Monday 13th November 2017

Nigerian Banks Still Cautious About Loan Disbursement Lending among major lenders drops to N11.67tn Moody’s downgrades eight banks Obinna Chima As Nigerian banks continue to contend with high non-performing loans and more attractive yields from

government securities, they have continued to remain averse to giving out fresh loans to their customers, a review of their financial results have shown.

The nine months unaudited results for the period ended September 30, 2017 of nine commercial banks compiled by THISDAY, showed that their combined loans and

advances stood at N11.665 trillion, lower than N11.959 trillion as of December 2016. The bank results reviewed by THISDAY were those of Zenith Bank, Guaranty Trust

Bank (GTBank), United Bank for Africa (UBA), FBN Holdings, Diamond Bank, Access Bank, Fidelity Bank, Stanbic IBTC and Sterling Bank.

Against the backdrop of low oil prices, dwindling oil revenue, foreign exchange scarcity and a crippling Continued on page 8

Port Harcourt, Lagos Airports Rated Among Worst in the World… Page 57 Monday 13 November, 2017 Vol 22. No 8243. Price: N250

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FG Unfolds Fresh Plans for Niger Delta Devt Increases budgetary allocations to NDDC, N’Delta ministry Considers 13 licences for modular refineries Omololu Ogunmade in Abuja In view of the recent threat by the Niger Delta Avengers (NDA) to resume attacks on oil installations, the federal government at the weekend released plans for the development of the volatile

oil-rich Niger Delta region. Nigeria depends on its oil for almost 90 per cent of its foreign exchange earnings and 70 per cent of total earnings. Sustained attacks on oil installations by the Avengers in the first of 2016 contributed to halving Nigeria’s oil output

and plunging the country into its first recession in 25 years. But with the temporary end to hostilities secured by the government late last year, Nigeria has been able to ramp up crude production and was one of the major factors, along with higher

oil prices, that the country exited the recession by the second quarter of 2017. A statement by VicePresident Yemi Osinbajo’s spokesman, Mr. Laolu Akande last night listed the plans to include increased budgetary allocation to the

Niger Delta ministry and Niger Delta Development Commission (NDDC), take off of the Maritime University in Delta State, commencement of the Ogoni clean-up exercise, investment in infrastructure such as the construction of N120.6 billion Bonny-Bodo

Road and N1 billion Ibaka deep sea port. Other plans he listed were approval for the establishment of an export processing zone in Delta State, approval for establishment of modular Continued on page 57

S’West Comes into Play as APC Yoruba Leaders, PDP Mull Options Opposition party considers zoning vice-presidency to region Tobi Soniyi As 2019 draws near, some South-west leaders of the ruling All Progressives Congress (APC) are considering a number of options, including but not limited to an alternative political platform to the APC, in which to pitch their tent. This is just as some of their counterparts in the main opposition Peoples Democratic Party (PDP) who have been

campaigning nationwide to emerge chairman of the party at its elective convention may have their dreams truncated, as the PDP is now believed to be considering rezoning the post to either the South-south or South-east geopolitical zones of the country, in order to pave the way for the South-west zone to get the vice-presidential slot of the party going into the 2019 Continued on page 8

Ikoyi Billions: Whistleblower Will Be Paid This Month, Says Adeosun ... Page8

TAKING EDO TO THE NEXT LEVEL... L-R: Managing Director, United Capital, Mr. Jude Chiemeka; Chairman, Sterling Bank Plc, Mr. Asue Ighodalo; and Senator Matthew Urhughide, at the Edo Investment Summit (Alaghodaro 2017), chaired by Ighodalo in Benin City, Edo State… weekend

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Ikoyi Billions: Whistleblower Will Be Paid This Month, Says Adeosun Ndubuisi Francis in Abuja The Minister of Finance, Mrs. Kemi Adeosun has cleared the air on the controversy surrounding the compensation to the whistleblower who blew the lid leading to the eventual recovery of $43,449,947, ÂŁ27,800 and N23,218,000 from an apartment in Ikoyi, Lagos, last April. Adeosun, in a statement yesterday, said from available records, the payment due on the Ikoyi recovery was among those being processed in the November batch, which will be released within the current month.

The acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu last Thursday in Vienna, Austria, had remarked that the “young man who blew the whistle is now a millionaire�. However, a day later, a lawyer who said he was representing the three friends who blew the whistle on the recovery from the Ikoyi apartment, wrote to President Muhammadu Buhari demanding that the EFCC should immediately pay the commission due to the whistleblowers. On the same day, the EFCC

clarified that it never said that the whistle blowers had been paid as reported in the media. The lawyer, Yakubu Galadima, also alleged that those who facilitated the recovery of the monies were three and not one as claimed by the EFCC. Responding to the controversy via a statement issued last night by her spokesman, Mr. Oluyinka Akintunde, the finance minister said her attention had been drawn “to media reports surrounding the payment to a whistleblower, who provided the tips that led to the recovery of funds stashed away in a

property in Ikoyi, Lagos State�. She stated unequi-vocally that the federal government has not withheld any funds due to any whistleblower. According to her, the ministry has in place detailed procedures for processing payments due under the Whistleblower Policy. “The procedures were designed to prevent abuse and legal disputes and to ensure protection of the information providers. “These procedures include an application by the agency which recovered the funds including evidence of the recovery, confirmation that there are no pending legal

issues on the recovery, verification of the identity of the information provider, calculation of the amount payable and computation of relevant taxes. “It must be stated also that payments are made in monthly batches to ensure control and to protect the identity of information providers,� Adeosun said. She disclosed that to date, over 20 of such persons had been paid. Adeosun stressed that “from available records, the payment due on Ikoyi is among those being processed in the November batch, which will

be released within the current month�. She reiterated that the Whistleblowing Policy of the federal government remains one of the current administration’s successful initiatives and the government was fully committed to ensuring that all those who responded to the policy and partner with government in the recovery efforts are paid in full and most importantly have their identities protected. The Whistleblower Policy was introduced in December 2016 by the federal government as part of initiatives to wage the war against corruption.

Eight Banks Downgraded

credit assessments (BCAs) of Zenith and GTBank to ‘b2’ from ‘b1.’ It explained that its rating action followed its downgrade of Nigeria's government bond ratings to B2, with stable outlook, from B1, with stable outlook. Furthermore, it stated that its action reflected government’s reduced capacity to provide support to Nigerian banks in times of stress and the banks’ significant holdings of government securities linking their credit profiles to that of the government. “The decision to downgrade banks’ long-term foreign currency deposit ratings follows the downgrade of the relevant country ceiling for foreign currency deposits to B3 from B2,� it added. According to Moody’s, “Access Bank and UBA’s long-term local currency deposit ratings and Bank of Industry’s long-term issuer ratings no longer benefit from a one-notch uplift from their b2 BCAs (or standalone credit profile, as is the case for Bank of Industry) as these are now at the same level as the government bond rating.

“The long-term local currency deposit ratings of Sterling, Union and FBN have been affirmed at B2, as their b3 BCAs continue benefiting from one notch of government support uplift.� It also stated that the secondary driver of its rating action was the banks’ significant holdings of government securities, “which generally exceed 100 per cent of their core capital, linking their credit profile to that of the government�. Moody’s explained: “In view of the correlation between sovereign and bank credit risk, the banks’ standalone credit profiles and ratings are constrained by the rating of the government. “As a result, the BCAs for Zenith and GTBank have been downgraded to b2 from b1, in line with the downgrade of the government issuer rating, despite the resilient financial performance witnessed by both banks over the last 24 months. “The BCAs of the other rated Nigerian banks have been affirmed as they already captured risks emanating from their sovereign exposures.�

Buhari at this juncture and supporting another Northern candidate for the presidency would mean that the North could end up remaining at the helm of affairs, possibly till 2027. But if Tinubu and others back Buhari in 2019, this will improve the chances of the South-west zone securing the presidential ticket of the APC in 2023. “If Tinubu abandons Buhari to back another candidate from North, that means he will be going against Osinbajo. Also, it would amount to handing over the presidency to the North for 12 years because there is a major likelihood that another Northern president may seek a second term in office, come 2023. “But if Tinubu does not rock the boat and sticks with Buhari, then the South-west will be in the front of the pack to get the ticket of the APC in 2013,� he explained. The president of late appears to have changed tactics by trying to woo disenchanted elements of his party to his side, with many interpreting this sudden change in disposition to the reality of 2019 elections. During the NEC meeting, Buhari had promised to appoint more ministers to his cabinet and fill the vacancies

on federal government boards with party stalwarts who have been aggrieved that they had been abandoned after working to unseat the PDP and deliver the presidency to Buhari. Also last Friday, the president assured religious leaders and Nigerians that his administration would address

NIGERIAN BANKS STILL CAUTIOUS ABOUT LOAN DISBURSEMENT recession, the last two years saw a significant deterioration in the banks’ risk assets. Owing to this, banking sector NPLs climbed to as high as 15 per cent, leading to a slow down in loans disbursement by Nigerian lenders. This clearly manifested in some of the banks’ results for the nine months ending last September. For instance, while Zenith Bank’s loans and advances dropped to N2.156 trillion as of September this year, from N2.289 trillion as at December 2016, GTBank also cut down its loans to customers from N1.589 trillion as of December 2016, to N1.428 trillion as of September 30, 2017. Diamond Bank’s loans to customers also dropped to N976 billion in the period under review, from N995 billion as of December 2016, just as FBN Holdings’ loans and advances dropped to N2.043 trillion, from N2.083 trillion as of December 2016. Access Bank gave out a total of N1.777 trillion as loans and advances to customers by September ending 2017, lower than the N1.809 trillion

as of December 2016. On the other hand, UBA, Fidelity Bank, Stanbic and Sterling all reported a slight improvement in their loans and advances. Nevertheless, figures from the nine banks showed that they recorded total customer deposits of N15.706 trillion at the end of September 2017, lower than the N15.722 trillion in the corresponding period in 2016. Afrinvest Securities Limited, in its latest banking sector report, pointed out that Nigerian lenders have demonstrated resilience within the last two years amid macroeconomic challenges which weighed on credit expansion, asset quality and capital adequacy, to record largely positive results for the year. It noted that the financial performance of the sector was principally affected by monetary policy decisions tied to the management of the foreign exchange market which had a ripple effect on earnings across the industry. “Despite forward guidance of banks to keep credit expansion minimal in 2017,

we believe that the exposure of pre-existing loans to ‘high risk sectors’ will continue to pressure asset quality in the year. “However, we expect asset quality metrics to improve in 2017 against the backdrop of steps being taken to restructure loans to challenged sectors as well as some of the noticeable improvements in the general commerce and manufacturing sectors which have been buoyed by developments in the FX market. “Although forward guidance from majority of the banks indicates the reluctance to extend credit, we believe that the any moves to unify the FX market will lead to a nominal expansion in loans, given the proportion of foreign currency loans. “The depreciation in the domestic currency resulted in higher Risk Weighted Assets on the books of the banks. Hence, capital adequacy ratios of some of the banks fell towards threateningly low levels. Consequently, we expect such banks to approach the market in order to raise capital to shore up capital buffers,� it added.

In a related development, the recent downgrade of Nigeria’s long-term issuer and senior unsecured debt rating by Moody’s Investors Service, one of the leading global rating agencies, has as a consequence led to the downgrade of eight Nigerian banks by the ratings agency. It also downgraded the long-term local and foreign currency issuer ratings of Bank of Industry (BoI). Moody’s downgraded the long-term local currency deposit and issuer ratings of four Nigerian banks – Access Bank, GTBank, UBA and Zenith Bank – to ‘B2’ from ‘B1’, as well as that of the long-term local and foreign currency issuer rating of BoI. Moody’s also downgraded from ‘B2’ to ‘B3’ the long-term foreign currency deposit ratings of Access, GTBank, UBA and Zenith, Union Bank of Nigeria, FirstBank of Nigeria Limited and Sterling Bank. A statement obtained from the ratings agency’s website yesterday, showed that it also downgraded the baseline

S’WEST COMES INTO PLAY AS APC YORUBA LEADERS, PDP MULL OPTIONS elections. Working under the shadow of what they have termed the “Yoruba Agenda�, several APC South-west leaders are said to be dissatisfied with the way the Muhammadu Buhari-led administration has treated its leader, Bola Tinubu who doubles as the National Leader of the APC and was one of those instrumental to the establishment of the party and delivering the zone to the APC in the 2015 elections, THISDAY has learnt. Under the new arrangement, leaders of the APC in various states are expected to take charge since Tinubu, whom they all used to look up to, has in recent months appeared to be more and more subdued and may have decided to back Buhari in the 2019 presidential election. Tinubu, they also believe, has lost grip of the stranglehold he once had in the South-west, especially outside Lagos State. Pointing to his inability to foist his candidate in the Ondo governorship election a year ago, his whittled down influence in Ogun and Oyo States, and uncertainty over his role in the Osun governorship election slated for next year, certain stalwarts of the APC have moved in to fill the void. Names like a former governor of Ogun State, Chief

Olusegun Osoba, former acting National Chairman of APC, Chief Bisi Akande, and a former Ekiti State governor, Chief Niyi Adebayo, among others, are being touted to take charge in their respective states. An impeccable source told THISDAY that another issue motiving the Yoruba leaders of the APC is that they feel let down by President Buhari, given the role of the region in the 2015 elections. He said: “Buhari has let the Yorubas down. Even if he rolls out board appointments now, we see it as a bait to railroad everybody. He wants to buy our support only to turn against us later. We are not fooled.� He explained that since they have made it impossible for the Yorubas to operate in the APC and with the manner Tinubu has been treated, there may be no future for a lot of them in the party. According to him, the concept of the Yoruba Agenda is about exploring their options, including seeking an alternative political platform, possibly the Alliance for Democracy (AD), under which they would operate. Also, beyond the options being tinkered with by some APC leaders in the South-west is the broader Yoruba agenda to have a strong platform

through which they can actualise their desire for the restructuring of the country. The agenda is non-partisan and has the backing of the leading Yoruba socio-cultural group, Afenifere, which has been at the vanguard for the restructuring of the country. Another source said that several Yorubas leaders in the party had expected that the National Caucus and National Executives Committee (NEC) meetings of the APC held last month in Abuja would have provided the perfect opportunity to voice their concerns and had they failed to extract certain promises, including pushing for the removal of the National Chairman of the APC, Chief John Odigie-Oyegun, the leaders of the South-west would have revolted. However, they were surprised when Tinubu failed to convey the disappointment of the South-west during the National Caucus and NEC meetings. Should the plan to breakaway to another party that could serve the interest of the South-west be actualised, this would not auger well for the APC which is an amalgam of about five political parties. Already, said the source, managing the disparate interests of the parties has

proved to be very difficult. The thinking in the Southwest is that without the support of the region, the APC might have problems winning the presidency, given the near absence of support for the party in the South-south and South-east geopolitical zones. An APC leader in Ogun State said that nothing was certain yet but that it would be foolhardy for Yorubas if they do not have a Plan B. Although the APC NEC meeting passed a vote of confidence on Oyegun, followers of the party in the South-west do not approve of the way he has been running the party. “They merely allowed the president to have his way,� a leader of the party said. He also said that had the party adopted Buhari as its presidential candidate for 2019 during the NEC meeting, APC would have been thrown into confusion especially in the South-west. However, another APC source explained that Tinubu might have other plans up his sleeve, coupled with the fact that it would be difficult for him to oppose Buhari because of his deputy, Yemi Osinbajo. Another factor that may be paramount to Tinubu, said the source, is the fact that dumping

Continued on page 57

TOP GAINERS CADBURY FORTEOIL LEARNAFRICA NPFMFB LIVESTOCK TOP LOSERS CHAMPBREW NEIMETH FIDSON

NGN NGN 1.14 12.34 2.10 44.10 0.05 1.08 0.06 1.30 0.04 0.89 NGN NGN 0.11 2.09 0.03 0.59 0.18 3.76 CCNN 0.43 9.27 LINKAGE 0.03 0.71 HPE Nestle Nig Plc â‚Ś1,290.00 Volume: 175.275 million shares Value: N2.646 billion Deals: 3,235 As at Friday 10/11/17 See details on Page 37

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COMMENT

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

THE 2018 BUDGET PROPOSAL

Boniface Chizea argues that the assumptions underpinning the budget are reasonable

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resident Muhammadu Buhari on Tuesday, November 7, 2017 presented to the joint session of the National Assembly the 2018 Budget Proposal of N8.6 trillion representing 16 per cent increase from last year’s estimate. It is a good omen for this presentation to have taken place the way it did with banter and camaraderie because the story out there before the presentation was that the legislators were spoiling for a war, waiting to heckle the president to enquire why they should sit through listening to another budget presentation when justice had not been done to Budget 2017 particularly with regard to the constituency aspect of that budget. The budget presentation saw the president standing on his feet for the whole of one hour fifteen minutes, signaling his return to robust good health. This presentation being made at this time in the year is epoch making as it is unprecedented. But the fact remains that we would still have to improve on this timing if we are to achieve the laudable target of aligning the fiscal year with the calendar year as it is the practice in developed economies. In fact we would have to align with the recommendation in the Fiscal Responsibility Act to have the budget presented by August of the preceding year to allow ample time for the legislature to perform its appropriation function. As the Senate President observed the president would have to cultivate the culture of having to lobby which is legitimate in a democracy for the speedy passage of the proposal. One recommendation which had been made severally in the past is that the budget office at the National Assembly would have to collaborate and work closely with the Budget Office of the Federation even during the preparation phase if we are to achieve rancour-free preparation and approval of the National Budget. Would Budget 2018 be ready for use at the beginning of the year? Realistically going by recent experience that would be a tall order. We would have to learn new tricks as well as unlearn old habits for that to happen. But if the budget would be ready, say, by beginning of February or even March, that would be a definite improvement considering the recent record of approving the budget by the middle of the year and thereafter unrealistically expecting to record good implementation. One major reason why the appropriation exercise is time consuming is the practice of the legislature requiring each department of government to come and defend its budget before it. Logically the executive that transmitted the budget to the National Assembly must have gone through that process before collation to arrive at the budget which was presented to the National Assembly which is clearly within the purview of its responsibility for that to happen. Therefore taking up all that time listening to each department to make another round of defence is clearly redundant and procedurally wrong as the executive is not expected to have presented the departmental submissions without tampering with them to better align with its vision for the economy. The prevalent practice is time wasting and provides a window for rent seeking behaviour and therefore should be revisited to align with the procedure which we have herein aligned. The budget has been tagged the “2018 Budget of Consolidation.� Questions have been raised to enquire whether it is not premature to talk of consolidation at this point in time. If for instance we consider the exit from recession, it is clear to all that what has happened so far is tentative as it is clear to all that the exit from the recession is yet to work through the economy as there are many sectors particularly services, in

THIS PRESENTATION BEING MADE AT THIS TIME IN THE YEAR IS EPOCH MAKING AS IT IS UNPRECEDENTED. BUT THE FACT REMAINS THAT WE WOULD STILL HAVE TO IMPROVE ON THIS TIMING IF WE ARE TO ACHIEVE THE LAUDABLE TARGET OF ALIGNING THE FISCAL YEAR WITH THE CALENDAR YEAR AS IT IS THE PRACTICE IN DEVELOPED ECONOMIES

which many Nigerians find themselves operating from which are still languishing under the throes of recession. But the fact remains that if budget 2017 was dubbed budget of economic recovery and growth, the only logical next step is to consolidate as the president clearly observed on some aspect in the text of his presentation truthfully that what has happened so far clearly remains work in progress, for instance, the power sector. There is also palpably an element of misconception as the legislature cautioned severally that budget 2017 must be implemented. The major benefit of articulating the budget within the context of The Medium Term Expenditure Framework (MTEF) or for that matter The Economic Recovery and Growth Plan (ERGP) (2008-2020) is to remove aspects of the budget which have not been concluded within the fiscal year or which were not in fact scheduled to have been completed within the fiscal year as it is often the case with most capital projects to be seamlessly rolled over for execution in the following year and not abandoned. And for aspects of the budget under consideration that was most reassuring the case as there was regular referral to either the MTEF or the ERGP which conveyed the distinct impression that the budget under consideration in keeping with best practice has been prepared contextually. The budget is adjudged realistic based on the reasonableness of the assumptions that underpinned its preparation. Oil benchmark price of 45 dollars per barrel was assumed and this is conservative considering the fact that oil price is trending currently at over 60 dollars per barrel; a price which has not been witnessed since July, 2015. And having regard to the resolve of OPEC, as well as collaborating non-OPEC members, to sustain the production cut if necessary deep into the middle of next year and factoring in the attempt at transparency and probity at the Saudi kingdom which saw four princes as well as 11 ministers indicted sending jitters to the oil market, it could be safely concluded that oil price is heading northwards and therefore the benchmark price could not have been more realistic. The only fly in the ointment is the threat by the Niger Delta Avengers to resume hostility with the potential of disrupting the volume of oil production which has been estimated at 2.3 million barrels per day. We pray that good counsel would prevail and all concerned would see the collective wisdom of maintaining the peace. We do not expect that the authorities would require to be schooled regarding the wisdom of adopting a pacifist approach by reassuring all concerned that implementation of promises made are on course and only calls for patience for the promises to be delivered. An exchange rate of N305 to the dollar has been assumed with the rate at the investor and exporter widow at around N360. I have heard comments to the effect that we should have adopted a more realistic rate, better aligned with the alternative window since that would translate to greater quantum of naira for sharing with the other tiers of government to contribute to the amelioration of the squeeze which has resulted in salary arrears. But the psychology of the market is that once we attempted that we would sacrifice the current stability we enjoy at the market. We would have to do whatever is in our power to avoid upsetting the apple cart as we observed the economic recovery is still fragile and would have to be nurtured to ensure that we do not experience disruptive reversals. The fact which stares us all on the face is that we are on a winning streak as the reserves have currently inched up to around $34 billion. Dr. Chizea wrote from Lagos

MODELLING LAGOS SMART CITY Greater Lagos feasibility demonstration district should learn from the Abuja experience, writes Willie Eleje-Abili

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believe that this article should constitute the locus classicus rationale of my series on modelling Lagos SMART City of October 30, which was preceded by Lessons from Rwanda, published on the 24th. I must confess that organisation of the body of ideas did not derive from study of any facts relating to the topics. Consequently they have been in entirety an exercise of speculative imagination. At the end nevertheless, I found an impressive consistency in my narrative, for ‘the heart of the wise teacheth his mouth and addeth learning to his lips’ according to the Book of Proverbs, Chapter 16 verse 23. From the preceding two articles, we may then begin to conclude that the necessary and sufficient conditions for a SMART city state to evolve are: a shared leadership vision, a people’s noble culture, societal civilisation and public order but certainty of permanence, would have to depend on maintenance. Now, to make a case for what I might term an exclusive bourgeois estate of the state to be designated, Greater Lagos Feasibility Demonstration District, proposed to comprise Lagos Island and Etiosa, let us then attempt an application of SMART as an acronym to interrogate the

feasibility of such a district, beginning with the question: can Lagos infrastructure indeed be specific? In order words, what would be the specification or rather can we possibly define the standards of Lagos infrastructure as instructed by the truths which we hold to be self-evident about world class SMART cities such as Singapore, Dubai or London? Can we locate our values in making a choice of such specimens, within a system of services and training establishments, such that would underscore the framework of an efficient city? We then go on to ask, can the infrastructure indeed be measurable, or rather can we be precise in distribution of the quality, quantity and cost of infrastructural services on the basis of our acceptable standard of infrastructural performance and in the light of culture, demography, land use and other current state of affairs within the designated district and is our preferred standard achievable such that we can accomplish the purpose to good effect? Are our expectations, we ask, of such a standard of infrastructural performance, realistic in fact and in law? Can we accept things as they are and not be making our decision based on unlikely hope? We finally ask: are such expectations timely? Can they

be opportune at this material time or are they ahead or have been overtaken by events? If we can render objective answers to the foregoing questions, we would find that our demonstration district as proposed would likely be feasible. In the district therefore, you are unlikely to find post-paid electric meters, individuated septic tanks, water boreholes, or anyone hauling cooking gas cylinders back and forth. It then becomes axiomatic that, infrastructure performance efficiency and justification of tax payers’ money, occupy the defining leit motif of a SMART city and a city can be smart but not mega, but a mega city may not be smart. The two therefore, are not mutually exclusive. But to verify the experiment, we need to set up a control, in which all other factors, except the variant being tested are kept identical. By implication the district must be rendered exclusive, with a degree of restriction on ingress and egress. In other words, access can no longer be without let or hindrance. This can be done by application of visitor permits or rendering the district too costly for anyone without serious business to operate. But to avoid surrender of the exclusive rendition to market forces, on-going work on a deep sea port and refinery around

the district should go pari-passu with an efficient rail system on concessionary or privatised terms. It then becomes self-explanatory that Lagos cannot be rendered smart all at once. In its hay days, a drive from the airport into Abuja city was an exotic and exhilarating experience of five-star treatment. Bill Clinton Drive within the airport precinct was adorned with a bunting of flags. A superlative macadamised thorough-fare bound on both sides by a tract of grassland, widely spaced trees, shrubs and flowers, heralded you into the magnificent city. Today, all that splendour has given way to a bourgeoning conurbation and down-grading vista. Abuja municipality was a Smart City ideology conceived in an efficient political and administrative capital for the Nigerian federation. I believe the plan was to centralise dedicated infrastructure to citizens, such that would model the dignity of man and the pride of our nation. But the city was not rendered exclusive and the vision was not shared with citizens such that they can claim legitimate ownership of full effect which was gradually compromised in unscrupulous all comers’ affair of the state. Greater Lagos feasibility demonstration district should learn from Abuja experience.

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EDITORIAL THE COST OF SENSELESS KILLINGS The solution to the frequent clashes between farmers and herdsmen is ranching

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been lost to the lingering clashes between farmers and the herdsmen in Benue State alone this year. We therefore call all relevant stakeholders: states/ federal government, legislatures, traditional rulers, civil society organisations, security agencies and communities on the urgent need to frontally tackle these deadly and criminal conicts, which are spreading to other states in the federation and threatening the brittle peace. That is also why we wholeheartedly welcome the land use plans, especially the anti-open grazing act recently enacted by some states, including Benue. With farming as their major occupation, there is absolutely no way the people can cope with open grazing by the cattle breeders.

few days after former Head of State, General Abdulsalami Abubakar expressed concerns over the increasing wave of violence between herdsmen and farmers in some North Central states, no fewer than 11 persons were ambushed and gruesomely killed by suspected herdsmen at Diyan junction in Rim District of Riyom Local Government Area of Plateau State. The victims were returning from Makera market in a vehicle when they were reportedly ambushed by their assailants. Although General Abdulsalami has put the ďŹ nancial cost of the incessant violence at $13.7 billion, we must point out that the losses to the economy as a result of the activities of these crises are far higher, and indeed cannot be easily quantiďŹ ed. Aside the thousands of people that have been killed and property that had been razed, several families are today dislocated with countless citizens physically and psychologically maimed for life. The future ambitions of many Nigerians, particularly children, WHAT IS MORE WORRYING have been cut short or IS THAT BECAUSE OF disrupted while the THESE INCESSANT local economy suffers COMMUNAL CONFLICTS, grievous harm. This is not to talk of foreign MANY COMMUNITIES investors who are ACROSS THE COUNTRY ARE SELF-ARMING EITHER scared by the many TO PROTECT THEMSELVES violent conicts in the polity. OR FOR REPRISAL

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

EDITOR NATION’S CAPITAL

T H I S DAY N E W S PA P E R S L I M I T E D

ATTACKS

What is more worrying is that because of these incessant communal conicts, many communities across the country are self-arming either to protect themselves or for reprisal attacks as bloody battles for supremacy and for the control of land become increasingly alarming. Only recently, some communities on the Mambilla Plateau in Taraba State erupted in an unprecedented violence that claimed the lives of many inhabitants. Governor Samuel Ortom has revealed that no fewer than 1,900 lives had

Letters to the Editor

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ADAMAWA PILGRIMS BOARD AND HAJJ OPERATIONS

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t a time the nation needs to embrace agriculture not only for food security but also to take many of our young people out of the streets, the authorities cannot continue to look the other way or act in a manner that suggests they have taken sides. As some of the governors, including Samuel Ortom of Benue, who incidentally belongs to the ruling All Progressives Congress (APC), have argued, the solution to the frequent clashes between the farmers and herdsmen is ranching, and that is what the anti-open grazing bill he recently assented to is all about. As we keep reiterating, one of the curious tragedies of modern Nigeria is that we have come to accept the category ‘nomadic’ as a permanent description of a vital segment of our populace. We have gone ahead to create schools, map out grazing trails and sundry other things to enshrine this unfortunate doctrine. The consequence has been the ever frequent bloody clashes between nomads and settled landowners and farmers in nearly every part of the country. Besides, by allowing them to roam the length and breadth of the country, often herding evacuated cattle, we violate the rights of these animals and endanger the health of citizens through exposure to the elements and a cocktail of diseases. The authorities, both in Abuja and the states, must therefore begin to fashion long-term solution to the challenge that is generating violence in several theatres at enormous cost to the nation.

he reason why government is involved in conducting hajj can be traced back to 1975 when the government of the former Head of State, General Yakubu Gowon, set up the Nigeria Muslim Welfare Commission. The board was primarily set up to bring succour for the Muslims performing hajj, which is one of the pillars of Islam. It is also a way of subsidising hajj for the people through having a flexible exchange rate in the pilgrim’s BTA, securing accommodation in both Mecca and Medina, etc. Before, it was agents that are solely in charge of hajj as any intending pilgrim pay his or her fare through the agent, who now finds the airline to convey the pilgrims to Mecca, Medina and at the same time secure accommodation. With the creation of states, each state government sets up their pilgrims’ welfare boards in order to look after the pilgrims going to perform hajj. The composition of the board members and the head should be persons so learned in the religion of Islam. But the case is the reverse in Adamawa State as an engineer is in charge of the board every year. There is great mal-administration in the operation of hajj especially in the holy city. Rather than find ways to remedy the sad situation, the agency under the executive secretary is creating false impression that things are working by the sponsorship of selected journalists to go to Saudi-Arabia at the expense of the genuine staff of the board. One of the clever ways that the executive secretary use is to divert the space of the staff of the board that ought to travel to discharge official responsibilities to the pilgrims and convert it to

his personal use. Also, another antic use by the executive secretary is to hoodwink the government through giving hajj slots to some selected media men to give him media coverage as the best thing that ever happened to the board. This is quite an irony as during this year hajj one of the pilgrims from the state missed the Arafat as he was indisposed and the board didn’t convey him to Arafat due to lack vehicle. There is no any functional office either in Mecca or Medina for the state pilgrims to make any inquiry. Virtually all the states of the federation have functional office to take care of their pilgrims. But in the case of Adamawa State, it is not existing as the pilgrims are left to roam the streets in the kingdom without any guide. This was accentuated by the conversion of the slot of guides submitted to government and approval granted by the executive secretary to personal use. It is out of this that he took at least 10 of his relations to the holy land during this year’s hajj. Having served as Secretary to Amirul Hajj delegation during the former Governor Boni Haruna’s administration and also once again in former Governor Murtala Nyako’s first tenure, he knows how the system works. All these were being done in order to remain in the board until he may retire from service. How can an engineer be made the executive secretary of the board? Mahmud Ahmed, Jambutu, Jimeta-Yola

SHEHU SANI AND KADUNA TEACHERS

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enator Shehu Sani’s criticism of Gov. Ahmed el-Rufai’s decision on the sacking of those farbelow-average teachers in Kaduna State is highly condemnable. Every profession that deals with life directly should not be taken with levity. And teaching is one of those professions. Can Senator Shehu Sani allow any of those teachers to take his children in a private home lesson? This is not a topic to play politics with. I would have agreed with his criticism if the state government committed recruitment errors in the first place by employing such class of people, as most of them got employed through the man-know-man syndrome ravaging our society. There are lots of best hands wasting in the labour market today. The future of the country cannot be left to academic mediocres. Sacking them from the education sector is a good thing. But they should be given an alternative to feed their women and children, lest they get recruited by men of the underworld. Governor El-Rufai should consider taking them to the state’s farming sector which will help the economy of Kaduna State. They are not a waste. But they are not just fit for the teaching field. Bamidele Williams, Obafemi Awolowo University, Ile-Ife.

