Wednesday 6th December 2017

Buhari, Saraki, Dogara Meet to Fast-track Passage of 2018 Budget N’Assembly approves MTEF, increases oil benchmark to $47/b Appropriation Bill passes second reading Damilola Oyedele and James Emejo in Abuja Barring any unforeseen circumstances, there are indications that the legislature

is set to accede to the request by the executive for the passage of the 2018 budget before the end of 2017. The rush to pass the bill is part of the National Assembly’s

bid to avoid blame for the delay of its passage, even though the bill was not presented early enough by the executive. In furtherance of this objective, THISDAY gathered

yesterday that President of the Senate, Dr. Bukola Saraki, and Speaker of the House of Representatives, Hon. Yakubu Dogara met with President Muhammadu Buhari on

Monday night at the State House, Abuja. Saraki and Dogara had been scheduled to meet with the principal officers of both chambers on Monday night

also, but the meeting with the principal officers was rescheduled for yesterday night where the outcome of Continued on page 9

Dangote Emerges Only African on Bloomberg’s List of 50 Most Influential People… Page 9 Wednesday 6 December, 2017 Vol 22. No 8266. Price: N250

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Ghanaian President Calls for More Jim Ovias on the Continent… Page 10

SEC to Resume Oando Forensic Audit from Today House seeks Gwarzo’s reinstatement pending investigation James Emejo in Abuja In a nod to the U-turn made by the Minister of Finance, Mrs Kemi Adeosun to allow the forensic audit into the activities of Oando Plc to go ahead, the Securities and Exchange Commission (SEC) yesterday said that the audit will resume from today in the company’s office. Continued on page 8

FO SOLAR MAKES MARKET ENTRY… L-R: CEO, NedcomOaks, Dr. Kennedy Okonkwo; acting Permanent Secretary, Lagos State Ministry of Environment, Mr. Bade Adebowale; Group CEO, Forte Oil Plc, Mr. Akin Akinfemiwa; Lagos State Commissioner for Energy & Mineral Resources, Mr. Wale Oluwo; Country Director, Yingli Nigeria, Mr. Jerod Lee; and Chairman, South-west Zone, Real Estate Developers Association of Nigeria, Mr. Taiwo Ogunbodede, at the launch of Forte solar energy solutions in Lagos… Monday abiodun ajala

External Reserves Hit Four-year High of $38.2bn on the Back of Eurobond Issue CBN to draft credit framework for SMEs, pumps $210m into FX market

Obinna Chima Following the success of the $3 billion Eurobond issue by

the federal government last month, coupled with higher oil prices and production, the Central Bank of Nigeria (CBN)

governor, Mr. Godwin Emefiele has disclosed that the country’s external reserves have hit a four-year high of $38.2 billion.

Emefiele made the disclosure yesterday during the inauguration of a €10 million fully automated Blue Band

margarine factory by Unilever Plc, in Agbara, Ogun State. With the rate of accretion, the reserves are expected to meet

the central bank’s projection of $40 billion by the end of 2017. Continued on page 8

Court Orders Temporary Forfeiture Order of $4.76m Penthouses Linked to Alison-Madueke… Page 46

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PAGE EIGHT SEC TO RESUME OANDO FORENSIC AUDIT FROM TODAY SEC in a terse statement reiterated its commitment to go ahead with the forensic audit, saying: “This commitment is contained in a letter dated December 5, 2017, addressed to Oando Plc.� The commission also assured the general public of its zero tolerance to infractions in the Nigerian capital market. The letter, which was signed by the acting Director-General of SEC, Dr. Abdul Zubair, said the forensic auditors would be at the premises of Oando from today to undertake the audit. Zubair was appointed by the federal government last Thursday, following the suspension of the DG of SEC, Mounir Gwarzo the day before. The Letter titled, “Re: Forensic Audit into the Affairs of Oando Plc,� read: “Further to our letter to you dated November 27, 2017 and another letter to your lawyers dated November 28, 2017, wherein the Commission had notified Oando Plc of its decision to go ahead with the Forensic Audit,

the Commission in the light of recent developments wishes to reiterate the following: r 5IBU UIF $PNNJTTJPO JT BXBSF UIBU Suit No: FHC/L/CS/1601/17: OANDO PLC V. SEC & ANOR was struck out on November 23, 2017 by his Lordship Hon. Justice Aikawa of the Lagos Division of the Federal High Court. r 5IBU UIF $PNNJTTJPO JT OPU aware of the existence of any valid or subsisting Order of Court restraining the Commission from proceeding with the Forensic Audit. “While we acknowledge that a Notice of Appeal has been filed to challenge the judgment of the Federal High Court, this notice does not serve as an Order of Court restraining the Commission from conducting the exercise. “We wish to restate that our forensic auditors had been directed to commence work since November 27, 2017 and as a result shall be at your premises on any date from Wednesday, December

6, 2017. “Kindly accord them the necessary assistance.� But prior to SEC’s announcement yesterday, its attempt to resume the forensic audit was interfered with by Adeosun last week, when she ordered Gwarzo to discontinue the audit, which he objected to. Gwarzo’s refusal and subsequent letter that she put her verbal instruction in writing, in her capacity as the chairman of the board of SEC, led to his suspension exactly 48 hours after her meeting with him and 24 hours after being in receipt of his letter. In announcing his suspension, Adeosun said Gwarzo had been asked to step aside to make room for a probe into allegations of financial impropriety levelled against him. The forensic audit of Oando followed two petitions SEC received from a concerned shareholder, Dahiru Mangal, and an indirect shareholder,

Ansbury Incorporated, over alleged mismanagement of the company’s financial affairs and distortion of its shareholding structure. Following the petition, SEC said it conducted a comprehensive review, which revealed massive breaches of the provisions of the Investments & Securities Act and the SEC Code of Corporate Governance for Public Companies. Consequently, the commission announced the appointment of a consortium of experts, consisting auditors, lawyers, stockbrokers and registrars, to conduct the forensic audit, while the shares of Oando the Nigerian Stock Exchange (NSE) were placed on a technical suspension. But even as SEC said the forensic audit on Oando would go ahead, the House of Representatives yesterday passed a resolution directing the minister to reinstate the suspended SEC boss. The House, in a motion, moved under

L-R: Head of Operations, Sun Trust Bank, Damian Esekheigbe; Director, Investment Fund for Health in Africa, Fola Laoye; Author, Pressure Cooker, Nkiru Olumide-Ojo; and Executive Assistant, Petrolex Oil and Gas Limited, Joyce Okungbowa, at the launch of the book Pressure Cooker in Lagos‌ Monday

matters of urgent public importance by Hon. Diri Douye (PDP, Bayelsa) on the need to intervene in the conflict between Adeosun and Gwarzo, directed its Committee on Capital Market and Institutions to probe the allegations and report to the House within two weeks. It also directed all parties to maintain the status quo, pending the outcome of the investigation by the House. It remains to be seen whether the House resolution is heeded, given that government agencies have a penchant for disregarding parliamentary motions that don’t have the backing of law, and given that an acting director-general has been appointed to superintend the commission, pending the findings of the administrative panel of inquiry set up by the minister to probe Gwarzo for alleged financial impropriety. The House noted that the conflict between Adeosun and Gwarzo arose over the Oando forensic audit and the allegations of financial impropriety levelled against the latter. It further noted that the conflict appeared to have been lingering for several months but was only brought to public light as a result of the disagreement on the Oando forensic audit. Douye said there were further allegations of interference by the Ministry of Finance in the discharge of SEC’s mandate, particularly in the area of the Oando forensic audit, which he noted was largely the basis for Gwarzo’s suspension. He said the intervention of the House was critical in putting the matter in proper perspective and the amicable resolution of the conflict in order to protect the image of the commission in the interest of both local and foreign investors. He argued that neglecting the issues arising from the Oando forensic audit

could have dire implications for the capital market going forward. Also contributing to the debate, Hon. Tobi Okechukwu (PDP, Enugu) recalled the incident in the 7th Assembly when the House intervened in the probe of the near collapse of the capital market. He said the suspension of Gwarzo had raised questions begging for answers. He wondered why the alleged infraction by Oando should be swept under the carpet, adding that “Nigerians will want to know how the company has been run�. According to him, a comprehensive inquiry was required to get to the root of the matter and queried why Adeosun did not allow the Oando forensic audit to go ahead? Hon. Ahmad Babba Kaita (APC, Katsina) said it was worrisome that after the court had ruled against Oando, the minister still went ahead to suspend Gwarzo over the forensic audit of the company. He warned that sweeping the alleged infractions committed by Oando under the carpet has the potential to eroding the confidence of both local and foreign investors in the capital market and the economy at large. Hon. Karimi Sunday (PDP, Kogi) said the whole issue bordered on attempts by some highly placed people, who he did not name, to cover up the alleged fraud perpetrated by Oando. He expressed concern that Gwarzo was suspended while doing his job, adding that he should be reinstated while the matter is investigated. After debating the matter, the House passed the motion unanimously directing the finance minister to reinstate the suspended SEC DG, pending the investigation of all the issues pertaining to the Oando forensic audit and the allegations of financial impropriety levelled against him.

EXTERNAL RESERVES HIT FOUR-YEAR HIGH OF $38.2BN ON THE BACK OF EUROBOND ISSUE Emefiele said: “In January 2014, Nigeria’s reserves were about $40 billion and by October 2016, it had dropped to $23 billion, all because of the haemorrhaging of foreign exchange. “But I am happy that today, we are beginning to sing positive songs and our story is looking good at this time. We have seen reserves move up from the $23 billion to $38.2 billion.� The CBN governor commended the management of Unilever for heeding his call for manufacturers to look inwards to grow the economy. The establishment of the factory, according to him, was a fallout of the central bank’s policy that restricted 41 items from accessing FX from the interbank market. He stressed the need for the country to focus on job creation to cater for Nigeria’s rising population and create job opportunities for Nigerian youths. He also emphasized on the need for private sector support, saying government alone cannot create jobs. Emefiele went on to recall how Unilever was encouraged to establish the Blue Band margarine factory after it was faced with the ban on the 41 items that included margarine. “I must thank Unilever for doing what they have done today. The restriction of FX for the 41 items came on board about two years ago. At that time, we were criticised. “Before that time, Unilever had a factory producing Blue Band margarine. But margarine was also part of the 41 items. The managing director and the executive team of Unilever Nigeria visited me in Abuja and said they wanted us to grant them some form of forbearance. “I said there was not going to be any forbearance and encouraged them to re-establish the factory in Nigeria, because at the time their

factory had been dismantled in Nigeria and taken to another country. “And he (Unilever managing director) made a promise that between 12 to 18 months the factory would be re-established in Nigeria,� he recalled. According to him, based on the promise by Unilever’s management, the central bank granted the company some form of forbearance that made it easy for them to import margarine into Nigeria for a period. He noted that the CBN kept monitoring the company to ensure that they did not renege on their promise, adding: “I must say that the managing director of Unilever is a man of his word and he kept to the promise that he was going to re-establish that factory. “The entire essence is to say that by re-establishing that factory here in Nigeria, he is creating direct jobs for Nigerians in this factory and creating indirect jobs for Nigerians by virtue of the fact that he will buy palm oil which is the key ingredient that he uses in producing margarine.� He expressed the readiness of the central bank to support any firm that wants to establish a company in Nigeria. “I keep saying we do not have the foreign exchange to allocate to import products that can be produced in Nigeria. I am happy that Unilever has proved us right that Blue Band margarine can be produced in this country. “So far, they are doing about 10,000 metric tonnes per annum and he has promised that he is going to ramp it up to 50,000 metric tonnes. “By doing so, you create jobs, which is what we are talking about. By creating jobs, you save the country FX that is needed to create jobs,� he said. Going down memory lane, Emefiele said when he drove

past the Agbara industrial estate in Ogun State, he passed some of the companies he had visited as a young credit officer as a banker, but they were all closed down. “At that time, Unilever was producing Blue Band margarine. The company that was producing glass has shut down, also the fluorescent companies have closed down. “But the promise I am making to everybody, just as I made to Unilever, is that if there is any company that wants to set up shop in any part of this country, we will do all we can to assist it. “If you want to re-establish your factory and you need our funding assistance, count on us to support you. Like I said, creating jobs is not just the responsibility of the central bank, we need support from the private sector and that is why we are making the promise that if there is an investor that is ready, he should count on us,� he said. Earlier, the executive vicepresident, Unilever Nigeria and Ghana, Mr. Yaw Nsarkoh, restated the commitment of the multinational to Nigeria. According to Nsarkoh, in spite of the fact that the company has been in Nigeria for over 90 years, the past few years had been the best. According to him, the new plant consumes 50 per cent energy less than what the company’s previous plant, but produces a higher output. “None of these would have been possible without the support of the central bank. In the face of the forex scarcity, the central bank continued to support Unilever and I want to thank you (Emefiele) for embarking on this journey with us,� he added. The CBN yesterday also announced that it was formulating a draft credit framework for Small and Medium Enterprises (SMEs)

aimed at improving credit to the sector. According to a statement posted on the central bank’s website, this was disclosed by Emefiele at a strategy meeting with select Development Finance Institutions (DFIs) and other stakeholders on enhancing access to credit to SMEs in the country. According to him, the efforts would see more government intervention in the sector, resulting in job creation for youths in the country. Emefiele noted that the meeting with the DFIs was as a result of the failure of lenders to make access to credit a priority. He conveyed the government’s concern that the citizens were yet to feel the impact of the country’s exit from the recession, which he attributed to lack of appreciable growth. Speaking further, he disclosed that President Muhammadu Buhari had mandated agencies to come up with programmes that would have Nigeria and Nigerians at heart. The programme, according to him, would be one that would be impactful nationwide in terms of granting access to credit to the rising number of SMEs. In spite of all efforts by the Bank to improve certain parameters of the economy, he said Nigerian lenders had failed small businesses. Speakers at the strategy session were unequivocal in their attempt to find solutions to the failure of the commercial banks to extend credit to SMEs. The representative of the only commercial bank at the meeting, First Bank of Nigeria, however, said everything boils down to the huge risks involved in giving credit to SMEs. An Abuja based manufacturer

narrated how a commercial bank turned down his request for a loan of N160 million on the account of his N200-million factory that was located in Kubwa, an outskirt of the Abuja metropolis. Rounding off the discussion, Emefiele observed that the nation needed to strengthen the Bank of Industry (BoI) in order to make it compete favourably with commercial banks in the country. A technical committee comprising the BoI, Development Bank of Nigeria (DBN), select DFIs, Bank of Agriculture (BOA) and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), to be chaired by the Director, Development Finance Department (DFD), Dr. Mudashiru Olaitan, was constituted and asked to submit its recommendations to the larger meeting in one week. Emefiele said that the outcome of the committee’s work should form part of the theme of the annual Bankers’ Committee retreat in Lagos, scheduled to hold between 8 and 9 December 2017. Those who attended the meeting included the Special Adviser to the President on Economic Matters in the Vice President’s Office, Dr. Adeyemi Dipeolu; Managing Director, DBN, Mr. Tony Okpanachi; and Managing Director, BoI, Mr. Olukayode Pitan. Meanwhile, the CBN said yesterday that it injected an additional $210 million into the foreign exchange market on Monday, in its bid to sustain liquidity. Giving a breakdown, central bank spokesman, Mr. Isaac Okorafor said the sum of $100 million was offered to the wholesale segment, while the SME segment got $55 million. The Invisibles segment (i.e.

tuition fees, medical payments and basic travel allowance, among others) was also allocated $55 million. He said that the releases to successful bidders, which had been concluded were part of efforts aimed at further enhancing ease of doing business in Nigeria. Hence, besides boosting liquidity in the FX market, facilitating trade and remittances for legitimate personal commitments were also expected to improve tremendously. Speaking on the market conduct, Okorafor enjoined authorised dealers to abide by the extant rules of the market, as CBN would continue to monitor the market. The naira maintained its value against the dollar, exchanging for N361/$1 on the BDC segment of the market yesterday. However, the official exchange rate of the naira appreciated to N306.85 to the dollar yesterday, stronger than the N307 to the dollar from the previous day.

TOP GAINERS NGN NGN % LEARNAFRICA 0.08 1.05 8.2 CADBURY 1.05 15.30 7.3 FCMB 0.08 1.21 7.08 FBNHOLDINGS 0.39 7.71 5.3 DANGFLOUR 0.55 11.18 4.9 TOP LOSERS NGN NGN % CONTINENTAL 0.07 1.33 5.0 CHELLERAM 0.16 3.08 4.9 FORTEOIL 1.76 43.23 4.8 AIICO 7.44 152.21 3.9 CHAMPBREW 0.04 2.10 1.8 HPE Nestle Nig Plc â‚Ś1,330.11 Volume: 522.354 million shares Value: N 7.521 billion Deals: 5,150 As at 5/12/17 See details on Page 39

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˾ WEDNESDAY, DECEMBER 6, 2017

STARTERS

Dangote Emerges Only African on Two-Minute Briefing Bloomberg’s List of 50 Most Influential People NEWS President of Dangote Group, Aliko Dangote has emerged the only African to make the Bloomberg list of 50 most influential people in the world this year. Bloomberg on Monday announced The Bloomberg 50, a new annual, multi-platform initiative that honours 50 icons and innovators who have changed the global business landscape in measurable ways over the past year. The first Bloomberg 50 honorees were selected by the Bloomberg Businessweek team after months of input from many of Bloomberg’s 2,700 journalists and analysts around the globe, leveraging the resources of the Bloomberg Terminal, and representing the most influential thought leaders in business, finance, technology and science, politics, and entertainment. The executives, entrepreneurs, experts, and entertainers on the Bloomberg 50 all have a quantifiable metric underpinning their inclusion. “What sets The Bloomberg 50 apart from other lists is that each person chosen has demonstrated measurable change over the past year,” said Megan Murphy, editor of Bloomberg Businessweek. “Readers will find many names they recognise, but will also discover new visionaries—people who are impacting the world in significant ways, and are rapidly gaining the attention they deserve.” Other prominent honorees on the Bloomberg 50 include – Mohammed bin Salman, the Crown Prince of Saudi Arabia, a primary proponent of an initiative that would allow women to drive, a decision that is forecast to add $90 billion to the economy by 2030; Elon Musk, CEO, Tesla Inc. and Space Exploration Technologies with a market capitalisation of over $50 billion. Elon Musk nurses the ambition

Dangote to establish a human colony on planet Mars by 2022; Jeff Bezos, CEO, Amazon, the biggest global retailer, with a major interest in sending tourists into space in Blue Origin rockets; Masayoshi Son, Founder, Softbank Groups Corp., who engineered $93 billion, the largest ever technology investment fund, to fund ride-hailing, artificial intelligence, connected devices, satellites, and the integration of computers to humans; Diane Greene, CEO, Google Cloud and the brain behind integrating advances in artificial intelligence and quantum computing to market; and Ken Frazier, CEO, Merck & Co., a leader in drug makers market with an innovative drug for advanced lung cancer treatment. Dangote who only last week inaugurated his $300 million 1.5 mtpa capacity cement plant in Congo Brazzaville, has remained top-notch in various global rankings.

Dangote said: “I am very delighted with this selection and I see the recognition as a call to do more towards youth empowerment, job creation, better health for the people and economic emancipation of the African continent.” As of February 2017, Dangote, according to Forbes magazine, had an estimated net worth of US$12.5 billion. He is ranked by Forbes magazine as the 67th richest person in the world and the richest in Africa and peaked on the list as the 23rd richest person in the world in 2014. Bloomberg is a global information and technology company that connects decision makers to a dynamic network of data, people and ideas – accurately delivering business and financial information, news and insights to customers around the world. Bloomberg, in the preface written by Paul Wallace, synopsized Dangote’s person and business in the following words: “The quiet billionaire for his relatively frugal lifestyle, Dangote fast-tracked plans to help his country of 180 million people import less of what it eats. “Dangote, who made his fortune in the cement industry, is turning his attention to dairy and sugar farming; he’s earmarked $800 million to buy 50,000 cattle in the hope of producing 500 million litres of milk annually by 2019. “He’s also racing to finish a 650,000-barrela-day oil refinery in Lagos, set to be one of the world’s biggest, and says he intends to spend as much as $50 billion in the next decade on renewable energy and petrochemical refineries, including investments in the U.S. and Europe. “Which is all fine, but not quite his grand ambition: buying Arsenal, his favourite soccer team.”

BUHARI, SARAKI, DOGARA MEET TO FAST-TRACK PASSAGE OF 2018 BUDGET the meeting with Buhari was meant to be discussed. A credible source told THISDAY that the rush to pass the budget bill informed the decision of the lawmakers to overlook certain mistakes made by the executive. “The National Assembly just wants to do the executive’s bidding, so that Nigerians would not blame us for the delay. “This is why we went against procedure to even allow the submission of the budget estimates before the MTEF (Medium Term Expenditure Framework) was passed. “As we all know, the approved assumptions of the MTEF are used to prepare the budget estimates, so the current arrangement is procedurally wrong. “We just passed the MTEF today, but the budget estimates are already with us. But would Nigerians understand that? Many just want to hear that the budget has been passed,” the source said. He explained that the National Assembly was eager to avoid a situation that would give room to the executive to heap the blame on it, even though we cannot say this budget bill was submitted early enough. In furtherance of the legislature’s objective to get the budget passed before the end of the year, the National Assembly yesterday suspended plenary for two weeks so that the heads of ministries, departments and agencies could defend their budgets during the period. It also approved the 2018-2020 Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) and adopted the recommendation that $47 per barrel be set as the benchmark price for oil for the 2018 fiscal year as opposed to $45 per barrel which was proposed by the executive. However, other assumptions proposed by the executive were approved, including an oil production estimate of 2.3 million barrels per day (mbpd), including condensates, an exchange rate of N305/US$ for 2018, real GDP growth of 3.5 percent and the inflation rate of 12.4 percent. Other approvals for the 2018 fiscal year included: Gross Federally Collectible Revenue of N11.983 trillion; Net Federally Collectable Revenue of N7.545 trillion; Net Oil and Gas Revenue of N6.387 trillion; Net Non-Oil Revenue of N5.279 trillion; FGN Retained Revenue of N5.646 trillion; Proposed Expenditure of N8.612

trillion; Fiscal Deficit of N2.005 trillion (1.77%) of GDP; and New Borrowings of N1.699 trillion. Other assumptions that were approved are: Statutory Transfers of N456.46 billion; Debt Service of N2.014 trillion; Sinking Fund of N220 billion; Aggregate Expenditure of N8.612 trillion; Total Recurrent (non debt) of N3.494 trillion; Personnel Cost (MDAs) of N2.122 trillion; Capital Expenditure (inclusive of transfers) of N2.652 trillion; Special Intervention (Recurrent) of N350 billion; and Special Intervention (Capital) of N150 billion. In the Senate, the approval followed the adoption of the recommendations of the Senate Committees on Finance, Appropriation, and National Planning and Economic Affairs while in the House, the approval was a sequel to the adoption of its Committees on Finance, Appropriation, and National Planning and Economic Affairs. The lawmakers further resolved to insert a clause in the 2018 Appropriation Act, making it mandatory to revert to the National Assembly for any expenditure arising from funds in excess of the budget benchmark. In both chambers, the 2018 budget bill also passed the second reading, paving the way for the committees to invite the MDAs to defend their respective budget heads. Plenary would resume December 19, 2017, Saraki and Dogara announced, adding that the report of the Committee on Finance and Appropriation on the 2018 budget was expected to be laid on the same day. “There will be a public hearing on the budget. We are looking at Monday, the 11th of December, however, in the next few days, an announcement will be made – we expect attendance by all senators," the Senate President said. Saraki sounded a note of warning to heads of the MDAs to adhere to and respect invitations and timetables of the committees. “We know that the timetable is very tight and we will be suspending plenary today for us to start the defence of the budget. Committee chairmen and members should please ensure that they keep to the timetable. “This is not a time for excuses by ministers or heads of parastatals to be travelling and not being able to attend defence (sessions). We don’t have the time. It is a very short time that we have and we expect all the MDAs to respect their invitations and be here on time

so that the committees can wrap up and be able to present their reports by the time we come back on Tuesday, the 19th,” Saraki said. In a separate development, the Senate set up an ad hoc committee to investigate the local content elements and cost variations relating to the $16.352 billion Egina oil field project operated by French oil multinational Total and two related deep offshore oil field projects – Bonga Southwest and Zabazaba projects. The committee will be headed by Senator Adeola Olamilekan (Lagos APC). The resolution to investigate the Egina project, which at inception in 2008 was estimated at $6 billion, followed a motion sponsored by Adeola and 18 others, who noted that several contractors involved in the project, had engaged sub-contractors to provide various aspects of the project components. Adeola said the cost components of the project had been reviewed twice while there have been petitions and queries raised about its local content component. He also expressed concern that the government and international oil companies were about to embark on the Bonga Southwest and Zabazaba projects with serious local content implications and sharply differing cost variations. Egina project is located within the Oil Mining Lease (OML) 130 and covers an area of 500 square miles. It is being developed by Total Exploration and Production Nigeria Ltd (24 per cent) in partnership with CNOOC Energy Nigeria Ltd (45 per cent), Petrobras (16 per cent) and Sapetro (15 per cent) and will contribute an estimated 200,000 bpd to Nigeria’s daily output from the planned 2018 commencement date.

Ojukwu Nominated NHRC Boss Meanwhile, President Buhari has written to the Senate seeking the confirmation of Mr. Anthony Okechukwu Ojukwu as the Executive Secretary of the National Human Rights Commission. His letter to the Senate dated October 27, 2017 was received by the Office of the Senate President on November 17, 2017. In the letter read by Saraki at plenary, the president also sought expeditious consideration of his request.

Petrol Queues Return, Baru Rushes Back from London Long queues of vehicles waiting to buy petrol from service stations yesterday resurfaced in some parts of the country, forcing Baru to cut short his official trip to London. Page 10

EDITORIAL Before NatioNal theatre is

sold The NationalTheatre is one of the national assets the federal government is planning to sell so as to generate sufficient funds to drive the 2018-2020 Medium Term Expenditure Framework, according to the Director… Page 15

POLITICS Ashiru’s Emergence Unsettless

Kingmakers in Ogun The decision by the people of Ogun n East Senatorial District to pick the e state Commissioner for Commerce ce and Industry, Chief Bimbo Ashiru, astheironly nominee for the Ogun State… Page 18

FEATURES Long Road to Festivities

Nigerians would find it quite difficult to celebrate with their loved ones and families across the country thisYuletide season for the simple reason that the country’s major roads are broken. Chineme Okafor writes Page 20

BUSINESS Q3: Foreign Portfolio

Investments Jump 259% on Renewed Demand for Equitiess Foreign Portfolio Investment (FPI)) ird jumped by 259.2 per cent in the third quarter(Q3) ended September 30, 2017 to $2.77 billion, which is a consolidation on the increase recorded in second quarter of 2017 7 (Q2-17). Page 23

CITYSTRINGS Harvest of Criminals in

Anambra Anambra State Commissioner of Police, Mr. Garba Umar, has made good his promise to flush out criminal elements from all the nooks and crannies of the state, writes David-Chyddy Eleke Page 36

INTERNATIONAL Trump Still Weighing Whether to Recognise Jerusalem as Israel’s Capital- Kushner U.S. President DonaldTrump has not yet made a decision on whether to formally recognise Jerusalem as Israel’s capital, his adviser and sonin-law Jared Kushner… Page 44

SPORTS Dalung: Nigeria to Spend N3bn on 2018 World Cup The FIFAWorld Cup scheduled to hold next year in Russia will cost Nigeria N3 billion, the Sports Minister, Solomon Dalung, disclosed in Abuja yesterday. Page 54

WEDNESDAY, DECEMBER 6, 2017Ëž T H I S D AY

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NEWS

Ă?ĂĄĂ? ĂŽĂ“ĂžĂ™Ăœ Davidson Iriekpen Ă—Ă‹Ă“Ă– davidson.iriekpen@thisdaylive.com, 08111813081

Petrol Queues Return, Baru Rushes Back from London Senate c’ttee summons NNPC GMD

Damilola Oyedele Ă‹Ă˜ĂŽ Chineme Okafor Ă“Ă˜ ĂŒĂ&#x;ÔË Long queues of vehicles waiting to buy petrol from service stations yesterday resurfaced in some parts of the country, forcing the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, to cut short his official trip to London.  As at 1p.m. yesterday when THISDAY concluded its round of visits to service stations in Maitama, Wuse, Jabi, along Kubwa Expressway and Nyanya axis, vehicular queues had built up, but the stations were dispensing at the official pump price of N143 to N145 per litre.  At the NNPC station close to the popular Wuse Market end of the district, queues for petrol were building up to the Aminu Kano Way, while the corporation’s mega station along the Kubwa Expressway also had queues for petrol.  In Jabi, THISDAY observed queues at a NIPCO filling station which was equally dispensing to consumers. Attendants at the station said they had fuel and were surprised at the sudden build up of queues at their

station.  Similarly, motorists who bought petrol from the Ascon station along the IBB Way in Wuse, said they spent an average of 30 minutes to get in and out of the station with petrol in their tanks. In Gwanripa, the situation was quite different as the length of the queues appeared to have been more than what was observed in some parts of the city.  However, the NNPC in a statement from its Group General Manager, Public Affairs, Mr. Ndu Ughamadu, reiterated that there was no need for the sudden return of queues at petrol stations across the country, stating that it had enough stocks. The NNPC also informed that following the return of these queues, Baru had to cut short his trip to London, where he had gone to receive a Forbes award to him as its ‘Oil and Gas Man of the Year’ for 2017. It said in the statement that Baru would be back in the country to resolve the fuel supply and distribution challenges, adding that it was as a result of panic buying by motorists. The statement also quoted

Baru to have called on Nigerians to stop panic buying and that the NNPC was doing everything within its reach to address the situation. “For the umpteenth time, I wish to call on all Nigerians to stop panic buying. We have said times without number that NNPC has sufficient products to cater for the needs of all consumers,� Baru stated in the statement. The statement further explained that before leaving for London, Baru, had directed that more truckload of petroleum products be dispatched to various parts of the country to cushion the effects of excessive demand which he noted was

caused by panic buying. The NNPC had on Monday stated that there was no plan to increase the prices of petroleum products both at the ex-depot level and pump price ahead of the forthcoming Christmas celebration. It said the ex-depot petrol price of N133.38 per litre and the pump price of N143 to N145 per litre had not changed. Meanwhile, the Senate Committee on Petroleum Downstream has summoned Baru over increasing fuel queues surfacing in different parts of the country. Baru is expected to appear before the committee on Thursday.

The Chairman of the committee, Senator Kabiru Marafa, told journalists yesterday afternoon that the members would also embark on inspection at service stations across the country. This, he said, is to avoid the situation where some unpatriotic persons would cause unnecessary hardships for Nigerians in the festive season. “We will take time out to embark on a serious oversight. We will break into sub-committees to be able to cover the entire country for the inspection,� he said. The sub-committees would be armed with details of daily

distribution to ascertain the quantity of fuel given to each service station, he added. ``We will also get these details from the filling stations to ascertain when last they got supplies and the quantity sold. We will not stop at that. We will also inspect tanks in filling stations to ensure that Nigerians are not taken advantage of,’’ Marafa added. He disclosed that the seriousness of the situation informed the need to summon Maikanti himself. Marafa however noted that the NNPC already issued statements informing that there is no need for panic buying.

