MPC Retains Policy Rate at 14% as Uncertainty Looms over Next Meeting Ndubuisi Francis in Abuja, Obinna Chima and Emma Okonji in Lagos Contrary to expectations by some market analysts that the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) would cut
its policy rate, the committee yesterday rose from its last meeting for the year and retained Monetary Policy Rate (MPR) at 14 per cent. The MPC also retained the Cash Reserve Ratio (CRR) at 22.5 per cent, the Liquidity Ratio (LR) at 30 per cent and
asymmetric corridor around the MPR at +200 and -500 basis points. But this was even as the MPC faced an uncertain fate over whether it can form a quorum at its next meeting in January next year, following the refusal by the Senate to
consider for confirmation President Muhammadu Buhari’s nominees for the CBN. Buhari last April had announced the appointment of Prof. Ummu Ahmed Jalingo, Prof. Justitia Odinakachukwu Nnabuko, Prof. Mike I. Obadan, Dr. Abdu Abubakar and Adeola
Adetunji as Non-Executive Directors of the Board of Directors of CBN. In October, the president also tapped Mrs. Aishah Ahmad as the next Deputy Governor of the CBN. Ahmad was to replace Dr. Sarah Alade who retired from the Bank earlier
this year. He had also announced the nomination of Professor Adeola Festus Adenikinju, Dr. Aliyu Rafindadi Sanusi, Dr. Robert Chikwendu Asogwa and Dr. Asheikh A. Maidugu as new members of the MPC. Continued on page 8
DSS, EFCC in Stand off over Attempt to Arrest Former DSS, NIA Bosses… Page 8 Wednesday 22 November, 2017 Vol 22. No 8252. Price: N250
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53 Killed in Militia Attack, Suicide Bomb Blast in Adamawa Buhari, Atiku, Dogara, AI condemn bombing Omololu Ogunmade, James Emejo inAbujaandDaji Sani inYola
Fifty-three persons have been reportedly killed in Adamawa
State following two separate incidents involving an attack by suspected militia farmers against a predominantly Fulani settlement in Numan
Local Government Area in the state, and a suicide bombing in a mosque in Mubi, the commercial nerve centre of the state.
Confirming the Numan killings, the State Police Command, said at least 30 women and children were killed in an attack carried out
by militia farmers on Monday. The spokesman of the command, Othman Abubakar said the attack was carried out against Fulani herdsmen in the
area by suspected farmers. According to him, “About
30 Fulani children and women Continued on page 8
Mnangagwa to Be Sworn-in President as Mugabe Resigns AU, UK, US welcome resignation Okechukwu Uwaezuoke with agency reports Shortly after the Zimbabwean parliament began an impeachment process to end Robert Mugabe’s 37-year rule in the country that he fought to liberate from colonial rule, the embattled president finally threw in the towel yesterday, paving the way for his former deputy Emmerson Mnangagwa to be sworn-in as the country’s new president. Immediately, the Speaker of the parliament Jacob Mudenda announced Mugabe’s resignation, wild celebrations broke out at the joint sitting of parliament and suspended the
impeachment process, reported Reuters. There were also wild celebrations in the streets of Harare, as cars honked their horns and people danced and cheered the exit of the 93-year-old ruler. Mugabe’s resignation, which was with immediate effect, ended his 37-year-old grip on power. Mugabe, who had clung on for a week after the military intervention last Wednesday and his expulsion from his own ruling party ZANU-PF, had in a letter he submitted to parliament said his decision to resign was voluntary. Continued on page 10
PDP Crisis Worsens as George Calls OGUN GETS BUDGET FOR ACCELERATED GROWTH… State Governor, Senator Ibikunle Amosun lays the N345.4bn budget for 2018 at the State House of Assembly, for Makarfi's Resignation… Page 56 Ogun Abeokuta, Ogun State… yesterday
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DSS, EFCC in Stand off over Attempt to Arrest Former DSS, NIA Bosses He is being investigated for alleged theft, says anti-graft agency Iyobosa Uwugiaren and Paul Obi in Abuja Armed with superior firepower and men, the Department of State Services (DSS) yesterday prevented the Economic and Financial Crimes Commission (EFCC) from arresting the former Directors General of the DSS, Mr. Ita Ekpeyong and the National Intelligence Agency (NIA), Mr. Ayo Oke. Operatives of the anti-graft agency, assisted by the Nigeria Police Force, had stormed No. 46 Nasir Mamman Street, Asokoro, Abuja, the residences of Ekpeyong, at about 6 a.m. in a bid to arrest him. They had blocked the two entrances leading to the street, preventing vehicular movement in and out of the street. Residents of the street were forced to pack their cars outside the street and walk to their houses, while the failed bid by the EFCC to arrest the ex-DG of DSS lasted. THISDAY counted 35 men of the DSS manning the gate of their former boss. While more of them were seen in the compound, others
were seen patrolling the street with four black vans. Over 25 men of the Nigeria Police were said to have been drafted to arrest Mr. Ekpeyong in the early hours of yesterday but the DSS operatives guarding him resisted the move, resulting in a heated argument. According to a source, Ekpenyong had been invited by the EFCC about two weeks ago in respect to an investigation into the procurement of arms and equipment by the agency he once headed. The investigation by the anti-graft agency was believed to have had the nod of the presidency, but invoking respect for institutional integrity, the DSS asked its former DG not to honour the invitation. The source explained that the DSS in giving the directive to Ekpenyong, was asserting its independence, adding that the secret police reports solely to the presidency and not to any other agency. He added that the investigation by EFCC is so far reaching that even the incumbent DG of DSS, Mallam Lawal Daura, might be the real target.
He further explained that the position of the DSS was predicated on the “sensitivity of its expenses and operations�. Citing the global practice of the intelligence community, the source said that there were also very “expensive things� involved. For instance, the source said that one of the items of equipment involved had a maintenance contract running into billions of naira, saying that Ekpeyong, who left office more than two years ago, had been internally investigated at home and abroad by the DSS as part of its internal routine without any indictment. Besides, intelligence sources close to the committee, which investigated arms procurement by the Goodluck Jonathan administration, said that the ex-DSS boss was never invited for questioning on the purchase of any item for the DSS. “The hierarchy as well as the rank and file of DSS believe that their bosses are about to be humiliated by the EFCC as revenge for blocking the confirmation of Mallam Ibrahim Magu as chairman of the anti-graft
questioning in connection to the $43.4 million found in an apartment in Ikoyi, Lagos. Oke’s wife, who had also been summoned, was identified as the owner of the apartment. The EFCC and the DSS have been at loggerheads on various fronts since the inception of the Muhammadu Buhari administration. The discord between the two agencies became apparent after the report written by the DSS to the Senate against the appointment of Magu as the substantive chairman of EFCC. The anti-graft agency had also accused the DSS of blatantly refusing to hand over some of its officials for questioning for alleged corruption in the Office of the National Security Adviser during the last administration. An EFCC official who spoke with THISDAY in confidence in Abuja yesterday said: “Officers of the Department of State Services Tuesday thwarted the attempt by the Economic and Financial Crimes Commission to arrest a former Director General of the agency, Mr. Ekpeyong Ita, who
is being investigated for offences bordering on alleged theft and diversion of public funds. “Detectives of the EFCC, armed with both arrest and search warrants, had stormed the 46 Mamman Nasir, Asokoro, Abuja residence of the former DG at about 6 a.m. today but were prevented from gaining entry by armed guards from the DSS.� The source explained that “shortly after the EFCC operatives arrived, the DSS reinforced its security presence at the property, with the deployment of about 30 armed operatives�. The EFCC official added: “The refusal of the DSS operatives to allow the EFCC execute valid search and arrest warrants is considered worrisome. “I don’t know whether it is within their brief to prevent a law enforcement agency from executing an arrest or search warrant on a property belonging to a retired staff of the agency. “The suspect in question is not a serving officer of the DSS, which makes this action particularly reprehensible.�
economy and the markets, as several investors and analysts take positions on the basis of the MPC meetings every two months,� he explained. Meanwhile, on the retention of the policy rate and other ratios, the CBN governor, Mr. Godwin Emefiele, who briefed journalists yesterday on the outcome of the two-day meeting in Abuja, said the MPC took into consideration several factors in arriving at its decisions. He said: “In arriving at its decision, the committee appraised potential policy options in terms of the balance of risks. The committee also took note of the gains made so far as a result of its earlier decisions, including
the stability in the foreign exchange market and the moderate reduction in inflation and thus extensively deliberated the options regarding whether to hold, tighten or ease the policy stance. “While tightening would strengthen the impact of monetary policy on inflation with complementary effects on capital inflows and exchange rate stability, it nevertheless could also potentially dampen the positive outlook for growth and financial stability. “On the other hand, whereas loosening would strengthen the outlook for growth by stimulating domestic aggregate demand through
reduced cost of borrowing, it could aggravate upward trend in consumer prices and generate exchange rate pressures. “The committee also feels that loosening would worsen the current account balance through increased importation. On the argument to hold, the committee believes that key variables have continued to evolve in line with the current stance of macroeconomic policy and should be allowed to fully manifest. “Members noted that the developments in output and inflation in particular required effective close
more police personnel to prevent further attacks by armed bandits in Zamfara State. The statement also said the president took cognisance of the current moves by the IG to review police personnel and strategy in the state and consequently directed him to visit the state and report back his findings about the deadly attacks. It said the directives followed recent killings and wanton destruction by unknown gunmen in some communities in Shinkafi and Maradun Local Government Areas of the state. The statement also said the president prayed God to console the bereaved families in Adamawa and Zamfara incidents, heal the injured, and grant rest to the departed souls. Former Vice-President Atiku Abubakar also described the murder of several persons by a suicide bomber in Mubi as a heart-rending crime against human liberty. A press statement by the Atiku Media Office quoted the former vice-president as having received news of the Mubi attack with sadness. According to the statement, “For a community that is healing and rebuilding after severe devastation by terrorists in the recent past, a yet another suicide bomb attack that claims scores of human lives is an attack on humanity and the liberty that it guarantees. “Terrorists seek to instill fear, but through our collective courage and determination we shall triumph. We must ensure that liberty trumps fears and domination. “By being vigilant and through a collaborative team spirit between the civic public and the security apparatus we must fight for liberty. We are all soldiers of liberty. Our strength lies in the fact that we fight for a good cause and we shall fight together till we are safe.� While harping on the need to place greater emphasis on intelligence gathering, the former vice-president noted that respective homes are the take-off points in the fight to flush out terrorism from a community, as parents must get full information about the activities of their wards and children.
The former vice-president called on the relevant government authorities to provide succor to the bereaved families and give adequate healthcare provision to the wounded victims of the attack. Similarly, Amnesty International condemned the attack on the mosque, calling it another example of Boko Haram’s continued unlawful disregard for human life. A statement issued by Amnesty International’s media manager in Nigeria, Isa Sanusi quoted the organisation’s director in the country, Mr. Osai Ojigho as stating that Boko Haram must immediately stop the targeting of civilians and must be held accountable for all the atrocities it has committed, including the use of children for suicide missions. Ojigho said: “Nigerian police have confirmed to us that 50 people have been confirmed dead so far following the early morning suicide attack at the mosque in Mubi in Adamawa State. “This is the deadliest attack on civilians by the militant group since the start of the year. It is deplorable that the attack was launched at a time when civilians were congregating for dawn prayers. “It happened only days after the reported abduction and beheading of six farmers in Dimge village in Mafa Local Government Area, Borno State. “Since 2010, Amnesty International has been documenting human rights abuses and serious violations of international humanitarian law by Boko Haram that may amount to war crimes and crimes against humanity. “This year Boko Haram has killed 357 civilians during 55 attacks in northeastern Nigeria. The deadliest month was in August, when the militant group killed 100 people, followed by November, with 76 people killed already “While no group has claimed responsibility for this today’s deadly attack, it bears all the hallmarks of the Boko Haram atrocities documented over the years by Amnesty International. This wanton and deliberate targeting of civilians must end. “All parties to the ongoing conflict
in North-east Nigeria, including Boko Haram, are bound by the rules of international humanitarian law, which explicitly prohibits any direct attacks against civilians and civilian objects.� Also, the Speaker of the House of Representatives, Hon. Yakubu Dogara yesterday described as callous, insensitive and cowardly the suicide bomb attack at a mosque in the commercial town of Mubi, which claimed many lives. In a statement by his Special Adviser on Media and Public Affairs, Turaki Hassan, the Speaker expressed shock and concern that the wanton killing was targeted at innocent worshipers performing their obligatory religious duty. He said: “I am deeply pained and saddened by this tragic incident which is a setback to our successes recorded in the restoration of peace in the North-east zone.� While condoling with the families of the victims as well as the government and people of Adamawa state over the sad incident, Dogara reiterated his call on the Nigerian security forces to focus on intelligence gathering and timely deployment of information to stem terrorism.
agency by the Senate with a security report. “This was reflected in the mood of the operatives of both agencies in the stand-off at the residence of Mr. Ekpeyong,� an intelligence official disclosed. Another government source said that the EFCC got the green light for the arrest of the former DG of DSS from the presidency, referring THISDAY to the statement by the president’s media aide, Mallam Garba Shehu, when he said that President Muhammadu Buhari had ordered the EFCC to investigate the former NIA chief, over the cash discovered in a private apartment in Ikoyi, Lagos. Following the recent sack of Oke, THISDAY gathered that the EFCC made a second attempt to arrest him at his Asokoro residence yesterday but the move was also thwarted by the DSS. When THISDAY called the former NIA boss to visit him in his house, he said: “You can come, but I doubt if you will be able to get to my house with all the barricades by the security agents.� The EFCC had invited Oke for
MPC RETAINS POLICY RATE AT 14% AS UNCERTAINTY LOOMS OVER NEXT MEETING The four nominees were meant to replace four current members of the MPC whose tenures will expire at the end of the year. However, shortly after their names were sent to the Senate for confirmation, the upper legislative body said it would not consider the nominations in line with its resolution to suspend all executive confirmation requests until the acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu was removed. Should the Senate make good its promise not to confirm the 10 nominees for the central bank, it will be impossible for the MPC to
form a quorum at its next slated for January. The MPC is a 12-member body whose objective is to maintain price stability and support the economic policies of the federal government by formulating monetary and credit policies. The MPC, according to the website of the CBN, shall comprise the governor of the Bank who shall be the chairman; the four deputy governors of the Bank; two members of the board of directors of the Bank; three members appointed by the president; and two members appointed by the governor. But a CBN official said yesterday
that with the possibility of eight members absent at the next meeting of the MPC in January, it would be impossible to form a quorum. “As you know, four external members of the committee will be stepping down at the end of the year and already we are one deputy governor short. On top of this, we have no board of directors. “So, with the five non-executive directors who were nominated still waiting for Senate confirmation, the deputy governor-designate and the MPC nominees who have still not been confirmed, we don’t know how a quorum will be formed. “This would be dangerous for the
Continued on page 10
53 KILLED IN MILITIA ATTACK, SUICIDE BOMB BLAST IN ADAMAWA were killed during the attacks in Numan villages by suspected Bachama farmers and already investigation has commenced to arrest the suspects. “We were told the attackers hailed from the affected areas. We are on the top of the situation and already investigations have commenced to fish out those involved.� He said the attack took place when the all the men had out to the market and for a wedding, so the women and children left behind were taken by surprise. Abubakar maintained that the authorities were on top of the situation and had beefed up security in the communities to prevent a reprisal. The incident in Numan took place before a suicide bombing yesterday at a mosque in Mubi. In that incident, the National Emergency Management Agency said last night that 23 persons were killed and 43 others injured when a suicide bomber sneaked into a crowded mosque and launched an attack on worshipers observing their early morning prayers inside the mosque. However, the State Police Command said some 50 persons were killed in the incident. NEMA in a statement said: “Sequel to the report of the bomb blast that occurred at Anguwar Madina in Mubi North LGA, officials of NEMA Yola operations led by the North-east zonal coordinator, Mr. Bashir Idris Garga rushed to the scene of the incident. “The team in collaboration with the Nigerian Red Cross, ICRC and other stakeholders conducted the evacuation exercise and casualty management.� NEMA added that officials disclosed that apart from the 23 bodies that were evacuated to the mortuary, 43 persons were injured, of which eight were in critical condition. “The injured victims are being referred to the Federal Medical Centre Yola for further medical intervention,� the agency said. Also speaking on the bombing, the spokesmen of the Police Command, said reports available to the command revealed that a 17-year-old suicide bomber sneaked into the mosque during early prayers at about 5:05
a.m. yesterday and detonated IEDs strapped around his waist, resulting in the killing of about 50 people. He said the incident occurred at the popular Shiwa Mosque located at Anguwar Medina in the Yelwa quarters of Mubi. “We have received the report of 50 people that were killed in the Mubi morning attack on worshippers at a mosque and are trying to get the actual figure of those injured that are receiving treatment at various hospitals in the area,� Abubakar stated. He said the security agencies were on top of the situation at the time of filing this report. However, an eyewitness informed THISDAY that two suicide bombers ran from two directions into the mosque at exactly 5:05 a.m. while the Muslim faithful were observing their morning prayers. The eyewitness, who identified himself as Usman claimed that he escaped death by the whisker, because he was running late for the morning prayer. “My house is close to the mosque. I was almost late for the prayers and as I was rushing, I saw two supposed worshippers rushing to enter the mosque. Moments after the duo entered the mosque, there was a loud bang,� Usman said. “The bombers waited until the nearly 150 capacity mosques was filled before they struck,� he added. He said moments after the blast, worshippers scampered for safety, “even as I watched from a distance�. Usman further revealed that he immediately ran back to his house to evacuate his family to another part of the city for safety, saying that the magnitude of the attack and the loss of human lives were devastating. Mubi town was captured and renamed “Madinatul Islam� by the Boko Haram insurgents for three months before it was eventually liberated by the Nigerian troops in August 2014. A source told THISDAY that since Mubi was liberated, the terrorist group has been strategising and scheming to recapture the town because it is strategically located and could aid the
insurgents in their operations without much resistance. He said the insurgents want to retain Mubi as its headquarters at all cost because of its borders and commercial nature, and the belief that they could impose taxes on the residents to fund their operations. Reacting to the latest bombing, the Adamawa State Government said a new security arrangement was in the offing for Mubi to prevent further occurrences. The Commissioner for Information and Strategy, Ahmed Sajoh stated that the state government and security agencies were on top of the situation, even as normalcy returned to the ancient city. Also speaking, the chairman of Mubi North Local Government Area, Alhaji Musa Bello said though the number of casualties was being compiled, he was of the view that it ran into dozens, with many more injured. He described the incident as “pathetic and inhuman� and one that should be condemned by all Nigerians. He also empathised with the families of victims of the bomb blast and prayed that God gives them the courage to bear their loss. Reacting to development yesterday, President Muhammadu Buhari described the early morning suicide bomb blast in a mosque in Mubi as “very cruel and dastardly�. According to a statement by his Senior Special Assistant on Media and Publicity, Malam Garba Shehu, Buhari commiserated with families of the several victims, government and people of Adamawa State and assured them that the government would do everything required to secure the state from deadly Boko Haram attacks. The statement added that the president enjoined the people in the entire North-east to be more vigilant and report suspicious persons to security agencies in order to avert further attacks on soft targets by the terrorist group. According to the statement, Buhari also directed the Inspector-General of Police, Ibrahim Idris, to deploy
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Police ConďŹ rm Arrest of Maryam Sanda for Stabbing Husband to Death More facts emerge on how she allegedly killed her spouse The Nigerian Police have confirmed the arrest of Maryam Sanda for allegedly stabbing her husband, Bilyaminu Haliru Bello to death. Bilyaminu, 35, son of Dr. Mohammed Haliru Bello, a former chairman of the Peoples Democratic Party (PDP) has been buried according to Islamic rites in Abuja, after prayers at the National Mosque. Police Public Relations Officer, DPS Anjuguri Manzah, in a chat with newsmen said that the suspect was arrested on Sunday morning. He said that she would be charged to court after investigations have been concluded. According to the police, the investigation was being handled by its homicide department, maintaining that investigation would be concluded soon. Maryam is the daughter of Maimuna Aliyu, a former Aso Saving Bank executive. According to reports, Maryam
allegedly killed her husband in the wee hours of Sunday morning by stabbing him several times. Multiple reports said she attacked her husband based on allegations of infidelity after seeing a text message on his phone. Maryam was said to have stabbed Bello, who would have turned 36 on November 23, thrice in the back. She also reportedly stabbed him several times in his genitals. After stabbing him, she drove him to the hospital for treatment but he did not survive the attack. Anjuri Manza, spokesman of the FCT police command, confirmed the murder: “We are investigating the matter.� According to reports, it was not the first time Maryam would attack Bello violently. She once bit off part of his ear during an argument. Bello was treated at a hospital before returning home. Some reports said he was advised to
leave the house but he refused, only to be brutally attacked the second time. The couple had a daughter together. Bello’s father was the acting chairman of the PDP Board of Trustees from 2015-2016, Minister of Defence from 2011-2012, and Minister of Communications from 2001-2003. Also, more facts came to light yesterday on how Maryam allegedly stabbed her husband to death, as one Habib Gajam, a resident of Abuja, has spoken on the incident. Gajam, who said he witnessed the incident, explained how trouble started on Saturday night, reported The Cable yesterday. Recounting what transpired on Twitter, Gajam said Sanda had demanded a divorce. He said Ibrahim Aliero, Bilyaminu’s friend, subsequently “intervened four times to stop Maryam from stabbing her husband�. When he could not make much headway, their relatives were invited
to intervene in the situation after which peace was restored, albeit temporarily. “Ibrahim called Auta (Maryam’s uncle) and Abba (Bilyaminu’s cousin) who had left the house moments before the drama started, to come and intervene. After a short calm, Maryam broke a bottle containing some groundnut and attempted to stab Bilyaminu, again,� he wrote. “This time he held both of her hands and struggled to take the bottle from her, injuring himself in the process. Unrelenting and wild, she bit his finger. Uncle Auta had arrived this time to calm the situation. “They both committed to Uncle Auta to let go of the grievances (at least for the night). After the situation had become calm, Bilyaminu and his friend went to the pharmacy to get his hand treated from the bite he sustained from Maryam. “They later went to the ATM and made a withdrawal to pay up the
balance of a spare part for Maryam’s crashed car. By 11 p.m., Bilyaminu and Ibrahim had gone back to a calm home. Abba (Bilyaminu’s cousin) joined them in the living room. “They stayed till almost midnight and decided to call it a night. When Bilyaminu was seeing them off, he told Ibrahim, ‘I don’t want to go back until she’s asleep.’ They called it a day. Abba and Ibrahim left.� He added that they next time they heard of Bilyamin and Maryam was around 2 a.m. when “family members were summoned to a Maitama hospital, where Bilyaminu was lying in a pool of his own blood with multiple stabs on his chest, shoulder, a deep cut on his inner thigh, and many bite wounds on his stomach�. “Maryam had confessed to stabbing him to the hospital authorities,� he wrote, adding: “Maitama police station was the next point of call. “At Maitama station where
Maryam was asked to write her statement, the story changed. She claimed they got involved in a fight and Bilyaminu sustained injuries from a broken shisha pot; that she never stabbed or hit him. “She was later taken to the FCT command in Garki II for further investigation. The police commissioner instructed that the crime scene should be visited. “To the amazement of Abba (Bilyaminu’s cousin) and Ibrahim (his friend) who are key witnesses in the investigation, bloodstains had been mopped up, murder weapon disappeared, but flower vases and a shisha pot were broken to corroborate Maryam’s earlier statement at the station.� Gajam’s claims were not independently verified, but Anjuri Manza, spokesman of FCT police command, had said on Sunday that the police had commenced investigation into the matter.
MPC RETAINS POLICY RATE AT 14% AS UNCERTAINTY LOOMS OVER NEXT MEETING monitoring in order to gain clarity on the medium term optimal path of monetary policy.� Emefiele stated that in consideration of the foregoing, the committee decided by a vote of eight to one to retain the MPR at 14.0 per cent alongside all other policy parameters, adding that one member voted to reduce the MPR by 100 basis points. Emefiele further noted that forecast for key macroeconomic variables indicated a positive outlook for the economy up to the first quarter of 2018, adding that this was predicated on continued implementation of the 2017 budget into early 2018, anticipated improvements in government revenue from the implementation of the Voluntary Asset and Income Declaration Scheme (VAIDS) as well as favourable crude oil prices. The development finance initiatives by the CBN in the real sector, particularly in agriculture, he said, were expected to continue to yield positive results in terms of output expansion and job creation. “Focusing on the downside risks to the outlook, the committee noted the low fiscal buffers and weak aggregate domestic demand. On the external front, widening global imbalances, and rising geo-political tensions were some of the crucial risks identified,� he added. According to him, the MPC noted with satisfaction the second consecutive quarterly growth in real GDP following five quarters of contraction. “In addition, members welcomed the relative stability in the exchange rate, particularly the narrowing premium and the very slow deceleration in consumer price inflation, largely attributable to base effects. “Overall, the economy has begun to show strong signs of recovery as public investment has picked up with increased housing construction at the federal and state levels, as well as shipping activities at the ports. “The committee was, however,
of the view that policy makers must not relent in their aggressive policy initiatives aimed at continuing the positive growth trajectory. “The committee was also concerned about potential adverse external developments and the cautious approach to lending and financial intermediation by domestic deposit money banks. “The committee similarly evaluated other concerns in the domestic economy and the opportunities for strengthening output recovery, noting that some highly critical sub-sectors were yet to resume growth. “The committee noted the significant contribution of food prices to headline inflation and observed that the benefit of base effect on overall headline inflation had substantially dwindled. “Members, however, expressed confidence that the tight stance of monetary policy and the stability in the exchange rate of the naira should continue to positively weigh in on price developments. “The committee reaffirmed its commitment to maintaining price stability, which is crucial to sustainable economic growth and development,� he stated. The committee also welcomed the review of the Economic Recovery and Growth Plan (ERGP), in an effort to realise the objectives of the plan, but called for the quick passage of the 2018 Appropriation Bill by the National Assembly, so as to keep fiscal policy on track and deliver the urgently needed reliefs in terms of employment and growth of the economy. On financial stability, the committee noted the concentration of nonperforming loans in a few sectors but observed that the overall condition and outlook for the banking system was stable, as deposit money banks’ balance sheets remained strong. “This assessment is strengthened by developments in the national accounts and the expectations that the affected sectors are returning to growth. “Nonetheless, the committee urged
further strengthening of supervisory oversight and deployment of early warning systems in order to promptly identify vulnerabilities and proactively manage emerging risks in the banking system. “The committee further observed that government was increasing debt, both domestically and externally, thus crowding out the private sector,� the governor said. On the $3 billion Eurobond recently floated by Nigeria, Emefiele observed that its oversubscription by $11 billion was a sign of the growing investor confidence in the Nigerian economy. He said the roadshow for the Eurobond took place last Thursday and Friday, adding that the pricing was done on Monday with a very impressive outcome. The bond was oversubscribed to the tune of about $11 billion. However, he said only $3billion could be accessed. On the question of mounting domestic and foreign debts, the CBN governor said there was nothing wrong in borrowing. “But I think what is important is how we deploy the money or most of the funds being borrowed. But I am happy that the specific reasons for these borrowings are targeted at infrastructure development. “I am sure you all know that most of the borrowing right now is targeted to infrastructure – road development, construction, rail, airports and various other infrastructure development projects that will spur economic activities in the country and ultimately continue to accelerate the growth trajectory of the country,� he said.
Concern over 9mobile Deal Allayed Emefiele also allayed concerns over the attempt by 13 Nigerian lenders to close the deal on the sale of 9mobile, Nigeria’s fourth largest network operator, to new investors in a bid to recover the $1.2 billion the telecoms firm owes them. Emefiele, who was responding to questions on the purported
withdrawal of Barclays Africa as financial adviser appointed by the 13 banks for the 9mobile transaction, said there was no cause for concern. The sale of the telecoms firm ran into troubled waters recently after the CBN and the Nigeria Communications Commission (NCC) queried Barclays over issues bordering on transparency of the process. The CBN and NCC had expressed concern that the evaluation process that led to the prequalification of 10 bidders for 9mobile to advance to the final stage of the exercise out of the 16 that had originally submitted expressions of interest last October, was not transparent, with sources accusing Barclays of colluding with one or two of the bidders to arrive at a predetermined conclusion of the tender process.. However, Emefiele while not discountenancing the reported withdrawal of Barclays, stated that no official communication had been received from the financial adviser appointed by the banks. He also announced that the MPC, at the end of its meeting, decided to retain the Monetary Policy Rate (MPR) at 14 per cent. The MPC also retained the Cash Reserve Ratio (CRR) at 22.5 per cent, the Liquidity Ratio (LR) at 30 per cent and asymmetric corridor around the MPR at +200 and -500 basis points. According to him, Barclays was appointed via a letter, adding that if it decides to pull out, it was expected to communicate its position through the same process. “Somebody hinted me that a news report said that Barclays Bank has withdrawn, but I will say that Barclays was hired with a letter, so if they decide to withdraw, they will do so by way of a letter. “But as I speak with you, there is no letter in that regard... We are only trying to let you know the process; they were appointed by way of a letter and they will also do so if they want to withdraw by way of a letter. “I did not say that the newspaper told a lie, but the process is still on course. The banks and the regulators
and other important stakeholders – Huawei, Nokia and all others are holding important meetings to see to an amicable and harmonious transfer of ownership from the existing owners or the former owners to the new owners by December 31, 2017. “So, there’s no cause for alarm, no cause for worry, no cause for subscribers to think there is a problem with 9mobile. I repeat, everything is on course,� he said. He stressed that all the stakeholders were working assiduously to ensure the transfer of ownership to new investors before December 31, 2017. Going down memory lane, Emefiele recalled that before the last MPC meeting, the issue of 9mobile was raised because the regulators – NCC and CBN – saw 9mobile as a systemically important telecommunications network in Nigeria. “CBN and NCC decided to intervene to see to it that the 20 million subscribers did not just start running up and down without finding a place for cover. “So, the best thing we did was to stabilise the company and saw to it that banks and other important creditors did not go into a journey of dismembering the company, as this may lead to a loss of confidence in the telecommunications and banking sectors. “Accordingly, NCC and CBN intervened to see to it that there was stability and also ensured that the transfer between the old and the new ownership is done uder a smooth transition. That process has continued. “It is just like a normal process. But there would sometimes be cases where things are not done the way you expect them. “So, what the NCC and CBN had come in to do was to correct some of the anomalies that we found in the sale process and I am optimistic that the sale process is still on track. “There is a determination that that sale must take place before December 31 and we remain focused on it,� he said.
Speaking on the rate retention by the MPC yesterday, Ecobank Nigeria’s analyst, Kunle Ezun, welcomed the decision of the MPC. According to Ezun, despite the marginal GDP growth recorded in the third quarter and the slowdown in inflation, the MPC did the right thing by maintaining all its monetary policy tools unchanged. “The growth we have seen still needs reinforcement from the fiscal side. Looking at how much has been spent on capital expenditure so far, they need to do more to drive the economy. “The central bank is also concerned about returns on investments because it still has its eyes on portfolio flows. For the central bank to maximise the benefits of the investors’ and exporters’ window, it must ensure that the government securities remain attractive. “Let me quickly add that we are going into 2018 and half of the 2017 budget may be carried over into 2018 and this might increase money supply which might be a downside risk in achieving single-digit inflation rate. “Also, 2018 would commence the election cycle and so there might be an increase in spending,� he explained in a telephone chat. Also, the chief executive, Cowry Assets Management Limited, Mr. Johnson Chukwu, noted that in as much as he did not expect the MPC to adjust the interest rate at the last meeting of the year, the committee should ensure that it reviews its monetary policy stance in the first quarter of next year. “Government’s efforts to reflate the economy can only be appreciated if the non-oil sector begins to appreciate. Today, we have low purchasing power. “Today, even the sectors that resisted the economic crisis are also declining. So, if nothing is done to restore liquidity, which the MPC needs to do by reducing either the MPR or CRR, then we are going to have a very volatile growth,� Chukwu added.
serve the remainder of Mugabe’s term until the next general election in September 2018. In its reaction to the turn of events in Zimbabwe, the African Union (AU) welcome the resignation of Mugabe as the country’s president. President Alpha Conde of Guinea and current chairperson of the AU, hailed Mugabe as a “great fighter� who should have left office a while back. “It is a shame that he is leaving through the back door and that he is forsaken by the parliament,� Conde said, according to the BBC. He added that the presidential election in Zimbabwe should be held in 2018 and that the African Union will offer all its support to the country. British Prime Minister Theresa May said Mugabe’s resignation would give Zimbabwe “an opportunity to forge a new path free of the oppression that characterised his rule�.
“In recent days we have seen the desire of the Zimbabwean people for free and fair elections and the opportunity to rebuild the country’s economy under a legitimate government,� AFP quoted her as saying in a statement. “As Zimbabwe’s oldest friend, we will do all we can to support this, working with our international and regional partners to help the country achieve the brighter future it so deserves.� Also, a statement from the US Embassy in Zimbabwe, said Mugabe’s resignation “marks an historic moment� for the country and congratulated all Zimbabweans who raised their voices, according to ABC News. The statement also said that “whatever short-term arrangements the government may establish, the path forward must lead to free, fair and inclusive elections�, urging “unwavering
respect for the rule of law.� Mugabe’s sudden exit from power was triggered by the rivalry between members of his ruling party’s elite over who will succeed him, rather than popular protests against his rule. Mugabe’s sacking of Mnangagwa as vice-president this month apparently to pave the way for his wife to succeed him in office led to the military’s intervention last week. Apparently, Mnangagwa was plotting to succeed Mugabe with the backing of the military. According to Reuters, the plot hoped to install an interim unity government backed by the blessing of the international community to allow for Zimbabwe to usher in a “new era�. The former vice-president, who until he fell out of favour, was Mugabe’s key lieutenant for decades and stands accused of being complicit in repression against Zimbabweans who challenged the leader.
Analysts React
MNANGAGWA TO BE SWORN-IN PRESIDENT AS MUGABE RESIGNS “My decision to resign is voluntary on my part,� the letter quoted by AFP read. “It arises from my concern for the welfare of the people of Zimbabwe and my desire to ensure a smooth, peaceful and non-violent transfer of power that underpins national security, peace and stability.� The Speaker had earlier said that a motion to impeach Mugabe was before him and that lawmakers would adjourn to a hotel to begin the proceedings yesterday. Mugabe, who until yesterday morning was still defiant, had held his weekly cabinet meeting with only five ministers and the attorney general in attendance while 17 others had opted to attend a meeting to plan the impeachment. The ruling party had in a draft impeachment motion, called Mugabe a “source of instability�, accusing him of flouting the rule of law and presiding over an “unprecedented economic tailspin� in the last 15 years.
It also said he had abrogated his constitutional mandate to his hotheaded and unpopular 52-year-old wife, Grace, whose tilt at power triggered the backlash from the army that saw it put out tanks on the streets of the capital last week. Shortly before that, his former vice-president Emmerson Mnangagwa has urged him to resign immediately. This was as thousands of demonstrators turned up outside the parliament building to egg on the lawmakers, chanting, dancing and waving placards. Mnangagwa, whose sacking led to last week’s army takeover, fled the southern African country two weeks ago after being purged from the ruling party, said he feared a threat to his life and vowed not to return until his security was guaranteed. Mugabe had since the beginning of the crisis been holed up in his
deluxe “Blue Roof� mansion in Harare with his wife and members of his family and was only been seen twice in public. The man, who led Zimbabwe’s liberation war and was hailed as one of Africa’s post-colonial heroes, saw his popularity plummet as the economy crumbled and opposition to his rule grew in the late 1990s. He tightened his grip around the southern African country, seized white-owned farms, unleashed security forces to crush dissent and spoke of ruling until he was 100. South African President Jacob Zuma and his Angolan counterpart, Joao Lourenco, were due to travel today in Zimbabwe to ratchet up the diplomatic pressure, according to South Africa’s state broadcaster. With Mugabe’s resignation, Lovemore Matuke, ZANU-PF chief whip, told Reuters that Mnangagwa would be sworn in within 48 hours. He added that Mnangagwa would
T H I S D AY WEDNESDAY NOVEMBER 22, 2017
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T H I S D AY WEDNESDAY NOVEMBER 22, 2017
Oil and Gas Free Zones Authority Marble House Onne Port Complex
tŚLJ ĮƌŵƐ ĞdžŝƚĞĚ ƚŚĞ ĨƌĞĞ njŽŶĞƐ͗ SETTING THE RECORD STRAIGHT tĞ ƌĞĨĞƌ ƚŽ Ă ƉƵďůŝĐĂƟŽŶ ŝŶ dŚĞ 'ƵĂƌĚŝĂŶ ĂŶĚ dŚŝƐĚĂLJ ŽĨ ƚŚĞ ĨƌĞĞ njŽŶĞƐ͕ ǁŚŝĐŚ ŝƐ ǁŚLJ K'& ŝŶƐŝƐƚƐ ƚŚĂƚ ƚŚŽƐĞ ĐŚĂƌŐĞƐ ŵƵƐƚ ďĞ ĂƉƉƌŽǀĞĚ ďĞĨŽƌĞ ƚŚĞLJ ĐĂŶ ďĞ ĂƉƉůŝĞĚ ŝŶ ƚŚĞ ĨƌĞĞ DŽŶĚĂLJ͕ ϮϬ EŽǀĞŵďĞƌ ϮϬϭϳ ĂŶĚ ǁĂŶƚ ƚŽ ƐƚĂƚĞ ĂƐ ĨŽůůŽǁƐ͗ njŽŶĞƐ ĂƐ ƉƌŽǀŝĚĞĚ ĨŽƌ ŝŶ ƚŚĞ ĞdžƚĂŶƚ ůĂǁ͘ ϭͿ /ƚ ŝƐ ŶŽƚ ƚƌƵĞ ƚŚĂƚ ĂŶLJ ĐŽŵƉĂŶLJ ŚĂƐ ŵŽǀĞĚ ŽƵƚ ŽĨ ƚŚĞ Kŝů ĂŶĚ 'ĂƐ &ƌĞĞ ŽŶĞƐ ďĞĐĂƵƐĞ ŽĨ ƚŚĞ ĚŝƐĂŐƌĞĞŵĞŶƚ ďĞƚǁĞĞŶ ƚŚĞ Kŝů ĂŶĚ 'ĂƐ &ƌĞĞ ŽŶĞƐ ƵƚŚŽƌŝƚLJ ;K'& Ϳ ĂŶĚ ϲͿ tĞ ĂůƐŽ ǁĂŶƚ ƚŽ ƐĂLJ ƚŚĂƚ ŝƚ ŝƐ ŶŽƚ ƚƌƵĞ͕ ĂƐ ĂůůĞŐĞĚ ŝŶ /ŶƚĞůƐ EŝŐĞƌŝĂ >ŝŵŝƚĞĚ͘ ƵŶŝŶĨŽƌŵĞĚ ƋƵĂƌƚĞƌƐ͕ ƚŚĂƚ /ŶƚĞůƐ ŝƐ ůĂLJŝŶŐ Žī ƐƚĂī ďĞĐĂƵƐĞ ƚŚĞ ĐŽŵƉĂŶLJ ŚĂƐ ďĞĞŶ ĂƐŬĞĚ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƟŽŶƐ ƚŚĂƚ ŐŽǀĞƌŶ ŽƉĞƌĂƟŽŶƐ ŝŶ ƚŚĞ ĨƌĞĞ njŽŶĞƐ͘ dŚĞ ƚƌƵƚŚ ŝƐ ƚŚĂƚ ϮͿ /Ŷ ƚŚĞ ůĂƐƚ ƋƵĂƌƚĞƌ ŽĨ ůĂƐƚ LJĞĂƌ Ă ĨĞǁ ĐŽŵƉĂŶŝĞƐ ĂƉƉůŝĞĚ ƐŝŶĐĞ ϮϬϭϱ͕ /ŶƚĞůƐ ŚĂƐ ďĞĞŶ ĚŽǁŶƐŝnjŝŶŐ ƉƵƌĞůLJ ĨŽƌ ĞĐŽŶŽŵŝĐ ƚŽ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ŽĨ K'& ĂŶĚ ŝŶĚŝĐĂƚĞĚ ŝŶƚĞƌĞƐƚ ŐŽ ůĞĂǀĞ ƌĞĂƐŽŶ͘ ƚŚĞ ĨƌĞĞ njŽŶĞƐ ďĞĐĂƵƐĞ ŽĨ ƚŚĞ ůƵůů ŝŶ ĞĐŽŶŽŵŝĐ ĂĐƟǀŝƟĞƐ ŝŶ ƚŚĞ Kŝů ĂŶĚ 'ĂƐ ƐĞĐƚŽƌ ĨŽƌ ǁŚŝĐŚ ƚŚĞLJ ƉƌŽǀŝĚĞĚ ůŽŐŝƐƟĐ ƐĞƌǀŝĐĞƐ͘ dŚŝƐ ǁĂƐ ďĞĨŽƌĞ ƚŚĞ ĂƉƉŽŝŶƚŵĞŶƚ ŽĨ ƚŚĞ ĐƵƌƌĞŶƚ ŵĂŶĂŐŝŶŐ ϳͿ dŚĞ ƵƚŚŽƌŝƚLJ ǁŝƐŚĞƐ ƚŽ ƐƚĂƚĞ ƚŚĂƚ ŽŶĞ ŽĨ ƚŚĞ ĚŝƌĞĐƚŽƌ ŽĨ K'& ͕ Dƌ hŵĂŶĂ KŬŽŶ hŵĂŶĂ͘ ĐŽŵƉĂŶŝĞƐ͕ EĞƚ 'ůŽďĂů >ŝŵŝƚĞĚ͕ ǁĂƐ ŵĞŶƟŽŶĞĚ ĞĂƌůŝĞƌ ŝŶ ĞƌƌŽƌ ĂƐ ĂŶ ĂĸůŝĂƚĞ ŽĨ /ŶƚĞůƐ ƚŚĂƚ ĂůƐŽ ĂƉƉůŝĞĚ ĨŽƌ ĚĞƌĞŐŝƐƚƌĂƟŽŶ͘ dŚĞ ĐŽƌƌĞĐƚ ƉŽƐŝƟŽŶ ŝƐ ƚŚĂƚ EĞƚ 'ůŽďĂů ^LJƐƚĞŵ /ŶƚĞƌŶĂƟŽŶĂů ϯͿ ĨĞǁ ŽƚŚĞƌ ĐŽŵƉĂŶŝĞƐ ĂůƐŽ ĚĞĐŝĚĞĚ ƚŽ ĚĞƌĞŐŝƐƚĞƌ͕ >ŝŵŝƚĞĚ ŝƐ ŶŽƚ ĂŶ ĂĸůŝĂƚĞ ŽĨ /ŶƚĞůƐ͖ ƚŚĞ ĐŽŵƉĂŶLJ ŚĂĚ ďĞĞŶ ĐŽŵƉůĂŝŶŝŶŐ ŽĨ ĞdžĐĞƐƐŝǀĞ ƚĂƌŝīƐ ĐŚĂƌŐĞĚ ďLJ /ŶƚĞůƐ ƚŽ ůŝĐĞŶƐĞĞƐ ŝƐƐƵĞĚ ǁŝƚŚ Ă ĨƌĞĞ njŽŶĞ ŽƉĞƌĂƟŶŐ ůŝĐĞŶĐĞ ĨŽƌ ϮϬϭϳ͕ ŚĂǀŝŶŐ ŝŶ ƚŚĞ njŽŶĞ͕ Ă ĚĞǀĞůŽƉŵĞŶƚ ǁŚŝĐŚ ůĞĚ K'& ƚŽ ŝŶƐŝƐƚ ŽŶ Ă ŵĞƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ƚŚĞ ƌĞŶĞǁĂů ŽĨ ůŝĐĞŶĐĞ͘ dŚĞ EŝŐĞƌŝĂ ĚŽǁŶǁĂƌĚ ƌĞǀŝĞǁ ŽĨ ƚŚĞ ĐƵƌƌĞŶƚ ƚĂƌŝīƐ ĂŶĚ ƚŚĞ ĂƉƉƌŽǀĂů ŽĨ /ŵŵŝŐƌĂƟŽŶ ^ĞƌǀŝĐĞ ŚĂƐ ďĞĞŶ ĂĚǀŝƐĞĚ ĂĐĐŽƌĚŝŶŐůLJ͘ Ă ŶĞǁ ƚĂƌŝī ƌĞŐŝŵĞ ďLJ ƚŚĞ ƵƚŚŽƌŝƚLJ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ĞdžƚĂŶƚ ůĂǁ ŝŶ ƚŚĞ ĨƌĞĞ njŽŶĞ͘ ϴͿ tĞ ǁĂŶƚ ƚŽ ƐĂLJ ƚŚĂƚ ůŝĐĞŶĐĞƐ ŚĂǀĞ ďĞĞŶ ŝƐƐƵĞĚ ĨŽƌ ŶĞǁ ĐŽŵƉĂŶŝĞƐ ĐŽŵŝŶŐ ŝŶƚŽ ƚŚĞ ĨƌĞĞ njŽŶĞƐ ƚŚŝƐ LJĞĂƌ͘ dŚŝƐ ϰͿ KŶ ϭϰ DĂƌĐŚ ϮϬϭϳ ĂŶĚ Ϯϱ Ɖƌŝů ϮϬϭϳ͕ ϭϲ ĐŽŵƉĂŶŝĞƐ ŝƐ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ĨƌĞĞ ĞŶƚƌLJ ĂŶĚ ĨƌĞĞ Ğdžŝƚ ƌĞĂůŝƚLJ ŽĨ ƚŚĞ ĂĸůŝĂƚĞĚ ƚŽ /ŶƚĞůƐ ĞƋƵĂůůLJ ĂƉƉůŝĞĚ ĨŽƌ ĚĞƌĞŐŝƐƚƌĂƟŽŶ͕ ĐŝƟŶŐ ŵĂƌŬĞƚƉůĂĐĞ͘ ůĂĐŬ ŽĨ ďƵƐŝŶĞƐƐ͘ dŚŝƐ ŚĂĚ ŶŽƚŚŝŶŐ ƚŽ ĚŽ ǁŝƚŚ ƚŚĞ ĚŝƐĂŐƌĞĞŵĞŶƚ ďĞƚǁĞĞŶ K'& ĂŶĚ /ŶƚĞůƐ͘ ϵͿ dŚĞ ƵƚŚŽƌŝƚLJ ǁŝůů ůŝŬĞ ƚŽ ďĞ ĐůĞĂƌ ƚŚĂƚ ŝƚ ǁŝůů ŶŽƚ ďĞ ĚŝƐƚƌĂĐƚĞĚ ŝŶ ƚŚĞ ĞdžĞĐƵƟŽŶ ŽĨ ŝƚƐ ŵĂŶĚĂƚĞ͕ ǁŚŝĐŚ ĞŶũŽŝŶƐ ŝƚ ƚŽ ƉƌŽǀŝĚĞ Ă ůĞǀĞů ƉůĂLJŝŶŐ ĮĞůĚ ĨŽƌ Ăůů ĨƌĞĞ njŽŶĞ ĐŽŵƉĂŶŝĞƐ͕ ĞŶĐŽƵƌĂŐĞ ƚŚĞ ĚĞĞƉĞŶŝŶŐ ŽĨ ƚŚĞ ĨƌĞĞ njŽŶĞƐ ƚŚƌŽƵŐŚ ƚŚĞ ĂƩƌĂĐƟŽŶ ŽĨ ŵŽƌĞ ŝŶǀĞƐƚŽƌƐ ĂŶĚ ĚŝƐĐŽƵƌĂŐĞ ƚŚĞ ĞdžŝƐƚĞŶĐĞ ŽĨ Ă ŵŽŶŽƉŽůLJ ƚŚĂƚ ĐĂŶ ƚŚƌĞĂƚĞŶ ĐŽŵƉĞƟƟŽŶ ƚŚƌŽƵŐŚ ĞdžĐĞƐƐŝǀĞ ĐŚĂƌŐĞƐ͘
ϱͿ /ƚ ŝƐ ŶŽƚ ƚƌƵĞ ƚŚĂƚ ĂŶLJ ĐŽŵƉĂŶŝĞƐ ŚĂǀĞ ůĞŌ Žƌ ĂƉƉůŝĞĚ ƚŽ ůĞĂǀĞ ƚŚĞ ĨƌĞĞ njŽŶĞƐ ďĞĐĂƵƐĞ ŽĨ ƚŚĞ ĐƵƌƌĞŶƚ ĚŝƐĂŐƌĞĞŵĞŶƚ ďĞƚǁĞĞŶ K'& ĂŶĚ /ŶƚĞůƐ͘ dŚĞ ĐĂƐĞƐ ŽĨ ĚĞƉĂƌƚƵƌĞƐ ĨƌŽŵ ƚŚĞ ĨƌĞĞ njŽŶĞƐ ĐŝƚĞĚ ĂďŽǀĞ ƚŽŽŬ ƉůĂĐĞ ďĞĨŽƌĞ ƚŚĞ ŽŶƐĞƚ ŽĨ ƚŚĞ ĚŝƐĂŐƌĞĞŵĞŶƚ͕ ĂŶĚ ƚŚĞ ƌĞĂƐŽŶ ǁŚŝĐŚ ƚŚĞ ĐŽŵƉĂŶŝĞƐ ŐĂǀĞ ǁĂƐ ĞĐŽŶŽŵŝĐ͘ ,ŽǁĞǀĞƌ͕ K'& ŝƐ ĂǁĂƌĞ ƚŚĂƚ ƐŽŵĞ ĐŽŵƉĂŶŝĞƐ ŚĂǀĞ ůĞŌ ĂŶĚ ƚŚƌĞĂƚĞŶĞĚ ƚŽ ůĞĂǀĞ ƚŚĞ ĨƌĞĞ njŽŶĞƐ ďĞĐĂƵƐĞ ŽĨ ĞdžĐĞƐƐŝǀĞ ĐŚĂƌŐĞƐ ŝŵƉŽƐĞĚ ďLJ ƚŚĞ ĨƌĞĞ njŽŶĞ ĐŽŶĐĞƐƐŝŽŶĂŝƌĞ ǁŝƚŚŽƵƚ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ƵƚŚŽƌŝƚLJ͘ tĞ ǁĂŶƚ ƚŽ ŶŽƚĞ ƚŚĂƚ ƚŚĞ ϭϬͿ dŚĞ ƵƚŚŽƌŝƚLJ ĂůƐŽ ǁŝƐŚĞƐ ƚŽ ƐƚĂƚĞ ƚŚĂƚ ŝƚ ŝƐ ĐƵƌƌĞŶƚůLJ ĞdžĐĞƐƐŝǀĞ ĐŚĂƌŐĞƐ ŚĂǀĞ ĞƌŽĚĞĚ ƚŚĞ ŝŶĐĞŶƟǀĞƐ ƉƌŽǀŝĚĞĚ ďLJ ĞŶŐĂŐŝŶŐ /ŶƚĞůƐ EŝŐĞƌŝĂ >ŝŵŝƚĞĚ ǁŝƚŚ Ă ǀŝĞǁ ƚŽ ƌĞƐŽůǀŝŶŐ ƚŚĞ ůĂǁ ĨŽƌ ĨƌĞĞ njŽŶĞ ůŝĐĞŶƐĞĞƐ͕ ĂŶĚ ƵŶĚĞƌŵŝŶĞĚ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĐŽŶƚĞŶƟŽƵƐ ŝƐƐƵĞƐ͘
Signed:
IBORO OTONGARAN SA Media to MD/CEO
T H I S D AY WEDNESDAY NOVEMBER 22, 2017
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T H I S D AY Ëž Ëœ Í°Í°Ëœ Í°ÍŽÍŻÍľ
COMMENT
Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
A FAILED MISSION
President Buhari failed to utilise his rare visit to the Southeast, argues Sonnie Ekwowusi
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ast week President Buhari visited South-eastern Nigeria. The mission was not prompted by any altruistic reason. It was prompted by a narrow selfish political motive - to win new party loyalists and to capture electoral votes in Anambra State. For the umpteenth time, Asiwaju Bola Tinubu has drawn the attention of President Buhari to the phenomenal sufferings and genteel poverty in Nigeria. But President Buhari appears not to listen. The president travelled to the South-East not to seek ways of alleviating the sufferings and poverty in the area but to canvass for political patronage and electoral votes. Simply put, the president primarily visited the Southeast to campaign for Tony Nwoye, the gubernatorial candidate of the All Progressives Congress (APC) in the just-concluded Anambra gubernatorial election. Since President Buhari came to power he had refused to visit the Southeast until last week. When the Biafra agitations in the Southeast assumed a frightening proportion, Buhari did not deem it fit to quickly visit Anambra to reassure everyone there that he stood for one Nigeria (Vice-President Yemi Osinbajo visited the Southeast at some time). Shortly after his ministerial appointment and the last NNPC appointments, the Igbos complained to President Buhari that they were being marginalised in Nigeria but again Buhari did not deem it fit to visit the Southeast to reassure the Igbos that he loved them and was not out to marginalise them in his government. But just last week, precisely two days to the Anambra election, it dawned on President Buhari that he should visit the Southeast. And off he went. He was in a hurry to go because he was so keen on endorsing Tony Nwoye as the candidate to vote for in the Anambra election. But fortunately or unfortunately Nwoye lost the Anambra election. APGA’s Governor Willie Obiano is back in the saddle. For Buhari, it was a failed mission, a mission unaccomplished. The rest is now history. One would have thought that President Buhari would take advantage of his visit to the Southeast to seek new solidarity and understanding with the people of the Southeast who have been complaining of marginalisation in his administration. One would have thought that on getting to the Southeast the president would have regretted the murder of protesting Southeast civilians by the Nigerian military if not for anything else as a symbolic gesture that he values human lives. You will recall that on February 9, 2016 the Nigerian soldiers shot and killed countless defenceless civilians who were peacefully holding prayers inside the football field of Ngwa High School, Aba in Abia State. On May 30, 2016 over 30 civilians were killed and many injured by the military after several clashes involving the military, police and some protesting civilians at Nkpor-Agu, Niger Bridge, Onitsha and Asaba. As if those heinous crimes were not enough, in September 2017 the Nigerian military, contrary to section 217(2)(c)(d) of the 1999
ONE WOULD HAVE THOUGHT THAT PRESIDENT BUHARI WOULD TAKE ADVANTAGE OF HIS VISIT TO THE SOUTHEAST TO SEEK NEW SOLIDARITY AND UNDERSTANDING WITH THE PEOPLE OF THE SOUTHEAST WHO HAVE BEEN COMPLAINING OF MARGINALISATION IN HIS ADMINISTRATION
Constitution, was deployed to invade the Southeast in what was tagged Operation Python Dance 11. During that invasion, several civilians were either murdered or badly injured. Shortly after that invasion the same military also invaded some Anambra schools and started administering unsolicited dangerous vaccination on Anambra school children to the chagrin of their parents. Really it was unwise for President Buhari to have kept mute about the aforesaid killings in the Southeast. In her incisive essay titled: An Inquiry into the Persistence of Unwisdom in Government, Barbara Tuchman, eminent American historian, twice winner of the Pulitzer Prize, wondered why most leaders had accomplished less in government. After a painstaking comparative study of empires and countries such as Greece under Pericles; Rome under Ceazer; France under Napoleon; Germany under Hitler; China under Mao Tse-Tung; United States under George Washington, Tuchman attributed the poor performance or the outright failure of most leaders to, among other things, unwisdom, wooden-headedness, incestuous narcissism and stupidity. I think President Buhari’s failure to empathise with the people of the Southeast over these killings could be attributed to wooden-headedness. If the president had humbly shown that he understood the people and shares their feelings, their joys and sorrows; if he had humbly empathised with the people over their sufferings and the injustices meted out against them he would have probably won the hearts of the people of the Southeast especially the youths comprising the bulk of the population. You will recall that when Vice-President Yemi Osinbajo visited the Southeast he was very much received by the people. Why? Because he showed empathy, love and affection for the people. But when Buhari came visiting last week he showed no such understanding with the people. He talked tough. His only concern was to make Tony Nwoye the Governor of Anambra. In fact, maverick governor Rochas Okorocha had urged President Buhari to do everything possible to ensure that Nwoye won the Anambra election. During the visit Buhari was surrounded by political sycophants and a few cash-and-carry Igbo red cap chiefs who had thrown tradition, decorum and respectability overboard and constituted themselves into praise-singers and chieftaincy awarders. The Obi of Onitsha who still guards his integrity jealously stayed away from the charade. All said, the Anambra voters have affirmed their identity as the sovereigns in our constitutional democracy. They have shown that they are no fools to be easily deceived with empty political talks. Representative democracy, in contrast, to direct participatory democracy, simply means government with the consent derived from the people. Power belongs to the people. And the people are free to wield this power in the way that suits their fancy. No power drunk politician has a right to dictate to the voters the candidate they should vote for at periodic elections.
