Thursday 26th October 2017

Senate Renews War with Executive Over Magu, Suspends Confirmation of CBN D/Gov Recommends scrapping of overlapping agencies Threatens to publish MDAs withholding audited account Damilola Oyedele in Abuja The lingering dispute between the Senate and the Executive arm over the retention of Mr. Ibrahim Magu as the acting chairman of the Economic and Financial Crimes Commission (EFCC), made a rude re-entry into the front burner of public

discourse yesterday as the Red Chamber threatened to filibuster the confirmation of the nomination of Ms. Aisha Ahmad as a deputy governor of the Central Bank of Nigeria (CBN).

President Muhammadu Buhari had forwarded Ahmad’s nomination to the Senate for confirmation as a replacement for Mrs. Sarah Alade whose tenure expired in February.

But the Senate said yesterday that it would not consider the nomination in line with its July 4, 2017 resolution to suspend all executive confirmation requests until Magu is removed.

Besides, it said, the hostility would persist until the Senate’s power of confirmation of nominees to the boards of commissions established by enabling laws but not listed in the 1999 Constitution as

Crude Oil Price Rises Towards $59 Per Barrel...

amended, is clarified. The Senate made the resolution, following a pronouncement by Vice President Yemi Osinbajo that the Executive did not require the confirmation of the Senate for the appointment Continued on page 8

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Presidency: PDP Behind Maina’s Secret Return… Page 10

Adeosun: FG Not Borrowing but Refinancing Existing Debts Reiterates debt-to-GDP within approved limit Ndubuisi Francis and Udora Orizu in Abuja The Minister of Finance, Mrs. Kemi Adeosun, has explained that the federal government is not desirous of borrowing fresh loans, but seeking to refinance what is known as legacy or inherited debts. Her explanation was sequel to reactions trailing the request by the executive arm of

government to the National Assembly seeking approval of the sum of $5.5 billion to help finance the 2017 Budget. The minister, who featured on an Arise TV programme, the broadcast arm of THISDAY Newspapers, said the APC-led government would channel $3 billion of the $5.5 billion into refinancing inherited Continued on page 8

Buhari Presents 2018 Budget Tuesday as FEC Approves Estimates Today Iyobosa Uwugiaren and Omololu Ogunmade in Abuja President Muhammadu Buhari will present the 2018 Appropriation Bill to the National Assembly on Tuesday, an authoritative presidency source told THISDAY yesterday. The bill, which is expected to be approved today by the

Federal Executive Council (FEC), according to the source, is heading to the legislature early to give legislators ample time to deliberate on and pass in good time for its implementation to begin on January 1, 2018. “Arrangements have been made for President Continued on page 10

APC to Postpone NEC Meeting Again... Page 46

CENTENARY CELEBRATIONS... L-R: MD/CEO, Union Bank of Nigeria Plc, Mr. Emeka Omuwa; Emir of Kano, Alhaji Muhammadu Sanusi II; and Chairman of UBN, Mr. Cyril Odu; during the bank’s centenary anniversary in Lagos…yesterday abiodun ajala

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Crude Oil Price Rises Towards $59 Per Barrel NNPC restates commitment to stop petrol importation

Ejiofor Alike with agency reports Crude oil price rose towards $59 per barrel yesterday to sustain Tuesday’s rallies where it gained one per cent after the Saudi Energy Minister, Khalid al-Falih, said the focus remained on reducing oil stocks in industrialised countries to their five-year average. The minister’s statement had raised the prospect of prolonged output restraint once the supply-cutting pact led by the Organisation of Petroleum Exporting Countries (OPEC) ends. This is coming as the Nigerian National Petroleum Corporation (NNPC) has restated the commitment of the country to exit petroleum products importation in the medium term and urged

downstream operators to invest heavily in retail outlets to take advantage of the potential opportunities. Oil prices have maintained multi-week highs with Brent crude at $58.41 per barrel, and US crude at $52.46. Khalid al-Falih told Reuters at an investor conference in Riyadh on Tuesday that global oil demand was expected to grow by 45 per cent by 2050 despite an international push for using more renewable sources of energy. OPEC, Russia and nine other producers, have cut oil output by about 1.8 million barrels per day (bpd) since January. The pact runs to March 2018 and they are considering extending it. In a related development, the NNPC has restated that Nigeria would exit petroleum

products importation in the medium term and called on downstream operators to invest heavily to take advantage of the commercial opportunities. Speaking yesterday in Lagos at the inauguration of the state-of-art mega filling station built by Emadeb Energy Services Limited, the Managing Director of Pipelines and Product Marketing Company (PPMC), a subsidiary of NNPC, Mr. Umar Ajiya, stated that the corporation did not intend to be the sole importers of petrol in the country. Ajiya commended Emadeb Energy for the huge investment and called on other downstream operators to take advantage of the opportunities that would arise when NNPC exited importation.

“We will exit the import era perhaps in the medium term and with the retail outlets, you will still have a business model that works because if you only stay at the coast and tank farm, where that tank farm is unable to export, it means your business has come to a stop,” Ajiya explained. “Our intentions to exit petroleum products importation in the medium term will entail that people who don’t go downstream perhaps will not have a role to play in the market. What Emadeb is doing today is in the right direction and we commend them,” he added. Also speaking at the event, the Managing Director in charge of Retails for Emadeb Energy Services, Mrs Olugbesoye Olujimi, noted that the company’s

integrity had sustained it in the business in the face of the dwindling margins in the downstream sector. She said: “Yes, there are low margins, especially when you have to transport products from Lagos to the North. But like I said, we are truthful and the integrity makes the turnover a bit higher. In Emadeb, integrity is our watchword. The catch phrase in Emadeb is ‘powered by integrity’. So, we are powered by integrity. The banks know us that when Emadeb says ‘please give me a line to trade, Emadeb will trade purely with the line and then we pay.’ We don’t divert whatever funds we are given to do what we need to do. Our bankers – FCMB, Union Bank, GTB can testify to that.” In his keynote address, the Group Managing Director of

the company, Mr. Adebowale Olujimi said his company’s target was to acquire and brand at least 10 more mega stations across the geographical zones of the country in the next 24 months. The 270,000 litres capacity outlet located along OshodiApapa expressway, has 16 petrol, two kerosene and two diesel nozzles. A former Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA), Mr. Reginald Stanley, said in his remarks that when he championed the entry of independent marketing companies in the distribution of petroleum products as a young graduate in the NNPC in the 1980s, the oil majors that had dominated the downstream business opposed him.

understand that our biggest problem is debts that we inherited. Out of this $5.5 billion, we didn't incur three billion; so the question we should be asking is what was the money used for, where are the projects? But that's in the past." She reassured Nigerians that the $5.5 billion foreign borrowing was consistent with Nigeria’s debt management strategy, which main objective was to increase external financing with a view to rebalancing the public debt portfolio in favour of longterm external financing. Adeosun said: “Nigeria’s debt to Gross Domestic Product (GDP) currently stands at 17.76 per cent and compares favourably to all its peers. The debt to GDP ratio for Ghana is 67.5 per cent, Egypt is 92.3 per cent, South Africa (52 per cent), Germany (68.3 per cent) and United Kingdom (89.3 per cent). “Nigeria’s debt to GDP ratio is still within a reasonable threshold. This administration will continue to pursue a prudent debt strategy that is tied to a gross

capital formation. This will be attained by driving capital expenditure in our ailing infrastructure, which will, in turn, unlock productivity and create the much-needed jobs and growth.” On the 2018 budget parameters, which many had described as quite ambitious, the minister said Nigeria had the right to be ambitious. "I think Nigeria has the right to be ambitious; with our population, we got to be ambitious. We can't afford not to be. Our population grows three per cent a year, so any economic growth below the increasing population means that people are progressively getting poorer,” said. She added: "What is important is that we got to make sure that we deliver on those targets. I'm not looking at oil price, what I'm looking at is the revenue. If we get people and companies paying the right taxes, then we won't be talking about borrowing and even a budget of even bigger size and that is what Nigeria needs. If we want to provide schools, hospitals and roads for our people, we need to spend more, not less."

ADEOSUN: FG NOT BORROWING BUT REFINANCING EXISTING DEBTS debts from the previous administration. She stated: “Let me explain the $5.5 billion borrowing because there have been some misrepresentations in the media in the last few weeks. The first component of $2.5 billion represents new external borrowing provided for in the 2017 Appropriation Act to part finance the deficit in that budget. “The borrowing will enable the country to bridge the gap in the 2017 Budget currently facing liquidity problem to finance some capital projects.” She added: “For the second component, we are refinancing existing domestic debt with the $3 billion external borrowing. This is purely a portfolio restructuring activity that will not result in an increase in the public debt. "What we are simply doing is moving that debt from owing naira to owing dollars, but because it's an external borrowing, we have to go back to the National Assembly for approval. Adeosun added: "We are not actually asking for $5.5 billion of new money. It's

$2.5 billion, which is in the 2017 Budget. The $3 billion is to refinance the debt that we inherited. One of the problems that we have with debt- service-to-revenue ratio is that the majority of our debt is very short-dated and so what we are doing is rather than paying off, which is compounding the interest, what we are doing is taking 25 per cent (about N3 billion worth of treasury bills to dollars and taking it long- term). "What that means is rather than the interest being paid every 90 days, interest will be paid once a year; so we are being more realistic. We don't need an overdraft; we need a loan. Of course, as you know, market surveys are more favourable to us. International lending rates are much lower and favourable than domestic.” The minister stressed: "So, there is an advantage to our debt service by so doing. What we are doing is say look we are coming out of this market and creating room for the private sector to come in." Explaining the inherent

advantages of the debt refinancing option, Adeosun noted that rather than owing naira, the debt would be in dollars, which would lead to an inflow of $3 billion into the foreign reserves. "We are simply saying rather than owing naira, we are going to owe dollars and as I explained to you, the three impacts are: One, you are getting inflows of $3 billion into your reserves; you lower your cost of servicing that debt because the foreign debt is cheaper than the naira debt; and the third is you create room for the private sector to come in in order to drive a wider economy,” she said. According to her: "Government is saying let's try and make concerted efforts to bring down interest rates by refinancing some of these naira debts into external markets." On what the executive arm of government would do should the legislature turn down the request for the $5.5 billion loan, the minister said: "The legislature understands it and of course we are interfacing with them,

it's a healthy debate; it's good that we are talking about it." "This debate that we are having now is healthy and legitimate, it's good for the nation. But it's going to be driven by the fact: We are borrowing to finance capital projects in the budget. Those capital projects will unlock sectors of the economy. "Back in 2013 to 2015, we borrowed to pay salaries but when we came in, we said no we can't continue like this; we need to add some more so that we can do some capital projects. " If all we do is to pay salaries, then we will never grow. If we don't fix power, we can't grow, if we can't fix roads and housing, we can't grow. So we said let us create some room to grow the economy and do capital investments. We did N1.3 trillion last year of capital projects and we hope to do the same this year and when you do it well it's going to be there for the next 30 to 40 years. "These are the levers that will drive down inflation and create jobs for Nigerians in the long run. So it is necessary we

SENATE RENEWS WAR WITH EXECUTIVE OVER MAGU, SUSPENDS CONFIRMATION OF CBN D/GOV of Chairman of the EFCC, explaining that the request should not have been transmitted in the first instance. Magu's nomination was rejected twice by the Senate on the basis of a report of the Department of State Services (DSS), which indicted him for criminal and unprofessional conduct. Despite his rejection, Magu remained in office, a development, which has remained the source of the tension between the Senate and the Executive arm of government. Ahmad’s appointment would be the fifth casualty of the Senate’s filibuster policy, the confirmation of the nomination of Mr. Lanre Gbajabiamila (Director General of the National Lottery Regulatory Commission), Mr. Funso Doherty (Director-General, Pension Commission), Mr. Muhammad Isah (Chairman, Code of Conduct

Bureau), and Prof. Bolaji Owasanoye (Chairman, Independent Corrupt Practices Commission) having been suspended earlier. The Senate also suspended the confirmation of members of the boards of the agencies and forbade them from operating in an acting capacity as directed by the Executive. The Chairman of Senate Committee on Media and Public Affairs, Senator Sabi Aliyu Abdullahi, in a telephone interview with THISDAY on Wednesday, confirmed that Ahmad's nomination remained pending alongside the request for the confirmation of the four nominees for the Monetary Policy Committee. He also confirmed that the impasse between the Executive and the Senate over Magu remained unresolved. "Of course, the subject matter of that resolution has not been addressed. Until there is that engagement to

know what to do, I am afraid that is still the position of the Senate. There was no time that resolution was reconsidered and there are quite a number of confirmation requests still pending before the Senate," Abdullahi said. He pointed out that the same executive arm of government had corrected itself when it sent nominations that were not in line with the law, or when the Senate rejected some of its nominees, as was the case of some non-career ambassadorial nominees. He said: "The wisdom is very simple, if we have the power to confirm and for which you have invoked the relevant passages to forward these nominations to us when we confirm and you accept, then if we don't confirm, there is no other way to say no. "Recall that when the NDDC (Niger Delta Development Commission ) confirmation requests came, there were observations that

the nominations did not fall in line with the law, we rejected it, sent it back and the executive corrected it. "It is my personal wish that those who have the responsibility to Nigerians on this subject matter would look at it. That has been the situation and it has worked smoothly, I don't know why some people think otherwise. In any case, the position to this is very clear, that is the position." Buhari, in a recent letter to the Senate, had sought the expeditious confirmation of Ahmad as well as Adeola Adenikinju, Aliyu Sanusi, Robert Asogwa and Asheikh Maidugu, who are expected to replace four members of the MPC whose tenures expire at the end of this year. Meanwhile, some lawmakers yesterday called for the scrapping of agencies of government that had become irrelevant in contemporary Nigeria, and those whose mandates

conflicted with other agencies. The lawmakers said this was necessary to reduce unnecessary and avoidable expenditure, particularly as many of the agencies cost more to maintain than they generate. The recommendation came as the lawmakers discussed the interim report of the Senate Ad-hoc Committee on Alleged Misuse, Under Remittance and other fraudulent activities in Collection, Remittance and Expenditure of Internally Generated Revenue (IGR) by revenue generating agencies. The report accused the Nigerian National Petroleum Corporation (NNPC) of running a deficit of N3.1 trillion between 2012 and 2016 despite generating N15.5 trillion in the same period. It also accused 93 agencies of short-changing the government to the tune of N1.7 trillion from the N21 trillion they generated. Continued on page 10

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Presidency: PDP Behind Maina’s Secret Return No, FG asked him to come back, says family DSS keeps mum over alleged complicity Jonathan reacts Omololu Ogunmade, Paul Obi in Abuja and John Shiklam in Kaduna The Presidency yesterday added a new twist to the controversy over the reinstatement of the former Chairman of the Presidential Task Force on Pension Reforms, Mr. Abdulrasheed Maina, alleging that influential officials of the defunct Peoples Democratic Party (PDP) government might be behind his secret return to the country. The presidency in a statement by Malam Garba Shehu, Senior Special Assistant to the President on Media and Publicity (SSA Media), said the PDP lacked the moral right to accuse the federal government of any misdemeanour over the return of the alleged pension thief, describing Maina as one of the monsters created by its government. “Over and over again, the President Buhari government has pointed out that the administration’s greatest problem is the mess left behind by the previous government. Maina is just one more example,” Shehu said. Shehu spoke just as the Department of State Security (DSS) kept mum over Maina’s family claim that it knew about the surreptitious return of the former pension reforms’ boss who fled the country in 2013 after he was accused of N200billion fraud at his former duty post. Besides, the embattled Maina's family insisted that he returned to the country on

the invitation of the Buhari administration. Shehu, however, said records from investigations, which led to the disgrace of the former pension boss and the eventual decision of the Economic and Financial Crimes Commission (EFCC) to declare him wanted showed the involvement of a top member of the former PDP government in the multibillion naira pension’s scandal who was "warmly ensconced in the bosom of power." He added: "Top officials in the PDP government, from sectoral heads to those charged with the responsibility for law and order received some of these billions of naira from Maina. "We have all the transaction records and these are matters that the EFCC has been pursuing to ensure that they all have their day in court.” However, he said the president was determined to get to the bottom of the matter of the impunity that led to Maina’s reinstatement. “Everything will be uncovered in due course. This just goes to show us the scale of corruption that this government is fighting. And, as we can all see, corruption keeps fighting back viciously,” he stated. But at a press conference in Kaduna yesterday, the family of Maina rose in his defence, saying he was a victim of power play and blackmail by those he had exposed as pension thieves. Saying Maina was not a fraudster, the family’s spokesman, Mr. Aliyu Maina, accused a "cabal" of

of the return of the former pension reforms boss, refused to respond. The DSS had failed to appoint a spokesperson since the inception of President Muhammadu Buhari's administration, making official confirmation of information relating to the organisation difficult. All efforts by stakeholders in the nation's security and intelligence community to persuade the DSS to appoint a media officer who would interface with the media had been rebuffed by the internal secret security agency. But defending their own yesterday the Maina lineage

insisted that rather than vilify him, he should be praised for his reforms that saved the country billions of naira. Aliyu said: "It is on record that Abdulrasheed Maina's reform put to a stop the fraudulent withdrawal of huge sums from both the Nigerian Pension Board, the Nigerian Police Pension Board.” “Perhaps it is his noble efforts that made him enviable to the present administration when they came into power to convince him to come back and assist in its 'CHANGE' agenda.” He added: “Maina is in possession of facts that are against the cabal and interesting to the Nigerian populace, which he will disclose soonest. One must ask whether it is an offence for somebody to serve his fatherland faithfully?" Meanwhile, former President Goodluck Jonathan yesterday reacted to attempts to link him to the return of Maina, saying the fact that efforts were being made to link him to the return and reinstatement of the former pension boss underscored how “uncoordinated and rudderless” the Buhari administration had become. PREMIUM TIMES quoted his media aide, Mr. Ikechukwu Eze, as saying: “Are they saying it is President Jonathan that flew him back into Nigeria and promoted him in two levels ahead of where he was as at 2013 when he fled the from civil service? “They should stop insulting Nigerians or seeing them as fools.”

Medium Term Expenditure (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly ahead of their resumption from vacation then. He said: "The National Assembly is on break. So, nearer the time they will resume in September, they will get the MTEF. Ours is to follow the Fiscal Responsibility Act, which has some timelines and we are trying to keep strictly to those timelines. "So, the budget will get to the National Assembly by October. That was our

commitment. We will go all out to make that happen. We made a commitment that we will do that on our part and we intend to deliver on that commitment. This is a government that delivers on its promises," he said. But the government failed to keep its promise to submit the budget "nearer the time" of the resumption of the National Assembly as the legislative institution which resumed from its annual recess on September 26, did not receive the MTEF and FSP until October 17.

Maina blackmailing their son and using the EFCC to seal off their property. "The entire family of Abdullahi Maina is hereby categorically stating that our son is not in any way a fraudster, rather he is a messiah who brought remarkable reforms into the Nigerian Pension Scheme, whose efforts saw the disappearance of pensioners roaming the streets of FCT Abuja and other state capitals,” he said. Aliyu stated that it was the Buhari administration that asked Maina to return, adding that the DSS had provided him cover.

He said: "Abdulrasheed (Maina) was in fact invited by this administration and he was promised security to come and clean up the mess and generate more revenue to the government by blocking leakages. "He succumbed to the present administration and came back to Nigeria. He has been working with the DSS for quite some time and he was given necessary security.” Contacted yesterday by THISDAY to respond to the fresh claim that it knew about the return of Maina to the country, the DSS, which had in a statement during the week denied knowledge

BUHARI PRESENTS 2018 BUDGET TUESDAY AS FEC APPROVES ESTIMATES TODAY Buhari to lay the budget on Tuesday,” he said, adding: “It is our hope that the National Assembly would expedite action on it and get it ready for presidential assent by December 2017.” The Minister of Budget and National Planning, Senator Udoma Udo Udoma, is to present the estimates for approval today as the federal government had yesterday shifted the weekly FEC meeting to today explaining that today's meeting would be dedicated to the examination of the 2018 budget as proposed

by ministries, departments and agencies (MDAs) of the government and compiled by the budget ministry. The presidency had yesterday on its Twitter handle, @NGRPresident, tweeted the shift of the FEC meeting to today and explained that the sole agenda would be 2018 Budget. "Federal Executive Council (FEC) meeting will hold tomorrow (today), Thursday, October 26. Agenda is #Budget 2018, which is currently being finalised," the tweet read. The tweet was later

followed by another one by the Government of Nigeria on its Twitter handle, @ AsoRock, in which the federal government said it was keeping faith with its plan to ensure the passage of the 2018 budget before the end of the year with a view to returning the country to January - December budget cycle. "We're on course with plans to have #Budget2018 passed into law before the end of 2017, and restore the budget calendar to Jan—Dec," the government tweeted.

On August 10, this year, Udoma had told State House correspondents during a retreat on the implementation of the federal government's Economic Recovery and Growth Plan (ERGP) with the theme: "Building Synergy For Effective ERGP Implementation," that the government would leave no stone unturned to ensure the presentation of the budget before the National Assembly in October to pave the way for its passage before the new year. He also said the government would transmit the 2018 - 2020

SENATE RENEWS WAR WITH EXECUTIVE OVER MAGU, SUSPENDS CONFIRMATION OF CBN D/GOV The lawmakers argued that the agencies had explored loopholes in the Fiscal Responsibility Act, to short-change the government, whereas the Constitution requires that all revenue accruing to government be paid into the Federation Account. Presiding, Senate President, Dr. Bukola Saraki, ruled that the committee was granted an additional six weeks to work out the accounting and legal technicalities of the final report. He said: "It is clear that the Fiscal Responsibility Act has loopholes, which people are taking advantage of. What has the Fiscal Responsibility Commission been doing all these years? How do we address it when a law is in

conflict with the constitution?" He emphasised the need to clean up the process and stop situations where agencies expended about N13 trillion or more, while the national budget was just above N7 trillion. The Deputy Senate President, Senator Ike Ekweremadu, called for a review of the report of the Stephen Orosanye Committee. "We have too many agencies, some have conflicting duties. The issue is that some of the agencies were created before independence, pre-dating the constitution,” he said. Senator Ben Murray Bruce (Bayelsa PDP) said many of the agencies had bloated workforce and cost a lot to maintain.

Bruce who was a former Director-General of the Nigeria Television Authority (NTA) and the Chairman of the Board of the Federal Radio Corporation of Nigeria (FRCN), said the Voice of Nigeria had lost relevance in the post-Cold War world. "FRCN has 8,000 workers but it can be run with just 2,000 workers. I will not advocate firing anybody because people are hungry, but this is a very inefficient way to run a country. Let's sell those agencies to the private sector, we can use the budget to build schools and hospitals," Bruce argued. He further observed that there was a need to examine the competence of political appointees deployed to head IGR agencies and adequate

training should be provided for them on assumption of duty. Senator Magnus Abe (Rivers APC) expressed worry at the clash between the FRA and the constitution on the remittance of all revenue to the federation account. "It is incumbent on any agency which does not do so (remit to the federation account) to show which section of the law it relies on for its action," he said and added that only 31 of the agencies are exempted by the FRA. Meanwhile, the Public Accounts Committee (PAC) of the Senate has threatened to publish the names and details of Ministries, Departments and Agencies (MDAs) of government, which do not

comply with the constitutional stipulation requiring them to submit their annual reports and audited accounts to the Office of the Auditor General of the Federation. The Chairman of the committee, Senator Matthew Uroghide, speaking at a news conference yesterday, said the committee would also make recommendations to the Senate to suspend the budget approvals of the defaulting MDAs until they comply. "Information from the Office of the Auditor General shows that all the Federal Government's statutory corporations, commissions authorities and agencies are not up to date with the submission of their annual accounts and audited reports

as specified by Section 85 (3) of the constitution. They have, therefore, violated the provisions of the constitution," Uroghide said. He disclosed the intention of the committee to conduct a status inquiry on the revenue generation and expenditure of the MDAs as appropriated, as part of its function to expose inefficiency, waste and ineffectiveness in the management of public funds. Uroghide, who was recently appointed the committee chairman, added that the committee would embark on monitoring government projects to ensure value for money, ascertain the level of transparency, efficiency and effectiveness of government projects and programs in the expenditure of public funds.

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COMMENT

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

SOUTHERN GOVERNORS AND TRUE FEDERALISM The meeting of the 17 southern states is a welcome development, writes Tayo Ogunbiyi

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overnors of 17 states of the Southern part of the country recently held an historic meeting in Lagos at the end of which they reiterated their commitment to true federalism and the indivisibility of Nigeria as well as devolution of power to the states. The meeting was historic because it marked the second time the governors would be meeting under aegis of the Southern Governors’ Forum in 12 years. It will be recalled that the first summit of the forum took place in 2001 while the very last prior to the latest one took place in 2005. While scheduling its next meeting to take place in Port Harcourt, Rivers State, the forum equally made Governors Akinwunmi Ambode and Seriake Dickson its co-chairmen. The forum stance on true federalism is, no doubt, a welcome development to all advocates of fiscal federalism in the country. Giving a hint on the subject in his opening remarks, Governor Ambode said: “There is certainly a lot to be done about true federalism, an issue that requires urgent, meticulous and proactive attention from the forum. No less disturbing is the failure to undertake the periodic review of the revenue allocation formula as provided for by the 1999 Constitution to reflect evolving realities. This is another critical matter that ought to engage this forum in order to enhance the viability of the state and local governments as well as their capacity to fulfil their developmental roles in the polity”. Governor Ambode further noted that the current trend where states over rely on handouts from Abuja is a reflection of the constitution that burdens the federal government with activities and responsibilities that rightly fall within the jurisdiction of the states. Globally, the distinctive feature of a federation is the constitutional dissection of powers between the central government and the federating units. In a unitary system, total powers flow from the centre while in a federation, powers are detached between the centre and other federating units. Federalism is supposed to be a mutually evolved system where none of the federating units is inferior to another but each deriving its powers and exercising them within the framework of the constitution. Federalism is normally considered a better political option in view of certain factors. For instance, it is politically expedient for a country with a huge land mass, big and heterogeneous population, complex cultural and language diversities to operate a federal system of government as a way of accommodating the diverse ethnic, religious, cultural and linguistic interests in the country. Thus, federalism becomes the viable option for a nation, like Nigeria, with diverse interests in order to exist in a mutually binding framework. It is, however, not an avenue for any of the federating units to bully the other. It is not a system that makes states governors’ school children while the president acts as their headmasters. No! Rather, it is a system that calls for mutual respect and fairness among all federating units. Unfortunately, because we have been practicing a defective version of federalism over the years, individuals and institutions that advocate the practice of true federalism are often labeled as rascals, rebels or in some cases secessionists. It is, therefore, pleasing to note that eminent individuals and organisations in the country have, in the past and of late, been canvassing for the enthronement of true federalism in the country. While delivering a lecture at the Sixth Annual Oputa Lecture at the Osgoode

FEDERALISM IS SUPPOSED TO BE A MUTUALLY EVOLVED SYSTEM WHERE NONE OF THE FEDERATING UNITS IS INFERIOR TO ANOTHER, BUT EACH DERIVING ITS POWERS AND EXERCISING THEM WITHIN THE FRAMEWORK OF THE CONSTITUTION

Hall Law School, York University in Toronto, Canada, Deputy Senate President, Senator Ike Ekweremadu, described what is being practiced in the country as ‘feeding bottle federalism’. Perhaps, the most eventful period in the country’s political history was when true federalism was practiced as reflected in the regional experience of the pre-independence and immediate post-independence era. This was the period when the defunct Western Region under the leadership of Chief Obafemi Awolowo made giant strides that are till date second to none in the region. In same era, the defunct Eastern Regional government was also able to record several landmark legacies depending solely on revenue from palm kernel among others while in the defunct Northern Region; the Ahmadu Bello administration equally laid the foundation for the socio-economic evolvement of the region. If we are to go back to this glorious era in our socio-political history, we need to evolve a new constitution that will truly reflect the principles and sprit of true federalism. The present constitution is lopsided in its power sharing at the expense of other federating units. For instance, Part one of the Second Schedule of the Constitution listed 68 items in the exclusive legislative list on which only the central government has control, while in Part two, it listed 30 items in the concurrent legislative list on which both the central and states could exercise control. In a true federal arrangement, there should be no need for local government creation to require consequential provision of the National Assembly. Equally, the inclusion of Police, Mines and Minerals, Railways, Stamp Duties, Taxation of Incomes, and Value Added Tax (VAT) in the exclusive list is also uneven. Similarly, a situation that warrants states to wait endlessly for the federal government to fix so-called federal roads in their domains is not too tidy. Equally, it is imperative that a new revenue sharing formula that will be fair to all federating units be put in place. It is only in a unitary system that such an uneven arrangement in which the federal government takes 52 per cent of the total revenue while other federating units share the rest could take place. Similarly, some ministries, departments and agencies that exist in Abuja shouldn’t be in place in the first instance because their duties are better performed by other federating units. In a proper federation, what the central government does is to focus on central federal matters like foreign affairs, economy, maritime shipping and security. Perhaps, most importantly, states and local governments in the country need to identify areas where their internally generated revenue’s base could be boosted. It is only when all the federating units are financially buoyant that the prosperity that the country once enjoyed in the Awolowo, Azikiwe and Ahmadu Bello’s era could be replicated. The present arrangement where states readily queue cup –in- hand at Abuja before they could sort out routine issue such as payment of salaries isn’t tidy enough. Lagos, under Asiwaju Bola Tinubu, was partly able to stand its ground in the celebrated local government fund seizure matter between it and the then Obasanjo-led federal government because its leadership had creatively evolved a sound economic base for the state. Ogunbiyi is of the Ministry of Information & Strategy, Alausa, Lagos

THE POLICE AND THE PEACE CORPS Rabiu Garba argues that the police are mischievous

‘’The devil is the father of lies. But members of the present generation have made tremendous improvements on it so much that even the devil is green with envy’’ -Jonathan Swift

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n furtherance of its desperate bid to ensure that its evil nay premeditated desire to serve as the undertaker for the Peace Corps of Nigeria (PCN) out of existence is realised at all cost, no lie is considered too ‘sacrilegious’ to be told against it by the Police, including lying on oath. This explains why this supposedly foremost government law-enforcement agency has long parted ways with the truth in its official dealings with the public. Ever since it invaded the new corporate headquarters of the PCN, arrested and detained the National Commandant, Dr. Dickson Akoh and 49 other officers, the Police, in trying to justify their action against the Corps, have been feeding the public with half-truths, or worse still, outright lies. As a concerned parent of one of the officers of the corps, I have been following the altercation between the police and the corps and while in the court on Tuesday, October 24, 2017 to witness the proceedings over a motion-on-notice filed in October 2017 by the police to seal the headquarters of the Peace Corps in Jabi, Abuja (an office that has been under lock and key by the police since February 28, 2017), I stumbled on an affidavit deposed to at the Federal High Court, Abuja on Monday, October 23, 2017 by one Sgt. Philip Tumba of the Criminal Intelligence and Investigation Department (CIID), legal section of the FCT Police Command, Abuja. The aforementioned affidavit, I make bold to assert, is a complete misrepresentation of the issues at stake. One of such noticeable misrepresentation is that

the new official headquarters of the PCN situated at No. 57 Iya Abubakar Crescent, Off Alex Ekwueme Way, Opposite Jabi Lake, FCT Abuja is a ‘’proceed of crime’’. The police further claimed that the statement by the corps that the complex was rented was a ‘’fabricated lie and falsehood’’ designed to ‘’deceive the honorable court’’. The police further went on to declare with magisterial impudence that investigations (purportedly) conducted by it revealed that the said property belongs to the corps. To add insult to a festering injury, the police equally averred that the complex was ‘’built wholly by the Defendants (Corps) with illicit money derived from criminal acts of Advance Fee Fraud and Money Laundering’’. Nothing can be further from the truth. The mother of all misrepresentation in that affidavit is the claim that the ‘’Nigeria Police did not at any time seal the building,’’ stressing that what it did was to ‘’merely maintaining the normal and professional routine observatory patrol of a scene of crime to prevent further commission of crime and illegal tampering with vital exhibits in the interest of justice and overall public good.’’ First and foremost, I wish to respond to some of these misrepresentations by the police starting with this last assertion that it did not seal off the office of the corps. This claim flies in the face of the press statement issued by the Force Public Relations Officer, CSP Jimoh O. Moshood dated March 1, 2017. In that press statement, the FPRO amongst several other issues said: ‘’it is in furtherance of the above that the Nigeria Police Force, the personnel of the Military, Department of State Service, had in a joint security operations swooped on the Head Office of the Peace Corps of Nigeria on February 28, 2017 situated opposite Jabi Lake, Utako, SEALED OFF

THE BUILDING (emphasis mine) and effected the arrest of one Mr. Akor Dickson, the leader of Peace Corps of Nigeria and 49 others for investigation in the interest of public safety and security. They will be arraigned in court on completion of investigation.’’ This triggers the following questions: between the FPRO and Sgt Tumba, who does Nigerians believe? Do these conflicting statements not confirm the publicly held opinion of the present Nigeria Police as an institution that has scant regard for truth? To further clarify some of these issues, it has been reported that one DSP Abdullahi Abubakar, an administrative officer with the State CID FCT Command allegedly locked the corps office complex and went away with the key. Till date, the key is allegedly still with him, claiming to be acting on ‘’orders from above’’, even without a valid court order. If the police are indeed sure that the documents of the building tendered by the corps in the court are cooked up, why didn’t they buttress their assertion with superior documents to counter that of the corps? It is not enough for the police to deny the authenticity of the documents, let them go further by proving it with their own documents. This same property, which the police claimed was built by the corps was actually erected in 1985 and used initially as an apartment and suites before the corps rented it from the owner this year, with an initial deposit of three years. No doubt, the police in their frenzied bid to tarnish the hard-earned international reputation of the Corps patently ignored the need to do a diligent investigation on the true ownership of the property from AGIS, even when the Peace Corps leadership had tendered the tenancy agreement and receipt of payment it entered into with the agents of the bonafide owners of the property. The current

police onslaught against the corps does not surprise keen observers of Nigeria’s history as it did the same thing to the Nigerian Security Organisation (NSO), the precursor of the current DSS, NDLEA, Federal Roads Safety Corps (FRSC) and of late, the Civil Defence when their bills were passed by the National Assembly. Judging from the way and manner the police have been going about this matter, it is becoming irresistible to discountenance the allegations flying around that one of the officers in charge of legal services, FCT Police Command, has not been discharging his official responsibilities with due diligence. Critics alleged that he has been standing his oath of office on its head, ostensibly to satisfy certain vested interests. On this note, since the police authorities cannot sanction him because he is protecting its interest, the Nigerian Bar Association (NBA) should rise up to the occasion by properly sanctioning him with a view to protecting its well-known reputation. It is a sad commentary on the nation’s legal jurisprudence that a case that has already been taken over by the Attorney-General of the Federation and Minister of Justice, can still be allegedly interfered with by a so-called officer without fear of repercussion, as Nigerians are currently witnessing in the case between the Peace Corps and the Police. In that same aforementioned affidavit, the Police went on to further lower their esteem in the eyes of the whole world when they described their closure of the Peace Corps offices nationwide, especially the National Headquarters, Abuja, which the police had sealed off with Armoured Personnel Carrier and a pick-up van conspicuously stationed in front of the office as a mere cordoning off of a ‘’scene of crime to secure it for further and detail investigation.’’ Garba wrote from Abuja

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EDITORIAL RENEWED VIOLENCE IN PLATEAU STATE Security agencies and other stakeholders must do more to end the violence

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o fewer than 29 villagers, mostly women and children, were recently killed in Irigwe chiefdom in Bassa Local Government Area of Plateau State by suspected herdsmen who disregarded the dusk to dawn curfew declared in the area by Governor Simon Lalong. Although President Muhammadu Buhari has issued the usual tame call for the security to apprehend those involved and bring them to book, most Nigerians have come to terms with the fact that nothing will happen to the perpetrators. While we commiserate with the state government and families of the bereaved, the killings could easily be located in the clash between Fulani herdsmen and some local farmers, essentially over grazing rights. This is a perennial problem that has gone on for years and has led to the death of hundreds of Nigerians though there has been a sharp rise in such violence in the last two years. Therefore, given the plan by the Benue State authorities to start SECURITY AGENCIES enforcing a recently NEED TO STEP UP THEIR enacted anti-open ACT AND STRENGTHEN grazing law which NOT ONLY INTERis being resisted by AGENCY COORDINATION Miyetti Alllah group, TO CHECKMATE THE it is important for the CURRENT DESCENT INTO federal government ANARCHY, BUT ALSO THE and the security INTELLIGENCE GATHERING agencies to quickly move in before we CAPABILITIES begin to experience bloodbath on another front. It is regrettable that as a nation, we remain glued to the past hence the seeming inability to deal with this challenge as we proffer the same medieval solutions to simple problems. While accepting that the culture of nomadic cattle rearing is part of our national tradition, there are aspects of our inherited culture that we ought to have modernised for a long time. What would be wrong with a national programme of re-orientation, empowerment and complete moderni-

Letters to the Editor

sation of our cattle economy to become more settled? We are creating nomadic schools, providing for national nomadic grazing grounds even when we are all quite aware that the greatest meat producing countries in the world have no nomads. What we need are large modern farms with the cattle in dedicated shelter and cared for by thousands of re-trained former cattle rearers. This would provide massive employment, create new skill sets and eliminate these ancient bloody skirmishes that increase our national security nightmares.

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t is lost on the authorities that these frequent clashes are desperate encounters between poor and oppressed herdsmen and equally impoverished and starving farmers. It is one other repercussion of a growing culture of elite indifference to a scourge of scandalous inequality. Yet we are ready to spend more money to investigate what we already know, buy more guns to ďŹ ght what we caused and yet do nothing scientiďŹ c to engage the problem. The now familiar regular bloody clashes between nomads and settled peasant farmer communities will not go away any time soon unless we address the crisis of mode of agricultural production in our economy. It is even more unfortunate that the federal government has failed to come out with any ideas on how to deal with this national security challenge while violent bloody clashes continue to claim many lives throughout the country almost on a daily basis. To the extent that so much blood has been shed in our country in recent years, we call on all stakeholders in the affected areas to intervene on the side of reason and good neighbourliness. There must be an end to these indiscriminate and unwarranted killings whether by herdsmen or aggrieved villagers. For the umpteenth time therefore, we reiterate that security agencies need to step up their act and strengthen not only inter-agency coordination to checkmate the current descent into anarchy but also the intelligence gathering capabilities. The current culture of impunity in our country will not end until people with criminal tendencies realise that the law can, and will always catch up with them.

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CORRUPTION AS NIGERIAâ&#x20AC;&#x2122;S BERMUDA TRIANGLE

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n modern times, most countries have peculiar challenges that are obviously man-made which cripples all developmental goals targeted by the people of such countries to such an extent that the wise persons are bewildered by the fact that their nations cannot surpass their present day backwardness. In the same vein, different countries also have certain social crimes that they are seriously battling to overcome so as to make their societies the kind of friendly environments that their people crave for. In the United States of America, the major social vice tearing their society apart, going by news reports, are the intermittent attacks by gunmen who embark on mass shootings. The US has a constitutional provision which allows the ownership of arms but most people are asking that there has to be some control on how and when to bear those arms. In early October, there was a massacre along the Las Vegas strip which remains the deadliest mass shooting in modern American history whereby a 64-year old retiree grandfather Stephen Paddock killed 59 people and injured over 500. No motives have so far been found for such dastardly crime. In Mexico, the main problem of contention by the government is the bloody violence by dreaded armed drug gangs. Mexico accounts for over 50 per cent of the illicit drugs smuggled into the US yearly. India faces the social problem of gang rapes of young girls whereas Pakistan has the phenomenon of Islamic terrorism to contend with. In Africa, the South African government is battling with the black-

on-black violence. There are also cases of violent xenophobic attacks of other black Africans living in South Africa. But Nigeria has the notoriety of being a nation contending with so many challenges including Islamic terrorism, armed Fulani attacks and the almighty crime of corruption by public officials. A former British premier Mr. David Cameron who was hosting the then newly elected Nigerian President Muhammadu Buhari was secretly recorded telling the Queen of England that Nigeria is fantastically corrupt. The Nigerian government and some persons living in denial protested this remark by the British politician but millions of other Nigerians accept that indeed politicians in Nigeria are fantastically corrupt. The United Nations office on drugs and crime (UNODC) has on many occasions conducted research on the phenomena of official theft of Nigeriaâ&#x20AC;&#x2122;s public fund and is known to have concluded that at least $400 billion of crude oil revenues have disappeared into private offshore accounts of different Nigerian officials in the last four decades. Nigerian public office holders including serving military Generals are known to own exotic cars and housing assets in choicest parts of America, United Kingdom and United Arab Emirates. The transparency international has consistently rated Nigeria as one of the most corrupt entities in modern political history. It can then be stated without contradiction that corruption is the political Bermuda triangle of Nigeria. The Bermuda Triangle, also known as the Devilâ&#x20AC;&#x2122;s triangle,

is a loosely â&#x20AC;&#x201C; defined region in the western part of the North Atlantic Ocean, where a number of aircraft and ships are said to have disappeared under mysterious circumstancesâ&#x20AC;?. Why do we now rate corruption as same as the Bermuda triangle in Nigeria? The answer is to be reached by asking the question of what has happened to the enormous wealth generated over the years from the export of crude oil for instance. The simple answer is that these humongous sums have disappeared into private bank accounts of privileged political office holders over the years due to corruption. For instance last year June, the Minister of Finance Mrs. Kemi Adeosun was quoted in the media as stating that in the year 2016, President Buhariâ&#x20AC;&#x2122;s administration spent over N1.2trillion on capital projects even as she stated that the government would continue to place emphasis on infrastructure spending. Now here is the catch 50/50 phenomenon around the huge sum quoted by the Finance Minister: the majority of the federal roads have collapsed as was attested to by no other person than the Vice-President Professor Yemi Osinbanjo during one of his few whistle stops in the South East of Nigeria. The Vice- President was quoted in the media few months before the Finance Minister made her fantastically ridiculous claim of the monumental expenditures invested into the area of infrastructure. Osinbanjo described the road networks in the Southeast zone as worrisome. Emmanuel Onwubiko, Human Rights Writers Association of Nigeria

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T H I S D AY THURSDAY OCTOBER 26, 2017

T H I S D AY THURSDAY OCTOBER 26 2017

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T H I S D AY ˾ THURSDAY, OCTOBER 26, 2017

POLITICS

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

PERSONALITY INTERVIEW

Awomolo: Military Approach Will Not Bring Lasting Peace to S’East In this interview with Funke Olaode, a Senior Advocate of Nigeria, Chief Adegboyega Awomolo traces the nation’s governance challenges to the military’s intervention in politics in 1966, concluding that Nigerians need to sit down and dialogue on how to move the country forward. Excerpts

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igeria recently celebrated 57 years of independence and people spoke glowingly about Nigeria of old. What changes would you like to see in your lifetime? The world has been on for over a 1000 years and people come in different characters just as different governance. The world has remained the same it is the people that are changing. What I see is that generation after generation move away from the core value of human being, we have crossed our fore fathers lines to the extent that we have lost track. When I was growing up, you could leave your yam products by the road side and if anybody wants it he/ she could drop money under the leaf and go. These days, as the owners are looking at the maturing bananas, oranges or even yam thieves are always watching. Things have changed and Western civilization has polluted our mind. In fact, social media is destroying our youths far more. You find that as we are advancing in knowledge and technology, our core value as people is destroyed. People talk about corruption and how it has eaten deep into our fabrics. But do you know the military created the greatest opening for corruption in Nigeria. When they were removing and dismissing public officials; judges, professors, civil service on radio or television, those in service had this fear that it could happen to them tomorrow so they began to help themselves. That is why a public official will register five companies with letter head and when his office wants to bid for contract he would also participate in the bidding thereby awarding contracts to himself. So military has done damage to this country more than anybody. Is there hope for Nigeria? I am not God but I know our God is a God who can turn around the fortune of Nigeria. You know the agitation we are having now is not for nothing and I would not blame the agitators because there is frustration in the land particularly among the youths. They believe their future is not secured. The nepotism, favourism, tribalism that ushered in the coup of 1966 is still rampant in government today. There is no fairness. Every day I am besieged by people who believe they cannot get public appointment without being introduced by senators, Senior Advocates of Nigeria, and ministers. In other words, we have no confidence in the institution that was created by law. Why are the agitations rampant? You may ask. It is because the institutions that manage human affairs in Nigeria have failed. Where is our local government? As a young man, a local government councilor is revered. He would tell us they are going to carry out road construction next week and he would do it. These days, local governments are nothing anymore. Look at state governments, they could not pay salaries, they could not maintain roads, they could not provide education etc. When these institutions have failed the consequence is what we are seeing now. And when we are in a democracy we must be able to manage agitation and protests by people with maturity and good sense of governance. The purpose of government is to manage the affairs of people in such a way that majority would be happy. Can you tell me majority of Nigerians are happy today? You guess is as good as mine. You mean the state of the nation is fuelling all the protests going on? Your guess is as good as mine. Have you ever pondered on why there is so much agitations in the land? Or why are youths obeying the young man, Nnamdi Kanu? It is because he represents their generation. They also believe he could save them or their generation. I may be very wrong but I believe that Biafra is in the psych of an

The federal government now controls large percentage of universities, tertiary education and they don’t need it. What they need is to create policies like JAMB and other institutions that would monitor standards, implementation of policies and allow the states and local governments carry them on. You can allocate more power and funds. Another point is that many people believe that because of these heavy responsibilities being handled by the federal government, certain people dominate and it is only natural to have such perception if you look at our population and the structure. There are 36 states comprising of 19 Northern States and others 18. If you look at sharing formula of revenue it is not balance. That is why fiscal federalism is one of the areas to look at. And that is why people are saying the country should go back to 1963 and 1999 constitutions. As a lawyer, there are only few differences but with only one enshrined policy: that is policy of centralizing everything. If Osun, Oyo or Anambra generates 10 megawatts it must go to national grid. So the investment of those states to produce 10 megawatts is shared by others who are using their own resources for other things. That is imbalance that is unfairness. Out of frustration, the federal government has involved itself in all sorts of mechanism to create balance and it can’t work because we have left the foundation.

Awomolo

average Igbo man. May be deliberately they shut out people from reading history so that people won’t look back. But whether we like it or not, history by oral tradition particularly people who suffered the Biafra war are still in the village and they tell their children and grandchildren what they suffered during the three-year civil war. Do you think clamping down on the agitators will douse the tensions? My worries is that we need to look at tragedy of controlling and managing affections. Do you know that Boko Haram did not start in a wide manner as we had in the last five years? It started like a small group of people with common interests and beliefs. But the management of Boko Haram by the killing of their leader created discord between the government and his people. So it was no longer possible for government to dialogue or discuss with them and they went wild. If we allow the young Igbo boys to go

Every day, states government provide cars to support federal controlled police and yet the issue of community policing is being handled with kid gloves

wild, it would be a dangerous second Biafran war and we would not be able to manage it. I still believe that all the institutions created by the government: the Senate, House of Rep. governors, federal government agencies should engage themselves in dialogue to manage these institutions to be able to arrive at amicable resolution of disputes. I have never believed in violence. I have never believed that violence can produce the desired results. I don’t believe the approach of using a military will bring about lasting peace. Are you saying when history of injustice is not addressed the fall out is what is playing out now? I don’t know about history of injustice what I know is that there is too much frustration in our land particularly among the youths. As we all know them (the youths) constitute 70 per cent of Nigerian population. When my children graduated they couldn’t get jobs and the girl who read law joined my chambers. Another one doing NYSC now is already agitated about what he is going to do after the youth service. There is no job and no hope of employment. So government has to take a critical look on empowering youths. One of the cardinal points of APC was to address job and unemployment particularly among youths. I am not sure that they have been able to do anything because the APC-led federal government is distracted by so many things. Unfortunately, the very few who have resulted to propaganda against the National Assembly and judiciary have not been able to do anything. Do you believe devolution of power and restructuring can bring about the desired result? My attitude to this is that the federal government has too much to chew. It is involved in so many things that ought not to be part of its responsibility. For education, federal government out to be concerned with policies. During the military when they were talking about unity, Federal Government Secondary Schools (Unity Schools), NYSC were introduced to foster unity.

Are you suggesting 1959 self-governance of the Western Region? That is a forgotten issue. We cannot go back there. What I am saying is that we should look at core issues in the argument: imbalance in the structure of the federalism we are doing and over concentration of power in the centre. And anytime you talk about agitation a big hammer is brought to scratch your head. That is not a good precedence. We must avoid the second mistake and that is why the military must be pulled out of South-east and allow the police to handle it because it is a fundamental issue. In 2014, President Jonathan convened a National Conference and a report was presented and the present National Assembly didn’t look at the documents in amending the constitution or review constitution. I will suggest that they should look at the 2014 recommendations. But then we need to be sincere about it. For instance, when the issue of restructuring and devolution of power was being discussed on the floor of the National. Assembly some people rejected it. And that was the end of it and the agitation became more pronounced. If you go round Nigeria there is no federal road in Nigeria now that you say your car is safe. The road would spoil them. Apart from bad roads, there is fear of herds men and kidnappers. The security of life and property in Nigeria is a major issue that should be faced by the federal government by addressing youths employment because those who are involved in these social menace are youths. The Minister of Agriculture is doing his best by creating opportunity for youths but how much can he do? I understand the food products being produced in Nigeria such as yam, guinea corn are being smuggled to West African countries by road. Our neighbouring countries are ready to take our products because it is cheaper for them to buy than to produce. Local government and states are the best structure that can promote local industries and this will promote employment, security of lives and property. Look at the issues of community policing that we have not been able to resolve. Every day, states government provide cars to support federal controlled police and yet the issue of community policing is being handled with kid gloves. Federal government prepares heavy budget every year but the problem persists. What we need to do is to sit down and dialogue on how to move the country forward. That is the only way out.