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T H I S D AY MONDAY NOVEMBER 13, 2017

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T H I S D AY ˾ MONDAY, NOVEMBER 13, 2017

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

POLITICS

M O N D AY D I S C O U R S E

Is Buhari Turning Nigeria into an Islamic State? Tobi Soniyi reviews the claim by the Christian Association of Nigeria and Christian leaders that President Muhammadu Buhari plans to Islamise Nigeria, concluding that the facts do not appear to support the claim

Buhari with Christian leaders

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eligion is a very touchy issue in Nigeria even though the constitution claims that the country is a secular state. Hardly any week passes by without someone or an organisation accusing President Muhammadu Buhari of planning to make Nigeria an Islamic country. Last week, Christian leaders in the country called on the National Assembly to prevail on the federal government to withdraw from the Organisation of Islamic Countries and other international religious bodies. They made the call at a gathering of prominent Christian leaders in the country at the Shepherdhill Baptist Church, Obanikoro, Lagos where they discussed the challenges facing the Church in the country. The meeting called by President of the Christian Association of Nigeria, Rev. Samson Ayokunle, was attended by the General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye; the Presiding Bishop, Living Faith Church Worldwide, Bishop David Oyedepo; the General Overseer, The Redeemed Evangelical Mission, Archbishop Mike Okonkwo; and former CAN President, Pastor Ayo Oritsejafor. The Fear Since Buhari took over power in May 29, 2015, CAN has repeatedly accused him of trying to make Nigeria an Islamic country. Respected constitutional lawyer and author, Prof. Ben Nwabueze, SAN, in 2016 alleged that there was a grand plan by Buhari to islamise Nigeria. Nwabueze, while fielding questions from newsmen after a meeting of Igbo Leader of thought, (ILT), in Enugu said: “This is a very crucial meeting for us because we have not met for more than a year. And if you look at our agenda, such critical issues for discussion, issues like Islamisation agenda and its impact

on the unity of the country. “Islamisation agenda is real, it’s not something that somebody has just conjured up, it’s there. And it’s been implemented gradually. Look at the security agencies; every aspect of security, islamists are in control in its entirety. They are methodically, the way they are going about its implementation. Look at Fulani herdsmen menace, it is part of it.” Ekiti State governor, Ayodele Fayose who has not hidden his disapproval of anything Buhari had also accused the president of mapping ways towards making Nigeria an Islamic nation. Fayose made the allegations while delivering a speech at the inter–denominational thanksgiving held in Port-Harcourt to celebrate the victory of the Rivers State Governor, Nyesom Wike after the Supreme Court upheld his election. He said: “They have started subtle moves to make Nigeria an Islamic nation, but God will stop them. This was done in 1984, it failed, it would fail again.” Similarly a coalition of over 14 Christian groups in Nigeria had accused the Presidency under Buhari of making desperate plans by to turn the country to an Islamic state, “through the back-door”, citing a bill before the National Assembly to expand the jurisdiction of Sharia law.

Hardly any week passes by without someone or an organisation accusing President Muhammadu Buhari of planning to make Nigeria an Islamic country

According to them, the Bill in the House of Representatives proposing amendment to Section 262(1) of the 1999 constitution with a view to expanding the existing jurisdiction of the Sharia Court of Appeal and the state by including criminal matters was insensitive and inconsistent with democratic and republican ideals of the constitution and the Nigerian State. They said: “The deployment of the resources and institutions of the state for the promotion of Sharia is unconscionable and violation of the constitution and an offence against the sensibilities of the diverse Nigerian people. “The current trend whereby states deploy public revenue to fund activities, functions and programs of Islam are discriminatory and a clear adoption of the Shariah as state religion to the detriment of non-Muslims. It is unjust and a violation of the ideals of sections 16(1) (a) (b) and 17 (1) (2) (a) (3) (a) Y (b) of the 1999 Constitution which provides equal status and opportunity for every citizen. “The selective and discriminatory economic empowerment of Muslim clerics by some states in the North, in particular Kano State, by their placement on the government payroll is a clear violation of the ideals of democracy and social justice as entrenched in section 14(1) of the 1999 Constitution. “The proposed Kaduna Religious law violates the freedom of association, expression, Conscience and Right of worship as entrenched in sections 15(3) (d), 38, 39 and 40 of the 1999 Nigerian constitution. “There are adequate provisions in the Penal Code to curtail religious extremism, criminality and terrorism. The escalation of religious extremism, criminality and terrorism is due to the failure of leadership to enforce extant laws due to religious bigotry and discriminatory tendencies and sympathy for religious persecution, extremism and terrorism. “The proposed Kaduna Religious law is an attempt to adopt and institutionalise preferred

religion by the state and religious practices acceptable to the government for the time being.” The Flashpoints The brit bat over whether Nigeria was gravitating towards becoming a member of the Organisation of Islamic Countries (OIC) became louder during the military era. The dispute reached a tipping point in 1986 when news broke out that Nigeria had been admitted into the OIC as its 46th member in January 1986. Ebitu Ukiwe, then a Navy Commodore and second in command to the then Military Head of State, Ibrahim Babangida, had to declare publicly that the decision to join OIC was not discussed at any level of government. In 2011, when the then governor of the Central Bank of Nigeria, Lamido Sanusi introduced measures to launch Islamic banking in Nigeria, CAN kicked. He was accused of trying to Islamise Nigeria through the banking system. Since the idea came when a southern Christian, Dr Goodluck Jonathan was in power, the fear was quickly allayed. The banking system has been on since then. It has not led to the country being islamized. In 2014, CAN, reacting to a combination of factors including the threat by Boko Haram to turn Nigeria to an Islamic country, the activities of the ravaging herdsmen and a court ruling in Osun that upheld the state governoment’s decision on mode of dress to schools, asked Christians in the country to fast and pray for 31 days to stop Islamisation. When Buhari came in 2015, the herdsmen went on rampage. They became more visible in the southern parts of the country attacking and kidnapping farmers. The response of the government at the centre did not help matter. Conveniently, CAN concluded that the attacks CONT’D ON NEXT PAGE

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T H I S D AY ˾ MONDAY, NOVEMBER 13, 2017

POLITICS

MONDAY DISCOURSE

I S B U H A R I T U R N I N G N I G E R I A I N T O A N I S L A M I C S TAT E ? by the herdsmen were part of the plan to turn the country into an Islamic country. While this was going on, the president chose to concentrate state’s security apparatuses in the hands of Muslims from the north. This deepened the fear in the south. Again, CAN interpreted this as parts of the grand plan to turn Nigeria into an Islamic state. The Minister of Interior, Lt.-Gen. Abdulrahman Dambazau (retd.), with supervisory powers over Prisons Service, Immigration Service, Fire Service and the Nigeria Security and Civil Defence Corps, hails from Kaduna State. The Chief of Army Staff, Lt.-Gen. Tukur Yusuf Buratai, is from Borno State. The National Security Adviser, Maj-Gen. Babagana Monguno (retd.), is also from Borno State. Also from Borno State is the Chairman of the Economic and Financial Crimes Commission, Mr. Ibrahim Magu. The Minister of Defence, Brig.-Gen. Mansur Dan Ali (retd.), hails from Zamfara State, while the Chief of Air Staff, Air Marshal Sadique Abubakar, is from Bauchi State. The InspectorGeneral of Police, Ibrahim Idris, hails from Niger State. Also from Niger State is the CommandantGeneral of the Nigeria Security and Civil Defence Corps, Abdullahi Muhammadu. The Director-General of the Department of State Services, Lawal Musa Daura, is from Katsina State. However, the Chief of Defence Staff, Gen. Abayomi Gabriel Olonisakin, is from Ekiti State in the South-West. The Comptroller-General of the Nigeria Immigration Service, Muhammed Babandede, is from Jigawa State, while the Comptroller-General of the Nigeria Customs Service, Col. Hameed Ibrahim Ali (rtd), is from Bauchi State.The Controller-General of the Nigeria Prison Service, Alhaji Ja’afaru Ahmed, is from Kebbi State. Nevertheless, the Chief of Naval Staff, Vice Admiral Ibok-Ete Ekwe Ibas, is from Cross River State. The new DirectorGeneral of the National Intelligence Agency, Mohammed Dawuda. He replaced Ambassador Ayodele Oke. These appointments made CAN and other Christians leaders uncomfortable. In March 2016, Buhari, after meeting with the then king of Saudi Arabia, Salman Bin Abdul-Aziz., announced that Nigeria would join the Saudi Arabia led coalition of Muslim countries against terrorism. CAN had in December 2015 cautioned against joining the 34-member coalition, called ISMAT. “This singular gesture of the Buhari government betrays so much, and tends to confirm our fears that underneath everything this government is doing, there is an agenda with strong Islamic undertones, aimed at undermining Nigeria’s pluralistic character and neutrality regarding government’s affiliation to any one religion,” Musa Asake, CAN General Secretary said in a statement. Buhari, however, defended his decision to drag Nigeria into the group during an interview with the Al Jazeera television when he said: “If there is an Islamic coalition to fight terrorism, Nigeria will be part of it because we are casualties of Islamic terrorism.” When asked whether or not his decision would go well with Nigerian Christians who make up about half of the country’s population, Buhari said, “I have just told you it is the Boko Haram itself that declared loyalty to ISIS. Now, ISIS is basically based in Islamic countries. If there is a coalition to fight terrorism, why can’t Nigeria be part of it. “Why can’t those Christians that complain go and fight terrorism in Nigeria or fight the militants in the South. It is Nigeria that matters, not the opinions of some religious bigots,” he added. He however said he had no plan to change Nigeria’s multi-religious nature by his actions, saying, “How can I change the religious identity of Nigeria?” Then came the Sukuk Bond Controversy When the Federal Government floated the Sukuk Bond, CAN was quick to argue that it was part of strategies to islamise Nigeria. In a statement by its General Secretary, Rev. Musa Asake, CAN demanded the abrogation of the laws and framework behind the bond. It also threatened to seek legal redress if that was not done. CAN also said government was trying to sell the nation to Arab countries through the

Ayokunle

Sukuk Bond, arguing that the government was pursuing an Islamisation agenda. CAN repeated the argument that Nigeria is a secular state and that government was expected to be neutral on issues involving religion. It argued that the promotion of a sectional religious financial policy was a violation of the constitution. It said, “The Christian Association of Nigeria has been protesting against this aberration since the Osun State Government, under Governor Rafiu Aregbesola, embarked on this violation of the Constitution. “Rather than stand in the defence of the constitution, it is disappointing to note that the Federal Government is pursuing what is an outright confirmation of an Islamisation agenda. “The recent floating of Sukkuk Bond by the government is not only sectional but illegal and a violation of the Constitution. Every law that has been promulgated to back the Sukuk issuance and promote an Islamic banking system in Nigeria is ultra vires, illegal, null and void.” It said that no referendum or convened a Constituent Assembly that passed a resolution that the nation had transmute into an Islamic State. “Therefore, the manipulations and scheming to smuggle the country into a full blown Islamic state should stop; these manipulations became apparent with the smuggling of Nigeria into the Organisation of Islamic Conference in 1986 by the Ibrahim Babangida military junta,” Asake said. CAN said that the International Monetary Fund had stated that the issuance of Sukuk by non-Islamic countries was a breach of the religious neutrality of the government of such states. “The FG must dismantle all legal and institutional framework established to promote Islamic financing in Nigeria.

CAN should insist on rule of law and respect for human dignity whether the person affected is a Muslim, Christian or an un-believer

“We affirm that the territorial integrity of Nigeria is undermined through the issuance of Sukuk in the country. We hope that the government shall desist from its policies of unbridled religious sectionalism,” CAN said. Where Are We Despite all the claims and counter-claims, it is wrong to claim that Nigeria has become or is on its way to becoming an Islamic state. It is also wrong to accuse Buhari of trying to Islamise Nigeria. Buhari is a Muslim. Naturally, his religion will most likely affect his disposition to government. The same can be said of formerpresident Jonathan. The then CAN President, Ayo Oritsejafor became so influential to the extent that his aircraft was used to ferry money to South Africa allegedly for the purchase of arms and ammunition to fight Boko Haram. Yet, nobody accused Jonathan of trying to islamise Nigeria. Not many Christians know that Muslims hate to work on Fridays. In Islamic countries, Sunday is a working day. Friday is for worship. In Nigeria, Muslims works on Fridays when their counterparts else where rest on that day. The Christians take this for granted. It is true that Nigeria is a secular state but by conferring on Christians the right to worship and rest on Sunday, the Nigerian violates its secularity and confers undue advantage on Christians. With due respect to CAN, and others who like to make issue out of religion, Nigeria is already altered in favour of Christianity. It is difficult to fault the reasoning of the Vice President, Prof. Yemi Osinbajo when he said that it was impossible for anyone to Islamise Nigeria, as claimed by CAN Osinbajo, who spoke during the Greater Nigeria Pastors Conference convened by Apostle Wale Adefarasin and Rev. Abayomi Kasali, explained that the recent uproar over the country’s subscription to Sukuk Bonds was baseless. Osinbajo said, “Part of the problem is the failure of Christian leadership to take its rightful place. We focus our minds on something we call the Islamic agenda. We look for it everywhere as if we are looking for demons. “But where is the Christian agenda. Are we not entitled to one? We are too divided as Christians to have an agenda. The key to the unity and progress of Nigeria is in the church.” He explained that there were no plans to Islamise Nigeria through the Sukuk bond or the country’s membership of the Islamic

Development Bank. He said that apart from Nigeria, many nations of the world including the United States of America and the United Kingdom had also embraced the system as a result of its progressive nature. He said, “The Sukuk is an Islamic concept, which enables people to have access to credit. It is essentially like a bond. The US, UK, China, South Africa have all used the Sukuk. Once there is money in the market, let us not get sentimental. The most important thing is for us to use those monies well. “Some people say there are some hidden things in this arrangement and that one day somebody is going to take us over. Where? How will that happen? These are straightforward financial systems used all over the world. I don’t think it presents any real problem. It is a very progressive financial system. “Nigeria became a member of the Islamic Development Bank in 2005 and the first person to sit as director of the bank was Ngozi Okonjo-Iweala. The second person to sit as a director is the current Finance Minister, Kemi Adeosun, and both of them are Christians. So, when people talk about Islamic agenda, sometimes I am lost. “The person who brought us into the bank is not a Fulani or Northerner, the person was a Christian, so why are we complaining? Nigeria is the fourth largest shareholder in the Islamic Bank. This wasn’t Buhari’s making. We must have facts before saying things. But above all, we must ask ourselves if being a member of the bank profits us or not. “For me, I have no problem with this. We can use what we get there to develop our society. This is the most important for me.” Time to Change the Narrative CAN’s clam that Nigeria is being islamized is beginning to sound hollow. The organization needs to insist on what is right for Nigerians and not just for Christians alone. CAN should insist on rule of law and respect for human dignity whether the person affected is a Muslim, Christian or an un-believer. We are afflicted by same problems and challenges. There is no hardship a Christian is going through today that Muslims are not passing through. It is high time CAN spoke for Nigerians. Today, there are as many jobless Christians as there are Muslims. Our country stands to get better if CAN speaks against oppression, rape and other injustices in the country.

T H I S D AY ˾ MONDAY, NOVEMBER 13, 2017

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PERSPECTIVE

The NDDC Board Conundrum Segun James examines the politics of the controversy surrounding the appointment of members of the Niger Delta Development Commission board

Ndoma-Egba

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eographical balance is, relatively speaking, the strength of the Nigerian political landscape. When the Niger Delta Development Commission (NDDC) was created as an interventionist agency to drive the development of the region that produces the oil that is the main sustenance of the nation’s economy, government also ensured that top management offices in the commission are shared among the beneficiary states. This has been delicately and politically maintained until recently when the news broke out that the tenure of the current board of the commission has been “extended” contrary to precedents The crisis began when the Bayelsa state chapter of the All Progressives Congress (APC) through its chairman, Mr Joseph Fafi, wrote to President Muhammadu Buhari protesting the purported extension of the term of the present board of the Niger Delta Development Commission. According to him, the present board of the Niger Delta Development Commission was officially appointed on the 4th of November, 2016 to complete the remainder of term of the previous board in line with the provisions of Section 5(3) of the Niger Delta Development Commission (Establishment etc) Act. Fafi stressed that the provision of Section 5(3) of that Act stated that “Where a vacancy occurs in the membership of the board it shall be filled by the appointment of a successor to hold office for the remainder of the term of his successor, so however, that the successor represents the same interest and shall be appointed by the President, Commander-in-Chief of the Armed Forces subject to the confirmation of the Senate in consultation with the House of Representatives” Fafi alleged that the present board of the NDDC came into office based on the provision of that section and it was supposed to complete the remainder of the term of the previous board that would end in December, 2017. “Suffice to say, that the purported extension of the term of the present board of the Niger Delta Development Commission is done in bad faith and in fact runs contrary to the provisions of the Act that established the Niger Delta Development Commission. “Sir, let us also refer you to section 12 of the Niger Delta Development Commission Act, that provides for the appointments of the Managing Director and the two Executive Directors. “Section 12: ‘There shall be for the commission,

Mustapha

a Managing Director, and two Executive Directors who shall be indigenes of oil producing areas starting with the member states of the commission with the highest production quantum oil and shall rotate amongst member states in other of production.’” He insisted that the Managing Director of the Commission had always been appointed in line with the provision of that section of the act saying, “It will interest you to note that Delta and Rivers states have completed there 4 years term each as Managing Director of the commission, Akwa Ibom that has the present Managing Director would complete a 4 year term in December 2017 and it will be the turn of Bayelsa State to produce the managing director of the Commission for a 4 year term as the 4th in production quantum oil. “Based on the above, any attempt to extend the term of the present board will amount to injustice, unfair treatment to the people of Bayelsa State, which in fact negates the principle of equity and fairness which our great party (APC) and the government of our dear President stands for. “Sir, as a party we worked very hard against numerous challenges to bring this government on board and we believe that it is our right to demand for what is legitimately due for our state. “May we please bring to your notice the possible consequences of this wrongful action if not stopped immediately: the purported extension of the term of the present board of NDDC would affect the smooth rotation of offices amongst member states as provided in sections 4 and 12 of the NDDC (Establishment etc) Act; It will cause disaffection amongst member states because Bayelsa State would feel usurp; and his purported extension may affect the relative peace we are enjoying in our volatile region because Bayelsa State is a major factor in the stability of our region and indeed Nigeria.” APC in Bayelsa therefore urged the president to use his good office to stop “this injustice and withdraw the said letter extending the term

Whether the threat by the militant group was a mere coincidence with the protest letter is not immediately clear

of the present board because it is done in bad faith and falls short of the provisions of the NDDC Act.” The state APC demanded that at the expiration of the term of the present board in December 2017, a party faithful from Bayelsa State be appointed as Managing Director of the commission because it was the turn of Bayelsa State in line with Section 12 of the Act that established the NDDC. “We are sure that you will treat this protest with priority and save us the effect which this action will have on the peaceful co-existence of the people of the Niger Delta region.” Shortly after the letter which was dated November 2nd, 2017 was submitted to the president, the Niger Delta Avenger, a militant group that had destroyed oil pipelines in the issued a threat to resume the destruction of oil production activities. Whether the threat by the militant group was a mere coincidence with the protest letter is not immediately clear. The crisis began when the acting secretary to Government of the Federation, Dr. Mrs. Habiba Lawal in a letter dated 16th October, 2017 to Prof. Nelson Brambaifa appointing him as a member of the governing board of the NDDC stated that the appointment would take effect from 1st November 2017 and for a term of four year. The letter specified that it superseded an earlier letter by the former SGF, Mr. Babachir Lawal which stated that the board was only to complete the tenure of the present board which will expire in December 2017. It was this letter that triggered the protest by the Bayelsa APC which viewed the action of the federal government as contrary to the provision of the act that set up the commission. The newly appointed SGF, Mr Boss Mustapha, however denied extending the tenure of the present board of the commission. Mustapha’s clarification came on the heels of plan by the Senate to investigate an allegation made by Senator Emmanuel Paulker (PDP Bayelsa) alleging that the state was being short changed in the scheme of things. Paulker had noted that section 4 of the act establishing the commission states that the office of the chairman be rotated among member states in alphabetical order. He said the chairmanship started with Abia and has rotated in accordance up to Cross River State. According to the arrangement, the chairmanship of the committee is supposed to move to Delta State by the end of 2017, he said. Paulker added that the board currently headed by Victor Ndoma Egba, Cross-River-PDP was

illegally extended by four years by the immediate past Acting Secretary of the Government of the Federation, Habiba Lawal. The Senate had earlier mandated its committee on NDDC to carry out investigation on the allegation made by Senator Paulker via a motion moved to that effect on the floor of the Senate, declared that contrary to the clear provisions of Section 5 (3) of the NDDC Act, the tenure of the present board of the commission has been illegally extended to four years by the immediate past Acting Secretary to the Government of the Federation, Dr. Habiba Muda Lawal. He added that section 5(2) of the Act dictates that board headed by Senator Victor Ndoma Egba, SAN serves out the remainder of the term of the board chaired by Senator Bassey Henshaw which will terminate in December 2017. A submission that made the Senate to mandate its committee on NDDC to liaise with Mustapha to ascertain the facts of the matter. But the SGF in a swift action via a letter signed by a permanent secretary, Dayo Apata denied any tenure elongation for the board members as alleged by Paulker. In the letter titled: “Re: Clarification on the tenure of the governing board of NDDC”, he said that the Ndoma Egba headed board was not a continuation of the dissolved one headed by Bassey Henshaw. He said: “Section 5(2) of the act refers to a situation where a vacancy occurs as a result of any of the provisions of section 5(1) of the act as opposed to when the entire board is dissolved. In this case, the previous board was dissolved and its tenure extinguished. “Dissolution of the board cannot be categorised as a vacancy under the act. Dissolution signifies total extinguishment of the board, it simply ceases to exist and there cannot be any remainder of any term which a successor is expected to complete. “There has to be a fresh composition of the board for a fresh term of four years .Therefore the letters of appointment stating that they were to complete the remainder of the tenure of the previous board is of no effect as the words in a letter cannot override the express provisions of an act”. As it is, the unfolding crisis was caused by the federal government. The question is, didn’t the former Acting SGF consult the legal department before issuing letters for the completion of the tenure of those removed? A judicial interpretation may be required to determine who is right between the past SGF and the new one.

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MONDAY, NOVEMBER 13, 2017, ˾ T H I S D AY

FEATURES

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

Giving Hope to People With Disabilities When violence erupts and people get maimed, it increases the number of people living with disabilities. Emmanuel Ugwu was at a conference on disability and rehabilitation held at the Hopeville Rehabilitation Centre Uturu and captured the message of peace sent by the inmates

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mmediately the Nigerian Civil War, commonly known as the Biafran War ended in 1970, a rehabilitation centre was set up to repair the damage done to human lives and limbs. Located in Uturu in Isuikwuato Local Government of Abia State, the Hopeville Rehabilitation Centre has remained a sore reminder of the sad lessons of Nigeria’s brutal civil war. The post-war inmates of the centre whose disabilities were caused by the civil war had all been trained and rehabilitated. The present inmates of the centre are people living with disabilities (PWDs) of various forms. Though these PWDs are by no means victims of war they sure know the devastating effects of war and violence hence they could not understand why war and violence should be part of human existence. “I don’t know why people fight in this world when they have little time in this world… vanity upon vanity,” the inmates of the centre sang in a welcome song they rendered during the Disability and Rehabilitation Conference on October 24, 2017. It was instructive. “The message of peace can only come out of a centre like this,” said Uche Ogidi-Okonkwo, the coordinator of Yet Network Resources, the organisers of the conference with the theme: ‘Overcoming Disability and its Challenges’. He said that apart from infusing self confidence on the PWDs the choice of Hopeville, fondly called the Home of Hope, to host the conference was also a means to send out the message of peace. The pioneer inmates of the rehabilitation centre emerged from the Nigerian Civil War without one or more limbs. They were from the Biafra side and in dire need of care and help to repair their devastated lives. According to the director of the centre, Rev. Br. Evans Okpalanachedo, “Hopeville is a brain child of the Marist Brothers of the Schools, province of Nigeria, through the ingenuity and empathy of late Rev. Br. Francis McGovern, an Irish missionary in the year 1970.” He said that the centre commenced with the training of the inmates in various fields of trade/handcraft such as shoemaking, bag making, cabinet making, tailoring, radio-television mechanics, and automobile mechanics, among others. “The centre renders absolutely free training and services to all her inmates,” he said. The historical account of how the Home of Hope came to be was corroborated by the traditional ruler of Umuanyi Autonomous Community, Eze Uwadiegwu Ogbonnaya, who lauded the Marist missionaries for their humanitarian activities during and after Nigerian Civil War. “People came to the centre with lost limbs,” he recalled, adding that the establishment of the rehabilitation centre brought huge relief and hope to the people with disabilities (PWDs). The royal father noted that living with disability is never a choice for those affected hence the PWDs should not be blamed for their conditions. Ogbonnaya, who is a veteran journalist and fellow of Nigerian Guild of Editors (NGE), called on both federal and state governments to make budgetary provisions for the rehabilitation of PWDs. He argued that PWDs need special care hence they should not be allowed to depend on charity before they could realise their potentials. Nonetheless the monarch urged the inmates of Hopeville and indeed all PWDs not to allow their conditions to weigh them down. “You can be whatever you want to be in life. The sky is your limit,” he said. The organiser of the conference, OgidiOkonkwo lamented the neglect of PWDs in Nigeria as those in policy making positions hardly take them into consideration when planning and constructing social infrastructure. He said that PWDs should not be allowed to

A cross section of inmates of Hopeville Rehabilitation Centre, Uturu, at a conference on disability andb rehabilitation...recently

The inmates of Hopeville Rehabilitation Centre, Uturu, singing a welcome song

struggle with able-bodied people for access to public transport, adding that they should also be provided with special facilities at public buildings. “They are special people; they deserve the best and we should give them the best,” he said. But the keynote speaker at the event, Professor C.C. Ekennia said that irrespective of the way the society regards and treat those with disability what matters most was the personal attitude of PWDs to their condition. “Your attitude and the environment created by the society can make you achieve what

Don’t allow your impairment to give you inferiority complex.You should emphasise your ability and make it to be your pride.You should build your confidence around the area you have comparative advantage

a full bodied person can achieve,” he told the PWDs, adding that attitude is a major determinant of how far a PWD can cope with his/her condition. Ekennia, who is a professor of psychology at the Abia State University Uturu (ABSU) explained that disability “is in everybody’s ecology either temporarily or permanently” and could be experienced at one point in a person’s life. But according to him, a condition of disability really becomes a disability when the affected person “looks at it as a challenge.” The university don, who some years back experienced disability after a road accident, therefore advised the PWDs against indulging in self pity and hopelessness. “Disability doesn’t mean that God doesn’t love you. The worst could have happened,” he said, adding that PWDs should always hold their heads high as they have the same intellect as able-bodied people to accomplish great things. “Don’t allow your impairment to give you inferiority complex. You should emphasise your ability and make it to be your pride. You should build your confidence around the area you have comparative advantage,” Ekennia advised. He expressed regret that Nigeria is a country where people in government “only think about 10 per cent for the people and 90 per cent for themselves thereby making it difficult for PWDs to be reckoned with in the scheme of

things. Recalling the events of the civil war, the Psychology professor noted that a lot of Biafran amputees “would have committed suicide (but) this centre gave hope to a lot of Biafran amputees.” According to him, “the first clutches we saw after the war came from Hopeville. Ekennia said that if government was sincere about the plight of PWDs it should give scholarship to the inmates of Hopeville and others in similar situations. He also advised that government should initiate and implement policies that will make it compulsory for public buildings to have special facilities for PWDs. At the conference were PWDs, who have risen above their physical limitations to achieve their dreams. Their testimonies serve as inspiration and encouragement for the Hopeville inmates. For instance, Hon. Chinedu Obialor the Senior Special Assistance to Abia State governor on disability matters told his fellow PWDs that he got his political appointment not out of pity but hard work. He said that the administration of Okezie Ikpeazu has changed the perception of PWDs in Abia by appointing three of them into his cabinet. “Disability is no excuse for laziness. We can overcome through hard work,” he said, adding, “If you are not announced, you can announce yourself through hard work.” He told the inmates of Hopeville that they should be serious with their training and

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MONDAY, NOVEMBER 13, 2017, ˾ T H I S D AY

FEATURES

Isaac Idaeke rendering a song from his wheel chair

Director of the Centre, Rev. Br. Evans Okpalanechedo

acquire the necessary skills and education to compete in the local and global stage. “The world is interested in people with relevant skills,” he said. “If you can solve problems with your skills and ideas they will look for you whenever you are.” On his own part, a former inmate of Hopeville, Chief Innocent Mary Ojukwu said that he has risen above his disability to become a chartered banker and accountant. Ojukwu, who was among the ‘12 Apostles’ as the pioneer inmates are called, said that he had on March 16, 1970 “trekked on my knees from Acha in Isuikwuato to Uturu in search of clutches. It was in his desperate search for mobility aid having lost one of his legs during the civil war that he encountered the founder of Hopeville, McGovern, who took him in and added 11 other PWDs to start the journey of their rehabilitation. Ojukwu was trained to become an expert shoe maker and after he had completed his vocational programme in shoe making, he was rehabilitated at Okigwe where he became a popular shoe maker. Along the line Ojukwu took another look at himself and discovered that he could do more despite his disability. “It occurred to me that I have all it takes to be educated,” he said while recounting his journey into academic pursuits. He registered with the Rapid Results College and studied through correspondence and in 1978 obtained GCE Ordinary Level certificate

Gusau...loves keeping records for posterity

with credits. He also cleared his papers in Advanced Level GCE. With this qualification Ojukwu was in 1979 hired to teach Economics, Accounts and Commerce at the Juniorate in Uturu from where he later proceeded to ABSU and obtained his B.Sc and MBA. “What matters to me is attitude, not matter of the fact of my disability,” he said. He therefore advised his fellow PWDs: “Do not allow yourself to be impaired by your physical impairment.” The kind of self confidence that both Obialor and Ojukwu exuded is what the inmates of Hopeville are trained to imbibe. Director of the centre, Okpalanachedo said that depending on the chosen area of vocation, it takes a year or two to train the inmates and mould them to believe in their capabilities. He said that the centre has for decades been making huge

A former inmate of Hopeville, Chief Innocent Mary Ojukwu said that he has risen above his disability to become a chartered banker and accountant

impact “in meeting the needs of thousands of physically challenged people all over Nigeria since the civil war ended.” According to him, “available records prove the fact that Marist Rehabilitation Centre (Hopeville) Uturu has trained for the states and federal governments over 50,000 inmates since inception and made them economically independent people of their own.” He said that the feat was achieved without financial inputs from either states or federal governments. Okpalanachedo said that presently the centre has gone beyond merely training the inmates in vocational skills as the inmates are now sponsored and encouraged to engage in academic pursuits. “It may interest you to know that today this centre is championing seriously, the education of these physically challenged people from primary, secondary and university levels.” He emphasised that the centre has been striving to meet the vocational, medical and academic needs of the inmates “without any help from any quarters except few philanthropists who made some donation to the Home.” He said that with prudent management of resources and dedication of staff “many of our beneficiaries have excelled in their various fields.” To lessen the financial burden of caring for the inmates, Okpalanachedo solicited for support from government, philanthropists and corporate organisations “to enable us to continue to meet the needs of our ever growing inmates.” He

specifically stated that the charity centre needed financial assistance and it would be highly appreciative if government could extend fund allocation to Hopeville Rehabilitation Centre to give the inmates a sense of belonging as Nigerian citizens with special needs. He also said that the centre needs a bus to ease the movement of inmates who usually crawl or wheel to the major road to catch public bus to go for medical treatment or excursion. “The awkward and embarrassing looks could only be imagined than observed, hence the need for befitting mobility for the centre,” the director said. In addition, he requested for a recreation hall to be built at the centre because even though the centre provides good education to the inmates there is no befitting facility to accommodate available library books as well as computer systems meant for their education and training. Though the Hopeville Rehabilitation Centre Uturu came into existence in the aftermath of the civil war it has continued to serve as a reminder of the evils of violence. This was aptly captured by the director in his passionate appeal to Nigerians to always work for sustainable peace and harmony in the country. He said: “It is my prayer that we live peacefully and united as one family devoid of violence and war, acts capable of increasing disability and death rates and making life miserable for our teeming populace, especially the youths.”