A PARTY OF GIANT KILLERS
Chuks Iloegbunam writes that Gov Willie Obiano earned his second term at the poll
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nyone asked the impact of Governor Willie Obiano’s victory in the November 18 gubernatorial ballot in Anambra State could answer with a single word: Crushing. He won in all of the 21 local government areas of the state. His closest rivals came up in dismal second, third and fourth places. The combined total of the votes garnered by the rest of the 33 candidates managed to hit the hundreds. Significantly, ex-Governor Peter Obi, the godfather of PDP candidate Oseloka Obaze lost in his Anaocha local government area. Mr. Obaze himself lost in his Ogbaru local government area. His running mate, Mrs. Alexandria Chidi Onyemelukwe, famed daughter of Dr. Alex Ekwueme, lost in her Nnewi North local government area. The string of tragic losses is bewildering. APC candidate Tony Nwoye lost in his Anambra East local government area. His bankroller, the tycoon Arthur Eze, lost in his Dunukofia local government area. The loquacious PDP campaign director-general Joe-Martins Uzodike lost in the polling booth in front of his Awka-Etiti house. Indeed, APGA is a party of giant killers. All their opponents were buried in a landslide! Anyone asked the meaning of Governor Obiano’s reelection could answer by saying that, “One good term deserves a second.� They would be right. But such an answer pleads for amplification. My younger sister, Mrs. Anne Offor, phoned to say “Congratulations.� In the small talk that followed, she said there was never an impulsion on her part to listen to the diatribe
on radio that passed for political campaigns. She had no cause to attend an Obiano rally. She saw no point in busybodies preaching to the converted. She knew that her vote was for Obiano. Why? My sister’s answer was the same as proffered by thousands of retirees in the state. With an honours degree in Mathematics from the University of Nigeria, Nsukka, she went into teaching the subject at secondary school level. When she turned 60 during March 2017, mandatory retirement beckoned. “I got my gratuity less than two months after retirement. I’ve since been regularly and promptly collecting my pension, while in many other states workers are committing suicide for non-payment of salaries,� she explained. “That settled it for me. No further campaigning was necessary. My vote was for Willie Obiano.� Willie Obiano is an empathetic leader. He is on record as saying that it was sinful not to pay workers their salaries as and when due. Even before becoming governor, he turned over his vast estate in Aguleri to relief workers for the accommodation and comfort of flood victims. As governor, he established proper platforms for giving a meaning to the lives of the physically challenged. Those with shattered limbs were fitted with prosthetic alternatives. Those with the necessary qualifications were given automatic employment. In discussions with him, he was always emphatic that governance had to run on the wheels of humanity. The problem of the collection of illegal levies and taxes was a knotty one. Yet he forbade the use of brute force
on violators of the law. “No one should be hit; nobody should be beaten up. Offenders must only be arrested and prosecuted,� he maintained. Governor Obiano has gradually been removing Anambra from the warp of kill, mangle, trample, strangle and obliterate. He has been building a kinder, gentler society way removed from the impunity of past unconscionable political leadership. He chased the kidnappers away, vowing to remain awake in order that his people would always sleep with both eyes wide shut! Rice, a staple food in these parts, always seemed like cultivated only for the affluent. He got his people Anambra Rice. He deployed time into ascertaining not just what the people wanted but, more importantly, what was inevitable for their individual and collective fulfillment. The rational assumed that his second term of office was a fait accompli. The problems materialised precisely from that time in point. Those responsible for establishing a zoning system for the Anambra governorship seat to move in turns from one Senatorial district to another turned abruptly around and swore to disrupt and overturn the acclaimed arrangement. Politicians desperate to elude pursuers of illgotten lucre swamped what they tagged “Party of the National Grid� and vowed to orchestrate the very death of APGA, the only national political party rooted in the Igbo country. People deserving of checking themselves into prison for long stretches over multiple criminal infractions suddenly became the toast of expired politicians striking poses as kingmakers with oracular prowess. The din was overwhelming. The injustice
was stultifying. From sunup to sundown they had a changeless song in their vocal cords – that of traducing Willie Obiano. If he spent a Kobo on a life-saving gadget for the State’s Teaching Hospital, they would post on the Internet that he had blown a hundred billion on choice wines. Even if he flew up to Abuja in a commercial flight and displayed his boarding pass for all to see, they would claim that he had chattered four aircraft for the 35-minute hop into the nation’s capital. The lies went ballistic on people’s senses. There was also the sacrilege. They organised what was termed a political rally and used it to set ablaze bales of cloth bearing the image of General Ojukwu. Would anyone try that of Chief Obafemi Awolowo in the Yoruba country? Would anybody attempt that of Sir Ahmadu Bello in Arewaland? All sorts of characters deluged Anambra State, speaking at its people. The fact that Governor Obiano kept a cool head all through the impertinence and provocations, the fact that his people maintained the peace in the name of democracy, and the added fact that, in victory, neither Obiano nor APGA has been triumphalist, is a testament worthy of understanding. Anambra is not for pushing around. Ndigbo are not anybody’s second-class citizens. The vanquished may now go into hibernation, licking their wounds, utterly humiliated, politically terminated, and their bloated egos comprehensively eviscerated. Governor Willie Obiano’s electoral victory means that the fate of Ndigbo is squarely in their own hands. Iloegbunam is the chairman of Governor Obiano’s Media Team
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EDITORIAL 60 0 NIGERIANS ON DEATH ROW IN ASIA The authorities could do more to curb the boom in drug trafficking
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arely one year ago, Legal Defence and Assistance Project (LEDAP), a human rights organisation, alerted the nation that about 300 Nigerians were on death row in prisons across Asian countries. During the World Day Against the Use of the Death Penalty last week, LEPAD once again drew the country’s attention to the rising number of Nigerians awaiting execution in different parts of the world. Within this period, the number of offenders has doubled as more than 600 Nigerians in South- East Asia countries are awaiting the hangman, most of them on drug-related offences. The revelations highlight the increasing desperation of some Nigerians in the narcotic trade. More Nigerians are pouring across the borders with hard drugs in spite of the sophistication in technology as well as the stiff punishment mapped out to curb the illegal business. The boom in the illegal trade perhaps speaks to the fact that the country’s law enforcement agencies still have much work on their hands. Malaysia, Thailand and Indonesia are evidently among the active drug routes, judging by the WHILE WE AGREE number of trafďŹ ckers THAT THE AUTHORITY caught regularly. COULD DO MORE TO Incidentally, these GET NIGERIANS OUT are countries where it is public knowledge OF TROUBLE, WE HAVE ALSO EMPHASISED THAT that trafďŹ cking in NIGERIANS SHOULD LIVE hard drug carries the WITHIN THE LAWS OF THE mandatory death COUNTRY THEY CHOSE TO sentence. Indeed, many conRESIDE OR DO BUSINESS victed drug trafďŹ ckers had been executed in Asia, from Singapore to Vietnam. Some 120 Nigerians were reportedly on death row in Chinese prisons, due mainly to peddling in narcotics. According to reports, about 16,500 Nigerians are pinning away in various prisons across the world, most of them on drug–related cases. But Indonesia seems an exceptional destination as many Nigerians have been caught, tried and executed there in the recent past. The gravity of the problem was underscored recently when the federal government led by Geoffrey
Letters to the Editor
Onyeama, Minister of Foreign Affairs, pleaded with the government of Indonesia to commute the death penalty passed on Nigerians to life imprisonment. But Indonesia was non-committal. In 2016, three convicted drug peddlers were killed in Indonesia while some 153 others were placed on death row. In one particular sensational outing which captured the attention of the world in April 2015, four Nigerians convicted of drug trafďŹ cking were executed along with other nationals by Indonesian authorities via ďŹ ring squad. Pleas for leniency by Nigeria, the United Nations and Amnesty International were reportedly downplayed by the Indonesian government partly because “at that point, seven fresh cases of drug trafďŹ cking involving Nigerians had just emerged in Indonesiaâ€?.
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nfortunately, that execution came shortly after the upper house of parliament, the Senate, debated a motion entitled: “Nigerians involvement in illicit global drugs trade and increase in domestic drug abuse by Nigerian youth.â€? The Senate noted rightly that our nationals were viewed with suspicion and subjected to demeaning treatment at airports across the world as a result of this negative perception. Indeed, they inict grave damage on the country’s image across the world. Yet LEPAD also raised other concerns: that Nigeria has often greeted these reports with no more than a shrug. In effect, the country is not doing much to get some of those who had conict with the law out of trouble. According to Mr. Chino Obiagwu, National Coordinator of LEPAD, the government “has not shown reasonable interest in the plight of these Nigerians in foreign land.â€? He said many of the convicts were subjected to summary trials and convicted without the beneďŹ t of legal counsel. While we agree that the authority could do more to get Nigerians out of trouble in foreign land, we have also emphasised that Nigerians should live within the laws of the country they chose to reside or do business. But the scale of the problem and the consequences for our image, national security and public health are so severe that something must be done urgently.
TO OUR READERS Letters in response to speciďŹ c publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.
LAGOS-IBADAN EXPRESSWAY AND THE‘EMBER’MONTHS’
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ccording to reports, five persons died and many others were seriously injured in an early morning road mishap at the famous Kara Bridge, just by the Lagos end of the Lagos-Ibadan Expressway. Viewing the gory scene of the tragic event through various media platforms was quite distressing. Three of the victims died instantly while the other two died in the hospital. Reports had it that about 55 people were involved in the accident, 40 men and 15 women. An account of the incident revealed that a tanker laden with 33,000 litres of diesel ram into a stationary truck carrying brewery products. The resultant oil spill on the road resulted in the multiple crashes involving some trucks and cars. No fewer than 16 vehicles, comprising eight trucks and eight vehicles were involved in the multiple crashes allegedly caused by the spilled diesel. As if the lives that have been wasted through the Lagos-Ibadan Expressway gruesome incident weren’t enough for that day, reports had it that two other people died in another accident which involved a collision between a truck and a train in the Fagba axis of Lagos State, on same day. So, it was a rather busy day for men and officials of the Lagos State Emergency Agency (LASEMA) who had to move immediately from that incident on the Kara Bridge straight to Fagba for rescue operation. Characteristically, many have tried to establish a connection between these bloody incidences and the usual ‘ember’ months’ tragic jargon. The so-called ‘ember’ months, which refer to
the last four months of the year from September to December, are naturally regarded as tragedy-prone period. This belief is so entrenched in the consciousness of the people that various religious groups and other relevant institutions regularly organise special prayer sessions and seminars with a view to minimising ember months’ havoc. The reality, however, is that the so-called ‘ember’ months are not spiritually jinxed as many might want to swear they are. Tragedy occurs in ‘ember’ months just as it does in every other month of the year. Ascribing needless spiritual and mythical undertones to tragic happenings during the ‘ember’ months could just be the usual Nigerian way of trivialising issues. Rather than clothing the ‘ember’ months in a garb of gratuitous mystery, the pragmatic way of explaining dreadful events during these months is more human than mythological. The truth is that there is usually an increase in the tempo of public, private and corporate activities during this period. Religious bodies are equally not left out of the frenzy of the season as they organise various events during the period. The ‘ember’ months are always the busiest on our roads for obvious reasons and the tumultuous air of festivity do not really help matter. It is a period when people are in so much haste to make all the money they have not made since the beginning of the year. Hence, commercial drivers, who usually embark on five trips per day, capitalise on the aura of festivity to go for 10 trips. This, naturally, comes with its fatal consequences. It is only logical that when there is a mass exodus of people from one place to the
other, there is bound to be a measure of uncertainty and disorder. The bottom line, therefore, is that tragic occurrences are bound to happen during the ‘ember’ season because of the intensity of human activities. In a bid to be part of the various end-of-year activities slated for the period, a lot of people throw caution into the wind by disregarding critical safety issues. Vehicles are driven irresponsibly. Alcoholic drinks are consumed with reckless abandon while social outings are organised as if tomorrow will not come. The atmosphere, during the season, is often filled with unusual allure and jollity. It is in the midst of this hilarity that avoidable human blunders that result into diverse kinds of misfortunes usually occur. Hence, it is imperative for everyone to, first and foremost, have a changed perception of the ‘ember’ months. Conscious efforts must be made to disrobe the months of every garb of unfounded mysticism. It is only when we are convinced that the dangers associated with the months are human rather than mythical that we could really make considerable progress in averting disasters during the months. Therefore, enforcement of existing laws and attitudinal change is central to making any progress. Consequently, as we march towards the end of the year, we must modify our views on the ‘ember’ months. We must not get involved in any pointless extra-ordinary end of the year ‘rush’ that could endanger our lives and, indeed, those of others. Tayo Ogunbiyi, Ministry of Information and Strategy, Alausa, Lagos
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T H I S D AY WEDNESDAY NOVEMBER 22, 2017
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T H I S D AY ˾ WEDNESDAY, NOVEMBER 22, 2017
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MIDWEEKPOLITICS
Group Politics Editor Tobi Soniyi Email tobi.soniyi@thisdaylive.com 08033146139 SMS ONLY
TRIBUTE
Ekwueme: Service Without Blemish Nigeria’s first executive Vice President, Dr Alex Ifeanyichukwu Ekwueme, left us with valid proof that it is possible to serve one’s country without stealing, writes Tobi Soniyi
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n Nigeria, integrity is a rare quality among politicians. We struggle to find among our political elite people who place high premium on integrity. Until last Sunday however, the nation was lucky to have one in Alex Ifeanyichukwu Ekwueme. Last Sunday, Ekwueme, the first Nigerian elected vice president died in a London Hospital. A statement, signed by his brother and the traditional ruler of Oko in Anambra State, Igwe Laz Ekwueme, said Ekwueme died at 10:00 pm. The statement reads in part: “Ekwueme family regrets to announce the peaceful passing away of their patriarch, the former Vice-President of the Federal Republic of Nigeria Dr. Alex Ifeanyichukwu Ekwueme GCON. “The sad event occurred at the London Clinic at 10:00 pm on Sunday 19th November 2017.” The former vice president, who turned 85 in October, reportedly collapsed in his Enugu residence few weeks ago and was taken to the Memfys Neurosurgery Hospital, Enugu, where he relapsed and went into a coma. President Muhammadu Buhari subsequently directed that he be immediately flown abroad for urgent medical treatment. Buhari authorised the Ekwueme trip after being briefed on Ekwueme’s condition. When the military overthrew the government wound up when he was about to resume office under which he was vice president, he alongside as the first executive vice president of Nigeria. other politicians were sent to jail. He spent 20 Ekwueme had presided over the Nigerian Institute months in Kirikiri prisons. Their tormentor-in-chief of Architects and the Architects Registration Council was Muhammadu Buhari who was the head of of Nigeria. He was Chairman of the Board of the military junta that overthrew the Shagari Trustees of the Nigerian Institute of Architects. Charitable Work government. Prior to his election as vice president, Ekwueme But Ekwueme’s stewardship as vice president saved him as the Justice Uwaifo panel, set up by was actively involved in the socio-economic the military government of Ibrahim Babangida, development of his community. In addition to his set him free with these famous words: “Dr. many public service roles within his community, Ekwueme left office poorer than he was when he started an active educational trust fund that he entered it, and to ask more from him was to sponsored education of several hundred youths set a standard which even saints could not meet.” to universities in Nigeria and abroad. He was He established a thriving professional practice. a member of the housing sub-committee of the He was successful in business. He however Adebo Salaries and Wages Review Commission. chose to serve the people and his country as He also served for many years on the board of the Anambra State Housing Development Authority. vice president. He came out poorer. Ekwueme was a member of the Nigeria National Born October 21, 1932, Ekwueme was the first elected vice-president of Nigeria. He served as Constitutional Conference (NCC) in Abuja, where deputy to former President Shehu Shagari between he served on the committee on structure and framework of the constitution. 1979 and1983. At the conference, he proposed an equitable power An Intellectual Power House The late politician stated his primary school sharing in Nigeria based on the six geopolitical education at the St John’s Anglican Central School zones which he said would help to maintain a at Ekwulobia. He latter proceeded to the King’s stable polity. Ekwueme mobilized the group of 34 eminent College, Lagos. An intellectual power house, Ekwueme had Nigerians who risked their lives to stand up degrees in so many areas as he went about against the dictatorship of General Sani Abacha developing his capacities. As a recipient of the during the era of military rule in Nigeria. He latter joined others to found the Peoples Fulbright Scholarship in the United States of America (being one of the first Nigerians to Democratic Party and was the first chairman of get the award), he attended the University of the party’s board of trustees. He was a member of the Board of Directors Washington, Seatle, where he earned bachelor’s degree in architecture and city planning. He later of Canada-based Forum of Federations. He was obtained a master’s degree in urban planning also a member of the Economic Community of West African States (ECOWAS) Council of Elders. from the same university. Ekwueme also earned degrees in sociology, Ekwueme was leader of the team assembled by history, philosophy and law from the University the National Democratic Institute (NDI) for preof London, before proceeding to obtain a Ph.D. election monitoring for the parliamentary election in Architecture from the University of Strathclyde in Zimbabwe in 2000. He was the leader of the in England. Yet with these many certificates in Organisation of Africa Unity(OAU) observer team his kitty, he still had the time to proceed to the to the Tanzanian Presidential and Parliamentary Nigeria Law School and was awarded a Barrister election in 2000. He co-led the 28-member NDI/ Carter Centre sponsored observer team to the at Law certificate. Liberian Presidential run-off election in 2005. Most recently Dr Ekwueme was called upon by the Career Ekwueme was a distinguished architect. He ruling party in Nigeria to head the Reconciliation started his professional career as an Assistant Committee in the wake of intra-party discord Architect with a Seattle-based firm, Leo A. Daly and Associates, and also with the London based firm Nickson and Partners. On his return to Nigeria, he joined ESSO West Africa, Lagos, overseeing the construction and maintenance department. We struggle to find among He then went on to create a successful private business with his firm - Ekwueme Associates, our political elite people Architects and Town Planners, the first indigenous who place high premium architectural firm in Nigeria. His practice flourished with 16 offices spread all over Nigeria and was on integrity
and after the recent presidential election. Ekwueme died when her daughter, Alexandria Chidi Onyemelukwe, the running mate of the Peoples Democratic Party’s governorship candidate, Oseloka Obaze lost her bid to become deputy governor of Anambra state. A Nationalist At a time when allegiance to regional political parties was in vogue, Ekwueme chose not to join the party of Nnamdi Azikiwe which was very popular in the south-east. Instead he opted for the National Party of Nigeria. His ability to see beyond his immediate environment eventually landed him the vice presidential job. A Humble Man At a time when the number of Nigerians with Ph D were very rear, Ekwueme agreed to serve as vice president under Shagari who only had a certificate in teaching. Some arrogant Ph D holders would have considered that as an assault. Ekwueme, not only agreed to serve, he related with the president with deference. Tributes Nigerians have continued to pay tributes to the late first Nigerian Vice President, Dr Alex Ekwueme. Using his twitter handle, the Senate President, Bukola Saraki, paid tribute to Ekweume by commending his dedication and service to the nation. He said: “Today, I join Ndigbo and the entire nation to mourn the passing of one of Nigeria’s most illustrious sons, H.E. Dr. Alex Ekwueme, our first elected Vice-President. As we mourn his death, we celebrate his dedication and service to the development of our country. “I will always remember Dr. Alex Ekwueme for his exemplary courage in the face of overwhelming odds — when he stood up to past military regimes, and his dexterity in his personal pursuits as a successful architect, lawyer, businessman and philanthropist.” In a statement, the Deputy President of the Senate, Ike Ekweremadu expressed grief over the death of the former vice president. He described Ekwueme’s death as a sad event for Nigeria and her democracy, noting that Ide Oko,as he called him, was a pillar of the nation’s democracy and the struggle for a restructured, just, equitable, and prosperous Nigeria. He said: “Dr. Ekwueme combined the uncommon toughness and courage of Heracles with the wits of Odysseus and Nestor. His fearless battle against military rule as the convener of the Group of 34 eminent Nigerians (G-34) can be likened to Heracles’ heroic encounter with the hydra-headed chthonic monsters.
“Ekwueme was a fine gentleman and an epitome of politics without bitterness. Although he lost the presidential ticket of the Peoples Democratic Party (PDP), an offshoot of the G34 and pan-Nigerian political platform he built from the scratch, he remained faithful to the party in thick and thin until his death. “He will be remembered as a public administrator per excellence and a soldier of conscience. He stood by his people during their most challenging and difficult time, knowing that politics has a local flavor most of the time. He offered his undiluted professional service in the design and development of access to the air for Ndigbo during the civil war 1967 to 1970. As the Head of Planning of the Biafra Airports Board, the late prodigy built two functional airports in Ulli and Uga, while the airport projects at Mbaise, Ntigha Ngwa, Umuleri, and Arochukwu were at various completion stages before the end of hostilities. “Yet, as a detribalized and pan-Nigerian, he joined the National Party of Nigeria (NPN) rather than the Dr. Nnamdi Azikiwe’s Nigeria Peoples Party (NPP) in the journey to the Second Republic. He also did Ndigbo a great honour by facilitating the state pardon and eventual return from exile, and reunion of late Ezeigbo Gburugbu, Dim Chukwuemeka Odumegwu Ojukwu, with Ndigbo and Nigeria”. The senator added that Ekwueme bequeathed a legacy of integrity and strength of character as “he was until his death reputed to have left office as the vice president of Nigeria poorer.” The South-east Governors Forum described the death of Ekwueme as a great loss to the Igbo nation and the entire country. The Chairman and Governor of Ebonyi State, David Umahi, sad Ekwueme’s ”the end of an era.” Umahi, in statement signed by his Chief Press Secretary, Emmanuel Uzor, expressed shock over the death even as he described the loss as a great one to Ndigbo in particular and Nigeria in general. He commiserated with the Government of Anambra State and entire Ekwueme family of Oko in Anambra State for the loss and prayed God to grant him eternal rest. “The death of our father and leader, Dr. Ekwueme is so devastating especially now that his fatherly advice is needed most. He was a great Nigerian and great believer in the unity of the country. As his children, we have learnt a lot from his deep political sagacity. “As the Vice President of Nigeria, Ekwueme was a great rallying factor of Igbo socio-political integration. He was a voice of reason and a man who toiled to place Ndigbo at the centre of mainstream politics. Indeed, we have lost a rare gem, a gentleman and a decent politician and academia”, the statement said. The governor said that the South-east zone through the governors would soon draw a programme on how to pay last respects to the fallen statesman. Also, a former Minister of Education and Co-convener of the BringBackOurGirls group, Oby Ezewesili said she was pained by the death of the corner vice president. “Really pained that former Vice President Alex Ekwueme did not make it back home to us and has now gone the way of all flesh. We remember him with fondness for his strides in the Land. May our Gracious God comfort Aunt Beatti, Chidi and all the Ekwueme clan”, she said on Twitter. A Lagos lawyer, Mr Festus Keyamo, (SAN) recalled that Ekwueme was at the Supreme Court two months ago for the swearing in of new senior advocates. He said: “It was just about two months ago that I last saw Dr. Alex Ekwueme. He was physically present at the Supreme Court for the induction of the new SANs. Such a fine gentleman. His passage is a big loss to the country as a whole. Deep commiseration to the Ekwueme family.” Additional reports by Segun James
T H I S D AY Ëž WEDNESDAY, NOVEMBER 22, 2017
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PERSPECTIVE
MIDWEEKPOLITICS
Buhari’s Silent Support for the South-east President Muhammadu Buhari’s visit to Anambra and Ebonyi State could help calm frayed nerves in the South-east, argues Garba Shehu, as he identifies some of the projects embarked upon in the region by the administration
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resident Muhammadu Buhari’s two-day visit to the South-eastern states of Ebonyi and Anambra took place at the most opportune juncture, to show support to a governor who has done so much in promoting the president’s policy on food self-sufficiency and to endorse his party’s candidate in a crucial vote to install a new governor through an election at the weekend in Anambra. Given the unfortunate secessionist winds sown by the Indigenous Peoples of Biafra, (IPOB) the president’s visit should be seen as part of the measures promised by the administration, following successful cooperation between the federal government, the region’s five governors and the cultural leadership of the people, the Ohanaeze Ndi-Igbo. This joint effort has in no small means achieved success in putting out the fires ignited by IPOB. The visit should go further in soothing frayed nerves and provide an opportunity to listen more to the cries of the people of the region. This visit should give the nation a clear break in the mindset from the negativity that characterized the perception of the Buhari administration in the region, following his victory in the 2015 election in which a majority cast its lot with the former president, Dr Goodluck Jonathan by giving him 2,464,906 votes, against Muhammadu Buhari’s 198,248. Following the outcome of this election, some of the politicians who lost began to whip up fears of vendetta against the region even when there was no basis at all for this. It may have been a defensive strategy. But it nonetheless led to emotional responses to the president expressed through anger, paranoia, fear, frustration, resentment and confusion. I recall that when he spoke on the subject of political patronage at the U.S Institute of peace, he described the way most democracies work that the one who gave 95 percent did not get the same as the the one that gave five percent votes but said emphatically that “I’am a different kind of leader.� He said, more or less in these words that he would be fair and just to all citizens irrespective of the way they voted and went on to add that this country’s constitution protects all citizens, all parts thereof by making specific provisions for fair and balanced distribution of appointments and projects known the federal character principle. This was misconstrued and used to whip up sentiment against him in states that did not vote for him, even after the transcripts of what he actually said were published. This negativity had prevailed in spite of the conscious effort the president made to reassure the South-east by giving four of the region’s five states four senior cabinet posts, which are foreign affairs; industry, trade and investment; science and technology and labour, employment and productivity. And given the choices he made, the South-east ministers today rank among the best this country has ever had if you look at their individual performances. If you go through the online newspapers of the country, everyday, every week and every year there are stories about marginalization against a people for whom the president is doing so much to ensure their security,dignity and prosperity. Beyond these misplaced fears, these south-easterners are a people known for their creativity, industry and hard work, from whose sweat the economy has benefited immensely. But it is equally true that they have not been served in due proportion by successive administrations in postindependence Nigeria. Had governments of yesteryears discharged their responsibilities to the region, and to the country at large, we might not have been in a situation of tensions and anger leading to violence and secessionist agitation which have their roots in the lack
Shehu
of infrastructure and opportunity for citizens to excel. Today’s investments in infrastructure and people should change all that. Beside the issue of political representation, federal roads in the South-east are a perpetual issue in our country. But each state in the country complains of bad federal roads. However, contrary to the notion that nobody in this government is doing anything about those roads, the region has a good number of roads paid for by the federal government that are either completed or undergoing repairs/construction. As of May this year, there are 600 kilometers of roads that are under rehabilitation/ construction across the South East zone’s five states which include: r 3FIBCJMJUBUJPO PG 0XFSSJ 6NVBIJB 3PBE 4FDUJPOT * ** *** JO *NP "CJB 4UBUFT r 3FIBCJMJUBUJPO PG &OVHV 1PSU )BSDPVSU Dual Carriageway Section II r 0OHPJOH DPOTUSVDUJPO XPSL PO UIF 3FIBCJMJUBUJPO PG &OVHV 1PSU )BSDPVSU %VBM Carriageway Section II r 3FIBCJMJUBUJPO PG *LPU &LQFOF *LPU 6NVPFTTJFO "CB 3PBE JO "CJB "LXB Ibom States r 0OHPJOH DPOTUSVDUJPO XPSL PO UIF 3FIBCJMJUBUJPO PG *LPU &LQFOF *LPU 6NVPFTTJFO "CB 3PBE JO "CJB "LXB Ibom States r 0OHPJOH DPOTUSVDUJPO XPSL PO UIF 3FIBCJMJUBUJPO PG &OVHV 1PSU )BSDPVSU %VBM Carriageway r 0OHPJOH DPOTUSVDUJPO XPSL PO UIF 3FIBbilitation of Ikot Ekpene - Ikot Umuoessien "CB 3PBE JO "CJB "LXB *CPN 4UBUFT r &OVHV "CB 1PSU )BSDPVSU &YQSFTTXBZ which runs through Anambra, Enugu, Imo, Abia and Ebonyi States covering about 31
Now, on the Second Niger Bridge in Onitsha, Anambra State, the contractor had remobilized to site
roads as well as construction of pedestrian bridges and flyovers, traffic signs and lights; the outstanding section of Onitsha-Enugu 3PBE r 6NBOB /EJBHV "EBFCFMF 6EJ 3PBE JO /EJBHV /TVLLB‡0CPMPBGPS *IBNVGV 3PBE r /JOUI .JMF /TVLLB 0CPMPBGPS 3PBE r 0IBà B 0TP3PBE *O &CPOZJ BOE "CJB States: 11.7 km) r /OFOXF 6EVNB 6CVSV 3PBE 4FDUJPO (14 km in Enugu/Ebonyi). r 3FIBCJMJUBUJPO PG "CBLBMJLJ "à LQP 3PBE Section 1 (20.5 km). r 3FIBCJMJUBUJPO PG "CBLBMJLJ "à LQP 3PBE Section 11 (19.5 km). r $POTUSVDUJPO PG 0CVCSB *LXP 0OVFLF Nkomoro-Agba-Ezekuna-Ogboji-Nara-Cross 3JWFS #PSEFS 3PBE LN r "CB 1PSU )BSDPVSU %VBM $BSSJBHFXBZ (section 11) r 6NVBIJB 5PXFS "CB 5PXOTIJQ 3BJM 3PBE #SJEHF $SPTTJOH ,N r 3FIBCJMJUBUJPO PG -PLQBOUB 6NVBIJB Tower (59.5km) r 3FIBCJMJUBUJPO PG $BMBCBS *UV *LPU Ekpene-Aba-Owerri Section 111. r *LPU &LQFOF *LPU 6NVPFTTJFO "CB 3PBEJO "CJB "LXB *CPN LN r 0XFSSJ 6NVBIJB 3PBE 4FDUJPOT BOE 111 r 5IF *LPU &LQFOF #PSEFS "CB 0XFSSJ %VBMJTBUJPO 3PBE 4FDUJPO 1IBTF (11.26km). r .CBJTF /HXB 3PBE 0IBTF LN r "NBOXBP[V[V 6[PBHCB &[JBNB 0SJF "NBLPIJB3PBE LN r 0CB /OFXJ 0LJHXF 3PBE 4FDUJPO among others Of course there is the second Niger Bridge about which so many lies have been told to our brothers in the South-East. A past president laid the brick once. Thereafter, he did nothing to actualize it. Having forgotten a promise made, he had a ceremony organized for him to inaugurate the project when the time to seek re-election came. When the Obi of Onitsha reminded the then presidential candidate of his earlier
promise to do the bridge, he got angry. He stopped short of calling the Obi a liar in his palace by outrightly denying ever making the promise. Now, on the Second Niger Bridge in Onitsha, Anambra State, the contractor had re-mobilized to site. In the budget proposals read last week at the National Assembly, Buhari listed this bridge as one of the administration’s priority projects and announced an an allocation of N10 billion expenditure for 2018. Other projects for the South East include: Airport Terminal Building r $POTUSVDUJPO PG /FX *OUFSOBUJPOBM Terminal in Enugu. $PBTUBM 3BJM 1SPKFDU r 5IF DPBTUBM SBJM MJOF IBT JUT SPVUF BMJHOment passing through Aba in Abia State and Onitsha in Anambra State. Maritime Access 8JUI UIF ESFEHJOH PG UIF 3JWFS /JHFS commissioned by NIWA, the yearning for maritime access to the sea by the south-east and the north as well, is just a matter of time for it to be realized. Good projects apart, in the South-east as in all other subregions, good governance is also necessary and the steps the federal government is taking to deal with corruption, terrorism, banditry and lawlessness have the effect of lifting this country out of poverty and lack of development. The country’s efforts to modernize its trade and investment by easing the process of doing business has already attracted the attention and acclaim of the world, and is giving Nigeria a quick rise in the ranking PG DPVOUSJFT ,OPXO GPS UIFJS JOEVTUSJBM BOE commercial prowess, there is no gain saying who the biggest beneficiaries are. On the basis of these projects alone, no one should have any reason to doubt the good intentions of the President towards the South-east. Even if some of the people may not support the government, they cannot deny that their region has got a fair deal from Buhari. The federal government’s support of Ebonyi state’s rice growing schemes leaned on a permanent solution to the fertilizer supply crisis in the country bears true testimony to a successful partnership between the centre and the subregion. In the field of agriculture alone, we have seen this new synergy in the functioning of the governments at the centre and the state. This is cooperative federalism at work, and at its best. Which in turn has led to a beneficial relationship based on mutual respect, hope and trust between the governor and the president in spite of political party differences. The fruit of this type of relationship commends itself to other leaders in the country to shed old mindsets and maintain caution while making statements and to not get carried away by emotions leading to unnecessary tensions. To help the nation move forward as one, the media for their part must decide against making unsubstantiated allegations and aspersions being levelled against the leadership at the centre for the mere fun of catching the headlines. The country needs this to maintain the delicate balance of the relationships between our diverse population and to avoid weakening our democracy. We need to do this and more to achieve something of substance for the nation. Finally, it is to be hoped that beyond putting out the fire of these misplaced fears, Buhari’s visit would help to put the spotlight on the silent achievements of his administration in this distinct region so that the ordinary citizen will be reassured that he/she matters. – Shehu, the Senior Special Assistant to the President on Media and Publicity wrote in from Abuja
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FEATURES
Acting Features Editor Charles Ajunwa Email charles.ajunwa@thisdaylive.com
Enhancing the Abuja Master Plan Though the Federal Capital Territory is growing at a fast pace, its master plan has not been reviewed since 1979. Olawale Ajimotokan attended an FCT media retreat, where stakeholders agreed on the need for a revised master plan responsive to the complexities, interconnectedness and yearnings of its residents
F
ederal Capital Territory (FCT) was created in 1976 from parts of Nasarawa, Niger, and Kogi states. Reasons behind the movement of the federal capital from Lagos to Abuja include, among others; inadequate physical planning and development control in Lagos, inability of Lagos to accommodate multiple functions of national and state capitals, as well as the main industrial and commercial hub of the nation. It has been growing in both human population and other activities way beyond what was envisaged by its founding fathers. A United Nations report says the population growth rate of Abuja increased at the rate of 139.7 per cent between 2000 and 2010. It also added that as at 2015, the city was still experiencing an annual growth rate of at least 35 per cent, making it the fastest-growing city on the African continent and one of the fastest-growing in the world. With its population ebbing close to six million, there is now a mounting pressure on existing infrastructure, while slums within the precinct of the urban centre are common features. The socio-economic outcome of the degeneration is poor sanitary and environmental condition, traffic congestion, high crime rates and social vices, high occupancy ratio and a spike in diseases and epidemics. It is the effect of these vices have created that has made the review of the master plan an important agenda to correct some of the distortions that have crept in. Recently, stakeholders met in Kaduna, at a media workshop organised for the FCTA press corps, to explore the topic: ‘The Role of the Media in the Review of Abuja Master Plan’. The retreat was declared open by FCT Minister, Mallam Muhammad Musa Bello, represented by Hajia Amina Abubakar. It also had the Special Adviser, Media and Communications to the Kaduna State governor, Mr. Muyiwa Adekeye, representing his boss, Nasir el-Rufai. Resource Persons were Christian Okeke, a lecturer at the Nnamdi Azikiwe University, Awka; Dr Yahaya Yusuf, former Director, Department of Development Control, FCDA, now a Lecturer at the Baze University, Abuja and Muktar Galadima, Director, Department of Development Control, and current Chairman, Nigeria Institute of Town Planners, (NITP) Abuja. The original Abuja Masterplan was a 286-page document drafted in 1977 for the Federal Capital Development Authority (FCDA) by American firm of International Planning Associates (IPA).
Aerial view of Ministry of Foreign Aairs and Federal Secretariat
Idu Train StatioN
The call for the review of Abuja master plan has heightened with the National Assembly lending its voice for a review to meet prevailing realities and correct planning distortions
The consortium prepared the draft in about 18 months. However, 38 years after the plan was produced, it is yet to undergo review. This is despite the many symptoms which go to show that all is not well with it. The call for the review of Abuja master plan has heightened with the National Assembly lending its voice for a review to meet prevailing realities and correct planning distortions. Earlier in the year, FCT Minister, Bello, hinted the members of Nigeria Mining and Geo Sciences Society led by Professor Gbenga
Okunlola, of plans to assemble experts for the review. Later government consulted the consortium of Messrs Albert Speers Partners in collaboration with four indigenous town-planning consultants – Multi-system Consultant, Austin Aike and Partners, Fola Konsult and Benna Associate to undertake the review of Abuja master plan. Decades of growth and influx of people have stretched the facilities beyond what the planners conceived. As at 2006, the city was inhabited by 776,296 people. “Strikingly, the planners originally devel-
oped a plan that was simple. They adopted modular, Radburn model in their work. In fact, on page 13, the plan envisaged that each district (sector) should contain housing for all classes of people. Put differently, the low-income earners should have provision in high-brow districts too. But that is not so. Also, there is lack of those industries envisaged by the plan for residents of each of the districts. Districts like Asokoro are today a sort of exclusives for persons of high status and have, in fact, turned to safe haven for the rich.� Okeke noted. He said the original plan had been subjected
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FEATURES
The issue of urban slums within Abuja city centre has remained a key point in the Abuja master plan with communities not envisaged and without basic social facilities springing up in many parts of the city
Utako Village slum
Enugu Street, Garki Village, Abuja
to many distortions alien to the master plan. The university don listed such distortions to include the Aso Rock, National Mall, the Women Development Centre and the National Square. “Where is the National Square envisioned by the master plan? Where is the National Mall that should have linked to the National Assembly and other monumental symbols of government? Where is the Presidential Palace envisioned to be surrounded by Presidential Gardens? Aso Villa was originally planned to be located on the Mall near the National Square but it later was relocated to the main Park and is today surrounded by National Assembly and residential buildings. In the same vein, the Women Development Centre has no business with its current location in the area of the Mall according to the original plan. But it is there today. Clearly, all of these are contrary to the provisions on page 89 of the plan,� he queried. Yusuf said, with an unplanned population growth, a gradual degradation in quality of urban living will arise because of stretched facilities and utilities, urban sprawl among others. He contended that the (Abuja master plan is a comprehensive document intended to guide the development of the FCT, providing for the following; site for the new capital city, population and employment projection, urban design, organisational land requirements, the Central Area plan, sector organisation, public services, transportation system, residential developments, support infrastructure system, regional development plan and Implementation framework.
