Tuesday 24th October 2017 by THISDAY Newspapers Ltd

How Malami, Dambazau Plotted Maina’s Reinstatement After director’s second dismissal, Buhari receives report on his recall Oyo-Ita insists she had no hand in reinstatement PDP, others demand for AGF, minister’s sack as EFCC storms residence Our Correspondents Following yesterday’s directive by President Muhammadu Buhari ordering the immediate dismissal of former Chairman of the Presidential Task

Force on Pension Reforms, Abdulrasheed Abdullahi Maina from the federal civil service, fresh facts have

come to light showing the involvement of the AttorneyGeneral of the Federation (AGF) and Minister of Justice,

Abubakar Malami (SAN) and his counterpart in the Ministry of Interior, Lt.-Gen. Abdulrahman Dambazau,

in the embattled director’s promotion and reinstatement in the civil service. Maina who had been at

Lamido Formally Informs PDP of Presidential Ambition... Page 43

large since 2013 when he was declared wanted by the Economic and Financial Crimes Commission (EFCC) over his suspected involvement in a N2 Continued on page 12

Tuesday 24 October, 2017 Vol 22. No 8223. Price: N250

www.thisdaylive.com TR

UT H

& RE A S O

Fidelity Bank Grows Profit by 65%, Records PBT of N16.2bn Nume Ekeghe

L-R: Governors Seriake Dickson (Bayelsa), Ibikunle Amosun (Ogun), Godwin Obaseki (Edo), Dave Umahi (Ebonyi), Udom Emmanuel (Akwa Ibom), Akinwunmi Ambode (Lagos), Okezie Ikpeazu (Abia), Rotimi Akeredolu (Ondo), Ayodele Fayose (Ekiti), Nyesom Wike (Rivers), Abiola Ajimobi (Oyo), Ifeanyi Ugwuanyi (Enugu) and Rauf Aregbesola (Osun), during the 17th Southern Governors’ Summit, held at the Lagos Government House, Alausa, Lagos… yesterday

Following its half-year audited financial results, Nigerian lender, Fidelity Bank Plc has again posted another impressive financial performance for the nine months period ended September 30, 2017. Details of the lender’s nine months financial results, released at the Nigerian Stock Exchange (NSE) yesterday, showed growth in key revenue lines and improved efficiency and regulatory ratios. A statement by the bank Continued on page 12

Southern Governors Unite, Insist on True Federalism, Devolution of Powers Reiterate commitment to indivisible Nigeria

Tobi Soniyi, Gboyega Akinsanmi and Segun James Rising from a three-hour meeting held in Lagos yesterday, the governors of the 17 states of Southern Nigeria have asked the federal government to devolve powers

to the states. The governors also reiterated their commitment to a united, indivisible Nigeria. In a joint communique read by the host governor, Akinwunmi Ambode of Lagos State, the governors said that they also remained committed

to a true federalism. The communiqué, however, did not state what they meant by true federalism. The governors said they would like to see an effective linkage of infrastructure in the Southern part of the country and pledged to work together

for the development of the states in the Southern part of the country. Whilst the Northern Governors’ Forum has held regular meetings, the Southern governors are just waking from their slumber, making yesterday’s the second meeting

by the Southern Governors’ Forum in 12 years. The first summit of the Southern governors took place in 2001 and the last prior to yesterday's, was in 2005. At yesterday’s summit, which was attended by the governors or their

representatives, except for Imo State Governor Rochas Okorocha who did not attend or send a representative, the governors appointed Ambode as chairman of the forum and Governors Dave Umahi of Continued on page 12

Osinbajo: Nigeria Still Grappling with Consequences of Malabu Oil Scandal… Page 43

T H I S D AY TUESDAY OCTOBER 24, 2017

TUESDAY, ͺͼ˜ ͺ͸͹Ϳ ˾ T H I S D AY

PAGE TWELVE SOUTHERN GOVERNORS UNITE, INSIST ON TRUE FEDERALISM, DEVOLUTION OF POWERS Ebonyi and Seriake Dickson of Bayelsa as co-chairmen. Some of the governors who attended the summit included the governors of the six Southwestern states: Ambode; Ekiti State governor, Mr. Ayo Fayose; Ogun State governor, Sen. Ibikunle Amosun; Ondo State governor, Mr. Rotimi Akeredolu; Osun State governor, Ogbeni Rauf Aregbesola and Oyo State governor, Sen. Abiola Ajimobi. Also present were the governors of Rivers State, Nyesom Wike; Edo State, Mr. Godwin Obaseki; Abia State, Okezie Ikpeazu; Enugu State, Ifeanyi Ugwuanyi; Akwa Ibom State, Mr. Emmanuel Udom; and Ebonyi State, David Umahi. The geputy governors of Anambra, Dr. Nkem Okeke and Cross River State, Prof. Ivara Esu, were also present. The governors also agreed to collaborate in the growth of their respective economies while emphasising the need to develop strategic infrastructure projects within the states in the South-east, South-south and South-west. The communiqué read in part: “The Southern Governors’ Forum

at its meeting in Ikeja restated their commitment to a united, indivisible Nigeria. The summit also reiterated its position on true federalism and devolution of powers. “It restated its commitment to collaborate with one another for the growth and development of their economies. The summit restated commitment to security of lives and properties of the citizens “The summit also emphasised the need for effective linkage of good infrastructure within the sphere of Southern Nigeria. The summit unanimously appointed Governor Ambode as chairman and Governors Dickson and Umahi as co-chairmen.” The forum scheduled to hold its next meeting to take place in Port Harcourt, Rivers State. Before the meeting, Ambode had said in address that was still a lot to be done in terms of the current structure of the country. “There is certainly a lot to be done about true federalism, an issue that requires urgent, meticulous and proactive attention from the forum. “No less disturbing is the failure to undertake the periodic review

of the revenue allocation formula as provided for by the 1999 Constitution to reflect evolving realities. “This is another critical matter that ought to engage this forum in order to enhance the viability of the state and local governments as well as their capacity to fulfill their developmental roles in the polity,” the Lagos governor had said. He lamented that states “are being disparaged for always carrying begging bowls to Abuja in the quest of handouts from the federal government”. “This is a function of our present National Constitution that burdens the federal government with activities and responsibilities that rightly fall within the province of the states,” he added. Ambode noted that the productivity and revenuegenerating capacities of most of the states were being stifled, effectively turning them into no better than street beggar states incapable of even meeting the routine obligations of paying workers’ salaries and pensions without federal support. Citing the example of Lagos

State in the struggle for true federalism, Ambode explained that the state had fought and won several legal battles since 1999, which he said had systematically strengthened her autonomy and enhanced her fiscal viability. Over the years, he said, the state “has won legal control over the management of its environment, control of urban and physical planning, regulation of overhead masts, registration and regulation of hotels and restaurants, and control of her inland waterways”. He said the victory did not belong to Lagos alone, but to all other states in the federation and which they must explore significantly. “I believe if Lagos has been able to achieve so much fighting single-handedly, the forum can accomplish much more by thinking, planning, strategising and acting together,” he said. He added that the constitution amendment was coming at a most appropriate time, stating: “As you are aware, the Senate and House of Representatives are currently harmonising their differences on the proposed amendments of the 1999 Constitution before they are

transmitted to the state House of Assemblies for approval. “It is important for this forum to comprehensively look at the proposed amendments with a view to working with our respective House of Assemblies to ensure a coordinated response on our part that will strengthen the practice of democracy, federalism, constitutionalism and the rule of law.” Giving insight into the genesis of the summit, Ambode said one of his predecessors, Asiwaju Bola Ahmed Tinubu in 2001 had started it, pointing out that the forum held nine meetings within a period of four years with enviable achievements. He listed some of the achievement of the forum before its last meeting in Lagos on February 25, 2005, stating that the forum became a significant voice on matters of critical importance both to the South and to Nigeria as a whole. He noted that the first achievement of the forum was its collective advocacy for the special allocation to oil producing states from the Federation Account, which according to him, resulted

in the current derivation formula of 13 percent accruing to the oil producing states. Ambode also explained strategic contribution that the forum amade to the country’s governance structure, noting that the forum strengthened the country’s practice of true federalism, which he said was evident in a judgment the Supreme Court delivered in 2002. He said the Supreme Court had declared illegal and unconstitutional the practice of deducting monies from the Federation Account as a first line charge for the funding the oil Joint Venture Contracts, NNPC priority projects, servicing of the federal government’s external debts, the judiciary and Federal Capital Territory, among other federal obligations. In the same case, Ambode noted that the Supreme Court had also abolished the special funds created by the federal government to enable it draw funds from the Federation Account to pay for matters that fell within its exclusive responsibility before sharing whatever was left with the state and local governments.

of the Senior Staff Committee (SSC) of the Ministry of Interior to the FCSC for further necessary action. “The FCSC at its meeting held on Wednesday, 16th August, 2017, considered the letter from the Attorney General of the Federation and Minister of Justice and the recommendations of the Senior State Committee of the Ministry of Interior on the disciplinary case against Alhaji Abdulrasheed Abdullahi Maina, Deputy Director (Administration), Salary Grade Level 16. “The FCSC, thereafter, approved the reinstatement of the officer into the service with effect from 21st February 2013 (being the date he was earlier dismissed from service). “The FCSC also approved for the officer to sit for the next promotion examination to the post of Director (Administration), SGL 17. “I am therefore to convey the approval of the FCSC for the reinstatement into the Service of Alhaji Abdulrasheed Abdullahi Maina, Deputy Director (Administration), SGL 16.”

Head of the Civil Service of the Federation has approved the reinstatement into the Federal Civil Service of Alhaji Abdulrasheed Abdullahi Maina and his subsequent posting to the Ministry of Interior. “The Head of the Civil Service of the Federation (HCSF) wishes to inform the public that the reinstatement and posting of Alhaji Abdulrasheed Abdullahi Maina never emanated from the Office of the Head of the Civil Service of the Federation. “Consequently, the purported reinstatement and posting by the Office of the Head of the Civil Service of the Federation is totally erroneous and misleading.” Even as she issued the statement distancing herself from Maina’s recall, a senior presidential official told THISDAY late last night that Oyo-Ita had submitted her response to the president’s query in accordance with his directive that it must be submitted the Office of the Chief of Staff office before the close of work yesterday. According to him, her response was already being studied while other reports were also being awaited. “I have confirmation that the Head of Service of the Federation, Mrs. Oyo-Ita has brought the report on the re-engagement of Abdulrasheed Maina as directed by the president. This is being studied as other reports are being awaited,” he stated. Also denying its involvement in Maina’s reinstatement, the Department of State Services (DSS) said yesterday that it had no hand in his recall or reinstatement. “There was no correspondence of any sort between the DSS and the Head of Service with respect to Mr. Maina. The DSS is not investigating him nor handling any matter connected to Maina

and neither has the DSS ever forwarded any correspondence to Mr. President or any arm of government for the recall or reinstatement of Maina,” the DSS Media Unit stated “The Service is aware that Mr. Maina is a civil servant and any disciplinary action as regards Maina’s official conduct will therefore be handled as required by the civil service rules. “So it will therefore be absurd for anybody to imply or insinuate that the DSS had a hand in the recall or reinstatement of Maina. “Mr. Maina had been in the country for quite sometime and it would be absurd for someone who should know to claim ignorance of his being around,” the DSS stated.

HOW MALAMI, DAMBAZAU PLOTTED MAINA’S REINSTATEMENT billion pension scam, suddenly resurfaced recently with his redeployment to the Ministry of Interior as Director, Human Resources Department. Prior to his redeployment, Maina was an assistant director and had been sacked by the immediate past administration of President Goodluck Jonathan over his involvement in the pension scam. Despite efforts by the National Assembly to get him to appear before the probe panel investigating the scandal, Maina absconded from the country to the United Arab Emirates to evade arrest and prosecution, forcing the EFCC to place him on the Interpol list of wanted people. However, Buhari, following the uproar over his recent promotion and redeployment to the interior ministry, yesterday ordered his immediate dismissal from the civil service. According to a statement by his chief spokesman, Mr. Femi Adesina, Buhari also directed the Head of Service, Mrs. Winifred Oyo-Ita, asking her to provide a full report on the circumstances surrounding Maina's recall and consequent redeployment to the Ministry of Interior. The statement said Oyo-Ita’s response was to be submitted to the Office of the Chief of Staff to the President before the end of work yesterday.

Malami, Dambazau’s Role in Reinstatement However, a letter from the Federal Civil Service Commission (FCSC) sighted by THISDAY has shown that contrary to the impression created by the interior ministry that it knew nothing about Maina’s reabsorption and redeployment to the ministry, blaming it on Oyo-Ita’s office,

it was indeed Malami and Dambazau who worked handin-hand to get Maina reinstated and promoted. The FCSC letter approving his promotion and reinstatement as a deputy director on Salary Grade Level (SGL) 16 and granting approval to Maina to sit for the next promotion exam to the post of director on SGL 17, also detailed the correspondence between the AGF, the Office of the Head of the Civil Service of the Federation (OHCSF) and the Senior Staff Committee of the Ministry of Interior that led to Maina’s reinstatement in the civil service. Also speaking on the development, a highly placed source in the OHCSF, who asked not to be named, said yesterday that the office was unaware of the reinstatement of Maina in the service. “The Head of Service did not convey this directive, rather she sought audience with Mr. President and gave him a full brief on this matter with supporting documentation. “She is at a loss to know why the haste for Maina’s recall/ resumption when no such approval has been conveyed to him by the Office of the Head of the Civil Service of the Federation. There is a lot of foul play going on. “A lot of very prominent people were interested in his recall and playing all sorts of games to push the wrong doing onto my boss’s head. They have failed,” the source stated. Supporting this claim, the FCSC letter with Ref No. 4029.82/ Vol.III/179 to the Head of Civil Service, dated September 18, 2017 and signed on behalf of the chairman of the commission by Mustapha L. Sulaiman, showed that Malami and Dambazau actually pulled the strings for

his recall into the civil service. The letter said: “Kindly refer to the Attorney-General of the Federation/Honourable Minister of Justice’s letter Ref No. HAGF/ FSCC/2017/VOL.1/3 dated 27th April 2017, requesting Federal Civil Service Commission (FCSC) to give consequential effect to the judgment that voided the warrant of arrest issued against A.A. Maina, which formed the basis for the query and his eventual dismissal. “Further to the aforementioned letter, the Federal Civil Service Commission (FCSC) at its meeting held on 14th June 2017, deliberated on the AttorneyGeneral of the Federation’s letter and requested the Office of the Head of the Civil Service of the Federation (OHCSF), vide letter FC.4029/82/VOL.III/160 of 21st June 2017 to advise the Permanent Secretary, Ministry of Interior to consider the AGF’s letter, the officer’s case and make appropriate recommendation to the Commission. “The OHCSF accordingly advised Ministry of Interior to consider the matter. The Ministry of Interior at its Senior Staff Committee’s (SSC) meeting held on 22nd June 2017 considered the disciplinary case against the officer and the letter by the AttorneyGeneral of the Federation and Minister of Justice seeking the reinstatement of the officer as a director (Administration), SGL. 17 in the Federal Civil Service. “The Ministry of Interior’s Senior Staff Committee deliberated on the case and recommended that Mr. Maina be reinstated into the service as Deputy Director SGL. 16. “The Office of the Head of the Civil Service of the Federation (OHCSF) vide letter Ref. No. HCSF/LU/COR/FCSC/749/ III/135, dated 14th August 2017, forwarded the recommendations

Oyo-Ita’s Denies Involvement Reinforcing the position that she had no role in his reinstatement and promotion, Oyo-Ita, in a statement last night, refuted media reports that she approved the reinstatement of Maina into the civil service and his subsequent posting to the Ministry of Interior. The statement signed on her behalf by Mr. Mohammed Manga, Assistant Director (Media Relations) in the Office of the Head of Service, said: “The attention of the Office of the Head of the Civil Service of the Federation has been drawn to several media reports that the

FIDELITY BANK GROWS PROFIT BY 65%, RECORDS PBT OF N16.2BN said gross earnings grew by 17.9 per cent to N130.1 billion, from N110.3 billion reported in the same period in 2016 while profit before tax rose by 65.1 per cent, from N9.8 billion to N16.2 billion. “We are delighted with our nine months financial performance which showed strong growth in key revenue lines and a corresponding decline in our operating expenses, despite the high inflationary environment,” said Mr. Nnamdi Okonkwo, Fidelity Bank CEO. He attributed the consistent

delivery of strong financial results to the disciplined execution of the bank’s medium term strategy, which centred on optimal balance sheet management, strategic cost reduction and increased play in the digital and retail banking space. “The implementation of the initiatives from our Business Process Review Project continued to impact positively on our operational efficiency as total operating expenses declined by 2.6 per cent to N47.5 billion, leading to our cost-income ratio dropping to 66.8 per cent from 77.3 per cent in 2016 FYE.

“The combination of the strong net revenue growth of N5.1 billion (8.8 per cent growth) and the decline in total expenses by N1.3 billion (2.6 per cent) translated to a N6.4 billion (65.1 per cent) increase in profit before tax (PBT) to N16.2 billion. “The 9M 2017 PBT of N16.2 billion is higher than the annual profit numbers in any of the last fourt financial years (2013 to 2016),” he further explained. Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 3.8 million customers who are serviced across its 240 business offices and various digital banking

channels. The bank has in recent times won accolades as the Best SME Friendly Bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank, among several industry awards and recognitions. The bank was also ranked the Fourth Best Bank in the Retail Banking Segment in the 2017 Banking Industry Satisfaction Survey conducted by KPMG. Focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), Fidelity Bank is rapidly implementing a digital based retail banking

strategy which has resulted in a 93 per cent growth in savings deposits over the last three years, 50 per cent customer enrollment on debit cards, and 30 per cent of its customers now using its flagship mobile/internet banking products. Last week, the bank successfully issued a $400 million Eurobond, which was priced at 10.50 per cent coupon. The transaction regarded as the largest combined new issue and liability management offering by a Nigerian issuer has reopened the international bond markets for Nigerian Tier II banks.

EFCC Storms Maina’s Residence But just as the storm over the Maina’s recall gathered dust, operatives of EFCC yesterday invaded his luxury Abuja home, located at No. 10 Hamisu Muse Road, Jabi District, Abuja. Sources close to the EFCC informed THISDAY that the commission was taken aback by his reinstatement, given that it had placed Maina on the Interpol watch list, following his alleged involvement in the looting if about Continued on page 42

TOP GAINERS INTERBREW REDSTAR UACN FIDELITY NEM TOP LOSERS LAFARGE CUTIX AXAMANSARD

NGN NGN % 5.22 56.23 10.2 0.23 4.98 4.8 0.78 16.89 4.8 0.06 1.50 4.1 0.05 1.39 3.7 NGN NGN % 5.46 50.54 9.7 0.25 2.35 9.6 0.11 2.14 4.8 ETERNA 0.16 3.32 4.6 DIAMONDBANK 0.05 1.05 4.5 HPE Nestle Nig Plc ₦1,200.00 Volume: 253.537 million shares Value: N2.699 billion Deals: 3,609 As at yesterday 23/10/17 See details on Page 31

T H I S D AY TUESDAY OCTOBER 24, 2017

T H I S D AY ˾ ˜ ͰͲ˜ Ͱͮͯ͵

COMMENT

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

AGENDA FOR JUSTICE OPEYEMI OKE

‘Kunle Uthman charges the Chief Judge of Lagos State to improve on the delivery and administration of justice

n September 24, 2017, the former Chief Judge of Lagos State, Hon. Justice Funmilayo Atilade retired from the Bench, having attained the mandatory retirement age of 65 years. She has since been replaced by Hon. Justice Opeyemi Oke who has been sworn in as Acting Chief Judge of Lagos State. The latter has a tenure of 21 months to serve. How did the last chief judge fare and what was her relationship with the system including the executive and the legislative arms of government? In respect of the new chief judge, what checks and balances should be put in place to ensure a peaceful, rancour-free tenure that would enhance and improve justice delivery system in Lagos State?

Justice Atilade’s tenure as chief judge was abysmally poor and full of rancour among judicial officers in the state. Within the period of her tenure she consistently went on overseas trips, trips totally unrelated with her work. Her relationship with the executive arm of government was “frosty” and there was very little infrastructural development in the courts to enhance the justice delivery system, unlike during the tenure of her predecessors in office. No landmark judgments were delivered by her to ingratiate her tenure in the legal jurisprudence of Lagos State. For the first time in recent memory, the New Legal Year Programme commencing with worship in Mosques and Churches were not held this year and a Valedictory Service she organised for herself at taxpayers expense was hurriedly cancelled. Honorable Justice Opeyemi Oke, the acting chief judge of Lagos State, is an indigene of Ogun State. She was appointed a Judge of the High Court of Lagos State on July 19, 1996 and until her recent appointment, was the de facto Deputy Chief Judge in charge of Lagos division of the Lagos State Judiciary. She will be in acting capacity as chief judge pending her confirmation by the National Judicial Council (NJC). She would be the 16th chief judge of Lagos State and the 6th female chief judge, the last four (including herself) being females. It is the hope and expectation of many that she would do the needful to improve the justice delivery and administration in the state. That she will attend to welfare matters of the magistrates and judges in the state, complete and commission court buildings, maintain a cordial relationship and complement the work of the executive and legislative arms of government, avoid the pitfalls of dabbling into money matters by allowing the chief registrar to perform her role as the chief accounting officer of the judiciary, consistently organise trainings, workshop, seminars for judicial officers locally and internationally to improve their knowledge and equip them with the skill for better service delivery. It would be most appropriate for her to set a “vision” from the beginning of her tenure. All Judges in the several courts everywhere should heed the admonition and advise explicitly stated in the “Academic Journal Of Interdisciplinary Studies” as follows: “A Judge should be God-Fearing, law abiding, abstemious, truthful in tongue, wise in opinion, cautious, forebearing, blameless and untouched by greed”. A judge should be incorruptible and avoid undue fraternity with politicians and the political leaders, in order to ensure impartiality in the administration of justice. The chief judge of a state is primus inter pares among the judges of the state and also the head of the judicial arm of government. The position is usually occupied by the most senior judge in hierarchy as a convention and practice, which is rarely deviated from except in most exceptional and extraordinary circumstances that shows that the most

A JUDGE SHOULD BE GOD-FEARING, LAW ABIDING, ABSTEMIOUS, TRUTHFUL IN TONGUE, WISE IN OPINION, CAUTIOUS, FOREBEARING, BLAMELESS AND UNTOUCHED BY GREED

senior judge is not capable of performing the onerous responsibilities of that office. It is, therefore, easy to project succession based on seniority and dates of retirement. This conventional norm also has numerous advantages and disadvantages because it has embedded therein some rivalry, competition and preparation for succession and a “turn-by-turn mentality”, which promotes unnecessary competition. However, the State Judicial Service Commissions are required to forward the names of two nominees to the National Judicial Council (NJC) for consideration to the Office of Chief Judge of a State, after scrutiny and interviews. Therefore, the bulk of the responsibility to ascertain the suitability or otherwise of a person as chief judge is with the State Judicial Service Commission (JSC) to ensure that ‘fit and proper’ persons are recommended for consideration, irrespective of seniority, and where the most senior is a person that lacks integrity and the qualities of the exalted office, he should be skipped in preference for the next person. In the recent past, it has become crystal clear that seniority ought not to be the sole parameter for the appointment of the chief judge of a state and that other parameters, should necessarily be considered in determining the suitability of proposed persons to occupy that exalted office. The other considerations should include, but not limited to the following: What is the performance of the judge whose name is to be recommended as a judicial officer? What is his / her relationship with other judges, magistrates and other judicial officers? What is the opinion of the Bar, the Bar Association and lawyers of the proposed nominee? What is the quality of judgments delivered and conduct of proceedings in his / her court? Does the nominee have a reputation for honesty, decorum and possesses impeccable character and integrity to serve as chief judge of the state and would the nominee undermine the office of chief registrar, who by law and convention is the chief accounting officer of the judiciary? Lastly, is the nominee a God-fearing individual, who is not corrupt and incorruptible and will not condone corruption in the administration of justice during his / her tenure? If the answers to most of the questions above are in the negative, it may be necessary, albeit obligatory to skip the most senior, and not recommend that person and consider the next best judge that is infallible and honest and who will necessarily improve the justice delivery system, give quality judgments and not spend the bulk of his / her time awarding contracts to friends, family and cronies and do little or nothing to enhance justice delivery system in the state. It is also condemnable that the chief judge upon resumption will remove and replace key officers in order to ensure that his / her surrogates are appointed or deployed, with the intention that such persons will do his / her bidding and protect his / her interest. This is not in consonance with Civil Service Rules and Regulations and promotes unnecessary rivalry among the administrative staff of the judicial arm of government. In the last 10 years, Lagos State has had four different chief judges each of whom had a different vision for the state judiciary. This resulted in lack of cohesive visionary continuity for the system, rivalries and lack of good policy thrust, which ought not to be pivoted on the individual incumbent but the justice delivery system at large. The tenures of most of these chief judges were short and one chief judge in the state spent less than one year. Chief Uthman is a Lagos-based Legal Practitioner

LESSONS FROM RWANDA

There is need to support the dream of smart city-states around Nigeria, argues Willie Eleje-Abili

t is said that a man’s alter ego is his favourite image of himself. I like to see myself as a poet, a lexicographer and a philosopher. I went to school too early, was too playful and lazy to study. I tend to know with my nose of perception which is number seven and not with my number six, the eye of my vision, so, I tend to be original in perspective. During the recent U.S. general elections, nobody gave Donald Trump a chance, but I told everyone that cared to listen that he is the first Trump. Abroad students are encouraged to challenge putative wisdom, so knowledge gets obsolete. But the Nigerian teacher would rather have copy-catechism, so I do not use to make good grades. The problem with newspaper articles is that for the demand of brevity, they need to be rendered SMART in entirety, which usually leaves the topic requiring fuller consideration. But to get on with my social commentary on the Rwandan phenomenon, just as it is said that Aba is the Taiwan of Africa, Rwanda is now said to be the Singapore of Africa, while Nigeria has always been said to be the giant of Africa, but sometimes a clay-footed giant, which is a euphemism from the Book of Daniel Chapter 2 verse 33 that aptly captures inherent contradictions in an alloy of clay and iron and the intractable oneness in diversity of a nation caught up in a morass of ethnic irredentism and on the brink of falling apart. The Rwandan metaphor is nevertheless a denial of Nigeria’s first position. But to arrive at their conviction, those that equate Rwanda with a model

city-state like Singapore, probably applied what I may term the formula of model city-states, which invariably includes leadership vision, cultural values and political organogram. It becomes axiomatic there-from, that the following are truths which we may hold to be self-evident about model city-states: they enjoy a certain degree of municipality and self-determination; they have a sophisticated leader with a contagious and fabulous dream that can fire the soul of the nation with an intellectual position that whipped everybody into line; their society share equal opportunity and hope in their leader’s dream, which is his mandate to govern by the law; they have either learnt some lessons on renewal, that came from the reclusion of a national retreat or the experience of war. In addition, such city-states must have a middle class of citizens and good governance with emphasis on promoting the dignity of man in a world class of infrastructure; they must then be social institutions, occupation, material wealth, drama, navigational instruments, handwriting alphabets and other elements of civilisation such that would enable the individual to fulfil his own best-self. What sets a metropolitan setting apart from a rural settlement are cultural artifacts such as zoological garden, museum, stadium, hotel, cinema, railway station. All these are gone with the extinction of the Nigerian middle class, which are the urbane intelligentsia class of bourgeoisies and the discerning consumer-hood of commerce and statutory services, for money is only a store of the value of choices that

come with opportunity cost on a scale of preference. The Nigerian middle class of professionals and civil servants, suffered the consequences of value defilement, materialism and intellectual impoverishment and submerged below the poverty line. Gone with them therefore, is classical urban culture, such that in a city-state like Enugu, the zoo and railway have been sold to anybody that can afford to build a house. What we have is a left-over of proletarian commoners and a super-rich ruling class of fascists. While strategic development would appear to always coincide with democratic political process, it sometimes intersects with autocracy. Nigeria has never been bereft of ideological vision. Any optician will tell you that 20:20 is the clearest acuity of visions. With Nigerian 1983 Development Rolling Plan and a few palm-nuts from NIFOR, Benin, Malaysia began its journey to greatness. Logic and reason should therefore have compelled the result in our own case, if only we were so concerted. As opposed to a free democratic enterprise, arguably, it is likely that in most third world countries, there is need for an all -powerful unitary caprice that would give order to the riotous campaign of individuated endeavour. But while national retreat, authoritarianism and civil war appear to have brought about renaissance in China, Ghana and Rwanda respectively, in the case of Nigeria, different considerations would apply. That should be food for thought for political scientists and development strategists. But to be honest, Rwanda is more or less a one city-state and

therefore cannot find analytical synopsis with an over-urbanised country like Nigeria. Such an analogy can be reasonable but, can never be justified in terms of population demographics, resource or cultural diversity or territorial dimension. The comparism should rather be with Nigerian city-states like Lagos or Kaduna. Rwanda is probably smaller than the size of some local government areas in Northern Nigeria, the population is less than half of Lagos State and while it has two major tribes, Nigeria is made up of over 400 ethnic groups. I believe that population, culture, land and capital are probably the indices of opportunity and therefore determine the influx of people into any domain in search of better-life chances. Unfortunately they also represent challenges around organisation of society and institutions of the state. So, while those variables represent strengths, they are inherently weaknesses and while they represent opportunities, they are inherently threats, for the more complicated they become, the more the tendency for the state to cope with issues of welfare and security, which are the constitutional role of government. In the case of Nigeria, people from neighbouring countries of Chad, Niger, Benin, not only find a ready motive but also ease of infiltration through our vast borders, disappear into residency and even mutate into citizenship, which further compounds the challenges of social infrastructure. We need to support the dream of smart city-states around Nigeria, for such models of urban development may become rural growth poles.

T H I S D AY Ëž Ëœ Í°Í˛Ëœ Í°ÍŽÍŻÍľ

EDITORIAL BORROWING (2): THE STATE GOVERNMENT The states should cut down on costs of governance

by their predecessors. To compound the problem, each of the state government has scores of agencies and commissions which add no value to governance. Public funds are diverted to political activities while the burial and wedding ceremonies of family members of top public ofďŹ cers are turned into state events at huge expense to the public. Today, billions of naira is wasted on meaningless projects while religious festivals are celebrated with hundreds of millions of naira to purchase rice, ram, vegetable oil, etc. Dozens of ofďŹ cials accompany governors to inspect projects including boreholes and markets. Huge sums of money are also expended on ofďŹ cials and legislators who embark on frivolous trips.

t a period the debt proďŹ le of the 36 states, according to BudgIT, has increased from N3.03 trillion in 2015 to N3.89 trillion in 2017, the governors are considering ďŹ‚oating bonds in the capital market. This proposal, according to the chairman of the Nigeria Governorsâ€™ Forum, Abdulaziz Yari of Zamfara State, was as a result of the serious ďŹ nancial crisis facing several of the states. While sourcing funds through the capital market is the cheapest way for states to raise the needed ďŹ nances to augment what they get from the federation account in order to be able to carry out infrastructural projects, we are nonetheless worried about the repayment of such loans.

We need to state from the outset that we have nothing against states borrowing through the capital market as this is the standard practice world over. If the aim is to help the states bridge the gap between what they receive from the federation account and their developmental needs in the areas of inALL RELEVANT frastructure, health, AUTHORITIES SHOULD education, power PUT IN PLACE THE and transportation, NECESSARY MECHANISM it is a laudable idea. TO ENSURE THAT But it is one thing THE STATES DO NOT to raise these funds MORTGAGE THEIR FUTURE and quite another to ON THE PRETEXT OF ensure accountability and its judicious BORROWING FROM THE application. That CAPITAL MARKET precisely is where the problem lies. Without the requisite oversight by their respective state legislature, there are fears that some statesâ€™ chief executives may simply pocket a large chunk of these funds. There is also a possibility that some governors who are approaching the end of their tenure could incur and leave behind heavy debts for their successors. In fact, many of the current governors on assumption of ofďŹ ce complained of inheriting heavily indebted states on account of funds taken from the capital market

Letters to the Editor

T H I S DAY EDITOR DEPUTY EDITORS Ëœ MANAGING DIRECTOR DEPUTY MANAGING DIRECTOR CHAIRMAN EDITORIAL BOARD

EDITOR NATIONâ€™S CAPITAL

T H I S DAY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN GROUP EXECUTIVE DIRECTORS Ëœ Ëœ

Ëœ GROUP FINANCE DIRECTOR DIVISIONAL DIRECTORS Ëœ Ëœ DEPUTY DIVISIONAL DIRECTOR

SNR. ASSOCIATE DIRECTOR ASSOCIATE DIRECTORS Ëœ CONTROLLERS Ëœ Ëœ

GENERAL MANAGER

GROUP HEAD DIRECTOR, PRINTING PRODUCTION TO SEND EMAIL: ďŹ rst name.surname@thisdaylive.com

hat the current challenge therefore calls for is not to borrow more money but rather to have a serious re-think of the fundamental assumption of our ďŹ scal arrangements. One, cutting down on the enormous costs of governance will free resources for development and payment of salaries. And there is need to reorder priorities. Two, as we have said several times on this page, the template under which state governments exist as mere pay ofďŹ ces for redistributing the monthly proceeds of oil rent from Abuja is fast outliving its value. As oil prices plummet and many countries plot a future without hydrocarbon, there may soon be little or no money in Abuja to distribute.

The foregoing are some of the challenges that must be tackled but that would require a critical review of the socio-economic system operated in the country. While borrowing from the capital market to ďŹ nance infrastructure is good, there should be consideration for repayment beyond the expected revenue from the federation account. We therefore call on the state houses of assembly and all relevant authorities to put in place the necessary mechanism which will ensure that the states do not mortgage their future on the pretext of borrowing from the capital market. The states must become not liabilities but centres of productive activities.

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

WHAT IS IT ABOUT THIS MONKEY BUSINESS?

onkeypox is a viral illness caused by a group of viruses that include Chicken pox and Small pox. The first case of the virus was said to have been discovered in the Democratic Republic of Congo and it had afterward spread into the West African region. The virus has two types, the Central African and the West African types with the latter being milder and having no records of mortality. Sadly, Nigeria seems to be having her own fair share of this awful monkey business. According to the Nigeria Centre for Disease Control, (NCDC) 31 cases of suspected Monkeypox virus cases have been recorded in states such as Ekiti, Akwa Ibom, Lagos, Ogun, Bayelsa, Rivers and Cross Rivers. Except the reported case of a suicide by a patient, there has not been any reported case of mortality arising from the virus outbreak. A NCDC source claimed that public health authorities across the country have been well informed on what to do when a suspected case arises. The federal government had equally activated emergency operation centres in affected states to coordinate investigation and response in affected states. Meanwhile, in Lagos State, the state government is investigating two suspected cases of Monkeypox. This was revealed by the stateâ€™s Commissioner for Health, Dr. Jide Idris, who disclosed that though the two cases are yet to be confirmed, government opted to be proactive for the safety of residents. Part of such safety measures according to Dr. Idris was to quarantine the two suspects in their various houses

pending the result of some medical tests conducted on them. Consequently, the state government is advising members of the public to observe and maintain a high standard of personal and environmental hygiene at all times as part of the precautionary measures to prevent the spread of the virus. Experts have revealed that while there is no specific vaccine for the disease, vaccination against Small Pox has proven to be 85 per cent effective in preventing Monkeypox. There is also no specific anti-viral therapy for Monkeypox. However, the disease is self-limiting and could be managed conservatively. The symptoms of Monkeypox in human is similar to those in Small Pox patient, though less severe. Such symptoms include rash, fever, chills, sweats, headache, backache, lymphadenopathy, sore-throats, cough and shortness of breath. The main difference between symptoms of smallpox and Monkeypox is that Monkeypox causes lymph nodes to swell while smallpox does not. The incubation period (time from infection to symptoms) for Monkeypox is usually seven to14 days but can range from five to21 days. Within the first three days or more, after the appearance of fever, the patient develops a rash, often beginning on the face then spreading to other parts of the body. Monkeypox virus occurs when a person comes into contact with the virus from an animal, human, or materials contaminated with the virus. The virus enters the body through broken skin (even if not visible), respiratory tract or the mucous membranes (eyes, nose, or mouth). Animal-to-human transmission may occur by bite or scratch,

bush meat preparation, direct contact with body fluids or lesion material, or indirect contact with lesion material, such as through contaminated bedding. Human-to-human transmission is thought to occur primarily through large respiratory droplets. Other humanto-human methods of transmission include direct contact with body fluids or lesion material, and indirect contact with lesion material, such as through contaminated clothing or linens. In order to improve case detection, health workers are to have a high index of suspicion any person with the above symptoms. The preventive measures to be taken against the spread of the disease include avoiding close contact with infected people, avoiding consumption of bush meat and dead animals, cooking of meat and meat product thoroughly before eating and washing hands with soap and running water frequently and thoroughly. In our characteristic way of trivialising such sensitive issues, as the nation grapples with the reality of Monkeypox, the whole monkey business took a comical dimension with an alleged report that the outbreak of the virus in Bayelsa State was as a result of a free medical care exercise it is allegedly administered in some parts of the Niger Delta. It took a statement from the Minister of Information and Culture, Alhaji Lai Mohammed, to deflate the supposed report. Of course, such amusing interlude wouldnâ€™t in any way help in properly focusing on preventive measures against the virus. This time calls for sobriety and vigilance. Tayo Ogunbiyi, Alausa, Lagos

T H I S D AY ˾ TUESDAY, OCTOBER 24, 2017

POLITICS

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

EXECUTIVE BRIEFING

Council Elections Reignite PDP, APC Rivalry in Enugu Although the Peoples Democratic Party in Enugu State and the opposition All Progressives Congress are locked in a fierce battle ahead of the November 4 council elections in the state, no one expects the opposition to make any impact in the polls, writes Christopher Isiguzo

ince the inception of the present democratic governance in 1999, the Peoples Democratic Party (PDP) has remained the dominant political platform in Enugu state.

From 1999 when Dr Chimaraoke Nnamani clinched the governorship of the state, to 2007 when he handed the baton to his Attorney General and Commissioner for Justice, Sullivan Chime and in 2015 when a three-term member of the House of Representatives, Hon. Ifeanyi Ugwuanyi took over the mantle of leadership in the state, it has always been PDP all the way. Apart from few occasions where opposition parties made slight inroads in election into the National Assembly, the story had never changed. However, it is trite trite to state that within these periods under review, the party had equally dominated the nation’s body politics especially at the national level. The story however changed in 2015 when the PDP was upstaged at the national level by the All Progressives Congress (APC). This is now a major tonic that has encouraged the opposition party in the state to begin to dare to alter the apple-cart. The strength of the two major parties will be tested in the coal city state on November 4, this year as the Enugu State Independent Electoral Commission (ENSIEC) under the chairmanship of a renowned legal practitioner and Senior Advocate of Nigeria, Chief Mike Ajogwu declared its readiness to conduct council election in the state. The ENSIEC had consistently pledged its readiness to conduct a credible election but the fear remains that the trend whereby ruling parties clear all the seats in states where they are in control might still repeat itself in Enugu. At inception of his administration, Ugwuanyi had set up caretaker committees to pilot the affairs of the 17 councils in the state pending the conduct of elections. Though, initially, the option was opposed by opposition parties who were of the view that constituting caretaker committees to run councils was at variance with the provisions of the constitution, but as time went on, nothing much was heard about their opposition as it was gathered that some leaders of the APC even nominated their loyalists to be part of the committees. With the conclusion of primaries by the two main parties, electioneering campaigns have taken over the entire state with each party making efforts to outdo the other. Unlike in the past when most PDP chairmanship and councillorship candidates were returned unopposed following the inability of opposition parties to field candidates, the APC will field candidates in all the 17 chairmanship seats and 260 councillorship slots. Other fringe parties like All Progressives Grand Alliance (APGA) and Labour Party will also field candidates in some areas. At the moment, Ugwuanyi is leading the PDP campaign tours to all the councils bearing in mind that the outcome of the election would to a large extent give a clear picture of what to expect in the state during the 2019 elections when the governor will be seeking a second term. The PDP believes that the performance of the governor in the past two years will ensure victory for the party. The governor also enjoys an overwhelming support across the state. The governor has recorded achievements across all the sectors especially prompt payment of workers’ salaries, massive road rehabilitation, construction of classroom blocks, healthcare delivery among others. It is also believed that the incumbency factor would play a huge role in the election as those presently in charge of the councils are members of PDP.