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IMAGES

L-R: Managing Director, Grand Oak Limited, Aare Fatai Odesile; CEO, Adebambutayo Stores, Mrs. Oluwatoyin Adejuwon; Nigerian hip-hop rapper, Mr. Sodiq Yusuf a.k.a CDQ; Group Executive Director, Grand Oak Limited, Mr. Adekunle Rosiji and Group Finance Director, Lexcel Group, Mr. Wale Majolagbe during the launch of 9ja CafĂŠ Rhum into the Nigeria Rhum market at the Lagos Trade Fair in Tafawa Balewa Square, Lagos... recently

R-L; Chief Chinedu Ejiofor; Coordinator Anambra Women for Obiano Movement, Lady Christy Ray Okoye; Gov. Willie Obiano; Chief Francis Chukwudebelu,; Chief Victor Ume and Chief Prince Oduche at the APGA ďŹ&#x201A;ag oďŹ&#x20AC; Champaign in IďŹ tedunu, DunukoďŹ a LGA, in Anambra State...recently

L-r, Senior Economic Advisor, Open Society Foundations (OSF), Dr. Obiageli â&#x20AC;&#x2DC;Obyâ&#x20AC;&#x2122; Ezekwesili; United Nations Secretary-Generalâ&#x20AC;&#x2122;s Special Advocate for Financial Inclusion for Development, Her Majesty Queen Maxima of the Netherlands; Emir of Kano, Lamido Sanusi Lamido; Chairman Senate Committee on Banking & Financial Institutions, Senator RaďŹ u Ibrahim and Chair, EFInAâ&#x20AC;&#x2122;s Board, Ms. Modupe Ladipo at the EFInA Financial Inclusion Workshop held in Abuja....recently Julius Atoi

L-R; Ogun State Commissioner for Commerce & lndustry, Otunba Bimbo Ashiru; Depty Governor, Chief (Mrs) Yetunde Onanuga; President, Lagos Chamber of Commerce & lndustry, Chief (Mrs) Nike Akande and Chairman, Trade and Promotion Board, LCCI, Mr Sola Oyetayo during the Ogun State Day at the 2017 Lagos lnternational Trade Fair in Lagos on Friday Abiodun Ajala

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L-R; Zonal Business Manager, Airtel Nigeria Limited, Mr. Lawrence Odediran; Chief Executive OďŹ&#x192;cer,Core Experiential Marketing Limited/Guest Speaker, Mrs. Solabomi Okonkwo and Chairman Brand Journalist Association of Nigeria[BJAN], Mr Goddie Ofose at the Brand Journalists association of Nigeria[BJAN] 5th Annual Brands & Marketing conference in Enugu...recently

L-R: Chika Mordi CEO National Competitiveness Council of Nigeria; Donald Duke, Former Governor of Cross Rivers State; Innocent Chukwuma, Chairman Ford Foundation at the NCCN Sub-National Index Launch Competitiveness report reveal in Lagos...recently

L-R Executive Director, Strategy and Performance, : Mr Karim Dione,; Chairman, Mr Abba Kyari Bukar; Managing Director/CEO, Mr Moruf Apampa and Executive Director, Technical,Mr Sam Ogbodu, all of Equity Assurance Plc during the launch of Equity USSD Mobile Insurance Solution in Lagos on Wednesday Abiodun Ajala.

L-R; Immediate Past President Pharmaceutical Society of Nigeria, Mr. Olumide Akintayo; President Ahmed Ibrahim Yakasai; Governor Abia State, Dr. Okezie Victor Ikpeazu and Pharm Chris Ike during a courtesy call to the Governor in Government House Umuahia for the 90th Annual National Conference of the Society Abia 2017 in Umuahia...recently

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T H I S D AY ˾ MONDAY, NOVEMBER 13, 2017

BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT

A S

A T

REPO 7.17% 7.75%

CALL 1-MONTH 3-MONTH

9% 9.67% 10.83%

Group Business Editor Chika Amanze-Nwachuku

Email chika.amanzenwachukwu@thisdaylive.com 08033294157

N O V E M B E R S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE

310.91 % -0.08% 0.20%

1 0 ,

S & P INDEX 1/4 TO DATE YEAR TO DATE

2 0 1 7

5.23% 18.59%

EXCHANGE RATE N305.95//1US DOLLAR* *AS AT LAST FRIDAY

Quick Takes FBNHoldings Partners WIMBIZ

BUSINESS BREAKFAST MEETING

L-R: DMD, First Bank of Nigeria Limited, Gbenga Shobo; Senior Fellow/Associate Professor, Lagos Business School, Doyin Salami; Chief Economist, First Bank of Nigeria Limited, Ifeanyi Uddin and MD/CEO, First Bank of Nigeria Limited and Subsidiaries, Adesola Adeduntan, at FirstBank’s Corporate Banking Group breakfast meeting held in Lagos…recently

THISDAY Model Portfolio Records Marginal Decline on Profit Taking Goddy Egene After weeks of gains, THISDAY Model Portfolio (TMP) recorded a marginal decline last week as investors took profit in some of the stocks that are in the portfolios. The TMP aggregate gain stood at 20.7 per cent as at the close of trading the week ended November 10, 2017, down marginally from 20.9 per cent the previous week. TMP, an initiative of THISDAY Economic and Financial Intelligence Unit (TEFIU), is designed to enable leading stockbrokers and investment houses in the country share their trading skills and methodologies with ordinary

CAPITAL MARKET investors. The investment houses involved in the project are Afrinvest Limited, FSDH Securities Limited, Capital Assets Limited, Meristem Limited and Lead Advisory Limited. TMP consists of five different portfolio types constructed individually in conjunction with five leading stockbroking firms in the country with different investment objectives. The project was executed by asking each of the partner stock broking houses in the country to construct a portfolio of 10 stocks selected according to their individual

best judgement and using their best and well tested stock selection and investment strategies. They were then asked to each deploy an imaginary fund of N10 million to invest on the 10 stocks in whatever proportions they considered best. Last Friday marked the 20th week since the introduction of the portfolios and they have generated a total return of N10.384 million, compared with the N10.468 million the previous week. An analysis of the performance of the individual showed that Portfolio C remained the highest performer with a gain of 34.5 per cent so far. The portfolio

appreciated from 34.4 per cent that was the value the previous week, implying that the N10 million deployed in the portfolio has appreciated to N13.445 million as at the close of trading last Friday. Portfolio D remained the second highest gainer with 28.7 per cent. However, the gain is lower than the value of 29.9 per cent the portfolio recorded as the previous week. This indicates that the portfolio fell last week, with the N10 million, which had appreciated to N12.986 million, fell back to N12.865 million. Similarly, Portfolio B maintained the third position Continued on page 26

How Nigeria, Singapore Deal to Revive National Fleet Status Failed Eromosele Abiodun The bid by the federal government to start a national fleet with private investors collapsed because the Nigerian government stock to obsolete laws that the foreign partners felt will make it impossible to recoup their return. The federal government had in August 2016 signed a Memorandum of Understanding (MOU) with a Singaporean firm, Pacific International Lines (PIL) to revive the national carrier/ fleet status. President of Ship Owners Association of Nigeria (SOAN),

ECONOMY Greg Ogbeifun, who disclosed this to journalists ahead of the 2017 annual general meeting of SOAN, in Lagos, explained that Nigeria’s tax laws put the Singaporean firm off from the onset of the MoU agreement. He stated that some of the laws and unreasonable charges by regulators have put many ship owners out of business, a situation that has led to the loss of thousands of jobs. Also, he blamed the declining in the industry on the prevailing interest rate in the country and

called on the federal government to take urgent steps to revive the industry “before it gets too late”. Specifically, Ogbeifun said: “I was part of the delegation that went with the Minister of Transportation to Singapore in 2016 during the signing of the MoU. Along the line, after we had signed the MoU in Singapore with PIL, the company came up with issues as regards our local tax laws. “Firstly, PIL made reference to our local laws that will not make the agreement viable. And they put it in black and white that unless some of these laws are

reviewed, it will be hard for them to fly the Nigerian flag. That was the biggest setback for that MoU. “This is also affecting our crude oil tanker quest. We have to decide if we want these things to happen in Nigeria. Let’s review our laws, just like what Malta did. Malta turned around its maritime administration by reviewing its tax laws. Malta made its tax laws attractive for international participation, and today that country is the envy among maritime nations.” He added: “What are we Continued on page 26

In line with its commitment to drive sustainable diversity and parity for women in business and public service, First Bank of Nigeria Limited and FBNQuest Merchant Bank Limited, both subsidiaries of FBN Holdings Plc have partnered Women in Management, Business and Public Service (WIMBIZ) in its 2017 annual conference themed, “The Next Frontier: Women, You’re your Place.” The event is scheduled to hold from November 13 – 14, 2017, in Lagos. The Annual WIMBIZ Conference now in its 16th edition continues to inspire and empower women through the delivery of insightful and empowering lectures/ sessions charged to take women to the next level in their careers, professions and businesses. The conference is focused on increasing and supporting the success rate of female entrepreneurs and the proportion of women in senior positions in corporate organisations and public service. According to the Group Head, Marketing and Corporate Communications, FirstBank, Mrs. Folake Ani-Mumuney, the WIMBIZ annual conference is one of the women driven initiatives supported by FirstBank. “We are particularly keen onproviding enabling opportunities for women to achieve their financial goals and aspirations, hence our support for women-led businessesin recognition of their role in driving socio-economic change through diverse areas of human endeavours,” she said. Also, the Head, Marketing and Corporate Communications at FBNQuest Merchant Bank, Lolade Sasore stated: “Our objective at FBNQuest Merchant Bank is to continuously contribute to the development of skills in Nigeria and to improve educational and entrepreneurial prospects; as well as to reduce the gaps in inequality.”

Elumelu, Others to Speak at LBS

The Chairman of Heirs Holding, Mr.Tony Elumelu will be the Guest Speaker at this year’s Lagos Business School (LBS) Alumni Day, scheduled for Thursday, November 16, 2017 in Lagos. Elumelu, who is also Chairman of the United Bank for Africa Plc and Transcorp Plc, will lead discussions on the: “Effects of Multiple Regulations and Taxation on Business Growth in Nigeria.”The other panellists include the Chairman, Lagos State Internal Revenue Service, Mr. Hamzat Ayodele Subair; Head ofTax & Regulatory Services and PwCWest AfricaTax Leader, Mr. Taiwo Oyedele; and the Chairman/CEO of Soulmate Industry Limited, Sir. Ndukwe Osogho-Ajala. The session, which would have Nigeria’s 2018 Economic outlook presented by the Founder/Chief Consultant of B. Adedipe Associates,Dr. Biodun Adedipe; and will be chaired and moderated by Prof Olawale Ajai, a Lagos Business School professor of legal, social and political environment of business. The event is being hosted by the Chief Executive Programme, CEP 24 and International Management Programme, IMP 2.

55 Become PPP Professionals

Fifty-five officials from public and private sector organisations in Nigeria have joined Public-Private Partnership (PPP) professionals from across 64 other countries to obtain the Certified Public-Private Partnership Professional (CP3P) foundation level certification. According to a statement, the successful candidates drawn from a number of federal government’sMinistries, Departments and Agencies, including those from Kaduna State government as well as participants from the private sector were awarded certificates, upon successful completion of the CP3P foundation level examination in Abuja recently. At the event to witness the certificate presentation was the representative of the Ag. Director General of the ICRC, Mike Ohiani; Executive Director, Stakeholder Relations and Corporate Communications, Dangote Group, Mansur Ahmed; Mr. Gabriel Ekanem, CEO, Weir Capacity Limited, facilitators of the training, representatives of various multi-lateral organisations including the WorldBank, African Development Bank, Islamic Development Bank, senior government officials and PPP practitioners. “The CP3P is the foremost certification programme for PPP practitioners worldwide. The globally endorsed programme is an innovation of the Asian Development Bank, (ADB), the European Bank for Reconstruction and Development (EBRD), the Inter-American Development Bank (IDB), Islamic Development Bank (IsDB) and the Multi-lateral Investment Fund (MIF).

Leveraging established PPP funding mechanisms, special purpose vehicles (SPV)s can utilise the NSE’s platform to gain access to low-cost, long term capital The Chief Executive Officer (CEO) of the Nigerian Stock Exchange (NSE),

T H I S D AY ˾ MONDAY, NOVEMBER 13, 2017

26

BUSINESSWORLD HOW NIGERIA, SINGAPORE DEAL TO REVIVE NATIONAL FLEET STATUS FAILED

talking about? If you are an American, or a Briton or a Greek, and you decide to buy a crude oil tanker that will fly your country’s flag, the government has a law that allows you to bring in your tanker into your country on zero duty payment. “In Nigeria, if you are bringing in a canoe, a tugboat, speedboat or a tanker, the sum total of the importation cost that you will pay is about 14 per cent. So if you buy a crude oil tanker for $100m dollars, if you take it to America, you will pay zero duty as long as it is carrying an American flag, same in the United Kingdom and Greece. But if you bring it to Nigeria, you will pay N14million even when it is flying Nigerian flag. “Again, you have to remember that Nigerian flagged tankers will be competing with foreign flagged tankers in the same market, so automatically, the Nigerian flagged tanker is already disadvantaged. That is one reason PIL slowed down on the MoU it signed with the Nigerian government. PIL put it in writing that unless these tax laws are reviewed, it won’t be able to fly the Nigerian flag.” On the forthcoming AGM, Ogbeifun explained that the Edo State Governor, Godwin Obaseki and the Minister of Transportation, Rotimi Amaechi have already signified intention of gracing the associations end of the year get together dinner come December 7th. “SOAN AGM/Dinner is for all ship-owners. We have even sent an invite to the Nigerian Ship-owner’s Association (NISA). We are also reaching out to other ship-owners that don’t belong to any associations. This year, we have decided to have a workshop so that our outing won’t just be a social event, but an intellectual one that will address critical issues that we think the industry needs for its survival. “The workshop is expected to bring together all shipowners, policymakers, industry players and business leaders. The theme this year is “Giving critical lifeline to the Nigerian Maritime industry,” Ogbeifun stated.

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 (AgriBusiness)

NEWS

THISDAY MODEL PORTFOLIO RECORDS MARGINAL DECLINE ON PROFIT TAKING with 25.2 per cent, which however, was lower than the 25.8 per cent the previous week. Portfolio A, which surged from 12.8 per cent to 14.6 per

cent the previous week, rose further to 14.9 per cent last week. Meanwhile, all stocks in the Portfolio C maintained positive

performance except one that has declined by 10.6 per cent. The highest positive return is 90.1 per cent, trailed by 72.5 per cent. This

was followed by 50.2 per cent, 43.2 per cent, 24.9per cent, 21.9per cent, 13.4per cent and 8.5per cent respectively. In the same vein,

under Portfolio B, the stocks with negative performance remained two (13.5per cent and 2.84per cent).11.2 per cent. However, the highest price

is 72.5 per cent, trailed by 64.1 per cent. Others included: 43.2 per cent; 24.8 per cent; 21.8 per cent; 13.4 per cent; 11.7 per cent and 6.2 per cent.

AU Member Countries Urged to Tackle Socio-economic, Political Problems Ebere Nwoji Member countries of African Union (AU), have been urged to tackle the various political, economic and social problems especially poverty plaguing their countries by creating environment that promotes trade and investment for economic growth and development. Cape Verde Minister of Finance, Olavo Correia, gave the charged in his closing remarks at the just concluded Advanced Structured Trade Finance Seminar and Workshops organised by the African Export-import Bank (Afreximbank) at Sal Island, Cape Verde recently. He said: “Our continent needs to grow in order to fight the problems we have, such as

poverty, and we must speed up the transformation if we want to see results; “there is no economic growth without trade and we must work to provide a political, economic and social environment in order to reinforce regional exchanges.” Highlighting the importance of intra-African trade, and the need for member countries to contribute their quota towards its success, Correia, said that Cape Verde was already working to solve the challenge posed by transportation, which was one of the key barriers to effective regional trade. He said that Cape Verde was developing increased maritime and air links and is aiming at becoming a major transport hub serving the African conti-

nent by developing excellent links to Africa, Europe, North America and South America. “That development will not be possible without the help of Afreximbank, which has opened new lines of credit, helped with pre-financing and was providing other tools to Cape Verde,” he said. Correia called for increased support for Afreximbank, saying, the bank, which helps the continent needs support so that it can be of service to the whole African continent. During the workshop, Afreximbank launched a new guarantee programme aimed at unlocking capital and leveraging much-needed financing into Africa. It said the AFGAP initiative, would help to de-risk

African transactions in order to make them more attractive to investors and financiers. He said the programme, which offers a variety of credit enhancement solution to clients in Africa, has an aspect tagged Exim-plus, a broad strategy developed by Afreximbank to position itself as a comprehensive trade facilitation and financing solution centre in Africa. AFREXIM Bank’s Executive vice president in charge of Business Development and Corporate banking, Arm Kamel, said under Exim-plus, Afreximbank is offering a broad array of instruments that are often associated with export credit agencies and other specialised trade and development finance institu-

tions, thereby differentiating itself from normal commercial banks and development financial institutions. He said that AFGAP was a demonstration of Afreximbank’s unwavering commitment to delivering on its mandate of promoting intra- and extra-African trade, in particular, the mandate of using risk bearing instruments to promote trade in Africa, by introducing new risk mitigation solutions to address the trade finance needs of the continent. “AFGAP would bring “additionality” to Africa, by mobilising financing that would otherwise not have been possible, to support the economic development of the continent”, he said.

Report: Combination of Infrastructure Will Drive Faster DSO in Africa Emma Okonji with agency report Following the delay in transiting from analogue to digital broadcasting, otherwise known as Digital Switch Over (DSO) among African counties, Nigeria inclusive, Eutelsat has released a white paper on Africa DSO, suggesting that a combination of satellite, mobile and terrestrial infrastructure, will help African countries achieve faster DSO at significantly reduced cost. The transition from analogue to digital television broadcasting in Africa has so far been a slow and laborious process, even in the most developed countries. Only six African nations have actually completed the switchover from analogue to digital television broadcasting, and Nigeria is not yet there, still trying to find its feet. In 2006, the International Telecommunication Union (ITU), a United Nation agency, issued the Geneva 2006 agreement, signalling the develop-

ment of ‘all-digital’ terrestrial television services. The motivation behind the transition was to stimulate Information and Communications Technology (ICT) applications and make more efficient use of spectrum through the digital dividend that comes with the phasing out analogue television. Since the ITU declaration in Geneva 2006 on DSO, Nigeria had thrice, missed the deadline it had set for itself in 2012, 2015 and 2017, as well as most African countries. Citing the main challenges to digital transition in the released white paper, the Vice President, Global Sales and Commercial Development for Video Business at Eutelsat, Christoph Limmer, said: “The main challenge to deploying nationwide Digital Terrestrial Television (DTT) is to manage timely and equitable switchover for everyone in order not to create a digital divide that separates the homes with digital from the homes left only with analogue. The challenge is particularly steep for coun-

tries with a large landmass, mountain ranges or islands that typically remain beyond range of terrestrial networks, or with interference issues in border regions.” According to him, most terrestrial operators deploy fibre networks and DTT towers on the basis of return on investment, meaning they concentrate on areas with a certain population density and they neglect users in more rural or semi-rural areas. This means there is a real risk that exclusive use of terrestrial technologies can permanently leave too many consumers beyond range of the benefits of digital, he said, insisting that digital homes will grow to 75 million by 2021, if there is a smooth rollout of digital transition. Citing funding as another challenge, Limmer said the cost of a nationwide DTT network is often underestimated and can put the break on switchover. The lack of attractive local content to fill up the channels that have been made available by DTT projects and funding for

a public awareness campaign are also major setbacks that need to be overcome. The white paper however suggested cost-effective and time-efficient solutions that can resolve the challenges, notably hybrid networks that use terrestrial as the basic platform and satellites to deliver channels to terrestrial towers and directly to homes beyond range of digital reception. Analysing the benefits of digital broadcasting, the white paper noted that the transition from analogue to digital TV is a logical development for the broadcasting industry, bringing significant advantages for all players across the value chain, such as the opportunity to transform the diversity, signal quality and reach of channels into viewer homes; opportunity to generate infrastructure upgrades and stimulate Africa’s vibrant content creation industry; and release of analogue frequencies for other applications such as mobile services. According to the white paper, whereas terrestrial is histori-

cally a dominant broadcasting platform, satellite is uniquely positioned to complement terrestrial infrastructure, by extending digital TV to homes in more remote or less populated areas. Satellite broadcasting calls for no additional massive civil engineering investment, since vast regions, including rural areas, islands and border areas are automatically and ubiquitously covered. The white paper explained that most governments that have embarked on DTT have quickly understood that, as content and signal quality progress and the number of towers grows, the efficiency of satellites for content distribution comes into play. There is in fact a crossing point where the cost of bringing content from a central hub to more than a dozen towers is less expensive and more reliable via satellite than by fibre. Environmental conditions or the risk of outages and fibre cuts can even make the reliability of terrestrial infrastructure an issue, the white paper report added.

T H I S D AY ˾ MONDAY, NOVEMBER 13, 2017

27

BUSINESSWORLD

MARKET REPORT

Market Remains Bullish on Sustained Investor Sentiment of N14.834 billion in 2017, up from N14.448 billion in 2016, while profit after tax of N1.193 billion in 2017, as against a loss of N1.041 billion in 2016.

Goddy Egene and Nosa Alekhuogie The Nigerian bourse sustained its bullish performance as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose further by 0.49 per cent to close higher at 37,120.28. Market capitalisation added N62.5 billion to close at N12.847 trillion. All other indices finished higher during the week with the exception of the NSE Insurance and NSE Consumer Goods Indices that depreciated by 1.09 per cent and 0.07 per cent respectively. According to analysts at Cordros Capital Limited, with the third quarter earnings season now over, market activities will be driven by outlook for fourth quarter and full year expectations. “Whilst noting possibility of momentum profit-taking, given the two consecutive weeks of gains, we believe market fundamentals remain strong, amid improving macroeconomic conditions,” they said. Daily Market Performance The market began the week on a weak note as the index fell marginally by 0.02 per cent to close at 36,930.83. The depreciation recorded in the share prices of Total Nigeria, Zenith Bank, Nigerian Breweries, United Bank for Africa and Flour Mills of Nigeria Plc was mainly responsible for the decline. Similarly, the total value of stocks traded fell to N2.90 billion invested in 466.52 million shares in 4,274 deals. The three most actively traded sectors were: Financial Services (398.25 million shares), Conglomerates (29.79 million shares), and Consumer Goods (23.60 million shares), while the three most actively traded sectors stocks were: Jaiz Bank (226.77 million shares), FBN Holdings (43.47 million shares) and Transcorp (27.23 million shares). Performance across sectors was largely bearish as three of five sectoral indices closed in the red, one closed in the green and the other flat. The NSE Banking Index emerged the lone gainer following price appreciation in GTBank (+1.3 per cent). The negative performers were led by the NSE Insurance Index which shed 0.8 per cent on account of sell-offs in AXA Mansard (-3.2 per cent) and NEM (-3.7 per cent). The NSE Oil & Gas Index trailed, down 0.7 per cent as a result of due to a downtick in Total, while profit taking in International Breweries NTBREW (-3.5 per cent) also dragged the NSE Consumer Goods Index 0.2 per cent. The market rebounded on Tuesday with the benchmark index appreciating by 0.22 per cent to close at 37,013.57. The performance was bolstered by gains recorded in the share prices of FBN Holdings, Zenith Bank, GTBank, UBA, and Dangote Cement. A further analysis of the market performance showed that two sectors appreciated, while two declined. The NSE Industrial Goods Index and NSE Banking Index recorded the highest gain of 0.5 per cent apiece. Conversely, the NSE Consumer Goods Index led losers, down 0.7 per cent, trailed by Oil & Gas Index that shed 0.2 per cent. The positive momentum was sustained on Wednesday leading to a rise of 0.34 per cent in the index

to close at 37,138.97 the performance was buoyed by gains in Dangote Cement (+0.9 per cent), International Breweries (+10.2 per cent) and FBN Holdings (+1.7 per cent). However, activity level softened as volume and value traded fell 36.6 per cent and 37.8 per cent to close at 193.5 million units and N1.8 billion respectively. In terms of sectoral performance, two trended northwards, while two closed in the red. The NSE Industrial Goods Index emerged the top gainer, up 0.5 per cent followed by the NSE Consumer Goods Index that added 0.4 per cent. On the negative side, the NSE

Banking Index shed 0.2 per cent, the NSE Insurance Index fell by 0.1 per cent. The market recorded bearish performance yesterday following profit taking that set in after two days of growth. The index fell by 0.24 per cent to close at 37,051.54, while market capitalisation shed N30.3 billion. However, the negative close stemmed mostly from profit taking in Dangote Cement Plc, which is the highest capitalised stock in the market. But for the decline of 0.9 per cent recorded by Dangote Cement, the market would have

closed 0.04 per cent higher. In all, 22 stocks depreciated while 21 appreciated. Apart from Dangote Cement, Nigerian Breweries Plc, Guinness Nigeria Plc and Zenith Bank Plc also recorded declines. On the positive side, Caverton Offshore Support Group led the price gainers with 9.4 per cent trailed by International Breweries Plc with 8.3 per cent. 11 Plc garnered 7.8 per cent, while May & Baker Nigeria Plc appreciated by 5.0 per cent. Caverton and May & Baker recorded improved results for the nine months ended September 30, 2017. Caverton reported a revenue

Market Turnover By the end of the week, investors traded 1.316 billion shares worth N13.784 billion in 19,169 deals compared with a total of 1.363 billion shares valued at N17.714 billion that exchanged hands the previous week in 21,891 deals. The Financial Services Industry remained the most active, leading the activity chart with 1.035 billion shares valued at N6.727 billion traded in 10,471 deals; thus contributing 78.63 per cent and 48.80 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 130.516 million shares worth N4.959 billion in 4,490 deals. The third place was occupied by Conglomerates Industry with a turnover of 58.924 million shares worth N179.816 million in 890 deals. Trading in the top three equities namely – Jaiz Bank Plc, Diamond Bank Plc and FBN Holdings Plc accounted for 551.561 million shares worth N1.438 billion in 3,003 deals, contributing 41.91 per cent and 10.43 per cent to the total equity turnover volume and value respectively. Also traded during the week were a total of 1,210 units of Exchange Traded Products (ETPs) valued at N13,467.70 executed in two deals compared with a total of 1,156,439 units valued at N6.404 million transacted two weeks ago in 13 deals. A total of 2,806 units of Federal Government Bonds valued at N2.623 million were traded last week in 16 deals, compared with a total of 2,775 units valued at N2.770 million transacted last week in four deals. Price Gainers and Losers Meanwhile, the price movement chart displayed 30 gainers last week, lower than 37 of the previous week, while 29 equities depreciated in price, same as 29 equities of the previous week. Caverton Offshore Support Group Plc led the price gainers with 30.2 per cent, trailed by Cadbury Nigeria Plc with 22.0 per cent. Nigerian Aviation Handling Company Plc chalked up 12.2 per cent, just as Forte Oil Plc garnered 10.2 per cent. University Press Plc went up 9.6 per cent. Other top price gainers included: Diamond Bank Plc (9.4 per cent); Learn Africa Plc (8.0 per cent); International Breweries Plc (6.7 per cent); Livestock Feeds Plc and May & Baker Nigeria Plc (5.9 per cent apiece). Conversely, Champion Breweries Plc led the price losers with 14.3 per cent, trailed by Linkage Assurance Plc that shed 12.8 per cent. Law Union and Rock Insurance Plc depreciated by 9.8 per cent, just as Morison Industries Plc closed 5.0 per cent lower. Other top price losers included: Neimeth International Pharmaceuticals Plc(4.8 per cent); NASCON Allied Industries Plc (4.6 per cent) Cement Company of Northern Nigeria Plc (4.4 per cent); Newrest ASL Nigeria Plc (4.3 per cent); Flour Mills of Nigeria Plc (4. 1 per cent) and Redstar Express Plc (3.6 per cent).

T H I S D AY ˾ MONDAY, NOVEMBER 13, 2017

28

BUSINESSWORLD

MARKET INDICATOR

A view of Lagos financial district

AKINWUNMI IBRAHIM

Pathway for Greater Efficiency in BDC Transactions The Association of Bureau de Change Operators of Nigeria, in collaboration with the Nigeria Interbank Settlement System, recently organised a programme for BDC operators on the use and deployment of the Bank Verification Number Validation Portal. Obinna Chima highlights the benefits of this system to the foreign exchange market In exercise of its powers and in line with its desire to promote and facilitate the development of efficient and effective payment systems in the country, the Central Bank of Nigeria (CBN) recently issued the regulatory framework for the bank verification number (BVN) operations. This was part of the overall strategy of ensuring effectiveness of the Know Your Customer (KYC) principles, and the promotion of a safe, reliable and efficient banking system. Clearly, the BVN has become a veritable tool for fighting fraud also in the foreign exchange (forex) market as it has also been deployed by the CBN to achieve transparency in forex deals and sustain exchange rate stability. While the Nigeria Interbank Settlement System’s (NIBSS) powered BVN Validation Portal used by BDCs to promote transparency in forex deals has also been helpful. This was why the Association of Bureaux De Change Operators of Nigeria (ABCON) and the NIBSS recently organised sensitisation programmes across the six geopolitical zones for over 3,500 BDC operators. The programmes were meant to enlighten BDCs on the usage and deployment of BVN Validation Portal for industrial benefits. The NIBSS BVN Validation Portal helps BDCs to ascertain the genuineness of BVNs of customers wanting to buy forex. The CBN had directed BDCs to validate the authenticity of BVN that clients wanting to buy forex submit to them. The ABCON President, Alhaji Aminu Gwadabe, said the sensitisation programme was part of the association’s confidence-building agenda to ensure that BDCs abide by forex rules. “The programme held in the six geopolitical zones – namely Kano, Lagos, Awka and Abuja, among others is our input to CBN’s policy implementation. It is an opportunity to take confidence-building in BDCs’ operations to greater heights. ABCON leadership has zero tolerance for its members that breach operational guidelines,” he said. But Gwadabe appealed to the CBN to help BDCs reduce rising bank charges associated with their transactions. “BDCs are charged N1,000 per N1 million transaction and with each operator paying as

much as N67,000 for the N67 million monthly transactions. These charges are too high, and I urge the CBN to help reduce the charges which are becoming huge burden on BDC operators,” he said. He disclosed that this fee has made it difficult for many BDCs stay profitable in the business because of the rising operating costs and including overhead. “I appeal to the CBN to address this challenge so that the market will continue to enjoy ongoing stability,” he said. The BVN captures customers’ biometric data, such as fingerprints, provides unique identification number for the customers and protects their accounts from unauthorised access, identity theft and fraud. The CBN had ordered that customers desiring to purchase forex through all channels must provide their BVN, which shall be validated by the CBN authorised forex dealer through the NIBSS platform before the transactions are consummated. The regulator said any authorised forex dealer that fails to provide the required information in its returns or provides a wrong BVN would be penalised; this may include the termination of the forex dealership authorisation. The information must be included in the forex returns to the regulator. In the case of corporate customers, the BVN of a director of an authorised signatory of the entity must be provided to the BDC. Gwadabe explained that to ensure a hitch-free implementation of the central bank’s directive, the CBN has continuously provided list of all licensed BDCs to the NIBSS to enable the firm make available the necessary hardware token that would be used by the BDC in accessing the NIBSS portal. The NIBSS has subsequently made the portal available on its website to facilitate access for the confirmation/validation of the BVN number of the BDCs’ customers. Gwadabe disclosed that all forex-buying customers’ BVNs must be validated by the CBN authorised forex dealer through the NIBSS portal before all transactions are consummated. He said that ABCON carried out the sensitisation to ensure that BDCs effectively comply with the directive.

The CBN’s rule requires that a token transaction fee of N100 would be paid for each access on the portal. The NIBSS will also provide the necessary training manual for an “easy to use” operation of the system,” the CBN said. The CBN also directed that any BDC that fails to provide the required information in its returns, or provide a wrong BVN would be penalised. First offenders will be required to pay a fine of N1 million while any subsequent violation of requirement may lead to the revocation of the operating license of the BDC. Benefits to BDCs Analysts have said BDCs’ compliance with the NIBSS’s BVN Validation mandate would be positive for the forex market as it would help in sanitising the system. It is expected to increase the level of patronage of BDCs in the country. Gwadabe explained: “Even local and international investors, including Diaspora agencies are more likely to commit their funds to BDCs as the sector becomes more transparent.” He explained that in many advanced countries, BDCs are direct agents of International Money Transfer Operators (IMTOs) because of the established transparency and infrastructure in those countries. The ABCON leader said the BVN Validation portal is one of the infrastructure now available for BDCs to compete favourably and take over the retail-end of the forex market that rightly belongs to them. According to him, the platform is also expected to promote financial inclusion, and get more people into the financial services net. “People who are not connected to the financial system but want forex will have no option than to open account with commercial banks and obtain their BVNs. It is our own contribution to CBN’s financial inclusion project and determination to take financial services to the grassroots,” Gwadabe said. On his part, the NIBSS Managing Director, Mr. Ade Shonubi explained that the portal was developed to enable BDCs comply with the CBN’s directive that BDCs customers provide their BVN before buying forex.