FCT Minister, Mallam Muhammad Musa Bello
“Implementing any city master plan is a herculean task and the FCT is not an
isolated case. Challenges of inadequate staffing, funding, resettlement issues, fake
layouts and land titles, recalcitrant nature of developers, political will, public image and other dynamics of human nature and society prevails,� Yusuf said. Yusuf described the Abuja master plan as a comprehensive document intended to guide the development of the FCT by providing a site for the new capital city, population and employment projection, urban design, organisational land requirements, the Central Area plan, sector organisation, public services, transportation system, residential developments, support infrastructure system, regional development plan and Implementation framework. He, however, admitted that implementing a master plan is a herculean task for the FCT given the challenges of inadequate staffing, funding, resettlement issues, fake layouts and land titles, recalcitrant nature of developers, political will, public image and other dynamics of human nature and society. With regard to underfunding, he said the FCTA grants had been reduced from N50 billion to N29 billion per month. He said funding should be given a priority as urbanisation in Nigeria is projected to become the third largest in the world by 2050 after China and India. The issue of urban slums within Abuja city centre has remained a key point in the Abuja master plan with communities not envisaged and without basic social facilities springing up in many parts of the city. Galadima said a fundamental policy bedrock of the plan is that all indigenous communities located within the Federal Capital City precinct, but not the FCT, should be located outside the confines of the city He, however, lamented that the administration was not proactive in implementing that policy, which is one of the reasons why slums are prevalent within the city precinct. Using Nyanya Labour Camp as a part of FCT urban renewal solution, Galadima said the residents shunned government entreaties to relocate to Gidan Gaya. He said the resident association rejected the idea because they felt government planned to sell the land now that its value has increased by over 500 per cent. He said the people also rejected the option of phased redevelopment after which the buildings will be transferred to them instead of relocation. The camp was built in the early 1980s to provide temporary housing for delegates on national assignment and as guest houses for students and security agents. Subsequently, the quarters were allocated to immigration officers, policemen and civil servants. He lamented that the migration from other cities to Nyanya had become so high that the labour camp is virtually faced with security risk, health hazard, social menace and over stretched social amenities and facilities. “However, when you look at the critical position, you see that those people in Nyanya are living in a health risk environment. The area is densely populated with as many as 10 persons crammed in a room. There are also issues about poor structural quality and durability of the houses, poor access to water and other facilities and lack of sanitation facilities,� Galadima said. He said FCTA officials tried to apply the Kenyan experience in the upgrading of the Kibera slum in Nairobi, where government championed public participation at the end of which new houses were built and people taken from their squalid environment to better places.
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Photo Editor ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ ÔËÖË Email Ă‹ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜Ë›Ă‹Ă”Ă‹Ă–Ă‹ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ù×
L-R: Glo brand ambassador, Omawumi Megbele, winners of generators in Globacom’s Everyday Bonanza, Onyedeke Gloria, Adebayo Opeyemi, Adebayo S.Hamid, Esenwa Uchechukwu, Anyebe Rosaline and Sulaiman Zainab, at the prize presentation ceremony held for the ďŹ rst batch of winners in the oer in Lagos...recently
L-r, Former Chief Justice of Nigeria, Justice S M A Belgore; Deputy President of the Senate, Senator Ike Ekweremadu; Former Head of State, Gen Yakubu Gowon; Prof Mrs Uche Azikiwe; Governor of Ondo State, Rotimi Akeredolu and Founder Epiphany Azinge Foundation, Prof Epiphany Azinge at the Epiphany Azinge Foundation 2017 Lecture/Award Ceremony held in Abuja...recently Julius Atoi
L-R: Public Relations Manager, MultiChoice Nigeria, Caroline Oghuma; Ex-housemate, Big Brother Naija, Jon Ogah; The Voice Nigeria Judge, Timi Dakolo; Head of Retention, MultiChoice Nigeria, Kemi Omotosho; and Chike-Ezekpeazu Osebuka, during the DStv Exclusive Pre-screening of MNet Movie Justice League held at Genesis Deluxe Cinemas in Lagos...recently Abiodun Ajala
L-R: Assistant PRO, Federal Government Girls College, (FGGC) Owerri Global Reunion 2017, Uwa Ojike; Treasurer, Nnenna Ukejianya; PRO, Noxie Oyewole and Welfare and Logistics, Mrs. Ure Iheme, during the school’s Global Reunion in Lagos... recently.
L-R: Representative of the Speaker, Kwara State House of Assembly, Hon. AbdulraďŹ u Abdulrahman, Kwara State Governor, Dr. Abdulfatah Ahmed Signing Health Insurance Agency Bill into law and Kwara State Attorney General and Commissioner for Justice, Kamaldeen Ajibade at Government House, Ilorin...recently
L-R: Operation Director FrieslandCampina WAMCO Nigeria Plc, Mr. Doyin Ashiru: Managing Director FrieslandCampina WAMCO Nigeria Plc, Mr. Ben Langat: Kebbi State Governor Senator Abubakar Atiku Bagudu: and Corporate Aairs Director FrieslandCampina WAMCO Nigeria Plc, Mrs. Ore Famurewa during the visit of the governor to FrieslandCampina WAMCO Nigeria Plc in Lagos...recently
L-R: District 9110 Secretary, Rotary International, ROTN Segun Adewakun; Assistant District Governor, ROTN Kayode Aderinokun; President, Rotary Mega Club of Lagos Island, ROTN Sanjeev Tandon; District 9110 Governor, Dr. Adewale Ogunbadejo; President Elect, ROTN Rad Gulati and Chairman, Club Polio Eradication Project, ROTN Jairam Rupchandami, at the presentation of the Club’s $1500 donation to the District 9110 Governor, ROTN Dr. Adewale Ogunbadejo , during his oďŹƒcial visit to the Rotary Mega Club of Lagos Island...recently
L-R: Former Minister of State for Defence, Chief Demola Seriki; Deputy Speaker, Lagos State House of Assembly, Hon. Wasiu Esinlokun-Sanni; Guest of honour, Senator Oluremi Tinubu and the Chairman, Lagos Island East Local Council Development Area (LCDA), Hon Kamal Salau-Basua, during the commissioning of the newly build Montessori Primary School, at Epetedo Lagos Island by the council‌recently kola olasupo
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BUSINESSWORLD
Group Business Editor Chika Amanze-Nwachuku Email chika.amanzenwachukwu@thisdaylive.com 08033294157
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Quick Takes AMCON Intervenes in Yobe
DISCUSSING ECONOMIC MATTERS
L-R: Chairman Senate Committee on Marine Transport, Senator Ahmed Rufai Sanni, the Director General of Nigerian Maritime Administration and Safety Agency, Dr. Dakuku Peterside and the Syrian Head of Mission to Nigeria, Mohammed Abo Serriah, having a chat at the Cocktail Dinner in honour of Foreign Missions organised by the Federal Ministry of Foreign Aairs and the Federal Ministry of Transportation ‌ recently
FMDQ OTC Exchange Records N115trn Transactions in 10 Months Goddy Egene Trading in the secondary segment of the fixed income and currency markets operated by the FMDQ OTC Securities Exchange remained upbeat, recording transactions worth N115 trillion from January to October 2017. Transaction turnover had grown to N102.84 trillion as at end of September while the month of October accounted for N12.18 trillion. A breakdown of the transactions in October showed that the Treasury Bills (T.bills) market accounted for 37.20 per cent while Federal Government of Nigeria (FGN) bonds recorded 6.51 per cent of total turnover
ECONOMY in October. Activities in the Foreign Exchange (FX) market accounted for 36.92 per cent while Money Market (Repurchase Agreements (Repos)/ Buy-Backs & Unsecured Placements/Takings) accounted for 19.27 per cent of total turnover for the reporting period Specifically, transactions in the FX market settled at $13.86 billion in October, showing a decrease of 1.23 per cent compared with the value recorded in September. In the month under review, the Naira appreciated slightly in the Investors’ & Exporters’
(I&E) FX Window closing at $/N359.72 whilst also trading at a premium to the parallel market which also appreciated in the month of October to $/N363.00(from $/N364.00 at the beginning of the month). Total value traded in the I&E FX Window stood at $4.30 billion for October, down 6.68 per cent relative to the value recorded in September. Turnover in the fixed income market in the month under review settled at N5.32 trillion, a 1.25 per cent decrease as against September value. However, transactions in the T.bills market accounted for 85.10 per cent of the overall fixed income market. Outstanding T.bills at the end
of the month stood at N9.87 trillion, showing an increase of 4.43 per cent from N9.45 trillion as at the end of September. FGN bonds outstanding value increased by 1.37 per cent to close at N7.42trn, from 7.32trn in September Trading intensity in the fixed income market for the month under review settled at 0.47 and 0.11for T.bills and FGN bonds respectively, from 0.47 and 0.15respectively, recorded the previous month. Activities in the Secured Money Market (that is Repos/ Buy-Backs) settled at N2.15 trillion in October, 27.44 per cent more than the value recorded Continued on page 24
Report: 75% of Bank Customers Still Visit Branches for Complaints Obinna Chima The 2017 KPMG Nigeria’s Banking Industry Customer Satisfaction Survey (BICSS) has shown that 75% of banks customers today still visit their branches to make official complaints about their transactions or accounts. But the report stressed that the above-mentioned set of persons are also open to using digital or non-physical channels such as the contact centre, video and social media that still afford some form of human interaction. According to the report obtained Monday, this year’s survey showed that Nigerian banks continued to make progress in delivering better customer experience. It noted that compared to the prior year, the year under review recorded increased in satisfaction levels in the retail
BANKING segment. This, it said reflected the continued investment and focus on this segment across the industry over the last few years. “However, customers still have major pain points such as clarity of charges, branch queues and response time. The digital dilemma Digital is the new normal for many customers. “Compared to 2015, there has been a spike in the proportion of customers using internet and mobile banking from 22 per cent and 20 per cent, to 41 per cent and 48 per centrespectively,� it added. Furthermore, it pointed out that having a mobile strategy is no longer a choice for banks but a necessity; not only in the
business-to-customer (B2C) context, but also in businessto-business (B2B) relationships. “The latter is becoming increasingly necessary as corporate customers are demanding the same types of experiences obtained from their B2C relationships with their banks. “The Nigerian market remains very diverse and dynamic presenting a dilemma for banks on how to keep pace with sophisticated customer demands on one hand and a very traditional group of customers on the other hand.“Sophisticated customers, typically belonging (but not limited) to a younger customer demographic are bringing the same levels ofexpectations forged by experiences with leading technology brands into banking. “Notably, customers under 30 were the least satisfied customer
group and more likely than any other to switch banks. “At the same time, banks still have to deal with a significant group of customers who are either late adopters or not keen to use digital channels,� it stated. According to the survey, some of the most common reasons given by the customers included lack of awareness, complex onboarding processes and lack of trust and confidence in the security of these channels. “But there is hope four-in-ten customers who do not use either mobile or internet banking today say they will like to use them in the future, if these barriers are addressed. “Despite the progress made on the digital front, human interaction continues to remain integral to the customer experience, particularly at key experi-
The Deputy Governor of Yobe State, Abubakar Aliyu has said a lot still needs to be done in the area of rehabilitation, reconstruction, resettlementandreintegrationofthousandsofInternallyDisplaced Persons (IDPs) in Yobe and other north-eastern states that were ravagedbytheactivitiesoftheBokoHaramactivitiesinthenortheast. Aliyu, who spoke in Yobe while commending the gesture of the managementandstaofAssetManagementCorporationofNigeria (AMCON) who donated scholastic materials to Mainstreamed Learners and Parents Caregivers; starter packs for small scale businesses as well as food items for the aected families in the host communities worth millions of naira also called on other organisations to come to the aid of Yobe and other sister states in the northeast. He said AMCON’s intervention to IDPs in Yobe came at the time the government of Yobe State under the leadership of the state governor, Alhaji (Dr.) Ibrahim Gaidam, was also doing everything possible to bring an end to the suerings of the displaced persons in the state. Aliyu saidYobe State remainedperhaps, the most coordinated of all the aected states when it comes to dealing with the challenges of IDPs in the country because the government set up a very powerful committee chaired by his humble self to coordinate every activity that has to do with IDPs in Yobe.
Keystone Bank Unveils New Campaign
Keystone Bank Limited, has reaďŹƒrmed its commitment to delivering unparalleled products and services to its customers with the recent launch of its new brand campaign tagged: “I Bank with Keystone Bank.â€? The campaign according to a statement from the lender, was geared towards creating awareness for the corporate brand and positioning Keystone Bank as a partner and enabler that supports customers to achieve their goals through opportunities made available by the bank. Speaking on the development, the Group Managing Director/CEO of Keystone Bank, Mr. Obeahon Ohiwerei said: “With the new focus/ drive within the bank, we believe it is imperative for us to re-aďŹƒrm our commitment to our stakeholders and to highlight the positive strides that we are taking to inspire conďŹ dence in our customers. “Every business requires a steady hand that lends the right kind of support and every year, Keystone Bank helps thousands of business people achieve their goals with consistent commitment to quality service. This is one major factor we wish to showcase with this campaign.â€? Keystone Bank is a technology and service-driven commercial bank oering tailor-made convenient and reliable solutions to every customer’s needs.
Access Bank Wins SERA Awards
Access Bank Plc has disclosed that it won multiple awards at the Sustainability, Enterprise and Responsibility Awards (SERAs) awards held at the weekend.According to a statement, the awards won by the bank included: Best Company in Climate Action; Most OutstandingCSRPractitionerOfTheYear–receivedbyOmobolanle Victor-Laniyan, Head, Sustainability at Access Bank; Sustainability Champion of the Year – given to Dr. Herbert Wigwe, GMD/CEO, Access Bank; Best company CSR//Sustainability West Africa; and the highest honour of the night – The Most Socially Responsible Company of The Year (Overall Winner). Itexplainedthattheawardswerepresentedtobankinrecognitionof itsstrongsustainabilityethosaswellasitsprogressandcommitment to embedding sustainability in its business operations whilst driving sustainable development across communities it serves. TheannualeventwhichtookplaceinLagoswasorganisedtopromote, measure and harmonise the contributions of the public and was attended by Liyel Imoke, Former Governor, Cross River State who gave the Keynote address, Princess Adejoke Orelope-Adefulire, the Special Assistant to the President on the SDGs, CEOs of leading institutions,seniorexecutivesandotherSustainabilityProfessionals.
“The robots are not going to substitute for failure of good leadership; artificial intelligence will not be a substitute for failure of leadership. We must get it right with leadership�
Former Minister of Education,
Oby Ezekwesili Continued on page 24
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FMDQ OTC EXCHANGE RECORDS N115TRN TRANSACTIONS IN 10 MONTHS in September. On a year-onyear(YoY) basis, turnover on Repos/Buy-Backs recorded a 13.85 per cent increase. Unsecured Placements/Takings closed the month at a turnover of N197.98 billion, a 66.15 per cent increase MoM and a 155.60 per cent increase YoY. The number of executed trades captured on the EBond trading system for the month of October amounted to 14,687 as against 18,535 recorded in September. Executed T.bills and FGN bonds trades decreased by 22.46 per cent and 13.77 per cent respectively when compared to the previous month. REPORT: 75% OF BANK CUSTOMERS STILL VISIT BRANCHES FOR COMPLAINTS ence points such as seeking financial advice and making complaints. “For corporates, success still lies in the strength of relationships with their banks with the relationship manager playing a vital role. “Nearly half of corporates scored their relationship managers high on the level of knowledge of their business but banks fell short on proactive engagement and turnaround time,� it added. It noted that SME customer experience wasstill lagging as the business operators rated banks lower than both retail and corporate customers generally, due to a perceived lack of understanding of the segment of the market. According to the report, only three-in-ten SMEs were very satisfied with their bank’s knowledge of their businesses compared to half for larger corporates. “This segment also continues to remain underserved by banks as the survey indicates that only one-in-ten SMEs have accessed bank credit in the past year. “Getting the customer experience right what is clear is that the banks that will win are those that obsess about customers with a view to meeting and exceeding their expectations.
Group Business Editor
Ă’Ă“Ă•Ă‹ Ă—Ă‹Ă˜Ă¤Ă?Ě‹ ĂĄĂ‹Ă?Ă’Ă&#x;Ă•Ă&#x; AgriBusiness/Industry Editor
FCMB Group Completes 88.2% Acquisition of Legacy Pension Managers Chika Amanze-Nwachuku FCMB Group Plc has successfully completed the acquisition of additional 60 percent equity stake in Legacy Pension Managers Limited (Legacy). THISDAY gathered that the acquisition, which increases the holding company’s interest in the company from 28.2 percent to 88.2 percent, was concluded after the Board Meeting of Legacy on Tuesday in Abuja. The completion of the transaction follows the approvals of the Central Bank of Nigeria, the National Pension Commission, and the Securities and Exchange Commission. FCMB Group’s acquisition of Legacy is set to open a new vista of sustained growth for Legacy through the enhanced distribution and market presence. Analysts have hailed the decision of FCMB Group to acquire majority stake in Legacy Pension as a significant development that would enhance the future performance of both organisations. “We anticipate that Legacy Pension will be better positioned to grow its market share, compete effectively upon the onset of Retirement Savings Account portability, and also enter the micro-pensions segment in the informal market by
Ă—Ă—Ă‹ Ă•Ă™Ă˜Ă”Ă“ Capital Market Editor
ÙÎÎã Ă‘Ă?Ă˜Ă? Senior Correspondent
Ă‹Ă’Ă?Ă?Ă— Ă•Ă“Ă˜Ă‘ĂŒĂ™Ă–Ă&#x; (Advertising) Correspondents
Ă’Ă“Ă˜Ă?ĂŽĂ&#x; äĂ? (Aviation) Ă“Ă˜ĂŽĂ‹ ĂœĂ™Ă•Ă? (Labour) ĂœĂ™Ă—Ă™Ă?Ă?Ă–Ă? ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ (Cap Mkt) ÔÓÙĂ?Ă™Ăœ Ă–Ă“Ă•Ă? (Energy) Ă‹Ă—Ă?Ă? Ă—Ă?ÔÙ (Nation’s Capital) ĂŒĂ“Ă˜Ă˜Ă‹ Ă’Ă“Ă—Ă‹ (Money Mkt) Reporters
Ă&#x;Ă—Ă? Ă•Ă?Ă‘Ă’Ă? (Money Market) Ă™Ă?Ă‹ Ă–Ă?Ă•Ă’Ă&#x;ÙÑÓĂ? (Maritime)
leveraging on the network of First City Monument Bank, the retail and commercial banking arm of FCMB Group�, they stressed. FCMB Group Plc’s subsidiaries include: First City Monument Bank Limited, FCMB Capital Markets, CSL Stockbrokers Limited, CSL Trustees Limited,
First City Asset Management Limited, FCMB Microfinance Limited and now, Legacy Pension Managers Limited. The Group has over 4.3 million customers and 204 branches in Nigeria and a banking subsidiary in the United Kingdom through FCMB Bank (UK) Limited
(which is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA in the United Kingdom). Legacy Pension Managers Limited is licensed by the National Pension Commission, to carry on business as
a Pension Fund Administrator (PFA). It has over N220billion assets under management comprising, retirement savings accounts, retiree accounts as well as privately managed pension funds for institutions. It has over 350,000 pension contributors which it services from 48 locations across the country.
CONGRATULATIONS
L-R: Team Lead, Proprietary Investments of First City Monument Bank (FCMB), Mr. Oluyinka Ilesanmi; a Relationship OďŹƒcer in the Corporate Banking Division of the Bank and newly awarded CFA Charterholder, Mr. Olasunkanmi Abioye; Team Lead, Asset & Liability Management of FCMB, Mr. Ayokunle Kunle-Salami and Head, Corporate Finance of FCMB Capital Markets Limited, Mr. Abimbola Kasim, during the CFA Society Nigeria Charter Awards Ceremony and launch of its Women in Investment Management Initiative, which took place in Lagos‌ recently
IMO Council: Onyema, Amaechi Woo Foreign Diplomats for Nigeria’s Election Eromosele Abiodun In a bid to ensure that Nigeria wins re-election into one of the highest decision making body of the International Maritime Organisation (IMO), an arm of the United Nation (UN) responsible for global maritime regulation, the Minister of Transportation Rotimi Amaechi and the Minister of Foreign Affairs, Mr. Geofrey Onyema have called on all Heads of Foreign Missions to support the country’s quest as it seeks election into the Category C of the IMO Council.
Speaking at the cocktail dinner in honour of Foreign Missions organised by the Federal Ministry of Transportation and the Federal Ministry of Foreign Affairs in Abuja, Onyema said that as a key player in the global maritime industry, Nigeria has played active leadership roles in ensuring the development of the sector not only within the country but also in the entire West and Central African sub region. Onyema assured the global maritime community of Nigeria’s readiness to ensure optimum performance through curbing piracy, preventing
marine pollution, reinvigoration of its ports and capacity building. According to him, “I wish to inform you that we have enacted proactive policies that conform to global best practices in the maritime sector. More specifically through the Nigerian Maritime Administration and Safety Agency (NIMASA), we have domesticated a number of IMO maritime safety conventions with a view to ensuring maritime safety and security not only in our domain but in the entire West and Central African Sub region.� In the same vein, Amaechi said that Nigeria has taken a
lead role in African maritime sector, adding that the Regional Search and Rescue Coordination Centre (RMRCC) in Lagos, coordinates Search and Rescue (SAR) activities in Nigeria and African sub region which comprises of, Togo, Benin Republic, Cameroun, Congo, Democratic Republic of Congo, Gabon, Equitorial Guinea as well as Soa Tome and Principe. He added that the federal government has approved the establishment of an Integrated National Surveillance and Waterways Infrastructure Protection which will ensure security in the Nigerian maritime domain.
On his part, Director General of NIMASA, Dr. Dakuku Peterside said that Nigeria occupies a special position in the African Maritime sector based on the length of its coastline and the attendant volume of trade. According to Peterside, “Nigeria has a coastline of over 850km, and 65 per cent of the cargoes heading to Africa would end up in Nigeria. We are the first country in Africa to enact a Coastal and Inland Trade Law (Cabotage Law) and we are likely going to be the first to enact and anti-piracy bill and so we are committed to taking shipping to the next level.�
Budget 2018: N2.43tn Capital ProjectVote Signals Better Times for Insurers Ebere Nwoji
Ă™Ă˜Ă‹ĂžĂ’Ă‹Ă˜ äĂ? Comms/e-Business Editor
Insurance Managers have expressed optimism that the 2018 budget recently presented to the National Assembly by President Muhammadu Buhari holds a lot of potential for them. Insurance industry experts said they will benefit from the N2.43 trillion voted for capital projects, particularly in the area of road construction and power projects. They also said the various promises made by the present administration such as free
food for school children and other similar programmes to be instituted by the Buhari administration would generate a lot of partnerships that would enhance purchasing power of Nigerians. Managing Director of Law Union and Rock Insurance, Jide Orimolade, speaking on the expectations of his company and other insurance underwriting firms based on the 2018 budget proposal, at a quarterly press briefing organised by his company in Lagos said: “I believe that with promises by the Buhari’s administration in
the budget, it is going to provide a lot of income for the insurance companies because there is no way the money released by the government will not spread. It is either the government does it personally or brings in private sector to do it. For us, we believe it will provide income for the insurance industry because right now, there are a lot of public and private partnerships going on. I think going forward, it will continue to happen. “Look at our rail system, the Chinese bank is the one to fund it and the insurance
aspect is not going to be done in their country because of the local content.� He added: “For us at Law Union and Rock, we will in 2018 focus on public sector insurance�. He said his company has competence in engineering insurance disclosing that right now, it is leading other insurance firms to insure eight power generating plants projects in Nigeria. Orimolade also stated that insurance firms would benefit immensely from the $5.5billion Mambila power
plant contract signed by federal government with Chinese government. “There is gap in power sector that was why government signed the contract and it is an area that will bring a lot of income for insurance industry because of local content and their competence, he stressed. He also said his company will use technology to drive retail insurance in the coming year, to ensure that people buy insurance from the comfort of their homes and get their claims without visiting an insurance company.
T H I S D AY Ëž Ëœ Í°Í°Ëœ Í°ÍŽÍŻÍľ
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BUSINESSWORLD
NEWS
Africa Prudential Pledges Support for Cooperative Devt Sector Ndubuisi Francis and Udora Orizu in Abuja Africa Prudential Plc has expressed its readiness to support the cooperative development project in Nigeria with a view to benefiting the sector. The Managing Director/ CEO, Africa Prudential Plc, Mr. Peter Ashade, who spoke at a dinner for Africa cooperative stakeholders, assured the stakeholders that the company had resolved to support the cooperative movement in a non-partisan way. “By this, I emphasise that Africa Prudential Plc does not see any regional divide. There is no north, south, east or west. We shall always support legitimate course without pandering to internal politics,� he said. Ashade said: “In the cooperative sector, we want
to be known as the pillar of development, not only in Nigeria, but across the length and breadth of Africa, for innovation, leadership in technology and business solutions support. “So far, we have started with EasyCoop, a Cooperative solution designed to promote transparency, accountability and process automation. More are billed to roll out in the course of 2018. “True development cannot be, forever, limited by obstacles. The will and the burning desire to succeed dulls the pains of disappointment. So, we truly believe lending a hand from the standpoint of our area of specialisation will be act in the right direction in journey to development,� he said. He assured all cooperative stakeholders that Africa
Prudential Plc will support the cooperative development project in Nigeria that will benefit the cooperative movement, adding: “We have taken a pledge to support in a non-partisan way. By this, I emphasise that Africa Prudential Plc does not see any regional divide.� In her address, the Chairman of Africa Prudential, Mrs. Eniola Fadayomi called for unity in the cooperative family, adding that all stakeholders in the cooperative development project understand that “The task before us is enormous, so let all stakeholders in the cooperative development project understand that, and unite for action. We must unite, there is so much catching up to do, next we must turn trend blazers. Those must be the collective generic agenda,� she said.
PETAN to Hold 2017 Industry Achievement Awards Dinner The Petroleum Technology Association of Nigeria (PETAN) has fixed November 30 for its 2017 Clients’ Appreciation and Industry Achievement Awards Dinner. The 12th Oil Industry Achievement Award Ceremony, with the theme, ‘Nigerian Independent Operators’ Value Maximisation: Opportunities for Indigenous Services Companies’, will hold at the Lagos Oriental Hotel, Victoria Island, Lagos, by 6:30pm. According to a statement signed by the Publicity Secretary, PETAN, Nik C. Odinuwe, the event will provide a unique platform for close interactions between leading Nigerian oil service companies, senior executives in international oil compa-
nies, government policy makers and top political leaders to share ideas on the Nigerian oil industry in a relaxed and conducive atmosphere. Some of the honoured awardees will include; international oil companies (IOCs), NOCs, services companies, individuals & personalities that have impacted the industry positively and have made outstanding contributions to the development of local content in the oil and gas industry. The Minister of State, Petroleum Resources, Dr. Ibe Kachikwu and the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Maikanti Baru will be in attendance.
PETAN is made up of Nigerian indigenous oilfield service companies and was founded to utilise the technical know-how acquired in the oil and gas industry by Nigerians as a springboard for economic and technological advancement. PETAN companies employ over 20,000 engineers and other technical personnel with direct employment of over 80,000 people. PETAN companies also offer 250 distinct technical services to the Nigerian oil industry and many of these companies now parade similar services in Mauritania, Ghana, Cameroun, Equitorial Guinea, Congo, Gabon, Tanzania, Mozambique, Chad, Angola, South Africa, the Middle East, South East Asia and the United States.
Taxify Expands Coverage, Launches in Abuja Emma Okonji Taxify, the fastest-growing ride-sharing platform in Europe and Africa, has extended its coverage area beyond Lagos by launching its service in Abuja with hundreds of driver-partners signed up to the platform and ready to accept rides all across the capital city. To celebrate its second city launch in Nigeria, Taxify is offering a 40 per cent discount to riders during the month of November. Taxify’s Operations Manager, Uche Okafor, said: “Abuja is an exciting and thriving market with an outgoing population for private urban transport. We’re very excited to launch here and have a solid team on ground. We are confident that Taxify can effectively contribute
to healthy competition by improving the quality of service and lowering the prices for the end customer.� Taxify takes only 15 per cent commission from its drivers, compared to the 25 per cent that competitors take. The lower commission allows Taxify to offer lower prices for riders and ensure that drivers still keep more money in their pockets. “Taxify treats our drivers better so that they can in turn treat our riders better. Taxify does this by ensuring that drivers are able to earn more driving on our platform than on any other platform. This combined with our end to end support ensures that our drivers are happier driving on Taxify and are ultimately able to provide better quality service for
riders. Taxify also believes in providing exemplary customer service to riders, with a local customer support team that offers real time over the phone support, Okafor said in a statement. Taxify is an international urban ride-sharing platform founded and headquartered in Tallinn, Estonia. Taxify is operating in 20 countries in Europe, the Middle East, Africa and Central America. Taxify has a global team of over 300 employees, and is considered one of the fastest-growing ridesharing platforms in Europe and Africa. In August 2017, Taxify announced a strategic partnership with Didi Chuxing, the world’s leading mobile transportation platform. The Taxify app is available on iOS and Android.
ELEVATING TO THE NEXT LEVEL Marie-Therese Phido
Black Friday, True or a Hoax I love retail therapy! My husband says I am most energetic and animated when we go shopping. He is a typical man who hates shopping and especially hates the idea of following me shopping. I fit the bill of the stereotypical woman who likes to go from one shop to the other checking out bargains and going back to the first shop to eventually buy the item of interest. My reasoning, like all women is that I do not want to be cheated.
Ă™Ëœ ĂŁĂ™Ă&#x; Ă?Ă‹Ă˜ Ă“Ă—Ă‹Ă‘Ă“Ă˜Ă? Ă—ĂŁ Ă?âĂ?Ă“ĂžĂ?Ă—Ă?Ă˜Ăž ĂĄĂ’Ă?Ă˜ Ă?Ă‹ĂĄ ÞÒĂ? Ă‹ĂŽĂ Ă?ĂœĂžĂ?Ëœ Ă?Ă–ĂŁĂ?ĂœĂ? Ă‹Ă˜ĂŽ billboards screaming at me about ÞÒĂ? Ă’Ă&#x;Ă‘Ă? Ă?Ă‹Ă–Ă?Ă? Ă?Ă™Ăœ Ă–Ă‹Ă?Ă• ĂœĂ“ĂŽĂ‹ĂŁË› Ă?ĂœĂŁ Ă–Ă™Ă&#x;ĂŽ Ă‹Ă˜ĂŽ Ă?Ă–Ă?Ă‹Ăœ Ă“Ăž ĂĄĂ‹Ă?Ë Ă‹Ă˜ĂŁ ĂœĂ?ÞËÓÖĂ?ĂœĂ? ĂšĂœĂ™Ă—Ă“Ă?Ă?ĂŽ ĂŒĂ?ÞåĂ?Ă?Ă˜ ͹͎ ĂšĂ?ĂœĂ?Ă?Ă˜Ăž ÞÙ ;͎ percent discounts on goods in their stores. The most striking were the hypermarkets taking vantage positions Ă™Ă˜ ÞÒĂ? Ă?Ă˘ĂšĂœĂ?Ă?Ă? ĂĄĂ‹ĂŁĂ?Ëœ ĂĄĂ’Ă“Ă?Ă’ Ă—Ă&#x;Ă?Ăž have cost them a bundle going by rates charged by outdoor advertising agencies. I was hooked and looked forward to the shops opening. I wanted to start my Christmas shopping on time. Early Ă™Ă˜ Í°Íł Ùà Ă?Ă—ĂŒĂ?ĂœËœ ĂĄĂ?Ă˜Ăž Ă“Ă˜ĂžĂ™ Ă™Ă˜Ă? Ă™Ă? the hypermarkets that had promised seventy percent discount and was grossly disappointed. Everything I planned to stock up on was not on sale and this great discount that had been promised was not evident to me. To say I was disappointed was an understatement. I ended up ĂŒĂ&#x;ĂŁĂ“Ă˜Ă‘ Ă‹ Ă?Ă?ĂĄ Ă˜Ă?Ă?Ă?Ă?Ă?ÓÞÓĂ?Ă? Ă‹Ă˜ĂŽ Ă–Ă?Ă‹Ă Ă“Ă˜Ă‘Ëœ ĂŒĂ&#x;Ăž ÞÒĂ? Ă?ÒÙÚ ĂĄĂ‹Ă? Ă?Ă&#x;Ă–Ă–Ëœ ĂšĂ‹ĂŁĂ“Ă˜Ă‘ Ă?Ă™Ăœ Ă—ĂŁ items was challenging because of the long queues.
ĂĄĂ?Ă˜Ăž ÒÙ×Ă? ÞÙ Ă˜Ă&#x;ĂœĂ?Ă? Ă—ĂŁ ĂŽĂ“Ă?Ă‹ĂšĂšĂ™Ă“Ă˜ĂžËœ then heard about somebody who went into this same store 4 days before to buy electronics before the sale started. She was told by the sales Ă—Ă?Ă˜ ÞÙ Ă?Ù×Ă? Ă“Ă˜ Ă™Ă˜ ĂœĂ“ĂŽĂ‹ĂŁËœ ĂŒĂ?Ă?Ă‹Ă&#x;Ă?Ă? the Black Friday sales would start then. She went into the store again on Thursday and saw the items still ĂšĂœĂ“Ă?Ă?ĂŽ Ă‹Ăž Ă™Ă˜ĂŽĂ‹ĂŁËŞĂ? ĂšĂœĂ“Ă?Ă? Ă‹Ă˜ĂŽ ĂšĂœĂ™Ă—Ă“Ă?Ă?ĂŽ ÞÒĂ? Ă?Ă‹Ă–Ă?Ă? Ă—Ă?Ă˜Ëœ Ă?Ă’Ă? ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? ĂŒĂ‹Ă?Ă• ÞÒĂ? Ă˜Ă?âÞ ĂŽĂ‹ĂŁ ÞÙ ĂŒĂ&#x;ĂŁ ÞÒĂ? Ă“ĂžĂ?Ă—Ă?Ë› ĂœĂ™Ă—ĂšĂžĂ–ĂŁËœ the next day she go into the store and was shocked to find out the sales price was the previous normal price Ă™Ă? ÞÒĂ? Ă“ĂžĂ?Ă—Ë› Ă’Ă? ÞÒÙĂ&#x;Ă‘Ă’ĂžËœ ÞÒÓĂ? Ă?Ă™Ă&#x;Ă–ĂŽ Ă˜Ă™Ăž ĂŒĂ? ĂžĂœĂ&#x;Ă?Ëœ Ă‹Ă? ÞÒÓĂ? ĂĄĂ‹Ă? ÞÒĂ? ĂšĂœĂ“Ă?Ă? Ă?Ă’Ă? saw before. Ă˜ Ă?Ă˜Ă›Ă&#x;Ă“ĂœĂŁËœ Ă?Ă’Ă? ĂĄĂ‹Ă? ÞÙÖÎ ÞÒËÞ Ă˜Ă?ĂĄ stock came in on Wednesday and they had to reflect the current price in view Ă™Ă? ĂŽĂ™Ă–Ă–Ă‹Ăœ ĂœĂ‹ĂžĂ? ĂœĂ?ËÖÓÞÓĂ?Ă?Ë› Ă™Ă&#x; Ă?Ă‹Ă˜Ă˜Ă™Ăž begin to imagine how disappointed she must have felt at this occurrence. Ă’Ă? Ă?Ă?Ă–Ăž ĂŒĂ?ĂžĂœĂ‹ĂŁĂ?ĂŽ Ă‹Ă˜ĂŽ ĂŽĂ?Ă?Ă?Ă“Ă Ă?ĂŽËœ Ă—Ă™ĂœĂ? because she had seen the price the day before and felt they were lying.
Ă˜ Ă Ă“Ă?ĂĄ Ă™Ă? ÞÒĂ? Ă‹ĂŒĂ™Ă Ă?Ëœ Ă“Ă? Ă–Ă‹Ă?Ă• ĂœĂ“ĂŽĂ‹ĂŁËœ true or a Hoax? What is the true history of Black Friday and how did it get its name? “Black Friday is the phenomenon that takes place in the US on the day Ă‹Ă?ĂžĂ?Ăœ Ă’Ă‹Ă˜Ă•Ă?Ă‘Ă“Ă Ă“Ă˜Ă‘ Ă’Ă&#x;ĂœĂ?ĂŽĂ‹ĂŁËœ ĂĄĂ’Ă?Ă˜ millions of consumers who get the day off from work or school crowd the stores for what is traditionally considered the beginning of Christmas shopping season. It is also said to be the day retailers finally begin to show a profit for the ĂŁĂ?Ă‹Ăœ Ě™Ă“Ă˜ Ă‹Ă?Ă?Ă™Ă&#x;Ă˜ĂžĂ“Ă˜Ă‘ ĂžĂ?ĂœĂ—Ă?Ëœ Ă—Ă™Ă Ă“Ă˜Ă‘ Ă?ĂœĂ™Ă— being in the “redâ€? to “in the blackâ€?) after operating at an overall loss all
year round through to mid- November.â€? The day also became popular because retailers knew they could draw crowds by discounting prices. Black Friday became ÞÒĂ? ĂŽĂ‹ĂŁ ÞÙ Ă?Ă’Ă™ĂšËœ Ă?Ă Ă?Ă˜ ĂŒĂ?ÞÞĂ?Ăœ ĂžĂ’Ă‹Ă˜ Ă–Ă‹Ă?Ăž minute Christmas sales and prices are meant to be slashed.â€? The operating word in the last sentence is slashed. For the lady with the hope Ă™Ă? ĂŒĂ&#x;ĂŁĂ“Ă˜Ă‘ Ă?Ă–Ă?Ă?ĂžĂœĂ™Ă˜Ă“Ă?Ă?Ëœ Ă?Ă’Ă? ĂŽĂ“ĂŽ Ă˜Ă™Ăž Ă?Ă˜Ă”Ă™ĂŁ Ă‹ Ă?Ă‹Ă–Ă? Ă“Ă˜ Ă?Ă‹Ă?Ăž ÞÒĂ? ĂšĂœĂ“Ă?Ă? ĂĄĂ‹Ă? ÔËĂ?Ă•Ă?ĂŽ Ă&#x;Ăš ÞÙ Ă’Ă?Ăœ ĂŽĂ“Ă?Ă‹ĂšĂšĂ™Ă“Ă˜ĂžĂ—Ă?Ă˜ĂžË› Ă?Ă?Ă™ĂœĂŽĂ“Ă˜Ă‘ ÞÙ Ă‹Ă&#x;ĂœĂ“Ă? Ă‹Ă?Ă•Ă—Ă‹Ă˜Ëœ Ă–Ă‹Ă?Ă• ĂœĂ“ĂŽĂ‹ĂŁ Ă“Ă? Ă™Ă˜Ă? Ă™Ă? ÞÒĂ? ĂĄĂ™ĂœĂ?Ăž ĂŽĂ‹ĂŁĂ? ÞÙ Ă?ÒÙÚ˛ Ă? Ă?Ă‹ĂŁĂ?Ëœ ÞÒĂ? goal of a typical Black Friday salesman is to attract customers to buy by offering a few products at so-called discounts. Ă’Ă?Ă˜ Ă™Ă˜Ă?Ă? ÞÒÙĂ?Ă? ËŤĂŽĂ?Ă‹Ă–Ă?ËŹ ĂœĂ&#x;Ă˜ Ă™Ă&#x;ĂžËœ ÞÒĂ? ĂœĂ?ÞËÓÖĂ?ĂœĂ? Ă?ÞÓÖÖ Ă’Ă‹Ă Ă? ĂŁĂ™Ă&#x; Ă“Ă˜ ÞÒĂ?Ă“Ăœ ÒÙÙÕĂ?Ëœ because you are already in their stores or ÞÒĂ?Ă“Ăœ Ă?Ă“ĂžĂ?Ă?Ëœ Ă‹Ăž ĂĄĂ’Ă“Ă?Ă’ ĂšĂ™Ă“Ă˜Ăž ĂŁĂ™Ă&#x; Ă‹ĂœĂ? Ă—Ă™ĂœĂ? likely to buy something else – even if it Ă“Ă? Ă˜Ă™Ăž Ă™Ă˜ Ă?Ă‹Ă–Ă?Ëœ ĂĄĂ’Ă“Ă?Ă’ Ă“Ă? ĂĄĂ’Ă‹Ăž ÒËÚÚĂ?Ă˜Ă?ĂŽ to me. Ă? Ă‘Ă™Ă?Ă? Ă™Ă˜ ÞÙ Ă?Ă‹ĂŁËœ ÞÒËÞ Ă™Ă˜Ă? ĂžĂ’Ă“Ă˜Ă‘ ÞÙ keep in mind is that advertised “dealsâ€? tend to be very limited in quantity. Even if you are willing to camp out in the parking lot to be one of the first people Ă“Ă˜ Ă–Ă“Ă˜Ă? ĂĄĂ’Ă?Ă˜ ÞÒĂ? ĂŽĂ™Ă™Ăœ ÙÚĂ?Ă˜Ëœ ĂŁĂ™Ă&#x; Ă—Ă“Ă‘Ă’Ăž still lose out on the product you were hoping to buy. Ă–Ă?Ă™Ëœ Ă“Ă˜ Ă?ĂšĂ?Ă‹Ă•Ă“Ă˜Ă‘ Ă‹ĂŒĂ™Ă&#x;Ăž ĂŽĂ?Ă‹Ă–Ă? ÞÒËÞ ĂĄĂ?ĂœĂ? ÞÙÙ ÑÙÙÎ ÞÙ ÚËĂ?Ă? Ă&#x;ĂšËœ ĂĄĂ’Ă?Ă˜
Ă?Ă‹ĂĄ ÞÒĂ? ĂšĂœĂ™ĂšĂ™Ă?Ă?ĂŽ ĂŽĂ“Ă?Ă?Ă™Ă&#x;Ă˜ĂžĂ?Ëœ ĂŽĂ?veloped my long list of choice items to buy only to find out that these items were not on sale. This is because many retailers cannot afford to give such discounts even if they advertise so on many items. I found out that only the second rate items and versions known as “derivativesâ€? were on offer for such discounts. Forbes magazine asked a pertinent question “is Black Friday the one day that ĂœĂ?ÞËÓÖĂ?ĂœĂ? Ă“Ă˜ Ă‹Ă˜ Ă‹Ă?Ăž Ă™Ă? ÒÙÖÓÎËã Ă‘Ă™Ă™ĂŽĂĄĂ“Ă–Ă–Ëœ commit financial seppuku for your benefit? Or is it a duplicitous marketing Ă‘Ă“Ă—Ă—Ă“Ă?Ă• ĂĄĂ’Ă?ĂœĂ?Ëœ Ă‹Ăž ĂŒĂ?Ă?ĂžËœ ĂŁĂ™Ă&#x;ËŞĂ–Ă– Ă?Ă‹Ă Ă? Ă‹ Ă?Ă?ĂĄ ĂŽĂ™Ă–Ă–Ă‹ĂœĂ? Ă™Ă˜ Ă‹ ĂŒĂœĂ‹Ă˜ĂŽ ÞÒËÞ ĂŽĂ“ĂŽ Ă˜Ă™Ăž exist 3 weeks before?â€? Of course not! Nobody loves you that much. Ă?Ă?Ă™ĂœĂŽĂ“Ă˜Ă‘ ÞÙ Ă‹ Ă?ĂžĂ&#x;ĂŽĂŁ Ă?Ă™Ă˜ĂŽĂ&#x;Ă?ĂžĂ?ĂŽ ĂŒĂŁ Ă‹ consumer watch dog. The report found ÞÒËÞ Ͳ͡Ϲ Ă™Ă? Í°ÍŽÍŻÍł Ă–Ă‹Ă?Ă• ĂœĂ“ĂŽĂ‹ĂŁ ĂŽĂ?Ă‹Ă–Ă? Ă“Ă˜ the UK were actually cheaper at other points in the year? Ă’Ă? ĂœĂ?ĂšĂ™ĂœĂž ĂžĂœĂ‹Ă?Ă•Ă?ĂŽ ĂšĂœĂ“Ă?Ă?Ă? Ă?Ă™Ăœ ͯ;͜ Ă“ĂžĂ?Ă—Ă? Ă‹Ă?ĂœĂ™Ă?Ă? Ă—Ă&#x;ÖÞÓÚÖĂ? Ă—Ă‹Ă”Ă™Ăœ ĂœĂ?ÞËÓÖĂ?ĂœĂ? Ă?Ă™Ăœ Íą Ă—Ă™Ă˜ĂžĂ’Ă? ĂŒĂ?Ă?Ă™ĂœĂ? Ă–Ă‹Ă?Ă• ĂœĂ“ĂŽĂ‹ĂŁ Í°ÍŽÍŻÍł Ă‹Ă˜ĂŽ found that the retailers were purporting to offer huge discounts when in fact ÞÒĂ? Ă“ĂžĂ?Ă—Ă? Ă’Ă‹ĂŽĂ˜ËŞĂž ĂŒĂ?Ă?Ă˜ ÞÒĂ? Ă’Ă“Ă‘Ă’Ă?Ăœ ËŤĂĄĂ‹Ă?ËŹ price before then – prices had been Ă?Ă“Ă‘Ă˜Ă“Ă?Ă“Ă?Ă‹Ă˜ĂžĂ–ĂŁ ÔËĂ?Ă•Ă?ĂŽ Ă&#x;Ăš Ă?Ă™Ăœ Ă–Ă‹Ă?Ă• ĂœĂ“ĂŽĂ‹ĂŁ Ë› ĂŁ Ă?Ă™Ă˜Ă?Ă–Ă&#x;Ă?Ă“Ă™Ă˜ Ă“Ă? ÞÒËÞ ÞÒÙĂ&#x;Ă‘Ă’ Ă?Ù×Ă? retailers may actually be true to the concept of declaring “real salesâ€? on “Black Fridayâ€? not all are keeping faith with this declaration. Black Friday deals and sales in general should always be taken with a pinch of salt unless you trust the retailer and have been convinced over time that it is real to avoid being conned. .– Marie-Therese Phido is Sales & Market Strategist and Business Coach Email: mphido@elevato.com.ng tweeter handle @osat2012 TeL: 08090158156 (text only)
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Dangote Sugar Consolidates Growth Another bounteous harvest awaits shareholders of Dangote Sugar Refinery Plc following its impressive nine months results, showing a jump of 162 per cent in profit, writes Goddy Egene “Our focus in the current year and for the future remains leveraging our strengths to maximise every opportunity to generate sales, increase our market share and create sustainable value for our stakeholders.� Those were the words of the Managing Director of Dangote Sugar Refinery (DSR) Plc to shareholders of the company at the annual general meeting (AGM) for the 2016 financial year. DSR has been a regular dividend paying company since it became listed on the Nigerian Stock Exchange (NSE) in 2008. The company had paid N7.2 billion dividend that translated to 60 kobo per share. The Chairman of DSR, Alhaji Aliko Dangote had told the shareholders that the company was in a position to pay a higher dividend but it retained some part of its earnings for investment in its backward integration programme. “Our focus is the actualisation of our backward integration plans, your board will continue with the effective management of resources to achieve this target, sustainable financial future for the company, and in the turn drive sustainable returns to shareholders,� Dangote had said. Based on the nine months results released recently, shareholders should expect higher dividend for the current financial year. Sugar plantation
Nine months performance A look at the financial performance of DSR for the nine months ended September 30, 2017, showed that it recorded revenue of N163 billion, showing an increase of 41 per cent above the N115.3 billion posted in the corresponding period of 2016. Cost of sales went up from N96.3 billion to NN121 billion, making the firm to close the period with gross profit of N41.473 billion as against N19 billion in 2016. Profit before tax (PBT) grew from N15.328 billion in 2016 to N39.251 billion, while profit after tax (PAT) jumped from N16.5 billion to N25.4 billion. Gross profit margin improved significantly from 19 per cent to 41.5 per cent, just as net margin improved from 13 per cent to 24 per cent. Commenting on the results, Sule said: “The company’s performance remains promising despite the various economic challenges in the country. Increasing our local market share and achievement of our backward integration sugar production plans, remains our utmost focus.� According to him, Dangote, “Sugar for Nigeria� continues to gain momentum with the signing of the Niger State Project MoU. “The rehabilitation of Savannah Sugar’s infrastructure and expansion of the cane fields is well underway. Despite the numerous challenges the Board and Management is resolute and will continue with the quest for sugar sufficiency in Nigeria, through our backward integration goals,� he added. The company explained that the various challenges facing increased its operations, the balance sheet remains strong with Zero Gearing ratio. “The company has capability to generate sufficient cash flow to fund its operations, and will be able to raise any additional fund for the Backward Integration Projects (BIP), if the need arises. We are optimistic that barring any unforeseen circumstance, the Company will achieve its set goals through the continued review and implementation of its initiatives to grow sales and market share with focus on the actualisation of the set goals for the backward integration projects,� the company said. Analysts’ assessments Assessing the nine months performance, analysts at Cordros Capital raised DSR’s earnings before interest tax, depreciation and amortisation (EBITDA) and net profit for the year ending December 31, 2017, by 50 per cent each and for 2018-2019F by 55 per cent and 56 per cent respectively. According to them, the upward revision
follows better margin outlook on declining per tonne production cost, which we expect will offset price cuts. “Our revised estimates translate to EBITDA and net profit growth of 158 per cent (+131% in 9M-17) and 155 per cent (+162 per cent in 9M-17) respectively in 2017F, and three per cent and five per cent average growth in 2018-2019F. On net, we raise target price (TP) for the stock by 39 per cent and upgrade our rating to buy. We roll forward our estimates and valuation by one year,� they said. They cut revenue estimates for 2017-2019F by 10 per cent average, on downwardly revised volume (for 2017F only) and selling price estimates. They explained that sales volume (-17 per cent in 9M-17) has been hit by weakened demand, and more recently, by both the influx of smuggled sugar and the terrible condition of the road to the Apapa factory. “And since reaching N17,010 average per bag in Q1, we estimate that average selling price is down by 12 per cent based on Q3-17 price of N14,912/bag. Compared to 2017F, we estimate DSR’s selling price over 2018-2019F will be lower by four per cent average as management focuses on market share growth (we estimate average seven per cent volume growth), having more than surpassed the gross margin target of 20 per cent (by 120 bps) between April-September 2017 following significant decline in per tonne production cost. While retaining average growth
of 10 per cent in freight income, net impact is for two per cent growth in gross revenue over our forecast period,� they said. They also raised gross margin estimate for 2017F by 983 bps to 27 per cent, following the significant formation over 9M-17, particularly the last two quarters (33 per cent average). “We also raise estimates for 2018-2019F by about 1,000 bps average, on the assumption that the expected cut in selling price will trail decline in per tonne production cost. Upside risks to our per tonne production estimate (down consistently q/q to -34 per cent between Q3-17 and Q4-16) include (1) better energy efficiency and stronger exchange rate, (2) stable outlook of global raw sugar prices, and (3) positive mix from growing contribution of higher margin Savannah. Downside risks to our margin estimate include (1) deeperthan-expected cut in selling price and (2) an upturn in global prices of raw sugar (sugar prices for 2019 delivery are higher by four per cent for November contracts),� they said. Strong earnings growth outlook In their own assessment, analysts at FBN Quest said DSR growth story over the medium term is compelling and forecasting earnings per share(EPS) growth to average 45 per cent over the 2017-19E period. “We expect the company’s dominance of the sugar industry to persist well beyond
DANGOTE SUGAR REFINERY SIX MONTHS FINANCIAL SUMMARY 200 180
SEPT. 2017 N163Bn
160 140 120
SEPT. 2016 N115Bn
100
SEPT. 2017 N121Bn SEPT. 2016 N96Bn
80
SEPT. 2017 N41.5Bn
60
SEPT. 2017 SEPT. 2016 N26.5Bn SEPT. 2016 N19Bn SEPT. 2017 SEPT. 2016 N10.1Bn N4.7Bn N3.5Bn
40 20 0
REVENUE
COST OF SALES
GROSS PROFIT
ADMIN EXPENSES
PROFIT AFTER TAX
the next few years given the firm’s aggressive backward integration project which is in line with the federal government’s sugar master plan. In comparison with peers which have struggled, DSR has successfully signed key land acquisition agreements. The most recent is a 60,000 hectare Tunga Project in Nasarawa which accounts for c.55% of DSR’s near term production ambition. According to management, the firm expects to produce around one million tonnes per annum (1MTPA) of finished sugar domestically, equivalent to two-thirds and 50% of current and projected national sugar demand by 2022,â€? they said. National Sugar Consumption to rise Nigerian sugar consumption is estimated at 8kg/capita, which according to the analysts, pales in comparison with African peers South Africa (46kg/capita) and Ghana (16kg/capita) respectively. “Although sugar demand growth may have been subdued in recent years, we believe growing domestic sugar and ethanol (a by-product) production are likely to have a positive impact on sugar consumption over the medium term. Local production costs are estimated at a fraction of imports and we expect relatively subdued costs to reflect in market pricing. Other drivers for future growth are positive demographic trends and an improving economic outlook,â€? they said. Bullish on near term performance According to them, in the near term, they forecast full year sales and earnings growth of 29 per cent and 121 per cent to N218.4 billion and N31.8 billion respectively in 2017E. “Our projections are primarily driven by a +42 per cent rise in finished sugar prices. We expect that H2 sales growth will be modest compared with what DSR delivered in H1 due to base effects. Our 2017E earnings growth forecast of 121 per cent y/y compares with 73 per cent y/y for our consumer goods coverage universe,â€? they said. CBN’s policy central to improved proďŹ tability The analysts said that benefits from increased central bank interventions in the FX market have eased production costs. According to them, management now indicates that the firm’s average FX rate is around N320/US$, compared with N450/US$ a year ago. “Additionally, increased utilisation of gas compared with LPFO (which is 2x more expensive) bodes well for sugar production at the Lagos Refinery. Gas accounted for all of DSR’s production energy requirements in Q3. We expect this trend to persist through Q4,â€? they stated.
