be difficult to have investors that will be eager to invest significant funds in Nigeria. Maybe, they will come in and take advantage of whatever we have to offer in the immediate. However, they will be wary of engaging in long term business relationship with the federal government as a result of the experiences of companies like Intels. Since no one knows what the future holds with a different government. It is important for the government to listen to the voice of wisdom and bring Intels to the negotiation table for an amicable resolution to the current impasse. Terminating contractual agreement with the company on the basis of illegality is petty to say the least. The contract is a form of Public Private Partnership and there is absolutely nothing illegal about that. We all understand the need for every political gladiator to strategise for the coming elections. We understand the need to outsmart political opponents to corner some political advantages. It is normal in politics but there is always a red line we must not cross. When political moves have the potential of eliminating the livelihood of thousands of Nigerians, it is a red line that must not be crossed. Let us embrace options that will be beneficial to all Nigerians and to the nation at large. By the way, if Intels is attacked today for political reason, who will be attacked after 2023? Power is transient; no one really knows where power will swing to tomorrow. It is not smart to kill the future of thousands of people for the expediency of today. There are certainly other ways to fight politics; not by attempting to kill a company that has been socially responsible throughout its existence in Nigeria. Let us play politics that pays all not politics that pays some and plagues others. Isiaka, a Business Analyst, wrote in from Abuja

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FEATURES

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

Tackling Insecurity in Edo Adibe Emenyonu chronicles the state of insecurity in Edo State that led to a mass protest by indigenes of the state in Abuja, calling for the replacement of the Police Commissioner

hortly after his assumption of office as Governor of Edo State, Mr. Godwin Obaseki changed the face of revenue collection from bus, taxi drivers and other business owners in Benin City. He dislodged the thugs that used to collect internal revenue and replaced them with well-trained revenue officers that were equipped with Point of Service (POS) electronic device for revenue collection. With a scratch card, business owners started paying their revenues without anyhassles. The new approach, to a very large extent, has helped to sanitise a process that used to be marred by thuggery and lack of transparency that produced several emergency billionaires, who held sway at bus stops and markets and were highly sought after at local parties to spray wads of naira notes. The governorâ€™s second bold step was the signing of the Community Development Association Bill into Law, which has since restored sanity in land administration in Edo State. Obaseki had lamented that â€œThe activities of the CDAs retarded economic growth and development in the communities and our state in general. They flagrantly disregarded rule of law so as to achieve their selfish interests.â€? The law was the product of a rare synergy between the Benin Monarch, Omo Nâ€™ Oba Nâ€™ Edo Uku Akpolokpolo, Oba Ewuare II, Governor Obaseki and the Edo State House of Assembly. To this end, Edo State is currently a construction site with several intra-city and inter-state roads undergoing reconstruction, at a time the harsh outcomes of the worst economic recession witnessed in years, are still being felt. These bold steps towards purposeful governance in Edo State as well as the state governmentâ€™s efforts at repositioning the agricultural, educational and other sectors of the state to create the desired jobs and improve the quality of life of the average Edo citizen and resident, earned the governor the sobriquet; â€˜Wake and See Governorâ€™ as people woke up us to see newly constructed roads, schools, and large farms in their neighbourhood. However, this soaring profile Obaseki has built in less than one year in office is due to his unique style of governance, devoid of the noise that the typical Nigerian politician is known for, is currently under threat with the reported cases of violent crimes in the state in the past few weeks and months. While some of them have taken advantage of the new order and readjusted their way of life other criminal elements among them have continued to kill and maim and commit all manner of crimes simply because they misconstrued the new initiative as a deliberate effort by the government to remove food from their tables and throw them out of business. Just within a space of two weeks, Edo has witnessed unprecedented insecurity, while the police appeared helpless. For instance, the forceful abduction of an environmentalist and conservationist, Andy Ehanire, younger brother to Dr. Osagie Ehanire, Minister of State, Health. His kidnap on Sunday, September 24, 2017, led to the killing of three police officers in the process. While the victimsâ€™ wives and family are mourning their dead with government and the family of the kidnapped busy trying to contact the abductors for possible ransom negotiation, another kidnap incident took place Tuesday, October 3, 2017, with the abduction of renowned musician, Ambassador Osayomore Joseph who has set his band to play during the first coronation anniversary of Oba Ewuare II. The latest in wanton killing is the gruesome murder of Prof. Paul Otasowie, a professor of Engineering, University of Benin, right in front of his house along Ekewan Road, Benin City. Before these three incidents, a Catholic Priest,

Edo indigenes protesting at the National Assembly, Abuja

Rev. Fr. Lawrence Adorolo was also kidnapped by gunmen while coming back from Igarra, headquarters of Akoko-Edo Local Government Area to Auchi. Apart from that, there had been a catalogue of insecurity in the state due to the menace of herdsmen in the state. For instance, in March this year, a former Council Chairman of Etsako East, Suleiman Malik Afegbua was murdered in cold blood by suspected herdsmen along the Benin-Ehor Road while those travelling with him and other passengers abducted. The story is not any better in Edo North Senatorial District with tales of rampant serial killings, kidnapping, rape by suspected herdsmen. There was a reported case where the suspected herdsmen kidnapped a middle-aged man at Uluoke near the former Governor Adams Oshiomholeâ€™s village; killed and raped some ladies around Ikabigbo and Okpella. It was gathered that to perfect their operations, the herdsmen built makeshift settlements in the forests around local communities from where they launch attacks on their host communities. In Edo Central, the story is the same which prompted Obaseki to visit Eko-Ewu in May to commiserate with the families of two women who were raped and murdered by herdsmen. Speaking on behalf of the deceased family, Mr. Ceril Ikhajigbe from Oko-Ojeme explained what happened to the governor. According to the emotional Ikhajigbe, the victim had gone to the farm in the morning. Unfortunately for the unsuspecting woman, Fulani herdsmen raped her and murdered her. Added to this is the reported cases of rival cult

Angered by the seeming police ineffectiveness to combating crime in the state, Edo indigenes living in Abuja, the Federal Capital Territory, Monday, October 9, 2017, took to the streets in protest to register their sadness over the avoidable violent crimes in the state

wars which had consumed the lives of several persons in the state particularly Benin City, the state capital. Just few months back, a journalist with the NTA, Lawrence Okojie was murdered in cold blood in what the Police described as armed robbery attack, leaving his two kids fatherless and the wife, a widow. Just last month, the people of Oben, a peaceful community in Orhionmwon Local Government Area of the state woke up to the shocking news of the killing of Mr. Efosa Omoregie, a farmer, who was trying to protect his farm from the marauding Fulani herdsmen who invaded his farm with their cattle. According to the late Omoregieâ€™s widow, her husband got into an argument with the herdsmen in their farm and was shot by the Fulani herdsmen. He left behind two wives and 12 children. Prior to Omoregieâ€™s death, men suspected to be Fulani herdsmen in June, 2017, allegedly raped and beheaded a woman identified as Margaret at Ekpoma, from Esan West Local Government Area of Edo State. Report said the body of the victim was found by a search party after she failed to return home from the farm. Angered by the seeming police ineffectiveness to combating crime in the state, Edo indigenes living in Abuja, the Federal Capital Territory, Monday, October 9, 2017, took to the streets in protest to register their sadness over the avoidable violent crimes in the state. Their frustration in the hands of the Commissioner of Police, they described as highly corrupt and the concomitant sense of insecurity, which if not urgently checked, could escalate. During the protest, leader of the protest, Henry Okpamen with hundreds of Edo sons and daughters marched through the streets of Abuja with placards to the National Assembly and the Nigeria Police Force headquarters, Louis Edet House, to demand the redeployment of Mr. Haliru Gwandu Abukar, the Commissioner of Police in the state. According to the protesters, the rising wave of violent crimes in the state is an indication that the police commissioner was incapable of protecting lives and property in the state, hinting of a possible police collusion with criminal elements, many of whom operate under the cover of the police. â€œWe, the concerned citizens of Edo State, are gathered here today to share our pains with Mr. President; the President of the Senate and the Speaker of the House of Representatives on the worsening security situation in our state. â€œWhile Mr. Governor and his Cabinet, with cooperation from the revered Benin Monarch,

Oba Ewuare II, are working round the clock to encourage investments into Edo State, the Inspector General of Police has refused to support the government of Edo State in this effort,â€? Okpamen said. Not only that, the Edo indigenes also demanded an apology from the Inspector General of Police, Mr. Ibrahim Idris, for allegedly not doing enough to address the worsening security situation in the state. They said, "In March this year, a former local government chairman, Mr. Suleiman Malik Afegbua, and some persons were kidnapped by suspected herdsmen along the Benin-Ehor Road and was later killed by the kidnappers. "Strangely, while the family was still negotiating the release of the other persons who were kidnapped along with Malik Afegbua, the commissioner of police announced to the whole world that the kidnapped victims had been released, which was not true." The protesters recounted the several other kidnapincidents after the killing of Malik Afegbua, especially â€œfarmers, women in the Ewu, Uromi, Ubiaja and Ebigbere communities of the state." They said Dr. Andy Ehanire, the Chief Executive of Ogba Zoo was kidnapped on September 24 and three policemen were killed in the abduction process. Also, the protesters recounted how on October 3, a renowned musician, Mr. Osayomore Joseph was kidnapped. Okpamen further said: â€œTo cap it all, and on a very sad note, criminals struck again on October 5 with the assassination of a professor of Engineering at the University of Benin, Paul Otasowie, lamenting the lack of cooperation in intelligence sharing among security agencies in the state, a development, they believed, had further compounded the security situation. â€œAt a point and on a daily basis, the Okada Junction in the Ovia North-East Local Government Area became a criminal hideout with adverse implications for residents and travellers along the Lagos-Benin Expressway,â€? they said. The protesters stressed that though the Police Service Commission had redeployed Gwandu through a letter on July 5, the commissioner of police had remained in the state. "It was learnt that the embattled CP is still in Edo State on the orders of the Inspection General of Police, his fellow Northerner, who many see as above the laws or orders of the Police Service Commission. "Efforts by the Governor of Edo State, Mr. Godwin Obaseki, to make the CP honour the July 5 redeployment letter has yet to penetrate the brick wall at the police headquarters, a development

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FEATURES that has stopped the Commissioner of Police, Johnson Babatunde Kokumo, who was posted to replace him, from assuming work," the leader of Edo indigenes in Abuja stated. The Abuja protest, according to THISDAY investigation, apparently became necessary as all efforts by Edo people suffering the resulting horror of the violent crimes, had no other option. The protesters alleged that reports are rife that the Edo CP holds surreptitious meetings with leaders of criminal gangs, some of whom reigned as criminal community leaders in the state before they were outlawed by the governor. This raging allegations of corruption against CP Gwandu THISDAY learnt has further amplified an earlier alarm raised by the Network of Civil Society Organisations of Nigeria (NOCSON), the umbrella body of all Civil Society Orgnisations in the state, who accused the CP to be running a network of criminals in the state police command, who remit proceeds of crime to him regularly. While the Police Service Commission has promised to investigate the series of allegations against Gwandu, some observers of the developments in Edo State have said the first line of action is to make the police commissioner honour the posting letter issued him. They contend that any further delay in redeploying the CP could worsen the security challenge in the state, more so, with the no confidence vote passed on him during the Abuja protest, noting that his continued stay and â€˜gross incompetenceâ€™ has given criminals freedom to cause mayhem. They said that the centrality of Edo State has made it vulnerable to people from different parts of the country, who come in with sundry interests, noting that Okada, Okpella, Ekenwan, AuchiEkpoma-Benin axis of the state are flashpoints of crime, which call for responsive and intelligent policing. The group noted that it was surprising that Gwandu was redeployed from the state about three months ago by the PSC, but he has since colluded with the IG and other elements at the presidency to frustrate the enforcement of the directive. They stated that the posting, which was contained in a by the PSC on July 5, 2017, has left many in Edo confused because, though one Mr. Johnson Babatunde Kokumo was announced Edo State Commissioner of Police, Gwandu and his minions still hold sway in the state. They said that while previous police commissioners posted to the state worked assiduously to check criminal activities in well-known security flashpoints, the present Commissioner of Police, Gwandu applied a â€œlethargic and a rather nonchalant attitudeâ€? to his job. to the group, â€œthe incompetence of Mr. Gwandu came to the fore in March 2017, when a former Council Chairman of Etsako East, Hon. Suleiman Malik Afegbua and some other persons were kidnapped by suspected herdsmen along the Benin-Ehor Road. Hon. Afegbua was later killed by the kidnappers. â€œStrangely, while the family was still negotiating the release of the other persons that were kidnapped along with him, Mr. Haliru Gwandu announced gleefully to the whole world that the kidnappers had been arrested by his men, which was not true. This breach of trust demonstrates that Mr. Gwandu was out of touch with reality and incapable of relying on security reports to manage delicate situations in the state. â€œEven after this well-publicised incident involving Hon. Suleiman Afegbua, herdsmen continued to operate freely in that area and this led to the kidnapping and killing of innocent, vulnerable farmers especially women in Ewu, Uromi, Ubiaja and Ebigbere communities of the state.â€œ The group said the state police commissioner has refused to cooperate with other security operatives in the state, which has often jeopardised the lives of innocent citizens. To buttress this point, they

While Mr. Governor and his Cabinet, with cooperation from the revered Benin Monarch, Oba Ewuare II, are working round the clock to encourage investments into Edo State, the Inspector General of Police has refused to support the government of Edo State in this effort

Edo indigenes at Police Headquarters, Louis Edet House, Abuja, to lodge their complaints

L-R: Thomas Emmanuel, Edo North representative; Derrick Uhuango, Youth Coordinator, Kennedy Osifo, Edo South representative; Henry Okpame, Coordinator, Concerned Citizens of Edo State; Marcus Onobun, Edo Central representative and Chief Obabuofo, representative of the palace of the Benin Monarch, brieďŹ ng journalists in Abuja on the problem of insecurity in Edo State

Placards bearing Edo indigenes protesting in Abuja

said, â€œFor instance, when Dr. Andy Ehanire, the renowned environmentalist and conservationist was kidnapped on Sunday 24th of September 2017, which led to three police officers being killed in the process, available information indicates that there was ample and advanced intelligence report showing that criminal elements were planning to invade the area at that period. "However, Mr. Haliru Gwandu, in his characteristic incompetence, slept away and decided to leave the criminals to operate freely and put the lives of his officers at the mercy of the killers. Without a doubt, this situation has precipitated fear all over the state and low morale among the officers.â€? Continuing the group said: â€œWhile the families of the slain policemen were still mourning, the family of the kidnapped victim and government were still negotiating with the kidnappers, another incident took place on Tuesday, October 3, 2017 with the kidnapping of the renowned musician, Ambassador Osayomore Joseph. Mr. Gwandu, knowing fully well the security situation in the state was sighted on television attending a security summit which some of us refer to as a jamboree in Port Harcourt. Mr. Gwandu refused to establish a situation room to update the people of the state on what steps and progress had been made in the effort to apprehend the kidnappers of the two renowned Edo personalities.â€? Besides, NOCSON said the level of corruption in the Edo State Police Command is so high that stations and outposts can best be described as business centres where suspected criminals buy their freedom from the police for a fee. They

even claimed that every DPO in Edo State has a target (an amount of money to send to the commissioner) as an instruction handed over to them by the CP, which explains why junior police officers mount road blocks indiscriminately, even in front of their offices and collect bribes with straight faces. "About three months ago, Gwandu Haliru Abukar, was redeployed from Edo State and Commissioner of Police, Armament, Johnson Babatunde Kokumo, was posted to replace him. But enjoying the support of the Inspector General of Police and some powerful people in the presidency, Haliru Abukar has spent another three months in Benin since he was posted out," they NOCSON averred. Worried by these developments in the state, Obaseki as chief security officer of the state made several efforts to seek the implementation of the transfers to pave way for a new order in security in the state. But his efforts proved abortive as he was rebuffed by both the commissioner of police and the IG, who by this action have eloquently stated that the PSC lacked the power to effect the transfer of police officers. From all indication, the violent crimes being witnessed in Edo State have been traced to members of the dislodged organised criminal network in Edo State, who have since been upstaged by the ongoing revamp of most sectors of the state. The same persons who were stopped from intimidating and extorting innocent Edo people are the same persons fingered as taking advantage of the lapses in policing the state by relevant authorities to unleash mayhem on law-abiding residents.

So to heighten tension in the state, the criminal overlords, it was learnt, conscripted social media influencers to lead a campaign against the government in the hope that outrage over increased criminal activity would force the government to negotiate for a return to the old order. The plan, according to several sources, is to ensure that the state becomes â€œtoo hot for the government to handle, and then they would call for negotiation with the power-brokers to restore the old order when they extorted money from law-abiding Edo people. They intend to cause anxiety, and make people feel unsafe in the state,â€? another source said. It was learnt that Obaseki embarked on a trip to the Federal Capital Territory, Abuja, recently, to meet with President Muhammadu Buhari, with the aim of persuading him to prevail on the IG to honour the posting carried out by the PSC. The trip is yet to yield any fruits. Be that as it may, the Edo CP is yet to react to the allegations leveled against him. All efforts to get him comment on the issue proved abortive. But the Command Public Relations Officer (PPRO), Mike Ikombe, told THISDAY on phone that "the CP would not want to join any issue with anybody." An Edo resident who preferred anonymity said, â€œit means that while waiting for the Presidency and the IG to do the needful, the people of the state will continue to remain at the mercy of criminal gangs and their collaborators who are paid to hunt down." Ehanire regained freedom on Saturday, October 14, 2017..

IMAGES

L-R; Member, Directorate of Strategy, Nkopo Igbo Integrity Forum, Dr Cally Cursons, Chairman, Comrade Chidi Martins Opara and Secretary, Barr Chinedu Oduenyi during the inaugural meeting of the forum in Abuja...recently

L-R; South Africa President, Mr. Jacob Zama and Imo State Governor, Owele Rochas Okorocha, at the signing of memorandum between Rochaâ€™s Okorocha foundation and Jacob Zuma of South Africa foundation, held at Rochas Foundation College of Africa, Owerri, lmo State...recently

L-R; Winner of BIC shave and Realise your Dream Promo, Miss Odudu Blessing; Country Manager, BIC, Mr. Adeyemi Ojo; National Wholesale and Compliance Manager, BIC, Mr. Olasore Fatai and Business Development Manager, BIC, Apapa Territory, Mr. Adeluola Olukayode during the presentation of a car to the winner at Ojo Barracks, Lagos...recently

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

L-R; Miele Lab Scientist, Irene Ezeamalu; Managing Director, Woodstyles, Mr. Samir Bader; Managing Director, Miele Galary Ltd, Mustapha Olorunnimbe and Mr. Folusho Adagio. .at the MADE BY DESIGN EXHIBITION in Lagos...recently

L-R: Director, Corporate Communications & CSR, Airtel Nigeria, Emeka Oparah;Chief Executive OďŹƒce/Managing Director, Airtel Nigeria, Segun Ogunsanya; Executive Director, Sahara Group,Tonye Cole, and Executive Director, Human Resources, Airtel Nigeria, Gbemiga Owolabi at Airtel Employee Knowledge Series in Lagos...recently

L-R:Guest Speaker, Chioma Omernah; Africaâ€™s Premier wealth Coach, Omilola Oshikoya; Founder, Love Chest, Aderonke Adebayo; and Director, Mind Set Coach/Self Growth Strategy, Banke Sotomi, at the international day of the girl child 2017 in Lagos...recently etop ukutt

L-R: Director, Agricultural Services, Lagos State Ministry of Agriculture, Mrs. Abiola Ayoade; General Manager, British American Tobacco Nigeria Foundation (BATNF), Lolade Johnson-Agiri; Special Adviser to Lagos State Governor on Food Security, Hon. Ganiyu Sanni; Permanent Secretary, Lagos State Ministry of Agriculture, Dr. Olayiwole Onasanya; and Executive Director, BATNF, Abimbola Okoya, during the Walk for Food Security activity to celebrate the 2017 World Food Day at Alausa, Ikeja, Lagos... recently

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BUSINESSWORLD R A T E S NIBOR OVERNIGHT 1-MONTH

A S

A T

NIBOR 15.3333% 17.0332%

3-MONTH 6-MONTH

20.1621% 23.1621%

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

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

2 0 1 7

13.0970% 14.0684%

3-MONTH 6-MONTH

15.7898% 19.6644%

EXCHANGE RATE N305.50//1US DOLLAR* ĚŠ

Quick Takes FirstBank Partners BrandZone

BOOSTING MORTGAGE BANKING

(L-R) Chairman, Mortgage Warehouse Funding Limited(MWFL), Mr. Sonnie Ayere; President, Mortgage Bankers Association of Nigeria (MBAN), Mr. Niyi Akinlusi; Director, Other Financial Institutions Supervision Department (OFISD) Central Bank of Nigeria(CBN), Mrs. Tokunbo Martins; Prof., Managing Director/CEO, Nigeria Mortgage ReďŹ nancing Company Plc, Professor Charles Inyangete and Principal Manager, Investment Supervising Department, PenCom, Mr. Ibrahim Kangiwa, at MWFL launch in Abuja.

Inflation Estimated to Drop to 15.6% before Year-end Obinna Chima The Consumer Price Index (CPI) has been projected to fall within the range of 15.60 per cent to 15.96 per cent for the rest of 2017. Analysts at FSDH Merchant Bank Limited, stated this in their monthly economic and financial market outlook for October 2017, obtained recently. This, according to the financial institution, may impact yields on the fixed income securities. The inflation rate (year-on-year) dropped marginally to 16.01 per cent in August 2017, from 16.05 per cent in July 2017. That was the seventh consecutive month of a decline in the inflation rate. Also, there was a deceleration in the month-onmonth inflation rate in August 2017, compared with July 2017. The month-on-month change in the CPI stood at 0.97 per cent in August 2017, lower than the 1.21 per cent recorded in July 2017. Year-on-year (y-o-y), the Food Price Index (FPI) stood

ECONOMY at 20.25 per cent in August 2017, marginally down from 20.28 per cent in July 2017. The FPI was driven by higher prices of bread and cereals; meat; fish; oil and fats; milk cheese and eggs, coffee, tea and cocoa. In addition, the Core Index stood at 12.30 per cent in August 2017, higher than 12.20 per cent recorded in July 2017. The largest increase in the Core Index in August, were recorded in clothing materials and articles of clothing; garments, passenger transport by air, motorcycles, shoes and other footwear, furniture and furnishing; books and stationary; non-durable household goods, pharmaceutical products and maintenance, repair of personal transport equipment, and glassware, tableware and household utensils. â€œOur forecast shows that the inflation rate will remain in the range of 15.60 - 15.96 per cent

for the remainder of 2017. We estimate that the inflation rate would decrease marginally to 15.96 per cent in September 2017. This may impact the yields on the fixed income securities,â€? the report stated. Similarly, the external reserves recorded decline in the first week of September 2017, as the CBN intervened in the foreign exchange market to ensure naira stability. The external reserves have resumed consistent growth since September, 2017. The 30-day moving average external reserves increased by 2.07 per cent to $32.49 billion as at end-September 2017, from US$31.83 billion at the end of August 2017. The report also showed that average external reserves stood at $32.03 billion as at the end of September 2017, from $31.49 billion in August 2017. According to the FSDH report, the outlook for the macroeconomic environment in Nigeria remains positive, as oil

production and oil price remain favourable in the short-term. It noted that the stability in the value of the naira was expected to attract additional foreign capital, which would increase the external reserves. The value of the naira appreciated at the various segments of the foreign exchange market in September 2017, compared with August 2017. The premium between the interbank and parallel market was marginally tighter in September 2017, compared with August 2017. Furthermore, it stated that the availability of foreign exchange in the Investorsâ€™ and Exportersâ€™ Window (I&E Window) to meet genuine demand and the readiness of the CBN to support the foreign exchange market, would continue to support the value of the naira. Month-on-month, the value of the naira appreciated marginally at the inter-bank market Continued on page 24

Insurance Penetration: NAICOM to Sanction Operators Resisting Change Ebere Nwoji Insurance industry regulator, National Insurance Commission, said in its determination to ensure even distribution of insurance to Nigerians at all levels of life, it is ready to sanction insurance brokers and agents resisting change in their business distribution method. The commissioner for insurance, Mohammed Kari had expressed dissatisfaction at brokersâ€™ ways of doing business, saying they must strive

INSURANCE to adopt strategies that will ensure that more Nigerians are reach with insurance products. Tagging insurance brokers as corporate business chasers, he said there is urgent need for a change, adding that the commission is out for the needed change. He said some brokers maintain just one or two clients and are very comfortable with them, saying that if such client is lost

by the broker, he will be out of business. Kari insisted that this must change. And to show the determination of the NAICOM, Kari said that henceforth, brokers whose 50 per cent of total income comes from a client would be denied renewal of their operating licences. He said the commission is planning to evolve a guideline which is in line with the insurance market development to ensure that brokers do not just hook up to a single client,

but expand their operations to deepen the market. The decision, when implemented, it was learnt, would force many brokers out of their comfort zone to engage in aggressive marketing. NAICOM recently released draft guidelines on independent agent, mutual, associations, community and state government financial advisor, which it believes will also help deepen insurance retail market.

