Monday 27th November 2017

Attractive TB Yields Threaten Banks’Savings Mobilisation Obinna Chima Although Nigerian banks have been aggressive in their savings deposit mobilisation strategies in recent times, a review of their financial results has shown that the response from customers has not been impressive. The development has been attributed to the growing

awareness of investment in treasury bills, where yields have been much more attractive. The nine months unaudited results for the period ended September 30, 2017 of 11 commercial banks compiled by THISDAY, showed that their

combined customer savings deposits increased slightly to N3.473 trillion, higher than N3.430 trillion as of December 2016. The bank results reviewed by THISDAY were those of Zenith Bank Plc, Guaranty Trust Bank (GTBank), United

Bank for Africa (UBA) Plc, FBN Holdings, Diamond Bank Plc, Access Bank Plc, Fidelity Bank Plc, Stanbic IBTC, Sterling Bank Plc, Union Bank of Nigeria Plc and Wema Bank Plc. For some years, there has been a structural shift in banks’

business model in Nigeria, evident in the aggressive campaigns and reward schemes they churned out to attract savings deposits. Currently, almost all the banks have one promo running or the other, all in a bid to attract customers.

Buhari: FG Tackling Suicide Bombings… Page 12

As part of their campaigns, several banks offer to reward customers willing to deposit more cash with them through prizes such as cash, cars, generators, refrigerators and other electronic gadgets that are won in electronic draws. But the nine months results showed that the banks need to Continued on page 8

Monday 27 November, 2017 Vol 22. No 8257. Price: N250

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In Readiness for Return, Atiku Meets with PDP Bigwigs in N’East Pressure mounts on two APC governors to defect Onyebuchi Ezigbo in Abuja Following his announcement Friday that he was leaving the All Progressives Congress (APC), former Vice-President

Alhaji Atiku Abubakar arrived Yola, Adamawa State, at the weekend where he was engaged in a series of meetings with officials of the Peoples Democratic Party (PDP) at all

levels who kept trooping to his house to woo him back to the party that he had helped to form in 1998. Atiku was reported to have met with Adamawa PDP

executives as well as the state chairmen from the six states that constitute the North-east, including the National Vice Chairman, North-east of the party.

The former vice-president is expected to declare his membership of the PDP on or before December 6 ahead of the party’s national convention slated for December 9 where

new national executives of the party will be elected. He is also expected to throw his hat into the ring to secure Continued on page 8

Adeniran, Agbaje, Daniel Emerge Front Runners in PDP Chairmanship Race Tobi Soniyi As the race for the chairmanship post of the Peoples Democratic Party (PDP) heats up, a former education minister, Prof. Tunde Adeniran, a former governorship candidate in Lagos State, Jimi Agbaje, and former Ogun State governor, Gbenga Daniel, have emerged frontrunners for the coveted party post. Their emergence, THISDAY has gathered, stems from the insistence by the South-west zonal leadership of the party that the post of national chairman of the PDP must remain in the zone, in accordance with the zoning arrangement for key posts agreed to by the party early this year. A source also said that the South-west zone’s contention for the chairmanship post has been given further fillip by former President Goodluck

Jonathan who was said to have rejected the attempt by some governors of the party to back a former National Deputy Chairman of the PDP, Uche Secondus, who is from the South-south zone. Some governors with vicepresidential ambitions had thrown their weight behind Secondus, arguing that the South-west should produce the vice-presidential candidate as running mate to a Northern presidential candidate in the 2019 elections and as a counterbalance to the All Progressives Congress (APC). The argument of such governors is that if the Southwest gets the vice-presidential slot, this could help to split the vote in the region that played a major role in catapulting President Muhammadu Buhari to the presidency in the 2015 elections. However, Jonathan, Continued on page 8

NJC C’ttee to Fast Track Corruption Trials with New Practice Directions... Page 8

REVELLING IN THEIR NEW TITLES... L-R: Bayelsa State Governor, Chief Seriake Dickson; Chairman, National Caretaker Committee of the Peoples Democratic Party (PDP), Senator Ahmed Makarfi; and Cross River State Governor, Prof. Ben Ayade, shortly after they were conferred with honorary doctorate degrees at the 6th-10th joint convocation ceremonies of the Cross River University of Technology (CRUTECH) in Calabar, Cross River State... weekend

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NJC C’ttee to Fast Track Corruption Trials with New Practice Directions

Tobi Soniyi

With the National Judicial Council (NJC) Committee on the Monitoring of Corruption Cases set to commence sitting, it has resolved to produce new practice directions that will fast track the trial of cases involving corruption and financial crimes. NJC’s Director of Information, Mr Soji Oye in a statement yesterday said the committee took the decision after its meeting in Abuja last week. Oye said the committee has also concluded plans

to meet with the EFCC and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in furtherance of its mandate. Also, NJC announced that the Chief Justice of Nigeria, Justice Walter Onnoghen has directed all heads of court to designate courts and judges that would solely handle the on-going trials on a daily basis in order to fast track all the pending corruption cases. The practice directions sub-committee of the committee has already commenced a review of

various practice directions of the courts by leveraging on both local and foreign comparative jurisdictions to meet global best practice. The committee said it was imperative that other critical stakeholders buy into the mission of the body, saying that regular updates and advocacy postings on activities of its sub-committees must be a permanent feature of the project. The NJC added that the 2,306 on-going corruption cases nationwide had already been submitted to the committee.

However, some chief judges of state high courts were yet to transfer such cases to the CJN for onward transfer to the committee. “Chief Judges of State Divisions who were yet to submit the list of alleged corruption cases to the committee are reminded to do so without delay,� Oye said in the statement. The committee directed its secretary, Gambo Saleh who is also the NJC secretary, to write to the defaulting chief judges. To facilitate its work, the committee was divided into four sub-committees.

The sub-committees are Practice Directions, Training, Feedback and Engagement, and Awareness. After Justice Ayo Salami (rtd) had rejected the chairmanship of the committee, Justice Suleiman Galadima, who recently retired from the Supreme Court was appointed to replace Salami. The committee also divided the country into three zones for ease of monitoring and evaluation of the said cases. The zones are: Zone A - Abuja FCT, Zone B -

Northern Zone and Zone C - Southern Zone. At the last count, Zone A in Abuja had 554 pending cases, Zone B had 347 cases while Zone C had 1,405 cases. The committee, after brainstorming on all the pending alleged corruption and financial crime cases, submitted to it by the Heads of Court that had complied, further indicated that new practice directions would be issued to judges handling the said cases. No date has been fixed for the planned interface with the anti-corruption bodies.

the backing of a majority of ex-governors of the PDP who are still very influential and want one of their own to lead the party. “The view is that Daniel can lead the party and has the support of his former colleagues and some governors as they are the most influential on decisions of the party. “But there are some who argue against Daniel’s emergence because he may

not be as malleable and could be quite polarising,� the source elaborated. On Bode George, another former National Deputy Chairman of the PDP, the source said the public perception of the retired naval commodore had not changed much, following his conviction by a court in Lagos and his subsequent imprisonment, despite his eventual discharge and acquittal by the Supreme Court.

continued existence and development of Nigeria as one indivisible nation. This hope has now been dashed. “I am unable to reconcile myself with the dismal performance of the party in government, especially in relation to the continued polarisation of our people along ethnic and religious lines, which is threatening our unity more than any other time in the recent past and the unbearable hardship that our people are currently undergoing. “As I said in 2006, it is the struggle for democracy, constitutionalism and service to my country and my people that are driving my choice. Let me emphasise again that this is not about me. We have to have a country before people can aspire

to lead it. “While wishing you well, let me express the hope that in the near future, a substantial number of you will join forces with us to once again defeat impunity and restore vision and purpose to the politics of our great country.�

ADENIRAN, AGBAJE, DANIEL EMERGE FRONT RUNNERS IN PDP CHAIRMANSHIP RACE the source disclosed, has counselled against altering the zoning arrangement agreed by the party on the grounds that it would lead to more rancour in the PDP at a time it should be presenting a united front for the 2019 general election. “The former president has counselled against altering the zoning arrangement agreed to early this year. “It will cause to much rancour ahead of 2019. Besides, Jonathan also

believes that the Southsouth is already the stronghold of the PDP, so the focus should be on ensuring that there is no problem in the South-west before the next general election,� the source said. Based on this, the source volunteered, Adeniran, Agbaje and Daniel have emerged frontrunners for the chairmanship post. Looking at their strengths and weakness, he said while Adeniran has

remained a PDP loyalist and has the maturity to lead the party, he lacks the sophistication and clout to keep the governors in check. In the case of Agbaje, he is liked due to his reputation as an upright party man and the fact that is seen as a new face that could usher a new beginning for the PDP and a break from its sordid past, but concerns remain among some party bigwigs

that he may not possess the requisite party experience and an understanding of its dynamics. “Jimi Agbaje certainly has a lot of pros in his favour but concerns remain that he lacks an understanding of party dynamics and may be a stickler for due process which as you know the governors of the party will often try to circumvent,� said the source. On Daniel, he said the former Ogun governor has

IN READINESS FOR RETURN, ATIKU MEETS WITH PDP BIGWIGS IN N’EAST the presidential ticket of the party for the 2019 elections, making it his fifth attempt to rule the country. Commenting on the meeting between Atiku and the state executives of PDP, the Adamawa State secretary of the party, Alhaji Abdulllahi Prambe said the meeting was fruitful. “Our meeting with him has been fruitful and from his body language he will soon return to PDP,� Prambe said. Prambe said it would be a big boost to the party at the state and national levels when Atiku finally returns. “With Atiku, the party will carry more weight and more people will also troop in,� Prambe was quoted by the News Agency of Nigeria as

stating (NAN) as saying. When contacted about the meetings, Atiku’s spokesman, Mr Paul Ibe, declined to comment. THISDAY also learnt that just as the former vice-president was meeting with PDP executives, pressure was being mounted on at least two APC governors to defect with him to the PDP. A source close to Atiku said his state governor, Jibrilla Bindow, was one of the governors who have been courted by the Adamawa PDP to return to the party, given his closeness to the former vice-president. Another governor, said the source, is a governor of one of the Northern states, whose name he refused to divulge. At the weekend, the

former vice-president kept up his blistering attack against the ruling party, saying policies of the APC-led government were dividing the country along ethnic and religious lines and posing a serious threat to the unity of Nigeria. He also lamented that the failure of APC to improve the lives of Nigerians had dashed the hopes of the founding fathers of the ruling party. The Waziri Adamawa made the observation in his resignation letter to the party’s ward chairman in his Jada 1 Ward, Jada Local Government, Adamawa State, which was submitted last Friday to the APC. In the resignation letter acknowledged by Usman Muazu and made available to the media, Atiku

decried what he described as the unbearable hardship that the people are facing. “Former Vice-President Atiku Abubakar beckons on others in the APC who share his concerns to join forces with him in his strive to defeat impunity and restore vision and purpose in governance,� said the letter. While defending his decision to quit the ruling party, Atiku said there has to be a country before one can aspire to lead it. He had added in the letter: “I am resigning from a party we formed and worked so hard, with fellow compatriots across the country, to place in government. “I had hope that the APC government will make improvements to the lives of our people and the

ATTRACTIVE TB YIELDS THREATEN BANKS’ SAVINGS MOBILISATION intensify efforts in mobilising savings deposits. For instance, FBN Holdings was able to attract savings deposits totalling N974.073 billion as of September 30, 2017, compared with N952.689 billion as at December 2016. It was closely followed by UBA with N553.996 billion in the third quarter ending 2017, compared with N524.751 billion. Diamond Bank realised N455.112 billion in the

period under review, lower than the N499.763 billion it recorded as of December 2016, while GTBank recorded savings deposits of N452.418 billion, compared with the N454.436 billion at the end of 2016. Similarly, Zenith Bank’s savings deposits at the end of the third quarter 2017 stood at N356.853 billion, compared with the N358.951 billion in December 2016.

Access Bank Plc also recorded savings deposits of N191billion in the period under review (N179.070 in 2016), Union Bank - N178.671 billion (N169.597 billion in 2016), and Fidelity Bank Plc N163.788 billion (N155.019 billion in 2016). Managing Director, Afrinvest Securities Limited, Mr. Ayodeji Ebo, recently attributed the development to the attractive yields in treasury

bills. Wema Bank’s CFO, Mr. Tunde Mabanwoku also confirmed the slowdown in savings deposit mobilisation among the banks saying: “What we see now is that customers are increasingly benchmarking treasury bills rates. “So, when customers come in and say they want to do fixed deposits and you tell them it’s 12 per cent, they would be comparing what you tell

them with treasury bill rates. “Customers are becoming a lot more aware of what is happening out there and they are saying if they can invet their money in treasury bills at 17 per cent, why should they place their money with a bank at 12 per cent? “So, banks have had to increase their cost of deposits just to match or get close to the sovereign rate,� he said.

TOP GAINERS DANGSUGAR FLOURMILLS INTERBREW DANGCEM NEM TOP LOSERS NASCON MAYBAKER C & I LEASING

NGN NGN 1.44 17.24 2.90 35.00 4.06 58.00 10.00 240.00 0.06 1.46 NGN NGN 0.70 15.10 0.10 2.70 0.04 1.33 CONTINENTAL 0.04 1.34 ACCESSBANK 0.23 9.77 HPE Nestle Nig Plc â‚Ś1,305.00 Volume: 870.577 million shares Value: N5.039 billion Deals: 3,126 As at Friday 24/11/17 See details on Page 37

% 9.1 9.0 7.5 4.3 4.3 % 4.4 3.5 2.9 2.9 2.3

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FG Pays N164.7m Tuition Fees for Chibok Girls

Two-Minute BrieďŹ ng NEWS Buhari: FG Tackling Suicide Bombings

President Muhammadu Buhari has assured Nigerians that his administration is taking the necessary measures to end suicide bombings by Boko Haram terrorists, saying the attacks are like the last kicks of a dying horse. Page 12

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Buhari: FG Tackling Su Five-year-old icide Bomb , three soldiers killed in Boko ings Haram attack on Email davidso

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said The president said the new phase would attempted to depend largely President Muhamm attack Magumeri information and on “As . adu Buhari has assured and therefore communication, attack a prelude to the intended attacked and damaged Nigerians that by the rallied the media, on the town, terrorists. administration his attempted to dislodgethe terrorists regardingFurther developments that the boy was killed is taking the especially radio and necessary measures television by a stray bullet. the stations, to the Forward “And also a rocket Operational play their part communicatedincident will be to end enlightenin suicide bombings Base in Magumeri launcher hit Malam-Tawu one of our accordingly. g the populace. in Borno State.� , “The 8 Division terrorists, saying by Boko Haram and a teenagersaid two women a mosque health clinics, including ‘’We are building He said: “However also sustained and some shops assure all residents wishes to gunshot like the last kicks the attacks are nationwid on the of along the main road. injuries in the of 5 Brigade Garrison, soldiers that everything of Magumeri The assurance a dying horse. launched e campaign we night attack. located to is “This morning ensure their being done terrorist group came just as the line: ‘If last year, with the payoff in the town repelled the I visited He explained attack. in you see something The troops safety and that a clinic, Magumeri; the town Magumeri town, a fresh attack on something fought gallantly. security. To this end, mosque and is very calm, we paid ’. It simply , say Unfortunately, shops were they are to continue Magumeri Local headquarters of that a sympathy three means pursuing their razed in the attack, adding also visit to the soldiers legitimate we of Borno State Government Area involved need everyone to be lost their lives, while six those injured that his child person who lost activities others any at the weekend, sustained injuries. in getting the to condole killed three soldiers fear,� Antigha without discharged were treated and necessary information to him. “We also . stated. “The bodies of and a fivetackle the terrorists. In year-old boy. paid the the “The same They are not a visit late soldiers to the areas people have attack, a and the ghosts, returned where rocket Speaking at of them live among and some evacuatedwounded have been year-old boy was killed five- to their houses by the Magumer and slept at launcher s hit some terrorists. . The wounded us. We must of the Pulaakuthe inauguration all, therefore, of our structure s.� i while others are support our gallant receiving medical Alhaji Adamawa State,Radio in Yola, troops, came back Wakil in the Malam-Tawu, Malam-Tawu many of whom Some platforms attention. Secretary yesterday, the the one child morning. It was only president who have made also dismissed to the the supreme were also was represented News Agency council, told the that was of about 5 years old as ‘misleading’ reports indicating the Minister by by providingsacrifice in this war, of Nigeria (NAN) that the insurgents of killed information Culture, Alhaji Information and can help had taken over people woundedand three other the town, that Lai Mohamme rid by stray bullets. noting said Boko d, of terrorists our communities has been restoredthat normalcy Haram massively degradedhad been the media ‘’It is important for to the area. - especially and its and surviving members radio television to continue ‘’Instead of beingput on the run. to play their part in hunters, they are now the this war, by offering hunted. In their communic their platforms to desperation to stay relevant, ate useful information have resorted they to the to populace. As dastardly act the wicked and sensitisatio part of using innocent n campaign, of our under-aged children which is still running to carry out on suicide bomb and television national radio attacks. as we speak, ‘’But what we put out we now are the last are witnessing up the those little signs that give terrorists, and horse. Yes, thesekicks of a dying people which the must dangerous, but kicks may be us communicwatch out for. Help they don’t last ate long. to the people,’’ this information he Progressively, The president said. they become weaker and most auspicious described as weaker until the timing horse finally the inuguratio dies,’’ n of the radio of the The president he said. station, said the war and implored it as well against Boko Haram had moved radio stations to donate as other to the next airtime for the phase, intelligence-driven, which was campaign.national sensitisation with a view to ending the However, the suicide bombings. Nigerian Army ‘’That is why yesterday announced establishment I approved the of its that three troops were of an intelligence fusion centre others wounded killed and six in Maidugur while i, the to repel Borno State capital, the insurgents’ fighting share intelligence to gather and Magumeri attack in town. agencies in the among security According to Deputy Director, go a long waycountry. This will Army Public Relations, in ending this campaign of suicide Col. bombing,’’ he Timothy Antigha, “suspected elements of Boko Haram L-R: Adamawa StateGove rnor Muha

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EDITORIAL Curbing Violence Against Women

Last Saturday, November 25, marked the United Nations International Day for the L elimination of violence against women. Unfortunately, the campaign has not resonated much in Nigeria, essentially because it coincided with a period the role of women in domestic violence... Page 15 R

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There is an urgent

ast Saturday, law on violenc November e against person 25, marked the United Nations s for the eliminatio International Day women. Unfortunn of violence against has not resonated ately, the campaign half (52 per cent) of women much in Nigeria, essentially of age who between 15 because it coincided are period the role own decisions married or in a relationshand 49 years with a about consensu ip make violence has of women in domestic use of contracep searchlight. al sexual relations their come under With tives and health intense and wife who allegedlythe ongoing murder services. stabbed to death trial of an Abuja of a prominen hile the foregoing her Zamfara State,t politician, and another husband, son represents the global picture, case in Gusau, life after being where a man is similarly country despitethe situation is as bad stabbed by battling for in our to underpla his the stringent his wife, there y the (VAPP) Act the Violence Against Persons provisions in to in our country.violence women and is the tendency 2015. The law girls Prohibitio abandonm While spousalThat would be wrong. are exposed ent of spouse, prohibits, among others, n abuse cuts without sustenanc children and and girls are across other dependen both sexes, predominantly e; provides framework women country. Yet ts for the preventio a legislative and legal for fear of being the victims, even in against vulnerabl n of all forms there seems our stigmatised to of violence by the society, and also prohibitse persons, especially incidents are be a conspiracy of silence. women and reported or economic abuse, Where separation advice is usually noticed by forced isolation girls from family third parties, and friends, depriving persons and known to have reconciliation, while the substance attack, our police are of their actively discourag exposure. It also intends liberty, incest and indecent ed reports IGNORING of assault to and public THE SUBTLE life and provide eliminate violence in between spouses, SIGNALS OF private effective remedies maximum trivialising protection and such ment of offenders for victims of violence, INFLICTED VIOLENCE occurrences ON and punish. as ‘doFEMALES CAN OUR However, enforcing ONLY LEAD mestic’. Yet, violence the The fear of TO DISRUP TH being ostracisedlaw is a big challenge against women EDITOR I S DAY TION IN OUR DEPUTY ďŹ nancial . , the lack of EDITORS FAMILIES AND resources and girls, according and material and MANAGING

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EDITORIAL the growth Secretary-General BOARD EDITOR NATION’S ed imof domestic Nigerian homes. is fundame , CAPITAL

violence in Mr. Antonio ntally about Curbing these therefore a Guterres, power and when gender tragic incidentsmany collective responsib “it will only equality and is of governm end women� becomes the full empower ility. It ents, at all a reality. levels, to protectis also the duty ment of vulnerable On the basis by supportin of the latest g the establish the most necessary infrastruc T H I S DAY and 2016 for UN data, N E W S PA ment of the 87 EDITOR-IN-C PERS LIM ture and safe houses, tween 15 and countries, 19 per cent between 2005 IT GROUP EXECUTIVE HIEF/CHAIRMAN wherein abused wherewithal, including E D of DIRECTORS accommodated, physical and/or49 years of age said they women bewomen can

Ëœ counselle be securely Ëœ GROUP FINANCE Ëœ conďŹ dence in the 12 monthssexual violence by an had experienced DIRECTOR DIVISIONAL and self-respe d and enabled to regain intimate partner DIRECTORS ct. some The authoritie is that in 2012, prior to the survey. Ëœ More s almost must come DEPUTY DIVISIONAL Ëœ unfortunate victims of intention half of all women instructive to the aid of DIRECTOR women, and these who were SNR. ASSOCIATE al homicide battery and by an intimate ASSOCIATE

DIRECTOR worldwid assault remainbe alerted to the fact that partner or CONTROLLER DIRECTORS even where felonies in six per cent S family member,e were killed Ëœ inicted between our law books, Ëœ of male victims. compared GENERAL understand spouses. We MANAGER Ëœ Moreover, that ignoring only just over to

GROUP HEAD must inicted on

DIRECTOR, PRINTING our females the subtle signals of violence PRODUCTION our families can only lead TO SEND EMAIL: and ďŹ rst name.surnam tive responsib in our society. It is to disruption in e@thisdayliv ility of all stakehold therefore a collece.com domestic violence in our homes. ers if we must end Letters in response to speciďŹ c publicatio readers may TO OUR READERS ns in THISDAY opinions on send such letters along topical local, should 1000 words). national and with their contact details be brief (150-200 They should internatio words) and to opinion@ be sent to opinion@nal issues provided straight to the thisdayliv point. Interested thisdaylive.com they are well-writt e.com. We also welcome en and should along with the comments also not be longer and email address and phone numbers than (950of the writer. ecently, Boko Haram

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Letters to the Editor

TACKLING T

HE BOKO H ARAM MENA CE

took the State by surprise in a suicide people of Adamawa fewer than bombing 50 worshippe bomber mingled rs in a mosquewhich killed no in Mubi. The ing the explosiveswith the worshippe In December , the deadliest this rs before triggerin suicide year. last year Boko bombing by Haram killed Early this month a totaltwo school girls in 56 people a Haram in also Adamawaof nine farmers weremarket in Adamawa . country’s capital beheaded State. Not by Boko too lo w

POLITICS Atiku Draws the Battle Line

The news that formerVicePresident Atiku Abubakar has dumped the All Progressives Congress (APC) did not come to many as a surprise. First, it is typical of him to move from one political party to another whenever he comes to the realisation... Page 17

AY, NOVEMB

Omololu Ogunmade in Abuja The federal government at the weekend approved the payment of N164.8 million as the second semester school fees at the American University of Nigeria (AUN) in Yola for the 106 Chibok girls released by Boko Haram. A statement by the president’s media aide, Malam Garba Shehu, said President Muhammadu Buhari gave the approval when he reviewed the progress report on the girls that was submitted to him. This, according to the statement, was in line with the president’s commitment to personally monitor the rehabilitation and reintegration of the freed Chibok girls into the society. It also said the president who promised that the government would continue to provide full support for the girls’ education, renewed his commitment to bring back the remaining Chibok girls still being held by the terrorists operating in the North-east by all possible means. According to the statement, Buhari expressed satisfaction with the progress made so far in the rehabilitation of the girls, noting that they were now back in school. “According to the progress report received by the president, the decision to pursue avenues, in addition to military action, to free the abducted girls is in the resolve to protect the lives of all Nigerians, to end the insurgency in the North-east of the country, and to fulfil one of the campaign promises of the president. “In line with this, the federal government entered into negotiations with the Boko Haram terrorist group for the release of the Chibok girls who were kidnapped from their school dormitory on the night of April 14, 2014. “So far, two batches of 21 and 82 girls have been freed as a result of those negotiations. Three additional

girls were rescued by the gallant efforts of our armed forces, bringing the total number of freed Chibok girls so far to 106,� the statement added. Furthermore, the statement said as a result of the girls’ experiences while in captivity, they were severely traumatised and afflicted by various ailments and injuries. Owing to concern over their health, the statement said they were taken to medical centres and also underwent “debriefing� and “de-radicalisation� by security personnel. The statement said it was after the health checks, security debriefing and de-radicalisation programme that the girls were handed over to the Federal Ministry of Women Affairs and Social Development for further care. The presidency also gave an account of the various stages of care the girls had gone through since their return. “The Federal Ministry of Women Affairs and Social Development was assigned the main role of supervising the rehabilitation and reintegration of the girls back into society. “Long before the girls were released, the federal government had established the ‘Chibok Girls Desk’ in the ministry, responsible for acting on matters relating to the abducted Chibok schoolgirls and serving as a channel of communication between relevant agencies and the parents and relatives of the abducted girls. “The government, through the Ministry of Women Affairs and in collaboration with the United Nations Fund for Population Activities (UNFPA), UN Women and other donor agencies, embarked on programmes earmarked to facilitate the rehabilitation and reintegration of the Chibok girls within a nine-month time frame. “A hostel in the National Centre for Women Development was converted into a suitable shelter, where the girls were kept for the nine-month

period. “The programme, which began in January 2017, ended in September 2017. During the period, the 106 girls were given lessons in English, Mathematics, Biology, Agriculture, and Civic Education. “In addition, they were trained in ICT and vocational skills. Professionals were engaged to provide them with psychosocial therapy and one-on-one counselling to help them overcome post-traumatic stress disorder (PTSD). “They were also provided with religious instruction and comprehensive care by two in-house doctors and two nurses. Periodic visits from the girls’ parents to stimulate family support and reunion were sponsored and organised by the ministry. “Having successfully achieved the desired goals of the rehabilitation and reintegration programmes, with recorded significant improvement in the academic performance of the girls, in September, a final send-off party was organised for the 106 Chibok girls and they were subsequently moved to the American University of Nigeria (AUN) in Yola for their foundation studies and continuation of their education. “The AUN had successfully established a foundation school for 14 out of the 57 Chibok girls who escaped while the rest of their classmates were taken to the Sambisa forest by Boko Haram. “The absorption of the 106 girls into the school marked the beginning of their integration into the larger Nigerian society, thus fulfilling President Buhari’s promise of providing the best education for them. “Although they have been officially handed over to their parents, the federal government will continue to be responsible for the payment of the Chibok girls’ school fees right up to their graduation from the school,� the statement added.