He also agreed that such exercise would bring about transparency in the market and prevents multiple supply of forex to single individual. Shonubi said NIBSS had deployed two services on the Web and phone that would make BVN verification for BDCs customers and others as easy as possible. Explaining the process for the exercise, he said in accessing the phone for the verification, the first step is for customers to dial a designated number, enter the BVN code type, date of birth and click on send. While for the web portal, the customer needs to visit the NIBSS website. Shonubi said customers would be charged N10 for USSD transactions through their phones and N20 for the web portal which the customer would be required to pay either with credit card or internet banking. According to him, the essence of the verification is to checkmate sharp practices among BDCs operators and customers. He, however, noted that once a customer carries out the verification either on phone or the Web portal, such customer does not need to verify again when dealing with the same BDC operators. These were some of the issues addressed Gwadabe said these were some of the issues that BDCs that participated in the sensitisation programme were taught. Also, Gwadabe, praised the CBN’s drive to stabilise the forex market, stem the rampant cases of forex leakages and illicit money transfer from the country. He said that ABCON aligns with the CBN’s vision of providing a stable framework for the economic development of Nigeria through effective, efficient, and transparent implementation of monetary and exchange rate policy, and management of the financial sector. Gwadabe said the ABCON would continue to work closely with the CBN to ensure BDC operators abide by regulatory rules. He further promised to ensure strict compliance to the provisions of the anti-money laundering laws observance of appropriate Know-YourCustomer (KYC) principles in the handling of forex transactions.

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

29

BUSINESS

APPOINTMENT

LADOL Wins fDi Magazine Global Free Zone Award The Lagos Deep Offshore Logistics (LADOL) Free Zone, a high-value sustainable industrial free zone in Nigeria, has emerged top winner in the fDi Magazineâ&#x20AC;&#x2122;s Global Free Zone of the Year Awards 2017. fDi Magazine is a Financial Times publication that investigates all issues of concern to foreign investors expanding into new markets. fDiâ&#x20AC;&#x2122;s â&#x20AC;&#x2DC;Global Free Zones of the Year Awards 2017â&#x20AC;&#x2122; surveys the core growth of free zones with regards to companies operating onsite and the total increase in square feet over the

last 12 months. The panel of independent judges also consider the key initiatives available within the free zones and the implementation of new facilities and services for the benefit of their tenants. LADOL emerged the â&#x20AC;&#x2DC;Free Zone of the Year for Large Tenantsâ&#x20AC;&#x2122; as well as being named the premier destination for â&#x20AC;&#x2DC;Education and Trainingâ&#x20AC;&#x2122;. It is also highly commended with second place in the â&#x20AC;&#x2DC;Free Zone of the Yearâ&#x20AC;&#x2122; award for Africa. Recognised for the third consecutive year among more

than 60 applicants, LADOLâ&#x20AC;&#x2122;s development is providing a blueprint for private sector led sustainable industrialisation in West Africa and beyond. The CEO of LADOL, Dr Amy Jadesimi, while commenting on the awards said: â&#x20AC;&#x153;LADOL and its partners have been investing for over 16 years in creating sustainable infrastructure that can support large-scale industrialisation in Nigeria. The growth weâ&#x20AC;&#x2122;ve achieved against sometimes seemingly insurmountable odds makes receiving these prestigious

Air Peace Wins Safety Award One of Nigeriaâ&#x20AC;&#x2122;s leading airlines, Air Peace, has urged the Nigerian Institution of Safety Engineers (NISE) to focus on developing the right skills to put Nigerian engineers fully in charge of engineering services in the aviation sector. The airline gave the charge in Lagos on Thursday during the 2017 Conference and annual general meeting of the Nigerian Institution of Safety Engineers, where it was honoured with an award in recognition of its â&#x20AC;&#x153;promotion and support for the practice of engineering safety in Nigeria.â&#x20AC;? Air Peace Chairman/Chief Executive Officer, Mr. Allen

Onyema expressed regret that about the dearth of modern engineering manpower in the Nigerian aviation sector, insisting that airlines were compelled by the development to resort to expatriates for most of their maintenance and other engineering operations. Speaking at the conference tagged: â&#x20AC;&#x2DC;Assuring Public Safety in Nigeria - The Roles of Safety Engineers,â&#x20AC;&#x2122; Air Peace Chairman/Chief Executive Officer, Onyema said that the airline was uncompromising in its approach to matters of safety. The airline chief, who was represented by the Corporate Communications Manager of

Air Peace, Mr. Chris Iwarah, assured that he was anxious to see the end of the current trend where domestic airlines relied on expatriates for their major engineering operations. He, however, insisted that Nigerian engineers must first deepen their capacity for handling aircraft maintenance before airlines would be comfortable to fully put them in charge of catering to their engineering needs. Onyema said that Air Peace was spending billions of foreign exchange on maintenance of its aircraft overseas in line with its high safety standards. The availability of a corps

Moghalu to Speak at Goddy Jidenma Foundation Lectures A former Deputy Governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu will be speaking at this yearâ&#x20AC;&#x2122;s Goddy Jidenma Foundation lectures, which hold in Lagos on Wednesday. Moghalu, who teaches at Tuft University, USA, according to a statement, is expected to speak on: â&#x20AC;&#x153;The Challenge of Economic Growth in Nigeria.â&#x20AC;? The fifth Bi-annual lecture will be chaired by the Vice Chairman/CEO, Alpine Investments Limited and Former Chairman of the Nigerian Economic Summit Group, Mallam Mahanned Hayatu-deen. He will be assisted by Justice Rose Ukeje, retired Chief Judge

of Federal High Court, as well as other top Nigerians, including Professor Pat Utomi, Chairman of Goddy Jidenma Foundation. Goddy Jidenma Foundation (GJF) is a non-profit, nongovernmental organisation founded in 2007, in memory of Arc Goddy Nwaolisa Jidenma who died on 24th May 2006 in Lagos, Nigeria. Arc Goddy Jidenma, lived most of his life in the service of humanity. He was a typical servant leader, while he lived. He was a student leader and later served as a Commissioner for Works & Housing and later Commissioner for Commerce & Industry. He served as the Chairman of the Organising Committee of the

Papal Visit of His Holiness, Pope John Paul II for the beatification of Blessed Rev Father, Cyprain Iwene Tansi at Anambra State in 1998. The objectives of the Foundation are to promote the spirit of selfless service and support ethical leadership initiatives, to celebrate the human essence, promote selfdiscovery among the youth, support philanthropic activities and significantly contribute to thought leadership in Nigeria and Africa. The Chairman of the Foundation is Prof Pat Utomi, a renowned public intellectual and Founder/ CEO of the Centre for Values in Leadership (CVL).

Redcare Offers IT Solution to Boost Healthcare Redcare HMO has announced itspartnership with an indigenous technology firm to deliver data management and electronic medical software to vast network of healthcare providers. The firm explained in a statement that the initiative was in line with its tradition of pioneering valuable standards for the betterment of health insurance. It revealed that the software, Curacel, has been recognised to smoothen operations in health facilities in various African countries through seamless management of patient records and provider platforms. Speaking on the partnership, of Redcareâ&#x20AC;&#x2122;s service providers completed Curacelâ&#x20AC;&#x2122;s adoption, Redcareâ&#x20AC;&#x2122;s Managing Director, Dr.

Babatunde Salako said: â&#x20AC;&#x153;Having been through a system where health practitioners faced and still face unbearable hurdles in the delivery of quality healthcare, we are quite pleased to be the conduit to deliver this value. â&#x20AC;&#x153;We understudied the software for more than a year to confirm it met international standards and found it to be a solution to some human resource challenges faced by healthcare providers. â&#x20AC;&#x153;This goes in tandem with our mission to fulfil the healthcare needs of our enrollees, hospitals and communities we serve.â&#x20AC;? The firm stated that the age of technology had ushered in an expansive directory of disruptive inventions by some

of the worldâ&#x20AC;&#x2122;s brightest minds and in other to avoid systemic lags that result from the failure to adopt proven methods enabled by modern technology, local and international organisations continue to explore new ways through which quality can be delivered to consumers. It noted that it was on that premise that Redcare HMO set out to create value for its partner healthcare providers, by delivering optimal value-added services,â&#x20AC;? it added. Therefore, to harmonise its partnership with Curacel, Redcare said it hosted some of its service providers (partner hospitals) to a zonal stakeholdersâ&#x20AC;&#x2122; engagement meeting in Lagos recently.

awards from fDi Magazine particularly special. We continue to look ahead for infrastructure development opportunities that will support the next generation of Nigerian and international companies, helping diversify the local marketplace and drive growth to 2030.â&#x20AC;? Established in 2001 from disused swampland in Lagos, LADOL has attracted over $500 million of private investment to date. The fully integrated deep offshore logistics base is the first of its

kind in Nigeria and home to the largest ship yard in West Africa. The transformative industrial infrastructure at LADOL has strengthened local supply chains and halved the costs of deep offshore petroleum operations, returning more value to the national economy. Totalâ&#x20AC;&#x2122;s Egina FPSO will be partially integrated and completed at LADOL in 2018, marking a major milestone in the development of Nigeriaâ&#x20AC;&#x2122;s advanced engineering capacity and local content development.â&#x20AC;? Jadesimi added: â&#x20AC;&#x153;Essential to LADOLâ&#x20AC;&#x2122;s blueprint for

sustainable industrialisation is job creation. Approximately 2,000 jobs have been directly established at the Free Zone, with the potential to create a further 50,000 through the multiplier effect the development of the Free Zone will have on the creation of ancillary businesses. Also breaking ground in 2018 is LADOLâ&#x20AC;&#x2122;s Upskilling Academy, which aims to equip more of Nigeriaâ&#x20AC;&#x2122;s young people with the education they need to bridge the productivity and skills gaps that exist in high-growth, low-income countries like Nigeria.

Uber Adds More Feature for Driver-partners Uber has announced Paid Wait Time, another impactful feature to its App, to make the Uber experience more productive (and less stressful) for driver-partners and their riders. Uber says it is committed to putting driver-partners first and has promised to continuously work on improving the app to ensure drive-partners across Nigeria have only a positive experience with the app and that any concerns they have are heard. Long wait times can be stressful for driver-partners. By the time they arrive at the pick-up location, the driver

S/N

CUSTOMER

has already invested fuel, time and effort in getting to a rider. With the â&#x20AC;&#x153;Paid Waiting Timeâ&#x20AC;? policy, Uber will ensure driver-partners get paid per minute if a rider keeps them waiting for more than five minutes after the driver arrives at their pick-up location. General Manager for Uber West Africa explains, Lola Kassim, said: â&#x20AC;&#x153;The Paid Wait Time feature is a simple addition that riders will be able to quickly adapt to, but importantly, it makes a big difference to driver-partners efficiency and contribute to that stress-free experience that we aim to achieve.â&#x20AC;?

ITEM OF IMPORT

Last month Uber announced new features for driverpartners (Arrival Time, Long Trip Notification and Rating Protection) that have made it even easier for driver-partners across Nigeria to choose when, where, and how they drive. â&#x20AC;&#x153;We know that these features are addressing key concerns of driver-partners and we understand their frustrations. These features focus on three keys areas: more flexibility for drivers when it comes to when they want to use Uber, using our technology to create a stress-free experience, and building on safety,â&#x20AC;? Kassim added.

DATE OF FUND PURCHASE

EXCHANGE RATE

USD AMOUNT

1

PROMASIDOR NIGERIA LIMITED

TECHNICAL FEES

8-Nov-17

330.60

2

WORLDWIDE COMMERCIAL

NOVO NORDISK PERISHABLE COLD CHAIN PHARMACEUTICAL PRODUCT (ACTRAPID)

8-Nov-17

330.60

1,308.73

3

ROYAL POWER AND ENERGY LIMITED

CKD Parts for UPS Systems

8-Nov-17

330.60

981.55

4

SUNRISE PRODUCTS LIMITED

RAW MATERIAL FOR INDUSTRIES. PVC RESINS

8-Nov-17

330.60

3,130.00

5

CBN

WHOLESALE RETURN

8-Nov-17

330.10

654.37

6

PROMASIDOR NIGERIA LIMITED

TECHNICAL FEES

8-Nov-17

330.60

5,234.94

7

WORLDWIDE COMMERCIAL

NOVO NORDISK PERISHABLE COLD CHAIN PHARMACEUTICAL PRODUCT (ACTRAPID)

8-Nov-17

330.60

10,561.09

8

ROYAL POWER AND ENERGY LIMITED

CKD Parts for UPS Systems

8-Nov-17

330.60

3,926.21

9

SHIVLILA POLYMERS LIMITED

PLASTIC RAW MATERIAL: HIGH DENSITY POLYETHYLENE INJECTION EXXONMOBIL GRADE HMA018

8-Nov-17

330.60

3,835.00

10

CBN

WHOLESALE RETURN

8-Nov-17

330.10

2,617.46

11

FCMB

INTERBANK SALES

9-Nov-17

306.45

20,000.00

12

FCMB

INTERBANK SALES

9-Nov-17

306.95

15,000.00

13

CBN

UNUTILIZED LC

10-Nov-17

329.50

14

CROWN FLOUR MILLS LIMITED

ANIMAL FEEDS (CONSISTING OF MOLDSTOP SD PLUS)

10-Nov-17

328.50

104,625.00

15

ARVEE INDUSTRIES LIMITED

ISO-PROPYLOL-IPEA

10-Nov-17

329.50

40,000.00

16

AVANTI INDUSTRIES LIMITED

GENERAL PURPOSE POLYSTYRENE INJECTION POLIMAXX GP150

10-Nov-17

329.50

10,000.00

17

BSV INDUSTRIES LIMITED

POLYVINYL CHLORIDE

10-Nov-17

329.50

70,000.00

18

EKO SUPREME RESOURCES NIGERIA LIMITED

ACUTEX, ODORIFEROUS SUBSTANCE, TINOPAL CBSX( OB), SODIUM CARBONATE(DENS), SPECKLES

10-Nov-17

329.50

20,000.00

19

FAREAST (NEW HOME PRODUCTS INDUSTRIES LIMITED)

SALT OF PALMITIC ACID

10-Nov-17

329.50

50,000.00

20

FAREAST MERCANTILE COMPANY LIMITED

GREENFLAG FILLED MILK POWDER

10-Nov-17

329.50

400,000.00

21

FRIESLANDCAMPINA WAMCO NIGERIA PLC

GUM BASE MP - GROWING UP MILK 1 X 25KG BAG

10-Nov-17

329.50

362,160.00

22

GMT (FRIESLANDCAMPINA WAMCO NIG PLC)

EVAPORATED UNSWEETENED FULL CREAM MILK PEAK

10-Nov-17

329.50

200,000.00

23

KGM INDUSTRIES (NIGERIA) LIMITED

PP HOMOPOLYMER-HNR 100

10-Nov-17

329.50

30,000.00

24

MINL LIMITED

INDUSTRIAL RAW MATERIALS

10-Nov-17

329.50

100,000.00

25

NATURAL PRIME RESOURCES NIGERIA LTD

ACUTEX, TINOPAL CBS-X (OB) ODORIFEROUS

10-Nov-17

329.50

100,000.00

26

NATURAL PRIME RESOURCES NIGERIA LTD

SODA ASH LIGHT

10-Nov-17

329.50

60,000.00

27

NATURAL PRIME RESOURCES NIGERIA LTD

SODIUM SULPHATE

10-Nov-17

329.50

100,000.00

28

NATURAL PRIME RESOURCES NIGERIA LTD

ACUTEX, TINOPAL CBS-X (OB), ODORIFEROUS SUBSTANCE, SODIUM CARBONATE (DENS) TOTALASE WIN (ENZYME) AND SPECKLES TOTALASE WIN (ENZYME) AND SPECKLES

10-Nov-17

329.50

100,000.00

29

NATURAL PRIME RESOURCES NIGERIA LTD

SODA ASH LIGHT

10-Nov-17

329.50

30

NATURAL PRIME RESOURCES NIGERIA LTD

SODIUM TRIPOLYPHOSPHATE

10-Nov-17

329.50

120,000.00

31

PROMASIDOR NIGERIA LIMITED

BULK MULTI-PLY BAGS COWBELL INSTANT MILK POWDER FORTIFIED

10-Nov-17

329.50

400,000.00

32

RELIANCE CHEMICAL PRODUCTS LIMITED

SULPHUR GRANULAR

10-Nov-17

329.50

60,000.00

33

RELIANCE CHEMICAL PRODUCTS LIMITED

LINEAR ALKYL BENZENE

10-Nov-17

329.50

300,000.00

34

ROYAL POWER AND ENERGY LIMITED

CKD UPS SYSTEM 10KVA HPE

10-Nov-17

329.50

90,300.00

35

ROYAL POWER AND ENERGY LIMITED

CKD UPS SYSTEM 8KW 192VDC

10-Nov-17

329.50

36

ROYAL POWER AND ENERGY LIMITED

CKD UPS SYSTEM 6KVA HPE

10-Nov-17

329.50

83,800.00

37

SEVEN UP BOTTLING CO. PLC

SEVEN UP EMERALD-MIXTURE OF ODORIFEROUS SUBSTANCES

10-Nov-17

329.50

200,000.00

469.02

6,180.03

100,000.00

81,800.00

38

SHIVLILA POLYMERS LIMITED

PLASTIC RAW MATERIAL: WK-601 AMORPHOUS PET

10-Nov-17

329.50

39

SHIVLILA POLYMERS LIMITED

PLASTIC RAW MATERIAL: WK-601 AMORPHOUS PET

10-Nov-17

329.50

504,092.38

40

SHIVLILA POLYMERS LIMITED

PLASTIC RAW MATERIAL: LOW DENSITYN POLYETHYLENE LOTRENE FE3000

10-Nov-17

329.50

180,860.00

41

VEEVEE PAPERS PRODUCTS LIMITED

INDUSTRIAL RAW MATERIAL FOR CARTON INDUSTRYFLUTING MEDIUM

10-Nov-17

329.50

290,037.37

42

WANDEL INTERNATIONAL (NIG) LTD

TVS STAR HLX 100CC KS (AGD) MOTORCYCLES IN CKD TVS BRAND, ENGINE TYPE: 4 STROKE PETROL

10-Nov-17

329.50

77,000.00

43

YINKA OBA FAOM NIG LTD

POLYMERIC POLYOL SP44-10

10-Nov-17

325.50

40,000.00

44

YINKA OBA FAOM NIG LTD

POLYMERIC POLYOL SP44-10

10-Nov-17

325.50

45

YINKA OBA FAOM NIG LTD

SILICONE RZ 6688-1, STANNOUS OCTOATE T9, TEDA

10-Nov-17

325.50

90,064.00

46

QUINTESSENTIAL FOODS NIGERIA

WHEAT GERMAN WHEAT IN BULK 12.5% PROTEIN

10-Nov-17

325.50

180,000.00

47

EXIM SATELLITE VENTURES LTD

PULP BOARD

10-Nov-17

320.50

30,000.00

48

EXIM SATELLITE VENTURES LTD

PULP BOARD

10-Nov-17

320.50

49

CROWN FLOUR MILLS LIMITED

5,000 MTS OF ARGENTINA CORN

10-Nov-17

325.50

119,100.00

50

CROWN FLOUR MILLS LIMITED

5,000 MTS OF ARGENTINA CORN

10-Nov-17

325.50

196,100.00

51

CROWN FLOUR MILLS LIMITED

WHEAT LATVIAN MILLING WHEAT

10-Nov-17

325.50

710,000.00

52

CROWN FLOUR MILLS LIMITED

SIX NEW CATERPILLAR D3612 DIESEL GENSET

10-Nov-17

325.50

1,639,088.77

S/N

EXCHANGE RATE

USD AMOUNT

OTHER SOURCES

7-Nov-17

305.40

1.86

2

OTHER SOURCES

7-Nov-17

305.40

147.77

3

GTB

9-Nov-17

305.95

20,000.00

4

PROVIDUS

9-Nov-17

306.45

15,000.00

5

OTHER SOURCES

10-Nov-17

329.50

6,180.03

6

CBN

8-Nov-17

330.10

7

CBN

8-Nov-17

330.10

26,174.70

8

CBN

10-Nov-17

328.00

104,625.00

9

CBN

10-Nov-17

329.00

4,611,228.84

1

CUSTOMER

DATE OF FUND PURCHASE

6,543.67

10

CBN

10-Nov-17

325.00

341,104.00

11

CBN

10-Nov-17

320.00

60,000.00

12

CBN

10-Nov-17

325.00

2,664,288.77

1

TOTAL AMOUNT

2

AVERAGE AMOUNT

7,855,294.64 654,607.89

481,179.09

31,040.00

30,000.00

T H I S D AY ˾ MONDAY, NOVEMBER 13, 2017

30

BUSINESSWORLD

ANALYSIS

PFAs as the Next Investment Destination FCMB Group’s moves to acquire a majority stake in Legacy Pension Managers, is a significant development that would not only shake up the pension industry, but significantly boost the group’s bottom-line. Chika Amanze-Nwachuku reports

Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun

If a pension is deemed to be an invaluable source of income for the retired, and the Federal Government of Nigeria so motivated, introduced the Pension Reform Act of 2004, it should not be a surprise that within 13 years from inception, the pension industry has already risen to N6.02 trillion assets under management. The rate of growth is quite remarkable when compared to the 125-year-old Nigerian banking industry that stands at slightly over N30 trillion. Putting aside, the rapid growth of the sector, to what extent have the Pension Funds Administrators delivered on the expectations of their retiring beneficiaries? What stands out about Legacy Pension Limited? Why has FCMB Group Plc decided to increase its stake from 28.2% to over 88% equity holding in this pension firm? Market Opinions Analyst, Emefu Ibeayoka, writing from Abuja, the Federal Capital Territory reflects on FCMB Group’s history from City Securities Limited and First City Merchant Bank to its current form of a diversified financial services group with its deep knowledge and experience in the investment space. The recent announcement on the floor of the NSE of its intention to increase participation in the pension industry seems a natural next step for the group as the pension industry is set to rival the banking sector in terms of size and economic importance over the next decade. The Pension Reform Act has restored discipline and trust for retirement savers. It has also limited employers’ pension liability and enhanced retirement benefits administration. No Pensioner has lost their savings due to mismanagement and the industry continues to grow at a healthy pace. A lot of this credit accrues to the National Pension Commission

(PenCom). A cursory survey of stakeholders would probably score Nigeria’s pension reform and pension industry performance high. The only complaint seems to be coming from capital market operators and providers of infrastructure, that are clamouring for pension fund managers to allocate more of their resources to these sectors in need of further development. Looking at the volatility of our stock market and the challenges of power

It is on record that FCMB Group Plc, which is a holding company, has one of the richest pedigrees in financial services in Nigeria. The broadening of its holdings to include a controlling stake in a PFA will most certainly open a new vista of growth and stability to its income streams. The bank’s reported million customers, 200+ branch network and strong digital presence are fertile grounds for the rapid growth of this new addition to its portfolio

Director General of PenCom, Mr. Funso Doherty sector privatisation (due largely to non-cost reflective tariffs), we must commend the PFAs and their regulator that they have remained conservative in their investment strategy. Further reports are quoted to reveal that in spite of the macro-economic headwinds experienced last year, the Nigeria Pension Industry’s AUM grew by 16%, one percent higher than growth in the previous year. Despite the contraction in monthly contributions, growth in AUM was largely driven by the higher yield offered in the fixed income market. Figures from May 2017, Nigeria Pension Industry Survey revealed 12.1% of respondents have decided to move to another PFA when the transfer window opens whilst 35.4% remain undecided. The level of competition amongst PFAs in Nigeria is set to intensify, with the opening of the transfer window and implementation of the Micro Pension Scheme (MPS). FCMB Group’s announced intention to acquire a super majority of Legacy Pension Limited will broaden its service offerings with the group already offering commercial and retail banking, investment banking, asset management, and trusteeship services. The successful completion of this transaction will bring FCMB Group’s shareholding in the company to 88.2%, thus becoming its largest shareholder. The development follows months of negotiations, regulatory reviews, approvals and pending final clearances of all relevant authorities. It is on record that FCMB Group Plc, which is a holding company, has one of the richest pedigrees in financial services in Nigeria. The broadening of its holdings to include a controlling stake in a PFA will most certainly

open a new vista of growth and stability to its income streams. The bank’s reported 4 million customers, 200+ branch network and strong digital presence are fertile grounds for the rapid growth of this new addition to its portfolio. On the other hand, Legacy Pension Managers Limited, whilst being a conservative player with a strong presence in Abuja and the North has steadily grown its assets under management to over N220 billion. The company has maintained a strict investment policy and achieved decent returns since inception. Co-incidentally, FCMB Group’s equity mutual fund (known as the Legacy Equity Fund), won the BusinessDay Best Managed Fund (Equity Based) Award in October 2017, returning 52% year to date. It is expected that FCMB’s over 40 years of investment experience will complement and enhance Legacy Pension Managers proposition to existing and prospective customers. With the synergies from enhanced distribution and investment expertise, analysts have hailed the decision of FCMB Group to acquire majority stake in Legacy Pension Managers by describing it as a significant development that would not only shake up the pension industry, but also enhance the future performance of FCMB Group. Analysts anticipate that Legacy Pension Managers will be better positioned to grow its market share, compete effectively upon the onset of Retirement Savings Account portability, and also enter the micropensions segment in the informal market that will leverage the distribution and marketing muscle of a commercial bank within the group. These are interesting times for FCMB Group, Legacy Pension Managers and the pension industry as a whole.

T H I S D AY ˾ MONDAY, NOVEMBER 13, 2017

BUSINESSWORLD

31

PERSPECTIVE

Tasks Before Nigeria Office for Trade Negotiations Ken Ukaoha tasks the Nigeria Office for Trade Negotiations on the importance of a sound, import substitution trade policy that would leapfrog the Nigerian economy It is therefore hoped that the NOTN would consider all the above issues, by coordinating the formulation of a cohesive negotiating strategy for Nigeria and facilitating the production of sound, import substitution oriented trade policy for Nigeria. This would leapfrog the nation’s socio-economic status and set Nigeria on the path of industrialisation and diversification into the global value chains. The Federal Executive Council had in May 2017 approved the establishment of the Nigerian Office for Trade Negotiations (NOTN) as the standing negotiating body for Nigeria. The office is legally domiciled in the Ministry of Industry, Trade and Investment. The mandate provides that all reports and recommendations from the NOTN on trade policy are reviewed by the National Economic Management Team (NEMT) based on memoranda submitted by the Minister of Industry, Trade and Investment, for decision making by the FEC as appropriate. A Director General has been appointed with effect from June 6, 2017 with a four year tenure. The creation of the Nigeria Office for Trade Negotiations has been greeted and seen by many as a step in the right direction. The commendation is premised on the fact that there are many benefits and cross-cutting influence that the office will bring on Nigeria’s trade policy and economic diplomacy. Again, it is obvious that at last, Nigeria can now have a coordinating point for harvesting interests and Minister of Industry, Trade & Investment, Dr. Okechukwu Enelamah concerns of the various stakeholders and actors on trade and turn them into technical positions mandate be made abundantly clear to all tions. This way, stakeholder participation and and national agenda at the negotiation tables. stakeholders so as to avoid conflicts between consultation will be the bedrock of our country’s These thumbs-up are also based on the expecta- the NOTN and other MDAs. Such openness of position at any given fora. It is important at this tions that negotiations and trade agreements the mandate would build goodwill and facilitate juncture to sound it very loud and clear that, would no longer be shrouded in secrecy and/ stakeholders buy-in, confidence and ownership it would be wrong and a national disservice for the NOTN or her representatives to take or undertaken in a staccato manner by every of the roles and functions of the NOTN. decisions or roll out programs or plan of actions Ministry, Department and Agency (MDAs) of government. Two, NOTN will bring to an end 2. Beyond the political support, it is advocated without engaging the private sector who are the the era where every Minister or Ministry can go that the NOTN should operate in liaison with eventual beneficiaries or brunt bearers of such out and negotiate and/or sign trade agreements the Federal Ministry of Industry, Trade and programs or interventions. The importance of on behalf of Nigeria. It is on record that Nigeria Investment (FMITI). This opinion is informed the Private sector cannot be overemphasized has several existing trade agreements signed by the reality that the effectiveness of the thus in developed countries trade negotiators by past Ministers or their representatives, yet NOTN will be determined and sustained by can stop in the middle of negotiations and many of these have not yielded the needed its umbilical cord relationship with FMITI as demand for more time to communicate and economic dividend for Nigeria and Nigerians. envisaged by the policy makers. Organization- consult with their private sector at critical stages Most of the Bilateral Investment Treaties (BITs) ally, it would reduce and perhaps completely of the negotiation process. and Double Taxation Agreements (DTAs) signed eliminate tensions, bickering and backstabbing 4. The NOTN or her representative should be by Nigeria are nothing but investment protec- among the officers and ranks whose roles and tion agreements which favour foreign investors duties could be affected by this new creation. guided by an ethical and integrity governance with investments in our country, enjoying tax Besides, the present location of the NOTN at framework that prohibit careless press release or holidays and other incentives, whereas Nigeria the Nigerian Export Promotion Council (NEPC) media popularity at all times especially outside and Nigerians on the other hand have little even though it is a parastatal under the (FMITI) the negotiation platforms, as such information or no corresponding investment or market should not be seen as a platform of elevation to are deemed as official even when the subject access in such countries. Thus we continually superiority and ego-boosting. The NOTN should matters are pending or awaiting stakeholders do everything possible to provide market access therefore continue to maximize the benefits and inputs. The NOTN must be discreet, if possible opportunities and protect foreign investments full potentials of the existing technical staff of inconspicuous and diplomatic in utterances and without much reciprocal benefits to the Nigeria or FMITI and not create a class struggle within must not be given to reveal strategies or give out the private sector. Three, the NOTN will provide the workforce. Again, the NOTN will need plan of action especially in unguarded manners. a rallying point for public and private sector to leverage on the existing staff of FMITI to 5. The NOTN should be supported with qualiengagement for sharing ideas and knowledge provide institutional memory on trade policy and on cutting-edge business practices and possible other trade negotiations in Nigeria, with the full fied and professional technical staff, particularly trade-offs/interests by turning such inputs into understanding that they had participated and trade lawyers who are verse in the interpretation technical ‘bullets’ and negotiation options. Four, contributed immensely to the various processes of trade rules, skilled in negotiations, trade data NOTN will provide the platform for a thorough and should not be treated with ignominy or analysis and evaluation and monitoring of the examination of thematic issues for negotiations contempt in any way. It is strongly suggested economic implications of every negotiation and evaluation benchmarked on Nigeria’s extant that the staff of FMITI who were relevant Desk without losing sight of the political economy laws and policies. The overarching indication Officers (who have also attended and benefited and dynamics of globalisation. is that negotiation options and strategies will from many trainings and capacity building) 6. The NOTN should promote interagency be clearly and carefully weighed and balanced on the various thematic issues on trade must with existing policy drives so that commitments not be made redundant. In fact, their capacity coordination especially with the Ministry of and obligations made through trade negotiation should be deployed maximally into the NOTN Foreign Affairs to ensure that Nigeria’s diplomatic offices are on the same page with ongoing work do not conflict with domestic laws and overall structures. and programs of the government at home. To national development agenda. Five, the NOTN will enhance and build the technical capacity of 3.The NOTN must recognise the importance this end, regular training or briefing of Economic Nigerian Trade Negotiators, Trade Lawyers and of Private Sector engagement in development and political Diplomats is necessary because experts to be skilled in the various thematic areas cooperation and Negotiations. Indeed, in many they are the eyes of Nigeria in their Countries of trade negotiations and policy development. of the developed climes, decisions on trade are of assignment and must not be seen to be We are convinced that the foregoing and majorly taken under Public Private Dialogue (PPD) incoherent with Nigeria’s national trade and perhaps more are the strategic reasons behind and interests. The role of the NOTN should be to economic aspirations and focus. the setting up of the NOTN. However, in order provide the platform for the private and public 7. While it is not in doubt that the aspiration to achieve these noble goals and objectives, and sectors to constructively debate or dialogue on for Nigerians to benefit from the resourcefulness common agenda for the collective good of the of Nigeria (and perhaps many African countries) thereof, the office must be very conscious of her citizens. At such PPD, the position of relevance to remain at the ‘infant industry protection’ level mandate and take into account certain critical and impacts of domestic and international laws and forever seek or dwell on the application issues that would help in driving its mandate on contemporary issues in relation to national of ‘feeding bottle’ to the industrial sector, it is and at the same time support the realization of interests will be well guided and mainstreamed. however important that the NOTN should resist the cardinal purpose of its creation. In addition, the NOTN should undertake the and must not make Nigeria swallow hook, line responsibility of agenda setting and technical and sinker the gospel of trade liberalization. Our 1.It is important that the jurisdiction and outlays for bilateral and multilateral negotia- trade liberalization agenda must be evaluated

and based on the scale of Nigeria’s economic status and level of development, otherwise the NOTN would be accused of selling the nation’s economy to ready buyers among the developed economies, who are at the moment already knocking at the door with every issue on the negotiation table including those that are way beyond the confines of trade and our areas of comparative advantage. The NOTN should equally take issues of regional integration, structural transformation and industrial policy seriously. 8. The NOTN should constantly liaise with Nigeria’s representatives/negotiators at the multilateral level (especially at the World Trade Organization - WTO) to always negotiate with agreed positions from home. We cannot afford implementing one policy at home on a matter and be taking contrary positions at the bilateral or multilateral level. In fact, whatever our WTO representatives should be saying must emanate from home no matter their ‘Professorial’ level of understanding of the issues in Geneva, Brussels, New York, Addis Ababa or elsewhere. 9. It is also important that the NOTN engages in regular interface with lawmakers at the National Assembly. This is necessary so that when they attend their international parliamentary meetings, everyone would be singing from the same hymn book on Nigeria’s Position. Besides, this would result in the acknowledgement of and compliance with Section 12 (1) of the 1999 Constitution (as amended) on the domestication of treaties in Nigeria, that: “No treaty between the Federation and any other country shall have the force of law except to the extent to which any such treaty has been enacted into law by the National Assembly’. The further essence is that legislative support will be needed by NOTN all the way even after negotiations have been concluded so as to give it the force of law and legitimacy. Again, there may be some limits to the powers and functions of the NOTN based on existing legal and legislative frameworks; and the only way to surmount it is to get the lawmakers involved through legislative review in order to accommodate this new executive assignment, which is quite innovative and novel in our socio-political engagements. 10 Finally, now that Nigeria has strategically undertaken the leadership role on the Continental Free Trade Agreement (CFTA) negotiations, it is important that the Country remains tactful, technically focused and detailed with a view to accommodate the position of other African countries involved so as to gain their respect and further utilize the opportunities therein at the regional, continental and global levels. NOTN should also seek to learn Lessons from previous negotiators especially on the EPAs, particularly on how Nigeria was able to withstand the heat and pressure of the negotiations from all sides without bulging to what could have amounted to a death warrant for the future of Nigeria and Nigerian Businesses. The NOTN could also benefit from the technical competence of trade professionals and the academia that had a pedigree of analytical prowess and capacity in different areas of trade, international relations and political economy. Although, on memory lane, it would suffice to say that except for the Economic Partnership Agreement (EPA) where Nigeria was able to gently decipher issues (perhaps owing to the existence of a Technical Committee responsible for that negotiation), Nigeria could be said to have been losing out in trade deals for long. It is therefore hoped that the NOTN would consider all the above issues, by coordinating the formulation of a cohesive negotiating strategy for Nigeria and facilitating the production of sound, import substitution oriented trade policy for Nigeria. This would leapfrog the nation’s socio-economic status and set Nigeria on the path of industrialisation and diversification into the global value chains. Ukaoha, Esq., is President, National Association of Nigerian Traders – NANTs. Tel: 08033002001; Email: kenukaoha@gmail.com

32

T H I S D AY MONDAY NOVEMBER 13, 2017

T H I S D AY MONDAY NOVEMBER 13, 2017

33

34

T H I S D AY MONDAY NOVEMBER 13, 2017

T H I S D AY MONDAY NOVEMBER 13, 2017

35

36

T H I S D AY Ëž Ë&#x153; NOVEMEBER 13, 2017

BUSINESS/MONEYGUIDE

LCCI, Japanese Agency Sign MoU to Strengthen Business Relations Jonathan Eze The Lagos Chamber of Commerce and Industry (LCCI) and the Japan External Trade Organisation (JETRO), a Japanese government-related body have signed a Memorandum of Understanding (MoU) to promote trade and investment between both countries. The MoU was signed at the just concluded 2017 Lagos International Trade Fair. The partnership is expected to cover a wide range of activities for collaboration between both countries such as exchange of information on trade and investment, co-hosting seminars, exhibitions and business delegations, and advocating for enabling business environment. At the signing ceremony,

JETROâ&#x20AC;&#x2122;s Executive Vice President and Head of Africa, Dr. Katsumi Hirano said: â&#x20AC;&#x153;We notice that the Federal Government of Nigeria aims to achieve a private-sector driven economy under the leadership of President Muhammadu Buhari.â&#x20AC;? He said that the collaboration between JETRO and LCCI, was in line with what the Nigerian government had been pursuing in terms of its bilateral agreement with Japan. Hirano stated that the MoU would facilitate greater business relationship between the two nations. â&#x20AC;&#x153;As a major power in Africa, the importance of Nigeria goes without saying. In order to help Japanese companies find the business

opportunities in Nigeria, we decided to first participate in the Lagos International Trade fair in 2014,â&#x20AC;? he said. The trade fair was one of the biggest trade fair in the African region, attracting about 1, 800 domestic and overseas exhibitors as well as 150,000 visitors every year. On her part, the President, LCCI, Nike Akande, said the promotion of mutual trade and investment between Nigeria and Japan, was needed to ensure the synergy between the two countries is strengthened. â&#x20AC;&#x153;Over the last few years, LCCI has emerged the leading voice of the private sector through a sustained public policy advocacy, stakeholder engagement, trade promotion activities both locally and internationally.