Ugwuanyi...promised a free and fair council elections

The PDP campaign tour had also witnessed a massive turnout of enthusiastic party members and teeming supporters, as the governor continued to appeal to politicians to eschew any form of bickering and divisive rhetoric during the campaign and the elections for the party to enjoy a landslide victory. The governor urged party faithful and supporters to go to every household to canvass for votes saying that the people would be receptive to their message because they are already at home with the PDP and its government in the state. Ugwuanyi while presenting flags to the party’s candidates, entrusted their candidacy to the hands of God and urged the people of the state to come out en masse on November 4 to vote for candidates of the PDP in all the councils and 260 electoral wards of the state. He preached peace, harmony and a united Enugu State, stressing that the state remained essentially one family, admired for its inclusive style of leadership. Also speaking, the state chairman of the PDP, Hon. Augustine Nnamani thanked party leaders and supporters for coming out in large numbers to grace the campaign, saying that it was a clear indication that the party was popular and acceptable in the state. He applauded the governor for entrenching peace and good governance with the meager resources at his disposal, saying that the unprecedented achievements recorded and

APC would be holding Ugwuanyi to his words as he had promised that he would not interfere in the election in favour of any PDP candidates

the governor’s uncommon leadership style, had enhanced the PDP’s chances of winning all the elective positions in the forthcoming council elections. The APC on its part is mainly relying on the support base of notable chieftains of the PDP that joined its fold. They include the immediate past governor of the state, Sullivan Chime, former Senate President, Ken Nnamani, former governor of old Anambra state, Senator Jim Nwabodo, former Speaker, Eugene Odoh, National Secretary of the defunct United Nigeria Congress Party (UNCP), Chief Gbazuagu Nweke Gbazuagu, former National Secretary of the PDP, Chief Rex Onyeabor, among others. Though, the party is battling with internal wrangling which has pitched the home front against some of the party leaders in Abuja especially the Minister of Foreign Affairs, Geoffrey Onyeamah and Special Assistant to the President on Justice Reforms, Mrs Juliet Ibekaku, the chairman of the party in the state, Ben Nwoye has vowed to lead the APC to victory. At the moment, none of the federal appointees has joined the party’s campaigns. Many believe this may eventually affect the party’s chances in the election. Apparently undaunted, leaders of the APC in the state have warned that on no account should the local government election be rigged by anybody. The APC stalwarts who gave the warning at the flag-off of the party’s campaigns at Igbo-Eze North Local Government Area, Ogrute and Agbani in Nkanu West Local Government advised those planning to rig the election to retrace their steps. They vowed that they would resist any attempt to manipulate the polls. The state chairman of the party said that the APC had mapped out good strategies, as well as commenced grass roots mobilization of the people to show it was on ground and everywhere. He noted that the large crowd of people at the APC campaign flag-off at Igboeze North LGA, and Udenu, which is Governor Ifeanyi Ugwuanyi’s home council, showed that the people are tired of the PDP and its failed promises in the state. Nwoye, therefore, declared that the APC

“will not accept anything short of a free, fair, credible and transparent election, devoid of any form of manipulation or rigging by PDP or ENSIEC.” The Enugu APC boss said that the PDP lacked strategy and only relying on propaganda by telling the people not to come out on November 4 to vote on grounds that the results have already been written in favour of the PDP candidates. Nwoye said that the APC would be holding Ugwuanyi to his words as he had promised that he would not interfere in the election in favour of any PDP candidates. “I am happy that Ugwuanyi told his PDP candidates to go and campaign. We believe every word from his mouth. If he has written results, he will not be campaigning. I believe he is a democrat, I believe he will not interfere,” Nwoye said. Similarly, a former governorship candidate of the APC in the state, Chief Okey Ezea in his speech at Igbo-eze North maintained that the elections must follow the rules according to the Electoral Act, beginning “from distribution of electoral materials at ENSIEC to the polling stations, collation of results to the point where the results would be declared. “If they do not want to hold the election, let them not hold it. But if they want to hold it, it must comply with the Electoral Act.” Also the Chairman of the APC in Rivers State, Dr Davies Ibiamu, who represented the National Chairman of the party, Chief John Oyegun at the Nkanu West rally advised the people of Enugu State to reject the PDP and vote for the APC. He urged them to vote for everybody on the ticket of APC, saying this would ensure that when they come back, they would say their journey was not in vain. No doubt, the two dominant parties though working hard to make serious impacts during the council election, clearly have their eyes on the 2019 elections believing that the outcome of the November 4 outing will give direction on the way forward. As the expected date draws closer, political actors are clearly looking forward to something positive but how far their expectations will be met is left in the hands of time. Ends

T H I S D AY ˾ TUESDAY, OCTOBER 24, 2017

POLITICS

Appeal Court Gives Metuh a Lifeline The judgment of the Court of Appeal chastising Justice Okon Abang for refusing to grant former Peoples Democratic Party’s spokesman, Olisah Metuh’s application to call the ex-National Security Adviser, Col. Sambo Dasuki (rtd) as a witness may be what Metuh needs to defend the case of alleged money laundering filed against him by the Economic and Financial Crimes Commission, writes Davidson Iriekpen

he Court of Appeal in Abuja penultimate week ordered the Department of State Services (DSS) to produce the detained former National Security Adviser, Col. Sambo Dasuki (rtd.), before a Federal High Court in Abuja to enable him testify in defence of a former National Publicity Secretary of the Peoples Democratic Party (PDP), Chief Olisa Metuh. In a unanimous judgment delivered by its three-man panel, the court ordered the trial judge, Justice Okon Abang, before whom Metuh is being prosecuted, to immediately sign the subpoena filed by the ex-PDP spokesperson and same be served on Dasuki, who has been in the custody of the DSS since December 2015. Justice Peter Ige, who read the lead judgment, directed Justice Abang to indicate the date which the DSS must produce Dasuki in court and other subsequent dates when the exNSA’s court attendance would be required. He upheld Metuh’s appeal and nullified the ruling delivered by Justice Abang on February 23, 2017, when the judge refused to grant application for a subpoena to be issued and served on Dasuki. The appeal court, which resolved all five issues formulated in the appeal in Metuh’s favour, held that contrary to Justice Abang’s ruling, Dasuki was a competent and compellable witness as far as Metuh’s trial was concerned. The Economic and Financial Crimes Commission (EFCC) had in January 2016 arraigned Metuh and his company, Destra Investments Limited, on seven counts of money laundering involving alleged cash transaction of $2million and fraudulent receipt of N400million meant for procurement of arms from the NSA office on November 22, 2014. The prosecution alleged in the charges that Metuh and his firm used the N400m for funding PDP’s campaign activities. It closed its case with eight witnesses and the defence had, after its no-case submission was dismissed by the court, called six witnesses as of December 2016. But the defence team, led by Dr. Onyechi Ikpeazu (SAN), had in December 2016 filed a subpoena which it requested the judge to sign in order to serve it on Dasuki as a summon inviting him to testify in court as a defence witness. Following the refusal of the judge to sign the subpoena, the defence subsequently filed a motion on notice asking the judge to issue a subpoena compelling Dasuki to appear in court as a defence witness. Delivering the lead judgment of the Court of Appeal, Justice Ige held that the refusal by Justice Abang to sign the subpoena and his subsequent refusal to grant the application requesting the signing of the subpoena was a violation of Metuh’s right to fair hearing guaranteed by section 36 of the constitution. It also ruled that with Dasuki’s name featuring prominently in the counts preferred against Metuh, the ex-NSA was an essential witness in the case. The court added that it was not within the power of the judge “under the guise of exercising discretion” to determine whether or not Dasuki’s testimony would serve useful purpose to the defendant. Citing Section 175 (1) and (2) of the Evidence Act, It held that all competent witnesses were compellable witnesses. Explaining who was a competent witness, the court held that all persons such as a person with knowledge about the case at hand “shall be considered to be competent witnesses” except on conditions of “unsound mind” and prevented by “mental infirmity. A witness must be competent before he can be a compellable witness,” Justice Ige ruled. His Lordship also explained that “all persons are competent to be a witness in all proceedings whether civil or criminal,” except when the concerned person enjoys “constitutional immunity” as provided under

Metuh can now call Dasuki as witness

Section 308 of the constitution. Such persons, according to him, are the president, vice-president, governors and deputy governors. The court, therefore, held that apart from those exempted by law, “all competent witnesses are compellable witnesses. Dasuki is not the person granted immunity by the constitution and who cannot be compelled or served with a subpoena. Dasuki is a compellable person that can testify in these proceedings.” The court also ruled that Section 36 of the constitution gave both the prosecution and the defence equal opportunity and right to call any witness of their choice. It noted that even though “the prosecution has not deemed it necessary to call Dasuki, nonetheless, the appellant is entitled to call him as witness.” Faulting Justice Abang’s refusal to sign the subpoena, the appeal court ruled” “The learned judge did not take into account the right of the appellant to fair hearing and his right to be given the opportunity to secure the attendance of his witness in court.” The masterstroke in the judgement was delivered by the Mohammed Mustapha who held “Counts 1, 2,3,4 and 7 of the charge against Metuh are alleging that he received N400,000 from the former NSA with the knowledge that the funds formed part of an unlawful of Dasuki. “No, if that were so, one cannot but wonder

While some are of the views that the judge should be given the beneﬁt of the doubt others suspect a foul play and wonder whether it is proper for the judge to continue to hear the case

how the appellant could possibly explain or discharge the burden placed on him, especially as it is on those facts that the trial court found the existence of prima facie evidence. “Subject to the exception sections 175(1) and (2), all persons are competent witnesses for the purpose of testimony in proceedings, whether civil or criminal. Persons who cannot be compelled on the other hand are those legally disqualified, e.g by reason of immunity on account of the office they hold i.e the president, governors and their deputies. Even they cannot be said to be incompetent as witnesses, they only are simply not compellable as no writ can legally be issued on them. Against this background, Dasuki is clearly a competent and compellable witness. “It stands to logic and common sense that an accused person is entitled to call any witness of his choice in his defence, and in calling such witness, it is perfectly within the right of such an accused person to approach the court to issue a subpoena to secure the attendance of such a witness. “It is very important at this juncture to emphasise that section 241(1) of the Administration of Criminal Justice Act is meant to empower an accused person take advantage of section 36(6)(1)(b) and (d) of the constitution, for that reason, any attempt to deny an accused person such an opportunity is akin to the proverbial saying of tying his hands behind him and expecting him to ward off assailants. It is simply wrong for the trial court to even suggest that the witness sought to be subpoenaed (Dasuki) is not compellable. Doing so is a clear denial of the appellant’s right as enshrined in section 36 of the constitution,” he held. To many observers, the judgment by the Court of Appeal was not just a relief to both Metuh and his defence team but to the country’s jurisprudence which has sufferred serious damage due to controversial orders, rulings and pronouncements some of which defied logic. They believe that the decision will no doubt strengthen the country’s jurisprudence in a long time to come. Many analysts are still at loss trying to figure out why the trial judge held that Dasuki was not a competent witness and a compellable witness in Metuh’s trial. Was it a honest mistake or a deliberate misinterpretation of the law? While some are of the views that

the judge should be given the benefit of the doubt others suspect a foul play and wonder whether it is proper for the judge to continue to hear the case. Many fear that Metuh may not get justice in the circumstances. The setting aside of the ruling has again added to the number of controversial rulings, orders and judgments delivered by Justice Abang in recent times. On two major occasions last year, the court of appeal set aside his judgments. So reckless and perverse are some of his orders and judgments that many analysts wondered why the National Judicial Council (NJC), continues to close its eyes its eyes to the embarrassment he had caused the third arm of government. Still fresh in the minds of Nigerians, perhaps is the role he played in the crises that rocked the PDP until the Supreme Court rescued the party from disintegration. One of the most sacrilegious judgments delivered by Justice Abang was on June 27, 2016, when he ordered Dr. Okezie Ikpeazu to vacate his seat as governor of Abia State for falsifying tax documents. He equally ordered the Independent National Electoral Commission (INEC) to issue a certificate of return to Mr. Sampson Ogah who came second in the Peoples Democratic Party (PDP) primary election held in December 2014. But in a unanimous judgment, the Court of Appeal held that the trial judge was not only perverse and biased in his judgment, but had turned the law upside down. First, the court held that Justice Abang erred in law and occasioned a miscarriage of justice against the governor when he refused to give him a fair hearing and that he pre-judged the matter when he touched on the substantive issues at the preliminary stage without hearing the appellant. The court also held that the trial judge turned the head of the law upside down in his conclusion that it was the appellant that should bear the burden of proof of an allegation made by Ogah. Justice Helen Ogunwumiju, who delivered the lead judgment in one of the appeals, held that Justice Abang “committed grave violence against one of the pillars of justice” relating to fair hearing. She further held that the judge raped democracy in his order that INEC should issue a certificate of return to Ogah when there was no evidence of forgery or criminality against the appellant.

TUESDAY, OCTOBER 24, 2017 ˾ T H I S D AY

FEATURES

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

Elumelu’s Vision of Africapitalism Magnus Onyibe writes that TEF entrepreneurship programme which is anchored on the concept of Africapitalism, has given hope to budding African entrepreneurs

ew Africans have talked about Pan-Africanism and made it happen. And one of such people is Tony Elumelu, the self-appointed champion of Africapitalism. The banker turned entrepreneur through his Heirs Holdings has in the past three years been leveraging on his philanthropic platform, Tony Elumelu Foundation (TEF), to turn the whole African landscape of 54 countries into a sort of investment tapestry, just like a visual artist paints his vision on canvas. His commitment to spend a jaw-dropping sum of $100m in the next 10 years empowering budding entrepreneurs is so strikingly remarkable that skeptics would have thought that it was a mere gimmick. But as it has turned out, Elumelu is not a politician that may be given to hoaxes. Being a businessman who is fighting a cause, and as the youths say in street lingo, Elumelu has been putting his money where his mouth is by consistently training and seeding at least 1,000 entrepreneurs from across the continent with $10,000 each and that translates into $10m annually in the past three years. By so doing he might have booked himself a place in history and l dare add, in heaven too, because he is actually following the injunction of the Almighty God who gave sacrificially to mankind (according to my Christian faith) by sacrificing his only begotten son, Jesus Christ for the atonement of our sins as humans. Elumelu is giving out his money to African budding entrepreneurs to discourage them from the desperation of taking the risk of losing their lives just to cross over to Europe in search of better opportunities. Before proceeding further, lets spare a moment to delve into the concept of PanAfricanism as espoused by African leaders of yore such as Kwame Nkrumah of Ghana, Julius Nyerere of Kenya, Sekou Toure of Zambia, Nnamdi Azikiwe of Nigeria, Mengistu Haile

Elumelu...he does not believe in only giving Africans ﬁsh, but he is also passionate enough to show them how to ﬁsh

Remarkably, a little over 50 years after, Tony Elumelu is replicating the Africanism initiative via the invitation of 1,000 African entrepreneurs to a gathering and commitment of $100m for the development of entrepreneurial spirit. From the foregoing, it needs no further emphasis that the vision of Nkrumah et al in founding the OAU which is to integrate Africa into a political platform with a common purpose is in sync with Elumelu’s quest to train and provide seed capital to Africans from all over the continent to become successful entrepreneurs

Mariam of Ethiopia amongst the numerous African presidents and heads of government who in 1963 founded the Organisation for African Unity (OAU), now renamed African Union (AU). According to historical accounts, the raison d’etre for the formation of the August body headquartered in Addis Ababa, Ethiopia, was the need for the unification of African Americans and Africans from the continent for the purpose of setting up a common development agenda for the black race. The Africanist consciousness was stirred up and driven by African American intellectuals and activists like Martin Delany, W.E.B Du Bois and Marcus Garvey who after slavery was abolished in the United States (U.S.), wanted the black man to regain his confidence and self-worth by inspiring the hope in the freed slaves that they needed to take their destinies in their hands by charting a new course for complete physical and psychological emancipation from white oppression. Thereafter the likes of Kwame Nkrumah who had the opportunity of American education, upon his return to the continent, became the president of Ghana; took the baton and anchored it in Africa by championing the idea that the entire African continent must be independent at the same time. To that end, it is on record that Nkrumah invited several political leaders of other African countries who were yet to gain independence to several conferences held in Ghana with a view to advising them on what to do to obtain political independence from European

colonialists. Remarkably, a little over 50 years after, Tony Elumelu is replicating the Africanism initiative via the invitation of 1,000 African entrepreneurs to a gathering and commitment of $100m for the development of entrepreneurial spirit. From the foregoing, it needs no further emphasis that the vision of Nkrumah et al in founding the OAU which is to integrate Africa into a political platform with a common purpose is in sync with Elumelu’s quest to train and provide seed capital to Africans from all over the continent to become successful entrepreneurs. The only difference is that while our forebears who founded the OAU failed abysmally to reach their political goal of uniting Africa as they had envisioned over 50 years ago, Elumelu’s mission to empower Africans from the continent’s 54 countries with entrepreneurial skills, has in a mere three years acquired a life of its own as a cohort of entrepreneurs nurtured by TEF are already making waves as game changers in the economies of their respective home countries. Who is better suited to impart the young entrepreneurs with the skills to excel in business than Africa’s richest man, Aliko Dangote. Expectedly, through his deep introspection into the genesis of his business empire, Dangote infused into the young minds the rudiments of entrepreneurship. His excursion into how his grand uncle, Dantata, loaned

him half a million Naira (a lot of money at that time) to commence business, and how he returned the money soon after, stirred up the can-do-spirit that entrepreneurs need, as it front-loaded the lift that seed money can create for a budding entrepreneur. Remarkably, Elumelu who has turned out to be one of the amazingly successful businessmen in this generation, unlike Dangote had no uncle to offer him seed capital as he is currently doing through TEF for thousands of Africans, but he excelled any way. Oba Otudeko, chairman of First Bank Plc and Honeywell Group who was also there as a mentor, reminded the entrepreneurs-intraining that they must have the mindset that economic/business complexes must first of all be built in the mind before being erected physically. He was clearly affirming to them that knowledge and ability to innovate which are critical to successful entrepreneurship must first be well conceptualised in the mind. Vice-President Yemi Osinbajo, who was the special guest of honour, and whose speech was focused on tyranny of history, affirmed to the young entrepreneurs, (with great erudition) that the history of Africa may be a tale of pain and misery, but admonished them not to allow the history of Africa or their personal historical constraints to define them. That was quite poignant because, if Elumelu had allowed history or circumstances to define him, he might have remained a hewer of wood and fetcher of water in rural Delta State where he hails from. But he literarily

˾ T H I S D AY TUESDAY˜ ͰͲ˜ Ͱͮͯ͵

FEATURES

Elumelu (standing directly opposite the middle pole) ﬂanked by budding African entrepreneurs at the just concluded 2017 TEF Forum held at Law School, Victoria Island, Lagos

took the bull by the horns and became phenomenally successful. To demonstrate his gratitude, Elumelu invited his very first employer, the financial services management icon now turned traditional ruler, HRH Ebitimi Banigo, to share in the glory. One inspiring thing that struck me when Elumelu mounted the podium was the narrative about his motivation for setting up TEF. It melted my heart when he referred to the gut wrenching experience of some of the best and brightest Africans dying in the seas as they try to cross the very rough oceans into Europe to seek greener pastures. In his soul searing testimony, Elumelu said he could not continue to look on as the young men and women who had great and bankable business dreams, but could not actualise them due to financial and infrastructural constraints, tried desperately to cross treacherous waters in rickety boats to find better opportunities overseas and in the process perish in droves. According to Elumelu, as an antidote to the horrifying experience, he decided to create the atmosphere and conditions that would enable more African youths realise their dreams here on the continent, hence he established TEF with focus on grooming entrepreneurs. Amazingly that motivation to free up Africans from economic tyranny of the advanced economies by fostering entrepreneurship amongst the people of the continent is in tandem with the mindset of the founding fathers of OAU, now AU, to free up the continent from political slavery. Of course given the likely breakup of the European Union (EU) following the exit of Britain and the threat of the new U.S. President, Donald Trump to dismantle regional organisations like North American Free Trade Agreement (NAFTA) etc, the AU's concept of having a common currency or even the extreme case of forming the United States of Africa which was pushed by the likes of Nkrumah and resisted by the likes of Tafawa Balewa of Nigeria at that time, has become unfashionable. I’m convinced that for Elumelu, it may not be about being rich, as he is not the richest in Nigeria, but it is obviously in pursuit of the cause of emancipating Africans from the shackles of socio-economic slavery. And clearly, Elumelu’s vision of economic empowerment for Africans through entrepre-

neurship is very critical for leapfrogging Africa to the next level as the continent takes its position as the new global economic frontier. Amongst many other great factors, one of the laudable and futuristic things about the TEF entrepreneurship initiative, if it is sustained, is that when the Western powers came calling in the nearest future, they will not meet a people bereft of business acumen as they did when they came to Africa in the 1880s. It may be recalled that the partitioning of the countries in the continent amongst Europeans was done during the infamous Berlin conference of 1884-5. After the exercise, they shipped off Africans as slaves to work in plantations in the Americas for their European owners. It cannot be forgotten that it is the wealth created by slave labour that is the foundation of the wealth of most Western countries. Which is why it is such a sad irony and

I’m convinced that for Elumelu, it may not be about being rich, as he is not the richest in Nigeria, but it is obviously in pursuit of the cause of emancipating Africans from the shackles of socioeconomic slavery. And clearly, Elumelu’s vision of economic empowerment for Africans through entrepreneurship is very critical for leapfrogging Africa to the next level as the continent takes its position as the new global economic frontier

paradox that the Africans whose labour of their heroes past contributed immensely to the wealth of the advanced economies, especially the U.S., are now being rejected and allowed to die at sea by the same countries that the sweat from the brows of their progenitors helped build. Now, most people have boiled down Elumelu’s gesture of kindness as Corporate Social Responsibility (CSR), but l beg to differ because it goes beyond that. In my view, what Tony Elumelu has done through TEF entrepreneurship programme is more of Cause Related Marketing (CRM) which is also an aspect of giving or corporate philanthropy. And the fact that he branded his causeAfricapitalism is quite significant because from the get go, Elumelu defined his goals and tied them to economic emancipation of the people of the African continent through entrepreneurship.. Obviously, he diagnosed correctly that Africans don’t need to be given fish, which is what granting of aid through donations to the continent by the industrialised society has been. Although records show that a trillion dollars was in-flowed into Nigeria via aids between 2006-2016,(data from Dangote) but as Damisa Moyo, an economist made clear in her ground breaking book ‘Dead Aid’ donations have hurt rather than help African countries. That’s perhaps why Elumelu’s approach underscores the fact that Africa needs trade, not aid. In other words, the founder of TEF does not believe in only giving Africans fish, but he is also passionate enough to show them how to fish. That in my view, is very shrewd and pragmatic. The only other cause related initiative on the continent of Africa with similar significance to TEF entrepreneurship programme that comes to my mind is the Mo Ibrahim Leadership Award which rewards good governance by presidents and Heads of Government. Tony’s initiative dwarfs that one by the sheer size of funds committed and the purpose which is to empower thousands of entrepreneurs directly as opposed to the other one which is focused on public policy and governance. And I see TEF’s entrepreneurship initiative before the expiration of its 10 years life span cascading down and creating a cohort of

entrepreneurs that would be at the commanding heights of businesses across Africa in the next decade. Vice-President Osinbajo said that much to the cohort. What’s more, TEF mission which is empowerment of entrepreneurs with skills and seed money ties in with the World Bank’s new mission for global economic growth through aggressive human resources development especially in Africa. Transiting from the Millennium Development Goals (MDGs), and then Sustainable Development Goals (SDGs), the World Bank President, Jim Yong Kim, stated during the last meeting in Washington DC, U.S. last week that its new focus is on the development of human resources. With Africa being the continent with the highest number of youth population, it is a fertile ground for the Bank’s purpose and TEF’s initiative commends itself as a pilot programme for the Breton wood institution. Also, l won’t be surprised if the Nobel organisation is watching and Tony Elumelu unwittingly becomes the next Noble Prize Laureate from Nigeria after Wole Soyinka. And if anyone thinks l may be stretching Elumelu’s luck too far by envisioning Nobel Prize for him, such skeptics should be reminded that Alfred Nobel set up the prestigious Nobel Prize to reward those who fight for the cause of improvement for humanity which is exactly what TEF is doing for estimated one billion people in the continent of Africa. This is simply because leapfrogging people from Africa from being aid seekers to wealth creators is not a mean feat and it is bound to have tremendous positive impact. My optimism is derived from the fact that it took the lifting off from poverty of about 800 million people in China in the last two decades for the Asian country to become the world’s economic powerhouse, second only to the U.S. Even if Nobel Prize takes longer time in coming, mark my word, the CNN Freedom Prize for those that help in significant ways to end slavery socially or economically, must be in the horizon. Onyibe, a development strategist, an alumnus of Fletcher School of Law and Diplomacy, Tufts University, Massachusetts, U.S. and a former cabinet member of Delta State Government, sent this piece from Lagos

T H I S D AY TUESDAY OCTOBER 24, 2017

T H I S D AY Ëž Ëœ Í°Í˛Ëœ Í°ÍŽÍŻÍľ

BUSINESSWORLD R A T E S NIBOR OVERNIGHT 1-MONTH

Í°ÍŻË›ÍąÍľÍłÍŽ Í°ÍŻË›ÍŽÍŽÍąÍś

3-MONTH 6-MONTH

A S

A T

Í°Í°Ë›ÍłÍąÍąÍŻ Í°Í˛Ë›Í´ÍśÍłÍ´

Group Business Editor ChikaAmanze-Nwachuku Email: chika.amanzenwachukwu@thisdaylive.com 08033294157, 08057161321

O C T O B E R

NITTY 1-MONTH 2-MONTH 3-MONTH

Í°ÍŽË›ÍŻÍśÍ°Íľ ÍŻÍˇË›ÍŽÍ°ÍśÍ´ ÍŻÍˇË›ÍąÍśÍłÍł

6-MONTH 9-MONTH 12-MONTH

2 0 , Í°ÍŻË›ÍąÍśÍ´ÍŻ Í°ÍŻË›ÍłÍŽÍłÍś Í°Í°Ë›ÍłÍąÍˇÍ°

2 0 1 7 EXCHANGE RATE ÍąÍŽÍłË›ÍąÍłËš

Quick Takes IoD to Honour Dangote, Ovia, Others The President of Dangote Group, Alhaji Aliko Dangote; Chairman, Zenith Bank Plc, Mr. Jim Ovia; Chairman, John Holt, Mr. Christopher Ezeh are among the 41 eminent professionals and business leaders to be conferred with Fellowship Awards at the 2017 Fellowsâ€™ investiture of the Institute of Directors (IoD) Nigeria on 26 October, at Oriental Hotel, Victoria Island, Lagos from 5:30 p.m. According to a statement issued to THISDAY, signed by the Director General of the Institute, Mr. Dele Alimi, the award is for members who have a minimum of 10 years directorship experience in reputable organisations and have distinguished themselves over the years, both in the activities of the institute and the country at large. It stated that the guest speaker for the event is the acting Director-General, Infrastructure Concession Regulatory Commission (ICRC), Chidi Izuwah, and he would be speaking on: â€˜Infrastructure Development as a Means to National Growthâ€™ A major highlight at the event, according to the statement, is the conferment of Distinguished Fellow Award on two past Presidents of the Institute, Mrs. Eniola Fadayomi; Chairman, Africa Prudential Registrars, Chief Executive Officer, De LaRue Systems Centre, Mr. Samuel Yemi Akeju, the Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, and Thorbourn Investment Limited, Mr. Justin Emmanuel, Chairman.

NPA, SON to Curb Inferior Products

LUX AFRIQUE INDEPENDENCE DINNER IN UK

L-R: Executive Director, FBN Bank UK, Tosin Adewuyi; Deputy Managing Director, First Bank, Gbenga Shobo; Managing Director/Chief Executive OďŹƒcer, First Bank, Adesola Adeduntan; Chairman, First Bank, Ibukun Awosika; Non-Executive Director, FBH Holdings, Oye Hassan-Odukale and Group Head, First Bank Private Bank, Idowu Thompson, at the Lux Afrique 57th Nigerian Independence Day Dinner, held in London â€Ś recently

Access Bank Raises the Alarm over Impact of Petroleum Fiscal Policy on Lending Ejiofor Alike Access Bank Plc has raised the alarm that the impact of the National Petroleum Fiscal Policy (NPFP) on lending would reduce funding appetitive for financial institutions, shrink oil and gas industryâ€™s Foreign Direct Investment (FDI) and impair cashflow for indigenous players. Speaking at the recent Financial Forum for gas, which was organised by the Nigerian Gas Association (NGA), the Group Managing Director of Access

ENERGY Bank, Mr. Herbert Wigwe said the adjustments on tax deductible items in the NPFP would discourage the international oil companies (IOCs) from further investments thereby reducing bankable deposits in local banks and the much needed liquidity to support lending in the financial industry. Wigwe noted that the NPFP, which is meant to feed into the Petroleum Industry Bill (PIB) aims to focus on providing a fiscal framework for the

industry and acknowledged that the removal of petroleum profit tax (PPT) would translate to retention of significant revenue savings for industry players. He, however, argued that the introduction of the hydrocarbon tax with no concessions as obtainable under PPT would greatly impair revenue. Wigwe identified the reduction of tax deductible items such as: capital allowances- drilling cost, acquisition cost, geoseismic & exploration cost; as well as interest on loan, abandonment expenditure and pension fund

as some of the key features of the NPFP. â€œMajor venture projects, which typically attract FDI from investors would suffer drop in appetite for industry investment. Capital importation from FDI is converted in Nigerian Banks to boost liquidity for lending to both the oil sector and other sectors. Current terms do not support FDIs,â€? he said. â€œProscription of previous deductible items implies inability of players to recoup Continued on page 22

Power: Kainji, Jebba Cut Output Constraints with Water Forecast System Chineme Okafor in Abuja Two of Nigeriaâ€™s three hydro power plants â€“ 760 megawatts (MW) Kainji and 578.4MW Jebba plants, would be able to maintain optimum efficiency in the amount of electricity they generate following the installation of a state-of-the-art water management system at their operational site, the Chief Operating Officer (COO), of Mainstream Energy Solutions Limited (MESL), Mr. Jose Villegas, has disclosed. Villegas, told journalists during a recent tour of the plants in Niger state that the innovative water management system - Inflow Forecasting System and Operational Plan-

ENERGY ning Tool (IFS-OPT) had been installed at the plantsâ€™ water basin by Austrian firm PĂśyry Energy, and would enable them maximise their generations during periods of high and low rainfalls. Speaking alongside MESLâ€™s Operations Supervisor for Jebba, Mr. John Onimisi, Villegas, explained that efficient water management using the IFS-OPT would also keep the plants turbines in good condition, in addition to helping them manage their water discharge to avoid instances of flooding of communities on their downstream. According to Villegas and

Onimisi, water inflow into Kainji and Jebba reservoirs which is usually from Guinea, Niamey in Niger Republic, and of course rainfalls from communities in northern Nigeria are usually subject to strong seasonal variability, with a distinct low flow period and two distinctive seasons of high flows that are categorised as white and black flood. These periods, they noted are also usually categorised by strong short-term changes in water inflow, and as such required good water management to keep electricity generation from the plants optimal, thus the decision of MESL to implement the IFS-OPT. â€œWe have black flood which

takes off from Guinea, and white flood which comes from Niamey and northern Nigeria, and we need to manage these inflows into our reservoir. In order to improve the operation of the hydropower cascade we have implemented an Inflow Forecasting System (IFS) and Operational Planning Tool (OPT). â€œThe system will provide us a long-term and short-term water inflow forecasts to support our seasonal, monthly and daily generation plans. The objective is to improve flood safety while maximising the energy output under given constraints,â€? said Onimis, in his explanation of Continued on page 22

The Standards Organisation of Nigeria (SON) and the Nigerian Ports Authority (NPA) have reiterated their collaboration, with a view to preventing the influx of substandard products from all entry points into Nigeria. This affirmation was made in Lagos during a working visit of the SON Director General, Mr. Osita Aboloma to the Managing Director, NPA Ms. Hadiza Bala Usman in her office. BalaUsman alluded to the noble intentions of the federal government in encouraging synergy amongst its agencies via the Executive Order on Ease of Doing Business. The order according to her, does not provide excuses for anyone to flood Nigeria with substandard and unwholesome products. Speaking earlier, Aboloma expressed SONâ€™s desire to promote synergy in tackling the menace of substandard products influx into Nigeria.

Lagos, Industrialists to Woo Investors The Lagos State Government has reiterated its commitment to prioritising the interest of business owners in line with its ease of doing business drive aimed at attracting more investors into the State. The Special Adviser to the Governor on Commerce, Industry and Cooperatives, Hon. Benjamin Olabinjo, who made the promise, said that the state Governor, Mr. Akinwunmi Ambode, has directed the ministry to review issues militating against effective operations of businesses across the State through provision of necessary incentives. Olabinjo spoke at stakeholdersâ€™ forum on Harmonised Inspection of Workplaces in Lagos State organised by Ministry of Commerce, Industry and Cooperatives at NECA House, Alausa, Ikeja. He explained that the administration of Ambode initiated the yearly brainstorming session in response to the various complaints received from the Organised Private Sector (OPS) on over regulation, multiplicity of inspection and unilateral/ unauthorised sanctions and levies supposedly imposed on business owners by some Ministries, Departments and Agencies MDAs of government. He said: â€œThe peculiarity of Lagos State in terms of commercial and industrial activities cannot be over-emphasised and as such demand a holistic regulation and constant monitoring of the environment as well as the health and safety of all stakeholders which must be carried out in line with global best practices.â€?

â€œThere are other ports in Warri, Calabar, among others; although it may not be convenient (for importers) but at least, it will reduce pain (caused by Apapa gridlock)â€?

Minister of Power, Works and Housing, Mr. Babatunde Fashola

T H I S D AY ˾ ˜ ͰͲ˜ Ͱͮͯ͵

BUSINESSWORLD ACCESS BANK RAISES THE ALARM OVER IMPACT OF PETROLEUM FISCAL POLICY ON LENDING

certain expenditures from investment. This impairs their ability to generate cashflow sufficient to service debts,” he added. Wigwe also noted that the current fiscal regime translates to elongated cashflow models for financing oil and gas projects as a result of the extended payback periods. According to him, the Internal Rate of Return (IRR) for such investments constrains banks to opt for shorter term financing alternatives in other sectors such as trade. Wigwe also stated that the NPFP is a dis-incentive for gas finance as the “removal of tax deductions under current Associated Gas framework Agreement, which supports tax deduction of 85 per cent and elimination of gas flare deductibility will discourage investment and financing”. POWER: KAINJI, JEBBA CUT OUTPUT CONSTRAINTS WITH WATER FORECAST SYSTEM

the workings of the IFS-OPT. The duo stated that the main components included a hydrological model that covers the whole Niger basin, a river and reservoir routing module, as well as a reliable database and graphical user interface operated on a central server at the hydropower plant. They noted that the application provides seasonal water inflow forecasts at monthly resolution as well as short-term forecasts at daily resolution using satellite-based rainfall observations and numerical weather and climate forecasts as input. Jebba and Kainji, they added are about the only two hydro plants in the country with the IFS-OPT system. Similarly, Villagas, stated that the plants were not allowed to operate at their optimal capacities because of frequent requests from the National Control Centre (NCC) Osogbo, on it to cut down its output on account of distribution companies’ inabilities to take maximum power put on the grid.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (Cap Mkt)

NEWS

Babalola:PowerSectorRequiresInterimImprovements,StructuralChanges Chineme Okafor in Abuja A former power minister during the administration of late President Musa Yar’Adua, Dr. Lanre Babalola, has said that irrespective of the plans of the federal government in its recently approved Power Sector Recovery Programme (PSRP), Nigeria’s power sector requires urgent short-term improvements and reinforcements of its structural changes to drive up efficiency. Babalola, who spoke at the October edition of the monthly power dialogue of the Nextier Advisory in Abuja, also posited that repeated emphasis on tariff increase in the sector was not the way out of the sector’s challenges. He noted that the sector needs more of efficiency in its operations to drive up competition and cut down on its losses. “While building additional generation, transmission and distribution infrastructure, as outlined in PSRP is important to supplying electricity to almost 200 million Nigerians in the medium to long term, emphasis needs to be placed on short-term improvements and reinforcing the structural changes that will promote efficiency, competition, choice and sector viability, which will ultimately lead to better service delivery,” said Babalola. He further stated: “The body of empirical evidence suggests that the sufficiency condition is met and power supply improvement will happen, sustainably, when regulation is clear and effective, when operations are efficient, when losses are brought within

reasonable thresholds, when electricity pricing is underpinned by cost minimisation and not revenue maximisation, when risks are identified and mitigation strategies are appropriate, when system expansion is planned and coordinated across the electricity value chain, when economic activity is the focal point of operations.” The former minister said decisions pertaining to market design needed to be analysed

and implemented for Nigeria to develop its wholesale or retail electricity markets. Providing his thoughts on how the government could reposition the power sector almost four years after its privatisation, Babalola said: “Reducing technical and non-technical losses should be national and firm priority. Too much emphasis on tariff increases, focus should shift to cost reduction, allowing prices

to rise uncontrolled has dire consequences.” “Cost components should be revisited. Enhance energy accounting and trading arrangement must be emphasised. Commercial framework and risk mitigation are critical to sector viability and sustainability. Better oversight and monitoring must be instituted at the firm level where the federal government still has representation and revitalise implementation and

decision-making arrangement to enrich analyses and debate,” he added. On the transmission network, he stated: “In transmission, so much is in the air as to what to do with TCN: Should it remain unified or restructured into its constituent units? Privatise or concession? Peculiarities of transmission means thorough analyses required so that we do not make mistakes and compound the challenges.”

CAPACITY BUILDING

L-R: Senior Advisor, United Nations Industrial Development Organisation’s Investment and Technology Promotion Oﬃce, Mr. Stanislaw Pigon; Deputy Vice-Chancellor, University of Lagos, Prof. Oluwatoyin Ogundipe; Head, UNIDO-ITPO, Nigeria, Mrs. Adebisi Olumodimu; and Consultant, UNIDO, Mr. Aleksandar Jancheski, at the UNIDO-ITPO training course for young entrepreneurs, in Lagos … recently

TCN: Nigeria’s Distribution Network Below Universal Standard Chineme Okafor in Abuja The Transmission Company of Nigeria (TCN) has disclosed that in line with standard operational practices in the global power market, Nigeria’s electricity network was still far below the marks. It said while transmission networks are usually expected to be twice a country’s generation capacity, the distribution networks are in turn expected to be twice the capacity of the transmission, but at the moment, the distribution network has remained the lowest in terms of capacity in the value chain. TCN’s interim Managing Director, Mr. Usman Mohammed, stated this in an interview with journalists at the 20th edition of the monthly power sector operators’ meeting in Owerri, Imo state. He said ideally, the distribution network should have the capacity to take up to 28,000 megawatts (MW) of electricity. “There is what we call power business pyramid and what this talks about is that based on international standards, every power sector should have a transmission arm that has twice the capacity of generation companies, while distribution should have twice the capacity of transmission. But the way it is now in Nigeria, transmission is at the same level with generation, meaning we are not up to

the required standard. “And that is why we came up with the transmission rehabilitation and expansion programme, which we have requested for support from donors. Several multilateral donors have come in to support us, hopefully in the next three to four years we are going to put enough capacity that will be at least twice the capacity of generation,” said Mohammed. He further explained: “The way it is now, when we have about 7,000MW transmission capacity, distribution is supposed to have twice of that figure. In fact, where we are now, transmission is supposed to have 14,000MW evacuation capacity and distribution is supposed to have 28,000MW distribution capacity. “That is how it is supposed to be based on the internationally acceptable standard in the power business pyramid. So, as we try to ensure that we expand the transmission capacity, I think the government and the distribution companies are working very hard to see how they would catch up, because everybody is doing a catching up game now.” He stated that the TCN was working to ensure that about 2400 megawatts of electricity from power plants in the eastern part of the country would be transmitted into the national grid through

the Alaoji-Onitsha line. “For us to do the Alaoji to Onitsha transmission line, what we are putting now is called cord line. Of all the 330kV transmission line we

have been putting in Nigeria, this is the first time we are putting a cord line, which will have a capacity of 2,400MW. Now for us to do that line, we need to complete the

conducting of New Heaven to Onitsha so that the generation that is from Afam and Alaoji can be evacuated through Ikot Ekpene to Ugwuaji, Enugu and then to Onitsha,” he said.

UNIDO Empowers Nigerian Entrepreneurs with FinancialLiteracy Partners govt agencies, UNILAG on capacity building The Investment and Technology Promotion Office of the United Nations Industrial Development Organisation has unveiled a programme to train Nigerian entrepreneurs in the non-oil sector on innovative solutions to improve their financial literacy as part of its Investment Learning Centre (ILC) initiative. UNIDO-ITPO Senior Advisor, Mr. Stanislaw Pigon, who led the team of experts that trained the business owners, in Lagos, said the ILC initiative “focuses on identification, preparation, promotion and implementation of investment projects of young entrepreneurs in Nigeria.” According to him, the focus on young entrepreneurs in the non-oil sector was borne out of the global body’s discovery that most business owners in the largest black nation did not meet up with the international standard of enterprise development, a development that had created a lull in the growth of its economy.

UNIDO/ITPO said it was training the participants in partnership with the Bank of Industry, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Small and Medium Enterprises Development Agency of Nigeria and the University of Lagos, so that they would, in turn, train millions of Nigerian entrepreneurs. Furthermore, he disclosed that the organisation offered different services to support the efforts of the Federal and State Governments to attract investment and technology for industrial development. He said: “We are engaging states in this regard. We are in Niger State talking on how to grow the Shea Butter industry and we have started a flagship programme in Sokoto. While we are also trying to develop the stone sector in Ogun State, we are committed to growing the Lagos fashion hub. “We are investing in capac-

ity building services in the context of the Third Industrial Development Decade for Africa. Our trainings are aimed at developing business incubation management systems, providing counseling and training services for Nigerian businesses.” According to him, UNIDO/ ITPO is sharpening the project formulation and appraisal skills of the youth, who are operators in the non-oil sector of the economy, with its refined Computer Model for Feasibility Analysis and Reporting Lite. COMFAR Lite is a stateof-the art investment project analysis tool that, through its interactive and intuitive modules, allows even less experienced entrepreneurs to present their business ideas. To him, it is the first software of its kind to be used to scale-up enterprises, which will lead to job creation across local communities.

T H I S D AY ˾ ˜ ͰͲ˜ Ͱͮͯ͵

BUSINESSWORLD

ENERGY

GE: Why Grid Solutions are Critical to Africa With renewable energy technologies getting cheaper, the Vice-President, Commercial Solutions at General Electric, Mr. Stephane Cai and the President/CEO of GE Nigeria, Dr. Lazarus Angbazo spoke exclusively to Ejiofor Alike on how GE’s innovative grid solutions can help solve Nigeria’s energy challenges. Excerpts: GE is very strong in generation, and over the years we have been hearing about GE based on generation. Nigeria’s problem is now largely transmission and distribution. So, Mr. Cai, how is GE going to help Nigeria? Specifically, we are trying to bring solutions, we are teaming up with partners, going from the generation outlet of power plants, through transmission, all the way to the city doorsteps where we have the first distribution sub-stations. We created projects that complement whatever the government is already considering through the World Bank. We try to reach out to governments that can finance like France. We try to explore all the ECA that will be available to fund this project. So, right now, on this front, I think we are making good progress; we got institutions that are willing to finance, it is now left to convince the leaders in government and the ministry is conscious of that. We just need to translate this recognition into real project. So right now we are at this point, where we have technological solutions across the electricity value chain, we have managed to figure out the financing, we just need to convince the agencies responsible for implementing the projects to progress with us in implementing the projects. Some other investors are complaining of the operating environment with some investors even relocating to other countries, but GE is showing increasing interest in Nigeria. Mr. Cai, could what is attracting GE to Nigeria that you are even increasing your investment? We see Africa in general, and Nigeria as the biggest country in particular, as the market of the future; it is like the new frontier we need to invest in. In other developing countries and regions, we already hold pretty strong positions like in India and Latin America where we are number one. Our focus now is to help Africa to meet her needs; this is the last largest market we needed to develop. We have recognised the particular difficulties in this country and we believe we are a good position to bring solutions that can help eliminate these problems. It is not the same way we do business in Europe; in Europe, customers will call us, they are funded, they just need us to build. But here, on top of bringing the available technical solution, we have to think of how to finance the project, and GE as a company is strong in doing both. So, we feel we have all the strength to help develop Africa. Now, Mr. Cai, does GE have experience in the area of transmission and distribution - has GE done it successfully elsewhere? Actually, with our Grid Solutions portfolio, this is what we do, and what we have been doing for more than a century. We are a technology leader in many places, in network management system, substation automation, and even in high voltage equipment we are among the top three players in the world. We support markets like India which went through a similar path; they are a little bit ahead. India also built big generation capacity, but transmission and distribution remains a bottle neck for them. So, it’s the same with Nigeria. We saw this in India and participated in the solution. We are executing a large High Voltage Direct Current line to bring 3,000mw over 1,000km just to facilitate the transition. So, we do this and our experience over there can be beneficial to African development. Coming back to renewable, it is an area that is becoming increasingly popular globally, but a country like Nigeria is still very far behind. What can you bring to the table, I mean, specific solution in terms of renewable? I believe that things are changing so fast in this area. For instance, a year ago in India, people would have the same opinion like people in Nigeria; they think solar is too expensive for India,

Angbazo so they thought a year ago. Now, government set a target, they started to incentivize with some subsidy to encourage utility size solar, 50mw unit. A year later, they won’t need to subsidise anymore because the competition is such that the price can beat the central power. It happened so fast and cost of material for solar are going down; every five years, the

Nigeria is a good example of why grid solution is absolutely critical to the industry and economy of Africa, and as we know, this is a country that over the years has invested billions of dollars in ‘power’, largely in power generation. We have a population of over 180 million right now, our consumption per capita is one of the lowest in the world. Now, why is that? It is not for lack of trying, it is because of the bottlenecks in the value chain, largely the transmission and the distribution. We have focused on generation, government has focused on generation

Cai prices are halved. I am very hopeful that a day will come, sooner than we think, that the economics will be demonstrated, and solar for Africa is much more promising than you think. Is your focus for Nigeria is terms of renewable solar? Actually, we don’t make the solar panels, they are mostly made in China. We do projects, and on top of that we want to face the new challenges brought to grid by renewable. The difference between renewable and a gas fired power plant is intermittent generation which is a challenge to the grid. Maybe you have heard of the experience in California and Australia, where the government there pushed solar to up to 30 percent of total generation capacity and it resulted in total blackout. It happened because the network was not able to control and manage the stability and this is the new challenge we are addressing. We brought solution to California and Australia to enable the growth of renewable in the generation mix. These are the kind of situations GE brings technological solution People only think of generation, they just think of adding more solar panels, because it will make the grid to collapse. So we needed to bring solution in the grid space to enable that. For GE to achieve what it came to Nigeria to for, what are your expectations from the government and other stakeholders? I think the government needs to realise what the bottlenecks are and set the right priority. Right now, I think the World Bank share the same analysis like us. Their next priority for funding transmission and distribution (T&D), and afterwards, we can add generation. Now, the generation capacity is in excess of the transmission capacity. So, we need the government to push for the project to kick off, because when it starts we know how to execute. So right now, we cannot really act; we can do some preliminary work, we have done some intensive network study to know which transmission line is of more priority than others to bring power to consumers, that much we can do for now Dr. Angbazo, over to you now; please why do you think Nigeria is a good choice for grid solution? Nigeria is a good example of why grid solution is absolutely critical to the industry and economy of Africa, and as we know, this is a country that over the years has invested billions of dollars in ‘power’, largely in power generation. We have a population of over 180 million right

now, our consumption per capita is one of the lowest in the world. Now, why is that? It is not for lack of trying, it is because of the bottlenecks in the value chain, largely the transmission and the distribution. We have focused on generation, government has focused on generation. But I will like to pay special tribute to the Vice president, Minister of power and the Chief of Staff to the president, because these individuals have recognised that thinking about the power solution of Nigeria in silos is not sustainable and they themselves have come up with this concept of end-to-end solution, that is from generation to distribution, and this is the conversation GE has been having with the government on how to work with the DISCOS and TCN under the guidance and encouragement of the office of the Vice president, and Minister of power, and along with the industrial council of the President which are really focused on infrastructure. You commended the efforts of the Vice President, Minister for Power and Chief of Staff to the President. What other areas do you think they can do more so that GE can achieve its aims? The amazing thing we have here is that multi-lateral donor institutions like the World Bank, the French Development Agency have earmarked millions of dollars, for the T&D space in Nigeria. They require TCN in particular to package the projects to meet their eligibility criteria; that is a process that is underway, but it can go faster. I think this is an area we can help our cause as a country, and the team at TCN are doing an honest job trying to make things happen, but they need all the support and encouragement of government, as well the support and encouragement of people like us, and we are ready. We have reached out to them in partnership, but I think together we can all move faster so that we can access this limited pool of fund. If we don’t use it, other countries will use it. So, I think the message is that the problem is a fixable one, the TCN is key to it, the leadership of TCN is key to it; they are good people but they need to move forward. If those tenders were out and those projects put there, the things the Vice President, Chief of Staff and the Minister want to achieve in 12 to 18 months are achievable, which is incremental consumption of power, not generation; that means we solve all those bottlenecks issues. But it’s a team sport. We are here, we are ready, but things need to move faster.