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17 Group Politic s Editor Tobi Soniyi Email tobi.so niyi@thisday live.com 0803314613 9 SMS ONLY

DIS

Atiku Draws C O U R S E The decision the Battle Line by former Vice ship of the rulin -President Atik g All Progressi swept u Abu

Pres bakar to resig ves n his memberSegun Jamident Muhammadu BuhCongress threatens to es and Shola und ari Oyeyipo to power in 2015, writ o the alliance that he news that e Tobi Soniyi, former Vice-Presid Atiku Abubakar ent All Progressiv has dumped the

T

did not come es Congress (APC) to many as a surprise. First, it is typical from one political of him to move “I admit that whenever he party to I and others the invitation party he is comes to the realisation another who accepted leaving will that the make positive to join the APC were not portunity to eager changes for realise his long give him the opwe fell for our country to becoming the a president of time ambition of wanting to mirage. Can you blame that he had ditched the country. put us for Twice, the party he of the masses a speedy end to the sufferings return to, the now plans of our people? “Be that as last time he Peoples Democratic Party. to dumped with my God,it may be, after due consultatio The then Minister the party was in The 2014. n the Nigerian my family, my supporter of Informatio Maku under people whom n Labaran s the PDP-led of life, I, Atiku I meet in all and government, him, along walks with others, described hereby tender Abubakar, Waziri Adamawa “who keep migrating as a political nomad , Progressives my resignation from When his former from one place to another.� the All boss, Olusegun ponder my Congress while I take frustrated his future.� time Obasanjo to Secondly, the president, Atikuambition to succeed APC leadership as if he was Congress (AC), moved to the defunct him as no longer wanted treated Atiku the main opposition Action one can therefore then which in the party. he helped to No blame him take his destiny presidential for choosing set up and party ticket won meted out to into his hands. The ill-treatmento race. He eventuallyfor the 2007 presidentiits him by the al lost. to capture power party he supportedt In 2009, he is returned should therefore in the public domain to the PDP, he co-founde the party d with others For those who not detain us further. and However there in 1998. don’t like the are striking similarities former vice the excuses idea that the he between political party,president frequently APC in 2014 gave while dumping changes there is needless PDP and what he it is Atiku’s to leave the said prompted for to say that constitutional APC last Friday. him Even though, right to so While addressin do. he is entitled g his followers cal parties, North East to switch politihe consultati consequences however can not escape after the leadership ve meeting in at the Bauchi, the is to conclude of such decisions one of the APC him to join of which had invited the party ostensibly and desperatethat he is impatient, inconsisten Nigeria’s ‘to salvage . democracy’, t Atiku the foot soldiers who will get said: “You are The Termin are central in the votes. ation of Intels’ Contra why I have our political process, and You ct to come and Before now, helping me consult with that is the APC-led to take perhaps you in Atiku relentlessly waged decision of government the most difficult makes his move my had war against interest. On Atkiu’s He said the political life.� business October 10, decision to Port Authority 2017, the Nigerian APC was difficult “It dump PDP for the the was under this cloud for him Agreement withterminated its Pilotage he was left that members APC made Agency with no other to make but said Intels Nigeria the appeal of company party, PDP where “While to Limited choice me with the where Atiku other to join their because he belonged hold substantial (INL), a of the arbitrarineparties have purged themselves In a letter since Dr Goodluck had sidelined the and failure to promise that the injustices interest. to the NPA, abide of the Federation led to fractionaliss and unconstitutionality Attorney General Among others, Jonathan came on him which had dogged by its own constitutio board. replicated that Abubakar zation, the and Minister the then PDP, Atiku accused n Congress sidelining him. All Progressiv for would has adopted the PDP of in the Justice, not be and es with INL had argued that the those same that the vision APC and with the assurance of the party’s He said then that as a even gone agreement violated practices member Board of Trustees beyond other founding of the constitutio section 80(1) and regime of had for the he was entitled fathers a draconian them to institute a PDP could 162(1) to attend the (BOT) by right, the be actualized and I forms of democrac clampdow Many viewed n. Committee All Progressiv National Working of through the the war against es Congress. y within the n on all a deliberate not invite himthe party but that the NWC “It was government party and Intels as attempt to it produced for its meetings. did assuranceson the basis of this invitation shelve his ambition intimidate “Only last . He said he made to me year, a governor to be president. Atiku to that I, being and the the party wrote Committee was also a National Executive at that time, produced by illegality which the The alleged party-less (NEC) member due to a secret memoran AGF referred that can be the president the constitutio by right under my party, accepted the fractionalization to is one addressed dum which ended of In that without terminatin hand of fellowship on February 2, barred from n of the PDP, but he up being leakedto the contract. memo, he 2014, the had been its meetings g admitt d given t Pr “Gi P b

FEATURES Private Bodies Come to the Rescue Freed Chibok girls with President Muhammadu Buhari, his Chief of Staff, Abba Kyari, and Minister of Information, Lai Mohammed

TINUBU KWANKWASO, MINISTERIAL AND JOBS

and in the rest for the better of the world. In order the party had to army with made severalchange the ugly situation powerful arms promises to was both on to deal with supply the the insurgents Tukur Yusuf land and air. The Chief . The fighting Buratai had of been eliminated told NigeriansArmy Staff Lt. General from the country’s that Boko Boko Haram Haram h st t i

FEATURES Private Bodi es Come to While Afri can countries the Rescue and the qua continue to lity of educatio Foundation drag is engaging n, private driv their feet in imp secu

Last September, UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Plc, invited entries for its annual National Essay Competition in Nigeria. The essay competition which is put together for senior secondary school students across the country is organised ... Page 20

T H I S D AY

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Acting Featur es Editor Charle Email charle s Ajunwa s.ajunwa@this daylive.com

ring the cont roving liter ers in will beco lar to wha inent's futu me moresimi t the UBAacy and mor re, writes e Solomon Elusojirelevant in

L-R: 1st Runner-up of British Nigerian 2017 UBA Foundation National Essay Academy, Miss ďŹ nale and Competitio Samuella Sam-Orlu; prize giving n and student ceremony Managing of ENAL Internation held at UBA House in Lagos‌recDirector/CEO, UBA al Schools, Foundation Miss Deborah ently , Bola Atta; and 2nd Runner-up Chinwendu Innocent; GMD/CEO, and student UBA Plc, Mr. of Nigerian Kennedy Uzoka; Christian Institute, Overall Winner Miss Yahofon and student Ettah Essien, during the grand

We are well aware that if you help get one child educa ted, you help suppo rt an entire famil child will y as that positivelyeventually her comm impact his/ competitiounity. The n is a key aspect of our drive in humainvestment n capital and we will contin to susta the initiaue becausein education tive very impor is and we are tant to UBA more than committed to providi the

BUSINESS CBN Injects $498m in Forex Market

EBER 27, 2017

BUSINESSW R A T E S

in One Week The Central Bank of Nigeria (CBN) last week raised the tempo of its foreign exchange (forex) intervention in the interbank market to a total of $498 million. Figures obtained from the central bank showed that it commenced the week... Page 23

MONEY MARKET OBB OVERNIGHT

A S

30.83% 32.58

REPO CALL 1-MONTH 3-MONTH

A T 39.50% 42% 43.50%

ORLD

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

316.61% 0.03% 2.04%

23

Group Busine

ss

Email chika.amEditor Chika Amanze-Nwac anzenwachukw huku u@thisdaylive.c om 0803329415 7

2 4 ,

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

2 0 1 7 EXCHANGE RATE N305.85//1US DOLLAR* *AS AT LAST FRIDAY

7.16% 20.77%

Quick Takes

Wema Opens

A BOOST TO

NIGERIA’S HEALT H

L-R: Chairman, PathCare Nigeria, Markets, Thomas Dr. Richard SYNLAB’s major Degott; Executive Director,Ajayi; Managing Director, PathCare Nigeria, acquisition of majority stakeOperations, PathCare Nigeria, Dr. in PathCare Nigeria Dr. Tolu Adewole,Pamela Ajayi; CEO, Synlab Emerging ‌recently during a media brieďŹ ng to announce

SECTOR

CBN Injects Market in On$498m in Forex e Week

Obinna Chima

New Wema Bank Plc has opened Branch in Bauchi it continues its expansion a new branch in Bauchi digital and using a two-prong State as physical branches. Wema Bank In its northern ed approach of had Lokoja, Maraba recently opened branches expansion drive, in Kaduna, Minna, be opened in and Bauchi, stating that Kano in the coming weeks. another branchwould The Head of Bank FunmilayoBrand and Marketing Communic ations at customers, but Falola said: “Our promise to everyone is not only to Wema or the other who has a banking existing in need at one point to the needs their lives.� “This is why we of simplicity and the banking population founded ALAT, to cater who want convenien control. And for those in the who wanted ce, us closer now thancloser so that they can do northern part of Nigeria business with them,� she ever, ready to build value-driv with us; we are added in a statement en relationsh Wema Bank ips . ambience of has in recent times invested its in technolog branches across the country in improving the y to ensure even as it invests it gives its customers memorable service delightful and launched ALAT experiences across all its touch points. in May, and digital bank Thebank with more thanthe market has warmly received the 130,000 accounts opened Efekoha Bags till date. IoD Fellow Award The Chairman , Nigerian Managing Director, Insurers Consolidated Association (NIA) and Eddie Efekoha, Hallmark Insurance business leaders was among 40 eminent conferred with professionals Plc, of Directors the fellowship and (IoD) of the Institute The Director-G Nigeria recently. eneral/CE spoke at the event in Lagos, O of the institute, Dele a minimum of Alimi, said the award is for members who ganisations 10-year directorship experience with and have distinguish The event also ed themselve in reputable ors over the years. Award on two featured conferment of Distinguis dayomi and past presidents of the institute, hed Fellow Samuel Yemi Chief Eniola Central Bank Akeju of Nigeria (CBN), as well as the Governor FaThorbourn Investmen Godwin of the t Limited, Justin Emefiele and Chairman, The list also Emmanue includes: l. President Dangote, Chairman, Zenith Bank Dangote Group, Alhaji Aliko Holt, Christoph Plc., Jim Ovia; er Chairman, John Among those Ezeh. to be upgraded Benefit Assurance as fellows are: MD/CEO, Mutual First Bank Nigeria, Plc., Dr. Olusegun Ambrose Feese, Omosehin and Director, Others are: MD/CEO, Heritage Mobil Oil Nigeria, Oyetunji Oyebanji;Bank, Ifie Sekibo; Chairman, Affairs Commissio Registrar Deposit Insurance n, Alhaji Bello Mahmud General, Corporate and MD/CEO, Corporation among others. Nigeria (NDIC), Alhaji Umaru Ibrahim

ECONO MY The Central Bank of Nigeria He reiterated (CBN) last (SMEs) that the week raised dollar, while tempo of its the dows. and invisibles win- Bank remained committe foreign in the parallel to ensuring d market, (forex) interventi exchange the naira traded But the dollar the inter-bank liquidity in at flat interbank market on in the weekend N364 to sales last sector of the market and were in through the the dollar all of $498 million. to a total the week. agricultural, favour of to intervene would continue At the I&E Figures obtained to airlines, petroleum Window, the in the economy drive growth NAFEX from the central bank and guarantee rate closed raw materialsproducts and stability and machinery to the dollar. at N360.25 it commenc showed that sectors. in the market. ed Okorafor however, However, activity level initially injectingthe week by Confirmin stressed strengthened g the develop- that the CBN and thereafter $210 million ment, would not relative to previous the acting relent in its offshore investors week as $288 million. sold another Corporate Director, the market monitoring of to Communications position innairacontinue The forex to ensure the CBN, Mr. at authorise interventi that assets. Isaac Okorafor Weekly on at the beginning d by the extantdealers abide to$907.68turnover improved of the week said the releases were was for the targeted rules. at sustaining Dana Air Wins to the wholesale, The official liquidity in small and medium In the FMDQ dollar. Ticketing Dana Air Customer the ally appreciat rate marginscale enterprises market as well OTC futures market, the as boosting Service Agents Award production Uyo and Owerri total N305.85 to ed 10 kobo to open across its Lagos, and trade. the dollar, contracts of value of Female Ticketing stations have won Abuja, from last week’s the naira the 2017 Outstandi Executive N305.95 to of Women in ng the Aviation held Awards, at the annual Continued State. Speaking conference recently in Port on page 24 on behalf of Harcourt, Rivers Customer Service the Lead Agent, other Dana Air awardees, of this award Nelly Diden and the fact said: “We are the that we have ambassadors proud been of and appreciate Dana Air. This shows that recognised as good the way people a t Goddy E ll

THISDAY Mod el Portfolio Hits Investors Ren New High as ew Demand

CITYSTRINGS A Legacy that Diminishes Lugard

CITYSTRING S A Legacy th at Diminish es Lugard T H I S D AY

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The amalgamation of the two territories that became the entity known as Nigeria in 1914, by Frederick John Dealtry Lugard (Lord Lugard), remains an historical development firmly T rooted in the consciousness of Nigerians. Page 44 Lord Lugard

In the memory of Lord Luga But the feder rd is a street perch in a falls way shoral government's attem corn t of expectatio pt to immed ortalise theer in the nation’s capital, ns, Olawale founder Abuja. Ajimotokan and Cynthiaof modern Nigeria, Offor report

Street, Abuja

he amalgam ation of territories that became the two after the known as the entity Queen, Nigeria in to the making on the list of Frederick 1914, by contributors of Nigeria. John Although Patti, that (Lord Lugard),Dealtry Lugard in recognitioin existence are some spontaneo Flora Shaw, then a remains historical landmarks n of Lugard’s usly imagined journalist an creation rooted in developm after seeing , role towards the conscious ent firmly of Nigeria, The Lord the two greatthe name ‘Nigeria’ the Benue For that individua Lugard Street ness of Nigerian the street him in Abuja, that rivers, converge the Nigeria’s named after day s. l accompli British colonial at an intersecti Niger and and runs laterally linking is a tarred road Lugard Street—ir shment, the Jesse Jackson administ R.B Dikko on. Till this explorer, onically doescapital, Lord and on Mount Patti, are the the towering Road Street in Area who in 1922, rator, soldier and Abuja, which his wife, watching statues of Lugard not dignify Mandate in authored 11, Garki, in our history profile projected some British Tropical prefer to The Dual about him town and its surround over the confluenc books. as the founder regard as people also at times Africa, The e There is also ings. Asokoro extension The street of the modern is ascribed some fact Lugard’s memory the Lugard More than where he parts Nigeria. length and is less than two kilometre . is sustained 100 years House in Kaduna, served as Northern in Northern landmark of the country through s in Protectoratessince the Southern and is about 10 is a narrow track s dedicated Region fromthe Governor of the several the country of road that were amalgam metres or to For to the his instance, 1912-14 in remembr even But apart ated, Rest in Lokoja, has transformof diverse ethnic ance. became Lugard Avenue addition from obviouslyless in width. House the Lord nationalities status of Lugard, in Lagos, ed into the colonial stunting the the Black Mount Patti,that was built in 1900, Lugard the amalgama this street seat of powerwhich real commerc race, with the biggest nation for on served as a populatio 170 million It is one after most ial activities is devoid of any his relaxation top of for 77 years tion and remained n of about people. of the of and is deserted capital the point. major until Not only time. confluenc city the capital tourist sites Abuja in did Lugard It’s more of e relocated 1991. in the that will flourish Northern town, which is the envision a a residentia to burst But lite ll and S gat n ti ll i t l

INTERNATIONAL Egypt Attack: IS Flags Carried by

T H I S D AY

INTERNATIO NAL

Gunmen, Say Officials Egyptian officials investigating the massacre of worshippers at a mosque in Sinai say the attackers were carrying the flag of the Islamic State group, according to a BBC report. Page 53

SPORTS Obafemi Fires Cracker as Shenhua

Wins Chinese FA Cup Veteran Nigerian striker Obafemi Martins scored a cracker as Shanghai Shenhua stunned rivals Shanghai SIPG to win the Chinese FA Cup final on away goals 3-3 on aggregate yesterday. Page 63

53

email:for Egypt Attac k: IS Flags Carr eigndesk@thisdaylive.com ied by Gunmen Say Officials ,

Egyptian officials investigating the massacre of a mosque in Sinai worshippers at say the attackers were carrying the flag of the Islamic State group, according to a BBC report.

trying to help victims. Thirty children are among the

dead and more than 100 people have been wounded.

Pakistan Protes ts Grow as Milita Stays Silent ry

At least 305 people died in the assault, which was Friday prayers launched during been claimed and has not yet Thousand by s more protesters Egypt’s public any group. paramilitaries prosecutor said massed in Pakistan’s there were major cities began a bungled Sunday after up attempts to disperse operation to clear at the scene. to 30 attackers an Islamist them one day rally in Islamabad earlier. President Abdul At least 4,750 Fattah al-Sisi ended in deadly violence, has vowed to with the were in respond with military hesitant Pakistan’s biggest utmost force�. “the to respond city Karachi, according to to a governme The Egyptian traffic officials, appeal for nt from roughly military says up help. has already conducted 200 it Groups In the cultural the day before. air of strikes demonstr on “terrorist� chanting targets estimated 3,400capital Lahore an ators, many Egyptian were occupying armed main with sticks, roads. were have for yearssecurity forces to occupy roads arriving been fighting Reports an Islamist said between the protests Islamabad insurgency had in the Rawalpind and neighbouring also spread to other Sinai peninsula, cities and towns across i, AFP affiliated with and militants the Thousands morereporters saw. so-called Islamic The numbers country. State (IS) have were are on streets than still relatively when police the small by Pakistani scores of deadly been behind standards but and have attacks in the grown swiftly. desert region. Friday’s attack al-Abed is the in the town of Bir country’s deadliest in recent memory. Al-Rawda mosque and then dozens was bombed waiting outside, of gunmen, opened fire those trying on to escape. Some attackers wore masks and militarystyle uniforms. The assailants parked vehicles reportedly set vicinity to block on fire in the off access to building, and the fired on ambulances

MBER 27, 2017

MONDAYSPO

Obafemi Fires Cra RTS cker as Shenhua Wins Chinese FA

63

Group Sports Editor Duro Ikhazuagbe Email duro.ik hazuagbe@th isdaylive.com

Veteran Nigerian striker Villas-Boa Obafemi Martins s had cracker as Shanghai scored a one trophy in histo lift at least Shenhua stunned rivals first season to stay to win the Shanghai SIPG came in the job, but SIPG Chinese FA second in the final on away Cup goals 3-3 on Super League (CSL) Chinese aggregate yesterday. behind Guangzhou Evergrande They did and it in thrilling went out in the semi-final fashion and without s of Argentine the Asian Champions League. forward Carlos “For us it’s a Tevez, whose disastrous 11-month pity, we were close spell in season to three trophies China looks this he failed to to be over after them,â€? but we couldn’t achieve appear in either added Villas-Boa leg of the final. s. “I think we are Shenhua went more ready now to face the into the twolegged tie as lay ahead of challenges that us an expensivelunderdogs against “We had three for the future. y assembled side featuring knockouts and SIPG we failed the Brazilians them all, that’s Hulk and Oscar, my Asia’s most responsibility, I was pricey player the one that made Portuguese at â‚Ź60 million. team to the promise for this coach achieve Andre failed Villas-Boas, success and I in this bid.â€? China is alsowhose future in Hulk failed to lead unclear having winger and international SIPG to silverware Wu Lei both this season, paid the price for out the away goal and tested a lack of ambition in the 1-0 minutes SIPG took the on 15 first-leg defeat lead. Oscar crossed and Lu Wenjun week earlier at Shenhua a was on hand -- Martins the scorer. steer the ball at the far post to back At least SIPG Both sides had across goal. went out fighting, winning half-chances and enthralling night 3-2 on an breakthree minutes before the a moment of at Shanghai Stadium. controversy. Shenhua, Former manager Gus with former Chelsea Poyet watching Obafemi Tottenham Hotspur and from the stands, thought Martins (right) manager had Villas-Boas and Shanghai scored through they Shenhuai teammates immediately refused to be Yunding. Cao given the side celebrating the future, saying:drawn on his Chinese FA Cup by Wu Jingui now coached the The away players “It’s not victory yesterday box time now to a speak about the away in celebratio wheeled from the first leg,slender lead Yun for to fire the ball past this. to spot “SIPG know corner 1-1 on the night but he was n, failing adjudged 2-1 on aggregate and box. from well outside the to have soon you will my decision and blown that the referee had SIPG own net, setting know goalkeeper Yanimpeded up for an infringem Martins, once . Chinese media about it.â€? by Martins. up a frenetic But Hulk buried Junling. United of Newcastle ent finale during But on the hinted that Shenhua didstroke of half-time to haveand Inter Milan, looked four minutes later, a penalty Huan was which SIPG’s Fu The 33-year-old sent off. score and it was then forward had Cao won the tie It was Shenhua’s when he 76 minutes SIPG took on again, swivelling cut lead on the the Cup triumph first FA inside the in from the right and curled night 3-2 when ball beautifully earns them since 1998 and into the top Shenhua captain Giovanni a place in next Moreno put season’s the ball into his League. Asian Champions

26th Quadran gular Games Pinnick, Others Begin at Ikoyi Club Hon

Cup

oured at New Teleg raph Awards

The 26th President of edition of Nigeria Football Quadrangular Federation (NFF), the Billiards Mr. Amaju well as being a Member yesterday at Games began Tennis, and Pool, Table-tenn is, Melvin Pinnick and another Organizing Committee of the which Badminton, Lagos with Ikoyi Club 1938, Swimmin they qualified Squash, Member of the for FIFA Competiti from a the organisinga message from Scrabble g, Soccer, Chess, Committee, AlhajiNFF Executive Sports ons, was named the so –called ‘Group of Death’ Technical and Developm Administrator Yusuf Ahmed with a match and Ayo. participates committee to all ‘Fresh’ were Committee. ent to spare, and of the Year, to a resoundin The competitio to compete fairly. the cynosure left n scheduled eyes at the inaugural The Quadrang of in the auditorium Former Vice g ovation second-placed Zambia stranded ular Games, a to end on December President Atiku six points behind. yearly event Abubakar, House . 2 will of the New Telegraph edition feature Apart from taking Awards of Reps’ four clubs, is rotated among with over 250 competito Speaker Yakubu Nigerian is Ahmed ‘Fresh,’ rs held at the Balmoral Events Football to a high who Niger Chairman Dogara, Lagos Lawn Ikoyi Club 1938, each 50 athletes reprehending Centre of Federal level Delta Developm Tennis of the Palace Hotel, reckoning in football of global Technical and of the NFF Commissio Club, four Apapa Club and Lagos on Saturday clubs. The ent politics, the Pinnick-le Development The last n Lagos Country night. d NFF’s adroit Committee Club Ikeja. parliamen MD Nsima Ekere, Pinnick, also Quadrangularedition of the a Member of man-management, much Onyejeochtarian Nkeiruka respected for and Games was the CAF Executive Speaking at his contributio focus, to grassroots energy and a, JAMB the opening hosted by Lagos Committee ns dynamism ceremony yesterday, CAF , the Super Country Emergenc Club, Ikeja. saw empowerm football and youth Professor Ishaq Registrar Eagles conduct of the organising a member and President y Committee a sterling ent, was honoured wrestler Odunayo Oloyede, According of AFCON, Adekuoroy 2018 FIFA World with the Grassroot Yomi Ogundipe committee, committee to the organising as Cup qualifying s Football and Nollywood stars Richarde Development , said the there will be purpose of campaign Mofe-Dam award. cash , in also a ijo and prizes, but winners no He is members tothe games is for be awarded Member of Sola will the CAF Sobowale were among those with one family. see themselves and also honoured bronze medalsgold, silver on the night. He said: while the overall Club here it “For us in Ikoyi home winning team will go Olawale is not hosting Ajimotokan in with a giant win. It is fellowship to Abuja trophy. IBB Committe through IkoMeanwhile the Chairman sports � e lowe d h i Cl f A m di l h

Amate Clinche s

CBN Govern or’s Golf Cup

T H I S D AY MONDAY NOVEMBER 27 2017

11

12

MONDAY NOVEMBER 27, 2017 ˾ T H I S D AY

NEWS

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

Buhari: FG Tackling Suicide Bombings Five-year-old, three soldiers killed in Boko Haram attack on Maumeri Tobi Soniyi in Lagos and Paul Obi in Abuja with agency report President Muhammadu Buhari has assured Nigerians that his administration is taking the necessary measures to end suicide bombings by Boko Haram terrorists, saying the attacks are like the last kicks of a dying horse. The assurance came just as the terrorist group in a fresh attack on Magumeri town, headquarters of Magumeri Local Government Area of Borno State at the weekend, killed three soldiers and a fiveyear-old boy. Speaking at the inauguration of the Pulaaku Radio in Yola, Adamawa State, yesterday, the president who was represented by the Minister of Information and Culture, Alhaji Lai Mohammed, said Boko Haram had been massively degraded and its surviving members put on the run. ‘’Instead of being hunters, they are now the hunted. In their desperation to stay relevant, they have resorted to the wicked and dastardly act of using innocent under-aged children to carry out suicide bomb attacks. ‘’But what we are witnessing now are the last kicks of a dying horse. Yes, these kicks may be dangerous, but they don’t last long. Progressively, they become weaker and weaker until the horse finally dies,’’ he said. The president said the war against Boko Haram had moved to the next phase, which was intelligence-driven, with a view to ending the suicide bombings. ‘’That is why I approved the establishment of an intelligence fusion centre in Maiduguri, the Borno State capital, to gather and share intelligence among security agencies in the country. This will go a long way in ending this campaign of suicide bombing,’’ he

said The president said the new phase would depend largely on information and communication, and therefore rallied the media, especially radio and television stations, to play their part in enlightening the populace. ‘’We are building on the nationwide campaign we launched last year, with the payoff line: ‘If you see something, say something’. It simply means that we need everyone to be involved in getting the necessary information to tackle the terrorists. They are not ghosts, and some of them live among us. We must all, therefore, support our gallant troops, many of whom have made the supreme sacrifice in this war, by providing information that can help rid our communities of terrorists ‘’It is important for the media - especially radio and television - to continue to play their part in this war, by offering their platforms to communicate useful information to the populace. As part of our sensitisation campaign, which is still running on national radio and television as we speak, we put out those little signs that give up the terrorists, and which the people must watch out for. Help us communicate this information to the people,’’ he said. The president described as most auspicious the timing of the inuguration of the radio station, and implored it as well as other radio stations to donate airtime for the national sensitisation campaign. However, the Nigerian Army yesterday announced that three of its troops were killed and six others wounded while fighting to repel the insurgents’ attack in Magumeri town. According to Deputy Director, Army Public Relations, Col. Timothy Antigha, “suspected elements of Boko Haram

Buhari to Participate in Nigeria EU-AU Summit in Abidjan Wednesday Omololu Ogunmade in Abuja President Muhammadu Buhari will on Wednesday join other African and European leaders to participate in the two-day 5th European Union (EU)- African Union (AU) Summit scheduled to hold in Abidjan, Cote d’voire. The summit, billed to hold on Wednesday and Thursday, according to information available to THISDAY last night, is designed to bring together key decision makers from both the EU and Africa to discuss future relations between the two continents and also deepen their connections. Ivorian President, Alhassan Outara, had on October 30, this year told journalists in the State House, Abuja after visiting Buhari, that the president had agreed to partipate in the summit. Information obtained online about the summit last night showed that discussion during the summit would involve negotiations on the renewal of Cotonou Partnership Agreement and future relations between

the EU and African, Carribean and Pacific countries. It added that at the end of the meeting, the EU Commission will negotiate a new agreement for 2018 to 2020. It also said the intercontinental summit which holds every three years will feature events such as the EU- Africa Business Forum and AU election. It said: “The EU -Africa summit brings together key decisionmakers from the EU and Africa to discuss the future of relations and to deepen connections between the two continents. “The summit falls within the context of ongoing discussion and negotiation on the renewal of the Cotonou Partnership Agreement and the future relations between the EU and African, Carribean and Pacific (ACP) countries. “By the end of 2017, the EU Commission will negotiate new agreement foe 2018- 2020. Thw summit occurs every three years and 2017 edition will follow several key events including the EU-Africa Business Forum and the election of African Union.”

attempted to attack Magumeri. “As a prelude to the intended attack on the town, the terrorists attempted to dislodge the Forward Operational Base in Magumeri, Borno State.” He said: “However, soldiers of 5 Brigade Garrison located in the town repelled the attack. The troops fought gallantly. Unfortunately, three soldiers lost their lives, while six others sustained injuries. “The bodies of the late soldiers and the wounded have been evacuated. The wounded are receiving medical attention. Some platforms were also

attacked and damaged by the terrorists. Further developments regarding the incident will be communicated accordingly. “The 8 Division wishes to assure all residents of Magumeri that everything is being done to ensure their safety and security. To this end, they are to continue pursuing their legitimate activities without any fear,” Antigha stated. In the same attack, a fiveyear-old boy was killed by the terrorists. Alhaji Wakil Malam-Tawu, the Secretary to the council, told the News Agency of Nigeria (NAN)

that the boy was killed by a stray bullet. Malam-Tawu said two women and a teenager also sustained gunshot injuries in the night attack. He explained that a clinic, mosque and shops were also razed in the attack, adding that those injured were treated and discharged. “The people have returned to their houses and slept at Magumeri while others came back in the morning. It was only one child of about 5 years old that was killed and three other people wounded by stray bullets.

“And also a rocket launcher hit one of our health clinics, including a mosque and some shops along the main road. “This morning I visited Magumeri; the town is very calm, we paid a sympathy visit to the person who lost his child to condole him. “We also paid a visit to the areas where rocket launchers hit some of our structures.” Malam-Tawu also dismissed as ‘misleading’ reports indicating that the insurgents had taken over the town, noting that normalcy has been restored to the area.