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T H I S D AY ˾ THURSDAY, OCOTBER 26, 2017

POLITICS

Obi: Why I Dumped Obiano for Obaze A former governor of Anambra State, Peter Obi said his decision to throw his weight behind the candidature of Oseloka Obaze of the Peoples Democratic Party against his former ally Willie Obiano stemmed from the fact that the incumbent governor has not performed creditably on the job. He spoke to Politics Editors in Lagos. Tobi Soniyi was there and presents the excerpts:

H

ow is the campaign going? Going on very well. Electioneering is tough, especially in our country where truth is in short supply. As somebody who has gone through elections, I often tell people to restrict their promises during election to what is realistic. In essence I always advocate for respect for the truth. I read Cicero’s Manual of electioneering written for his relation called Quintus. Cicero advised him to tell lies about his opponent and to even invent scandals - this is what I see in Anambra State. I am at the centre of the campaign- campaigning for the PDP’s candidate. Everyday, they invent stories about me. They sponsored people to make comment about N7 billion, when it appeared it was not working, the man in question said it to himself. You are left to wonder the extent people will go because of election. I have restricted myself to the truth and I will continue to do so. Every statement I make to buttress the need for a change in the governance of Anambra is the truth. All you hear me say about money I left, the accruals, total absence of projects, my savings, are all verifiable. Sir, you mentioned the money you left. As the issue is becoming controversial, could you tell us all about that? There is nothing controversial about it. Some people are deliberately introducing controversy where none exists. All my life, I have managed money. I started business early in life, right from my primary school. By the time I got to the university, I was already travelling outside the country for business. Even as a student, other students gave me money to hold for them, because they knew that with me, their money was secured. Whether in business or government, my attitude to money remains essentially oneprudence. Now to your question of how much I left. On the 17th of March, 2014, that I left office, I left a total of N25 billion cash and another N23,600,000,000, normally called set aside funds to execute some projects already identified, or to finish critical projects already on. It was part of the two-year salary for last set of civil servants we recruited - we did so in order not to encumber the new governor. Ironically, because these funds were tied to specific projects like the Amawbia to Amansea, NYSC main office at Umuawulu/ Mbaukwu, the hotels, malls. We also had critical projects like the Three Arms Zone, which included Governors Lodge. we did not include them in our hand over note. So if you are talking about total naira I left, it is actually money N48,600,000,000. I will give you the breakdown of all the banks. In US dollar component, I left $156 million. We had it $56 million in Fidelity Bank, $50 million in Access Bank and $50 in Diamond Bank.Today, going by current dollar rate, the accruals and others, the money is about N200 billion. These are not money that were left in foreign banks. Journalists should verify this. That’s why I laugh whenever they try to tell plain lies. We laid a solid foundation for my successor to start strong. Let me give you an example, toward the end of our government, we decided to build the new three arms zone, comprising the lodge, legislative building and the judiciary. We awarded the contract at N8 billion, and paid N2 billion. We awarded and commenced some roads, paid mobilisation and left my predecessor to perform their flag-off. We also did a lot of ground work in our relationship with the federal government in different ways. We, for instance, commenced the roadwork from Head Bridge to Umunya, after obtaining the written permission of the federal government to pay us back. After that

Nobody on earth will leave money and go and beg the person he left the money for to give him some

Obi

portion, we got the permission to do Amawbia junction to Amansea, which I started. Part of the plan was to do Amawbia Junction to Umunya and the entire express is completed. We are not losing anything since we will be paid back. There is also the dualisation of a road that we call ‘three-three’ (Onitsha to Otuocha Junction.) These were some of the roads we set aside money for, among other things. Sir one of the things your successor said is that you left him a debt of N127 billion how true is that? The day I left office, I did not have any unpaid certificate of work that had been executed. I did not have any certificate of supply that was delivered that was not paid for. As an accountant I expect him to know that contracts are not debt until executed. He was just trying to confuse the people through half truths. Let him explain to the people that he included contracts yet to be executed. When I became governor in 2006, Dr. Chris Ngige had awarded the reconstruction of Zik’s Avenue – the major road in Awka, and a lot of other roads. These were ongoing projects. Because he paid for all the certificates generated, I did not say, based on the contracts unexecuted, that he left me with debts. No contractor came to me that Ngige was owing him. Likewise, ask the governor to tell you how many contractors that came to complain that Peter Obi was owing them. The biggest contractors we had when I was in office were RCC and IDC. Go and ask them if I owed them. Our biggest supplier were Innoson, Coscharis and HP. In each case, I paid them in advance. I bought over 1000 vehicles from Innoson and paid him at least six months to one year before he supplied me one; the same with HP. As governor, I had dedicated amount I shared among contractors once allocation came. That was why, under me, work went on non-stop. Immediately my predecessor was elected, I explained all these to him in the hope that if he got it right, Anambra state would be the ultimate beneficiary. I even took him to all the international partners working for us. Ironically, it was Mr. Oseloka Obaze, using his

international contacts, that connected us to most of them. We went to the World Bank, DFID, UN, JICA, EU, UNDP. In fact I explained to him our relationship with the UNDP, how, after I allowed them to use our Lodge as office after the attack on their office and how the state had benefited many folds. Surprisingly, one of the first things he did was to issue UNDP with a quit notice. I am trying to recall all this to show you how well we meant for the success of the governor. Rather than face governance, he is peddling falsehoods against me, including the accusation I bequeathed debt to him. Ask the governor to give you the schedule of those debts. What is happening show the quality they’ve reduced governance to in my state today. It shouldn’t be. It’s like a situation where they say my government was able to export vegetables worth $5 million. Where was that vegetable produced? What was the refrigeration process? Where is the documentation process? It is like my government saying they are exporting rice. You saw the president on October 1, thanking states that are producing rice, he did not even include Anambra state that is now, according to the fovernor, a net exporter of rice. My government say they had order to export ten million tubers of yam, but everybody knows that in Anambra state most of the yams we eat come from Benue and Taraba states. In the absence of executed projects to use to campaign, as Cicero advised Quintus, they are inventing lies and dressing them as truth. Nigerians are surprised at what is happening today, considering the vigorous campaign you did for him in 2013. If you have interacted with human beings, you would have known enough of some of them to be shocked over what they do. I read philosophy and I know about Blaise Paschal, who, in his book called Penses described man as a chimera, an animal in Greek mythology that had two heads, he is an angel in one and a brute in the other. Such contradiction is what we see among human beings. Yes, I campaigned vigorously for him and everywhere I went with him, they asked me this question. I told them he would perform and if he did not, I would be the number one person to campaign against him.

Sir, how would you react to the claim by Obiano that you demanded N7.5 billion from him? This is another regrettable lie. On 23rd December, 2016, He came to my house for the first time since he became governor. He came with an ordained Bishop, to plead for reconciliation and to ask for my support for his re-election bid. There, I asked him about the N7.5 billion and he said it did not come from him, that he only heard it from people. Now he is the one saying it. I’m sure the Bishop will be listening to us. And other people who have been in the same meeting with him and I where I have reiterated that I do not want any kobo from him, will know that I have never, on my own honour, asked Obiano to pay me money. I have not even been paid my severance allowance since I left office, which I am entitled to. I just told you what I left in office. Nobody has ever left one dollar. If I was desperate, I could have comfortably taken just $30 million and it will remain $126 million. Nobody on earth will leave money and go and beg the person he left the money for to give him some. Because I made it clear to him that I would support my party and perhaps being told that my support was critical, he now resorted to blackmail. He is doing violence to himself because Nigerians will be reading in between lines and will know who to trust and who to deal with in future. It is unfortunate. Beyond the falsehoods, what other issues do you have with Obiano? I don’t have any issue with Mr. Obiano. I have issues with Governor Obiano. What ever issue we have, I have forgiven him. But for Governor Obiano, he has turned governance into what it should not be. You’ve been reading wonderful things in the newspaper, but let Governor Obiano invite you to Anambra. When I was going for second tenure, I invited journalists three months to election and we toured all the projects we were doing and the investments we had attracted. Governor Obiano has attracted $7.8 billion worth of foreign investment, can you people come and inspect those yam fields where we are going to get 10 million yams, or the Ugu field, or the rice field, or where those investments are. What role did you play towards the emergence of Obiano? I don’t want to go about how he emerged. He has emerged and did not perform, let somebody else try it. It’s just that in this country, so many people have emerged and they did not deliver. Even in the first world, people have emerged and they did not perform and they were asked to go. Don’t you think he has the power of Incumbency to his advantage? I’m not going to rig the elections. I have never done it before. I am only going to tell Anambra people to ask for what Obiano did in the past four years as a basis for his re-election or being voted out. How many roads did he do?

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THURSDAY, OCTOBER 26, 2017 ˾ T H I S D AY

FEATURES

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

For the Love of Education At its 2017 Sixth National Annual Dinner, Government College Ughelli Old Boys’ Association pledged to continue raising the standards of the institution that has bred prominent Nigerians in all walks of life. Nduka Nwosu reports

L-R: Ambassador Christopher Kolade, ex-tutor at GCU and event chairman, Dr. (Mrs.) Idiat Oluranti Adebule, Deputy Governor Lagos State, represented Governor Akinwunmi Ambode and Professor Oritsegbemi Omatete, President General Worldwide GCUOBA…at 2017 Sixth National Annual Dinner, Government College Ughelli Old Boys’ Association held in Lagos...recently

A

lthough not the keynote address, the host- Lagos State governor Akinwunmi Ambode’s goodwill message did a re-set of the place of governance and the network of old boys associations in building a new Nigerian education sector. That was the 6th Annual Dinner of the Government College Ughelli Old Boys Association (GCUOBA), which held at Eko Hotels and Suites, Victoria Island, Lagos. In his welcome remarks, President-General of GCUOBA, Professor Oritsegbemi Omatete, put it succinctly of the need for a private, public sector partnership engagement in funding the education sector and helping

In his welcome remarks, President-General of GCUOBA, Professor Oritsegbemi Omatete, put it succinctly of the need for a private, public sector partnership engagement in funding the education sector and helping to elevate the falling standards of education in the polity

Ambode...education-friendly governor

to elevate the falling standards of education in the polity. Ambode agreed. He did not fail however to stress why, for according to him, it is all about dwindling resources and competing needs, making it increasingly challenging for government to provide all that is required in public schools without support. “It has therefore become expedient,” he stressed, “for Old Students Associations to increase their commitment to their alma mater particularly in the area of infrastructure development and upgrading.” Ambode informed his guests how his administration was going about this in

practical terms, connecting it to the keynote speech of Chris Uwaje. “One other area we need to direct our attention, which the theme of this dinner is focusing on,” he stressed, “is the effective integration of Information, Communication and Technology (ICT) in our educational system. This is extremely important if we desire to raise a generation that can hold their space in the rapidly changing and competitive global system driven by knowledge and technology. In Lagos State, Ambode whose speech was read by his deputy, Dr. (Mrs.) Idiat Oluranti Adebule said, “technology education

is an integral part of our Smart City Project. About a year ago, we unveiled the Code Lagos Initiative, which is aimed at teaching Computer Programming to students in Lagos State. Under this initiative we have a target to make coding communication accessible to one milliom students in the state by 2019. “This is just one of the initiatives we are introducing in our school system, to position young people to take advantage of local and global opportunities in the 21st Century.” Beyond that, Ambode, an old boy of Government College Warri, the town where GCUOBA was first located, added that he strongly believed that old students as a duty call, should give back to the institution which contributed to the success they have achieved in life. “This is the whole essence of Old Students Associations, apart from providing a platform to reconnect, network and share experiences,” the governor asserted. It was interesting to hear John Abebe, President of St. Gregory’s College Old Boys Association, place his association side by side with Government College Ughelli Old Boys Association and its noble ideals of sustaining the quality education for which the college is known, adding that the old boys of St. Greg’s have also transformed the college to a campus that looks like an exotic foreign institution. Meaning? Well he did not say so, but he was almost saying St. Greg’s was riding the waves and living up to the expectations of the founding fathers. Both institutions have suffered that moment in time when government took over the running of schools and left them in a shambles but with the efforts of old boys of various colleges across the country, a new dawn of quality education was in the making. On the more serious issue of the evening, Abebe was humble enough to admit that his very good friend Alfred Okoigun who

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˾ T H I S D AY THURSDAY˜ Ͱʹ˜ Ͱͮͯ͵

FEATURES

L-R: Lagos State Commissioner of Police, Edgal Imohimi son of S.F. Edgal, GCU Principal (1962-1963), Uncle Sam Amuka-Pemu, Vanguard Publisher and member GCUOBA, Professor Itse Sagay (SAN), Chairman Presidential Advisory Committee Against Corruption and member of GCUOBA

reminded all during the evening of humour he is a staff of Arco Group Plc, which he founded anyway, had attended virtually all events of St. Greg’s he was invited to with generous donations, and he Abebe was here to reciprocate those gestures and help raise funds for the continuous rehabilitation of the college infrastructure. That was the heart of the matter, which according to Okoigun began many years ago when a group of old boys met to deliberate on what to do to help resuscitate the falling standards of academic excellence in the college with its infrastructure decay, an institution, which has given Nigeria nationally and globally world class citizens in every facet of human endeavour. That meeting chaired by the erudite Deacon Gamaliel Onosode, who was the worldwide President of GCUOBA, saw the evolution of a journey and an inner movement of the old boys striving to return the college to its lost glory. Onosode had admonished the Ancient Mariners or old boys, Omatete reminded all in his President General’s address that, “we cannot do it alone. “We challenge those of us who are highly placed or well connected to influence policies that can turn around the fortunes of the college in particular and education in the country as a whole.” And so the journey of a thousand mile began with a few steps on the sands of time. Today with over half a billion naira contribution from the association, the college is on the path of even greater glory. That is if it tows the path recommended by Uwaje, also an old boy, whose keynote address dwelt on the need for GCUOBA students not to be contented with just being the best in the classroom. Quoting Prof. Abletor Sedofia from the University of Ghana, Uwaje added: "Academic excellence is overrated! I said it. Being top of your class does not necessarily guarantee that you will be at the top of life.” Of course based on their individual, academic and corporate achievements, the Ancient Mariners have excelled in many departments of life. The parade of those present at the event chaired by Ambassador Christopher Kolade, former tutor of the college, who kept the old boys rocking on their chairs with his jokes, was

eloquent testimony to the success story of the college. Kolade, the “15 minutes acting principal” of the college, once on the podium, made a huge contrast away from the old and retired corporate chieftain and former High Commissioner to Great Britain. His rib cracking jokes reminded you of his days at the Lagos Business School, where his expository on Corporate Governance and Human Resource Management as well as Leadership and Conflict Management at the School of Media and Communication at the Pan African University, made practical business policy issues and Journalism an easy ride blended with fun and jokes. And was he elated that the boys he taught for the two years he was there had all but become

We the old boys of Government College Ughelli are very passionate about our school because we have realised the ‘excellency’ of the education it gave us… Those of us who experienced such high quality education, therefore, should assist government maintain it. This is exactly what the old boys have done in nearly two decades since we began the intervention to arrest the deterioration at GCU

great ambassadors? The 85-year-old Abeokuta Grammar School and Government College Ibadan Old Boy could not hide his joy with his sweetheart Beatrice beside him. In the college Hall of Fame are such great names as Gamaliel Onosode who was Cadbury chairman, when Kolade was its chief executive, Amuka Pemu (Sad Sam), the Vanguard Publisher and Octogenarian, Omatete, Princeton scholar of Chemical Engineering and current worldwide President of GCUOBA, who runs the water management and allies services company Hapese, and has himself largely contributed to the advancement of engineering and science in Nigeria and the United States. The parade of elder statesmen admitted to the Hall of Fame is best appreciated in the last list of Life Time Achievement awards led by Ambassador Daniel Omatsome from the Class of January 1948 down to Mr. Frank Longe of the September 1948 class and Prof Olu Akinyanju, with eight post humous awards including Alfred Opubor (1950 Class) and Senator Fred Brume of the Class of 1955. Interestingly, Master of Ceremony and Ancient Mariner Henry Nzekwu, the medical doctor turned public relations consultant, reminded former Arik boss Sir Joseph Arumemi-Johnson Ikhide he was in the junior cadre and did not need special recognition, his eminent accomplishments in the world of business notwithstanding. Yet Arumemi-Johnson Ikhide got a rousing applause plus a handsome donation to the Mariner Magazine launch. Nzekwu remarked the college orchestra has made great strides over the years courtesy of an old boy who passed on May last year. The college band itself offered moving renditions of familiar tunes in its own style. Applause. Omatete reminded the old boys the dinner was one way of raising funds to help revamp the infrastructure and other needs of the college where they were all honed as young men with a great eye on the future. “We the old boys of Government College Ughelli (GCU) are very passionate about our school because we have realised the ‘excellency’ of the education it gave us,”

he noted. He continued: “In addition we realised that excellent education is expensive and with the explosion in the number of secondary schools, government alone cannot finance high quality education. Those of us who experienced such high quality education, therefore, should assist government maintain it. This is exactly what the old boys have done in nearly two decades since we began the intervention to arrest the deterioration at GCU. “In that period we have raised and judiciously spent well over a quarter of a billion naira at our alma mater. We have refurbished anresuscitated dormitories, the administration block, the Appian Way, the Assembly Hall, the Library, the Sick Bay, a Felix Esi ICT Centre with 60 computers, the Pavilion, the science and agriculture laboratories, electric power generator and a generator house, the sports fields and more while the Oleh and Obiaruku Houses and the metal and wood workshops would need to be rehabilitated.” The other good news is that there are graduation robes now and anNGO, Africare with Shell are completing an all-weather tartan track for the college. Expectedly, the alumni is worried that with such huge inputs in the rehabilitation of the college, the Delta State Government has not brought it into a Private Public Partnership (PPP) arrangement that would allow it be part of the school administration. It cited Government College Umuahia now being run by the old boys association. Omatete said experience had shown partnerships in education management produce the best of results noting that neither the proposal nor the implementation is new. “The British in operating government colleges had a board consisting of prominent private citizens. It was at such a board that Chief Mukoro Mowoe realising there was no large land available in Warri to accommodate the proposed full secondary school, provided the huge parcel of land one mile square at Ughelli, which is now our beautiful campus.” It was a night of fun, camaraderie, a re-union the old boys are looking forward to come 2018

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IMAGES

L-R: Specialist, Partnerships-Digital Business, 9mobile, Olashile Hassan; one million Naira winner, Taiwo Afeez Akanbi; Customer Experience Specialist, Sowari Akosionu and CEO, 70th Precinct Limited, Osa Umweni, during the prize presentation of 9mobile predictor 6th promo, in Lagos....recently KOLA OLASUPO

The Honourable Minister of State, Ministry of Petroleum Resources, Dr Ibe Kachikwu and Founder, NESH, Emeka Ugwu-Oju rubbing minds on Peace and Sustainable Development of Nigeria Oil and Gas Producing Areas at the 2017 NESH Oil and Gas Roundtable at the Grand Hotel,Asaba, Delta State... recently

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Photo Editor ÌÓÙÎßØ ÔËÖË Email ËÌÓÙÎßØ˛ËÔËÖË̶ÞÒÓÝÎËãÖÓàÏ˛ÍÙ×

President Rotary Club of Ikoyi, Rotarian Isichei Osamgbi (Centre), immunizing a child at the flag off of the “End Polio Now” campaign to mark the World Polio Day today, Tuesday October 24th, 2017, at the New Market, Oniru, in Iru / Victoria Island Local Community Development Area (LCDA), Lagos..recently

L-R; Head, corporate banking, Coronation Merchant Bank, Bunmi Bajomo; Managing Director, Inlaks, Femi Adeoti; presenting best merchant bank of the year award to Managing Director, Coronation Merchant Bank, Abubakar Jimoh; and the Banks Executive Director, Onome Komolafe at the 2017 BusinessDay banking award in Lagos...recently.

L-R; CEO, Zamani Foundation, Philomena Zamani-Henry; MD/CEO, PAN Nigeria Limited, Ibrahim Boyi;e, General Manager Supreme FM Kaduna, Isaac Bar and Executive Vice Chairman Verdant Zeal Group, Tunji Olugbodi during the INNOVENTION Roundtable in Kaduna....recently

L-R: Acting Director General, National Agency for Food and Drug Administration and Control (NAFDAC), Mr. Mogbojuri Ademola; Director, Investigation/ Enforcement, Mr. Kingsley Ejiofor and Director, Narcotic and Control Substances, Dr. Umar Musa, at a media briefing on the NAFDAC seizure and arrest of unwholesome insecticides, in Lagos..recently ETOP UKUTT

L-R: Head, Private Sector, Business of Credit Direct Limited (CDL), Mrs. Lilian Ohiaeriaku; Most Outstanding Teacher (Junior Category), Lagos Education District 6, Miss. Nwabeke Ezichi; Managing Director, CDL, Mr. Akinwande Ademosu; Most Outstanding Teacher (Senior Category) Lagos District 6, Mrs. Shakirat Ajiboye; Principal, Oregun High School, Mrs. Toyin Kuti and Team Leader, Brand Management, CDL, Mr. Joseph Osodi, during the 2017 World Teachers day, in LagosÖrecently

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Ă&#x2DC; Ă&#x2039; Ă&#x2DC;Ă&#x2122;Ă&#x17E;Ă&#x201C;ʨĂ?Ă&#x2039;Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC; Ă&#x2013;Ă?ĘľĂ?Ă&#x153; Ă&#x2122;Ă? Ă&#x17E;Ă&#x2019;Ă? Ă?Ă&#x2122;Ă&#x2DC;Ă?Ă?Ă&#x153;Ă&#x2014;Ă?Ă&#x2DC;Ă&#x17E; Ă&#x2039;Ă&#x17D;Ă&#x17D;Ă&#x153;Ă?Ă?Ă?Ă?Ă&#x17D; Ă&#x17E;Ă&#x2122; Ă&#x201D;Ă&#x2122;Ă&#x152;Ă&#x2122;Ë&#x153; Ă&#x201C;Ă&#x17E; ĂĄĂ&#x2039;Ă? Ă?Ă&#x17E;Ă&#x2039;Ă&#x17E;Ă?Ă&#x17D; Ă&#x17E;Ă&#x2019;Ă&#x2039;Ă&#x17E; Ă&#x17E;Ă&#x2019;Ă? Ă&#x17D;Ă?Ă?Ă&#x201C;Ă?Ă&#x201C;Ă&#x2122;Ă&#x2DC; Ă&#x17E;Ă&#x2122; Ă?Ă&#x2122;Ă&#x2DC;Ă?Ă?Ă&#x153; Ă&#x17E;Ă&#x2019;Ă? Ă&#x2039;ĂĄĂ&#x2039;Ă&#x153;Ă&#x17D; Ă&#x2122;Ă&#x2DC; Ă&#x2019;Ă&#x201C;Ă&#x2014; ĂĄĂ&#x2039;Ă? Ă&#x17E;Ă&#x2039;Ă&#x2022;Ă?Ă&#x2DC; Ă&#x152;ĂŁ Ă&#x17E;Ă&#x2019;Ă? Ă&#x2039;Ă?Ă&#x;Ă&#x2013;Ă&#x17E;ĂŁ Ă&#x2122;Ă&#x2039;Ă&#x153;Ă&#x17D; Ă&#x2122;Ă? Ă&#x2039;Ă&#x2DC;Ă&#x2039;Ă&#x2018;Ă?Ă&#x2014;Ă?Ă&#x2DC;Ă&#x17E; Ă?Ă&#x201C;Ă?Ă&#x2DC;Ă?Ă?Ă? Ă&#x2039;Ă&#x17E; Ă&#x201C;Ă&#x17E;Ă? ͯ͹ʹĂ&#x17E;Ă&#x2019; Ă&#x2014;Ă?Ă?Ă&#x17E;Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă&#x2019;Ă?Ă&#x2013;Ă&#x17D; Ă&#x2122;Ă&#x2DC; Ă?Ă&#x161;Ă&#x17E;Ă?Ă&#x2014;Ă&#x152;Ă?Ă&#x153; Í°ÍłË&#x153; Í°ÍŽÍŻÍľ ĂĄĂ&#x2019;Ă?Ă&#x153;Ă? Ă&#x201C;Ă&#x17E; ËŤĂ&#x161;Ă&#x153;Ă&#x2122;Ă&#x;Ă&#x17D;Ă&#x2013;ĂŁ Ă&#x17E;Ă&#x2122;Ă&#x2122;Ă&#x2022; Ă?Ă&#x2122;Ă&#x2018;Ă&#x2DC;Ă&#x201C;äĂ&#x2039;Ă&#x2DC;Ă?Ă? Ă&#x2122;Ă? ĂŁĂ&#x2122;Ă&#x;Ă&#x153; Ă&#x153;Ă?Ă&#x2014;Ă&#x2039;Ă&#x153;Ă&#x2022;Ă&#x2039;Ă&#x152;Ă&#x2013;Ă? Ă&#x2039;Ă?Ă&#x2019;Ă&#x201C;Ă?Ă Ă?Ă&#x2014;Ă?Ă&#x2DC;Ă&#x17E;Ă? Ă&#x201C;Ă&#x2DC; Ă&#x2013;Ă&#x201C;Ă?Ă?Ë&#x153; Ă?Ă?Ă&#x161;Ă?Ă?Ă&#x201C;Ă&#x2039;Ă&#x2013;Ă&#x2013;ĂŁ Ă&#x201C;Ă&#x2DC; ĂŁĂ&#x2122;Ă&#x;Ă&#x153; Ă?Ă&#x2019;Ă&#x2122;Ă?Ă?Ă&#x2DC; Ă?Ă&#x2039;Ă&#x153;Ă?Ă?Ă&#x153; Ă&#x2039;Ă? Ă&#x2039; Ă&#x153;Ă?Ă&#x2DC;Ă&#x2122;ĂĄĂ&#x2DC;Ă?Ă&#x17D; Ă&#x17E;Ă?Ă?Ă&#x2019;Ă&#x2DC;Ă&#x2122;Ă?Ă&#x153;Ă&#x2039;Ă&#x17E; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x;Ă&#x152;Ă&#x2013;Ă&#x201C;Ă? Ă?Ă&#x153;Ă Ă&#x2039;Ă&#x2DC;Ă&#x17E; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x;Ă&#x2DC;Ă&#x2039;Ă&#x2DC;Ă&#x201C;Ă&#x2014;Ă&#x2122;Ă&#x;Ă?Ă&#x2013;ĂŁ Ă&#x2DC;Ă&#x2122;Ă&#x2014;Ă&#x201C;Ă&#x2DC;Ă&#x2039;Ă&#x17E;Ă?Ă&#x17D; ĂŁĂ&#x2122;Ă&#x; Ă&#x17E;Ă&#x2122; Ă&#x152;Ă? Ă?Ă&#x2122;Ă&#x2DC;Ă?Ă?Ă&#x153;Ă&#x153;Ă?Ă&#x17D; ĂĄĂ&#x201C;Ă&#x17E;Ă&#x2019; Ă&#x2039;Ă&#x2DC; Ă&#x2039;ĂĄĂ&#x2039;Ă&#x153;Ă&#x17D; Ă&#x2122;Ă? âĂ?Ă?Ă&#x2013;Ă&#x2013;Ă?Ă&#x2DC;Ă?Ă?Ë&#x203A;ËŹ Ă&#x2019;Ă? Ă&#x2013;Ă?ĘľĂ?Ă&#x153; ĂĄĂ&#x2039;Ă? Ă&#x201D;Ă&#x2122;Ă&#x201C;Ă&#x2DC;Ă&#x17E;Ă&#x2013;ĂŁ Ă?Ă&#x201C;Ă&#x2018;Ă&#x2DC;Ă?Ă&#x17D; Ă&#x152;ĂŁ Ă&#x17E;Ă&#x2019;Ă? Ă?Ă&#x2039;Ă&#x2DC; Ă&#x2039;Ă?Ă&#x;Ă&#x2013;Ă&#x17E;ĂŁ Ă&#x2122;Ă? Ă&#x2039;Ă&#x2DC;Ă&#x2039;Ă&#x2018;Ă?Ă&#x2014;Ă?Ă&#x2DC;Ă&#x17E; Ă?Ă&#x153;Ă Ă&#x201C;Ă?Ă?Ă?Ë&#x153; Ă&#x153;Ă&#x2122;Ă?Ë&#x203A; Ă&#x153;Ă?Ă&#x17D;Ă&#x153;Ă&#x201C;Ă?Ă&#x2022; Ë&#x203A; äĂ?Ë&#x153; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x17E;Ă&#x2019;Ă? Ă&#x2019;Ă&#x2039;Ă&#x201C;Ă&#x153;Ă&#x2014;Ă&#x2039;Ă&#x2DC;Ë&#x153; Ă&#x2013;Ă&#x;Ă&#x2014;Ă&#x2DC;Ă&#x201C; Ă&#x2122;Ă&#x2014;Ă? Ă&#x2122;Ă&#x2014;Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă&#x2122;Ă&#x2014;Ă&#x2014;Ă&#x201C;ĘľĂ?Ă?Ë&#x153; Ă&#x153;Ă&#x2122;Ă?Ë&#x203A; Ă&#x2022;Ă? Ë&#x203A; Ă&#x17D;Ă&#x2122;Ă&#x2013;Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă Ă?Ă&#x153;Ă&#x2DC;Ă&#x2122;Ă&#x153; Ă?Ă?Ă&#x2039;Ă&#x2DC;ĂŁĂ&#x201C; Ă&#x2018;ĂĄĂ&#x;Ă&#x2039;Ă&#x2DC;ĂŁĂ&#x201C; Ă&#x2122;Ă? Ă&#x2DC;Ă&#x;Ă&#x2018;Ă&#x; Ă&#x17E;Ă&#x2039;Ă&#x17E;Ă? Ă&#x201C;Ă? Ă&#x17E;Ă&#x2019;Ă? Ă&#x161;Ă?Ă?Ă&#x201C;Ă&#x2039;Ă&#x2013; Ă&#x;Ă?Ă?Ă&#x17E; Ă&#x2122;Ă? Ă&#x2122;Ă&#x2DC;Ă&#x2122;Ă&#x;Ă&#x153;Ë&#x153; ĂĄĂ&#x2019;Ă&#x201C;Ă&#x2013;Ă? Ă&#x17E;Ă&#x2019;Ă? Ă&#x2019;Ă&#x201C;Ă?Ă? Ă&#x2122;Ă?Ă&#x17E; Ă&#x201C;Ă? Ă&#x17E;Ă&#x2019;Ă? Ă&#x201C;Ă?Ă? Ă&#x2019;Ă&#x2039;Ă&#x2DC;Ă?Ă?Ă&#x2013;Ă&#x2013;Ă&#x2122;Ă&#x153;Ë&#x153; Ë&#x153; Ă&#x153;Ă&#x2122;Ă?Ë&#x203A; Ă&#x;Ă&#x2022;Ă? Ă&#x2022;Ă?Ă?Ă&#x2019;Ă&#x;Ă&#x2022;ĂĄĂ&#x; Ă&#x2DC;Ă&#x201C;Ă&#x2022;Ă?Ë&#x203A;

BUSINESS ADVANCMENT

L-R: Director, Post-privatisation Monitoring at the Bureau of Public Enterprises (BPE), Mr. Yunana Malo; Senior Special Assistant (SSA) to the President on Infrastructure, Mrs. Imeh Okon, who represented the Chairman of the Technical Committee of the National Council on Privatisation; and Director General, BPE, Mr. Alex A. Okoh at the ďŹ nancial bids opening for ďŹ ve subsidiaries of Nigerian Mining Corporation and technical consultancy for power sector monitoring which held in BPE â&#x20AC;Ś recently

Nigeria to Witness Surge in Air Travel by 2030 Chinedu Eze The Director-General of the Nigerian Civil Aviation Authority (NCAA), Capt. Muhtar Usman has said that Nigeria is preparing the aviation sector to develop the capacity and infrastructure that will enable it accommodate the expected passenger surge in the next 13 years. The International Air Transport Association (IATA) and the International Civil Aviation Organisation (ICAO) had projected that the global air travel would double by 2030 and called on all countries around the world to prepare for the increase. Usman said in the area of regulation, NCAA has it as its prerogative to ensure safety in the airspace and stressed that the federal government was poised to provide airport

AVIATION facilities that would enhance air travel, just as the country aspires to become a hub for the West and Central Africa before the projected period. Speaking at a seminar organised by the International Civil Aviation Organisation (ICAO), Monday, at the Murtala Muhammed Airport (MMA), Lagos, with the theme â&#x20AC;&#x2DC;High Level Workshop on Global Air Navigation Plan,â&#x20AC;&#x2122; Usman said that Nigeria was well positioned to contribute to the expected surge in the global air travel by 2030. Global air passenger travel in 2016 was 3.7 billion, according to IATA. The traffic rose 6.3 per cent when compared to 2015. This strong performance was well ahead of the 10 years average annual growth rate of 5.5 per cent. Capacity rose 6.2 per cent compared to 2015,

pushing the load factor up 0.1 percentage points to a record full-year average high of 80.5 per cent. With the projection of IATA, global air travel is expected to grow to 7.4 billion passenger traffic by 2030. According to Usman, Nigeria within the period would have increased its infrastructure and its regulations, stressing that with this plan, the country would not be left behind. â&#x20AC;&#x153;In the spirit of â&#x20AC;&#x2DC;NO Country Left Behindâ&#x20AC;&#x2122; as being professed by our own President of ICAO, Dr. Olmuyiwa Aliu, this workshop has been put in place to ensure that we key in and Nigeria is not left behind. So, in terms of regulation and infrastructure, we want to make sure that we are not left behind. â&#x20AC;&#x153;Iâ&#x20AC;&#x2122;m sure you are aware of the forthcoming World Aviation Forum, the third one in the series that is coming up in

Abuja and the first to be held outside the ICAO headquarters between November 20 and 22 this year, we want to take advantage of that. We have a plan and we need to implement the plan. So, part of it is the infrastructure and the theme of the conference is â&#x20AC;&#x2DC;Financing Aviation Infrastructure,â&#x20AC;&#x2122; Usman said. Also speaking at the occasion, Director of Air Navigation Bureau, ICAO, Mr. Stephen Cremer said that through the seminar, ICAO would get to know the prospects and the challenges of Nigeria towards the global 2030 global air traffic projection. He said that Nigeria as a leader in the continent needed to take the economic development in Africa, stressing that safety and regulations tools in place required improvement, Continued on page 24

Why CWG Plc Remained Afloat During Recession Emma Okonji The Chief Executive Officer of CWG Plc, Mr. James Agada has revealed that the companyâ&#x20AC;&#x2122;s decision to shun businesses worth billions of naira that require foreign exchange, helped it to remain buoyant during the economic recession that forced most businesses and organisations to go under. Agada who narrated the challenges and prospects of CWG Plc in the last 25 years, during the companyâ&#x20AC;&#x2122;s 25th anniversary in Lagos recently, said the company would have gone under during the period of recession, but for the difficult but gainful decision taken by the management of the company to

IT reject all businesses that would make the company to seeking for hard currencies to purchase and import equipment and machines from foreign countries. According to him, â&#x20AC;&#x153;During the period of recession, we realised that over 30 per cent of its losses was linked to high foreign exchange, because we were busy looking for hard currencies at exorbitant rates, just to service businesses that had to do with the purchase and supply of foreign equipment. So we decided as a company to cutdown on any business that was tied to foreign exchange.â&#x20AC;? He added: â&#x20AC;&#x153;Though it was a difficult decision to take,

because we lost close to 50 per cent of our businesses as a result of that singular decision taken, but on the long run, the decision paid off because we were no longer running at a loss, and that was when we started counting our profits and we were able to re-bounce CWG Plc back to profitability.â&#x20AC;? Giving further details on how the company was revived from its earlier financial losses, Agaga said: â&#x20AC;&#x153;Again we took a second look at our business structure and we had to reduce our operating expenditure (OPEX) by right-sizing and we also had to reduce official travels of management staff. Again we had to restructure and brought in a Chief Financial Officer (CFO)

and Chief Operating Officer (COO), who understood how best to cut down on operational expenditures.â&#x20AC;? So as an organisation, we walked away from businesses we would have accepted to execute because we were not willing to incur financial losses linked to foreign exchange, Agada stressed. He said in the next 25 years, CWG would focus on impacting on customersâ&#x20AC;&#x2122; businesses, by identifying what their challenges are and seek new ways of addressing them. Agada who commended the four founding fathers of CWG Plc, for tolerating the differences of one another in Continued on page 24

CPN Holds Industry CEO Roundtable Ă&#x2019;Ă? Ă&#x2122;Ă&#x2014;Ă&#x161;Ă&#x;Ă&#x17E;Ă?Ă&#x153; Ă&#x153;Ă&#x2122;Ă?Ă?Ă?Ă?Ă&#x201C;Ă&#x2122;Ă&#x2DC;Ă&#x2039;Ă&#x2013;Ă? Ă?Ă&#x2018;Ă&#x201C;Ă?Ă&#x17E;Ă&#x153;Ă&#x2039;Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC; Ă&#x2122;Ă&#x;Ă&#x2DC;Ă?Ă&#x201C;Ă&#x2013; Ă&#x2122;Ă? Ă&#x201C;Ă&#x2018;Ă?Ă&#x153;Ă&#x201C;Ă&#x2039; Ě&#x2122; Ě&#x161; ĂĄĂ&#x201C;Ă&#x2013;Ă&#x2013; Ă&#x152;Ă? Ă&#x2019;Ă&#x2122;Ă&#x2013;Ă&#x17D;Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă&#x201C;Ă&#x17E;Ă? Ă&#x2DC;Ă&#x17D;Ă&#x;Ă?Ă&#x17E;Ă&#x153;ĂŁ Ă&#x2019;Ă&#x201C;Ă?Ă? âĂ?Ă?Ă&#x;Ă&#x17E;Ă&#x201C;Ă Ă? ĘŠĂ?Ă?Ă&#x153;Ă? Ă&#x2122;Ă&#x;Ă&#x2DC;Ă&#x17D;Ă&#x17E;Ă&#x2039;Ă&#x152;Ă&#x2013;Ă? Ă?Ă&#x2013;Ă&#x2039;Ă&#x17E;Ă?Ă&#x17D; Ă?Ă&#x2122;Ă&#x153; Ă&#x2DC;Ă?âĂ&#x17E; Ă&#x2014;Ă&#x2122;Ă&#x2DC;Ă&#x17E;Ă&#x2019; Ă&#x201C;Ă&#x2DC; Ă&#x2039;Ă&#x2018;Ă&#x2122;Ă?Ë&#x203A; Ă&#x2039;Ă&#x153;Ă&#x17E; Ă&#x2122;Ă? Ă&#x17E;Ă&#x2019;Ă? 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â&#x20AC;&#x153;We have the InfraCo infrastructure stored in our warehouses for over a year now, but we canâ&#x20AC;&#x2122;t deploy them because of government bureaucracyâ&#x20AC;?

CEO, MainOne, Ms. Funke Opeke

24

T H I S D AY Ëž Ë&#x153; Í°Í´Ë&#x153; Í°ÍŽÍŻÍľ

NIGERIA TO WITNESS SURGE IN AIR TRAVEL BY 2030 but observed that the country had improved on the accident and incident records in the past years. â&#x20AC;&#x153;We want to share our views in a way that it is meaningful to you. There is no any country in the world that can say it has all the navigational equipment. We have challenges everywhere, which are not unique, but the way we approach them is what matters,â&#x20AC;? he said. WHY CWG PLC REMAINED AFLOAT DURING RECESSION the last 25 years, said, their commitments had kept the company strong since it was founded by Mr. Austin Okere, an Entrepreneur in Residence at the Columbia Business School, in South America, some 25 years ago. Although CWG was founded on the ideas of Okere, the company has been managed by four technology giants, referred to as the four founding fathers of CWG Plc. They include its Chairman, Mr. Biodun Fawunmi, its Vice Chairman, Mr. Austine Okere, its Chief Executive Officer, Mr. James Agada, and its Chief Operating Officer, Mr. Philip Obioha. Okere, in his speech, thanked Original Equipment Manufacturers (OEMs) like Dell, software companies like Infosys, as well as Nigerian banks, for partnering CWG in the last 25 years. He enjoined them to carry the new leadership of CWG, just as they had carried him, during his tenure as Chief Executive Officer of the company. He said the company would henceforth be called CWG Plc and no longer Computer Warehouse Group, for strategic reasons. Okere who retired from active service from the company he founded on January 1, 2016, told the audience at the 25th anniversary celebration of CWG Plc that he would be setting up the AUSSO Leadership and Mentorship Academy, to inspire leaders and budding entrepreneurs to become outstanding, so that they too could go forth and set up other CWGs and employ youth and improve the Nigerian society.

Group Business Editor

Ă&#x2019;Ă&#x201C;Ă&#x2022;Ă&#x2039; Ă&#x2014;Ă&#x2039;Ă&#x2DC;äĂ?Ě&#x2039; ĂĄĂ&#x2039;Ă?Ă&#x2019;Ă&#x;Ă&#x2022;Ă&#x; AgriBusiness/Industry Editor

Ă&#x2122;Ă&#x2DC;Ă&#x2039;Ă&#x17E;Ă&#x2019;Ă&#x2039;Ă&#x2DC; äĂ? Comms/e-Business Editor

Ă&#x2014;Ă&#x2014;Ă&#x2039; Ă&#x2022;Ă&#x2122;Ă&#x2DC;Ă&#x201D;Ă&#x201C; Capital Market Editor

Ă&#x2122;Ă&#x17D;Ă&#x17D;ĂŁ Ă&#x2018;Ă?Ă&#x2DC;Ă? Senior Correspondent

Ă&#x2039;Ă&#x2019;Ă?Ă?Ă&#x2014; Ă&#x2022;Ă&#x201C;Ă&#x2DC;Ă&#x2018;Ă&#x152;Ă&#x2122;Ă&#x2013;Ă&#x; (Advertising) Correspondents

Ă&#x2019;Ă&#x201C;Ă&#x2DC;Ă?Ă&#x17D;Ă&#x; äĂ? (Aviation) Ă&#x201C;Ă&#x2DC;Ă&#x17D;Ă&#x2039; Ă&#x153;Ă&#x2122;Ă&#x2022;Ă? (Labour) Ă&#x153;Ă&#x2122;Ă&#x2014;Ă&#x2122;Ă?Ă?Ă&#x2013;Ă? Ă&#x152;Ă&#x201C;Ă&#x2122;Ă&#x17D;Ă&#x;Ă&#x2DC; (Maritime) Ă&#x201D;Ă&#x201C;Ă&#x2122;Ă?Ă&#x2122;Ă&#x153; Ă&#x2013;Ă&#x201C;Ă&#x2022;Ă? (Energy) Ă&#x2039;Ă&#x2014;Ă?Ă? Ă&#x2014;Ă?Ă&#x201D;Ă&#x2122; (Nationâ&#x20AC;&#x2122;s Capital) Ă&#x152;Ă&#x201C;Ă&#x2DC;Ă&#x2DC;Ă&#x2039; Ă&#x2019;Ă&#x201C;Ă&#x2014;Ă&#x2039; (Money Mkt) Ă&#x2019;Ă&#x201C;Ă&#x2DC;Ă?Ă&#x2014;Ă? Ă&#x2022;Ă&#x2039;Ă?Ă&#x2122;Ă&#x153; (Energy) Reporters

Ă&#x;Ă&#x2014;Ă? Ă&#x2022;Ă?Ă&#x2018;Ă&#x2019;Ă? (Money Market) Ă&#x2122;Ă?Ă&#x2039; Ă&#x2013;Ă?Ă&#x2022;Ă&#x2019;Ă&#x;Ă&#x2122;Ă&#x2018;Ă&#x201C;Ă? (Cap Mkt)

â&#x20AC;&#x2DC;Digital Financial Services Will Reduce Number of Unbanked Nigeriansâ&#x20AC;&#x2122; Stories by Emma Okonji The Chief Executive Officer of Global Accelerex, Mr. Tunde Ogungbade has stressed the need for digital financial services to be pushed to all adult Nigerians with mobile devices, explaining that it will further help to reduce the number of adult Nigerians that are still unbanked, in line with the vision of the Central Bank of Nigeria (CBN) to make Nigeria a cashless economy. Ogungbade who stated this during the third quarterly seminar organised by the Nigerian Information Technology Reportersâ&#x20AC;&#x2122; Association (NITRA) in Lagos recently, said since the introduction of cashless economy in 2012, adult Nigerians who hitherto had no bank account, are beginning to see the need to become financially inclusive in the drive to make Nigeria a cashless society. Ogungbade who delivered the keynote paper at the NITRA Third Quarterly Forum, titled â&#x20AC;&#x2DC;Digital Payment: Prospects and Challenges of a Financially Inclusive Nigeriaâ&#x20AC;&#x2122;, said the percentage of adult Nigerians that do not have access to financial services has continued to reduce from 46.3 per cent in 2010 and 39.7 per cent in 2012, and predicted that it would further drop to 20 per cent in 2020, should government continue to stress the need for Nigerians to embrace digital financial services. He said 70 per cent of adult Nigerianâ&#x20AC;&#x2122;s should have access to payment services in 2020, and that 60 per cent should be able to have access to savings and 40 per cent each to credit,

insurance and pensions in 2020. He commended the wide acceptance of Automated Teller Machines (ATMs), which he said, has increased the use of digitalised payment from 11.49 per cent in 2012 to 16.73 per cent in 2016 per 100, 000 adults. He added added that the situation had also led to the reduction of the number of physical bank branches from 5.81 per cent in 2012, to 5.36 per cent in 2016 per 100, 000 adults. According to him, the mobile money report also

showed there had been level of adoption in digitalised mobile money payment, indicating 34.26 per cent per 1000 adults. Citing the Central Bank of Nigeria National Financial Inclusion Strategy source, he predicted that the channels through which people could have access the services such as branches of banks, microfinance banks, number of ATMs, mobile agents, POS, agents of deposit money banks are also expected to increase to specified target numbers per 100,000 adults in 2020.

While discussing strategies to further achieve financial inclusion, Ogungbade said: â&#x20AC;&#x153;There are three major stakeholders in the National Financial Inclusion Strategy (NFIS), which include financial and technology providers; the enablers such as the regulators and public institutions responsible for setting regulations and policies in respect of financial inclusion; and the partners and experts who are supporters of Nigeria in meeting its economic objectives and delivering on their technical assistance

mandates.â&#x20AC;? According to him, all the these stakeholders must come together in the execution of the strategies to tackle financial inclusion in Nigeria. â&#x20AC;&#x153;Government, banks and other financial services would need to move away from the attitude of viewing the objective behind financial inclusion as a national social responsibility but should begin to look at it more as a profitable business opportunity and an enabler of development,â&#x20AC;? Ogungbade added.

MERITORIOUS AWARD

L-R: Vice President, FBN Trustees, Abimbola Ajinibi and Head, Business Development, FBN Trustees, Babajide Fetuga, receiving the â&#x20AC;&#x2DC;Award for Excellenceâ&#x20AC;&#x2122; for the contribution to Islamic Finance from the Managing Director, Metropolitan Skills Limited, Ummahani Ahmad Amin, at the African International Conference on Islamic Finance Awards Dinner held in Abujaâ&#x20AC;Śrecently

NIPOST Vows to Enhance Customer Experience The Nigerian Postal Service (NIPOST), during its two-day strategic management retreat, which held in Lagos this week, reiterated its commitment to improving on customer service delivery, using the latest technologies. The Postmaster General of the federation and Chief Executive Officer of NIPOST, Adebisi Adegbuyi, who restated NIPOSTâ&#x20AC;&#x2122;s commitment to staff welfare and customersâ&#x20AC;&#x2122; satisfaction, vowed that the new and ongoing reforms at NIPOST, would ensue staff re-orientation and attitude to work, in order to improve on customer service delivery that would bring about customersâ&#x20AC;&#x2122; satisfaction. The Lagos retreat, which came five months after the first retreat was held under the leadership of Adegbuyi in Ogere, Oyo State, was meant to evaluate the level of implementation of the resolutions at the initial retreat, designed to post NIPOST into prosperity, going by its new strategic vision 2020 to empower customers. Adegbuyi who stressed the importance of customers to the new NIPOST business, advised Zonal and District Managers, to ensure that all, staff of NIPOST key into

the new vision of NIPOST to empower and enhance customersâ&#x20AC;&#x2122; experience, insisting that NIPOST customers must be treated as â&#x20AC;&#x2DC;kingsâ&#x20AC;&#x2122;. Reflecting on the resolutions reached at the first retreat, the Director, Strategy and Business Development at NIPOST, Abdulkarim Baba, while presenting the resolutions, said it was resolved that the new NIPOST would operate on four pillars and 18 programmes, to drive its new initiatives. He however said that the implementation processes had begun, shortly after the initial retreat five months ago, and that there had been remarkable improvement and growth in the volume of NIPOST businesses in the last three months. The Zonal Manager for Lagos Zone, Mrs. Adebola Ayeni, pledged the support of Lagos Zone to the new aspirations of NIPOST, since Lagos alone contributes between 60-70 per cent of the total revenue generated by NIPOST nationwide. According to Adegbuyi, â&#x20AC;&#x153;In these five months of uninterrupted strategy implementation, a lot has happened. The corporate restructuring is taking shape. The Business

Units are reshaping their products, the zones are now on ground supported by their districts while the Chief Op-

erating Officer has taken full control of the operations for efficiency. In all of these, the zones remain critical as they

are the field players and the foot soldiers who determine the victory or otherwise of this battle.â&#x20AC;?