Ghanaian President Calls for More Jim Ovias on the Continent President Akufo-Addo of Ghana has commended the contributions of Zenith Bank to the deepening of financial intermediation and the development of Ghanaian financial services sector. Describing the bank as a ‘truly pan-African bank’ with presence in several countries on the continent, President Akufo-Addo observed that the continent needs institutions like Zenith Bank to bring about a united West Africa and Africa, that will engender future prosperity of its people and the entire continent. The president made this remark when he inagurated the new Head Office complex of Zenith Bank Ghana, at Ridge, Accra, Ghana. He further remarked that the initiative and sense of risk-taking and entrepreneurship that Zenith Bank represents is what will drive Ghana and indeed the continent to prosperity, economic interdependence and sustainability. He added that for the economic renaissance we seek, “we need many more Jim Ovias� on the continent to leapfrog enterprise and entrepreneurship. President Akufo-Addo also commended the bank for paying attention to another important aspect of Ghana’s development – education of young people – through its $2 million educational support. He described the initiative as

tremendous and applauded Ovia for his characteristic kind gesture.  In his speech, the founder and group Chairman of Zenith Bank, Ovia, observed that the decision by the leadership of the bank to invest in Ghana is well thought-through considering the Ghana is an emerging economic superpower in the sub-region and a very viable and virile entity. Zenith Bank (Ghana) Limited (“Zenith�), a financial services provider, was incorporated in April 2005 under the Banking Act 2004 (Act 673) as a private limited company and commenced universal banking operation in September 2005. Since inception, the Zenith brand has been synonymous with its cutting edge ICT platform, passionately innovative staff and devotion to the development of top of the range products and services to meet customer needs. Zenith Bank is an epitome of a stable and strong institution with a brand and customer service that is the envy of its peers. The bank’s main service delivery channels include 34 business locations (branches and agencies) as well as numerous e-products and e-services across Ghana. Zenith Bank Ghana was a few days ago adjudged the country’s 2017 bank of the Year by the UK-based The Banker magazine.

EXPANSION

Chairman of Zenith Bank Plc, Jim Ovia (left), welcoming the President of Ghana, Nana Akufo-Addo, to the inauguration of the new Head Office of Zenith Bank Ghana in Accra...yesterday

US Business Association Honours Elumelu with Global Entrepreneurship Award The Business Council for International Understanding (BCIU), a non-profit United States’ business association dedicated to forging relationships and promoting dialogue between business and government communities across the globe, yesterday presented the prestigious Dwight D. Eisenhower Global Entrepreneurship Award to both Tony O. Elumelu and Bill Marriott, Chairman, Marriott International Inc. The award was conferred on Elumelu in recognition of his outstanding work in promoting entrepreneurship on the continent of Africa and across the globe. Elumelu, a serial entrepreneur, through his Tony Elumelu Foundation, has funded over 3,000 African entrepreneurs to date with his $100 million commitment to 10,000 entrepreneurs over a period of 10 years. These entrepreneurs are expected to create a million new jobs and over $10 billion

in revenue as a result of the initiative of Elumelu’s foundation. At the award’s gala, former American President George W. Bush acknowledged the efforts of the African entrepreneur, saying: ‘I am impressed with Tony’s philanthropic initiatives which are powering job creation and entrepreneurship in a region (Africa), that is very dear to Laura and me. To receive an award founded by President Eisenhower, has added meaning. Eisenhower provided example in leadership, which we can all learn from. Additionally, his belief in promoting international understanding is a vitally important responsibility. Speaking on the reason why Elumelu was selected as the recipient of this prestigious award, Peter Tichansky, the CEO of BCIU, said: “Mr. Elumelu’s bold approach and can-do mindset are exemplary characteristics of a visionary entrepreneur.  He embodies the idea that companies

must take the lead in bringing business and society together. His advocacy is proving that businesses, acting as businesses and not charitable donors, are the most powerful force for addressing social challenges and economic development.� Indeed this is the philosophy of Elumelu, founder of the concept of Africapitalism, which essentially states that Africa’s private sector must play a leading role in the development and growth of the continent as both governments and the private sector come together to make this happen. Elumelu who was presented his award by Kip Forbes and Anne Eisenhower (the granddaughter of President Eisenhower,) in his acceptance speech stated: “President Eisenhower was a man of many dimensions and most important is his leadership. Being recognised today as a recipient of the inaugural global entrepreneurship award is an honour that resonates with so

many people in Africa. What our entrepreneurs in Africa need is powerful leadership to further energise, encourage and motivate them to transform the continent.�  He went on to say: “I hope this will further spur on other Africans and friends of Africa to make sure we work together for an inclusive prosperity.� Elumelu dedicated his award to his wife and children as well as the staff of UBA, Transcorp, Heirs Holdings, the Tony Elumelu Foundation and all the other companies within his group of companies. He thanked BCIU on behalf of entrepreneurs in Africa: “On behalf of the over 3,000 entrepreneurs who have benefitted from the Tony Elumelu Foundation Entrepreneurship programme, I say thank you very much,� Elumelu added.  The award ceremony and gala took place at the historic venue, the Cipriani on Wall Street in New York.

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WEDNESDAY, DECEMBER 6, 2017˾ T H I S D AY

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NEWS

Atiku at Wadatta House, Urges Mass Defection to PDP Your exit won’t cause any deluge, says Oyegun

Onyebuchi Ezigbo ÓØ ÌßÔË Former Vice President, Atiku Abubakar, has asked his supporters and all past members of the Peoples Democratic Party (PDP) to return en masse to the party to help the push to retake power in 2019. Atiku who rated PDP as about the only political party of note in the country, said what it has achieved so far in governance, no other government has even done 50 per ent. But the National Chairman of the All Progressives Congress (APC), Chief John OdigieOyegun, has also fired back, describing Atiku’s departure from the ruling party as a non-issue. Oyegun, who spoke while meeting with a group of former APC state chairmen and councillors in his office in Abuja yesterday, said as far as his is concerned, there is no other party as stable as the APC, adding: “Anybody who is anybody is virtually with the APC today.” Speaking yesterday during his first visit to the national secretariat of the PDP in Abuja after rejoining the party, Atiku said there was no way the present APC-led administration can match 50 per cent of the record posted by PDP while in power. “Let me pay tribute to past leadership of this great party; whereever they may be and to call upon them to please return home as I have done. It is only by their returning home that we will build a stronger, more united party that can again return to government and continue to deliver the dividends of democracy. “I can bet you, the records we have achieved so far in governance no government has yet even done 50 per cent of it not to talk of equalling our performance in government,” he said. Atiku said the return of past members of the party would signal the march towards efforts to retrieve power from the APC in 2019.

On his part, Oyegun said Atiku’s exit would not lead to massive defection from the APC as was being insinuated. “Let nobody fear that the defection of the former vice president is going to lead to any deluge. If anybody wants to defect, the day you are defecting is the day you bring out your heavy guns not later like the papers are speculating. “When you stand and they look at your right and left, they say ‘ah this man has done something great’. So don’t ever be afraid that there is going to be any massive defection. As a matter of fact, the contrary is the case. The APC is growing in strength on a daily basis,” he said. In what seems as a confidence boosting move to forestall any exodus of its members as result of the defection of Atiku to the PDP, Oyegun urged them not to be deceived by the “screaming and opposition rhetoric.” The APC chairman, who spoke during his investiture as the national life grand patron of the Association of Former Chairmen, Councillors and Ward Leaders in Nigeria at the party’s national secretariat in Abuja last Monday evening, said the PDP which Atiku is joining is yet to get its acts together not to talk of posing any threat to APC. “The reality is aside the APC, there is no other party that is truly settled, not even the PDP. They are still fighting about how to get a chairman and the rest of it. Today, they say money has come to buy the chairmanship position. So it is something you should take pride in. “It is just that the remnants of the PDP have found their voice so they are screaming very loud and we think that the whole country is upside down. It is not. The country is making steady progress and your party is growing on a daily basis,” Odigie-Oyegun said. Earlier, Atiku made what look like a triumphant entry into the national secretariat of the PDP. His entry to the party premises brought activities

Court Sets Aside Order Freezing 16 Accounts of Patience Jonathan Alex Enumah ÓØ ÌßÔË Justice Binta Nyako of the Federal High Court in Abuja yesterday set aside an order made on May 30 freezing 16 accounts belonging to wife of former President Dr. Goodluck Jonathan. The judge in setting aside the order, held that the Economic and Financial Crimes Commission (EFCC) which secured the freezing order failed to conduct its investigation into the alleged infractions involving the 16 accounts. Justice Nyako’s decision was sequel to an application by the counsel to Mrs. Jonathan, Mike Ozekhome (SAN), asking the court to set aside the ex-parte

motion filed by the EFCC for continued control of the accounts. Speaking to journalists outside the court, Ozekhome disclosed that the court in addition, ordered the EFCC to conduct its investigation within 90 days of freezing the accounts in May, but that the commission failed to carry out the said investigation. “The judge, Justice Binta, had given the EFCC 90 days within which to investigate and prosecute parties involved in the allegations but they never did that. So we asked the court to set aside the interim forfeiture order. The judge set aside the order granted on May 30,” Ozekhome said.

to the area temporarily to a halt as party supporters and passers-by besieged the place to catch a glimpse of the politician who was a member the ruling APC until last week when he defected to PDP. While receiving Atiku at the party secretariat, the National Chairman of the party, Senator Ahmed Makarfi, said the entry of the former vice president has opened the floodgate of the entry of more high profile politicians into the PDP. He said Atiku’s return came in a good time which would enable him to contribute to the reinvention, remodeling of the party so that in 2019 it would be a smooth ride to Aso Rock. He again denied that there was secret deal with Atiku for

Makarfi: PDP set to sweep 2019 polls

him to return to the party. “Your Excellency, you have opened the floodgates and we expect many more high profile returnees and new entrants into the PDP. So PDP must be prepared for this, and be ready to reconcile and reiterate in such a way and manner that everybody will be treated and given a level playing field to purse his or her personal aspiration. That is what PDP must stand for if it has to survive,” he said. Makarfi said PDP has encountered many challenges, but weathered the storm. “Even this week, we recorded two massive legal victories in another attack against PDP who are hell bent on destabilising this party and holding this

party down. So it has not been easy. And the story will be a positive one by the end of the day,” he said. Earlier in an interview on the Arise Television, a sister media outfit of THISDAY yesterday, Makarfi said preparations for Saturday national convention of the PDP were in its final stages. He said the leadership of the party would ensure a transparent and well-organised convention and would provide a level play ground for all contestants. Speaking on the controversy over the failed effort to have a consensus candidate for the national chairmanship position, Makarfi said the party leadership has no role to play in the matter. He said: “The North first started the talks for micro zoning

of offices meant for that part of the country and succeeded in reaching agreement on it. It was accepted by the party as a political arrangement not as a decision of the Caretaker Committee or that of the National Executive Committee (NEC). Again, the North met and zoned positions to states and this is still considered as political arrangement. “What is the political arrangement. It’s that those who signed to it agrees that they would support in each other in this regard during the election. However, there are others who may disagree with that and they are free to exercise their rights but they know that they are on their own,” he said.

ENDLESS HONOUR

L-R: Vice Chairman of the Forbes Publishing Company, Mr. Kip Forbes; Award Recipient and Group Chairman, United Bank for Africa (UBA) Plc, Mr. Tony Elumelu; and Interior Designer and Granddaughter of General Dwight D. Eisenhower(34th President of the U.S.A), Ms. Anne Eisenhower, during the conferment of the prestigious Dwight Eisenhower Global Award for Entrepreneurship on Elumelu by Business Council for International Understanding (BCIU), at the Cipriani in New York City ....Monday

Amaechi: It’s Time to Move Away from Blame Games Kasim Sumaina ÓØ ÌßÔË Minister of Transportation, Mr. Chibuike Amaechi, yesterday disclosed that it was high time the current administration moved away from its constant apportioning of blame to past administrations. Amaechi advised that it was time for the administration to get to work to achieve its mandate. The minister made this declaration while receiving the report of the Inter-Ministerial Committee for the Finalisation of the Draft National Transport Policy (NTP). According to Amaechi, “What we assure Nigerians is that under the Muhammadu Buhari administration, we would do everything possible to ensure that we maximise the resources that the president by way of budget releases to each ministry.”

He said: “I agree with those who said we should stop criticising the last government and that we should do our own. He added: “We need to leverage on what we know. People are shouting intermodal transport; I went to the new airport in Singapore and I didn’t find one person at the airport. As you walk in, technology takes over. “Also, they said in the next few years, they would introduce driverless cars. We should also think outside the box about how to improve our transport sector and think less about how sun and moon affects the sector or building more bus stops. “We should see how much investment we can put in the area of ICT. Intelligent transportation should not be ignored.” Amaechi while speaking further, said: “Usually, people

take experts’ contributions for granted but the fact is experts know better and if we don’t come to you, who would we go to? “We will go through it and I will direct the Permanent Secretary to give a copy to the Minister of State for Aviation while I read a copy. Once we are through and we share our views, we will take it to cabinet for approval”. He however, assured the committee that the next way forward concerning the policy implementation, saying: “I assure you that we would take the next step you want us to take.” Earlier, the chairperson of the Committee, Mfon Usoro, hinted that the adoption of the policy would make Nigerian economy stronger. He added that the adoption and implementation of the NTP by all tiers of government would

lead to a stronger Nigerian economy and a profitable future for the entire transportation service sector and for the many sectors that rely on transportation in a diversified economy. According to Usoro, “This final draft of the National Transport Policy contains a set of progressive, political ideas, goals and vision for a responsive, integrated and affordable transport system that is capable of meeting Nigeria’s current and future transport needs.” She said: “We the individual of committee, individually and collectively attest to this draft NTP as a FEC-ready document and remain committed to defend its content. “Our wish is for the document to receive an accelerated attention by the approval of the authorities,” Usoro concluded.

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COMMENT

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

AN EVENING TO REMEMBER Sonnie Ekwowusi relives an outing in Enugu, the coal city

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ast week I was in Enugu, the Coal City, for a few days. Enugu, arguably, is the soul and heart of towns in SouthEastern Nigeria. Unlike the melting pot Lagos, the commercial and business activities in Enugu could be said to be at their lowest ebb. The drive in the average person in Lagos to take advantage of every opportunity to make money is lacking in the average person in Enugu. For example, you could stop a taxi in Enugu to take you to your destination only to be courteously told by the taxi driver that he is driving home to observe his afternoon siesta or break. Anyway, the lure of Enugu is irresistibly fascinating. You could drive pleasurably on Enugu roads without other motorists hooting ceaselessly and cursing you for daring to drive slowly and carefully on the road. The cheapest form of transport in Enugu at the moment is the tricycle popularly called ‘Keke’’. By just paying the ‘Keke’ driver N200 he could drive you to your proximate destination. Many new layouts and residential areas have sprouted up in Enugu in the last few years. Upon arriving in Enugu the first thing that could impress you especially if you are a first-time visitor to the city is the refreshing atmosphere. From Polo Park to Chime Avenue, Ogui New Layout, Independence Layout to Trans-Ekulu, Abakpa to Emene, it is a pleasant and refreshing ride all the way. Many believe that ex-Enugu State Governor Chime and current Governor Ifeanyi Ugwuanyi are instrumental to the stellar transformation of Enugu. Governor Ugwuanyi is particularly keen on promoting public morality in Enugu State as enshrined in our constitution. I gather that he has ordered the closure of some hotels in the city that are used to corrupt public morality. Anyway on learning that I was in Enugu an old school mate of mine, a Mechanical Engineer by profession, invited me to his house for a dinner which eventually turned out to be a kind of banquet. I later discovered that he also invited other former school mates residing in Enugu and its environs for the dinner. Of course I accepted the invitation. I felt that attending the dinner will present another opportunity of meeting old and new friends. Apart from the red earth dust, the harmattan haze had descended on the Coal City yet the evening was a very friendly one. Regardless of the location, navigating Enugu, unlike Lagos, is pretty easy. Small wonder an Enugu worker can afford to go home for lunch or go for a school run at mid-day and still be able to return to work in good time. Therefore I had no difficulty in arriving the house of the Mechanical Engineer on ‘Keke’ for that matter. The house was an architectural masterpiece. After I had ushered into the lavishly-furnished sitting room where the dinner was to take place, I noticed that the sitting room was already filled up with guests. There were abundant food and assorted drinks on virtually all the tables. Were you at the 9th Mile, Enugu you would have resisted to savour the rich okpa di oku delicacy. If you had gone to the best restaurant in Enugu you would have lost your appetite for any African or European dish on the menu there. But it would have been difficult for you to resist the savour of the rich dishes prepared by our host on the aforesaid evening especially the isi-ewu delicacy (cooked or roasted goat head carefully slashed into tiny parts and spiced with utazi vegetable and alligator pepper and thereafter preserved in a small wooden mortar). Before settling for the isi-ewu, I thought it was proper and fitting to first

IT WOULD HAVE BEEN DIFFICULT FOR YOU TO RESIST THE SAVOUR OF THE RICH DISHES PREPARED BY OUR HOST ON THIS EVENING ESPECIALLY THE ISI-EWU DELICACY - COOKED OR ROASTED GOAT HEAD CAREFULLY SLASHED INTO TINY PARTS AND SPICED WITH UTAZI VEGETABLE AND ALLIGATOR PEPPER AND THEREAFTER PRESERVED IN A SMALL WOODEN MORTAR

greet our host, his wife and members of their family. As I went around looking for them I caught the sight of many former secondary school mates some of whom I had not seen for 35 years. Before I knew it I was surrounded by a dozen former school mates all clicking their glasses and brimming over with smiles reminiscent of good old school days. Thereafter we all sat down. The isi-ewu table was moved closer to us. Water was provided to us to wash our hands. Isi-ewu is enjoyed when eaten with bare hands. The isi-ewu mortars were hot, an indication that they had been freshly prepared for us. Of course, there were bottles of chilling Stout, Gulder, Heineken beer and others displayed on the table for us to use to wash down the isi-ewu. Sitting right opposite me was a former ‘A’ Level classmate at Edo College, Benin-City who is now a judge of the High Court. In those days it was customary for students aspiring to study Law, Economics or Political Science or even Medicine in the university to first enroll for ‘A’ Level Programme. In fact at that time the requirements to study certain courses such as Law in some Nigerian universities were strictly good grades in ‘A’ Level Economics, Literature in English, European History, and so forth. That was why we got enrolled to study for the ‘A’ Level Programme. The judge and I were close friends at Edo College. At that time about four or five students came together and formed a secret cult association aimed at terrorising the whole school. Once they stormed the Principal’ House in the night and beat him up. Some of us who were considered by the secret cult members as not radical enough to challenge the school authority were the targets of the nocturnal attacks of the secret cult members. One mid-night the secret cult members who were armed with cutlasses, cudgels, broken bottles and sharp knives attacked our dormitory. On being woken up by the sounds of their weapons of attack, many of us fled naked or half-naked to a near-by bush. But the judge was not so lucky. The cult members caught him sleeping in bed. Then they tried to strangle him by the neck but he offered a stiff resistance. Angered by his resistance, one of the cult members plucked out a louvre glass and slammed it on his right eye. The next day the poor fellow came to the class room with a bleeding right eye. Thank God his parents quickly came to the school and took him to an Eye Hospital for treatment. He did not lose the eye. Anyway, as I was saying, we continued ‘demolishing’ the isi-ewu. Our host did not hesitate to play for us some old tunes. We were thrilled to our heart with the music of Don Williams, Abba, Michael Jackson, Jim Reeves, Bob Marley, Bonny M, and others. Judging by our high-pitched voices I could tell that the level of alcoholic intake was pretty high. But we needed to go. Time was 9.30 p.m. The politician stood up to render a vote of thanks on our behalf. I could see that he was half drunk. But at least he made an effort to stand erect. He spoke well. Before departing, someone suggested that we should specially thank the wife of our host who must have provided the isi-ewu delicacy. The wife of our host is a charming lady and a mother of seven children. She could be mistaken for a 25-year-old lady even though, in my view, she must have clocked 42. We all departed with smiles on our faces. It was a good night. A friend in isi-ewu is a friend indeed. I will like to return to Enugu.

PDP`S MAKE OR MAR CONVENTION The national convention affords the PDP to put its house in order, writes Raymond Oise-Oghaede

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ith time ticking away for the Peoples Democratic Party (PDP) National Convention slated for December 9-10, 2017, a lot of underground political manoeuvering is understandably going on amongst the different power blocs and caucuses within and outside the party. The aim is to have substantial hold (if not total control) of its machineries at the highest level through the various executive positions. This politicking is very normal and important because it is believed that the group that holds the soul of the party will be at an advantage over others in taking key decisions that affect its members. Therefore, each caucus wants to be well placed in the scheme of things and this can only be achieved by winning the support of majority of the delegates who will vote at the convention. Interestingly, it means that at the end of the day, some permutations will work out while, some others will not; some will win and others will lose. Thus, the outcome of the exercise will go a long way in determining its fate as the major opposition party in the country. It is on this note that I am constrained to come up with this review to advise its members on the need to get it right because of the importance of having a virile opposition in the nation`s political calculations. Consequent upon the aforementioned, it is very necessary for the interim leadership of the party to handle all issues relating to the convention with intelligence and tact. They should ensure that all things are put in place to guarantee a level playing field for all the blocs and aspirants. All qualified and interested persons should be allowed to test their popularity and acceptance on the field. No

person(s) should be dubiously schemed out of the contest in other to clear the coast for some preferred or anointed candidate(s). Though, tactical political approaches could lead to some of the aspirants stepping down for others, they should not be compelled to do so because, it would amount to forcing bitter pills down their throats. The list of the delegates should be made available to all participants to enable them confirm that there are no hidden agenda. Also, the open-secret balloting system should be adopted with counting and announcement of the results done openly and immediately to give credence to transparency of the exercise. In addition and proactively, a fence-mending and reconciliatory committee should be constituted to swing into action immediately after the convention to bring all the caucuses together to work as one family. The earlier all the people are made to see themselves as winners, the better for the party. This would also ensure that the wheel of progress of the party is not clogged by those that are already disgruntled and could ultimately turn every other person to losers in the long run. Thus, the way and manner the leaders handle and manage the aftermath of the convention would determine the party`s chances in the country`s political terrain. So, it is very crucial for the party to get it right and remain a formidable opposition to the ruling party. At this juncture, it is instructive to state that the existence of a virile and responsible opposition is an integral part of democratic system of governance. A closer look at every successful democracy across the world today, shows the presence of strong oppositions. This is so because they act as checks to the activities of the government in power by

their constructive contributions and criticisms. In addition, they keep those at the corridors of power on their toes in the discharge of their responsibilities as they are seen as fall-back and standby alternative for the electorate. Therefore, it is obvious that a strong opposition is very key to bringing out the best from the government in power. Be that as it may and, as a patriotic citizen, I will not wish anything less for my country and, I am sure that all well-meaning people and true friends of the nation will align with my position. Without a strong opposition in place, the possibilities of the ruling party taking the electorate for granted will be very high. It is on record that before the formation of the All Progressives Congress, the strongest opposition on ground could best be described as regional party. This situation made the then ruling party (PDP) to take things for granted and even boasted that it will rule the country for 60 unbroken years. It was not until some key members defected to the APC that reality began to dawn on the leadership and, before they knew what hit them, the electorate has voted in the government of change. Therefore, there is need for the ruling party to always feel watched and up to its responsibilities. It is only a political jobber that will sit down at the comfort of his home/office to write off the prospects of a strong opposition party. From the foregoing, you will agree with me that this convention is a make or mar exercise for the PDP. As a result, my advice to all the power blocks or caucuses is for them to have it at the back of their minds that it’s either they get their expectations right or not. All those jostling for the chairmanship position are tested and seasoned politicians. There is no single one of them that will

not deliver if given the necessary impetus. It is therefore imperative to allow all that have shown interest to contest and put their popularities to test. The issue of internal micro-democracy where some people are denied the right to contest should not even be contemplated. Though tactical political approaches could lead to some of the aspirants stepping down for one another, they should not be compelled to do so because that would amount to forcing bitter pills down their throats. They should be given the chance to satisfy their aspirations and let the delegates decide. What the leadership or reconciliatory committee should be doing right now is strategising on how to bring all candidates and their blocs/caucuses together to rally round the eventual winners and set the stage rolling for serious business. This is the secret golden key to success. All other alternatives/options are counterfeits. At this point, you will agree with me that the names, qualifications, gender and tribe of the contestants are secondary factors and mere nomenclatures. Finally, it is important to clearly emphasise at this juncture that `make or mar` should not be misconstrued as `do or die`. Make or mar is getting it right or wrong. If you get it right, it will translate to gains for the party and democracy. Otherwise, you will be pushing the party towards political extinction. Therefore, the delegates should also conduct themselves responsibly and orderly and vote for their conscience and the good of the party. This is the best opportunity for the PDP to put their house in order and make it attractive to the masses once again. The time to make it is now. Do not mar it. Oise-Oghaede wrote from Lagos

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EDITORIAL BEFORE NATIONAL THEATRE IS SOLD The Lagos State Government will ensure the national theatre pays off

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he National Theatre is one of the national assets the federal government is planning to sell so as to generate sufďŹ cient funds to drive the 2018-2020 Medium Term Expenditure Framework, according to the Director General of Budget OfďŹ ce, Mr Ben Akabueze. But there are several issues to consider before concluding any transactions on the sale of what remains a national treasure that still holds important artifacts. In an age plagued by eroding cultural values and vanishing identity, the National Theatre ordinarily stands as the last vestige of our culture where the new generation of Nigerians could go to appreciate the rich heritage of our past. It is also the place where Nigerian playwrights, dramatists, traditional dancers, actors/actresses, cultural troupes should go to showcase their talents. But mindful of the rot that has set in over the decades and the fact that the ediďŹ ce is practically lying waste, we support A MORE IMAGINATIVE USE the idea of selling it OF THE SPACE IS TO HAVE to willing investors A MIXED DEVELOPMENT who will not distort WITH THEATRES, FOUR the vision behind it. Built in 1977 to AND FIVE STAR HOTELS, host the Festival of A SHOPPING MALL, A BUS Arts and Culture, AND TRAM TERMINUS AND the ediďŹ ce that was AMUSEMENT PARK once a national monument has deteriorated into an eyesore to the embarrassment of a nation that is increasingly becoming incapable of maintaining its national assets. But we endorse the idea of selling not because the government is looking for money but rather because we believe that may be the only plausible solution to a challenge that has lasted decades. What that also implies is that the prospective buyer must show evidence of ďŹ nancial capacity to redevelop the entire area. A more imaginative use of the space is to have a mixed

Letters to the Editor

development with theatres, four and ďŹ ve star hotels, a shopping mall, a bus and tram terminus and amusement park. However, in the light of recent developments, a more plausible proposition may be for the federal government to hand over the ediďŹ ce to the Lagos State Government. In dismissing the story of a plan to sell the ediďŹ ce earlier this year, the Minister of Information and Culture, Alhaji Lai Mohammed, highlighted what could be a sustainable pathway if the federal government is serious. “I want to say it loud and clear that there is no iota of truth in the rumour that we are selling the national theatre to the Lagos State government. We do not have the capacity to do so and will never do soâ€? Mohammed said before adding, “What is happening is that we are fortunate to have a governor like Akinwunmi Ambode of Lagos who is very passionate about the creative industry. The governor decided that he is going to mark the 50th anniversary of Lagos with cultural activities, ďŹ lms, music and he was looking for a beďŹ tting venue.â€? T H I S DAY EDITOR DEPUTY EDITORS Ëœ MANAGING DIRECTOR DEPUTY MANAGING DIRECTOR CHAIRMAN EDITORIAL BOARD

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ccording to Mohammed, the essence of the collaboration was for the renovation of the theatre to ensure that the national asset did not go into ruins. “The governor is asking for nothing, rather he is foresighted in knowing that a renovated and functional national theatre will be a catalyst for the ďŹ lm industry, theatre art, music. He also realised that by revamping the theatre, more young men and women will be able to exhibit their talents and more jobs will be created and more taxes will accrue to Lagos State purse. Therefore, for everybody it is a win-win situation and there is no attempt whatsoever to sell any national asset to anybody,’’ he said Given the foregoing, the real win-win solution would be to hand the National Theatre to the Lagos State government that has shown enough interest in its management and has also demonstrated the capacity and imagination to retain the ediďŹ ce for the purpose for which it was built.

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.