PULAAKU RADIO GOES ON AIR

L-R: Adamawa State Governor, Muhammadu Jibrilla Bindow; Minister of Information and Culture, Alhaji Lai Mohammed, Lamido Adamawa, Muhammadu Barkindo Aliyu Musdafa; former Vice President, Atiku Abubakar; Emir of Kano, Sanusi Lamido Sanusi, at the inauguration of the Pulaaku Radio Station, in Yola, Adamawa....yesterday

Lagos Serves Contravention Notices on Illegal Buildings in Ikoyi,VI Commences enforcement today in Lekki Gboyega Akinsanmi The Lagos State Government has served contravention notices on the owners of illegal structures, disused buildings and automobile mechanics operating in Ikoyi, Lekki and Victoria Island as part of its plan to enforce the state’s original master plan. This was contained in a statement issued yesterday by the Secretary to the State Government (SSG), Mr. Tunji Bello, noting that the state government would remove all buildings and structures that contravened the state’s original master plan. Bello, Chairman of Lagos State Task Force on Clean-up of Ikoyi, Lekki and Victoria Island, therefore disclosed to start enforcement today, noting that the enforcement of the contravention notices would continue daily till the end of December. Bello said the enforcement exercise would be confined

to the major streets and roads from November 27 to December 30 after which the enforcement team would move into the inner streets of Ikoyi, Lekki and Victoria Island. He explained that the service of contravention notices and subsequent enforcement followed several weeks of sensitisation campaigns, which he said, was carried out by the State Special Task Force on Clean-up of Ikoyi, Lekki and Victoria Island. Aside, Bello noted that such resident associations as Lekki Residents Association as well as Victoria Island and Ikoyi Residents Association had also sensitised all residents on the need for owners of illegal structures to remove all illegal structures in line with the law. He added that the enforcement team would start operating from today in Lekki,, saying the streets would include Babatunde Dabiri Admiralty Road, Fola Osibo Street, Omorinre Johnson Durosinmi –Etti Hakeem

Dickson Street and Ogbunike. He explained that the renewed enforcement would be in phases in line with the commitment of the administration of Governor Akinwunmi Ambode to restore the original master plan of Ikoyi, Victoria Island and Lekki. Speaking on the enforcement exercise, Chairman of Lagos State Environmental and Special Offences (Enforcement Unit), Mr. Yinka Egbeyemi, sought the cooperation of all residents of Ikoyi, Lekki, and Victoria Island to ensure the success of the exercise. Egbeyemi, a Superintendent of Police, urged all residents in the areas “to feel free to ventilate any new observations or reports about environmental nuisances that may have been missed out to the task force through the various residents associations for immediate action.” He said the exercise would affect illegal buildings on Ahmadu Bello Way,

Adetokunboh Ademola Street, Bishop Aboyade Cole Street, Ozumba Mbadiwe Avenue, and Idowu Taylor/Martins Street, Samuel Manuwa Street, Ajose Adeogun Street, Sanusi Fafunwa Street, Water Corporation Close, Adeyemo Alakija Street, Akin Adesola Street, Adeola Odeku Street, Saka Tinubu Street, Kofo Abayomi Street and Ligali Ayorinde Avenue in Victoria Island. He also added that the exercise would affect illegal buildings on Awolowo Road, Keffi Street, Falomo Roundabout, Kingsway Road, Norman Williams, Raymond Njoku Road, Oyinkan Abayomi Bourdillon Road, Cameron Road, Onikoyi Crescent, Glover Road and Osborne Road in Ikoyi. According to him, other areas that will be affected in Ikoyi are Federal Secretariat Road, First and Second Avenue, Lugard Avenue, Alexander Avenue, Bank Road and Club Road.

T H I S D AY MONDAY NOVEMBER 27 2017

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COMMENT

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

THE PATH TO ECONOMIC DEVELOPMENT Ayo Oyoze Baje writes that Tony Elumelu’s youth empowerment programme is bearing fruits

“Through Africapitalism we can build resilient, competitive and self-reliant economies while empowering our teeming youth� -Tony Elumelu

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ony Elumelu’s name rings a loud and clear bell in Africa’s evolving economic firmament, especially as it relates to the empowerment of the next generation of entrepreneurs. Confronted with a myriad of institutional challenges and an inclement business environment characterised by decrepit infrastructure, high cost of doing business, high rate of inflation, a consumer and import-driven economy, the average Nigerian, nay African youth must be frustrated, indeed. That is, given the sad situation that has his brilliant dreams and ideas either remaining dormant, or even dying before the first sun ray at dawn. To the average African youth, the government is not there for him as a caring or concerned father-figure, unlike in the days of his forebears. But all hope is not lost, as somebody, somewhere is not only concerned but truly cares as his actions have repeatedly shown. And that person is none other than Mr. Tony Elumelu, Chairman, Heirs Holdings, United Bank for Africa (UBA), and Transcorp Group, Nigeria’s largest conglomerate with investments in power, hospitality, and oil and gas. He knows his onions on the secret of leaving a lasting legacy for today’s youth and even those yet unborn to come and cherish. These came to the fore recently as he delivered the Annual Lecture at the 9th Convocation Ceremony of Nigeria’s premier private citadel of technology, Bells University of Technology, Ota. What more, the topic was thematically relevant: “The New Generation of African SMEs: The Diverse and Inspiring Experiences of 3000+ Tony Elumelu Entrepreneurs�. Many were therefore eager to drink from the fountain of knowledge of the master of the game of youth entrepreneurship. There were lasting lessons to glean from his thought-provoking lecture. According to Mr. Adim Jibunoh, CEO of Transcorp PLC Lagos, who delivered the lecture on his behalf, Elumelu is committed to empowering young African men and women towards the development of our continent. This is borne out of his deep-rooted belief that entrepreneurship is the single most critical ingredient for the continent’s economic empowerment and job creation. The first lesson to note is that in spite of the challenges, opportunity abounds as there is sufficient evidence to show that for Africa to develop and catch up with the rest of the world, “we must reduce our dependence on foreign aid and natural resources and instead build and support the growth of businesses�. What is required is the commitment and dedication from both the government and private sector to supporting businesses in Africa. Even with the minimal support many entrepreneurs face, they continue to do amazing works. In specific terms, Elumelu highlighted some fascinating facts with statistical figures. For instance, 80% of Africans view entrepreneurship as a good career opportunity, 22% of Africa’s working age population is starting new businesses – the highest rate in the world. The median age of Africa’s entrepreneurs is 31 – younger than in other developing regions. Firms with fewer than 20 employees and less than five years’ experience provide the most jobs in Africa’s formal sector.

FROM A SURVEY CONDUCTED IN 2016 TO MEASURE THE IMPACT OF ELUMELU FOUNDATION ON ITS ENTREPRENEURS, IT WAS DISCOVERED THAT OUT OF THOSE SURVEYED, THERE HAS BEEN A 111% INCREASE IN THEIR REVENUE AND AN 87% INCREASE IN JOB CREATION

Furthermore, 44% of African entrepreneurs start business to exploit market opportunities (opportunity-driven entrepreneurs) while African women are much more likely to start businesses than women elsewhere in the world. What these statistics tell us is that there is latent entrepreneurial energy on the continent, which if properly harnessed can turn Africa into a global investment destination. Entrepreneurs foster innovation, they produce new ideas; provide better solutions; and pioneer new products or services. It is impossible to talk about America’s economic history without mentioning Henry Ford, Cornelius Vanderbilt and JP Morgan – men whose business acumen and ingenuity contributed significantly to America’s emergence as an industrial powerhouse. With the benefit of this information, the Tony Elumelu Foundation, committed $100 million in 2015 to identify, train, mentor and fund 10,000 African entrepreneurs over a 10-year period. Its vision is to create 1,000,000 jobs and generate over $10 billion in revenue within that same time frame. He provided some greatly inspiring true-life experiences to bolster his confidence in this regard. An entrepreneur like Victor Mhango from Malawi, Founder of Ziweto Enterprise, obtained a seed capital from the Tony Elumelu Foundation as the first funding his business ever received. After the training and mentoring from TEF, Victor refined his business model, and now generates an average of $25,000 in revenue per month, reaching an estimated 5,000 smallholder livestock farmers per month with quality, reliable and affordable veterinary solutions that are revolutionising the delivery of animal health services in Malawi. Another entrepreneur, Nkem Okocha has made it her life’s mission to create opportunities for others. Through Mamamoni, a Fintech Social Enterprise, Nkem invests in poor women by training and mentoring them and lending to them to fund their businesses so that they can increase their income. When women are empowered, they are able to make better educational, health and nutrition choices for their families. Vital Sounouvou from Benin is another extraordinary beneficiary of the programme. Without any intervention from Mr. Elumelu, Vital proposed a feasible business partnership to UBA Benin which has become the first e-trade platform in Benin and one of few in the ECOWAS region. U-Collect allows Exportunity to receive international Visa and Mastercard payments, and to send payments to any UBA VISA card including XportCARDs. This puts Exportunity ahead of competitors like eBay and Amazon which are still struggling in the sub-Saharan African Market. Today, Exportunity has engaged with over 750 clients and built a database of 85,000 trading with Africa! This is amazing, isn’t it? Yet, that is not all there is to testimonies of success for the young entrepreneurs. Momaar Taal from The Gambia is the Founder of Tropingo food, an agribusiness company that is focused on groundnut and mango processing and exports. Momaar now exports to Asia and Europe and is building a food dehydration processing facility in Gambia. He currently employs 140 people, of which 120 are women. Vital turned over $1.6 million in 2015. Baje wrote from Lagos

THE 2018 BUDGET PROCESS: A PARADIGM SHIFT

A return to January-December cycle will facilitate the implementation of the 2018 budget, argues Dominic O. Ekpemauzor

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resident Muhammadu Buhari, on Tuesday, November 7, 2017 presented the 2018 budget estimate of N8.612 trillion to a joint session of the Senate and the House of Representatives. Apart from submitting the budget proposal on time, the president indicated his administration’s intention to restore the budget cycle to the January-December fiscal year, thereby taking a stance that will infuse a sense of urgency, seriousness and commitment into the entire budget process of preparation and presentation, appropriation, fund release, implementation and monitoring. The president should therefore be commended, encouraged and supported. This piece, which is not a technical review of the 2018 budget, will focus on strengthening the budgeting process, and improving the process effectiveness and sustainability of the 2018 budget and future ones. We will take the budget estimates, targets, projections, as given and as signposts towards which to strive, and as basis for performance evaluation. Since no one can really claim to have a crystal ball, one’s concern is more on the intent behind these estimates and the mobilisation of all efforts and resources towards their realisation. Budget timelines are critical aspects of the budgeting process and yet previous efforts seemed to have ignored this fact. The 2016 budget for example, was submitted late and passed into law very late. The fate of the 2017 budget was no less different. Most previous budgets followed this trend of late presentation and passage and consequent low implementation, resulting in rollovers and distortions. It seems the 2018 budget will be a departure from this ugly trend, as indicated by the president’s

early presentation of the 2018 budget proposal. Early presentation of the budget is predicated on early collation of inputs and preparation of the budget. Therefore, the presentation of the 2018 budget should automatically mark the commencement of the preparation of the 2019 budget estimates. The momentum garnered in the preparation of the 2018 budget should be carried over to 2019, by deploying the necessary technical expertise, knowledge, skill and commitment as well as providing an environment devoid of excessive bureaucracy and political distraction. Furthermore, the 2019 budget estimates should draw extensively from existing plans and documents such as the 2018-2020 Economic Growth and Recovery Plan (EGRP) and the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF) 2018-2020, coupled with update scans of the global and domestic environments. Any resulting budget estimate, which of course, must be subjected to realism test, will undergo continuous refinement as new performance data and information become available. A timeline of say, the second quarter of the year 2019 could be set as a target date to produce a zero draft of the budget. Thus, such an early start and continuous revision of fundamental assumptions, data and focus, based on available, new and empirical data, will to a large extent, guarantee the sustainability of early preparation and presentation of subsequent federal annual budgets. As already mentioned, the 2017 Appropriation Bill came into being after several months. It is therefore pleasing, to note that the Senate President, Abubakar Bukola Saraki, in his remarks at the joint session, assured that the National Assembly, will work to “ensure that these are passed by the end of

the year’’. The implication of the Senate president’s commitment is that, the appropriation bill could become law by December 2017, thereby actualising the proposed change to the January-December fiscal year. Acknowledging that budget appropriation involves a rigorous and painstaking process of quantitatively and qualitatively reviewing every item in the budget, before allocating and approving same for expenditure, we urge the National Assembly to strive towards the specific timeline of passing the appropriation act by December 2017, as promised by its leadership, as this will provide an early spend opportunity for the economy that is just emerging from a recession. The ministries, departments and agencies (MDAs) of the federal government should strictly comply with their budget defence timelines and do the needful. As noted by the senate president, submission of the federal budget along with those of the MDAs will definitely facilitate deliberations on the budget. If this was not done for the 2018 budget, then subsequent budget presentations should align with this idea. In order to support the appropriation process and ensure process sustainability and continuity, we suggest the establishment of a National Assembly Budget Office, if none currently exists. Such an Office will serve as a think-tank for the legislature on budget and related matters, and should be manned by experts and professionals who are non-partisan, liaising with the relevant MDAs and the House Committees on Budget and Appropriation, and acting as technical and operational bridge builders on budget issues. This outfit will be similar

to the US Congress Budget Office. Such an office will undertake the technical reviews, assessment and evaluation of the budget and make same available to the National Assembly as the need arises, thereby freeing sufficient time for the parliamentarians to focus expeditiously on the political economy of the budget, which is really what the appropriation process is all about. An additional way of minimising the enormous amount of time wasted on this aspect of the budget is by improving the working relationship between the presidency and the legislature. The recent positive signals from both parties are encouraging and should be strengthened and sustained. The senate president, while committing to the early passage of the 2018 Appropriation Bill, stressed the criticality of transparency, fund adequacy and early fund release in the success of the overall budget process, and this cannot be overemphasised. Late fund release and protracted appropriation deliberations could be attributed partly to revenue limitations. Therefore, a substantial part of 2018 budget discussion should centre on ways to unlock additional revenue potential in the economy, for both federally-collectible revenue and federal government independent revenue sources. Hitherto, budget considerations and discussions have been biased towards the expenditure side; it is time to shift emphasis towards diversifying, increasing and strengthening the revenue side of the budget. Such a shift will in the long-run, increase the size of the budget, reduce deficit and debt levels, and ensure early release of funds, projects completion and overall reduction in project abandonment. Ekpemauzor wrote from Abuja

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EDITORIAL CURBING VIOLENCE AGAINST WOMEN There is an urgent need to enforce the law on violence against persons

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ast Saturday, November 25, marked the United Nations International Day for the elimination of violence against women. Unfortunately, the campaign has not resonated much in Nigeria, essentially because it coincided with a period the role of women in domestic violence has come under intense searchlight. With the ongoing murder trial of an Abuja wife who allegedly stabbed to death her husband, son of a prominent politician, and another case in Gusau, Zamfara State, where a man is similarly battling for his life after being stabbed by his wife, there is the tendency to underplay the violence women and girls are exposed to in our country. That would be wrong. While spousal abuse cuts across both sexes, women and girls are predominantly the victims, even in our country. Yet for fear of being stigmatised by the society, there seems to be a conspiracy of silence. Where incidents are reported or noticed by third parties, the advice is usually reconciliation, while our police are known to have actively discouraged reports of assault between spouses, IGNORING THE SUBTLE trivialising such SIGNALS OF VIOLENCE occurrences as ‘doINFLICTED ON OUR mestic’. Yet, violence FEMALES CAN ONLY LEAD against women and girls, according to TO DISRUPTION IN OUR the United Nations FAMILIES AND IN OUR Secretary-General, SOCIETY Mr. Antonio Guterres, is fundamentally about power and “it will only end when gender equality and the full empowerment of women� becomes a reality. On the basis of the latest UN data, between 2005 and 2016 for 87 countries, 19 per cent of women between 15 and 49 years of age said they had experienced physical and/or sexual violence by an intimate partner in the 12 months prior to the survey. More instructive is that in 2012, almost half of all women who were victims of intentional homicide worldwide were killed by an intimate partner or family member, compared to six per cent of male victims. Moreover, only just over

Letters to the Editor

half (52 per cent) of women between 15 and 49 years of age who are married or in a relationship make their own decisions about consensual sexual relations and use of contraceptives and health services.

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hile the foregoing represents the global picture, the situation is as bad in our country despite the stringent provisions in the Violence Against Persons Prohibition (VAPP) Act 2015. The law prohibits, among others, abandonment of spouse, children and other dependents without sustenance; provides a legislative and legal framework for the prevention of all forms of violence against vulnerable persons, especially women and girls and also prohibits economic abuse, forced isolation and separation from family and friends, substance attack, depriving persons of their liberty, incest and indecent exposure. It also intends to eliminate violence in private and public life and provide maximum protection and effective remedies for victims of violence, and punishment of offenders. However, enforcing the law is a big challenge. The fear of being ostracised, the lack of material and ďŹ nancial resources and the general lack of sympathy and support from the public have contributed immensely to the growth of domestic violence in many Nigerian homes. Curbing these tragic incidents is therefore a collective responsibility. It is also the duty of governments, at all levels, to protect the most vulnerable by supporting the establishment of the necessary infrastructure and wherewithal, including safe houses, wherein abused women can be securely accommodated, counselled and enabled to regain some conďŹ dence and self-respect. The authorities must come to the aid of these unfortunate women, and be alerted to the fact that battery and assault remain felonies in our law books, even where inicted between spouses. We must understand that ignoring the subtle signals of violence inicted on our females can only lead to disruption in our families and in our society. It is therefore a collective responsibility of all stakeholders if we must end domestic violence in our homes.

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.

TACKLING THE BOKO HARAM MENACE

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ecently, Boko Haram took the people of Adamawa State by surprise in a suicide bombing which killed no fewer than 50 worshippers in a mosque in Mubi. The bomber mingled with the worshippers before triggering the explosives, the deadliest this year. In December last year Boko Haram killed 56 people in suicide bombing by two school girls in a market in Adamawa. Early this month a total of nine farmers were beheaded by Boko Haram in also Adamawa State. Not too long ago, Abuja, the country’s capital, was a theatre of suicide bombings. Although, the exact number of casualties was not disclosed, many Nigerians met their unexpected death there. The fact remains that each time the sect strikes it brings tears on the faces of the family of the affected people. Boko Haram started the insurrection in 2009 and since then more than 20,000 have been killed and two million people displaced. Former President Goodluck Jonathan administration did as much as it could but to no avail. The failure was due largely to sabotage by some Nigerians. Sabotage has become a phenomenon in the country. Rather than giving recognition and praises, the politicians are apportioning blame. For instance, the present ruling party, the All Progressives Congress has continued to blame Jonathan administration for its inefficiency. One of the accusations was on the issue of weaponry. The APC blamed the past administration for supplying inferior weapons to the Nigerian Army fighting the insurgents, saying that it had reduced to ridicule and lost the army fighting capability recognised in Africa

and in the rest of the world. In order to change the ugly situation for the better the party had made several promises to supply the army with powerful arms to deal with the insurgents. The fighting was both on land and air. The Chief of Army Staff Lt. General Tukur Yusuf Buratai had told Nigerians that Boko Haram has been eliminated from the country’s territory. This happened when Boko Haram stopped briefly its operation to study and train its members for deadly attacks. On resumption, suicide bombings in Maiduguri, Adamawa and Yobe States became rampant. Out of revenge, he ordered the soldiers to fish out in Sambisa forest in seven days the leader of Boko Haram Abubakar Shekau. The ultimatum was over but to no avail. The trend is now complex as school girls and women are forced to carry out suicide bombings. Not all, the second factional leader, Abu Musab al-Barnawi recently said that his group was being financed by ISIS, the dangerous Islamic terrorist organisation. The question is: how is the APC administration going to handle this situation? Is the Nigerian army not equipped with sophisticated weapons as promised by the party? Why is it taking so much time to eliminate Boko Haram from the country? Lesson: It is good to appreciate and recognise efforts instead of condemning. Let Nigerians beg Boko Haram to drop arms and embrace peace in the spirit of no winner no vanquish instead of allowing innocent lives to continue to perish. By so doing the remaining Chibok girls in captivity will be released. Sunday Yovo, Lagos

TINUBU,

KWANKWASO AND MINISTERIAL JOBS

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he issue before us here is simple to analyse: why would anyone think that “settling� Bola Ahmed Tinubu and Rabiu Kwankwaso with “juicy ministerial portfolios for their ‘boys’� would just make them feel great and remain contented with the status quo and spur them even more in the “anti-corruption crusade� of the Buhari administration? Moreover, would such appeasements not imply that these “boys� are expected to settle their “ogres� by corruptly pushing multi-billion naira contracts their way? I have always argued that “2019 is just around the corner and someone should once again remind President Muhammadu Buhari that politics is a ‘dirty game.’ So dirty that the Buhari camp (a.k.a. “the cabal�) is prepared to test Bola Tinubu and Rabiu Kwankwaso and see if this duo would not be financially inappropriately compromised. Sunday Adole Jonah, Department of Physics, Federal University of Technology, Minna

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T H I S D AY MONDAY NOVEMBER 27, 2017

T H I S D AY ˾ MONDAY, NOVEMBER 27, 2017

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POLITICS

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

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

Atiku Draws the Battle Line The decision by former Vice-President Atiku Abubakar to resign his membership of the ruling All Progressives Congress threatens to undo the alliance that swept President Muhammadu Buhari to power in 2015, write Tobi Soniyi, Segun James and Shola Oyeyipo

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he news that former Vice-President Atiku Abubakar has dumped the All Progressives Congress (APC) did not come to many as a surprise. First, it is typical of him to move from one political party to another whenever he comes to the realisation that the party he is leaving will not give him the opportunity to realise his long time ambition of becoming the president of the country. Twice, he had ditched the party he now plans to return to, the Peoples Democratic Party. The last time he dumped the party was in 2014. The then Minister of Information Labaran Maku under the PDP-led government, described him, along with others, as a political nomad “who keep migrating from one place to another.” When his former boss, Olusegun Obasanjo frustrated his ambition to succeed him as president, Atiku moved to the defunct Action Congress (AC), the main opposition party then which he helped to set up and won its presidential ticket for the 2007 presidential race. He eventually lost. In 2009, he returned to the PDP, the party he co-founded with others in 1998. However there are striking similarities between the excuses he gave while dumping PDP for APC in 2014 and what he said prompted him to leave the APC last Friday. While addressing his followers at the North East consultative meeting in Bauchi, after the leadership of the APC had invited him to join the party ostensibly ‘to salvage Nigeria’s democracy’, Atiku said: “You are the foot soldiers who will get the votes. You are central in our political process, and that is why I have to come and consult with you in helping me to take perhaps the most difficult decision of my political life.” He said the decision to dump PDP for the APC was difficult for him to make but said he was left with no other choice because the PDP where he belonged had sidelined him since Dr Goodluck Jonathan came on board. Among others, Atiku accused the PDP of sidelining him. He said then that as a member of the party’s Board of Trustees (BOT) by right, he was entitled to attend the National Working Committee of the party but that the NWC did not invite him for its meetings. He said he was also a National Executive Committee (NEC) member by right under the constitution of the PDP, but he had been barred from its meetings because invitations were not extended to him. While announcing his defection to the APC, Atiku said: “Following the extensive consultative process, I have, therefore, decided to cast my lot with APC, a party of change committed to the improvement of the lives of our people and to the continued existence and development of Nigeria as one indivisible country. My resignation letter as a member of PDP will be delivered to the party tomorrow.” Welcome to November 2017. In his statement announcing his resignation from the All Progressives Congress, Atiku said: “On the 19th of December, 2013, I received members of the All Progressives Congress at my house in Abuja. They had come to appeal to me to join their party after my party, the Peoples Democratic Party, had become factionalized as a result of the special convention of August 31, 2013. “The fractionalization of the Peoples Democratic Party on August 31, 2013 had left me in a situation where I was, with several other loyal party members, in limbo, not knowing which of the parallel executives of the party was the legitimate leadership.

“I admit that I and others who accepted the invitation to join the APC were eager to make positive changes for our country that we fell for a mirage. Can you blame us for wanting to put a speedy end to the sufferings of the masses of our people? “Be that as it may be, after due consultation with my God, my family, my supporters and the Nigerian people whom I meet in all walks of life, I, Atiku Abubakar, Waziri Adamawa, hereby tender my resignation from the All Progressives Congress while I take time to ponder my future.” Secondly, the APC leadership treated Atiku as if he was no longer wanted in the party. No one can therefore blame him for choosing to take his destiny into his hands. The ill-treatment meted out to him by the party he supported to capture power is in the public domain and should therefore not detain us further. For those who don’t like the idea that the former vice president frequently changes political party, there is needless to say that it is Atiku’s constitutional right to so do. Even though, he is entitled to switch political parties, he however can not escape the consequences of such decisions one of which is to conclude that he is impatient, inconsistent and desperate.

The Termination of Intels’ Contract

Atiku makes his move

“It was under this cloud that members of the APC made the appeal to me to join their party, with the promise that the injustices and failure to abide by its own constitution which had dogged the then PDP, would not be replicated in the APC and with the assurance that the vision other founding fathers and I had for the PDP could be actualized through the All Progressives Congress. “It was on the basis of this invitation and the assurances made to me that I, being party-less at that time, due to the fractionalization of my party, accepted on February 2, 2014, the hand of fellowship given to me by the All Progressives Congress. “On that day, I said ‘it is the struggle for democracy and constitutionalism and service to my country and my people that are driving my choice and my decision’ to accept the invitation to join the All Progressives Congress. “Like you, I said that because I believed that we had finally seen the beginnings of the rebirth of the new Nigeria of our dreams which would work for all of us, old and young. “However, events of the intervening years have shown that like any other human and like many other Nigerians, I was fallible.

But by choosing to hurt Atiku economically, the Buhari-led government appeared to have sent a clear signal to others contemplating challenging Buhari in 2019

“While other parties have purged themselves of the arbitrariness and unconstitutionality that led to fractionalization, the All Progressives Congress has adopted those same practices and even gone beyond them to institute a regime of a draconian clampdown on all forms of democracy within the party and the government it produced. “Only last year, a governor produced by the party wrote a secret memorandum to the president which ended up being leaked. In that memo, he admitted that the All Progressives Congress had ‘not only failed to manage expectations of a populace that expected overnight ‘change’ but has failed to deliver even mundane matters of governance’. “Of the party itself, that same governor said ‘Mr. President, Sir Your relationship with the national leadership of the party, both the formal (NWC) and informal (Asiwaju Bola Tinubu, Atiku Abubakar, Rabiu Musa Kwankwaso), and former Governors of ANPP, PDP (that joined us) and ACN, is perceived by most observers to be at best frosty. Many of them are aggrieved due to what they consider total absence of consultations with them on your part and those you have assigned such duties.’ “Since that memorandum was written up until today, nothing has been done to reverse the treatment meted out to those of us invited to join the All Progressives Congress on the strength of a promise that has proven to be false. If anything, those behaviours have actually worsened. “But more importantly, the party we put in place has failed and continues to fail our people, especially our young people. How can we have a federal cabinet without even one single youth. “A party that does not take the youth into account is a dying party. The future belongs to young people.

Before now, the APC-led government had relentlessly waged war against Atkiu’s business interest. On October 10, 2017, the Nigerian Port Authority terminated its Pilotage Agency Agreement with Intels Nigeria Limited (INL), a company where Atiku hold substantial interest. In a letter to the NPA, Attorney General of the Federation and Minister for Justice, Abubakar had argued that the agreement with INL violated section 80(1) and 162(1) of the constitution. Many viewed the war against Intels as a deliberate attempt to intimidate Atiku to shelve his ambition to be president. The alleged illegality which the AGF referred to is one that can be addressed without terminating the contract. “Given the huge commitment of INL to the Nigerian economy, it does not make economic sense to terminate the contract unless you are mixing business with politics,” a top government official said. But by choosing to hurt Atiku economically, the Buhari-led government appeared to have sent a clear signal to others contemplating challenging Buhari in 2019: be prepared for the consequences of daring to oppose the president.