PowerGas Partners Delta State on Gas-toPower Project Ejiofor Alike As part of the efforts to boost industralisation in Delta State, which is heavily impacted by inadequate power generation, PowerGas is partnering the State government to provide a sustainable solution to the power problem facing industries and other estates with its gasto- power infrastructure for industries and manufacturers. The objective of the gas- to â&#x20AC;&#x201C;power concept is to convert gas into electricity for not only businesses but households, in a more efficient and economically feasible way depending on local dynamics. During a recent Virtual Gasto-Power Summit hosted by PowerGas at the Government House in Asaba, Governor Ifeanyi Okowa, who was represented by his Chief of Staff (Special Duties), Hon. Tam Brisibe argued that Nigeria

is more of a gas state than a petroleum state. â&#x20AC;&#x153;Contrary to Popular opinion, Nigeria is more of a gas state than a petroleum state and if the needed attention is given to Nigerian gas as it is given to the petroleum, the income and revenue that will be generated form it will make income generated from crude oil a childâ&#x20AC;&#x2122;s play,â&#x20AC;? he said. The governor urged the federal government to harness the resources available in the form of natural gas in other to have more gas related industries. He also thanked Power Gas for bringing succor to industries that spend huge amount of money on diesel engine power supply. In his welcome address, Chairman of Delta State Investment Development Agency (DIDA), Mr. Afam Anthony Obiago revealed that

Delta State is the largest gas producer in Nigeria, stressing that 40 per cent of entire gas in Nigeria comes from the state. â&#x20AC;&#x153;With the Virtual Pipeline Technology, PowerGas will deliver natural gas to markets and industrial clusters, which is to customers and areas not reached by gas pipelines. PowerGas is a pioneer in the Virtual Pipeline Technology in Nigeria, leading the gas industry with its Compressed Natural Gas Technology (CNG).â&#x20AC;? He said. While thanking the DIDA and Delta State government for their support and partnership, the Managing Director of PowerGas, Mr. Pulak Sen explained that the CNG technology is the compressing and containerising natural gas to enable shipment to customers either through rails, roads or waterways in skid tanks, which is in line with the National Gas Policy.

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Cars, Generators, other Prizes to Be Won in Glo’s Loyalty Reward Scheme Emma Okonji Cars, electricity-generating sets and refrigerators, among others, have been set aside as prizes to be won in the Glo’s Loyalty Reward Scheme. Globacom during the week, unveiled two major customer loyalty reward schemes, Everyday Bonanza and Glo Jumbo SIM. Globacom said at the launch of the mega offers attended by Glo brand ambassadors, representatives of the Nigerian Communication Commission and the Nigerian Lottery Regulation Commission (NLRC) and select members of the media on Monday, that with Everyday Bonanza prizes valued at hundreds of millions of naira will be won every day throughout its duration. Similarly, the new Glo Jumbo SIM comes with a N200,000 worth of free airtime which can be used for calls, SMS and data, a development that is unprecedented in the telecommunications industry

in Nigeria. Globacom’s Regional Chief Marketing Officer, Ashok Israni, explained that 50 lucky customers would win television sets every Monday(750) TV sets in total; 150 subscribers will be lucky winners of 4G LED smartphones every Tuesday(2250 in all); 100 subscribers will go home with generating sets every Wednesday (1400 in total); another 100 customers will win refrigerators every Thursday (1400 units) while 200 subscribers will walk home with brand new microwave ovens every Friday(2800 in all). On Saturdays, 650customers will cart away 4G LTE MiFis (9100 in total) while a brand new Hyundai Accent will go to a lucky subscriber every Sunday making a total of 14 cars in total. To qualify for these exciting prizes, all that a subscriber needs do is to recharge his or her phone with at least N100 worth of credit which guarantees a subscriber an entry while a recharge of N1000

by a subscriber automatically gets him 100 entries. Post-paid customers on the other hand will qualify for an entry into the daily draw with every N100 used on their line while additional entries comes with the purchase of eTop-Up, SIMs and data products from any Gloworld outlet. “So the more recharge a subscriber makes, the more entries he gets and consequently the greater the chance to win quality gifts everyday!” Israni said. On the second reward scheme, Israni disclosed that anybody who buys the new Glo Jumbo SIM worth just N100 will automatically have an airtime value of N200,000 which will however be unlocked as the subscriber recharges his or her phone until it is fully depleted. He further disclosed that this is equally unprecedented as it is the first time telecom subscribers will be enjoying this kind of value from a telecom provider in Nigeria.

Ekpo: Computer Knowledge, Key to Information Management Sunday Okobi The Director General of West African Institute for Financial and Economic Management (WAIFEM), Professor Akpan Ekpo, has stated that computer knowledge and skills are key to information management. The don who stated this at the commencement of a one-week regional course on Computer Application in accounting, auditing and financial management organised by WAIFEM in Lagos, stressed the need for the participants to be abreast of modern trends and technology in computer knowledge and applications. The participants who were divided into two groups-Francophone and Anglophone-were drawn from the West Africa

sub-regions, including Nigeria, Ghana, Sierra, The Gambia, Togo, Republic of Benin, and Cameroon. The director general maintained that information plays what he called a “vital and pervasive roles” in any organisation and those involved must be adept in it. According to him, “In organisations, information plays a vital and pervasive role. Organisations are cooperatives systems with a high level of information processing and a vast need for decision making at various levels. Thus information is a key resource for any organisation. By means of information, strategic and operational plans are promoted, competitive advantage is gained and change management is effectively

implemented.” He stated that the course was designed to acquaint the participants with modern information technology tools applied in accounting, auditing, and financial management. In addition, the course will provide guidance on how to audit the most critical risks of standard computer systems. Ekpo explained that among other things, the attendees are expected to have an overview of accounting and financial management; the role of computer accounting, auditing and financial management; accounting and auditing techniques and procedures in computerised accounting information system as well as modeling and financial data analysis with spreadsheet.

Winners Emerge in Mobgidi Lottery Games Emma Okonji Winners have emerged in the ongoing Mobgidi Lottery games, with some of them winning as much as one million naira cash prize. The winners who spoke while receiving their cash prizes in Lagos at the weekend, said although they were initially skeptical about participating in the mobile phone gaming on the MTN platform, for fear of being swindled by fraudsters, they however said they somehow summoned courage to play the game as the network operator kept pushing the game on their mobile devices. Some of the winners who were on ground to receive their cash prizes, included: Akpanile Olufemi who won N25,000; Nwabufor Austin, who won N50,000; Julius Oderanti who also won N50,000 cash; Oke Oluwafemi who won N100,000 cash; Jenifer Oluchi who won N500,000; and Benjamin Mogo

who won N1 million cash. The cash prizes were presented to the winners by the Executive Director, Starfish Mobile, the operator of Mobgidi Lotto, Mr. Banky Ojutalayo. Giving details of the lottery game, Ojutalayo said the company had been in the mobile value added service (VAS) business for close to 10 years and had since then became, one of the foremost VAS operators in Nigeria. According to him, “We considered several factors before coming up with Mobgidi Lottery games, which is the first mobile gaming service in Nigeria. We looked at the economic environment, where liquidity flow is low and people are struggling to make ends meet, and we decided to introduce the Mobgidi Lottery to help Nigerians win good money with ease. In Mobgidi Lottery, every player is a winner.” Addressing the issue of trust in participating in the Mobgidi Lottery games, as raised by

the winners, Ojutalayo said convincing people to trust in your service offering was a very big challenge for anyone, because people hardly trust one another, especially when it comes to business of naira and kobo. He however said that his company decided to build its business on trust would continue to be transparent and provide enough information for Nigerians to truly trust the Mobgidi Lottery games. “We are launching a marketing campaign with lots of ads, designed to build credibility around the brand. Till date, several Nigerians have won cash prizes at various levels and we present the cash award after every draw that produces winners. The prize range is from N5,000 to N1 million and we have been giving out cash prizes to several winners. So far over two million people have played Mobgidi Lottery games and the number keeps increasing and winners keep emerging,” Ojutalayo said.

What is Your Money Blue Print? OLODU KEONYEDI

Wealth is learnable, it’s teachable and so is poverty Eighty per cent of my coaching on money ÓÝ ËÌÙßÞ ÞÒÏ ×ÓØÎÝÏÞ˜ ÓÐ ãÙß ÍËØ ʨâ ÞÒÏ ×ÓØÎ ÚÜÙÌÖÏ× ÞÒÏØ ãÙß ÍËØ ʨâ ÞÒÏ ×ÙØÏã problem. Our money blueprint like every architectural blueprint of any house is simply your preset programme or way of thinking about money. ÙßÜ ʨØËØÍÓËÖ ÌÖßÏÚÜÓØÞ ÍÙØÝÓÝÞÝ ÚÜÓ×ËÜÓly of the information or programming you received as you were growing up from ãÙßÜ ÚËÜÏØÞݘ ÐÜÓÏØÎݘ ÞÏËÍÒÏÜݘ ÜÏÖÓÑÓÙßÝ ÖÏËÎÏÜݘ Ï˛Þ˛Í˛ Everyone is taught how to think and act in ÜÏÖËÞÓÙØ ÞÙ ×ÙØÏ㘠ÝÙ áÏ ÖÏËÜØ ÒÙá ÞÙ ÌÏ poor or wealthy from the programming áÏ ÜÏÍÏÓàÏÎ ËÞ ÞÒÏ ÏËÜÖÓÏÜ ÚËÜÞ ÙÐ ÙßÜ ÖÓÐϘ ËØÎ ãÙßÜ ʨØËØÍÓËÖ ÝÓÞßËÞÓÙØ áÙßÖÎ ÍÙØÞÓØßÏ ÓØ ÞÒËÞ ÝÞËÞϘ ßØÖÏÝÝ ãÙß ÓØÞÏÜÍÏÎÏ ËØÎ ÜÏàÓàÏ ãÙßÜ ×ÓØÎ˪Ý ×ÙØÏã ʨÖÏݲ There are two major ways our money blueprint was programmed: Verbal Programming˝ ÒÓÝ ÓÝ ÙØÏ ×ËÔÙÜ ÝÙßÜÍÏ ÙÐ ÚÜÙÑÜË××ÓØј áÒËÞ áÏ ÒÏËÜ determines what we think about; what did you hear about money when you were ÑÜÙáÓØÑ ßÚˣ Ý Ë ÍÒÓÖÎ ÙßÜ ÚÜÓ×ËÜã àÏÜÌËÖ source of programming came from our parent; what did your parent say about ×ÙØÏ㘠ãÙß áÓÖÖ ÒÏËÜ ÚÒÜËÝÏÝ ÖÓÕÏ˝ ÞÒÏÜÏ ÓÝ ØÙ ×ÙØÏ㘠ÑÙ ËØÎ ×ËØËÑÏ ÓÞ˜ ÎÙ ãÙß ÞÒÓØÕ ×ÙØÏã ÑÜÙá ÙØ ÞÜÏϘ áÏ ÒËàÏ ØÙÞ ÌÏÏØ ÚËÓΘ ÙÜ áÏ ËÜÏ ÓØ ÜÏÍÏÝÝÓÙØ˛ Verbal conditioning is very powerful because the words we hear form our beÖÓÏÐ ÝãÝÞÏ×˹ÞÒÙßÑÒÞ ÚÜÙÍÏÝݘ ÞÒÏØ ÙßÜ thought process prompts our action and ʨØËÖÖã ÞÒÏ ËÍÞÓÙØ áÏ ÞËÕÏ ÎÏÞÏÜ×ÓØÏÝ ÞÒÏ results we get. Modeling Programming: ÒÓÝ ÓÝ ËØÙÞÒÏÜ ×ËÔÙÜ ÝÙßÜÍÏ ÙÐ ÚÜÙÑÜË××ÓØÑ˛ ÒÓÖÎÜÏØ learn greatly from what they observe from their environment; modeling programming like verbal programming comes basically from our parents/guardian. What were your parents or guardians like in handling money when you were growing up? Did they manage their money well or did they mismanage it? Were they heavy spenders or good savers? Were they good investors or they were never good at investing? Were they risk takers or play safe always? Was money consistently there or was it a month end thing mainly? Did money come easily in your family or was it always a struggle? Was the availability or absent of money Ë ÝÙßÜÍÏ ÙÐ ÔÙã ÓØ ãÙßÜ ÒÙßÝÏÒÙÖÎ ÙÜ ÞÒÏ cause of bitter arguments? ßÜ ÚËÜÏØÞ˪Ý ÏâÚÏÜÓÏØÍÏÝ ËÜÏ Ë ×ËÔÙÜ ÓØfluence on our belief and habits around money. Life is like a tree with fruits. If we don’t like the fruit (our results) we are producÓØј ÓØÝÞÏËÎ ÙÐ ÍÙ×ÚÖËÓØÓØÑ ËÌÙßÞ ÞÒÏ fruit (our results) we should rather focus on what is actually creating those particßÖËÜ ÐÜßÓÞÝ˞ ÒËÞ ÓÝ ÞÒÏ ÝÏÏÎÝ ̙ãÙßÜ ×ÓØÎÝÏÞ̚˜ Ù ÞÙ ÍÒËØÑÏ ÞÒÏ ÐÜßÓÞÝ ãÙß ×ßÝÞ ʨÜÝÞ ÍÒËØÑÏ ÞÒÏ ÝÏÏÎݲ

Ways to Change Your Present Money Blueprint It has taken a long time programming ãÙß ÞÙ ÞÒÓÝ àÏÜã ÚÙÓØÞ ÙÐ ãÙßÜ ÖÓÐϘ ÓÞ áÓÖÖ interest you to know that your personal money and success blueprint will tend to stay the same way they are now with you for the rest of your life-unless you identify and decide to change it. There are two major ways to change our money blueprint: Invest in Yourself: ÒÏ ʨÜÝÞ ÏÖÏ×ÏØÞ ÙÐ ËÖÖ ÍÒËØÑÏ ÓÝ ÝÏÖÐ ËáËÜÏØÏÝݘ ãÙß ×ßÝÞ become conscious and observe your ÞÒÙßÑÒÞݘ ãÙßÜ ÐÏËÜݘ ãÙßÜ ÌÏÖÓÏÐݘ ãÙßÜ ÒËÌÓÞݘ ãÙßÜ ËÍÞÓÙØÝ ËØÎ ÏàÏØ ãÙßÜ ÓØËÍÞÓÙØݲ Ùß ×ßÝÞ ÞËÕÏ ÎÏÍÓÝÓàÏ ÝÞÏÚÝ ÞÙ ßØÖÏËÜØ ËÖÖ ßØÒÏËÖÞÒã ʨØËØÍÓËÖ ÚÜÙÑÜË×ming and to replace it with one that is. ÙßÜ ÞÒÓØÕÓØÑ ËØÎ ÌÏÖÓÏÐÝ ËÜÏ Ë ÍÜÓÞÓÍËÖ part of what determines the level of your success. Once you are conscious of your programming for what it is: simply a recording of information you received and ÌÏÖÓÏàÏÎ ÓØ ÞÒÏ ÚËÝÞ˜ áÒÏØ ãÙß ËÜÏ ÞÙÙ little to know any better. Investing in yourself is one of the best returns on investment you can have if you áËØÞ ÞÙ ÍÒËØÑÏ ãÙßÜ ÚÜÏÝÏØÞ ʨØËØÍÓËÖ programming. Some of the best ways to invest in yourself are utilizing available ÞÜËÓØÓØÑ̋ ÏØÜÙÖÖ ÓØ ÌßÝÓØÏÝÝ áÙÜÕÝÒÙÚ˜ ËʵÏØÎ ÍÙØÐÏÜÏØÍÏݘ ÜÏËÎ ÌÙÙÕݘ ÓØÎ yourself a business coach or mentor who can guide you through the process; (If ãÙß ÍËØ˪Þ ʨØÎ Ë ÌßÝÓØÏÝÝ ÍÙËÍÒ ÐÙÜ ØÙᘠyou can contact us let’s start up a session with you). Invest in Relationship: Ý ×ÙÎÏÖÓØÑ ÓÝ Ë ×ËÔÙÜ ÝÙßÜÍÏ ÙÐ ÚÜÙÑÜË××ÓØÑ ÝÙ ËÖÝÙ is investing in relationship (mentors) in deprogramming and reprogramming our ×ÓØÎ ÐÙÜ ʨØËØÍÓËÖ ÝßÍÍÏÝݲ ÙÙÕ ÐÙÜ ×ÏØtors who has attain the position in busiØÏÝÝ ãÙß áÓÝÒ ÞÙ ËʵËÓØ˛ ÒÏ ÐËÝÞÏÝÞ áËã in locating a mentor is to align yourself to his top most priorities; get to know their business and their personal goals more ÍÖÙÝÏÖ㘠ÞÒÓØÕ ÙÐ áËã ãÙß ÍËØ ËÎÎ̋àËÖßÏ ÞÙ ÞÒÏ ÜÏÖËÞÓÙØÝÒÓÚ˛ Ð ãÙß ÒËàÏ ÙØÏ ÓØ ×ÓØΘ ÝÞËÜÞ Ìã ÌßÓÖÎÓØÑ ÞÒÏ ÜÏÖËÞÓÙØÝÒÓÚ˜ ÑÏÞ ÞÙ know them. Ï×Ï×ÌÏܘ ÞÒÏ ÌÏÝÞ ×ÏØÞÙÜÝ ËÜÏ ÌßÝã ÚÏÙÚÖϘ ËØÎ ÞÒÏã ×Ëã ÌÏ ÙÚÚÙÝÏÎ ÞÙ someone trying to take up a lot of their ÞÓ×Ï˛ ÒÏ ÌÏÝÞ ËÚÚÜÙËÍÒ ÓÝ ÞÙ ÌÏ ÚÏÜÝÓÝtent and ask for small portion of their time. ÓàÏ ãÏËÜÝ ÐÜÙ× ØÙá áÏ áÓÖÖ ÝÞÓÖÖ ÜÏ×ËÓØ ÞÒÏ áËã áÏ ËÜÏ ÏâÍÏÚÞ ÐÙÜ ÞÒÏ ÚÏÙÚÖÏ áÏ associate with and the books we read. Our goal is to build and develop the human capacity of the nation one citizen at a time. - Olodu keonyedi is a business coach and human capacity development consultant. Email: olodukeonyedi@gmail.com Tel: 08037489704

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Domesticating Information Technology through GITEX The annual Gulf Information Technology Exhibition, which held recently in Dubai, has become a platform to further drive the frontiers of Information Technology domestication in Nigeria, writes Emma Okonji Nigeria, through the National Information Technology Development Agency (NITDA), has over the years, keyed into the annual GITEX technology week as a platform to further drive technology development in Nigeria, while emphasising on local content and IT domestication. This yearâ&#x20AC;&#x2122;s GITEX technology week, which ended recently in Dubai, gave Nigeria the opportunity to address its local content and IT domestication drive, designed to save the huge sums spent on the importation of foreign technology solutions that could have been developed in Nigeria, using local contents. Worried that over N720 billion leave Nigeriaâ&#x20AC;&#x2122;s economy annually through the importation of IT equipment, solutions and services, the Nigerian delegation to this yearâ&#x20AC;&#x2122;s GITEX Technology Week 2017 held at the Dubai World Trade Centre in Dubai, used the opportunity to woo investors into the country, emphasising that more incentives would be given to investors willing to domesticate their technologies in Nigeria. From software to hardware, the National Office for Technology Acquisition and Promotion (NOTAP) had recently released statistics, declaring that 90 per cent of IT products and services being used in the banking industry, for instance, are foreign while local vendors are not patronised. Being the highest IT policy formulation and implementation agency in the country and Nigeriaâ&#x20AC;&#x2122;s representative at the annual GITEX technology week for the five years running, NITDA has continually called for technology domestication as one of its cardinal objectives, which it reiterated at this yearâ&#x20AC;&#x2122;s GITEX, especially where 10 Nigerian technology startups were also provided with the opportunity to pitch their ideas to prospective investors. Drive for IT domestication Rather than just woo potential investors to come into the Nigeriaâ&#x20AC;&#x2122;s IT industry to invest, NITDA took it upon itself to impress it on the investors who visited the Nigerian Pavilion and the African Investment Forum organised at this yearâ&#x20AC;&#x2122;s GITEX that localising or domesticating their IT products and services in Nigeria, would not only make the companies to be treated as Nigerian companies with a lot of incentives coming their way, such an approach to attracting Foreign Direct Investment, but would also be beneficial to the nationâ&#x20AC;&#x2122;s economy, making it a win-win investment model. The Director General of NITDA, Dr. Isa Pantami, who led the Nigerian delegation to this yearâ&#x20AC;&#x2122;s GITEX said: â&#x20AC;&#x153;More than 50 per cent of what potential investors needed to assemble products towards localising and domesticating their IT investments can be sourced from Nigeria.â&#x20AC;? Pantami, while addressing potential investors at the African Investment Forum, organised by NITDA, in collaboration with the Dubai World Trade Centre (DWTC), emphasised the need for investors to have it in mind that they would need to localise their IT products and services, saying Nigerian IT market offers greater investment opportunity with high return on investments. Wooing foreign investors The investment forum, which took place on October 11 at GITEX, was an exclusive feature of the event, facilitated by Nigeria and which served as a platform to highlight not only ICT investment opportunities in Nigeria and Africa, but also to discuss and explore the startup ecosystem. Investors from United States, Germany, Indian and many other countries from within Africa and Nigeria, came in their large numbers to the forum with some subsequently indicating investment interest in Nigeria. At the forum, investors were able to witness first-hand, some of the most innovative startups in Africa and hear about the IT developments in the region in the field of Internet of Things (IoT), cloud, drones and many more.

Pantami

With senior level speakers participating from government organisations including Ministry of Communications Nigeria; NITDA; National Automotive Design and Development Council (NADDC); Nigerian Computer Society (NCS); Nigeria Internet Registration Association of Nigeria (NiRA); Nigerian Communications Satellite Limited (NigComSat); Galaxy Backbone and lawmakers, the African Investment Forum, was an opportunity for investors to gain in-depth understanding about the developments in the African region, future prospects and what this would mean for business between their countries and the African continent, especially Nigeria, being the largest African market. The NITDA boss called on the global investment community to consider Nigeria a worthwhile investment haven for IT business and a place where they can source a lot of component for localising their technologies, stressing that â&#x20AC;&#x153;we need companies that will think globally and act locally.â&#x20AC;? He told a large audience of investors that there was an enabling environment created by the Buhari administrationâ&#x20AC;&#x2122;s Presidential Enabling Business Environment Council (PBEC), for businesses to thrive in Nigeria. He debunked all the misconceptions about doing business in Nigeria especially in the area of security of life and property, stressing that the problem of insecurity has been fought significantly and that investors have been having safe business operations contrary to false information on the internet. At the forum, the President, Nigerian Computer Society (NCS), Prof. Adesola Aderounmu, however, explained that coming to Nigeria to invest would require investors thinking of domesticating their IT products and services by opening a manufacturing assembly plant or physical office in the country. â&#x20AC;&#x153;We have enormous human talents in Nigeria and the kind of investment we need is from those who are willing to build manufacturing plants in the country. We are tired of importation especially when you could manufacture all of your IT products in Nigeria,â&#x20AC;? he said. The untapped potential At the forum, Pantami unveiled the huge untapped potential in the Nigerian ICT market, buttressing his positions with relevant statistics. According to him, ICT sector contributed 11.27 per cent to the total nominal Gross Domestic Product (GDP) in the second quarter of 2017, stressing that while investors are guaranteed better returns on investment, Nigeria will also benefit by boosting its (GDP) contribution from

Aderounmu

IT through such investment. While offering the investors insight into the potential of the Nigerian economy, Pantami said towards increasing the broadband penetration in Nigeria to 30 per cent by 2018, the country has developed a comprehensive National Broadband Plan (2013-2018) â&#x20AC;&#x153;We see a good potential for growth in the sector and we are creating an environment that can significantly increase the sectorâ&#x20AC;&#x2122;s contribution to the nationâ&#x20AC;&#x2122;s GDP. As such, this is a good time to invest in our ICT sector and we invite you to partner us in this season of growth,â&#x20AC;? Pantami said. Showcasing Nigerian startups The investment forum, which took place on October 11, was an exclusive feature of GITEX and it served as a platform to discuss the current startup eco-system in Nigeria and Africa at large. NITDA used the occasion to showcase the 10 technology startups from Nigeria, sponsored to the conference by the agency, through its subsidiary, Office for IT Innovation and Entrepreneurship (OIIE). The startups were on hand to showcase their innovative IT solutions to foreign investors, who immediately showed investment interests in some of the startups. The startups, which include Nicademia, SIX, Tattara, Accounteer, Beat Drone, Cloudoria, Dropque, MyPadi, Ward Monitor and MTK E-Learning, outstandingly represented Nigeria at the event, which is a global rallying ground for funding startups and exposing innovators to mentors and venture capitalists. According to Pantami, NITDAâ&#x20AC;&#x2122;s OIIE had searched for talents among startups and supported them towards developing the startups ecosystem. Addressing the investors, the NITDA DG said: â&#x20AC;&#x153;The activities of the OIIE have enabled the ICT startup innovation ecosystem in Nigeria to grow at a remarkable pace. One of our startups- Genie Games- won the 2nd position at the keenly contested Startup Movement Competition at GITEX 2016. â&#x20AC;&#x153;Many Nigerian startups have also won plaudits from home and abroad. For example, HopStop, an online city transit App acquired by Apple for a whopping $1 billion, was owned by a Nigerian-born Entrepreneur. Mark Zuckerberg, the CEO of Facebook, visited Nigeria last year and had very complimentary things to say about the quality of ICT talent in the country. His foundation also provided $24 million funding for Andella, a Nigerian company focussed on building world-class software development teams. â&#x20AC;&#x153;Konga.com, a Nigerian e-commerce company,

attracted over $65 million funding in 2014. Also, out of a record-breaking total of $366.8 million raised by African startups in 2016, investments in Nigerian startups had the largest share of $109.4 million. â&#x20AC;&#x153;These investment stories underscore the viability of the Nigerian startups and the capacity of Nigerians to conceive ingenious ideas. We invite you, our potential investors, to take advantage of this massive talent pool as you invest in Nigeria,â&#x20AC;? Pantami added. Legislative support Corroborating Pantamiâ&#x20AC;&#x2122;s views and passion for developing technology startups from legislative perspectives, House Committee Chairman on Information Technology, Mr. Onawo Ogoshi and Senate Committee Chairman on ICT and Cybersecurity, Mr. Abdul-Fatai Buhari, said the Nigerian government, through the two legislative chambers, has been creating an enabling legal environments to ensure higher returns on investments through a number of legislations-backed initiatives to guarantee less risks on investments. Senior Special Adviser to the President on Information and Communications Technology, Mr. Lanre Osibona, who moderated the panel discussions at the investment forum, added that government was working towards ensuring that the ease of doing business in Nigeria is enhanced for existing and potential investors. Both the Managing Director of Galaxy Backbone, Mr. Yusuf Kazaure and the Chief Executive Officer of Nigeria Communications Satellite (NigComSat) Limited, Ms. Abimbola Alale, said there is abundant infrastructure in Nigeria even as they stressed that their investment would also be needed in such area as telecoms infrastructure segment to help deepen the huge bandwidth capacity lying largely untapped at the shores of Nigeria. The strategic plan This yearâ&#x20AC;&#x2122;s participation of Nigeria at GITEX has been eventful given the quality of engagement that the countryâ&#x20AC;&#x2122;s delegation had with investors, especially with the African Investment Forum, where investors from different countries indicated their interests to coming to Nigeria to invest. But analysts have said that a lot needed to be done by NITDA in the area of strategic planning that will facilitate a follow up with the potential investors so as to sustain the expected inflow of foreign direct investments (FDI) into the industry as well as ensure proper IT domestication, going forward.

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Emewulu: Digitisation is Best Form of Data Archiving Managing Director, SEAMFIX, Mr. Chimezie Emewulu, spoke to Emma Okonji on the benefits of BioRegistra in digitising data capture and archiving for organisational growth. Excerpts: Your company SEAMFIX, recently launched a new data management solution called BioRegistra. What is the solution all about and what does it seek to address? BioRegistra is a platform for all forms of registrations that are designed to capture data for various reasons. So the platform helps people in digitising their data, which is critical for business growth. People acquire data because they need the information captured in the data to do a lot of things. The need to digitise data in the first instance, will enable custodians of data to see their data realtime and make the best of decision, based on the information they have at hand. BioRegistra can capture all forms of demographic data, including finger print and facial capture. We were motivated to design and create the BioRegistra based on the request we got from customers who felt the need for a solution that can capture data accurately and safely store such data for future use. Over the years. SEAMFIX has been involved in data capturing for various organisations and it was based on our pedigree that customers came to us to seek for a solution that will address their business needs. So we decided to create the BioRegistra, which is a generic platform that captures all manners of data from where people and businesses could source information from. So with the ready platform, businesses will roll out much faster since every single data they need to promote their business, is already captured. What is the cost implication of the solution for customers? The cost implication is very minimal and it is almost free because businesses do no longer need to build their own data centre to begin business. Again, customers pay according to what they use on the platform. It is easy to deploy, since it is mobile device-based and most people have mobile phones that are connected to the internet. So the solution can be on the mobile phone, or on any device that is not mobile. So how does it operate and what specific challenges does it address? BioRegistra was designed to help businesses do more and achieve more. A lot of businesses that spend time capturing and analysing data will find our solution very helpful. So it is a platform used for direct data acquisition such that the user does not need to start any form of reconciliation and that is a lot of value added for the customer. So SEAMFIX is adding value to the Nigerian economy, through its solutions that support businesses. What is the advantage of the solution to customers? Any customer that keys into the solution, gets the business transacted earlier than estimated. It helps to make quick and on the spot assessment and the decision making is faster once they have the data. It also helps to address a lot of reconciliatory issues with customersâ&#x20AC;&#x2122; businesses. Again they do not need to invest in data, neither will they have to get worried about losing their data, since their data is securely kept. It is an enterprise portal system that provides business owners with access to data, anytime any day. What kind of support does SEAMFIX offer the society where it operates? We have a lot of internship progrmmes where we develop a lot of talents and we do a lot of Corporate Social Responsibility (CSR) programmes to further add value to businesses. We are in partnership with the Education Society Council in Enugu State and we partnered them to provide educational

finger print is captured and stored in the right format for easy conversion. How cost effective is your solution, especially for small and medium enterprises (SMEs)? Our solution is extremely cost effective, both for SMEs and big enterprises, and this is so because customers pay for what they use and the burden of getting the infrastructure to capture organisational data, is completely removed from the organisation, and this of course allows them to face their core businesses. What they need do is to pay per capture and that makes it less expensive for customers. All we need to know at SEAMFIX is about the volume of data that the organisation wants to capture and in record time, we get it done for the customer. How do you address downtime in an organisation, using your solution? We have uptime objective of 99.997per cent, which is a very high signal level for any business to thrive on. A lot of time, we maintain high level uptime in our data capturing and management.

Emewulu

materials, and classroom infrastructure and renovation, among others. Data explosion is on the increase and the volume of communication is moving from voice to data. What is your take about data growth in Nigeria? There has been tremendous growth in data across all sectors of the Nigerian economy, but the issue on ground is that most of the data are not digitally archived for the future. In the education sector, most schools, including tertiary institutions still keep data in hard copies of papers instead of in electronic form, which I refer to as digital archiving. University of Nigeria, Nsukka for instance, until last year, had all its students data in physical hard copies, which could be lost to fire outbreak or even insects at any given time, but when the school authority invited us to help them out, we took all the physical copies of studentsâ&#x20AC;&#x2122; results, certificates and other academic records and digitised them, after which we ran analysis on them to find out the courses that students passed the most and courses that students failed the most. So the school is now able to know, within seconds, the number of students that graduated with first class, second class upper, second class lower and third class in a particular year, a situation that takes them months to analyse before we were introduced to the school system. So the consciousness of digitally archiving data is gradually gaining grounds in most sectors of the economy. Most organisations still host their data outside the country for fear of data loss due to insecurity. How can you raise the confidence of organisations to begin to capture data in Nigeria and host same in Nigeria? With our solution, which is cloud-based, customers do not need to entertain fears about generating data and hosting such data in Nigeria because our solution comes with high level of security protection. Most data generated in Nigeria, operate in silos, but there is a need to harmonise the various data into a single data platform. What is your take on this?

SEAMFIX is worried that several data in Nigeria operate in silos and we are interested in harmonising such data into a single platform for easy access, if given the opportunity to do so. Again, we have the capacity to harmonise existing government data that are seated in various offices, but my worry is that government may not want to give such task to a home grown company like SEAMFIX, despite the fact that we are capable of achieving good result if given the opportunity. If allowed to do so, I am assuring the federal government, state and local governments that SEAMFIX will always deliver in record breaking time. Most times organisations need solutions that could cleanup their existing data that may have been wrongly captured. Do you have solutions for that? The BioRegistra solution that we just launched has the capabilities to cleanup all existing data of organisations that were improperly captured. The solution is able to carry out deep facial analysis of photographs of people that had long been captured and identify whether the earlier registration captured the picture very well. The analysis will detect errors in registration and flag it down to identify it. Once that is detected, the person could be invited for re-capturing. How will your solution enhance quality data capturing for organisations that are known for quality? In data capturing, quality is key, and three major things could lead to quality. They are the demographics capturing, the finger print capturing and the facial capturing. In capturing demographics, we need to consider the regular patterns of some names and validate them, and this will help to easily identify wrong names. For the facial capturing, we consider the analysis and validation of the photo at the point of capture to ascertain the real photo of the person involved. We are also able to capture data offline and that makes it easier for data capturing in areas where there is no internet connection. For the finger print, we also consider capturing the exact template size that will enable the creation of template for identification purpose. Our solution ensures that the right quality

Is your solution secured and easily assessable? Our solution is highly secured and easily assessable because of the high quality features embedded in it. It has high level of encryption that makes it highly secured and it is user friendly, such that customers can adopt it and use it with ease. Again the backend has a lot of fire works that makes it even more secured. The federal government is particular about local content development. What amount of local content is embedded in your solution? The BioRegistra we just launched, has 100 per cent local content. It was developed by Nigerians and the solution was developed from the beginning to the end with local materials and by local software developers. Again, the company is managed by Nigerians and the staff comprises young Nigerians. You started SEAMFIX about 10 years ago from a three bedroom flat with N75,000, but today it has grown into millions of naira investments. What has been the challenges and prospects? There has been a lot of challenges ranging from personal experience and from the government side of it. Funding used to be a major challenge at a time but we were able to overcome it through resilience and perseverance. A lot of customers who did not understand what we were doing, tried to discourage us, but we remained resolute and committed to our goals. Another challenge we had was that of mentorship but it was also resolved when we met some good industry players who understood our dreams and aspirations and they stood by us. We had challenge of infrastructure and we had to provide internet connectivity for ourselves by investing in fibre cable laying, which often times they are destroyed by government during road construction. How will you rate customersâ&#x20AC;&#x2122; acceptability and adaptability to the BioRegistra solution? Acceptance rate is growing as customers get to understand the unique features of our solution. The solution is also app-based and could be downloaded from the Google Play Store and it comes with an education menu that teaches people how to apply it in their various businesses. The site is very flexible and has a lot of training materials that customer could use for self training. The solution will be quite useful for internal revenue generation because it captures right data that will address revenue loss in organisations.

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Bello: Palliatives for Ports Infrastructure Underway In this interview, the Executive Secretary/CEO, Nigerian Shippersâ&#x20AC;&#x2122; Council, Mr. Hassan Bell, speaks on what the portsâ&#x20AC;&#x2122; economic regulator is doing to achieve efficiency at the ports in line with the Presidentâ&#x20AC;&#x2122;s Executive Order on ease of doing business. Francis Ugwoke presents the excerpts: Your council is involved in promoting trade facilitation at the ports, how far has this been achieved? So much has been achieved and more will continue to follow. Shippersâ&#x20AC;&#x2122; Council is providing a lot of support for all, and I know very soon, we will at least have the palliatives on the ground. NSC as a think-tank has provided permanent solution or will provide and suggest permanent solution, chief of which is the rail connections to the ports. Every port should be connected to the modern mode of transport. We are also talking about the whole traffic management in Apapa and other ports to be established where we have the stage, the call system electronically controlled, so that we donâ&#x20AC;&#x2122;t have unwanted trucksâ&#x20AC;Ś. It is a macro-economic thing; we have no business to import petroleum products. Yes, we should concentrate on our refineries; the pipeline is a means of transportation. This should be enhanced, if we have the pipelines, the 2,000 to 3,000 petroleum trucks coming to Apapa will just disappear. We should enhance the means of transportation, so if a port is connected with pipelines, a port is connected with rail, road , inland waterways, then you will not have traffic situation as we have and that will go to the efficiency of transport infrastructure. Not only the presence of infrastructure, they have to be modern, sustainable and they have to have connections with the economy. And that is why we are talking about linkages. No infrastructure should stay alone. What we are trying to do in Shippersâ&#x20AC;&#x2122; Council is to establish the Truck Transit Part (TTP), which will also have connections with the ports, and we could have a holding bay attached to that. Happy to announce that the Ogun State government has agreed and is going to allocate land to NSC for that purpose. We are also looking at other places. Whatever we do the connectivity is very important. Now, if we have modern infrastructure, you will see improvement will have reflection on the economy. The port is not supposed to retain a container more than a minute necessary. The port is a transit point hold for cargo not a storage and you see there have been investments by the terminal operators. Some of them have modified and have provided necessary technology which is commendable. But the infrastructure coming out has failed and this the federal government luckily is addressing massively and deliberately to provide rail links to the ports , to do the roads, provide modern traffic management. Shippers Council supported a study by the African Finance Corporation (AFC) which shows a lot of things within the Apapa logistics ring, including the presence of unwanted trucks . Now, if these things are electronically controlled, which means a truck is only within the vicinity of the port if it has business to be there, and the business is to load and off-load cargo within a second, it has done its business and it is on its way. This is what is done in other climes and this is what Shippersâ&#x20AC;&#x2122; Council is doing. The NPA isâ&#x20AC;Ślike the situation is at the process level with the ICRC and if this is done, a lot of problems will be solved. What is the current level of equipment profile by the terminal operators? We have seen with some of the terminal operatorsâ&#x20AC;Ś You can see the result. The turnaround time reception of vessels and cargo has improved. We can see that in terms of the amount of cargo we have been able to gain from our competitors. Actually, if not for the recession and banning of some commodities, Nigeria would have been ahead in tonnage. It is actually because you could see efficiency entrenched. We call on the government to actually supplement the efforts

Bello

of the private sector in making sure these go along, but we still need competition. That is why the ports were concessioned. Competition is the key. We need the intra-port competition, also competition between ports, our competitors in neighbouring countries. Talking about Executive Order, are some of these efforts by the Council part of the implementation of the Executive Order by the government? Yes, we are central to executing the Executive Order. And we are from next week starting a stakeholders engagement so that we are in tune. I tell you it needs a lot of hands to tie it. How has the Council been able to handle the issue of tariff imposed on shippers by shipping companies? The issue of tariff is very important. We need to have a modern tariff system and we are working towards that, at least with the shipping companies. Now, tariff must be scientifically decided. We have to look at many factors. NSC has competence, well trained staff on tariff structure of the ports and we are looking at that. We are getting cooperation from the shipping companies who are actually desirous of establishing a machinery for future tariff setting. We are looking at competitive tariffs. It canâ&#x20AC;&#x2122;t be all the same. But we have the minimum , we have the maximum within which to give them leverage. So this will emphasize the competition. We need to see that the shipper has option. The shipper has the choice to take his goods where he has economic advantage. So, it is a question of efficiency. It is an economic decision by the shipper to say, let my goods come to terminal A rather than Terminal B because I get the goods faster, I pay less, I have efficiency, I have many other advantages. How far has the Council gone in terms of getting refund from the shipping companies who were based on Appeal Court judgment ordered to refund illegal charges they had collected over the years on shipping lines

agency charges, (SLAC)? It is a court case in which the shipping companies have appealed to the Supreme Court. The case is now at the Supreme Court and that is the situation for now. But we are engaging stakeholders, the Ministry of Transportation is aware of this and also the Attorney General of the Federation. We in NSC are more interested in establishing machinery for objective tariff structure rather than some punitive issues actually. It is important that our tariffs are considerably competitive with tariffs in other neighbouring ports especially those ports we are competing with. All NSC is saying is not adverse to raising tariffs or lowering them for that matter, but there are procedures. And these procedures are entrenched in the Nigerian laws, so we urge everybody to obey the law. The truckers are here, we are negotiating their tariffs. So, people should come and say, we want to raise tariff or we want to lower them as the case may be because there are times when you need to do that. All we are saying is that you are operating in a clime of laws. Nigeria is country of laws, so please, come and abide with the laws of this country. In effect, have the shipping companies stopped collecting those charges the Appeal Court ruled against? Not effectively because it is a complicated case in the sense that there is no stoppage of these things. Can you talk about the progress made on the Inland Dry Ports (IDP) projects? We have the activities of the IDPs rising. One in Isiala Ngwa, they have just signed an agreement to commence construction which should be done immediately, and they have 18 months to do that. If they construct a port and we examine it together with international organizations, they will be accorded a Port of Origin and Destination status which means you can consign your goods to the port from anywhere in the world. And it will be a port just like Apapa or Tin Can Island . For the Jos

IDP also, a lot of progress has been made and the only thing we are having problem with is the rail line or its rehabilitation. In Funtua, a lot of activities are taking place towards construction. So, we are seeing some progress but we want that progress to even be more and next few weeks , we shall take a holistic approach, we shall hold a meeting with the concessionaires. Donâ&#x20AC;&#x2122;t forget theses IDPs have already been concessioned and some state governments, Plateau State government, Kaduna State government and Abia State governments have supported these projects and we have to be very thankful to them. We also have one in Benin City. We are looking at it and very soon, we will take the issue to ICRC because it is a Greenfield investment, so that we know the procedure and processes. What about the launch of the Kaduna IDP? The Kaduna State is constructing another road to the terminal. The state government is really a partner in that project. So does it mean that until the road construction is completed, the launch will not take place? We will do that, but goods are coming to Kaduna by rail now. Kaduna is our showcase and many people have visited. We are working with the Nigerian Railway Corporation to see the amount of goods they are bringing. Sir, can you also talk about the latest development on the Truck Transit Park projects? That is another important transport infrastructure that will add a lot of value to the economy. As I have said Ogun State government has given us land, We have two land in Enugu and in Kogi. And we are now doing the exchange of titles to the NSC. But we have also advertised for Expression of Interest to people who want to run the TTPs. We are also talking with the ICRC as usual. And on the 9th of November we are having a breakfast meeting with lending institutions and investors so that we will have a solid roadmap on how to go about this investment.

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Between Credit Risk Mitigation and Customer Satisfaction In order to ensure that the bank is not exposed to undue risks, Stanbic IBTC has developed a framework for adhering to laid down guidelines before granting loans to its customers, writes Obinna Chima

The significant rise in the level of nonperforming loans (NPLs) in the banking industry clearly requires banks to put in place stringent risk management policies that would help them safeguard depositorsâ&#x20AC;&#x2122; funds. This is also necessary to ensure that the financial system remains stable. Indeed, following the drop of low oil prices, dwindling oil revenue, foreign exchange scarcity and a crippling recession, the last two years saw intense weakening of the macroeconomic environment, resulting in a deterioration of asset quality and rising NPLs in the banking industry, from about five per cent to 15 per cent presently. This has remained a source of concern to both the banks and the regulators. Normally, risk is regarded as a threat to a bankâ&#x20AC;&#x2122;s steady flow of income. Risk management is, thus, the identification, assessment, and prioritisation of risks, followed by coordinated and effective application of resources to reduce, monitor, and control the probability and/or impact of disastrous events. It is also the process by which managers identify key risks, obtain consistent, understandable, mitigating measures, choosing which risks to avoid or reduce and by what means, and establishing procedures to monitor the resulting risk position. The essence of risk management, according to the Central Bank of Nigeria (CBN), is to detect prospective problems before they become actual problem, and the implementation of an enterprises wide strategy to manage those risks. Thus, an ideal risk management programme assists an enterprise to steer clear of potential risks before they occur throughout the life of the product or project. Risk is the possibility, likelihood or chance that something unpleasant or unwelcomed will happen that is capable of damaging an asset, or all of the original investment or the possibility of financial loss. More precisely, risk is the possibility of damage or any other negative occurrence that is caused by external or internal vulnerabilities, which

may be avoided through preemptive action. Risk is commonly associated with uncertainty, as the event may or may not happen. Therefore, a risk management design includes tools or methods of analysis that allows an organisation to reduce, delay or avoid likely risks. The rational approach to risk therefore, is at the very least, to restrict exposure to it, ideally to avoid it all together. This clearly was the situation that Stanbic

The foregoing shows that ďŹ nancial market operators, by and large, face a considerable number of risks which underscore the need for effective risk management to ensure the stability of the ďŹ nancial system. According to the CBN, the stability of the ďŹ nancial system is a major challenge to the regulatory authorities, given the implication of its disruption on account of the insolvency of any operator on the economy and beyond

IBTC Bank found itself in its case with Infinity Snacks and Beverages Limited, which is now a subject of litigation. Contrary to a recent media report that Stanbic IBTC Bank Plc reneged on an agreement with the food manufacturing company, THISDAY gathered from a reliable industry source that the latter that did not adhere to the terms of its contract with the bank. The source also clarified that Stanbic IBTC is not a financial partner of Infinity Snacks and Beverages Limited, as erroneously stated in the media report, but that what existed between both organisations is a bank-customer relationship. The source who pleaded to remain anonymous alleged that: â&#x20AC;&#x153;Infinity Snacks and Beverages Limited went to Stanbic IBTC a couple of years ago for a facility of about N700 million. â&#x20AC;&#x153;What then happened was that they were struggling to pay back the debt. Thereafter, they applied for a Bank of Industryâ&#x20AC;&#x2122;s (BoI) loan, which the bank graciously assisted Infinity Snacks to secure. â&#x20AC;&#x153;But because of the outstanding debt, Stanbic IBTC gave Infinity Snacks and Beverages some conditions before it would disburse the BoI facility, but the breakfast cereal manufacturer didnâ&#x20AC;&#x2122;t meet the conditions.â&#x20AC;? Due to this, the source disclosed that the bank returned the fund to BoI so that its reputation would not be smeared. â&#x20AC;&#x153;So when the management ofInfinity Snacks and Beverages got to the bank and were told they didnâ&#x20AC;&#x2122;t meet the conditions and that the money had been returned, they started deploying various tactics not to settle their outstanding debt,â&#x20AC;? the source added. Infinity Snacks also accused the bank of supporting one of its competitors â&#x20AC;&#x201C;Multipro Enterprises Limited, who are franchisees of Kellogs Breakfast Cereals in Nigeria, an allegation the source described as baseless. â&#x20AC;&#x153;How Multipro Enterprises Limited, manufacturers of Kellogs Cereals came into

this matter has been baffling me because there are no laws that forbid a bank from supporting firms playing in same industry. What is important is the ability of the firm(s) to meet the conditions,â&#x20AC;? he added. Attempts to get details of the transactions from the bank were not successful as it insisted that it is currently a subject of litigation. It however stressed that in dealing with its customers, it does not place the interest of any client above that of others. â&#x20AC;&#x153;Consequently, the matter is subjudice and we do not feel it is appropriate for us to discuss same on the pages of a newspaper. However, we can assure you that at all times Stanbic IBTC acted in accordance with the terms of its agreement with Infinity Snacks. â&#x20AC;&#x153;We also wish to assure you that, as a matter of practice, when dealing with different clients, we do not place the interest of any client above that of any other client or clients,â&#x20AC;? the bank explained. The foregoing shows that financial market operators, by and large, face a considerable number of risks which underscore the need for effective risk management to ensure the stability of the financial system. According to the CBN, the stability of the financial system is a major challenge to the regulatory authorities, given the implication of its disruption on account of the insolvency of any operator on the economy and beyond. The CBN, mindful of the challenges posed, has reorganised/streamlined its internal structure to boost service delivery and enhance its capacity to better supervise the industry. Nonetheless, image management is indispensable for the financial service industry, since it defines how others relate to the bank, as well as how much faith and trust savers and other stakeholders will place on a bank. Like attitude, the reputation of a bank â&#x20AC;&#x201C; one of its priceless assets is most at risk if a bank suffers a material loss through bad risk management.

