Tuesday 31st October 2017

FG Agrees to Pay N88bn as Compensation to Nigerian Civil War Victims Alex Enumah in Abuja Forty-seven years after the Nigerian Civil War ended under ‘no victor, no vanquished’ terms, the federal government yesterday agreed to pay victims of the war N88 billion as compensation.

A breakdown of the compensation adopted by the ECOWAS Court of Justice as consent judgment for government and the victims showed that N50 billion would go directly to the victims of the war in 11 affected states in the South-east,

South-south and parts of the North-central region, while the remaining N38 billion would be used for the evacuation of abandoned bombs and other lethal weapons, as well as the construction of schools, courts, churches and mosques, among other social amenities in the

affected areas.

In the consent judgment read by Justice Friday Chijioke Nwoke, the federal government is expected to pay the N50 billion into a United Bank of Africa (UBA) Plc account number 1018230076 belonging to Chief Noel Agwuocha

Chukwukadibia, the nominated counsel of the war victims.

The balance of N38 billion is to be paid into another UBA account number 1016296801 belonging to Deminers Concept Nigeria Limited for RSB Holdings Nigeria Limited and Deminers Concept Nigeria

Limited that are expected to evacuate all the abandoned bombs and other dangerous weapons in the farmlands, schools, churches and mosques of the war victims and also carry out construction works.

Continued on page 10

IMF: Debt Service Becoming Burden to Nigeria, Others…

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Alison-Madueke Moves to Compel Court to Join or Delete Her Name from Criminal Charge… Page 44

Boss Mustapha Is New SGF, Babachir, Oke to Face Prosecution

Presidency promises not to interfere in probe, aftermath Buhari over Boss Mustapha’s appointment Tobi Soniyi, Chiemelie Ezeobi in Lagos, Omololu Ogunmade and Onyebuchi Ezigbo in Abuja President Muhammadu Buhari has appointed Boss Gida Mustapha as the new Secretary to the Government of the Federation (SGF) and approved the sack of

APC, Oshiomhole laud

the former SGF, Babachir David Lawal, along with the Director General of the National Intelligence Agency (NIA), Ambassador Ayo Oke and ordered them to face investigative agencies for possible prosecution.

Continued on page 8

Tinubu: Alleged Rift with President is Fake News Ahead of APC Caucus, NEC meetings, protesters demand Oyegun’s ouster Omololu Ogunmade and Onyebuchi Ezigbo in Abuja Ahead of the All Progressives Congress (APC) National Caucus meeting last night in the State House, Abuja, and the National Executive Committee meeting of the party slated for

today also in Abuja, President Muhammadu Buhari yesterday met with Senate President Bukola Saraki, the Speaker of the House of Representatives, Yakubu Dogara, National Leader of the party, Senator Continued on page 10

Fowler: VAIDS Has Yielded EVERYONE WANTS A PIECE OF THE NEW ‘BOSS’…

Adamawa State Governor, Jibrilla Bindow; the new Secretary to the Government of the Federation (SGF), Boss Gida Mustapha; N18bn in Four Months… Page 45 L-R: and Kogi State Governor, Yahaya Bello, at the APC Caucus meeting, held at the Banquet Hall of the State House, Abuja… yesterday

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PAGE EIGHT B O S S M U STA P H A I S N E W S G F, B A B AC H I R , O K E TO FAC E P R O S E C U T I O N The president also assured that he would not interfere in their independent investigation and its aftermath.

A statement by the president’s media aide, Malam Garba Shehu said whereas the sack of the two former officers by Buhari was a mere administrative action, further actions would be taken against the duo by both the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC).

“The president has taken the administrative action. All other actions will be taken by the relevant government agencies. The position of the president therefore is that investigation agencies which have already commenced the investigation of the two officers removed from office will go on with their work of investigation without any interference or hindrance.

“The president who is fully conversant with the provisions of the constitution will not stop the investigation of anyone because he has no such power under our laws.

“This is a decision of the Supreme Court. The president under our laws can through the Attorney-General enter a nolle prosequi (unwillingness to prosecute) to stop an ongoing trial.

He may upon conviction, order a pardon.

“Beyond these, the president cannot order investigation agencies not to investigate anyone and does not intend to do in this, or any other circumstance.

“Based on his wish and desire for strict observance of the law, the president expects the EFCC, ICPC and such agencies to proceed with ongoing investigations.

“When and where they have reasonable grounds to charge former or serving officers to court under our laws, they do not require the permission of the president to do so,” the statement said.

The statement from the presidency came just as fresh facts came to light on why Buhari took his time sacking Babachir, six months after the latter’s suspension from office and two months after receiving the report of the probe committee led

by Vice-President Yemi Osinbajo.

Buhari yesterday sacked Babachir from his post and replaced him with Mr. Boss Gida Mustapha.

The president also terminated Oke’s appointment as the NIA boss after the latter claimed that the $43.3 million discovered by the EFCC last March in an apartment in Osborne Towers, Ikoyi, Lagos, belonged to the intelligence agency. But the president did not announce Oke’s replacement.

Despite their sack, the PDP joined a leading civil society organisation, Socio-Economic Rights and Accountability Project (SERAP), and several Nigerians to demand that Babachir and Oke should be handed over to the EFCC or ICPC for prosecution.

The PDP also called on the National Assembly to commence impeachment proceedings against the president for failing to uphold the his oath of office to defend the Nigerian Constitution and for displaying bias in his handling of corruption cases in the country.

However, a source close to the presidency informed THISDAY that the delay in announcing Babachir’s sack arose from the fact that the president wanted to replace him with a Christian from the North-east, since the former SGF is also a Christian from the same geopolitical zone.

The source said it was imperative for Buhari to replace Babachir with another Christian from the Northeast, in order to allay concerns that most of his appointments have been dominated by Hausa-Fulani Muslims, with very few appointments going to minorities in Northern Nigeria.

The sack of Babachir and Oke and the consequent appointment of the new SGF were announced by the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina via a tweet immediately the decision was taken.

“PMB terminates the appointment of Babachir Lawal, suspended SGF and Ambassador Ayo Oke, former DG, NIA. Mr. Mustapha Boss is new SGF,” Adesina had tweeted.

A statement issued later by Adesina said the sack of Babachir and Oke was in compliance with the

recommendations of the three-man panel headed by the vice-president, which had investigated allegations of financial impropriety against Lawal, as well as the NIA’s claim of ownership of the $43.3 million made by Oke. It added that the new appointment of Mustapha as SGF was with immediate effect.

“The president accepted the recommendation of the panel to terminate the appointment of Mr. Lawal and has appointed Mr. Boss Mustapha as the new Secretary to the Government of the Federation. The appointment takes immediate effect.

“President Buhari also approved the recommendation to terminate the appointment of Ambassador Oke and has further approved the setting up of a three-member panel to, among other things, look into the operational, technical and administrative structure of the agency and make appropriate recommendations.

“The three-man panel headed

by Vice-President, Professor Yemi Osinbajo had been mandated by the president to investigate allegations of financial impropriety levelled against Lawal and the earlier discovery of $43.3 million by the Economic and Financial Crimes Commission (EFCC) in a residential apartment at Osborne Towers, Ikoyi, Lagos. Oke had claimed that the money belonged to NIA,” Adesina stated.

Buhari had constituted the Osinbajo-led committee on April 19, 2017, following the suspension of Babachir and Oke by the president.

Other members of the committee that recommended Babachir and Oke’s sack were the Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami, and the National Security Adviser, Babagana Monguno.

The president had ordered the committee to investigate allegations of violation of due process by Lawal in the award of contracts in the Northeast in his capacity as Chairman of Presidential Initiative on the North East (PINE).

PINE had been set up by the president with the mandate to spearhead the rehabilitation of the North-east destroyed by the Boko Haram insurgency.

The sacked SGF was also accused of awarding contracts for grass cutting in the crisis-ridden North-east to his company, Rholavision.

He was also accused of awarding contracts to Josmo Technologies to the tune of N272 million, only for Josmo to allegedly pay back the sum into Rholavision’s Ecobank account some days later.

New ‘Boss’ Unveiled Babachir’s replacement, Mustapha, is a lawyer, management consultant, politician, businessman, and boardroom guru of considerable repute.

His appointment as the SGF has been well received, thanks to his vast public sector experience, legal background, extensive travels and contacts in both government and business.

Until his appointment, Mustapha who hails from Hong Local Government Area in Adamawa State, was the Managing Director of National Inland Water Ways Authority (NIWA).

He was also a stalwart of the defunct Action Congress of Nigeria (ACN) prior to its dissolution into the All Progressives Congress (APC) in 2013 during the political realignment that preceded the 2015 elections.

Born in Adamawa State, Mustapha attended Hong Secondary School and North-east College of Arts and Sciences, Maiduguri Borno State, crowning it with his WASC and HSC results in 1976.

He obtained his Bachelor of Law (LL.B) degree from the Ahmadu Bello University (ABU), Zaria in 1979 and was called to the Nigerian Bar in 1980.

From 1980 to 1981, Mustapha did the compulsory National Youth Service Corps (NYSC) at the Directorate of Legal Services at the Army headquarters and was in charge of review of court martial proceedings.

After his national service, he joined Sotesa Nigeria Limited, an Italian consultancy firm, as an Executive Director in charge of Administration, leaving in 1983 to join the prestigious law firm of Messrs Onagoruwa & Co. in Lagos.

With his law practice having fully taken off, the new SGF was appointed Principal Counsel in the firm of Messrs Mustapha & Associates.

His legal interests and expertise cut across privatisation, commercialisation and liberalisation of public companies/ corporate and government parastatals.

He has also been involved in commercial law transactions ranging from debentures, guarantees, mortgages, bonds and loan syndications.

One of Mustapha’s career highlights was his appointment as a member of Interim Management Committee (IMC) of the defunct Petroleum (Special) Trust Fund (PTF), serving meritoriously from 2000 to 2007. At the PTF, he was responsible for production of an up-to-date comprehensive project and programme report, including location, coverage and whether performed, performing or abandoned projects and the production of the final report of assets and liabilities, examination of the administrative structure and cost effectiveness of PTF projects and services, among other duties.

Mustapha also played key leadership roles at the Nigeria Bar Association (NBA), serving as Social Secretary and Chairman of the Yola branch.

After his stint at the PTF in 2007, Mustapha was appointed Principal Partner of the law firm, Adroit Lex. His law practice and the burning desire to serve the larger society conspired to attract the SGF into politics.

At various times, he was a member of the Constituent Assembly (19881989); Chairman Peoples Solidarity Party, Gongola State (1989-1990); state Chairman of the defunct Social Democratic Party (SDP), Gongola State (1990-1991); and was a gubernatorial candidate of the SDP in Adamawa State in 1991.

He was also the Deputy National Chairman of the defunct Action Congress of Nigeria (ACN) from 2010 to 2013. In 2007, he again played a prominent role, serving as the Deputy Director-General of the party’s Presidential Campaign Organisation.

His services remained in high demand after the ACN joined forces with other parties to form the APC. He was a member of NCC and Secretary APC Presidential Campaign Organisation Mobilisation (2015) and member of the APC Transition Committee (2015). He is also a member of the APC Board of Trustees.

In addition to the NBA, the SGF is a member of various professional bodies including the African Bar Association (ABA), Commonwealth Lawyers Association, International Bar Association (IBA) and Human Rights Institute (HRI).

Mustapha’s accomplishments go beyond politics and the bar as he is a respected boardroom veteran, having been appointed to the boards of several companies in the manufacturing and financial services sectors, as well as the oil and gas sector.

He is the National Vice President, Full Gospel Business Men’s Fellowship International, Nigeria (FGBMFI) and has travelled extensively, visiting no fewer than 30 countries, and always taken an interest in how assets are managed in those countries.

He stresses teamwork and the need to focus on the nation’s vision and mission. He also is fond of saying: “Just call me Boss, I don’t have nicknames.”

Mustapha who is married with children, enjoys golf, lawn tennis, travelling, documentary films, charity work and meeting people.

PDP, SERAP, Others Demand Prosecution But before the presidency announced that Babachir and Oke’s cases had been handed over to the law enforcement agencies for investigation, the PDP yesterday called on the National Assembly to commence impeachment proceedings against the president for exhibiting double standards in the handling of alleged corruption scandals involving the former SGF and ex-NIA DG. PDP said that rather than just ordering the sack of Babachir and Oke, the president should have directed the EFCC to arrest and prosecute the two men for corruption charges.

PDP said when juxtaposed against cases of the former National Security Adviser (NSA), Sambo Dasuki and others who have been in EFCC detention for over two years, the handling of the corruption allegations against Lawal and Oke amounted to applying double standards.

In a statement by its spokesman, Dayo Adeyeye, PDP said the action of Buhari was tantamount to a breach of his oath of office when he swore to defend the Constitution of the Federal Republic of Nigeria and to be fair and just to all Nigerians without any discrimination whatsoever.

“The action of the president is a gross violation of his constitutional oath and therefore constitutes veritable grounds for impeachment. Using and applying different laws to different people in the country is a direct assault on the constitution and the rule of law.

“Consequently, we call on the National Assembly to begin the processes to impeach the president for breach of the constitution and fragrant disobedient to the laws of Nigeria,” it said.

While describing the president’s action as totally unacceptable, the main opposition party added that the action was a slap on the face of Nigerians.

“It is an insult on the collective intelligence of our people who have waited patiently for the president’s reaction on the humongous act of corruption by two of his principal aides and this is totally unacceptable.

“First and foremost, we had disagreed with the president last year when he decided to set up the panel headed by the Vice-President, Professor Yemi Osinbajo to investigate the matter because we thought that was the wrong course of action to take.

“Ordinarily, cases of corruption or alleged cases of misappropriation of funds are supposed to be referred to institutions that are saddled with the responsibility to investigate and prosecute such matters which is the ICPC and the EFCC, if there is any prima facie case against them.

“But it appears not all animals are equal under the Buhari APC administration. Some people are treated with kid’s gloves while others particularly those in opposition are subjected to all manner of harrowing experiences.

“One of the senators of the APC, Senator Shehu Sani of Kaduna State succinctly described the matter when he said that this administration uses deodorant to fight corruption when it comes to some APC members and President Buhari’s kitchen cabinet and insecticides when it involves members of the opposition and those in the National Assembly,” the party charged.

PDP said that it took Buhari almost one year to attend to the SGF/NIA matter while the culprits were having a field day at home and enjoying themselves, whereas in the case of the opposition they will be visited with multiple harassment and intimidation for months and weeks without proper trial even on flimsy allegations.

“We cite the case of Sambo Dasuki who has been in detention for two years and running, even when many courts in Nigeria and the ECOWAS Court have ordered his release.

“But the president has fragrantly disobeyed these court orders which again are a violation of the Constitution of the Federal Republic of Nigeria.

“This is an impeachable offence.

So the President cannot just sack Ayo Oke and Babachir Lawal and expects us to be clapping for him.

“We believe that we are operating under a democracy and a constitution that governs our affairs. To have subjected these people to different sets of rules and treatment is totally unacceptable.

“Nigerians are the same under the law and Babachir Lawal and Ayo Oke should not be tried by the presidency while others are hounded by the EFCC and ICPC. “We totally reject these actions and the law should follow its full course on the issues of these officers.

In other words, their cases should be referred to the EFCC for proper investigation and trial, more so when the president had not told us what the report of the findings was.

“Nigerians are entitled to know the findings of the panel headed by the

vice-president. The report should be made public since it is the people’s money that is involved.

“The president has by his actions taken Nigeria to the level of a banana republic. We are not in a banana republic, this is the Federal Republic of Nigeria.

“Three successive governments of the PDP did not act in the manner President Buhari is acting.

“There is no doubt that the sudden sack of the SGF and the DG of NIA is just a consequence of the backlash on the Abdulrasheed Maina saga.

“Up till now there’s no answer to the pertinent questions we have asked on the Maina saga. The government cares less about the feelings and opinions of Nigerians. This kind of arrogance is unprecedented in the history of this county.

“We again call for the arrest and investigation of the two ministers involved in the return of Maina into the civil service, that is, the Minister of Interior, Abdulrahman Dambazau and the Attorney-General of the Federation and Minister of Justice, Abubakar Malami,” it said.

Similarly, civil society group, SERAP while welcoming the decision by Buhari to sack Babachir and Oke, it called on the president to urgently hand them over to the EFCC and ICPC for further investigation, adding that if there was relevant and sufficient admissible evidence against them, they should face prosecution.

In a statement yesterday by SERAP’s deputy director Timothy Adewale the organisation said: “This is a positive development in the fight against grand corruption, although this decision is coming rather late.

“Buhari now has to go a step further by making sure that both Lawal and Oke are promptly brought to justice in fair trials.

“Buhari also has to move swiftly to publish the report of the investigation into the secret reinstatement of fugitive and former civil servant, Abdulrasheed Maina, and without delay identify and bring to justice anyone suspected to be involved.

“This government now has a real opportunity to reassure a lot of Nigerians who may be worried about the direction of travel of the president’s anti-corruption agenda that there will be no sacred cow as far as the fight against corruption is concerned.

“What the government needs at this time is a revolutionary approach to the fight against corruption if Buhari is to show his commitment to ‘kill’ corruption before corruption ‘kills’ Nigeria.

“Without effective prosecution of high-ranking public officials charged with corruption, this government’s fight against corruption may sadly turn out to be all motion and no movement, and this will eventually undermine the legitimacy of the anticorruption efforts.”

Also, Nigerians using social media platforms queried the sack of Oke and Babachir without any visible move to prosecute them.

Although all the comments were unanimous in their praise of their sack, they questioned the silence of the government on plans to prosecute the duo for alleged acts of corruption that they purportedly committed while in government.

Tweeting from his Twitter handle, Favour Onyeoziri asked: “Since we can’t hear anything about his prosecution, does it mean that Babachir Lawal is free to go and enjoy the over N200m he stole?”

Ibidumoye Daniel said: “The FG was seriously shouting that he stole money but now they can’t prosecute him. Is it that Babachir is bigger than FG or our government is not just fit?”

Ade Banique wondered: “Has the FG handed over Babachir Lawal’s case file to the EFCC for more work and prosecution? They need to clarify this? That sack isn’t enough.”

Concurring, Henry Okelue said: “If Babachir Lawal was deemed guilty and fired from his job, then recommending him to law enforcement for prosecution should follow suit.”

Igala Shore also noted: “Am I the only one who has noticed that there is no instruction for the security agencies to arrest and prosecute Babachir Lawal and Ayo Oke?” While commending the sack of

the duo, Juliet Kego however said: “Babachir Lawal has been sacked!

Good news. PMB got this right!

About darned time. Next, EFCC prosecute with evidence, hopefully court convictions.

“Babachir Lawal must be prosecuted. No kid’s gloves. Anyone who allegedly steals from internally displaced persons is the worst kind of corruption; zero moral compass!!

“Like Dasuki, like Babachir. Arms funds diversion=death of troops. IDP funds diversion= death/starvation/ rape/bombing of IDPs. Prosecute him.”

APC, Oshiomhole Hail Buhari But the APC in its reaction commended Buhari for the appointment of Mustapha as the SGF. The ruling party in a statement issued by its spokesman, Mallam Bolaji Abdullahi said it believed that the president could not have made a better choice.

“Mustapha is a competent, loyal and dedicated leader who over the years has demonstrated that he has a pan-Nigerian outlook.

“With his appointment, the party is confident that Mustapha, being a strong party man, will provide the necessary linkage between the government and the party, and with the other arms of government, especially the National Assembly,” it said.

Joining the APC, the former governor of Edo State, Mr. Adams Oshiomhole also commended Buhari for the appointment of Mustapha as the new SGF, describing him as one of the eggheads of the APC during the 2015 presidential election.

In a signed statement made available to journalists in Benin City, the former governor and leader of the APC in Edo State, said the appointment of Mustapha came at a very auspicious time when the party and government were making efforts to rejuvenate and re-tool the system for enhanced service delivery to the people.

According to Oshiomhole, “Mr. Boss Mustapha saw the entire processes of the formation of APC electioneering and management of all the factors that led to the victory of the party in the 2015 general election.

“He is not just a seasoned party man who understands the dynamics of party management but is also very much abreast with governmental administration and responsibilities.

“As a calm, collected and silent organiser, he is very much at home with all the critical elements of the party and knows how to coordinate effortlessly without carrying any air around him.”

Oshiomhole also noted that the appointment of Mustapha will no doubt rekindle the strong determination of the APC government in delivering the dividends of democracy for the good of all.

“Mr. Boss Mustapha is coming into this job with a lot of experience in administration and management.

He will no doubt be a huge resource and engine room for the APC-led federal government. I wish to record my congratulations on his appointment which I consider as a square peg in a square hole,” Oshiomhole added.

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Heineken Unveils First Africa Inspired Fashion Collection In collaboration with Africa’s hottest emerging design talent, Lulu Mutuli and Azra Walji, global beer brand, Heineken has launched its first-ever African fashion collection, unveiled on the catwalk of the closing show at Lagos Fashion and Design Week on Saturday 28 October 2017.

The initiative is the next chapter in Heineken’s ‘Open Design Explorations’, a global co-creation programme that connects emerging creatives and gives them a platform to showcase their talent. The Heineken Africa Inspired Collection is a fusion of the two designers’ concepts and is the first of many design apprenticeships that the brand will roll out across the world, going next to Asia.

After spending a week in Amsterdam developing their

designs at top Dutch Fashion House, LEW, Mutulo and Walji will go on to benefit from a year-long programme of coaching from the designers, known for eye-catching print design and innovative corporate fashion. The designs will be produced at scale across Africa to be worn by Heineken ambassadors throughout Nigeria, East Africa and beyond.

One of the first global brands to invest in Lagos Fashion and Design Week, Heineken has been a headline sponsor for the past two years as it emerges as one the most important events in the fashion calendar for supporting new talent and inspiring Nigerian and African consumers.

Lulu Mutuli, 24, whose work gives traditional African apparel a futuristic edge, has worked in

top fashion houses in New York including RHIE and OMONDI. She said: “My designs took inspiration from the role African fashion has played in the culture of my country.

Combining this rich heritage with the progressive character of the Heineken brand was a challenge I couldn’t resist.

“I used the bold Heineken colour palette, but I added a grey tone and used technical orientated patterns for a modern twist. The asymmetric shapes you can see were a way of incorporating practical elements whilst creating striking and stylish silhouettes.”

Azra Walji, 27, is known for her feminine shapes and African inspired elegance, reflected in her winning designs with Heineken.

She said: “I am so grateful to Heineken. Sharing my work at

Lagos Fashion at Design Week is a career-defining opportunity.

“I really enjoyed playing with the bold red and green colours – they are so iconic to the brand but also synonymous with the vibrancy of Africa. My designs are inspired by traditional African apparel but with a twist – I love the modern femininity of the trousers and short dresses.”

Mark van Iterson, Director Global Heineken Design said: “Identifying and empowering talent remains a critical part of our global agenda.

We are constantly seeking new cocreation opportunities, to connect with young emerging designers and give them a global stage to showcase their talent, so we are delighted that this initiative has put a spotlight on such talent.

“Nigeria is a growing hub for

creativity and commerce and Lagos Fashion and Design Week is helping to influence and define the global fashion landscape. Heineken in Nigeria was one of the first global brands to invest in this vibrant event, seeing the opportunity to support new industry talent with real experience and a global stage.

We look forward to extending the programme to other key markets next year.”

The new Heineken African Inspired Collection with Mutuli and Walji launched in style at Heineken Lagos Fashion and Design Week, with items from the collection displayed in style on the runway. After the reveal, award-winning music star, Tiwa Savage, of Jay-Z’s label Roc Nation, took to the stage to perform international hits

including ‘African Waist’ and ‘All Over’ live for a star-studded line up of guests as award-wining flair bartender Tom Dyer served cocktails during the event.

Lagos Fashion and Design Week 2017 is a multiday fashion extravaganza at the Eko Atlantic, Victoria Island, Lagos, Nigeria, where global designers including Maki Oh (whose fans include Michelle Obama and Beyoncé) take centre stage to celebrate African fashion and culture.

The judges for Heineken’s Africa Inspired Fashion challenge in Nairobi which brought Mutuli and Walji to Lagos, included fashion powerhouse and founder of the Lagos Fashion and Design Week Omoyemi Akerele, top Nigerian fashion designer Gloria Wavunno and Tanzanian stylist Rio Paul.

The youths were still protesting when Oyegun arrived for work at 11 a.m. in his motorcade but drove into the premises without uttering a word.

Speaking with newsmen during the protest, the leader of the group who identified himself as Peter Oyewole, said since APC’s victory in the 2015 elections, the party’s finances had not been audited and made public as stipulated by law.

“Since 2015, the budget of APC has not been made public. Since 2015, the ruling party has not held a single meeting. These are enough to remove the national chairman. We demand the removal of Oyegun now.

“We are also saying enough is enough to the imposition of candidates at all levels by the Oyegun-led NWC (National Working Committee), because in any party where there is imposition there can not be fairness, any party where there is imposition, there can be no equity, the imposition in APC today is just rubbishing the anti corruption war of President Buhari.

“The current national chairman we have in APC cannot work in support of the APC agenda and President Buhari. If Oyegun is not removed, he will continue to rubbish the efforts of the president, especially in fighting corruption because you cannot give what you don’t have. The high level of corruption and imposition going on under Oyegun is alarming.

“If Odigie-Oyegun is not removed within the next one month, APC youths will picket this national secretariat and make it a no go area to everybody – the staff, officials and even the security personnel will be chased out of the secretariat and none of them will be allowed to come in here,” he said.

When asked to justify the allegations he made against the national chairman, he said: “The man (Oyegun) cannot manage success. Since 2015 when the APC won the presidential election, tell me a single NEC meeting that has been held? This man cannot galvanise support for the president.

“What we are saying is that if Oyegun continues like this we are going to have imposition at all levels in APC come 2019,” he said.

When asked whether the group was known to the party, the spokesman said: “This is a democracy where many wings can grow to push for the interest of many.”

Meanwhile, preparations for the NEC meeting of the party entered high gear yesterday, with the secretariat of the APC wearing a new look.

Also, Oyegun was reported to have met with the state chairmen of the party Sunday night to articulate a common position ahead of the National Caucus and NEC meetings.

A top party source who accompanied Oyegun to the meeting with the chairmen, said that they discussed several issues, including the crises in some state chapters of the APC and actions taken so far to resolve them.

It was also learnt that Oyegun used the opportunity of Sunday’s meeting to seek the understanding of his colleagues at the state level, especially those that are members of the NEC not to support attempts to undermine him at today’s meeting.

At last night’s National Caucus meeting, the new Secretary to the Government of the Federation (SGF), Mr. Boss Gida Mustapha was the toast of the meeting, as several party chieftains and governors rushed to take photographs with him.

The meeting which started at 8.30 p.m. in the Banquet Hall of the State House, had the president and Vice-President Yemi Osinbajo in attendance.

Others seen at the meeting included Saraki, Dogara, Tinubu, Oyegun, Deputy Speaker of the House of Representatives, Hon. Yusuff Lasun, the immediate past National Chairman of the APC, Chief Bisi Akande, former Senate President Ken Nnamani, Governors Tanko Al-Makura (Nasarawa), Bindow Jibrilla (Adamawa), Simon Lalong (Plateau), Abdulaziz Yari (Zamfara), Abubakar Badaru (Jigawa), Aminu Tambuwal (Sokoto), Yahaya Bello (Kogi), Samuel Ortom (Benue), Aminu Masari (Katsina), Ibikunle Amosun (Ogun), Abiola Ajimobi (Oyo), Rochas Okorocha (Imo), Yahaya Bello (Kogi), Sani Bello (Niger) and Mohammed Abubakar (Bauchi), among other party chieftains and ministers.

However, former Vice-President Atiku Abubakar was conspicuously absent at the meeting.

At the end of the meeting of the National Caucus, the party members resolved to work together in unity and to support the president, so that the party can be stronger.

Also, the party’s National Assembly promised to support the president in his policies.

Speaking, Senator Bukar Abba Ibrahim said those who had expected a crisis, leading to the removal of Oyegun, were disappointed, adding that instead the party members resolved to be remain united.

Oyegun also described the meeting as “fantastic”, saying it was the beginning of new things to come, noting that by the time NEC meeting is concluded, they would speak more.

the ECOWAS Court demanding N100 billion as compensation and another order of the court compelling the government to clear and destroy all post-civil war bombs and other dangerous weapons of war abandoned in their various communities and farmlands since 1970.

The plaintiffs had claimed that apart from physical injuries, the abandonment of the war weapons had deprived them of the use of their farmlands, schools and churches, hence their demands for compensation.

Though the suit was filed at the regional court in 2012, the

federal government opted for an out-of-court settlement with the war victims, prompting the court to adopt the terms of settlement by government and the consent judgment that was delivered yesterday.

Key signatories to the terms of settlement are Hon. Noel Chukwukadibia and Alex Williams for the applicants; Chief Femi Falana (SAN), Sola Egbeyinka, Charles Uhegbu and Solomon Chukwuocha for government and its agencies, while Dr. Charles Onuoha and Chief Alams Chukwuemeka signed for the stakeholders.

TI N UB U: ALLEGED RIFT WIT H PRESID EN T I S FAK E N E WS Bola Tinubu and the National Chairman of APC, Chief John Oyegun.

While the president was meeting with Saraki, Dogara and Oyegun, Tinubu was in the waiting room in the president’s office. He was ushered into the meeting immediately the trio left.

The meetings with the chieftains of the APC ahead of two critical meetings of the party may not be unconnected to the horse-trading and permutations ahead of the 2019 elections.

Whereas Saraki and Dogara had declined to entertain questions from State House correspondents, Tinubu, after his one-hour meeting with the president, described perception of a rift between him and Buhari as “fake news”.

Tinubu in recent times has made very few trips to Abuja to meet with the president and has been conspicuously absent at several key functions of the party, including the APC South-west leadership meeting in Ibadan recently, fueling speculations that all was not well with him and Buhari and the leadership of the party.

Tinubu was one of those instrumental to Buhari securing the ticket of the APC in December 2014 at the party’s convention and has been given most of the credit for delivering the South-west to the party in the 2015 elections.

However, Tinubu said yesterday that he has confidence in the president and his meeting with him was fruitful and productive, further pointing out that the claim of the existence of a cabal in the presidency was mere gossip.

To buttress his claim of a smooth relationship with Buhari, Tinubu who said he had never shied away from expressing his mind and even rebelling when necessary, said the APC was on course.

“I just met with the president.

Our discussion was fruitful, productive and it was about the country and leadership as a whole. And that got him excited and happy,” he said.

On speculations that he was not on good terms with the president and dissatisfied with the way things were being handled by the presidency, including being sidelined by the so-called “cabal”, the former Lagos State governor said: “Fake news. I have confidence in this president. There is no doubt about that. We worked hard to bring about this government.

“There are certain things that are unpredictable and those are things that can lean themselves to gossip, insinuations and all of that.

But once you create leadership and it is functioning, you don’t have to baby-sit that leadership unless there is a loss of confidence and I don’t have that.

“You know me, I’m not known to shy away from speaking my mind and rebelling if it is necessary and taking charge of things that I believe are necessary.

“What is the myth in this leadership thing? What is this cabal? It’s a myth. We are the party of the people, for the people and by the people and this is a democratic environment.

“Each of us has our roles to play and that is why we are playing it. I don’t believe in the myth. I believe in confidence building, the trust that we have in the president.

“In the journey of democracy, you are going to have twists and turns. You are going to have conflicts. The conflict resolution mechanism is inbuilt in how you handle your party and the governance.

“Can you go back to 16 years of the PDP (Peoples Democratic Party)? The APC government is on

course and will remain on course and we will remain focused on those necessary things pertaining to development, welfare and progress of our people.

“It is not easy to face the challenges and the well that was dug – the sinkhole that we inherited – we are sorting that one out gradually. So with a few steps, we will find happiness and development in the future of our country,” he said.

When asked about the clamour by some groups that he should support Buhari’s reelection, Tinubu said: “Do not discuss that with me.”

Earlier, Buhari had met with the President of Côte d’Ivoire, Alhassan Ouatara. Ouatara who told journalists after the meeting that he had come to visit the president after his recovery from illness, added that Buhari had agreed to pay a return visit to Cote d’Ivoire for the African Union-European Union meeting slated in Abidjan next month.

However, as the president and APC chieftains were schmoozing away at the State House, some youths, operating under the aegis of Save APC and Democracy Youth Vanguard, stormed the national secretariat of the APC in Abuja, demanding for Oyegun’s ouster.

The protesting youths numbering about 50 partially blocked the entrance to the APC secretariat chanting solidarity songs and displaying placards with clear inscriptions demanding for the resignation of Oyegun over alleged incompetence.

Other demands listed on the various placards by the youths included the demand for an audit of APC’s accounts, opposition to a non-elective convention, and the insistence that the party must support the anti-corruption campaign, among others.

FG AGREES TO PAY N88BN AS COMPENSATION TO NIGERIAN CIVIL WAR VICTIMS The federal government will by the consent judgment also establish a National Mine Action Centre in Owerri, Imo State, for victims in the South-east region.

In order to ensure transparency and accountability, the federal government will also set up a Special Purpose Vehicle that will comprise all necessary stakeholders in the terms of settlement.

The consent judgment further indicated that medical experts employed on behalf of the federal government to screen and identify true victims of the war, acknowledged that 685 persons were selected and classified as

survivors, while 493 of them, including those who sued the federal government, were confirmed as victims of either landmines or other dangerous military ordinance, including locally fabricated weapons, and were confirmed as entitled to compensation.

The consent judgment further acknowledged that 17,000 bombs were recovered in the war ravaged communities and destroyed by RSB Holdings Limited and Deminers Concept Nigeria Limited, while 1,317 bombs are still in the stockpile located at the Mine Action Centre, Owerri, in addition to large quantities of live bombs

that still liter communities of the war victims.

It further ordered the federal government to remove and destroy without further delay all the stockpiles of bombs at the Nigerian Mine Action Centre located at plot 108, Ndubisi Kanu Street, New Owerri, Imo State.

The parties, according to the consent judgment, agreed that the war victims, apart from their direct physical injuries, their families and community at large, had been deprived of the use of their farmlands since the civil war hostilities ended in 1970, hence the agreement to clear the

war affected areas of the post-war ordinances.

It was also agreed that RSB Holdings Nigeria Limited and Deminers Concept Nigeria Limited, having satisfactorily performed the first phase of clearing and destroying the post-war bombs, should be mobilised back to site to complete the final phase of the ongoing demining process.

The representatives of the victims of the Nigerian Civil War, including the 493 victims enumerated by the Ministry of Defence, had through their agents, Vincent Agu and 19 others, dragged the federal government before

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T H I S D AY ˾ TUESDAY, OCTOBER 31, 2017

COMMENT

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

REBUILDING THE NORTH EAST ZONE Turaki A. Hassan cautions against mismanagement of the North East Development Commission

M

an becomes great exactly in the degree in which he works for the welfare of his fellow-men- Mahatma Gandhi On Wednesday, October 25, 2017, President Muhammadu Buhari signed the Bill for an Act that established the North East Development Commission into law. This is coming more than two years after the idea of establishing the commission was mooted and developed into a bill by the Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara.

The speaker had, while receiving members of Yobe State caucus in the House of Representatives who paid him a solidarity visit just few days after his historic election in June 2015, told his colleagues that urgent steps must be taken to begin the work of rebuilding the North East region which has suffered unprecedented devastation occasioned by years of violent insurgency. This, he added, may take the form of a commission similar to that of the Niger Delta Development Commission.

It has always been his belief that ad hoc measures by the government such as administrative policies lack the strength to stand the test of time.

Similarly, he pointed out that there are many organisations and well spirited individuals from across the world which are ready and willing to donate funds to rebuild the North East but are very cautious and wary of how the monies will be utilised in the absence of an established institution by the government.

To match words with action, in August 2015, he sponsored a motion on the urgent need for the rehabilitation, reconstruction, rebuilding and resettlement of the North East, in addition to his constant advocacy for the convocation of an international donor conference for the region as done for Kosovo, Afghanistan, Iraq and lately, Syria.

As expected, questions were raised on whether this proposed commission will not go the way of the NDDC, with regard to misappropriation of funds and alleged failure to deliver on their mandate, but Hon. Dogara appealed to his colleagues and senators alike and assured them that they will learn from and avoid the problems of the NDDC. It is worth noting here that the commission has the mandate to receive and manage funds allocated by the federal government and international donor agencies for the resettlement, rehabilitation, integration and reconstruction of roads, houses and business premises of victims of insurgency.

This body would also help in tackling the menace of poverty and environmental challenges in the North East and would among other things coordinate projects and programmes within the master plan for the rehabilitation, resettlement, reconciliation, reconstruction and sustainable development of the North East Zone.

This will be done in the field of infrastructure, human and social services, including health and nutrition, education and water supply, agriculture, wealth creation and employment opportunities, urban and rural development and poverty alleviation.

As provided in the act, the commission will also liaise with federal ministries, departments, agencies, states and development partners on implementation of all measures approved in the master plan for stabilisation and development of the North East by the federal government.

It will equally assess and report on any project being funded or carried out in the Northeast by any federal ministry, department and agency or company that has an agreement with the federal government, and ensure that funds released for such projects are properly utilised.

The NEDC will equally liaise with other stakeholders on tackling of humanitarian, ecological and environmental problems and degradation that

THIS BODY WOULD HELP IN TACKLING THE MENACE OF POVERTY AND ENVIRONMENTAL CHALLENGES IN THE NORTH EAST AND WOULD AMONG OTHER THINGS COORDINATE PROJECTS AND PROGRAMMES WITHIN THE MASTER PLAN FOR THE REHABILITATION, RESETTLEMENT, RECONCILIATION, RECONSTRUCTION AND SUSTAINABLE DEVELOPMENT OF THE NORTH EAST ZONE

arise from natural causes, insurgency and industrial activities in the Northeast.

This is in addition to seeking humanitarian, human, material, technical and financial support from development partners, local or international, and nongovernmental organisations, with a view to developing the Northeast region.

One other key role of the commission is to act as the focal point to coordinate and harmonise all other interventions programmes and initiatives that the federal government is involved with in the Northeast.

The speaker had on Thursday, October 26, 2017, just a day after the bill was signed into law by the president, while in the company of the visiting Shehu of Bama, His Royal Highness, Alhaji Shehu Kyari Umar Ibn Ibrahim El-Kanemi, who led a delegation of elders from the emirate on “thank you” visit to him, cautioned against mismanagement of the NEDC and abuse of the trust given to them by Nigerians who supported its establishment through their lawmakers in the National Assembly.

He contended that in the midst of doubts, Northeasterners should be given the chance to prove themselves; the freedom and opportunity to rebuild their region against the perceived failure of others.

The speaker evidently was in such a happy mood when he received communication from the president informing him that the bill has been assented to. Within few minutes of receiving the news, he extended his gratitude to the president and added that the expeditious coming into force of the commission will remedy the long years of underdevelopment suffered by the region, though the recovery and development of the zone devastated by terrorism is expected to last decades.

According to Dogara, “As true leaders and representatives of the zone, our true focus has been what we can do in order to ensure that we build on the successes that this government is recording in its fight against terrorism and ultimately to ensure that we do not have a relapse in that zone. The region is behind in all human development indices and businesses, factories, schools have been destroyed. I think as we speak, perhaps the only productive enterprise that we have in the north east is Ashaka Cement.”

Worth commending here is the role played by the wife of the president, Hajiya Aisha Buhari, who in May 2016, led a delegation of wives of governors from the region to attend the public hearing and even made submissions to the committee in support of the efforts of the speaker.

There is no family in Borno, Yobe and Adamawa that did not lose at least one relation to the eight years of intense violence and killings. People who were hitherto very wealthy became paupers in just a matter of hours following the destruction of their properties by the insurgents. It is estimated that about 200,000 people were killed since the beginning of the violence while properties worth over $20 billion have been destroyed including schools, hospitals, markets, farmlands, churches and mosques.

Today, the story has changed as most of them have gone back and more are hoping to return home soon. Thanks to the effort of the security agencies under President Buhari.

By appending his signature on that beautiful and unprecedented piece of legislation, President Buhari has touched the hearts of all Northeasterners.

He has soothed where it pained them most, further strengthening the bond between them and him, and by that singular act, he has written his name in their hearts, in the hearts of their children and of generations yet unborn. He has further tightened the umbilical cord that connects him with the region and its people who have always looked up to him for leadership. r )BTTBO JT UIF 4QFDJBM "EWJTFS UP 4QFBLFS %PHBSB PO .FEJB 1VCMJD "GGBJST BOE DBO CF SFBDIFE PO 5XJUUFS WJB !UVSBLJFT

FOR THE LOVE OF TEACHERS

Governor Ganduje of Kano has earned the confidence of teachers, writes Ibrahim Danmakaranta

N

ews that the Nigeria Union of Teachers had chosen Kano Governor Abdullahi Umar Ganduje as this year’s” Most Teacher Friendly Governor” was heart-warming because of the usual frosty and strained relationships between teachers and government . It was indeed gladdening to see the governor receiving the prized plaque from the Education Minister Adamu Adamu as the highlight of the World Teachers Day event in Abuja. The fact that a governor from the north earned such a significant recognition in education automatically elevates Governor Ganduje above his colleagues in terms of focus and performance for good governance.

Knowing how our teachers are very critical of the sincerity and commitment of governors in giving due priority and consistency to education especially at the foundation level and being conscious of the persistent plight of unpaid, underpaid and generally maltreated teachers, the singling out of Governor Ganduje for an award by the NUT must be the outcome of sober assessment of undeniable achievements. If any progress is to be recorded in reversing the rapid decline in the quality of our students and the standard of education at higher levels, remedial action must not only begin at the basic level but must have enhancement of conditions of service of teachers as a focal point of action.

So since the NUT declared Ganduje “most teacher friendly” of all the governors in Nigeria,

Kano State teachers cannot be among those whose reward are classified as post-humous, accessible only in heaven. Notwithstanding the credibility of the NUT in determining its friends and enemies, it is worthwhile to review some of the policies and programmes that Governor Ganduje initiated and implemented to win the hearts of teachers in Kano State and their national union, if only to lend credence to the genuineness of his singular recognition.

It turns out that the governor actually has a distinguishing pre-qualification as a trained and experienced teacher which must have put him in good stead to know best how to resolve the problems facing teachers now coupled with his democratic mandate and executive powers as a governor. The governor obtained a Nigerian Certificate of Education (NCE) from Advance Teachers’ College Kano between 1969 and 1972, attended Ahmadu Bello University, Zaria for a Bachelor of Science Education degree from 1972 to 1975 and got his first master’s degree in applied educational psychology from Bayero University Kano. He is also a Fellow of the National Association of Educational Administration and Planning (FNAEAP). Governor Ganduje is therefore actually a teacher-governor, first and foremost, and “teacherfriendliness” comes to him as second nature!

But it takes more than being a teacher to translate governance into best policies and programmes to correct the ills embedded in administering and managing teachers for a brighter future for

education. An uncommon insight into the strategic relationship between education and national progress and development is also fundamental as Ganduje himself eloquently captured when he observed that “We have been saying, when you have population, you are at risk, your population can be an asset and your population can be a liability and the only factor that can determine which way you go is education”. Neglecting teachers is tantamount to turning education into a liability rather than the precious asset is should be.

Among the remarkable policies that emerged from a review of the background to the Ganduje administration’s teacher-friendly national stature is the unwavering prompt payment of teachers’ salaries. The governor categorically declared at an interactive session with head teachers and basic education providers in February that Kano State Government is not indebted to primary school teachers as their salaries are paid promptly.

In fact the state government was already preparing to take up the notorious problem of “stagnation” of teachers who serve for 10 or more years without promotion as Ganduje announced receiving a report on the promotion of primary school teachers which estimated it will cost the government N490 million. The majority of teachers have since been liberated from stagnation with the mass promotion of thousands of teachers across the state approved by the governor to the ecstatic relief of the teachers.

It was interesting also to discover how Governor

Ganduje responded to the widespread issue of thousands of unqualified teachers which one governor recently mishandled by deciding to sack them and earning the wrath of teachers and citizens alike. Governor Ganduje instead stated that about 25,000 unqualified teachers in the state public primary schools would be retained “because we are mindful of the multiplier effect on the unemployment situation”. The teachers were in fact enrolled into various NCE awarding institutions to remedy their qualifications.

In today’s Nigeria, it is almost unbelievable that the plight of long-suffering and marginalised teachers can be so systematically redressed by a state government. Obviously Governor Ganduje has made a positive difference by bringing his professional teaching background to enhance his proven administrative sagacity as a strategy for giving teachers their pride of place and commensurate priority to empower them to redeem the future of our education system.

Even from these random samplings of background news on Ganduje’s handling of issues pertaining to teachers in Kano State it is evident that he was well deserving of the NUT award as Most Teacher Friendly Governor because he has demonstrated a keen sense of understanding of the major challenges affecting teachers’ morale and quality of teaching as well as a focused determination to apply effective and sustainable solutions. This is what Arewa needs urgently. rø%BONBLBSBOUB XSPUF GSPN -BàB

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EDITORIAL SENATOR MISAU AND THE CORRUPTION WAR

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he Police authorities, last Thursday, explained the circumstances that led to the release of two operational vehicles to the office of Mrs. Aisha Buhari in her capacity as wife of the President.

But as in previous statements on this vexatious controversy that has refused to go away, the police neither addressed other weighty allegations made by Senator Isa Misau nor provided convincing clarifications to the two issues. To the extent that we are a society ruled by law or not by perceptions, assumptions and silly superstitions, there should be a proper inquiry to the allegations that are consistently being made by Senator Misau who incidentally is a member of the ruling All Progressives Congress (APC). Has the presidency subjected the allegations to any investigations before the Attorney General of the Federation and Justice Minister, Abubakar Malami, jumped in with his curious case against Senator Misau? Has the Senate invited the accounts, audit and WE ARE DEEPLY personnel departCONCERNED THAT THIS ments of police to ADMINISTRATION HAS testify? Has the FURTHER MUDDIED AND MUDDLED THE NATIONâ&#x20AC;&#x2122;S IGP been made to answer any internal MORAL AND ETHICAL inquiry on these QUAGMIRE allegations? We ask the foregoing questions because most of the accusations have to do with either documented transactions or large objects that are hard to hide and names are being mentioned. Besides, Senator Misau has provided a lot of clues on how this investigation should proceed so that it can zero in on facts, rather than impressions. And, as we stated recently, the senator should be made to face the full wrath of the law if it turns out that he cannot substantiate his allegations. But the federal government cannot continue to use subterfuge to deny him the opportunity to hold the IGP to account on issues that border on public trust. While Mrs. Buhari has distanced her person from

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GENERAL COUNSEL

ĚĄ ËŞ ̢ DIRECTOR OF PHOTOGRAPHY Ě&#x201C; TO SEND EMAIL: ʨĂ&#x153;Ă?Ă&#x17E; Ă&#x2DC;Ă&#x2039;Ă&#x2014;Ă?Ë&#x203A;Ă?Ă&#x;Ă&#x153;Ă&#x2DC;Ă&#x2039;Ă&#x2014;Ă?ĚśĂ&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x17D;Ă&#x2039;ĂŁĂ&#x2013;Ă&#x201C;Ă Ă?Ë&#x203A;Ă?Ă&#x2122;Ă&#x2014;

the donated vehicles, the police have confirmed giving them to her police aides for their official use. Incidentally, Senator Misau never claimed the vehicles were for the person of Mrs. Buhari aside stating that he actually got the information from the claims filed by the IGP himself in court. The public should therefore not be confused into the red herring of dragging Mrs. Buhariâ&#x20AC;&#x2122;s name into a matter that clearly has nothing to do with her person. While we do not take side on this, we are deeply concerned that this administration has further muddied and muddled the nationâ&#x20AC;&#x2122;s moral and ethical quagmire. It would seem that many of its operatives have difficulty determining the boundary between right and wrong. And more unfortunate still is that President Muhammadu Buhari seems either uninterested or incapable of restoring integrity to his government. What is, for instance, the difference between the blatant abuse of due process being witnessed in the oil and gas sector today and what obtained in the past, especially under the last administration whose officials are being held to account?

From the almost abandoned corruption case involving the now sacked Secretary to the Government of the Federation, Mr Babachir Lawal to the latest infamy of reinstatement and promotion of a dismissed civil servant, Abdulrasheed Maina, aside other cases, the joke in Abuja is that the broom, symbol of the ruling All Progresives Congress (APC), was designed to sweep corruption under the carpet, especially for friends of the Buhari administration. Indeed, from contract scams to abuse of judicial privileges, there is hardly any difference between President Goodluck Jonathanâ&#x20AC;&#x2122;s weakness in dealing with some corrupt elements in his government and President Buhariâ&#x20AC;&#x2122;s total inertia in similar circumstances. While that remains a big shame for an administration that was brought to power on the pretext of coming to fight corruption, President Buhari has a responsibility to probe the allegations being made by Senator Misau against IGP Idris. It is in the public interest to do so.