APC Reacts For the APC, Atku’s exit from the party is good riddance to bad rubbish. The party said his exit was informed by his personal political interest, a calculation the party said it understood. “The former vice president found that his interests would be better served elsewhere and he decided based on that,” party’s spokesperson, Bolaji Abdullahi, said Although, the party welcomed Atiku’s exit, it nevertheless said that the development called for some reflections. “But it would help us to look internally and address areas that require attention,” he added. Abdullahi said: “No party would be happy to see its leaders depart, but politics is all about interest. CONT’D ON NEXT PAGE

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T H I S D AY ˾ MONDAY, NOVEMBER 27, 2017

POLITICS

MONDAY DISCOURSE

AT I K U D R AW S T H E B AT T L E L I N E

Mrs Alhassan openly expressed support for Atiku

“While it is true that we’ve lost some politicians, we’ve also been having incomers.” In his reaction, West Africa’s first fellow in Aerospace Medicine and a governorship aspirant on the APC platform in Ekiti State, Dr Makanjuola Owolabi, said that Atiku should have tarried a while before opting to quit the party. He also said the decision would not have been unconnected with the lack of love, which he said he wished to change. “First, the emphasis is that the constitution of Nigeria makes it very clear that the country is founded on freedom, so that means that everybody has the right to opinions that no other should challenge. “Having said that, my personal opinion is that I have not spoken to him, but it is clear to me that - he has not told us he is leaving to any other party, but anybody leaving his party to the other, it means there are certain issues which made him uncomfortable. “What I understand is that our biggest problem in Nigeria is that we don’t live in love. We have certain vices that are militating against us, no matter who we are. It can be summarised as wickedness and hatred and the antidote to that is love. When people don’t fee loved there is the possibility that they will feel alienated and opt out. “Having said that, I think my advice would have been that the former vice president ought to have waited for some time, because patient and perseverance are virtues of God - whether you are a Christian or Muslim. So, I think the length of time he has spent in APC is too short to start opting out. But nevertheless, like I said, I’m not in his heart but it is clear to me that the summary of our problem in Nigeria is that we don’t love each other.” Whatever the arguments are, what is obvious is that this is a developing story and there will be many more angles to it as the 2019 general election draws closer.

El-Rufai says governors would not support Atiku

of his frustrating ambition. Now that Atiku has left, Tinubu and other party leaders who had suffered no less humiliation like Atiku must be at a crossroads. Threaten to leave and your business empire may become a target of hostile investigation. The alternative is to keep dinning with the devil. By leaving APC, Atiku hopes that he will win the PDP’s presidential ticket. His chance of getting the ticket is further boosted by the fact that PDP has zoned :the presidency to north. However, it will not be easy because many in the party are very suspicious of him. Although, the former vice president is a one of those who founded the party in 1998, there would have been no party to return to if everyone had left PDP because of one grievance or the other. There is no one in the party that had not been slighted one way or the other. But they chose to remain in the party. Will he become the party’s presidential candidate, only time will tell.

Mass Defection from APC Unlikely There have been speculations that Atiku’s return to the PDP would trigger mass defection from APC to the PDP. This appears to be the logical sequence that should follow. However, this may not happen because politics sometime can not be logically explained. Many, against their wish, will remain in the APC. They won’t leave until there is a clear signal Buhari is losing power. For now, that is not the situation. Already Governor Jibrilla Bindow of Adamawa State, Atiku’s state of origin has said he had no immediate plans to follow Atiku Abubakar out of the APC. He was elected on the APC’s platform. The Adamawa governor said his relation-

Implication for the Polity The leadership of the APC has for long been pretending that all is well with the party formed to wrestle power from Dr Goodluck Jonathan. Earlier attempts by the National Leader of the party, Asiwaju Bola Tinubu to draw the attention of the president to the ills in the APC were rebuffed by those who have easy access to the president. They easily persuaded the president to see Tinubu’s ‘ranting’ as evidence

In the south, Atiku’s support for the restructuring debate means that he has many potential supporters there

ship with the former vice president would remain cordial and mutually beneficial for the foreseeable future. Besides, the governor had already endorsed Buhari for the 2019 presidential race. Last Friday, the governor of Kaduna State, Nasir El-Rufai, said “not one” governor from the ruling All Progressives Congress, APC, would decamp with Atiku. “That I am sure of. I can speak authoritatively about it because I’m in touch with my colleagues. “The only governor that he would think will go with him, the governor of Adamawa State has already endorsed President Buhari for the 2019 elections. And there are many governors, I will not mention the number but a majority of the APC governors have already taken the position that the president should run for a second term in office.” Bindow, had earlier declared his support for Atiku whom he acknowledged as the sponsor of his governorship election. In December 2015, the governor confirmed that Atiku gave him N500 million for his campaign. However, a month before Atiku dumped APC, the Adamawa state chapter of the APC pledged support for Buhari if he declares to run in 2019.

Atiku Has His Fans in APC Anyone who underestimates the former vice president does so at his own risk. Within the APC, there are many who want him to be president. The Minister of Women Affairs, Aisha Alhassan, is one of them. She is one those that have endorsed the former vice president for the 2019 presidential election. Some people holding key position in Buhari government also hold allegiance to Atiku. The presidency is likely to order a purge of those Atiku’s loyalists. The witch-hunt may start very soon. Another implication of Atiku leaving APC for PDP is that the former now faces a more formidable opposition in the latter. Most likely, many of the former vice president’s loyalists and political associates are going to stay put in the ruling party and will from there work for Atiku and in the process undermine Buhari. If not well-handled, this could easily polarise the APC. Many also believe that Atiku will give Buhari a run for his money in the north if the former vice president eventually picks the PDP ticket for the presidential election. In the south, Atiku’s support for the re-

structuring debate means that he has many potential supporters there. While the president and his men have not hidden their mistrust with the issue, the former vice president has told whoever cares to listen that he agrees that Nigeria needed to be restructured. That is a selling point for anyone hoping to win support in the south. Except Buhari takes concrete steps to address the issue before his tenure runs out, it is capable of giving the PDP and whoever emerges as its presidential candidate an edge over the APC in the south. Another implication is that whereas Buhari’s APC is being rejected in the South-east, Atiku has invested in quality friend in that region. It will come handy when it matters most. Another problem is that even the president’s major supporters and financiers in the South-west like fTinubu and former Osun State governor, Chief Bisi Akande and a lot of their loyalists are not happy about the treatment meted to Tinubu after he supported the APC to victory. They are only playing along. So, the possibility that the president will get the kind of support he got in 2015 in 2119 in the southwest is not very certain. For Atiku, he is surely unaware that there are forces contending against his presidential ambition. His former boss, former president, Chief Olusegun Obasanjo will surely be a hard nut for him to crack. The former president openly worked against his ambition before and from all indications, it is still anybody but Atiku for Obasanjo. In fact, recently a political associate of the former vice president Atiku, Alhaji Abdullahi Sugar, cautioned Northerners against the alleged moves by Obasanjo to force one of his “boys” on the North in 2019 for the presidency. Sugar told the media that the former president was working hard to force either Governor Nasir el-Rufai or Senator Rabiu Musa Kwankwaso on the region. “We, northerners, must be wary of these antics. It has happened before and we should not allow it to happen again. He, Obasanjo, should allow the people’s will to prevail,” he alleged. The interpretation is that Atiku would have both the presidency and his former boss to contend with in his quest to rule Nigeria. How he hopes to deal with that is yet unknown.

T H I S D AY MONDAY NOVEMBER 27 2017

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FEATURES

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

Private Bodies Come to the Rescue While African countries continue to drag their feet in improving literacy and the quality of education, private drivers similar to what the UBA Foundation is engaging in will become more and more relevant in securing the continent's future, writes Solomon Elusoji

L-R: 1st Runner-up 2017 UBA Foundation National Essay Competition and student of ENAL International Schools, Miss Deborah Chinwendu Innocent; GMD/CEO, UBA Plc, Mr. Kennedy Uzoka; Overall Winner and student of British Nigerian Academy, Miss Samuella Sam-Orlu; Managing Director/CEO, UBA Foundation, Bola Atta; and 2nd Runner-up and student of Nigerian Christian Institute, Miss Yahofon Ettah Essien, during the grand ďŹ nale and prize giving ceremony held at UBA House in Lagos‌recently

We are well aware that if you help get one child educated, you help support an entire family as that child will eventually positively impact his/ her community. The competition is a key aspect of our investment drive in human capital and we will continue to sustain the initiative because education is very important to UBA and we are more than committed to providing the necessary support for students in Nigeria and throughout the African continent L-R: GMD/CEO, UBA Plc, Mr. Kennedy Uzoka with the Overall Winner of the 2017 UBA Foundation National Essay Competition and Student of British Nigerian Academy, Miss Samuella Sam-Orlu, during the grand ďŹ nale and prize giving ceremony of the UBA Foundation National Essay Competition held at UBA House in Lagos

L

ast September, UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Plc, invited entries for its annual National Essay Competition in Nigeria. The essay competition which is put together for senior secondary school students across the country is organised as part of UBA Foundation’s Education initiative to promote reading culture and encourage healthy and intellectual competition amongst secondary school students in Nigeria and across Africa. The Chief Executive Officer of UBA Foundation, Mrs. Bola Atta, who announced the call

for entries, said the essay competition provides an opportunity for students to win prizes in the form of educational grants to help them realise their goals in life. “We are well aware that if you help get one child educated, you help support an entire family as that child will eventually positively impact his/her community," she said at the time. "The competition is a key aspect of our investment drive in human capital and we will continue to sustain the initiative because education is very important to UBA and we are more than committed to providing the necessary support for students in Nigeria and throughout the African continent."

This month, at the grand finale of the competition held at the UBA headquarters in Marina, Lagos, winners of the essay competition emerged and it was an all female affair as 15-year-old Samuella Sam-Orlu of British Nigerian Academy, Abuja, emerged the overall winner, winning an educational grant of one million naira to study in any African university of her choice, as well as a laptop. Samuella clinched first position 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

winning the competition would propel her to do more in attaining her dreams of becoming a Medical Director. “I am very thrilled, and thankful to God," she said. "I want to say that I was very grateful to hear my name announced as the winner. I am indeed very grateful to UBA for this huge opportunity and making me believe in myself. This grant will go a long way to support my bid for quality education.� The second prize was bagged by Deborah Chinwendu Innocent, 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

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FEATURES

L-R: Group Head, Human Resources, UBA Plc, Patricia Aderibigbe; GMD/CEO, UBA Plc, Mr. Kennedy Uzoka; Guardian of the Overall Winner, Jacqueline Uzoadibe; Overall Winner of the 2017 UBA Foundation National Essay Competition and student of British Nigerian Academy, Miss Samuella Sam-Orlu; Managing Director/CEO, UBA Foundation, Bola Atta; and Group Head, Secretariat and Corporate Services, UBA Plc, Bili Odum, during the grand ďŹ nale and prize giving ceremony of the UBA Foundation National Essay Competition held at UBA House in Lagos

L-R: GMD/CEO, UBA Plc, Mr. Kennedy Uzoka; Overall Winner of the 2017 UBA Foundation National Essay Competition and student of British Nigerian Academy, Miss Samuella Sam-Orlu; and Managing Director/CEO, UBA Foundation, Bola Atta, during the grand ďŹ nale and prize giving ceremony of the UBA Foundation National Essay Competition held at UBA House in Lagos

Institute, Akwa Ibom State. As second runner-up, she received a N500,000 educational grant and a laptop. The other nine finalists were given laptops and all 12 finalists went home with certificates. Atta, who was present at the grand finale, while congratulating the winners commended them for their exceptional brilliance. “Every student who sent in an entry is on a winning streak already," she said. "To be confident about your writing skills and thirsty enough to enter a competition to further enhance your educational path is laudable. For those that did not win, I would say do not be discouraged. Take it as a challenge to perfect your writing skills and enter for the competition again in 2018." According to Atta, UBA Foundation, being the CSR arm of UBA Plc, makes it a point of duty to give back to communities where UBA operates. Education, she noted, is one of the Foundation’s focus areas as it is the bedrock of any nation. She went on to encourage finalists to be good ambassadors of the competition which is in its sixth year in Nigeria, affirming that the competition will be held every year. In his remarks, the Managing Director/Chief

Executive Officer of UBA Plc, Mr. Kennedy Uzoka, said UBA as a bank was happy that it is touching lives and making solid impacts through this competition and the grant it gives out to those who emerge winners. “Seeing past winners tell their stories on the impact the grants have made on their education and particularly how the financial burden was lifted off their parents, gives us joy that our foundation is unique and stands

Seeing past winners tell their stories on the impact the grants have made on their education and particularly how the ďŹ nancial burden was lifted off their parents, gives us joy that our foundation is unique and stands out from others in touching lives

out from others in touching lives,� Uzoka said. He informed the gathering made up of parents, students and the media that the essay competition has produced over 100 winners, since its inception in 2011 in Nigeria, with winners studying varied courses in universities in Nigeria and within the African continent. “I must also state here that we want to make sure that the grants are given to those who really need it. That is why we restrict the grant to schools within Africa alone. If by chance the parents of any winner send his or her ward to an elite school outside Africa, we would not go ahead with that support, because what we are really after are those who need the grant as we contribute to the development of Africa," Uzoka added. He went on to encourage the winners to be of good character, and ensure that apart from academic excellence, they must avoid any negative action that might dent the foundation’s image and that of their families. One of the past winners of the 2011 edition, Ms Enitan Amodu, who is now a graduate of Physiotherapy, from Babcock University, said the grant took a huge burden off her parents financially, and has also helped to build her confidence. “Being a winner of this grant gave

me a platform to shine and has helped to reinforce my determination that I can achieve anything I set out to do," she said. "That is why every day, with heartfelt gratitude to UBA, I have decided to be a worthy ambassador of the foundation by keeping the fire burning most importantly because I don’t want to be another unemployed graduate statistic." The judges, led by a Professor of English (Gender Studies) and Director of Pre-degree Studies, University of Uyo, Mrs. Ini Uko said they were impressed with the participants who showed lots of promise as to what to expect of the future of Nigeria, noting that the students wrote intelligently and their ideas were well articulated, new and refreshing. She noted that the judges were also encouraged by the fact that entries came in from students from all parts of the country. The essay competition is just one of many ways through which the UBA Foundation supports Nigeria and indeed Africa's frail educational system. Each year, the Foundation donates thousands of books to students in Nigeria and other parts of Africa, under its ‘Read Africa’ initiative to encourage and promote the reading culture in secondary schools. Last July, the Foundation visited Our Lady of Mercy Girls Secondary School in Nairobi, Kenya, to donate over 500 copies of the novel 'The Fishermen' written by Chigozie Obioma. Before going to Nairobi, the Foundation, that same month, had visited Emma High School in Kampala, Uganda The initiative, which was launched in 2011 with the aim of encouraging students to improve their vocabulary and communication skills through reading, has been changing the lives of African students across the continent for six years. Over a hundred thousand books and educational materials have been donated to various schools across Africa under the initiative. “The pursuit of knowledge should be a lifelong activity that starts at a very young age," Atta, the Foundation's Chief, has said. When the Foundation visited the C. William Brumskine Elementary School in Monrovia, Liberia, to introduce 'The Fishermen' to a delightful group of young students with hopes and aspirations for the future, Atta, while she read passages of the book to the children, said: “We, at UBA Foundation, are eager to better the lives of people across the continent. I am here to tell you a bit about the importance of reading and how it can change your lives dramatically. Reading will encourage you to dream; it will broaden your knowledge, your vocabulary. You can read yourselves into very successful careers in the future.� While African countries, especially Nigeria, continue to drag their feet in the business of improving literacy and the quality of education (Nigeria's proposed 2018 budget allocated just about seven per cent to Education), private initiatives similar to what the UBA Foundation is engaging in will become more and more important to secure the continent's future.

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IMAGES

L-R: Country Manager, NetApp, Uzo Atugbokoh; Regional Sales Manager, West Africa, Interdist Alliances, Tunde Fasanmi and Executive Director, Technology and Operations,Nnamdi Onyebuchi;, at Weco-Interdist-NetApp data centre transformation workshop in Lagos... recently etop ukut

L-R; Regional Manager, Eaton Nigeria, Charles Iyo; Country Sales Manager, Eaton Nigeria, Temitayo Awojole; Product Manager, Eaton Nigeria, Tosin Omodayo; Executive Director, PowerEx Limited, Wole Abayomi; and Power Quality Sales Specialist, Eaton Nigeria, John Eheidu; at the Eaton Consultants Forum held in Lagos... recently. .. sunday adigun

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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: Director of Operations, Mouka Nigeria, Mr. Eze Emmanuel; Director- General, Lagos Chambers of Commerce and Industry (LCCI), Mr. Muda Yusuf and National Retail Manager, Mouka Nigeria, Mr. Okosun Ben Collins, receiving the best mattress manufacturing company of the year award, at The Guardian manufacturing excellence award, in Lagos‌.recently kola olasupo

L-R; Corp Commander, Federal Road Safety Corp (FRSC) Lagos State Command, Mr Hyginus Omeje; Managing Director/Chief Executive OďŹƒcer, Guinness Nigeria Plc, Mr Peter Ndegwa; Zonal Commanding OďŹƒcer/ Assistant Corp Marshal, Federal Road Safety Corps (FRSC) Zone 2, Mr Shehu Zaki and Special Marshal Okesokun Prince Bright, during the Guinness-FRSC Ember Months rally, held at the Agege Motor Park, Lagos...recently

L-R; President, Institute of Chartered Accountant of Nigeria (ICAN), Alhaji Ismaila Muhammadu Zakari; ICAN new inductee member, Oladimeji Michael Tosin; and special guest, Dr. Catherine Ginikanwa Okpareke, at the 60th induction ceremony of new ICAN members, in Lagos, recently sunday adigun

R-L President, Unilever Africa, Bruno Witvoet; Pupil, Ken-Ade Private School, Makoko, Okimiji Wuraola; Proprietor, Ken-Ade Private School, Makoko, Bawo Ayeseminikan; Pupil, Ken-Ade Private School, Makoko, Nana Yemisi and Director, Distributive Trade, Customer Development, Unilever Nigeria, Ubeh Michael; at the Unilever Perfect City Community outreach in Makoko Lagos,..recently.

Raoul John Njeng-Njeng aka Skales, MTN Pulse House Party Winner; Uchechukwu Odogwu, Chidinma Ekile aka Miss Kedike and Folarin Falana aka Falzthebahdguy all at the MTN Pulse House Party in Port Harcourt... recently

Edo State Governor, Mr. Godwin Obaseki (right) pose with Master Yusuf Hassan of Eson Nerie Primary School (left) and Miss Faith Toun-Agbai of Eguare Primary School, when they visited the governor after winning the South-South region of Lafarge National Literacy competition, in Government House, Edo State....recently

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T H I S D AY ˞ ˜ NOVEMEBER 27, 2017

BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT

A S

A T

CALL 1-MONTH 3-MONTH

Email chika.amanzenwachukwu@thisdaylive.com 08033294157

N O V E M B E R

REPO 30.83% 32.58

Group Business Editor Chika Amanze-Nwachuku

S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE

39.50% 42% 43.50%

316.61% 0.03% 2.04%

2 4 , S & P INDEX 1/4 TO DATE YEAR TO DATE

2 0 1 7

7.16% 20.77%

EXCHANGE RATE N305.85//1US DOLLAR* *AS AT LAST FRIDAY

Quick Takes Wema Opens New Branch in Bauchi Wema Bank Plc has opened a new branch in Bauchi State as it continues its expansion using a two-pronged approach of digital and physical branches. In its northern expansion drive, Wema Bank had recently opened branches in Kaduna, Minna, Lokoja, Maraba and Bauchi, stating that another branchwould be opened in Kano in the coming weeks. The Head of Brand and Marketing Communications at Wema Bank Funmilayo Falola said: “Our promise is not only to existing customers, but to everyone who has a banking need at one point or the other in their lives.� “This is why we founded ALAT, to cater to the needs of the banking population who want convenience, simplicity and control. And for those in the northern part of Nigeria who wanted us closer so that they can do business with us; we are closer now than ever, ready to build value-driven relationships with them,� she added in a statement. Wema Bank has in recent times invested in improving the ambience of its branches across the country even as it invests in technology to ensure it gives its customers delightful and memorable service experiences across all its touch points. Thebank launched ALAT in May, and the market has warmly received the digital bank with more than 130,000 accounts opened till date.

Efekoha Bags IoD Fellow Award

A BOOST TO NIGERIA’S HEALTH SECTOR

L-R: Chairman, PathCare Nigeria, Dr. Richard Ajayi; Managing Director, PathCare Nigeria, Dr. Pamela Ajayi; CEO, Synlab Emerging Markets, Thomas Degott; Executive Director, Operations, PathCare Nigeria, Dr. Tolu Adewole, during a media brieďŹ ng to announce SYNLAB’s major acquisition of majority stake in PathCare Nigeria ‌recently

CBN Injects $498m in Forex Market in One Week Obinna Chima The Central Bank of Nigeria (CBN) last week raised the tempo of its foreign exchange (forex) intervention in the interbank market to a total of $498 million. Figures obtained from the central bank showed that it commenced the week by initially injecting $210 million and thereafter sold another $288 million. The forex intervention at the beginning of the week was for the wholesale, small and medium scale enterprises

ECONOMY (SMEs) and invisibles windows. But the dollar sales last weekend were in favour of the agricultural, airlines, petroleum products and raw materials and machinery sectors. Confirming the development, the acting Director, Corporate Communications at the CBN, Mr. Isaac Okorafor said the releases were targeted at sustaining liquidity in the market as well as boosting production and trade.

He reiterated that the Bank remained committed to ensuring liquidity in the inter-bank sector of the market and would continue to intervene to drive growth in the economy and guarantee stability in the market. Okorafor however, stressed that the CBN would not relent in its monitoring of the market to ensure that authorised dealers abide by the extant rules. The official rate marginally appreciated 10 kobo to N305.85 to the dollar, from last week’s N305.95 to the

dollar, while in the parallel market, the naira traded flat at N364 to the dollar all through the week. At the I&E Window, the NAFEX rate closed at N360.25 to the dollar. However, activity level strengthened relative to previous week as offshore investors continue to position innaira assets. Weekly turnover improved to$907.68 to the dollar. In the FMDQ OTC futures market, the total value of open contracts of the naira Continued on page 24

THISDAY Model Portfolio Hits New High as Investors Renew Demand Goddy Egene The THISDAY Model Portfolio (TMP) reversed the decline recorded the previous week to hit a new high last week. The TMP had in the previous week closed with a decline, falling from 20.7 per cent to 17.5 per cent. But the story was different last week as aggregate value surged to 22.4 per cent. TMP, an initiative of THISDAY Economic and Financial Intelligence Unit (TEFIU), is designed to enable leading stockbrokers and investment houses in the country share their trading skills and methodologies with ordinary investors. The investment

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

their best and well tested stock selection and investment strategies. They were then asked to each deploy an imaginary fund of N10 million to invest on the 10 stocks in whatever proportions they considered best. Last Friday marked the 22nd since the introduction of the portfolios and they have generated a total return of N11.224 million. Last week was unique as all of the portfolios have returned to positive territory. Portfolio E that had recorded a negative return of 1.8 per cent as at two weeks ago, closed last week with a growth of 1.46 per cent. Portfolio C that had re-

corded the highest growth but declined to 30.2 per cent the previous week, recovered back to 35.6 per cent last week. From a value of N10 million, Portfolio C has appreciated to N13.558 million as at last week. Portfolio D similarly, rose to 31.6 per cent from 24.5 per cent to maintain its second position as the highest gainer. This shows that the portfolio value has grown from N10 million to N13.160 million. Also, Portfolio B Jumped from 23.0 per cent the previous week to 27.9 per cent last week to retain the third position. Portfolio A, which Continued on page 24

The Chairman, Nigerian Insurers Association (NIA) and Managing Director, Consolidated Hallmark Insurance Plc, Eddie Efekoha, was among 40 eminent professionals and business leaders conferred with the fellowship of the Institute of Directors (IoD) Nigeria recently. The Director-General/CEO of the institute, Dele Alimi, who spoke at the event in Lagos, said the award is for members with a minimum of 10-year directorship experience in reputable organisations and have distinguished themselves over the years. The event also featured conferment of Distinguished Fellow Award on two past presidents of the institute, Chief Eniola Fadayomi and Samuel Yemi Akeju as well as the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele and Chairman, Thorbourn Investment Limited, Justin Emmanuel. The list also includes: President Dangote Group, Alhaji Aliko Dangote, Chairman, Zenith Bank Plc., Jim Ovia; Chairman, John Holt, Christopher Ezeh. Among those to be upgraded as fellows are: MD/CEO, Mutual Benefit Assurance Plc., Dr. Olusegun Omosehin and Director, First Bank Nigeria, Ambrose Feese, Others are: MD/CEO, Heritage Bank, Ifie Sekibo; Chairman, Mobil Oil Nigeria, Oyetunji Oyebanji; Registrar General, Corporate Affairs Commission, Alhaji Bello Mahmud and MD/CEO, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim among others.

Dana Air Wins Ticketing Award Dana Air Customer Service Agents across its Lagos, Abuja, Uyo and Owerri stations have won the 2017 Outstanding Female Ticketing Executive Awards, at the annual conference of Women in Aviation held recently in Port Harcourt, Rivers State. Speaking on behalf of the other Dana Air awardees, the Customer Service Lead Agent, Nelly Diden said: “We are proud of this award and the fact that we have been recognised as good ambassadors of Dana Air. This shows that people actually watch and appreciate the way we attend to our customers and we will not rest on these laurels, but continue to be the best that we can to make Dana Air proud of its investment in training. “We thank the Women in Aviation Nigeria chapter for this award and the management of Dana Air for engendering a work atmosphere that encourages creativity,� she said. Recipient of numerous awards for service excellence, Dana Air recently celebrated its 9th anniversary and consummated it with the receipt of its membership certificate of the International Air Transport Association (IATA).

“While tightening would strengthen the impact of monetary policy on inflation with complementary effects on capital inflows and exchange rate stability, it could also potentially dampen the positive outlook for growth and financial stability� CBN Governor,

Mr. Godwin EmeďŹ ele

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BUSINESSWORLD

NEWS

CBN INJECTS $498M IN FOREX MARKET IN ONE WEEK

THISDAY MODEL PORTFOLIO HITS NEW HIGH AS INVESTORS RENEW DEMAND

settled OTC futures for the 12 instruments on the calendar stood at US$3.4billion from US$3.3billion the previous week. The JUNE 2018 contract received the most subscription (US$40 million) bringing total value to US$185.8 million while the rest of the contracts received minimal participation. According to Afrinvest West Africa Limited, the naira/dollar NOV 2017 contract with total value at US$543.1 million will be maturing this week. “We expect this to be replaced by an equivalent Naira/Dollar NOV 2018 contract. With external reserves at a 30-month high of US$34.9bn coupled with the US$3.0bn raised via Eurobond issuances, we expect the CBN to sustain frequency of interventions and the Naira to remain stable at all segments of the FX market in the near term,� the research firm added. CBN Governor, Mr. Godwin Emefiele last week said the Monetary Policy Committee (MPC) 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. He said 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 non-performing 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.

fell to 12 per cent the previous week, appreciated to 15 per cent last week. However, a further analysis of all stocks

in the Portfolio C showed that they maintained positive performance except one that declined and another that stagnated.

The highest positive return has improved to 95 per cent, trailed by 85.7 per cent. This was followed by 50.2 per cent, 44.8 per cent,

22.0 per cent, 21.8 per cent, 18.8 per ent ad 10.9 per cent in that order. In the same vein, under Portfolio D, the

stocks with negative performance remained two( 13.5 per cent and 2.84 per cent).But the highest price is 95 per cent, trailed by 62.3 per

cent. Others included: 44.8 per cent; 31.6 per cent; 21.9per cent; 21.8 per cent; 14.6 per cent; 14.6 per cent and 4.7 per cent.