T H I S D AY ˾ ˜ ͰͲ˜ Ͱͮͯ͵

BUSINESSWORLD

INDUSTRY

Chiejina: Govt Must Sustain Pension Reforms Ezekiel Chiejina, a lawyer and former Director General of the Nigerian Insurance Association, spoke to Jonathan Eze on his new book on the pension industry and urged the government to sustain the principles of the Pension Reforms Act. Excerpts: Could you tell us about your career and background? My name is Ezekiel Chiejina. I started in the village living a normal village life. Then I attended a modern school of those days in the western region and because I was not having anything, I struggled through school. I did some secretarial work, trained myself and while working, I kept on with my academics. After modern school, the other major fulltime school I attended was the Nigerian Law School including University of London. I worked with National Insurance Corporation of Nigeria, NICON where I spent 15 years. Before moving out, I headed two insurance companies as chief executive, one owned by the Cross River State and the other one by Oasis Insurance. When I left Oasis, I set up my own consulting firm. Later I was lured to IGI Insurance because the company was planning to buy into NICON and they wanted to fortify the Technical Management Team. After two years there, I was appointed as the Director General of the Nigerian Insurance Association (NIA). I served there for eight years. After that, I have been doing consultancy here and there. I am a fellow of the Chartered Insurance Institute by examination, both the associateship and fellowship. I am an associate of the Chartered Institute of Arbitrators. I am also a fellow of the Institute of Management Consultant. So when we talk about pension, it is something I have a passion for. You have just written a book, ‘Pensions in Nigeria’. What inspired you to write this book? Everything about pensions in Nigeria were scattered in various documents and there were misconceptions about pensions solely because of the way the whole pension scheme of public service was managed. So initially all Nigerians know that pension has to do with working for government and there’s need to inform the people about what pension is all about. That it is a pillar of social security and secondly, apart from the misconceptions, there were mismanagement too. So, I was inspired by the new law, the Pension Act Reform of 2004 to begin with because on behalf of the industry, I presented memo at the public hearing and we had meetings with those who were working with the president then, President Olusegun Obasanjo. We had contact with Fola Adeola, who conducted and formulated the scheme. She had followed up even during the passage of the bill so when it came out, as the head of an organisation, I embraced it. I remembered that I allowed five of them (PFAs) to talk to my staff and I interpreted the law as it is because the contribution is minimum so while the law is saying basic salary, housing and transport, I added loan subsidy in that of my staff as part of the contribution so that they’d get the possible maximum benefit out of the system Apart from the provision of the PFA’s, what other aspect, interests you in the Act? What interests me mainly is the fact that the pension scheme is now privatised, which means you can have individual accounts. In 1993, I wrote an article saying that they should privatise pension. If you are leaving one employment or the other, you have your pension benefit with you. Nobody will say you have not served this number of years so you cannot benefit or you have not served 10 years. Some people when they are not doing well in an organisation, because of sentiments or sympathy, they wait until it becomes a pension. So but now, it’s mobile. You have it on your own. You become committed and the ultimate objective is that at the end of your working life, when you can no longer be as productive as the way you were when you were young, you have some stipends coming to you till the end of your days. So, you can retire with dignity. In the private sector then,

Chiejina only very few organisations have pensions mainly the multinationals and some of them were provident funds. When you retire, they give you all your money. Whether you are lucky to invest it well, that’s your business. If you mis-invest it, you are on your own. But it has been straightened out. How trustworthy are the PFAs, especially with regard to the funds being deposited there? I believe that the money the people are contributing is safe because they are very professional in their management and the National Pension Commission (PenCom) has regulations and supervision. And there are provisions in the law for sanctions in case of infringement or breach on the provision of the law. The other thing you can’t say for sure is how they are handling competition. But I strongly believe that the money is safe. The whole thing will last very long and that’s exactly one of the reasons why I wrote the book. Because a lot of people feel that if the government pension does not work, how can this one work. So I tell them the difference between the two. In the first place, the whole scheme was not funded. No money is being set aside. There’s just a promise that if you work 10years, you earn this amount, there’s a terminal salary. The pension scheme is guaranteed by the constitution of the Federal Republic of Nigeria. Unfortunately no money is set aside to make sure that when the time comes, there will be money to match the liabilities. So ordinarily, if you have what we call defined benefit, which means you know how much you are expecting but they are supposed to be valuation to say the money we are putting aside can it match the liabilities when the time comes? But in our own case pension was being paid only from annual budgetary allocations and most often there’s not enough money to back up the allocations. Secondly, money gained there is subject to abuse, fraud,

theft and mismanagement. Some parastatals try to manage theirs their own way and at the end of the day, the fund asset will disappear. Nobody accounts for it, after 10-20 years there will be an investigation and nothing comes out of it. People do away with the money in the old scheme. So these are what this new scheme is correcting. In the event that the PFAs fails, what is likely to happen? There is a lot of provision to see they are not failing because the supervision is so regular. There is statutory auditors’ report to PenCom to let them know what is going on in an organisation. Then when PFA, for example is failing it does not prejudice the contribution of the employee because PenCom will supervise the transfer of the fund to an on-going PFA. Like other institutions they know the strength of these institutions and the management, that’s the board and the principal managers are subjected to rules of ethics so they are very closely monitored and one of the major reasons why companies fail is indifferent attitude to corporate governance practices so PenCom has a code of corporate governance for all the pension institutions which they have to follow because there is evidence here and there that when corporate governance is good, it has positive impact on the performance of the institutions. The world does not take corporate governance seriously until the crash of Enron Enron was a numerical company even all the rating agencies fortune 500, everybody rated it as the best and biggest organisation in the world but nobody knew what they were doing until the whole thing crashed. In fact they used the pension money to invest in their business so when the business crashed, the bubble had to burst What are the duties and rights of workers under the new pension scheme?

Yes, a worker given employment letter the day he resumes, the employer is supposed to tell him about the pension reform so the first duty is to pick his PFA and supply his personal data and the employer will tell him this is your salary, this is how much will be deducted from your salary and this is what your employer will be paying. From there, the employee tells his age and though he is the original beneficial owner of the Retirement Savings Account (RSA), he doesn’t have access to it. He can only have information that maybe on quarterly basis, this is the balance. Just like the balance in your account and if you are not satisfied with what is going on, he can change his PFA once a year without giving reason to anybody why he’s changing. Then if he’s not satisfied, he can complain to PenCom that this is what is happening. He can also complain about the employer who is deducting but not remitting. He has the right to make that complain. And when he is not satisfied even with the decision of PenCom, he has access to arbitration. The arbitration ruling is recognised by the court and it is enforceable by the courts of law in the country but he doesn’t have access to the money until he is 50 years old or when he actually retires. However, if the person becomes disabled mentally or physically, he may be given special consideration. The law provides for paying him before age 50. The same thing happens if he loses employment. After four months of not getting a job, he can access his funding in the RSA. He should know that the employer does not have access to the money. What the employer does is; the law compels the employer to help you contribute into it like adding to your salary. And when he retires he has a choice, the benefits and entitlements are mainly two, first, he is entitled to a lump sum. I understand its 25 per cent of the balance in the RSA. He can also decide whether he wants a Continued on page 25

T H I S D AY Ëž Ëœ Í°Í˛Ëœ Í°ÍŽÍŻÍľ

CHIEJINA: GOVT MUST SUSTAIN PENSION REFORMS I understand that they still experience some delay but they are already up there. But Jigawa reformed their pension scheme before the 2004 act. They introduced contributory pension scheme even for government workers in 2002 and carried their actuarial valuation and their own is even a high breed because they are still paying benefits and make the employee to contribute out of it. People say it maybe because their public service is not that huge but the main thing that motivated them is that their executive governor is an insurance guy. He actually know much about insurance issues so he used that idea. So after Lagos, Jigawa . Maybe the rest are still coming.

program withdrawal which is provided by the RSA or you want the money to be used to buy annuity from an insurance company. It is actually his to decide and the PFA will explain to you what is available. How sustainable is the pension fund scheme that is provided for under the new pension Act? Yes, the sustainability is an important factor. It will be sustained if the contributions remain consistent. If the economy is doing well, and there is employment and the employers in particular are compliant all along, It will be. But if the economy is bad like recession or depression, when there is no employment or retrenchment. First of all, if there is no employment you wonâ€™t be getting more contribution. Then, if people are being retrenched they become entitled to their benefits and it will be affecting the funds so, those are the likely issues I can say are fundamental risks â€“ depression, recession, it affects employment or when the government claims that thereâ€™s limit because government is a big employer of labour. If they claim that there is no money and they are delaying or not meeting their obligations under the scheme then it is likely to affect the system. What the House of Representatives was proposing is likely to jeopardise the scheme. They are saying they should withdraw the paramilitaries, the Police, EFCC from the scheme. Incidentally, the Police said no, they are not withdrawing. But the others have said they want to go back to the old system which the federal government has said they cannot afford. They are saying that instead of collecting 25 per cent at retirement, the person should collect 75 per cent. The danger in taking 75 per cent is not injurious to the scheme itself but to the individual. If you retire today and collect it, it is like taking all your savings at the same time. So your purpose of entering the pension scheme is defeated because if

What role can the National Assembly play in ensuring the sustainability of the new reform act and what is your advice to government? My advice to government is that they should not use politics to destroy PenCom. Pension, like you know is a very long term thing. They need stability of institutions especially the regulatory authorities. The law made it a bit strong, autonomous and reporting directly to the president and to an extent, the National Assembly.

Chiejina you collect your money at age 50, good luck to you. There are chances that you might manage it well and other chances that you might not. Whereas the idea was that if you enter this scheme, if you retire you continue to receive money until the person dies. Thatâ€™s the idea of life pension. We have discovered that a lot of people after retirement, especially public servants find it difficult to access their funds. Does it mean that states have not keyed into these new acts? Well, the issue of states is a peculiar problem.

The political will is not there and the kind of administration we are running is not giving states enough money. So the states are getting hand-outs from federal government. Most of them owe salaries. So they have not even finished offsetting their salary arrears and pension arrears. The issue of them paying pension, most of them have made their own law as regards pension. Some have set up the institutions to manage it but the money is not there. It is only Lagos State that has actually properly keyed into it. They even keyed into it since the 2004 act. They didnâ€™t wait for the 2014 and they are there. Although

Finally, what delights you in this new book? I have been ill since 2006, so when I came back from India, I was not earning or doing anything, I said this will be an opportunity to work on the areas that I have interest in and what delights me is that the objectives have been about the rights of the workers. As part of the workerâ€™s right, there is also a provision for workers that they may access part of their benefit as a loan. The insurance says your pension is guaranteed for 10years but if you survive to 90/100, you continue to enjoy. So if your money is N10 million and you happen to live so long, you might end up earning up to N50 million or even N100 million.

ZZZ Ă€\GDQDDLU FRP

2XU QHZ RIÂżFH LV QRZ RSHQ DW 6LOYHUELUG *DOOHULD *URXQG Ă€RRU

$KPDGX %HOOOR ZD\ 9LFWRULD ,VODQG /DJRV )RU LQTXLULHV ERRNLQJ DQG UHVHUYDWLRQV SOHDVH YLVLW RU FDOO

021 681 $0 30 YLVLW ZZZ Ă€\GDQDDLU FRP

'$,/< )/,*+76 72

$%8-$

/$*26

3+&

8<2

2:(55,

T H I S D AY TUESDAY OCTOBER 24, 2017

T H I S D AY ˾ TUESDAY, OCTOBER 24, 2017

PROPERTY & ENVIRONMENT Fine & Country W/Africa Presents Nigeria’s Prime Real Estate to Diaspora Community There has been a remarkable awareness of the possibilities and advantages of investing in Nigeria’s real estate market, after an unmatched presentation of some prime properties that dot the nation’s landscape. These sturdy real estates were introduced at the 2017 Refined Investor Series, Fine and Country West Africa hosted in collaboration with BusinessDay Newspaper in London. Bennett Oghifo reports

igerians in the diaspora and some international investors with cash to invest in the Nigerian real estate market, sometimes hesitate to put their money on the table because they lack accurate information about the investment environment. They often seek the right kind of information that will shed light on some uncomfortable stories they have heard, and this was one of the reasons behind the success of the 2017 Refined Investors Series that Fine and Country West Africa hosted in London in collaboration with BusinessDay Newspaper, recently. RIS, UK Diaspora and International edition, was conceived principally as a real estate event through which the organisers aimed to correct some myths and misconceptions about the real estate market in Nigeria. It was also designed to highlight the potential in this huge market with all the opportunities for savvy and astute investors. According to Udo Okonjo, Vice Chair/ CEO, Fine & Country, “Our mission was to create an opportunity for these accomplished professional and business men and women to connect with and celebrate the Nigeria that is emerging, the Nigeria that is possible and the Nigeria that is now- which they can get a slice of whether through real estate investment or through buying into a future that we all have a responsibility of building. “We came, we celebrated them, and we showcased the best of Nigerian real estate, the economy, art and culture and left them to make up their minds if they wanted to become a part of it or wait to be told by the foreigners as first movers of the opportunities harnessed even in the midst of incredible challenges.” The event was within the anniversary week of Nigeria’s Independence and so it was a fine time to click glasses and talk about the future, particularly about what is possible when investing in Nigeria’s economy. So, the first night of the event was used to celebrate Nigeria, and the resilience and leadership demonstrated by various Nigerians living and working at home and abroad. A glimpse of Nigeria’s economic landscape was provided by the Publisher/CEO, BusinessDay, Frank Aigbogun. This was followed by a brief but inspiring introduction of the vision behind the Refined Investor Series by Okonjo, CEO, Fine and Country West Africa. George Bertz, Director of Global Business at

L-R: Vice Chairman, South Energyx, Ronald Chaogury Jnr; Vice Chair/CEO, Fine & Country, Udo Okonjo; former Governor, Anambra State, Mr. Peter Obi; Publisher, BusinessDay Newspaper, Mr. Frank Aigbogun; Mr. Paul Onwuanibe of Landmark Group; and former Chairman, Lafarge, Nestle, Chief Yemi Osunkeye, at the 2017 Reﬁned Investor Series, hosted by Fine and Country West Africa in collaboration with BusinessDay Newspaper in London… recently

Fine and Country Headquarters, welcomed guests and exhibitors to London. Keynote speaker, Peter Obi, former Governor of Anambra State presented Nigeria’s journey as a nation and the possibilities and challenges. Obi challenged guests to get involved without undue focus on the problems, alone. The seminar series held on the second day, in addition to an extensive exhibition of pre-qualified property projects by reputable developers. The state of real estate in Nigeria was reviewed by Fine and Country’s David Mbah, while the iconic Eko Atlantic City was presented by Ronald Chagoury, Vice Chair South Enegyx. There was an overview of lifestyle estates in Abuja by Darl Uzu, the Chief Executive

of Crown Realties, followed by an inspiring entrepreneurial journey in building a real estate empire by a former Nigerian Diaspora Investor, Paul Owanibe of Landmark. There were two panel sessions with Bimpe Nkontchou W8 CEO, Richard Obahor of Purple Premium UK, and Adebayo along with other speakers. It was a truly enriching and informative day with the overall consensus being high level deal-making and networking. The RIS Seminar was attended by 100 guests, and several more were present for the exhibition, making total guest count about 250. Specifically, RIS 2017 began with the Independence Dinner at the Grand Ballroom of the Landmark Hotel. The Dinner was attended by 120 high profile guests, including, Chief

Yemi Osunkeye; CON (Former Chairman, Lafarge, Nestle); Bishop Wayne Malcom; Prince Olusegun Oniru; Mrs Bimpe Nkonchou, Principal (W8 Advisory) and also key Sponsors: Ronald Chaogury Jnr, Vice Chairman, South Energyx; Mr. Darl Uzu of Crown Realities and Mr. Paul Onwuanibe of Landmark Group. Various guests, foreigners and Nigerians in Diaspora shared heart felt impromptu messages in support of the vision for the Refined Investor Series (Diaspora edition) and their positive expectations and experiences on Nigeria. It was beyond magical and inspiring, to say the least with music, a preview of the latest Nollywood movie Banana Island Ghost, ArtX Art Fair highlight and Nigerian comedy to set the stage for an all-round positive evening.

Cadwell to Focus on Property Investment, Partnership, Estate Services Cadwell Limited, an indigenous real estate development firm, has said its business focus will now shift to property investment, partnerships and estate services. The firm was hitherto dedicated to creating exclusive lifestyles for its discerning clientele through the development of the best real estate dwellings spaces in the choicest locations. According to official sources, the company had developed premium real estates that have yielded good returns on investment with average 15 -20% annual capital growth while maintaining high occupancy rate. Its signature rests on classic to neo-classic architectural

significance. Their buildings comes with elements of stylish attention to details, elegant lifestyle, comfort, safety and security with key design feature being a testimony of their commitment to quality designs and pure craftsmanship. Under the new vision, several partnership models such as property acquisition, design, development or re-development, equity participation, brokerage & agency, facility or asset management and lifestyle & hospitality operators will now be explored by the company in both the public and private sectors in order to optimise allocation of resources and activities, create new revenue

streams, expand product categories geared for optimal returns. Already, the company has redesigned – The Cadwell Logo. The new logo describes their business angles such as property investments, partnerships and estate services. The Managing Director, Mr. Olaseni Oguntoyinbo, explained, “ it is our aim to create a sustainable wealth portfolio for our partners in a way that secures their future. The company’s Head, Concepts and Marketing, Cadwell Limited, Nekpen Emokpae said, “Our strong reputation over the years in securing credible clientele

helps us maintain a high absorption rate while providing guaranteed returns. After many years we have become leading real estate investment experts, offering personalised investment advice to meet the needs and achieve the goals of our clients, who get so much return on investment they often become lifetime partners and friends” The Head of Business Development, Timeyin Arawore said: “One of the major benefits of our intended partnerships is to strengthen the company’s resolve to provide exclusive lifestyles for our clients through the continuous improvement in the quality of our products/

services which will guarantee a lifetime of steady returns on investment for our partners. Cadwell will now be working in tandem with the state, entities and individuals with similar ethos and values towards Infinite Investment. The Head of Corporate Communications, Omotara Fagbuyi, further explained that the brand intends to heighten its equity through the timely launch of its change the narrative campaign tagged “Investment Testaments”. This campaign will highlight powerful and profound quotes from notable international world leaders in business and politics who have had fair experience in

real estate investments and given testimonies on same. She added also, that this campaign will further emphasise the great shift in the investment focus of the Company while encouraging existing and potential partners to taking action in the hope of raising future revenue for generations to come. Fagbuyi said, “Investments made in Cadwell properties offer investors an opportunity in return-driven assets which do not only have economic merit but also complements long term investment plan of any forward looking investor, especially since it is an annual income generating asset.”

T H I S D AY TUESDAY OCTOBER 24, 2017

T H I S D AY Ëž Ëœ OCTOBER 24, 2017

BUSINESS/MONEYGUIDE

FG Raises N6.69bn through Savings Bond Obinna Chima In pursuit of the federal governmentâ€™s objective of financial inclusion by attracting retail investors into the bond market, the government yesterday disclosed that it has raised a total of N6.69 billion through the monthly issuance of the Federal Government of Nigeria Savings Bond (FGNSB) since March this year. The amount raised since inception, according to a report, grew to N6.69 billion following

the conclusion of the FGNSB Offer for October 2017. Out of the N6.69 billion, N3.71 billion was for the 2-year Bond while N2.98 billion was for the 3-year bond. The Debt Management Office (DMO), which issues the FGNSB on behalf of the federal government said the high level of subscription by investors since the debut offer in March 2017, showed that the product appealed widely to investors. According to the DMO, 9,103 subscriptions have been received

so far from investors across the county. The report stated that analysts praised the DMO for introducing the savings bond into the securities market for retail investors and taking the instrument to the grassroots. The DMO plans to sustain investor interest in the product through sensitisation of the public about the gains of investing in the bond which has a competitive fixed interest rate with its income exempted from taxes.

CBN Pumps $195m into Forex Market Nume Ekeghe The Central Bank of Nigeria (CBN) yesterday injected the sum of $195 million into the interbank foreign exchange (forex) market. Figures obtained from the Bank indicated that the central bank offered $100 million to authorised dealers in the wholesale segment of the market, while the small and medium scale enterprises (SMEs) segment received the sum of $50 million.

Those requiring foreign exchange for invisibles such as tuition fees, medical payments and basic travel allowance (BTA), among others, were allocated the sum of $45 million.The central bankâ€™s acting Director in charge of Corporate Communications, Mr. Isaac Okorafor, confirmed the figures, saying that the Bank was confident that the level of transparency it had entrenched in the market would help the naira to sustain its steady run against the dollar and other

major currencies around the world. According to him, â€œthe market will remain very stable as long as every player sticks to the forex guidelines.â€? The CBN had last week intervened in the various segments of the forex market with the sum of $195 million. Meanwhile, the naira continued to maintain its stability in the forex market, exchanging at an average of N360/$1 in the BDC segment of the market on Monday, October 23, 2017.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

DECEMBER 2016

Fidelity Bank Promotes Entrepreneurship Fidelity Bank Plc has announced its sponsorship of the A.Y.E reality television show. The bank explained in a statement that its partnership with the Africaâ€™s Young Entrepreneurs (A.Y.E) was to awaken the latent entrepreneurial spirit in the countryâ€™s teeming youth population. This development, according to the bank, further underscored its commitment to youth empowerment and entrepreneurship in light of its strategic importance in driving sustainable economic development. â€œThis world acclaimed reality show which will be aired for 13 weeks on key African TV stations is set to attract over 65 million viewers both on TV and Online. â€œInterestingly, the programme screened over 25, 000 Nigerian entrepreneurs (between the ages of 18 to 45 years) from every discipline, creed and race of which some pitched their winning business ideas to an globally diverse panel of judges which includes Stephen Read, International Business Coach;

Zunaid Amod, Development Partner (Barclays); Raliat Oyetunde, Lead Consultant (Prinsuit Global); Best Selling Author/Business Coach, Tiamara Williams; and A.Y.E President, Summy Smart Francis,â€? the statement added. Commenting on the partnership, the bankâ€™s Chief Executive Officer, Nnamdi Okonkwo pointed out that the objective of the partnership with AYE was to identify burgeoning start-ups with exceptional ideas and help showcase their potential to the entire world. â€œAs a dependable bank, highly committed to growing the economy, Fidelity is on a laudable mission to equip youths with necessary knowledge, skills and capabilities to ensure that they can take advantage of the myriad of business opportunities inherent in the country. â€œIn pursuit of this, we are constantly searching for key partners that are closely aligned to our strategic objectives. AYE is one of those partnersâ€?, he said. This partnership, Okonkwo added was in line with the

bankâ€™s objective to build the next generation of outstanding entrepreneurs, who will shape the economic and political landscapes of this vibrant continent. As part of sustained efforts aimed at promoting the culture of youth entrepreneurship, he pointed out that the bankâ€™s Managed SMEs Division set up a dedicated unit dubbed â€˜Youth Entrepreneurship Unitâ€™, which is specifically targeted at meeting the needs of young entrepreneurs. During the announcement of the partnership, Summy Smart Francis, A.Y.E President said that collaborating with Fidelity will enhance its objective of entrepreneurial advocacy and empowerment. â€œI must confess that we were approached by several banks but having studied the impacts, small medium enterprises (SMEs) schemes and entrepreneurial friendly products of several financial institution, Fidelity Bank stood out considering the interest of our members and SMEâ€™s generally.

FirstBank Creates Awareness on Down Syndrome FirstBank Nigeria Limited has pledged its support for the 2017 Annual Awareness Week of the Down Syndrome Foundation that commenced yesterday. The bank explained that the 2017 edition was not the first time it would be supporting the initiative, saying that it had over the last eight years partnered and participated in several initiatives by the non-governmental organisation that was founded 17 years ago. The bank stated that its partnership and support to the Down Syndrome Foundation was in furtherance of its Hope Rising Initiative designed to provide vari-

ous forms of interventions for persons living with disabilities as well as create advocacy and public enlightenment for them. The event with the theme: â€œYes (I, YOU, WE) CANâ€Ś Make A Difference,â€? was projected to feature activities such as press briefing, family fun fair & novelty match as well amongst others. According to the Group Head, Marketing & Corporate Communications of FirstBank, Mrs. Folake Ani-Mumuney, FirstBankâ€™s partnership with the Down Syndrome Foundation Nigeria was in demonstration of the bankâ€™s consistent and unwavering support for

the welfare of persons living with disabilities and in line with its advocacy and public enlightenment for the Down Syndrome disorder. â€œFirstBank is committed to bridging the gap between children/adults with Down Syndrome and the rest of the society which perfectly mirrors FirstBankâ€™s commitment regarding the disability,â€? she added. Only recently, FirstBank organised a week long Corporate Responsibility and Sustainability event themed â€˜Promoting Kindness; Putting You Firstâ€™, held in September 2017 and organised to reignite acts of kindness in our society.

Broad Money (M2)

23,840,392.42

-- Narrow Money (M1)

11,520,166.67

---- Currency Outside Banks

1,820,415.90

---- Demand Deposits

9,699,750.76

-- Quasi Money

12,320,225.75

Net Foreign Assets (NFA)

9,353,504.03

Net Domestic Assets(NDA)

14,486,888.39

-- Net Domestic Credit (NDC)

26,970,297.97

---- Credit to Government (Net)

4,595,579.89

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

7,436,917.79

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

-2,841,337.90

---- Credit to Private Sector (CPS)

22,374,718.08

--Other Assets Net

-12,483,409.58

Reserve Money (Base Money)

5,837,322.41

--Currency in Circulation

2,179,174.28

--Banks Reserves

3,318,344.71 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

MANAGED FUNDS Month

December 2016

Inter-Bank Call Rate

10.39

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

14.00

Treasury Bill Rate

13.96

Savings Deposit Rate

4.18

1 Month Deposit Rate

8.53

3 Months Deposit Rate

8.80

6 Months Deposit Rate

10.23

12 Months Deposit Rate

10.76

Prime Lending rate

17.09

Maximum Lending Rate

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

OPEC DAILY BASKET PRICE AS AT FRIDAY OCTOBER 20, 2017

The price of OPEC basket of fourteen crudes stood at $55.41 a barrel on Friday, compared with $55.52 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

T H I S D AY Ëž Ëœ Í°Í˛Ëœ Í°ÍŽÍŻÍľ

MARKET NEWS

Transcorp Recovers from Loss, Records Profit After Tax of N8.9bn Goddy Egene Transnational Corporation of Nigeria Plc (Transcorp), Nigeriaâ€™s foremost investment conglomerate has announced financial results for the nine months ended September 30, 2017, showing a profit after tax (PAT) of N8.9 billion compared with a loss in the corresponding period of 2016. The results showed revenue

of N56.76 billion, up by 35 per cent from N41.92 billion in 2016, while gross profit improved from N19.84 billion in 2016 to N25.62 billion, indicating a growth of 45 per cent. Similarly, operating profit grew from N11.58 billion in 2016 to N16.81 billion. Finance costs, which surged to N24.37 billion last year due to the impact of the naira devaluation, fell to N7.77 billion this year in

T H E MAIN BOARD Ă?ĂžĂ“Ă Ă“ĂžĂŁ Ă&#x;Ă—Ă—Ă‹ĂœĂŁ Ă™Ă˜ Ă™Ă‹ĂœĂŽ Federal Bond Name Í’Í–Ë›Í–Í•ĎŻ Í“Í‘Í“Í‘ Í’Í—Ë›Í‘Í‘ĎŻ Í“Í‘Í’Íš Federal Totals Ă™Ă‹ĂœĂŽ Ă™ĂžĂ‹Ă–Ă? Bond Activity Totals Ă‹Ă“Ă–ĂŁ Ă&#x;Ă—Ă—Ă‹ĂœĂŁ Ě™ Ă›Ă&#x;Ă“ĂžĂ“Ă?Ă?Ěš Ă?ĂžĂ“Ă Ă“ĂžĂŁ Ă&#x;Ă—Ă—Ă‹ĂœĂŁ Ă™Ă˜ Ă™Ă‹ĂœĂŽ Crop Production Ë› PRESCO PLC Crop Production Totals Livestock/Animal Specialties Ë› Livestock/Animal Specialties Totals Ă™ĂžĂ‹Ă–Ă? Ă“Ă Ă?ĂœĂ?Ă“Ę¨Ă?ĂŽ Ă˜ĂŽĂ&#x;Ă?ĂžĂœĂ“Ă?Ă? Ë› Ë› Ë› Ë› Ë› Ë› Ë› Ă“Ă Ă?ĂœĂ?Ă“Ę¨Ă?ĂŽ Ă˜ĂŽĂ&#x;Ă?ĂžĂœĂ“Ă?Ă? Ă™ĂžĂ‹Ă–Ă? Ă™ĂžĂ‹Ă–Ă? Ëš Building Construction Ë› Building Construction Totals

Ă˜Ă?ĂœĂ‹Ă?ĂžĂœĂ&#x;Ă?ĂžĂ&#x;ĂœĂ?Ëš Ă?Ă‹Ă ĂŁ Ă™Ă˜Ă?ĂžĂœĂ&#x;Ă?ĂžĂ“Ă™Ă˜ Ë› Ë›

Ă˜Ă?ĂœĂ‹Ă?ĂžĂœĂ&#x;Ă?ĂžĂ&#x;ĂœĂ?Ëš Ă?Ă‹Ă ĂŁ Ă™Ă˜Ă?ĂžĂœĂ&#x;Ă?ĂžĂ“Ă™Ă˜ Ă™ĂžĂ‹Ă–Ă? Ă?Ă‹Ă– Ă?ĂžĂ‹ĂžĂ? Ă?Ă Ă?Ă–Ă™ĂšĂ—Ă?Ă˜Ăž Ë› Ă?Ă‹Ă– Ă?ĂžĂ‹ĂžĂ? Ă?Ă Ă?Ă–Ă™ĂšĂ—Ă?Ă˜Ăž Ă™ĂžĂ‹Ă–Ă? Ëš Ă™ĂžĂ‹Ă–Ă? Ă&#x;ĂžĂ™Ă—Ă™ĂŒĂ“Ă–Ă?Ă?Ëš Ă&#x;ĂžĂ™ Ă‹ĂœĂžĂ? Ęś Ă&#x;ĂžĂ™Ă—Ă™ĂŒĂ“Ă–Ă?Ă?Ëš Ă&#x;ĂžĂ™ Ă‹ĂœĂžĂ? Ă™ĂžĂ‹Ă–Ă? Ă?Ă Ă?ĂœĂ‹Ă‘Ă?Ă?Ě‹Ě‹ ĂœĂ?ĂĄĂ?ĂœĂ?Ëš Ă“Ă?ĂžĂ“Ă–Ă–Ă?ĂœĂ? Ë› Ë›

Ë› Ë› Ë› Ă?Ă Ă?ĂœĂ‹Ă‘Ă?Ă?Ě‹Ě‹ ĂœĂ?ĂĄĂ?ĂœĂ?Ëš Ă“Ă?ĂžĂ“Ă–Ă–Ă?ĂœĂ? Ă™ĂžĂ‹Ă–Ă? Beverages--Non-Alcoholic Í˜Ě‹ Ë› Ë› Beverages--Non-Alcoholic Totals Food Products Ë› Ë› Food Products Totals Ă™Ă™ĂŽ ĂœĂ™ĂŽĂ&#x;Ă?ĂžĂ?Ě‹Ě‹ Ă“Ă Ă?ĂœĂ?Ă“Ę¨Ă?ĂŽ Ë› Ë› Ă™Ă™ĂŽ ĂœĂ™ĂŽĂ&#x;Ă?ĂžĂ?Ě‹Ě‹ Ă“Ă Ă?ĂœĂ?Ă“Ę¨Ă?ĂŽ Ă™ĂžĂ‹Ă–Ă? Ă™Ă&#x;Ă?Ă?Ă’Ă™Ă–ĂŽ Ă&#x;ĂœĂ‹ĂŒĂ–Ă?Ă? Ë› Ă™Ă&#x;Ă?Ă?Ă’Ă™Ă–ĂŽ Ă&#x;ĂœĂ‹ĂŒĂ–Ă?Ă? Ă™ĂžĂ‹Ă–Ă? Personal/Household Products Ë› Ë› Personal/Household Products Totals Ă™ĂžĂ‹Ă–Ă? FINANCIAL SERVICES Banking Ë› Ë› JAIZ BANK PLC Ë› Ë› Ë› Ë› Banking Totals

Ă˜Ă?Ă&#x;ĂœĂ‹Ă˜Ă?Ă? Ă‹ĂœĂœĂ“Ă?ĂœĂ?Ëœ ĂœĂ™Ă•Ă?ĂœĂ? Ă‹Ă˜ĂŽ Ă?ĂœĂ Ă“Ă?Ă?Ă?

Ë› Ë› Ë› Ë› Ě™ Ěš Ë› Ë› Ë› Ë›

Ă˜Ă?Ă&#x;ĂœĂ‹Ă˜Ă?Ă? Ă‹ĂœĂœĂ“Ă?ĂœĂ?Ëœ ĂœĂ™Ă•Ă?ĂœĂ? Ă‹Ă˜ĂŽ Ă?ĂœĂ Ă“Ă?Ă?Ă? Ă™ĂžĂ‹Ă–Ă? Micro-Finance Banks FORTIS MICROFINANCE BANK PLC NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Ă™ĂœĂžĂ‘Ă‹Ă‘Ă? Ă‹ĂœĂœĂ“Ă?ĂœĂ?Ëœ ĂœĂ™Ă•Ă?ĂœĂ? Ă‹Ă˜ĂŽ Ă?ĂœĂ Ă“Ă?Ă?Ă?

Ă™ĂœĂžĂ‘Ă‹Ă‘Ă? Ă‹ĂœĂœĂ“Ă?ĂœĂ?Ëœ ĂœĂ™Ă•Ă?ĂœĂ? Ă‹Ă˜ĂŽ Ă?ĂœĂ Ă“Ă?Ă?Ă? Ă™ĂžĂ‹Ă–Ă? Other Financial Institutions Ęś Ë› Other Financial Institutions Totals

DEALS

MARKET PRICE

the nine months under review. Profit Before Tax (PBT) stood at N9.04 billion, a significant recovery from a loss before tax of N12.7 billion. The company improved its bottom-line from a loss N14.21 billion in 2016 to PAT of N8.19 billion in 2017. Companyâ€™s total assets also grew to N287 billion, up from N232 billion as at December 31, 2016, while shareholdersâ€™ funds

N I G E R I A N QUANTITY TRADED

VALUE TRADED ( N )

Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’ Í’ 2 2 2

Current Price ÍšÍ™Ë›Í˜ Í’Í”Í–

Quantity Traded Í’Í‘Í– Í’Í‘Í‘ Í“Í‘Í– Í“Í‘Í– Í“Í‘Í–

Value Traded Í’Í‘Í”ËœÍ™Í’Í–Ë›Í•Í’ Í’Í”Í˜ËœÍ’ÍšÍ˜Ë›Í™Í‘ Í“Í•Í’ËœÍ‘Í’Í”Ë›Í“Í’ Í“Í•Í’ËœÍ‘Í’Í”Ë›Í“Í’ Í“Í•Í’ËœÍ‘Í’Í”Ë›Í“Í’

Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’Í’ Í• Í’Í– Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í– Í– Í“Í‘

Current Price Í•Í•Ë›Í’Í™ Í•Í—

Quantity Traded Í•Í’ËœÍ“Í‘Í™ Í–ËœÍ“Í‘Í’ Í•Í—ËœÍ•Í‘Íš Quantity Traded Í’Í–Í”ËœÍ•Í˜Í‘ Í’Í–Í”ËœÍ•Í˜Í‘ Í’ÍšÍšËœÍ™Í˜Íš

Value Traded Í’ËœÍ™Í™Í˜ËœÍ‘Í“Í•Ë›Í“Í‘ Í“Í•Í‘ËœÍ’Í—Í’Ë›Í•Í‘ Í“ËœÍ’Í“Í˜ËœÍ’Í™Í–Ë›Í—Í‘ Value Traded Í’Í’ÍšËœÍ“Í—Í—Ë›Í—Í‘ Í’Í’ÍšËœÍ“Í—Í—Ë›Í—Í‘ Í“ËœÍ“Í•Í—ËœÍ•Í–Í“Ë›Í“Í‘

Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’ Í’ Í• Í–Í— Í•Í™ Í’Í’Í‘ Í’Í’Í‘

Current Price Í‘Ë›Í˜Í™ Í‘Ë›Í—Í— Í”Ë›Í˜Í˜ Í‘Ë›Í˜Í™ Í’Í–Ë›Í’

Quantity Traded Í’Í‘Í‘ Í–Í‘Í‘ Í’Í‘ËœÍ‘Í‘Í‘ Í•ËœÍ™Í•Í‘ËœÍšÍ–Í“ Í”Í–Í‘ËœÍ”Í—Í” Í–ËœÍ“Í‘Í’ËœÍšÍ’Í– Í–ËœÍ“Í‘Í’ËœÍšÍ’Í–

Value Traded 78 Í”Í’Í– Í”Í–ËœÍšÍ‘Í‘Ë›Í‘Í‘ Í”ËœÍ™Í‘Í˜ËœÍ˜Í”Í–Ë›Í—Í— Í–ËœÍ‘Í–Í•ËœÍ–Í’Í‘Ë›Í”Í• Í™ËœÍ™ÍšÍ™ËœÍ–Í”ÍšË›Í‘Í‘ Í™ËœÍ™ÍšÍ™ËœÍ–Í”ÍšË›Í‘Í‘

Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’ Í’ Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í– Í– Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í—Í– Í—Í– Í˜Í’

Current Price Í•Ë›Í˜Íš

Quantity Traded Í“Í‘Í‘ Í“Í‘Í‘ Quantity Traded Í’Í‘ËœÍ“Í˜Í“ Í’Í‘ËœÍ“Í˜Í“ Quantity Traded Í’ËœÍ—Í–Í—ËœÍ˜Í’Í’ Í’ËœÍ—Í–Í—ËœÍ˜Í’Í’ Í’ËœÍ—Í—Í˜ËœÍ’Í™Í”

Value Traded ÍšÍ–Í™ ÍšÍ–Í™ Value Traded Í”Í˜Í–ËœÍ—Í•Í˜Ë›Í‘Í• Í”Í˜Í–ËœÍ—Í•Í˜Ë›Í‘Í• Value Traded Í”ËœÍ•ÍšÍ”ËœÍ—Í—Í˜Ë›Í•Íš Í”ËœÍ•ÍšÍ”ËœÍ—Í—Í˜Ë›Í•Íš Í”ËœÍ™Í˜Í‘ËœÍ“Í˜Í“Ë›Í–Í”

Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’ Í’ Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í” Í—Í• 7 Í“Í‘Í™ 282 Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’Í™ Í’Í™ Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í”Í” 22 Í”Í“ Í’Í– Í’Í’ Í’Í’Í” Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í“Í– ÍšÍ™ Í’Í“Í” Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’Í• Í’Í• Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í“Í— Í’Í˜ Í•Í” Í–ÍšÍ•

Current Price Í‘Ë›Í–

Quantity Traded Í’Í‘Í‘ËœÍ‘Í‘Í‘ Í’Í‘Í‘ËœÍ‘Í‘Í‘ Quantity Traded Í–ËœÍ’Í—Í‘ Í“Í™Í™ËœÍšÍ’Í– Í–Í’ËœÍ’Í“Í” Í’ËœÍ”Í™Í—ËœÍšÍ’Í• Í’ËœÍ˜Í”Í“ËœÍ’Í’Í“ Quantity Traded Í—ËœÍšÍ•Í˜ Í—ËœÍšÍ•Í˜ Quantity Traded Í—Í’Í—ËœÍ‘Í–Í‘ Í”Í•Í–ËœÍšÍ‘Íš Í™Í•ËœÍ•Í™Í“ Í’ËœÍ‘Í“Í™ËœÍ—Í‘Í‘ Í’Í’Í˜ËœÍ–Í‘Í‘ Í“ËœÍ’ÍšÍ“ËœÍ–Í•Í’ Quantity Traded Í’Í”Í—ËœÍ™Í™Í‘ Í’Í”Í”ËœÍ–ÍšÍ“ Í“Í˜Í‘ËœÍ•Í˜Í“ Quantity Traded Í’Í•Í‘ËœÍ™Í’Í’ Í’Í•Í‘ËœÍ™Í’Í’ Quantity Traded Í“Í‘Í”ËœÍ–Í‘Í– Í•Í”ËœÍ•Í–Í’ Í“Í•Í—ËœÍšÍ–Í— Í•ËœÍ—Í™ÍšËœÍ™Í”Íš

Value Traded Í–Í‘ËœÍ‘Í‘Í‘Ë›Í‘Í‘ Í–Í‘ËœÍ‘Í‘Í‘Ë›Í‘Í‘ Value Traded Í’Í’ËœÍ–Í–Í™Ë›Í•Í‘ Í’Í˜ËœÍ—Í’Í”ËœÍ‘ÍšÍ™Ë›Í—Í’ Í™Í‘Í’ËœÍšÍ–Í–Ë›Í˜Í— Í’Í–Í—ËœÍ‘Í˜Í™ËœÍ•Í’Í•Ë›Í“Í˜ Í’Í˜Í•ËœÍ–Í‘Í–ËœÍ‘Í“Í˜Ë›Í‘Í• Value Traded Í—Í˜Í–ËœÍ”ÍšÍ‘Ë›Í’Í’ Í—Í˜Í–ËœÍ”ÍšÍ‘Ë›Í’Í’ Value Traded Í“ËœÍ•Í’Í‘ËœÍ–ÍšÍ–Ë›Í‘Í‘ Í“ËœÍ’Í“Í–ËœÍ™Í”Í“Ë›ÍšÍ‘ Í’ËœÍ•ÍšÍ’ËœÍ™Í“Í˜Ë›Í‘Í˜ Í’ËœÍ’Í“Í™ËœÍ”Í’Í‘Ë›Í‘Í‘ Í™Í”Í”ËœÍ‘Í’Í‘Ë›Í‘Í‘ Í˜ËœÍšÍ™ÍšËœÍ–Í˜Í•Ë›ÍšÍ˜ Value Traded Í’ËœÍ’Í˜Í“ËœÍ“Í‘Í—Ë›Í’Í” Í˜ÍšËœÍ’Í’Í‘ËœÍ’Í‘Í”Ë›Í”Í– Í™Í‘ËœÍ“Í™Í“ËœÍ”Í‘ÍšË›Í•Í™ Value Traded Í“Í™ÍšËœÍ™Í–Í‘Ë›ÍšÍ˜ Í“Í™ÍšËœÍ™Í–Í‘Ë›ÍšÍ˜ Value Traded Í“ËœÍ–ÍšÍ—ËœÍ”Í˜Í”Ë›Í™Í‘ Í’ËœÍ•Í“Í•ËœÍ˜ÍšÍšË›Í–Í˜ Í•ËœÍ‘Í“Í’ËœÍ’Í˜Í”Ë›Í”Í˜ Í“Í—Í˜ËœÍ™Í’Í”ËœÍ”Í“Í–Ë›ÍšÍ•

