Wednesday 25th October 2017

Oando Claims Court Order Halting Suspension on Shares, Forensic Audit Responds to SEC’s findings Ejiofor Alike Following the technical suspension placed on its shares and the decision to undertake a forensic audit into its affairs, Oando Plc has claimed it has obtained an interim injunction from a

Federal High Court restraining the Nigerian Stock Exchange (NSE) and any other parties working on its behalf from giving effect to the directive of the Securities and Exchange

Commission (SEC) to implement the suspension, pending the hearing and determination of the motion for injunction.

The court, Oando further

claimed, has also issued an order restraining SEC and any other parties claiming to or working on behalf of the commission from conducting any forensic audit into the

affairs of Oando, pending the hearing and determination of the motion for injunction.

Oando, in a statement yesterday, said it obtained the interim injunction and

PDP Governors Slam Buhari over Corruption Scandals… Page 12

restraining order from a Federal High Court, but failed to indicate the jurisdiction of the court.

Given the absence of the court’s interim injunction and restraining order to support Continued on page 10

Wednesday 25 October, 2017 Vol 22. No 8224. Price: N250

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FRC to Reintroduce Suspended National Code of Corporate Governance… Page 8

National Assembly to Probe Maina’s Return, Reinstatement APC demands action against culprits EFCC seals off sacked director’s properties in Kaduna Presidency maintains sack followed due process

Omololu Ogunmade, Onyebuchi Ezigbo, Damilola Oyedele, James Emejo, Paul Obi in Abuja and John Shiklam in Kaduna The two legislative bodies in the National Assembly – Senate and the House of Representatives – yesterday constituted parallel ad hoc

committees to investigate and determine the circumstances that led to the return and reinstatement into the Federal Civil Service of a fugitive and former Chairman of the Presidential Task Force on Pension Reforms, Mr. Abdulrasheed Maina.

Continued on page 8

Naira Scarcity Hits Interbank Market as Overnight Lending Rises to 120% Obinna Chima There was naira scarcity on the interbank market yesterday, leading the overnight tenor of the Nigerian Interbank Offered Rate (NIBOR) to close at 120.08 per cent.

The overnight lending had hit 148 per cent on Monday as

news of a Federal High Court ex parte order instructing all Nigerian banks to forfeit all monies held in accounts without bank verification numbers (BVNs) to the federal government in 14 days from the date the order was given, filtered into the market.

Continued on page 8

Court Orders Jonathan, Dasuki to HONOURING EXCELLENCE IN THE BEAUTIFUL GAME… Testify in Metuh's Trial Today… Page 51 L-R: Nigerian Football Federation (NFF) President, Amaju Pinnick; FIFA President, Gianni Infantino; and business mogul and Executive Director, AITEO Group, Francis Peters, at The Best FIFA Football Awards in London… Monday

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FRC to Reintroduce Suspended National Code of Corporate Governance Obinna Chima The Financial Reporting Council of Nigeria (FRC) has opened up on plans to reintroduce its proposed the harmonised National Code of Corporate Governance (NCCG) that was suspended by the federal government early this year due to controversies surrounding the policy.

The NCCG was suspended following concerns raised by private sector operators with certain aspects of the code and the announcement by the General Overseer of the Redeemed Christian Church of God (RCCG) Mr. Enoch Adeboye that he was stepping down as head of the church in compliance with the tenure limit stipulated by the code for not-for profit bodies.

Adeboye’s decision to step down

as head of the church also prompted President Muhammadu Buhari to sack the former executive secretary of FRC, Mr. Jim Obaze.

However, the incumbent executive secretary and chief executive of the FRC, Mr. Daniel Asapokhai revealed the decision to revisit the corporate governance code during an interview on the sidelines of a Chief Financial Officers’ Forum organised by KPMG Nigeria in Lagos yesterday.

According to him, a draft document would be presented to members of the public in the next six months for input and suggestions by stakeholders.

The new FRC boss, in his response to a question from THISDAY, said a board committee to supervise the planned reintroduction of the code has been constituted.

He, however, did not disclose details of the framework of the NCCG that his organisation intends to bring back to existence.

Asapokhai explained: “On revisiting the code, the work has started. The board committee to supervise that work has been constituted. They have had their first meeting and they understand the scope of work that needs to be done.

“One of the first things they need to do is to set up the technical committee that would do a lot of the detailed work around the code.

“So in the next several weeks, we expect that they would be able to put that technical committee together, which would involve resources within the council and outside the council.

“Once that technical committee is in place, they will get their terms of reference and they would then be able to clarify the timelines.

“I think within six months, the exposure draft should be ready, because a lot of work went into the suspended code already.

“So we are hoping that they can speedily resolve some of the areas and re-expose it. Within six months, we should be at a position where we will be re-exposing the document for reconsideration.”

Asapokhai also said the council would conduct a postimplementation review of the International Financial Reporting Standards (IFRS) that have been implemented in the country.

“The IFRS has been in place for a number of years. We think

it is about time to conduct a postimplementation review to see what has happened, how well it has been implemented and what are the lessons learnt,” he said.

He stressed the need for effective regulation of auditing practice in Nigeria so that the judgement of Nigerian auditors would be respected and accepted globally.

“In terms of auditing, accounting and reporting, I think the big issue for me is audit regulation. Today, we are in an environment where audit is not regulated in Nigeria or not effectively regulated.

“In terms of auditing, there is no clarity. So there is a bit of work to do in that space in terms of clarifying the requirements for registration of auditors, clarifying the standards that should apply to different types of

audits and having in place a regime of practice inspections, and being able to apply remedial actions where there are cases of deficiencies in audits.

“We need to achieve this for Nigeria to become a member of the International Forum of Independent Audit Regulators. Today, we have Nigerian issuers in foreign capital markets.

“We have Nigerian companies that have issued securities that are listed, let’s say on the London Stock Exchange.

“In such cases, we get the UK regulators coming into Nigeria to conduct the inspection. That happens because we do not have an inspection regime in place and we have not demonstrated effective audit regulation. That is an area we need to work on,” he added.

to purchase dollars.

“Some of the central bank’s measures which ensure you put your cash down before you can buy the dollars, were designed to prevent speculators from coming into the forex market to drive the exchange rate to the high heavens.

“It also frustrates normal businesses where for instance, if this building was a hotel and you feel like expanding to the next compound, traditionally you

will take a bank loan to finance the imported equipment to build that extension.

“But now the banks would not give you the loan until you bring your naira cash upfront.

So it frustrates your capacity to grow and that is what we are seeing across many parts of the economy,” he added.

Traders said the liquidity deficit in the banking system was widening, after hitting N300 billion yesterday.

salaries to workers and mandated the Central Bank of Nigeria (CBN) to appear before it and explain the utilisation of salary bailout funds to states within one week.

It also directed its Ad Hoc Committee on Bailout Funds which is yet to submit its report, to expedite action and investigate the disbursement of salary bailout funds in Kogi State and urged the federal government to intervene in the callous situations that the people of the state have found themselves.

In a motion of urgent national importance which was moved

by Hon. Karimi Sunday (APC, Kogi) on the urgent need to save the souls of Kogi people, the lawmakers made reference to the recent suicide committed by a Director on Grade Level 16 in the Kogi State Civil Service Commission, Mr. Edward Soje an indigene of the state.

He was said to have been owed his salary for 11 months and reportedly took his life because he could not meet his obligations as a husband, especially after his wife had just delivered of triplets at an Abuja hospital last week.

The lawmakers argued that the condition and situation of the deceased director was the lot of a majority of state civil servants both at the state and local government levels which the state governments have refused to address, and have opposed any effort by any authority to investigate the payment or nonpayment of staff salaries.

They said the bailout funds were provided through the public finances of the federal government, stressing that the parliament has every authority to query its disbursement and utilisation.

Commission (EFCC) yesterday sealed off six houses in Kaduna State, allegedly belonging to the embattled former chairman of the Presidential Task Force on Pension Reforms.

The properties that were sealed included a two-storey shopping plaza located at number 2C Ibrahim Taiwo road, a one-storey duplex at Katuru road and another property at Kawo new extension, all within the Kaduna metropolis.

According to sources at the EFCC, the search for Maina’s properties in Kaduna started on Monday, adding that the commission was intensifying efforts to identify more of such properties in the city.

An official of the Kaduna office of the commission, Ibrahim Kamal, said the EFCC had identified six properties belonging to him, including two companies which were sealed.

Confirming the action in Kaduna, EFCC Head of Media and Publicity, Wilson Uwugiaren said: “The EFCC has sealed six properties allegedly owned and acquired with suspected proceeds of crime by Abdulrashid Maina.

NAIRA SCARCITY HITS INTERBANK MARKET AS OVERNIGHT LENDING RISES TO 120% Justice Nnamdi Dimgba Igwe had granted the order on October 18, 2017, following an application by the Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN) on behalf of the federal government.

The banks were asked to show cause why the monies belonging to companies and individuals should not be forfeited to the federal government 14 days from the date the order was given.

The chief executive of Financial

Derivatives Company Limited, Mr. Bismarck Rewane had warned that the decision by the court would lead to a liquidity squeeze in the market.

But an analyst at Ecobank Nigeria, Mr. Kunle Ezun, who spoke with THISDAY, attributed the development to the Central Bank of Nigeria’s (CBN) open market operations as well as its sustained Wholesale Secondary Market Intervention Sales (SMIS) auction that requires firms to

deposit naira cash before they can purchase dollars.

Ezun, however, expressed optimism that there will be some easing once the monthly funds from the Federation Accounts Allocation Committee (FAAC) hits the banking system.

The central bank has kept the benchmark policy rate high in its bid to fight inflation and attract foreign investors. It has also been selling treasury securities almost four times a week to soak

up naira liquidity and reduce pressure in the foreign exchange market.

The chief executive of Afrinvest West Africa Limited, Mr. Ike Chioke, noted that while last year the economy witnessed illiquidity in the forex market, this year it has experinced illiquidity position in the naira market.

“There are now dollars in the market, the exchange rate has stabilised, but people are looking for naira with which

NATIONAL ASSEMBLY TO PROBE MAINA’S RETURN, REINSTATEMENT This is as several lawmakers condemned the involvement of the Attorney General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami in Maina’s controversial promotion to Deputy Director from Assistant Director and redeployment to the Ministry of Interior.

The Senate ad hoc committee comprises the chairmen and deputy chairmen of its standing Committees on Interior, Public Service and Establishment, Anticorruption and Judiciary.

The committee was set up following a motion of urgent public importance raised by Senator Isa Misau (Bauchi, APC) who alleged that Maina has been moving around with policemen for protection since he sneaked back into the country.

He queried how the return, recall and promotion of an indicted person was orchestrated by persons who are close to a government that claims to be fighting corruption.

“In a government where we are preaching that the right things should be done, it is a deep embarrassment for the government,” he said.

Misau recalled that Maina was indicted by a probe on pension funds administration by the Seventh Senate, resulting in his abscondment from the country after a warrant was issued for his arrest.

“How did this person come back? How is it that security men are attached to him and nobody has arrested him? Someone who is on the wanted list of the EFCC and now a director, I think it is unfortunate,” Misau said.

Senator Olusola Adeyeye (Osun, APC), contributing to the motion, said while President Muhammadu Buhari acted promptly on the matter, his order to fire Maina without due process was a breach of civil service rules.

“I am glad that the president acted promptly. Even at that, the rules of the Federal Civil Service Commission have been breached, even by the president.

“What is sure is that certain people in the executive are determined to make this president fail. APC members must ensure this president must not fail,” Adeyeye said.

The president, he added, owed Nigerians a duty to ensure that whoever was responsible for Maina’s reinstatement in the civil service is held to account.

Maina, instead of addressing the allegations of corruption levelled against him, ran out of the country, Adeyeye said.

“Not only did he return, he returned to an elevated position.

It is an insult to civil servants who are doing their jobs diligently. As a member of APC, it is a sad moment. We can’t say we want to fight corruption.

“Whoever is responsible for this terrible decision must account for it. Stephen Oronsaye (former Head of Service) faced the court of the land and got exonerated.

The least Maina must do is to face a similar process and that is what this Senate must support,” he added.

Other lawmakers laid into Malami for his alleged role in the scandal.

Senator Dino Melaye (Kogi, APC) described the AGF, who recommended Maina’s recall, as someone who has displayed “gross colossal incompetence” in the office he occupies.

Melaye said Malami had at various times abused his office, starting with the forgery of the Senate Rules case he filed against Senate President Bukola Saraki and Deputy Senate President Ike Ekweremadu, which he added, was withdrawn disgracefully.

Melaye also berated Malami for instituting a suit against Senator Misau, following the accusations of corruption and nepotism he levelled against the Inspector General of Police.

“The case is Isa Misau Vs. the Federal Government. How does the IG become the FG? The attorneygeneral is supposed to prosecute only in the public interest. How

does an individual become a public interest?” Melaye queried.

Melaye added that the report of the presidency on Maina could not be relied upon, as its “implementation would be after rapture”.

Senators Aidoko Ali (Kogi, PDP) and Albert Bassey Akpan (Akwa Ibom, PDP) also blasted Malami who they noted has a penchant for writing distorted letters on electoral matters.

“He keeps writing all sorts of letters. He even wrote to INEC (Independent National Electoral Commission) for them to withdraw my certificate of return.

“The issue is who brought Maina to that place. It is the AGF who has a history of writing letters all over the place. The president should tell us what he would do to the AGF. We must rise up to condemn the acts of the AGF,” Ali said.

Senator Tayo Alasoadura (Ondo, APC) however disagreed that a committee should be set up by the Senate to investigate the matter and urged that the outcome of the president’s investigation be awaited.

“I believe we should not start mentioning names when we are not sure of what is happening. The investigation by the president will show this, then we would know what has been done wrong.

“We cannot be duplicating things all the time. If the president asked for a report on the matter why should we set up a committee?”

Alasoadura argued.

But as he spoke, murmurings of “no” rented the air, indicating that his colleagues did not agree with him.

Presiding, the Senate President said the development was worrisome.

“We are very disturbed at this development. It borders on security and the fight against corruption and how we manage our public service,” Saraki said.

However, there was some mild drama when Saraki put a motion seeking to commend Buhari for

“prompt action” on Maina’s sack to a voice vote.

A majority of the lawmakers voted “nay”, causing Saraki to put it to vote for the second time.

But the “nay” voices were even louder than the “ayes”. But the Senate President ruled that the “ayes” had it.

In the House of Representatives a similar motion was passed calling on the Economic and Financial Crimes Commission (EFCC) to immediately arrest and prosecute Maina to serve as a deterrent to others with corrupt tendencies.

It also approved the constitution of an ad hoc committee to investigate the resurfacing, reabsorption and subsequent elevation of Maina from the rank of Assistant Director – the position he held before he was sacked in 2013 – to Deputy Director, and recommended strong sanctions against any person or persons implicated in the scandal.

In a motion sponsored by Hon. Jagaba Adams Jagaba (APC, Kaduna), the House, however, commended Buhari for being proactive in directing the immediate sack of Maina from the Federal Civil Service.

Maina was declared wanted by the EFCC in 2015 after the police accused him of mismanaging over N100 billion pension funds.

The National Assembly had invited him to appear before its committee but he failed to honour the invitations on several occasions.

Instead, he fled the country to the United Arab Emirates to avoid arrest and prosecution, leading to his sack as Assistant Director in the Ministry of Interior by the Goodluck Jonathan administration.

The lower chamber expressed concern that Maina eventually returned from self-exile only to be posted to his former ministry and was given double promotion for Assistant Director to acting Director.

Also, yesterday the House passed a resolution urging both federal and state governments to henceforth prioritise the payment of

EFCC Seals off Properties But just as the National Assembly deliberated on Maina’s reinstatement, operatives of the Economic and Financial Crime

Continued on page 10

TOP GAINERS NGN NGN NASCON 1.33 14.33 CAVERTON 0.05 1.25 FIRSTALUM 0.02 0.52 AFRIPRUD 0.14 3.84 UACN 0.62 17.51 TOP LOSERS NGN NGN C & I LEASING 0.09 1.71 TRANSCORP 0.07 1.36 CADBURY 0.50 10.00 STERLBANK 0.05 1.01 HONEYWELL 0.09 1.85 HPE Nestle Nig Plc ₦1,200.00 Volume: 199.855 million shares Value: N1.811 billion Deals: 3,657 As at 24/10/17 See details on Page 39

% 10.2 4.1 4.0 3.7 3.6 % 5.0 4.9 4.7 4.7 4.6

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PAGE 10 OANDO CLAIMS COURT ORDER HALTING SUSPENSION ON SHARES, FORENSIC AUDIT Oando’s claims, THISDAY was unable to independently verify the decision of the court.

SEC last week had placed the company’s shares on full suspension for two days, then a technical suspension thereafter, pending the forensic audit into the affairs of the company.

The decision followed its investigation into two petitions sent to the commission by Mr. Dahiru Mangal and Ansbury Incorporated, respectively a shareholder and an indirect shareholder of the energy firm.

SEC’s probe threw up several regulatory infractions committed

by Oando, which has dual listings on the Nigerian and Johannesburg Stock Exchanges (JSE), and the commission’s instruction to the firm that it must bear the N160 million cost of the forensic audit to be handled by a team of independent experts to be led by the audit firm, Akintola Williams Deloitte.

But in a statement yesterday on SEC’s findings, Oando’s Chief Compliance Officer and Company Secretary, Ayotola Jagun, provided clarifications to all the points raised in the commission’s findings as outlined in their correspondence to Oando’s Group Chief Executive (GCE) Mr. Wale Tinubu on October 17, 2017.

Oando also noted that SEC had announced that a forensic audit into the affairs of the company will be conducted by a team of independent professional firms But Oando described SEC’s directives as illegal, invalid and calculated to prejudice its business.

To safeguard the interests of the company and its shareholders, Oando said it took the step to file an action against the SEC and the NSE. “The NSE and SEC were served with the enrolled court order today Tuesday, October 24, 2017 after the technical suspension was carried out by the NSE on Monday, October 23, 2017.

“In our view both the NSE and the SEC are legally obliged to comply with the interim order, pending the substantive determination of the suit,” the company added.

Oando said it resorted to the court action because having declared to the public that SEC had ordered the suspension its shares as a result of its “weighty” findings in the course of its investigations, SEC further concluded that a forensic audit was necessary in order to investigate whether its findings were true.

Oando described SEC’s position on the matter as a clear contradiction.

“How did SEC arrive at its findings if it cannot be sure of the veracity or otherwise of those findings and how did it ascribe the appropriate level of weight to be given to those findings, enough to warrant an immediate suspension, followed by a technical suspension of the shares of the company, if those findings are still mere allegations at this point?” Oando wondered.

Oando said it had fully cooperated with SEC since the commencement of this investigation in May 2017 and had provided all the information requested.

According to the company, it was

evident that the submissions made to SEC had not been duly considered due to the conclusions reached and actions taken, as all of the matters raised had been responded to in great detail with all supporting documents requested by SEC. Oando alleged that its chairman had requested for audience with SEC to enable it present its case before the commission but to date, no invitation has been extended to the company.

“Each of the alleged infractions has a penalty as prescribed by the respective provisions of the ISA, SEC Code, SEC Rules and Regulations, NSE Listing Rules and CAMA; none of them whether singularly or together warrant the suspension of free trading in the securities of the company or the institution of a forensic audit.

“The latest actions taken by the SEC are prejudicial to the business of the company as it would hinder the ability of the company to enter into new business transactions and affect the confidence that existing stakeholders (lenders, JV partners, vendors, etc.) have in transacting business with the company.

“The company has received numerous queries from critical stakeholders, including its lenders as a result of SEC’s actions and an indefinite technical suspension of its shares, as well as an open-ended forensic audit that will negatively impact the ability of the company to conduct its day-to-day business and meet the expectations of all its stakeholders,” Oando stated.

Oando added that by issuing the two letters dated August 24 and August 28, its chairman had petitioned the Director General of SEC alleging bias and lack of due process in the way and manner in which SEC has conducted this investigation.

According to the company, the current action by SEC, despite its internal findings, confirmed that SEC appeared to be working to its own conclusion rather than looking at the facts before it and acting in the best interest of the company and the minority shareholders whom it claimed it sought to protect.

Oando further alleged that in its most recent communication to the Group Chief Executive (GCE) dated October 17, SEC unilaterally qualified one of the petitioners, Ansbury Inc. as a whistleblower despite the fact that Ansbury brought its petition to SEC as an indirect “shareholder” of the company.

The company argued that it had from the date of its earliest communication to SEC on this matter, challenged both the legal capacity of Ansbury to bring a petition against the company and SEC’s jurisdiction to consider the petition.

“This is because Ansbury is not in fact a shareholder of the company and furthermore, there is an on-going arbitration in the United Kingdom in respect of its indirect investment in the company.

“Under SEC’s Complaints Management Framework, it shall not consider any matter which is currently in arbitration. The unilateral and arbitrary re-classification by the SEC of the basis upon which

Ansbury wrote its petition at this late stage is at odds with accepted principles of fairness and due process.

“It is also difficult to understand how Ansbury can be a whistleblower when the information and allegations contained in its petition were obtained from the publicly disclosed 2016 audited financial statements of Oando and based on Ansbury’s own interpretation of those financial statements,” Oando said.

The company further alleged that the two petitioners, Alhaji Dahiru Mangal and Ansbury Inc., were copied in SEC’s most recent communication to the company’s GCE on October 17, stressing that it was unheard of and prejudicial to the company’s case for petitioners to be copied on correspondence to the investigated party on findings yet to be concluded.

Oando also described as onerous and unnecessary, the cost implication of the forensic audit - N160, 000,000.00, which it is to bear, saying “it is not the best use of shareholders’ funds at this time”.

Responding to SEC’s findings, as outlined in its correspondence to the company’s GCE on October 17, Oando stated that SEC accused it of breach of corporate governance code.

The commission had informed Oando that it found from the corporate governance return submitted by the company for the period ended December 31, 2016, that the remunerations of the GCEO and the Deputy GCEO were approved by the board, while the GCEO was responsible for fixing the remuneration of other executive directors, which was in violation of Part B, 14.3 of the SEC Code of Corporate Governance.

SEC also found out that the last board evaluation of Oando was done

by KPMG in 2012, which was a violation of Part B, 15.1 of the SEC Code of Corporate Governance.

Responding to the two charges, Oando stated that it wrote to SEC on July 21, informing it that the remuneration of all executive directors of the company was last reviewed prior to May 2014 before the SEC Code of Corporate Governance was made mandatory.

Oando also admitted that its 2016 Corporate Governance Report filing dated January 31, 2017 contained an error which was evident when compared to its previous filings, including the H2 2015 report sent to SEC under cover dated August 31, 2016.

On the board evaluation, Oando stated that its understanding was that the SEC Code of Corporate Governance was made mandatory on May 12, 2014, adding that prior to that date, the recommendation for an annual board evaluation was not mandatory.

The company added that even if it had breached provisions of the SEC Code, the commission was under obligation under s.1.3 (d) of the said Code to notify the company “specifying the areas of noncompliance or non-observance and the specific action or actions needed to remedy the non-compliance or non-observance”.

“The company only received such formal notification from SEC

requiring compliance with the SEC Code on these matters on October 17, 2017, five months after the commencement of its investigation.

“The company has since put remedial actions in place to cure this breach,” Oando added.

SEC in its finding further stated that Oando breached ISA 2007 on the disposal of Oando Exploration & Production Limited (OEPL), stressing that the disposal of OEPL to Green Park Management Limited was done without the prior approval of SEC. SEC had also charged that following the structuring of the OEPL transaction in contravention of ISA 2007, Oando Plc recorded a profit of about N6 billion from the sale of OEPL that erased the operating loss of N4.68 billion, leading to a profit of N1.4 billion for the year 2013. The company subsequently declared dividends from the profit.

According to SEC, having admitted that the action was in breach of the ISA 2007, Oando Plc restarted its 2013 & 2014 audited financial statements, which contained material false and misleading information contrary to Section 60(2) of the ISA 2007.

But in its response to the disposal of OEPL and its treatment of the proceeds from the sale, Oando stated that this breach flowed from the allegations regarding the accounting treatment on the disposal of OEPL, adding that there was no misstatement of profits in the 2013 and 2014 audited financial statements as the accounting treatment for the transaction was in full compliance with the IFRS standards both in the 2013 financial statement when the sale occurred and was recorded and in the 2015 financial statement when the reversal occurred.

SEC further informed the GCEO in the October 17 correspondence that the 2014 Rights Issue Circular of Oando contained information relating to the profit reported by Oando in 2013 arising from the sale of OEPL. “Consequently, the said Rights Issue Circular contained material misleading information. This action amounts to a violation as contained in Section 85(1), 86(1) and 87(1) of the ISA 2007,” SEC observed.

However, Oando stated that SEC did not confirm what portion of the ISA was breached, adding that it acted appropriately in the way it reported the OEPL transaction, stressing that there was no breach of the ISA in respect of providing misleading information in Oando’s 2014 Rights Issue Circular.

On SEC’s observation that Oando in 2014, remitted dividends to the registrar in piecemeal in violation of Rule 44(1) of the SEC Rules and Regulations, which provide that “dividends declared shall be paid en-bloc by the issuance of a cheque or transfer of funds to the registrar not later than seven working days after the annual general meeting where the dividend was declared,” Oando said this was the first time that SEC was making such an allegation.

The company added that it was not given an opportunity to respond to this allegation.

Oando noted that the penalties for breach of the provisions relating to payment of dividends are prescribed

in Rule 44 (4) (a) and (b) of the SEC Rules, adding that these do not require a forensic audit.

On SEC’s findings that Ernest & Young had raised concerns on the going concern status of the company, Oando said it was unclear how this issue on the going concern status was a SEC finding or how it amounted to a breach.

SEC had further observed that certain persons classified as insiders within the provisions of Section 315 of ISA 2007 and who were in possession of confidential price sensitive information not generally available to the public, had between January-October 2015 traded on Oando’s shares prior to the release of the company’s 2014 financial statement, where the company reported a loss of N183 billion.

On the allegation of insider dealing made by Oando against Mangal, the company stated that it has clear and robust insider trading policies which it had communicated to all known insiders of the company.

The company also noted that the penalties for insider dealing include the voiding of the affected transactions at the instance of the commission.

Oando also argued that there are further penalties contained in ISA –Section 115 – criminal liability for dealing in securities by insiders (Section 111).

“The company has clear and robust insider trading policies which it has communicated to all known insiders of the company. The company also operates a well-defined and articulated Closed Period/ Blackout process relating to trading in the securities of the company by insiders, in line with corporate governance best practice.

“The question as to whether insider dealing occurred in the shares of the company is a matter for SEC to raise with any affected insider; it is also important to note that the company cannot be guilty of insider dealing since it only issues securities and is not involved in the trading of its own securities.

“Furthermore, as a public company with fully dematerialized shares, listed on both the Nigerian Stock Exchange and the Johannesburg Stock Exchanges all trading in the securities of the company takes place on the floor of both exchanges through the respective Depository, Clearing and Settlement Agencies.

“Any investigation into whether or not there has been a breach of insider trading rules is a question of fact which would be better addressed through an inspection of trading records of the exchange rather than through a forensic audit of the company.

“The company forwarded to the SEC, copies of the company’s Insider Trading and Closed Period policies during the process of its investigation,” Oando said.

It went further to highlight the prescribed sanctions for a person or corporate body discovered to have engaged in insider dealing as prescribed by ISA, which did not include suspension of trading in a company’s shares or the requirement for a forensic audit.

SEC had also informed the company in the October 17 letter that it identified certain related party transactions and observed that they were not conducted at arm’s length.

But Oando claimed that all related party transactions are disclosed by it in accordance with the SEC Code of Corporate Governance, the NSE Listing Rules as applicable, IAS 24 under the IFRS accounting standards, and the company itself has an extensive Related Party Policy which was made available to the SEC and is available on the company’s website.

SEC also found that Oando declared dividends in 2013 and 2014 from unrealised profits.

In its response, Oando stated that it has repeatedly denied this claim and provided evidence to SEC in its defence.

“The interim dividend declared in September 2014 and paid by Oando PLC in November 2014 was paid from the H1 2014 profits of Oando PLC. “At that point in time, the company had sufficient distributable reserves and it is acceptable under the law to pay out dividends if reserves exist at the point of declaration.

“The restatement of the OEPL sale was done in 2015 and would not have affected the 2014 declaration of the interim dividend, which was declared from H1 current period profit in 2014.

“Thus, the declaration of the interim dividend on the basis of reserves available at the point of declaration, complied fully with the provisions of Section 379 (2) of the Companies and Allied Matters Act. “At all material times that dividends were declared, same were paid out of the available distributable reserves in the relevant period,” Oando explained.

The company insisted that even if there was an infraction, the penalty is as laid down in Rule 44 (4) (a) and (b) of the SEC Rules.

On SEC’s observation of discrepancies in the shareholding structure of Oando Plc, the commission had pointed out that while Alhaji Mangal’s status as a shareholder in Oando Plc was not in contention or dispute, the exact units of shares held by him required reconciliation.

But Oando argued that Alhaji Mangal has not contested the contents of the register of members maintained by the company’s registrars - First Registrars & Investors Services Limited, or even made a request to the registrars to reconcile the register.

“We are therefore unclear as to what discrepancies SEC is referring to here. If Alhaji Mangal claims he holds more shares in the company than is stated in the Register of Members, then it is for him, directly, or through his brokers to seek a reconciliation of the register, providing evidence of the number of shares that he acquired in the company and when he acquired those shares.

“We do not see how this ‘discrepancy’ should therefore require a forensic audit to ascertain its veracity when the burden is on Alhaji Mangal to show that he acquired those shares,” the company said.

the earlier probe report on the corruption allegations against the suspended Secretary to the Government of the Federation, Mr. Babachir Lawal, the APC spokesman said: “I cannot comment on this because it is the same president that has taken a decisive action on this that still has the other report.

“In his wisdom, he must have a reason, and unless we know those reasons, we cannot come to conclusions that he has not acted.

“We have to be willing to admit that in his judgment, he does not have all the facts because we are not sitting in that chair. We have no doubt in our minds that the president will do what is necessary and do what is right.

“But he does not have to act because everybody wants him to act. He has to exercise the best judgment at all times.

“So if we are satisfied that he is acting in the best interest of the nation, definitely we cannot continue

to insinuate that he will shield these people.

“He was the one who ordered that the investigation be carried out and he is the one who ordered that the SGF and NIA boss be removed from the office and we have not heard that they have returned to their duty posts.

“So definitely action will be taken on them. I think we should just be kind and wait for Mr. President to act on that before we come to the conclusion that he has not acted.”

Abdullahi also said that the ruling party did not see any reason to set up an independent investigation into the reinstatement saga.

“Why should the party set up an independent investigative team as if it is not our government? There is no need to set up one because it is our government.

“The president as the leader of the party is not independent of the party.

We are confident that the president will do what is necessary,” he said.

NATIONAL ASSEMBLY TO PROBE MAINA’S RETURN, REINSTATEMENT “The properties are a two-storey commercial building located on Ibrahim Taiwo road, a bungalow located on Katuru road, and four separate properties located on the Kano road in Kawo new extension Kaduna,” Uwugiaren stated.

The EFFC on Monday had sealed off Maina’s properties in Abuja, including a residence purportedly valued at $2 million.

Uwugiaren also informed THISDAY that the commission was yet to arrest Maina, but assured of efforts to intensify the search for him.

Uwugiaren also denied reports that the commission had accused the Department of State Service (DSS) of harbouring the fugitive director and had provided security since his return to the country from Dubai, United Arab Emirates, where he had run to before his return to the country.

Though Maina was said to have

been travelling between Kaduna and Abuja, since his reinstatement as director in the Ministry of Interior, there were speculations that he might have been assisted by some top government officials to escape again to Dubai.

Maina’s Sack in Order Meanwhile, the presidency said yesterday that the sack of Maina’s dismissal followed due process.

This claim came against the backdrop of some lawyers’ insistence that Maina’s dismissal violated civil service rules.

The president on Monday had ordered Maina’s sack and queried the Head of the Civil Service of the Federation, Mrs. Winifred Oyo-Ita, demanding a full report on the circumstances of his recall and redeployment to the Ministry of Interior.

However, in a series of tweets yesterday on its twitter handle, @

NGR President, the presidency said Buhari’s directive to appropriate authorities to effect the sack was in compliance with the rules.

The tweet read: “Reports that due process was not followed in the disengagement of Mr. Maina from service are incorrect.

“The president directed the appropriate authorities to effect the disengagement in compliance with due process.

“President Buhari will continue to ensure that due process is followed every step of the way.”

APC Demands Action Also, weighing in on the uproar generated by Maina’s return and reinstatement in the civil service, the All Progressives Congress (APC) yesterday joined Nigerians to express outrage over his ill-advised recall.

APC’s reaction to Maina’s reinstatement and subsequent sack by Buhari was given by the

National Publicity Secretary of the party, Mallam Bolaji Abdullahi who spoke to journalists at the APC national secretariat in Abuja.

Abdullahi said: “We are all shocked like any other person. It is almost unbelievable that such a thing can happen. However we are all delighted that President Buhari has taken very decisive punitive action against those that are involved.”

He noted that the APC was delighted that the president had ordered a full-scale investigation into the circumstances that led to Maina being reinstated into public office.

“We believe as a party that whoever was part of this or found to be part of this must face appropriate consequences because it is an embarrassment to the party, government and it is unacceptable,” he added.

On the party’s position over the continued delay in acting on

T H I S D AY WEDNESDAY OCTOBER 25 2017

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WEDNESDAY, OCTOBER 25, 2017Ëž T H I S D AY

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NEWS

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

PDP Governors Slam Buhari over Corruption Scandals Chairmanship race: We can’t enforce micro-zoning, says Makarfi Party approves Dec 9 for convention Onyebuchi Ezigbo Ă“Ă˜ ĂŒĂ&#x;ÔË The Forum of Peoples Democratic Party (PDP) Governors yesterday expressed disappointment over what it called series of scandals and allegations rocking the government of President Muhammadu Buhari.

This came as the Chairman of the National Caretaker Committee (NCC), of the party, Ahmed Makarfi, disclosed that the party has only endorsed the zoning of presidency and national chairman to the North and South respectively.

The Chairman of the PDP Governors’ Forum and Ekiti State Governor, Ayo Fayose, berated the All Progressives Congress (APC) administration led by President Buhari over series of alleged cases of impunity and corruption. Fayose urged PDP to continue to expose alleged excesses of the APC, declaring that “if we don’t expose them, nobody will do so.�

Fayose likened the administration’s anti-graft war to the scenario where armed robbers engage perceived thieves in fierce battle. “The opposition (APC) is now in many scandals, we have to keep our voices up to expose them. Armed robbers calling people thieves, who are the armed robbers now? “Buhari’s anti-corruption fight is like Satan calling Judas Iscariot a sinner.� Fayose said.

The Ekiti State governor charged party members to ensure that the December 2017 elective convention succeeds,

pointing out that “the last convention was applauded; I want to believe that this one will be the same. In this convention, there will be winner and loser, but in all, the party must win.

The fact that you did not win should not make you to destroy the party.“ Meanwhile, while reacting to insinuations that the leadership was behind the move to alter the micro zoning arrangement which ceded the national, chairmanship seat to the South west, Makarfi said there was no truth in such insinuation�

He also cautioned against pushing the leadership of the party to assume powers that might make it act in an arbitrary manner and which the party would later regret. Makarfi who spoke at the 76th National Executive Committee (NEC) of the party, said the NCC has no power ascribed to warrant its interference in the choice of chairman of the party. “I want to make one thing categorically clear that it is  very unfair insinuation. Some people think that I as the chairman of the caretaker committee should assume the power that we don’t have. “We have no power beyond the convention, and I want to remind all of us that, the only thing convention did was to zone two positions, and as chairman or caretaker committee, you cannot go beyond that. “But to assume that the chairman of the caretaker committee to exercise power that he doesn’t have, and start

dishing out orders, that will be undemocratic and will have no basis or foundation in our constitution,� he said.

On the outcome of the meeting with aspirants, he said they sought and obtained from the aspirants that they would all approach the contest with decorum.

He told the meeting that the caretaker committee has been able to restore order and sanity in troubled states. Makarfi also said the party has also meted out disciplinary actions on some erring members in Anambra State while cases of others have been referred to the disciplinary committee.

Among the aspirants that met with the caretaker committee included Chief Bode George, Chief Raymond Dokpesi, Prince Uche Secondus, Prof. Taoheed Adedoja, Alhaji Rasheed Ladoja, Prof. Tunde Adeniran, Otunba Gbenga Daniel and Mr. Jimi

Agbaje.

While addressing the NEC meeting, the Chairman of the Board of Trustees (BoT), Senator Walid Jibril, said success of the party’s convention would depend on the unity and love for the party as the outcome is going to determine the success or the death of the party as every Nigerian is waiting for PDP to come back and rule Nigeria again.

He stated that members of the party should not begin to adopt people without seriously adhering to rules and regulations of the party.

The Deputy Senate President, Ike Ekwerenmadu, urged the Makarfi-led National Caretaker Committee to ensure that the forthcoming national convention is conducted in a very transparent manner to serve as a lasting legacy for the party.

Meanwhile, the NEC of the party has formally ratified

December 9 as date for its national convention.

While choosing the date for the national convention, the NEC also said the venue of the event would be at Eagle Square in Abuja.

However, yesterday’s NEC meeting witnessed a drama when the senator representing Ekiti South senatorial district, Senator Abiodun Olujimi, brought a petition against the Ekiti state governor, Fayose over his alleged interference in the selection process for the party’s governorship candidate in the state.

Fayose was said to have unilaterally declared that his deputy, Prof. Olusola Eleka, would run as the PDP governorship candidate in the next year’s election.

Addressing journalists late evening after the meeting the party’s spokesman, Dayo Adeyeye, said Olujimi brought

a complain of alleged acts of impunity by the leadership of the state chapter.

When asked about the NEC’s response to the petition, Adeyeye said the matter was referred to the chairman of the caretaker committee, who told members that an action was already being taken to resolve the issues in order to avoid a catastrophic outcome of its convention.

He said the NEC approved a general weaver for every one coming into the PDP in Oyo and Anambra States.

He also said the meeting approved guidelines for the conduct of congresses and national convention.

In addition, Adeyeye disclosed that the caretaker committee submitted the budget for the convention to the NEC for its approval.

CBN Dep’Gov, Fidelity MD Other Bankers to Be Honoured With CIBN Fellowship A Deputy Governor of the Central Bank of Nigeria (CBN), Dr. Okwu Joseph Nnanna, and over 50 ehief executive officers, executive directors and top management staff of banks as well as academics will formally be conferred with the fellowship and honorary senior membership of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos on October 28, 2017.

Out of the 192 awardees to be honored at Harbour Point event centre, Victoria Island, 12 would be honorary fellows, 119 associates would become fellows while 61 would be honoured with the honorary senior membership of the institute, which is in recognition of the awardees’ services, commitment and contributions to the industry in particular and the nation’s economy in general.

The honorary awardees include Mr. Milton Alvin Weeks, Executive Governor, Central Bank of Liberia; Mr.

Nnamdi Okonkwo, Managing Director/Chief Executive of Fidelity Bank Plc; Mr. Kunle Oyinloye, Managing Director/ Chief Executive, Infrastructure Bank Plc, Mr. Akin Dawodu, Managing Director/Chief Executive, Citibank Nigeria Limited; Mr. Uzoma Dozie, Managing Director/CEO, Diamond Bank Plc; Mr. Philip Ikeazor, former Managing Director/Chief Executive, Keystone Bank Limited, Mr. Adesola Adedutan, Managing Director/Chief Executive, First Bank of Nigeria Limited; Mr. Olukayode Akinkugbe, Managing Director/Chief Executive FBN Merchant Bank Limited and Mr. Charles Kie, Managing Director/Chief Executive, Ecobank Nigeria Limited.

The event will have Mr. Amine Mati as the guest speaker of the day while Prof Segun Ajibola, FCIB, President/Chairman of Council, CIBN would be the chief host.

CEMENTING TIES

 Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu (right) ,and United States Secretary of Energy, Mr. Rick Perry, after their meeting at the ongoing 24th African Oil Week in Cape Town ,South Africa....yesterday

NNPC $25bn Probe: Pressure May Affect C’ttee’s Focus, Redirected to Duke Oil Damilola Oyedele Ă“Ă˜ ĂŒĂ&#x;ÔË The Senate Committee charged with the investigation of allegations of the award of $25 billion worth of unapproved contracts by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Maikanti Baru, may be considering redirecting its focus from Baru to investigating alleged corrupt practices by the NNPC Trading Company. The trading company comprises Duke Oil (a subsidiary of the NNPC), Hyson/Carlson (JV), NAP Oil (JV); and West Africa-Gas Limited (JV).

This is as the Senator Aliyu

Wamakko-chaired committee held its inaugural meeting yesterday, more than two weeks after it was constituted

by Senate President Bukola Saraki on October 4, 2017. The committee with the mandate to investigate the various allegations levelled against Baru, by the Minister of State for Petroleum Resources, Dr. Ibe Kachikuwu, had last Tuesday postponed its inaugural meeting where the nine members were supposed to fashion out and agree on the modalities for the investigation. Kachikwu in a leaked memo to President Muhammad Buhari had accused Baru ofÂ

insubordination, unilaterally awarding the contracts and making appointments of senior management staff, without recourse to the Board of the NNPC which the Juniour Petroleum minister chairs. THISDAY had reported that the committee is under pressure from the presidency to provide a soft landing for Baru, and avoid a situation where he would be indicted. Sources indicated that the pressure which the committee has come under, may cause it to rather shift its attention to the activities of the trading company, particularly on Duke Oil. Duke Oil was registered

in Panama in 1989 and does not pay tax in Nigeria despite earnings millions of dollars from various NNPC contracts, for which it enjoys preferential treatment. The name of the committee also indicates that its focus may be the trading company; ad hoc committee on the investigation of allegations of corruption against the NNPC Trading Company Limited. A source had told THISDAY last week, that unravelling Duke Oil would be key to exposing corruption in the NNPC, as the company’s dealings are known only to the management of the NNPC.Â

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COMMENT

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

CAN DEMOCRACY SAVE US?