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President Buhariâ&#x20AC;&#x2122;s Midterm Report: CBN Takes The Cake. Magnus Onyibe Being a farmer himself, it was easy for President Muhammadu Buhari to spot the fact that the Central Bank of Nigeria (CBN) Anchor Borrowers Programme has been making waves by having massive impact on the farming sector across the country and by extension helping in lifting up Nigeriaâ&#x20AC;&#x2122;s economy which due to the sharp drop in crude oil price had tanked since the inception of the current administration. President Buhari, who used the opportunity of October 1st Independence Day anniversary broadcast to Nigerians to sort of present the mid -term report of his stewardship in the past two years, also held aloft the recently launched CBN National Collateral Registry programme also known as Collaterals Bank aimed at making credit more accessible to the small scale enterprises, SMEs as another milestone achievement under his watch. Through the new scheme, owners of SMEs and a critical mass of micro entrepreneurs who constitute over 90 per cent of the estimated 17 million registered SMEs in Nigeria creating some 32 million jobs would be able to use their movable assets such as plants and equipment, vehicles and even furniture and fixtures in their businesses as collateral for obtaining loans from banks. . Thatâ&#x20AC;&#x2122;s a welcome departure from the past when it was mainly landed properties which are immovable and difficult for SMEs to come by that were acceptable by financial institutions as collateral. With a critical mass of Nigerians having easier access to credit owing to the formation of the organisation now tagged collateral bank, the ensuing frenzy of business activities are guaranteed to buoy up the economy such that it could accelerate the nationâ&#x20AC;&#x2122;s economic recovery. In that respect, the CBN initiative with Godwin Emefiele as governor, aimed at bolstering financial inclusion for the SMEs and micro enterprises is on point. Another policy that gave CBN the leverage of taking the cake in Mr. Presidentâ&#x20AC;&#x2122;s mid-term report is the quest for creating 10,000 jobs in the agriculture sector for unemployed youths in each of the 47 state of the federation through CBNâ&#x20AC;&#x2122;s development finance initiative. The initiative which is known as Accelerated Agricultural Development Scheme (AADS) is envisioned to create a total of 360,000 jobs nationwide for youths in agriculture value chain. It is common knowledge that unemployment and poverty are like Siamese twins which are reflective of societal challenges such as lack of visionary leadership, insecurity and bad governance standards that are inimical to human social existence. These are the existential issues currently bedeviling Nigeria and which the relevant authorities are currently struggling to address. According to the National Bureau of Statistics, NBS, unemployment rate that had skyrocketed to astronomical levels a year ago, has recently dipped. But with youth unemployment still reckoned to be roughly 25 per cent of the jobless , which is in excess of 20 million people who are either unemployed (or underemployed), it is not difficult to figure out why CBN has made job creation for the youths its next focal point. Now, allow me crave your indulgence to take you behind the scene to dwell on why CBNâ&#x20AC;&#x2122;s Anchor Borrowers programme, which is aimed at creating a farming Renaissance might have caught President Buhariâ&#x20AC;&#x2122;s attention. Following the crash of crude oil price in the international market and its debilitating effect on Nigeriaâ&#x20AC;&#x2122;s foreign reserve which was consequently hardly enough to finance at least six months of import which is the minimum requirement for a countryâ&#x20AC;&#x2122;s economy to be adjudged as being in good health , Emefiele knew there had to be alternative means of sourcing forex to sustain the nationâ&#x20AC;&#x2122;s bureaucracy which was burgeoning. And as agriculture is the only product in which Africa and indeed Nigeria has comparative advantage in international trade, itâ&#x20AC;&#x2122;s unsurprising that the CBN governor decided to venture into massive funding of the sector. Thatâ&#x20AC;&#x2122;s a move akin to United Arab Emirates,

President Muhammadu Buhari

UAEâ&#x20AC;&#x2122;s decision some decades ago to shift some of her oil wealth from Abu Dhabi area into Dubai-formerly a quaint boating building province and by so doing transformed it into the biggest trading and tourist location in the Middle East and perhaps one of the best in the world. As Emefieleâ&#x20AC;&#x2122;s initiatives are mimicking the UAE example and could facilitate putting the ailing economy on even keel, Mr. Presidentâ&#x20AC;&#x2122;s Independence Day broadcast was centred on the economy with particular reference to interventions by the CBN and their positive impact on the economy. The obviously satisfied president proudly announced the benefits of investing about N43b by the CBN in Anchor Borrowers initiative which he launched as president only in November 2015 (less than 2 years ago) and which has now generated bountiful harvest nationwide.

With over 200,000 small holder farmers cultivating 233,000 hectares of farmland across 29 states, of the federation, Mr. President had every reason to celebrate and also pat the CBN on the back. Indeed it is a thing of joy that rice is now widely cultivated in several states ranging from kebbi, Lagos, Ebonyi to Jigawastates so much so that it is being projected that the staple commodity would sell for about N13,000 during Yuletide

With over 200,000 small holder farmers cultivating 233,000 hectares of farmland across 29 states, of the federation, Mr. President had every reason to celebrate and also pat the CBN on the back. Indeed it is a thing of joy that rice is now widely cultivated in several states ranging from kebbi, Lagos, Ebonyi to Jigawa states so much so that it is being projected that the staple commodity would sell for about N13,000 during the Yuletide which comes up in less than three months. Considering that it is estimated that Nigeria has been spending about N1 billion daily on rice import, the rice revolution is expected to result in staggering savings in foreign exchange for the country . Apart from rice revolution in the aforementioned states, Ondo,Edo, Delta, lmo, Cross River, Benue, Ogun,Kaduna and Plateau states have also accelerated the cultivation of wheat, maize, cotton, soya beans, poultry, cassava and groundnuts as well as cashew and potatoes amongst other cash crops. It is also worthy of mention that in 2010, the then Minister of Agriculture, Akinwunmi Adesina, stated that Nigeria spent about N632 billion importing wheat which constitutes a major part of staple food in Nigeria. Further to that , a whopping N24 trillion, is believed by some estimates, goes towards importing food , with about N1b expended daily on rice import alone. It may be recalled that Nigeriaâ&#x20AC;&#x2122;s golden age was the period that groundnut pyramids competed with the minarets in the skyline of Kano, and cotton cultivated in Funtua, Katsina state area, provided raw materials that fed the ginneries and textile factories that created jobs for thousands of families in the days of yore in the northern axis of Nigeria. Basically, the same narrative applied to cocoa crop in Western Nigeria and Oil Palm and Rubber plantations in the south-east and south-south Nigeria. Please keep in mind that it is the cash crops listed above like groundnut, cotton, cocoa and oil palm as well as rubber that were the main foreign exchange earners for Nigeria and which funds were used to develop the four regions into the envy of many African countries( free education and first colored TV station) before the advent of crude oil that has now become more of a curse than blessing. To underscore the squandering of Nigerian oil/gas wealth, the Nigerian Extractive Industries Trade Initiative, NEITI Executive Secretary, Waziri Adio reckons that $715 billion was earned by Nigeria in 34 years(1981-2015) but

unlike the UAE, Nigeria has little or nothing to show for the huge foreign exchange inflow. However, by shifting funds from oil/gas into the agricultural sector (As UAE did by investing funds in oil/gas from Abu Dhabi into trade and tourism in Dubai) through the Anchor Borrowers programme, Emefiele seem to be quite visionary and so also is President Buhari whose farsightedness convinced him to encourage the CBN to embark on the voyage of rejuvenating the moribund agricultural sector against the trend of public opinion. In the thick of forex crunch a couple of years ago, Emefiele with the support of President Buhari prohibited 41 items from sourcing forex from the CBN with the justification that such items should be sourced locally through backward integration. And the policy threw up a fire storm of some sort from latter day economists and pundits both locally and internationally who questioned the efficacy of such â&#x20AC;&#x2DC;nativeâ&#x20AC;&#x2122; wisdom forged by Emefiele and the apex financial institution owing to necessity. Fortuitously, that highly condemned tactic tagged â&#x20AC;&#x2DC;Tooth Pickâ&#x20AC;&#x2122; economy ostensibly because importation of tooth picks with forex from CBN which Emefiele saw as subterfuge by economic saboteurs and therefore exempted it along with 40 other items from sourcing forex from the CBN, has become the economic elixir that our ailing economy needed. Although, it made common sense, experts including those from the highly rated Economist and Time magazines of the UK and USA respectively parodied the policy. With a legion of Nigerians returning to farming which is the number one job creator, the economy has no choice but to respond to the growth stimuli. You can bet your hard naira that Emefiele did not get the â&#x20AC;&#x2DC;native senseâ&#x20AC;&#x2122; that he has applied so far in stabilising the naira and economy from the prestigious Harvard Harvard Business School, HBS but from the school of â&#x20AC;&#x2DC;Hard Knocks-a training that can only be obtained from practical experience in the somewhat odd and unique Nigerian business environment. But that is just one component of the string of policies being driven by the CBN in the bid to end the economic recession currently dragging the economy down. The other component is the intervention in the SMEs sector, which according to Nigerian Bureau of Statistics, NBS is the second largest employer of labor after agriculture. Although l am not unmindful of the Continued on page 31

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9mobile Promotes SMEs Empowerment at Market Access Forum Stories by Emma Okonji Telecommunications company, 9mobile, held the 18th edition of its quarterly Small and Medium-scale Enterprise (SMEs) networking and empowerment forum, 9mobile Market Access, in Lagos recently, with the theme: â&#x20AC;&#x2DC;Access to Sustainable Market for SMEs: Challenges and Opportunitiesâ&#x20AC;&#x2122;, empowering scores of entrepreneurs. 9mobile Market Access,

which is organised by the telecoms company in partnership with the Enterprise Development Centre of the Pan Atlantic University, provides a platform for SME owners to interact with large corporations with the objective of sharing knowledge and strategies that can enable the growth of startups and small businesses. Speaking at the event, Director, Enterprise Segment, 9mobile, Plato Syrimis, said: â&#x20AC;&#x153;At

9mobile Market Access, we help to create the connection that enables you to hit the ground running with the brilliant ideas and insights that are shared. 9mobile recognises the impact of SMEs towards enabling the growth of any economy and this is why we have remained consistent in offering our assistance and support to Small and Medium-sized Enterprises through our innovative platforms and services.

Our commitment and consistency have earned us a reputation as Nigeriaâ&#x20AC;&#x2122;s Most SME-friendly Company and Market Access is just one of the many platforms through which we empower SMEs.â&#x20AC;? Syrimis added; â&#x20AC;&#x153;Our morebusiness proposition is focused on supporting the growth of the Nigerian economy by developing SMEs and providing innovative solutions designed to enhance

their businesses. In addition, the SME Arena is an online community that is now very active with daily posts, comments and interactions with content provided by in-house contributors, merchants, and other community members. In 2016, we had 1,462 merchants on the SME Arena and this number has grown to 3,490 merchants within a short time frame.â&#x20AC;? The keynote speaker at the

forum, who is the Executive Director, Nigerian Association of SMEs, Eke Obiji, highlighted some of the opportunities available to the Nigerian SME market and the challenges that hinder the growth of the sector. â&#x20AC;&#x153;Globally, SMEs are seen as engine rooms to economic growth and Nigeria is no exception. A country like China is utilising the benefits of their population and Nigeria should learn from this,â&#x20AC;? Obiji said.

it the fastest growing â&#x20AC;&#x201C; a feat that took many TowerCos years to attain, with many MNOs already looking in the way of tower divestment and infrastructure sharing. PAT has positioned itself to strategically take advantage of the infrastructure gap in the African tower industry. Industry experts have revealed that only a quarter of the tower sites in the African market is being managed by

independent tower companies. MNOs and other ISPs alone do not have the capacity for the multi-billion-dollar investment outlay that is required for providing this infrastructure, as well as the attendant efficiency, this provides for investors an investible market in the African tower market and recent tower deals have proved that independent tower companies do a better job of managing towers than

the MNOs from which they were acquired. The new tower company in its plan to strategically break into the African tower market scene is looking in the way of strategic relationships, which will help operators boost their revenues by meeting an ever-increasing demand for quality services and at the same time eliminate the huge costs of building new towers.

Interventionsâ&#x20AC;?. Likewise, Danbatta, who presented the October 2016 lecture of the Nigerian Academy of Engineering, was also the first Chief Executive Officer (CEO) of the NCC to address the participantsâ&#x20AC;&#x2122; Senior Executive Course (SEC) of the National Institute for Policy and Strategic Studies (NIPSS) in March 2016. He was

declared the Chief Executive Officer CEO, of the year by Tell Magazine at a ceremony in Lagos among numerous other recognitions he has received both locally and at the global stage. Since he assumed the mantle of leadership at NCC, the commission has continued to receive more global attention with various international recognitions coming its way.

Pan African Towers Targets 2000 Towers in 2018 Pan African Towers (PAT) a new player in the telecommunication infrastructure sharing industry, which recently got approval from the Nigerian Communication Commission (NCC) for collocation and infrastructure sharing services, presented its pan African vision at the Tower Xchange â&#x20AC;&#x153;Meet up Africa and Middle East 2017â&#x20AC;? in Johannesburg, South Africa. At the meeting, it promised to hit its target of erecting 2000

towers in areas where it has presence in Nigeria and other African countries by 2018. PAT, which prides itself as innovative player in the market has concluded arrangements to grow its initial tower portfolio from an existing 850 towers to 2000 towers within the next 12 months across the West African sub-continent, with most of the discussions at advanced stages. In sub-Saharan Africa alone,

several telecom towers are still being managed in-house by Mobile Network Operators (MNOs). Pan African Towers (PAT) has mapped out a strategic growth plan to acquire and manage to lease over 2000 towers in the next twelve months in Nigeria and three other African countries. The growth plan will see PAT becoming a major player among independent towers companies and equally make

Danbatta to Deliver 23rd BUK Inaugural Lecture The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof Umar Garba Danbatta, has been scheduled to deliver the 23rd professorial inaugural lecture of the Bayero University, Kano (BUK). Danbatta had been billed to deliver the 23rd inaugural lecture of the university on August 18, 2017, which did not

hold because of the Academic Staff Union of Universities, ASUUâ&#x20AC;&#x2122;s decision to embark on an indefinite strike. Consequently, the Professor of telecommunications engineering is now scheduled to deliver the lecture on 2nd November, 2017 at the old campus of the university in the ancient city of Kano. The topic of the lecture

is: Getting out of Woods: â&#x20AC;&#x153;Diversifying the Nigerian Economy through Telecommunications Sectorâ&#x20AC;?, and is expected to attract the university community and beyond. In the same vein, the NCC boss has accepted the invitation of the Nigerian Society of Engineers, Kabuga Branch to also deliver the First

Engineer I K Inuwa Annual Public Lecture on Saturday, November 4, 2017. Earlier this year, the professor joined the league of eminent Nigerians who delivered the Convocation Lecture of the University of Nigeria, Nsukka, where he spoke on â&#x20AC;&#x153;The Role of ICT Infrastructure in Tertiary Education in Nigeria: NCC

PRESIDENT BUHARIâ&#x20AC;&#x2122;S MIDTERM REPORT: CBN TAKES THE CAKE. conventional wisdom which is that data is (more often than not)only authentic to the organization that creates it, at 46.54%, SMEs are believed to be contributing about half of Nigeriaâ&#x20AC;&#x2122;s GDP. And thatâ&#x20AC;&#x2122;s according to Enterprise Baseline Survey study conducted by Small And Medium Scale Enterprises Development Agency of Nigeria, SMEDAN with the support of German Development Agency. At this juncture, to underscore the importance of SMEs, it is worth pointing out that it is an army of 50 million Chinese SMEs generating over 500 million jobs between 1980-2012 that leapfrogged the economy to the global economic powerhouse. If the Chinese economic miracle, underscored by the benefits of empowering SMEs could be used as a barometer in Nigeria, all things being equal, the shot in the arm remedy being administered on the SMEs sector by CBN via easier access to finance leveraging the Collateral Bank initiate, could stir up entrepreneurship, like the ongoing rice revolution. Way back in June, l had written an article which was a tribute to the CBN governor titled â&#x20AC;&#x153;Godwin Emefiele : From Zero To Hero?â&#x20AC;?. It was published widely in both mainstream and online media platforms and it was based on his spectacular accomplishments amongst which is how he succeeded in stabilising the Naira exchange rate-a task which had overwhelmed his predecessors. I concluded the write up by noting that Emefiele seemed to be the lone performer of the present administration. Looking back, Customs & Excise boss, Hamid Alli and head of Federal Inland Revenue Service, FIRS Tunde Fowler are the other top executives with stellar performance in the current administration whose efforts could altogether bolster the chance of president Buhari being seen to be delivering on the promise of change. I am tapping Customs & Excise boss for the huge amount of arms and ammunition smuggled into the country that has been

President Muhammadu Buhari

intercepted by the dept since he assumed office and the improved revenue collection as well as the FIRS helmsman for the policies he has introduced to ramp up tax collection nationwide which is currently at the highest level ever recorded. I am happy to note that after l extolled Emefiele as the unsung hero of President Buhariâ&#x20AC;&#x2122;s administration in the article earlier referenced, and some people scoffed at me, much the same way that Emefieleâ&#x20AC;&#x2122;s quaint but efficacious economic tactics and strategies focused on backward integration were parodied and derogatorily tagged â&#x20AC;&#x2DC;Tooth Pickâ&#x20AC;&#x2122; economics when he unveiled them, the number one citizen of Nigeria, president Buhari has now

validated my assessment of Emefiele and CBN by anchoring his regimes accomplishments mainly on the policies planned and executed by the apex financial institutions regulatory organization under Emefieleâ&#x20AC;&#x2122;s watch. I would like to conclude this piece by highlighting a very poignant quote whose author l do not know but which is both Germaine and fundamental to the point at issue and therefore instructive to public servants. â&#x20AC;&#x153;I choose to live by choice, not by chance; To make changes not excuses ; To be motivated, not manipulated; To be useful, not used; To excel, not compete. I choose self esteem, not self pity. I choose to listen to my inner voice, not random opinion

of othersâ&#x20AC;?. I suspect that the philosophy espoused in the quote above might have been lurking in Emefieleâ&#x20AC;&#x2122;s mind as he laboured to find the right mix of policies to fix the economy while navigating the very treacherous public service mine field where lots of booby traps (a.k.a banana peels) had been laid up for him to trip off on - a common phenomenon in Nigeria. As things currently stand, Nigerian economy is yet to return to vibrancy as the gains that Emefieleâ&#x20AC;&#x2122;s policies and programs in CBN and which president Buhari gushed about in his Independence Day broadcast, are yet to unfurl fully Nigerians would only heave a sigh of relief when the benefits of the policies start to percolate down or permeate the society via abundance of rice at an affordable price, increase in employment, better quality of roads and provision of adequate housing units, as well as better health care facilities amongst others. But as the saying goes, the morning foretells the evening and based on the growth and development indices which have started sprouting, there are glimmers of hope in the horizon and a good reason to be optimistic . This simply implies that the APC Government of President Buhari, which has more or less been described in some quarters as barren in the past two years of being in the saddle in Aso Rock villa, is now manifestly pregnant with potential game changing events. And like anxious family members of an expectant woman, Nigerians are hoping that sooner than later, the joyful cry associated with successful delivery of a healthy baby that would usher in happiness, also known as positive dividends of democracy would soon rend the air. Happy independence Nigeria. - Onyibe, a development strategist, an alumnus of Fletcher school of Law and Diplomacy, Tufts university, Massachusetts, USA and former cabinet member of Delta State Government , sent this piece from Lagos

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BUSINESSWORLD

DEVELOPMENT

Closing the Opportunity Gap for Women To help ensure equity and not equality, the Convention on Business Integrity in partnership with Oxfam, is conducting a gender impact study on the local sourcing strategies /policies of some selected companies in Nigeria. The organisation held a dissemination launch of the report on findings and results from the field, which took place in Lagos recently. Abimbola Akosile and Chiamaka Ozulumba report

T

he usual clamour for balance between sexes focused more on gender equality than on gender equity. But with women acquiring more technical skills and with the classification of gender along the lines of roles rather than sex, there has been a subtle shift in the general mindset. Now the preference in various sectors of the economy is for the latter rather than the former, as a viable development indicator, which ranks high among other indicators contained in the global 17 Sustainable Development Goals (SDGs), which were adopted by nearly 200 member-countries of the United Nations in September 2015. Vital Stakeholders The Convention on Business Integrity is a business membership organisation with a mission to promoting ethical business practices, encouraging transparency and fair competition in private and public sector. CBi is centred on finding viable alternatives to corruption as a means of sustaining business growth through better access to markets, finance, and entrenching corporate governance principles. Oxfam believes that empowering women to participate in the economy is essential in building stronger economies, achieving internationally agreed goals for development and sustainability, and improving the quality of life for women, men, families and community by reducing all forms of poverty. Both organisations are currently involved in a project which seeks to help businesses better improve local sourcing of raw materials through leveraging the female talent pool in Nigeria. Proper Context The recession in Nigeria since early 2016 and the continuing economic decline saw the downward spiral in the oil and gas sector and the subsequent rise in the agricultural sector. Calls have been made on ways to make the agricultural sector the money spinner for the economy. At a recent dissemination launch of the report on the project which took place in Lagos, the findings/outcomes of the project were highlighted and shared with companies, stakeholders, donor agencies, suppliers, aggregators and major players in the agricultural value chain. In the study carried out by the CEO of the Convention on Business Integrity (CBI) Soji Apampa in partnership with Oxfam, Business Innovation Facility and UKAid, it was discovered that there was marginalisation of female farmers, which created a huge opportunity gap for them within the agricultural sector. In Nigeria, about 49 per cent of the population are female and at least 70 per cent of them live in poverty, according to an erstwhile federal Minister of Women Affairs. The estimated number of Nigerians considered poor has worsened from approximately 17.1 million in 1980 to about 112.47 million in 2010, which was about 70 per cent of the population at that time. Agric Scenario With the fall in global oil prices the current administration has shifted its focus from being oil dependent, to seeking non-oil sector growth and diversification of Nigeriaâ&#x20AC;&#x2122;s economy of which agriculture is now the main focal point of the economy as it recorded a 4.1 per cent year on year growth against a contraction of 13.7 per cent in the oil sector and it continues to be a viable alternative source of foreign exchange earnings for the country. With 70 per cent of the countryâ&#x20AC;&#x2122;s population poor and mainly small-scale farmers with women comprising at least 50 per cent of the agricultural labour force, and with women high on the poverty poll, Oxfam in line with its gender friendly nature strives to empower women as their growth is essential to building stronger economics, achieving internationally agreed goals and improving the quality of life for all.

L-R: CEO, The Convention on Business Integrity, Mr. Soji Apampa; Gender Mainstreaming Coordinator, Mrs. Chioma Ukwuagu; and the Project Manager CBi, Ms Kemi Asuni, at the dissemination of a gender study report, which took place in Ikoyi, Lagos...recently According to the National Bureau of Statistics, food, beverage and tobacco companies are the biggest segment of the manufacturing component of Nigeriaâ&#x20AC;&#x2122;s GDP at approximately N4.29 billion. Also, the agriculture and consumer goods sectors (where most food, beverage and tobacco companies are grouped) of the Nigeria Stock Exchange have the highest aggregate capitalisation. Thus large food and beverage (F&B) companies given their dominance and influence in the economy and international leverage, need to be studied for their local sourcing policy impacts on women in their relevant agricultural value chains. This is helped by the fact that F&B companies are starting to pay increased attention to opportunities to source materials locally due to the increasing pressure on a weak naira. They could negotiate access to subsidised land for their suppliers with state government involvement as in the case of the Kaduna state government, which cleared some 40,000 hectares of land in Ladugga and about 15,000 hectares in Ruwansenyi to promote contract farming which is available to companies for free. This is done on the stance that these companies employ smallholder farmers to work on these lands, and companies like

Olam Nigeria, Dangote, Flour Mills and TGI group are already taking part. Study Findings With about 11 F$B companies signed on initially, just five were eventually used in the long run in the study namely Guinness, Nestle, Chi Ltd, L&Z and Friesland Campinas. The main bulk of the study was carried out in the Northern region of the country where women face strive competition against their male counterparts in farming. The study found that women are grossly marginalised and segregated as they are mainly not involved in the planting process but in the post-harvest handling. Thus, a call was made to fully involve the women more through sourcing, which saw Guinness and Nestle responding, and the greater proportion of their top agricultural raw materials supply companies are female owned. At Nestle, their policy tends towards equal opportunity for both gender with a ratio of 50:50 of women to men cassava suppliers and 40:60 women to men in grain suppliers. Meanwhile, the diary processing companies, such as L&Z and Campinas have the Fulani women as their primary source of all the raw milk they purchase.

According to reports, about 90 per cent of national food production comes from small-scale farmers, with women comprising over 50 per cent of the labour force in Nigeriaâ&#x20AC;&#x2122;s agriculture sector. Generally in the North, women do not have access to land and they are disadvantaged in all spheres. In the study it was discovered that women are heavily exploited with earnings ranging from N0 - N1,000 for women while N5,000 go to the men, and although the women dominate post- harvest activities they still manage to be confined to lower paid activities in comparison to men; thereby widening the opportunity gap. In the study also, 80 per cent of the women were 50 years or less compared to 76 per cent of the men, while more younger women are involved in farming than the men, even though they have to take care of the home front coupled with agriculture. With women being in the background and men in the forefront when it comes to education, and nearly 12 per cent women educated against nearly 25 per cent of men, the former are also relatively less experienced than their male counterparts in farming. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

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33

T H I S D AY Ëž Ë&#x153; Í°Í´Ë&#x153; Í°ÍŽÍŻÍľ

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Part of a presidential convoy, costly trappings of power

Can Cost of Governance be Reduced Further? Many citizens believe the governance structure in Nigeria is top-heavy, with the bulk of the emoluments going to the topmost five per cent of the personnel in government employ, and also the legislators in the National Assembly, who have appropriated a hefty slice of the overall budget. Compared to several nations which are even developed than Nigeria, the cost of governance here is seen as wasteful, despite plugging of some loopholes. To you, how can the cost of governance be reduced to ensure effective growth and development? THE FEEDBACK

Abimbola Akosile * A decisive downward review of the remuneration packages, perquisites of public officers, and elimination of bloated and white elephant projects; downsizing of serving Ministers, Legislatures and Special Assistants would help us save money for capital projects e.t.c. - Ms Nkeiruka Abanna, Lagos State * Iâ&#x20AC;&#x2122;ll add another one: should the cost of governance be lowered? To both queries itâ&#x20AC;&#x2122;s a resounding Yes! Former US president Bill Clinton, who exhibited friendship to Nigeria while in office, ran a lean government as president and ended up a prudent leader. We have just heard that the government is about announcing a budget of N8.6 trillion for 2018 - I shanâ&#x20AC;&#x2122;t shout Uhuru until I hear that more than half of that sum will be devoted to capital expenditure. The cost of governance in Nigeria should go down and soon. - Mr. E. Iheanyi Chukwudi, B.A.R., Apo, Abuja * So sad, unless the country is restructured - devolution of power is done and Senate abolished, people go to bed hungry, poor health - educational facilities, roads etc., yet our National Assembly, governors, ministers etc., are daily busy enriching themselves in anticipation of 2019 power tussle, through wardrobe allowances, budget allocations, Paris Club pay released for payments of salaries and gratuities, selected investigating cases of corruption. - Mr. Dogo Stephen, Kaduna * Everything boils back down to corruption. Behind every high cost of governance, there is intent to steal, appropriate or skim money in one form or the other. A return to accountable governance at all levels of government would help. Transparency in government dealings would also serve as a preventive tool. Nigeria as a nation has ample laws designed to reduce corruption as well as the cost of governance, but the problem is always failure to enforce our laws. The reason people in the developed world obey their laws is because their laws are enforced. There is nothing wrong with the current laws, some of which we inherited from the UK. The difference is in enforcement. The greatest challenge we have is the people.

Yes, it can:

7

No, it cannot:

0

Others:

3

Radical tip:

Slash allowances!

Total no of respondents:

10

Male:

8

Female:

2

Highest location:

Lagos (4)

- Mr. Buga Dunj, Jos, Plateau State * Due to over-concentration of power at the federal level, the governance structure in Nigeria is top-heavy, cornering most of the emoluments to the select few in our elitist federal work-force. House members have criminally appropriated hefty slices of the overall budget for their selfish aggrandizement. Government must reform our laws and policies to favour the masses too. Corrupt House members must be brought to book irrespective of whose ox is gored. - Miss Apeji Patience Eneyeme, Badagry, Lagos State * Cost of governance can be reduced further to ensure effective growth by reducing the number of our representatives in the National Assembly and State Assemblies. From the President down to State Commissioners, they should not have fixed salaries but instead sitting allowances to discourage those who kill to be there. It is sad what our leaders have become today as monies meant for development are diverted. There is talk of a Senator who has over ten expensive Jeeps in just one house, with houses in other state capitals. If these people are denied those fat salaries and benefits, billions would be saved for proper development. This is worth trying. - Hon. Babale Maiungwa, U/Romi, Kaduna * l believe Nigeria is operating the most expensive democracy in the world and we must scrap some agencies to reduce cost of governance. The National Assembly arms

should be merged for legislative work to cut cost. Some government sectors are conduit pipes to waste government money meant for meaningful projects and must be scrapped or merged together. We must cut cost of governance to move Nigeria forward; enough is enough for the wastage of government funds. - Mr. Gordon Chika Nnorom, Public Commentator, Umukabia, Abia State * Yes it can. Nigerians honestly believe our current governance structure is grossly topheavy, with bulk of the emoluments selfishly going to the topmost five per cent of the personnel in government employ. Legislators in the House have unjustly cornered hefty chunks of our overall budget thereby bloating governance cost. Several and even more developed other nations avoid wastages and even block all existing loopholes against looting etc. Thereâ&#x20AC;&#x2122;s vast room for rethink and improvement; no to padding, arbitrary borrowing e.t.c, or go to jail. - Mr. Apeji Onesi. Lagos * With over-bloated bureaucracies involving the Federal Government, 36 state and 774 local governments, the cost of running democratic government in Nigeria is too high and this has hindered growth and development. Yes, in the short time, it can be possible to prune the growing cost of running public affairs by the legislators in the National Assembly and Governors. Firstly, the masses must see governance as a service and make some laws that will govern the appointments of aides; make the legislators part time, reduce the structure that enables them to have aides, make the different positions less lucrative, changing different positions to ensure effective growth and transparency, improving accountability, and reducing the administrative positions and line of authority which can be replaced by civil servants or traditional rulers. Ministerial slots from each state should be reduced, while highly-successful business people should be appointed. - Mr. Michael Adedotun Oke, Founder Michael Adedotun Oke Foundation, Abuja * Surely, the cost of governance can be reduced especially in the size of allowances

and estacodes for the legislators and the top executives. If Nigeria is serious, there is no reason why the salaries and allowances of the leaders should not be slashed in half, just as was done in Kenya recently. Leaders must lead by example in prudent spending so Nigeria can save for the rainy day. Also, states must be encouraged to generate more internal revenue so that most proceeds from oil sales to the federation account can be set aside for core development projects and the rest saved. It is very hard to fathom how a representative of the people can cruise around in luxurious vehicles while the electorate who voted him or her into power are searching for scraps to eat and survive. That is the quickest way to revolution! - Mr. Olumuyiwa Olorunsomo, Lagos State

Next Week: Can Plea Bargain Help Check Corruption? Ă&#x201C;Ă&#x2DC;Ă?Ă? Ă&#x17E;Ă&#x2019;Ă? Ă&#x2039;Ă&#x17D;Ă&#x2014;Ă&#x201C;Ă&#x2DC;Ă&#x201C;Ă?Ă&#x17E;Ă&#x153;Ă&#x2039;Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC; Ă&#x2122;Ă? Ă&#x2013;Ă&#x2039;Ă&#x17E;Ă? Ă&#x153;Ă?Ă?Ă&#x201C;Ă&#x17D;Ă?Ă&#x2DC;Ă&#x17E; Ă&#x2014;Ă&#x2039;Ă&#x153;Ă&#x; Ă&#x2039;Ă&#x153;ËŞ Ă&#x17D;Ă&#x;Ă&#x2039;Ë&#x153; Ă&#x2122;Ă&#x2DC;Ă&#x2013;ĂŁ Ă&#x17E;ĂĄĂ&#x2122; Ă&#x2019;Ă&#x201C;Ă&#x2018;Ă&#x2019;Ě&#x2039;Ă&#x161;Ă&#x153;Ă&#x2122;ʨĂ&#x2013;Ă? Ă?Ă&#x2122;Ă&#x153;Ă&#x153;Ă&#x;Ă&#x161;Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC; Ă?Ă&#x2039;Ă?Ă?Ă? Ă&#x2019;Ă&#x2039;Ă Ă? Ă&#x2013;Ă?Ă&#x17D; Ă&#x17E;Ă&#x2122; Ă?Ă&#x2122;Ă&#x2DC;Ă Ă&#x201C;Ă?Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC;Ă? Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă?Ă?Ă&#x2DC;Ă&#x17E;Ă?Ă&#x2DC;Ă?Ă&#x201C;Ă&#x2DC;Ă&#x2018;Ë&#x203A; Ă&#x2122;ĂĄĂ?Ă Ă?Ă&#x153;Ë&#x153; Ă&#x17E;Ă&#x2019;Ă?Ă&#x153;Ă? Ă&#x201C;Ă? Ă&#x2039; Ă&#x152;Ă?Ă&#x2013;Ă&#x201C;Ă?Ă? Ă&#x17E;Ă&#x2019;Ă&#x2039;Ă&#x17E; Ă&#x161;Ă&#x2013;Ă?Ă&#x2039; Ă&#x152;Ă&#x2039;Ă&#x153;Ă&#x2018;Ă&#x2039;Ă&#x201C;Ă&#x2DC;Ë&#x153; ĂĄĂ&#x2019;Ă&#x201C;Ă?Ă&#x2019; Ă&#x201C;Ă? Ă?Ă&#x17E;Ă&#x201C;Ă&#x2013;Ă&#x2013; Ă&#x2039; Ă&#x153;Ă?Ă&#x17D;Ă&#x;Ă?Ă?Ă&#x17D; Ă?Ă?Ă&#x2DC;Ă&#x17E;Ă?Ă&#x2DC;Ă?Ă? Ă&#x17E;Ă&#x2019;Ă&#x2039;Ă&#x17E; Ă&#x201C;Ă&#x2DC;Ă Ă&#x2122;Ă&#x2013;Ă Ă?Ă? Ă?Ă&#x2122;Ă&#x2DC;Ă Ă&#x201C;Ă?Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x201C;Ă&#x2DC; Ă?Ă&#x2122;Ă&#x2014;Ă? Ă?Ă&#x2039;Ă?Ă?Ă? Ă?Ă&#x2019;Ă&#x2122;Ă&#x153;Ă&#x17E;Ă?Ă&#x153; Ă&#x201D;Ă&#x2039;Ă&#x201C;Ă&#x2013; Ă?Ă?Ă&#x2DC;Ă&#x17E;Ă?Ă&#x2DC;Ă?Ă?Ă?Ë&#x153; Ă?Ă&#x2019;Ă&#x2122;Ă&#x;Ă&#x2013;Ă&#x17D; Ă&#x152;Ă? Ă&#x2039;Ă&#x17D;Ă&#x2122;Ă&#x161;Ă&#x17E;Ă?Ă&#x17D; Ă&#x201C;Ă&#x2DC; Ă?Ă&#x153;Ă&#x201C;Ă&#x2014;Ă&#x201C;Ă&#x2DC;Ă&#x2039;Ă&#x2013; Ă&#x161;Ă&#x153;Ă&#x2122;Ă?Ă?Ă?Ă&#x17D;Ě&#x2039; Ă&#x201C;Ă&#x2DC;Ă&#x2018;Ă? Ă?Ă?Ă&#x161;Ă?Ă?Ă&#x201C;Ă&#x2039;Ă&#x2013;Ă&#x2013;ĂŁ Ă?Ă&#x2122;Ă&#x153; Ă&#x17E;Ă&#x2122;Ă&#x161; Ă?Ă&#x2122;Ă&#x153;Ă&#x153;Ă&#x;Ă&#x161;Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC; Ă?Ă&#x2039;Ă?Ă?Ă? Ă&#x17E;Ă&#x2122; Ă&#x201C;Ă&#x2014;Ă&#x161;Ă&#x153;Ă&#x2122;Ă Ă? Ă&#x2013;Ă&#x2122;Ă&#x2122;Ă&#x17E; Ă&#x153;Ă?Ă?Ă&#x2122;Ă Ă?Ă&#x153;ĂŁË&#x203A; Ă&#x2DC; ĂŁĂ&#x2122;Ă&#x;Ă&#x153; Ă Ă&#x201C;Ă?ĂĄË&#x153; Ă?Ă&#x2039;Ă&#x2DC; Ă&#x161;Ă&#x2013;Ă?Ă&#x2039; Ă&#x152;Ă&#x2039;Ă&#x153;Ă&#x2018;Ă&#x2039;Ă&#x201C;Ă&#x2DC;Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă&#x2019;Ă?Ă&#x2013;Ă&#x161; Ă?Ă?Ă?Ă&#x;Ă&#x153;Ă? Ă&#x17E;Ă&#x2019;Ă? Ă?Ă&#x2122;Ă&#x2DC;Ă Ă&#x201C;Ă?Ě&#x2039; Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC;Ă? Ă&#x17E;Ă&#x2019;Ă&#x2039;Ă&#x17E; Ă&#x17E;Ă&#x2019;Ă? Ă?Ă&#x153;Ă&#x201C;Ă&#x2014;Ă&#x201C;Ă&#x2DC;Ă&#x2039;Ă&#x2013; Ă&#x201D;Ă&#x;Ă?Ă&#x17E;Ă&#x201C;Ă?Ă? Ă?ĂŁĂ?Ă&#x17E;Ă?Ă&#x2014; Ă&#x2019;Ă&#x2039;Ă? Ă?Ă&#x2039;Ă&#x201C;Ă&#x2013;Ă?Ă&#x17D; Ă&#x17E;Ă&#x2122; Ă?Ă?Ă?Ă&#x;Ă&#x153;Ă?ËŁ Ă&#x2013;Ă?Ă&#x2039;Ă?Ă? Ă&#x2014;Ă&#x2039;Ă&#x2022;Ă? ĂŁĂ&#x2122;Ă&#x;Ă&#x153; Ă&#x153;Ă?Ă?Ă&#x161;Ă&#x2122;Ă&#x2DC;Ă?Ă? Ă&#x17D;Ă&#x201C;Ă&#x153;Ă?Ă?Ă&#x17E;Ë&#x153; Ă?Ă&#x2019;Ă&#x2122;Ă&#x153;Ă&#x17E; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă?Ă&#x201C;Ă&#x2014;Ă&#x161;Ă&#x2013;Ă?Ë&#x153; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă?Ă&#x17E;Ă&#x2039;Ă&#x17E;Ă? ĂŁĂ&#x2122;Ă&#x;Ă&#x153; Ă?Ă&#x;Ă&#x2013;Ă&#x2013; Ă&#x2DC;Ă&#x2039;Ă&#x2014;Ă?Ë&#x153; Ă&#x17E;Ă&#x201C;Ă&#x17E;Ă&#x2013;Ă?Ë&#x153; Ă&#x2122;Ă&#x153;Ă&#x2018;Ă&#x2039;Ă&#x2DC;Ă&#x201C;Ă?Ă&#x2039;Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC;Ë&#x153; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x2013;Ă&#x2122;Ă?Ă&#x2039;Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC;Ë&#x203A; Ă?Ă?Ă&#x161;Ă&#x2122;Ă&#x2DC;Ă?Ă?Ă? Ă?Ă&#x2019;Ă&#x2122;Ă&#x;Ă&#x2013;Ă&#x17D; Ă&#x152;Ă? Ă?Ă?Ă&#x2DC;Ă&#x17E; Ă&#x152;Ă?Ă&#x17E;ĂĄĂ?Ă?Ă&#x2DC; Ă&#x17E;Ă&#x2122;Ă&#x17D;Ă&#x2039;ĂŁ Ě&#x2122; Ă?Ă&#x17E;Ă&#x2122;Ă&#x152;Ă?Ă&#x153; Í&#x201C;Í&#x2014; Ęś Ă&#x2122;Ă&#x2DC;Ă&#x17D;Ă&#x2039;ĂŁË&#x153; Ă?Ă&#x17E;Ă&#x2122;Ă&#x152;Ă?Ă&#x153; Í&#x201D;Í&#x2018;Ě&#x161; Ă&#x17E;Ă&#x2122; abimbolayi@ yahoo.com, greatbimbo@gmail.comË&#x153; abimbola.akosile@thisdaylive. comË&#x203A; Ă?Ă?Ă&#x161;Ă&#x2122;Ă&#x2DC;Ă&#x17D;Ă?Ă&#x2DC;Ă&#x17E;Ă? Ă?Ă&#x2039;Ă&#x2DC; Ă&#x2039;Ă&#x2013;Ă?Ă&#x2122; Ă?Ă?Ă&#x2DC;Ă&#x17D; Ă&#x2039; Ă?Ă&#x2019;Ă&#x2122;Ă&#x153;Ă&#x17E; Ă&#x17E;Ă?âĂ&#x17E; Ă&#x2014;Ă?Ă?Ă?Ă&#x2039;Ă&#x2018;Ă? Ă&#x17E;Ă&#x2122; 08023117639 Ă&#x2039;Ă&#x2DC;Ă&#x17D;ËšĂ&#x2122;Ă&#x153; 08188361766 Ă&#x2039;Ă&#x2DC;Ă&#x17D;ËšĂ&#x2122;Ă&#x153; 08114495306Ë&#x203A; Ă&#x2122;Ă&#x2013;Ă&#x2013;Ă&#x2039;Ă&#x17E;Ă?Ă&#x17D; Ă&#x153;Ă?Ă?Ă&#x161;Ă&#x2122;Ă&#x2DC;Ă?Ă?Ă? ĂĄĂ&#x201C;Ă&#x2013;Ă&#x2013; Ă&#x152;Ă? Ă&#x161;Ă&#x;Ă&#x152;Ă&#x2013;Ă&#x201C;Ă?Ă&#x2019;Ă?Ă&#x17D; Ă&#x2122;Ă&#x2DC; Ă&#x2019;Ă&#x;Ă&#x153;Ă?Ă&#x17D;Ă&#x2039;ĂŁË&#x153; Ă&#x2122;Ă Ă?Ă&#x2014;Ă&#x152;Ă?Ă&#x153; Í&#x201C;

34

T H I S D AY ˾ ˜ Ͱʹ˜ Ͱͮͯ͵

BUSINESSWORLD

DEVELOPMENT

Striving to keep Apapa clean and flood-free

ABIMBOLA AKOSILE

Support Existing Institutions that’ll Sustain Anti-corruption Fight, Campaign Urges Buhari Members to stage accountability walk Dec 9 Abimbola Akosile In line with his famous campaign promise to stop corruption in Nigeria, President Muhammadu Buhari has been urged to desist from interfering in corruption cases, but rather provide support to strengthen the existing institutions that will sustain the fight against corruption in the country. The president was also enjoined to publish the result of the investigation of alleged fraud against the Secretary to the Government of the Federation (SGF) and the Director-General of the National Intelligence Agency (NIA), mandating speedy action by the Economic and Financial Crimes Commission (EFCC) and other relevant institutions, and ensuring justice for the people of Nigeria. The EFCC, the Independent Corrupt Practices and other related offences Commission (ICPC) and the police were also urged to take up their

constitutional role of investigating offences and cases of corruption regardless of the position of the public official involved. Likewise, the National Assembly members were advised to corroborate the anti-corruption fight by expeditiously legislating bills that promote the fight; as well as by ensuring that their oversight role is deployed transparently in the aid of the fight against corruption. In the same vein, the executive and legislative arms of government were urged to provide support for the implementation and enforcement of the recent directives of the Chief Justice of Nigeria (CJN) based on the resolutions and decisions of the National Judicial Council, while the judiciary should be positioned and supported to deliver justice without fear or favour. These, among other recommendations, formed part of the text of a statement on the current state of the nation, which was released recently by the Say No Campaign (SNC), a platform

of citizens committed to fighting corruption, impunity, poverty, violence and other governance challenges in Nigeria. The campaign members, in the statement, also disclosed plans to mobilise their partners and Nigerians across the country on December 9, for an accountability walk as ‘A collective Action Against Corruption’ with the aim of re-arming citizens and educating them on the need for collective action to stamp out corruption. The campaign, in a statement made available to THISDAY, also launched a people’s programme called #Dorocorruption “which will air every Monday on Wazobia FM 99.5 in pidgin English.” Members of the campaign who jointly signed the statement include the SNC Co-Convener, Ezenwa Nwagwu; the Centre for Transparency and Accountability (CTA); the Civil Society Legislative Advocacy Centre (CISLAC); Protest to Power (P2P); Peering Advocacy and Advancement Centre in Africa (PAACA), and

the Youths Initiative for Advocacy Growth and Advancement (YIAGA). According to the statement, “Recent happenings in the country have necessitated the need to call the attention of the three arms of government to expedite action to salvage the longstanding commitments of governments since the 1999 return to civil rule, and what is left of the credibility of the current administration’s fight against corruption in the quest to rid Nigeria of the menace. “While the desire of the current regime to fight corruption is unequivocally stated, the mannerism or body language expressed by the chief executive in the face of corruption against certain public officials close to or within his inner circle, belie and betray this noble intent. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Bridge Reaffirms Commitment to Reach Underserved Communities Temitope Omabegho Bridge International Academies has reaffirmed its mission to delivering life changing education to children living in the underserved communities, following a report by the World Bank and UNESCO which shows the extent to which education systems around the world are failing to provide a quality education and decent classroom conditions in which children can learn. According to a Bridge spokesperson, the recent report by UNESCO on the number

of children who are in school but aren’t learning has further reaffirmed the organisation’s commitment to reach as many children living in underserved communities. The UNESCO Institute for Statistics (2017) data shows that from 128 million school-aged children, 37 million children in sub-Saharan Africa will learn so little while they are still in school and will not be achieving minimum proficiency levels in reading. The federal government of Nigeria has also announced that the number of out of school children has

increased to 10.7 million. Commenting on a recent research finding on parent’s satisfaction of the learning gains of pupils at Bridge schools, he said the organisation is clear that the measures of quality education are demonstrable learning gains and strong academic performance. “Ninety per cent of our parents are happy with the improvements they have seen in their children. Bridge is working in support of SDG4 which establishes that quality, and learning outcomes, are required for a child’s right to

education to be delivered,” the spokesman, in a release provided by Mr. Femi Awopetu, added. Bridge has over the years specialised in providing robust technology driven education system to low income households in developing economies. He said a lot of resources and time is put into research, development, technology and learning development before schools are opened. “This is because Bridge is particular about where schools are located and ensure that the

needs of our pupils are met – ensuring that our millionth pupil receives the same, if not better, life changing education as our first.” Bridge schools are located in communities such as Egberigbe in Ikorodu, Ijegun, Badagry, Ajangbadi and Orimedu in Ibeju Lekki. On how affordable the school is for residents within such communities, he said “We make our schools available to everyone who desire to give their children the chance to a life changing education and learning irrespective of their socio-economic class or

affiliations at affordable fees. On top of the low fees, there are scholarship programmes in place to support families who are unable to send their children to school or find it extremely difficult to pay the fees.” “It is worth noting that the primary purpose of affordable school is to increase access to better education outcomes, outcomes which will subsequently drive prosperity and therefore alleviate poverty. Education for this generation is a long term sustainable solution to poverty alleviation”, he added.

35

T H I S D AY ˾ ˜ Ͱʹ˜ Ͱͮͯ͵

BUSINESSWORLD

DEVELOPMENT QUOTE OF THE WEEK

“Ourlivesexperiencehasshownclearlythatanonymouscorporateownershipcouldserveas vehiclesformaskingconflictsofinterest,corruption,taxevasion,moneylaundering,andeven terrorismfinancing.SoforusinthedevelopingworldandespeciallyinAfrica,breakingthewallof secretcorporateownershipisanexistentialmatter.Itisforusliterarilyamatteroflifeanddeath” - VICE-PRESIDENT YEMI OSINBAJO SPEAKING IN JAKARTA, INDONESIA, RECENTLY

World Rivers Day: RAWDP Deplores Govt’s Failure to Regulate Healthy Watersheds Senator Iroegbu in Abuja

UN Day: Nigeria, Others Tasked on Will to Overcome Global Challenges Affordable housing key for devt, social equality, says global body Abimbola Akosile The UN Secretary-General António Guterres has called on people around the world to overcome their differences to address global challenges that go beyond national borders, in his first United Nations Day message. Mr. Guterres, in a video message delivered on the UN Day Tuesday, said “Our world faces many grave challenges. Widening conflicts and inequality, extreme weather and deadly intolerance, and security threats – including nuclear weapons. We have the tools and wealth to overcome these challenges. All we need is the will.” In his message, the UN chief stated that the challenges faced by the world transcend borders and, therefore, everyone needs to transcend their differences to transform the future. “When we achieve human rights and human dignity for all people – they will build a peaceful, sustainable and just world,” he added, urging humanity – noted in the Charter of the United Nations as ‘We the Peoples’ – to make this vision a reality. The 24th of October, the day in 1945 when the UN Charter entered into force, is celebrated annually as United Nations Day. In 1971, the General Assembly recommended that the day be observed by UN Member States as a public holiday. Around the world, governments and UN offices marked the day through various programmes and events on the core pillars of the organisation. This year, at the UN Headquarters, in New York, the organisation’s Department of Public Information was billed to organise a concert featuring the Slovak National Folklore Ballet, Lú nica. The theme of the concert was “Potential in Diversity” and it was sponsored by the Permanent Mission of the Slovak Republic to the UN. Also, Deputy Secretary-General Amina J. Mohammed, on behalf of the Secretary-General, was expected to present the 2017 Secretary-General awards in categories, including innovation and creativity; implementing efficiencies; gender

UN Scribe Guterres equality and parity; and champion of the Sustainable Development Goals (SDGs). Meanwhile, with 1.6 billion people living in inadequate housing, one billion of whom reside in slums and informal settlements, the United Nations highlighted affordable homes on the World Habitat Day, which also marked the official start of Urban October – a month of worldwide celebrations and citizens’ engagement in urban life worldwide. “While millions of people lack suitable homes, the stock of vacant houses is gradually increasing,” said Executive Director of the UN Human Settlements Programme (UN-Habitat), Dr. Joan Clos, in a message commemorating the Day under the 2017 theme ‘Housing Policies: Affordable Homes.’ “Ensuring housing affordability is therefore a complex issue of strategic importance for development, social peace and equality,” he added. This year’s celebrations coincided with the first anniversary of the New Urban Agenda,”

adopted at the UN Conference on Housing and Sustainable Urban Development, better known as Habitat III, in Quito, Ecuador, which enshrines urbanisation as an indispensable for development and a prerequisite for prosperity and growth. “It is thanks to this paradigm shift that urbanization and development are indivisibly linked one to another,” Clos said. ‘Handing over housing to the market has proved a failure’ An analysis of housing affordability over the last 20 years reveals that despite increasing demand, housing – including rentals – has been largely unaffordable for the majority of the world population. “We all remember well that housing was at the epicentre of the eruption of the global economic crisis of 2008, instead of being at the heart of the urban policy. Today, 1.6 billion people live in inadequate housing, of which one billion live in slums and informal settlements,” he underscored.