CSOs Laud FMBNâ&#x20AC;&#x2122;s Debt Recovery Drive, Seek NHFâ&#x20AC;&#x2122;s Patronage Ndubuisi Francis Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The League of Civil Society Groups (LCSG), a coalition of all civil society groups in Nigeria has commended the management of the Federal Mortgage Bank of Nigeria (FMBN) for the recovery of over N1billion debt as well as the funding of estate projects in Oyo, Osun States and Abuja. The league, as part of its performance review also stated that the strides made by the management of the FMBN headed by Ahmed Dangiwa have been quite impressive and needed commendation to be consolidated upon. In a statement signed by Ambassador Mukhtar Akoshile, the Leagueâ&#x20AC;&#x2122;s National Secretary, LCSG noted that the new board of FMBN took over at a time when confidence in the scheme was at its lowest ebb evidenced by the very low participation in the mortgage system in Nigeria. â&#x20AC;&#x153;The management of Dangiwa inherited over 80 abandoned estates which are in at different stages of completion and mortgaging to the public. One of such estates, of over 200 homes in Gwagwalada, Abuja, has been occupied by

University of Abuja staff. â&#x20AC;&#x153;The management is repositioning the bank to fulfill its mandate of â&#x20AC;&#x153;raising long term financing for delivery to contributorsâ&#x20AC;?. The management has delivered on this mandate within the framework of a policy thrust of good corporate governance and transparency. â&#x20AC;&#x153;Management has drafted a robust risk management framework, while doing cost containment. â&#x20AC;&#x153;The new management, within its short time in office has also made recoveries of debt running into hundreds of millions of naira, as part of their target of recovering N1 billion before the end of the year, to further strengthen the pool of available loanable funds,â&#x20AC;? the statement said. The management, the coalition said, has also ensured the reduction of processing and payment time for contributions to the National Housing Fund (NHF), from the 90 days provided for in the law to 30 days. It also urged all stakeholders in the housing sector to engage in aggressive awareness and enlightenment campaign to increase volume of participation to a level commensurate with the size of the nationâ&#x20AC;&#x2122;s

economy. While urging the National Assembly to speed up the process of amending the enabling Act of the FMBN to ensure better delivery of service to Nigerians in meeting their housing needs and eliminating the housing deficit in Nigeria, the CSOs also advised all the states which have stopped making contributions to the scheme to begin again as they deny their workers the opportunities available to them. â&#x20AC;&#x153;The CBN should also ensure, as the regulator of the banking sector in Nigeria, that bankâ&#x20AC;&#x2122;s meet their obligation as enshrined in the law to invest 10% of loans in NHF. Contributions of insurance companies should also be made available to the FMBN as provided by law, and NAICOM should ensure that it meets itâ&#x20AC;&#x2122;s obligation to collect these funds and remit to FMBN. â&#x20AC;&#x153;We commend Mr. President for appointing the right people into the management of the FMBN and urge him to support the bank further to jumpstart and help diversify the economy as a vibrant housing sector has the capacity to provide countless jobs for Nigerians,â&#x20AC;? the coalition said.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

AUGUST 2017 Broad Money (M2)

21,851,454.31

-- Narrow Money (M1)

9,890,813.10

---- Currency Outside Banks

1,523,239.91

---- Demand Deposits

8,367,573.19

-- Quasi Money

11,960,641.22

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)

Fidelity Bank Assures Customers of Quality Service Delivery Fidelity Bank Plc has reassured its customers of enhanced quality service delivery. The bank chief executive, Mr. Nnamdi Okonkwo, stated this in a speech delivered at the just concluded 2017 Lagos International Trade Fair. The Fidelity Bank boss, who was represented by the bankâ&#x20AC;&#x2122;s Executive Director, Shared Services, Mrs. Chijioke Ugochukwu, said the bank was well positioned to serve its customers from any form of banking channel. â&#x20AC;&#x153;An average Fidelity Bank branch has between four to six ATMs at the minimum. But in some cases, we have up to 10 ATMs at a branch, so that our customers would not have to spend much time on the queue,â&#x20AC;? he said.

According to him, the bankâ&#x20AC;&#x2122;s alternative banking solutions, especially its electronic banking channels deliver convenience to customers. He stressed that the commercial bank is highly diversified, which according to him, has seen Fidelity won several awards in the country. â&#x20AC;&#x153;In the coming weeks, we would be attaining another feat in the SME space in Nigeria, when Fidelity Bank becomes the first bank to tap into a billion-naira funds for on-lending to SMEs. â&#x20AC;&#x153;Fidelity Bank is very proud in its partnership with the Nigeria Export Promotion Council and the Lagos Business School in promoting the non-oil sector,â&#x20AC;? he added. Okonkwo urged members of the public, especially customers

of the bank to take advantage of its ongoing saving promo known as the â&#x20AC;&#x2DC;Get Alert in Millions Reloaded.â&#x20AC;&#x2122; The campaign is aimed at encouraging savings culture among Nigerians. â&#x20AC;&#x2DC;Get Alert in Millions Reloadedâ&#x20AC;&#x2122;, which is the seventh in the series of promotions organised by the bank is expected to see a total prize money of N110 million given out to winners. It would end in March 2018. â&#x20AC;&#x153;This is Fidelity Bankâ&#x20AC;&#x2122;s contribution to the Central Bank of Nigeriaâ&#x20AC;&#x2122;s financial inclusion strategy and in a week time, we would be giving out the sum of N15 million as part of prizes,â&#x20AC;? he added. However, at the Lagos Fair, the bank gave out a total of N3.25 million to winners in its savings reward scheme.

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 THURSDAY NOVEMBER 9, 2017

The price of OPEC basket of fourteen crudes stood at $61.72 a barrel on Thursday, compared with $61.61 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

41

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

MARKET NEWS

NSE CEO, Onyema, Lists Ways to Finance Transport Infrastructure Goddy Egene and Nosa Alekhuogie The Chief Executive Officer (CEO) of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, last week said the Truck Transit Parks (TTPs) dry ports projects will best be executed through private sector funding. Onyema stated this at a breakfast meeting on the Financ-

ing of Transport Infrastructure organised by the Nigerian Shippersâ&#x20AC;&#x2122; Council (NSC) under the auspices of the Transportation Ministry in Lagos. According to him, considering that the transport infrastructure development funding gap was estimated to be greater than $750 billion over the next 30 years, it becomes very clear that a way around the financing was a critical issue.

He said that the financial participation of the private sector in building infrastructure can take a number of forms, including public private partnership (PPP) and full privatisation. â&#x20AC;&#x153;A good example is the Lekki-Epe Expressway Toll Road Concession Project, Nigeriaâ&#x20AC;&#x2122;s first ever PPP. For this project, the Lekki Concession Company was able to secure long term financing to the tune of N50

billion for the construction phase of the project with participation from several local and international financial institutions on terms which were regarded as groundbreaking in Nigeria,â&#x20AC;? he said. The NSE boss assured that the exchange was committed to exploring and developing innovative ways to finance the nationâ&#x20AC;&#x2122;s transport infrastructure in order to accelerate the

growth of the key sectors of the economy. According to him, leveraging established PPP funding mechanisms, special purpose vehicle (SPV)s can utilise the NSEâ&#x20AC;&#x2122;s platform to gain access to low-cost, long term capital. This, he said, can be achieved through public bond issuance by a project company or by incorporating a separate company to issue bonds and lend the proceeds to the project

company. â&#x20AC;&#x153;The SPVs involved in PPP projects can alsoas focused on PPP infrastructure investments, and a good case of this is our recent partnership with the Lagos State Government and Visionscape Sanitation Solutions where a N50 billion Medium Term Note to finance the implementation of the Cleaner Lagos Initiative (CLI) was issued,â&#x20AC;? he said.

PRICES FOR SECURITIES TRADED AS OF 10/11/2017

˾ MONDAY, NOVEMBER 13, 2017

38

Nigeria Daily Stock Market Report:

THISDAY AFRINVEST 40 INDEX

Global Equity Market Review for Last Week and Outlook ĞƐƉŝƚĞ ƚŚĞ ŽŶŐŽŝŶŐ ƌĂůůLJ ŝŶ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͕ ƐĞŶƟŵĞŶƚƐ ĂĐƌŽƐƐ the global equity indices under our coverage was mixed, this week. Oil maintained another strong week against the backdrop ŽĨ ŐƌŽǁŝŶŐ ĐŽŶĮĚĞŶĐĞ ŝŶ ĞŶĨŽƌĐĞŵĞŶƚ ŽĨ ƚŚĞ KW ƉƌŽĚƵĐƟŽŶ cap and rising tensions in Saudi Arabia, one of the world͛s largest Žŝů ƐƵƉƉůŝĞƌƐ͕ ǁŚŝĐŚ ŚĂǀĞ ďĞĞŶ ĚƌŝǀĞŶ ďLJ ƚŚĞ ŽŶŐŽŝŶŐ ĂŶƟĐŽƌƌƵƉƟŽŶ ƉƵƌŐĞ ďLJ ƚŚĞ ƌŽǁŶ WƌŝŶĐĞ͘ Across the developed markets, the bears prevailed this week as the U.S. indices were dragged by Investors͛ ƌĞĂĐƟŽŶ ƚŽ ƚŚĞ Senate͛Ɛ ƉůĂŶ ƚŽ ĚĞůĂLJ ƚŚĞ ŝŶƚƌŽĚƵĐƟŽŶ ŽĨ ĐŽƌƉŽƌĂƚĞ ƚĂdž ĐƵƚƐ ƵŶƟů ϮϬϭϵ͘ dŚƵƐ͕ ƚŚĞ ^ΘW ϱϬϬ ĂŶĚ E ^ Y ůŽƐƚ Ϭ͘ϭй ĂŶĚ Ϭ͘Ϯй ƌĞƐƉĞĐƟǀĞůLJ t-o-t͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ h< &d^ ůů ^ŚĂƌĞ ĐůŽƐĞĚ ϭ͘ϲй ůŽǁĞƌ t-o-t͕ ĂƐ ƌŝƐŝŶŐ ƉŽůŝƟĐĂů ĐŽŶĐĞƌŶƐ͕ ƐƚĞŵŵŝŶŐ ĨƌŽŵ ƚŚĞ ƌĞƐŝŐŶĂƟŽŶ ŽĨ ƚǁŽ ĐĂďŝŶĞƚ ŵĞŵďĞƌƐ ǁŝƚŚŝŶ Ă ǁĞĞŬ͕ ǁĞŝŐŚĞĚ ŽŶ investors͛ ĂƉƉĞƟƚĞ ĨŽƌ h͘<͘ ĂƐƐĞƚƐ͘ WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƚŚĞ ŝŶĚŝĐĞƐ ŝŶ ƚŚĞ Z/ ^ ĐůĂƐƐŝĮĐĂƟŽŶ ǁĂƐ ŵŝdžĞĚ ĂƐ ϯ ŽĨ ϱ ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ƚŚĞ ǁĞĞŬ ŝŶ ƚŚĞ ƌĞĚ͘ ŚŝŶĂ͛s ^ŚĂŶŐŚĂŝ ŽŵƉŽƐŝƚĞ ĂƉƉƌĞĐŝĂƚĞĚ ƚŚĞ ŵŽƐƚ ŽǁŝŶŐ ƚŽ ŝŵƉƌŽǀĞĚ ĐŽŶĮĚĞŶĐĞ ŝŶ ƚŚĞ ĐŽƵŶƚƌLJ͛s economic outlook which buoyed ŝŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͘ >ŝŬĞǁŝƐĞ͕ ƚŚĞ ^ŽƵƚŚ ĨƌŝĐĂŶ &d^ ͬ:^ ůů ^ŚĂƌĞ ŝŵƉƌŽǀĞĚ Ϭ͘ϰй͘ KŶ ƚŚĞ ŇŝƉƐŝĚĞ͕ ƚŚĞ ĚŽǁŶƚƌĞŶĚ ŝŶ ƚŚĞ ƌĂnjŝů / Ks ^W ǁĂƐ ƐƵƐƚĂŝŶĞĚ ĚƵƌŝŶŐ ƚŚĞ ǁĞĞŬ͕ ƐůŝĚŝŶŐ Ϯ͘ϰй t-o-t͘ /Ŷ the same vein, India͛Ɛ ^ ^ĞŶƐ ĂŶĚ ZƵƐƐŝĂ͛Ɛ Zd^ ĨĞůůϭ͘ϭй ĂŶĚ Ϭ͘ϭй ƌĞƐƉĞĐƟǀĞůLJ͘ /Ŷ ƚŚĞ ƵƌĂƐŝĂ ƌĞŐŝŽŶ͕ &ƌĂŶĐĞ͛Ɛ ϰϬ ĂŶĚ 'ĞƌŵĂŶLJ͛Ɛ y dZ y ĨĞůů Ϯ͘Ϯй ĂƉŝĞĐĞ t-o-t͘ ,ŽǁĞǀĞƌ͕ :ĂƉĂŶ͛Ɛ EŝŬŬĞŝ ϮϮϱ ŵĂŝŶƚĂŝŶĞĚ ŝƚƐ ƵƉǁĂƌĚ ŵŽŵĞŶƚƵŵ ƚŽ ŐĂŝŶ Ϭ͘ϲй t-o-t͕ ƌĞĂĐŚŝŶŐ Ă Ϯϱ LJĞĂƌ ŚŝŐŚ ŽŶ tĞĚŶĞƐĚĂLJ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ ,ŽŶŐ <ŽŶŐ ,ĂŶŐ ^ĞŶŐ ƌŽƐĞ ϭ͘ϴй ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ŚŝŶĂ͛s improving economic outlook. In the African markets, performance was mixed, albeit more ƐŬĞǁĞĚ ƚŽǁĂƌĚƐ ƚŚĞ ŐƌĞĞŶ ĂƐ ϯ ŽĨ ϰ ŝŶĚŝĐĞƐ ƚƌĞŶĚĞĚ ŶŽƌƚŚǁĂƌĚ t -o-t͘ 'ŚĂŶĂ͛Ɛ '^ ĐŽŵƉŽƐŝƚĞ ůĞĚ ŐĂŝŶĞƌƐ͕ ƵƉ Ϭ͘ϵй t-o-t ƚƌĂŝůĞĚ ďLJ 'zWd͛^ 'y ϯϬ ;нϬ͘ϵйͿ ĂŶĚ EŝŐĞƌŝĂ͛Ɛ ůů ^ŚĂƌĞ /ŶĚĞdž ;нϬ͘ϱйͿ͘ KŶ ƚŚĞ ŇŝƉƐŝĚĞ͕ ƚŚĞ <ĞŶLJĂ E^ ϮϬ ǁĂƐ ƚŚĞ ůŽŶĞ ĚĞĐůŝŶĞƌ͕ ĚŽǁŶ ϭ͘Ϭй t-o-t͘ ŽŵĞƐƟĐ ƋƵŝƚLJ DĂƌŬĞƚ ZĞǀŝĞǁ ĨŽƌ >ĂƐƚ tĞĞŬ ĂŶĚ KƵƚůŽŽŬ WĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ůŽĐĂů ŽƵƌƐĞ ǁĂƐ ůĂƌŐĞůLJ ƉŽƐŝƟǀĞ ƚŚŝƐ ǁĞĞŬ ĂƐ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ĂĚǀĂŶĐĞĚ ŽŶ ϯ ŽĨ ϱ ƚƌĂĚŝŶŐ ĚĂLJƐ ŝŶ ƚŚĞ ǁĞĞŬ͘ dŚĞ ŵĂƌŬĞƚ ŽƉĞŶĞĚ ƚŚĞ ǁĞĞŬ ŽŶ Ă ŶĞŐĂƟǀĞ ŶŽƚĞ͕ ĂƐ ůŽƐƐĞƐ in ZENITH ;-ϭ͘ϬйͿ ĂŶĚ UBA ;-Ϯ͘ϬйͿ ĚƌĂŐŐĞĚ ƚŚĞ ^/ ŵĂƌŐŝŶĂůůLJ ĚŽǁŶ ϮďƉƐ͘ &ƌŽŵ ŵŝĚǁĞĞŬ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ŵĂũŽƌůLJ ŝŶŇƵĞŶĐĞĚ ďLJ ĂĐƟǀŝƚLJ ŝŶ DANGCEM ĂƐ ƚŚĞ ^/ ƌĞďŽƵŶĚĞĚ ŽŶ dƵĞƐĚĂLJ ;нϬ͘ϮйͿ ĂŶĚ ŐĂŝŶƐ ǁĞƌĞ ĞdžƚĞŶĚĞĚ ŝŶƚŽ tĞĚŶĞƐĚĂLJ ;нϬ͘ϯйͿ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ƐƚŽĐŬƐ͘ ,ŽǁĞǀĞƌ͕ ŽŶ dŚƵƌƐĚĂLJ͕ ƚŚĞ ƵƉƚƌĞŶĚ ǁĂƐ ƌĞǀĞƌƐĞĚ ĂƐ ƉƌŽĮƚ ƚĂŬŝŶŐ ŝŶ DANGCEM ƉƵůůĞĚ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ϮϰďƉƐ ƐŽƵƚŚǁĂƌĚ͘ KŶ &ƌŝĚĂLJ͕ ƚŚĞ ^/ ĐůŽƐĞĚ Ϭ͘Ϯй ƵƉ͕ ĨŽůůŽǁŝŶŐ ŐĂŝŶƐ ŝŶ GUARANTY ;нϭ͘ϮйͿ ĂŶĚ NIGERIAN BREWERIES ;нϬ͘ϲйͿ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ ƚŚĞ ůů ^ŚĂƌĞ ŝŶĚĞdž ƌŽƐĞ Ϭ͘ϱй ƚŽ ĐůŽƐĞ ƚŚĞ ǁĞĞŬ Ăƚ ϯϳ͕ϭϮϬ͘Ϯϴ ƉŽŝŶƚƐ ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ŝŶĐƌĞĂƐĞĚ EϲϮ͘ϱďŶ ƚŽ EϭϮ͘ϴƚŶ͘ ĐĐŽƌĚŝŶŐůLJ͕ Dd ĂŶĚ zd ƌĞƚƵƌŶ ĞdžƉĂŶĚĞĚ ƚŽ ϭ͘Ϯй ĂŶĚ ϯϴ͘ϭй ƌĞƐƉĞĐƟǀĞůLJ͘ ĐƟǀŝƚLJ ůĞǀĞů ƐŽŌĞŶĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ĚĞĐůŝŶĞĚ ϯ͘ϰй ĂŶĚ ϮϮ͘Ϯй ƚŽ Ϯϲϯ͘Ϯŵ ƵŶŝƚƐ ĂŶĚ EϮ͘ϴďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ŵŽƐƚ ĂĐƟǀĞ ƐƚŽĐŬƐ ŝŶ ƚĞƌŵƐ ŽĨ ƚŽƚĂů ǀŽůƵŵĞ traded were DIAMOND ;ϭϰϳ͘ϮŵͿ͕ FBNH ;ϭϯϮ͘ϴŵͿ ĂŶĚ FIDELITY ;ϭϬϬ͘ϲŵͿ͖ ƐŝŵŝůĂƌůLJ͕ ŝŶ ƚĞƌŵƐ ŽĨ ƚŽƚĂů ǀĂůƵĞ GUARANTY ;Ϯ͘ϲďŶͿ͕ NIGERIAN BREWERIES ;ϭ͘ϴďŶͿ ĂŶĚ FBNH ;Ϭ͘ϵďŶͿ ůĞĚ ƚŚĞ ĐŚĂƌƚƐ͘ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ŵŝdžĞĚ ƚŚŝƐ ǁĞĞŬ ǁŝƚŚ ϯ ŽĨ ϱ ŝŶĚŝĐĞƐ ĐůŽƐŝŶŐ ŝŶ ƚŚĞ ŐƌĞĞŶ͘ dŚĞ Kŝů Θ 'ĂƐ ŝŶĚĞdž ůĞĚ ŐĂŝŶĞƌƐ͕ ƵƉ Ϭ͘ϴй t-o -t ŽǁŝŶŐ ƚŽ ĂƉƉƌĞĐŝĂƟŽŶƐ ŝŶ FORTE OIL ;нϭϬ͘ϯйͿ ĂŶĚ MOBIL ;нϮ͘ϱйͿ͕ ǁŚĞƌĞĂƐ ƚŚĞ ĂŶŬŝŶŐ ĂŶĚ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚŝĐĞƐ ĨŽůůŽǁĞĚ͕ ŝŶĐŚŝŶŐ Ϭ͘ϱй ĂŶĚ Ϭ͘ϰй ŚŝŐŚĞƌ ĂƐ ŝŶǀĞƐƚŽƌƐ ƚŽŽŬ ƉŽƐŝƟŽŶƐ ŝŶ DIAMOND ;нϵ͘ϰйͿ͕ GUARANTY ;нϰ͘ϯйͿ ĂŶĚ DANGCEM ;нϬ͘ϵйͿ͘ KŶ ƚŚĞ ŽƚŚĞƌ ŚĂŶĚ͕ ƚŚĞ /ŶƐƵƌĂŶĐĞ ĂŶĚ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚŝĐĞƐ ĚĞĐůŝŶĞĚ ϭ͘ϭй ĂŶĚ Ϭ͘ϭй ŽŶ ĂĐĐŽƵŶƚ ŽĨ losses in LINKASSURE ;-ϭϮ͘ϴйͿ͕ MANSARD ;-ϯ͘ϮйͿ͕ NIGERIAN BREWERIES ;-Ϭ͘ϴйͿ ĂŶĚ FLOURMILL͘ ;-ϰ͘ϭйͿ͘

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

Ticker

THISDAY AFRINVEST 40

Afrinvest Securities Limited (RC 603 315) (A Dealing Member of the Nigerian Stock Exchange)

Current Price

Previous Current Price Weighting Change

Price Change YTD

Price Change Index to Date

ROE

ROA

P/E

P/BV

Divinden Earnings d Yield Yield

1,499.10

0.32%

50.1%

49.9%

20.3%

6.5%

6.9x

0.8x

4.1%

11.4%

1

Guaranty Trust Bank PLC

43.00

1.2%

23.3%

74.1%

74.1%

26.0%

4.3%

8.9x

2.2x

4.8%

11.2%

2

Nigerian Brew eries PLC

143.90

0.6%

10.1%

-2.8%

-2.8%

18.9%

8.6%

35.4x

6.5x

2.5%

2.8%

3

Zenith Bank PLC

25.00

-0.4%

13.1%

69.5%

69.5%

21.7%

3.2%

4.9x

1.0x

8.1%

20.2%

4

Dangote Cement PLC

6.3%

229.01

0.0%

6.4%

31.6%

31.6%

30.4%

15.7%

15.8x

4.5x

3.7%

0.0%

6.9%

59.3%

59.3%

78.4%

19.0%

33.6x

22.2x

0.8%

3.0%

4.4%

68.8%

68.8%

15.1%

2.0%

4.0x

0.6x

6.6%

25.1% 23.5%

5

Nestle Nigeria PLC

1,290.00

6

Access Bank PLC

9.91

-1.2%

7

United Bank for Africa PLC

9.70

0.0%

5.4%

115.6%

115.6%

17.2%

2.2%

4.3x

0.7x

7.7%

8

FBN Holdings Plc

7.23

-0.1%

4.7%

115.8%

115.8%

2.6%

0.3%

11.8x

0.4x

2.8%

8.5%

9

Ecobank Transnational Inc

17.00

0.0%

2.9%

65.4%

65.4%

-14.6%

-1.3%

0.6x

3.6%

-20.4%

10

Lafarge Africa PLC

7.8x

1.9%

20.1%

51.45

0.0%

1.8%

32.8%

25.6%

47.1%

9.8%

495.00

0.0%

5.0x

11

SEPLAT Petroleum Development C

1.8%

30.3%

30.3%

-12.4%

-6.7%

12

Unilever Nigeria PLC

40.00

0.0%

1.5%

25.7%

25.7%

50.3%

8.4%

24.6x

9.4x

0.2%

4.1%

13

Stanbic IBTC Holdings PLC

42.50

0.0%

3.0%

183.3%

183.3%

28.7%

3.4%

9.8x

2.6x

1.4%

10.2%

14

Guinness Nigeria PLC

102.00

0.0%

1.4%

29.8%

29.8%

4.5%

1.4%

71.8x

3.6x

0.6%

15

Oando PLC

5.99

0.0%

1.3%

27.4%

27.4%

40.7%

4.2%

2.7x

0.6x

37.0%

16

Forte Oil PLC

0.5%

-47.8%

-47.8%

44.3%

3.7%

11.1x

4.9x

9.0%

44.10

5.0% 0.0%

0.6x

-21.1%

1.4%

17

11 PLC

165.00

0.4%

-40.9%

-40.9%

32.6%

12.0%

8.8x

2.4x

4.8%

18

Total Nigeria PLC

230.00

0.0%

0.5%

-23.1%

-23.1%

37.3%

7.4%

8.6x

3.0x

2.6%

11.7%

19

Okomu Oil Palm PLC

65.00

0.0%

1.1%

61.8%

61.8%

37.4%

25.9%

8.7x

2.8x

2.3%

11.5%

20

UAC of Nigeria PLC

19.10

0.0%

0.7%

15.8%

15.8%

6.3%

2.2%

12.3x

0.8x

5.1%

8.2%

21

Conoil PLC

28.00

0.0%

0.4%

-25.3%

-25.3%

12.8%

3.5%

8.1x

1.1x

11.1%

12.3%

11.4%

22

Fidelity Bank PLC

1.68

3.7%

0.9%

100.0%

100.0%

8.0%

1.1%

1.5x

0.2x

8.3%

68.2%

23

Dangote Sugar Refinery PLC

15.25

0.0%

1.1%

149.6%

149.6%

23.8%

10.3%

5.9x

2.6x

3.3%

16.8%

24

Flour Mills of Nigeria PLC

34.00

0.0%

0.8%

83.9%

83.9%

10.4%

2.6%

8.6x

0.9x

2.9%

11.7%

3.90

2.6%

0.4%

0.3%

0.3%

18.9%

7.6%

4.1x

0.7x

7.2%

0.3%

-31.8%

-31.8%

-56.7%

-13.9%

25

Custodian and Allied Insurance

26

7 UP Bottling Co PLC

88.00

0.0%

27

Julius Berger Nigeria PLC

29.33

0.0%

0.3%

-24.0%

-24.0%

-12.2%

-1.2%

28

FCMB Group Plc

1.14

-4.2%

0.4%

3.6%

3.6%

0.9%

0.1%

13.4x

0.1x

29

Transnational Corp of Nigeria

1.41

0.0%

0.6%

62.1%

62.1%

19.6%

4.1%

5.6x

1.0x

30

Diamond Bank PLC

4.3x

24.5% -19.1%

1.5x

-7.8% 8.8%

7.5% 17.7%

1.16

-0.9%

0.4%

31.8%

31.8%

2.5%

0.3%

4.7x

0.1x

0.0%

0.5%

64.6%

64.6%

53.3%

31.5%

3.3x

1.1x

2.3%

30.7%

2.2%

5.1%

21.4%

31

Presco PLC

66.00

32

PZ Cussons Nigeria PLC

23.00

0.0%

0.5%

58.6%

58.6%

11.5%

5.8%

19.7x

2.2x

33

International Brew eries PLC

50.00

2.1%

0.7%

170.3%

170.3%

24.6%

7.4%

52.4x

11.9x

34

Cadbury Nigeria PLC

12.34

10.2%

0.3%

19.9%

19.9%

4.5%

1.6%

35.2x

2.1x

2.8%

35

Union Bank of Nigeria PLC

6.15

0.5%

0.3%

28.8%

28.9%

5.6%

1.2%

7.9x

0.4x

12.7%

36

Chemical and Allied Products P

34.00

0.0%

0.2%

6.3%

6.3%

84.3%

38.5%

14.8x

10.4x

1.04

3.0%

0.3%

36.8%

36.8%

6.1%

0.6%

5.5x

0.3x

25.00

0.0%

0.3%

58.7%

58.7%

61.2%

23.6%

5.2x

6.7%

1.9x

1.2%

19.3%

2.4%

37

Sterling Bank PLC GlaxoSmithKline Consumer Niger

39

AXA Mansard Insurance PLC

2.10

0.0%

0.1%

25.7%

25.7%

11.9%

3.9%

10.5x

1.2x

Continental Reinsurance PLC

1.44

0.0%

0.1%

45.5%

45.5%

9.6%

4.4%

8.4x

0.8x

40

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

1.9%

6.5%

38

18.3%

9.5% 11.9%

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

P ric e

P ric e C hg %

Vo lum e

P ric e C hg %

C A D B UR Y

12.34

10.2%

Z EN IT H B A N K

33.0

-0.4%

FO

44.10

5.0%

FB NH

24.0

-0.1%

1.08

4.9%

F ID ELIT YB K

16.7

3.7%

NP FM CRFB K

1.30

4.8%

FCM B

15.8

-4.2%

LIVEST OC K

0.89

4.7%

D IA M ON D B N K

14.4

-0.9%

NA HCO

3.57

4.7%

IN T B R EW

7.9

2.1%

F ID ELIT YB K

1.68

3.7%

UB A

7.9

0.0%

LEA R N A F R C A

T ic k er

C A VER T ON

1.68

3.7%

GUA R A N T Y

7.1

1.2%

LA WUN ION

0.64

3.2%

GUIN N ESS

5.4

0.0%

ST ER LN B A N K

1.04

3.0%

T R A N SC OR P

5.2

0.0%

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 C H A M P ION

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ǁĞĂŬĞŶĞĚ ƚŚŝƐ ǁĞĞŬ ďƵƚ ƌĞŵĂŝŶĞĚ ƉŽƐŝƟǀĞ Ăƚ ϭ͘Ϭdž ;ĨƌŽŵ ϭ͘ϯdž ůĂƐƚ ǁĞĞŬͿ ĂƐ Ϯϵ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ Ϯϴ decliners. The top performers this week were CAVERTON ;нϯϬ͘ϮйͿ͕ CADBURY ;нϮϮ͘ϭйͿ ĂŶĚ FORTE OIL ;нϭϬ͘ϯйͿ ǁŚŝůĞ CHAMPION ;-ϭϰ͘ϯйͿ͕ LINKASSURE ;-ϭϮ͘ϴйͿ ĂŶĚ LAWUNION ;ϵ͘ϵйͿ ǁĞƌĞ ƚŚĞ ďŝŐŐĞƐƚ ůŽƐĞƌƐ͘ Ɛ ŶŽƚĞĚ ŝŶ ƚŚĞ ƉƌŝŽƌ ǁĞĞŬ͕ ǁĞ ĞdžƉĞĐƚ ƚŚĞ ƐƵƐƚĂŝŶĞĚ ƌĂůůLJ ŝŶ Žŝů ƉƌŝĐĞƐ ƚŽ ĐŽŶƟŶƵĞ ƚŽ ďƵŽLJ investors͛ ĂƉƉĞƟƚĞ ĨŽƌ EŝŐĞƌŝĂŶ ĞƋƵŝƟĞƐ͕ ŚĞŶĐĞ ƚŚĞ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ĂŶƟĐŝƉĂƚĞĚ ƚŽ ďĞ ŵĂŝŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ĐŽŵŝŶŐ ǁĞĞŬ͘