Quantity Traded Í’Í’ËœÍ•Í˜Í—ËœÍšÍšÍ• Í’ËœÍ’Í•ÍšËœÍ”ÍšÍ” Í–Í™ËœÍ’Í™Íš Í™ËœÍ’Í•Í“ËœÍ‘Í—Í™ Í“Í‘ËœÍ‘Í”ÍšËœÍ”Í’Í– Í’ËœÍ‘Í™Í’ËœÍ—ÍšÍ– Í“Í–ËœÍšÍšÍ•ËœÍ“Í“Íš Í–ËœÍ˜Í˜Í“ËœÍ“Í”Í” Í“Í–Í’ËœÍ“Í“Í– Í”Í–Í‘ Í™Í‘Í‘ Í˜Í”ËœÍšÍ—Í—ËœÍ•ÍšÍ’ Quantity Traded Í“Í’Í•ËœÍ—Í™Í“ Í–Í‘Í”ËœÍ’Í‘Í‘ Í“Í‘Í‘ Í”ËœÍ‘Í‘Í‘ Í•Í•ËœÍ’Í•Í• ÍšÍ‘Í‘ Í–ËœÍ’Í‘Í‘ Í’ËœÍ‘Í‘Í‘ Í•Í‘Í’ËœÍ‘Í‘Í‘ Í’ËœÍ‘Í‘Í‘ Í”Í™Í• Í’ËœÍ’Í˜Í•ËœÍ–Í’Í‘ Quantity Traded Í’ËœÍ‘Í‘Í‘ Í“Í–ËœÍ’Í‘Í‘ Í“Í—ËœÍ’Í‘Í‘ Quantity Traded Í’ËœÍ‘Í‘Í‘ Í’ËœÍ‘Í‘Í‘ Quantity Traded Í•Í–Í‘ËœÍ–Í˜Í— Í”Í“Í–ËœÍ•Í‘Í‘ Í’ËœÍ‘Í‘Í‘ Í”ËœÍ–Í”Í‘ËœÍ‘Í•Í” Í’Í“ËœÍ™Í”Í‘ Í™ËœÍ•Í˜Í•ËœÍšÍ–Íš Í’Í“ËœÍ˜ÍšÍ•ËœÍ™Í‘Í™

Value Traded Í˜Í—ËœÍ‘Í’Í™ËœÍ”Í—Í˜Ë›Í™Í’ ÍšÍšÍ‘ËœÍ˜Í’Í’Ë›ÍšÍ™ Í–Í—Í‘ËœÍ”Í˜Í˜Ë›Í–Í‘ Í—ËœÍ™Í‘Í—ËœÍšÍ’ÍšË›Í’Íš Í•Í˜Í˜ËœÍ’Í‘Í–ËœÍ‘Í˜Í’Ë›ÍšÍ– Í’ËœÍ•Í’Í˜ËœÍ˜Í“ÍšË›Í“Í‘ Í’Í™ËœÍ“Í“Í“ËœÍ‘ÍšÍ‘Ë›Í”Í‘ Í“Í˜ËœÍ˜Í‘Í–ËœÍ•Í’Í”Ë›Í‘Í• Í’ËœÍ’Í™Í–ËœÍ‘Í–Í‘Ë›Í•Í’ Í“Í˜Í—Ë›Í– Í•Í‘Í™ Í—Í’Í‘ËœÍ‘Í’Í“ËœÍ•Í’Í–Ë›Í™Í™ Value Traded Í’Í“Í—ËœÍ—Í’Í’Ë›Í“Í‘ Í–Í”Í‘ËœÍ“ÍšÍ–Ë›Í‘Í‘ Í’Í‘Í‘ Í•ËœÍ˜Í˜Í‘Ë›Í‘Í‘ Í”Í—ËœÍ’ÍšÍ—Ë›Í—Í• Í•Í–Í‘ Í“ËœÍ–Í–Í‘Ë›Í‘Í‘ Í–Í‘Í‘ Í“Í‘Í‘ËœÍ–Í‘Í‘Ë›Í‘Í‘ Í–Í‘Í‘ Í’ÍšÍ“ ÍšÍ‘Í“ËœÍ—Í—Í•Ë›Í™Í• Value Traded Í“ËœÍ˜Í‘Í‘Ë›Í‘Í‘ Í“Í˜ËœÍ’Í’Í’Ë›Í‘Í‘ Í“ÍšËœÍ™Í’Í’Ë›Í‘Í‘ Value Traded Í’ËœÍ•Í•Í‘Ë›Í‘Í‘ Í’ËœÍ•Í•Í‘Ë›Í‘Í‘ Value Traded Í’ËœÍ”ÍšÍšËœÍ”Í‘Í•Ë›Í’Íš Í’ËœÍ‘Í™Í•ËœÍ˜Í–ÍšË›Í‘Í‘ Í–Í‘Í‘ Í•ËœÍ—Í™ÍšËœÍ”Í”Í“Ë›Í’Í• Í“Í’Í’ËœÍ—ÍšÍ—Ë›Í—Í‘ Í”Í’ËœÍ’Í˜Í•ËœÍ•Í‘Í–Ë›ÍšÍ• Í”Í™ËœÍ–Í–ÍšËœÍšÍšÍ˜Ë›Í™Í˜

Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’Í—Í˜ Í“Í— 27 Í—Íš Í“Í’Íš Í“Í• Í’ËœÍ–Í”Í‘ Í˜Í” Í”Í” Í’ Í’ Í“ËœÍ’Í˜Í‘ Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Íš Í— 2 2 Í– Í’ 2 Í’ 2 Í’ 2 Í”Í” Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’ 2 Í” Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’ Í’ Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í”Í’ Í’Í— Í’ Í—Í™ Í— Í’Í”Í“ Í“Í–Í•

Current Price Í‘Ë›Í˜Í™

Current Price Í”Í•Ë›Í™Í” Current Price Í“Ë›Í’Í“

Current Price Í“Ë›Í”Í– Í—Í‘Ë›ÍšÍ“ Í’Í—Ë›Í’Í– Í’Í’Í˜Ë›Í– Current Price Í’Í‘Í—Ë›Í– Current Price Í•Ë›Í’ Í—Ë›Í’ Í’Í™ Í’Ë›Í’ Í˜Ë›Í‘Í” Current Price Íš Í—Í‘Í‘ Current Price Í“Ë›Í‘Í™ Current Price Í’Í“Ë›Í’Í— Í”Í•

Current Price Í—Ë›Í— Í‘Ë›Í™Í— ÍšË›Í™ Í‘Ë›Í™Í• Í“Í”Ë›Í™ Í’Ë›Í”Í’ Í‘Ë›Í˜ Í•Ë›Í™ Í•Ë›Íš Í‘Ë›Í™Í” Í‘Ë›Í– Current Price Í‘Ë›Í–Íš Í’Ë›Í‘Í– Í‘Ë›Í– Í’Ë›Í–Íš Í‘Ë›Í˜Íš Í‘Ë›Í– Í‘Ë›Í– Í‘Ë›Í– Í‘Ë›Í– Í‘Ë›Í– Í‘Ë›Í– Current Price Í“Ë›Í–Í™ Í’Ë›Í‘Í™ Current Price Í’Ë›Í•Í˜ Current Price Í”Ë›Í‘Í– Í”Ë›Í”Í“ Í‘Ë›Í– Í’Ë›Í”Í’ Í’Í˜ Í”Ë›Í˜

grew to N97 billion up from N86 billion as at December 2016. Commenting on the results, the President/Chief Executive Officer, Transcorp Plc Mr. Adim Jibunoh said: â€œOur Q3 2017 performance highlights a significant improvement from FY 2016. This result was achieved largely through improved and sustained production capacity in the power business as a result

STO C K

of improvements in gas supply amongst other initiatives and the positive outlook in our hospitality business.â€? According to him, the companyâ€™s power plant has consistently received positive ranking. â€œOur power plant has consistently ranked as the number one power producer in the country for Q3 2017 and we are on track for a stronger

performance in fourth quarter (Q4) 2017, as we progress plans to increase our available capacity. In addition, improvements in general economic activity in Abuja (on the back of implementation of FY 2017 budget) and return to operations of newly upgraded room stocks will boost occupancy and top line performance for Transcorp Hotels in Q4 2017,â€? Jibunoh added.

E XC H A N G E

MAIN BOARD FINANCIAL SERVICES Totals HEALTHCARE Healthcare Providers Ęś Healthcare Providers Totals Pharmaceuticals Ë› Ë› Ęś Ë› Ě‹ Ë› Pharmaceuticals Totals HEALTHCARE Totals ICT IT Services Ë› IT Services Totals Processing Systems CHAMS PLC Processing Systems Totals ICT Totals

Building Materials ASHAKA CEM PLC CAP PLC Ë› Ë› Ë› Ë› Ë› Building Materials Totals Electronic and Electrical Products Ë› Electronic and Electrical Products Totals Packaging/Containers Ë› Packaging/Containers Totals

Ă™ĂžĂ‹Ă–Ă? Metals Ë› Ë› Metals Totals Ă™ĂžĂ‹Ă–Ă? Energy Equipment and Services Ęś Energy Equipment and Services Totals

Ă˜ĂžĂ?Ă‘ĂœĂ‹ĂžĂ?ĂŽ Ă“Ă– Ă‹Ă˜ĂŽ Ă‹Ă? Ă?ĂœĂ Ă“Ă?Ă?Ă?

Ă˜ĂžĂ?Ă‘ĂœĂ‹ĂžĂ?ĂŽ Ă“Ă– Ă‹Ă˜ĂŽ Ă‹Ă? Ă?ĂœĂ Ă“Ă?Ă?Ă? Ă™ĂžĂ‹Ă–Ă? Ă?ĂžĂœĂ™Ă–Ă?Ă&#x;Ă— Ă‹Ă˜ĂŽ Ă?ĂžĂœĂ™Ă–Ă?Ă&#x;Ă— ĂœĂ™ĂŽĂ&#x;Ă?ĂžĂ? Ă“Ă?ĂžĂœĂ“ĂŒĂ&#x;ĂžĂ™ĂœĂ? CONOIL PLC Ë› Ë› Ë› Ë› Ë› Ă?ĂžĂœĂ™Ă–Ă?Ă&#x;Ă— Ă‹Ă˜ĂŽ Ă?ĂžĂœĂ™Ă–Ă?Ă&#x;Ă— ĂœĂ™ĂŽĂ&#x;Ă?ĂžĂ? Ă“Ă?ĂžĂœĂ“ĂŒĂ&#x;ĂžĂ™ĂœĂ? Ă™ĂžĂ‹Ă–Ă? Exploration and Production Exploration and Production Totals Ă™ĂžĂ‹Ă–Ă? SERVICES Advertising Advertising Totals Ă™Ă&#x;ĂœĂ“Ă?ĂœËš ĂœĂ?Ă“Ă‘Ă’ĂžËš Ă?Ă–Ă“Ă Ă?ĂœĂŁ Ě‹ Ë› Ă™Ă&#x;ĂœĂ“Ă?ĂœËš ĂœĂ?Ă“Ă‘Ă’ĂžËš Ă?Ă–Ă“Ă Ă?ĂœĂŁ Ă™ĂžĂ‹Ă–Ă? Hotels/Lodging Ë› TRANSCORP HOTELS PLC Hotels/Lodging Totals ĂœĂ“Ă˜ĂžĂ“Ă˜Ă‘Ëš Ă&#x;ĂŒĂ–Ă“Ă?Ă’Ă“Ă˜Ă‘ LEARN AFRICA PLC Ě™ Ěš Ë› ĂœĂ“Ă˜ĂžĂ“Ă˜Ă‘Ëš Ă&#x;ĂŒĂ–Ă“Ă?Ă’Ă“Ă˜Ă‘ Ă™ĂžĂ‹Ă–Ă? Transport-Related Services Transport-Related Services Totals Support and Logistics Ęś Ë› Support and Logistics Totals SERVICES Totals Ă™Ă‹ĂœĂŽ Ă™ĂžĂ‹Ă–Ă? Ă‹Ă“Ă–ĂŁ Ă&#x;Ă—Ă—Ă‹ĂœĂŁ Ě™ Ă›Ă&#x;Ă“ĂžĂ“Ă?Ă?Ěš Activity Summary on Board ASeM FINANCIAL SERVICES Ă™ĂœĂžĂ‘Ă‹Ă‘Ă? Ă‹ĂœĂœĂ“Ă?ĂœĂ?Ëœ ĂœĂ™Ă•Ă?ĂœĂ? Ă‹Ă˜ĂŽ Ă?ĂœĂ Ă“Ă?Ă?Ă? Ă™ĂœĂžĂ‘Ă‹Ă‘Ă? Ă‹ĂœĂœĂ“Ă?ĂœĂ?Ëœ ĂœĂ™Ă•Ă?ĂœĂ? Ă‹Ă˜ĂŽ Ă?ĂœĂ Ă“Ă?Ă?Ă? Ă™ĂžĂ‹Ă–Ă? FINANCIAL SERVICES Totals ASeM Board Totals Ă‹Ă“Ă–ĂŁ Ă&#x;Ă—Ă—Ă‹ĂœĂŁ Ě™ Ă›Ă&#x;Ă“ĂžĂ“Ă?Ă?Ěš Ă?ĂžĂ“Ă Ă“ĂžĂŁ Ă&#x;Ă—Ă—Ă‹ĂœĂŁ Ă™Ă˜ Ă™Ă‹ĂœĂŽ FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals Other Financial Institutions Other Financial Institutions Totals FINANCIAL SERVICES Totals

Building Materials Building Materials Totals

Ă™ĂžĂ‹Ă–Ă? Ă™Ă‹ĂœĂŽ Ă™ĂžĂ‹Ă–Ă? Equity Activity Totals

DEALS

MARKET PRICE

Í“ËœÍ•Í—Í’ Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’ Í’ Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’Í” Í’Í“ Í• Í— 2 Í”Í˜ Í”Í™

Current Price Í‘Ë›Í– Current Price Í’Ë›Í‘Í’ Í’Í•Ë›Í˜Í– Í’ Í‘Ë›Í—Í— Í’Ë›ÍšÍ–

QUANTITY TRADED

VALUE TRADED ( N)

Í™Í˜ËœÍšÍ—Í“ËœÍšÍ‘Íš

Í—Í•ÍšËœÍ–Í‘Í—ËœÍ”Í“ÍšË›Í–Íš

Quantity Traded Í˜Í”Í™ËœÍ‘Í‘Í‘ Í˜Í”Í™ËœÍ‘Í‘Í‘ Quantity Traded Í–ËœÍ’Í˜Í˜ËœÍ•ÍšÍ‘ Í’Í’Í‘ËœÍ’Í”Í– Í–ËœÍ‘Í’Í– Í’Í’ËœÍ‘Í‘Í‘ ÍšÍ‘Í‘ Í–ËœÍ”Í‘Í•ËœÍ–Í•Í‘ Í—ËœÍ‘Í•Í“ËœÍ–Í•Í‘

Value Traded Í”Í—ÍšËœÍ‘Í‘Í‘Ë›Í‘Í‘ Í”Í—ÍšËœÍ‘Í‘Í‘Ë›Í‘Í‘ Value Traded Í–ËœÍ’Í˜Í™ËœÍ–Í˜Í‘Ë›Í‘Í‘ Í’ËœÍ–Í–Í’ËœÍ”Í’Í™Ë›Í™Í™ Í•ËœÍ˜Í˜Í‘Ë›Í’Í‘ Í˜ËœÍ‘Í—Í”Ë›Í“Í‘ Í’ËœÍ™Í”Í—Ë›Í‘Í‘ Í—ËœÍ˜Í•Í”ËœÍ–Í–Í™Ë›Í’Í™ Í˜ËœÍ’Í’Í“ËœÍ–Í–Í™Ë›Í’Í™

Quantity Traded Í“ËœÍ•Í”Í™ Í“ËœÍ•Í”Í™ Quantity Traded Í’Í‘Í‘ËœÍ‘Í‘Í‘ Í’Í‘Í‘ËœÍ‘Í‘Í‘ Í’Í‘Í“ËœÍ•Í”Í™

Value Traded Í”ËœÍ‘Í“Í”Ë›Í’Í“ Í”ËœÍ‘Í“Í”Ë›Í’Í“ Value Traded Í–Í‘ËœÍ‘Í‘Í‘Ë›Í‘Í‘ Í–Í‘ËœÍ‘Í‘Í‘Ë›Í‘Í‘ Í–Í”ËœÍ‘Í“Í”Ë›Í’Í“

Quantity Traded Í’Í’ËœÍ•Í‘Í– Í“ËœÍšÍšÍ˜ Í’ËœÍ“Í’Í–ËœÍ’Í“Í˜ Í’Í•Í’ËœÍ•Í“Íš Í”Í‘Í‘ Í“Í”ËœÍ”ÍšÍ‘ Í’ËœÍ”ÍšÍ•ËœÍ—Í•Í™ Quantity Traded Í˜ÍšÍ“ËœÍ’Í—Í™ Í˜ÍšÍ“ËœÍ’Í—Í™ Quantity Traded Í˜Í‘ËœÍ‘Í”Í‘ Í’Í‘Í‘ Í˜Í‘ËœÍ’Í”Í‘ Í“ËœÍ“Í–Í—ËœÍšÍ•Í—

Value Traded Í’Í”Í‘ËœÍ’Í‘Í‘Ë›Í‘Í‘ Í’Í˜ËœÍ”Í“Í“Ë›Í—Í— Í”Í–ËœÍšÍ˜Í‘ËœÍ‘Í“Í“Ë›Í”Í‘ Í—Í‘Í•ËœÍ•Í”Í’Ë›Í“Í• Í“Í•Íš ÍšÍ™Í˜ËœÍ’Í˜Í˜Ë›Í•Í‘ Í”Í˜ËœÍ˜Í‘ÍšËœÍ”Í‘Í“Ë›Í—Í‘ Value Traded Í’ËœÍ’Í•Í“ËœÍ™Í•Í‘Ë›Í”Í‘ Í’ËœÍ’Í•Í“ËœÍ™Í•Í‘Ë›Í”Í‘ Value Traded Í“ËœÍ–Í–Í“ËœÍ–ÍšÍ”Ë›Í–Í‘ Í’ËœÍ‘Í’Í—Ë›Í‘Í‘ Í“ËœÍ–Í–Í”ËœÍ—Í‘ÍšË›Í–Í‘ Í•Í’ËœÍ•Í‘Í–ËœÍ˜Í–Í“Ë›Í•Í‘

Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’ Í’ Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’ Í’ 2

Current Price Í’Ë›Í”

Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? 7 2 7 Í’Í’ Í’ Í“Í‘ Í•Í™ Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’Í– Í’Í– Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í” Í’ Í• Í—Í˜

Current Price Í’Í’Ë›Í“Í– Í—Ë›Í‘Í™ Í“ÍšË›Í— Í•Ë›Í“Í™ Í‘Ë›Í™Í˜ Í•Í“

Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’ Í’ Í’

Current Price ÍšË›Í˜Í–

Quantity Traded Í“ËœÍ‘Í‘Í‘ Í“ËœÍ‘Í‘Í‘ Í“ËœÍ‘Í‘Í‘

Value Traded Í’Í™ËœÍ–Í•Í‘Ë›Í‘Í‘ Í’Í™ËœÍ–Í•Í‘Ë›Í‘Í‘ Í’Í™ËœÍ–Í•Í‘Ë›Í‘Í‘

Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? 2 2 Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í˜Í— Í˜Í— Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’Í— Í“Í‘ Í“Í“Íš Í“Í‘ Í’ Í’Í— Í”Í‘Í“ Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? 2 2 Í”Í™Í“

Current Price Í‘Ë›Í–

Quantity Traded Í’Í™ËœÍ‘Í‘Í‘ Í’Í™ËœÍ‘Í‘Í‘ Quantity Traded Í’ËœÍ˜Í“Í“ËœÍ•Í”Í• Í’ËœÍ˜Í“Í“ËœÍ•Í”Í• Quantity Traded Í”Í–ËœÍ’Í‘Í‘ Í“Í™Í•ËœÍ•Í”Í— ÍšÍ‘Í–ËœÍ“Í“Í‘ Í’Í“ËœÍ‘Í’Í˜ Í’Í‘Í‘ Í™ËœÍ™Í“Í— Í’ËœÍ“Í•Í–ËœÍ—ÍšÍš Quantity Traded Í–ËœÍ’Í–Í‘ Í–ËœÍ’Í–Í‘ Í“ËœÍšÍšÍ’ËœÍ“Í™Í”

Value Traded ÍšËœÍ‘Í‘Í‘Ë›Í‘Í‘ ÍšËœÍ‘Í‘Í‘Ë›Í‘Í‘ Value Traded Í™ËœÍ“Í”Í•ËœÍ‘Í•Í—Ë›Í–Í’ Í™ËœÍ“Í”Í•ËœÍ‘Í•Í—Ë›Í–Í’ Value Traded Í’ËœÍ’ÍšÍ‘ËœÍšÍ™Í™Ë›Í—Í• Í™Í™Í—ËœÍ•ÍšÍ˜Ë›Í˜Í“ Í–Í—ËœÍ”ÍšÍšËœÍ—Í”ÍšË›Í˜Í˜ Í”ËœÍ“Í’Í–ËœÍ–Í’Í’Ë›Í˜Í‘ Í”ËœÍ˜Í‘Í™Ë›Í‘Í‘ Í“ËœÍ•Í‘Í‘ËœÍšÍ‘Í’Ë›Í’Í“ Í—Í•ËœÍ‘ÍšÍ˜ËœÍ“Í•Í—Ë›ÍšÍ– Value Traded Í“ËœÍ‘Í•Í–ËœÍ–Í‘Í’Ë›Í–Í‘ Í“ËœÍ‘Í•Í–ËœÍ–Í‘Í’Ë›Í–Í‘ Í˜Í•ËœÍ”Í™Í–ËœÍ˜ÍšÍ•Ë›ÍšÍ—

Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’ Í’ Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? 2 Í” Í– Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’ Í” Í• Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’ Í’ 2 Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? 7 Í— Í’Í” Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’Í• Í’ Í’Í– Í•Í‘ Í”ËœÍ˜Í™Í—

Current Price Í‘Ë›Í–

Quantity Traded Í–Í–ËœÍ‘Í‘Í‘ Í–Í–ËœÍ‘Í‘Í‘ Quantity Traded Í–Í˜Í– Í“ÍšËœÍ‘ÍšÍ‘ Í“ÍšËœÍ—Í—Í– Quantity Traded Í’ËœÍ‘Í‘Í‘ Í’Í”ËœÍ‘Í‘Í‘ Í’Í•ËœÍ‘Í‘Í‘ Quantity Traded Í–Í‘Í‘ Í’ËœÍ‘Í‘Í‘ Í’ËœÍ–Í‘Í‘ Quantity Traded Í’Í‘Í’ËœÍ‘Í–Í‘ Í•Í—ËœÍ™Í‘Í’ Í’Í•Í˜ËœÍ™Í–Í’ Quantity Traded Í“Í˜Í•ËœÍšÍ˜Í” Í’ËœÍ‘Í‘Í‘ Í“Í˜Í–ËœÍšÍ˜Í” Í–Í“Í”ËœÍšÍ™Íš Í’Í’Í’ËœÍ—Í•Í‘ËœÍšÍ“Í’

Value Traded Í“Í˜ËœÍ–Í‘Í‘Ë›Í‘Í‘ Í“Í˜ËœÍ–Í‘Í‘Ë›Í‘Í‘ Value Traded Í“ËœÍ—Í•Í–Ë›Í˜Í– Í“Í—ËœÍ—Í‘Í˜Ë›Í™Í‘ Í“ÍšËœÍ“Í–Í”Ë›Í–Í– Value Traded Í”ËœÍ–Í–Í‘Ë›Í‘Í‘ Í—Í’ËœÍ—Í“Í”Ë›Í—Í‘ Í—Í–ËœÍ’Í˜Í”Ë›Í—Í‘ Value Traded Í”Í–Í– Í“ËœÍ’ÍšÍ‘Ë›Í‘Í‘ Í“ËœÍ–Í•Í–Ë›Í‘Í‘ Value Traded Í“Í˜Í–ËœÍ™Í—Í—Ë›Í–Í‘ Í’Í’Í•ËœÍ—Í—Í“Ë›Í•Í– Í”ÍšÍ‘ËœÍ–Í“Í™Ë›ÍšÍ– Value Traded Í“Í•Í“ËœÍ“Í”Í”Ë›Í™Í— Í–Í‘Í‘ Í“Í•Í“ËœÍ˜Í”Í”Ë›Í™Í— Í˜Í–Í˜ËœÍ˜Í”Í•Ë›ÍšÍ— Í’ËœÍ‘Í–Í—ËœÍ‘Í—Í™ËœÍ”Í“Í“Ë›Í™Í™

Current Price Í‘Ë›Í–

Current Price Í’Ë›Í•Í– Current Price Í”Í—Ë›Í•Í– ÍšË›Í—Íš

Current Price Í•Ë›Í˜Í’ Current Price Í”Í–Ë›Í•Íš Í”Ë›Í“Í• Í—Í“Ë›Í– Í“Í˜Í–Ë›ÍšÍš Í”ÍšË›Í‘Í” Í“Í˜Í‘ Current Price Í”Í™Í‘

Current Price Í•Ë›Í• Í‘Ë›ÍšÍ’ Current Price Í”Ë›Í—Í– Í•Ë›ÍšÍ™ Current Price Í‘Ë›Í—Í™ Í“Ë›Í’Íš Current Price Í“Ë›Í˜Í” Í“Ë›Í–Í˜ Current Price Í‘Ë›Íš Í‘Ë›Í–

Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’ Í’ Í’ Í’

Current Price Í‘Ë›Íš

Quantity Traded Í’Í‘Í‘ËœÍ‘Í‘Í‘ Í’Í‘Í‘ËœÍ‘Í‘Í‘ Í’Í‘Í‘ËœÍ‘Í‘Í‘ Í’Í‘Í‘ËœÍ‘Í‘Í‘

Value Traded ÍšÍ‘ËœÍ‘Í‘Í‘Ë›Í‘Í‘ ÍšÍ‘ËœÍ‘Í‘Í‘Ë›Í‘Í‘ ÍšÍ‘ËœÍ‘Í‘Í‘Ë›Í‘Í‘ ÍšÍ‘ËœÍ‘Í‘Í‘Ë›Í‘Í‘

Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í“Í˜Íš Í“Í˜Íš Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’Í•Í‘ Í’Í•Í‘ Í•Í’Íš

Current Price Í’Í–Ë›Í‘Í’

Quantity Traded Í•Í™ËœÍ•Í—Í˜ËœÍ—ÍšÍ‘ Í•Í™ËœÍ•Í—Í˜ËœÍ—ÍšÍ‘ Quantity Traded Í’ËœÍ—Í™Í•ËœÍ—ÍšÍ‘ Í’ËœÍ—Í™Í•ËœÍ—ÍšÍ‘ Í–Í‘ËœÍ’Í–Í“ËœÍ”Í™Í‘

Value Traded Í˜Í“Í˜ËœÍ—Í“Í•ËœÍ“Í”Í•Ë›Í’Í“ Í˜Í“Í˜ËœÍ—Í“Í•ËœÍ“Í”Í•Ë›Í’Í“ Value Traded Í–ËœÍ”Í•Í–ËœÍ–ÍšÍšË›Í—Í™ Í–ËœÍ”Í•Í–ËœÍ–ÍšÍšË›Í—Í™ Í˜Í”Í“ËœÍšÍ—ÍšËœÍ™Í”Í”Ë›Í™Í‘

Ă™Ë› Ă™Ă? Ă?Ă‹Ă–Ă? Í’Í‘ Í’Í‘ Í’Í‘ Í•Í“Íš Í•ËœÍ“Í’Í—

Current Price Í’Í—Íš

Quantity Traded Í•Í–ËœÍ˜Í—Í— Í•Í–ËœÍ˜Í—Í— Í•Í–ËœÍ˜Í—Í— Í–Í‘ËœÍ’ÍšÍ™ËœÍ’Í•Í— Í’Í—Í’ËœÍšÍ”ÍšËœÍ‘Í—Í˜

Value Traded Í˜ËœÍ˜Í”Í—ËœÍ“Í”ÍšË›Í”Í‘ Í˜ËœÍ˜Í”Í—ËœÍ“Í”ÍšË›Í”Í‘ Í˜ËœÍ˜Í”Í—ËœÍ“Í”ÍšË›Í”Í‘ Í˜Í•Í‘ËœÍ˜Í‘Í—ËœÍ‘Í˜Í”Ë›Í’Í‘ Í’ËœÍ˜ÍšÍ—ËœÍ™Í—Í•ËœÍ”ÍšÍ–Ë›ÍšÍ™

Current Price Í”Ë›Í“

˾ TUESDAY, OCTOBER 24, 2017

Nigeria Daily Stock Market Report: Tuesday, October 24, 2017

THISDAY AFRINVEST 40 INDEX

dŚŝƐ ĂǇ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞǆ ^ŚĞĚƐ Ϭ͘ϲй

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

dŚĞ dŚŝƐ ĂǇ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞǆ ĐůŽƐĞĚ ǇĞƐƚĞƌĚĂǇ Ăƚ ϭ͕ϰϳϭ͘ϲϯ ƉŽŝŶƚƐ ĨƌŽŵ ƚŚĞ ƉƌĞǀŝŽƵƐ ĐůŽƐĞ ŽĨ ϭ͕ϰϴϬ͘ϵϭ ƉŽŝŶƚƐ͘ ĐĐŽƌĚŝŶŐůǇ͕ zd ƌĞƚƵƌŶ ŽĨ ƚŚĞ /ŶĚĞǆ ŵŽĚĞƌĂƚĞĚ ƚŽ ϰϳ͘Ϯй͘ WĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ĚƌĂŐŐĞĚ ďǇ ůŽƐƐĞƐ ƌĞĐŽƌĚĞĚ ŝŶ ƚŚĞ ůĂƌŐĞ ĐĂƉ ĐŽŶƐƟƚƵĞŶƚƐ ŽĨ ƚŚĞ ŝŶĚĞǆ͖ ŶŽƚĂďůǇ͕ E/' Z/ E Z t Z/ ^ ;Ͳ ϭ͘ϵйͿ͕ E/d, ;Ͳϯ͘ϰйͿ ĂŶĚ t W K ;Ͳϵ͘ϴйͿ͘ ƋƵŝƟĞƐ DĂƌŬĞƚ KƉĞŶƐ ĞĂƌŝƐŚ͙͘ E^ ^/ ĚŽǁŶ ϰϴďƉƐ ƚ ƚŚĞ ĐůŽƐĞ ŽĨ ƚƌĂĚĞ ƚŽĚĂǇ͕ ƚŚĞ EŝŐĞƌŝĂŶ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ ƌĞĐŽƌĚĞĚ Ă ŶĞŐĂƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐ ƚŚĞ ůů ^ŚĂƌĞ /ŶĚĞǆ ĨĞůů ϰϴďƉƐ ƚŽ ĐůŽƐĞ Ăƚ ϯϲ͕ϰϭϭ͘ϳϯ ƉŽŝŶƚƐ͕ ǁŚŝůĞ zd ƌĞƚƵƌŶ ĞĂƐĞĚ ƚŽ ϯϱ͘ϱй͘ ĐĐŽƌĚŝŶŐůǇ͕ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝǌĂƟŽŶ ƐŚĞĚ EϲϬ͘ϰďŶ ƚŽ ƐĞƩůĞ Ăƚ EϭϮ͘ϱƚŶ͘ dŚĞ ŵĂũŽƌ ĚƌĂŐ ǁĞƌĞ E/d, ;Ͳϯ͘ϰйͿ͕ t W K ;Ͳϵ͘ϴйͿ ĂŶĚ E/' Z/ E Z t Z/ ^ ;Ͳϭ͘ϵйͿ͘ ŽŶƚƌĂƌŝůǇ͕ ĂĐƟǀŝƚǇ ůĞǀĞů ŝŵƉƌŽǀĞĚ ĂƐ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ƌŽƐĞ ϭϯϴ͘Ϭй ĂŶĚ ϰϯ͘ϰй ƚŽ ƐĞƩůĞ Ăƚ Ϯϱϯ͘ϱŵ ƵŶŝƚƐ ĂŶĚ EϮ͘ϳďŶ ƌĞƐƉĞĐƟǀĞůǇ͘

Ticker

Current Price

Previous Current Price Weighting Change

Price Change YTD

Price Change Index to Date

ROE

ROA

P/E

P/BV

Divinden Earnings d Yield Yield

THISDAY AFRINVEST 40 1,471.63

-0.6%

47.2%

20.5%

6.6%

7.3x

0.7x

4.3%

10.2%

Guaranty Trust Bank PLC

41.85

0.4%

23.1%

69.4%

26.0%

4.3%

8.7x

2.2x

4.9%

11.5%

Nigerian Brew eries PLC

157.00

-1.9%

11.3%

6.1%

19.4%

8.7%

37.7x

7.0x

2.3%

2.6%

Zenith Bank PLC

25.10

-3.4%

13.4%

70.2%

21.7%

3.2%

5.0x

1.0x

8.0%

20.2%

Dangote Cement PLC

6.6%

219.99

0.0%

6.3%

26.4%

30.4%

15.7%

15.2x

4.3x

3.9%

0.0%

6.5%

48.1%

64.1%

14.8%

39.7x

24.1x

0.8%

2.5%

3.2%

4.4%

67.0%

15.8%

2.1%

4.0x

0.6x

6.6%

24.9% 25.3%

Nestle Nigeria PLC

1,200.00

Access Bank PLC

9.80

United Bank for Africa PLC

9.00

0.0%

5.1%

100.0%

17.2%

2.2%

3.9x

0.7x

8.3%

FBN Holdings Plc

6.01

0.0%

4.0%

79.4%

1.2%

0.2%

16.7x

0.4x

3.3%

6.0%

Ecobank Transnational Inc

16.95

-0.9%

3.0%

64.9%

-14.5%

-1.3%

0.6x

3.6%

-20.5%

50.54

-9.8%

1.8%

23.4%

62.7%

11.8%

3.6x

2.1%

480.00

0.0%

1.8%

26.3%

-12.4%

-6.7%

Lafarge Africa PLC

SEPLAT Petroleum Development C

Unilever Nigeria PLC

44.00

0.0%

1.7%

38.3%

38.2%

50.3%

8.4%

27.1x

10.3x

0.2%

3.7%

Stanbic IBTC Holdings PLC

44.05

-0.6%

3.2%

193.7%

27.1%

3.2%

11.2x

2.8x

1.4%

8.9%

WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ďŽĂƌĚ ǁĂƐ ůĂƌŐĞůǇ ďĞĂƌŝƐŚ͕ ĂƐ Ăůů ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ĐůŽƐĞĚ ŝŶ ƚŚĞ ƌĞĚ ƐĂǀĞ ĨŽƌ ƚŚĞ Kŝů Θ 'ĂƐ /ŶĚĞǆ ǁŚŝĐŚ ĐůŽƐĞĚ ŇĂƚ͘ dŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞǆ ůĞĚ ůŽƐĞƌƐ͕ ĚŽǁŶ ϰ͘Ϭй ƐŽůĞůǇ ŽŶ ĂĐĐŽƵŶƚ ŽĨ ŝŶǀĞƐƚŽƌƐΖ ƌĞĂĐƟŽŶ ƚŽ t W K ;Ͳϵ͘ϳйͿ ǁĞĂŬ Yϯ ĞĂƌŶŝŶŐƐ ǁŚŝůĞ ƚŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞǆ ƚƌĂŝůĞĚ͕ ůŽƐŝŶŐ ϭ͘Ϯй ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƐƵƐƚĂŝŶĞĚ ƉƌŽĮƚ ƚĂŬŝŶŐ ŝŶ D E^ Z ;Ͳϰ͘ϵйͿ ĂŶĚ >/E< ^^hZ ;Ͳϰ͘ϲйͿ͘ ^ŝŵŝůĂƌůǇ͕ ƚŚĞ ĂŶŬŝŶŐ ŝŶĚĞǆ ĚĞĐůŝŶĞĚ ϱϬďƉƐ ĂƐ E/d, ;Ͳϯ͘ϰйͿ ƌĞĐŽƌĚĞĚ ůŽƐƐĞƐ ǁŚŝůĞ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞǆ ;ͲϬ͘ϮйͿ ĐůŽƐĞĚ ůŽǁĞƌ͕ ĐŽŶƐĞƋƵĞŶƚ ŽŶ ĚĞƉƌĞĐŝĂƟŽŶ ŝŶ E/' Z/ E Z t Z/ ^ ;Ͳϭ͘ϵйͿ ĂŶĚ 'h/EE ^^ ;ͲϬ͘ϲйͿ͘

Guinness Nigeria PLC

100.35

-0.6%

1.4%

27.7%

4.5%

1.4%

70.6x

3.5x

0.6%

Oando PLC

5.99

0.0%

1.3%

27.4%

31.7%

2.8%

4.8x

0.6x

Forte Oil PLC

44.65

0.0%

0.5%

-47.1%

44.3%

3.7%

11.3x

5.0x

11 PLC

157.85

0.0%

0.4%

-43.4%

31.5%

10.9%

9.5x

2.6x

Total Nigeria PLC

245.00

0.0%

0.6%

-18.1%

44.6%

8.2%

7.9x

3.2x

2.9%

12.6%

65.00

0.0%

1.1%

61.8%

40.4%

28.1%

8.2x

2.8x

2.3%

12.2%

5.8%

9.9%

11.8%

3.1%

1.0x

11.1%

11.4%

Fidelity Bank PLC

1.50

4.2%

0.8%

78.6%

7.0%

1.0%

2.8x

0.2x

9.3%

35.6%

Dangote Sugar Refinery PLC

14.00

-0.1%

1.0%

129.1%

23.8%

10.3%

7.0x

2.4x

3.6%

14.3%

/ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ ZĞŵĂŝŶƐ tĞĂŬ

Flour Mills of Nigeria PLC

30.00

2.7%

0.7%

62.2%

7.8%

1.9%

10.1x

0.8x

3.3%

9.9%

3.78

0.0%

0.4%

-2.8%

20.3%

8.7%

3.7x

0.7x

7.4%

0.0%

0.3%

-30.2%

-56.7%

-13.9%

EĞŐĂƟǀĞ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ ǆƚĞŶĚĞĚ

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ŝŵƉƌŽǀĞĚ ĂƐ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ƌŽƐĞ ŵĂƌŐŝŶĂůůǇ ƚŽ Ϭ͘ϲǆ ĨƌŽŵ Ϭ͘ϱǆ ƌĞĐŽƌĚĞĚ ŽŶ &ƌŝĚĂǇ͕ ĂƐ ϭϱ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ Ϯϰ ĚĞĐůŝŶĞƌƐ͘ dŚĞ ďĞƐƚ ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ƚŽĚĂǇ ǁĞƌĞ /Ed Z t ;нϭϬ͘ϮйͿ͕ Z ^d Z y ;нϰ͘ϴйͿ ĂŶĚ h E ;нϰ͘ϴйͿ ǁŚŝůĞ ƚŚĞ ǁŽƌƐƚ ƉĞƌĨŽƌŵĞƌƐ ǁĞƌĞ t W K ;Ͳ ϵ͘ϳйͿ͕ hd/y ;Ͳϵ͘ϲйͿ ĂŶĚ D E^ Z ;Ͳϰ͘ϵйͿ͘ ŐĂŝŶƐƚ ƚŚĞ ďĂĐŬĚƌŽƉ ŽĨ ƐƵƐƚĂŝŶĞĚ ůŽƐƐĞƐ͕ ǁĞ ĞǆƉĞĐƚ ƚŽ ƐĞĞ Ă ƌĞďŽƵŶĚ ŝŶ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ƐƵďƐĞƋƵĞŶƚ ƐĞƐƐŝŽŶƐ ĂƐ ŝŶǀĞƐƚŽƌƐ ƚĂŬĞ ĂĚǀĂŶƚĂŐĞ ŽĨ ďĂƌŐĂŝŶ ŽƉƉŽƌƚƵŶŝƟĞƐ ĂŵŝĚ Yϯ ĞĂƌŶŝŶŐƐ ƌĞůĞĂƐĞƐ͘ ŽŵƉĂŶǇ ŝŶ &ŽĐƵƐ͗ ĞŶŝƚŚ ĂŶŬ WůĐ͘ ; ĞŶŝƚŚͿ ĞŶŝƚŚ ĂŶŬ ;͞ ĞŶŝƚŚ͟ Žƌ ͞ƚŚĞ ĂŶŬ͟Ϳ͕ ƚŚĞ ůĂƌŐĞƐƚ ĂŶŬ ŝŶ EŝŐĞƌŝĂ ďǇ ĂƐƐĞƚ ƐŝǌĞ ŽĨ Eϰ͘ϲƚŶ͕ ƌĞůĞĂƐĞĚ ŝƚƐ ϵD͗ϮϬϭϳ ƌĞƐƵůƚ ůĂƐƚ ǁĞĞŬ͘ ǆƉĞĐƚĞĚůǇ͕ ƚŚĞ dŝĞƌͲϭ ůĞŶĚĞƌ ƌĞƉŽƌƚĞĚ ĚŽƵďůĞͲĚŝŐŝƚ ĞĂƌŶŝŶŐƐ ĞǆƉĂŶƐŝŽŶ ƚŽ ďĞĂƚ ĂŶĂůǇƐƚƐ͛ ĞƐƟŵĂƚĞƐ͘ 'ƌŽƐƐ ĂƌŶŝŶŐƐ ƌŽƐĞ ϯϵ͘ϳй zͲŽͲz ƚŽ Eϱϯϭ͘ϯďŶ ŝŶ ϵD͗ϮϬϭϳ͕ ƐƵƉƉŽƌƚĞĚ ďǇ Ă Ϯϲ͘ϲй zͲŽͲz ŝŶĐƌĞĂƐĞ ŝŶ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ;ĨƌŽŵ EϮϴϱ͘ϳďŶ ƚŽ Eϯϲϭ͘ϴďŶͿ ĂŶĚ Ă ϳϵ͘Ϭй ũƵŵƉ ŝŶ EŽŶͲŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ;ĨƌŽŵ Eϵϰ͘ϳďŶ ƚŽ Eϭϲϵ͘ϱďŶͿ͘ 'ƌŽǁƚŚ ŝŶ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ǁĂƐ ĚƌŝǀĞŶ ďǇ ŝŶƚĞƌĞƐƚ ĨƌŽŵ dƌĞĂƐƵƌǇ ŝůůƐ ;ƵƉ ϭϮϬ͘Ϭй zͲŽͲz ƚŽ Eϴϰ͘ϯďŶͿ ĂŶĚ >ŽĂŶƐ Θ ĚǀĂŶĐĞƐ ;ƵƉ ϭϱ͘ϱй ƚŽ EϮϰϬ͘ϵďŶͿ͘ dŚĞ ŐƌŽǁƚŚ ŝŶ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ĨƌŽŵ >ŽĂŶƐ Θ ĚǀĂŶĐĞƐ ďĞůŝĞƐ ƚŚĞ ŵĂƌŐŝŶĂů Ϯ͘ϲй ĚĞĐůŝŶĞ ŝŶ ůŽĂŶ ďŽŽŬ͕ ƚŚƵƐ ŵĂŝŶůǇ ĂƩƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ŚŝŐŚ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ĞŶǀŝƌŽŶŵĞŶƚ͘ EŽŶͲŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ǁĂƐ ďƵŽǇĞĚ ďǇ ƚŚĞ ďĂŶŬƐ ͲďƵƐŝŶĞƐƐ ŝŶĐŽŵĞ ĂƐ ǁĞůů ĂƐ dƌĂĚŝŶŐ /ŶĐŽŵĞ ǁŚŝĐŚ ŽīƐĞƚ ƚŚĞ ϭϭϱ͘ϯй ƐƵƌŐĞ ŝŶ /ŵƉĂŝƌŵĞŶƚ ŚĂƌŐĞƐ ;ĨƌŽŵ EϮϭ͘ϵďŶ ƚŽ Eϰϳ͘ϭďŶͿ͘ ĐĐŽƌĚŝŶŐůǇ͕ W d ǁĂǆĞĚ ƐƚƌŽŶŐĞƌ͕ ƵƉ ϯϱ͘ϲй zͲŽͲz͕ ƚŽ ƐĞƩůĞ Ăƚ EϭϮϵ͘ϯďŶ ŝŶ ϵD͗ϮϬϭϳ͘ /Ŷ ƐƉŝƚĞ ŽĨ ƚŚĞ ƐƚƌŽŶŐ ϵD͗ϮϬϭϳ ƌĞƐƵůƚ͕ Yϯ͗ϮϬϭϳ ƐƚĂŶĚĂůŽŶĞ ƐŚŽǁĞĚ Ă ƌĂƚŚĞƌ ŵŝǆĞĚ ƉĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞƚƌŝĐƐ͘ 'ƌŽƐƐ ĂƌŶŝŶŐƐ ĨĞůů Ϯϱ͘ϯй YͲŽͲY ƚŽ EϭϱϬ͘ϴďŶ͕ ĚƌĂŐŐĞĚ ďǇ ĚĞĐůŝŶĞƐ ŝŶ ďŽƚŚ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ;ĚŽǁŶ ϯϭ͘Ϭй ƚŽ Eϵϵ͘ϱďŶͿ ĂŶĚ EŽŶͲ/ŶƚĞƌĞƐƚ /ŶĐŽŵĞ ;ĚŽǁŶ ϰϮ͘ϭй ƚŽ Eϱϭ͘ϯďŶͿ͘ dŚĞ ĂŶŬ ĂůƐŽ ƌĞĐŽƌĚĞĚ ĂŶ Eϭϳ͘ϲďŶ dƌĂĚŝŶŐ ůŽƐƐ ĨŽƌ ƚŚĞ ƋƵĂƌƚĞƌ͘ dŚĞ ĞīĞĐƚ ŽĨ ƚŚĞ ǁĞĂŬĞƌ 'ƌŽƐƐ ĂƌŶŝŶŐƐ ǁĂƐ ŚŽǁĞǀĞƌ ŚĂƌĚůǇ ŶŽƟĐĞĂďůĞ ŽŶ ďŽƩŽŵͲůŝŶĞ͕ ĚƵĞ ƚŽ ĂŶ ϴϲ͘ϱй YͲŽͲY ĚĞĐůŝŶĞ ŝŶ /ŵƉĂŝƌŵĞŶƚ ĐŚĂƌŐĞƐ ;ĨƌŽŵ Eϯϰ͘ϱďŶ ƚŽ Eϰ͘ϳďŶͿ͘ ,ĞŶĐĞ͕ W d ƌŽƐĞ ϰϮ͘ϲй YͲŽͲY ƚŽ Eϱϯ͘ϵďŶ ŝŶ Yϯ͗ϮϬϭϳ͘ ĞŶŝƚŚ ďĂŶŬ ƌĞŵĂŝŶƐ ŽŶĞ ŽĨ ŽƵƌ ƚŽƉ ƉŝĐŬƐ ǁŝƚŚŝŶ ƚŚĞ ďĂŶŬŝŶŐ ƐĞĐƚŽƌ ĚƵĞ ŝƚƐ ĐŽŶƐŝƐƚĞŶƚůǇ ƐƚƌŽŶŐ ZK ĂŶĚ ŵŽĚĞƐƚ ĐŽƐƚ ƉƌŽĮůĞ͘