Sonnie Ekwowusi contends that the country still have much to do to purify the system

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he surest way to be ruined by democracy is to take for granted that it will yield its harvest in due time. But there is no in-built success mechanism in every democracy that always propels it to produce the desired result. All countries which have achieved success with their democracy have always worked hard to achieve the success. Therefore Nigerians have to work out their democracy if they really and truly want to derive any benefits from it. This is not a euphemism. It is a simple thing expected from us. Outsiders continue to shudder that despite Nigeria’s abundant human resources the country continues to be dragged backwards by illiterates and silly leaders. Shortly before he died Nelson Mandela looked up to Nigeria to reclaim its leadership position in Africa but that unfortunately never happened.

Therefore as 2019 approaches Nigerians should resolve anew to correct the mistakes of 2015 by voting in capable political leaders who will recover Nigeria’s lost glory. We are approaching the closing year of the Buhari government yet there is so much uncertainty and confusion troubling the Nigerian society. For example, the Fulani herdsmen have been laying siege to different Nigerian communities, maiming and killing the people (their latest killings being the ones in Plateau State a few weeks ago) and the Nigerian military has not been sent to mow them down or declare them as terrorists as they did in the case of IPOB. Imo State Governor Rochas Okorocha has erected a statue of South Africa’s President Jacob Zuma in Owerri besides conferring him with a chieftaincy title, naming a street in Owerri for him as well as giving him the highest Imo State merit award. This has drawn the ire of most Nigerians. For weeks now, Rochas has come under the butt of public reprimand for erecting the life statue. Nigerians cannot understand why Rochas should bring the statue of a never-do-well Zuma and erect it in Owerri. Consequently some have requested the governor to immediately remove the embarrassing statue and tender an apology to the people of Imo State.

In response, Governor Rochas, known for his eccentric behaviour, has said that he owes nobody any apology for erecting the Zuma statue and that he is even planning to go and bring more statues and erect in Owerri. Maybe Rochas is planning to erect the statue of Sani Abacha or Robert Mugabe or Idi Amin in Owerri.

Meanwhile some citizens of South Africa are making a mockery of Nigeria for honouring Zuma. For example, one of them wrote: “The most corrupt country in the world honours one of their own�. Another wrote: “The most corrupt President in the African continent is honoured with a bronze statue in one of Africa’s most corrupt country.�

Governor Rochas’ eccentric behaviour and his open contempt for the people have indeed thrown up once more the so many wrong assumptions about democracy and so-called democratic leaders. One of the wrong assumptions about democracy is that the political office holders have enough wisdom and virtue to pursue the end of democracy - promotion of the welfare of the people. But viewed against the backdrop of history, political leaders do not have enough wisdom and virtue to pursue the end of democracy. Democracy is challenged from within by

DEMOCRACY, SOME THINKERS SAY, BRINGS OUT THIEVES, MURDERERS, MAD MEN AND WICKED MEN FROM THEIR HIDEOUTS AND ENTRUST WITH SUCH A SACRED DUTY OF MANAGING THE AFFAIRS OF THEIR FELLOW MEN AND WOMEN

sheer ignorance and pursuit of personal interests at the expense of the common good and welfare of the people. This easily prompts the nagging question: Can Nigerian democracy save us? Historical exhibits and analysis of American democracy and other democracies point to the fact that constitutional democracy alone is not a guarantee of freedom and prosperity. Democracy, some thinkers say, brings out thieves, murderers, mad men and wicked men from their hideouts and entrust with such a sacred duty of managing the affairs of their fellow men and women.

For example, if not for democracy Rochas Okorocha probably would not have been in the Government House. He probably would have been somewhere else doing the things that he truly knows how to do. But see what democracy has done for him and with him. It has brought out him from his hideout, cleaned him up, clothed him and put him in charge of the affairs of his fellowmen.

And it is not only Governor Rochas that democracy has treated in this way. Sometimes uncultured men who should have been somewhere else suddenly gain access to power and make useless the affairs of government. The BusinessDay Newspaper editorial of October 17, 2015 with the title: “An Incompetent and Corrupt Government,â€? said it all. According to the paper, “since ascending to the presidency, President Buhari has proved Nigerians wrong by running perhaps the most lethargic, chaotic, incompetent-and as it is now increasingly becoming obvious, a corrupt administration wrought with infighting, confusion, contest for power and authority and a shocking lack of grasps of fundamentals of governance and administration‌.â€? Evidence of corruption in the Buhari government, according to the paper, include N233 million SGF Babachir grass-cutting fraud; the $25 billion NNPC scam contract allegedly involving Baru; NIA boss $43 million loot; N3.2 billion State House Clinic which Aisha Buhari said had been expended in supplying medicals in a clinic which lacks a common syringe.

Therefore if the Nigerian democracy must save us from the ills of contemporary society; if it must lead to true human flourishing, then it must be freed from the stranglehold of men of unruly passions and creatures of appetite. Unfortunately since President Buhari came to power we have seen a new dictatorship that arrogantly depicts itself as the new arbiter of truth with disdain for the rule of law. We have seen injustice meted out against perceived enemies of government. We have seen how the Nigerian military is being used to mow down defenceless citizens partaking in a peaceful rally. We should remind ourselves once again that we are no longer under military autocracy. The Nigerian military operated a monolithic and hierarchical government that did not admit of power sharing.

Only the Head of State or the Federal Military Government or the Supreme Military Council, was everything. But not so in presidential democracy. Under presidential democracy which we are supposed to be practising, the principle of separation of power with its attendant checks and balances hold sway.

Therefore we must go back and work out our democracy if we really want it to save us.

IGBO MARGINALISATION IS A MYTH Igbo is the richest ethnic group in Africa, argues Nnamdi Ebo

M

YTH is a widely held but false belief and misrepresentation.

In furtherance of ethnicnationalism, South East Caucus of the National Assembly and Ohanaeze Ndigbo stated, in different fora, that the only way to end Biafra separatist agitations is to stop “Igbo marginalisation�; and restructure Nigeria. This message became ascendant as Biafra separatism gained momentum.

Of all issues currently featuring in national discourse – “Igbo marginalisation� is the most formidable message. Is it myth or reality?

With this widely held but false belief and misrepresentation of the truth – the central message has been that Ndigbo are deliberately being kept out of key roles in central government. The commonest gibes, tritely, are: “Igbos have a dry thirst for money�; “Igbos price acquisition of money higher than life and death�; “If you want to know whether an Igbo man is dead, shake any currency paper money or coins near his ‘cadaver.’“ Reality-check: there is no evidence of deliberate policy of exclusion. There is no deliberate strategy of denial against Igbos. The political aspiration(s) of Ndigbo in Nigeria’s political space is in their hands.

However, with naivetĂŠ, clannishness, disunity and inexperience in national politics, Ndigbo continue to squander it on wrong political choices. The principles of merit and competition are supplemented by nebulous and retrogressive policies: “State of Originâ€?,“Federal Characterâ€? and “Quota Systemâ€? but they are not directed at Ndigbo.

The concept “Igbo marginalisation� was conceived during the Nigerian Civil War (1967-1970). Nigeria

changed currency and Igbos lost over £50,000,000.00 in foreign exchange; Awolowo’s starvation policy created kwashiorkor; pauperising Igbo middle class with a £20 ex gratis award to all bank accounts irrespective of lodgments before the war.

Routing Igbos from the commanding heights of Nigeria’s economy by introducing the indigenisation decree at a time Igbos had no money; declaring Igbo property “abandoned property�; refusal to re-absorb Igbo cadres who attained high positions in the armed forces and federal public service.

Reality-check: Igbo challenged Nigeria’s unity, seceded, fought a war against Nigeria and were defeated.

The dominance of politics by Hausa-Fulani and Yoruba has seen them controlling the levers of power. It took the intervening period (1960-1970) for forces of ethnic particularism artiďŹ cially repressed during the colonial period to burst forth and gather momentum. I traced the predicament of Ndigbo to 1967. Ojukwu, calculating that Gowon, a ‘MiddleBelt Christian’, will not ďŹ ght ‘Eastern Christians’, declared Biafra. Reality-check: wrong calculation – Gowon declared war on Biafra. The war set Igbos on the path to self-deception, creating ‘the myth of Igbo marginalisation’.

Marginalisation was seen in creation of states. In 1967, it was a political master-stroke by Gowon to scatter the solidarity of the eastern region; to severe the EďŹ k, Ibibio, Annang, Ijaw, Ogoni and other minorities from the Igbos in order to destabilise their common resolve to ďŹ ght war. Reality-check: it worked.

After the war, the levers of power fell into the hands of the war victors and they determined the

composition of the highest echelons of power. Are there salient indicators of deliberate marginalisation against Igbos? – political emasculation (not true), politics of state creation (not true), discrimination in federal appointments (can be adjusted), military neutralisation (Igbo man would rather trade than join the army), selective development (since 1970, a remarkable Igbo economic and commercial Êlan).

John Odigie-Oyegun told Igbos to join the All Progressives Congress (APC) to overcome marginalisation, saying it is the pathway to Igbo Presidency.

Ken Nnamani declared: “on. . . marginalisation. . .do not stay under the rain. . .and start crying because nobody will observe. Unless you go into the ruling party and make meaningful contributions. . .moral standing to ask ‘why don’t we have this or that’?�.

Governor Rochas Okorocha concluded, rightly, that the Hausa-Fulani and Yoruba don’t need Igbo to win elections anymore.

In answer to a question on his plans for inclusive governance in 2015, President Buhari stated: “. . .The constituents, for example, gave me 97% [of the vote] cannot in all honesty be treated on some issues with constituencies that gave me 5%.�While Hausa-Fulani/Yoruba had realigned political forces, Igbos had voted clannishly for Igbo forenames: “Ebele and Azikiwe�.

Reality-check: President Jonathan didn’t construct one kilometre of road in Igboland. Team Jonathan produced petty rewards for few Igbo apparatchiks and rolled back the schedule for Igbo Presidency.

Biggest failure of Igbo elite is incapacity to play the political game. That’s reason losers seek “new Biafra� – where the failed Igbo elite can exercise control unchallenged.

The American Civil War (1861-1865) occasioned the defeated Southerners tarred by the brush of secession, destroying Southern inuence for a century. Victorious Northern electorate were extremely reluctant to cast a ballot for Southerners, making them unelectable. Nigeria’s Southeasterners are also tarred by the brush of secession.

US South couldn’t dominate American political system like it did during the antebellum era. Igbos couldn’t dominate Nigerian politics like they did before the Nigerian Civil War.“Marginalisation� is a phenomenon prevalent in Igbo socio-political life.

Igbos are not marginalised in Nigeria but going through a process of integration after war. The ramiďŹ cations of all wars are similar – for losers.

After the American Civil War, it took 98 years for the defeated South to produce a US President – Lyndon B. Johnson (1963-1969). Since the end of the Nigerian Civil War, it’ll take decades for the defeated East to produce an Igbo President.

Trust and conďŹ dence must be rebuilt. Nonetheless, Ndigbo rebuilt the Southeast. Igbo is the richest ethnic group in Africa with properties/investments, inside/outside Igboland, totaling a net worth in excess of US $1trillion.

Igbo intelligentsia developed a marginalisation thesis, Igbo lumpen proletariat assimilated it, but it’s a ploy concealing contrived defeatism, as Igbo bourgeoisie accelerated expansionist monopolisttrade cartels across Nigeria and Igbo diaspora. Even under concerted efforts to marginalise, no ethnic group can amass such stupendous wealth in a decade after a military defeat. Reality-check: “Igbo marginalisation is a myth�. www.nnamdiebo.com

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EDITORIAL THE MAINA RECALL SCANDAL

The credibility of the administration’s cornerstone – the anti-graft war- is increasingly being eroded

T

he summary dismissal of the fugitive former Chairman of Pension Reform Task Team, Mr. Abdulrasheed Maina

by President Muhammadu Buhari, confirms all that is wrong with this administration. That it should require the direct instruction of the president to disengage a wanted criminal suspect from the service of government indicates a real systemic dysfunction. That the action was taken just a few hours after the Special Assistant to the president on Prosecution, Mr. Okoi Obono-Obla, defended the same Maina on Channels television confirms what the opposition has been saying that this government is at ease with corruption so long as it is “within the family”.

However, what is particularly worrisome is the public exchange of blames between the Head of the Civil Service of the Federation, Mrs. Winifred Oyo-Ita and the Minister of Interior, Lt. General Abdulraham Dambazau (rtd). And more shameful still is the involvement of the Attorney General of the Federation and Justice Minister, IF THE PRESIDENCY IS Mr Abubakar INTENT ON RECOVERING Malami whose name WHATEVER REMAINS is almost always OF ITS CREDIBILITY, THE mentioned in every MAINA SCANDAL SHOULD allegation of infamy EXTEND TO THE ROLES in this administraOF ALL THE OFFICIALS tion. If the presidency INVOLVED IN BRINGING is therefore intent on recovering whatever HIM BACK TO OFFICE remains of its credibility, the Maina scandal should extend to the roles of all the officials involved in bringing him back to office with promotion.

Whatever the subterfuge being weaved, the reinstatement of a wanted well known miscreant and his subsequent redeployment could not have been carried out without official written communication. In any case, there is already in circulation all the official memos that were generated to recall and even promote to the highest cadre a middle career official who personified corruption in the civil service. But what worries is that there is a pattern to this sordid affair.

Letters to the Editor

As with the embarrassing case of the suspended Secretary to the Government of the Federation (SGF), Mr. Babachir Lawal, it is clear that President Buhari cannot yet make a distinction between the rules of accountability in public office and patronage to those who supported or financed his political campaign.

Once the two realms are mixed and confused, it becomes difficult for the administration so afflicted to convince the public that it stands for probity or anti-corruption. Yet this government cannot go on drowning the country in the mess of its own internal corruption and contradictions while blackmailing Nigerians into seeing it as a vehicle for change simply by holding to account only members of the opposition.

T T H I S DAY EDITOR IJEOMA NWOGWUGWU DEPUTY EDITORS BOLAJI ADEBIYI, JOSEPH USHIGIALE MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN

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 NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU GROUP FINANCE DIRECTOR OLUFEMI ABOROWA DIVISIONAL DIRECTORS PETER IWEGBU, FIDELIS ELEMA, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTORS HENRY NWACHOKOR, SAHEED ADEYEMO CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI GENERAL MANAGER PATRICK EIMIUHI GROUP HEAD FEMI TOLUFASHE DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

he irreducible minimum in a presidential system is the elementary dictum that the buck stops at the desk of the number one citizen. But as we reiterated recently, mounting instances of tardiness in taking prompt decisions on matters of transparency and accountability have begun to taint the personal integrity which initially qualified President Buhari for the job. Indeed, as things stand, all the raging issues of deficits of enlightened governance and lack of fidelity to rudimentary public morality run counter to the avowed commitment by this administration to right the wrongs of our past.

While a combination of weak and compromised institutions – cutting across the executive, the legislature and the judiciary – may have allowed the culture of corruption to thrive in our country, this administration has added a more cynical dimension: If you are on their side, no matter how much you have undermined the system and abused public trust, you can walk the streets with arrogance and nothing will happen to you.

We therefore feel that the Maina scandal and the issues it has thrown up make this period a defining moment for President Buhari. He has, for so long, paid lip service to the fight against corruption. This is a golden opportunity for his administration to demonstrate its commitment to that cause. Whoever is found culpable in this sickening conspiracy on Maina should also be fired.

TO OUR READERS Letters in response to specific 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.

LAGOS’NEW LEASE OF LIFE FOR EDUCATION

G

eorge Washington Carver, famous American scientist said, ‘education is the key to unlock the golden door of freedom’. Education is critical to the growth and development of any society. It empowers the individual with necessary knowledge and set of skills to actualise potential and maximise opportunities in life. It is for this reason that governments across the world devote a good chunk of available resources to the development of the educational sector.

In Nigeria, Lagos is unarguably the state with the highest number of public schools, students and teachers. It has consistently been churning out the highest number of candidates for public examinations in Nigeria since 1967. As a melting point with a bourgeoning population in excess of 20 million, provision of qualitative education in Lagos State has been a daunting task.

The current administration in the state clearly understands that the task of making Lagos State “the model of excellence in the provision of education in Africa” requires meticulous attention. To this end, the sum of N92.4 billion, representing 11.37 per cent was allocated to education sector in the state budget for 2017.

Government has directed the policy toward ensuring equal educational opportunity in the state, encourage parents who might otherwise neglect their children’s education to send their children to school and making education affordable for everyone. So, within the half- time of the administration’s tenure, the wheels of what is mutating to be a historic education revolution in Lagos were rolled off with aggressive rehabilitation of public schools throughout the length and breadth of

the state. Several hundreds of classroom blocks have been built and renovated while thousands of students and teachers furniture supplied to various primary and secondary schools.

In line with the commitment of the present administration to expand access to knowledge for Lagosians, the state’ science laboratories are now better equipped and the enthusiasm of students to be science inclined has become very high with a lot of success recorded. Equally, the state government has completed the renovation and upgrade of public libraries in 18 secondary schools across the state with top class facilities. Lagos Digital Library, an online repository of education content, is ready and will as well be launched in February, 2017.

The Lagos State government appreciates that as much as physical infrastructure is important, adequate and quality teachers in schools are as important. Thus, as part of measures to bridge the gap in the teacher/pupil ratio in the state, the government recruited 1,300 teachers for primary schools while another 1000 teachers were recruited for public secondary schools in 2016. Similarly, government has been paying attention to teachers’ welfare.

Also, since April 2017, Code Lagos centres have been launched in primary, secondary and tertiary institutions (private and public) across the state, as well as in all public libraries and ICT spaces. The ultimate goal is for one million students in the state to have access to the coding system by the year 2019.

Cheeringly, the dividend of the state’s investment in education is paying off. For instance, Governor Akinwunmi Ambode was declared the “Teachers Most Friendly Governor” by the Nigeria Union of Teach-

ers during the celebration of the last World Teachers’ Day in Abuja. The same day, President Muhammadu Buhari rewarded the hard work, high performance and high productivity of three Lagos State school teachers and administrator with the “President’s Teachers and Schools Excellence Award”. Nominees of the state clinched three out of the nine categories of award available to contestants from 36 states of the Federation and the Federal Capital Territory, Abuja.

The awardees, Mrs. Lufadeju Dolapo Olufunke received the Best School Award on behalf of Ojodu Junior Grammar School, Ikeja. The “Best School Administrator Award” (Senior Secondary School category) went to Mrs. Oluderu Bilikisu Oluwaseyi of Magbon Alade Senior Grammar School while Mrs. Adelegan Moronike Sarat of Civil Service Junior Model College, Igbogbo was selected as the first runner up, Best Administrator of the Year 2017.

Earlier, five students of Lagos State public secondary schools had excelled at the Y2017 National Robot Olympiad and qualified to represent Nigeria at the World Robot Olympiad to be held in Costa Rica. It is worthy of note that Lagos State has been representing Nigeria in this competition since 2015.

On September 22, 2017, Oluwasegun Durojaiye of Lagos State Model College, Igbokuta qualified to represent the South-West Zone at the National Finals of the NNPC Science Quiz Competition and Atabo Ufedejo of Model College, Kankon emerged one of the best students at the national finals of the 2017 Oluwole Awokoya Chemistry Competition held in Kaduna from 17 - 22 September, 2017.

Adesegun Ogundeji, Alausa, Lagos

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T H I S D AY WEDNESDAY OCTOBER 25 2017

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T H I S D AY ˾ WEDNESDAY,OCTOBER 25, 2017

MIDWEEKPOLITICS

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

THE NEWSMAKER

PDP Chairmanship Aspirants Unmasked As the Peoples Democratic Party’s national convention draws near, Segun James takes a critical look at the growing list of candidates jostling for the leadership of the opposition part

M

any expect the National Convention of the Peoples Democratic Party (PDP) coming up in December to be a game-changer because whosoever emerges as the national chairman of the party will become the leader of the opposition in the country and the man who will pilot the party back to power.

The person who takes this position must be a superman who can, at a short period of time, bring a fractious party together while mobilising the party faithful towards a common goal of wrestling power from the All Progressives Congress.

The man will also have the herculean task of convincing Nigerians why they should welcome the PDP back.

Although the field is open only to candidates from the southern states, in view of the fact that the party hierarchy had zoned the presidential ticket to the north, the south-eastern states have refused to contest the position because the zone has been pencilled down for the vice presidential ticket; hence, leaving the chairmanship post to Adeniran the south-west and south-south zones.

So far many aspirants have thrown their hats (including being the first Nigerian to win the into the race. A lot of horse-trading is already youth foundation fellowship and the first African to win the Dana Backus Award taking place. But who are the candidates?

There appears to be a consensus within the Among the frontrunners are Olabode George south-west that Ogun-Lagos axis should produce and Prof. Tunde Adeniran.

While George is said to have the support the chairman. This may be his Achilles heel. of the majority of the party’s board of trustee members, Adeniran on the other hand is the Bode George preferred candidate of former vice-president Olabode Ibiyinka George is one of the most Atiku Abubakar who may end up as the party’s experienced aspirants for the PDP top job. He candidate if the negotiations going on with the was a former military governor of Ondo State. party leadership are anything to go by.

He later became the chairman of the Nigerian Another front-liner in the race is the former Ports Authority. In between them, he was the Governor of Ogun state, Chief Gbenga Daniels national vice-chairman, south-west zone of the who is said to have the support of some former PDP and later, the deputy national chairman governors. All these candidates are from the of the party. south-west. But coming from the south-south George was born on November 21, 1945 in geopolitical zone are media mogul, Dr. Raymond Lagos. He earned a BSc and an MBA from the Dokpesi who has taken his campaigns to most of University of Lagos. George became a Commodore the elders of the party and Prince Uche Secondus in the Nigerian Navy. He became Principal who is the choice of Governor Nyesom Wike Staff Officer to General Oladipo Diya when of Rivers State. Wike is at present the major the latter was Chief of General Staff, between sponsor of the party and exerts a great influence 1993 and 1997. George was also a Director at in the party. the Nigerian National War College (NWC).

However, there are still some dark horses George used to be closed to former-president in the wings who are yet to formally indicate Olusegun Obasanjo. interest. Among them are the party’s former Today, those who control the party’s apparatchik governorship candidate in Lagos, Mr. Jimi are persons between the age of 45 and 60 years.

Agbaje and the former Minister of Aviation, George needs to convince these young turks Mr. Femi Fani-Kayode. Already, the aspirants that he has all it takes to take the party to the have started selling themselves ahead of the next level given his age. He will need to relate national convention. However, with the loss of with them and convince them that he is what power at the centre, raising money isn’t going the party needs at this critical junction. to be easy. As the party limps towards the 2019 Strong-willed, inflexible and arrogant, Bode elections, it requires a lot of money; money that George is one man who the hawks in the party is no longer available! Luckily however, the will find it hard to push around. He is one man party controls some of the richest states. But who is not afraid to say his mind on issues. will they be willing to finance the party? So, whoever emerges as chairman will have the Gbenga Daniel herculean task of raising funds for the party.

Gbenga Daniel, a businessman turned politiHere is a cursory look at the candidates. cian, was born on the 6 April 1956. He was The Contenders governor of Ogun State from 29 May 2003 to 29 May 2011, making him the longest-serving governor of the state.

Prof. Tunde Adeniran As governor, he attracted heavy criticisms Born in Ekiti State in 1945, Adeniran is a Political Scientist and a product of the University and commendations as well. He constructed the of Ibadan and Columbia University, U.S.A. government secretariat at Oke Mosan which He was a staff of the United Nations in the brought all the state ministries together in mid-seventies and taught in some American one administrative complex.

He attended the Baptist Boys High School, universities before he took up appointment at the University of Ibadan where he worked for Abeokuta from 1969 to 1973, followed by studies at The Polytechnic, Ibadan, and the twenty years before joining politics in 1998.

While in the university, Adeniran was appointed School of Engineering of the University of Minister for Education before being appointed Lagos.

He once worked against the party he now Nigeria’s Ambassador to the United States of sought to lead when he refused to back Adetunji America.

A recipient of many honours and winner of Olurin as the party’s candidate for the Ogun many distinctions, Adeniran was a beneficiary State gubaratorial race. The All Progressives of scholarships and fellowships while a student Congress took advantage and won the state.

National Chairman of the party. He also briefly served as acting national chairman of the party, following the resignation of Adamu Mu’azu in 2015.

As acting national chairman, Secondus could not hold the fractious party together. Besides, leaders of the party in his zone believe the south-west should be allowed to produce the next chairman. But with the financial muscle of Wike behind him, he could still be the candidate to beat.

The Dark Horses

George

Raymond Dokpesi Raymond Anthony Aleogho Dokpesi was born in 1951 in Ibadan. He entered the Nigerian mass media industry with his company DAAR Communications and set-up Ray Power radio station and television network Africa Independent Television (AIT). He was the organising committee chairman of the People’s Democratic Party national conference in 2015.

Dokpesi attended Loyola College Ibadan before going on to the Immaculate Conception College (ICC) Benin City. He did his undergraduate studies in the University of Benin and completed his studies at the University of Gdansk, Poland where he earned a doctorate degree in Marine Engineering.

Dokpesi started his working life as a personal assistant to Bamaga Tukur who was the general manager of the Nigerian Ports Authority. One of his first political assignments was as campaign manager for Bamanga Tukur which saw Tukur becoming the governor of old Gongola state.

He was also campaign manager to the Alhaji Adamu Ciroma presidential campaign, and Alhaji Bamanga Tukur’s presidential campaign in 1993.

One of his many sins is that like Daniel, he was not a completely faithful party man. In 2015, Dokpesi criticised the PDP for fielding Jonathan Goodluck as the PDP’s presidential candidate in the March 2015 elections.

Like Daniel, he is charged with alleged money laundering charges. Although he remains innocent, the party however will not want any one with encumbrance as its leader.

Uche Secondus Prince Uche Secondus was born on the 22 March 1955. He acted as Chairman of the PDP from 2015 till 2016 before he was ousted following the crisis that engulfed the party. Before then, he had been chairman of the Rivers State chapter of the PDP, a position he held for two terms.

Secondus was born and raised in Andoni.

He completed his elementary and secondary education in Rivers State. He further attended the London Chambers of Commerce Institute where he obtained a certificate in commerce.

He joined politics during the Second Republic in 1978. He served as Rivers State Youth Leader of the National Party of Nigeria (NPN), Rivers State Publicity Secretary of the National Republican Convention (NRC) (1993 – 1998) and a two-term chairman of the Rivers State PDP. In 2007, Secondus was the south-south coordinator for the PDP National Campaign Council that organized the campaigns for the party during that year’s general elections.

On 1 September 2013, he was elected Deputy

Jimi Agbaje Olujimi Kolawole Agbaje, a pharmacist was born on March 2, 1957. He was the party’s gubernatorial candidate in Lagos State during to the 2015 election.

Based on his affiliation with Afenifere, Jimi Agbaje joined the Action Congress (AC) - his first political party. In 2007, Agbaje who had initially aspired to contest for the governorship election in Lagos on the platform of the Action Congress (AC) left the party to join the Democratic People’s Alliance (DPA). He was among the 11 aspirants that turned their back on AC when it was alleged that Governor Bola Tinubu had already anointed someone else to succeed him even before the party primaries.

Widely believed to have conducted the best campaign in 2007, Agbaje contested in gubernatorial election on the Democratic People’s Alliance (DPA) platform but lost to Babatunde Raji Fashola of the AC. He left DPA in 2011 to join the PDP. He defeated Musliu Obaikoro in the primary but lost the election to APC’s Akinwunmi Ambode.

Many believe he is too young in the party to be the chairman. They want a guarantee that he will not move to another party when the going get tough.

Nevertheless, If there is one man who fits into the bill of those shopping for a true consensus chairman of the party, Agbaje is the one. He is the one that neither threatens the hawk nor drive away the doves. Yet he is a man of his own. He has the capacity to carry every shade of opinion along while also maintaining the party’s agenda and manifesto.

Femi Fani-Kayode Femi Fani-Kayode was with the APC until June 2014 when he returned to the PDP. Although his family lineage originates from Osun, he was born in Lagos, on 16 October 1960 to Chief Remi Fani-Kayode and his wife Chief (Mrs) Adunni Fani-Kayode.

Fani-Kayode was the Special Assistant (Public Affairs) to President Olusegun Obasanjo from July 2003 until June 2006. He was appointed the Minister of Culture and Tourism from 22 June to 7 November 2006 and as the Minister of Aviation from 7 November 2006 to 29 May 2007.

Fani-Kayode attended the University of London where he graduated with an LL.B degree in 1983 and later attended the Cambridge University.

Fani-Kayode went to the Nigerian Law School and in 1985 was called to the Nigerian Bar. Bold and courageous, he sustained attacks on the President Muhammadu Buhari-led administration even when the PDP was in disarray. Those close to him said that he was not interested in the party’s chairmanship.

How Fani-Kayode is going to lead the PDP given his straight and inflexible type of politics will be determined after he gets elected as the national chairman at the convention.

He is one man who is not afraid to speak his mind on issue. When he disagreed with President Obasanjo his boss; he simply walked away. When he joined the APC and could not agree with the system, he just walked out. Fani-Kayode is ready and will take on controversial issues any time any day and it does not matter to him if his position is likely to inflame the polity.

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PERSPECTIVE

MIDWEEKPOLITICS

Maina’s Recall Sets Anti-corruption War in Reverse Gear The government’s decision to promote Abdurasheed Maina, a fugitive of the law, to the position of a director in the federal civil service raises ethical questions and casts doubts on the commitment of the Muhammadu Buhari administration to fulfil one of its campaign promises, writes Tobi Soniyi

D

ie-hard fans of the President Muhammadu Buhari-government must be scratching their heads trying to come out with both a moral and legal justification of the decision not only to recall Abdurasheed Maina, a fugitive of the law but to promote him from the post of an assistant director to a substantive director.

Maina, was a former chairman of the Presidential Task Tea on Pension Reforms. Before his appointment as chairman of the pension task force, Maina was an assistant director in the ministry of internal affairs. He was dismissed from office in 2013 by the Federal Civil Service Commission acting on a recommendation from the Office of the Head of Service.

He was accused of managing a massive pension fraud scheme involving the sum of N100billion.

Maina, was on July 21, 2015, charged by the EFCC alongside Stephen Oronsaye and two others before a Federal High Court in Abuja on a 24-count charge bordering on procurement fraud and obtaining by false pretence.

While Oronsaye and the two other accused were in court and pleaded not guilty to the charge, Maina was at large. Consequently, he was declared wanted by the Economic and Financial Crimes Commission (EFCC). He reportedly escaped to the United Arab Emirates where until recently he lived as a fugitive.

Instead of handling him over to the EFCC, the Buhari administration had chosen to reward him with a double promotion! For a government that promised to stop corruption that is a monumental scandal! This is the same government that went, like a thief in the night, to raid judges houses! This administration has just set a precedent on how not to fight corruption.

Welcome to the fools paradise. As if this government has not insulted the intelligence of Nigerians enough, it has now chosen to rub it on our face.

To begin with, elsewhere, the Acting Chairman of EFCC, Ibrahim Magu would have resigned his appointment. This is because the decision to treat Maina like a hero does not only rubbish his work, it also makes it difficult for him to carry on as a man with a conscience.

The commission had said that it was still looking for Maina. But for one, Magu should wake up. Someone within this administration, someone who is more powerful than him, is hell bent on undermining him! This is not the first attempt by this government to rubbish him. In case he has forgotten, someone in this government wrote the damning report that the Senate relied on to refuse to clear him for the EFCC job.

Many have expressed their dissatisfaction with the way government surreptitiously brought Maina back.

Author of many books on constitutional law, Chief Sebastine Hon, (SAN) said: “Just recently, within our indelible, active mental recollection as Nigerians, the security and intelligence agencies nearly brought down the roof of this country when the NJC directed that Justice Ademola who was discharged and acquitted and some Justices and Judges who were being investigated should return to their duty posts. Why the volt faced melodrama now? Are they easily selling themselves as tendentious and warped?

“The EFCC should not just bark, it should bite, by immediately arresting and arraigning Maina.

Anything short of this will completely rubbish not just this administration’s anti-corruption war but also the reputation of Mr. President and the EFCC.” The coordinator of Civil Society Network Against Corruption, Olanrewaju Suraj, said the reinstatement signified a major setback in the fight against corruption.

“This is a setback not only for the anticorruption war but also for some of us who have been advocating against corruption.

“It is completely demoralising and also before

Maina

the international community, it pitches the anti-corruption war as a mere fluke that is been used by this government without any commitment or sincerity.

“It further explains that it is only EFCC that is genuinely fighting corruption and government is merely latching on the achievements of EFCC. “Maina has defied the three existing arms of this government. The 7th Assembly summoned Maina severally but he defied and failed to appear before them over the period for which they tried to investigate his activities in the pension tax fraud.

“The judiciary has asked that he should appear based on the charges of EFCC, he has failed to do that. In the course of the investigation, EFCC which is an executive body tried severally to invite Maina to come and answer some of the allegations and issues, he never responded and only ran out of the country to Dubai where he spent the stolen money lavishly.

“For this government not only to bring him back behind the back doors but surreptitiously admit him back into the system and promoting him from the position of Assistant Director further confirms that the Minister of Interior is the architect of the shenanigan.”

Also reacting, the Coordinator, African Centre for Media and Information Literacy, Chido Onumah said, “the anti-corruption war becomes a problem when the government keeps working for and against itself.

“It’s quite unfortunate. Sometimes you wonder

Sacking Mr. Maina, commendable as it is, remains a grossly inadequate measure

why the federal government continues to shoot itself in the foot when it comes to the war against corruption.

“It creates problem for the government because corruption is not only about perception, it’s about belief. If people don’t feel that the government is sincere about the fight against corruption, it becomes problematic.

“The EFCC has to follow up on this case.

Going by their words that he is on their wanted list; that means he has a case to answer with them. Now that he is in the country, we hope that they will do the needful and let the public know the outcome of their own investigation.”

However , Executive Director, Civil Society Legislative Advocacy Centre, Auwal Musa Rafsanjani, described issue as highly controversial.

He called on the EFCC to clear the issues.

He said: “There are lots of confusion about this issue. We (Nigerians) need to see a report either from EFCC or ICPC indicating that the man has done something wrong. If the National Assembly has any report on the investigations they have done, let them make the report public.

If he has not done anything wrong and it’s just a calculated attempt by those corrupt people who are stealing pension money, then it’s unfair.

“If there is no report by these agencies, it would be unfair just to believe the corrupt members of the National Assembly of that time. If there is such report and the government went ahead to do what they have done, then we will now raise our concern.”

However, those asking EFCC to arrest Maina appeared to be oblivious to the fact that the forces behind Maina are fiercer and bigger than the commission.

As part of efforts to strengthen the anticorruption war, the president signed about nine agreements including and extradition treaty with the United Arab Emirates. Bringing Maina into the country surreptitiously undermines

such engagement and makes Nigeria a laughing stock before the world.

Following the outrage that greeted Maina’s promotion, the Presidency issued the following statement: “President Muhammadu Buhari has directed the immediate disengagement from service of Mr Abdullahi Abdulrasheed Maina, former chairman of the Presidential Task Force on Pension Reforms.

“In a memo to the Head of the Civil Service of the Federation, the President equally demanded a full report of the circumstances of Maina’s recall and posting to the Ministry of Interior.

“The report is to be submitted to the office of the Chief of Staff to the President, Mallam Abba Kyari, before the end of work today, Monday, October 23, 2017.”

The problem with such a reactionary statement is that it does not inspire confidence. Since the president has not been forthright enough to take a decision on the report of investigation into allegation of corrupt acts against suspended Secretary to the Federal Government, Babahir Lawal and the Director General of the National Intelligence Agency, Ayo Oke, submitted to it by the Vice-President Yemi Osinbajo-led panel, many are no longer carried away by the president’s style.

Since no decision was taken on that report, no one believes that a report on how Maina was recalled by the Ministry of Internal Affairs will see the light of the day.

Reacting to the president’s directive, Hon said: “Sacking Mr. Maina, commendable as it is, remains a grossly inadequate measure. All persons or officials involved in this mindless illegality must be sacked. And as I strongly cautioned above, anything short of prosecution of Mr. Maina will be unacceptable.”

This obviously is not a government with a zero tolerance for corruption.

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FEATURES

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

Abuja Under Siege As crime surges in and around the Federal Capital Territory, Paul Obi and Samuel Ohwovoriole believe that the police have to be one step ahead of criminals who have resorted to different tactics to attack their victims

Berger Junction Bridge, Abuja

T

ime was when the serene ambiance of the Federal Capital Territory (FCT) signified adequate security. It was a city where order reigned and crime was like a facade of stories from distanced places. Abuja, then as a city had one of the lowest crime rates in the country. It was more or less a city on the hill, where both the rich and low spoil themselves according to their abilities and pockets.

Thus, criminality was never part of Abuja's challenges. Citizens were more concerned about the daily Abuja hustle and they chased the national cake through various opportunities that Abuja offered.

With these clear-cut tasks, residents freely mingled without let or hindrance.

But as economic recession bites harder, sordid stories unheard of became rife. There were stories of food and pots of soup being stolen in broad day light. Then, armed robbery cases increased. Kidnapping and raping further became the norm. Unlike the past, night life that was once an avenue for Abuja residents to flex and wine became a dangerous period - dreaded by all.

Worst still, innovation in criminality adopted by criminals also did not help matters. To have their way, armed robbers and other criminals adopted various means using cars, bridges and banks to track down their victims. Sometimes, victims could be traced down to their banks, particularly, when they are withdrawing money from their banks.

Of all the avenues, robbery cases under

Abuja bridges remain more sophisticated than any other channel. Once darkness takes over under bridges between 7.30p.m., criminals would begin their operation robbing mostly commuters waiting to head home after the day's work. In most instances, females are raped and their belongings catered away.

Of all the avenues, robbery cases under Abuja bridges remain more sophisticated than any other channel.

Once darkness takes over under bridges between 7:30p.m., criminals would begin their operation robbing mostly commuters waiting to head home after the day's work. In most instances, females are raped and their belongings catered away

A resident by the name Nathaniel, attested to such incidents. Nathaniel who is a regular commuter admitted that attacks go on within the Berger Roundabout situated between Utarko and Wuse Districts. According to him, "I have been hearing of bad incidents occurring at Berger Roundabout here but I have never been a victim. They even happen during the day as most of the incidents that I have heard of happened before 6p.m. as I have never been here (Berger Roundabout) beyond that time.�

For Njoku Florence who spoke to THISDAY at Apo Bridge who was a victim, explained an incident where her belongings were seized by criminals within town. She admitted that her hand bag was snatched at under the Zone 3 Bridge close to a police check point.

"I was once a victim, but it was under the Wuse Zone 3 Bridge. I was walking by the roadside close to a police checkpoint, some guys in a vehicle that was passing by snatched my hand bag and went away with it. The presence of the policemen won’t change anything," she stated.

Across Abuja City, rather than bridges being safe avenues for citizens and commuters, they have turned out to be criminals' hideouts where all forms of nefarious activities are being carried out. These strategies, where criminals use bridges to rob have been linked to the lack of police presence and the absence of street lights which the FCT authorities failed to provide. The proliferation of weapons in the city also accounts for the increase in crime in the city.

But speaking on efforts by the police to

tame the new crime wave in Abuja, the newly appointed Commissioner of Police, CP Sadiq Abubakar Bello, explained that the police was already uncovering the various criminal dark spots in the city and environs.

Bello stated that "following intelligence and discreet police investigations, operatives of the Command have uncovered an illegal firearm fabricating factory located around Shenagu Village near Zuba. During a raid on the factory, three suspects were arrested.

They include the owner of the factory, one Philip, as the supplier of ammunitions while Mr. Okpara and Mr. Bulus as the distributors of the arms.

"During interrogation, Philip stated that he has been doing the illicit business for 17 years and confessed that he sells fabricated single-barrel guns to his clients at N20,000 each while Dane gun is sold for N10,000.

According to him, he also services and repairs malfunctioning guns brought to him by his clients. The supplier of the ammunitions Okpara who disguises as a bicycle spare-parts dealer was arrested at Kwaita Market in possession of the exhibits which he carefully concealed and sold to criminals. In his statement, he narrated that he started the illicit deal since 1997 and that he sells a pack containing 25 pieces of live cartridge for N12,000 while single cartridge goes for N500.

For Bulus, the CP stated that "the major link that connects the principal suspect with potential buyers of the fabricated firearms, was arrested at Zuba. The suspects will be charged to court on conclusion of investigation."

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FEATURES

Abuja City Gate

FCT Minister, Muhammed Bello...should take security of lives and property of Abuja residents seriously

FCT Commissioner of Police, Sadiq Abubakar Bello...needs modern equipment to ďŹ ght crime

Bello added that last month "at about 11p.m. police operatives on stop and search at Dantata Bridge Jabi intercepted and arrested one Mr. Jatau, 29, of Kabusa in possession of one barreta pistol with two rounds of live ammunition, one revolver pistol and one locally made pistol. The exhibits were discovered by the police operatives during a search conducted on the bag the suspect was carrying while on transit from Jabi to Kabusa in a tricycle. In his statement, the suspect an ex-convict confessed that the guns which he bought at N50,000 was to be used for a major robbery operation around Kabusa and environs. Other exhibits recovered include: dried leaves suspected to be Indian hemp, one Nokia phone, charm and a screw driver.The suspect and exhibit have been transferred to the Command Special Anti-Robbery (SARS) for discreet investigation and prosecution."

According to Bello, the police also recorded another success in the arrest of criminals.