Monday, November 13, 2017

N EIM ET H

P ric e

P ric e C hg %

T ic k er

Value

P ric e C hg %

2.09

-5.0%

Z EN IT H B A N K

824.2

-0.4%

-4.8%

GUIN N ESS

548.4

0.0% 2.1%

0.59

F ID SON

3.76

-4.6%

IN T B R EW

395.7

CCNN

9.27

-4.4%

GUA R A N T Y

303.3

1.2%

LIN KA SSUR E

0.68

-4.2%

FB NH

172.7

-0.1%

1.14

-4.2%

UB A

76.2

0.0%

A IIC O

0.53

-3.6%

NB

55.2

0.6%

C ILEA SIN G

1.67

-3.5%

F ID ELIT YB K

27.6

3.7%

N EM

1.35

-2.9%

UA C N

23.3

0.0%

M A YB A KER

2.86

-2.7%

FCM B

18.1

-4.2%

FCM B

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Omotola Abimbola | oabimbola@afrinvest.com

39

˾ MONDAY, NOVEMBER 13, 2017

MARKET NEWS

Analysts Bullish on Nigerian Securities despite Moody’s Downgrade Goddy Egene

Government’s long- term issuer with regards to interest in Nigerian and senior unsecured debt rating debt securities especially the Analysts at Afrinvest (W.A), to B2 from B1 while keeping rating Sovereign Eurobonds. Our views are an investment banking firm, outlook stable. The agency cited further supported by the fact that have said Moody’s Investor reasons ranging from unsuccessful Moody’s latest downgrade only puts Services’ downgrade of Nigerian efforts toward having a robust Nigeria’s rating at par with S&P “B” Government long-term issuer and non-oil revenue base, which leaves rating while Fitch’s rating is still senior unsecured debt rating to the economy exposed to further higher at “B+”. Hence, we opine B2 from B1, will not lead to a economic or financial shocks and that successive issuances of foreign major negative reaction from high debt servicing cost, which is debt instruments will remain largely successful as investors’ preference investors with regards to interest projected to remain high. However, the analysts said: for high-yielding emerging and in Nigerian debt securities, especially “Despite Moody’s downgrade, we frontier market debt instruments the Sovereign Eurobonds. Last week, Moody’s Investor do not expect to see any negative linger.” The federal government Service downgraded the Nigerian kneejerk reaction from investors A Mutual fund (Unit Trust) is an investment floor of the Nigerian Stock Exchange. vehicle managed by a SEC (Securities and A REIT (Real Estate Investment Trust) is an Exchange Commission) registered Fund Manager. investment vehicle that allows both small and Investors with similar objectives buy units of the large investors to part-own real estate ventures (eg. Fund so that the Fund Manager can buy securities Offices, Houses, Hospitals) in proportion to their that willl generate their desired return. investments. The assets are divided into shares that An ETF (Exchange Traded Fund) is a type are traded on the Nigerian Stock Exchange. of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, GUIDE TO DATA: etc.) and divides ownership of those assets into Date: All fund prices are quoted in Naira as at 09shares. Investors can buy these ‘shares’ on the Nov-2017, unless otherwise stated.

had kicked the rating, saying, 0.55 per cent in the second quarter “we strongly disagree with the of 2017, and returning business premise and must address some confidence, as evidenced by a of the conclusions upon which the PMI index of 55.0. decision rests.” Furthermore, the Nigerian According to the government, government pointed out that the since Nigeria was last rated country has continued to witness by Moody’s (as B1 stable) in a stable foreign exchange window December 2016, the country has for importers and exporters, with successfully emerged from a improving liquidity and convergence protracted recession and recorded of the parallel and official rates. important improvements across a This, it stated, has led to broad range of indices. significant improvement in It listed these indices to include the country’s foreign exchange a return to economic growth of reserves, now totalling $34 billion. 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.

Other positive indices which the government listed included: “Increased oil production, combined with stable and now improving oil prices. A slowly improving revenue profile, with non-oil revenue (principally taxes) up 10 per cent. Month on month improvements in inflation levels since January 2017, with inflation continuing to trend downwards. Strong year on year improvement on the World Bank Ease of Doing Business Rankings from 169th to 145th place, a 24 place move in one year.”

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 178.71 179.84 40.88% Nigeria International Debt Fund 234.11 235.36 10.79% 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 0.63 0.63 78.56% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 17.92% 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 17.97 18.51 45.52% ARM Discovery Fund 375.11 386.42 30.62% ARM Ethical Fund 26.31 27.10 17.76% ARM Money Market Fund 1.00 1.00 17.74% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 151.62 152.68 44.15% AXA Mansard Money Market Fund 1.00 1.00 18.36% 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 18.18% CORONATION ASSET MANAGEMENT investment@coronation.com Web: www.coronation.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 17.70% Coronation Balanced Fund 1.00 1.01 0.47% Coronation Fixed Income Fund 1.00 1.03 1.56% 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 1,109.95 1,111.08 9.57% FBN Heritage Fund 147.41 148.66 32.22% FBN Money Market Fund 100.00 100.00 18.23% FBN Nigeria Eurobond (USD) Fund - Institutional $110.86 $112.07 7.90% FBN Nigeria Eurobond (USD) Fund - Retail $110.21 $111.42 8.01% FBN Nigeria Smart Beta Equity Fund 157.78 160.09 40.14% 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 1.39 1.41 48.98% Legacy Short Maturity (NGN) Fund 2.93 2.93 14.05% 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 2,930.66 2,971.57 33.29% Coral Income Fund 2,413.23 2,413.23 15.79% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 17.80% 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 17.75% Vantage Balanced Fund 2.08 2.11 23.78% Vantage Guaranteed Income Fund 1.00 1.00 18.50% Kedari Investment Fund (KIF) 112.95 112.95 16.41%

LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.16 1.18 17.33% Lotus Halal Fixed Income Fund 1,038.00 1,038.00 10.19% 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 13.26 13.37 37.18% 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 1.21 1.23 21.36% PACAM Fixed Income Fund 10.87 10.93 4.58% PACAM Money Market Fund 10.00 10.00 16.70% 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 127.22 129.06 25.34% 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 1.41 1.41 12.88% 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 2,206.67 2,220.05 20.53% Stanbic IBTC Bond Fund 173.08 173.08 12.42% Stanbic IBTC Ethical Fund 0.98 1.00 28.57% Stanbic IBTC Guaranteed Investment Fund 215.21 215.21 15.15% Stanbic IBTC Iman Fund 171.77 174.00 32.31% Stanbic IBTC Money Market Fund 100.00 100.00 17.82% Stanbic IBTC Nigerian Equity Fund 9,542.61 9,654.97 25.85% Stanbic IBTC Dollar Fund (USD) 1.05 1.05 5.00% 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 ZENITH ASSETS MANAGEMENT LTD Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Zenith Equity Fund Zenith Ethical Fund Zenith Income Fund

1.00

Bid Price 12.69 13.33 18.78

1.00 18.50% info@zenith-funds.com Offer Price 12.87 13.47 18.78

Yield / T-Rtn 30.49% 21.60% 13.51%

NAV Per Share

Yield / T-Rtn

11.41

1.01%

131.57

6.13%

Bid Price

Offer Price

Yield / T-Rtn

11.05

11.15

27.97%

REITS 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

138.52

141.52

40.02%

Stanbic IBTC ETF 30 Fund

107.10

109.12

41.34%

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

4.58 8.81 17.23 20.20 140.91

4.62 8.89 17.33 20.40 142.91

65.36% 25.18% 45.53% 26.48% 11.10%

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.

40

T H I S D AY MONDAY NOVEMBER 13, 2017

T H I S D AY MONDAY NOVEMBER 13, 2017

41

42

T H I S D AY ˾ MONDAY, NOVEMBER 13, 2017

CITYSTRINGS Floods Sack Bayelsa Communities

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

Emmanuel Addeh writes on the plight of some communities in Bayelsa State which are currently ravaged and displaced by perennial flooding in the area

L

iterally speaking, Bayelsa is a state under water. Due to perennial rises in water levels every year, residents of many coastal areas of the state live in constant fear of massive flooding, which in the main, basically alters their normal way of life. Going by expert reports, the state is believed to be about 70 per cent water with just about 30 per cent of its people and businesses taking place on land. Most communities in the state are located close to rivers, creeks and canals, making them susceptible to massive flooding on a yearly basis. When the floods come, they take over the farmlands, sack homes, displace businesses, destroy livestock and leave the inhabitants high and dry, ironically. While many countries of the world have succeeded in conquering nature, or at least, containing its many vicissitudes, some communities in the state are still largely at the mercy of mother nature’s anger which reflects in the form of floods and mudslides. In fact, many incidents of flooding occasioned sometimes by the several rivers overflowing their banks bring in their wake communicable diseases, one of which is the current monkey pox viral ailment which is suspected to have been contracted through animals that were displaced from their natural habitats by severe flooding in the bushes. On many occasions, the Bayelsa State Government has made public its helplessness in the face of these seeming disasters, for what it terms huge capital and technical capacity needed to tackle the problem. So, like what has become a yearly appeal, many communities in Ogbia, Bayelsa State, ex-President Goodluck Jonathan's hometown, displaced by the massive flooding in the area this year, have called on the federal as well as state governments to come to their aid. From Emadike to Epebu, from Ologoghe to Otuobhi, the story of devastation and the hardship that follows are palpable. Indeed, the paramount ruler of Ogbia Kingdom, King Dumaro Charles-Owaba, who should know about the pains of residents, says that the situation of the people living in the affected communities has almost become hopeless. The first-class monarch who spoke when Dr. Azibapu Eruani, a Bayelsa businessman and President, Azikel Group of Companies, visited the areas affected by the floods, in

I am shocked and pained that my people are going through pains, losses and many are displaced. Schools have been shut down as a result of high current flooding of communities in my domain. We need immediate relief for many displaced families. The state and National Emergency Management Board should swing into action to mitigate and proffer lasting solution to the perennial flooding in Ogbia coastline communities

Flooded Customary Court in Anyama, Ogbia

Some residential areas ravaged by severe flooding in Anyama Kingdom

Anyama clan, said if not remedied, the community might go into extinction given the sheer effect of the flooding. King Charles-Owaba who said he was deeply touched by the plight of the communities, told Eruani that his council of traditional leaders was in the process of making recommendations to the presidency on ways to redress the situation. He said many of his subjects were currently displaced by the massive flooding, including some government institutions like

the Customary Court in Anyama clan. The Obanobhan lamented the huge loss and displacement of children, youths, mothers, fathers, and the aged who have now moved to neighbouring towns as refugees as a result of the tidal flood that devastated no fewer than five communities on the coastline in his domain. “I am shocked and pained that my people are going through pains,losses and many are displaced. Schools have been shut down as a result of high current flooding of communities

in my domain. “We need immediate relief for many displaced families. The state and National Emergency Management Board (NEMA) should swing into action to mitigate and proffer lasting solution to the perennial flooding in Ogbia coastline communities. “The effort by the Azikel Group President is highly commendable, but the sand-filling, reclamation and regeneration of land to return the people to their ancestral communities is beyond the purview of an individual; and so

43

T H I S D AY ˾ MONDAY, NOVEMBER 13, 2017

CITYSTRINGS

the presidency and state government must support humanitarian efforts by the private sector drivers,” he said. In his response, the billionaire businessman who was accompanied by top management of his company, vowed to replicate his reclamation efforts in combating flood disasters in Rivers State, stressing that working with his group, he was prepared to re-enact the feat in Bayelsa and other affected states. He added that the perennial flooding ravaging the coastal states of the Niger Delta will continue until government partners the private sector to embark on massive land reclamation, sand filling, embankment and other strategic initiatives. Eruani, who also visited Emadike, Epebu and Ologoghe, all in Ogbia Local Government, noted that the communities have suffered severe economic hardship as properties have been destroyed and the people forced out of their ancestral homes to take refuge in neighbouring towns. He said: “It’s regrettable that flood has continued to wreak havoc in Anyama clan, and government at all levels must act fast, just as I do know that the cure for flooding is massive reclamation and sand filling of the affected areas.” Noting that the process of resettling the communities cannot be handled by any single individual alone, he assured that he would do his best to redress the problem and called on the monarch to use his office as the traditional head to draw the attention of government to the pitiable plight of the Ogbia people. “To put it on record, my strength will not be enough. That’s why I have come to tell the Obanobhan (king) to inform the government at the state and national levels of the humanitarian emergency in Anyama clan, particularly in Emadike, Epebu, Ologoghe and Otuobhi communities of Ogbia in Bayelsa State.” A resident, Azibalua Famous, a native of Otuobhi in Anyama, noted that the community has continued to suffer the adverse effect of the yearly flooding which usually comes with economic losses, while many are displaced to neighbouring communities. He commended the resolve of the President of Azikel Group to mitigate the plight of the affected communities and called on the government to support the private sector towards massive sand-filling, reclamation and regeneration of lost landmass to the flood. Gibson Obaguo, a native of Ologoghe, who said he had lost all his belongings to the flood, told THISDAY that flooding in the community has become a yearly occurrence. “We have prayed that government should understand our plight and begin the process of embankment to prevent flood from sacking the community always, yet nothing is done, except now that we are seeing Dr. Eruani, who is a private person,” he lamented. Obaguo called on government officials at all levels who have sworn to an oath to ensure the welfare and well-being of the citizenry to support the private towards the reclamation and sand-filling of lost their ancestral land. In her remarks, Mrs. Rose Otuakeme, a native of Epebu, in Anyama clan, who could not fight back her tears over some property lost to the yearly flood, said the community was always in fear each time the rainy season approaches. But speaking last week in an interview on the plight of several communities affected by the flooding, Governor Seriake Dickson, said he had travelled many of the areas, noting that the assistance of the federal government had been elusive. “Let me sympathise with property owners whose lives have been adversely affected by

We have prayed that government should understand our plight and begin the process of embankment to prevent flood from sacking the community always, yet nothing is done

Residents staying in flooded apartment

Dr. , Azibapu Eruani, President of Azikel group, when he visited the king, Damaro Charles-Owaba over the plight of the affected communities

Dickson...begs for federal government's intervention on the perennial flooding ravaging the coastal states of the Niger Delta

the flood. I have been going round, I even drove to Aleibiri and I saw the havoc the flood is already causing the people.

“I have driven to a number of other communities including my own community. By the way, we are used to flooding but this year’s flood is terrible and it is becoming

very unbearable. “Remember what happened in 2012, most of our communities were almost evacuated. Unfortunately, we have not seen much from the federal government, I have not been told of anything the federal government is doing or has done.” The governor added that with the peculiar situation of Bayelsa State which is mainly under water, the government at the centre should intervene when it is necessary. “Bayelsa is actually one of the states that should regularly get support from the federal government through the federal Ministry of Environment and through the Ecological Trust Fund, particularly because of our terrain. “Last week, I received the team from the Ecological Trust Fund, but unfortunately we haven’t really seen anything from the federal in this government. I hope and pray that the situation changes but I am reporting the situation as it is up till this moment. “I will be seeing the State Emergency Management Agency (SEMA) next week to get a report of the flooding situation, I know they are working very hard, I believe they are in closer contact with the National Emergency Management Agency (NEMA). “The last report they gave to me was that nothing has been sent and they have not received anything. When I hear from them next week we will be abreast but I sympathise with all of you in all the affected areas. “These are always flashpoints, very swampy and one of the first areas to get flooded together with other communities along the River Nun and Forcados. I sympathise with the community and affected persons,” he said.

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T H I S D AY MONDAY NOVEMBER 13, 2017

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T H I S D AY MONDAY NOVEMBER 13, 2017

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MONDAY, NOVEMBER 13 , 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Trump China Visit: US Leader Strikes Warmer Tone with Xi Jinping US President Donald Trump has lavished praise on Chinese leader Xi Jinping, a marked contrast to his previous criticism of China on the flashpoint issues of North Korea and trade, BBC reports. But he also urged Mr Xi to “work very hard” on persuading North Korea to denuclearise. On China’s trade surplus, Mr Trump surprised many when he said he did “not blame China” for “taking advantage”. China has said it will lower market entry barriers to some sectors. The US president was speaking in Beijing while on a state visit. He is in the Chinese capital as part of his fivenation tour of Asia. The two leaders held talks earlier on Thursday after a grand welcome for Mr Trump. China will further lower entry barriers in the banking, insurance, and finance sectors, and gradually reduce vehicle tariffs, the Chinese foreign ministry said. Deals worth $250bn (£190bn) have also been

announced, although it is unclear how much of that figure is past deals being re-announced or simply potential future deals. But Secretary of State Rex Tillerson told journalists the deals were “pretty small” in terms of tackling the trade imbalance. Discussion on how to deal with North Korea’s threats to the region has dominated Mr Trump’s agenda, and China is Pyongyang’s main economic supporter. Mr Trump said China could fix the problem of North Korea’s nuclear programme “easily and quickly”. He added: “I am calling on [Mr Xi] to work very hard. I know one thing about your president. If he works on it hard, it’ll get done.” Mr Xi, for his part, said both sides would “continue to work towards” fully implementing UN sanctions and “enduring peace” on the Korean peninsula. Mr Trump has previously been more critical and tweeted in July that Beijing was doing “NOTHING for us with North Korea, just talk”.

Just before his arrival in Beijing he urged China to sever ties with the North. Beijing has consistently said it is doing all it can.

“I don’t blame China after all, who can blame a country for taking advantage of another country for the benefit of

its citizens... I give China great credit,” said Mr Trump while addressing a room of business leaders. Instead, the US leader said

previous US administrations were responsible for what he called “a very unfair and one-sided” trade relationship with China.

NATO Still Short of Troops for Afghan Boost NATO countries have still not agreed how many extra troops they will send to Afghanistan to boost local forces in their fight against the resurgent Taliban, AFP reports the the alliance’s chief as admitting Thursday. NATO this week announced it wanted to send around 3,000 extra troops to Afghanistan, bringing the Western military footprint up to about 16,000 soldiers to help the Afghans break the stalemate in the 16-year fight against the Taliban.

But after talks with the alliance’s 29 defence ministers in Brussels, Secretary General Jens Stoltenberg acknowledged there were still “gaps” in the roster that needed to be filled. “We are now in the process of increasing the troop level,” Stoltenberg said. “We haven’t finalised that so it’s not possible to provide any final figures when it comes to how much different countries are going to contribute.” The additional troops, most

of them American, will help train and advise local Afghan forces who have struggled to hold Taliban and Islamic State extremists at bay while suffering heavy casualties. Washington has asked NATO allies to contribute 1,000 extra troops for Afghanistan to add to 2,800 US forces, but diplomatic sources say they may have to be content with just 700. Stoltenberg said NATO had made progress but was still in the process of gathering troop

commitments. “We got some new announcements from some nations during the meeting today but we staill have some gaps that we will continue to work on,” he said. NATO leaders are optimistic that 2018 could see Afghan forces start to gain momentum against the Taliban, thanks to renewed training efforts, a growing air force and thousands of extra Afghan commandos.

UN Releases ‘War Criminals’ in Central African Republic The UN mission in the Central African Republic (CAR) released rebel fighters accused of shooting a UN peacekeeper, confidential documents seen by the BBC show. The two men were handed back to their commander in 2015 despite injuring the UN peacekeeper - a war crime under international law. Because the incident hap-

pened shortly before crucial elections, UN officials chose to “appease the electoral process” by “set[ing] the alleged war criminals free, handing them over”, a UN report says. This revelation is the latest blow for a peacekeeping mission beset by problems. The incident itself took place in December 2015. Four rebel soldiers belonging

to a mainly Muslim militia, Union pour la Paix en Centrafrique (UPC) which translates as the Union for Peace in CAR, approached a UN checkpoint on motorcycles in the central town of Galaboroma. A peacekeeper asked them to stop and told them to put their hands above their heads for a search. But instead, two of the men took out weapons and aimed

at the UN troops, a confidential investigative report reveals. UN soldiers shot back, killing a rebel named Junior and injuring another. The remaining two rebels were arrested and transferred to the battalion headquarters in the nearby mining town of Bambari. The detained men had allegedly injured one of the UN peacekeepers.

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MONDAY, ͚͝Ë&#x153; ͺ͸͚Ϳ Ëž T H I S D AY

NEWS

Port Harcourt, Lagos Airports Rated Among Worst in the World Chinedu Eze Two Nigerian airports â&#x20AC;&#x201C; the Port Harcourt International Airport, Omagwa and Murtala Muhammed International Airport (MMIA), Lagos â&#x20AC;&#x201C; have been rated among the worst 20 airports in the world by a survey carried out by the Sleep in Airport website (sleepinairports.net) The website ranked Lagos the fifth worst airport in the world while Port Harcourt was ranked the third worst airport globally. The criteria used by the site included comfort (gate seating and availability of rest zones), services, facilities and things to do, food options, i m m i g r a t i o n / s e c u r i t y, customer service, cleanliness, navigation and ease of transit and sleepability. The website explained that the airports that appeared on the list of worst airports in the world are those that have the capacity to truly offend travellers. â&#x20AC;&#x153;Within these terminals, there appears to be a general disinterest in a positive traveller experience. In some cases, passengers are made to stand or sit on the floor as they await their flights. In others, the bathrooms donâ&#x20AC;&#x2122;t have water, toilet paper, or any semblance of cleanliness. â&#x20AC;&#x153;In some cases, the physical structure of the airport is fine, but the personnel are the problem. Got a problem? Donâ&#x20AC;&#x2122;t expect much in terms of customer service at these airports. â&#x20AC;&#x153;If you find yourself travelling through one of these 20 terminals, brace yourself. Youâ&#x20AC;&#x2122;ll want to give yourself

just enough time to get in and get out. A minute more and youâ&#x20AC;&#x2122;ll be unhappy and uncomfortable â&#x20AC;&#x201C; a minute less, and you risk missing your flight,â&#x20AC;? sleepinairpport.net, which is recognised globally, said. In order of ranking, the worst five airports in the world comprised Juba International Airport, South Sudan (JUB), Jeddah King Abdulaziz International Airport, Saudi Arabia (JED), Port Harcourt International Airport, Nigeria (PHC), Crete Heraklion International Airport, Greece (HER) and Lagos Murtala Muhammed International Airport, Nigeria (LOS). Others included Santorini Thira National Airport, Greece (JTR), Dar es Salaam Julius Nyerere International Airport, Tanzania (DAR), Rhodes International Airport, Greece (RHO), Paris Beauvais-Tille Airport, France (BVA), Tashkent International Airport, Uzbekistan (TAS) and London Luton International Airport, England (LTN). Others on the list were Rome Ciampino International Airport, Italy (CIA), Kathmandu Tribhuvan International Airport, Nepal (KTM), New York City LaGuardia, USA (LGA), Chania International Airport, Greece (CHQ), Caracas SimĂłn BolĂ­var International Airport, Venezuela (CCS), Guangzhou Baiyun International Airport, China (CAN), Cluj International Airport, Romania (CLJ), Islamabad Benazir Bhutto International Airport, Pakistan (ISB), and Addis Ababa Bole International Airport, Ethiopia (ADD).

Murtala Muhammed International Airport, Lagos On Port Harcourt airport, the website said for this yearâ&#x20AC;&#x2122;s survey respondents indicated that aggressive corruption was the biggest problem, with airport officials and staff allegedly demanding bribes for pretty much everything. Other complaints included lack of bathroom facilities, lack of air conditioning, horrible baggage handling, and the tent that serves as the arrival terminal.

Port Harcourt airport last year was ranked the worst airport in the world by the same website. On the Lagos airport, the website said for many voters, there appears to be no discernible difference in the operations and facilities of the Lagos International Airport, but travellers also complained of massive corruption at the airport. Added to this were filthy

bathrooms, limited seating, archaic check-in procedures, sporadic air conditioning, and lousy customer service. Reacting to the latest ranking by the website, the Federal Airports Authority of Nigeria (FAAN), operator of the airports, promised to improve standards to meet the identified criteria specified by the site and air travellers. Director of Consumer Protection of the Nigerian

Civil Aviation Authority (NCAA), Adamu Abdullahi also said the Port Harcourt airport had at least improved by two steps as it was rated the worst airport in the world last year. Owing to the paucity of funds, the federal government is currently considering concessioning most of the countryâ&#x20AC;&#x2122;s major airports to private sector operators to upgrade and operate.

suitable technology for the remediation work. â&#x20AC;&#x153;These demonstrations were recently concluded; the results are being studied by the governing council of the Ogoni clean up project. â&#x20AC;&#x153;HYPREP has also trained 15 indigenous Ogoni scientists on environmental assessment remediation. â&#x20AC;&#x153;HYPREP assessed existing water facilities in Ogoniland in line with the UNEP recommendation report that potable water be provided for Ogoni, following pollution of water sources in the region by oil spills. â&#x20AC;&#x153;A health impact assessment study to be done to ascertain whether there is a link between some disease patterns and oil pollution in the affected communities is also being done. â&#x20AC;&#x153;Bids have been invited for consultancy on provision of water, health study and

environmental remediation,â&#x20AC;? the statement added. It explained that BonnyBodo bridge and road project is a public private partnership arrangement jointly funded by the federal government and the Nigeria Liquefied Natural Gas (NLNG) on a 50:50 basis. According to him, when completed, the 34-kilometre road will connect several major communities in the Niger Delta region and boost socio-economic development and improve on the lives of people in the region. Akande also said the federal government approved the establishment of the export processing zone (EPZ) comprising the gas city project at Ogidigben and the deep seaport in Gbaramatu, Warri South-west Local Government Area of Delta State. â&#x20AC;&#x153;When fully operational, these projects are expected

to boost socio-economic activities and improve the security landscape of the Niger Delta region,â&#x20AC;? he added. On the modular refineries, he said 13 of 35 applications received by the government had reached what he described as the LTC (Licence to Construct) stage. He also said two of these 13 refineries are almost ready for shipment while consideration for a customs duty waiver and some form of tax holidays are also underway. The advent of modular refineries, he added, would create a robust domestic refining sector necessary to meet and exceed the full capacity of national demand, address the proliferation of illegal refineries in the Niger Delta and attendant environmental degradation, and provide jobs for unemployed youths in the region.

candidate for the presidency and a running mate from the South-west, this will improve PDPâ&#x20AC;&#x2122;s chances in the 2019 elections. â&#x20AC;&#x153;The South-west zone remains very critical to any of the parties going into 2019, and as it stands, we will be better

off with a Northern presidential candidate, which is not in contention, and a running mate from the South-west. â&#x20AC;&#x153;This means that we will be evenly matched with the APC and go into the contest seeking to split the votes in the South-west,â&#x20AC;? he explained.