First Bank of Nigeria Limited has announced its partnership with BrandzoneConsultingLLCforthe2017BrandInnovationconference. The two-day is taking place event on Tuesday 17 and Wednesday 18 October 2017. The theme for the 2017 edition of the annual brand event is: â€œBranding: A Catalyst for Development and Growthâ€? with the Chairman, First Bank of Nigeria Limited, Ibukun Awosika as the chairman.The brand innovation conference is discussing how brandingcanserveasacatalystfordevelopmentandgrowthinNigeria. Discussions also focus on public-private synergies aimed at seeking national transformation through sustainable alternative economic options for national development. This yearâ€™s event feature panel discussions by professionals from all sectors of the economy including serving ministers, managing directors/CEOs, captains of industries, industry regulatory bodies, businessleadersandseniorbranding,marketingandcommunications professionals.Theywillsharelearningsandnewinsightsaboutthefuture of branding and marketing in the modern and technology-driven age. The conference, which is hinged on the sustainable application of new knowledge and insights for global best practices in branding andmarketingmanagementiswidelyconsideredaplatformthrough whichcorporateorganisationscanreinforcethoughtleadership,whilst influencingthebrandingandmarketingcommunicationsindustrypolicy atthenationallevel.Accordingto,GroupHead,MarketingandCorporate Communications,FirstBankofNigeriaLimited,FolakeAni-Mumuney, FirstBankâ€™s partnership with BrandZone on this yearâ€™s conference is in sync with the bankâ€™s support for sustainable human and national developmentinitiativesandthisyearâ€™sthemeisveryaptasitreinforces the importance of correcting the perception of the â€˜Nigerian Brandâ€™ whilst promoting a positive national narrative.â€™

Heineken Supports Fashion Show

Heinekenwill besupportingtheLagosFashionandDesignWeek(LFDW) as headline sponsor of the 2017 edition.This year would be the third consecutiveyearHeinekenwouldbeheadlinesponsorsofthefashion showcaseinAfricawhichbringstogetherthebestinthefashionindustry across the continent. Founded by Style House Files, LFDWleads the waywithinitiativesthatsupports,strengthensanddevelopsthefashion industry.Connectingwithover20millionPan-Africaninsiders,LFDW featuresRunwayShows,FashionBusinessSeries,FashionFocusTalks, andthe#HLFDWAfterParty.Thisyearâ€™seventwillfeatureanexciting four-dayline-upthemedâ€œAfrica:ShapingFashionâ€™sFutureâ€? Speakingat the cocktailtoofficiallykickoffthisyearâ€™sevent,MarketingDirector, NigerianBreweries,FrancoMariaMaggi, saidsponsorshipoftheLFDW isHeinekenâ€™swayofinspiringitsNigerianandAfricanconsumerstobreak through every border and open their world to perform their craft and skilltotheworld. â€œWeareexcitedtobeapartofthisuniqueexperience onceagainasLagosshowsthebeautyofAfricanfashiontotheworld andhowAfricawillshapefashionâ€™sfuture.â€œWeareevenmoreexcited toshowcasethefirsteverHeinekenAfricaInspiredFashionCollection at this yearâ€™s LFDW, a demonstration of Heinekenâ€™s appreciation of Africandesignsanddesigners,madepossiblethroughacollaborative workbetweentheHeinekenEastAfricateam,globalHeinekendesign team as well as the Nigerian team,â€? he added.

Forum to Examine Informal Economy

The City of Praia (Cape Verde) is presently hosting the fourth World Forum on Local Economic Development (LED), October. Over1,500participantsfrom120countriesareexpectedtoattendthe meetingorganisedbyUnitedNationsDevelopmentProgramme(UNDP); UCLG (United Cities and Local Government(UCLG);International Labor Organisation(ILO); The Andalusian Fund of Municipalities for International Solidarity(FAMSI); and ORU-FOGAR. UCLG Africa, the umbrella organisation of local governments on the continent, will participate in the event with a delegation led by the Secretary General, Mr. Jean Pierre Elong Mbassi. The forum would be a venue forexchangeonlocaleconomicdevelopment.Thethemeofthefourth edition is â€œThe contributions of local economic development to the implementation of the 2030 development programme.â€? It aims to provideguidanceandprinciplesforactiontoimplementSustainable development goals(SDGs).

There are very big countries in the world you will visit today and say you want to invest. The returns are not as high as you have in Nigeria. We want to invite you and that for me is the message we have here todayâ€?

Governor of Central Bank of Nigeria

Godwin EmeďŹ ele Continued on page 24

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BUSINESSWORLD INFLATION ESTIMATED TO DROP TO 15.6% BEFORE YEAR-END to N305.75/US$ as at the end of September 2017, a marginal appreciation of 0.03 per cent from N305.85/US$ at endAugust 2017. However, the average exchange rate at the interbank market depreciated by 0.07 per cent to stand at N305.89/US$ in September 2017, compared with N305.67/US$ in August 2017. The parallel market rate appreciated in September 2017, compared with August 2017. The naira appreciated at the parallel market by 0.68 per cent to close at N365.50/US$ at the end of September 2017, from N368/US$ at end-August 2017. It advised investors to take position in the treasury bills yields of 180-day and 364-day despite the drop in the NTB yields, as current yields on both the bills are still higher than inflation rate. â€œInvestors should realign their portfolios to increase the long-dated bonds Investors with foreign exchange should take advantage of the opportunities in some Eurobonds in the market. â€œThe average prices on the FGN Eurobonds were higher in September 2017 than in August 2017. Consequently, the average yields of the bonds closed lower in the month of September 2017 than in August 2017. INSURANCE PENETRATION: NAICOM TO SANCTION OPERATORS RESISTING CHANGE It also said it is planning 12 new distribution channels as part of its efforts to boost market development and deepen insurance penetration The commission believes that creating more distribution channels to support baccassurance referral model, which is already in place, will enable insurers penetrate the grassroots. â€œThese channels will increase accessibility to insurance products, so that majority of the population can access the product as part of their financial planning,â€? Kari said. The released draft has been generating reactions amongst operators, especially brokers.

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

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

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

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

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

NEWS

VAIDS: Tax Defaulters to Face Prosecution from April 1, 2018, Says Lagos IRS Boss Sunday Okobi and Ugo Aliogo The Chairman of the Lagos State Internal Revenue Service (LIRS), Ayodele Subiar, has stated that under the Voluntary Asset and Income Declaration Scheme (VAIDS), tax defaulters would either be prosecuted or get severe penalties. Subair, who stated this recently in Lagos, while addressing journalists after road show to create awareness for the scheme, said VAIDS is an amnesty programme that has been put together by the Federal Ministry of Finance, Federal Inland Revenue Service (FIRS) and the various states internal revenue services across the country. He stated that the programme provides a limited time opportunity for tax defaulters to declare all assets and incomes that have not been properly declared. According to him, VAIDS is a time-limited opportunity for taxpayers to regularise their tax status relating to previous tax period. In exchange for fully and honestly declaring previously undisclosed assets and income, tax payers will benefit from the forgiveness of overdue interest and penalties, and the assurance that they will not face criminal prosecution for tax investigation. The scheme ushers in an opportunity to increase the nationâ€™s general tax awareness and compliance,â€? he added.

The Lagos revenue service boss maintained that the plan would run for nine months and those who truthful declare, would have their interests and penalties waved, adding: â€œThey would only pay the tax liabilities.â€? Subair further explained that VAIDS is open to all such as entrepreneurs, businesses, trustees, and anybody involved in any economic activity, adding that some of the benefits of VAIDS is that interest and penalties would be waved, tax payers would

not be prosecuted once they have truthfully declared, and they would not be investigated. He lamented that the country doesnâ€™t have a good tax system, noting that past administrations have not made significant efforts in generating internal revenues. Subair said: â€œThis programme ends on March 31, and from all indications, it is not going to be extended beyond this period. From the April 1, there is a lot of data that is going to be compiled and all the tax defaulters will

be either be investigated or prosecuted. There is going to be severe penalties. â€œThere are different types of tax that ought to be paid. You donâ€™t expect companies not making profit to pay corporate taxes. But all their employees have to pay personal income taxes; the companies might be involved in the disposal of assets which might attract capital gains tax. Even in our tax code, there is what is known as the minimum tax. Therefore whether you are making profit or not you might still be li-

able to minimum tax. VAIDS relates to everybody who is qualified to pay taxes in Nigeria irrespective of where you are resident in. You might be based in the United Kingdom, but do business here in Nigeria; you are expected to pay VAIDS. A lot of tax payers have come to make enquiries. We expect a lot more traction towards the end of the year. So far it is a very noble programme and a lot of people see it as such. We have spoken to foreign investors who have shown interest.â€?

CONGRATULATIONS

L-R: Executive Director Retail, Wema Bank Plc, Moruf Oseni; Deputy Managing Director, Ademola Adebise; Chief Digital OďŹƒcer, ALAT by Wema Bank, Dele Adeyinka, at the Business Day Banking Awards 2017 where ALAT was crowned Digital Banking platform of the year in Lagosâ€Śrecently

Africa â€˜s Reinsurance Operators Expect Improved Market in 2018 Ebere Nwoji Africaâ€™s reinsurance market operators are optimistic about the prospects of the markets in 2018. In 2016, Africaâ€™s Gross Domestic Product(GDP) dropped to 1.8 per cent below the global average of 2.5 per cent, while Insurance premiums declined by 15.3 per cent to $ 61 billion. However, the contraction is mainly due to the depreciation of some key African currencies including Naira against the United States dollar. But for 2018, the senior reinsurance and brokerage executives, who spoke at the second edition of the Africa Reinsurance Pulse, launched Monday at the 22 African

Reinsurance Forum in Port Louis, Mauritius, said they expect results to improve markedly as the underlying market fundamentals remain largely unscathed from the current decline.. The Africa Reinsurance Pulse is annual research series, conducted by Dr. Schanz, Alms & Company. It provides an authoritative overview of the current state and future prospects of Africaâ€™s reinsurance markets. This yearâ€™s edition has been facilitated with the support of Africa Re, the African Insurance Organisation (AIO), Tunis Re and the Qatar Financial Centre (QFC). The study is based on in-depth interviews with 20 reinsurers and brokers operating in the

region. According to the report, contrary to the development in US dollar terms, in original currencies, most African insurance markets continued to grow in 2016 going forward, The report highlighted factors that will engender the expected growth as: expected benefit from the low insurance penetration, the recovery of commodity prices and the continentâ€™s need for infrastructure. â€œAfricaâ€™s young and growing population, its expanding middle class and technological innovations, which alter consumer habits, drive demand and create product opportunities as well as new avenues for distribution,â€? the report said.

The African insurance executives, in the report, however said Africa remains dependent upon factors external to its own sphere of influence, adding that while insurance markets contracted, excess capacity continues to flow inwards, driving competition and, as a consequence, protectionism. According to them, this threatens markets as they exclude themselves from access to foreign expertise, limit the potential for risk diversification and thus increase the exposure within the â€˜protectedâ€™ domestic economy. â€œCurrent premium rates are low compared to the average of the past three years, but due to large losses, rising claims and

the introduction of Risk-Based Capital regulation, pricing seems to stabilise. Still, current profitability is depressed as well. But according to the i we might be closing in on the bottom of the cycle,â€? said the regional operators. They said driven by an increase in rates in life insurance, cost reductions, tighter underwriting discipline and a steady recovery of the economy, returns are expected to improve. They insisted that the inflow of excess capacity into Africa is expected to continue, albeit at a slower pace adding that since Africa will remain a growth market, reinsurers rather trim their costs than reduce capacity.

â€˜SMEs Critical to Nigeriaâ€™s Economic Growthâ€™ Bayelsa State Governor, Hon. Henry Seriake Dickson, on Monday charged Bayelsa businessmen and women to take advantage of the opportunities provided by the Nigerian Content Development and Monitoring Board (NCDMB) to grow and sustain their businesses. Governor Dickson, who identified the development of small and medium scale enterprises (SMEs) as critical to jumpstart any economy, gave the charge while declaring open a two-day Succession Planning Workshop for Nigerian Agip Oil

Company Small and Medium Scale Vendors in Yenagoa. He said access to capital remains the major constraint in the development and sustainability of business and called on Bayelsans to get actively involved in the oil and gas industry to enable them take charge of their local economy. The governor, in a press statement by his Chief Press Secretary, Mr. Francis Agbo, lauded Agip and its joint ventures for organising the workshop, urging the oil company to avail the government of the statistics of indigenous businesses it has

been able to empower through the business finance scheme. He restated his position on the relocation of the corporate offices of international oil companies to their primary places of operation in the Niger Delta and implored the NCDMB to expedite work on its 17-storey headquarters building in Yenagoa. His words: â€œBusinesses must continue beyond those who found them. Just like government, they also need continuity. It is because of continuity that most of the investments I made in my first

tenure are now being sustained even in this recession. And you are seeing life changing mega projects coming to reality. Also speaking, the Executive Secretary of NCDMB, Simbi Wabote, said the Nigerian Content Intervention Fund would be managed on behalf of the board by the Bank of Industry, which is expected to be domiciled in Yenagoa. Wabote highlighted the four key areas the fund is expected to address, which include manufacturing, contract financing for community contractors as well as asset and equipment

acquisition. In his address, the Vice Chairman and Managing Director of NAOC, Mr. Massimo Insulla, said the workshop is targeted at equipping proprietors and managers of SMEs with skills and best practices in planning for the continuity and sustainability of their businesses. Insulla also enumerated NAOCâ€™s efforts toward creating the enabling environment for oil and gas businesses to thrive, including undertaking feasibility studies for the construction of a new 150,000 barrels per day refinery in the Niger Delta.

T H I S D AY ˾ ˜ ͯͶ˜ Ͱͮͯ͵

BUSINESSWORLD

NEWS

Abuja Disco Wants NERC to Convert Tariff Shortfalls into Assets Chineme Okafor and Nnenna Akuma in Abuja To boost the acceptability of its financial books by potential investors in its network, the Abuja Electricity Distribution Company (AEDC) has asked the Nigerian Electricity Regulatory Commission (NERC) to calculate and convert its share of the financial shortfall arising from its non-implementation of a cost reflective tariff to its books as assets. AEDC’s Managing Director, Mr. Earnest Mupwaya, who decried the constraints in getting a cost reflective tariff that will ensure power firms operate optimally in the country, said the computation of the tariff shortfalls into its books as an asset would boost it negotiating powers with potential investors who would see it as a future receivable. The 11 Discos had recently claimed that the shortfalls from their non-application of cost reflective tariff had shot up to about N460 billion. But, speaking on Monday at a workshop on electricity theft for judicial officers in Abuja judiciary circuit, Mupwaya explained that NERC could actually address the liquidity gap in the market though this tariff computation and conversion. He stated that such, when done, would reflect in the Discos’ balance sheet as projected revenue to be cleared through future tariff review when the electricity market stabilises. “The wholesale (generation) tariff has increased by 100 per cent since privatisation, on the retail side, the increase is only 16 per cent so there is already a big deficit. This would enable lenders to see the Discos account as positive and give

more funding for investment requirement,” said Mupwaya. He said while the Discos continue to seek cost reflective tariff to enable them make more investments including metering, and the sector bedeviled by poor financials, the practice of electricity theft was still a major challenge to the sector almost four years after its privatisation. “A major problem that we are facing in the sector is characterised by liquidity challenge. But if we analyse further the main reason that underpin this, the liquidity challenge can be traced to the theft of electricity and unaccounted for energy in the sector. “Because in order to have attained improvement in the sector there has to be efficiency in the way the energy is being accounted for. There has to be deliberate processes that should curtail theft of electricity. Theft of electricity is real. It is for that reason that when the bidders for these privatised entities put in their bids, the most important consideration for winning or procuring an asset was the aggressiveness of the program of addressing the losses,” he added. He said: “In our experience four years after take over, we have seen in areas even where we installed meters, massive theft of electricity still continue. It is for this reason that for anywhere where this transformation is taking place, there has been aggressive step to ensure that the issue of stealing electricity is decisively addressed. “Because if it isn’t, it negates all the improvement efforts. So, we are delighted to have you in our midst to collaborate with us, to work with us in this journey to support us so that at the end of the day, we will be able to transform the

Disco.” He also said his company has so far installed 88,000 meters in 2017, and would install another 120,000 units by December 2017 in an effort to end estimated billing. According to him: “The issue slowing down metering is funding constraint in the electricity market but we have found a way around it. We have used the vendor financing system to acquire 120,000 meters and if they are deployed and protected from energy theft, we can gain more funding and meter more customers.” In his remarks, the Chief Judge of the Federal Capital Territory (FCT) High Court, Justice Ishaq Bello, said it was the duty of the judiciary in Nigeria to help protect investments in electricity and other key economic infrastructure. He said: “When citizens start rising up to their own responsibilities, you should know that litigation must come, and it is our responsibility to call a spade a spade. “As an arm of the government, we in the judiciary are glad to join hands with stakeholders like AEDC to ensure that this essential commodity is available to all and that investments in the sector is well protected within the ambit of the law.” “Vandalism, theft and sometimes unauthorised access to electricity facilities are the common threats in the sector, and this could be a source of economic distress to the country that is trying so hard to improve its electricity sector, and if we don’t move fast, criminals will continue to exploit the vulnerable aspects of the system and other critical infrastructure,” Bello stated.

Moghalu to Speak at Goddy Jidenma Foundation Lecture Former Deputy Governor, Central Bank of Nigeria (CBN), Prof. Kingsley Chiedu Moghalu has been confirmed as the Guest Speaker at the 2017 edition of Goddy Jidenma Foundation (GJF) Bi-annual Public Lecture scheduled to take place on November 15, 2017 at the Nigerian Institute of International Affairs, Victoria Island, Lagos. He would be speaking on “The Challenge of Economic Growth in Nigeria.’ The GJF is a nonprofit, nongovernmental organisation founded in 2007, in memory of Arc Goddy Nwaolisa Jidenma, who lived most of his life in the service of humanity. He was a typical servant leader, while he lived. He was a student leader and later served Anambra State as Commissioner for Works & Housing and later Commissioner for Commerce & Industry. He served as the Chairman of the Organising Committee of the Papal Visit of His Holiness, Pope John Paul II for the beautification of Blessed Rev Father, Cyprain Iwene Tansi at Anambra State in 1998. The objectives of the foundation are to promote the spirit of selfless service and support ethical leadership initiatives,

to celebrate the human essence, promote self-discovery among the youth, support philanthropic activities and significantly contribute to thought leadership in Nigeria and Africa. The foundation is led by a Board of Trustees whose members are highly respected people in the society who share these ideals. The Chairman of the foundation is Prof. Pat Utomi, a renowned public intellectual and Founder/ CEO of Centre for Values in Leadership. The Foundation has embarked on several projects since its incorporation such as instituting prizes and awards in excellence and public speaking in several schools across the country. The schools include Loyola Jesuit College, Abuja, Birch Freeman High School Surulere, Pacelli School for the Blind, Nnamdi Azikiwe Secondary School Abagana and Ezike High School Nibo, in Anambra State. It is engaged in philanthropy. It promotes thought leadership through its bi-annual Public Lecture series which focuses on strategic and contemporary issues. Moghalu served as Chairman of the Boards of Directors of the Nigerian Export-Import Bank (NEXIM) and the Financial

Institutions Training Centre. He was also Member of the Board of Directors of the Central Bank of Nigeria, the Securities and Exchange Commission (SEC), the Asset Management Corporation of Nigeria (AMCON) and the global Alliance for Financial Inclusion (AFI). He previously worked for the United Nations for 17 years at duty stations in New York, Cambodia, Croatia, Tanzania and Switzerland. He rose to the highest career rank of Director and led successful work in accountability and regulatory reform as a Member of the highlevel Redesign Panel on the UN Internal Justice System appointed by Secretary-General Kofi Annan in 2006 (at the political level rank of Under-Secretary-General) at the request of the UN General Assembly. The Redesign Panel overhauled the accountability and dispute resolution framework for the 60,000-member staff and management of the UN worldwide. He also successfully led senior UN assignments in national reconciliation and nation-building in fractured societies in Asia, Africa and Europe, and raised billions of dollars for social investments in developing countries by

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

Expanding Your Business

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T H I S D AY Ëž Ëœ ÍŻÍśËœ Í°ÍŽÍŻÍľ

Honeywell Flour Reaps Benefits of Cost Mgt Strategies Honeywell Flour Mills Plc has returned to profitability following the adoption of cost optimisation and efficient management strategies, writes Goddy Egene and ensured higher levels of production efficiency,â€?Otudeko said. Speaking on the dividend, Otudeko said while the company gives strong consideration to the need to continuously invest for long term, the directors were convinced that due to the inability to recommend any dividends for disbursement in 2016, the least they could do was to make sure that their shareholders, who stood by the company during the trying times have no cause to regret their decision. â€œIn the light of our return to profitability, we are pleased to recommend to our esteemed shareholders, a dividend of six kobo per share,â€? he said. The chairman assured shareholders of the board and managementâ€™s dedication, diligence and commitment to the companyâ€™s mission, which is to produce consistently good quality flour and other wheat based products for the complete satisfaction of its highly valued customers and consumers.

This time last year, the shareholders of Honeywell Flour Mills (HFM) Plc were not happy because they could not receive dividend for the year ended March 31, 2016. That was the first time, the company, which is a regular dividend payer, could not pay dividend. Following the challenging environment characterised by rising inflation, high cost of finance, Naira devaluation that led to high cost of imported raw materials among others, the leading flour milling recorded a loss of N3.0 billion for the year ended March 31. 2016. Hence, the company was unable to declare dividend. However, the story has changed for the better as HFM recovered from loss and ended the year ended March 2017 with a profit after tax of N4.304 billion. And the shareholders smiled home from the annual general meeting (AGM) held in Lagos with a dividend payment.