TO OUR READERS Ă?ĘľĂ?Ă&#x153;Ă? Ă&#x201C;Ă&#x2DC; Ă&#x153;Ă?Ă?Ă&#x161;Ă&#x2122;Ă&#x2DC;Ă?Ă? Ă&#x17E;Ă&#x2122; Ă?Ă&#x161;Ă?Ă?Ă&#x201C;ʨĂ? Ă&#x161;Ă&#x;Ă&#x152;Ă&#x2013;Ă&#x201C;Ă?Ă&#x2039;Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC;Ă? Ă&#x201C;Ă&#x2DC; Ă?Ă&#x2019;Ă&#x2122;Ă&#x;Ă&#x2013;Ă&#x17D; Ă&#x152;Ă? Ă&#x152;Ă&#x153;Ă&#x201C;Ă?Ă? Ě&#x2122;͚ͽ͸Ě&#x2039;ͺ͸͸ ĂĄĂ&#x2122;Ă&#x153;Ă&#x17D;Ă?Ě&#x161; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă?Ă&#x17E;Ă&#x153;Ă&#x2039;Ă&#x201C;Ă&#x2018;Ă&#x2019;Ă&#x17E; Ă&#x17E;Ă&#x2122; Ă&#x17E;Ă&#x2019;Ă? Ă&#x161;Ă&#x2122;Ă&#x201C;Ă&#x2DC;Ă&#x17E;Ë&#x203A; Ă&#x2DC;Ă&#x17E;Ă?Ă&#x153;Ă?Ă?Ă&#x17E;Ă?Ă&#x17D; Ă&#x153;Ă?Ă&#x2039;Ă&#x17D;Ă?Ă&#x153;Ă? Ă&#x2014;Ă&#x2039;ĂŁ Ă?Ă?Ă&#x2DC;Ă&#x17D; Ă?Ă&#x;Ă?Ă&#x2019; Ă&#x2013;Ă?ĘľĂ?Ă&#x153;Ă? Ă&#x2039;Ă&#x2013;Ă&#x2122;Ă&#x2DC;Ă&#x2018; ĂĄĂ&#x201C;Ă&#x17E;Ă&#x2019; Ă&#x17E;Ă&#x2019;Ă?Ă&#x201C;Ă&#x153; Ă?Ă&#x2122;Ă&#x2DC;Ă&#x17E;Ă&#x2039;Ă?Ă&#x17E; Ă&#x17D;Ă?Ă&#x17E;Ă&#x2039;Ă&#x201C;Ă&#x2013;Ă? Ă&#x17E;Ă&#x2122; opinion@thisdaylive.comË&#x203A; Ă? Ă&#x2039;Ă&#x2013;Ă?Ă&#x2122; ĂĄĂ?Ă&#x2013;Ă?Ă&#x2122;Ă&#x2014;Ă? Ă?Ă&#x2122;Ă&#x2014;Ă&#x2014;Ă?Ă&#x2DC;Ă&#x17E;Ă? Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x2122;Ă&#x161;Ă&#x201C;Ă&#x2DC;Ă&#x201C;Ă&#x2122;Ă&#x2DC;Ă? Ă&#x2122;Ă&#x2DC; Ă&#x17E;Ă&#x2122;Ă&#x161;Ă&#x201C;Ă?Ă&#x2039;Ă&#x2013; Ă&#x2013;Ă&#x2122;Ă?Ă&#x2039;Ă&#x2013;Ë&#x153; Ă&#x2DC;Ă&#x2039;Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC;Ă&#x2039;Ă&#x2013; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x201C;Ă&#x2DC;Ă&#x17E;Ă?Ă&#x153;Ă&#x2DC;Ă&#x2039;Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC;Ă&#x2039;Ă&#x2013; Ă&#x201C;Ă?Ă?Ă&#x;Ă?Ă? Ă&#x161;Ă&#x153;Ă&#x2122;Ă Ă&#x201C;Ă&#x17D;Ă?Ă&#x17D; Ă&#x17E;Ă&#x2019;Ă?ĂŁ Ă&#x2039;Ă&#x153;Ă? ĂĄĂ?Ă&#x2013;Ă&#x2013;Ě&#x2039;ĂĄĂ&#x153;Ă&#x201C;ĘľĂ?Ă&#x2DC; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă?Ă&#x2019;Ă&#x2122;Ă&#x;Ă&#x2013;Ă&#x17D; Ă&#x2039;Ă&#x2013;Ă?Ă&#x2122; Ă&#x2DC;Ă&#x2122;Ă&#x17E; Ă&#x152;Ă? Ă&#x2013;Ă&#x2122;Ă&#x2DC;Ă&#x2018;Ă?Ă&#x153; Ă&#x17E;Ă&#x2019;Ă&#x2039;Ă&#x2DC; Ě&#x2122;Πͽ͸Ě&#x2039; ͚͸͸͸ ĂĄĂ&#x2122;Ă&#x153;Ă&#x17D;Ă?Ě&#x161;Ë&#x203A; Ă&#x2019;Ă?ĂŁ Ă?Ă&#x2019;Ă&#x2122;Ă&#x;Ă&#x2013;Ă&#x17D; Ă&#x152;Ă? Ă?Ă?Ă&#x2DC;Ă&#x17E; Ă&#x17E;Ă&#x2122; opinion@thisdaylive.com Ă&#x2039;Ă&#x2013;Ă&#x2122;Ă&#x2DC;Ă&#x2018; ĂĄĂ&#x201C;Ă&#x17E;Ă&#x2019; Ă&#x17E;Ă&#x2019;Ă? Ă?Ă&#x2014;Ă&#x2039;Ă&#x201C;Ă&#x2013; Ă&#x2039;Ă&#x17D;Ă&#x17D;Ă&#x153;Ă?Ă?Ă? Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x161;Ă&#x2019;Ă&#x2122;Ă&#x2DC;Ă? Ă&#x2DC;Ă&#x;Ă&#x2014;Ă&#x152;Ă?Ă&#x153;Ă? Ă&#x2122;Ă? Ă&#x17E;Ă&#x2019;Ă? ĂĄĂ&#x153;Ă&#x201C;Ă&#x17E;Ă?Ă&#x153;Ë&#x203A;

CLANNISHNESS AND CRONYISM AMONG ANAMBRA PEOPLE

N

igeria is a nation of nations what with more than 250 ethnic, cultural, and linguistic groups. It was Lord Lugard who cobbled Nigeriaâ&#x20AC;&#x2122;s many different ethnic groups together for administrative convenience. Upon our attainment of political independence in 1960, we opted for federalism as it is believed to be suitable for countries with diversities in many areas. Many federal states had collapsed, however. Think about Czechoslovakia, Yugoslavia, Sudan, and others. Nigeria would have dismembered but for divine intervention. On many occasions, it came to the precipice only to be pulled back from it. Didnâ&#x20AC;&#x2122;t Nigeria experience a fratricidal civil war between 1967 and 1970? And the Maitatsine religious uprising in the 1980s threatened the corporate existence of Nigeria as one united and indivisible country. More so, the annulled June 12, 1993 Presidential election bifurcated the country into opposing groups and stoked up political tension in our country. Till now, Nigeria has not known true peace as the Boko Haram insurgent group and other separatist groups are engaged in centrifugal deeds in the country. The members of the Boko Haram group want to create and install theocratic Islamic caliphate in the country, which will stretch from the North to the South as they believe that theyâ&#x20AC;&#x2122;ve the divine right to rule Nigeria. And the IPOB separatist group is with the notion that the Igbo people are being given a raw deal in Nigeria. So, Nigeria, as at now, is gripped and held by the jugular of ethnic hatred and distrust, which undermines the peace and unity of the country.Â

But, sadly, as it is at the national level so it is at the state level.

And Anambra State readily comes to my mind. When Mr. Peter Obi was in the saddle of power, and at the tail end of his leadership of the state, he carried out recruitments into the state civil service to strengthen and beef it up. But the recruitment exercise was tilted, skewed, and made to favour people who hail from a particular town.

Merit was sacrificed on the altar of clannishness, nepotism, and cronyism. And, it should not be the practice of some civil servants in the top cadres and other influential people in the states of the federation to help their kith and kin to become heads of units at the expense of more qualified people. Our peopleâ&#x20AC;&#x2122;s favourable disposition to nepotistic attitudes and tendencies undermine the effectiveness of the civil service in many states of the federation. Have we forgotten that the civil service is the pivot and engine room of the government as civil servants help to formulate government policies and execute them, too? It is not only in the area of the state civil service that primordial clannishness manifests and rears its ugly heads. When it comes to politicking and the election of our governor and representatives in the National Assembly, Anambra people will be unduly influenced by the factors of consanguinity and clannishness. Those who refuse to pitch their tent with their kinsmen vying for elective positions are considered and deemed to be oafs, nitwits, betrayers, and unprogressive elements. In the run-up to the Anambra central senatorial election in 2011, I lent my unqualified and unalloyed support to the late Professor Dora

Akunyili, Nigeriaâ&#x20AC;&#x2122;s former Minister of Information. My supporting her candidature in the election became an invidious task for me. I was ribbed and severely criticised for backing her candidature. And her political foes threatened to liquidate me via fetish and mystical means. So, when I had a bus accident, and my right hand was caught between the body of the bus and a big drainage, not a few people attributed it to the fetish malediction purported to have been invoked and placed on me by our political foes and rivals. But my love for Professor Dora Akunyili stemmed from the fact that she executed   altruistic deeds during her headship of NAFDAC. She checkmated the influx of noxious and substandard drugs into our markets. And she saved Nigeria from implosion when she called for the invocation of the doctrine of necessity during the troubled and uncertain times of the late President Umaru Musa Yarâ&#x20AC;&#x2122;Aduaâ&#x20AC;&#x2122;s leadership of Nigeria. Professor Akunyili hailed from an area which is different from mine, although we both are Anambra natives. In the recent past, I wrote an open letter to Chief Osita Chidoka, my kinsman, advising and urging him to shelve his political ambition for now because the time is not auspicious. However, recently, a pal of mine is visibly irked by my writing to Chief Chidoka. In civilised countries, a son may belong to a political party different from his fatherâ&#x20AC;&#x2122;s without their being at daggerâ&#x20AC;&#x2122;s drawn with each other. And, did Barack Obama become the President of America based only on the coattail of the support and votes of black Americans? r $IJFEV 6DIF 0LPZF "XLB "OBNCSB 4UBUF

16

T H I S D AY ˾ TUESDAY, OCTOBER 31, 2017

POLITICS

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

EXECUTIVE BRIEFING

Politics Frustrating NDDC’s Interventions in Akwa Ibom Mutual suspicion between the governor of Akwa Ibom State, Emmanuel Udom and the Managing Director of the Niger Delta Development Commission, Mr Nsima Ekere has slowed down the commission’s ability to deliver the much needed interventions in the state, writes Shola Oyeyipo

W

ith the unfolding drama between the AkwaI Ibom State Government and the Niger Delta Development Commission (NDDC), the state has no doubt sustained the bitter politics that characterised the old Cross River State in the 1980s.

During the administration of former President Shehu Shagari, officials of the state government, led by the governor, the late Dr. Clement Isong were perpetually embroiled in a fight for supremacy with Lagos-based prominent indigenes of the state, led by the then Senate President, Dr. Joseph Wayas.

The fight was so intense that the state, which was also governed by the same ruling National Party of Nigeria (NPN) at the centre, attracted little or no federal projects for four years.

Isong’s group, which was branded the home front and Wayas group, which included Senator Victor Akan and their supporters, popularly referred to as the Lagos group, were in war of attrition.

The bitter war between the two forces prompted Professor Emmanuel Ayandele, the then Vice Chancellor of the University of Calabar to reportedly declare that “Cross River State is an atomistic society perpetually at war with itself.“ Isong was eventually squeezed out of the party and he lost the re-election bid.

Under President Olusegun Obasanjo, the stormy relationship between the then Secretary to the Government of the Federation, Obong Ufot Ekaete and the state governor, Obong Victor Attah denied the state basic amenities from the federal government, despite the fact that the state was also governed by the ruling Peoples Democratic Party (PDP), which controlled the federal government.

Governor Godswill Akpabio apparently avoided this protracted fight by recommending for federal appointments, only people who were extremely loyal to him.

However, many indigenes of the state still believe that Akpabio’s closeness and influence on the Jonathan administration did not translate to commensurate infrastructural development of the state by the federal government.

The second chairman of the NDDC, Ambassador Sam Edem was stampeded out of office when Akpabio could not stomach his growing political clout.

Edem’s successor, Bassey Dan Abia, who later became the Managing Director of NDDC, enjoyed rosy relationship with Akpabio but his tenure was cut short when President Mohammadu Buhari dissolved the board.

Presently, a former deputy governor of Akwa Ibom State and current NDDC Director, Mr. Nsima Ekere is neither an appointee of the state governor, His Excellency, Udom Emmanuel, nor is he in the PDP, which controls the state.

NDDC, Akwa Ibom State Clash The appointment of an indigene of a state in Nigeria to head a strategic development federal agency nominally portends good things for that state because the individual appointed is expected to utilise the good office to improve the lot of the state. Hence, the euphoria in Akwa Ibom State that greeted the appointment of Ekere as the substantive Managing Director of NDDC in November 2016 was understandable.

When he assumed office in November 2016, Ekere immediately set to work to address critical development issues across the Niger Delta. The intervention of the commission has been praised in many quarters including Akwa Ibom State where NDDC has become quite active, particularly with its emergency intervention projects.

Udom

The law setting up the NDDC as well as its structure align appointments, projects and programmes with oil production quota, which means that Akwa Ibom State as number one oil producing state in the country, should be number one in the allocation of NDDC projects.

However, that was not the situation Ekere met on ground because in terms of project volume, Akwa Ibom trails behind Rivers and Delta States. Ekere is said to be working hard to address this. Nearly one year into his tenure as NDDC boss, Ekere found the Akwa Ibom State government un-cooperative.

Akwa Ibom State agents were alleged to have physically frustrated the activities of the NDDC by using armed policemen to pursue NDDC contractors from project sites, citing poor quality of work as well as accusing the commission and its leadership of not collaborating with the state government. The situation has affected the pace of completion of NDDC interventionist projects.

The fight began in December 2016 barely two months after Ekere assumed office when the NDDC rolled out an advertisement for tender on contract jobs available for award.

About 60 of the contract awards were for Akwa Ibom State only and covered the areas of the commission’s mandate: water, health, education, power and roads. Nearly all local government areas had one or two of the projects listed.

This was in addition to about 37 emergency

While Akwa Ibom bickers with NDDC, other Niger Delta state governors have been pushing for more projects and interventions by NDDC

Ekere

roads repair jobs that were also awarded by the commission.

Some of these roads were Ukana Offot Street, School Roads, Udo Eduok Street, Nelson Mandela, Federal Housing Estate, Uyo among other roads in Uyo, and several others across the state.

However, the state chapter of PDP was said to have viewed the move as being political, especially as there were speculations that Ekere, who had previously ran for the office of the governor, will run again in 2019, on the platform of the APC. The NDDC’s interventions in the state are being politicised. The move is part of the bid to stop Ekere from getting an associated boost for his perceived aspiration in 2019.

Speaking during the inauguration of one of the roads abandoned by the NDDC in Ikono Local Government Area, the Commissioner for Works. Mr. Ephraim Inyang was quoted as alleging that NDDC had turned Akwa Ibom State into an abandoned project site, and urged the federal government to probe the commission.

In quick succession, a group, Akwa Ibom Integrity Group, ran a seven-page advertorial in national and local newspapers calling for the probe of the Ekere-led management of the NDDC. However, the table turned against the sponsors of the Integrity Group when other groups demanded that the probe should rather be on the contractors, who were mainly members of the then ruling PDP. The projects listed in the petition were mostly ones awarded between 2007 and 2015 when the PDP held sway at the commission.

The hunter thus became hunted.

Recently at the Inspector General of Police Security Summit which was held at the Ibom Hall in Uyo, the governor was said to have warned the NDDC not to embark on development projects in any of the Niger Delta states without first seeking the governors’ permission.

He was quoted as saying: “Let me use this opportunity that the MD of NDDC is here to state clearly that NDDC does not own even a piece of land, it is the governors that are in-charge of land. NDDC should not enter any of the nine states to do any project without permission from the governors.”

A few days later, Inyang allegedly led armed policemen to disrupt the activities

of an NDDC contractor who was repairing Youth Street in Uyo, claiming that the job was substandard.

But the NDDC has repeatedly dismissed reports that it is at loggerheads with the Akwa Ibom State Government over the execution of development projects.

“We intervene in areas where the state government does not cover. We are here to complement the effort of the state government in the provision of basic infrastructure to make life meaningful for the people,” said Sam Frank, Akwa Ibom State NDDC Representative.

While Akwa Ibom bickers with NDDC, other Niger Delta state governors have been pushing for more projects and interventions

by NDDC. Way Forward Mr Okon Iyanam, a former governorship aspirant under the platform of Accord Party said in a Facebook post that what is happening “is not a policy crisis but one in which personal interests and aspirations are the real issue.”

He said whatever development coming to the state should not be blocked by such considerations.

“NDDC has been in existence for this long and across all the nine beneficiary states, this sort of local challenge has not been reported.

You must note that NDDC states are busy lobbying for projects to be taken to their states.

It is abnormal to chase development away from your state for very ‘’simplistic’’ reasons.

“Some of the projects being completed by the NDDC are projects conceived by previous NDDC regimes. They should be finished for the benefit of our people. How on earth can you chase somebody away from tarring a road?

“How would you explain such an action to the people who live on such roads and who have suffered terribly all along?

“No father would allow his children to go hungry simply because he has issues with his wife. Akwa Ibom must triumph. This is beyond Udom or Ekere” The Itai Afeh Annang, His Royal Highness Chief Pius Okuku IV, in a comment said, as a traditional ruler it behoves on me to call on the two illustrious sons of the state to sheath their sword and pull their resources together for effective collaboration in the development of the state for the good of the people .

5 ) * 4 % ": t TUESDAY, OCTOBER 31, 2017

17

18

TUESDAY, OCTOBER 31, 2017 ˾ T H I S D AY

FEATURES

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

L-R: Former governor of Old Bendel State, Lt. General Jeremiah Useni (rtd.); former governor of Edo State, Comrade Adams Oshiomhole; deputy governor, Philip Shaibu, wife of Edo State governor, Betsy Obaseki; Governor Godwin O Ewaure II and the Oba's wives, at the one year coronation anniversary of Oba Ewuare II, in Benin City…recently

Oba of Benin Commemorates First Anniversary On October 10, Oba Ewuare II, the Oba of Benin, celebrated his first year on the throne. Adibe Emenyonu who covered the weeklong celebrations, which coincided with the Oba’s birthday, captured the fun fair that heralded the celebrations

A

flurry of activities heralded the one year coronation anniversary of His Royal Majesty, Omo N’Oba Uku Akpolokpolo, Oba Ewuare II, Oba of Benin Kingdom as eminent Nigerians including top government functionaries, the political class, friends, associates, traditional rulers and several top personalities thronged the ancient palace to pay homage to the celebrant and monarch.

Part of the activities started with a novelty football march at the Samuel Ogbemudia Stadium where the Edo State deputy governor, Comrade Philip Shaibu led the All Stars FC Benin in a novelty match against Austin Eguavoen who captained ex-players of Bendel Insurance FC of Benin City.

As a mark of appreciation, the revered monarch took the spot kick to the admiration of spectators at the stadium, and was physically present to watch the football match which also involved the Enigies (Dukes) who entertained the monarch for 20 minutes.

Trailing this was a gala night which featured performance of top Nigerian musical artistes like Davido, Tuface Idibia, Majek Fashek, the Royal IWEGUAE ONUDO dance including other traditional performances.

There was also a street carnival by a cultural troupe from Calabar, Cross River State who came to solidarise with the Benin monarch. The troupe with its typical Efik dance steps, entertained the people who came out to watch the dancers who are majorly girls before they berth at the palace of the Oba. Besides these entertainments, eulogies also trailed the celebrations. The

Oba of Lagos, Oba Rilwan Akiolu opened the floodgate of praises. The Oba who came calling with his retinue of Chiefs to pay homage to Oba Ewuare II, ascribed the development strides being witnessed in

Part of the activities started with a novelty football march at the Samuel Ogbemudia Stadium where the Edo State deputy governor, Comrade Philip Shaibu led the All Stars FC Benin in a novelty match against Austin Eguavoen who captained ex-players of Bendel Insurance FC of Benin City. As a mark of appreciation, the revered monarch took the spot kick to the admiration of spectators at the stadium

Lagos State to the blessings given to it by a past Oba of Benin.

Oba Akiolu who spoke during the gala night, said Lagos State is currently enjoying the prayers and blessings of past Benin Obas. The highly elated Lagos monarch added that he is happy to be present at the anniversary of an Oba “who used to be his brother but is now his father.”

He also described the Benin monarch as a man of integrity that would bring his experience as an Ambassador to rule the kingdom.

The Oba of Lagos however, urged women in the kingdom to desist from traveling to Italy for the purpose of prostitution as according to him, Benin is full of many opportunities. On his part, Governor Godwin Obaseki poured encomiums on Oba Ewuare II whom he lauded for inspiring partnership with government. Obaseki recalled that the relationship between the state government and the Benin monarch, Omo N' Oba N' Edo, Uku Akpolokpolo, Oba Ewuare II, in the last one year, has improved the quality of lives in the state.

He described his working relationship with the monarch in the one year he has reigned as inspirational and unique, noting that the cordial relationship has been instrumental to the successes recorded by his government in the last one year.

Obaseki said that the collaboration has helped the government in addressing some of the concerns raised in His Majesty’s coronation speech last year, which resulted in the state government’s new law which outlawed the activities of Community Development Associations (CDAs) as well

as the development of the Gelegele Seaport.

"We as a government have collaborated with his Majesty and have put a law in place to deal with miscreants, who still engage in CDA activities in the state. For the Gelegele Seaport, we set up a technical committee on the development of the seaport and the committee has submitted its report to us," the governor said.

Congratulating Oba Ewuare II on his birthday and one year anniversary on the throne, Obaseki thanked him for being a source of confidence to those in public office by his actions.

The Edo governor while using the opportunity to inform the Oba that the state will be hosting the Alaghodaro Investment Summit in Benin City in November to open the state for investment to secure the future of Edo people, added: "In less than a month from now the first edition of Alaghodaro Investment Summit will hold in this great city. Our objective is to showcase sectors that global business players can invest in, namely, agriculture, energy, manufacturing, tourism, real estate and sports to mention a few.”

In what looked like a vote of thanks, Oba Ewuare II promised to introduce traditional reforms to curb abuse of conferment of chieftaincy titles in the kingdom, noting that conferment of chieftaincy titles must be in accordance with native laws, tradition and customs of the land.

According to him, the reforms would prohibit excesses of some traditional rulers as well as the wrong use of Bini coral beads in the kingdom.

He disclosed that he has commenced

19

˾ T H I S D AY TUESDAY˜ ͱͯ˜ Ͱͮͯ͵

FEATURES

R-L: Oba Ewuare II, handing over the cup to captain of the All Stars FC and deputy governor of Edo state, Comrade Philip Shaibu, winner of the novelty match organised to mark the monarch’s one year anniversary on the throne

Obaseki, Oba of Benin, Omo N' Oba N' Edo Uku Akpolokpolo, Oba

reorientation and in-house cleansing of some palace Chiefs to ensure total justice and sanity return to the kingdom. Oba Ewuare II said the state has witnessed inflow of investors since the dreaded Community Development Association (CDA) was outlawed, and called on security agencies to stop recent resurgence of kidnappings and killings in the state adding that palliative measures have been put in place to rehabilitate the outlawed CDA members.

Oba Ewuare emphasised that as a father to all, he would continue the fatherly roles to all traditional rulers in Edo as well as outside the state. He therefore, urged traditional institutions in the country to partner with government for the good of the society, declaring that he will soon embark on national and international tours which would afford him the opportunity to build stronger ties that will benefit Edo. Oba Ewuare II thanked the state government for acceding to his request that CDA activities be criminalised in the state, noting that the new law has brought sanity to property management in the state.

The one year anniversary celebrations climaxed with a Thanksgiving service at the Holy Arosa, Benin Traditional Church with the Chief Priest (Ohen-Osa), Harrison Okao, charging traditional rulers on truthfulness.

He also advised traditional rulers, palace chiefs, Ohens and community leaders to be truthful and honest while relating with

Oba Ewuare II (3rd left) at the Holy Aruosa for Thanksgiving Service

Dancers from Cross River State on the streets of Benin

Congratulating Oba Ewuare II on his birthday and one year anniversary on the throne, Governor Godwin Obaseki thanked him for being a source of confidence to those in public office by his actions

the Benin royal Father so as to promote peace and harmony in the kingdom.

In his message titled, ‘Truthfulness’, Okao said people must be truthful and honest in their dealings with their fellow men. He said they should remain truthful even when the odds are against them noting that God in His wisdom founded the world in truth.

The Ohen-Osa in driving home his sermon, told the congregation a parable of the king who in a bid of knowing who was honest among his subjects decided to give them grains of maize to plant and nurture to test truthfulness and honesty.

"A King who in a bid of ascertaining who is truthful among his subjects decided to give grains of maize to them to grow and nurture but unknowingly to them that the grains of maize were parboiled.

"Some of them having waited for their maize to grow and did not germinate, went to buy grains from the market and planted them.

"Those bought from the market were planted and germinated. So, when the king came to find out how the sowers were doing with their crops, some of them showed him their maize planted already growing

while one of them cried out to the king that his own has refused to grow.

"It was right there that the King told them that the grains of maize given to them were already cooked and that the one whose own refused to grow and came out to say it was the person who was honest among them all," he ended his parable.

Okao however told them that God did not make mistake in His doings for creating the only two kingdoms in this world, the Benin Kingdom and the United Kingdom as he exclaimed, 'Oba-gha -to- kpere! And the people responded: "Ise".

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˜ ͱͯ˜ ͺ͸͹͵ ˾ T H I S D AY

A

WEEKLY PULL-OUT

‘WHY SANS ARE ROLLING OUT THE DRUMS TO CELEBRATE’

31.10.2017

Mr. Paul Usoro, SAN

10/COVER

31.10.2017

‘WHY SANS ARE ROLLING OUT THE DRUMS TO CELEBRATE’ CONTINUED FROM PAGE 9

team able to achieve this?

The discharge and acquittal of Dr. Bukola Saraki, was really God’s work using us, the legal team, as the tool therefor. He gave us the wisdom and the intellectual acuity to strategise and come up with winning arguments that set an innocent man free. It was also a collective work by the legal team, led by the most respected Kanu Agabi, SAN, CON, former Attorney General of the Federation. His leadership of the team made a huge difference. His ability to weld disparate personalities into a single and efficient working group was and is always amazing and deserves emulation and commendation. His own intellectual sagacity is also outstanding and stunning.

These sterling qualities made him lead from the front and by example in the Saraki trial and it was quite easy for the rest of us to follow his lead. I must also mention that the Senate President was a great client to work with. He has an extremely sharp and brilliant mind and his quick appreciation of complicated legal issues was quite amazing and indeed helped greatly in the discussions and formulation of legal strategies. He was available at all times to work with the Legal Team in designing strategies, and he made quality inputs thereto. For me, it’s always a delight working with such brilliant, albeit, demanding clients – that, truly, is when the intellectual depth and quality of a lawyer, shines through.

How do you see the CBN Policy on the BVN? Can the CBN lawfully issue such a directive? Does the Policy do more damage than good to Nigerians?

I presume you are referring to the recent Interim Orders of the Federal High Court sitting in Abuja Division that, amongst others, ordered the forfeiture to the Federal Government of the monies in bank accounts that do not have BVN particulars, except the owners of the account can within a specified timeframe show cause why the forfeiture should not be effected? I have read the Enrolled Order and I would first like to correct the impression that the orders were made at the instance of the Central Bank of Nigeria. They were not.

The Central Bank is actually a Defendant in the Suit, and the Plaintiffs are the Federal Republic of Nigeria and the Attorney- General of the Federation.

In answering your question, it is important to separate the BVN Policy as set out by the CBN, from the afore-mentioned Court Orders and the pending litigation. Does the CBN have the legal mandate to issue the Policy?

Yes, it does, pursuant to the provisions of the CBN Act and BOFIA which mandates the CBN to make such policy guidelines from time to time. The question is, does the BVN Policy, as set out by the CBN mandate the forfeiture of monies in accounts that do not have BVN? I have read the CBN circulars on the BVN project, as well as the CBN’s BVN Regulatory Framework and I see nothing in any of those Directives and the Regulatory Framework document, that mandate such forfeiture of monies. I indeed,

know no extant law, that mandates such forfeiture of monies in accounts without BVN to the Federal Government.

It is also not quite clear to me, why the Federal Government should be the one purporting to execute and/or enforce the CBN BVN Policy or any CBN Policy at all. The CBN, is vested with its distinct corporate personality, with which it can sue and be sued; it is the only body mandated by its enabling legislation, to enforce its Policies. Any other person purporting to act on its behalf in that regard, with all due respect, is considered by the law as a “meddlesome interloper”.

To answer the last leg of your question, in my very humble opinion, the forfeiture

"THE DISCHARGE AND ACQUITTAL OF DR. BUKOLA SARAKI, WAS REALLY GOD’S WORK USING US, THE LEGAL TEAM, AS THE TOOL THEREFOR. HE GAVE US THE WISDOM AND THE INTELLECTUAL ACUITY, TO STRATEGISE AND COME UP WITH WINNING ARGUMENTS THAT SET AN INNOCENT MAN FREE"

suggestion harms the Nigerian public as well as the financial subsector in multiple ways. For one, by requiring the owners of accounts without BVN enrolment, to prove their innocence or face forfeiture of their funds, the forfeiture directive turns on its head the sacrosanct principle of presuming a person innocent until proved guilty. No such presumption of guilt ahead of proof, is allowed by our Constitution.

Indeed, it cannot even be presumed that all owners of accounts without BVN details, are engaged in illegal or illegitimate businesses.

The circumstances that accounts may not have BVN are varied, and include circumstances where the owners of such accounts may have been deceased, or where the account is the subject of litigation or dispute, and it is not immediately possible to determine who the operators of the account should be. These are only illustrative instances of circumstances that could result in the non-completion of BVN enrolment by account holders and owners, and it would, in my most respectful view, be illegal and unjust for the monies in such accounts, to be forfeited to the Federal Government consequent therefor.

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INSIGHT ABUBAKAR D. SANI

xL4sure@yahoo.com

‘No BVN? Sorry, Your Money Is Now Public Property’

C Introduction

an the Central Bank of Nigeria (CBN) compulsorily acquire funds in any bank account which lacks a Bank Verification Number (BVN)? That is the question agitating the minds of many Nigerians, in the wake of the ex parte order procured last week by the Attorney-General of the Federation on behalf of the apex bank which purportedly ordered an interim forfeiture of such accounts. Are all the defaulting accounts necessarily being used for unlawful activity, which the Government alleges is its justification for procuring that order? Is forfeiture the only solution to any legitimate concerns about the security implications of leaving BVN-less accounts within the financial system?

Let’s see . . .

The BVN Regime Everyone agrees that the goal of Bank Customer Verification Numbers is a laudable one. The reasons are obvious: to check fraud and even terrorist transactions; it is thus clearly in the national interest. It is equally clear that ample opportunity - almost 2 years, if I am not mistaken – was afforded account-holders to comply with the policy. That not all of them have complied so long after the policy was introduced – and even extended – is not surprising, because that is human nature. The real surprise is the option adopted to address the non-compliance. Is that really the only policy tool available to Government deal with the situation, or is it yet another case of policy mismatch by the powers-that-be?

To start with, it is pertinent to ask . . .

Can CBN Prescribe Mandatory BVNs? In my opinion, the answer to this question depends on the construction of Sections 57 of the Banks and Other Financial Institutions Act (BOFI) and Section 33(1) (b) of the Central Bank of Nigeria Act. They provide as follows, respectively; - Section 57: (1) “The Governor may make regulations, published in the Federal Gazette to give full effect to the objects and objectives of this Act; (2) Without prejudice to the provisions of subsection (1) of this section, the Governor may make rules and regulations for the operations and control of all institutions under the supervision of the Bank” - Section 33(1)(b): “In addition to any of its powers under this Act, the Bank may issue guidelines to any person and any institution under its supervision.”

What is Forfeiture?

In MOHAMMED ABACHA v FRN, the Court of Appeal defined forfeiture as a comprehensive term which means a divestiture of specific property without compensation; it is the loss of some right or property as a penalty for some illegal act, and it imposes a loss by the taking away of some pre- existing valid right without compensation.

Is the Forfeiture Order Valid?

This is the ‘Million Naira’ question. Surprisingly, Section 17(1)(b) of the Advanced Fee Fraud Act, 2006 (AFF Act), categorically authorises the forfeiture to the Federal Government, of any property in the possession of any person, body corporate or financial institution, which the court reasonably believes to be the proceeds of some unlawful activity under any law enforceable under the EFCC Act. Beyond this, however, the broader question is whether this statutory provision is constitutional. This question is pertinent having regard to the principle of constitutional supremacy, which prescribes that all laws derive their legitimacy from the Constitution; accordingly, any law which is inconsistent with the Constitution will be invalid and void to the extent of the inconsistency.

In this regard, I believe that Sections 36(1)&(2) and 44(1)&(2)(b) of the Constitution are relevant. The former, i.e. Section 36(1)&(2) provide that: (1): “In the determination of his civil rights and obligations, including any question or determination by or against any government or authority, a person shall be entitled to a fair hearing within a reasonable time by a court or other tribunal established by law and constituted in such a manner as to secure its independence and impartiality.

(2): “Without prejudice to the foregoing provisions of this section, a law shall not be invalidated by reason only that, it confers on any government or authority, power to determine questions arising in the administration of a law that affects or may affect the civil

Banking Hall

rights and obligations of any person if such law – (a) Provides for an opportunity for the person whose rights and obligations may be affected, to make representations to the administration authority before that authority makes the decision affecting that person; and (b) Contains no provision making the determination of the administrating authority final and conclusive” Similar provisions in the 1979 Constitution were construed by the Supreme Court in BAKARE v L.S.C.S.C. (1992) 3 NSCC 218 @ 247, where the court held that: “Subsection (2) deals with the question of the validity of such enabling laws. Under the subsection, which is without prejudice to the provisions of subsection (1) of the section, any law that affects or may affect the civil rights and obligations of any person is valid if: (a) It provides an opportunity for the person affected, to make representation to the person taking the decision, before the decision is taken; or (b) The decision made without hearing is not final and conclusive.

The two conditions are independent of each other, and are in the alternative” Section 17(1) of the AFF Act appears to satisfy this requirement, as it provides for publication of the interim order of forfeiture for the benefit of account-holders and third parties; it provides further that, if at the expiration of 14 days of that publication, they fail to show cause why those funds should not be forfeited to the Federal Government, the court will make a final order accordingly.

- Section 44(1) of the Constitution provides that: “No moveable property or any interest in an immovable property, shall be taken possession of compulsorily and no right over or interest in any such property, shall be acquired compulsorily in any part of Nigeria except in the manner and for the purposes prescribed by a law that, among other things – (a) Requires the prompt payment of compensation therefore; and (b) Gives to any person claiming such compensation, a right of

"SIMPLY PUT, THE POLICY IS ILLCONCEIVED AND ILL-TIMED, GIVEN OUR FRAGILE ONGOING RECOVERY FROM A PROLONGED RECESSION. HIVING-OFF HUNDREDS OF BILLIONS OF NAIRA – REPORTEDLY - FROM SUCH ACCOUNTS, CAN ONLY WORSEN THE LIQUIDITY SITUATION OF BANKS, WITH ITS OBVIOUS CONSEQUENCES ON THEIR LENDING CAPACITY"

access for the determination of his interest in the property, and the amount of compensation to a court of law or tribunal or body having jurisdiction in that part of Nigeria.

(2): “Nothing in subsection (1) of this section shall be construed as affecting any general law – (b) For the imposition of penalties or forfeitures for the breach of any law, whether under civil process or after conviction for an offence” For the foregoing reasons, this provision also appears not to have been violated by the Government in procuring the order; this is because the order was evidently the product of a civil process, allegedly for the breach of a law. By virtue of Section 17(1) of the AFF Act, such a law must be one which the EFCC is authorised to enforce. This caveat is important, because that provision is not self-executing, as the court must be reasonably satisfied that the funds in the affected accounts were the proceeds of some unlawful activity under any law which is enforceable under the EFCC Act. The obvious question is: does the mere fact that funds in certain bank accounts lack BVN, ipso facto, suggest that they are the proceeds of unlawful activity?

I submit that, the answer is a resounding ‘No’. There are any number of reasons or circumstances, which justify or explain why those accounts – or some of them – are not BVN-compliant. One obvious reason is death, i.e., the death of the account-holder. Another one is indifference stemming from the fact that the owner, presumably, possesses another account or accounts and, perhaps, has simply chosen to abandon this particular one.

Conclusion Even though Section 17(1)(b) of the AFF Act was never designed to be used in such a blanket fashion as the Government has evidently done, it is clear that, criticism of the order has more to do with its political correctness and the perceived lack of circumspection by those behind it.

Public outcry to the order, shows that the issues it has thrown up, go beyond its statutory or even constitutional validity. It appears that, rather than any genuine security concerns, the policy was motivated, almost entirely, by the Government’s parlous finances; unfortunately, in its apparent desperation in this regard, the Government seems to have committed a faux pas, if not an outright overkill.

Simply put, the policy is ill-conceived and ill-timed, given our fragile ongoing recovery from a prolonged recession.

Hiving-off hundreds of billions of Naira – reportedly - from such accounts, can only worsen the liquidity situation of banks, with its obvious consequences on their lending capacity.

In the long run, the negative impact of the order, could conceivably outweigh the perceived benefits of getting all account-holders to sign-up. The better approach would be, to simply suspend such accounts. This will give the affected banks, freedom to utilise such funds while denying it to their owners. Needless to say, whenever such owners - or their heirs and successors-in-title - are pressed enough, they will show up and comply.

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31.10.2017

IBA Conference: Sydney 2017 Jude Igbanoi gives a synopsis of the one-week Annual Conference of the International Bar Association, which held in Sydney Australia earlier this month

T

Opening Ceremonies he Opening Address was delivered by IBA President Martin Šolc, who welcomed delegates, many of who travelled over 10,000 miles to attend the Conference. He stated that long-held cherished societal and legal values, are being challenged in today’s difficult times. He pointed to the French example, where anti-terrorist laws that would give the police sweeping powers to arrest and detain without due process, are compromising the rule of law. He therefore, called upon delegates to speak openly and all legal practitioners, to remember their hallowed responsibilities.

Be Independent The Chief Justice of Australia, Susan Kiefel, addressed the issue of independence of lawyers, and declared that those practicing must be able “to exercise independent judgement and the ability to act free from external pressures” Uphold the Rule of Law The Attorney-General of Australia, Senator George Brandis, spoke on the need to uphold the current global order. He pointed out that, the institution of nation states is under peril, as the global order faces its existential threats. He identified three trends that threaten law, order and sovereignty: Islamic terrorism, renegade nations who challenge allegiance to global order, and rising aggressive populism. Lawyers have a role to play, to ensure that those trends do not derail the rule of law. They recognise their obligations, to defending the pillars on which society itself is built, beyond their mere obligations to their clients. “Upholding the rule of law may involve ...controversy, it may extend to the powerful, or to those thinking above the law, the marginalised or the despised. Lawyers who do so, serve the finest traditions of our profession.”

And Nigerian Delegates Were There Yes, there are a number of Nigerian delegates, and we made sure to take a picture with some of them we could hook up with after the session (see the attached). Nigerian Ambassador to Australia was with us too, doing Nigeria proud in his Babanriga dress!!

DAY 2 HIGHLIGHTS The IBA Annual General Conference, continued in grand style with an array of speakers drawn across various sectors. We bring you highlights of some of the sessions from Day 2 of the Conference below: Brexit will Benefit Asia-Pacific Region

Former NBA President, Mr. O.C.J Okocha, SAN (right)

Speaking as a Panellist on how Britain’s exit from the EU will benefit financial markets in the Asia-Pacific region, Paul Yuen, Head of Market Conduct at the Monetary Authority of Singapore, expressed the opinion that Brexit will be more of a catalyst than driver, in financial markets in the region. Agreeing with him, Micheal Duignan, Senior Director of Corporate Finance at the Hong Kong Securities and Futures Commission, stated that many more banking jobs will be lost to artificial intelligence rather than to the sole event of Brexit.

Rule of Law – More Than a Mantra “Lawyers chant Rule of Law like it’s a mantra, but it being a mantra, doesn’t take us very far”.

These were the words of Prof Bryan Horrigan of the Faculty of Law, Monash University, Australia.

He reiterated that it is the responsibility of the legal profession globally, to do something about poverty as poverty was on the increase in 1st World countries. In her view, Carmen Combo, co-chair of the Rule of Law Forum, illustrated the need for strategic litigation in finding legal solutions to problems of poverty around the world. In his view, Norman Clark, Principal at Walter Clark US, stated that 1 in 8 people in the United States of America live in poverty, describing it as a political problem fostered by a lack of political will.

Ibahri Showcase Session – Women “Firsts” This Session dwelt extensively on how laws in Australia and elsewhere, have empowered or

hindered women to succeed. According to the Session Chair, Baroness Helena Kennedy, women need to stop self- deprecating, get into positions, and make a difference. Commenting on the pay gap and other issues, Hon Mary Gaudron, former Justice of High Court of Australia, stated that “it’s time we forget about euphemisms and call it what it is: discrimination, pure and simple”.

Is Europe Ready for China?

It was indeed, a revealing session for many, to realise that the Chinese economy is stronger than most outside the country believe. In 2016, Chinese FDI into Europe stood at €35Billion ($41Billion). According to Sitao Xu of Deloitte in Beijing, this trend, is just the beginning of outbound Chinese FDI into Europe. The issue of cultural difference also came up for discussion, as it was observed that, Chinese Firms have been known to refuse to pay full fee post-closing. It was therefore, suggested that having a cap fee plus success fee, could be a way of ensuring that Lawyers get paid in full for their services.

Partnership – Time for a Change One of Nigeria’s fine business lawyers, Olumide Akpata, Partner at Templars, was resplendent in his submission that, for many Sub- Saharan Law Firms, getting into a Partnership was still the best way to go for a fulfilling and rewarding career in the practice of Law. However, there is also an emerging appeal of younger practitioners, to go for the option of “in-house Counsel” as an accelerated path towards Partnership. The desire for work-life balance and flexible career goals, is also making many choose the option of a one-person Law Firm. Without a doubt, Partnerships will remain in the legal profession, but perhaps not as we know it.

Lawyer’s Duty of Confidentiality – Handle with Care With increase in the regular leakage of private information into public hands, and increasing government scrutiny, the role of lawyers in maintaining confidentiality in the wake of cyber-crimes, came under the spotlight. Two major questions were asked – (1) How far does a lawyer’s duty to their clients go, especially when there is tension between what’s legal and what’s ethical? (2) What is the impact of electronic crime in a law firm? The session highlighted the need for lawyers and Law firms, to be adequately prepared for cyber- attacks before such eventuality happens.

L-R: Mr Paul Usoro, SAN, Mrs Mfon Usoro, Hon. Justice David Mann of Plateau State Judiciary

Dream of Electric Lawyers In the words of Fiona McLeod, President of the Law Council of Australia, there is the need to understand and embrace changing technology really urgently, as it has the potential to transform outcomes for clients of legal services. It emerged from the session that, artificial intelligence developments are coming thick and fast in several

jurisdictions, with the illustration of Canadian application, Legalswipe, a free application that provides legal advice to people, unexpectedly questioned by the police.

In his own view, Steven Richman of Clark Hill, was of the opinion that lawyers still need to check and make a decision, stating that there is an obligation on lawyers to supervise non-lawyers, even if the non-lawyer is a robot.

Moreover, with increased access to robotics and analytics, he expressed concerns about the impact of technology on access to justice, so that it is not only big Law Firms that can access some of the best tools and commission programs, while solo and small Law Firms, are left at a disadvantage.

You will agree that Day 2 sessions were most robust and very interesting with your undisputed Partner, LawPavilion, on ground in Sydney to give you all the enlightening details. It was another highly rewarding day, as we hosted many more of our erudite Learned Silks at our stand to receive their personalised versions of “Words in Gold SAN version”, a compilation of all the matters they have appeared in before the Court of Appeal and Supreme Court. You can enjoy the photo-speak here (Facebook hyperlink) and on Twitter here (hyperlink also).

DAY 3 HIGHLIGHTS Have you ever wondered about the role of disruptors, like Air BnB and Uber, on the traditional industries of hospitality and transportation? Well, Day 3 at the IBA Annual General Conference, was a great opportunity to hear directly from the horse’s mouth. Here are excerpts of the Sessions held: Legal Disruption Unwrapped ‘Disruption’, ‘automation’, ‘chatbots’ were words used freely at this session, which looked at the impact of technology disruption and what it portends for law. There were concerns raised, as to whether new technologies will soon replace Graduate lawyers, since several tasks being undertaken by lawyers now could be automated, bringing to mind the revolution in the banking industry. Well, not to worry, according to Kieren Parker of Addisons in Sydney, “it is a gross generalisation to say we will lose graduate lawyers, because that assumes that graduate lawyers only perform one task...”.

On her own part, Alexandra Neri of Herbert Smith Freehills in Paris, called on lawmakers to react quickly to disruptions which could bring about rough changes on society, which society is usually unprepared for.

Lawyer-Client Privilege and the Global Anti-Money Laundering Dilemma Against the background of the Russian investigation of its possible involvement with the recently concluded US elections, the legal community has been facing increased scrutiny on providing information on suspicious cases of anti-money laundering to government agencies. With countries such as the US and Japan passing new legislations or proposing same, the Canadian Supreme Court in 2015 had ruled that, it is unconstitutional for lawyers to act as “secret agents of the State”, in the fight against money laundering. It was concluded that Bar Associations and Regulatory Bodies, need to work together on the challenge of information sharing on suspicious transactions, without denting the Lawyer- Client Confidentiality.

The Machines are Taking Over – Machine Learning, Artificial Intelligence Without any doubt, legal practice is changing rapidly in the face of technology, with access to data being mined using algorithms that generate faster and better results than before. The continued adoption of machine learning, also quickly brings to mind the question – what skills will be useful in the legal services industry of the future? For example, the illustration was given of Silicon Valley Company, Enlitic, which has developed

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IBA CONFERENCE: SYDNEY 2017 CONTINUED FROM PAGE 12 machine learning software that diagnoses cancer from medical images. The software can analyse CT scan in 0.02 seconds, while a doctor needs at least 10 minutes to read the same medical image.

A Conversation with Julian Assange (Wikileaks) A Computer Programmer and Activist for freedom of information, Assange, presents a unique challenge for evading arrest and avoiding extradition to Sweden to answer charges of sexual assault, while on the other hand, many believe that the charges in Sweden are a mere front to arrest and extradite Assange to the US, to answer for WikiLeaks. It is interesting to point out that, many documents leaked by WikiLeaks have been used in multiple of human rights cases.

So do you think Assange is a villain or a hero, worthy of adulation in his activities towards freedom of information?

These are highlights from some of the sessions that held on Day 3 of the Conference, which were highly stimulating, eye-opening and quite rewarding. Your undisputed Partner, LawPavilion, would not have you in the dark about anything, hence, our unrelenting efforts to bring you snippets from Sydney, Australia. One recurring theme of the sessions on Day 3, is the impact of technology on the society, which ultimately will dovetail and impact the legal profession. Here at LawPavilion, we are also not relenting our efforts to adopt the best of available technology, to help you work faster, easier and better.

Day 4 of the Conference promises to be quite explosive. Please, look out for tomorrow's juicy details.

DAY 4 HIGHLIGHTS Gradually, the IBA Annual General Conference is coming to a close, but not just yet. Today, we bring you insights from Day 4 Sessions. Oh, and the Nigeria Night in Sydney was simply fantastic.

We hope you will enjoy Day 4 Insights below: Africa on the Rise In the conversation about mega law firms and specialised legal services, the question was asked, “Where are African Law Firms?” With some

of hacking of confidentially held information.

L-R: Chief of Staff to NBA President, Mr. Muritala Abdulrasheed, Mr. Akin Ajibola, NBA General Secretary, Mr. Isiaka Abiola Olatunji, Mr. Paul Usoro, SAN, Chairman, NBA-SBL, Mr. Olumide Akpata

of Law Firms in the UK and the US boasting of 3000 plus lawyers (asides from paralegals, legal secretaries and other support staff), this Session sought to provide answers to how African law firms can participate more in the wave of globalised services. According to one of Nigeria’s Commercial Lawyers, Mena Ajakpovi of Abraham & Co, the African continent’s preexisting economic handicap, is the fundamental reason why African Law Firms have not been able to compete with the biggest Firms of UK, Europe and the US. He stated that, “the more sophisticated the economy, the more sophisticated the level of services available, and Africa does not have the economy in place”. In his own view, Koos Prestorius of ENsafrica, was of the view that a lot of the wealth generated in Africa, leaves Africa. In her own view, another leading Nigerian lawyer, Mfon Usoro of Paul Usoro & Co., opined strongly that, specialisation is the key to expansion for African Law Firms. She reiterated the need for Regulators on the Continent, to

engage local Law Firms which are prepared to take on the big and highly specialised transactions.

It was concluded that, we (African lawyers and Law Firms), are responsible for improving our own situation. Without any doubt, African and especially Nigerian Law Firms, will rise to this challenge.

Law Firms – The Perfect Target The unprecedented leak of over 11 million confidential files from Monsack Fonseca (the Panama Papers), left in its wake, destruction to many Firms and individuals on a massive scale. That scandal brought to the fore again, the question of Client Confidentiality. According to Meg Strickler of Atlanta-based Law Firm, Conway & Strickler, it is no longer a question of if a law firm is going to breach, it is now at the point of when such breach will occur. The session also focused on the responsibility that Lawyers and Law Firms have, to implement additional security measures that restrain or minimise the impact

A Dream of Africa – Roads to Wealth For a continent endowed richly with so many natural resources, Africa is in a most unusual challenge, of being home to the most deprived people. According to Session Chair, Linda Kasonde of Mulenga Mundashi Kasonde in Zambia, the rule of law is part and parcel of economic development. She opined that, there is so much more lawyers on the Continent can do, to promote accountability and proper management of resources, while fighting to eradicate the epidemic of corruption. In his own view, Sternford Moyo of Scarlen & Holdeness in Zimbabwe, believes that the roadmap for Africa’s development and wealth, lies in the pursuit of correct policies, upholding the rule of law, and ensuring good governance. The Session also considered the need for simplification of legal regimes in many African countries, in order to boost foreign investor’s confidence. Without tax abuses and illicit financial flaws, the developing world would actually have no need for aid from developed economies.

The Partner as Coach and Mentor – Keys to Success Partners of Law Firms in Asia, the Middle East, Africa and Europe, took the opportunity of the session, to share personal experiences of their roles as mentors and mentees. It was stated that, the key in modern management, lies in investing in individual, tailored and on-the-job learning relationships. During the session, Hanim Hamzah of Singaporean Law Firm ZICO, outlined her Firm’s structured mentoring program, which enabled the Firm to achieve a mix of 52% female lawyers, with strong representation at the senior level. For Ghanaian lawyer Kimathi Kuenyehia, he took advantage of most opportunities to meet and interact with senior figures within the profession, whom he admired and he achieved this through the IBA platform.

Another eventful day has come and gone in Sydney, Australia and as your trusted and undisputed Partner, we trust that today’s insights have proven useful to you and your practice.

Nigerian Legal Awards Recognises Senior Advocates of Nigeria As Role Models Akinwale Akintunde Senior Advocates of Nigeria (SANs), are to be honoured and recognised in this year’s Nigerian Legal Awards, as role models to budding lawyers.

The Convener of the Award, Mr. Lere Fashola, said that the 5th edition of the annual event, comes with this new initiative aimed at encouraging lawyers in equity to develop the value of diligence, eye for goals, commitment, and team spirit, while focusing on the contributions of

their individual role models to the national and international development of the legal profession.

Fashola, who disclosed this last Friday at a press briefing to herald the forthcoming event, which holds on November 12, 2017 at the Landmark Event Centre, Oniru, Victoria Island, Lagos, said the SANs category of the Nigerian Legal Awards, celebrates their noble contributions to the growth and development of the future of the legal profession in Nigeria.