As the world marked the World River Day recently, an Owerri-based Non-Governmental Organisation (NGO), Rural Africa Water Development Project (RAWDP), has lamented the persistent failure to regulate and take advantage of the work that healthy watersheds perform naturally. This was as it emphasised that the development is currently overwhelming the ability of public water agencies to mitigate catchment sourced contaminants at a fraction of the cost of conventional treatment and guaranty safe drinking water to water consumers. The Founder and Coordinator of RAWDP, Dr. Joachim Ezeji, noted that the World Rivers Day strives to increase public awareness of the importance of our rivers or waterways as well as the many threats confronting them. “In Nigeria, over a score of urban water agencies depend on rivers and other surface water bodies for their raw water intakes. But many of these rivers are currently under unregulated threat from inadequate catchment management. “Rivers are integral to all life. Yet, many waterways continue to face an array of threats and are often impacted by inappropriate practices and inadequate protection,” Ezeji stated. He noted that, World Rivers Day complemented the UN’s Water for Life Decade and groups such as the United Nations University and the International Network on Water, Environment and Health remain valued supporters. The RAWDP coordinator explained that it highlights the many values of rivers and strives to increase public awareness and hopefully encourage the improved stewardship of rivers around the world. He said with many of the world’s rivers facing increasing pressures associated with climate change, pollution, and industrial development, more than 70 countries are participating in this year’s festivities. The development expert highlighted the lineup of events to mark the event and the NGO said many events around the world will focus on educational and public awareness activities while others will include river cleanups, habitat restoration projects and community riverside celebrations Ezeji said: “Rivers in every country face an array of threats, and only our active involvement will ensure their health in the years ahead. In Nigeria, as well as other parts of the world, agriculture poses the greatest threat based on the enormous amount of fertilizer (organic and inorganic) used on commercial and private farms. “The result is widespread Nitrates, a by-product of nitrogen-based farm fertiliser, animal manure, wastewater and leaky septic tanks. On top of these are wasteful and inefficient agricultural practices, including very low knowledge of fertilisation application. For example, it was observed that many vegetable farmers can apply as much fertiliser as they want, within feet of the river.” “For example, the Otammiri River is the primary raw water source for the Imo State Water Corporation (ISWC), a public water supply agency. The Corporation supplies drinking water to the residents of Owerri, the capital city of the State. It is also one of the many rivers in the larger Anambra-Imo River basin.

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T H I S D AY THURSDAY, OCTOBER 26, 2017

HEALTH & LIFESTYLE

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

46 Years After, Monkeypox Still a Challenge in Nigeria Nigeria in 1971 and 1978 experienced its first and second outbreak of the Monkeypox virus. But 46 years after, the country is yet to show capacity for its diagnosis, not to mention finding a cure for the virus. Martins Ifijeh writes

W

hile Nigeria is still grappling with curbing the present outbreak of Monkeypox virus which has spread to at least 11 states across the country (Bayelsa, Akwa Ibom, Cross River, Delta, Ekiti, Enugu, Imo, Lagos, Nasarawa, Rivers, as well as the Federal Capital Territory) with 74 suspected or confirmed cases already, indications show this is not the first time Nigeria is experiencing the health challenge. In 1971, the country experienced its first case of Monkeypox virus with two persons affected just a year after the first human case was recorded in the Democratic Republic of Congo. Also in 1978, Nigeria recorded another outbreak. The present outbreak makes it the 46th year since Nigeria started experiencing the outbreak, but like in many other health cases, the country is yet to have a laboratory for treating the virus, not to talk of providing a cure. The recently confirmed cases of the disease among the 74 affected persons in Nigeria were diagnosed in Senegal, a neighbouring country that can’t boast of the human, natural and economic resources Nigeria wields. No wonder a Professor of Virology and former President, Nigeria Academy of Science, Professor Oyewale Tomori, described Nigeria’s inability to diagnose the Monkeypox virus as shameful, adding that nearly 60 years after the country’s independence, it is still unable to confirm cases of most diseases without sending samples to laboratories overseas. “And which overseas are we talking about. Senegal. Just imagine! And there was a time when our laboratory system was able to confirm many of these diseases, now, none of these diseases can be confirmed here. “We do not have appropriate and well equipped laboratory facilities to definitely confirm suspected cases. Samples have been sent to Dakar and plans are being made to send additional samples to the smallpox laboratories of the World Health Organisation Collaborating Centre for Smallpox and other Poxvirus Infections at the Centre for Disease Control in Atlanta.” Also, a Virologist, Dr. Olaolu Akinjide believes Nigeria’s leaders do not give priority to the health of their citizens, as they are often only good at fire brigade approaches to outbreaks. “This is same thing we see during Lassa fever outbreaks. It is almost 50 years since Lassa fever was discovered in Lassa community in Borno State. Naturally, it behoves on us to find a lasting solution to the recurring bouts of the outbreak, but yet nothing. “The fact that we are even unable to provide laboratory diagnosis, and even cure for Monkeypox here, shows how much attention we are giving to researches in this country. We have a medical research institute that should be funded to come up with solutions in this regard,” he said. This again brings to fore the level of priority placed on medical research in the country. While the United States National Institute of Health will spend about 32.3 billion dollars this year alone on medical research for the American people, the entire health budget for Nigeria cannot be said to be close to that figure. Earlier last week, the Health Minister, Prof. Isaac Adewole had said the ministry received laboratory confirmation for the Monkeypox virus from three of these cases from the WHO Regional Laboratory in Dakar, Senegal. According to Adewole, patients with the disease were “doing well clinically”. Of the

Monkeypox is preventable

14 other cases identified, 12 have come back as negative while results for the last two are not yet available. “The most likely source of infection is a primary zoonotic transmission, from an animal, with secondary person-to-person transmission,” Adewole said. The minister sought to reassure the public that “all the necessary public health measures have been put in place and will continue to be implemented.” The Nigeria Centre for Disease Control (NCDC) said it has set up an emergency operations centre to coordinate its response and test samples. Public health messages have been broadcast calling on people to frequently wash their hands and avoid eating bush meat. In September, at least 10 people in the Central African Republic died in a Monkeypox outbreak. There have also been fatalities in the Democratic Republic of Congo. According to the World Health Organisation (WHO), Monkeypox is a rare disease that occurs primarily in remote parts of Central and West Africa, near tropical rain forests, and it can cause a fatal illness in humans, although it is similar to human Smallpox which has been eradicated, it is much milder. WHO says the virus is transmitted to people from various wild animals but has limited secondary spread through human-to-human transmission. “Typically, case fatality in Monkeypox outbreaks has been between one per cent and 10 per cent with most deaths occurring in younger age groups. There is no treatment or vaccine available although prior Smallpox vaccination was highly effective in preventing Monkeypox as well,” the health body added. Transmission Infection of index cases results from direct contact with the blood, bodily fluids, or cutaneous or mucosal lesions of infected animals. WHO says in Africa human infections have been documented through the handling of infected monkeys, Gambian giant rats and squirrels, with rodents being the major reservoir of the virus. Eating inadequately cooked meat of infected animals is said to be a possible

risk factor. Secondary, or human-to-human, transmission can result from close contact with infected respiratory tract secretions, skin lesions of an infected person or objects recently contaminated by patient fluids or lesion materials. Transmission, according to WHO occurs primarily via droplet respiratory particles usually requiring prolonged face-to-face contact, which puts household members of active cases at greater risk of infection. There is no evidence, to date, that personto-person transmission alone can sustain monkeypox infections in the human population. Signs and symptoms The incubation period (interval from infection to onset of symptoms) of Monkeypox. According to the health body is usually from six to 16 days but can range from five to 21 days, adding that the infection can be divided into two periods; the invasion period (0-5 days) characterised by fever, intense headache, lymphadenopathy (swelling of the lymph node), back pain, myalgia (muscle ache) and an intense asthenia (lack of energy); and the skin eruption period (within 1-3 days after appearance of fever) where the various stages of the rash appears, often beginning on the face and then spreading elsewhere on the body. “The face (in 95 per cent of cases), and palms of the hands and soles of the feet (75 per cent) are most affected. Evolution of the rash from maculopapules (lesions with a flat bases) to vesicles (small fluid-filled blisters), pustules, followed by crusts occurs in approximately 10 days. Three weeks might be necessary before the complete disappearance of the crusts. The number of the lesions varies from a few to several thousand, affecting oral mucous membranes (in 70 per cent of cases), genitalia (30 per cent) and conjunctivae (eyelid) (20 per cent), as well as the cornea (eyeball). “Some patients develop severe lymphadenopathy (swollen lymph nodes) before the appearance of the rash, which is a distinctive feature of Monkeypox compared to other similar diseases. Monkeypox is usually a self-limited disease with the symptoms lasting from 14 to 21 days. Severe cases occur more commonly

among children and are related to the extent of virus exposure, patient health status and severity of complications. People living in or near the forested areas may have indirect or low-level exposure to infected animals, possibly leading to subclinical (asymptomatic) infection,” the world health body says. Diagnosis Experts say the differential diagnoses that must be considered include other rash illnesses, such as, Smallpox, Chickenpox, measles, bacterial skin infections, scabies, syphilis, and medication-associated allergies. Monkeypox can only be diagnosed definitively in the laboratory where the virus can be identified by a number of different tests: enzyme-linked immunosorbent assay (ELISA) antigen detection tests polymerase chain reaction (PCR) assay virus isolation by cell culture Prevention WHO says preventing Monkeypox expansion through restrictions on animal trade Restricting or banning the movement of small African mammals and monkeys may be effective in slowing the expansion of the virus outside Africa. “Captive animals should not be inoculated against Smallpox. Instead, potentially infected animals should be isolated from other animals and placed into immediate quarantine. “Any animals that might have come into contact with an infected animal should be quarantined, handled with standard precautions and observed for Monkeypox symptoms for 30 days,” it says. Treatment and vaccine WHO says there are no specific treatments or vaccines available for Monkeypox infection, but outbreaks can be controlled. “Vaccination against Smallpox has been proven to be 85 per cent effective in preventing Monkeypox in the past but the vaccine is no longer available to the general public after it was discontinued following global Smallpox eradication. Nevertheless, prior Smallpox vaccination will likely result in a milder disease course.

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NEWS

2018 Budget: 1% NH Act Yet to Be Captured As Niger, Osun, Abia set to pilot $42m health fund Kuni Tyessi in Abuja From all indications, the proposed one per cent consolidated fund for health will not be captured in the 2018 budget, as the federal government is yet to be convinced that the health sector is ready for its implementation, thereby awaiting three pilot states, namely Niger, Abia and Osun to be used as catalyst for the approval. Rather than capture and approve the consolidated fund, it has approved the release of 10 million dollars which is expected to be added to

20 million dollars from the World Bank through the Global Financing Facility (GFF), 10 million dollars from DFID and two million dollars from the Bill and Melinda Gates Foundation. This was revealed in Abuja when joint Nigeria GFF core team and Nigeria GFF Civil Society Organisations working group had a consultative meeting with objectives which centred on updates on the current status of the Nigeria GFF investment case and identifying the potential areas that require advocacy among others. Chairman, board of trust-

ees, Community Health and Research Initiative (CHRI), Dr. Amini Magashi, who summarised discussions of the meeting said with the $42 million dollars, it is expected that life saving drugs will be available in all the health facilities, as well as the provision of procurement and a complete working facility with security and human resources that will manage it. He advised that the scorecard should be adopted and implemented as a national score card as it is going to track expenditure, allocation, how much is released and disbursed and transparency of the process

among others. He said, “ the basic healthcare provision fund is not yet captured in the national budget. The reason being that the government of the day is still not convinced that the health sector is ready to implement. So the government is recommending that the GFF which is $20 million should finance the basic healthcare provision fund and there are three states to pilot it and they are Niger, Abia and Osun, so that Nigeria can learn from there. “We also heard that the Bill and Melinda Gates Foundation is also committing $2 million

and also DFID, the UK arm is adding $10 million. If we are serious-minded people and committed, we should begin to use this available resources and get things done and after two years, we can learn from that and begin to demand for the total implementation of the provision fund.” The executive secretary of Healthcare Foundation of Nigeria and representative of CSOs, national platform of the GFF, Dr. Emmanuel Abanida while addressing the press, said the health sector would work effectively when the issue of impunity is addressed as

that happens to be the sector’s biggest challenge. He said the GFF involves all the 36 states including the FCT. However, Nigeria has to start from somewhere and see the lessons it is learning. He said ,”the most important thing is to reduce impunity. If it is reduces, anybody who is corrupt should be taught to do the proper thing. This is the basic concept of how we can move forward. Punish those who need to be punished and reward those we need to be rewarded and with that, you have more transparency and accountability.

Adewole: Responses to Diabetes Challenge are Gaining Momentum As anoę holds summit to ta le the disease Martins Ifijeh The Minister of Health, Professor Isaac Adewole, has said that the federal government along with global health bodies are increasing their responses to diabetes challenges, a disease that is fast becoming prevalent in Nigeria. He said his ministry has established a non communicable disease office complete with staff and other resources and a Diabetes Desk Officer, adding that they have partnered with the World Diabetes Foundation to set up almost 390 diabetes clinics nationwide and 60 clinics providing Diabetes/ tuberculosis care. Stating this at a one-day Sanofi Diabetes Summit in Lagos tagged: ‘Diabetes: New management trends towards improving outcomes’, Adewole said, “we also launched the National Strategic Plan of Action on Prevention and Control of NCDs in 2015. The document outlines roles, targets for 2025, objectives, and an implementation framework for achieving them in the medium and long terms. Notwithstanding this, more help and helpers are required in tackling the scourge diabetes presents.” Adewole, who was represented by the Chief Medical Director, Lagos University Teaching Hospital (LUTH), Prof. Chris Bode, said Diabetes Mellitus is a NCD with rising worldwide prevalence. “From 100 million in 1994 there are now 415 million people affected and projections for the future put the prevalence in 2030 at 642 million, most of the increase coming from Africa and Asia. “Presently there are about 15 million diabetics in Africa and a quarter of this number reside in Nigeria. One in every 11 adults has diabetes and up to half of these are not diagnosed. Less than 10 per cent of people diagnosed with diabetes meet the targets of metabolic control. “Yearly there are five million diabetes and diabetes related deaths and every 10 seconds

a limb is amputated due to diabetes. In fact, diabetes is now the most common cause of lower extremity amputation. Diabetes is the first or second commonest cause of end stage renal disease in most centres worldwide and is one of the commonest causes of blindness. These people with diabetes often have shortened lifespan and 80 per cent of them die of cardiovascular complications ranging from stroke, myocardial infarction, heart or kidney failure to foot gangrene. He said unfortunately, many of these lives are lost at the peak of their prime in the fifth or sixth decade of lives with the attendant devastating effect on the family unit or the nation as a whole. Adding that for the survivors, it has not been easy as diabetes remains one of the costliest conditions to treat, as expenses for some of the complications run into millions of naira per patient suffering from kidney failure, stroke, foot gangrene, ischaemic heart disease and retinopathy. On her part, a Paediatry Endocrinologist, College of Medicine, University of Lagos, Prof. Abiola Oduwole said diabetes awareness was very low in this country, adding that Nigerians were still not appreciating the importance of avoiding risk factors for diabetes. “We need to keep talking about how healthy eating, exercising, non smoking, among others can prevent diabetes. “It is not that there is anything wrong with our food, only that we are eating too much of it. We should reduce the quantity, which means we will be eating less calorie. We are no longer like our parents who walk to farm and work. Now we sit in our cars, no exercise, and basically live sedentary lifestyles.” She said of importance is that type two diabetes was now seen in children. “Obesity is increasing and our children now bearing the burden. We are also beginning to see prediabetes in children and it has risen to about seven per cent.

L-R: Former Permanent Secretary, Lagos State Ministry of Health, Dr. Femi Olugbile; Medical Director, Federal Neuro Psychiatric Hospital, Yaba, Dr. Oluwayemi Ogun; Guest Speaker, Dr. Marcellinus Nwaogu; Director of Administration, FNPH, Mr. Adeyinka Antwi; and Head, Pharmacy, FNPH, Mrs Lawunmi Peter, at the World Mental Health Day Lecture as part of the 110th Anniversary of the Federal Neuro Psychiatric Hospital, Yaba in Lagos recently.

NAFDAC Seizes Counterfeit Coca-Cola Vice President: Food Products Worth N50M Safety, Regulation Can Drive Ayodeji Ake As part of its efforts in securing the health of Nigerians, the National Agency For Food and Drug Administration and Control (NAFDAC) has seized 333 cartons of Read-A-Dream and 281 cartons of Kilit insecticides and some unused labels for counterfeited products and Rambo insecticides, in Festac axis of Lagos State, worth over N50 million. The suspect, Mr. Obumneme Okpala, according to NAFDAC, is a recalcitrant offender, who in 2015 reportedly imported fake and unwholesome 1x40ft container of Kilit Insecticide through Onne Port in Port Harcourt, Rivers State. The product at the time was forfeited for destruction, and he wrote a notarised undertaking that he would not engage in the importation and distribution of fake, unwholesome and adulterated NAFDAC regulated products again. Revealing this during a press briefing in Lagos recently, the Acting Director General of NAFDAC, Mr. Ademola Magbojuri, said Obumneme has been on the trail for two years before he was recently captured. “In continuation with the ongoing investigation into the importation, distribution, warehousing and sales of suspected unregistered insecticide

and sequel to a tip-off by a concerned citizen, a team of NAFDAC Investigation and Enforcement Officers were directed to carry out proper investigation into the intelligence report. Our surveillance revealed that block 188, plot 2054 Amuwo Odofin, Lagos State was one of the places we have been looking out for the counterfeit of NAFDAC Regulated Products,” he said. Ademola disclosed that the suspect was nabbed through the whistle blowing policy of the government, as he pledged not to relent on the battle against counterfeiters. He said: “I want to re-assure the general public of the resolve of the Agency to sustain the fight against counterfeiters and smugglers of NAFDAC regulated products and also wish to appeal to members of the public to report any suspicious activity relating to NAFDAC regulated products around their environment to the nearest Investigation and Enforcement Offices.” Speaking on the health hazard of fake insecticide products, the Director, Chemical Evaluation and Research, Mrs. Ngozi Onnah, explained that the flammability of fake insecticides can cause pollution which may set an apartment ablaze when it comes in contact with naked fire.

Nigeria’s Economy Martins Ifijeh The Vice President, Scientific and Regulatory Affairs, CocaCola Company, Atlanta, United States, Dr. Wamwari Waichungo has called on Nigeria to take issues of food safety and regulation seriously in other to drive the country’s economy. She said the country needs scientific discipline on handling, preparation and storage of food in other to prevent food borne illness, adding that this will add to customer confidence for patronising local foods and beverages. Waichungo, who spoke at the Coca-Cola sponsored 41st Conference and Annual General Meeting of the Nigerian Institute of Food Science and Technology (NIFST) in Abuja Tuesday, said when the quality of foods and other products meet international standards, Nigerians will no longer prefer to buy products abroad. “I worked for several years in Nigeria before I left for Atlanta, and what is easily noticed is that hardly you find anything sourced locally in Nigeria, yet the country is very green with high rainfall. For this to change, there must be conscious efforts, not only by food scientists or other members of the value

chain, but the government as well. They should be involved through policies and implementations. “I know Nigeria has enough flower or cassava that can be processed into juice and foods, but we need to ensure we invest in factories that will also help preserve and increase their shelf lives.” Providing a way out, the food scientist said government should introduce incentives and policies, as this has worked in several countries that have grown their local industries. She said there should be agricultural incentives to build agricultural products, or incentives to build factory facilities. “Then, there should be disincentives on importation of such products. With incentive and disincentive, the market will be much more competitive, and then benefit local production eventually,” she said. On the belief by many Nigerians that the coke in the formula in the country’s coke was different from the ones in developed countries like the US, she said coke anywhere in the world contains the same formula. “The sugar content is the same as well. What might be different is the type of water, and sizes or types of cans/bottles.”

T H I S D AY THURSDAY, OCTOBER 26, 2017

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HEALTH HEALTH

Ikudayisi: Adult Stem Cell Can Tackle Diabetes, Heart Diseases, Infertility David Ikudayisi, a Nigerian-American Specialist in regenerative medicine, is the Medical Director, Glory Wellness and Regenerative Centre. In this interview with Martins Ifijeh, he spoke on Adult Stem Cell Therapy as an emerging approach to tackling myriads of health challenges, including diabetes, heart issues, infertility, baldness, among others What is regenerative medicine? Studies into the potential applications of Adult Stem Cell (ASC) Therapy are rapidly expanding, thanks to the fast gaining popularity of regenerative medicine. Regenerative medicine is a branch of health science that restores damaged or malfunctioning cells and tissues due to age, disease or congenital defects. It comprises Platelet Rich Plasma (PRP) Therapy, ASC, Embryonic Stem Cell (ESC) Therapy and Induced Pluripotent Stem Cell (iPSC) Therapy, among others. Meanwhile, only the PRP and ASC are currently available in clinically settings, proven and considered safe for practical use in humans. Doctors practicing in this relatively new field of medicine have very strong passion for it because of the possibilities it provide. Regenerative medicine is the medicine of tomorrow that is available today and holds a lot of promises with the results that we see in the U.S. and Nigeria. For example, as doctors, we were taught in school that the central nervous system rarely regenerates, that there is little or no hope for paralysed patients, and that damaged brain tissue may be a permanent condition, just to name a few. Nowadays, the re-growth of brain cells and improvements of neurological function in spinal cord injury (SCI) patients have been documented. When applicable, ASC treatment is basically a medical time machine. What diseases can be tackled by adult stem cell in Nigeria? The results we see every day are what drive regenerative medicine and keep more grants rolling in for additional researches and studies. Some ailments are responding well to ASC in Nigeria. The ailments include diabetes mellitus (DM), chronic kidney disease, erectile dysfunction, hypertension and some neurological disorders. In the case of diabetes, DM is a condition where hyperglycemia is caused by islet -cell function deficiency (type I) and inadequate insulin secretion and/or the context of insulin resistance (type II). Type 1 DM is caused by an autoimmune response to the -cells, which physiologically release insulin into pancreas leading to significant inflammation. By the time the symptoms of type 1 diabetes appear, around 80 per cent of the patient’s pancreatic beta cells would have been damaged. If the autoimmune aggression is interrupted at this point, and the remaining cells are protected, the patient can produce an amount of insulin that is small but nevertheless important. Current therapies used in type 1 diabetes treatment include insulin administration, blood glucose monitoring and screening for common comorbidities and diabetes-related complications. However, these treatments fail to reduce the damage on a patient’s immune system. The use of autologous ASC as a potential type 1 diabetes therapy is based upon the ability of the stem cells to “reset” the immune system. Autologous Adult Stems Cells are retrieved from a patient’s own bone marrow or fat with or without peripheral blood and, after conditioning, are injected intravenously. In a

Ikudayisi

study with 25 volunteers aged between 12 and 35, the therapeutic effect of ASC lasted about 42 months (3.5 years) but ranges overall from six months to 12 years, the longest follow-up period so far. Three patients remain completely insulin-free. One has been insulin-free for 10 years, another for 11, and the third for 12. According to the authors, the duration of the therapeutic effect was shorter in the patients whose immune systems had attacked the pancreatic cells more aggressively in the pre-transplantation period. Type 2 DM (T2D) has two main problems: Insufficient production of insulin from the pancreas and the resistance of body cells to normal or even high levels of insulin. T2D remains a major health problem that afflicts a growing population of sedentary, obese and digitally avid population shifting away from healthy lifestyles. Complications may involve several organs and affect the well-being of patients significantly. There is no question that cellular therapy is one of the future methods being investigated not only to treat but also to cure T2D. Using USC to treat T2D is no longer absolutely a new idea, at least in advanced countries. Several studies have shown that ASC can be used to stop or taper the manifestations, complications and possibly halt T2D for a variable period of time. Can cardiac stem cells from young hearts rejuvenate old hearts? According to a study published in Circulation Research, an American Heart Association journal, scientists offer new hope for heart failure patients. Using stem cells derived from umbilical cord, researchers have improved the heart muscle and function of heart failure patients, paving

the way for non-invasive therapies. The good news is that there are clinical studies showing the benefits of autologous (donor is the same as the recipient) ASC for heart disease, allowing the practical use of it in the clinics instead of waiting for the study that uses allogenic (donor is different from the recipient) heart cells to reach the clinical stage. Safe and effective ASC for heart disease, however, still needs to be improved on before they can become the main street cure for cardiac disease. When orthodox medicine fails, ASC may step in to save the day. Can stem cells be used as well for hair growth? Researchers at the University of California, Los Angeles say that they have identified a new way to activate stem cells in hair follicles to regrow hair. The study findings could lead to new drugs that could promote hair growth for people with baldness or alopecia. The experimental drugs were used in preclinical tests only and have not been tested in humans or approved as safe and effective for use in humans. On the contrary, we are already getting great results in hair restoration treatments using autologous PRP Therapy or ADSC. This has been proven to be safe and effective. I am a living testimony of such treatment as I used to have a receding hair in my frontal head before I had autologous PRP Therapy on December 6, 2016. Now the result speaks for itself. How can regenerative medicine tackle our poor health indices? The wealth of a nation can be measured by the health of the citizens. Nigeria has poor health indices. One of the reasons is that most

Nigerians do not embrace preventive medicine. Regenerative medicine, as in PRP Therapy and ASC can help reduce our mortality rate in Nigeria, thereby enhancing our health indices.ASC and PRP Therapy hold answers to many questions and problems that we doctors used to believe had no solutions. This is a gamechanging area of medicine with the potentials to fully heal damaged tissues and organs, offering solutions and hope for people who have conditions that today are beyond repair. ASC is different from the controversial Embryonic Stem Cell (ESCT) Therapy and, to be very clear, ESCT is not what is practiced at the facilities where I work in the U.S. and Nigeria. ESCT has both religious and ethical issues surrounding it. The other type of ASC that does not currently have outpatient clinic applications is induced pluripotent stem cells (iPSCs). iPSCs are produced in the lab by reprogramming adult cells to express embryonic stem cells characteristics. What is allowed without these ethical or religious issues is ASC, which uses the stem cells obtained from an individual patient. There is also Umbilical Cord Stem Cell Therapy which is a type of stem cell used in ASC. When applicable, regenerative medicine can help patients stop being dependent on taking medications daily, avoid surgery, feel younger and more energised, help couples perform their marital enjoyment at older ages as if they just got married, and help prevent the manifestation of complications of some diseases. Despite the fact that there are lots of medical applications of regenerative medicine that people are already benefiting from all over the world, there is still a lot of benefits and further understanding that we do not know yet. What we know is that autologous ASC is safe without risk of rejection of the transplanted stem cells. Nigeria should not be left behind in this new field of medicine, and I understand that it may not yet be affordable for everyone today but health is wealth and you cannot put a price on someone’s health. The federal government should get more involved than they currently are, providing more grants to medical institutions with the ultimate goal of making regenerative medicine more affordable for Nigerians and making Nigeria the centre for medical tourism in Africa. What is the role of stem cell transplantation in fertility treatment? Stem cell transplantation increases the chances of being fertile and/or the success rate of In-Vitro Fertilisation (IVF). A Nigerian doctor is currently leading a human clinical study into direct target organ treatment for premature ovarian failure in Georgia, U.S. Most of the information on ASC can be found in glorywellness.org. There are situations where orthodox medicine has no suitable answers. For example, no medication regenerates pancreatic or kidney cells, no good medication for female sexual dysfunction affecting married couples, no medication reverses the symptoms and progression of multiple sclerosis, no medication reverses the damages done by diabetes to the eyes or kidneys, no medication

Consultant Oncologist: Cancer Screening,Treatment Must Go Digital Kuni Tyessi in Abuja For the screening and treatment of cancer, modern apparatus such as cell phones must be used, bearing in mind that in a digitised era, treatment of such diseases must be approached with modern tools. This was revealed by a consultant oncologist, Dr. Yinka Olaniyan in Abuja during the opening ceremony of the 2017

third cancer summit with the theme ‘Funding Cancer Care in Nigeria: The way forward’ and with a sub theme ‘Cancer management in Nigeria: Recent advances in breast, cervical, prostate and haematological cancers’ which was organised by the Cancer Education and prevented and reduced, said the use of cell phones and cameras to take pictures in training of medical personnel will

come in handy judging from the epileptic cancer machines and treatment centres available in the country. He said: “Using of cell phones and cameras to take pictures for useful training is very important. With this, the medical personnel at the other level will be waiting to view and treat especially when there’s a breakdown in the facility. This will facilitate

treatment and the patient will not be treated half way or left to die because cancer cells make big comebacks when they have been attacked without continuity.” The president of CEAFON, Prof. Francis Abayomi Durosinmi-Etti in his welcome address, said so far, suggestions have been made on possible solutions to most of the problems including modalities to

effect drastic reductions in the high cost of some cancer drugs. He said: “I am pleased Advocacy Foundation of Nigeria (CEAFON). Olaniyan who said before screening for a disease the origin must be known, as cervical cancer happens to be the major problem for women and the fourth most common cancer in women which can be to say that after various consultations

and other activities, some of these new biologic cancer drugs, existing chemotherapy drugs, surgery and radiotherapy and others, which may cost about N18 - N20 million per patient treatment per year has now been substantially reduced to less than 50 per cent and many more patients are benefitting especially from the new biologic drug treatment, particularly for breast cancer.

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T H I S D AY THURSDAY, OCTOBER 26, 2017

NEWS 14 FCT Hospitals Fully Equipped VaccinationScareCanHamperFightAgainstPolio,WarnsRotary to Handle Health Cases, Says successful phasing out of polio that the Oral polio vaccine comply by letting their Minister David-Chyddy Eleke in Kuni Tyessi in Abuja The Federal Capital Territory (FCT) Minister, Muhammed Bello, has announced that all 14 hospitals within and around the territory are fully equipped with needed infrastructure to cater for all health-related challenges including that of women and children. Also, the administration is set to revamp the health sector within the territory by building new hospitals to add to the already existing ones and to renovate the existing ones in order to meet the yearnings of the people. Bello disclosed this in Abuja when he declared open the formal operations of Limi Children’s Hospital. He said children were gifts from God and must be treated passionately and compassionately. Bello who was represented by Barr. Amanda Pam of the Health and H uman Services Secretariat in the FCT, said the commissioning of the hospital with the state of the art facility at this time in the history of the country is commendable and a giant stride. He said: “On assumption of office, I have embarked upon

Awka

fact finding visit to all the 14 FCT hospitals with a view to acquainting myself with their challenges for quick responses and solutions. I am happy to announce that all our hospitals are fully equipped to handle all health-related cases including those of women and children in the FCT. “Very soon, we shall embark on the building of new hospitals and renovation of the existing ones in order to meet the yearning and aspiration of our people.” The Chairman and CEO of the Limi Group, Dr. (Mrs.) Remilekun Iseko, in her speech, said the vision which started in 1982 and now has a children’s hospital is set out to meet world-class medical care. She said the children’s hospital would be run with focus on healthcare in children as they must be individualised. For the affordability of the hospitals services, Iseko said it was open to all with emphasis on empathy, compassion. She called on young people aspiring to own hospitals to have a well-thought out plan on what they want to achieve with emphasis on specialisation and above all, the God-factor.

Rotary Club International has expressed fear that the recent vaccination scare in parts of the country was capable of affecting the achievements already registered by the club in the fight for the eradication of polio in Nigeria. The chairman, Nigeria National Polio Plus Committee, Dr Tunji Funsho, expressed the fear while addressing journalists in a pre-World Polio Day press conference in Awka. He said the recent scares were capable of hindering the

in the country, especially as the recent rumour of the killer vaccination occurred while the group was carrying out house to house vaccination on children in the north. Funsho said there was need to properly educate the public as anything short of it may lead to the return of polio. He said rotary was not a religious or ethnic group, but consist of people who have strong passion for the health of children. He expressed happiness that for 14 months, there has been no case of polio in Nigeria, while also assuring

was safe, efficient and easy to administer, and that mothers should ignore the rumour of killer vaccinations. “We are making efforts to reach every child, but we know they may be children somewhere we are missing, but we are working to ensure we reach all. “It is costing us man hour, human and material resources to do so. If we are able to permanently eradicate polio, we will be saving between $40 to $50billion by 2030, and these money can be channeled into other health challenges like malaria. So mothers should

children be vaccinated.” THISDAY gathered that the four districts in Nigeria had chose District 9142, comprising of five states of the south east and Cross River and Akwa Ibom as host for this year’s World Polio Day which holds in Awka today(Tuesday). Dr Emma Ude-Akpeh, the governor of District 9142 who also spoke at the conference said it was a thing of joy that his district has for years not registered any case of polio, yet it had remained tenacious in its involvement activities such as monitoring, routine immunization and others.

Minister:AmityAwards will Rebuild Confidence in Our Health System Martins Ifijeh The Minister of States for Health, Dr. Osagie Ehanire has said that Amity Awards, which recently honoured late Dr. Ameyo Stella Adadevoh, outstanding personalities, units and departments at the Lagos University Teaching Hospital (LUTH), will help the country tackle medical tourism. He said the awards have showcased many of the good things happening in the health sector, adding that talking about them and honouring those behind the successes will instill confidence in Nigerians who otherwise go abroad for healthcare. Stating this during the maiden edition of the awards, held in Lagos, Ehanire said when him and the Minister of Health were sworn in, they realised over one million dollars was spent by Nigerians on treatment abroad, hence their resolve to reverse the trend such that other countries will start accessing healthcare in Nigeria. “What is happening here today is the first step to rebuilding the confidence of Nigerians in our healthcare system. On our part, we have put many measures in place to tackle medical tourism.” The awards, which was held in conjunction with LUTH recognised immense strides and achievements recorded by he hospital’s institutions under its current management. Among whom is Adadevoh, who was given a posthumous life-time achievement award in recognition of her selfless services to humanity and ultimate sacrifice in the line of duty. According to the Chief Execu-

tive Officer, CIDL, Solomon Alao, the award is aimed at recognising and celebrating heroes, who exhibit the highest levels of professionalism and stay the course, to elicit pride and reinforce good behaviour. Also, corporate bodies like Guinness Nig PLC, Nigeria Breweries PLC, Chevron Nigeria and National Sovereign Investment Agency were recognised for their contribution to LUTH. Lions Club District 404A was also honoured. Alao said: “Guinness was considered for building and maintaining Eye Centre at LUTH, while Nigeria Breweries PLC adopted and consistently supported the Neonatal Ward to make it the best and largest ward for sick newborns in Nigeria. “Chevron Nigeria donated a Molecular Biology Research Laboratory, while National Sovereign Investment Agency is making one of the largest ever investment in LUTH by pledging to replace the cancer treatment machine (Linear Accelerator) with new ones and a Brachytherapy Machine Lions Club District 404A is also embarking on building a Renal Dialysis Unit for LUTH in memory of its late District Governor, Chief Isaac Olusola Dada.” Individuals and departments within LUTH that have been outstanding in the discharge of their services were also awarded. LUTH’s Department of Anesthesia won the departmental award, while Infectious Disease Unit won the unit award. Outstanding Personality went to Mrs Moji Oderinde, while Dr. Amadi A, won the Person of the Year Award.

TACKLING CHILD DEATHS

L-R: Wife of Edo State Deputy Governor, Mrs. Maryann Shaibu; Edo State First Lady, Mrs. Betsy Obaseki; and Edo State Commissioner for Local Government and Community Affairs, Hon. Jimoh Ijegbai, during a stakeholders meeting on prevention of neonatal deaths in the state, held in Benin recently

The Retreat Offers Free Fertigold Laments High Cost Treatment to Raise awareness of IVF Treatments in Nigeria on Mental Health Martins Ifijeh The Retreat, Nigeria’s first purpose built mental hospital recently deployed psychiatrists, clinical psychologists, occupational therapists, and mental health nurses, in a free mental treatment and awareness forum to mark the World Mental Health Day at the Ikorodu axis of Lagos. The exercise involved screenings, blood pressure test, mental health assessment surrounding anxiety, depression, alcoholism and a mental health talk. The Chief Executive Officer, Retreat, Dr Olufemi Oluwatayo, a General Psychiatrist, said the free treatment and the health awareness were meant to draw attention to mental health and to raise mental awareness in the workplace. “The World Mental Health Day creates an ample opportunity to take mental health issues to the public, it is always a good day to draw attention to the prevailing conditions of mental health treatment. We feel that it is an avenue to raise awareness on mental health

issues in the society, in Nigeria and look at mental health issue in the workplace especially with this year’s theme of mental health at the work place. “The Retreat is Nigeria’s first purpose built mental hospital in Nigeria and by deploying high level mental health professionals we intend to give back to the society,” he added. He said it was always challenging within the society to discuss health issues with the stigma attached to mental issues, adding that mental health patients can be productive within the workplace, “and by raising this awareness, we can help reduce the stigma by bringing out to the public that there are professionals who are ready and available to help those in need. Some employers do not see mental issues at the workplace as a priority hence many employees may be suffering in silence, that is why this year’s theme is very suitable. The mental health awareness is The Retreat contribution to a national discourse on mental health issues in Nigeria.”

Martins Ifijeh The Head of Operations, Fertigold Fertility Clinic, Lagos, Olajide Wilson, has lamented the high cost of Invitro Fertilisation (IVF) treatment in Nigeria, especially as majority of those affected are low income earners. He said infertility was already a frustrating and emotionally draining condition as many couples see the inability to have a child as a failure on their part. Adding that this unfortunate feeling is reinforced, especially in the low to middle-level income earners, by the high cost of accessing treatment for their condition which many are unable to afford. Stating this at a forum organised for fertility-challenged couples in Ikorodu axis of Lagos by the Clinic, Wilson said it was in the light of the situation that Fertigold Fertility Clinic is reducing the cost of IVF treatment to 57 per cent of the actual cost of same procedure in

the other quality IVF centres in the country. He said: “Given the economic situation in the country and the emotional needs of the couples battling infertility, fertility clinics should do all they could to lighten the burden of these couples by reducing the cost of accessing IVF treatment, after all, the well-being of patients is at the core of the essence of medical practice. “FFC, an ultra-modern IVF centre, is offering renewed hope to couples dealing with infertility challenges in Nigeria,” he added. He said the centre offers full range of fertility services including Intra-Uterine Insemination (IUI), Ovulation Induction, Intra Cytoplasmic Sperm Injection (ICSI), Ovum Recipient Cycle, Testicular Sperm Aspiration, Embryo Freezing, sperm freezing, oocyte freezing and In-vitro Fertilization (IVF). Other services include, Frozen Embryo Transfer, Pre-implantation Genetic Analysis, Sperm Freezing, and Cyst Drainage.

40

T H I S D AY Ëž Ë&#x153; OCTOBER 26, 2017

BUSINESS/MONEYGUIDE

Calm Returns to Interbank Market on FAAC InďŹ&#x201A;ow Obinna Chima The overnight tenor of the Nigerian Interbank Offered Rate (NIBOR) reduced to 101 per cent yesterday, compared with the 120.08 per cent it closed the previous day, signaling an improvement in the level of naira in the system. The overnight tenor had risen to as high as 148 per cent on Monday, before dropping to 120 per cent on Tuesday 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.

Justice Nnamdi Dimgba Igwe had granted the order on October 18, 2017, following an application by the AttorneyGeneral of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami (SAN), on behalf of the federal government. But THISDAY gathered yesterday that the inflow from Federal Accounts Allocation Committee (FAAC) helped to ease the tight naira liquidity of the market. Traditionally, FAAC allocation passes through the banking system. The Accountant-General of the Federation, Mr. Ahmed Idris, disclosed that the federal government, states and local governments shared N558.082billion in October

compared to N637.704 shared in the previous month. Idris made this known at the end of the monthly FAAC meeting in Abuja. According to him, the sum was inclusive of Value Added Tax (VAT). The sum indicated a decrease in the revenue shared by the three-tiers of government. The total amount shared included N423.961 billion from the Statutory Account, which was lower than the N550.992 received the previous month. A breakdown sum showed that the federal government received N198.054 or 52 per cent; states received N100.456 billion or 26.72 per cent, and local governments got N77.447 billion, representing 20.60 per cent.

Fidelity Bank Takes Impairment on 9mobile Loan Fidelity Bank Plc has taken a five per cent impairment charge on a N17.3 billion ($55 million) loan to Etisalat Nigeria, now called 9mobile, its Chief Executive Nnamdi Okonkwo said on Wednesday. This, according to Okonkwo, was in line with a Central Bank of Nigeriaâ&#x20AC;&#x2122;s (CBN) request. Etisalat Nigeria took out a $1.2 billion syndicated loan from a group of 13 local banks four years ago but defaulted on repayments this year due to a currency crisis and recession in Nigeria. A banking source told Reuters last week

that the central bank had asked lenders involved in the loan to take a five per cent provision as part of their third-quarter results. Okonkwo said Fidelity Bank was also raising provisions across its loan book. â&#x20AC;&#x153;We are revising (the nonperforming loan ratio) from sub-5 percent to sub-6 percent by end of the year, due to currency conversion and some risk on the oil and gas book,â&#x20AC;? he told an analystsâ&#x20AC;&#x2122; call held to discuss its nine-month results. â&#x20AC;&#x153;We have seen some improvements in the transport sector and the consumer book.â&#x20AC;? Net loans stood at N753.8

billion as of September, up 4.9 per cent from a year earlier. The bank was targeting 7.5 percent loan growth this year, Okonkwo said. Fidelity Bank on Monday posted a pre-tax profit of N16.24 billion for the nine months through September, up from N9.83 billion a year ago. The Senate on Tuesday voted in favour of launching an investigation into the default of Etisalat Nigeria and into how its funds were used. Nigerian lenders have picked Barclays to try to find new investors for 9mobile, two banking sources told Reuters last week.

KPMG to Host 2017 Digital Summit Ugo Aliogo KPMG Nigeria has expressed its preparedness to host the 2017 edition of its digital summit on November 1. The one-day event is sequel to the Financial Technology summit in November, 2016 which attracted over 400 participants. Speaking at a media briefing in Lagos, the Partner and Lead, Digital Transformation, KPMG Nigeria, Boye Ademola said in the last 18 months, they have observed the continued digital growth which companies and organisations have gone through. He also stated that they have also seen growth in terms of investment, especially in digital entities at record levels for Nigeria companies, â&#x20AC;&#x153;a lot of

these investments come from foreign investors.â&#x20AC;? Ademola added: â&#x20AC;&#x153;We have also noticed that some of the financial service institutions are investing in digital.â&#x20AC;? The event which would take place in Lagos, would feature panel discussions, fintech case studies, publication launch and other activities. Some of the speakers include Director, Banking and Payment System, Dipo Fatokun; Cofounder, Flutterwave, Iyinoluwa Aboyeji; Head of Fintech, KPMG Israel, Dorel Blitz; Partner and Lead Transformation, Bayo Ademola; and others. Ademola also stated that the summit provides the firm the opportunity to take stock of progress the country had

made in the digital journey and how it can key into the opportunities available in the digital space. He added: â&#x20AC;&#x153;There are a number of market opportunities that we see which are quite clear. These opportunities we believe that we can harness them because of our unique demographic as a country. â&#x20AC;&#x153;We want to engage the innovators, the financial technology solutions companies, especially in terms of contributions and what they need to do to continue to grow and attract capital. â&#x20AC;&#x153;We also want to attract government and regulators in terms of creating an enabling environment to make Nigeria one of the leading digital hubs in Africa.â&#x20AC;?

Senator Commends Sterling Bank The Chairman, Senate Committee on Land Transport, Senator Gbenga Ashafa, has commended Sterling Bank Plc for its intervention in Nigeriaâ&#x20AC;&#x2122;s transport sector, saying such intervention from the private sector is what the transport sector requires to achieve the desired transformation. Ashafa who stated this at the second edition of the annual conference of Transportation Growth Initiative (TGI) in Abuja recently noted that Sterling Bank had established itself as the reference bank in transport finance as a result of its investment in the Bus Rapid Transit (BRT) and

LAGBUS initiatives of the Lagos state government. The Senator said: â&#x20AC;&#x2DC;â&#x20AC;&#x2122;I want to commend Sterling Bank for its support to the transport sector so far. I am aware that Sterling Bank financed both the LAGBUS buses and over 400 BRT buses plying various routes on Lagos roads.â&#x20AC;&#x153;It is our hope that the bank would expand this experience beyond Lagos so that people living in other parts of Nigeria will also benefit from their benevolence.â&#x20AC;&#x2122;â&#x20AC;&#x2122; Earlier in his speech, General Manager, Sterling Bank, Mr. Tunde Adeola reiterated the bankâ&#x20AC;&#x2122;s commitment to the

economic growth and stability of the country. According to Adeola, â&#x20AC;&#x153;as an institution that truly cares about the people of this country, we have realised the urgent need for the intervention of the private sector in key sectors of the economy for meaningful impact as government alone cannot shoulder this huge responsibility due to the dwindling revenue from its major source of income.â&#x20AC;&#x2122;â&#x20AC;&#x2122; This, he said, was the major reason why the bank intervened in various sectors of the economy namely health, agriculture and education through financial services and other partnerships.