Financial performance According to the audited results, HFM recorded a revenue of N53.2 billion in 2017, showing an increase of five per cent from N50.9 billion recorded in 2016. This increase in revenue was achieved despite the general decline in consumer spend due to macroeconomic headwinds experienced nationwide in 2016. Due to some forward looking strategies aimed at input cost management and efficiencies in the overall supply chain management process adopted by the company, cost of sales fell by 13 per cent. Specifically, cost of sales declined from N46.5 billion to N40.5 billion. Other income improved from N157.970 million in 2016 to N1.212 billion in 2017. Selling and distribution expenses fell by 23 per cent from N4.447 billion to N3.418 billion in 2017. This was achieved as a result of managementâ€™s execution of tactical initiatives in the companyâ€™s supply chain, sales and marketing functions to improve cost-to-serve metrics across modern trade and informal market channels in all business segments of the company. However, net finance costs jumped from N819 million to N2.792 billion, due to increased working capital requirement and the companyâ€™s ongoing expansion in Sagamu, Ogun State. But the company said it was considering several strategic options to better manage finance costs going forward. The increase in cost of finance notwithstanding, the company ended the year with profit before tax of N5.469 billion, compared with a loss of N2.869 billion. Similarly, profit after tax stood at N4.304 billion as against a loss of N3.023 billion in 2016. Also, shareholders funds soared by 219 per cent from N16.362 billion to N52.334 billion in 2017. Consequently, the company declared a dividend of six Kobo per ordinary share to the shareholders, which was approved at the AGM.

Company explains performance Commenting on the performance, the Managing Director of HFM, Mr. â€˜Lanre Jaiyeola, said: â€œThese results were achieved as a result of our determination to exceed the expectations of all stakeholders. Despite a challenging environment, we focused on delivering superior quality products to our wide-ranging customers in the retail and wholesale segments whilst leveraging our route to market capabilities which we continue to invest in. In addition, we took a very conservative approach to costing and also leveraged government policies targeted at helping the manufacturing sector during the forex crisis. Our management team is making significant changes to our business in order to lay a better platform for the years ahead. Therefore, in FY2018 and on the heels of an improving economic environment, we expect to record further improvements in performance, reigniting our growth agenda and extracting increased efficiency and cost

Business expansion/backward integration

Jaiyola

reduction through a recently launched companywide transformation and continuous improvement program.â€? Also speaking at the AGM, Chairman of HFM Dr. Oba Otudeko, said the companyâ€™s current performance indicated a leap from the results of the financial year 2016. He attributed the improved earnings and profits to the companyâ€™s relentless focus on lower cost sourcing for raw materials and foreign exchange and increased efficiency

in manufacturing. â€œIn FY2017, we reaped the benefits of a well-executed input cost management strategy. Our results show continued growth and a substantial step-up in profitability despite the volatile economic environment. It was achieved largely through improved efficiency. Our manufacturing function drove further efficiencies through continuous improvement projects that enhanced engineering and plant maintenance processes

HONEYWELL FLOUR FULL YEAR FINANCIAL SUMMARY 60 55 50

MARCH MARCH 2017 N53.2Bn 2016 N50.9Bn MARCH 2017 N40.5Bn

MARCH 2016 N46.5Bn

40 35 30 25 20 15 10

MARCH 2017 N2.8Bn

05 0

REVENUE

COST OF SALES

MARCH 2016 N0.819Bn

FINANCE COSTS

MARCH 2017 N5.4Bn

MARCH 2016 (N2.8Bn)

PROFIT BEFORE TAX

MARCH 2017 N4.3Bn

MARCH 2016 N3.0Bn

PROFIT AFTER TAX

According to the company, due to the forex crisis, it was not able to import key off-shore components and equipment that would have enabled the completion of the new pasta plant in its Sagamu site within the timelines earlier envisaged. However, it said it is assiduously working to ensure that the facility is inaugurated within the current financial year. HFM said its commitment to the sustainable growth and development of the country has propelled it to continue to invest in long term and capital intensive projects. â€œIn 2016, working with International Crop Research Institute for Semi-Arid Tropics(ICRISAT) and United States Agency for International Development Maximising Agricultural Revenue and Key Enterprises in Targeted Sites(USAID MARKETS), we distributed certified sorghum seeds to 11,000 farmers across seven states in northern part of the Nigeria and worked with them through farming until the harvest, culminating in us purchasing our first stock of local grains under a buy-back backward integration programme,â€? the company said. The firm added that under the umbrella of the Flour Millers Association of Nigeria (FMAN), we partnered with the Wheat Farmers Association of Nigeria(WFAN) to deepen the wheat value chain in Nigeria. â€œSpecifically, we are working to develop wheat seed varieties that are suited to our tropical climate and appropriate for producing wheat-based staples (ball foods, bread, noodles, pasta). As an initial step, FMAN has committed to buy all wheat produced by Nigerian farmers at guaranteed prices and we have collectively provided tools and equipment to the farmers aimed at increasing planted acreage, improving yields and reducing the cost of production. These strategic initiatives will see us reduce our dependency on imported wheat for production,â€? the company said. Transformation and outlook The company said it is focused on executing its â€˜Managing for Valueâ€™ medium term strategy and it has begun to implement pivotal initiatives to actualize the ambition. â€œThe most visible of these is the change in our corporate logo and adoption of a Masterbrand. On the one hand, the new logo is a projection our deliberate decision to transform our business and reposition it for the future. After almost 20 ywears of operations, we are cognizant of the need to increasingly adopt more contemporary and global best practices that promote growth and sustainability. The new image is reflective of new beginnings in outlook, performance and social impact. On the other hand, the adoption of a Masterbrand speaks to the fact that, through the years, we have transitioned from a mono-product manufacturer to a multi-product foods and agro-allied platform that meets the needs of a wide base of consumers,â€? HFM stated.

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Adeosun: No Need to Borrow If Taxes are Paid The Minister of Finance, Mrs. Kemi Adeosun, spoke to journalists at the just concluded annual meetings of the International Monetary Fund and the World Bank in Washington D..C. on why the government is embarking on accelerated borrowing as well as efforts to reform the tax system. Kunle Aderinokun, Chika Amanze-Nwachuku, Obinna Chima and Nume Ekeghe, who were there, present the excerpts: Can we get an idea about how successful your efforts around tax mobilisation has been and when are you going to introduce the luxury tax that you have always talked about? The luxury tax planned by the federal government is being finalised now because it cuts across the ECOWAS. There is a legal processes you must go through, including the customs union to actually vary the specific taxes. It is no news that Nigeriaâ€™s tax is six per cent to Gross Domestic Product (GDP). Another country with such low tax base is Saudi Arabia. They just introduced the Value Added Tax (VAT) for the first time. The problem we have in the country is not just that the system needs to be overhauled, it is also that people are not complying and this is because there is no consequence. We have just started with Voluntary Asset and Income Declaration Scheme (VAIDS), as a measure to tackle that and the response is impressive. In fact, people have started declaring and I have had a number of approaches from high net-worth people asking me to speak on their behalf to state governors to allow them time to comply because their personal taxes are payable to state governments. I have encouraged every governor that anyone who comes to declare should be given enough time to pay up. This is because the amount of tax that they would have to pay is big. We are doing this because we donâ€™t want a situation where it would lead to stifling economic activity. If someone comes quickly and is willing to pay, we have to show reasonableness. Whether taxing the rich will increase public revenue or not, it is all about public revenue to which they are obligated for public services. In any tax system, the burden must be borne by anybody whose income allows him or her to bear it. So, those with higher income should by definition, bear a greater part of the burden. The problem currently is that those at the lower level are the ones paying. If the man in the traffic control, with little income will pay at source, why would we not pursue the billionaire or the trillionaire to pay out of the income. We need to change the mindset in the country with regards to tax system. So far we are encouraged by the responses of companies on this tax amnesty and in these meetings, I have been able to speak to a number of ministers like the Indonesia and Argentina that have completed theirs, to exchange progress report and from their response, we are on track. You wrote a recent article where you said the country would be embarking on accelerated borrowing. How much are you looking at, did you have a sense in this meeting that Nigeria would be able to raise those funds? Why are we having to borrow? If you think back to the problem we face, our principal source of revenue plummeted by up to 85 per cent, so we had no choices. You either cut public infrastructure massively, which should have led to massive job losses or you borrow in the short-term, until you begin to generate revenue. We felt that laying off thousands of persons was not the best way to stimulate growth. Also, when we came into office, about 27 states could not pay salary. If we had allowed that situation to persist, we would have been in depression by now. So, we took the view as a government that the best thing to do was to stimulate growth and spend our way out of trouble, get the state governments to pay salaries, make sure federal government pays and invest in capital infrastructure. Once growth is restored, you begin to systematically reduce your dependence on borrowing. Now, we are

Adeosun

talking about tax and what we are saying is that people should be aware of their responsibilities to their nation. The solution to borrowing in Nigeria is that we must pay tax. If you pay the taxes properly, there is no need to borrow. Of course, there is the responsibility on the part of government to be more responsible and efficient. We are really focusing on this. We are trying to find ways to cut cost. Fundamentally, we must invest. We donâ€™t have the power we need, we donâ€™t have the roads yet and there is a

We need to change the mindset in the country with regards to tax system. So far we are encouraged by the responses of companies on this tax amnesty and in these meetings, I have been able to speak to a number of ministers like the Indonesia and Argentina that have completed theirs, to exchange progress report and from their response, we are on track

lot of money required to fund these projects. If we are able to move our tax to GDP from just six per cent, where it is now, to 10 per cent, it would significantly reduce the amount we need to borrow. And that would have a wider effect on the economy, reduce borrowing and bring down interest rate. It will also create head room for the private sector to borrow, because they are currently being crowded out. The state governments also appear to have gone agog in terms of borrowing. What is your ministry doing to control the rising debt proďŹ le of the states? Any state government has to come to us to get an approval to borrow. We perform Debt Sustainability Analysis and if the repayment is more than 40 per cent of their revenue, we turn it down. So many people are talking of how many loans we are approving, they donâ€™t talk about how many loans we are turning down. Many of such loans do not go through and we are constantly monitoring state governments to ensure that the debts that they take on is sustainable. The problem with some of the states that have debt problems are legacy issues that were there before they came in. But since, we came in, we have been very strict, trying to make sure states do not borrow more than they can service. But are you doing to reduce public debt? Nigeriaâ€™s debt to GDP ratio is one of the lowest. We are at 19 per cent, but most advanced countries have over 100 per cent. I am not saying we need to move to 100 per cent, but I am saying we need to tolerate a little more debt in the short-term to deliver the rails, the roads and power so as to generate economic activities, jobs, revenue, which would be used to pay back the debt. But I assure you that this government is very prudent around debt. We donâ€™t borrow recklessly and we have no intention of

bequeathing unserviceable debts on Nigerians. We are trying to do is create enough headroom to invest in capital projects that the country desperately needs. I do not think there is any Nigerian that will say we do not need to invest on power, do the roads, and that will not want us to fix 17 million housing deficits, build rails and they will generate economic activities and jobs. We do not need to continue hobbling as a poor nation. We are middle income country now. Nigeria, Angola, and South Africa are middle income countries. We do it jointly and efficiently, but the key thing really is revenue. They will generate revenues that will be used to pay down. It is a strategic decision that we have to make. I want to assure you, this government is very prudent about debt. We do not borrow recklessly. We have no intention of bequeathing unserviceable debts Nigerians. We are working with the National Assembly to refinance some of our treasury bills. What we are trying to do is that as treasury bills mature, we refine them. One of the issues that emerged from this annual meetings, was the need to increase investments in human capital. What is the federal government doing in terms of women empowerment? As you know, investing in women is the best investment any country can make. The impact on GDP will be massive. Go to any university in the world, they will tell you that when you invest in women, the GDP multiplies. Let us make opportunities available for our women. Many women do not have access to finance, they do not have land titles, and we really need to invest in our women. That also brings me to the question of what are we doing to the youths and employment. You Win project, we are just about to appoint a fund manager. We will not just give them money, we also will nurture them and make them to grow.

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BUSINESSWORLD

ANALYSIS

Ogungbesan: Diversification Important to Maintaining Balanced Portfolio Chief Executive, Stanbic IBTC Stockbrokers Limited, Mrs. Titi Ogungbesan spoke to Goddy Egene on the firmâ€™s leading performance on the Nigerian Stock Exchange, the need to sustain investor confidence and the role of market operators in attracting investors to the market, among other issues. Excerpts Stanbic IBTC has been involved with most of the big ticket ďŹ nancing deals in Nigeria in the last few years. What would you say is behind the conďŹ dence corporates and even the federal government reposes in Stanbic IBTC when it comes to debt or equity transactions in Nigeria? I think the most important characteristics that have endeared us to our clients are our Integrity, professionalism and painstaking execution capabilities. For us, it is important that clients derive utmost value first before any other consideration. We are Nigeriaâ€™s largest stockbroking firm in terms of transaction value from 2006 to 2016 (2017 current market share of 15 per cent) while also leading the transaction volume chart in 2013 and 2014. The fact that we are supported by high quality research and have franchise capabilities across and beyond the continent due to our relationship with our parent company is significant advantage. How signiďŹ cant was Stanbic IBTC Stockrokers Limitedâ€™s operation and performance in ďŹ rst and second quarters in 2017 to Stanbic IBTC Holdings Plcâ€™s stellar performance recorded in its halfyear 2017 ďŹ nancial results? SISL as one of the major subsidiaries allows Stanbic IBTC Holdings to present end to end financial capabilities to the clients which has been an important consideration for them in passing their transactions through the group. Data obtained from the NSE showed that 10 stockbroking ďŹ rms led by SISL, traded 70.71 per cent of the total value of stocks exchanged in eight months Ogungbesan and 46.28 per cent in terms of volume. SpeciďŹ cally, Stanbic IBTC Stockbrokers led at the current levels. Diversification is also in value terms, trading N299.592 billion, very important for investors to maintain a which is 19.61 per cent. To what would balanced portfolio. you attribute this laudable achievement? The listing of major companies, Our reputation for excellence is unrivalled, excellence in execution, research, sales and particularly in the oil and gas, power in sourcing for block flows. When clients and telecoms sectors, on the Nigerian know that you can deliver value to them Stock Exchange has remained a matter as a company, they naturally gravitate to- of intractable debate, with both sides wards you. We do not only seek to execute offering strong arguments that appear transactions, it is more important to build to have stalemated the issue. What role quality relationships with our clients and can market operators like you play to break the deadlock and possibly encourage other stakeholders. the targeted companies to quote on the Nigeria is ofďŹ cially out of recession, local bourse? The market can support the governmentâ€™s ďŹ rstly as an organisation, what are you doing to raise investor conďŹ dence and financing efforts by raising capital for infracollectively as a nation what should we structural projects through primary issues and public offerings. The major point here is capital be doing now to attract investors? We will continue to engage investors on the value that is in Nigeria as they can still get very good returns on their investment. The economy witnessed a significant improvement in the macro-economic fundamentals in 2017 as we have recorded consistent monthly drop in inflation from 18.72 per cent in January 2017 to 16.01 per cent in August 2017 due to base year effect. We have also had improvement in FX liquidity due to the new Investors & Exporters (I&E) FX window introduced by Central Bank of Nigeria (CBN) during the year. We saw significant improvement in volume of transactions executed in the equities market as well as the fixed income market. The intervention of the CBN in the capital market has helped in bringing Foreign Portfolio Investments (FPIs) into the country. What advice will you have for someone who wishes to invest in Nigeria now? My advice to investors is that they should consider valuation of the companies and take advantage of the undervalued stocks on the Nigerian Stock Exchange. We have several quality stocks that pay good dividend and offer capital appreciation which are attractive

The federal government has always and will continue to tap into the ďŹ xed income market as a way of providing funds and ďŹ nances to fund a budget deďŹ cit. We believe that the domestic pension funds and other investors have sufďŹ cient capacity to support governmentâ€™s bond issues. Issuing project related bonds would also be an avenue to raise funds to plug the budget deďŹ cit in our

whether for expansion or for diversification or even taking on new projects- that is what the Stock market provides. Companies that have a good business model and a good track record of profitability over the years, investors will want to be part of such businesses. The challenge we now have to take on as market operators is identifying those companies, engage them and intimate them of how the Nigerian stock market can both create more liquidity and value for their business. I must mention that although the operating environment is quite challenging at the moment for most businesses in those sectors. There has to be a really compelling story for the companies wishing to list on the exchange to get their desired level of liquidity. The capital market is expected to play a major role in helping government ďŹ nance a huge budget deďŹ cit this year. Considering the general apathy in the market, particularly by foreign investors, how well can the market support governmentâ€™s ďŹ nancing efforts? The federal government has always and will continue to tap into the fixed income market as a way of providing funds and finances to fund a budget deficit. We believe that the domestic pension funds and other investors have sufficient capacity to support governmentâ€™s bond issues. Issuing project related bonds would also be an avenue to raise funds to plug the budget deficit in our view. This will, however, have to be looked at from a contract sanctity perspective. On the equity side of the capital market space, one way to fund the government deficit is by getting some of the properly-run government agencies to list on the exchange. Take for example NNPC listing on the NSE or perhaps the National Communications Commission (NCC). The power of sovereignty alone could be compelling enough for investors to invest and hence for the government to source the

liquidity it requires. What are some of the key lessons gleaned from the just concluded 2017 Standard Bank East to West Africa Investorsâ€™ Conference? One of the most important lessons is that Nigeria is very key to investors looking at investing in Africa, the potential that the country has to offer is not in doubt, it is just important for them that the right policies are put in place. Another lesson is that companies that are perceived to be quality organisations in terms of efficiency, corporate governance, effectiveness and client -centricity will always be of interest to investors. Opportunities are still available in the stock market especially for long term investors. SISL is the leading stockbroking ďŹ rm in Nigeria, what goals and targets are you setting for yourself over the next two to three years? Yes, we have consistently been the market leader in the stockbroking space over the last couple of years. Just like the brand we represent, we aspire to continue to be the market leader. For us, it is important to rebuild retail investor confidence in the Nigerian equities markets; our goal is to continue to use technology to drive this. We are committed to taking participation in the market to each household in Nigeria because empirically, it has been proven that the returns of the equities market over the long term is usually higher than the fixed income returns. We will also continue to partner with the Securities and Exchange Commission and the NSE to deliver on the development of the market. It is important for us also to continue to deploy the capabilities within the broader group and relationship with our parent company to introduce new products to the market.

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BUSINESSWORLD

NEWS

Fidelity Bank, CWG Offer Insight on Digital Transactions Emma Okonji As Financial Technology (FinTech) players continue to take advantage of emerging technologies to cause disruptions in the banking sector, Fidelity Bank Plc and CWG Plc, a financial technology solution provider, have offered useful insight on how bank customers could carry out seamless financial transactions, using their mobile devices. The duo, who spoke at a digital payment forum organised by the Nigeria Information Technology Reportersâ€™s Association (NITRA) in Lagos at the weekend, offered useful insights on how bank customers could

take advantage of emerging technologies in carrying out fast and convenient financial transactions in a he digital age. Divisional Head, Electronic Banking at Fidelity Bank, Ifeoma Onibuje, gave insight how the bank is making efforts to bank the unbanked, using technology solutions that are flexible and customer friendly. She spoke on the introduction of the Quick Response Code (QR Code), which is a machine readable code, consisting of features used for storing readable information that could be captured and interpreted by the camera on a smartphone device, designed to make digital payment across all channels, relatively easier

for the customers. According to her, Fidelity Bank is catching up with technology to provide services that will bring on board, all the unbanked in the urban and rural communities, in line with the the financial inclusiveness drive of the Central Bank of Nigeria (CBN). Discussing the implication for technology adoption in the banking sector, the Founder, CWG Plc, who is an Entrepreneur in Residence at the Columbia Business School, New York, Mr. Austin Okere, gave insight into what he called the â€˜Austin Okereâ€™s Five Forces Model for Analysing the Future of Bankingâ€™. According to him, the five

models, of adhered to, would address the fears of perceived disruptions caused by FinTech players in the financial sector. He listed the five models to include: Banks, FinTechs, Regulators, Currencies and Customers. â€œHaving enjoyed centuries of monopoly, assured by the support of regulation, the traditional banks are beginning to feel threatened by the disruption from FinTechs who are exploiting pent-up customer dissatisfaction and new technologies such as blockchain, coupled with the significant boost in smartphone adoption and pervasive broadband, to disrupt the financial sector. But

there are indeed five forces that will define the new face of banking,â€? Okere said. Analysing the five forces, Okere said the banks must establish themselves with cash and ancillary instruments, while the Fintechs should consider the best digital currencies and mobile services. He explained that the regulators like the CBN and the Nigerian Communications Commission (NCC), must find ways of regulating traditional banks and the FinTechs respectively, in the areas of traditional currencies such as cash and cheques, or digital, like bitcoin or other cryptocurrencies. On the part of the customers, Okere said the weight and force of

the new found voice among customers that clamouring for convenience and lower costs of financial transactions, must be considered. He said FinTechs must assume a more prominent role in the new face of banking, and the regulators must come to terms of what should be regulated, just as the customers are the most significant force, and represented by the outermost sector of the concentric circles. Okere explained that the essence of the Five Forces Model is to enable players equip themselves with the imperatives that will ensure that their business is continuously relevant in the sector.

Oxfam: Why Nigeria Is Yet to BeneďŹ t from Climate Funding Adedayo Akinwale in Abuja Oxfam in Nigeria said despite the fact that Nigeria was ranked as the worldâ€™s fourth most vulnerable country to climate change in 2015 which has brought additional uncertainty and risk to the countryâ€™s small scale-food system, Nigeria has not benefited from multilateral climate funding. It said this was because the federal government has not es-

tablished a sufficient institutional framework to access funding. The Deputy Country Director, Oxfam in Nigeria, Mr. Constant Tchona disclosed this in Abuja, while presenting a policy brief on the impact of investment in agriculture and climate change adaptation on small scale farmers in Nigeria between 2010-2015. According to him, â€œthe financing to support climate change adaptation was drastically below expectations. The funding needed

for both adapt to and mitigate climate change estimated by the countryâ€™s environment ministry at $10 billion per year through 2030. But as of May 2017, Nigeria only received $15 million in funding from multilateral institutions for climate change adaptation.â€? Tchona stressed that Nigeriaâ€™s population size is about equal to the combined populations of the six countries receiving the largest share of multilateral

climate adaptation fundingNiger, Tanzania, Mozambique, Zambia Mali and Uganda, saying these countries have received a combined of 47 times the amount of finance for adaptation as the population of Nigeria. The Deputy Country Director said recent estimates suggest that in the absence of adaptation, climate change could result in losses of between two per cent and 11 per cent of Nigeriaâ€™s GDP by 2020, adding that these loss

estimates are projected to range between six per cent and 30 per cent by the year 2050. He revealed that desertification was now visible in eleven frontline states in the north including Kebbi and Adamawa. Tchona noted: â€œDeforestation rate is 3.5 per cent or 1km/year. Desert advances at the rate of 3.5 per cent per annum translating to 600m yearly in the frontline States, hence, 350,000 hectares of arable land lost yearly to

desertification. He urged the federal government to increase the spending in the agricultural sector to at least 10 per cent of the national budget in line with the commitment of the Maputo declaration. He said as a matter of urgency, government in partnership with donors should work toward boosting dedicated climate adaptation funds in agricultural sectors to match investment in other African countries.