PwC Forecasts Robotic Operations for Nigerian Businesses Emma Okonji and Solomon Elusoji Given the global growth and acceptance of Artificial Intelligence (AI) and Internet of Things (IoTs) in business operations, PricewaterhouseCoopers (PwC), one of the biggest professional services companies in the world, has predicted that Nigerian businesses would soon begin to incorporate robotic automation into their operations, which is driven by AI and IoTs. The prediction was based on a recent research findings conducted by PwC on Shared Service Centres (SSCs) and Centralised Processing Centres (CPCs) across industries in Nigeria, designed to gain first-hand opinions and insights on the maturity levels of SSCs and CPCs in Nigeria. The report was also carried out to find out the key trends, challenges and risks in the imple-

mentation of SSCs and CPCs, as well as the opportunities of optimising them in business operations. The survey was conducted across various industry sectors like oil and gas, manufacturing, finance, telecommunications, among others, and 93 respondents from across the various industries, participated in the survey. According to the survey report, which was launched in Lagos recently, 83 per cent of respondents indicated Finance and Information Technology functions as major candidates for migration to Shared Service Centres, 7 per cent of CPCs surveyed employ ‘only contract staff’ while the SSC staffing model is purely a mix of contract and full time staff; and 70 per cent of respondents indicated that CPC costs are billed as part of ‘head office’ costs to various segments

of the business, using an agreed allocation key. Findings of the report also showed that 83 per cent of SSC respondents indicated that their organisations have adopted multi-function SSCs, 31 per cent of CPC respondents achieved cost savings between 10 per cent and 30 per cent, while 7 per cent of SSC respondents indicated cost savings between 10 per cent and 30 per cent. The report further said 29 per cent of SSC and 74 per cent of CPC use allocation-based pricing models, while only 12 per cent of SSC and 26 per cent of CPC use transaction based pricing models for their businesses. The report listed six trends that would shape the future of Shared Service and Centralised Processing Centres to include: standardisation, automation, job enrichment, scope enhancement, data analysis and service

orientation. Giving insight into the report, the Associate Director of Operations at PwC Nigeria, Adedoyin Amosun, said Nigerian businesses, especially those in the financial services, telecommunications and constructions sector, would soon begin to make use of Robotic Process Automation (RPA) to streamline their operations. RPA is the use of smart software to execute processes across various systems and can be used to access business systems, access legacy ‘green screen environments’, access and extract data from web and citrix environments, use emails to trigger a process and send emails when complete, among many other functionalities. “Typically human beings have an error rate of three to 5 per

cent, but the robot has an error rate of 0.2 to 0.5 per cent, and the mistakes that are made are not actually from the robot, but could be as result of a change in the process,� Amosun said, while insisting that one of RPA’s most important attributes is accuracy. Although there were concerns about the possible loss of human jobs with the introduction of robotics, but Amosun clarified that job losses would not be an issue that would slow down the technology adoption, since the introduction of RPA in itself, would increase job creation, productivity and efficiency. “Skill-sets of shared services are changing, so increasingly we will need people that can analyse information and come up with insights. So it is the skill-sets that are changing. It does not necessarily mean that people will be laid off,� she said.

FG Defends Plan to Engage Malaysian Consultants for ERGP Ndubuisi Francis, Obinna Chima and Ugo Aliogo

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

The Senior Special Assistant to the President on the Economic Recovery Growth Plan Implementation (ERGP), Dr. Effiong Essien has defended the move by the federal government to engage Malaysian experts to drive the implementation of theERGP. According to Essien, the decision of by the Federal Executive Council (FEC) was aimed at encouraging transfer of knowledge. Essien disclosed this in Kano state at the weekend, during a two-day workshop for financial journalists organised by the Nigeria Deposit Insurance Corporation (NDIC). He stated that the sourcing for Malaysian experts to support government’s efforts to fix the economy falls within the third level of the ERGP. He added that once the foreign experts complete their work and

go, they wouldthereafter leave the economy for Nigerians to use local content to build on what hadbeen established “then escalate the experience to the state and local government level.� Essien explained that the ERGP implementation unit which was setup by thepresidency is manned by four industry experts, stating that the unit has prioritised the agricultural, transport, manufacturing and power and energy sectors. Essien stressed that the government approach also focuses on sub-national linkages in which they are trying to see collaboration between the federal, state and local government levels and the multi-stakeholder approach. According to Essien: “For the ERGP plan, the implementation unit needs to be able identify the bottlenecks and work towards consensus action in removing them. The implementation unit takes the role of a convener. “The unit takes three over-

arching approaches in the implementation of the policy. We must mention that we sit at the intersection of policy, economics and getting things done on the ground. Therefore, we take a very neutral stance. “The focus is on how we can create the enabling environment for the private sector operators to key into what the public sector has been doing badly. For instance, getting them to leave the market driven activities and allow them to bring in the experts into the vacant spaces of competition and experience. This is where the Malaysians experts come in to transfer knowledge and the first modelling of the focused gaps.� He added: “After that, they (the Malaysians) will leave it for Nigerians to use local content to build on that then escalate the experience to the state and local government level. “This is where we hope can draw in billions of dollars of investments to the public-sector

activities. Therefore, that is the multi-stakeholders approach we are taking. But to be able to do that, we must find a way in de-risking investment because people are basically going to respond to signals If there are no de-risking institutions and layers of enablers. “This is the aspect we are working on currently and mapping out issues. For instance, we are talking about access to finance, cost of finance and to be able to do that you need to have finance regulators in the group as a multi-stakeholders’ approach or pluralistic approach.� The FEC recently resolved to engage foreign consultants from Malaysia to conduct a forensic study that will boost the implementation of the ERGP. The meeting, presided over by Vice-President Yemi Osinbajo, which approved N458million for the exercise, put the duration of the forensic study at three months to be undertaken in

three phases. The council had categorised the three phases of the study as pre-laboratory, laboratory and post laboratory stages, which it said would include the involvement of 100 persons from both the public and private sectors. The foreign consultants were expected to bring into the economic plan their international experience, which the council believes will enhance the credibility of ERGP. Briefing State House correspondents at the end of the meeting, the Minister of Budget and National Planning, Senator Udoma Udo Udoma had said the consultants would conduct the forensic tests on power, transportation, gas, manufacturing and processing. According to Udoma, the move will involve the evaluation of the growth plan in accordance with set targets and progress with detailed account of implementation including performance indicators.

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BUSINESSWORLD

MARKET REPORT

Equities Market Rebounds on Bargain Hunting Goddy Egene and Nosa Alekhuogie

the three most actively traded stocks were: Union Bank (70.73 million shares), Custodian and Allied (55.17 million shares) and Tantalizers (43 million shares) The market appreciated further on Thursday as the index rose by 0.22 per cent to close at 36,688.75.The appreciation recorded in the share prices of International Breweries, FBN Holdings, Access Bank, UBA, and Zenith Bank was mainly responsible for the gain recorded in the index. Performance across sectors was broadly bullish. First on the gainers chart was the NSE Banking Index, up 0.8 per cent followed by the NSE Oil & Gas Index that added 0.5 per cent. The NSE Consumer Goods Index added 0.4 per cent, just as the NSE Insurance Index closed 0.2 per cent higher. Conversely, the NSE Industrial Goods Index was the lone loser, declining 0.05 per cent.

The Nigerian stock market rebounded last week following improved sentiments as more investors embarked on bargain hunting. The market had in the previous week closed on bearish note due to cautious trading by foreign investors and domestic as a result of the decision of Morgan Stanley Capital International (MSCI) to delete FBN Holdings, Forte Oil Plc, Guinness Nigeria Plc and PZ Cussons Nigeria Plc from its Main Frontier Markets Indexes. The MSCI main frontier market indexes track large and mid-cap stocks in the frontier universe. Although all the changes will be implemented as of the close of market on November 30, 2017, foreign investors and most domestic institutional investors adopted cautious trading after the announcement. Hence, the Nigerian Stock Exchange (NSE) All-Share Index shed 1.12 per cent. However, the negative trend was reversed last week as investors took advantage of low prices of stocks considered to be having strong fundamentals. As a result, the NSE ASI appreciated by 1.8 per cent to close higher at 37,365.91, while market capitalisation rose by 1.84 per cent or N234.9 billion to close the week at N13.009 trillion. In a similar way, all other indices finished higher during the week with the exception of the NSE Oil/Gas Index that depreciated by 1.45 per cent. Daily Market Performance The Nigerian equities market opened for the week on a bullish note as investors reacted to the positive Gross Domestic Product (GDP) growth rate in the third quarter (Q3) 2017. The country’s GDP grew by 1.40 per cent in Q3, 2017 higher than the revised growth rate of 0.72 per cent recorded in Q2, 2017. Buoyed by the positive news, investors increased demand for stocks. Consequently, the NSE ASI by 0.24 per cent to close at 36,792.60, while market capitalisation closed higher at N12.81 trillion. The appreciation recorded in the share prices of FBN Holdings, Nestle, PZ Cussons, UBA, and Zenith Bank was mainly responsible for the gain. In all, 17 stocks appreciated, while 15 depreciated. PZ Cussons led the price gainers with 10.2 per cent, trailed by NASCON Allied Industries Plc with 9.5 per cent. Eterna Plc rose by 4.7 per cent, just as Diamond Bank Plc, NEM Insurance Plc Chalked up 4.5 per cent. Dangote Sugar Refinery Plc and May & Baker Nigeria Plc garnered 4.3 per cent and 3.5 per cent respectively among others. Conversely, Forte Oil Plc led the price losers with 9.7 per cent, trailed by Law Union & Rock Insurance Plc with 4.6 per cent. Unity Bank Plc shed 3.7 per cent, while Learn Africa Plc went down by 2.0 per cent. However, the total value of stocks traded went down by 61 per cent to N2.45 billion invested in 208.70 million shares in 2,993 deals, down from N6.31 billion last Friday. The three most actively traded sectors were: Financial Services (175.47 million shares), Consumer Goods (21.42 million shares), and Conglomerates (5.63 million shares), while the three most actively traded stocks were: Custodian and Allied Insurance (40.45 million shares), FBN Holdings Plc (27.45

million shares) and Fidelity Bank (23.46 million shares) In terms of sectoral performance, across sectors was broadly positive as three of the five indices closed northwards, while one declined another one was flat. The NSE Banking Index and NSE Consumer Goods Index appreciated 0.5 per cent apiece. Similarly, the NSE Insurance Index gained, inching 0.4 per cent higher. On the flip side, the NSE Oil & Gas Index was the lone loser, shedding 1.1 per cent. The market reversed the gains recorded the first day as the index depreciated by 0.52 per cent to close at 36,600.07. Decline in the shares of FBN Holdings, Nigerian Breweries, PZ Cussons, GTBank, and Zenith Bank contributed to the negative

performance recorded on that day. The total value of stocks traded on Tuesday stood at N3.29 billion invested in 257.92 million shares in 3,423 deals. The three most actively traded sectors were: Financial Services (158.85 million shares), Services (49.52 million shares), and Consumer Goods (36.44 million shares). On the other hand, the three most actively traded stocks were: Tantalizers (43.81 million shares), Fidelity Bank (35.38 million shares) and FCMB Group (29.73 million shares) Sectoral performance was broadly negative with three of the five major indices closing in the red. The NSE Banking Index led losers, down 1.2 per cent, trailed by the NSE Oil & Gas Index that fell 0.9 per cent. Similarly, the NSE Consumer Index

fell by 0.7 per cent, while the NSE Insurance Index and the NSE Industrial Goods Index closed flat. On Wednesday the market recorded a marginal growth of 0.02 per cent to close at 36,608.76. . Accordingly, market capitalisation increased by N7.3 billion to N12.8 trillion, buoyed by gains in Nestle, Zenith Bank, Unilever, Access Bank and GTBank among others. In a similar vein, activity level improved as volume and value traded advanced 28.4 per cent and 68.9 per cent to 331.2 million units and N5.6 billion respectively. The three most actively traded sectors were: Financial Services (248.31 million shares), Services (46.08 million shares), and Consumer Goods (13.56 million shares), while

Top 10 Brokers by Volume Rank

Broker

Description

1

CORD

CORDROS SECURITIES LIMITED - BRD

Quantity

% of Volume

3,155,696,770

2

CSL

56.27

CSL STOCKBROKERS LIMITED

390,832,821

3

6.97

MERI

MERISTEM STOCKBROKERS LIMITED

380,112,329

6.78

4

SISB

STANBIC IBTC STOCKBROKERS LIMITED

231,432,129

4.13

5

EFCP

EFCP LIMITED

174,552,693

3.11

6

FBNS

FBN SECURITIES LIMITED

144,543,394

2.58

7

RSNL

RENCAP SECURITIES (NIG) LIMITED

108,799,902

1.94

8

CSSL

CARDINALSTONE SECURITIES LIMITED

91,934,981

1.64

9

MCSE

MORGAN CAPITAL SECURITIES LIMITED

61,994,067

1.11

10

READ

READINGS INVESTMENTS LIMITED - BDR

40,996,573

0.73

4,780,895,659

85.25

Top 10 Total Volume NOTE: The top 10 Stockbrokers are responsible for 85.25% of the total volume between 13/11/2017 and 17/11/2017

Top 10 Brokers by Value Rank

Broker

Description

Value

% Value

1

MERI

MERISTEM STOCKBROKERS LIMITED

54,708,949,966.28

49.93

2

CSL

CSL STOCKBROKERS LIMITED

28,797,654,349.21

26.28

3

SISB

STANBIC IBTC STOCKBROKERS LIMITED

5,125,839,826.50

4.68

4

FBNS

FBN SECURITIES LIMITED

4,543,423,727.34

4.15

5

RSNL

RENCAP SECURITIES (NIG) LIMITED

3,244,656,842.42

2.96

6

EFCP

EFCP LIMITED

2,764,584,506.61

2.52

1,703,019,000.51

1.55

904,173,740.71

0.83 0.47

7

CORD

CORDROS SECURITIES LIMITED - BRD

8

CHDS

CHAPEL HILL DENHAM SECURITIES LTD - BRD

9

CSSL

CARDINALSTONE SECURITIES LIMITED

517,552,465.66

10

ARMS

A.R.M SECURITIES LIMITED - BRD

498,543,799.17

0.46

102,808,398,224.41

93.83

Top 10 Total Value

Market Turnover In terms of equity turnover for the week, a total of 2.182 billion shares worth N22.795 billion were traded in 17,019 deals, compared with 2.804 billion shares valued at N54.776 billion that exchanged hands two weeks ago in 17,792 deals. As usual, the Financial Services Industry led the activity chart with 1.755 billion shares valued at N11.571 billion traded in 8,730 deals, thus contributing 80.44 per cent and 50.76 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 178.154 million shares worth N8.655 billion in 4,457 deals. The third place was occupied by Services Industry with a turnover of 143.821 million shares worth N92,479 million in 470 deals. Also traded during the week were a total of 127 units of Exchange Traded Products (ETPs) valued at N13, 837.30 executed in five deals compared with none the previous week. A total of 9,024 units of Federal Government Bonds valued at N9.485 million were traded this week in 15 deals, compared with a total of 5,950 units valued at N6.247 million transacted the preceding week in two deals. Price Gainers and Losers Meanwhile, 36 equities appreciated in price last week, higher than the 20 of the previous week, while 24 equities depreciated in price. Dangote Sugar Refinery Plc led the price gainers with 20.3 per cent, trailed by Linkage Assurance Plc with 14.3 per cent. International Breweries Plc appreciated by 11.9 per cent, just as N.E.M Insurance Plc and Unilever Nigeria Plc chalked up 9.7 per cent and 9.1 per cent respectively. Nigerian Aviation Handling Company Plc went up by 8.0 per cent, while Neimeth International Pharmaceuticals Plc garnered 7.0 per cent. Other to price gainers included: Custodian and Allied Plc (6.6 per cent); Eterna Plc (6.3 per cent) and Fidelity Bank Plc (6.2 –per cent). Conversely, Forte Oil Plc led the price losers with 17.7 per cent, trailed by Glaxosmithkline Consumer Nigeria Plc with 8.6 per cent. C & I Leasing Plc and UACN Property Development Company Plc shed 7.6 per cent and 6.2 per cent in that order. Other top price losers were: Nigerian Breweries Plc (6.2 per cent); Law Union & Rock Insurance Plc (6.1 per cent); Unity Bank Plc (5.6 per cent); Caverton Offshore Support Group Plc (5.3 per cent); Julius Berger Nigeria Plc (4.5 per cent) and Cement Company of Northern Nigeria Plc (3.2 per cent).

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BUSINESSWORLD

INSIDE BROAD STREET

A view of Lagos ďŹ nancial district

AKINWUNMI IBRAHIM

The Monetary Policy Dilemma Obinna Chima 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 rose from its last meeting for the year held last Tuesday and retained 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. Many believed that following the report released last Monday by the National Bureau of Statistics (NBS) that showed that the Nigerian economy grew by 1.4 per cent in the third quarter (Q3) of this year, effectively doubling the revised growth rate of 0.72 per cent recorded in the second quarter, the MPC ought to have cut down interest rate to signal the commencement of gradual easing of its monetary policy. Their position was further reinforced in the NBS report which showed that economic expansion in the third quarter was solely driven by Oil Sector Gross Domestic Product (GDP) which grew by 25.89 per cent in the third quarter, in contrast to non-oil GDP which contracted by 0.76 per cent during the period. The NBS in its latest figures revealed that the nation’s GDP grew by 1.40 per cent in Q3 2017 (year-on-year), marking the second consecutive growth since the economy exited the recession in the second quarter (Q2) of 2017. The new growth rate was 3.74 percentage points higher than the rate recorded in the corresponding quarter of 2016 (-2.34 per cent) and higher by 0.68 percentage points than the GDP growth rate recorded in the preceding quarter (Q2 2017), having been revised by the statistical agency to 0.72 per cent, from 0.55 per cent. The Q2 growth rate was revised, following revisions by Nigerian National Petroleum Corporation (NNPC) to oil output, culminating in revisions to Oil GDP in the period. After contracting for five consecutive quarters, the Nigerian economy had exited the recession in Q2 2017, growing at 0.55 per cent (now revised to 0.72 per cent The MPC has left rates unchanged since July 2016, even though consumer and business confidence have been on the rise since the first quarter of 2017. MPC Outcome Explaining the rationale for retaining its key monetary policy tools, CBN Governor, Mr. Godwin Emefiele, said the MPC took into consideration several factors in arriving at its decisions.

MARKET INDICATOR 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 required effective close monitoring 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 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. On the development of 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. Divergent Views To the Director General of the West African Institute for Financial and Economic Management, Prof. Akpan Ekpo, the MPC ought to have reduced the MPR slightly. “If I am still part of the MPC, I would have vote for a reduction of the MPR to about 13 per cent. GDP growth is now 1.4 per cent and inflation has come down to about 15 per cent. So now, the CBN should support that fiscal push by lowering the interest rate. “The forex market is stable at about N360 to a dollar. So, this is the time for monetary policy to be accommodative. But we must not forget that we are still in an era of stagflation because unemployment is still very high, and inflation is still at double-digits. “So, in the long run, we still need to make sure that the structure of our economy changes,� Ekpo who was a former MPC member stated. Also, the chief executive of Financial Derivatives Company Limited, Mr. Bismarck Rewane, stressed the need for the central bank to consider loosing its tight monetary policy. According to him, the fact that all other sectors in the GDP report apart from oil and agriculture were negative, should be a source of concern to the MPC. “So, if you take away oil, we are technically still in a recession and that is because our interest rate is still high. So, the central bank needs to bring down the interest rate. “All the interest rate sensitive sectors showed negative returns. The central bank must understand that it is time to bring down the interest rate. You can’t wait for the patient to get well before you begin treatment. “The central bank is the only doctor I know that is saying the patient should get well before they can administer medicine. It is time to give a boost to the economy,� Rewane argued. However, 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,� Ezun explained. 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. Clearly, another source of concern for the MPC in the first half of 2018, would be the move by the federal government to increase minimum wage as President Muhammadu Buhari last Thursday approved the appointment of a 30-member tripartite national minimum wage committee for the negotiation of a new national minimum wage for the country. If the move for a minimum wage increase is implemented, the MPC would be concerned about the likely effect of increased money supply as well as wage push inflation on the economy. The foregoing clearly shows that monetary policy faces a serious dilemma. On one hand, while there is a need to support economic growth, on the other, there is the fear that if the restrictive monetary policy regime is loosened, it might jeopardise the central bank’s battle against inflation, forex stability as well as its drive to sustain capital flows.

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Delta’s Ifeanyichukwu Wins NNPC Annual National Quiz, N300,000 Scholarship A student, Isioma Ifeanyichukwu, from the Federal Government College, Warri, who represented Delta State in the 2017 edition of the national quiz competition organised by the Nigerian National Petroleum Corporation (NNPC) on Tuesday emerged the overall winner, after beating 17 finalists from 17 others states in the competition’s grand finale in Abuja. Ifeanyichukwu, would from his victory get an annual scholarship worth N300,000 from the NNPC to help him through his university education, while the second and third

place winners will receive a scholarship award of N250,000 and N200,000 respectively per session. The scholarship would be for the duration of their tertiary education. The annual competition had its preliminary stages across all the 774 local government areas and later moved to states and regional levels, and then the grand finale where Ifeanyichukwu emerged the winner. Speaking at the grand finale, the Group Managing Director of the NNPC, Dr. Maikanti Baru, disclosed that the corporation has entered into a partnership with the West African Examina-

tion Council (WAEC) the Junior Engineering Technical Society (JETS) and the Science Teachers Association of Nigeria (STAN) to help develop Nigeria’s science and technology education. Baru’s disclosure also followed the commendations by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on NNPC’s contributions to Nigeria’s education sector. Kachikwu, equally described the quiz competition as a unifying initiative that could strengthen the unity of the country. According to Baru, the corporation understands

the importance of education and has decided to work with relevant stakeholders keep the standards of its annual competition up. He said it was in realisation of the importance of science and technology in national development that it decided to promote Science, Technology, Engineering and Mathematics (STEM) education, adding that these informed its establishment of the quiz competition. “In this respect, our arc tilts towards Science, Technology, Engineering and Mathematics (STEM) branches of knowledge, given the great roles they play

in nation-building. “For a reason, STEM education creates critical thinkers, increases science literary, and enables the next generation of innovators. Innovation is the pillars of any progressive economy,� said Baru. He explained the 2017 edition was the 16th in the competition’s history, and that it had expanded its scope and offerings. “Beginning from this year, the corporation will be providing a one-off educational grant of N100,000 each for all state winners of the competition. This means that everybody on

this podium today, regardless of his or her final position is assured of N100,000 from the NNPC to help defray the costs of their tertiary education. “For the overall winner of the competition, a scholarship award of N300,000 will be granted per session, while the second and third place winners will receive a scholarship award of N250,000 and N200,000 respectively per session for the duration of their tertiary education,� Baru, stated. He said the prizes are redeemable by the winners upon presentation of evidence of their admission into tertiary institutions whenever it may be.

Etihad Group’s Boukadida Named ‘Treasury Professional of theYear’ The Etihad Aviation Group (EAG) Acting Group Treasurer, Adam Boukadida has been honoured by the Association of Corporate Treasurers Middle East. The industry body for bankers and treasurers, according to a statement, named Boukadida ‘Treasury Professional of the Year,’ acknowledging his leadership for developing and implementing new policies and procedures to drive greater cost efficiency across the airline group. Etihad Aviation Group is a diversified global aviation and travel group based in Abu Dhabi, and comprises five business divisions – Etihad Airways, the national airline of the United Arab Emirates, Etihad Airways Engineering, Etihad Airport Services, Hala Group and Airline Equity Partners. Boukadida, who received the accolade at the Association of Corporate Treasurers Middle East’s annual awards in Dubai, is responsible for group-wide corporate treasury, as well as insurance and risk management. In addition, he has overall responsibility for corporate finance, governance, group

taxation, as well as payment and anti-fraud solutions. Commenting on the achievement, Etihad Aviation Group Interim Group Chief Financial Officer, Ricky Thirion said: “Adam has been a tremendous leader, supporting the many different business units across Etihad Aviation Group to successfully drive greater cost efficiency, particularly over the past 12 months during extremely challenging times for our industry. “His experience, leadership and innovative approach are commendable and the fact that his peers within the treasury and banking community across the Middle East have voted for him as the first recipient of this individual award demonstrates their confidence in his business acumen and high standards of professionalism.� The award recognises an individual who is considered to have demonstrated excellence in treasury and made an outstanding contribution to their team, organisation or profession with consistency that has helped raise the profile of treasury practice in the region.

NCAC Boss, Runsewe Bags NIPR Brand Symbol Award Director-General of the National Council for Arts and Culture, Olusegun Runsewe, has been honoured with the Nigerian Institute of Public Relations Brand Symbol award in recognition of his contributions to the culture and tourism sector development in Nigeria during its 2017 annual dinner held at the Sheraton Hotel and Towers in Abuja. In the notification of award letter earlier sent to him, the NIPR noted that the honour was strictly on merit and in recognition of his initiatives, laudable programmes and overall contributions to the growth and development of Nigeria.� The statement reads in parts: “You have effectively utilised your platforms, in the culture and tourism sectors, at different times, to promote the

image, goodwill, understanding, reputation and integrity of Nigeria. This effort not only has added value to, but also resonates with the ideals of the NIPR.� Delivering his acceptance speech on behalf of other awardees at the dinner, Runsewe said he was humbled by the recognition and pledged to continue contributing his quota to national development. He commended the NIPR for setting the ball rolling with the initiative of honouring those who are doing their bit to make Nigeria a greater nation. He encouraged his fellow awardees and all Nigerians to sustain the momentum of hard work, dedication, and patriotism while joining hands with the NIPR to move the country to greater heights.

2017 ANNUAL RETREAT OF CEBIH

L-R: Chairman, Committee of E-Business Industry Heads (CeBIH), Dele Adeyinka; Deputy Governor, Operations, Central Bank of Nigeria (CBN), Adebayo Adelabu and Divisional Chief Executive OďŹƒcer, Interswitch, Mike Ogbalu, at the 2017 Annual Retreat of CeBIH held in Abeokuta, Ogun State...recently

BAT Nigeria Receives ISO 9001:2015 Certification The British America Tobacco (BAT) Nigeria Limited has received the ISO 9001:2015 certification from the Standard Organisation of Nigeria (SON) for conforming to the Quality Management System standard. The firm received the certificate recently during a courtesy visit and facility tour by officials of the SON at the company’s factory in Ibadan, Oyo State. The certificate, which marked the organisation’s third certification by the agency has a validity period of three years. Presenting the certificate, Director-General, SON, Mr Osita Aboloma, said the recognition was based on quality management system put in place by BAT Nigeria in improving the tobacco sector, stressing that the company had been playing remarkable role in securing a better regulated market to safeguard the life of consumers and sustain the livelihood of tobacco farms. Aboloma, who was represented at the event by the Director, Management System Certification, SON, Mrs Oluremi

Ayeni, noted that the certificate would provide the company a robust, globally-recognised and acceptable solution to address the challenges associated with consistently meeting business and regulatory requirements. “The adoption of the ISO 9001:2015 Quality Management System framework therefore reflects commitment to one of your strategic goals geared towards continually operating at the highest standards of corporate conduct and transparency – benefitting governments, consumers and the environment�, Aboloma said. He said the certification also ensured that the organisation would consistently provide products and services that meet requirements while managing the internal and external issues and addressing the risks and opportunities associated with tobacco and cigarettes sector. However, the DG challenged the company to ensure its system remains effective and up to date in order to reap the benefits of ISO approach to quality management, noting

that the agency had in place, a process of getting feedback from customers on the company’s performance. Aboloma added: “This system having been re-certified has been placed on annual surveillance audits to track effectiveness. In the course of the audit exercises, where non-conformances are observed and are corrected within specified time frame, the system will retain the certificate. However, the certificate will be withdrawn if the structures in place for certification breaks down and necessary corrective actions are not taken on observed non-conformances. “Being one of the very few certified in your professional segment in Nigeria, you will agree with me that your biggest challenge in this endless journey to excellence is to direct your efforts towards consistent quality product and service delivery in tobacco and cigarette manufacturing supply chain.� He added that by the presentation of the certificate, the

company had been adjudged as having a system that gives customers and interest parties assurance of its ability to consistently provide products and services that meet requirements. He stated that BAT Nigeria’s focus on quality products and service delivery would also strengthen its competitive strategies, stressing that by its feat, it had retained its spot among a privileged class of quality management system certified organisations. In his acceptance speech, Director, Area Operations, BAT Nigeria , Mr. Charles Kyalo, thanked the agency for presenting the “prestigious� certificate to the company. “It is a great honour for BAT Nigeria to be considered worthy to be presented with this certificate and I believe this certification demonstrates our continuous effort to ensure that the best quality products are produced in our factory and buttress the fact that we are a company that consistently complies with industry regulations as provided by the authorities such as the SON,� Kyalo said.

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FAAN to Rehabilitate Enugu Airport Runway Before Christmas Chinedu Eze The Managing Director of the Federal Airports Authority of Nigeria (FAAN) has said that the agency plans to rehabilitate the runway of the Akanu Ibiam International Airport, Enugu before the high Christmas traffic. This was disclosed by the Managing Director of the agency, Saleh Dunoma who told journalists recently during the ICAO World Aviation Forum in Abuja that FAAN would commence repair work on the bad portions of the runway before the Yuletide celebrations.