FG UNFOLDS FRESH PLANS FOR NIGER DELTA DEVT refineries, and increased allocation for Presidential Amnesty Programme Giving details of the budgetary allocations for the regionâ&#x20AC;&#x2122;s programme in 2018, Akande said N71.20 billion was allocated in the 2018 budget to Niger Delta Development Commission (NDDC), N65 billion for the Amnesty Programme, and N53.89 billion for the Ministry of Niger Delta, up from the N34.20 billion in 2017. On the Maritime University, he said: â&#x20AC;&#x153;The new Maritime University in Okerenkoko, Delta State, has now commenced operations, inviting job applications for academic staff. â&#x20AC;&#x153;President Muhammadu Buhariâ&#x20AC;&#x2122;s administration recently approved an increase in the take off grant from the N2 billion earlier announced to N5 billion. This sum was included in the 2018 budget

presented to the National Assembly earlier this week under the Federal Ministry of Education allocation. â&#x20AC;&#x153;Academic activities are expected to start in the university soon following the completion of the hiring process for professors, readers, senior lecturers, lecturers, assistant, assistant lecturers and graduate assistants to teach in the Faculties of Science, Maritime Transportation, Maritime Engineering and Technology, Maritime Environmental Management and General Studies. â&#x20AC;&#x153;The take off of the Maritime University was one of the major requests tabled before the federal government when Vice-President Yemi Osinbajo went on a series of tour to all the Niger Delta states during the year, following President Buhariâ&#x20AC;&#x2122;s meeting with leaders of the Pan Niger Delta Elders Forum

(PANDEF) last November.â&#x20AC;? On Ogoni clean up, he said in June 2016, the administration started the implementation of the 2011 United Nations Environment Programme (UNEP) report on Ogoniland devastated by decades of oil spills. â&#x20AC;&#x153;An inter-ministerial committee on Hydrocarbon Pollution Restoration Project (HYPREP) under the Federal Ministry of Environment was established. â&#x20AC;&#x153;HYPREP has since set up structures in place for the final take off of the clean up and restoration of the region devastated by oil spills. This shows the commitment of the FG to restore the region. â&#x20AC;&#x153;Eight companies have been engaged to conduct demonstration clean up exercises in the four local government areas of Ogoniland, to enable HYPREP select the best and most

Sâ&#x20AC;&#x2122;WEST COMES INTO PLAY AS APC YORUBA LEADERS, PDP MULL OPTIONS rising concerns of corruption, insecurity and injustices in various parts of the country. But many in his party see the new promises as a bait to get them to support his 2019 presidential bid. In the case of PDP, THISDAY learnt that the party may be

seriously thinking of jettisoning the zoning of the chairmanship post to the South-west zone and instead zoning it to either the South-south or South-east. Should the PDP alter the zoning formula, this would improve the chances of a former Deputy National

Chairman of the party Chief Uche Secondus, and the Chairman of DAAR Communications, Chief Ramond Dokpesi, who intend to contest for the post, irrespective of the subsisting zoning arrangement. A party source explained

that the reason the PDP is having a change of heart on the current zoning arrangement is so that the party can select a vice-presidential candidate from the South-west. He said the thinking among party stalwarts is that by fielding a Northern

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MONDAY, NOVEMBER 13, 2017Ëž T H I S D AY

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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

Senate to Publish Names of Companies Involved in N30tn Import-Export Scam The Senate says it is set to publish names of companies found culpable in the investigation into the alleged N30 trillion revenue scam in the import and export value chain. Hope Uzodinma, Chairman of the Joint Committee on Customs, Excise and Tariff and Marine Transport, made this

known in an interview with journalists yesterday reports the News Agency of Nigeria (NAN). He said the committee had completed its first batch of the investigation involving over 60 companies and would publish names of companies involved in various infractions leading to loss of government revenue. He said the committee was

DSS Blames Military, Security Agencies for Proliferation of Firearms James Emejo Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; A Director of Operations in the Department of State Security (DSS ), Godwin N. Eteng, has said some unscrupulous individuals in the armed forces and other security agencies engaged in the sale of small arms, a development which had further compounded the security situation in the country. Speaking when he appeared before the House of Representatives Joint Committee on Customs and Excise and National Intelligence investigating the â&#x20AC;&#x153;frightening influx of small arms and light weapons into the country, he lamented that there are currently persons with criminal records in the security services. He said:â&#x20AC;?Some agencies have over a period of time recruited people who were before cultists and armed robbers and are now wearing uniforms. â&#x20AC;&#x153;And the question is- are we doing enough checks on our people who were recruited into security services? â&#x20AC;&#x153;Like we had a situation where in one of the armouries belonging to one of the armed forces, how many pistols just got missing with quantities of ammunition and all the pistols

The Presidency at the weekend described the attacks by a presidential aspirant on the platform of Peoples Democratic Party (PDP), Sule Lamido on President Muhammadu Buhari over the ongoing war against corruption as â&#x20AC;&#x153;a reflection of the intellectual and moral bankruptcyâ&#x20AC;? of the PDP. A statement by Malam Garba Shehu, Senior Special Assistant to the President on Media and Publicity, in reaction to an interview granted by the former Jigawa State governor at the weekend, alleged a grand plan by politicians to destroy national institutions such as the courts, the Economic and Financial Crimes Commission (EFCC) and other symbols of the society. While mocking Lamido on the basis of charges of corruption against him, Garba said: â&#x20AC;&#x153;It is only in Nigeria that a leader

be referred to the Nigeria Customs Service for recovery of such revenues and possibly blacklisting. â&#x20AC;&#x153;We got up to the point that even the companies themselves have seen that they are culpable and that is why we want to publish the names and hand them over to EFCC and the Customs. â&#x20AC;&#x153;The reason for the delay in publishing the names all this while is to establish culpability against the companies. â&#x20AC;&#x153;Now through various reconciliations, it has been established and we are no longer in doubt, including the companies that are involved, that these things are in existence

and that they are culpable. â&#x20AC;&#x153;We have presented the interim report which detailed how much we have recovered so far and the Senate approved it in plenary, while an extension was given to us to do the final reconciliation. â&#x20AC;&#x153;We do not want the emphasis to continue to be on how much we have recovered even though it is contained in the report. We want those companies found culpable to go to the government and make payments,â&#x20AC;? he said. The chairman further said that â&#x20AC;&#x153;some of the companies have started paying while others have not. None of them has fully paid what we have

established against them. â&#x20AC;&#x153;Since they have started paying, we will now transfer the matter to the Customs, who will now do a recovery schedule with the companies that are willing to pay what is due to government. â&#x20AC;&#x153;By the time the names are published, Nigerians and the federal government will know which company is owing what and the relevant agencies will go after them to recover the money.â&#x20AC;&#x2122;â&#x20AC;&#x2122; The chairman said that the committee would commence the second batch of the investigation after some oversight visits to establish culpability.

were new. â&#x20AC;&#x153;In the armoury, no place was broken into, but the weapons were missing. And weâ&#x20AC;&#x2122;re interested in knowing what happened?â&#x20AC;? He also disclosed that some states are not helping matters when it comes to the incidence of the proliferation of small arms and light weapons. He indicted states including Nasarawa, Benue, Taraba, Plateau as entities which are conduits for trafficking of small arms and light weapons which are being used to fuel ethnic crises in some regions of the country. According to him, herdsmen from Senegal, Gambia and especially Central Africa come into the country through illegal borders carrying Ak 47 rifles. Eteng, however, recommended targeted legislations on prohibited firearms, more extensive vetting of those recruited into the security agencies, the release of funds for logistics for border patrol personnel. electronic manning of and L-R: Governors Seriake Dickson (Bayelsa), Rotimi Akeredolu (Ondo), and Godwin Obaseki (Edo); Obasekiâ&#x20AC;&#x2122;s wife, Betsy; Edo State Deputy deployment of cameras at Governor, Hon. Philip Shaibu; and the Deputy Governor of Ogun State, Mrs. Yetunde Onanuga at the first anniversary and thanksgiving borders, review of crisis service of Obaseki, held in Benin Cityâ&#x20AC;Ś yesterday management at Local Government levels as a way forward.

OBASEKI CELEBRATES FIRST YEAR IN OFFICEâ&#x20AC;Ś

NDDC Board: Group Threatens to Sue FG over Tenure Elongation

Presidency: Lamidoâ&#x20AC;&#x2122;s Criticism of Buhari, ReďŹ&#x201A;ection of PDPâ&#x20AC;&#x2122;s Moral Bankruptcy Omololu Ogunmade

releasing the names because it had established culpability against the companies. Mr. Uzodinma added that the names to be published would contain details of how much of recoverable government revenue was with each of the companies. The lawmaker stressed that companies found to be involved in the infractions bothering on money laundering and foreign exchange abuses would be referred to the Economic and Financial Crimes Commission, EFCC, for prosecution and recovery of the monies. He added that those bothering on smuggling and import infractions would

will divert money belonging to the public into his childrenâ&#x20AC;&#x2122;s account, then turns round to start pontificating on public morals, in the process subjecting the nationâ&#x20AC;&#x2122;s honest leadership to daily attacks based on falsehood. â&#x20AC;&#x153;It is even worse that such a person, facing criminal prosecution will start going around saying he wants to be president. Is this not one of the reasons why other countries are laughing at Nigeria? This is hooliganism. It is not opposition politics. He recalled a statement by Buhari Media Support Group (BMSG) that â&#x20AC;&#x153;the nationâ&#x20AC;&#x2122;s war against corruption spearheaded by EFCC was incidentally formulated by the past PDP administration,â&#x20AC;? adding: â&#x20AC;&#x153;It is a tragic irony that the leaders of the same party are doing their utmost to weaken or destroy it. Watch it. Is that why he is seeking to lead the country?â&#x20AC;?

Alex Enumah Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039;

Niger Deltans and for the peace of the region make an immediate A group under the platform of reversal of the decision. Concerned Niger Deltans have  The threat which was threatened to sue the Federal contained in a protest letter to the Government over the reported president, also advised that the elongation of the tenure of the provisions of the law establishing current board of the Niger Delta the NDDC be strictly adhered Development Commission to in resolving the dispute so (NDDC) from 2017 to 2019 if as to ensure that the polity was the decision is not reversed. not heated up.  The group, urged President  The leader of the group, Muhammadu Buhari to Prince Yekini Nabena, revealed intervene in what it described how the leadership of the as an illegal and unlawful act, commission has rotated among adding that the President should the member states with Abia in the interest of justice to all having the first shot from 2000

to 2004 under the chairmanship of Mr. Onyeama Ugochukwu.  He added that in 2013, the NDDC board rotated to Cross River State with Senator Bassey Ewa Henshaw as Chairman and in 2015, two years after, the board was dissolved by the administration of President Muhammadu Buhari when it came to office.  The group, however, noted that the Buhari administration appointed a new board headed by Senator Ndoma Egba also from Cross River State with a clear and unambiguous mandate

in writing, to complete the two-year tenure left for Cross River State. Â The group, however, said that it was surprised with the news of the purported elongation of the Ndoma Egba tenure from the remaining two years to four years. Â It maintained that the purported tenure elongation is unacceptable and indeed an affront to the good people of the Niger Delta region on the ground that the act violated section 5(3) of the NDDC Act 2000.

Ekwueme Flown Abroad After Three Weeks in Coma Christopher Isiguzo Ă&#x201C;Ă&#x2DC; Ă&#x2DC;Ă&#x;Ă&#x2018;Ă&#x; Second Republic Vice President, Dr. Alex Ekwueme, was yesterday airlifted abroad for further medical treatment about three weeks after being in an intensive care unit. A white air ambulance, with registration number N605 AJ, which flew the octogenarian out of the country, departed the Akanu Ibiam International

Airport, Enugu, around 8:30 am. Checks by THISDAY showed that the aircraft was waiting on the tarmac when Ekwueme was brought to the airport in a National Orthopaedic Hospital, Enugu, SUV ambulance. The destination of the flight was however not ascertained at press time. Sources at Memfys Hospital also refused to provide the information.

It was learnt that the air ambulance, which conveyed Ekwueme on the journey arrived at the airport on Saturday night. Some family members accompanied the elder statesman on the medical trip, while others, who were at the airport to bid him farewell, left when the aircraft took off. Ekwueme has been hospitalised at Memfys

Hospital of Neurosurgery, Enugu, for what the family attributed to a chest infection. He had collapsed at his Enugu residence and relapsed into a coma before being rushed to the hospital where he was initially put on life support. It was learnt that doctors advised that he should not be moved abroad until his condition stabilised

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Police Deploy DIG, 26,000 Officers for Anambra Poll Promises it will deal with IPOB Paul Obi ÓØ ÌßÔË The Nigerian Police yesterday said it has deployed Deputy Inspector General of Police and about 26,000 Police officers to Anambra State ahead of the gubernatorial poll. Police Public Relations Officers, CSP Jimoh Moshood, explained elaborate security and preparation have been put in place to ensure

peaceful elections. Moshood said: “The Anambra State gubernatorial election is scheduled to hold on the 18 of November, 2017, to this end, the IG Ibrahim K. Idris, has directed that a robust and elaborate security arrangement be implemented in the State to ensure a very secure environment for the conduct of a peaceful, credible and free and fair election.

Wike’s Life in Danger, PDP Tells Buhari Onyebuchi Ezigbo ÓØ ÌßÔË

attempt by his Minister on Governor Wike on Saturday, The Peoples Democratic Party November 11, 2017 in Port (PDP) has protested to President Harcourt”. Muhammadu Buhari over While condemning the attack, an alleged incessant Police PDP called on President Buhari harassment and attacks on the to order the immediate transfer person of Governor of Mr. Fakorede of SARS out of Nyesom Wike Rivers State, adding that delay The party alleged that the in doing so will mean that their Minister of Transport, Rotimi action has his tacit support. Amaechi, was behind an “We are also calling on the assassination attempt on the life International Community to take of Governor of Rivers State, Chief note of these chain of activity Nyesom Wike at the weekend. that is carefully planned by the In a statement issued yesterday (APC) and being executed by the by its Head of Publicity, Chinwe Minister of Transport. If anything Nnorom, PDP asked President happens to Governor Wike or his Buhari to order the immediate immediate family and aides, the transfer of Mr. Fakorede of SARS APC and Mr. Amaechi should out of Rivers State. be held responsible. “A stitch in According to PDP, the covoy of time saves nine,” PDP warned. Governor Wike was ambushed Meanwhile, Governor Wike, by a contingent of security has declared that the (APC)-led apparatus led by the commander federal government is using the of Special Anti- Robbery Squad President of the Court of Appeal, (SARS) in Rivers State, Mr. Justice Zainab Bulkachuwa, Akin Fakorede and allegedly to cause crisis in Rivers State supervised by Amaechi’s ADC, through contrived judgments Mr. Debewari. and pronouncements . The statement said: “These The governor said that the constant harassments and attempt Court of Appeal President has on the Life of Governor Wike are used her position to set up a an open invitation to anarchy special panel for the purpose and another plan of the APC to of dissolving local government ignite crisis against Rivers State. councils in Rivers State and “PDP is once again constrained enthroning APC members sacked to draw the attention of President by the Federal High Court as Buhari to another assassination Council Chairmen.

Fayemi Denies Spending N700m on Web Portal Kasim Sumaina ÓØ ÌßÔË The Minister of Mines and Steel Development, Dr. Kayode Fayemi, yesterday refuted claims making the rounds in the media that he spent the sum of N700million creating a website for himself, adding that what the Ministry acquired with the said sum is an integrated Information Technology (IT) infrastructure which comprises two Data Centres. Fayemi in a statement by the Ministry’s Permanent Secretary, Mohammed Abbas, noted that the ministry considered it incumbent to react swiftly to misrepresentation and to set the records straight “When, last Thursday, 9th November 2017, our Ministers led other officials of the ministry and sectoral stakeholders to unveil the IT Integrated Automation & Interactive Solid Minerals Portal (IAISMP), we were really fulfilling one of the short-term pledges listed in our roadmap. “These assets form critical pillars of our agenda to reform the mining and minerals sector,

particularly as a key step towards our vision to lead the sector to shared mining prosperity where we make significant contributions to GDP in the country.” The statement read in part: “in realising aspects of this project as a turnkey solution, we have been careful to follow all laid down processes. Since the cost of implementing the project is above ministerial limits, we sought and obtained the concurrence of the Federal Executive Council after a detailed presentation in January 2017. It is important for clarity to state that what the Ministry has acquired with the said sum of money is an integrated IT infrastructure which comprises two Data Centres, an off-site recovery centre, civil and environmental works on the Centres, running of the Centres till end of first quarter 2018, training of over 225 officials locally and internationally amongst other cost components of the entire infrastructure and programme. It is indeed disingenuous of anyone to reinvent and reduce all of these into an expenditure on a website.

IG denies romantic liaison with policewoman

“The Deputy Inspector General of Police in charge of Department of Operations of the Force has been deployed to the State and will be assisted by an Assistant Inspector General of Police and three (3) Commissioners of Police to be in charge of each Senatorial District, to coordinate the security operations and supervise the deployment of security personnel for the elections throughout the state. “In order to ensure adequate security and safety of lives and properties before, during and after the elections, the IG has graciously approved deployment of additional 26,000 police personnel, comprising the Police Special Forces, Police Mobile Force, the Counter Terrorism Unit (CTU), Special Protection Unit (SPU), the Anti -Bomb Squad (EOD), the Force Marine Police, Conventional Policemen, the Force Armament Unit, personnel from Force Criminal Intelligence and Investigation Department (FCIID), Mounted Troops, the attack and Sniffer Dogs Section, Police Gun

Boats, Police Helicopters and Armoured Personnel Carriers (APC) to Anambra State and most of these personnel are already on the ground.” He explained that “three (3) Police Aerial/Surveillance Helicopters, Ten (10) Gun Boats, Fifteen (15) Armoured Personnel Carriers (APC) and Three Hundred and Three (303) Police patrol vehicles have been deployed for the operations to cover the entire state including the riverine areas and difficult terrains. “Other security and safety agencies who are members of Inter-Agency Consultative Committee on Election Security (ICCES) in the state are also deployed to complement the personnel of the Nigeria Police Force during the election. “Four (4) Policemen are deployed to each polling unit along with personnel of other security and safety agencies. “No armed security personnel will be allowed within the polling units. Armed police detachments

on patrol vehicles are going to patrol the streets and other locations throughout the State to prevent crime and intervene to quell any violence that may occur during the election. “As part of additional measures aimed at guaranteeing a secure, peaceful and credible election, the IG and the INEC Chairman will attend a Stakeholder/Peace Accord Meeting with all the political parties, their flag bearers contesting in the election, INEC officials, election observers, other stakeholders and members of the public before the date of the election in Awka, Anambra State. “However, police personnel deployed for the election are under strict Instructions to be polite and civil but firm in the discharge of their duties and other responsibilities.” He added that “they are to provide adequate security for the electorates, INEC officials, election materials, election observers and other individuals and bodies that have statutory roles in the conduct of the election, at the

polling booths, collation centres and INEC Offices in Anambra State throughout the period of the election.” The Police also stated that “there will be a complete enforcement of restriction of vehicular movements In and Out of Anambra State through the land and riverine borders with other neighbouring states and within the state from 12 midnight on Friday 17 November, 2017 till after the voting period on the day of the election on 18 November, 2017. “However, government agencies and personnel on essential duties and services will be allowed passage within the period. Security identification tag will be provided for all the security and safety agencies, INEC officials, election observers/ monitors and others that have statutory duties to carry out in the election. “The security personnel deployed will only operate within the area they are posted for the election.

GOOD GOVERNANCE PARLEY

L-R: Participant, Africa Initiative for Governance (AIG) Roundtable, Ms. Bolaji Agbede; Directors, Dr. Jeya Wilson; Mr. Herbert Wigwe; Dr. Ajoritsedere Awosika; Participant and former President , Chief Olusegun Obasanjo; Chairman, AIG Panel of Advisors, Ms. Chienye Ogwo; Chief Executive Officer, Mr. Ernest Ebi; Member, AIG Panel of Advisors, Mr. Aigboje Aig-Imoukhuede; Chairman & Founder and Member, AIG Panel of Advisors, Alhaji Abubakar Mahmoud SAN, during the Africa initiative for governance (AIG) Panel of advisors’ meeting and roundtable event ,in Lagos…Friday

IPOB: We’re Boycotting, Not Disrupting Anambra Poll Don’t Be Intimidated, APGA Tells Voters INEC Chair, IG, Others to Meet Anambra Guber CandidatesTomorrow David-Chyddy Eleke ÓØ áÕ˘ Onyebuchi Ezigbo ÓØ ÌßÔË The Indigenous People of Biafra (IPOB) has described as wild allegation the claims that it intends to disrupt the Anambra governorship election on Saturday. The group said it is not true that it plans to disrupt the election, saying that its only plan is to boycott the election because it will not be anything different from others that have been conducted in Nigeria. However, as the confusion over whether IPOB is boycotting or disrupting the upcoming election continues, the All Progressives Grand Alliance (APGA), has implored electorates in Anambra State not to give in to the antics of the antidemocratic agents and reactionary forces seeking to undermine Saturday’sgovernorship election

but to make sure that every vote counts. Regardless of the threats and uncertainty, the National Chairman of the Independent National Electoral Commission, INEC, Prof Mahmud Yakub and the Inspector General of Police, Mr. Ibrahim Idris will Tuesday meet with candidates of the Anambra governorship election. IPOB said, “Wild, unfounded and foolish accusations about IPOB intending to disrupt the polls on Saturday as peddled by politicians, is not only baseless but completely unfounded.” The group said instead of watching out for disturbances from IPOB, Anambra people should better be careful of security agents who have been dispatched to the state to kill and maim its citizens. “What the good people of Anambra State should watch

out for is the well-known rigging antics of INEC. We insist on a total boycott of all elections because voting in Anambra or any other elections in Nigeria is an exercise in futility because Aso Rock has already decided who they want to be sworn in as Anambra governor despite the warm words of free and fair elections emanating from APC praise singers in the South-east. “A country like Nigeria riddled with institutionalised injustice cannot conduct a free and fair election. No free and fair elections have ever been conducted in Nigeria’s history, so Anambra State cannot be an exception. Risking one’s life to go and vote on Saturday, with trigger-happy Hausa Fulani soldiers looking for Biafrans to kill, is a risky adventure not worth undertaking by any sane person. “That they have perfected

plans to rig the upcoming Anambra State Governorship election in favour of the most loyal Hausa Fulani slave among the contenders is not a secret. “IPOB Intelligence Unit has uncovered plans by APC to import voters from Imo State with the help of Rochas Okorocha. Willie Obiano, on the other hand, is working hand in hand with Gov. Dave Umahi of Ebonyi State to bring in Northern youths resident in the state into Anambra to vote for Willie Obiano as a reward for signing up to the war against IPOB. “At this moment, they have concluded plans to declare the APC candidate winner, whether people vote or not. What this means is that our vote doesn’t count. Voting is tantamount to legitimising illegitimacy,” IPOB said.

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NCC Plans New Spectrum Auctions The Nigerian Communications Commission (NCC) says it will soon auction and assign new spectrums to boost broadband penetration in the country. According to the News Agency of Nigeria (NAN), the Executive Vice Chairman of NCC, Prof. Umar Danbatta made this known in Lagos during the Telecom Executives and Regulator Forum, organised by the Association of Telecommunications Companies of Nigeria (ATCON) with the theme: ”Removing Barriers To Growth And Innovation”. Represented by the Deputy Director, NCC Technical Standards and Network Integrity, Mr. Bako Wakili, Danbatta said that spectrum was a critical mobile

infrastructure. He added that the commission would strive to provide the required frequency spectrum capacity needed for broadband deployment. According to him, the process for new spectrum auctions and assignments to drive mobile and wireless broadband is ongoing. ”The commission will facilitate the re-farming of existing spectrum held by operators to provide broadband services without impacting their Quality of Service (QoS) delivery. ”We will auction the 2.5/2.6 Gigahertz (GHz) spectrum for Fourth Generation (4G) Long Term Evolution (LTE) capacity requirements.

”The commission will also auction the 700 Megahertz (MHz) band once available, for 4G LTE coverage requirements and will open up and assign other spectrum bands in an open and transparent manner,” he said. Danbatta said that according to the Nigerian Broadband Plan, Broadband within the Nigerian context was defined as an internet experience where the user could access the most demanding content in real time, at a minimum speed of 1.5 megabits per second. According to him, broadband also means high-capacity

network that can deliver very large amounts of information simultaneously, as a result, they can deliver voice, data and video all at the same time. ”The broadband industry ecosystem comprises of government policies and programmes, regulatory frameworks and environment, then the supply and demand sides of the services. ”The industry is currently seeing the trend of increasing use of data-enabled devices such as smartphones, dongles, MiFis, among others.

”With pervasive voice services objective largely achieved, the operators now focus on the growth of data services and provision of optimal QoS delivery,” he said. Danbatta said that the current status of broadband infrastructure in Nigeria showed that there was adequate international bandwidth from International submarine cable landing on the country’s shores. He said that optimal deployment of broadband infrastructures was critical to driving broadband availability, accessibility and affordability in

Nigeria. According to him, the availability of broadband infrastructure will unlock new opportunities and drive the second wave of growth in the telecommunications industry and the economy. He said that broadband was a productivity enabling technology and its penetration rate was 21 per cent as at February 2017. Danbatta said the commission was optimistic towards achieving the 30 per cent broadband penetration target by 2018.

NCAA Warns Pilots, Operators over Bad Weather ChineduEze As the Harmattan season approaches, the Nigerian CivilAviationAuthority (NCAA) has warned pilots and all airline operators that the period is precarious for flight operations; therefore extra caution should be exercised in embarking on flights whenever the weather is reportedly bad. This precaution is against the backdrop of the seasonal rainfall prediction issued by the Nigerian Meteorological Agency (NIMET) which alerted that the prevailing weather condition was likely to herald a long and severe dust haze in the months ahead. Already the harmattan has started disrupting flights in the northern parts of the country and before the end of November, it is expected to be felt everywhere in Nigeria. Last Thursday, fog occasioned by the harmattan prevented flights from the Ilorin airport for hours before the Nigerian Airspace Management Agency (NAMA) intervened with equipment that enabled flight operation to the airport. The spokesman for the NCAA, Mr. Sam Adurogboye, said in a statement that this warning was important as Harmattan is known to pose an obvious threat to aircraft particularly in areas of challenging terrains due to low visibility. “This circular is intended to alert pilots of the hazards associated with dust haze which is a dry and dusty wind that blows southwards from

the Sahara across Nigeria during the months of November to March. The effect of the dust and sand stirred by the wind is known as Harmattan Dust Haze. Therefore, Pilots should note that air-to-ground visibility may be considerably reduced due to the dust haze,” the statement said. NCAA noted that that aerodrome visibility may fall below the prescribed minima and in severe conditions, noting that dust haze could blot out runways, the markers and airfield lightings over wide areas. This makes visual navigation extremely difficult or impossible. Resultantly, where visibility falls below the prescribed weather minima, flight operations are expected to be delayed, diverted or outrightly cancelled”, the statement said. The statement also urged Pilots to obtain adequate departure, en route and destination weather information and briefing from NIMET prior to flight operations at all the airports and instructed all pilots to exercise maximum restraint especially when severe weather condition is observed or reported by NIMET, the Flight Crews/ Operators and Air Traffic Controllers (ATC) so they should ensure adherence to aerodrome operating minima. Airlines Operators are also advised to ensure necessary measures are put in place to manage the effects of flight delays or cancellations on their passengers. The NCAA has therefore sent a circular to all concern regarding the development.

One Killed as Herdsmen Allegedly Attack Kogi Community Yekini Jimoh ÓØ ÙÕÙÔË One person has been confirmed dead as herdsmen attack government reservation area bordering Dekina and Omala Local Councils in the Eastern Senatorial district of Kogi State. THISDAY gathered that the attack was in retaliation by the Fulani herdsmen following an attack on the Fulani by some of the communities which led to the killing of two Fulanis while 20 cows were also killed about two weeks ago. It was yesterday gathered that the late Yahaya Amodu, a timber merchant in the company of six others went to the reservation area to fetch timbers that have already been cut down, preparatory to be transported home. Luck, however, ran out of

them when the herdsmen who were on retaliatory mission meters away to the location opened fire on them and killed one of the Timbermen. Eyewitness account has it that he was going ahead of others and he was shot while others scampered into the bush for safety. The source who narrated the incident to newsmen said that the incident happened last recently saying that fear and tension couldn’t allow the people of the community to look for his corpse until the following day. It was rumoured among those communities that herdsmen were camping in their numbers in a nearby forest in preparation for a retaliatory attack on those communities which they believed killed two of their people and 20 cows about two weeks ago.

SUCCOUR FOR REFUGEES

Cross River Governor, Sen. Ben Ayade (l) in a handshake with the Federal Commissioner, National Commission for Refugees, Migrants and IDP’s, Hajia Sadiya Farouq (R) during a courtesy visit by the Commissioner on the Governor at the Government House, Calabar

Lai Mohammed: PDP is Rapacious, Larcenous Says FG has saved N120bn from elimination of ghost workers Olawale Ajimotokan Minister of Information and Culture, Alhaji Lai Mohammed has once again, criticized the 16 year reign of the Peoples Democratic Party (PDP), describing it as rapacious for looting the country’s commonwealth with impunity. He warned that it will be a tragedy if the erstwhile ruling party is ever allowed to come back to the saddle of power. Mohammed also said that federal government has sustained the economy through debt management. He said N120 billion was saved through the detection of thousands of ghost workers from the payroll and removing N108 billion in maintenance fees payable to banks, pre-TSA. He added that the government was also saving N24.7 billion through a determined

implementation of the TSA. Mohammed dropped the hints yesterday in Lagos when he addressed the media on government’s fight against corruption and its concerted efforts to fix the economy. He said it would aggregate to a double tragedy and a contempt of Nigerians if the same PDP, that looted the treasury and left the country in rot are ever allowed to preside over the affairs of the nation. “Where do we start? Do we want a Diezani back as Petroleum Minister, after the recovery of at least $43 million and 56 houses from this one person? “Do we want the $2.9 billion - that’s about one-eighth of the 2018 budget - that has been successfully traced and recovered from looters by the EFCC since the inauguration of the present administration, to be re-looted? “What about the $151 million

and N8 billion in looted funds that have been recovered from just three sources as a direct result of the introduction of the whistle-blower policy? Do we want them to be re-looted?” Mohammed asked in derision of PDP. Using the Joint Admission Matriculation Board (JAMB) as a case study, he said in the past, state-owned entities had persistently under remitted operating surpluses under the PDP led administration. “Under the PDP, JAMB only remitted an aggregate of N51 million. In September 2017, the same JAMB announced it is ready to remit N7.8 billion back to the government. Do we want JAMB to go back to remitting N51 million?” He said almost N3 trillion, almost half of the estimated revenue in the 2018 budget, has accrued to government with the

enforcement of the TSA policy, adding PDP lacked the political will to implement the TSA, which it started. “As the pace of politics gradually picks up ahead of 2019, it is important that we let Nigerians know the enormous progress that the Buhari Administration has made in just a little over two years, and to also, remind them of where the country was dumped by the PDP when we assumed office on May 29, 2015. “ Lest I forget: They recently alleged that our administration plans to arrest 50 of their members for alleged corruption. Really? Are there still up to 50 people in the tottering PDP? Seriously, the guilty are afraid (according to the title of one of James Hadley Chase novels). Let those who have plundered our treasury face the music, if they must”.

CAN Chair, Oshiomhole, Dickson Laud Obaseki’s Achievements After an eventful year as the Governor of Edo State, Mr. Godwin Obaseki, led members of his cabinet, thousands of Edo people, federal government officials and friends from other states to the Samuel Ogbemudia Stadium, in Benin City for an anniversary thanksgiving service yesterday. In his sermon titled “The Set Time Has Come,” the Chairman, Christian Association of Nigeria

(CAN), Edo State, Rev. Oriname Oyonnude Kure, said: “With Godwin Obaseki, the set time for the state has come as the governor in his one year in office has been able to touch the lives of the people of the state with his people-oriented programmes such as the provision of infrastructure.” He noted that the governor has been able “to present a clear vision to stakeholders and the

people are behind him, urging him to run with the vision and should not allow himself to be distracted.” In the same vein, former Governor of Edo State, Adams Oshiomhole, commended the leadership quality of Obaseki and said he was proud of his achievements. “I am proud he has not disappointed the people of the state. His commitment to

delivering the dividends of democracy to the people of the state is not questionable. He is developing the state’s infrastructure and the safe environment he has created in the state for business to thrive is laudable and worthy of emulation. He has started well and I wish him well in the leadership task before him” Oshiomhole said.

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LASG: Banks Failed to Remit 10-year Taxes Sets Nov 20 to shut defaulting banks, firms outdoor advertising firms Gboyega Akinsanmi The Lagos State Government yesterday disclosed that some banks had failed to remit their statutory taxes including withholding taxes on interest for more than one decade, thereby warning against tax default and evasion. Consequently, the state government said it would begin shutting down the head offices of all corporate organisations in the state that had either evaded taxes or defaulted in remitting their statutory taxes from November 20. The Commissioner for Finance,

Mr. Akinyemi Ashade, gave the deadline in a statement yesterday, saying the state government would commence full-scale enforcement against all corporate organisations flouting its tax laws. Â In a statement by its Commissioner for Information & Strategy, Mr. Steve Ayorinde, penultimate week, the state government had lamented the rise in the number of tax defaulters and evaders in the state, thereby directing all its revenue agencies to commence enforcement of payment by all tax defaulters with immediate effect. Â The state government had lamented that 600,000 residents

NGE to FG: Dialogue with Niger Delta Avengers Over Threats to Attack Oil Facilities Ugo Aliogo The Nigerian Guild of Editors (NGE) has urged the federal government to dialogue with the Niger Delta Avengers over recent threats to attack oil facilities in the Niger Delta region. A communiquĂŠ jointly signed by the President and the SecretaryGeneral of NGE, Funke Egbemode, and Victoria Ibanga, the Guild called on the federal government not to resort to the use of force in resolving the issue, stressing that as stakeholders in the task of nation-building, it is worried by the recent show of military force in the quest to neutralise the threat of the militants. It also urged the government to dialogue with all stakeholders, including the aggrieved militants to resolve the problems in the region, insisting that the only path to peace is dialogue. It further stated that the renewed hostilities in the region would reduce the nationâ&#x20AC;&#x2122;s daily oil output, which would, in turn, deny the

country the benefits of the current marginal increase in the price of crude, stating that anything that is capable of returning the nation to economic recession should be avoided. The statement reads in parts: â&#x20AC;&#x153;We seize this opportunity to appeal to traditional rulers in the region to use their offices and goodwill to call the Avengers and any other militant groups in the region to order. â&#x20AC;&#x153;As royal fathers and leaders of thought, we urge them to play a leading role in the resolution of any breakdown in communication between the Federal Government, oil majors and the militants. We cannot afford another bout of force majeure by oil majors on account of insecurity in the region.â&#x20AC;? The Guild also noted the increasing crime rate in the country, especially kidnappings and communal clashes and calls on security agencies to rise to the occasion, urging the federal government to deploy the relevant security agencies to check the pervasiveness of these crimes.

out of 4.9 million taxable residents â&#x20AC;&#x153;are up to date in paying their taxes,â&#x20AC;? a situation he said was not helpful to scale up the provision of infrastructure and other amenities for the people. Â Citing the effect of tax default and evasion on infrastructure renewal and development, Ashade disclosed that some banks â&#x20AC;&#x153;have failed to remit statutory taxes including withholding taxes on bank interest for more than 10 years.â&#x20AC;? Â He, therefore, said the enforcement agencies would commence the process of shutting down the head offices of all corporate organisations that had defaulted in remitting statutory taxes to the state government from November 20. Â He said the state government had resolved to explore all lawful means to ensure compliance with statutory tax remittances, warning

LASAA issues compliance notice on

that any corporate organisation found to have defaulted or evaded tax would not be spared. Â The commissioner added that it â&#x20AC;&#x153;is in the interest of defaulting companies and their management to remit the statutory taxes to the State within the grace period to avoid embarrassment to them and their shareholders. Â â&#x20AC;&#x153;All law-abiding corporate organisations are advised to adhere to this directive as the state government has given enough grace period for them to remit their taxes. Â â&#x20AC;&#x153;On November 20, the state government will commence the process of shutting down the corporate organisations, including banks who have failed to remit statutory taxes to government coffers. It is in the interest of companies who are yet to remit their taxes to do so on or before Monday.â&#x20AC;?