He said, “this is a golden moment for the Senior Advocates who have been nominated, to be aware of their unconscious tireless efforts in sharpening the future of the legal profession”.

According to him, one of the students wrote in his essay about a Senior Advocate thus; “it is indeed a joyful moment, for me to see my role model being celebrated, because he has been a source of inspiration to many. I personally salute the ingenuity of the brains behind this novel initiative. I think Legal Blitz Limited, is offering quite a lot to the profession by bringing out the best in talented and efficient lawyers.

Organising this kind of event, must definitely have caused a lot in terms of resources, but the service rendered to this great profession by this organisation, is indeed, commendable”.

“With a view to making the award holistic and thorough, quality has been the sole criterion

NBA President Pays Tribute to Justice Nwokedi Jude Igbanoi “The common threads which I find run through the judgements of Honourable Justice Nwokedi, are his scholarship, his lucidity, the logic in his espousals, his feel for humanity, his sense of history, and, not least, His Lordship’s abiding interest in the use of law for the advancement of the rule of law and the protection of the fundamental rights of citizens.”

This was how the President of the Nigerian Bar Association, A.B. Mahmoud, SAN, described the late Nwokedi JSC at the valedictory court session held in his honour at the Supreme Court last Wednesday, at which he was represented

by Mr. Paul Usoro, SAN. In the valedictory speech which was read on his behalf by Mr. Paul Usoro, SAN, the NBA President said that the late Nwokedi JSC was an icon and beacon of hope in the Nigerian legal community.

Jutice Nwokedi whose son Mr. Uche Nwokedi, SAN, is a member of the Inner Bar, passed on two months shy of his 91st birthday which would have been marked on November 3, 2017.

He said "It is a tribute to His Lordship’s hard-work, intellect and competence, that in 1985, about 11 years after his appointment

Mr. Paul Usoro, SAN

as a Judge, he was found worthy of further elevation to the position of Chief Judge of the old Anambra State, which then comprised the current Anambra, Ebonyi and Enugu States.

“We however, celebrate His Lordship today, as one of the extremely few jurists who successfully made the transition from the High Court Bench to the Apex Court Bench as a Justice of the

Supreme Court, without intervening service years as a Justice of the Court of Appeal. The ranks of those Justices who made that leap included Oputa JSC, Kawu JSC, Usman JSC and of course, Honourable Justice Paul Kemdilim Nwokedi. His Lordship was elevated to the Supreme Court in 1990, at the time that the mandatory retirement age for Supreme Court Justices remained fixed at 65 years. Thus, did it happen that His Lordship spent a rather brief period at the Supreme Court, retiring therefrom in 1991. But then, those few years were memorable, with His Lordship leaving his mark and pronouncements in the annals and sands of the Supreme Court, and indeed, our jurisprudence.

“Possibly, if His Lordship was asked the underlying philosophy for his judgements, he would have pointed to his Catholic upbringing and his socialist bent, a rather ironic twist, i.e.

His Lordship’s socialist streak, considering that not only was His Lordship born into royalty, but the practice of His Lordship’s chosen law profession, arguably, has aristocratic history and bearings.”

Nwokedi JSC was a leading authority on customary law at the Supreme Court, and his judgements attest to his lucidity and astute adherence to the spirit and principles to the law.

for selecting any of the nominees on the list.

The aim however, is to recognise beyond legal excellence, but also contributions to the law. This Award, is based on an online poll conducted on the various social media platforms through www.surveymonkey.com. We have also received various submissions from the National Law Student’s Essay Competition, where Law Students across the various Faculties of Law all over the country were asked to write a 500 word essay on the SAN who inspires them to greatness.

“The processes are subject to independent evaluations, first by our editorial board and then by a team of external judges. As an organiser, our own is to seek nominations based on the laid down criteria. The decision of selecting winners, is absolutely subject to judges’ work.”

“The ESQ Nigerian Legal Awards, is set up to celebrate the important contributions of lawyers to the growth of businesses in Nigeria. It recognises the excellent, innovative and positive impact of lawyers on the legal profession and businesses, across the various sectors of the Nigerian economy. Among the past winners are former Governor Babatunde Raji Fashola, SAN, the first female Senior Advocate of Nigeria-Chief Folake Solanke, retired Justice of the Supreme Court -Honourable Justice Olayinka Emmanuel Ayoola, and many others.

“The 2017 Award, will be considering deals undertaken by major commercial law firms in various practice areas, that set new standards in the Nigerian legal system, legal expertise and services that bring about economic wellbeing of the nation in the period under review (December 2015-June 2017). The Award will review submissions by law firms, that show consistency in leading transactions in the different economic sectors in Nigeria.

“The ESQ Nigerian Legal Awards, will also honour outstanding In-house Teams, law firms and legal professionals in Nigeria and in the Diaspora. The Award reflects pre-eminence in key transactions, practice areas, and achievements over the period of eighteen months, including notable work, strategic growth, excellence and innovation in client service, advancement in technology and contribution to the legal profession at large”, Fashola noted.

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31.10.2017

Africa Takes the Stage In Sydney Mena Ajakpovi gives a synopsis of the African legal issues that were considered by Speakers like Babatunde Ajibade, SAN, Koos Pretorius, and Ofosu-Dorte, amongst others, at the recently concluded International Bar Association's Annual Conference which took place in Sydney, Australia

A

frican legal issues, were under scrutiny at the International Bar Association’s Annual Conference in Sydney, with the future for firms and clients alike much under discussion.

One session, chaired by Babatunde Ajibade, SAN of SPA Ajibade & Co, one of the authors of ALB’s Special Report on Investment in Africa, looked at the development of specialised legal services and mega law firms, and raised the question: is Africa behind the rest of the world? It was a discussion underpinned by the need for competition, the drive towards specialisation in practice areas, confidence in expansion – and a market to drive that expansion, while retaining wealth within Africa – and confidence in the ability of firms.

Ajibade was assisted by fellow Nigerian Oromena Ajakpovi of Abraham & Co and David Ofosu-Dorte of AB David & Co in Ghana; and from the off, the panellists were swift to spot challenges as well as opportunities.

For Ajakpovi, the chief challenge was economic, given the relative sophistication of Western and African economies, and also the time spent by Western societies in developing their legal markets, contrasting Nigeria with London. The first Nigerian law firm was formed in 1963, whereas some City law firms in London had been around for hundreds of years.

“Our economy, our standards, our situation, is the reason why we are where we are today.

It is our responsibility to take us from where we are to the next stop, we must improve our own situation,” he said.

He spoke alongside a range of speakers who included ENSAfrica’s Koos Pretorius, who detailed some of the underlying assumptions behind legal practice in Africa, as well as the criteria behind what it took to be an “African mega law firm”. Chief among them, he said, was financial integration, independence, global coverage, the ability to be multi-jurisdictional in scope and to be technologically sophisticated, but such a firm does not exist.

Rather, he noted, there was a range of firms, from his own, to Norton Rose Fulbright, Bowmans, Dentons – which reshuffled its Africa leadership recently – and Baker McKenzie – which also changed its South African leadership team – as well as the accountancy-led practices, such as PwC Legal and KPMG Legal.

Did the absence of such a firm matter, asked Pretorius, whether to Africans, clients, best friends or others? Did they care as to whether the firm was national, regional or global? He raised for discussion the question as to whether

L-R: Mr. Adeleke O Agboola, NBA President, Mr. A.B. Mahmoud, SAN, Mr. Paul Usoro, SAN, Mr. Sam Ologunorisa, SAN and Mr. Garba Tertengi, SAN

a pan-African law firm might succeed in certain instances, noting legal management consultant, Rob Millard’s thoughts that “African law firms cannot compete successfully for top-end or premier work,” particularly inbound American and European mandates.

There were, however, a range of reasons why it mattered – chiefly those due to the sustainability of practice if the conditions for success were not met, both in terms of law firms’ own ambitions for themselves, and those of their clients, including best friends, whose reliance on local legal management skills, were important to success.

Having discussed the question of blame, he ended on an upbeat note, saying “African lawyers have the vision and resourcefulness to establish a truly African giant, or two... but only if we start punching up to our continental weight and potential”.

The discussion was amplified by OfosuDorte, who gave a discursive presentation that looked at the historic and economic factors behind the growth in legal services, with the wry comment that “he who pays the piper plays the tune”, in a reference to the historic sources of demand for such advice. He detailed the significance for example of infrastructure spend, in establishing demand for such services as well as challenges, such as the perception of African law firms, and how those firms perceived themselves.

Others were equally upbeat as Pretorius, with Mfon Usoro, of Paul Usoro & Co, saying the firms who would succeed would be those who responded to both the legal and domestic needs of the market the best. To her, niche work like litigation, was important, saying “specialisation is key”.

The views of young lawyers were also canvassed, with panellists speaking about their perceptions of what it means to be a partner, which, to them, entailed equity.

Olumide Akpata of Templars led for Nigeria in this session, discussing an African experience in which training for partners was identified as a key strategic concern, but also moving beyond those current perceptions, towards a more scalable model, while also acknowledging the attractions of in-house practice.

Alongside the equity model, a range of complimentary structures were also advocated, which made it clear that partnership models in law, were changing – alongside the gender balance of people attaining partnership.

Managing the growth in the number of female lawyers and enabling them to succeed at partner level was a hotly discussed area of interest.

So what about that specialisation? IBA Sydney demonstrated a sheer diversity of legal practice, from the biggest deals, to the smaller and more personal ones, ranging from Pretorius, discussing the succession of family

"IT WAS A DISCUSSION UNDERPINNED BY THE NEED FOR COMPETITION, THE DRIVE TOWARDS SPECIALISATION IN PRACTICE AREAS, CONFIDENCE IN EXPANSION – AND A MARKET TO DRIVE THAT EXPANSION, WHILE RETAINING WEALTH WITHIN AFRICA – AND CONFIDENCE IN THE ABILITY OF FIRMS" businesses, to extensive analysis of the SAB Miller/InBev merger, at USD 100 billion, the third largest takeover in history, involving one of Africa’s largest brewers.

Inevitably, risk management topics were also under discussion. One such staple was anti-corruption compliance, for which Herbert Smith Freehills’ Peter Leon, joined a panel discussion discussing the impact of relevant regulations impacting on the South African mining industry. Leon’s chief takeaway was that, while the substance of the regulation was adequate, a lack of enforcement by the National Prosecuting Authority was unwelcome.

Mena Ajakpovi, Legal Practitioner, Lagos

Sort Out Your Debarment Issue Before Appearing Next in My Court, Judge Tells Lawyer Akinwale Akintunde Justice Beatrice Oke-Lawal of an Ikeja High Court, has asked Mr. Moses Oddiri, a claimant before her court, to resolve the issue surrounding his debarment as a legal practitioner before appearing next in a suit he instituted against the Redeemers International Secondary School, Mrs. Feyisara Osinupebi and others.

The judge gave the advice to Oddiri following an allegation of infraction against Oddiri raised

by Mr. Emeka Etiaba, SAN, counsel to 1st to 4th defendants in the suit, at the resumed hearing last Thursday.

Etiaba had asked the court to determine whether Oddiri, who has been appearing in person for his son, is fit to stand as a legal practitioner in a suit he instituted against the Redeemers International Secondary School, Mrs. Feyisara

Osinupebi and others.

Oddiri had sued the school, Mrs. Osinupebi, Pastor Ben Akabueze, the British Council, Cambridge IGCSE and Enoch Adeboye, the General Overseer of Redeemers International Church, challenging the refusal of the defendants to release the certificates of his son, Andre to him.

In the originating summons, Oddiri said the decision to withhold his son's 2016 Cambridge I.G.C.S.E result, the updated transcript from Junior Secondary School 1 to Senior Secondary School 3, his testimonial/statement and the 2017 WAEC result over alleged non-payment of third term school fees, which he described as dubious, was unlawful.

During the proceedings, Oddiri, who is the claimant alongside his son, had told the court that he was ready for trial and prepared to move his application.

But Mr. Etiaba, SAN, counsel to 1st to 4th defendants opposed him, alleging infraction

by Oddiri.

Etiaba told the court that Oddiri cannot represent himself and his son, having been delisted from the roll call of legal practitioners by the Supreme Court of Nigeria.

The Senior Advocate informed the court that, the claimant had been barred from practicing as a lawyer since 2008, by the Legal Practitioners Disciplinary Committee.

To prove his claim, Etiaba said he wrote a letter to the Chief Registrar of the Supreme Court, and that the reply he got two days ago informed an application he filed before the court.

"Registrar of the Supreme Court in his reply to our letter, said Moses Oddiri has been struck off the roll call of lawyers since 2008.

"He has been constantly wearing the wig

and gown, as if he still belongs to the Bar. He is not a legal practitioner, and cannot conduct proceedings before this court.

"Even if he were to be a lawyer, he cannot represent himself and his son and should not be robed", he submitted, citing relevant sections of the Legal Practitioners Act 1995 to back his argument.

"My Lord, this is a clear case of impersonation", he alleged.

Responding, Oddiri said he had a Court of Appeal decision, that quashed the order of the Disciplinary Committee that ordered that he be delisted from the roll call of lawyers.

"The Supreme Court is not the proper authority to issue any letter to that effect, but a gazette that is published by the office of the Attorney-General

CONTINUED ON PAGE 15

31.10.2017

THE LIGHTER SIDE/15

LEGAL HUMOUR

We Hold Your Brief JUDE IGBANOI jude.igbanoi@thisdaylive.com

Dear Counsel, I need your advice urgently.

I have been operating a cyber café, in a fairly large premises I rented. Initially, some of my friends did not believe the idea of opening a cyber café in an area where there were already existing outfits, would pay off. But with the assistance of my elder brother who is based in Sweden, I was able to get the state of the art equipment that I needed, to be ahead of other cyber cafes in the area, including a standby generator.

To the envy of other operators, my cyber café has been a beehive of activities as young people, especially students, flood my place and take turns to browse.

My worry now, is the constant visits I have been receiving, from law enforcement agents including the Police, and those who claim to be ‘Task- Force’ officers. Each time they come, they allege that my business centre is used for 419 and other fraudulent activities. They have, so far, not been able to substantiate their allegations. But I have suffered on each occasion, as I had to close temporarily and follow them to the Station. Sometimes I lose days of work and revenue, and they collect money from me, before they allow me to reopen. What is the legal basis, of this kind of action by law enforcement agents? I pay my fees to the Local Government Council, and I also pay all necessary taxes. I don’t know what to do.

Kindly advice.

J.A. O. Gowon Estate Egbeda Dear J.A.O., The activities of law enforcement agents in monitor-

ing such outfits as yours, is legal to the extent that they move to close cyber cafes that are not registered by the EFCC, Nigerian Communications Commission, or any other specified State or Federal Regulatory Agency. The recent onslaught of the EFCC and the Police Anti-Fraud Unit against scammers and unscrupulous persons, is the justification for this.

The image of the country has received unwarranted battering, on account of the activities of these fraudsters.

This explains why the Federal Government enacted the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

Part II of the law deals with Electronic Telecommunication Offences, etc. Section 12 and especially Section 13, make very clear provisions on the operation of cyber cafes and other related businesses. Section 13 (1) states ‘Notwithstanding the provisions of the Nigerian Communications CommissionAct 2003 or the provisions of any other law or enactment, any person or entity who in the normal course of business provides telecommunications or internet services or is the owner or person in the management of any premises being used as a telephone or internet cafe or by whatever name called shall- (a) be registered with the Economic and Financial Crimes Commission (in this Act referred to as "the Commission"); (b) maintain a register of all fixed line customers which shall be liable to inspection by any authorised officer of the Commission; and submit returns to the Commission on demand on the use of its facilities.’

So, the first step you must take under the law, is to register with the EFCC as provided. This will protect you from further harassment by law enforcement agents, provided you operate according to their rules.

A bored truck driver had a nasty habit of swerving to hit attorneys he found walking along side of the highway. One day as he was driving along he came across a Nun who appeared to be having car trouble. Pulling over to offer the Nun a ride to the nearest service station, the Nun graciously thanked the driver for stopping and accepted his offer. After driving a few miles the truck driver saw an attorney walking along the highway. As was his custom, the truck driver swerved to hit the attorney but, at the last moment, remembered he had the Nun as a passenger and abruptly swerved away to avoid hitting the attorney. Surprised upon hearing a loud 'thump' as he passed the attorney, the truck driver peered in his rear view only to see the attorney lying injured along side of the road. "I'm so sorry Sister, I thought I missed hitting that attorney!" the truck driver plead. "You did my son, but I got him with the door!" gleed the Nun. ˾˾˾ Arriving at the pearly gates, and with much eyebrow raising by the heavenly host, the judge was determined to be worthy to enter heaven. "One moment, St. Peter," said the judge as the gates to heaven swung open for him, "just one thing, I'm tired of being around attorneys. I've been around them all of my life. Are there any inside? Because if there are, the deal's off, and you can just send me to hell right now!"

"Certainly not!" cried St. Peter, "You're quite safe. There are no attorneys in here." Feeling reassured, the judge pressed on and through the pearly gates into heaven. The judge found heaven very enjoyable, until one day when all of a sudden, a very elderly gentleman with a long white beard, wearing a suit and carrying a briefcase in one hand and a handful of papers in the other pushed past him mumbling something about being late for court. Enraged, the judge stormed back to St. Peter. "Hey! St. Peter!" cried the judge, "You said there were no attorneys here." "There aren't," stammered St. Peter. "I beg to differ," the angered judge promptly retorted, then pointing to the elderly man, "What does that elderly guy over there look like to you?" demanded the judge. "Oh my," St. Peter said laughingly, "That's not an attorney! -- That's God. He just thinks he's an attorney!" ˾˾˾ What's the difference between a lawyer and a trampoline?

You take off your shoes before you jump on a trampoline. ˾˾˾ An attorney passed on and found himself in Heaven. Not at all happy with his accommodations, he complained to St. Peter, who told him that his only recourse was to appeal his assignment. The attorney immediately advised St. Peter that he intended to appeal. The attorney was immediately informed that it would be at least three years before his appeal could be heard. The attorney protested that a threeyear wait was unconscionable. However, his words fell on deaf ears. The lawyer was then approached by Satan, who told him that he would be able to arrange his appeal to be heard in just a few days, but only if the attorney stipulated to change the venue to Hell. When the attorney inquired as to why appeals could be heard so much faster in Hell, Satan gleefully exclaimed, "Who do you think has all of the judges!"

How do you save a drowning lawyer? Take your foot off his head.

PRESIDENTIAL PANEL ON HUMAN RIGHTS ABUSES AGAINST MILITARY CONCLUDES SOUTH-WEST SITTING CONTINUED FROM PAGE 5 armed local conflicts in Nigeria, had led to allegation of noncompliance with human rights obligations by the Nigeria Army.

According to him, only a bold step by the Federal Government, to ascertain the veracity of the allegations, could assuage both the Nigerian public and the international community.

"The Federal Government of Nigeria has thus risen to the occasion, and taken the very bold step to consider and inaugurate this Presidential Investigation Panel.

"In line with our assurance and pledge to carry out a thorough and diligent work within the scope of our mandate, the Panel has since its inauguration sent out, as well as published in some National Dailies and other Electronic Media, a call for Memoranda from members of the public, State Governments, Traditional Rulers, Community leaders, Non-Governmental Organisations (NGOs), Civil Society Organisations (CSOs), Human Rights Groups and other Stakeholders.

Georgewill said that, the Panel had received memoranda from across the country, adding that the it would sit in each of the six geopolitical zones.

"It is gratifying to inform you all that, the Panel has been receiving momoranda from across the country and we have planned to hold public hearings in each of the six geopolitical zones of the country on selected dates and centres.

The panel which has already concluded cases of Right Abuses for the South-South Zone in Port Harcourt, however, considered some cases in its Lagos sitting.

One of the cases was that of a Sergeant with the Nigerian Army, who killed an okada rider by viciously kicking him in the stomach.

The brother of the deceased, Salihu Mohammad, recounted how his late brother Abubakar Alhaji, died a day after he was brutalised by one Sergeant Taiwo Owoeye of the Nigerian Army.

SORT OUT YOUR DEBARMENT ISSUE BEFORE APPEARING NEXT IN MY COURT CONTINUED FROM PAGE 14 of the Federation (AGF).

"The proof that a lawyer cannot be a legal practitioner can only be gazetted", he insisted.

But Etiaba countered him, asserting, "every legal practitioner in Nigeria has to have his name on the roll call of the Supreme Court".

Based on his application, he asked the court to determine whether the claimant, having been delisted from the roll call of lawyers, can wear the wig and gown and represent himself and son as a legal practitioner.

He also asked the court to determine whether the claimant can call himself a lawyer, in view of the letter from the Supreme Court.

Asked by the court the steps taken after Appeal Court's decision to get relisted on roll call of lawyers, Oddiri said he had applied to be reinstated, and had served the registrar of the apex court with a copy of the court's decision.

Ruling on the matter, Justice Oke-Lawal said the issue of whether the claimant can stand as a legal practitioner, would have to be dealt with first, before going into the main application.

The court advised Oddiri to go back to the apex court to sort out the issue, with a view to getting relisted.

Justice Oke-Lawal, urged all counsel in the matter to file their responses to the application of Etiaba and the claimants, and to ensure service on the 6th defendant before the next adjourned date fixed for November 13, 2017.

While being led in evidence by a representative of the National Human Rights Commission, Mohammed told the Panel that the incident happened on January 27 this year.

"According to what I gathered, my late brother picked up a passenger on his motorcycle around Morrocco in Yaba.

"He parked his motorcycle behind a stationary car, not knowing that there was someone in the car. Suddenly, the car reversed, and my brother hit the body of the car in order to notify the occupant that there was someone behind him.

"Sergeant Taiwo Owoeye angrily got down from his car, and slapped my brother twice. He thereafter, proceeded to kick him several times in the stomach.

"When onlookers challenged him, he said that there was nothing anybody could do even if my brother dies.

"My brother thereafter, became unconscious, and we had to rush him to the military hospital. By that time, he had started vomiting blood and other things. He could not talk.

"He sadly died the next day. We reported the matter at the Panti Police Station, where they declined to give us a police report.

"My brother's body was not released to us for burial, until after four months. When we inquired about the reason for the delay, we were told that the Army was trying to conduct an autopsy", Mohammed said.

Speaking at the end of the two-day sittings in Lagos, Justice Georgewill said that the Panel will come up with unbiased recommendations, that will be presented to the Federal Government.

He said that the commitment of the Panel, was for the peace and unity of the country.

“It has been an interesting time which ended peacefully in Lagos, and we thank the military for their cooperation.

He said that the Panel would proceed to Abuja for its final sitting, where cases which were not heard from any part of the country, would also be entertained.

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31.10.2017

Documents for Court to Act On, Must be Filed in Court Registry PAGE 4

Presidential Tribunal on Human Right Abuses Against Military Concludes South-West Sitting PAGE 5

Lagos Chief Judge Inaugurates LG Election Appeal Tribunal PAGE 5

VP Osinbajo and Kolade to Speak at BOSAN Dinner PAGE 5

Justice Ajanah Expresses Displeasure Over Prosecution of Cases in Kogi State

QUOTABLES ‘If the EFCC declared me wanted, that does not mean that I have been adjudged guilt. It is only a court of competent jurisdiction, that can adjudge anybody guilty. Are you sure that there is a charge against this man (Maina)? If there is a charge against this man, has it been brought to the notice of the Permanent Secretary of the Ministry where this man was working before? Has it been brought to the notice of the Federal Civil Service Commission?’

– Okoi Obono-Obla, Lawyer, Chairman, Special Presidential Investigation Panel for the Recovery of Public Property ‘This goes to show that, sometimes the agencies of the Government, act as if we are in a Banana Republic where you do April Fool and all of that. There is an agency that declared him (Abdulrasheed Maina) wanted, and wanted to prosecute him....So what is the basis for reinstating someone?.... I agree with the submission of Femi Falana, SAN, that the Federal Government will have to look into the case, and all of the people, whether individuals, offices or agencies involved in reinstating or promoting him. There must be some punishment for these individuals.’

– Daniel Bwala, Legal Practitioner, Abuja

PAGE 6

‘A Lawyer Must Be Self-Confident, Industrious With Outstanding Integrity’ PAGE 6

The Unsatisfactory State of Our Justice System (5) PAGE 7

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

IBA Conference: Sydney 2017 PAGE 12

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

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Adoption: Knots and Bolts

W

Definition of Adoption ikipedia defines Adoption as “a process whereby a person assumes the parenting of another, usually a child, from that person’s biological or legal parent or parents, and, in so doing, permanently transfers all rights and responsibilities, along with filiation, from the biological parent or parents”. The Eastern Nigeria Adoption Act 1965, was the first adoption legislation that was promulgated in Nigeria. It is applicable in the South East States and Bayelsa State. The Adoption Law 1968 (ALLS), was later enacted for Lagos (applicable in Lagos State). The Northern States do not seem to have enacted any formal Adoption Laws, but it has always been the normal practice, for Northerners to bring up non-biological children (sometimes relatives) as their own, along with their biological children, so that you do not even know the difference.

As a child, I recall that formal adoption was not a common occurrence. I remember when I was about 11 years old, my friend confided in me that she had been adopted by her Parents. She swore me to secrecy, because her Parents kept the fact that she had been adopted, a deep secret. It could be that, out of ignorance, her Parents were foolishly ashamed of their infertility (as if they created themselves!), and did not want to be regarded as ‘less than whole’ by society, so they preferred to pretend, and passed her off as their biological child, to avoid any stigma. Down South, people also seemed to be against adoption for so many ridiculous reasons like, “oh you don’t know where the child comes from, the child’s biological family may have madness or epilepsy running in their family, the child could be a witch!” and so on.

Thankfully, today, that narrative has changed. Though people say some women still disappear for long periods of time, after which they show up with a baby they claim to have given birth to biologically, when in truth the child was obtained through other means like adoption and surrogacy, adoption is now quite a common occurrence.

Whether the change of mindset has been caused by expediency, as there seems to be more cases of infertility today than in the past, or whether it is because we are now living in the nuclear age, where even procedures like surrogacy (having another person carry the pregnancy), are not a big deal, it is a welcome change. There are so many children out there that need to be loved, and there so many prospective parents willing to shower this love on them; a perfect combination, as far as I’m concerned. We now even find Parents who have biological children of their own, adopting more children.

Child Rights Act 2003 In Nigeria, the Child Rights Act 2003 (CRA) governs the issue of adoption of children. About 25 States have domesticated the CRA, to make it effective in their States.

Those that are yet to domesticate it, are the Northern States, though Kaduna has made some moves to enact it.

Curiously, though it seems that though non-Nigerians are not allowed to adopt in Nigeria (Section 131(1)(b), (c), (d) and 145(1) of the CRA), Section 7 of the ALLS seems to contradict the CRA, providing that in the case of an adoption application made in Lagos by a non-Nigerian citizen or a joint application where one of the applicants is non-Nigerian, the Court shall postpone the determination of such application for at least six months and an interim order will be made in respect of that period.

Does that mean that the situation in

which we had the famous American actress, Angelina Jolie, adopt children from Cambodia, Ethiopia and Namibia, does not arise in Nigeria? Because if there is a contradiction between a Federal and a State Law, it seems that the Federal legislation takes precedence. What a pity! By virtue of their adoption, Angelina Jolie’s children are certainly living better lives than they would have, in orphanages in their countries, and have been given the opportunity to perhaps, have brighter futures. Here, with the killing of so many by the Boko Haram Terrorists in the Northern part of the country, many children would have become orphans; and they are rotting away, suffering and malnourished in the IDP camps. Would it not be a good thing, if such children also got the chance to be adopted by foreigners or others who can look after them better? Unfortunately, Section 144 of the CRA restricts even Inter-State adoption subject to Section 145 of the Act which requires the Minister’s licence for Inter-State adoptions, with a penalty of up to 15 years imprisonment for contravening the law, talk less of Inter-Country adoption. The reason for this, could be to checkmate child trafficking. Nigeria is also not a signatory to the Hague Convention on the Protection of Children and Co-operation in Respect of Inter Country Adoption, which has as one its goals, the easier facilitation of Inter Country Adoption for signatory States.

Who Can Adopt and be Adopted Section 129 of the CRA provides for persons who may adopt children in Nigeria, that is, a married couple of at least 25 years of age, a married person with the permission of the spouse, and a single person of at least 35 years of age (the child must be the same sex as the Adopter). Section 3(2) of the ALLS, precludes a single man from adopting a female child, though it does not preclude a female from adopting a male child. Obviously, in all cases, the Adopter must be properly investigated and adjudged to be a suitable, fit and proper person, to raise a child.

A child may be adopted even if he/she is with the Parents. However, the consent

Angelina Jolie and her Daughter, Zahara

of his/her Parents is required, or in the case of an orphan with a Guardian, the consent of the Guardian is required. An abandoned child, or one that is neglected or persistently abused or maltreated, may also be adopted (Section 128 CRA). The ALLS permits residents of Lagos State to adopt children within the State up to the age of 17 years. The age limits may vary from State to State.

Adoption Process The first step in the adoption process, is to visit an accredited Orphanage. For residents of Lagos, there are several Orphanages like the Motherless Babies Home in Victoria Island and Lekki Phase 1, Little Saints on Ikorodu Road, SOS Village and so on.

Section 126 of the CRA, provides for the process of application for adoption of a child, which includes an application to the Court in a prescribed manner, with supporting documentation, investigation of the Adopters by designated Government Officials on the order of the Court, Interview of the Adopters, Visiting their places of work, interviewing their friends and relatives, counselling sessions if the Adopters are found to be suitable. Adopters then obtain temporary custody of the child they wish to adopt for a minimum period of 3 consecutive months prior to the date of the adoption order (Section 3(1)(b) of the ALLS). It is only after this that the Court will give the final decision as to whether or not to grant the application.

Sections 149 & 150 of the CRA provide for Family Court to hear and determine matters relating to children, like adoption, on two levels, that is, the Magistrate Court and the High Court.

Section 135 of the CRA prolongs the adoption process, by giving the Court the right to make only an interim order giving custody of a child to an Applicant/ Adopter for a period not exceeding 2 years, during which certain conditions must be met, like the child being under the supervision of a Development Officer appointed by the Minister or not being able to travel outside the jurisdiction with the child without permission.

ONIKEPO BRAITHWAITE

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

"AS A CHILD, I RECALL THAT FORMAL ADOPTION WAS NOT A COMMON OCCURRENCE. I REMEMBER WHEN I WAS ABOUT 11 YEARS OLD, MY FRIEND CONFIDED IN ME THAT SHE HAD BEEN ADOPTED BY HER PARENTS. SHE SWORE ME TO SECRECY, BECAUSE HER PARENTS KEPT THE FACT THAT SHE HAD BEEN ADOPTED, A DEEP SECRET" Section 147 of the CRA does not permit an Adopter or a natural child of an Adopter to marry an adopted child; violation of this provision invites up to 14 years imprisonment, while Section 22(2) of the ALLS provides for 5 years imprisonment for this offence. The law is silent as to whether if for example the wife adopted a daughter, the husband would be guilty of an offence if he subsequently, marries the adopted daughter. Probably not. The case of celebrity American Actors, Woody Allen and Mia Farrow comes to mind.

They had a 12 year relationship, but were never married. They however, co-adopted two children and had one biological child together. Soon Yi is the adopted daughter of Mia Farrow and her former husband, Andre Previn. Allen started an affair with Soon Yi and subsequently married her. He certainly did not go to jail for marrying Soon Yi, who is about 35 years his junior. I guess it is like marrying your step-daughter, which I do not believe is a crime.

Black Market Many people seeking to have children, find the adoption laws and process cumbersome, and therefore, resort to ‘alternative methods’ to obtain babies. There are several ‘baby factories’ in Nigeria, especially in the Southern parts, who mask as maternity homes, homes for pregnant teenagers or unwed mothers, orphanages and the like, and specialise in the ‘black market’ trade of selling babies to those who can afford to pay for a child, instead of going through the rigours of legal adoption. Some also find it more cost effective, to buy a child on the black market, than to go through the process of IVF, other expensive fertility treatments, and alternatives likes surrogacy.

The fact of the matter is that, cumbersome or not, there must be a sound procedure or process that must be followed in the case of child adoption, to ensure that innocent, helpless children, do not fall into the wrong hands.

4/LAW REPORT

31.10.2017

Documents for Court to Act On, Must be Filed in Court Registry

T Facts

he Appellant took out a Writ of Summons at the High Court of Cross-River State, Calabar, claiming inter alia, a declaration that it is entitled to the Statutory Right of Occupancy grantable by the Governor of Cross-River State, over the piece of land lying and situate at Big Qua Town Road, Calabar. A Motion Ex-parte and Motion on Notice were filed along with the Writ of Summons, wherein the Appellant sought an Order of Interim Injunction and Interlocutory Injunction, praying the Court to restrain the Respondent from erecting any structure or continuing with any such construction work on the land in dispute. An Affidavit of Urgency accompanied the Motion Ex-parte. The trial Judge however, directed the Appellant to put the Respondent on notice, and accordingly, the processes were served on the Respondent on 14/12/2000.

The Respondent entered an unconditional appearance on 18/12/2000 to defend the suit, without filing a Counteraffidavit to the Motion on Notice. The Motion was set down for hearing on 19/12/2000. On the scheduled date, the Appellant and its Counsel were in Court, while the Respondent was absent and unrepresented

by Counsel. Having satisfied himself that the processes were duly served on the Respondent, the trial Judge heard and granted the application as prayed.

The Respondent successfully appealed against the Order of the trial Court, to the Court of Appeal. The Appellate Court, discharged the Order of Interlocutory Injunction granted by the trial Court. This decision prompted the appeal to the Supreme Court by the Appellant.

Issues for Determination The Court adopted the two issues formulated by the Appellant to wit: (1) Whether the learned Justices of the Court of Appeal were right in discharging the Order of Interlocutory Injunction on the grounds that: (a) The learned trial Judge breached the rule of fair hearing as entrenched in Section 36(1) of the Constitution of the Federal Republic of Nigeria, 1999 and (b) That the Motion for Interlocutory Injunction was heard ex-parte?

(2) Whether the learned Justices of the Court of Appeal properly applied the cases of YISI (NIG.) LTD v TRADE BANK PLC (1999) 1 NWLR (Pt. 588) 646; OWENA BANK PLC v MOHAMMED (1998) 1 NWLR (Pt. 533) 301 and Bamawo v Garrick (1996) 6 NWLR (Pt. 401) 356 to the facts and circumstances of this case, when they condemned the learned trial Judge of injudicious exercise of judicial powers in refusing adjournment when there was in fact no application for adjournment before her?

Arguments Counsel for the Appellant, argued that certain facts were misrepresented to the Court of Appeal, which it acted on in arriving at the decision that the Respondent was not given fair hearing. Foremost, the Respondent misrepresented to the Court below that, the next date after service of process on him was a Friday and a public holiday. Counsel for the Appellant submitted that this assertion was not true, as the Friday was a workday and not a public holiday, and the Respondent had time to respond to the application before the hearing date.

The second misrepresentation, was that Counsel for the Respondent sent a letter dated 19/12/2000, applying for hearing of the Motion to be adjourned due to previously scheduled matters. Appellant submitted that, the record of Court did not show that the Registrar of the trial Court duly acknowledged receipt of the letter.

Counsel argued further that he was not copied in the letter, and that the letter was brought to the Clerk of the Court after the proceedings, and when the Court had adjourned the suit and rose for the day. The third misrepresentation acted on by the Court of Appeal as posited by Counsel for the Appellant, was the conclusion that the absence of the Respondent and his Counsel, was explained in the letter written to the Court, when the letter did not contain an explanation for their absence. Counsel for the Appellant concluded that, the Respondent who was duly served with the processes, cannot be heard to complain about denial of opportunity to be heard.

For the Respondent, it was argued that the Court of Appeal rightly discharged the Order of Interlocutory Injunction, as the facts clearly showed that the trial Court denied the Respondent a fair hearing when the Respondent was not in Court but sent a letter duly received, giving reasons for his absence and this oc-

Hon. Ibrahim Tanko Muhammad, JSC

In the Supreme Court of Nigeria Holden at Abuja On Friday, the 20th Day of January, 2017 Before Their Lordships Ibrahim Tanko Muhammad Musa Dattijo Muhammad Kumai Bayang Aka’ahs Chima Centus Nweze Amiru Sanusi Justices, Supreme Court SC.84/2005 Between The Registered Trustees of the Presbyterian Church of Nigeria ........ Appellant And John Asuquo Etim. ........Respondent Lead Judgement delivered by Hon. Ibrahim Tanko Muhammad, JSC

casioned a miscarriage of justice to the Respondent.

Counsel submitted that, the trial Judge refused to adjourn the matter which came up for the first time, inspite of the letter explaining his absence and seeking an adjournment. He stated that the application for adjournment was made in good faith, and it was the wrong exercise of discretion, for the trial Court to have shut him out having shown clear intention to respond to the Appellant’s Motion for Injunction by the letter for adjournment.

Court’s Judgement and Rationale On the first issue, the Supreme Court considered the decision of the Court of Appeal, which noted that the

"IT IS ONLY BY FORMAL FILING, THAT THE COURT BECOMES SEISED OF SUCH DOCUMENT. ALL OTHER FORMS, SUCH AS WRITING LETTERS OR PETITIONS INFORMING THE JUDGE OR REGISTRAR, ARE PURELY ADMINISTRATIVE, AND HAVE NO FORCE OF LAW"

Respondent was served with the processes in the matter “without more”, and juxtaposed the findings of facts with the applicable law in relation to service of processes.

The Court noted the several ways in which service of processes can be validly effected, taking into cognisance the mode of service prescribed by the Rules of Court.

Personal service or service other than personal, proof of which can validly be acknowledged by certificate of service, affidavit of service, certificate of posting and in some cases, by tendering a Service Recording Book/ Register, in which certain details relating to the service is entered by the Officer who effected the service or by the Registrar of Court. Such entry being prima facie proof of service - Order 9 Rule 17 of the High Court of Cross River State (Civil Procedure) Rules, Cap 51, Laws of the Cross River State of Nigeria, 1979.

Among the statutory duties of a (trial) Judge who is to embark upon hearing of a matter, is that after all the preliminaries to the hearing, he must ensure that all the parties in the suit are duly notified about the matter and appropriate hearing notice(s) against the date fixed for hearing, issued and served. Failure to do this, will render the steps taken by the Judge in the matter, null and void, and liable to be set aside on appeal. In this case, the Chief Bailiff tendered the Affidavit of Service which is prima facie proof thereof. Where a law or Rules of Practice makes stipulations, compliance therewith is the only requirement without more. When a Motion on Notice is heard by a Court on full satisfaction that same was duly served on the Respondent, who for reasons best known to him, refused to put up an appearance or file a process to indicate his willingness to object to the grant of the Motion, the Court cannot be accused of hearing the Motion in the absence of the Respondent. AKPAN v EKPON (2001) 5 NWLR (PT. 707) 502 at 513 B-G. Thus, the trial Judge acted within the law, when it granted the Motion for Injunction, after finding that the process was duly served on the Respondent.

Deciding the second issue relating to the allegation of injudicious exercise of judicial powers by the trial Judge in refusing the adjournment sought by the Respondent, Their Lordships observed that as at the time the trial Court sat to determine the Motion on Notice, its attention was not drawn to the letter sent to Court seeking adjournment. This explains why the trial Judge did not make reference to the said document, which was not placed before it.

Grant of an adjournment is not automatic.

The facts and circumstances before the Judge are some of the factors to be considered in exercising discretion to grant an adjournment. ODUSOTE v ODUSOTE (1971) 1 NMLR 228 at 231. For the Judge to exercise his discretion judiciously and judicially, compelling grounds and circumstances must abound upon which the discretion will rest.

There is nothing in this case, to show that the letter was laid before the Court for consideration; neither the Appellant or its Counsel nor the Registrar of Court drew the attention of the Court to the letter which was written on the day of the proceeding.

Further, it must be noted that, if a document is meant for the Court to take note of and act on, Rules of Court provide for formal filing of the such document with the Registry of the Court, for which a nominal fee is payable upon assessment by the Registry staff who authenticates the filing of that document, for the party to proceed to file same for the attention of the Court. It is only by formal filing, that the Court becomes seised of such document. All other forms, such as writing letters or petitions informing the Judge or Registrar, are purely administrative, and have no force of law.

Hence, the letter written by the Respondent to the Registrar of the trial Judge (which was not brought to the attention of the Court for consideration), was merely administrative. More so, the document did not comply with the provisions of Order 54 Rule 6 of the High Court of Cross River State (Civil Procedure) Rules, which provides for endorsement, initialing and payment of nominal fees before filing of documents.

In conclusion, the Supreme Court held that given the facts of the case, the Respondent cannot be heard to complain of fair hearing. The appeal was consequently allowed with costs of N100,000.00 (One hundred thousand Naira) awarded in favour of the Appellant.

Representation: Ikani Agabi for the Appellant Kenneth Ahia with Luther K. Onyemlepa for the Respondent.

Reported by Optimum Publishers Limited (Publishers of Nigerian Monthly Law Reports (NMLR))

31.10.2017

NEWS/5

L-R: Major-General Patrick Akem (Rtd), Justice Biobele Georgewill and Mr. Wale Fapohunda at the Panel SouthWest Zone sitting in Lagos, last Tuesday

L-R: Lagos State Chief Judge, Hon. Justice Opeyemi Oke, Hon. Justice Grace Onyeabo and Hon. Justice Iyabo Kasali the inauguration of the Appeal Tribunal at the Lagos High Court, Igbosere last week

Presidential Tribunal on Human Right Abuses Against Military Concludes South-West Sitting Akinwale Akintunde The Presidential Investigation Panel to review compliance of the Armed Forces with human rights obligations and rules of engagement, concluded its sittings in the South-West zone last Tuesday.

The nine-member Panel chaired by Justice Biobele Georgewill of the Court of Appeal, sat for two days in Lagos, during which several alleged cases of military brutality were heard.

Other members of the panel are Major-General Patrick Akem (Rtd), Mr. Wale Fapohunda, Mrs. Hauwa Ibrahim, Mr. Jibrin Ibrahim, Mr. Abba Ambudashi Ibrahim, Mrs. Ifeoma Nwakama, and Dr. Fatima Alkali who is counsel to the Panel.

The Federal Government inaugurated the Panel to review extant rules of engagement applicable in the Armed Forces of Nigeria, and the extent of compliance with them.

Part of the terms of reference of the Panel, which was inaugurated by the then Acting President, Professor Yemi Osin-

bajo, SAN on August 11,2017 is to investigate alleged acts of violation of international humanitarian and human rights law under the Constitution of the country, Geneva Convention and other relevant laws.

Other terms of reference according to the Panel Chairman include: a. To review extant rules of engagement applicable in the Armed Forces of Nigeria and extent of compliance thereto. b. To investigate alleged acts of violation of international humanitarian and human rights law under the Constitution of the Federal Republic of Nigeria 1999 (as amended), Geneva Conventions Act, African Charter on Human and Peoples Rights (Ratification and Enforcement) Act and other relevant laws by the Armed Forces in local conflicts and insurgencies. c. To investigate matters of conduct and discipline in the Armed Forces in local conflicts and insurgencies. d. To recommend means of preventing violations of international humanitarian and human rights law in conflict

situations; and e. To make further recommendations in line with these terms of reference as may be deemed necessary.

The Vice President had in his inaugural speech, assured the Armed Forces and all of our uniformed forces, that exercises such as this should be regular and would be regular, and must not be seen as a witch hunt and in any way, to denigrate the very great work that the Armed Forces and uniformed forces are doing all over the country”.

“It is the responsibility of the Armed Forces and the responsibility of all of us who are in government, to ensure that we interrogate our own activities and ensure that those activities meet up with human rights norms and basic rules of decency observed across the world”, he stated.

In his address at the commencement of the South-West public sitting in Lagos, Justice Georgewill said that the Panel was a unique opportunity for all those who have genuine and verifiable cases of alleged

human rights abuses by the Armed Forces in the course of managing and containing local conflicts and insurgencies, to submit their memoranda.

He disclosed that, his Panel will hold public hearings in each of the six geopolitical zones of the country, on selected dates and centres.

According to him, all over the world, insurgencies, military and such other like armed local conflicts, are asymmetric in nature and are thus, not executed according to any particular pattern or conventional mode of warfare.

"These therefore, pose unique challenges that most modern armies have to grapple and contend with, and thus, putting the response and discipline of the Armed Forces to the litmus test as to how to curtail, contain and defeat insurgencies, military and other such like armed local conflicts", Georgewill said.

He said that the challenges inherent in the fight against insurgencies, militancy and

CONTINUED ON PAGE 15

Lagos Chief Judge Inaugurates LG Election Appeal Tribunal Akinwale Akintunde Lagos State Chief Judge, Hon. Justice Opeyemi Oke, last week, inaugurated the Election Appeal Tribunal to hear and determine appeals from the Local Government Election Tribunal.

Speaking during the ceremony, Justice Oke stated that the inauguration of the Appeal Tribunal, is important for the completion of the Electoral process in respect of the Local Government Election held in Lagos State on Saturday, July 22 2017.

Members of the Appeal Tribunal are Hon. Justice Grace Onyeabo (Chairman), Hon. Justice Iyabo Kasali, Hon. Justice Surajudeen Onigbanjo, Hon. Justice Owolabi Dabiri and Hon. Justice Kudirat Jose.

While describing members of the Committee as men and women of proven integrity with vast knowledge in relevant laws, the Chief Judge stated that the oaths taken by them remain their guide, and charged them to see their new task as a call to service The Registry of the Appeal Tribunal, which has commenced sitting, is at the Fast Track Registry, High Court, Igbosere, Lagos.

Meanwhile, the Appeal

Tribunal said it has received 22 appeals from parties at the just concluded Election Petition Tribunal.

The Chairperson of the Local Government Election Appeal Tribunal, Justice G.M. Onyeabo, stated this at the Tribunal's inaugural sitting, last Wednesday.

Justice Onyeabo, said that the Tribunal will hear and determine the appeals in 21 days.

"Accordingly, therefore, any application for enlargement of time for the doing of an act or taking a step shall not be granted in such a manner as to extend the time for the determination of the Appeal beyond the 21 days prescribed.

"To this end, the Tribunal solicits the maximum cooperation from the Bar, to avoid needless time wasting applications.

"The parties and learned counsel should rest assured, that this Panel will be fair to all the parties, and follow the Rules strictly. We will have to modify our sitting, because of time constraints.

"We also appeal to all, that there should be no hobnobbing with members of the Panel and Tribunal staff, to allow us concentrate and perform this duty to the society to the best of our endeavour", the Tribunal Chairperson noted.

LPMC Holds Seminar for Lawyers in Port Harcourt VP Osinbajo and Kolade to The Law Practice Management (LPM) Committee of the Nigerian Bar Association Section on Business Law (NBA-SBL) has announced that it will, in collaboration with the Nigerian Bar Association, Port Harcourt Branch, hold a seminar for lawyers, law firms and the business community on Friday, November 3rd, 2017 at the NBA Port Harcourt Branch House, No 1 Bank Road, Port Harcourt at 8:00am prompt.

Themed ‘Building a Sustainable Law Practice in the 21st Century – Solo Practice or Partnership: Which Way to Go?’, the seminar is expected to create a forum for lawyers to reflect and generate a good understanding of suitable models for legal practice in the 21st Century.

Commenting on the forthcoming event and the theme for the conference, the Chairman

of the Committee, Mr. Anire Kanyi said, “A sustainable legal practice should bring value to the clients it serves, as well as profits to the law firm that provides the services. We discovered that, many law firms struggle because of the lack of certainty and paucity of the know-how in the business of law practice. We also discovered that many law firm owners, have little or no idea on how to build law firm businesses that outlive them.

We are therefore, hopeful that this Seminar will bridge the widening gap in practice of law and viability of the law practice.

“We have put together three very important sessions, covering exciting and highly stimulating topics that will engage practitioners on how they have applied themselves towards the success of their firms, the challenges they face in their day to day running

of the firm, and how to deal with them.

“We have invited sound and experienced legal practitioners to x-ray the select topics, such as Mr. George Etomi , Prof Konyisola Ajayi, SAN, and Mr. Okey Wali, SAN, former President of the NBA amongst others, to speak and share their experiences at this event.

We have also invited seasoned consultants, such as Mr. Leke Alder, Founder & Principal, Alder Consulting and Mrs. Yetunde Kanu, Partner KPMG. “We reckon that their wealth of experience garnered over many years, would be of immense benefit to the lawyers and the expected audience“, Kanyi said.

The Committee also plans to bring the perspective of the young lawyers as against seasoned practitioners, to see

all views on this debate.

Speaking further about the Committee’s location choice - Port Harcourt, Kanyi said that this was informed by a resolve to enhance the professional development of Nigerian commercial lawyers, not just in Lagos, but across the country; thereby raising the level of business law practice in Nigeria. We envisage that the Port Harcourt Seminar, will jump-start a revolution in the lawyers’ thinking towards establishing exceptionally successful law businesses across Nigeria. We also believe that, it will excite further discussions and engagements on the proposed topics, which will ultimately revitalise the tenets of legal profession, such as competence, growth and professionalism“, the LPMC chair said.

Speak at BOSAN Dinner Jude Igbanoi Vice President Yemi Osinbajo, SAN, and Nigeria’s former High Commissioner to the United Kingdom, Dr. Christopher Kolade, are expected at the maiden edition of the Body of Senior Advocates of Nigeria Dinner, which will hold on November 11, 2017 at the Intercontinental Hotel, Victoria Island, Lagos.

Cocktails will start at 6pm.

The event, which promises to hold annually, will be the first time BOSAN, the umbrella body of Senior Advocates of Nigeria, will be coming together to wine and dine.

According to the Organising Committee Chairman, Mr. Damian Dodo, SAN, “It

is also planned to welcome the recently preferred SANs, into the Association".

All SANs are expected with their spouses.The Distinguished Guest of Honour, will the Vice President, Professor Yemi Osinbajo, SAN, also a member of the Inner Bar, and the Special Guest of Honour will be the Chief Justice of Nigeria, Hon. Justice Walter Onnoghen, GCON. In a statement signed by the co-chiar of the Organising Committee, Mr. Paul Usoro, SAN, he said the "Dinner Lecture will be delivered

by Dr. Christopher Kolade, CON, former Nigerian High Commissioner to the United Kingdom. It promises to be an annual event.”

6

56&4%": 0$50#&3 t T H I S D AY

31.10.2017

SPECIAL REPORT/7

The Unsatisfactory State of Our Justice System (5) Access to Justice: Where are the Lawyers?