The palliative work, he explained, is expected to start two weeks before Christmas to cater for the expected traffic during the Yuletide. “I was in Enugu last week and we are just planning to have a two weeks break just before the Christmas to make sure that we take care of that runway but it has to be properly planned; we want to plan it in such a way that the inconveniences would be minimised�, he said. He explained that after inspecting the runway last week during his visit to Enugu state, he spoke to the Enugu

state government on what they intend to do to ensure safety on the runway and disclosed that while work would be going on at the airport it would not be closed but the time of operations would be shortened for speedy completion of work. “So I have spoken to the people of Enugu, precisely the government so that they know what we intend to do, we are not going to close it. But what we intend to do is to maybe shorten the time of operations, so that we can take ten days and fix it but operations would continue,� Dunoma said.

Inlaks Offers Automatic Employment to 13 Trainees Inlaks, an information technology and infrastructure solutions provider, has offered automatic employment to 13 persons that graduated from its IT academy in Lagos. The beneficiaries were trained in the management of Automated Teller Machines (ATMs). The company, which provides Information Technology (IT) solutions to financial institutions, telecom, oil and gas companies, among others, said the beneficiaries were drawn from different parts of the country. The Director, Infrastructure Business Unit, Inlaks, Mr. Tope Dare, said the company decided to train

people who were unemployed to fill the vacancy it needed instead of going through the usual recruitment process of employment. He said, “About six months ago, we needed to expand our workforce to support our automated teller machines at the various financial institutions and we had the option of going into the market to recruit. “I wondered why we should do that at a very high cost to the company when there are a lot of Nigerians who are not employed and are looking for what to do. I felt we could bring them in, train them and make them assets

to the company and even the society,’’ he said, explaining that the step was also a way of giving back to the society.� According to him, the company received about 220 applications when it made its plans public. He added that after an online test was conducted for them, 15 of them emerged successful. He stated that the 15 persons were invited to Inlaks Academy in Lagos for the training, which lasted six months. At the end of the exercise, Dare said 13 of the trainees were employed by the company, while one of them withdrew at the end of the exercise.

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BUSINESSWORLD

Total Encourages Water Transportation, Trains Boat Operators on Safety Eromosele Abiodun In a bid to reduce boat accidents in Nigeria, Total upstream has commenced training of boat operators in Nigeria, emphasizing on safety and briefing of passengers before boarding vessels. Speaking at the training programme held in Lagos, Deputy Managing Director of Total Upstream Companies in Nigeria, Mr. Ahmadu-Kida Musa said that the objective is to reduce the cases of boat accidents on the nation’s waterways. Musa who was represented by the General Manager Corporate Social Responsibility (CRS), Dr. Nkoyo Attah said that Total decided to implement the marine awareness campaign with a view to enlightening boat operators by providing them with appropriate safety information, rules, and skills to enable them to navigate the inland waterways in a safer manner. According to him, �The campaign focuses on safety which is our core value to us at Total, but it is also a demonstration of our commitment to promoting safety best practices, environmen-

tal protection, business ethics and corporate social responsibility everywhere we work. “In the course of doing business, Total has deliberately fashioned out some initiatives which are aimed at giving back to the Nigerian society and this maritime awareness campaign is one of such initiatives.� In his representation, the guest speaker, Mr. Felix Nlerum, a safety consultant disclosed that 80 percent of boat accidents are caused by human error adding that most times these accidents were avoidable. Nlerum also disclosed that most of these accidents were alcohol-related noting that it was illegal to operate a boat under the influence of such drinks Nlerum advised boat operators to always carry a briefing session before embarking on a voyage. He said that not all life jackets are suited for movement through the waterways noting that most times passengers travelling by water wear the wrong life jackets. The safety expert advised operators to maintain a safe speed (the speed that can be controlled at any time).

‘Global Businesses Lose $650bn Yearly to Lack of Effective Collaboration’ Emma Okonji Global businesses, including Nigerian businesses lose as much as $650 billion (N198.2 trillion) yearly, due to the lack of effective collaboration within the business operations, based on weak software application to effectively coordinate all business processes under a single Enterprise Resource Planning (ERP) software platform. Global market leader in enterprise application software, SAP, who made the disclosure at a press conference in Lagos recently, advised organisations to adopt cloud solutions in their businesses, as well as the right ERP software that will boost operational efficiency and cost reduction. SAP also stressed the need for cloud adoption among organisations to address the mountains of inefficiencies and missed opportunities in organisations’ operations, which it said, would redirect the mindset of chief executive officers in understanding digital transformation, unleash its powers while finding a balance between maintaining a healthy business and current infrastructure, and innovating without disruption. Managing Director, SAP West Africa, Mr. Pedro Guerreiro, explained that most organisations invest a great deal to maintain and customise their IT landscapes to meet their unique business needs. He however said that today, nearly every organisation has some level of cloud presence, typically for customer relationship management, and human capital management, or procurement. “Moving to the cloud does not mean breaking off some parts of the business in a piecemeal fashion or taking a

rip-and-replace approach. Cloud is one of the key drivers of digital transformation. Cloud has disrupted the traditional IT model by drastically reducing time to market and for innovative solutions. With its ease of use and ubiquitous access, cloud has democratised the decisions about software purchasing, access, and usage,� Guerreiro said. “Cloud computing offers immense opportunity for companies to improve their business operations, regardless of sector. Modern cloud offerings reduce IT infrastructure complexity and free up resources that can be better applied to driving innovation. And with security topping the list of concerns among business and IT leaders, cloud providers today invest talent and energy into ensuring their offerings are able to meet even the most stringent security requirements,� Guerreiro added. ERP Group Manager, TGI Group of Companies, Manikan dan Velrajan, said the use of SAP ERP software in all their group operations, have hoped the group to save huge cost. “We are into multiple businesses that cut across various sectors of economies and we needed a wide-based ERP solution that is built around cloud computing and we found that in SAP S/4HANA Cloud, which is an intelligent, NextGen cloud ERP that takes enterprises into the digital age,� Velrajan said. Speaking on the SAP HANA Cloud, Guerreiro said it was developed to provide companies with an agile, low-cost and scalable solution that helps optimise finance processes, cash flow management, supply chain management, real-time insights, and an end-to-end view of the performance of the entire enterprise.

NEWS

NIPC, UNIDO Launch Investment Analysis Software Centre Ndubuisi Francis and Udora Orizu in Abuja The Nigerian Investment Promotion Commission (NIPC) has launched an investment project analysis software and Centre of Excellence for Micro Small and Medium Enterprises (MSMEs), COMFARLITE, in collaboration with the United Nations Industrial Development Organisation (UNIDO). The NIPC Executive Secretary, Ms. Yewande Sadiku, who spoke at a press briefing in Abuja, stated that COMFARLITE, the online version of COMFAR, is a core element of training and coaching activities. He described COMFARLITE as “an introduction to the best international financial practices accounting standards,� adding

that it is expected to change business and entrepreneurial culture. “COMFARLITE is a stateof-the-art investment project analysis tool that, through its interactive and intuitive modules, allows even lessexperienced entrepreneurs to present their business ideas. The COMFARLITE interface will guide users through various analysis steps. “It is the first software of its kind to be used to scale-up enterprises; this should lead to job creation in local communities. COMFARLITE will allow fast appraisal of investment project proposals before moving fully fledged feasibility analysis,� Sadiku said. She stated that the launch of COMFARLITE as a centre of excellence for the

financial appraisal of MSMEs with COMFARLITE adds to NIPC’s portfolio of services for investors and would enable NIPC to assist Nigerian entrepreneurs in presenting bankable projects for better financing. According to her, in the coming months, certified NIPC staff, together with UNIDO experts and the state IPAs staff will implement the pilot phase of the project through zonal offices and work together to identify and appraise portfolios of projects that can be presented to banks and investors.“NIPC is committed to working closely with the states to promote investments in Nigeria. One of the tools for doing this is to identify projects in the states since all investment projects sit in one state or the other, profile and present them to both foreign

and local investor,� she said. In his remarks, a lecturer and Senior Adviser at UNIDO Headquarters Vienna, Mr. Stanislaw Pigon, noted that they will provide advice nationwide to the zonal offices. “So the Centre of Excellence is located at NIPC but actually it’s located all over Nigeria now to the zonal offices. In every country there are different incentive services for investors but what makes NIPC powerful today is the outreach on the top of it. “ When we speak about certification of investment, promotion, government institutions in this state, analysis of effectiveness of investment promotion policies in Nigeria, we are totally in different works and this is why there are today’s standards for investment promotion�, he said.

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BUSINESS/MONEYGUIDE

CBN Calls for Enhanced Collaboration against e-Fraud Obinna Chima The Central Bank of Nigeria (CBN) has stressed the need for increased collaboration and industry engagements in order to tackle cases of electronic fraud in the economy. Also, the central bank said there was need to strengthen training of banks’ staff, customer education and awareness as well as compliance to international standard and regulations. The Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun stated this in a Presentation titled: “Digital Banking: Regulatory Perspectives,� delivered at the Access Bank’s 2017 Anti-fraud Week,� held in Lagos recently. Fatokun also said there was need for further collaboration across borders to ensure that operators in the country become part of the global network against

cybercrime, especially electronic fraud in banking system “The Central Bank of Nigeria is committed to leading the way and we harness various stakeholders’ input to ensure the safety of electronic payments system in Nigeria. “The Bank will harvest veritable ideas from all and consistently encourage cooperation of all in the battle against electronic fraud,� he said. According to him, no business thrives without effective deployment of ICT to gain efficiency and competitive edge, yet many businesses are on the edge tackling electronic frauds on their electronic business platforms “The challenge to the twenty-first century bankers: managing funds for its customers using cutting edge technology to deliver services and ensuring the safety of customer funds in spite of growing cybercrime,� he noted. Earlier in his

remark, the CEO of Access Bank, Mr. Herbert Wigwe, said the forum was to ensure active collaboration among operators in the industry in the fight against fraudsters. Wigwe, who was represented by an Executive Director of the bank, Mr. Victor Etuokwu, pointed out that cybercrime was the second most reported economic crime in 2016. “The advancement and adoption of digital technology has enabled banks to achieve greater scale, enter new markets and they now understand their customers much better. “Online and mobile banking has transformed the way people live and bank. But digital revolution has a dark side. “It is increasingly creating new opportunities for fraudsters to hack into accounts and commit fraud,� he added. To this end, Wigwe stressed the need for banks to take security very serious.

CBN building

MARKET INDICATORS

Fidelity Bank Rewards Loyal Customers Peter Uzoho Fidelity Bank Plc has presented cash and consolation prizes to winners in the November edition of itsongoing “Get Alert in Millions Promo Reloaded.� At the first monthly prize presentation ceremony held in Lagos on Thursday, Felix Ezeokeafor of Gbagada Branch and Franca Chukwuma of AIT Mini Branch were credited with N1 million respectively as winners for Lagos zone. Also, consolation prize winners in the zone were presented with TV set, generating set and refrigerator respectively. Speaking at the event, the Executive Director, Lagos and

South-west, Fidelity Bank, Mrs. Nneka Oneyali-Ikpe, said the event was organised by the bank to make good of its promise to its lucky customers in the promo. Furthermore, Onyeali-Ikpe explained that the essence of the promo was to promote savings culture among Nigerians while supporting the Central Bank of Nigeria (CBN) in its drive for financial inclusion. Commenting on the importance of the ongoing promo, compared with the previous one, she said: “The grand prize for this one is N10 million while the grand prize for the previous one was N5 million and it was much lower than this one because

this is reloaded. The grand prize which we’re going to give out in April 2018 is double that of last year.� “Our customers are more important to us than what we benefit. The most important thing is that there are lots of activities around this promo and customers are happy to come and save. What is important to us is the culture of saving which everybody needs to imbibe�, Onyeali-Ikpe added. Commenting on the transparency of the selection process in the bank’s promo, Deputy Manager, National Lottery Regulatory Commission, Lagos, Mr. Afam Ojeh attested to the credibility of the promo.

Stakeholders to Discuss Nigeria’s 2018 Franchise Agenda In order to replicate the success and impact of franchising in other countries in Nigeria, key role player in Nigeria economic, entrepreneurial and social development space will be meeting in Lagos on November 30th, 2017, to discuss the 2018 Nigeria Franchise Agenda. According to a statement, a team of foreign and Nigerian experts, along with key economic decision makers would be discussing: “Enterprise, economic and social development opportunities for Nigeria through franchising.� They are expected to explore case studies on how other economies are building new roads to development through micro-franchising. The statement pointed out that franchising had proved, over the years to be one of the most successful ways of conducting business. “In both developed countries and emerging markets, franchising has been effective in ensuring business growth with private ownership and skills transfer. It has gener-

ated new incomes leading to improved standards of living for the population. “In particular, for new businesses/start-ups and SMEs franchising can be viewed as a means of nurturing and developing entrepreneurial talent, promoting good corporate governance and transparency and attracting the informal sector business to the formal sector,� the statement added. The organisers of the event are Franchise Business Development Services Nigeria, an associate of International Franchise Association and World Franchise Associates; and SA Franchise Warehouse South Africa, a member of Franchise Association of South Africa, in partnership with other key foreign and Nigeria franchise industry stakeholders. According to the Minister of State, Federal Ministry of Industry Trade and Investment, Aisha Abubakar: “The

Federal Ministry of Industry Trade and Investment is keen to create an enabling environment for MSMEs to thrive, so as to play their rightful role in wealth and job creation, poverty reduction and stimulation of growth of the domestic economy. FMITI is currently leading a campaign promoting the patronage and expansion of Nigeria Brands. I am optimistic that franchising would be a useful tool in delivering these goals.� Also, CFE International Franchise Association’s President & CEO, Robert Cresanti said: “Franchising transfers business best practices to new economies and creates owners, helping to build and sustain a middle class. Franchising also produces large indirect benefits for developing countries, such as establishing supply chains. Used effectively, the franchise model can make powerful contributions to Nigeria’s growth in the decades to come.�

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‹

Money Market Indicators (in Percentage) Month

August 2017

Inter-Bank Call Rate

22.63

Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)

14.00

Treasury Bill Rate

13.35

Savings Deposit Rate

4.08

1 Month Deposit Rate

8.86

3 Months Deposit Rate

10.14

6 Months Deposit Rate

11.51

12 Months Deposit Rate

11.40

Prime Lending rate

17.69

Maximum Lending Rate

31.20 Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ

OPEC DAILY BASKET PRICE AS AT THURSDAY NOVEMBER 23, 2017

The price of OPEC basket of fourteen crudes stood at $61.14 a barrel on Thursday, compared with $61.09 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela) SOURCE: OPEC headquarters, Vienna

37

T H I S D AY Ëž Ëœ Í°ÍľËœ Í°ÍŽÍŻÍľ

MARKET NEWS

UAC Shops for N15.4 Billion from Existing Shareholders Goddy Egene and Nosa Alekhuogie UAC of Nigeria Plc is currently shopping for N15.37 billion fresh capital from existing shareholders to boost its operations so as the record improved performance and deliver competitive returns to shareholders in the years ahead. Specifically, UACN is making a Rights Issue of 960,432,193 ordinary shares of 50 kobo each

at N16 per share to shareholders. The offer opened October 19 and is expected to close on December 22, 2017. The Group Managing Director of UACN, Mr. Larry Ettah, who will be retiring effective December 31, 2017, has said the proceeds of the rights issue would provide the company with the requisite financial capability to address the capital needs of its agro-facing subsidiaries in

2018 among others. UACN had reported a revenue growth of 21 per cent to N68.7 billion for the nine months ended September 30, from N56.8 billion. However, profit after tax fell by 55 per cent from N4.8 billion to N2.2 billion, partly due to high interest charges and cost of inputs. According to Ettah, the nine months result reflect the impact

of elevated input costs and interest rates on the company’s operations. “We have made progress in reducing finance costs through focused execution of UACN Property Development Company Plc’s Cash Generation Plan, the depletion of high-priced inventory and the equity raise of Portland Paints, Livestock Feeds and UPDC. We are have launched our N15.4

billion Rights Issue. This will provide us with the requisite financial capability to address the capital needs of our agro-facing subsidiaries in 2018,� he said. He noted that the stability in the forex market, moderation in Treasury Bills rate and the general indication of a good grains crop harvest are positive for profit improvement and margin rehabilitation, going forward. Although Ettah will

PRICES FOR SECURITIES TRADED AS OF 24/11/2017

retire at the end of this year , he has restated his expressed confidence in Mr. Abdul Bello, who has been appointed to take over as from January 1, 2018. “I restate my expressed confidence in Abdul’s ability to provide the needed leadership in the years ahead for the company to build on its strong foundation, drive its strategic agenda and deliver competitive returns to our shareholders,� he said.

˾ MONDAY, NOVEMBER 27, 2017

38

Nigeria Daily Stock Market Report: dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ /ŶĚĞdž ĂĚĚƐ ϳϮďƉƐ

THISDAY AFRINVEST 40 INDEX

dŚĞ dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ /ŶĚĞdž ĂĚĚĞĚ ϳϮďƉƐ ŽŶ &ƌŝĚĂLJ ƚŽ ĐůŽƐĞ Ăƚ ϭ͕ϰϴϮ͘ϴϮ ƉŽŝŶƚƐ͘ zĞƐƚĞƌĚĂLJ͛Ɛ ƌŝƐĞ ǁĂƐ ƉƌŝŵĂƌŝůLJ ĂĐĐŽƵŶƚĂďůĞ ƚŽ ŐĂŝŶƐ ŝŶ E/' Z/ E Z t Z/ ^ ;нϬ͘ϭйͿ͕ E' D ;нϰ͘ϯйͿ͕ E ^d> ;нϬ͘ϮйͿ ĂŶĚ h ;нϬ͘ϱйͿ ǁŚŝĐŚ ĐƵŵƵůĂƟǀĞůLJ ĂĐĐŽƵŶƚ ĨŽƌ Ϯϴ͘ϲй ŽĨ ƚŚĞ ŝŶĚĞdž͘ dŚĞ dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ /ŶĚĞdž ŚĂƐ ƌĞƚƵƌŶĞĚ ϰϴ͘ϯй zd ͘

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

Ticker

THISDAY AFRINVEST 40

'ůŽďĂů ƋƵŝƚLJ DĂƌŬĞƚ ZĞǀŝĞǁ ĂŶĚ KƵƚůŽŽŬ

dŚĞ WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ 'ůŽďĂů ĞƋƵŝƚLJ ŵĂƌŬĞƚƐ ǁĂƐ ůĂƌŐĞůLJ ďƵůůŝƐŚ ĂƐ Žŝů ƉƌŝĐĞƐ ƌĞďŽƵŶĚĞĚ ĨƌŽŵ ƉƌĞǀŝŽƵƐ ǁĞĞŬ͛Ɛ ůŽƐƐ͕ ŐĂŝŶŝŶŐ Ϭ͘ϳйtͲŽͲt ƚŽ ĐůŽƐĞ ƚŚĞ ǁĞĞŬ Ăƚ h^Ψϲϯ͘ϭϱͬď͘ dŚĞ ƌĞŶĞǁĞĚ ďƵůůŝƐŚ ƐĞŶƟŵĞŶƚ ŝŶ ƚŚĞ ŐůŽďĂů Žŝů ŵĂƌŬĞƚ ŝƐ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ĐŽŶƟŶƵĞĚ ŐĞŽƉŽůŝƟĐĂů ƚĞŶƐŝŽŶƐ ŝŶ ƚŚĞ DŝĚĚůĞ ĂƐƚ ďĞƚǁĞĞŶ ƚǁŽ ŽĨ ƚŚĞ tŽƌůĚ͛Ɛ ďŝŐŐĞƐƚ Kŝů ƉƌŽĚƵĐĞƌƐ Ͳ ^ĂƵĚŝ ƌĂďŝĂ Θ /ƌĂŶ͕ ĂƐ ǁĞůů ĂƐ ĂŶƟĐŝƉĂƚĞĚ ĞdžƚĞŶƐŝŽŶ ŽĨ Žŝů ƉƌŽĚƵĐƟŽŶ ĐƵƚƐ ďĞLJŽŶĚ ƚŚĞ ŝŶŝƟĂů ĂŐƌĞĞŵĞŶƚ ǁŚŝĐŚ ĞŶĚƐ ŝŶ DĂƌĐŚ ϮϬϭϴ͘ dŚĞ KW ͬEŽŶͲKW ŵĞĞƟŶŐ ǁŽƵůĚ ďĞ ƚŚĞ ƐŝŶŐůĞ ŵŽƐƚ ŝŵƉŽƌƚĂŶƚ Žŝů ƉƌŝĐĞ ĚƌŝǀĞƌ Ɵůů ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ LJĞĂƌ͘ /Ŷ ƚŚĞ ĚĞǀĞůŽƉĞĚ ĞƋƵŝƚLJ ŵĂƌŬĞƚƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ďƵůůŝƐŚ ǁŝƚŚ Ăůů ŝŶĚŝĐĞƐ ƚƌĞŶĚŝŶŐ ŶŽƌƚŚǁĂƌĚƐ͘ dŚĞ h^ E ^ Y ĂƉƉƌĞĐŝĂƚĞĚ ƚŚĞ ŵŽƐƚ͕ ƵƉ ϭ͘ϰй tͲŽͲt ĂƐ dĞĐŚ ƐƚŽĐŬƐ ƌĞĐŽƌĚĞĚ ŝŵƉƌĞƐƐŝǀĞ ŐĂŝŶƐ ĚƵƌŝŶŐ ƚŚĞ ǁĞĞŬ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ ^ΘW ϱϬϬ ƌŽƐĞ Ϭ͘ϵйtͲŽͲt ǁŚŝůĞ ƚŚĞ h< &d^ ůů ^ŚĂƌĞ ĐůŽƐĞĚ ƚŚĞ ǁĞĞŬ ǁŝƚŚ Ă Ϭ͘ϱйtͲŽͲt ŐĂŝŶ͘ ĐƌŽƐƐ ƚŚĞ Z/ ^͕ ŵĂƌŬĞƚ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ůĂƌŐĞůLJ ƉŽƐŝƟǀĞ ǁŝƚŚ Ăůů ŝŶĚŝĐĞƐ ĐůŽƐŝŶŐ ŝŶ ƚŚĞ ŐƌĞĞŶ ƐĂǀĞ ƚŚĞ ŚŝŶĂ ^ŚĂŶŐŚĂŝ ŽŵƉŽƐŝƚĞ ǁŚŝĐŚ ĚĞĐůŝŶĞĚ Ϭ͘ϵй tͲŽͲt ĂŐĂŝŶƐƚ ƚŚĞ ďĂĐŬĚƌŽƉ ŽĨ ƟŐŚƚĞŶŝŶŐ ůŝƋƵŝĚŝƚLJ ĐŽŶĚŝƟŽŶƐ ĂŶĚ ƟŐŚƚĞŶŝŶŐ ƌƵůĞƐ ŽŶ ůĞŶĚŝŶŐ͘ dŚĞ ZƵƐƐŝĂ Zd^ ůĞĚ ŐĂŝŶĞƌƐ ĂĐƌŽƐƐ ƚŚĞ ƌĞŐŝŽŶ͕ ƵƉ ϭ͘ϴй tͲŽͲt͘ ƌĂnjŝů͛Ɛ /ďŽǀĞƐƉĂ ƚƌĂŝůĞĚ͕ ƵƉ ϭ͘Ϯй tͲŽͲt ǁŚŝůĞ ƚŚĞ ^ŽƵƚŚ ĨƌŝĐĂ &d^ ͬ:^ ůů ƐŚĂƌĞ ŐĂŝŶĞĚ Ϭ͘ϯй tͲŽͲt͘ /Ŷ ƚŚĞ ƵƌĂƐŝĂ ƌĞŐŝŽŶ͕ Ăůů ŝŶĚŝĐĞƐ ĂƉƉƌĞĐŝĂƚĞĚ tͲŽͲt͘ dŚĞ ,ŽŶŐ <ŽŶŐ ,ĂŶŐ ^ĞŶŐ ůĞĚ ŐĂŝŶĞƌƐ͕ ƵƉ Ϯ͘ϯй tͲŽͲt͘ /Ŷ ƚƵƌŶ͕ &ƌĂŶĐĞ ϰϬ ĂƉƉƌĞĐŝĂƚĞĚ ϭ͘ϱй tͲŽͲt͕ ǁŚŝůĞ ƚŚĞ 'ĞƌŵĂŶLJ y dZ y ƌŽƐĞ Ϭ͘ϲй tͲŽͲt ĂŶĚ ƚŚĞ :ĂƉĂŶ EŝŬŬĞŝ ϮϮϱ ĐůŽƐĞĚ ƚŚĞ ǁĞĞŬ Ϭ͘ϲй ŚŝŐŚĞƌ͘ /Ŷ ĨƌŝĐĂŶ ŵĂƌŬĞƚƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ƉŽƐŝƟǀĞ ĂƐ Ăůů ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ĐůŽƐĞĚ ŝŶ ƚŚĞ ŐƌĞĞŶ͘ dŚĞ <ĞŶLJĂ E^ ϮϬ ƌĞǀĞƌƐĞĚ ŝƚƐ ŶĞŐĂƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ĨƌŽŵ ƉƌĞǀŝŽƵƐ ǁĞĞŬƐ ƚŽ ĞŵĞƌŐĞ ƚŚĞ ƚŽƉ ŐĂŝŶĞƌ͕ ĂƉƉƌĞĐŝĂƟŶŐ Ϯ͘ϲй tͲŽͲt͘ >ŝŬĞǁŝƐĞ͕ ƚŚĞ ŐLJƉƚ 'y ϯϬ ŐĂŝŶĞĚ ϭ͘ϵй tͲŽͲt ĂŶĚ ƚŚĞ 'ŚĂŶĂ '^ ŽŵƉŽƐŝƚĞ ŝŶĐƌĞĂƐĞĚ ϭ͘ϰй tͲŽͲt͘ dŚĞ EŝŐĞƌŝĂ ůů ^ŚĂƌĞ /ŶĚĞdž ŝŶĐŚĞĚ ŚŝŐŚĞƌ ďLJ ϭ͘ϴй tͲŽͲt͘