BUHARI AND ATIKU’S RETURN TO PDP

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ormer Vice-President Atiku Abubakar’s ‘resignation’ from the All Progressives Congress is a minus to the party, while his return to the Peoples Democratic Party is a plus to the main opposition. Atiku claims his main reasons for resignation from the APC include the failure of the Buhari government to fulfil its promises and other unresolved party matters. But even the blind can see that the fear of facing Muhammadu Buhari at APC presidential primaries is Atiku’s real reason for resignation from the APC. As things stands now, APC could not in any way persuades Atiku to stay in the party, because Atiku’s 2019 presidential ambition was triggered and founded on the premise that Buhari will not survive his health conditions. Atiku then calculated that with Vice-President Yemi Osinbajo being in power going into 2019 elections, he can be able to play the regional card (North’s remaining four years) to battle APC presidential ticket with Osinbajo as he did but failed against Jonathan in 2011- the ill-thought-out northern consensus candidate by Mallam Adamu Ciroma-led Northern Political Leaders Forum (NPLF) Since Atiku’s calculation to secure APC’s presidential ticket now has failed, a return to the PDP is the only option available. For him, apart from an opportunity to avoid Buhari in the primaries, returning to the PDP was designed to achieve some political manoeuvres. Atiku knows he has good political

structures that make the PDP battle field much easier, albeit on paper. With only 11 governors and very weak at the centre, Atiku will find it very easy to ‘box’ PDP delegates without state governor as well as make some smart manoeuvres to easily secure PDP presidential ticket. However, the PDP challenge would not be that easy. There are people like Sule Lamido, who is a product of the Aminu Kano radical politics of the north. Lamido is from the core Hausa-Fulani states and has large followers. Furthermore, his ‘cousins’ in the northeast will have nothing against him. The middle-belt and many northern minorities share his politics of radicalism. Another big challenge for Atiku is Gombe State governor, Ibrahim Hassan Dankwambo. Dankwambo is one of the highflying governors with massive youth support. Equally, if Ahmed Makarfi, Ibrahim Shekarau and other candidates come on board, the battle for the PDP presidential ticket will take some neverthought-of dimensions. Moreover, the South south and South east will have a bloc vote; but there is a massive delegates’ vote from other regions. Atiku has strong war chest but he has started a very difficult and long ‘journey’ to 2019. Buhari with his cult-like followers, some solid performance to show against Atiku’s ‘personal’ development, knit with Bola Tinubu’s factor - the only individual now in Nigeria that has some governors with solid control of the Southwest will make Atiku’s already tumultuous pursuit all the more unbearable. The Northwest and

Northeast will definitely not be an easy spot for Atiku either. Northwest will definitely go for what Buhari goes for, while the Northeast, Atiku’s constituency does not have a common course, and Buhari’s sterling performance against Boko Haram has endeared him to people of the region. One interesting and surprising thing about Atiku and Buhari is, as Atiku grows older, his fear of facing strong candidates at party primaries has increased, despite his immense war chest and political structures. On the other hand, Buhari’s boldness at facing any candidate at party primaries has increased. As 2019 approaches, people who voted for Buhari in 2015; but are angry with Buhari, do not in any way see Atiku as an option, while people who did not vote for Buhari in 2015, see Atiku as a sort of way to get some temporary relief. Thus, Atiku will not cash-in from protest votes; but Buhari may cash-in from voter apathy. However, many of Buhari adherents are not happy with the so-called ‘jackals’ and the ‘hyenas’ who have seemingly hijacked PMB’s government. Thus the ‘jackals’ and the ‘hyenas’ have to tighten their belt to fight Buhari’s political battle with their ‘faces’ and ‘pockets’. As expected, Buhari will soon make some appointments and corrections as 2019 approaches, the politics is getting exciting- a scenario where it would be Atiku Abubakar against Muhammadu Buhari, it will be like a bicycle against a super tanker. Zayyad I. Muhammad Jimeta, Adamawa State

16

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18

T H I S D AY ˾ WEDNESDAY, DECEMBER 6, 2017

MIDWEEKPOLITICS

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

NEWSMAKERS

Ashiru’s Emergence Unsettles Kingmakers in Ogun The decision by the people of Ogun East Senatorial District to pick the state Commissioner for Commerce and Industry, Chief BimboAshiru, as their only nominee for the Ogun State governorship race has changed the dynamics of politics in the state, writes Femi Ogbonnikan

I

n an unprecedented move, the Ijebu-Remo Forum, under the aegis of Ijebu Agenda on Wednesday, November 15, 2017, took a bold step with the endorsement of Bimbo Ashiru as the Ogun East Senatorial District consensus candidate for the 2019 governorship race. candidate. Otunba Bimbo Ashiru, the current Ogun State Commissioner for Commerce and Industry, having Ashiru, the current Commissioner for Commerce and Industry in the state dusted eight other aspirants (Sen Adegbenga Kaka, Sen Olorunnimbe Mamora, Prince Segun Adesegun, Jimi Lawal, Abayomi Odunowo, Muyiwa Oladipo, Taofeek Kassim and Owodunni Opayemi) with 89 scores out of an aggregate 110 marks. Thus, the emergence of Ashiru has become a yardstick for measuring a dashed or auspicious hope for the 2019 Ogun West Agenda. Ashiru’s emergence as the candidate of the Ijebu East was welcomed with wild jubilation in the district. Those who organised the election that produced him were also commended for the dexterity with which they handled the whole process. But in Ogun West, a senatorial district claiming it is its turn to produce the next governor, being the only district that has yet to produce a governor of the state since creation, the development has sent jitters down the spine of political gladiators in the zone. Buoyed by the declaration of the state governor, Ibikunle Amosun to support a candidate from the Ogun West district, many from the district have declared their intention to become the governor. Tactical and deft in their permutations, the people of Ogun East, comprising nine local governments (Ikenne, Ijebu Ode, Sagamu, Remo North, Ijebu North, Ogun Waterside, Odogbolu, Ashiru Ijebu North East and Ijebu East) and with a He further said that, politics of exclusion, headcount of 1,267,925, according to the 2006 National Population Commission (NPC) Census lack of effective political leadership and lack of strategic political thinkers who could provide figures, are more united. The district boasts of some of the most educated guides and directions had contributed to the people and renown investors Nigeria can boast poor state of development of the region. While charting the way forward for the region, of. It is a district anyone hoping to become the governor of the state can not afford to ignore. Popoola urged citizens of the Yewaland to learn The district, armed with this economic power, from the mistakes of their past political history no doubt, has comparative advantages over and and harness the current opportunities in the state above Ogun West, in terms of financial and to ensure that the people of Yewa Aworiland other resources to sway the 2019 Ogun State produce the next governor of the state which will in turn, eventually lead to the development governorship rae to its favour. But poised to ensure that Ogun West did not of the region. A recent event illustrated the problem, Popoola trade off the governorship seat in the 2019 general elections this time around, eminent citizens and alluded to. On Saturday, November 18, 2017, at stakeholders from the district recently held the “2017 Annual Oronna Day”, a socio-cultural a parley in Ilaro, Yewaland Administrative carnival held in Ilaro, the political bickering Headquarters tagged; “2017 United Kingdom among the various governorship aspirants and (UK) Pre-conference dinner” where Yewa Leaders their supporters also marred the event. Many did not like the idea that the Olu of identified the challenges facing the zone. In a bid to ensure total development and Ilaro, the paramount ruler of Yewaland, Oba economic growth of Yewaland, the pre-conference Kehinde Olugbenle referred to one of the aspidinner brainstormed and shared ideas on the rants jostling for the governorship seat, Senator Solomon Olamilekan Adeola (aka Yayi), as his way forward for the region. Speaking at the event, Professor of Microbiology son. Other aspirants interpreted this to mean and Dean, Faculty of Microbiology, Federal that the traditional ruler was supporting the University of Agriculture, Abeokuta, Prof. Tope senator’s bid to be governor. Also Yayi is reportedly enjoying the support of Popoola, who was the guest speaker, identified politics as one major reason for the present poor some All Progressives Congress heavyweights, including former-governor Olusegun Osoba, the state of development in the district. According to him, prominent members of the national leader of the APC, Asiwaju Bola Tinubu, political class from the district have collaborated the incumbent governors of Oyo and Lagos extensively as willing tools to mortgage the states Sen Abiola Ajimobi and Mr Akinwunmi opportunities for the zone to elect one of their own as governor of Ogun State. He said, “Looking through the past years, I was able to identity myriads of problems as Under his watch, more being responsible for our inability to clinch the companies moved to Ogun governorship position some of which include; multiple candidatures, our inability to speak with State bringing with them one voice, politics of intolerance and bitterness, more jobs and revenue for political manoeuvring for selfish and personal interests and insincerity of our political leaders”. the state

Ambode, the Ogun State governor, Ibikunle Amosun had openly opposed his ambition labelling him ‘tekobo’ (the one from Lagos). Yayi also recently secured the endorsement of the Ogun West Council of Elders Forum, a development that has sparked off controversies. Other aspirants and a secction of some elders and leaders from Yewa/Aworiland viewed the adoption as a sham. While the governorship aspirants from the Ogun West are bickering, Ashiru is quietly reaching out to people that matter. He has many good things going for him. He has been going about his ambition systematically reaching out to those aggrieved by his emergence. He enjoys the confidence of politicians across the state. Despite his involvement in politics, he has managed to keep his constituency (the corporate world) intact. He has one leg in politics and the other in the corporate world where he rose to become a successful banker before he joined Amosun, his friend of many years to run the show in Ogun State. Many believe that individual ambition among the aspirants from Ogun West may unwittingly confer advantage on Ashiru from Ogun East. If that happens, it will be a replay of a similar scenario that played out in the state in the past which provided the incumbent governor the opportunity to become the governor. Immediately he emerged as the favoured aspirant, traditional rulers from all the nine local governments, making up Ogun East Senatorial district on Friday, November 17, 2017, met at the Awujale Palace, Ijebu Ode where they offered their royal blessing and prayers for Ashiru, for the actualisation of his ambition in the coming 2019 governorship election in the state. His biggest joker or ace, it was learnt, is his closeness to the Awujale of Ijebuland, Oba Sikiru Adetona. Thus, Ashiru is like one of Awujale’s sons. They are very, very close because they both speak virtually on a daily basis. And a few years ago, when Bimbo Ashiru and his brothers

were made Otunbas, by the Awujale, the Ijebu monarch revealed how close he was to Bimbo in particular. He revealed that they were so close to the extent that if the Awujale couldn’t sleep at night, it is Bimbo he would call and they would chat for hours until he drops off to sleep. The support of the Awujale will come handy during the campaign. It was learnt Awujale also wants an Ijebu man and has been canvassing for an Ijebu man to become the next governor. The Ijebus have only produced a governor, once in the person of late Chief Bisi Onabanjo, the first civilian executive governor of Ogun State. To many political observers, what may also work for Ashiru is that Amosun respects the Awujale and he does not joke with the reverred monarch. Likewise, Ashiru is equally close to the governor and their relationship has spanned nothing less than 20 years. Also, he has remained one of his most loyal and trusted commissioners in the governor’s cabinet. So loyal is Ashiru that the governor returned him to office in his second term in office. When Ashiru lost his mother several months ago Amosun had to jettison other appointments as he spent quality time with the Ashiru family in Ijebu-Ode. The issue of loyalty aside, Ashiru is one of his star performers in the cabinet. He has done so well in his ministry since they came on-board almost seven years ago. His achievements in the ministry are impressive. This has endeared him to the governor the more. With all these to his credit, Ashiru is not making too much noise about his ambition but he is still consulting widely, despite his recent emergence as the consensus candidate. These days, he spends much time in Ijebu, meeting with different groups. Besides, what will also help.him is his rich pedigree. He is an illustrious son of Ijebu-Ode. Besides, his emergence as the Ogun East consensus governorship candidate has also buoyed his chances at clinching the 2019 Ogun State governorship seat. Added to that, in his stewardship. Under his watch, more companies moved to Ogun State bringing with them more jobs and revenue for the state. More than 58 new companies have established businesses in Ogun State, with a cumulative investment profile of about N691.77 Billion in 2014, compared to N377 Billion in 2013. And this places Ogun State in the first position in Nigeria, according to the Manufacturers Association of Nigeria (MAN). However, the Ijebu Agenda to many political analysts, appeared long prepared for the task ahead, culminating in the unanimous decision, picking Ashiru as its governorship consensus candidate. APC family members and technocrats, drawn from far and near, took the agenda with seriousness and sagacity as they thronged the venue of the parley, House No. 39, Tam Balogun, GRA, Ijebu Ode where the decision was taken. However, political watchers have observed that though Amosun has been magnanimous enough to the plight of the Ogun West people but feared that when the chips are down and the people of Yewa/Aworiland are unable to put Their house in order, to agree on a candidate to represent them, he may be left with no choice but to turn to his friend from Ogun East where the party can win block votes. It was gathered that, no governor will want to play into the hands of his political foe to succeed him in office and rather, he will do all humanly possible within his power to pick his anointed son that will take over the baton of leadership from.him. Since Yayi has an edge in Ogun West and Amosun is vehemently determined to frustrate him from getting the APC ticket, the governor may be unwittingly helping his commissioner to get the ticket.

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T H I S D AY ˾ WEDNESDAY, DECEMBER 6, 2017

PERSPECTIVE

MIDWEEKPOLITICS

Nigeria Must Lead Campaign to Stop Modern Slavery Speaker of the House of Representatives, Yakubu Dogara argues that as the most populous black nation in the world, Nigeria must spearhead the campaign to stop human trafficking and modern slavery

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ecently, I was in Italy for few days where I participated in a conference specifically convened by the President of Italy’s Chamber of Deputies, Her Excellency, Ms Laura Bodrini, to discuss a very topical issue -“Women Empowerment and the Fight against Trafficking in Persons. The Partnership Between Nigeria & Italy”. The conference was convened in the aftermath of the very tragic event of 5th November, 2017 at the shores of Italy which resulted in the death of some 26 mostly Nigerian girls having embarked on what has now become the riskiest journey on earth, attempting to cross the Mediterranean Sea to Europe. The House of Representatives passed a Resolution (HR. 151/2017) on November 9, 2017 to investigate this tragedy. And also on November 29, 2017 another resolution on a related subject matter was passed. If you thought the horrific events that led to the deaths of our girls were appalling just as we prepared to leave Italy, we received the terrifying news that another set of 30 migrants had died in the Mediterranean Sea while 200 were rescued. To our collective shame these kinds of deaths have become a recurring decimal on account of which the Mediterranean Sea has become the cemetery where Africa’s future, which our young represent, is buried. Our findings reveal that the deaths are under-reported as the figures more often than not do not take into account those deaths for which the corpses are not recovered. It must be noted that in most cases some of the immigrants are deliberately dumped into the sea like bags of weed. To add salt to injury, humanity’s conscience was recently jolted by the CNN report of auctioning of black African migrants as salves in Libya where these migrants are normally held in servitude in human cargo holding facilities. I believe most of us have seen the atrocious pictures of black Africans in such overcrowded holding facilities were they are packed like sardines and often mercilessly beaten and terrorized by their captors in order to keep them subjugated. These pictures which the social media is replete with have moved even the brute and the cruel to tears. For those who wonder why would a fellow human being strip another of his dignity in this beastly manner, the answer is, Money. They do it for the money. Slavery is so lucrative especially now that it involves human organ harvesting. It was and it is still a money spinner. In the past, it was so lucrative that a part of the sweet Land of Liberty fought a vicious civil war to keep slavery until the Abolitionists won. It is significant to underpin the historical difficulties in dealing with slavery. The author of the finest line ever written by man, “we hold these truths to be self-evident: that all men are created equal”, himself a slave owner, was once forced into deep introspection about the ideals he had lifted to cosmic heights and the fact that he himself own slaves. Because slave trade and slave labour brought him so much wealth and influence, he couldn’t himself live up to the eternally truthful ideals he had so brilliantly espoused. He wrote to the effect that keeping a slave is like holding the wolf by the ears, it’s a job you hate to do but you dare not let it go. He placed justice and self-preservation on a scale but pathetically self-preservation won over consideration of justice. This is

Dogara

the case with modern slave masters; justice and life have no meaning to them, all they care for is self-preservation. It’s a trade the mafia and their local collaborators dare not leave because of the money involved. What is consistent with the lessons of history is that unless slave masters are forced to stop, they won’t on their own put a stop to the criminal enterprise. We have a duty to stop them and we must begin by accepting responsibility for what is happening now. The question is, what have been done either as individuals or corporately to force these forces of evil to stop this trade in humans? Where is our conscience? Are we not troubled by the unfolding scenario where human beings are bought and sold for any amount much more for as low as $400 barely the cost of a local cow or horse? It is my considered opinion that we are all involved in this crime either as perpetrators or those who are aiding and abetting human trafficking by standing aloof. For we are ultimately responsible for what we allow or permit. There is a place for Nigeria in all these. As the most populous black nation on earth, we must accept the fact that if any black man or woman falls, it would be because Nigeria lacks strength. Until

Now and not tomorrow is the time to act, the world must not shrink from this responsibility

the last modern slave is freed, we would have done nothing and our generation will bear this shame forever. The legal framework to combat Human Trafficking is fairly well developed. What is required is the political will and the muscle to execute the laws and policies already in place. As parliamentarians, we have a responsibility to use our legislative tools of oversight to ensure that all agencies empowered by law to fight this scourge are made to account to our people. This we must ensure it’s done with dispatch. It is in this regard that I directe that the Public Hearing on House Resolution (HR. 151/2017) which ordered an investigation into the death of the 26 girls recently in the Mediterranean Sea and the Resolution passed yesterday mandating relevant committees of the house to investigate the slave trade going on in Libya be consolidated and immediately scheduled for hearing in spite of the pending work on the 2018 budget. The relevant committees should make sure that all relevant parties and stakeholders are invited to dig out the facts and proffer workable solutions to this heinous crime against humanity. Furthermore, the House of Representatives would soon convene a major Conference on Human Trafficking and Modern Slavery as part of our intervention to help put an end to this evil. This would afford experts the opportunity to make recommendations on possible Legislative and Executive actions required to tame this evil trade. We must also sensitise and activate, as soon as possible, the ECOWAS Parliament and other Inter Parliamentary bodies such as IPU, CPU and other affiliated

bodies to wade into this matter. I, therefore want to use this opportunity to call on Mr President and Commander in Chief to lead this struggle for total and unconditional emancipation of the unfortunate victims of this scourge. History beckons on our President with a gold pen and a page reserved for only Africa’s great Statesmen if he successfully leads the campaign to eradicate modern slavery. Mr President should, if necessary, deploy Nigeria’s diplomatic and military clout on this matter. We would like to see an immediate convening of emergency session of the ECOWAS and AU to lunch a rescue operation as soon as possible. As it is, the voices of ECOWAS and AU are unacceptably too feeble on this devastating issue. We commend the French President, Mr Emmanuel Macron for taking a principled position on this matter and applying pressure on the UN to take urgent steps in dealing with this scourge. We expect other nations who value freedom and the dignity of the human person to join France in working out a permanent solution to this resurgent evil. Finally, let me once again commend the forceful words of His Holiness, Pope Francis who said: “Human trafficking is a scourge, a crime against the whole of humanity. It is time to join forces and work together to free its victims and to eradicate this crime that affects all of us, from individual families to the worldwide community”. Now and not tomorrow is the time to act, the world must not shrink from this responsibility. Dogara is the Speaker, House of Representatives

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

FEATURES

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

Long Road to Festivities Nigerians would find it quite difficult to celebrate with their loved ones and families across the country this Yuletide season for the simple reason that the countryâ&#x20AC;&#x2122;s major roads are broken. Chineme Okafor writes

â&#x20AC;&#x153;W

hat we have promised Nigerians is that every year, we will improve their travelling experience and make travelling times more comfortable for them,â&#x20AC;? said Mr. Babatunde Fashola, Nigeriaâ&#x20AC;&#x2122;s minister in charge of the countryâ&#x20AC;&#x2122;s infrastructure sector which include Power, Works, and Housing, and within which repairs and construction of federal roads are taken care of. In making this commitment during a status update meeting he had with road construction firms contracted by the federal government to either repair or build roads across the country, Fashola, was emphatic in stating the governmentâ&#x20AC;&#x2122;s keenness on making sure Nigerians travelled on better road networks across her federal highway. He even explained that the experience would be a lot better as the annual end of year Yuletide - a season around December 25 but traditionally extending from December 24 to January 6, approached, as well as for other periodic national holidays which require Nigerians to journey across to celebrate with families and relations. Fashola, explained that the meeting with the contractors was to keep in touch with the progress of their jobs, especially with considerations to the next couple of months when most of the roads in the Southern parts of the country would be heavily engaged. According to him, â&#x20AC;&#x153;We are looking at a 10-week window starting from around the end of September to the middle of December when your workers go on annual leave and what kind of contingency arrangements you would be making so that the operational staff will be on ground to deal with emergencies. â&#x20AC;&#x153;In addition to the major construction works that are going on, we also have rehabilitation works using specific contractors to improve motorability, and we have been working on 41 roads across the country covering each zone and trying to make remediation to them as a result of what has happened during the rainy season. We are getting ready to conclude procurement on that.â&#x20AC;?

Failed portion of the Enugu-Onitsha Expressway

Repairs tied to availability of funds But to make this happen, the minister stated that government would need to consistently meet its financial obligations to the contracts for the roads repairs and construction it entered with companies like Julius Berger, Mothercat, Dantata and Sawoe, Reynolds Construction Company, Setraco, and Gitto Construction, amongst others who are engaged in major works on priority federal highways. The government, he lamented was short of funds to undertake all the repairs. He linked the shortage of funds in the governmentâ&#x20AC;&#x2122;s purse to drop in oil prices which affected Nigeriaâ&#x20AC;&#x2122;s earning power, and would rely on a N100 billion Sukuk Bond it raised to augment budgetary funding for road construction. In addition to the financial constraints he described as a big challenge, the minister also mentioned the rains as another reason why repairs of the roads stopped or were suspended. But the rains have since subsided. He said the Sukuk fund would fund 25 select priority roads in all regions of the country. Disclosing the distribution of the N100 billion Sukuk fund which each region of the country got N16.67 billion to cover for roads in them, Fashola, equally noted that works on the roads would resume in earnest to ensure contractors meet up with

Most dangerous accident spot along Enugu - Onitsha Expressway, at Imigration Junction, Awka

On a recent tour of parts of the roads in the A1 network, notably the Jebba-Mokwa axis through the Minna end of the route, our reporter found that the road which the Minister of Power, Works and Housing, Mr. Babatunde Fashola, said in 2016 would be given priority attention considering its economic value to the country has remained as extremely run-down as it had been or perhaps worse

the governmentâ&#x20AC;&#x2122;s intentions. While the rains have since subsided in many parts of the country where roads to benefit from the Sukuk fund pass through, it does however look like the kind of blissful travel experience for Nigerians on some of these roads which the government promised may not come as expected going by field reports relayed by users to our reporters who passed through some of these roads. â&#x20AC;&#x153;I left Ugheli for Abuja, but had to find an alternative route to Auchi to Lokoja because the regular route has become impassable. I went through Ifon to Ondo, to Afuze, then back into Edo to Auchi, and then Okene to Lokoja,â&#x20AC;? Otor John, a Delta State-based lawyer who was in Abuja for a recent engagement told THISDAY in a conversation on the state of the road network and travel experience from Abuja to Delta. Otor claims to be a regular user of the Abuja to Lokoja, to Okene, to Auchi and Benin Roads, and explained from his experience that it had become a lot difficult and timeconsuming to travel through the roads which

are within the A2 national road network. â&#x20AC;&#x153;Each time I drive through the villages in Edo and Ondo on this route, I am always grateful to God that they are not criminallyminded people in them, otherwise, we would be dealing with bad roads and criminals on the road â&#x20AC;&#x201C; a double whammy it would have been for road users,â&#x20AC;? Otor added. Similarly, on a recent tour of parts of the roads in the A1 network, notably the Jebba-Mokwa axis through the Minna end of the route, our reporter found that the road which Fashola said in 2016 would be given priority attention considering its economic value to the country has remained as extremely run-down as it had been or perhaps worse. Even assurances by the Vice-President, Yemi Osibanjo, in July when he visited the collapsed Bakino Bridge at Tatabu community near Mokwa, that the road would be temporally fixed in two weeks to lessen travel distresses of its users until a permanent solution was worked out, has remained flat without concrete outcomes. As observed by our reporters, heavy trucks

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FEATURES

spend more times on the road waiting to pass than they actually would have spent making their trips, simply because at every point of its stretch, trucks are broken down from the troubles of plying through a very broken road, and all others would have to wait or find alternative route to get through. The situation is also not very different for users of roads within the A121 to A232 networks which connect the South-west to the South-east, as well as roads within states in the South-east. Being traditionally inclined to substantial travels during the Yuletide, citizens from the South-east would most likely feel the pinch of the bad road network within the region unless a drastic work schedule is employed on its roads that are direct beneficiaries of the Sukuk proceed. Between Enugu and Anambra States, most parts of the highway are broken down completely and commuters frequently are made to divert into towns and villages to connect back to the highway especially on the Akwuzu axis. Luckily, the Enugu to Onitsha Road (Section 1 and 11), Enugu-Port Harcourt Road (Sections I to IV), and Calabar-Odukpani-Itu Road (Section 1), are direct beneficiaries of the Sukuk intervention fund, but they may not be ready on time to guarantee its users within the Yuletide the blissful drive the government had promised. Though contractors on these roads had made pledges of increase in work tempo to meet up with their schedules including working on weekends, travellers and drivers who use them regularly are however suspicious of these pledges made by the contractors. Other roads within the Southern end of the country, and which are to benefit from the Sukuk intervention are the CalabarUgep-Katsina Ala Road (Sections 1 and 11), Alesi-Ugup (Iyamoyung-Ugup) Road, Ogoja (Mbok Junction) Abuochichie Road, Otukpo Township Road, Kano-Maiduguri Road (Sections I to V), Kaduna-Zaria Road and Kaduna-Katsina Road, among others. Even the usually smooth and easy to drive through roads in Northern parts of Nigeria do not completely hold that once-in-a-time record as a recent drive through to Kaduna, then to Zaria and Funtua, showed the road is increasingly on a decline. 44 federal highways in 2017 budget for repairs Despite the 25 roads Fashola said would be repaired with the Sukuk fund, there are other major roads across the country he said that are within the plan of the government to fund. The minister had disclosed in a meeting with the National Assembly that there were about 44 federal highways construction contained in the 2017 budget, as well as 63 roads which the government had in the first quarter of the year identified and prepared for emergency intervention across the country ahead of the rainy season. He disclosed that the 63 roads were identified and prepared for intervention during his inspection tour of roads in 34 states. According to him, for the purpose of effective implementation, the federal government

Between Enugu and Anambra States, most parts of the highway are broken down completely and commuters frequently are made to divert into towns and villages to connect back to the highway especially on the Akwuzu axis

Bad portion of the Ekpoma axis of Benin-Auchi Road

Failed portion of Mokwa Road in Niger State

Fashola...having sleepless nights over bad roads across the country

has classified the roads into critical economic routes and agricultural routes to include all roads traversing geo-political zones, advancing

trade and commerce across the states and leading to the ports as well as those passing through agricultural areas across the country.

Noting that the road projects are spread out in such a way that no zone has been left out, Fashola listed to the legislators the proposed priority highway projects slated in the 2017 budget to include Kano-Katsina Road; Ilorin-Kabba-Obajana Road (Sections 1 and 11); Ibadan-Ilorin Road, Section 11 (Oyo-Ogbomosho); Lagos-Shagamu-Ibadan Dual Carriageway, Sections 1 and 11; and Lagos-Ota Road.. Also included are Apapa/Tincan Port, NNPC Depot (Atlas Cove) to Mile 2 Access Road, Apapa-Oshodi Road, Third Mainland Bridge, Apapa/Tincan Island Port-NNPC Depot Access Road, Benin-Ofosu-Ore Ajebandele-Shagamu Road, Obajana Junction-Benin Road Phase 2: (Sections I to IV), Sapele-Ewu Road Sections 1 and 11, Second Niger Bridge, Onitsha-Enugu Expressway (Amansea-Enugu State Border), Yenegoa Road Junction-Kolo-Otueke-Bayelsa Palm and Bodo-Bonny Road with Bridge. Others are Odukpani-Itu-(Spur IdidepItam)-Ikot Ekpene Federal Highway Sections 1 and 11, Ikom Bridge, Enugu-Port Harcourt Dual Carriageway Sections I to IV, Calabar-Ugep-Katsina Ala Road, Vandeikya-Obudu-Obudu Cattle Ranch Road, Oshegbudu-Oweto Road, Oju/Loko-Oweto Bridge with approach roads, Nassarawa-Loko Road, Abuja-Lokoja Road Sections I and IV, Suleja-Minna Road Section 11. Kaduna Eastern Bypass, Kano-Maiduguri Road Section 1-1V, Hadejia-Nguru-Gashua-Bayamari Road and Kano Western Bypass.

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IMAGES

L R ; Moderator, Senior Policy Manager of World Wide Web Foundation,Mrs.Nnenna Nwakanma;Google Policy Lead,Sub Saharan Africa,Mr.Titi Akinsanmi and Executive Vice Chairman Ibadan School Government Public Policy [ISGPP],Dr.Tunji Olaopa at a Seminar on African Academic Network on Internet Policy held at IITA Ibadan...recently felix ademola

L-R: Marketing Manager, LG Electronics West Africa Operations, Mr. Paul Mba; Branch Manager Fouani Nigeria Ltd Abuja branch, Morhaf Ghazaly; Head of Clinical Services Kuje General hospital, Dr. Musa Ishaku; Chief Matron, Kuje General hospital, Mrs. Ike Okoli and Secretary Kuje General hospital, Tolulope Ajimobi, during LG Electronics CSR donation to Kuje General hospital FCT Abuja... recently

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

Photo Editor Ă&#x152;Ă&#x201C;Ă&#x2122;Ă&#x17D;Ă&#x;Ă&#x2DC; Ă&#x201D;Ă&#x2039;Ă&#x2013;Ă&#x2039; Email Ă&#x2039;Ă&#x152;Ă&#x201C;Ă&#x2122;Ă&#x17D;Ă&#x;Ă&#x2DC;Ë&#x203A;Ă&#x2039;Ă&#x201D;Ă&#x2039;Ă&#x2013;Ă&#x2039;ĚśĂ&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x17D;Ă&#x2039;ĂŁĂ&#x2013;Ă&#x201C;Ă Ă?Ë&#x203A;Ă?Ă&#x2122;Ă&#x2014;

L-R: Executive Vice Chairman of Verdant Zeal, Dr. Tunji Olugbodi; Partner/Principal Consultant, Miss Kofo Banjo; Keynote Speaker, Dr. Obiageli Ezekwesi; Founder, Savvy Womenâ&#x20AC;&#x2122;s Circle/Covenant of Women in Leadership Conference, Mrs. Aji R. Michael and Partner, Managing Director, Crystal Options, Mrs. Bukola Babajide, during the Conference of Women in Leadership in Lagos...recently

L-R: Chief Executive OďŹ&#x192;cer, Colony Capital Ltd, Emeka Obiakor; Director, Cascades Luxury, Chike Memeh; Strategic Business Group Head, UBA, Pamela Shodipo; Chief Executive OďŹ&#x192;cer, Magnum and Hunter Ltd, Ade Adeogun and Managing Partner, Global Law Alliance, Zubi Nwuke, during the relaunch of Cascades Luxury Oils and Fragrance in Lagos... recently

L-R; Chairman, Dawn Global Platform Solutions Ltd., Mr. Adebayo Adeleke; Managing Director, Mutual BeneďŹ ts Life Assurance Ltd. Mr Femi Asenuga,and Chairman, Petals Media Ltd, Mr. Yinka Odumakin as Asenuga receives the Odua Business Ambassador Award on behalf of Dr. Akin Ogunbiyi , Chairman, Mutual BeneďŹ ts Assurance Plc in Lagos...recently

L-R: Company Secretary/Legal Adviser, Umanta Ude Umanta; Group Head of Business, Nneka Eke; Chief Financial OďŹ&#x192;cer, Titilayo Sholeye all of Nepal Oil and Gas Limited; Senior Register Paediatric, Dr. Nwala Gabriel and Senior Nursing OďŹ&#x192;cer, Nurse Keke Doris both from Federal Medical Centre, Umuahia (FMC), during Nepal Oilâ&#x20AC;&#x2122;s donation of medical aids to the hospital in Umuahia, Abia state ....recently.

L-R: Acting Rector, Moshood Abiola Polytechnic, Dr. Ayo Tella, Ogun State Commissioner for Education, Mrs. Modupe Mujota, Ogun State Deputy Governor, Chief (Mrs.)Yetunde Onanuga and Chairman, National Board for Technical Education (NBTE), Mr. Nuru Yakubu, during the inspection of the new Ogun State Polytechnic by the NBTE in Ipokia.. recently

L-R; Proprietress husband, Prof. Dan Adebiyi, Proprietress, KIA Lakeside Academy Nursery, Primary and School, Mrs Titilayo Adebiyi, Primate of the Church of Nigeria, His Grace, Arch Bishop, Nicholas Okoh and Chairman of the Governing Council, Prof. Oladapo Afolabi during the oďŹ&#x192;cial Dedication of KIA Lakeside Academy Nursery, Primary and Secondary School in Abuja...recently

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BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT

A S

A T

REPO 25.83% 29.08%

CALL 1-MONTH 3-MONTH

31.50% 32.50% 34.25%

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

317.54% 0.09% 2.34%

Group Business Editor Chika Amanze-Nwachuku Email chika.amanzenwachukwu@thisdaylive.com 08033294157

3 0 , S & P INDEX 1/4 TO DATE YEAR TO DATE

2 0 1 7

7.47% 21.12%

EXCHANGE RATE N306/1US DOLLAR* *AS AT LAST FRIDAY

Quick Takes CAR Becomes Afreximbank Member

ANNUAL JFCN LECTURE

L-R: Managing Director of Abuja Investments Company Ltd, Dr. Bashir Isyaku; the Vice President of Abuja Chamber of Commerce and Industry, Mr. Johnson Anene; a former Permanent Secretary of FCT, Dr. Goke Adegoroye; and President of Just Friends Club of Nigeria (JFCN), Chief Jerome Green-Amakwe at the 2nd Annual JFCN Lecture which held in Abuja...recently

Q3: Foreign Portfolio Investments Jump 259% on Renewed Demand for Equities Goddy Egene Foreign Portfolio Investment (FPI) jumped by 259.2 per cent in the third quarter(Q3) ended September 30, 2017 to $2.77 billion, which is a consolidation on the increase recorded in second quarter of 2017 (Q2-17). The figures are the highest since the $5.13 billion recorded in Q3 of 2014. However, the sizable increase in FPI was mostly driven by a monumental 860.7 per cent year on year(y/y) surge in equities (214.6 per cent q/q) to $1.93 billion, accounting for 70 per cent of total FPI, and a grand leap (105.6 per

CAPITAL MARKET cent y/y and 630.2 q/q to $719 million in capital investments in the form of money market instruments. Corroborating the significant inflows into equities, the Nigerian Stock Exchange (NSE) latest report on FPI reveals that foreign inflows surged 205.7 per cent y/y and 64.3 per cent q/q to N252.33 billion in the three months to September, from N82.54 billion and N153.62 billion in Q3-16 and Q2-17 respectively. Analysts at Cordros Capital

Limited said the improved FPI and inflow into equities market stem from improving foreign exchange liquidity, boosting transparency in FX transactions, and increasing dollar inflows from autonomous sources) of the Central Bank of Nigeria (CBN)â&#x20AC;&#x2122;s â&#x20AC;&#x153;Investors & Exporterâ&#x20AC;&#x2122;sâ&#x20AC;? FX window, established towards the tail end of April. The policy is attracting offshore inflows amid appealing valuation â&#x20AC;&#x201C; supported by positively changing macroeconomic fundamentals. â&#x20AC;&#x153;Still supportive of the potency of the I&E FX window

is the sizable increase in the total turnover in the window by 171 per cent q/q to $10.16 billion in the three months to September, compared to $3.74 billion in Q2-17, and by extension, the 52.76 per cent q/q increase in total turnover in the domestic bourse to N360.73 billion in Q3-17, from N236.14 billion in the previous quarter. Equally reflective of investor confidence in the I&E window is the 15.8 per cent q/q growth (to $114.65 billion, from $99.0 billion) in the total OTC market turnover in Q3-17, as reported

A sufficiently high tariff remains essential for the power sector reform to be successful, analysts have argued. According to analysts at Lagos-based CSL Stockbrokers Limited, the opposition to tariff increases cannot bejustified, given that customers with inadequate supply pay much more to get power from onsite diesel- or petrol-powered generators. They, however acknowledged the fact that the Nigerian power sector is besieged by a myriad of problems beyond the low tariffs. â&#x20AC;&#x153;We also understand the end consumerâ&#x20AC;&#x2122;s point of view, who would like to see and improvement before paying for it. Either way, we still find the opposition to tariff increases difficult to justify, given that customers with inadequate supply pay much more to get power from on-site diesel- or petrol-powered generators.