In this fifth, in a series of write-ups on the unsatisfactory State of our Administration of Justice System, Olawale Fapohunda and Onikepo Braithwaite, write that the legal profession should take an active part in justice sector reforms, by understanding the nature of the problem of access to justice and in striving for the solution. They argue that to do this, the profession will have to innovate and be more sensitive and responsive to the needs of Nigerians “....Legal practice has an important context not shared by other occupations. Lawyers have a special position in society, not because they are loved or because they are particularly admirable people, but because they are responsible for the rule of law.” .... Lord David Neuberger, President, Supreme Court, United Kingdom

circles and fanciful lately meaningless terminologies.

We propose a Ten Year Strategy, for Transforming the Legal Profession. We need to change the way that persons who go into the legal profession, are educated and trained. We need to make sure that the legal profession, has some understanding and appreciation of the socio- economic and political situation of the many different people in Nigeria, particularly in terms of their gender, culture, disability, and religion. We need to make sure, that the legal profession can respond properly to the legal needs of all the people in our society, particularly the poor and vulnerable. Most importantly, we need to review the way that the legal profession works, and develop policies to protect people who use it and to make it fully accountable to the public.

The new vision, which we propose for the legal profession, is one that reflects basic constitutional ideals.

The legal profession, should strive to achieve a system of justice that will - provide fair and equal access to justice for all Nigerians, regardless of their race, gender, marital status, ethnic or social origin, age, economic status, disability, religion, belief, culture, language or any other attribute; and ensure justice processes that are fast, effective and as cheap as possible. They should also be sensitive to the needs of all users, and understandable to all users.

I

Meaning of Access To Justice n a previous editorial titled ‘Saving the NBA from itself’, this Page, decried the dominant role of politicking in the governance of the legal profession. We said that, the frenzy over who leads the Nigeria Bar Association and the bitterness that often accompanies Bar elections, has led to the weakening of the role of lawyers, in facilitating and providing leadership to critical reforms for the transformation of our justice system. We said that if this continues, it would be not just to the detriment of the profession, but also to the detriment of our justice system. We identified Access to Justice as a key intervention area for the legal profession. Access to justice is a ‘catch-phrase’, that has been the subject of much discussion and debate. We define “Access to Justice” as Nigerians being able to engage with the justice system and make use of it, in a way that is accessible, meaningful, affordable, and understandable.

NBA President, A.B. Mahmoud, SAN

The Unmet Need for Legal Representation The ideal that lawyers work to ensure that all can enjoy the benefit of the protection of the law, including those who are vulnerable by reason of limited means, limited education, their minority status or their gender, has long been a talking point within the legal profession.

Regrettably, there has been too much talk, and not enough action.

The unmet need for access to justice has led, among other things, to an increase in the number of unrepresented poor and indigent litigants. No one can reasonably suggest, that we do not have enough lawyers in Nigeria. What we have is a tragic situation of too few lawyers working in the public interest. The legal profession has to help meet that need, if it is to retain the central position it now has in our justice system. If the profession is unable to provide that representation, it will not be long before the question is asked: ‘Why do we need lawyers?’

The Image of the Legal Profession The process of political and social transformation in Nigeria, challenges lawyers in terns of the services they provide to the public. Lawyers have a strong influence, on how the public sees the justice system.

Our current reality is that, the public perception of lawyers and the justice system, is at low levels. The fact is that, majority of our people do not really understand the role of lawyers and the workings of the legal system, so they easily believe that lawyers are there only to serve the interests of the rich and powerful. Nowhere is this stereotype more pronounced, than in the discussion around the anti- corruption measures of the Buhari administration. It would seem that for most Nigerians, persons accused of corruption, should not be afforded legal representation.

This narrative needs to be reversed. The legal profession, should do more in terms of public education on the workings of our criminal justice system. Nigerians should know that the constitutional doctrine of ‘innocent until proven guilty’, is an important pillar on which our justice process lies. Nigerians, should also be aware of the systemic failings of our criminal justice system. That defence lawyers and Judges only come in at the end of a process of investigation, arrest and prosecution. Poor investigation and the absence of effective prosecution

tools, including prosecutors who work under challenging conditions of service, are important obstacles to prosecuting corruption. We say this, without prejudice to the need for the legal profession, to respond to citizen’s perception that lawyers are only interested in representing high fee paying person’s accused of grand corruption. This perception gives the impression of a profession that is selfish, self-centred, and has lost touch with the concerns of Nigerians. It will be good to see Senior lawyers in their hundreds, representing some of the more than 40,000 awaiting trial persons in our prisons, many who have spent upwards of five to ten years awaiting trial, or poor individual communities, who are frequent victims of official highhandedness.

An Agenda for Self-Appraisal There is broad consensus, on the need for the transformation of the legal profession. To achieve this in concrete terms, it is desirable that the profession urgently commences a process of internal self-appraisal. We suggest a number of practical ways of achieving this.

A New Vision The current situation, where succeeding Presidents of the Bar Association, present the agenda for their tenure, as the agenda for the legal profession, is as unimaginative as it is unsustainable. There is the need for a new vision for the legal profession, that goes beyond electoral

"NO ONE CAN REASONABLY SUGGEST THAT, WE DO NOT HAVE ENOUGH LAWYERS IN NIGERIA. WHAT WE HAVE, IS A TRAGIC SITUATION OF TOO FEW LAWYERS WORKING IN PUBLIC INTEREST"

Pro- Bono Service Fundamental to the new vision we propose, should be a requirement that lawyers must provide pro bono services. Despite the adoption of a ‘Pro Bono Declaration’ for the legal profession in Nigeria, there is currently no focus on facilitating access to the courts for those unable to afford legal representation.

There has been a never-ending debate, on the nature of pro-bono services that is expected from the legal profession. Many lawyers have been vocal in their objection, insisting that given the current economic realities, the profession cannot be required to do so much for free.

We are unable to agree with this reasoning. Practicing in the public interest, is the proper conduct for a profession sworn to uphold the rule of law. Public service, is one of the defining characteristics of a profession, certainly of the legal profession. And more than that, if the profession wishes to retain its preferred status before the courts, its exclusive right of audience, then it must show that the profession continues to lie at the heart of interventions, which strive towards providing access to justice to all.

Justice Sector Reforms The ability of the legal profession, to contribute effectively towards transforming the administration of justice system, depends in large measures on the willingness of governments at the Federal and State levels, to support reforms in the justice sector.

In our previous write-ups, we have expressed frustration about the lack of progress with important reforms in the justice sector. From the judiciary to the police and the prisons, the inability of successive governments to undertake systemic reforms, has been disappointing.

The challenge before the leadership of the legal profession, is to generate an understanding of the need for change among key role players. The legal profession must now revisit its relationship with Federal and State Governments, specifically as it relates to reforms in the administration of justice. The Bar Association has till date, adopted a ‘constructive engagement’ approach, in dealing with Government on important reforms in the justice sector. Current realities, call for a change in approach from ‘constructive engagement to ‘aggressive engagement’. This means using all the tools at the disposal of the profession, to place concerns about the justice system at the top of national agenda.

8/COVER

31.10.2017

31.10.2017

COVER/9

"ADR HAS ITS ENTRENCHED PLACE IN NIGERIA’S DISPUTE RESOLUTION PROCESSES, AND THAT POSITION CANNOT BE CHALLENGED, HOWSOEVER. LIKE ANY PROCESS HOWEVER, IT REQUIRES PERIODIC FINE-TUNING AND STRENGTHENING, FOR IT TO MEET AND ADDRESS THE DYNAMIC DEMANDS OF THE MOMENT, AND IT IS IN THAT CONTEXT THAT I UNDERSTAND THE THEME OF THE 2017 CONFERENCE TO BE “STRENGTHENING THE BLOCKS OF ARBITRATION IN AFRICA"

‘Why SANs Are Rolling Out the Drums to Celebrate’ A landmark event is set to take place in Nigeria’s legal history, as for the first time, the Body of Senior Advocates of Nigeria (BOSAN), will come together in the city of Lagos to hold its maiden Dinner. The event which is slated for November 11 at the Intercontinental Hotel,Victoria Island, Lagos, will also welcome the newly inducted memebers of the Inner Bar into the Body.

Onikepo Braithwaite and Jude Igbanoi spoke to Paul Usoro, SAN, the Vice Chairman of the Event Planning Committee about the details of the upcoming Dinner. He also gave an insight into the forthcoming Conference of the Chartered Institute of Arbitrators, and his role in the legal team that secured a discharge and acquittal for the Senate President at his trial before the Code of Conduct Tribunal

L

earned SAN, we understand that the Body of Senior Advocates of Nigeria (BOSAN) is organising a first of its kind Dinner for Senior Advocates on November 11th, and you are the Vice Chairman of the Event Planning Committee.

What informed BOSAN’s decision to hold this event, especially when there have been agitations that the rank of SAN should be abolished?

Should we expect it to be an annual event from now on? Kindly, provide us with the details and highlights of the event. Apart from the social aspect of the evening, what useful outcomes does the BOSAN expect from the event that would be beneficial to the legal profession as a whole?

The planned dinner event, is part of a whole, and should not be viewed in isolation.

It is part of a three-pronged activity plan by BOSAN, that would benefit the legal profession generally, and not only the members of the Association. The other two legs of the plan are a continuing education program for members, and a scholarship scheme for students. A Committee under the chairmanship of Chief Felix Fagbohungbe, SAN, was constituted by BOSAN, to implement these programs and three Sub-Committees were created under the Fagbohungbe-Committee to focus on each of the 3 activity plans – Dinner, Continuing Education, and the Scholarship Scheme. It is in the context of these tripartite goals, that the dinner activity needs to be adjudged and critiqued.

On the dinner itself, it is planned for it to be an annual social event and a forum that will be used, in part, to welcome new members of BOSAN. The recently conferred members, will be introduced to existing members during the dinner event on 11 November 2017. There will also be a dinner lecture which is planned to be intellectually stimulating, and the Chief Justice of Nigeria, Honourable Justice Walter Onnoghen, GCON, will have some words for the BOSAN Members and so will the Vice President of Nigeria, HE (Prof) Yemi Osinbajo, SAN, GCON, himself a distinguished member of BOSAN. The dinner lecture, will be delivered

by Dr. Christopher Kolade, CON, former Nigerian High Commissioner to the United Kingdom and renowned intellectual and titan of industries. There is therefore, considerable intellectual content in the planned dinner program, which will be of great benefit to the BOSAN members and indeed, the profession generally.

The BOSAN was recently sued for not being a registered body under Nigerian laws. What is the status of that case? Has BOSAN now been registered with the Corporate Affairs Commission?

To the best of my knowledge, BOSAN has no pending litigation whatsoever or howsoever.

It has been observed that BOSAN has chapters in major Nigerian cities.

How does the body intend to bring these chapters together - as branches or as individual members?

BOSAN is not structured as a confederation or even a federation; there is only one BOSAN. However, members in different States and

the Bank of Industry, both the management and staff were most sympathetic towards us, seeing as we bore the brunt the most of that incident, but we never received any financial compensation from the company and really, that was never our focus and we do not hold that against them howsoever.

As a Fellow of the Chartered Institute of Arbitrators, how would you rate the use of Arbitration and ADR in Nigeria?

Does Nigeria have any special role to play in achieving the theme of the upcoming 2017 Conference “Strengthening the Blocks of Arbitration in Africa”? Of what benefit would it be to the man on the street?

locations, are free to congregate and group themselves into units that will address common issues within their jurisdictions.

Those regional groupings do not howsoever, compete with, threaten or contradict BOSAN. When it comes to BOSAN, all the members subsume their respective regional affiliations and groupings, under and into the common central platform and body known as BOSAN, and there has never been any conflict or issue in that regard.

Paul Usoro & Co. berthed about 32 years or so ago. Your wife, Mrs Mfon Usoro, is also a partner in the firm.

Why did you decide to set up shop with your wife? How has your experience been working with your wife, especially in this day and age that couples do not always confide the details of their work and earnings with each other?

Factual correction first: Paul Usoro & Co. (“PUC”) was established in late 1984/early 1985 as a partnership that did not include Mfon and that’s because, at the time of PUC’s formation, Mfon was not then a lawyer. I’ll now let out a little secret that may not be so commonly known! Mfon’s first degree was in Sociology (she made a 2:1 in that program from the University of Calabar), and it was after our marriage in 1984 that she proceeded to take a law degree in Buckingham University, graduating again with a second-class upper degree.

Subsequently, she received a Masters degree and specialised in Maritime Laws at the University College, London. It was however, after her Buckingham law degree and Nigerian Law School qualification, that she joined Paul Usoro & Co., and subsequently,

attained the status of a Partner.

I must however, be quick to point out that Mfon had always been a part of the PUC formation, and the cornerstone contributor in regard to its structure right from the Firm’s inception in 1984 and well before her qualification as a lawyer. That’s easy to understand for those who know that Mfon and I started out as childhood sweethearts with a deep and strong bond of friendship which we’ve maintained and built upon over the years and up to date and, yes, until death do us part, which I expect, by God’s Grace, won’t be soon. Mfon has always been my best friend, and she makes critical inputs into my

"THE PLANNED DINNER EVENT, IS PART OF A WHOLE, AND SHOULD NOT BE VIEWED IN ISOLATION. IT IS PART OF A THREE-PRONGED ACTIVITY PLAN BY BOSAN, THAT WOULD BENEFIT THE LEGAL PROFESSION GENERALLY, AND NOT ONLY THE MEMBERS OF THE ASSOCIATION. THE OTHER TWO LEGS OF THE PLAN, ARE A CONTINUING EDUCATION PROGRAM FOR MEMBERS, AND A SCHOLARSHIP SCHEME FOR STUDENTS"

decision-making processes. Before qualifying as a lawyer, and even before our marriage, Mfon was routinely attending courts with me and was literally inducted by association into the lawyers’ club and thinking processes, and it was therefore, easy for her to make critical and very useful inputs into the inception and execution processes that culminated in PUC. By the way, anyone who remotely knows Mfon, will confirm that she has an extremely sharp and brilliant mind and brains, and is very quick on her feet, in terms of learning and intellect.

As a Partner in PUC, her contributions have been invaluable and immeasurable.

As the Firm’s Managing Partner and the head of Transactions Practice, she takes a huge load off my shoulders. By the way, there’s sufficient work in the Firm for us not to get in each other’s way, and we are both imbued with confident personalities and mutual respect for each other’s intellectual competence and capacity, and egos do not therefore, get in the way howsoever.

After these many years of marriage and a rock-solid friendship, neither of us has anything to prove to each other intellectually or otherwise, and we therefore, work most harmoniously, as partners and friends, in and out of PUC. God has also vested us with the spirit of contentment apart from blessing us materially and with generosity of spirit, all of which constitute the basis for our joint ownership of all that we are materially blessed with, without the need to be suspicious, insecure and/or bicker over such mundane things like earnings, material possessions and/or acquisitions.

Tell us about the unfortunate incident

of 2006, when the Bank of Industry building where your office was located collapsed. How were you able to weather the storm and bounce back, especially as the means of livelihood of you and Mrs Usoro were both tied to that office? How did the Bank of Industry compensate its tenants?

God has indeed been most kind to us and, yes, you are right, our means of livelihood has always been tied solely to our law practice, and it was a most traumatic experience when our offices in the BOI building were completely gutted by fire, and the building itself collapsed because of the infrastructural damage that was occasioned by the fire.

But then, as the Bible states, God does not put us through trials and tribulations, that He knows are beyond our capabilities to withstand and even then, He always finds a way out for us and, in that instance, He found ways out for us through the friends, too numerous to list out here, that He gave us. Those friends rallied round us and helped us secure an alternative office location and space, furnish and equip the office, and continue with our practice without missing a beat howsoever. Our colleagues in the Firm, were also magnificent. They did not for a moment see the disaster as “Mfon and Paul’s disaster”; they saw it as our collective disaster, and they stretched themselves to the limit, to ensure that we did not miss a step and that the Practice proceeded apace with very minimal disruption.

In all, we return thanks to God, the Almighty, and remain indebted to our friends and colleagues in PUC who stood with and by us in those terrible moments. With regard to

ADR has its entrenched place in Nigeria’s dispute resolution processes, and that position cannot be challenged howsoever. Like any process however, it requires periodic fine-tuning and strengthening, for it to meet and address the dynamic demands of the moment, and it is in that context that I understand the theme of the 2017 Conference to be “Strengthening the Blocks of Arbitration in Africa”. The theme of course, talks about “Arbitration in Africa”, because, we must remember that there are cross-border arbitral proceedings that arise, literally on a daily basis.

How does ADR benefit “the man on the street”? ADR, it must be remembered, goes beyond arbitration, and includes mediation and conciliation. More often than not, the disputes that involve “the man on the street” are resolvable through mediation and conciliation, without the need for costly and energy-draining litigation. There is therefore, a place for “the man on the street”, even in ADR processes.

Where do you stand with respect to the clamour for Constitutional Amendment, and the Restructuring of Nigeria, or are you satisfied with the Nigerian arrangement as it is today?

Restructuring, in a general sense, whether of Nigeria or any other entity, is always a dynamic process based on exigencies of the moment. My understanding of the clamour for the restructuring of Nigeria is situated in that sense, to wit, a continuous review of the Nigerian structure in order to make it more efficient. That, by itself, is not negative, howsoever. However, since we are a country that submits itself to and is governed by laws, what is required, is for us to follow due process of law in initiating and sustaining the discourse on the required restructuring of Nigeria, based on and pursuant to our extant laws, notably, the Nigerian Constitution.

That is also what is required in regard to the clamour for constitutional amendments – due process, based on the provisions of our laws.

You were one of the leading Counsel who defended the Senate President, Dr Bukola Saraki, in his recent Code of Conduct Tribunal Trial, which ended in the Tribunal upholding your team’s no case submission. How were you and your CONTINUED ON PAGE 10

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Quick Takes Ghana to Partner Techno Oil on LPG A strong delegation from the Ghanaian National Petroleum Authority (NPA), the apex regulator of the countryâ&#x20AC;&#x2122;s downstream sector, at the weekend visited Techno Oil Limited in Lagos, to seek areas of collaboration on Liquefied Petroleum Gas (LPG) cylinder distribution strategies to enable the country perfect her policy on LPG cylinder for Ghana.

NPAâ&#x20AC;&#x2122;s Head of Research and technical aide to the Chief Executive Officer of the regulatory agency, Mrs. Sheila Abiemo, who led the delegation, said the Ghanaian government was sourcing ideas from some countries to help Ghana to formulate a policy on cooking gas. She said that she was impressed with the pioneering role of Techno Oil and other private sector companies in popularising LPG consumption in Nigeria. â&#x20AC;&#x153;We are developing a national policy on LPG in Ghana and weâ&#x20AC;&#x2122;re seeking inputs from the Nigerian perspective because weâ&#x20AC;&#x2122;re impressed with the strides made by some Nigerian companies in the LPG market. Our desire is to raise the volume of LPG consumption by up to 50 per cent in Ghana by 2030 because LPG is the way to go in domestic energy needs,â&#x20AC;? she said.

She lauded Techno Oil for its initiative in building a multimillion naira LPG cylinder manufacturing plant, to drive LPG consumption in Nigeria and West Africa, describing the endeavour as great for the sub-region.

BRAINSTORMING AGAINST CORRUPTION

L-R: Former Nigeriaâ&#x20AC;&#x2122;s Minister of Finance, Mrs. Ngozi Okonjo-lweala; Managing Director, lnternational Monetary Fund (lMF), Christine Lagarde; Secretary, Public Ethics, Transparency and Fight Against Corruption, Argentina, Laura Alonso and Professor of Law and Political science, Yale University School of Law, Susan Rose-Ackerman, during a session on Fighting Corruption at the just concluded World Bank/lMF 2017 annual meetings in Washington DC, USA ...recently ABIODUN AJALA

Report: Nigeria, Others Cut $133bn Capex from 2015 to 2020 87% projects deferred, cancelled in Nigeria, Angola Ejiofor Alike A new report by Wood Mackenzie has revealed that the oil and gas industry in Nigeria, Angola and other countries in the sub-Saharan African cut $133 billion capital expenditure (CAPEX) between 2015 and 2020 as a result of the crash in crude oil prices.

The report titled: â&#x20AC;&#x153;sub-Saharan Africa Investment and Cost Trends â&#x20AC;&#x201C; Have Costs fallen enough?â&#x20AC;? further revealed that 87 per cent of oil and gas projects were downgraded,

ENERGY deferred or cancelled in Nigeria and Angola.

Wood Mackenzie noted that in 2017 the operating expenditure (OPEX) fell by 10 per cent as a result of lower costs, project optimisation and deferred Final Investment Decisions (FIDs).

The report, however, added that â&#x20AC;&#x153;stubborn fixed costs have pushed up the spend per barrel in some locations.â&#x20AC;?

The new report highlighted that it Nigeria, crude oil

production dropped by 12 per cent, thus increasing the cost per barrel equivalent, despite the six per cent OPEX savings.

The report noted that OPEX for 2016 marked the lowest point for total spend, while operators slashed seven per cent spend between 2014 and 2017, with deepwater Angola cutting OPEX by as much as 30 per cent.

Wood Mackenzie argued that exploration is at historic low, despite the fact that it is now cheaper to hire rigs, while spend has shift from

CAPEX to OPEX. According to the report, drilling spend halved between 2014 and 2016, reflecting the oil price crash, adding that low rig utilisation contributed to the 60 per cent drop in the cost average day rates of hiring rigs.

The report also cited a drop in exploration and appraisal drilling since 2014, stressing that funding constraints with the NNPC could deter recovery in drilling.

Continued on page 22

TCN Utilises Capacity of In-house Engineers to Cut Costs Chineme Okafor in Abuja The Transmission Company of Nigeria (TCN) has begun to reduce the costs of procuring and implementing transmission projects across the country by significantly using its in-house capacity in engineering and procurement processes, its interim Managing Director, Mr. Usman Mohammed has disclosed.

Mohammed also stated that the TCN has been able to stabilise the transmission grid to bring down the frequency of system collapses in the country

ENERGY from eight in February to about two in September.

He explained that the TCN has also improved on its project management capacities, which he noted was part of the challenges it had in attracting funding from multilateral donor agencies like the World Bank and African Development Bank (AfDB). â&#x20AC;&#x153;As we speak to you now, we are also reducing cost. TCN engineers are installing more than 30 transformers simultaneously all over the country at a

price that is lower than what we used to pay contractors and that has brought us to where we are now. We can boast of a capacity of 7000 megawatts,â&#x20AC;? said Mohammed at a recent meeting in Abuja,â&#x20AC;? he said.

He further explained: â&#x20AC;&#x153;We are able to stabilise the frequency in the last few months, from May 22 to date, we stabilised the frequency to the extent that we put frequency to about 49.5 and 50.5 hertz. That is something that has not happened in the last 20 years in the history of Nigeria and to the extent that the West African Power Pool is

now synchronising our power. â&#x20AC;&#x153;We had eight system collapses in February when I came in. In the second quarter which started from April to June, we had five collapses, meaning we reduced it from eight to five.

Then the last quarter which is from July to September, we had two system collapses,â&#x20AC;? he added.

On project management, he said: â&#x20AC;&#x153;One of the things we discovered in TCN and there was a studies that suggested that TCN capacity to implement Continued on page 22

Osinbajo to Speak at OPTS Anniversary The Vice President of Nigeria, Prof. Yemi Osinbajo is expected to be the keynote speaker at the 55th business anniversary of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI), scheduled this week in Lagos The event, which will mark 55 years of the OPTS in Nigeria, is also meant to showcase the upstream oil and gas industry in Nigeria; its achievements and contributions thus far.

The theme of the event, which will hold on November 2, 2017, is: â&#x20AC;&#x2DC;Nigeria: An Investor Friendly Destinationâ&#x20AC;&#x2122;.

The Executive Director of OPTS, Mr. Bunmi Toyobo said in a statement at the weekend that top industry players from within and outside Nigeria are also expected at the occasion. â&#x20AC;&#x153;As you may be aware, the OPTS is the umbrella body for Upstream Oil and Gas companies in Nigeria, comprising indigenous and international oil companies operating in the country. The operations of OPTS member-companies in partnership with Nigerian National Petroleum Corporation generate over 80 per cent of Nigeriaâ&#x20AC;&#x2122;s total annual revenue,â&#x20AC;?

Toyobo said.

Court Jails Cable Vandal in Edo Efforts by the Benin Electricity Distribution Plc (BEDC) to tackle electricity equipment vandalism has again yielded results, as a cable vandal has been sentenced to five years imprisonment with hard labour and without option of fine by the Magistrate Court in Iguobazuwa in Edo State.

The person Abdullai Usman, male, aged 27 years was caught on September 28, 2017, at Iguobazuwa while trying to cart away vandalized conductor cables from Iguobazuwa/Okada 33KV Line, an act punishable under the Miscellaneous Offences Act M17 Vol 9 laws of the country.

He was dragged before the Presiding Magistrate, Mrs. Joyce .O. Ejale where he pleaded guilty to a three count charge of conspiracy, stealing and Malicious damage even though their terms will run concurrently.

Confirming this development in a statement at the weekend, BEDC stated that the conviction further strengthens its commitments towards the fight against vandalism, energy theft and meter bypass even as the electricity supply industry grapples with a lot of challenges.

â&#x20AC;&#x153;Is it the board of the NNPC or the NNPC tenders board that approves contract?

The answer given by the Bureau of Public Procurement is that it is the tenders boardâ&#x20AC;?

Vice President of Nigeria, Prof. Yemi Osinbajo

22

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BUSINESSWORLD REPORT: NIGERIA, OTHERS CUT $133BN CAPEX FROM 2015 TO 2020

Bayelsa, Rehoboth Sign MoU for 60,000bpd Refinery Ejiofor Alike

Wood Mackenzie also noted that oil companies have focused capital investments on few key projects, with the FID for Ghana’s Greater Jubilee expected in January 2018, while FID for Nigeria’s Oil Mining Leases (OMLs) 83 and 85 is also scheduled for the same period.

Wood Mack also stated that the Nigerian operators would prioritise low cost work-overs in the short term.

“Long term production will depend on the successful transition to new funding methods and fiscal terms.

Operators will focus on low cost work-overs in the near term; this alone cannot grow long term production,” the report added.

According to Wood Mackenzie, production has been hard hit by the reduced investments with militancy and project deferrals impacting heavily on Nigerian output.

“Investment outlook – an uptick in project sanctions is expected over the next two to three years as costs have fallen. These new developments will commercialise 13 billion barrels of oil equivalent of reserves before 2020,” the report added.

TCN UTILISES CAPACITY OF IN-HOUSE ENGINEERS TO CUT COSTS

projects was not more than $100 million and this is one the World Bank reports. Now, if the organisation can only do $100 million project, that means it can never expand its grid. So, what we did was to mirror and look at what was the reason for the limitation.”

“We came out with some findings, and there was insufficient management oversight of TCN over multilateral donor.

They say the World Bank and AfDB was managing them through their side, and so nobody cared, meaning the management of TCN do not provide the necessary oversight to see what was happening there. We are now providing the necessary oversight,” he added.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

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

NEWS

Bayelsa State government has signed a Memorandum of Understanding (MoU), with Rehoboth Refinery for the establishment of its 60,000 barrels of crude per day modular refinery.

Speaking in Lagos at the recent signing ceremony, the state’s Commissioner for Trade, Industry and Investment, Kemela Okara said the partnership was part of the efforts to boost the country’s local refining capacity also grow the economy of the state.

“As state government, our fundamental role is to do everything possible and ensure private sector do what they do best. The milestones and efforts Rehoboth have made over the years in ensuring that they can kick -off the modular project is quite remarkable. On our part, we thought it best to signal our commitment to what they can achieve by signing the MoU,” Okara said.

“Today, the Governor of Bayelsa state, Dickson, has consistently signal his commitment and the state commitment to attracting investors into the state, especially in areas where we have comparatively economic advantage and in that light, the steps we are taken will signal to private investors that Bayelsa state is friendly and ready to collaborate with investors not only in refinery sector. We are calling for investors to carry out their own work (due deligience) and clear in their minds on what it sort to achieve,” saying the governor was ready to put

all it takes to make businesses work,” Okara added Also speaking, the Chief Executive Officer of Rehoboth refinery, Joe Attueyi explained that the project, which would be completed within two years, would cost about $120 million.

“We have come with a positive mindset to build the project because we believe that partnership creates value. Also, we thought of partnering the communities if we must have

a successful business. We went to purchase the land from the community and paid to the community, and today they are friends. The company believes that it is beyond building a 60,000bpd refinery, but we are looking to create value for the community, the state and general economy of Nigeria. We have gone far and have been approved by the regulatory body, while the state government has facilitated

the acquisition of our land occupancy,” he explained.

“Currently, equity capital has been raised for the project and it remains the debt size which is about 60 percent of that value and we have indicating offer for that debts, which we are working to finalise and putting some guarantee in place,” he added.

“We had earlier started with a first phase of 12,000 bpd and that was the initial licensed to

establish, at $120 million for the project. However, it needs certain incentives from the Federal Government, which the Bayelsa is supporting us to achieve. The project is scheduled for 18 months and six months for contingencies.

The problem is that we don’t know when we would get the government incentives to close and the local banks are not ready to finance projects of such nature,” he said.

HONOURING JUSTICE KEMDILIM NWOKEDI

L-R: Uche Nwokedi, SAN, son of the late Justice of the Supreme Court, Paul Kemdilim Nwokedi; Chief Justice of Nigeria, Justice Walter Onnoghen and Paul Usoro, SAN, at the Special Court Session held in honour of the late Justice Nwokedi, JSC, at the Main Court of the Supreme Court, Abuja … recently

Abuja Disco: Electricity Tariff Should be N65 Per Kilowatt Hour Chineme Okafor in Abuja The Abuja Electricity Distribution Company (AEDC) has said that the average true cost of distributing electricity to customers within its network should be N65 per kilowatts hour (kWh) as against the N35/kWh it currently charges.

It also said the financial illiquidity currently troubling Nigeria’s electricity market has been made worse by the inter-bank interest rates charged by ‘reference banks’ in the country for lending to power utilities, and as such, should be considered for changes.

AEDC specifically said it wanted the Nigerian Interbank Offered Rate (NIBOR) plus 10 per cent removed from the system. It said between February 2015 and March 2017, it got an interest charge of about N16 billion through the NIBOR. NIBOR represents the shortterm lending rates of selected banks in the Nigerian interbank market, and is quoted as annualised rates.

Accordingly, NIBOR is a ‘polled’ rate, meaning that a set of selected banks known as ‘reference banks’ submit quotes which are processed to give NIBOR. However, AEDC’s Managing Director, Mr. Ernest Mupwaya said at a recent capacity building workshop for journalists in Abuja, that the practice should

be discontinued because it was contributing to the sector’s financial troubles.

“NIBOR +10 per cent being charged should be removed, it is exacerbating the liquidity issue. Total interest charged to AEDC from February 2015 to March 2017 is estimated at N16 billion,” said Mupwaya in a presentation he made at the workshop.

He further explained on the current tariff used by the Discos to distribute electricity to its customers in Abuja, Nasarawa, Kogi and Niger states, that it was N30 short of being cost efficient based on what he noted should be the current tariff as reviewed by the Nigerian Electricity Regulatory Commission (NERC) but not approved for implementation.

According to him, government should be able to convert the tariff shortfall to a regulatory asset instrument which could be traded by the Discos.

“If current tariffs are N35/ kWh, with tariff review of N30/kWh imminent for cost reflectivity but N65kWh would not be affordable to customers and government is unwilling to pass on this to customers, then N30/kWh can be converted to regulatory asset instrument. The government then acknowledges the obligation for the N30/kWh and issues a note to Discos to this effect.

The note being issued by the government implicitly comes with government guarantee

which makes it tradeable.

The regulatory asset instru-

ment would be issued by government and redeemable

at a coupon rate over a given period,” Mupwaya explained.

PowerGasPartnersDeltaStateonGas-to-Power 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 gas- to- power infrastructure for industries and manufacturers.

The objective of the gas- to –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.

“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 child’s play,” 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.

“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).” 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.

Sen added that the CNG is affordable, sustainable and a safe way to kicks-start the gas-based industrialisation of Nigeria.

“PowerGas has shown confidence as it affects gas industry with the transportation of gas in tanks and not pipelines, investors need to come on board and key into the smart Gas to Power innovation. It has been established that CNG is the best and safe alternative to transport natural gas to places where gas lines are not readily available,” he added.

In his closing remarks, the Executive Assistant to the Governor on Investments and Promotions, Paul Nmah said the main thrust was to create modern infrastructure development for industrial growth in the state.

He further stated that the government was focused on triggering and initiating investment in the state by giving the empowering conditions to organisations so they flourish and deliver the services needed.

T H I S D AY ˾ ˜ ͱͯ˜ Ͱͮͯ͵

23

BUSINESSWORLD

ENERGY

Olujimi: Focus and Integrity are Key to Survival in Downstream Sector To ease the Apapa gridlock, Emadeb Energy Services Limited recently built an ultra-modern depot in the Ijegun area of Lagos State and has also embarked on the construction of mega filling stations. The Managing Director of the company’s retail unit, Mrs. Olugbesoye Olujimi shared the success story with Ejiofor Alike. Excerpts: Emadeb Energy Services has been around for about a decade now. How has the journey been so far?

Like you know, Emadeb Energy Services has been around for almost a decade but we are a company that evolves according to the needs at hand; we are not static but dynamic. We study the market find out what is necessary and we try to meet the needs.

So, that is what gave birth to the retail arm of the business. Emadeb Energy Services has a depot at Ijegun area of Lagos, where we have storage facilities for petrol, kerosene and diesel.

When we saw the need to bring the products closer to the people, we started branching out into the retail outletswhich is the easiest way to meet our customers one-on-one. And since then, like the Chief Executive Officer of Emadeb Energy Services Limited said, in the next 24 months, we intend to acquire and brand at least 10 more mega stations.

We are on the right path. In Abuja, not up to a year ago, we launched our flagship mega station and it is doing well because Emadeb is a company founded on integrity. So, that has been keeping us. When you look at the margins, they are very low but we tell our workers to stay focused and maintain the company’s integrity and then money will eventually come. Money should not be the priority. The priority should be looking after your customers and meeting their needs. If you do that, volumes will increase and money will come at the end of the day. Then, you will be known for what you stand for. Emadeb is known for integrity, which is what has given us the strength to still keep rolling out retail stations as planned even in these difficult times What informed the decision of Emadeb to

Olujimi

Yes, the margins are low especially when you have to transport products from Lagos to the North. But like I said, we are truthful and our integrity makes the turnover a bit higher. In Emadeb, integrity is our watch word. The catch phrase in Emadeb is powered by integrity’.

So, we are powered by integrity

embark on construction of mega stations at a time investors are withholding investments as a result of the harsh operating environment?

The Chief Executive Officer of Emadeb and his management team believe that whatever is worth doing is worth doing well. So, before we set out to do any project, we go to the drawing board and count the cost. We will ask ourselves; ‘what is the need at hand that we are trying to meet and how well can we meet the need?’

So, this is something that has emanated from the fact that we saw a massive gap in the retail outlet space and we said; ‘okay, we need to do something differently’, which is to have mega stations that can service many motorists and at the same time cater for the needs of the people; which is what has taken us to the lubes business.

We want it to be a one-stop location. All our outlets across the country are one-stop locations. So, if you are on your way home and you are tired, you can buy other things such as bread, eggs and other groceries from our mini marts. We are looking to cater for the people’s needs. In that way, we will get to imprint ourselves on their minds.

You have talked about petrol, diesel and kerosene but what is the future for Emadeb in the downstream sector?

The future is to go into more retail outlets, branding more retail stations and then partner with existing stations like other independent marketers because with our depot, we have consistent supply of products. It is like when you have a mother, you won’t lack food. Likewise, supply in our retail outlets is constant and this is one of the factors that keep retail outlets going. Being sure of when your next supply will come, keeps you going.

We have a depot and that is why we are considering partnering with individuals that have stations; even if they are equipped with just one pump.

We do not look down on people. Consequently, we are willing to brand those stations and supply them with products. They will bear our brand and uphold our values. That is how we can spread as quickly as we want.

There are other players in the downstream sector who have invested in retail outlets.

So, how are you going to cope with the competition?

It is competition only when you are looking at doing things the same way.

As I have said earlier, we are out to do things differently in the sense that we are not just here to sell fuel. Other people already sell fuel but what we want to do here is to keep our integrity intact. So, when a customer drives in, he or she is greeted by a very polite attendant and is attended to. There is transparency and nobody rubs off the meter before you check.

You check the meter and whatever you pay for is what you get. You get value for your money and that will encourage you to come back. So, we are doing things differently; we are not just here to sell fuel; we are here to carve a niche.

You must have encountered some challenges in the course of achieving all these accomplishments. Could you please share some of these challenges with us?

Everything in life has challenges – even getting up in the morning has its own challenges.

But once you are determined and focused and do not allow any distraction on your way to deter you from your goal, you will be able to attain what you set out to achieve.

We had challenges. For instance, when we came to commence this project, we had people who were disturbing us from working but because we were focused and committed to the demands at hand, God raised support for us even from the community and we got people who volunteered to watch the project for us and others could not come to stop the work. That is why I said that money will come after but relationship is key; focus is very important. We had challenges in terms of the environment and government policies, not just for this location but for other locations. In the process of product distribution, the roads are also a challenge but we are committed. Where there is a will, there is a way.

Other players in the downstream sector are complaining of serious liquidity challenges and inability to raise finance for investments because of the low margins in the business.

How are you able to overcome this challenge and continue to increase your presence in the downstream sector?

Yes, the margins are low especially when you have to transport products from Lagos to the North. But like I said, we are truthful and our integrity makes the turnover a bit higher. In Emadeb, integrity is our watch word.

The catch phrase in Emadeb is ‘powered by integrity’. So, we are powered by integrity.

The banks know that when Emadeb says ‘please give me a line to trade, Emadeb will trade purely with the line and then we pay back.’ We stay true to the commitment. We don’t divert whatever funds we are given; our bankers – FCMB and Union Bank, can testify to that. Integrity is our watchword and that is what has kept us in the business.

T H I S D AY ˾ ˜ ͱͯ˜ Ͱͮͯ͵

24

BUSINESSWORLD

INDUSTRY

Innovating Road Construction Jonathan Eze examines the benefits of using concrete for road construction, a campaign that Dangote Cement Plc is aggressively pursuing It is an indisputable fact that roads play a very important role in any nation’s infrastructure.

Hence, sometimes, development of a country is being appraised on the basis of its road networks. In the past weeks, Dangote Cement Plc, owned by the richest man in Africa, Alhaji Aliko Dangote has been emphasising on the need to embrace cement concrete option for road constructions.

The company argued that concrete roads are durable and safe. They are considerably less prone to wear and tear defects like rutting, cracking, stripping, loss of texture, and potholes that can occur with flexible pavement surfaces.

Also, a low maintenance requirement is one of the principal advantages of concrete pavements The company indicated its commitments to this project by announcing that the construction of concrete roads had commenced in various states across the country, particularly in Lagos, Bauchi, Kogi, Kaduna and Ogun States.

“We are very happy at the moment. We can categorically state that we are in more than five states across the country already constructing roads. The reception has been wonderful. State governments are beginning to see the need to embrace concrete roads and we are very happy at the way things are currently going,” the company in a statement.

Dangote, himself has also pleaded with the federal government to consider the use of concrete in road construction in the country.

According to him, “We are pushing for Nigeria to do concrete roads. It is cheaper to do a concrete road that will last 50 years than to do a bitumen road. It will also help in eliminating corruption because if you go and build a bitumen road, it will have to be adequately maintained unlike a concrete road that is very durable.”

In the same vein, the Group Executive Director, Strategy, Portfolio Development and Capital Projects, Dangote Industries Limited, Mr. Devakumar Edwin, has appealed to the federal government to consider the use cement for the construction of its roads in order to ensure their durability.

He explained that concrete roads had longer life span of 50 years or more compared to asphalt roads that could barely last 10 to 12 years.

Unlike asphalt roads, a concrete road does not require frequent maintenance and patching, he stated.

Concrete roads, according to him, also have the advantage of not getting deflected under the wheels of loaded trucks, this makes trucks to consume 15 per cent to 20 per cent less fuel compared to when they move on asphalt roads, and have resistance to automobile fuel spillage He added that plans are in the offing to introduce concrete roads to other states like the 24km constructed in Itori, Ibese in Ogun State where Dangote cement plant is located.

The durability of concrete roads, he further noted, will allow governments to use their funds for other projects rather than re- awarding contracts for dilapidated roads. Therefore, such partnership will be beneficial for the nation’s drive for new global infrastructural development.

The choice of concrete option might be timely considering the fact that the federal government had recently handed over the reconstruction of the Apapa road to Dangote Group and other firms.

Dangote Group and Flour Mills of Nigeria (FMN)Plc are funding the project valued at N4.3 billion.

Speaking at the Memorandum of Understanding (MoU) signing ceremony for the project, Honorary Adviser to the President/ Chief Executive of Dangote Group, Joseph Makoju said the group was moved by the deplorable state of the road which informed the need to look for like-thinking partners to effect repairs and salvage the road.

According to him, the deplorable state of the road has impacted negatively on businesses, activities and lives of people within the locality.

He explained that the state of the road crippled economic activities as people spend whole

Road construction days in traffic losing precious work hours Makoju opined that the tww- kilometer road to the gate of Apapa is vital to the nation’s economy and described it as the national economy’s artery.

He commended the Managing Director of the Nigeria Ports Authority, who he said put in extra efforts to ensure the handing over of the road for reconstruction as the project has been on ground for over a year. The new road, he said will be concrete based in contrast to laterite base and has a life span of between 30 years to 50 years.

He described the road reconstruction as a higher form of corporate social responsibility as Dangote Group is not asking for tax rebates. According to him, businesses need to engage with host communities through corporate social responsibility projects to ensure sustainability.

He said: “Here at Dangote, we have built houses, new towns, hospitals, schools, roads, markets and awarded scholarships in the communities where we have our operations but this is a higher form of corporate social responsibility. This project is a higher form of intervention on a national level, intervening in provision of critical infrastructure.”

However, he tasked government to do more in terms of providing a conducive and enabling business environment for businesses to thrive stressing that If the environment is conducive and right, businesses will thrive and do more in terms of interventions in national infrastructure.

Minister of Power, Works and Housing, Babatunde Fashola in his remarks at the event said: “We are here to embark on what will be the final solution to a massive inconvenience business and people in Apapa suffered over the years. Apapa is the nation’s first industrial base and was served by a good rail system.

Cargo and containers were moved by rail to all parts of the country. The road network was for transport of passengers. The roads were good. However, we allowed the rails to collapse and choose road for evacuation of containers and cargo. But we are working to stop all these.”

He disclosed that for several years government adopted palliative measures towards the road while waiting for a final solution and

especially thanked Dangote Group and FMN for coming to take over the road for repairs.

He said: “We must thank Dangote Group and FMN for coming to our aid via providing the funding for the repairs. The repairs estimated for a duration of one year is valued at N4.3 billion.”

Explaining why it took government some time before handing over the road for repairs, he said: “The delays in handing over the road for reconstruction was because of the need to put final touches to the road design. Apapa has high water table and any road built here must have proper drainages otherwise it will be experiencing constant flooding.”

He added: “We have done the survey and prepared the bill of quantity. The two kilometer road which will be based on concretes estimated at N4.3 billion. A concrete base instead of laterite is chosen. The construction and funding will be on corporate social responsibilities basis as they will not be seeking for tax reliefs.”

Fashola called on all stakeholders to cooperate with the constructing company and traffic controllers because there would be distortions and road diversions.

“Countries that have achieved self-sufficiency in cement production have found it expedient to adopt the construction of concrete roads because they are cheaper, more durable and environment friendly. I believe Nigeria should not be an exception. We must move with the times.”

He said that government would continue to encourage indigenous companies like -Dangote to compete with international construction companies to build quality roads at affordable cost in order to consolidate and extend national road networks.

He said that cement, which constituted raw materials for construction of concrete roads was locally available compared to bitumen which were being imported.

Dangote said that the country was losing $1 billion annually due to the poor condition of roads in the country.

“Roads play an important role in the social and economic development of any nation,” he said.

Also, the Executive Team of the Nigerian Institution of Highway Engineers lauded the management of Dangote for the use of cement

to construct 23 kilometers road from Itori to Ibeshe in Ogun State, offering to partner with the company to better enhance its operations.

Commenting on the use of concrete road for the country, the chairman of the institution, who led the delegation for the industrial visits, Isa Usman Emoabino, said: “Definitely, this will not be a new thing for Nigeria.

Dangote is veering out into another area that is not very common in Nigeria and if they work together with professionals like us, we will make sure that we are able to get the best out of that. That is our main reason for coming here today, we tagged our visit here today to be industrial visits, and all through the things we have seen, we try to give free consultancy, in order to ensure that whatever we have seen can be made better.”

The Chief Executive of Dangote, Ashif Juma thanked the professional engineers for coming and importantly for offering to partner with the company. He said the 23 kilometers concrete road is a corporate social responsibility effort of the company, to show that concrete roads are better in all ramifications than the asphalt roads.

According to him, “The project is for the benefits of the community. It is obvious that the option for concrete roads will be the solution to solve the road infrastructural decay in the country.

“This is because concrete road is less expensive than asphalt road by almost 23 per cent and also we can build concrete road in less time.

Even in terms of maintenance, we don’t need so much resources to maintain it like the asphalt roads.

Similarly, the Executive Director in the Dangote Group, Mansur Ahmed urged the three tiers of government to embrace the use of concrete roads in Nigeria. He said concrete roads makes more economic sense for a country like Nigeria, as the use of asphalt has left the roads in deplorable conditions.

Noting that asphalt road is no longer in vogue in developed climes, he said the construction of concrete road is faster and can last for half a century compared to asphalt. According to him, in the construction of concrete roads, the cement raw materials are readily available while asphalt is imported into the country.

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

Positioning Nigeria for a Prosperous Future

Adeosun Kemi Adeosun The recession, reset the economy and reposition it for a brighter future for the present and future generations of Nigerians. The Administration of President Muhammadu Buhari is laying the foundation for the kind of economic growth that makes a real impact in the lives of citizens.

The downturn has inspired unprecedented levels of fiscal responsibility, in line with President Buhariâ&#x20AC;&#x2122;s determination to fight Nigeriaâ&#x20AC;&#x2122;s endemic corruption.

Shortly after taking office, he issued a Presidential order mandating the immediate implementation of the Treasury Single Account (TSA) system, consolidating thousands of government accounts scattered across deposit money banks into a unified system that is transparent and easy to centrally monitor and track. Under the old system, it was common for government accounts to be converted into personal use, but under the TSA this is impossible. Also, the proliferation of accounts encouraged rent seeking rather than questionable practices.

Budgetary reform has also taken a lot of our time and attention. We are pioneering the use of software to prepare our annual budgets, which allows greater transparency and the ability to track changes.

We have insisted on using biometric verification in the deployment of our Social Investment Programme, which includes a Job Scheme for unemployed graduates, a School Feeding Scheme for Primary School Pupils, a Conditional Cash Transfer scheme targeting a million of our poorest citizens, and a Micro-Credit scheme for artisans, farmers, and traders. In the past the Social Investment payments would have been done as cash handouts.

A similar insistence on biometric verification for the federal payroll has resulted in the detection of tens of thousands of bogus beneficiaries â&#x20AC;&#x201C; or â&#x20AC;&#x2DC;ghost workersâ&#x20AC;&#x2122;, as we often refer to them, in Nigeria â&#x20AC;&#x201C; and savings running into billions of naira every month.

We are pursuing unprecedented cooperation with foreign governments and powers, as part of our transparency and anti-corruption drive.

For the simple reason that a disproportionate amount of public funds looted in Nigeria end up in the United Arab Emiratesâ&#x20AC;&#x2122;, Nigeria has signed bilateral agreements with the

25

UAE Government on extradition, exchange of information, and repatriation of stolen public funds.

One strong demonstration of our political will has been a Whistleblowing Scheme we launched months ago that empowers citizens to report public corruption. The impact in terms of recoveries has exceeded our expectations.

The tighter rein on public finances allowed us invest US$500m in our Sovereign Wealth Fund, during a recession.

A lot of the work we have done over the last two and half years has been focused on dismantling the old ways of doing things, rebuilding them, and empowering and fortifying our institutions with technology to block loopholes, discourage abuse, and prevent a relapse into the destructive ways of the past.

The new Nigeria we seek will not happen without this kind of foundational reform that imposes on us new ways of thinking and of doing things. The early results are already being seen. A concerted focus on agriculture has seen our rice imports from Thailand dropping by 90 per cent between 2015 and 2016, and replaced by locally grown variants.

As oil has let us down, we have started to do what we should have done decades ago, invest in agriculture and mining. Throughout the recession, agriculture recorded healthy growth. As we emerge from the recession, its impact is certain to multiply and position Nigeria for a prosperous future.

Let me point out that the most important elements of any reform effort tend to be the least flamboyant. We are confident that in the months and years ahead, Nigerians and the world will see the full impact of the foundational resetting that the Buhari administration has been focused on since 2015.

There is of course a lot of resistance to reform, by vested interests within and outside the system. But we are not fazed. The work of reform goes on. It is, to borrow from the Nigerian novelist, Chinua Achebe, morning yet on Creation Day. Not very long from now, Nigerians and the world will look back on this recession we have just emerged from, and realise that it was the turning point in Nigeriaâ&#x20AC;&#x2122;s journey to true growth and greatness.

- Kemi Adeosun is Nigeriaâ&#x20AC;&#x2122;s Minister of Finance

26

˜ ͱͯ˜ ͺ͸͹͵ ˾ T H I S D AY

HASSAN AHMED

DANBABA

Magajin Garin Sokoto On this auspicious achievement of 20 years as Magaji Garin Sokoto, you met challenges with confidence and strength. Your dedication and commitment to the development of humanity has been quite inspiring.

May you continue to uphold the virtue and statesmanship of your grandfather, the late Sir Ahmadu Bello. Congratulations my friend, on making us all proud. May Allah continue to guide and protect you.

MISBAHU ZUBAIR MAHMOUD AND FAMILY

27

5 ) * 4 % ": t TUESDAY, OCTOBER 31, 2017

HASSAN AHMED DANBABA

Magajin Garin Sokoto

20 YEARS AS MAGAJI GARIN SOKOTO is a monumental achievement, it is indeed a milestone in the history of Sultanate council Sokoto. You have achieved a lot with your benevolence towards the people of Sokoto State, and Nigeria as a whole. We pray that Allah (SWT) continue to grant you more years of fruitful service to the entire humanity, may He also continue to protect and guide you, provide you with good health, prosperity and passion for the good and progress of the Muslim Ummah, ameen.