ŽŵĞƐƟĐ ƋƵŝƚLJ DĂƌŬĞƚ ZĞǀŝĞǁ ĂŶĚ KƵƚůŽŽŬ WĞƌĨŽƌŵĂŶĐĞ ŝŶ ƚŚĞ >ŽĐĂů ŽƵƌƐĞ ůĂƐƚ ǁĞĞŬ ǁĂƐ ďƵůůŝƐŚ ĂƐ ƚŚĞ ďĞŶĐŚŵĂƌŬ ůů ^ŚĂƌĞ /ŶĚĞdž ŐĂŝŶĞĚ ϭ͘ϴй tͲŽͲt ƚŽ ƐĞƩůĞ Ăƚ ϯϳ͕ϯϲϱ͘ϵϭ ƉŽŝŶƚƐ ǁŚŝůĞ zd ƌĞƚƵƌŶ ĞdžƉĂŶĚĞĚ ƚŽ ϯϵ͘Ϭй͘ ĐĐŽƌĚŝŶŐůLJ͕ ŝŶǀĞƐƚŽƌƐ ŐĂŝŶĞĚ EϮϯϰ͘ϵďŶ ĂƐ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ƌŽƐĞ ƚŽ Eϭϯ͘ϬƚŶ͘ ,ŽǁĞǀĞƌ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ƐŽŌĞŶĞĚ͕ ƌĞŇĞĐƚĞĚ ŝŶ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ǁŚŝĐŚ ĨĞůů ϱϮ͘ϰй ĂŶĚ ϮϬ͘ϭй t ͲŽͲt ƚŽ ĐůŽƐĞ Ăƚ ϴϳϬ͘ϲŵ ƵŶŝƚƐ ĂŶĚ Eϱ͘ϬďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ h ;ϭϱϭ͘ϴŵͿ͕ E/d, ;ϭϰϮ͘ϯŵͿ ĂŶĚ ^^ ;ϭϯϯ͘ϰŵͿ ǁŚŝůĞ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ďLJ ǀĂůƵĞ ǁĞƌĞ E/d, ;Eϯ͘ϱďŶͿ͕ 'h Z Edz ;Eϭ͘ϲďŶͿ ĂŶĚ E ^d> ;Eϭ͘ϲďŶͿ͘ ^ĞĐƚŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ůĂƌŐĞůLJ ƉŽƐŝƟǀĞ ĂƐ Ăůů ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ƚŚĞ ǁĞĞŬ ŝŶ ƚŚĞ 'ƌĞĞŶ ƐĂǀĞ ƚŚĞ Kŝů Θ 'ĂƐ ŝŶĚĞdž ǁŚŝĐŚ ƐŚĞĚ ϭ͘ϱй tͲ ŽͲt Ͳ ŵĂũŽƌůLJ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƐĞůůŽīƐ ŝŶ &KZd K/> ;Ͳϭϳ͘ϳйͿ͘ KŶ ƚŚĞ ŇŝƉ ƐŝĚĞ͕ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž ĞŵĞƌŐĞĚ ƚŚĞ ƚŽƉ ŐĂŝŶĞƌ͕ ƵƉ Ϯ͘ϯй tͲŽͲt͕ ďƵŽLJĞĚ ďLJ ŐĂŝŶƐ ŝŶ E' D ;нϰ͘ϯйͿ͘ >ŝŬĞǁŝƐĞ͕ ƚŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ĂƉƉƌĞĐŝĂƚĞĚ Ϭ͘ϴй tͲŽͲt ŽŶ ƵƉƟĐŬƐ ŝŶ >/E< ^^hZ ;нϭϰ͘ϯйͿ ĂŶĚ E /D d, ;нϳ͘ϬйͿ ǁŚŝůĞ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞdž ŝŶĐŚĞĚ Ϭ͘ϱй ŚŝŐŚĞƌ tͲŽͲt ĚƵĞ ƚŽ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ E'^h' Z ;нϭϬ͘ϯйͿ͕ E ^ KE ;нϵ͘ϬйͿ ĂŶĚ hZz ;нϰ͘ϳйͿ͘ dŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ĐůŝŵďĞĚ Ϭ͘ϯй tͲŽͲt ĂƐ ŝŶǀĞƐƚŽƌƐ ƚŽŽŬ ƉŽƐŝƟŽŶƐ ŝŶ E/d, ;нϯ͘ϲйͿ ^^ ;нϯ͘ϭйͿ ĂŶĚ / DKE ;нϳ͘ϬйͿ͘ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ƐŝŐŶŝĮĐĂŶƚůLJ ŝŵƉƌŽǀĞĚ ƚŽ ϭ͘ϰdž ;ĨƌŽŵ Ϭ͘ϱdž ƌĞĐŽƌĚĞĚ ƚŚĞ ƉƌĞǀŝŽƵƐ &ƌŝĚĂLJͿ ĂƐ ϯϰ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ Ϯϰ ĚĞĐůŝŶĞƌƐ͘ dŚĞ ƚŽƉ ƉĞƌĨŽƌŵĞƌƐ ĨŽƌ ƚŚĞ ǁĞĞŬ ǁĞƌĞ >/E< ^^hZ ;нϭϰ͘ϯйͿ͕ E'^h' Z ;нϭϬ͘ϯйͿ ĂŶĚ E ^ KE ;нϵ͘ϬйͿ ǁŚŝůĞ &KZd K/> ;Ͳϭϳ͘ϳйͿ͕ '> yK^D/d, ;Ͳ ϵ͘ϳйͿ ĂŶĚ &>KhZD/>> ;Ͳϴ͘ϬйͿ ůĞĚ ůĂŐŐĂƌĚƐ͘ KƵƌ ŶĞĂƌ ƚĞƌŵ ŽƵƚůŽŽŬ ƌĞŵĂŝŶƐ ƉŽƐŝƟǀĞ ĂƐ ŝŶǀĞƐƚŽƌƐ͛ ƉŽƐŝƟŽŶ ĂŚĞĂĚ ŽĨ ĂŶƟĐŝƉĂƚĞĚ LJĞĂƌͲĞŶĚ ƌĂůůLJ͘

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

Monday, November 27, 2017

Current Price

Previous Current Price Weighting Change

Price Change YTD

Price Change Index to Date

ROE

ROA

P/E

P/BV

Divinden Earnings d Yield Yield

1,482.82

0.72%

48.3%

48.3%

20.1%

6.3%

6.5x

0.7x

4.2%

12.1%

1

Guaranty Trust Bank PLC

42.00

0.0%

23.0%

70.0%

70.0%

26.0%

4.3%

8.7x

2.2x

4.9%

11.4%

2

Nigerian Brew eries PLC

130.07

0.1%

9.3%

-12.1%

-12.1%

18.9%

8.6%

32.0x

5.8x

2.8%

3.1%

3

Zenith Bank PLC

24.99

0.0%

13.2%

69.4%

69.4%

21.7%

3.2%

4.9x

1.0x

8.1%

20.2%

4

Dangote Cement PLC

6.0%

240.00

4.3%

6.8%

37.9%

37.9%

30.4%

15.7%

16.6x

4.7x

3.5%

0.2%

7.0%

61.1%

61.1%

78.4%

19.0%

34.0x

22.5x

1.9%

2.9%

4.4%

66.4%

66.4%

15.1%

2.0%

3.9x

0.6x

6.7%

25.5% 23.0%

5

Nestle Nigeria PLC

1,305.00

6

Access Bank PLC

9.77

-2.3%

7

United Bank for Africa PLC

9.90

0.5%

5.6%

120.0%

120.0%

17.2%

2.2%

4.3x

0.7x

7.6%

8

FBN Holdings Plc

6.95

0.0%

4.5%

107.5%

107.5%

2.6%

0.3%

11.3x

0.4x

2.9%

8.8%

9

Ecobank Transnational Inc

16.97

2.8%

3.0%

65.1%

65.1%

-14.6%

-1.3%

0.6x

3.6%

-20.4%

10

Lafarge Africa PLC

4.5x

7.6x

2.0%

22.4%

50.00

0.0%

1.9%

29.0%

29.0%

47.1%

9.8%

495.00

0.0%

11

SEPLAT Petroleum Development C

1.8%

30.3%

30.3%

-12.4%

-6.7%

12

Unilever Nigeria PLC

40.90

2.2%

1.6%

28.5%

28.5%

50.3%

8.4%

25.2x

9.6x

0.2%

4.0%

13

Stanbic IBTC Holdings PLC

41.99

3.7%

3.0%

179.9%

179.9%

28.7%

3.4%

9.7x

2.5x

1.4%

10.3%

14

Guinness Nigeria PLC

102.00

1.0%

1.4%

29.8%

29.8%

4.5%

1.4%

71.8x

3.6x

0.6%

15

Oando PLC

5.99

0.0%

1.3%

27.4%

27.4%

40.7%

4.2%

2.7x

0.6x

37.0%

16

Forte Oil PLC

0.5%

-52.6%

-52.6%

44.3%

3.7%

10.1x

4.5x

9.9%

40.00

0.0% 0.0%

0.6x

-21.1%

1.4%

17

11 PLC

170.00

0.5%

-39.1%

-39.1%

32.6%

12.0%

9.0x

2.5x

4.7%

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%

19

Okomu Oil Palm PLC

68.00

0.0%

1.1%

69.3%

69.3%

37.4%

25.9%

9.1x

3.0x

2.2%

11.0%

20

UAC of Nigeria PLC

16.90

3.4%

0.6%

2.4%

2.4%

6.3%

2.2%

10.8x

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%

11.1%

22

Fidelity Bank PLC

1.70

4.3%

0.9%

102.4%

102.4%

8.0%

1.1%

1.5x

0.2x

8.2%

67.4%

23

Dangote Sugar Refinery PLC

17.24

9.1%

1.2%

182.2%

182.2%

23.8%

10.3%

6.7x

2.9x

2.9%

14.9%

24

Flour Mills of Nigeria PLC

35.00

9.0%

0.8%

89.3%

89.3%

10.4%

2.6%

8.8x

0.9x

2.9%

11.3%

4.00

0.0%

0.4%

2.8%

2.8%

18.9%

7.6%

4.2x

0.7x

7.0%

0.3%

-28.3%

-28.3%

-56.7%

-13.9%

25

Custodian and Allied Insurance

26

7 UP Bottling Co PLC

92.50

0.0%

27

Julius Berger Nigeria PLC

28.00

0.0%

0.3%

-27.4%

-27.4%

-12.2%

-1.2%

28

FCMB Group Plc

1.12

-0.9%

0.4%

1.8%

1.8%

0.9%

0.1%

3.2x

0.1x

29

Transnational Corp of Nigeria

1.31

-1.5%

0.5%

50.6%

50.6%

19.6%

4.1%

5.2x

0.9x

1.16

-1.7%

0.5%

31.8%

31.8%

2.5%

0.3%

4.7x

0.1x

66.00

0.0%

0.5%

64.6%

64.6%

42.9%

25.9%

3.3x

1.1x

2.3%

30.7%

2.2%

5.1%

4.5x

23.9% -18.2%

1.5x

-8.1% 8.9%

30.8% 19.1%

30

Diamond Bank PLC

31

Presco PLC

32

PZ Cussons Nigeria PLC

23.00

-1.8%

0.5%

58.6%

58.6%

11.5%

5.8%

19.7x

2.2x

33

International Brew eries PLC

58.00

7.5%

0.9%

213.5%

213.5%

24.6%

7.4%

60.7x

13.8x

34

Cadbury Nigeria PLC

11.79

0.1%

0.3%

14.6%

14.6%

4.5%

1.6%

33.6x

2.0x

3.0%

35

Union Bank of Nigeria PLC

6.20

0.0%

0.3%

29.9%

30.0%

5.6%

1.2%

7.9x

0.4x

12.6%

36

Chemical and Allied Products P

34.00

0.0%

0.2%

6.3%

6.3%

84.3%

38.5%

14.8x

10.4x

1.00

0.0%

0.2%

31.6%

31.6%

6.1%

0.6%

5.3x

0.3x

22.80

0.0%

0.3%

44.8%

44.8%

61.2%

23.6%

4.7x

6.7%

1.7x

1.3%

21.2%

2.4%

Sterling Bank PLC

38

GlaxoSmithKline Consumer Niger

39

AXA Mansard Insurance PLC

2.05

0.0%

0.1%

22.8%

22.8%

11.9%

3.9%

10.2x

1.2x

Continental Reinsurance PLC

1.34

-2.9%

0.1%

35.4%

35.4%

9.6%

4.4%

7.9x

0.7x

T o p 10 G a ine r s T ic k er

1.6%

6.5%

37

40

21.4%

19.0%

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

P ric e

P ric e C hg %

D A N GSUGA R

17.24

9.1%

WA P IC

F LOUR M ILL

35.00

9.0%

D A N GSUGA R

47.0

9.1%

IN T B R EW

58.00

7.5%

F ID ELIT YB K

22.7

4.3%

D A N GC EM

T ic k er

Vo lum e

P ric e C hg %

650.3

0.0%

240.00

4.3%

T R A N SC OR P

22.0

-1.5%

F ID ELIT YB K

1.70

4.3%

FB NH

21.7

0.0%

N EM

1.46

4.3%

Z EN IT H B A N K

19.4

0.0%

A IIC O

0.56

3.7%

IN T B R EW

17.6

7.5%

ST A N B IC

41.99

3.7%

ST ER LN B A N K

11.4

0.0%

UA C N

16.90

3.4%

NB

9.7

0.1%

ET I

16.97

2.8%

FCM B

8.5

-0.9%

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 N A SC ON

P ric e

P ric e C hg %

T ic k er

Value

15.10

-4.4%

NB

1266.1

P ric e C hg % 0.1%

969.0

7.5%

M A YB A KER

2.70

-3.6%

IN T B R EW

C ILEA SIN G

1.33

-2.9%

D A N GSUGA R

801.4

9.1%

C ON T IN SUR E

1.34

-2.9%

Z EN IT H B A N K

481.3

0.0%

325.2

0.0%

9.77

-2.3%

WA P IC

23.00

-1.8%

GUA R A N T Y

212.1

0.0%

D IA M ON D B N K

1.16

-1.7%

FB NH

151.2

0.0%

T R A N SC OR P

1.31

-1.5%

N EST LE

136.7

0.2%

FCM B

1.12

-0.9%

GUIN N ESS

131.0

1.0%

NP FM CRFB K

1.30

-0.8%

D A N GC EM

96.8

4.3%

A C C ESS PZ

9.8% 12.7%

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Omotola Abimbola | oabimbola@afrinvest.com

39

˾ MONDAY, NOVEMBER 27, 2017

MARKET NEWS

Skye Bank Restates Commitment to Personalised Customer Service Goddy Egene

unique value proposition of the Brand Management of the bank, product to include its Omni- Nduneche Ezurike, described the The Group Managing Director/ Channel, Self-Service and uniform TV commercial as a compelling Chief Executive Officer, Skye sign-on across multiple devices. narrative in consumer lifestyle He said: “Today, banking is no which is a complete departure Bank Plc, Mr. Tokunbo Abiru has restated the bank’s commitment longer about the physical building from the traditional approach to personalised customer service but where you are and the device where organisations attempt to as the new focus of the bank’s you are using. SkyeXperience talk at customers about their size, is therefore designed to give strength, resilience, reliability retail banking strategy. Abiru stated this during the our customers, a seamless and among other value propositions. According to him, “the unveiling of a TV commercial consistent transition from one on its digital banking solution; channel to the other without SkyeXperience TV commercial can best be described as personal SkyeXperience. The television any hindrance. Giving a glimpse of the TVC benefit advertising in which the commercial which is titled “You Are in Control” expresses the creative thrust, Head of Strategic consumer is the source of power A Mutual fund (Unit Trust) is an investment floor of the Nigerian Stock Exchange. vehicle managed by a SEC (Securities and A REIT (Real Estate Investment Trust) is an Exchange Commission) registered Fund Manager. investment vehicle that allows both small and Investors with similar objectives buy units of the large investors to part-own real estate ventures (eg. Fund so that the Fund Manager can buy securities Offices, Houses, Hospitals) in proportion to their that willl generate their desired return. investments. The assets are divided into shares that An ETF (Exchange Traded Fund) is a type are traded on the Nigerian Stock Exchange. of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, GUIDE TO DATA: etc.) and divides ownership of those assets into Date: All fund prices are quoted in Naira as at 23shares. Investors can buy these ‘shares’ on the Nov-2017, unless otherwise stated.

and the A-Z of everything. It production, it is one of the things depicts a conscious effort to we look out for. It is pleasing to engage the consumer in his the eyes. It is important to note ecosystem by interpreting his that it was shot with full high lifestyle and communicating the definition camera – one of the benefits SkyeXperience offers the highest available today. Also, the consumer”. use of motion graphics was well On his part, a veteran executed,” he said. Nollywood and film producer, Earlier, the Group Head, Charles Novia, gave a critical Product and Innovation Group review of the commercial. He of the bank, Ndubuisi Osakwe said production–wise, the noted that the bank had historically SkyeXperience TV commercial championed payment systems with has aesthetic value. “For us in multiple solutions that address film making and commercial payment solutions including: 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.

channels, tablets, desktops and mobile phones for mobile and internet banking. “The market has evolved and today we are moving to the next level where the device you’re using does not limit you to the kind of service you get. Hence, the SkyeXPerience world delivers internet banking on the go (i.e. one solution that fits all your banking needs). We call it Omni-channel, in which the experience is uniform, easy to use and a single sign-on across all devices,” he asserted.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 178.22 179.44 40.53% Nigeria International Debt Fund 234.56 235.91 11.02% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.81 0.82 16.39% ACAP Income Funds 0.63 0.63 79.56% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 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 17.84 18.38 44.48% ARM Discovery Fund 373.92 385.20 30.21% ARM Ethical Fund 26.54 27.34 18.79% ARM Money Market Fund 1.00 1.00 17.73% 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 147.16 148.19 39.91% AXA Mansard Money Market Fund 1.00 1.00 18.22% 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.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 18.24% CORONATION ASSET MANAGEMENT investment@coronation.com Web: www.coronation.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 17.70% Coronation Balanced Fund 1.00 1.01 0.47% Coronation Fixed Income Fund 1.00 1.03 1.56% FBN CAPITAL ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,110.05 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 47.21% Legacy Short Maturity (NGN) Fund 2.95 2.95 14.64% 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 2,910.86 2,950.95 32.38% Coral Income Fund 2,428.22 2,428.22 16.50% 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 17.40% Vantage Balanced Fund 2.08 2.11 23.77% Vantage Guaranteed Income Fund 1.00 1.00 18.42% Kedari Investment Fund (KIF) 113.37 113.37 16.84%

LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.17 1.19 18.03% Lotus Halal Fixed Income Fund 1,041.55 1,041.55 10.54% 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 22.59% PACAM Fixed Income Fund 10.93 10.99 5.13% PACAM Money Market Fund 10.00 10.00 17.03% 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 2,209.58 2,222.76 20.69% Stanbic IBTC Bond Fund 174.75 174.75 13.50% Stanbic IBTC Ethical Fund 0.98 0.99 27.92% Stanbic IBTC Guaranteed Investment Fund 216.67 216.67 15.93% Stanbic IBTC Iman Fund 171.89 174.12 32.40% Stanbic IBTC Money Market Fund 100.00 100.00 17.60% Stanbic IBTC Nigerian Equity Fund 9,476.68 9,587.80 24.97% 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 ZENITH ASSETS MANAGEMENT LTD Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Zenith Equity Fund Zenith Ethical Fund Zenith Income Fund

1.00

Bid Price 12.63 13.28 18.85

1.00 17.40% info@zenith-funds.com Offer Price 12.81 13.43 18.85

Yield / T-Rtn 30.37% 21.58% 13.98%

NAV Per Share

Yield / T-Rtn

11.41

1.01%

131.74

6.27%

Bid Price

Offer Price

Yield / T-Rtn

11.15

11.25

29.11%

REITS Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund

EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40

136.51

139.47

37.99%

Stanbic IBTC ETF 30 Fund

105.27

107.26

38.93%

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Griffin 30 Exchange Traded Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.51 8.58 16.93 19.83 143.54

4.55 8.66 17.03 20.03 145.54

62.86% 21.92% 43.07% 24.17% 13.11%

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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MONDAY NOVEMBER 27, 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Egypt Attack: IS Flags Carried by Gunmen, Say Officials Egyptian officials investigating the massacre of worshippers at a mosque in Sinai say the attackers were carrying the flag of the Islamic State group, according to a BBC report. At least 305 people died in the assault, which was launched during Friday prayers and has not yet been claimed by any group. Egypt’s public prosecutor said there were up to 30 attackers at the scene. President Abdul Fattah al-Sisi has vowed to respond with “the utmost force”. The Egyptian military says it has already conducted air strikes on “terrorist” targets Egyptian security forces have for years been fighting an Islamist insurgency in the Sinai peninsula, and militants affiliated with so-called Islamic State (IS) have been behind scores of deadly attacks in the desert region. Friday’s attack in the town of Bir al-Abed is the country’s deadliest in recent memory. Al-Rawda mosque was bombed and then dozens of gunmen, waiting outside, opened fire on those trying to escape. Some attackers wore masks and militarystyle uniforms. The assailants reportedly set parked vehicles on fire in the vicinity to block off access to the building, and fired on ambulances

trying to help victims. Thirty children are among the

dead and more than 100 people have been wounded.

Pakistan Protests Grow as Military Stays Silent Thousands more protesters massed in Pakistan’s major cities Sunday after attempts to disperse an Islamist rally in Islamabad ended in deadly violence, with the military hesitant to respond to a government appeal for help. Groups of chanting demonstrators, many armed with sticks, were arriving to occupy roads between Islamabad and neighbouring Rawalpindi, AFP reporters saw. Thousands more were on the streets than when police and

paramilitaries began a bungled operation to clear them one day earlier. At least 4,750 were in Pakistan’s biggest city Karachi, according to traffic officials, up from roughly 200 the day before. In the cultural capital Lahore an estimated 3,400 were occupying main roads. Reports said the protests had also spread to other cities and towns across the country. The numbers are still relatively small by Pakistani standards but have grown swiftly.

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NEWSEXTRA

FG Reviews Tax Profiles of Companies with Major Payments from 2012 Identifies 500 Nigerians with offshore property and trusts Deploys 1,700 tax officers in 33 states Ndubuisi Francis in Abuja In a bid to give further impetus to its tax drive under the Voluntary Assets and Income Declaration Scheme (VAIDS), the federal government has begun a review of the tax profiles of companies which received major payments in the past five years. It has also compiled a list of 500 prominent Nigerians with property and trusts abroad in order to determine their tax compliance status at home. The 500 prominent Nigerians will receive their letters beginning from today (November 27, 2017). The Minister of Finance, Mrs. Kemi Adeosun made the disclosures at a workshop organised by the Federal Ministry of Finance, Federal Inland Revenue Service (FIRS) and Joint Tax Board (JTB), for lawyers, accountants and other professionals advising clients on participation in the VAIDS. Adeosun warned that there was no hiding place for tax evaders residing in Nigeria or abroad, noting that the federal government had put in place a data mining mechanism to fish out evaders. A statement issued by her spokesman, Mr. Oluyinka Akintunde, quoted the minister, saying: “The unique cooperation between the various arms of federal government, state governments and foreign governments has provided an unprecedented level of data that allows the Nigerian government to profile taxpayers accurately and

identify those whose lifestyle and assets are not consistent with their declared income. “A lot of data mining is going on daily, both locally and internationally, on property ownership and other items. Data is an extremely powerful tool that is now being utilised. For instance, we have reviewed all companies that received major payments from the federal government in the last five years and found that even those who made money from government under-declared,” the minister said. She added that the government’s tax compliance team had looked at import records and compared the value of goods imported to the tax declarations of the importers, but the discovery was worrisome as “the variance was disturbingly wide. “On personal income taxes, we reviewed property and company ownership as well as registration of high value assets and foreign exchange allocations, which gives us a sense of the lifestyles of the persons. “But again, we found major non-compliance. In some cases, people declared as little as N10 million as income but purchased expensive property overseas and in Nigeria, registered high specification vehicles and funded luxurious personal events costing multiples of the declared income. “We have blocked a major loophole by using data to profile tax payers. Thus, someone owning

properties across multiple states and overseas can selectively declare knowing that tax authority had no means of cross checking. “This is especially the case with overseas assets and income where state governments lacked jurisdiction. But with the centralisation of data under Project Lighthouse within the Federal Ministry of Finance, a major loophole has been plugged,” she added. Adeosun reiterated the willingness of the federal government to prosecute tax evaders after the tax amnesty period had elapsed, foreclosing the possibility of extending the March 31, 2018 deadline of VAIDS. The minister therefore called on professionals to advise their clients to uphold honesty in the declaration of their assets and income as well as the regularisation of their tax status. She further told the gathering of professional advisers that the federal government had compiled a list of 500 prominent Nigerians with property and trusts abroad in order to determine their tax compliance status at home. The 500 prominent Nigerians, according to her, will receive their letters beginning from today (November 27, 2017), asking them to take advantage of the tax amnesty to

regularise their tax status and avoid prosecution and fines. Adeosun said: “The first 500 letters are ready and will go out this week but there are many more. Receiving the letter is not an accusation of deliberate wrongdoing rather a notice that the data suggests possible underpayment and a prompt to check compliance. “It is premature to call such persons tax evaders as there are many reasons that taxpayers may have failed to comply. We will only label people as real tax evaders when the amnesty deadline expires and they have failed to regularise. “Such persons can then legitimately be called tax evaders, as their non-participation in VAIDs indicates that they are willful tax evaders. We will then proceed to apply the full weight of the law.” According to her, non-receipt of a letter should not be taken as an indication that government had not identified a potential evader. “We are sending out thousands of letters to those in the high risk categories but our advice is that every person and every company should do a self-assessment and take advantage of VAIDs to correct any under declaration, irrespective of whether they get a letter,” she added.

The minister also disclosed that the federal government has recruited and trained 2,190 Community Tax Liaison Officers (CTLOs) under the VAIDS. She confirmed that a total of 1,710 CTLOs have been deployed to 33 states, out of 2,190 tax officers recruited and trained to raise awareness about the scheme and taxation in general. The CTLOs are currently operating in Adamawa, Cross River, Delta, Edo, Enugu, Kaduna, Kwara, Lagos, Nassarawa, Niger, Ogun and Oyo, among others states, she said. VAIDS, an initiative of the Ministry of Finance in collaboration with the State TaxAuthorities, is a programme that provides tax defaulters a ninemonth opportunity to voluntarily and truthfully declare previously untaxed assets and incomes. The tax amnesty period is expected to lapse on March 31, 2018. In another development, the Ministry of Finance said its attention had been drawn to attempts by some importers and Non-Government Organisations (NGOs) to malign the name of Adeosun, and the ministry “over spurious claims of refusing to grant import duty waivers in respect of drugs, health commodities and related equipment donated by

the Global Fund. *The ministry strongly denies that the minister has refused to grant import duty waivers to some importers and NGOs for drugs and health commodities imported into the country. “There are laid down statutory procedures governing the granting of import duty waivers to importers and NGOs, which are part of holistic measures put in place to check abuses of the federal government’s fiscal incentives, and to put a halt to rampart corrupt practices in the economic sector,” the ministry said in a statement issued by its Director (Press), Mr. Salisu N’Inna Dambatta According to the statement, “These procedures include submission of an application by the importer and NGO to the Federal Ministry of Finance through the Federal Ministry of Health; evidence of registration with the Corporate Affairs Commission (CAC) submission of an approved Memorandum of Understanding duly signed by the Minister of State, Budget and National Planning between the donor agencies, Federal Government of Nigeria and the recipient-NGOs “

FGYet to Release Take-off grant to AgricVarsity 25Years Emmanuel Ugwu in Umuahia The federal government is yet to release take-off grant to the Michael Okpara University of Agriculture Umudike, Abia State, 25 years after it was established as a specialised tertiary institution. Two other Universities of Agriculture at Abeokuta and Makurdi that were established in 1988 got their take off grants at inception but MOUAU which took off in 1992 was left without any take-off grant till date despite strident appeals by successive managements and governing councils. A renewed appeal for the release of the take off grant was made at the weekend at the 8th convocation ceremony of MOUAU during which it also marked its 25th anniversary. The Pro-Chancellor and Chairman of the Governing Council of the school, Hon. Muhammadu Lawal Zayyana, passionately urged the federal government to release the take-off fund. “It is on record that this University is the only University of Agriculture in Nigeria that did not at inception and till date receive any take-off grant,” he lamented. Unfortunately neither the visitor to the university, President Muhammadu Buhari nor the Minister of Agriculture, Chief Audu Ogbeh and his education counterpart, Mallam Adamu Adamu attended the eighth convocation cum silver jubilee celebration of MOUAU. They did not send representatives either. Nonetheless, the chairman of

governing council passionately appealed to the Federal Ministry of Agriculture and Rural Development, the Federal Ministry of Education and the National Universities Commission (NUC) “to take a critical look at this situation and make fruitful representation” to President Buhari. He prodded the two ministers and the Executive Secretary of NUC, Abubakar Rasheed, to visit Mr. President and “encourage him to demonstrate his fatherly goodwill and magnanimity by approving a take-off grant for Michael Okpara University of Agriculture, Umudike.” Zayyana, who was former Speaker of Sokoto State House of Assembly, stated that MOUAU “is in dire need of increased funding so as to address major infrastructural deficits.” Abia State Governor, Dr. Okezie Ikpeazu, in his address, expressed misgivings about the federal government’s decision to delist some academic programmes at MOUAU considered not to be core agriculture courses. He urged the federal government to reconsider its position on the affected programmes arguing that Abia has unlike other states of the federation has no other federal tertiary institutions hence the need for MOUAU to operate as a conventional university “to train our children in all fields.” While commending the Buhari administration for refocusing the nation’s economy on agriculture, Ikpeazu called for enhanced funding of universities of agriculture and farmers to effectively play their required roles in Nigeria’s drive for agriculture revolution.

COMING TOGETHER FOR NATIONAL UNITY

L-R: Attorney General of the Federation and Minister of Justice, Abubakar Malami, Chairman, Southern Senators’ Forum, Senator Hope Uzodinnma, Governor of Bayelsa State, Seriake Dickson, President of the Senate, Dr. Abubakar Bukola Saraki, Governor of Cross River State, Prof. Ben Ayade, Deputy President of the Senate, Senator Ike Ekweremadu and the Governor of Jigawa State, Abubakar Badru, during the opening session of a retreat organised by the Southern Senators’ Forum in Calabar.....weekend.

House C’ttee Probes SON over Seizure of Certified Products James Emejo in Abuja The House of Representatives Committee on Public Petition has launched investigation into alleged seizure of manufacturing machines and finished products belonging to D and K Golden City Investments Limited in Anambra State by the Standards Organisation of Nigeria (SON). It further expressed concern over the failure of the standards agency to appear before its members over the matter. The company, in its petition to the House, accused SON of refusing to comply with the orders of the Federal High Court, Awka, dated February 27, 2011, and December 8,

2014 in suit numbers FHC.AWK/ CS/37/2011 and 1269/2014 to release the seized items. According to a representative of D and K Golden City Investments Limited, Mr. Chike Onyeali, the petition is in defence of illegal activities of SON against manufacturing companies in the country. He said on December 21, 2016, SON officials invaded the company’s premises located at kilometre three Onitsha-Owerri road, Obosi,Anambra State and carted away manufacturing machines, raw materials, 1,895 cartons of Dorco disposable shaving stick and 1, 520 Best Clean tooth brush. He expressed worry that the items were carted away under the guise of being fake and substandard products.