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T H I S D AY WEDNESDAY OCTOBER 18, 2017

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EDUCATION Dilemma as FUOYE Divides over Registrarâ€™s Fate SincetheestablishmentoftheFederalUniversity,OyeEkiti,theinstitutionhasbeenjumpingfrom one crisis to the other, the latest being the move to remove the Registrar, Mr. Daniel Adeyemo. In this report, Raheem Akingbolu examines the genesis of the crisis and the debate trailing the purported sack The establishment of the Federal University, Oye Ekiti (FUOYE) six years ago, alongside other universities was celebrated by many Nigerians, who thought Ekiti State was due for a federal institution, given its legendary status in promoting educational values. But not long after the pronouncement of its establishment, two communities in the state, Oye and Ikole Ekiti, threw caution into the winds and began to lay claim to the location of the school. Before the then Kayode Fayemi administration and federal government decided to site part of the institution in Ikole with the main campus in Oye Ekiti, the issue had resorted into war between the two communities and claimed lives. Professor Chinedu Nebo, a former ViceChancellor of the University of Nigeria, Nsukka was appointed as pioneer Vice-Chancellor of FUOYE. He was to serve for five years, but this was not to be as he was later appointed wby former President Goodluck Jonathan as Minister of Power. This opened the door for another eminent scholar, Prof. Uzoma Asuzu, who was also designed to spend five years. Again, he was summarily dismissed and replaced by the current Vice- Chancellor, Prof. Kayode Soremekun. On assumption of office, Asuzu had confidently told reporters when asked of his vision for FUOYE, that by the time he finished with his term of five years, it would be the best in the country and be able to compete with first generation universities. The dream died with his removal from office. With Soremekunâ€™s appointment, stakeholders thought the institution would begin to enjoy smooth administration, but since the assumption of office of the Ogun State born professor, crisis has almost remained the second name of the university. Few months after he took over, workers commenced an indefinite strike over alleged victimization, intimidation and non-payment of hazard allowances. The workers carried out the protest under the aegis of the Senior Staff Association of Nigerian Universities, (SSANU), Non-Academic Staff Union, (NASU) and National Association of Academic Technologists, (NAAT). The workers, who held an emergency congress around the institutionâ€™s gate, accused the management of sitting on the promotion of those employed at the inception of the institution. They alleged that the newly-employed ones were however promoted. The NAAT Chairman, Ekundayo Ajibaye, demanded the immediate withdrawal of queries issued to them and dissolution of panels allegedly set up by the university to intimidate the workers. He also said the workers wanted the university management to immediately constitute the Budget Monitoring Committee that would look into cases of alleged financial impropriety levelled against the institution. â€œWe are fighting impunity and corruption, which is at its peak in FUOYE and we want the federal government to beam its searchlight on its management.â€? The Chairman of NASU, Mr. Dada Adebayo, said the workers resorted to the industrial action because the management allegedly reneged on the agreement it reached with the unions after the last crisis in January. The Chairman of SSANU, Mr. Babafunso Awe, accused the management of being insensitive to the workersâ€™ plights, saying that they wonâ€™t back down until all their demands were met. The crisis however took a new turn when Soremekun fought back and introduced a political dimension to it, accusing the state Governor, Ayo Fayose of fuelling the crisis by instigating the workers against the management. At a press conference in Ado Ekiti, Soremekun alleged that Fayose was after his life after serving as the Chief Returning Officer in Edo Governorship Election held last year September

FUOYE main gate

28, where Governor Godwin Obaseki defeated the candidate of the PDP, Mr. Osagie Ize-Iyamu. He stated that the governor took his resolve to destabilize the university to bare, when he allegedly ordered the Secretary to the State Government, Dr. Modupe Alade to bail some union leaders arrested for beating up some lecturers from the police custody. Of course, Fayose replied through his Special Assistant on Public Communications and New Media, Lere Olayinka, that as the chief security officer of the state, his priority was to protect the entire state and not dabble into irrelevances. While concerned citizens were still thinking of how to get out of the crisis, another calamity befell the university last month when its Bursar, Mr. Adejuyigbe Adebayo suddenly slumped and died in Lagos under controversial circumstances during FUOYE governing council meeting at the instance of its Chairman, Prof. Saadat Mabadeje. It was gathered that Adejuyigbe had travelled to Lagos and developed health complication when the meeting was on before he was rushed to an undisclosed hospital where he died. A source revealed that the deceased didnâ€™t manifest any sign of ailment when he left for Lagos, which made the staff of the institution to be confounded by his death. â€œHe was in the meeting when suddenly he started shaking and slumped. He was revived and was rushed to the hospital where he died. His health situation deteriorated on the way to the hospital and he died shortly after he got to the hospital,â€? the source said. According to investigation carried out in the school by this reporter, the late Adejuyigbe had been in the centre of the storm alongside the vice-chancellor, as union leaders in the university accused the duo and other top management staff of foiling attempts to pay some of their entitlements under contention which they had denied. However, in what looks like the mother of all crises, the university has proceeded on a process to remove the Registrar, Mr. Daniel Adeyemo. The embattled registrar was appointed in an acting capacity on July 15, 2011 on secondment from the Federal University of Technology, Akure (FUTA). He was made a substantial registrar in May 2015 after a competitive interview, and his tenure was to last for five years with a possible extension of an additional year. Adeyemoâ€™s travail began four months ago, when the coalition of the FUOYE branch of SSANU, NAAT and NASU wrote a petition dated May 16, 2017 to the pro-chancellor of the institution against him. The title of the petition is â€˜Vote of no Confidence on the Registrar, Mr. Daniel Adeyemo for Incompetence, and Subsequent Demand for His Urgent Removalâ€™. Among other allegations, the registrar was accused of inability to be flexible and take advice, irregular promotion and reduction of salary. He was also said to be morally unfit for the position of the registrar. After receiving the petition, a

committee was set up by the management to look into the issues raised against Adeyemo. After the committee submitted its report, a letter from the office of the Vice-Chancellor with ref. FUOYE/VC/V/01/245 dated September 27, 2017, the University Governing Council asked the registrar to proceed on an indefinite leave. Since the day the news that the registrar should proceed on indefinite strike was dropped on campus, peace has literally evaded the six-year-old institution as management has divided over the decision. While a few management staff, who didnâ€™t see anything good in Adeyemo because of his strictness and principled posture, believed the decision served him well, many people saw it as hasty move to get rid of him. To this set of people, Adeyemo is believed to be paying heavily for a collective decision of the management in order to protect the interest of some â€˜sacred cowsâ€™ in the institution. Besides, many individuals and associations in the institution have condemned the composition of the panel and dismissed its report as unfair to the person of Adeyemo. But in a reply to the petition and the decision of the panel, Adeyemo had on July 11, 2017, in a letter with ref. no: FUOYE/REG/VC/170/VOL 1/146, through the VC to the Pro-Chancellor and Chairman of Council, expressed his sadness that the decision to proceed on leave was part of the fallout of councilâ€™s consideration of the report of the committee set up to look into the petition. While assuring the council of his decision to comply with the contents of the said letter as a mark of due respect to a constituted authority, the registrar pointed out that as a principal officer in the university, and as a tradition, his deferred annual leave for the period of his tenure should accumulate towards the end of his tenure, adding that in any case, he has the prerogative to utilize all or part of the deferred annual leave only on his personal request. According to the registrar, even though he was addressed in the presence of other members of council that council possessed some evidences against him; the evidences were not shown or read to him. By these actions, he pointed out that he had been prejudged guilty and sentence passed on him without fair hearing, stating that the fact-finding committee set up never confronted him, interviewed or interrogated him with the evidences claimed to have been gathered to enable him affirm or deny them. â€œYet, I was judged not fit to continue as Registrar!â€? the letter stated. In his appeal for reconsideration of the decisions taken by the council, Adeyemo made reference to his impeccable antecedents both in FUTA and FUOYE. â€œI have had the opportunity to serve under the pioneer Vice-Chancellor, Professor Chinedu Nebo (the erstwhile Minister of Power of the Federal Republic of Nigeria), and Professor Isaac Asuzu, whose five years tenure was aborted

prematurely in February 2016. Thereafter, Professor Kayode Soremekun assumed duty in the university as the current Vice-Chancellor. â€œSince I assumed duty as acting and later substantive registrar in the university I have worked with the successive vicechancellors putting my best into the service of the university with demonstrated zeal, effectiveness and unalloyed loyalty to my vice-chancellors and the university. I have also worked with two successive governing councils, and by the grace of God, I have never received any form of reprimand either formal or informal from any of my vice-chancellors or the governing councils, not even verbal reprimand for once. â€œMy records in FUTA were clean. In fact, it was the impressive recommendations from the Vice-Chancellor of the Federal University of Technology, Akure that earned me the appointment as acting registrar of FUOYE at its inception.â€? Meanwhile, in an interview with the institutionâ€™s Director of Administration, Mr. Olatubosun Odusanya, he dismissed the insinuation that the indefinite leave slammed on the registrar was part of the plan to remove him. â€œFar from seeing the decision of the governing council that the registrar should proceed on leave as a plan to remove him, it was actually taken to give him fair hearing and a level playing field to all the parties. Let me also state that the leave is not indefinite one but a necessary step that was taken pending the time the issue will be resolved.â€? A senior staff of the university, who spoke to THISDAY under condition of anonymity, dismissed Odusanyaâ€™s claim that Adeyemo was not target for removal. â€œIf indeed Odusanya said the registrar was not pencilled down for removal, then he was being economical with the truth. One, from the day one, everybody, including the vice-chancellor, have been insisting that the issues raised by the people behind the petition were frivolous, how then did they (the council members) suddenly decide that he either went on leave or resign. â€œThat is too harsh a decision. Nobody ever imagined that the axe would eventually land on the registrarâ€™s head because some of the issues raised were as a result of decisions jointly taken by the management. To many of us, it is just a matter of calling a dog a bad name in order to hang it.â€? When called to react to the issue, the Chairman of the institutionâ€™s chapter of the Academic Staff Union of Universities (ASUU), Dr. Akinyemi Omonijo washed the hands of his members off the matter.

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EDUCATION

Zuma: Education, Key to Africaâ€™s Development Ëž Ă“Ă‘Ă˜Ă? Ă™ ĂĄĂ“ĂžĂ’ Ă™Ă?Ă’Ă‹Ă? Ă™Ă&#x;Ă˜ĂŽĂ‹ĂžĂ“Ă™Ă˜ Amby Uneze in Owerri The President of South Africa, Jacob Zuma has stated that Africa as a continent and African nations cannot develop without education. He said Africa is carrying the burden imposed on it by the colonialists and the only way to confront such challenge is through education. Zuma, who made this known in Owerri, Imo State when he visited for the signing of a Memorandum of Understanding (MoU) between the Jacob Zuma Education Foundation and the Rochas Okorocha Foundation College of Africa, said a child or a nation without education does not have the tool to face challenges. â€œI am a freedom fighter who devoted his life for the fight for freedom of my people and Africa, but I have discovered that it is not only freedom that can change the lives of Africans, education is the key as power comes through knowledge and knowledge comes through education. â€œWe Africans are manipulated by those who benefit from our sufferings. Part of the reasons why I am being attacked in South Africa is because I believe that our rights are been maligned and our people are been exploited by our colonial masters. This can only be corrected through education empowerment of our people which Rochas Foundation is giving.â€?

â€œThe founder of this Rochas Foundation is a true African, one among men who have understood the problems of Africa and know what to do to correct the problem. This African (Rochas) is different from other Africans, he is thinking broadly, he is beginning to solve the problem of Africa once and for all. Educating children from all length and breadth of the continent is the only solution to the African problem. â€œWe were divided by our colonial masters who created different burdens, but we are the same. To me this visit is far more important than the various state visits I have made because it touched the problem of Africans not by lamenting but by proffering solutions to it. â€œI will soon retire, I have been thinking of what to do after service to my nation but today I have found a real African brother who shares in my vision. I have agreed with him that we will collaborate and make this foundation strong; I believe we can and when we do we may have found solution to African problems. â€œAfricans have lacked visionaries since the death of people like Nkurumah, Mandela, etc who did not only work for their nations because they believe that once they got it right with their nations, African will grow. â€œToday, I am proud to associate with another great visionary who had discovered therapy

for the Africa problem. I will ask my colleague presidents in Africa to key into this vision and if possible donate a small percentage of the money we contribute at Africa Union to foundations like this. This is doing unity and not talking unity,â€? he added. To the students he said â€œI believe each and every one of you has a history like me, if I can make it without seeing the walls of any school, you can make it even better because of the quality education you are getting in this foundation; so make good use of the opportunity while you are here.â€?

In his remarks Okorocha said he was glad that the vision he had 17 years ago has grown in heaps and bounds, disclosing that the Rochas Foundation Colleges have over 15,000 students across the country and over four thousand graduates in the different fields. â€œPresident Zuma has travelled miles away not for social interaction or political reasons but for the purpose of charity and humanitarian reasons. I boast not of the sustainability of this project, God only is the chief sustainer, I am not the richest but I am simply privileged to have the heart to give.

â€œAs it stands today, I have dedicated 75 per cent of my wealth to service to charity, from all my income and whatever I make in my life as a successful businessman 75 per cent of them will go to charity, I have equally dedicated certain assets of mine not to be inherited by my children even when I am no more, those assets have been willed to Rochas Foundation for ever.â€? â€œWe have not gotten any means of support from anywhere in this world, neither have we gotten a dollar donated from any country of the world rather I have had

few old widows who come around with some baskets of oranges and banana to support this cause.â€? He continued â€œEvery child here is a story. Of recent we have children from Guinea and Sierra Leone whose parents and relatives all died of Ebola and they were left alone in this world, these children we are now giving hope again to live. These ones will go nowhere anymore until they finish their universities and then we shall send them back to their countries where they will contribute to the economic development of their countries.â€?

L-R: The South African First Lady, Mrs. Jacob Zuma; South African President, Jacob Zuma; Imo State Governor, Rochas Okorocha; and Chairman, Jacob Zuma Foundation, Mrs. Dudu MYeni, when the Jacob Zuma Foundation and Rochas Foundation College of Africa signed a MoU in Owerriâ€Ś recently

Revisiting STEM Education asVital for National Growth In view of the importance of Science, Technology, Engineering and Mathematics to the actualisation of any nationâ€™s development plan, Star Deep Water Petroleum Limited (a Chevron company) and the other Agbami parties recently organised a STEM symposium where stakeholders discussed ways of prioritising STEM and making the subjects attractive to students and teachers. Uchechukwu Nnaike reports It has been said in many fora how important Science, Technology, Engineering and Mathematics (STEM) education is and its connection to global competitiveness. However, Nigeria is yet to accord STEM its desired attention; students are not adequately motivated to pursue careers in STEM field while teachers are not properly trained or provided with adequate facilities to teach the subjects effectively. To proffer solution to these issues and other challenges confronting STEM education in the country, Star Deep Water Petroleum Limited (a Chevron company) and the other Agbami parties recently held the Agbami STEM Symposium and Exhibition at the Lagos Business School, Pan Atlantic University. The event, organised in commemoration of the World Teachersâ€™ Day, also witnessed the presentation of awards to winners of the Agbami STEM Quiz competition. The symposium with the theme, â€˜Promoting Excellence in STEM Teaching and Learningâ€™, was organised to identify issues in Nigeriaâ€™s STEM education reforms and provide strategies to ensure that STEM education is elevated to a national priority; suggest improved or alternative learning approaches in STEM education, including ways to strengthen the adaptation of these approaches to the education sector; encourage and recommend engagement opportunities for how Nigerian businesses can effectively support STEM education as part of their commitment to corporate social responsibility. In his remarks, the Director, Star Deep Water Petroleum Limited, Mr. Richard Kennedy, stressed the said for Nigerian youths to develop their capabilities in STEM, adding that to succeed in this new information-based and technology-

driven global society, Nigerian youths need to develop their capabilities in STEM to a level far exceeding what was considered acceptable in the past. He maintained that science, technology, engineering and mathematics are undeniably some of the key subjects to study now because of the need for Nigeria to evolve the scientific and technological innovation needed to face the challenge of globalisation and build an evolving knowledge-based economy. More importantly, he added that STEM education is directly linked to global competitiveness and future economic prosperity. While charting a future path for STEM education in Nigeria, the panellists comprising seasoned educators and entrepreneurs reiterated the urgent need for students to develop interest in STEM, adding that these subjects are key to national development. They urged government, parents and teachers to stimulate the interest of their wards towards science subjects, as developed countries did not build bridges with sports but through STEM. They said the ministry of education could rework the curriculum and re-engineer the structural system in such a way to lay emphasis on STEM and warned that things will remain the way they are in the country if an urgent step is not taken to prioritise STEM education. Also speaking, the Manager of Communication for Chevron Business in Nigeria, Mr. Shola Adebawo, urged stakeholders to stimulate the interest of students in science and not to see STEM as difficult subjects, stressing that STEM is in everyday life and stakeholders must create awareness for students to develop passion for it. According to him, what this country could do is to ensure that everybody has a role to play in driving a sustainable science education.

â€œWe can rework the curriculum and re-engineer the structural system in such a way to give emphasis to STEM.â€? He said teachers need to teach STEM in such a way to attract students to the subjects, and not to run away from them or see STEM as difficult. Adebawo, who disclosed the position of Agbami on STEM education, pointed out that Agbami is sponsoring the symposium and the series of activities in support of the study of STEM. He explained that because of their passion for science, the Agbami parties have awarded scholarships to drive science education in schools and have also invested in significant infrastructure, particularly science education infrastructure. â€œWe have invested in 33 fully equipped science laboratories in different schools in different states around the country. These are all physics, chemistry and biology equipment and these investments are to stimulate interest in the study of science education in Nigerian schools.â€? He noted that in support of the World Teachersâ€™ Day, the Agbami parties have demonstrated that they have strong support for education, adding, â€œthis is one of the big areas of our investment. In our support for education, we have discovered that the future of the world is technology-driven and technology is science. In his keynote address titled â€˜Integrating STEM and 21st Century Skills- Innovative Approaches to STEM Educationâ€™, the Executive Director, Science Teachers Association of Nigeria, Professor Ben Akpan said the problem of science education in Nigeria is infrastructure. He identified economic, social and cultural as some of the benefits that STEM provides for the society.

â€œThe science community believes that STEM is the greatest value to man and its environment. It has a dual mandate, which is to ensure that everybody has a basic literacy in science and to prepare future engineers, medical doctors and others in the society. â€œWe are in this present situation in our country because STEM education is not in the forefront. How many of us know and have an idea of the universe? Many countries globally are manufacturing things, but sadly in Nigeria we canâ€™t even fix a door. We are getting to an era of artificial intelligence, where computers are almost taking over from human beings, as computers are now taking design cues from the brain. â€œThe world is moving, but from our side here, we are static as nothing is happening. People talk about the curriculum, but I can tell you that is not the problem. I have travelled all over the world for science exhibitions and I do see their curriculum and it is not about it, but actually what they do. Infrastructure here is a major deficit in Nigeria. It is critical in science. We have people who schooled here and when they go out, they excel. Teachers need to be motivated so that they will be able to engage and guide students in STEM.â€? On her part, the Chief Executive Officer of Global International College, Mrs. Abolaji Osime, stressed that the country is in need of STEM graduates. â€œThe world has moved to knowledge-based economy. We need people who can provide solutions in Nigeria. We need to restructure our education sector because STEM is the future of Nigeria. STEM is integration, because we need to teach students problemsolving skills now.â€?

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Delta State Produces 2017 Maltina Teacher of the Year Uchechukwu Nnaike It was celebration all the way as a teacher at Mastercare International School, Asaba, Delta State, Mr. Felix Udochukwu Ariguzo recently emerged the 2017 Maltina Teacher of the Year at the grand finale held in Lagos. For the feat, Ariguzo was rewarded with N1 million in addition to the N500,000 he received as his state champion. He will also get N1 million every year for five years; a training programme abroad; and a block of six classrooms will be built at his school. Ariguzo, a Biology and Chemistry teacher, who said he draws inspiration for teaching from his love for service and knowledge building, thanked Nigerian Breweries for the gesture and enjoined other corporate organisations to emulate the company. â€œToday, I am very happy and proud that Nigerian Breweries has shown that teachersâ€™ rewards are both in heaven and on earth,â€? he said. The 38-year-old son of a teacher maintained that teaching is not about earning a living, but giving life a meaning and that a strong passion and emotional stability are vital in the teaching profession. The first runner-up was Mrs. Chika Ume-Ezeoke, a Biology teacher at Our Lady of Apostle, Yaba, Lagos, while Mr.

Samuel Emochuaogu, an English teacher at Winners International Academy, AgudamaEpie, Yenagoa, Bayelsa State emerged the second runner-up. Each of the 27 state champions received N500,000, while the first and second runners-up got an additional N1 million and N750,000 respectively. In his remarks, the Managing Director, Nigerian Breweries Plc, Mr. Johan Doyer explained that in line with the companyâ€™s philosophy of â€˜Winning with Nigeriaâ€™, it resolved in 1994 to play a more active role in the development of education in Nigeria when it established the Nigerian BreweriesFelix Ohiwerei Education Trust Fund with a commencement capital of N100 million. He said the fund has impacted over 25,000 students across the country, built 31 classroom blocks and 30 libraries equipped with furniture and books in primary and secondary schools across various communities. According to Doyer, in 2015, the companyâ€™s intervention in education was expanded to include teachers when the Maltina Teacher of the Year initiative was launched. He said the initiative was hinged on the realisation that teachers hardly get the recognition they deserve in spite of the pivotal role they play in determining the quality of education and the future of the country.

â€œTodayâ€™s grand finale gives us an opportunity to share happiness with our teachers and I hope that this initiative reminds everyone to support and encourage our teachers always.â€? He thanked stakeholders in the education sector for their support especially the Federal Ministry of Education, the ministries of education in all states, the Nigeria Union of Teachers (NUT), the All Nigeria Conference of Principals of Secondary Schools (ANCOPSS), the Teachers Registration Council of Nigeria (TRCN), among others. Also speaking, the Lagos State Deputy Governor, Dr. Oluranti Adebule, who was represented by, the Permanent Secretary in the Ministry of Education, Mr. Adesina Odeyemi, described teachers as the most critical asset of the nation and thanked the company for the initiative, which she described as a big boost to teachers and the teaching profession. The initiative has so far produced 69 state champions and three overall winners. In 2015, Mrs. Rose Nkemdilim Obi from the Federal Government Girlsâ€™ College, Onitsha, Anambra State emerged the winner at the maiden edition, while Mr. Imoh Enoh Essien, a teacher at the Special Education Centre for Exceptional Children, Uyo, Akwa Ibom State won in 2016.

L-R: The Permanent Secretary, Lagos State Ministry of Education, Mr. Adesina Odeyemi; Chairman, panel of judges, Maltina Teacher of the Year, Professor Pat Utomi; Delta State Commissioner for Education, Mr. Chinedu Ebie; 2017 Maltina Teacher of the Year, Mr. Felix Ariguzo; Managing Director of Nigerian Breweries Plc, Mr. Johan Doyer; member, panel of judges, Mrs. Eugenia Abu; and Corporate Affairs Adviser, Nigerian Breweries Plc, Mr. Kufre Ekanem, at the grand finale of the 2017 Maltina Teacher of the Year in Lagosâ€Ś recently

NNPC/Chevron Hones Studentsâ€™ Creative Skills with Arts Contest Uchechukwu Nnaike As part of efforts to promote creativity in the Nigerian child and use art to achieve patriotism about Nigeria from early stages of youth development, the NNPC/Chevron Joint Venture, in collaboration with the Federal Ministry of Education, has rewarded winners of the 2017 National Art Competition for Nigerian Secondary School Students. This yearâ€™s edition with the theme â€˜The Nigerian Spiritâ€™ is the 12th in the series and it was intended to inspire and engender a sense of ownership and commitment to Nigeria, which aligns with the companyâ€™s corporate goals of promoting human and social development. â€œThe theme gives the students the opportunity to showcase the essence of what it means to be Nigerian and the attributes and qualities of the Nigerian spirit through artistic expressions. Promoting human and societal development.â€? In the junior category, a JS 2 student of Redeemed Peopleâ€™s Academy, Jos, Plateau State, Chizoba Nwadike came first; a JS3 student of UNIBEN Demonstration Secondary School, Edo State, Anthony Umoru came second; while another JS3 student of Phoebestar Royalty School, Osun State came third. In the senior category, an SS1 student of UNIBEN Demonstration Secondary School,

Elliot Isokpan came first; an SS2 student of Owhe/Emevor Group of Schools, Delta State came second; while an SS2 student of UNIBEN Demonstration Secondary School, Daisy Oboigba came third. For their efforts the winners in both categories got a scholarship of N100,000 for the duration of their secondary education, while the first and second runners-up got N75,000 and N65,000 respectively for the duration of their secondary education. In his remarks, the Chairman/Managing Director, Chevron Nigeria Mid-Africa Business Unit, Mr. Jeff Ewing, said for the company, the art competition is an enduring investment in education that helps students to think outside the box, move beyond boundaries and seek multiple ways to proffer solutions. Ewing, who was represented by the General Manager Policy, Government and Public Affairs, Mr. Esimaje Brikinn, described art as a delightful means of self-expression. â€œIt is a window into the human mind. It grants us access to abstract expressions of human thoughts impressed upon canvass and various forms of art. â€œArt helps in mental, physical and creative language development of children. This points to the fact that the more we encourage these young ones to recreate their beautiful and thought-provoking imaginations in a visible form, the more

they grow to become problem solvers for our society because problem-solving requires creative thinking.â€? The Group General Manager, NAPIMS, Mr. Roland Ewubare, who commended NNPC/Chevron for organising the annual competition, said the project has contributed to an increase in participation in fine art among Nigerian students and a rising interest of the public to art appreciation. To the winner, he said â€œit is time to celebrate your success. I congratulate you all for showcasing that you truly have â€˜the Nigerian Spiritâ€™ and that you know what it means to be a Nigerian. I have faith in you that you will continually excel in the field of art.â€? On his part, the Minister of Education, Mallam Adamu Adamu stressed that to continually make headway in art as a nation â€œwe must tutor our children to become creative thinkers and champions not just training them to become good employees. Hence we need a rich and enormous curriculum for art that exposes our children to all essential- fundamental knowledge they need that will help them make significant foot print in the field of art.â€? He said the competition would stimulate the interest of art in the minds of â€œour championsâ€? and broaden their minds, enabling them to be more creative.