Afrinvest Securities Limited

(RC 603 315)

(A Dealing Member of the Nigerian Stock Exchange)

Okomu Oil Palm PLC

UAC of Nigeria PLC

16.89

4.8%

0.6%

2.4%

Conoil PLC

28.00

0.0%

0.4%

-25.3%

4.8x

0.6x

10.1x 8.7x

20.9% -21.7%

1.4% 20.8% 8.9%

5.1%

10.5%

Custodian and Allied Insurance

7 UP Bottling Co PLC

90.00

Julius Berger Nigeria PLC

29.33

0.0%

0.3%

-24.0%

-12.2%

-1.2%

-1.0%

0.4%

-5.5%

0.9%

0.1%

12.2x

0.1x

-2.7%

0.6%

64.4%

19.6%

4.1%

5.7x

1.0x

17.5%

0.4%

19.3%

1.6%

0.2%

6.3x

0.1x

15.8%

FCMB Group Plc

1.04

Transnational Corp of Nigeria

1.43

Diamond Bank PLC

1.05

-4.5% -4.4%

4.4x

27.0% -18.7%

1.5x

-7.8% 9.6%

8.2%

Presco PLC

65.00

0.5%

62.1%

53.3%

31.5%

2.7x

1.1x

2.3%

PZ Cussons Nigeria PLC

24.00

0.0%

0.5%

65.5%

11.5%

5.8%

20.5x

2.3x

2.1%

International Brew eries PLC

56.23

10.2%

0.8%

203.9%

29.4%

10.2%

44.8x

12.2x

Cadbury Nigeria PLC

10.50

0.0%

0.3%

2.0%

-11.1%

-4.2%

1.9x

-5.5%

Union Bank of Nigeria PLC

6.10

0.5%

0.3%

27.8%

27.9%

6.1%

1.3%

7.5x

0.4x

13.3%

32.50

0.0%

0.2%

1.6%

84.3%

38.5%

14.2x

10.0x

1.06

1.9%

0.3%

39.5%

5.5%

0.5%

6.2x

0.3x

Chemical and Allied Products P

Sterling Bank PLC

GlaxoSmithKline Consumer Niger

6.8%

0.0%

0.3%

52.4%

61.4%

25.2%

4.7x

1.7x

1.2%

0.1%

28.1%

11.9%

3.9%

10.7x

1.3x

2.3%

0.0%

0.1%

36.4%

16.7%

7.9%

4.6x

0.7x

AXA Mansard Insurance PLC

Continental Reinsurance PLC

1.35

T o p 10 G a ine r s

7.0% 16.0%

-4.9%

4.9% 2.2%

24.00 2.14

37.3%

21.3% 9.3% 21.8%

T o p 10 T r a d e s b y V o l u m e

T ic k er

P ric e

P ric e C hg %

Vo lum e

P ric e C hg %

IN T B R EW

56.23

10.2%

A C C ESS

68.7

3.2%

R ED ST A R EX

4.98

4.8%

FB NH

27.3

0.0%

UA C N

16.89

4.8%

T R A N SC OR P

26.1

-2.7%

T ic k er

F ID ELIT YB K

1.50

4.2%

F ID ELIT YB K

24.0

4.2%

N EM

1.39

3.7%

Z EN IT H B A N K

13.7

-3.4%

A C C ESS

9.80

3.2%

UB A

11.5

0.0%

C ILEA SIN G

1.80

2.9%

D IA M ON D B N K

6.5

-4.5%

30.00

2.7%

FCM B

6.3

-1.0%

H ON YF LOUR

1.94

2.1%

A F R IP R UD

5.6

0.0%

SKYEB A N K

0.51

2.0%

N EM

5.4

3.7%

F LOUR M ILL

T o p 10 T r a d e s b y V a l u e

T o p 10 L o s e r s T ic k er

P ric e

P ric e C hg %

T ic k er

Value

WA P C O

50.54

-9.7%

A C C ESS

653.5

P ric e C hg % 3.2%

C UT IX

2.35

-9.6%

Z EN IT H B A N K

340.7

-3.4%

M A N SA R D

2.14

-4.9%

D A N GC EM

306.6

0.0%

232.4

-9.8%

ET ER N A

3.32

-4.6%

WA P C O

LIN KA SSUR E

0.84

-4.5%

FB NH

163.6

0.0%

149.4

0.4%

1.05

-4.5%

GUA R A N T Y

P R ESC O

65.00

-4.4%

UB A

103.2

0.0%

Z EN IT H B A N K

25.10

-3.4%

GUIN N ESS

94.2

-0.6%

T R A N SC OR P

1.43

-2.7%

N EST LE

85.8

0.0%

UC A P

3.02

-2.6%

ST A N B IC

81.8

-0.6%

D IA M ON D B N K

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Omotola Abimbola | oabimbola@afrinvest.com

WEEKLY PULL-OUT

24.10.2017

THE NNPC SAGA: LEGAL PERSPECTIVES

Minister of State of Petroleum Resources, Dr. Ibe Kachikwu and Group Managing Director of NNPC, Dr. Maikanti Baru

2/DASHBOARD

24.10.2017

Legality of Self-help by Lessor to Repossess Property from Tenant-atSuﬀerance PAGE 4

Oke Sworn-in as 16th Lagos Chief Judge, Vows to Stamp Out Corruption, Uphold Rule of Law PAGE 5

About 1,979 Persons Now on Death Row in Nigerian Prisons, Says Lawyers Without Borders PAGE 6

‘Every Lawyer Must Build Integrity, Trust and Discipline’ PAGE 6

QUOTABLES ‘I must concede to the fact that, no Parliament anywhere can win the popularity contest. It is not possible. And Nigeria's case, cannot be different.’ – Honourable Yakubu Dogara, Lawyer, Member Representing Bogoro/ Dass/ Tafawa-Balewa Federal Constituency, Bauchi State and Speaker of the House of Representatives

The Unsatisfactory State of Our Justice System (4) PAGE 7

‘You go to Zambia...On the day that he left office, Kenneth David Kaunda had only $8,000 in his account....After 24 years in power, $8,000 only. Those were people that loved their country and sacrificed.’ – Professor Patrick Lumumba, Professor of Law, Former Director of Kenya Anti- Corruption Commission

Rivers State: Ceremonial Opening of 2017/2018 Legal Year PAGE 14

COLUMNIST ABUBAKAR D. SANI Abubakar D. Sani holds a Bachelors degree from the University of Maiduguri, and has been in active private legal practice since he was called to the Nigerian Bar in 1987.He is the Principal of Abubakar D. Sani & Co., which has ofﬁces in Abuja and Kano. " INSIGHT" aims to unravel, analyse and proffer solutions to numerous anomalies in Nigerian law and practice, particularly statutes, vis-a-vis the Constitution, International Treaties and Conventions to which Nigeria is a signatory, Judicial Precedent and other relevant statutes and issues.

ONIKEPO BRAITHWAITE EDITOR JUDE IGBANOI DEPUTY EDITOR AKINWALE AKINTUNDE REPORTER TUNDE BUSARI GROUP HEAD OCHI OGBUAKU II ART DIRECTOR

Of Sexual Harassment, Assault and Rape

Harvey Weinstein he recent Sexual Harassment scandal of Harvey Weinstein, one of the most successful Producers in the United States of America, has brought the issue of sexual harassment to the forefront, worldwide. Sadly, women have suffered from sexual harassment in the workplace from time immemorial, and mostly in silence I might add, for fear of losing their jobs. With the advent of homosexuality, sugar mummies and so on, these days, men are also victims of it too. Of course, Nigeria is not excluded from this nonsense, and sexual harassment has become so rampant in our society, that it has spread like wildfire, even to our educational institutions, that is, Educators harassing students for sexual favours and persecuting and failing them in examinations, if they reject such advances; and of course, giving high marks to those who have not earned them, if they play ball. Some lazy students in the tertiary institutions, actually appreciate the ‘sex for grades’ racket, and sleep their way to their degrees, having absolutely no clue about the course they claim to have qualified in. We then lament, when they are unleashed onto the work force, that some of our ‘graduates’ are less than half- baked! Harvey Weinstein is facing several allegations of sexual misconduct, ranging from sexual harassment to outright rape. At the last count, 32 women or so, had levelled allegations against him, stemming from the 1990s. His modus operandi, was usually to convene a work meeting with his victim in his hotel room, then sometimes appear in a bathrobe, ask his victim for a massage or to watch him take a shower or both, try to touch his victim and so on. Actresses like Rose McGowan, Asia Argento (Italian) and Lysette Anthony (British) have accused Weinstein of outright rape. Apparently, since 1990, there have been about 8 settled lawsuits, resulting from accusations against Weinstein for some sexual misconduct or the other. Actresses like Ashley Judd, Angelina Jolie, Gwyneth Paltrow, Kate Beckinsale and Cara Delevingne, have all accused him of sexual harassment. But it seems that “the fear of Harvey Weinstein in the Hollywood Movie Industry, was the beginning of wisdom”, and out of fear of reprisals, no one really spoke out against him, despite the fact that his activities were well known. The recent New York times Expose’, was the catalyst, which resulted in people coming out of the woodwork with many allegations against Weinstein, including a male actor who actually accused him of fondling him. Deﬁnition of Sexual Harassment The US Equal Employment Opportunity Commission (EEOC) states that “unwelcome sexual advances, requests for sexual favours, and other verbal or physical conduct of a sexual nature constitute sexual harassment” when for example 1) if the individual does not accede to the sexual overtures, such a person may not be employed in an organisation where they are seeking employment, because the Harasser has a say on who gets employed 2) submission or rejection of sexual overtures by the individual, may be used as a basis of denial of better employment opportunities within the organisation that the victim already works, for example, the Harasser may say that, if you accept my sexual advances I will ensure that you are posted to the Company’s ‘cushy’ Headquarters in Abuja, and not a hellhole in ‘Kutuwenji’ 3) the harassment has the purpose or effect of unreasonably interfering with an individual’s work performance, makes

the work environment hostile, or not as conducive as it would ordinarily be. American courts have concluded that 1) victims of sexual harassment need not come out to categorically say that the actions of the Harasser are unwelcome and will instead, evaluate the circumstances of each case, to establish whether it was obvious to the Harasser that the conduct was unwelcome 2) victims may be too scared to talk, because the Harasser is their superior in the work place, and they do not want to lose their means of livelihood. Deﬁnition of Sexual Assault Sexual Assault is a much broader term than rape. While rape is always sexual assault, sexual assault is not always rape. Sexual Assault involves a variety of sexually related crimes like forced kissing, anal and oral penetration, touching of private areas of the body. People, no one is allowed to pat, caress and pinch you on the backside or the frontside, in the work place or wherever, without your acquiescence. Things like that which occur here in Nigeria regularly, are classified as crimes in other jurisdictions! Many years ago (I was fairly young then), I remember the case of a mortuary attendant “Sunday Gboku Gboku”, who was interviewed in Sunday Times or so. He would engage in sexual relations with corpses that were brought to the mortuary. I don’t remember him being arrested; in fact, people found his story strange, intriguing and somewhat amusing. In reality, his actions constituted the crime of sexual assault - necrophilia, and as a regular offender, he would have bagged a stiffer sentence than just one of a Class A Misdemeanour, should it have taken place in the USA. Deﬁnition of Rape Rape is simply non-consensual sexual intercourse, having carnal knowledge of a person involving penetration, without their consent. In Nigeria, the Criminal Code and Penal Code, restrict the definition of rape to an act between a male and a female. The Violence Against Persons Prohibition Act which operates in Abuja alone, however, expands the definition of rape to penetration of not just of the vagina, but the anus, oral and probably any other part of the body that can be penetrated. This means that in Abuja, a

Harvey Weinstein

man can also be raped. Article 130 New York Penal Law Article 130 provides for a multiple of sexual offences ranging from forcible touching which is classified as a Class A Misdemeanour to Rape in the 1st, 2nd, and 3rd degrees, classified as Class B, D, and E Felonies respectively, to even Necrophila (having sexual intercourse with a corpse) and Beastiality (having sexual intercourse with an animal), which are classified as Class A Misdemeanours. Penalties range from less than one year imprisonment in the County Jail to many years imprisonment in the State Prison, depending on the jurisdiction, whether a first or multiple time offender, and the age of the victim. Sex Offenders are also included in the Register of Sex Offenders. Sexual Harassment in Nigeria Unfortunately, the difference between the USA and Nigeria, is that while the former has adequate laws to protect victims and to punish this nasty offence of sexual harassment, the same cannot be said for our country, Nigeria. The recently enacted Sexual Harassment in Tertiary Educational Institutions Prohibition Act 2016 (the Act) aka Sexual Harassment Act, only protects students in tertiary institutions, and not women (or men) in the workplace. Section 4 of the Act defines sexual harassment inter alia as 1) sexual intercourse between an Educator and a Student usually less than 18 years or an imbecile or person of low mental capacity 2) unwelcome sexual attention from an Educator 3) lewd unwelcome remarks from an Educator to a Student 4) implied or expressed promise of a reward by an Educator to a Student or express or implied threat of reprisal or actual reprisal, if the Student refuses to comply with the Educator’s sexual demands. Grabbing, pinching of breasts and so on, are prohibited. The offence carries a penalty of between 2 and 5 years imprisonment, with no option of fine. I wonder why this legislation, is restricted to only tertiary institutions, and not secondary institutions and the work place. After all, there was the recent case of a male teacher at my alma mater, Queen’s College, Yaba, Lagos, who was accused of sexually harassing some of the students. Apparently, the students

ONIKEPO BRAITHWAITE

THE ADVOCATE onikepo.braithwaite@thisdaylive.com onikepob@yahoo.com

"THE RECENTLY ENACTED SEXUAL HARASSMENT IN TERTIARY EDUCATIONAL INSTITUTIONS PROHIBITION ACT 2016 (THE ACT) AKA SEXUAL HARASSMENT ACT, ONLY PROTECTS STUDENTS IN TERTIARY INSTITUTIONS, AND NOT WOMEN (OR MEN) IN THE WORKPLACE" were threatened with all sorts of reprisals like expulsion, and were afraid to pursue their allegations to the logical end. Likewise, in the Nigerian workplace, sexual harassment is a daily occurrence. Even domestic staff are not excluded from the menace; and because they are seen to have little or no voice, they are not only sexually harassed, but in many instances, raped, impregnated by their employers, and then evicted from the work place. Ways to Handle Harassment In the USA, some of the steps that sexual harassment victims are advised to take, are to first of all, let the Harasser know that the sexual advances are not welcome. If the Harasser persists, the victim can record the harassment with their phone or other recording device, as evidence. The victim should also report the harassment to a superior officer or the Human Resources Manager or Senior Management, if need be. It is the Legal and moral duty of the Employer, to discreetly investigate the sexual harassment allegations. There is also the EEOC where sexual harassment complaints can be filed, while different States have Human Rights Commissions like the New York Division of Human Rights, to also file complaints. Legal proceedings can also be instituted. The first step in Nigeria, is a change of our mindset that sexual harassment is not such a big deal between adults in the work environment - it is. We also have to update our laws with respect to sexual crimes (for instance, I do not believe that the Penal Code recognises the fact that a man can rape his wife), and enact laws criminalising sexual harassment in the workplace (and in every other area they are required to be enacted). Apart from the management of the workplace, the National Human Rights Commission, would be one of the go-to places to file complaints, as sexual harassment can be seen as some form of discrimination on the basis of sex, which is contrary to Section 42 of the 1999 Constitution of Nigeria.

4/LAW REPORT

24.10.2017

Legality of Self-help by Lessor to Repossess Property from Tenant-at-Sufferance

T Facts

he Appellants, as the administratrix and administrator of the Estate of Late Anthony Onyegbuman Chiadi, instituted an action against the Respondents at the High Court of Rivers State. They sought inter alia, declaration of title in respect of the property known as No 188, Victoria Street, Port Harcourt, Rivers State. In the alternative, they claimed the sum of N263,800.00 (Two hundred and sixty three thousand, eight hundred Naira) being the value of the said building. Their statement of claim was later amended and the value of the building was revised to N850,000.00 (Eight hundred and fifty thousand Naira). It was the case of the Appellants, that before the Nigerian Civil War, Late Anthony Onyegbuman Chiadi (“deceased”), who was their predecessor in title, was granted a lease of the property in dispute by the Rivers State Government. The deceased developed the land by building a storey building on it; however, he had to relocate from Port Harcourt to Lagos after the war started. During the war, the property was treated as abandoned property by the Rivers State Government, and managed by the Rivers State Abandoned Property Authority. After cessation of hostilities, the deceased applied for a renewal of the lease but the approval was not granted. However, the property which had erstwhile been declared as an abandoned property was released to him by virtue of a Rivers State Government Notice, which was published in the official gazette, and an instrument of transfer was executed by the Chairman of the Abandoned Property Authority in favour of the deceased. The Appellants stated that thereafter, the Appellants’ Attorney went into occupation of the property and paid the necessary property and water rates until sometime in 1983, when the 1st Respondent entered the premises in dispute and interfered with the Appellants’ possession, claiming that she had bought the property from the Rivers State Government. The 1st Respondent, on the other hand, stated that the property in dispute is a State land, and that the lease of the land to the Appellants expired on 31st December, 1971 and was never renewed. She stated that in 1983, the Rivers State Government sold the property to her through a sale agreement executed between her and the Government. After a consideration of the case, the trial Court dismissed the Appellants’ claim further to which they appealed to the Court of Appeal which dismissed the appeal. Aggrieved, the Appellants lodged a further appeal at the Supreme Court.

Hon. Kumai Bayang Aka’ahs, JSC

In the Supreme Court of Nigeria Holden at Abuja On Friday, the 30th Day of June, 2017 Before Their Lordships Ibrahim Tanko Muhammad Mary Ukaego Peter-Odili (Dissented) Olukayode Ariwoola Kumai Bayang Aka’ahs Paul Adamu Galinje Justices, Supreme Court SC.89/2007 Between 1. Mrs. Grace Chiadi 2. Mr. Hamilton Chiadi Administratrix/Administrator of the Estate of Anthony Onyeagbuna Chiadi ........ Appellants

Issue for Determination The Appellants formulated 10 grounds of appeal and one issue for determination, out of which they formulated seven sub-issues. The Respondents all filed Notices of Preliminary Objection. The 2nd and 3rd Respondents, challenged the competence of all grounds of appeal, while the 1st Respondent challenged the competence of grounds 1, 2, 3, 4 and 7, and asked the Court to strike them out along with the issues formulated therefrom. The Respondents also distilled issues for determination respectively. The issue for determination as considered by the court: Whether having regard to the state of pleadings in this case and evidence led in proof, the Court of Appeal was right in affirming the judgement of the trial court, which disregarded the decision of the Supreme Court in UDE v NWARA (1993) 2 NWLR (Pt. 278) 638 and dismissed the claims of the Appellant.

Court’s Judgement and Rationale The Supreme Court upheld the preliminary objection of the Respondents, to the effect that grounds of appeal were vague and the issue formulated thereon, was illogical and thereby, incompetent. In its judgement, the Apex Court relied on its decision in

Arguments Counsel for the Appellants contended that the decision of the Court of Appeal affirming that of the trial Court was unconstitutional, null and void, and in breach of the combined provisions of Sections 36 and 44 of the Constitution of the Federal Republic of Nigeria, 1999. He argued that the two lower Courts, having raised suo motu, Sections 10 and 28(1) of the State Lands Law Cap 122, Laws of the Eastern Nigeria (applicable to Rivers State) and considered the case of UDE v NWARA for adjudication, had no choice than to bow to same in favour of the Appellants under the well known principle of stare decisis. Counsel for the 1st Respondent submitted that, the concurrent findings of fact by the Courts below should be sustained, as they were arrived at after a proper evaluation of the evidence by the trial Court. The 2nd Respondent submitted that, the instant case is different from that of UDE v NWARA, and that there is no basis for the allegation of miscarriage of justice alluded to by the Appellant. The 3rd Respondent argued that, by Section 10 of the State Lands Law, if a person whose lease of State land for a period of less than 30 years has expired, fails to remove his building on the land within three months, it shall be forfeited to the State. He submitted that, the Appellants failed to discharge the burden of proof laid upon them.

"...THE PROVISO TO SECTION 10 OF THE STATE LANDS LAW, GIVES THE LESSEE WHOSE LEASE HAS EXPIRED, A STATUTORY RIGHT TO REMAIN IN POSSESSION AND THE ONLY MEANS BY WHICH THE LESSOR CAN RECOVER POSSESSION AS PROVIDED UNDER SECTION 28 OF THE LAW, IS TO ENTER A SUIT AT THE HIGH COURT TO RECOVER POSSESSION. THEREFORE, THE LESSOR CANNOT RESORT TO A RIGHT OF RE-ENTRY OR ANY OTHER TYPE OF SELF HELP"

And Mrs. Opuine Aggo & Ors. ........Respondent Lead Judgement delivered by Hon. Kumai Bayang Aka’ahs, JSC

UDE v NWARA, particularly the submission of Nnaemeka Agu JSC, in which His Lordship held that, a Lessee whose term of lease had expired, but who held over and remained in possession with or without the Landlord’s assent or dissent, becomes a tenant-at- sufferance, having come upon the land lawfully in the first place. The Court further held that, a tenancy-at-sufferance does not arise by grant, but by operation of law. The Court held that, the Appellants need not be in physical possession to be recognised in law as being in possession. The Appellants had during the trial, given evidence showing that they were in constructive possession of the property, and this possession was further fortiﬁed by the approved building plans exhibit C which Mr. Chiadi used to erect the uncompleted building. Although, the lease over the property was no longer subsisting since it was not renewed after the expiration of the term on 30th April, 1971, Mr. Chiadi - the Appellants’ predecessor in title - became a tenant-at-sufferance, and was liable for use and occupation of the land. He could rely upon his possession of the land against the whole world, until the Lessor recovered possession from him in the manner authorised by law. Further, the proviso to Section 10 of the State Lands Law gives the Lessee whose lease has expired, a statutory right to remain in possession and the only means by which the lessor can recover possession as provided under Section 28 of the Law, is to enter a suit at the High Court to recover possession. Therefore, the lessor cannot resort to a right of re-entry or any other type of self help. The Court held that its decision in UDE v NWARA is binding on the trial Court and the Court of Appeal, and the only difference between the instant case and the case of UDE v NWARA is that in the latter case, after the Lessor had released the land to the Lessee after the expiration of the lease, the Lessee continued to pay rent which was accepted by the Lessor, and so the lease was deemed to be in existence. On the Appellants’ main relief however, the Supreme Court refused to grant same, because as at the time the property was sold to the 1st Respondent, the Appellants were only in constructive possession of the property and not in physical occupation, since they failed to take advantage of the release to re-enter the property. The Court held that as the Appellants never paid any rent after the expiration of the lease and since the 2nd Respondent did not apply to Court to repossess the property, the transaction entered into between the Government of Rivers State and the 1st Respondent would be made subject to the claim for compensation by the Appellants for the improvements their predecessor in title made on the property. The Court concluded that, it would be inequitable to disturb the quiet enjoyment of the 1st Respondent who officially entered into the property as a bonafide purchaser for value in 1983, and granting the Appellants’ alternative relief was the appropriate option to consider in the circumstance. On the Appellants’ alternative claim for damages, the Court held that where the trial Court fails to consider the question of the damages or award to be made, an Appellate Court has the power to proceed to assess the damages when it allows the appeal without necessarily referring the case to the trial Court for that exercise. However, this depends on the state of pleadings and the circumstances of each case at the trial Court, before the matter comes up on appeal. DUMBO v IDUGBOE (1983) 1 SCNLR 29. The Apex Court berated the trial Court for closing its eyes to the decision of the Supreme Court in UDE v NWARA where the Court held that the provision of Section 10 of the State Lands Law which the 2nd Respondent made heavy weather of, was inconsistent with the provision of Section 31 of the 1963 Constitution (now Section 44(1) of the 1999 Constitution) which prescribes payment of compensation by the Federal Government as a pre-requisite to the compulsory acquisition of property by the Government. The evidence of PW4 and the valuation report tendered at trial were not contradicted by the Respondents; hence, the Appellants were entitled to the sum of N850,000.00 claimed as compensation for the value of the building constructed by Mr. Chiadi on the land in dispute. Appeal Allowed on a ratio of 4:1 with Peter-Odili, JSC dissenting. Representation: Mr. Igwe and E. Ofor Esq. for the Appellants C.A.J. Chinwo for the 1st Respondent. Mrs. P.K. Omereji, DCL Rivers State Ministry of Justice, for the 2nd Respondent. Reported by Optimum Publishers Limited (Publishers of the Nigerian Monthly Law Reports (NMLR))

24.10.2017

NEWS/5

New Chief Judge of Lagos State, Justice Opeyemi Oke (left), taking her Oath of Oﬃce, being conducted by Director, Legislative Drafting, Ministry of Justice, Mrs. Yejide Kolawole

L-R: Lagos State Attorney General and Commissioner for Justice, Mr. Adeniji Kazeem,Lagos State Governor, Mr. Akinwunmi Ambode and new Chief Judge of Lagos State, Justice Opeyemi Oke

Oke Sworn-in as 16th Lagos Chief Judge, Vows to Stamp Out Corruption, Uphold Rule of Law Stories by Akinwale Akintunde Lagos State Governor, Mr. Akinwunmi Ambode has sworn in Justice Opeyemi Oke as the 16th Chief Judge of Lagos, with a promise that the State Judiciary under her, would not only uphold rule of law but also stamp out all forms of official corruption, and ensure speedy dispensation of justice. Speaking at the swearing-in ceremony which held at the State Executive Chambers in Alausa, Amobode who acknowledged the progress made by the State Judiciary in increasing the speed of justice delivery in the State, charged the new Chief Judge to initiate more reforms aimed at fast-tracking justice delivery, without necessarily compromising the fundamental principle of fair hearing and the rule of law. The Governor also un-

veiled plans to establish a designated Commercial Courthouse, with the overall objective of ensuring speedy resolution of disputes as well as drive commerce and enhance the ease of doing business in the State. “There is no gainsaying that, Lagos is the commercial nerve centre of the country and it deserves a modern state-of-the-art first class Commercial Courthouse, to speedily address commercial disputes in the State. “We plan to establish a designated Commercial Courthouse, with the objective of ensuring speedy consideration of commercial matters. It is hoped that, this courthouse will accommodate all commercial related organs of the judiciary, in order to drive commerce and improve the ease of doing business. “One area of our Judicial System which I consider as work in progress, is the

speed of justice delivery in the State. We have made significant progress in this regard, with the various reforms that have been initiated and implemented. “However, I believe strongly that we can do more by stepping up our efforts, so that the wheel of justice can roll faster without necessarily compromising the fundamental principles of fair hearing and the rule of law”, he said. Ambode, who described the swearing-in ceremony as an affirmation of the belief of his administration in the rule of law and the importance of the judiciary to the democratic system, said it was gratifying that the State Judiciary, since the emergence of Justice Idowu Conrad-Taylor as the first Chief Judge of the State in 1967, had been the only democratic arm of government that had experienced a seamless

transition in its leadership. He said the 50 years of seamless transition, aptly qualified the judiciary as one of the most resilient institutions in the State, and congratulated judiciary workers and all the past and present Chief Judges of the State, for maintaining the integrity of the institution. While congratulating the new Chief Judge, Ambode said the development was a confirmation of her competence, experience, and character, to preside over the sacred temple of justice, just as he expressed absolute confidence in her intellectual capacity to steer the ship of the State Judiciary on a smooth sail. The Governor, who alongside the Chief Judge are fellows of the Fulbright Scholarship of the Hubert Humphrey Fellowship from the United States of America, advised Justice

Oke, to see her appointment as a platform to sustain and improve on the enviable reputation which the State Judiciary had built for itself over the years. He said owing to the fact that judges in the State face enormous work load, as the State judiciary is the busiest in the country, his administration was determined to seek a significant increase in the number of judges, to enhance turn-over of cases in the State. He also assured of continued cooperation with the Judiciary, in developing and implementing appropriate strategies to ensure justice is done speedily. In her remarks, Justice Oke thanked Governor Ambode and other stakeholders, for the confidence reposed in her. She also gave the assurance that she would key into the vision of the Governor, who she described

as a performer and a big dreamer, to transform the State Judiciary. The Chief Judge vowed that the Lagos Judiciary, under her, would uphold rule of law in interpreting laws, stamp out all forms of official corruption and ensure speedy dispensation of justice, as well as improve public access, transparency, and accountability to boost confidence of the public in the Judiciary, among others. Justice Oke was earlier sworn-in as the Chief Judge in acting capacity on September 25, 2017, after the retirement of former Chief Judge, Justice Olufunmilayo Atilade on September 24, 2017. Her swearing-in as the substantive Chief Judge, however, followed the recommendation of the National Judicial Council (NJC), and confirmation by the Lagos State House of Assembly.

Firm Sues Ecobank for Allegedly Alleged N313.2m Fraud: Court To Hear Akala, Others’ Bail Application Today Refusing to Pay Agency Fees Justice Hadiza Rabiu- Nkechi Nwafor and Larry over four months, could A Lagos-based property firm, Jetland Property Limited, has dragged Ecobank Nigeria Limited to court, for allegedly refusing to pay the agreed agency fees of N21 million after the sale of the property belonging to the bank. Jetland Property, in the suit filed on its behalf by Mr. Dipo Okpeseyi, SAN before a Lagos High Court, is asking the court to enter judgement in its favour, by awarding the sum of N21 million being 4% agreed agency fees, and another N10 million being cost of legal fees. The Claimant is also seeking an order of the court, for award of interest on its agency fees of N21 million at 35% interest rate from August, 2017 until judgement is delivered, and thereafter, at 15% rate per annum on the judgement until final liquidation. The statement of claim by the firm and its Managing Director, Mr. Jude Azekwoh stated that

sometime in 2016, the bank engaged its services to find a buyer for its property situate at Plot 7, Block 10, Layi Yusuf Crescent Lekki Phase 1, Lagos. The property firm claimed that it commenced marketing and advertising the property, after the bank instructed it through its then Acting Head, Ecobank Business Services (EBS), Mr. Mohammed Jalal, to facilitate the sale of the property by sourcing for prospective purchasers. The Claimant said, in carrying out the Defendant's instructions, it deployed all efforts and resources in search of a buyer for the said property, as the custom of its business as an Estate Agent. According the Claimant, the first offer of N500 million for the purchase of the said property by a prospective buyer which it secured, was rejected by the bank. The firm said that, after several months of painstaking efforts

and contacts with other Real Estate firms to find buyers as expected in its ordinary course of business, it got an offer from a prospective buyer through another Real Estate firm, Messrs Barin Epega & Co. The Claimant further stated that, it introduced the new prospective buyer of the property (Punuka Investment Ltd) to the Defendant, adding that upon finding a purchaser for the Defendant's property, it immediately wrote a letter dated November 14, 2016 to the Defendant informing it of the prospective buyer and the consideration proposed in the sum of N525 million and of course, its agency fee of 5% of the purchase price of the said property. The property firm stated that in response to its said letter, the bank being fully aware of its instructions engaging it to find

CONTINUED ON PAGE 6

Shagari of a Federal High Court sitting Lagos, will today, October 24, 2017 hear the bail application filed by Honourable Akala Anthony (aka General), Umar Ali, Saidi Oke, and Bashir Mohammed. The Judge fixed the date, after the suspects were arraigned on an alleged N313.2 million fraud charge, preferred against them by the Nigeria Police. Prior to the fixing of the date, the court had consequent upon the alleged failure of the Nigeria Police to bring to court the four suspects, issued a bench warrant against the four suspects and their sureties. According to the Police, six out of the 10-man gang still at large are Dr. Chukwuemeka Anyanwu, Agboola Rasheed Gbade,

Balogun Otunba, who were said to have jumped bail. Also, the two firms mentioned in the suit with the charge No: FHC/L/327c/17 are Grantland Investment Nigeria Limited and Abroad Development Foundation. When the matter came up last week before Justice Rabiu-Shagari, the Prosecutor, Maroof Animashaun, prayed the court to issue a bench warrant against the fifth, sixth, seventh and eighth Defendants. The Prosecutor also informed the court, that all the suspects had been served with the charge, and properly informed of their arraignment. In issuing the bench warrant, Justice Rabiu-Shagari, directed the Prosecutor to separate the charge, so that the plea of the first to fourth Defendants who have been in police custody for

be taken. The directive to have the charge separated, became possible consequent upon an application made by their lawyers, Akeem Balogun and Bala Usman. According to the charge, it was the contention of the police, that all the Defendants and others now at large, had on June 15, 2017, at Lekki, Lagos, conspired among themselves and fraudulently obtained the sums of N313.200 million from one Austin Albert, under the pretence of assisting him to buy $1 million USD. The police said the offences contravene sections 8(b) and were punishable under section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

24.10.2017

About 1,979 Persons Now on Death Row in Nigerian Prisons, Says Lawyers Without Borders Akinwale Akintunde A human rights advocacy group, Avocats Sans Frontières France, also known as Lawyers Without Borders France, has revealed that about 1,979 persons are currently on death row in Nigerian prisons, with 527 death sentences handed down in the year 2016 alone, and three persons executed in Edo State. The group in a statement issued last week to mark the 15th anniversary of the World Day against the Death Penalty, stated that the record

of free legal services provided to persons facing the death penalty in 8 targeted states in Nigeria since 2011, reveals that most individuals on death row are from disadvantaged groups. According to the statement signed by Angela Uwandu, Country Head of the group, the theme for this year’s celebration, focuses on Poverty and the Death Penalty, which are very relevant for the Nigerian society. The group noted that, equality before the law, which is a crucial principle of justice that must be ensured by all jurisdictions, is far from the

reality in Nigeria’s criminal justice system. “In a country where the socio-economic status of an individual, determines his treatment by the criminal justice system, only a privileged group of citizens has an access to fair justice. The group called on the Nigerian Government, to put in place an official moratorium on the death penalty, and to avoid further expansion in the scope of the death penalty in Nigeria, pending abolition. It also urged the Government, to take immediate and necessary steps to overhaul the

FIRM SUES ECOBANK FOR ALLEGEDLY REFUSING TO PAY AGENCY FEES CONTINUED FROM PAGE 5 a buyer for its property, the bank through its letter dated November 28, 2016 strangely stated its intention not to pay agency fees as agreed, despite the firm's efforts to secure the buyer. The Claimant said that upon the receipt of the defendant's letter of November 28, 2016, it immediately countered the Defendant's position via a letter dated November 29, 2016, with a full disclosure and detailed explanation on how it got the prospective buyer, Punuka Investment Ltd., through another Real Estate firm, Messrs Barin Epega & Co. The Claimant further averred that by its letter of November 29, 2016, it affirmed its entitlement to its agency fee from the Defendant, and reviewed the agency fee from 5% to 4% due to the symbolic relationship it has with the bank. The Claimant stated that the bank neither declined nor rejected its counter-offer of 4% agency fee towards the eventual purchase of the property, and based on this, it continued its efforts to ensure the successful sale of the property. According to the Claimant, after its letter dated November 29, 2016 for 4% offer, the Defendant issued further instructions and continued to

engage its services as its agent and broker in the transaction, until the eventual sale of the property. To prove that the bank still continued to engage its services after it proposed 4% agency fees, the Claimant said that the Defendant through its letter dated December 7, 2016, requested it to obtain an offer letter from the purchaser's agent, and it promptly complied by carrying out the instruction. “Via the same letter of 7th December, 2016, the Defendant requested the Claimant to obtain a confirmation that the purchaser is the actual buyer of the property at the proposed purchase price, since it was a Central Bank of Nigeria requirement. This instruction was promptly complied with. “Via a letter to the Claimant dated 15th December, 2016, the Defendant confirmed closure of the transaction with its final offer of N525 million plus VAT at N26 million, totalling the sum of N551,250,000 only. “The Claimant was actively involved in getting the documentation together for the approval of the Central Bank of Nigeria, because the transaction required Central Bank's approval.

“The Claimant vigorously deployed professional resources, contacts and goodwill, to secure a purchaser for the said property after many prospective purchasers had come and gone, and to ensure that the transaction was successfully consummated", the property firm claimed. The Claimant stated that, it was surprised that after the completion of the transaction, the bank has bluntly refused to pay the agreed 4% agency fees, inspite of its several letters requesting for the fees. Jetland Property claimed that, it even wrote a petition to the Central Bank of Nigeria to intervene in the matter, all to no avail, as the bank remained recalcitrant. The firm said that the untoward practice on the part of the bank, led it to engage the services of its lawyer, Messrs Dipo Okpeseyi, SAN & Co, to help recover its 4% agency fees which ought have been paid since July this year. The Claimants however, are claiming before the court the sum of N31 million at 35% interest rate per annum being the total money from its 4% agency fees of N21 million and N10 million being legal fees. No date has been fixed for hearing.

criminal justice system, with a view to eradicate corruption and ensuring justice for all. “Equality before the law, is a crucial principle of justice that must be ensured by all jurisdictions; but this is far from the reality in Nigeria’s criminal justice system. In a country where the socio-economic status of an individual determines his treatment by the criminal justice system, only a privileged group of citizens has an access to fair justice. “Economically disadvantaged population, cannot afford the services of lawyers of their choice or sufficiently experienced lawyers to defend them in courts. Therefore, they are often represented by lawyers who lack the requisite training and expertise in handling capital cases. “Although the right for appeal in Death Penalty Cases, are fundamental according to the Nigerian Constitution, most persons who have been sentenced to death, are unable to challenge their convictions on appeal due to the exorbitant costs of appeals at both the Court of Appeal and the Supreme Court systems. “The death penalty, is discriminatory and is used disproportionately against the poor. Legislations prescribing the death penalty, will ultimately put the economically disadvantaged population at higher risk of death penalty. The death penalty is not a deterrent, and is not a solution for crimes like kidnapping, as is wrongly assumed by several State legislatures. “Avocats Sans Frontières France, uses this opportunity to call on the Nigerian Government to put in place an official moratorium on the death penalty, and to avoid further expansion in the scope of the death penalty in Nigeria, pending abolition. “We also call on the Government, to take immediate and necessary steps, to overhaul the criminal justice system, with a view to eradicate corruption and ensuring justice for all”, the group stated.