He said payment of taxes â&#x20AC;&#x153;will enable the state government to provide the necessary infrastructure and improve the standard of living of the people. When people pay their taxes promptly, the state government is encouraged to do more. â&#x20AC;&#x153;The administration of Governor Akinwunmi Ambode has shown in the last two and half years that taxes paid are judiciously spent on projects that have impacted positively on the lives of Lagos citizens,â&#x20AC;? Ashade said. Â At a stakeholdersâ&#x20AC;&#x2122; forum with outdoor advertisement practitioners at the weekend, the Managing Director of Lagos State Signage and Advertisement Agency (LASAA) said the agency would start clamping down on all outdoor advertising companies owing the agency. The managing director

explained that the agency had just finished its strategy session â&#x20AC;&#x153;to know how best to enforce those on our debtorsâ&#x20AC;&#x2122; list. We are scaling up our compliance and enforcement exercise to ensure that all pending outstanding dues to the agency are paid up on or beforeDecember 31. â&#x20AC;&#x153;For clarity, we have categorized our enforcement teams into billboards, business signs and mobile advert vehicles. For billboards, we are going after all the defaulters who have refused to pay up their yearly permit fees. â&#x20AC;&#x153;In line with our collection model, all billboard owners are subjected to a payment plan every year and we have discovered that 60 percent of the categories that are supposed to have paid up their outstanding to the agency are still in default.â&#x20AC;?

CULINARY BUSINESS

L-R; Managing Director/Chief Chef, Roots Foods Limited, Mrs. Binta Adisa, Chairman, Roots Foods Limited, Mr. Lanre Adisa, and veteran broadcaster, Mrs. Bimbo Oloyede during the formal opening of Labule restaurant outlet in Lagos ...Weekend

Benue Govt Debunks Alleged SERAP Asks CCB, ICPC to Probe Okorocha over N1bn Death of Fulani Herdsman Statues of Zuma, Johnson-Sirleaf GeorgeOkohĂ&#x201C;Ă&#x2DC; Ă&#x2039;Ă&#x2022;Ă&#x;Ă&#x153;Ă&#x17D;Ă&#x201C; Benue state government has refuted claims in a section of the media that a herdsman reportedly committed suicide a few days ago, by jumping into River Benue as a result of the alleged loss of some of his cows in Logolocalgovernmentareaofthestate. In a statement by the Chief Press Secretary, CPS, to the state Governor, Mr. Terver Akase, the report was the height of falsehood and one in a series oforganisedblackmailandpropaganda against the state government. He stated that â&#x20AC;&#x153;we have read the unfounded report allegedly credited to one Garus Gololo, who is a member of Miyetti Allah Cattle Breeders Association in Benue State, that a cattle owner in Logo Local Government Area of the state a few daysagojumpedintoRiverBenueover the alleged loss of some of his cows. â&#x20AC;&#x153;In the same report, Gololo raised the alarm that Fulani cattle breeders have already lost over 600 cows in Benue State since the Open Grazing Prohibition and Ranches Establishment Law came into effect

on November 1.  â&#x20AC;&#x153;This alarm, is the height of falsehood and one, in a series of organised blackmail and propaganda by those who are opposed to the ranching law of Benue State. We have contacted the police and other security agencies but there is no confirmation that a cattle owner jumped into the river in Logo or any other part of Benue state and no 600 cows owned by herdsmen are missing.  â&#x20AC;&#x153;We urge the public to disregard the report, we advise journalists covering Benue State to carry out a thorough investigation into sensitive matters of security before publishing their reports. This will reduce unnecessary tension in the society. â&#x20AC;&#x153;The Open Grazing Prohibition and Ranches Establishment Law was enacted to end the frequent invasion of Benue communities and killing of innocent people by herdsmen and the law has been accepted locally and internationally as the best route to peace,â&#x20AC;? he clarified.

Socio-Economic Rights and Accountability Project, (SERAP) has asked Dr Muhammad Isah, Acting Chairman of the Code of Conduct Bureau (CCB) and Professor Bolaji Owasanoye, Acting Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to â&#x20AC;&#x153;jointly investigate allegations of incompatibility and/or apparent conflict of interest situation, and abuse of office

involving Governor Rochas Okorocha of Imo State in connection with the exercise of his public functions and leadership of the Rochas Okorocha Foundation, and to collaborate with the Economic and Financial Crimes Commission (EFCC) in any such investigation.â&#x20AC;? Â The organization said that â&#x20AC;&#x153;Such investigation would help to improve public confidence in public authorities, and

minimize the risks of bad government by public officials.â&#x20AC;? Â In the petition dated 10 November 2017 and signed by SERAP executive director Adetokunbo Mumuni the organization expressed â&#x20AC;&#x153;serious concern that Governor Okorocha may have spent over N1 billion of public funds to build statues of South African President Jacob Zuma and Liberian President Mrs Ellen Johnson-Sirleaf.â&#x20AC;?

 According to the organization, â&#x20AC;&#x153;the spending on statues and apparent misuse of public resources may have violated constitutional provisions and international standards on the code of conduct for public officers. The initiatives cannot be justified under any circumstances whatsoever, especially at a time when Imo state is unable or unwilling to pay teachersâ&#x20AC;&#x2122; salaries and pensionersâ&#x20AC;&#x2122; entitlements.â&#x20AC;?

Senate to Appeal against Judgement Declaring Ndumeâ&#x20AC;&#x2122;s Suspension Illegal Damilola Oyedele Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The Senate has said it will appeal the judgement of the Federal High Court, Abuja, which last Friday declared the suspension of Senator Ali Ndume as illegal. A statement from the Senate Media Office said the law firm of Mike Ozekhome has been instructed to file an appeal

against the judgement on Monday and to apply for a stay of action. The Senate said it respectfully disagrees with the judgement. The statement reads in part; â&#x20AC;&#x153;For the records, the Senate had challenged the jurisdiction of the Federal High Court to entertain the matter on several grounds, portions of which are outlined hereunder for

the purpose of emphasis, as follows,â&#x20AC;? â&#x20AC;&#x153;That the Plaintiff wrongly joined several causes of action in his Originating Summons,â&#x20AC;? â&#x20AC;&#x153;That an action for the enforcement of fundamental rights to fair hearing can only be brought against a court or a tribunal, established by law as held by the Supreme Court in several current cases, and

not against Committee of a legislative body,â&#x20AC;? â&#x20AC;&#x153;That by the provisions of sections 3 and 30 of the Legislative Houses (Powers and Privileges) Act, the trial court lacked requisite jurisdiction to hear the suit of the Plaintiff,â&#x20AC;? â&#x20AC;&#x153;The Senateâ&#x20AC;&#x2122;s argument was supported by various and current decisions of the apex court.

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Don’t Impose Candidate on Members, Secondus Warns Pearse: Adeniran not Atiku’s candidate Party’s govs, chairmanship aspirants, others meet in Enugu Adedoja Touts His Credentials

SegunJames As the race for the national chairman of the Peoples Democratic Party (PDP) hots up, one of the aspirants, Uche Secondus, has debunked the insinuation that some people wanted to impose him on the party. This is coming as another aspirant, Prof. Tunde Adeniran, also denied being the candidate of former VicePresident Atiku Abubakar. Meanwhile, an expanded meeting of governors elected on the platform of the Peoples Democratic Party (PDP), contestants for the party’s National chairmanship as well as other party leaders yesterday held

at the Government House, Enugu. The Secondus Campaign Organisation in a statement signed by Mr. Taiye Garrick, said that reports alleging clandestine moves by some powerful forces to impose Uche Secondus as the National Chairman of the Peoples Democratic Party was false. Garrick said “There is no iota of truth in the reports. Our candidate depends on endorsement and votes of delegates at the forthcoming national convention. “We want Nigerians and members of the party to note that the position of National Chairman was zoned to the Southern region comprising

of three zones and Prince Secondus has every legitimate and legal rights to aspire for the office of national chairman.” While reassuring those who may have the fear of Secondus’ chances, Garrick stated that since Secondus launched his ambition for the position, “no member of Board of Trustees has openly endorsed him as some have done for some other candidates. We repeat that nobody is imposing

anybody. There is no plot to impose Prince Secondus on the PDP.” He stressed that “When some members of Board of Trustees openly endorsed some aspirants, the Secondus Campaign Organisation did not raise any eyebrow. Rather than waiting for any group endorsements, we have been campaigning day and night across the six zones, selling our redemption messages to PDP delegates.

“We urge all aspirants to get ready for the national convention and stop game of distractions. The delegates assembled will cast their votes for an aspirant of their choice in the full glare of the public. Nobody can impose any aspirant in a free and fair contest. “We also want to affirm that Secondus remains the most qualified for the chairmanship going by his antecedents before and after the crisis

that nearly killed the party. He is bold and pushful alongside with his great blueprint to return the PDP to power in 2019.” In a related development, the Lagos State Support Group for Adeniran for PDP national chairman has said that there is no iota of truth in the news making the rounds that Adeniran’s candidacy for national chairmanship of the party is at the behest of Atiku Abubakar.

Army to Investigate Chibok Killings Paul Obi ÓØ ÌßÔË The Nigeria Army yesterday said it will investigate the killing of an officer and other non-commission officer in Chibok, Borno State. Director of Army Public Relations, Brig. Gen. Sani Usman explained that the Army will carry out thorough investigation on the matter. He said: “The Headquarters of 26 Brigade Nigerian Army has instituted a Board of Inquiry (BOI) to unravel the circumstances surrounding the shooting incident that resulted in the death of an Officer and a Senior Non-Commission Officer (SNCO), deployed on duty at Chibok, Borno State earlier today Sunday, 12th November 2017. “At about 12.50pm yesterday, the unit received a report that a Staff was seen to be drunk

and misbehaving to civilians. An officer was despatched to the scene with a view to bringing him back to base. “The officer did his best but the SNCO refused several entreaties to calm him and be disarmed by the superior officer. Unfortunately, the Staff Sergeant shot the officer dead and then killed himself.” Usman stressed that “their remains have since been evacuated to a military facility. The BOI is expected to investigate the incident and promptly turn in its report and findings in one week. “The Nigerian Army is a disciplined and professional force with zero tolerance for any acts of indiscipline and misdemeanor. “The death of the officer and the Staff Sergeant is painful and a great loss to the unit and the Nigerian Army,” he said.

Synergos Brings Diversity Dialogue to Abuja Synergos Nigeria and the National Orientation Agency are partnering to organise a summit on ‘Youth using Ethnic Diversity for Agriculture Excellence’, a foundation dialogue for a more inclusive and collaborative economy amongst younger Nigerians. The dialogues which hold in Abuja on November 14 are coming at a time the nation has begun building the foundation of a diversified economy and shift focus from oil-led exports to Agriculture led growth as contained in the Economic Recovery Growth Plan 2017. Tagged the Synergos Diversity Dialogue, the summit will be chaired by Peggy Dulany Founder and Chair of Synergos as well as the Global Philanthropists Circle, she co-founded the latter in 2001. She has continued the tradition of her family and late father American philanthropist, David Rockefeller to ensure Bridging Leadership and Collaboration deliver inclusive economies for the Poor. Other guests at the summit are Maryam Uwais, Special Adviser to the President on Social Investment and Garba Abari of the National Orientation Agency. The event is facilitated by Synergos Nigeria, a non-profit organization with the focus on facilitating system changes and influencing sustainable

development. Synergos Institute founded in 1986 is a global nonprofit organization that brings people together to solve complex problems of poverty and create opportunities for individuals and their communities to thrive. It was founded to promote collaboration among grassroots groups and government or business leaders and organizations, people who otherwise would not have access to each other so that they can develop long-term relationships and forge new paths in overcoming poverty. Adewale Ajadi, head of Synergos Nigeria, explained that the organisation’s resolve to put together the summit was informed by the progress of Nigeria towards systemic improvement in Agriculture in which Diversity is a silent but critical player. Ajadi said, “This event is being organised to facilitate discussions on driving a truly inclusive economy through youth, particularly youth in agriculture.” Synergos in previous engagements has worked on bridging leadership gaps between Federal and State stakeholders, provided collaboration platforms to promote agribusiness in Kogi, Benue and Kaduna States and facilitated a systems-thinking approach to agriculture in Nigeria.

WELCOME ABOARD

L-R: Shows the President, Rotary Mega Club of Lagos Island, Rotn Sanjeev Tandon, past Inner Wheel District 911 Chairman, IWM Maryam Ikheloa, wife of the President, Rotary Mega Club of Lagos Island, Rotn. Geetika Tandon and the newly installed District 911 Inner Wheel Chairman IWM Adegbemisola Rufai, at the installation of IWM Rufai at the Central Business District, Alausa, Ikeja, Lagos.

‘Buhari Leading Infidels in Anti-graft Crusade’ Explains how Jonathan plotted his own defeat Gboyega Akinsanmi President Muhammadu Buhari is leading a team of unrepentant unbelievers in his anti-corruption crusade, a newly published book on the 2015 General Elections says. The book, which advanced copy THISDAY has obtained, explained how former President Goodluck Jonathan plotted his own defeat in the election, assuming that his administration had done enough to win reelection. Although a number of frontline researchers and political analysts contributed to the book, three leading professors of political science namely: John A.A. Ayoade, Adeoye A. Akinsanya and Olatunde J.B. Ojo conceived the idea under a Programme for Presidential

Studies. It was learnt that the contributors to the new book, The Nigerian General Elections of 2015, were drawn from the academia, media, civil society organisations, public institutions and research institutes with direct electoral duties during the 2015 elections. In the last six years, the erudite scholars initiated the programme, the effort produced five priceless books. The books are: Nigeria’s Critical Election: 2011; The Jonathan Presidency; Nigeria: Descent into Anarchy and Collapse and The Jonathan Presidency: The Sophomore Year. Among others, the new book empirically analysed voters’ turnout, voting behaviour, the roles of political parties, the defeat of the Peoples Democratic Party (PDP), the dilemma of the

Independent National Electoral Commission (INEC) and factors that defined the victory of the All Progressives Congress (PDP). Specifically, the book explained the problem with Buhari’s anti-corruption syllabus and the failure of his administration to meet people’s aspiration and yearning, noting that even if Buhari had selected the anti-corruption crusade as the programme for four years, he could not have been able to complete the task. The book, thus, identified three main challenges with Buhari’s anti-graft crusade, first citing the pervasiveness of corruption in the Nigerian public space and the failure of the Nigerian public to recognise various forms of corruption in the country.” It explained the depth of the

social ill that had undermined the country’s human development index in the last five decades, noting that corruption “has engulfed all facets of public life such that Buhari, the focal anti-graft crusader is a deviant, who is not even sure that his closet associate is with him.” The book, also, observed that the citizens “have not been sufficiently socialized to recognise various forms of corruption, although experience shows that, given the opportunity, a large percentage of them would be corrupted. The critical ingredient of patriotism is lacking.” It equally pointed out that Buhari “is leading a team of unrepentant unbelievers in a crusade. A senator once complained that he could identify many criminal senators whose files he had treated when he was in the Nigeria Police.

3.6% Fake Drugs Circulation in Nigeria, Not 70%, NADFDAC Clarifies Senator Iroegbu ÓØ ÌßÔË The National Agency for Food and Drug Administration (NAFDAC) has described as reckless, misleading, displeasing and irresponsible the claim that 70 per cent of pharmaceutical products circulating in Nigeria are fake. The Director of Special Duties in NAFDAC, Mr. Abubakar Jimoh, stated this in Abuja yesterday while responding to questions from journalists on the issue. He described the assertion as a great disservice to Nigeria

and that it tends to undermine the efforts NAFDAC and other agencies are making in the fight against counterfeit medicines in the country. Jimoh insisted that there are scientific proofs that indicated that there is a downward trend in the circulation of fake and substandard pharmaceutical products in the country. He recalled that in 2001, when the former DG of NAFDAC, late Prof Akunyili, came on board, many people were giving different figures of the level of fake drugs in the country. Some were saying 60 %

while others say 40%. “We then approached the World Health Organisation (WHO) in 2005 and we carried out what we called a joint baseline study on all category of drugs which was sponsored by the WHO in Nigeria. The result of that national survey showed that the level of fake drugs in the country was in the neighbourhood of 16.7 per cent. “In 2012, NAFDAC then carried out a survey for all category of medicines using the Truscan nationwide and the outcome showed that the 16.7 per cent we got in 2005 has gone down to 6.4 per cent. “We decided to do a survey to

determine the circulation of fake Anti-Malaria medicines alone also in 2012 and we got 19.6 per cent. “In 2014, another national survey on the circulation of fakeAnti-Malaria by United States (US) Pharmacopeia was conducted and the result was 3.6 per cent. “We are mopping up all fake medicines from the system. We have evidence both research- wise and scientifically speaking to show that there has been a downward slide in the circulation of fake and counterfeit products in the country,” Jimoh explained.

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MONDAYSPORTS

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

Rohr’s Plaudits for NFF over World Cup Qualification Super Eagles’ Technical Adviser, Gernot Rohr, is full of encomiums for the Nigeria Football Federation (NFF) for the “professional and committed manner” it handled the Super Eagles’ 2018 World Cup qualifying campaign. Not only were the threetime African champions unbeaten in what was styled ‘Group of Death’, the Eagles picked the ultimate prize in that group with a game to spare, becoming Africa’s first candidate for the 2018 FIFA World Cup Russia in the process. The man that led the team to achieving this feat believes the professional approach to the team’s preparations by the NFF for all the six qualifiers played a pivotal role in the team’s success. “For sure, we must commend the NFF for the role they played right from that game in Ndola against Zambia to last Friday’s game in Constantine, Algeria. “Apart from putting together excellent arrangements for our games at home, they ensured we travelled in comfort to all our away games and the fact

that our away travels were always direct on chartered flights made sure we had very good recovery period between games. This also helped to manage the few days we usually have because of the congested and very small number of the FIFA international days,” Rohr said. Nigeria won four games and drew two to finish top of the eminent pile with 14 points, six ahead of second-placed Zambia. In both drawn games away from home, they were pegged back by late penalties to the hosts in dying minutes, underlying the Super Eagles’ praiseworthy performance through out the campaign. This, the Franco-German tactician believes, was down to paying attention to little details. “From the time the draw was made for the group series of the qualifiers, we know that in a difficult group like the one we were in, the difference between success and failure could be down to little things that most people would take for granted, but I am happy that the NFF were very professional, passionate and committed to the cause.

Super Eagles players and officials waiting to board the chartered flight from Constantine, Algeria to Russia... Saturday evening

Their great planning and arrangements made the players to focus on the football

only, so we got the best out of them. “Now we cannot rest on

our oars because there is a bigger challenge ahead of us. We have to prepare better and

focus even more as we get set for the World Cup next year,” Rohr concluded

Southern Sun Ikoyi 2017 Golf I N T E R N AT I O N A L F R I E N D LY Tourney Ends in Grand Style Messi Rues Missing Eagles’Match in Russia, Blames Coach Femi Solaja

One of the golfers at the Southern Sun golf tournament

Michael Huisamen, at the weekend emerged winner of the men’s category of the 6th annual Southern Sun Ikoyi Golf Tournament at the Lakowe Golf Resorts in Lagos. Winston Strassoil and Okoebor Ancy placed second and third behind Huisamen in the tournament that featured 72 golfers in the 18-hole event. In the ladies category, Toyin Martins, Idowu Babalakin and Buday Chantal also emerged overall 1st place, 2nd and 3rd. The tournament which employed foursome format of play with the best three scores per hole counting, witnessed a whole gamut of activities with business associates, friends of the hotel, sponsors, golfers and invited guests, all networking with pleasure. At a post tournament prize giving cocktail, other winners were also announced in various categories including winning female team for the Nearest to the Pin and winning team Longest Drive hole. Plaques and various prizes were awarded to the excited winners. Speaking at the Prize giving cocktail, General Manager, Southern Sun Ikoyi Hotel, Mr. Mark Loxley, commended the participating golfers for their tenacity in completing the all-day competition in spite of hot weather. He warmly thanked all new and returning sponsors and reiterated the hotel’s continued commitment to fostering golf as

a sporting activity within Lagos’ thriving business community. Appreciating the efforts of the lady golfers in particular, Mr Loxley noted that the “hotel is proud to continue in its dedication to providing a suitable platform for promoting golf as a sport amongst women”. Amidst a taste of Southern Sun Ikoyi sumptuous cuisines and fine wines, the excitement continued at the prize giving ceremony as participants and guests were rewarded with special treats which included return tickets to Johannesburg by South African Airways, business class tickets on Rwand Air and return tickets to Nairobi by Kenya Airways. Other luscious give aways included air conditioning units by Mandilas, weekend stays and dinner meals at the hotel, relaxing full body massage and facials by Oasis Med Spa and health-wellness products by PZ Cussons. Evidently showing the appeal of the annual tournament, hordes of other sponsors queued in support including; Eko Disco, Guaranty Trust Bank, Zenith Bank, ABinbev, DHL, Legacy Automobile, G.D Netter, Distell, Blue Arrow (Redbull), Aviator Travels & Tours, Unilever, DSTV, Diageo, Nepal Oil & Gas, SO&U and Soulcomms. The day’s activity ended with much enthusiasm for a bigger and more colourful tournament in 2018.

Apparently aware of his huge fan base in Nigeria, five-time World Footballer of the Year, Lionel Messi, is not happy that he will be missing in action when the Albeceleste take on the Super Eagles tomorrow at the Krasnodar Stadium in Russia. The FC Barcelona forward played for the South American nation against World Cup host, Russia in Moscow last Saturday and returned to Spain almost immediately. Sergio Aguero scored the lone goal of the sell out crowd game. “I have the desire to play against Nigeria but the (Coach Jorge) Sampaoli decided to regulate (my game) a little and I won’t play in the game against Nigeria,” Messi told Argentine daily SPORT before he returned to his club. Messi also insisted that

“we want to go into the World Cup in the best possible way” and for that reason Sampaoli has decided to free him and manage his minutes before next summer. “It’s good to win to keep correcting and improving things. We have to strengthen the system of play that Sampaoli wants and take advantage of the time we have together. The reality is that we have little time with the national team and we have to take advantage of it to the fullest of the time we do spend together and to put into practice what the coach wants.” On Aguero’s winning goal against Russia, he said: “It’s nice, important, coming from (breaking the scoring record with) City. I’m happy for him. It’s good to win to strengthen what we’re doing.” Meanwhile, there are strong indications that the 34,291 capacity Krasnodar

Stadium may not be filled to capacity when the Super Eagles take on the South American side tomorrow because the cheapest ticket for the match is going for 600 rubbles (about $11). SPORT also reported that the absence of the iconic Messi has taken a shine from the hitherto high profile encounter. “Messi is the player most people in Krasnodar want to see. Only the Moscow fans have had the opportunity of beholding the global star this FIFA window,” remarked some Russian fans yesterday, Messi is a familiar foe to Nigerian team from aged grade competitions. In 2005, the FC Barcelona forward inspired Argentina to beat Nigeria 2-1 in Utrecht, Holland in the final match of U-20 World Cup. Three years later at Beijing Olympic Games final match, the mercurial forward delivered the pass to Angel Di Maria for the

lone goal scored against Nigeria in the match for Argentina to win the men’s football event gold medal. He scored two goals in the 3-1 win in an international friendly match played in Dakar, Bangladesh in 2009. At the last World Cup finals in Brazil, Messi scored the opener for Argentina in the 3-2 win against Super Eagles in the last group match. Tomorrow’s match will be the second time Nigeria will be playing in Russian territory after getting a ‘wild card’ to feature in the football event of the Moscow Olympics in 1980 following the withdrawal of Ghana that originally qualified. The Flying Eagles led by Andrew Uwe played in the 1985 edition of World Youth Championship (now U-20 World Cup) that held in the then Soviet Union. Nigeria won the bronze medal of the competition.

Schools Battle for Zenith/Delta Principal’s Cup Zonal Tickets The Season 2 of the Zenith Bank sponsored Delta State Principal’s Cup has engaged many of the young ones in the state in the past three weeks. On Friday, the first qualifier for the next stage of the competition emerged from Oshimili South Local Government as officials forwarded Osa Dennis Secondary School as the qualifier from the LG. Osa Dennis in the deciding match at the weekend defeated West

End Secondary School 1-0 courtesy of a penalty goal converted just 10 minutes to the end of the game. The school will now wait for the zonal draw to know their next opponents in the second stage of the annual secondary school football competition. According to the organisers, 25 other winners are expected to emerge from other Local Governments to complete the number for zonal draw. Head of the organising

team, Tony Pemu, said the 26 LG qualifiers would be divided into eight after which the zonal champions would pick the quarterfinal tickets. “We are really excited that we started early and things are going as planned. There is a long way to go but recording a good start is also important for anyone aspiring to have a great race. “The way things are going so far, this edition will be much better

than the maiden one in which we had to rush to present a representative for the annual Shell Cup Competition.” The preliminaries will be completed by end of November while December will be observed as break. Zonal and quarterfinals will be decided in January as the competition comes to a close in February. Zenith Bank revived the tournament with the first edition after 26 years of ‘no-show’.

Monday November 13, 2017

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MISSILE Gbajabiamila to FG “When things like this happen abroad, we are always quick to send our condolences. But these are Nigerians. The questions are How come they were found dead at sea? What happened to the rest? We must not allow foreign bodies to do our work. It is a very sad one. If even it is one life lost, it is sad to let alone 26” – Hon. Femi Gbajabiamila seeking answers from the federal government over the drowning of 26 girls at sea in Italy.

ISSAAREMU GUEST COLUMNIST

Boss Mustapha: May His Tenure be Smooth

I

once gain congratulate my big brother, Boss Mustapha on his dramatic elevation as the 19th Secretary to the Government of the Federation (SFG). Having emerged from the “hot ashes of the old” (of his) predecessor, Babachir David Lawal, it would be uncharitable to further wish him a rougher ride. Of course, if the dead can read us and join in the ever vibrant Nigerian nation building discussions, I dare bet that given the current riot of Nigerians’ expectations of the Buhari administration, the late Tai Solarin, (never known for flattery!) would still insist that “may the road of Boss Mustapha be rough”. And the late patriot would be right on point. Given some of the work overload/ schedules of the SFG – coordinating policy design and formulation of as many as 35 ministries, scores of departments and agencies for approval by government, serving as Secretary to the Council of State, the Federal Executive Council and other constitutional councils, which are chaired by the president and dealing with constitutional, political and socio-economic matters as may be referred to the presidency, supervising, administrative tribunals, commissions and panels of enquiry; coordinating national security and public safety matters, national honours awards, prerogative of mercy, protocol matters, channeling of papers and directives of the president and dealing with matters relating to conditions of service of political office holders, among others. The point cannot be overstated. Boss Mustapha has his full job cut out for him in a country paradoxically suffering mass unemployment and underemployment. Happily too he is eminently qualified for the enormous responsibilities. With remarkable professional qualifications and experiences (a barrister of law, former state member of the Interim Management Committee (IMC) of the defunct Petroleum (Special) Trust Fund (PTF), and non-state activist of Nigerian Bar Association (NBA), African Bar Association (ABA), Commonwealth Lawyers Association, International Bar Association (IBA), Human Rights Institute (HRI) and above all, rich experiences in partisan politics, (from the defunct Social Democratic Party (SDP), defunct Action Congress of Nigeria (ACN), to the present ruling All Progressives Congress (APC), Nigeria might be getting, for once, an unapologetically tested partisan in a clearly open ended political office. I salute the newly appointed SGF for acknowledging that the Muhammadu Buhari administration needs “an emergency acceleration” for the nation to get out of its present situation. For so long the president and his vice, Yemi Osibanjo had been “lone rangers” on the

Mustapha

tripod mantra of corruption, economy and insecurity with less complimentary official voices on articulated policy thrusts on critical policy issues. Nigeria now has a timely activist SFG in Mustapha who must make a difference from the past indifference and (as we just discovered) misplaced indulgence of rent seeking and self-help as well as influence peddling of some officials employed to help the president. It is

Mustapha’s emergency acceleration must also restore the dignity of labour as envisaged by the 1999 Constitution. The point cannot be overstated that the dramatised “competence test” for workers and teachers particularly in the public schools in some states of the federation is a gross violation of workers’ dignity

commendable that the new SFG crossed the bridge of suspicion to for once have engaged the National Assembly with his unprecedented visit last week, making the point that separation powers indeed means harmonized state responsibilities. But his charity better start with critical labour market issues on the exclusive executive list. Take the current crisis of compensation and productivity in the public sector for example: President Buhari has been commendably agonizing over protracted unacceptable delayed and non-payment of salaries by some states governments despite serial bailouts. As such, Mustapha must hit the ground running in getting to the root of this wage/compensation scandal with all the stakeholders, including organized labour with a timetable to clear the arrears. Nonpayment of salaries amounts to what I long described as economicide defined as criminal systematic deprivation of means of livelihood for workers. Nigeria has lost much scarce resources to wholesale looting and corruption. But the country is certainly losing more to low/no productivity due to criminal wage theft, wage diversions and attendant strikes with human hours losses. The new SFG must impress on the government to constitute labour market institutions such as the tripartite Labour Advisory Council, National Productivity Centre, Michael Imoudu Labour Institute, Industrial training Fund, Nigeria Social Insurance Trust Fund with eyes on labour market problems solving not political patronage. The Maina saga has been dramatised as a corruption scandal (which certainly it is). But it is also a manifestation of the crisis of corporate governance of public policies with respect to public pensions. Mustapha should use his good office to impress on the presidency to return to basics with respect to pension funds administration. Never again should there be extra-presidential committees on pension matters, the type that nurtured the likes of Maina. The presidency must strengthen the National Pension Commission (PenCom) by constituting its board and demand for accountability in pension funds administration. It is a scandal that up till now there is no substantive confirmed director general for PenCom, following the sudden controversial termination of the incomplete tenure of then incumbent. Many pension scavengers abound. Indeed some pension predators still lurk around the corners using the institutions of state to undermine the nascent, commendable contributory pension scheme. Only a strengthened independent PenCom can prevent and apprehend the likes of Maina. Mustapha’s emergency acceleration must also restore the dignity of labour

as envisaged by the 1999 Constitution. The point cannot be overstated that the dramatised “competence test” for workers and teachers particularly in the public schools in some states of the federation is a gross violation of workers’ dignity. State governors must as a matter of right dignify their respective workforce through capacity building, understanding and sympathy as demanded by the principles of Decent Work by International Labour Organisation (ILO). We should insist on adequate skills and competence without violating the constitutionally guarantees guaranteed basic human and workers’ rights. Many states governors observed the constitution more in the breach than compliance with respect to non-payment and delayed payments of miserable pay. Governors must also know that they are not just employers but enforcers of labour laws as they apply to both private and public employers. It is unacceptable and counter productive dramatising and criminalizing workers’ skill gap when what was required was skills upgrading and skills upliftment. Section 34 (1) of 1999 Constitution holds that every individual including working man and women are entitled to respect for the dignity of his/her person. Exhibiting so-called failures of teachers or any worker during competence test violates their rights to privacy and dignity. It is debatable if any of the states governors can truly pass the competence/governance tests by Nigerians with their crude approach to reforms, which is provoking more protests and acrimony than the desired changes. Nigeria risks perpetual underdevelopment if it refuses to treat its workforce better through training and training, better pay, work schedule and enforced discipline. Nations, which hold labour as the most valued factor of production such as China and India are fast developing, while Nigeria which degrades labour lags behind. Together with the Minister of Labour, the SFG must impress on the president to inaugurate the new minimum wage negotiations committee. Nigeria’s Economic recovery must be wage led so as to stimulate the economy towards productive spending by enhanced pay for workers, which must go hand in hand with improvement in productivity. Mustapha’s commendable simplicity must be complemented with a sense of urgency. Nigeria needs a simple accessible activist SFG such as Chief U.J. Ekaette the 14th SFG, who commendably assisted former President Olusegun Obasanjo to positively manage the labour market issues for economic growth and national development. t"SFNV JT B .FNCFS PG UIF /BUJPOBM *OTUJUVUF NOJ ,VSV +PT

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