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&#x2122;Ă&#x;Ă&#x153;Ă?Ă? Ě&#x2039;

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&#x2122;Ă&#x2DC;Ă?Ă&#x17E;Ă&#x2039;Ă&#x153;ĂŁ Ă&#x2122;Ă&#x2013;Ă&#x201C;Ă?ĂŁ Ă&#x2039;Ă&#x17E;Ă? Ě&#x2039; ͯ͹Ϲ

OPEC DAILY BASKET PRICE AS AT FRIDAY OCTOBER 20, 2017

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

41

T H I S D AY ˾ ˜ Ͱʹ˜ Ͱͮͯ͵

MARKET NEWS

PEARL Awards Project Hails NSE, Index Rises Further Goddy Egene PEARL Awards Nigeria has applauded the management of the Nigerian Stock Exchange (NSE) for its focused initiatives and innovations towards revitalising the capital market. The President/CEO of PEARL Awards Nigeria, Mr. Tayo Orekoya, gave the commendation during a recent courtesy visit

of the PEARL Awards Board of the NSE in Lagos. Orekoya specifically complimented the Chief Executive Officer (CEO) of the NSE, Mr. Oscar Onyema for his astute and visionary leadership which has culminated in recent giants strides by the exchange. According the major achievement is the growing restoration of investors’ confidence, resulting

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˛ ˛ ˛ ÏàÏÜËÑÏÝ̋​̋ ÜÏáÏÜÝ˹ ÓÝÞÓÖÖÏÜÝ ÙÞËÖÝ ÏàÏÜËÑÏÝ̋​̋ ÙØ̋ ÖÍÙÒÙÖÓÍ ̋͘ ˛ ˛ ÏàÏÜËÑÏÝ̋​̋ ÙØ̋ ÖÍÙÒÙÖÓÍ ÙÞËÖÝ ÙÙÎ ÜÙÎßÍÞÝ ˛ ˛ ÙÙÎ ÜÙÎßÍÞÝ ÙÞËÖÝ ÙÙÎ ÜÙÎßÍÞÝ̋​̋ ÓàÏÜÝÓʨÏÎ ˛ ˛ ÙÙÎ ÜÙÎßÍÞÝ̋​̋ ÓàÏÜÝÓʨÏÎ ÙÞËÖÝ ÙßÝÏÒÙÖÎ ßÜËÌÖÏÝ ˛ ÙßÝÏÒÙÖÎ ßÜËÌÖÏÝ ÙÞËÖÝ ÏÜÝÙØËÖ˹ ÙßÝÏÒÙÖÎ ÜÙÎßÍÞÝ ˛ ˛ ÏÜÝÙØËÖ˹ ÙßÝÏÒÙÖÎ ÜÙÎßÍÞÝ ÙÞËÖÝ ÙÞËÖÝ FINANCIAL SERVICES ËØÕÓØÑ ˛ ˛ ˛ ˛ ˛ ˛ ËØÕÓØÑ ÙÞËÖÝ

ØÝßÜËØÍÏ ËÜÜÓÏÜݘ ÜÙÕÏÜÝ ËØÎ ÏÜàÓÍÏÝ

˛ ˛ ˛ ˛ ̙ ̚ ˛ ˛ ˛ ˛

ØÝßÜËØÍÏ ËÜÜÓÏÜݘ ÜÙÕÏÜÝ ËØÎ ÏÜàÓÍÏÝ ÙÞËÖÝ ÓÍÜÙ̋ ÓØËØÍÏ ËØÕÝ ÓÍÜÙ̋ ÓØËØÍÏ ËØÕÝ ÙÞËÖÝ ÙÜÞÑËÑÏ ËÜÜÓÏÜݘ ÜÙÕÏÜÝ ËØÎ ÏÜàÓÍÏÝ

ÙÜÞÑËÑÏ ËÜÜÓÏÜݘ ÜÙÕÏÜÝ ËØÎ ÏÜàÓÍÏÝ ÙÞËÖÝ ÞÒÏÜ ÓØËØÍÓËÖ ØÝÞÓÞßÞÓÙØÝ ʶ ˛ ÞÒÏÜ ÓØËØÍÓËÖ ØÝÞÓÞßÞÓÙØÝ ÙÞËÖÝ

DEALS

MARKET PRICE

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ßÜÜÏØÞ ÜÓÍÏ ͚͙˛͘ ͔͖͒

Ù˛ ÙÐ ÏËÖÝ ͒​͒ ͕ ͖͒ Ù˛ ÙÐ ÏËÖÝ ͖ ͖ ͓͑

ßÜÜÏØÞ ÜÓÍÏ ͕​͕˛͙͒ ͕͗ ßÜÜÏØÞ ÜÓÍÏ ͑˛͙͘

in higher trading transactions, robust yield and returns to investors as well as growing market capitalisation. According to a release signed by PEARL Awards Board Secretary, Olalekan Adekoya, Orekoya thanked the exchange for its support for the awards project in the past years especially on the provision of relevant data that form part of the assessment

N I G E R I A N QUANTITY TRADED

VALUE TRADED ( N )

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ËÖßÏ ÜËÎÏÎ 78 ͔͖͒ ͔͖˜͚͑​͑˛͑​͑ ͔˜͙͑͘˜͔͖͘˛͗​͗ ͖˜͖͕͑˜͖͒͑˛͔͕ ͙˜͙͚͙˜͖͔͚˛͑​͑ ͙˜͙͚͙˜͖͔͚˛͑​͑

Ù˛ ÙÐ ÏËÖÝ ͒ ͒ Ù˛ ÙÐ ÏËÖÝ ͖ ͖ Ù˛ ÙÐ ÏËÖÝ ͖͗ ͖͗ ͒͘

ßÜÜÏØÞ ÜÓÍÏ ͕˛͚͘

ßËØÞÓÞã ÜËÎÏÎ ͓͑​͑ ͓͑​͑ ßËØÞÓÞã ÜËÎÏÎ ͒͑˜͓͓͘ ͒͑˜͓͓͘ ßËØÞÓÞã ÜËÎÏÎ ͒˜͖͗͗˜͒͘​͒ ͒˜͖͗͗˜͒͘​͒ ͒˜͗​͗͘˜͙͔͒

ËÖßÏ ÜËÎÏÎ ͚͖͙ ͚͖͙ ËÖßÏ ÜËÎÏÎ ͔͖͘˜͕͗͘˛͕͑ ͔͖͘˜͕͗͘˛͕͑ ËÖßÏ ÜËÎÏÎ ͔˜͕͚͔˜͗​͗͘˛͕͚ ͔˜͕͚͔˜͗​͗͘˛͕͚ ͔˜͙͑͘˜͓͓͘˛͖͔

ßËØÞÓÞã ÜËÎÏÎ ͒͑​͑˜͑​͑​͑ ͒͑​͑˜͑​͑​͑ ßËØÞÓÞã ÜËÎÏÎ ͖˜͒͗͑ ͓͙​͙˜͚͖͒ ͖͒˜͓͔͒ ͒˜͔͙͗˜͚͕͒ ͒˜͔͓͘˜͒​͓͒ ßËØÞÓÞã ÜËÎÏÎ ͗˜͚͕͘ ͗˜͚͕͘ ßËØÞÓÞã ÜËÎÏÎ ͗͒͗˜͖͑͑ ͔͕͖˜͚͚͑ ͙͕˜͕͙͓ ͒˜͓͙͑˜͗͑​͑ ͒​͒͘˜͖͑​͑ ͓˜͚͓͒˜͖͕͒ ßËØÞÓÞã ÜËÎÏÎ ͔͒͗˜͙​͙͑ ͔͒​͔˜͖͚͓ ͓͑͘˜͕͓͘ ßËØÞÓÞã ÜËÎÏÎ ͕͒͑˜͙͒​͒ ͕͒͑˜͙͒​͒ ßËØÞÓÞã ÜËÎÏÎ ͓͔͑˜͖͖͑ ͕͔˜͕͖͒ ͓͕͗˜͚͖͗ ͕˜͙͚͗˜͙͔͚

ËÖßÏ ÜËÎÏÎ ͖͑˜͑​͑​͑˛͑​͑ ͖͑˜͑​͑​͑˛͑​͑ ËÖßÏ ÜËÎÏÎ ͒​͒˜͖​͖͙˛͕͑ ͒͘˜͔͗͒˜͚͙͑˛͗͒ ͙͑͒˜͚͖​͖˛͗͘ ͖͒͗˜͙͑͘˜͕͕͒˛͓͘ ͕͒͘˜͖͖͑˜͓͑͘˛͕͑ ËÖßÏ ÜËÎÏÎ ͖͗͘˜͔͚͑˛͒​͒ ͖͗͘˜͔͚͑˛͒​͒ ËÖßÏ ÜËÎÏÎ ͓˜͕͒͑˜͖͚͖˛͑​͑ ͓˜͓͖͒˜͙͔͓˛͚͑ ͒˜͕͚͒˜͙͓͘˛͑͘ ͒˜͓͙͒˜͔͒͑˛͑​͑ ͙͔​͔˜͑͒͑˛͑​͑ ͘˜͚͙͚˜͖͕͘˛͚͘ ËÖßÏ ÜËÎÏÎ ͒˜͓͒͘˜͓͑͗˛͔͒ ͚͘˜͒​͒͑˜͔͒͑˛͔͖ ͙͑˜͓͙͓˜͔͚͑˛͕͙ ËÖßÏ ÜËÎÏÎ ͓͙͚˜͙͖͑˛͚͘ ͓͙͚˜͙͖͑˛͚͘ ËÖßÏ ÜËÎÏÎ ͓˜͖͚͗˜͔͔͘˛͙͑ ͒˜͕͓͕˜͚͘​͚˛͖͘ ͕˜͓͑͒˜͔͒͘˛͔͘ ͓͗͘˜͙͔͒˜͔͓͖˛͚͕

ßËØÞÓÞã ÜËÎÏÎ ͒​͒˜͕͗͘˜͚​͚͕ ͒˜͕͚͒˜͔͚͔ ͖͙˜͙͚͒ ͙˜͕͓͒˜͙͑͗ ͓͑˜͔͚͑˜͔͖͒ ͒˜͙͑͒˜͚͖͗ ͓͖˜͚​͚͕˜͓​͓͚ ͖˜͘​͓͘˜͓͔​͔ ͓͖͒˜͓​͓͖ ͔͖͑ ͙͑​͑ ͔͘˜͚͗​͗˜͕͚͒ ßËØÞÓÞã ÜËÎÏÎ ͓͕͒˜͙͓͗ ͖͔͑˜͒͑​͑ ͓͑​͑ ͔˜͑​͑​͑ ͕​͕˜͕͒​͕ ͚͑​͑ ͖˜͒͑​͑ ͒˜͑​͑​͑ ͕͑͒˜͑​͑​͑ ͒˜͑​͑​͑ ͔͙͕ ͒˜͕͒͘˜͖͒͑ ßËØÞÓÞã ÜËÎÏÎ ͒˜͑​͑​͑ ͓͖˜͒͑​͑ ͓͗˜͒͑​͑ ßËØÞÓÞã ÜËÎÏÎ ͒˜͑​͑​͑ ͒˜͑​͑​͑ ßËØÞÓÞã ÜËÎÏÎ ͕͖͑˜͖͗͘ ͔͓͖˜͕͑​͑ ͒˜͑​͑​͑ ͔˜͖͔͑˜͕͔͑ ͓͒˜͙͔͑ ͙˜͕͕͘˜͚͖͚ ͓͒˜͚͕͘˜͙͙͑

ËÖßÏ ÜËÎÏÎ ͗͘˜͙͑͒˜͔͗͘˛͙͒ ͚​͚͑˜͒͘​͒˛͚͙ ͖͗͑˜͔͘​͘˛͖͑ ͗˜͙͑͗˜͚͚͒˛͚͒ ͕͘​͘˜͖͒͑˜͑͒͘˛͚͖ ͒˜͕͒͘˜͓͚͘˛͓͑ ͙͒˜͓​͓​͓˜͚͑͑˛͔͑ ͓͘˜͖͑͘˜͕͔͒˛͕͑ ͒˜͙͖͒˜͖͑͑˛͕͒ ͓͗͘˛͖ ͕͙͑ ͗͒͑˜͓͑͒˜͕͖͒˛͙​͙ ËÖßÏ ÜËÎÏÎ ͓͒͗˜͗͒​͒˛͓͑ ͖͔͑˜͓͚͖˛͑​͑ ͒͑​͑ ͕˜͘​͑͘˛͑​͑ ͔͗˜͚͒͗˛͕͗ ͕͖͑ ͓˜͖​͖͑˛͑​͑ ͖͑​͑ ͓͑​͑˜͖͑​͑˛͑​͑ ͖͑​͑ ͚͓͒ ͚͓͑˜͗​͕͗˛͙͕ ËÖßÏ ÜËÎÏÎ ͓˜͑͘​͑˛͑​͑ ͓͘˜͒​͒​͒˛͑​͑ ͓͚˜͙͒​͒˛͑​͑ ËÖßÏ ÜËÎÏÎ ͒˜͕​͕͑˛͑​͑ ͒˜͕​͕͑˛͑​͑ ËÖßÏ ÜËÎÏÎ ͒˜͔͚​͚˜͔͕͑˛͚͒ ͒˜͙͕͑˜͖͚͘˛͑​͑ ͖͑​͑ ͕˜͙͚͗˜͔​͔͓˛͕͒ ͓͒​͒˜͚͗͗˛͗͑ ͔͒˜͕͒͘˜͕͖͑˛͚͕ ͔͙˜͖​͖͚˜͚​͚͘˛͙͘

Ù˛ ÙÐ ÏËÖÝ ͒ ͒ Ù˛ ÙÐ ÏËÖÝ ͔ ͕͗ 7 ͓͙͑ 282 Ù˛ ÙÐ ÏËÖÝ ͙͒ ͙͒ Ù˛ ÙÐ ÏËÖÝ ͔​͔ 22 ͔͓ ͖͒ ͒​͒ ͒​͔͒ Ù˛ ÙÐ ÏËÖÝ ͓͖ ͚͙ ͓͔͒ Ù˛ ÙÐ ÏËÖÝ ͕͒ ͕͒ Ù˛ ÙÐ ÏËÖÝ ͓͗ ͒͘ ͕͔ ͖͚͕ Ù˛ ÙÐ ÏËÖÝ ͒͗͘ ͓͗ 27 ͚͗ ͓͚͒ ͓͕ ͒˜͖͔͑ ͔͘ ͔​͔ ͒ ͒ ͓˜͒͑͘ Ù˛ ÙÐ ÏËÖÝ ͚ ͗ 2 2 ͖ ͒ 2 ͒ 2 ͒ 2 ͔​͔ Ù˛ ÙÐ ÏËÖÝ ͒ 2 ͔ Ù˛ ÙÐ ÏËÖÝ ͒ ͒ Ù˛ ÙÐ ÏËÖÝ ͔͒ ͒͗ ͒ ͙͗ ͗ ͔͓͒ ͓͖͕

ßÜÜÏØÞ ÜÓÍÏ ͔͕˛͙͔ ßÜÜÏØÞ ÜÓÍÏ ͓˛͓͒

ßÜÜÏØÞ ÜÓÍÏ ͑˛͖ ßÜÜÏØÞ ÜÓÍÏ ͓˛͔͖ ͗͑˛͚͓ ͒͗˛͖͒ ͒​͒͘˛͖ ßÜÜÏØÞ ÜÓÍÏ ͒͑͗˛͖ ßÜÜÏØÞ ÜÓÍÏ ͕˛͒ ͗˛͒ ͙͒ ͒˛͒ ͘˛͔͑ ßÜÜÏØÞ ÜÓÍÏ ͚ ͗͑​͑ ßÜÜÏØÞ ÜÓÍÏ ͓˛͙͑ ßÜÜÏØÞ ÜÓÍÏ ͓͒˛͒͗ ͔͕

ßÜÜÏØÞ ÜÓÍÏ ͗˛͗ ͑˛͙͗ ͚˛͙ ͑˛͙͕ ͓͔˛͙ ͒˛͔͒ ͑˛͘ ͕˛͙ ͕˛͚ ͑˛͙͔ ͑˛͖ ßÜÜÏØÞ ÜÓÍÏ ͑˛͖͚ ͒˛͖͑ ͑˛͖ ͒˛͖͚ ͑˛͚͘ ͑˛͖ ͑˛͖ ͑˛͖ ͑˛͖ ͑˛͖ ͑˛͖ ßÜÜÏØÞ ÜÓÍÏ ͓˛͖͙ ͒˛͙͑ ßÜÜÏØÞ ÜÓÍÏ ͒˛͕͘ ßÜÜÏØÞ ÜÓÍÏ ͔˛͖͑ ͔˛͔͓ ͑˛͖ ͒˛͔͒ ͒͘ ͔˛͘

process of the awards. He also solicited for continued support of the NSE for the PEARL Awards Project. Throwing more light on the project, Orekoya restated that the awards was instituted in 1995 to reward quoted companies for actual operational performance based on verifiable facts and figures. This, according to him, has endeared the awards to the capital market stakeholders over

STO C K

the years. In his response, Onyema ascribed the level of success achieved by the NSE to team work by the management and staff of the exchange. He commended the PEARL Awards for its resilience and ability to weather the storm over the past 22 years of its existence. He congratulated the Board of Governors of the PEARL

Awards Project for staying the course both in the good and bad economic climates with a pledge to continue to support the awards as one of the initiatives dedicated to promoting market development. Onyema assured the PEARL Awards Board that the NSE would be duly represented at this year’s Awards Nite scheduled for November 26, 2017 in Lagos.

E XC H A N G E

MAIN BOARD FINANCIAL SERVICES Totals ÏËÖÞÒÍËÜÏ ÜÙàÓÎÏÜÝ ʶ ÏËÖÞÒÍËÜÏ ÜÙàÓÎÏÜÝ ÙÞËÖÝ ÒËÜ×ËÍÏßÞÓÍËÖÝ ˛ ˛ ʶ ˛ ̋ ˛ ÒËÜ×ËÍÏßÞÓÍËÖÝ ÙÞËÖÝ ÙÞËÖÝ ICT

ÏÜàÓÍÏÝ ˛

ÏÜàÓÍÏÝ ÙÞËÖÝ ÜÙÍÏÝÝÓØÑ ãÝÞÏ×Ý ÜÙÍÏÝÝÓØÑ ãÝÞÏ×Ý ÙÞËÖÝ ICT Totals

ßÓÖÎÓØÑ ËÞÏÜÓËÖÝ ˛ ˛ ˛ ˛ ˛ ßÓÖÎÓØÑ ËÞÏÜÓËÖÝ ÙÞËÖÝ ÖÏÍÞÜÙØÓÍ ËØÎ ÖÏÍÞÜÓÍËÖ ÜÙÎßÍÞÝ ˛ ÖÏÍÞÜÙØÓÍ ËØÎ ÖÏÍÞÜÓÍËÖ ÜÙÎßÍÞÝ ÙÞËÖÝ ËÍÕËÑÓØÑ˹ ÙØÞËÓØÏÜÝ ˛ ËÍÕËÑÓØÑ˹ ÙØÞËÓØÏÜÝ ÙÞËÖÝ

ÙÞËÖÝ ÏÞËÖÝ ˛ ˛ ÏÞËÖÝ ÙÞËÖÝ ÙÞËÖÝ ØÏÜÑã ÛßÓÚ×ÏØÞ ËØÎ ÏÜàÓÍÏÝ ʶ ØÏÜÑã ÛßÓÚ×ÏØÞ ËØÎ ÏÜàÓÍÏÝ ÙÞËÖÝ

ØÞÏÑÜËÞÏÎ ÓÖ ËØÎ ËÝ ÏÜàÓÍÏÝ

ØÞÏÑÜËÞÏÎ ÓÖ ËØÎ ËÝ ÏÜàÓÍÏÝ ÙÞËÖÝ ÏÞÜÙÖÏß× ËØÎ ÏÞÜÙÖÏß× ÜÙÎßÍÞÝ ÓÝÞÜÓÌßÞÙÜÝ ˛ ˛ ˛ ˛ ˛ ÏÞÜÙÖÏß× ËØÎ ÏÞÜÙÖÏß× ÜÙÎßÍÞÝ ÓÝÞÜÓÌßÞÙÜÝ ÙÞËÖÝ âÚÖÙÜËÞÓÙØ ËØÎ ÜÙÎßÍÞÓÙØ âÚÖÙÜËÞÓÙØ ËØÎ ÜÙÎßÍÞÓÙØ ÙÞËÖÝ ÙÞËÖÝ SERVICES ÎàÏÜÞÓÝÓØÑ ÎàÏÜÞÓÝÓØÑ ÙÞËÖÝ ÙßÜÓÏÜ˹ ÜÏÓÑÒÞ˹ ÏÖÓàÏÜã ̋ ˛ ÙßÜÓÏÜ˹ ÜÏÓÑÒÞ˹ ÏÖÓàÏÜã ÙÞËÖÝ ÙÞÏÖÝ˹ ÙÎÑÓØÑ ˛ ÙÞÏÖÝ˹ ÙÎÑÓØÑ ÙÞËÖÝ ÜÓØÞÓØÑ˹ ßÌÖÓÝÒÓØÑ ̙ ̚ ˛ ÜÓØÞÓØÑ˹ ßÌÖÓÝÒÓØÑ ÙÞËÖÝ ÜËØÝÚÙÜÞ̋ ÏÖËÞÏÎ ÏÜàÓÍÏÝ ÜËØÝÚÙÜÞ̋ ÏÖËÞÏÎ ÏÜàÓÍÏÝ ÙÞËÖÝ ßÚÚÙÜÞ ËØÎ ÙÑÓÝÞÓÍÝ ʶ ˛ ßÚÚÙÜÞ ËØÎ ÙÑÓÝÞÓÍÝ ÙÞËÖÝ SERVICES Totals ÙËÜÎ ÙÞËÖÝ ËÓÖã ß××ËÜã ̙ ÛßÓÞÓÏÝ̚ ÍÞÓàÓÞã ß××ËÜã ÙØ ÙËÜÎ Ï FINANCIAL SERVICES ÙÜÞÑËÑÏ ËÜÜÓÏÜݘ ÜÙÕÏÜÝ ËØÎ ÏÜàÓÍÏÝ ÙÜÞÑËÑÏ ËÜÜÓÏÜݘ ÜÙÕÏÜÝ ËØÎ ÏÜàÓÍÏÝ ÙÞËÖÝ FINANCIAL SERVICES Totals Ï ÙËÜÎ ÙÞËÖÝ ËÓÖã ß××ËÜã ̙ ÛßÓÞÓÏÝ̚ ÍÞÓàÓÞã ß××ËÜã ÙØ ÙËÜÎ FINANCIAL SERVICES ËØÕÓØÑ ËØÕÓØÑ ÙÞËÖÝ ÞÒÏÜ ÓØËØÍÓËÖ ØÝÞÓÞßÞÓÙØÝ ÞÒÏÜ ÓØËØÍÓËÖ ØÝÞÓÞßÞÓÙØÝ ÙÞËÖÝ FINANCIAL SERVICES Totals

ßÓÖÎÓØÑ ËÞÏÜÓËÖÝ ßÓÖÎÓØÑ ËÞÏÜÓËÖÝ ÙÞËÖÝ

ÙÞËÖÝ ÙËÜÎ ÙÞËÖÝ ÛßÓÞã ÍÞÓàÓÞã ÙÞËÖÝ

DEALS

MARKET PRICE

͓˜͕͗͒ Ù˛ ÙÐ ÏËÖÝ ͒ ͒ Ù˛ ÙÐ ÏËÖÝ ͔͒ ͓͒ ͕ ͗ 2 ͔͘ ͔͙

ßÜÜÏØÞ ÜÓÍÏ ͑˛͖ ßÜÜÏØÞ ÜÓÍÏ ͒˛͑͒ ͕͒˛͖͘ ͒ ͑˛͗​͗ ͒˛͚͖

Ù˛ ÙÐ ÏËÖÝ ͒ ͒ Ù˛ ÙÐ ÏËÖÝ ͒ ͒ 2

ßÜÜÏØÞ ÜÓÍÏ ͒˛͔

Ù˛ ÙÐ ÏËÖÝ 7 2 7 ͒​͒ ͒ ͓͑ ͕͙ Ù˛ ÙÐ ÏËÖÝ ͖͒ ͖͒ Ù˛ ÙÐ ÏËÖÝ ͔ ͒ ͕ ͗͘

ßÜÜÏØÞ ÜÓÍÏ ͒​͒˛͓͖ ͗˛͙͑ ͓͚˛͗ ͕˛͓͙ ͑˛͙͘ ͕͓

ßÜÜÏØÞ ÜÓÍÏ ͑˛͖

ßÜÜÏØÞ ÜÓÍÏ ͒˛͕͖ ßÜÜÏØÞ ÜÓÍÏ ͔͗˛͕͖ ͚˛͚͗

QUANTITY TRADED

VALUE TRADED ( N)

͙͘˜͚͓͗˜͚͚͑

͕͚͗˜͖͑͗˜͔͓͚˛͖͚

ßËØÞÓÞã ÜËÎÏÎ ͔͙͘˜͑​͑​͑ ͔͙͘˜͑​͑​͑ ßËØÞÓÞã ÜËÎÏÎ ͖˜͒͘​͘˜͕͚͑ ͒​͒͑˜͔͖͒ ͖˜͖͑͒ ͒​͒˜͑​͑​͑ ͚͑​͑ ͖˜͔͕͑˜͖͕͑ ͗˜͕͓͑˜͖͕͑

ËÖßÏ ÜËÎÏÎ ͔͚͗˜͑​͑​͑˛͑​͑ ͔͚͗˜͑​͑​͑˛͑​͑ ËÖßÏ ÜËÎÏÎ ͖˜͙͒͘˜͖͑͘˛͑​͑ ͒˜͖​͖͒˜͔͙͒˛͙​͙ ͕˜͘​͑͘˛͒͑ ͘˜͔͑͗˛͓͑ ͒˜͙͔͗˛͑​͑ ͗˜͕͔͘˜͖​͖͙˛͙͒ ͘˜͒​͓͒˜͖​͖͙˛͙͒

ßËØÞÓÞã ÜËÎÏÎ ͓˜͕͔͙ ͓˜͕͔͙ ßËØÞÓÞã ÜËÎÏÎ ͒͑​͑˜͑​͑​͑ ͒͑​͑˜͑​͑​͑ ͓͒͑˜͕͔͙

ËÖßÏ ÜËÎÏÎ ͔˜͓͔͑˛͓͒ ͔˜͓͔͑˛͓͒ ËÖßÏ ÜËÎÏÎ ͖͑˜͑​͑​͑˛͑​͑ ͖͑˜͑​͑​͑˛͑​͑ ͖͔˜͓͔͑˛͓͒

ßËØÞÓÞã ÜËÎÏÎ ͒​͒˜͕͖͑ ͓˜͚​͚͘ ͒˜͓͖͒˜͓͒͘ ͕͒͒˜͕͓͚ ͔͑​͑ ͓͔˜͔͚͑ ͒˜͔͚͕˜͕͙͗ ßËØÞÓÞã ÜËÎÏÎ ͚͓͘˜͙͒͗ ͚͓͘˜͙͒͗ ßËØÞÓÞã ÜËÎÏÎ ͑͘˜͔͑͑ ͒͑​͑ ͑͘˜͔͒͑ ͓˜͓͖͗˜͚͕͗

ËÖßÏ ÜËÎÏÎ ͔͒͑˜͒͑​͑˛͑​͑ ͒͘˜͔͓​͓˛͗​͗ ͔͖˜͚͑͘˜͓͑​͓˛͔͑ ͕͗͑˜͕͔͒˛͓͕ ͓͕͚ ͚͙͘˜͒͘​͘˛͕͑ ͔͘˜͚͑͘˜͔͓͑˛͗͑ ËÖßÏ ÜËÎÏÎ ͒˜͕͓͒˜͙͕͑˛͔͑ ͒˜͕͓͒˜͙͕͑˛͔͑ ËÖßÏ ÜËÎÏÎ ͓˜͖​͖͓˜͖͚͔˛͖͑ ͒˜͑͒͗˛͑​͑ ͓˜͖​͖͔˜͚͗͑˛͖͑ ͕͒˜͕͖͑˜͖͓͘˛͕͑

Ù˛ ÙÐ ÏËÖÝ ͒ ͒ ͒

ßÜÜÏØÞ ÜÓÍÏ ͚˛͖͘

ßËØÞÓÞã ÜËÎÏÎ ͓˜͑​͑​͑ ͓˜͑​͑​͑ ͓˜͑​͑​͑

ËÖßÏ ÜËÎÏÎ ͙͒˜͖͕͑˛͑​͑ ͙͒˜͖͕͑˛͑​͑ ͙͒˜͖͕͑˛͑​͑

Ù˛ ÙÐ ÏËÖÝ 2 2 Ù˛ ÙÐ ÏËÖÝ ͗͘ ͗͘ Ù˛ ÙÐ ÏËÖÝ ͒͗ ͓͑ ͓​͓͚ ͓͑ ͒ ͒͗ ͔͓͑ Ù˛ ÙÐ ÏËÖÝ 2 2 ͔͙͓

ßÜÜÏØÞ ÜÓÍÏ ͑˛͖

ßËØÞÓÞã ÜËÎÏÎ ͙͒˜͑​͑​͑ ͙͒˜͑​͑​͑ ßËØÞÓÞã ÜËÎÏÎ ͒˜͓͘​͓˜͕͔͕ ͒˜͓͘​͓˜͕͔͕ ßËØÞÓÞã ÜËÎÏÎ ͔͖˜͒͑​͑ ͓͙͕˜͕͔͗ ͚͖͑˜͓​͓͑ ͓͒˜͑͒͘ ͒͑​͑ ͙˜͙͓͗ ͒˜͓͕͖˜͚͗​͚ ßËØÞÓÞã ÜËÎÏÎ ͖˜͖͒͑ ͖˜͖͒͑ ͓˜͚​͚͒˜͓͙͔

ËÖßÏ ÜËÎÏÎ ͚˜͑​͑​͑˛͑​͑ ͚˜͑​͑​͑˛͑​͑ ËÖßÏ ÜËÎÏÎ ͙˜͓͔͕˜͕͑͗˛͖͒ ͙˜͓͔͕˜͕͑͗˛͖͒ ËÖßÏ ÜËÎÏÎ ͒˜͚͒͑˜͚͙​͙˛͕͗ ͙​͙͗˜͕͚͘˛͓͘ ͖͗˜͔͚​͚˜͔͚͗˛͘​͘ ͔˜͓͖͒˜͖͒​͒˛͑͘ ͔˜͙͑͘˛͑​͑ ͓˜͕͑​͑˜͚͑͒˛͓͒ ͕͗˜͚͑͘˜͓͕͗˛͚͖ ËÖßÏ ÜËÎÏÎ ͓˜͕͖͑˜͖͑͒˛͖͑ ͓˜͕͖͑˜͖͑͒˛͖͑ ͕͘˜͔͙͖˜͚͕͘˛͚͗

ßËØÞÓÞã ÜËÎÏÎ ͖​͖˜͑​͑​͑ ͖​͖˜͑​͑​͑ ßËØÞÓÞã ÜËÎÏÎ ͖͖͘ ͓͚˜͚͑͑ ͓͚˜͗​͖͗ ßËØÞÓÞã ÜËÎÏÎ ͒˜͑​͑​͑ ͔͒˜͑​͑​͑ ͕͒˜͑​͑​͑ ßËØÞÓÞã ÜËÎÏÎ ͖͑​͑ ͒˜͑​͑​͑ ͒˜͖͑​͑ ßËØÞÓÞã ÜËÎÏÎ ͒͑͒˜͖͑͑ ͕͗˜͙͑͒ ͕͒͘˜͙͖͒ ßËØÞÓÞã ÜËÎÏÎ ͓͕͘˜͚͔͘ ͒˜͑​͑​͑ ͓͖͘˜͚͔͘ ͖͓͔˜͚͙͚ ͒​͒​͒˜͕͗͑˜͚͓͒

ËÖßÏ ÜËÎÏÎ ͓͘˜͖͑​͑˛͑​͑ ͓͘˜͖͑​͑˛͑​͑ ËÖßÏ ÜËÎÏÎ ͓˜͕͖͗˛͖͘ ͓͗˜͗͑͘˛͙͑ ͓͚˜͓͖͔˛͖​͖ ËÖßÏ ÜËÎÏÎ ͔˜͖​͖͑˛͑​͑ ͗͒˜͓͔͗˛͗͑ ͖͗˜͔͒͘˛͗͑ ËÖßÏ ÜËÎÏÎ ͔͖​͖ ͓˜͚͒͑˛͑​͑ ͓˜͖͕͖˛͑​͑ ËÖßÏ ÜËÎÏÎ ͓͖͘˜͙͗​͗˛͖͑ ͒​͕͒˜͗​͓͗˛͕͖ ͔͚͑˜͖͓͙˛͚͖ ËÖßÏ ÜËÎÏÎ ͓͕͓˜͓͔​͔˛͙͗ ͖͑​͑ ͓͕͓˜͔͘​͔˛͙͗ ͖͘͘˜͔͕͘˛͚͗ ͒˜͖͑͗˜͙͑͗˜͔͓​͓˛͙​͙

Ù˛ ÙÐ ÏËÖÝ ͒ ͒ Ù˛ ÙÐ ÏËÖÝ 2 ͔ ͖ Ù˛ ÙÐ ÏËÖÝ ͒ ͔ ͕ Ù˛ ÙÐ ÏËÖÝ ͒ ͒ 2 Ù˛ ÙÐ ÏËÖÝ 7 ͗ ͔͒ Ù˛ ÙÐ ÏËÖÝ ͕͒ ͒ ͖͒ ͕͑ ͔˜͙͗͘

ßÜÜÏØÞ ÜÓÍÏ ͕˛͒͘ ßÜÜÏØÞ ÜÓÍÏ ͔͖˛͕͚ ͔˛͓͕ ͓͗˛͖ ͓͖͘˛͚​͚ ͔͚˛͔͑ ͓͑͘ ßÜÜÏØÞ ÜÓÍÏ ͔͙͑

ßÜÜÏØÞ ÜÓÍÏ ͑˛͖ ßÜÜÏØÞ ÜÓÍÏ ͕˛͕ ͑˛͚͒ ßÜÜÏØÞ ÜÓÍÏ ͔˛͖͗ ͕˛͚͙ ßÜÜÏØÞ ÜÓÍÏ ͑˛͙͗ ͓˛͚͒ ßÜÜÏØÞ ÜÓÍÏ ͓˛͔͘ ͓˛͖͘ ßÜÜÏØÞ ÜÓÍÏ ͑˛͚ ͑˛͖

Ù˛ ÙÐ ÏËÖÝ ͒ ͒ ͒ ͒

ßÜÜÏØÞ ÜÓÍÏ ͑˛͚

ßËØÞÓÞã ÜËÎÏÎ ͒͑​͑˜͑​͑​͑ ͒͑​͑˜͑​͑​͑ ͒͑​͑˜͑​͑​͑ ͒͑​͑˜͑​͑​͑

ËÖßÏ ÜËÎÏÎ ͚͑˜͑​͑​͑˛͑​͑ ͚͑˜͑​͑​͑˛͑​͑ ͚͑˜͑​͑​͑˛͑​͑ ͚͑˜͑​͑​͑˛͑​͑

Ù˛ ÙÐ ÏËÖÝ ͓͚͘ ͓͚͘ Ù˛ ÙÐ ÏËÖÝ ͕͒͑ ͕͒͑ ͕͚͒

ßÜÜÏØÞ ÜÓÍÏ ͖͒˛͑͒

ßËØÞÓÞã ÜËÎÏÎ ͕͙˜͕͗͘˜͚͗͑ ͕͙˜͕͗͘˜͚͗͑ ßËØÞÓÞã ÜËÎÏÎ ͒˜͙͕͗˜͚͗͑ ͒˜͙͕͗˜͚͗͑ ͖͑˜͖͓͒˜͔͙͑

ËÖßÏ ÜËÎÏÎ ͓͘͘˜͓͕͗˜͓͔͕˛͓͒ ͓͘͘˜͓͕͗˜͓͔͕˛͓͒ ËÖßÏ ÜËÎÏÎ ͖˜͔͕͖˜͖͚​͚˛͙͗ ͖˜͔͕͖˜͖͚​͚˛͙͗ ͔͓͘˜͚͚͗˜͙͔​͔˛͙͑

Ù˛ ÙÐ ÏËÖÝ ͒͑ ͒͑ ͒͑ ͕͓͚ ͕˜͓͒͗

ßÜÜÏØÞ ÜÓÍÏ ͚͒͗

ßËØÞÓÞã ÜËÎÏÎ ͕͖˜͗͘​͗ ͕͖˜͗͘​͗ ͕͖˜͗͘​͗ ͖͑˜͚͙͒˜͕͒͗ ͒͗͒˜͚͔͚˜͑͗͘

ËÖßÏ ÜËÎÏÎ ͘˜͔͗͘˜͓͔͚˛͔͑ ͘˜͔͗͘˜͓͔͚˛͔͑ ͘˜͔͗͘˜͓͔͚˛͔͑ ͕͑͘˜͑͗͘˜͔͑͘˛͒͑ ͒˜͚͗͘˜͙͕͗˜͔͚͖˛͚͙

ßÜÜÏØÞ ÜÓÍÏ ͔˛͓

42

˾ THURSDAY, OCTOBER 26, 2017

Nigeria Daily Stock Market Report: Thursday, October 26, 2017

THISDAY AFRINVEST 40 INDEX

dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞdž 'ĂŝŶƐ Ϭ͘ϱй

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

dŚĞ dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞdž ĐůŽƐĞĚ ƉŽƐŝƟǀĞ͕ ƵƉ Ϭ͘ϱй ƚŽ ƐĞƩůĞ Ăƚ ϭ͕ϰϴϳ͘ϴϮ ƉŽŝŶƚƐ͘ /Ŷ ƚŚĞ ƐĂŵĞ ǀĞŝŶ͕ zd ƌĞƚƵƌŶ ŽĨ ƚŚĞ /ŶĚĞdž ĞdžƉĂŶĚĞĚ ƚŽ ϰϴ͘ϴй͘ E/d, ;нϭ͘ϮйͿ ĂŶĚ h ;нϯ͘ϯйͿ ǁĞƌĞ ƚŚĞ ŵĂũŽƌ ĚƌŝǀĞƌƐ ŽĨ ƚŚŝƐ ƉĞƌĨŽƌŵĂŶĐĞ͘ dŚĞ >ŽĐĂů ŽƵƌƐĞ džƚĞŶĚƐ 'ĂŝŶ͙͘ E^ ^/ ƵƉ ϮϱďƉƐ dŚĞ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ƌĞĐŽƌĚĞĚ ŽŶ dƵĞƐĚĂLJ ǁĂƐ ƐƵƐƚĂŝŶĞĚ ĂƐ ƚŚĞ ůů ^ŚĂƌĞ /ŶĚĞdž ; ^/Ϳ ĂĚǀĂŶĐĞĚ ϮϱďƉƐ ƚŽ ƐĞƩůĞ Ăƚ ϯϲ͕ϲϮϮ͘ϴϱ ƉŽŝŶƚƐ ǁŚŝůĞ zd ƌĞƚƵƌŶ ĞdžƉĂŶĚĞĚ ƚŽ ϯϲ͘ϯй͘ dŽĚĂLJ͛Ɛ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ďƵŽLJĞĚ ďLJ ŐĂŝŶƐ ŝŶ h ;нϯ͘ϯйͿ͕ E/d, ;нϭ͘ϮйͿ ĂŶĚ ^ W> d ;нϮ͘ϭйͿ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ĂĚĚĞĚ EϭϬϬ͘ϯďŶ ƚŽ EϭϮ͘ϳƚŶ͘ /Ŷ ƚŚĞ ƐĂŵĞ ǀĞŝŶ͕ ĂĐƟǀŝƚLJ ůĞǀĞůƐ ŝŵƉƌŽǀĞĚ ĂƐ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ƐƵƌŐĞĚ ϲϲ͘ϲй ĂŶĚ ϭϱϳ͘ϰй ƚŽ ƐĞƩůĞ Ăƚ ϯϯϯ͘Ϭŵ ƵŶŝƚƐ ĂŶĚ Eϰ͘ϳďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ ĂŶŬŝŶŐ ^ĞĐƚŽƌ /ŶĚĞdž >ĞĂĚƐ 'ĂŝŶĞƌƐ

Ticker

THISDAY AFRINVEST 40

Current Price

Previous Current Price Weighting Change

Price Change YTD

Price Change Index to Date

ROE

ROA

P/E

P/BV

48.8%

48.8%

20.5%

6.6%

7.2x

0.7x

4.3%

10.3% 11.4%

Divinden Earnings d Yield Yield

1,487.82

0.5%

42.00

0.0%

22.9%

70.0%

70.0%

26.0%

4.3%

8.7x

2.2x

4.9%

161.00

0.0%

11.4%

8.8%

8.8%

19.4%

8.7%

38.7x

7.2x

2.2%

2.6%

25.60

1.2%

13.5%

73.6%

73.6%

21.7%

3.2%

5.1x

1.0x

7.9%

19.8%

219.00

0.0%

6.2%

25.9%

25.9%

30.4%

15.7%

15.1x

4.3x

3.9%

6.6%

1,200.00

0.0%

6.4%

48.1%

48.1%

64.1%

14.8%

39.7x

24.1x

0.8%

2.5%

1

Guaranty Trust Bank PLC

2

Nigerian Breweries PLC

3

Zenith Bank PLC

4

Dangote Cement PLC

5

Nestle Nigeria PLC

6

Access Bank PLC

9.87

-0.6%

4.4%

68.1%

68.1%

15.8%

2.1%

4.1x

0.6x

6.6%

24.7%

7

United Bank for Africa PLC

9.40

3.3%

5.3%

108.9%

108.9%

17.2%

2.2%

4.1x

0.7x

8.0%

24.3%

8

FBN Holdings Plc

6.15

1.7%

4.0%

83.6%

83.6%

1.2%

0.2%

17.1x

0.4x

3.3%

5.8%

9

Ecobank Transnational Inc

17.00

0.0%

2.9%

65.4%

65.4%

-14.5%

-1.3%

0.6x

3.6%

-20.4%

10

Lafarge Africa PLC

3.6x

2.1%

50.54

0.0%

1.8%

23.4%

23.4%

62.7%

11.8%

490.00

2.1%

1.8%

29.0%

29.0%

-12.4%

-6.7%

4.8x

SEPLAT Petroleum Development C

dŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ĞŵĞƌŐĞĚ ƚŚĞ ƚŽƉ ĂĚǀĂŶĐĞƌ͕ ŐĂŝŶŝŶŐ Ϭ͘ϳй ĂƐ ŝŶǀĞƐƚŽƌƐ ƚŽŽŬ ƉŽƐŝƟŽŶƐ ŝŶ h ;нϯ͘ϯйͿ ĂŶĚ E/d, ;нϭ͘ϮйͿ͘ dŚĞ Kŝů Θ 'ĂƐ ŝŶĚĞdž ƚƌĂŝůĞĚ͕ ƵƉ Ϭ͘ϰй ŽǁŝŶŐ ƚŽ ƌĞŶĞǁĞĚ ƐĞŶƟŵĞŶƚ ŽŶ ^ W> d ;нϮ͘ϭйͿ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞdž ŵĂƌŐŝŶĂůůLJ ƌŽƐĞ Ϭ͘ϭй ŽŶ ĂĐĐŽƵŶƚ ŽĨ ƵƉƟĐŬƐ ŝŶ E'^h' Z ;нϭ͘ϮйͿ ĂŶĚ E'&>KhZ ;нϰ͘ϵйͿ͘ KŶ ƚŚĞ ĐŽŶƚƌĂƌLJ͕ ƚŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ĚŝƉƉĞĚ ϭ͘Ϯй ĂƐ ŝŶǀĞƐƚŽƌƐ ŬĞĚ ƉƌŽĮƚ ŝŶ D E^ Z ;Ͳϯ͘ϴйͿ ĂŶĚ KEd/E^hZ ;Ͳϯ͘ϬйͿ ǁŚŝůĞ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž ĐůŽƐĞĚ ŇĂƚ͘ DĂƌŬĞƚ ƌĞĂĚƚŚ tĂdžĞƐ ^ƚƌŽŶŐĞƌ

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%

5.99

0.0%

1.3%

27.4%

27.4%

31.7%

2.8%

4.8x

0.6x

&ŽůůŽǁŝŶŐ ƚŽĚĂLJ͛Ɛ ƉĞƌĨŽƌŵĂŶĐĞ͕ ŝŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ŝŵƉƌŽǀĞĚ ĂƐ ƌĞŇĞĐƚĞĚ ŝŶ ƚŚĞ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ǁŚŝĐŚ ĞdžƉĂŶĚĞĚ ƚŽ Ϯ͘Ϭdž ĨƌŽŵ ϭ͘ϱdž ƌĞĐŽƌĚĞĚ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ƐĞƐƐŝŽŶ͘ dŚĞ ďĞƐƚ ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ǁĞƌĞ &/ ^KE ;нϵ͘ϴйͿ͕ /> ^/E' ;нϳ͘ϲйͿ ĂŶĚ ,KEz&>KhZ ;нϳ͘ϬйͿ ǁŚŝůĞ ƚŚĞ ǁŽƌƐƚ ƉĞƌĨŽƌŵĞƌƐ ǁĞƌĞ hd/y ;Ͳϵ͘ϰйͿ͕ &KZd ;Ͳϱ͘ϬйͿ ĂŶĚ hW> ;Ͳϱ͘ϬйͿ͘ dŽĚĂLJ͛Ɛ ƉĞƌĨŽƌŵĂŶĐĞ ĐĂŶ ďĞ ĂƩƌŝďƵƚĞĚ ƚŽ ŝŶǀĞƐƚŽƌƐ͛ ƌĞĂĐƟŽŶ ƚŽ ƚŚĞ ƌĞůĞĂƐĞĚ ĐŽŵƉĂŶLJ ƌĞƐƵůƚƐ ĂƐ ǁĞůů ĂƐ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ͘ Ɛ ŽďƐĞƌǀĞĚ ŝŶ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ͕ ŝŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ƐŚŽƵůĚ ƚŽ ƌĞŵĂŝŶ ƉŽƐŝƟǀĞ ĂƐ ŵŽƌĞ ϵD͗ϮϬϭϳ ĞĂƌŶŝŶŐƐ ƚƌŝĐŬůĞ ŝŶ͘ ŽŵƉĂŶLJ ŝŶ &ŽĐƵƐ͗ &ŝĚĞůŝƚLJ ĂŶŬ WůĐ ;͞&ŝĚĞůŝƚLJ͟Ϳ &ŝĚĞůŝƚLJ ĂŶŬ WůĐ ;͞&ŝĚĞůŝƚLJ͟ Žƌ ͞ƚŚĞ ĂŶŬ͟Ϳ ŝƐ Ă ůĞĂĚŝŶŐ dŝĞƌͲ// ĂŶŬ ďLJ ĨƌŝŶǀĞƐƚ͛Ɛ ĐůĂƐƐŝĮĐĂƟŽŶ ǁŝƚŚ ƚŽƚĂů ĂƐƐĞƚƐ ŽĨ Eϲϳϱ͘ϭďŶ ĂƐ Ăƚ ϵD͗ϮϬϭϳ͘ dŚĞ ĂŶŬ͕ ǁŚŝĐŚ ŽƉĞƌĂƚĞƐ ĂŶ /ŶƚĞƌŶĂƟŽŶĂů ĂŶŬŝŶŐ ůŝĐĞŶƐĞ͕ ƐƵďŵŝƩĞĚ ŝƚƐ ϵD͗ϮϬϭϳ ĞĂƌŶŝŶŐƐ ƚŽ ƚŚĞ džĐŚĂŶŐĞ ŽŶ KĐƚŽďĞƌ ϮϯƌĚ͕ ϮϬϭϳ͘ Ɛ ǁŝƚŚ ŝŶĚƵƐƚƌLJ ƚƌĞŶĚ͕ ƚŚĞ ϵD͗ϮϬϭϳ ƌĞƐƵůƚ ǁĂƐ ďƌŽĂĚůLJ ŝŵƉƌĞƐƐŝǀĞ ĂƐ ƚŚĞ ĂŶŬ ƌĞƉŽƌƚĞĚ 'ƌŽƐƐ ĂƌŶŝŶŐƐ ŐƌŽǁƚŚ ŽĨ ϭϳ͘ϵй zͲŽͲz ;ƚŽ EϭϯϬ͘ϭďŶ ŝŶ ϵD͗ϮϬϭϳͿ͕ ǁŚŝĐŚ ǁĞ ĂƩƌŝďƵƚĞ ƚŽ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ /ŶƚĞƌĞƐƚ /ŶĐŽŵĞ ůŝŶĞ ŝƚĞŵ͘ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ͕ ƐƵƉƉŽƌƚĞĚ ďLJ ŚŝŐŚĞƌ LJŝĞůĚƐ ŽŶ ĂƐƐĞƚƐ͕ ƌŽƐĞ ϮϬ͘ϳй zͲŽͲz ƚŽ EϭϭϬ͘ϰďŶ ŝŶ ϵD͗ϮϬϭϳ ǁŚŝůĞ EŽŶͲ/ŶƚĞƌĞƐƚ /ŶĐŽŵĞ ŐƌŽǁƚŚ ǁĂƐ ŵŽƌĞ ŵŽĚĞƐƚ Ăƚ ϰ͘ϭй zͲŽͲz ;ĨƌŽŵ Eϭϴ͘ϵďŶ ƚŽ Eϭϵ͘ϳďŶ ŝŶ ϵD͗ϮϬϭϳͿ͘ ůƚŚŽƵŐŚ ƚŚĞƌĞ ǁĂƐ Ă ŶŽƟĐĞĂďůĞ ƉƌĞƐƐƵƌĞ ĨƌŽŵ /ŶƚĞƌĞƐƚ džƉĞŶƐĞ͕ ƚŚĞ ĞīĞĐƚ ŽŶ ďŽƩŽŵͲůŝŶĞ ǁĂƐ ĨƵůůLJ ŽīƐĞƚ ďLJ ĂŶ ϴ͘Ϭй ŵŽĚĞƌĂƟŽŶ ŝŶ ƌĞĚŝƚ /ŵƉĂŝƌŵĞŶƚ ĐŚĂƌŐĞƐ ;ĨƌŽŵ Eϴ͘ϬďŶ ƚŽ Eϳ͘ϯďŶ ŝŶ ϵD͗ϮϬϭϳͿ ǁŚŝůĞ KƉĞƌĂƟŶŐ džƉĞŶƐĞƐ ĞĂƐĞĚ Ϯ͘ϲй zͲŽͲz͘ ŐĂŝŶƐƚ ƚŚŝƐ ďĂĐŬĚƌŽƉ͕ ƉƌĞͲƚĂdž ƉƌŽĮƚ ŝŶĐƌĞĂƐĞĚ ϲϱ͘ϭй zͲŽͲz ƚŽ Eϭϲ͘ϮďŶ ŝŶ ƚŚĞ ƉĞƌŝŽĚ͘ Yϯ͗ϮϬϭϳ ƐƚĂŶĚĂůŽŶĞ ĞĂƌŶŝŶŐƐ ƉĞƌĨŽƌŵĂŶĐĞ ŵĞƚƌŝĐƐ ǁĞƌĞ ĂůƐŽ ĚĞĐĞŶƚ ĚĞƐƉŝƚĞ Ă ϭ͘ϲй YͲŽͲY ĚĞĐůŝŶĞ ŝŶ 'ƌŽƐƐ ĂƌŶŝŶŐƐ ƚŽ Eϰϰ͘ϯďŶ͘ 'ƌŽƐƐ ĂƌŶŝŶŐƐ ǁĂƐ ĚƌĂŐŐĞĚ ďLJ ϭϵ͘ϰй ĚĞĐůŝŶĞ ŝŶ EŽŶ Ͳ/ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ǁŚŝĐŚ ǁĂƐŶ͛ƚ ĨƵůůLJ ŽīƐĞƚ ďLJ Ϯ͘ϱй YͲŽͲY ŐƌŽǁƚŚ ŝŶ /ŶƚĞƌĞƐƚ /ŶĐŽŵĞ ƚŽ Eϯϳ͘ϱďŶ ŝŶ Yϯ͗ϮϬϭϳ͘ W d ĐĂŵĞ ŝŶ ŚŝŐŚĞƌ Ăƚ Eϱ͘ϰďŶ ʹ ƵƉ ϭϰ͘ϳй YͲŽͲY͕ ďƵŽLJĞĚ ďLJ ůŽǁĞƌ /ŵƉĂŝƌŵĞŶƚ ŚĂƌŐĞƐ ;ĚŽǁŶ ϯϴ͘ϭй YͲŽͲY ƚŽ EϮ͘ϱďŶ ŝŶ Yϯ͗ϮϬϭϳͿ ĂŶĚ /ŶƚĞƌĞƐƚ džƉĞŶƐĞ͘

15

Oando PLC

16

Forte Oil PLC

Afrinvest Securities Limited

(RC 603 315)

(A Dealing Member of the Nigerian Stock Exchange)