"Following a tip off, police operatives attached to Zuba Division ambushed and arrested two suspected armed robbers at Zuba Fly-over at bout 1730hrs. They were on their way to Minna, Niger State

for a major robbery operation. The duo of Suleiman Hasimu ‘m’ from Kogi State and Nura Muhammad ‘m’ from Katsina State were arrested in possession of one berretta pistol, one locally made revolver pistol and six rounds of 9mm live ammunitions. The suspects and exhibits have been transferred to the Command Special Anti-Robbery Squad (SARS) for discreet investigation and prosecution."

The FCT Police CP also pushed for community policing as a panacea to the high cases of insecurity in Abuja. He stated, "Policing is a collective responsibility, and for us to get it right in FCT, all and sundry must come and partner with the police through the provision of timely information or advice on how to effectively fight crime, he provided numbers that residents could reach the police with during stress. The numbers include 08032003913, 08061581938, 07057337653 and 08028940883. He urged residents to embrace community policing as the way out of the current security quagmire.

But beyond community policing, the surge in crime has various dimensions, the lack of policemen and their patrol teams have

The absence of street lights, which has worsened since the assumption of ofďŹ ce of FCT Minister, Muhammed Bello more than two years has also given criminals the leeway to operate in the night. Thus, while the poor handling of security matters and policing remain a great challenge on the part of the police and security agencies, the abysmal performance of the FCT Minister and the Federal Capital Development Authority have precipitated the insecurity in Abuja

increased the confidence of criminals who now terrorise residents without fear. Also, the approach of the police has not been tactful enough, energy has been exacerbated more on public show as opposed to diligent intelligence gathering and surveillance.

Added to that, poor maintenance of the bridges, bus stops, parks and gardens have led to criminals converting them to their criminal hideouts. The absence of street lights, which has worsened since the assumption of office of FCT Minister, Muhammed Bello more than two years has also given criminals the leeway to operate in the night. Thus, while the poor handling of security matters and policing remain a great challenge on the part of the police and security agencies, the abysmal performance of the FCT Minister and the Federal Capital Development Authority have precipitated the insecurity in Abuja. Instructively, while it is pertinent for security agencies to brace up in intelligence gathering and crime prevention, the onus lies more with Bello and FCDA to keep Abuja secure. Until these loopholes are addressed squarely, Abuja residents would continue to live under the nest of criminals - where only the fittest survives.

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IMAGES

L-R; Corps Marshal , FRSC , Dr Boboye Oyeyemi, Special Adviser to the President on Economic Aairs , Dr. Adeyemi Dipeolu and the Corps Public Education OďŹƒcer ,FRSC ,Bisi Kazeem during the visit of Special Adviser to the Corps Marshal in Abuja...recently

L-R; Ogun State Commissioner for Commerce and Industry, Otunba Bimbo Ashiru, President National Association of Micro, Small and Medium Enterprises of Nigeria (NAMSAMEN), Hon. Dominic Saro-Laka and Special Advicer to the governor on Information and Strategy, Mr. Rotimi Durojaiye during the presentation of Gold Merit Award to the state Governor by the Association in Abeokuta...recently

L-R; Chief Financial OďŹƒcer, RMB Nigeria, Bayo Ajayi; , Artist, Mavau Lessor; CEO RMB Nigeria and Regional Head West Africa, Michael Larbie; Chief Operations OďŹƒcer, RMB Nigeria, Funsho Odukoya and Coverage Executive, RMB Nigeria, Hector Okposo during the Impressions of Reality Exhibition of Mavua Lessor’s works sponsored by Rand Merchant Bank Nigeria at the Wings Towers in Lagos... recently.

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

L-R: Acting Chairman, Ashaka Cement Plc, Edith Onwuchekwa; Secretary, Ashaka Cement Plc, Zainab S. Umar, and Chief Financial OďŹƒcer, Lafarge Africa Plc, Bruno Bayet, during Ashaka Cement Plc extra ordinary General Meeting in Abuja,..recently

R-L; Edo State Commissioner for Local Government and Community Aairs, Hon. Jimoh Ijegbai; Edo State First Lady, Mrs. Betsy Obaseki; and wife of Edo State Deputy Governor, Mrs. Maryann Shaibu during the stakeholders’ meeting on the prevention of neonatal deaths in the state at Benin City....recently

L-R: General Manager, Natures Gentle Touch, Chijioke Anaele; Brand Manager, Natures Gentle Touch, Anita Anosike; Nollywood actor, Kiki Omeili and Finance Manager, Natures Gentle Touch, Kalu Uma, at the premiere of “Omoye�, a movie on domestic violence sponsored by Natures Gentle Touch, in Lagos...recently

L-R: Glo Brand Ambassador, Godwin Komone (Gordons), Chief Admin OďŹƒcer, National Lottery Regulatory Commission, Ozobialu Olisa; Globacom’s Manager, Public Sector, Justina Abdulateef; Senior Manager, Licensing and Authorisation, Nigerian Communications Commission, Patience Ante, and Glo brand ambassador, Chinedu Okoli (Flavour) at the unveiling of Globacom packages, Everyday Bonanza, Glo Jumbo SIM and Free Data Day in Lagos... recently abiodun ajala

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BUSINESSWORLD R A T E S NIBOR OVERNIGHT 1-MONTH

A S

A T

NIBOR 15.3333% 17.0332%

3-MONTH 6-MONTH

20.1621% 23.1621%

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

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

2 0 1 7

13.0970% 14.0684%

3-MONTH 6-MONTH

15.7898% 19.6644%

EXCHANGE RATE N305.50//1US DOLLAR* ĚŠ

Quick Takes AfDB to Boost Food Production

45TH CONVENTION OF JUNIOR CHAMBER INTERNATIONAL

L-R: National Executive Vice President, Junior Chamber International Nigeria and Team Member, Specialised SMEs, Fidelity Bank Plc, Bamidele Ojo; Regional Bank Head, Imo & Abia States, Fidelity Bank Plc, Chukwudi Egbuna; National President, Junior Chamber International Nigeria, Richard Ojo; Director, National Convention, Junior Chamber International Nigeria, Basi Akujobi and Head, Corporate Communications, Fidelity Bank Plc, Ejike Ndiulo, during the 45th Convention of Junior Chamber International Nigeria in Owerri sponsored by Fidelity Bank ...recently

FG Urged to Prioritise Capital Expenditure Obinna Chima For Nigeria to realise opportunities that come with improved infrastructure spending, the federal government has been advised to prioritise capital expenditure over recurrent expenditure.

The government was also urged to close the gap between budget allocations and actual disbursements, and engage the private sector for additional investment.

Doing these, according to the latest economic bulletin by the Financial Derivatives Company Limited, would create a business operating environment more conducive to growth, which would in turn increase private investment and encourage foreign business travelers and tourists to come to the country.

The report noted that there has been a strong case for increased infrastructure spending around the world, more so in Nigeria, given the substantial infrastructure deficit.

It pointed out that the severity of the downpour in most parts

ECONOMY of the country in early July was unexpected, saying that the high level of flooding from the rain exposed the precariousness of Nigeria’s basic infrastructure.

According to the FDC, increased spending on roads, railways and power plants would benefit Nigeria greatly as the spending boosts economic activity, creates jobs and improves the general quality of life. “One can even say that infrastructure development is politically expedient as any progress gives the ruling administration an invaluable record of achievements. “Unfortunately, Nigeria has fallen far short in attempting to tackle its infrastructure deficit, a failure that stems largely from insufficient public expenditure,� it added.

Driven by an oil price boom, Nigeria’s public expenditure soared in the last few decades.

But capital expenditure failed to follow the same trend; instead, the focus was on recurring costs.

In 2008, the total budgeted expenditure wasN3.3 trillion, while the capital allocation wasN1.2 trillion or 37 per cent of the total budget.

By 2016, the total expenditure had increased significantly to N6.1 trillion while the capital allocation rose to just N1.6 trillion, falling to just 25 per cent of the total.

In the 2017 budget, the allocation for capital expenditure was increased to N2.24 trillion.

President Muhammadu Buhari recently sought approval from the Senate to borrow $5.5 billion from the international capital market in the form of Eurobonds.

The government said it intends to use the proceeds to finance infrastructure projects such as the Mambilla hydropower dam and a second runway for the Abuja airport.

Continuing, the FDC report stressed that infrastructure development was critical for economic diversification. “Bridging the infrastructure deficit will be a difficult task.

Nigeria’s infrastructure base

in 2012 stood at 35 per cent of Gross Domestic Product (GDP), compared to 58 per cent in India and 87 per cent in South Africa. “The international benchmark is 70 per cent, double our current ratio. The good news is that we have witnessed a notable rise in recent years as the present administration implements its expansionary fiscal policy. “Following the appalling situation in 2015, when capital expenditure was merely 10 per cent of the budget expenditure, the government has stabilised the allocation around 30 per cent, with a significant jump in absolute terms.�

The oil price crash in 2014 precipitated a technical recession in 2016, highlighting the fragility of the Nigerian economy once again.

According to the FDC, to transform the country from an oil dependent economy to a diversified economy, the government must continue to increasingly prioritise infrastrucContinued on page 24

NIGCOMSAT to Deploy NigComSat-1R to Boost Broadband Penetration Oghenevwede Ohwovoriole in Abuja

ICT

In a bid to increase broadband penetration in Nigeria, NIGCOMSAT plans to deploy its NigComSat-1R through the facilities of the Nigerian Postal Service (NIPOST) to boost broadband penetration, the agency’s head of media, Mr. Stephen Kwande stated recently in Abuja. “In a bid to further expand the broadband penetration in the country, the Nigerian

Communications Satellite (NIGCOMSAT) Ltd and the Nigerian Postal Services (NIPOST) have set in motion efforts to ensure that broadband penetration in the country is achieved through the deployment of NigComSat-1R services while using the NIPOST infrastructure all over the country�, he stated in a press statement. “This development came on the heels of a top management

level meeting held recently between the two agencies, all under the auspices of the Federal Ministry of Communications at the corporate headquarters of NIPOST. ‘’Amongst the areas of collaborations are the federal government policy on broadband penetration which is expected to propel the broadband access seamlessly through NIPOST infrastructure spread all over the country to ensure its success.�

Kwande said that the collaboration is expected to

enhance the federal government inclusive services such as cash-on-point, cash-based disbursement in remote areas in the six geo-political zones.

He added that NIGCOMSAT is expected to provide communication link especially to the underserved areas where broadband penetration can be deepened, adding that it is estimated that on monthly basis, over N2 billion is expected to be disbursed using NIPOST

TheAfricanDevelopmentBank(AfDB)hasdevelopedanewinitiative calledtheTechnologiesforAfricanAgriculturalTransformation(TAAT) initiative–aknowledgeandinnovation-basedresponsetotherecognised need of scaling up proven technologies across Africa.

Already,25AfricancountrieshavewrittenletterstotheAfDBconfirming theirinterestandreadinesstoparticipateinTAAT,andhelptransform theiragriculture.ItisexpectedtosupportAfDB’sFeedAfricaStrategy forthecontinenttoeliminatethecurrentmassiveimportationoffood andtransformitseconomiesbytargetingagricultureasamajorsource ofeconomicdiversificationandwealth,aswellasapowerfulenginefor jobcreation.Theinitiativewouldimplement655carefullyconsidered actionsthatshouldresultinalmost513milliontonsofadditionalfood productionandliftnearly250millionAfricansoutofpovertyby2025.

TAAT will execute bold plans to contribute to a rapid agricultural transformationacrossAfricathroughraisingagriculturalproductivity alongeightPriorityInterventionAreas(PIAs).Thecommoditiesvalue chainstobenefitfromthisinitiativearerice,cassava,pearlmillet,sorghum, groundnut, cowpea, livestock, maize, soya bean, yam, cocoa, coffee, cashew, oil palm, horticulture, beans, wheat and fish. “TAATwas born out of this major consultation and brings together global players in agriculture, the Consultative Group on International Agricultural Research,theWorldBank,theFoodandAgricultureOrganizationofthe UnitedNations,theInternationalFundforAgriculturalDevelopment, WorldFoodProgramme,BillandMelindaGatesFoundation,Alliance foraGreenRevolutioninAfrica,RockefellerFoundationandnational andregionalagriculturalresearchsystems,�AfDBPresident,Akinwumi Adesina said.

Heritage Bank Supports Creative Industry

The creative artistes, who participated in this year’s edition of ‘Lagos Comic Con,’got a boost from Heritage Bank Plc as thebank allayed their fears over inaccessibility of funds for operators in the industry.

Speaking at the event held in Lagos,Chubike Agu of the Corporate Communications Department of Heritage Bank; commended the audienceattheannualeventfortheirperseverancedespiteallhurdles againstthem. AgudisclosedthatatHeritageBank,ourquesttocreate wealth across the nation is sacrosanct. According to him, Heritage Bankisknownforitsparadigm,TimelessWealthParter,anditisliving up to it; as it gives due financial support to the various sectors of the nation’s economy. He stated that Heritage Bank developed interest in the programme because of the potential in the industry.

Agunotedthatwiththedegreeofexpertiseexhibitedbytheparticipating artists in the areas of comics, animation, and gaming film, the future is bright for the creative industry in Nigeria.

The Convener of Lagos Comic Con (LCC) and Founder, Mustard seed CommunicationInternational;AyodeleElegba,explainedthatthemotive oforganisingtheeventwastoempowertheparticipatingcreativeartists and others. The target audience, he stated, included entrepreneurs, artists (both veteran and young), as well asprospective investors. “We do this with keen eyes on the desired future we are building together and not forgetting, even for a second, to always be worthy representativesofourrichculturalheritageinthemessageofourarts.�

NAIPCO Holds Conference

The National Insurance Commission (NAICOM), National Pension Commission(PenCom)andLagosStateGovernmenthaveendorsed the 2017 Conference of the National Association of Insurance and PensionCorrespondents(NAIPCO).TheconferenceholdstodayinLagos.

A statement from the group said the Lagos state government with the two agencies would lead other professionals to the conference to discuss issues on insurance and pension sectors, while proffering solutionstochallengesfacingbothindustriesandhowtheycanenhance theircontributionstoeconomicgrowth.Thestakeholderswouldalso discuss legislation of the two sectors and its impacts on the people.

InvestorandIndustrialist,ChiefDeleFajemirokun,isexpectedto chair the occasion, while, the Iyaloja of Lagos, Mrs. FolashadeTinubu-Ojo, wouldleadthedelegationofmarketwomenandtradersinLagosState to grace the occasion.

Nigeria’s debt-to-Gross Domestic Product ratio is one of the lowest. It is about 19 per cent. Most advanced countries have over 100 per cent�

Minister of Finance,

Mrs. Kemi Adeosun Continued on page 24

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BUSINESSWORLD FG URGED TO PRIORITISE CAPITAL EXPENDITURE ture development that would support other key sectors such as manufacturing and tourism.

More importantly, the federal government was advised to bridge the gap between allocated amounts and what is actually disbursed.

For instance, it noted that in 2014, only 50 per cent of the projected N1.1 trillion capital expenditure was actually spent, due primarily to delays in budget ratification. “Incessant cases of either budget padding or missing budgets have complicated and extended the process of passing the budget, particularly in recent years. “These delays leave little time for civil servants to actually spend the allocated money before the fiscal year comes to an end. “The hope is that a recent constitutional amendment bill will address this issue, reducing the ability of the president and state governors to withhold assent for bills passed by lawmakers and setting a time limit requiring the president and governors to submit annual budgets to their respective legislatures,� it added.

NIGCOMSAT TO DEPLOY NIGCOMSAT-1R TO BOOST BROADBAND PENETRATION platform all over the country to achieve this purpose.

The Managing Director, Chief Executive Officer of NIGCOMSAT limited, Abimbola Alale, who was said to have led other top management to the meeting, emphasised that the broadband penetration initiative of the federal government should effectively use NIPOST believing that reaching the rural populace can be achieved through this renewed efforts.

Abimbola re-echoed the federal government’s commitment in ensuring that the rural and underserved populace feel the efforts and presence of the President Muhammadu Buhari-led government towards impacting positively to the whole populace using broadband and connectivity.

Group Business Editor

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

PWYP: FG Needs to Do More to Reform NNPC Chineme Okafor in Abuja The federal government has not done enough to reform the Nigerian National Corporation (NNPC) into a transparent and accountable national oil company Nigerians can trust, the National Coordinator of Publish What You Pay (PWYP), Mr. Peter Egbule has said.

Speaking on the sidelines of a two-day multi-stakeholders’ workshop for civil societies working in Nigeria’s extractive sector at the weekend in Enugu, Egbule, said despite the intentions of the current federal government to reform the NNPC, a lot of work was still needed to open up the corporation and move it away from its past records of corrupt practices in its operations.

He said: “Those intentions must materialise into actions that the ordinary man on the street can feel. For instance, the NNPC runs as government within a government, they do their budget, they decide how much they retire or spend, they decide what profit they plough back and sometimes like one of the issues raised in the last audit of NEITI is the $15.8 billion NLNG money that is unremitted to the Federation Account.�

Egbule, stated that there has

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

ÙÎÎã Ă‘Ă?Ă˜Ă?

Senior Correspondent

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to be a change in the structure of the corporation either through reforms or unbundling, adding that the biggest issue in the Nigerian extractive industries remained that of accountability and transparency “The biggest issue for us is accountability and transparency across board, the value chain in the extractives. Extractive again is misunderstood as

being oil and gas that is one of the key issues. We want to also make people to understand that extractives span beyond oil and gas into solid minerals. “We are also trying to push it beyond just oil and gas, and solid minerals into forestry. For us also, if you look at the entire value chain lot of the operations are very opaque so for it is the issue of transparency, openness

across board,� he noted.

According to him, Nigeria has though done relatively well in the implementation of the principles of the global Extractive Industries Transparency Initiative (EITI) since it started.

He said on this: “I must give kudos to NEITI Secretariat, so far there has been good effort in trying to sieve out the gaps which call the remediation issues

but my worry is that there is no link between the identification of the issues and remediating those issues that have been identified. That is a problem. “If you want to talk about identifying the issues, we have fared well but remediating those issues there are still gaps, a lot of gaps. We have not done and that is one of the issues we discussing now�.

CURBING BREAST CANCER

Convener and wife of Ondo State Governor, Mrs. Betty Anyanwu Akeredolu, in a handshake with Group Head, Corporate Planning and Strategy, Unity Bank Plc, Mrs. Titilayo Abraham and Branch Manager, Lekki, Unity Bank Plc, Ms. Saratu G. Umar, during the BRECAN Jog for Life Charity Walk held in Lagos‌recently

NAEE: Fuel Generating Sets Cannot Power Nigeria to Industrialisation Chineme Okafor in Abuja The Nigerian Association of Energy Economics (NAEE) has said that Nigeria cannot industrialise her economy by continuing to rely on electricity from fuel generators to power industries, offices and homes.

It said on Sunday in Abuja that the country’s continued reliance on fuel generating sets was an aberration, adding that economies with serious desires for industrialisation do not rely on fuel generators but reliable and cost effective energy sources and systems. Speaking at a press briefing to mark the 2017 edition of the annual World Energy Day, the President of NAEE, Prof. Wumi Iledare, stated that at the moment, most countries were beginning to transit from fossil based energy generation to clean energy sources, while

Nigeria remained fixated on fuel generating sets that are expensive and unhealthy to the environment and human beings. Iledare, who was represented by a former president of the association, Prof. Adeola Adenikinju, at the briefing, said it was time for Nigeria to move against the use of fuel generators and prioritise investments in clean energy sources. He noted that global reliance on energy from fossil fuel sources was waning and Nigeria should take advantage of that to drive investments to hydro, solar, and other clean energy sources. “It is an option but it is not the best, and as a country, we should look at the best options and I don’t think fuel generators are what we should consider. “Nearly 15 years after electricity sector reforms began, and in

spite of the various institutional changes, regulatory and policy reforms that have taken place, as well as the billions of dollars of public and private investment that went into the power sector, electricity sector remains seriously challenged in Nigeria. “The entire segments of the value chain are bedeviled with one problem or the other. Both the formal and the informal sectors continue to run on private generators, with attendant avoidable huge economic and non-economic costs,� said Iledare.

He explained: “Several countries, leveraging on the productivity growth impact of energy access expansion have moved significant number of their people even in rural and remote areas out of poverty.

China is a good example we can borrow from.

“The energy investment-GDP ratio is too low and inefficiently allocated to support the energy infrastructure that the country requires to drive sustained economic growth. Hence, the fall back solution that we have adopted cannot even be ranked as second best solution, because it is totally unacceptable and incompatible with global energy transition. “The recourse by energy consumers in the industrial, commercial and residential sector to fossil fuel fired private generators, many of which are old, energy inefficient and major sources of noise and air pollution must be phased out in timely manner as reliable, affordable and modern energy sources become available.

We should also no longer tolerate the significant health risks that the use of traditional biomass in the residential and commercial

sectors for energy services like cooking, lighting, water heating, impose primarily on our women and children.�

He stated that NAEE was not unaware of the present economic and resource constraints the federal government has to contend with, but that a scale of preferences and priorities must be set and choices made. “Hence, we will advise that in prioritising government investments, access to adequate, reliable, and affordable modern energy should rank as top priority. It has been estimated that between 2017 and 2020, Nigeria government will need over $1.6 billion to develop or complete critical infrastructure in generation, transmission and distribution of power and another $14 billion to start and complete critical projects in the oil and gas sectors.

Edo to Unveil Domesticated EGRP at Investment Summit Jonathan Eze

ĂœĂ&#x;Ă?Ă™Ă? Ă?Ă‹Ă‘Ă“Ă?

Comms/e-Business Editor

NEWS

The Edo State Government has said it will unveil its economic blueprint fashioned after the Economic Growth and Recovery Plan (EGRP) of the All Progressives Congress (APC)-led federal government, launched by President Muhammadu Buhari, on April 5, 2017.

A statement sent to THISDAY and signed by the Special Adviser to Governor Godwin Obaseki on Media and Communication Strategy, Mr. Crusoe Osagie, explained that the Obaseki-led government will

at the Alaghodaro Investment Summit, which is scheduled for 10th to 12th November, 2017, will showcase its ambitious agricultural programmes that gave birth to the Edo Fertiliser and Chemical Company, which was commissioned by the Vice President, Yemi Osinbajo, in Auchi, to boost the local production of fertiliser in the state. The Edo Fertiliser Plant and Chemical Company Limited is a public-private venture which has the capacity to produce about 60,000 metric tonnes of fertiliser per annum.

Also to be paraded at the

Investment Summit, which will be attended by captains of industry is the Edo State Saro Farm in Sobe, Owan West Local Government Area of the state, where harvest is currently ongoing.

The Public-Private Partnership initiative with Saro Agro Sciences Ltd., a leading company in agribusiness, was conceived

by Governor Godwin Obaseki to create jobs for thousands of youths across the state.

Obaseki was quoted in the statement to have said that the maize farm is part of his administration’s accelerated

agriculture initiative to boost job creation in the state, as between 50,000 to 80,000 agricultural jobs would be created before the end of the year in the state.

The first phase of the initiative targets job creation for 1,000 farmers through the cultivation of 5,000 hectares of maize farms across five local government areas of the state.

The statement added that the Edo Industrial Park which has received positive reviews by development analysts will top discourses at panel and technical sessions during the three-day Alaghodaro Investment Summit

in Benin City, the Edo State capital.

It added: “On completion, the industrial park will be linked to the Azura-Edo Independent Power Plant (IPP) under construction, situated close to Nigeria’s main trunkline, the Escravos Lagos Pipeline System (ELPS) which is only 1km from the Azura-Edo project site. “On job creation, the 200,000 job target of Edo State will be reviewed at the summit side by side with the sectors that can produce the highest number of jobs, as encapsulated in the EGRP.�

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BUSINESSWORLD

NEWS

Insurance Penetration: Operators Grapple with Innovation, Competition Ebere Nwoji One of the greatest challenges facing insurance industry operators in Nigeria is how to combine and manage the triangular relationship between the forces of innovation, competition and growth to deepen insurance penetration and control a fair share of the GDP of the national economy.

The Director, Inspectorate Department at the National Insurance Commission (NAICOM), Thompson Barineka expressed the view at a recent media seminar organised by the commission at Kaduna, Kaduna state.

Speaking on the topic, ‘Innovations and Healthy Competition as Engine of Growth for Nigeria Insurance Industry, noted that insurers are grappling with

the tough new business, investment, competitive and regulatory environments that are emerging from the financial crisis and the advancement in information technology.

He noted that civilisation and globalisation have been a determinant energy of change, a catalyser of economic and social transformations, adding that the time was ripe for insurers to explore how they could deepened the insurance industry’s penetration and control fair share of the National GDP. Currently, insurance contribution to the GDP is less than one percent.

The NAICOM Director, defined innovation as the act or process of introducing new ideas, device or methods adding that it has proved to be an ef-

ficient stimulant for building world-leading organisations such as M i c ro s o f t , R o l l s Royce and Apple.

He also observed that i n n o v a t i o n h a s p ro v e d to be a discipline of c re a t i v i t y t h a t a t t r a c t s the best people (companies like Dyson and Google); a message that re i n f o rc e s a c o r p o r a t e ambition such as (Toyota, Adidas or Samsung) as well as an instrument to foster leadership citing BP, UPS and Glo as good examples.

Speaking on the imperativeness of innovation, Barineka said innovation i s a b o u t m a k i n g l a rg e r changes – new products, new ways to interact with customers, new channels a n d a g i l e re s p o n s e s t o new technologies and advances.

Controversy over Take Off Funds May Stall Insurance Rebranding Project There are indications that insurance industry’s rebranding project, scheduled for January 1, 2018, may not kick off as controversy over fund raising for the project is currently tearing the industry’s market leaders apart.

The rebranding project, an initiative of the Insurers Committee set up by the National Insurance Commission (NAICOM), the industry regulator and industry operators for the purpose of advancing the industry and creating awareness and trust among the public was scheduled to start this year but was later postponed to January due to funding issue.

The Chairman, publicity subcommittee, Oye HassanOdukale, had promised at the end of one of the meetings of the committee in Lagos that the rebranding project would start in January 2018.

However, THISDAY findings revealed that the project may not commence as scheduled as individual

insurance firms are not ready to spend on the project.

According to findings, this time, the insurers are at loggerheads over who would bring the bulk of the money needed for the project.

It was gathered that after casting lot, they mandated the industry regulator, the National Insurance Commission (NAICOM) to provide N50 million out of the N250 million needed to kick start the project.

This represents 20 per cent of the total bill, but the Commissioner for Insurance, Mohammed Kari, argued that the project is operators’ project and for their own benefit therefore they should not mandate the commission to give them specific amount.

Kari, was said to have insisted that the commission would decides what amount to contribute for the project.

It was also gathered that against this backdrop, the operators had turned to the market leaders like Leadway

Assurance, Custodian and Allied Insurance Plc among others to take advantage of their market leadership position and provide the bulk of the money. At present, their responses obtained from the companies have not been promising.

Meanwhile, industry observers have opined that until the insurance industry operators change their current attitude of low spirit in things that would grow the industry, efforts towards achieving the much needed advancement of the industry will remain elusive.

According to them, the operators’ lackadaisical attitude made the industry to lose the workmen compensation business in 2010 to the National Social Insurance Trust Fund (NSITF).

They called the industry market leaders to live up to their expectation and take up the responsibility of providing the bulk of the money needed to take off the Insurance rebranding project.

Oyetunji: Continental Re Creating Wealth for Shareholders Ebere Nwoji Managing Director of Continental Reinsurance Plc, Dr. Femi Oyetunji, has said that the company has been creating wealth for its shareholders since its listing on the Nigerian Stock Exchange (NSE) 10 years ago.

Oyetunji, stated this when he led the company’s management team to ring the bell at the closing gong ceremony at the exchange in Lagos recently.

The event was part of activities to mark Continental Re’s 30th anniversary.

According to him, since its listing, the company has

continued to create wealth for its shareholders by paying them dividend every year.

Oyetunji said that the company had a good interaction with the management of the NSE, to complement how far it had moved since it got listed on the NSE. According to him, since Continental Re’s listing, the company had continued to create wealth for its shareholders by paying them dividend every year.

“We have been listed on the stock exchange since 2007, we have consistently paid dividend over the years, and we have put things in place to ensure that we continue

to do so,” he said.

He noted that over the years, Continental Re had grown to become the largest privately owned reinsurance company in Africa, with offices across all the regions to serve its clients.

In his comments, the Executive Director, Market Operations and Technology, NSE, Mr. Ade Bajomo, said that the exchange was delighted to have Continental Re as one of the companies to ring the bell on the NSE. Continental Re is a composite reinsurer, writing business in more than 50 countries across the African continent.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

Overcoming Harassment in the Workplace

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ãÙßÜ ÌÏÝÞ áÙÜÕ˜ ÙÜ ÓÐ ãÙß ÎÙ ÞÒÓØÑÝ ÖÓÕÏ ÍÙ×Ï ÞÙ áÙÜÕ ÖËÞϘ ÞËÕÏ ÖÙØÑ ÖßØÍÒÏݘ ÞßÜØ ÓØ áÙÜÕ ÖËÞϘ ÞßÜØ ÓØ ÚÙÙÜ áÙÜÕ ÏÞͲ ã àÓÍÞÓ×ÓäÏÜ ÒËÎ Ë ÚÜÙÌÖÏ× ÍËÞÍÒÓØÑ ×Ï ÓØ ÞÒÏ ÞÜËÚÝ ÒÏ ÝÏÞ ÐÙÜ ×Ï˛ ÒÏ ʨÜÝÞ ÞÒÓØÑ áËÝ ÞÒËÞ ×ã áÙÜÕ ÝÚÙÕÏ ÐÙÜ ×Ϙ ÞÒÏ ÝÏÍÙØÎ áËÝ ÏËÍÒ ÞÓ×Ï ÒÏ ÞÜÓÏÎ ÞÙ ÞÜËÚ ×Ϙ ÓÞ áËÝ Ë ÝÞÏÚ ßÚ ÐÙÜ ×Ï˛ Build a support network. ØÝÞÏËÎ ÙÐ ËÖÖÙáÓØÑ ÞÒÏ àÓÍÞÓ×ÓäÏÜ ÞÙ ×ËÕÏ ãÙß ÜÏÞÜÏËÞ˜ áÙÜÕ ÙØ ÌßÓÖÎÓØÑ ãÙßÜ ÜÏÖËÞÓÙØÝÒÓÚÝ áÓÞÒ ãÙßÜ ÍÙáÙÜÕÏÜÝ ËØÎ ÝßÚÏÜÓÙÜÝ ÝÙ ÞÒËÞ ãÙß ÒËàÏ ÝßÚÚÙÜÞ ËØÎ ÞÒÏ ÚÏÜÝÙØ ÎÙÏÝØ˪Þ ÞßÜØ ÞÒÏ× ËÑËÓØÝÞ ãÙß ËÝ áÏÖÖ ̙ËÖÞÒÙßÑÒ ÒÏ áÓÖÖ ÞÜã ËØÎ ×Ëã ÌÏ ÝßÍÍÏÝÝÐßÖ̚˛ Document everything˛ ÏÏÚ Ë ÔÙßÜØËÖ ̙ÙØ ãÙßÜ ÚÏÜÝÙØËÖ ÍÙ×ÚßÞÏÜ ÙÜ ÓØ áÜÓÞÓØј ÌßÞ ØÏàÏÜ ÖÏËàÏ ÓÞ ÓØ ÞÒÏ ÙʩÍÏ̚ ÙÐ áÒËÞ ÒËÚÚÏØÏÎ ̙ËØÎ áÒÙ áÓÞØÏÝÝÏÎ ÓÞ̚ ÝÙ ÞÒËÞ ÓÐ ãÙß ØÏÏÎ ÞÙ ÏÝÍËÖËÞÏ ÞÒÓÝ ÚÜÙÌÖÏ× ãÙß ÒËàÏ ÞÒÏ ÓØÐÙÜ×ËÞÓÙØ ãÙß ØÏÏÎ ÞÙ ×ËÕÏ ãÙßÜ ÍËÝÏ˛ ÏÏÚ Ï×ËÓÖÝ ËØÎ ØÙÞÏݲ

ÖÏËÜØÏÎ ÞÙ ÎÙÍß×ÏØÞ ËØÎ ÞÙ ÝËàÏ ×ÙÝÞ ÙÐ ÞÒÏ ÒËÜËÝÝÓØÑ ×ËÓÖÝ ÒÏ ÝÏØÞ ÞÙ ×Ï ÞÙ ×ã ÒßÝÌËØÎ ÐÙÜ ÝËÐÏ ÕÏÏÚ˜ ËØÎ ÞÒÏÜÏ áÏÜÏ ÖÙÞÝ ÙÐ ØËÝÞã ×ËÓÖÝ ÞÒËÞ áÏÜÏ ÝÏØÞ ÞÙ ×Ï˛ Seek help. Ð ãÙß ÞÒÓØÕ ãÙß˪ÜÏ ÌÏÓØÑ àÓÍÞÓ×ÓäÏΘ ÓÞ˪Ý ÞÓ×Ï ÞÙ ÝÞËÜÞ ÞËÖÕÓØÑ ÞÙ ÙÞÒÏÜÝ áÒÙ ÍËØ ÒÏÖÚ ãÙß ×ËØËÑÏ ÞÒÓÝ ÝÓÞßËÞÓÙØ˛ Üã Ë ×ÏØÞÙܘ ËÎàÙÍËÞϘ ÝÏËÝÙØÏÎ˹ÏâÚÏÜÓÏØÍÏÎ ÐÜÓÏØΘ ÏàÏØ Ë ÖÏÑËÖ ËÎàÙÍËÞÏ áÒÙ ÝÚÏÍÓËÖÓäÏÝ ÓØ ÌßÖÖãÓØÑ ËØÎ ÓØËÚÚÜÙÚÜÓËÞÏ ÙÜ ÎÓÝÍÜÓ×ÓØËÞÙÜã ÌÏÒËàÓÙÜ ÓØ ÞÒÏ áÙÜÕÚÖËÍÏ˛ ÜÏËÎ ÖÓÑÒÞÖã áÒÏØ ËÚÚÜÙËÍÒÓØÑ ãÙßÜ Òß×ËØ ÜÏÝÙßÜÍÏÝ ÎÏÚËÜÞ×ÏØÞ˛ ÒÏã áÙÜÕ ÐÙÜ ÞÒÏ ÍÙ×ÚËØ㘠ØÙÞ ãÙߘ ÝÙ ãÙß ÒËàÏ ÞÙ ÌÏ ÍËÜÏÐßÖ ËÌÙßÞ áÒËÞ ãÙß ÝÒËÜÏ ÎÏÚÏØÎÓØÑ ÙØ ÒÙá áÏÖÖ ÖÓÕÏÎ ËØÎ ÝßÚÚÙÜÞÏÎ ãÙßÜ àÓÍÞÓ×ÓäÏÜ ÓÝ áÓÞÒÓØ ÞÒÏ ÙÜÑËØÓäËÞÓÙØ˛ Get counseling. Þ áÓÖÖ ÒÏÖÚ ãÙß ÎÏËÖ áÓÞÒ ÞÒÏ ÝÞÜÏÝݘ ÏÝÚÏÍÓËÖÖã ÓÐ ÞÒÏ ÝÓÞßËÞÓÙØ ÓÝ ËÖÜÏËÎã ËʥÏÍÞÓØÑ ãÙßÜ ÚÒãÝÓÍËÖ ËØÎ ×ÏØÞËÖ ÒÏËÖÞÒ˛ Ùß ÒËàÏ ÞÙ ÞËÕÏ ÍËÜÏ ÙÐ ãÙßÜÝÏÖÐ˛ Stay healthy. ËÓØÞËÓØ Ë ÒÏËÖÞÒã ËØÎ ÌËÖËØÍÏÎ ÖÓÐÏÝÞãÖÏ ÙßÞÝÓÎÏ ÙÐ áÙÜÕ ÞÙ ÒÏÖÚ ãÙß ÍÙÚÏ áÓÞÒ ÞÒÏ ×ËÎØÏÝÝ ËÞ áÙÜÕ˛ ÙÜÕ ÙßÞ˜ ÑÏÞ Ë ÑÙÙÎ ØÓÑÒÞ˪Ý ÝÖÏÏÚ ËØÎ ÏËÞ Ë ÒÏËÖÞÒã ÎÓÏÞ˛ áËÝ ËÖáËãÝ ÝÞÜÏÝÝÏÎ ËØÎ ÌËÎ ÞÏ×ÚÏÜÏΘ ÓÞ áËÝ ÙØÖã ËʰÏÜ

ÖÏʰ ÞÒÏ ÔÙÌ ÞÒËÞ ÜÏËÖÓäÏÎ ÞÒËÞ ËÖÖ ÙÐ ×ã ÌËÎ ×ÙÙÎÝ ËØÎ ÌËÎ ÞÏ×ÚÏÜ áËÝ ÍËßÝÏÎ Ìã ÞÒÏ ÝÞÜÏÝÝ

áËÝ ÑÙÓØÑ ÞÒÜÙßÑÒ ÌÏÍËßÝÏ ÙÐ ÞÒÏ ÝÓÞßËÞÓÙØ˛ ã ÞÏ×ÚÏÜË×ÏØÞ ×ËÎÏ Ë ͯͶͮ ÎÏÑÜÏÏÝ ÍÒËØÑÏ ÓØ ÞÒÏ ÙÚÚÙÝÓÞÏ ÎÓÜÏÍÞÓÙØ ËØÎ ÞÒÏ ʨÜÝÞ ÚÏÙÚÖÏ ÞÙ ÌÜÓØÑ ÞÒÓÝ ÍÒËØÑÏ ÞÙ ×ã ËʵÏØÞÓÙØ áËÝ ×ã ÐË×ÓÖã˛ Educate yourself. ÏËÜØ ÏàÏÜãÞÒÓØÑ ãÙß ÍËØ ËÌÙßÞ ÒËÜËÝÝ×ÏØÞ˜ ãÙßÜ ÍÙ×ÚËØã˪Ý ÚÙÖÓÍÓÏÝ ÙØ ÓØËÚÚÜÙÚÜÓËÞÏ ÌÏÒËàÓÙÜ ËØÎ ÙÍÍßÚËÞÓÙØËÖ ÖËá ÜÏÑËÜÎÓØÑ ÞÒÓÝ ÕÓØÎ ÙÐ ÏâÚÏÜÓÏØÍÏ˛ ÒÏ ×ÙÜÏ ãÙß ÕØÙᘠÞÒÏ ÌÏʵÏÜ ãÙßÜ ÍÒËØÍÏÝ ÙÐ ÝßÍÍÏÝÝÐßÖÖã ÎÏËÖÓØÑ áÓÞÒ ÞÒÓÝ ÝÓÞßËÞÓÙØ˛ Don’t expect to change the person victimizing you˛ ÏËÖ ÌÏÒËàÓÙÜ ÍÒËØÑÏ ÓÝ ÎÓʩÍßÖÞ ËØÎ ÓÞ ÞËÕÏÝ ÞÓ×Ï˛ Ùß ÒËàÏ ØÙ ÍÙØÞÜÙÖ ÙàÏÜ ÒÓÝ áÓÖÖÓØÑØÏÝÝ ÞÙ ËÍÍÏÚÞ ÞÒËÞ ÞÒÏã ÒÏ ÙÜ ÝÒÏ ÒËÝ Ë ÚÜÙÌÖÏ× ËØÎ ÞÙ áÙÜÕ ÙØ ÓÞ˛ Ùß ÍËØ ÎÙ ãÙßÜ ÌÏÝÞ ÞÙ ×ËØËÑÏ ÞÒÏ ÝÓÞßËÞÓÙؘ ÌßÞ ÓÞ˪Ý ÜÏËÖÖã ÞÒÏ ÍÙ×ÚËØã˪Ý ÜÏÝÚÙØÝÓÌÓÖÓÞã ÞÙ ÌÏ ÙÌÝÏÜàËØÞ ËØÎ ÜÏÝÚÙØÝÓàÏ ÞÙ ÞÒÏ ØÏÏÎÝ ÙÐ ÞÒÏÓÜ áÙÜÕÏÜÝ ËØÎ ÞÒÏ ÑÏØÏÜËÖ áÙÜÕ ÏØàÓÜÙØ×ÏØÞ˛

Ø ÞÒÏ áÙÜÝÞ̋ÍËÝÏ ÝÍÏØËÜÓÙ ãÙß ×Ëã ØÏÏÎ ÞÙ ÖÏËàÏ ãÙßÜ ÔÙÌ ÙÜ ÌÏ ÚÜÏÚËÜÏÎ ÐÙÜ Ë ÖÙØÑ ÒËÜÎ ʨÑÒÞ áÓÞÒ ãÙßÜ àÓÍÞÓ×ÓäÏܲ ÍÒÙÝÏ ÞÙ ÖÏËàÏ˛

Ø ÍÙØÍÖßÝÓÙؘ ËÍÍÙÜÎÓØÑ ÞÙ Ë×ÏÝ ÒËÒÏÏؘ ˫ÞÒÏ áÙÜÕÚÖËÍÏ ÝÒÙßÖÎ ÌÏ ÝÙ×ÏáÒÏÜÏ ãÙß ÍËØ ÜÏÖã ÙØ ÌÏÓØÑ ÞÜÏËÞÏÎ ÐËÓÜÖã ËØÎ áÓÞÒ ÜÏÝÚÏÍÞ ̎ ØÙÞ ÝÙ×ÏáÒÏÜÏ ãÙß ÎÜÏËÎ ÑÙÓØÑ ÏàÏÜã ÎËã ÌÏÍËßÝÏ ãÙß ÐÏÏÖ ÌßÖÖÓÏÎ ÙÜ àÓÍÞÓ×ÓäÏÎˬ˛ ˛̎ Marie-Therese Phido is Sales & Market Strategist and Business Coach Email: mphido@elevato.com.ng tweeter handle @osat2012 TeL: 08090158156 (text only)

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Sanni: CSI, Key to Sustainability of Our Business The Group Chief Executive of Stanbic IBTC Holdings Plc, Yinka Sanni, in this interview, examines Corporate Social Investment practice in Nigeria and how the group deploys it as part of its larger sustainability strategy. Chika Amanze-Nwachuku presents the excerpts:

Our commitment to investing in corporate social projects and initiatives is something we take just as seriously as adhering to the highest corporate governance principles and operating in line with global best practice. At Stanbic IBTC, CSI isn’t a publicity platform. We see CSI as a duty

How does Stanbic IBTC position corporate social investment (CSI)?