Alarm Bell for Male Teachers Male teachers like all men know how important it is to be healthy. Nevertheless being typically men unlike their female counterparts, they ignore this aspect of life. Men generally seem to harbour an infinite concept of strength, which is an enduring relic from the Stone Age. Men silently believe that their strength is never going to diminish. In their hay-days, men believe that they may have a few bad days, but will never really get weak, or suffer the problems women do. Unfortunately, itâ€™s never as straight forward as that. The hectic lifestyles that a lot of Nigerian male teachers lead, pulling in resources here and there, take a toll on their bodies as well as on their minds. Consequently, the only way for them to manage through the day and ensure good health in their old age, is to give priority to all that constitutes their individual wellbeing. In addition to a regular nutritious diet and fitness routine that includes exercises, there are some more lifestyle tips that male teachers could look into which include the following: Eating nutritionally balanced meals What you eat now would determine the state of your health in years to come. If many people knew this early enough, they would have been enjoying a healthier old age. A healthy meal should consist of plenty of fruits, vegetables, nuts, whole grains, milk (whole or skimmed), lean and white meat like poultry and fish, red meat in small portions and so on. Make sure that your food is low-fat, contains very little trans fat and cholesterol, and whenever possible avoid pre-packed and processed refined foods. Maintain regular exercise Good fitness tips include exercising regularly up to four times a week for an hour to help improve your overall health condition. A good fitness regime would prevent the likelihood of back injury, and in the longer run, lower the risk of osteoporosis. Cardiovascular exercises combined with aerobics exercises would improve blood circulation and prevent heart disease. Simple activities like vacuum-cleaning, walking, jogging, sprinting, swimming, bicycling etc. can all help to improve muscle strength and tone your body. Maintaining an ideal body weight A good body weight not only makes you look good, it helps to optimize your health. Maintaining a good weight would ensure that: your blood pressure and cholesterol stay in check, your blood sugar does not escalate, your risk of heart disease, diabetes, hypertension and obesity (unless genetically prevalent) are lowered. A good weight is not too difficult to achieve, if youâ€™re determined to do so. A healthy diet and exercise garnished with dedication will do the job. Looking good and being complemented for it, would definitely make you feel good and boost your morale and self-esteem as you tackle your daily engagements. Limit alcohol intake and smoking It would actually be best to avoid both of these potentially harmful elements. However, if you do take them, do so in moderation. Smoking increases your risk of Lung Cancer while drinking on the other hand could spill out of control and turn you into an alcohol dependent person. Without doubts, addiction to alcohol ruins an individualâ€™s health, their professional competence, their relationships and their personal life. Essentially, excessive intake of alcohol and smoking both have an adverse effect on the overall health of any individual. Having regular check-ups Going for regular check-up is like taking your car for the mandatory MOT of Car-Service. It is not just a â€˜woman and child thingâ€™. Men need to have regular health check-ups considering the fact that most diseases come to all without pre-announcements. Regular screening tests for obesity, blood pressure and sugar, cholesterol, diabetes, sexually transmitted diseases, and prostate cancer are essential. For men over the age of 40, cancer popularly develops in male reproductive gland â€“ prostate â€“ due to a number of reasons. An active sexual life too is imperative for good health. Managing your stress levels with the help of your family and friends has proven to be an effective tool to keep depression at bay. A happy life with ways to de-stress yourself combined with the above tips would definitely help you lead a healthier life.. - Omoru writes from the UK

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Okebukola Solicits TETfundâ€™s Support for Private Varsities Ugo Aliogo and Augusta Akumka The Chairman, Board Trustees (BoT) Caleb University, Lagos, Professor Peter Okebukola has called on the Tertiary Education Trust Fund (TETFund) to make adequate provision for private universities in its intervention programmes as a way of improving the standard of education in the country. Speaking at the seventh convocation ceremony of the university recently, he said private university proprietors are putting up a position that TETFund should be able to provide for private universities, adding that the bulk of the monies from TETFund come from private universities. Okebukola who spoke on â€˜Your Role in Shaping Nigeriaâ€™s Futureâ€™, said steps should be taken for TETFund laws to support capital development of private universities and other issues, adding that in 1921-66, government was providing â€˜grants in aidsâ€™ to private schools. â€œThe policy is not new.â€? He said the grants-in-aids was done by government because the citizens were of Nigeria descent, adding that there is need for government to revisit the policy as a number of institutions are currently practising it. â€œThe policy is practiced around the world. For instance, we have Harvard Uni-

versity as a classic example, at the start of Harvard, it had support through endowments from the public and private sectors respectively through several instruments, until the university was able to stand on its own. Today, a year budget of Harvard is more than the combined budget of all universities in Nigeria. â€œTETfund should not just invest money in these private universities, but it should be performance-driven. For instance, if a particular university is doing a course that will benefit the economy, there should be a formula that should be applied that will test performance. I want government to carry out what is known as a stress test for all private universities so that those that are able to pass the test will qualify for the financial support from TETFund.â€? In his remarks, the ViceChancellor of the institution, Professor Ayandiji Aina, described the graduating students as people with great potential for the corporate world, adding that they have been taught the rudiments of survival in life and the principle of value addition in the society. He added that as part of efforts to retain some of its best brains, the university council recently approved the full package for the graduate assistantship which would give lecturing opportunity to students with first class and a good second class upper division (a minimum of 4.0).

Upgrade FCET Umunze to Varsity, Provost Tells Reps Committee The Provost, Federal College of Education (Technical), Umunze, Anambra State, Prof Josephat Ogbuagu has appealed to members of the House of Representatives Committee on Tertiary Education and Services to consider the elevation of the college to a university of education (technical). He said the college has run 13 degree programmes successfully for the past six years in affiliation with the Nnamdi Azikiwe University, Awka. Ogbuagu stated this while addressing the members led by the Chairman, Hon Aminu Suleiman, who visited the college as part of their oversight function. The lawmakers also visited the Federal Polytechnic, Oko and the Nnamdi Azikiwe University, Awka. Other members of the committee that visited the college include: Dr. Enitan Baoru, representing Lagos Island I; Hon Muazu Lawal (Zamfara); Hon Ben Nwankwo (Anambra); Dr. Aminu Ibrahim Malle (Taraba); Hon Stella Ngwu (Enugu), among others. Highlighting the challenges facing the institution, Ogbuagu said the college commenced academic activities in 1990 without any take-off grant. He urged the lawmakers to revisit the non-release of the take-off grant, adding that inadequate

fund has hindered the rapid development of the institution. While calling for more allocation to the college, he said the recurring shortfall in funds has made it difficult to meet its financial obligations. The provost said the college has defied all challenges to gain full accreditation for all its NCE programmes, as well as the Professional Diploma in Education of the Teachersâ€™ Registration Council of Nigeria (TRCN). He said the institution now runs 13 degree programmes fully accredited by the National Universities Commission (NUC), in affiliation with the Nnamdi Azikiwe University. Ogbuagu, who is also the Chairman, Committee of Provosts of Federal Colleges of Education, further explained that FCET Umunze has successfully run the degree programme without hitches for the past six years, and appealed to the committee members to upgrade the institution to a full-fledged university of education (technical), the first of its kind in the south-east geopolitical zone. While commending the provost, Suleiman said the visit provided a good platform to interact with the administrators of academic institutions, thereby obtaining insightful ideas that would improve teaching and learning.

Aina said if any student falls in that bracket, the individual has the opportunity to be enlisted and that others with partial support would be trained abroad. â€œThose who would be sponsored from graduate assistantship to PhD level have to be between 4.0 and above, while those with low second class lower division, but desirous of work, will be encouraged to do their masters and can also be

considered for work.â€? He said the National Universities Commission (NUC) has embarked on the first leg of formal assessment of universities which he said involved using the Open Education Resource Platform (OER), adding that the open space increases feasibility for the education sector to change the magnitude of assessment of Nigeria universities. He said the university is strategically positioned in that

direction, adding that during the formal assessment and ranking of universities, Caleb would be in the leadership position. At the 2017 convocation ceremony, 14 graduands made first class, while 142 made second class upper division, 162 made second lower division and 47 had third class. Miss Elizabeth Nejo of the Department of Mass Communication emerged the

best graduating student with a Cumulative Grade Point Average (CGPA) of 4.85, while for the postgraduate class, Mr. Quadri Ahmed of the Department of Architecture came tops with a CGPA of 4.91. Out of a total of 409 students that graduated; 365 were undergraduates while 44 were postgraduate students in the Masters of Business Administration (MBA) and Masters in Science of Architecture (MSA).

L-R:The CEO/founder, Digital BananasTechnology, Lagos, Keji Giwa sharing his vision with the Lagos State Commissioner for Science and Technology, Hon. Olufemi Odubiyi at the launch of his new office in Lagosâ€Ś recently

YABATECH to Graduate 9,021, Plans 70th Anniversary Celebration Funmi Ogundare The outgoing Rector of Yaba College of Technology (YABATECH), Dr. Margaret Ladipo has disclosed that the institution is addressing the disparity between HND and BSc by equipping its students with the requisite skills to become employers of labour, just as the institution is set to roll out the drums to mark its 70th anniversary and hold its 2017 convocation ceremony for the award of diplomas and certificates for a total of 9,021 graduands. Ladipo, who made this known recently while briefing journalists in Lagos, said through the National Vocational Qualification Framework ((NVQF) developed by the National Board for Technical Education (NBTE), its students would be equipped with technical and professional skills for the development and sustenance of the economy. â€œDegree awarding programmes can be pronounced anytime, but for us to remove the disparity, it is about hands-on-skills. We have been exposing our students to cutting-edge technology so that they will become employers of labour. We are trying to close the skills gap between the classroom and the industry.

Our HND graduates must also be relevant.â€? On activities to mark the convocation ceremony, which kicked-off with a Jumat service on October 13, and an inter-denominational service on October 15, she said the major highlight of the programme for the award of diplomas and certificates for graduands of the 2015/2016 academic session is slated for October 19, adding that the convocation lecture would hold at the Multipurpose Hall on October 18. â€œThe topic for the lecture is â€˜Repositioning Science and Technological Education in Nigeria for Global Relevanceâ€™, to be delivered by a lecturer at the University of Lagos, Dr. Emeka Eusebius Epuh.â€? Ladipo said since the world has become a global village and technological changes are occurring at a rapid rate driven by international competition and business survival, science and technological education delivery must also become dynamic to meet the needs of a rapidly changing world. â€œThe convocation lecture will address comprehensively the need to reposition science and technology in order to meet the emerging challenges. We really need to emphasise more on skills development rather than paper qualification.â€?

Commissioner Makes Case for ICT in Education The Lagos State Commissioner for Science and Technology, Olufemi Odubiyi, has stressed the need for the federal and state governments to strengthen their investment in ICT education to stem the loss of foreign exchange in the country. Odubiyi, who made this known in Lagos at the official opening of Digital Banana Limited, the parent body of Career Insight, said the more investment the country has in ICT education, especially in training talents to handle software development, the less the country will spend its foreign exchange to buy those softwares that can be developed locally. â€œWe need to start looking inwards and the first step towards that is supporting investors or entrepreneurs like Digital Banana to invest in internal capacity development in the state. â€œOur youths are full of talents. They are very creative and innovative. Being creative, innovative and thinking outside the box without having the right skill set that can help them actualise their innovative tendency can sometimes be a waste,â€? he said. The commissioner said the state government is ready to partner organisations

like this to promote youth entrepreneurship. In his remarks, the CEO, Digital Bananas Technologies, Keji Giwa, said Career Insights has moved from a training company to activate a platform that is allowing Nigerian youths to collaborate learn, develop themselves, get practical work experience; build amazing opportunities in relation to business and to also change their careers. Giwa said within the next three years, the company hopes to deepen its operation to provide practical work experience for people interested in becoming digital project managers and giving experience within the digital space; it also provide digital solutions to companies that need digital solutions. â€œIn the next three years, we want to put ourselves in a position where we can account for at least close to two to three per cent of the digital space market and Nigeria young population to build their digital skills and add value to the Nigerian economy.â€? This he said would strengthen the production of work-ready talents for not only local companies but talents that can compete globally.

T H I S D AY WEDNESDAY OCTOBER 18, 2017

T H I S D AY Ëž , OCTOBER 18, 2017

BUSINESS/MONEYGUIDE

External Reserves Hit 3-year High at $33.112 Billion Obinna Chima Nigeriaâ€™s external reserves has risen to a three-year high of $33.112 billion as of October 12, according to figure obtained from the Central Bank of Nigeriaâ€™s (CBN) website. The sustained accretion in the reserves is driven majorly by increased foreign currency inflows into the Nigerian fixed income securities market, the stability in crude oil prices as well as increased crude oil production. CBN Governor, Mr. Godwin Emefiele at the weekend expressed optimism that fundamentals of the Nigerian economy would continue its positive momentum. â€œFor me, what is gratifying is that in the midst of global recovery, Nigeria itself has shown signs of recovery, especially the turnaround in

the Gross Domestic Product (GDP) position, from a negative position to about 0.55 per cent. That for me shows that we are in the right position,â€? Emefiele had said while briefing journalists in Washington DC. He also revealed that some foreign direct investors were interested in investing in the countryâ€™s infrastructure as well as agriculture sectors. Responding to a question on his projection for the naira, Emefiele pointed out that as accretion to the external reserves continues and the economic fundamentals get stronger, the nationâ€™s currency would definitely strengthen. He said the central bank would continue to monitor the banks to ensure that are no threats that would alter the strategic health of the industry, â€œto the point where we begin to think about some threats that will distabilise

the system and therefore create problems for the economy.â€? He urged Nigerians living abroad to continue to remit foreign currencies to the country, just as he revealed plans to develop a policy that would link the countryâ€™s credit bureaux system to foreign borrowing. â€œWe are working on how to actually link our credit bureau arrangement with foreign borrowing arrangement, so that once there is a linkage between Nigeria and the foreign credit system, it is easy for them to even borrow from Nigeria and also get some form of attachment to the credit that they have abroad either in the United States or the United Kingdom. With that, it should be easy for them to access credit, then begin to build their businesses so that they can retire into Nigeria rather than retire abroad,â€? Emefiele said.

Broad

Fitch: Nigerian Banksâ€™ Eurobonds Offering to Ease Foreign Currency Maturity Gaps Fitch Ratings, a global rating agency has described the return of Nigerian banks to the international bond markets as a step towards reducing maturity mismatches between their foreign-currency (FC) assets and liabilities. This, according to the agency, would help lessens FC liquidity risk, but pointed out that the impact would be modest as the new bond issuances are small relative to total term FC lending. A statement from Fitch yesterday, explained that the renewed interest from international investors seeking yield had enabled several banks to issue Eurobonds since late 2016, for the first time since 2014, albeit at higher yields following rating downgrades in the intervening period. In most cases, the issuance would boost FC funding rather than simply refinance maturing FC debt. â€œNigerian banks have traditionally operated with significant maturity gaps, funding longer-term loans with short-term customer deposits, as is the case in many emerging markets. For FC liquidity,

there are no prudential limits in place,â€? it added. The Central Bank of Nigeriaâ€™s (CBN) regulatory liquidity ratio (requiring banks to hold liquid assets equivalent to 30 per cent of total deposits) is focused exclusively on naira liquidity. There are regulatory limits to control open FC positions in banking and trading books, but these target the management of market risk and its potential impact on banksâ€™ capital rather than liquidity risk. The term of bank lending has gradually lengthened since 2012 when Nigeria opened up opportunities for investment in the oil sector. â€œWe estimate that about half of all bank loans are mediumterm with maturities of three to four years. These are largely in FC. This is a high share for a low-rated market where banks have limited access to longer-term FC funding. FC term loans underwent considerable restructuring last year and this year, particularly among oil-related borrowers facing cash flow constraints given weak oil prices and disruptions in production. â€œThe devaluation of the

naira in mid-2016 also caused debt servicing problems as borrowers reliant on naira revenue streams struggled to find additional funds to repay rising FC obligations. Loan restructuring typically involves a two- to three-year maturity extension, pushing out final maturities to 2019 and beyond. â€œSources of longer-term FC funding are limited for Nigerian banks and we estimate that FC funding equates to less than half of FC sector loans. Nigerian banks are infrequent issuers on the international capital markets, but three leading banks with deposit market shares near or above 10 per cent have issued medium-term Eurobonds since fourth quarter of 2016,â€? Fitch added. While Zenith Bank had issued $500 million, United Bank for Africa -$500 million; and Access Bank -$300 million. Also, last week, Fidelity Bank, issued $400 million. â€œWe think more banks may follow. Outstanding FC bonds issued by banks totalled $4 billion at end-June 2017, the bulk of which is in Eurobonds,â€? the agency added.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

DECEMBER 2016 Broad Money (M2)

23,840,392.42

-- Narrow Money (M1)

11,520,166.67

---- Currency Outside Banks

1,820,415.90

---- Demand Deposits

9,699,750.76

-- Quasi Money

12,320,225.75

Net Foreign Assets (NFA)

9,353,504.03

Net Domestic Assets(NDA)

14,486,888.39

-- Net Domestic Credit (NDC)

26,970,297.97

---- Credit to Government (Net)

4,595,579.89

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

7,436,917.79

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

-2,841,337.90

---- Credit to Private Sector (CPS)

22,374,718.08

--Other Assets Net

-12,483,409.58

Reserve Money (Base Money)

5,837,322.41

--Currency in Circulation

2,179,174.28

--Banks Reserves

3,318,344.71 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

MANAGED FUNDS Month

December 2016

Inter-Bank Call Rate

10.39

Minimum Rediscount Rate (MRR)

NDIC, Banks Win Awards The Nigeria Deposit Insurance Corporation (NDIC) said it was recently conferred with the â€˜Special Recognition and Commendation Award for Excellence in Banking (Public Service)â€™ at the Business Day Banking Awards 2017. In a letter of commendation to the corporation, the awards committee anchored by Business Day Research and Intelligence Unit (BRIU) stated that the NDIC was adjudged as â€œan outstanding public service providerâ€? with sterling performance which stood high above its peers in effective leadership and accomplishments. According to the organisers, the Award Committee , which was made up of eminent Nigerians, reviewed the pragmatic and tangible transformations which the corporation brought into management and execution

of its core mandate including mitigation of corruption, insider abuse as well as containing non-performing loans in the nationâ€™s financial system. The Committee stated that the NDIC â€œhas also pursued the observance of corporate governance principles in the Nigeriaâ€™s financial systemâ€?, with declaration that this contribution and other milestone achievements earned the Corporation the public recognition. Similarly, Sterling Bank Plc said it won the â€˜Best Bank in Support of Agricultureâ€™ award at the event. The bank said the award was in recognition of its peerless support to the entire value chain in the agriculture sector of the economy. Speaking on the award, Executive Director, Corporate and Investment Banking, Sterling

Bank, Mr. Kayode Lawal, said â€œThe bankâ€™s commitment to the agriculture value chain aligns with the Federal Governmentâ€™s current policy focus of diversifying the economy and re-positioning the agriculture sector to play a lead role in economic development.â€? In the same vein, United Bank for Africa (UBA) Plc, said it was recognised for its support of the real sector as it won best bank in the category. The award, the organisers noted was in recognition of UBAâ€™s leadership role as in expanding access to funds for the support of the real sector in Nigeria and the rest of Africa where it operates. This feat they further said has brought about unprecedented growth to the sector and by extension, the nationâ€™s economy and that of Africa.

Monetary Policy Rate (MPR)

14.00

Treasury Bill Rate

13.96

Savings Deposit Rate

4.18

1 Month Deposit Rate

8.53

3 Months Deposit Rate

8.80

6 Months Deposit Rate

10.23

12 Months Deposit Rate

10.76

Prime Lending rate

17.09

Maximum Lending Rate

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

OPEC DAILY BASKET PRICE AS AT, MON, 16 OCT 2017 The price of OPEC basket of fourteen crudes stood at $55.74 a barrel on Monday, compared with $55.12 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

T H I S D AY Ëž , OCTOBER 18, 2017

MARKET NEWS

Meristem Introduces MeriGame to Stimulate Stock Trading James Emejo, in Abuja Meristem Securities Limited has introduced a platform meant to stimulate investorsâ€™ interest in stock trading in particular and the capital market in general. Called MeriGame, the platform was launched to bridge an identified gap between practice and actual trading. Speaking at the public pre-

sentation of the platform at the Nigerian Stock Exchange (NSE) in Lagos, yesterday, the Group Chief Executive Officer of Meristem Securities Limited, Mr. Wole Abegunde, the platform is the exact replica of our MeriTrade platform giving access to trade all available stocks on the floor of the NSE. He said:â€?Merigamewww. game.meritrade.com was

T H E MAIN BOARD

DEALS

MARKET PRICE

launched to bridge an identified gap between practice and actual trading. Stock trading by oneself is generally perceived to be scary and doubt-ridden. MeriGame is here to demystify the process while setting users up to trade real-time confidently. According to him, users get funded with virtual funds to simulate financial capacity

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

in real life trading as well as regular tips and recommendations to guide them in making choices on stock trading. â€œThat is not all, the platform has an ongoing championship game tagged â€˜MeriGame Championship.â€™ The championship rewards the top three winners financially with N100,000 at the end of each conclusive period. The winners

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

2.69

614,065

1,572,223.05

of this game are the top three traders with the highest returns on the platform,â€? he said. He explained that on MeriGame, users get to practice how to buy stocks under real market conditions without burning a finger or finance while standing a chance to win financial reward. He said the game even gets more interesting with a referral

system that allows users refer people and get more virtual funds in return to increase their purchasing power on the platform. â€œMeriGame also has a community forum that allows users and admin relate and get further clarifications about the platform and market trends amongst other general issues even lifestyle issues,â€? he said.