Legal Personality of the Week Princewill Akpakpan

‘Every Lawyer Must Build Integrity, Trust and Discipline’ My name is Princewill Akpakpan, a Legal Practitioner and Managing Partner in Yem Unen Chambers. I am a graduate of University of Nigeria and the Nigerian law School. I am currently at the edge of the completion of my LLM program at the University of Lagos. I started my career as an activist in the University of Nigeria along with Malachy Ugwumadu and other progressive students, under the platforms of Campus Units of Civil Liberties Organisation (CLO) & Committee for the Defence of Human Rights (CDHR), to challenge the injustice and misgovernance within the University. I was a one-time Speaker of the Law Students House of Representatives, who was able to restore confidence in the students using the principle of openness and accountability in the management of funds of LAWSA. In the course of my activism, I stepped on the toes of both the Powers at the Faculty of Law and the University. With my colleagues, I was able to challenge the illegal increment in school fees at the Federal High Court, Enugu which decision was delivered in our favour. Owing to my activities against the Faculty and the University Authorities, I was not allowed to graduate with my colleagues which caused the CDHR led by Femi Falana, SAN, Jiti Ogunye Esq. Obele Chuka Esq., to take over our case against the University at the Federal High Court, Enugu, before I was allowed to be enrolled in the Law School, having lost two sessions. I have practiced in several areas of law: Commercial Litigation, Constitutional Law, Election Petition, Human Rights, Labour /Employment, Company Law, Banking/Insurance, Energy Law and Environmental/Planning Law. I have also been involved in Intellectual Property, Copyright and Pension matters. I am involved in Alternative Dispute Resolution, such as Arbitration, Mediation and Conciliation. I handle Taxation and Maritime cases. I indulge in international advocacy at the level of the African Commission on Human & Peoples Rights and Universal Periodic Review Mechanism of the United Nations. I have travelled extensively on advocacy intervention against Death Penalty and on Socio-Economic Rights

therefore, I should live within my means. They tutored me to work hard, and never to cut corners. As a young person who was exposed to several materials on various issues and personalities, I was affected by late Gani Fawehinmi’s activism, Nelson Mandela’s principled struggle against the Apartheid Government of South Africa, Fidel Castro’s revolution against imperialism and Karl Marx Socialist ideology.

issues. I am a member of several Associations and coalitions, including Anti-Death Penalty. I advice and render legal opinions on several areas of law to individuals, government agencies, and companies, which have been useful to the growth of their businesses. Have you had any challenges in your career as a Lawyer, and if so, what were the main challenges? When a new Lagos High Court Civil Procedure Rules came into force in 2004, I brought Fundamental Rights Application before the Court, and the Judge asked me to comply with the New Rules. When I informed the Court that the Rules did not apply to my case because Fundamental Right Rules was distinct, the Judge threatened to strike my case out. I stood my ground throughout the case. I had to petition the State CJ, Justice Ade Alabi, who intervened, and the Judge allowed me do my case, which judgement released of over 50 awaiting trial inmates from Ikoyi and Kirikiri Prisons. Another challenge was in respect of the Third Alteration to the Constitution of the Federal Republic of Nigeria 1999, which created NIC. Under the alteration, one can only appeal the decision of the Industrial Court on grounds of the breach of Fundamental Rights. Again, I had another matter that involved over 250 retired customs officers before the Court, and because of the Court of Appeal’s conflicting decisions on the issue of appeal, we could not appeal against the perverse decision, time of appeal having elapsed, until the Supreme Court in SKYE BANK case settled the issue. What was your worst day as a Lawyer? I started my practice with Obot. E. Obot & Associates. The office had a matter in Uyo High Court, the lead counsel Barrister Obot Obot sent me to represent him. He informed me that we were representing the Defendant in the matter, and that the Plaintiff had filed an originating summons, to which we had filed a counter affidavit and the Plaintiff replied on points of law, bringing new legal issues. He showed me the areas of law I needed to respond to. I announced my

Why did you become a Lawyer? I became a Lawyer, because I wanted to fight ignorance, injustice, oppression, victimisation, and to uphold the principle of justice at all times against any person, institutions, authority and government. I believe in Law as a veritable instrument for development and inclusiveness in governance, for an equitable and egalitarian society. Princewill Akpakpan

appearance, and went ahead to respond as I was tutored by my principal, only for the counsel on the other side to refute that what I responded to was not their position at the sitting preceding that date. I was at lost. The judge praised my courage and asked me how old I was at the Bar; I responded that I was six days old. The case was adjourned to another date. What was your most memorable experience as a Lawyer? The day I appeared in the Supreme Court led by Jiti Ogunye, Esq. in the case of NEPA v Ososonya, within one year of my call to Bar, though we lost that matter. This was a matter that, the principal counsel and all of us spent sleepless night to prepare. Who has been most inﬂuential in your life? My parents of blessed memory, who were teachers, were my basic source of influence. They instilled discipline in me, and made me to be accountable in every action and decision in life. They taught me that a good name was better than riches,

What would your advice be to anyone wanting a career in Law? The person must have the vision and passion, for upholding the rule of law. The lawyer should believe in hard work to accomplish his vision. He must build integrity, trust and discipline, which are the hallmark of his personality, and should avoid inordinate quest for money by sacrificing justice. He should be well read, develop research skills, and expose himself to relevant materials that could assist him to build his particular area of practice. He should develop constant synergy and collaboration with successful colleagues from whom he could learn. If you had not become a Lawyer, what career would you have chosen? I would have been a Philosopher or a Psychologist, digging deep into the complex issues of humanity. Where do you see yourself in ten years? I want to be at the peak of my career, to develop the law for the betterment of the citizens and the development of the society; to create sustainable legal platforms through which more lives could be positively impacted, and to use the law as an instrument of liberation and progress.

24.10.2017

SPECIAL REPORT/7

The Unsatisfactory State of Our Justice System (4) Nigerian Prisons: Waiting for the Wind of Change In the fourth, in a series of write-ups on the unsatisfactory State of our Administration of Justice System, Olawale Fapohunda and Onikepo Braithwaite, write that the Nigerian prisons provide the clearest evidence, yet, that all is not well with our criminal justice system. They argue that, there should be more action than talk by Politicians on prison reform ‘Our party believes in decongesting the prisons and making them true and proper corrective institutions, with well-equipped and functioning workshops, learning centres and improved living and sanitary conditions. In this regard, APC will look seriously into the issues related to prison congestion, and improve the living conditions in Nigerians Prisons’ .... Section 22, Manifesto, All Progressives Congress (APC)

in squalid and congested cells, due to lack of appropriate structures. Most of the prisons in use, are pre-colonial and colonial prisons, built almost 100 years ago. While we do not think building addition prison facilities will necessarily solve the problem of prison congestion, there is much to be said in support of upgrading existing prisons, or in the extreme, demolishing ancient ones for modern facilities. Conditions of Service of Prison Ofﬁcers This page has frequently stressed that, any improvement in conditions for prisoners, will be dependent on prison staff having pride in their work, and a proper level of competence. The conditions of service under which the prison staff work, are grossly inadequate. The pay is poor, and cannot match the dangers, emotional stress, and social isolation, to which prison officers are exposed to. It is obvious that, inadequately motivated staff cannot find satisfaction in their jobs, neither can they be expected to perform optimally.

An Inhumane Prisons regime n a previous article, we said that the Nigeria’s penal system, is an extreme symptom of a chronic illness afflicting our criminal justice system. For emphasis, our prisons suffer from a basic lack of humanity (Sections 34(1)(a) of the 1999 Constitution of the Federal Republic of Nigeria)(1999 Constitution). In our view, a humane system of imprisonment, would aim to imprison only those Individuals who could not be dealt with by any other means. Its care of prisoners, would aim to help them to retain their human dignity and build a way back to the outside community. It will be restating the obvious, to say that we do not have such a prison regime in Nigeria. Obstacles to Prison Reform The absence of the political will at the highest level of government, has been an important obstacle to prison reforms. Presidential interventions in prisons over the years have been ad-hoc, frequently unimaginative, and in at least one case, ridiculous. There was the prisoner release exercise launched in 2000, with emphasis on the prompt release of those who should not be in prisons. The Presidential Prison Decongestion Exercise that focused on providing legal aid and representation for prisoners, followed this in 2006. Poor implementation and the lack of continuity, ensured the failure of both initiatives. The idea of ‘decongestion by execution’, gained currency under the Jonathan administration. State Governors were urged to sign death warrants, as a prisoner reduction strategy. Thankfully, the hullabaloo that greeted that idea, led to its non- implementation. The Buhari administration, to be fair, has undertaken two major interventions in prisons. The Federal Executive Council adopted a memorandum by the Honourable Minister of Interior, on prison reforms. The immediate result, has been an increase in the number of prisoner transport vehicles available to the Prisons Service. It remains to be seen, if this is a one-off exercise, or one that will continue into 2018 and well beyond. The second intervention, was the high level briefing by the Ministry of Interior to the National Council of Sates, on the role of States in prison decongestion. Many states see prisons, as the exclusive preserve of the Federal Government. They readily point to the exclusive legislative list, in support of their position. It is difficult, to rationalise the position of State Governments. Most States provide vehicles and other logistics, in support of the police and other security agencies, without giving a thought to the needs of prisons. It seems simplistic enough, to understand that effective policing may invariably lead to the arrest, prosecution and possibly imprisonment of persons who come into conflict with the law. The prisons service is therefore, as important as other criminal justice institutions. Some of the other important impediments to prison reforms include: Archaic Legislation The Prisons Act, is palpably outdated. The Act does not provide for the proper and efficient administration of prisons, protection of human rights and upholding of international standards. The need therefore, for a new Prisons Act that will bring the prisons regime in line with constitutional and international human rights standards, cannot be overemphasised. A Bill to amend the Prisons Act, was first laid before the House of Representatives in 2001. Subsequent variations,

Comptroller-General , Nigeria Prisons Service Mr. Ja'afaru Ahmed

were proposed in the Senate from 2003 to date. It is a matter of regret that, despite all the expressions of concern by politicians about the state of our prisons, more than 17 years since our return to democracy, we are yet to enact an appropriate prisons law. Awaiting Trial Prisoners The majority of persons in prisons are remand prisoners. Statistics we compiled in March this year, showed that our total prison population is 68,259. Out of this number, 46,351 are awaiting trial persons, and only 21,903 were convicts. The nature of prisons is such that, these figures are not static. The rate of overcrowding in Nigerian prisons in general is 70%, however, there are specific prisons with an overcrowding rate of 90%. A combination of poor police investigation and inefficient prosecution, has led to the inability of the courts to quickly process persons charged with criminal offences (contrary to Section 35(2),(3),(4) of the 1999 Constitution). Poor prison facilities The issue of old and dilapidated structures, is another important concern. It is the duty of the Prisons Service, to provide secure custody for those committed to its care by the courts. Secure custody, means keeping the prisoners in safe humane custody. Majority of prisoners are housed

"THE ABSENCE OF THE POLITICAL WILL AT THE HIGHEST LEVEL OF GOVERNMENT, HAS BEEN AN IMPORTANT OBSTACLE TO PRISON REFORMS. PRESIDENTIAL INTERVENTIONS IN PRISONS OVER THE YEARS, HAVE BEEN AD-HOC, FREQUENTLY UNIMAGINATIVE AND IN AT LEAST ONE CASE RIDICULOUS"

Prison Oversight The Nigerian Prisons Service, has for long been supervised by the Ministry of Interior (formerly Internal Affairs). The Ministry of Interior, jointly supervises the prisons service and other paramilitary services, like the Fire Service, the Immigration Service and the Civil Defence Corps. The duties of the Prison Services are fundamentally different from that of the Fire service, Immigration and Civil Defence Corps. Therefore, a situation where they are treated in the same way and administered by one administrative body will continue to militate against the efficiency and effectiveness of the prisons service. Prison Visitors The weakness of the current approach to prison inspections, is that there appears to be no formal process for any of the various monitoring or visiting systems to report on their findings, either to the management of the Prisons Service, the relevant Ministries, the National Assembly or the President. In addition, none of the external agencies or individuals identified for conducting visits, can do so on a full time basis, and the process, while extremely useful and important, is relatively ad hoc. A new approach to Prison Reform At a recent meeting with Justices of the Supreme Court, President Buhari expressed concern about the state of our prisons. In his words, “we need a new approach to prisons decongestion. It is a national scandal, that many prisons are overcrowded by up to 90 percent. Urgent new measures should be put in place, to speedily decongest prisons not only in the interest of justice, but also to save cost for prisons maintenance and enhance the welfare of prisoners”. In our respectful view, undertaking this new approach to prison reforms, cannot be the sole responsibility of the Judiciary. The Executive branch, led by Mr. President should provide leadership to this new thinking. We suggest the following four interventions, for the consideration of Mr. President: Action 1: Direct the Federal Ministry of Justice to review he Prisons Act, with a view to proposing an amendment for the consideration of the Federal Executive Council. This is without prejudice to the several Prison bills presently at the National Assembly. Action 2: Remove the Prisons Service from the oversight of the Ministry of Interior, and place it under the Ministry of Justice. Action 3: Appoint the National Human Rights Commission as Chief Visitor of Prisons, with a formal mandate to conduct inspections on a regular basis, respond to complaints, investigate deaths in custody, publish independent regular findings, and make appropriate recommendations to the President and National Assembly. Action 4: Direct the Federal Ministry of Justice In collaboration with State Governments, to undertake an audit of all prison facilities in Nigeria, with view to identifying persons who should not be in prison, for the consideration of the National Council of States.

8/COVER

24.10.2017

The NNPC Saga: Legal Perspectives This article by Learned Senior Advocate, Mike Ozekhome, is an in-depth analysis of the letter written by the Minister of State of Petroleum Resources and Chairman of the Board of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, to President Muhammadu Buhari, grumbling about the actions of the Group Managing Director of NNPC, Dr. Maikanti Baru. He examines the relevant laws, that is, the NNPC Act and the Public Procurement Act, and concludes that the actions of the GMD and President Buhari, are unconstitutional

President Muhammadu Buhari

T Introduction

he Nigerian National Petroleum Corporation (NNPC), is the State owned oil company responsible for supervising, regulating and in collaboration with other oil companies and subsidiaries, participating in the exploration, production and sale of petroleum products, to generate revenue for the government. Due to its enormous powers and strategic mandate, the NNPC has been described as Nigeria’s cash cow. The Troubling Letter It is no news the brouhaha generated by the letter dated 30th August, 2017, written to President Muhammadu Buhari (PMB) by the Minister of State for Petroleum, Dr Ibe Kachikwu, over the contracts allegedly awarded by the Group Managing Director (GMD), NNPC, without the consent of Kachikwu, or approval of the NNPC Board, of which Kachikwu is the Chairman. Kachikwu in the said letter, expressed his heartfelt concern, on the

Dr. Ibe Kachikwu

need for due process and procedures to be followed by NNPC in awarding contracts. He noted the long history of nontransparency of the NNPC Tenders Board, and the fact that, it cannot be the final authority for contracts clearance or approval. He listed five (5) specific instances. He bemoaned the idea of learning about contracts award through the media, rather than the “correct governance”, structure, which

is that he, as the Minister of State and the Board must review transactions, and give their concurrence prior to presentation to PMB. Kachikwu also decried the massive changes in recent postings within the NNPC (many Nigerians cried about its lopsidedness), by the GMD, Dr Maikanti Baru, who incidentally had succeeded Dr Kachikwu. He said the Board over which he presides, was never briefed, as was the Board

"THE POWER OF THE GMD TO CONSTITUTE THE PROCUREMENT COMMITTEE, CANNOT CIRCUMVENT THE POWERS OF THE BOARD. IN FACT, SECTION 21 (2) PPA, GIVES THE BOARD THE MANDATE TO CONTROL AND MANAGE THE OPERATIONS OF THE PROCUREMENT COMMITTEES CONSTITUTED BY THE GMD. IT IS THEREFORE, WRONG TO SIDELINE THE BOARD AND GO DIRECTLY TO THE PRESIDENT FOR APPROVAL OF CONTRACTS"

Services Committee, whose function is to review potential appointments and terminations of senior staff prior to implementation. Kachikwu therefore, requested that PMB encourages transparent practices in NNPC, while the President restores sanity to a system that had so far, belittled and humiliated him. NNPC/Baru Response The Corporation, on Monday 9th October, 2017, in a statement signed by its Group General Manager, Public Affairs Division, Mr. Ndu Ughamadu, denied Kachikwu’s allegations, and noted that the “law and the rules do not require a review or discussion with the Minister of State or the NNPC Board on contractual matters”. Ughamadu argued: “There are therefore, situations where all that is required is the approval of the NNPC Tenders Board, while, in other cases, based on the threshold, the award must be submitted for presidential approval. Likewise, in some instances it is FEC approval that is required.” CONTINUED ON PAGE 9

24.10.2017 THE NNPC SAGA: LEGAL PERSPECTIVES

COVER/9 CONTINUED FROM PAGE 8

Dr Baru, however, agreed, as widely reported by several media outlets, that two separate oil contracts worth $1 billion and $780 million, were approved by PMB on July 10 and July 31 respectively, during the time that he was receiving medical treatment in London. Nagging Questions What does the law say on the above issues which have in the past few days, sent ripples across the Nigerian polity? Does PMB, after relinquishing power to the Vice President upon going abroad for medical treatment in London, still retain the powers of the President as contained in the Constitution? Has PMB, while on sick leave, the capacity to execute contracts of this nature? Legal Analysis The contracting process in NNPC is governed by the following laws: 1. The NNPC Act CAP 320 LFN, 1990. 2. The Public Procurement Act, 2015. Section 1 (2) NNPC Act provides: “The affairs of the Corporation shall, subject to Part II of this Act, be conducted by a Board of Directors of the Corporation which shall consist of a Chairman and the following other members, that is(a) the Director-General, Federal Ministry of Finance and Economic Development; (b) the Managing Director of the Corporation; and (c) three persons to be appointed by the National Council of Ministers, being persons who by reason of their ability, experience or specialised knowledge of the oil industry or of business or professional attainments are capable of making useful contributions to the work of the Corporation. (3) The Chairman shall be a Minister in the Government of 1979 No. 44 the Federation to be known and styled as the Minister of Petroleum Resources.” Section 3 (1) “There shall be appointed by the National Council of Ministers, a Managing Director of the Corporation who shall be the Chief Executive Officer of the Corporation and shall, subject to Part II of this Act, be responsible for the execution of the policy of the Corporation and the day-to-day running of the Corporation's activities and its associated services.” Section 6 (1): “The Corporation shall have powers to do anything which in its opinion is calculated to facilitate the carrying out of its duties under this Act including, without limiting the generality of the following, the power – (c) to enter into contracts or partnerships with any company, firm or person which in the opinion of the Corporation will facilitate the discharge of the said duties under this Act”. Section 1 (2) of the NNPC Act, states that the affairs of the Corporation shall be conducted by the Board of Directors of the Corporation, of which Dr Kachikwu is the Chairman. The affairs of the company here, obviously include the provisions of section 6 (1) (c) NNPC Act, which allow the Corporation to enter into contracts or partnerships with any company. Section 3 (1) which describes the GMD as the CEO of the Corporation, does not in any way contradict the provisions of section 1 (2). The designation of Kachikwu as the Minister of State for Petroleum Resources is a mere nomenclature, which does not rob him of any powers enshrined in the Act. Kachikwu, to all intent and purport, is the substantive Chairman of the Board and Minister of Petroleum Resources. The NNPC Act does not recognise the term “Minister of State”. Contracts which fall within the threshold of the Board cannot pass approval stage without the consent of the Chairman. Kachikwu therefore, cannot be sidelined. The approval of NNPC contracts solely by Baru or the Tenders Board, is consequently, illegal, as it is in complete violation of the Act. One cannot find justification in any law, not even in Public Procurement Act. Section 21 (1) of the PPA, 2015, provides: “Subject to subsection (2), the Head of a procuring entity shall establish a procurement committee to review procurement proceedings for that procuring entity and such other committees for other aspects of the procurement process.“ Subsection (2) “The operations of procurement committees established under subsection (1) shall be managed by procuring entities in accordance with the administrative guidance issued by the Office under section 7(l) (c).” Section 22 PPA, provides: “The functions of a procurement committee shall be to(a) review and make recommendations to the head of the procuring entity with respect to the award of procurement 19 contracts that the head of the procuring entity requires the procurement committee to review; (b) review evaluation reports on bids with respect to the award of procurement contracts referred to in

Vice-President, Prof. Yemi Osinbajo, SAN

Dr. Maikanti Baru

paragraph (a); and to maintain proper records. It is crystal clear that the provisions of PPA on this issue only apply to procurement processes and proceedings. It does not deal with substantive approval. Every procuring entity must first decide on whether to award certain contracts, before procurement committees are constituted by the Head of the organisation (GMD), to see that the procurement and bidding procedures are followed. The power of the GMD to constitute the procurement committee cannot circumvent the powers of the Board. In fact, section 21 (2) PPA, gives the Board the mandate to control and manage the operations of the procurement committees constituted by the GMD. It is therefore, wrong to sideline the Board and go directly to the President for approval of contracts. Every contract has value. Once a contract’s value surpasses the powers of the Minister, then it goes to FEC. In every organisation, be it government, banks, or private enterprises, the creation of management boards for their day-to-day operations are all too known. The GMD therefore, lacks the power to diminish the roles of the Board of NNPC. By virtue of section 1 (2) of NNPC Act, it is clear that the NNPC Board has overall supervisory powers. How can these supervisory powers not include some form of oversight on contracts worth billions of dollars? Haba! Even if there was no such provision as section 1(2) of the NNPC Act, is it not commonsensical in sync with transparency, that the Board should have a say in the affairs of the Corporation? I do not know of any standards of transparency and due process, that will allow NNPC to award contracts of that magnitude without carrying the Board of the Corporation along. Due process is not just about the letter of the law. It is about the spirit of the law. As they say, transparency is the best deodorant.

"THE CONTRACTS ALLEGEDLY APPROVED BY PMB ON JULY 10 AND JULY 31 RESPECTIVELY, DURING THE TIME HE WAS RECEIVING MEDICAL TREATMENT IN LONDON, ARE THEREFORE, UNCONSTITUTIONAL AND INVALID. PMB LACKED LEGAL CAPACITY TO DO SO, AS HE HAD CEDED SAME TO THE VICE PRESIDENT. CONSEQUENTLY, ANY APPROVAL HE MADE WAS AS ALHAJI BUHARI, NOT AS PRESIDENT BUHARI, AS POWERS NO LONGER VESTED IN HIM"

PMB’S Presidential Powers in Abeyance I submit respectfully that, any letter, bill, approval or acts executed by PMB, in his capacity as the President of Nigeria, during his sick leave abroad, having relinquished powers to the VP, are unconstitutional. On May 9, 2017, PMB had written to the President of the Senate and the Speaker of the House of Representatives, notifying them that he had relinquished presidential powers in accordance with the Constitution, which declaration was duly received and was read on the floor of both chambers. PMB spent 103 days, receiving treatment in London, returning only on August 19. On August 21, the President notified the National Assembly of his return in writing, saying he had “resumed” his “functions as the President of the Federal Republic of Nigeria with effect from Monday, 21st August, 2017.” The effect of the letter of 9th May, 2017, is that all the powers of PMB as the President of Nigeria automatically ceased and inured in the VP. PMB could not therefore, have executed any contract, bill, or any acts whatsoever without first notifying the National Assembly in writing of his resumption of duties as the President of the Federal Republic of Nigeria. The contracts allegedly approved by PMB on July 10 and July 31 respectively, during the time he was receiving medical treatment in London, are therefore, unconstitutional and invalid. PMB lacked legal capacity to do so, as he had ceded same to

the Vice President. Consequently, any approval he made was as Alhaji Buhari, not as President Buhari, as powers no longer vested in him. No car can be driven by two drivers at the same time; one driver at a time, is the rule of driving. PMB Was Incapacitated Furthermore, PMB at the time the said contracts were approved, was ill and lacked the capacity to approve same. A contract for such huge sums, cannot just be approved and signed at face value. Experts needed to study them, then advice the President before approval and signature. How could an ailing President who was fighting for his life, be signing contracts worth billions? Why did the GMD not give the Acting President the contract papers to approve or disapprove? Why did he have to fly to London to have them approved and signed by a President who had ceded his powers? These questions are best answered by PMB and the GMD. The provisions of NNPC Act, are clear and unambiguous as they relate to the affairs of the Corporation. Only Sections 8 (1) & (4) of the Act specifically require that all NNPC borrowings must be approved by Mr. President where they involve overdraft, borrowing in currency other than Naira and is to be borrowed by the Corporation “otherwise than temporarily”. My Humble Advice to PMB I implore PMB, to cause intensive investigations to be carried out in this matter. PMB must not only be said to be fighting corruption, but must, as a matter of fact, be seen to be fighting corruption. Chief Mike A.A. Ozekhome, SAN, OFR, FCIArb, LL.D, Constitutional Lawyer and Human Rights Activist

10/

24.10.2017

INSIGHT ABUBAKAR D. SANI

xL4sure@yahoo.com

Why Should Female Police Ofﬁcers Need Permission To Marry?

T Introduction

he allegation by Senator Isah Hamman Misau (Bauchi Central Senatorial District), that the Inspector-General of Police, Mr. Ibrahim Idris, violated Police Regulations by impregnating and subsequently marrying a serving female police officer, has put those Regulations under the spotlight. The IG appears to have reacted by procuring the Attorney-General of the Federation, to slam the Distinguished Senator with two separate sets of charges, allegedly for injurious falsehood in respect of related allegations. However, to the best of my knowledge, the falsity of the specific allegation of putting a serving female police officer in the family way, does not appear to be included in those charges. Accordingly, the question, in my view, is whether there is anything legally or constitutionally wrong with subjecting female police officers to certain restrictions, for that reason alone, i.e., solely by virtue of their gender. Lets find out... Rules For Enlistment Into The Police The relevant gender-based rules for enlisting into the Police are Regulations 72(2) and 188-120 of the Nigeria Police Regulations 1968. With the exception of Regulation 118(g), the same requirements broadly apply to male and female applicants for enlistment in the Force. Those exceptions, however, are all- important, and they provide that:“The prescribed qualifications for a woman candidate seeking enlistment in the police force shall be as follows: (g) Marital Status – must be unmarried” Conditions of Service of Female Police Ofﬁcers It appears that the Regulations recognise that female police officers, are only suitable for “soft” or “non-combat” duties, or roles which involve minimal physical effort or exertion. This seems to be intention behind Regulation 122 which provides that: “Women police officers recruited to the General Duties Branch of the Force may, in order to relieve male police officers from these duties, be employed in any of the following duties, namely (a)Clerical duties; (b)Telephone duties and (c)Office orderly duties”. It is curious that even though, as a general rule, women police officers are required, vide Regulation 121, to be employed in duties which are connected with women and children (such as crowd control, searching, escorting and guarding of female prisoners in police stations), Regulation 123 precludes such officers from being “called upon to drill under arms or to take part in any baton or riot exercise” - even if, presumably, women are among the rioters. This is clearly odd. Apart from Regulation 127 which provides that an unmarried female police officer who becomes pregnant shall be discharged from the force (the Rule breached, according to Senator Misau, by the IG), Regulation 128 is also something of a curiosity; it provides that: “A woman police officer whilst in uniform shall not - (a)Wear face powder or lipstick, or wear nail varnish except those of a neutral colour; or (b)Wear any article of jewellery other than a wedding ring, or an engagement ring or a wrist watch; or (c) Dress her hair in such fashion that it falls over the uniform collar; the hair, if long, is to be pinned or plaited over the top of the head, or if worn in short plaits, the plaits are to be tucked under the uniform cap”. Beyond the foregoing, I believe that a far more worrisome requirement is Regulation 124 which provides that: “A woman police officer who is desirous of marrying must first apply in writing to the Commissioner of Police for the State Police Command in which she is serving requesting permission to marry and giving the name, address and occupation of the person she intends to marry. Permission will be granted for the marriage if the intended husband is of good character and the woman officer had served the force for a period of not less than three years”. I believe that this and other provisions of the Regulations referred to above, are unacceptable violations of the right of female police officers to freedom from discrimination under Section 42 of the 1999 Constitution, as well as the right to equal protection of the law under Article III(2) of the African Charter on Human and Peoples Rights, which provide as follows, respectively: (1). A citizen of Nigeria of a particular community, ethnic group, place of origin, sex, religion or political opinion shall not by reason only that he is such a person:

Female Police Oﬃcers

(a) Be subjected either expressly by, or in practical application of any law in Nigeria or any executive or administrative action of the government to disabilities or restrictions to which citizens of Nigeria of other communities, ethnic groups, places of origin, sex, religion or political opinions re not made subject; or (b) Be accorded, either expressly by, or in the practical application of any law in force in Nigeria or any such executive or administrative action, any privilege or advantage that is not accorded to citizens of Nigeria of other communities, ethnic groups, places of origin, sex, religion or political opinions”. Article III(2) of the African Charter provides that “Every individual shall be entitled to equal protection of the law”. Import of these Rights Starting with the Constitution, it is clear that Section 42(1) thereof is not absolute, as it is qualified by subsection (3) thereof, which provides, inter alia, that: “Nothing in subsection (1) of this section shall invalidate any law by reason only that it imposes restrictions with respect to the appointment of any person under the State or as a member of the armed forces of the Federation or a member of the Nigeria Police Force or to an office in the service of a body corporate established directly by any law in force in Nigeria”. In this context, it can be seen that the proviso only applies, inter alia, to restrictions with respect to appointments into the Police. These, in my view, include those relating to the ages and physical dimensions of male and female applicants, medical examinations of female applicants and witnesses to the initial enlistment interviews of female applicants, as provided by Regulations 72(2)(a)&(c) and 188(a), 119(b) and 120, respectively. In other words,

"I BELIEVE THAT THIS AND OTHER PROVISIONS OF THE REGULATIONS REFERRED TO ABOVE, ARE UNACCEPTABLE VIOLATIONS OF THE RIGHT OF FEMALE POLICE OFFICERS TO FREEDOM FROM DISCRIMINATION UNDER SECTION 42 OF THE 1999 CONSTITUTION, AS WELL AS THE RIGHT TO EQUAL PROTECTION OF THE LAW UNDER ARTICLE III(2) OF THE AFRICAN CHARTER ON HUMAN AND PEOPLES RIGHTS..."

any restrictions which are not related to appointments or applicable at the point of entry into the Force, are unconstitutional. I submit that, this applies to the requirement that female police officers seek the consent of Commissioners of Police before they can marry. This is simply unacceptable, as it cannot be rationalised on the basis of any legitimate concerns for optimal job performance, public interest or even national security . The reasons for this, in my view, are only too obvious: why should male police officers be free to marry without any let or hindrance, while their female counterparts cannot? Why should prospective husbands of female police officers, be assessed in terms of their character and occupations, whilst future wives of male police offices are exempt from same? Why must a female police officer, be compelled to serve the Force for at least three years before she is ‘qualified’ to marry, whilst her male counterparts are under no such restriction? The answers are both far-fetched and unconvincing. I believe, therefore, that those restrictions are unjustifiable and unconstitutional. See ASIKA v ATUANYA (2008) 17 NWLR pt. 1117 pg. 484, and ANZAKU v GOVERNOR OF NASARAWA STATE (2006) All FWLR pt. 303 pg. 308. Apart from the constitutional right to freedom from discrimination, I believe that the aforesaid Regulations, also violate the right to equal protection of the law under Article III(2) of the African Charter on Human and Peoples Rights. See NNPC v FAWEHINMI (1998) 7NWLR pt 559 pg 598 @ 616 and IGP v ANPP (2007) 18 NWLG pt. 1066 pg. 457@ 500c Conclusion It is unbelievable that in the 21st century, female Nigerian police officers are subjected to the foregoing disabilities and restrictions, which are inapplicable to their male counterparts. It is particularly hard to fathom, why they need to submit particulars of their future spouses for vetting as to character and thus suitability. One would have thought such choices are entirely personal, and thus, should be left to the sole discretion of the parties. The obvious question is: if the choice of spouse of a police officer has security implications – presumably - should such considerations not apply to both sexes, without discrimination?. To the extent that they don’t, does it suggest that men pose a greater security risk than women? How valid is this assumption? Is there any empirical evidence to back it up, or is it based, perhaps, on the realities of a bygone age, at the time (in 1968) when the Regulations were enacted? If that notion was valid then, is that still the case? I submit that, this requirement is a historical relic which has no place in the present age. What is good for goose, ought to be sauce for the gander; if male Police officers are not beholden to their superiors in their choice of spouses, neither should their female counterparts. This should also apply to the timing of their weddings, i.e., it should be without regard to their dates of enlistment into the Force.

24.10.2017

COVER/11

‘2017 ARBITRATION CONFERENCE WILL FOCUS ON ENFORCEABILITY OF ARBITRAL AWARDS’

Mrs. Folashade Alli

12/COVER

24.10.2017

Mrs. Folashade Alli

‘2017 Arbitration Conference Will Focus on Enforceability of Arbitral Awards’ The city of Lagos, will live up to its billing as the fast growing Arbitration Hub in subcontinental Africa, when it plays host to Arbitration Practitioners from various jurisdictions, at the 2017 Annual Conference of the Chartered Institute of Arbitrators UK (Nigeria Branch), which will take place from 2nd to 3rd November, at the Balmoral Convention Centre, Federal Palace Hotel,Victoria Island, Lagos. With the theme“Strengthening the Building Blocks of Arbitration in Africa”, the Conferees will, in the course of two days, participate in lectures and interact with over 40 leading Arbitration Experts from around the world. Onikepo Braithwaite and Jude Igbanoi spoke with the Conference Planning Committee Chairperson, Folasade Alli, on the preparations, logistics and expectations from the Conference

lease, give us a brief overview of the upcoming 2017 Annual Conference of the Chartered Institute of Arbitrators UK (Nigeria Branch). How can intending Conferees register for the Conference? Are there any registration and accommodation discounts for Young Arbitrators? Who are your main speakers? Lagos potentially is the next arbitration hub in the West Africa sub region. For a conference of this nature, are there plans to bring in participants from other African countries? What are the highlights of the Conference? What entertainment do you have planned for the Conferees? The 2017 Annual Conference of the Chartered Institute of Arbitrators UK (Nigeria Branch) will take place from 2nd to 3rd November, 2017 at the Balmoral Convention Centre, Federal Palace Hotel, Victoria Island, Lagos. The theme of the conference is “Strengthen-

ing the Building Blocks of Arbitration in Africa”. Previous conferences have focused on the challenges faced by arbitration practitioners, which has ultimately resulted in the clamour to review the existing Arbitration statute. This time around, we want to go a step further, by putting arbitration-users at the heart of the discourse. It is hoped that the conference will provide arbitration-users with an opportunity to discuss the challenges they face as a result of the way arbitration is conducted in their various jurisdictions, and thereby, assist arbitration policy makers and enforcers in their task of improving the arbitration ecosystem. For eighteen years, the Institute has organised the Annual Conference of the Branch and it has attracted a diverse pool of delegates, including members of the Executive arm of government, the Judiciary, the Legislature, Academics, Arbitration Practitioners and Corporate Leaders from across the continent and beyond. The Conference Planning Committee, is working hard to ensure that this year’s conference builds

on the success of past conferences, for an even more productive event. Approximately 40 national and international speakers, are scheduled to speak on carefully selected topics at this year’s conference. The conference will commence with a welcome

"ALL INTERESTED YOUNG MEMBERS UNDER THE AGE OF 40, IRRESPECTIVE OF YOUR PROFESSION, ARE ENCOURAGED TO ATTEND THE CONFERENCE AT DISCOUNTED RATES OF =N=20,000"

address by the Chairman of the Institute Mrs. Adedoyin Rhodes- Vivour, C.Arb. Some of the featured speakers at this year’s conference are, the Governor of Lagos State, His Excellency, Mr Akinwunmi Ambode, Acting Chief Judge of Lagos State, Honourable Justice Opeyemi Oke and the President of the Nigerian Bar Association, Mr A.B Mahmoud, SAN who will be delivering goodwill messages; Mr Adeniji Kazeem, Attorney-General of Lagos State; Mr Herbert Wigwe, MD/CEO Access Bank Plc; Mr Robert Wheal, Partner at White and Case LLP UK; Mr Timothy Lemay, United Nations Commission on International Trade Law (UNCITRAL); Mr Andrew Mackenzie, Hogan Lovells, Dubai; Rashida Abdulai, Hogan Lovells, UK; Mr Stephen Karangizi, Director, African Legal Support Facility; Mr Mouhamed Kebe, Geni & Kebe SCP Senegal; Tunde Ogunseitan, ICC; Godfred Penn, African Development Bank; Marille Camille-Pitton, Aceris Law, Paris; Chief Bayo Ojo SAN; Isiah Bozimo; Senator David Umaru, Chair of the Senate Committee on Judiciary, Human Rights &

24.10.2017 Legal Matters; Tunde Fagbohunlu, SAN; Bimbo Akeredolu, SAN; Justice Peter Affen and Justice Sumbo Goodluck, of the FCT High Court discussing the role of courts; Seyilayo Ojo; Mrs Funke Adekoya, SAN; Mr Dele Belgore, SAN; Dr Babatunde Ajibade, SAN; Mr. Osayaba Giwa Osagie and a host of other carefully selected national and international speakers. Members of other African branches of the Institute, will be in attendance as well. Special consideration is being accorded to young members below the age of 40 years at this year’s conference. All interested young members under the age of 40 irrespective of your profession, are encouraged to attend the Conference at discounted rates of =N=20,000. A segment of the conference, taking place on November 1st, 2017, will feature the maiden edition of the YMG evening dedicated to the young members to encourage young arbitrators and avail them the opportunity to be more involved in the practice of arbitration. It will also educate them on how to develop a career through training, and become successful arbitrators if they so desire. YMG evening is at no additional cost to attendees; once you register for the Conference and Gala Night, you will be able to attend the YMG conference. The theme for the YMG day is “Change of Guards; Diversity and Involvement of Young Members”. This will be the first time that young members of the Institute between the ages of 25-40 will be given the opportunity to have a day to themselves. Discounts are available at various hotels for those intending to attend the conference, the Federal Palace Hotel, which is the conference venue, has offered generous discounts to all delegates, and this includes

COVER/13 breakfast. There are also other hotels near the conference venue. For more details on discounted hotel accommodation during the conference, kindly visit our website www. ciarbnigeriaconference.org. The conference promises not only to be intellectually stimulating but also socially

"IT IS TRUE THAT ENFORCING ARBITRAL AWARDS, IS QUITE A CHALLENGE IN AFRICA. GENERALLY, WE ALL KNOW THAT AN AWARD THAT IS NOT ENFORCEABLE, IS NOT WORTH MUCH TO THE WINNING PARTY. THIS IS ONE OF THE FOCAL POINTS OF THE UPCOMING CONFERENCE, WHERE THE ISSUE FINALITY OF ARBITRAL AWARDS WILL BE EXAMINED BY EXPERIENCED PANELISTS FROM WITHIN AND OUTSIDE NIGERIA"

exciting. Notably, a number of interactive and debate sessions have been incorporated into the conference. The conference will provide an opportunity for delegates to network and have fun in a relaxed atmosphere. Finally, the conference will be closing with an All-White Caribbean themed Gala Nite/Induction dinner holding at 6.00pm on the 3rd of November, 2017 at the Federal Palace Hotel, Victoria Island. There will be live music, dance and drama performances by Terra Kulture. The cuisine will probably be the highlight of the evening. Delegates will have an intercontinental culinary experience, as the cuisine will include Indian, Mexican, Chinese and our local Nigerian dishes. Lastly, there will be an exciting raffle draw with good prizes to win. Indoor games will be available, allowing Conferees to have fun, and creating a friendlier and more relaxed atmosphere for networking. Conferees are expected to attend the Gala Night in white attire. They are in for a great time at the Conference. The gala night is shaping up to be a thrilling event. The theme of the Conference, is “Strengthening the Building Blocks of Arbitration in Africa”. How does your Institute intend to achieve this goal when for one, if you take Nigeria which is probably the largest group of the Institute in Africa, Arbitration seems to be used as a prelude to litigation, and not as a final dispute resolution tool? The issue of finality of arbitral awards is one challenge in Nigeria that has refused to go. How do we ensure that arbitration is not just a first step to litigation, the way it is carried on in Nigeria presently? Does our mindset not have to change, for us Africans to see Arbitration as a final dispute resolution tool, before we can start to talk of strengthening? It is true that enforcing arbitral awards, is quite a challenge in Africa. Generally, we all know that an award that is not enforceable, is not worth much to the winning party. This is one of the focal points of the upcoming Conference, where the issue finality of arbitral awards will be examined by experienced panelists from within and outside Nigeria; who will be sharing their experience from other jurisdictions, examine how other jurisdictions have been able to overcome this challenge, and proffer solutions. This year’s Conference sessions, have been designed to identify impediments to the growth and advancement of arbitration, be it from the legislative, judicial, institutional and governmental standpoints. Apart from the general sessions that will help identify these impediments, the session titled “Finality of Arbitral Awards: The Big Challenges for Africa”, will particularly focus on attendant issues in enforcement of arbitral awards from the perspective of the judiciary, legal practitioners and users of the process generally. Panel discussions will span issues such as dearth of capacity, infrastructure, supporting legal framework, and efficiency of the legal system, and ultimately proffer solutions to such challenges.” We are happy to report that the courts in recent times, have become supportive towards arbitration. Nigeria has made some progress since the last CIArb (UK) Nigeria Branch Annual Conference, in the advancement of commercial arbitration. A significant development, was the public support shown by the Chief Justice of the Federation, Hon. Justice Walter Onnoghen GCON, for commercial arbitration sometime in June this year, when he called on all judges, to desist from unduly interfering in matters where parties have chosen arbitration as their preferred way of resolving their dispute. He appealed to judges, to resist the urge to entertain commercial disputes that are subject to an arbitration agreement. He also admonished parties, to embrace and adhere to arbitration. We believe that such pronouncements by leaders of the judiciary, help in no small way, to portray Nigeria as an arbitration- friendly jurisdiction which will ultimately impact on the country’s economic development, as prospective investors would be more willing to invest in the country when they are assured that their disputes, which are inevitable in any commercial relationship, will be speedily resolved by an impartial and independent arbitral tribunal. As the Chairperson of the Conference Planning Committee, how have you addressed the issue of logistics in Lagos

where the Conference is taking place, especially with the ‘infamous’ Lagos/ Victoria Island trafﬁc, to ensure that Conferees are able to get to the Conference venue on time? Like they say, spectacular achievement is always preceded by massive preparation. The Planning Committee for this year’s Conference, has been working tirelessly to ensure that the event is an overall success. Significant arrangements have been made, to cater for all logistics issues relating to the Conference. With respect to possible traffic in the Victoria Island environ, first a list of hotels close to the Conference venue, has been circulated to all registered delegates. Delegates are encouraged to stay at these hotels for the duration of the Conference, at the highly discounted rates already negotiated by our Committee. Moreover, the Lagos State Government is partnering with us on this project, and all the relevant agencies will be on deck to facilitate smooth co-ordination of traffic for the duration of the conference. Do you believe that Arbitration has any role to play with regard to the present agitations for restructuring going on in Nigeria? Can Arbitration be used to reconcile the different groups and the Federal Government? Arbitration is primarily focused on commercial disputes. The principle of arbitrability, prevents certain types of disputes from being submitted to arbitration. But Alternate Dispute Resolution, always has a role to play in diffusing tensions. Our motto at the CIArb is “evolving to resolve” and our core goal is the promotion of harmonious societies through assisting people and organisations avoid, manage and resolve conflict. The Institute therefore, supports and offers in-depth training of other ADR methods, such as Mediation and Conciliation, which have been utilised internationally, and in many jurisdictions to resolve disputes. In commercial arbitration in Nigeria, a case has been made to extend arbitration to small and medium scale businesses, which unarguably constitute a huge percentage of the business community in Nigeria. Has the Nigerian arbitration community taken this into consideration? What needs to be done to ensure that this vital business sector is captured? Yes, the Nigerian Arbitration community has acknowledged the need for small and medium scale businesses, to settle their disputes by arbitration and ADR. One of the consequences of last year’s CIArb Conference, was the recent launch on the 30th June, 2017 of the Micro, Small and Medium Enterprises (MSME) Arbitration Scheme by our Institute. The pilot MSME scheme, is for small claims ranging from N250,000.00 to N5,000,000.00. The scheme is not however, restricted to the stated monetary range, so long as the disputants apply to the Chairman of the Chartered Institute of Arbitrators, (UK) Nigeria Branch, to have their disputes resolved through the scheme. The cost effectiveness of the scheme, is ensured by a set of rules designed to guide proceedings through simple, quick and affordable paths to resolution. The CIArb Nigeria Branch MSME Scheme, recognises the need to build capacity for the Micro Small and Medium Scale Enterprises, a sector that is the bedrock of economic development. The Institute recognises that unresolved, protracted disputes, could have an adverse impact on the growth and development of MSME’s. The CIArb Nigeria Branch MSME Scheme, is developed as a means to promote and formulate access by MSME’s to arbitration and ADR, for resolution of their commercial disputes. The Scheme provides simple cost effective and timely resolution of disputes, and an outcome within 90 days of the appointment of the arbitrator. The outcome is a final, legally binding and enforceable award. Under the MSME scheme, the arbitrators’ fees have been capped to ensure that the expense does not prevent MSMEs from accessing arbitration. The CIArb MSME Scheme, is in line with the Institute’s commitment to giving access to alternative means of dispute resolution, to a wider category of business owners at reduced costs and within short timelines. MSME’s remain an integral part of the economic fabric of our country, and they need to be fully aware of alternative means of resolving their business disputes outside the court system.