Most organisations interpret and implement CSI as best suits their overriding corporate goals.

However, to borrow a leaf from the United Nations Industrial Development Organisation (UNIDO), we at Stanbic IBTC see CSI as a management concept whereby we integrate social and environmental concerns into our business operations and interactions with our stakeholders. CSI is the way through which Stanbic IBTC as a socially responsible company achieves a balance of economic, environmental and social imperatives.

At Stanbic IBTC, we are aligned to Standard Bank Group CSI focus which uses CSI to enhance our brand reputation, grow new markets, increase employee proposition and present us as socially responsible in a way that makes business sense.

We share in the Group’s ideology where CSI is the key and the watchwords are development, support and community upliftment.

Our CSI pillars in Stanbic IBTC are Education, Health and Economic Empowerment In your opinion, are corporate organisations in Nigeria doing enough in terms of CSI or do you recommend a paradigm shift in attitude?

I believe that many organisations already see the value in CSI and are doing quite a bit of social investments. Nonetheless, when you examine the peculiarity of our operating environment, where there exist wide gaps between the different socio-economic classes, you’ll understand we could never do too much and that there’s always ample opportunity to do more, especially among the lower cadre of the socio-economic spectrum.

I mean those who sit at the bottom of the pyramid. I would advise that companies make a conscious and concerted effort not just to finance some add-on philanthropic things, but to change their strategies and business models and really develop and incorporate structured CSI approach into their management accounting and control systems. What is prevalent is that businesses have marvelous ambitions related to CSI. The question, however, remains how committed they are to actualising or sustaining these ambitions and more importantly how they even plan to accomplish these ambitions.

Are your employees usually part of your stakeholder engagements?

Absolutely. At Stanbic IBTC our vision recognises that our people are our most important asset, which makes it imperative to inspire and engage employees in ongoing CSI efforts to make a meaningful impact. We see our employees as our partners in all our sustainability initiatives.

By doing this, not only do we succeed in getting their active involvement, but also benefit from the fact that employees gain a lot of valuable skills and experiences which make them a better asset to our organisation.

The sustainability of an idea needs everyone in every title to be aligned to our mission of moving forward. We believe our people and culture will determine our success in executing our strategy, which includes our CSI. Our business philosophy is anchored on and vested in building relationships and trust with our clients/ customers, employees, shareholders, regulators, communities and other key stakeholders. Our values underpin our legitimacy and are intended to reinforce the trust our stakeholders have in our organisation. As such, we endeavour to carry along and get the buy in of all our internal and external stakeholders.

In fact, we have a culture of staff involvement and participation in our social investment initiatives which means that our staff are not only part of the activation but the entire process of identifying key areas where we choose to support, collaborate or invest. We try as much as possible to encourage our staff to either as teams or units

Sanni

voluntarily contribute and participate through departmental CSI activities which initiative has been hugely successful over the past year. Through staff CSI volunteerism or contribution alone, we have invested over N100million towards various charitable causes under the health, education and economic empowerment portfolios year-to-date.

How important is corporate social investment to Stanbic IBTC’s business?

I believe it would be difficult to put a value to the importance of CSI to us as an organisation.

Primarily because CSI is key to the sustainability of our business just as the support of all our stakeholders underpins our sustainability. This inter-dependence requires that we conduct our business responsibly to create value in the long-term interests of society. For us at Stanbic IBTC our mission is to continue to contribute to the socioeconomic development of the nation in a way that is consistent with the nature and size of our business operation. This is why we provide end-to-end financial services and products responsibly, bearing in mind the needs of society, our customers, our staff, our shareholders, the environment and future generations.

We do pride ourselves as a socially responsible corporate citizen of our country because CSI is an integral part of our DNA at Stanbic IBTC and Standard Bank Group. Standard Bank has over the years built reputation for continental support of arts and culture as well as sports development.

Our commitment to investing in corporate

We do pride ourselves as a socially responsible corporate citizen of our country because CSI is an integral part of our DNA at Stanbic IBTC and Standard Bank Group. Standard Bank has over the years built reputation for continental support of arts and culture as well as sports development

social projects and initiatives is something we take just as seriously as adhering to the highest corporate governance principles and operating in line with global best practice. At Stanbic IBTC, CSI isn’t a publicity platform. We see CSI as a duty. Like I mentioned earlier, our CSI falls under three prongs of health, education, and economic empowerment.

How do you select the initiatives and projects you undertake for your CSI and what model or models do you use for implementation?

Generally, our CSI initiatives must fall under any of the three pillars of health, education and economic empowerment. The model we’ve used and that has worked for us overtime is investing in projects we believe have the greatest impact, widest reach, and highest sustainability ratio and ensuring implementation with reputable, competent and reliable partners. We, however, have carried out several other projects like vaccination against hypophosphatasia (HPP), education materials donation, public school facility renovations, safety equipment donations, like safety helmets, water projects, as well as staff volunteerism initiatives I talked about earlier which we undertake directly. Just to mention that we recently donated relief materials worth millions of naira to alleviate the living conditions of our brothers and sister in Benue State and its environs who were devastated and displaced as a result of the flooding in that region.

Tell us about the project you refer to as your agship CSI initiative “Together For A Limbâ€? and why you organise the annual walk?

Thank you very much for that question.

Having over a long period of time channelled our CSI on projects under both education and economic empowerment pillars of our CSI aegis, we decided it was time to revisit our intervention and shift focus back to the health sector, which explains why we decided on sponsoring and fitting children with limb loss with prosthesis, which is why in the last two to three years Stanbic IBTC has consistently sponsored the donation of prostheses to some children living with limb difference, otherwise referred to as amputees.

We understand how challenging it must be for the parents and guardians of these children, especially considering the high cost of acquiring these prostheses and of course the value it would bring to the daily lives of

these children. In addition to fitting the children with prostheses, Stanbic IBTC is also giving out Education Trust to the beneficiary children courtesy of our Trusteeship subsidiary.

We did not stop at that. To help raise public awareness for amputees, victims of terror attacks and other children who have limb differences or have lost limbs due to trauma, mismanaged injuries, accidents and, occasionally due to congenital issues, and create shared values in the community, Stanbic IBTC on Saturday, 14 November 2015, organised a Walk tagged ‘Out For A Limb’ in Lagos, chaired by the First Lady of Lagos State, Mrs. Bolanle Ambode. This was the very first edition and the walk featured management and staff, esteemed customers and friends of Stanbic IBTC and other well-meaning Nigerians. Our sincere gratitude go out to all our stakeholders who came out en-masse to join us in walking for a good cause. We are also forever grateful to Her Excellency, wife of the Executive Governor of Lagos State, Mrs. Ambode, for her motherly love, support and guidance in identifying with our quest to raise awareness for amputees and help bring succour to underserved children who live with limb differences from the very start of the project.

Owing to just how committed Stanbic IBTC is to CSI, and most of all, this particular initiative which coincidentally is our adopted signature CSI project. The second edition, which held on Saturday, 24 September 2016 in Abuja, and which had now been rechristened ‘Together 4 A Limb’ which was more impactful.

Essentially because we decided to expand the scope of beneficiaries to include underserved children victims of the Boko Haram insurgency, which has plagued the northern region of the country as some of the primary beneficiaries of the programme.

A 3-kilometre charity walk aimed at raising awareness and awakening public consciousness of children without limbs was flagged off by the Guest of Honour the First Lady of Nigeria, Mrs. Aisha Buhari, who was ably represented by the wife of the Zamfara State Governor, Hajiya Asmau Yari.

As is our practice and as part of the package, education trust fund worth millions of naira was awarded to each of the eight beneficiary children whom we had successfully fitted with artificial limbs.

Six of the eight children beneficiaries were actually present at the charity walk and were presented cheques by Hajiya Yari while two others were presented at a separate ceremony. Five children had benefitted from the initiative in 2015 and received education trust fund and prostheses, which brought to 13 the number of children beneficiaries so far.

In growing these numbers this year, preparations are in top gear to host the third edition of the initiative. We are currently, fitting and carrying out rehabilitation, as we are already preparing another set of six children who will join the growing list of beneficiaries of the initiative. These six children will be officially unveiled during the walk and presented with cheques in the form of education trust fund to guarantee their educational growth and development.

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Taking Advantage of Mutual Funds Goddy Egene writes that the opportunities for investors to invest through mutual funds have increased with the recent listing of three funds by Coronation Assets Management on the Nigerian bourse Investing in equities is very lucrative considering the fact that it offers very high returns. It is equally very risky because just as you can record high returns, you can also lose money if you make the wrong choice of stocks. For instance, last week, a stock appreciated by 21 per cent. This is quite attractive and enticing.

But if you are not careful in the choice of stocks you can easily get your fingers burnt. Similarly, for investors who are highly risk averse but need stable returns, investing in fixed income securities is attractive. But a wrong selection of fixed income securities could make an investor to miss target returns on investments. One of the best ways to maintain steady returns and reduce risks in equities and fixed investments is diversification. This allows an investor to spread risk across asset classes. The best way to do this, according to investment experts is through mutual funds also known as collective investment schemes (CIS). By definition, mutual funds are collective/pooled investment vehicles that allow you (an investor) with limited resources to own a diversified investment portfolio managed by a seasoned investment manager.

They are highly recommended for retail and high networth and institutional investors because of the numerous benefits mutual funds provide. There are many mutual funds already in market that are registered and regulated by the Securities and Exchange Commission (SEC).

Reasons to patronise mutual funds There are many reasons why investors should patronise mutual funds. Although some investors are aware of the benefits investing though mutual funds, they stay away and prefer direct investment because of the loss they suffered in the past due to weak regulatory environment and experiences with fund managers. But the environment has improved, compared to years back.

According to the President, Fund Managers Association of Nigeria (FMAN), the umbrella body for trade group of fund managers in the country, Dr. Ore Sokefun, the situation has changed significantly given the efforts by SEC and operators to reposition and develop the industry. “In recent past we do admit that some fund managers were not abiding by the ethics of the profession. But now FMAN, being a self-regulatory organisation and SEC making sure that everybody is filing their returns and looking at things more correctly, we believe that now you can definitely entrust your money to SEC-registered fund managers. The mistake a lot of investor make is that they do not ensure that who they give their money to is registered

by SEC. She said while investors want to invest and make good returns, they do not have the time to do the research themselves or to stay abreast of the market.

According to her, it is better for investors to go through a mutual funds, stressing, “you will have a professional, a fund manager who looks at the fund every day and stays abreast of the information that will either move the market either positively or negatively and react to it.�

Enter Coronation Mutual funds More opportunities to invest through mutual funds were opened recently when Coronation Asset Management Limited, a subsidiary of Coronation Merchant Bank Limited, listed three mutual funds on the Nigerian Stock Exchange (NSE) for trading and accessibility by retail and institutional investors. The funds are: Coronation Balanced Fund, Coronation Money Market Fund and Coronation Fixed Income Fund.

Speaking during the listing ceremony in Lagos, Chairman of Coronation Asset Management and Managing Director, Coronation Merchant Bank Group, Abubakar Jimoh, said the listing of the funds was “yet another milestone in the history of our company and validation of our expertise in asset management.�

According to him, listing the N2.168 billion raised from the three funds on the stock

NSE trading oor

exchange is a demonstration to investors that the company is determined and committed to offer better prospects on their investments across all market conditions. Jimoh said the company has answers to issues such as active engagement, efficient management of their funds, and quality reporting of mutual fund performance.

He added: “We have developed a technology base that supports efficient and seamless service, as well as promote transparent and real time reporting of portfolio holding and performances.

We believe in building a sustainable relationship based on trust with our clients by ensuring we deliver on our promise of achieving their financial goals as well as committing to quality and excellent service.�

Furthermore, Jimoh explained that they recommend investing in the mutual fund, which fits best with investor’s long term savings goal and tolerance for risk.

For example, the asset managers would recommend an investment in the Money Market Fund to an investor who has a short-term investment requirement and is also apprehensive towards taking risk.

Also speaking on the funds, a Director of Coronation Asset Management, Mr. Aigbovbioise Aig-Imoukhuede, said: “These funds will guarantee investors’ competitive yields as the business has put together a strong investment management team who will be guided by an investment committee with over 50years combined experience to ensure the funds deliver on the expectations of investors.�

According to him, while the Coronation Money Market Fund offers investors the opportunity to maximise return on their liquid savings, the Coronation Fixed Income and Balanced Funds provide the best opportunity to realise medium to long term investment goals.

Specifically, the funds offer all categories of investors, three viable options in line with domestic economic and financial market conditions, an opportunity to diversify their investment portfolios while relying on the experience and performance track record of the Coronation Brand to ensure their investments attain their required financial outcome.

Coronation Fixed Income Fund: The aim of the Fixed Income Funds is to provide regular and steady income which is payable on a semi-annual basis. The fund will invest in a diverse pool of fixed income securities such as

FGN bonds, State Bonds, sub-national bonds, corporate bonds, and money market securities.

Though capital appreciation in the fixed income funds may be limited, the risks are typically lower than that of equity biased funds. The fund is more suitable for investors looking to invest for the medium to long term. The return benchmark is to outperform the average return of the FMDQ OTC Securities Exchange bond index. This fund is ideal for medium to long-term focused investors.

Coronation Money Market Fund: The Money Market Fund aims to provide for preservation of capital and moderate income, and will make regular income payment on a quarterly basis. The fund will invest in safe short-term instruments such as treasury bills, certificates of deposit, commercial paper (CP) and inter-bank call money, and will be optimally managed to generate competitive returns in line with the interest rates prevailing in the market. The return benchmark is to outperform the average yield of the 90 days treasury bills. This fund is ideal for short term focused investors. Interestingly, Coronation Money Market Fund provides group personal accident insurance cover for investments above N100,000.

Coronation Balanced Fund: The aim of the balanced fund is to achieve capital appreciation over time while mitigating volatility associated with investments in equities by investing in fixed income securities. The fund will provide a combination of income and moderate growth by investing in a diverse pool of equities, and fixed income securities such as FGN bonds, state bonds, sub-national bonds, corporate bonds, and money market securities. The fund is more suitable for investors looking to invest for the longer term. The return benchmark is to outperform the composite average return of the 90-day treasury bill and Nigeria Stock Exchange 30 Index. This fund is ideal for medium-term focused investors with a relatively higher appetite for risk.

Speaking on the funds, Senior Fund Manager and Head, Coronation Asset Management, Mr. Emeka Okolo Okolo said the three funds offer investors more opportunities to enjoy good returns on their investments, assuring that the company has the capacity to ensure investors achieve their objectives.

Okolo said: “No one can doubt the capacity and expertise of Coronation Asset Management to deliver competitive returns to investors in the Coronation mutual funds. The level of profes-

sionalism and quality of investments will be difficult to match by other mutual fund managers in Nigeria and the West African sub-region.

This, coupled with the proposed investment mix and the fund structures, distinguish these mutual funds.�

According to him, the Coronation funds are suitable for individual and institutional investors seeking to invest for capital preservation, capital gains and regular income, regardless of their investment time horizon as the funds provide immediate liquidity to fund cash requirements.

The Coronation Asset Management said that in addition to maintaining a mandate to deliver excellent and efficient services under an ever changing economic environment, it has a diverse team of experienced investment managers, who create innovative financial solutions which are easily accessible to investors.

The firm explained that, a subsidiary of Coronation Merchant Bank Group, it provides investment solutions to help their clients achieve their financial goals. “Target clients include retail and high net worth individuals, corporations, state or federal government entities, insurance companies, amongst others,� it said.

On the other hand, the parent company, Coronation Merchant Bank, is an emerging merchant banking franchise with industry leading financial stability indicators and an “A+� rating from Agusto & Co. The credit rating is a valid testament to the bank’s strong capitalisation, good liquidity profile and robust risk management framework evidenced by the zero NPL ratio as at December 2016. “The banking group was established to fill the gap in a long-underserved market segment, seeking to address the need for long term capital across key sectors of the economy. The Group offers investment and corporate banking, private banking/wealth management and global markets/treasury services to its diverse clients. Driven by its vision of becoming Africa’s premier investment bank and with an asset base of over N100billion, the banking group is certain to leverage its privileged direction by some of Nigeria’s individuals who excelled and rose to the top of merchant banking sector at its height of excellence to become the industry model for risk management, corporate governance and responsible business practices,� it said.

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INTERVIEW

Chioke: Banks Must Specialise in Areas of Competence The Managing Director, Afrinvest West Africa Limited, Mr. Ike Chioke speaks on the state of Nigerian banks, just as he urged the federal government to change its anticorruption strategy. Obinna Chima presents the excerpts: What were some of the ďŹ ndings about the banks in your 2017 Banking report?

Clearly, the depreciation in the currency affected all the banks. Obviously, some of the key sectors that had trouble when you have a devalued currency, it kind of magnifies that problem.

So, if you had extended some foreign currency loans to the power sector, for instance, the oil and gas sector as well, then devaluation magnifies the problem. So, we saw some of the banks having to see that their capital adequacy ratio (CAR) was looking quite compressed and they had to look for ways to beef up their capital.

But on the flipside, some of the bigger banks, particularly the tier 1 banks, who had more foreign currency deposits and risk assets, have benefitted from the devaluation and you see them booking foreign exchange gains. The likes of GTBank, Zenith Bank, Access Bank, United Bank for Africa Plc, belong to that group. So, what we saw was a kind of continued widening of the gulf between the tier 1 banks and the tier 2 banks. Once upon a time, tier 1 banks accounted for about 60-65 per cent of market share in the banking sector. But in the 14 banks we covered in this report, we have seen that percentage rise to above 70 per cent. So, the tier 1 banks continued to grow, often at the expense of the tier 2 banks.

You also might have noted some of the reports that came out from the Monetary Policy Committee (MPC), where some observers said a few of the tier 2 banks might be challenged. While one would say that the system is sound, if you have multiple tier 2 banks that are challenged and all of them going down at the same time, it might be the impact of a Systemically Important Bank. But, be that as it may, we feel that the fact that we had forex illiquidity in 2015, which was quite massive in 2016, constrained growth across all industries, particularly manufacturing. But it supported and spurred growth in agriculture.

For the first time in recent years, we had pricing parity such that the cost of production in Nigeria did not make our goods too expensive. So, you had a lot of people investing in agriculture. But there was problem in the power sector, because a lot of people had borrowed money to build, maybe gas pipelines, gas processing assets, to deliver power to the power stations, and now the power stations are not able to pay back. They have massive loans that are not performing. Of course, I have mentioned the problem in the oil and gas sector. But luckily, some of these bottlenecks in the economy have been resolved and we see that the positive profit momentum which most of the banks registered, has given them some buffer to get away with some of the problems that they saw.

But we are not totally out of the woods yet.

We just feel that with diligent management, and the fact that the Central Bank of Nigeria has also been constructive and supportive, we could also see ourselves trading out of the situation.

But the key thing is how do we bring back growth? Paradoxically, while last year we had illiquidity in the forex market, this year we are having an illiquidity position in the naira market whereby there are now dollars in the market, the exchange rate has stabilised, but people are looking for naira with which to purchase dollars.

Some of the central bank’s measures like making sure you put your cash down before you can buy the dollars, were designed to prevent speculators from coming into the forex market to drive the exchange rate to high heavens. It also frustrates normal businesses where for instance, if this building was a hotel and you feel like expanding to the next compound. Traditionally you will take a bank loan to finance the imported equipment to build that extension. But now, the banks would not give you the loan until you bring your naira cash. So, it frustrates your capacity to grow and that is what we are seeing across many parts of the economy.

We are beginning to see that politicians are preparing for another election. How do you think the process would fashion out

Chioke

for investor conďŹ dence?

Typically, with an election cycle coming in 2019, we estimate that by mid-2018, all efforts of government would be tied towards that election.

But with any election, there is massive increase in government’s spending. Already you can see the signs, but the government is trying to demonstrate that it has done something, since 2015 when it came in. Even if they were a little bit late in starting, they would try to achieve some noticeable infrastructure projects between now and next year. Even if they are not finished by

Typically, with an election cycle coming in 2019, we estimate that by mid-2018, all efforts of government would be tied towards that election. But with any election, there is massive increase in government’s spending.

Already you can see the signs, but the government is trying to demonstrate that it has done something, since 2015 when it came in

middle of next year, they can be commissioned late in 2018, ahead of the actual election. So, we expect to see investments in government spending. Of course, investors having been once bitten would insist a better contractual arrangement and agreements documented.

So, we would see it as the glass half full. If you say the glass is half empty, due to the election, a new set of persons would come in and distort the arrangement, you may miss the opportunities in Nigeria. I would take it on the other side, that because the government is heading towards elections, they would have to do a lot of spending, particularly in terms of capital spending and on infrastructure. They are focused on agriculture, power and of course oil and gas reform. If we can get it right, that would be positive for the economy. So, people who focus on those areas with the right project could be winners. Of course, underlying these is the country’s large population. So, if you can get the right products out, you will get the expected returns.

What were your ďŹ ndings around corruption and transparency?

We touched on anti-corruption, the government’s new whistle-blowing policy. The government came up with a lot of fanfare.

But sadly, it hasn’t translated to the massive expectations we had when the government took over. So, far the government has informed us that they have recovered over N17 billion.

Now, N17 billion relative to the number of announcements, of people they feel are corrupt is small and they have not been any arrest.

We do feel that corruption has not been well tackled. We would like to just say there have

been some positive ‘noise.’ I do recall one of the legislatures in Abuja saying that when it comes to fighting corruption, the government might be using deodorant against its officials, but if the person is on the opposition camp, they bring out their insecticide. So, there are still lots of work to do. If you look at some of the governance issues that arose from the Minister of State for Petroleum’s letter, it tells you that fighting corruption is about building the framework that prevents it from happening and most of it come from transparency and having people following due process.

With the widening gap in terms of market share, what is the implication for the industry?

There will be specialisation for everybody in the industry. The banking industry is growing.

But what is happening is that tier 1 banks are growing faster. You could be a tier 2 banks and you see your business double. But maybe if you are a GTBank, you would have seen your business triple. So, all the banks are growing.

What would happen in the industry is that there would be areas of specialisation. Even in Afrinvest, there are certain transactions we would rather want a tier-2 bank to execute, because we know they are small and specialised in that area, and you can get decision faster. But there are other transactions which may have wider implication for the country, or global linkages that works better for a tier 1 bank. So, you find space for each of the bank in their area of specialisation. But, a bank fundamentally needs to manage its balance sheet and if a bank is careless in terms of risk assets creation, this would have serious consequences.

T H I S D AY WEDNESDAY OCTOBER 25 2017

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T H I S D AY WEDNESDAY OCTOBER 25, 2017

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ANALYSIS

Alaghodaro: Obaseki’s Vision for Edo’s Future The Godwin Obaseki administration in Edo State is planning an investment summit like no other, devoid of the funfair and merrymaking as he commemorates his first year in office. Crusoe Osagie reports With the theme: ‘Alaghodaro’, a Benin catch phrase, meaning Progress or Moving Forward, the state governor intends the first business convention as a magnet to pull and attract business and investment interests to Benin, the state capital, to deliberate on Edo’s future.

In the Edo State Government and around Mr. Godwin Obaseki, the state governor, there is a new sense of urgency. It is a reawakening to a need to work for tomorrow; preparing the average Edo man and the state for a 30-year vision that will rest on five key thematic pillars; Institutional Reform, Environmental Sustainability, Economic Development, Social Welfare, Arts, Culture and Tourism.

Aside its iconic relevance, the new phrase captures the entire development plan already put in motion for Edo State. As an investment summit, the maiden edition themed, ‘Envisioning the Future’, will bring together top Nigerian and International business leaders, investors, bankers, industry experts, policymakers and the academia to set the agenda for development. It will also showcase how Edo State intends to partner the private sector to leverage the state’s competitive advantage in different sectors for sustainable economic growth.

Shedding light on the planned Alaghodaro Investment Summit, chairman of the planning committee, Asue Ighodalo said: “The summit is designed to foster knowledge sharing, build relationships, spark innovation and inspire commitment to strategic deployment of capital for greater socio-economic and environmental impact.�

He is not a novice in investment, economic and business initiatives such as the proposed summit in Benin. Ighodalo, a seasoned investment lawyer, currently sits on the board of Nigerian Economic Summit Group (NESG). He has been the chairman of the board of Sterling Bank since 2014 just as he also sits at the boards of private companies and NGOs including the Christopher Kolade Foundation, FATE Foundation, Lagos State Lottery Board, Main Street Technologies Limited, Union Bank (UK) amongst others.

Going by governance indices, Obaseki has made giant strides in all the sectors of the state in barely a year of being in office.

The state governor may well be justified if he sits back and enjoy some accolades given his achievements at a time the country is recovering from the worst economic recession is decades, but he rather prefers to engage investors and thought leaders on the immense potential that Edo has.

On a scale of 1 to 10, Edo ranks 8 as a state most likely to be self-sustaining on account of its natural resources.

The state has oil, immense potential in water and other natural resources, a population that can easily attract outside and foreign investments. Obaseki, ordinarily, should habour no worry.

But for those that know him, the technocrat governor will have none of that. “Oil has been the driving force of our economy both at the national and state level. The real challenge for us as a people is not necessarily what happens now, but what happens when the oil wells dry up and we can no longer generate foreign exchange from the sale of oil. “Alaghodaro is the response of the government of Edo State to this challenge.

We understand that to ensure a sustainable future for our children we must take deliberate action today towards developing the non-oil sectors and diversifying our economy,� the organisers said.

Armed with a clear-cut vision for Edo’s future, Obaseki intends to use the summit to benchmark and strengthen the numerous programmes, activities and policies he has rolled out since assuming office. The thematic areas for the summit provide a canvas with which Obaseki has prosecuted

Obaseki

his philosophy for governance, which is anchored on strengthening of institutions, respect for law and order and mobilising private capital to not just drive development but also speed up the delivery of public goods.

So, it is no surprise that he is prioritising the place of institutional reforms as a fulcrum to build a society that respects the dignity of man, ensuring that no one is above the

Obaseki’s insistence on the supremacy of law and order in the state got a boost with the passage of the Private Property Protection (PPP) law, which outlawed the activities of land speculators and grabbers, who had for years tormented investors in the state.

This has cleared the space for investors to site factories and industries in parts of the state without fear of intimidation from anyone

law and that governance is strengthened to serve and not exploit the people.

In terms of institutional reforms, with an overarching vision to make Edo accountable, transparent and a darling for local and foreign capital inflows, the state insists on the adherence to its public procurement laws in sourcing of services and goods, which eases business transactions with the state government.

Obaseki’s insistence on the supremacy of law and order in the state got a boost with the passage of the Private Property Protection (PPP) law, which outlawed the activities of land speculators and grabbers, who had for years tormented investors in the state. This has cleared the space for investors to site factories and industries in parts of the state without fear of intimidation from anyone.

The state’s economic development plan is geared towards opening up investment opportunities with priority given to initiatives that prioritise the state’s competitive advantage in agriculture and human capital.

In this vein, agriculture has gotten a major boost with the adoption of contract farming, partnership with SARO Group on maize farming; revamping of the Edo Fertilizer and Chemical Company for the supply of inputs, among many others. The resulting jobs that would be generated from these ventures are expected to usher the state into a new order of economic growth. Aside these, there is a grand plan to transform the state into a transport hub, with the anchors being the Gelegele Seaport, which would aid the evacuation of agricultural produce for local and global markets.

On social welfare, the primacy of the human guides the government’s policies. Its social welfare investments are aimed at tackling

the elements of human survival at the basic level. Hence, in education, the focus is on basic education, even as it firms up other tiers of the education. There are budgetary commitments pursued to ensure that the state gets its act right at the foundation. The state has also allowed for probity in resource management, ensuring that the law runs its course where issues of misappropriation of funds are suspected.

Obaseki’s environmental sustainability policies, such as the ‘Clean and Green Edo’ are to usher the state into a new era of respect for the environment. In no distant time, it is expected that the state would have green areas and devising means to transform waste into wealth.

Of all the things that stand Edo out, the most captivating is its art, culture and tourism offerings. Historically, Edo’s heritage captured the world’s attention centuries ago. Though little was done to capitalise on this in the past, the Obaseki-led administration has shown that he intends to put arts and the tourism sector on the front burner.

While Edo is an oil producing state entitled to an appreciable remittance from federal purse and royalties on its oil resource contribution, dwindling oil fortunes which, significantly has cut down revenue necessarily forces a rethink on this matter.

Indeed, World Bank boss, Kim Jong, made a call to this effect, recently. “Despite the fact that there is the hit that was taken from the drop in the oil prices, Nigeria has to think ahead. And investing in its people, investing in the things that will allow Nigeria to be a thriving, rapidly growing economy in the future is what the country has to focus on right now. It can’t rely just on oil prices going back up. It has to think.� This, in essence is Obaseki’s plan.

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EDUCATION Removing Barriers, Impacting Higher Education Institutions Globally Tackling the biggest challenges of higher education institutions globally and ensuring that the goals and purposes of higher education for the students, nation and society are met, were the focus of the 2017 Global Meeting of Associations (GMA) of the International Association of Universities recently held at the University of Ghana, Accra. Funmi Ogundare reports Some of the issues at the front burner at the 2017 Global Meeting of Associations (GMA) of the International Association of Universities (IAU), a membership organisation consisting of universities, institutions of higher education; national and regional associations of universities all around the world, were to ensure that changes in public-private landscape influence the profile of institutions and the disciplinary mix or curricular they offer; and how these changes redefine the role of the higher education leaders.

For three days, experts converged on the University of Ghana, Accra, discussing the theme, ‘Leadership for a Changing Public Private Higher Education landscape’.

The meeting which seeks to provide a forum for members to learn from each other, partner and implement global programmes for the development of higher education, saw participants shedding light on the; implications for higher education associations, new funding realities and its impact on quality assurance, accreditation and other regulatory mechanisms; whether the changing funding landscape bring in more risks such as corruption, unfettered competition and shift in values, expectation and place of students in the changing landscape; how private higher education funding impact on calls for social responsibilities and its influence on research choices.

Other issues discussed were ‘Corruption in Higher education’, ‘Ethics in Curriculum’, ‘Academic Integrity in a Competitive Higher Education Landscape’, ‘Value-based Leadership and Mind-set Change as Catalyst for Building Effective Universities’, ‘Impact of Competition Rankings and other Market Forces on the Development of Higher Education Institutions, among others.

The President of the Republic of Ghana, Nana Akufo-Addo, who declared the meeting open, said the existence of an International Association of Universities (IAU) clearly implies the presence of an interconnected world and a global research community, where the standard of a country’s intellectual output and resources naturally affect the total output, whether positively or otherwise. “An IAU consisting of universities that are big and small in stature, and coming from countries with highly contrastive wealth profiles, also facilitate dialogues on issues of common concern. It enable consensus to be reached on acceptable international standards and quality assurance policies, but this also compels the adoption of best practices in academia.�

Akufo-Addo, who was represented by the Minister of State for Tertiary Education, Professor Kwesi Yankah, opined that in a globalised world of today, where healthcare, food security, climate change and education fiercely compete for attention, rising expenditures and economic downturns are bound to lead to a general decline in state resources. “It is not surprising that the slice of resources available to fund higher education has diminished across the globe. The ripple effect on local economies is obvious and has constrained governments the world over to pull-back on public spending, challenging nations to discover innovative ways of revenue generation for nation building.�

He expressed concern that “our current funding models for both public and private higher education in Ghana are not sustainable. Indeed, while government cannot continue to wholly foot the bill for higher education in the public sector, private institutions can also not continue to solely rely on tuition fees, as the two models have serious implications for the mandate and overall output of higher education.�

The president stressed the need for IAU to revise its policies and enable more African

L-R: The Secretary General of the International Association of Universities (IAU), Dr. Hilligje Van’t Land; Ghana Minister of Education , Dr. Matthew Opoku Prempeh; President of IAU and former Rector Gothenburg University, Sweden, Professor Pam Fredman; and Minister of State for Tertiary Education, Professor Kwesi Yankah, during the 2017 Global Meeting of Associations (GMA) of IAU held in Ghana‌ recently

universities to both enrol as members, as well as afford participation in conferences, adding that such policies must ensure maximum participation by host communities through the application of differential rates of enrolment and registration. “How meaningful is an international conference after all if the host community registers the lowest representation?� He said African universities must also work harder to advertise themselves in the global village. “For Africa has a huge potential in higher education which has been exploited only superficially; knowledge is indeed the most inexhaustible resource any country can ever possess, as well as secure. Let this historic conference by IAU on an African soil trigger dialogues and actions that will progressively narrow the idntellectual gap between Africa and the world.�

The Vice-Chancellor, University of Ghana, Professor Ebenezer Oduro Owusu recalled when there used to be a clear distinction between two dominant types of university; public versus private universities, with each serving a unique market with distinct governance and funding structures, adding that they had a unique cultural environment, but it is not the case now. “With the world becoming increasingly globalised and borderless so are the boundary lines of public and private institutions overlapping, and this is the case world round.�

He listed the challenges confronting higher education to include declining sources of funding against rising tuition and operating costs, consumer oriented students with a palette for innovative and technological driven methods of teaching and learning, how to sustain academic excellence in teaching and research, among others.

As education becomes increasingly commercialised, Owusu said the share of operating costs covered by tuition fees continues to grow, including funding, philanthropy and public private partnerships, noting that the ramification is not only changing the funding mix but impacting tremendously on other key aspects of the university which in turn place new demands on and pose new challenges for institutional leadership at all levels.

He appealed to the association to learn from each other with a view to promoting and fostering values that society need through providing students with the academic skills, creativity, analytical and critical thinking capacity to successfully address the challenges of vision 2030 agenda.

The President of IAU and former Rector, Gothenburg University, Sweden, Professor Pam Fredman, opined that if members share values in their respective institutions, it will go

a long way in creating the necessary impact, while expressing concern about the challenges of mistrust and denial of knowledge by leaders. “The future is a knowledge-based society all around the world. We have a platform and we must use that to promote higher education to meet Sustainable Development Goals (SDG).

It is important we discuss these issues and do the best for higher education and give people opportunities for the future,� she said.

She told THISDAY in an interview that leaders should be familiar with the academic value of institutions and must be able to manage different sources of funding coming in so that quality can be achieved for higher education, especially for the students. “It is not all that easy for the leaders all the time, because there might be frustration. For public or private funders, we want to see how best they can achieve this and it must be the best quality. For the students if you pay a lot of money to enter into the institution and by the time you are ready to graduate, and records show that students pass without getting the knowledge, that is the root of corruption.�

She cited an instance in her country where education is free from primary school to the tertiary level, saying that it is public funded and that irrespective of one’s background and the tax being paid, one is entitled to free education and healthcare services up to 25 years of age. “Swedish education is free and has been free from primary school, students don’t pay any fee at all, it is all public funded, but the difference is that we pay a lot of taxes. As a student for higher education, you can take students loans for your living. Those who are earning less money pay small tax and get the same provision from the government and your children will have free schools and medical care. You tend to give the cash money to the government and get it back as a provision to the society,� Fredman stressed.

The Secretary General of the association, Dr. Hilligje Van’t Land, highlighted the funding issues faced by higher education, noting that as a result of increase in demand by those who are going into, the government who are meant to pay for it are becoming very difficult to address. “The local situation is linked to what governments are ready to do in terms of supporting higher education institutions. In certain countries, there is a decrease in student population, while in some others, you have such high student demands that each year 30 or more institutions are being created and funding is a bit difficult for the government and that also goes for the leaders within the institutions. “They have to find appropriate resources for

the building and faculty and running the whole institution. It will always be a mixed of funding between the public and the private. The university leaders have to be more attentive to institutional level discussion taking place, what is happening in the higher education community and integrate the demands for the development of their strategic plan.�

On the lessons learnt from the meeting, Van’t Land said: “the big lesson is that we have to understand much better what private needs are and the difference between private and public higher education. The boundaries are glaring, we have to better understand what are the new impacts on the public and how we define the private, what is and what kind of institution it will be for the future and how will it contribute to the development of the society. Will it contribute to the agenda 2030 and the sustainable development goal and how will the public and private work together? That is the message we want to bring home.�

Emphasising on the expectations and the place of the students in a changing landscape, the Director, Students Services, Global Universities Network for Innovation Africa, Mr. Fred Awaah, recalled when he was Secretary General of All Africa Students’ Union, saying that its leaders always wanted to get involved in decision making processes of higher education institutions, but the heads of such institutions then made conscious effort to stop them from being represented. “That is where we always have challenges leading to tension,� he said, adding that students expect value for the tuition they pay and an undisrupted academic calendar from those in the private universities.

In Ghana, he said the students have a voice in decision making process. “To some extent, we can’t say that for the entire African region because we know that in a number of countries, students are not given voice at all. In such instances, there will always be resistance. “In the case of Ghana where there are some involvement, there is room for improvement because it is not enough to put in the status that students are represented but there should be a manifestation of their contribution at the academic board meeting and all other statutory boards. It is the only way that we can say students are truly being involved in African higher education institutions.�

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EDUCATION

Again, Ekweremadu ‘Rescues’ Indigent Varsity Students Despite the current economic hardship in the country, the Ikeoha Foundation, founded by the DeputySenatePresident,IkeEkweremadurecentlydoledoutN38.5milliontoindigentuniversity students from Enugu State. Christopher Isiguzo reports “This is the most exciting moment in my life.

Receiving this N400,000 cheque will propel me in my academic pursuit. For the four years I will be in school, fees and other expenses will no longer be a problem to me and my parents who have been pondering how to sponsor my education since I got admission. God has indeed answered our prayers.�

The above expression by Abia Kingsley Oluebube, a first year student of Chemical Engineering at the Nnamdi Azikiwe University, Awka, Anambra State aptly captured the feelings of the 18 undergraduates that benefitted from the Ikeoha Foundation 2016/2017 Scholarship award for indigenes of Enugu State.

Indeed, October 14 will remain indelible in the lives of those students whose quest for education received a major boost as the foundation, a pet-project of the Deputy Senate President, Chief Ike Ekweremadu doled out huge sums of money to support a select group of disadvantaged students from the state.

At the event which held at the headquarters of Udi Local Government Area, the beneficiaries drawn mainly from the five council areas that make up the lawmaker’s Enugu West Senatorial Zone, as well as three other councils, including Nsukka, Nkanu West and Igboeze North shed tears of joy akin to the feelings of someone whose hopes were restored.

For the event alone, the lawmaker gave out N38.5 million in scholarships and bursaries.

Apart from the 18 students that got N400,000 each, another set of 300 students received bursaries to the tune of N40,000 each while nine others received empowerment items like sewing machines and motor bikes. Ekweremadu through the non-profit organisation is also sponsoring 12,000 adult learners in an adult education programme.

Presenting cheques and other items to the beneficiaries at the event tagged Ikeoha Foundation Adult Literacy Day, the deputy senate president said he couldn’t have achieved his current status if not for his educational background. “I want to show that no time is late to go to school. I pray that these (adult students) would take up positions of authority in no distant time. “For some people, their parents had to sell lands for them to go to school, but now there is help. One day I will be tired of Ikeoha foundation and I hope one of these people will take up the foundation,� Ekweremadu told the guests which included Governor Ifeanyi Ugwuanyi of Enugu State and the Deputy Governor, Mrs. Cecilia Ezeilo, Peoples Democratic Party (PDP) candidate for Anambra State gubernatorial election, Oseloka Obaze, national and state assembly members, former Nigeria Ambassador to Switzerland, Mrs. Fidelia Njeze, traditional and religious leaders and other notable PDP leaders.

The lawmaker said he stands tall to speak at the National Assembly because of the mandate of his people. “So it is time for giving back and any support I get from people, I appreciate so much. I couldn’t have achieved what I am today without education. It liberated me to speak anywhere and with anybody in any

part of the world without feeling intimidated. “A country that takes education serious tends to develop healthier and happier. Education is light and means to restore dignity of man while ignorance is darkness. Education will continue to be a veritable tool for human and societal development. Education is an instrument for national development and the interaction of persons and ideas are all aspects of education,� he said.

On his part, the governor said the event marked a milestone in the promotion of literacy in the state, adding that it was a welcome complement to the efforts of the state government in improving education. “Education is the bedrock of any society, that is why we have continued to channel resources to that sector,� he said, while urging other well-to-do individuals to emulate the senator.

He pledged his administration’s readiness to continue to support the foundation.

Also speaking, the Executive Director of the foundation, Mrs. Cindy Anene Ezeugwu said the organisation founded in 1997 by the lawmaker and his wife, Nwanneka had continued to empower several persons who ordinarily would not have acquired education. “Financial incapacitation is a major setback negating the attainment of higher education in many homes in Nigeria. The foundation took the bull by the horn through the provision of scholarship and bursary in cash and material awards to indigent, well-behaved and intelligent students in the state.�

She added that all the processes required to access the bursary and scholarship at the foundation are entirely free.

According to her, so far, about 12,000 women and youths have received basic education in their 34 adult literacy centres, while 2,872 students have completed their university education courtesy of the foundation’s bursary scheme.

Also, 50 undergraduates are presently enjoying full scholarship, while 15 schools, their quiz

masters and deserving students have received different categories of awards, including complete sets of science equipment, text and exercise books and financial assistance by participating in the annual secondary schools quiz competition.

Apart from education, Ezeugwu said the foundation also delved into other areas as it had distributed 20,000 units of anti-malaria drugs to malaria-endemic areas; 5,477 adult learners fitted with reading glasses; 20 co-operative societies supported with farming micro-credits; while several others have benefitted from other gestures including ICT training, modern agro-farming training, among others.