Alhaji Dahiru Barau Mangal Chairman AFDIN Construction Limited

28

˜ ͱͯ˜ ͺ͸͹͵ ˾ T H I S D AY

on your

HASSAN AHMED

DANBABA

Magajin Garin Sokoto The Board and Entire Staff of S5A Technical Services Ltd wish to felicitate with our indefatigable Chairman on the occasion of his 20th year anniversary as Magaji Garin Sokoto. The cap fit then and fits even more now! May Allah (SWT) grant you many more successful years. Allah Kara Albarka!

29

5 ) * 4 % ": t TUESDAY, OCTOBER 31, 2017

as the

Magajin

Garin

Sokoto

It has been 20 years since your installation as the Magajin Garin Sokoto. Two decades of holding this highly revered title certainly deserves a grand celebration. However, what we are celebrating today is not the quantity of the time but the quality of stewardship. Without any doubt it has been twenty remarkable years of exemplary service and inspiring leadership.

Your generation is increasingly being tasked with creating a healthy balance between our sacred traditional institution and the exigencies of modernity. We are proud of the role you have played in taking on this daunting responsibility.

May Almighty Allah grant you many more years of fruitful service to His people; may He grant you the wisdom to lead and to serve according to His divine will and purpose; may He bless you and continue to crown your effort with more successes.

Twenty hearty cheers to our amiable Magajin Garin!

Alhaji Kashim Ibrahim-Imam Alhaji Aminu Babba Dan Agundi Alhaji Adamu Maina Waziri Mallam Nuhu Ribadu Mallam Ahmed Kuru Alhaji Ibrahim Lamorde

His Excellency Rabiu Musa Kwankwaso His Excellency Ibrahim Saminu Turaki His Excellency Kashim Shettima Ambassador Mohammed Dauda Ambassador Ahmed Kashim Alhaji Abdullahi Mukhtar Muhammad

30

T H I S D AY Ëž Ë&#x153; OCTOBER 31, 2017

BUSINESS/MONEYGUIDE

DBN Begins Lending with N5bn to 20,000 MSMEs Ndubuisi Francis Ă&#x2039;Ă&#x2DC;Ă&#x17D; Udora Orizu Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The newly-established wholesale development finance institution -Development Bank of Nigeria (DBN) has commenced lending activities with N5 billion earmarked for disbursement through three microfinance banks (MFBs).

The amount is for onward lending to over 20,000 micro small and medium scale enterprises (MSMEs) spread across the country.

The three MFBs for the pilot scheme, who were unveiled at an agreement-signing ceremony in Abuja yesterday, were Fortis Microfinance Bank Plc, LAPO Microfinance Bank limited, and NPF Microfinance Bank Plc. At the event, DBNâ&#x20AC;&#x2122;s Managing Director/ Chief Executive Officer, Mr. Anthony Okpanachi said he was excited at the bankâ&#x20AC;&#x2122;s ability to meet its mandate.

He said: â&#x20AC;&#x153;Today, DBN is proud to commence with the first of its mandate. The Nigeria economy is powdered by the MSMEs , however unstructured.

The activities within this segment account for over 50 per cent of Nigeriaâ&#x20AC;&#x2122;s GDP.â&#x20AC;?

However, he observed that less than five per cent of these businesses have access to credit in the financial system, adding that statistics show that there are over 37 million MSMEs in Nigeria.

According to him, regardless of the number, many of these businesses still struggle with access to adequate financing.

Okpanachi stated that that unlike other development finance institutions (DFIs) that are sectorspecific, DBN loans cut across all sectors, adding that the bank â&#x20AC;&#x153;seeks to achieve the Nigerian Sustainable Banking Principles (NSBP) of the Central Bank of Nigeria (CBN), where financial inclusion ranks high, as well as the United Nations Sustainable Development Goalsâ&#x20AC;?.

He stressed that this was consistent with the Economic Recovery and Growth Plan of the federal government.

Giving an insight into the terms and conditions for the loan, Okpanachi said the

bankâ&#x20AC;&#x2122;s loan repayment tenure is flexible (up to 10 years with a moratorium period of up to 18 months ), adding that the pricing is pragmatic and referenced to market rates.

He also spoke provision for loans recovery, noting that the bank had been structured in such a way to recover loans without the hassles experience by past DFIs. Okpanachi added: â&#x20AC;&#x153;We are a wholesale bank, we are lending through PMIs (primary microfinance institutions) to ensure the end borrowers are able to pay back the loans. The N5billion is what we are making available to three of them and that is start off. The N5 billion cuts across the three microfinance we are starting off with.â&#x20AC;?

In his remarks, the Managing Director of LAPO Microfinance Bank, Mr. Godwin Ehigiamusoe applauded DBNâ&#x20AC;&#x2122;s intervention in the MSMEsâ&#x20AC;&#x2122; sector.

He noted that the initiative was one the sector that has been waiting for, adding that the need in that sector was huge and diverse.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

Obaseki Tasks Financial Institutions on Unbanked Population

Broad Money (M2)

21,851,454.31

-- Narrow Money (M1)

9,890,813.10

Nume Ekeghe

---- Currency Outside Banks

1,523,239.91

---- Demand Deposits

8,367,573.19

-- Quasi Money

11,960,641.22

The Governor of Edo State, Mr. Godwin Obaseki, has challenged financial institutions across the world to design products that will appeal to the millions of the worldâ&#x20AC;&#x2122;s unbanked population to boost liquidity in the banks and safeguard the future of savings account holders.

Obaseki made the call on Monday, in commemoration of the World Savings Day, marked on October 31, every year.

He also assured that the long-term goal of Alaghodaro as envisioned by his administration will address the several challenges of urbanisation in the stateâ&#x20AC;&#x2122;s urban centers.

The governorâ&#x20AC;&#x2122;s assurance was on the commemoration of the World Cities Day, which is also

marked on October 31, each year.

According to the governor, â&#x20AC;&#x153;the complex processes involved in opening savings account, the cold reception given to the fairly literate and non-literate customers, and the lack of adequate incentives for savings culture among other factors discourage many people from taking their money to the bank.â&#x20AC;?

He stressed that â&#x20AC;&#x153;banking needs not be elitist or flamboyant, especially in developing economies and advised bankers to be more creative in reaching out to the unbanked population, most of them in rural and periurban areas, and speak to them in languages they understand to win their confidence to save their earnings.â&#x20AC;?

Obaseki further said that this yearâ&#x20AC;&#x2122;s theme: â&#x20AC;&#x153;Our Future Starts with Savings,â&#x20AC;? is apt, adding

that â&#x20AC;&#x153;a good saving culture is healthy for financial institutions, the economy as well as the account holders.â&#x20AC;?

He explained that people who save money in banks support the growth of the economy and secure their hard earned money from being lost to fire or theft. â&#x20AC;&#x153;Stories abound of people who have lost their money to thieves, fire incident or flooding because they kept their money under their pillows at home.

Money kept at home cannot yield interests and the culture of keeping money at home exposes people to all forms of risk.â&#x20AC;?

On the World Cities Day, the governor said several programmes had been lined up to transform Benin City and other urban centers in the state to world-class cities.

NCCN: Nigeria Has Gender Problem in the Workplace Solomon Elusoji The National Competitiveness Council of Nigeria (NCCN) has highlighted the stark gender inequality within the nationâ&#x20AC;&#x2122;s labour force.

Speaking to journalists, yesterday, after aound-table discussion on competitiveness, NCCNâ&#x20AC;&#x2122;s CEO, Chika Mordi, while explaining the findings of a new report to be released by his councik on Thursday, said female participation in the labour force of some Nigerian states was less than two per cent. â&#x20AC;&#x153;Even though we expected some gender skewering, we did not expect it to be of that magnitude,â&#x20AC;? he said.

However, some elements of the report, Mordi said, were positive. â&#x20AC;&#x153;There were some states where you saw a clear path when it comes to education and skills. What we hope is that the policy and interventions that

have worked will be transferred from the states where they have worked to the states that havenâ&#x20AC;&#x2122;t done it yet. â&#x20AC;&#x153;The goal we have is all about poverty reduction.

We feel that competitiveness will drive inclusive growth.â&#x20AC;?

The NCCN report, which was compiled over the last 20 months with support from the Ford Foundation, the Tony Elumelu Foundation, the World Bank and a host of other reputable international organisations, looks into how economically competitive states in Nigeria are. â&#x20AC;&#x153;What we did was to set parameters for assessing the competitiveness of every state,â&#x20AC;?

Mordi said. â&#x20AC;&#x153;And based on parameters that have pillars and sub-pillars around macroeconomics, human capital, infrastructure, trade and around things like settlement and enforcement, we did surveys across the country. â&#x20AC;&#x153;We did one of the largest

surveys you are going to see in this part of the world. We had 8,000 plus households, over 2,000 business surveys and we had a response rate of 91 percent. â&#x20AC;&#x153;So we asked them a series of questions about their businesses, their experiences and all of these were plugged into the pillars, after some analysis. We also had primary data that we used as well, and cross-validated all of these information to see where it made sense and cleaned it up. â&#x20AC;&#x153;Based on those results, we now ranked every state on each pillar, aggregated it and now ranked the states, in terms of their competitiveness.â&#x20AC;?

Meanwhile, during the round-table discussion, which was held in Lagos, one of Nigeriaâ&#x20AC;&#x2122;s foremost data analyst companies, BudgIT, said the nationâ&#x20AC;&#x2122;s current fiscal structure does not motivate state governments to look within and solve their own problems.

AUGUST 2017

Net Foreign Assets (NFA)

9,732,990.89

Net Domestic Assets(NDA)

12,118,463.42

-- Net Domestic Credit (NDC)

26,821,446.81

---- Credit to Government (Net)

4,824,226.22

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

7,834,536.74

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

--3,010,310.52

---- Credit to Private Sector (CPS)

21,997,220.59

--Other Assets Net

--14,702,983.39

Reserve Money (Base Money)

5,486,804.65

--Currency in Circulation

1,868,735.07

--Banks Reserves

3,268,266.17 Ëž Ă&#x2122;Ă&#x;Ă&#x153;Ă?Ă? Ě&#x2039;

Money Market Indicators (in Percentage) Month

August 2017

Inter-Bank Call Rate

22.63

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

14.00

Treasury Bill Rate

13.35

Savings Deposit Rate

4.08

1 Month Deposit Rate

8.86

3 Months Deposit Rate

10.14

6 Months Deposit Rate

11.51

12 Months Deposit Rate

11.40

Prime Lending rate

17.69

Maximum Lending Rate

31.20 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 27, 2017

The price of OPEC basket of fourteen crudes stood at $57.54 a barrel on Friday, compared with $56.45 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

31

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

MARKET NEWS

Nestle Grows Nine Months Profit to N23bn, Recommends N15 Interim Dividend Goddy Egene Nestle Nigeria Plc yesterday resumed the declaration of interim dividend following improvement its financial results. The company used to delight investors with dividends twice every year.

However, there was no interim dividend last year due to a major fall in its profit. However,

as things begin to look up for again, Nestle Nigeria yesterday announced an interim dividend of N15.00 per share for the nine months.

The company reported revenue of N185.242 billion in 2017, up by 43 per cent to N129.482 billion, while cost of sale stood at N109.362 billion, compared with N77.546 billion in the corresponding period

T H E MAIN BOARD Ă?Ă&#x17E;Ă&#x201C;Ă Ă&#x201C;Ă&#x17E;ĂŁ Ă&#x;Ă&#x2014;Ă&#x2014;Ă&#x2039;Ă&#x153;ĂŁ Ă&#x2122;Ă&#x2DC; Ă&#x2122;Ă&#x2039;Ă&#x153;Ă&#x17D; Federal Bond Name Í&#x2019;Í&#x2013;Ë&#x203A;Í&#x2013;Í&#x2022;ĎŻ Í&#x201C;Í&#x2018;Í&#x201C;Í&#x2018; Í&#x2019;Í&#x2014;Ë&#x203A;Í&#x2018;Í&#x2018;ĎŻ Í&#x201C;Í&#x2018;Í&#x2019;Í&#x161; Federal Totals Ă&#x2122;Ă&#x2039;Ă&#x153;Ă&#x17D; Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

Bond Activity Totals Ă&#x2039;Ă&#x201C;Ă&#x2013;ĂŁ Ă&#x;Ă&#x2014;Ă&#x2014;Ă&#x2039;Ă&#x153;ĂŁ Ě&#x2122; Ă&#x203A;Ă&#x;Ă&#x201C;Ă&#x17E;Ă&#x201C;Ă?Ă?Ě&#x161; Ă?Ă&#x17E;Ă&#x201C;Ă Ă&#x201C;Ă&#x17E;ĂŁ Ă&#x;Ă&#x2014;Ă&#x2014;Ă&#x2039;Ă&#x153;ĂŁ Ă&#x2122;Ă&#x2DC; Ă&#x2122;Ă&#x2039;Ă&#x153;Ă&#x17D;

Crop Production

Ë&#x203A; PRESCO PLC Crop Production Totals Livestock/Animal Specialties

Ë&#x203A; Livestock/Animal Specialties Totals

Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

Ă&#x201C;Ă Ă?Ă&#x153;Ă?Ă&#x201C;ʨĂ?Ă&#x17D; Ă&#x2DC;Ă&#x17D;Ă&#x;Ă?Ă&#x17E;Ă&#x153;Ă&#x201C;Ă?Ă? Ë&#x203A; Ë&#x203A;

Ë&#x203A; Ë&#x203A;

Ë&#x203A; Ë&#x203A;

Ë&#x203A; Ă&#x201C;Ă Ă?Ă&#x153;Ă?Ă&#x201C;ʨĂ?Ă&#x17D; Ă&#x2DC;Ă&#x17D;Ă&#x;Ă?Ă&#x17E;Ă&#x153;Ă&#x201C;Ă?Ă? Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă? Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

Ëš Building Construction

Ë&#x203A; Building Construction Totals

Ă&#x2DC;Ă?Ă&#x153;Ă&#x2039;Ă?Ă&#x17E;Ă&#x153;Ă&#x;Ă?Ă&#x17E;Ă&#x;Ă&#x153;Ă?Ëš Ă?Ă&#x2039;Ă ĂŁ Ă&#x2122;Ă&#x2DC;Ă?Ă&#x17E;Ă&#x153;Ă&#x;Ă?Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC;

Ë&#x203A; Ë&#x203A;

Ă&#x2DC;Ă?Ă&#x153;Ă&#x2039;Ă?Ă&#x17E;Ă&#x153;Ă&#x;Ă?Ă&#x17E;Ă&#x;Ă&#x153;Ă?Ëš Ă?Ă&#x2039;Ă ĂŁ Ă&#x2122;Ă&#x2DC;Ă?Ă&#x17E;Ă&#x153;Ă&#x;Ă?Ă&#x17E;Ă&#x201C;Ă&#x2122;Ă&#x2DC; Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă? Ă?Ă&#x2039;Ă&#x2013; Ă?Ă&#x17E;Ă&#x2039;Ă&#x17E;Ă? Ă?Ă Ă?Ă&#x2013;Ă&#x2122;Ă&#x161;Ă&#x2014;Ă?Ă&#x2DC;Ă&#x17E; Ë&#x203A;

Ă?Ă&#x2039;Ă&#x2013; Ă?Ă&#x17E;Ă&#x2039;Ă&#x17E;Ă? Ă?Ă Ă?Ă&#x2013;Ă&#x2122;Ă&#x161;Ă&#x2014;Ă?Ă&#x2DC;Ă&#x17E; Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

Ëš Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

Ă&#x;Ă&#x17E;Ă&#x2122;Ă&#x2014;Ă&#x2122;Ă&#x152;Ă&#x201C;Ă&#x2013;Ă?Ă?Ëš Ă&#x;Ă&#x17E;Ă&#x2122; Ă&#x2039;Ă&#x153;Ă&#x17E;Ă? Ęś Ă&#x;Ă&#x17E;Ă&#x2122;Ă&#x2014;Ă&#x2122;Ă&#x152;Ă&#x201C;Ă&#x2013;Ă?Ă?Ëš Ă&#x;Ă&#x17E;Ă&#x2122; Ă&#x2039;Ă&#x153;Ă&#x17E;Ă? Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă? Ă?Ă Ă?Ă&#x153;Ă&#x2039;Ă&#x2018;Ă?Ă?Ě&#x2039;Ě&#x2039; Ă&#x153;Ă?ĂĄĂ?Ă&#x153;Ă?Ëš Ă&#x201C;Ă?Ă&#x17E;Ă&#x201C;Ă&#x2013;Ă&#x2013;Ă?Ă&#x153;Ă?

Ë&#x203A; Ë&#x203A;

Ë&#x203A;

Ë&#x203A; Ë&#x203A; Ă?Ă Ă?Ă&#x153;Ă&#x2039;Ă&#x2018;Ă?Ă?Ě&#x2039;Ě&#x2039; Ă&#x153;Ă?ĂĄĂ?Ă&#x153;Ă?Ëš Ă&#x201C;Ă?Ă&#x17E;Ă&#x201C;Ă&#x2013;Ă&#x2013;Ă?Ă&#x153;Ă? Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

Beverages--Non-Alcoholic Í&#x2DC;Ě&#x2039; Ë&#x203A; Ë&#x203A; Beverages--Non-Alcoholic Totals Food Products

Ë&#x203A; Ë&#x203A;

Food Products Totals Ă&#x2122;Ă&#x2122;Ă&#x17D; Ă&#x153;Ă&#x2122;Ă&#x17D;Ă&#x;Ă?Ă&#x17E;Ă?Ě&#x2039;Ě&#x2039; Ă&#x201C;Ă Ă?Ă&#x153;Ă?Ă&#x201C;ʨĂ?Ă&#x17D;

Ë&#x203A;

Ë&#x203A; Ă&#x2122;Ă&#x2122;Ă&#x17D; Ă&#x153;Ă&#x2122;Ă&#x17D;Ă&#x;Ă?Ă&#x17E;Ă?Ě&#x2039;Ě&#x2039; Ă&#x201C;Ă Ă?Ă&#x153;Ă?Ă&#x201C;ʨĂ?Ă&#x17D; Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă? Ă&#x2122;Ă&#x;Ă?Ă?Ă&#x2019;Ă&#x2122;Ă&#x2013;Ă&#x17D; Ă&#x;Ă&#x153;Ă&#x2039;Ă&#x152;Ă&#x2013;Ă?Ă?

Ë&#x203A; Ă&#x2122;Ă&#x;Ă?Ă?Ă&#x2019;Ă&#x2122;Ă&#x2013;Ă&#x17D; Ă&#x;Ă&#x153;Ă&#x2039;Ă&#x152;Ă&#x2013;Ă?Ă? Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

Personal/Household Products

Ë&#x203A;

Ë&#x203A; Personal/Household Products Totals Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

FINANCIAL SERVICES Banking

Ë&#x203A;

Ë&#x203A; JAIZ BANK PLC

Ë&#x203A;

Ë&#x203A; Ë&#x203A;

Ë&#x203A; Banking Totals

Ă&#x2DC;Ă?Ă&#x;Ă&#x153;Ă&#x2039;Ă&#x2DC;Ă?Ă? Ă&#x2039;Ă&#x153;Ă&#x153;Ă&#x201C;Ă?Ă&#x153;Ă?Ë&#x153; Ă&#x153;Ă&#x2122;Ă&#x2022;Ă?Ă&#x153;Ă? Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă?Ă&#x153;Ă Ă&#x201C;Ă?Ă?Ă?

Ë&#x203A;

Ë&#x203A;

Ë&#x203A; Ë&#x203A; Ě&#x2122; Ě&#x161; Ë&#x203A;

Ë&#x203A; Ë&#x203A;

Ë&#x203A;

Ă&#x2DC;Ă?Ă&#x;Ă&#x153;Ă&#x2039;Ă&#x2DC;Ă?Ă? Ă&#x2039;Ă&#x153;Ă&#x153;Ă&#x201C;Ă?Ă&#x153;Ă?Ë&#x153; Ă&#x153;Ă&#x2122;Ă&#x2022;Ă?Ă&#x153;Ă? Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă?Ă&#x153;Ă Ă&#x201C;Ă?Ă?Ă? Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

Micro-Finance Banks FORTIS MICROFINANCE BANK PLC NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Ă&#x2122;Ă&#x153;Ă&#x17E;Ă&#x2018;Ă&#x2039;Ă&#x2018;Ă? Ă&#x2039;Ă&#x153;Ă&#x153;Ă&#x201C;Ă?Ă&#x153;Ă?Ë&#x153; Ă&#x153;Ă&#x2122;Ă&#x2022;Ă?Ă&#x153;Ă? Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă?Ă&#x153;Ă Ă&#x201C;Ă?Ă?Ă?

Ă&#x2122;Ă&#x153;Ă&#x17E;Ă&#x2018;Ă&#x2039;Ă&#x2018;Ă? Ă&#x2039;Ă&#x153;Ă&#x153;Ă&#x201C;Ă?Ă&#x153;Ă?Ë&#x153; Ă&#x153;Ă&#x2122;Ă&#x2022;Ă?Ă&#x153;Ă? Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă?Ă&#x153;Ă Ă&#x201C;Ă?Ă?Ă? Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

Other Financial Institutions

Ęś Ë&#x203A;

Other Financial Institutions Totals

DEALS

MARKET PRICE

of 2016. Gross profit rose to N75.881 billion, from N51.933 billion. Net finance cost fell 56 per cent to N8.606 billion, from N19.865 billion in 2016.

Profit before tax soared by 526 per cent from N5.504 billion in 2016 to N34.479 billion, while profit after tax grew faster by 4,638 per cent from N485 million to N22.979 billion.

N I G E R I A N QUANTITY TRADED

VALUE TRADED ( N )

Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019; Í&#x2019; 2 2 2

Current Price Í&#x161;Í&#x2122;Ë&#x203A;Í&#x2DC; Í&#x2019;Í&#x201D;Í&#x2013;

Quantity Traded Í&#x2019;Í&#x2018;Í&#x2013; Í&#x2019;Í&#x2018;Í&#x2018; Í&#x201C;Í&#x2018;Í&#x2013; Í&#x201C;Í&#x2018;Í&#x2013; Í&#x201C;Í&#x2018;Í&#x2013;

Value Traded Í&#x2019;Í&#x2018;Í&#x201D;Ë&#x153;Í&#x2122;Í&#x2019;Í&#x2013;Ë&#x203A;Í&#x2022;Í&#x2019; Í&#x2019;Í&#x201D;Í&#x2DC;Ë&#x153;Í&#x2019;Í&#x161;Í&#x2DC;Ë&#x203A;Í&#x2122;Í&#x2018; Í&#x201C;Í&#x2022;Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2019;Í&#x201D;Ë&#x203A;Í&#x201C;Í&#x2019; Í&#x201C;Í&#x2022;Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2019;Í&#x201D;Ë&#x203A;Í&#x201C;Í&#x2019; Í&#x201C;Í&#x2022;Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2019;Í&#x201D;Ë&#x203A;Í&#x201C;Í&#x2019;

Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019;Í&#x2019; Í&#x2022; Í&#x2019;Í&#x2013; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2013; Í&#x2013; Í&#x201C;Í&#x2018;

Current Price Í&#x2022;Í&#x2022;Ë&#x203A;Í&#x2019;Í&#x2122; Í&#x2022;Í&#x2014;

Quantity Traded Í&#x2022;Í&#x2019;Ë&#x153;Í&#x201C;Í&#x2018;Í&#x2122; Í&#x2013;Ë&#x153;Í&#x201C;Í&#x2018;Í&#x2019; Í&#x2022;Í&#x2014;Ë&#x153;Í&#x2022;Í&#x2018;Í&#x161; Quantity Traded Í&#x2019;Í&#x2013;Í&#x201D;Ë&#x153;Í&#x2022;Í&#x2DC;Í&#x2018; Í&#x2019;Í&#x2013;Í&#x201D;Ë&#x153;Í&#x2022;Í&#x2DC;Í&#x2018; Í&#x2019;Í&#x161;Í&#x161;Ë&#x153;Í&#x2122;Í&#x2DC;Í&#x161;

Value Traded Í&#x2019;Ë&#x153;Í&#x2122;Í&#x2122;Í&#x2DC;Ë&#x153;Í&#x2018;Í&#x201C;Í&#x2022;Ë&#x203A;Í&#x201C;Í&#x2018; Í&#x201C;Í&#x2022;Í&#x2018;Ë&#x153;Í&#x2019;Í&#x2014;Í&#x2019;Ë&#x203A;Í&#x2022;Í&#x2018; Í&#x201C;Ë&#x153;Í&#x2019;Í&#x201C;Í&#x2DC;Ë&#x153;Í&#x2019;Í&#x2122;Í&#x2013;Ë&#x203A;Í&#x2014;Í&#x2018; Value Traded Í&#x2019;Í&#x2019;Í&#x161;Ë&#x153;Í&#x201C;Í&#x2014;Í&#x2014;Ë&#x203A;Í&#x2014;Í&#x2018; Í&#x2019;Í&#x2019;Í&#x161;Ë&#x153;Í&#x201C;Í&#x2014;Í&#x2014;Ë&#x203A;Í&#x2014;Í&#x2018; Í&#x201C;Ë&#x153;Í&#x201C;Í&#x2022;Í&#x2014;Ë&#x153;Í&#x2022;Í&#x2013;Í&#x201C;Ë&#x203A;Í&#x201C;Í&#x2018;

Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019; Í&#x2019; Í&#x2022; Í&#x2013;Í&#x2014; Í&#x2022;Í&#x2122; Í&#x2019;Í&#x2019;Í&#x2018; Í&#x2019;Í&#x2019;Í&#x2018;

Current Price Í&#x2018;Ë&#x203A;Í&#x2DC;Í&#x2122; Í&#x2018;Ë&#x203A;Í&#x2014;Í&#x2014; Í&#x201D;Ë&#x203A;Í&#x2DC;Í&#x2DC; Í&#x2018;Ë&#x203A;Í&#x2DC;Í&#x2122; Í&#x2019;Í&#x2013;Ë&#x203A;Í&#x2019;

Quantity Traded Í&#x2019;Í&#x2018;Í&#x2018; Í&#x2013;Í&#x2018;Í&#x2018; Í&#x2019;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x2022;Ë&#x153;Í&#x2122;Í&#x2022;Í&#x2018;Ë&#x153;Í&#x161;Í&#x2013;Í&#x201C; Í&#x201D;Í&#x2013;Í&#x2018;Ë&#x153;Í&#x201D;Í&#x2014;Í&#x201D; Í&#x2013;Ë&#x153;Í&#x201C;Í&#x2018;Í&#x2019;Ë&#x153;Í&#x161;Í&#x2019;Í&#x2013; Í&#x2013;Ë&#x153;Í&#x201C;Í&#x2018;Í&#x2019;Ë&#x153;Í&#x161;Í&#x2019;Í&#x2013;

Value Traded 78 Í&#x201D;Í&#x2019;Í&#x2013; Í&#x201D;Í&#x2013;Ë&#x153;Í&#x161;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x201D;Ë&#x153;Í&#x2122;Í&#x2018;Í&#x2DC;Ë&#x153;Í&#x2DC;Í&#x201D;Í&#x2013;Ë&#x203A;Í&#x2014;Í&#x2014; Í&#x2013;Ë&#x153;Í&#x2018;Í&#x2013;Í&#x2022;Ë&#x153;Í&#x2013;Í&#x2019;Í&#x2018;Ë&#x203A;Í&#x201D;Í&#x2022; Í&#x2122;Ë&#x153;Í&#x2122;Í&#x161;Í&#x2122;Ë&#x153;Í&#x2013;Í&#x201D;Í&#x161;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x2122;Ë&#x153;Í&#x2122;Í&#x161;Í&#x2122;Ë&#x153;Í&#x2013;Í&#x201D;Í&#x161;Ë&#x203A;Í&#x2018;Í&#x2018;

Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019; Í&#x2019; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2013; Í&#x2013; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2014;Í&#x2013; Í&#x2014;Í&#x2013; Í&#x2DC;Í&#x2019;

Current Price Í&#x2022;Ë&#x203A;Í&#x2DC;Í&#x161;

Quantity Traded Í&#x201C;Í&#x2018;Í&#x2018; Í&#x201C;Í&#x2018;Í&#x2018; Quantity Traded Í&#x2019;Í&#x2018;Ë&#x153;Í&#x201C;Í&#x2DC;Í&#x201C; Í&#x2019;Í&#x2018;Ë&#x153;Í&#x201C;Í&#x2DC;Í&#x201C; Quantity Traded Í&#x2019;Ë&#x153;Í&#x2014;Í&#x2013;Í&#x2014;Ë&#x153;Í&#x2DC;Í&#x2019;Í&#x2019; Í&#x2019;Ë&#x153;Í&#x2014;Í&#x2013;Í&#x2014;Ë&#x153;Í&#x2DC;Í&#x2019;Í&#x2019; Í&#x2019;Ë&#x153;Í&#x2014;Í&#x2014;Í&#x2DC;Ë&#x153;Í&#x2019;Í&#x2122;Í&#x201D;

Value Traded Í&#x161;Í&#x2013;Í&#x2122; Í&#x161;Í&#x2013;Í&#x2122; Value Traded Í&#x201D;Í&#x2DC;Í&#x2013;Ë&#x153;Í&#x2014;Í&#x2022;Í&#x2DC;Ë&#x203A;Í&#x2018;Í&#x2022; Í&#x201D;Í&#x2DC;Í&#x2013;Ë&#x153;Í&#x2014;Í&#x2022;Í&#x2DC;Ë&#x203A;Í&#x2018;Í&#x2022; Value Traded Í&#x201D;Ë&#x153;Í&#x2022;Í&#x161;Í&#x201D;Ë&#x153;Í&#x2014;Í&#x2014;Í&#x2DC;Ë&#x203A;Í&#x2022;Í&#x161; Í&#x201D;Ë&#x153;Í&#x2022;Í&#x161;Í&#x201D;Ë&#x153;Í&#x2014;Í&#x2014;Í&#x2DC;Ë&#x203A;Í&#x2022;Í&#x161; Í&#x201D;Ë&#x153;Í&#x2122;Í&#x2DC;Í&#x2018;Ë&#x153;Í&#x201C;Í&#x2DC;Í&#x201C;Ë&#x203A;Í&#x2013;Í&#x201D;

Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019; Í&#x2019; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x201D; Í&#x2014;Í&#x2022; 7 Í&#x201C;Í&#x2018;Í&#x2122; 282 Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019;Í&#x2122; Í&#x2019;Í&#x2122; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x201D;Í&#x201D; 22 Í&#x201D;Í&#x201C; Í&#x2019;Í&#x2013; Í&#x2019;Í&#x2019; Í&#x2019;Í&#x2019;Í&#x201D; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x201C;Í&#x2013; Í&#x161;Í&#x2122; Í&#x2019;Í&#x201C;Í&#x201D; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019;Í&#x2022; Í&#x2019;Í&#x2022; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x201C;Í&#x2014; Í&#x2019;Í&#x2DC; Í&#x2022;Í&#x201D; Í&#x2013;Í&#x161;Í&#x2022;

Current Price Í&#x2018;Ë&#x203A;Í&#x2013;

Quantity Traded Í&#x2019;Í&#x2018;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x2019;Í&#x2018;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Quantity Traded Í&#x2013;Ë&#x153;Í&#x2019;Í&#x2014;Í&#x2018; Í&#x201C;Í&#x2122;Í&#x2122;Ë&#x153;Í&#x161;Í&#x2019;Í&#x2013; Í&#x2013;Í&#x2019;Ë&#x153;Í&#x2019;Í&#x201C;Í&#x201D; Í&#x2019;Ë&#x153;Í&#x201D;Í&#x2122;Í&#x2014;Ë&#x153;Í&#x161;Í&#x2019;Í&#x2022; Í&#x2019;Ë&#x153;Í&#x2DC;Í&#x201D;Í&#x201C;Ë&#x153;Í&#x2019;Í&#x2019;Í&#x201C; Quantity Traded Í&#x2014;Ë&#x153;Í&#x161;Í&#x2022;Í&#x2DC; Í&#x2014;Ë&#x153;Í&#x161;Í&#x2022;Í&#x2DC; Quantity Traded Í&#x2014;Í&#x2019;Í&#x2014;Ë&#x153;Í&#x2018;Í&#x2013;Í&#x2018; Í&#x201D;Í&#x2022;Í&#x2013;Ë&#x153;Í&#x161;Í&#x2018;Í&#x161; Í&#x2122;Í&#x2022;Ë&#x153;Í&#x2022;Í&#x2122;Í&#x201C; Í&#x2019;Ë&#x153;Í&#x2018;Í&#x201C;Í&#x2122;Ë&#x153;Í&#x2014;Í&#x2018;Í&#x2018; Í&#x2019;Í&#x2019;Í&#x2DC;Ë&#x153;Í&#x2013;Í&#x2018;Í&#x2018; Í&#x201C;Ë&#x153;Í&#x2019;Í&#x161;Í&#x201C;Ë&#x153;Í&#x2013;Í&#x2022;Í&#x2019; Quantity Traded Í&#x2019;Í&#x201D;Í&#x2014;Ë&#x153;Í&#x2122;Í&#x2122;Í&#x2018; Í&#x2019;Í&#x201D;Í&#x201D;Ë&#x153;Í&#x2013;Í&#x161;Í&#x201C; Í&#x201C;Í&#x2DC;Í&#x2018;Ë&#x153;Í&#x2022;Í&#x2DC;Í&#x201C; Quantity Traded Í&#x2019;Í&#x2022;Í&#x2018;Ë&#x153;Í&#x2122;Í&#x2019;Í&#x2019; Í&#x2019;Í&#x2022;Í&#x2018;Ë&#x153;Í&#x2122;Í&#x2019;Í&#x2019; Quantity Traded Í&#x201C;Í&#x2018;Í&#x201D;Ë&#x153;Í&#x2013;Í&#x2018;Í&#x2013; Í&#x2022;Í&#x201D;Ë&#x153;Í&#x2022;Í&#x2013;Í&#x2019; Í&#x201C;Í&#x2022;Í&#x2014;Ë&#x153;Í&#x161;Í&#x2013;Í&#x2014; Í&#x2022;Ë&#x153;Í&#x2014;Í&#x2122;Í&#x161;Ë&#x153;Í&#x2122;Í&#x201D;Í&#x161;

Value Traded Í&#x2013;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x2013;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Value Traded Í&#x2019;Í&#x2019;Ë&#x153;Í&#x2013;Í&#x2013;Í&#x2122;Ë&#x203A;Í&#x2022;Í&#x2018; Í&#x2019;Í&#x2DC;Ë&#x153;Í&#x2014;Í&#x2019;Í&#x201D;Ë&#x153;Í&#x2018;Í&#x161;Í&#x2122;Ë&#x203A;Í&#x2014;Í&#x2019; Í&#x2122;Í&#x2018;Í&#x2019;Ë&#x153;Í&#x161;Í&#x2013;Í&#x2013;Ë&#x203A;Í&#x2DC;Í&#x2014; Í&#x2019;Í&#x2013;Í&#x2014;Ë&#x153;Í&#x2018;Í&#x2DC;Í&#x2122;Ë&#x153;Í&#x2022;Í&#x2019;Í&#x2022;Ë&#x203A;Í&#x201C;Í&#x2DC; Í&#x2019;Í&#x2DC;Í&#x2022;Ë&#x153;Í&#x2013;Í&#x2018;Í&#x2013;Ë&#x153;Í&#x2018;Í&#x201C;Í&#x2DC;Ë&#x203A;Í&#x2018;Í&#x2022; Value Traded Í&#x2014;Í&#x2DC;Í&#x2013;Ë&#x153;Í&#x201D;Í&#x161;Í&#x2018;Ë&#x203A;Í&#x2019;Í&#x2019; Í&#x2014;Í&#x2DC;Í&#x2013;Ë&#x153;Í&#x201D;Í&#x161;Í&#x2018;Ë&#x203A;Í&#x2019;Í&#x2019; Value Traded Í&#x201C;Ë&#x153;Í&#x2022;Í&#x2019;Í&#x2018;Ë&#x153;Í&#x2013;Í&#x161;Í&#x2013;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x201C;Ë&#x153;Í&#x2019;Í&#x201C;Í&#x2013;Ë&#x153;Í&#x2122;Í&#x201D;Í&#x201C;Ë&#x203A;Í&#x161;Í&#x2018; Í&#x2019;Ë&#x153;Í&#x2022;Í&#x161;Í&#x2019;Ë&#x153;Í&#x2122;Í&#x201C;Í&#x2DC;Ë&#x203A;Í&#x2018;Í&#x2DC; Í&#x2019;Ë&#x153;Í&#x2019;Í&#x201C;Í&#x2122;Ë&#x153;Í&#x201D;Í&#x2019;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x2122;Í&#x201D;Í&#x201D;Ë&#x153;Í&#x2018;Í&#x2019;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x2DC;Ë&#x153;Í&#x161;Í&#x2122;Í&#x161;Ë&#x153;Í&#x2013;Í&#x2DC;Í&#x2022;Ë&#x203A;Í&#x161;Í&#x2DC; Value Traded Í&#x2019;Ë&#x153;Í&#x2019;Í&#x2DC;Í&#x201C;Ë&#x153;Í&#x201C;Í&#x2018;Í&#x2014;Ë&#x203A;Í&#x2019;Í&#x201D; Í&#x2DC;Í&#x161;Ë&#x153;Í&#x2019;Í&#x2019;Í&#x2018;Ë&#x153;Í&#x2019;Í&#x2018;Í&#x201D;Ë&#x203A;Í&#x201D;Í&#x2013; Í&#x2122;Í&#x2018;Ë&#x153;Í&#x201C;Í&#x2122;Í&#x201C;Ë&#x153;Í&#x201D;Í&#x2018;Í&#x161;Ë&#x203A;Í&#x2022;Í&#x2122; Value Traded Í&#x201C;Í&#x2122;Í&#x161;Ë&#x153;Í&#x2122;Í&#x2013;Í&#x2018;Ë&#x203A;Í&#x161;Í&#x2DC; Í&#x201C;Í&#x2122;Í&#x161;Ë&#x153;Í&#x2122;Í&#x2013;Í&#x2018;Ë&#x203A;Í&#x161;Í&#x2DC; Value Traded Í&#x201C;Ë&#x153;Í&#x2013;Í&#x161;Í&#x2014;Ë&#x153;Í&#x201D;Í&#x2DC;Í&#x201D;Ë&#x203A;Í&#x2122;Í&#x2018; Í&#x2019;Ë&#x153;Í&#x2022;Í&#x201C;Í&#x2022;Ë&#x153;Í&#x2DC;Í&#x161;Í&#x161;Ë&#x203A;Í&#x2013;Í&#x2DC; Í&#x2022;Ë&#x153;Í&#x2018;Í&#x201C;Í&#x2019;Ë&#x153;Í&#x2019;Í&#x2DC;Í&#x201D;Ë&#x203A;Í&#x201D;Í&#x2DC; Í&#x201C;Í&#x2014;Í&#x2DC;Ë&#x153;Í&#x2122;Í&#x2019;Í&#x201D;Ë&#x153;Í&#x201D;Í&#x201C;Í&#x2013;Ë&#x203A;Í&#x161;Í&#x2022;

Quantity Traded Í&#x2019;Í&#x2019;Ë&#x153;Í&#x2022;Í&#x2DC;Í&#x2014;Ë&#x153;Í&#x161;Í&#x161;Í&#x2022; Í&#x2019;Ë&#x153;Í&#x2019;Í&#x2022;Í&#x161;Ë&#x153;Í&#x201D;Í&#x161;Í&#x201D; Í&#x2013;Í&#x2122;Ë&#x153;Í&#x2019;Í&#x2122;Í&#x161; Í&#x2122;Ë&#x153;Í&#x2019;Í&#x2022;Í&#x201C;Ë&#x153;Í&#x2018;Í&#x2014;Í&#x2122; Í&#x201C;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x201D;Í&#x161;Ë&#x153;Í&#x201D;Í&#x2019;Í&#x2013; Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2122;Í&#x2019;Ë&#x153;Í&#x2014;Í&#x161;Í&#x2013; Í&#x201C;Í&#x2013;Ë&#x153;Í&#x161;Í&#x161;Í&#x2022;Ë&#x153;Í&#x201C;Í&#x201C;Í&#x161; Í&#x2013;Ë&#x153;Í&#x2DC;Í&#x2DC;Í&#x201C;Ë&#x153;Í&#x201C;Í&#x201D;Í&#x201D; Í&#x201C;Í&#x2013;Í&#x2019;Ë&#x153;Í&#x201C;Í&#x201C;Í&#x2013; Í&#x201D;Í&#x2013;Í&#x2018; Í&#x2122;Í&#x2018;Í&#x2018; Í&#x2DC;Í&#x201D;Ë&#x153;Í&#x161;Í&#x2014;Í&#x2014;Ë&#x153;Í&#x2022;Í&#x161;Í&#x2019; Quantity Traded Í&#x201C;Í&#x2019;Í&#x2022;Ë&#x153;Í&#x2014;Í&#x2122;Í&#x201C; Í&#x2013;Í&#x2018;Í&#x201D;Ë&#x153;Í&#x2019;Í&#x2018;Í&#x2018; Í&#x201C;Í&#x2018;Í&#x2018; Í&#x201D;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x2022;Í&#x2022;Ë&#x153;Í&#x2019;Í&#x2022;Í&#x2022; Í&#x161;Í&#x2018;Í&#x2018; Í&#x2013;Ë&#x153;Í&#x2019;Í&#x2018;Í&#x2018; Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x2022;Í&#x2018;Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x201D;Í&#x2122;Í&#x2022; Í&#x2019;Ë&#x153;Í&#x2019;Í&#x2DC;Í&#x2022;Ë&#x153;Í&#x2013;Í&#x2019;Í&#x2018; Quantity Traded Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x201C;Í&#x2013;Ë&#x153;Í&#x2019;Í&#x2018;Í&#x2018; Í&#x201C;Í&#x2014;Ë&#x153;Í&#x2019;Í&#x2018;Í&#x2018; Quantity Traded Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Quantity Traded Í&#x2022;Í&#x2013;Í&#x2018;Ë&#x153;Í&#x2013;Í&#x2DC;Í&#x2014; Í&#x201D;Í&#x201C;Í&#x2013;Ë&#x153;Í&#x2022;Í&#x2018;Í&#x2018; Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x201D;Ë&#x153;Í&#x2013;Í&#x201D;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2022;Í&#x201D; Í&#x2019;Í&#x201C;Ë&#x153;Í&#x2122;Í&#x201D;Í&#x2018; Í&#x2122;Ë&#x153;Í&#x2022;Í&#x2DC;Í&#x2022;Ë&#x153;Í&#x161;Í&#x2013;Í&#x161; Í&#x2019;Í&#x201C;Ë&#x153;Í&#x2DC;Í&#x161;Í&#x2022;Ë&#x153;Í&#x2122;Í&#x2018;Í&#x2122;

Value Traded Í&#x2DC;Í&#x2014;Ë&#x153;Í&#x2018;Í&#x2019;Í&#x2122;Ë&#x153;Í&#x201D;Í&#x2014;Í&#x2DC;Ë&#x203A;Í&#x2122;Í&#x2019; Í&#x161;Í&#x161;Í&#x2018;Ë&#x153;Í&#x2DC;Í&#x2019;Í&#x2019;Ë&#x203A;Í&#x161;Í&#x2122; Í&#x2013;Í&#x2014;Í&#x2018;Ë&#x153;Í&#x201D;Í&#x2DC;Í&#x2DC;Ë&#x203A;Í&#x2013;Í&#x2018; Í&#x2014;Ë&#x153;Í&#x2122;Í&#x2018;Í&#x2014;Ë&#x153;Í&#x161;Í&#x2019;Í&#x161;Ë&#x203A;Í&#x2019;Í&#x161; Í&#x2022;Í&#x2DC;Í&#x2DC;Ë&#x153;Í&#x2019;Í&#x2018;Í&#x2013;Ë&#x153;Í&#x2018;Í&#x2DC;Í&#x2019;Ë&#x203A;Í&#x161;Í&#x2013; Í&#x2019;Ë&#x153;Í&#x2022;Í&#x2019;Í&#x2DC;Ë&#x153;Í&#x2DC;Í&#x201C;Í&#x161;Ë&#x203A;Í&#x201C;Í&#x2018; Í&#x2019;Í&#x2122;Ë&#x153;Í&#x201C;Í&#x201C;Í&#x201C;Ë&#x153;Í&#x2018;Í&#x161;Í&#x2018;Ë&#x203A;Í&#x201D;Í&#x2018; Í&#x201C;Í&#x2DC;Ë&#x153;Í&#x2DC;Í&#x2018;Í&#x2013;Ë&#x153;Í&#x2022;Í&#x2019;Í&#x201D;Ë&#x203A;Í&#x2018;Í&#x2022; Í&#x2019;Ë&#x153;Í&#x2019;Í&#x2122;Í&#x2013;Ë&#x153;Í&#x2018;Í&#x2013;Í&#x2018;Ë&#x203A;Í&#x2022;Í&#x2019; Í&#x201C;Í&#x2DC;Í&#x2014;Ë&#x203A;Í&#x2013; Í&#x2022;Í&#x2018;Í&#x2122; Í&#x2014;Í&#x2019;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2019;Í&#x201C;Ë&#x153;Í&#x2022;Í&#x2019;Í&#x2013;Ë&#x203A;Í&#x2122;Í&#x2122; Value Traded Í&#x2019;Í&#x201C;Í&#x2014;Ë&#x153;Í&#x2014;Í&#x2019;Í&#x2019;Ë&#x203A;Í&#x201C;Í&#x2018; Í&#x2013;Í&#x201D;Í&#x2018;Ë&#x153;Í&#x201C;Í&#x161;Í&#x2013;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x2019;Í&#x2018;Í&#x2018; Í&#x2022;Ë&#x153;Í&#x2DC;Í&#x2DC;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x201D;Í&#x2014;Ë&#x153;Í&#x2019;Í&#x161;Í&#x2014;Ë&#x203A;Í&#x2014;Í&#x2022; Í&#x2022;Í&#x2013;Í&#x2018; Í&#x201C;Ë&#x153;Í&#x2013;Í&#x2013;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x2013;Í&#x2018;Í&#x2018; Í&#x201C;Í&#x2018;Í&#x2018;Ë&#x153;Í&#x2013;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x2013;Í&#x2018;Í&#x2018; Í&#x2019;Í&#x161;Í&#x201C; Í&#x161;Í&#x2018;Í&#x201C;Ë&#x153;Í&#x2014;Í&#x2014;Í&#x2022;Ë&#x203A;Í&#x2122;Í&#x2022; Value Traded Í&#x201C;Ë&#x153;Í&#x2DC;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x201C;Í&#x2DC;Ë&#x153;Í&#x2019;Í&#x2019;Í&#x2019;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x201C;Í&#x161;Ë&#x153;Í&#x2122;Í&#x2019;Í&#x2019;Ë&#x203A;Í&#x2018;Í&#x2018; Value Traded Í&#x2019;Ë&#x153;Í&#x2022;Í&#x2022;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x2019;Ë&#x153;Í&#x2022;Í&#x2022;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Value Traded Í&#x2019;Ë&#x153;Í&#x201D;Í&#x161;Í&#x161;Ë&#x153;Í&#x201D;Í&#x2018;Í&#x2022;Ë&#x203A;Í&#x2019;Í&#x161; Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2122;Í&#x2022;Ë&#x153;Í&#x2DC;Í&#x2013;Í&#x161;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x2013;Í&#x2018;Í&#x2018; Í&#x2022;Ë&#x153;Í&#x2014;Í&#x2122;Í&#x161;Ë&#x153;Í&#x201D;Í&#x201D;Í&#x201C;Ë&#x203A;Í&#x2019;Í&#x2022; Í&#x201C;Í&#x2019;Í&#x2019;Ë&#x153;Í&#x2014;Í&#x161;Í&#x2014;Ë&#x203A;Í&#x2014;Í&#x2018; Í&#x201D;Í&#x2019;Ë&#x153;Í&#x2019;Í&#x2DC;Í&#x2022;Ë&#x153;Í&#x2022;Í&#x2018;Í&#x2013;Ë&#x203A;Í&#x161;Í&#x2022; Í&#x201D;Í&#x2122;Ë&#x153;Í&#x2013;Í&#x2013;Í&#x161;Ë&#x153;Í&#x161;Í&#x161;Í&#x2DC;Ë&#x203A;Í&#x2122;Í&#x2DC;

Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019;Í&#x2014;Í&#x2DC; Í&#x201C;Í&#x2014; 27 Í&#x2014;Í&#x161; Í&#x201C;Í&#x2019;Í&#x161; Í&#x201C;Í&#x2022; Í&#x2019;Ë&#x153;Í&#x2013;Í&#x201D;Í&#x2018; Í&#x2DC;Í&#x201D; Í&#x201D;Í&#x201D; Í&#x2019; Í&#x2019; Í&#x201C;Ë&#x153;Í&#x2019;Í&#x2DC;Í&#x2018; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x161; Í&#x2014; 2 2 Í&#x2013; Í&#x2019; 2 Í&#x2019; 2 Í&#x2019; 2 Í&#x201D;Í&#x201D; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019; 2 Í&#x201D; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019; Í&#x2019; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x201D;Í&#x2019; Í&#x2019;Í&#x2014; Í&#x2019; Í&#x2014;Í&#x2122; Í&#x2014; Í&#x2019;Í&#x201D;Í&#x201C; Í&#x201C;Í&#x2013;Í&#x2022;

Current Price Í&#x2018;Ë&#x203A;Í&#x2DC;Í&#x2122;

Current Price Í&#x201D;Í&#x2022;Ë&#x203A;Í&#x2122;Í&#x201D; Current Price Í&#x201C;Ë&#x203A;Í&#x2019;Í&#x201C;

Current Price Í&#x201C;Ë&#x203A;Í&#x201D;Í&#x2013; Í&#x2014;Í&#x2018;Ë&#x203A;Í&#x161;Í&#x201C; Í&#x2019;Í&#x2014;Ë&#x203A;Í&#x2019;Í&#x2013; Í&#x2019;Í&#x2019;Í&#x2DC;Ë&#x203A;Í&#x2013; Current Price Í&#x2019;Í&#x2018;Í&#x2014;Ë&#x203A;Í&#x2013; Current Price Í&#x2022;Ë&#x203A;Í&#x2019; Í&#x2014;Ë&#x203A;Í&#x2019; Í&#x2019;Í&#x2122; Í&#x2019;Ë&#x203A;Í&#x2019; Í&#x2DC;Ë&#x203A;Í&#x2018;Í&#x201D; Current Price Í&#x161; Í&#x2014;Í&#x2018;Í&#x2018; Current Price Í&#x201C;Ë&#x203A;Í&#x2018;Í&#x2122; Current Price Í&#x2019;Í&#x201C;Ë&#x203A;Í&#x2019;Í&#x2014; Í&#x201D;Í&#x2022;

Current Price Í&#x2014;Ë&#x203A;Í&#x2014; Í&#x2018;Ë&#x203A;Í&#x2122;Í&#x2014; Í&#x161;Ë&#x203A;Í&#x2122; Í&#x2018;Ë&#x203A;Í&#x2122;Í&#x2022; Í&#x201C;Í&#x201D;Ë&#x203A;Í&#x2122; Í&#x2019;Ë&#x203A;Í&#x201D;Í&#x2019; Í&#x2018;Ë&#x203A;Í&#x2DC; Í&#x2022;Ë&#x203A;Í&#x2122; Í&#x2022;Ë&#x203A;Í&#x161; Í&#x2018;Ë&#x203A;Í&#x2122;Í&#x201D; Í&#x2018;Ë&#x203A;Í&#x2013; Current Price Í&#x2018;Ë&#x203A;Í&#x2013;Í&#x161; Í&#x2019;Ë&#x203A;Í&#x2018;Í&#x2013; Í&#x2018;Ë&#x203A;Í&#x2013; Í&#x2019;Ë&#x203A;Í&#x2013;Í&#x161; Í&#x2018;Ë&#x203A;Í&#x2DC;Í&#x161; Í&#x2018;Ë&#x203A;Í&#x2013; Í&#x2018;Ë&#x203A;Í&#x2013; Í&#x2018;Ë&#x203A;Í&#x2013; Í&#x2018;Ë&#x203A;Í&#x2013; Í&#x2018;Ë&#x203A;Í&#x2013; Í&#x2018;Ë&#x203A;Í&#x2013; Current Price Í&#x201C;Ë&#x203A;Í&#x2013;Í&#x2122; Í&#x2019;Ë&#x203A;Í&#x2018;Í&#x2122; Current Price Í&#x2019;Ë&#x203A;Í&#x2022;Í&#x2DC; Current Price Í&#x201D;Ë&#x203A;Í&#x2018;Í&#x2013; Í&#x201D;Ë&#x203A;Í&#x201D;Í&#x201C; Í&#x2018;Ë&#x203A;Í&#x2013; Í&#x2019;Ë&#x203A;Í&#x201D;Í&#x2019; Í&#x2019;Í&#x2DC; Í&#x201D;Ë&#x203A;Í&#x2DC;

Speaking on the results at the Nigerian Stock Exchange (NSE) yesterday, the Managing Director of Nestle Nigeria, Mr. Mauricio Alarcon, assured stakeholders of the determination of board and management to sustain the positive performance.