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Gwarzo: Good Corporate Governance will Engender Sustainable Economic Devt The Director General of Securities and Exchange, Mounir Gwarzo spoke to Goddy Egene on the implication of the Nigerian Capital Market Master Plan initiatives on economic growth and the budget seminar organised by the commission, among other issues. Excerpts: SEC recently organised a seminar on the theme: Nigerian Capital Market and 2017 Budget: Lessons for 2018. Can you briey give us the background to this event? Our capital market master plan has the vision to make the capital market the most developed in Africa by 2025. The commission has pursued, without waver, this dream, introducing a host of measures to develop and deepen the market. We therefore, complement government action aimed at growing the Nigerian economy by making the capital market better able to contribute its role of raising capital for long-term investment and growth. In addition to numerous measures too many to discuss here, investor education is a principal tool of developing the market and making it better able to raise funds for infrastructure and other facets of the Nigerian economy. Since its inception in 1978, the SEC introduced for the first time early this year, a budget seminar, as part of its investor programme. We believe that by bringing together experts from various areas of the capital market and the financial system at large, we will be able to contribute more meaningfully in shaping measures to facilitate a speedy implementation of the budget by providing alternative sources of funding for infrastructure and related sectors. Funds raised through the capital market tend to be less costly, helping to reduce inflation while promoting growth. The event was the second of its kind. Our guest of honour was Dr. Shamsudeen Usman, former Deputy Governor of the Central Bank of Nigeria (CBN) and former Minister of the Federal Republic. The lead speaker was Dr. Afolabi Olowookere, who is Head of Economic Research and Policy Management, SEC. The paper provided an assessment of the capital market perspectives of the achievements of the 2017 budget and then went further to explain the lessons emerging from that experience for the purpose of the 2018 budget. A panel of discussants was on hand to provide various perspectives. The team comprised notable economists such as Prof. Ifeanyi Nwokoma from University of Lagos; Mr. Bismarck Rewane of Financial Derivatives Company Limited and Mr. Muda Yussuff of Lagos Chambers of Commerce and Industry. At the end of the seminar, a communiquĂŠ was drawn based on consensus for communication to all stakeholders in the polity. What speciďŹ c lessons, if any, has the capital market gained from the 2017 budget that in your view are worthy of note for possible incorporation into the 2018 budget? You will agree with me that alternative sources of funding the budget such as Sukuk have become important, giving the capital market more prominence in efforts to lay the foundations for economic growth and inclusive development. The federal government issued a N100 billion Sovereign Sukuk in 2017, and has released proceeds to 25 Road Projects. What role did SEC play in the issuance process? Will this and future issuances promote the development of infrastructure and the Nigerian economy? The commission played a big role in facilitating the sovereign Sukuk issuance with high level engagement with the Debt Management Office (DMO), in seeking the guidelines granting liquid status to Sukuk by the CBN, and the setting up of technical committee which designed the concept note for the sovereign Sukuk and conducting both technical and financial evaluation of the parties. We are glad to note that the issuance was
Gwarzo
oversubscribed by six and we anticipate more issuances of this nature by both government and corporates in due course. Sukuk issuances could greatly promote the development of infrastructure in the Nigerian economy especially project-tied capital raising. By providing funds for infrastructure development, the Sukuk issuance engenders economic activity and societal well-being. For instance, when rural roads are built from the funds, access to market by farmers improves, and rural poverty is alleviated. Also, the development of major highways and railways will, in the same vein, considerably stimulate economic
Since its inception in 1978, the SEC introduced for the ďŹ rst time early this year, a budget seminar, as part of its investor programme. We believe that by bringing together experts from various areas of the capital market and the ďŹ nancial system at large, we will be able to contribute more meaningfully in shaping measures to facilitate a speedy
activities. The Nigerian capital market has not achieved the scale, sophistication and relevance to inuence the development of our national economy. What are the key issues and challenges of the Nigerian capital market that the masterplan aims to address in terms of improving its contribution to the economy? There are a number of challenges such as the limited size, depth, reach and sophistication of the capital market. In addition to liquidity constraints, structural challenges and regulatory constraints limiting access to pension funds that contribute significant portion of long term investable funds in the economy. The absence of any national strategy (regulation and incentives) for long term savings and investments and uncompetitive pricing (transaction costs and cost of funds) and processing time have inhibited the capital market in performing its role. A review of our market in 2014 revealed that, compared to our peers, we were significantly lagging behind in terms of size, liquidity, depth, breadth and sophistication. The Master Plan is an output of the entire market community, having identified the challenges and opportunities in the Nigerian capital market. The Nigeria’s first 10-year capital market is expected to transform the Nigerian market, make it competitive to contribute its quota of developing the nation. Nigeria urgently needs a modern capital market capable of addressing the challenges. For such a market to emerge in Nigeria we believe faithful ownership and implementation of the capital market master plan is critical. What is your assessment of the imple-
mentation of the masterplan thus far? The implementation started in January 2015. The Masterplan has been divided into initiatives. Each year we identify key initiatives that will be prioritised for the year. There are a total of 97 initiatives and we have so far implemented around 42 initiatives. For example, the main initiatives implemented in 2015, include the dematerialisation of share certificates, recapitalising capital market operators and implementing a Corporate Governance Scorecard. In addition, in the same year, we launched the National Investor Protection Fund, increased robust public enlightenment and promoted non-interest products. This was in addition to implementing the e-Dividend Management System, Complaints Management Framework, and demutualisation framework. Furthermore, we started transaction cost reduction, improved our improved rulemaking process, defined minimum professional standards and compliance with market rules as well as rolled out our whistle blowing mechanism. For 2016, we intensified the Capital Market Implementation Council (CAMMIC) advocacy, promoted Minimum Technology Standards, strengthened capacity at the SEC and initiated review of major laws. In addition to promoting national financial literacy, developing a document on National Savings Strategy, promoting new listings, establishment of West African Securities Regulators Association (WASRA), Establish Risk management principles for capital market operators and pushed for a dual License. Also, we promoted access to alternative investment (special funds, Sukuk etc), simplified process for capital raising, strengthened the Capital Market Institute, aligned reporting standard between SEC and NSE, reduced cost of listing, establish school based curriculum and published the Nigerian Journal of Securities Market. In 2017 we are pursuing outstanding initiatives from 2016 and new ones will also be the focus of 2017 such as enhancing market liquidity and facilitating the establishment of Credit Enhancement mechanism. In addition we are enhancing the commodity trading ecosystem and establishing an Unclaimed Dividend Trust Fund. We recently witnessed the establishment of the Nigerian Capital Market Development Fund (NCMDF). What are the objectives of the fund? The launching of the NCMDF Board is expected to contribute greatly towards the developmental efforts of the SEC to grow the market, enhance financial inclusion and regulatory visibility. The primary focus of establishing the NCMDF is to fund relevant market development initiatives that will spur growth of the market and the Nigerian economy. Equally, the fund will facilitate the introduction of proper understanding of new products to deepen the market, provide capacity building to tackle emerging challenges and create an industry wide synergy through partnership with government and non-governmental agencies and corporate bodies with similar objectives. Who are the members of the Board of the fund? The Board is chaired by the DG of SEC, and an Executive Commissioner of SEC as a member. Others include: the Director Home Finance (Federal ministry of Finance), Mrs. Olubunmi Siyanbola; Chairmen, Association for the Advancement of the Rights of Nigerian Shareholders, Dr. Faruk Umar and Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu; Others President/Chairman, Institute CONTINUED ON PAGE 28
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GWARZO: GOOD CORPORATE GOVERNANCE WILL ENGENDER SUSTAINABLE ECONOMIC DEVT practical solution to the heavy post-harvest losses associated with poor warehousing and the absence of a ready market for the disposal of farm produce at realistic prices. One of the main planks of the government’s economic diversification agenda is agriculture and we know the importance of a virile commodities exchange to commercial agriculture. Reviving the commodities eco system will revolutionise Nigerian agriculture through a dynamic, efficient, and orderly marketing system that serves all. The development of commodities exchanges is very vital to the development of the agriculture and solid mineral sectors which are important to the economic diversification objectives of the government. An efficient commodities exchange system is a practical solution to the heavy post-harvest losses associated with poor warehousing and the absence of a ready market for the disposal of farm produce at realistic prices in Nigeria.
of Capital Market Registrars, Mr. Bayo Olugbemi; Ify Ajezie of Association of Stockbroking Houses of Nigeria and CEO, Afex Commodities Exchanges/Association of Securities Exchanges, Ayodeji Balogun. What is the target size for the capital market development fund over time, how will the money be raised and deployed? Presently it has a seed capital N5billion fully funded by SEC. The commission has provided the initial takeoff grant for the fund but going forward the entire capital market community should come together to discuss details of how we can all contribute to the continued funding for this critical market vehicle. SEC commenced the implementation of Corporate Governance Scorecard for public companies in January 2017 as one of the capital market master plan initiatives. What is the objective of the score card and what is the implication for the capital market and economy? The Scorecard will enforce better public disclosure and will assess the level of compliance with the SEC’s code of corporate governance by Nigeria’s public companies on an annual basis. The SEC has the widest coverage when it comes to corporate governance covering all publicly listed companies unquoted companies and capital market operators. Ultimately, good corporate governance will contribute to sustainable economic development in Nigeria by enhancing the performance of companies and increasing their access to global capital. Good corporate governance will enhance investor trust, attract foreign portfolio investment, and demonstrate Nigeria’s commitment to observing international standards. The integrity of businesses is central to the vitality and stability of the Nigerian economy. Businesses must foster a corporate governance framework that promotes market integrity, the independence of the board from management, transparency, an effective risk management system, and a system of accountability. Promoting good corporate governance can improve corporate financial performance and economic growth. Accountability and transparency, which the capital market demands from issuers reduce false financial reporting, showing the true state of affairs of listed entities. Timely and accurate disclosures engender confidence in the capital market and bolster participation which can propel growth. The current level of retail investor participation in the Nigerian market is very low with an estimated two per cent of Nigerians invest in the capital market against 46 per cent of Americans, 33 per cent in the United Kingdom, 15 per cent in South Africa and nine per cent in Malaysia. What initiatives are being implemented to increase the level of retail investors? We have implemented a number of the initiatives that will boost confidence and subsequently improve investor participation. These initiatives include the e-Dividend system, the National Investor Protection Fund , the Direct Cash Settlement, Dematerialisation as well as the recapitalisation of capital market operators. This is in addition to SECs zero tolerance to market infractions, promoting the corporate governance scorecard and our robust public enlightenment on all these initiatives amongst others. All these initiatives jointly will increase participation from retail investors. It is anticipated that these measures will bring back the retail investors who exited the market after the 2008 financial crisis and also attract millions more to invest in the market ultimately boosting financial inclusion in the Nigerian economy. Retail investors hold the key to building a sophisticated domestic investor base in Nigeria and will form a critical mass of stakeholders in moving the Nigerian economy forward. Retail and institutional investors both play a role in funneling the savings of Nigerians into “real� investment opportunities that form the backbone of the economy. Remember retail investors are the unsung heroes of the highly successful banking sector recapitalisation exercises of the last decade. They are therefore very important. Can you shed light on the dematerialisation and e-dividend initiatives. How critical are they to improving liquidity of the market
Gwarzo
and how will they impact on the Nigerian economy? Dematerialisation refers to the conversion of share certificates (physical paper form/ certificates or documents of title representing ownership of securities) to an electronic form which is domiciled directly with the CSCS. Once done, it invalidates any certificate(s) in the possession of the investor. Dematerialised shares are safe from fraud, theft and loss. In addition, shares cannot be sold unless they have been dematerialised. Dematerialisation and e-dividend are critical initiatives that will boost market security, efficiency and liquidity. We have collaborated closely with CBN and NIBSS as well as with the Registrars to ensure share certificates are dematerialised and investor register in the e-Dividend scheme. A liquid equity market allows savers to sell their shares easily, thereby permitting firms to raise equity capital on favorable terms. By facilitating longer term, more profitable investments, a liquid market improves the allocation of capital and enhances prospects for long term economic growth. The fact that
Sukuk issuances could greatly promote the development of infrastructure in the Nigerian economy especially projecttied capital raising. By providing funds for infrastructure development, the Sukuk issuance engenders economic activity and societal well-being. For instance, when rural roads are built from the funds, access to market by farmers improves, and rural poverty is alleviated. Also, the development of major highways and railways will, in the same vein, considerably stimulate economic activities
investors can easily sell their securities when they wish to encourages them to buy new issues of securities or existing ones. By buying new issues of securities, they provide funds to corporate for expansion and to government for developmental projects. Even issuers are encouraged to issue new securities for funds when the market is liquid. A liquid market in essence fosters capital formation and economic development. Improving market liquidity will promote economic growth in Nigeria because without a liquid stock market, many profitable long term investments would not be undertaken as investors would be reluctant to tie up their investments for long periods of time. As part of the Capital masterplan initiatives, the Commission in 2016 signed an MOU with the Nigerian Educational Research and Development Council (NERDC) on introducing Capital Market Studies (CMS) into the curriculums at all levels of education how will that impact the economy? Nigeria will derive a lot of advantages from improvement of financial literacy because financial skills promote economic growth. An improvement of financial skills is associated with economic growth or decreases in income inequality. Financial literate investors can create economic activities. They make better financial decisions for themselves; they understand investment vehicles and can process economic information better. They make informed decisions and are knowledgeable on opportunities of our capital market. They will promote economic development. Thus, being financially literate is not only important to the individual household and family, it’s also important to the economy. The Nigerian Commodity Exchange (NCX) founded in 1998 is operating sub optimally but the Ethiopian ECX established in 2008 and has today revolutionised Ethiopian agriculture through a dynamic, efďŹ cient, and orderly marketing system that serves all. As a regulator what have you done to improve the NCX? As a regulator, we have provided the enabling environment. We have been very supportive of the Nigeria Commodities Exchange (NCX). A committee was set up at a point to review the whole ecosystem of the commodities exchange. We also encouraged and registered private commodities exchange, AFEX, so that they will be able to compete with NCX. A major game changer is the warehouse bill, which when it comes into force will be a major catalyst. We have shown commitment to the warehouse bill because we see that it will serve as an enabler to the success of the commodities exchange. A virile commodities exchange system is a
Why is SEC determined to demutualise the Nigerian Stock Exchange and what are the beneďŹ ts of a demutualised NSE and will the exercise promote development of the capital market and economy? As you are aware, the Commission released the demutualisation guidelines in 2015 and we have anticipated the process for full demutualisation of the exchange to materialise since. The exercise which was formally initiated by the NSE Board will achieve the necessary benefits for the entire market. The process is expected to provide the exchange with many benefits, in particular, corporate governance and increased efficiencies. With demutualisation, the NSE should be exposed to robust corporate governance, enhanced efficiency and transparency associated with publicly quoted companies. The demutualisation of the NSE will be a significant milestone for our market and improve the confidence of both local and international investors in the Nigerian capital market. We anticipate the positive effects in general for the economy as the capital market will seek to play a more important role improving the market capitalisation to GDP ratio in Nigeria What was the focus of the last Capital Market Committee (CMC) meeting? The essence of the meeting is to make all stakeholders in the capital market come together to review the performance of the market, first review the performance of the economy, then to review the performance of the capital market. SEC normally gives an overview of the Nigerian capital market and we also receive an update from the various stakeholders – the Nigerian Stock Exchange, the FMDQ, the NASD, Afex, NCX and Investment Securities Tribunal, all stakeholders in the capital market including CBN, PENCOM,FSS2020,FMAN,ASHON,AIHN etc. Secondly, several committees set up to drive a particular initiatives in the market had opportunities to brief the house on what they have done such as the Committee on Market Liquidity, credit enhancement and roadmap on Commodities exchanges. It was a very fruitful meeting. We also agreed on financial contributions and timelines towards the Financial Literacy Initiative. We reached an agreement on SEC s contribution, the SROs and trade groups. And very importantly, we agreed there is no going back on the Commission’s decision to stop physical dividend warrants by December 31, 2017, notwithstanding the slow pace in the implementation of the e-dividend policy. How many Nigerians have keyed in to the Electronic Dividend mandate System? There are about 2.1 million Nigerians who have keyed into it. But in the last three or four months, there has not been appreciable increase in terms of number of enrolment, that is why had a conversation with the registrars and bankers. We expect in the next two months to see a significant improvement in terms of enrolment. SEC has been underwriting the cost but the free registration window is ending December 31, 2017 The 31 December deadline for stoppage of issuance of physical dividend warrants in the nation’s capital market remains unchanged. December 31 deadline for e- Dividend is Sacrosanct. There is no going back on the commission’s decision to stop issuance of physical dividend warrants. And by the deadline, any Nigerian that does not register for e-dividend will now have to pay N150 for registration.
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Assessing Nigeria’s Financial System Strategy 2020 Obinna Chima examines efforts by the Central Bank of Nigeria towards achieving its Financial System Strategy 2020
EmeďŹ ele Globally, the relationship between the financial system and development remains very critical for any economy to realise its potential. Financial system development depends largely on the flow of funds from the banking system. Patrick Honohan of the Trinity College, Dublin, in a paper titled: “FSS 2020: Finance and Growth – Can the Engine Work for Nigeria?,â€? had pointed out that the financial sector helps growth and lowers poverty. He stressed that Nigeria (as other African financial systems) has much to gain from energetic financial policy development combining modernism. Financial development is clearly an important cause of growth and financial sector development can be a powerful agent for growth and transformation. That was one of the reasons why the Central Bank of Nigeria (CBN) developed the Financial System Strategy 2020 (FSS: 2020), which has less than three years to the target year. The CBN had in August 2009, launched the Financial System Strategy 2020. The FSS 2020 is aimed at strengthening and deepening the domestic financial market, enhancing the integration of the domestic financial markets with the external financial market, supporting the real sector and promoting sustainable economic development. Based on the recognition of the linkage between financial deepening/growth and economic developments, the vision of the FSS 2020 is to make the Nigerian financial sector the fastest growing financial system among the emerging economies while the mission is to drive rapid and sustainable economic growth primarily in Nigeria and Africa. From the onset, the FSS 2020, which forms an integral part of the national vision was designed and developed with strategic objectives that will enable the Nigerian economy become one of the world safest and fastest growing economies by the year 2020. The CBN has constantly evolved appropriate regulations to achieve its objective. Some of these include policies such as the three-tiered Know Your Customer, gradual phasing out of the commission on turnover (COT), cashless Nigeria, which kicked off yesterday, revised bank charges, creation of a secondary market for the mortgage sector through the Mortgage Refinancing Company amongst others.
Barau By the end of 2012, the FSS 2020 was reviewed and refined to strategically make use of the various structures within the financial sector to achieve its goals. Its focus was redirected at the pension, mortgage, and insurance industries as well as medium, small and micro enterprises (MSME), the financial market and the entire populace. Interestingly, the CBN’s Deputy Governor, Corporate Services, Alhaji Suleiman Barau, has been the coordinator of the FSS 2020 According to Barau, in measuring the milestone of FSS: 2020, so far achieved, he looked at them from the existing sectors perspectives. For the mortgage sector, he pointed out that a robust secondary mortgage had been created with the CBN and the mortgage operators clearly streamlined. This, he said, led to the establishment of the Nigeria Mortgage Refinancing Company (NMRC). “Again, the Uniform Underwriting Standard which was non-existent has now been codified and introduced in the Mortgage Industry to regulate their practice. In addition, the framework for the Mortgage Asset Registry has been developed to capture mortgage transactions on a common IT platform,� he explained. The CBN had also introduced the categorisation of primary mortgage banks into national, state and local. While speaking on the objective of the FSS 2020 for the housing sector, the Head, Mortgage
From the onset, the FSS 2020, which forms an integral part of the national vision was designed and developed with strategic objectives that will enable the Nigerian economy become one of the world safest and fastest growing economies by the year 2020
Sector FSS: 2020 Mr. Patrick Aririyuso, had said the vision under the scheme is for the country to have the safest home ownership rate and most profitable mortgage market among emerging markets. He said the target is to use the mortgage market as a major agent of positive social and economic change by making finance available and affordable to all class of Nigerians. Objectives of the FSS2020 in this space, according to him, is to establish a secondary mortgage market, to attract affordable international credit to fund affordable housing programs and to advocate moderate rate for affordable and mortgage housing. In addition, the Pension asset has grown from about N3 trillion in 2013 to N6.02 trillion in 2017 while the Nigerian Sovereign Investment Authority (NSIA) has been appointed advisers to manage the deployment of Pension funds into long term infrastructure deployment. Also, in line with the FSS 2020, through sensitisation and mass advocacy, PenCom has stepped up prompt settlement of pension claims for retirees and has continued to embark on massive technical training using the IT platform to ensure prompt service delivery and implementation of the micro pension scheme. For insurance sector under the FSS 2020, the central bank revealed that the implementation of the micro insurance (Takaful) and compulsory insurance schemes are both in advanced stages of implementation. It also revealed that improvement in the settlement of insurance claims of Policy Holders was being pursued aggressively, saying confidence and trust of the holders which was at lowest ebb had been restored. There is also capacity building of insurance and inclusion of insurance in the school curriculum for prompt service delivery. For the MSME sector, there have been several interventions to improve funding and access to finance for small businesses. This got a major boost with the creation of the National Collateral Registry, for lending and access to finance by MSMEs is a huge milestone, especially with the passage of the Secured lending using movable assets Bill by the NASS. Notwithstanding this milestone, there are some challenges militating against the achievements of FSS2020 objectives. The includes but not limited
to the following: funding and logistics, technical challenges, human capital development, especially the inability to attract talent from abroad to Nigeria, delays in the passage of the identified financial sector bills by the national assembly is a drawback, policy inconsistency and lack of continuity. Pursuing Implementation Speaking on what should be done to boost the implementation of the initiative, Barau stressed the need to initiate policies that would ease Doing Business in Nigeria and encourage investment within the country. “There is need to ensure that there is enabling infrastructure and guarantee maximum peace and security in the country. Also, the development plan of government must have bearing with the needs and realities of the citizenry especially issues of unemployment, microeconomic stability and capacity building in all sectors of the economy. “The FSS 2020 is just a platform that brings together all the key implementing institutions to achieve a common objective in the financial system. Since actual implementations are being done by these agencies, our attempt is to identify where there are challenges or issues or duplication of efforts, FSS 2020 call the attention of the affected institution to address it in the overall interest of the financial system,� he added. He further explained that the FSS 2020 initiatives were carefully tailored to align with the mandate of the institutions that have the responsibility to implement the identified initiatives which are within the realm of the strategy. “For Instance, CBN has achieved a lot in the areas of Payment System Vision 2020 which is an Initiative of the FSS 2020 along with the cashless policy. In the same vein, SEC has been successful in the implementation of the e-dividend policy which has always been one of the initiatives FSS 2020 had been advocating, and so many others. “Also, the funding of FSS 2020 Programme had been solely the borne by the CBN, until recently when some of the implementing institutions like PenCom have started making contribution to the funding of the FSS2020 Activities with others showing interest to do same. Most of the implementing Institutions have been providing technical assistance to the running of the programme in the areas they are more specialised,� he added.
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NCRIB President Urges FG to Make Agric Insurance Compulsory The new President of Nigerian Council of Registered Insurance Brokers, (NCRIB) Mr. Shola Tinubu, has urged federal government to make Agricultural Insurance compulsory in the country. Tinubu also said during his two year tenure as NCRIB president, he and his team will focus on eight point sustainable agenda that will ensure that Insurance Broking profession stands at par with its counterparts anywhere in the world. “Essentially, our agenda and vision is to project NCRIB as a
strong institution that will be propelled by professionalism. As a body that has international affiliation with organisation like British Insurance Brokers Association (BIBA), we are under obligation to benchmark our operation and growth pattern with such global institution. He also said his administration will pay greater attention to popularising insurance industry through awareness creation. With the agenda in mind, the new NCRIB president, recently visited the Course 39 set of the Nigerian Institute of
Policy and Strategic Studies, Kuru, where he underscored the need for government to make agricultural insurance compulsory in the country. According to the NCRIB President, the quest by government to reflate national economy and put the nation on sustainable path of economic vibrancy has necessitated government making agricultural insurances compulsory, as a pre-condition for facilities, subsidies and other goovernment support. Tinubu, who applauded the progressive moves by
government to diversify the economy from oil to non-oil, stated that “in order to increase insurance penetration in a geometric proportion, there should be concentration on the Agric sector in terms of marketing the intrinsic value of the insurance products to farmers and other Agricultural and Agro allied sectors� Similarly, the NCRIB President highlighted the need for government to embrace insurance, in its efforts to take prudent economic strides, considering the scarce resources and tight budget of
government, make it less likely to easily replace assets in the event of loss. He opined that it was time for government across the levels to transfer their risks to the insurance market and free funds for other developmental projects, noting that the time was ripe for government to issue directives to ensure that all its assets are insured through licenced Insurance Brokers, with risks premiums provided for in yearly budgets. On payment of bidding fees by Insurance Brokers, the
NCRIB President urged government to retool the procurement rules for Insurance Brokers, making it to be in tandem with similar professional bodies like Lawyers, Accountants, Architects, and other allied professionals. Tinubu urged NIPSS to utilise its pivotal position to advice government on the crucial roles of Insurance Brokers in the insurance value chain and the growth of the insurance industry, which he noted was the linchpin of sustainable economic growth of progressive nations in the world.
LASACO Assurance Resumes Underwriting of Annuity Business Ebere Nwoji LASACO Assurance Plc, said it has resumed underwriting of annuity business after short break on the business following an embargo placed on it by the National Pension Commission (PenCom) early this year. LASACO re-commenced the annuity businesses in collaboration with its appointed experts, First Pension Custodian (FPC), having obtained the nod of the National Insurance Commission (NAICOM) to again take on the underwriting of the product across the country. The company said with the resumption, the insuring public can now invest their retirement benefits with it from where monthly stream of income can be generated and paid to them for a fixed period. LASACO Assurance Managing Director, Mr. Segun Balogun, who spoke on the development, said that his company achieved the feat of qualifying to resume annuity business underwriting through prudent management and strict adherence to professionalism and
promised that the company would do more to meet the needs of the people through policies that would guarantee better deals for them. On his part, General Manager, Life Operations of the company, Mr. Dimeji Olona, explained that the company’s annuity product was designed to provide security and peace of mind for the holders as it is meant to ensure regular payment in retirement for the duration of the owner’s life. With this, LASACO Assurance has been enlisted among the few insurance firms that have secured PenCom’s approval to resume annuity underwriting after the embargo on the business early this year, Other insurance firms are still struggling to meet PenCom’s conditions for resuming the business. PENCOM, had early this year, placed a short embargo on the underwriting of annuity business by life insurance firms pending the time it will jointly with the National Insurance Commission (NAICOM) come up with guidelines on the business.
CONGRATULATIONS
L-R: Head, Northern Region, STL Trustees Limited, Jibril Mohammed; MD/CEO Metropolitan Skills Ltd, Ummahani Ahmad Amin; MD/ CEO, STL Trustees Limited, Funmi Ekundayo; Commissionaer for Finance, Osun State, Bola Oyebanji; and Head, Trust Services/Legal, STL Trustees Limited, Akinwumi Oni, when STL Trustees Limited won the Non-Interest Trustees of the Year 2017 Award, during the 3rd African International Conference on Islamic Finance ‌ recently
Adegbayi: NIID Will Guarantee Reduction in Fake Marine CertiďŹ cates The adoption of second module of the Nigeria Insurance Industry Database (NIID) on Marine Insurance, will guarantee reduction in fake marine insurance certificates, the Executive Director, General Business, Leadway Assurance Plc, Adetola Adegbayi has said. Adegbayi made the remark at a training programme organised by Leadway Assurance for the National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos. Adebgayi, observed that marine insurance class of business in Nigeria has suffered serious neglect and malpractices but commended the move by the industry to replicate NIID in marine insurance in a bid to check fake certificates online. The NIID is a central record of all insured vehicles in Nigeria Developed by the umbrella body of insurance underwriters, the Nigeria Insurers Association (NIA), the NIID serves as a tool
that ensures that only insured vehicles are driven on Nigerian roads. It also checkmates the activities of fake insurance operators. It is also used by authorised law enforcement agencies to enforce motor insurance law. The model has been enforced in some states on motor insurance while the insurers are seriously making moves to extend it to marine insurance. Adegbayi said the policy will stem the tide of marine insurance certificate faking. She expressed regret that most people were yet to understand that cargoes coming into Nigeria should be insured, adding that this has given rise to increase in fake certificates in the system. On aviation insurance, she attributed high cost of aviation insurance in Nigeria to effects of international aviation business, conversion rate of Forex.
“I think the challenge for premium in aviation is very massive, basically in terms of the premiums going up. You know we don’t manufacture aircraft here in Nigeria, aircrafts are very expensive. And because aircrafts are very expensive, any risk to be charged in dollars when converted to Naira and the aviation business owners earn their income in Naira, they now want to convert that dollars against Naira, by the time they convert that to Naira , they have to pay high. If I were them too, I will cry, because at the end of the day, bulk of their money may be, 40 per cent of it will now be going into insurance. Typically, 30 per cent of earnings go into insurance worldwide but when you now go to an environment where they are not earning in dollars and assets are priced in dollars and they too insure in dollars, it is a difficult business,� she stated.
Fajemirokun Urges Insurance, Pension Regulators to Tone Down on Guidelines Ebere Nwoji Foremost industrialist and a former Chairman, AIICO Insurance Plc, Chief Dele Fajemirokun, has called on insurance and pension regulators to tone down on the guidelines meant to supervise the sectors. Speaking in Lagos at the 2017 National Conference on Insurance and Pension organised by the National Association of Insurance and Pension Correspondents, (NAIPCO), Fajemirokun said for insurance and pension industries to move forward, there is need for reduction in bureaucracy or its total elimination. He also said that there is need for reduction in rules that favour opportunities to generate funds. He added: “There is need to avoid complexity in regulation with a focus on judgement-led regulation instead of rules-based regulation. “Regulators should seek to attract the best talents exempli-
fied by the Bank of England and United State FED, where they recruit the best talents from industry and academia; in some cases, a foreigner such as the Bank of England governor. “The regulated firms in insurance and pensions say they do not object in principle to being regulated, but there are frequent and vociferous complaints from them, and indeed from the public, about how regulation is being applied in practice, either it is too strict or not strict enough depending on their perspective,� he said. At any given moment, Fajemirokun said that the basic question that should be asked is how effective is regulation in achieving its purpose, which is creating and maintaining the effective and efficient insurance and pension market. He, however, commended the National Pension Commission (PenCom) and National Insurance Commission (NAICOM)
for working together over the years especially in developing joint guidelines on annuity for the insurance industry. He urged them to keep working together to ensure that both industries grow and their vulnerable customers treated fairly as they exercise their right to choose the retirement solution that meets their needs. The industrialist advised that the insurance and pension industries needed to keep investing in capacity building initiatives especially in support of actuary students, adding that both industries, together, must accept the burden of responsibility for drawing attention to care for the elderly in our midst. He added: “There should be a government actuary’s department that will support effective decision-making and robust reporting, providing the necessary advice to government on policies to assist both industries.
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As Railways Come Alive Sunday Okobi takes a critical look at government’s efforts to revitalise the AbujaKaduna rail infrastructure and its numerous benefits for Nigerians The just concluded 23rd Nigerian Economic Summit called for a state of emergency to be declared on inter-modal transportation to the ports, especially the railways and inland waterways to help decongest the Nigerian ports and make them more efficient and globally competitive. Managing Director/CEO of the Nigerian Ports Authority (NPA), Hadiza Balance Usman, also at the summit made a strong case for the development of inter-modal transportation around the ports, of which railways is the most critical component. According to her, “As a long term solution, the government would have to understand it needs to deploy rail to the ports, government also needs to deploy inland waterways as a means of transportation.� Experts have consistently called for further investments in the transportation sector, especially the Nigerian railways to transport goods across the country. The railway has also been identified as a critical resource to help end the gridlock at the Apapa ports that has cost Nigeria billions of naira in losses over the years. Beyond the ports, the railway is also critical to moving goods and people across the country, cheaper and efficiently, hence, the renewed focus on the rail sector by the government. As at 2003, Nigeria’s rail system had only some 3,557 kilometers of single gauge track largely not functioning. The country had just two major rail lines- Lagos to Kano and Port Harcourt, River state to Maiduguri, in Borno state. Both lines were in a state of disrepair until in 2009, when some significant investments began to creep into resuscitating the sleeping economic giant. Thus the country has to rely on road to transport heavy goods across the country, a situation that has left our roads in worst conditions with huge human and economic losses. The only operational long haul segment of Nigeria’s rail network is between Lagos and Kano and it came alive in 2013 after it was refurbished by the China Civil Engineering Construction Corporation (CCECC) and Costain West Africa. To remedy the poor condition and ensure efficiency, profitability of the nation’s railroads, the Nigerian government in 2002 proposed a 25-year railway development plan as a part of the Vision 20:2020 economic emancipation effort. In that Vision was a focus on connecting major cities in Nigeria with faster standard (double gauge) rail line network. Railways, no doubt, is the most important and effective means of land transportation, and plays an un-substitutable role in the socio-economic development of all economic powers, thus a focus on railways was critical to Nigeria’ becoming one of the top 20 global economies in 2020. Already the building of the standard gauge tracks has commenced. The first leg of the line – the Abuja-Kaduna service was completed and commissioned in July 2016 by President Muhammadu Buhari. The second leg, the Lagos-Ibadan has commenced and should be delivered by 2020. The standard gauge rail system will come with huge economic benefits to Nigeria. It is also attract transfer of new skills and technology. To underscore the benefits, the feasibility study showed that the coastal rail project alone is projected to “create 50,000 direct job opportunities for Nigerian professionals and non-professionals and 100,000 indirect jobs during its execution.� The study also projected that “after completion, the operation, maintenance and management of the coastal railway will provide more than 20,000 permanent jobs as well. Among the 50,000 direct jobs, 26,000 will be for professional cadre, such as management staff, engineers, foremen, operators and artisans etc and 23,800 for non-professionals.� Other intrinsic benefits include; easy and efficient transportation of farm produce from the farms to markets and decongesting the roads thereby saving more for the government and
prolonging the life span of the roads; increase in the value of land along the route of the railway thereby increasing national wealth, accessible to all citizens being the cheapest mode of transportation; ease of movement of labour and raw materials thereby enhancing industrial development; stability of market process of goods and services due to efficient movement of people and goods and bulk transportation of food and clothes in times of emergencies such as floods and famine. This value also transcends to the LagosKaduna standard gauge train services. Already, the Abuja-Kaduna standard gauge train service is already having a positive impact on the Nigerian economy and the Nigerian Railway Corporation. Whilst a lot of commuters now travel quickly from Abuja to Kaduna, the NRC is now benefiting from new skills, trainings and technological transfer. The NRC Liaison Officer in Abuja, Mr. Pascal A Nnoli told THISDAY that the CCECC
Already, the AbujaKaduna standard gauge train service is having a positive impact on the Nigerian economy and the Nigerian Railway Corporation. Whilst a lot of commuters now travel quickly from Abuja to Kaduna, the NRC is now beneďŹ ting from new skills, trainings and technological transfer
trained a number of NRC technicians on the Abuja-Kaduna train service and same will be done on other new lines being built. He said: “Sixty two Nigerian railway professionals were trained in the first instance. The training cuts across civil engineering, signalling and telecommunications, mechanical electrical, operations and commercial. Subsequently, more people were trained by the CCECC as they were deployed to the corridor.� He explained further that, “between July 2016 and July 2017, we worked with 42 Chinese on the Abuja-Kaduna train service that provided technical support. But from 1st August 2017, the number reduced to 21 Chinese experts. That’s about 50 percent reduction in expatriates.� On the operations of the line, he said the NRC determines 100 percent but occasionally, it can consult with the Chinese technical staff. But basically, the NRC determines the running of the services. “As we speak, the NRC has 488 staff working on the corridor compared to CCECC’s 21. The NRC now carries out independent maintenance of the standard gauge rail lines except major maintenance were the Chinese expatriates also join the NRC team.� Furthermore, he said that “the NRC has equally taken possession of critical equipment that are used for maintenance. We now own the tamping machine, the ballast profiling machines and ballast distribution machine. These machines are now operated by Nigerians with little support from the Chinese. The NRC also has 130 tone rescue crane in case of accidents, we can evacuate the train,� Nnoli said. A further analysis of the local benefits of the Abuja-Kaduna corridor showed that, the contract had significant input from local partners as the subcontractors and suppliers. Findings from the authorities concerning local contents of Abuja - Kaduna Railway project showed that during construction period,
the average number of direct local employment created by the project each year was around 2,400, which was comprised of office managers, engineers, technicians, operators, drivers, labors and so on. The accumulative job opportunities created in the six years is around 17,000. Also at the first stage of operation of Abuja to Kaduna train service, around 600 people were involved in the operation management. As the operation service becomes more and more mature, the number of job opportunities will rise to about 1,000 in the near future, a government official told correspondent under condition of anonymity as he wasn’t authorised to speak on the matter. He added: “During the construction and operation period, it is estimated that the project created 150,000 indirect job opportunities to Nigerians in such areas as material manufacturing, material and equipment supply, subcontract and catering services, among others.� He also indicated that “in order to make sure ensure timely completion of the project, the Contractor invited around 86 local companies to participate in specialised subcontract works, in such areas as geographical exploration, drilling boreholes, building bridges and culverts, fire control, construction of fence, laying continuous power lines and so on. He added that during the execution of the project, the project made extensive use of locally manufactured materials like cement and rebar, and materials imported by local suppliers like diesel, bitumen, lubricant and tyres, etc. According to the record, among other bulk materials, 45,000,000 liters of diesel, 200,000 tons of cement, 23,000 tons of rebar, 3,000 tons of bitumen, 10,000 drums of lubricants, and 20,000 pieces of tyres were supplied by local suppliers� he noted, even as he put number of local suppliers and subcontractors engaged in the project at around 200.