Onyeali, while condemning SON’s action, said the seized products had quality certification on them. “SON based its action on the pretence that it is midwifing certification standard in Nigeria when in actual fact they lack the competence and expertise to run those test indices for which they sent us to Intertek Offshore, who are experts in parameter testing. “We have taken our products to Intertek, they have examined them, issued result and directly sent it to SON, but SON overlooked it. “But since they have declined to be here, we have closed our case and made a formal application that a subsisting order be made in our favour that they proceed forthwith to unseal the company

premises which SON sealed since 2016 with employee of over 200 staff,” Onyeali said. The Chairman of the Committee, Hon. Uzoma Nkem-Abonta, said the committee would go ahead to close the case due to nonappearance of SON on the matter. He said: “It is unfortunate that SON will continue to impugn and disrespect the subsisting orders of the National Assembly. “This appears to be the ninth sitting on this matter and each time they have deliberately whittled down the supervisory indices of the House and this appears to be very embarrassing and they cannot be taking the National Assembly for granted.

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Badoo Gang Resumes Reign of Terror Police impose curfew on Ikorodu Chiemelie Ezeobi Barely six hours after the Lagos State Commissioner of Police, Edgal Imohimi, read the riot act to the Badoo gang operating in Ikorodu and its environs in the state, the gang struck again yesterday morning. The attack came after the late night meeting, which was held at the palace of the Ikorodu monarch, Oba Abdulrasheed Shotobi, which THISDAY witnessed. The meeting which started by 10p.m. and round off at 1a.m., was necessitated by the recent ritual killings by suspected members of the Badoo gang in Ikorodu. Imohimi had during the meeting, which had leaders of different faith, security operatives, local vigilantes and community leaders in attendance, blown hot against the perpetrators. Calling the bluff to the CP’s threat to curb the menace of ritual killing, the gang struck that same morning at Offin area of Igbogbo, one of the many suburbs in Ikorodu town. The ritual gang killed a Redeemed Christian Church of God (RCCG) pastor, one Victor Kanayo, and also brutalised his wife and child, rendering them unconscious. His wife and 10-month-old baby were said to have been rushed to Ikorodu General Hospital by policemen from Igbogbo Division. It was gathered that the assailants smashed the head of the pastor with two big stones, which were said to have been found beside him. The gang had cut the iron bars on the window of the bungalow where the family lived to gain access

into the house. THISDAY gathered that the clergyman and his family were the only ones living in the building because the landlord moved out some months ago as a result of increased insecurity. Confirming the incident, the state police spokesman, SP Chike Oti, said the deceased was the head of Fingers of God Parish, RCCG, Igbogbo. He said: “However, the command has made a couple of arrests, and suspects are being questioned with a view to discovering the author of the heinous crime. “The state Commissioner of Police has also dispatched a team of crack detectives to unravel those behind the murder; dig into the past of the victim and see if there is a correlation between his past and his fate. “The issue of his past before he became a born-again Christian is of interest to the police because of a human skull tattoo drawn on his left arm which gives the victim away as one who may have belonged to any of the cult groups. “Meanwhile, investigation into case is ongoing, findings will be made public as usual by the CP.” Meanwhile, during the dialogue at the traditional ruler’s palace, the CP sought the collaboration of stakeholders in the community to sustain the peace being enjoyed in Ikorodu and environs. He disclosed that majority of the ritual killings recorded took place within church premises, adding that in most cases, the pastors would have concluded their prayers, left before they attack vulnerable

women and children. Decrying the bail granted five out of seven suspected key members of the ritual gang by the court last week, Edgal expressed worries that they could wreak havoc if checks were not put in place. To achieve that, the commissioner announced curfew between 1a.m. and 4a.m. across the district, urging the traditional ruler to prevail on his chiefs and youths to commence patrols and ignite bonfires to wade off the killers. He said: “Vigilante groups should be strengthened and given mandate to question people moving around by that time. Anyone without a good reason should be arrested and handed over to security agents. I will not tolerate jungle justice. “The bad news is that out of the seven principal suspects charged to court in connection with the ritual killings, five of them have been released from prison. They were granted bail by the court and they have gone underground. “Recently, a case of murder at Agbowa that resembles their style of ritual murder was recorded. Investigation had gone to advance stage and details would be given. “We are tracking the five major suspects and I can assure you that we would get them soon. With their release, there is need for vigilance. We must immediately restore all security measures that chased all hoodlums and criminals away from Ikorodu.” In response, the traditional ruler pledged the support of his people to the police in ensuring that the peace already achieved in Ikorodu by the CP is sustained.

2019: SDP Begins Talks with Other Parties James Sowole in Akure The leadership of the Social Democratic Party (SDP) has begun discussions with some political parties ahead of the 2019 general election in the country. The SDP Chairman in Ondo State, Chief Korede Duyile, who disclosed this at its meeting saying the outcome of the discussion with other parties would not only be beneficial to the party but also the country at large According to the SDP chairman, the parties was discussing with others that have similar philosophy and ideology to benefit the nation. He said the desire of the party was to have genuine democrats to flow together and provide fresh and trustworthy leadership to the

people of the country and also ensure people-friendly process of national development. The leadership of the party at the meeting passed a vote of confidence on its leadership under Duyile, describing him as a leader worth emulating as a result of his political experience. The leadership of the party noted that the party remained a formidable platform in the state, saying the party is as strong as it was before, during and after the last governorship election in the state. The action was contained in a communiqué issued at the end of the meeting and was signed by the state Publicity Secretary, Mr. Remi Olayiwola. The communiqué said the

suspension of three members of the state executive would be sustained, adding that the national secretariat of the party would soon give a final verdict on the final expulsion of the erring members. The party explained that “the three officials deliberately lured unsuspecting members of the SDP in the state into an authorised and unconstitutional meeting with another political party contrary to the constitution of the party.” Earlier, the SDP deputy governorship candidate in the last election in the state, Mrs. Modupe Martins, expressed appreciation to members of the party, for their support for the party’s flagbearer in the election, Dr. Olu Agunloye.

Abba-Gana Eulogises Ekwueme Former Minister of the Federal Capital Territory (FCT) and member, Board of Trustees (BoT) of the Peoples Democratic Party (PDP), Muhammed Abba-Gana, has paid glowing tribute to the late former Vice President, Dr Alex Ekwueme, who died last week, describing him as a trusted and tested democrat. Abba-Gana said Ekwueme was a proven patriot and nationalist and second to none team player who came to the national limelight as vice president from October 1979 to December 1983. “His immense contributions

to the 1994/95 National Constitutional Conference have endeared him to the generality of Nigerians. His timely and remarkable leadership of the G34 and the courage, intellect and wisdom he displayed in the fight for democracy and rule of law singled him out as the real hero of our democracy and leader of high moral values and fear of God,” the former FCT Minister said. He recalled that Ekwueme’s acceptance of defeat in the 1999 PDP presidential primaries held in Jos showed his love for one united

Nigeria and faith in democratic institutions and processes. “By that acceptance of defeat, he sowed the seed for the enduring democracy and democratic order and rule of law which we now cherish and enjoy. His family is definitely in sorrow but Nigerians who know his value and deeds are in more sorrow because they have lost a redeemer, nation builder and a just and dependable leader. May the Almighty God grant the fortitude for his family to bear this great loss and may his great soul rest in perfect peace,” Abba-Gana concluded.

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Operators Decry Misinformation in Broadcast Digitisation Process Ndubuisi Francis and Udora Orizu inAbuja Cable Channels Nigeria Ltd (CCNL), an amalgam of cable operators in Nigeria has lamented what it described as frivolous and unfair misinformation in some quarters designed to discredit its contributions in the transition to digital broadcasting in Nigeria. CCNL is a conglomerate of several cable operators in Nigeria, and the official Nigerian licensed content aggregator for Digital

Kalu Bags Honourary Doctorate Degree From UNN In recognition of his outstanding contributions to nation building, former Abia State Governor and chieftain of the All Progressives Congress (APC), Chief Orji Uzor Kalu, will be conferred with a honourary doctorate degree in Public Administration by the University of Nigeria (UNN) Nsukka on Saturday, December 2, 2017. The event which will attract people from all walks of life including top government officials, traditional rulers, the organised private sector, academia and diplomatic community, is part of activities marking the institution’s 47th convocation ceremony. Kalu, a businessman, politician and a philanthropist, is being honoured alongside the Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar and former Managing Director of Zenith Bank Plc, Mr. Jim Ovia, for his remarkable and indelible contributions to the social, economic and political development of Nigeria. The Forbes-rated billionaire, with vast business interests around the globe, has, over the years, through his renowned business empire, SLOK Group, continually created employment and wealth for the teeming Nigerian populace and foreigners alike. The former two-term governor of Abia State, who was christened “Action Governor” in 1999 by former President Olusgeun Obasanjo, demonstrated his uncommon business and leadership sagacity while he held sway as the state’s helmsman. His administration recorded tremendous success in all ramifications with special focus on improved workers’ welfare, infrastructural regeneration, free education scheme, free and qualitative health services and sports development. Kalu, who is also a committed democrat and nationalist, through various platforms including Orji Kalu Foundation, Njiko Igbo, G-34,Team United Nigeria, HopeAliveGroup and New Nigeria Initiative advocate good governance, democratic development, entrepreneurship, patriotism, peaceful co-existence and unity at all levels. His milk of kindness knows no bounds as he continues to provide succour to many in the society especially the masses who are mainly beneficiaries of his humanitarian gestures such as free health scheme, scholarship scheme, mentorship and interest-free loan scheme.

Terrestrial Television (DTT) and Digital Satellite (DSAT) free-to-view platforms with the responsibilities to manage, market and promote to the final consumer as a part of the Nigerian National Digital Switchover (DSO) strategy. Speaking in Abuja at an interactive session weekend, the Chairman of CCNL, Mr. Kunle Afolabi, said it had become necessary to correct the erroneous impressions and undeserved attacks being meted out on the company, and to further enlighten the public on the role played by CCNL at various levels of the digitisation process in the country. He stated that since its incorporation in 2009, CCN had transited to digital broadcasting,

a situation which made them the preferred choice as content aggregator (to buy rights for broadcast in Nigeria) when digital broadcasting was launched in Jos and Abuja respectively. According to him, “When we came in, we discovered that digitisation is very alien to our society and thus we’ve been helping out in the entire digital ecosystem switch over to educate Nigerians about the whole idea. Our responsibilities centres around platform management, content management, consumer audience measurement, signal contribution, promotion and branding among others. “At the commencement of DSO (Digital Switch Over), we designed

and developed the Free TV set boxes and distributed them, we also provided strategic consultation services to NBC, we interfaced with all the stakeholders ranging from channel owners and signal distributors, we asked them for standard for the format of sending their signals and we helped with distribution g the set boxes to users. “We undertook training sessions to ensure that installers are trained on the complete installation of Free TV decoders, produced and distributed retail training packs with essential information for DSO and organised ‘town storming’ activities to educate end users the digitalisation process.” However, the company he noted, ran into troubled waters when some

of the players in the industry, owing to selfish and pecuniary interests began to believe that they could do more than they were assigned to do. He added that such a development had the effect of creating monopoly of the whole process. He said: “National broadcasting as a regulator granted all stakeholders licence and someone is coming out to say another person is not supposed to be there. I don’t know why some people find it difficult to understand that the role CCNL is playing is to ensure the sustainability of DSO.” According to him, CCNL was the anchor of the whole process and had contributed immensely

to the digitalisation echo system “There is a lot of misinformation by people who doesn’t even know anything about the broadcast industry and it is only right that members of the public are not misled.” “People coming out with the idea that CCNL was created by the National Broadcasting Commission as a conduit for syphoning government money, that CCNL collects charges on behalf of signal distributors and not recognised by the white paper on digitisation and that it should be expunged,” he stated. He assured that CCNL was ready to continue to contribute in ensuring the success of the DSO drive.

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MONDAYSPORTS

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

Obafemi Fires Cracker as Shenhua Wins Chinese FA Cup Veteran Nigerian striker Obafemi Martins scored a cracker as Shanghai Shenhua stunned rivals Shanghai SIPG to win the Chinese FA Cup final on away goals 3-3 on aggregate yesterday. They did it in thrilling fashion and without Argentine forward Carlos Tevez, whose disastrous 11-month spell in China looks to be over after he failed to appear in either leg of the final. Shenhua went into the twolegged tie as underdogs against an expensively assembled SIPG side featuring the Brazilians Hulk and Oscar, Asia’s most pricey player at €60 million. Portuguese coach Andre Villas-Boas, whose future in China is also unclear having failed to lead SIPG to silverware this season, paid the price for a lack of ambition in the 1-0 first-leg defeat at Shenhua a week earlier -- Martins the scorer. At least SIPG went out fighting, winning 3-2 on an enthralling night at Shanghai Stadium. Former Chelsea and Tottenham Hotspur manager Villas-Boas refused to be immediately drawn on his future, saying: “It’s not the time now to speak about this. “SIPG know my decision and soon you will know about it.” Chinese media hinted that

Villas-Boas had to lift at least one trophy in his first season to stay in the job, but SIPG came second in the Chinese Super League (CSL) behind Guangzhou Evergrande and went out in the semi-finals of the Asian Champions League. “For us it’s a pity, we were close to three trophies this season but we couldn’t achieve them,” added Villas-Boas. “I think we are more ready now to face the challenges that lay ahead of us for the future. “We had three knockouts and we failed them all, that’s my responsibility, I was the one that made the promise for this team to achieve success and I failed in this bid.” Hulk and international winger Wu Lei both tested out the away goal and on 15 minutes SIPG took the lead. Oscar crossed and Lu Wenjun was on hand at the far post to steer the ball back across goal. Both sides had half-chances and three minutes before the break a moment of controversy. Shenhua, with former manager Gus Poyet watching from the stands, thought they had scored through Cao Yunding. The away players wheeled away in celebration, failing to spot that the referee had blown up for an infringement by Martins. The 33-year-old forward had

Obafemi Martins (right) and Shanghai Shenhuai teammates celebrating the Chinese FA Cup victory yesterday

given the side now coached by Wu Jingui a slender lead from the first leg, but he was adjudged to have impeded SIPG goalkeeper Yan Junling. But on the stroke of half-time Shenhua did score and it was Cao again, swivelling inside

the box to fire the ball past Yun for 1-1 on the night and 2-1 on aggregate. Martins, once of Newcastle United and Inter Milan, looked to have won the tie when he cut in from the right and curled the ball beautifully into the top

corner from well outside the box. But Hulk buried a penalty four minutes later, then on 76 minutes SIPG took the lead on the night 3-2 when Shenhua captain Giovanni Moreno put the ball into his

own net, setting up a frenetic finale during which SIPG’s Fu Huan was sent off. It was Shenhua’s first FA Cup triumph since 1998 and earns them a place in next season’s Asian Champions League.

26th Quadrangular Games Pinnick, Others Honoured at New Telegraph Awards Begin at Ikoyi Club The 26th edition of the Quadrangular Games began yesterday at Ikoyi Club 1938, Lagos with a message from the organising committee to all participates to compete fairly. The Quadrangular Games, a yearly event is rotated among four clubs, Ikoyi Club 1938, Lagos Lawn Tennis Club, The Apapa Club and Lagos Country Club Ikeja. Speaking at the opening ceremony yesterday, a member of the organising committee, Yomi Ogundipe, said the purpose of the games is for members to see themselves one family. He said: “For us in Ikoyi Club here it is not hosting to win. It is fellowship through sports.” Ogundipe hinted that the 2017 edition of the Games would feature ten sporting events including, Snooker,

Billiards and Pool, Table-tennis, Tennis, Badminton, Squash, Swimming, Soccer, Chess, Scrabble and Ayo. The competition scheduled to end on December 2 will feature over 250 competitors with 50 athletes reprehending each of the four clubs. The last edition of the Quadrangular Games was hosted by Lagos Country Club, Ikeja. According to the organising committee there will be no cash prizes, but winners will be awarded with gold, silver and bronze medals while the overall winning team will go home with a giant trophy. Meanwhile the Chairman of Ikoyi Club 1938, Babatunde Akinleye, has said that the Games would provide an opportunity to strengthen the bonds of friendship between the four competing clubs.

Akanbi Kicks off Title Defence at Asoju Oba Cup Hundreds of athletes will today converge on the Teslim Balogun Stadium as Rilwan Akanbi and Bose Odusanya begin their title defence in the singles event of the 49thAsoju Oba Molade Okoya-Thomas Table Tennis Cup. Akanbi, a member of the national junior team to the 2016 ITTF World Junior Championships held in South Africa will be hoping to retain the title again this year amidst the array of stars competing at the five-day tournament. Like Akanbi, Odusanya

whose performance is yet to earn her a call-up to the national team and she has not convince the technical department of the Nigeria Table Tennis Federation (NTTF) to be invited to the national camp. Fatimo Bello, 2016 runner’s up and veteran Tolu Durosimi-Etti will also be gunning for the title being former champions of the competition. For the family of the late business mogul, this year’s tournament would serve as a prelude to the elaborate 50th anniversary of the tournament.

President of Nigeria Football Federation (NFF), Mr. Amaju Melvin Pinnick and another Member of the NFF Executive Committee, Alhaji Yusuf Ahmed ‘Fresh’ were the cynosure of eyes at the inaugural edition of the New Telegraph Awards held at the Balmoral Events Centre of Federal Palace Hotel, Lagos on Saturday night. Pinnick, also a Member of the CAF Executive Committee, CAF Emergency Committee and President of AFCON, as

well as being a Member of the Organizing Committee for FIFA Competitions, was named the Sports Administrator of the Year, to a resounding ovation in the auditorium. Apart from taking Nigerian Football to a high level of global reckoning in football politics, the Pinnick-led NFF’s adroit man-management, focus, energy and dynamism saw the Super Eagles conduct a sterling 2018 FIFA World Cup qualifying campaign, in

which they qualified from a so –called ‘Group of Death’ with a match to spare, and left second-placed Zambia stranded six points behind. Ahmed ‘Fresh,’ who is Chairman of the NFF Technical and Development Committee and much respected for his contributions to grassroots football and youth empowerment, was honoured with the Grassroots Football Development award. He is also a Member of the CAF

Technical and Development Committee. Former Vice President Atiku Abubakar, House of Reps’ Speaker Yakubu Dogara, Niger Delta Development Commission MD Nsima Ekere, parliamentarian Nkeiruka Onyejeocha, JAMB Registrar Professor Ishaq Oloyede, wrestler Odunayo Adekuoroye and Nollywood stars Richard Mofe-Damijo and Sola Sobowale were among those also honoured on the night.

Amate Clinches CBN Governor’s Golf Cup Olawale Ajimotokan in Abuja A medical doctor, Ahmed Amate, shot 67 nett to win the CBN Governor’s Cup on a sunny day at IBB International Golf and Country Club, Abuja. His gross for the tournament was 89, a mix of seven pars, seven bogeys and three double bogeys. Playing in the Men’s Division Three category, Amate’s path to victory was eased by a back-nine run of 40. Following the victory, the

IBB Committee lowered his handicap from 22 to 19.4. A field of 200 golfers featured in the CBN Cup, the last official tournament on the schedule of IBB Golf Club for the year. An excited Amate afterwards vowed to defend his new handicap or even consider becoming a golf professional in the future. “The thing about golf is that when it comes, it comes. You can have a bad day; I happened to play well today. I will keep playing well and will be glad

to defend the title next year,’’ he said. M.B Rafferty marginally edged the Men Division 1 (Handicap 0-12) beating Tony Azogu on countback while C. Osarumwese grabbed the second runner up nett with 74. Sola Awoyungbo carded 79 to win the CBN Pensioners title; O.M Fakiyesi was three shots off for the runner up nett. Dipo Sanya (Gross), Samuel Anyamele (Veteran) and Davou Tiri (Men D2) all clinched individual laurels.

Rachel Danjuma (71) defeated Amina Wilfred by two shots to triumph in the ladies’ handicap 0-20 category, while J. Ikwue, who shot 74, took honours in 21-30 category by one stroke. Grace Ihonvbere won the Ladies Longest Drive, resting 227 metres from the green, while Danjuma took the nearest to the pin (22.5ft) to the flag. IBB Captain Sunday Ameh (SAN) thanked the governor of CBN for making the tournament a feature at the club in the past 11 seasons.

Wike Wrestling Begins as Rivers, Lagos Hopeful of Winning Both Rivers and Lagos states have expressed readiness to win the maiden edition of the Governor Wike Wrestling Championship, which kicked off at the main bowl of the Alfred Diete Spiff Sports Complex in Port Harcourt at the weekend. This is just as the Minister of Youth and Sports, Solomon Dalung will join Wike to declare the championship open today. Dalung will also unveil the logo and mascot for the African

Wrestling Championship, which Rivers State is hosting in 2018. Rivers State Sports Council Wrestling Head Coach, Oyonomunude Eli, in a chat with sports journalists expressed the readiness of the state’s wrestlers to sweep all medals available in the championship. According to him, Rivers is the home of wrestling and as such, they were adequately prepared to surmount their opponents and prove that

they were not just hosting but ready to win in a free and fair contest. He disclosed that Rivers was presenting 60 male and 30 female wrestlers in both freestyle and Greco-Roman events, adding that they were prepared to compete well. Also speaking, the Secretary of Lagos State Wrestling Association, Somade Ganiat, declared that they were not in Port Harcourt for mere

participation but to cart away available gold medals. She stressed that Lagos is the grassroots of wrestling in Nigeria and would prove same on the mats as the events unfold. She expressed satisfaction with the facilities at the venue, saying they were top class. As at press time, 25 states and five wrestling clubs have been registered and cleared to participate in the championship.

Monday November 27, 2017

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MISSILE Tinubu to Okorocha â&#x20AC;&#x153;I have not heard about that and the party spokesman has not said that. No governor can appropriate the power of endorsement to themselvesâ&#x20AC;? â&#x20AC;&#x201C; Former Lagos State governor and Leader of the All Progressives Congress (APC), Asiwaju Bola Tinubu dismissing claims by Governor Rochas Okorocha of Imo State that APC governors have endorsed President Muhammadu Buhari as the partyâ&#x20AC;&#x2122;s ďŹ&#x201A;ag bearer for the 2019 presidential polls.

BENMURRAYBRUCE MAKING COMMON SENSE

ben.murraybruce@thisdaylive.com

Moodyâ&#x20AC;&#x2122;s and 2018 Budget of Wishful Thinking

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igeria is a nation sleep walking into economic disaster and the sad thing is that nobody seems to be aware of it. Not the government in power, not the opposition and not the fourth estate of the realm. Are we aware that the preeminent ratings agency in the world, Moodyâ&#x20AC;&#x2122;s, cut Nigeriaâ&#x20AC;&#x2122;s long-term foreign-currency bond from BA3 to B1? Not stopping there, Moodyâ&#x20AC;&#x2122;s ruled that Nigerian efforts to broaden non-oil revenue have been unsuccessful. Not that this was not alarming enough, but my own personal alarms bells rang the very next day after the Moodyâ&#x20AC;&#x2122;s ratings when some sycophantic group released a press statement praising President Muhamadu Buhari for increasing Nigeriaâ&#x20AC;&#x2122;s non oil revenue! Are we even paying attention to what is happening right before our very eyes? Even before this latest Moodyâ&#x20AC;&#x2122;s downgrade, there had been an unprecedented capital flight out of Nigeria which reduced us from being the number one recipient of foreign direct investment in Africa according to UNCTAD in 2014 to not featuring among the top ten in 2017. This type of ignorance is not bliss. It is wishful thinking that may collapse our economy Venezuela style of not nipped in the flower (we have passed the stage of nipping it in the bud). The 2018 budget is the most vulnerable budget we have ever had with a whopping one-quarter of the budget devoted to debt servicing. What this should tell a reasonable man is that we have borrowed too much to the extent that we are spending more money servicing (not repaying) debts than we are spending on infrastructure. This is beyond alarming. Nigeria now has $64.2 billion in local and foreign debts as of June 30, per the latest numbers from the Debt Office. Our debt to GDP ratio is now so high that even the World Bank is alarmed, yet we are carrying on as if all is well with parties here and owambe there. What many Nigerians do not know is that as at the month of November 2017, we have not yet even finished funding the 2017 budget necessitating the finance minister to roll over over 50% of the 2017 capital expenditure budget into 2018. In simple laymanâ&#x20AC;&#x2122;s terms, we are robbing 2018 to pay 2017. It is this type of behavior that has seen Moodyâ&#x20AC;&#x2122;s downgrade us and we are not even bothered! With Moodyâ&#x20AC;&#x2122;s downgrading us

Minister of Budget and National Planning, Udoma Udo Udoma

Minister of Finance, Kemi Adeosun

partly because we have not been able to measure up to our non oil revenues, it beats my imagination why a nation that has not been able to meet her non oil revenue targets for the first two quarters of 2017 will make such an over ambitious 2018 non oil revenue target of N4 trillion. Moodyâ&#x20AC;&#x2122;s downgraded us in large

measure because we have not been able to meet our own revenue target. Being that that is the case shouldnâ&#x20AC;&#x2122;t we have learnt from that and practiced the prudent financial practice of underpromising so we can have a greater chance of over delivering? With all due respect, the 2018 budget is far from being a budget of â&#x20AC;&#x153;consolidationâ&#x20AC;?. It is more realistically termed a budget of over active imagination divorced from reality. What then happens when, as is likely, we do not meet the 2018 non-oil revenue target? Are we not going to be further downgraded? Was it not last year that we announced to the world that we are â&#x20AC;&#x2DC;floatingâ&#x20AC;&#x2122; the Naira? If indeed we are floating the Naira, then why are we predicating an exchange rate of N305 to a dollar when the official interbank rate is somewhere around N365? What type of mixed signals are we sending to the world? Are we not giving room for profiteering whereby some people â&#x20AC;&#x153;can sit in my garden and make billions through forex market without sweatâ&#x20AC;? as the Emir of Kano, Alhaji Muhammad Sanusi warned on the 24th of August 2016? Who in his right mind will come and invest in such an environment? We must begin to tell ourselves some home truths. If we are going to float the naira then let us float it and have only ONE rate for everybody be they government, opposition, manufacturers or importers. We cannot be practicing Zimbabwe economics and expect Singapore style

Was it not last year that we announced to the world that we are â&#x20AC;&#x2DC;ďŹ&#x201A;oatingâ&#x20AC;&#x2122; the Naira? If indeed we are ďŹ&#x201A;oating the Naira, then why are we predicating an exchange rate of N305 to a dollar when the ofďŹ cial interbank rate is somewhere around N365? What type of mixed signals are we sending to the world?

results. We cannot be deceptive in our communications to the Nigerian people and bamboozle then with the upside down logic that Nigeria is saving money by borrowing. Give me a break. One-quarter of our budget is already going to servicing debts. One-quarter! Look, the time has come for us to declare an emergency in our finances and implement genuine austerity measures, not the fake one we declared where everyone in government (myself inclusive) is still taking home jumbo pay packets. We must stop the silly practice of giving special foreign exchange rates to pilgrims to the Holy Land when even genuine manufacturers and job creators do not have access to foreign exchange. We must stop the irresponsible habit food importation which kills our local agricultural industry. We must stop the practice of sending civil servants overseas for unnecessary courses. If they must go for a course let them go to the Lagos Business School. The current leadership of Nigeria does not have a single youth in the federal cabinet. Maybe that is why the federal government feels comfortable taking loans that they wonâ&#x20AC;&#x2122;t repay in their lifetime. Their kids are largely overseas and in stable democracies with buoyant economies. But let us spare a thought for the masses of our people. But I have kids. My constituents also have kids and they sent me to the National Assembly to plant trees that will give their children shade not to cut down the already existing trees and use them for firewood. The United Nations has projected that by February 2018, Nigeria will have more people in poverty than India. How can a nation of 180 million people have more poor people than a nation of 1.3 billion people? It is because we are too complacent a people. We are paying our politicians much more than India pays her politicians and we are borrowing to do so while India is producing to pay theirs. The federal government must wake up from its sleep walking and realize that all is not well with our economy and broaden its search fir solutions beyond membership of the All Progressive Congress. r#FO .VSSBZ #SVDF JT UIF GPVOEFS BOE DIBJSNBO PG UIF 4JMWFSCJSE &OUFSUBJONFOU (SPVQ BOE 4FOBUPS BSF QSFTFOUJOH #BZFMTB &BTU

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