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

T H I S D AY Ëž , OCTOBER 18, 2017

MARKET

Meristem Introduces MeriGame to Stimulate Stock Trading James Emejo, Ă“Ă˜ ĂŒĂ&#x;Ă”Ă‹ Meristem Securities Limited has introduced a platform meant to stimulate investorsâ€™ interest in stock trading in particular and the capital market in general. Called MeriGame, the platform was launched to bridge an identified gap between practice and actual trading. Speaking at the public pre-

T H E MAIN BOARD

DEALS

MARKET PRICE

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

Ë› Ë› Ë› 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. 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 Ë› 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 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

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

2.69

614,065

1,572,223.05

E XC H A N G E

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 Ě™ Ěš VETIVA BANKING ETF VETIVA CONSUMER GOODS ETF VETIVA GRIFFIN 30 ETF VETIVA INDUSTRIAL ETF Exchange Traded Fund Totals ETF Board Totals ETP Activity Totals

˾ WEDNESDAY, OCTOBER 18, 2017

MARKET NEWS

ASHON Shops for N500 Million for Commodity Exchange Goddy Egene

key into the federal government’s vital information that can help any diversification programme with investor that intends to participate in the project . He explained that The Association of Stockbroking special emphasis on agriculture. Speaking at the meeting, a ogovernment had begun to build Houses of Nigeria (ASHON), which is promoting the proposed seniour stockbroker and former many shilos to boost trading in Commodity and Futures Exchange, President, Chartered Institute of commodity products as part of the has resolved to raise N500 million Bankers of Nigeria (CIBN), Mr. diversification programme. Speaking in the same vein, through private placement for the Okechukwu Unegbu commended Chairman of ASHON, Chief ASHON for the initiative. exchange. He said stockbroking firms Patrick Ezeagu commended the Preparatory to the raising of the N500 million, the chief executive should take advantage of the right stockbrokers for the confidence officers of stockbroking firms held of first refusal to invest in the project reposed in ASHON’s Executives a closed door meeting in Lagos because it has potential for good on the proposed exchange . Ezeagu yesterday to strategise on how to returns . According to him, the fund explained that the rationale for the realise laudable project designed to raising’s Memorandum contained meeting was to lay open every A Mutual fund (Unit Trust) is an investment floor of the Nigerian Stock Exchange. vehicle managed by a SEC (Securities and A REIT (Real Estate Investment Trust) is an Exchange Commission) registered Fund Manager. investment vehicle that allows both small and Investors with similar objectives buy units of the large investors to part-own real estate ventures (eg. Fund so that the Fund Manager can buy securities Offices, Houses, Hospitals) in proportion to their that willl generate their desired return. investments. The assets are divided into shares that An ETF (Exchange Traded Fund) is a type are traded on the Nigerian Stock Exchange. of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, GUIDE TO DATA: etc.) and divides ownership of those assets into Date: All fund prices are quoted in Naira as at 16shares. Investors can buy these ‘shares’ on the Oct-2017, unless otherwise stated.

necessary fact that would enable Chairman, Mr. Akin Akeredolu-Ale them to participate in the private informed the brokers that in order to ensure a seamless take-off of the placement . “ We had in conjunction with exchange, the Association hired our Financial Advisers, Consultants, different consultants to confirm Auditors, Accountants, etc been the depth of the market in terms working tirelessly to put together of absorptive capacity for commodity the Strategic Business Plan and and futures trading and models to Information Memorandum for run the exchange in terms of strategy the Lagos Commodity and Futures and the structure of the board when Exchange ( LCFE) that we the constituted to ensure compliance with investors , can rely upon to make corporate governance requirements. He disclosed that the reports an informed investment decision, indicated that the proposed exchange “ he said. In his comments, ASHON’s Vice would be run professionally and 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.

profitably. Responding to a question on the basis for inviting institutional investors, Akeredolu-Ale said :”The exchange is a capital intensive project. It also requires investment in high technology. We need one or two institutional investors that have huge capital and also technology. Some institutional investors that meet these criteria are already showing interest. But by the structure that we shall adopt, there is no fear of marginalisation of minority shareholders .”

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 178.80 179.69 40.86% Nigeria International Debt Fund 233.39 234.41 10.40% 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 0.82 16.54% ACAP Income Funds 0.61 0.61 74.82% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 18.19% 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 17.60 18.13 42.55% ARM Discovery Fund 369.69 380.84 28.73% ARM Ethical Fund 25.93 26.71 16.07% ARM Money Market Fund 1.00 1.00 17.76% 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 146.03 147.06 38.84% AXA Mansard Money Market Fund 1.00 1.00 18.58% 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 18.20% 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 1,100.15 1,101.24 8.67% FBN Heritage Fund 147.14 148.39 31.98% FBN Money Market Fund 100.00 100.00 17.81% FBN Nigeria Eurobond (USD) Fund - Institutional $111.43 $112.47 8.36% FBN Nigeria Eurobond (USD) Fund - Retail $110.61 $111.66 8.32% FBN Nigeria Smart Beta Equity Fund 156.29 158.57 38.81% 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 1.38 1.41 48.40% Legacy Short Maturity (NGN) Fund 2.90 2.90 12.81% 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 2,887.08 2,926.86 31.30% Coral Income Fund 2,385.82 2,385.82 14.49% 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 17.79% 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 17.90% Vantage Balanced Fund 2.09 2.12 24.38% Vantage Guaranteed Income Fund 1.00 1.00 18.58% Kedari Investment Fund (KIF) 111.55 111.55 14.96%

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 1.15 1.17 15.83% Lotus Halal Fixed Income Fund 1,025.44 1,025.44 8.95% 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 13.10 13.21 35.52% 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 1.20 1.22 20.26% PACAM Fixed Income Fund 10.84 10.89 4.23% 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 125.27 127.63 23.69% 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 11.72% 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 2,201.94 2,215.27 20.27% Stanbic IBTC Bond Fund 171.21 171.21 11.20% Stanbic IBTC Ethical Fund 0.99 1.00 29.22% Stanbic IBTC Guaranteed Investment Fund 212.72 212.72 13.82% Stanbic IBTC Iman Fund 171.84 174.06 32.36% Stanbic IBTC Money Market Fund 100.00 100.00 18.19% Stanbic IBTC Nigerian Equity Fund 9,573.77 9,686.11 26.25% Stanbic IBTC Dollar Fund (USD) 1.04 1.04 4.00% 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 1.33 1.34 18.58% United Capital Bond Fund 1.46 1.46 19.45% United Capital Equity Fund 0.86 0.88 28.60% 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 12.56 12.75 29.23% Zenith Ethical Fund 13.17 13.31 20.19% Zenith Income Fund 18.62 18.62 12.61%

REITS NAV Per Share

Yield / T-Rtn

11.41 131.22

1.01% 5.85%

Bid Price

Offer Price

Yield / T-Rtn

10.90 137.76 107.64

11.00 140.74 109.66

26.27% 39.25% 42.04%

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

4.52 9.06 17.20 20.64 139.45

4.56 9.14 17.30 20.84 141.45

63.21% 28.71% 45.29% 29.22% 9.99%

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

T H I S D AY Ëž , OCTOBER 18, 2017

BUSINESS/MONEYGUIDE

Broad

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)

NDIC, Banks Win Award The Nigeria Deposit Insurance Corporation (NDIC) said it was recently conferred with the â€˜Special Recognition and Commendation Award for Excellence in Banking (Public Service)â€™ at the Business Day Banking Awards 2017. In a letter of commendation to the corporation, the awards committee anchored by Business Day Research and Intelligence Unit (BRIU) stated that the NDIC was adjudged as â€œan outstanding public service providerâ€? with sterling performance which stood high above its peers in effective leadership and accomplishments. According to the organisers, the Award Committee , which was made up of eminent Nigerians, reviewed the pragmatic and tangible transformations which the corporation brought into management and execution

Monetary Policy Rate (MPR)

14.00

Treasury Bill Rate

13.96

Savings Deposit Rate

4.18

1 Month Deposit Rate

8.53

3 Months Deposit Rate

8.80

6 Months Deposit Rate

10.23

12 Months Deposit Rate

10.76

Prime Lending rate

17.09

Maximum Lending Rate

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

T H I S D AY WEDNESDAY OCTOBER 18, 2017

WEDNESDAY, ͹΀˜ ͺ͸͹Ϳ ˾ T H I S D AY

NEWS

Nigeria’s Auto Industry to Import Less than 10,000 Vehicles in 2017, Says Ade-Ojo Bennett Oghifo Nigeria’s auto industry is expected to import and sell between 8,000 and 10,000 new vehicles this year, a figure that is lower than the 15,000 projected for last year. The Managing Director, Toyota Nigeria Limited, Mr. Kunle Ade-Ojo gave this figure at the company’s forecast for the Nigerian automobile industry in 2017 at Toyota’s quarterly briefing in Lagos on Monday. The forecast, Ade-Ojo said, was based on the industry’s performance in the first quarter of 2017, adding that at the end of the first quarter of 2017, total import figures for the nation’s automobile industry from the nation’s ports came to about 350 units, compared to about 3,500 units that came in at the same time last year. He said the data showed that “imports dropped by about 90% between 2016 and 2017 Q1. In terms of retail sales, we are estimating, based on the information we have, that the auto market did about 2,000 vehicles compared to about 5,000 vehicles that were sold in Q1 of 2015, bringing it to a drop of over 50% when you look in terms of retail sales”. In terms of market share, he said: “Toyota had a share of about 22-23% of Q1 sales, generally. “But forex continues to be a major challenge and interest rates have gone up,” he added. He explained that along with the dollar scarcity, “so also the naira is pretty much scarce and banks’ interest rates have gone up. “Even though the exchange

rate has moderated from a high of about N520 to the dollar and is trading at about N400 to the dollar, it is still not available,” he added. Also providing figures on the performance of the industry in 2016, Ade-Ojo said: “In terms of sales, retail sales went from about 32,000 cars in 2015 to about 18,000 last year. So the market dropped by about 42%.” He said Toyota Nigeria Limited “went down from about 8,000 cars in 2015 to slightly over 4,000 in 2016. So we had a drop of about 35%”. Regardless of this, he said: “We grew our share from 24% in 2015 to about 26% in 2016.” Reviewing imports in the same period, he said car imports dropped by about 60%, from about 18,000 in 2015 to just close to 7,000 in 2016. “Of course in terms of our share of the imports, we had about 43% in 2015 and that dropped to about 38% in 2016,” he stated. He said this was basically as a result of different sub-groupings, different manufacturers or auto distributors in the country and “in addition to that, the scarcity of forex affected businesses last year and that caused a major reduction in importation”. According to him, the devaluation of the naira also affected sales last year, saying: “Whereas in the first half of 2016 the naira was about 200 to the dollar, by the end of the year it had doubled”. “So prices of vehicles also pretty much doubled and a lot of businesses could not afford to pay for the increase.

Ade-Ojo We at TNL are struggling to survive. “A lot of companies had to retrench their staff last year as a result of the tough economic situation,” Ade-Ojo added. The Toyota boss said companies had to prioritise on what they would spend their limited funds on.

“Vehicles, you know are luxury items, except for the ones that are used for business, which are commercial vehicles and that is why commercial vehicles did way much better last year, at about 70% to 30% in terms of the ratio to passenger vehicles.

“Passenger cars reduced in sales more than commercial cars and of course when you look at the duties on passenger cars also at 70% compared to 35% for commercial, the impact is more on passenger vehicles,” he explained. Also, he said companies

had increased the number of years that their staff use their vehicles. “Normally, it used to be for four years, but now companies have taken it up to between five and six years before they will consider changing or replacing their staff vehicles,” he explained.

development in the country to justify the huge borrowings,” the party said. Referring to the World Bank’s warning, PDP said the country’s debt to revenue ratio, which stood at 35 per cent in 2015 had grown to 60 per cent by 2016. “We wish to remind Nigerians that as a party with foresight, we raised the alarm against the plan by the President Muhammadu Buhari-led government to borrow another $5.5 billion for bogus infrastructure developmental projects, but the government considered our patriotic complaints as mere politicking. “Not minding the genuineness of our advice to the government, the Minister for Finance, Kemi Adeosun speaking for President Buhari's administration, insisted that the government must and will continue to borrow before it could fund projects listed in the budget. “However, our altruistic position on the evil of unbridled borrowing by the government has been confirmed by the World Bank which has issued a caveat to the government of the APC not to borrow and plunge the

future of this country into uncertainty. “Issuing the warning through its Senior Economist, Mrs Gloria Joseph-Raji on Monday in Abuja, the World Bank stated clearly that the cost of borrowing or paying interest on Nigeria’s debt was not sustainable as revenues to make such payment had dried up. “The World Bank stated unequivocally that the country’s debt to revenue ratio which stood at 35 per cent in 2015 has grown to 60 per cent by 2016, reflecting a reduction in government revenues and rising debt profile, thereby raising a question about the debt sustainability. “What more can we say? We knew the situation was bleak under this APC administration and we made our worries public, but the nonchalant APC government has refused to see the danger ahead. “We wish to refer all Nigerians to the debt profile of the nation under the President Buhari administration which has just been released. We are sure that nobody will agree that the government should borrow a kobo anymore in the name of funding the

nation’s budget. “We know that rather than heed our patriotic warning, the APC will as usual resort to the only thing they know how to do best – the blame game. In the absence of any coherent, logical, positive and purposeful policies, programmes and agenda, that is not entirely surprising.” PDP said. Prior to the World Bank’s warning, the IMF had also cautioned the Nigerian government against unbridled borrowing. The IMF had cautioned Nigeria and other low-income countries that greater reliance on foreign borrowing may at some point expose their economies to vulnerability arising from debt service burden, foreign exchange risk, and a sudden jump in long-term interest rates if the funds are not put to good use. IMF made the statement a day after Buhari had sought the approval of the National Assembly for additional foreign borrowing of $3 billion to re-finance domestic maturing debts and the issuance of a $2.5 billion Eurobond/Diaspora Bond to fund the 2017 capital budget.

BUHARI SEEKS N’ASSEMBLY APPROVAL FOR 2018-2020 MTEF has as its main components – capital allocations necessary for the provision of infrastructure within the territory.” Dogara at this point asked Chinda to tell the House when the 2016 FCT budget was passed by the House. Chinda said he could not specifically give the time, but was being guided by the provisions of the constitution. Dogara again asked to know Chinda’s own definition of a financial year, to which he again responded that it covers the period of 12 months. The speaker on this basis concluded that “the constitution does not insist that a financial year must be from January to December, but any period of 12 calendar months”. He said though the House had wanted to beat the self-imposed deadline of passing the federal budget before January last year, but could not achieve that due to unforeseen circumstances, it did not mean that January must herald the financial year. After the debate, the bill was read for the second time and passed before it was referred to the House Committee on the FCT for

further consideration.

PDP: Reject Loan Request But even as the National Assembly prepared to begin consideration of the 2018-2020 MTEF, the PDP yesterday pleaded with it to reject the president’s request for approval of $5.5 billion external loans. The opposition party said its fears about the unbridled borrowings by the federal government had been confirmed by the World Bank, which has issued a caveat to the government of the All Progressives Congress (APC) not to borrow and plunge the future of this country into uncertainty. In a statement issued on Tuesday by its spokesman, Dayo Adeyeye, the PDP said the World Bank had stated clearly that the cost of borrowing or paying interest on Nigeria’s debt was not sustainable, as revenues to make such payment had dried up. “In the light of this, we wish to reiterate our call and plea on the National Assembly to consider the plight of our unborn children

and reject the request for the $5.5 billion loans by the administration. We owe our unborn children the duty not to cripple them before they are born,” he said. While questioning the rationale for the proposed loan, the PDP spokesman accused the APC-led administration of stacking up debts for future generations without any corresponding infrastructure development in the country to justify the huge borrowings. “PDP wishes to draw the attention of all Nigerians to the warning by the World Bank on the danger inherent in the continued unbridled borrowings by the President Muhammadu Buhari-led government under the guise of funding national expenditure instead of looking inwards and developing the nation’s resources for sustainable revenue flows. “As a political party that was in power for 16 years; that worked assiduously to take the nation out of debt, we are appalled at the rate the government of the All Progressives Congres has been stacking up debts for future generations without any corresponding infrastructure

WEDNESDAY OCTOBER 18, 2017 ˾ T H I S D AY

NEWS

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

Intels Seeks Amicable Resolution to Pilotage Contract Imbroglio Says $1bn loan will affect banking sector liquidity Company violated TSA policy, NPA boss insists Eromosele Abiodun in Lagos and Sylvester Idowu inWarri Following the controversy that trailed the cancellation of its pilotage services contract by the Nigerian Ports Authority (NPA), the management of Intels Nigeria Limited has said it will find an amicable resolution between it and the NPA, rather than going to court over the matter. The company’s General Manager Legal, Mr. Mike Epelle, while giving an update on the matter yesterday in Lagos, said as a matter of policy, they would rather explore an amicable solution to the impasse. This is just as he warned that the $1 billion extended to Intels by Nigerian banks was already raising dust in the financial services industry, adding that banks exposed to Intels will face a liquidity crisis if the matter is not handled with care. He said its relationship with the NPA since 1997 has been beneficial to the federal government, adding that the NPA was only realising a paltry $6.7 million annually from the pilotage services before Intels came on board. Intels, he disclosed, had since spent billions of dollars on the development of Onne Port and increased revenue from the pilotage services to over $200 million annually. On the allegation that the firm refused to comply with the Treasury Single Account (TSA) policy of the federal government, Epelle said Intels never refused to remit revenue into the TSA, explaining that it did not want its commission of 28 per cent, as per the agreement, to be paid into the account.

He further explained that Intels was ready to pay NPA’s dues from the collection of the pilotage services into the TSA after its deductions for what NPA owes it would have been made, a suggestion NPA objected to, insisting that all collections must be paid to the TSA and after reconciliation, Intels will receive its commission from the ports authority. Epelle said one of the reasons it hesitated to comply with the TSA was because its lenders had threatened to call back their loans if payments were made to the TSA, as this would have meant that they would had to wait for government bureaucracy to get their money back. He also said there are clauses for dispute resolution in its agreement with NPA, adding that the agency did not follow the mechanism before terminating the contract. Intels said: “We could pay into the TSA but not in the manner NPA wanted; we want to keep our commission and pay what is due to NPA. We told NPA to allow us comply with the TSA in such a way that it is objective and applicable. “Before we took over the contract of the pilotage services, the government of Nigeria was losing billions of naira as a lot of ship owners evaded the payment of these dues and levies. “The contract entitles us to monitor the movement of vessels that come and sail out of Nigeria. As vessels move in and out of the channels; they are expected to pay certain dues and levies. When NPA was doing it, they were not efficient and government

Buhari Leaves for Turkey Today Omololu Ogunmade in Abuja President Muhammadu Buhari will today depart Nigeria for Istanbul, Turkey, to participate in the ninth Summit of the Developing 8 (D-8) on October 20, 2017. According to his chief spokesman, Mr. Femi Adesina, prior to the D-8 summit, Buhari, acting upon the invitation of President Recep Tayyip Erdogan of Turkey, will participate in an official working visit to Ankara, the capital city. He also said the president would in Ankara “have a tete-a-tete with his Turkish counterpart while delegations from both countries will hold discussions in various fields including defence cooperation, security, educational and migration issues.” According to the statement, Buhari will also visit the Grand National Assembly of the Republic of Turkey in Ankara where he will meet with the Speaker, Ismail Kahraman. It also said while in Istanbul, the Turkish commercial city, Buhari will use the occasion of the D-8 Summit to bolster warm and growing ties across a broad range of areas of cooperation with leaders of the D8-member countries, namely

Bangladesh, Egypt, Indonesia, Iran, Malaysia, Pakistan and Turkey. “The summit with the theme: ‘Expanding Opportunities through Cooperation’, will among other things, focus on cooperation in the areas of agriculture, trade, transport, energy and increased private sector participation among member-countries. “During the ninth summit of the D-8, which will also mark the 20th anniversary of the organisation established to improve the developing countries’ positions in the world economy, the president will highlight the significant show of confidence in Nigeria’s business environment and economy. “He will also affirm Nigeria’s resolve to work with D-8 member-countries on many key areas, including peace and security, economy and trade. “At the end of the Summit, the Heads of State and Government will adopt a Communiqué, also known as the ‘Istanbul Declaration’. “The president will be accompanied on the trip by ministers, top government officials, including the Comptroller-General of the Nigerian Customs Service (NCS), Hameed Ali,” the statement added.

was losing money.” Epelle also faulted the interpretation of the contract by the Attorney General of the Federation (AGF), noting that the AGF does not have the authority to direct NPA to cancel the contract, as only a court of law has such authority. Meanwhile, the Managing Director of NPA, Ms. Hadiza Bala Usman, yesterday said there was no political undertone in the termination of Intels contract at the ports. She maintained that the company violated all laid down procedures

and rules specified in the TSApolicy. Usman spoke with journalists in Warri after the NPA management meeting with the stakeholders of the Warri Port. She dispelled rumours that Intels sanction was part of President Muhammadu Buhari’s political vendetta against Alhaji Atiku Abubakar, stressing that it was purely an administrative decision that followed due process and strict compliance with TSA guidelines. She stated that contrary to speculations that the federal government was playing

politics with the sanction, Intels management should be held responsible for playing politics with the sensibilities of all Nigerians as it deliberately frustrated all efforts and overtures made by the NPA board and the revenue authorities to make it comply with the TSA policy when it became fully operational by the government. “It’s evident that Intels declined to comply with TSA, I’m sure you are familiar with it; it’s the TSA where all revenues generated by government are domiciled. It takes its root from the Constitution;

Section 80 of the Constitution clearly provides that revenues should come to the government. “Intels collects revenues on behalf of the NPA and has declined to accept that those revenues should be paid to the accounts of the federal government. “We have been in dialogue with Intels from June 2016 to date and it has maintained that they will not make the payments to the TSA,” she said. Usman said further: “The NPA felt the need to have this

Cont’d on pg 53

BRAND MATTERS

L-R: Chairman, Tyroka Holdings, Biodun Shobanjo; Chairman, First Bank of Nigeria Limited and Chairperson, National National Branding Conference, Mrs. Ibukun Awosika; Founder, Centre for Value and Leadership, Prof. Pat Utomi; Managing Partner, Brandzone Consulting LLC and Convener, National Branding Conference, Mrs. Chizor Malize; and Chairman, STB McCann Group, Sir Steve Omojafor, at the Brand Innovation Conference 2017 in Lagos....yesterday Dan Ukana

Inflation Dips Further to 15.98% Amid Sustained Pressure on Food Prices Ndubuisi Francis in Abuja For the eighth consecutive month, the rate of headline year-on-year inflation declined to 15.98 per cent in September, from 16.01 per cent posted in August, representing a 0.03 per cent points drop. According to the latest data released by the National Bureau of Statistics (NBS), the Consumer Price Index (CPI), which measures inflation increased by 15.98 per cent (year-on-year) in September 2017. The September drop is therefore the eighth consecutive decline in the rate of headline year-on-year inflation since January 2017. The NBS said increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yield the Headline Index. On a month-on-month basis, the Headline index increased by 0.78 percent in September 2017, 0.19 percent points lower from the rate of 0.97per cent recorded in August.