According to him, the revenue growth was supported by strong consumer and distribution-led activities as well as benefits of

STO C K

pricing effects of last year. â&#x20AC;&#x153;The growth is an affirmation of the loyalty and trust that our consumers have in our brands despite pressure on disposable income and tough market conditions,â&#x20AC;? he said.

The company added that net profit for the period has increased substantially due to internal cost savings initiatives, operating efficiency and

a significant reduction in the net financing costs. â&#x20AC;&#x153;The board and management remain committed to unlocking the potential of the business supported by our strategic roadmap. The company will further increase investments behind brands and route-to-market activities while proactively managing input cost pressures,â&#x20AC;? it added.

E XC H A N G E

MAIN BOARD FINANCIAL SERVICES Totals HEALTHCARE Healthcare Providers

Ęś

Healthcare Providers Totals Pharmaceuticals

Ë&#x203A; Ë&#x203A; Ęś

Ë&#x203A;

Ě&#x2039; Ë&#x203A; Pharmaceuticals Totals HEALTHCARE Totals ICT IT Services

Ë&#x203A; IT Services Totals Processing Systems CHAMS PLC Processing Systems Totals ICT Totals

Building Materials ASHAKA CEM PLC

CAP PLC Ë&#x203A; Ë&#x203A; Ë&#x203A; Ë&#x203A;

Ë&#x203A; Building Materials Totals Electronic and Electrical Products

Ë&#x203A; Electronic and Electrical Products Totals Packaging/Containers Ë&#x203A;

Packaging/Containers Totals

Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

Metals

Ë&#x203A; Ë&#x203A; Metals Totals Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

Energy Equipment and Services

Ęś

Energy Equipment and Services Totals

Ă&#x2DC;Ă&#x17E;Ă?Ă&#x2018;Ă&#x153;Ă&#x2039;Ă&#x17E;Ă?Ă&#x17D; Ă&#x201C;Ă&#x2013; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x2039;Ă? Ă?Ă&#x153;Ă Ă&#x201C;Ă?Ă?Ă?

Ă&#x2DC;Ă&#x17E;Ă?Ă&#x2018;Ă&#x153;Ă&#x2039;Ă&#x17E;Ă?Ă&#x17D; Ă&#x201C;Ă&#x2013; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x2039;Ă? Ă?Ă&#x153;Ă Ă&#x201C;Ă?Ă?Ă? Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă? Ă?Ă&#x17E;Ă&#x153;Ă&#x2122;Ă&#x2013;Ă?Ă&#x;Ă&#x2014; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă?Ă&#x17E;Ă&#x153;Ă&#x2122;Ă&#x2013;Ă?Ă&#x;Ă&#x2014; Ă&#x153;Ă&#x2122;Ă&#x17D;Ă&#x;Ă?Ă&#x17E;Ă? Ă&#x201C;Ă?Ă&#x17E;Ă&#x153;Ă&#x201C;Ă&#x152;Ă&#x;Ă&#x17E;Ă&#x2122;Ă&#x153;Ă?

CONOIL PLC Ë&#x203A;

Ë&#x203A;

Ë&#x203A;

Ë&#x203A;

Ë&#x203A; Ă?Ă&#x17E;Ă&#x153;Ă&#x2122;Ă&#x2013;Ă?Ă&#x;Ă&#x2014; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă?Ă&#x17E;Ă&#x153;Ă&#x2122;Ă&#x2013;Ă?Ă&#x;Ă&#x2014; Ă&#x153;Ă&#x2122;Ă&#x17D;Ă&#x;Ă?Ă&#x17E;Ă? Ă&#x201C;Ă?Ă&#x17E;Ă&#x153;Ă&#x201C;Ă&#x152;Ă&#x;Ă&#x17E;Ă&#x2122;Ă&#x153;Ă? Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

Exploration and Production

Exploration and Production Totals

Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

SERVICES Advertising

Advertising Totals Ă&#x2122;Ă&#x;Ă&#x153;Ă&#x201C;Ă?Ă&#x153;Ëš Ă&#x153;Ă?Ă&#x201C;Ă&#x2018;Ă&#x2019;Ă&#x17E;Ëš Ă?Ă&#x2013;Ă&#x201C;Ă Ă?Ă&#x153;ĂŁ

Ě&#x2039;

Ë&#x203A; Ă&#x2122;Ă&#x;Ă&#x153;Ă&#x201C;Ă?Ă&#x153;Ëš Ă&#x153;Ă?Ă&#x201C;Ă&#x2018;Ă&#x2019;Ă&#x17E;Ëš Ă?Ă&#x2013;Ă&#x201C;Ă Ă?Ă&#x153;ĂŁ Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

Hotels/Lodging

Ë&#x203A; TRANSCORP HOTELS PLC Hotels/Lodging Totals Ă&#x153;Ă&#x201C;Ă&#x2DC;Ă&#x17E;Ă&#x201C;Ă&#x2DC;Ă&#x2018;Ëš Ă&#x;Ă&#x152;Ă&#x2013;Ă&#x201C;Ă?Ă&#x2019;Ă&#x201C;Ă&#x2DC;Ă&#x2018; LEARN AFRICA PLC

Ě&#x2122; Ě&#x161; Ë&#x203A; Ă&#x153;Ă&#x201C;Ă&#x2DC;Ă&#x17E;Ă&#x201C;Ă&#x2DC;Ă&#x2018;Ëš Ă&#x;Ă&#x152;Ă&#x2013;Ă&#x201C;Ă?Ă&#x2019;Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

Transport-Related Services

Transport-Related Services Totals Support and Logistics

Ęś

Ë&#x203A; Support and Logistics Totals SERVICES Totals Ă&#x2122;Ă&#x2039;Ă&#x153;Ă&#x17D; Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă? Ă&#x2039;Ă&#x201C;Ă&#x2013;ĂŁ Ă&#x;Ă&#x2014;Ă&#x2014;Ă&#x2039;Ă&#x153;ĂŁ Ě&#x2122; Ă&#x203A;Ă&#x;Ă&#x201C;Ă&#x17E;Ă&#x201C;Ă?Ă?Ě&#x161; Activity Summary on Board ASeM FINANCIAL SERVICES Ă&#x2122;Ă&#x153;Ă&#x17E;Ă&#x2018;Ă&#x2039;Ă&#x2018;Ă? Ă&#x2039;Ă&#x153;Ă&#x153;Ă&#x201C;Ă?Ă&#x153;Ă?Ë&#x153; Ă&#x153;Ă&#x2122;Ă&#x2022;Ă?Ă&#x153;Ă? Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă?Ă&#x153;Ă Ă&#x201C;Ă?Ă?Ă?

Ă&#x2122;Ă&#x153;Ă&#x17E;Ă&#x2018;Ă&#x2039;Ă&#x2018;Ă? Ă&#x2039;Ă&#x153;Ă&#x153;Ă&#x201C;Ă?Ă&#x153;Ă?Ë&#x153; Ă&#x153;Ă&#x2122;Ă&#x2022;Ă?Ă&#x153;Ă? Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă?Ă&#x153;Ă Ă&#x201C;Ă?Ă?Ă? Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

FINANCIAL SERVICES Totals ASeM Board Totals Ă&#x2039;Ă&#x201C;Ă&#x2013;ĂŁ Ă&#x;Ă&#x2014;Ă&#x2014;Ă&#x2039;Ă&#x153;ĂŁ Ě&#x2122; Ă&#x203A;Ă&#x;Ă&#x201C;Ă&#x17E;Ă&#x201C;Ă?Ă?Ě&#x161; Ă?Ă&#x17E;Ă&#x201C;Ă Ă&#x201C;Ă&#x17E;ĂŁ Ă&#x;Ă&#x2014;Ă&#x2014;Ă&#x2039;Ă&#x153;ĂŁ Ă&#x2122;Ă&#x2DC; Ă&#x2122;Ă&#x2039;Ă&#x153;Ă&#x17D;

FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals Other Financial Institutions

Other Financial Institutions Totals FINANCIAL SERVICES Totals

Building Materials

Building Materials Totals

Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

Ă&#x2122;Ă&#x2039;Ă&#x153;Ă&#x17D; Ă&#x2122;Ă&#x17E;Ă&#x2039;Ă&#x2013;Ă?

Equity Activity Totals

DEALS

MARKET PRICE

Í&#x201C;Ë&#x153;Í&#x2022;Í&#x2014;Í&#x2019; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019; Í&#x2019; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019;Í&#x201D; Í&#x2019;Í&#x201C; Í&#x2022; Í&#x2014; 2 Í&#x201D;Í&#x2DC; Í&#x201D;Í&#x2122;

Current Price Í&#x2018;Ë&#x203A;Í&#x2013; Current Price Í&#x2019;Ë&#x203A;Í&#x2018;Í&#x2019; Í&#x2019;Í&#x2022;Ë&#x203A;Í&#x2DC;Í&#x2013; Í&#x2019; Í&#x2018;Ë&#x203A;Í&#x2014;Í&#x2014; Í&#x2019;Ë&#x203A;Í&#x161;Í&#x2013;

QUANTITY TRADED

VALUE TRADED ( N)

Í&#x2122;Í&#x2DC;Ë&#x153;Í&#x161;Í&#x2014;Í&#x201C;Ë&#x153;Í&#x161;Í&#x2018;Í&#x161;

Í&#x2014;Í&#x2022;Í&#x161;Ë&#x153;Í&#x2013;Í&#x2018;Í&#x2014;Ë&#x153;Í&#x201D;Í&#x201C;Í&#x161;Ë&#x203A;Í&#x2013;Í&#x161;

Quantity Traded Í&#x2DC;Í&#x201D;Í&#x2122;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x2DC;Í&#x201D;Í&#x2122;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Quantity Traded Í&#x2013;Ë&#x153;Í&#x2019;Í&#x2DC;Í&#x2DC;Ë&#x153;Í&#x2022;Í&#x161;Í&#x2018; Í&#x2019;Í&#x2019;Í&#x2018;Ë&#x153;Í&#x2019;Í&#x201D;Í&#x2013; Í&#x2013;Ë&#x153;Í&#x2018;Í&#x2019;Í&#x2013; Í&#x2019;Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x161;Í&#x2018;Í&#x2018; Í&#x2013;Ë&#x153;Í&#x201D;Í&#x2018;Í&#x2022;Ë&#x153;Í&#x2013;Í&#x2022;Í&#x2018; Í&#x2014;Ë&#x153;Í&#x2018;Í&#x2022;Í&#x201C;Ë&#x153;Í&#x2013;Í&#x2022;Í&#x2018;

Value Traded Í&#x201D;Í&#x2014;Í&#x161;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x201D;Í&#x2014;Í&#x161;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Value Traded Í&#x2013;Ë&#x153;Í&#x2019;Í&#x2DC;Í&#x2122;Ë&#x153;Í&#x2013;Í&#x2DC;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x2019;Ë&#x153;Í&#x2013;Í&#x2013;Í&#x2019;Ë&#x153;Í&#x201D;Í&#x2019;Í&#x2122;Ë&#x203A;Í&#x2122;Í&#x2122; Í&#x2022;Ë&#x153;Í&#x2DC;Í&#x2DC;Í&#x2018;Ë&#x203A;Í&#x2019;Í&#x2018; Í&#x2DC;Ë&#x153;Í&#x2018;Í&#x2014;Í&#x201D;Ë&#x203A;Í&#x201C;Í&#x2018; Í&#x2019;Ë&#x153;Í&#x2122;Í&#x201D;Í&#x2014;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x2014;Ë&#x153;Í&#x2DC;Í&#x2022;Í&#x201D;Ë&#x153;Í&#x2013;Í&#x2013;Í&#x2122;Ë&#x203A;Í&#x2019;Í&#x2122; Í&#x2DC;Ë&#x153;Í&#x2019;Í&#x2019;Í&#x201C;Ë&#x153;Í&#x2013;Í&#x2013;Í&#x2122;Ë&#x203A;Í&#x2019;Í&#x2122;

Quantity Traded Í&#x201C;Ë&#x153;Í&#x2022;Í&#x201D;Í&#x2122; Í&#x201C;Ë&#x153;Í&#x2022;Í&#x201D;Í&#x2122; Quantity Traded Í&#x2019;Í&#x2018;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x2019;Í&#x2018;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x2019;Í&#x2018;Í&#x201C;Ë&#x153;Í&#x2022;Í&#x201D;Í&#x2122;

Value Traded Í&#x201D;Ë&#x153;Í&#x2018;Í&#x201C;Í&#x201D;Ë&#x203A;Í&#x2019;Í&#x201C; Í&#x201D;Ë&#x153;Í&#x2018;Í&#x201C;Í&#x201D;Ë&#x203A;Í&#x2019;Í&#x201C; Value Traded Í&#x2013;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x2013;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x2013;Í&#x201D;Ë&#x153;Í&#x2018;Í&#x201C;Í&#x201D;Ë&#x203A;Í&#x2019;Í&#x201C;

Quantity Traded Í&#x2019;Í&#x2019;Ë&#x153;Í&#x2022;Í&#x2018;Í&#x2013; Í&#x201C;Ë&#x153;Í&#x161;Í&#x161;Í&#x2DC; Í&#x2019;Ë&#x153;Í&#x201C;Í&#x2019;Í&#x2013;Ë&#x153;Í&#x2019;Í&#x201C;Í&#x2DC; Í&#x2019;Í&#x2022;Í&#x2019;Ë&#x153;Í&#x2022;Í&#x201C;Í&#x161; Í&#x201D;Í&#x2018;Í&#x2018; Í&#x201C;Í&#x201D;Ë&#x153;Í&#x201D;Í&#x161;Í&#x2018; Í&#x2019;Ë&#x153;Í&#x201D;Í&#x161;Í&#x2022;Ë&#x153;Í&#x2014;Í&#x2022;Í&#x2122; Quantity Traded Í&#x2DC;Í&#x161;Í&#x201C;Ë&#x153;Í&#x2019;Í&#x2014;Í&#x2122; Í&#x2DC;Í&#x161;Í&#x201C;Ë&#x153;Í&#x2019;Í&#x2014;Í&#x2122; Quantity Traded Í&#x2DC;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x201D;Í&#x2018; Í&#x2019;Í&#x2018;Í&#x2018; Í&#x2DC;Í&#x2018;Ë&#x153;Í&#x2019;Í&#x201D;Í&#x2018; Í&#x201C;Ë&#x153;Í&#x201C;Í&#x2013;Í&#x2014;Ë&#x153;Í&#x161;Í&#x2022;Í&#x2014;

Value Traded Í&#x2019;Í&#x201D;Í&#x2018;Ë&#x153;Í&#x2019;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x2019;Í&#x2DC;Ë&#x153;Í&#x201D;Í&#x201C;Í&#x201C;Ë&#x203A;Í&#x2014;Í&#x2014; Í&#x201D;Í&#x2013;Ë&#x153;Í&#x161;Í&#x2DC;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x201C;Í&#x201C;Ë&#x203A;Í&#x201D;Í&#x2018; Í&#x2014;Í&#x2018;Í&#x2022;Ë&#x153;Í&#x2022;Í&#x201D;Í&#x2019;Ë&#x203A;Í&#x201C;Í&#x2022; Í&#x201C;Í&#x2022;Í&#x161; Í&#x161;Í&#x2122;Í&#x2DC;Ë&#x153;Í&#x2019;Í&#x2DC;Í&#x2DC;Ë&#x203A;Í&#x2022;Í&#x2018; Í&#x201D;Í&#x2DC;Ë&#x153;Í&#x2DC;Í&#x2018;Í&#x161;Ë&#x153;Í&#x201D;Í&#x2018;Í&#x201C;Ë&#x203A;Í&#x2014;Í&#x2018; Value Traded Í&#x2019;Ë&#x153;Í&#x2019;Í&#x2022;Í&#x201C;Ë&#x153;Í&#x2122;Í&#x2022;Í&#x2018;Ë&#x203A;Í&#x201D;Í&#x2018; Í&#x2019;Ë&#x153;Í&#x2019;Í&#x2022;Í&#x201C;Ë&#x153;Í&#x2122;Í&#x2022;Í&#x2018;Ë&#x203A;Í&#x201D;Í&#x2018; Value Traded Í&#x201C;Ë&#x153;Í&#x2013;Í&#x2013;Í&#x201C;Ë&#x153;Í&#x2013;Í&#x161;Í&#x201D;Ë&#x203A;Í&#x2013;Í&#x2018; Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2019;Í&#x2014;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x201C;Ë&#x153;Í&#x2013;Í&#x2013;Í&#x201D;Ë&#x153;Í&#x2014;Í&#x2018;Í&#x161;Ë&#x203A;Í&#x2013;Í&#x2018; Í&#x2022;Í&#x2019;Ë&#x153;Í&#x2022;Í&#x2018;Í&#x2013;Ë&#x153;Í&#x2DC;Í&#x2013;Í&#x201C;Ë&#x203A;Í&#x2022;Í&#x2018;

Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019; Í&#x2019; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019; Í&#x2019; 2

Current Price Í&#x2019;Ë&#x203A;Í&#x201D;

Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă?

7 2 7 Í&#x2019;Í&#x2019; Í&#x2019; Í&#x201C;Í&#x2018; Í&#x2022;Í&#x2122; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019;Í&#x2013; Í&#x2019;Í&#x2013; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x201D; Í&#x2019; Í&#x2022; Í&#x2014;Í&#x2DC;

Current Price Í&#x2019;Í&#x2019;Ë&#x203A;Í&#x201C;Í&#x2013; Í&#x2014;Ë&#x203A;Í&#x2018;Í&#x2122; Í&#x201C;Í&#x161;Ë&#x203A;Í&#x2014; Í&#x2022;Ë&#x203A;Í&#x201C;Í&#x2122; Í&#x2018;Ë&#x203A;Í&#x2122;Í&#x2DC; Í&#x2022;Í&#x201C;

Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019; Í&#x2019; Í&#x2019;

Current Price Í&#x161;Ë&#x203A;Í&#x2DC;Í&#x2013;

Quantity Traded Í&#x201C;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x201C;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x201C;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018;

Value Traded Í&#x2019;Í&#x2122;Ë&#x153;Í&#x2013;Í&#x2022;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x2019;Í&#x2122;Ë&#x153;Í&#x2013;Í&#x2022;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x2019;Í&#x2122;Ë&#x153;Í&#x2013;Í&#x2022;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018;

Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă?

2 2 Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2DC;Í&#x2014; Í&#x2DC;Í&#x2014; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019;Í&#x2014; Í&#x201C;Í&#x2018; Í&#x201C;Í&#x201C;Í&#x161; Í&#x201C;Í&#x2018; Í&#x2019; Í&#x2019;Í&#x2014; Í&#x201D;Í&#x2018;Í&#x201C; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă?

2 2 Í&#x201D;Í&#x2122;Í&#x201C;

Current Price Í&#x2018;Ë&#x203A;Í&#x2013;

Quantity Traded Í&#x2019;Í&#x2122;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x2019;Í&#x2122;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Quantity Traded Í&#x2019;Ë&#x153;Í&#x2DC;Í&#x201C;Í&#x201C;Ë&#x153;Í&#x2022;Í&#x201D;Í&#x2022; Í&#x2019;Ë&#x153;Í&#x2DC;Í&#x201C;Í&#x201C;Ë&#x153;Í&#x2022;Í&#x201D;Í&#x2022; Quantity Traded Í&#x201D;Í&#x2013;Ë&#x153;Í&#x2019;Í&#x2018;Í&#x2018; Í&#x201C;Í&#x2122;Í&#x2022;Ë&#x153;Í&#x2022;Í&#x201D;Í&#x2014; Í&#x161;Í&#x2018;Í&#x2013;Ë&#x153;Í&#x201C;Í&#x201C;Í&#x2018; Í&#x2019;Í&#x201C;Ë&#x153;Í&#x2018;Í&#x2019;Í&#x2DC; Í&#x2019;Í&#x2018;Í&#x2018; Í&#x2122;Ë&#x153;Í&#x2122;Í&#x201C;Í&#x2014; Í&#x2019;Ë&#x153;Í&#x201C;Í&#x2022;Í&#x2013;Ë&#x153;Í&#x2014;Í&#x161;Í&#x161; Quantity Traded Í&#x2013;Ë&#x153;Í&#x2019;Í&#x2013;Í&#x2018; Í&#x2013;Ë&#x153;Í&#x2019;Í&#x2013;Í&#x2018; Í&#x201C;Ë&#x153;Í&#x161;Í&#x161;Í&#x2019;Ë&#x153;Í&#x201C;Í&#x2122;Í&#x201D;

Value Traded Í&#x161;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x161;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Value Traded Í&#x2122;Ë&#x153;Í&#x201C;Í&#x201D;Í&#x2022;Ë&#x153;Í&#x2018;Í&#x2022;Í&#x2014;Ë&#x203A;Í&#x2013;Í&#x2019; Í&#x2122;Ë&#x153;Í&#x201C;Í&#x201D;Í&#x2022;Ë&#x153;Í&#x2018;Í&#x2022;Í&#x2014;Ë&#x203A;Í&#x2013;Í&#x2019; Value Traded Í&#x2019;Ë&#x153;Í&#x2019;Í&#x161;Í&#x2018;Ë&#x153;Í&#x161;Í&#x2122;Í&#x2122;Ë&#x203A;Í&#x2014;Í&#x2022; Í&#x2122;Í&#x2122;Í&#x2014;Ë&#x153;Í&#x2022;Í&#x161;Í&#x2DC;Ë&#x203A;Í&#x2DC;Í&#x201C; Í&#x2013;Í&#x2014;Ë&#x153;Í&#x201D;Í&#x161;Í&#x161;Ë&#x153;Í&#x2014;Í&#x201D;Í&#x161;Ë&#x203A;Í&#x2DC;Í&#x2DC; Í&#x201D;Ë&#x153;Í&#x201C;Í&#x2019;Í&#x2013;Ë&#x153;Í&#x2013;Í&#x2019;Í&#x2019;Ë&#x203A;Í&#x2DC;Í&#x2018; Í&#x201D;Ë&#x153;Í&#x2DC;Í&#x2018;Í&#x2122;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x201C;Ë&#x153;Í&#x2022;Í&#x2018;Í&#x2018;Ë&#x153;Í&#x161;Í&#x2018;Í&#x2019;Ë&#x203A;Í&#x2019;Í&#x201C; Í&#x2014;Í&#x2022;Ë&#x153;Í&#x2018;Í&#x161;Í&#x2DC;Ë&#x153;Í&#x201C;Í&#x2022;Í&#x2014;Ë&#x203A;Í&#x161;Í&#x2013; Value Traded Í&#x201C;Ë&#x153;Í&#x2018;Í&#x2022;Í&#x2013;Ë&#x153;Í&#x2013;Í&#x2018;Í&#x2019;Ë&#x203A;Í&#x2013;Í&#x2018; Í&#x201C;Ë&#x153;Í&#x2018;Í&#x2022;Í&#x2013;Ë&#x153;Í&#x2013;Í&#x2018;Í&#x2019;Ë&#x203A;Í&#x2013;Í&#x2018; Í&#x2DC;Í&#x2022;Ë&#x153;Í&#x201D;Í&#x2122;Í&#x2013;Ë&#x153;Í&#x2DC;Í&#x161;Í&#x2022;Ë&#x203A;Í&#x161;Í&#x2014;

Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019; Í&#x2019; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă?

2 Í&#x201D; Í&#x2013; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019; Í&#x201D; Í&#x2022; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019; Í&#x2019; 2 Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă?

7 Í&#x2014; Í&#x2019;Í&#x201D; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019;Í&#x2022; Í&#x2019; Í&#x2019;Í&#x2013; Í&#x2022;Í&#x2018; Í&#x201D;Ë&#x153;Í&#x2DC;Í&#x2122;Í&#x2014;

Current Price Í&#x2018;Ë&#x203A;Í&#x2013;

Quantity Traded Í&#x2013;Í&#x2013;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x2013;Í&#x2013;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Quantity Traded Í&#x2013;Í&#x2DC;Í&#x2013; Í&#x201C;Í&#x161;Ë&#x153;Í&#x2018;Í&#x161;Í&#x2018; Í&#x201C;Í&#x161;Ë&#x153;Í&#x2014;Í&#x2014;Í&#x2013; Quantity Traded Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x2019;Í&#x201D;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x2019;Í&#x2022;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Quantity Traded Í&#x2013;Í&#x2018;Í&#x2018; Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x2019;Ë&#x153;Í&#x2013;Í&#x2018;Í&#x2018; Quantity Traded Í&#x2019;Í&#x2018;Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2013;Í&#x2018; Í&#x2022;Í&#x2014;Ë&#x153;Í&#x2122;Í&#x2018;Í&#x2019; Í&#x2019;Í&#x2022;Í&#x2DC;Ë&#x153;Í&#x2122;Í&#x2013;Í&#x2019; Quantity Traded Í&#x201C;Í&#x2DC;Í&#x2022;Ë&#x153;Í&#x161;Í&#x2DC;Í&#x201D; Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x201C;Í&#x2DC;Í&#x2013;Ë&#x153;Í&#x161;Í&#x2DC;Í&#x201D; Í&#x2013;Í&#x201C;Í&#x201D;Ë&#x153;Í&#x161;Í&#x2122;Í&#x161; Í&#x2019;Í&#x2019;Í&#x2019;Ë&#x153;Í&#x2014;Í&#x2022;Í&#x2018;Ë&#x153;Í&#x161;Í&#x201C;Í&#x2019;

Value Traded Í&#x201C;Í&#x2DC;Ë&#x153;Í&#x2013;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x201C;Í&#x2DC;Ë&#x153;Í&#x2013;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Value Traded Í&#x201C;Ë&#x153;Í&#x2014;Í&#x2022;Í&#x2013;Ë&#x203A;Í&#x2DC;Í&#x2013; Í&#x201C;Í&#x2014;Ë&#x153;Í&#x2014;Í&#x2018;Í&#x2DC;Ë&#x203A;Í&#x2122;Í&#x2018; Í&#x201C;Í&#x161;Ë&#x153;Í&#x201C;Í&#x2013;Í&#x201D;Ë&#x203A;Í&#x2013;Í&#x2013; Value Traded Í&#x201D;Ë&#x153;Í&#x2013;Í&#x2013;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x2014;Í&#x2019;Ë&#x153;Í&#x2014;Í&#x201C;Í&#x201D;Ë&#x203A;Í&#x2014;Í&#x2018; Í&#x2014;Í&#x2013;Ë&#x153;Í&#x2019;Í&#x2DC;Í&#x201D;Ë&#x203A;Í&#x2014;Í&#x2018; Value Traded Í&#x201D;Í&#x2013;Í&#x2013; Í&#x201C;Ë&#x153;Í&#x2019;Í&#x161;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x201C;Ë&#x153;Í&#x2013;Í&#x2022;Í&#x2013;Ë&#x203A;Í&#x2018;Í&#x2018; Value Traded Í&#x201C;Í&#x2DC;Í&#x2013;Ë&#x153;Í&#x2122;Í&#x2014;Í&#x2014;Ë&#x203A;Í&#x2013;Í&#x2018; Í&#x2019;Í&#x2019;Í&#x2022;Ë&#x153;Í&#x2014;Í&#x2014;Í&#x201C;Ë&#x203A;Í&#x2022;Í&#x2013; Í&#x201D;Í&#x161;Í&#x2018;Ë&#x153;Í&#x2013;Í&#x201C;Í&#x2122;Ë&#x203A;Í&#x161;Í&#x2013; Value Traded Í&#x201C;Í&#x2022;Í&#x201C;Ë&#x153;Í&#x201C;Í&#x201D;Í&#x201D;Ë&#x203A;Í&#x2122;Í&#x2014; Í&#x2013;Í&#x2018;Í&#x2018; Í&#x201C;Í&#x2022;Í&#x201C;Ë&#x153;Í&#x2DC;Í&#x201D;Í&#x201D;Ë&#x203A;Í&#x2122;Í&#x2014; Í&#x2DC;Í&#x2013;Í&#x2DC;Ë&#x153;Í&#x2DC;Í&#x201D;Í&#x2022;Ë&#x203A;Í&#x161;Í&#x2014; Í&#x2019;Ë&#x153;Í&#x2018;Í&#x2013;Í&#x2014;Ë&#x153;Í&#x2018;Í&#x2014;Í&#x2122;Ë&#x153;Í&#x201D;Í&#x201C;Í&#x201C;Ë&#x203A;Í&#x2122;Í&#x2122;

Current Price Í&#x2018;Ë&#x203A;Í&#x2013;

Current Price Í&#x2019;Ë&#x203A;Í&#x2022;Í&#x2013; Current Price Í&#x201D;Í&#x2014;Ë&#x203A;Í&#x2022;Í&#x2013; Í&#x161;Ë&#x203A;Í&#x2014;Í&#x161;

Current Price Í&#x2022;Ë&#x203A;Í&#x2DC;Í&#x2019; Current Price Í&#x201D;Í&#x2013;Ë&#x203A;Í&#x2022;Í&#x161; Í&#x201D;Ë&#x203A;Í&#x201C;Í&#x2022; Í&#x2014;Í&#x201C;Ë&#x203A;Í&#x2013; Í&#x201C;Í&#x2DC;Í&#x2013;Ë&#x203A;Í&#x161;Í&#x161; Í&#x201D;Í&#x161;Ë&#x203A;Í&#x2018;Í&#x201D; Í&#x201C;Í&#x2DC;Í&#x2018; Current Price Í&#x201D;Í&#x2122;Í&#x2018;

Current Price Í&#x2022;Ë&#x203A;Í&#x2022; Í&#x2018;Ë&#x203A;Í&#x161;Í&#x2019; Current Price Í&#x201D;Ë&#x203A;Í&#x2014;Í&#x2013; Í&#x2022;Ë&#x203A;Í&#x161;Í&#x2122; Current Price Í&#x2018;Ë&#x203A;Í&#x2014;Í&#x2122; Í&#x201C;Ë&#x203A;Í&#x2019;Í&#x161; Current Price Í&#x201C;Ë&#x203A;Í&#x2DC;Í&#x201D; Í&#x201C;Ë&#x203A;Í&#x2013;Í&#x2DC; Current Price Í&#x2018;Ë&#x203A;Í&#x161; Í&#x2018;Ë&#x203A;Í&#x2013;

Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019; Í&#x2019; Í&#x2019; Í&#x2019;

Current Price Í&#x2018;Ë&#x203A;Í&#x161;

Quantity Traded Í&#x2019;Í&#x2018;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x2019;Í&#x2018;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x2019;Í&#x2018;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018; Í&#x2019;Í&#x2018;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018;

Value Traded Í&#x161;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x161;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x161;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018; Í&#x161;Í&#x2018;Ë&#x153;Í&#x2018;Í&#x2018;Í&#x2018;Ë&#x203A;Í&#x2018;Í&#x2018;

Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x201C;Í&#x2DC;Í&#x161; Í&#x201C;Í&#x2DC;Í&#x161; Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019;Í&#x2022;Í&#x2018; Í&#x2019;Í&#x2022;Í&#x2018; Í&#x2022;Í&#x2019;Í&#x161;

Current Price Í&#x2019;Í&#x2013;Ë&#x203A;Í&#x2018;Í&#x2019;

Quantity Traded Í&#x2022;Í&#x2122;Ë&#x153;Í&#x2022;Í&#x2014;Í&#x2DC;Ë&#x153;Í&#x2014;Í&#x161;Í&#x2018; Í&#x2022;Í&#x2122;Ë&#x153;Í&#x2022;Í&#x2014;Í&#x2DC;Ë&#x153;Í&#x2014;Í&#x161;Í&#x2018; Quantity Traded Í&#x2019;Ë&#x153;Í&#x2014;Í&#x2122;Í&#x2022;Ë&#x153;Í&#x2014;Í&#x161;Í&#x2018; Í&#x2019;Ë&#x153;Í&#x2014;Í&#x2122;Í&#x2022;Ë&#x153;Í&#x2014;Í&#x161;Í&#x2018; Í&#x2013;Í&#x2018;Ë&#x153;Í&#x2019;Í&#x2013;Í&#x201C;Ë&#x153;Í&#x201D;Í&#x2122;Í&#x2018;

Value Traded Í&#x2DC;Í&#x201C;Í&#x2DC;Ë&#x153;Í&#x2014;Í&#x201C;Í&#x2022;Ë&#x153;Í&#x201C;Í&#x201D;Í&#x2022;Ë&#x203A;Í&#x2019;Í&#x201C; Í&#x2DC;Í&#x201C;Í&#x2DC;Ë&#x153;Í&#x2014;Í&#x201C;Í&#x2022;Ë&#x153;Í&#x201C;Í&#x201D;Í&#x2022;Ë&#x203A;Í&#x2019;Í&#x201C; Value Traded Í&#x2013;Ë&#x153;Í&#x201D;Í&#x2022;Í&#x2013;Ë&#x153;Í&#x2013;Í&#x161;Í&#x161;Ë&#x203A;Í&#x2014;Í&#x2122; Í&#x2013;Ë&#x153;Í&#x201D;Í&#x2022;Í&#x2013;Ë&#x153;Í&#x2013;Í&#x161;Í&#x161;Ë&#x203A;Í&#x2014;Í&#x2122; Í&#x2DC;Í&#x201D;Í&#x201C;Ë&#x153;Í&#x161;Í&#x2014;Í&#x161;Ë&#x153;Í&#x2122;Í&#x201D;Í&#x201D;Ë&#x203A;Í&#x2122;Í&#x2018;

Ă&#x2122;Ë&#x203A; Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x2013;Ă? Í&#x2019;Í&#x2018; Í&#x2019;Í&#x2018; Í&#x2019;Í&#x2018; Í&#x2022;Í&#x201C;Í&#x161; Í&#x2022;Ë&#x153;Í&#x201C;Í&#x2019;Í&#x2014;

Current Price Í&#x2019;Í&#x2014;Í&#x161;

Quantity Traded Í&#x2022;Í&#x2013;Ë&#x153;Í&#x2DC;Í&#x2014;Í&#x2014; Í&#x2022;Í&#x2013;Ë&#x153;Í&#x2DC;Í&#x2014;Í&#x2014; Í&#x2022;Í&#x2013;Ë&#x153;Í&#x2DC;Í&#x2014;Í&#x2014; Í&#x2013;Í&#x2018;Ë&#x153;Í&#x2019;Í&#x161;Í&#x2122;Ë&#x153;Í&#x2019;Í&#x2022;Í&#x2014; Í&#x2019;Í&#x2014;Í&#x2019;Ë&#x153;Í&#x161;Í&#x201D;Í&#x161;Ë&#x153;Í&#x2018;Í&#x2014;Í&#x2DC;

Value Traded Í&#x2DC;Ë&#x153;Í&#x2DC;Í&#x201D;Í&#x2014;Ë&#x153;Í&#x201C;Í&#x201D;Í&#x161;Ë&#x203A;Í&#x201D;Í&#x2018; Í&#x2DC;Ë&#x153;Í&#x2DC;Í&#x201D;Í&#x2014;Ë&#x153;Í&#x201C;Í&#x201D;Í&#x161;Ë&#x203A;Í&#x201D;Í&#x2018; Í&#x2DC;Ë&#x153;Í&#x2DC;Í&#x201D;Í&#x2014;Ë&#x153;Í&#x201C;Í&#x201D;Í&#x161;Ë&#x203A;Í&#x201D;Í&#x2018; Í&#x2DC;Í&#x2022;Í&#x2018;Ë&#x153;Í&#x2DC;Í&#x2018;Í&#x2014;Ë&#x153;Í&#x2018;Í&#x2DC;Í&#x201D;Ë&#x203A;Í&#x2019;Í&#x2018; Í&#x2019;Ë&#x153;Í&#x2DC;Í&#x161;Í&#x2014;Ë&#x153;Í&#x2122;Í&#x2014;Í&#x2022;Ë&#x153;Í&#x201D;Í&#x161;Í&#x2013;Ë&#x203A;Í&#x161;Í&#x2122;

Current Price Í&#x201D;Ë&#x203A;Í&#x201C;

˜ ͱͯ˜ ͺ͸͹͵ ˾ T H I S D AY

32

Nigeria Daily Stock Market Report:

THISDAY AFRINVEST 40 INDEX

dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞdž 'ĂŝŶƐ Ϭ͘Ϯй dŚĞ dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞdž ƚŽĚĂLJ ƌĞĐŽƌĚĞĚ Ă Ϭ͘Ϯй ŝŶĐƌĞĂƐĞ ƚŽ ĐůŽƐĞ Ăƚ ϭ͕ϰϴϮ͘ϳϴƉƚƐ͘ dŚĞ /ŶĚĞdž ǁĂƐ ƉƌŽƉĞůůĞĚ ďLJ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ E/d, ;ϭ͘ϭйͿ͕ h ;Ϯ͘ϱйͿ ĂŶĚ d/ ;Ϯ͘ϲйͿ ǁŚŝĐŚ ĐƵŵƵůĂƟǀĞůLJ ĂĐĐŽƵŶƚ ĨŽƌ ϮϮ͘Ϯй ŽĨ ƚŚĞ ŝŶĚĞdž͘ dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ /ŶĚĞdž ŚĂƐ ŐĂŝŶĞĚ ϰϴ͘ϯй zd ͘

ƋƵŝƟĞƐ DĂƌŬĞƚ KƉĞŶƐ ƚŚĞ tĞĞŬ WŽƐŝƟǀĞ ͘​͘​͘E^ ^/ hƉ ϲďƉƐ dŚĞ EŝŐĞƌŝĂŶ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ ƌĞĐŽƌĚĞĚ Ă ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽŶ ƚŚĞ ĮƌƐƚ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ ŽĨ ƚŚĞ tĞĞŬ ĂƐ ƚŚĞ ůů ^ŚĂƌĞ /ŶĚĞdž ŐĂŝŶĞĚ ϲďƉƐ ƚŽ ĐůŽƐĞ Ăƚ ϯϲ͕ϰϴϰ͘ϯϬ ƉŽŝŶƚƐ͕ ǁŚŝůĞ ƚŚĞ zd ƌĞƚƵƌŶ ƐƚƌĞŶŐƚŚĞŶĞĚ ƚŽ ϯϱ͘ϴй͘ /Ŷ ƚŚĞ ƐĂŵĞ ǀĞŝŶ͕ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ŐƌĞǁ ďLJ Eϳ͘ϲďŶ ƚŽ EϭϮ͘ϲƚŶ͘ dŚŝƐ ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ůĂƌŐĞůLJ ĂƩƌŝďƵƚĂďůĞ ƚŽ ŐĂŝŶƐ ŝŶ E/d, ;нϭ͘ϭйͿ h ;нϮ͘ϱйͿ ĂŶĚ d/ ;нϮ͘ϲйͿ͘ KŶ ƚŚĞ ĐŽŶƚƌĂƌLJ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ĚĞĐůŝŶĞĚ ĂƐ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ĨĞůů ϯϬ͘ϯй ĂŶĚ ϯϵ͘ϰй ƚŽ ϭϳϰ͘ϵŵ ƵŶŝƚƐ ĂŶĚ Eϭ͘ϴďŶ ƌĞƐƉĞĐƟǀĞůLJ͘

DŝdžĞĚ WĞƌĨŽƌŵĂŶĐĞ ĐƌŽƐƐ ^ĞĐƚŽƌƐ ^ĞĐƚŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ŵŝdžĞĚ ǁŝƚŚ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž ĞŵĞƌŐŝŶŐ ƚŚĞ ďŝŐŐĞƐƚ ůŽƐĞƌ͕ ĚŽǁŶ ϭ͘ϱй ůĂƌŐĞůLJ ĚƵĞ ƚŽ ůŽƐƐĞƐ ŝŶ t W K ;Ͳϯ͘ϵйͿ͘ dŚĞ ŝŶƐƵƌĂŶĐĞ ŝŶĚĞdž ĨŽůůŽǁĞĚ ƐƵŝƚ͕ ĚŽǁŶ ϵďƉƐ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ůŽƐƐĞƐ ŝŶ D E^ Z ;Ͳϭ͘ϵйͿ ĂŶĚ E D ;Ͳϯ͘ϭйͿ ǁŚŝůĞ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞdž ĐůŽƐĞĚ ŇĂƚ͘ KŶ ƚŚĞ ŇŝƉ ƐŝĚĞ͕ ƚŚĞ ĂŶŬŝŶŐ ĂŶĚ ƚŚĞ Kŝů Θ 'ĂƐ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ ŵĂƌŐŝŶĂůůLJ͕ ƵƉ ϳďƉƐ ĂŶĚ ϭďƉ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ŐĂŝŶƐ ŝŶ E/d, ;нϭ͘ϭйͿ͕ h ;нϮ͘ϱйͿ͕ &KZd ;нϳ͘ϭйͿ ĂŶĚ dKd > ;нϯ͘ϭйͿ͘

/ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ tĞĂŬĞŶƐ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ǁĞĂŬĞŶĞĚ ĂƐ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ĚƌŽƉƉĞĚ ƚŽ Ϭ͘ϴdž ;ĨƌŽŵ ϭ͘Ϭdž ƌĞĐŽƌĚĞĚ ŽŶ &ƌŝĚĂLJͿ ĂƐ ϭϲ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ Ϯϭ ĚĞĐůŝŶĞƌƐ͘ E'&>KhZ ;нϭϬ͘ϮйͿ &KZd ;нϳ͘ϭйͿ ĂŶĚ ,KEz&>KhZ ;нϱ͘ϬͿ ǁĞƌĞ ƚŚĞ ďĞƐƚ ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ǁŚŝůĞ DKZ/^KE ;Ͳϰ͘ϴйͿ >/s ^dK < ;Ͳϰ͘ϱйͿ ĂŶĚ t W K ;Ͳ ϯ͘ϴйͿ ǁĞƌĞ ƚŚĞ ǁŽƌƐƚ ƉĞƌĨŽƌŵĞƌƐ͘ ůƚŚŽƵŐŚ ǁĞ ŽďƐĞƌǀĞĚ Ă ďĞĂƌŝƐŚ ƐĞŶƟŵĞŶƚ Ăƚ ĐůŽƐĞ ŽĨ ƚƌĂĚĞ͕ ƚŽĚĂLJ͛Ɛ ŵĂƌŬĞƚ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ůĂƌŐĞůLJ ĚƌŝǀĞŶ ďLJ ŝŶǀĞƐƚŽƌƐ ƐĞĞŬŝŶŐ ďĂƌŐĂŝŶ ƉŽƐŝƟŽŶƐ ŝŶ ůĂƌŐĞ ĐĂƉ ƐƚŽĐŬƐ͘ tĞ ĞdžƉĞĐƚ ƚŚŝƐ ƚƌĞŶĚ ƚŽ ĐŽŶƟŶƵĞ ŝŶ ƐƵďƐĞƋƵĞŶƚ ƐĞƐƐŝŽŶƐ͘ ŽŵƉĂŶLJ ŝŶ &ŽĐƵƐ͗ EĞƐƚůĠ EŝŐĞƌŝĂ WůĐ ;͞EĞƐƚůĞ͟Ϳ EĞƐƚůĠ EŝŐĞƌŝĂ WůĐ ;͞E ^d> ͟ Žƌ ͞ƚŚĞ ŽŵƉĂŶLJ͟Ϳ ŝƐ ƚŚĞ EŝŐĞƌŝĂŶ ƐƵďƐŝĚŝĂƌLJ ŽĨ EĞƐƚůĠ ^͘ ͕ Ă ^ǁŝƐƐ dƌĂŶƐŶĂƟŽŶĂů &ŽŽĚ ĂŶĚ ƌŝŶŬ ŽŵƉĂŶLJ ŚĞĂĚƋƵĂƌƚĞƌĞĚ ŝŶ ^ǁŝƚnjĞƌůĂŶĚ͘ E ^d> ŝƐ ŽŶĞ ŽĨ ƚŚĞ ďůƵĞ ĐŚŝƉ ĨŽŽĚ ĂŶĚ ďĞǀĞƌĂŐĞ ĐŽŵƉĂŶŝĞƐ ůŝƐƚĞĚ ŽŶ ƚŚĞ EŝŐĞƌŝĂŶ ^ƚŽĐŬ džĐŚĂŶŐĞ ;E^ Ϳ ǁŝƚŚ ƚŽƚĂů ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ŽĨ Eϵϳϱ͘ϬďŶ ;ĨŽƵƌƚŚ ŵŽƐƚ ĐĂƉŝƚĂůŝnjĞĚ ƐƚŽĐŬ ŽŶ ƚŚĞ E^ Ϳ͘ E ^d> ƌĞůĞĂƐĞĚ ŝƚƐ ϵD͗ ϮϬϭϳ ŽŶ DŽŶĚĂLJ ǁŝƚŚ 'ƌŽƐƐ ZĞǀĞŶƵĞ ŐƌŽǁŝŶŐ ďLJ ϰϯ͘ϭй zͲŽͲz ;ƵƉ ĨƌŽŵ EϭϮϵ͘ϱďŶ ŝŶ ϵD͗ϮϬϭϲ ƚŽ Eϭϴϱ͘ϮďŶ ŝŶ ϵD͗ϮϬϭϳͿ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƉƌŝĐĞ ŝŶĐƌĞĂƐĞ ĂŶĚ ŝŵƉƌŽǀĞĚ ĐŽŶƐƵŵĞƌ ƐƉĞŶĚŝŶŐ ĚĞƐƉŝƚĞ ƉŽƐƐŝďůĞ ƉĞƌĐĞƉƟŽŶ ŽĨ ǁĞĂŬĞƌ ǀŽůƵŵĞ͘ >ŝŬĞǁŝƐĞ͕ ŽƐƚ ƚŽ ^ĂůĞƐ ƌĂƟŽ ŝŵƉƌŽǀĞĚ ƚŽ ϱϵ͘Ϭй ŝŶ ϵD͗ϮϬϭϳ ĨƌŽŵ ϱϵ͘ϵй ŝŶ ϵD͗ϮϬϭϲ ǁŚŝůĞ KƉĞƌĂƟŶŐ džƉĞŶƐĞ ŵĂƌŐŝŶ ŵŽĚĞƌĂƚĞĚ ƐŝŐŶŝĮĐĂŶƚůLJ ƚŽ ϭϳ͘ϳй ĨƌŽŵ ϮϬ͘ϱй ŝŶ ϵD͗ϮϬϭϲ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ ŽŵƉĂŶLJ ƌĞĐŽƌĚĞĚ ĂŶ ŝŵƉƌĞƐƐŝǀĞ ϱϲ͘ϳй ƌĞĚƵĐƟŽŶ ŝŶ EĞƚ ĮŶĂŶĐĞ ĐŚĂƌŐĞ ĨƌŽŵ Eϭϵ͘ϵďŶ ŝŶ ϵD͗ϮϬϭϲ ƚŽ Eϴ͘ϲďŶ ŝŶ ϵD͗ϮϬϭϳ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ W d ũƵŵƉĞĚ ƐŝŐŶŝĮĐĂŶƚůLJ ďLJ ϰϲϰϭ͘ϭй ĨƌŽŵ EϬ͘ϱďŶ ŝŶ ϵD͗ϮϬϭϲ ƚŽ EϮϯ͘ϬďŶ ŝŶ ϵD͗ϮϬϭϳ͘ KŶ Ă ƋƵĂƌƚĞƌ ŽŶ ƋƵĂƌƚĞƌ ďĂƐŝƐ͕ E ^d> ͛Ɛ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ĂůƐŽ ŵŽĚĞƐƚůLJ ŝŵƉƌĞƐƐŝǀĞ ĂƐ ŐƌŽƐƐ ƌĞǀĞŶƵĞ ŐƌĞǁ ϰ͘Ϯй YͲŽͲY ;ĨƌŽŵ EϲϬ͘ϴďŶ ƚŽ Eϲϯ͘ϯďŶ ŝŶ Yϯ͗ϮϬϭϳͿ͘ ŽƐƚ ŽĨ ƐĂůĞƐ ĂŶĚ KƉĞƌĂƟŶŐ ĞdžƉĞŶƐĞƐ ŝŶ ƚƵƌŶ ĚĞĐůŝŶĞĚ ŵĂƌŐŝŶĂůůLJ ďLJ Ϭ͘ϯй ĂŶĚ ϭ͘ϵй ƌĞƐƉĞĐƟǀĞůLJ͕ ƚŚƵƐ ƐƟŶŐ ƉƌŽĮƚĂďŝůŝƚLJ ĂƐ ŽƉĞƌĂƟŶŐ ƉƌŽĮƚ ƌŽƐĞ Ϯϭ͘ϱй YͲŽͲY͘ ,ŽǁĞǀĞƌ͕ Ă ϰϰ͘ϯй ŝŶĐƌĞĂƐĞ ŝŶ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ůŽƐƐ ĚƌĂŐŐĞĚ W d ǁŚŝĐŚ ĚĞĐůŝŶĞĚ ŵĂƌŐŝŶĂůůLJ ďLJ ϭ͘ϲй YͲŽͲY͘ dŚĞ ŽŵƉĂŶLJ ĚĞĐůĂƌĞĚ ĂŶ ŝŶƚĞƌŝŵ ĚŝǀŝĚĞŶĚ ŽĨ Eϭϱ͘Ϭ ǁŝƚŚ ĂŶ ŝŵƉůŝĞĚ LJŝĞůĚ ŽĨ ϭ͘Ϯй ĂƐ Ăƚ ϯϬͬϭϬͬϮϬϭϳ͘ tĞ ĞdžƉĞĐƚ ŝŶǀĞƐƚŽƌƐ͛ ƌĞĂĐƟŽŶƐ ƚŽ ƚŚŝƐ ƌĞƐƵůƚ ƚŽ ďĞ ŵŝdžĞĚ ŐŝǀĞŶ ƚŚĂƚ E ^d> ŝƐ ŐƌĂĚƵĂůůLJ ĐŽŵŝŶŐ ŽƵƚ ŽĨ Ă ĐŚĂůůĞŶŐŝŶŐ ϮϬϭϲ ĮŶĂŶĐŝĂů LJĞĂƌ ĂůƚŚŽƵŐŚ ǁĞ ĞdžƉĞĐƚ ƚŚĞ ĚŝǀŝĚĞŶĚ ĚĞĐůĂƌĂƟŽŶ ƚŽ ĂƩƌĂĐƚ ƐŽŵĞ ŝŶĐŽŵĞ ŝŶǀĞƐƚŽƌƐ ŝŶ ĂŶƟĐŝƉĂƟŽŶ ŽĨ Ă ďĞƩĞƌ ƉĞƌĨŽƌŵĂŶĐĞ ĨŽƌ &z͗ϮϬϭϳ͘