14/

24.10.2017

Rivers State: Ceremonial Opening of 2017/2018 Legal Year As Rivers State marked the beginning of the 2017/2018 Legal Year last Friday, Emmanuel Chinwenwo Aguma, SAN, the Honourable Attorney-General and Commissioner of Justice of the State, delivered his speech, which touched on several salient issues, including the importance of all stakeholders in the society, upholding the rule of law unfailingly

Essence of Ceremonial Opening of the Legal Year give God Almighty hearty thanks, for enabling us all, to gather here today, October 20, 2017, for the ceremonial opening of the 2017/2018 Legal Year. Some that were here with us last year, are not here today for reasons of ill- health or death. We should therefore, thank God for the special enablement to be present. I know that, a lot of us are curious about the significance of this legal tradition that dates to antiquity. In fact, Wikipedia suggests that it dates back to the middle ages. The Law Society of England and Wales, contextually describes the ceremonial opening of the legal year as an event that: “commemorates the principles of defending access to justice and the rule of law. Furthermore, it reminds all of those actively involved within the legal system, of the need to uphold these principles internationally, as well as at home, for the beneﬁt of society”. The Bar and the Bench immediately come to mind, as those that are actively involved within the legal system, and on whom the duty falls squarely, to defend access to justice and the rule of law. This is because the Bar and the Bench, are directly involved in the administration of justice. However, when we ask the simple question, what are laws for, and accept the obvious answer, that laws are made for the orderly organisation of society, then we immediately realise that, every member of society ought to understand clearly the concept of the rule of law, and be involved in upholding and defending it. No wonder, as children we were taught civic education that has long disappeared from the school curriculum, and which we hope would soon be re-introduced. Adherence to the rule of law, is therefore, the fundamental yardstick by which the populace should assess government and government institutions. Section1 (1) of our 1999 Constitution provides clearly that the “Constitution is supreme and its provisions shall have binding force on all authorities and persons throughout the Federal Republic of Nigeria.” Section 14 subsections (1) and (2) of the Constitution define the relationship between the Government and the people in clear terms. It provides: “14. (1) The Federal Republic of Nigeria shall be a State based on the principles of democracy and social justice. (2) It is hereby, accordingly, declared that: (a) sovereignty belongs to the people of Nigeria from whom government through this Constitution derives all its powers and authority; (b) the security and welfare of the people shall be the primary purpose of government: and (c) the participation by the people in their government shall be ensured in accordance with the provisions of this Constitution.” These very notions of democracy, social justice

Emmanuel C. Aguma, SAN Honourable Attorney-General and Commissioner of Justice Rivers State

and sovereignty of the people are given expression in Chapter IV of our Constitution. That is why we proclaim our fundamental right to: (1) Life; (2) The dignity of the human person; (3) Personal liberty; (4) Fair hearing; (5) Private and family life; (6) Freedom of expression and the press; (7) Peaceful assembly and association; (8) Freedom of movement; (9) Freedom from discrimination; (10) Acquire and own immoveable property anywhere in Nigeria; and (11) Protection from compulsory acquisition of property without compensation. It can therefore, be safely said that this ceremonial opening of the legal year, renews our collective commitment to these principles of democracy, social justice and sovereignty of the people, by reaffirming our defence of the right of access to justice and the rule of law,

"HE LAW SOCIETY OF ENGLAND AND WALES, CONTEXTUALLY DESCRIBES THE CEREMONIAL OPENING OF THE LEGAL YEAR, AS AN EVENT THAT: “COMMEMORATES THE PRINCIPLES OF DEFENDING ACCESS TO JUSTICE AND THE RULE OF LAW. FURTHERMORE, IT REMINDS ALL OF THOSE ACTIVELY INVOLVED WITHIN THE LEGAL SYSTEM, OF THE NEED TO UPHOLD THESE PRINCIPLES INTERNATIONALLY, AS WELL AS AT HOME, FOR THE BENEFIT OF SOCIETY"

for the benefit of society. This ceremony is also an official reminder to Government, that sovereignty rests with the people; that all its powers derive from the constitution; and that all its actions, must be directed at the security and welfare of the people. In particular, this ceremony reminds the Judiciary, that they remain gatekeepers in defence of access to justice and the rule of law. Criteria for Measuring Adherence to the Principles of Democracy, Social Justice and People's Sovereignty The first criterion by which adherence to these principles is measured, is by an assessment of the extent to which the agencies of government and persons in authority, conduct themselves within the dictates of the constitution and without undermining the constitution or derogating from the rights of the citizens as constitutionally enshrined. The Judiciary must always be prepared to ensure that all actions of government, government agencies and persons in authority, must be rooted in the constitution. The second criterion, is by determining whether the citizen has an avenue or ways, through which he can effectively challenge any infringement of his rights by the government, agencies of government and persons in authority. To this end, the Judiciary must consistently watch-out to ensure that an aggrieved citizen, must have an avenue to vent his complaint and seek remedy. The fact that the particular kind of action has never been brought or there are no precedents, should ordinarily not hamstring the Judiciary. This is because, novel wrongs emerge each day. They must also have novel

remedies. The third criterion, is by an assessment of the independence of the avenues for challenge of wrongful acts, particularly the Courts vested with judicial power by section 6 of the Constitution. It is instructive that, in inheriting our Judicial system, we inherited the Statue of Justice that adorns the entrance of our High Court Complex. It is the blindfolded statue of the Greek goddess Themis, who in Roman mythology is called Justitia. The blindfolded goddess holds a sword in her right hand, and the scales of justice in her left hand. The symbolism embodied in that statue, is clear even to the uninitiated. The statue conveys with full effect, the responsibilities and the powers of the Bench. The Judge or Magistrate, is duty bound to be blind to the status or position of all who come before the Court. The high and the low should be treated equally, regardless of status. The conduct of any case, must be fair and balanced when put on the scale – the scale of justice. The sword represents the power of the Bench, to dispense binding decisions in legal disputes that must be obeyed. This is why in the administration of justice, the Court’s role is paramount. Lord Denning (of blessed memory), confirmed this preeminence, when he relied on Greek mythology to state that “Cicero makes the distinction that it is the duty of the judge to pursue the truth, but it is permitted of an advocate to urge what has only the semblance of it”. It is unfortunate that in Rivers State today, while the democratically elected Government seeks to enthrone social justice, uphold the rule of law, promote the security and welfare of the citizens as its cardinal guide in governance, an employee of the Federal Government is using the agency of the Federal Government which he heads, to terrorise the populace, undermine the welfare of citizens, instil fear and denigrate the rule of law. From collated reports, the actions of this employee of the Federal Government and the agency that he heads, violates every norm of civilised society and derogates from the rights of the citizen/residents of Rivers State as enshrined in Chapter IV of the 1999 Constitution. This official of Government, unleashes terror on the very citizens he is armed to protect. In reaffirming our commitment to the rule of law, we must leave here today and tell the citizens and residents of Rivers State, that the law shall protect them from this government official and his agency. The status of that official is irrelevant to Lady Justitia. It is for our colleagues at the Bar, who are aware of infractions of the rights of citizens by this public officer and his ilk, to approach the Courts, who blindfolded, holding the balanced scales and armed with the sword, will dispense justice. For my part, there is the Department of Citizens Rights and the Office of the Public Defender in the Rivers State Ministry of Justice. They are ready to prosecute deserving cases, if any reports are lodged with them. Conduct Unbecoming of a Legal Practitioner It is not only public officers, that offend civilised norms. Some of our colleagues at the Bar, have in aid of suspects whose trials are ongoing, devised means of assisting their clients to evade justice. One example is, some applications for Bail for persons lawfully remanded. These colleagues approach courts outside the judicial division in which trial has commenced, to ask for bail, by

CONTINUED ON PAGE 15

24.10.2017

/15

RIVERS STATE: CEREMONIAL OPENING OF 2017/2018 LEGAL YEAR

CONTINUED FROM PAGE 14

concealing the fact of the ongoing trial. Such Courts unwittingly proceed to grant bail. This is out rightly dishonest, and also conduct unbecoming of a legal practitioner. Some Courts, have also been known to disregard information brought to their knowledge that the Applicant is already standing trial. This also is wrong. We all, as administrators of justice, must find the right balance to serve our community and society better. Plea for Some Practice Directions My Lord, the Chief Judge, may I respectfully plead that it would not be out of place for Your Lordship to consider making Practice Directions pursuant to section 500 sub-sections (3), (4), (5) and (6) the Rivers State Administration of Criminal Justice Law [ACJL] No. 7 of 2015, to regulate originating motions for bail pending charge/trial. The Practice Direction may require some undertaking by the Applicant through his Counsel, that such an Applicant is not undergoing trial at the time of the application for bail. As a corollary, Your Lordship may wish to include in such Practice Directions, additional responsibilities on Counsel who recommend sureties, Court officials that verify the addresses of the bail sureties and the suspect. This is because, the Department of Public Prosecution has brought to the attention of my office, several cases in which an accused person has jumped bail and the address provided by both the accused and his surety or sureties, are not traceable. Another area it is suggested, we take a holistic look at, is the application of sections 300, 302 and 303 of the ACJL. The raison d’être of the ACJL, is speedy and efficient dispensation of justice, based on the twin principles of “justice delayed is justice denied” and “innocent until proven guilty”. However, in the practical administration of justice, we always find situations wherein the investigating authorities are forced to charge a suspect to a Magistrate Court, before the conclusion of investigation or the filing of the information in the High Court. Most times, the Magistrate Court before whom the suspect is brought, does not have the jurisdictional competence to try the matter. In the past, what is pejoratively called a “holding charge”, was used to retain the suspect in lawful custody. Of course, we know that holding charges have been struck down by the Supreme Court. This did not remove the mischief. The ACJL at section 300 sub-section (1) addressed this issue, by making provision for remand proceedings and detention time limits premised on timely actions. The section permits a suspect to be brought before a Magistrate Court that has no jurisdiction to try the offence, for the purpose of the remand of the suspect not later than 48 hours from the time of his arrest for an offence. Section 301 gives the Magistrate Court, the discretion to remand. However, section 302 also gives the Magistrate Court, the discretion to grant bail in remand proceedings. The reports my office continuously receives from the office of the DPP, is that many dangerous offenders have been granted bail pursuant to section 302. It is my conviction that, the primary purpose of the law, is to ensure public confidence in the security of our community. The legal system does this, through the protection of the collective right of the populace to a peaceful and secure existence. In this regard, our collective rights supersede the perceived rights of any individual. Consequently, and in my humble opinion, it behoves of the Magistrate Courts to interprete section 302 purposefully, by protecting the collective right of the society to peaceful and secure existence. We therefore, respectfully suggest the issuance of clear guidelines by way of Practice Directions on how, and when, Magistrates should grant bail in remand proceedings pursuant to section 302 of the ACJL. After all, sections 303 and 304 of the ACJL, provide rigorous conditions for continued remand, including the fact that a suspect held in custody pursuant to a remand order, cannot remain in lawful custody for a cumulative period that exceeds 23 days from the date of the remand order, without arraignment for trial. It is therefore, necessary for the Bar and the Bench, to put heads together to develop appropriate mechanisms to serve the society better, by keeping dangerous persons off the streets. Withdrawal of Complaints by “Born Again” Complainants May I use this opportunity to comment on a new disturbing trend. Everyday, we are confronted in my office,

L-R: Emmanuel Chinwe Aguma, SAN, Honourable Attorney-General, Rivers State, His Grace Archbishop I. C. Kattey, Anglican Archbishop of Niger Delta Province, the Chief Judge of Rivers State, Hon. Justice A. I. Iyayi-Lamikanra, HE Nyesom E. Wike CON, Governor of Rivers State, HE Hon Justice Suzzette Nyesom-Wike, Wife of the Governor of Rivers State and Rt. Honourable Ikuinyi-Owaji Ibani, Speaker Rivers State House of Assembly

with written applications by complainants withdrawing criminal complaints that have been charged to court. The standard reason, is that the complainant is now “born-again” and has forgiven the suspect/accused person. The offences for which such applications are made are not limited to petty offences, but include serious offences such as defilement, rape, kidnapping, cult related activities, robbery and even murder. These applications, are usually accompanied with affidavits verifying the facts contained in the written application. The affidavits demonstrate that, lawyers are involved in the preparation of such applications. It is my hope that we all discourage this practice, as it undermines the very foundation of our criminal justice system. Jurisprudential Issue My Lords, forgive me for using this occasion to think aloud on a legal issue, which, with respect, I believe we should all give some thought to. There is this common notion that the Governor of a State, is the Chief Security Officer of the State. The 1999 Constitution promotes this notion. However, the same very Constitution at section 215 subsection (5), precludes the Commissioner of Police of in-charge of a State, from taking instructions from the Governor without the concurrence of the President or such Minister of the Government of the Federation, as may be authorised in that behalf by the President. In practice, it is usually the Inspector-General of Police that the Commissioners of Police in the States, take directives from. Section 215 subsection (5) of the Constitution, creates a jurisprudential issue. In most applications for the enforcement of fundamental rights, the Applicant while suing the Police joins the Attorney-General of the State. We know that by virtue of the provisions of our State Proceedings Law, actions against the State are initiated by suing the Attorney-General. The implication is that, when the Attorney-General is joined in such suits against the Police, the Applicant is suing both the Police and the State. The infraction is usually unlawful detention by the Police, which the State cannot control. Judgement, when given, is given against the State and the Police, jointly and severally. The question then is: how can the State be held liable for the actions of the Police, when the State has no control over the conduct of the Police? It is not an issue, which I expect resolution here and now. It is food for thought. Consents and In-House Lawyers We have continued to ensure that Rivers State, is a jurisdiction that all bureaucratic impediments to the effective practice of law, are eliminated for the benefit of clients and lawyers. We are using law as a tool for economic development, by ensuring that Consents are signed once they are received in the Ministry of Justice. Between November 11, 2016 when we held the last legal year and today, 138 Consents have been signed by me. A total of 6 were not signed, due to various queries raised. Once again, I seize this opportunity to remind financial institutions and other corporate organisations, that in-house Counsel are not permitted by the Rules of Professional Conduct, specifically Rule 8(2), to

frank any instrument or process or file same for his employer. We have maintained the policy of refusing to give consent to land instruments, if the land instrument that requires consent is prepared by in-house Counsel. Going forward, we may be forced to invoke the appropriate disciplinary procedure, if this unwholesome practice is not stopped. Fiats We also do not hesitate to issue fiats, when there is good reason to do so. Consequently, in the period since November 11, 2016 we have issued 43 fiats to private legal practitioners, to prosecute matters on behalf of the State. We shall continue to be liberal, in our consideration of applications for the issuance of fiats. We however, note that over 90% of Lawyers to whom fiats are issued, do not turn in reports updating the office of the Director of Public Prosecutions (DPP) on the progress of the matters they are prosecuting. I have therefore directed the DPP to ensure that we receive monthly reports from Private Counsel prosecuting criminal matters with the fiat of the Honourable Attorney-General. Failure of such Counsel to comply with this directive may result in the fiat being cancelled. Elections We are fast approaching electioneering. Already, the jury is out on whether free and fair elections will hold in 2019. A lot of the shadow boxing, to ensure free and fair elections, will be done on the pages of the newspaper and electronic media. We have seen the abuses to the electoral system, that manifested in the series of re-run elections here in Rivers State. At the forefront of these abuses, were the security agencies. Much of the battles shall be fought in the courtroom. We must therefore, remind ourselves continuously of section 14 subsection (3) of the 1999 Constitution, which mandates that “the participation by the people in their government shall be ensured in accordance with the provisions of this Constitution”. Periodic elections, are the means of securing this participation. It is therefore, hoped that the Bar and the Bench shall work in unison, to ensure that the mandate of our people is not stolen. Any political party or candidate that loses during the elections, should lose fairly. The Courts must be prepared to intervene within the spheres of their jurisdiction, to ensure a level playing field. Each agency of State, must be restricted to its constitutional role. No agency of State, should act as a proxy or agent of the political actors – and this includes the Courts. These are the democratic principles, on which the rule of law and political choice hinge. The harsh judgement of posterity, awaits us all if we are derelict in our duty to society. Appreciation I seize this opportunity, to thank the National leadership of the Nigerian Bar Association, for giving us a veritable opportunity to tell the world during the last Annual Bar Conference in Lagos, that Rivers State is safe. I thank members of the Bar in Rivers State, for

"THERE IS THIS COMMON NOTION THAT THE GOVERNOR OF A STATE, IS THE CHIEF SECURITY OFFICER OF THE STATE....IN PRACTICE, IT IS USUALLY THE INSPECTORGENERAL OF POLICE THAT THE COMMISSIONERS OF POLICE IN THE STATES, TAKE DIRECTIVES FROM....THE QUESTION THEN IS: HOW CAN THE STATE BE HELD LIABLE FOR THE ACTIONS OF THE POLICE, WHEN THE STATE HAS NO CONTROL OVER THE CONDUCT OF THE POLICE?" their effective communication of that message. My dear colleagues, brothers silk and learned friends, you were the greatest disseminators of the message that RIVERS STATE IS SAFE FOR INVESTMENT. Jim Ovia, assisted by His Excellency, Donald Duke, and his lovely wife, merely confirmed your narrative. Of course, the number of conferences that regularly take place in Rivers State, is proof of the fact that RIVERS STATE IS SAFE. The doomsayers, have exited with their tails in between their legs. I commend the Chief Judge and His Lordship’s Brother Judges, for the manner in which they have effectively administered justice in the State. The renewed confidence of society in our justice system, is palpable. I pray that Your Lordships, continue to dispense justice fairly and speedily. I also congratulate My Lord the Chief Judge, for successfully executing the construction of the new edifice that houses the Family Court and the Alternative Dispute Resolution Centre/Multi-Door Court House, that is being commissioned today by His Excellency, the Governor. His Excellency, Nyesom Ezenwo Wike CON GSSRS, the Governor of Rivers State, deserves special commendation. The testimonies of His Excellency’s hard work, abound. You can see the visible progress being made in the construction of the National Industrial Court Complex. Work at the Court of Appeal, is also progressing. His Excellency’s commitment to the Rule of Law, is palpable. Vacancies in the Higher Bench, are continuously being filled. It only behoves of us all, to join hands with him to etch Rivers State as a legal services hub, east of the Niger. This would be good for us, good for business, and ultimately, good for our general well-being. Finally, I wish us all well in the days, months and year ahead. God bless us! God bless Rivers State! God bless Nigeria! Speech of the Honourable Attorney-General and Commissioner of Justice, Rivers State, Emmanuel Chinwenwo Aguma, SAN at the Beginning of 2017/2018 Legal Year, Rivers State, October 20, 2017

16/

24.10.2017

˾ TUESDAY, OCTOBER 24, 2017

MARKET NEWS

Q3: Caverton Offshore Support Group Posts N1.2bn Profit Goddy Egene Caverton Offshore Support Group (COSG) Plc a leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria has increased its profit for the nine months ended September 30, 2017. According to the results released yesterday, the company posted some improvement compared to the corresponding

period of 2016. COSG reported a revenue of N14.834 billion in 2017, up from N14.448 billion in 2016. Administrative expenses was reduced significantly from N7 billion to N3 billion in 2017, while finance costs fell to N1.056 billion from N1.143 billion. The company ended the nine months with a profit after tax of N1.193 billion in 2017, as against a loss of N1.041 billion in 2016. Speaking on the results and future prospects, the Chief Executive Officer of COSG

A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

Mr. Bode Makanjuola said the company has been able to contain the administrative expenses during the period by about 61 per cent arising majorly from the impact of the government intervention in stabilising the foreign exchange rate market as well as consistent paying down of their loan which now resulted in their finance charge dropping by eight per cent. According to him, as Nigeria gradually moves out of recession,

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 20Oct-2017, unless otherwise stated.

the company remains optimistic for an improved business operating environment. “The impending commencement of our helicopter service contract for Chevron as well as the completion of our Maintenance, Repair and Overhaul facility (MRO in Lagos are just some of the positive developments we are looking forward to. Meanwhile we are doubling efforts to refocus our marine business strategy and are confident of positive results

as we move into Q4. With the revenue increasing by three and profit after tax of 169 per cent over 2016 Q3 result, we remain determined to ensure optimal use of the business resources,” he said. Market operators had raised bright prospects for COSG when the company said its subsidiary, Caverton Helicopters, had been awarded a 5-year logistics support contract by Chevron Nigeria Limited (CNL), operator of the Nigerian

National Petroleum Corporation (NNPC/CNL Joint Venture, for provision of aviation services with a two- year renewable option. Caverton will service this contract with 11 Bell manufactured helicopters in line with CNL’s requirement and as part of the contract, Caverton will provide guaranteed medevac response to CNL 24 hours a day, seven days a week, covering their entire area of operations.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 176.45 177.38 39.03% Nigeria International Debt Fund 234.57 234.53 10.71% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.81 0.82 16.25% ACAP Income Funds 0.61 0.61 75.08% 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 18.00% 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 17.41 17.93 41.01% ARM Discovery Fund 366.64 377.69 27.67% ARM Ethical Fund 25.75 26.53 15.28% ARM Money Market Fund 1.00 1.00 17.77% 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 146.02 147.05 38.83% AXA Mansard Money Market Fund 1.00 1.00 18.45% 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 18.47% 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 1,102.52 1,103.61 8.89% FBN Heritage Fund 146.92 148.18 31.79% FBN Money Market Fund 100.00 100.00 17.85% FBN Nigeria Eurobond (USD) Fund - Institutional $111.39 $112.55 8.38% FBN Nigeria Eurobond (USD) Fund - Retail $110.85 $112.01 8.60% FBN Nigeria Smart Beta Equity Fund 154.83 157.08 37.51% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 1.37 1.40 47.34% Legacy Short Maturity (NGN) Fund 2.90 2.90 13.02% 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 2,902.27 2,942.51 31.99% Coral Income Fund 2,391.15 2,391.15 14.74% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 18.02% 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 17.85% Vantage Balanced Fund 2.05 2.08 22.34% Vantage Guaranteed Income Fund 1.00 1.00 18.58% Kedari Investment Fund (KIF) 111.80 111.80 15.22%

LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.14 1.16 15.61% Lotus Halal Fixed Income Fund 1,026.58 1,026.58 9.06% 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 13.02 13.13 34.74% 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 20.44% PACAM Fixed Income Fund 10.85 10.89 4.28% 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 128.53 130.47 26.68% 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 1.40 1.40 12.10% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 2,195.40 2,208.55 19.91% Stanbic IBTC Bond Fund 171.46 171.46 11.37% Stanbic IBTC Ethical Fund 0.98 0.99 27.92% Stanbic IBTC Guaranteed Investment Fund 213.13 213.13 14.04% Stanbic IBTC Iman Fund 170.48 172.67 31.30% Stanbic IBTC Money Market Fund 100.00 100.00 18.23% Stanbic IBTC Nigerian Equity Fund 9,497.30 9,608.73 25.25% 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 1.31 1.32 16.97% United Capital Bond Fund 1.50 1.50 22.54% United Capital Equity Fund 0.88 0.89 30.36% 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 12.54 12.73 29.17% Zenith Ethical Fund 13.18 13.33 20.49% Zenith Income Fund 18.67 18.67 12.79%

REITS NAV Per Share

Yield / T-Rtn

11.41 131.31

1.01% 5.92%

Bid Price

Offer Price

Yield / T-Rtn

10.71 136.85 106.60

10.81 139.81 108.61

24.12% 38.33% 40.68%

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

4.53 8.96 17.12 20.45 139.93

4.57 9.04 17.22 20.65 141.93

63.57% 27.30% 44.63% 28.04% 10.35%

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

T H I S D AY TUESDAY OCTOBER 24, 2017

TUESDAY OCTOBER 24, 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Ghana Asks Nigeria to Fully Deregulate Price of Petrol, Ban Dirty Fuels Ejiofor Alike Ghana has called on the federal government to deregulate the price of petrol, stressing that as the largest market for products in West Africa, any failure on the part of Nigeria to implement full deregulation would distort the envisaged sub-regional market. Speaking yesterday in Lagos at the 11th Oil Trading and Logistics (OTL) Expo, the Ghana’s Deputy Minister of Energy, Dr. Mohammed Amin Adam, also stressed the need for African countries to move to cleaner petrol, saying that Ghana, Nigeria, Kenya and a host of other African countries had specified Sulphur levels for diesel imported at 50 parts per million (ppm) maximum, with a view to meeting the specification of 10 ppm in the medium term. He said Ghana implemented full deregulation in July 2015 and has also implemented the 50 ppm specification for petrol, adding that a number of other African countries, pressured by the increasing subsidy payments, have put mechanisms in place to deregulate the industry and relieve government of the burden of unsustainable subsidy payments. Amin added that for some countries, the governments had the opportunity to introduce market based policies such as price deregulation and reduction or removal of price subsidies. He noted that following the sustained lower oil price environment of the last three years, there has emerged what he described as “Petro-democracy” in which citizens demand for greater accountability from their Governments and players in the petroleum industry. “In some

countries, the demand for domestic prices to follow a symmetrical trend with international prices led to downward adjustments in prices. This involves allowing the forces of demand and supply to dictate prices with a view to fully recover the cost of investments made by service providers,” he said. According to him, Nigeria, for example, has deregulated the pricing of diesel, while steps are far advanced for gasoline prices to be deregulated. Anin, who spoke alongside the Chief Executive Officer of Ghana’s National Petroleum Authority (NPA), added that his country has, largely, fully deregulated the industry with the exception of Residual Fuel Oil (RFO) and Premix fuel, which are still being regulated by government. He also added that Kenya and South Africa have deregulated their pricing regimes, which has catapulted the industry to that of a market-driven one. “This bold decision to fully liberalise petroleum product prices has energized the sector, resulting in competitive pricing, better service delivery and improving the enabling environment for private sector-led investments in the sector. I wish to call on the Nigerian Government to make efforts at reaching full price deregulation given that it is the largest market for products; and any failure on its part can be very distortionary on the subregional market we all envisage,” he explained. Amin also called on the West African countries to make efforts to sustain the gains from deregulation policies by creating financial buffers and increasing

strategic reserves to stabilise the markets when the fundamentals change in favour of higher prices. “At the same time, we must put in place policies that punish domestic cartelisation and other forms of anti-competitive behaviours. This will make deregulation policies become effective instruments for increasing public confidence in our free markets, and prevent us from returning to the days of subsidies and under-recoveries, which have had very negative long-term effects on many economies,” he added. He also argued on the need for Africa countries to transit to low Sulphur fuel, saying this drive to move from dirty fuels to cleaner fuels has resulted in most countries opting to tighten the specifications for petrol and diesel. “In line with ARA’s AFRI 4 specification, Ghana, Nigeria, Kenya and a host of other African countries have specified Sulphur levels for diesel imported at 50 ppm maximum, with a view to meeting the specification of 10ppm in the medium term. The clarion call for African countries to move to cleaner fuels presents an opportunity for investments in domestic refineries to meet national specifications, allowing the downstream to be supportive of the development goals of African economies,” he said. Also speaking at the conference, the Chairman of OTL Advisory Board and Chief Executive Officer of Petrowest Energy, Mr. Reginald Stanley said the downstream sector in Africa had been plagued by plethora of challenges.

Brexit: Juncker Says Reports of His Dinner with Theresa May ‘Untrue’ European Commission President Jean-Claude Juncker has denied leaking an account of his working dinner with Theresa May, saying he is “really surprised” at what’s been reported. “Nothing is true in all of this,” Mr Juncker said, adding the PM had not been “tired” as a German paper said. Mrs May is about to update MPs following last week’s EU summit. Before the summit, she held talks in Brussels with Mr Juncker in an attempt to move negotiations on. Earlier her ex-adviser Nick Timothy accused EU official Martin Selmayr of being the source of an account in a German paper claiming Mrs May was politically weak and had “begged for help” at a dinner. He claimed it showed “some in Brussels want no deal or a punitive one”. Mr Selmayr denied involvement

and said it was an attempt to “frame” the EU. And asked by the BBC if he’d spoken to the German press, Mr Juncker said: “No, never. I am really surprised - if not shocked - about what has been written in the German press. “And of course repeated by the British press. Nothing is true in all of this. I had an excellent working dinner with Theresa May. She was in good shape, she was not tired, she was fighting as is her duty, so everything for me was OK.” The apparent leak of what happened in the dinner follows a similar incident in April, when Mrs May accused some in the EU of “meddling” in the general election campaign after details of a dinner between her and Mr Juncker in Downing Street appeared in the German press. Downing Street said it had no

comment on the latest reports and pointed out that both sides were of the view that the recent get-together had been “constructive and friendly”. And Foreign Secretary Boris Johnson said that although the tone of last week’s summit was “more positive” than he expected, he wanted the EU to “get on” with talks on trade. The UK triggered the two year process of leaving the EU in March - which means that any agreement on the terms of leaving, and the future relationship, needs to be in place for 29 March 2019, which is the official date for Brexit to happen. As discussion continues about what might happen when the UK leaves the EU, five leading business groups have joined forces to call for a swift agreement on a transitional deal in which firms can operate largely on the same basis as now.

Catalonia Spain: Officials ‘Won’t Follow Catalan authorities will not follow orders from the Spanish government if Madrid moves to reassert control over the region, a senior official says. Foreign affairs spokesman Raul Romeva told the BBC the central government was acting against the will of Catalans. Spain’s Prime Minister Mariano Rajoy has announced

plans to sack the region’s government and curtail some of the freedoms of its parliament. The Catalan parliament will meet on Thursday to decide on its response. The pro-independence leaders could decide to formalise a unilateral declaration of independence, the BBC’s Bethany Bell in Barcelona

reports. The Spanish Senate is expected to approve the government’s measures on Friday along with a proposal for fresh regional elections. The Catalan government, led by President Carles Puigdemont, has refused to halt an independence drive following an outlawed referendum held earlier this month.

T H I S D AY TUESDAY OCTOBER 24, 2017

ADVERTORIAL

TUESDAY, ͺͼ˜ ͺ͸͹Ϳ ˾ T H I S D AY

NEWS

Boko Haram Unleashes Suicide Bombers on Maiduguri, Kills 16 UN disputes FG’s claims, says three LGs remain occupied in Borno Michael Olugbode in Maiduguri Boko Haram on Sunday night unleashed suicide bombers on Maiduguri, the Borno State capital, leading to the deaths of 16 persons and 18 others sustaining injuries. The suicide bombers who were unleashed at two locations in the troubled town, claimed 16 lives, according to the Borno State Commissioner of Police, Damien Chukwu.

Chukwu, in a text message to journalists, said the attacks happened at the notorious Muna garage area, where many had been killed in the past by suicide bombers, and at Muna Dalti. The text of the police commissioner read: “On 22-102017 at about 2020hrs, a male suicide bomber detonated an IED strapped on him at Muna garage killing himself and thirteen persons, with five injured. “In another development at Muna Dalti, two female suicide

bombers detonated the same killing themselves and injuring thirteen.” Chukwu revealed that the injured persons were conveyed to the University of Maiduguri Teaching Hospital (UMTH) for treatment while the corpses of the dead were evacuated from the scenes of the attacks. He said: “EOD/other police teams have been deployed to sanitize scenes & environs. “In all, 16 persons were killed while 18 others were injured in

the three explosions.” In a related development, the United Nations’ Office for the Coordination of Humanitarian (OCHA) at the weekend disputed the claims by the Nigerian government that it has contained the Islamist terror sect and recovered all local government areas once occupied by the sect. It said in a report that at least three local government areas in Nigeria were still cut off due to the presence of Boko Haram

insurgents, reported online news site, Premium Times. The claim came weeks after the military command in Northeast Nigeria announced that no part of Borno State was under the control of the deadly group. But the UN said despite efforts by the military, some locations in Borno, including three whole local government areas, remained inaccessible to aid workers as a result of the threat posed by the Boko Haram sect.

It said Boko Haram hostilities that slowed down due to the rainy season might increase in the coming months. “Insecurity, the presence of mines, improvised explosive devices, and unexploded ordinances had continued to slow down the response of humanitarian agencies in Borno, Yobe and Adamawa States,” said OCHA’s monthly report for September 2017, titled, “North-East Nigeria: Humanitarian Situation Update.”

Olu Onagoruwa: An Uncommon Legal Luminary and Scholar Oba A. Otudeko To everything, there is a season, and a time to every purpose under the heaven: A time to be born and a time to die… (Ecclesiastes 3: 1 and 2) We find comfort in these instructive words of the Holy Book as we join family, friends, associates, the Odogbolu community, the Yoruba nation and indeed the Nigerian state to mourn the passing of a national icon, our brother and friend, Dr. Gabriel Olusoga Onagoruwa, SAN, OFR. Referred to in the homestead as Brother Soga, our brother and friend, lived a remarkable life of service to his nation and humanity. An embodiment of brilliance, wisdom, erudition, nobility and dignity, Onagoruwa was a revolutionary, giant and leading light of the legal profession, who not only served as AttorneyGeneral of the Federation, but more importantly used the instrument of the law and constitutionality as the pedestal

history of Nigeria. Onagoruwa was an inspiration to lawyers of his generation and did well by bequeathing a worthy legacy to future generations of lawyers through his numerous published works, which remain rich sources of learned pivots of law. Onagoruwa was also a

community leader of repute. A proud son of Odogbolu, he identified with his people and was an active voice for the Yoruba nation, even amidst his patriotic and nationalist predispositions. More importantly, Onagoruwa was a loving husband and dutiful father. He was a loving family man to the core. He nurtured a noble, honest and hardworking family, and the union between him and his late wife, Mrs. Titi Onagoruwa, was exemplary. But he also had his fair share of life’s tribulations: With the tragic loss of his first son, Toyin, his health challenges and the subsequent death of his wife, in that succession, Onagoruwa lived the later part of his life in relative quiet and solitude – perhaps, a faithful reminder of the Divinity of God Almighty. What is however certain is that tragedy would never diminish Onagoruwa’s phenomenal life of outstanding achievements. A Fulbright scholar, brilliant mind and a methodical thinker, he capped his academic exploits

with a Ph.D in Law, served as the Attorney-General and Minister of Justice for Nigeria, was an erudite teacher of law with over 250 articles in journals and the media, and was elevated to the rank of Senior Advocate of Nigeria (SAN), amongst other numerous accomplishments. His death has once again depleted the fading elites of Nigeria’s golden generation, a generation of genuine patriots, nation builders, exemplary men and women of integrity, principle and outstanding courage in leadership. But we take solace in the knowledge that he left a commendable legacy for his children and the entire Onagoruwa family of Odogbolu. We pray that the precious and noble soul of Dr. Gabriel Olusoga Onagoruwa rests in perfect peace even as we commiserate with his loving children on their irreparable loss.

to disengage Alhaji Maina is as a result of the huge public outcry that trailed news of reinstatement. “It is also obvious that the Buhari administration has no interest in fighting corruption but condones it where cronies, close family and friends are involved. “Assuming, but not conceding, that President Buhari was indeed unaware of Alhaji Maina’s reinstatement as claimed by his spokespeople, it is clear that he is not in charge of his government and as such is unaware of the level of illegality and corruption being perpetrated by officials of his administration. “Either way, the inescapable conclusion is that President Buhari is unable or unwilling, to fight corruption in his administration. “The only way President Buhari can redeem his image is to order a speedy investigation into the matter and to sack all officials in his administration involved in Alhaji Maina's reinstatement, including the Attorney General of the Federation on whose legal advice the reinstatement was done in the first place. “Anything less will reveal the Buhari administration for what it truly is – a hypocritical administration that is prepared to look away when corruption is perpetrated by cronies and close family members which will only act when public outcry is intense.” Joining in the chorus, Nigerians

took to the social media to express their dismay at Maina’s reistatement. The issue saw several Nigerians blaming Buhari while others blamed “the cabal” in the presidency for the recall. Hours after the scandal was broken by a report by Premium Times, Nigerians had expressed dismay at Maina’s recall given the anti-corruption stance of this present administration. Although the issue had almost died down, it was again brought to the fore yesterday with the announcement from the presidency that Maina had again been sacked and a probe instituted. Amongst those who bayed for blood was Charles Obi who on his Twitter handle said: “On Maina, we are meant to believe that Buhari is sidelined in his own government that he doesn’t even know what his appointees are up to.” Israel Ebije said: “Good thing @MBuhari has sacked Maina. That should not be the end, he should sack the useless cabals responsible for the scandal.” Obinna Ezzy said: “The president didn’t know about the NNPC issue, the president didn’t know about Maina’s reinstatement, what exactly does he know about?” Social Media Entrepreneur, Japheth Omojuwa said: “@ MBuhari has had many lows, but reabsorbing Maina into the civil service is the lowest! Big

fat shame! This is obnoxious! “If Maina isn’t arrested at the point of entry into Nigeria, I suggest at that point we stop all the corruption prosecutions. End the game!” Abubakar Atiku also said: “@NGRPresident @MBuhari That’s not enough Mr. President! Who facilitated his reinstatement and what will happen to them? Your chief of staff is part of your problems.” Udo Ilo said: “@NGRPresident @MBuhari The fact that this happened at all is very disturbing and points to a grave dysfunctional governance system.” Gabriel Patterson said: “@ NGRPresident @MBuhari How he was re-engaged in the first place needs to be probed as this damage control mechanism cannot fool people.” There were also those who opined that just sacking the recalled Maina was not good enough, rather all those involved in his recall process should get the boot too. They also tasked the presidency to not just call for a probe but to follow through unlike past reports that have been swept under the carpet. Towing that line of thought was Ade Banique, who charged the presidency to not just sack Maina with immediate effect but to “fire and prosecute those who recalled Maina, act on the ex-SGF report, then I will know President Buhari is back.”

TRIBUTE for his selfless advocacy for justice, press freedom, human rights and greatest good for the greatest number. Radical, bold and courageous, Onagoruwa was never afraid to speak truth to power, acting many times as the conscience of the nation. He fought many battles for the common man in courtrooms and also with the proverbial pen, said to be mightier than the sword. The nation will never forget how, six months into his tenure as Attorney-General of the Federation, he strongly dissociated himself from some “draconian” decrees and decisions of the government he was serving in. Of course, this eventually led to his exit from the administration but Onagoruwa would rather err on the side of constitutionality. Such was the strength of his conviction, level of principle and utmost belief in the tenets of the law. One may be right to say the

Onagoruwa nation has not witnessed the level of legal activism, social crusade and courage in the face of tyranny exhibited during the era of Onagoruwa and his friend and fellow human rights lawyer, the late Gani Fawehinmi, SAN. Those were interesting and defining times in the chequered

t0UVEFLP $IBJSNBO PG )POFZXFMM (SPVQ XSJUFT GSPN -BHPT

HOW MALAMI, DAMBAZAU PLOTTED MAINA’S REINSTATEMENT N2 billion pension funds. Speaking to THISDAY on the visit by EFCC operatives to Maina's residence, EFCC Head of Media and Publicity, Wilson Uwugiaren said “it is true that our operatives visited his house”. Uwugiaren further stated that the commission was preparing to expand its investigation and launch a manhunt for Maina who was said to have sneaked into the country and has been shuttling between Abuja and Kaduna since his return from the UAE.

PDP Demands Dambazau, Malami’s Sack However, in its reaction to the Maina’s recall, the Peoples Democratic Party (PDP) called on the president not to downplay the criminality associated with the reinstatement of the suspended former head of the Presidential Task Force on Pension Reforms. PDP, in a statement by its spokesman Dayo Adeyeye, said apart from the arrest and prosecution of Maina, Buhari should also sack Dambazau and Malami for their alleged complicity in the saga. PDP said Maina was given an assignment by the last administration to superintend the now defunct Presidential Task Force on Pension Reforms, but that he allegedly “dipped his hands into the jar and helped himself to billions of naira of what

he was supposed to safeguard”. The party said the president should understand that this is a moral and criminal issue and should be so treated. “We therefore demand the immediate arrest and prosecution of Maina for his atrocities, the arrest and prosecution of those who helped him return to the country and got restored to his duty post with promotion added. “We also demand the immediate sack of the Minister of Internal Affairs, Abdulrahman Dambazau and the AttorneyGeneral of the Federation and Minister of Justice, Abubakar Malami who have been fingered in the illegal act of restoring Maina to office against good conscience,” it said. PDP also alleged that Maina was reported to have been paid his salary arrears amounting to N22 million, which he collected upon approval and release by the AGF. “We dare the government of the day-to-deny this with verifiable evidence. We are shocked and sad as well that the Economic and Financial Crimes Commission (EFCC) with its viable network under the administration of the PDP has suddenly lost steam to the point that it was not aware of the entrance of a high class wanted criminal into the country until the media exposed it. “It is not too shocked at the steps taken by the administration of the All Progressives

Congress (APC) in reinstating a supposed criminal and fugitive, Abdulrasheed Maina to office instead of getting him arrested,” it said. Also weighing in on the issue, popular musician and convener of the Mumu Don Do Group, Charles Oputa, also known as Charly Boy, yesterday accused Buhari of harbouring corruption among his cronies, family members and close associates. In a statement signed by Charly Boy and a coalition of civil society groups, the group said: “We have read reports of the reinstatement and promotion of Alhaji Abdulrashid Maina, the former chairman of the Presidential Task Force on Pension Reforms, who was dismissed from the Federal Civil Service for abandoning his duty post and evading arrest for his involvement in the looting of pension funds to the tune of N100 billion. “We have also read the statement released by the presidency ordering his disengagement from the civil service. “It is disturbing that a wanted fugitive who has evaded arrest for several years was reinstated and promoted into the civil service. It is also disturbing that this reinstatement follows a disturbing trend where people previously dismissed from the civil service for engaging in acts of corruption are reinstated by the federal fovernment. “It is obvious that the decision

TUESDAY OCTOBER 24, 2017 ˾ T H I S D AY

NEWS

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

Osinbajo: Nigeria Still Grappling with Consequences of Malabu Oil Scandal Says hidden corporate ownership poses real danger Tokunbo Adedoja in Jakarta Vice-President Yemi Osinbajo yesterday in Jakarta, Indonesia, said Nigeria was yet to overcome the consequences of the shady award of OPL 245 to Malabu Oil and Gas Limited in 1998. Osinbajo made the remark while addressing the conference on beneficial ownership organised by the Extractive Industries Transparency Initiative (EITI). Malabu, which has been described as one of the largest corruption scandals in the global oil industry involved controversial $1.3 billion deal on OPL 245 perceived as the most valuable oil field in West Africa. Investigation on the scam is being conducted in Nigeria, Italy and Netherlands because of the involvement of oil giants, Shell and ENI, as the oil block, comprising about 9 billion barrels of crude oil, was sold to Shell and ENI at the rate of $1.3 billion in 2011. The proceeds were said to have been shared among public officials in Nigeria as bribes while the government allegedly got $210 million as signature bonus on OPL 245. But Osinbajo, in his speech, observed that the scam had been

a subject of criminal and civil proceedings in different countries with huge legal costs while the intended blessings of the natural resource has continued to elude Nigerians. He said hidden corporate ownership poses real and present danger to Nigeria and most countries, especially developing nations. “Masked or hidden corporate ownership is deeply implicated in the sad story of our underdevelopment,” the vice president said. He cited a 2014 report by the One Campaign, titled: ‘One Trillion Dollar Scandal,’ which claims that developing countries lose $1 trillion annually to corporate transgressions - most of it traceable to the activities of companies with secret ownership - and a 2015 report of the High Level Panel on Illicit Financial Flows from Africa which noted that Africa had lost over $1 trillion over a 50-year period and loses more than $50 billion annually to illicit financial flows. Noting that most of these illicit flows are perpetrated in the extractive sector and through companies with hidden ownership, Osinbajo said: “So for us in the developing world and

especially in Africa, breaking the wall of secret corporate ownership is an existential matter. It is for us literarily a matter of life and death.” He added that while anonymous companies were not always illegal or not always designed to harm, the secrecy around their ownership provides a convenient cover for criminals and corrupt individuals. “Our lives experience has shown clearly that anonymous corporate ownership could serve as vehicles for masking conflicts of interest, corruption, tax evasion, money laundering, and even terrorism financing,” he said. Buttressing his point, Osinbajo said Nigeria had been contending with the consequences of such opaque company ownership. “Nigeria is still grappling with the negative consequences of the

use of opacity by senior members of government and their cronies between 1993 and 1998, awarding themselves juicy contracts in the extractive industry. One of such incidents involving a company called Malabu Oil and Gas has been and is still subject of criminal and civil proceedings in many parts of the world which involves huge legal costs while the full benefit of the natural resource remains unexploited for the benefit of the people of Nigeria to which it belongs,“ he said. Calling for global efforts to tackle the problem of hidden corporate ownership, the vice president said this was not just a developing world’s problem, adding: “We live in a more interconnected world, and anonymous companies have footprints and tentacles that do not respect the developed/developing divide.”