The percentage change in the average composite CPI for the 12-month period ending in September 2017 over the average of the CPI for the previous twelvemonth period was 17.17 per cent, showing 0.16 per cent point lower from 17.33 per cent recorded in August 2017. The urban index rose by 16.18 per cent (year-on-year) in September 2017, up by 0.05 per cent point from 16.13 per cent recorded in August and the rural index increased by 15.81 per cent in September down from 15.91 per cent in August. On month-on-month basis, the urban index rose by 0.84 per cent in September 2017, down from 0.99 per cent recorded in August, while the rural index rose by 0.74 percent in September 2017, down from 0.95 per cent in August. The corresponding 12-month year-on-year average percentage change for the urban index decreased from 18.15 per cent in August to 17.87 per cent in September, while the corresponding

rural inflation rate in September was 16.52 per cent compared to 16.58 percent recorded in August 2017. Food price pressure continued into September as all major food sub-indexes increased. The Food Index increased by 20.32 percent (year-on-year) in September, up marginally by 0.07 per cent points from the rate recorded in August (20.25 per cent). The rise in the index was caused by increases in prices of potatoes, yams and other tubers, milk cheese and eggs, bread and cereals, coffee tea and cocoa, soft drinks, fish, meat and oil and fats. On a month-on-month basis, the Food sub-index increased by 0.87 per cent in September, down from 1.14 per cent recorded in August. The average annual rate of change of the Food sub-index for the 12-month period ending in September 2017 over the previous 12-month average was 18.88 per cent, 0.31 percent points from the average annual rate of change

recorded in August (18.57) per cent. The ‘All Items less Farm Produce’ or Core sub-index, which excludes the prices of volatile agricultural produce eased further during the month of September to 12.10 per cent points from 12.30 per cent recorded in August, as all key divisions which contribute to the index increased. On a month-on-month basis, the Core sub-index increased by 0.80 per cent in September, lower from 0.93 per cent recorded in August. The highest increases were recorded in clothing materials and articles of clothing, solid fuels, garments, passenger transport by air, motorcycles, shoes and other footwear, furniture and furnishing and non-durable household goods. The average 12-month annual rate of change of the index was 14.90 percent for the 12-month period ending in September 2017, this is 0.47 per cent points lower than 15.37 per cent recorded in August.

WEDNESDAY OCTOBER 18, 2017 ˾ T H I S D AY

NEWS

Govs Demand Quick Reconciliation, Balance of Paris Club Refund Buhari laments plights of workers despite bailouts

Omololu Ogunmade in Abuja Governors of the 36 states of the federation under the aegis of Nigeria Governors’ Forum (NGF) yesterday visited President Muhammadu Buhari in the State House, Abuja, to demand for quick reconciliation and release of the 50 per cent balance of the London-Paris Club refund. Responding to questions from State House correspondents after the meeting, chairman of NGF and governor of Zamfara State, Abdulaziz Yari, said they told the president that they wanted the ongoing reconciliation of the refunds by the Debt Management Office (DMO) which began in 2016 to end by November so that the next release could be incorporated into the 2018 budgets of the states. According to him, the governors thanked the president for his support to states so far and equally told him that they believed that it was the degree of the federal government’s support to the states that led the country out of recession. He said the president’s response was positive but Buhari, he said, observed that the Minister of Finance, Mrs. Kemi Adeosun was not in the country. Yari added that the governors had resolved to follow up yesterday’s meeting with the president when he returns from his planned trip to Istanbul, Turkey. “We are here on behalf of the 36 states governors and this is a result of the collective decision to

see the president after the National Economic Council meeting last month. “Our mission here is simple. We are here to thank Mr. President for his concern about the state of the economy and for giving us support ranging from bailouts, restructuring our debts, London-Paris Club refunds, and others. “We also told him that we think that it was because of these decisions that he had taken that got us out of the recession. You know that the 200 million citizens residing in Nigeria are residing in respective states. “This support is going down to them when you take the indices from the grassroots. “We thanked the president for that and at the same time, as a father, we said to him, ‘Mr. President, you remember that in 2016, we presented to you the numbers of London and Paris exit funds on which we agreed, and you directed that we should be paid 50 per cent and 50 per cent after reconciliation. “But the reconciliation has been ongoing since 2016. We are hoping that both the DMO, Ministry of Finance, AGF (Accountant General of the Federation) and our consultants are concluding this reconciliation by November. “So we asked to crave his indulgence so that we can factor the numbers into our 2018 budgets and use them for projects and other recurrent spending, in accordance with the specifications given by our

respective Houses of Assembly. So that’s why we are here. “Mr. President was prompt in his response, being that he has a representative in the National Economic Council, that is the vicepresident. He said the Minister of Finance is away. “But we are going to work with the numbers when he returns from his trip to Turkey. We are going to follow up on this meeting with him so that we can conclude on what is going to be done,” Yari stated. Buhari had approved the payment of the first tranche of N516.38 billion London-Paris Club refund to states on December 16, last year. Last July, the federal government released the second tranche of N243.79 billion to the states and the Federal Capital Territory (FCT). With the release of the second tranche of N243.79 billion in July, the total amount so far disbursed to the states stood at N760.17 billion. The refund is the repayment

of excessive deductions from Federation Account allocations to the states and the FCT during the external debt service between 1995 and 2002. When Nigeria reached a final agreement for debt relief with the London-Paris Clubs in October 2005, some states had already been overcharged, thus culminating in the demand for refunds by governors. The decision to release the funds to states by the federal government was part of the wider efforts to stimulate the economy and assist the states in paying the outstanding salaries and pensions of their workers. The federal government had advised the governors to use at least 25 per cent of the refunds to pay the salary and pension backlogs in their respective states. However, several states in the country still have huge unpaid backlogs, leading to frequent strikes and protests by workers in the states.

A statement issued later yesterday by the president’s media aide, Mr. Femi Adesina said Buhari had during the meeting with the governors, expressed concern over the growing complaints and agitations by workers in the states over unpaid salaries and allowances despite various interventions by the federal government. According to the statement, the president told the governors that the plight of workers in the states needed urgent attention, noting that many could barely survive. He said the president further queried how the governors could go to bed and have sound sleep when their workers are not paid. “How can anyone go to bed and sleep soundly when workers have not been paid their salaries for months? I actually wonder how the workers feed their families, pay their rent and even pay school fees for their children,” the president was quoted as asking. Adesina further said the president

told the governors that two of the three-pronged focus of the ruling All Progressives Congress (APC) to secure the country and fight corruption had been commended by some Nigerians, noting that the challenge in terms of payment of salaries in states had taken a toll on the people. “God has been merciful in hearing the prayers of his servants so the rainy season has been good, you can ask the Kebbi State governor on this, and our enormous food importation bill has gone down,” he further quoted the president to have said. Furthermore, the statement said Buhari observed that the federal government and state governors would need to work more closely to alleviate the plights of workers across the country. “The president said he had instructed all government agencies to comply with the Treasury Single Account (TSA) in order to ensure

Cont’d on pg 53

Plateau Killings:Youths Write Buhari, Demand Justice

Governor visits families of victims Seriki Adinoyi in Jos Following last Monday’s killings in Bassa Local Government Area of Plateau State by gunmen suspected to be Fulani herders, youths under the aegis of Plateau Youth G-17 Peace and Progressive Forum have written an open letter to President Muhammadu Buhari demanding a thorough investigation of the incident. The convener and leader of the group, Dachung Musa Bagos, who signed the letter, said government fundamental role is the protection of lives and property of the people as well as ensuring that their fundamental human rights to life are protected. The letter read in part: “It is with grief and pains in our hearts that we write this open letter with the conviction that urgent steps and proactive measures will be put in place to address the ongoing killings in some parts of Plateau State which have continue unabated. “Human lives are sacred and as such should be treated with great respect, and leaders at all levels must portray empathy. People are being killed like chicken as innocent blood are being shed on a daily basis without any form of provocation. “As the President and Commander-in-Chief of the Armed Forces, doubling as the Chief Security Officer of the country, we call on you to intervene and give the needed attention to the

genocide ongoing in Plateau State.” The youths said there have been breach of security and outbreak of violence in Bassa, Jos North, Barkin Ladi, Riyom and Bokkos Local Government Areas, where people are constantly attacked, harassed, killed, raped, their villages sacked and taken over by the attackers. They recalled: “Last year, a respected paramount ruler and the Saf Ron Kulere, Da Lazarus Agai, was killed in cold blood in his hometown, Bokkos Local Government Areas. There has been series of attacks in which many people including three traditional rulers.” While demanding for justice, the youths also appealed to the president, as a father to step in and put measures to curtail the breach of security, and also ensure that perpetuators are arrested and prosecuted accordingly to serve as deterrent to others. “Any decision that will lead to enduring and permanent peace in Plateau State, as long as it is in line with the constitution, will be highly appreciated,” the youths added. Meanwhile, the state Governor, Simon Lalong, has visited the attacked community where he visibly wept over the enormity of the havoc wreaked on the people by the attackers. Lalong condemned the killing of the innocent women and their children, saying his was doing everything to bring the perpetrators to book.

EXECUTIVE-LEGISLATIVE RELATIONS

L-R: Senior Special Assistant to the President on National Assembly Matters, Senator Ita Enang; Representative of the President and Minister of Budget and National Planning, Senator Udoma Udo Udoma; and Speaker, House of Representatives, Hon. Yakubu Dogara, at the National Summit on Inter Governmental/Inter-party Relations and Budget Reform Process for Sustainable Development in Nigeria, organised by National Institute for Legislative Studies (NILS) in Abuja....yesterday

FG May Incur Insurance Claims on RottenYam Exports Facilitates $325m Chinese agribusiness loan Olawale Ajimotokan and Cynthia Oﬀor in Abuja The federal government may prosecute the agents who caused Nigeria’s yam consignments to the United States to be rejected, raising concerns that the rejection of the commodity may lead to payment of insurance claims to yam exporters. The euphoria around Nigeria’s export of yam to the US and United Kingdom was dampened after reports emerged that the yams were rejected in the US after they were found to have gone bad. THISDAY checks revealed last night that some yam exporters have been pestering the insurance firm for compensation to cover the substantial losses from the rejected exports. It is in the light of this development, according to highly placed sources, that government is thinking of prosecuting the agents behind the export. The agent is accused of

negligence by choosing to transfer the yam consignment to another part of the country after certification instead of bringing the items to the port. It was in the process of picking other yam consignment in another location in the northern part of the country that the 20-day period of handling the goods before export was exceeded. In the process, the quality of some of the yams was compromised while some of them were damaged arising from loading of new yam on top of them. “It is a case of poor handling of the yam by the agents after they were certified by government agency coupled with the fact that he tried to save cost by diverting them to another point to enable him load other consignment marked for export, instead of transferring the goods to the port. That invariably made some of the yams to become rotten,

leading to their outright rejection when they landed at their final export destination,” a source told THISDAY last night. The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, also recently alluded to the blunder by the exporter, saying the container was left in Nigeria for two months before it left in very hot environment. “Government does not export yam. We flagged it off, but someone left it here for two months in a hot environment. What I find extremely nauseating is that somebody seems to be celebrating the fact that Nigerian yams were rejected as if it was a victory for him as an individual. It happens all the time that commodities get bad because of poor handling. You don’t take things that are perishable,, keep them in bad conditions, ship them out and embarrass Nigeria,” Ogbeh lamented. Meanwhile, the federal

government has facilitated the establishment of 12 large scale rice processing mills under the China EXIM Bank $325.67 million facility. The mills, according to Ogbeh, were part of the targeted 40 in number, 30,000 metric tonnes per annum integrated large scale mills. He also said government had also aided the completion of mills that are capable of producing 2.5 tonnes and 1.8 tonnes of paddy rice in Badeggi, Niger State at the cost of $1.8million under the KoreanAfrican Food and Agriculture Corporation Initiative (KAFACI) Programme. The project was revived after it was abandoned by the President Shehu Shagari administration in the early 1980s. He also said government has commenced the restructuring of the Bank of Agriculture (BOA) in order to ease credit facilities for Nigerian farmers and stimulate interest of people in farming as a source of livelihood.

WEDNESDAY OCTOBER 18, 2017 ˾ T H I S D AY

NEWSEXTRA

Obasanjo Meets Makarfi, Rules out PDP Return We must win 2019 Presidency, says Jonathan Sheriﬀ Balogun in Abeokut with agency report Former President, Chief Olusegun Obasanjo, yesterday vowed not to return to his former political party, the Peoples Democratic Party (PDP), saying going back to PDP would be like “a dog going back to his vomit.” Obasanjo therefore, said he would always support anything that is good for Nigeria till his demise, declaring that he was done with partisan politics. The former president spoke with journalists shortly after meeting with the PDP National Caretaker Chairman, Senator Ahmed Makarfi in Abeokuta, Ogun State. He said though he had bade farewell to partisan politics, he would always show concerns and identify with anything that is good for the country, adding that “Nigeria is my passion until death do us part.” According to him, “Before, I was in PDP but not now. God forbid! When a dog vomits, it doesn’t go back to eat its vomit. I’ve said no partisan politics again. “But Nigeria is my passion until death do us part. And anything that concerns Nigeria, the good of Nigeria, I will be involved.” The former Nigerian leader reiterated that good governance and democracy would only thrive in Nigeria when there is a solid ruling government and vibrant opposition party in place He stated that no government or party in power would get away with impunity if there is strong opposition party in the country, adding that democracy will equally wax stronger under such condition. Obasanjo said: “I have said publicly that for our democracy to thrive and to continue to be strong, we need a strong party in government and a strong party in opposition. It has to be that way, otherwise, the party in government will get away with impunity and that is not good for democracy.” When asked what was discussed at the meeting which lasted for about two hours, the former president simply told journalists that Makarfi was in Abeokuta just to greet him as a former colleague. “The chairman has come to greet me and I greeted him. So now that we have greeted ourselves, chairman will be going. You, gentlemen and ladies of the press can now go and leave the chairman alone,” Obasanjo said

in pidgin English. Meanwhile, former President Goodluck Jonathan has said the PDP must win the 2019 presidential election. Speaking yesterday when he received Raymond Dokpesi, an aspirant for the party’s national chairmanship position, at his residence in Abuja, Jonathan according to The Cable, warned members of the party not to make the mistake of making wrong choice of National Working Committee (NWC) at the December convention. He said the party could not afford to make mistake in choosing its next national chairman and publicity secretary, describing them as “very delicate positions. “This time around we need a very courageous and vocal person to be the chairman,” he said. “There are two positions that we must not make mistake on – the positions of the national chairman and that of the national publicity secretary, because I have worn the shoes before and I know where it pinches. “If we make a mistake as a party and elect wrong chairman and publicity secretary, we are finished,” Jonathan said. He said PDP at this moment, needed a courageous chairman, who in the face of persecution, would remain courageous to protect the party’s interest and defend democracy. “We need a very competent person and a team player, somebody who will not negotiate to get money from the aspirants to make them candidates. “If you do that, you have destroyed the party because a party must come up with programmes and policies that will elect the best of the best. “If you present the best material, the chances of your wining election are stronger than when you present a wrong material. “We need such kind of chairman that will galvanise the national committee and also link up with state committees and do the best for the party. “This is key so that by 2019 when we go for the general election, PDP will have the majority in the states and national assemblies and of course, PDP must win the presidency.” Jonathan, who said that the December convention would be keenly contested, urged chairmanship aspirants to see the exercise as a family affair. “Whatever comes out, as faithful loyalists of the party, you should

accept it. So, whoever is going to contest should have that in mind,” he said. “Recently, I read that you met with one of the aspirants; that is a good spirit; no victor no vanquished. The winner must be PDP and not an individual.” He also corroborated the view of Abdulsalami Abubakar, former military head of state, on the need for the PDP to fully assume its role of opposition. Jonathan said PDP must migrate from the ruling party to opposition for the purpose of stabilising the country’s democracy. “I am not saying that as an opposition party you must been saying anything you like, no. PDP is a very mature party,” he said. “We will not go to the quarter and criticise anyhow but all over the world, the opposition party checkmates the ruling party so that things are done properly so that there will not be impunity. “If the opposition party goes to sleep, the ruling party can do anything it likes.” However, the factional Chairman of PDP in Ogun State, Bayo Dayo, has described as untrue the claim that party members had converged on the party state secretariat to protest against the visit of Makarfi. Dayo, who later addressed journalists at the party secretariat, said against the falsehood being circulated on the social media on the purported attack on Makarfi and his entourage, the party members had only gathered to give a rousing welcome to the national caretaker chairman of the party. He, therefore, blamed former Governor in the state, Otunba Gbenga Daniel, as the brain behind the rumours, which Dayo termed as “wicked and unfounded.” Dayo said: “Only yesterday night, we heard that out national caretaker chairman is coming to Ogun State. We quickly sent messages across the 20 local government areas, telling them to join us in welcoming the great leader from Abuja.“ “Because we learnt that in his itinerary, he’s going to visit our Baba Obasanjo and our office here is a stone’s throw to Baba’s house. If somebody is going to Baba’s house, we will see him. So, we assembled party men so that we can welcome the national leader and tell him our grievances about what is going on with the state executive. “But unfortunately, we did not have the opportunity to see him and all the party members did not have the opportunity to welcome him to the state.”

Atiku, Ambode, Utomi for Chiejina’s Book Launch A former Director-General of the Nigerian Insurers Association (NIA) and lawyer, Mr. Ezekiel Chiejina, is set to launch his new book titled ‘Pensions in Nigeria’ next week Tuesday at the Nigerian Institute of International Affairs (NIIA) in Lagos. The book, a compendium of contemporary information on pension matters, discussed exhaustively the characteristics, intricacies, and

implications of the various pension reforms and payment schemes in Nigeria. Former Vice President Atiku Abubakar, who also doubles as the keynote speaker will unveil the book. Other expected dignitaries are Governor Akinwunmi Ambode, former Director General of of National Pension Commission and Chairman, Skye Bank Plc, Alhaji Mohammad Ahmad and Professor Pat Utomi,

among others. Chiejina who is a renowned pensions and life insurance specialist, tutor and consultant, stated in a statement made avalaible to journalists that the book is a definitive treatise on the evolution of pension schemes in Nigeria, the various pension reforms and their benefits and shortfalls as well as the roles and responsibilities of the various key stakeholders in the pension matrix.

WEDNESDAY OCTOBER 18, 2017 ˾ T H I S D AY

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Confusion as Parents Withdraw Wards from Schools in Ondo, Rivers over Vaccination Ernest Chinwo in Port Harcourt and James Sowole in Akure There was confusion yesterday in several towns in Ondo and Rivers States as parents and guardians stormed both primary and secondary schools to withdraw their wards following rumours that soldiers were going round schools to vaccinate pupils against killer diseases. In Ondo State, the action of the panic-stricken parents created chaotic situations at Owo, Ikare, Idanre, Ore, Akure and other cities as they were reportedly running helter skelter towards the schools to withdraw their wards. In Rivers State, as the news spread around mid-morning, parents were seen rushing to schools to pick up their children and wards. Some schools had to engage the services of the police to stop parents from taking their children while the gates of the schools were locked. At Government Girls Secondary School, Rumuokwuta,

the situation was chaotic as the parents were prevented from gaining access to the school premises. A parent who gave her name as Mrs. Mercy George, lamented that the school authorities had stopped her from taking her only child home, adding that she would not take it kindly if any harm befalls her daughter. Both state governments in seperate statements said it did not authorise the military or any other body to enter into school premises to administer forced medication or vaccination on any child in any school in the states. Even the Nigerian Army also issued a statement denying carrying out such exercise and described those peddling the rumours as enemies of the states. For instance, the Rivers State Government said it did not authorise the Nigeria Army or indeed any other body or person to enter into school premises to administer forced medication or vaccination on any child in any school in the state. A statement issued by the state

Commissioner for Information and Communications, Mr. Emma Okah, said: “Inoculation is personal and consent of the Rivers State Government and parents must first be sought and obtained before it can be administered on any school child in a school premises. Consequently, all school heads and parents should resist any such attempt. “Furthermore, the State Government has set up a Task Force to ensure that no school premises is violated in the State for the purpose of immunising any child.” In Ondo State, the Police Public Relations Office (PPRO), Mr. Femi Joseph, described the incident as a wild rumour

saying, it was an unnecessary apprehension created by mischievous people just to create panic and tension in the society. Joseph, who advised the public to desist from peddling unfounded rumour in order to destabilise the prevalent peaceful atmosphere in the state, said the command had started investigation to get to the root of the rumour. Similarly, the 32 Artillery Brigade, Owena Barrack, Akure said the military was not administering any vaccine in schools in the state. The army’s reaction was contained in a statement signed by the army’s Assistant Director, Public Relations, Major Ojo

Adelegan. “The attention of 32 Artillery Brigade has been drawn to the fake information making the around in Ondo State that soldiers are giving poisonous vaccine to children and students of both Primary and Secondary Schools in Ondo State. “We are using this medium to inform the general public to disregard such information. There is no ongoing medical outreach in Ondo State. “The information is the hand work of mischief makers and should be treated as such,” Adelegan said. The state government in a statement signed by the Commissioner for Information, Mr. Yemi Olowolabi, told

parents, students, teachers, school authorities and the public that the rumour was baseless, unfounded and should be disregarded. “Real time investigation across the state has shown that none of such things exist in Ondo State. “The state government therefore advises the public, schools, students and teachers to go about their normal activities. “Should there be any strange occurrence, the appropriate quarters should be informed immediately,” Olowolabi stated. Apart from the statement, the commissioner featured in a live enlightenment programme on radio stations in the state to debunk rumour of vaccination exercise.

Pro-Biafra Group Names OkonjoIweala US Ambassador

Group chides Igbo leaders over visit to Buhari Christopher Isiguzo in Enugu A pro-Biafra group, the Biafra Zionists Federation, (BZF), yesterday appointed a former Minister of Finance, Dr. Ngozi Okonjo-Iweala, as Ambassador to the United States of America. The group also appointed Dr. Dozie Ikedife as the Chairman of National Committee for Biafra’s independence and Hon. Kanu Agabi as Attorney General of the Federation. BZF berated Igbo leaders over their recent meeting with President Muhammadu Buhari in Aso Villa, Abuja, describing the visit as futile and self-serving. It accused Igbo leaders of going to Aso Rock to share war bounties, while the agitators were dying in the struggle for the restoration of Biafra. The leader of the group, Mr. Benjamin Onwuka, who issued a “stern warning” to the leaders in a statement made available to journalists in Enugu, accused the Igbo leaders of working against the interest of the common man in the street. Re-call that at the meeting attended by select South-east leaders and the governors from the zone, President Buhari dismissed insinuations that he was marginalising Ndigbo. He also announced a change of his name to Onwuka Nsiegbe, vowing that with the support of the US, he would before this year’s Christmas re-declare Biafra at Lokoja in Kogi State. According to him, “We are hopeful that Biafra is going to be approved in December by the US because this problem

of Biafra is not about IPOB or Nnamdi Kanu, it is about America’s support. We are now waiting for President Donald Trump’s endorsement before Christmas; whatever we are doing is based on America’s diplomatic engagement. “Therefore, the Republic of Biafra will be announced in Lokoja; Lokoja is an Igbo land; as at 1914 when the amalgamation took place, Lokoja was part of Igbo land; Igbo land extends up to Plateau State; it used to be called Arochukwu kingdom; so, Biafra is going to reclaim her sovereignty from Lokoja. “Biafra issue is a diplomatic matter; if America does not support us, it will not work; so, IPOB or Kanu cannot get Biafra; what the IPOB is doing is a waste of time. We are hopeful that our diplomatic approach will make it come true. “We want to restate our ministerial appointments. They include Foreign Minister, Patrick Utomi; Finance, Arunma Oteh; Governor of the Central Bank of Biafra, Prof. Chukwuma Soludo; Information, Amarachi Ubani, currently at Channels Television, Lagos; Trade and Industry, May Okafor, currently at the University of Nigeria, Nsukka; Transportation, Prof. Jerry Gana; Aviation, Labaran Maku; Secretary to the Government of the Republic, Beny Lar; Education, Gabriel Oluwole Osagie; Energy, Prof. Barth Nnaji; United Nations, Chief John Nnia Nwodo, the current chairman of Ohanaeze; Defence, internal affairs, agriculture, police, air force, prison service, customs, would all be Israelis.”