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

Ticker

(A Dealing Member of the Nigerian Stock Exchange)

Current Price

Previous Price Current Price Change Weighting Change YTD

Price Change Index to Date

ROE

ROA

P/E

P/BV

Divinden Earnings d Yield Yield

THISDAY AFRINVEST 40 1,482.78

0.2%

48.3%

48.3%

21.0%

6.7%

7.4x

0.7x

4.2%

10.5%

1

Guaranty Trust Bank PLC

42.00

0.0%

23.0%

70.0%

70.0%

26.0%

4.3%

8.7x

2.2x

4.9%

11.4%

2

Nigerian Brew eries PLC

151.50

-0.3%

10.8%

2.4%

2.4%

18.9%

8.6%

37.3x

6.8x

2.4%

2.7%

3

Zenith Bank PLC

26.00

1.1%

13.8%

76.3%

76.3%

21.7%

3.2%

5.1x

1.1x

7.8%

19.5%

4

Dangote Cement PLC

6.6%

219.00

0.0%

6.2%

25.9%

25.9%

30.4%

15.7%

15.1x

4.3x

3.9%

0.0%

6.6%

51.9%

51.9%

78.4%

19.0%

32.0x

21.2x

0.8%

3.1%

-0.4%

4.4%

67.3%

67.3%

15.1%

2.0%

3.9x

0.6x

6.6%

25.4%

5

Nestle Nigeria PLC

1,230.00

6

Access Bank PLC

9.82

7

United Bank for Africa PLC

9.54

2.5%

5.4%

112.0%

112.0%

17.2%

2.2%

4.2x

0.7x

7.9%

23.9%

8

FBN Holdings Plc

6.15

-0.8%

4.0%

83.6%

83.6%

2.6%

0.3%

10.0x

0.3x

3.3%

10.0%

2.6%

0.6x

3.5%

-19.0%

4.7x

3.6x

2.1%

9

Ecobank Transnational Inc

17.49

3.0%

70.1%

70.1%

-14.6%

-1.3%

10

Lafarge Africa PLC

50.00

-3.8%

1.8%

22.1%

22.1%

62.7%

11.8%

11

SEPLAT Petroleum Development C

480.00

-2.0%

1.8%

26.3%

26.3%

-12.4%

-6.7%

12

Unilever Nigeria PLC

42.78

0.0%

1.7%

34.4%

34.4%

50.3%

8.4%

26.3x

10.0x

0.2%

3.8%

13

Stanbic IBTC Holdings PLC

44.05

0.0%

3.2%

193.7%

193.7%

28.7%

3.4%

10.2x

2.6x

1.4%

9.9%

14

Guinness Nigeria PLC

100.38

0.3%

1.4%

27.7%

27.7%

4.5%

1.4%

70.6x

3.5x

0.6%

15

Oando PLC

5.99

0.0%

1.3%

27.4%

27.4%

31.7%

2.8%

4.8x

0.6x

16

Forte Oil PLC

40.99

7.1%

0.5%

-51.5%

-51.5%

44.3%

3.7%

10.3x

4.6x

17

11 PLC

155.60

0.0%

0.4%

-44.2%

-44.2%

32.6%

12.0%

8.3x

2.3x

18

Total Nigeria PLC

240.00

3.1%

0.6%

-19.7%

-19.7%

37.3%

7.4%

8.9x

3.1x

2.5%

11.2%

0.0%

1.1%

61.8%

61.8%

40.4%

28.1%

8.2x

2.8x

2.3%

12.2%

0.6x

21.1% -21.8%

1.4% 20.8% 9.7%

5.1%

12.1%

19

Okomu Oil Palm PLC

65.00

20

UAC of Nigeria PLC

18.12

0.4%

0.7%

9.8%

9.8%

5.4%

8.6%

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

3.0x

0.2x

8.6%

33.0% 17.2%

11.6x

1.62

-2.4%

0.9%

92.9%

92.9%

8.0%

1.1%

-2.0%

23

Dangote Sugar Refinery PLC

14.90

1.1%

143.9%

143.9%

23.8%

10.3%

5.8x

2.5x

3.4%

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

4.00

0.0%

0.4%

2.8%

2.8%

18.9%

7.6%

4.2x

0.7x

7.0%

23.9%

26

7 UP Bottling Co PLC

90.00

0.0%

0.3%

-30.2%

-30.2%

-56.7%

-13.9%

29.33

0.0%

4.4x

27

Julius Berger Nigeria PLC

0.3%

-24.0%

-24.0%

-12.2%

-1.2%

28

FCMB Group Plc

1.09

-0.9%

0.4%

-0.9%

-0.9%

0.9%

0.1%

12.8x

0.1x

29

Transnational Corp of Nigeria

1.39

-1.4%

0.6%

59.8%

59.8%

19.6%

4.1%

5.6x

1.0x

-18.7%

1.5x

-7.8% 9.2%

7.8% 18.0%

30

Diamond Bank PLC

1.02

-1.9%

0.4%

15.9%

15.9%

1.6%

0.2%

3.9x

0.1x

31

Presco PLC

66.50

0.0%

0.5%

65.8%

65.8%

53.3%

31.5%

2.7x

1.2x

2.3%

36.5%

32

PZ Cussons Nigeria PLC

23.00

0.0%

0.5%

58.6%

58.6%

11.5%

5.8%

19.7x

2.2x

2.2%

5.1%

33

International Brew eries PLC

49.20

0.0%

0.7%

165.9%

165.9%

29.4%

10.2%

39.2x

10.6x

34

Cadbury Nigeria PLC

11.00

4.3%

0.3%

6.9%

6.9%

4.5%

1.6%

31.4x

1.8x

3.2%

35

Union Bank of Nigeria PLC

6.19

1.0%

0.3%

29.7%

29.8%

6.1%

1.3%

7.9x

0.4x

12.6%

36

Chemical and Allied Products P

32.50

0.0%

0.2%

1.6%

1.6%

84.3%

38.5%

14.2x

10.0x

1.01

-3.8%

0.2%

32.9%

32.9%

6.1%

0.6%

5.3x

0.3x

25.20

0.0%

25.7%

2.6%

6.8%

7.0%

37

Sterling Bank PLC

38

GlaxoSmithKline Consumer Niger

0.3%

60.0%

60.0%

61.2%

23.6%

5.2x

1.9x

1.2%

19.1%

39

AXA Mansard Insurance PLC

1.95

-3.5%

0.1%

16.8%

16.8%

11.9%

3.9%

9.8x

1.2x

2.6%

10.3%

40

Continental Reinsurance PLC

1.31

0.0%

0.1%

32.3%

32.3%

9.6%

4.4%

7.7x

0.7x

T o p 10 G a ine r s T ic k er D A N GF LOUR FO H ON YF LOUR

18.8%

13.0%

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

P rice

P rice C hg %

T ic k er

Vo lum e

P ric e C hg %

9.08

10.2%

FB NH

26.5

-0.8%

40.99

7.1%

D IA M ON D B N K

26.2

-1.9%

2.11

5.0%

UB A

16.1

2.5%

VIT A F OA M

2.83

4.8%

Z EN IT H B A N K

15.6

1.1%

C A D B UR Y

11.00

4.3%

T R A N SC OR P

14.8

-1.4% -2.4%

C UT IX

2.10

4.0%

F ID ELIT YB K

8.1

240.00

3.1%

WEM A B A N K

7.1

0.0%

ET I

17.49

2.6%

FCM B

4.9

-0.9%

UB A

9.54

2.5%

A C C ESS

4.7

-0.4%

UC A P

3.10

2.0%

GUA R A N T Y

4.4

0.0%

T OT A L

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

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

T ic k er

Value

P ric e C hg %

P rice

P rice C hg %

M OR ISON

0.60

-4.8%

Z EN IT H B A N K

401.4

1.1%

LIVEST OC K

0.85

-4.5%

D A N GC EM

256.2

0.0%

50.00

-3.8%

GUA R A N T Y

182.6

0.0%

ST ER LN B A N K

1.01

-3.8%

FB NH

162.1

-0.8%

M A N SA R D

1.95

-3.5%

UB A

151.9

2.5%

N EM

1.24

-3.1%

NB

120.2

-0.3%

F ID ELIT YB K

1.62

-2.4%

GUIN N ESS

78.6

0.3%

NP FM CRFB K

1.25

-2.3%

N EST LE

48.9

0.0%

480.00

-2.0%

A C C ESS

45.2

-0.4%

14.90

-2.0%

D A N GF LOUR

39.2

10.2%

WA P C O

SEP LA T D A N GSUGA R

Afrinvest Securities Limited (RC 603 315)

Tuesday, October 31, 2017

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Omotola Abimbola | oabimbola@afrinvest.com

33

˾ TUESDAY, OCTOBER 31, 2017

MARKET NEWS

Oando Foundation, Sumitomo Chemical Promote ICT Education Oando Foundation , an independent charity and Sumitomo Chemical, a Japanese chemical company have partnered to support information communication technology ( ICT) education through the establishment of three solar powered ICT Centres in public primary schools across Nigeria. This partnership, according to the foundation, will impact the lives of over 2,400 beneficiaries, bridging the existing gaps in the implementation of ICT in public schools and empowering

pupils in Oando adopted schools with technology skills through creativity and learning. It will also strengthen the capacity of in-school ICT Educators to ensure knowledge transfer and successful implementation of the national curriculum on ICT. A statement noted that the foundation supports the Nigerian government in achieving Universal Primary Education through its Adopt-ASchool Initiative (AASI), aimed at a holistic improvement of public primary schools. ICT

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

education was included in the Nigerian primary school curriculum in 1999 by the National Education Research and Development Council (NERDC), but the gaps in implementation are still evident. While most children in rural areas do not have access to a computer, three out of every five children in the urban areas lack basic ICT skills. To reverse this negative trend, the foundation has established 15 ICT/Creative Centres in its adopted schools, serving the learning needs of over 16,000

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 27-Oct-2017, unless otherwise stated.

pupils. An expansion plan is in place to scale up across 47 additional schools by 2018.

According to Adekanla Adegoke, Head, Oando Foundation, “ICT is an essential skill for the Nigerian youth.

Pupils need to be able to use the latest technology to gain an effective education and stand alongside their peers globally in the twenty-first century. Oando Foundation promotes ICT literacy through a wide variety of formal and informal activities designed to enable learners acquire

functional computer literacy.

Together with Sumitomo Chemical and other wellmeaning organizations like the Educate-A-Child Qatar, we are creating an enabling environment to provide pupils from marginalised backgrounds invaluable 21st century technology skills.”

Speaking in the same vein, General Manager of CSR Department, Sumitomo Chemical, Kanako Fukuda said: “Sumitomo Chemical’s Education Support Programme for Africa started with the

development of Olyset Net, a long lasting insecticidal net that helps prevent the spread of malaria. We believe that improving Africa’s educational system is also crucial to assisting the continent to overcome poverty and achieve self-sustaining economic development. Through the partnership with Oando Foundation, we are excited to support the ICT programs in the public schools of Nigeria as we recognise ICT skills are essential to Sustainable Development.”

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 176.70 177.74 39.27% Nigeria International Debt Fund 233.73 234.84 10.58% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.82 0.82 16.55% ACAP Income Funds 0.61 0.61 75.45% ACAP Income Funds Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 17.94% 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 17.63 18.17 42.83% ARM Discovery Fund 370.05 381.20 28.86% ARM Ethical Fund 26.22 27.02 17.38% ARM Money Market Fund 1.00 1.00 17.88% 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 146.83 147.86 39.60% AXA Mansard Money Market Fund 1.00 1.00 18.26% 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 18.34% FBN CAPITAL ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,102.91 1,104.00 8.92% FBN Heritage Fund 146.65 147.90 31.54% FBN Money Market Fund 100.00 100.00 17.75% FBN Nigeria Eurobond (USD) Fund - Institutional $111.51 $112.09 8.22% FBN Nigeria Eurobond (USD) Fund - Retail $110.35 $110.93 7.84% FBN Nigeria Smart Beta Equity Fund 158.66 161.02 40.94% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 1.38 1.40 47.87% Legacy Short Maturity (NGN) Fund 2.91 2.91 13.38% 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 2,898.90 2,938.92 31.84% Coral Income Fund 2,399.66 2,399.66 15.15% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 15.68% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 1.00 1.00 17.90% Vantage Balanced Fund 2.06 2.09 22.58% Vantage Guaranteed Income Fund 1.00 1.00 18.39% Kedari Investment Fund (KIF) 112.23 112.23 16.55%

LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.15 1.17 16.06% Lotus Halal Fixed Income Fund 1,032.65 1,032.65 9.66% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 13.06 13.17 35.10% 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 20.51% PACAM Fixed Income Fund 10.84 10.89 4.27% PACAM Money Market Fund 10.00 10.00 13.95% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 125.27 127.63 23.69% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.40 1.40 12.49% 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 2,194.67 2,207.70 19.87% Stanbic IBTC Bond Fund 170.95 170.95 11.04% Stanbic IBTC Ethical Fund 0.98 0.99 27.92% Stanbic IBTC Guaranteed Investment Fund 213.86 213.86 14.43% Stanbic IBTC Iman Fund 170.74 172.94 31.51% Stanbic IBTC Money Market Fund 100.00 100.00 17.79% Stanbic IBTC Nigerian Equity Fund 9,473.82 9,295.69 23.04% 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 17.30% United Capital Bond Fund 1.49 1.49 22.26% United Capital Equity Fund 0.89 0.91 32.36% United Capital Money Market Fund 1.00 1.00 18.50% ZENITH ASSETS MANAGEMENT LTD info@zenith-funds.com Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 12.54 12.72 28.90% Zenith Ethical Fund 13.21 13.35 20.79% Zenith Income Fund 18.71 18.71 13.05%

REITS NAV Per Share

Yield / T-Rtn

11.41 131.47

1.01% 6.05%

Bid Price

Offer Price

Yield / T-Rtn

10.78 137.02 105.98

10.88 139.99 107.97

24.92% 38.51% 39.85%

Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund

EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Griffin 30 Exchange Traded Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.54 8.94 17.06 19.79 140.00

4.58 9.02 17.16 19.99 142.00

63.93% 27.02% 44.14% 23.93% 10.41%

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.

34

˜ ͱͯ˜ ͺ͸͹͵ ˾ T H I S D AY

35

5 ) * 4 % ": t TUESDAY, OCTOBER 31, 2017

as the

HASSAN AHMED DANBABA Magajin Garin Sokoto

20 years ago, Sokoto Caliphate bestowed upon you the enviable title of the Magaji Garin Sokoto in succession to your fore fathers. We have watched with admiration, the dynamic roles you have been playing in discharging your roles as the grandson of the legendary Sir Ahmadu Bello the Sarduana of Sokoto. You remain the Cynosure of all eyes within the Northern region and beyond. Your humility, compassion and patriotic sense of responsibility correspondingly reflect the character of your grand-father, the late Sarduana who has continued to remain in the consciousness of our people. May the Almighty Allah grant you long life, good health and the strength to continue to serve. Allah shi taimaki Magaji Garin Sokoto

Ambassador Mohammed Dauda.

36

˜ ͱͯ˜ ͺ͸͹͵ ˾ T H I S D AY

37

5 ) * 4 % ": t TUESDAY, OCTOBER 31, 2017

They will also attend the weekly Empowering The Teachers Fellows Seminar meetings on curriculum development and meet with MIT professors and teaching assistants. Beyond the fellowship semester at MIT, Empowering The Teachers will support online communications, periodic reunions and meetings in Nigeria in order to build a community of faculty devoted to excellence and innovation in Science and Engineering education.

Eligibility MIT-ETT welcomes applications from all qualified faculty who are: 1) Interested in developing new curriculum and teaching methods and consider themselves to be change-agents.

2) A faculty member holding a PhD and teach in a department corresponding to Electrical Engineering and Computer Science, Mechanical Engineering, Petroleum Engineering or Chemical Engineering at a university in Nigeria.

3) Lecturer One rank Application and Selection To apply, please visit: http://misti.mit.edu/empowering-teachers.

Deadline for applications is Friday, December 1, 2017 8pm EST An MIT committee will establish a list of top candidates.

Shortlisted candidates will be interviewed by MIT faculty and representatives of NAPIMS and TOTAL on a date and time slot to be announced.

38

˜ ͱͯ˜ ͺ͸͹͵ ˾ T H I S D AY

1917-2017

2017 THIRD QUARTER UNAUDITED FINANCIAL STATEMENTS CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION AS AT 30TH SEPTEMBER 2017

CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH SEPTEMBER 2017

GROUP SEP.2017 N'million

DEC.2016 N'million

BANK SEP.2017 N'million

ASSETS Cash and cash equivalents Non-pledged trading assets

174,128 44,197

136,194 8,323

92,477 44,197

35,536 8,323

Pledged assets Derivative assets held for risk management Loans and advances to customers Investment in equity accounted investee Investment securities

64,380 96 475,270 190,618

53,430 2,747 507,190 181,720

64,380 96 453,493 179,845

53,430 2,747 489,890 166,759

958 4,778 54,651 4,521 95,910 248,297 29 1,357,833 397 1,358,230

2,309 4,347 52,800 3,374 95,910 202,298 1,643 1,252,285 397 1,252,682

513 10,567 54,464 4,115 95,875 247,702 1,247,724 325 1,248,049

1,124 10,567 52,567 2,859 95,875 201,838 1,643 1,123,158 325 1,123,483

Trading properties Investment properties Investment in subsidiaries Property and equipment Intangible assets Deferred tax assets Other assets Defined benefit assets Assets classified as held for sale TOTAL ASSETS

LIABILITIES Derivative liabilities held for risk management Deposits from banks Deposits from customers Current tax liabilities Deferred tax liabilities Other Liabilities Retirement benefit obligations Other borrowed funds

90 108,391 767,861 713 151 114,171 896 80,414

13 90,266 658,444 465 101 141,404 805 89,514

90 27,790 757,863 307 111,675 867 85,378

13 4,351 633,827 177 141,191 773 91,812

Liabilities classified as held for sale

1,072,687 -

981,012 -

983,970 -

872,144 -

TOTAL LIABILITIES

1,072,687

981,012

983,970

872,144

EQUITY Share capital and share premium Treasury shares Retained deficit Other reserves EQUITY ATTRIBUTABLE TO EQUITYHOLDERS OF THE BANK Non controlling interests TOTAL EQUITY TOTAL LIABILITIES AND EQUITY

GROUP 9 Months to Sep. 2017 N 'million

DEC.2016 N'million

401,304 (624)

400,109 -

401,304 (624)

400,109 -

(254,400) 133,983

(244,183) 110,633

(258,881) 122,280

(247,868) 99,098

280,263

266,559

264,079

251,339

5,280 285,543

5,111 271,670

264,079

251,339

1,358,230

1,252,682

1,248,049

1,123,483

9 Months to Sep. 2016 N'million

BANK 9 Months to Sep. 2017 N 'million

9 Months to Sep. 2016 N'million

109,513

94,759

105,310

92,689

88,470 (41,564) 46,906 (6,009)

72,290 (24,220) 48,070 (12,870)

85,060 (41,247) 43,813 (5,865)

70,549 (24,162) 46,387 (12,845)

Net interest income after impairment charge for credit losses

40,897

35,200

37,948

33,542

Net fee and commission income Net trading income Cash recoveries Net income from other financial instruments at FVTPL Other operating Income

7,110 5,763 2,021 44 6,105 21,043

8,289 5,148 923 8,109 22,469

6,619 5,619 2,021 44 5,947 20,250

7,805 4,998 923 8,414 22,140

Operating Income

61,940

57,669

58,198

55,682

102 (49,044) 12,998 (588) 12,410

165 (44,559) 13,275 (263) 13,012

102 (46,567) 11,733 (288) 11,445

165 (42,663) 13,184 (131) 13,053

184 850 5 1,039

8,356 (6,757) 1,599

871 871

(7,065) (7,065)

Total comprehensive income for the period

13,449

14,611

12,316

5,988

Profit attributable to: Equity holders of the Bank Non-controlling interests Profit for the period

12,241 169 12,410

12,929 83 13,012

11,445 11,445

13,053 13,053

Total comprehensive income attributable to: Equity holders of the Bank Non-controlling interests Total comprehensive income for the period

13,280 169 13,449

14,528 83 14,611

12,316 12,316

5,988 5,988

72k

76k

67k

77k

Gross earnings Interest income Interest expense Net interest income Impairment charge for credit loss

Net impairment write-back on financial assets Operating expenses Profit before tax Income tax expense Profit for the period Other comprehensive income, net of income tax: Foreign currency translation differences for foreign operations Fair value gains/(losses) on available-for-sale investments Fair value gains on property and equipment Other comprehensive income for the period

Earnings per share - Basic and diluted

The Board of Directors expect that barring unforseen circumstances, the profit trend would be maintained in the rest of the financial year.

By order of the Board.

5 ) * 4 % ": t TUESDAY, OCTOBER 31, 2017

39

40

˜ ͱͯ˜ ͺ͸͹͵ ˾ T H I S D AY

5 ) * 4 % ": t TUESDAY, OCTOBER 31, 2017

41

42

˜ ͱͯ˜ ͺ͸͹͵ ˾ T H I S D AY

UTILIZATION OF FOREIGN EXCHANGE AS AT 27TH OF OCTOBER 2017 S/N

CUSTOMERS

1

CBN

AMOUNT (US$) 261,083.90

2

CBN

225,779.90

3

IBUJE GODWIN AYO

4

HAMPTON APARTMENTS LTD

5

SAMARITAN NURSERY/PRIMARY SCH

2,985.00

6

MINISTRY OF EDU. ANAMBRA STATE

2,892.18

7

FRANCIS A OKIOWEI

7,081.53

8

OGHOGHO I OHONBA

9

ANYACHUKWU CHINEDU I

DATE

S/N

CUSTOMERS

UNUTILIZED IMTO TRANSFER TO CBN

PURPOSE

357.00

RATE

23-Oct-17

126

OFFOR, GLADYS TAIBAT

DATE

S/N

CUSTOMERS

2,300.00

SCHOOL FEES

360.00

24-Oct-17

251

ELECTRONIC PAYPLUS LTD

AMOUNT (US$)

PURPOSE

RATE

AMOUNT (US$) 152,260.50

PURPOSE

RATE

DATE

SMARTCARDS

360.00

26-Oct-17 26-Oct-17

UNUTILIZED IMTO TRANSFER TO CBN

357.00

23-Oct-17

127

ALEXFRANK ENT. NIG LIMITED

11,000.00

SCHOOL FEES

360.00

24-Oct-17

252

AFRICA GB FOOD MANUFACTURING

49,987.37

BULK SEASONINGS CURRY FLAVOUR

360.50

ACCOMODATION FEES

360.00

23-Oct-17

128

WOSU, ONYEBUCHI KELECHI

1,000.00

SCHOOL FEES

360.00

24-Oct-17

253

AFRICA GB FOOD MANUFACTURING

182,055.09

JAGO DLITE FAT FILLED MILK

360.50

26-Oct-17

SCHOOL FEES

360.00

23-Oct-17

129

EBIMINIWEI POSIBI

500.00

SCHOOL FEES

360.00

24-Oct-17

254

ELECTRONIC PAYPLUS LTD

392,814.01

MACHINE PARTS

360.00

26-Oct-17

SCHOOL FEES

360.00

23-Oct-17

130

OLAWALE KEHINDE

SCHOOL FEES

360.00

23-Oct-17

131

UNITED CAPITAL SECURITIES LTD

SCHOOL FEES

360.00

23-Oct-17

132

PALMORA NIGERIA LTD.

3,080.00

SCHOOL FEES

360.00

23-Oct-17

133

3,300.00

SCHOOL FEES

360.00

23-Oct-17

134

3,962.40 14,528.80

SCHOOL FEES

360.00

24-Oct-17

255

AIRTEL NETWORKS LIMITED

232,200.00

DSA PUNCH PACKAGED SIM CARD

360.50

26-Oct-17

INTERIM DIVIDEND H/Y 2017

360.50

24-Oct-17

256

AIRTEL NETWORKS LIMITED

124,700.00

DSA PUNCH PACKAGED SIM CARD

360.50

26-Oct-17

27,349.75

CHEESE SPREAD

360.50

24-Oct-17

257

ASAHI BRANDS LTD

229,884.03

NGK SPARK PLUGS

360.00

26-Oct-17

APEX COMMODITIES NIG. LTD

21,248.00

SP COSMO WAX PMBALPA

360.50

24-Oct-17

258

HPZ

35,105.40

MATERIALS FOR COSMETICS

360.00

26-Oct-17

WARREN POINT ELECTRICAL LTD

50,470.14

AC MOTOR SINGLE PHASE

360.50

24-Oct-17

259

CBN

258,608.26

UNUTILIZED IMTO TRANSFER TO CBN

357.00

27-Oct-17

CBN

218,648.15

UNUTILIZED IMTO TRANSFER TO CBN

357.00

27-Oct-17

3,250.00 302,049.86

10

BASSEY ROSE NSA

1,000.00

PTA

360.00

23-Oct-17

135

APEX COMMODITIES NIG. LTD

40,040.00

THERMAL/WINCOR JOURNAL ROLLS

360.50

24-Oct-17

260

11

OLUKA PATRICK C

4,000.00

PTA

360.00

23-Oct-17

136

CBN

364,062.37

UNUTILIZED IMTO TRANSFER TO CBN

357.00

25-Oct-17

261

DAVID OLANREWAJU ALAKA

1,365.56

MORTGAGE PAYMENT

315.00

27-Oct-17

12

SULAIMON WAHAB ADESHINA

5,000.00

BTA

360.00

23-Oct-17

137

CBN

341,634.08

UNUTILIZED IMTO TRANSFER TO CBN

357.00

25-Oct-17

262

OLUADEYEMI OLUBUNMI O

4,000.00

PTA

360.00

27-Oct-17

13

SERIKI KHADIJAT MOTUNRAYO

5,000.00

BTA

360.00

23-Oct-17

138

ARS NIGERIA LIMITED

ARTIFICIAL RESINS

305.95

25-Oct-17

263

OGIDAN PIUS OLUWATOSIN

4,000.00

PTA

360.00

27-Oct-17

14

ADEYEMI AKINYEMI ALABA

4,000.00

PTA

360.00

23-Oct-17

139

SATHYANARAYANAN SAMPATH

6,390.00

PERSONAL HOME REMITTANCE

315.00

25-Oct-17

264

ADEDOYIN K AJAKAIYE

4,000.00

PTA

360.00

27-Oct-17

15

AKPOFURE LEO OKIEMUTE

4,000.00

PTA

360.00

23-Oct-17

140

ADESOLA A YOMIAJAYI

8,535.88

PERSONAL HOME REMITTANCE

315.00

25-Oct-17

265

OYEKUNBI S ADETORO

4,000.00

PTA

360.00

27-Oct-17

16

SAMBO HALIMA MOHAMMED

4,000.00

PTA

360.00

23-Oct-17

141

AYAH JOHN CHIMUAYA

800.00

PTA

360.00

25-Oct-17

266

COLLINS E OSUJI

3,500.00

PTA

360.00

27-Oct-17

17

JOSHUA NGOZI MARTHA

4,000.00

PTA

360.00

23-Oct-17

142

ASIEGBU OGECHI CATHERINE

1,000.00

PTA

360.00

25-Oct-17

267

UGOCHUKWU HELEN CHINMA

4,000.00

PTA

360.00

27-Oct-17

18

ANYANELE JOSIAH CHUKWU

4,000.00

PTA

360.00

23-Oct-17

143

AMENECHI OMOWUNMI ADERINOLA

4,000.00

PTA

360.00

25-Oct-17

268

ALIMI TAJUDEEN OLABAMIDELE

1,350.00

PTA

360.00

27-Oct-17

19

SAKA SHOLADEMI OLUKEMI

4,000.00

PTA

360.00

23-Oct-17

144

JEGEDE ADEBOLA TOYIN

3,000.00

PTA

360.00

25-Oct-17

269

JOB IGNATIUS

3,100.00

PTA

360.00

27-Oct-17

20

ABORISADE FLORENCE KEMI

2,000.00

PTA

360.00

23-Oct-17

145

OKORONDU REMIGUS NDUBUISI

5,000.00

BTA

360.00

25-Oct-17

270

NWOSU CHINYERE ANNASTACIA

4,000.00

PTA

360.00

27-Oct-17

21

DURUOMA JUDE SIMEON

4,000.00

PTA

360.00

23-Oct-17

146

ADEKOYA EMMANUEL ADELEKE

4,000.00

PTA

360.00

25-Oct-17

271

MALIK AYANTUNDE SAYEDHAMZAH

22

DURUOMA NNEKA BASILIA

5,000.00

BTA

360.00

23-Oct-17

147

EZEH QUEEN NGOZI

4,000.00

PTA

360.00

25-Oct-17

272

EKE NDUBUISI

4,000.00

PTA

360.00

27-Oct-17

23

OGBODO MARIAGORETTI ONYINYE

4,000.00

PTA

360.00

23-Oct-17

148

ASOLUKA UZOMA IHEANYI

4,000.00

PTA

360.00

25-Oct-17

273

CHUKWU NICHOLAS CHINEDU

4,000.00

PTA

360.00

27-Oct-17

24

JITUBOH AMAIBI EMMAN

4,000.00

PTA

360.00

23-Oct-17

149

NWOKEDI TOCHUKWU

1,400.00

PTA

360.00

25-Oct-17

274

AGBO EMMANUEL IKECHUKWU

5,000.00

BTA

360.00

27-Oct-17

25

JAMES VICTORIA OLANIKE

4,000.00

PTA

360.00

23-Oct-17

150

MBA ENOBONG CHRISTIANA

4,000.00

PTA

360.00

25-Oct-17

275

ONYEMA DAVID OBINNA

5,000.00

BTA

360.00

27-Oct-17

26

EDEH CYNTHIA CHIOMA

4,000.00

PTA

360.00

23-Oct-17

151

ADEPOJU ADEYEMI SUNDAY

4,000.00

PTA

360.00

25-Oct-17

276

AZONWU MERCY OLEJI

300.00

PTA

360.00

27-Oct-17

27

AMAJATOJA DAVID

4,000.00

PTA

360.00

23-Oct-17

152

ADEPOJU KAFILAT YEMISI

4,000.00

PTA

360.00

25-Oct-17

277

EKPEBOR L. O FLORENCE

4,000.00

PTA

360.00

27-Oct-17

28

FAKOLADE EUNICE OMONIKE

3,500.00

PTA

360.00

23-Oct-17

153

UMAR ZAINAB MUSA

4,000.00

PTA

360.00

25-Oct-17

278

USORO INIOBONG

4,000.00

PTA

360.00

27-Oct-17

29

EZENWAMMA AZUBIKE E

5,000.00

BTA

360.00

23-Oct-17

154

ADAGBASA BLESSING

4,000.00

PTA

360.00

25-Oct-17

279

AZOGU OLAJUMOKE OLUWASEYE

4,000.00

PTA

360.00

27-Oct-17

30

OBABIYINICOL ADEBISI FOLORUNSO

5,000.00

BTA

360.00

23-Oct-17

155

OYELAMI GRACE ABOSEDE

300.00

PTA

360.00

25-Oct-17

280

AJULUCHUKWU DANIEL IKECHUKWU

4,000.00

BTA

360.00

27-Oct-17

31

BANWO OLUSEGUN OLUKAYODE

4,000.00

PTA

360.00

23-Oct-17

156

SOLOMON CLAPPERTON JEMINI

4,000.00

PTA

360.00

25-Oct-17

281

NWOCHA PRINCE

2,600.00

PTA

360.00

27-Oct-17

32

OBAFEMI HELEN OLUFEMI

4,000.00

PTA

360.00

23-Oct-17

157

VICTOR EMMANUELOZOENE

5,000.00

BTA

360.00

25-Oct-17

282

NWOKOCHA UKEGBU DANIEL

4,000.00

PTA

360.00

27-Oct-17

33

MMOM PRINCE CHINEDU

3,000.00

PTA

360.00

23-Oct-17

158

WOKOMA CHARLES INKOTARIAH

4,000.00

PTA

360.00

25-Oct-17

283

AKINS MARIA ABOSEDE

2,500.00

PTA

360.00

27-Oct-17

34

ADEOLOKUN BEVERLY NGOZI

1,500.00

PTA

360.00

23-Oct-17

159

JOHN DORIS JAPHET

4,000.00

PTA

360.00

25-Oct-17

284

SHOGEYINBO TAIWO HASSANAT

1,000.00

PTA

360.00

27-Oct-17

BOLARINWA ADENIHUN DUNNI

100.00

PTA

360.00

27-Oct-17

63,532.00

4,000.00

PTA

360.00

27-Oct-17

35

OGBODO IKECHUKWU

4,000.00

PTA

360.00

23-Oct-17

160

ADUGBA CHINEDU KENNETH

4,000.00

BTA

360.00

25-Oct-17

285

36

ANAENUGWU COSMAS ARINZE

4,000.00

PTA

360.00

23-Oct-17

161

IBRAHIM MUSTAPHA M

4,000.00

PTA

360.00

25-Oct-17

286

EDEKOBI TONY CHUMA

4,000.00

PTA

360.00

27-Oct-17

37

OLISA JOY DILICHUKWU

4,000.00

PTA

360.00

23-Oct-17

162

EGBAIWE ERICSON

4,000.00

PTA

360.00

25-Oct-17

287

ABUCHEM INDUSTRIAL CO LTD

5,000.00

BTA

360.00

27-Oct-17

38

OLISA CHIKA CHINEYE

4,000.00

PTA

360.00

23-Oct-17

163

EJAKPOMEWHE ROBINSON

3,000.00

PTA

360.00

25-Oct-17

288

YAKUBU ZAKARIA

3,050.00

PTA

360.00

27-Oct-17

39

APEMIYE LOVETTINA BOSEDE

4,000.00

PTA

360.00

23-Oct-17

164

AKABUSI JOHN ZIMAKO

4,000.00

BTA

360.00

25-Oct-17

289

OBODOZIE AKUNNA ANGELA MERICI

4,000.00

PTA

360.00

27-Oct-17

40

ODIA ITSETEMI

4,000.00

PTA

360.00

23-Oct-17

165

ANEKWE GLADYS

4,000.00

PTA

360.00

25-Oct-17

290

ALAWODE OLANIYI ANTHONY

4,000.00

PTA

360.00

27-Oct-17

41

ENAHORO VICTOR MAURICE

4,000.00

PTA

360.00

23-Oct-17

166

JOE IKECHEBELU NGOZI

5,000.00

BTA

360.00

25-Oct-17

291

AKINTAYO BELLO

4,000.00

PTA

360.00

27-Oct-17

42

AMENECHI ANDREW NWABUEZE

4,000.00

PTA

360.00

23-Oct-17

167

ILECHUKWU PHILIP

4,000.00

PTA

360.00

25-Oct-17

292

IDOKO CHINWERO

4,000.00

PTA

360.00

27-Oct-17

43

YEMAIYAYE VIOLET

5,000.00

BTA

360.00

23-Oct-17

168

UNIGWE NNENNA L

5,000.00

PTA

360.00

25-Oct-17

293

EZE EMEKA

1,500.00

PTA

360.00

27-Oct-17

44

BANKOLE OLUROTIMI FAUSAT

4,000.00

PTA

360.00

23-Oct-17

169

DR REGINA ETITA ELLA

1,500.00

PTA

360.00

25-Oct-17

294

ORUOGHOR JUDE

4,000.00

PTA

360.00

27-Oct-17

45

HASSAN HABEEB AJIBOLA

4,000.00

PTA

360.00

23-Oct-17

170

OKOYE NWEKE CHRISTOPHER

4,000.00

PTA

360.00

25-Oct-17

295

EGBEOCHA JUDITH

4,000.00

PTA

360.00

27-Oct-17

46

AJADI JIMOH

4,000.00

PTA

360.00

23-Oct-17

171

OVBIAGBONHIA FRANK

4,000.00

PTA

360.00

25-Oct-17

296

TUKUR HADIZA

4,000.00

PTA

360.00

27-Oct-17

47

EBAMIENLEN SAMUEL IGBERIA

700.00

PTA

360.00

23-Oct-17

172

BAKRE BUKOLA EBUN

360.00

25-Oct-17

297

UZOEGWU IKECHUKWU MARTIN

4,000.00

PTA

360.00

27-Oct-17

48

CHEN MARIE OGIM

1,000.00

PTA

360.00

23-Oct-17

173

EZIMOHA OKECHUKEU

2,577.61

BTA

360.00

25-Oct-17

298

AJAERO CHIAKA JOSEPH

4,000.00

PTA

360.00

27-Oct-17

49

UGBINI BLESSING

2,350.00

PTA

360.00

23-Oct-17

174

AIVINHENYI OVENSERI CHRISTIANA

3,941.67

PTA

360.00

25-Oct-17

299

OKOLO ANENE ANGELA

4,000.00

PTA

360.00

27-Oct-17

50

OKURIBIDO GRACE IBUKUN

2,400.00

PTA

360.00

23-Oct-17

175

POPOOLA SAMSON OLUGBENGA

792.48

PTA

360.00

25-Oct-17

300

AKPAN AKANINYENE EMMANUEL

4,000.00

PTA

360.00

27-Oct-17

51

AWOPETU IBIDAPO EBUBE

4,000.00

PTA

360.00

23-Oct-17

176

BAKRE BUKOLA EBUN

264.00

PTA

360.00

25-Oct-17

301

ADIBE JOHN

5,000.00

BTA

360.00

27-Oct-17

52

AWOPETU OKPAN RACHEAL

4,000.00

PTA

360.00

23-Oct-17

177

ECHI ADADU

1,326.89

PTA

360.00

25-Oct-17

302

AYIBA VALENTINE

5,000.00

BTA

360.00

27-Oct-17

53

MOREBISE OLAYINKA IYABODE

700.00

PTA

360.00

23-Oct-17

178

OGBO PETER CHUKWUEMEKA

3,191.76

PTA

360.00

25-Oct-17

303

EZIKE EMMANUEL IKENNA

5,000.00

BTA

360.00

27-Oct-17

54

AMEYE PETER KINGSLEY

800.00

PTA

360.00

23-Oct-17

179

OGBUTOR G OGOCHUKWU

3,998.49

PTA

360.00

25-Oct-17

304

ONYEJEKWE EMMANUEL CHIBUEZE

5,000.00

BTA

360.00

27-Oct-17

55

AFOLABI TITILAYO MUTIAT

1,700.00

PTA

360.00

23-Oct-17

180

IJIWOLA FLORENCE TITILOLA

56

MICHIKA JOSEPH MARY

4,000.00

PTA

360.00

23-Oct-17

181

OKAFOR MAURICE KAODINYE

57

ALABA DAMILOLA DORIS

300.00

PTA

360.00

23-Oct-17

182

ADEWALE ADEWUYI ADEDOTUN

58

MAMUDU OSENI KEHINDE

2,000.00

PTA

360.00

23-Oct-17

183

OKECHINDA MERCY

5,708.27

59

ONYIWE BERNARD

5,000.00

BTA

360.00

23-Oct-17

184

AUDU BABA

60

IGWE CHIMEZIE

4,000.00

BTA

360.00

23-Oct-17

185

OLUGBENRO O ODETUNDE

61

JOHNSON ADESEWA WUNMI

4,000.00

BTA

360.00

23-Oct-17

186

OGBEVIRE BENSON

62

OYEMITAN IDRIS AJAYI

500.00

PTA

360.00

23-Oct-17

187

EKAD CONCEPT COMPANY LIMITED

5,600.00

63

ARUA IFEANYI

1,100.00

PTA

360.00

23-Oct-17

188

ODION AUSTIN IGHODALO

64

OLUFOLAHAN JOSEPH TOYIN

3,000.00

PTA

360.00

23-Oct-17

189

OKIERIETE G AJAYI

65

ERHABOR EFOSA GREGORY

4,000.00

PTA

360.00

23-Oct-17

190

66

ERHABOR AYODELE FOLAKEMI

4,000.00

PTA

360.00

23-Oct-17

67

EGWUONWU CHIMEZIE

4,000.00

PTA

360.00

68

OKAH LAWRENCE OSAROBO

5,000.00

BTA

360.00

69

ENABULELE EMWINDARU CHRIS

4,000.00

PTA

70

IKWUWEME CHUKWUMA I

4,000.00

PTA

71

IMADE OSAZUWA JERRY

5,000.00

BTA

72

MOHAMMED SAADU YUSUF

4,000.00

73

OKEKE CASMIR IFEANYI

4,000.00

74

HADIZA BALA SANI

1,200.00

PTA

75

BMS INTL RESOURCES LTD

76

IATA

77

WARREN POINT ELECTRICAL LTD

78 79 80

GMT NIGERIA LTD

81

CBN

82

CBN

83

EKHAMA RICHARD

4,000.00

PTA

84

DIKKO JUNAID

4,000.00

PTA

85

AWOSILE OLUROTIMI KUNLE

4,000.00

PTA

360.00

86

EWAH BASIL UROMIAMHEN

5,000.00

BTA

87

NWEKE CHINWE NKECHINYERE

4,000.00

PTA

88

NWANMA RAY KELECHI

4,000.00

PTA

360.00

89

OBELLE CYRIL TOCHUKWU

4,000.00

PTA

90

UDEOZO NWABUOGO NKECHI

2,300.00

91

ISOKPAN HENRIETTA

92

PEACE EDEM OFFIONG

93

EBEDE ARINZE MESHACK

94 95

955.20

PTA

399.57

PTA

360.00

25-Oct-17

305

AGALA BELEMA

1,316.50

PTA

360.00

27-Oct-17

3,943.25

PTA

360.00

25-Oct-17

306

WELLINGTON FABIAN LANRE

1,054.40

PTA

360.00

27-Oct-17

539.68

PTA

360.00

25-Oct-17

307

NYECHEWOLUCHOR TINA

2,643.61

PTA

360.00

27-Oct-17

SCHOOL FEES

360.00

25-Oct-17

308

OKOROMA LORRETA NKECHI

529.88

PTA

360.00

27-Oct-17

5,322.40

SCHOOL FEES

360.00

25-Oct-17

309

OMOTOSO KIKELOMO

3,994.50

BTA

360.00

27-Oct-17

550.00

SCHOOL FEES

360.00

25-Oct-17

310

NWOCHA PRINCE

1,334.81

PTA

360.00

27-Oct-17

5,920.06

SCHOOL FEES

360.00

25-Oct-17

311

PATRICK E RITA

11,919.00

SCHOOL FEES

360.00

27-Oct-17

SCHOOL FEES

360.00

25-Oct-17

312

AYOKU A LIADI

14,942.25

SCHOOL FEES

360.00

27-Oct-17

LIVING EXPENSE

360.00

25-Oct-17

313

SAMUEL B AKINSANMI

6,273.56

SCHOOL FEES

360.00

27-Oct-17

3,450.00

SCHOOL FEES

360.00

25-Oct-17

314

SEIMIEKUMO O ODIKI

10,678.40

SCHOOL FEES

360.00

27-Oct-17

IATA

5,866.84

ICCSREMITTANCE OF TKT PROCEED

360.00

25-Oct-17

315

AUGUSTINE J ODILI

14,682.80

SCHOOL FEES

360.00

27-Oct-17

191

IATA

59,891.35

ICCSREMITTANCE OF TKT PROCEED

360.00

25-Oct-17

316

LEBARI B NANIA

3,817.72

SCHOOL FEES

360.00

27-Oct-17

23-Oct-17

192

BINTROP NIGERIA LTD

23-Oct-17

193

AFRICA GB FOOD MANUFACTURING

360.00

23-Oct-17

194

JULIUS BERGER NIGERIA PLC

360.00

23-Oct-17

195

WANDEL INTL(NIG) LTD

360.00

23-Oct-17

196

PTA

360.00

23-Oct-17

PTA

360.00

23-Oct-17

360.00

23-Oct-17

RAW MATERIALS

360.50

ICCS REMITTANCE OF TKT PROCEED

360.95

63,328.40

AC MOTOR SINGLE PHASE

360.50

CHINA UNITY MFG NIG LTD

74,524.00

WATER PUMPS

CHINA UNITY MFG NIG LTD

10,324.00

INDUSTRIAL SEWING MA SWEETENED CONDENSED MILK

306,457.59 243,883.40

400.00

ALOMO BITTERS

360.50

25-Oct-17

317

LEBARI B NANIA

4,069.53

SCHOOL FEES

360.00

27-Oct-17

BAMA JAGO MAYONNAISE

360.50

25-Oct-17

318

MR AND MRS AUSTINE BEN ABALI

5,420.77

SCHOOL FEES

360.00

27-Oct-17

190,237.48

BUILDING MATERIAL

360.50

25-Oct-17

319

PRUDENT INDUSTRIES LIMITED

11,323.20

SCHOOL FEES

360.00

27-Oct-17

269,000.00

MOTORIZED TRICYCLES

360.00

25-Oct-17

320

CHUKWUEMEKA UGWU

500.00

SCHOOL FEES

360.00

27-Oct-17

WANDEL INTL(NIG) LTD

269,000.00

MOTORIZED TRICYCLES

360.00

25-Oct-17

321

ABACO INVESTMENT LIMITED

8,017.00

SCHOOL FEES

360.00

27-Oct-17

197

ELECTRONIC PAYPLUS LTD

426,329.40

SMARTCARDS

360.00

25-Oct-17

322

AARON E EZE

1,842.00

SCHOOL FEES

360.00

27-Oct-17

198

CAPITAL COLD ROLLING MILLS LTD

76,490.00

MACHINERY FOR STEEL PLANT

359.50

25-Oct-17

323

OKOH HUDSON ONU

5,600.00

SCHOOL FEES

360.00

27-Oct-17

199

IKORODU STEEL MILLS LTD

211,550.00

MACHINERY FOR STEEL PLANT

359.50

25-Oct-17

324

ADAMU YUSUF DANTSOHO

2,190.00

SCHOOL FEES

360.00

27-Oct-17

23-Oct-17

200

IKORODU STEEL MILLS LTD

240,500.00

MACHINERY FOR STEEL PLANT

359.50

25-Oct-17

325

ANYAKU, IJEOMA EUCHARIA

11,976.09

SCHOOL FEES

360.00

27-Oct-17

23-Oct-17

201

AFRICAN STEEL MILLS NIG LTD

674.07

MACHINERY FOR STEEL PLANT

359.50

25-Oct-17

326

PATRICK B NEFAI

3,765.06

SCHOOL FEES

360.00

27-Oct-17

23-Oct-17

202

CAPITAL COLD ROLLING MILLS LTD

39,554.00

MACHINERY FOR STEEL PLANT

359.50

25-Oct-17

327

FRANK HENDRIKS

2,500.00

PERSONAL HOME REMITTANCE

359.00

27-Oct-17

360.50

23-Oct-17

203

CAPITAL COLD ROLLING MILLS LTD

15,899.00

MACHINERY FOR STEEL PLANT

359.50

25-Oct-17

328

FRANK HENDRIKS

4,500.00

PERSONAL HOME REMITTANCE

359.00

27-Oct-17

360.50

23-Oct-17

204

CAPITAL COLD ROLLING MILLS LTD

1,565.28

MACHINERY FOR STEEL PLANT

359.50

25-Oct-17

329

9MOBILE –EMERGING MARKET TELECOM

ASP SERVICE CHARGE

360.15

27-Oct-17

359.00

23-Oct-17

205

CAPITAL COLD ROLLING MILLS LTD

786.14

MACHINERY FOR STEEL PLANT

359.50

25-Oct-17

330

GOLDEN AGRI INPUTS LTD.

BRAZILIAN SUGAR CANE

360.00

27-Oct-17

UNUTILIZED IMTO TRANSFER TO CBN

357.00

24-Oct-17

206

ARS NIGERIA LIMITED

UNUTILIZED IMTO TRANSFER TO CBN

357.00

24-Oct-17

207

CBN

360.00

24-Oct-17

208

CBN

360.00

24-Oct-17

209

JUDDY BOLEMA IND.

24-Oct-17

210

KAM IND

100,000.00

360.00

24-Oct-17

211

JUDDY BOLEMA IND.

POLYETHYLENE VIRGIN

305.65

26-Oct-17

360.00

24-Oct-17

212

ANDREWS REUBEN G. J.