Other speakers at the event including Obaze, Hon. Toby Okechukwu and Denis Amadi representing Awgu/Aninri/Oji-River and Udi/Ezeagu Federal Constituencies respectively, Ambassador Njeze and the Transition Committee Chairman of Udi Local Government Area, Sheddy Ozoene applauded the senator for the giant strides in education empowerment of the youths.

They noted that by the time the state starts reaping the benefits of such massive investment in education, Enugu would become a unique destination. One of the beneficiaries, Timothy Eke, a 100 level Computer Science student of the University of Nigeria, Nsukka, thanked the lawmaker for his magnanimity, saying that with the scholarship she has no other obstacle in her educational pursuit. “We went through a rigorous process of screening before we got to this level and luckily enough, I made good results in my O’ Level which put me in better stead to make the final list of those selected to benefit from this programme of Ikeoha. I can honestly tell you that it is not easy for someone to release such amount of money to people who are not related even to him. “This money will go a long way in facilitating my academic pursuit especially at the university level and he has even promised to do more for us as the years go by. It takes somebody with

such milk of human kindness to engage in this type of empowerment. I feel more than excited to be given this rare opportunity to achieve my dream of becoming a computer scientist.

We have a saying in my place, ‘you have to first throw the bone to the dog and watch him wrestle with the spirits’. Our senator has played his part and I can assure you that we will also play our own part by not disappointing him,� Eke said.

Another beneficiary of the bursary scheme, a 500 level Law student of the Enugu State University of Science and Technology, Miriam Chukwu, said her joy had no bound at the gesture by the lawmaker. She said she was more excited to be a beneficiary of the bursary programme.

Also, another student from Enugu North Local Government Area in Enugu-East Senatorial Zone, Austin Nnadi, a 400 level Science Laboratory Technology student of the Institute of Management Technology, Enugu, thanked the senator for extending his foundation’s empowerment programme beyond his senatorial zone. “Ikeoha is representing Enugu West Senatorial Zone, while my own senator is Senator Gilbert Nnaji. A total of four of us from this local government area are benefitting from his programme. That goes to show a clear demonstration of love for the people. Apart from this programme, he is one of the most outstanding senators this country has ever produced. “All of us are praying for him to keep going higher. Those presently seeking for his downfall must know that they are up against the less privileged people of Enugu State who have received hope and help from Ikeoha. They should know that the God of the poor will never forsake his own people. We are praying for him and I know that nothing untoward will happen to him. He shall serve out his tenure as the deputy senate president and still go higher,� Nnadi said.

Ekweremadu (right) and some guests with the dummy cheque

‘31% of Sokoto Teachers ‘Unqualified but Trainable’ Thirty one per cent of teachers in public schools in Sokoto State are not qualified, but educated enough to be trained to enhance their qualifications to be in the classroom, a government committee has revealed.

The committee also recommended the employment of additional 548 teachers in order to achieve a teacher/student ratio of 1:40, the standard set for public schools in the state.

This was part of the recommendations of the Schools’ Needs Assessment Sub-committee of the Committee on State of Emergency set up by Governor Aminu Waziri Tambuwal to proffer practical solutions to challenges confronting education in the state.

Presenting the report at the Government House, Chairman of the sub-committee, Dr. Shadi Sabeh, said a total of 360 schools were assessed and that there is need for the government to urgently act to restructure the imbalance in teachers’ distribution especially between rural and urban areas. “There is need to repost 537 teachers from some schools that are over-staffed within the Sokoto metropolis to the many that are lacking teachers in rural areas.�

Sabeh said lack of ICT infrastructure in schools is a cause for concern, especially because 73 per cent of the teachers surveyed lacked computer skills.

“Government must enforce compliance with federal government’s directives that all teachers must be registered with the Teachers’ Registration Council of Nigeria (TRCN). At the moment, only 14 per cent of the teachers have the necessary registration. “In general, there is an ardent and urgent need for a robust capacity building programme that will close the training gap among teachers in the state. This is against the backdrop that 90 per cent of teachers surveyed have not attended any form of training, workshop and seminar in the last three years� he stated.

In his remarks, Tambuwal said the report will be implemented, while other measures

will be put in place to ensure turn around in the fortunes of the sector.

He said a new training schedule will be drawn up by the government to ensure all teachers are provided with opportunities for refresher courses. “Let me repeat it here that no teacher will be sacked from government employ. We will retrain them to update their knowledge.

Those who at the end prove untrainable will be moved to other parts of the civil service where their expertise will be required. “I want to commend the members of the sub-committee for a diligent job. The people and government of Sokoto State will forever be proud of your service,� he added.

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Inoyo Toro Foundation: 10 Years of Eradicating Poverty through Education Uchechukwu Nnaike Over the years, one of the challenges facing the public school system in Nigeria is that of funding from government for their successful operations.

From dilapidated buildings to inadequate facilities and quality of academic instruction, the Nigerian public school system has possibly been among the worst affected sub-sectors over the years, especially at the secondary school level.

In the past 10 years, an innovative private sector initiative on education in Akwa Ibom State has given a positive glimpse of the transformational powers of private sector engagement with the public sector in improving the quality of the Nigerian public school system.

The Inoyo Toro Foundation was established in 2007 to promote human capital development in Akwa Ibom State through the public secondary school system. Like many states in the country, the public education system in Akwa Ibom, was beset with a number of problems- poor teacher morale, outdated teaching materials, poor educational standards that placed children in schools in the state at a disadvantage compared to their counterparts in some other parts of the country.

According to the Chairperson of the foundation, Mrs. Ntekpe Inoyo “it was against this background that the Inoyo Toro Foundation was founded in the state with the objective of supporting government in extricating this sector from its downward spiral and inspiring a new methodology in teaching and learning.� “We knew the journey to uplifting educational standards wasn’t going to be wished into existence; it would take years of strategic thinking, immense human and financial sacrifice, as well as passion from the teachers and students for whose benefit this seed was planted.�

To achieve its vision of ‘Eradicating Poverty through Education’, the foundation adopted an ambitious, multi-faceted approach using teachers as the focal point of its quest to help improve educational standards in Akwa Ibom. Ten years later, the foundation has had a profound impact on public secondary education in Akwa Ibom State through its various programmes and activities.

Among these are its investment in the development of Science, Technology, Engineering and Mathematics (STEM) education in Akwa Ibom public schools, its annual Awards for Teaching Excellence in Akwa

Ibom State Public Secondary Schools, a mentoring programme for teachers, as well as an award for outstanding principals in secondary schools in the state.

According to the foundation, over 170 teachers have benefitted from the awards and the intervention trainings/ workshops associated with the awards. The annual awards involve a competitive, meritbased process organised by the Award Screening Committee.

Teachers vying for the awards are first assessed on their productivity and professional competence, before taking a 40-minute aptitude test modelled on the West African Examination syllabus. The successful teachers after the test undergo an oral examination before the winners emerge based on the subjects of their specialization, including English, Mathematics, Biology, Physics and Chemistry.

The top three teachers in each of the subject categories are recognised in an annual awards ceremony during which they are presented with cash prizes and celebrated. The objective is to spur other teachers in the state to similar heights of achievement to the benefit of the public secondary school system. Two years ago, the foundation included Fine Arts among the subject categories for the annual awards. “This subject has been discovered to be almost extinct in our schools,� said the Chairman, Award Screening Committee, Dr. Enobong Joshua, “Only a few schools present students for external examinations and yet in these days of dire need for job creation, it is in the subject one area that can provide self-employment more

quickly than any other.�

Beyond the awards, the teachers are also exposed to trainings organised by the Science Teachers Association of Nigeria (STAN), the Organisation for the Women in Science for the Developing World, University of Uyo branch, while the awardwinning teachers are sponsored to the Annual International Schools Conference, organised

by American International and an annual mentoring workshop organised by Accenture, to help acquaint them with global best practice in secondary education.

In furtherance of its quest for teaching excellence, the foundation introduced the Grand Mentor Teacher’s Award in 2011 as a platform for previous winners of the Teachers’ Awards to mentor other teachers in their subject areas and over 100 teachers have benefited from this initiative.

The foundation also has a student mentoring programme through which professionals and organisations can adopt schools of their choice and mentor students in the selected schools on an ongoing basis.

The objective of the programme according to Mrs. Inoyo “is to broaden the participating students’ perspectives on life, enhance their self-esteem and motivate them to become better students, who will eventually become leaders of tomorrow.�

Of the 244 public schools in Akwa Ibom State currently, 60 schools are registered on the mentoring programme with over 1,600 students under mentorship. The foundation’s innovative approach to its education sector advancement objective has attracted the attention of the Nigerian corporate sector, as evident in

the support they have given some of its programmes. In 2011, Keystone Bank partnered the foundation in delivering three fully-equipped computer laboratories to four schools across the three senatorial zones of the state.

The foundation has also partnered ExxonMobil on the World Malaria Day Quiz Competition for Secondary Schools in Akwa Ibom State and is currently working with Seven Energy on an environmental awareness project for secondary schools in the state.

To ensure that its campaign for educational excellence reaches the widest possible audience, the foundation runs a 30-minute radio show through which teachers and heads of schools share their experiences “with a view to harnessing resources (infrastructure and human) to effect positive transformation in the secondary education sector of Akwa Ibom State.�

The foundation’s contributions to the Akwa Ibom State education sector have also not gone without recognition.

During the 30th anniversary celebration of the state last September, Inoyo Toro Foundation was one of the two organisations awarded for “social and humanitarian services�, in recognition of the impact of its programmes on the education sector.

As the foundation marks its 10th anniversary next month, it is not resting on its laurels. “As a foundation committed to developing the quality of education in Akwa Ibom State and building the next generation of leaders, we will continue to seek more creative ways to achieve our vision of ‘Eradicating Poverty through Education’,� Mrs. Inoyo said.

I did settle into my studies and it no longer felt like a punishment when on lecturedaytwoourlecturertookusallonthejourneyto‘soul-search’why all of us age 45 upwards, were sat there at the University of Greenwich to discover the theoretical basis for and acquire the theoretical skills to mentor pre-registration students. In lecture one, 95 per cent of the class confessed that they were not keen to have returned to academic study.

Reasonschurnedoutforthisincludeallmannerofmid-lifecharacteristics and challenges which include, child-care issues, forgetfulness, fatigue and tiredness loss of interest in strictly academic vigour, loss of source income within the period of study ends an unwelcomed reopening of a phase of human development (academic study) that most people felt that they were done with for good.

And so this day in lecture two, encouraged each other, associate student began to churn out why they were in study albeit unenthusiastically. By the end of the lesson, we had unveiled every reason that an adult learner would have before they can enthuse about whatever you want to teach them.The knowledge of the following Andragogical bedrocks may help you to eectively teach your sta new vigorous skills especially ones that may task them, take up their time, engage their interest, cause them to make uncomfortable changes to their social life and home front, and could inadequately cause a loss of some income for them. Remember always that all adult learners: Ëž Ă?Ă?ĂŽ ÞÙ Ă’Ă‹Ă Ă? Ă?Ù×Ă? Ă?Ă™Ă˜ĂžĂœĂ™Ă– Ùà Ă?Ăœ ÞÒĂ?Ă“Ăœ Ă–Ă?Ă‹ĂœĂ˜Ă“Ă˜Ă‘Ë› Ă? Ă‹ĂŽĂ&#x;Ă–ĂžĂ? ĂŁĂ™Ă&#x;Ăœ Ă–Ă?Ă‹ĂœĂ˜Ă?ĂœĂ? are already handling responsibilities and making decision in their lives.

Make your lessons enable them to learn what is important for them to know and beneďŹ cial to their living, Ëž Ă™Ă&#x;Ăœ Ă–Ă?Ă?Ă?Ă™Ă˜Ă? Ă™Ăœ Ă“Ă˜Ă?ĂžĂœĂ&#x;Ă?ĂžĂ“Ă™Ă˜Ă? Ă—Ă&#x;Ă?Ăž Ă“Ă—ĂšĂœĂ™Ă Ă? ÞÒĂ? Ă?Ă•Ă“Ă–Ă–Ă? ÞÒĂ?ĂŁ Ă‹Ă–ĂœĂ?Ă‹ĂŽĂŁ Ă•Ă˜Ă™ĂĄËœ make their work easier or doable, open them to better opportunities, be individualised in a way that is of practical beneďŹ ts and bring results to them. Ëž Ă™Ă&#x;Ăœ Ă‹ĂŽĂ&#x;Ă–Ăž Ă–Ă?Ă‹ĂœĂ˜Ă?Ăœ Ă˜Ă?Ă?ĂŽĂ? ÞÙ Ă•Ă˜Ă™ĂĄ ĂĄĂ’ĂŁ ÞÒĂ?ĂŁ Ă‹ĂœĂ? Ă–Ă?Ă‹ĂœĂ˜Ă“Ă˜Ă‘ Ă˜Ă?ĂĄ Ă“ĂŽĂ?Ă‹Ă?Ëœ concepts, methods, and see the link between what they already know and the new. Ëž ÖÖÙå Ă‹ ĂœĂ™ĂŒĂ&#x;Ă?Ăž Ă–Ă?Ă‹ĂœĂ˜Ă“Ă˜Ă‘ ÞÓ×Ă?Ě‹Ă?ĂšĂ‹Ă˜ Ă?Ă™Ăœ ĂŁĂ™Ă&#x;Ăœ ĂžĂ&#x;ĂžĂ?Ă–Ă‹Ă‘Ă?Ë› ĂŽĂ&#x;Ă–ĂžĂ? Ă–Ă?Ă‹ĂœĂ˜ Ă–Ă?Ă?Ă? quickly even though they learn more deeply. Ëž Ă? ÚÙĂ?Ă?Ă“ĂŒĂ–Ă? Ă?Ă™ĂœĂ— Ă‹ Ă?Ă–Ă‹Ă?Ă? Ă™Ă? ÞåÙ Ă™Ăœ Ă—Ă™ĂœĂ? ĂšĂ?ÙÚÖĂ? åÓÞÒ Ă?Ă“Ă—Ă“Ă–Ă‹Ăœ Ă–Ă“Ă?Ă? Ă?âÚĂ?ĂœĂ“ences to create an atmosphere for discussion, sharing, interaction and solidarity.This way you will have more validation of your concepts with ĂžĂœĂ“Ă?ĂŽ Ă‹Ă˜ĂŽ ĂžĂœĂ&#x;Ă?ĂžĂ?ĂŽ Ă›Ă&#x;ËÖÓÞã Ă–Ă“Ă?Ă? Ă?âÚĂ?ĂœĂ“Ă?Ă˜Ă?Ă?Ă?Ë› Ëž Ă˜Ă?Ă&#x;ĂœĂ? ÞÒËÞ ĂŁĂ™Ă&#x;Ăœ Ă–Ă?Ă?Ă?Ă™Ă˜ ĂĄĂ™Ă&#x;Ă–ĂŽ Ă“Ă—ĂšĂœĂ™Ă Ă? ÞÒĂ?Ă“Ăœ Ă”Ă™ĂŒ Ă?Ă•Ă“Ă–Ă–Ă? Ă™Ăœ Ă’Ă?Ă–Ăš Ă‹Ă?Ă’Ă“Ă?Ă Ă? your adult student to achieve their professional growth. Ëž Ă?Ă—Ă?Ă—ĂŒĂ?Ăœ ÞÒËÞ ĂŁĂ™Ă&#x;Ăœ Ă‹ĂŽĂ&#x;Ă–Ăž Ă–Ă?Ă‹ĂœĂ˜Ă?Ăœ Ă“Ă? Ă?Ă˜Ă?Ă&#x;Ă—ĂŒĂ?ĂœĂ?ĂŽ åÓÞÒ ĂšĂ?ĂœĂ?Ă™Ă˜Ă‹Ă– Ă™ĂŒligations and responsibilities to friends, work and community. Create Ă‹ ĘŽĂ?Ă˘Ă“ĂŒĂ–Ă? Ă?Ă?Ă’Ă?ĂŽĂ&#x;Ă–Ă? Ă™Ă? Ă–Ă?Ă‹ĂœĂ˜Ă“Ă˜Ă‘Ëž ĂŒĂ? Ă‹Ă?Ă?Ă™Ă—Ă—Ă™ĂŽĂ‹ĂžĂ“Ă˜Ă‘ Ă™Ă? ĂŒĂ&#x;Ă?ĂŁ ĂĄĂ™ĂœĂ•Ě‹ĂžĂŁĂšĂ?Ë› Ëž ĂœĂ™Ă”Ă?Ă?Ăž ÞÒĂ? Ă Ă‹Ă–Ă&#x;Ă? Ă™Ă? ĂŁĂ™Ă&#x;Ăœ Ă–Ă?Ă?Ă?Ă™Ă˜ ÞÙ ĂŁĂ™Ă&#x;Ăœ Ă‹ĂŽĂ&#x;Ă–Ăž Ă–Ă?Ă‹ĂœĂ˜Ă?Ăœ Ă Ă?ĂœĂŁ Ă›Ă&#x;Ă“Ă?Ă•Ă–ĂŁË› Ă™Ă“Ă˜Ăž Ă™Ă&#x;Ăž ÒÙå Ă“Ăž Ă?Ă™Ă&#x;Ă–ĂŽ Ă’Ă?Ă–Ăš ÞÒĂ? Ă?Ă?Ă?Ă&#x;ĂœĂ? Ă–Ă?Ă‹ĂœĂ˜Ă?Ăœ Ă Ă?ĂœĂŁ Ă›Ă&#x;Ă“Ă?Ă•Ă–ĂŁË› Ă™Ă“Ă˜Ăž Ă™Ă&#x;Ăž how it could help them secure a better job, get a promotion, start a new career, improve a life-skill.

- Omoru writes from the UK

Ex-champion Returns as 2017 Cowbellpedia Maths TV Quiz Finalist

Mrs. Inoyo

LPS Student Wins First Quramo Junior Writers’ Prize A recent graduate of the Lagos Preparatory School Ikoyi, Arshiya, has won the first Quramo Junior Writers’ Prize, including a publishing contract with Quramo Publishing and a cash prize.

According to the Quramo Publishing website, “the Quramo Writers’ Prize is a writing prize for new and emerging writers that are

Adults Learn Delicately

working every day to develop their craft and record original stories.�

Arshiya won the prize in the junior category for children under the age of 16. An interview with 13-year-old Arshiya revealed her resilience in the face of setback. Her journey has not been one without bumps, re-writing her story

and taking on constructive feedback from her teachers.

She thanked the teachers at LPS who encouraged her work and her dad who instilled the discipline of reading in her, and reiterated what she has learnt over time that ‘unless you read, you can never become a good writer’.

LPS also celebrated

12-year-old Stella Omotade, another graduate who was also shortlisted for the Quramo Junior Writers’ Prize. Omotade’s historical fiction has also been recognised by the Historical Association, UK. Both girls are thankful for the preparation they received at the school and are now excelling in boarding schools in the UK and India.

Munachi Ernest-Eze, the 2015 junior category champion has crossed the hurdles and preceded to the finals in the senior category of the ongoing Cowbellpedia Secondary Schools Mathematics TV Quiz Show, sponsored by Cowbell, the flagship brand from Promasidor Nigeria Limited.

Ernest-Eze, a senior secondary two (SS2) student of Loyola Jesuit College, Abuja qualified in the second semi-finals along with Tomiwa Olatunbosun of Bibo Oluwa Academy, Ilesa, Osun State. It was a stiff competition as there was a tie breaker among four contestants who made 55 points before three of them moved to the second round.

At the end of the 60 seconds of fame in the second round, four contestants eventually ended their journey in the semi-finals. They are Margaret Chibuzo and Chisom Benjamin, both of Dority International School, Aba, Abia State; Faith Adelaja of Bibo Oluwa Academy, Ilesa, Osun State and Chizitere Okey-Awuzie of NTIC Kaduna.

Thrilled to be in the finals

once again, Ernest-Eze vowed to re-enact his feat of two years ago when he won the junior category. “I thank God for the journey so far. I am here to tell Nigerians that I am a champion and I will be champion again this year. I have worked, prayed and I am waiting for the crown.�

In the junior category, the battle was no less dramatic.

There was a tie breaker twice before Ezekiel Ekanem of Advanced Breed Comprehensive College, Sagamu, Ogun State and Oluwafemi Adeyanju of Jesuit Memorial College, Port Harcourt, Rivers State progressed to the final. They had stiff contest from Henry Famuyiwa of Model Secondary School, Akure, Ondo State and Deborah Oyekunle of Deeper Life School, Ibadan, Oyo State, who was involved in a tie breaker in the first and second rounds.

Others were Ayomiposi Adeleye of Federal Government Academy, Suleja, Niger State and Godwin Terzulum of Government Science and Technical College, Garagboghol, Benue State.

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FG Launches Education Statistics for Sustainable Data Kuni Tyessi in Abuja As part of measures to improve data management in the education sector, the federal government has launched the ‘Nigeria Digest of Education Statistics (2014-2016)’ and the ‘Nigeria Education Indicators 2016�.

The Minister of State for Education, Professor Anthony Anwukah said the government is determined to strengthen the education sector through availability of reliable and credible data. “The publications will avail the citizen to know the approved registered schools in Nigeria, the student population (aggregated and disaggregated), and the indicators for evaluating access to education and monitoring quality in the system.�

According to Anwukah,

funds have been made available for the Nigeria Education Management Information system (NEMIS) activities, which have resulted in the regular conduct of the annual school census, which is a major source for data collection in the education sector.

He also urged the states to show more commitment to the realisation of data management through better funding of the State Education Management Information System, by making them effective and functional.

The Permanent Secretary in the Ministry of Education, Sonny Echono, disclosed that the lack of proper data has affected proper planning and even the image of the country internationally.

According to him, data plays a major role in shap-

ing almost every aspect of human life. “The quest for timely, accurate, credible and reliable data is essential in the overall planning process in the education sector.

Statistics puts information in the right perspective to guide the implementation of new policy, and evaluation

of the policy “.

In the same vein, he said education statistics aids the decision making process by identifying areas which requires improvement.

Echono commended Sokoto, Kano, Katsina, Jigawa, Anambra and Lagos States for proper planning, which has improved the overall quality

of education, and addressing the out of school challenge in Nigeria.

Speaking further, he said the launch of the two new publications is a big step towards ensuring that every child in Nigeria counts and is catered for in the national scheme of things. “These publications which

provide new information and analysis on education sector in Nigeria are coming at an opportune time when the government is enhancing its commitment to education.

We will ensure that efforts are put in place to ensure that accurate data is not just available, but reported in a timely manner.�

Team Triarchy Wins Unilever’s 2017 Ideatrophy Contest Uchechukwu Nnaike After a keenly contested competition, Team Triarchy from Nigeria has emerged the overall winner of the 2017 Unilever Ideatrophy Challenge. The sixth edition of the challenge, which is in line with the company’s quest to groom young talents in Nigeria and Ghana, held in Lagos for undergraduates from both countries.

Team Triarchy had the trio of Temitope Smith, a student of Ladoke Akintola University of Technology, Ogbomoso, Uzomba Ikechukwu, from the University of Ibadan and Egbo Chidera from the University of Nigeria, Nsukka.

Other teams that won at the competition were Ghana’s Team Kool T that emeged the first runner up; Team Classic (Nigeria), second runner up and Team Supernova (Ghana), third runner up. Team Midas (Nigeria) also won the ‘Most Compelling Idea Award’.

Speaking at the event, the Managing Director, Unilever Nigeria-Ghana, Mr. Yaw Nsarkoh, reiterated the company’s commitment to touching lives every day through its products and social missions.

He appreciated the efforts of all the participants and advised them to be persistent in the drive to achieve their goals.

He also encouraged them to develop their knowledge and skills to meet up with global standards. “Being Awake to What Really Matters’, which is the theme of this year’s edition, is about understanding the power in you to make choices that will determine your future. There are constraints in life that compel us to make choices but every choice we make will always come with consequences. What is most important however is that whatever we do, we do to the best of our ability,� Nsarkoh said.

Commenting on their success, a member of Team Triarchy, Uzomba Ikechukwu said the experience from par-

ticipating in the competition will serve as a leap to their greatness. “The Ideatrophy competition has been a life changing experience. We have learnt so much about working as a team to developing viable strategies for brand positioning and growth. Winning the competition is a dream come true for us and we will put in more efforts to win at the Africa region and global leg of the competition.�

The Human Resources Director, Unilever Nigeria-Ghana, Ms. Eniola Onimole, stated that Ideatrophy serves as a major stepping stone for youths who desire first-hand experience in dealing with real life business challenges. “The Ideatrophy competition gives us the opportunity to develop young Nigerians and Ghanaians right from the university. By connecting with undergraduates through this programme, we attract and invest in young talents that would be among some of the world’s best leaders in future.�

The Ideatrophy competition was designed to develop young talents, mostly undergraduates across universities in Nigeria and Ghana along the lines of personal, leadership and entrepreneurial competences. The boot camp for the competition opened in Lagos on October 2, where contestants were exposed to Unilever activities in sales, marketing, finance and supply chain. The participants were assigned to mentors who are seasoned business professionals, to guide them in the development of their business plans in preparation for their presentations while also engaging in other recreational activities.

The grand finale was attended by over 400 undergraduates from different universities across the country.

In addition to the competition, the visiting undergraduates were taken through series of employability workshops on how to prepare for interviews, writing of CVs and networking for career development.

L-R: Students of Ajumoni Senior Secondary School, Mushin; Managing Director/CEO, SecureID Limited, Mrs. Kofo Akinkugbe; Principal of the school, Mr. Benson Megbowon; Board Director, SecureID Limited, Mr. Adeyinka Adeyemi; and Director, Schools Administration, Education District VI, Mr. Olubunmi Olukoya, at the CSR launching and hand-over of ICTequipment and assets donated by SecureID Limited to the school in Lagos‌ recently

Lagos@50 Essay Contest Produces Winners Funmi Ogundare Miss Omojola Oluwatofunmi of Jakande Estate Comprehensive Senior College, Alimosho has emerged the best essayist at the just concluded Lagos State Schools essay competition ‘Lagos @ 50: Past, Present and Future’.

She defeated 99 other contestants to clinch the trophy.

The second position went to Master Oluwasikemi Akinniyi of Lagos State Senior Model College, Igbokuta, while Michael Odeyale of LABASCO Senior College, Agege came third.

In the junior secondary category, Miss Faith Ojerinde of Model College, Kankon; Master Abiola Idowu and Ajayi Testimony emerged first, second and third positions respectively.

Speaking at the grand finale held at the Adeyemi Bero Auditorium, Alausa, Ikeja recently, the Deputy Governor, Dr. Oluranti Adebule, who was represented by the Permanent Secretary, Mr. Adesina Odeyemi, said she was impressed by the students’ sense of record of the past, their accurate grasp on the current development of the state by Governor Akinwunmi Ambode and their own vision of what future of Lagos they expect in relation to the vision and mission of the current administration.

She said the competition was aimed at discovering and promoting the gift of deep thought and articulate writing skills in students, adding that it would help to convey ideas, communicate philosophy, recall occurrences and peep into the future which is needed in

literary works.

She urged the students not to relent in seeking knowledge, adding, “literary giants like Nobel Laureate, Professor Wole Soyinka and the world renowned Chinua Achebe, Femi Osofisan, Ola Rotimi, Ben Okri, and critical thinkers in the likes of Nnamdi Azikiwe, Obafemi Awolowo, Aminu Kano, Professor Bala Usman, among others, started like them.�

The permanent secretary in an address delivered on his behalf by the Director, Co-curricular, Ministry of Education, Mrs. Omobola Babs-Akinyeye, recalled that over the years, essay competition in schools has provided a platform for students to strive for excellence in the art of writing. “It also availed them the opportunity to discover genius with hidden talents and enhanced their learning skills for education development.�

She said 200 participants representing the best five from each of the 20 education zones registered for the competition; adding that 100 entries from junior and senior secondary schools respectively, wrote the essay, out of which six representing three each for the junior and senior schools were adjudged to be the best in each category.

The winner in the senior category, Omojola, who spoke on behalf of others, thanked the state government for providing the opportunity for them to express themselves literarily and promised that they will continue to do their best in academic pursuit to justify the huge investment of government in the sector.

UAC Restates Commitment to Improving Students’ Performance The UAC of Nigeria Plc has reiterated its commitment towards equipping students with knowledge and skills that will make them more competent and confident, as well as increase their opportunities for leading productive lives and enhancing their usefulness to the society.

As part of its activities to actualise these goals, the company had 10 years ago established the UAC Goodness League Corporate Social Responsibility Initiative to supplement government’s efforts in addressing the ills of the sector.

The programme was borne out of the need to bring into greater focus the critical role education plays in the transformation of any nation as well as also emphasising the inalienable right of every citizen no matter the background to have access to quality education.

According to the company, the UAC Goodness League addresses the hard and soft issues in the education sector. “While the hard issues focus on the positive intervention in schools through the provision of infrastructure, power and equipment; the soft issues identify academic gaps and fill them through a volunteer scheme that provides a platform for our managers from within the UAC group to volunteer to impart knowledge and provide guidance and counselling services to students through the UAC Goodness Free Weekend Classes.�

Speaking at the closing ceremony of this year’s free weekend classes held at the

Government Senior College, Agege, Lagos, the Executive Director, Corporate Services of UAC of Nigeria Plc, Mr. Joe Dada, stated that the UAC Goodness League initiative was conceived to not just impart knowledge, but more importantly inspire future generations to rise to the pinnacle of their career and have the best out of life. “The programme’s intervention in the area of infrastructural and equipment supply in schools has so far benefitted the different geo-political zones across the country. The free weekend classes which form the soft issues focus on two key areas - weekend classes and career and guidance counselling sessions in schools. “The classes are targeted at final year senior secondary school (SS3) students and hold mostly during the summer holiday period, except for this year’s edition which witnessed a slight change due to security concerns at the time in Lagos State.�

He said the programme continues to be well received in Lagos State with over 3,000 students benefitting from the free weekend classes in the past 10 years across the different centres where the programme had operated. He added that since its commencement, the UAC Goodness League free weekend classes have been handled by volunteer managers from the various subsidiaries and departments within the UAC Group.

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CITYSTRINGS Echoes of Nigeria’s Unity

Ă?ĂžĂ“Ă˜Ă‘ Ă?Ă‹ĂžĂ&#x;ĂœĂ?Ă? ĂŽĂ“ĂžĂ™ĂœË? Ă’Ă‹ĂœĂ–Ă?Ă? Ă”Ă&#x;Ă˜ĂĄĂ‹ Ă—Ă‹Ă“Ă– Ă?Ă’Ă‹ĂœĂ–Ă?Ă?˛ËÔĂ&#x;Ă˜ĂĄĂ‹ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ù×

Ehime Alex writes that during the Independence Day celebrations, Lekki British School sent a clear message that Nigerians will be better staying together

Students of Lekki British School at the Independence Day celebrations...recently

Kolawole Alli

Principal, Lekki British School, Mr. Ashish Gill (5th right); students, Adebisi Fatade (6th right); Munachi Okafor (7th left); Vice Principal Academic of the school, Mr. Abimbola Usman (6th left); Parents, Mrs. Moina Clement; President Association of Foreign Airlines in Nigeria, Mr. Kingsley Nwokoma (4th left); Mr. Godfrey Anichie and other parents, cutting the Independence Day cake

C

ertainly, an amazing and great country, the strength of Nigeria lies in its diversity of culture, unity of purpose, peace and progress.

These were the tones that saturated this year’s annual Independence Day celebration of Nigeria’s 57th anniversary at the Lekki British School, held in Lagos recently.

Over the years, the school has had cause to celebrate Nigeria’s independence with pomp and pageantry as part of its enriched curriculum.

Dedicated to the country’s knowledge, citizenship and cultural values to its pupils, the school had marked this year’s celebration with the theme: ‘Better Together’.

The joy of getting off from the clutches of colonial rule can only be imagined by many Nigerians. It is like counting the nation’s blessings and naming them one by one. But, for the visionary and Chief Executive Officer of LBS, Mrs. Abiodun Laja, “It is a day of joy for us.� “We are here to remind you today that irrespective of our diversity in culture, background the nation remains as one,� the junior school Head, Ms. Maryanne Maduekwe equally remarked.

“It is a wonderful day for our students and millions of Nigerians to remember the labour and sacrifice of their national heroes,� the high school Principal, Mr. Ashish Gill also remarked.

That was not all for Gill who has a foreign complexion, and speaks in foreign accent. The advantages of celebrating Nigeria's independence have been numerous to him and even to other foreign students to learn about other peoples’

Here we ensure that our children are deeply rooted in cultural values besides international curriculum. We also want them as a matter of utmost importance to understand their background

culture. “Here we ensure that our children are deeply rooted in cultural values besides international curriculum,� he said. “We also want them as a matter of utmost importance to understand their background,� he added.

Other such comments as these: “We are instilling the culture of our nation in the coming generation, our children, the next generation,� by Year II teacher, Nancy Okeke. “For the students to mark Nigeria's 57th anniversary means a lot, seeing them in various traditional attires to display their cultural wealth,� Year II pupil, Ifeanyi Ohuruzo. “It is about Nigeria to stay as one and united irrespective of where you come from,� according to Year V student, North America, David-Daniel Arinse. “It is building a nation at a wide place,� said School Counselor, Doreen Ekong, from these staff and students of the school seem to depict that Nigeria must remain as one.

What a wonderful day for the students, teachers, parents and guests who dressed gorgeously to be identified in their ethnic and traditional attires, and much more wonderful for them to pass the message of oneness, unity, progress and peace.

In poems, songs, dances, dramas, among other performances the message of “We are better together to stay together� electrified the ambience of the event held consecutively at both the LBS high and junior schools as the audiences were thrilled in various Nigerian cultural displays: Yoruba, Igbo, Hausa, and Edo. It was an occasion for the students to showcase their knowledge of the Hausa Salala dance, the Yoruba Apepe dance and the Atilogwu dance of the Igbos.

In some lines of poems, they read: “We live as one. We fight as one, but we are always united. We are just a pack of wolves who live together and howl together. As a bunch of keys we open different doors, doors of prosperity, doors of fertility, doors of progress, doors of greatness. Our grasses are lush that beautify our country. We speak different languages, our tribes are diverse. Together we stand, divided we fall. It’s better together to stay together.�

Apparently, schools are seen as the agents of social cultural change that transmit social beliefs along with formal education in a society.

It is in this light that the reveled LBS prided as one of the best citadels of learning with highly

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CITYSTRINGS

Some parents dancing with the students

L-R: Principal, Lekki British School, Mr. Ashish Gill, Mr. Godfrey Anichie; Vice Principal Academic of the school, Mr. Abimbola Usman and Proprietress of the school, Dr. Abiodun Laja

standard British curriculum can be viewed essentially as a socio-cultural melting pot for the transmission of Nigerian culture to both its local and international students.

Talking of culture and the transmission of it, the special guest of honour, the Kabiyesi of Ikate-land, Oba Saheed Elegushi, who said he represents the custodian of the Yoruba culture and tradition of the people, and spoke on the topic of culture with particular emphasis to the Yoruba culture, simply defines culture as “An idea, tradition and social behaviour of a people.�

The Kabiyesi noted that culture differs from society to society and people to people and that it is even diverse within a smaller unit of the community. The Royal Majesty who was represented by Prince Olarewaju Bakare, a lawyer by profession also noted that through practice, convention, needs, necessity and convenience the culture of a people could evolve.

He equally observed that, the work of communicating the Yoruba culture is somehow cut-off for him as a custodian of Yoruba culture, hinting

As a bunch of keys we open different doors, doors of prosperity, doors of fertility, doors of progress, doors of greatness. Our grasses are lush that beautify our country. We speak different languages, our tribes are diverse.

Together we stand, divided we fall. It’s better together to stay together

Proprietress of Lekki British School, Dr. Abiodun Laja

that same goes for other traditional rulers like the Igbos, Hausas and Edos. “In those days, the flouting of one’s tradition especially the Yoruba tradition was a taboo. It could be greeted with banishment,� the Elegushi of Ikate-land stated. However he observed that the Yoruba culture could be displayed in various forms. While noting that “Respect� is one of the etiquettes of the Yoruba culture, he stressed that in the Yoruba way of salutation, the male forks are expected to prostrate whilst greeting their elders and the female ones respectfully kneel to greet elders. “This has helped to demonstrate our rich cultural heritage,� he noted. “In time past,

natural herbs were used to heal people and do other useful things. Medicine is also part of our culture,� he noted but however lamented that the true knowledge of the use of the herbs had gone as their fore-fathers could not document the teachings or transmit them from generation to generation. The Kabiesi added that “Marriage� is another cultural ethos of the Yoruba. “In the traditional Yoruba culture, marriage betrothal was done by the parents of the boy. But today, the music has change,� he remarked.

From all the various performances, the messages have been that Nigerian cultural similarities lie in areas of religious worships, folk-lore, dances,

festival, arts, craft and traditional modes of dressing among others. In one of the dance-drama piece by the junior school pupils, the belief that the Binis are steeped in tradition of new yam fĂŞte and the necessary sacrosanct that surrounds hereditary to the throne of the kingdom of Benin monarchical system was dramatised.

For some participating foreign parents at the event who spoke with THISDAY, the overall idea of the LSB’s national day celebration is integrated in the manner the traditions of the people of Nigeria have flourished and manifested in a robustly rich cultural heritage.

In all of these, the LBS has literarily again passed the message of indivisibility of the Nigerian state, teaching that what unites us is greater than what divides us.

As the saying goes, the words of elders are words of wisdom. Kingsley Nwokoma, a 83-year-old man who was at the event to felicitate the independence with his granddaughter said the need for the country to stay together remains inviolable. But warn that in doing so, the government must be seen to make every citizen of the country to feel as one.

However, on the sidelines of the Independence Day celebration at the LBS was also a day to honour the CEO of the school, Laja for an unprecedented 40th year as a private school entrepreneur. She said, “I love children that have been the desire for me venturing into school business.� In that excitement the CEO noted that the joy has been so enormous. But the challenges have equally been enormous. But to God be the glory that gave her the powers to surmount and came out victorious. While she said that she was eager to continue improving on the standard of education in the private sector, her ultimate goal is to continually give parents value for the monies spent on their wards. She said, ‘They are getting value for their money’.�

She advised young ones who would like to venture into the business of private school, to take God as their partner in progress.

38

T H I S D AY Ëž , OCTOBER 25, 2017

BUSINESS/MONEYGUIDE

Elumelu: Entrepreneurship, Gender Equality to Drive Economic Diversification Obinna Chima The Chairman, Heirs Holdings and Founder, The Tony Elumelu Foundation, Mr. Tony Elumelu Elumelu has stressed the importance of supporting women-run businesses to achieve inclusive growth.

According to Elumelu, who is also the Chairman of the United Bank for Africa Plc, such businesses empower a critical population of the economy. “Female businesses create more benefits for the society,� he said.

Elumelu said this when he joined global private sector leaders at the Future Investment Initiative Conference in Riyadh, Saudi Arabia, to discuss ways to achieve economic diversification in dynamic economies recently.

The conference was organised by the Public Investment Fund.

Also on the panel were CEO, JPMorgan Asset Management, USA, Mary Erdoes; Chairman, POSCO, South Korea, Oh Joon Kwon; CEO, SociĂŠtĂŠ GĂŠnĂŠrale, France, FrĂŠdĂŠric OudĂŠa; President & Co-COO, Goldman Sachs, USA, Harvey Schwartz; and Chairman & CEO, DP World, UAE, Sultan Ahmed Bin Sulayem.

Elumelu cited entrepreneurship and gender equality as two critical areas that need urgent attention to drive the inclusive growth and economic diversification in emerging continents like Africa.

An advocate of a new model for entrepreneurship in Africa, through his philosophy, Afri-

capitalism, Elumelu spoke on the role Africapitalism plays in powering Africa out of poverty. “Africapitalism is the intersection between prosperity and social wealth – doing good while making profit. It is a realisation that the private sector has a role to play in the social and economic diversification. We need to prioritise the young ones and prioritise SMEs if we are to achieve the much spoke about economic diversification,� he said.

Also speaking on the topic, Sultan Ahmed Bin Sulayem identified entrepreneurship as a key driver of today’s economy. “When we encourage entrepreneurship we encourage ideas,� he said.

Access Bank, German Firms Unveil Platform to Boost Trade Access Bank Plc, Deutsche Investitions-und Entwicklungsgesellschaft (DEG) and the Delegation of German Industry and Commerce in Nigeria (AHKNigeria) are offering a new financial support and solution services named: “German Desk, for German and Nigerian Small and Medium Enterprises (SMEs).

The initiative which is expected to commence today, would have its operational base in the bank’s head office in Lagos, and would cover areas such as setting up of accounts, providing short to medium-term credit lines, services for financing trade and transaction banking.

Also to be covered in the platform includes financing solutions for local companies wishing to acquire German equipment or services.

As part of the co-operation, DEG has put its network at the disposal of the respective local partner banksand, where necessary, would provide it with additional long-term capital. This would allow

them offer financial support to local customers of German companies.

Neighbouring markets are also to be covered with the partner banks’ networks.

Speaking at the launch of the partnership agreement signing ceremony in Lagos, the Group Managing Director/ Chief Executive Officer, Access Bank Plc, Dr. Herbert Wigwe, said the bank was constantly searching for innovative ways to provide solutions to meet its customers’ needs.

He said the German Desk would serve as a financial intermediary between German organisations, Nigerian-based German business enterprises and local businesses that would benefit from the facilities and advisory services that would be provided through the platform. “We’re going to help handhold, nurture and bring German companies that are coming to do business in Nigeria so that they will come in and do things properly. “We will also support Nigerian businesses that are going to

Germany so that they can go and do businesses properly and, so that we can have a strong relationship between our respective partners,�

Wigwe said.

He added: “This desk which will be bi-lingual will provide customised long term and cost effective financial solutions to our clients available to conduct business with German corporates. This we believe will boost positively the trade relations between Germany and Nigeria at large,� he added.