SHARING IDEAS

L-R: Senate President, Dr. Abubakar Bukola Saraki, Chairperson of Council of Federation of the Federal Assembly of Russia, Valentina; and members of her team at the Trachesky Palace during the ongoing Inter-Parliamentary Union (IPU) Assembly in Pittsburgh, Russia..... yesterday

Dasuki Asks Court to Adjourn Trial on Alleged Illegal Arms Possession Indefinitely Alex Enumah in Abuja The former National Security Adviser (NSA) Col. Mohammed Sambo Dasuki, has asked the Federal High Court in Abuja to adjourn Sine-die his trial in the charges of unlawful possession of firearms and money laundering brought against him since 2015 by the federal government. Dasuki in a motion on notice argued by his counsel, Ahmed Raji (SAN), yesterday said that the adjournment has become imperative because he has referred constitutional issues that arose in the course of his trial to the Court of Appeal for determination. In the motion brought pursuant to section 305(1a) and 492 (3) of the Administration of Criminal Justice Act (ACJA) and section 36 of the 1999 constitution, the ex-NSA prayed for an order of the court to adjourn trial or further trial in the charges against him pending determination of his appeal at the Court of Appeal. Moving the motion dated and filed on September 14, 2017, the applicant pleaded for adjournment of trial on

five grounds of law. Essentially, he claimed that his appeal with number CA/A/523C/2017 borders on constitutional issues and has to be determined one way or the order by the Court of Appeal before a meaningful trial can proceed. Dasuki recalled before the court the ruling of June 15, 2017, in which the court granted protection by way of screening to witnesses that will testify for the federal government and against him in the charges of unlawful possession of firearms and money laundering. The applicant claimed that the protection granted the witnesses violated Section 36 of the 1999 Constitution that entitles him to fair trial. Specifically, the former NSA wants the appellate court to set aside the protection of the witnesses and to allow all the witnesses to be seen by him and his legal team in the interest of fairness. He claimed that since his grounds of appeal raised a very serious constitutional issue which necessitated his filing of notice of appeal at the Court of

Appeal to stay proceedings in his trial, it is incumbent for the High Court to allow the Appeal Court determine the issue. He urged the court to look at section 305 of the ACJA 2015, which he said enjoined the lower court to tarry a while when a constitutional matter has been referred to the Appeal Court. “We are not asking for stay of trial, we just want this court to take note that major constitutional issues arose on fair trial and witness protection and since these constitutional issues have been referred to the Appeal Court it is the normal practice for the lower court to await outcome of such issues before proceeding in the main issue. However, the federal government counsel, Dipo Okpeseyi SAN in opposing the application urged the court to dismiss the motion for been an abuse of court process, vexatious and a calculated attempt to undermine the provisions of the ACJA for speedy trial in a criminal matter. He said Dasuki’s motion emanated from the referral of a matter to the Appeal Court, adding that by law, referrals

can only be made by court. He further contended that since the High Court did not refer any matter to the Court of Appeal, there is no reason to grant an adjournment in respect of a referral that was done without the permission of the court. The prosecuting counsel maintained that Dasuki’s motion was for stay of trial and not for adjournment and that the motion runs counter to the intendment and purposes of the ACJA to the effect that criminal matters be taken day to day by trial court. Besides, the counsel argued that no material was placed before the court to grant the motion and to suggest that there would be miscarriage of justice I’d the trial proceeds. “This motion is a smoked screen to delay the trial and to put a clog in the wheel of provisions of the ACJA on speedy dispensation of criminal matters and should be dismissed,” Okpeseyi said. Meanwhile Justice Mohammed has fixed November 15 for ruling on the motion.

WEDNESDAY OCTOBER 18, 2017 ˾ T H I S D AY

NEWSEXTRA

Dogara: Budget Process Reform Bill will Promote Better Outcomes Insists parliament has powers of appropriation James Emejo in Abuja Speaker of the House of Representatives, Hon. Yakubu Dogara, yesterday said the lower chamber was focused on asserting its oversight functions over the executive as a cooperative tool to bring development and better living standards to Nigerians. Speaking at the opening of a twoday summit on intergovernmental/ party relations and the budget reform process for sustainable development in Nigeria, he called for a more cooperative government where the executive, the legislature and the judiciary in their collective struggle to develop the country and ensure better life for her citizens, will always adhere to a common loyalty to the country by committing to securing the wellbeing of all Nigerians and provide effective, transparent, accountable and coherent government for the country as a whole. He said: “Over the years, legislative oversight has been seen as more adversarial than cooperative. However, in conducting oversight, the principles of co-operative government and intergovernmental relations must be taken into consideration, including the separation of powers and the need for all spheres of government

and all organs of state to exercise their powers and perform their functions in a manner that does not encroach on the functions of other arms. Seen in this light, the oversight function of the legislature complements rather than hampers the effective delivery of services with which the executive is entrusted.” He said the outcomes and recommendations of oversight undertaken by the legislature should be eagerly received, studied and implemented by the executive as a measure of accountability, citing an instance where the late President Umaru Musa Yar’Adua requested for the report of the probe carried out by the House Ad hoc Committee on Customs and Excise in the sixth assembly under his leadership and started implementing the recommendations even before the report was adopted. The speaker said:”I can give personal testimony that as chairman, House Ad-Hoc Committee on Customs, the report of the House investigation we conducted was requested for by him personally and he started to implement the recommendations...” He added that for intergovernmental cooperation to function effectively to yield the desired outcomes, “the distinctiveness of each arm

must be safeguarded in that its constitutional status, institutions, powers and functions of each arm must be respected; each arm of government must remain within its constitutional powers; and when exercising those powers, it must not do so in a manner that encroaches on the institutional integrity of another. This means that checks and balances should be in place with mutual respect for the authority and powers of the other arms so as to achieve better cooperation.” And for the umpteenth time, the speaker restated that the power of appropriation is vested in the legislature which means it can alter proposals by the executive

in any manner it feels will be more beneficial to Nigerians, and shed light on reforms the House has done on the budget process, including a bill he sponsored on Budget Reforms. He said:””The budget is also a legitimate opportunity for the government to set its policy agenda and priorities. Thus, in almost all political systems, it is generally accepted that the Executive has the primary role in developing an annual budget and presenting it to the legislature. However, the legislature plays a more active role in shaping the outlines of the budget submitted to it by the executive. In most presidential democracies, such as ours, the legislature has

the right to review, in some cases, amend, alter, approve or reject the spending plan proposed by the executive. “Suffice it to say that even in developed democracies, the executive and legislative branches have traditionally struggled to find an equitable balance of power over financial matters. “Over the years, the National Assembly and the executive have often disagreed over basic and more fundamental issues ranging from the petroleum price benchmark for the budget and role of the National Assembly in amending or modifying budget proposals submitted by the executive to reflect diverse national

development requirements. Other subjects of contention include details of the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), timeline for budget presentation, implementation status and legislative oversight of budgets. While some see LegislatureExecutive conflict as a necessary and beneficial precondition to limiting and controlling government, others view it as contributing to gridlock over major public policy decisions, thus making government ineffective. I see it however as a healthy constitutional exercise, for public good. However, cooperation between the Executive and the National Assembly is not only necessary but unavoidable.”

Fashola: Hydro Now Contributes 26% of Nigeria’s Power Generation Chineme Okafor in Abuja The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has put the total percentage contribution of the three hydro power generation companies (Gencos) in Nigeria - Kainji, Jebba, and Shiroro, to the country’s daily power generation at 26 per cent, up from 15 per cent that he said was the situation in 2015.

Fashola, said in Abuja that the contributions of hydro power to Nigeria’s energy mix has reduced that of gas power generation to 74 per cent from 85 per cent he said was the case in 2015. Speaking at the Africa Today summit on renewable energy where he talked about the energy options for Nigeria in a low cost and low caborn world, Fashola, who was

represented by the Minister of State for Power, Works, and Housing, Mr. Suleiman Hassan, stated that the federal government was firm on its intent to diversify Nigeria’s electricity generation sources away from her huge dependence on gas. He said the multiple number of attacks on gas lines supplying gas to the country’s gas power generation plants in 2016, was an

eye opener to the government on the need to build alternative power sources like solar and hydro. “As I pointed out earlier, our take off point of available power in May 2015 was 2,690 megawatts (MW). On May 22, 1999, the amount of power on the grid was 2,345MW out of which 85 per cent was gas fired power and 15 per cent was hydro power.

T H I S D AY ˾ WEDNESDAY, OCTOBER 18, 2017

WEDNESDAYSPORTS

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

Rivers, Real Madrid Foundation Finalise Plans on Academy Ernest Chinwo in Port Harcourt Rivers State Governor, Nyesom Wike, yesterday met with the leadership of the Real Madrid Foundation as part of the requirements to establish a Real Madrid affiliated football academy in the state. Officials of Real Madrid Foundation were led by its Managing Director, Julio Gonzalez, and International Area Manager, Rosa Roncal Gimenez. The Rivers State Commissioner for Sports, Mr Boma Iyaye, was also present at the meeting. The meeting that held behind closed-door at the Real Madrid Foundation office at the Santiago Bernabéu witnessed both parties concluding discussions on the areas of partnership. In an interview after the meeting, Wike said the deliberation went on satisfactorily, noting that the partnership has reached its

highpoint. The governor said the academy would help the state harness the opportunities inherent in football as it would empower the upcoming generation. He said: “This is the concluding part of the process of establishing a Real Madrid Academy in Rivers State. It is our dream to empower our youths through football. “Today, you know that football is big business and one of the ways to improve the economy. “This meeting is the height of our deliberation to get the academy started. We are happy that this has gone on satisfactorily. Rivers youths will reap the benefits of the Academy.” Highpoint of the meeting was the presentation of a special Real Madrid jersey with “NEW” printed at the back of the shirt to the Rivers State governor by the Managing Director of Real Madrid Foundation, Julio Gonzalez.

International Area Manager of Real Madrid Foundation, Rosa Roncal Gimenez, lauded the governor for the initiative to set up a Real Madrid Academy in Rivers State. Wike was billed to meet with the Real Madrid President, Florentino Perez, later yesterday evening.

UEFA CHAMPIONS LEAGUE RESULTS Maribor 0-7 Liverpool S.Moscow 5-1 Sevilla Feyenoord 1-2 Shakhtar Man City 2-1 Napoli Monaco 1-2 Besiktas Leipzig 3-2 Porto APOEL 1-1 Dortmund Madrid 1-1 Tottenham

TODAY

7:45pm

Qarabag Vs Atletico Chelsea Vs Roma Anderlecht Vs PSG Barca Vs Olympiacos CSKA Vs Basel Benfica Vs Man Utd Juventus Vs Sporting Bayern Vs Celtic

GOV’S CUP 2ND LEG

Nigeria’s Imeh Upsets French Star, Fransen, Moves into Second Round

Femi Solaja

A lowly-rated Nigerian player, Joseph Imeh Ubon yesterday caused a major upset in the second leg (Futures 5) of the ongoing Governor’s Cup Lagos Tennis Championship when he shocked French player, Stephan Fransen, in one of the first round matches played at the Lagos Lawn Tennis Club, Onikan.. Imeh, who is ranked number 1951 in the world, proved too much for Fransen, ranked 562. With cheers from fans at the venue, the Nigerian youngster defeated his opponent in a game that ended 0-6,6-3,6-0. Surprisingly, the French player was a finalist in the men’s

singles in Futures 4. Imeh will now play tournament Number 4 seed, Ilkel Cem of Turkey in the second round this morning. However, Henry Atseye could not make it like Imeh as he retired in the second set of his game against Ilija Vucic of Serbia with a 6-2,2-0 result. Also, Christopher Bulus was defeated 6-4,6-4 by Thomas Setodji of France in another game. Other men’s singles results saw Lance-Pierre du Toit of South Africa beat Giovanni Samaha of Liberia 5-7, 6-3,6-0. Tournament’s Number 1, Indian Prajnesh Gunneswaran, got the best out of France’s Manuel Guinard in straight

set of 6-4,6-0, while Egyptian Sherif Sabry beat Alexis Klegou of Côte d’ Ivoire. Barakat Oyinlomo Quadri was defeated by French Harmony Tan, who is the Number 8 seed in straight sets of 6-4,6-0. Also Futures 4 winner in the women’s singles, Israeli Deniz Khazaniuk beat Adetayo Adetunji 6-1,6-1. Meanwhile, Conny Perrin of Switzerland scaled the hurdles to the second round after her opponent, Jesmin Jebawy of Germany retired in the second set of their match. The match ended 6-0,2-0. Number two seed, Ayla Aksu from Turkey beat Tiffany William of Great Britain 6-4,6-4

Real Madrid’s Luka Modric (right) and Harry Winks of Tottenham battling for ball during their UEFA Champions League clash in Santiago Bernabeu… last night

Women’s Aiteo Cup Final: Angels on Parade in Jos Only days after a colourful men’s finale at the Agege Stadium, Lagos, the women’s finale of the 2017 Aiteo Cup competition will hold today at the Rwang Pam Stadium, Jos. Cup holders Rivers Angels trade tackles with Ibom Angels in what promises to be a fascinating encounter in the Tin City. A 4-0 win over six-time finalists Bayelsa Queens in the second half of the second leg of their semi final fixture

ensured Edwin Okon’s ladies stand on the brink of claiming the title for the seventh time since 2010. Apart from the determination to claim the mouth-watering sum of N10 million winner’s prize money, the Port Harcourt side will look to claim the first crown under the new Aiteo sponsorship. Ibom Angels, who edged Abia Angels 3-2 on aggregate in the semi finals, will no doubt be inspired by the victory of

their men’s team, Akwa United in Sunday’s final, with the Promise Keepers running away 3-2 winners after penalty shoot out following a 0-0 draw with Niger Tornadoes in regulation time. Interestingly, the Uyo side coached by Whyte Ogbonda (previously Edwin Okon’s assistant) was the only team that secured a draw in Port Harcourt during the just-ended Nigeria Women Premier League regular season.

Coach Imama Amapakabo was yesterday officially unveiled as the new manager of Maiduguri based Nigeria Professional Football League (NPFL) team El Kanemi Warriors. The former manager of Enugu Rangers was unmasked to the public on Tuesday in Maiduguri after he signed his contract. The former Sharks and Enyimba coach replaces former Flying Eagles coach Ladan Bosso, who guided the side to a sixth-place finish in the immediate past NPFL season. Amapakabo’s two assistants will be Shaibu Suleiman as goalkeeper coach and Ernest

Eziwo as assistant coach. The duo worked with him at former Nigerian champions Enugu Rangers. Media Officer of the Maiduguri landlords, Prince Anthony Obaseki, disclosed yesterday that the new manager is excited with the opportunity to work with the side and promised to deliver the goods at the appointed time. “Imama was unveiled today (Tuesday) to the public as new manager of El Kanemi Warriors in Maiduguri. “Early in the day, Imama endorsed his contract papers and went into a closed meeting with some government top officials

later in the day. “He came with two assistants to work with him, Shaibu Suleiman as goalkeeper coach and Ernest Eziwo as assistant coach. “Imama says coming to coach El Kanemi Warriors is a personal challenge while he asked the stakeholders to rally round him to achieve the desired goal. “He said he had many coaching offers, but he chose El Kanemi Warriors for personal reasons and given what he has seen on the ground, the sky will be the limit of what he will achieve with the team in the upcoming league season,” said Obaseki to supersport.com.

Enang Pours Encomium on Gov Emmanuel over Support for Akwa Utd NPFL: Amapakabo Appointed New El Kanemi Manager Okon Bassey in Uyo Akwa Ibom State Governor, Mr. Udom Emmanuel, has been lauded for taking the unity of the state to national limelight through sports development. Senior Special Assistant to President Buhari on National Assembly Matters (Senate), Senator Ita Enang, who gave kudos to the governor specifically noted the efforts of the state government to drive its darling team, Akwa United to national fame. Enang who made the remark in a letter sent to the club’s Chairman, Paul Bassey, said with the team’s 3-2 victory over Niger Tornadoes

at the finals of the 2017 Aiteo Cup competition in Lagos shows the important the governor attaches to sports in the state. According to Enang, the team succeeded as a result of Emmanuel’s enhanced welfare package and support to the team. “For the second time, Governor Udom has done it on the football front. He deserves commendation,” the Senator declared. He stressed that the victory in the nation’s oldest and biggest football championship has catapulted the name of the state to the top of football playing states in the land. Enang’s words: “The victory

has further reaffirmed the resilient spirit of Akwa Ibom people in rising up and facing a daunting task and making a success out of it. “To have won the tournament for the second time in three years, clinching all the individual awards on offer on the final day clearly stands Akwa United FC as the best football club out of the more than 72 teams that took part in the competition. “I am thrilled to note that with the victory in the Aiteo Cup, the state-owned football club has secured automatic qualification to represent the country in the 2018 CAF Confederation Cup competition,” Enang declared.

Wednesday October 18, 2017

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MISSILE

Kwande to FG “I call on the federal government to set up a committee to investigate the fresh killings of innocent persons, including children, women, men and the aged in a primary school where they were taking refuge” – Hon. Sulaiman Kwande urging the federal government to stop the spate of killings following the recent killing of 26 persons by herders under the watchful eyes of security men in Bassa Local government area of Plateau State.

ISSAAREMU, FEMIFALANA & KAYODEKOMOLAFE

Fela: Time for Posthumous National Award

e are obviously certain that the late Fela Anikulapo Kuti (just like the late Gani Fawehinmi!) if alive today would have rejected any proposed state award given to him. More so that the Nigerian state has progressively degenerated over the years from the bad (he painfully lived) to the worse (he foresaw) in most important critical success and nation-building factors. Certainly not with the perennial crisis of governance since independence manifesting in serial revelations of Authority Stealing and shortages of “water, light and food” Fela bemoaned with his legendary saxophone. As a matter of fact, Fela once banned his music being played on federal radio stations (what many artists would see as a badge of honour) in protests against the non-payment of copyrights fees, sheer brutality and oppression of the “military sergeant majors” in the military regimes who ruled (sorry ruined!) the Federal Republic! Very few could be so singularly audacious in damning a perceived oppressive and exploitative state. Our comradely demand is not just an “honour” for Fela; he never asked for “honour” which he definitely honourably loathed while alive. On the contrary, the demand to genuinely honour Fela is to test our collective claim to good governance, anti-corruption which the Abami Eda gallantly fought against through his artistic patriotism and Pan Africanism. “Blessed are the dead, for they will never be suspected, so declared BM Themba, the great South African poet. The iconic musician courageously decried corruption and bad governance at a time it was not fashionable to do so. For sure, Fela would never be suspected of any indifference and silence at times that mattered. That in itself was a rare honour. The burden is on those of us living who still lay claim to good governance to walk the great songs of the legend. And one bold step would be to honour a like mind. Our call here is an acid test for those who still believe in the Nigerian project. Fela posthumously truly puts to test our sincerity to build a new Nigeria just as he did while alive. It is timely and commendable that the Lagos State Governor Akinwunmi Ambode unveiled a statue in memory of the iconic musician as part of the weeklong activities marking his 79th posthumous birthday and the 20th anniversary of his death in Lagos at the weekend. Abuja could as well take a cue from Lagos. President Muhammed Buhari parades three themes: anti-corruption, national security and economic recovery. Nobody

Fela

had foreseen the current national mess like the Anikulapo- Kuti (The One Who Carries Death in his Quiver!) did. And nobody would be taken seriously who refuses to recognise the great contributions of the legendary Fela to good governance and anti-corruption. He was a workingman who truly lived on his sweat in spite of fashionable sleaze combined with official military terror in Nigeria of the 70s, 80s and 90s. Fela symbolised dignity of labour in a country in which a few members elite thrived on corruption, “authority stealing” and captured Nigerian state’s resources. Fela sang for change, change and change ad infinitum. Nigeria’s search for a desired change remains thematically elusive until Fela’s works are officially recognised. He was truly a global actor in the great traditions of similar artists like South Africa’s Mariam Makeba, Bob Marley, Huge Masakela and Senegal’s Yusuf

Some of the names on the Nigeria’s roll of honour have actually contributed to the unmaking of Nigeria; as a negation the nation would, therefore, be inspiring millions of other makers of Nigeria by honouring the memory of a historical ﬁgure such as Fela

Ndour among great other artists long recognised by their respective countries. In fact, the reputations of those artists are treated as national moral assets by their nations. Fela acted locally (downtown Ikeja!) but his thoughts and messages are global in that they resonate in Cape Town, Cairo, New York and London etc.! Even today, 20 years after his death, Fela inspired hope for a strong united Nigeria and economic recovery. In 1974, at the time, it was not fashionable to patronise Africa and even more fashionable to ape Europe and America, Fela’s Buy Africa album rightly warned that prosperity would elude Africa without patronage of its products and ideas by Africans themselves. It was time for government to walk the patriotic songs of Fela through targeted budgetary spending to buy goods that must be produced at home in order to create sustainable jobs for the millions of youths. We commend Vice President Yemi Osinbajo for signing the Executive Bills compelling the federal ministries and departments to buy made in Nigeria. Over 30 years after Fela created that song Nigeria and indeed Africa had uncritically enlisted in the World Trade Organization (WTO), a club of trading nations, without products to sell but with multiple dumped products to buy. The result today is that Nigeria has become a huge market for dumped products from Europe and China leading to factory closures, unemployment and poverty true to Fela’s foresight and danceable warnings. But Fela in the 70s sang against the background of a productive Nigeria with manufacturing contributing as much as 35 per cent of the industrial manufacturing! Currently it’s business unusual in a cargo/container/smuggler consumptive economy fuelled by oil receipts with manufacturing contributing less than 4% to the Gross Domestic Product (GDP). Will Nigeria (and indeed Africa!) remake and reproduce again, such that we can “buy Nigeria” and “buy Africa” as Fela had prophetically envisioned? Fela’s Tears, Sorrow and Blood in the late 70s was a danceable lyric which aptly summed up his tragic first-hand “treatment” in the hands of the military tormentors. In retrospect, we could see that singular track as a powerful reminder of the legacy (regular trademark!) of military dictatorship in particular and dictatorships in general including the civilian prototypes. It is far from being over. Just as Fela sang in that historic ode to dictatorship, his people (Nigerians!) are still in “fear to fight for justice, freedom

and liberty” such that we were under the heels of majority thieving governors. Sorrow, tears and blood remain regular trademarks from the trails of armed and unarmed robberies to the official and street kidnappers. Follow-Follow is a classical warning against dependency and neo-colonialism. Fela urged that we open “sense, open eye and open brain” as we are susceptible to received wisdom. He observed that in the books of received wisdoms lie “termites, cockroaches and rats” as distinct from the promised sweet outcomes of the salesmen and women of received ideas. Today, three decades after Fela’s prophetic warning, Nigeria is spell -bound with received ideas from the books of Bretton Woods Institutions namely the International Monetary Fund (IMF) and the World Bank. The theme of the 2006 UNDP Report was Beyond Scarcity: Power, Poverty and Global Water Crisis. The Report, we recall, showed that water and access to water by majority of people is indispensable to any serious effort at meeting the moribund Millennium Development Goals (MDGs), which Nigeria never met, anyway. Yet that was what Fela had pointed out in his evergreen Water No Get Enemy album. The sad commentary is that in spite of the indispensability of water to life, it has “enemies” in Nigeria which include all of us who unacceptably rely on boreholes; truck-pushing water vendors and rain fall to drink water. Precisely because Nigeria cannot make clean water available for its citizens or make its citizens “enemies” of water contrary to Fela’s universally acclaimed insight that water “no get enemy,” is precisely why we must honour Fela for reminding us of the common sense increasingly becoming uncommon here. In sum, Fela’s brilliant and prodigious works constitute a definitive narrative of the Nigerian condition. His art and politics were anti-poverty and pro-development. His essence was the advancement of human progress. In the making and unmaking of Nigeria, Fela’s name would, on a positive note, remain prominent in the category of makers of Nigeria. Some of the names in the Nigeria’s roll of honour have actually contributed to the unmaking of Nigeria; as a negation the nation would, therefore, be inspiring millions of other makers of Nigeria by honouring the memory of a historical figure such as Fela. r Aremu is a member of the National Institute; Falana is Senior Advocate of Nigeria and Komolafe is the Deputy Managing Director of THISDAY Newspapers Group

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