-21.3%

1.4% 20.8%

42.42

-5.0%

0.5%

-49.8%

-49.8%

44.3%

3.7%

10.7x

4.7x

-1.2%

0.4%

-44.1%

-44.1%

31.5%

10.9%

9.4x

2.5x

5.1%

10.7%

9.3%

17

11 PLC

156.00

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

18.38

5.0%

0.7%

11.4%

11.4%

5.3%

9.1%

21

Conoil PLC

28.00

0.0%

0.4%

-25.3%

-25.3%

11.8%

3.1%

8.7x

1.0x

11.1%

11.4%

22

Fidelity Bank PLC

1.62

4.5%

0.9%

92.9%

92.9%

8.0%

1.1%

3.0x

0.2x

8.6%

33.0%

23

Dangote Sugar Refinery PLC

14.56

1.2%

1.0%

138.3%

138.3%

23.8%

10.3%

7.3x

2.5x

3.4%

13.8%

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

0.0%

0.4%

0.3%

0.3%

20.3%

8.7%

3.8x

0.7x

7.4%

26.2%

26

7 UP Bottling Co PLC

90.00

0.0%

0.3%

-30.2%

-30.2%

-56.7%

-13.9%

29.33

0.0%

11.0x

4.4x

-18.7%

27

Julius Berger Nigeria PLC

0.3%

-24.0%

-24.0%

-12.2%

-1.2%

28

FCMB Group Plc

1.05

0.0%

0.4%

-4.5%

-4.5%

0.9%

0.1%

12.3x

0.1x

29

Transnational Corp of Nigeria

1.38

1.5%

0.6%

58.6%

58.6%

19.6%

4.1%

5.5x

1.0x

30

Diamond Bank PLC

1.08

4.9%

0.4%

22.7%

22.7%

1.6%

0.2%

6.5x

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

54.50

-3.1%

0.8%

194.6%

194.6%

29.4%

10.2%

43.4x

11.8x

34

Cadbury Nigeria PLC

10.15

1.5%

0.3%

-1.4%

-1.4%

-11.1%

-4.2%

1.8x

-5.7%

35

Union Bank of Nigeria PLC

6.10

0.0%

0.3%

27.8%

27.9%

6.1%

1.3%

7.5x

0.4x

13.3%

36

Chemical and Allied Products P

32.50

0.0%

0.2%

1.6%

1.6%

84.3%

38.5%

14.2x

10.0x

1.02

1.5x

-7.8%

1.0%

0.3%

34.2%

34.2%

5.5%

0.5%

6.0x

0.3x

9.5%

8.1% 18.1% 15.3%

2.3%

6.8%

7.0%

37

Sterling Bank PLC

38

GlaxoSmithKline Consumer Niger

25.20

5.0%

0.3%

60.0%

60.0%

61.4%

25.2%

4.9x

1.8x

1.2%

20.2%

39

AXA Mansard Insurance PLC

2.00

-3.8%

0.1%

19.8%

19.8%

11.9%

3.9%

10.0x

1.2x

2.5%

10.0%

Continental Reinsurance PLC

1.31

-3.0%

0.1%

32.3%

32.3%

16.7%

7.9%

3.3x

0.7x

40

T o p 10 G a i n e r s T ic k er

16.6%

30.1%

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 %

Vo lum e

P ric e C hg %

F ID SON

3.69

9.8%

UB A

85.2

3.3%

C ILEA SIN G

1.84

7.6%

Z EN IT H B A N K

43.5

1.2%

H ON YF LOUR

1.98

7.0%

A C C ESS

41.1

-0.6%

T ic k er

N A SC ON

15.22

6.2%

F ID ELIT YB K

21.6

4.5%

A GLEVEN T

0.58

5.5%

GUA R A N T Y

19.1

0.0%

18.5

5.0%

GLA XOSM IT H

25.20

5.0%

UA C N

UA C N

18.38

5.0%

T R A N SC OR P

9.3

1.5%

D A N GF LOUR

7.50

4.9%

FCM B

9.3

0.0%

D IA M ON D B N K

1.08

4.9%

FB NH

7.5

1.7%

ET ER N A

3.48

4.8%

D IA M ON D B N K

7.0

4.9%

T ic k er

P ric e

P ric e C hg %

T ic k er

Value

C UT IX

2.13

-9.4%

Z EN IT H B A N K

1138.6

1.2%

42.42

-5.0%

GUA R A N T Y

800.6

0.0%

2.11

-5.0%

UB A

795.0

3.3%

407.9

-0.6%

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

FO UP L

dŚĞ ĂŶŬ͛Ɛ ƐƚŽĐŬ ŚĂƐ ƵŶĚĞƌƉĞƌĨŽƌŵĞĚ ďĞŶĐŚŵĂƌŬ ƚŚŝƐ LJĞĂƌ͕ ǁŝƚŚ zd ƌĞƚƵƌŶ ŽĨ ϭϴ͘ϯй ƌĞůĂƟǀĞ ƚŽ ŵĂƌŬĞƚ ƌĞƚƵƌŶ ŽĨ ϯϲ͘ϯй͘ tŚŝůƐƚ ǁĞ ĂƌĞ ŵŽƌĞ ĐŽŶĮĚĞŶƚ ŽŶ ƚŚĞ ĂĚĞƋƵĂĐLJ ŽĨ ƚŚĞ ĂŶŬ͛Ɛ ĐĂƉŝƚĂů ďƵīĞƌƐ ŝŶ ƚŚĞ ŶĞĂƌ ƚĞƌŵ͕ ŚĂǀŝŶŐ ƐƵĐĐĞƐƐĨƵůůLJ ƌĞĮŶĂŶĐĞĚ ŝƚƐ ŵĂƚƵƌŝŶŐ ƵƌŽďŽŶĚ ĚĞďƚ͕ ǁĞ ŶŽƚĞ ĂƉƉĞƟƚĞ ĨŽƌ dŝĞƌͲϮ ďĂŶŬƐ ŽŶ ƚŚĞ EŝŐĞƌŝĂŶ ŽƵƌƐĞ ŝƐ ǁĞĂŬ͘ ,ĞŶĐĞ͕ ƚŚĞ ƌĞůĂƟǀĞ ƵŶĚĞƌǀĂůƵĂƟŽŶ ŽĨ ƚŚĞ ĂŶŬ͕ ĐŽŵƉĂƌĞĚ ƚŽ ƉĞĞƌƐ͕ ŵĂLJ ŶŽƚ ďĞ ĐŽƌƌĞĐƚĞĚ ŝŶ ƚŚĞ ŶĞĂƌ ƚĞƌŵ͘

0.6x

20.9%

11

P ric e C hg %

M A N SA R D

2.00

-3.8%

A C C ESS

UA C -P R OP

2.64

-3.6%

UA C N

328.6

5.0%

267.0

0.0%

LIVEST OC K IN T B R EW C ON T IN SUR E M A YB A KER M OB IL

-3.4%

N EST LE

54.50

-3.1%

SEP LA T

219.1

2.1%

1.31

-3.0%

NB

117.3

0.0%

2.70

-2.5%

D A N GC EM

97.3

0.0%

156.00

-1.2%

D A N GSUGA R

54.6

1.2%

0.85

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Omotola Abimbola | oabimbola@afrinvest.com

43

˾ THURSDAY, OCTOBER 26, 2017

MARKET NEWS

Experts: How Real Estate Sector Can Get Adequate Funding Goddy Egene Some capital market experts and other stakeholders in the real estate sector have said reduced domestic borrowing by federal government and low cost of fund will boost growth in the real estate sector in Nigeria. Operators, who include Co-Founder and Managing Director, Trans Sahara Investment Corporation, Kyari Bukar, Chief Executive Officer, FMDQ OTC Securities Exchange, Bola

Onadele.koko, CEO, Dunn Loren Merrifield, Sonnie Ayere, Kola Ashiru-Balogun, Managing Director, Mixtra Africa SA and Senior Vice President, Stanbic IBTC Capital Limited, Debo Adeosun and Doyin Salami of Lagos Business School,, spoke at Real Estate Unite, an event organised by 3Invest in Lagos. While the Nigerian capital market has the potential to provide funds that can be used to growth the real estate and other sectors of the economy,

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

increasing domestic borrowing by the federal government has been preventing private capital from going to other sectors because investors prefer to invest in government securities that yield high returns at zero risk level. For instance, in his presentation titled: ‘Nigerian Real Estate Market and Economic Update,’ Salami, a Professor at Lagos Business School, said that the concentration of financing in the debt market 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 24Oct-2017, unless otherwise stated.

skewed in favour of only heavy borrowers like government and high networth investors. He said: “If you look at the numbers on Nigeria’s lending, 83 per cent of total banks’ lending in Nigeria goes to those who are borrowing N1 billion and above. Anybody borrowing about N1 million and below gets a total of 1.2 per cent. If you are borrowing between N1 million to N50 million, the total amount that is available is about two per cent. So, looking at this number,

it is already clear that the debt market is structured in such a way that favours providing debt to government and other big people. You cannot as a nation expect to grow if you cannot find a pathway to lower interest rate and the major contribution to that pathway to lower interest rate is going to be government borrowing less, domestically. They may choose to borrow more as they are currently doing, internationally, but borrowing less, domestically must be part

of the agenda going forward.” According to Adeosun of Stanbic IBTC Capital Limited, operators in capital market have been in constant engagement with the Securities and Exchange Commission, SEC, and other regulatory bodies to create a viable and enabling regulatory environment for Real Estate Investment Trust( REITs). He explained that there is an on-going conversation with the Federal Inland Revenue Service, FIRS, to make REITs tax free.

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 176.09 177.38 38.89% Nigeria International Debt Fund 233.65 234.73 10.54% 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 17.44 17.96 41.23% ARM Discovery Fund 366.99 378.05 27.79% ARM Ethical Fund 25.79 26.57 15.46% ARM Money Market Fund 1.00 1.00 17.77% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 146.12 147.15 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 18.42% 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 1,101.75 1,102.84 8.82% FBN Heritage Fund 146.66 147.91 31.55% FBN Money Market Fund 100.00 100.00 17.92% FBN Nigeria Eurobond (USD) Fund - Institutional $111.46 $112.62 8.45% FBN Nigeria Eurobond (USD) Fund - Retail $110.87 $112.03 8.62% FBN Nigeria Smart Beta Equity Fund 156.41 158.72 38.93% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 1.37 1.39 46.81% Legacy Short Maturity (NGN) Fund 2.91 2.91 13.23% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 2,892.85 2,932.72 31.56% Coral Income Fund 2,396.46 2,396.46 15.00% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 17.76% 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 16.25%

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 1.17 15.70% Lotus Halal Fixed Income Fund 1,030.18 1,030.18 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 12.87 12.98 33.15% Meristem Money Market Fund 10.00 10.00 18.82% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.20 1.22 20.44% PACAM Fixed Income Fund 10.85 10.85 4.07% 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 2,191.20 2,204.24 19.68% Stanbic IBTC Bond Fund 171.05 171.05 11.10% Stanbic IBTC Ethical Fund 0.97 0.98 26.62% Stanbic IBTC Guaranteed Investment Fund 213.55 213.55 14.27% Stanbic IBTC Iman Fund 169.05 171.21 30.20% Stanbic IBTC Money Market Fund 100.00 100.00 17.86% Stanbic IBTC Nigerian Equity Fund 9,459.87 9,570.42 24.75% 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

10.70 136.44 106.45

10.80 139.40 108.45

24.01% 37.92% 40.48%

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

4.50 8.93 17.00 19.66 139.91

4.54 9.01 17.10 19.86 141.91

62.50% 26.87% 43.65% 23.12% 10.34%

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.

44

T H I S D AY THURSDAY OCTOBER 26, 2017

45

THURSDAY OCTOBER 26, 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Clinton Team and Democrats ‘Bankrolled’ Trump Dirty Dossier US President Donald Trump has seized on reports that Hillary Clinton’s team was behind a sleazy dossier of allegations linking him to Russia, according to BBC. Unfounded claims that Mr Trump had been filmed with prostitutes in a Moscow hotel surfaced in the closing stretch of last year’s White House race. Mrs Clinton’s presidential campaign and the Democratic National Committee (DNC) reportedly helped fund the research. “The victim here is the President,” Mr Trump tweeted

on Wednesday. He dismissed the dossier shortly before his inauguration as “fake news”. According to US media reports, Perkins Coie, a law firm representing the Clinton campaign and DNC, hired intelligence firm Fusion GPS in April 2016. Fusion GPS, based in Washington DC, was paid to dig up dirt on Mr Trump, who was then Mrs Clinton’s rival for the presidency. The intelligence firm subcontracted Christopher Steele, a former British spy who previously

worked in Russia, to compile the research. Attributed to unnamed sources, it claimed that Mr Trump had colluded with Russian officials during the election campaign.

The unsubstantiated dossier also alleged that Kremlin intelligence had filmed Mr Trump with prostitutes at Moscow’s Ritz-Carlton hotel in 2013. The opposition research was

initially funded by an unknown Republican consulting firm, which pulled the plug once Mr Trump captured the party’s nomination. The Clinton campaign then picked up the tab, according to

the reports. White House press secretary Sarah Sanders tweeted: “The real Russia scandal? Clinton campaign paid for the fake Russia dossier, then lied about it & covered it up.”

George Bush Senior Apologises to Heather Lind after Sex Assault Claim Former US President George Bush Senior has apologised for any distress caused after an actress accused him of sexual assault, according to BBC. Heather Lind said the 93-year-old former president had “touched me from behind from his wheelchair” and told a “dirty joke” while posing for a photo. Ms Lind made the allegation on social network Instagram, in a post which has since been deleted. A spokesman for Mr Bush said the incident was an attempt at humour. “President Bush would never – under any circumstance – intentionally cause anyone distress, and he most sincerely apologises if his attempt at humour offended Ms Lind,” a statement supplied to outlets including the Daily Mail and People magazine said. Both websites preserved the contents of Ms Lind’s post before

it was deleted. Mr Bush served one term as US president from 1989 to 1993, and is the father of George W Bush, who served two terms in the office between 2001 and 2009. He suffers from a form of Parkinson’s disease. The incident allegedly took place during an event for the television show Turn: Washington’s Spies, in which Ms Lind is one of the main cast members. In her Instagram post, Ms Lind said she was spurred to make the claim after seeing a photo of Barack Obama shaking Mr Bush Senior’s hand at a recent fundraiser for hurricane victims, which she said had “disturbed” her. “He sexually assaulted me while I was posing for a similar photo. He didn’t shake my hand. He touched me from behind from his wheelchair with his wife Barbara Bush by his side,” she

wrote, according to the Daily Mail’s transcript of the deleted post. “He told me a dirty joke. And then, all the while being photographed, touched me again,” she added. Ms Lind finished her post with the hashtag #metoo, which has seen widespread use by victims of sexual assault to share their experiences in

the wake of the Harvey Weinstein Hollywood scandal. “What comforts me is that I too can use my power, which isn’t so different from a president really,” she said. “I am grateful for the bravery of other women who have spoken up and written about their experiences.”

Louisiana Shooting: Two Dead at Grambling State University Two men have been shot dead on a university campus in the US state of Louisiana, BBC quoted the local police as saying. They were fatally wounded in the courtyard of a dormitory at Grambling State University (GSU) following an altercation in a dorm room, according to university spokesman Will Sutton.

Police said a suspect fled the scene. The victims, both 23, were named as Earl Andrews, a GSU student, and Monquiarious Caldwell, who did not attend the university. The Lincoln Parish Sheriff’s Department said it was assisting campus police with an investigation.

46

THURSDAY OCTOBER 26, 2017 ˾ T H I S D AY

NEWS

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

Judge Gives Bailiff Five Days to Serve Jonathan Summons Expresses fear failure of ex-president, Dasuki to testify for Metuh may stall trial Alex Enumah in Abuja Justice Okon Abang of the Federal High Court in Abuja has given the court bailiff a period of five days to serve former President Goodluck Jonathan, summon. He also directed that former National Security Adviser, Sambo Dasuki, must be made to appear before him. Abang who is trying former National Publicity Secretary of the Peoples Democratic Party (PDP), Olisa Metuh, summoned Jonathan and Dasuki on Tuesday to testify in the N400 million money laundering case against Metuh by the Economic and Financial Crimes Commission (EFCC). He added that if personal service became impossible, Metuh can apply to the court for him (Jonathan) to be served the court document through substituted means. Justice Abang expressed fear that owing to the absence of Dasuki and Jonathan in court to testify for the first defendant, it would be extremely difficult to proceed with the trial. Similarly, counsel to the prosecution, Sylvanus Tahir, reacting to failure of the court’s bailiff to serve the subpoena issued against the former president, said until further efforts are made to effect service

on Jonathan, “We cannot cross the next bridge.” Metuh and his company, Destra Investments Limited, are standing trial on a seven-count charge of money laundering involving alleged cash transaction of $2 million and fraudulent receipt of N400 million meant for procurement of arms from Dasuki, when he was the NSA. The court had on Tuesday adjourned till yesterday at the instance of the first defendant (Metuh) for the subpoened witnesses, Dasuki and former President Jonathan to be in court to testify for the former PDP spokesman. However, at the resumed trial yesterday, both Jonathan and Dasuki were visibly absent in Court. While the court was informed of the inability of the bailiff to effect service of the subpoena on Jonathan, no explanation was given on Dasuki’s absence. Reacting, the judge stated that it was Metuh that applied to compel Dasuki and the former president to appear in court to testify for him, adding that, it was not the court that ordered them to appear to give evidence in the matter. He said: “I did not, on my own compel Dasuki and the former President, Dr. Goodluck Jonathan to give evidence in this matter. It

is the first defendant that applied for that and not the court.” Speaking further on Dasuki’s issue, Abang said there is a proof that the subpoena has been served on the DSS to produce Dasuki in court yesterday to give evidence but the former NSA was not released to do so by the DSS and no reason has been given for that. While Justice Abang held that the issue would be resolved administratively, he also asked the prosecution counsel to advice the federal government to produce Dasuki in court to testify as he is being held in the custody of the

DSS, which is an agency of the federal government. “As for former President Jonathan, he has not been served and as such, cannot be blamed for not being in court,” Justice Abang held and ordered the bailiff of the court to make extra efforts to effect personal service of the subpoena on former President Jonathan. The court then gave five days from yesterday for the bailiff to effect service on Jonathan, for the law to take its course and added that, if personal service became impossible, Metuh can apply to the court for him (Jonathan) to be

served the court document through substituted means. Earlier, Abang had in a ruling he delivered, struck out the application by Dasuki praying the court to set aside the subpoena served on him to testify on behalf of Metuh. Justice Abang ruled that having been ordered by the Court of Appeal in Abuja on September 29 , 2017, he lacked jurisdiction to hear and determine the motion on merit. He stated that determining the motion on merit would amount to an attempt to review the judgment of a higher court, the Court of

Appeal. He held that all issues raised by Dasuki through his lawyer, Mr. Ahmed Raji (SAN), had become academic since the court lacked jurisdiction to hear the complaints. According to Abang, it would amount to “judicial anarchy” to hear Dasuki ’s application on merit. “If the applicant (Dasuki ) is dissatisfied , he should know what to do and where to go, but certainly not this court,” he ruled. The matter has been adjourned till October 31, 2017 for Dasuki and former President Jonathan to appear in court for their evidence.

Boko Haram Attacks Military Base, Kills Soldiers inYobe Shekau’s wife feared dead in NAF air strikes Paul Obi in Abuja Boko Haram terrorists have attacked a military base in Sasawa town of Damaturu Local Government Area in Yobe State. A top security source, who preferred to be unnamed, confirmed to Channels Television on Wednesday via phone that eight soldiers including an officer and a civilian were killed, while several others were injured in the attack which took place on Tuesday. “I can authoritatively confirm to you that there was an attack at dawn yesterday at Sasawa and eight military personnel, including an officer as well as a civilian, were killed during the raid,” he said. “The insurgents overran the military base having come with seven gun trucks and took the soldiers on guard unawares.” The soured further revealed that several soldiers were still missing at the time of taking stock of the destruction. The spokesman for 3 Division, Nigerian Army base in Damaturu, Colonel Kayode Ogunsanya, who also confirmed the attack, said casualty was recorded on both sides. He said although details were still sketchy, the troops on ground were prompt as the attack was successfully repelled. A Sasawa resident, Lawan Adamu, however, claimed that many security personnel may have been killed during the incident which he said was a coordinated attack on the military base. He called on the military authorities to urgently make a move to bust the terrorists’

hideouts, saying they are not far from the town. Sasawa is a rural community located in the northern part of Damaturu and has remained without the services of the mobile communication networks vandalised by the insurgents for over five years. The area was long under the control of the insurgents before it was recaptured by the security forces who established a base in the town since it was regained. The base has continued to experienced attack by the insurgents as Tuesday’s attack was the fourth in the year 2017. Meanwhile, following intense bombing of Boko Haram locations in the North-east by the Nigerian Air Force (NAF), indications emerged yesterday that the wife of Boko Haram leader, Abubakar Shekau, Mallama Fitdasi, might have been killed by air strikes. According to NAF’s Director of Public Relations and Information, Air Commodore Olatokunbo Adesanaya, “human intelligence indicates that the wife of the Boko Haram group, Mallama Fitdasi, appeared to have been killed in recent successful air strikes on Durwawa settlement on the outskirts of Urga, near Konduga. “Fitdasi was reported to have been representing her husband in a coordinating meeting with other terrorists at the location of the air strikes. “It might be recalled that the NAF had reported the successful aerial attack of a large number of Boko Haram at Durwawa on 19 October 2017.”

ON AIR LIVE

L-R: Minister of Finance, Mrs. Kemi Adeosun; Arise TV News Anchors, Ms. Susan Iliyan; and Mr. Rotimi Michael Kade, when the minister appeared on the station in Abuja...yesterday

APC to Postpone NEC Meeting Again Top official says party at point of rebellion Iyobosa Uwugiaren in Abuja The National Executive Committee (NEC) meeting of the All Progressive Congress (APC) scheduled for Tuesday will be postponed by two days to enable President Muhammed Buhari to present the 2018 Appropriation Bill to the National Assembly, a senior official of the APC told THISDAY in Abuja yesterday. The rescheduled meeting, according to the source, is, however, crucial to the survival of the party as its rank and file are seething with anger over their perceived marginalisation by the Buhari administration. ‘’APC is at a point of unmanageable rebellion and the grenades are about to explode; if we refuse to take critical decisions in the next few days, we will have missed the huge opportunity to save our party,’’ he said. Comingafterseveralpostponements, the NEC meeting was finally fixed for Tuesday next week, according to letters dispatched to all the NEC members. Prelude to the crucial event, APC governors met last week to articulate their positions on various issues of concern in the party. But THISDAY gathered exclusively that the NEC meeting

would be postponed by one or two days to give room for the president to present the 2018 budget to the National Assembly. ‘’I hate to say this because some Nigerians might think we are not serious, but we have resolved to postpone the NEC meeting again because the President will be presenting the 2018 national budget the same day and many of us will be there,’’ the source stated. The founding member of APC confirmed that key stakeholders in the party were increasingly getting worried that if nothing was done to rally its members through the convening of NEC meeting and national convention, the main opposition party, the Peoples Democratic Party (PDP), might gain the upper hand ahead of 2019. According to him: ‘’The NEC meeting is crucial; our party is at a point of the rebellious and unmanageable stage, and the grenades are about to explode. If we refuse to take critical decisions in the next few days, we will have missed the huge opportunity to save our party. ‘’Our party members are not happy with the current system; they worked and laboured to install a government, but those who are currently being appointed in key

positions of government today were not with us during the campaign. ‘’Those being appointed are not known to the party. For example, all appointments from Enugu State made so far by this government are from one ward in the same local government of the state; if leaders of the party were contacted that unwise decision would not have happened.’’ The source continued: ‘’The real danger I am seeing, which many of those surrounding the president are apparently not seeing is the coming national convention of our party that will commence in February next year. In the past few years, the party structures at all levels were rendered useless; they were used and abandoned. Are you going to remove them and elect new members, thinking they will be happy? That will be the end of APC. So, we need to do something very fast. ‘’They said the leadership of the party is not active and as a result, some governors and senators want the National Chairman, Chief John Odigie Oyegun, removed for their selfish political interest. But, my question is: Do they expect the National Chairman to start fighting the president on the pages of newspapers? Do they expect

him to start shouting when he has access to the President?’’ Explaining the difficulty the national chairman of the party and his colleagues were going through in the hands of the Buhari administration, the senior member of the party said they had been singing it to the president’s ears about the state of the party, telling him that the leadership of the party was not happy with goings-on. He said: “For example, when some of our leaders visited the President in London in September, during his medical vacation, they took time to explain to him the urgent need to make some changes within his government; he agreed with them and promised to do it immediately he returns. But until now he has refused or failed to carry out the changes. ‘’And unless the president carries out the changes in the next few days, we would have missed the opportunity. Some of us still believe President Muhammadu Buhari should re-contest. ‘’But we must save the party first. The party is in a mess; it is not being funded; the government does not carry the leadership of the party along. So many mistakes are being made and we are still pretending as if all is well with us.’’

THURSDAY OCTOBER 26, 2017 ˾ T H I S D AY

47

NEWSEXTRA

South-east, South-south Adopt Ibadan Declaration for Restructuring Afenifere commences engagment with ACF, NEF Gboyega Akinsanmi Afenifere, a pan-Yoruba sociocultural organisation, yesterday disclosed that both South-east and South-south geo-political zones had adopted Ibadan Declaration as an instrument of negotiation for a restructured Nigeria. While the leaders of the Middle Belt are currently understudying the document to enable them take a position, the organisation also revealed that it had started engaging the Arewa Consultative Forum (ACF) and Northern Elders Forum (NEF) in order to build consensus on how to restructure Nigeria. The National Treasurer of Afenifere, Chief Olasupo Shonibare, and its National Publicity Secretary, Mr. Yinka Odumakin, who separately spoke with THISDAY yesterday, noted that the Yoruba agenda 2017 transformed to Ibadan Declaration on September 7 after the Yoruba Summit held in Ibadan. If the Middle Belt leaders finally come up with a position adopting the Ibadan Declaration, it will bring the number of geopolitical zones that have bought into the declaration to four with the exception of North-west and North-east. The declaration recommends the devolution of 25 items on the Exclusive List in the 1999 Constitution, ranging from customs duties to exchange control, currency, coinage and legal tender, arms, ammunition and explosives, and citizenship, naturalisation and aliens among others. To pull Nigeria from the brink, outlined 13 proposals, describing as a summary of contributions of Yoruba groups and as the irreducible minimum to create a just and equitable federation where all nationalities and peoples in Nigeria would live. In summary, it canvasses the need for a people’s constitution delineating the structure of the federation, the scope and limits of the powers of the central government vis-à-vis the federating units, the form of government, taxation system that conforms to fiscal federalism, policing in Nigeria

and the structure of the courts including the need to create a Constitutional Court. In a telephone conversation with THISDAY yesterday, Odumakin disclosed that both South-east and South-south geo-political zones “have already adopted the Ibadan Declaration,” which he said, was the irreducible minimum to restructure Nigeria. He disclosed that the Ibadan Declaration “has been sent to the presidency, All Progressives Congress (APC), foreign missions and embassies in Nigeria, political parties, professional bodies, religious leaders, socio-cultural organisations, youth leagues, traditional rulers and all leaders of thought among others.” With diverse discontent among ethnic nationalities that make up Nigeria and abysmal records of governance, Odumakin noted that the need to restructure Nigeria “is imperative in the interest of national unity and peaceful coexistence.” In a separate interview, Shonibare explained that the Yoruba agenda “is a document adopted to become the Ibadan Declaration. Basically, they are the same document. The South-east has seen it. The zone has equally adopted it. The South-south had looked at it, and its leaders are in support of a negotiated restructured Nigeria.” He also noted that the southern leaders “have presented the Ibadan Declaration to the Middle Belt groups. We met in Abuja penultimate week between the Southern leaders and the Middle Belt leaders. The Middle Belt extends beyond the present North-central states. Already, they are looking at it.” Aside, Shonibare disclosed that there “is a committee too, which intends to engage the Arewa Consultative Forum (ACF), Northern Elders’ Forum and other groups from the North. We are working to building groundswell consensus on the way forward. It is obvious that we can no longer depend on crude oil. “The suggestion to restructure is what will make the North to survive. It is what will make the South survive as well. We need to diversify our capacity to

Two Killed in Fresh Attack in Plateau Community Two persons were reportedly killed on Tuesday night in an attack on Jol, a village in Riyom Local Government Area of Plateau State. The Chairman of the transition committee of the local government, Emmanuel Jugul, disclosed this yesterday. He said two other people were injured in the attack and are in the hospital. “Four people were yesterday (Tuesday) night attacked in Jol, two died, the other two persons were badly injured,” he said in Jos. According to Jugul, the attack came a day after the corpse of a herdsman earlier declared missing was discovered in the area.

“It is unfortunate that we are recording incidents of attacks again in Riyom Local Government Area. Two days ago, the corpse of a Fulani boy who had been missing since last week was found by a search party we organised,” Jugul said. He said the incident of the missing Fulani man was reported to the Special Taskforce on Jos crisis. The Riyom transition committee chairman had made several appeal for peace to residents of the area. About 44 persons were reportedly killed in communal clashes in two local government areas of the state within the last month.

Middle Belt leaders already understudying document

produce. What is being suggested will encourage production in all parts of Nigeria. It will allow the states to keep most revenues they generate within their territories.” Contrary to views in some quarters, Shonibare said the Ibadan Declaration “protects states and links states with the power they presently have. They are entitled to have other functions they may wish to have. The states will determine what the regional structure, functions and powers should be in coordinating common services. “Even the judicial system will be structured in a way that certain cases terminate at the regional level. Certain cases will still terminate at the state level. But inter-state issues should terminates at the

regional level. “It should just be agreed that litigations on the exclusive legislative list that remains with the federal entity are adjudicated upon by Federal Court of Appeal or Supreme Court. Constitutional matters should go to the Supreme Court so that we can decongest the volume of cases. With this, we will fast-tract the delivery of justice.” He, therefore, allayed fear arising in some quarters about the nation-wide campaign for a restructured Nigeria, noting that even the North would accept the recommendations contained in the Ibadan Declaration as a good way to proceed and restructure Nigeria. Citing different examples from other political climes globally,

Shonibare explained that there “is no multi-ethnic country in the world that has not already devolved powers as a nation where you see some reflections of each ethnic group that has survived the unitary system. They have all collapsed.” He added that what the southern leaders “are suggesting is a truly federal system. It is only truly federal systems that will enable this country survive. Look at the United Kingdom, some parts of country that are homogenous like Liverpool or Manchester, the central government is devolving power to them. “Already, they are having local government in those areas. They have been devolving more powers to another structure to ensure that the delivery of social

and economic services can be determined by the people in the area. That is what we are asking for.” He, thus, warned that Nigeria might disintegrate if the present leadership fails to listen to the people and restructure Nigeria. There are secessionist groups pulling us apart already. They are not just in the South-east. They are even in other parts of the country. “I believe those secessionist tendencies are in the minority now. But if we do not do the needful, the blame of not being able to provide jobs will automatically be put on those operating the unitary system. That will bring about ethnic discontent. And ethnic discontent leads to an unstable polity,” he explained.

BUILDING CAPACITY FOR JUDGES

L-R: Vice President Yemi Osinbajo (SAN); Chief Justice of Nigeria, Justice Walter Onnoghen; Justice Roseline Bozimo; and Prof. Pat Utomi, during the two-day capacity building workshop for judges at the National Judicial Institute in Abuja....yesterday STATE HOUSE

2019: INEC Insists on Non-partisanship Says rigging may spark war Onyebuchi Ezigbo in Abuja The Independent National Electoral Commission (INEC) has again given an undertaken to remain non-partisan to all political parties ahead of the 2019 general elections. The commission also said it is aware that a badly conducted election can lead to civil war. The Chairman of INEC, Prof. Mahmood Yakubu, said this in Abuja yesterday when the

German Ambassador to Nigeria, Mr. Bernhard Schlaghede, paid a visit to the headquarters of the commission. Yakubu said: “In many of the developing countries and emerging democracies, a good and well conducted election makes the difference between civil war and peace, and we are fully conscious of our responsibility and we shall discharge our responsibilities with fairness to

each and everyone and in a very transparent manner where the outcome of what we do would not be in doubt. “We will show no partisanship to anyone or party and the will of the people must always prevail as we conduct elections. “I assure you that we are fully conscious of our responsibilities as election managers. The next general election is just in 478 days and dates have already been fixed for the elections

which are February 16 for the federal elections and March 2 for the states and Federal Capital Territory (FCT) elections.” In his remarks, the German ambassador commended INEC for its role thus far. While describing the commission as the engine room of democracy, Schlaghede urged Yakubu to ensure that the upcoming Anambra State governorship election is free and fair.

Fayose Escapes Mysterious Fire Accident in Lagos Ekiti State Governor, Mr. Ayodele Fayose, escaped a mysterious fire incident in Lagos on Tuesday as his Mercedes-Benz G-wagon Sport Utility Vehicle (SUV) reportedly caught fire. The cause of the car fire accident is still unknown as

at yesterday. However, the Special Assistant to the governor on New Media and Public Communications, Mr. Lere Olayinka, confirmed it via a statement made available to journalists. Olayinka said the governor

was on his way to Lagos Airport when the accident occurred. The statement said: “There was an accident involving the governor’s vehicle on his way to the airport yesterday (Tuesday). “Though he was meant to be in the vehicle, by providence, he

was not there. What caused the sudden fire under the vehicle is yet to be ascertained. “The governor is grateful to God that no casualty was recorded. He also thanked the people who made spirited efforts to put out the fire.”

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Fight against Corruption Remains a Cardinal Focus of Govt, Osinbajo Insists Says perpetrators of graft will be apprehended Paul Obi in Abuja Amid the various cases of alleged corruption against government officials, the Vice President, Prof. Yemi Osinbajo, yesterday insisted that the fight against corruption remain a cardinal focus of the federal government. Osinbajo stated this yesterday while declaring open a two-day capacity workshop organised by the Economic and Financial Crimes Commission (EFCC), in collaboration with National Judicial Institute (NJI), for justices, judges, prosecutors and other stakeholders in Abuja. He reaffirmed the determination of the government to apprehend and deter perpetrators of corruption in order to achieve sustainable development in the country. “Corruption fight is a cardinal focus of this present administration and government is poised to tame the monster that is ravaging our economy and causing untold hardship to its citizens,” he vowed. The workshop, with the theme: ‘Emerging Trends in Investigation and Prosecution of Economic and Financial Crimes,’ was designed to help in building a team-based, non-adversarial collaborative justice system that is beneficial to all stakeholders. Osinbajo maintained that corruption as a cancer which may be terminal if not checked, will continue to have adverse

implications on education, healthcare, social services, infrastructure and indeed quality of life of citizens. He said: “As part of anticorruption strategy, we are also re-equipping our prosecution teams, and part of the expected judicial reforms is to dedicate some specific courts to the trial of corruption cases. “We must come together as patriotic citizens to rescue our nation from the shackles of corruption.” Also, the Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, in his keynote address, described the theme of the workshop as “apt and in line with the current realities in modes of investigation and prosecution of corruption cases in Nigeria.” Onnoghen, who is also the Chairman, Board of Governors, NJI, identified the role of the judiciary and the EFCC as vital and crucial in the fight against corruption. “The judiciary is an important stakeholder which has a crucial role to play in ensuring that, sustainable solutions to the mounting legal challenges to the success of the fight against corruption are sustained. “This workshop will bring to the fore the challenges faced by the commission as well as pontificate on solutions, and expose stakeholders to global best practices in the investigation and prosecution of financial crimes,” Onnoghen stated. The CJN expressed optimism that the war against corruption

NBS: Govt, Household Expenditures Responsible for GDP Decline in Q3, Q4 2016 Ndubuisi Francis in Abuja The National Bureau of Statistics (NBS) has stated that both household consumption and government consumption expenditures contributed to the fall in Gross Domestic Product (GDP) in the third and fourth quarters of 2016. In a report titled: ‘National Gross and Domestic Product Report (Expenditure and Income Approach) for the third and fourth quarters of 2016’, the NBS also said year-on- year, growth in GDP declined by 2.34 per cent in the third quarter of the same year. The country’s GDP contracted by 1.73 per cent in real terms, a situation the NBS said, resulted in continuation of the negative growth trend from the first half of 2016. The NBS noted that a strong recovery in growth in net exports, particularly in the fourth quarter, helped to stem the decline. Both household consumption and government consumption expenditures contributed to the fall in Gross Domestic Product (GDP) in the third and fourth quarters of 2016. National Disposable Income also recorded a strong growth in comparison to the GDP in the second half of 2016 in real terms. According to the NBS, “This is partly as a result of increases in ‘other net transfers from the rest of the world.” Growth in domestic Compensation of Employees year-on-year declined in real

terms, the report said, adding that operating surplus also declined in the third and fourth quarters but grew overall in real terms in 2016. “ In real terms, year-on-year, growth in GDP declined by 2.34 per cent and 1.73 per cent, in the third and fourth quarter respectively, continuing the negative growth trend from the first half of 2016. “ Both household consumption and government consumption expenditures contributed to the fall in the third and fourth quarters, however a strong recovery in growth in net exports, particularly in the fourth quarter helped to stem the decline. “National Disposable Income recorded a strong growth in comparison to the GDP in the second half of 2016 in real terms. “This is partly as a result of increases in “other net transfers from the rest of the world,” the report said. According to the NBS, yearon-year growth, “domestic compensation of employees declined in real terms. Operating surplus declined in the third and fourth quarters but grew overall in real terms in 2016. GDP is the value of all goods and services available for final use and export. The country’s economy slipped into recession in 2016 after contracting for two consecutive quarters. However, on September 5, the NBS announced that the economy had exited recession, growing by 0.55 per cent in real terms.

can be won in Nigeria, adding: “With the coming into effect of the Administration of Criminal Justice Act (ACJA) 2015, and the recent designation of special courts to handle corruption cases, we are assured of enduring success in the fight against corruption He further warned against over-sensational reporting of corruption cases by the media which he said is often pre-judicial or impugn the integrity of the judges involved in such cases.

The NJI Administrator, Justice Roseline Bozimo, commended the initiative of the organisers of the workshop which according to her “could not have come at a better time than now.” According to her, the workshop was organised “in fulfillment of the mandate of the institute as outlined under Section 3 (1) of the National Judicial Institute Act, Cap N55 Laws of the Federation of Nigeria 2004”; which provides

as follows: “The institute shall serve as the principal focal point of judicial activities relating to the promotion of efficiency, uniformity and improvement in the quality of judicial services in the superior and inferior courts.” While calling on justices and Judges to ensure proper adjudication and resolution of lingering cases pertaining to seizure, forfeiture of assets and money laundering

Bozimo said: “I must not fail to emphasise that in order to sustain public confidence in the judiciary, judges must be proactive by not allowing technicalities to stand in the way of substantive justice. “The judiciary is saddled with the responsibility of upholding the rule of law by interpreting, construing and applying the relevant laws. I therefore encourage you to interpret the law without bias, affection and ill-will.”

THANK YOU VISIT

L-R: Deputy Senate President, Senator Ike Ekweremadu; Senate President, Senator Bukola Saraki; and the Shehu of Borno Alhaji Umar Ibn Kyari El-Kanemi, durig a courtesy visit by traditional rulers from Borno State to the Senate President in Abuja.... yesterday Julius Atoi

Kogi Govt Proscribes Activities of Trade Unions in Tertiary Institutions Yekini Jimoh inLokoja The Kogi State Governor, Alhaji Yahaya Bello, yesterday proscribed the activities of Joint Action Committee (JAC) Trade Unions of tertiary institutions in the state. The governor made this known yesterday while addressing journalists at the Lugard House Lokoja. The governor noted that while government respects the rights of all citizens to responsibly associate and pursue their welfare within the ambits of the constitution, the laws of the state, the rights of other citizens and the general norms of a democratic society, would not allow anybody to hold the state

to ransom. According to him, his government has made tremendous progress in resolving all issues relating to adequacy and frequency of remuneration for all categories of civil servants in the state. “My government respects the rights of labour unions in relation to the responsibilities of the owners/ proprietors of tertiary academic institutions. “The Kogi State Government is dismayed that in the state-owned tertiary institutions, trade union has lent itself to impeding government efforts to carry out holistic reforms of the civil service in the state through unjust and unjustifiable industrial actions. The governor regretted that the branch of the

JAC of trade unions of tertiary institutions owned by the state in Kogi State Polytechnic, Lokoja, has proceeded on yet another strike for alleged non-payment of salaries and emoluments irrespective of clear evidence of government good faith and efforts contradicting JAC’s position. The governor added that there was evidence of massive embezzlement of the Kogi State Polytechnic’s earnings in excess of N157million committed under JAC’s nose and government efforts to bring the affected culprits to book is being frustrated by the unions. Bello thereafter directed the management of the institutions to start the process of employing all other categories of staff required

by the respective Institutions based on compelling need. He also directed all law enforcement and security agencies in the state to remain vigilant as usual and be proactive in preventing the breakdown of law and order in any part of the state, whether consequent upon this directive or for any reason whatsoever. According to the governor, government remains committed to meeting her obligations to all genuine employees as promptly as available resources will permit. “Government will work to ensure uninterrupted academic calendar henceforth in all basic education, secondary and tertiary academic institutions in the state.

NECA Asks Members to Decline House C’ttee Invitation to Public Hearing on Carbonated Drinks Lawmakers warn of consequences James Emejo in Abuja The Director General, Nigeria Employers’ Consultative Association (NECA), Mr. Olusegun Oshinowo, has directed its members not to honour an invitation by the House of Representatives Ad-hoc Committee investigating the production and distribution of drinks manufactured by the Nigerian Bottling Company Limited and other drinks produced or marketed in Nigeria.

“On the request to appear before the committee, we advise members to stay off and not honour the invitation in view of our ongoing court case against the Speaker and the House, which is presently at the Supreme Court. The House is very well aware of this position,” he said in a correspondence to members dated October 14, 2017. The House had passed a resolution setting up an ad-hoc committee to investigate the safety of carbonated

drinks in the wake of the rejection and declaration by the British quality agency that soft drinks produced in Nigeria and exported to Britain failed to meet the latter’s standards. He said member could nevertheless provide the legislators with information regarding their products which are already in the public domain. Oshinowo said the association’s legal counsel had already been mandated to convey its position

to lawmakers. However, despite pleading prejudice to the committee’s invitation, the association’s explanations appeared to have fallen on deaf ears as leader of the House, Hon. Femi Gbajabiamila (APC, Lagos), who chairs the committee said notwithstanding the fact that the parties are in court, the House is further empowered by the constitution to invite the companies to the hearing.

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Misau: IG Gave Aisha Buhari Two SUVs for Personal Use Says police boss doctored his retirement date Damilola Oyedele in Abuja Senator Isah Hamman Misau has alleged that the Inspector General of Police (IG), Mr. Ibrahim Idris, gave two Sport Utility Vehicles (SUVs) to the wife of the president, Mrs. Aisha Buhari, for her personal use. Testifying yesterday before the Senate adhoc committee charged with investigating the allegations he levelled against the IG, Misau also alleged that the retirement date of the IG was doctored on the staff list of senior police officers to January 15, 2019 from January 3 of the same year. He, however, did not specify the implication of the 12-day manipulation in retirement date.

Speaking on the cars allegedly given to the first lady, Misau said Mrs. Buhari had made the request through her Aide de Camp for a Toyota Sienna and Hiace Bus. “The IG gave the wife of the president two Jeeps, and this came through a letter from the ADC of the first lady who requested on her behalf that she needed a Sienna and Hiace for personal use, but she was given the two jeeps for her private use,” he told the eight man committee. Misau summarised his allegations to include diversion of funds, use of police funds for personal use, poor attention to personnel welfare, sexual relationship with women police, and nepotism. He accused the IG of

undermining legitimate police departments by creating special units who ‘curiously’ report directly to him. He listed the units to include the IG Response Team, IGP Monitoring Unit and Special Investigation Unit. Other allegations he leveled against Idris include pocketing monies gotten from deployment of between 50,000 and 100,000 policemen to private firms and citizens for protection, running a bribery for postings and special deployments scheme, and favoritism in promotion and appointment of police commissioners. “It is alleged that a woman Assistant Commissioner of Police who is in charge of

posting and transfer at the Force Headquarters, Abuja and is known to be close to the IG, collects money for general postings and transfers, and this is verifiable through the ACP’s account details and those of her immediate subordinate officers and men as the money collected are usually through bank transfers. “The IG is also in the habit of regularly withdrawing cases from the DIG Investigations/ Intelligence and reassigned to junior officers loyal to him, thereby effectively undermining the Deputy Inspector General;” “The IG is known to have recruited retired Assistant Inspector General of Police and other civilian personnel

without recourse to the Police Service Commission or the Public Service Rule. Aside from the financial implication of such recruitments on public fund, these unlawfully recruited personnel in most cases take over the job schedule of serving senior officers,” Misau told the committee. “I still have some contract papers that the IG himself submitted to the court (Misau Vs FG) where the first lady through her aide-de-camp requested a Toyota Hiace and a Sienna. The same day that the ADC wrote, the IG minuted that she should be given two jeeps. And it is not part of the appropriation. If you look at the appropriation,

there is nowhere they said the first lLady should be given two jeeps,” “The letter came from the ADC to the wife of the President. The most unfortunate thing is that even in the letter, the ADC wrote that they wanted the vehicles for her private engagements; they wrote that they wanted Sienna and Hiace and the IG said they should be given two jeeps. And he (IG) supplied the document to the court.” Idris is expected to appear before the committee next week. It is however unclear if he would honor the invitation extended to him, as he has gone to court to stop the committee from mandating his appearance.

CJN, Senior Lawyers Eulogise Late Supreme Court Judge, Nwokedi Body of SAN seeks elevation of chief judges to S’Court Alex Enumah in Abuja The Chief Justice of Nigeria (CJN), Justice Walter Samuel Onnoghen, and senior lawyers in the country yesterday paid glowing tributes to the late Supreme Court judge, Justice Paul Kemdilim Nwokedi, who passed away at the age of 91 at a valedictory session in honour of the late apex court jurist held at the Supreme Court. The CJN described Nwokedi as a great jurist whose life is worthy of emulation by the incoming generation. The CJN at the session attended by senior lawyers in the country, said Justice Nwokedi in his life time, stood for justice, integrity and reputation, adding that upon his retirement from active national service, the late jurist dedicated himself to a quite but laudable work of charity, with special interest in the training of Catholic priests and support for seminarians. “As a judge, he earned the reputation of being fair but firm as reflected in his judgment in the several cases he handled while on the bench. I recall the now renowned case of Obi Okongwu and the state that saw to the contempt conviction of the then Solicitor General of Anambra State for casting aspersions on the integrity of the judiciary. “Another notable and landmark case was the judgment of the then Anambra State High Court where the court under Nwokedi held that the practice of the governors to willy-nilly revoke the Certificates of Occupancy of lands belonging to their critics was not in accordance with the public purpose requirements of the Land Use Act,” he said. The CJN then prayed serving judges, legal practitioners and family members of the late jurist to emulate his courageous life so as to build an egalitarian society. In their tribute, the Body of

Senior Advocates of Nigeria (BoSAN) canvassed for the elevation of Chief Judges of High Courts, who have track record of performance to the Supreme Court as done in the appointment of the late Justice Nwokedi from the state High Court to the Supreme Court. In a tribute delivered by Chief George Uwechuwe (SAN), the senior advocates claimed that the current practice of appointing Supreme Court Justices from Court of Appeal alone should be revisited, to pave the way for the elevation of the hard working judges from the High Courts to the apex court. BoSAN recalled the appointment of Justice Anthony Iguh, Justice Chukwudifu Oputa, Justice Kayode Eso, Justice E. B. Graig and Justice Saibu Kawu, who were chief judges of their respective states High Court and got elevated to Supreme Court, where they left indelible marks with their profound performance at the apex court bench. “On occasions like this, it is customary to use a tribute to such a legal luminary to address some issues that deserve the attention of members of the Bench and Bar, with particular reference to the service of the deceased jurist. “In the case of late Justice P. K. Nwokedi, there is the need to revisit the current practice of not elevating serving or retiring chief judges of the ‘high courts’, who had served commendable, directly to the Supreme Court, instead of the Court of Appeal which is the current practice, to complete their service until they attain the age of seventy,” he said. According to them, the urgent need to resume discussion on the issue, was underscored by the recent “Guidelines for the conferment of the rank of Senior Advocates of Nigeria, which they said placed much greater emphasis on a candidate’s “final judgments.”

FAREWELL TO A GREAT JURIST

L-R: Daughter of the deceased and retired Federal Permanent Secretary, Ms. Phyllis Nwokedi; Son, Mr. Uche Nwokedi (SAN); Executive Secretary, PensionTransitional Arrangement Directorate (PTAD), Mrs. Sharon Ikeazor; and Mrs.Winifred Uche Nwokedi, during a valedictory court session in honour of the late former Justice of the Supreme Court, Justice Paul Nwokedi at the Supreme Court in Abuja...yesterday

PANDEF Remains Disbanded, Insist N’Delta Ex-militants Emmanuel Addeh in Yenagoa Militant groups from the nine states of the Niger Delta yesterday met at the Benin River, Delta State, maintaining that the Pan Niger Delta Forum (PANDEF), which had hitherto been given the mandate to negotiate on their behalf remain disbanded. The warlords who spoke under the auspices of the Reformed Niger Delta Agenda (RNDA), insisted that the Chief Edwin Clark-led PANDEF has now lost the authority to talk to the federal government on their behalf, noting that any agency of the government which continues to deal with PANDEF does so at its own risk. Citing reasons why they took the decision, Johnmark Ezonbi, who presided over the meeting, in a communique he personally signed, declared that members of PANDEF comprised mainly of former appointed or elected political office holders in the

Niger Delta region who should be blamed for the current state of the region. The ex-militants argued that while in power, the disbanded PANDEF did not use their privileged position to positively impact on the lives of the people of the region. The RNDA leaders noted that the proposed PANDEF meeting in Port Harcourt, Rivers State, scheduled for October 26, 2017, has put paid to speculations that the group was an arm of a failed political party with the calibre of persons invited. According to Ezonbi, ‘those invited include former governors, former ministers, senators and ex-House of Represetatives members from the Niger Delta region which shows that PANDEF was parading a retinue of failed politicians who had contributed to the underdevelopment of the region. “ PANDEF has been

disbanded and it remains so. Federal and state Governments or agencies should stop dealing with the group under any guise on behalf of the region as PANDEF does not have the locus standi to meet to discuss issues affecting the region. “The RNDA and other agitating militants in the creeks of the region will not allow these failed leaders to thwart our genuine agitation for the development of the region. They cannot be trusted to speak on behalf of the region,” the militants said. They added: “PANDEF should know that the same militants who gave them the mandate has since withdrawn it and given it to a more robust transparent group of persons. “This body is the Pan Niger Delta Peoples Congress (PNDPC) led by His Majesty Pere Charles Ayemi Botu, Paramount ruler of Seimbiri kingdom and former National Chairman of TROMPCON.