He stressed that the project would strengthen the relationship with its partners and translate into greater relationship between the countries involved, noting that it would as well, create an inter-link or inter-mobile economy between Nigeria and Germany.

On his part, Chairman, Management Board, DEG, Mr. Bruno Wenn, said: “Jointly with our customers, Access Bank, DEG wishes to support Germancompanies and their trading partners.

Alitheia Capital Promotes Mobile Payments through FinancialTechnology Investments Alitheia Capital Limited said it has activated digital accounts for over six million mobile payments users in the country through financial technology investments.

The Lagos-based firm also disclosed that it has provided access to finance for over 7 million clients via investments in microfinance intermediaries, as well as enabled access to clean energy for over one million households through partnerships and investments between energy and financial intermediaries. The Managing Director and co-founder of Alitheia Capital, Tokunboh Ishmael, revealed this in an article titled: “Women in Business: Doing well by doing good,� to mark the company’s 10th year in operation. Jumoke Akinwunmi is also a co-founder of the Nigerian-based investment firm that channels private equity investments to transform businesses in Africa.

In addition, she revealed that in the past 10 year, the

firm has facilitated investment in excess of $10 million into affordable, sustainable and safe school buildings for over 12,000 children in rural communities by deploying a simple manually-installed building components system. “From the onset, we wanted to setup a fund management firm that is first, managed, owned by and geared towards women; and second, we had a mutual vision and passion to extend access to home ownership and finance for households and small businesses with low income in Nigeria, many of whom are women. “The problems we encountered daily in Lagos troubled us. There was the problem of access to finance and financial services for small businesses; problems of indoor air pollution and related infant mortality due to a lack of access to clean energy in low-income households; problems of poor infrastructure in schools in remote areas of Nigeria due to lack of affordable

and sustainable construction methodologies. “Although between us, we had achieved success in our specialist areas of finance, technology and real estate development, we felt that there was more we could do to benefit more people - financial access for the unbanked and entrepreneurs through investments in financial intermediaries and financial technology (now popularly known as FinTech),� she explained.

According to Ishmael, access to clean energy through the development of innovative working capital and energy financing products should be a reality for everyone.

Furthermore, she pointed out that Alitheia was the first African investor to proactively seek to influence the role of women at senior levels in the African economy and beyond by funding female founders and co-founder’s who are building scalable businesses with regional expansion and export potential in Africa.

Tony Elumelu

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

DECEMBER 2016 Broad Money (M2)

23,840,392.42

-- Narrow Money (M1)

11,520,166.67

---- Currency Outside Banks

1,820,415.90

---- Demand Deposits

9,699,750.76

-- Quasi Money

12,320,225.75

Net Foreign Assets (NFA)

9,353,504.03

Net Domestic Assets(NDA)

14,486,888.39

-- Net Domestic Credit (NDC)

26,970,297.97

---- Credit to Government (Net)

4,595,579.89

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

7,436,917.79

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

-2,841,337.90

---- Credit to Private Sector (CPS)

22,374,718.08

--Other Assets Net

-12,483,409.58

Reserve Money (Base Money)

5,837,322.41

--Currency in Circulation

2,179,174.28

--Banks Reserves

3,318,344.71 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

MANAGED FUNDS Month

December 2016

Inter-Bank Call Rate

10.39

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

14.00

Treasury Bill Rate

13.96

Savings Deposit Rate

4.18

1 Month Deposit Rate

8.53

3 Months Deposit Rate

8.80

6 Months Deposit Rate

10.23

12 Months Deposit Rate

10.76

Prime Lending rate

17.09

Maximum Lending Rate

28.55 Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ

OPEC DAILY BASKET PRICE AS AT, MON, 23 OCT 2017 The price of OPEC basket of fourteen crudes stood at $55.78 a barrel on Monday, compared with $55.41 the previous Friday, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

39

T H I S D AY Ëž , OCTOBER 25, 2017

MARKET NEWS

Seplat Petroleum Records N1.6bn Post -Tax Loss in Nine Months Goddy Egene and Nosa Alekhuogie Seplat Petroleum Development Company Plc has reported a loss after tax of N1.6 billion for the nine months ended September 30, 2017.

This however represents a significant reduction in loss position when compared with a loss of N24.1 billion in the

corresponding period of 2016.

The petroleum exploration firm has dual listing on the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE).

An analysis of the performance showed that the company recorded revenue of N85.2 billion, up from N49.9 billion in 2017, while cost of sale fell from N30.7 billion to N47.1 billion in

T H E MAIN BOARD

DEALS

MARKET PRICE

2017. Operating expenses fell marginally from N17.6 billion to N17.2 billion. But net finance cost jumped from N8.3billion to N17 billion.

The company ended the period with loss after tax of N1.6 billion, compared with N24.1 billion in 2016.

Commenting on the results, Chief Executive Officer of Seplat, Austin Avuru said: “I

N I G E R I A N QUANTITY TRADED

STO C K

VALUE TRADED ( N )

Daily Summary as of 22/02/2016 Printed 22/02/2016 14:36:10.010

Daily Summary (Bonds) No Debt Trading Activity Daily Summary (Equities) Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals AGRICULTURE Totals CONGLOMERATES DiversiďŹ ed Industries A.G. LEVENTIS NIGERIA PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. DiversiďŹ ed Industries Totals CONGLOMERATES Totals CONSTRUCTION/REAL ESTATE Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NASCON ALLIED INDUSTRIES PLC N NIG. FLOUR MILLS PLC. TIGER BRANDED CONSUMER GOODS PLC Food Products Totals Food Products--DiversiďŹ ed CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--DiversiďŹ ed Totals Household Durables VITAFOAM NIG PLC. Household Durables Totals Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. Banking Totals Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CONSOLIDATED HALLMARK INSURANCE PLC LASACO ASSURANCE PLC. AXAMANSARD INSURANCE PLC N.E.M INSURANCE CO (NIG) PLC. UNITY KAPITAL ASSURANCE PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FCMB GROUP PLC. STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals FIDSON HEALTHCARE PLC

6 6 12

30.00 34.00

19 19 31

am pleased to report a sharp improvement in Seplat’s operational and financial performance which has resulted in a welcome return to profitability during the third quarter. The improved cash flow is translating into a stronger balance sheet and, based on current levels of production and sales, we maintain full year production guidance of 35,000 to 38,000

12,629 11,640 24,269

374,530.15 421,345.20 795,875.35

1.25

1,078,511 1,078,511 1,102,780

1,358,964.30 1,358,964.30 2,154,839.65

5 68 13 86 86

0.77 1.13 20.47

33,500 6,740,423 65,995 6,839,918 6,839,918

25,070.00 7,635,453.96 1,344,425.15 9,004,949.11 9,004,949.11

13 13

41.50

31,970 31,970

1,409,214.78 1,409,214.78

5 5 18

5.20

28,901 28,901 60,871

154,716.48 154,716.48 1,563,931.26

6 24 7 98 135

2.85 118.85 20.00 99.00

190,900 53,000 15,200 429,541 688,641

528,079.00 6,201,924.95 293,757.00 42,728,789.84 49,752,550.79

9 9

168.50

166,476 166,476

28,285,937.95 28,285,937.95

54 38 6 12 1 29 140

5.61 19.00 1.37 6.86 6.65 1.27

2,120,306 314,421 40,000 119,863 433 3,285,739,119 3,288,334,142

11,610,520.13 5,953,792.96 55,716.00 842,442.48 2,736.56 4,074,348,894.07 4,092,814,102.20

11 54 65

17.86 700.00

18,825 98,360 117,185

329,518.50 68,567,962.00 68,897,480.50

11 11

4.46

99,050 99,050

420,455.00 420,455.00

13 21 34 394

21.90 28.00

36,887 133,117 170,004 3,289,575,498

820,034.75 3,737,067.92 4,557,102.67 4,244,727,629.11

82 51 21 25 200 41 16 147 11 15 67 676

4.10 1.49 15.60 1.21 16.70 1.07 1.76 2.95 5.30 0.63 0.98

3,962,506 2,163,396 278,470 790,900 4,847,312 1,969,858 1,204,932 8,586,418 39,752 501,617 5,920,564 30,265,725

16,210,255.82 3,314,106.88 4,136,459.40 958,864.34 80,963,793.44 2,115,552.11 2,087,767.85 25,302,954.71 205,645.40 316,018.71 5,813,502.17 141,424,920.83

14 8 2 3 7 10 1 1 46

0.80 0.90 0.50 0.50 2.06 0.76 0.50 0.50

200,107 276,500 5,004,000 1,000,000 351,540 327,285 37,708,135 10 44,867,577

160,838.67 251,350.00 2,502,000.00 500,000.00 720,728.80 245,325.31 18,854,067.50 5.00 23,234,315.28

1 1

1.08

4,760 4,760

4,950.40 4,950.40

31 7 105 7 20 170 893

2.46 4.00 0.85 14.15 1.31

1,149,464 27,041 31,257,120 38,035 708,255 33,179,915 108,317,977

2,830,722.84 104,002.06 26,613,309.20 537,985.34 931,556.31 31,017,575.75 195,681,762.26

27

2.69

614,065

1,572,223.05

boepd. Looking ahead, we plan to build on this performance in the coming quarters focusing on regular and predictable revenues as we start to unlock further value from our portfolio of production and development opportunities.�

According to the company, its gas business is expanding increasing its contribution to revenue by 11 per cent.

The company said peak daily output reached 352 MMscfd (gross) in Q3. New gas sales agreements being agreed to increase offtake and diversify counterparties, while significant progress made in formalising an incorporated joint venture relationship between Seplat and government to deliver the 300 MMscfd ANOH gas processing plant.

E XC H A N G E

MAIN BOARD GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC Pharmaceuticals Totals HEALTHCARE Totals ICT IT Services TRIPPLE GEE AND COMPANY PLC. IT Services Totals ICT Totals INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals Packaging/Containers BETA GLASS CO PLC. Packaging/Containers Totals INDUSTRIAL GOODS Totals OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals OIL AND GAS Totals SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals Courier/Freight/Delivery RED STAR EXPRESS PLC Courier/Freight/Delivery Totals Printing/Publishing LEARN AFRICA PLC Printing/Publishing Totals Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals SERVICES Totals EQTY Board Totals Daily Summary (Equities) Activity Summary on Board ASeM CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals CONSUMER GOODS Totals ASeM Board Totals Daily Summary (Equities) Activity Summary on Board PREMIUM FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals Other Financial Institutions FBN HOLDINGS PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals INDUSTRIAL GOODS Building Materials DANGOTE CEMENT PLC Building Materials Totals INDUSTRIAL GOODS Totals PREMIUM Board Totals Equity Activity Totals

DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

32 4 6 69 69

25.33 0.94 0.69

551,998 16,020 597,000 1,779,083 1,779,083

13,903,164.18 15,299.40 412,110.00 15,902,796.63 15,902,796.63

1 1 1

1.69

500 500 500

805.00 805.00 805.00

16 9 4 6 10 31 76

24.00 9.30 35.78 8.62 3.36 80.50

110,727 40,229 26,700 142,300 299,900 14,373,223 14,993,079

2,707,053.97 362,501.29 992,680.00 1,227,076.00 966,480.00 1,157,057,077.16 1,163,312,868.42

6 6

1.51

134,500 134,500

204,240.00 204,240.00

5 5 87

50.00

24,529 24,529 15,152,108

1,165,135.50 1,165,135.50 1,164,682,243.92

2 2

0.50

24,262 24,262

12,131.00 12,131.00

90 90

3.47

3,827,573 3,827,573

13,288,632.05 13,288,632.05

21 7 8 21 7 64

18.34 1.84 342.00 150.00 145.00

81,125 100,300 20,300 16,295 13,699 231,719

1,505,034.50 182,832.00 6,595,470.00 2,396,080.60 1,959,692.96 12,639,110.06

33 33 189

318.00

389,934 389,934 4,473,488

124,037,602.56 124,037,602.56 149,977,475.67

1 1

0.50

941 941

470.50 470.50

5 5

3.80

32,870 32,870

127,756.40 127,756.40

13 13

0.89

624,500 624,500

538,430.00 538,430.00

1 22 23

2.29 4.00

4,588 251,094 255,682

10,001.84 1,001,583.80 1,011,585.64

1 1 43 1,811

1.68

10,000 10,000 923,993 3,428,226,216

16,000.00 16,000.00 1,694,242.54 5,785,390,675.15

2 2 2 2

1.21

270,464 270,464 270,464 270,464

327,261.44 327,261.44 327,261.44 327,261.44

306 306

11.45

13,929,679 13,929,679

159,605,439.23 159,605,439.23

278 278 584

3.74

10,438,552 10,438,552 24,368,231

39,515,087.18 39,515,087.18 199,120,526.41

35 35 35 619 2,432

139.83

38,770 38,770 38,770 24,407,001 3,452,903,681

5,304,666.00 5,304,666.00 5,304,666.00 204,425,192.41 5,990,143,129.00

2 2 2 2 2 10 10 10

2,330.00 2.33 6.02 11.09 18.07

3,000 20 20 20 15 3,075 3,075 3,075

6,986,000.00 46.70 120.20 221.80 270.65 6,986,659.35 6,986,659.35 6,986,659.35

Daily Summary (ETP) Exchange Traded Fund Name NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA BANKING ETF VETIVA CONSUMER GOODS ETF VETIVA GRIFFIN 30 ETF VETIVA INDUSTRIAL ETF Exchange Traded Fund Totals ETF Board Totals ETP Activity Totals

40

WEDNESDAY, Ͱͳ˜ ͺ͸͹͵ ˾ T H I S D AY

Nigeria Daily Stock Market Report: Wednesday 25 October 2017

THISDAY AFRINVEST 40 INDEX

dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞdž ZĞƚƵƌŶƐ Ϭ͘ϲй

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

dŚĞ dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞdž ĐůŽƐĞĚ ŽŶ Ă ƉŽƐŝƟǀĞ ŶŽƚĞ͕ ƵƉ Ϭ͘ϲй ƚŽ ƐĞƩůĞ Ăƚ ϭ͕ϰϴϬ͘ϴϱ ƉŽŝŶƚƐ͘ ĐĐŽƌĚŝŶŐůLJ͕ zd ƌĞƚƵƌŶ ŽĨ ƚŚĞ /ŶĚĞdž ĞdžƉĂŶĚĞĚ ƚŽ ϰϴ͘ϭй͘ DĂũŽƌ ĚƌŝǀĞƌƐ ŝŶĐůƵĚĞ 'h Z Edz ;нϬ͘ϰйͿ͕ E/' Z/ E Z t Z/ ^ ;нϮ͘ϱйͿ ĂŶĚ E/d, ;нϬ͘ϴйͿ͘ ƋƵŝƟĞƐ DĂƌŬĞƚ ZĞďŽƵŶĚƐ ĂŌĞƌ Ă ϮͲĚĂLJ ŽǁŶƚƌĞŶĚ͘​͘​͘ E^ ^/ ƵƉ ϯϯďƉƐ dŽĚĂLJ͕ ƚŚĞ EŝŐĞƌŝĂŶ ŽƵƌƐĞ ƌĞǀĞƌƐĞĚ ƚŚĞ ŶĞŐĂƟǀĞ ƚƌĞŶĚ ǁŚŝĐŚ ďĞŐĂŶ ůĂƐƚ ǁĞĞŬ͕ ĂƐ ƚŚĞ ůů ^ŚĂƌĞ /ŶĚĞdž ƌŽƐĞ ϯϯďƉƐ ƚŽ ĐůŽƐĞ Ăƚ ϯϲ͕ϱϯϭ͘ϲϮ ƉŽŝŶƚƐ͘ ^ŝŵŝůĂƌůLJ͕ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ŝŶĐƌĞĂƐĞĚ Eϰϭ͘ϮďŶ ƚŽ ƐĞƩůĞ Ăƚ EϭϮ͘ϲƚŶ͘ dŚĞ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ďƌŽĂĚůLJ ĚƌŝǀĞŶ ďLJ ŐĂŝŶƐ ŝŶ E/' Z/ E Z t Z/ ^ ;нϮ͘ϲйͿ͕ E/d, ;нϬ͘ϴйͿ ĂŶĚ E'^h' Z ;нϮ͘ϴйͿ͘ ,ŽǁĞǀĞƌ͕ ŵĂƌŬĞƚ ĂĐƟǀŝƚLJ ǁĞĂŬĞŶĞĚ ĂƐ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ŵŽĚĞƌĂƚĞĚ Ϯϭ͘Ϯй ĂŶĚ ϯϮ͘ϵй ƚŽ ϭϵϵ͘ϵŵ ƵŶŝƚƐ ĂŶĚ Eϭ͘ϴďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ DŝdžĞĚ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁĂƐ ŵŝdžĞĚ͕ ǁŝƚŚ Ϯ ŽĨ ϱ ŝŶĚŝĐĞƐ ƚƌĞŶĚŝŶŐ ŶŽƌƚŚǁĂƌĚƐ͕ Ϯ ĐůŽƐŝŶŐ ŝŶ ƚŚĞ ƌĞĚ ĂŶĚ ŽŶĞ ĐůŽƐŝŶŐ ŇĂƚ͘ dŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞdž ůĞĚ ŐĂŝŶĞƌƐ͕ ƵƉ ϭ͘Ϯй͕ ĨŽůůŽǁŝŶŐ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ E/' Z/ E Z t Z/ ^ ;нϮ͘ϲйͿ ĂŶĚ E'^h' ;нϮ͘ϴйͿ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ĨŽůůŽǁĞĚ ĐůŽƐĞůLJ͕ ŐĂŝŶŝŶŐ ϲďƉƐ ĚƵĞ ƚŽ ƵƉƟĐŬƐ ŝŶ E/d, ;нϬ͘ϴйͿ ĂŶĚ ^^ ;нϭ͘ϯйͿ͘ ŽŶƚƌĂƌŝůLJ͕ ƚŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ĐůŽƐĞĚ ϲϬďƉƐ ůŽǁĞƌ ĐŽŶƐĞƋƵĞŶƚ ŽŶ ƐƵƐƚĂŝŶĞĚ ƐĞůů ŽīƐ ŝŶ D E^ Z ;ͲϮ͘ϴйͿ ĂŶĚ > thE/KE ;Ͳϰ͘ϬйͿ͕ ǁŚŝůĞ ůŽƐƐĞƐ ŝŶ E' D ;ͲϬ͘ϱйͿ ƉƵůůĞĚ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž ϮϬďƉƐ ƐŽƵƚŚǁĂƌĚƐ͘ dŚĞ Kŝů Θ 'ĂƐ ŝŶĚĞdž ĐůŽƐĞĚ ŇĂƚ͘ /ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ /ŵƉƌŽǀĞƐ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞƌƐͬĚĞĐůŝŶĞƌƐ ƌĂƟŽͿ ĞdžƉĂŶĚĞĚ ƚŽ ϭ͘ϱdž ĨƌŽŵ Ϭ͘ϲdž LJĞƐƚĞƌĚĂLJ Ͳ ϮϮ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ǁŚŝůĞ ϭϰ ĚĞĐůŝŶĞĚ͘ E ^ KE ;нϭϬ͘ϮйͿ͕ s ZdKE ;нϰ͘ϮйͿ ĂŶĚ &/Z^d >hD ;нϰ͘ϬйͿ ůĞĚ ƚŚĞ ŐĂŝŶĞƌƐ͛ ĐŚĂƌƚ ǁŚŝůĞ /> ^/E' ;Ͳϱ͘ϬйͿ͕ dZ E^ KZW ;Ͳϰ͘ϵйͿ ĂŶĚ hZz ;Ͳϰ͘ϴйͿ ǁĞƌĞ ƚŽĚĂLJ͛Ɛ ǁŽƌƐƚ ƉĞƌĨŽƌŵĞƌƐ͘ tŝƚŚ ƚŚĞ ƉŽƐŝƟǀĞ ƚƵƌŶ ŽĨ ƚŚĞ ŵĂƌŬĞƚ ƚŽĚĂLJ͕ ǁĞ ĞdžƉĞĐƚ ƐĞŶƟŵĞŶƚ ŝŶ ƐƵĐĐĞƐƐŝǀĞ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶƐ ƚŽ ƌĞŇĞĐƚ ŝŶǀĞƐƚŽƌƐ͛ ƌĞĂĐƟŽŶ ƚŽ ƚŚĞ ƌĞůĞĂƐĞ ŽĨ ϵD͗ϮϬϭϳ ƌĞƐƵůƚƐ͘ ŽŵƉĂŶLJ ŝŶ &ŽĐƵƐ͗ ^ĞƉůĂƚ WĞƚƌŽůĞƵŵ ĞǀĞůŽƉŵĞŶƚ ŽŵƉĂŶLJ ;^ĞƉůĂƚͿ ^ĞƉůĂƚ WĞƚƌŽůĞƵŵ ĞǀĞůŽƉŵĞŶƚ ŽŵƉĂŶLJ WůĐ ;͞^ĞƉůĂƚ͟ Žƌ ͞ƚŚĞ ŽŵƉĂŶLJ͟Ϳ ŝƐ ĂŶ ŝŶĚŝŐĞŶŽƵƐ Kŝů Θ 'ĂƐ džƉůŽƌĂƟŽŶ Θ WƌŽĚƵĐƟŽŶ ; ΘWͿ ĐŽŵƉĂŶLJ ŽƉĞƌĂƟŶŐ ŝŶ ƚŚĞ EŝŐĞƌͬ ĞůƚĂ ƌĞŐŝŽŶ ŽĨ ^ŽƵƚŚĞƌŶ EŝŐĞƌŝĂ͘ /Ŷ ŝƚƐ ƵŶĂƵĚŝƚĞĚ ϵD͗ϮϬϭϳ ĞĂƌŶŝŶŐƐ ƐĐŽƌĞĐĂƌĚ ƌĞůĞĂƐĞĚ ŽŶ DŽŶĚĂLJ ϮϯƌĚ KĐƚŽďĞƌ͕ ^ĞƉůĂƚ ƌĞƉŽƌƚĞĚ ŝŵƉƌŽǀĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌĨŽƌŵĂŶĐĞ͕ ƌĞůĂƟǀĞ ƚŽ ϵD͗ϮϬϭϲ͕ ĚƵĞ ƚŽ ŚŝŐŚĞƌ ƉƌŽĚƵĐƟŽŶ ǀŽůƵŵĞ ʹ ŬŶŽĐŬͲŽŶ ĞīĞĐƚ ŽĨ &ŽƌĐĂĚŽƐ ƚĞƌŵŝŶĂů ƌĞͲŽƉĞŶŝŶŐ Ͳ ĂƐ ǁĞůů ĂƐ ƚŚĞ ƉĂƌƟĂů ƌĞĐŽǀĞƌLJ ŝŶ ŐůŽďĂů Žŝů ƉƌŝĐĞƐ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ 'ƌŽƐƐ ZĞǀĞŶƵĞ ĨŽƌ ƚŚĞ ƉĞƌŝŽĚ ƌŽƐĞ ϳϬ͘ϲй zͲŽͲz ƚŽ Eϴϱ͘ϮďŶ͘ ůƚŚŽƵŐŚ ŽƐƚ ŽĨ ^ĂůĞƐ ŵŽǀĞĚ ŝŶ ƚĂŶĚĞŵ͕ ƵƉ ϱϯ͘ϰй ƚŽ Eϰϳ͘ϭďŶ ŝŶ ϵD͗ϮϬϭϳ͕ 'ƌŽƐƐ DĂƌŐŝŶ ĞdžƉĂŶĚĞĚ ϲ͘Ϯ ƉĞƌĐĞŶƚĂŐĞ ƉŽŝŶƚƐ ƚŽ ϰϰ͘ϳй ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƚŚĞ ƐƚƌŽŶŐ ƌĞǀĞŶƵĞ ŐƌŽǁƚŚ ĂŶĚ ŚŝŐŚ ĚĞŐƌĞĞ ŽĨ ŽƉĞƌĂƟŶŐ ůĞǀĞƌĂŐĞ͘ ,ĞŶĐĞ͕ ƚŚĞ ŽŵƉĂŶLJ ƌĞƉŽƌƚĞĚ ĂŶ KƉĞƌĂƟŶŐ WƌŽĮƚ ŽĨ Eϭϲ͘ϯďŶ ĐŽŵƉĂƌĞĚ ƚŽ ĂŶ ŽƉĞƌĂƟŶŐ ůŽƐƐ ŽĨ Eϭϯ͘ϬďŶ ŝŶ ϵD͗ϮϬϭϲ͘ ,ŽǁĞǀĞƌ͕ ^ĞƉůĂƚ ĐŽŶƟŶƵĞĚ ƚŽ ƌĞĐŽƌĚ ŚŝŐŚ ĮŶĂŶĐĞ ĐŽƐƚƐ ;ƵƉ ϭϬϱ͘ϲй zͲŽͲz ƚŽ Eϭϳ͘ϱďŶ ŝŶ ϵD͗ϮϬϭϳͿ ǁŚŝĐŚ ŵŽƌĞ ƚŚĂŶ ŽīƐĞƚ ƚŚĞ ŐƌŽǁƚŚ ŝŶ ŽƉĞƌĂƟŶŐ ƉƌŽĮƚ͘ ĐĐŽƌĚŝŶŐůLJ͕ ^ĞƉůĂƚ ƌĞƉŽƌƚĞĚ Ă >ŽƐƐ ĂŌĞƌ dĂdž ŽĨ Eϭ͘ϲďŶ͕ Ă ŵĂũŽƌ ŝŵƉƌŽǀĞŵĞŶƚ ;Ͳϵϯ͘ϯй ĚƌŽƉͿ ĨƌŽŵ Ă ůŽƐƐ ŽĨ EϮϰ͘ϭďŶ ŝŶ ϵD͗ϮϬϭϲ͘

Ticker

THISDAY AFRINVEST 40 1

Guaranty Trust Bank PLC

2

Nigerian Breweries PLC

3

Zenith Bank PLC

4

Dangote Cement PLC

5

Nestle Nigeria PLC

Current Price

Previous Current Price Weighting Change

Afrinvest Securities Limited

(RC 603 315)

(A Dealing Member of the Nigerian Stock Exchange)

Price Change Index to Date

ROE

ROA

P/E

P/BV

Divinden Earnings d Yield Yield

1,480.85

0.6%

48.1%

48.1%

20.5%

6.6%

7.3x

0.7x

4.3%

10.2%

42.00

0.4%

23.0%

70.0%

70.0%

26.0%

4.3%

8.7x

2.2x

4.9%

11.4%

161.00

2.5%

11.5%

8.8%

8.8%

19.4%

8.7%

38.7x

7.2x

2.2%

2.6%

25.30

0.8%

13.4%

71.5%

71.5%

21.7%

3.2%

5.0x

1.0x

8.0%

20.0%

219.00

-0.5%

6.2%

25.9%

25.9%

30.4%

15.7%

15.1x

4.3x

3.9%

6.6%

1,200.00

0.0%

6.5%

48.1%

48.1%

64.1%

14.8%

39.7x

24.1x

0.8%

2.5%

1.3%

6

Access Bank PLC

9.93

4.4%

69.2%

69.2%

15.8%

2.1%

4.1x

0.6x

6.5%

24.5%

7

United Bank for Africa PLC

9.10

1.1%

5.1%

102.2%

102.2%

17.2%

2.2%

4.0x

0.7x

8.2%

25.1%

8

FBN Holdings Plc

6.05

0.7%

4.0%

80.6%

80.6%

1.2%

0.2%

16.8x

0.4x

3.3%

5.9%

9

Ecobank Transnational Inc

17.00

0.3%

3.0%

65.4%

65.4%

-14.5%

-1.3%

0.6x

3.6%

-20.4%

10

Lafarge Africa PLC

4.8x

3.6x

2.1%

20.9%

50.54

0.0%

1.8%

23.4%

23.4%

62.7%

11.8%

480.00

0.0%

11

SEPLAT Petroleum Development C

1.8%

26.3%

26.3%

-12.4%

-6.7%

12

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%

13

Stanbic IBTC Holdings PLC

44.05

0.0%

3.2%

193.7%

193.7%

27.1%

3.2%

11.2x

2.8x

1.4%

8.9%

14

Guinness Nigeria PLC

100.35

0.0%

1.4%

27.7%

27.7%

4.5%

1.4%

70.6x

3.5x

0.6%

15

Oando PLC

5.99

0.0%

1.3%

27.4%

27.4%

31.7%

2.8%

4.8x

0.6x

20.8%

16

Forte Oil PLC

0.6x

8.9%

44.65

0.0%

0.5%

-47.1%

-47.1%

44.3%

3.7%

11.3x

5.0x

0.0%

-21.7%

1.4%

17

11 PLC

157.85

0.4%

-43.4%

-43.4%

31.5%

10.9%

9.5x

2.6x

5.1%

10.5%

18

Total Nigeria PLC

245.00

0.0%

0.6%

-18.1%

-18.1%

44.6%

8.2%

7.9x

3.2x

2.9%

12.6%

19

Okomu Oil Palm PLC

65.00

0.0%

1.1%

61.8%

61.8%

40.4%

28.1%

8.2x

2.8x

2.3%

12.2%

20

UAC of Nigeria PLC

17.51

3.7%

0.6%

6.1%

6.1%

21

Conoil PLC

28.00

0.0%

0.4%

-25.3%

-25.3%

22

Fidelity Bank PLC

10.5x 11.8%

5.6%

9.5%

3.1%

8.7x

1.0x

11.1%

11.4%

1.55

3.3%

0.8%

84.5%

84.5%

8.0%

1.1%

2.9x

0.2x

9.0%

34.5%

2.8%

1.0%

135.5%

135.5%

23.8%

10.3%

7.2x

2.4x

3.5%

13.9%

23

Dangote Sugar Refinery PLC

14.39

24

Flour Mills of Nigeria PLC

30.00

0.0%

0.7%

62.2%

62.2%

7.8%

1.9%

10.1x

0.8x

3.3%

9.9%

25

Custodian and Allied Insurance

3.90

3.2%

0.4%

0.3%

0.3%

20.3%

8.7%

3.8x

0.7x

7.2%

26.2%

26

7 UP Bottling Co PLC

90.00

0.0%

0.3%

-30.2%

-30.2%

-56.7%

-13.9%

4.4x

-18.7%

27

Julius Berger Nigeria PLC

29.33

0.0%

0.3%

-24.0%

-24.0%

-12.2%

-1.2%

1.5x

-7.8%

1.0%

28

FCMB Group Plc

1.05

0.4%

-4.5%

-4.5%

0.9%

0.1%

12.3x

0.1x

29

Transnational Corp of Nigeria

1.36

-4.9%

0.6%

56.3%

56.3%

19.6%

4.1%

5.4x

0.9x

30

Diamond Bank PLC

1.03

-1.9%

0.4%

17.0%

17.0%

1.6%

0.2%

6.2x

0.1x

31

Presco PLC

65.00

0.0%

0.5%

62.1%

62.1%

53.3%

31.5%

2.7x

1.1x

2.3%

37.3%

32

PZ Cussons Nigeria PLC

24.00

0.0%

0.5%

65.5%

65.5%

11.5%

5.8%

20.5x

2.3x

2.1%

4.9%

33

International Breweries PLC

56.22

0.0%

0.8%

203.9%

203.9%

29.4%

10.2%

44.8x

12.2x

2.2%

34

Cadbury Nigeria PLC

10.00

-4.8%

0.3%

-2.8%

-2.8%

-11.1%

-4.2%

1.8x

-5.8%

35

Union Bank of Nigeria PLC

36

Chemical and Allied Products P

37

Sterling Bank PLC

38

GlaxoSmithKline Consumer Niger

0.0%

0.3%

27.8%

27.9%

6.1%

1.3%

7.5x

0.4x

0.2%

1.6%

1.6%

84.3%

38.5%

14.2x

10.0x

1.01

-4.7%

0.3%

32.9%

32.9%

5.5%

0.5%

6.0x

0.3x

24.00

0.0%

0.3%

52.4%

52.4%

61.4%

25.2%

4.7x

1.7x

1.2%

-2.8%

0.1%

24.6%

24.6%

11.9%

3.9%

10.4x

1.2x

2.4%

0.0%

0.1%

36.4%

36.4%

16.7%

7.9%

4.6x

0.7x

AXA Mansard Insurance PLC

40

Continental Reinsurance PLC

1.35

T o p 10 G a ine r s

N A SC ON C A VER T ON

16.1%

0.0%

39

8.1% 18.4%

6.10

2.08

T ic k er

9.5%

32.50

13.3% 6.8%

7.0% 16.8% 21.3% 9.6% 21.8%

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

P ric e

P ric e C hg %

14.33

10.2%

UB A

33.6

1.1%

1.25

4.2%

A C C ESS

21.6

1.3%

T ic k er

Vo lum e

P ric e C hg %

F IR ST A LUM

0.52

4.0%

F ID ELIT YB K

20.7

3.3%

A F R IP R UD

3.84

3.8%

Z EN IT H B A N K

12.1

0.8%

UA C N

17.51

3.7%

T R A N SC OR P

9.9

-4.9%

D A N GF LOUR

7.15

3.6%

D IA M ON D B N K

9.9

-1.9%

LIN KA SSUR E

0.87

3.6%

GUA R A N T Y

9.3

0.4%

LIVEST OC K

0.88

3.5%

C ILEA SIN G

8.6

-5.0%

F ID ELIT YB K

1.55

3.3%

WEM A B A N K

7.6

0.0%

C UST OD YIN S

3.90

3.2%

FB NH

6.9

0.7%

P ric e

P ric e C hg %

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

KŶ YƵĂƌƚĞƌ ŽŶ YƵĂƌƚĞƌ ďĂƐŝƐ͕ ƚŚĞ ŽŵƉĂŶLJ ĂůƐŽ ƌĞƉŽƌƚĞĚ ƐŽůŝĚ ŶƵŵďĞƌƐ ĂĐƌŽƐƐ ŽƉĞƌĂƟŶŐ ŵĞƚƌŝĐƐ͖ 'ƌŽƐƐ ZĞǀĞŶƵĞ ƌŽƐĞ ϳϯ͘ϲй YͲŽͲY ƚŽ Eϰϰ͘ϵďŶ ŝŶ Yϯ͗ϮϬϭϳ ǁŚŝůĞ Ă ƉƌĞͲƚĂdž ƉƌŽĮƚ ŽĨ Eϳ͘ϯďŶ ǁĂƐ ƌĞĐŽƌĚĞĚ ƌĞůĂƟǀĞ Ă ůŽƐƐ ŽĨ EϮ͘ϱďŶ ŝŶ YϮ͗ϮϬϭϳ͘ tĞ ƌĞŵĂŝŶ ŽƉƟŵŝƐƟĐ ŽŶ ^ĞƉůĂƚ͛Ɛ ĨŽƌǁĂƌĚ ĞĂƌŶŝŶŐƐ͕ ĚƵĞ ƚŽ ƉŽƐŝƟǀĞ ŶĞĂƌ ƚĞƌŵ ŽƵƚůŽŽŬ ĨŽƌ Žŝů ƉƌŝĐĞƐ ĂƐ ǁĞůů ĂƐ ƌĞĐĞŶƚ ŵŽǀĞ ƚŽ ƌĞĚƵĐĞ ĚĞƉĞŶĚĞŶĐĞ ŽŶ &ŽƌĞĐĂĚŽƐ ƚĞƌŵŝŶĂů͘ ĐĐŽƌĚŝŶŐ ƚŽ ŵĂŶĂŐĞŵĞŶƚ͕ ƚŚĞ ŵƵŬƉĞͲ ƐĐƌĂǀŽƐ ƉŝƉĞůŝŶĞ͕ ǁŚŝĐŚ ǁŝůů ƐĞƌǀĞ ĂƐ ĂŶ ĂůƚĞƌŶĂƟǀĞ ƌŽƵƚĞ ƚŽ ƚŚĞ ǀŽůĂƟůĞ &ŽƌĐĂĚŽƐ ƚĞƌŵŝŶĂů͕ ŝƐ ĐƵƌƌĞŶƚůLJ Ăƚ ĂŶ ĂĚǀĂŶĐĞĚ ƐƚĂŐĞ ŽĨ ǁŽƌŬ͘

Price Change YTD

T ic k er

Value

P ric e C hg %

C ILEA SIN G

1.71

-5.0%

GUA R A N T Y

389.2

0.4%

T R A N SC OR P

1.36

-4.9%

Z EN IT H B A N K

308.9

0.8%

10.00

-4.8%

UB A

303.0

1.1%

1.01

-4.7%

A C C ESS

215.4

1.3%

T ic k er

C A D B UR Y ST ER LN B A N K H ON YF LOUR

1.85

-4.6%

UA C N

57.0

3.7%

LA WUN ION

0.71

-4.1%

NB

52.1

2.5%

UN IT YB N K

0.50

-3.8%

GUIN N ESS

42.5

0.0%

M A N SA R D

2.08

-2.8%

FB NH

41.8

0.7%

D IA M ON D B N K

1.03

-1.9%

ET I

39.0

0.3%

A IIC O

0.54

-1.8%

D A N GSUGA R

35.3

2.8%

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Omotola Abimbola | oabimbola@afrinvest.com

41

˾ WEDNESDAY, OCTOBER 25, 201

MARKET NEWS

Innovate to Survive Ongoing Capital Market Revolution, Registrars Told Goddy Egene Registrar companies in the country have been urged to innovate or risk going out of business considering the changes currently going on in the Nigerian capital market that are affecting the income streams of the registrars.

The dematerialisation of share certificates, distribution of financial reports electronically and electronic dividends among others are some of the developments shaping the functions of registrars. It is believed that developments would affect bottom-lines of registrars

companies.

Hence, the Group Chief Executive Officer of United Capital Plc, Mrs. Oluwatoyin Sanni, has tasked registrars to adopt innovative ways to serve their clients or risk extinction in the not too distant future.

She stated this at a forum organised by African Prudential Plc in Lagos.

Speaking on “Leveraging Opportunities in an Evolving Capital Market, the Changing Roles of Registrars,” she said the innovate or die challenge has become most important now that Securities & Exchange Commission (SEC) is

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

determined to end the issuance of physical dividend warrants.

According to her, the deadline for discontinuance of issuance of physical dividend warrants has been extended a number of times to allow for full subscription with the new date now fixed for December 31, 2017.

Sanni explained that the desire to migrate towards electronic dividend payment is borne out of the need to mitigate risks associated with physical dividend warrants and improving investors’ experience.

“Ahead of this, Nigeria Interbank Settlement System Plc (NIBBS) is

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 23-Oct-2017, unless otherwise stated.

now sole processor of shareholder dividends. Registrar companies have been integrated to the NIBBS Electronic Payment network to facilitate processing and payment of dividends on shares and bond coupons, through the automated clearing house,” she said.

The United Capital boss, therefore advised registrars to, as a quick-fix, begin to expand into other parts of Africa, where the registrar function is yet to evolve to the same level as Nigeria.

She also recommended the model of “Computershare, a Global leader in not just transfer

agency but employee equity plans, mortgage servicing, proxy solicitation, stakeholder communications and other diversified financial and governance services.”

To survive the trend and competition, Mrs. Sanni urged traditional registrar services to expand their horizon from share data/register management, KYC verification, shareholder relationship management, IPO/Bond Issues, probate management services, among others, and begin to explore technological trends for product innovation to meet demands of today and the future.

According to her, the digital revolution must be embraced and Business-To-Clients (B2C)) models explored, adding that “technology products - e-notifier, e-lodgement for stockbrokers, online account access, dividend cards, electronic voting support should also be adopted.

“The Nigerian capital market is still evolving. Thus, registrars generally have voids to fill within their regulatory ambit,” she said.

Sanni expressed confidence that “Africa Prudential as the first publicly listed registrar company in Africa has a chance to lead within the continent.”

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 176.24 177.38 38.95% Nigeria International Debt Fund 234.69 234.53 10.73% 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 17.30 17.82 40.10% ARM Discovery Fund 364.86 375.86 27.05% ARM Ethical Fund 25.56 26.33 14.40% ARM Money Market Fund 1.00 1.00 17.74% 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 146.12 147.15 38.92% 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 1,102.35 1,103.44 8.87% FBN Heritage Fund 146.44 147.68 31.35% FBN Money Market Fund 100.00 100.00 17.92% FBN Nigeria Eurobond (USD) Fund - Institutional $111.42 $112.58 8.41% FBN Nigeria Eurobond (USD) Fund - Retail $110.89 $112.05 8.64% FBN Nigeria Smart Beta Equity Fund 154.43 156.67 37.16% 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 1.36 1.39 46.28% Legacy Short Maturity (NGN) Fund 2.91 2.91 13.18% 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 18.25% 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 17.86% Vantage Balanced Fund 2.05 2.07 21.94% Vantage Guaranteed Income Fund 1.00 1.00 18.58% Kedari Investment Fund (KIF) 111.98 111.98 15.41%

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 15.65% Lotus Halal Fixed Income Fund 1,030.16 1,030.16 9.41% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 12.86 12.97 33.06% 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 20.60% PACAM Fixed Income Fund 10.85 10.90 4.36% 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 2,186.65 2,199.59 19.43% Stanbic IBTC Bond Fund 170.93 170.93 11.02% Stanbic IBTC Ethical Fund 0.97 0.98 26.62% Stanbic IBTC Guaranteed Investment Fund 213.45 213.45 14.21% Stanbic IBTC Iman Fund 168.55 170.71 29.82% Stanbic IBTC Money Market Fund 100.00 100.00 18.18% Stanbic IBTC Nigerian Equity Fund 9,425.83 9,535.90 24.30% 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 12.49 12.68 29.09% Zenith Ethical Fund 13.14 13.28 20.33% Zenith Income Fund 18.67 18.67 12.90%

REITS NAV Per Share

Yield / T-Rtn

11.41 131.31

1.01% 5.92%

Bid Price

Offer Price

Yield / T-Rtn

10.69 135.91 105.98

10.79 138.85 107.97

23.90% 37.38% 39.85%

Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund

EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Griffin 30 Exchange Traded Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.52 8.95 17.10 20.47 140.06

4.56 9.03 17.20 20.67 142.06

63.21% 27.16% 44.47% 28.16% 10.45%

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.