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EDUCATION ‘Recruiters of Kaduna Teachers must be Prosecuted’
In view of the recent teachers’ mass failure recorded in Kaduna State, a Professor of Strategy and Development, who is the Director, Centre for International Advanced and Professional Studies (CIAPS), Anthony Kila, explained to Funmi Ogundare why those who recruited them should be prosecuted and reiterated the urgent need for the country to declare a state of emergency in the sector. Excerpts: What is your view about the recent Kaduna teachers’ mass failure? It confirms what I have said that for us to move forward, we need to declare a state of emergency in education in Nigeria because the output of education the students reproduce, their level of knowledge and performance in the society does not meet the standard of Nigerian education. They do not meet because the teachers who teach them are not up to the standard because the school where they are meant to learn are not up to standard. The curriculum itself is not up to world standard and we can see that in Nigeria, a lot of people are sending their children to private schools and those who can afford it are going abroad, so that tells you how bad the situation is. In the case of Kaduna, it is just one of the many bad situations, it is not the first one, other people have tried that test before, but the fact that the governor decided to follow it through probably gives us a chance to hope that it is possible to do it because some people say it is not possible; it shows that it is doable if you have the right kind of leadership. It is believed that the northern part of the country is a bit backwards in terms of education, what do you think can be done? They need to train the northerners and bring in the southerners to teach them. A school follows the clear curriculum, it is only the people who are capable of teaching regardless of where they come from that should teach. In the long run the whole generation would lose if you say only northerners can teach in the north. We should train more people to teach and while we are training them, get people outside the north to teach. The input of teachers is a long-term thing, so you must give your best. The fact that some people were protesting against the governor, especially the NUT, I think they do not understand the importance of their role. The NUT’s position shows that they do not also understand the role of teachers. They should understand that education is as important as health. For instance, if you get a nurse that cannot read temperature, you would not say they should help him or her, but you would treat that as a very bad case. When teachers cannot pass an examination that they are supposed to be teaching, it is a very sorry case. They should actually get rid of them and look for the people that recruited them and if possible prosecute those people. Considering the level of failure, how do you think they could have been employed to teach? That is a common problem that we have in this country because we don’t test rigors anymore, to those people, it is either they did not write a proper test or somebody just recruited them regardless of how bad they were doing. If you are to teach some subjects in a certain way and you can’t do it that way, then you are a dullard. There is no space for understanding, they need to be sacked immediately. Luckily they were not arrested. What they have done is fraudulent, Who are the people recruiting them? They should be arrested for conspiracy to defraud the country. What the governor has done is a contingency case, he has done something that is right on point. If the state wants to do something structural in the system, it should trace it back to the process of recruitment and find out who recruited them and how they were recruited. We need to see the conspiracy; what is the conspiracy? To defraud the state? To deprive qualified candidates of the roles
Kila
and to bring down the standard in education and pull down the quality of students. We as a country need to see that education is as important as health. The smartest people among us know its importance so they go abroad for treatment and send their children there too, so it is the right of the people. So this battle is a battle on behalf of those who cannot afford to go abroad. Quite frankly, most of the elites do not care about Nigerian education that is why we have a problem. The elites have an option, they go to private schools and when they get richer, they go abroad. This is a battle of citizenry. If Nigerian parents have a bit of those, they should focus on health and education especially those that cannot travel, they should be fighting the government for sacking those people. It is good that President Buhari is backing the governor on this. From day one, an administration that wants to be an emblem of change, the minister of education should have come in with a plan to know that we have a sorry state in education and what we can do about it. The education budget is low compared with other sectors and nothing has been done to upgrade it, what is your take on this? In spite of the way education is perceived, we do not see it as an essential element of survival and crucial element of growth. If we see education as something that should be purpose-built, we will spend money on it. We do not see education as a kind of work or the foundation of everything good. If we saw it that way, we will be spending money. I think it is criminal on the part of the Nigerian
elites who are running the country either as politician or public officers to spend a lot of money on the education of their own children abroad to the extent that they spend the common wealth of the masses. It shows that there is something dangerously wrong. So Nigerians need to look at it that way and understand it. The only way to have a good future is to have good health and education. Those things go together. Every parents have the duty of giving their children the best of education, the government has the duty of making education available to all. That is the difference and the same goes with health. Why would you send your children to a bad school when there are good schools? It does not make sense. It is the people who cannot afford it or those who believe in the sense of justice that should be pushing for good education in Nigeria. Do you see Nigeria as a country that could use tax to get free education for all? That was what Obafemi Awolowo did, but it all depends on who you are talking to; there are people who manage budget and they tell me that education is not practicable. The budge is about vision of the world and the political will to do it, if you strongly believe in something, you will find a way to do it. If we have a policy maker that believes in free education, then it is doable, then there is something you have to do. You have to increase the budget and take away from somewhere else. But if you don’t have a policy maker that believes in that, then it is not doable. What do you think are the causes of
policies somersault and inconsistency in the country? It is because we don’t have shared vision of education. Now we are in a very vicious circle because ideally, education should protect itself but the situation has been so bad, the teachers and lecturers are badly paid, they are moved at will and depend too much on the political power, as a result, they have lost their authority to be independent and respectable voices in the society. We also need to say that education should be a voice for itself. The citadel of learning needs to come out to be a centre of solution for the country and that is lacking. A good learning centre or university should be somewhere the whole society looks up to provide solution. Our learning centres should be coming up with solutions and they get effects, it is a vicious cycle I say. The products are sub-standard as students and the lecturers cannot pass the exam of the students, so what do you expect? Somebody needs to sit down and ask how it is going to work, we need to ask ourselves what we need to have. We need to have schools that are well built, teachers that are capable and well paid, as well as students that are following good curriculum and how they can contribute to national wealth. So talking about the quality and lack of budget is due to a flawed vision of education in the country. We still did not get it or somebody can actually understand that if we don’t declare emergency in education, we cannot get it right. We need to do three things: firstly, we need to understand that our situation is bad in education and declare an emergency; secondly, we need to understand that education is not a kind of charity that we do and all the vices that we are fighting such as poverty, corruption, unemployment, dependency on importation, foreign reserves, among others, cannot be achieved without education. We need to see it as one of the most important sectors because you can prevent a lot of things by educating people. It is only if we educate doctors that we get treated and until we get a government that sees it that way. The success of Obafemi Awolowo, I doubt if there is any leader that can be compared to him in this country, is his vision of education. He wanted to turn the society into an open learning centre, so we need to review that. We also need to understand its importance and we can now sit down and rethink everything that is impeding education to give us the best. Do you share the view that teachers are not recognised in the society? It is the society that sees it that way because it shows that they do not understand their path or future. Opinions in the society are led by people who matter, so it shows that we have created a society where opinions that matter come from people for whom education does not matter. If you put those people together, it tells you what kind of society we are going to get. We are all guilty, shame on the society that allows its teachers to be treated badly and shame on teachers that allowed their profession to slip away so much to a place of no pride and authority. I think kindergarten teachers up to university lecturers should sit and see how they can get their pride back, how to find their glorious places in the society. What does it take? Educationists need to sit together and reflect on how to restore the past glory of teachers. It is easy to see the correlation between the quality of education and the level of development of the people. That is the reflection that needs to be done.
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EDUCATION
World Children’s Day: Poor Education, Violence, Terrorism Affecting Nigerian Children Senator Iroegbu in Abuja A new survey released by the United Nations Children and Education Fund (UNICEF) has identified poor education, violence against children and terrorism among the biggest concerns for children in Nigeria. In commemoration of this year’s World Children’s Day, UNICEF carried out the survey in 14 countries across the world and it involved more than 11,000 nine to 18-year-old children. In Nigeria, the online survey
carried out among 500 children revealed that eight in 10 children admitted worrying a lot about poor education affecting children across the world, and seven in 10 children worry a lot about being personally affected by poverty. The results also indicate that 59 per cent of children do not trust their country’s leaders. “It is clear that children are acutely aware of the challenges their peers face across the world and they are afraid of being affected by these issues themselves,� said Mohamed Fall,
Representative of UNICEF Nigeria. “The fact that our young people are telling us they do not think their opinion is heard or it does not have any impact reflects that they feel powerless and disenfranchised.� According to the Communication and External Relations, UNICEF Nigeria, Mr. Geoffery Njoku, the findings revealed that Nigerian children are most likely to worry about poor education, violence against children, and terrorism affecting their peers. Njoku said they also worry
about being personally affected by these issues and poverty and they wanted world leaders to take action As part of the activities lined up to mark the day, UNICEF Nigeria organised a programme tagged ‘Children Takeover’, which is a high-profile moment in the media, politics, business, sports, music and entertainment to raise awareness on the most vulnerable and hardest to reach children. Through the event, children were expected to raise their voices in solidarity with the world’s
most disadvantaged children and will shine a spotlight on the most pressing challenges faced by their generation. Eight pupils of the Model Primary School, Maitama, Abuja demonstrated leadership skills by manning the strategic position at the prestigious Transcorp Hilton Hotel in consonance with the ideals of UNICEF Nigeria. Talking to journalists at the fun-filled event, the Chief of Communication, UNICEF Nigeria, Doune Porter, said the global body decided to mark
this year’s World Children’s Day in a special way by having children take over leadership roles in businesses, offices, establishments and electronic media houses across the country. “UNICEF is commemorating World Children’s Day, which marks the anniversary of the adoption of the Convention on the Rights of the Child, with children’s ‘take-overs’ to give children their own platform to help save children’s lives, fight for their rights and fulfil their potential.
Ezekwesili Emphasises Investment in Human Capital Devt Funmi Ogundare A former World Bank Vice-President and Minister of Education, Dr. Obiageli Ezekwesili, has stressed the need for the country to invest in its human capital through education that would bring about the needed change in the economy. She said considering the country’s huge natural endowment, the government should strive to make constant improvement in the quality of life of the citizens. Ezekwesili, who made this known recently at the fourth Lafarge national literacy competition with the theme ‘Building the Literacy Gap Together’, expressed concern that Nigeria is performing minimally in education compared to countries like Brazil, Singapore and Japan that have been able to invest heavily in their human capital and lifted their people out of poverty. In her paper ‘Economics of Failure of Nigeria’, Ezekwesili, who was the keynote speaker said, “if a society does not like what it looks like, the most important thing it can change is education, it is what can change the performance of an individual. Nigeria’s Gross Domestic Product (GDP) per capital is just a little less than 2500, if we are to compare that with a number of countries, we are not happy with such performance.� She said the number of Nigerians living within the poverty level is 61 per cent, while the number of out of school children is 10.5 million, adding that for those who have had the privilege of getting quality education, they should not be too satisfied with the status quo. She described literacy as an indicator of economic performance, saying that the literacy level of Singapore and Rwanda is 80 and 72 per cent respectively, as compared with Nigeria which is 59 per cent. “If we are 59 per cent in 2017 at a time when the world is radically changing due to technology, we will fail if we
don’t catch up. Singapore is often cited as a model for African countries which has managed to harness a GDP of 60000. Singapore left us from third to first world. In a journey of five decades, we stagnated quality because we did not do anything about our human capital development which is really fundamental to the collective development of a literate society,â€? Ezekwesili stressed. She commended Lafarge for focusing on public primary schools across the country, while decrying their neglect. L-R: The Deputy Governor of Lagos State, Mrs. Oluranti Adebule and the Chairman, Board of Trustees, Christopher Kolade Foundation, Mrs. “The public and private sectors, Beatrice Kolade at the SHE 2017 Science and Technology Fair organised by the foundation for female students of some public schools in as well as religious organisa- Lagos‌ recently tions must learn to address the crisis in education in Nigeria,â€? she said, maintaining that the country’s human capital could become a liability if the Uchechukwu Nnaike the ones that are more at risk Adebule, noted that it is a chal- economy in the G20 countries population is poorly educated. of the discrimination, adding lenge for women, especially in alone is $4.2 trillion. “There is a huge opportunity In his remarks, the Chair- Worried by the apathy of that there is evidence that well a developing economy such as man of Lafarge Africa PLC, female students to the sci- designed and implemented Nigeria to compete with the gap in digitally skilled workMr. Mobolaji Balogun, said ences and the attendant low informal girl-focussed STEM men folks in the 21st century ers, amounting to 200 million an intervention like the representation of females in the programmes can offer rich work environment where sci- workers (which women can fill literacy competition would Science Technology Engineer- and engaging experiences that ence, technology, engineering given the opportunity), with estimates showing that up to help improve the quality of ing and Mathematics (STEM) result in short-term impacts, as and ICT are the backbones. education in the country if all fields, the Christopher Kolade well as longer-term influences “However with active 90 per cent of formal sector stakeholders devote more time Foundation’s (CKF) Stemma on women’s future choices corporate and private citizens’ jobs will require ICT skills. and resources. Hands-on Empowerment (SHE) in education, careers, leisure partnership with government, 2.5 million engineers and At the programme, Edo State Initiative took it upon itself to pursuits and ways of thinking we can turn the challenges to technicians will be needed in sub-Saharan Africa alone represented by Master Yusuf groom female students in Lagos about what science is and who opportunities.â€? Hassan, 11 and Miss Faith public secondary schools so does it. She stressed the need to to achieve improved access Agbai emerged winner of as to rekindle their interest in The initiative seems to have continually change education to clean water and sanitation. “The ability of women to the keenly contested finals. science and technology. paid off in the lives of the girls curriculum and infrastructure to They received a cheque of As part of the initiative, the going by the testimonies of meet contemporary and future access, benefit from, develop N250,000 and a trophy. Ondo organisation organises series of some of them. According to needs in this 21st century, and influence these sectors will and Kano States came second activities like experiential, hands- Adeola Adebero, “I learnt that especially with the advent of directly impact whether we and third respectively and on and fun science, technology, electronics is fun and not meant digital technology, the internet, achieve our goals of Planet got a cheque of N200,000 and ethics and personal development for grownups and males only.â€? mobile telephone and most 50:50 by the year 2030. If N150,000 respectively. Other education in school clubs; Aminat Iliasu said, “I have recently robotics and artificial women are left out of these 21st century revolutions, we finalists were Plateau, Gombe student to student mentoring; more knowledge of electronic intelligence. and Anambra States. They science fairs; summer learning, components and how to connect She added that the world will not achieve substantive received consolation prizes. among others. circuits.â€? According to Mariam gradually shrank to a global gender equality,â€? she said. The SHE Initiative is a The Chief Executive Officer The foundation recently Olayemi, “I no longer have low round-table and if Nigeria of the organisation, Mr. Mi- organised the SHE 2017 Science self-esteem and I am confident.â€? must function on that table, science and technology imchael Puchercos commended and Technology Fair aimed For Eneh Abah “I am a goal the country must embrace mersion programme designed the finalists for putting up at exhibiting various technol- setter, a dream chaser, a problem inclusive science, technology, to offer girls from low and a spirited performance ogy projects executed by the solver and in the near future, ICT and innovative education middle-income families a throughout the competition participants of the initiative. to enhance the aptitude of unique opportunity to experia great woman.â€? from local government, state Some of the projects on Nigerian, irrespective of gender ence science and technology In her remarks, the Chairin relatable, interactive and and regional finals. man CKF Board of Trustees, display were ‘Smart Digital to compete globally. “For an initiave that started Mrs. Beatrice Kolade, said Wireless Medical Assistant’ by The deputy governor, who fun ways. The programme is designed as a reading project across the foundation launched the Life Savers Team; ‘Automatic also oversees the education the five locations where initiative to bridge the gap Water Tap’ by Team Dynamic; ministry stressed that the to stir participants’ curiosity Lafarge Africa is present, that since STEM students are ‘Sky Cruise’ by Team Diamond; economic forecast in just a few and interest in exploring the the competition has grown predominantly males and insuf- ‘Space Fighter’ by Team Em- science, technology and innova- world of science and technolinto a national event. The ficient attention is being paid to erald, among others. tive sectors reveal staggering ogy, change the stereotypes impact achieved is beyond the girls’ participation in different In her keynote address numbers, adding that estimates around girls and science, equip children. Our overall target areas of learning, including titled ‘Building an Inclusive have shown that the value participants with life-long skills is to lay a solid foundation science and technology. and Competitive 21st Century of climate change and clean in the realms of science and for improving the literacy She said the foundation Workforce: the Girl-child Chal- technology sectors in the next technology, while also offering level across the country,â€? targets female students in lenge’, the Deputy Governor decade amounts to $64 trillion, personal development, leaderhe said. public schools because they are of Lagos State, Mrs. Oluranti while the value of the digital ship and ethics education.
CKF Unlocks Female Students’ Potential in STEM
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UBEC to Assess Students, Teachers on Basic Education Standards Senator Iroegbu in Abuja The Universal Basic Education Commission (UBEC) has concluded plans to sample students, pupils, teachers and parents to ascertain the standard of learning across the country. This National Assessment of Learning Achievements in Basic Education (NALABE) is coming barely a month after the Governor of Kaduna State, Nasir El-Rufai conducted a controversial test that led to the sack of over 22,000 teachers. The Executive Secretary of UBEC, Mr. Hamid Bobboyi, who disclosed this at a briefing in Abuja, said the assessment will be conducted throughout this week. Bobboyi said unlike that of ElRufai, the assessment of learning achievements in Nigeria is an established exercise and has been conducted by the commission previously in 2001, 2003, 2006 and 2011. “The results of these assessments have been used to gauge the state of basic education and
to proffer solutions to some of the constraints and challenges being faced in this critical sub-sector. “November 2017 has been scheduled for the 5th edition of the assessment. Assessment of learners’ achievement is very crucial to the implementation of Basic Education Programme. It exposes learners’ performance in curricular delivery and impact of intervening variables�. According to him, the main objective of the NALABE is to use quantitative and qualitative methods to assess and determine the efficiency and quality of primary and junior secondary school pupils and students in Nigeria. He said it will enable the tracking of education at the basic level across the states and six geopolitical zones of the country. The executive secretary further expanded the objectives of the ongoing assessment to include: collection of data on achievement of learners (primary five and six) and students (JS2 and 3) in four core subjects (English Studies,
Mathematics, Basic Science and Technology, and Social Studies). Others are: synthesize basic information on primary and junior secondary schools in Nigeria and use these to explain pupils’/ students’ achievements, access to schools, internal efficiency of the basic education system and school/ community relations; evaluate internal efficiency of primary and junior secondary schools; collect information on contextual variables that may be used as explanatory variables for the levels of competency acquired in the various skill areas; and determine the normative indices in the core subjects for these levels. To this end, Bobboyi said about 60,480 students and 4,310 teachers and 38,888 parents would be assessed. He said the target population consists of all public, private primary and junior secondary schools in the 36 states and the FCT encompassing 1,080 primary schools and 332 junior secondary schools. For the primary schools, he
said the Local Government Education Authorities (LGEAs) in each of the 36 states and the FCT were stratified on the basis of location (urban and rural). According to him, simple random sampling technique was used to select six LGEAs in the urban and rural locations in 35 states and three each from Bayelsa and FCT. Adding that in each LGEA, five primary schools (two urban, two rural and 1 private) are selected. “At this level, the sample is to consist 216 LGEAs, 1,080 primary schools, 1,080 head teachers, 2,160 teachers (2 teachers per school, for the 2 selected classes) and 43, 200 pupils (20 pupil from each of the two classes of primary 5 and 6 assumed for an intact class) and 12 parents in each class. These add up to 43, 200 pupils and 25, 920 parents.� Bobboyi added that in each of the 35 states, six LGEAs randomly selected would be used, while three LGEAs in Bayelsa and FCT for the junior secondary school level sampling. “In each selected
Preventing Infant Death Syndrome’ Pregnancyisoneofthemostwonderfulexperiencesawomancouldhave.
Ăž Ă“Ă? Ă‹ Ă?Ă&#x;ÖʨÖ×Ă?Ă˜Ăž Ă™Ă? Ă™Ă˜Ă? Ă™Ă? ÞÒĂ? Ă—Ă™Ă?Ăž Ă˜Ă‹ĂžĂ&#x;ĂœĂ‹Ă– Ă?Ă&#x;Ă˜Ă?ĂžĂ“Ă™Ă˜Ă? Ă™Ă? Ă‹ ĂĄĂ™Ă—Ă‹Ă˜Ë› Ă’Ă? Ă—Ă?ĂŽĂ“Ă‹ ĂĄĂ‹Ă? Ă‹ĂĄĂ‹Ă?Ă’ åÓÞÒ ÞÒĂ? Ă˜Ă?ĂĄĂ? Ă™Ă? ËŤ Ă?ĂœĂ˜Ă“Ă? Ă‹ĂŒĂŁËŹ Ă“Ă˜ Í°ÍŽÍŻÍ´Ë› Ă’Ă?Ă˜ Ă?ĂœĂ˜Ă“Ă? Ă‹ĂŒĂŁ ĂĄĂ‹Ă? ĂŒĂ™ĂœĂ˜Ëœ Ă’Ă“Ă? Ă—Ă&#x;Ă— ĂĄĂ™Ă&#x;Ă–ĂŽ Ă’Ă‹Ă Ă? ĂŒĂ?Ă?Ă˜ Ùà Ă?ĂœĚ‹Ă”Ă™ĂŁĂ?ĂŽ Ă‹Ăž ĂŒĂ?Ă“Ă˜Ă‘ Ă‘Ă“Ă Ă?Ă˜ Ă‹ Ă?Ă’Ă‹Ă˜Ă?Ă? ÞÙ Ă?Ă˜Ă”Ă™ĂŁ ÞÒĂ? Ă?âÚĂ?ĂœĂ“Ă?Ă˜Ă?Ă? Ă™Ă? Ă˜Ă‹ĂžĂ&#x;ĂœĂ?Ě‹Ă˜Ă&#x;ĂœĂžĂ&#x;ĂœĂ“Ă˜Ă‘ ÞÒËÞ Ă‹Ă–Ă– ×ÙÞÒĂ?ĂœĂ? Ă‹ĂœĂ? Ă?Ă‹Ă–Ă–Ă?ĂŽ ÞÙ˛ ÓʾÖĂ? ĂŽĂ“ĂŽ Ă?Ă’Ă? Ă•Ă˜Ă™ĂĄ ÞÒËÞ Ă’Ă?Ăœ ÔÙã ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă?Ă’Ă™ĂœĂžĚ‹Ă–Ă“Ă Ă?ĂŽË› Ă–Ă“Ă Ă?Ăœ Ă‹Ă?Ă• Ă‹ĂœĂžĂ?Ăœ Ù×ËĂ?Ě‹ Ă‹Ă Ă“Ă? Ă™Ă? Ă™Ă? Ă˜Ă‘Ă?Ă–Ă?Ă? ĂŽĂ“Ă?ĂŽ Ă–Ă‹Ă?Ăž ĂŁĂ?Ă‹ĂœËœ ÞÙ ĂŒĂ? ĂšĂœĂ?Ă?Ă“Ă?Ă? Ă™Ă˜ Ă?ĂŒĂœĂ&#x;Ă‹ĂœĂŁ Í°ÍłËœ Í°ÍŽÍŻÍ´Ë› Ă? ĂŁĂ™Ă&#x; ĂœĂ?Ă?Ă‹Ă–Ă–Ëœ Ă“Ăž ĂĄĂ‹Ă? Ă‹Ăž Ă?Ă™Ă&#x;Ăœ Ă—Ă™Ă˜ĂžĂ’Ă? ÙÖÎ at the time to cot death. His mum had posted photographs of him on Ă‹Ă?Ă?ĂŒĂ™Ă™Ă• Ă‹Ă˜ĂŽ ĂĄĂ“ĘľĂ?ĂœËœ Ă‘ĂœĂ?Ă?ĂžĂ“Ă˜Ă‘ Ă˜Ă“ĂžĂ?ĂŽ ÞËÞĂ?Ă? ĂšĂœĂ?Ă?Ă“ĂŽĂ?Ă˜ĂžĂ“Ă‹Ă– Ă?Ă‹Ă˜ĂŽĂ“ĂŽĂ‹ĂžĂ? Ă?ĂœĂ˜Ă“Ă? Ă‹Ă˜ĂŽĂ?ĂœĂ? ĂŽĂ&#x;ĂœĂ“Ă˜Ă‘ ÞÒĂ? Ă?Ă?ĂœĂ™Ă?Ă“Ă™Ă&#x;Ă? Ă?Ă‹Ă—ĂšĂ‹Ă“Ă‘Ă˜ Ă“Ă˜ Ă‹ ÖÙÙÕ̋ËÖÓÕĂ? ĂœĂ™Ă–Ă?̋ÚÖËã˛ Ă’Ă? Ă?Ă&#x;ĂžĂ? ĂŒĂ‹ĂŒĂŁ ĂĄĂ™ĂœĂ? ĂĄĂ’Ă“ĂžĂ?Ě‹Ă’Ă‹Ă“ĂœĂ?ĂŽ ĂĄĂ“Ă‘Ëœ Ùà Ă?ĂœĚ‹Ă?ÓäĂ?ĂŽ Ă‘Ă–Ă‹Ă?Ă?Ă?Ă? Ă‹Ă˜ĂŽ Ă‹ ÚÖËÓÎ̋ ÞÓĂ?Ë› Ă˜Ă?Ă™ĂœĂžĂ&#x;Ă˜Ă‹ĂžĂ?Ă–ĂŁËœ ÞÒÓĂ? Ă?Ă’Ă?ĂœĂ&#x;ĂŒĚ‹Ă–Ă“Ă•Ă? Ă?Ă’Ă“Ă–ĂŽ ĂŽĂ“Ă?ĂŽ Ă™Ă? Ă&#x;ĂŽĂŽĂ?Ă˜ Ă˜Ă?Ă‹Ă˜Ăž Ă?ËÞÒ ĂŁĂ˜ĂŽĂœĂ™Ă—Ă? Ě™ ̚˛ Ă’Ă‹Ăž Ă–Ă“Ă Ă?Ăœ ĂĄĂ™Ă&#x;Ă–ĂŽ Ă’Ă‹Ă Ă? ĂŒĂ?Ă?Ă˜ Ă‹Ă˜ĂŽ Ă?Ă™Ă˜ĂžĂœĂ“ĂŒĂ&#x;ĂžĂ?ĂŽ ÞÙ ÞÒÓĂ? world died that day. Ă?Ă?Ă™ĂœĂŽĂ“Ă˜Ă‘ ÞÙ Ă“Ă•Ă“ĂšĂ?ĂŽĂ“Ă‹Ëœ ĂŁĂ?Ă‹ĂœĂ–ĂŁËœ Ă?ÙÞ ĂŽĂ?ËÞÒ Ă?Ă™Ă&#x;Ă–ĂŽ Ă?ÞÓÖÖ ĂŒĂ? Ă?Ă–Ă‹Ă“Ă—Ă“Ă˜Ă‘ Ă&#x;Ăš ÞÙ ÍŻÍłËœÍŽÍŽÍŽ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ Ă‘Ă–Ă™ĂŒĂ‹Ă–Ă–ĂŁ ̙Ͱ͎ͯ͹ ÎËÞË Ă?Ă™Ă&#x;Ă˜ĂžĚšË› Ă™Ă&#x;Ă˜Ă‘ Ă—Ă&#x;Ă—Ă? Ă‹Ă˜ĂŽ Ă˜Ă&#x;ĂœĂ?Ă?ĂœĂŁ ĂĄĂ™ĂœĂ•Ă?ĂœĂ? Ă‹Ă˜ĂŽ Ă™ĂĄĂ˜Ă?ĂœĂ? Ă˜Ă?Ă?ĂŽ ĂŒĂ?ĂĄĂ‹ĂœĂ?Ë› Ă˜ ĂšĂ‹ĂœĂžĂ“Ă?Ă&#x;Ă–Ă‹ĂœËœ Ă™Ă˜Ă? Ă“Ă—ĂšĂ™ĂœĂžĂ‹Ă˜Ăž ĂžĂ’Ă“Ă˜Ă‘ ÞÙ Ă?Ă™Ă˜Ă?Ă“ĂŽĂ?Ăœ ĂŒĂ?Ă?Ă™ĂœĂ? ÞÒĂ? Ă‹ĂœĂœĂ“Ă Ă‹Ă– Ă™Ă? Ă‹ ĂŒĂ‹ĂŒĂŁËœ Ă“Ă? ÞÒĂ? Ă•Ă“Ă˜ĂŽ Ă™Ă? ĂŒĂ‹ĂŒĂŁ ĂŒĂ?ĂŽĂŽĂ“Ă˜Ă‘Ă? Ă’Ă? Ă™Ăœ Ă?Ă’Ă? ĂĄĂ™Ă&#x;Ă–ĂŽ Ă&#x;Ă?Ă?Ë› Ă’Ă? Ă˜Ă&#x;Ă—ĂŒĂ?Ăœ Ă™Ă˜Ă? ĂœĂ&#x;Ă–Ă? ÞÙ Ă?Ă™Ă–Ă–Ă™ĂĄËœ Ă“Ă˜ Ă?ÒÙÙĂ?Ă“Ă˜Ă‘ ÞÒĂ? ĂœĂ“Ă‘Ă’Ăž ĂŒĂ‹ĂŒĂŁ ĂŒĂ?ĂŽĂŽĂ“Ă˜Ă‘ Ă?Ă™Ăœ ĂŁĂ™Ă&#x;Ăœ ĂšĂœĂ?Ă?Ă“Ă™Ă&#x;Ă? Ă?Ă’Ă“Ă–ĂŽËœ Ă“Ă? Ă?Ă‹Ă?Ă?Þã˛ Ă’Ă? ĂšĂ?ĂœĂ?Ă?Ă?Ăž ĂŒĂ‹ĂŒĂŁ Ă—Ă‹ĘľĂœĂ?Ă?Ă? Ă—Ă&#x;Ă?Ăž ĂŒĂ? Ę¨ĂœĂ— Ă‹Ă˜ĂŽ ĂŁĂ™Ă&#x;Ăœ ĂŒĂ‹ĂŒĂŁËŞĂ? ĂŒĂ?ĂŽ Ă?Ă–Ă&#x;ĘľĂ?ĂœĚ‹Ă?ĂœĂ?Ă?Ë› Ă&#x;Ă Ă?ĂžĂ?Ëœ ĂĄĂ?ĂŽĂ‘Ă?Ă?Ëœ ÚÓÖÖÙåĂ?Ëœ ĂŒĂ?ĂŽĂŽĂ“Ă˜Ă‘ ĂœĂ™Ă–Ă–Ă?Ëœ Ă›Ă&#x;Ă“Ă–ĂžĂ? Ă‹Ă˜ĂŽ ĂŒĂ‹ĂŒĂŁ Ă˜Ă?Ă?ĂžĂ? Ă?Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? ĂŽĂ‹Ă˜Ă‘Ă?ĂœĂ™Ă&#x;Ă? Ă?Ă?Ă‹ĂžĂ&#x;ĂœĂ?Ă? Ă“Ă˜ ĂŁĂ™Ă&#x;Ăœ ĂŒĂ‹ĂŒĂŁËŞĂ? Ă?Ă–Ă?Ă?ĂšĂ“Ă˜Ă‘ Ă?ÚËĂ?Ă?Ë› Ă&#x;ĂŽĂŽĂ?Ă˜ Ă˜Ă?Ă‹Ă˜Ăž Ă?ËÞÒ ĂŁĂ˜ĂŽĂœĂ™Ă—Ă? Ă™Ăœ Ă?Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă–Ă“Ă˜Ă•Ă?ĂŽ åÓÞÒ Ă?Ùʰ ĂŒĂ‹ĂŒĂŁ ĂŒĂ?ĂŽĂŽĂ“Ă˜Ă‘Ă?Ë› Ă’Ă“Ă? Ă?Ă™Ă&#x;Ă–ĂŽ ÒËÚÚĂ?Ă˜ ĂĄĂ’Ă?Ă˜ ÞÒĂ? ĂŒĂ‹ĂŒĂŁËŞĂ? Ă—Ă‹ĘľĂœĂ?Ă?Ă? Ă“Ă? Ă?Ă™ Ă?Ùʰ ÞÒËÞ Ă’Ă“Ă? Ă˜Ă™Ă?Ă? Ă‹Ă˜ĂŽ Ă—Ă™Ă&#x;ÞÒ Ă‘Ă?ĂžĂ? Ă?Ùà Ă?ĂœĂ?ĂŽËœ Ă‹Ă˜ĂŽ ÞÒĂ? Ă‹Ă“Ăœ Ă’Ă? Ă?âÒËÖĂ?Ă? Ă“Ă? ÞÒĂ? Ă?Ă‹Ă—Ă? Ă‹Ă“Ăœ Ă’Ă? ĂŒĂœĂ?ËÞÒĂ?Ă?Ë› Ă’Ă“Ă? Ă“Ă? ĂŽĂ‹Ă˜Ă‘Ă?ĂœĂ™Ă&#x;Ă? Ă?Ă™Ăœ ĂŒĂ‹ĂŒĂŁ Ă?Ă“Ă˜Ă?Ă? Ă’Ă? ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? ĂŒĂœĂ?Ă‹ĂžĂ’Ă“Ă˜Ă‘ Ă“Ă˜ Ă?Ă‹ĂœĂŒĂ™Ă˜ ÎÓÙâÓÎĂ? ĂœĂ‹ĂžĂ’Ă?Ăœ ĂžĂ’Ă‹Ă˜ 􉋄Ă?Ă˜Ë› Ă’Ă? Ă?Ă™Ă˜Ă?Ă?Ă›Ă&#x;Ă?Ă˜Ă?Ă? Ă™Ă? ÞÒÓĂ? Ă?Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? ĂŽĂœĂ™ĂĄĂ?Ă“Ă˜Ă?Ă?Ă?Ëœ Ă?Ù×Ë Ă™Ăœ Ă?Ă Ă?Ă˜ ĂŽĂ?ËÞÒ˛ ÞÒĂ?Ăœ Ă?Ă˜Ă Ă“ĂœĂ™Ă˜Ă—Ă?Ă˜ĂžĂ‹Ă– Ă?Ă‹Ă?ĂžĂ™ĂœĂ? Ă?Ă™Ă&#x;Ă–ĂŽ Ă?Ă™Ă˜ĂžĂœĂ“ĂŒĂ&#x;ĂžĂ? ÞÙ Ă?ÙÞ ĂŽĂ?ËÞÒ˛ Ă&#x;ĂœĂ?Ă?ĂœĂŁ Ă™ĂĄĂ˜Ă?ĂœĂ? Ă‹Ă˜ĂŽ Ă—Ă&#x;Ă— Ă˜Ă?Ă?ĂŽ Ă“Ă˜ĂŽĂ?Ă?ĂŽ ĂŒĂ?ĂĄĂ‹ĂœĂ?Ë› Ă?Ă‹Ă?Ă’Ă?ĂœĂ? Ă?Ă’Ă™Ă&#x;Ă–ĂŽ Ă?Ă˜ĂŽĂ?Ă‹Ă Ă™Ă&#x;Ăœ ÞÙ Ă?ĂšĂœĂ?Ă‹ĂŽ ÞÒĂ?Ă?Ă? ÚÓĂ?Ă?Ă?Ă? Ă™Ă? Ă“Ă˜Ă?Ă™ĂœĂ—Ă‹ĂžĂ“Ă™Ă˜ among their pupils and students alike. Ě‹ Omoru writes from the UK
Govt Tasks Corporate Organisations on Career Guidance
The Managing Director/CEO, Providus Bank, Walter Akpani, teaching students of Falomo Junior High School, Lagos about the importance of saving to mark this year’s World Savings Day... recently
DFID Inaugurates ‘Business of Education in Africa’ Report Funmi Ogundare The Department for International Development (DFID) recently inaugurated the ‘Business of Education in Africa’ report, which highlights how governments can engage the private sector and the investment opportunities for them in education. Speaking at the programme held in Lagos, Partner, Cletus Capital, David Ferreira, said the report examines the current state of private education in Africa, policy imperatives to achieve the potential of private education, as well as investment opportunity for investors. He said key findings in the report is that African governments will need to include the private sector in their thinking, adding that currently 21 per cent or one in five pupils is educated in the private sector. “Private sector is already playing a major role and private growth has outstripped public across primary, secondary and tertiary education in sub-Saharan Africa.� In terms of improving access, accelerating innovation,
improving quality and relevance, Ferreira said the private sector is typically more flexible in testing new approaches and technology, adding that private schools typically have lower student-teacher ratio and lower rate of teacher absenteeism. He stressed the need for government to engage the private sector through policy that would seek to maximize social impact, while encouraging an efficient and competitive free market for private providers. Education Adviser, DFID Nigeria, Mrs. Esohe Eigbike said her organisation is adopting pragmatic approach in financing private education and working with major corporate bodies through dialogue, knowledge sharing, as well as supplying local markets for schools. “Our role is measurable for Nigeria. For us it is something that is very important, there is need to measure learning so that we can know the outcomes.� The Director-General, Lagos State Office of Quality Assurance, Ministry of Education, Mrs. Ronke Soyombo, expressed optimism about the opportuni-
ties available for the private sector, especially in the state, adding that people are free to establish schools so far as standard is maintained. “There is a lot of great opportunity and we keep doing it, people can set up schools and the key thing is that there has to be good standard there, we are not ready to compromise where there are standards. I know that there are low income schools, but some of them are giving the children the best of education because at the end of the day they are the future leaders.� On the ministry’s policy on learning outcome, she said it is what every school needs to know, adding that a post assessment test is conducted on every child in its schools to know how he/ she is performing. “In Lagos, we do preresumption assessment to know where the children are in their academics every session. It is something we are doing a lot, not only that when we go to private schools and we see the results of the children, we want to see what you have done as a result of
the particular assessment of the children. If at all the children have performed well, how do you extend their knowledge to the next level? You must be able to differentiate lessons and as a result it determines the kind of assessment you are giving the children. “Lagos State has been monitoring assessment results for three consecutively years and what we have seen is that some schools are underperforming, we put strategies in place on how to support these schools. In all, we keep track of our children’s academics to know where they are at the beginning of the session, where are they now? Let’s know whether a child is performing really well and if a child is gifted and talented, what provision have you made for the child “Those are the kind of things we look out for in schools. We have actually introduced it into schools. It helps us to know how many outstanding schools we have in the state, how many good schools we have and that is the school evaluation that we do from time to time.
To develop an education system that is relevant to national development and industrial growth, private sector operators have been advised to support government’s efforts to boost career awareness among secondary school students. The Permanent Secretary/ Tutor General, Lagos State Education District Six, Mrs. Olufunmilayo Onadipe said this at Oregun Junior High School, Lagos recently during the maiden career guidance workshop organised by Promasidor Nigeria Limited. Speaking at the event tagged ‘Harness Your Dream’, which was facilitated by staff of Promasidor, Onadipe called for a public-private sector partnership in preparing secondary school students for the future. “I am very excited about the initiative. I am glad to know that a corporate organisation like Promasidor is thinking in this direction. We need to nurture the kids as they grow. It is about catching them young. When we help them to nurture their career interests, they grow up with a clear picture of what they want to do. I am so happy with Promasidor for this noble idea, and I pray that other companies will do a similar thing. The participants are currently in junior secondary three. What this means is that they already know exactly the subjects they
will focus on in their senior classes.� On his part, the Managing Director, Promasidor Nigeria Limited, Mr. Anders Einarsson, said the programme would help the students to marry their passion and talents to make the right choice, adding that the initiative targets JS3 students because of the sensitive nature of the class. Einarsson, who was represented by the company’s Head of Legal/PR, Mr. Andrew Enahoro said: “It is a catch-them-young scheme. This implies that the young people who go through the process will have the rare opportunity of subjecting their options to a clinical test before they start learning the essential subjects required to be the best in their chosen professions. “The programme is an interface between students and experts who have excelled tremendously in their careers, each giving the students handson experience. This is worthwhile at a time when the gap between theory and practice is widening. This will also create an opportunity for mentorship that will last for a lifetime.� Einarsson disclosed that the programme is among Promasidor’s efforts to impart directly on children. Describing it as a pilot edition, he said the company is committed to its success as a pan-Nigerian forum.
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School Takeover: Proprietor Drags A’Ibom to Court Okon Bassey in Uyo A legal action has been initiated against the Akwa Ibom State Government over the take-over of Christian Secondary School, Etoi in Uyo Local Government Area without payment of compensation to the proprietor about 30 years of assuming ownership and administration. The plaintiffs are demanding from the defendants the payment of about N1.6 billion interest on arrears of the unpaid compensation for the take-over of the school. Joined in suit number HU/357/2017 were the State
Secondary Education Board, West African Examination Council (WAEC) and the National Examinations Council (NECO). The school was reportedly established as a private school in 1972, but the then Cross River State Government in 1977 compulsorily acquired and took over the ownership, management and operation of the school without the payment of compensation to the owner, Mr. John James Ebong. Negotiations between the proprietor and then state government towards the payment of the compensation was said
to have been slowed and could not continue when the owner took ill until the creation of Akwa Ibom State in 1987 when the school with several other assets was transferred to the Akwa Ibom State Government. The illness of the proprietor was said to have continued till he died on June 9, 2016 at which point negotiations had still not been concluded regarding payment of the compensation for the school. After his death, his children took over the negotiations and the demand for the payment; regrettably, despite several documented correspondences
the compensation has still not been paid which necessitated the court action. The suit dated November 3, 2017 is instituted in an Uyo High Court by Barrister Ndifereke Akpan of Star Attorneys leading a team of seven lawyers. The claimant in the suit is Mr. Utibe Okon Akpaninyang, the lawful holder of power of attorney on behalf of the five children of the school proprietor, Samuel, Ekong, Moses Blessing and Peace. The counsel to the plaintiffs is seeking a declaration that his clients were entitled under section 13(5) of Education Law,
CAP 44 to be paid adequate compensation for the acquisition, taking and operation of the school. He is also seeking an order mandating the state government (defendant 2) to immediately pay to the plaintiffs over N431 million being fair and reasonable compensation for the said acquisition of the school. Also, the plaintiffs are demanding about N1.6 billion being interest on arears of the unpaid compensation for the acquisition, take over and management of the school in the last 30 years.
Alternatively, the plaintiffs are seeking a declaration to re-possess the school as the defendant has failed to pay compensation for its acquisition, take over and operation of the school. Furthermore, the plaintiffs are seeking an order to compel the WAEC and NECO being third and fourth defendants respectively to withdraw the status of ‘examination centre’ accorded the school until the case is determined in court. The case now before, Justice Winifred Effiong is scheduled to come up on December 22, 2017 for mention.
Sokoto Awards N3bn Scholarships in Two Years The Sokoto State Government has awarded scholarships worth over N3 billion to its students from 2015 to date, the Executive Chairman of the state Scholarship Board, Hon Altine Shehu Kajiji has revealed. A press statement issued in Sokoto showed that beneficiaries of the tuition fees and upkeep allowance include students studying in USA, United Kingdom, Cyprus, Turkey, Sudan, Antigua, Bangladesh, India, Uganda and Niger Republic. It also includes payments to more than 10,000 Sokoto students in public and private schools across Nigeria. “Most of the tuition fees payments are up to date especially for our students in Sudan and Niger Republic. Efforts have been intensified to make disbursements to students in places where we are not yet up to date in payments. “As announced by Governor Aminu Waziri Tambuwal recently, arrangements are in place to send 200 students to India to study medicine and related fields. “Let me state on record that the scholarship board is receiving all necessary support for the payment of tuition fees
and allowances of our students despite the lean financial resources of the state. “Beside this, the state is encouraging its indigenes to advance their studies in institutions of higher learning both within and outside the country especially in the fields of science and technology,� the statement added. On Sokoto students at the Nigerian Law School, the chairman said 37 law graduates of Sokoto origin received upkeep allowances to cover the duration of their stay in law schools; in addition their tuition fees were paid in 2016. Each student was also given a laptop to help him in the course of his study. He said the same arrangement has been concluded for this year’s law graduates who just got admitted into law schools. “The modest achievement so far recorded by the Tambuwal administration is a clear indication that the state of emergency declared in the sector is on the right track. “We are therefore calling on all indigenes to rally round and support the state to enable it achieve the desired objectives of making education available and affordable to all Sokoto indigenes,� the statement said.
UNILAG Alumni to Rebuild Cab Shuttle Park, Shops Sunday Okobi The University of Lagos Alumni Association has promised to rebuild the Moremi Cab Shuttle Park and shops at the institution. The National President of the association, Dr. Sunny Kuku, said this at the turning of the sod ceremony for the redevelopment of the park and shops at the university, as the five-year tenure of the Vice-Chancellor, Professor Rahman Ade Bello elapses. Revealing the association’s plans to turn the park to an ultra-modern facility, Kuku said the essence of the event was to help develop the community and to fund some projects at the university. He said the park, which is the centre of all education activities, has become dilapidated, adding that the association would rebuild it in the name of Professor Rahman Bello, who is retiring and leaving office. “He has been
a wonderful vice-chancellor and we thought we should promote it with his name.� The medical doctor said the infrastructure decay was a disgrace to the association. “As an alumni association, we don’t want to visit the university and say this is the university from where we graduated and looking turn apart. So what we come to do is to keep the reputation, the infrastructure we built so that when we come in, we would be proud.� He said the project was worth N40 million and is a joint development venture between the association and Zenith Bank Plc. In his response, Bello said: “Our dream for this place is becoming a reality. As you said, just like cities are renewed, we need to begin to renew the university environment and it starts from the cleaning of the environment and edges. Now the structures need to be renewed.
The Executive Secretary, Tertiary EducationTrust Fund (TETFund), Dr. Abdulahi Bichi (left) with the Vice-Chancellor, Chukwuemeka Odumegwu Ojukwu University, Anambra State, Prof. Fidelis Okafor, during Bichi’s visit to the Igbariam Campus of the institution‌ recently
Fidelity Bank Trains 200 Rivers Varsity Students on Entrepreneurial Skills Ernest Chinwo in Port Harcourt Fidelity Bank PLC recently organised a five-day training programme for 200 students of the Rivers State University, Port Harcourt, on entrepreneurial skills. The programme tagged ‘the Fidelity Youth Empowerment Academy’ was meant to train the students on enterprise and skills in partnership with Gazzelle Academy Vocational Centre at the Rivers State University, Port Harcourt. Declaring the training open, the wife of the Governor, Justice Suzzette Nyesom-Wike, noted that the programme came at a time the country is laying emphasis on diversifying the economy. The governor’s wife, who was represented by the Commissioner for Women Affairs, Mrs. Ukel Oyaghiri, said the country is shifting attention away from mere academic qualification to skills. She advised the students to take the training seriously so as to become employers of labour when they graduate. “One week will not be enough to completely learn new skills but if you address your minds and energy towards that and put in extra effort and be creative, then this is
a life-changing programme. “This one-week training can change your live and make you an employer of labour, even while you are still in the university. You have come to change your destiny; use the opportunity.� She thanked the partners for coming up with such project, which would make the youths self-employed even before graduation. In his remarks, the ViceChancellor of the institution, Professor Blessing Didia, said gone were the days when students graduate from the university and rely solely on seeking for employment. He said the university has already directed the construction of a centre for entrepreneurship development to prepare the students on how to use their talents. Didia encouraged Nigerian youths to learn trades before they graduate from higher institutions, saying that with such skills, they become employers of labour immediately after graduation. The Managing Director of Fidelity Bank, Nnamdi Okonkwo, said the bank, in partnership with Gazelle Academy has already trained more than 1,000 youths on enterprise skills in three high institutions across the country.
TETFund Lauds Ojukwu Varsity’s Developmental Strides The Executive Secretary, Tertiary Education Trust Fund (TETFun) Dr. Abulahi Baffa Bichi, has commanded the Chukwuemeka Odumegwu Ojukwu University, (COOU), Anambra State for setting the pace in the prudent management of funds made available to universities in the country by the body for the provision of infrastructure for teaching, learning and research. Speaking at an awareness seminar organised by the organisation at the Igbariam Campus of the institution, Bichi observed that the university has the largest faculties of engineering and pharmaceutical sciences in the country and praised the Vice-Chancellor, Prof. Fidelis Okafor and the management for using resources made available to the school for laudable projects. “Today TETFund has confirmed that COOU has the biggest faculties of engineering and pharmaceutical sciences in Nigeria. The faculty of engineering that trails behind the one built by Ojukwu University is the one at Ahmadu Bello University, Zaria, Kaduna State. “Ojukwu University, being a state-owned institution gets less funds from TETFund compared to many other universities, but I was marvelled seeing the faculties of engineering and that of pharmaceutical sciences at Uli and Igbariam,
respectively so the university has achieved much with less.� Bichi said the agency was encouraged by the feat and promised that it would not relent in its statutory duties of providing funds for tertiary institutions for infrastructural development, research and manpower development. He advised other vicechancellors in the country to emulate Okafor’s leadership style and ensure prudent management of funds made available to them to advance learning. In his remarks, the vicechancellor said TETFund had intervened in many aspects of the lives of many universities in Nigeria, adding that in Odumegwu Ojukwu University, many academic staff have benefitted from the training fund. He said many of them are still in Japan, some in Australia and in some other high-ranking institutions across the world on research and training through TETFund intervention. He noted with satisfaction that TETFund has been the life-wire of the country’s tertiary institutions, especially the universities, stressing that laudable projects funded by the fund in the institution included the pharmaceutical science and engineering complexes, faculty of agriculture, two laboratories, centre for entrepreneurship, among others.