He said even when the degree of exposure might differ, the whole world was at risk of the dangers posed by anonymous corporate ownership. Osibanjo said the Panama Papers clearly illustrated the global scale and spread of this problem, noting that this is a global challenge and nothing less than a truly global approach will be needed to tackle it. He commended the United Kingdom, Norway, Netherlands and Denmark for leading the way in establishing public registers of the real human owners of companies in their countries, and called on other G8 and G20 countries not only to follow suit by initiating actions to end corporate secrecy at home but also in their dependencies. “It is important to underscore the fact that opacity in one section

of the globe undermines openness in the other. We need to break down this wall together as we are all at risk of the evil effects of opacity in business ownership,” he said. While lauding Open Ownership and its partners for establishing a global register of beneficial ownership with entries on about two million countries, he noted that current legislative measures in those countries may need to go farther to effectively discourage or totally prohibit non-disclosure agreements with big corporates, and to re-evaluate the use of secret trusts to hide beneficial ownership from the prying eyes of the law. He observed that laws passed in some very developed countries did not go far enough to set the examples really needed as they

Cont’d on page 45

FG’s Suit against Shell, Eni Adjourned A Federal High Court in Lagos was yesterday forced to adjourn continuation of hearing until November 15 in a suit filed by the federal government against Shell Western Supply and Trading Limited over alleged crude oil shipment worth $406.8 million. The suit, filed by the federal government counsel, Fabian Ajogwu, has Shell Petroleum Development Company of Nigeria Limited (SPDC) and its subsidiary - Shell Western Supply and Trading Limited as defendants. The News Agency of Nigeria (NAN) reported that continuation of the trial was stalled yesterday following the absence of the judge, Mojisola Olatoregun, who was said to be attending a conference in Abuja. Similarly, a case before the same court involving the federal government and Agip, a subsidiary of oil giant Eni, which was also scheduled for yesterday, was also fixed for November 15 for hearing. The plaintiff is claiming the sum of $406.8 million from the defendants, representing the shortfall of money paid into the federal government account with the Central Bank of Nigeria (CBN). The money is for the crude oil lifted in 2013 and 2014. In a supporting affidavit, the federal government had accused the Anglo-Dutch company of not declaring or under declaring crude oil shipments during the period. It said it was discovered following a forensic analysis of bills of laden and shipping documents, adding that Shell cheated Nigeria of the revenue. According to the affidavit, the consortium of experts tracked the

global movements of the country’s hydro-carbons, including crude oil and gas. It identified the companies engaged in the practices that led to missing revenues from crude oil and gas export sales to different parts of the world. It also revealed discrepancies in the export records from Nigeria with the import records at United States ports. The plaintiff averred that the undeclared shipments between January 2013 and December 2014 brought the total value of the entire shortfall to $406.75 million. The defendants were said to have failed to respond to a federal government letter through its legal representative, seeking clarification on the discrepancies. The federal government is, therefore, seeking a court order to compel the two companies to pay $406.8 million being the total value of the missing revenue and interest payment at 21 per cent per annum. In addition, the government is also asking Shell to pay general exemplary damages in the sum of $406.75 million as well as the cost of the legal action instituted against it. The federal government had also sued Chevron, Total and Agip in a similar case before the court. It is asking for a total of $12.7 billion over alleged nondeclaration of 57 million barrels of crude shipped to the US between 2011 and 2014. The oil companies are among 15 oil majors targeted by the government for the recovery of $17 billion in deprived revenue.

I AM LOYAL,YOUR MAJESTY

Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II (second left), and the 15th Aare Ona Kakanfo, Chief Gani Adams, during a historic visit to Ile Oodua Palace in Ile Ife....yesterday

Lamido Formally Informs PDP of Presidential Ambition Onyebuchi Ezigbo in Abuja Former Jigawa State Governor, Mallam Sule Lamido, has notified his party, the Peoples Democratic Party (PDP), of his intention to run for the presidential ticket of the party in the 2019 election. In a letter to all PDP members across the country which was obtained by THISDAY yesterday, Lamido said all the party needs to reposition the country is to take over power in 2019 and bring it back to its path of recovery. Lamido lamented that the nation has departed from the dreams of its founding fathers. “Today, 57 years after the independence of our dear country, can we in all sincerity claim to have achieved the dream of our founding fathers? Where did we fail and from where did we begin to fail? Nigeria with

its natural endowment and human capacity cannot be forgiven for being otherwise. We cannot even demonstrate our ability and capacity to meet domestic, regional and global challenges which currently seems to overwhelm us. “The PDP will and must lead the nation back into a bright, progressive, and innovative future,” his letter read. He said the PDP must rekindle in Nigeria a new hope, a nation of united people with a common and assured destiny. “To the world, Nigeria must demonstrate our confidence, tenacity in our ability and capability to address our domestic regional and global challenges that confront us. It is against this background that I offer myself to vie for the office of the president of the Federal Republic of Nigeria in 2019 if my party finds me

worthy to fly its flag,” the letter reads. The former governor noted that the PDP have enough talents to salvage the nations from its current woes. “I am no means claiming to be the only capable material, any PDP member given the trust and support can fly our flag, and I expect many more aspirants will express the desire to run. My hope and prayer is that at the end of all the process which I hope will be open, fair, transparent and credible is to give Nigerians in 2019 candidate who will lead the party and Nigeria. This is because there is no alternative to PDP in 2019, it will be a defining moment in the Nigerian political evolution,” Lamido said in the letter. He said why the clamour for restructuring rages, the most important aspects of addressing the Nigerian economy by

creating prosperity would make the debate less emotional and sentimental. “Our imperfect union as a federation should not be an excuse for our legendary failure which appears to have found vent in the call for restructuring, a union of multi-ethnic multilingual and multi-religious can certainly task the best of human capacities, but that is precisely the challenge and how to work on it and build a nation of people of a common destiny, and this is where the PDP must rise to the challenge. “The starting point is where the PDP began in 1998 and critical to it is creating an open environment in which every Nigerian must not only been seen to be, but must be an equal stakeholder and therefore restoring trust and faith in our shared union and this PDP was able to achieve in its first four years,” Lamido said.

TUESDAY OCTOBER 24, 2017 ˾ T H I S D AY

NEWSEXTRA

FIRS Attains 79% of 2018 Budget Target Abia uses Paris Club refund to clear salaries Our achievements are there for all to see, Buhari replies Jonathan Olawale Ajimotokan in Abuja The Federal Inland Revenue Service (FIRS) has disclosed that it has achieved through tax collection 79 per cent of the N4.9 trillion budget for 2018. The disclosure was made yesterday by the Chairman of FIRS, Mr. Babatunde Fowler, while fielding questions from journalists at the conference organised by Nigeria Governors’ Forum (NGF) for media handlers of states’ chief executives. Fowler said FIR and all its affiliated agencies, including the Joint Tax Board (JTB), would attain 100 per cent of its tax revenue target by December 31. He lauded the JTB headed by its Executive Secretary, Chief Oseni Salawe Elamah, for ensuring efficiency and transparency in tax collection across all tiers of government. Fowler said in trying to make tax collections more efficient, FIRS had introduced technology which would enable all tax payers to make any tax payments anywhere in the world, including downloading tax receipts and appointing tax

collectors online. “We are trying our best to make collection more efficient through cutting-edge technology. We are doing our best to make sure tax due goes into government coffers. And at the last count, we have hit 79 per cent of budget and before December 31, we will achieve 100 per cent of the budget target of N4.9trillion, “Fowler said. Meanwhile, the Abia State Governor, Okezie Ikpeazu, has disclosed that the state has deployed the first and second tranches of the Paris Club refund in clearing the outstanding salaries of the state workers. The state Deputy Governor, Ude Oko Chukwu, who stood in for Ikpeazu, at the Conference, said the state got N16.3 billion as Paris Club Fund and N14.2 billion as federal government bail-out fund. He said the government implemented a recommendation of a report of a labour committee drawn from Nigeria Labour Congress (NLC), Nigeria Union of Teachers (NUT), National Union of Local Government Employees (NULGE) and Joint National Congress (JNC) that 100 per cent of the received funds from the Paris Club Fund money should be devoted to salary

payment. According to him, the government has generated N600 million per month through the reduction of the monthly salary bill of N2.8 billion to N2.6 billion. The deputy governor added that following the discovery of 16 sub-treasuries used for sharp practices and as conduit pipe to pay ghost workers, including 131 teachers, who were collecting retirement benefits while still in active service. He said the illegal payment to the teachers saved the state N493million, adding that the government had now resolved to convert the money as gratification to the teachers that received the payment after retirement. Meanwhile, President Muhammadu Buhari said his administration has recorded concrete achievements which are there for all to see, contrary to the opposition’s statement that the administration is running on propaganda and lies. Buhari, who was represented by the Minister of Information and Culture, Alhaji Lai Mohammed, made the assertion at the opening of the two-day Conference for Media Handlers of States’ Chief Executives. Providing facts and figures,

NMA: Why FG Can’t Stop Doctors from Private Practice Hammed Shittu in Ilorin The Nigerian Medical Association (NMA) yesterday reacted to the new policy of the federal government banning medical doctors in public health institutions from engaging in private practices during working hours, describing such action as illegal. The association also asked the federal government to come out clear and define what it meant by working hours because according to it, doctors in public hospitals were already working more than the 40 units required by law. NMA’s National President, Mike Ogirima, a Professor of Orthopaedics and Trauma Surgery, disclosed this in Ilorin, Kwara State capital, while speaking with journalists to mark the ‘2017 Physicians Week’. The text of the address was signed by the association Secretary General, Dr. Yusuf Tanko Sununu. The theme for the 2017 Physicians Week is ‘Declining Immunisation Coverage: Threat

to National Development and Security, Way Forward’. According to him, “The attempt to stop private practice by doctors working in public health institution is against the law of the land. NMA frowns at our members who use the working hours to attend to their private clinics/hospitals. “Government should enforce the law by reconstituting the Medical and Dental Council of Nigeria (MDCN). Government must not dissolve the MDCN without immediate reconstruction, we want it in perpetuity. “NMA will work in tandem with the government to discipline erring members subjecting them to MDCN’s disciplinary tribunal which has since being in limbo because of lack of MDCN.’’ Speaking further, the NMA president lamented that in the last two weeks, NMA had lost six members because they were ‘‘overwhelmed with work overload and had stress-related death. ”He said currently, doctors in Nigeria were working below the

Justice Nwokedi Goes Home The burial arrangements of a retired Supreme Court judge, Justice Paul Nwokedi, who died on September 3, has been released. According to programme of activities obtained by THISDAY from the family yesterday, on Wednesday, October 25, at 12p.m., a Special Court Session of the Supreme Court of Nigeria will be held in his honour. This will be followed by a Joint Special Session of the High Courts of Anambra, Ebonyi and Enugu States on Tuesday, October 31 by 10a.m. That same Tuesday, by 5p.m, a service of songs will take place

at the late Justice’s residence at Ila Abakiliki Lane G.R.A Enugu, and will be followed by another service of songs and vigil mass at his home in Anambra on Thursday, November 2. On Friday, November 3, a Requiem Mass at St. Paul’s Catholic Church will be held for Justice Nwokedi, before he is intered at his Uthoko Compound III residence in Akwa, Anambra. A cultural funeral celebration will hold the next day in Akwa, before the burial festivities is brought to a close by a Family Thanksgiving Mass at St. Paul’s Catho;ic Church, Achalla.

World Health Organisation (WHO) standard which prescribed a ratio of one doctor (1:600) patients as against one doctor to over to over 200, 000 (1 :200,000) patients obtainable in Nigeria. ‘‘By law, doctors are supposed to work for only 40 units, but we have doctors working for up to 80 units. If you want me to work more than 40 units, pay me for more than 40 units. So if you want to enforce it, maybe we should start from there,” Ogirima said. He decried a situation where governments at the states and federal level claimed they don’t have money to employ doctors but embark on ‘‘white elephants projects which some of them may not even complete, such is a shame for this country.’’ Reflecting on the theme for the 2017 Physicians Week which he said ‘‘calls for sober reflection,’’ the NMA president said: ‘‘The 2006/2017 national immunisation coverage survey indicates that only 33 per cent of children 12 to 23 months of age had three doses of petavalent vaccine against the global target of 90 per cent and only 23 per cent were fully immunised. Forty per cent of them do not receive any vaccines from health system. ‘‘The implication of this finding is that large population of our children particularly under five years of are unprotected and are therefore at risk of dying from vaccine preventable diseases such as measles, diphtheria, pertussis, tuberculosis among others, and also in infectious risk to other children in near and distant places.” He urged Nigerians to disregard rumour making the rounds that government was injecting poisonous substances in children through immunisation, saying such rumours were not true.

the president listed the administration achievements in ending subsidy and yet ensuring the availability of petroleum products; in raising power generation, transmission and distribution, massive provision of infrastructure; in tackling insecurity and making a success of the agriculture revolution among others. ‘’Those who accused this administration of ‘propaganda and lies’ in the fuel supply sector, for example, did not tell Nigerians that whereas they paid between 800 billion and N1.3 trillion as ‘subsidy’ yearly in their time, without making the products available even at regulated prices, this administration is not paying any subsidy, yet all products are currently available at competitive prices and fuel queues are now history. In their time, they paid subsidy of N3.7 billion daily in 2011; N2.2 billion daily in 2012 and 2013, and N2.5 billion daily in 2014, all for products that were never available. ‘’Those who accused this government of ‘propaganda and lies’ also said we have not achieved anything in the power sector. Comment is free, facts are sacred, as they say. When this

administration assumed office on 29 May 2015, available power on the grid totalled 2,690MW, transmission capacity was around 5,000MW and distribution capacity was 4,000MW.” He added: ‘’As at September 4, 2017, the available power that can be put on the grid was 6,619MW; the transmission capacity was simulated at 6,700 MW (up from 5,000 MW in 2015) but the distribution capacity was 4,600 MW, which was what was put on the grid. On September 12, 2017, production of power reached an all-time level of 7,001MW,’’ he said President Buhari said it is an irony that those who presided over a budget of N18 billion for roads, N5 billion for power and N1.8 billion for Housing in 2015 are now accusing those who spent N198.25 billion on roads N91.2 billion on power and N71.559 billion on housing in the following year of non-achievement? ‘’Because of the increased spending in these areas, the massive debts owed to contractors are being settled so they can recall workers who were laid off and re-open closed work sites. As a matter of fact, during the implementation of the 2016 budget, we paid 103 construction companies executing

192 projects, and they, in turn, employed 17,749 people directly and 52,000 people indirectly in works. ‘’So far this year, N47.169 billion has been paid to 62 contractors working on 149 projects to continue work on roads and bridges and keep people at work. Similar payments are being made to supervising consultants and to contractors in Housing and Power sectors of the Ministry,’’ he said. The president also highlighted the achievements that have been recorded by his administration in the area of the economy, wondering whether it is ‘propaganda and lies’ that headline Inflation has now fallen for the eighth consecutive month; that foreign exchange reserves are up to $32 billion, from $24 billion a year ago: that oil production is at nearly two million barrels per day and that Home-grown School Feeding Programme now being implemented in 17 states is benefiting more than three million public primary school children and more than 30,000 cooks across 20,000 schools. ‘’If our achievements are based on ‘propaganda and lies’, as they claim, why is our agricultural revolution achieving so much success?”

TUESDAY OCTOBER 24, 2017 ˾ T H I S D AY

NEWSEXTRA

Onnoghen: Oil Sector Benefactor of Judiciary’s Impartiality Chineme Okafor in Abuja The Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, yesterday said Nigeria’s oil sector has enjoyed relative stability in its operations largely because of the impartial position of the country’s judiciary on issues which concern it. Onnoghen said on several occasions, the judiciary has had to step in to interpret the country’s relevant laws as they relate to the sector, thus ensuring that peace and stability of operations are maintained in it. The CJN said this at a

workshop organised in Abuja by the Petroleum Technology Development Fund (PTDF) to enhance the understanding and legal commitments of judicial officers in Nigeria to the oil and gas sector. He also stated that new changes and reforms in the oil sector would impact on the quality of judicial commitment to the sector, hence, the need to have judicial officers trained on how to handle the new challenges. “It is on record my lords, that timely intervention of the courts at critical points in this country

Alleged N400m Fraud: Metuh Wants President Jonathan in Witness Box Alex Enumah in Abuja Former National Publicity Secretary of the Peoples Democratic Party, Chief Olisa Metuh, yesterday revealed plans to get former President, Dr. Goodluck Jonathan, to testify in his ongoing trial of allegations of fraud against him before the Abuja division of the Federal High Court. Metuh’s desire to get Jonathan into the witness box through a court order is coming just as former National Security Adviser (NSA), Colonel Sambo Dasuki, has said he would not appear in court to testify for Metuh until he is released from custody. The Court of Appeal in Abuja had on September 29 ordered the Department of State Service (DSS) to produce Dasuki before the Federal High Court in Abuja to enable him to testify as Metuh’s witness. Metuh and his company, Destra Investments Limited, are been prosecuted by the Economic and Financial Crimes Commission (EFCC) on a seven-count charge of money laundering involving alleged cash transaction of $2million. He is also alleged to have received the sum of N400million meant for procurement of arms from the NSA office on November 22, 2014. At the resumed trial yesterday, counsel to Metuh, Dr. Onyechi Ikpeazu (SAN), told the trial Judge, Justice Okon Abang, that he had written to Jonathan, requesting him to appear in court to give evidence on behalf of his client but that the former president did not reply. Consequently, Ikpeazu informed the court that he had intention to apply for subpoena to

be issued on Jonathan to appear in court and testify. “We have another witness on subpoena, and at the end of the evidence of this other witness, we will take a decision on whether or not the first defendant (Metuh) will testify. “The other witness we want to subpoena is Goodluck Jonathan, former President of the Federal Republic of Nigeria. “We did not before now apply to compel Jonathan to appear on this matter. We wrote a letter but he did not respond and our plan will be to apply for the subpoena after the first application for subpoena to be issued on Dasuki,” Ikpeazu told the court. Responding, prosecuting counsel, Sylvanus Tahir, said it is the duty of the counsel of the first defendant not to harbour that as an intention but to accomplish it with necessary application. Midway into the trial, Justice Abang informed the court that he had complied with the decision of the Court of Appeal which held that he should compel Dasuki who is been held by the DSS to appear in court and give evidence.He said the subpoena was signed on October 3, and called on the court registrar to confirm service on the DSS. Justice Abang said the court had already scheduled the former NSA to appear in court October 25 to tell the court all he knew about the matter. He also informed the court of a motion by counsel to Dasuki, Ahmed Raji (SAN), and called on him to identify his application. Responding, Raji told the trial judge that he is opposing the request to compel the ex-NSA to testify as defence witness.

US Govt Congratulates Adesina on World Food Prize Win Solomon Elusoji The United States has joined the coterie of voices singing the praises of the President of the African Development Bank (AfDB), Dr. Akinwunmi Adesina, after the former Nigerian Minister of Agriculture was awarded the 2017 World Food Prize Award at the Iowa State Capitol in Des Moines, Iowa, United States on October 19. The World Food Prize is the food industry’s equivalence of a

Nobel Prize. In a statement signed by the US Vice President, Michael Pence, Adesina was described as a man whose “devotion to the cause of fighting global hunger is admirable, and deeply needed.” “As our global food system is stretched, and the need to feed more people grows, agricultural transformation will require persistence from leaders like you in driving change and capitalising on public and private sector expertise,” Pence said.

has certainly contributed in no small measure to the peace and stability in the country today. I make bold to say, without any fear of contradiction, that the Nigerian judiciary is a key partner in ensuring stability in the oil and gas sector by interpretation of the relevant laws in the industry. “My lords, it is my expectation that participants will be enlightened on global best practices and measures adopted by regulators in resolving disputes arising in this sphere of the economy,” Onnoghen said. He further explained that: “The recent innovations in the oil and gas industry will introduce new legal regimes that will impact the quality of justice delivery. As such, it is necessary to acquaint stakeholders in the sector, as well as our judges, with the rudiments of the sector

in order to better prepare them for the inevitable disputes that may arise.” According to him, the judiciary must remain impartial in its responsibilities to Nigeria and the oil industry, in addition to supporting conflicting parties to adopt alternative dispute resolution in settlement of disputes. “Our responsibilities as judicial officers, must endear the hearts of the populace and litigants alike. Hence, you must be knowledgeable in the law and be in charge of your courts to ensure speedy resolution of disputes which in turn serves as an economic development mechanism, as investors and other major players in the industry will remain confident that their investments are safe. “As judicial officers, you are expected to encourage the use

of alternative dispute resolution methods, such as arbitration and mediation, which will engender the expeditious resolution of cases. “My lords, I must not fail to emphasise that you must have recourse to the arbitration clauses contained in oil and gas agreements and ensure that parties respect these clauses before exploring the option of litigation on the matter,” Onnoghen, added. He said the judiciary would continue to live up to its constitutional mandate by correctly applying the law and proactively supporting regulators in the sector to guarantee its growth and stability. Similarly, the administrator of the National Judicial Institute (NJI), Justice Roseline Bozimo, stated in her remarks at the workshop, that the impacts of oil spill and remittance of royalties to the

government were key areas the judiciary needed to emphasise on. Bozimo, said: “The impact of oil spillage and environmental degradation is indeed a recurring decimal in the oil producing regions of Nigeria. In addition, legal issues pertaining to remittance of royalties as well as tax regulation in the oil and gas sector are continuously shrouded in controversy; which requires the attention of all stakeholders to address. “This workshop, therefore, affords interested parties the opportunity to dialogue on such burning issues related to the sector. Our judges must be proactive by not allowing technicalities stand in the way of substantive justice, especially with regard to oil and gas disputes which accrue huge financial costs for the litigating parties.”

REAL ESTATE SUMMIT

L-R: Director, Enterprise Development Centre (EDC), Pan Atlantic University, Peter Bamkole; Associate Professor, Lagos Business School, Dr, Doyin Salami; Chief Executive, 3INVEST, Ruth Obih-Obuah; Chairman, Mixta Africa, Deji Alli; Managing Director, FMDQ OTC, Securities Exchange, Bola Onadele and Chief Executive Officer, Dunn Loren Merrifield Group, Sonnie Ayere, at the sixth edition of Real Estate Unite 2017 Summit in Lagos....yesterday

OSINBAJO: NIGERIA STILL GRAPPLING WITH CONSEQUENCES OF MALABU OIL SCANDAL did not cover territories and dependencies where most of the stolen assets from developed countries ended up. Osinbajo said while governments and citizens stand to benefit from increased revenues, better law enforcement in this area should improve citizens’ welfare as a result of more ownership transparency. He however warned that care must be taken not to frame this campaign as a zero-sum between society and business. “Legitimate businesses benefit not only from the better business climate that results when governments better serve their citizens but also from knowing who they are doing businesses with or competing against, they benefit from a level playing field, lower costs of doing business, and from reduced reputational risks,” he added. The vice president seized the opportunity to list actions taken by Nigeria in tackling this problem. Recalling that Nigeria was one of the first set of countries to join the EITI, one of the 12 EITI-implementing countries that piloted beneficial ownership disclosure, and one of the few countries that have disclosed beneficial ownership details in three audit reports, he said through Nigeria Extractive

Industries Transparency Initiative (NEITI), a comprehensive roadmap that would culminate in the establishment of the register of beneficial owners of companies operating in the nation’s extractive sector had been published. Osinbajo said Nigeria was taking the initiative beyond the extractive sector, citing the commitment President Muhammadu Buhari made at the May 2016 London Anti-Corruption Summit to establish a public register of the beneficial owners of all companies operating in the country. “In December 2016, Nigeria joined the Open Government Partnership (OGP) and submitted a National Action Plan that prioritises the establishment of this allencompassing and publicly accessible register. These are commitments that we made with all sense of seriousness. They are commitments that we made not because we are seeking applause or commendation, but because we are convinced they are in our best interests. “To further reinforce our determination by our course of actions we presented a draft Money Laundering Prevention and Prohibition Bill to the

National Assembly in 2016. The 2016 draft Money Laundering (Prohibition) (Amendment) Act attempts to cure the deficiency of the 2011 Act Money Laundering (Prohibition) (Amendment) Act No. 11, 2011 to bring it in line with the FATF standards and it contains robust provisions on removing the barriers to full beneficial ownership disclosure in our laws,” he said. In his remarks, Indonesian President, Joko Widodo, while noting that his country is a victim of hidden corporate ownership, said despite being the 15th largest economy, tax revenue was still very low. He added that the leaked Panama papers, which had several Indonesian names helped his

country to put pressure on corporate tax evaders. He therefore called for automatic exchange of information among all countries so that there will be no safe havens anywhere in the world for companies with opaque ownership. Top Nigerian officials on the entourage of the Vice President billed to participate in various panels at the conference include Minister of Solid Minerals, Dr. Kayode Fayemi; Minister of State for Budget and Planning, Mrs. Zainab Ahmed; Executive Secretary of NEITI, Mr. Waziri Adio; and some senior officials of the Nigerian National Petroleum Corporation (NNPC).

Buhari Leaves for Niger Republic Today Omololu Ogunmade in Abuja President Muhammadu Buhari will today leave Abuja for Niamey, the Republic of Niger capital, to participate in a meeting on common currency for the West African sub-region. A statement by his media aide, Mr. Femi Adesina, listed member countries of the ECOWAS Task

Force on Common Currency as Nigeria, Cote d’Ivoire, Ghana and Niger. It added that the Minister of Finance, Mrs. Kemi Adeosun and the Central Bank of Nigeria (CBN) governor, Mr. Godwin Emefiele, would also join the president at the meeting. The president is expected to return to Abuja later today after the meeting.

T H I S D AY ˾ TUESDAY, OCTOBER 24, 2017

TUESDAYSPORTS

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

Ronaldo Retains FIFA Best Player Award Zidane wins best coach award with Real Madrid dominating World XI Duro Ikhazuagbe Portugal and Real Madrid superstar, Cristiano Ronaldo last night won the 2017 Best FIFA Men’s Player of the Year trophy for the second year running. He won the inaugural edition last year following the end of a six-year merger between the FIFA and the Ballon D’Or. Ronaldo dominated a starstudded awards ceremony at the Palladium Theatre in London with Argentina great Diego Maradona and Brazil’s Ronaldo de Lima presenting him with the silverware. Argentina and Barcelona star, Lionel Messi and Brazil and PSG star, Neymar were the other nominees for the award. Real Madrid gaffer, Zinedine Zidane, clinched the Best Coach of the Year award. The Portuguese ace, who has scored 44 goals in just 48 games for club and country so far this calendar year, played a major role in Real winning both La Liga and the UEFA Champions League. With this award, Ronaldo has equalled Messi’s five-time world best player record. Zidane on the other hand, did not just win the gaffers’ top award, the French man had five of his Real Madrid players listed in FIFA’s World XI of the year. Speaking after he was presented with his award, Ronaldo said: “Thanks a lot for voting for me,” said the Portuguese superstar. “I mention Leo and Neymar, great to be here. Real Madrid supporters, my teammates,

my coach, they all support me all year. “We are in England for the first time and I win consecutive awards,” he added. “I am really glad, this is a great moment for me. I have fans all over the world,” gushed Ronaldo. Dutch duo Lieke Martens and Sarina Wiegman were rewarded as The Best FIFA Women’s Player and Women’s coach of the year. Despite approaching his 40th birthday, Gianluigi Buffon proved that age is just a number by being named The Best FIFA Goalkeeper, with the Italian custodian on hand to pick up the inaugural award to celebrate the men between the sticks. After picking up The Best FIFA Goalkeeper, it was no surprise that the Juve and Azzurri stopper was also named the top goalkeeper by his peers, in a FIFA FIFPro World11 dominated by Real Madrid players. Ronaldo was joined in the star-studded World XI by club team-mates Sergio Ramos, Marcelo, Toni Kroos and Luka Modric, with Dani Alves, Leonardo Bonucci, Andres Iniesta, Lionel Messi and Neymar completed the dream team. Fans from around the globe voted in their hundreds of thousands for the Puskás and FIFA Fan Awards, with Arsenal’s Olivier Giroud was the ultimate winner of the Puskás and FIFA Fan Awards. The Frenchman’s superb ‘scorpion kick’ goal scored

Ronaldo... equals Messi’s ﬁve-time world best player record

for Arsenal against Crystal Palace in the English Premier League last January gave him the honour. Celtic supporters scooped the second Fan Award, thanks to their stunning 360-degree card tribute to the ‘Lisbon Lions’. In an evening sprinkled by show business, with star of small and large screen Idris

Elba hosting proceedings, it was a true story fit for Hollywood that saw the FIFA Fair Play Award handed to Francis Kone. The Togolese forward saved the life of an opponent by administering on-pitch first aid after a collision – the fourth time he had saved a player’s life on the football pitch.

FULL LIST OF WINNERS MEN’S BEST PLAYER: Cristiano Ronaldo WOMEN’S BEST PLAYER: Lieke Martens MEN’S BEST COACH: Zinedine Zidane WOMEN’S BEST COACH: Sarina Wiegman BEST GOALKEEPER: Gianluigi Buffon PUSKÁS AWARD: Olivier

Giroud FAN AWARD: Celtic supporters FAIR PLAY AWARD: Francis Kone WORLD XI: Gianluigi Buffon; Dani Alves, Leonardo Bonucci, Sergio Ramos, Marcelo; Toni Kroos, Andres Iniesta, Luka Modric; Cristiano Ronaldo, Lionel Messi, Neymar.

Everton Fires Koeman after NPFL: Amoo Sacked from Shooting Stars Job Crashing 5-2 to Arsenal Ronald Koeman became the third Premier League managerial casualty of the season on Monday when he was sacked by Everton. The 54-year-old Dutchman – who guided Everton to seventh in his first season in charge last term – paid the price for a desperate start to the campaign despite having spent £140million ($185mn) in the close season. Sunday’s 5-2 humbling at home to Arsenal which saw them drop into the bottom three sealed his fate and despite taking training on Monday he received a visit from club chairman Bill Kenwright. “Everton Football Club can confirm that Ronald Koeman has left the Club,” read the Everton statement. “Chairman Bill Kenwright, the Board of Directors and Major Shareholder Farhad Moshiri would all like to express their gratitude to Ronald for the service he has given to the Club over the past 16 months and for guiding the Club to seventh place in last season’s Premier League.” Koeman, who arrived at Goodison Park after a successful spell in charge of Southampton, splashed the money on the likes of Icelandic international Gylfi

Sigurdsson in the summer. Sigurdsson is yet to display the sort of form that got Koeman to convince the board to pay out a club record £45million to prise him away form Swansea. Others such as Dutchman Davy Klaassen – who cost £23.6million from Ajax – have also disappointed with Koeman taking him off at halftime of their Europa League defeat by Lyon last Thursday. However, despite also persuading former golden boy Wayne Rooney to return from Manchester United he crucially failed to replace record goalscorer Romelu Lukaku with Arsenal’s Olivier Giroud declining the chance to join them. The early favourite to replace Koeman is former Everton manager David Moyes who has tasted little success since he departed the Merseyside club in 2013. Others in the frame include David Unsworth who has impressed as Everton’s Under-23 coach – though he may be more of a short term option while they look for a permanent replacement – Burnley’s Sean Dyche as well as former Real Madrid and Chelsea handler Carlo Ancelotti.

Technical Adviser of Shooting Stars Football Club (3SC), Fatai Amoo, has been relieved of his post. A statement issued by the management of the Oluyole Warriors yesterday, said that it was equally reviewing the status of all the remaining

technical crew, stressing that a decision will soon be made on them. Media Officer of the club, Jubril Arowolo, said yesterday that the 3SC management will forever be grateful for the former Technical Adviser’s commitment and input to

the team. Jubril explained that the management of 3SC came to the conclusion to relieve Amoo of the job after reviewing the performance of the team in last season’s Nigerian Professional Football League (NPFL).

“The management acknowledged the effort of Mr Fatai Amoo to inspire the team during the failed season. We wish Mr. Amao success in his future endeavours as we will not forget his positive impact on the team,” concludes Jubril.

Kwesé TV Launches, to Broadcast Anthony Joshua Fights Africa’s dynamic broadcaster Kwesé last week announced the launch of its entertainment and sports television network Kwese TV in Nigeria. The new satellite television, Kwese prides itself as the exclusive broadcast partner of the National Basketball Association (NBA) in subSaharan Africa. According to the General Manager Kwesé TV Nigeria, Elizabeth Amkpa, sports lovers can look forward to live action, weekly previews and highlights from the NBA, international boxing (including exclusive coverage of all Anthony Joshua fights), IAAF World Championships and the National Football League among other sports on Kwesé Sports 1, Kwesé Sports 2 and Kwesé Free Sports which was first introduced

to Nigerian audiences earlier this year. “Kwesé Free Sports is Africa’s largest and first PanAfrican free-to-air TV channel available in 25 countries providing premium sporting content to sports fans free. The channel holds exclusive free-to-air rights to the 2018 FIFA World Cup in Russia and the Premier League,” she explained at the formal launch in Lagos last week. Aside sports channels, Kwesé TV also brings the very best in premium entertainment, international and African series and movies, award-winning children’s entertainment channels and exclusive channels for the entire family to enjoy. “We are excited to launch our dynamic content business in Nigeria, a market that

we know is hungry for a compelling alternative pay TV network. At Kwesé we pride ourselves in having selected a strong general entertainment which we believe will be well received by viewers of all ages – kids, young adults, men and women, alike. “Our business is premised on the concept of TV anywhere and everywhere. This means we have made our premium content easily accessible across a number of platforms namely linear TV, mobile and digital platforms, providing unlimited viewing options for our subscribers,” she expressed. Kwesé is at the forefront of innovation through pioneering ground-breaking payment options that offer flexibility and convenience in the industry.

She explained that the content is not only accessible through multiplatform service, but also through a revolutionary payment model. “We have pioneered ‘pay-as-you-watch’ subscription packages for premium programminng which enables consumers to purchase three and seven day subscriptions at N990 and N1,850 respectively, as well as a 30 day subscription option for only N6,275,” added Amkpa. The full Kwesé Tv bouquet offers over 65 channels of pure entertainment with wellknown international channels such as CNN International, DreamWorks, DTX, ESPN, Viceland Diddy’s Revolt TV and home-grown channels such as Channels TV, TVC News and NTA.

T H I S D AY TUESDAY OCTOBER 24, 2017

Tuesday October 24, 2017

UT H

& RE A S O

Price: N250

MISSILE Omokhodion to Bankers “So why won’t you if you are truly the owner of this account? You would run back to sort things out and return. So for me, the government is doing the right thing. The government sometimes has been too soft. This country requires tough measures to create order” – Managing Director of defunct Liberty Bank supporting the recent order of court to forfeit all accounts not linked to the BVN to the TSA domiciled with the CBN.

TUESDAY WITH REUBENABATI abati1990@gmail.com

Baba, Maina, Idris and Other Stories

“I

hear say our Sai Baba don return from Turkey” “Did you hope that he would stay there permanently? He went for the D-8 meeting, and he is bound

to return.” “D-8 meeting. I have been thinking about it. We are supposed to be a secular country but internationally, we have continued to engage with Muslim countries. We belong to the Organisation of Islamic Countries (OIC) and also the D-8. Internationally, we are effectively a Muslim country.” “I don’t think so. In international diplomacy, it is not a sin for a country to engage at all possible levels. Nigeria is the most strategic country in Africa with its population and economy. We have a responsibility to be everywhere in the world, and make our presence felt.” “Which presence? There are at least 48 Turkish companies doing business in Nigeria: schools and hospitals and et cetera. How many Nigerian businesses can you point to in Turkey?” “We have our footballers scoring goals in Turkey.” “You are not okay.” “We have our girls too. Nigerian girls are the most impactful diplomats in the world. They catch the men where it matters most from Turkey to Italy to London to Washington, back to home. What this government has not been able to do through diplomacy, our girls in diaspora are filling the gap, by grabbing the international community by the balls. I hear our girls are hot and famous.” “You are talking nonsense. You are holding women responsible for Nigeria’s problems”. “Emi ke? God forbid.” “So what was that all about?” “He-eerr. I am just saying that Nigerian leaders should stop junketing all over the world like a yo-yo, and stop passing that on as performance whereas there is nothing to it. The President of Nigeria must have the courage to act, and take decisions that will move the country forward. I am, in fact, surprised Baba went to the D-8 summit with his wife and children.” “Are you okay? Baba Bubu has not done anything wrong by giving Mummy a treat.” “ I have not said he has done anything wrong. But he be like say Baba sef don dey enjoy this thing. He promised oh. Baba promise. But Baba don dey enjoy so tey, him forget promise.” “The President is a human being. You people forget that. You keep talking about promise. What promise, I ask?” “Change.” “Meaning?” “Change” “Nobody ever promised you change.” “Tinubu did. The party did. Baba did.” “My friend, go and sit down. You don’t know what is called change. The real change is that President Muhammadu Buhari is today President of Nigeria and he has every right to do as he wishes.” “No. He can’t”. “You are a fool. Okay, he can do what he likes for example in the other room. And change does not begin with him. It begins with you. Comment on that.” “We are not happy with what is going on. The party is confused. The APC is divided all the way down the middle. The President is no longer with us. He has been hijacked by persons who don’t even belong to the party.” “You have not commented on the other room”

President Muhammadu Buhari “Which other room? Is this supposed to be a serious conversation? I don’t care what President Buhari does in his other room. I just want him to stand up like a man and run Nigeria. There are too many contradictions. His government is tearing itself apart and it is not funny at all because it gets worse everyday.” “You can’t blame Baba. It is those people’s juju. The demons in Aso Villa have grown new wings and we can all see that.” “Wait a moment. You are talking about the spiritual side of Aso Villa. I am in fact surprised that the President has not been able to return to his office since his staff told us rats had taken over his office.” “I hear the rats are still there. Ogbologbo rats. No-nonsense-rats. Come-and-catch-me rats. The President’s main office remains under lock and key.” “So why are we blaming Baba, then? Nigeria is certainly the only country in the world where the President has to vacate his office for rats and the rats have continued to exercise sovereignty rights for more than two months.” “This thing is not ordinary. Una no wan listen.” “Nothing is ordinary anymore in this country, my brother. Everything just be like anyhow.” “You say?” “I say, this their change don begin change my head. Make man talk true, even if truth kill man. Look at it now. This same government just reinstated Abdulrasheed Maina, a former pensions boss, who was declared wanted by the EFCC. He was even promoted. Then two days later, they say he has been sacked because the President wants some investigations. How?” “What do you mean how?” “I mean a government must have a mind of its own, and act decisively. No government should run on ad–hoc fuel. Is Maina a patriot or a villain? We don’t know. A serious government must be able to take a stand and stand by it. They should stop playing games with our minds. Must you reinstate a man, give him new hopes and a new lease of life and then turn him adrift?” “Hey, hold on. Are you defending Maina?’ “No. I am condemning cluelessness. Extreme cluelessness. I ask you: where is the report of the investigations on the alleged abuse of the office of the Secretary to the Government of the Federation?” “You are referring to the grass-cutters affair? Please pardon me for a moment. It is a lot for me. Grass-cutters. Rats. Lions. Hyenas. Too many animals in this holy of holies, we live now obviously in a

kingdom of animals, governed by dancing pythons and smiling crocodiles.” “Speak for yourself” “I speak what the spirit says. And I prophesy that there is truth in the words of the Holy Spirit. E just be like say we don enter One Chance.” “May be that’s why people are beginning to commit suicide. For the first time in Nigerian history, ordinary people are just committing suicide here and there. I feel like writing a book to be titled: Nigeria: The Years of Suicide.” “Fine. And I your friend will write another book immediately and title it: Makobami: the writer who committed suicide writing about suicide.” “You don’t get it. One man committed suicide after his wife gave birth to triples. He had not been paid for eleven months!” “Hen hen. Is that why he should die? Some other Nigerians would have turned that into a business opportunity. Is it easy to shoot three in one? I ask you. With all your gra-gra, can you shoot three at once? If people don’t lend themselves sense in this country, they will die before death comes calling. I tell my close friends. I tell them, this thing will pass. This change that has turned to poison in some people’s mouths, it will also pass.” “What of the people who just parked their vehicles and jumped into the lagoon in Lagos? You think Nigerians will be happy again?” “Yes, I believe Nigerians will be happy again.” “But I hear government is borrowing money” “Yes, because people you know stole the money. Still, Nigeria will rise again.” “I think the problem is more than that. I hear the people who claim to have common sense have been told to shut up” “Common sense is not common. Those who claim to have it may just be doing business. Common sense died in this country long ago.” “Who is protecting this country, then?” “Ordinary people. They should just allow us to speak.” “It is their country too” “Who?” “The people who don’t want us to speak” “It is not their country. They had the audacity to lie to us. They claimed they would bring change and transform Nigeria. They promised to kill corruption. They have done the opposite of what they proposed.” “Can you stop now? I am in Abuja to have fun not to get into trouble, this man.” “You must have the courage to speak up. We, the voters’ card carrying Nigerians are angry. We want change.” “You wanted change. You got it. What other change are you asking for?” “Change” “Go and sit down and stop mouthing empty slogans“ “You must go and talk to Asiwaju” “I am not going to talk to anybody.” “I mean they shut down the man’s TVC and Radio Continental.” ‘I didn’t hear that.’ “I hear they even want to withdraw his Villa pass” “I didn’t hear that” “I hear the columnists in his newspaper can no longer write freely” “I didn’t hear that.” “In fact, I hear that it is now a sin to speak freely and that’s why Atiku is now suddenly silent.” “I didn’t hear that.” “I hear that Baba Buhari will win the win 2019

election, whether people like you like it or not.” “I didn’t hear that” “What do you ever hear? I am a street guy. I hear things. Are you in this country at all?” “Good for you” “But are you aware by any chance that Senator isa Misau is fighting the Inspector General of Police Ibrahim Idris?. “I have not paid attention to the story: something about the IGP befriending two female officers? How is that a problem? “ “It is unprofessional and unethical. But there is also a charge of corrupt self-enrichment.” “Charges against who? The IG or the Misau?” “Misau” “Misau or the IG? Stop worrying yourself my friend. I am trying to discuss national matters you are focusing on the Inspector General of Police. Who is he?” “I am just thinking right now, may be we should discuss issues that will not get us into trouble.” “Our job is to get into trouble with our ideas.” “God forbid. My mouth will not take me to detention cell.” “Don’t’ worry. If the IG impregnates a female police officer, it is a matter of espirit de corps. Senator Misau should know that.” “But the money” “Which money? Everything is espirit de corps” “Have you taken something?” “Take what? I am saying this is not America. The Inspector General of Police grabs a police woman and proves himself to be a man and you are blowing whistle like a eunuch: is this America? I beg.” “You are mixing things up. You don’t get it.” “I get everything. Nothing is going to change. This is Nigeria. Nothing ever changes in real terms. Do you get it? This is Nigeria.” “Can we talk about something else, please, to ease your depression? I see you talk like you are depressed.” “Me? I am not depressed oh. Nobody can kill the beetle.” “One of your favourite artists, Toyin AimakhuAbraham lost her dad.” “That’s sad. My condolences.” “Asa, the musician, has disclosed that she lost her virginity at 28.” “Wow. 28! She is an absolute genius and a darling. Did she disclose the identity of the victim?” “No. But I hear 2Face now gives advice on sex; he recommends the use of condoms” “That is our Saul on the road to Damascus. We should make 2Face the next Pope.” “13 Southern Nigerian Governors and 3 deputies met in Lagos yesterday.” “A meeting of strange bed fellows holding talks, saying nothing.” “The Federal Government has decided to confiscate funds in all bank accounts that are not linked to BVNs” “That is a thief-thief policy. They are asking for more suicides.” “I hear George Weah is in Nigeria to see Pastor Temitope Joshua ahead of the Presidential election rerun in Liberia.” “I see. Liberia certainly needs a miracle.” “Cristiano Ronaldo has won the FIFA best player award, beating Messi and Neymar.” “I don’t watch football…sorry. I am too busy watching Nigeria.” “Maina has been sacked.” “I heard that. Nice chess.”

Printed and Published in Lagos by THISDAY Newspapers Limited. Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja . All Correspondence to POBox 54749, Ikoyi, Lagos. EMAIL: editor@thisdaylive.com, info@thisdaylive.com. TELEPHONE Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTISING HOT LINES: 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUIRIES & BOOKING: adsbooking@thisdaylive.com