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T H I S D AY WEDNESDAY OCTOBER 25, 2017

T H I S D AY WEDNESDAY OCTOBER 25 2017

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T H I S D AY WEDNESDAY OCTOBER 25, 2017

T H I S D AY WEDNESDAY OCTOBER 25 2017

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WEDNESDAY, OCTOBER 25, 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

US Refugees: Stricter Screening as 120-day Ban Expires US President Donald Trump will allow refugee admissions to the US to resume while announcing stricter rules for vetting applicants, US media report.

It comes as the 120-day ban on refugees expires on Tuesday.

It had been part of Mr Trump’s executive orders that came to be known as the “travel ban”.

Last month Mr Trump announced the lowest cap on refugee resettlements ever set by a US

president.

The decision comes after a diplomatic and intelligence review, officials say.

The temporary ban on all refugees worldwide, as well as a permanent ban on Syrian nationals, was announced by Mr Trump in January during his first week at the White House.

It also included a 90-day ban on citizens from seven Muslimsmajority nations.

After it was challenged in court, the White House replaced the order with one that excised the Syria ban, and a judge ruled in June that the travel restrictions could go into effect.

Under the new rules to be announced on Tuesday, the Department of Homeland Security will collect more biographical data such as the names of family members and places of employment, officials told US media.

Bob Corker Says Trump ‘Utterly Untruthful President’ Tennessee Senator Bob Corker has unleashed a blistering attack on US President Donald Trump, calling the president “utterly untruthful”.

In a series of television interviews, Mr Corker accused the president of lying, adding that he debased the US and weakened its global standing.

Mr Trump fired back on Twitter, calling the top Senator a “lightweight” who “couldn’t get re-elected”.

The pair are due to meet at a Senate lunch to discuss tax reform on Tuesday.

“He is purposely breaking down relationships we have around the world that had been useful to our nation,” Mr Corker said on CNN after

Mr Trump criticised him on Twitter.

“I think the debasement of our nation is what he’ll be remembered most for,” he said.

The Foreign Relations Committee head, who was an early supporter of Mr Trump, added that the president has “great difficulty with truth”.

T H I S D AY WEDNESDAY OCTOBER 25 2017

47

48

WEDNESDAY, OCTOBER 25,2017˾ T H I S D AY

NEWSXTRA

Senate Wades into Etisalat $1.2 bn Debt Crisis To review privatisation of public enterprises Damilola Oyedele ÓØ ÌßÔË The Senate has waded into the $1.2 billion Etisalat debt crisis, with a mandate to its Committees on Banking, Communications, Capital Market and National Security to investigate the management and utilisation of the loan facility procured from 13 Nigerian banks.

This followed a motion brought before it yesterday

by Senator Adeola Olamilekan (Lagos APC) who noted that about 4,000 jobs were at stake as a result of what he termed “suspicious dealings.”

He alleged that the loans might have been diverted to other uses.

Olamilekan noted that only 42 per cent of the loan amount has been repaid, leaving an outstanding of $696 million, which Etisalat has failed to service since 2016.

“Note that Etisalat ownership comprises of three shareholders - the United Arab Emirates Sovereign Wealth Fund through Mubadala Development Comp Abu Dhabi (45 per cent), Emirates Telecommunications Group Company (40 per cent) and Myacinth (15 per cent) through Emerging Markets Telecommunications Services.

“Note that as of 2016, the company had started defaulting on its $1.2 billion loan obligations leading to a few bailouts from its parent company in Abu Dhabi.

Understand that since this year, the banks had move to take

over the telecommunications company in order to recover their funds.

“Note also that the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have intervened and raised issues of regulatory compliance in trying to prevent a takeover by the banks, but the intervention has failed to produce an agreement on the debt restructuring,” Olamilekan added.

The lawmaker observed that while it is not necessarily the duty of the Senate to wade into the debt crises, it is necessary that the Senate intervenes to avert any negative implications of the development on Nigerian business climate and foreign investments.

This, he particularly noted, was necessary, as the magnitude of the loan can trigger another banking crises and a need for bailout funds again.

“Note that the decision of the core investors to pull out of Nigeria raises issues of suspicion, on the intent of a company in obtaining a loan facility, defaulting and then pulling out of the country, hoping that their shares would be used to write off the debts; “Aware of allegations that the loans have been diverted to other uses not related to the business for which the huge loan was obtained, as there was no evidence of what the company did with the loans,” he said.

Presiding, Senate President, Bukola Saraki, urged the

committees to do a thorough job on the assignment.

“We must first and foremost always do all that we can to protect the jobs of our people. On the issue of investment planning and corporate governance, we must also look at preventing these kinds of issues. It is my hope that this committee would come up with a framework that will help us address issues like this in the future,” Saraki said.

In another development, the Senate also directed its Committee on Privatisation collaborate with the National Council on Privatisation (NCP) and the Bureau of Public Enterprises (BPE) to receive and examine a comprehensive report of current privatisation status of Nigerian public enterprises.

The committee is expected to determine the public enterprises that have been privatised

and commercialised, their current status, extent of due process in the conduct of the exercise, enterprises whose privatisation where reversed by the federal government, extent of compliance with post privatisation conditions by core investors and the impact of privatisation/commercialisation of public enterprises on the Nigerian economy.

The mandate followed a motion sponsored by Senator Umaru Kurfi (Katsina APC) who noted that while the objective of privatisation is noble, the exercise is not backed by an articulated and properly phased public sector reform.

It is also usually beset with several challenges which make the exercise unable to facilitate efficient production of public goods, or make any significant impact to fiscal balance, Kurfi

added.

“Aware that through initial public offer, sale by competitive bids, and sale through direct negotiation to core investors, the federal government had between 1989 and 1993 privatised 111 public enterprises and commercialised 35 others with 67 in the first category comprising hotels, breweries, insurance companies and other similar light industries.

“Further aware that the second category consist of 43 enterprises including oil marketing companies, the steel rolling mills, Nigeria Airways, fertilizer companies, the paper mills, sugar and cement companies; the third category consisted of 11 parastatals, including the Nigerian National Petroleum Corporation (NNPC), the Nigerian Telecommunications Plc. (NITEL), and National

Electric Power Authority (NEPA), later transformed to Power Holding Company of Nigeria (PHCN) while the last category consisted of 14 other parastatals including the Nigerian railways, the Delta and Ajaokuta Steel Rolling Mills,” Kurfi added.

The senator recalled that an ad hoc committee of the Senate in 2011 on the same issue, found that the exercise, since the return to civil rule in 1999, has been fraught with corruptioninspired undervaluation of privatised enterprises, sale of the undervalued enterprises to cronies and political associates, asset stripping, clear breaches of due process, and regulatory inefficiency.

The recommendations of the 2011 committee have not been implemented, Kurfi noted.

States Rule Out Borrowing to Bridge Funding DIVERSIFICATION IN FOCUS Shortfalls Chairman, United Bank for Africa (UBA) Plc, Mr. Tony Elumelu; Chairman/CEO, POSCO Group, Mr. Ohjoon Kwon; CEO, Société Générale, Ndubuisi Francis ÓØ ÌßÔË Despite funding shortfalls occasioned by a drop in revenue, the state governments have ruled out borrowing to enable them meet their financial needs.

The Chairman of the Finance Commissioners Forum of the 36 states of the federation, Mr. Mahmood Yunusa, who gave the hint in Abuja, said: “States are not looking at borrowing to augment the funding gaps.”

Yunusa, who is also the Adamawa State Commissioner for Finance, was responding to questions by journalists at the end of the monthly Federation Account Allocation Committee (FAAC) meeting, said state governments were now looking at cutting costs and working closely with the federal government to increase non-oil revenue, particularly Value Added Tax (VAT), withholding tax and stamp duty.

The Accountant General of the Federation, Mr. Idris Ahmed, who briefed journalists at the end of the meeting, disclosed that “the total revenue distributable for the month of September, including VAT, was N558.082 billion.”

From this, the federal government received

N234.286 billion, states and the Federal Capital Territory (FCT) went home, with N152.739 billion while the local governments received N114.918 billion.

The sum of N40.216 billion went to oil mineral producing states under the 13 per cent derivation principle.

According to Idris, gross statutory revenue of N423.961 billion received for the month was lower than the N550.992 billion in the previous month

by N127.023 billion.

He pointed out that “there was significant increase in revenue from export sales of $176.4 million due to an increase in crude oil production by 4.12 million barrels. But the average price of crude oil decreased from $50.44 to $46.29 per barrel, he stated.

The AGF stressed that “activities resumed at Forcados Terminal for the first time since February 2016. There were shutins and shut-downs at terminals for maintenance and repairs.”

Oil royalty also recorded significant increase in September, he stated, adding that there was considerable decline in revenue from companies income tax , petroleum profit tax, import duty and VAT.

Mr. Frederic Oudea; President & Co-Chief Operating Officer, Goldman Sachs, Mr. Harvey Schwartz; Group Chairman and CEO, DP World, Sultan Ahmed Bin Sulayem; CEO of Asset & Wealth Management, J.P. Morgan, Ms. Mary Callahan Erdoes, at the plenary session titled: ‘Dynamic Economies: What are the New Ways to Solve Diversification?, moderated by Erik Schatzker, Editor-at-large, Bloomberg TV, organised by Future Investment Initiative in Riyadh, Saudi Arabia....yesterday

Adebanjo: Buhari Not More Northern Than Sardauna Says restructuring key to Nigeria’s unity

Ademola Babalola ÓØ ÌËÎËØ Leader of the Yoruba socio-cultural group, Afenifere, Chief Ayo Adebanjo, yesterday in Ibadan said President Muhammadu Buhari could not be more northerner than the late Sardauna of Sokoto , Ahmadu Bello, who believed so much in restructuring of Nigeria in his life time.

Adebanjo said restructuring is key to the nation’s unity notwithstanding the hard-line posture of the current leaders of the ruling party in the country.

Adebanjo, who said he was equally surprised that the former interim National Chairman of the All Progressives Congress (APC), Chief Bisi Akande, could speak against restructuring, went down memory lane yesterday.

The elder stateman, who spoke at the fifth Chief Babatunde Oduyoye birthday lecture, said at the time when Akande was Governor of Osun State on the platform of Alliance for Democracy (AD), the party

agitation then was sovereign national conference that would have built a pathway for the restructuring of the country.

Akande, had during the meeting of the APC South-west stakeholders at the executive chamber of the Oyo State governor’s office in Ibadan two weeks ago, said restructuring was not the APC language and that what the entire group wanted was devolution of powers to the state and local governments.

Making reference to the comment, Adebanjo said restructuring is not a strange word in Nigeria and that it is the only way for Nigeria to practice proper federalism.

Adebanjo said: “Don’t allow yourself to be confused. They are now mending their stand.

Yes, we agreed on restructuring, restructuring is not a strange word.

Forget restructuring, insist on federalism. You can’t federalise the country now without restructuring the system. It’s not a strange word because I heard Akande

saying go and ask people who are calling for restructuring.

“Restructuring was the basis under which Akande became a governor. I was the chairman of the party (AD), the campaign then was sovereign national conference to be able to restructure the country to federalism. We filed that resolution in every state House of Assembly at that time.

What then is the problem?

“And when they said they don’t understand restructuring, I said if you don’t understand restructuring, you understand the constitution Chief Obafemi Awolowo, Sarduna of Sokoto and Nnamdi Azikiwe agreed to; that is what we are asking for. Why do we say we want to go back to what your grandfathers agreed to? You said no. Is Buhari more northerner than the Sarduna?

That is the problem. Please let us explain this thing to our people.

Nobody wants to separate the country. It is their propaganda to hit us, and we are going to stop it.”

Adebanjo said intellectuals in Nigeria had gone to sleep and failed to challenge the government on issues that would bring progress to Nigeria.

“There’s no reason why Nigeria should go astray except the intellectual themselves are not up and doing and that is what I believe. Many of you are not up and doing. Intellectuals that we know in the early 1950’s, they guided the society. The Action Group (AG) to which I belonged, the intellectual were the brains behind it, and others, but the intellectuals are now silent.

“The moment you are given a government appointment, you turn your intellectualism upside down and you begin to practise what you never preached, that’s unfortunate. I only hope you’ll take note because as we are going, you are the people coming and if it had been the practice of what we knew, we should go and rest with people like you coming up, doing the right thing,” he added.

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Nigeria Want Single Currency for ECOWAS Region Slowed Down President Muhammadu Buhari yesterday in Niamey, Niger, urged members of the Economic Community of West African States (ECOWAS) to tread carefully in pushing for a single currency in the sub-region by 2020, drawing attention to the challenges faced by the European Union (EU) in realising the same goal.

In his speech at the fourth meeting of the Presidential Task Force on the ECOWAS Currency Programme, President Buhari said the necessary economic fundamentals among countries continue to differ over the years, making it more difficult to pull through with the project by 2020.

“Nigeria advises that we proceed cautiously with the integration agenda, taking into consideration the above concerns and the lessons currently unfolding in the EU. To that end, Nigeria will caution against any position that pushes for a fast-track approach to monetary union, while neglecting fundamentals and other pertinent issues,’’ he said.

President Buhari, according to Premium Times, noted that some of the obstacles to realising the roadmap for the implementation of a single currency include diverse and uncertain macroeconomic fundamentals of many countries, unrealistic inflation targeting based on flexible exchange rate regime and inconsistency with the African Monetary Co-operation Programme.

The president said domestic issues in ECOWAS member countries relating to their constitutions and dependence on aid continue to affect the framework for implementing the single currency in the sub-region.

He said: “Although the ECOWAS Commission has anchored its pursuit of the new impetus to monetary integration on “the information presented to the Heads of State which were the basis for their recommendations,” we are concerned that we have not properly articulated and analysed a comprehensive picture of the state of

preparedness of individual countries for monetary integration in ECOWAS by 2020.

“In previous meetings, we had specifically raised observations on the state of preparedness of the member states, the credibility of the union if anchored on watered down criteria, and the continuing disparities between macroeconomic conditions in ECOWAS countries, amongst others. And I would like to reiterate this concerns.’’

The president told the Heads of State that the conditions that pushed Nigeria into withdrawing from the process in the past had not changed.

“Nigeria had earlier withdrawn from the process because its key questions and

concerns were ignored and till date, none of the issues has come up as an agenda issue to be considered by the taskforce. Consequently, the Roadmap which did not involve widespread consultation with national stakeholders is not sufficiently inclusive,’’ he added.

Going forward with the project, President Buhari suggested a thorough review of the convergence roadmap and the constitution of an expert committee on each of the subject areas to come up with acceptable time frame, defined cost and funding sources identified.

“This should also consider stakeholders such as the Ministries of Finance, customs, parliamentary groups, tax authorities, immigration

authorities to achieve comprehensiveness,’’ he said.

The president said there should be a push towards ratification and domestication of legal instruments and related protocols, while fiscal, trade and monetary policies and statistical systems, which had not gone far, could be harmonised.

Buhari noted that the West African Economic and Monetary Union, UEMOA, countries should make a presentation on a clear roadmap towards delinking from the French Treasury.

He also advised an examination of the African Union position on the same issue, which the African Central Bank Governors, in line with the African Union programme of monetary convergence, recommended a

convergence deadline of 2034 for the establishment of Regional Central Banks in all sub-regions.

In his remarks, the President of the ECOWAS Commission, Marcel Alain de Souza, said the single currency for the West African sub-region was a laudable and historical project, but regretted that it had taken too long to be actualised.

The president said the creation of a Central Bank for the West Coast would accelerate the process.

He noted that Nigeria constitutes more than 70 per cent of the GDP of the West African region, with a population of 180 million, and would play a significant role in facilitating the process of realising a single currency for the sub-region.

Edevbie: We Have 2,203 Political Appointees with Monthly Wage Bill of N382m in Delta Sylvester Idowu ÓØ ËÜÜÓ Delta State Government yesterday said the state Governor, Ifeanyi Okowa, has 2,203 political aides who receive N382 million as salary monthly.

The state Commissioner for Finance, Olorogun David Edevbie, made the disclosure in an effort to quell widespread insinuation that political appointees were more than civil servants in the state.

Speaking at a press briefing for the break-down of the 2018 budget proposal which was recently sent to the state House of Assembly by the governor, Edevbie said the state government has 2, 203 political appointees with the sum of N382 million as salary while the state has 45, 000 civil servants that gulps N4.5 billion salary monthly.

According to him, “I find it funny when some persons would say political appointees are more than civil servants in the state.

We are running an open-door policy; the state has 2, 203 political appointees and 45, 000 civil servants, the number of public servants are not included.”

The commissioner who briefed journalists with his Information and Economic Planning counterparts, Mr Patrick Ukah and Dr. Kingsley Emu respectively, urged Deltans to always verify their information.

On the debt profile of the state government, Edevbie said: “About N100 billion are owed contractors. Although no one is happy about

the situation, Okowa has approved that contractors, especially those whose money are not much, should be paid.”

He also answered questions concerning contractors whose jobs were terminated because of their incompetence, stating that “we are aware that it is not enough to determine a contract and re-award same to a more competent contractor; such contractor deserves to be prosecuted and blacklisted, but you know in Nigeria, people will always intervene when such happens; we must give the governor’s administration credit for insisting that the right thing should be done.

If you are not competent as a contractor, the contract will be given to a more competent one and you know it takes a lot for decisions for such to be taken, this is my own personal opinion.”

On the issue of the Asaba/ Okpanam road, Edevbie disclosed that the contract passed through due process and it was not done to favour certain individuals, disclosing that the contractor handling the project has been mobilised to go back to site.

“I am very sure that the contractor in charge of the Asaba/Okpanam road project is not fronting for government, the job was awarded because the company has executed similar projects in other parts of the country. A few days ago, we mobilised him to go back to site and I am very confident that in the next few days, work will recommence on the project,” he said.

SIGNED AND SEALED

R-L: Group Deputy Managing Director, Access Bank Plc, Roosevelt Ogbonna; Group Managing Director/CEO, Herbert Wigwe; Chairman of the Management Board, Deutsche Investitions - und Entwicklungsgesellschaft (DEG), Bruno Wenn; Director, German Corporates, DEG, Klaus Helsper; and Consul General, German Consulate General in Lagos, Ingo Herbert, (standing), during the official signing ceremony of bilateral financial partnership between Access Bank and DEG to launch the ‘German Desk’ at Access Bank Head Office in Lagos....yesterday

Tribunal on Rights Abuses against Military Invites Falana, Boko Haram Suspects to Testify Akinwale Akintunde The Presidential Investigation Panel to review compliance of the armed forces with human rights obligations and rules of engagement has called on human rights lawyers, Femi Falana, and other counsel representing Boko Haram suspects to come forward and present their cases before the panel.

The Chairman of the nineman panel, Justice Biobel Abraham Georgewill, made the call in Lagos yesterday, during the South-west zone sitting of the tribunal which kicked off on Monday.

Justice Georgewill said it was imperative for those in the South-west zone to come up with their allegations against the armed forces before the panel.

He also called on interested parties to join the panel

members on a one day fact finding mission to Kirikiri Maximum Prisons where many Boko Haram suspects are being held.

The federal government inaugurated the panel to review extant rules of engagement applicable in the armed forces of Nigeria and the extent of compliance with them.

Part of the terms of reference of the panel was to also investigate alleged acts of violation of international humanitarian and human rights law under the constitution of the country, Geneva Convention and other relevant laws.

The panel was also to investigate matters of conduct and discipline in the armed forces in local conflicts and insurgencies and recommend measures to prevent the violation of international humanitarian and human rights law in conflict situations.

At yesterday’s proceedings the panel heard how a Sergeant with the Nigerian Army killed an okada rider by viciously kicking him in the stomach.

While being led in evidence by a representative of the National Human Rights Commission, the brother of the deceased, Salihu Mohammad, recounted that his brother Abubakar Alhaji died a day after he was brutalised by one Sergeant Taiwo Owoeye of the Nigerian Army.

“The incident happened on January 27, 2017. According to what I gathered, my late brother picked up a passenger on his motorcycle around Morocco in Yaba.

“He parked his motorcycle behind a stationary car, not knowing that there was someone in the car. Suddenly, the car reversed, and my brother hit the body of the car in order to notify the occupant that there

was someone behind him.

“Sergeant Taiwo Owoeye angrily got down from his car and slapped my brother twice.

He thereafter proceeded to kick him several times in the stomach.

“When onlookers challenged him, he said that there was nothing anybody could do even if my brother dies.

“My brother thereafter became unconcious and we had to rush him to the military hospital.

By that time he had started vomiting blood and other things.

He could not talk.

“He sadly died the next day.

We reported the matter at the Panti Police Station where they declined to give us a police report.

“My brother’s body was not released to us for burial until after four months. When we inquired why the delay, we were told that the army was trying to conduct an autopsy,” Mohammed said.

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US Secretary of Energy Meets with Kachikwu

Expresses willingness to encourage more investments in Nigeria

The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, yesterday held a meeting with

the Secretary of Energy of the United States of America, Mr. Rick Perry, on the sidelines of the 24th Africa Oil Week

Ex-THISDAY Editor: Why I Want to Be PDP Spokesman Onyebuchi Ezigbo ÓØ ÌßÔË

Publicity Secretary (NPS) of our great party, the Peoples As the jostle for the national Democratic Party (PDP). offices of the Peoples Democratic “I promise to do all that is Party (PDP) at the next national noble, right and legitimate to convention heats up, a former repackage and reposition the Deputy Editor with THISDAY PDP as the hope of Nigeria Newspaper Group, Mr. Kola and Nigerians.

Ologbondiyan, has declared “If we must get our party interest in running for the post back on track, the PDP needs of National Publicity Secretary. the services of experienced Ologbondiyan who also technocrats and professionals served as the Senior Special like me to reinvent the narratives Assistant to the former Senate of the noble ideals for which President David Mark, formally this great party was known and unveiled his ambition while accepted as the most populous speaking with journalists in political party among the black Abuja yesterday. human race.

He said his intention is driven “It is also imperative for us to by the desire to see the PDP accept the reality that our party bounce back to power at the will not have the privilege of centre once again. another learning curve in the In a letter to the party 21st century. indicating his interest, “We should therefore carefully Ologbondiyan said PDP needs seek the best candidates for our the services of experienced leadership positions. I have no technocrats and professionals doubts that in our collective that will drive its publicity desire to return our party campaign and to take it to to her glory, you will find the promise land. my experience and media “I write with every sense contacts very useful both in the of humility to inform you of traditional and new media ,” my desire to serve as National he said.

currently holding in Cape Town, South Africa as part of his ongoing investment focused on international oil and gas engagements.

While speaking at the meeting, Perry commended Nigeria on the significant steps taken in the oil and gas industry, stating that the key message and thrust of the US administration is to be strategic partners with Nigeria.

While reiterating this message, he further stated that the US government has a high level of respect for the people of Nigeria and pledged willingness to continue to encourage US companies to invest in Nigeria’s oil sector.

The landmark meeting which is the first of its kind between the two leaders of the energy sector in both countries since the inauguration of the new administration in the US came as a follow up to an earlier meeting that was hosted by the Office of the Secretary of Energy earlier in May 2017 at

the US Departments of State and Energy in Washington D.C. at the sidelines of the Offshore Technology Conference (OTC).

Kachikwu while responding to the comments and feedback given by Perry, said the Federal Government of Nigeria under the leadership of President Muhammadu Buhari has clearly set out the choices that have to be made as nation over the next four years and have also taken significant steps in achieving this through the continuous implementation of the 7BigWins – the Nigerian petroleum roadmap; which focuses on stabilising the business environment, enshrining openness and transparency, and developing and entrenching new policies and regulations.

These laudable achievements, according to him, have contributed greatly in helping Nigeria claw back from recession.

Kachikwu restated the positive role the government has

played through the instituting of the Joint Venture cash call payment agreement, ensuring adherence to due process in the sector, promoting accountability, encouraging sanctity of contracts and reviewing the Fiscal Policy to provide incentives for investment in the sector while optimising revenues for the government.

He also hinted that plans are in place to reduce government’s role in the sector in order to increase private sector participation.

While discussing issues relating to infrastructural development in the sector, Kachikwu noted that a comprehensive and holistic infrastructural map which is being developed by the Ministry of Petroleum Resources would be launched in December 2017.

Also, Kachikwu in the same vein highlighted the local content growth which the Nigeria oil and gas sector has experienced; it has

moved from five per cent at the inception of the current administration to about 40 per cent local content compliance currently.

Perry, in his closing remarks at the meeting, informed Kachikwu, that the US government would be willing to assist Nigeria with access to newer technology and skill set training to deepen Nigerian participation and production in oil and gas.

He further extended an invitation to the minister to come to the US to take a look at the Department of Energy sector laboratories which specifically develop new technologies being currently deployed in oil and gas.

Kachikwu also used the opportunity to invite the Secretary of Energy and his team to participate in the forthcoming maiden edition of the Nigerian International Petroleum Summit (NIPS) scheduled to hold in February, 2018 in Abuja, Nigeria.

INEC Moves to Restore Prisoners’Voting Rights Says Anambra voter register ready Onyebuchi Ezigbo ÓØ ÌßÔË The Independent National Electoral Commission (INEC) has said it is making efforts to ensure that certain categories of the nation’s prisoners are granted access to vote for persons of their choice during elections.

The commission also said it has prepared adequately for the November 18 governorship election in Anambra State.

Speaking during a dialogue session with members of the civil societies coalition under the auspices of the Situation Room group, the Chairman of INEC, Prof. Mahmood Yakubu, said as part of new initiatives to improve participation of Nigerians in the electoral process, the commission is planning to establish polling units at various prison formations.

“We have already engaged the Comptroller of Prisons and we have the statistics of number of prisoners nationwide and the number of inmates that are not registered. We are considering the possibility of creating polling units at Prisons so as to allow some prisoners to vote. Ghana does it and this also happens in many other countries, “ he said.

On the state of preparedness of INEC for the Anambra

election, Yakubu said: “In Anambra we have finished printing the election register, in triplicate, one in colour for the election year, then two copies in black, one of which will be pasted on the walls before the election for verification.”

He also said the commission is making plans on how to recharge the card readers during the Anambra governorship polls by deploying about 326 power generators to various areas in the state.

He also said that there are presently no security threats to the election in Anambra, adding that the commission has received assurances from its inter-agency committee on election security that there is no cause for alarm.

“Our level of confidence is a reflection of our level of preparedness, the preparation we have made for the Anambra governorship election is simply amazing,” he said.

In his remarks, the Convener of the Nigerian Civil Society Situation Room, Mr. Clement Nwakwo, asked INEC to ensure greater improvement in the Anambra governorship election by making sure that the election is conducted in most transparent manner.

BUSINESS PARTNERS

L-R: Chief Executive Officer, Standard Chartered Bank Nigeria Limited, Ms. Bola Adesola; President/CE, Dangote Group, Aliko Dangote; Chairman, Standard Chartered Bank Plc, Dr. Jose Vinals; and Group Executive Director, Dangote Group, Mr. Olakunle Alake, during a courtesy visit to Dangote Group Head Office, in Lagos...yesterday

BVN: Dabiri-Erewa Asks for More Time for Nigerians in Diaspora Alex Enumah ÓØ ÌßÔË The Senior Special Assistant to the President on Foreign Affairs and Diaspora, Abike Dabiri-Erewa, has appealed to both the Central Bank of Nigeria (CBN) and AttorneyGeneral of the Federation (AGF) to put modalities and logistics in place for Nigerians in the Diaspora to obtain their own Bank Verification Number (BVN) to avoid forfeiture of their savings in their respective bank accounts.

Her appeal was sequel to an interim order of forfeiture granted by a Federal High Court in Abuja on October 17, 2017 for the banks to show cause within 14 days why the balances in such accounts should not be

forfeited.

In a statement in Abuja by her special Assistant on Media, Abdur-Rahman Balogun, the SSA implored CBN to make it possible to all Nigerians in the Diaspora to have their BVN done in their countries of abode as there has been challenges in getting it before now.

Dabiri-Erewa in the statement claimed that Nigerians in the Diaspora have been remitting billions of US dollars back to the country on a yearly basis, the highest on the continent of Africa, thus contributing to the socio-economic development of the country.. ``I hereby appeal to the CBN to look into the challenges the Nigerians living abroad face in getting their BVN done

and extend the deadline for them to get the BVN done,’’ Dabiri-Erewa pleaded.

The presidential aide also pleaded with the commercial banks to make the procedure easier for their customers, especially those living outside the country, to be able to meet up with the new deadline.

The federal government had on September 28, 2017 instituted an action in court for the forfeiture of any balance in a bank account without a BVN. “This is why the AttorneyGeneral of the Federation should intervene in this matter to assist Nigerians living abroad who are disadvantaged by allowing them more time to comply with the BVN directive,” Dabiri-Erewa pleaded.

The present practice is that banks only permit deposits into such accounts. No withdrawal is allowed. Should the federal government succeed, the money is forfeited permanently.

Although the banks may challenge the action up to the Supreme Court, DabiriErewa reiterated her appeals to Nigerians abroad to urgently take steps to register for the BVN. Justice Nnamdi Dimgba of the Federal High Court, Abuja had on October 17, 2017 granted the interim order directing 19 commercial banks to file an affidavit of disclosure before the court, stating the names of the accounts as operated, account numbers and outstanding balances.

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Maina: Pension Thieves Are After My Life for Exposing Fraud Seeks Buhari’s protection to spill the beans Ejiofor Alike The former Chairman of the Presidential Task Force on Pension Reforms, Mr. Abdulrasheed Maina, has explained that he went into hiding to save his life from pension thieves who vowed to silence him for asking the former Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi OkonjoIweala, to stop multi-billion naira monthly allocations being shared by the thieves under the guise of paying pensioners.

Maina, who spoke to Berekete Family, an Abujabased Radio Show anchored

by Ahmed Isa, which could not be authenticated, said he was ready to come out from hiding to spill the beans with relevant documents if President Muhammadu Buhari would provide him adequate security.

The former pension boss recalled that his car was shot at three times and the windows shattered when he was returning from a meeting with former President Goodluck Jonathan and Okonjo-Iweala where they discussed about the money recovered by his task force.

According to him, what saved him from the attack was that Jonathan had earlier directed that he should be given a bulletproof car after he had complained to him about strange text messages, which threatened his life.

Maina denied stealing pension

money, saying that his task force did not have or operate any account and challenged anyone with proof that he was given any government money to present the proof to Nigerians.

“To start with, I did not take anybody’s one kobo and nobody has ever given me one kobo in Nigeria. Nobody has ever given me budget; nobody has ever given our office N10. The Office of the Head of Service (HoS) has always been in charge of our task force. Our task force include: 15 officers from the EFCC; 15 officers from the ICPC; four officers from DSS; two officers from NIA; 15 officers from the office of HoS; three officers from the Accountant General’s Office; three officers from the Auditor General’s office; two officers from the office of the Attorney General and Public Complaint Commission and some representatives of the National Association of the Nigerian Pensioners. I was only the head. Anything that happened in that task force must be endorsed by all these agencies before it is brought to me to endorse. So, why is it that people are calling Maina, Maina and not calling the task force? The reason is that I refused to bend backwards,” Maina explained.

Maina challenged anyone – whether the budget office or the ministry of finance that has ever given him money to show the proof to Nigerians.

He said instead of

appropriating government’s money, his task force recovered N282 billion, which OkonjoIweala lodged at the Central Bank of Nigeria (CBN), when the present Emir of Kano, Alhaji Muhammad Sanusi was the governor.

“This money, I have never seen in cash; I only see in paper. So, how did I come across the money? If there is anybody with proof of how government gave me money or how money entered into my account, let the person show the proof. People are talking on the newspapers. All this is because of the following: My team was asked to go and restructure the Police Pension Office. We went to the Police

Pension Office and we found out that they were taking N300 million every morning. I reported to the Minister of Finance and asked her if she approved N24 billion for payment of police pension arrears and she said ‘yes.’. I told her that the money was not being used to pay police pension arrears and that N300 million was removed every morning and these are the people that were removing the money.

The matter was referred to the EFCC and ICPC,” Maina said.

“The second thing was that they were allocating N1.5 billion every month for police pension.

We found out that the actual amount was N488 million.

That means that they have been stealing N1 billion every

month for so long. Definitely, I will have enemies. We had to ask the Minister of Finance to stop these payments,” he added.

Maina also stated that his team carried out biometric exercise, stressing that the exercise was approved by the Head of Service and not him.

According to him, all the agencies represented in the task force participated in the exercise.

“The task force never had or operated any account. It is the people who stole money and that are being prosecuted are the ones that paid money to the media to rubbish my name. They are rubbishing my name because they are afraid

that if Maina is around, Maina is going to reveal a lot of things. We blocked leakages in government and saved billions of naira for the government. We created e-payment and gave pensioners smart cards. That way, a pensioner will go and verify himself at his own time instead of lining up every month and dying in the process. We found out that the payroll of the Head of Service was N5.12 billion but the actual was N825 million. So, why should Maina go and tell the Minister of Finance to stop sending N5.12 billion?

That was my crime because this money was being shared all over,” Maina explained.

BPE Enlists Third-party Performance Evaluators 48 HEARTY CHEERS L-R: Speaker, House of Representatives, Hon. Yakubu Dogara, Celebrant, Hon. Nnenna Okeje ,House Leader,Hon. Femi for Gencos, Discos Gbajabiamila; Hon.Timothy Golu; Hon.Babangida Ibrahim; Hon. Nkole Ndukwe; Hon. Raji Olawale; and other members,at the 48th birthday celebration of Okeje, at the National Assembly in Abuja .....yesterday, Chineme Okafor ÓØ ÌßÔË

To address the gaps in its 2013 power sector privatisation and get operators of the seven power generation (Gencos) and 11 distribution companies (Discos) live up to expectations, the Bureau of Public Enterprises (BPE) yesterday advanced its plan to recruit independent evaluators to consistently monitor the operations of the Gencos and Discos.

The successful evaluators would sign an initial three-year contract with the BPE, and will always report back to it to enable it advise the government well on the sector.

It also opened the financial bids of investors interested in the privatisation of five brick making companies owned by the Nigerian Mining Corporation (NMC) in Plateau, Kano, Kaduna, and Bornu states.

The BPE stated at the opening of the financial bids submitted by nine companies shortlisted for the next stage of the exercise to pick evaluators for the Discos and Gencos in Abuja that the exercise was initiated to sustain the goals of the power privatisation.

Its Director General, Mr. Alex Okoh, stated that the process to

recruit independent assessors for the power firms started in 2015 with over 32 Expressions of Interests (EoIs) received, and from which only nine made it to the next stages and were thus shortlisted for final stage.

Okoh said in his remarks: “This is one of the most critical sectors of our economy and the federal government is desirous of seeing that the privatisation programme brings significant improvement to the sector.

“The Bureau’s role did not end with midwifing the privatisation of the power companies. Our mandate requires us to ensure the success of the privatisation through continuous monitoring of the enterprises for such periods as may be considered necessary and in line with the obligations covenanted in the agreements that the core investors and concessionaires signed with the federal government.

“The critical and complex nature of the power sector requires that BPE seeks the assistance of external consultants with the requisite experience and technical know-how to help put in place robust mechanisms to monitor and manage some of the postprivatisation challenges facing the sector.”

Court Orders Jonathan, Dasuki to Testify in Metuh’s Trial Today To rule on ex-NSA’s refusal to testify Alex Enumah ÓØ ÌßÔË Justice Okon Abang of the Federal High Court in Abuja has ordered that former President, Dr. Goodluck Jonathan, his then National Security Adviser (NSA), Colonel Sambo Dasuki, appear in court today to give evidence in the trial of former Publicity Secretary of the Peoples Democratic Party (PDP), Chief Olisa Metuh.

Justice Abang gave the order following a subpoena he signed against Jonathan presented before the court by the first defendant.

Metuh and his company, Destra Investments Limited, are standing trial on a seven-count charge of money laundering involving alleged cash transaction of $2million and fraudulent receipt of N400million meant for procurement of arms from the Office of the NSA at a time.

At the last adjournment, the counsel had argued for and against the motion by Dasuki asking the court to set aside its earlier order compelling him to testify in the trial of Metuh.

Abang who disclosed that he received Metuh’s application for a

subpoena to be issued on Jonathan at about 3.59p.m., yesterday in a brief ruling held: “Indeed, at the close of business yesterday being October 23, 2017, precisely at about 3.59p.m., the registrar forwarded to the court in chamber a subpoena to compel former President Jonathan to appear in court to testify at the instance of the first defendant (Metuh).

“Therefore, in line with section 241(1) of Administration of Criminal Justice Act 2015 and having regard to the subsisting judgment of the Court of Appeal in the appeal CA/A/159C/2017, between Metuh and Federal Republic of Nigeria dated September 29, 2017, to the effect that it will be tantamount to violating the right of the first defendant to fair hearing not to sign the subpoena.

“I have no other option than to sign a subpoena to compel former President Jonathan to appear in court on September 25, 2017, to give evidence at the instance of the first defendant.”

The judge also held that though ruling on Dasuki’s motion seeking to set aside an order compelling

him to testify in court for Metuh has been adjourned till today, but as at the close of yesterday, the order remains valid and in force, therefore Dasuki and the former president must appear in court today.

The Appeal Court sitting in Abuja on September 29 had subpoena Dasuki to appear as defence witness at the instance of Metuh.

However, Dasuki, through his counsel, Ahmed Raji (SAN) yesterday held that he cannot be compelled to testify in favour of Metuh.

Raji held that Dasuki as an accomplice, cannot be made to stand as a witness for the co-accused.

He said Dasuki has remained in detention despite a court ordering his release.

Raji pleaded with the court to suspend the subpoena execution, pending Dasuki’s release from DSS custody. “The law cannot command what is impossible,” he submitted.

He also pleaded with the court to “bend backward and grant the application.”

However, counsel to Metuh, Onyechi Ikpeazu, urged the court to discountenance Raji’s submission, adding that he had countered it with 14 paragraph counter affidavit and written addresses.

He argued that with the court’s signing of the subpoena, the judge was merely abiding with the relevant sections of the constitution, and urged the court to dismiss Dasuki’s prayer.

According to Ikpeazu, “In this case, he (Dasuki) is neither the first or second defendant. He merely appears as particular of offence of the first and second defendants.”

He argued that the process not to abide by Court of Appeal order would be an affront on the court.

The prosecution counsel, Tahir Sylvanus, who also objected to Dasuki’s motion, in an oral application, objected to Dasuki’s motion on four grounds.

Justice Abang in adjourning the case to today, said there was need to reserve ruling to another date to allow the court go through authorities cited by counsel.

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Nigeria Sliding Dangerously, Needs Urgent Rescue, Group Laments Sunday Okobi A new political movement, New Nigerian Nationalists (NNN), has expressed great sadness that the country is going through the most dangerous time in its history, adding that if the people hesitate to muster the courage to halt the sliding, Nigeria would be badly decimated beyond repairs.

The leaders of the politically-charged group called for the rescue of the country at a world press conference held in Lagos yesterday, where they also decried the crass lack of quality and visionary leadership, adding that NNN is poised to take over the mantle of leadership of the country

and provide good governance that would touch the lives of the people as well as heal their wounds.

While blaming instability in the Nigerian society on ‘total lack of discipline, impunity, collapse of the educational system, lack of societal value among others’, NNN, called on all well-meaning Nigerians to join the movement for good.

“While we carry on with careless indifference and wanton abandonment, it is sad to acknowledge that Nigeria is once again at the most dangerous time in its entire history that is next to probably civil war which has left the country badly decimated.”

According to a Board

House C’ttee Hands Shell, Others One Week Ultimatum to Show Gas Flaring Penalties James Emejo ÓØ ÌßÔË The House of Representatives Adhoc Committee investigating revenue leakages in the Department of Petroleum Resources (DPR) yesterday issued a one-week ultimatum to multinational oil firms including Shell and other International Oil Companies (IOCs) to submit documents covering gas flaring penalties.

Other IOCs affected are ExxonMobil, Agip Oil, Chevron and Total.

The committee, headed by Hon. Jarigbe Agom Jarigbe (PDP, C/River) said last week that based on its findings, the sum of N6 trillion had so far been lost to revenue leakages between 2016 and 2017.

Also requested are royalties on natural gas liquid, signature bonus and bid round fees.

The committee said the loss was largely due to DPR’s inability to exert itself as a regulatory body in the petroleum industry, which provided a leeway for IOCs to

meet their financial obligations.

Investigations revealed that IOCs are supposed to pay $3.5 on every 1000 SCF of gas flared.

However, it was gathered that most of them do not meet up such obligations.

Jarigbe said: “Let them (IOCs) know that we’re giving them one week to provide the details on those revenue items.

We will send them letter and they should respond within one week.”

The committee had also sent out letters to the Central Bank of Nigeria (CBN), Duke Oil, the Federal Inland Revenue Service (FIRS), the minister of state for petroleum resources, Ibe Kachikwu and the Nigeria Products Marketing Company (NPMC). Only NPMC had responded.

The committee, therefore, gave those that were yet to respond one week or lawmakers would be left with no option than to invoke their powers under relevant sections of the constitution to compel the bodies to respond.

Sujimoto Bags International Award Luxury commercial real estate and hospitality company, Sujimoto Construction; has been recognised by the International Property Awards for value creation in Nigeria’s real estate industry.

The Chief Executive Officer of the company, Sijibomi Ogundele, said the approach of excellence and attention to detail that went into the firm’s Medici development earned it the award.

He added that the same approach would be deployed in the company’s new project, GuilianoBySujimoto, situated in Banana Island.

“Report cards don’t deceive, rather, they are key indicators of a strong performance; reminding us of what we have done right, where we

are now and how we can do better,” he said.

Ogundele said he believed that from the stages of planning and architectural design in real estate development, mediocrity was not an option.