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Facelift for Lagos Governor Akinwunmi Ambode of Lagos State has in line with his campaign promises to make Lagos a better place has started implementing them, writes Joseph Ushigiale
L
agos, the fifth largest economy in Africa and the commercial nerve centre of Nigeria, experienced giant leap in the provision of critical infrastructure in strategic sectors in two days when Governor Akinwunmi Ambode on November 8 and 9, 2017, unveiled some newly completed projects and policies which were obviously designed to make life comfortable for residents and enhance the ease of doing business. The two significant days, which were a mixture of inspection of ongoing and unveiling of completed projects, also featured the inauguration of a 45-member Community Relations Committee in Badagry aimed at forestalling any future incidence of environmental degradation, communal disputes and civil disturbances often associated with oil producing areas. The first point of call last Wednesday was the premises of the Lagos State University Teaching Hospital (LASUTH), Ikeja, where Governor Ambode inaugurated a new access road designed to permanently remove difficulties associated with accessing medical care faster during emergencies. The road, which is an alternative access road, connects the premises of LASUTH from Mobolaji Bank Anthony Way and Medical Road in Ikeja. Ambode, who also inspected the progress of work on the LASUTH Maternity Hospital popularly known as Ayinke House which started in January 2016, ordered contractors handling the project to work day and night to deliver it within the next six months. The new road, which is 400 metres long, on the other hand, is designed with street light, drainage, median and beautification features. Speaking while inaugurating the road, Ambode expressed delight at the completion of the project, saying it was designed to facilitate faster access to medical care, thereby saving lives. He said it was a thing of joy that after about three to four decades, another access road had been created to LASUTH, just as he directed the management of the institution to ensure proper usage of the facility. He said: "We are very delighted to be here. We believe strongly that the major cornerstone for the growth of the economy of Lagos actually lies in the hands of all of you here because if we don’t have a healthy state, we cannot have a productive economy and that was why we decided that we would pay greater attention to the health sector. "We realised that just one entrance into this whole complex is too dangerous. It’s been like that for almost three or four decades and we are happy to be here opening another access road and thereby saving lives. That is the way it should be because patients can come in with an ambulance but can be held up for almost thirty minutes and unable to disembark but this road will remove the tragedy that may occur through such a development and we are happy to inaugurate this project. "We are also happy that in another five to six months, we will be back here to make the Ayinke House functional and in addition to that, there are other two projects going on here and we have received assurances also that before May 2018, those ones will be completed also," he said. Ambode moved to Igando where he inspected the ongoing expansion and upgrade of Alimosho General Hospital. There, the governor ordered additional projects such as lounge for families of patients and canteen, as well as Ear, Nose and Throat (ENT) Department to be included in the project, while assuring that his desire is to ensure that the hospital is at par with LASUTH in terms of standard and facilities. The governor also inspected the ongoing construction of Theatre Art in Badagry as well as the General Hospital in the town. Speaking the following day while inaugurating the members of the oil exploration community
Lagos State Governor, Mr. Akinwunmi Ambode (2nd right), Chairman, Agboyi-Ketu LCDA, Hon. Oladele Osinowo (right); Oba of Ketu, Oba Isiaka Balogun (middle); member, Lagos State House of Assembly, Hon. Tunde Braimoh (2nd left) and Special Adviser to the Governor on Transportation, Prince Olanrewaju Elegushi (left), during the inauguration of Lay-By/Bus Stop at Ketu, Lagos...recently
relations committee, Ambode said as much as oil is a major source of revenue in the country, its exploration has created huge environmental challenges affecting health, social and economic activities, sustainable development and ecological balance due to land degradation, air pollution, water pollution, deforestation and ecosystem degradation in the oil producing communities. “These activities amongst others have led to agitations from communities and youth groups leading to disruption of exploration activities, pipeline vandalism and in extreme cases kidnapping and violence. This has made it difficult to conduct the business of oil production smoothly and ensure that the relationships between the oil companies and their host communities remain cordial at all times. This has also affected negotiations for compensations for land acquisition, damages and spills,� he said. Ambode, therefore, said that Lagos, being the home of Nigeria’s most critical commercial activities and now an oil producing state with the discovery of oil in the Badagry area of the state; in the Aje Oil Field, OML 113 being operated by Yinka Folawiyo Petroleum Company, cannot afford to have any community unrests or disruption of peace, hence the need for the committee.
The ďŹ rst point of call last Wednesday was the premises of the Lagos State University Teaching Hospital (LASUTH), Ikeja, where Governor AkinwunmiAmbode inaugurated a new access road designed to permanently remove difďŹ culties associated with accessing medical care faster during emergencies
“It is imperative that our oil producing companies and their host communities enjoy a very warm and mutually beneficial relationship. “Sequel to the aforesaid and the need to create a conducive exploration environment for the oil companies as well as having host communities devoid of rancor to prevent the re-occurrence of the Niger Delta issues in Lagos State, we have constituted a Committee for the Lagos State Oil Producing Areas Relations, cutting across the Oil Producing Communities in Badagry,� the governor said. While setting up the committee consisting of representatives of the state and local government, the host communities, women and youth, traditional rulers and other stakeholders, Ambode said the committee would among other things, interface between the host communities and the oil companies in Badagry, as well as coordinate a seamless implementation of Corporate Social Responsibility (CSR) interventions planned for the Badagry oil producing areas by oil producing companies in Badagry. He said the committee would also be saddled with the responsibility of coordinating community and development issues between host communities, government and oil producing companies operating in Badagry. Besides, Ambode said the committee would also be expected to ensure peace and harmony between host communities and oil producing companies in Badagry. “Our government is committed to creating a conducive environment for all to thrive especially in our budding oil industry. We will always work to protect our people and ensure their improved welfare while at the same time providing an investor-friendly environment. “On our part, we will take proactive measures to prevent oil spill and where it happens, quickly move to clean it up according to globally accepted standards. We will also ensure the safety and security of our communities and operators at all times.� Alluding to the fact that the Badagry area was fast becoming a major hub for oil producing activities in Nigeria, the governor expressed optimism that the upcoming Badagry Deep Sea Port will provide logistic support for the oil and gas industry and further support the expansion of the economy of the axis thereby
making it more viable and livable. While thanking members of the committee for accepting to serve and contribute to the development of Lagos, the governor charged them to bring their wealth of knowledge and experience to ensure cooperation and collaboration between the communities and the oil companies operating in Badagry. “This is a tough assignment because it is not easy to mediate and arbitrate. I look forward to receiving the reports of your activities and the progress being made by our communities and oil companies,� he said. Speaking while inaugurating Olusola Thomas Court House in Badagry, a new six-room court complex named after a former Chief Judge of the State, Ambode said the development was another strong representation of his commitment to the rule of law and social justice, as well as a testimony of the determination to ensure that distance or geographical location is not a barrier to citizens' access to justice. He recalled that prior to the construction of the facility, the entire town of Badagry including residents from the Benin Republic border all the way to Okokomaiko were served by only two courts, one for Magistrate and the other for High Court, which were grossly inadequate, a development he said necessitated the need to embark on the project. He added that the need to construct more court rooms in the axis was also made imperative by the fact that the Badagry axis was fast evolving as a major economic hub in the state with vast potential especially in tourism and commerce. "The ongoing transformation of Badagry through infrastructural renewal and development are meant to open up this part for investors who will take advantage of the multi-million oil exploration activity and Deep Sea Port Project, among others. "As the prospect and prosperity begin to manifest, Badagry will continue to experience influx of people who will engage in different types of economic activities as well as making it a place of residence. The resultant increase in social and economic activities will naturally lead to a corresponding increase in dispute which will require an efficient justice system to resolve as quickly as possible," he said. Giving details on the features of the new
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complex, the governor said: "The court has been equipped with modern facilities for the comfort of not only judges and magistrates but also everyone including lawyers and members of the public. "The court has been designed to ensure the welfare and security of personnel and members of the public who have cause to be in the chambers of justice with the installation of CCTV surveillance cameras and monitors within the various courtrooms and the entire vicinity of this complex. "There is a well-equipped library, exhibit room and conference room facilities for the continued training and retraining of justice personnel assigned to this complex. This facility is also equipped with administrative offices that will service the six courtrooms and also accommodate the Office of Public Defender (OPD) which will continue to provide legal services and advice to the vulnerable," he explained. Besides, Ambode assured that the bad state of roads leading to Badagry would soon be a thing of the past, adding: “We have already concluded the contract that takes the road from Eric More to Okokomaiko which is ongoing. So, we are just looking to close the next transaction that takes that 10-lane road from Okokomaiko to Seme Border.� To another set of projects, Ambode proceeded to Ketu where he inaugurated multiple Layby and Slip Road in Agboyi Ketu Local Council Development Area of the state as part of measures to find a lasting solution to the perennial traffic gridlock along Ikorodu Road. The governor also launched the Intelligence Transport System (ITS), the e-ticketing for commuters using the Bus Rapid Transit (BRT), the Ojota BRT Depot and the new complex for the Lagos Metropolitan Area Transport Authority known as LAMATA Place. Speaking while inaugurating the slip road and multiple lay-by in Ketu, Ambode said the project was a significant milestone in drastically reducing the traffic along the corridor, adding that its completion would no doubt impact directly on travel time as the targeted reduction of traffic along the length of the Third Mainland Bridge to the entire stretch of the axis, moving towards Old Toll Gate and the Lagos-Ibadan Expressway would be accomplished. “This project is one of the major interventions in recent time by this administration. There is the multiple lay-by at Oworonshoki, the car wash lay-by, slip road at Olopomeji, the several see through fence and the recently launched lay-by at Alapere bus stop. “Without doubt, this administration has dedicated considerable resources to the fulfillment of its initiatives of providing basic elements of roads and transport infrastructure. This obviously is in tandem with the fact that the importance of transportation to our economy cannot be over emphasised,� he said. The governor said as part of the Bus Reform Initiative (BRI), additional new 800 buses would be provided in the next two months, while a total of 5,000 would be provided within 24 months. He said another multiple lay-by and slip road with car park and market with big stores would be constructed in Ikosi Isheri, while 27,500 sanitation workers employed in line with the Cleaner Lagos Initiative designed to make all parts of the state clean, would commence work in the next three weeks. He, however, urged residents to cooperate with government, especially by not plying commercial motorcycle, popularly known as Okada in restricted routes, saying such was why the government was providing enough buses. Speaking at Ojota while launching the eticketing, ITS, BRT Depot and LAMATA Place, Ambode said the move was another initiative geared to allow proper transport planning, saying that the technology had been designed to indicate where each bus is; how the driver is behaving; the arrival time of a bus and space inside, among others. Giving details, the governor said: “This is a four-in-one package. When you look at the city generally, I get so unhappy when I see people standing in the bus stops not knowing when the next bus will arrive. The ITS is designed to solve such problem and our people can become more productive and then more comfortable in the way they commute across the city. “We are starting this from the Ikorodu axis to CMS on the BRT lane and then we will scale it up as we get our new buses in few
Lagos State Governor, Mr. Akinwunmi Ambode (5th right), with Moyinoluwa Ekundayo (5th left); Special Adviser to the Governor on Primary Health Care, Dr. Olufemi Onanuga (4th right); Managing Director, Lagos State University Teaching Hospital (LASUTH), Prof. Adewale Oke (4th left); Provost, LASUCOM, Prof. Babatunde Sola Gbenro (3rd left) and others, during the inauguration of alternative access road into LASUTH/College Of Medicine, Ikeja...recently
The Ketu Lay-By/Bus Stop, inaugurated by Lagos State Governor, Mr. Akinwunmi Ambode...recently
months away from now. In addition to that, the e-ticketing allows you to plan your little disposable income. So, if you are going to budget just N500 for transport in a week, the e-ticketing allows you rather than not being able to plan your transport movement. “The truth is this, there are more Lagosians using buses; there are more Lagosians walking on the road than those of us that have cars and so we need to take proper care of them and that is the step we are taking here and the reforms we are doing in the transport sector ultimately to create an integrated transport management system in the city combining water, road, rail, air and those walking.� As part of the integrated transport management system, Ambode had on November 5, 2017 inaugurated three new boats the state government designed to boost water transportation, while the state government has also commenced
The ongoing transformation of Badagry through infrastructural renewal and development are meant to open up this part for investors who will take advantage of the multi-million oil exploration activity and Deep Sea Port Project, among others
the channelisation of four out of the thirty commercial ferry routes already identified on the state inland waterways, in addition to the ongoing rail projects. However, the projects did not go down without commendation from critical stakeholders who viewed them as demonstrable evidence of determination to make life easier and comfortable to the people by the Ambode administration. Responding on behalf of the community, Oba of Ketu, HRM Isiaka Balogun commended Ambode for the massive infrastructural projects carried out in the axis so far, saying they were unprecedented. Also, in her remarks at the launch of new courtrooms in Badagry, Lagos State Chief Judge, Justice Opeyemi Oke, commended Ambode for his commitment to deliver prompt and efficient justice system. While lauding the new court house, the CJ said it was also gratifying that the governor was in the process of building official quarters for judges and magistrates in Ikorodu, Epe and Badagry judicial divisions, as well as plans to establish commercial court house. The Chief Medical Director of LASUTH, Professor Adewale Oke, during the inauguration of the new access road, commended Ambode for his commitment to the health sector, saying several projects had been executed in the institution. "This is a dream come true. For many years, we have had problem with movement of patients into the hospital. Sometimes, they are in the ambulance for fifteen or twenty minutes before they can get in but this road has solved that problem. "It is going to save our patients; it’s going to make access to the hospital very easy even for the workers. To add more to it, it is very aesthetically beautiful which complement the development that is going around,� Oke said. Also speaking, Professor Babatunde Sholagbero,
Provost of Lagos State University College of Medicine (LASUCOM), said the completion of the road was an eloquent evidence of promise made and promise kept. He thanked Governor Ambode for facilitating the accreditation of Dentistry for the institution, thereby making Lagos State University (LASU) the only state university in Nigeria that offer a bachelor of Dentistry degree. "By the World Health Organisation (WHO) statistics, the accepted dentist to patient population in United States is 1 to 2000, but for Africa it is 1 to 150,000. So, for every dentist we produce, we will now have 150,000 Lagosians being catered for. "Aside that, there are many other projects that the present administration has implemented in our institution and we are now a toast among the committee of medical colleges," Solagbero said. On his part, President of Lagos State University Medical Students Association, Bada Akintayo Akinbobola commended Ambode for his determination to scale up the health sector, saying LASUCOM is now regarded as the Harvard of Africa judging by the massive investment in the institution by the State Government. But the projects inaugurated by Ambode were just a few out of the lot. Several others ranging from Primary Healthcare Centres (PHCs), blocks of classrooms and schools infrastructure as well as fibre boats to aid water transportation sector were also unveiled by representatives of the governor across the state. In all, 12 newly renovated PHCs, 85 newly constructed classroom blocks in nine schools, among others were unveiled last week, in what many have described as Ambode’s renewed drive not only to make quality healthcare accessible at the grassroots, but to also ensure that the future of tomorrow’s leaders is well secured.
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Nigeria, Japan Sign MoU on N642m Aid Project Ndubuisi Francis Ă“Ă˜ ĂŒĂ&#x;ÔË Nigeria and Japan on Tuesday signed a memorandum of understanding (MoU) for an aid project on economic and social development in Nigeria worth N642 million, to be funded by the Japanese government. The Minister of Budget and National Planning, Senator Udoma Udo Udoma signed on behalf of the federal government while Japan’s Ambassador Extraordinary and Plenipotentiary to Nigeria, Mr. Sadanobu Kusaoke, signed on behalf of his home country. The programme aims at exploring development strategies that will enhance competitiveness and support the Nigeria’s poverty reduction efforts. It is also meant to improve standard of living and ensure environ-
mental sustainability, which is in line with the development priorities encapsulated in the Economic Recovery and Growth Plan (ERGP) [2017–2020] of the Buhari administration. While signing the agreement, Senator Udoma said Nigeria is indeed grateful to the Government of Japan for its numerous interventions in various sectors of the country’s economy in support of its development aspirations; and particularly for aligning its intervention programmes with the ERGP. He cited the signing last year, of an Exchange of Note (E/N) with the Government of Japan on Emergency Improvement of Electricity Supply Facilities in Abuja and commended the role Japan played in the development of the National Power Development Master-plan de-
signed to guide government on the optimal energy mix and efficiency for the country. The minister, according to a statement issued by his Special Adviser (Media), Mr. Akpandem James also thanked the Japanese Government for the various technical assistance programmes offered in a wide range of skill-areas by that country’s government and the implementation of other grant projects and programmes nationwide through the Japan International Cooperation Agency (JICA). “The Economic and Social Development programme for which we are here gathered this morning, is also one of such interventions in the sum of Y200,000,000.00 (approximately N642,204,315.79),� the minister noted.
Lagos Pays N141bn to Bond Subscribers Gboyega Akinsanmi The Lagos State Government yesterday disclosed that it had paid a total sum of N141.59 billion to bond holders in its various fixed rate bond programmes. The bonds are the Lagos State N80 billion fixed rate programme 2, Series 1 floated in 2012 with a maturity date of 2013; N87.5 billion fixed rate programme 2, Series 2 floated in 2013 with a maturity date of 2020 and N47 billion fixed rate programme 3, series 1 floated in 2016 with a maturity date of 2023. The figures were revealed on Tuesday at the fifth annual general meeting (AGM) between the state government and bond holders held in Lagos. In the N80 billion fixed rate
programme 2, Series 1 bond, the state government as at September 2017 had paid N76.17 billion to bond holders out of the N97.43 billion it contributed to the bond, leaving a balance of N30.34 billion invested in fixed income and treasury bills. In the N87.5 billion fixed rate programme 2, Series 2 bond, the sum of N61.44 billion was paid to bond holders out of the N75.91 billion contributed by government, leaving a balance of N18.49 billion invested in fixed income and treasury bills. In the N47 billion fixed rate programme 3, Series 1 bond floated last year, the sum of N3.9 billion had been paid to bond holders out of the N4.2 billion contributed by the government as at September 2017, leaving a balance of
N229.7 million which had been invested in fixed income and treasury bills. After the meeting, the Commissioner for Finance, Mr. Akinyemi Ashade disclosed that the various bonds had been used to upscale infrastructure development in the state in the areas of roads and bridges construction, water, transportation, health and waterfront infrastructural development. According to him, $50 billion was needed to address infrastructure deficits in the state, which he said, was part of the reasons the government floated bonds to bridge the gap. Over time, two bridges had been constructed with the proceeds from the bonds while major infrastructure projects were upgraded across the metropolis.
Nigeria’s GDP Seen Growing at 2% in 2018 Analysts at Renaissance Capital have predicted that Nigeria’s Gross Domestic Product (GDP) will grow by 2 per cent in 2018. Renaissance Capital stated this in a report titled: “Nigeria: 3Q17 GDP- Uneven growth recovery,� obtained yesterday. Nigeria’s growth strengthened to 1.4 per cent year-on-year in third quarter 2017, compared with -2.3 per cent year-on-year recorded in the third quarter of 2016. But the Renaissance Capital expressedconcern that the nonoil sector’s growth slipped back into negative territory of -0.8per cent year-on-year, versus zero growth a year earlier, despite agriculture’s consistent growth. “Uneven growth explains why
Nigeria’s growth recovery is fragile. We maintain our 0.7 per cent growth forecast for 2017, and expect capital expenditure and a pick-up in demand to help lift growth to two per cent in 2018. The lopsidedness of the recovery implies downside risk to growth. “Oil sector is (almost) singlehandedly driving the recovery. This rebound in production followed the repair of pipelines in the second quarter of 2017, which led to more than 200k b/d of crude oil production coming back on stream, and the conclusion of an amnesty programme for Niger Delta militants, which resulted in the cessation of attacks on oil facilities,� it added.
It stressed that Nigeria’s recovery is largely driven by the oil sector, stating that outside agriculture, the remaining two-thirds of the economy is sluggish. “The downside risks to 2018 growth will increase in the run-up to the February 2019 elections. “Typically, economic activity slows in the months leading to the polls, particularly as the private sector adopts a wait-and-see approach because of uncertainty regarding policy continuity. “Nigeria’s electoral history also shows that troublemakers tend to stoke tensions in sensitive regions, such as north-eastern Nigeria and the Niger Delta, for political ends.
Winners Emerge in UBA Essay Competition It was an all-female affair as 15-year old Samuella Sam-Orlu of British Nigerian Academy, Abuja, emerged the overall winner of the 2017 edition of the UBA Foundation National Essay Competition, winning an educational grant of N1,000,000.00 to study in any African university of her choice, as well as a laptop. Samuella clinched the first position at the grand finale, which was held in Lagos on
Monday, ahead of 11 other finalists selected from over 1,000 entries received by the UBA Foundation from students of senior secondary schools across Nigeria. A visibly elated Samuella, who was escorted by her guardian, Mrs. Jacqueline Uzoadibe said that winning the competition would propel her to do more in attaining her dreams of becoming a Medical Director.
The second prize was bagged by Deborah Chinwendu Innocent aged 15 of Enal International Schools Abuja, who won N750,000 educational grant and a laptop while the third prize went to Yahofon Ettah Essien of Nigerian Christian Institute Akwa Ibom State, coveting a N500,000 educational grant and a laptop. The other 9 finalists were given laptops. All 12 finalists also went home with certificates.
Buhari
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™Ă&#x;ĂœĂ?Ă? Ě‹
MANAGED FUNDS Month
AUGUST 2017
Inter-Bank Call Rate
22.63
Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)
14.00
Treasury Bill Rate
13.35
Savings Deposit Rate
4.08
1 Month Deposit Rate
8.86
3 Months Deposit Rate
10.14
6 Months Deposit Rate
11.51
12 Months Deposit Rate
11.40
Prime Lending rate
17.69
Maximum Lending Rate
31.20 Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ
OPEC DAILY BASKET PRICE AS AT, MON, NOV 20 2017 The price of OPEC basket of fourteen crudes stood at $60.33 a barrel on Monday, compared with $59.90 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna
T H I S D AY Ëž , NOVEMBER 22, 2017
39
MARKET NEWS
Capital Market: ASHON Boss Calls for More Govt, Operators Partnership Goddy Egene and Nosa Alekhuogie
Lagos on the state of the market, Ezeagu noted that the growth and development of the capital market has a relationship with the state and development of the economy. On the challenges facing the market, he said the number one challenge is liquidity, stating that “Once we don’t have liquidity in the market, every other thing takes cue
The Chairman, Association of Stockbroking Houses of Nigeria (ASHON), Chief Patrick Ezeagu has called for more partnership between the government and the capital market operators in order to ensure a more vibrant market. Speaking to journalists in
from it.� According to him, another issue is the capacity of the various operators in the capital market. “This has to do with the capital market operators (CMO) which is us as well as the investors and the public. We need to be abreast of dynamics of changes in the market.
The issue of the way and manner the pension fund administrators (PFA) run their funds currently requires some modification for enhanced efficiency and effectiveness as there are certain laws that states stipulate the percentage of the fund can be invested in the capital market and we are saying that this should be increased in order to deepen
PRICES FOR SECURITIES TRADED AS OF
in the market. Government is currently borrowing at a very high cost and that borrowing is impacting negatively on people’s investment in the equities market because returns on Treasury Bill is now more attractive than equities,� Ezeagu said. According to him, an investor can lock in like up to 16 per cent in treasury bills.
the market and strengthen liquidity.� “Another challenge that needs to be addressed is the absence of a deliberate policy from the government that can boost the market. The capital market is information-driven, hence, government must demonstrate consistency of policy in order to sustain investors’ confidence
A S AT 3 0 / 1 0 / 2 0 1 7
Price List (Equities) PRICES FOR PREMIUM BOARD SECURITIES FINANCIAL SERVICES S/N
BANKING
1 BANKING
ZENITH INTERNATIONAL BANK PLC
S/N
OTHER FINANCIAL INSTITUTIONS
2 OTHER FINANCIAL INSTITUTIONS FINANCIAL SERVICES INDUSTRIAL GOODS
FBN HOLDINGS PLC
S/N
BUILDING MATERIALS
3 BUILDING MATERIALS INDUSTRIAL GOODS PREMIUM BOARD TOTALS Price List (Equities) PRICES FOR MAIN BOARD SECURITIES AGRICULTURE
DANGOTE CEMENT PLC
S/N
CROP PRODUCTION
4 5 6 CROP PRODUCTION
FTN COCOA PROCESSORS PLC OKOMU OIL PALM PLC. PRESCO PLC
S/N 7 FISHING/HUNTING/TRAPPING
FISHING/HUNTING/TRAPPING ELLAH LAKES PLC. LIVESTOCK/ANIMAL SPECIALTIES
8 LIVESTOCK/ANIMAL SPECIALTIES AGRICULTURE CONGLOMERATES
LIVESTOCK FEEDS PLC.
S/N
DIVERSIFIED INDUSTRIES
12 13 DIVERSIFIED INDUSTRIES CONGLOMERATES CONSTRUCTION/REAL ESTATE
A.G. LEVENTIS NIGERIA PLC. JOHN HOLT PLC. S C O A NIG. PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC.
S/N
BUILDING CONSTRUCTION
14 BUILDING CONSTRUCTION
ARBICO PLC.
S/N 15 16 INFRASTRUCTURE/HEAVY CONSTRUCTION
MARKET CAP(Nm) 222,550.82
MARKET CAP(Nm) 3,817,073.66
PRICE
VOLUME
25.49
10,224,177 10,224,177
PRICE
VOLUME
6.20
21,471,195 21,471,195 31,695,372
PRICE
VOLUME
224.00
981,469 981,469 981,469 32,676,841
INFRASTRUCTURE/HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. ROADS NIG PLC.
MARKET CAP(Nm) 1,100.00 62,004.15 66,500.00 MARKET CAP(Nm) 511.20 MARKET CAP(Nm) 2,430.00
MARKET CAP(Nm) 1,482.48 194.58 2,111.93
PRICE
VOLUME
0.50 65.00 66.50
0 162,227 135,304 297,531
PRICE
VOLUME
4.26
0 0
PRICE
VOLUME
0.81
378,664 378,664 676,195
REAL ESTATE DEVELOPMENT
17
UACN PROPERTY DEVELOPMENT CO. LIMITED
19 20 REAL ESTATE INVESTMENT TRUSTS (REITS) CONSTRUCTION/REAL ESTATE CONSUMER GOODS
38 39 HOUSEHOLD DURABLES
NIGERIAN ENAMELWARE PLC. VITAFOAM NIG PLC.
S/N
PERSONAL/HOUSEHOLD PRODUCTS
40 41 PERSONAL/HOUSEHOLD PRODUCTS CONSUMER GOODS FINANCIAL SERVICES
P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC.
S/N
BANKING
42 43
ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. JAIZ BANK PLC SKYE BANK PLC STERLING BANK PLC. UNION BANK NIG.PLC. UNITED BANK FOR AFRICA PLC UNITY BANK PLC WEMA BANK PLC.
21 AUTOMOBILES/AUTO PARTS
DN TYRE & RUBBER PLC
S/N
BEVERAGES--BREWERS/DISTILLERS
22 23 24 25 26 BEVERAGES--BREWERS/DISTILLERS
CHAMPION BREW. PLC. GOLDEN GUINEA BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC.
S/N
BEVERAGES--NON-ALCOHOLIC
27 BEVERAGES--NON-ALCOHOLIC
7-UP BOTTLING COMP. PLC.
S/N
FOOD PRODUCTS
28 29 30 31 32 33 34 35 FOOD PRODUCTS
DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC MULTI-TREX INTEGRATED FOODS PLC N NIG. FLOUR MILLS PLC. NASCON ALLIED INDUSTRIES PLC UNION DICON SALT PLC.
S/N
FOOD PRODUCTS--DIVERSIFIED
36 37 FOOD PRODUCTS--DIVERSIFIED
CADBURY NIGERIA PLC. NESTLE NIGERIA PLC.
55 56
0.56 0.50 3.25
1,300 0 0
59
58,546.15
1.44
19,343,426
36,093.04
18.79
2,299,278 21,644,004 21,644,004
MARKET CAP(Nm) 711.32 MARKET CAP(Nm) 38,715.60 165.00
PRICE
VOLUME
4.79
0 0
PRICE
VOLUME
29.33 6.60
92,309 0
MARKET CAP(Nm)
PRICE
7,015.67
2.70
VOLUME 32,762
60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 INSURANCE CARRIERS, BROKERS AND SERVICES
INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE COMPANY PLC AIICO INSURANCE PLC. AXAMANSARD INSURANCE PLC CONSOLIDATED HALLMARK INSURANCE PLC CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. EQUITY ASSURANCE PLC. GOLDLINK INSURANCE PLC GREAT NIGERIAN INSURANCE PLC GUINEA INSURANCE PLC. INTERNATIONAL ENERGY INSURANCE COMPANY PLC LASACO ASSURANCE PLC. LAW UNION AND ROCK INS. PLC. LINKAGE ASSURANCE PLC MUTUAL BENEFITS ASSURANCE PLC. N.E.M INSURANCE CO (NIG) PLC. NIGER INSURANCE CO. PLC. PRESTIGE ASSURANCE CO. PLC. REGENCY ALLIANCE INSURANCE COMPANY PLC SOVEREIGN TRUST INSURANCE PLC STANDARD ALLIANCE INSURANCE PLC. STANDARD TRUST ASSURANCE PLC UNIC DIVERSIFIED HOLDINGS PLC. UNITY KAPITAL ASSURANCE PLC UNIVERSAL INSURANCE COMPANY PLC WAPIC INSURANCE PLC
MARKET CAP(Nm) 2,000.00
PRICE
VOLUME
100.00
0
11,305.89
45.22
0
S/N
MICRO-FINANCE BANKS
26,682.70
10.00
0
80 81 MICRO-FINANCE BANKS
FORTIS MICROFINANCE BANK PLC NPF MICROFINANCE BANK PLC
0
AUTOMOBILES/AUTO PARTS
54
58
125,071
S/N
S/N
57
32,762 REAL ESTATE INVESTMENT TRUSTS (REITS) SKYE SHELTER FUND PLC UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) UPDC REAL ESTATE INVESTMENT TRUST
45 46 47 48 49 50 51 52 53 BANKING
VOLUME
REAL ESTATE DEVELOPMENT 18
HOUSEHOLD DURABLES
PRICE
92,309
S/N
S/N
S/N
44
S/N
9 10 11
MARKET CAP(Nm) 800,296.63
MARKET CAP(Nm) 2,386.33 MARKET CAP(Nm) 19,260.56 242.22 219,038.28 161,385.27 1,189,365.13 MARKET CAP(Nm) 57,653.13 MARKET CAP(Nm) 47,650.00 180,000.00 82,663.47 16,812.02 1,861.25 1,028.21 42,920.90 3,676.41 MARKET CAP(Nm) 19,721.12 992,405.63
S/N
PRICE
VOLUME
0.50
22,100 22,100
82 83 84 85
PRICE
VOLUME
86
2.46 0.89 100.00 48.99 150.00
123,000 0 297,756 2,007,686 1,854,857 4,283,299
PRICE
VOLUME
90.00
22,083 22,083
PRICE
VOLUME
9.53 15.00 31.50 2.12 0.50 5.77 16.20 13.45
19,717,096 850,879 5,581,444 1,661,741 0 0 4,159,300 0 31,970,460
PRICE
VOLUME
10.50 1,252.00
690,714 82,767 773,481
MORTGAGE CARRIERS, BROKERS AND SERVICES
MORTGAGE CARRIERS, BROKERS AND SERVICES ABBEY MORTGAGE BANK PLC ASO SAVINGS AND LOANS PLC INFINITY TRUST MORTGAGE BANK PLC RESORT SAVINGS & LOANS PLC UNION HOMES SAVINGS AND LOANS PLC.
OTHER FINANCIAL INSTITUTIONS AFRICA PRUDENTIAL PLC CUSTODIAN AND ALLIED PLC DEAP CAPITAL MANAGEMENT & TRUST PLC FCMB GROUP PLC. NIGERIA ENERYGY SECTOR FUND ROYAL EXCHANGE PLC. SIM CAPITAL ALLIANCE VALUE FUND STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC
S/N
HEALTHCARE PROVIDERS
96
EKOCORP PLC. UNION DIAGNOSTIC & CLINICAL SERVICES PLC
97
MARKET CAP(Nm) 283,494.12 23,391.99
VOLUME
23.23 2.97
1,650 869,858 871,508
PRICE
VOLUME
23.00 41.19
51,048 6,368,689 6,419,737 44,362,668
PRICE
VOLUME
9.80 1.01
6,440,093 42,942,530
311,942.37
17.00
758,668
44,041.69 1,236,109.53 17,089.26 6,940.15 28,790.42 103,308.42 328,314.45 5,961.56 19,287.23
1.52 42.00 0.58 0.50 1.00 6.10 9.60 0.51 0.50
31,065,181 11,231,074 1,839,500 1,337,298 2,182,783 793,719 9,346,370 146,322 10,017,622 118,101,160
MARKET CAP(Nm)
PRICE
VOLUME
10,292.50
0.50
100
3,603.71 21,315.00
0.52 2.03
5,343,491 794,899
3,000.00
0.50
0
13,795.75
1.33
256,240
7,364.75
0.50
0
7,000.00 2,411.47 1,913.74 3,070.00
0.50 0.53 0.50 0.50
30,000 0 0 0
642.04
0.50
0
3,661.72 3,050.39 6,880.00 4,000.00 6,600.63 3,869.74 2,759.15
0.50 0.71 0.86 0.50 1.25 0.50 0.50
0 1,000 250,000 0 1,069,141 0 0
3,334.38
0.50
100
4,170.41 6,455.52 4,670.54 1,291.15 6,933.33 8,000.00 6,959.02
0.50 0.50 0.50 0.50 0.50 0.50 0.52
0 0 0 3,000 0 0 1,562,345
MARKET CAP(Nm) 11,799.67 2,858.30 MARKET CAP(Nm) 5,460.00 7,370.87 6,005.46 5,664.87 2,949.22
PRICE
VOLUME
2.58 1.25
200 125,000 125,200
PRICE
VOLUME
1.30 0.50 1.44 0.50
0 0 0 0
3.02
0 0
S/N
90 91 92 93 94 95 OTHER FINANCIAL INSTITUTIONS FINANCIAL SERVICES HEALTHCARE
MARKET CAP(Nm) 91,320.97 155,833.97
PRICE
9,310,316
87 88 89
MARKET CAP(Nm) 1,766.22 3,095.84
MARKET CAP(Nm) 7,760.00 23,527.46
PRICE
VOLUME
3.88 4.00
1,638,957 169,636
750.00
0.50
0
21,188.90 411.91 2,572.69 3,313.67 436,400.00 18,060.00
1.07 552.20 0.50 103.24 43.64 3.01
12,781,744 0 0 0 366,914 2,433,895 17,391,146 144,927,822
PRICE
VOLUME
MARKET CAP(Nm) 1,680.29 1,776.57
3.37
0
0.50
600,000
PRICE
VOLUME
0.60
0 0
HEALTHCARE PROVIDERS
600,000
S/N
MEDICAL SUPPLIES
98 MEDICAL SUPPLIES
MORISON INDUSTRIES PLC.