ENERGY â&#x20AC;&#x153;In our view, a sufficiently high tariff remains a major hinge in the successful development of the power sector,â&#x20AC;? they stated in a report. Vice President Yemi Osinbajo recently told Nigerians to brace up for inevitable higher electricity tariffs. â&#x20AC;&#x153;There is no question at all that we must pay higher tariffs,â&#x20AC;? he was quoted to have said. According to the report, Osinbajo however noted that the increase in the tariff would not take place now. The 2013 Nigerian power sector reform had been largely seen as unsuccessful. As such, the government recently launched the Power Sector Recovery Programme (PSRP). Although the 2013 privatisation scheme was done with extreme care, there were always two major sticking points: inadequate gas supply and unsustainably-low electricity

tariffs. These two factors were intensified last year by the devaluation of the naira, foreign exchange liquidity constraints and the militancy in the Niger Delta. But the report noted that: â&#x20AC;&#x153;We do not see tariffs hikes going down well with consumers. Last year, NERC tried to implement costreflective tariffs proposing a 45 per centhike, following which labour unions took it to court and consequently, the plan was put on hold. â&#x20AC;&#x153;The argument was that, given persistent inflationary pressures on households and shrinking consumer wallets, it would have been unreasonable to introduce tariff hikes. â&#x20AC;&#x153;Many also argue that they will like to see an improvement in power supply to households before they can agree to further tariff hikes.â&#x20AC;? Inadequate gas supply due to pipeline vandalism, inability of power companies to sign gas supply contracts, and large

Ecobank Wins Awards

Ecobank said it won the â&#x20AC;&#x153;Bank of the Yearâ&#x20AC;? awards in ďŹ ve of its countries of operation. According to a statement, Ecobank won the ďŹ ve trophies at The Banker award which were in London recently. The bankâ&#x20AC;&#x2122;s subsidiaries in Cameroon, Guinea Conakry, Gambia, Togo and Uganda all emerged triumphant.This was the second consecutive year that The Banker honoured Ecobank Guinea Conakry for its performance. The Banker, part of the Financial Times, is one of the most recognised and widely respected trade ďŹ nance titles.â&#x20AC;&#x153;Judges said that the winning countries had made signiďŹ cant progress over the past 12 months; not only in terms of strong ďŹ nancials, but by implementing new products and services which have transformed their customer service oďŹ&#x20AC;ering,â&#x20AC;? it added. Ecobank Group CEO, Ade Ayeyemi said: â&#x20AC;&#x153;Ecobank is truly honoured to receive these awards. To remain relevant in Africaâ&#x20AC;&#x2122;s banking world of tomorrow, there is a pressing need for banks to disrupt themselves and transform their operating models.â&#x20AC;&#x153;

Heineken Invests $100m in Mozambique

Continued on page 24

Power Sector Improvement Hinged on High Tariff Obinna Chima

The number of African countries represented on the African Export-Import Bank (Afreximbank) as participating states and/ or shareholders rose to 49 recently with the presentation of an Instrument of Accession to the Bank by the Central African Republic (CAR). The presentation of the instrument took place in Bangui, the nationâ&#x20AC;&#x2122;s capital during a visit to President FaustinArchangeTouadĂŠra by an Afreximbank delegation led by the bankâ&#x20AC;&#x2122;s President, Dr. Benedict Oramah, and followed the submission by Eritrea of its own instrument of accession on 20 November and the acquisition of shares by South Africa a few days earlier. â&#x20AC;&#x153;We are pleased to welcome the Central African Republic and we are evaluating an initial list of ďŹ ve priority projects and transactions in the sectors of agro-processing, mining and tourism as well as trade-enabling infrastructure, involving local private and public entities, and amounting to a total of $71 million, for potential ďŹ nancing by Afreximbank,â&#x20AC;? Oramah said. With its large territory and many natural resources, Central African Republic oďŹ&#x20AC;ers great prospects for regional trade, the development of industrial capacity and value-added exports, in line with IMPACT2021, Afreximbankâ&#x20AC;&#x2122;s current ďŹ ve-year strategic plan, he added. Responding, President TouadĂŠra commended Afreximbankâ&#x20AC;&#x2122;s commitment to driving the transformation of trade in Africa and expressed conďŹ dence that the Central African republicâ&#x20AC;&#x2122;s membership would enable the Bank it support the ďŹ nancing of the countryâ&#x20AC;&#x2122;s National Economic Development Plan, which is aimed at reviving major industries and developing the private sector. The Afreximbank delegation also met later in the day with Simplice-Mathieu Sarandji, the Prime Minister, and with other members of the government as well as with some representatives of the private sector.

amounts of debt owed to power companies by ministries, departments and agencies (MDAs) of the three tiers of government are also some issues affecting the sector. But as part of efforts to address the worsening power situation in the country, the Central Bank of Nigeria (CBN) had disbursed N55,456,161,481 from its Nigerian Electricity Market Stabilisation Facility (NEMSF) to firms in the sector as at May last year. The Minister of Power, Works and Housing, Mr. Babatunde Fashola in a recent interview stated that Nigerians must understand that the NERC doesnâ&#x20AC;&#x2122;t fix tariffs, explaining that the NERC approves tariffs. â&#x20AC;&#x153;How do you set tariff? Under the multi-year tariff order (MYTO), there are two broad tariff setting seasons â&#x20AC;&#x201C; minor tariff review that must happen every six months, and major tariff review every five years. Continued on page 24

Heineken yesterday laid the foundation stone of its ďŹ rst brewery in Mozambique in the presence of His Excellency Mr. Max Tonela, Minister of Trade and Industry. This new brewery, incorporating the latest technologies, represents a $100 million (â&#x201A;Ź85 million) investment. Located in the province of Maputo, between the MarracueneandManhiçadistricts,thebrewerywillhaveaproduction capacity of 0.8 million hectoliters and will brew high quality beers for thedomesticmarket. TheďŹ rstbottleofbeerisexpectedtocomeoďŹ&#x20AC; the production line in the ďŹ rst half of 2019. Heineken Mozambique started its activities in 2016 through a sales and marketing oďŹ&#x192;ce, importing international beers including Heineken, Amstel, Amstel Lite and Sagres in the country to oďŹ&#x20AC;er more choice to Mozambican consumers.The construction of HEINEKENâ&#x20AC;&#x2122;s very ďŹ rst brewery is a major step forward for the companyâ&#x20AC;&#x2122;s presence in the country.With this signiďŹ cant investment, Heineken Mozambique is expected to create 200 direct jobs and support additional indirect jobs through its entire value chain. Aligned with the ambition of sourcing 60 per cent of its agricultural raw materials in Africa by 2020, Heineken Mozambique would also explore the possibility of locally sourcing the raw materials it will need to produce its beers.

â&#x20AC;&#x153;We are forecasting that the auto market will grow 5 per cent. I say this because of the easing that we are beginning to see. In 2018, we hope to see a bit of balancing with the recovery of passenger vehicles

Managing Director ofToyota Nigeria Limited,

Mr. Kunle Ade-Ojo

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Q3: FOREIGN PORTFOLIO INVESTMENTS JUMP 259% ON RENEWED DEMAND FOR EQUITIES by the FMDQ OTC Securities Exchange,â&#x20AC;? the analysts said. According to data released by the National Bureau of Statistics (NBS), capital inflows into the domestic economy expectedly recorded a notable improvement in the three months to September 2017, expanding by 127.5% y/y and 131.3% q/q to USD4.15 billion (highest since Q4-14), from USD1.82 billion and USD1.79 billion respectively. As was the case in Q2-17, in terms of contribution, Portfolio Investment (259.2 per cent q/q and 200.7 per cent y/y to $2.77 billion) accounted for the most (67 per cent ) capital importation of $4.15 billion, from $1.82 billion. â&#x20AC;&#x153;In line with our earlier guidance, the surge in capital imported into the country was driven by progressing improvement in the foreign exchange market, which, by extension, sustained the rally in the equities market, in addition to an attractive interest rate environment â&#x20AC;&#x201C; attracting higher inflows into the fixed income space,â&#x20AC;? analysts said. POWER SECTOR IMPROVEMENT HINGED ON HIGH TARIFF â&#x20AC;&#x153;Minor tariff is just like the price of any other commodity that goes up or down, if it goes down, citizens must get its benefits, but if it goes up, the citizens must take the responsibility. Therefore, every six months, there is a threshold, that doesnâ&#x20AC;&#x2122;t mean that tariff must increase every six months, but there must be a review. â&#x20AC;&#x153;You must look at the interest rate, inflation because you are buying a commodity and perhaps things have gone up, but not too high and not significant, it is within a threshold. The threshold, I think, is set at about five per cent. If it doesnâ&#x20AC;&#x2122;t exceed five per cent, you leave it. â&#x20AC;&#x153;That must happen without anybody panicking, it happens as a normal event without any sensationalism, with people saying the government wants to kill the poor people. It must happen as a way of life and we must know that every five years, they will go to major review,â&#x20AC;? he explained.

Group Business Editor

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

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Insurance Sector Growth Rate Dwindles in Third Quarter 2017 Ebere Nwoji Despite efforts by insurance sector operators and regulators to deepen insurance penetration in Nigeria and boost the sectorâ&#x20AC;&#x2122;s contributions to the Gross Domestic Product (GDP), the sector merely recorded 0.32 percent growth in third quarter 2017 . This depicts an abysmal performance that is -24.53 percent lower than its growth performance in the corresponding period in 2016 and -21.56 percent lower than the growth rate achieved by the sector in the preceding quarter. According to the third quarter 2017 GDP report released recently by the National Bureau of Statistics (NBS), the Finance and Insurance Sector consist of the two sub sectors, Financial Institutions and Insurance, which account for 87.09percent and 12.91 percent of the sector respectively in real terms. According to the report, as a whole, the sector grew at -3.88 percent in nominal terms (year on year), with the growth rate of Financial Institutions as -4.47 percent and 0.32 percent growth rate by the Insurance sector. The report said the overall growth rate was lower than that in third quarter of 2016 by -24.53 percent points, and lower by -21.56 percent points than the preceding quarter. The sectorâ&#x20AC;&#x2122;s contribution to the overall nominal GDP was 3.04 percent in third quarter of 2017, lower than the 3.51 percent it represented a year

Capital Market Editor

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

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

previous, and yet lower from the contribution of 3.75 percent it made in the preceding quarter. Again driven by the financial institutions activity, growth of the sector in real terms totalled -5.96 percent , lower by -8.61 percent points from the rate recorded in 2016 third quarter and down by -16.42 percent points from the rate recorded in the preceding quarter. â&#x20AC;&#x153;Quarter on quarter growth in real terms stood at -11.67 percent .The contribution of Finance and Insurance to real GDP totaled

2.69 , lower than the contribution of 2.90 percent recorded in the third quarter of 2016, yet lower than 3.32 percent recorded in the preceding quarter. This by interpretation means that despite efforts to ensure that the insurance sector contributes meaningfully to the GDP of the economy, it has maintained its hitherto position as the poor cousin of the banking sector which obviously is the leader of the finance sector of the economy. This is despite the projection

by the insurance sector regulator the National Insurance Commission that come the year 2017, the insurance sector would achieve its target of growing its overall premium from the current level of N400 billion to N1.1 trillion riding on the van of its much talked about Market Development and Restructuring Initiative (MDRI) , a medium term plan for the industry launched in 2009 by the regulator. The initiative, targeted the

creation of 50,000 jobs for the industry through the agency system, improve insurance contribution to the GDP to 3 percent, grow premium income generation to over a trillion Naira through the enforcement of compulsory insurances and fight against activities of fake insurance operators. Irked by the obvious lackadaisical performance of the sector, the operators vowed not to rest on their oars in their efforts to improve on the sectorâ&#x20AC;&#x2122;s performance going forward.

BUILDING PARTNERSHIP

L-R: Head of Division, Infrastructure & Financial Sector West Africa & Madagascar, Kfw Development Bank,Matthias Adler; Chief Executive OďŹ&#x192;cer, InfraCredit, Chinua Azubike; Project Manager, Infrastructure & Financial Sector, West Africa and Madagascar, Kfw Development Bank, Reemt Behrens; and Project Manager, Infrastructure & Financial Sector, Kfw Development Bank, Marina WulďŹ&#x20AC;, after a meeting at InfraCreditâ&#x20AC;&#x2122;s oďŹ&#x192;ce in Lagos...recently

Abuja Disco, Five Others Dip in NERCâ&#x20AC;&#x2122;s Q3, 2017 Rating Chineme Okafor in Abuja A third quarter (Q3) operational performance rating of power generation, transmission and distribution companies in Nigeria by the Nigerian Electricity Regulatory Commission (NERC) has shown that six distribution companies (Discos) including that serving the countryâ&#x20AC;&#x2122;s federal capital territory â&#x20AC;&#x201C; Abuja Disco, operated below 40 per cent within the period. Obtained in Abuja, the NERCâ&#x20AC;&#x2122;s performance rating showed that Abuja, Yola, Jos, Port Harcourt, Kano and Kaduna Discos, recorded

respective weighted scores of 37, 34, 30, 30, 22, and 14 per cent in their operations. They were assessed on the bases of their remittances to the market, progresses made in metering their consumers, efforts made to reduce their Aggregate Technical Commercial and Commercial (ATC&C) loss levels, as well as quality of service and network improvements. It said only Benin, Ikeja, Eko, Enugu and Ibadan Discos were able to score 40 per cent and above in its performance ratings. Collectively, NERC said all the 11 Discos had improved

their collection efficiencies by two per cent from 58 to 60 per cent between Q2 and Q3, but had not done so well with their remittances and metering programmes. It however said the improvements in collection efficiencies did not reflect correspondingly on the level of remittances to the market. According to the NERC ratings, between June and July, a total of N83 billion was invoiced to the Discos as due for payment to the market for power supplied to them but only N22 billion was paid, leaving a shortfall of N63 billion for the period.

â&#x20AC;&#x153;ATC&C and metering progress: low performance persists. Energy received reduced by six per cent while generation and transmission capacities increase, increased collection performance not reflecting in remittance,â&#x20AC;? said NERC in its observations in the report card. On transmission, the NERC stated that frequency fluctuations in the power grid came down to nine per cent from 80 that was recorded in Q2, while transmission loses reduced to 8.42 per cent from 9.21 per cent. Four partial and zero total collapses were equally recorded by the TCN within

the period. NERC noted that the TCN was able to do with its introduction of the free governor control system, and enforcement of the grid code, as well as reducing transformer overload from 114 to 104 between Q2 and Q3 respectively with new transmission projects commissioned. For the generation companies, it explained there was a marginal improvement in plant availability, and that 2,591 megawatts (MW) of electricity were constrained from getting generated by frequency, gas supplies, and line limitations challenges.

Scientific Inspection will Stem Rejection of Nigeriaâ&#x20AC;&#x2122;s Agro Produce Olawale Ajimotokan in Abuja

Comms/e-Business Editor

Ă&#x2014;Ă&#x2014;Ă&#x2039; Ă&#x2022;Ă&#x2122;Ă&#x2DC;Ă&#x201D;Ă&#x201C;

Scientific produce inspection has been identified as a major criterion for high quality produce to guarantee enhanced access of several Nigeria exportable agricultural produce to international market. This assertion was made by the Director, Commodities and Products Inspectorate, Ministry of Industry Trade and Investment, Mrs. Omololu Opeewe at the 31st Conference of Directors of Produce Inspection Services in Lagos.

According to Opeewe, the rejection of Nigeriaâ&#x20AC;&#x2122;s agro export in the International Market, especially the EU, has had a very negative impact on the perception of the country overseas. To reverse this trend, she said that the Federal Produce Inspection Service (FPIS) was set to establish a world-class laboratory that would have the capacity to test for Aflatoxins contamination, moisture content and some microbiology parameters necessary for Nigeriaâ&#x20AC;&#x2122;s produce going out of the country.

She also disclosed that the automation of the certification process of FPIS is ongoing. With this development, according to her, electronic certificates issued by FPIS on quality, fumigation, packaging and weight will be aligned strategically online with other agencies such as Nigeria Custom Service, Nigeria Agricultural Quarantine Service, Central Bank and Nigeria Export Promotion Council. She expressed optimism that the automation of the certification process of FPIS will achieve transparency,

speed and efficiency which are the hallmarks of the present administrationâ&#x20AC;&#x2122;s concern for ease of doing business. In the communique issued at the end of the day days of exhaustive deliberations, the directors demanded among others things that all produce meant for export and local processing (food and cash crops) must be properly inspected, graded and passed by trained produce professionals. They also requested that the number of control posts where all revenue items on haulage will be collected should be

harmonised and reduced in each state to minimise multiple taxes. Furthermore, they counseled that state governments should approve retention of 40% of total produce fees collected as Produce Development Fund or Produce Trust Fund. They also called for collaboration with Nigerian Custom Service (NCS), Standard Organisation of Nigeria ((SON) among others on issues relating to standard of Exportable Agricultural Produce to prevent rejection at International markets.

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BUSINESSWORLD

NEWS

TEF Announces Fourth Edition of 10-Year $100m Entrepreneurship Programme One of Africaâ&#x20AC;&#x2122;s largest philanthropy supporting entrepreneurship â&#x20AC;&#x201C; The Tony Elumelu Foundation (TEF) has announced that it would begin begin accepting applications for the fourth cycle of its entrepreneurship development programme, from outstanding African entrepreneurs who have start-up or business ideas with high growth potential, from January 1, 2018. The application portal opens midnight 1st January 2018. The Programme is the founderâ&#x20AC;&#x2122;s $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs in 10 years; creating 1,000,000 jobs and $10 billion in social and economic wealth. According to a statement, after three cycles, the programme â&#x20AC;&#x201C; the only Africanfunded business development initiative of its kind â&#x20AC;&#x201C; has: received 158,000 applications

from African entrepreneurs in 107 countries, including every nation of Africa; empowered nearly 3,000 businesses with 12-weeks of online training; world-class mentoring; access to TEFâ&#x20AC;&#x2122;s network of start-ups; and seed capital of $5,000. In addition, it revealed that a total of $14,235,000 had been invested in the initiative, including $4,270,500 in agriculture;$1,285,000 in ICT, $1,245,000 in education and training; and$7,400,000 more in start-ups across 19 other sectors. The programme is open to citizens and legal residents of all African countries with businesses based in Africa, less than three years old, including new startups. â&#x20AC;&#x153;As an entrepreneur myself, I understand what it feels like to yearn for a lifeline, to hope for a â&#x20AC;&#x2DC;big break. In turn, I have set out to institutionalise luck

with the Foundation and give back to the continent of Africa. I am pleased the Programme is already unleashing Africaâ&#x20AC;&#x2122;s entrepreneurs and driving economic transformation,â&#x20AC;? said TEF Founder, Tony O. Elumelu. Some of the inspiring stories alumni have shared included: â&#x20AC;&#x153;Within two months of joining, I launched a new product. Three months later, before even completing the programme, Iâ&#x20AC;&#x2122;ve made more than $28,300. This I owe to TEF training alone,â&#x20AC;? Dennis Mutoro from Kenya said. Also, Jean Emmanuel Labonne, from Mauritius was quoted to have said: â&#x20AC;&#x153;Mr. Elumelu once said to entrepreneurs, â&#x20AC;&#x2DC;Do not eat the seed,â&#x20AC;&#x2122; and this guided me in use of the seed capital from TEF and I have sown it accordingly. TEF has opened unimaginable doors and allowed me to explore the depths of entrepreneurship. I am forever grateful.â&#x20AC;?

Uber Moves to Create Economic Opportunities for Nigeria with Technology Emma Okonji Uber has pledged its continued support for the Nigeria transport business by continually creating economic opportunities for driver-partners through the use of modern technology. The recently appointed General Manager for Uber West Africa, Lola Kassim, who restated Uberâ&#x20AC;&#x2122;s commitment at a press conference in Lagos, weekend, said the initiative remained one of Uberâ&#x20AC;&#x2122;s key priorities for West Africa for the rest of 2017, and in the forthcoming year. According to Kassim, â&#x20AC;&#x153;Uberâ&#x20AC;&#x2122;s business partnership approach provides an accessible means for driver-partners to not only supplement their own income, but also to become small business owners, thereby helping to improve the lives and futures of individuals, families and communities. â&#x20AC;&#x153;In Nigeria, Uber has 267, 000 riders who actively utilize

the app, and 7,000 driverpartners. In Ghana, there are 140,000 active riders and 3000 drivers signed up to use the App. The steadily growing number of Uber driver-partners in countries across the region is testament to the appeal of the model, because it creates real opportunities for local entrepreneurs. And as demand for rides also grows, so does the demand for driver-partners.â&#x20AC;? Explaining further, she said: â&#x20AC;&#x153;With technology at its core, Uber also invests heavily in supporting its driver-partners in their businesses through ongoing innovation as well as physical presences in the form of support centres known as the Greenlight Hubs. Apart from the existing Greenlight Hubs across sub-Saharan Africa, five more of these state-of-the-art Hubs were opened in Lagos, Kumasi, Dar Es Salaam, Nairobi and Kampala, this year.â&#x20AC;? â&#x20AC;&#x153;In addition to offering driver-partners technical and

app support, Uber also offers information sessions and tailored workshops to driver-partners, focusing on training and skills development.â&#x20AC;? In a move to further re-iterate its commitment to Nigerian driver-partners, Uber recently rolled out a number of powerful features that have made it even easier for driver-partners to choose when, where, and how they drive. Uber also recently increased fares, and the new fare structure ensures that time spent in traffic is accounted for, providing driver-partners and riders with a more reliable experience. Kassim said: Uberâ&#x20AC;&#x2122;s mission is to help people get a ride at the push of a button, everywhere and for everyone. We started in 2009 to solve a simple problem of how to get a ride at the touch of a button.â&#x20AC;? The Uber network is now available in over 600 cities in over 80 countries spanning six continents.

Peninscope Organises Public Lecture on Investment Options in Insurance, Pension Funds Ebere Nwoji Issues bothering on government policies on various investment options of Pension and Insurance Funds in Nigeria will form the thrust of public lecture to be organised by Peninscope Professional Warranty Ltd. Peninscope, publisher of pensionscope, has the objective of developing pension and insurance financial sub-sector as well as capacity building by promoting free flow of information and generating issues of interest among the very expansive readers, listeners and viewers, with training and specialised consultancy services. The firm, said it will use this

yearâ&#x20AC;&#x2122;s edition of the programme, the sixth in the series, to look at various government policies as they relate to investment of pension and insurance funds. It will also examine various investment options, as well as the effectiveness of regulatory bodies - NAICOM, PenCom, CBN, SEC, in the performance of their statutory roles. A statement by Peninscope Managing Director/Chief Executive Officer, Peter Adediji, said that the event will hold on Thursday 7th Dec, 2017, by 10:00am Prompt at Golden Tulip Essential Airport Hotel, 42/44 Murtala Mohammed International Airport Road Lagos. He said the theme for the event is: Government Policy as it Affects

Various Investment Options of Pension and Insurance Funds in Nigeria. He added that topics to be considered include: Best Practices in the Management of Insurance and Pension Funds. The Impact of Government Policies on Investment of Pension and Insurance Fund in Nigeria: Then and Now and The Effectiveness of Regulatory Bodies in the performance of their Statutory Roles. According to Adedeji, participants are drawn from pension and insurance industries, public sector, estate managers, legal and accounting firms, stock broking and other investment institutions, adding that Media personnel are also to be in attendance.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

Mega Trends that Will Shape Marketing in 2018 In order to grow our business and put us in a vantage position to achieve our growth aspirations and mandates going into 2018, we need to review and understand the following mega trends that will shape marketing in 2018 according to Salesforce. The Future of Marketing Will be Contextual The future is contextual and having conversations around the context that matters to your customers. It is engaging and putting things in the context of how consumers want to relate with it. It is no longer about the big marketing advertising budgets or outperforming your competition on advertising budget. Advertising is designed to distract away from the consumerâ&#x20AC;&#x2122;s task at hand, while context seeks to match it. To see the power of context look no further than Facebook. Each time you log on to Facebook there are several posts awaiting you, yet their algorithms only show you the ones contextual to you to the moment. This is why weâ&#x20AC;&#x2122;ve seen organic reach on social media decline below 1%, especially for business accounts. If you want your social media sites to grow going forward you have to boost it and without context to the moment, there is no way our messages will make it through. Context is the future of marketing because consumers demand it, the new media environment supports it, and it is proving to be a much greater driver of consumer action than advertising. Purpose becomes the heart of marketing Every organization must ensure that their purpose and ideological slant is front and center because the next mega-trend shaping the future of marketing in 2018 is the notion of Purpose. High performing marketing leaders say theyâ&#x20AC;&#x2122;ve become more focused on purpose-driven marketing. Top marketers are 2.2x more likely than underperformers to leverage purpose-driven methods. The reason is simple, consumers demand it. According to the Economist 79% of consumers prefer to purchase products from a company that operates with a social purpose (data to be published by the Economist Insights Team early 2018). Purpose-driven marketing is a holistic approach to growth and the new heart of marketing. While traditional marketing tells about products and services, purpose-driven marketing is contextual by aligning with conversations our audience cares about past just our products. In Nigeria, we see brands like Fidelity Bank and GTBank actively supporting SMEs by promoting activities and events that support them. Access Bank , recently supported the

Every organisation must ensure that their purpose and ideological slant is front and center because the next megatrend shaping the future of marketing in 2018 is the notion of Purpose. High performing marketing leaders say theyâ&#x20AC;&#x2122;ve become more focused on purpose-driven marketing

arts and health with their marathons. Sterling is focused on the environment and ensuring social cleanliness and Glo supports the entertainment industry. With purpose driving the conversations, organisations are changing how we view them and the profits they make because purpose driving marketing allows brands to relate to their worlds in new and powerful ways, allowing them to break through where other methods canâ&#x20AC;&#x2122;t. Marketing of the future must have a heart. The Future of Public Relations is Participatory Marketing will no longer be one sided but involve the participation of customers and the organization, especially with the way customers have accepted social media. The new contextual notion of marketing also opens up the doors to the future of public relations and shows us the power of participatory marketing. The traditional idea of public relations is about controlling the narrative by controlling the press, however, our modern world shows that collective engagement to be a more powerful ploy at narrative setting than publication. The future of PR is engagement with your audience. For example, Nigeriaâ&#x20AC;&#x2122;s parties and government are now using social media to drive their message in order to have a share of mind of the electorate. Just like Donald Trump pushing is message and encouraging conversations with his millions of twitter followers. Organisations also now need to hear about how they are doing by encouraging their customers to provide reviews of their products and services. Many more organization need to start doing this in Nigeria because purchasing decisions are made by how independent comments and reviews are received and how the general public feels about a product or a company. The future of narrative control lies in driving engagement with an audience. It is from this engagement modern channels take their queues, placing participation as the key to the future of public relations. The Future of Marketing is More Automation The future of marketing is more automation. A traditional marketing automation platform ingests data, and executes via email or the website. In the future there will be automation to segment markets, access back end data, identify key usage trends of customers and alert sales variation, identify key customers, pop net promoter surveys and take action on results via any channel instantly. According to digital Ocean, 85% of high-performing marketing teams that are implementing loT-based marketing rate their results as effective or very effective at helping their company to create a cohesive customer journey. â&#x20AC;&#x153;The future of marketing is about creating contextual experiences. To create these we have a greater idea of marketing automation past the walls of the marketing automation platform like Digital Ocean has. The future of marketing automation is now taking place across a hyper connected network of apps, tools, and data far exceeding the idea of marketing automation from just a few years agoâ&#x20AC;?. The future of marketing in 2018 will be hyper focused on context, purpose, participation and technology. To succeed, we must ensure that we are relating and listening to our customers, are lot more effectively.

.â&#x20AC;&#x201C; Marie-Therese Phido is Sales & Market Strategist and Business Coach Email: mphido@elevato.com.ng tweeter handle @osat2012 TeL: 08090158156 (text only)

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Promoting Financial Inclusion in the Nâ&#x20AC;&#x2122;East Lack of knowledge about financial services, poverty as well as the activities of Boko Haram are some of the factors affecting financial inclusion in the north-eastern part of Nigeria, according to experts that spoke at a recent forum organised by the Nigeria Deposit Insurance Corporation in Kano. Obinna Chima and Ugo Aliogo who were there report The results of the 2016 Enhancing Financial Innovation and Access (EFInA) showed that 36.9 million Nigerians (38.3% of the adult population) have access to financial services. This represented an increase by three million, compared with the 33.9 million it was as of 2014. The South-west geopolitical zone has already achieved the National Financial Inclusion Strategy target of reducing the proportion of adults that are financially excluded to 20 per cent by 2020, just as it stated that the south-east (28%) and south-south (31%) are also closer than the northern regions to meeting the national target. According to the survey, financial exclusion is more evident in the north-west geopolitical zone with up to 70 per cent of the population being excluded. It also showed that in 2016, financial exclusion increased by 12 per cent with Kano, Jigawa and Kebbi contributing the most to this trend. Similarly, the north-east (62%) and north-west (70%) are lagging on the national target. Clearly, the slow pace of financial inclusion in northern Nigeria, especially the north-eastern part of the country remains a source of concern to stakeholders. Increasing body of evidence shows that appropriate financial services can help improve individual and household welfare and spur small enterprise activity. Different types of financial products can benefit poor people in different ways. For instance, a report by the Consultative Group to Assist the Poor (CGAP), showed that microcredit helps encourage investments into assets that enable business owners to start or expand small enterprises. In many countries, itâ&#x20AC;&#x2122;s been demonstrated that access to credit can lead to larger and more profitable businesses. For example, with access to credit, farmers can invest in larger quantities or more diverse livestock; the owner of a market stall can purchase more wares to sell; an artisan can acquire more raw materials. Also, building savings helps households manage cash flow spikes and smooth consumption, as well as build working capital. Similarly, vulnerability to risk and the lack of instruments to cope with external shocks make it difficult for poor people to escape poverty. That is why microinsurance can be an important instrument for mitigating risk. â&#x20AC;&#x153;Weather-based index insurance helps farmers by giving them the confidence to try riskier cash crops, buy fertilizer, or hire labor, for instance. With index insurance, farmers are less vulnerable in the face of drought or natural disaster. â&#x20AC;&#x153;Having an efficient way of making payments reduces householdsâ&#x20AC;&#x2122; transaction costs. Rather than travel long distances, people have the ease of doing business on their mobile phones. Research also shows that more inclusive financial markets are directly linked with economic growth and employment. Additionally, policymakers increasingly recognise that a financial market that reaches all citizens allows for more effective execution of other social policies and development priorities,â&#x20AC;? the CGAP report added. That was why in order to encourage the return of banks that had left the north-eastern part of the country back to the region, the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim recently suggested the need to provide incentives to the financial institutions. The return of banking services back to the Boko Haram ravaged area, he said, would help stimulate economic activities in the region and boost financial inclusion. Ibrahim, who said this in Kano State at a workshop for financial journalists with the theme: â&#x20AC;&#x153;The Role of Nigerian Banking Sector:

Ibrahim

Opportunities, Challenges and the Way forward,â&#x20AC;? organised by the NDIC, charged the Central Bank of Nigeria (CBN) to encourage Primary Mortgage Institutions (PMIs), commercial banks and other players in the financial sector to return to the region and catalyse economic growth and prosperity. The NDIC boss explained that there was need for joint collaborations between the CBN and the governors of the region, adding that the collaboration would be the key in addressing the issue. Ibrahim added: â&#x20AC;&#x153;It will be very necessary for the CBN to find a way of providing some incentives to the deposit money banks, microfinance banks, PMIs and other financial institution to come back to the north-east. I am urging the National Assembly to do everything possible to push the CBN to provide some of the much-needed incentive for the banks to come back to the region. â&#x20AC;&#x153;The effort in pushing for financial inclusion is a global drive, but it is more of concern to developing countries, on our path we are making frantic efforts to ensure that it is achieved in the country. â&#x20AC;&#x153;Regarding the issue of financial literacy, there is a curriculum that has been developed for primary and schools across the country. In the newspapers, we have created a column to teach people how to manage their monies and how to have access to insurance plans. We have also deployed the use of radio jingles, television, and every media platforms necessary to assure customers about the safety of their monies.â&#x20AC;? Continuing, he said: â&#x20AC;&#x153;You cannot have a virile economy without a strong banking system. A lot of topics have been chosen such as the revitalisation of the financial service industry in the north-east, the emergency of crypto currency, economic recovery and reforms, financial inclusion and literacy, and other issues. â&#x20AC;&#x153;This is an annual workshop which we organise in partnership with Financial Correspondent Association of Nigeria (FICAN) to continuously sensitise and educate them on the development in the financial services industry in general and the financial service industry.â&#x20AC;?