He said: “If we want to be top three in Africa and top 10 in the world, we need to think customers first. Innovation must be the foundation of our projects and diligence should be embedded in our DNA. This explains why we stand shoulder to shoulder with renowned companies from Asia to Africa and Europe.

“This has ignited a fire to remind us that the starting point for customer satisfaction is value creation and we promise to never stop.”

of Trustees (BoT) member, Paul Erinne in his speech, the festering sores of the Nigerian civil war has refused to heal after 50 years due to “leadership that could not effectively tender and heal the wound.”

Erinne said: “All the three major spheres of our national life are almost completely broken down. Politically, the Nigerian nation is at sea as leadership has completely lost grip and understanding of what national progress is all about, while all social structures and infrastructures of managing the society have almost totally collapsed. Our system and processes have become ghost of themselves.”

He added that while social safety nets have worn out into absolute despair, the country security is down to ground zero, adding that “today, Nigerian politics is begging for urgent and serious intervention, hence the NNN movement, which is ready to rescue, revive and reactivate

the country and put her back on a noble and desirable path of safety, security and stability.

The nationalist lamented that those who spearheaded the fight against the country’s slide into the cesspool of corruption of its fundamental value system were thoroughly eliminated and shoved out of the polity.

In her remark, the National Coordinator of the NNN, Mrs. Foluso Makanjuola-Oyenuga, who accused the Nigerian elite for being the beneficiaries of the failed state of the country, described the recent Independence day celebration as a show of shame as there was nothing to celebrate “because majority of the people they claim to serve have been abandoned to perpetually live in abject penury.”

While also berating the political class for also refusing to spend the stolen commonwealth of the people in Nigeria, Makanjuola-Oyenuga, who also announced that they have contacted the

Independent National Electoral Commission (INEC) on their plans to form a formidable political party, alleged that “they (political elite) practically live abroad, holiday abroad, study abroad, seek medical treatment abroad; establish businesses abroad and they only come to Nigeria to take the money they need to fund their international opulence.

“Even when they are home, they do not moderate their tastes. They bully us off the streets with their long convoys of exotic and rare vehicles loaded with whip and gun wielding security guards as if our people are common animals to be constantly beaten into line.

“They build fantastic estates with proceeds fraudulently made from our common patrimony and create a world of insensitive affluence in the midst of pervasive poverty.

They have regular water provision, constant power supply, impregnable security or so they assume, among other

good necessaries of life that the majority of their fellow citizens are perpetually denied.

These overindulged leaders of the Nigerian nation have good reasons to celebrate.”

She noted that celebration of any kind in the country would start when the lives of the people begin to have meaning and the government and the society begin to place the necessary and ultimate premium on the life and wellbeing of every citizen of the nation.

“Celebration would start when the resources of the country are adequately and effectively deployed to provide meaningful living for every Nigerian without any form of discrimination. We shall celebrate when food is made available to all of us after appropriately harnessing the abundant agricultural potentials of the country. For us, celebration would start when there are good medical services for all the citizens,” the national coordinator insisted.

CONSULTATIVE MEETING

L-R: Former Minister of Niger Delta Affairs, Mr. Godsday Orubebe; former Deputy Senate, President, Ibrahim Mantu; former Governor of Ogun State and National Chairmanship aspirant of PDP, Otunba Gbenga Daniel; former FCT Minister, Mohammed Abba Gana; and Nicholas Mcheliza, during a consultation meeting with PDP stakeholders across the country in Abuja......yesterday

Orji: Those Seeking My Prosecution over N2.6bn Fraud Allegation are Faceless Jonathan Eze Former Governor of Abia State, Senator Theodore Orji, has described a civil society organisation seeking his prosecution over a N2.6billion fraud allegation by the Economic and Financial Crimes Commission (EFCC) as faceless and cowards.

A group known as ‘The Concerned Citizens of Nigeria’ (CCN), had published last week in some national dailies urged the anti-graft body to begin an immediate prosecution of the former governor.

However, in a statement

by Orji signed by his Special Adviser, Media, Mr. Don Norman Obinna, and sent to THISDAY yesterday, said it delayed in reacting to the report

because it needed to conduct a comprehensive search with the Corporate Affairs Commission (CAC) to ascertain the true status of the group in order to enforce its civil right, using the court of law.

The statement reads in part: “We are compelled to respond to a trending fake report in the media calling for the arrest and prosecution of Orji over a nonexisting fraud of N2.6billion.

This lie validated with a fake name was published in some national dailies on Sunday, September 22, 2017 and September 23, 2017 and some online news portals.

“Our reason for being taciturn since the publications hit the newsstand and social media was to conduct and conclude a comprehensive search with the

Corporate Affairs Commission (CAC) to ascertain the true status of this so called association in order to enforce our civil right.

“The objective was to deflate their bloated ego and make them sulk by demanding for a retraction and apology to be published in three national dailies within a specific time or face the consequences of their rascality.

“We thought this approach prudent as we believe that it will put an end to multiplicity of spurious petitions of misappropriation against Orji to the EFCC by disgruntled elements hiding under pseudo associations to bring his political image and integrity to their wretched level.

“Unfortunately our plan was halted after painstaking search

as investigation confirmed that the association - The Concerned Citizens of Nigeria and its purported President, Mr. Taiwo Akinyele, were pseudonyms with no contact address or phone numbers, except a Facebook page and a dormant website impulsively created to give respiration to the unregistered fake group.

“We find It pathetic how those who saw themselves as hegemons while in power few years ago and notorious svengalis (with coercive use of state security apparatus) will resort to this display of contemptible cowardice – like scared dogs with tails in between legs – in their self-defeating fight against Orji who rather than reviled is being serenaded by Nigerians.

53

WEDNESDAY, OCTOBER 25,2017˾ T H I S D AY

NEWSXTRA

11 Killed, 23 Injured in Kogi Road Mishap Yekini Jimoh ÓØ ÙÕÙÔË No fewer than 11 people have been killed and over 23 injured in a road accident on the AuchiOkene road in Okene Local Government Area of Kogi State.

The accident which occurred last Monday night, involved two vehicles, a trailer fully loaded with cows coming from the North to the eastern part of the country and a Toyota Corolla car, at a sharp corner at a check point in Okene.

The trailer marked XE 914 KTN, was said to have hit the

Corolla with registration number BWR 756 BJ from the back.

The trailer was said to have fallen in the process following which the people on top of the coach housing the cows fell with the cows and died.

Six persons were said to have died on the spot, while the remaining five died either on the way to the hospital or in the hospitals.

It was gathered that the accident must have been as a result of overspeeding by the trailer driver, who was also accused of dozing off while

driving.

The sector commander of the Federal Road Safety Commission (FRSC), Oluwasegun Martins, who confirmed the accident, said 11 people died while 23 were injured.

According to him, those wounded were taken to God’s

Mercy Hospital, Okene, while those with critical situation were taken to the Federal Medical Centre (FMC) in Lokoja.

Meanwhile, the administrator of Okehi Local Government Area, AbdulRaheem Ohiare, who was at the scene of the accident, lamented the loss of

lives on the highway.

The visibly sad council boss said the level of accident along the road was high and worrisome, urging the federal government to urgently do something about the sharp bend.

He noted that both sides of

the road are not good, and need urgent repairs to prevent further loss of lives and property.

Ohiare however urged motorists to observe all road safety regulations and make sure that they correct all faults on their vehicles before plying the road.

Gunmen Kidnap Two Expatriates, Kill Two Policemen in Kogi Yekini Jimoh ÓØ ÙÕÙÔË Two expatriates working on the Obajana-Oshokoshoko road construction in Kogi State have been kidnapped by some gunmen as two police officers attached to them were also killed.

THISDAY yesterday reliably gathered from an eyewitness account who narrowly escaped from the scene of the action that the incident occurred last Monday, saying the gunmen were suspected to be kidnappers.

According to the source, the incident happened at about 7p.m., adding that the gunmen numbering about 15, were fully armed with AK47, emerged from the bush.

He stated that while one of the foreign nationals identified as Jose Machada was inspecting an ongoing road construction, the Obajana-Kabba project being handled by AG Dangote Company Limited, the gunmen opened fire which led to gun battle between the police and

the suspected kidnappers, killing one of them identified as Sgt Gini John on the spot while the second policeman, Inspector Ezekiel Negedu, who was also shot, died later at the hospital.

THISDAY further gathered that the gunmen kidnapped the expatriate engineers and fled into the bush with them.

However, the state Police Public Relations Officer, Mr. William Aya, confirmed the incident.

He added that two of their men died in the process while the expatriates were kidnapped in the process.

The state police spokesman said the Commissioner of Police immediately directed the Deputy Commissioner of Police (DCP) in charge of operations and other operatives to move to the bushes to rescue abducted expatriates.

Aya said the state police commissioner has personally visited the scene of the incident, promising that efforts were being made to rescue them..

Abuja Court Warns EFCC against Misrepresenting Proceedings Alex Enumah ÓØ ÌßÔË Justice M. M. Kolo of Federal Capital Territory High Court, Abuja yesterday cautioned the Economic and Financial Crimes Commission (EFCC) and the media against misrepresenting court proceedings their reports.

The judge gave the caution during the trial of some former officials of the Amnesty Office, following complaints by their lawyer, Mr. Gerald Ezeuko (SAN).

The EFCC had put Mr. Henry Ugbolue and Mr. Larry Pepple, former aides of Kingsley Kuku, Special Adviser to ex-President Goodluck Jonathan on Niger Delta Affairs, on trial over alleged criminal conspiracy, false declaration of assets and fraudulent acquisition of property.

Ezeuko had at the commencement of the proceedings drawn the attention of the court to different newspaper reports of the last proceeding in the matter, complaining that there were gross misrepresentations of court proceedings in the stories, which he noted, were based on a statement issued by Wilson Uwujaren, the spokesman of EFCC. He added that the statement by the EFCC spokesman with the title, ‘How Kuku, Aides, Pocketed Over N35.2m from

Amnesty Funds,’ which was reproduced verbatim by many publications online and in print was not the actual representation of what happened in court as Kingsley Kuku was not one of the defendants in the ongoing trial.

“The best tradition of the law is that parties should respect the dignity of the court instead of making prejudicial statements,” the defence lawyer said.

But the prosecution lawyer, Mr. E. Ukaegbu, argued that the EFCC could not be held responsible for the publications, an assertion which was rebuffed by the defence lawyer who specifically called attention of the court to the fact that the spokesperson of the anti graft agency was quoted as the source of the reports.

The defence lawyer, therefore, asked the court to call the EFCC and its spokesman to order.

Responding, Justice Kolo noted that he had also been a victim of such misrepresentations in the past and warned parties against engaging in media trial.

He assured the parties that such media reports would not influence the decision of the court: “What can I do? It has happened before to this court.

Kuku is not before me. It (media reports) will not deter me from doing my job.”

BRAND AMBASSADORS

L-R: Chief Executive Officer, Gemstone Group, Fela Dorutoye; Managing Partner, Brandzone Consulting LLC and Convener, National Branding Conference, Chizor Malize; Co-Founder & CEO, BudgIT, Seun Onigbunde; Founder, The Revive Nigeria Group, Aisha Waziri Umar; and Chief Executive Officer, Nairametrics, Ugo Obi-Chukwu, during the launch of the #ReThinkNigeria/IAmTheBrand campaign for Nigeria by Nigerians launched by Brandzone Consulting LLC at the National Branding Conference in Lagos... recently

Defendant Confessed Voluntarily to Defrauding Titi Atiku, Witness Tells Court Akinwale Akintunde A retired detective with the Economic and Financial Crimes Commission (EFCC), Mr. Dickson Graymond, yesterday told an Ikeja High Court that a pastor, Nsikakabasi AkpanJacobs, confessed voluntarily to defrauding Mrs. Titi Atiku, the wife of former Vice-President Abubakar Atiku of N918 million.

Graymond disclosed this at the resumed trial of a 14-count charge bordering on conspiracy, stealing and fraudulent conversion of property worth N918 million belonging to THA Shipping Maritime Services Ltd preferred against Akpan-Jacobs and others by the EFCC. The EFCC had charged Akpan-Jacobs; Abdulmalik Ibrahim, a lawyer; and Dana Motors Ltd with a 14-count charge bordering on conspiracy, stealing and fraudulent conversion of property worth N918 million belonging to THA

Shipping Maritime Services Ltd. THA Shipping Maritime Services Ltd, a company created in 2000, is owned by Titi Atiku, Akpan-Jacobs and Fred Holmes, her German business partner.

According to the EFCC, welding a fraudulent shareholding power, AkpanJacobs also sold a property belonging to the company to Dana Motors Nigeria Ltd for N918 million.

At yesterday’s proceedings, the witness, who was led in evidence by EFCC counsel, Mr. Babatunde Sonoiki during a trial-within-trial investigating the voluntariness of Akpan-Jacob’s alleged confessional statement to the anti-graft agency said “There are so many things that he confided to me that he refused to put into writing.

“He admitted to me that Florence Doregos was Titi Atiku but he refused to put that into writing.

“He confided to me that he

wanted to contest in the AkwaIbom elections and that as soon as he begs Her Excellency, the matter will be over.

“All what he told me were not forced, I did not even force him to write all what he confided in me in his confessional statement.

“All what he said in his statement was of his own free will.”

During his cross-examination

by Mr. Amos Ibe, Akpan-Jacob’s defence counsel, the retired detective denied illegally detaining the pastor in EFCC custody for three weeks and denying him access to legal representation.

“The first defendant (AkpanJacobs) was served with bail conditions by the EFCC but he could not provide sureties and we could not grant him bail on self recognisance because of the gravity of the case against him.

“He did not spend three weeks with us but six days and

he was given the opportunity to produce a lawyer but he refused saying he will write his statement on his own.

“Dapo and Chima (EFCC operatives) did not force him to write any undertaking,” he said.

Graymond also denied bringing Akpan-Jacobs to the Abuja office of the EFCC on the influence of Titi Atiku.

Earlier, during the proceedings, Ibe had objected to the tendering of statements Akpan-Jacobs had made at the EFCC offices dated February 6, 12, and 13, 2009, March 4 and 5, 2009 and April 2, 2009 on the grounds that they were not given voluntarily.

Following Ibe’s objection, Justice Oluwatoyin Ipaye in a ruling ordered that a trialwithin-trial should commence.

Justice Ipaye adjourned the case till October 25 for the continuation of the trial-withintrial.

NEMA Commences Payment of Allowances of Striking Staff Damilola Oyedele ÓØ ÌßÔË The National Emergency Management Agency (NEMA) has commenced payment of overtime and other allowances to its 778 staff, in a bid to avert another strike by its workers.

This is as the management of the agency called for an urgent review of its establishment.

Act to incorporate several issues which became a matter of contention with the union.

The Director General of NEMA, Mr. Mustapha Yunusa Maihaja, speaking when he appeared before the Senate

Committee on Special Duties said at least 200 staff have received alerts for overtime allowances, after verification, as at 2.30p.m. yesterday.

He disclosed that the payments continued as part of resolutions reached with the workers and officials of the Labour Ministry at a mediatory meeting on Monday.

Maihaja however told the committee chaired by Senator Abdulaziz Nyako (Adamawa APC) that hazard allowances which were requested for by the workers cannot be paid.

While such allowances are particularly necessary because

of the risks the workers are exposed to in responding to emergencies in different parts of the country, hazard allowance is not captured in the constitution or enabling act of the agency, Maihaja said.

He added that the demand for group life insurance by the workers is already being worked on by the management in conjunction with the relevant ministries, but cannot be concluded in a week.

The Chairman, Nyako harped on the need for harmony between the management and workers of NEMA due to the strategic importance of the agency.

“You know how important the organisation is. It is therefore crucial that harmony exists in the organisation particularly at a time like this when we are under stress.

“You have seen searchlight beamed on you due to the activities you are carrying out all over the country.

So it is necessary to resolve these issues,” Nyako said.

Nyako directed the agency to submit a progress report on the resolutions within two weeks.

The committee would hold a meeting with the workers representatives today.

54

WEDNESDAY, ͺͽ˜ ͺ͸͹Ϳ ˾ T H I S D AY

WEDNESDAYSPORTS NFF: We Will Not Impose Players on Rohr

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

Olawale Ajimotokan with agency report The Nigeria Football Federation (NFF) has insisted that it was not going to impose players on the Technical Adviser of the Super Eagles, Gernot Rohr, as the Franco-German gaffer starts searching for players to make impact at the World Cup in Russia next year.

Nigeria is the first country in Africa to book her passage to the Russia 2018 Mundial even with a game to spare.

Speaking in Abuja yesterday, General Secretary of the NFF, Dr Sanusi Mohammed insisted that allegations by some sections of the Nigeria media that the Glass House is trying to force some players on the coach are not true.

“The football house will not in any way interfere in Rohr’s choice of players and goalkeepers for the national teams.

“We gave Rohr a free hand to pick whoever he feels capable of playing in the Super Eagles, so long as the player will respect and honour the nation when called upon,” Sanusi told AOIFootball.com.

The NFF scribe also added his view to the recent report on the possibility of former Enyimba shot-stopper Vincent Enyeama’s return to the Eagles’ fold, saying it’s a decision that lies solely with the team’s coaches.

“I won’t say we are in support of his decision to bring back Enyeama, neither

will I say we are against it; Rohr’s decisions are final on this issue so he knows what is best for him and the team,” concludes the NFF scribe.

Vincent Enyeama has been out of the national team since his last scuffle with former Eagles’ handler, Sunday Oliseh who stripped the Lille goalkeeper of the captain armband.

However, following the unfortunate illness of current No 1 Carl Ikeme, speculations have filled football circles in the country that Enyeama was on his was back to Eagle to reclaim the Number One jersey to the World Cup in Russia.

Though both Daniel Akpeyi and Ikechukwu Ezenwa have kept faith with the team, the later was in-charge of Eagles last three outings- the double header against Cameroon and the clash with Zambia in Uyo. The FC IfeanyiUbah safe hands conceded just one goal in the one all draw in Yaounde and kept a clean slate in both matches in Uyo. Akpeyi on the other hand remains a suspect following his poor showing against South Africa in the AFCON 2019 Eagles lost 2-0 in Uyo. Dele Alampasu remains untested yet since his invitation to the senior national team.

Enyeama however remains the most experienced shot stopper the Super Eagles might rely upon going into the World Cup next year.

NCC Tennis League Resumes With Crucial Decider in Port Harcourt The NCC Tennis League is to resume this weekend, Saturday October 28 and Sunday October 29, with a decisive tie at the Port Harcourt Club between 2015 runners-up Team Civil Defence of Abuja and host Team Kalotari.

The League had gone on a two-week recess on account of the Governor’s Cup Tournament which ended in Lagos last Saturday.

The Port Harcourt tie will feature some of the best players in the country including four present and former national champions with the winner getting the second semifinal spot from the Blue Group. Team Muller of Lagos which had beaten both teams has already secured top spot.

Team Civil Defence has national champion Abdulmumuni Babalola and former national champion Clifford Enosorogbe as the leading male players with Christie Agugbom, current women’s champion, as their lead female player.

These champions will however have to contend with a more youthful side led by Christian Paul, National Sports Festival champion, who got to the round of 16 in singles and the quarterfinals in doubles at the

Lagos Governor’s Cup. The team also has fast improving Ikechukwu Iloputa a quarterfinalist in doubles at the Governor’s Cup and national junior girl’s champion Angel Mcleod.

The tie will feature two men’s singles, a ladies singles and a men’s doubles on the first day and two men’s reverse singles and a mixed doubles on the second day.

The two other ties from the Blue Group will take place in Lagos.

Team VGC Lions will host Team Optiweb of Ilorin at the VGC Sports Club in Lekki- Lagos while Team Muller will take on Team Oluyole of Ibadan at the National Stadium Surulere, Lagos.

The NCC Tennis League which has now reached the business end with the final round robin ties is offering a consolidated prize money of N23 million and has taken topflight tennis to 12 different cities in Nigeria.

The champion team bags N7 million, runner-up N5 million, third place N3 million and the fourth place N2 million.

The final round robin ties for the White Group will take place in Abuja, Jos and Kaduna next weekend.

ENGLAND – EFL CUP RESULTS Bournemouth 3 - 1 Middlesbrough Arsenal 2 - 1 Norwich City Bristol City 4 - 1 Crystal Palace Leicester City 3 - 1 Leeds Utd Swansea City 0 - 2 ManUtd Man City 4 - 1 Wolverhampton

IHEANACHO SCORES FIRST LEICESTER GOAL…

£25m-man, Kelechi Iheanacho, who has struggled for Leicester City since joining in the summer, scored his first goal for the Foxes yesterday in their clash with Leeds United in the Carabao Cup… Leicester won 3–1

Why We Want Friendly with Nigeria, By Argentina Coach Head Coach of the Argentina national team, Jorge Sampaoli, has defended the choice of La Albicelestes playing a friendly with the Super Eagles.

“We chose Nigeria as an opponent because we believe they can offer us the kind of strong competition we need before the Mundial next year.

“They (Nigeria) are a very physical side, and also technical in their style of play, which is totally different from the teams

we faced during the World Cup qualifiers. Nigeria also has some very good players,” Sampaoli said.

The former Chilean national team coach also praised Nigeria as one of the best teams, despite being fifth in the African ranking.

“For now, they are one of the best teams in Africa, which tells a lot about their qualities. We are expecting a very challenging game from Nigeria. They are good in several ways.

“The FIFA ranking sometimes do not reflect the real situation of a nation’s playing strength, they beat the African champions convincingly in the qualifiers, which shows how good they are and we must approach the match with all seriousness,” Sampoli concluded.

The Super Eagles will face the two- time world champions in an international friendly at the Krasnodar Stadium in Russia on November 14.

Argentina coach, Jorge Sampaoli

NPFL NEWS…NPFL NEWS…

Abia Warriors Unveil Everton as New Manager Abia Warriors Football Club of Umuahia has formally unveiled Brazilian Coach, Rafael Everton Lira as its new Manager.

At a short but impressive ceremony which took place at the Warriors home ground in Umuahia, Club Chairman, Chief Emeka Inyama disclosed that the former Fluminense FC of Brazil playmaker, has signed a two-year contract with the Abia State owned club.

Chief Inyama said in signing Everton, Abia Warriors has given him the mandate to restructure and re-organise the playing architecture of the club in order to achieve the required results.

In an answer to a question, the Abia Warriors Chairman said the club, having sojourned in the elite division of the Nigerian league for four seasons, now has a bigger ambition and has therefore given Everton

the mandate to be part of the big contenders for the league at the end of the season as well as groom marketable players for the business of the game.

He assured the coach of management’s support at all times and wished him the best in his new assignment.

Responding, Everton said he has come to Umuahia with the intention of making the club one of the best in the land

adding that he was happy with what he has seen on the ground.

Everton, who also played for Sport Club Do Recife before he hung his boots as a player, said he recognises the challenges before him as the new Abia Warriors chief tactician and hoped he would help the club realise its ambition of at least getting one of the continental slots at the end of the season.

Niger Tornadoes to Recruit Eight New Players Laleye Dipo in Minna Niger State owned Niger Tornadoes Football Club of Minna is to recruit eight new players to beef up the team ahead of the next Nigeria Professional Football League (NPFL) season.

However, the management of Tornadoes has restricted the ages of players to be recruited to between 24 and 25 years old age bracket.

The Public Relations Officer of the club, George Daniya, quoted head coach of the team, Abubakar Bala, as insisting that lack of bite in the attack of team last season was partly responsible for the middle of the table finishing of the Minna team.

“We created so many chances last season of which we converted very few. The only option we have now is

to strengthen the squad and our attack,” the coach was quoted as insisting. The technical crew of the team is also looking at the midfield and defence. Already, 13 players from NPFL teams have been invited for screening while the number of players to be fired from the present squad has not been disclosed.

The coach hinted that camping ahead of the new football season is to begin soon either

in Kontagora or Bida.

As part of the pre-season programme of the club, Tornadoes is to take part in the Gold Cup Tournament scheduled to hold in Ilorin Kwara State.

Tornadoes FC was runners up at the 2017 AITEO Cup, losing to Akwa United on penalty shoot out.

The club was also placed 11th on the 2016/2017 NPFL final table.

T H I S D AY ˾ WEDNESDAY, OCTOBER 25, 2017

55

WEDNESDAYSPORTS

Top Premier League Clubs Dump Global TV Right Plan Proposals to end the equal distribution of overseas television money have been abandoned after Premier League clubs failed to reach an agreement.

The six richest clubs Manchester City, Manchester United, Tottenham, Arsenal, Liverpool and Chelsea - wanted their appeal reflected in their income.

A plan suggested 35 per cent of revenue from the sale of global TV rights should be divided based on league position.

But a meeting set for Wednesday was called off as no decision was close.

The Premier League said on Tuesday: “It has become clear that there is currently no consensus for change, meaning tomorrow’s club

meeting is not necessary.”

At the first meeting between the 20 Premier League teams on October 4, it had become clear that the plan - presented by the league’s executive chairman Richard Scudamore - was significantly short of gaining the support of the 14 clubs needed for it to be passed.

The £3bn overseas television deal for 2016-19 generates £39m annually for each club - and for the previous 25 years, there has been an equal sharing of international broadcasting income between the clubs.

But contracts for international markets such as China and the United States for the period between 2019 and 2022 have risen significantly in value, and the big six clubs had planned on trying to secure a greater share.

Leicester City Accepts FIFA’s Sanction Leicester City will not appeal to the Court of Arbitration for Sport (CAS) against FIFA’s decision to reject Adrien Silva’s registration.

FIFA made the ruling after paperwork on 28-year-old Silva’s £22m move from Sporting Lisbon was 14 seconds too late on the August 31 deadline day.

The Foxes wanted to go to CAS but said “FIFA will not support an expedited process”.

Silva can only start playing for them when January’s transfer window opens.

The club said it has been forced “to reluctantly accept the single-judge ruling of FIFA’s players’ status committee

without reasonable opportunity for independent arbitration that is timely enough to be effective”.

They added: “Our frustration at the denial of effective due process doubles our disappointment at the original outcome and while the club is now essentially powerless to continue to challenge the decision, we will continue to support Adrien in any personal appeal he wishes to undertake.

“We intend to register Adrien at the earliest opportunity. In the meantime, he will remain under our care, training with the squad under the supervision of our coaching, medical and sport science staff.”

Martins, Abdulhameed Lift Lawyers Table Tennis Open History was made at the just concluded Lawyers Table Tennis Open (Mfon Usoro Cup) as Yetunde Martins knocked off seven-time winner of the competition,, Titilayo Osagie, to clinch the title of female category of the tournament.

Martins who had always come out second best against her Ikeja Bar compatriot, Titilayo dug in deep in the final set to win a tense affair at the Tennis court inside National Stadium.

Speaking on the tournament, its patron, Mfon Usoro said that the competition is aimed at encouraging healthy living with good progress witnessed yearly.

“We started this competition to encourage Lawyers to imbibe healthy living and sportsmanship. It’s quite delightful to see a new winner in the female category. It’s a demonstration of the progress made by Martins and the tournament as a whole,” she said.

National Welfare Secretary

of the NBA, Adesina Adegbite who was also at the event commended the participants and the organisers for the initiative. He also pledged to drum support for the sporting event at the national level of the NBA to ensure that its profile is further raised.

“I congratulate everyone who has participated here today.

It’s was quite interesting and refreshing to see Lawyers do sports. I’d like to thank the organizers for their consistency in doing this yearly. I’ll embark on a personal drive to drum support for this initiative at the national level of the NBA. I would also like to encourage all Lawyers across the country to come in next year and let’s do this together,” he noted.

In the men’s category, Tunji Abdulhameed defended the title he won last year to retain the trophy as winner of the Men’s Category while Kabir Adeleke and Cisan Ezeikpe both settled for second and third places in both categories.

L-R: Director, Pepsi Football Academy(PFA), Kasimawo Laloko, Senior Brand Manager, Seven-Up Bottling Company Plc (SBC), Segun Ogunleye and Head of Marketing, SBC, Norden Thurston (3rd left) addressing coaches and players at PFA Under 1–13 Football Festival in Ibadan…last Saturday

House to Hold Final Public Hearing on NFF Act Today Femi Solaja The House of Representatives Committee on Sports is to hold a public hearing today on the bill proposing to repeal the Nigeria Football Association (NFA) Act. The upper chamber of the National Assembly (the Senate) had earlier conducted its own hearing on the same NFA act and passed it to the Presidency for assent.

Today’s public hearing in the lower chamber is scheduled to hold at the Conference Room 028, New building of the Assembly complex in Abuja

starting from 10 am.

In a paid advertisement signed

by Rt. Hon Goni Bukar Lawan, the House Committee on Sports is inviting the general public and stakeholders to vent their airs on the bill seeking to repeal the Nigeria Football Association Act, CAP. N110, Law of the Federation of Nigeria, 2004 and enact the Nigeria Football Federation (NFF) Act. Another bill for discussion at today’s hearing is the Act establishing the Nigeria Sports Anti-dropping Agency, the body responsible for carrying out all functions of the Nigerian anti-

doping organisation.

The committee will also discuss the bill for an Act to provide for the Administration and Management of Sports in the country.

This body is to handle the establishment of sports institutions and facilities, harness sports development and to encourage and promote drug-free sports and recreation in Nigeria.

Over the years, football stakeholders have clamoured for the autonomy of the Glass House from government control.

But the government that has been funding almost all its

activities has been exerting influence through the supervising Federal Ministry of Sports.

Total government control has made it impossible for any incumbent president of the NFF (A) to seek re-election and most corporate bodies shy away from partnering the football federation.

The administration of Alhaji Sani Lulu Abdullahi at its 2008 Congress approved the change of the then NFA to NFF in line with FIFA Statues.

However, that change remained mere paper work as it has no legal backing.

Russia Increases World Cup Budget Russia has increased the budget for the 2018 World Cup by $600 million, according to a decree published on the government’s official site yesterday.

The decree said that the overall cost for the preparations

for the tournament will rise by 5.4 per cent – from 643.5 billion rubles to 678 billion rubles.

Russia’s federal budget will allocate 390 billion rubles, while 91.9 billion rubles will come from the regional budget.

The rest will come from companies and sponsors named as “legal entities” in the decree.

Russia already increased the World Cup budget in May by 4.7 billion rubles after

slashing it by 30 billion rubles in June 2015 in the wake of the economic crisis.

The competition will be played in 12 stadiums in 11 cities from June 14 to July 15 next year.

Nigeria Will Perform Well at Russia 2018 Says Okumagba Laleye Dipo in Minna National Chairman of the Nigeria Football Supporters Club, Mr. Vincent Okumagba, has expressed optimism that the Super Eagles will perform well at next year’s World Cup in Russia.

Okumagba made the remarks when he inaugurated the Niger State chapter of the NFSC at the UK Bello Arts Theatre in Minna last Saturday.

Okumagba hinged his

optimism on the calibre of players in the national team and their determination to excel as displayed during their qualifying round matches.

Nigeria has already qualified for the world tournament even with a match yet to be played.

Okumagba however urged Nigerian football authorities to begin early preparation stressing that friendlies should be arranged for the team to keep the players in shape for the Mundial.

“Nigeria’s appearance at the World Cup next year is coming with a difference we are sure of doing well if not getting to the finals and that’s why the NFSC would do everything within our power to mobilise strong supporters to Russia “Today’s event is a remarkable one for the state and the national body because my tenure has promised to open more chapters across the country and we have just begun with Niger State,” Okumagba noted.

Niger State Chairman of the NFSC, Mohammed Mohammed, thanked the national body for the inauguration of the state chapter and promised that the leadership would immediately begin registration of members.

Mohammed disclosed that very soon the grand patron who is also the governor of the state would soon be decorated while other critical stakeholders would contribute to the success of Super Eagles at next year’s Mundial in Russia.

TR

Wednesday October 25, 2017

UT H

& RE A SO

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Price: N250

MISSILE

NSE to OANDO “The NSE should implement a full suspension in the trading of the shares of Oando Plc and effective from Friday, 20 October 2017 and until further directive, the exchange should implement a technical suspension in the shares of Oando Plc” – The Nigerian Stock Exchange (NSE) wielding the big stick by suspending Oando oil and gas company shares pending the completion of its investigations into allegations of infractions levelled by two of its majority shareholders.

eniola.bello@thisdaylive.com

@eniolaseni 08055001956

For Buhari, 2019 Began in 2015

T

he maneuvering for the 2019 presidential race appears to have begun in earnest. Politicians particularly those in the ruling APC (All Progressive Congress) and the main opposition PDP (Peoples Democratic Party) have started their nocturnal meetings, working on different schemes and scams, crisscrossing the country on shuttle and not so shuttle diplomacy, and weighing the options (known and unknown) to determine where their self-interests would be best served.

In a politics driven only by the ideology of grab-power-by-any-means-possible, and where the politician’s only idea of service is preying on public wealth, nothing is ever as it seems. The line of difference between the ruling APC and the main opposition PDP is neither horizontal nor vertical; the line is rather blurred - it snakes through both parties as politicians decamp from one to the other, and vice versa, at the slightest of excuses. In the circumstance, different political groups from both parties have dissolved into camps of conflicting or coalescing interests with a view to negotiating across party lines. It is difficult to say at the moment how things would eventually play out.

There is even no indication yet that the ruling APC would necessarily offer President Muhammadu Buhari the right of first refusal for the 2019 race. The coalition that brought him to power in 2015 has since dissolved into the different power centres, all involved in cloak-and-dagger operations, their leaders undermining one another, moving and waiting while waiting and moving to turn the table against each other. Senate President Bukola Saraki has been expanding his political base on the platform of his office while revving up the engine of his influence. Former Vice President Atiku Abubakar, a serial contestant, hit the lecture and interview circuits early, making politically correct statements. The unusual indifference of the Lion of Bourdillion to happenings in the APC and the polity should not be mistaken for withdrawn submission; behind Bola Tinubu’s silence may emerge an unpredictable and deafening roar. There is the perception that the APC would be making a strategic mistake to re-present Buhari for the 2019 race partly because of the party’s inelegant leadership and the apparent collapse of the 2015 coalition, and partly because of the president’s age and the handling of his prolonged illness, his underwhelming performance, and his rabidly pro-north agenda. Although Buhari has not said anything about his plans for 2019, he began softening the grounds for re-election the moment he took the oath of office in 2015.

In what appears a carefully marshaled strategic onslaught, Buhari, since his inauguration in 2015, has embarked on a demolition exercise of anybody or group that might create a problem for him in the 2019 election. I have lately been re-reading Robert Greene’s The 33 Strategies of War and could not but notice Buhari’s preparations for 2019 leap out of the pages. I limit myself to four of those strategies within the context of their application to achieve Buhari’s re-election objective. In he calls the Polarity Strategy, Greene explains that to fight effectively, you need to identify or create some enemies, learn to smoke out those disguising their intentions or pretending to be on your side, then declare war on them.

According to Green, “As the opposite poles of

Buhari a magnet create motion, your enemies – your opposites – can fill you with purpose and direction. As people who stand in your way, who represent what you loathe, people to react against, they are a source of energy.” As military leader between 1983 and1985, Buhari could not hide his disdain for politicians, the media, and the judiciary. For politicians, his tribunals jailed some ex-governors for 100 years on bogus claims of enriching their parties. For the press, he promulgated Decree 4 in which two journalists were jailed for publishing stories, which though true but which the administration at the time found embarrassing. And for the judiciary, he ensured there was a Decree 2 that not only permitted the indiscriminate arrest and detention of citizens, but more crucially outlawed the courts from adjudicating in the case of anybody so arrested and detained.

Who did Buhari declare as enemies in 2015?

Politicians. Journalists. Judges. In living up to the polarity strategy, Buhari had to first make the PDP the enemy. When the Buhari administration increased fuel price from N87 to N148, it attributed the inevitability of the increase to the massive corruption in the fuel subsidy regime of the Jonathan administration.

When the foreign exchange crashed from about N200 to above N500, Buhari and his men blamed Jonathan for not saving for a rainy day. When power supply collapsed, it was as a result of 16 years of PDP misrule. For more than two years in the saddle, Buhari and his key aides kept blaming the PDP for every of its difficulties and challenges and failures and inactions, even with former top members of that party major players in the new administration. Then the EFFC (Economic and Financial Crimes Commission) made disclosures after disclosures of billions of money recovered from PDP members without any successful prosecution. In taking on the media, members of the Newspaper Proprietors Association of Nigeria (NPAN) were accused of collecting N10 million each from the Jonathan administration and forced to make the refund. The government, however, failed to disclose that the NPAN payment was a negotiated settlement to ward off impending litigation from the disruption of newspaper operations in Abuja by security agents. And for the judiciary, some judges were accused of corruption with security agents breaking into their homes in ungodly hours. Almost all those judges have been discharged in court

due to lack of evidence.

From external enemies, Buhari took on key coalition leaders in his party, the APC. First was Saraki who emerged the senate president in spite of the party, and was forced to fight a long scorched earth judicial battle at the Code of Conduct Tribunal on charges of false declaration of assets. Saraki mostly held Tinubu responsible for the party’s prolonged non-acceptance of his election and his CCT trial. This fits Greene’s prescription perfectly: “Having enemies gives you options. You can play them off against each other. Make one a friend as a way of attacking the other, on and on.” Tinubu championed Senator Ahmed Lawan who was Buhari’s candidate for senate president. Having won the election through a political sleight of hand with the party refusing to accept his victory, and Buhari pretending to be uninterested, Saraki assumed Tinubu was the problem and accused him of instigating the CCT trial. As the trial became prolonged and Saraki dug in, creating an alternate power base in the process, Buhari made Tinubu the new enemy. John Odigie-Oyegun, the man Tinubu helped make the party chairman soon turned against his benefactor; Tinubu’s associate James Faleke who was Abubakar Audu’s running mate in Kogi governorship polls was prevented from being the inheritor of the joint ticket following Audu’s death; a coalition of Buhari’s ground troops in the Villa and the party leadership backed

by Saraki stopped Tinubu’s candidate from winning the Ondo governorship ticket; and Babatunde Raji Fashola and Kayode Fayemi who could be described as Tinubu’s protégés in the cabinet have since abandoned him.

Another coalition leader Atiku, completely cut off from the party administration and government, could only cry out in frustration that he had been used and dumped. It is therefore clear that Buhari declared carefully selected wars on real and imagined enemies to undermine group opposition, as in PDP, the media and the judiciary, to his quest for re-election in 2019; the president equally tried to weaken possible individual opponents (Saraki, Tinubu and Atiku) in his party. He has also effectively used this strategy for public distraction in line with Greene’s admonition thus: “Leaders have always found it useful to have an enemy at their gates in times of trouble, distracting the public from their difficulties.”

The second is the Alliance Strategy in which Greene enjoins you “advance your cause with minimum of effort” by creating “a constantly shifting network of alliances, getting others to compensate for your deficiencies, do your dirty work, fight your wars, spend energy pulling you forward.” In three consecutive election cycles, Buhari could not win on his own steam despite his massive popularity among the ordinary people in the north. But for the 2015 election, he became the flag bearer of a complicated alliance with principal characters in the APC – Tinubu, Saraki, Atiku, Chibuike Rotimi Amaechi – rebranding him, raising funds for his campaign, doing his dirty work, making up for his weaknesses, and burning considerable energy to pull him across the victory line. Buhari’s only contributions to that election victory were no more than his touted integrity and cult followership in the north, the same qualities that had failed him thrice. On becoming president, however, Buhari entered

into a fresh network of alliances involving parochial family members and provincial friends, which he has strongly deployed to implement an open pro-north agenda.

The third point, in applying Greene’s Misperception Strategies, the administration has been adept at controlling people’s perception of reality by deploying ambiguity, mixing fact and fiction, and manufacturing a reality in line with national expectation. To feed the national narrative of massive corruption in the Jonathan administration, the EFCC regularly serves the public a salad of truth and falsehood by getting carefully selected media to publish stories mostly attributed to anonymous sources, humongous amount of money found in somebody’s account or property, or refunded to government. In the circumstance it is difficult to separate fact from fiction blended seamlessly in a manufactured reality constantly promoted and celebrated by the administration’s spokesmen. Curiously, the agency has not successfully prosecuted any treasury looter, or officially made public how much stolen funds it has recovered and from whom.

Four, the Buhari administration has been good at using acts of terror to sow uncertainty and panic, in what Greene calls The ChainReaction Strategy. Writes Greene, “Terror is the ultimate way to paralyze a people’s will to resist … Such power is gained through sporadic acts of violence that create a constant feeling of threat, incubating a fear that spreads throughout the public sphere.” The application of this strategy has been strengthened by what Greene describes, in Deterrence Strategies, as (the leader) creating a reputation of being “a little crazy” to fight off aggressors. As military leader in the early ‘80s, Buhari had built up a reputation for being tough, mean, ruthless and unbending. Perhaps in the military organized massacre of over 347 Shia followers of Ibrahim el-Zakyzaky who impeded the movement of the Army chief on December 12 2015, Buhari may have taken to heart Greene’s admonition: “Create this reputation and make it credible with a few impressive – impressively violent – acts.” There was Buhari’s initial tough stance against Niger Delta activists and the military occupation of some communities in that part of the country; an economically crippling bombing of oil installations in a counter action forced government to abandon that approach and opt for negotiations. How about the Army’s Operation Python Dance in the southeast when government found the activities of Nnamdi Kanu and his IPOB (Indigenous People of Biafra) unbearable?

Apart from these acts of physical violence in the application of terror, there is also the use of psychological violence as manifest in the indefinite detention of el-Zakyzaky and immediate past NSA (National Security Adviser) Sambo Dasuki despite repeated court orders that they be released.

Although there are other strategies one could apply from Greene’s 33 Strategies of War, I wouldn’t want to go beyond the four discussed so far. I do not know if the manifestation of these strategies in the actions or inactions of the Buhari administration is a product of the president’s background, training and experience, or the distillation from the strategy sessions of his trusted aides. Or is it simply coincidence at work?

Next: Four Chinks in Buhari’s Armour

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