MARKET CAP(Nm) 91.31
WEDNESDAY, ͰͰ˜ ͺ͵ ˾ T H I S D AY
40
Nigeria Daily Stock Market Report: Wednesday, November 22, 2017 dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ /ŶĚĞdž ĚĞĐůŝŶĞƐ ϭ͘Ϭй
THISDAY AFRINVEST 40 INDEX
dŚĞ dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ /ŶĚĞdž ĚĞĐůŝŶĞĚ ϭ͘Ϭй LJĞƐƚĞƌĚĂLJ ƚŽ ƐĞƩůĞ Ăƚ ϭ͕ϰϲϱ͘ϯϬ ƉŽŝŶƚƐ͘ zĞƐƚĞƌĚĂLJ͛Ɛ ůŽƐƐ ǁĂƐ ĐĂŶ ďĞ ŽǁĞĚ ƚŽ ƉƌŝĐĞ ĚĞƉƌĞĐŝĂƟŽŶƐ ŝŶ 'h Z Edz ;Ͳϭ͘ϰйͿ͕ E/' Z/ E Z t Z/ ^ ;Ͳϯ͘ϮйͿ͕ E/d, ;Ͳϯ͘ϬйͿ ĂŶĚ & E, ;Ͳϭ͘ϬйͿ ǁŚŝĐŚ ĐƵŵƵůĂƟǀĞůLJ ĂĐĐŽƵŶƚ ĨŽƌ ϱϬ͘ϱй ŽĨ ƚŚĞ ŝŶĚĞdž͘ dŚĞ dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ /ŶĚĞdž ŚĂƐ ƌĞƚƵƌŶĞĚ ϰϲ͘ϱй zd ͘
Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index
Ticker
>ŽĐĂů ŽƵƌƐĞ ĞŐŝŶƐ dƌĂĚŝŶŐ tĞĞŬ ƵůůŝƐŚ͙ E^ ^/ ƵƉ ϮϰďƉƐ dŚĞ EŝŐĞƌŝĂŶ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ ĐůŽƐĞĚ ƚŚĞ ĚĂLJ ŶĞŐĂƟǀĞ ĂƐ ƚŚĞ ůů ^ŚĂƌĞ /ŶĚĞdž ƐŚĞĚ ϱϮďƉƐ ƚŽ ƐĞƩůĞ Ăƚ ϯϲ͕ϲϬϬ͘Ϭϳ ƉŽŝŶƚƐ͖ ĂĐĐŽƌĚŝŶŐůLJ͕ zd ƌĞƚƵƌŶ ƌĞƚƌĞĂƚĞĚ ƚŽ ϯϲ͘Ϯй͘ WĞƌĨŽƌŵĂŶĐĞ ƚŽĚĂLJ ĐĂŶ ďĞ ůĂƌŐĞůLJ ĂƩƌŝďƵƚĞĚ ƚŽ ůŽƐƐĞƐ ŝŶ E/' Z/ E Z t Z/ ^ ;Ͳϯ͘ϯйͿ͕ E/d, ;Ͳϯ͘ϬйͿ͕ ĂŶĚ 'h Z Edz ;Ͳϭ͘ϰйͿ͘ Ɛ Ă ƌĞƐƵůƚ͕ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ĚĞĐƌĞĂƐĞĚ ďLJ Eϲϳ͘ϬďŶ ƚŽ EϭϮ͘ϳƚŶ͘ EŽŶĞƚŚĞůĞƐƐ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ŝŵƉƌŽǀĞĚ ĂƐ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ŝŶĐŚĞĚ Ϯϯ͘ϲй ĂŶĚ ϯϰ͘ϯй ŚŝŐŚĞƌ ƚŽ Ϯϱϴŵ ƵŶŝƚƐ ĂŶĚ Eϯ͘ϯďŶ ƌĞƐƉĞĐƟǀĞůLJ͘
Previous Current Price Weighting Change
THISDAY AFRINVEST 40 1,465.30
-0.98% -1.4%
Price Change YTD
Price Change Index to Date
ROE
ROA
P/E
P/BV
46.5%
46.5%
20.1%
6.3%
6.7x
0.7x
4.2%
11.7% 11.4%
Divinden Earnings d Yield Yield
1
Guaranty Trust Bank PLC
42.01
23.3%
70.1%
70.1%
26.0%
4.3%
8.7x
2.2x
4.9%
2
Nigerian Brew eries PLC
134.00
-3.2%
9.7%
-9.5%
-9.5%
18.9%
8.6%
33.0x
6.0x
2.7%
3.0%
3
Zenith Bank PLC
24.24
-3.0%
13.0%
64.3%
64.3%
21.7%
3.2%
4.8x
1.0x
8.3%
20.9%
4
Dangote Cement PLC
230.00
0.0%
6.6%
32.2%
32.2%
30.4%
15.7%
15.9x
4.5x
3.7%
6.3%
5
Nestle Nigeria PLC
1,261.16
0.4%
6.9%
55.7%
55.7%
78.4%
19.0%
32.9x
21.7x
2.0%
3.0%
6
Access Bank PLC
9.74
0.4%
4.4%
65.9%
65.9%
15.1%
2.0%
3.9x
0.6x
6.7%
25.6%
7
United Bank for Africa PLC
9.65
0.3%
5.5%
114.4%
114.4%
17.2%
2.2%
4.2x
0.7x
7.8%
23.6%
6.93
-1.0%
4.6%
106.9%
106.9%
2.6%
0.3%
11.3x
0.4x
2.9%
8.9%
17.00
0.0%
3.0%
65.4%
65.4%
-14.6%
-1.3%
0.6x
3.6%
-20.4%
7.6x
2.0%
8
FBN Holdings Plc
ĂŶŬŝŶŐ ĂŶĚ ŽŶƐƵŵĞƌ 'ŽŽĚƐ /ŶĚŝĐĞƐ >ĞĂĚ 'ĂŝŶĞƌƐ
9
Ecobank Transnational Inc
^ĞĐƚŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ďƌŽĂĚůLJ ŶĞŐĂƟǀĞ ĂƐ ϯ ŽĨ ϱ ŵĂũŽƌ ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ŝŶ ƚŚĞ ƌĞĚ͘ dŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ůĞĚ ůŽƐĞƌƐ͕ ĚŽǁŶ ϭ͘Ϯй ĂƐ ŝŶǀĞƐƚŽƌƐ ŬĞĚ ƉƌŽĮƚ ŝŶ E/d, ;Ͳϯ͘ϬйͿ ĂŶĚ 'h Z Edz ;Ͳϭ͘ϰйͿ͘ dŚĞ Kŝů Θ 'ĂƐ ŝŶĚĞdž ƚƌĂŝůĞĚ͕ ĚŽǁŶ Ϭ͘ϵй ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƉƌŝĐĞ ĚĞƉƌĞĐŝĂƟŽŶ ŝŶ &KZd ;Ͳϴ͘ϵйͿ͘ ^ŝŵŝůĂƌůLJ͕ ůŽƐƐĞƐ ŝŶ E/' Z/ E Z t Z/ ^ ;Ͳϯ͘ϯйͿ ĂŶĚ &>KhZD/>> ;Ͳ ϱ͘ϵйͿ ĚƌĂŐŐĞĚ ƚŚĞ ŽŶƐƵŵĞƌ ŝŶĚĞdž Ϭ͘ϳй ůŽǁĞƌ͘ dŚĞ /ŶƐƵƌĂŶĐĞ ĂŶĚ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚŝĐĞƐ ŚŽǁĞǀĞƌ ĐůŽƐĞĚ ƚŚĞ ĚĂLJ ŇĂƚ͘
Current Price
50.00
0.0%
1.9%
29.0%
29.0%
47.1%
9.8%
490.00
0.0%
1.8%
29.0%
29.0%
-12.4%
-6.7%
10
Lafarge Africa PLC
11
SEPLAT Petroleum Development C
12
Unilever Nigeria PLC
37.80
2.2%
1.5%
18.8%
18.8%
50.3%
8.4%
23.3x
8.9x
0.2%
4.3%
13
Stanbic IBTC Holdings PLC
42.40
-0.5%
3.1%
182.7%
182.7%
28.7%
3.4%
9.8x
2.5x
1.4%
10.2%
14
Guinness Nigeria PLC
101.00
0.7%
1.4%
28.5%
28.5%
4.5%
1.4%
71.1x
3.5x
0.6%
5.99
0.0%
1.3%
27.4%
27.4%
40.7%
4.2%
2.7x
0.6x
15
Oando PLC
4.5x
0.6x
22.4% -21.4%
1.4% 37.0%
16
Forte Oil PLC
40.00
-8.9%
0.5%
-52.6%
-52.6%
44.3%
3.7%
10.1x
4.5x
17
11 PLC
170.00
0.0%
0.5%
-39.1%
-39.1%
32.6%
12.0%
9.0x
2.5x
4.7%
11.1%
/ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ ZĞŵĂŝŶƐ ƵůůŝƐŚ
18
Total Nigeria PLC
230.00
0.0%
0.6%
-23.1%
-23.1%
37.3%
7.4%
8.6x
3.0x
2.6%
11.7%
3.3%
1.2%
69.8%
69.8%
37.4%
25.9%
9.1x
3.0x
2.2%
11.0%
DĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞƌƐͬĚĞĐůŝŶĞƌƐͿ Ͳ ǁŚŝĐŚ ŵĞĂƐƵƌĞƐ ŝŶǀĞƐƚŽƌƐ͛ ƐĞŶƟŵĞŶƚ͕ ǁĞĂŬĞŶĞĚ ƚŽ Ϭ͘ϵdž ĨƌŽŵ ϭ͘Ϯdž ƌĞĐŽƌĚĞĚ ƚŚĞ ƉƌĞǀŝŽƵƐ ĚĂLJ ĂƐ ϭϴ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ Ϯϭ ƐƚŽĐŬƐ ƚŚĂƚ ĚĞĐůŝŶĞĚ͘ dŚĞ ďĞƐƚ ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ǁĞƌĞ , DW/KE ;нϵ͘ϭйͿ͕ >/E< ^^hZ ;нϱ͘ϮйͿ ĂŶĚ h^dK z/E^ ;нϰ͘ϴйͿ ǁŚŝůĞ &KZd ;Ͳϴ͘ϵйͿ͕ s ZdKE ;Ͳϱ͘ϯйͿ ĂŶĚ &>KhZD/>> ;Ͳ ϱ͘ϬйͿ ǁĞƌĞ ƚŚĞ ǁŽƌƐƚ ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ͘ ůƚŚŽƵŐŚ ǁĞ ĞdžƉĞĐƚ LJĞĂƌͲĞŶĚ ƌĞďĂůĂŶĐŝŶŐ ŽĨ ďLJ ƉŽƌƞŽůŝŽ ŵĂŶĂŐĞƌƐ ƚŽ Ɛƚ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ĞĐĞŵďĞƌ͕ ŵĂƌŬĞƚ ǁŝůů ůŝŬĞůLJ ĐŽŶƟŶƵĞ ƚŽ ƚƌĂĚĞ ƐŝĚĞǁĂLJƐ ŝŶ ƚŚĞ ŝŶƚĞƌŝŵ ĚƵĞ ƚŽ ĂďƐĞŶĐĞ ŽĨ ĨƵŶĚĂŵĞŶƚĂů ĚƌŝǀĞƌƐ ŽĨ ƐĞŶƟŵĞŶƚ ƉŽƐƚͲĞĂƌŶŝŶŐƐ ƐĞĂƐŽŶ͘
19
Okomu Oil Palm PLC
68.20
20
UAC of Nigeria PLC
17.00
0.0%
0.6%
3.1%
3.0%
6.3%
2.2%
10.9x
0.7x
5.8%
9.2%
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%
22
Fidelity Bank PLC
8.0%
1.1%
1.4x
0.2x
8.8%
72.1%
1.59
-0.6%
0.9%
89.3%
89.3%
2.3%
1.1%
150.4%
150.4%
23.8%
10.3%
6.0x
2.6x
3.3%
16.8%
0.8%
79.3%
79.3%
10.4%
2.6%
8.4x
0.8x
3.0%
12.0%
4.1x
0.7x
7.1%
23
Dangote Sugar Refinery PLC
15.30
24
Flour Mills of Nigeria PLC
33.15
-5.0%
25
Custodian and Allied Insurance
3.93
4.8%
0.4%
1.0%
1.0%
18.9%
7.6%
26
7 UP Bottling Co PLC
90.00
0.0%
0.3%
-30.2%
-30.2%
-56.7%
-13.9%
4.4x
-18.7%
27
Julius Berger Nigeria PLC
29.33
0.0%
0.3%
-24.0%
-24.0%
-12.2%
-1.2%
1.5x
-7.8%
1.8%
0.4%
2.7%
2.7%
0.9%
0.1%
13.2x
0.1x
-0.7%
0.6%
52.9%
52.9%
19.6%
4.1%
5.3x
0.9x
28
FCMB Group Plc
1.13
29
Transnational Corp of Nigeria
1.33
ŽŵƉĂŶLJ ŝŶ &ŽĐƵƐ͗ ĞŵĞŶƚ ŽŵƉĂŶLJ ŽĨ EŽƌƚŚĞƌŶ EŝŐĞƌŝĂ ;͞ EE͟ Žƌ ͞ƚŚĞ ĐŽŵƉĂŶLJ͟Ϳ
30
Diamond Bank PLC
31
ĞŵĞŶƚ ŽŵƉĂŶLJ ŽĨ EŽƌƚŚĞƌŶ EŝŐĞƌŝĂ WůĐ ; EEͿ͕ ǁĂƐ ĨŽƵŶĚĞĚ ďLJ ƚŚĞ WƌĞŵŝĞƌ ŽĨ ƚŚĞ ƚŚĞŶ EŽƌƚŚĞƌŶ ZĞŐŝŽŶ͕ ůŚĂũŝ ^ŝƌ ŚŵĂĚƵ ĞůůŽ͘ /ƚ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶ ϭϵϲϮ ĂŶĚ ĐŽŵŵĞŶĐĞĚ ƉƌŽĚƵĐƟŽŶ ŝŶ ϭϵϲϳ ǁŝƚŚ ĂŶ ŝŶŝƟĂů ŝŶƐƚĂůůĞĚ ĐĂƉĂĐŝƚLJ ŽĨ ϭϬϬ͕ϬϬϬ ƚŽŶƐ ƉĞƌ ĂŶŶƵŵ Ăƚ ƚŚĞ <ĂůĂŵďĂŝŶĂ ƉůĂŶƚ ǁŚŝĐŚ ǁĂƐ ĞdžƉĂŶĚĞĚ ǁŝƚŚ ƚŚĞ ŝŶƐƚĂůůĂƟŽŶ ŽĨ Ă ƐĞĐŽŶĚ ůŝŶĞ ǁŝƚŚ ϱϬϬ͕ϬϬϬ ƚŽŶƐ ƉĞƌ ĂŶŶƵŵ ĐĂƉĂĐŝƚLJ ŝŶ ϭϵϴϱ͘ hŶĚĞƌ ƚŚĞ ƉƌŝǀĂƟnjĂƟŽŶ ĂŶĚ ĐŽŵŵĞƌĐŝĂůŝnjĂƟŽŶ ƉƌŽŐƌĂŵ ŝŶ ϭϵϵϮ͕ ƚŚĞ &ĞĚĞƌĂů 'ŽǀĞƌŶŵĞŶƚ ĚŝǀĞƐƚĞĚ ĂďŽƵƚ ϮϬ͘Ϭй ŽĨ ŝƚƐ ŚŽůĚŝŶŐ ŝŶ ƚŚĞ ĐŽŵƉĂŶLJ ĂŶĚ ƐŽůĚ ŝƚ ƚŽ ƚŚĞ EŝŐĞƌŝĂŶ WƵďůŝĐ͘ /Ŷ ϮϬϬϴ͕ ƚŚĞ ĐŽŵƉĂŶLJ ǁĂƐ ĨƵůůLJ ƉƌŝǀĂƟnjĞĚ ĨŽůůŽǁŝŶŐ Ă ƐƚƌĂƚĞŐŝĐ ƌĞ ͲŽƌŝĞŶƚĂƟŽŶ͖ ,ĞŝĚĞůďĞƌŐ ĞŵĞŶƚ 'ƌŽƵƉ ĚŝǀĞƐƚĞĚ ŝƚƐ EE ƐŚĂƌĞƐ ĂŶĚ ĂŵŶĂnj ĞŵĞŶƚ ŽŵƉĂŶLJ >ŝŵŝƚĞĚ ďĞĐĂŵĞ EE͛Ɛ ŶĞǁ ĐŽƌĞ ŝŶǀĞƐƚŽƌ ĂŶĚ ǁĂƐ ůĂƚĞƌ ĂĐƋƵŝƌĞĚ ďLJ h /ŶƚĞƌŶĂƟŽŶĂů >ŝŵŝƚĞĚ ŝŶ ϮϬϭϬ͘ dŚĞ ĐŽŵƉĂŶLJ ŝƐ ĐƵƌƌĞŶƚůLJ ĞŵďĂƌŬŝŶŐ ŽŶ Ă ĐĂƉĂĐŝƚLJ ĞdžƉĂŶƐŝŽŶ ƉůĂŶ ƚŽ ƚĂŬĞ ƉƌŽĚƵĐƟŽŶ ĐĂƉĂĐŝƚLJ ƚŽ Ϯ͘ϬŵŵƚͬĂ͘ EE ŝƐ ϱƚŚ ŵŽƐƚ ĐĂƉŝƚĂůŝnjĞĚ ŝŶĚƵƐƚƌŝĂů ŐŽŽĚƐ ƐƚŽĐŬ ŽŶ ƚŚĞ EŝŐĞƌŝĂŶ ^ƚŽĐŬ džĐŚĂŶŐĞ ǁŝƚŚ Ă ĐƵƌƌĞŶƚ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ŽĨ EϭϮ͘ϭϲďŶ͘
/Ŷ ŝƚƐ ϵD͗ϮϬϭϳ ƌĞƐƵůƚ͕ ƚŚĞ ĐŽŵƉĂŶLJ ƌĞĐŽƌĚĞĚ ŝŵƉƌŽǀĞŵĞŶƚƐ ŝŶ ďŽƚŚ ƚŽƉ ĂŶĚ ďŽƩŽŵ ůŝŶĞƐ͕ ĂƐ 'ƌŽƐƐ ƌĞǀĞŶƵĞ ŐƌĞǁ ϰϳ͘ϳй zͲŽͲz ƚŽ Eϭϯ͘ϲďŶ ĂŐĂŝŶƐƚ ƚŚĞ ďĂĐŬĚƌŽƉ ŽĨ ƌĞůĂƟǀĞůLJ ŚŝŐŚĞƌ ĐĞŵĞŶƚ ƉƌŝĐĞƐ͘ DĂƌŐŝŶƐ ĞdžƉĞĐƚĞĚůLJ ĞdžƉĂŶĚĞĚ͕ ǁŝƚŚ 'ƌŽƐƐ ĂŶĚ KƉĞƌĂƟŶŐ ŵĂƌŐŝŶƐ ƌŝƐŝŶŐ ϭϭ͘ϱ ĂŶĚ ϭϮ͘ϵ ƉĞƌĐĞŶƚĂŐĞ ƉŽŝŶƚƐ ;ƉƉƚƐͿ ƚŽ ϯϴ͘ϯй ĂŶĚ Ϯϱ͘ϴйƌĞƐƉĞĐƟǀĞůLJ͕ ĚƌŝǀĞŶ ďLJ ŚŝŐŚĞƌ ŵĂƌŬƵƉ ŽŶ ĐĞŵĞŶƚ ƐĂůĞƐ ĂŶĚ ĞĸĐŝĞŶĐLJ ŽĨ ŬŝůŶ ĨƵĞů ŵŝdž͘ ,ĞŶĐĞ͕ W d ĂŶĚ W d ƐƵƌŐĞĚ ϭϴϮ͘Ϭй ĂŶĚ ϭϲϵ͘ϯй zͲŽͲz ƚŽ EϮ͘ϵďŶ ĂŶĚ EϮ͘ϬďŶ ƌĞƐƉĞĐƟǀĞůLJ ŝŶ ϵD͗ ϮϬϭϳ͘ KŶ Ă ƐƚĂŶĚĂůŽŶĞ ďĂƐŝƐ͕ EE͛Ɛ Yϯ͗ϮϬϭϳ ƌĞƐƵůƚ ǁĂƐ ĂůƐŽ ŝŵƉƌĞƐƐŝǀĞ ǁŝƚŚ 'ƌŽƐƐ ƌĞǀĞŶƵĞ ŝŵƉƌŽǀŝŶŐ Ϯϯ͘Ϭй YͲŽͲY ƚŽ Eϱ͘ϭďŶ ĨƌŽŵ Eϰ͘ϮďŶ ŝŶ YϮ͗ϮϬϭϳ ĂŶĚ /d ƐƵƌŐŝŶŐ ϵϬ͘ϱй YͲŽͲY ƚŽ Eϭ͘ϳďŶ͘ tĞ ďĞůŝĞǀĞ ƚŚĂƚ ŚŝŐŚĞƌ ƉƌŝĐĞƐ ŽĨ ĐĞŵĞŶƚ ŝŶ ƚŚĞ ƋƵĂƌƚĞƌ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ƚŚĞ YͲŽͲY ŐƌŽǁƚŚ ŝŶ ƌĞǀĞŶƵĞ ǁŚŝůĞ ĞŶĞƌŐLJ ĐŽƐƚ ƐĂǀŝŶŐ ĂůƐŽ ƐƚĞĚ ŵĂƌŐŝŶƐ͘ dŚƵƐ͕ W d ĂŶĚ W d ĨŽƌ ƚŚĞ ƉĞƌŝŽĚ ƐƵƌŐĞĚ ϭϭϲ͘Ϯй ĂŶĚ ϵϱ͘ϰй YͲŽͲY ƚŽ Eϭ͘ϱďŶ ĂŶĚ Eϭ͘ϬďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ tŝƚŚ ƚŚĞ ďƌŽĂĚůLJ ƉŽƐŝƟǀĞ ĞĂƌŶŝŶŐƐ ƉĞƌĨŽƌŵĂŶĐĞ ƌĞĐŽƌĚĞĚ ŝŶ Yϯ͗ϮϬϭϳ͕ ĐŽƵƉůĞĚ ǁŝƚŚ ƚŚĞ ĞŵĞƌŐŝŶŐ ĞĐŽŶŽŵŝĐ ƌĞĐŽǀĞƌLJ ĂŶĚ ĐĂƉĂĐŝƚLJ ĞdžƉĂŶƐŝŽŶ ƉůĂŶƐ ŽĨ ƚŚĞ ĐŽŵƉĂŶLJ͕ ǁĞ ŚĂǀĞ Ă ďƌŽĂĚůLJ ƉŽƐŝƟǀĞ ĞĂƌŶŝŶŐƐ ŽƵƚůŽŽŬ ŽŶ EE͘ dŚĞ ƐƚŽĐŬ ŚĂƐ ƌĞƚƵƌŶĞĚ ϴϱ͘ϰй zd ͘
Afrinvest Securities Limited
(RC 603 315)
(A Dealing Member of the Nigerian Stock Exchange)
9.9%
8.8%
24.3%
7.6% 18.8%
1.15
0.0%
0.5%
30.7%
30.7%
2.5%
0.3%
4.6x
0.1x
Presco PLC
66.00
0.0%
0.5%
64.6%
64.6%
42.9%
25.9%
3.3x
1.1x
2.3%
30.7%
32
PZ Cussons Nigeria PLC
24.72
-0.3%
0.5%
70.5%
70.5%
11.5%
5.8%
21.1x
2.3x
2.0%
4.7%
33
International Brew eries PLC
51.70
1.7%
0.8%
179.5%
179.5%
24.6%
7.4%
54.1x
12.3x
34
Cadbury Nigeria PLC
11.40
1.8%
0.3%
10.8%
10.8%
4.5%
1.6%
32.5x
1.9x
3.1%
35
Union Bank of Nigeria PLC
6.14
-0.2%
0.3%
28.6%
28.7%
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
37
Sterling Bank PLC
1.00
0.0%
0.3%
31.6%
31.6%
6.1%
0.6%
5.3x
0.3x
38
GlaxoSmithKline Consumer Niger
25.25
0.0%
0.3%
60.3%
60.3%
61.2%
23.6%
5.2x
1.9x
1.3%
0.0%
0.1%
22.8%
22.8%
11.9%
3.9%
10.2x
1.2x
2.4%
0.0%
0.1%
39.4%
39.4%
9.6%
4.4%
8.1x
0.7x
39
AXA Mansard Insurance PLC
2.05
40
Continental Reinsurance PLC
1.38
T o p 10 G a ine r s T ic k er
21.6%
1.8%
6.5%
P ric e C hg %
T ic k er
Vo lum e
P ric e C hg %
2.16
9.1%
T A N T A LIZ ER
43.8
0.0%
0.61
5.2%
F ID ELIT YB K
35.4
-0.6%
C UST OD YIN S
3.93
4.8%
FCM B
29.7
1.8%
N EIM ET H
0.59
3.5%
Z EN IT H B A N K
27.3
-3.0%
68.20
3.3%
FB NH
15.0
-1.0%
3.80
2.7%
A C C ESS
13.6
0.4%
10.6
-0.3%
D A N GSUGA R
15.30
2.3%
PZ
UN ILEVER
37.80
2.2%
IN T B R EW
9.8
1.7%
1.13
1.8%
GUA R A N T Y
9.2
-1.4%
11.40
1.8%
D A N GSUGA R
7.6
2.3%
FCM B C A D B UR Y
9.8%
T o p 10 T r a d e s b y V o l u m e
P ric e
LIN KA SSUR E
NA HCO
19.1%
12.4%
C H A M P ION
OKOM UOIL
6.7% 19.0%
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
P ric e
P ric e C hg %
T ic k er
Value
P ric e C hg %
FO
40.00
-8.9%
Z EN IT H B A N K
680.7
-3.0%
C A VER T ON
1.25
-5.3%
IN T B R EW
498.7
1.7%
F LOUR M ILL
33.15
-5.0%
GUA R A N T Y
390.3
-1.4%
C ILEA SIN G
1.37
-4.9%
PZ
288.1
-0.3%
LA WUN ION
0.59
-4.8%
GUIN N ESS
269.3
0.7%
UA C -P R OP
2.72
-4.6%
N EST LE
164.2
0.4%
LEA R N A F R C A
0.94
-4.1%
A C C ESS
131.8
0.4%
M A YB A KER NB Z EN IT H B A N K
2.72
-3.5%
D A N GSUGA R
116.9
2.3%
134.00
-3.2%
ST A N B IC
107.1
-0.5%
24.24
-3.0%
FB NH
105.0
-1.0%
Investment Research
Brokerage Ayodeji Ebo | aebo@afrinvest.com
Robert Omotunde | romotunde@afrinvest.com
Bolaji Fajenyo | bfajenyo@afrinvest.com
Omotola Abimbola | oabimbola@afrinvest.com
Ëœ ÍşÍşËœ ͺ͸͚; Ëž T H I S D AY
40
MARKET NEWS
AVCA Appoints Verod  MD, Others to Boost Private Equity Industry Goddy Egene The African Private Equity and Venture Capital Association (AVCA) has strengthened its leadership with the appointment of the Managing Director of  Verod Capital Management, Danladi Verheijen and    Founder and Chief Executive Officer of    Metier,  Paul Botha   as  members, Board of Directors of the association. The association also appointed nine experienced professionals to its Compliance & Best Practice, Strategic
Engagement, and Sustainability committees. According to AVCA, the new members are key influencers within the African private equity industry, and they will deepen the association’s reach and impact as it continues to enable private investment in Africa. Commenting on the development, the Chief Executive Officer of AVCA, Michelle Kathryn EssomĂŠ, said: “The next 12 months are set to be an exciting time for AVCA. As we strengthen and
A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the
diversify our membership, the Board and Advisory Committee expansion reinforces the extent of our ambitions to facilitate greater private investment in Africa. We are delighted about working closely with the new appointees to advance our agenda and to find new ways to deliver exceptional value to our members.� Market analysts said that Danladi,  joining the board of AVCA  is a very positive development as he will bring his wealth of experience to bear in the association and
floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 20-Nov-2017, unless otherwise stated.
contribute growth of  the private equity investment space.  Before co-founding Verod, Danladi was a Vice President at Citibank Nigeria where he led corporate finance and investment banking transactions and also had responsibility over Citibank’s equity investment portfolio. Prior to that, he held roles at Ocean and Oil Holdings and at McKinsey & Company. He has an MBA from Harvard Business School, an M.Sc. in Engineering Economic Systems & Operations Research from Stanford University and a B.Sc.
in Electrical Engineering from Calvin College. He is a Director of GZ Industries, SacOil Holdings, Spinlet, Rotoprint, Niyya Food and Drinks, and Shaldag. Danladi was named a Young Global Leader by the World Economic Forum in 2014 Verod is an Investment firm focusing on investing equity and equity-linked capital in growth companies across various sectors, including Consumer Products, Services, Manufacturing, Agribusiness, Financial Services, Energy, Media & Technology. Verod
seeks to partner companies led by strong, result driven management teams that can grow large, dominant enterprises. Verod’s investment objective is to develop sector leaders, with a focus on companies with the potential for strong and sustained growth.  Its investments typically utilise equity or equity-linked instruments with downside protection. Verod concentrates on growth capital investments, primarily in middle market opportunities.
Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.
DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 177.17 178.36 39.70% Nigeria International Debt Fund 234.48 235.79 10.98% 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 0.83 16.83% ACAP Income Funds 0.63 0.63 79.42% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 18.03% 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 17.73 18.26 43.56% ARM Discovery Fund 371.62 382.82 29.41% ARM Ethical Fund 26.07 26.86 16.71% ARM Money Market Fund 1.00 1.00 17.79% 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 147.60 148.63 40.33% AXA Mansard Money Market Fund 1.00 1.00 18.20% 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 18.68% Paramount Equity Fund 12.07 12.38 28.96% Women's Investment Fund 98.08 100.60 15.94% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 18.24% CORONATION ASSEST MANAGEMENT investment@coronation.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 18.73% Coronation Balanced Fund 1.07 1.09 8.11% Coronation Fixed Income Fund 1.01 1.04 2.32% FBN QUEST 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 1,110.05 1,111.18 9.58% FBN Heritage Fund 147.70 148.96 32.48% FBN Money Market Fund 100.00 100.00 18.61% FBN Nigeria Eurobond (USD) Fund - Institutional $110.77 $111.98 7.81% FBN Nigeria Eurobond (USD) Fund - Retail $110.17 $111.38 7.97% FBN Nigeria Smart Beta Equity Fund 157.83 160.14 40.19% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 1.37 1.40 47.54% Legacy Short Maturity (NGN) Fund 2.94 2.94 14.50% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 2,892.65 2,932.22 31.55% Coral Income Fund 2,422.71 2,422.71 16.24% 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 17.51% 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 17.60% Vantage Balanced Fund 2.08 2.10 23.67%
Vantage Guaranteed Income Fund 1.00 1.00 18.50% Kedari Investment Fund (KIF) 113.20 113.20 16.83% LOTUS CAPITAL LTD ďŹ ncon@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 17.63% Lotus Halal Fixed Income Fund 1,040.11 1,040.11 10.40% 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 13.28 13.39 37.44% 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 1.22 1.24 22.20% PACAM Fixed Income Fund 10.92 10.97 4.99% PACAM Money Market Fund 10.00 10.00 16.93% 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 123.77 125.50 21.92% 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 1.42 1.42 13.66% 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 2,205.62 2,218.84 20.47% Stanbic IBTC Bond Fund 173.53 173.53 12.71% Stanbic IBTC Ethical Fund 0.98 0.99 27.92% Stanbic IBTC Guaranteed Investment Fund 215.95 215.95 15.55% Stanbic IBTC Iman Fund 170.18 172.38 31.08% Stanbic IBTC Money Market Fund 100.00 100.00 17.77% Stanbic IBTC Nigerian Equity Fund 9,498.56 9,610.59 25.27% 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 1.32 1.33 17.54% United Capital Bond Fund 1.51 1.51 23.55% United Capital Equity Fund 0.89 0.91 32.93% United Capital Money Market Fund 1.00 1.00 17.40% ZENITH ASSETS MANAGEMENT LTD info@zenith-funds.com Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 12.68 12.86 30.03% Zenith Ethical Fund 13.33 13.47 21.27% Zenith Income Fund 18.84 18.84 13.91%
REITS NAV Per Share
Yield / T-Rtn
11.41 131.74
1.01% 6.27%
Bid Price
Offer Price
Yield / T-Rtn
10.89 136.08 105.49
10.99 139.03 107.48
27.18% 37.56% 39.21%
Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund
EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund
VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva GrifďŹ n 30 Exchange Traded Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund
funds@vetiva.com Bid Price
Offer Price
Yield / T-Rtn
4.53 8.59 17.02 19.85 142.21
4.57 8.67 17.12 20.05 144.21
63.57% 22.07% 43.81% 24.30% 12.10%
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.
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T H I S D AY WEDNESDAY NOVEMBER 22, 2017
T H I S D AY WEDNESDAY NOVEMBER 22, 2017
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T H I S D AY WEDNESDAY NOVEMBER 22, 2017
Vol. 1 Issue 20 Nov 22, 2017
Nextier Power is a consulting firm that provides policy advisory, investment advisory, and support services to the electricity supply industry. The firm aims to use this weekly publication to educate Nigerians on the intricacies of the Nigeria electricity supply industry on the assumption that a more informed public would advocate for the right policies and programmes which, in turn, would lead to a robust market that delivers the electricity needs of Nigerians. This column will cover everything from the basics of the industry to the more intricate, sometimes, complex policies and programmes.
On-Grid Power Generation: Infrastructure and Challenges Introduction Industry data shows that power generation in Nigeria dates back to 1886 when two generating sets were installed to serve the then Colony of Lagos. By an Act of Parliament in 1951, Electricity Corporation of Nigeria (ECN) was established and in 1962, Niger Dams Authority (NDA) was also established for the development of hydroelectric power. A merger of the two organisations in 1972 resulted in the formation of the National Electric Power Authority (NEPA), which had the responsibility of generating, transmitting and distributing electricity for the whole country. In 2005, NEPA became Power Holding Company of Nigeria (PHCN) as a result of the power sector reform process. These reforms further split the vertically integrate business to generation, transmission and distribution companies. Power Generation in Nigeria On-grid power generation currently consists of about 21 thermal and 3 hydro stations with a total installed capacity of approximately 13,500MW. Although this is by far insufficient for Nigeria, it is indeed a good base to build on. Privatised GenCos, IPPs and NIPPs On-grid power generation is a system whereby electricity generated by various power plants are supplied to a grid and transmitted to the customer. In Nigeria, ongrid power generating plants can be classified under three broad categories: privatized power plants, Independent Power Producers (IPPs) and the National Integrated Power Project (NIPP). The privatized plants are previously government owned power plants that were sold as part of the privatisation process in November 2013. The privatised plants include: Egbin (1,320MW), Sapele (720MW), Delta (Ughelli) (987MW), Afam IV & V (435MW), Geregu Gas (435MW), Omotosho Gas (337MW) and Olorunsogo (336MW). The three hydro plants (Jebba, Kainji and Shiroro) with capacities of 578MW, 760MW and 600MW respectively are classified as privatized but were concessioned by the FG.
In furtherance of the reform programme, NERC has licensed several private Independent Power Producers (IPPs), some of which are at various stages of project development. It has also enacted the Bulk Procurement Guidelines to ensure the efficient and orderly procurement of large capacity generation in the future. This will enable the power market regulator to effectively predict the amount of power that can be added to the grid every year.
mandated to develop a number of identified critical infrastructure in the generation, transmission, distribution and natural gas supply sub-sectors of the electric power value chain. In the generation sub-sector, there are 10 gas fired power plants including: Alaoji (1,074MW) in Abia state; Benin (Ihovbor) (451MW) in Edo State; Calabar (563MW) in Cross River state; Egbema (338 MW) in Imo State; Gbarain (225 MW) in Bayelsa State; Geregu (434MW) in Kogi State; Olorunsogo (336MW) in Ogun State; Omotosho (451MW) in Ondo State; Omoku (225MW) in Rivers State and Sapele (Ogorode) (600MW) in Delta State. Privatisation To curb the inefficiencies of the sector and to attract the necessary investment, the FG privatized the thermal plants and concessioned the hydro plants. It is also expected that on completion of the NIPPs, FGN will sell the 10 plants to raise more money that can be invested in the power sector to hopefully improve power delivery. These plants could potentially be worth billions of Naira that will significantly relieve some of the constraints currently challenging the progress of the power sector.
The IPPs are power plants managed by the private sector prior to the privatisation process. Those currently supplying electricity to the national grid include: Afam VI (695MW), Okpai (480MW), Ibom Power (198MW), ASCO and AES Barges (320MW), Omoku (150MW), Trans-Amadi (100MW) and Rivers IPP (360MW).
Power Generation Challenges Power generation is expensive. It relies on a steady flow of funds from the customers to the distribution companies to the transmission company and then to the generating companies. Any break in this chain can result in a financial failure of the generating company. This is especially so in a situation where government has stopped subsidising or paying for generation.
Lastly, the NIPPs were the FGN’s effort to increase the level of power generation in 2004 through the incorporated Niger Delta Power Holding Company (NDPHC) as a public sector-funded emergency intervention scheme. NDPHC was also
Other challenges facing generating companies include availability of gas, high cost of maintaining the infrastructure, vandalism of gas pipelines that supply gas to power generation plants, destruction of power infrastructure, and more
importantly, inadequate payment for electricity produced and delivered to the grid. To address these challenges, power generation companies have been asking the FGN to compel the Nigerian Bulk Electricity Trading Company to pay the outstanding monies due to the Generating Companies (GenCos), in order to enhance the production of electricity across the country. According to power producers, FGN made attempts to bridge the funding gap in the power sector, however, it is also important for NBET to use its capitalisation to support the operation of the generating companies. As a result of the indebtedness of generating companies, gas producers periodically cut down supplies to thermal electricity generating plants. Although recent stability in the Niger Delta has led to improvements in gas production, the several billions of naira being owed by the generating companies still limit their ability to access gas. This has also made oil and gas companies including Total and Shell to demand for upfront payments before they supply gas to thermal generators in Nigeria. It is, however, important to note that the FG had started releasing funds to generating companies from the ଂ701bn power intervention in order to boost power generation. This arrangement however has a 4 months lag in payment. Similarly, the Minister of Power, Works and Housing, Babatunde Fashola (SAN), recently announced that the FG has recovered over $60m electricity debt from international consumers. Nigeria’s Generation Prospects Although some of the NIPP power stations have already been privatised, plans are currently in motion to sell the rest to interested investors in order to increase private sector participation in the sector, thus strengthening the reform programme of the government.
NERC has also developed a regulation on embedded generation which allows for power generation plants (including renewable energy) to be directly connected to and evacuated through a distribution network. It provides a window for investors, communities, state and local governments to generate and sell or utilise power without going through the transmission grid. This also offers a means for distribution companies to increase the amount of power available to sell, while eliminating the transmission cost component of the tariff. Generation Targets By implementing reforms, Nigeria targets 40,000MW generating capacity by 2020 and will need to spend approximately $10bn per annum on the power sector for the next 10 years to achieve this goal. In the post-privatised power sector, Nigerian Bulk Electricity Trading Plc (NBET) purchases power generated by the GenCos and IPPs at agreed prices stated in Power Purchase Agreements, then resells the power to the DisCos who deliver the power to the end consumer. Conclusion Good efforts have been made in improving Nigeria’s on-gird electricity generating capacity in the last decade. While most of the on-grid generation structures have mostly been privatised due to the reform act, most of them do not have the ability to operate at full capacity due to issues which stem from inadequate payment for electricity produced and delivered to the grid. The FGN is currently laying out resources and recovering debt in order to improve generation. Although these signify progress in the sub-sector, there is need to increase private sector participation in the sector to improve the reform implementation. Author Nnodim Victor is a power sector journalist. Editor
Chinazo Ifeanyi-Nwaoha is a power sector analyst focused on the interplay of policy-practice and regulation. Next Topics Nov. 29
Off-grid Generation
Dec. 06
The Future of TCN
Dec. 13
The Future of TCN II
www.nextierpower.com empower@nextierpower.com
T H I S D AY WEDNESDAY NOVEMBER 22, 2017
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WEDNESDAY, NOVEMBER 22, 2017 ˾ T H I S D AY
47
INTERNATIONAL
email:foreigndesk@thisdaylive.com
Mugabe: From Anti-colonial Hero to Despot Robert Mugabe’s resignation on Tuesday, after 37 years in power, ushered Zimbabwe into a“new era”. Even among many
who cheered his exit, his role in Zimbabwe’s liberation wars to end white-minority rule will always remain evergreen.
Lebanon’s Hariri in Egypt ahead of Return Home Lebanese Prime Minister Saad Hariri stopped in Egypt for talks on Tuesday on his way back from France to his country, which is reeling from his surprise resignation amid an escalating regional crisis, AFP reports. Minutes after Hariri landed in Cairo, small groups of supporters took to the streets of central Beirut in noisy convoys, honking, cheering and waving flags with the colours of the premier’s Future Movement. Hariri’s visit to Cairo follows two weeks of deep uncertainty after he announced his resignation on November 4 in a speech from Saudi Arabia. He has said he will return to Lebanon by Wednesday. A message on Hariri’s Twitter account said he would meet and then dine with Egyptian President Abdel Fattah al-Sisi, who has sought to defuse the
tensions between Hariri’s sponsors in Saudi Arabia and the powerful Lebanese Hezbollah and its Iranian patrons. Sisi’s office said he received a phone call from Lebanese President Michel Aoun in which they discussed “the importance of preserving Lebanon’s stability and elevating Lebanon’s national interests.” Hariri’s failure to return to Lebanon since his resignation sparked rumours he was being held in Riyadh against his will, which both he and Saudi officials have denied. Speaking after talks in Paris on Saturday with French President Emmanuel Macron, who is also seeking to broker a way out of the crisis, Hariri said he would “make known my position” once back in Beirut.
He was first arrested in 1964 for his “subversive speech” and jailed for 10 years after which he was freed. Alongside his comrade Joshua Nkomo, he led the Patriotic Front (PF) of Zimbabwe in a bitter and bloody civil war against the white-minority prime minister Ian Smith. The Ian Smith regime would eventually cave in to the guerilla warfare launched from bases in neighbouring Zambia, Mozambique and Angola and agreed to independence talks in London in 1979, which led to the elections in 1980 that saw Mugabe become
prime minister at the head of his party, ZANU-PF party. Mugabe initially made conciliatory moves that saw all races taking part in charting the course of the newly-independent Zimbabwe and later presided over a coalition government formed by his ZANU-PF (supported by the majority Shona ethnic group), and Nkomo’s ZAPU (supported by the minority Ndebele ethnic group). He also respected the new constitution’s guarantees that offered substantial parliamentary representation to the whites. Black Zimbabweans also
experienced an improvement in their living standards through his food subsidies, increased wages and social services. But with the ouster of Nkomo from the coalition cabinet, ethnic strife swept through the newlyindependent southern African nation pitching the Shonas against the Ndebeles. Also, with the forced takeover of many white-owned farms and severe shortages caused by droughts, the country’s agricultural output began to plummet, as the country’s whites began to emigrate in large numbers.
Mugabe’s constant harassment of with the Movement for Democratic Change’s Morgan Tsvangirai and strong-armed tactics against the press further led to the decline in his popularity. The continued downturn in the economy continued led to the country having the highest inflation rate in the world in 2007 and one of the highest rates of unemployment. His recent moves to have his Grace, to succeed him led to his loss of key allies and made the November 15 intervention inevitable.
Russia Denies Nuclear Accident after Radioactive Traces Found Russia says a nuclear accident has not occurred on its territory despite “extremely high” traces of a radioactive isotope being found, according to BBC. Russia’s weather service acknowledged it had measured pollution of ruthenium-106 at 1,000 times normal levels in the Ural mountains. It said there was no health risk. The announcement
appeared to confirm a report by France’s nuclear safety institute which detected a cloud of radioactive pollution over Europe. The Institute for Radioprotection and Nuclear Safety (IRSN) said on 9 November it had detected ruthenium-106 in France. It added that the source of contamination could have been an accident at a nuclear
facility in either Russia or Kazakhstan. Both countries said nothing untoward had happened at their plants. The report by the Russian meteorological service, Roshydrome, is the first official data from the country supporting the French report. Roshydrome said two stations in the southern Ural mountains found
“extremely high pollution” of the radioactive isotope between September and October.
PUBLIC NOTICE
dŚĞ 'ĞŶĞƌĂů WƵďůŝĐ ŝƐ ŚĞƌĞďLJ EŽƟ ĨLJ ŽĨ ƚŚĞ >ŽƐƐ ŽĨ ĂŐ ĐŽŶƚĂŝŶŝŶŐ ŽƌŝŐŝŶĂů ůĂŶĚ ĚŽĐƵŵĞŶƚ ůŽĐĂƚĞĚ Ăƚ PLOT 95 NYANYA EXTENSION PHASE 2, ďĞůŽŶŐŝŶŐ ƚŽ SALAMI RISKAT TITILAYO. ůů Ğī ŽƌƚƐ ŵĂĚĞ ƚŽ ƚƌĂĐĞ ƚŚĞ ƐĂŝĚ ĚŽĐƵŵĞŶƚƐ ƉƌŽǀĞ ĂďŽƌƟ ǀĞ͘ /Ĩ Į ŶĚ ƉůĞĂƐĞ ŬŝŶĚůLJ ĐŽŶƚĂĐƚ ƚŚĞ ŶĞĂƌĞƐƚ ƉŽůŝĐĞ ƐƚĂƟ ŽŶ͘ ^ŝŐŶĞĚ͗Ͳ SALAMI RISKAT TITILAYO
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T H I S D AY WEDNESDAY NOVEMBER 22, 2017
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T H I S D AY WEDNESDAY NOVEMBER 22, 2017
1.0
INTRODUCTION
The Nigerian Maritime Administration and Safety Agency (NIMASA), a Parastatal of the Federal Ministry of Transportation in compliance with the Public Procurement Act (PPA) 2007, invites reputable and interested Underwriting Companies and Insurance Brokers with proven track records to submit Technical and Financial bids for the under-listed Insurance policies:
DESCRIPTION
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LOT1
MARINE HULL
LOT2
INDUSTRIAL ALL RISK
LOT3
MOTOR INSURANCE
LOT4
GROUP PERSONAL ACCIDENT
LOT5
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GENERAL REQUIREMENTS:
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WEDNESDAY, NOVEMBER 22, 2017Ëž T H I S D AY
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NEWS
Ă?ĂĄĂ? ĂŽĂ“ĂžĂ™Ăœ Davidson Iriekpen Ă—Ă‹Ă“Ă– davidson.iriekpen@thisdaylive.com, 08111813081
PDP Crisis Worsens as George Calls for Makarfi’s Resignation
Use Dec 9 convention to regain trust of Nigerians, Dickson tells party
Onyebuchi Ezigbo Ă“Ă˜ ĂŒĂ&#x;ÔË
with a particular aspirant in the South-south to deliberately A former Deputy National distort the process, muddle Chairman of the Peoples equity and invariably destroy the Democratic Party (PDP) and one democratic process for transient of the chairmanship aspirants, personal gains,� he said. Chief Bode George, has asked “Everywhere you look, the Chairman of the party’s Makarfi is planting the agents National Caretaker Committee, of his favourite South-south Senator Ahmed Makarfi, to step candidate to stage-manage aside. warped and skewed congresses George said the move has in an undisguised mockery of become necessary because of all the normative patterns of the increasing evidence of clash our founding fathers whose of interest over the choice of the enduring forte about equity, next chairman of the party at the justice and fairness is now being forthcoming national convention. flung into the gutter. In a statement issued “In a way, Makarfi has yesterday evening by the evidently resolved to repeat the Director General, Bode George farcical malady that characterised Campaign Organisation, Alhaji the debacle in Port Harcourt Ibrahim K. Aliu, the PDP last year. chieftain alleged that Makarfi “We have equally resolved was brazenly allying with that we will not be led along a particular aspirant in the this ruinous path again. South-south zone. Never!  Makarfi should now “For the sake of propriety, do the most honorable thing for the sake of all that is good by walking away and face his and meaningful, for the sake ambition squarely. He cannot use of equitable balance and moral a privileged non-elective position appropriateness, we strongly to wangle undue advantages advise Makarfi to resign his to his own side. It is patently position forthwith because he unacceptable. has been severely compromised. “We need to redeem our party “He can no longer play the by being faithful to the great role of a neutral arbiter who ideals of our founding fathers. stands far above the fray. He We really believe that elders is already tarred and soiled in of the party across the nation the muddy waters of partisan should summon an emergency prejudice,� he said. summit to deliberate on the right George said it was increasingly way to restrategise our party disturbing and rather untidy and rectify the wrongs on the the role Makarfi is presently ground. playing in the processes towards “All the elders across the the party national convention zones must take it as a priority on December 9. that this party can only be George said Makarfi’s action, redeemed and restore to its “to put it mildly, is sickening, winning ways when we are all untoward, blatantly tendentious, sincere, genuine, and anchored totally stripped of the typical on the path of salvaging moral high ground that often righteousness,� he said. defines a well meaning, GodMeanwhile, Bayelsa State fearing arbitrating leadership. Governor, Seriake Dickson, “Apparently spurred by while receiving George personal ambition of contesting yesterday, called on leaders and for the presidential office in 2019, stakeholders of the (PDP) to see Makarfi is brazenly allying the forthcoming convention in
NPO Seeks to Ban Beat Associations Solomon Elusoji The Nigerian Press Organisation (NPO) yesterday frowned at the proliferation of beat associations among specialised journalists, calling for the disbandment of such bodies. The NPO, which comprises the Newspaper Proprietors’ Association of Nigeria (NPAN), Nigeria Union of Journalists (NUJ)  and the Nigerian Guild of Editors (NGE), believes that beat associations “constitute a drawback on the laudable objective of media houses deploying reporters to such outlets, the essence of which is to enhance  efficient and independent gathering of news.� In a statement signed by NPAN’s Executive Secretary, Feyi Smith, on behalf of NPO, the press organisation said: “The essence of journalists in those beats is to strengthen the
operations of the media in its quest to deepen journalism and raise an army of a well informed and enlightened citizenry and actualise its constitutional responsibility of holding the government accountable to the people at all times, through well informed news and commentaries. “No where in their mandate, are they expected to form any association outside their recognised professional body, the NUJ.� The statement also added: “The proliferation of beat associations is not only corrosive of the esteemed journalism profession but also  capable of lowering ethical and moral standards as well as the quality of reportage, if unchecked. They are now to cease and desist from engaging journalists in such untoward conduct.�
Abuja on December 9 as critical to the survival of the party. George had led some of his supporters on a courtesy visit to Government House, Yenagoa. The governor expressed the fear that,the window of opportunity to reorganise the PDP to enable it confront the All Progressives Congress (APC) in 2019 is fast closing and prayed that, the convention would be used to regain the trust of Nigerians.
“I have taken certain positions in terms of what is right for the party, in terms of how best to conduct ourselves, and how fast we need to move away from the mindset of the old to new ways of conducting party business and affairs,� he said. A statement by the Chief Press Secretary to the Governor, Francis Ottah Agbo, said Dickson, who used the occasion to congratulate George on his 72nd birthday, thanked him
for offering to serve the party, noting that he has the capacity, experience and other requisite qualities to contest for the PDP national chairmanship position. He noted that the crisis that engulfed the PDP was needless. He urged party leaders to be tolerant, patriotic and put aside their personal differences, not only in the overall interest of the party, but also to strengthen the country’s democracy.  The governor also called
for understanding among the aspirants and prayed for the conduct of a peaceful, free, and credible convention, which outcome should be acceptable to all, stressing the need for all to work together to get the processes right. Earlier, George had explained that he was in the state to solicit the support of the governor, as well as the state’s delegates to the December 9 convention in Abuja.
INVESTMENT DRIVE
L-R: Managing Director, Chevron Nigeria, Mr. Jeffery Ewing; Group Managing Director, Nigerian National Petroleum Corporation (NNPC),, Dr. Maikanti Baru, CFO, NNPC, Isiaka Abdulrazaq, at the signing ceremony of the $780m loan from international banks for Sonam and Okan fields located in OML 90 and 91 in London....recently
Linking Call for Restructuring to 2019 Elections is Unfortunate, Atiku Fumes Kukah: Call for restructuring is a call for renewal of vows Adedayo Akinwale Ă“Ă˜ ĂŒĂ&#x;ÔË Former Vice President, Atiku Abubakar, yesterday described linking the call for the restructuring of the country to the 2019 general elections as unfortunate, saying Nigeria and the issues being canvassed are bigger and more important than one election cycle. Atiku expressed his displeasure at the unveiling and public presentation of a book titled: ‘We Can’t All be Wrong (Nigeria and the Restructuring Debate),’ written by Ethelbert Okere. The former vice president who was represented by Mr. Oladimeji Fabiyi, stressed that Nigeria should not wait for oil to become insignificant before the country is repositioned. He stated: “There is an aspect of restructuring debate that I find both amusing and disturbing at the same time. That is, the feeling of some that it is about winning or losing a debate or about power play. When you
hear some speak, they sound as though they are saying I am in power so you can say whatever you like and I won’t accept your position. Some have even linked the restructuring debate to the 2019 elections. That is very unfortunate. Our country and the issue being canvassed in the restructuring debate are bigger and more important than one election cycle.� The former vice president highlighted three reasons why he supports restructuring: “It will help to devolve powers to state governments, allowing the federal government to focus on a few nationally critical areas. This will then reduce the focus on the federal government and federal power. It will bring us more in line with federal systems that actually work well. And it will result in greater sense of justice, and peace and unity “Restructuring will result in financially more viable federating units (stars or zones), with greater autonomy which will allow them to develop at
their own pace, address peculiar local issues, and unleash their potential, thus helping the country to reach its potential. Competitive federalism or healthy competition among our federating units will return to our polity. “It will help to reposition the country economically as oil loses significance as an energy source for the world and the revenue source for our country. Our current structure has been sustained by oil revenues. We can’t afford to wait till oil become insignificant before we reposition our country,� Atiku added. The Chairman of the occasion and the Bishop of Sokoto Diocese, Bishop Mathew Hassan Kukah, said the country’s culture is hostile to all the ingredients of democracy.� According to him, “Our culture is hostile to all the ingredients of democracy. So, it is understandable that when you come out of a culture of
‘rankandede’ let me put it that way with due respect, it is difficult for us to appreciate what is a vital component of democracy-‘voice’� He added: “What we are doing is what we wanted to do when the military was out of power. But there are some people in Nigeria who believe that they can not only moderate what we have to say but what we think is not in keeping with the spirit of democracy. “So, no matter how wide our spirit may be, democracy is a market place for ideas. So, we should not actually be at a point which people say they are for or against restructuring. In keeping with the spirit or why we are where we are. We are only doing what we are legitimately entitled. But I think that Nigerians think the only right we can expressed is a right through the ballot box. Even that right is in jeopardy, we can vote but we can’t choose.�
WEDNESDAY, NOVEMBER 22, 2017Ëž T H I S D AY
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NERC Moves to Protect Power Market, Rejects Force Majeure by Discos Extends SPDC’s operative licence for Afam plant by 10 years Chineme Okafor Ă“Ă˜ ĂŒĂ&#x;ÔË The Nigerian Electricity Regulatory Commission (NERC) yesterday disclosed that it had initiated immediate regulatory measures to protect Nigeria’s electricity market from potential collapse on the back of the force majeure recently declared by 10 electricity distribution companies (Discos). NERC stated in Abuja that 10 Discos comprising Abuja, Kano, Kaduna, Enugu, Port Harcourt,
Jos, Benin, Ikeja, Ibadan and Eko, had conveyed their notice of force majeure to the Bureau of Public Enterprises (BPE) on the grounds of changes in the laws of the power market. It explained that only Yola Disco, currently under the control of the federal government since its initial investor declared a force majeure and handed it back in 2015, was left out of the recent actions by the Discos. It added that it would not accept the declaration by the 10 Discos.
Buhari Receives ECOWAS Chairman, Advocates Constitutional Resolution of Liberian Crisis Omololu Ogunmade Ă“Ă˜ ĂŒĂ&#x;ÔË President Muhammadu Buhari yesterday in Abuja, called for constitutional resolution of the current political statemate in Liberia and appealed to all concerned parties to patiently await the verdict of the Supreme Court. The president who made the call while receiving Togolese President, Faure Gnassingbe, who is also the current Chairman of ECOWAS, said he was hopeful that the awaited Supreme Court verdict would pave the way for peaceful transfer of power. A statement by the president’s media aide, Malam Garba Shehu, said Buhari also told the ECOWAS Chairman that the leading political actors in Guinea Bissau need to agree to a resolution and transition arrangements that will clear the coast for 2018 elections in the country.
The statement added that the ECOWAS Chairman said he had come to visit Buhari over a myriads of challenges facing the West African region with a view to securing his counsel on the best way to resolve the issues. According to the statement, Gnassingbe said they both reviewed the political debacle in Liberia, Guinea Bissau and Togo, and also discussed the ongoing reform in ECOWAS. “He said they were both satisfied with the progress made so far in implementing the reforms in the regional body, expressing support for the rules and regulations endorsed by the ECOWAS Council of Ministers as guide for the selection of leaders of the ECOWAS Commission. “The ECOWAS Chairman said the institution’s Heads of State meeting will be held in Abuja in December,� the statement added.
Speaking on the side-lines of a consultative workshop on benchmarking a national content for the electricity industry, NERC’s Commissioner for Licensing, Legal and Compliance, Mr. Dafe Akpeneye, said the commission considered the declaration to be premature and would not allow it erode the market’s confidence which he noted was being rebuilt. Akpeneye, explained that the basis for the force majeure declared by the Discos was unfounded and done in bad faith, noting that they participated in all the public consultations for the eligible customers’ regulation and did not kick against its final content. “Under no circumstances would we sit down and allow an industry that is critical and affects all Nigerians to delve into uncertainty. The legal issues as they are now are mainly between the BPE and investors in the Discos but the NERC is watching very closely and would not allow the market to go under because no matter what happened, the average Nigerian is already dissatisfied
and we cannot allow the industry to lose confidence,� said Akpeneye. He further stated: “The force majeure declaration arose on the ground of change of law and political issues on the new eligible customers’ regulation that was released a couple of weeks ago. The Discos believe that that is going to result in a significant carve out of a lot of their customers and have declared force majeure on that basis, but we need to bear in mind that there was a consultative process and the Discos participated in it. “The regulations were issued to ensure that we optimise our generation capacity by ensuring that what the Gencos generate can go to customers through direct contract with the Gencos, and thereby bypassing the Discos, but this is not a total bypass because if the Discos’ assets would be used, they would be paid for as well as the assets of the TCN. “We do not think that this is the appropriate step to be taken at this point in time when we are seeking to build confidence
and address the issues in the industry, we think it is rather premature and we don’t see this as the way to go. “We align ourselves with the response of the BPE which rejected the notification. We think that the appropriate issues, if there is any, should be put on the table to be addressed,� Akpeneye added. Asked what the regulator would do if the Discos refuse to back down, Akpeneye stated: “This is a matter that is evolving and we need to see how it goes. The disputes are between the investors of the Discos and the BPE. The Discos as companies are our licensees, so, we need to look at how the decisions of their investors would impact on the operations of the licensees and we would ensure that nothing happens to impact on the present supply to Nigerians.� The Discos, he continued, “participated in the making of the regulations, and the concerns they raised were addressed, and at that point there were no objections to the regulation. “I can only address the fact, and from the fact, it shows that
what they told us was not what we have seen on ground. They have issued the force majeure and said there is a change of law, but we do not see that change because it is the same law we used for privatisation that is applied.� He added that: “There is a legal process to this, if somebody says he cannot do a business and there is a performance agreement with dispute resolution clauses, we are a country that is governed by the rule of law and we will abide by it.� Meanwhile, the NERC has extended the operational licence held by Shell Petroleum Production Company (SPDC) on the 650MW Afam power plant by another 10 years. Akpeneye, who presented the extended licence to officials of SPDC, said the commission would work with the company to address the challenges of the industry as it concerns power generation, but would also enforce the terms approved for the use of the licence.