Shettima

Also in his presentation, the Director, Development Finance Department, CBN, Dr. M.A. Olaitan, who was represented by a Deputy Director, at the central bank, Sani Mohammed, said the justification for rebuilding the region was vested on its potential for agricultural development, and the federal governmentâ&#x20AC;&#x2122;s economic and diversification agenda. Olaitan, in a paper titled: â&#x20AC;&#x153;Rebuilding Financial Infrastructure in the North-east,â&#x20AC;? noted that the region presents huge potential to contribute to the economy. According to him, the central bank would continue to support initiatives to ensure access to financial services.

Concern over NPLs In a separate presentation on non-performing loans (NPLs) in the banking industry at the workshop, the Director, Banking Supervision, NDIC, Mr. Adedapo Adeleke, said the level of exposure of banks to the oil and gas sector was being managed in the sense that banks were allowed to restructure those debts in the longer term â&#x20AC;&#x153;because of the realisation that those companies didnâ&#x20AC;&#x2122;t want to stop the pay, but because of the nature of the industry.â&#x20AC;? This, he stated would help the sector because debtors would start repaying much more quickly, as been expected. Adeleke added: â&#x20AC;&#x153;One will assume that the banking sector will be better if the state governments can pay debts owed their workers. â&#x20AC;&#x153;For instance, some people have taken loans from banks and they are working for government and these workers have not been paid for the last eight to nine months. These are consumer loans, which places the banks in big trouble. â&#x20AC;&#x153;Then they (banks) begin to seize peopleâ&#x20AC;&#x2122;s property and houses. We believe that if the economy is improving, the government discharges its own responsibility. Then those owing banks will repay, and the banksâ&#x20AC;&#x2122; conditions will improve.â&#x20AC;? He explained that the impacts of IFRS 9 is that presently, what they provide for is

the losses that have been incurred, â&#x20AC;&#x153;those who have been owing the banks there is a general provisions for other loans that are good which is about one percent.â&#x20AC;? He expressed confidence that from January, 1 2018, the International Financial Reporting Standard 9 (IFRS9) would be implemented and banks would be required to make provision for expected loan losses. He explained that this was expected to put more pressure on banksâ&#x20AC;&#x2122; capital as the lenders would need to use part of their profits to make provision for loans that are expected to become non-performing, after making provisions for those that are already non-performing. The NDIC Director further stated that due to the deterioration of the lendersâ&#x20AC;&#x2122; capital in the past two years as a result of the economicrecession, dollar shortage and exchange rate challenges, banksâ&#x20AC;&#x2122; capital may have been eroded, causing asset quality to decline. Adeleke added: â&#x20AC;&#x153;In line with the CBN prudential guidelines, banks make provisions for non-performing loans after 90 days, 180 days and 360 days. But what the IFRS 9 is saying is that if you are expecting a loss, you need to be forward looking by making provision for that loss ahead. â&#x20AC;&#x153;We have the Code of Corporate Governance and Code for Bank Directors. You sign these codes before you become a director. It is part of the employment terms. One of the things in these codes is that if you are having a nonperforming loan, it is a ground to remove you from being a director. â&#x20AC;&#x153;Some banks have also included this clearly in their memorandum of association. So, this is the stand of the regulators in terms of the NPL by a director and it is being enforced. Maybe the regulator has not been dramatic in publishing the names of those that have been removed.â&#x20AC;? The workshop also focused on the Economic Recovery Growth Plan (ERGP) of the federal government. The agenda was to inform participants on recent efforts of the government in ensuring that the ERGP is fully implemented.

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Stock Market Recovery Crystalises Goddy Egene writes that with a gain of over 40 per cent and less than a month to the end of 2017, the stock market is set to close the year on a high note, after three consecutive years of decline It is has now become very obvious that the Nigerian equities market will close the year on a positive note after three years of consecutive decline. The Nigerian stock market recorded its third consecutive decline in 2016 with the Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) falling 6.17 per cent. Before then, the market had depreciated by 16.14 per cent in 2014 and 17.3 in 2015. Speaking on the 2016 performance of the market , the Chief Executive Officer of NSE, Mr. Oscar Onyema said: â&#x20AC;&#x153;After peaking at 31,071.25 in June 2016, an increase of 8.48 per cent over the 2015 closing value, the NSE ASI began to retreat to negative territory as total foreign inflow dropped 45 per cent between June (N42.46 billion) and July (N23.43 billion) due to: loss of confidence in the implementation of an announced free floating foreign exchange (FX) regime; weak corporate performance; and second consecutive quarter of negative economic growth in the period resulting in the economy entering into a recession.â&#x20AC;? However, the market is set to record a great rebound and end the year with a significant jump. Already, as at end of November 30, the market had recorded a growth of 41.2 per cent. This implies a monthly average appreciation of 3.7 per cent in the last 11 months. Market analysts believe that with just one month to go, the market cannot record any decline that could wipe away the gains recorded so far. Hence, stakeholders are in celebration mood as they hope for a bountiful harvest at the end of 2017. Optimism for Recovery Right from the beginning of the year, Onyema and many other stakeholders were optimistic NSE trading ďŹ&#x201A;oor that the market will recover this year. According to the NSE boss, the capital market is a environment, we believe the equity market is subsector of the Nigerian economy and the ready for a recovery in 2017. The analysts explained that the increase in World Bank had projected that the economy will recover from its recession in 2017 with a the supply of foreign exchange to meet the input requirements of manufacturing companies modest growth of 0.6 per cent. Onyema, therefore said based on the positive should increase their production activities and forecast and the initiatives being in place by revenue in the current financial year. They said data from the National Pension the NSE, investors should be optimism about Commission (PenCom) on the allocation of recovery of the market in 2017. He said the Nigerian capital market will the Pension Fund Assets as at February 2017 do a better job at promoting its unique value shows that the weight of the pension fund proposition to both global and domestic investors. assets on domestic equity dropped consistently We expect investors to continue to keep from 2014 to 2017, noting, however, that there a close eye on the divergence between the are indications that there is room for pension interbank FX rate and other exchange rates fund assets to allocate more funds to equities. FSDH added that the value of equity transin the country. Accordingly, a convergence of FX rates in the country and the performance actions from foreign and domestic investors of listed corporates will determine the level declined between 2014 and 2016, explaining that of market activity in the short term,â&#x20AC;? he said. although the relative size of foreign investorsâ&#x20AC;&#x2122; Onyema disclosed that the NSE will take an participation in the equity market declined adaptive approach to strategy execution in 2017, between 2014 and 2016, the share of foreign noting that in the immediate future, the NSE investorsâ&#x20AC;&#x2122; participation was higher than domestic will focus on achieving its goal of becoming a investorsâ&#x20AC;&#x2122; participation between 2014 and 2015. â&#x20AC;&#x153;The stability in the macroeconomic enmore agile and demutualised exchange and will fast track efforts towards developing innovative vironment and the strong earnings of quoted products such as exchange traded derivatives to companies should attract the needed liquidity provide investors with tools to better weather into the market. Consequently, the equity market should record a strong recovery in the year economic realities in 2017. â&#x20AC;&#x153;We intend to strengthen our thought leader- 2017,â&#x20AC;? they stated. In the same vein, analysts at Cordros Capital ship efforts with policymakers to drive policies that will free up the system and promote the had said the better-than-expected Q1 results ease of doing business in Nigeria. We believe would bolster the market to sustain positive that incentive schemes for sectors of the economy growth in April. â&#x20AC;&#x153;We expect the current improvement â&#x20AC;&#x201C; albeit that can support a pivot to export led economy will be beneficial and systematic removal of modest â&#x20AC;&#x201C; in the macroeconomic environment, impediments to doing business and therefore especially the currency space, will further stoke reduction of leakages will attract private sector investor appetite, particularly in the event of no negative surprise(s). Better-than-expected first investments,â&#x20AC;? Onyema said. quarter results (we expect a few top names to announce results before the end of the month) Analysts Bullish It was not only Onyema who was bullish on may act as catalyst,â&#x20AC;? they said. the future on the positive performance of the market this year, analysts at FSDH Research Forex window boost The major factor that led to the rebound in and Cordros Capital Limited were equally convinced that the market would close in the the market was the introduction of Investorsâ&#x20AC;&#x2122; & Exportersâ&#x20AC;&#x2122; (I&E) FX widow by the Central green. They had said that at the strong growth in Bank of Nigeria (CBN) in April. Commenting on the new policy, analysts the unaudited results that quoted companies released for the period January â&#x20AC;&#x201C; March 2017 Cordros Capital Limited said they sensed and the improvement in the macroeconomic improved investor appetite for risk assets

on the Nigerian bourse, judging by market activity and the spike in the number of deals and the volume of shares traded shortly after the introduction of the policy. They linked the performance to reduced apprehension in the macroeconomic environment, impressive full year 2016 and 2017 first quarter (Q1) results of highly capitalised companies, as well as increased confidence and liquidity in the forex market. Speaking in the same vein, analysts at Afrinvest said foreign investorsâ&#x20AC;&#x2122; appetite for Nigerian assets had waned significantly on the back of the currency crisis, which in turn had fundamentally weakened macroeconomic environment, dragged corporate earnings, and impacted negatively on the equities market. â&#x20AC;&#x153;However, in April, investor sentiment strengthened following the commencement of I&E FX window which signalled a possible return of flexibility in forex rate determination, though multiplicity of rates at the official window is still a concern. Counting the gains The market rally that has led to a gain of 41.2 per cent year-to-date, has also impacted positively on many stocks. Some of the companies have fetch investors a capital gain of over 100 per cent. For instance, Fidson Healthcare Plc has recorded a gain of 196 per cent as at end of November 30, 2017. Dangote Sugar Refinery Plc chalked up 195 per cent. May & Baker Plc has appreciated by 183 per cent, while Stanbic IBTC Holdings Plc garnered 183 per cent. C & I Leasing Plc have also witnessed capital growth of 168 per cent, while Fidelity Bank Plc has posted 145 per cent gains. Dangote Flour Mills Plc and United Bank for Africa Plc recorded 142 per cent and 122 per cent respectively. Other top gainers include: Newrest ASL(138 per cent); Cement Company of Northern Nigeria (97 per cent);NASCON Allied Industries Plc (87 per cent);Flour Mills of Nigeria Plc (81 per cent); GTBank Plc (74 per cent);Zenith Bank Plc, Beta Glass Plc (69 per cent apiece); Okomu Oil Palm Plc (67 per cent); Presco Plc (64 per cent) Nestle Nigeria

Plc (62 per cent). Sustaining the rally Although the market will close the year on positive note, some market stakeholders have suggested ways to sustain the rally going forward. According to them, enforcing rules that re-assure investors of the safety of their investments and by implementing some initiatives that were introduced but abandoned, would help to sustain the rally. An investor, Mr. Moses Igbrude of Independent Shareholders Association of Nigeria (ISAN), said apart from retail investors, many institutional investors and pension funds have remained wary of the market, and for good reason. â&#x20AC;&#x153;The experience of a severe market decline in 2008/09 is still fresh in many portfolios. As the largest base of institutional funds to deploy, they are a significant resource for the sustenance of the market. However, they would have to have the confidence from regulators and operators that safety checks are in place and rules will be enforced to ensure that pensioners assets are not taking undue risk,â&#x20AC;? Igbrude said. Also, a stockbroker noted that revisiting the introduction of short selling and security lending will help. According to the broker, the market has always considered introduction of shorting and securities lending. â&#x20AC;&#x153;These two products are a key hedge that pension funds can turn to in building income streams for their portfolios and limiting downside risk for the equity portion of their exposure. Also, as part of efforts to address the effects of unsupervised margin activity in 2008, the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) issued margin guidelines in 2010 with the SEC actually issuing a margin list on June 14, 2013. Sadly not much has been heard of these two notable initiatives,â&#x20AC;? he said. The broker added that the issue of market makers that was introduced by the NSE some years back. The NSE had introduced its market classifications and also its basket of securities for market makers. But there was no follow through and these two initiatives have complimenting ties to the steps taken by CBN/SEC to ring fence the universe for participation in the market.

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INSURANCE

PenCom Urges Senate to Set Aside Bill on PRA 2014 Amendment Stories by Ebere Nwoji The National Pension Commission (PenCom), has urged the Senate Committee on Establishment and Public Service to disregard a private sponsored bill before it, seeking an amendment of the Pension Reform Act 2014. Specifically, the bill seeks to provide for definite percentage a retiree can withdraw from his RSA and for other matters related there unto. According to PenCom, the proposed bill, among other things, appears to undermine the essence of pensions as enshrined in the constitution of Nigeria 1999 (as amended). The Commission also noted that the proposed bill would deny the retirees an adequate periodic income in retirement. PenCom, in a memorandum to this effect, signed by its acting

Director General Mrs. Aisha Dahir-Umar, took a critical look at the various sections of the 2004, 2014 Pension Reform Act and the Nationâ&#x20AC;&#x2122;s constitution vis a-vis the submissions of the sponsors of the bill and prayed the senators to dismiss it instead, seek for the implementation of the provision of Section 4(4) (a) of the PRA 2014 on the payment of additional benefits by the employer as well as the institution of the Zero Pillar pension in Nigeria. To buttress its points in this regard, the commission stated: â&#x20AC;&#x153;We observed that the bill makes reference to the Pension Reform Act 2004 which has been repealed and replaced by the Pension Reform Act 2014 (PRA 2014). However, a review of the proposed sections sought to be amended in the bill reveals that the numbering of the sections and the provisions sought to

be amended are as provided in the PRA 2014. Accordingly, we submit that reference to the PRA 2004 is erroneous as the PRA 2004 is now defunct.â&#x20AC;? According to the acting PenCom Director General, review of the title of the bill reveals that it seeks to amend the PRA 2004 â&#x20AC;&#x153;to provide for definite percentage that a retiree can withdraw from the Retirement Savings Accountâ&#x20AC;?. This, she said is â&#x20AC;&#x153;at variance with the explanatory memorandum to the bill which provides that â&#x20AC;&#x153;the bill seeks to provide succor to retirees in the delay and other difficulties they are encountering in withdrawing their savings from the Retirement Savings Accountâ&#x20AC;?. â&#x20AC;&#x153;This indicates an apparent disconnect between the intention of the bill and what its sections actually provideâ&#x20AC;?, she added. The PenCom acting DG said

the Commission, on annual basis, undertakes the verification and enrolment of FGN employees due for retirement in the coming year as well as determining the quantum of money required to pay their accrued benefits. She explained that the benefits accrued under the old Defined Benefits Scheme, for services rendered by the employees before and up to June 2004 are computed, and the Budget Office of the Federation notified of the number and grades of the prospective retirees and the total accrued benefits due to them. This, she said allows the Budget Office to make adequate arrangements to pay these benefits as they mature in the coming year on monthly basis. Dahir-Umar said: â&#x20AC;&#x153;Payment of these accrued benefits is made directly into the Retirement

Savings Accounts (RSAs) of the beneficiaries from a dedicated account, the Retirement Benefits Bond Redemption Fund Account (RBBRFA), being managed by the Central Bank of Nigeria (CBN). In 2014, the required monthly inflow into the RBBRFA was N5.9 billion, but the FGN gave only N2.5 billion. This left a gap that resulted in huge arrears that is still not fully redeemed by the FGNâ&#x20AC;?. On the much argued 75 percent lump sum pay to retirees, the Acting PenCom boss stated â&#x20AC;&#x153;rather than canvass for payment of 75 percent lump sum, we believe that the remedy lies in the implementation of the provision of Section 4(4)(a) of the PRA, 2014 dealing with payment of additional benefits upon retirement. It provides that â&#x20AC;&#x153;notwithstanding any of the provisions of this Act, an employer may elect agree on

payment of additional benefits to the employee upon retirementâ&#x20AC;?. This would enhance the amount that employees may receive as lump sum upon their retirement. She however observed that about 99 percent of the retirees who collected huge lump sums from their RSAs squandered the money quickly after retirement and left with meagre amounts as pensions. According to her, this category of pensioners are currently bitterly complaining against their low pensions and advancing this situation as justification to call for exemption from the CPS. â&#x20AC;&#x153;We therefore believe that it is not in the overall interest of the retiree to saddle him with the responsibility of managing 75 percent of his total benefits after retirement, when he should have been resting and enjoying the fruits of his long years of labourâ&#x20AC;?.

Law Union and Rock Insurance Reviews Claims Payment System Law Union & Rock Insurance Plc, said it has reviewed and digitalised its claims payment system to ensure that claims processes are completed and delivered within the shortest time expected by its customers. The company, said it paid a total of N611,058.4 million claims in the third quarter of 2017 and a total of N1.25billion from January to date in 2017. The companyâ&#x20AC;&#x2122;s Managing Director, Jide Orimolade, who disclosed this at a media parley in Lagos recently said the company was well aware of the fact that the best way to advertise its operations to the public was through speedy claims settlement process which would earn it good image before the insuring public. He said as a result, the company is focusing attention on improvement of its claims process and digitalisation of its processes so that its customers can not only buy the companyâ&#x20AC;&#x2122;s policies at the comfort of their homes but will also access their claims from their homes and in their offices. He said this has earned Law Union and Rock Insurance good recognition and special commendation from its numerous customers. â&#x20AC;&#x153;You will all agree with me that one of the ways of measuring company brand visibility is through public recognition and award. Part of our corporate objective is to create niche for ourselves in the industry.

We are not unmindful of the competition which is characterised with price war in the industry, but we believe we could navigate through by differentiation and best service delivery. It is on this onerous focus that we have been giving our best to our esteemed customersâ&#x20AC;?, he said. Citing some comments made by the companyâ&#x20AC;&#x2122;s customers whose claims were settled within the shortest time, Orimolade stated that Mr. Adekunle Juba, testified that our service â&#x20AC;&#x153;Fast, Efficient & Satisfactoryâ&#x20AC;?. He added: â&#x20AC;&#x153;Mr. Uzo I.B after payment of his claim said it was â&#x20AC;&#x153;very good, prompt claim resolutionâ&#x20AC;?. According to him, because the company is committed to best service delivery to its esteemed customers, it has been committed to the continuous improved service delivery through technology. On the future prospects if the company, Orimolade said that federal government has presented a proposal of N8.612trillion budget with an improvement on capital expenditure which is 30.8 percent of the budget. He expressed optimism that with improved revenue, decrease in domestic borrowing (as the government has planned to reduce their borrowing share to 60 percent domestic and 40 percent foreign) with signal of decrease on interest on treasury bill, there would definitely be an improvement in economic bubbling.

MEDIA PARLEY

L-R: Deputy Director General Chartered Insurance Institute of Nigeria (CIIN) Mrs. Uju Chukwu; DG CIIN, Mr. Tayo Borokini; Council Member, Mr. Wale Onaolapo; CIIN President, Mrs. Funmi Babington-Ashaye, and Council Members CIIN, Sir M.O Oyegunle and Mr. Jide Orimolade during a Press BrieďŹ ng held by the CIIN President in Lagosâ&#x20AC;Śrecently

PTAD to Commence VeriďŹ cation of Nitel, Mtel Retirees The Pension Transitional Arrangement Directorate, (PTAD) has said it will soon commence verification exercise for pensioners of Nigerian Telecommunications Limited and its mobile subsidiary, MTEL under the Defined Benefit Scheme (DBS). Also, the agency said it has paid another instalment of the 33 per cent pension arrears owed to the Nigerian police pensioners; civil service pensioners and parastatals pensioners. PTAD said the proposed verification exercise will kick off from January 15th to 26th, 2018. A statement by the Corporate Communications Manager of PTAD, Mr. Emma Okondo, said the exercise will take place across the six geo-political zones in select venues that will

be announced in January 2018. He said the verification exercise is pursuant to the payment of pension benefits to eligible retirees of the agencies after receiving approval from the Ministry of Finance that appropriate benefits be paid to retirees who are qualified. â&#x20AC;&#x153;Pursuant to PTAD being assigned with the responsibility, the Directorate has been working with the Bureau of Public Enterprises to get the nominal roll as well as other required information on qualified pensioners of the defunct NITELâ&#x20AC;?, he said. He said to this effect, qualified retirees of the above agencies are required to come with originals and photocopies of their required documents including their computation sheets issued by their former

employer while the Next-of-Kin (NOK) are also mandated to obtain a Letter of Administration from the High Courts of Justice for the deceased pensioner. Okondo added: â&#x20AC;&#x153;Affidavit for loss of mandatory documents including Letter of retirement will not be accepted. No proxy will be allowed in the process, and security agencies will be stationed at the venues to check fraudsters who would be immediately prosecuted when apprehended.â&#x20AC;? He said the Directorate is ready to attend to the sick and deformed in their locations, and are therefore advised to send an application for mobile verification to include pensionersâ&#x20AC;&#x2122; contact details, photo copies of all documents as listed and certified Doctorâ&#x20AC;&#x2122;s report for

such services. In a related development, (PTAD) said it has paid pensioners under the Defined Benefit Scheme (DBS) another installment of the 33 per cent Pension arrears owed to them. A statement released by the directorate noted that the categories of pensioners affected are Nigerian police pensioners; civil service pensioners and parastatals pensioners. The statement further said: â&#x20AC;&#x153;All pensioners under the Customs, Immigration and Prisons Pensions Department had already been paid the 33 per cent arrears in full since August 2016.â&#x20AC;? According to the statement, the latest payment was made from the Service Wide Vote released by the Federal Ministry of Finance.â&#x20AC;?

LASACO Assurance Clears Self from Alleged Four Year Tax Liability LASACO Assurance Plc, has exonerated itself from the allegation of four years tax liability put at N278.5 million levelled against it by the Federal Inland Revenue Service(FIRS). The companyâ&#x20AC;&#x2122;s Managing Director, Segun Balogun said at a recent media briefing that the FIRS officials, on November

27, stormed the Corporate Head Office of the company at 16, Acme Road, Ogba, Ikeja, Lagos on a wrong claim that we owe tax. He explained: â&#x20AC;&#x153;The said officials came without prior notice and sealed the office with a claim that we owe tax liability from 2012 to 2016 to

the tune of N278.5million. And all our attempts to make them reason that we were not owing proved abortive even as we showed them evidences of full payments for the reconciled 2012 -2015 Taxes and payments on self-assessment basis for 2016.â&#x20AC;? Shedding more light on the

matter, Balogun said: â&#x20AC;&#x153;We like to state for the understanding of the public that LASACO Assurance plc is not owing any tax liability. We have always been upright in discharging our tax responsibilities as can been seen from the evidences of payment. â&#x20AC;&#x153;We are a very responsible

and disciplined organisation that will not in any way default in its obligation to the government or other regulatory bodies. â&#x20AC;&#x153;We dispute openly, the claims by the tax authority that we owe taxes from 2012 to 2016 and hereby present our evidences of payments

till date.â&#x20AC;? He however commended the tax authority for retracing its action by unsealing LASACO Assuranceâ&#x20AC;&#x2122;s premises immediately they reconciled their account and found out the true position that the company was not owing and neither was it in the class of tax evaders.

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INTERVIEW

Ondieki: It Costs More to Visit a Bank Branch in Nigeria The Regional Managing Director Africa, Nairobi, of MicroSave, an international financial inclusion consulting firm, Isaac Ondieki, in this interview, spoke on the need to replicate Kenyaâ&#x20AC;&#x2122;s success story in Nigeria. Obinna Chima presents the excerpt: What is your take on ďŹ nancial inclusion in Africa? When I talk about financial inclusion in Africa, I mean a way by which the front-line banks work together to empower our citizens in Africa to be able to access banking and financial services that allow them to save their hard earn money, and thereby, putting their money in the financial ecosystem. The most relevant advance for the citizens of Africa is to enable them access banking services. For a long time, they have been left out of the banking sector. For example, in Nigeria, 40 per cent of the adult population, which is about ninety million people, is not banked; that is the population of a country like Kenya, where I come from. You can imagine leaving out an entire country out of the banking sector. What they need is ease of access. If you look at the whole Nigeria, in some areas, the distance people cover to reach a bank is very long. It costs them more money to reach a bank than the services they are going to get in the bank. So, if they are enabled to get access to the banking system in a cheap way, they would really appreciate it. Current advances in digital services have enabled customers to have banks in the palms of their hands through the mobile phone. I think that is going to be the key advancement for most of our other population that hasnâ&#x20AC;&#x2122;t been banked for a long time because a good number of them have access to phones. If they have access to phones we believe they have access to financial services from a bank or a related financial entity.

Ondieki

Looking at it from Kenyaâ&#x20AC;&#x2122;s perspective, mobile money through the telephone has been a success, but we cannot say same about Nigeria. Why is the story different? In Kenya, the mobile money addressed an existing need. There was a need to move money from Point A to Point B because of small businesses. Assuming you are doing fishing or growing tomatoes or pepper and you want that to reach a certain market, you donâ&#x20AC;&#x2122;t have to travel with the commodity to the market; you send a transport agent to deliver them and once they reach the destination, the person being supplied the commodity sends you money through the mobile phone. It is cheaper; it reduces risks, fraud or robbery along the way. So, it is addressing a given

need. The second need is the upper middle class that is educated wanting to send money to support businesses in the rural areas or to support their families in the rural areas. They have access to this digital platform and send money to their mothers or younger sisters to enable them have access to education. That gave us access to the need for that telephone service to be available. If you draw a parallel with Nigeria, there are people currently who have children in schools and they pay school fees in hard currencies. If the school could give you a chance and the bank allows it, you would be able to pay that school fee from the comfort of your home; you donâ&#x20AC;&#x2122;t need to travel the entire distance as well as spend more money to access that service. If you are an elderly person, you get your pension from the government. Government should be able to borrow from what is happening in countries in east Africa, where pensioners are paid from what we call the G to P payment through digital platform, which is a sort of mobile wallet. If someone is sick in the hospital and you want to pay for the medical bill or the doctorâ&#x20AC;&#x2122;s bill, you can do that from the comfort of your home. In US or China, while you are studying or carrying out your enterprise preparations, you donâ&#x20AC;&#x2122;t have to come back to Nigeria to pay for those services. If this is in place, it makes it easy for the population to spend and access financial services. Lastly, as you saw earlier today in the video declared by CB, most of the low-income populations say when they go to the banks they are mistreated. According to them, the banks are so big and they are far from the banks.

They also complained of queuing for two or more hours, which is a loss of time for small business operators. You donâ&#x20AC;&#x2122;t have to close your businesses to access financial services; it should just be part and parcel of our normal daily life. For example, when you listen to national news you do not leave the comfort of your house to where the news is occurring. The same is what we are appealing for that financial services should be brought closer to the citizens and that people should be able to access services in the areas where they do their operations. How can we replicate Kenyaâ&#x20AC;&#x2122;s success story in Nigeria? Firstly, an attempt should be made to identify what is the true need of the Nigerian people. Their need might be like Kenya, it might be unique to Nigeria. Once it is understood that through client-centric services their real need would be addressed, they might not need to be talked to over their bank accounts. All they want to do is move money from Point A to Point B. So, if you address that need, they will embrace the service. The first thing is to identify it. The second issue is to partner with firms from East Africa to harness their countriesâ&#x20AC;&#x2122; experiences, what works and what doesnâ&#x20AC;&#x2122;t, so that you learn from them and avoid repeating what they did not do right. Thirdly, there must be supportive regulations. There is need to sometimes allow experimentation and then regulate the experiment. If there is risk aversion a stop must be put to the experiment. Lastly, in Nigeria there is a chance of partnership and collaboration between the banking sector and the telecom sector.

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ANALYSIS

Dangoteâ&#x20AC;&#x2122;s Pan-African Industrial Drive Africa represents a compelling frontier market for both local and international investors. Jonathan Eze examines the recent inauguration of the Dangote Cement factory in Congo and concludes that the conglomerateâ&#x20AC;&#x2122;s industrial drive is revolutionary

Dangoteâ&#x20AC;&#x2122;s cement-plant-in-Congo-Brazaville

Partnerships between governments and the private sectors are surely needed for economic growth and development in the region and Africa has a unique opportunity to attract strategic, job-creating investments. This is no doubt the thinking of Africaâ&#x20AC;&#x2122;s richest man, Alhaji Aliko Dangote as demonstrated last week with the inauguration of 1.5Mta plant near Mfila in Congo which is the largest ever in the country. Situated on the road between Pointe-Noire and Brazzaville, the plant is ideally located to replace imports and serve key cement demand centers in and around the capital. As predicted by global economists, the subSaharan region will see more people joining the labor force in the next 20 years than the rest of the world combined. How will Africa reap the benefits of this demographic transition? The burgeoning working-age population will need to be gainfully employed, and significant investments must be made to support the economy and meet market demands. Dangote cement is already spearheading this initiative with its pan African expansion and it appears to be more consciously determined to continue with the investment drive with the proviso that an enabling environment is provided for same. The new plant estimated at $300 million has potential for about 1,000 direct employment and thousands of several other indirect jobs. Regarded as the biggest plant in the country, Congo President, Mr. Denis Sassou Nguesso, while inaugurating the plant, said the investment was an industrial revolution, sort of, within the Economic Community of the Central African States (CEMAC), saying his country was happy to host the investment. According to him, his government has observed the operations of Dangote cement in other African countries and it has helped buoyed their economies by sparking off other allied industries, as he expressed the hope that Congo situation would not be an exception. He described the coming on stream of the Dangote cement as timely and encouraging because it is starting operations at a time the total government revenues have plummeted by 31.3 per cent and revenues from the oil sector have fallen 65.1 per cent since 2015 due to a slide in global crude oil prices.