9,900.00

PERSONAL HOME REMITTANCE

315.00

26-Oct-17

24-Oct-17

213

DURU CHIDEBERE ALOYSIUS

5,000.00

BTA

360.00

26-Oct-17

360.00

24-Oct-17

214

ABASS ADENIKE AJOKE

5,000.00

BTA

360.00

26-Oct-17

PTA

360.00

24-Oct-17

215

ADEDOYIN SHADIAT BOLAJOKO

4,000.00

PTA

360.00

26-Oct-17

3,000.00

PTA

360.00

24-Oct-17

216

ILO INNOCENT UGOCHUKWU

3,000.00

PTA

360.00

26-Oct-17

2,600.00

PTA

360.00

24-Oct-17

217

OLALEYE OLUBODUNRIN O

4,000.00

PTA

360.00

26-Oct-17

4,000.00

PTA

360.00

24-Oct-17

218

BANKOLE ADERSON ABODUN

4,000.00

PTA

360.00

26-Oct-17

AJAYI JOHN OLULOPE

2,500.00

BTA

360.00

24-Oct-17

219

OHUABUNWA CHINENYE ESTHER

4,000.00

PTA

360.00

26-Oct-17

EKWEZIA UCHE JUDE

5,000.00

BTA

360.00

24-Oct-17

220

TARI PETER

3,000.00

PTA

360.00

26-Oct-17

96

DIKE ALOZIE JECINTA

4,000.00

PTA

360.00

24-Oct-17

221

NWACHUKWU JENNIFER KELECHI

4,000.00

PTA

360.00

26-Oct-17

97

AIGBOKHAI DAVID DADA

4,000.00

PTA

360.00

24-Oct-17

222

GLADYS IGE ADENIKINJU

4,000.00

PTA

360.00

26-Oct-17

98

AKABUILO EMEKA

5,000.00

BTA

360.00

24-Oct-17

223

COLE ADEYEMI THOMAS ADEDOKUN

1,500.00

PTA

360.00

26-Oct-17

99

EZEONYEASI TOCHUKWU STANLEY

4,000.00

PTA

360.00

24-Oct-17

224

AKINYEMI OLUWADAMILOLA ABISOLA

1,000.00

PTA

360.00

26-Oct-17

100

OLATUNDE TOBI ABIODUN

700.00

PTA

360.00

24-Oct-17

225

SOIFIDIYAOSHUN ADEJONWO ALAKE

3,000.00

PTA

360.00

26-Oct-17

101

AJAYI JOHN OLULOPE

550.00

BTA

360.00

24-Oct-17

226

EZEJELUE NWABUNIKE ROBISON

5,000.00

BTA

360.00

26-Oct-17

102

NKWOCHA IFEANYI SAMUEL

4,000.00

PTA

360.00

24-Oct-17

227

MORAKINYO OLUKUNLE

4,300.00

BTA

360.00

26-Oct-17

103

AHUNANYA CHINASA

400.00

PTA

360.00

24-Oct-17

228

ANYAEGBU IKECHUKWU

5,000.00

BTA

360.00

26-Oct-17

104

MATULUKO ROBERT

4,000.00

PTA

360.00

24-Oct-17

229

MOMODU SIRAJ AHMED

4,000.00

PTA

360.00

26-Oct-17

105

NZEH NGOZI

200.00

PTA

360.00

24-Oct-17

230

IKEDIASOR NGOZI MAUREEN

4,000.00

PTA

360.00

26-Oct-17

106

AKEJU OLUWAKEMI

1,000.00

PTA

360.00

24-Oct-17

231

NDU LUCKY ONYINYE

4,000.00

PTA

360.00

26-Oct-17

107

OLAYINKA BABATUNDE

4,000.00

PTA

360.00

24-Oct-17

232

AWOLARU OLUBUKOLA

3,900.00

PTA

360.00

26-Oct-17

108

EZIHE JACQUELINE

4,000.00

PTA

360.00

24-Oct-17

233

AWOLARU STEPHEN

4,000.00

PTA

360.00

26-Oct-17

109

IBRAHIM ISKILL BOLAJI

4,000.00

PTA

360.00

24-Oct-17

234

AFOLABI ALBERT ABIODUN

4,000.00

PTA

360.00

26-Oct-17

110

FOLORUNSHO DANIEL

5,000.00

BTA

360.00

24-Oct-17

235

OKOYE EMEKA CHRISTOPHER

4,742.00

BTA

360.00

26-Oct-17

111

ROBINSON CLARA OYERONKE

4,000.00

PTA

360.00

24-Oct-17

236

OWHOTU BENJIE VICTOR

2,371.00

PTA

360.00

112

ABIKOYE TEMILOLUWA M

2,000.00

PTA

360.00

24-Oct-17

237

OBASI EKELE

1,017.79

PTA

360.00

26-Oct-17

113

OKOLI HYACINTH UCHE

1,200.00

PTA

360.00

24-Oct-17

238

OKOROAFOR KATE ONYEMMA

3,304.51

PTA

360.00

26-Oct-17

114

UCHENDU FRANCES NONYE

4,000.00

PTA

360.00

24-Oct-17

239

AKINGBADE ADEWALE EDWARD

3,833.24

PTA

360.00

26-Oct-17

115

IBEGBULEM IJEOMA VIVIAN

3,200.00

PTA

360.00

24-Oct-17

240

ADEBAYO ILORI

1,914.60

SCHOOL FEES

360.00

26-Oct-17

116

EJEH JUMMAI

2,965.49

PTA

360.00

24-Oct-17

241

JUBRIL A ADEOYE

598.31

SCHOOL FEES

360.00

26-Oct-17

117

EJEH CYNTHIA

2,965.49

PTA

360.00

24-Oct-17

242

ADEJOH C ADEMU

14,804.16

SCHOOL FEES

360.00

26-Oct-17

118

KWABO UMARU

SCHOOL FEES

360.00

24-Oct-17

243

BWARI A BAWA

6,899.80

SCHOOL FEES

360.00

26-Oct-17

119

IDRIS S NYAM

8,168.06

SCHOOL FEES

360.00

24-Oct-17

244

CHUKWUNENYE C ORJI

2,363.62

SCHOOL FEES

360.00

26-Oct-17

120

MOHAMMED KACHALLAH

6,649.50

SCHOOL FEES

360.00

24-Oct-17

245

VICTOR O ADEPOJU

1,369.53

LIVING EXPENSE

360.00

26-Oct-17

121

IROBEKHIAN I PETER

5,984.55

SCHOOL FEES

360.00

24-Oct-17

246

PRIME HERITAGE SEC SCHOOL

11,000.00

SCHOOL FEES

360.00

26-Oct-17

122

ACE SOLICITORS

10,506.21

SCHOOL FEES

360.00

24-Oct-17

247

SAKA YUSUF AWEDA

6,780.00

SCHOOL FEES

360.00

26-Oct-17

123

ESSIEN EMMANUEL IBOK

13,963.95

SCHOOL FEES

360.00

24-Oct-17

248

MBAHAOTU N JOEL

2,600.00

SCHOOL FEES

360.00

124

PREMIUM PROJECT INFRASTRUCTURE LTD

2,011.90

SCHOOL FEES

360.00

24-Oct-17

249

MUFUTAU A AMUDA

1,000.00

SCHOOL FEES

360.00

26-Oct-17

125

NYEMA MEKABE MPI

4,010.00

SCHOOL FEES

360.00

24-Oct-17

250

BEN ELECTRONICS CO. NIG. LTD

5,000.00

SCHOOL FEES

360.00

26-Oct-17

www.ubagroup.com

64,954.00 8,300,000.00

1,256.43

904.33

130,000.00 71,625.74

36,468.00

ARTIFICIAL RESINS

305.95

25-Oct-17

UNUTILIZED IMTO TRANSFER TO CBN

357.00

26-Oct-17

209,918.16

UNUTILIZED IMTO TRANSFER TO CBN

357.00

26-Oct-17

116,280.00

POLY VINYL CHLORIDE PVC

305.65

26-Oct-17

HOT ROLLING MILL PLANT

306.25

26-Oct-17

251,885.46

64,005.00

77,760.00 2,100,000.00

26-Oct-17

26-Oct-17

Africa’s global bank

5 ) * 4 % ": t TUESDAY, OCTOBER 31, 2017

43

TUESDAY, OCTOBER 31, 2017Ëž T H I S D AY

44

NEWS

Ă?ĂĄĂ? Ă&#x17D;Ă&#x201C;Ă&#x17E;Ă&#x2122;Ă&#x153; Davidson Iriekpen Ă&#x2014;Ă&#x2039;Ă&#x201C;Ă&#x2013; davidson.iriekpen@thisdaylive.com, 08111813081

IMF: Debt Service Becoming Burden to Nigeria, Others Obinna Chima The International Monetary Fund (IMF) has stated that debt servicing costs are becoming a burden, especially in oilproducing countries such as Nigeria, Angola and Gabon in Africa.

This, according to the multilateral institution, was expected to absorb more than 60 per cent of government revenues in the aforementioned countries in 2017.

The fund stated this in its Regional Economic Outlook titled: â&#x20AC;&#x2DC;The Quest for Recovery,â&#x20AC;&#x2122; posted on its website yesterday.

Also, the fund noted that fiscal risks had started to materialise in several fast-growing nonresource intensive countries, partly reflecting security developments and a decline in cocoa prices (CĂ´te dâ&#x20AC;&#x2122;Ivoire) and fiscal slippages during an election year (Ghana, Kenya).

According to the IMF, the broad-based slowdown in sub-Saharan Africa was easing, while the underlying situation remains difficult.

Growth in the region was expected to pick up from 1.4 per cent in 2016 to 2.6 per cent in 2017, reflecting one-off factorsâ&#x20AC;&#x201D;particularly, the rebound in Nigeriaâ&#x20AC;&#x2122;s oil and agricultural production, the easing of drought condition that impacted much of eastern and southern Africa in 2016 and early 2017â&#x20AC;&#x201D;and a more supportive external environment.

The report stated that while 15 out of 45 countries continue to grow at five per cent or faster, growth in the region was

projected to barely surpass the rate of population growth. â&#x20AC;&#x153;And in 12 countries, comprising over 40 per cent of sub-Saharan Africaâ&#x20AC;&#x2122;s population, income per capita is expected to decline in 2017. â&#x20AC;&#x153;A further pickup in growth to 3.4 per cent is expected in 2018, but momentum is weak, and growth will likely remain well below past trends in 2019. â&#x20AC;&#x153;Ongoing policy uncertainty in Nigeria and South Africa continues to restrain growth in the continent two largest economies. Excluding these two economies, the average growth rate in the region is expected to be 4.4 per cent in 2017, rising to 5.1 per cent in 2018â&#x20AC;&#x201C;2019. â&#x20AC;&#x153;But even where growth remains strong, in many cases, it continues to rely on public sector spending, often at the cost of rising debt and crowding out of the private sector,â&#x20AC;? the report added.

According to IMF, key downside risks to the regionâ&#x20AC;&#x2122;s growth outlook emanated from the larger economies, where elevated political uncertainty could delay needed policy adjustments and dampen investor and consumer confidence.

It, however, noted that some progress had however been made to address the policy inertia in the Central African Economic and Monetary Community (CEMAC) as most hard-hit oil exporters have embarked on adjustment programs to facilitate economic recovery, while discussions with the remaining two CEMAC members were underway.

APGA: Obiano Remains Our Authentic Candidate Ejiofor Alike The All Progressives Grand Alliance (APGA) has described the news by some online platforms which claim that a Federal High Court sitting in Abuja has restrained the Governor of Anambra State, Chief Willie Obiano from parading himself as the authentic candidate of APGA in the forthcoming gubernatorial polls in Anambra State as false and deliberate.

APGAâ&#x20AC;&#x2122;s National Legal Adviser, Mr. Ifeanyi Mbaeri, said in a statement yesterday that there was no such order or ruling by any court in Abuja or anywhere in Nigeria, stressing that Obiano is still the authentic candidate of APGA. Mbaeri said the party was aware that Martin Agbaso approached the Federal High Court in Abuja through an originating summons seeking some reliefs.

According to Mbaeri, the reliefs include; an ex parteâ&#x20AC;&#x2122; application for interim injunction restraining Obiano as the authentic candidate of APGA; to stop the Independent National Electoral Commission (INEC) from recognising him as APGA flag-bearer, and order

for substituted service of the court processes. â&#x20AC;&#x153;However, the presiding judge, Justice J.T. Tsoho declined the applicantsâ&#x20AC;&#x2122; request for an interim order of injunction restraining both INEC and Chief Obiano. The judge merely agreed that Chief Willie Obiano can be served the court processes by substituted means hence the publication in The Sun Newspapers of 30/10/2017 and an order for accelerated hearing of the suit.

The courtâ&#x20AC;&#x2122;s ruling was merely procedural and is to ensure that parties to the matter are duly informed,â&#x20AC;? Mbaeri explained.

He added that as a law abiding political party whose gubernatorial candidate emerged through the most transparent process observed and certified by the electoral umpire, APGA is confident that no amount of blackmail or false rumour can stop its march to victory in the November polls. â&#x20AC;&#x153;Therefore Ndi Anambra and all APGA faithful are urged to disregard the antics of the desperate opposition who have resorted to distorting the facts using pliable internet habituĂŠs to peddle misleading news,â&#x20AC;? he said.

Furthermore, it reiterated that growing exposure to the sovereign and the accumulation of domestic arrears have magnified pressures in the financial sector, as evidenced in higher non-performing loans (Angola, Ghana, Nigeria), a sharp decrease in the growth of credit to the private sector (CEMAC, Zambia), and bank under-capitalisation (Nigeria). â&#x20AC;&#x153;While current account deficits

have started to narrow and exchange market pressures appear to have abated, as part of response to much needed monetary tightening, international reserves have fallen below adequacy levels in many countries, especially those with fixed exchange rate regimes. â&#x20AC;&#x153;In this context, addressing fiscal vulnerabilities emerges as a key policy priority in many countries, which needs to go hand in hand

with renewed efforts to tackle constraints on growth. â&#x20AC;&#x153;Consolidation needs are largest and most pressing in the oil-exporting countries, which must adjust to oil revenues now less than half their 2013 level and expected to decrease further, as a percentage of GDP, in the near term. â&#x20AC;&#x153;Sub-Saharan African countries can also seize opportunities to enhance growth above current

projections through structural transformation and export diversification. â&#x20AC;&#x153;Strengthening macroeconomic stability in itself carries a large premium, but beyond that, many countries could also strengthen their growth prospects by improving access to credit, infrastructure and the regulatory environment, and building a skilled workforce,â&#x20AC;? the fund added.

THE HORSE-TRADING BEGINSâ&#x20AC;Ś

President Muhammadu Buhari (left) met the National Leader of the All Progressives Congress (APC), Bola Ahmed Tinubu, at the State House, Abuja yesterday ahead of the National Caucus and National Executive Committee meetings of the ruling party

Alison-Madueke Moves to Compel Court to Join or Delete Her Name from Criminal Charge Davidson Iriekpen A former Minister of Petroleum Resources, Mrs. Diezani AlisonMadueke, yesterday moved to compel a Federal High Court in Lagos to issue an order listing her as a party to a N500 million fraud charge involving a Senior Advocate of Nigeria (SAN), Mr. Dele Belgore.

The Economic and Financial Crimes Commission (EFCC) had charged Belgore together with a former Minister of National Planning, Prof. Abubakar Suleiman, on a five-count charge bordering on N500 million fraud.

The EFCC had named the former petroleum minister as an accomplice in the criminal trial of the duo. She was however described as being â&#x20AC;&#x153;at large.â&#x20AC;&#x153; The prosecutor, Mr. Rotimi Oyedepo, had opened the case for the prosecution and had already called two witnesses in the ongoing trial.

At the last adjourned date on October 6, Allison-Madueke, through her lawyer, urged the court to compel the Attorney General of the Federation (AGF) to extradite her from the United Kingdom to defend the charges.

The judge, Justice Mohammed Aikawa, had then adjourned the case to hear the motion for joinder of Allison-Madueke.

When trial resumed yesterday, Mr. Onyechi Ikpeazu (SAN), counsel representing AllisonMadueke (applicant), succinctly moved the court to grant his application for joinder of the applicant, in the sole interest of justice.

He said: â&#x20AC;&#x153;My lord, we have a motion dated September 29 and an affidavit of 16 paragraphs, together with a written address, which we rely on. â&#x20AC;&#x153;We have received the counter affidavit of counsel, but there remains yet one consideration which should touch conscience of parties. â&#x20AC;&#x153;In four counts of the charge, the applicantâ&#x20AC;&#x2122;s name was mentioned clearly, and there is no alteration to the fact that she has been charged; it simply suggests that it is a consummated complaint.â&#x20AC;?

According to Ikpeazu, Â by the definition section of 494(1) of the Administration of Criminal Justice Act (ACJA), a defendant is any person against whom a complaint or charge is made, while a charge refers to an allegation that any named person has committed an offence.

He argued that from count one to count four, the name of the applicant was mentioned as an accomplice, adding that it would be in the interest of justice to join her in the charge.

Persuasively citing the

authority of FRN vs Jide Omokore, FHC/Abj/ CR/121/2016, which he argued bears similarity with the instant case, he noted that the judge had struck out the charges on similar grounds. He submitted: â&#x20AC;&#x153;We will have no objections if the applicantâ&#x20AC;&#x2122;s name is extracted from the charge, then, trial can proceed. Otherwise, she should be included in the charge. â&#x20AC;&#x153;I know that she will be happy to come and face the trial.â&#x20AC;? Objecting to the motion for joinder, counsel to the first accused, Mr. E. O Shofunde (SAN), informed the court of his counter affidavit filed in opposition to the application.

Firstly, Shofunde argued that the applicant was not a necessary party to the suit since in the end, the court would only decide the guilt or innocence of the first and second accused who were charged.

Again, he contended that by the combined provisions of sections 216(2), 221, 273, 274, and 494(1) of the ACJA, only the prosecution could exercise the power to amend a process during trial.

He argued that it would be incongruous for any other party to seek an amendment of a criminal charge, adding that the court will not make an order in vain.

Besides, the counsel argued that it would amount to a waste of precious judicial time if that amendment is allowed since progress has been made in the case. In his response, the prosecutor, Oyedepo, hinged his argument in line with the first defence counsel, and vehemently opposed the application for joinder.

Citing the judicial authority of Ewenla vs State, he noted that where trial has commenced, the state can only amend a charge for  the purposes of adding offences and not defendants.

Oyedepo submitted that if an amendment is allowed at this stage, it would occasion a miscarriage of justice.

He added that several attempts were initially made to interrogate the applicant, but that she fled to London after she got wind of the move by the EFCC, and has since then carefully avoided any meeting with the commission.

According to Oyedepo, it is misconceived and too late in the day for the applicant to now seek to be joined in the charge when she is already under investigation in London.

He submitted that whenever the applicant returns to Nigeria, she can still be tried, as time does not run against prosecution in criminal trial.

After listening to counsel arguments, Justice Aikawa fixed November 1 for ruling.

45

TUESDAY, OCTOBER 31, 2017˾ T H I S D AY

NEWSXTRA

Fowler: VAIDS Has Yielded N18bn in Four Months Olawale Ajimotokan ÓØ ÌßÔË The Chairman of the Federal Inland Revenue Service (FIRS) Mr. Babatunde Fowler has disclosed that the Voluntary Assets and Income Declaration Scheme (VAIDS) has yielded over N18billion ($50 million) in revenue since its launch four months ago.

Fowler made the disclosure yesterday while speaking at a peer leaning event on internally generated revenue (IGR) and how to achieve effective tax administration, organised by the World Bank and Nigeria Governors’ Forum (NGF) in Abuja.

Fowler also advised taxpayers not to take VAIDS for granted, cautioning that the amnesty period granted by the federal government to companies and individuals that had evaded tax would end

by March 2018.

“I am glad to note that a lot of enquires have been made both at the state and federal level.

“At the federal level over $50 million have been realised through this scheme today.

“I will like also to use this opportunity to call on the

general public to give total support to the tax authorities and revenue agencies to enable us efficiently discharge our duties by collecting the needed revenue to fund government projects and services.

“To address the challenges we have discussed, the government has proposed to access and obtain information from all categories of taxpayers through VAIDS. “Under this scheme, all taxpayers who are in default of payment will be required to voluntarily declare their income before March 31, 2018.

“We hope from this month on, all states will be complaint with the remittance of VAT and withholding tax as and when due. This will not only increase IGR at the state level but will also increase IGR at the federal level,” he said.

Fowler further revealed that a staggering 165 million of Nigerians were defaulting in tax payments to the federal government.

He said that from available records, the total number of individual taxpayers across the country still falls below 15 million, with majority of individuals in the private

sector, including self-employed persons, professionals and high net worth individuals defaulting in the payment of taxes which they are liable to pay.

“It is in order to stem these challenges that prompted government to propose having access to information on all categories of taxpayers through the Voluntary Asset and Income Declaration Scheme (VAIDS), whereby taxpayers who are in default of tax payments will be required to voluntarily declare their assets and income within a time frame,” Fowler explained.

He also stressed that Nigeria will be better off and more jobs created and economic activities promoted if more revenue was generated at the state and federal levels.

According to him, the revenue target in the next two to three years is similar to the target at the national level, which is to fund the national budget through taxes, which currently accounts for 65 per cent of non-oil revenue.

The Director General of NGF, Asishana Okauru in his remarks at the event, said the forum had resolved to replicate the reforms that led to the 20

per cent growth in IGR in 23 states of the federation in 2016 in the remaining 13 states that witnessed a contraction in IGR generation.

In this regard, Okauru said the NGF would provide technical assistance to the states next year by expanding support in other areas of public financial management.

The recession, notwithstanding, 23 states grew their IGR from N687 billion in 2015 to N821 billion in 2016.

He attributed the outcomes to significant improvements in technology in the remittance systems evolved by the states,

updates of rates and charges and the institutionalization of state revenue boards.

“For instance, Kaduna developed state-level MDA laws, focusing on the autonomy of the board of internal revenue, Kano strengthened MDA operations and streamlined rates and charges.

Also, Cross River reviewed its tax policy to promote voluntary compliance, while there is a real time dashboard in Benue that monitors the flow of remittances. These are commendable practices and we already seeing the results,” he said.

FG Engages Israeli Firm to Police Nigeria’s Territorial Waters To save shipping companies $180m annually Eromosele Abiodun The federal government has engaged an Israeli firm to police Nigeria’s territorial waters for three years and train members of the Nigerian Navy and security personnel after which the Nigerian security agents will take over the security of the nation’s waters.

The Minister of Transportation, Rotimi Amaechi, stated this yesterday while speaking at the World Maritime Day event with the theme: ‘Connecting Ships, Ports and People’, held in Lagos.

Ameachi, who did not mention the name of the Israeli firm, disclosed that the development would save shipping companies over $180 million (N55.62 billion) in security fees, adding that Meask alone pays $18 million annually for its ships to be escorted in and out of Nigeria.

According to him, “Security is a major challenge globally especially in the Gulf of Guinea.

There have been major concerns and developments to address the issues of Maritime security along the Gulf of Guinea. Various initiatives, actions, programmes and centres/organisation have been developed and established to counter this insecurity. This administration has seen the need for all relevant maritime agencies to synergise to improve efficiency in our ports.”

He added that the federal government has recorded some level of success on the concessioning of Onitsha River

port, “while others like Lokoja, Baro, Oguta, River Ports are all in the pipeline and a priority for this administration. The maintenance dredging of Ajaokuta to Onitsha channels of River Niger is a major step to boost the huge potential in our inland waterways transportation.

“On the ever present challenge of vehicular movement in our ports, especially the Apapa/ Tincan Island ports, efforts have been made by the federal government to decongest and proffer solution to the ever persistent gridlock limiting the movement of goods and people to these ports. The new policy of the government is that all new rail lines entering the coastal states of the country must be extended to the sea ports to make them more efficient, functional and viable.

“Accordingly, the government has extended the Lagos-Ibadan rail link from Ebute Metta to Apapa port complex and is currently rehabilitating the narrow gauge rail line to start evacuating goods from Tincan Island and Apapa ports.

“Equally, the coastal rail (Lagos-Calabar) project has extended to Warri port, Onne deep sea port-Port Harcourt and Calabar Port as well as the Export Processing zones in Calabar. This will support the desired efficiency at the ports for loading and offloading of goods at the ports as well as eliminate multiple handling and de-emphasise warehousing at the ports.”

WELCOMING THE MAGNATE

Vice President Yemi Osinbajo (right), and President, Dangote Group, Aliko Dangote, during the National Industrial Council meeting at the State House in Abuja...yesterday

Kachikwu: IOCs Interested in Investing over $15bn in Nigeria Chineme Okafor ÓØ ÌßÔË The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, yesterday stated that reforms initiated and executed by the federal government in Nigeria’s oil and gas industry within the last two years had earned the sector the confidence of international oil companies (IOCs) who he noted had requested to invest over $15 billion in the sector.

Kachikwu said in a podcast he released in Abuja that at the moment IOCs were beginning to believe in Nigeria’s reforms in the oil sector and its systems.

He also disclosed that from 2019, Nigeria would deploy an information technology platform that can track and accurately report the volume of crude oil she produces.

“We were able to exit the joint venture cash call - still a bit of things to be ironed out there, but for the first time multinationals began to have belief in their need to invest in the country.

“The amount of investment requests we are seeing from joint venture cash call members is today in excess of $14 to 15 billion dollars which are

for purposes of projects like Zabazaba, Bonga extension programmes and all that – multinationals are beginning to have confidence that this system is working,” said Kachikwu in the podcast.

He listed the targets of the government for the sector in 2018 and early 2019, saying: “We are going to be rolling out our fiscal policies which are now awaiting FEC approval.

Those fiscal policies will expand income in the short term over $2 billion a year to the federal government but on a long term over $9 billion. On the back of that, we will be working with the assembly to transmit that into legislative provisions.

“Deepening the Niger Delta engagements. Next week, I am going back there to talk to the governors of the region, the oil companies, to put a seal to some of the agreements we have made – MoUs that all of us can work with, in that way, there is a faith in what the vice president has said.

“We will like to hit 2.2 million barrels subject to OPEC constraints, and we will be working to fix up all the infrastructures that are essential

to this,” he added.

The minister further said fixing the refineries and exiting importation of petroleum products by 2019, commercialising gas flares, and marginal fields bid rounds would also be part of the government’s plans.

“To the big picture of 2018 and early 2019, what are the key things we are going to focus on? First is the refineries, it is important that we get these refineries working, we must exit importation in 2019. We are continuing to deepen our conversation with oil companies to ensure that we exit gas flare in over five gas flare sites.

“Infrastructure is key to us, our infrastructure is 30 to 40 years old, completely dilapidated, can’t be funded by the government anymore.

I am working with the NNPC and DPR to launch our infrastructure masterplan and bring people who can invest in them.

“There is the issue of crude tracking – how do we track every molecule of products we have, crude and refined

products? We are putting together an IT platform that will enable us do this, we are working with DPR and hopefully by 2019, the issues of whether we could not account for our crudes will no longer occur.

“We are planning our marginal fields’ rounds and we are also planning our inland basins rounds. It is going to be a transparent process to bring people to get us more oil. The rules are going to be out soon once it is approved

by His Excellency,” Kachikwu explained.

Meanwhile, the Nigerian National Petroleum Corporation (NNPC) has said that 34 firms have submitted bids to provide security services to its downstream assets.

NNPC said in a statement from its Group General Manager Public Affairs, Mr. Ndu Ughamadu, that as part of efforts to consolidate on the successes it reportedly recorded in the supply and distribution of petroleum products across the country, it decided to map out strategies to secure its depots and pump stations, hence the invitation for bids.

46

TUESDAY, OCTOBER 31,2017Ëž T H I S D AY

NEWSXTRA

Newswatch: Jimoh Ibrahim Wins in Appeal Court Ugo Aliogo The Court of Appeal in Lagos has set aside the judgment of the Federal High Court delivered on October 20, 2014 and affirmed Mr. Jimoh Ibrahim as the legal owner of Newswatch. In a unanimous judgment read by Justice Tijjani Abubakar, the three-man panel of justices said the appeal by lbrahim â&#x20AC;&#x153;is meritorious and it is hereby allowed.â&#x20AC;?  The judgment was delivered on March 20 this year.

Other justices on the panel were Justice Garba Abubakar and Justice Abimbola ObasekiAdejumo.

The justices further said the trial judge misdirected himself on the issue of the payment of the sum of N510 million for the shares of the company. They further ruled that the issue of payment for the share â&#x20AC;&#x153;becomes res judicataâ&#x20AC;? since the payment was already litigated upon and Justice Abang has ruled that payment of the said sum was made by Ibrahim to the former owners of the company in accordance with clause 6.0 of the share purchase agreement.

In the light of the above, they declared that the company was validly acquired. Â The court further held that all the conditions of the Share Purchase Agreement

particularly clause 6.0 were adequately complied with before Ibrahim was admitted into the board of the company and subsequently elected as the chairman.  â&#x20AC;&#x153;lt is without any doubt, that the lower court erred when it held that N510 million was not paid for the shares,â&#x20AC;? the justices said.  Justice Abubakar declared: â&#x20AC;&#x153;I think the learned trial judge apparently missed the point when he only considered questions submitted via originating summons without considering the other processes filed wherein which constitute an integral part of the records before him, particularly the defendant affidavit.â&#x20AC;? The Appeal Court also ruled that the trial judge, Justice Buba of the Federal High Court erred when he held that the â&#x20AC;&#x153;doctrine of estoppelâ&#x20AC;? is not applicable in the present case. Ibrahim won the ownership case at a Federal High Court.

The matter was re-litigated by the defendants before another Federal High Court presided over by Justice Buba who ruled in favour of Ray Ekpu, Dan Agbese, Yakubu Mohammed and others. Ibrahim appealed against the judgement.

In a unanimous decision, the Appeal Court declared

that the trial judge ought to have respected the judgment of his learned brother of coordinate jurisdiction. Justice Abimbola ObasekiAdejumo said: â&#x20AC;&#x153;ipso facto, l agree with the reasoning expressed in the lead judgement that where a judgement has been delivered by a court, same cannot be subject to review by another court of co-ordinate jurisdictionâ&#x20AC;?

An elated Ibrahim yesterday said the judgment had now settled the issue the ownership of Newswatch. He said: â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s now beyond contest that the ownership validly rests on me.â&#x20AC;? In his reaction to the judgment, Ibrahim commended the appeal court and said â&#x20AC;&#x153;he lost no sleep on the ownership of the company for a day.â&#x20AC;? He said the judgement has resolved what he called â&#x20AC;&#x153;the noisy convergence of complexitiesâ&#x20AC;? arising from the sale and acquisition of Newswatch..  â&#x20AC;&#x153;Nigerians now know the truth,â&#x20AC;? he said, adding that â&#x20AC;&#x153;the magazine will soon return to newsstands.â&#x20AC;? He dedicated the judgement to the staff of Newswatch, vendors, readers and advertisers who are the victims of the denial of payment of N510million.

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T H I S D AY ˾ TUESDAY, OCTOBER 31, 2017

47

TUESDAYSPORTS

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

Rohr Fortifies Eagles with Youngsters Uzoho, Nwakali, Onyekuru for Algeria, Argentina matches Duro Ikhazuagbe In his determination to get quality replacement for ailing Carl Ikeme, Super Eagles’ Technical Adviser, Gernot Rohr, has called up former Golden Eaglets goalkeeper, Francis Uzoho who plays for Deportivo La Coruna in the Spanish LaLiga for the World Cup qualifier against Algeria and the international friendly match against Argentina.

Uzoho who made his La Liga debut two weeks ago against Eibar where he kept a clean sheet was also in goal in his club’s 2-1 loss to Girona who featured fellow Nigerian, Olanrewaju Kayode.

The gangling lad was a member of Nigeria’s Eaglets squad that won the FIFA Under-17 World Cup in United Arab Emirates (UAE) in 2013.

Uzoho joined Deportivo La Coruna from Aspire Academy at the start of the season.

Also invited to the 23-man squad is another former Golden Eaglet, Chidiebere Nwakali and RSC Anderlecht striker Henry Onyekuru.

The on-loan Everton striker, who has been in sparkling form for Anderlecht this season, gets his reward for shaking off his early season struggle which saw him fail to score in his opening five league game of the season.

Onyekuru was last invited for the Super Eagles’ clash against South Africa in Uyo which Nigeria lost 2-0 to the Bafana Bafana. The striker has scored six league goals in Belgium which puts him fourth spot on the goals-scorers chart.

Other regulars invited for the dead rubber clash with Algeria and the International friendly with Argentina include; Captain John Mikel Obi, forward Ahmed Musa and midfielder Ogenyi Onazi. Injured Victor Moses was left out to continue his treatment while conspicuously missing is left back, Elderson Echiejile.

Goalkeepers Ikechukwu Ezenwa and Daniel Akpeyi also made the cut, as well as defenders Abdullahi Shehu, Leon Balogun and William Ekong, midfielders Wilfred Ndidi and Oghenekaro Etebo and forwards Kelechi Iheanacho, Alex Iwobi and Odion Ighalo.

2013 AFCON winner Kenneth Omeruo has also been recalled to the team but is on standby for both matches, alongside former junior international Alhassan Ibrahim, who now plays in Austria. Russia-based Brian Idowu is also on standby is for the Argentina game only.

According to the statement issued by the NFF yesterday, all invited players are expected to arrive in a camp in Morocco on Monday, 6th November, before the delegation flies to Constantine on Thursday, 9th November.

On Saturday, 11th November, a 45–seater chartered aircraft will fly the Super Eagles from Constantine to Krasnodar, the Russian city that will host the international friendly against Argentina on Tuesday, 14th November.

THE FULL LIST Goalkeepers: Daniel Akpeyi (Chippa United, South Africa); Ikechukwu Ezenwa (FC IfeanyiUbah); Francis Uzoho (Deportivo La Coruna, Spain) Defenders: William Ekong (Bursaspor FC, Turkey); Abdullahi Shehu (Anorthosis Famagusta, Cyprus); Tyronne Ebuehi (ADO Den Haag, The Netherlands); Leon Balogun (FSV Mainz 05, Germany); Uche Agbo (Standard Liege, Belgium); Chidozie Awaziem (Nantes FC, France); Olaoluwa Aina (Hull City, England) Midfielders: John Mikel Obi (Tianjin Teda, China); Ogenyi Onazi (Trabzonspor FC, Turkey); Wilfred Ndidi (Leicester City, England); Oghenekaro Etebo (CD Feirense, Portugal); John Ogu (Hapoel Be’er Sheva, Israel); Mikel Agu (Bursaspor FC, Turkey); Chidiebere Nwakali (Sogndal FC, Norway) Forwards: Ahmed Musa (Leicester City, England); Kelechi Iheanacho (Leicester City, England); Moses Simon (KAA Gent, Belgium); Alex Iwobi (Arsenal FC, England); Odion Ighalo (Chang ChunYatai, China); Henry Onyekuru (RSC Anderlecht, Belgium); Anthony Nwakaeme (Hapoel Be’er Sheva, Israel) STANDBY: Kenneth Omeruo (Kasimpasa FC, Turkey); Alhassan Ibrahim (FK Austria Wien, Austria); Brian Idowu (FC Amkar Perm, Russia)

Neymar Regretting Exit from Barcelona Paris Saint-Germain star Neymar is already regretting quitting Barcelona in the summer, according to La Porteria on Beteve.

The Brazilian told those close to him at the weekend that he made a mistake leaving the Catalan club for PSG. Life in France is not how he expected. Unai Emery’s methods, his new coach, are also not to his taste.

His controversial exit from Barcelona in the summer saw him end up in Paris when the Ligue 1 club paid his 222 million euros buyout clause, but it seems things have quickly gone sour for the Brazilian.

According to La Porteria, Neymar

regrets the switch and is missing the life he had in Barcelona.

The same source hinted that the Brazil international, who has had problems in the PSG dressing room with other big players in the team, is also not enjoying Emery’s approach. His friends (the Toiss) and family are also not especially happy in Paris, a city which is different to Barcelona.

In another development, Neymar’s fellow countryman Leonardo, who worked as PSG’s sporting director between 2011 and 2013, claims the Ligue 1 giants had expressed a strong interest in Neymar while he was still on the books at Santos.

Kante (left) at training with Chelsea ahead of tonight’s UEFA Champions League clash with Roma

U E FA C H A M P I O N S L E A G U E

Conte Hopeful Kante Fit for Roma Clash Chelsea midfielder N’Golo Kante is expected to be fit to face AS Roma in today’s UEFA Champions League group stage match, manager Antonio Conte announced yesterday.

Kante, who missed Chelsea’s last five matches with a hamstring injury, trained with the squad before they left for Rome and Conte will speak to the France international before deciding whether he will feature.

Midfielder Danny Drinkwater is also set to play after recovering from a calf problem and on the back of his first Premier League

appearance for Chelsea as a late substitute against Bournemouth on Saturday.

“We had three starters out, but we have recovered Drinkwater and Kante. (Victor) Moses needs more time,” Conte told a news conference on Monday.

“Kante trained with us, also before the game at Bournemouth.

“I was a player and I know very well after an injury, a bad injury, it is very important to listen to the player which are the sensation. For him and the team, tomorrow we try to make

the best decision.”

Chelsea, who top the Group C standings, will qualify for round of 16 with a victory at Roma.

But Conte, disappointed with a 3-3 draw in the home fixture with Roma earlier this month, said it was vital Chelsea finished as group winners ahead of the Italian side and Atletico Madrid.

“I think our group is a tough group, with Atletico and Roma two really strong teams. To be at the top is very important, we are trying to face all competitions,” the manager added.

“It was a good match, a fair

score (at Stamford Bridge), and tomorrow will be another difficult game.”

Following their midweek European assignment, Chelsea host title rivals Manchester United in the Premier League on Sunday.

FIXTURES (8:45PM) Basel Vs CSKA Man Utd Vs Benfica Celtic Vs Bayern PSG Vs Anderlecht Atletico Vs Qarabag Roma Vs Chelsea Olympiacos Vs Barcelona Sporting Vs Juventus

Zenith Bank/Delta Principal’s Kwesé TV Thrills Anthony Cup to Kick off Tomorrow Joshua Fans in Sagamu The opening ceremony of Season 2 of the Zenith/Delta Principal’s Cup has been scheduled to kick off tomorrow, November 1, 2017 at the St Patrick’s College, Asaba.

Already, sponsors of the competition meant for secondary schools inn Delta State, Zenith Bank, have promised to make this year’s edition of the competition bigger.

Group Managing Director of Zenith Bank, Peter Amangbo, at the weekend said that the organisation was ready to put smiles on the faces of the young footballers who are the superstars of the future Amangbo said the partnership with Delta was a deliberate one to identify talented youths who could be Super Eagles players in the nearest future.

He said: “Delta has a rich tradition in sports generally and football in particular. Many of the country’s greatest players and coaches hailed from the old Bendel State which is now

Edo and Delta.

“The enthusiasm of the players in the last edition was impressive and we also had good feedback about the skills exhibited in various centres during the competition and that is why we have to improve with every edition.

“Zenith Bank is proud to be engaging the youth this way to give them hope of attaining their dreams through their natural talents.”

In the maiden edition of the event, over 1,200 private secondary schools and 446 public government secondary schools took part. Master Card International Secondary School defeated Iderghe Secondary School 2-1 in the final to lift the trophy.

Apart from cash prizes given to the top three schools, the young footballers went home with attractive gift items like bags, laptops and other souvenirs.

Nigeria‘s innovative and newest pay-tv, Kwesé brought joy and excitement to the faces of Anthony Joshua’s family and fans over the weekend in Sagamu, Ogun State.

The people of the ancient town, joined the rest of the world to celebrate Joshua as he defended his WBA and IBF heavyweight title against Cameroon-born French boxer, Carlos Takam, last Saturday.

The much-anticipated bout which was screened live at Baba Josh Hall in Sagamu, saw over 2,000 fans cram into the facility to watch their own star win the iconic fight.

Joshua dominated the fight, from round one through the 10th round when the referee stopped the fight to save the Cameroonian from further punishment.

The boxer has his roots in Sagamu, a historic town located in Ogun State.

Ahead of the match, the Joshua

family in Sagamu partnered Kwesé to air the live broadcast at the Joshua family hall in Sagamu.

This fight coincided with Sagamu Day, an annual celebration of life by Sagamu residents where praises and rituals are offered to the gods of the land.

It was the second time Kwese will bring an Anthony Joshua fight to audience real time. In April 2017, Kwesé broadcast the fight between the champion, Anthony Joshua and Ukrainian former professional boxer, Wladimir Klitschko on its pay-tv, free-to-air and mobile platforms.

Kwesé Sports is Econet Media’s exclusive sports content platform available on the Kwesé TV network.

Through Econet Media’s pan-African presence, Kwesé Sports is accessible in a number of countries across sub-saharan Africa offering the very best in international and African sports.

Tuesday October 31, 2017

TR

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& RE A S O

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Price: N250

MISSILE Atiku to FG “Our country is not at war in the sense of guns and bombs, but the level of inter-ethnic discontent, hatred, and hate speech is at an all-time high.”

Former Vice President Atiku Abubakar lamenting the state of the union in which hate speech, ethnic discontent reign supreme across the country

TUESDAY WITH REUBENABATI abati1990@gmail.com

The Monkey Business They Call Governance

“H

ave you gone to visit your brother in Ekiti?”

“Who is that? I have many brothers from Ekiti state” “The Governor. Osokomole himself, ekun oko oke, the dainty irunmole who eats jollof rice.”

“No. I don’t go about visiting Governors.”

“I am referring to the fact that he recently escaped death. His G-Wagon suddenly went up in flames and it got completely burnt down.”

“What is a G-Wagon to a Fayose who started his public career as a car dealer?”

“Don’t be mean. That car is about N20 million.

And Femi Fani-Kayode has said that the fire incident was a spiritual bomb. It was a mystery fire. Only the carcass of the car was retrieved.

The Governor was on his way to the airport in Lagos. They thought he was in the car.”

“What do you mean they?”

“His enemies” “It could just have been an electrical fault.”

“What nonsense electrical fault is that in a brand new chassis, tear rubber, G-Wagon?

I keep telling you, politics in Nigeria, in fact in Africa, is not an easy business. Everything is spiritual. Have you not seen George Weah visiting Pastor Temitope Joshua? What do you think he is looking for?”

“So, has Fayose identified some suspects?”

“For where? In fact after that fire incident, and the loss of his G-Wagon, he has been very, very quiet.”

“He doesn’t need to be quiet. He should just blame the accident on the APC. He should make it clear that it is the handiwork of his enemies in the APC, and that the APC cannot stop him from becoming Nigeria’s next President, even if they send 1,000 spiritual bombs.”

“I don’t get it.”

“What don’t you get? Can’t you see that the new system of governance in Nigeria is to blame the opposition or alleged witchcraft and sabotage? When things go wrong, nobody looks for probable reasons, they look for witches, spiritual bombs and wizards.”

“I don’t get it.”

“You never get anything. You think if the vehicle that got burnt had belonged to an APC Governor, he’d try to look for mechanical reasons, he will simply blame the PDP and its agents. The position of the Buhari government for example is that the administration has not been able to function for more than two years because of the PDP and former President Goodluck Jonathan” “I am beginning to flow with you now.”

“When the country’s economy went into recession, instead of blaming their own lack of policy clarity, they said it was the Jonathan administration that sowed the seeds of recession.”

“Well, may be they have a point there.”

“What useless point? Look at the recent case involving the ex-pensions boss. A complete mess: They claimed that Maina was brought back to government and reinstated by Jonathan’s people within the system. How?” “I am a Buhari man, but I also actually thought that was a new high in the monkey business going on since these guys took over power.”

“To add insult to injury, the current Customs boss says the Buhari administration has derailed and is not making progress because 50% of its members belong to the PDP, the opposition party.

He says the government has been hijacked by persons who were never part of the party or the campaign.”

“I was shocked that the retired colonel would say that with his own mouth.”

“Should he have used your mouth?”

“I am trying to say that this is a government of own goals and unforced errors. They shoot themselves in the foot with their own guns.

President Muhammadu Buhari They blame the PDP. And yet the PDP is to all intents and purposes as at this moment, a confused and disorganized party.”

“What of the former President?”

“I don’t see any evidence that he is fighting them in any way. But if cats should displace the rats in the President’s abandoned office today, they will say it is the Jonathan administration at work.”

“Somebody has said that the President is a good man but he is surrounded by bad people.

Only last week, Senator Dino Melaye said the President is surrounded by cankerworms and caterpillars.”

“It’s getting worse, then. Lions, jackals, hyenas, now cankerworms and caterpillars, before 2019, we’d get to the lowest level in the animal chain.”

“I wonder if the President is even aware of these things.”

“What they tell us is that the President is not aware.”

“What is that? The President reads newspapers everyday and he watches television.”

“One of his spokesmen told us he only likes to read cartoons and laugh. And you know the thing about cartoons and laughter.”

“But the same President has ordered investigations and reports on the various monkey businesses around his administration.”

“What do you expect him to do? They tell him it is the PDP throwing a monkey wrench in the works and that the PDP monkeys must be dealt with. That way the monkeys in-house go scot-free” “But he just sacked two persons for your information. Yesterday. ” “Na cinema. I won’t be surprised if the various reports are presented to him in form of cartoons, and he just laughs it all off. Only two? The way things are going, very soon, there will be monkey pox all over this government.”

“I want to assure you that won’t happen.

For example, are you not aware that the Buhari Support Organisation has already announced that they are determined to rescue the government from the PDP saboteurs in the APC? Or that they are saying Baba must have a second term to correct the damage caused by the monkeys within?”

“I am aware of that. I am aware of everything.

But is Baba aware?”

“Baba is aware of this one. He met with the leaders of the BSO. The Organisation has about 198 constituent groups. And he has acted by sacking two persons.”

“Wait a moment, with all the visible errors, some people are already talking of second term?”

“Yes” “Second term with which party?”

“The APC of course” “Is there still an APC?” “I will think so” “I don’t think so. If the Buhari Support Organization can come out publicly and declare that the new PDP wing of the party is undesirable, and that there are monkeys within, I imagine that by the time they deal with that particular problem, there will be no APC left as a party.”

“Nobody mentioned names.”

“But one of the Ministers at that event said that the 2019 election will be nothing but war.”

“What does that one know about war?

President Buhari’s Ministers talk too glibly.

It is time he dissolved his cabinet and sent all the moonlighters out. Too many persons moonlighting and hiding under his cover.”

“The Minister who spoke at the BSO meeting…”

“He was preparing a likely script. If care is not taken, these people will derail the 2019 election and claim it is the PDP and agents of the Jonathan administration…”

“I don’t think so. Nigerians don’t believe that tale anymore. Have you not seen the level of opposition in the social media? This government is being de-popularized everyday.

Some people even want to apologize to former President Jonathan.”

“Let them keep their monkey apology, ah-beg.”

“But let’s be fair, there are people still standing

by President Buhari. People like me. I trekked for him. Even if I have since developed arthritis for doing so, I don’t mind. A man must stand for something. I believed in the change project because the PDP and Jonathan were just not it.”

“And now you have been short-changed.”

“Yes. But it is okay. We still have time.”

“With these Governors?”

“They are all with Baba. Like the Kogi Governor. He is loyal.”

‘That is a Governor who has not paid staff salaries for 12 months, and one civil servant had to commit suicide.”

“The Kogi State Head of Service has said that the man who committed suicide is a cheat.

His salary was withheld because he falsified his age records.”

“They even speak ill of the dead. So, is that why the President of the Nigeria Labour Congress (NLC) had to publicly appeal to all Nigerians to donate relief materials to the civil servants in Kogi state to rescue them from hunger and neglect?”

“I don’t know” “And you say we are out of recession?

Answer me.”

“If you keep talking like this, they will end up putting a monkey on your back oh. These people don’t like this kind of talk.”

“What else don’t they like? The Kogi Governor is denying the truth but are you aware that the Senate took a decision to rescue Kogi state with relief materials, and many Senators pledged to donate certain numbers of bags of rice.”

“Those Senators are stingy. They should stay in their monkey house and stop playing politics with everything. With all that money they get, some of them were so shameless they donated 20 bags of rice.”

“In a proper situation, government workers should not become beggars in their own country, receiving bags of rice from overpaid Senators.

I must say though that those Senators are still better than the Kogi Governor who I was told is determined to stop the bags of rice and other relief materials from entering Kogi state.”

“Yes, because he knows Dino Melaye, his political rival is behind it, using the Senate and bags of rice to intimidate him and play politics.”

“Then, let him pay the workers their salaries,

and stop blaming others. It is simple. Why do these people make every simple thing look so complicated?”

“You have a point there. But I know one Governor who is very simple and he keeps it simple.”

“And who is that?”

“The Governor of Ondo State.”

“Governor Akeredolu.”

“Point of correction. Arakunrin Akeredolu.”

“That is a monkey title. Get to your point.”

“Arakunrin the other day, commissioned a billboard on hand-washing: wash your hands with soap and water. Solid ceremony, well–attended.”

“And that is governance?”

“It is good to wash hands in these days of ebola and monkey pox.”

“I have heard of Governors commissioning toilets and boreholes, but billboards?”

“It is better to keep things simple. In my view, yes.”

“Yes. Oh yes.”

“At least Arakunrin is better than the Ogbeni in Osun, and that other one in Owerri. In Osun, the Comrade Governor Aregbesola wants to build an MKO Abiola International Airport worth N69 billion, even if he is owing civil servants salaries. He says he is not happy to owe salaries, but at the same time he doesn’t see anything wrong in building an airport that will be of no use to the people.”

“Please, can we discuss something else?”

“What?”

“Anything but nothing to do with their monkey business” “Trust our boys. Nigeria no dey carry last.

You know one Nigerian recently impregnated another man’s wife in South Africa and when the man complained, the Naija guy negotiated with the South African and gave him a gift of a G-Wagon. The South African is so happy he has agreed that the Nigerian has done nothing wrong and his wife can carry the pregnancy to full term.”

“True story?”

“True life story. Google has it.”

“These South Africans. But can you blame the man? His President Jacob Zuma got a whole statue in Nigeria. What stops him from grabbing a G-Wagon?”

“Cossy Orjiakor has also grabbed something.”

“Who is Cossy Orjiakor?”

“The lady with the iconic headlamps on her chest” “Will you stop? I am an intellectual. I don’t descend that low.”

“Go and sit down. Na me and you, oh. We know ourselves, bros. No be you dey talk about one small girl breast the other day?”

“Today, I am discussing elevated matters.”

“This one is also elevated. Cossy Orjiakor just went through surgery to elevate her buttocks and she has informed the entire nation. The gradience between her chest and her derriere is now perpendicular, proportional and graduated. I will like to see and touch that.”

“I don’t deal with bottom matters. The only bottom I am worried about is how Nigeria is now at the bottom.”

“Oil is now $60 a barrel, bros. No oil, no bottom, no monkey business…Tinubu and Baba are now re-strategizing. Level wan change… Eruku, No shaking.”

“People and vehicles are jumping into the Lagoon in Lagos every month.”

“That one no concern Baba. Ask the Oba of Lagos. Since him say anybody wey no vote for Ambode go perish for Lagoon, people and vehicles have actually been jumping into the Lagoon. These traditional rulers, me I dey fear them oh…”

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