Finally, Obanikoro to Declare for APC Saturday Olawale Olaleye All things being equal, former Minister of State for Defence, Senator Musiliu Obanikoro, will on Saturday defect to the All Progressives Congress (APC) at a ceremony to be held in Campus Square, Lagos Island. The decision by Obanikoro, Nigeria’s former High Commissioner to Ghana to leave his former party, the Peoples Democratic Party (PDP), THISDAY has learnt, followed PDP’s inability to put its house in order since it lost power in 2015, particularly after winning the leadership suit at the Supreme Court. According to THISDAY sources in the APC, although the decision to have the ceremony this Saturday had been tentatively taken months back, it was however recently approved by the leader of party and former governor of Lagos State, Senator Bola Tinubu. Obanikoro recently made up with Tinubu after many years of opposition politics following his exit from the fold of the progressives in 2006 to contest the 2007 governorship election in the PDP.
He had claimed recently that his reconciliation with Tinubu which was believed to have been made possible by the Oba of Lagos, Rilwan Akiolu, had become imperative because as one who rose through the strength of Tinubu, his opposition posturing belies logic. Obanikoro, who recently had scores to settle with the Economic and Financial Crimes Commission (EFCC), APC sources claimed, had begin to perfect his defection moves since he returned to the country after the 2015 elections and had delayed things until now that he had cleared all the grey areas. Obanikoro was Commissioner for Home Affairs under Tinubu between 1999 and 2003 before heading to the Senate, where he represented Lagos Central for a term of four years. Although he has not said whether or not he has an eye on any elective office in 2019, it is believed that the APC might have Obanikoro for a good need in terms of mobilisation in the next election, the reason his defection is expected to attract a lot of attention this Saturday.
KEEP YOUR AIR SAFE
Vice President Yemi Osinbajo (left) receiving the International Civil Aviation Organisation (ICAO) certificate of Safety Compliance from its President, Mr. Olumuyinwa Aliyu (right), during the third annual ICAO World Aviation Forum in Abuja ...yesterday Ë›
Amosun Presents N345.4bn Budget for 2018 Governor Ibikunle Amosun of Ogun yesterday presented to the state House of Assembly a budget of N345.4 billion for 2018 Christened, “Budget of Accelerated Development,� Amosun said the figure represents increase of 57 per cent over the N221.12 billion budgeted for 2017. He said that the proposal was made up of N223.72 billion capital expenditure, representing 64.77 per cent and capital expenditure of N121.69 billion, representing 35.23 per cent. The governor explained that the 2018 proposal was based on his administration’s resolve to deliver its campaign promises by embarking on new projects and completing ongoing ones. Amosun said that the state projected N197.258 billion as revenue from both the federal allocation and internally generated
revenue (IGR) sources during the year, representing 57.10 per cent increase over the 2017 figure. “Personnel cost made up of salaries and allowances stands at N81.869billion while pension and gratuities will be N13.50 billion which is 3.9 per cent of total recurrent expenditure. “The balance of N39.829billion which accounts for 11.53 per cent is set aside for the overhead cost,� he said. Amosun noted that the budget would be funded largely through IGR, adding that the education sector got the lion share of N79.246 billion, followed by the rural and infrastructure development/employment generation sector which got N73.606 billion. The governor also said that affordable housing and urban renewal would gulp N45.733
billion, health care delivery, N21.199 billion and agricultural production/industrialisation, N21.137 billion. “We have strong support from our development partners to develop value chains for crops and livestock such as cassava, rice, fruits, vegetables, poultry, cotton, cocoa and oil palm. “This will improve food security and support industrial activity and export in 2018 and beyond. “We are on course to significantly increase rice production in the state and have enabled the cultivation of 1,700 hectares for this purpose in 2018, he added. Responding, the Speaker, Mr. Suraj Adekunbi, said the Assembly would pay all necessary attention to the budget and pass it as soon as possible.
Adekunbi, according to the News Agency of Nigeria (NAN), said that the legislative arm of government had been collaborating with the executive in advancing the socio-economic development of the state. He also that the assembly had within the last one year passed nine bills. “To further support the activities of the current administration and to ensure better life for the teeming populace, the House has passed eight motions into resolutions,� he said. The budget presentation had in attendance former Head of Interim National Government, Chief Earnest Shonekan, Deputy Governor, Yetunde Onanuga and Senator Iyabo Anisulolwo among other dignitaries.
WEDNESDAY, NOVEMBER22, 2017˾ T H I S D AY
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PDP Leaders Pay Tribute to Ekwueme Party opens condolence register Senate wants Oko Polyechnic renamed after him Onyebuchi Ezigbo ËØÎ Damilola Oyedele ÓØ ÌßÔË ËØÎ Christopher Isiguzo ÓØ ØßÑß The Peoples Democratic Party (PDP) yesterday opened a condolence register for the former Vice President, Dr. Alex Ekwueme, at the party’s national secretariat. Ekwueme, founding Chairman of PDP, died last Sunday at a London hospital where he was flown to for medical treatment. The register was opened at about 2.30 p.m. by the National Caretaker Committee Chairman of the party, Senator Ahmed Makarfi, and other members of the committee. In his condolence message, Makarfi wrote: “The nation and indeed, Africa has lost a rear gem, a nationalist and peace maker. He was a pillar of democracy and good governance. He was a founding member of our party, the PDP. “Adieu our leader! May your gentle soul rest in perfect peace, Amen.” The National Secretary, Senator Ben Obi, described Ekwueme as pillar of Nigeria’s democracy. “How are the mighty fallen! The pillar of our democracy has gone, the finest and the most credible political leader has gone. I cannot be the same again. The gentleman who brought great intellectual touch to our politics and sustained our democracy has passed on. Rest in peace of the Lord,” Obi wrote. In his condolence message, the former Deputy Speaker of the House of Representatives, Emeka Ihedioha, said that he was optimistic that Ekwueme’s legacies would be remembered
and honoured by both present and future generations. He urged the family of the elder statesman to take hearth and bear the loss with fortitude. A former Anambra State governor, Dr Chinwoke Mbadinuju, said the death of the former vice president was shocking. Mbadinuju who has left PDP for the All Progressives Congress (APC), was Special Assistant to Ekwueme when he served as vice president. “It is with a sense of shock that I received the unfortunate news of the death of my political master and former vice president. “He was a down-to-earth leader who did his best to develop Nigeria and he inspired me personally to see politics as service to country. “Though we will miss his elderly guidance, his ideals of honesty, hard work and humility in service will remain a fortitude to us,” he said. In a related development, former Governor of the old Anambra State, Senator Jim Nwobodo, has described Ekwueme as a gentleman who played important role in his family life. In a tribute to the late icon, Nwobodo said his wife and himself were saddened by the death of the elder statesman and a family friend whom he described as a nationalist, courageous democrat, brilliant, principled and a gentleman. Nwobodo said: “We were both second republic politicians, when he was then the Vice President of Nigeria under NPN, and I was Governor of old Anambra State under NPP. “Even though we disagreed
on issues of politics, we were friends at personal level to the extent that he and his wife, Beatrice, played important roles in our family life. “Like when in 1994 he led political leaders across party lines to our wedding, as chairman, and we had since then maintained good personal relationship, in spite of our political differences.” Nwobodo recalled that Ekwueme championed the creation of six geopolitical zones at the 1997 constitutional conference, adding that when the late statesman felt the military government was over staying,
he led a group of 34 political leaders, referred to as G34 to confront the then military government. “He was one of the founding fathers of of PDP and became the first national chairman of the party and later the Chairman BoT. “It is sad that he died at a time the unity of Nigeria is threatened, at a time when his wealth of experience and wisdom of an elder is required to strengthen the unity of Nigeria,” Nwobodo eulogised. Meanwhile, the Senate yesterday held a minute of
silence in honour of Ekwueme. Taking turns to eulogise Ekwueme, the lawmakers called on the federal government to immortalise him by naming the Federal Polytechnic, Oko or other key federal institutions or assets after him. Deputy Senate President, Ike Ekweremadu, who moved the motion, described Ekwueme as an intellectual giant and consummate professional, who pioneered the business of architecture in modern Nigeria and paid his dues to the social, economic, and political development of Nigeria. “Dr. Ekwueme was a
EXPORT PROMOTION
L-R: Agric Credit Analyst, Sterling Bank Plc, Vera Ebhohon; Global Value Chain Expert, International Trade Centre (ITC) Geneva, Mr. Juan Hoyo; Shetrade Programme Officer, Anna Mori; Director, Nigerian Export Promotion Council (NEPC), Mr. George Enyieokpon, at a stakeholders’ workshop on the implementation of Shetrades initiative in Nigeria organised by NEPC in collaboration with ITC, Geneva in Lagos....yesterday
FG Mulls Executive Order on Mandatory Use of Local Firms for Aviation Unions Ground Dana Operations Contracts Chinedu Eze lose huge revenues. Nothing pilot or engineer with Dana
Chineme Okafor ÓØ ÌßÔË
The federal government yesterday indicated it would enact an executive order that would make it mandatory to engage mostly Nigerian firms in execution of all its public infrastructure contracts. It explained through the Minister of Science and Technology, Dr. Ogbonanya Onu, at the 2017 edition of the annual engineering conference and general meeting of the Nigerian Society of Engineers (NSE) in Abuja, that the executive order would also emphasis that foreign firms seeking to bid and execute its contracts must have a good level of affiliation with indigenous firms in the country before they could be considered for such. The decision on the executive order, Onu stated, was to ensure a speedy transfer of technical and engineering knowledge to Nigerian firms and persons by foreign operators. At the conference, the NSE also conferred on four individuals – Dr. Ernest Azudialu-Obiejesi, the Group Managing Director of Nestoil,
Mr. Alfred Okoigun, Group Managing Director of Arco Group Plc, Mr. James Olotu, pioneer Managing Director of the Niger Delta Power Holding Ltd. (NDPHC), and Elder Nathaniel Okoro, a former Managing Director of the Nigerian Railway Corporation (NRC) with its honorary fellows medal. According to the government, the executive order would mostly apply to infrastructure projects and contracts that are related to the national security of Nigeria. It added that through the executive order, indigenous engineering firms and persons could benefit from the implementation of its Nigeria Economic Recovery and Growth Plan (NERGP) which it recently launched. Onu, said that through the NERGP, the government was undertaking a big economic reform that will change the economic status of Nigeria, and that it would ensure that processes of contract awards which hitherto do not benefit indigenous firms with credible capacities would be changed to empower Nigerians to develop the country.
bridge builder, patriot, and pan-Nigerian, who played a major role in the post-war reconciliation process in Nigeria. “As Ekwueme led an exemplary life of unassailable probity and unimpeachable integrity, such that even the military tribunal that tried him during his 20-month detention after the 1984 coups, not only discharged and acquitted him, but also empathically stated that Ekwueme left office poorer than he was when he entered it, and to ask more from him was to set a standard, which even angels could not meet,” Ekweremadu said.
The National Association of Aircraft Pilots and Engineers (NAAPE) yesterday grounded the operations of Dana Air Limited over the management’s refusal to allow technical personnel, including engineers and pilots, to join unions. The unions picketed the airline’s operations at the Murtala Muhammed Airport domestic terminal (MMA2), preventing any of its flights from taking off and leaving many passengers stranded with a huge loss of revenue to the airline. Angry passengers who could not be airlifted by the airline instead of expressing their anger against Dana Air management, told THISDAY that they were angry with the unions “because this is the way Nigerians frustrate investors who commit their funds in businesses in Nigeria.” One of the passengers angrily told THISDAY: “How can you talk about the ease of doing business when a group of people who call themselves members of the union can ground your activities and you
can be harsher than this and government must find a way to check the excesses of these unions. Now, many of us are stranded here just because some people, who I am sure did not exhaust discussions before embarking on picketing the airline just decided that the airline will not fly today.” The National Association of Aircraft Pilots and Engineers (NAAPE) was joined in solidarity by all affiliates of the United Labour Congress (UCL) to carry out the picketing exercise over the refusal of Dana Air to allow their staff to join the unions. NAAPE in support of other unions alleged that Dana Air engages in casualisation and that it refused its workers to join the unions, but in a statement signed by its spokesman, Kingsley Ezenwa, the airline said it does not have casual workers and that its personnel do not want to be members of the unions and it cannot force it to join. One of the union leaders, Abdulrazaq Saidu told journalists that the strike was total, noting that no
would resume duty until their demands are resolved. He said the era of anti-labour practices by any airline operator was gone, saying the exercise started with Arik Air recently and same would be replicated with other airlines in no distant time. However, a source with the airline wondered why the unions took the action to shut down the carrier’s operation, saying talks are ongoing to resolve the issue. It was learnt that the Nigerian Civil Aviation Authority (NCAA) and the Nigerian Police, Airport Command among other stakeholders have intervened in the dispute. In stopping the airline from operating, members of the union stationed at the premises of the domestic terminal (MMA2) with a loud Public Address System singing and dancing. Many passengers of Dana Air are currently stranded as most of them were seen at the departure hall sitting on top of their luggage amid uncertainty surrounding their flights. However, operations of other airlines operating at the
terminal continue unhindered. Reacting to the allegations of casualisation of its operations, Dana Air said they were not true. The airline said it resumed flights after the earlier disruption of its operations. “We wish to apologise to our guests for the slight delays experienced today, November 21 2017, as result of the illegal disruption of our flight operations by NAAPE. “We wish to also state clearly that reason given by the union for their illegal action this morning is entirely is entirely false, baseless and malicious as there is no such thing as ‘casualization’ of staff at Dana Air. “We have also advised the union times without number, that we are a law abiding, and liberal corporate citizen and are not against their activities or the activities of our staff members in these unions. We also cannot foist unionism on our staffs. We understand what freedom of association means, and we expect the unions to know better,” the airline said.
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FG Revises MTEF, Fiscal Deficit Now N2.05tn Senate postpones budget debate, to pass MTEF
Damilola Oyedele ËØÎ James Emejo ÓØ ÌßÔË The federal government has revised the 2018-2020 Medium Term Expenditure Frame work (MTEF) with adjustments resulting in the downward review of the fiscal deficit to N2.05 trillion from almost N3 trillion. The latest assumption projects N710 billion to be generated from the restructuring of government equities in all the Joint Venture oil assets, and N360 billion additional revenue from revision of terms to improve government take in the production sharing contracts. The figures and others adjustments contained in the revised document were presented by the Minister of State for Budget and National Planning, Mrs. Zainab Ahmed at a meeting with the Senate and House of Representatives Joint Commitee on Finance and Appropriation, yesterday. Other projections are additional N60 billion from Excise Duties on Cigarettes and Alcohol, N305 billion as additional Company Income Taxes expected to result from the Voluntary Assets and Income Declaration Scheme (VAIDS) and N100 billion from improvements by the Federal Inland Revenue Service (FIRS) in the collection of Value Added Tax (VAT). It also includes N2.5 billion from special taxes on insurance of luxury cars as well as surcharge on luxury goods, and N250 billion provision as unspent balance carried forward
from 2017. “Following the above, the fiscal deficit is now N2.05 trillion, down by over N940 billion, also pushing the debt/GDP ratio downwards from 2.06 per cent to 1.77per cent,” Ahmed said. She explained that the revision is an outcome of the work of a committee constituted by the Federal Executive Council, after it had approved the MTEF/GDP. The committee, chaired by the Minister of Finance, Mrs. Kemi Adeosun, identified additional sources of about N1 trillion revenue to cut the 2018 budget deficit and new borrowings, she said. The new figures formed the basis of the 2018 budget proposal, Ahmed added. The 2018 N8.612 Appropriation bill is based on benchmark oil price of US$45 per barrel, oil production estimate of 2.3 million barrels per day, including condensates, exchange rate of N305/US$ for 2018, real GDP growth of 3.5 per cent and inflation rate of 12.4 per cent. The Minister said with the recent approval of $2.5 billion Eurobond for funding of the 2017 capital budget, spending will be increased in the next couple of weeks. In her summary of the 2017 budget performance with Actual as at the third quarter of 2017, Ahmed put capital spending at N450 billion indicating 47 per cent, and an expenditure total at 87 per cent, as recurrent expenditures generally run ahead of the budget. Oil production has averaged
1.9 mbpd as against the projected 2.2mbpd at $52 per barrel. “FGN (Federal Government of Nigeria) oil revenues and customs revenue performed almost to target, oil revenues amounted to N1.6 trillion vs N1.6 Q3 prorata budget,” she added. “We have met our debt service obligations and have continued to pay salaries duly, including gradual liquidation of arrears of personnel emoluments going back to 2012,” the minister told the committee. The Director General of the Budget Office, Mr. Ben Akabueze, said the budget proposal is benchmarked on oil price of $45 per barrel, even though crude currently sells at an average of $60 per barrel, to ensure there is a buffer to cushion any eventuality in price drop. He added that the assumptions are not unreasonable.
The committee members however said the assumptions are unrealistic and unreasonable in some instances. The Chairman of Senate Committee on Finance, Senator John Owan, said capital budget of N2.482 trillion in the 2018 budget is too little to reflate the economy in a country just getting out of recession. “I think there is a problem really because first, why don’t we have anything on interest rates as part of the MTEF, that is the first thing to even talk about the union; allowing the monetary and the fiscal to be balanced?,” he said. “The other issues are, what is the implication of overspending the prorated amount that you are expected to have spent? You talked about spendings from January to September; will come with a supplementary budget if you are to spend more money than the approved budget,” Owan added.
Meanwhile, the debate for the consideration of the 2018 budget proposal in the Senate has been postponed to next week. It was earlier scheduled to hold today and tomorrow. The President of the Senate, Dr. Bukola Saraki yesterday said the postponement is to allow for the passage of the MTEF/FSP which could be laid today, Wednesday. Also, the House of Representatives will today commence debate on the general principles of the 2018 MTEF which was submitted before it by the executive. Its eventual passage would pave the way for consideration and likely passage of the N8.6 trillion 2018 Appropriation Bill which is expected to be debated on the floor from November 28-30. A public hearing on 2018 budget is slated for December 4.
Deputy Speaker of the House, Hon. Sulaimon Yussuff Lasun, made the announcement while presiding over plenary. He charged members to avail themselves with copies of the 2018 appropriation as presented and laid by President Muhammadu Buhari to the parliament. According to him:”Members are to indicate the date they wish to contribute to the debate as there is need for us to participate actively and that the bill is given expeditious attention.” The commencement of deliberations of the appropriation raises the likelihood that the budget may be passed by the end of December to allow for its implementation starting from January 1, 2018 as requested by Buhari. Yet, it would be too soon to predict an easy passage as there could be controversies lurking around deliberations.
FG Alleges Schools Short-changing Children in Feeding Programme To enumerate Nigerian farmers Olawale Ajimotokan ÓØ ÌßÔË The federal government said it has uncovered sharp practices perfected by some school authorities in the ongoing National Homegrown School Feeding Programme. The Special Adviser to the President for Social Protection Plan, Mrs. Maryam Uwais, made this allegation recently at a diversity dialogue held in Abuja. Uwais said government stopped paying the schools directly when it realised that some schools were cheating the students enrolled in the programme. Over three million primary school children are presently benefiting from the ongoing school feeding programme in 14 states. The states covered under the programme are Anambra, Enugu, Oyo, Osun, Ogun, Ebonyi, Zamfara, Delta, Abia, Benue, Plateau, Bauchi, Taraba and Kaduna. Three months ago, government said it paid N6.2 billion to the states to enable them fulfill their obligations under the programme particularly to farmers and cooks. But Uwais stressed that
to ensure accountability, government now pays directly to the poultry farmers for the egg components while it has also requested the states to link the cooks directly with the poultry farmers. “Even though we pay the schools directly, we discovered they are shortchanging the children. Because we now pay the poultry farmers, we are able to negotiate the prices down and bring down cost because there is no margin,” she said. The presidential adviser similarly disclosed that government has also eliminated the middlemen in the payment of cooks. She said cooks are paid directly at the cost of N20 per child. In a related development, Uwais said government was making deliberate effort to boost agriculture by clustering the local farmers. She said the Nigeria Agricultural Insurance Incorporation (NAIC) has been tasked to handle the enumeration, which will arm government with vital databases about the number of Nigerians that are engaged in farming and how they can be supported in improving their productivity.
HONOURING A GREAT INFORMATION MANAGER
Former Delta State Commissioner for Information, Mr. Magnus Onyibe (second right), receiving certificate of investiture as honorary fellow of the Institute of Information Management (IIM) from the President/Chairman Governing Council, IIM, Dr. Oyedokun Oyewole in Lagos...reecently
Jonathan: Many People Suffering Because of Decisions I Took in Office Seeks abolition of age barrier in politics
Emmanuel Addeh ÓØ ÏØËÑÙË The final leg of the 60th birthday celebration of former President Goodluck Jonathan has ended in Otuoke, Ogbia Local Government Area of Bayelsa State, with the ex-Nigerian leader insisting that he and his team made sacrifices for the development of the country while in office despite the turn of events. He acknowledged the plight of many of his aides who are currently facing court cases and other forms of trials in several parts of the country, noting that governance remains a challenging task for which personal pleasures must be relinquished. Jonathan was addressing several youth groups, including the National Association of Nigerian Students (NANS), National Youth Council of
Nigeria (NYCN), the Ijaw Youth Council (IYC), among others, who were present to felicitate with him on his birthday in his country home. “So, I am speaking to the future of this country, whatever sacrifices I have made as an individual or I discussed with my political party and others, because elections is not only about one person, we know a number of persons that are in court, not even me yet, who are suffering because of me. “Politics is all about the people, so the decision I took, though I made the pronouncements, but it affected everybody. So, if we have made this kind of sacrifice and people are still sacrificing now, my plea with you is that you know that this country is in your hands,” he told the youths. The former president admonished young persons
in the country to cultivate the will to make sacrifices for the country when they are in position to do so, explaining that only then can the country truly make progress. Jonathan who described the occasion as unprecedented and memorable, said it was only the second time he would celebrate his birthday in his life, the first being in 2004 while he was Deputy Governor of Bayelsa State. While acknowledging several goodwill messages from “senior citizens” including President Muhammadu Buhari and ex-Vice President, Atiku Abubakar, he revealed that he never celebrated birthdays before his sojourn into politics as he was not used to the luxury of life because of his humble background. Jonathan added: “Sometimes things could be so challenging that we begin to think that it is
over but with what I have seen today, I am convinced that we still have a country. “All of your speeches centre on the position I took especially when I surrendered in a way and made sure there was peace in the country because the tension was quite high. “You also made mention of some of the few things we did when I was in office, especially relating to education and that is an area I can say we tried. “Whatever sacrifices I have made, be willing and ready to make similar sacrifices whenever it’s your turn. Make similar sacrifice for the collective interest of our nation.” According to him, being a young person should not be a barrier to occupying political positions, maintaining that many parts of the world were currently being led by youths.
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Kachikwu: Involving Communities in Oil Activities, Solution to End Crisis in Niger Delta Emmanuel urges council on hydrocarbons to address crisis in oil industry Ayade wants FG to extend search for oil to Cross River
Okon Bassey Ă“Ă˜ ĂŁĂ™ The Minister of State, Petroleum Resources, Dr. Emmanuel Ibe Kachukwu, has said  for a lasting peace to be achieved in the Niger Delta region, oil bearing communities must be involved in oil and gas exploitation in their areas. The minister made the assertion at the closing of the 2nd National Council on Hydrocarbons summit held in Uyo, Akwa Ibom State, noting that from a peak production of 2.35 million barrels per day recorded last year there was a declined to 1.1 million barrels per day due to incessant vandalism. However, Kachukwu observed that due to sustained engagements with the Niger Delta, production has ramped up to about 2.1 mbpd from 2016 crude oil production average of 1.85 mbpd. Also, he said the Nigeria local content has witnessed a steady increase in participation of Nigerians in oil and gas contracts by more than 180 per cent. The minister said the challenges in the sector include security and environment,
institutional capacity, funding of investments, high industry technical costs, obsolete legislation and fiscal regimes, downstream sector issues and infrastructure constraints. The minister said that the seven Big Win Roadmap as launched by President Muhammadu Buhari last year remained peculiar as it has the explicit support and commitment of political leadership, industry and all stakeholders to its implementation. Issues in the sector he said would soon be addressed by a new National Oil and Gas Policy which would be legislated in the next few months. The new oil policy, according to him, would create a market driven oil and gas industry, maximise production and processing of hydrocarbons, minimise the environmental impact of oil exploitation and exploration, extend gas penetration in the domestic market and gain a presence for Nigerian gas in the international market. He added that the policy would also enable Nigeria to
operate a gas industry with a clear division of roles between private and public sectors, end and commercialise gas flaring and environmental issues and clarify the rules guiding investment in the gas sector. “The roadmap has very specific time-focused targets and like the many bold steps we have taken in this sector since the inception of the present administration, we remain focused to making dramatic
policy shifts in this sector to grow, deepen and open up the business and opportunities in Nigeria’s oil and gas sector,� he stated.  Speaking at the summit, the Akwa Ibom State Governor, Mr. Udom Emmanuel, said the establishment of the National Council on Hydrocarbons would help to address the crisis and agitations experienced in the oil and gas sector. “I strongly believe that if we
had a platform of this nature before now, where key players and stakeholders often converge to develop policy thrust to drive the industry, the crisis and agitations we have experienced in the sector would have long been addressed,� he said. The governor who was represented by his deputy, Mr. Moses Ekpo, urged the implementation of the resolutions reached at the first council meeting of the body in
order to resolve some of the problems in the oil and gas territory.  He said it was wrong for some federal agencies as well as some oil companies to carry out some interventionist projects without consulting the state government or its agencies. “This kind of action usually engenders mistrust, generates restiveness which is not helpful in ensuring smooth operations of the industry,� he stressed.
Group Wants Dangiwa Umar to Contest 2019 Presidency John Shiklam Ă“Ă˜ Ă‹ĂŽĂ&#x;Ă˜Ă‹ A group known as Good-news Nigeria has kick started a campaign to pressurise radical former military administrator of Kaduna State, Col. Abubakar Dangiwa Umar (rtd), to contest for the 2019 presidential election. Though Umar is not known to belong to any political party, the group insisted that it would mount pressure on him to run for the presidency. At a news conference yesterday in Kaduna, the National Coordinator of the
group, Dauda Mbaya, said Umar is the only credible and detribilised Nigerian with sound morals, who can take Nigeria to the promised land. Mbaya who spoke through Victor B. Matthew, the media officer of the group, maintained that Umar is known for his fearlessness, uprightness and patriotism in all his endeavours. He called on Nigerians to stand up for their beliefs about what is best for the nation and to lay the best foundation necessary for a united Nigeria. “So let’s get it right, shifting
Nigeria back on course requires an incorruptible personality like Umar, a Nigerian devoid of political party or religious ideology. “Not only that the candidate would win the 2019 election, but he would be the only choice the Nigerian voters should consider themselves lucky to have on their side. “Good-news Nigeria has profiled many interested individuals but arrived at Dangiwa Umar who is today the only Nigerian of repute who is in real contact with the grass
roots in spite of his influence across the nation. “His social muscles waxing stronger, his fellowship increasing and his consciousness expanding. People see Dangiwa as that key element in the struggle for social independence of his people,� the group said. The group said Umar is known for his stance against injustice and corruption, adding that he is the kind of leader that would bring about the desired change and progress to the country.
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T H I S D AY ˾ WEDNESDAY, NOVEMBER 22, 2017
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Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com
Ighalo Wanted by Four EPL Clubs
Following his brilliant season at Changchun Yatai in the Chinese Super League and his contributions to Nigeria emerging the first team to qualify for the World Cup 2018 in Russia, Super Eagles forward, Odion Jude Ighalo is wanted by a number of English Premier League clubs again. Ighalo stood out in his first season in China where he scored 15 goals and assisted four times for Changchun Yatai after moving in a whopping 20 million pounds deal last season from London-based club, Watford. Clubs reportedly interested in him include Everton, WestHam United, Southampton and Stoke City.
Though the former Udinese of Italy attacker still has two more years on his contract with Changchun, According to AOIFootball.com, it is left to see if he would love to move back to England in January. Ighalo’s family lives in London and the player had to endure living alone in China all season without his family. Meanwhile, another Super Eagles’ player, Moses Simon, has expressed his delight after recovering from a toe injury that ruled him out for two weeks which made him miss Nigeria’s last game of the year against Argentina, reports The winger combined with fellow compatriots Anderson Esiti and
Pepsi Academy Turns 25, Laloko Counts Blessings Pepsi Football Academy (PFA) is 25 years old today after it was founded on November 22 1992. The renowned academy, which started operating at the old Agege stadium at inception, has produced many players for clubs and different cadres of the national teams. Among the players are former Chelsea midfielder and current Super Eagles’ captain John Mikel Obi who plies his trade in the Chinese Super League. Others are Elderson Echiejile, Osaze Odemwingie and Stephen Makinwa. It has also registered well in competitions across the West African sub-region as well as Asian countries. Director of the academy, Chief Kasimawo Laloko, said
the institution had come of age and looked forward to brighter years. “I have since become a slave to this project that elevated me and gave me honours,” Laloko stated yesterday in a letter he wrote to the former Marketing Manager of Seven Up Bottling Company, Mr. Iain Nelson, stressing that he would commit the rest of his life to the advancement of the academy. Laloko, however, said an elaborate commemorative event would be outlined in the days ahead. “This is a momentous occasion that calls for celebration and we shall spare nothing to let the world know about our past, present as well as our future,” the veteran administrator also said.
Okoya-Thomas Explains Why Asoju Oba Tourney Can’t be National As plans to stage the 49th edition of the annual Asoju Oba Molade Okoya-Thomas Cup are in to gear, there are indications that those clamouring for the tournament to go national will have to wait for more years. According to Deji OkoyaThomas, the idea behind the tournament was to engage youths in Lagos State and it was meant to celebrate the coronation of their late father, Molade Okoya-Thomas by the late paramount ruler of Lagos State, late HRH Adeyinka Oyekan. “For now we cannot say that the competition will go national because the tournament was initially set up for athletes in Lagos State. This has been what we met and for now we will keep organizing it for Lagos State. Our target for now is Lagos and we will continue to raise the profile of the competition hoping that more players will come through it and make the national teams,” he said. He however disclosed that there are plans to make the 50th edition of the tournament in 2018 memorable. For 2016 men’s singles runner’s up, Azeez Solanke, nothing can stop him from claiming the title this year. Solanke, a national junior champion narrowly lost to Rilwan Akanbi 4-3 in the final. “I am fully ready to claim my first senior title this year having lost narrowly last year. I have been training hard and I am confidence that this year I will
win the title.. I must also admit that most of the players are in top form and I hope I can prove myself this year,” Solanke said. Being the longest staging tournament in the country, the Asoju Oba Molade Okoya-Thomas Cup has produced some of the top players including Atanda Musa, Late Yomi Bankole, Olufunke Oshonaike and Bose Kaffo among others. When the tournament served off in 1968, it was former national coach, Babatunde Obisanya that claimed the first title while the most decorated player of the tournament is Dele Olasunmbo aka Malawi having won the title more than five times.
Samuel Kalu for his club Gent, to defeat Lokeren 3-0 in the Belgian First Division game played on Sunday.
during the period. “It feels good to be back on the pitch and it was an awesome win last night. Big thanks
to all #buffal fans and most especially to my teammates for your never ceasing support. Have a wonderful week,” he posted.
RESULTS Spartak 1 - 1 Maribor Sevilla 3-3 Liverpool Man City 1-0 Feyenoord Napoli 3-0 Shakhtar Besiktas 1-1 Porto Monaco 1-4 Leipzig APOEL 0-6 Madrid Dortmund 1 - 2 Tottenham
Real Madrid players celebrating one of the goals against host, APOEL in Nicosia… yesterday
D’Tigress Confirms Receipt of FG’s Cash Reward Captain of the D’Tigress, the 2017 Women FIBA Africa Cup of Nations’ champions, Aisha Mohammed, has hinted that Federal Government’s decision to pay them N17.5million as earlier promised by President Muhammadu Buhari will spur the team to do better in future. Speaking on her teammates’ behalf after receiving the transaction alert of N1million as her own share of the presidential reward, the captain said the move was timely as they head into 2018 which is the FIBA women’s world cup year. “I can confirm that we have received our money as promised when we went to
present the trophy we won in Mali to Mr President. On behalf of the team, I will like to thank His Excellency, President Muhammadu Buhari and the Honourable Minister of Youth and Sports, Solomon Dalung for making this a reality. “We must also not forget sports loving Nigerians who were supporting us while we were battling to bring glory to our motherland.” Aisha said the recent action by Buhari is a bold statement of intent ahead of their preparation for the world cup. “We believe that his Excellency will make funds available through the Ministry of Sports
for adequate preparation for the World Cup. Like we have continued to maintain, we don’t intend to participate at the 2018 FIBA World Cup just to make up the numbers, we want to show the world that we can compete favourably with the best in the world.” In the same vein, the Most Valuable Player of the tournament and Dallas Wings’ player, Evelyn Akhator is optimistic that the recent gesture will help in swaying Nigerians making waves in leagues across Europe and America to come back home and represent their fatherland. The WNBA star who is
currently contracted to Dynamo Novosibirsk in the Russian league said the presidential largesse did not just boost the morale of the team, but will also send a message to others that “Nigeria will never ignore any of its own. “I know that the NBBF is trying to talk to many Nigerian girls in the WNBA and also top leagues in Europe to beef up the team for the World Cup. The recent act by the government will in no small way play a role in convincing them to pledge their international future to Nigeria.” Players were paid N1million each while the five technical crew each got N500,0000.
WORLD CUP 2018
Sadi Makes Eagles Case for Ex-U-17 Captain, Musa Agali vows to deliver best talents to Rohr Olawale Ajimotokan in Abuja Former Super Eagles player and leader of the National Association of Nigeria Professional Footballers (NANPF) Dahiru Sadi says exGolden Eaglets captain Musa Mohammed deserves a place for next Nigeria friendly considering his recent form in Bulgaria. The former RSC Anderlecht star also noted that the player is one of the most promising young players in the country and his talents should be utilized by Eagles technical adviser Gernot
More Zonal Qualifiers Emerge in Zenith /Delta Principal’s Cup More teams have qualified for the zonal stage of the Zenith/ Delta Principal’s Cup Football Competition organised for all secondary schools in the state. The Season 2 of the Zenith Bank sponsored competition has engaged many of the young ones in the state in the past five weeks. Only recently, 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 winner from the LG. Four more schools have also joined Osa Dennis Secondary School to confirm places in the
After the game, the former AS Trencin forward took to his official Instagram page to appreciate everyone who supported him
zonal event billed for next year January. From Ughelli South, Ovwian Secondary School has emerged champions while Okpe Local Government Area has forwarded Oyenke Secondary School as its representative. The organisers also confirmed that Essi College will represent Warri South as Uvwie LGA also has Ogbomro as its winner. Head of the organising team, Tony Pemu, told newsmen yesterday that many of the schools in various LGAs were still engaged in keen contest to produce a winner.
Rohr ahead of next year’s FIFA World Cup in Russia. “I, like many who know football believe he is one of the best players in Nigeria. His problem before now was lacking of playing time in Turkey but since he moved to Lokomotiv Plodiv, he’s playing 90 minutes, he seemed to have rediscovered his form and I want to call on the national team coaches to look towards him for next matches because he is a quality player.” Sadi noted. Several football analysts have also hailed the player’s form rediscovery due to getting maximum playing time in Eastern Europe while also believing that it’s only a matter of time before he acutalises his dream of making
a comeback in the national team and also getting a bigger club. Musa who has three caps for the senior national team is on loan in Bulgaria from Turkish top flight side stanbul Ba ak ehir and has played all 90 minutes in his side’s last 9 matches with his trademark overlapping runs and crosses subject of applauses by Plodiv fans. In a related development, the scorer of the milestone 100th World Cup qualifying goal for Nigeria, Victor Agali is delighted about the new role as Chief Scout for the Super Eagles that Nigeria’s German coach, Gernot Rohr has carved out for him. Agali who spent the period 1998 to 2004 in Rohr’s native
country, Germany, was on Monday given the role to scout for new talents for the World Cup-bound Super Eagles. The former Nigerian striker’s link with the Nigerian coach is however more than just having played in Germany. Agali played under Rohr at French side OGC Nice in the 2004-2005 season, scoring six goals in 30 appearances. The lanky former Nigerian striker whose second goal doubled Nigeria’s lead at 2-0 in an eventual 3-0 defeat of Sudan in a 2002 World Cup qualifying match at the now renamed Yakubu Gowon Stadium, Port Harcourt expressed his delight to Sports Village Square.
270 Medals Up for Grabs in Wike Wrestling Championship No fewer than 270 medals are up for grabs at the maiden edition of Governor Nyesom Wike National Wrestling championship billed for Port Harcourt from November 23 through November 30, 2017. This was disclosed at a press briefing held in Port Harcourt by the Local Organising Committee (LOC) headed by the Rivers State Commissioner for Sports, Boma Iyaye, alongside other members of the committee.
According to him, no fewer than 600 wrestlers from 24 states have so far registered to compete for honours, while more states are expected before the deadline for registration. The LOC chairman further disclosed that Rivers was not just hosting, but is prepared to do battle, as no less than 90 wrestlers from the state would be seeking for honours on the podium.. He stressed that adequate arrangements have been made
for security, adding that the state has hosted numerous events in the last two years without a single security being recorded. Also speaking, the Alternate Chairman of the Media/ Publicity Sub-committee, Honour Sirawoo, who read the schedule of programme, stated that the LOC has made necessary arrangement for a hitch-free championship, pointing out that Rivers has always been known for hosting credible events.
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MISSILE Wabba to el-Rufai
“It is disturbing and we wish to use this medium to condemn in strong terms the information we have from Kaduna state that the government have sought to get a court process from a magistrate court to arrest all Labour leaders in Kaduna.” NLC President, Comrade Ayuba Wabba condemning attempts by Kaduna State governor, Mallam Nasir el-Rufai to arrest Labour leaders in the state.
ALEXOTTI OUTSIDE THE BOX
alex.otti@thisdaylive.com
Our Beloved Federal Republic of Confusion
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few years ago, someone said that he didn’t like spending a lot of time in Europe and America whenever he visited, and he actually used to make a lot of visits. His reason was that those places were too organised for his comfort. He would rather spend time in Nigeria with its confusion. He could get away with anything and did as he liked. Most people in leadership positions in this country are well travelled. While some went to school abroad others have lived there for a reasonable amount of time. It is, however, a shame that just like the citizen I referred to above, we seem to enjoy the confusion that Nigeria has become in different aspects of its existence. We seem to like the fact that most things don’t work here. In some cases, what is required to make things work may just be very little, but instead of fixing them we would rather wait for them to degenerate completely. This is true of our railway system that we left to rot and completely go out of business for several decades before the recent efforts to bring it back to life. Most public utilities are treated as if they belonged to no one, while we protect our privately-owned ones. That is the reason why someone would live in a comfortable house with all the amenities working, while similar amenities in his office are left to breakdown and permanently decay, particularly, if in the public sector! Recently, I was trying to locate someone in one of the streets in mainland Lagos. It took me some hours of going back and forte before I could find the place. I then wondered, why we could not geographically map the country like it is done elsewhere. Why don’t we have post codes so that everyone can easily be located once that person identifies his post code? I am not sure it is such an expensive project to embark on and even if it is, the advantages far outweigh the cost. Mapping every part of the country will not only help in locating ourselves, it will also help in fighting and reducing crime. With mapping, criminals will not be able to strike and disappear the way they do today. It will be easy to track them down and prosecute them. Even the numbering of houses on streets appears an intractable problem. In some places, you will have No. 9 come before No.3 and it could be that way for several years. In some cases, one street would bear two or more names at the same time. This is the case even in the highbrow Ikoyi Lagos, where some of the most expensive real estate in Nigeria are found. Related to mapping is our confused identity management system. Before the advent of the National Identity Card project, which by the way, does not seem to have so much traction, we did not have any way of identifying who was a Nigerian, except for those who could afford international passports. The introduction of the Bank Verification Number (BVN) by the banks has helped in identifying genuine and ghost bank customers. What to do with fake accounts and the balances therein is another matter altogether. If we have the will to execute a biometric identity management system, many criminal activities will be tough to execute as it will not be difficult to track down those behind them. A reliable identity management system could be integrated with the election management system and thus remove the need for permanent voter’s cards since the identity cards will have all the information that a voter’s card should have. It is sad that we do not know how many we are in this country. We still rely on estimates! I had written about this recently. Attempts that were made in the past to do a head count all ended without reliable figures. Due to the fact that we do not know how many we are, we can
President Muhammadu Buhari hardly plan for our people which in turn leads to all the challenges we face with infrastructure. We also, hardly record births and deaths even though we know the data is necessary for updating population figures from a census. We seem to reject technology which has made life a lot easier for humanity across the globe. Applying technology would resolve virtually all the challenges we face over identification and data management. The way we have managed the oil assets with which we were blessed points to the height of confusion. We managed to build some four refineries several decades ago. We subsequently ran them aground such that we have continued to import petroleum products even when we export crude. Sometimes, I wonder if something is wrong with us. In the league of major oil producing economies, we are one of the two countries that import refined products. According to statistics from the Organisation of Petroleum Exporting Countries, (OPEC), in 2016, out of Nigeria’s installed refining capacity of 455,000 barrels of crude per day, we only refined an average of 24,000 barrels per day locally. Our daily consumption was put at 408,000 barrels leaving a gap of 384,000 barrels per day which was filled by importation. The only other major producer that imports refined products is a fellow African country, Angola whose installed refining capacity in 2016 was put at 65,000 barrels per day. However, Angola was only able to locally refine 44,000 barrels per day while it imported 98,000 barrels per day to meet its total consumption of 142,000 barrels per day. So, what is the problem here? I believe that it is nothing but our ability and willingness to operate in confusion. It is not that we could not have maintained the refineries, after all, there are many older refineries elsewhere in the world that are operating efficiently. It is also not that we couldn’t afford new ones, given that we spend so much money on things that make little or no sense while we ignore those expenditures that will not only save us money both in local and foreign currency, but will create jobs for our young people who now roam the streets in search of non-existent employment opportunities. What about power? We seem to be comfortable with living in darkness and burning generators with all the associated hazards and costs. Ironically, even countries that depend on us for electricity boast of better power supply records than us. Our factories are running at exorbitant costs because of lack of power, forcing some of them to close down as their products cannot compete with cheaper imported products. The well- to- do have turned standby generators into main power sources while
public power supply has been reduced to backups. How can a country develop without electricity? Yes, we had done something about it by letting the private sector get into generation and distribution, but the problems seem intractable as progress is very slow. Should we have done something about power earlier than now? Could we have used the days of oil boom to fix this major infrastructure? Our action, apparently came too little, too late and results are hardly noticeable. For instance, we celebrate when we reach a power generation level of 5000 megawatts of electricity for over 180m people. Meanwhile, South Africa produces about 252,000MW for 56 million people, Egypt, 187,000MW for 95m people, Algeria, 70,000MW for 40m people and Iran 286,000MW for 80m people. Can we in good conscience claim that we are competing with these nations? Lack of power has also been attributed to the de-industrialisation of this economy. Those that are old enough would remember the factories that littered most of our cities, particularly, Ibadan, Kano, Aba, Port Harcourt and Lagos in those good old days. In fact, some towns had so many factories that the streets where those factories were located were named Factory Roads or Industry Roads and others Industrial Layouts and Estates. Except for Lagos that has managed to preserve its position, virtually every other industrial town has lost that status. Most of the factories for which Ibadan was renowned, have closed shop. The same is true of Kano and Aba. Major “industrial” activities that can be seen in Port Harcourt revolve around oil and gas. With this kind of situation, it is impossible to be talking of serious job creation. Still on infrastructure, when you travel to other countries, you see road maintenance taking place almost round the clock. How come we wait for our own roads to collapse completely and then award contracts for their rehabilitation and reconstruction? Could we have done it differently? I remember growing up in this country and seeing road workers from what used to be called PWD- the Public Works Department. They were very effective in fixing potholes, and carrying out general maintenance of roads. It will be helpful to know what happened to that department and please don’t tell me about FERMA? I know FERMA exists but I doubt that it is an effective alternative. I also know that some states set up such outfits that are at best ineffective. I would not talk a lot about the Nigerian Railway Corporation which was one of the largest employers of labour in the yesteryears. In the 1980s, I remember traveling from Port Harcourt to Kaduna and Kano by train, a journey of considerable distance and time. Somehow, we allowed that behemoth to collapse and no one raised an eyebrow. I am sure that if the corporation did not shut down for the length of time it did, the heavy expenditure we are incurring today to fix it would have been avoided. Yes, modernising the system is fine, but we seem to be starting afresh. Needless to highlight that the absence of an effective rail system has had a big toll on activities in the economy, increasing difficulty in evacuating goods and man and making access very difficult and expensive. The Civil Service used to be one of the most important sectors of the economy. Today, virtually all of the Civil Service stinks. Many Civil servants will deliberately erect road blocks for the public they are supposed to be serving. You can hardly get anything done without avoidable strain or aggravation. Even the physical ambience of many of the offices leaves much to be desired. The intriguing part is that the civil servants themselves seem to accept the reduced standard. The same applies to the Police Force which was recently ranked the worst in the world.
It is justified to state that even government which is supposed to be the custodian and manager of these assets and institutions, has abdicated its responsibilities. In the wake of all these, institutions which should have been strengthened have rather been weakened. Once institutions are weak, corruption pervades the whole system. Once in a while, a strong man shows up to lead, talks tough and seemingly starts a fight as in the current fight against corruption. Because there are hardly strong institutions, once the strong man leaves, we all go back to where we were. The issue, therefore, should not be to look for strong men because they will come and go. If we have strong institutions they will take care of the confusion. While leadership has a lot of hand in creating the confusion, followership equally has its own fair share of the blame. First, followers seem to be comfortable with the persisting rot in the system and sometimes, we even consciously promote it, when we think it will benefit our short term purpose. The second point which is probably the most important one is that it is within the rights of followership to reject and resist the confusion. It is said that power belongs to the people. The people of Nigeria seem to be more preoccupied with primordial issues of ethnicity and religion that they lose sight of more important issues bordering on their welfare and survival. Some people think it is because most of the followers do not have the required level of education to know what to do. While I may agree with that assumption to an extent, I believe the issue goes beyond education. Even those who have some education seem to have been anesthetised to the confusion. Some people are in the habit of praising themselves and the country on what perceived progress has been made. Unfortunately, I believe that we are making progress in the wrong direction. The issues I highlighted here are just a few. I believe readers can identify other areas where we have authored confusion. Because I had extensively discussed education and healthcare in previous interventions, I deliberately left them off. If you think about them, you cannot but agree that those sectors have their own share of the confusion. I believe we can still do something about our situation. Followership led by the elite should sit back and understand that if this country becomes a failed state, it is going to be the greatest losers. Everybody must not agree the first time, but we should start with the willing and draw up an agenda for genuine change and work on it. By the time we have a critical mass, we should move to insist on the quality of leadership that we want. If it had happened elsewhere, I believe it can happen here. Staying away from politics cannot help this situation. As 2019 approaches, those who know what to do should show greater interest in the political process and match words with action. This is the time to stand together and insist on installing quality leadership at all levels of the political structure. Leadership matters and if the right leader is not chosen, everyone lives to pay the high price. This is not the time to sit on the fence and expect that the right leader will emerge. It was Edmund Burke who observed that all it will take for evil to triumph is for good men to do nothing. We may not succeed at first attempt, but we should continue. It will require sacrifices and we must be willing to make them. After all, just like Ray Andersen said, “the powers that keep people in bondage do not relinquish control very easily”
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