Dangote, in his address said his company was delighted to have completed the plant on schedule, saying the addition of Dangote Cementâ&#x20AC;&#x2122;s 1.5 million metric tonnes per annum plant has more than doubled the total cement production capacity of Congo, which now stands at 2.550 million metric tonnes per annum, far in excess of national demand. â&#x20AC;&#x153;It is envisaged that this would contribute substantially to the availability and affordability of cement in the country and the Republic of Congo will no longer need to depend on imports to bridge the gap between demand and supply. â&#x20AC;&#x153;It is our hope that the inauguration of the plant will boost Congoâ&#x20AC;&#x2122;s economy, conserve foreign exchange that would otherwise have been spent on imports for the country, and create employment opportunities down the value chain,â&#x20AC;? he stated. Dangote also commended the Congolese Government, noting that the bold economic reform measures put in place by President Denis administration have been quite salutary. â&#x20AC;&#x153;The construction industry, which is a major sector of the economy, is a beneficiary of his policies, and has been receiving the attention of investors. We believe that our investment will contribute to Congoâ&#x20AC;&#x2122;s current economic renaissance under the leadership of President Nguesso.â&#x20AC;? He added that his organisation received tremendous support and encouragement both from the government and the people of CongoBrazzaville, right from the conceptualisation stage of the project, to its final completion, and commissioning. Towards reciprocating the support he enjoyed from the Congo people, Dangote disclosed that without waiting to stabilise production, the cement company had already commenced CSR projects with the construction of a road with a length of 30kilometres around Yamba, which would have cost the local government approximately 240 million CFA to execute. He stated further: â&#x20AC;&#x153;We have also disbursed scholarships for students and we are also building a school and renovating a hospital within our host communities. Apart from these, we have repaired a dilapidated bridge on a major

highway at a cost of $300,000, to enable heavy duty vehicles to cross the bridge. As a policy, we also ensure that we give priority to qualified indigenes from our local host communities in our recruitment drive.â&#x20AC;? Dangote also told the gathering that Dangote Cementâ&#x20AC;&#x2122;s total production capacity across Africa at the end of May 2017, stood at 45.8 million metric tonnes per annum, making it one of the biggest cement producers on the continent, adding that the aspiration is to rank among the top 10 cement producers in the world by 2020. Dangote, with his investments is creating jobs for African teeming youths especially with the recognition that youth unemployment and underemployment are among the main barriers to development in the region. Not only does the exclusion of young people from the labour force perpetuate generational cycles of poverty, it also breaks down social cohesion and can be associated with higher levels of crime and violence among idle youth. According to data from the International Labour Organisation (ILO) in sub-Saharan Africa, the youth unemployment rate hovers around 12 per cent. While this is slightly lower than the global youth unemployment rate of 12.4 per cent, the African region has the worldâ&#x20AC;&#x2122;s highest rate of working poverty â&#x20AC;&#x201D; people who are employed but earning less than US$2 a day. Africa has the largest â&#x20AC;&#x153;youth bulgeâ&#x20AC;? in the world, and the number of youth is expected to grow by 42.5 million between 2010 and 2020, says the World Bank. On his part, President Muhammadu Buhari who was represented at the event by a delegation led by the Minister of Mines and Steel Development, Dr. Kayode Fayemi, commended Alhaji Aliko Dangote and his cement company for championing economic renaissance of Africa with the construction of cement plants across several African countries, saying the sterling accomplishment makes the Dangote Cement brand, and indeed Dangote himself worthy ambassadors of Nigeria. Buhari said his government has consistently supported and encouraged the Dangote Group in its quest to contribute its quota to the economic emancipation of the African continent, which is blessed with a plethora of natural resources.

â&#x20AC;&#x153;I believe that it is only home-grown practical solutions that can address the myriad issues plaguing Africa today and one of such challenges that Africa has been grappling with for decades, is the infrastructure deficit. I am confident that massive investments in cement production, which is a key driver of infrastructural development, will contribute in no small measure to addressing this perennial problem,â&#x20AC;? he said. The President recalled with satisfaction that local cement manufacturers have exploited one of the solid minerals, limestone, which is a basic input for cement production and which Nigeria has in abundance, in different parts of the country to achieve self-sufficiency in local cement production in 2015, and is now a net exporter of the product. â&#x20AC;&#x153;The backward integration policy of the federal government in the cement sector, which was launched in 2002, has contributed to this success story by successfully substituting imports with local production. We have saved over $2billion spent on cement importation into Nigeria, annually. â&#x20AC;&#x153;We have also started using cement for road construction in the country due to its numerous advantages over the more common bituminous road. Again, in this area, Dangote Cement is leading the charge, through AG-Dangote, its joint venture with Andrade-Gutierrez, a construction giant in Brazil,â&#x20AC;? the Nigerian president stated. Dangote had at many occasions reiterated the fact that his conglomerate was committed to a diversified economy by exploring opportunities in different sub sectors. He opined that what Africa needed was to add value to its natural resources toward improving its competitiveness in the global economy. According to him, within the next five to 10 years, Dangote would not just be the largest conglomerate in Africa but aspires to be among the top 20 in the world. However, for sustainability of businesses in the region especially with the speed of Dangoteâ&#x20AC;&#x2122;s investments, African governments must increasingly adopt policies to energise markets. Although the policies of many governments have a long way to go, these important first steps enables private business sector to emerge and to grow.

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BUSINESSWORLD

PERSPECTIVE

Piloting the National Financial Inclusion Strategy Arize Nwobu aligns with expertsâ&#x20AC;&#x2122; positions that increased access to finance by MSMEs will lead to greater productivity and increased non-oil exports

CBN Governor, Godwin EmeďŹ ele

Financial inclusion is a main stream topic among policy makers across the globe. In the lexicon of finance and banking, it has been defined as â&#x20AC;&#x2DC;â&#x20AC;&#x2122;the delivery of financial services at affordable costs to serve to sections of disadvantaged and low income segment of societyâ&#x20AC;&#x2122;â&#x20AC;&#x2122;. The G20, also defines innovative financial inclusion as â&#x20AC;&#x2DC;â&#x20AC;&#x2122;improving access to financial services for poor people through safe and sound spread of new approaches.â&#x20AC;&#x2122;â&#x20AC;&#x2122; Financial inclusion is a masses-oriented concept and a key tool to poverty alleviation. It helps to develop habit to save, increase entrepreneurial spirit and national output; engenders faster economic growth and development of a stable financial system funded by nonvolatile saving. The operational elements include the availability of a wide range of innovative financial products and services, including payments, savings, credit, insurance and pension products and services within the reach of all groups, and designing of financial products according to the needs of target clients. The contrast of financial inclusion is financial exclusion where financial services are not available or affordable to the low income group- a situation which has been noted to lead to pauperism. The World Bank estimated that 2.5billion working age adults are financially excluded, and the G20 identified an enabling environment in the respective economies as a critical factor that will determine the speed at which financial access gap will be closed for the financially excluded. Across the globe, all hands are on deck to break barriers and push the frontiers of financial inclusion. Recently, the United Nationâ&#x20AC;&#x2122;s Secretary Generalâ&#x20AC;&#x2122;s Special Advocate for Inclusive Financing for Development, Queen Maxima Zorreguieta Cerruti of the Netherlands, visited Nigeria and had audience with the Governor, Central Bank of Nigeria(CBN), Godwin Emefiele. The Queen, who is also the Honorary Patron of the G20 Global Partnership for Financial Inclusion(GPFI), focuses on

Minister of Finance, Kemi Adeosun

how formal financial services such as savings, credit and insurance can prevent people from falling into poverty. GPFI is an inclusive platform for all G20 countries, interested non-G20 countries and relevant stakeholders to carry forward work on financial inclusion. CBN is the custodian and project manager of the National Financial Inclusion Strategy which was launched in 2012. The stakeholders are, banks(deposit money banks, primary mortgage institutions and micro finance banks), other financial institutions, Nigeria Communication Commission(NCC), National Deposit Insurance Corporation(NDIC), National Identity Management Commission(NIMC), ATM service providers, Telecommunication firms, e-payment channels, Federal Ministries of Agriculture, Finance, Education, Trade and Investment, and Micro, Small and Medium scale enterprises The National Financial Inclusion Strategy was launched two years after a 2010 report by strategy consultants, Roland Berger, noted that Nigeria was a mid-level player in the sub-Saharan banking sector and lagged behind some of its peers in Africa with respect to

CBN has demonstrated a strong commitment to support MSMEs through the establishment of a N200billion MSMEs development fund which was launched in 2013 â&#x20AC;&#x2DC;â&#x20AC;&#x2122;in recognition of the signiďŹ cant contributions of the MSMEs sub-sector to the economy and the existing ďŹ nancing gap

financial inclusion. The report noted that 36 per cent of adults, an estimated 31 million out of an adult population of 85 million were served by formal financial services compared with 68 per cent in South Africa and 41 per cent in Kenya. Going forward, the International Monetary Fund (IMF), in its 2013 Financial Access survey, noted that African countries are showing the fastest growth in financial inclusion in the world. The parameters for the survey are, number of commercial bank branches per 100,000 people which reportedly grew around 180 per cent since 2004, access to ATMs in low income countries improved more than three- fold, a four-fold increase in commercial bank depositor per 100,000 people, and 40 per cent growth in real GDP per capita income from 2004 to 2012. And CBN had noted that adult exclusion rate reduced from 46.3 per cent in 2010 to 39.7 per cent in 2012, and that â&#x20AC;&#x2DC;â&#x20AC;&#x2122;all the geographical zones in Nigeria equally recorded improvements with the exclusion rate declining between 2010 and 2012 as follows: North East68.3 per cent to 59.5 per cent, North West- 68.1 per cent to 63.8 per cent and North Central- 44.2 per cent to 32.4 per cent. Others are, South East- 31.9 per cent to 25.6 per cent, South West- 33.1 per cent to 24.8 per cent and SouthSouth- 36.4 per cent to 30.1 per cent. The apex bank targets to reduce the number of financially excluded to 20 per cent in 2020 and increase access to payment from 21.6 per cent to 70 per cent in 2020. Major driving tools for piloting the strategy are, Financial literacy campaigns, Entrepreneurial Development Centres, Consumer protection, implementation of the Micro, Small, Medium Scale Enterprises (MSME) Development Fund, Agricultural Credit Guarantee Scheme, Tierred Know-Your Customer Requirement, and credit enhancement programmes such as, Agricultural Credit Guarantee Scheme (ACGS), Commercial Agricul-

tural Credit Scheme (CACS), Small and Medium Enterprises Credit Guarantee Scheme and Entrepreneurship Development Centres. Experts believe that increased access to finance for MSMEs through financial inclusion( credit made on the back of mobilized savings), will lead to greater productivity and increased non-oil export, with the subsequent demand for the naira which will stabilize its value. MSMEs are engines of growth and hold the key to job creation and poverty eradication. They posses a huge but untapped potential. Some developed countries with successful MSMEs include Japan, South Korea, China, USA, Australia, Switzerland and India. The OECD had reported that MSMEs contributed 45 per cent and 79 per cent employment in manufacturing sector in Australia CBN has demonstrated a strong commitment to support MSMEs through the establishment of a N200billion MSMEs development fund which was launched in 2013 â&#x20AC;&#x2DC;â&#x20AC;&#x2122;in recognition of the significant contributions of the MSMEs sub-sector to the economy and the existing financing gap.â&#x20AC;&#x2122;â&#x20AC;&#x2122; The objectives of the Fund are, to channel low interest funds to MSMEs through the Participating Financial Institutions to enhance access by MSMEs to financial services, increase productivity and output of microenterprises, engender inclusive growth and increase employment and create wealth. Reportedly, 10 per cent of the fund has been devoted to developmental objectives such as grants, capacity building and administrative costs while the 90 per cent commercial component is being released to Participating Financial Institutions (PFIs) at 2 per cent for on-lending to MSMEs at a maximum interest rate of 9 per cent. -Arize Nwobu, Business Journalist and Chartered Stockbroker, wrote via arizenwobu@yahoo.com Tel: 08033021230

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EDUCATION Preparing Graduates for Relevance in the Building Sector Worried about the skills gap among graduates and artisans, the Universal Learn Direct Academia Limited is facilitating skills training in vocations like carpentry, plumbing, electrical, brickwork, plastering, tiling and site engineering, using internationally experienced professionals to mentor trainees to be empowered and relevant for the building and construction industry. Funmi Ogundare reports The importance of a skilled workforce cannot be overemphasised as it would help an economy to maintain a competitive edge in an ever changing world and also ensure sustainable development. However, deficiency and shortage of skills at the operational level of construction project execution is a major challenge in the country today. The industry is said to be growing without a commensurate growth in the capacity of competent skilled construction workers. To address this challenge, the Learn Direct Academia (ULDA) Limited, a consortium of professionals that facilitates skills training in vocations such as carpentry, plumbing, electrical, brickwork, plastering, tiling, site engineering, among others, is training secondary school leavers, polytechnic and university graduates, as well as unemployed youths for the building and construction industry. When THISDAY visited the institution in Ikeja, the trainees were being taught health and safety practices, as well as the core programmes in the curriculum ahead of their practical on project site. The Dean of the institution, Mr. Babatunde Faleye said the effort is the only way to ensure quality in the industry, adding that the training is a tuition-free academic programme. â&#x20AC;&#x153;We are looking at programmes like electrical installation, construction, carpentry, block-laying, concreting and finishing, we believe we can do it and train the trainees. The idea is to use modern tools to train them.â&#x20AC;? He expressed concern that artisans sometimes see themselves as lesser than the average professional, noting that every tradesman is a professional. â&#x20AC;&#x153;We want the trainees to pass through the classroom so that we can expose them to what obtains internationally through audio-visuals. We want them to be taught the theoretical aspect in the classroom, and after which it is our practical workshop training.â&#x20AC;? Faleye said the school will be taking on trainees for a duration of six months, adding that the first three months will be on the rigorous ratio 114 plan, while the other three months will be spent on the field proper. â&#x20AC;&#x153;The 114 plan is the practical class such that if you have 10 hours of classes, you will have another 10 hours of workshop training and also get 40 hours of on-site practical training which is what we are trying to teach. We have made it our pledge that no individual trainee will leave ULDA without completing a minimum of three bedroom bungalow set up.â&#x20AC;? Asked if the students would get a certification after their six month training, the dean said, â&#x20AC;&#x153;they will progress from our school, get certified by us and in turn get employed into the system as interns. They will be on the internship after their six month programme for another two years and be assessed on project site.â&#x20AC;? As a civil engineer, he said he didnâ&#x20AC;&#x2122;t learn to work as a site engineer until he got to the field, adding, â&#x20AC;&#x153;I learnt by making mistakes which is the wrong way to train individuals. Construction is a very technical and sensitive thing, it involves lives. In the course of construction, we had lots of safety issues in the past that if you are not trained, you can make mistakes that will make you maimed for life or killed. â&#x20AC;&#x153;A building structure must be built on training. There is on the job training, but it will start on a level, which is where we want our trainees to be and that is why our training is very important. In this training, we are sure we will not produce people baked, we hear that most of our university graduates are either half-baked or are not even baked at all.â&#x20AC;? He expressed concern over the level of corruption in the society and the countryâ&#x20AC;&#x2122;s get-rich-quick syndrome that makes people to produce shoddy jobs on project site.

Professional on a building project

â&#x20AC;&#x153;The only way to ensure discipline is to assess them on the job. By virtue of our training, we have international representation and we have come to realise that they should be assessed on the job as they grow. You are sure of the quality that they will bring back into the industry. For those in the electrical, plumbing or bricklaying arm, you will get to do the respective aspects from the foundation up to the finished product. That is the model we want to follow. We want them to leave ULDA and go out to start up on a project like bungalow structure, which is what we are trying to do.â&#x20AC;? Faleye said ULDA is meeting with government and private investors that intend to partner the institution on land and finance, to build mass housing throughout the country. The President, Chief Olawumi Gasper expressed dismay over the skills gap among polytechnics and university graduates, adding that with the partnership with those in the industry, they can engage the trainees, which would in turn help in strengthening the curricular. â&#x20AC;&#x153;The young graduates will be trained on all aspects of carpentry, block-laying, plumbing and electrical on site. We are taking off with hands-on skills. That is why engineering is a key programme to us and we are ready to ensure that Nigerian graduates hone their skills early enough so that job opportunity will be available for them.â&#x20AC;? The visioner and Coordinator, Mr. Oba Gbola affirmed that there are opportunities for the quality of life of the people to be improved, adding that the institution plans to translate their skills to basic infrastructure to address the deficit in the sector. â&#x20AC;&#x153;Skilled artisans need to have market ready skills that will make them relevant to the society, even if they are going abroad. Apart from opportunities here, there are also enormous in the international market. There have been requests for skilled artisans from places like Dubai and Qatar. For students who schooled abroad to be relevant in the society, they need to learn market ready skills because the certificates you are bringing may not be useful to you. They must also be exposed to be best of tools.â&#x20AC;? He said the trainees, who are on scholarships are expected to have the Personal Protective Equipment (PPE) and the school will also provide

at a cost the reflective jacket for them to wear on project site. â&#x20AC;&#x153;We have decided to leave our fee untampered with, the reason is that if you can pay, we will take the money from you and train you. But if you cannot pay, once you can convince us that you are passionate enough and you have the wherewithal, we will take you on, train you and after training you, we will employ you and in the process, 15 to 20 per cent of your industry remuneration will be deducted for our fee.â&#x20AC;? He described the initiative as an innovative methodology that will reward those that are passionate, adding that â&#x20AC;&#x153;the key criteria is not about the certificate or degrees you have acquired, it is about somebody who can think about and replicate the major projects we have on paper, as a civil engineering graduate for instance. â&#x20AC;&#x153;With the support system that we have and the commercial eco system, we will be able to make a trainee a field passionate engineer. Technically tuition is free for those who are not be able to afford our fees. The tuition fee was agreed upon between the beneficiary and the partnership.â&#x20AC;? Gbola added that the greatest developmental aspect of any society is its skilled manpower, while expressing concern that when graduates leave school, they are disillusioned either because there is no secured employment or because the entrepreneurial environment is not favourable. â&#x20AC;&#x153;Nigeria is almost a failed nation. The reason why the likes of Dubai are better is because fundamentally, they have a pool of skilled manpower. The reason why we have this unique partnership is because of the society in which we function, and there are opportunities not only to make money but to also improve the quality of lives. We are going to be training a crop of skilled workforce who will be exposed to modern engineering tools and in the next one to two years, they can deliver houses anywhere. We are also going to have insurance for our trainees.â&#x20AC;? The Head of the Carpentry Unit, Mr. Hafez Salisu said since the commencement of the programme, the trainees who hitherto did not have any formal training in construction, were exposed to new and varying training, as well

as how they will be able to cope on site. On plans by the institution to ensure that they are employed, he said, â&#x20AC;&#x153;after the six months training, we have designed a programme that will ensure that the trainees are attached to construction companies where they will be paid. Asked about the future of the programme in the next five years, Salisu said, â&#x20AC;&#x153;when we look at the workforce in the construction company, there will be an increase of 60 to 70 per cent. They are going to contribute towards the economic development of the country. Some of the trainees in different programmes who spoke to THISDAY, said they were there to improve their knowledge and ensure that the right standard is maintained by the time they get to project site. An Architecture graduate of Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, Mrs. Temi Oladele, who is studying Site Engineering, said the classes have been educative, tailored towards ensuring that things are done the right way and standards are maintained, adding that she would impart the same knowledge on others coming behind. Mr. Yusuf Hakeem, an OND graduate of Computer Science from Kwara State Polytechnic, who is currently studying Building, Tiling and Plastering said with his knowledge in Computer Science and his ambition in construction, it would enable him to develop a software that will be used to plan effectively. â&#x20AC;&#x153;It will be an advantage for anybody that wants to go into the construction industry.â&#x20AC;? An artisan in welding, Abdul-Wasiu Alejo, who is studying Plumbing said he learnt things that were new to him. â&#x20AC;&#x153;I have gained a lot about safety and guide, I have also seen many equipment that can save lives on site. The lectures are taught in a way that one can easily understand. I believe I will see myself among professionals competing with expatriates.â&#x20AC;? A school certificate holder, Mr. Sunni Rasheed said studying Electrical Engineering is an additional skill for him, adding that safety should be a priority when one gets to project site. â&#x20AC;&#x153;I see myself being successful in this field, it is something I have passion for and I believe that I will be able to do something tangible with it.â&#x20AC;?

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EDUCATION

Ekweremaduâ&#x20AC;&#x2122;s Work, Learn Initiative to Curb Unemployment in Sâ&#x20AC;&#x2122;East Incensed by the high rate of unemployment occasioned by few opportunities in civil and public services, which can hardly take care of millions of people who leave schools annually, the Deputy Senate President, Ike Ekweremadu recently unveiled the first ever Work and Learn European Vocational Institute in Enugu to cater for the South-east Zone. Christopher Isiguzo reports â&#x20AC;&#x153;It is really unfortunate that we have engineers that cannot construct anything; we have technicians that canâ&#x20AC;&#x2122;t fix anything. We have plumbers who are just disasters. Every day, you see thousands of people roaming the streets searching for jobs that are not available and where the jobs are available, you can hardly find people with the skills. We really have to do something unique to solve this monumental problem.â&#x20AC;? With these words, the Deputy Senate President, Ike Ekweremadu recently inaugurated the first ever vocational training institute, Learn and Work European Vocational School in Enugu State to cater for people from not just the South-east zone, but beyond. Before now, one can barely find few vocational centres in the five states of the zone without the required facilities making it difficult for them to achieve the main objectives for setting such centre. However, the European Vocational School equipped with modern facilities to practicalise teaching and learning is designed to train young people in various skills including web design, plumbing, tailoring/dress making, home nursing, among others. Several people who will pass through the institute will be expected to become gardeners, crop farmers, auto electricians, car and motor cycle technicians, tyre technicians, bricklayers, paediatric nurses, office automation operators, welding process operators, renewable energy technicians. Others will also graduate as receptionists, butler/house managers, pastry chefs, dress makers, hairdressers, photovoltaic system technicians, strawbale construction technicians, air conditioning system technicians, waiters, among others. The training is expected to last for six months or 320 hours after which graduates are presented with certificates which can enable them to either work for themselves or work for others in similar fields. The institute which has Ekweremadu as its promoter is being managed by the CEPU Education Group, Italy. For students of the institute, the training programme is designed on personal note, to not

only acquire the knowledge and skills linked to essential professions and trades for the development of an economic and productive system but also to acquire civil and social responsibility towards the families of work colleagues and towards institutions. From the social perspective, the training is targeted at improving the quality of life, reducing unemployment, reducing crime and deviant behaviour as the entire project is expected to conform to the â&#x20AC;&#x2DC;local economyâ&#x20AC;&#x2122;. Speaking at the inauguration which attracted notable political leaders from the state, including the governor, National and State Assembly members, council chairmen, captains of industry, members of the academic environment, unemployed youths, among others, Ekweremadu said vocational training is the best way to go. He said he was disturbed by the increasing rate of unemployment in the country, stressing that even where the jobs were available, most of the young school leavers were unemployable. He therefore called on the federal and state governments to invest in vocational training and skills acquisition programmes in order to meaningfully engage the youths. Ekweremadu said the unemployment rate has remained high because of the failure of government to come up with progressive and pragmatic strategies to resolve the challenge. He decried a situation where the countryâ&#x20AC;&#x2122;s tertiary institutions graduate thousands of

â&#x20AC;&#x2DC;unemployable peopleâ&#x20AC;&#x2122; annually, adding that the vocational training school was designed to fill the yawning gap in the system. He expressed hope that the institute would in the next five years, effectively address the problem of unemployment as those who pass through the school would not only be meaningfully engaged, but their minds taken away from crimes and unnecessary agitations. After six months, he said those who graduate from the institute will be encouraged to access soft loans from the Bank of Industry to set up their own businesses in order to become self-reliant and employers of labour. â&#x20AC;&#x153;We must come to terms with the fact that government alone cannot solve our problems. Civil and public services cannot provide jobs for our teeming populace. We must invest in vocational training otherwise in the next 50 years, the nation will be in a serious problem. â&#x20AC;&#x153;As politicians, we cannot engage all the unemployed people because of limited resources. Because these young men roam the streets, that is why you have all forms of agitations; people are coming out from school everyday, yet there is no hope of getting any job anywhere. â&#x20AC;&#x153;We have to begin to think of how to solve this problem. We have to go back to basics, give our people vocation. Train them on skills so as to be able to employ themselves and employ others. We have to focus on industries, these skills will also support the industries to create jobs and

Ekweremadu (right) with other guests inspecting some of the equipment at the newly established vocational school... recently

the economy will grow. Routine government job does not add to our GDP. â&#x20AC;&#x153;Even if we are going to develop industries here to create jobs, those industries need skilled manpower to drive them,â&#x20AC;? the senator stressed. The President, CEPU Group of Schools, Italy, Dr. Francheto Politori identified education as a driving force that will assist nations in their development initiatives. He said the vocational institute was one of their packages for Nigeria and announced plans to organise other types of professional courses and establishment of schools starting from kindergarten to high school and universities. The CEO of Learn and Learn, European Vocational Institute, Enugu, Giovanni Mearrelli had stated that Learn and Work has an experience in vocational training and has continually evolved to meet the needs of the changing market demands over time. He disclosed that currently, the learning model developed by the institute is the most evolved, personalised and flexible offering new technologies â&#x20AC;&#x153;Here in Enugu we applied a specific method for Ekweremaduâ&#x20AC;&#x2122;s request. We are here because of him, the senator wants a short and effective path to train people in various professionsâ&#x20AC;?. Governor Ifeanyi Ugwuanyi, who was represented by the Chairman of PDP, Enugu State, Chief Augustine Nnamani, expressed his administrationâ&#x20AC;&#x2122;s readiness to partner the institute to help the teeming young people in the state. He promised to provide the necessary incentives to ensure the realisation of the set objectives of the school. Other speakers including a member of the House of Representatives, Hon. Toby Okechukwu, an Enugu-based industrialist, Eric Chime and the Coordinator of the National Directorate of Employment in the state, Chief Sylvester Ude expressed delight at the inauguration of the institute in the state. They said by the time the school begins to graduate students, there will be availability of skilled manpower in the state and beyond, adding that the situation would greatly affect productivity and reduce all forms of crimes.

12Years After, UNIABUJA Graduates Ambode, Adebule Celebrate Children First Set of Medical Doctors with Disabilities

Group Rejects New â&#x20AC;&#x2DC;Discriminatory Feesâ&#x20AC;&#x2122; at IBBVarsity

Kuni Tyessi in Abuja

Laleye Dipo in Minna

The University of Abuja has beaten the odds and has finally graduated 18 medical students, the first set of medical doctors from the institution. The Provost, College of Health Sciences, Prof. Kareem Airede, during the induction of the graduands, said the ceremony was a milestone after 12 years of failure with relevant authorities bothering on registration and accreditation. While stating that out of the 18 graduands, five distinguished themselves in the area of surgery, he said the pioneer medical graduands are at liberty to commence work as clinical officers after 48 hours of their induction. â&#x20AC;&#x153;After 12 years of failure, now we have graduands. Not that the students have been failing but we had issues with the power house of the country. Now we have accreditation from the Medical and Dental

Council of Nigeria. â&#x20AC;&#x153;Let it be known that out of the 18 students, five of them had distinction in surgery. The pioneer products will be able to commence work as clinical officers after 48 hours of induction against the three months often thought of. As you enter the medical profession, you must profess the dictates of the call which is hinged on character, competence and empathy. In his remarks, the Vice-Chancellor, Prof. Michael Adikwu, counselled the graduands that the 12 years should not be seen as a waste, but as an act of God and encouraged them to count themselves lucky to be alive and celebrating for graduating from the most sort-after course in the world. He said with the training they have received from the institution, Nigerians leaving for other countries for medical tourism will have a rethink while people from other countries will find Nigeria as hub for medical tourism.

Funmi Ogundare The Deputy Governor of Lagos State, Dr. Oluranti Adebule and the wife of the state Governor, Mrs. Bolanle Ambode recently joined hundreds of students living with disabilities to celebrate the 11th International Day for Persons Living with Disabilities (PWD). The programme, held at the Blue Roof, Agidingbi, Ikeja, with the theme, â&#x20AC;&#x2DC;Transformation towards Sustainable and Resilient Society for Allâ&#x20AC;&#x2122;, featured among others, marchpast and carnival display, fashion parade and cultural dance by the special need students from different schools in the state. In her remarks, Adebule said the theme of this yearâ&#x20AC;&#x2122;s celebration was in line with the inclusive governance mantra of the administration in fulfilment of the governorâ&#x20AC;&#x2122;s promise to assist people living with disabilities in the state to realise their dreams and live

a more comfortable life. â&#x20AC;&#x153;This government is determined not to leave this huge population of Lagosians at the mercy of alms-givers, but to integrate and assist them to be self-reliant, contribute their quota towards the socio-economic and political development of the state.â&#x20AC;? To increase the number of employable PWDs in the future, she said the government embarked on mass mobilisation and public enlightenment to ensure that physically challenged children are enrolled in the stateâ&#x20AC;&#x2122;s special and inclusive schools. â&#x20AC;&#x153;Enrolment has increased from the 1,049 students in 2015 to 2661, while the number of schools have also increased from 29 primary inclusive schools to 31 and secondary inclusive schools increased from 6 to 12.â&#x20AC;? Adebule expressed delight that the children are reciprocating the gesture of government by participating in competitions and winning medals.

The Igbo and Yoruba communities in Niger State have rejected the new and â&#x20AC;&#x153;discriminatory feesâ&#x20AC;? recently introduced for old and returning students by the state-owned Ibrahim Badamasi Babangida University, Lapai, describing it as â&#x20AC;&#x153;creating unnecessary dichotomy between non-indigenes and indigenes.â&#x20AC;? They said such a policy would further â&#x20AC;&#x153;disunite the people rather than bring about the much talked about national cohesion.â&#x20AC;? Under the new policy, which took effect this academic session, the management of the university also reintroduced different fees for indigenes and non-indigenes, a policy that was abrogated by the immediate past Governor, Muazu Babangida Aliyu. The new policy was contained in the admission letters released to fresh students by the university last week.

In the letter signed by the Registrar, Smaiila Mohammad, fresh students of Niger State origin are now to pay N52,500, while returning students in the same category are to pay N27,500. However new nonindigenous students are to pay N93,000, while their returning colleagues would pay N55,000. Before now both categories used to pay the same amount of N29,000. International returning students according to the admission latter captioned â&#x20AC;&#x2DC;2017/2018 Notification of Admission and Payment Instructions Undergraduate Degree Programmesâ&#x20AC;&#x2122; are to pay N137,500 while the returning students are to pay N108,000. The groups also appealed to Governor Abubakar Sani Bello to order the cancellation of the policy immediately. Recently the present government also stopped the payment of NECO and WAEC fees for non-indigenous students in public schools.