“The withdrawal of the mandate from the Clark-led PANDEF followed wide consultations and deliberations from all the agitating militant groups across the entire Niger Delta region. Anyone relating with PANDEF on behalf of the region is on its own. “We call on President Muhammadu Buhari not to have anything to do with the disbanded PANDEF group as they cannot speak or negotiate with the federal government on behalf of the Niger Delta region. “The coalition will be forced to resume hostilities in the creeks in a well coordinated approach if the federal government enters into any discussion with PANDEF.” They also named Bishop Mike Emuh, the National Chairman of HOSTCOM and Dr. Francis Inegbeniki, representing Edo State, as other members of the group the federal government should negotiate with on behalf of the warlords.

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Ikpeazu: How We Managed Bailout, Paris Refunds Emmanuel Ugwu in Umuahia Abia State Governor, Dr. Okezie Ikpeazu, has again given detailed account of how his state managed the bailout and Paris club refunds

for payment of backlog of salaries he inherited and also in improving the infrastructure of the state. Speaking at the Nigeria Governors’ Forum media conference for Chief Press Secretaries and

Arewa Youths Want Bafarawa’s Trial Separated from Dasuki’s John Shiklam in Kaduna The Arewa Youth Consultative Forum (AYCF) has faulted the trial process of the former governor of Sokoto State over his alleged handling of the N600 million disbursed by the office of the former National Security Adviser, Sambo Dasuki,. Addressing a press conference yesterday in Kaduna, the forum noted that the last time Bafarawa appeared in court over the matter, it was agreed that his matter should be separated from the Dasuki case in order to accelerate his trial. President of AYCF, Yerima Shettima, who addressed the press conference said the forum had observed that Dasuki has long-standing issues with President Buhari while Bafarawa has none. According to him, it would be erroneous to place Dasuki’s case side-by-side that of Bafarawa because he never had anything against Buhari at any point in their interactions over the years. The forum further said Bafarawa is not being subjected to established procedures of investigation, thereby making the agencies in charge of the case vulnerable to selective justice and called for an immediate correction in the processes in the spirit of fair play. The AYCF president said after following all the developments related to the N600million given to six influential Nigerian politicians, including Bafarawa, by the office of the former NSA through Alhaji Bashir Yuguda, the forum objects to the singling out of the former governor for prosecution while leaving out others with similar

charges. “There seems to be concerted efforts to turn the tables against Bafarawa who is actually the only person who has added money from his personal income to ensure that it was judiciously distributed. “We wonder why Bafarawa is willy-nilly being turned into the whipping boy of the agencies investigating this matter when, in actual fact, his case is clearly a non-issue in comparison to that of the other five prominent Nigerian politicians,” Shettima said. The group maintained that much as it would not reject investigating Bafarawa over any form of suspicion, it insists that the law must be allowed to take its natural course without any partisan interference. “To single out Bafarawa for trial therefore, amounts to selective justice, which is harmful to democracy and the rule of law. “Available records at the disposal of our forum indicate that while the five other politicians have no evidence of whether they disbursed the monies given to them during the campaigns as promised or not, Bafarawa did pay all the stakeholders he was assigned to pay, through electronic funds transfer. “This makes it easier to see that Bafarawa, instead of pocketing the money for his personal gains, decided to pay up as appropriate and even made voluntary additional contribution of N200,000 from his private savings. It is therefore only logical that Bafarawa merely delivered the message given to him transparently through electronic funds transfer,” the group said.

Commissioners for Information from the 36 states in Abuja, Ikpeazu who was represented by his deputy, also said the state enshrined transparency in governanceand ensure that every Abian is updated with quarterly information on the affairs of the state. Speaking on the topic: ‘Application of the Paris Club Refund to State,’ the governor said: “The receipt of the intervention funds has become a source of concern to some analyst, pundits, social critics and political commentators. Some comments have been made in the print and social media which were half truths and sometimes outright lies. “May I use this opportunity to briefly state the facts. Interestingly, Abia State government received the following intervention funds from federal government: Bailout fund of N14.2billion, first tranche of Paris refund of N10.6billion and the second tranche of the Paris refund of N5.7billion. “In line with the transparency approach to governance of the current administration, after the receipt of the first intervention (bailout) fund, the Abia State government constituted a committee made up of the different labour Union leaders; namely NLC, TUC, NULGE, NUP, NUT and Joint Negotiating Council. The committee

took charge of the disbursement of the funds to various areas of greater needs and exigencies. “Indeed, the exercise was conducted devoid of government intervention as 100 per cent of funds received were expended in the services of workers’ payments. This exercise was (by all known standards) transparent and applauded by ICPC, who singled out Abia and two other states for their transparency in the disbursement and utilisation of the fund. “50 per cent of the first tranche of the Paris Refund was dedicated to the payment of workers’salaries and wages. We also disbursed an additional N600m to augment the payment of workers’ salaries and wages. Thus, a total of N5.9billion was spent therein. “The second tranche of the Paris refund received was 100% spent on workers’ salaries and pensions. This has greatly curtailed the salary arrears and responsibilities of the government. “Overall, Abia received a total sum of N16.3billion from the Paris Club refund and deployed N11.6billion to service workers/ pensioners wage bill. This translates to a commitment of more than 71per cent of total receipt to service workers’ salaries and pension,” the governor said.

Expounding further on the challenges, Ikpeazu said: “The challenge has remained that while trying to clear the backlog of salaries, they keep piling as most of us can testify. This is as a result of the fact that allocations from the center and the IGR have not been enough to carry the monthly wage bill and other responsibilities. “ The governor also spoke on the efforts made by his administration to ensure that workers get salaries as at when due, by introducing the verification and biometric exercise to curb ghost workers. “With the introduction of the verification and biometric exercises some issues such as ‘ghost worker’ salaries, padding of salaries, multiplicity of people receiving salaries from various units of the government has been addressed. “This has assisted the state greatly, as the monthly wage bill has been reduced from an average of N2.8billion to N2.1billion. Thus from this alone a savings of about N600million monthly has been achieved. When extrapolated in 34 months, this amounts to about N16billion that would have ordinarily gone into some individuals’ accounts. On the issue of pensions he said: “Hitherto there were 19 sub-treasuries through which Pensioners were paid. These

sub-treasuries determined when and how to pay the pensioners. This brought about sharp practices in the system. The government therefore decided to abolish the sub-treasuries system. “To address this issue, the state embarked on Pen sioners Verification Exercise (PVE). This has helped to identify non-retirees in the system. Thereafter, the e-payment system was adopted. This led to the simultaneous payment of all pensioners through their banks. Today, pensioners receive their pay at the comfort of their respective homes. “Through the verifications, about 131 teachers who were supposed to have retired were identified. From the original date of their retirement till the date of the discovery, the government had paid them a total sum of N496m. The government is determined to convert the monies paid them as either pension or gratuity due them in future.” Speaking with journalists, the Chief Press Secretary to the Governor, Enyinnaya Appolos said: “The state government has brought about transparency and decency in the system. We have built more confidence on the relationship between the labour unions and the government. This can be attested to by the trade unions leaders and their members in the state.

GCU Old Boys Hold Colloquium The Lagos Branch of the Old Boys Association of the prestigious secondary institution, Government College, Ughelli, (Class of 1973 September), will hold a colloquium on the theme, ‘Raising a Wise Generation: revamping Nigeria’s secondary education,’ today at the Civic Centre, Victoria Island, Lagos at 10a.m. Billed as a high-profile starstudded intellectual fest, the event is designed to bring the issue of secondary education in the country on the front burner. The colloquium is parading an array of special guest speakers with high roller stature in Nigeria’s development, especially in the area of education in the country. These include: Governor Kashim Shettima of Borno State who will speak on the topic, ‘The Girl Child’; Governor Seriake Dickson of Bayelsa State who is focusing on ‘Grassroots Education’; and Governor Ifeanyi Okowa of Delta State whose topic is ‘Education and Restive Youth.’

Other speakers are: Nsima Ekere, the Managing Director of NNDC who is speaking on the topic, ‘Fixing Infrastructure’; the business mogul, Aliko Dangote, is giving a talk on ‘Private Sector Stakes’; Professor Ishaq Oloyede, Registrar, JAMB, is dissecting the issue, ‘Curriculum/ Syllabus’; and Herbert Wigwe, MD, Access Bank Plc, will focus on the topic, Financing. The Minister of Education, Mallam Adamu Adamu, is billed to dwell on the topic, ‘Buhari administration’s Vision,’ while the Chairman of the Anti-Corruption Advisory Council, Professor Itsey Sagay, an old boy of the school, is presenting the topic, ‘An Old Boy’s Perspective.’ The Governor of Lagos State, Akinwunmi Ambode, is the chief host and will deliver a keynote address. Senator Oluremi Tinubu is the special guest of honour while the chairperson of the occasion is the renowned educationist and university administrator, Professor Grace Alele.

INTERACTIVE SESSION

L-R: Guest Speaker/General Manager, SME, South, Bank of Industry (BoI), Mr. Abdulganiyu Mohammed, Chairman, Membership Development Committee, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Alhaji Sanusi Maijama; and the National President, NACCIMA, Iyalode Alaba Lawson, at the interactive session with NACCIMA corporate members in Lagos...yesterday .Dan Ukana

Saraki, Dogara Commend Buhari for Signing NEDC Bill into Law James Emejo in Abuja Senate President, Dr. Abubakar Bukola Saraki and the Speaker of the House of Representatives, Yakubu Dogara, have commended President Muhammadu Buhari for signing into law the North East Development Commission (NEDC) Bill. Saraki in a statement by his Special Adviser (Media and Publicity), Yusuph Olaniyonu described the presidential assent as a “major development in the efforts by the present administration to restore peace and normalcy

in the North-east and making the harrowing experience of the people as a result of the insurgency a thing of the past. “I applaud President Buhari for signing the North-east Development Commission Bill into law. Now, that the NEDC Act has the full force and effect of the law, it is my hope that we can collectively work towards the rehabilitation, reconstruction and rebuilding of the North-east. “I believe the NEDC Act will help alleviate the suffering of the millions of Nigerians whose lives have been affected by the

insurgency in the zone,” the Senate President stated. “You will recall that when I visited Maiduguri, I promised that the National Assembly will work and pass law to alleviate the suffering of the people. I thank God, Mr. President, my colleagues and members of the House of Representatives for making the promise a reality,” he said. On his part, Dogara in a statement which he personally signed, the speaker hailed Buhari’s sensitivity to the plight of the highly traumatised people of the North-east. He said: “I expect that the

expeditious coming into force of the commission will remedy the long years of underdevelopment suffered by the region. The recovery and redevelopment of the zone devastated by terrorism is expected to last decades.” The NEDC establishment bill was sponsored by the Speaker in 2015 and further moved a motion for which the House passed a resolution calling for the recovery, resettlement, and rebuilding of the violence ravaged region and the convocation of an international donor conference for total reconstruction and rebuilding of the region.

THURSDAY OCTOBER 26, 2017 ˾ T H I S D AY

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Court to Rule on Motion to Set Aside Guilty Plea of Four Firms Linked to Patience Jonathan Justice Babs Kuewumi of the Federal High Court in Lagos yesterday adjourned for ruling on the motion seeking to set aside the guilty plea of four firms allegedly used to launder $15.5 million belonging to a former First Lady, Mrs. Patience Jonathan. The motion was filed by a lawyer, Amajuoyi Azubuike

Briggs, who is standing trial alongside Waripamo-Owei Dudafa, an aide to former President Goodluck Jonathan and one Adedamola Bolodeoku for allegedly concealing the total sum of $15,591,700.00 which they knew formed part of the proceed of an unlawful act, through various banks in Nigeria. The four firms pleaded guilty

VAIDS: FCT, Three States Set to Release Data on Hidden Assets, Income Chika Amanze-Nwachuku Three states- Lagos, Osun and Kaduna as well as the Federal Capital Territory (FCT) administration have promised to provide all transaction data required to identify tax defaulters at the expiration of the first phase of the tax amnesty programme in March. This was disclosed in a statement issued yesterday by the Voluntary Assets and Income Declaration (VAIDS) office in the Federal Ministry of Finance. The VAIDS office, according to the statement, expects states that provide all the required information to experience sharp rises in their respective Internally Generated Revenue (IGR), as analyses of the obtained data will lead to considerable recovery of otherwise lost revenues and yield reliable information on eligible taxpayers. Recently, the VAIDS office disclosed that it has begun collection of data on the income and assets of high net-worth individuals and companies in Nigeria. Useful data of all payments and receipts over N100million, said the VAIDS office, have been obtained from the Nigerian Customs Service. Also, data on all beneficiaries of payments above N100million have been obtained from the Assets Management Corporation of Nigeria (AMCON), Federal Inland Revenue Service (FIRS) and the Nigeria Export-Import Bank Over. Vital information has also been mined from the Corporate Affairs Commission (CAC), Securities and Exchange

Commission (SEC) National Identity Management Commission (NIMC) and land registries. The VAIDS office also said it is equally looking to derive more data from treasury bills, Nigerian Inter-Bank Settlement System (NIBSS), Integrated Payroll and Personnel Information System (IPPIS), Nigerian Civil Aviation Authority (NCAA) and payment platforms such as Remitta. “This is the first step in collecting intelligence that will provide information on corporate entities and individuals who may refuse to take advantage of VAIDS. The data being collected is on individual and corporate liquid as well as fixed assets and income over the last five years, both within and outside Nigeria. Data collected will be profiled against tax payments made by such individuals and corporate entities,” said the VAIDS office. VAIDS, an initiative of the Federal Ministry of Finance, provides a timelimited opportunity for taxpayers with liabilities to regularise their tax status by truthfully declaring previously undisclosed assets and income. Taxpayers who take advantage of the window will avoid penalties and interest on taxes owed, tax audits and prosecution for tax offences. The federal government expects, through the implementation of VAIDS, to generate $1billion, raise the country’s tax-to-GDP ratio from a meagre 6 per cent, one of the lowest in the world, to 15 per cent by 2020 and provide improved tax education to boost voluntary tax compliance.

Senate Wades into Non-payment of Students’ Scholarships in Russia Following the promise made by the Senate President, Dr. Abubakar Bukola Saraki, at a meeting with Nigerian students in Russia recently, the Senate yesterday initiated action on the non-payment of the scholarships of Nigerian students studying in Russia. The heads of Tertiary Education Trust Fund (TETFund), National Universities Commission (NUC) would therefore meet with Saraki next week to resolve the matter. In a motion, raised by the Chief Whip of the Senate, Senator Olusola Adeyeye, the Senate raised alarm over the state of Nigerian scholars abroad, and directed that all concerned agencies of the federal government to meet with the Senate President to rectify the situation immediately. The Senate also directed that the Nigerian amnesty programme must make payments to the Nigerian students in Russia that have not

received their payments in over four years. In his comments, the Senate President described the situation as pathetic and serious. “We must stand firm behind our students. I had the opportunity to meet with my counterpart from Russia, where they categorically told us that they are able to provide more scholarships for Nigerian students. “Unfortunately, some that are given scholarships have not been paid in two years. Because, of this, some are now roaming the streets doing other illegal activities. The minimum figure is about $500 per student — it is not acceptable. “We must address this. I promise you, next week, we will meet with the concerned MDAs and find a way to put this issue to an end for our students,” the Senate President said.

to laundering the money upon their arraignment alongside the trio. The firms; Pluto Property and Investment Company Ltd, Seagate Property Development and Investment Company Limited, Trans Ocean Property and Investment Company Limited and Avalon Global Property Development Company, pleaded guilty through their representatives. They were represented by Friday Davies, Agbor Baro, Dioghowori Frederick and Taiwo Ebenezer respectively. The four firms were later convicted on the alleged offence following the review of the facts of the case by the prosecution. Dissatisfied, Dudafa and Briggs filed separate applications seeking to reverse the plea at the court. The applications were however dismissed by Justice Kuewumi on the grounds that the same issues were being

canvassed by the accused persons at the Court of Appeal. However, the Court of Appeal in its judgment on June 15, 2017, directed the lower court to hear Briggs’ motion seeking to reverse the firm’s plea. At the resumed hearing of the matter yesterday, EFCC’s lawyer, Rotimi Oyedepo, sought the court’s permission to continue with the examination-in-chief of the first prosecution witness. The request was however opposed to by the defence lawyers. In particular, Briggs’ lawyer, Ige Asemudara, drew the court’s attention to the Appeal Court’s judgment which ordered the hearing of his client’s motion challenging the guilty plea of the four firms. He also disclosed that he had filed another motion seeking to set aside the conviction of the four firms. In his own submissions, lawyer representing the four

firms, Chief Mike Ozekhome (SAN), equally notified the court of the existence of a motion he filed since May 8, 2017, seeking to set aside the guilty plea of the firms. According to him, the court cannot proceed on trial when the plea of the firms which are in joint trial with the other accused persons is being contended. Lawyers to the other accused persons, Gboyega Oyewole (SAN) and Joseph Okodieme also spoke against the matter proceeding to trial. After listening to the submissions of parties in the matter, Justice Kuewumi opted to hear Briggs motion as directed by the Court of Appeal. In moving the motion, Briggs’ lawyer, Ige Asemudara, said the main issue is that the plea entered into by the firms wherein his client is the secretary does not comply with Sections 477 (3)and 478 of the Administration of Criminal Justice Act (ACJA) 2015.

While urging the court to set aside the guilty plea of the firms, the lawyer said the prosecution is yet to file any counter-affidavit against the motion. In his response, EFCC’s lawyer, Rotimi Oyedepo, urged the court to rely on its record with regards to the service of the charge on the directors of the firms as well as their appearances before the court. He added that in view of the firms’ plea which was made by the directors and upon the admission of the facts reviewed by the prosecution leading to the firms conviction, the motion is a violent abuse of court’s process. Oyedepo said the applicant (Briggs) equally lacked the ‘locus standi’ to complain about the plea of his co-accused because the plea of an accused person is peculiar and personal to him or her. The court has reserved ruling on the motion while hearing of other pending applications has been fixed for November 22.

LET EDO BE FREE OF CRIME

Edo State Governor, Godwin Obaseki (right), and the new state Commissioner of Police, Mr. Johnson Babatunde Kokumo, when he visted Government House in Benin City....yesterday

Fayemi: Govt’s Policy on Steel Privatisation Yielding Results Jonathan Eze The Minister of Mines and Steel Development, Dr. Kayode Fayemi, has lauded the federal government’s policy on privatisation of the steel sector, assuring operators and investors of more policy support and incentives aimed at taking the industry higher. The minister disclosed this yesterday in Lagos at the event organised by African Industries with the theme, ‘Taking Nigerian Steel to the Global Map.’ Fayemi, who was represented by Director, Steel and NonFerrous Metals, Ministry of Mines and Steel Development, Mr. Ime Ekrikpo, expressed government’s determination to continue to create an enabling environment for investors and local productions of their

various businesses. According to him, “Our key target in the mining industry is the steel and we will give them all the necessary support to begin to produce iron ore,” he said. Earlier, the Group Executive Director, African Industries Group, Uche Iwuamadi, said that the major breakthrough which he referred to as breaking news is that for the first time in Nigeria, the company has begun exporting steel, finished steel, made-in-Nigeria from Nigeria to other countries. “That is just the news and it has been on for a while. At this very critical time in the country, where people are talking of forex for importation, they are calling this country import oriented nation, we want to change the wheel,

now we are exporting our finished products meeting up international standards and are accepted globally. “At least, having met the requirement of local need, that is the most important thing. We have been able to produce enough to meet the local market and that is why we are now thinking of exporting. That is the summary.” In his remarks, the Group Managing Director, Alok Gupta, said that the company which has existed in Nigeria since 1971 is targeting to export between 150,000 – 200,000 metric tonnes of steel on annual basis to start with. “Our export of steel during first nine months of this year have increased over three folds by weight and value compared to the full last year 2016. To put

numbers on it-in year 2017 for the first three quarters, our steel export are almost $13.5million compared to $4.1millon in 2016 and we are expecting an additional $12million of steel exports in the final quarter of the year. Overall we expect over $25million in the current year 2017. We are proud to achieve this milestone due to combined effort of our team and enabling environment created by domestic industrial policies.” The MD/Chairman of First City Monument Bank (FCMB), Ladi Balogun, Executive Vice Chairman, ENL Consortium Limited, Princess Vicky Hastrup, Chairman, Basic Metal, Manufacturers Association of Nigeria (MAN) President, Frank Jacobs and representatives from Zenith and UBA banks were at the event.

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T H I S D AY THURSDAY OCTOBER 26, 2017

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T H I S D AY THURSDAY OCTOBER 26 2017

We We commiserate commiseratewith with our our friend, friend,Afam Afam Nwokedi Nwokedi thedemise demise of ononthe of his hisfather father

!"#$ % #&!'

Committee of Friends 1. Iheanyi Nzekwe 2. Hon. Udo Ibeji 3. Kofoworola Coker 4. Emmanuel Achukwu 5. Bamidele Adeleye 6. Alexander Chiedu Nweke 7. Patrick Ogechukwu Okigbo 8. Paul Ogbe Kaizer 9. Ibe Onyema Cosmas 10. Chikeluba Collins 11. Lotanna Ojukwu 12. George Igbokwe 13. Seni Adio, SAN 14. Olufemi Olubanwo

14. Olufemi 15. Chief Tony Olubanwo Okoroji 16. Chief 15. Remi Dalley Tony Okoroji 17. Remi 16. Nicholas Dalley Barth Shaiyen 18. Robert 17. NicholasChidozie Barth Shaiyen Mbonu 19. Robert 18. Chuks Nwana Chidozie Mbonu 20. Chuks 19. Olu Akpata Nwana 21. Uzoma 20. Olu Akpata Onwuchekwa 22. Uzoma 21. Anslem Onwuchekwa Tabansi 23. Adewole 22. Anslem Tabansi Adesina 24. Adewole 23. Chima Okafor Adesina 25. Chima 24. CharlesOkafor Chibuike Ibe 26. Charles 25. Patrick Olaghere Chibuike Ibe 27. Godson 26. Patrick Olaghere Anyanwu 28. Henry Udeh

27. Godson 29. Prince Ike Anyanwu Iloghalu 30. Chinedu 28. Henry Udeh Idigo 31. Prince 29. Ilanin Vladimir Ike Iloghalu 32. Chinedu 30. Uche Obiakor Idigo 33. Otunba 31. Ilanin Vladimir Olusegun Balogun 34. Charles 32. Uche Obiakor Okafor 35. Shehu 33. OtunbaMohammed Olusegun Balogun 36. Charles 34. OlabodeOkafor Fatimilehin 37. Shehu 35. FrancisMohammed Inyang 38. Olabode 36. Etim EtimFatimilehin Bassey 39. Francis 37. Chief Olugbenga Inyang Fayoku 40. Isa 38. Etim Mohammed Etim Bassey 41. Chief 39. Barnabas Olugbenga Lar Fayoku 42. Oladele Adeniji

Funeral arrangements as announced by the family

40. Isa 43. Ikenna Mohammed Okeke 44. Barnabas 41. Chijoke Okoli, Lar SAN 45. Hon. 42. Oladele Chudi Adeniji Offodile 46. Ikenna 43. Ladipo Odubanjo Okeke 47. Aliu 44. Chijoke Ahmed Okoli, SAN 45. Hon. Chudi Offodile 46. Ladipo Odubanjo 47. Aliu Ahmed 48. Sym Otike Odibie 49. Uaboi Agbebaku 50. Uduma Okoro Kalu

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T H I S D AY ˾ THURSDAY, OCTOBER 26, 2017

THURSDAYSPORTS

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

Dogara: National Assembly Opposed to Activities Inimical to Sports Devt Hearing begins on NFF Bill, two others at House of Representatives James Emejo in Abuja The Speaker of the House of Representatives, Hon. Yakubu Dogara yesterday reiterated the determination of the National Assembly to oppose any activity that is likely to pose adverse effect on the development of sports in the country. He said the sector should be encouraged given its role as a unifying tool for peaceful coexistence. Speaking at the opening of a Public Hearing on three sports related bills, Dogara expressed hope that the three sports bills will improve administration and management of the industry, establish institutions and agencies that will enable it realise its full potentials and capacity. He also called on stakeholders to make meaningful contributions that will enrich the proposed laws. “These Bills represent elements of change required to reposition the Nigerian Sports sector. To state that the sector has been on a steady downslide is stating the obvious. Hence, to concretise strategy on effective administration and management of the industry as well as establish institutions and agencies to enable it realise its full potentials and capacity is most timely for the sanctity of the sector and integrity of Nigeria in the comity of nations. “The sport industry is one of the critical sectors of the economy. Over the years, sport has become a global economic and business undertaking; the need to get serious in this context cannot be overemphasised. Most importantly the sector represents a safe haven for the youths, where they are, in most cases, recognised nationally and internationally. Most importantly perhaps is the reality that sports has

remained one of the greatest unifying factors to Nigeria as a nation for we all are indebted. “The cardinal aim of the third Bill, to establish Nigeria Sports Anti-doping Agency devoid of internal or external interference is very crucial, particularly to comply with the express requirements of the World Anti-Doping Agency (WADA), Nigeria being a signatory. Also, the Bill will not only create awareness among athletes but restore the integrity and confidence in sporting activities. “The National Assembly, as partner in the Nigerian project, will not condone activities inimical to the development of the Sports industry. I assure you that members of the committee, who are seasoned administrators and professionals in varied disciplines, understand the magnitude of the task before them and are prepared to consult extensively on these Bills to arrive at logical and functional conclusions.” The three bills are (i). A Bill for an Act to repeal the Nigerian Football Association Act, CAP. N110, Laws of the The Federation of Nigeria, 2004 and re-enact the Nigeria Football Federation Act to Provide for the administration of the game of football in Nigeria; (ii). A bill for an Act to provide for the administration and management of sports in Nigeria, establishment of sports institutions and facilities, harness sports for development; (iii). A Bill for an Act to establish the Nigerian Sports Anti-doping Agency responsible for carrying out the functions of Nigeria Antidoping Code in accordance with the various international standards and to encourage and promote drug-free sports and recreation in Nigeria. One of the sponsors of the

N P F L T R A N S F E R U P D AT E

three bills, Hon. Abubakar Kannike Garba (APC, Kwara) said the bills chronicled the responsibility of the sports commission regarding what it can and cannot do and provide the opportunity to tap into the private sector which would be more comfortable in investing in sports contrary to when the government is in charge of the sector. He said the bill would help the Sports Commission to stand on its own and be able to sign contracts with private investors. A former Minister of Sports,

Malam Bolaji Abdullahi, former Directors- General of the National Sports Commission, Dr Patrick Ekeji and Malam Al Hassan Yakmut and 2nd Vice-president of the NFF, Malam Shehu Dikko, were amongst stakeholders in the sports sectors that made contributions yesterday at the public hearing at the National Assembly in Abuja. Dikko gave the five major framework of the new NFF Bill to repeal the NFA Bill as follows: 1. Recognises the NFF as the body to manage and

regulate football activities in Nigeria in line with its statutes as approved by FIFA; 2. Recognises the NFF statutes as drafted by its members and approved by FIFA as the supreme Laws for the Governance of the functioning of the organisation, administration and operations of the NFF; 3. Recognises that the statutes of the NFF may be amended from time to time in accordance with the procedures and process stipulated in the statutes; 4. Recognises football

as a national asset and thus entitled to special privileges, concession and from time to time to receive grants, subventions and or appropriation from the government in furtherance to its objectives and functions and to facilitate the overall development of football in Nigeria and lastly; 5. The Bill technically is to provide the framework of the minimum provisions to ensure good governance, management, and operations of the NFF and in line with FIFA.

Chairman of Abia Warriors FC, Chief Emeka Inyama (left) and new Head Coach of the NPFL team, Rafael Everton at the unveiling of the Brazilian in Umuahia...on Tuesday

Plateau Moves for Dalung Kicks against Autonomy for NFF Osanga, Henlong Plateau United has put in a bid for five players including FC IfeanyiUbah’s King Osanga and the duo of Rangers Charles Henlong and Orji Okagbue Kalu. This is as Ammeh Wilfred has reported handed a request to leave Niger Tornadoes to a yet to be named Football Academy. Plateau United emerged champions of the 2016/17 Nigeria Professional Football League (NPFL), beating MFM and Enyimba international to second and third places respectively. The Jos side will be joined by MFM to represent Nigeria in the 2018 CAF Champions League.

The bid which has been logged in the Domestic Transfer Matching System (DTMS) is awaiting response from the respective clubs or clearance from the Football Federation depending on the individual player’s status. Henlong joined Rangers from Kano Pillars at the start of last season having moved to Kano following the expulsion of Giwa FC from the league. Also on the league champions radar are Chinedu Udechukwu of Katsina United and Raphael Ayagwa from Lobi Stars. The transfer window opened in September and will close in November.

The Ministry of Youth and Sports yesterday told the House of Representatives Committee on Sports that there is really no cogent reason to continue with the bill seeking to repeal the Nigeria Football Association (NFA) Act for the Nigeria Football Federation (NFF) Act. Minister of Youth and Sports, Solomon Dalung who was represented by the Permanent Secretary in the ministry, Adesola Olusade, said contrary to the constant excuses given by the NFF for demand for the new act, there is no need for that because the football house has all the free hands it wanted to run football in the country. He further claimed that because of the resolve of the

federal government to allow the NFF to administer football, it has continued to deal with it and even fund it despite the fact that it has no legal backing yet. Earlier in his introduction, the sponsor of the NFF Bill, Hon. Sam Patrick, said the effort to enact the NFF Act is in line with the ongoing call for the restructuring of the country. He frowned at what he described as the situation where the government always appoints a minister who in turn runs football the way he likes. According to him, the bill will make it possible for the elected board members of the NFF to truly decide how to

run football including deciding about its funding. Olusade further wondered why the NFF will always find it comfortable to run cap in hands to the federal government for funding only to turn around immediately to blackmail it of interference the moment it demands accountability. “The Ministry is not in any way interfering in the activities of the NFF even though it has no legal backing yet. We are doing this so as not to disrupt the administration of football in the country. “Even today, the way the NFF is constituted there is little or no input from the government despite the fact that they are being funded through the budget as a

parastatal but they still ambush government by relying on some non existent laws. “FIFA does not fund the NFF completely yet they use it to harass government, this is robbing Peter to pay Paul. For instance the NFF has not shown capacity of prudent management over the years.” In his very brief presentation, the First Vice-president of the NFF, Seyi Akinwunmi, who represented the NFF President, Amaju Pinnick said the federation has made its position known to the Senate Committee on Sports. He also said the NFF has put in place measures to ensure it was self-sustaining without the frequent recourse to the government.

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THURS ˜ Ͱʹ˜ Ͱͮͯ͵ ˾ T H I S D AY

THURSDAYSPORTS F I FA U - 1 7 W O R L D C U P

England Beats Brazil to Reach Final A hat-trick from Liverpool striker Rhian Brewster sent England into Saturday’s FIFA Under-17 World Cup final with a 3-1 win over Brazil yesterday. Steve Cooper’s side weathered Kolkata’s 29c heat and humidity, plus sustained pressure from their opponents. Brewster took his chances well and was assisted by the impressive Manchester City midfielder Phil Foden. England will face Spain - who beat Mali 3-1 in Wednesday’s other semi-final, with Abel Ruiz scoring twice. The Young Lions will look to match their Under-20 counterparts, who won their World Cup in June. It took only 10 minutes for Brewster to get his first, meeting an inch-perfect delivery from Chelsea’s 16-year-old midfielder Callum Hudson-Odoi and finishing at the second attempt. Flamengo defender Wesley capped a dominant response from Brazil with the equaliser after 21 minutes, and striker Brenner rolled wide a great chance to put them ahead 15 minutes before the break. But Brewster’s second, taking him top of the tournament’s goalscoring chart, sent England in 2-1 up at half-time. The 17-year-old completed his hat-trick in the 76th minute after a pin-point low cross from Emile Smith Rowe and England kept their cool to withstand Brazil’s late rally. “I really believe in our players and I think whoever we play against we can be a match and be better than the opposition,” said England

head coach Cooper. “But we have to work hard for that. We’ll never change our style. We believe in it. “There isn’t a bigger game they can play in their career at their age than a World Cup knockout game. And obviously they are going to go and play the ultimate game - the final.” A hat-trick in a 4-1 quarterfinal victory over the USA,

followed by another in Wednesday’s semi-final, made the 17-year-old the competition’s top scorer. “No words to describe how we all feel right now!! One last big push ahead fully focused on that now”, he wrote on Twitter after the Brazil game. His prolific form follows in the footsteps of Kelechi Iheanacho, now at Leicester

City, who won player of the tournament at the 2013 Under-17s World Cup and narrowly missed out on the golden boot. Iheanacho joined the Foxes from Manchester City for £25m this summer, but Liverpool will be unlikely to entertain the prospect of Brewster going anywhere - except Jurgen Klopp’s first-team.

StarTimes is set to keep football fans glued to their seats as it brings live coverage of France’s Ligue 1 clashes between PSG and Nice; Bordeaux vs Monaco; Caen vs Troyes; and other exciting matches to their living rooms. This weekend’s encounter will be more exciting as PSG and Nice will trade tackles at the Parc des Princes Stadium on Friday evening at 7:45pm. PSG is league leaders with 26 points from 10 matches while Nice is 14th on the table with 10 points from 10 matches. PSG heads into the game with a 2-2 result from its last weekend’s clash with Marseille. Nice has won just one out of its last five matches and will be heading into this game with the determination to

upset PSG that is aiming to extend its unbeaten record. On Saturday, Bordeaux is to take on Monaco at 4pm while the Caen encounter with Troyes will also be shown at 7pm. The Dijon game against Nantes will go on live at 7pm. Speaking on these coming sporting actions, Brands and Marketing Director, StarTimes, Qasim Elegbede said PSG and Nice are a dominant force in terms of sports in France and the leading pay television network is ever committed to delivering quality sporting content to its subscribers. “Football lovers can also enjoy the thrills and action on ST World Football (Channels 244 and 254), ST Sport Premium (channel 246) and StarTimes Mobile App,” Elegbede added.

Buffon Considers Retirement

Anthony Joshua with former Manchester United player Rio Ferdinand

Joshua Ready for War against Takam in Cardiff Anthony Joshua is ready to “go to war” with Carlos Takam and is turning his attention away from knockout blows to punishing body shots. Takam (35-3-1) stepped in as late notice for this weekend’s WBA, IBF and IBO heavyweight title clash with Joshua after the Briton’s original opponent Kubrat Pulev withdrew due to injury. It meant a quick change in the 28-year-old’s preparations for the bout in Cardiff, with Takam a very different fighter to Pulev. But Joshua is relishing the challenge and knows he will need a different approach to topple his 36-year-old opponent and retain his belts.

StarTimes Excites Football Fans with Live Ligue 1 Games

“I’m going to stand in front of (Takam) and chop his tree down, because that’s what he does,” Joshua told Sky Sports on Wednesday evening. “A fighter like him wants to get on the inside, and work you around the body. I can’t keep punching straight if a fighter is on my chest, so I need to work on my inside game and stand in a phone box. Those fights come down to will, heart and whoever wants it more. “He disheartens you. “Imagine throwing your best shots and they are still in front of you. It’s disheartening. To do that for 12 rounds takes a lot of energy so sometimes I’ll have to stand in front of him, trade with him, and go

to war. I need to break his will, to break his heart.” The reigning champion added: “Takam keeps on coming, keeps on coming. He works the body well, and loves a left hook. I already thought he was a game, wellrounded fighter so what is going to happen when he comes here and has everything to take home with him? I’ll see an improved Takam. “With Pulev it wasn’t about whipping him around the body, it was about staying off the line and boxing down the middle. Carlos is different - he can trade down the middle. My speed will beat his combinations. A good way to beat Carlos is to take his body out, that’s

what (Alexander) Povetkin did to him.” Takam’s style does not worry Joshua – who is looking to go 20-0 on Saturday – and he is confident he has the arsenal to come out on top “(Takam) moves around a lot, and boxes well. As the rounds start going on he likes to trade, and throw hooks on the inside,” said the 2012 Olympic super-heavyweight gold medallist. “I’ve had sparring partners who have tried to knock me out, and I’ve had to dig in and give them some body shots. “So my inside game has definitely improved. If we stand on the inside and start trading, it will be entertaining.”

Italy and Juventus goalkeeper Gianluigi Buffon will retire at the end of the season unless his club win the Champions League. The 39-year-old hopes to play in next summer’s World Cup and would extend his career for the Club World Cup if Juventus won Europe’s elite trophy. The Serie A side have been beaten in the Champions League final twice in the past three years. “This is my last season and I’m pretty sure of the choices I make,” he said. “One or two more years wouldn’t add or take away from what I’ve already achieved. “The only way would be to win the Champions League.

At that point, to try to win the Club World Cup, maybe (Wojciech) Szczesny could play one game and me another. “But I think with a goalkeeper like him behind it is normal that next year I’ll stand aside,” he told Sky Italia. Buffon, who began his career at Parma before joining Juventus for £23m in 2001, was named goalkeeper of the year at FIFA’s The Best awards on Monday. He won the World Cup in 2006 and has also claimed eight Serie A titles, four Italian Cups and a Uefa Cup, but has never won the Champions League. Italy’s place at next summer’s World Cup is not guaranteed, as they face Sweden in a two-legged playoff to qualify in November.

NPFL: Kingsley Eduwo Unsure of Future with Lobi Stars Home-based Super Eagles and Lobi Stars of Makurdi forward, Kingsley Eduwo has said that he’s currently in the dark on what the future holds for him at the Makurdi- based club. The forward, who was voted the Most Valuable Player (MVP) for Lobi Stars in the just concluded 2016/2017 season, said he will be open to better offers both at home and abroad. “For now, I am still with Lobi Stars, but for tomorrow I might not be with them. I am a player who is very ambitious and wants to play at the very top level, so if get an offer matching my ambition, I will definitely consider it. “I believe I have paid my dues here at Lobi, if they still

want me here then we will sit down and discuss, if not I might just play my football elsewhere next season,” he told Aoifootball.com yesterday. Eduwo, who was at the WAFU competition in Ghana last month, said he hopes to still be in the country to represent Nigeria at the CHAN Nation’s Cup in Morocco next year. “it’s always an amazing feeling to play for Nigeria and we the players will want to amend the humiliating loss to Ghana at the WAFU Cup by winning the CHAN Cup in morocco next year. “I know it will be a tough one but we have the players that can deliver the title and I hope to be part of the team come next month.”

WTA Finals: Wozniacki Beats Halep to Reach Last Four Golf: Torgah Leads Chase for Nigerian Masters

Caroline Wozniacki thrashed world number one Simona Halep to reach the WTA Finals last four in Singapore yesterday Wozniacki, who beat Elina Svitolina in her first match, broke Halep’s serve five times in a victory that secured progress from Red Group. The Dane is one of five players who could finish the year as world number one by winning the tournament. Caroline Garcia won the last four games to beat Svitolina 6-7 (9-7) 6-3 7-5 in Wednesday’s other Red Group match.

The result means any one of Halep, Garcia or Svitolina could join Wozniacki in the semi-finals depending on the results of Friday’s last robin-round matches. Karolina Pliskova has already qualified from the White Group, with Garbine Muguruza and Venus Williams playing for the second qualifying spot today. Wozniacki, a former world number one, took the first set in 24 minutes against Halep, making only two unforced errors.

The Dane faced a break point in the fourth game of the second set, but Halep was unable to convert. “Even if you lose the first match, you still have nothing to lose,” said Wozniacki. “It’s just a nice cushion to have. I think that kind of motivates me to start off strong and just go for it. “I just ran a lot of balls down and I played aggressive and I mixed up the pace. Everything I wanted to do was going my way.” French eighth seed Garcia

hit 58 winners as she fought back to condemn Svitolina to a second defeat in three days, although the Ukrainian remains in with a chance of reaching the semi-finals. “Probably when I finish the tournament I will have questions for my team and myself, because these kind of matches I played really terrible tennis,” said Svitolina. “OK, the girls played really, really good but the way I handled the situations in this tournament, it was like completely brainless.”

Olawale Ajimotokan in Abuja Vincent Torgah of Ghana will lead the pack of contenders aspiring to win the Nigerian Masters which officially tees off today at the IBB International Golf and Country Club, Abuja. The tournament is one of the events on the schedule of the West African Tour.

Torgah is familiar with the West African Tour having won three times on the tour, including the flagship Tour Championship last year. The players, 43 in all, will be aiming for a lump share of the $50,000 prize money over the 72 holes. The event has drawn players from 11 players, some who are featuring at the tournament for the first time.

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Thursday, October 26, 2017

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MISSILE Isa Misau to Presidency “He was dismissed from the service. He was out for a long time, but smuggled into the service. He left the country as an assistant director. Today, he is a director. We even heard that he goes about with police escort. This is a big embarrassment for this country” – Senator Isa Hamma Misau, in a motion of urgent national importance on Senate floor, calling for an investigation into the Maina saga.

OLUSEGUNADENIYI THE VERDICT

olusegun.adeniyi@thisdaylive.com

The Harvey Weinsteins of Nigeria W

hile “The Godfather” remains the most successful novel of Mario Puzo, his second mafia epic, published almost three decades later, “The Last Don”, is equally engrossing as he takes the reader into the inner recesses of Hollywood where licentiousness seems to be the order of the day. Even when a lot of things may have changed, especially within the past two decades since the novel was published, that was still the world inhabited by Mr Harvey Weinstein until recently. It all started on 5th October, when two reporters with The New York Times, Jodi Kantor and Megan Twohey, authored a story detailing how Weinstein, one of the most powerful American film producers, had, for three decades, been exploiting women in the movie business. He was specifically accused of sexual harassment, sexual assault and rape involving, at the last count, no fewer than 60 actresses. Following that publication, and the follow-up stories by other media outlets which revealed a pattern of sexual misconduct, Weinstein was sacked from the company he co-founded and expelled from all professional associations. But while criminal investigations into complaints against him from several women are ongoing both in the United States and United Kingdom, the scandal has also opened a new vista into the age-old debate about powerful men who abuse their positions to demand sex from women under their authority or influence. As more and more women come out to expose a fallen Weinstein, it is also becoming clear that those who whimsically violate the dignity of women over whom they have power will no longer get away easily, at least not in the United States. But this is a scandal that has reverberated across the world, even though there is a deafening silence about the issue in Nigeria. That is perhaps because, as someone posted on Twitter, “it will be bloody” to have such exposition in an environment where men believe girls and women are theirs for the taking. From the campuses of our institutions of higher learning to the inner sanctuary of religious organisations, government and the corporate world, the Nigerian credo in the relationship between men in authority and women who need their intervention in the line of duty is most often: “Nothing goes for nothing”. And perhaps because of that, at some point in most Nigerian banks, the highest qualification a woman could possess would not be found in her academic credentials but in her physical attributes: fair complexioned and well-proportioned! Let us be clear here. The charge against Weinstein is neither adultery nor fornication which is a problem between him and his wife (or his God, assuming he believes in one) but rather an issue of abuse of power. It is not about romantic relationships between colleagues in the work place either. It is about Weinstein exploiting his position to extract sexual gratification from actresses in an industry where his word was almost akin to law. Even if they submitted to his whims, as many actually did, such sexual liaison cannot be described as consensual. However, it should worry us that there is no

Weinstein discussion about Weinstein in Nigeria, essentially because what he did is a prevalent behaviour in our climes. Teachers sleep with students in exchange for marks. Religious leaders sleep with vulnerable members of their congregations who seek counsel. In the public/civil service, female applicants may need to see some men behind closed doors to secure job offers. Let us not even go into what happens in the private

sector. A 2013 Policy Brief of the National Crime and Safety Survey clearly depicts how our society seems to be living in denial when it comes to the issue of rape, sexual harassment etc. The report goes further to state that the reason why our women hardly come out to shame their oppressors is because of the fear that they would be stigmatised and suffer double jeopardy. But we cannot condone a situation where men use their position to rob the dignity of our girls and women without consequences. In an article she did for Reuters Foundation two years ago, Adaobi Tricia Nwaubani told the story of a 30-year old woman named Amina Ali Pulka who had an affair with a young man who worked in the kitchen at an Internally Displaced Persons (IDP) Camp so she could have enough food for her children. Adaobi, one of the finest writers in our country, wrote: Five months pregnant, Pulka has been abandoned by the kitchen worker, while she has not seen her husband, who lives in the capital of Abuja with another of his wives, for three years. Her oldest daughter, 15, is distraught about her pregnancy. “She asks me why I am pregnant when their father has been away for three years ... other people in the camp also ask me questions,” Pulka said. “I did it because of my children.” Even while living at the margin of society, the young man in the kitchen could still use the

Maina: Who is Fooling Who? In discussing the controversy around the reinstatement and promotion of the twicedismissed former Chairman of the Presidential Task ForceTeam on pension Reforms, Mr Abdulrasheed Maina yesterday at our editorial board meeting, a member said something instructive. According to the person, while the former administration ‘democratised’ corruption, the current one has decided to ‘privatise’ it. If any proof was ever needed about that summation, readers only have to check out what members of the ruling All Progressives Congress (APC) in both the Senate and House of Representatives said on Tuesday in their contributions to the motion on how the former level-14 civil servant with enormous power and wealth suddenly got back his job with promotion and a N22 million bounty in arrears. While the tragic drama--which exposes the hypocrisy of this government and the so-called fight against corruption--continues, I doubt if anybody is fooled about Maina being declared “wanted”. This is a man who has not only been around in the country for a

while before pushing his luck but was indeed one of the candidates touted two years ago to succeed Alhaji Zanna Umar Mustapha, when the then Borno State Deputy Governor died in office. Apparently annoyed by the ongoing deceit, the Maina family yesterday in Kaduna addressed the media. Aliyu Maina, who spoke for his kinsman, said: “Abdulrasheed was in fact invited by this administration and he was promised security to come and clean up the mess and generate more revenue to the government by blocking leakages. He has been working with the DSS for quite some time and he was given necessary security. So, one wonders why all the agencies and various individuals responsible for his return are now denying”. Indeed, it is an open secret in Abuja that Maina is an APC member and given what Senator Shehu Sani told Nigerians about the disposition of this administration when dealing with associates, it is only fitting that, just like the all-powerful ‘grasscutter’, Maina be given nothing but a ‘deodorant treatment’. That, after all, is the spirit of Change!

little power available to him to oppress another vulnerable victim by demanding sex for extra portions of food. But then, he could do that because he must have seen what was going on around him. In June this year, for instance, the American State Department released the 2017 Trafficking in Persons Report which claims that Nigerian government officials, including military, police, and federal and state officials, were involved in widespread exploitation of women and girls in the IDP camps who were often forced “to provide commercial sex acts in exchange for food.” Signed by Secretary of State, Mr Rex Tillerson, the report quotes President Buhari as having “instructed the inspector general [of police] to create a special panel to investigate cases of sexual exploitation, which resulted in the arrest of seven government officials and two CJTF members for alleged sexual misconduct towards IDPs, including sex trafficking”. Unfortunately, the report also concluded that as at the time of going to press, nothing had happened to the culprits. Considering the fact that what we deal with here are violations that do not only demean women and girls but often leave victims with lifelong psychological scars, it is important that we generate a conversation around sexual exploitation of women and girls in Nigeria so that we can begin to deal with the problem. Just like other societies.

Pastor Azodoh @ 60

To the extent that the Bible makes it clear that many are called but only few are chosen, it stands to reason that a good number of those who answer to the title of Pastor in our country may just be on their own. But even at that, there are indeed many good Pastors around; though they are not necessarily the ones who dominate the media headlines. Every pastor that is true to their calling, according to Scott Slayton, “walks through dark nights of the soul. The pain of betrayal, the sting of failure, and despair over people walking away from the faith is often more than the pastor is able to bear”. Yet, despite the sacrifices they make, I have also, at different times, seen the frustrations, discouragements and unfair attacks that some of these people suffer, even in the midst of their own personal challenges. I have been blessed by the ministry of such rare men of God. My Pastor, Evaristus Azodoh who is 60 today retired from the military as a colonel before establishing his own hospital as one of Nigeria’s foremost consultant urologists. Even as a business owner with all the

challenges that go with that in our country, Azodoh runs fulltime Pastoral ministry dedicated to the service of God and his congregation. Whether in times of sorrow or that of joy, he is always there, regardless of the social status of the members concerned. He is also the first person to arrive Church and the last to leave, always holding himself accountable for the failings of members with the refrain: there are no bad soldiers, there are only bad officers. While it amazes how Pastor Azodoh has been able to invest so much time, energy and personal resources in so many of us, it is also evident that the God he is serving has been rewarding his faithfulness. With three wonderful daughters (two medical doctors and a lawyer) and a son who is now one of the Lagos big boys providing knowledge-based solutions to practical problems in the growing tech-ecosystem in Nigeria, Pastor Azodoh has a lot to thank God for. And this evening in Church, we will join him and his family in that thanksgiving with a 90-minute session of praise and dance. Happy birthday Pastor Azodoh!

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