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Corona Agbara at 25: Principal Emphasises Continuous Improvement For 25 years, Corona Secondary School, Agbara has continued to maintain a culture of excellence among staff and students, evidenced by the quality of results and graduates it has produced over the years. The Principal, Mrs. Chinedum Oluwadamilola, who briefed journalists, on the schoolâ&#x20AC;&#x2122;s exploits these 25 years, also shared her dream for the countryâ&#x20AC;&#x2122;s education sector. She also shed light on the schoolâ&#x20AC;&#x2122;s recent partnership with the Goethe-Institut to support the study of German Language at the school, among other issues. Uchechukwu Nnaike reports One of the recent additions to the Corona Schools Trust Council, Corona Secondary School, Agbara, Ogun State recently turned 25 and the anniversary coincided with the signing of a Memorandum of Understanding with the Goethe-Institut to support the study of German Language at the school. Judging by the distance to the school from Lagos and the bumpy ride, one would wonder why anyone would take the pains to go that far for secondary education. However the beautiful neighbourhood and the serenity once inside the school premises make all the difference. The Principal, Mrs. Chinedum Oluwadamilola, an astute administrator and easy going woman is an epitome of continuous personal development and hard work, having bagged chains of degrees and certifications with a PhD in view. As someone that is passionate about teacher development, she said as a one-time monitoring and evaluation manager, she derived joy in seeing teachers improve and gradually become the kind of proficient teachers that the school is looking for. She however expressed concern that a lot of teachers are demotivated in Nigeria, saying that when someone is demotivated no matter how much skills the person has, it doesnâ&#x20AC;&#x2122;t show because the person works from the point of view that he/she is not appreciated and there is no point putting any effort. â&#x20AC;&#x153;I have had the opportunity of training teachers in the public sector. I have done that over the years and one of the things they keep saying is that â&#x20AC;&#x2DC;all these things you are saying how do we do them with about 80 or 150 students in the classâ&#x20AC;&#x2122;. So they are demotivated by the system even when they want to do something. So I think that generally government ought to give a lot of attention, they need to build more schools, more classrooms so that one teacher does not teach 80 students, there is very little he can do in a room that is meant for 30 students.â&#x20AC;? Asked how the school has maintained a culture of excellence over the years, the principal said: â&#x20AC;&#x153;Corona Secondary School is the only secondary school owned by the Corona Schools Trust Council. The council stands for world class education, the ownership structure is different, it does not have a proprietor so every Corona staff is a stakeholder. That is ingrained in our heads that whatever I do, I do for myself. And then it is a trust, no expense is spared in training the workforce; in providing facilities for the schools so there is this culture of continuous

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Oluwadamilola

improvement. â&#x20AC;&#x153;That is a major reason why the secondary school has lasted this long. As at today, the people who have worked here for over 15 years are almost 50. So there is continuity that is quite remarkable. People who have been here from inception are here and it is not like one odd person, so attrition rate in Corona is very low. That continuity helps the school to maintain a tradition, a culture that whoever joins cannot dilute.â&#x20AC;? Asked why the school opted to teach German Language, Oluwadamilola, who has been with the school since 1993 said the world is a global village and because most of its students go abroad for their university education, and in the process of searching for universities abroad, the school realised that in Germany there is quality education with little or no tuition fees, but language is a big barrier. â&#x20AC;&#x153;They have schools that teach in English but you have to speak the language to live with them.â&#x20AC;? According to her, the German teacher established a rapport with officials of the institut and after several correspondence with the school, they visited the school to inspect facilities on ground and then they came up with the MoU. â&#x20AC;&#x153;They have sent many materials to teach German, ordered for equipment and furniture for language room for us. It is an initiative that stated in 2008 and other countries are benefiting from it, including schools in the US, Europe because it gives the students the opportunity of getting into good schools, getting scholarship offers, going for excursions, teacher exchange programmes and a whole lot.â&#x20AC;? Commenting on the standard of education in the country and the role of education inspectors in improving teacher quality,

â&#x20AC;&#x2DC;MOTâ&#x20AC;&#x2122;Watchful for Male Teachers

the principal regretted that education inspectors are almost always behind the time. â&#x20AC;&#x153;They ask questions about things that no longer exist so we try and explain what we are doing. You canâ&#x20AC;&#x2122;t be inspecting people with the aim of raising and maintaining standards and you are like two decades behind. So yes they come but for a school like Corona, they make no difference. They feel intimidated so they donâ&#x20AC;&#x2122;t have anything to ask. â&#x20AC;&#x153;Inspectors should get up to date education, but they are battling with so many things and that may not happen until the government takes a strong grip on education.â&#x20AC;? She maintained that if inspectors are diligent and have integrity, there are so many schools that should never exist. â&#x20AC;&#x153;One of my dreams is that one day, there will be a thorough cleansing of the education sector just like the banking sector by Soludo. When that is done, more than 80 per cent of private schools will close; they donâ&#x20AC;&#x2122;t have qualified teachers, facilities; we have schools sharing compound with mechanics; we have traders setting up schools and all sorts of things.â&#x20AC;? While reliving some of her memorable moments in the school, Oluwadamilola, said getting students to score A* in about seven subjects or having a student score100 per cent in mathematics, physics, biology, chemistry in an external exam is amazing. â&#x20AC;&#x153;When students have been taught so much that they finish everything they can find for Oâ&#x20AC;&#x2122; Level and they start studying Aâ&#x20AC;&#x2122; Level stuff, that is mind boggling.â&#x20AC;? On how the school instils discipline in the students, she students all forms of distraction are eliminated and the students are always busy with school

work, extracurricular activities or community service. She cited an example of how she had directed one of the photography students to record proceedings of an event held at the school on a weekend to be shown at the assembly ground for those that did not witness it. But the student reported back that a teacher seized the laptop he was using because he was doing it at the wrong time despite the fact that the assignment was given by the principal.â&#x20AC;? In terms of supporting public schools, she highlighted some of the activities of the students in a number of public schools in the community to include donation of books, construction of classroom block, science laboratory, home economics laboratory, toilets, sinking of bore hole, donation of furniture, among others. â&#x20AC;&#x153;We donâ&#x20AC;&#x2122;t encourage students to call their parents to write a cheque, for their community service, what we do is the students will use part of their pocket money. They come up with what they can do to earn money, sometimes they come up with car washing, they wash our cars and we pay or they come up with a movie so staff will buy tickets or mufti day, for instance on such days I will wear a T-shirt and jeans and we pay them to wear it. On visiting days they sell things. They make us go to the market and buy all sorts of things and parents will buy so they raise money. That way, they take ownership of the projects.â&#x20AC;? On the future plan of the school, she said â&#x20AC;&#x153;we are open to opportunities, innovations; we are open to things we can do that will help our students be better equipped for life outside school. And so since we are on the look-out, there definitely will be new things.â&#x20AC;?

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Ă&#x2039;Ă&#x2DC; Ă&#x2039;Ă&#x17D;Ă Ă?Ă&#x153;Ă?Ă? Ă?Ă?Ă?Ă?Ă?Ă&#x17E; Ă&#x2122;Ă&#x2DC; Ă&#x17E;Ă&#x2019;Ă? Ă&#x2122;Ă Ă?Ă&#x153;Ă&#x2039;Ă&#x2013;Ă&#x2013; Ă&#x2019;Ă?Ă&#x2039;Ă&#x2013;Ă&#x17E;Ă&#x2019; Ă&#x2122;Ă? Ă&#x2039;Ă&#x2DC;ĂŁ Ă&#x201C;Ă&#x2DC;Ă&#x17D;Ă&#x201C;Ă Ă&#x201C;Ă&#x17D;Ă&#x;Ă&#x2039;Ă&#x2013;Ë&#x203A; Having regular check-ups Ă&#x2122;Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă?Ă&#x2122;Ă&#x153; Ă&#x153;Ă?Ă&#x2018;Ă&#x;Ă&#x2013;Ă&#x2039;Ă&#x153; Ă?Ă&#x2019;Ă?Ă?Ă&#x2022;Ě&#x2039;Ă&#x;Ă&#x161; Ă&#x201C;Ă? Ă&#x2013;Ă&#x201C;Ă&#x2022;Ă? Ă&#x17E;Ă&#x2039;Ă&#x2022;Ă&#x201C;Ă&#x2DC;Ă&#x2018; ĂŁĂ&#x2122;Ă&#x;Ă&#x153; Ă?Ă&#x2039;Ă&#x153; Ă?Ă&#x2122;Ă&#x153; Ă&#x17E;Ă&#x2019;Ă? Ă&#x2014;Ă&#x2039;Ă&#x2DC;Ă&#x17D;Ă&#x2039;Ă&#x17E;Ă&#x2122;Ă&#x153;ĂŁ Ă&#x2122;Ă? Ă?Ă&#x2039;Ă&#x153;Ě&#x2039;Ă?Ă?Ă&#x153;Ă Ă&#x201C;Ă?Ă?Ë&#x203A; Ă&#x17E; Ă&#x201C;Ă? 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Ă?Ă&#x2122;Ă&#x153; Ă&#x2122;Ă&#x152;Ă?Ă?Ă&#x201C;Ă&#x17E;ĂŁË&#x153; Ă&#x152;Ă&#x2013;Ă&#x2122;Ă&#x2122;Ă&#x17D; Ă&#x161;Ă&#x153;Ă?Ă?Ă?Ă&#x;Ă&#x153;Ă? Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă?Ă&#x;Ă&#x2018;Ă&#x2039;Ă&#x153;Ë&#x153; Ă?Ă&#x2019;Ă&#x2122;Ă&#x2013;Ă?Ă?Ă&#x17E;Ă?Ă&#x153;Ă&#x2122;Ă&#x2013;Ë&#x153; Ă&#x17D;Ă&#x201C;Ă&#x2039;Ă&#x152;Ă?Ă&#x17E;Ă?Ă?Ë&#x153; Ă?Ă?âĂ&#x;Ă&#x2039;Ă&#x2013;Ă&#x2013;ĂŁ Ă&#x17E;Ă&#x153;Ă&#x2039;Ă&#x2DC;Ă?Ă&#x2014;Ă&#x201C;Ă&#x17E;Ă&#x17E;Ă?Ă&#x17D; Ă&#x17D;Ă&#x201C;Ă?Ă?Ă&#x2039;Ă?Ă?Ă?Ë&#x153; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă&#x161;Ă&#x153;Ă&#x2122;Ă?Ă&#x17E;Ă&#x2039;Ă&#x17E;Ă? Ă?Ă&#x2039;Ă&#x2DC;Ă?Ă?Ă&#x153; Ă&#x2039;Ă&#x153;Ă? Ă?Ă?Ă?Ă?Ă&#x2DC;Ă&#x17E;Ă&#x201C;Ă&#x2039;Ă&#x2013;Ë&#x203A; Ă&#x2122;Ă&#x153; Ă&#x2014;Ă?Ă&#x2DC; Ă&#x2122;Ă Ă?Ă&#x153; Ă&#x17E;Ă&#x2019;Ă? Ă&#x2039;Ă&#x2018;Ă? Ă&#x2122;Ă? Ͳ͎Ë&#x153; Ă?Ă&#x2039;Ă&#x2DC;Ă?Ă?Ă&#x153; Ă&#x161;Ă&#x2122;Ă&#x161;Ă&#x;Ă&#x2013;Ă&#x2039;Ă&#x153;Ă&#x2013;ĂŁ Ă&#x17D;Ă?Ă Ă?Ă&#x2013;Ă&#x2122;Ă&#x161;Ă? Ă&#x201C;Ă&#x2DC; Ă&#x17E;Ă&#x2019;Ă? Ă&#x2014;Ă&#x2039;Ă&#x2013;Ă? Ă&#x153;Ă?Ă&#x161;Ă&#x153;Ă&#x2122;Ă&#x17D;Ă&#x;Ă?Ă&#x17E;Ă&#x201C;Ă Ă? Ă&#x2018;Ă&#x2013;Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ě&#x2039; Ă&#x153;Ă&#x2122;Ă?Ă&#x17E;Ă&#x2039;Ă&#x17E;Ă?Ě&#x2039; Ă&#x17D;Ă&#x;Ă? Ă&#x17E;Ă&#x2122; Ă&#x2039; Ă&#x2DC;Ă&#x;Ă&#x2014;Ă&#x152;Ă?Ă&#x153; Ă&#x2122;Ă? Ă&#x153;Ă?Ă&#x2039;Ă?Ă&#x2122;Ă&#x2DC;Ă?Ë&#x203A; Ă&#x2DC; Ă&#x2039;Ă?Ă&#x17E;Ă&#x201C;Ă Ă? Ă?Ă?âĂ&#x;Ă&#x2039;Ă&#x2013; Ă&#x2013;Ă&#x201C;Ă?Ă? Ă&#x17E;Ă&#x2122;Ă&#x2122; Ă&#x201C;Ă? Ă&#x201C;Ă&#x2014;Ě&#x2039; Ă&#x161;Ă?Ă&#x153;Ă&#x2039;Ă&#x17E;Ă&#x201C;Ă Ă? Ă?Ă&#x2122;Ă&#x153; Ă&#x2018;Ă&#x2122;Ă&#x2122;Ă&#x17D; Ă&#x2019;Ă?Ă&#x2039;Ă&#x2013;Ă&#x17E;Ă&#x2019;Ë&#x203A; Ă&#x2039;Ă&#x2DC;Ă&#x2039;Ă&#x2018;Ă&#x201C;Ă&#x2DC;Ă&#x2018; ĂŁĂ&#x2122;Ă&#x;Ă&#x153; Ă?Ă&#x17E;Ă&#x153;Ă?Ă?Ă? Ă&#x2013;Ă?Ă Ă?Ă&#x2013;Ă? ĂĄĂ&#x201C;Ă&#x17E;Ă&#x2019; Ă&#x17E;Ă&#x2019;Ă? Ă&#x2019;Ă?Ă&#x2013;Ă&#x161; Ă&#x2122;Ă? ĂŁĂ&#x2122;Ă&#x;Ă&#x153; Ă?Ă&#x2039;Ă&#x2014;Ă&#x201C;Ă&#x2013;ĂŁ Ă&#x2039;Ă&#x2DC;Ă&#x17D; Ă?Ă&#x153;Ă&#x201C;Ă?Ă&#x2DC;Ă&#x17D;Ă? Ă&#x2019;Ă&#x2039;Ă? Ă&#x161;Ă&#x153;Ă&#x2122;Ă Ă?Ă&#x2DC; Ă&#x17E;Ă&#x2122; Ă&#x152;Ă? Ă&#x2039;Ă&#x2DC; Ă?Ă?Ă?Ă?Ă?Ă&#x17E;Ă&#x201C;Ă Ă? Ă&#x17E;Ă&#x2122;Ă&#x2122;Ă&#x2013; Ă&#x17E;Ă&#x2122; Ă&#x2022;Ă?Ă?Ă&#x161; Ă&#x17D;Ă?Ă&#x161;Ă&#x153;Ă?Ă?Ă?Ă&#x201C;Ă&#x2122;Ă&#x2DC; Ă&#x2039;Ă&#x17E; Ă&#x152;Ă&#x2039;ĂŁË&#x203A; Ă&#x2019;Ă&#x2039;Ă&#x161;Ă&#x161;ĂŁ Ă&#x2013;Ă&#x201C;Ă?Ă? ĂĄĂ&#x201C;Ă&#x17E;Ă&#x2019; ĂĄĂ&#x2039;ĂŁĂ? Ă&#x17E;Ă&#x2122; Ă&#x17D;Ă?Ě&#x2039;Ă?Ă&#x17E;Ă&#x153;Ă?Ă?Ă? ĂŁĂ&#x2122;Ă&#x;Ă&#x153;Ă?Ă?Ă&#x2013;Ă? Ă?Ă&#x2122;Ă&#x2014;Ă&#x152;Ă&#x201C;Ă&#x2DC;Ă?Ă&#x17D; ĂĄĂ&#x201C;Ă&#x17E;Ă&#x2019; Ă&#x17E;Ă&#x2019;Ă? Ă&#x2039;Ă&#x152;Ă&#x2122;Ă Ă? Ă&#x17E;Ă&#x201C;Ă&#x161;Ă? ĂĄĂ&#x2122;Ă&#x;Ă&#x2013;Ă&#x17D; Ă&#x17D;Ă?Ă?Ă&#x201C;Ă&#x2DC;Ă&#x201C;Ă&#x17E;Ă?Ă&#x2013;ĂŁ Ă&#x2019;Ă?Ă&#x2013;Ă&#x161; ĂŁĂ&#x2122;Ă&#x; Ă&#x2013;Ă?Ă&#x2039;Ă&#x17D; Ă&#x2019;Ă?Ă&#x2039;Ă&#x2013;Ă&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x153; Ă&#x2013;Ă&#x201C;Ă?Ă?Ë&#x203A;

Ě&#x2039; Omoru writes from the UK

35

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

ICPC Takes Fight against Corruption to Secondary Schools Okon Bassey in Uyo Students in public and private schools across the country have been urged to join anticorruption clubs in their schools in order to fight corruption now posing as a threat to the advancement of the nation. The Chairman of the Independent Corrupt Practices and other Related Offences Commission (ICPC), Mr. Bako Abdullahi made the call at the State College, Ikot Ekpene, during the inauguration of the anti-corruption clubs for public secondary schools in Ikot Ekpene Senatorial District, Akwa Ibom State. Abdullahi, who was represented by the Akwa Ibom Zonal Officer, Ibrahim Alkali, said the establishment of the clubs in public schools was initiated because of the recognition of

the important role youths could play in the war against endemic corruption in the country. â&#x20AC;&#x153;The ICPC recognises you as a major stakeholder in the war against endemic corruption. As youths, you are endowed with the ability to make people accept new social standards and influence the general public to accept them. â&#x20AC;&#x153;If young men and women like you shun corrupt behaviours and mobilise others to do same, the nation will be better for it as it will go a long way towards the enthronement and institutionalisation of integrity, transparency, accountability and sound moral values in our country. â&#x20AC;&#x153;As the leaders of tomorrow, make a personal declaration today to shun corruption as your own contribution to the survival of this country. Total

elimination of corruption in a society may be difficult to achieve, yet it is possible to build or evolve a society where the level of corruption would be very minimal.â&#x20AC;? In a paper â&#x20AC;&#x2DC;The Imperative of Anti-corruption Clubs in Schoolsâ&#x20AC;&#x2122;, the Zonal Commissioner South-south, Mr. Henry Emore, represented by Hassan Gadu, said corrupt practices in Nigerian schools has reached embarrassing heights, hence the need to form anti-corruption clubs in schools. â&#x20AC;&#x153;Vices such as examination malpractices, sometimes aided and abetted by parents, cultism, sexual abuse, extortion, assault, on teachers by students, parents and of students by teachers have become the order of the day. â&#x20AC;&#x153;This phenomenon is to say the least a threat to the effectiveness of the fight against

corruption because such bad products of the education system pollute society rather than refine it. â&#x20AC;&#x153;Anti-corruption clubs in schools can check these corrupt practices by both students and teachers. By the time the club is able to keep proper watch of developments in its environment and instantly report corrupt practices to schoolâ&#x20AC;&#x2122;s authorities or the ICPC, the club would have achieved part of its aims and objectives. â&#x20AC;&#x153;A corrupt society holds no future for its youths as there will be no sound education and no gainful employment. It is therefore incumbent on the youths to fight corruption to a standstill in order to make sure that the leaders of today do not bequeath to them a bleak future. He urged members of the

club to always report corrupt practices to their school authorities, adding that students should feel free to approach the commission as quickly as possible where the school authorities fail to take appropriate action. As a means of encouragement, he added that the commission would provide adequate protection for members of the club against possible victimization by teachers, school management or fellow students. In his remarks, the Commissioner for Education, Professor Victor Inoka, represented by Director Educational Development Services (EDS), Mr. Idongesit Etuk, lauded the ingenuity of the ICPC for the initiative of mobilizing youths to fight against corruption in the society. He said the state government through the ministry of

education gave approval for the establishment of the anticorruption clubs to selected secondary schools and that it hopes to extend it to all secondary schools across the state in the near future â&#x20AC;&#x153;The formation of this anti-corruption clubs in our schools has come at the right time since the exercise is aimed at catching them young in the anti-corruption crusade and also of increasing studentsâ&#x20AC;&#x2122; awareness on anti-corruption activities and effects of corruption in the country. â&#x20AC;&#x153;My advice to all students, teachers, principals and indeed all schools is for you to ensure that these clubs we are inaugurating should not be allowed to go into extinction in our schools, but should rather grow and create the expected impact in our schools and society.â&#x20AC;?

UNILAG Set to Provide Low Cost Electricity for the Masses The University of Lagos (UNILAG) has said it will soon provide access to energy that will be cost effective for the society. The Director, Research and Innovation, Prof. Wellington Oyibo, who disclosed this in Lagos, said the development is coming after the ground breaking research output of the clinical assessment of the urine malaria test by the university, which is currently in the market. He said the institution is already at an advanced stage of coming up with solution to the problem of inadequate power supply among many others. â&#x20AC;&#x153;We are at an advanced stage of validating other non-evasive samples that is, non-blood materials and we are on top of that currently. â&#x20AC;&#x153;This means too that with focus, commitment and with the support the university is providing, we are sure to get to where we intend to get to in terms of research, development and innovation and in terms of what is needed for our people and what is improving upon what is available already. â&#x20AC;&#x153;Again we are looking at ways we can create access to products in a cost effective

manner. For example, we have colleagues in the energy space here and in the course of carrying out their research, we told them that we want people to have access to energy which must be cost effective. â&#x20AC;&#x153;If you should compute how much it takes for you to run a generating set every day and you put the amount together, you will discover that what you have spent in buying fuel in just a week could actually provide you electricity for one year.â&#x20AC;? The don said the team of researchers are not just talking about alternative source, but low cost access to energy in the university. â&#x20AC;&#x153;A number of all these developments have gone through the proof of concept prototype and they are being reviewed.â&#x20AC;? Oyibo said a number of these are also currently going through material reductions in an effort to see that it is low cost and so from the proof of concept, one can do something that works. â&#x20AC;&#x153;Now, if this works for perhaps N100,000, we also want to see how we can bring it down to N10,000 and N5,000 so that it can be affordable and accessible. â&#x20AC;&#x153;

Stakeholders Commend Unilever on Heroes for Change Initiative Stakeholders at the launch of Heroes for Change initiative by Unilever Nigeria Plc have commended the organisation for creating such a unique platform for Nigerian youths to contribute their quota to community development. â&#x20AC;&#x2DC;Heroes for Changeâ&#x20AC;&#x2122; is a social mission volunteer programme anchored on the Unilever Sustainable Living Plan (USLP). The programme recruits, teaches and empowers undergraduates and National Youth Service Corps (NYSC) members to contribute to the society by volunteering to teach in Unilever social mission programmes with focus on health and well-being in their communities. Speaking at the launch, the Chairman of First Bank, Nigeria, Ibukun Awosika,

charged the youths to use the platform to rise to make a difference in their communities and beyond. â&#x20AC;&#x153;The success of project Nigeria is one that should concern everyone, particularly the youths who make up a sizeable portion of our population and are the most active, creative and passionate. The Nigeria of your dream is only possible when you defy the odds and take a step to making a change with your talent, efforts, passion and energy.â&#x20AC;? Also speaking, the Executive Vice-President, Unilever Ghana-Nigeria, Yaw Nsarkoh, said, â&#x20AC;&#x153;the Heroes for Change initiative is one of the ways we demonstrate our simple objective of making sustainable living commonplace.

From left:The Lagos State Deputy Governor, Dr. Idiat Adebule, with winners of the 2017 current affairs quiz competition held recently

LASU Alumni 1990 Set Reunite, Charges Parents on Investment in Education

LBS Begins Construction of Gamaliel Onosode Mgt Research Centre

Peace Obi

The Lagos Business School (LBS) has commenced the construction of the International Management Research Centre (IMRC) to be named after the late Nigerian technocrat and administrator, Gamaliel Onosode. To mark the occasion, a sod-turning ceremony was held at the centreâ&#x20AC;&#x2122;s construction premises at LBS recently. The school received a generous donation from the Onosode family, on behalf of the Gamaliel and Susan Onosode Foundation (GAMSU) for the project. The foundation is a non-profit and non-political organisation set out to provide the enabling environment for the success of the Nigerian child through innovative and flexible learning opportunities. At the ceremony, the Vice-Chancellor, Pan-Atlantic University, Professor Juan Elegido, commended the Onosode family for its commitment to the project and expressed delight at the values the deceased represents. â&#x20AC;&#x153;Onosodeâ&#x20AC;&#x2122;s commitment to professional ethics and excellence are the reason why we are gathered here to erect this

Twenty-seven years after graduating from the Lagos State University (LASU), the alumni class of 1990 recently held its maiden reunion party in Lagos. Tagged â&#x20AC;&#x2DC;Meet and Greetâ&#x20AC;&#x2122;, the planning committee said the event was organised to bring the members together and to chart the way forward towards the execution of the various programmes and projects the group intends to embark on. In a chat with THISDAY, the Coordinator of the group, Mr. Lanre Bajulaiye said though they are members of the national body of the institutionâ&#x20AC;&#x2122;s alumni, there is need to build a social network that would not only make a positive impact on members and their families, but also to give back to their alma mater and the society. He said the class of 1990 is set to collaborate with the institution in achieving its set goals, adding that the members would conduct a needs assessment before embarking on any project. â&#x20AC;&#x153;We just thought it wise to come together and we intend to take it to our colleagues in

the diaspora, so that we can have different chapters. â&#x20AC;&#x153;We have in our midst people who have made their marks in the society today. The essence is to empower ourselves, our alma mater and the student body through network. We will be looking at things that are very germane to the development of our school. â&#x20AC;&#x153;Presently, we have a very dynamic vice-chancellor so we will interact and interface with the school authorities as well as the students to know the schoolâ&#x20AC;&#x2122;s areas of need. We will be looking at things that will make impact, like scholarships, capacity building, projects, among others.â&#x20AC;? Bajulaiye added that the way to build a better society is for stakeholders to critically look into the education sector; increase investment and become more responsible to their duties. Calling on parents and teachers to shun malpractices in the system, he urged parents to get more involved in the education of their children. â&#x20AC;&#x153;What I have discovered is that most of the times, the blame is put on the children. Meanwhile, some parents donâ&#x20AC;&#x2122;t even know what is happening to their children.

research facility that would add value to our faculty and in turn immortalise him.â&#x20AC;? The Chairman of GAMSU, Mr. Joseph Ajekigbe said LBS is an institution noted for excellence and commitment to adding value to the society, hence it deserves such a research centre that would project the vision of the late administrator. â&#x20AC;&#x153;We are happy to be worthy partners with the LBS on this project and we are sure the institutionâ&#x20AC;&#x2122;s unique ways of doing things is in line with Onosodeâ&#x20AC;&#x2122;s vision.â&#x20AC;? He thanked the Onosode family for its commitment to the project and promised that users of the research facility would be happier when the project is completed. On his part, Mr. Ese Onosode reaffirmed his fatherâ&#x20AC;&#x2122;s commitment to the completion of the project and assured the institution of his familyâ&#x20AC;&#x2122;s efforts to bring the project to fruition. â&#x20AC;&#x153;We are happy to share my fatherâ&#x20AC;&#x2122;s vision with LBS and to witness the start of the project and pledge our continuous support till the very end.â&#x20AC;? He also expressed confidence at the LBS, describing it as a brand to be associated with.

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CITYSTRINGS Harvest of Criminals in Anambra

Ă?Ă&#x17E;Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă?Ă&#x2039;Ă&#x17E;Ă&#x;Ă&#x153;Ă?Ă? Ă&#x17D;Ă&#x201C;Ă&#x17E;Ă&#x2122;Ă&#x153;Ë? Ă&#x2019;Ă&#x2039;Ă&#x153;Ă&#x2013;Ă?Ă? Ă&#x201D;Ă&#x;Ă&#x2DC;ĂĄĂ&#x2039; Ă&#x2014;Ă&#x2039;Ă&#x201C;Ă&#x2013; Ă?Ă&#x2019;Ă&#x2039;Ă&#x153;Ă&#x2013;Ă?Ă?Ë&#x203A;Ă&#x2039;Ă&#x201D;Ă&#x;Ă&#x2DC;ĂĄĂ&#x2039;ĚśĂ&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x17D;Ă&#x2039;ĂŁĂ&#x2013;Ă&#x201C;Ă Ă?Ë&#x203A;Ă?Ă&#x2122;Ă&#x2014;

Anambra State Commissioner of Police, Mr. Garba Umar, has made good his promise to flush out criminal elements from all the nooks and crannies of the state, writes David-Chyddy Eleke

A

nambra State since the coming of the incumbent governor, Chief Willie Obiano, prides itself as one of the safest states in Nigeria, but the coming of the state Police Commissioner, Mr. Garba Umar has given great bite to the claim. Though Umar admits that he inherited a state where crime rate was minimal, but upon his assumption of office in July, 2017, he vowed to fight crime with a new strategy using his men as tools for the job. In July, Umar who announced his arrival in the state to journalists with the parading of about 100 criminals; the highest number of crime suspects to be paraded at once in the state said that he was in Anambra to build on the existing peace in the state. He warned criminal elements in the state to get ready for trouble if they will not turn a new leaf. The police boss told journalists that the parading of the large number of criminal suspects was evidence of what to expect in the near future as he and his men had already carried out a survey which had revealed to the command some of the areas that can be considered as flash points in the state, saying that strategies have been mapped out to tackle them. Coming just four months before the just concluded Anambra governorship election may look ordinarily like a punitive transfer for CP Umar. This is because Anambra has made a name for itself as one state where policing is a very difficult task; especially during elections where billionaire and millionaire politicians and their godfathers are always ready to spend whatever it cost to gain power, and part of the strategy was to compromise the security apparatus of the state, while young men were used as thugs to overrun the state. The commissioner in a recent interview with THISDAY however punctured the belief that policing Anambra and its large array of moneybags was very difficult. He rather said that all that was required to police Anambra effectively was thorough planning and religious execution of plans. He admitted that he always thought Anambra a difficult state to police until his posting. He added that the huge task of planning and analysing crime pattern in the state helped him. "Policing here is easy. If someone tells you it is difficult, then it is not the truth. If you find it difficult, it means that you do not have the strategy, but when you have the strategy, it will be easy for you. The strategy is what I am adopting, like we have what we call patrol teams, these patrol teams, at times they have what they call sector commander, and there is no central body that commands, regularise or supervise and disseminate information. I formed that kind of habit, that is what is called checks and balances.â&#x20AC;? The success of the Anambra governorship election which has been reverberating in the country has seen security agencies taking their own glory, but months before the governorship election, the commissioner had told journalists that he was aware of the risk posed by men of the Indigenous People of Biafra(IPOB) who were bent on scuttling the poll. The police in Anambra State had first

The paraded criminals

Towards the build up to the Anambra governorship election, no fewer than 120 suspected robbers, cultists, child trafďŹ cking syndicates among others were arrested

announced upon the proscription of the Indigenous People of Biafra that it would not tolerate any meeting of the group, saying that it would enforce the proscription order to the letter. The strict monitoring of the towns in the state culminated to the arrest of some members of the group and their printers who were printing posters and fliers in Onitsha, in the hope of sensitising the people to boycott the Anambra election. The fear instilled in the minds of members of the group helped to calm down their operations too. What is more heartwarming to an average

Anambra indigene is the reduction in crime rate in the state. Though Onitsha and environs remain big problems to crime fighting because of the cosmopolitan nature of the state, more so, as it habours residents of all strata. But, residents agree that there is a significant reduction in the rate of crime in the city, following operations of men of the Nigeria Police Force. For example, in September and October, towards the build up to the Anambra governorship election, no fewer than 120 suspected robbers, cultists, child trafficking syndicates among others were arrested.

Briefing journalists in one of the meetings to parade crime suspects, Umar said, â&#x20AC;&#x153;In order to further stem the tide of crime and criminality and make all Ndi-Anambra and other law abiding citizens in the state safe and secured, the Command has, during the period under review, sustained its crime prevention strategies relying on actionable intelligence and successfully cracked down on the following cases at various locations across the state. â&#x20AC;&#x153;On the 8th of July 2017 at about 1100hrs, Police detectives attached to Nnewi Division arrested one Oluchi Emeobi, female aged 24

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CITYSTRINGS

Look, tell Anambra people wherever they may be that this will be one of the most enjoyable Christmas in Anambra State in terms of security, and they should not waste time in coming back for the festive period to enjoy themselves. We intend to give them the best and they will get the best this year

Other paraded criminals

years of Nnewi Ichi of Nnewi LGA of Anambra State. Suspect conspired with her friend one Nchedochi Richard, female aged 26 years of the same address and sold her two months old baby to a woman popularly known as First Lady now at large. In order to conceal her dastardly act, the suspect reported at the Police Station under false pretense that she left her baby under the custody of a yet to be ascertained woman who absconded with the baby to unknown destination. Exhibits recovered from the principal suspect include; sum of two hundred and fifty thousand Naira (N250,000) cash and one motorcycle the suspect allegedly bought with part of the money realised from the sale of her baby. Case under investigation and effort is being intensified to arrest the fleeing suspect and recover the baby â&#x20AC;&#x153;On the 28th of June 2017, following intelligence report, police operatives attached to the Command Monitoring Unit arrested four man syndicate as follows: Rev. Pastor Raymond Igboanusi, male, aged 60 years of Oba Idemili South L.G.A. Angela Igboanusi, female, aged 42 years of the same address Obinigwe Josephine, female, aged 56 years of Obu-Agu Village, Agulu in Aniocha L.G.A of Anambra State. â&#x20AC;&#x153;Jacob Onwuegbu, male, aged 62 years of Obu-Agulu Village all in Anambra State. Suspects allegedly conspired and trafficked one Ifeanyi Odili, male, aged 10 years at the sum of three hundred thousand Naira (N300,00.00) only.â&#x20AC;? In one of its parade of criminals, the Anambra State Police Command has paraded 30 persons suspected to be members of criminal gangs including kidnappers, armed robbers and secret cultists who specialise in terrorising people around communities in the state. In another group paraded was a 26-year-old Army deserter, Ebeje Nnamdi who went on AWOL from 20 Mechanised Battalion, Taraba State who specialises in training armed robbers.

CP Anambra, Mr. Garba Umar...ďŹ&#x201A;ushing out criminals from their hideouts

Two of Ebejeâ&#x20AC;&#x2122;s trainees; Peter Ali and Ugwuokpe Nnaemeka who are members of a six-man gang that specialise in operating on motorcycles, robbing fuel stations and killing policemen were also arrested. Umar also announced the arrest of another set of armed robbers; Sunday Chigbo and Onyebuchi Eweani in Ogidi community who were arrested with arms and a bag consisting of properties

stolen from a victim. Three kidnap suspects; Chukwudi Nwabundo, Obiora Madubueze and Chinaza Udeezue, members of a kidnap gang were also arrested, and their victim, John Ifediora of Umuganagu Village in Oyi was rescued. The command also paraded 22 youths suspected to be cultists, ranging from 16 to 30 years who were rounded up at their meeting ground

in Nnewi, where they converged for initiation. They include members of Black Axe confraternity, Junior Vikings Confraternity, Ayees, Aro, Baggar and 2-2 cult groups. Speaking to THISDAY on how his command achieved the feat, Umar said, â&#x20AC;&#x153;The secret of these transformation as you have seen is as a result of hard work, dedication and the zeal of the personnel in the command to give the best. Much earlier when I took over, when you are dealing with your officers, you must be plain, and you must be seen as being above board in terms of discipline and ability to lead. So many other things, so no matter how little you have, show them that they are part of you and that you appreciate them and that you have the same calling, when you do that, you will see their cooperation.â&#x20AC;? The commissioner stated that his men were very highly efficient in fighting crime, but all that was needed was to associate with them and give them a sense of belonging and see them give all their best. He said, â&#x20AC;&#x153;What I am saying is that, when you discipline yourself, others will follow. I am a disciplined officer, and I believe in doing the right thing. I like my subordinates to learn from me. You know, a leader makes his subordinates, not the subordinates making the leader. When you say you are a leader, it is what they see you do that they do. You are like a mirror to them, and they do what you do. The officers here have seen me as a man of courage, honesty, sincerity, and a man that is not corrupt, and they follow it. If I were a corrupt officer, and I move from one house to the other, extorting from people and all that, they will also be looking, but they have seen that I am a contented person. â&#x20AC;&#x153;I told them that you do not need to have money to be contented. Contentment of the heart is what you need, no matter what you have, you must thank God for it. That is how I have changed the psyche of the officers and men of the Nigeria Police in this command. By making them to see right as right and wrong as wrong, and clearly they have seen that right is right and wrong is wrong. When it comes to work, I also make them to understand the need to work hard. I come to work at 7;30 a.m, and by 8a.m. I have started work and we close late and Iâ&#x20AC;&#x2122;m with them all the time, sometimes at 11 p.m. or 12a.m, and even at that, I also join them on patrol, and I ginger them, talk to them on the walkie talkie and tell them I am in so, so place, and so, so person is not there and these is what is called checks and balances, and as a leader if you do that you do not have problem. That is what we are doing in Anambra State.â&#x20AC;? Umar who recently resumed duties just after the Anambra governorship election when he was removed to ensure fairness has again reinstated his resolve to ensure that crime rate was contained. When reminded that after elections, arms in the hands of youths who were empowered by politicians for election usually jacks up crime rate, and that it is even bad this time that after the election comes Christmas, and the strategy the command intends to employ to continue to secure the state, Umar said, â&#x20AC;&#x153;We usually make ember months plans, which also include Christmas. Look, tell Anambra people wherever they may be that this will be one of the most enjoyable Christmas in Anambra State in terms of security, and they should not waste time in coming back for the festive period to enjoy themselves. We intend to give them the best and they will get the best this year.â&#x20AC;?

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Nigeria Daily Stock Market Report: Wednesday, December 6, 2017

THISDAY AFRINVEST 40 INDEX

ThisDay Afrinvest Index Gains 1.4% The ThisDay Afrinvest Index gained 1.4% yesterday to close at 1,525.52 points. YesterdayÍ&#x203A;Ć? Ć&#x2030;Ä&#x17E;Ć&#x152;ĨŽĆ&#x152;ĹľÄ&#x201A;ĹśÄ?Ä&#x17E; Ç Ä&#x201A;Ć? Ä?ƾŽÇ&#x2021;Ä&#x17E;Ä&#x161; Ä?Ç&#x2021; ĆľĆ&#x2030;Ć&#x;Ä?ĹŹĆ? Ĺ?Ĺś GUARANTY (+0.7%), NIGERIAN BREWERIES (+3.4%) and ZENITH (+0.6%) and DANGCEM ͞нϭÍ&#x2DC;ϳКͿ Ç Ĺ&#x161;Ĺ?Ä?Ĺ&#x161; Ä?ƾžƾůÄ&#x201A;Ć&#x;Ç&#x20AC;Ä&#x17E;ĹŻÇ&#x2021; Ä&#x201A;Ä?Ä?ŽƾŜĆ&#x161; ĨŽĆ&#x152; 52.2% of the index. The ThisDay Afrinvest Index has returned 52.6% YTD. Market Sustains Rally to Close at 37-Month HighÍ&#x2122; NSE ASI up 137bps dĹ&#x161;Ä&#x17E; ĹŻĹŻ ^Ĺ&#x161;Ä&#x201A;Ć&#x152;Ä&#x17E; /ĹśÄ&#x161;Ä&#x17E;Ç&#x2020; Íž ^/Íż Ä?ĹŻĹ˝Ć?Ä&#x17E;Ä&#x161; Ĺ?Ĺś Ć&#x161;Ĺ&#x161;Ä&#x17E; Ĺ?Ć&#x152;Ä&#x17E;Ä&#x17E;Ĺś ĨŽĆ&#x152; Ć&#x161;Ĺ&#x161;Ä&#x17E; ĎąĆ&#x161;Ĺ&#x161; Ä?ŽŜĆ?Ä&#x17E;Ä?ĆľĆ&#x;Ç&#x20AC;Ä&#x17E; Ä&#x161;Ä&#x201A;Ç&#x2021;Í&#x2022; Ć&#x152;Ĺ?Ć?Ĺ?ĹśĹ? Ď­Í&#x2DC;Ď°Đš Ć&#x161;Ĺ˝ Ć?Ä&#x17E;ĆŠĹŻÄ&#x17E; Ä&#x201A;Ć&#x161; ĎŻĎ´Í&#x2022;ϰϾϰÍ&#x2DC;Ď°ĎŻ Ć&#x2030;Ĺ˝Ĺ?ĹśĆ&#x161;Ć? â&#x20AC;&#x201C; a level last seen in KÄ?Ć&#x161;Ĺ˝Ä?Ä&#x17E;Ć&#x152; ĎŽĎŹĎ­Ď°Í&#x2DC; dĹ&#x161;ĆľĆ?Í&#x2022; zd Ć&#x152;Ä&#x17E;Ć&#x161;ĆľĆ&#x152;Ĺś ŽĨ Ć&#x161;Ĺ&#x161;Ä&#x17E; Ä?Ä&#x17E;ĹśÄ?Ĺ&#x161;ĹľÄ&#x201A;Ć&#x152;ĹŹ Ĺ?ĹśÄ&#x161;Ä&#x17E;Ç&#x2020; Ä&#x17E;Ç&#x2020;Ć&#x2030;Ä&#x201A;ĹśÄ&#x161;Ä&#x17E;Ä&#x161; Ć&#x161;Ĺ˝ Ď°ĎŻÍ&#x2DC;ĎŽĐš Ç Ĺ&#x161;Ĺ?ĹŻÄ&#x17E; ĹľÄ&#x201A;Ć&#x152;ĹŹÄ&#x17E;Ć&#x161; Ä?Ä&#x201A;Ć&#x2030;Ĺ?Ć&#x161;Ä&#x201A;ĹŻĹ?Ç&#x152;Ä&#x201A;Ć&#x;ŽŜ Ć&#x152;Ĺ˝Ć?Ä&#x17E; Ä?Ç&#x2021; EĎ­Ď´Ď­Í&#x2DC;ĎŹÄ?Ĺś Ć&#x161;Ĺ˝ Ä?ĹŻĹ˝Ć?Ä&#x17E; Ä&#x201A;Ć&#x161; EĎ­ĎŻÍ&#x2DC;Ď°Ä?ĹśÍ&#x2DC; ĹŻĆ&#x161;Ĺ&#x161;ŽƾĹ?Ĺ&#x161; Ć&#x161;Ĺ&#x161;Ä&#x17E; Ć&#x152;Ä&#x201A;ĹŻĹŻÇ&#x2021; Ç Ä&#x201A;Ć? Ä?Ć&#x152;Ĺ˝Ä&#x201A;Ä&#x161;-based, the dayÍ&#x203A;Ć? Ć&#x2030;Ĺ˝Ć?Ĺ?Ć&#x;Ç&#x20AC;Ä&#x17E; Ä?ĹŻĹ˝Ć?Ä&#x17E; Ä?Ä&#x201A;Ĺś Ä?Ä&#x17E; ĹŻÄ&#x201A;Ć&#x152;Ĺ?Ä&#x17E;ĹŻÇ&#x2021; Ä&#x201A;ĆŠĆ&#x152;Ĺ?Ä?ĆľĆ&#x161;Ä&#x17E;Ä&#x161; Ć&#x161;Ĺ˝ Ĺ?Ä&#x201A;Ĺ?ĹśĆ? Ĺ?Ĺś Ä?Ä&#x17E;ĹŻĹŻÇ Ä&#x17E;Ć&#x161;Ĺ&#x161;Ä&#x17E;Ć&#x152;Ć? - DANGCEM (+1.7%), NIGERIAN BREWERIES (+3.4%) GUARANTY (+0.7%) and ZENITH ͞нϏÍ&#x2DC;ϲКͿÍ&#x2DC; /Ĺś Ć&#x161;Ĺ&#x161;Ä&#x17E; Ć?Ä&#x201A;ĹľÄ&#x17E; Ç&#x20AC;Ä&#x17E;Ĺ?ĹśÍ&#x2022; Ä&#x201A;Ä?Ć&#x;Ç&#x20AC;Ĺ?Ć&#x161;Ç&#x2021; ĹŻÄ&#x17E;Ç&#x20AC;Ä&#x17E;ĹŻ Ĺ?ĹľĆ&#x2030;Ć&#x152;Ĺ˝Ç&#x20AC;Ä&#x17E;Ä&#x161; Ä&#x201A;Ć? Ç&#x20AC;ŽůƾžÄ&#x17E; Ä&#x201A;ĹśÄ&#x161; Ç&#x20AC;Ä&#x201A;ĹŻĆľÄ&#x17E; Ć&#x161;Ć&#x152;Ä&#x201A;Ä&#x161;Ä&#x17E;Ä&#x161; Ĺ?ĹśÄ?Ć&#x152;Ä&#x17E;Ä&#x201A;Ć?Ä&#x17E;Ä&#x161; Ď°Í&#x2DC;Ď°Đš Ä&#x201A;ĹśÄ&#x161; Ď­Ď´Í&#x2DC;ĎŻĐš Ć&#x161;Ĺ˝ ϹώώÍ&#x2DC;Ď°Ĺľ ƾŜĹ?Ć&#x161;Ć? Ä&#x201A;ĹśÄ&#x161; EĎłÍ&#x2DC;ĎąÄ?Ĺś Ć&#x152;Ä&#x17E;Ć?Ć&#x2030;Ä&#x17E;Ä?Ć&#x;Ç&#x20AC;Ä&#x17E;ĹŻÇ&#x2021;Í&#x2DC; Sector Performance Remains Mixed ^Ä&#x17E;Ä?Ć&#x161;Ĺ˝Ć&#x152; Ć&#x2030;Ä&#x17E;Ć&#x152;ĨŽĆ&#x152;ĹľÄ&#x201A;ĹśÄ?Ä&#x17E; Ć&#x152;Ä&#x17E;ĹľÄ&#x201A;Ĺ?ĹśÄ&#x17E;Ä&#x161; ĹľĹ?Ç&#x2020;Ä&#x17E;Ä&#x161; Ä&#x161;Ä&#x17E;Ć?Ć&#x2030;Ĺ?Ć&#x161;Ä&#x17E; Ć&#x161;Ĺ&#x161;Ä&#x17E; ĹľÄ&#x201A;Ć&#x152;ĹŹÄ&#x17E;Ä&#x161;ĹŻÇ&#x2021; Ć&#x2030;Ĺ˝Ć?Ĺ?Ć&#x;Ç&#x20AC;Ä&#x17E; ĹľÄ&#x201A;Ć&#x152;ĹŹÄ&#x17E;Ć&#x161; Ć&#x2030;Ä&#x17E;Ć&#x152;ĨŽĆ&#x152;ĹľÄ&#x201A;ĹśÄ?Ä&#x17E; Ä&#x201A;Ć? ĎŻ Ĺ?ĹśÄ&#x161;Ĺ?Ä?Ä&#x17E;Ć? Ä?ĹŻĹ˝Ć?Ä&#x17E;Ä&#x161; Ĺ&#x161;Ĺ?Ĺ?Ĺ&#x161;Ä&#x17E;Ć&#x152; Ä&#x201A;ĹśÄ&#x161; Ć&#x161;Ĺ&#x161;Ä&#x17E; Ĺ˝Ć&#x161;Ĺ&#x161;Ä&#x17E;Ć&#x152; ĎŽ indices trended southwards. The Consumer Good index led the 3 gainers, up 1.7% following sustained buying interest in NIGERIAN BREWERIES (+3.4%), DANSUGAR (+2.7%) and UNILEVER (+3.1%). The other 2 gainers - Ä&#x201A;ŜŏĹ?ĹśĹ? Ä&#x201A;ĹśÄ&#x161; /ĹśÄ&#x161;ĆľĆ?Ć&#x161;Ć&#x152;Ĺ?Ä&#x201A;ĹŻ 'ŽŽÄ&#x161;Ć? /ĹśÄ&#x161;Ĺ?Ä?Ä&#x17E;Ć? â&#x20AC;&#x201C; Ä&#x201A;Ä&#x161;Ç&#x20AC;Ä&#x201A;ĹśÄ?Ä&#x17E;Ä&#x161; Ď­Í&#x2DC;ĎŻĐš Ä&#x201A;ĹśÄ&#x161; Ď­Í&#x2DC;Ď­Đš ŽŜ Ć&#x161;Ĺ&#x161;Ä&#x17E; Ä?Ä&#x201A;Ä?ĹŹ ŽĨ Ć&#x2030;Ć&#x152;Ĺ?Ä?Ä&#x17E; Ä&#x201A;Ć&#x2030;Ć&#x2030;Ć&#x152;Ä&#x17E;Ä?Ĺ?Ä&#x201A;Ć&#x;ŽŜĆ? Ĺ?Ĺś UBA (+4.0%), GUARANTY (+0.7%), ZENITH (+0.6%) and DANGCEM ͞нϭÍ&#x2DC;ϳКͿÍ&#x2DC; KĹś Ć&#x161;Ĺ&#x161;Ä&#x17E; Ĺ&#x2021;Ĺ?Ć&#x2030;Ć?Ĺ?Ä&#x161;Ä&#x17E;Í&#x2022; Ć&#x161;Ĺ&#x161;Ä&#x17E; /ĹśĆ?ĆľĆ&#x152;Ä&#x201A;ĹśÄ?Ä&#x17E; Ĺ?ĹśÄ&#x161;Ä&#x17E;Ç&#x2020; Ç Ä&#x201A;Ć? Ä&#x161;Ć&#x152;Ä&#x201A;Ĺ?Ĺ?Ä&#x17E;Ä&#x161; ĎŹÍ&#x2DC;ϲК lower by losses in AIICO (-3.6%) and CONTINSURE (-5.0%), while the KĹ?ĹŻ Î&#x2DC; 'Ä&#x201A;Ć? Ĺ?ĹśÄ&#x161;Ä&#x17E;Ç&#x2020; Ć?Ĺ&#x161;Ä&#x17E;Ä&#x161; ĎŹÍ&#x2DC;Ď°Đš Ä&#x161;ĆľÄ&#x17E; Ć&#x161;Ĺ˝ Ć&#x2030;Ć&#x152;ŽĎĆ&#x161;-Ć&#x161;Ä&#x201A;ĹŹĹ?ĹśĹ? Ĺ?Ĺś FORTE (-ĎŻÍ&#x2DC;ϾКͿÍ&#x2DC;

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

Ticker

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

THISDAY AFRINVEST 40 1,525.52

1.44%

52.6%

52.6%

20.1%

6.3%

6.7x

0.8x

4.2%

11.7%

1

Guaranty Trust Bank PLC

43.00

0.7%

23.0%

73.6%

73.6%

26.0%

4.3%

8.9x

2.2x

4.8%

11.3%

2

Nigerian Brew eries PLC

138.00

3.4%

9.4%

-6.4%

-6.4%

18.9%

8.6%

32.9x

6.0x

2.7%

3.0%

3

Zenith Bank PLC

25.01

0.6%

13.0%

73.5%

73.5%

21.7%

3.2%

4.9x

1.0x

8.1%

20.4%

4

Dangote Cement PLC

250.00

1.7%

6.8%

-8.1%

-8.1%

30.4%

15.7%

17.0x

4.9x

3.5%

5.9%

0.0%

7.1%

72.9%

72.9%

78.4%

19.0%

34.7x

22.9x

1.9%

2.9%

5

Nestle Nigeria PLC

1,330.11

6

Access Bank PLC

10.13

1.3%

4.4%

-8.5%

-8.5%

15.1%

2.0%

4.0x

0.6x

6.5%

24.9%

7

United Bank for Africa PLC

10.20

4.0%

5.5%

76.9%

76.9%

17.2%

2.2%

4.3x

0.7x

7.6%

23.2%

8

FBN Holdings Plc

11.9x

0.4x

2.7%

8.4%

0.6x

3.7%

-20.9%

7.5x

2.0%

7.71

5.3%

4.7%

-4.5%

-4.5%

2.6%

0.3%

2.2%

9

Ecobank Transnational Inc

16.90

2.8%

75.1%

75.1%

-14.6%

-1.3%

10

Lafarge Africa PLC

49.80

0.0%

1.9%

-9.8%

-9.8%

47.1%

9.8%

11

SEPLAT Petroleum Development C

498.00

0.0%

1.8%

72.9%

72.9%

-12.4%

-6.7%

12

Unilever Nigeria PLC

42.95

3.1%

1.6%

-6.7%

-6.7%

50.3%

8.4%

25.7x

9.8x

0.2%

3.9%

13

Stanbic IBTC Holdings PLC

42.00

-1.3%

3.0%

71.6%

71.6%

28.7%

3.4%

9.8x

2.6x

1.4%

10.2%

14

Guinness Nigeria PLC

92.70

0.1%

1.2%

-9.7%

-9.7%

4.5%

1.4%

65.2x

3.2x

0.7%

1.5%

5.99

0.0%

1.3%

72.9%

72.9%

40.7%

4.2%

2.7x

0.6x

43.23

-3.9%

0.5%

-13.7%

-13.7%

44.3%

3.7%

11.4x

5.0x

72.9%

72.9%

32.6%

12.0%

8.1x

2.2x

4.5x

0.6x

22.5% -20.9%

15

Oando PLC

16

Forte Oil PLC

17

11 PLC

152.21

0.0%

0.4%

18

Total Nigeria PLC

240.00

0.8%

0.6%

-9.0%

-9.0%

37.3%

7.4%

8.9x

3.1x

2.5%

11.2%

19

Okomu Oil Palm PLC

67.22

0.0%

1.1%

72.9%

72.9%

37.4%

25.9%

9.0x

2.9x

2.2%

11.1%

20

UAC of Nigeria PLC

17.00

0.0%

0.6%

-9.8%

-9.8%

6.3%

2.2%

10.9x

0.7x

5.8%

9.2%

21

Conoil PLC

28.00

0.0%

0.4%

72.9%

72.9%

12.8%

3.5%

8.1x

1.1x

11.5%

12.3%

/ĹśÇ&#x20AC;Ä&#x17E;Ć?Ć&#x161;Ĺ˝Ć&#x152; ^Ä&#x17E;ĹśĆ&#x;ĹľÄ&#x17E;ĹśĆ&#x161; ^Ć&#x161;Ć&#x152;Ä&#x17E;ĹśĹ?Ć&#x161;Ĺ&#x161;Ä&#x17E;ĹśĆ?

22

Fidelity Bank PLC

2.15

4.4%

1.1%

-5.4%

-5.4%

8.0%

1.1%

1.8x

0.3x

6.8%

55.6%

/ĹśÇ&#x20AC;Ä&#x17E;Ć?Ć&#x161;Ĺ˝Ć&#x152; Ć?Ä&#x17E;ĹśĆ&#x;ĹľÄ&#x17E;ĹśĆ&#x161; Ä&#x201A;Ć? ĹľÄ&#x17E;Ä&#x201A;Ć?ĆľĆ&#x152;Ä&#x17E;Ä&#x161; Ä?Ç&#x2021; ĹľÄ&#x201A;Ć&#x152;ĹŹÄ&#x17E;Ć&#x161; Ä?Ć&#x152;Ä&#x17E;Ä&#x201A;Ä&#x161;Ć&#x161;Ĺ&#x161; Ć?Ć&#x161;Ć&#x152;Ä&#x17E;ĹśĹ?Ć&#x161;Ĺ&#x161;Ä&#x17E;ĹśÄ&#x17E;Ä&#x161; Ć&#x161;Ĺ˝ ĎŽÍ&#x2DC;Ď´Ç&#x2020; Ç Ä&#x17E;Ä&#x201A;ĹŹÄ&#x17E;ĹśÄ&#x17E;Ä&#x161; ͞ĨĆ&#x152;Žž ĎŹÍ&#x2DC;Ď´Ç&#x2020; Ä&#x201A;Ć&#x161; Ć&#x2030;Ć&#x152;Ä&#x17E;Ç&#x20AC;Ĺ?ŽƾĆ? Ä?ĹŻĹ˝Ć?Ä&#x17E;Íż Ç Ĺ?Ć&#x161;Ĺ&#x161; ĎŻĎ­ Ć?Ć&#x161;Ĺ˝Ä?ĹŹĆ? Ä&#x201A;Ä&#x161;Ç&#x20AC;Ä&#x201A;ĹśÄ?Ĺ?ĹśĹ? Ç&#x20AC;Ä&#x17E;Ć&#x152;Ć?ĆľĆ? Ď­Ď­ Ä&#x161;Ä&#x17E;Ä?ĹŻĹ?ĹśÄ&#x17E;Ć&#x152;Ć?Í&#x2DC; dĹ&#x161;Ä&#x17E; ŽƾĆ&#x161;Ć&#x2030;Ä&#x17E;Ć&#x152;ĨŽĆ&#x152;ĹľĹ?ĹśĹ? Ć?Ć&#x161;Ĺ˝Ä?ĹŹĆ? Ä&#x201A;Ć&#x152;Ä&#x17E; LEARNAFRCA ͞нϴÍ&#x2DC;ώКͿÍ&#x2022; CADBURY (+7.4%) and FCMB (+7.1%) while CONTINSURE (-5.0%), FORTE (-ĎŻÍ&#x2DC;ϾКͿ Ä&#x201A;ĹśÄ&#x161; AIICO (-3.6%) are the Ç Ĺ˝Ć&#x152;Ć?Ć&#x161; Ć&#x2030;Ä&#x17E;Ć&#x152;ĨŽĆ&#x152;ĹľĹ?ĹśĹ? Ć?Ć&#x161;Ĺ˝Ä?ĹŹĆ?Í&#x2DC; tĹ&#x161;Ĺ?ĹŻÄ&#x17E; Ç Ä&#x17E; ĹľÄ&#x201A;Ĺ?ĹśĆ&#x161;Ä&#x201A;Ĺ?Ĺś Ä&#x201A; Ć&#x2030;Ĺ˝Ć?Ĺ?Ć&#x;Ç&#x20AC;Ä&#x17E; ĹśÄ&#x17E;Ä&#x201A;Ć&#x152;-term ŽƾĆ&#x161;ůŽŽŏ ĨŽĆ&#x152; ĹľÄ&#x201A;Ć&#x152;ĹŹÄ&#x17E;Ć&#x161; Ä&#x161;ĆľÄ&#x17E; Ć&#x161;Ĺ˝ Ç&#x2021;Ä&#x17E;Ä&#x201A;Ć&#x152;-Ä&#x17E;ĹśÄ&#x161; Ć&#x2030;Ĺ˝Ć&#x152;Ć&#x17E;ŽůĹ?Ĺ˝ Ć&#x152;Ä&#x17E;-balancing by Ć&#x2030;Ĺ˝Ć&#x152;Ć&#x17E;ŽůĹ?Ĺ˝ ĹľÄ&#x201A;ĹśÄ&#x201A;Ĺ?Ä&#x17E;Ć&#x152;Ć?Í&#x2022; Ç Ä&#x17E; Ä&#x161;Ĺ˝ ŜŽĆ&#x161; Ć&#x152;ƾůÄ&#x17E; ŽƾĆ&#x161; Ć&#x2030;Ć&#x152;ŽĎĆ&#x161;-Ć&#x161;Ä&#x201A;ĹŹĹ?ĹśĹ? Ĺ?Ĺś Ć&#x161;ŽžŽĆ&#x152;Ć&#x152;Ĺ˝Ç Í&#x203A;s session by traders.

23

Dangote Sugar Refinery PLC

18.70

2.7%

1.3%

75.6%

75.6%

23.8%

10.3%

7.1x

3.1x

2.7%

14.1%

24

Flour Mills of Nigeria PLC

33.10

-1.2%

0.8%

-11.0%

-11.0%

10.4%

2.6%

8.5x

0.8x

3.0%

11.8%

3.75

0.0%

3.9x

0.7x

7.5%

Company in Focus: Union Bank of Nigeria Plc ÍžÍ&#x17E;UnionÍ&#x; or Í&#x17E;the BankÍ&#x;Íż hĹśĹ?ŽŜ Ä&#x201A;Ŝŏ ŽĨ EĹ?Ĺ?Ä&#x17E;Ć&#x152;Ĺ?Ä&#x201A; WĹŻÄ? ÍžÍ&#x17E;UnionÍ&#x; or Í&#x17E;Ć&#x161;Ĺ&#x161;Ä&#x17E; Ä&#x201A;ŜŏÍ&#x;Íż Ä?Ä&#x17E;Ĺ?Ä&#x201A;Ĺś Ĺ˝Ć&#x2030;Ä&#x17E;Ć&#x152;Ä&#x201A;Ć&#x;ŽŜĆ? Ĺ?Ĺś ϭϾϭϳ Ä&#x201A;ĹśÄ&#x161; Ć&#x152;Ä&#x17E;Ä?Ä&#x17E;ĹśĆ&#x161;ĹŻÇ&#x2021; Ä?Ä&#x17E;ĹŻÄ&#x17E;Ä?Ć&#x152;Ä&#x201A;Ć&#x161;Ä&#x17E;Ä&#x161; Ĺ?Ć&#x161;Ć? Ď­ĎŹĎŹĆ&#x161;Ĺ&#x161; Ä&#x201A;ŜŜĹ?Ç&#x20AC;Ä&#x17E;Ć&#x152;Ć?Ä&#x201A;Ć&#x152;Ç&#x2021; Ç Ĺ&#x161;Ĺ?ĹŻÄ&#x17E; Ä&#x201A;Ä&#x161;Ĺ˝Ć&#x2030;Ć&#x;ĹśĹ? the slogan of Í&#x17E;zŽƾĆ&#x152; ^Ĺ?ĹľĆ&#x2030;ĹŻÄ&#x17E;Ć&#x152; Ä&#x201A;ĹśÄ&#x161; ^ĹľÄ&#x201A;Ć&#x152;Ć&#x161;Ä&#x17E;Ć&#x152; Ä&#x201A;ŜŏÍ&#x;Í&#x2DC; On reaching its Ď­ĎŹĎŹĆ&#x161;Ĺ&#x161; Ä&#x201A;ŜŜĹ?Ç&#x20AC;Ä&#x17E;Ć&#x152;Ć?Ä&#x201A;Ć&#x152;Ç&#x2021; Ć&#x161;Ĺ&#x161;Ä&#x17E; Ä&#x201A;ŜŏÍ&#x203A;s main focus was to Í&#x17E;Celebrate, Impact and LeadÍ&#x; Ç Ĺ&#x161;Ĺ?ĹŻÄ&#x17E; Ä&#x17E;Ç&#x2020;Ć&#x2030;Ä&#x201A;ĹśÄ&#x161;Ĺ?ĹśĹ? Ĺ?Ć&#x161;Ć? Ć&#x2030;Ć&#x152;Ĺ˝Ä&#x161;ĆľÄ?Ć&#x161; Ć&#x2030;Ĺ˝Ć&#x152;Ć&#x17E;ŽůĹ?Ĺ˝Í&#x2DC; dĹ&#x161;Ä&#x17E; 'Ć&#x152;ŽƾĆ&#x2030; Ä?ĆľĆ&#x152;Ć&#x152;Ä&#x17E;ĹśĆ&#x161;ĹŻÇ&#x2021; Ä?ŽŜĆ?Ĺ?Ć?Ć&#x161;Ć? ŽĨ hĹśĹ?ŽŜ Ä&#x201A;Ŝŏ ŽĨ EĹ?Ĺ?Ä&#x17E;Ć&#x152;Ĺ?Ä&#x201A; WĹŻÄ? Ä&#x201A;ĹśÄ&#x161; hĹśĹ?ŽŜ Ä&#x201A;Ŝŏ h< WĹŻÄ? Ä&#x201A;Ĺ&#x152;Ä&#x17E;Ć&#x152; Ä&#x17E;ĹľÄ?Ä&#x201A;Ć&#x152;ĹŹĹ?ĹśĹ? ŽŜ Ä&#x201A; Ć?Ä&#x201A;ĹŻÄ&#x17E; ŽĨ Ĺ?Ć&#x161;Ć? Ć?ĆľÄ?Ć?Ĺ?Ä&#x161;Ĺ?Ä&#x201A;Ć&#x152;Ĺ?Ä&#x17E;Ć? Ĺ?Ĺś ĎŽĎŹĎ­Ď° Ĺ?Ĺś Ĺ˝Ć&#x152;Ä&#x161;Ä&#x17E;Ć&#x152; Ć&#x161;Ĺ˝ ĨŽÄ?ĆľĆ? ŽŜ Ä?Ĺ˝Ć&#x152;Ä&#x17E; Ä?Ä&#x201A;ŜŏĹ?ĹśĹ?Í&#x2DC; /Ĺś ώϏϭϲÍ&#x2022; Ć?Ĺ&#x161;Ä&#x201A;Ć&#x152;Ä&#x17E;Ĺ&#x161;ŽůÄ&#x161;Ä&#x17E;Ć&#x152;Ć? ŽĨ hĹśĹ?ŽŜ Ä?Ä&#x201A;Ŝŏ Ä&#x201A;ĆľĆ&#x161;Ĺ&#x161;Ĺ˝Ć&#x152;Ĺ?Ç&#x152;Ä&#x17E;Ä&#x161; Ć&#x161;Ĺ&#x161;Ä&#x17E; Ä?Ä&#x201A;Ŝŏ Ć&#x161;Ĺ˝ Ć&#x152;Ä&#x201A;Ĺ?Ć?Ä&#x17E; ĆľĆ&#x2030; Ć&#x161;Ĺ˝ EϹϏÍ&#x2DC;ĎŹÄ?Ĺś Ç&#x20AC;Ĺ?Ä&#x201A; Ä&#x201A; Ć&#x152;Ĺ?Ĺ?Ĺ&#x161;Ć&#x161;Ć? Ĺ?Ć?Ć?ĆľÄ&#x17E;Í&#x2DC; hĹśĹ?ŽŜ is currently rated Í&#x17E;BÍ&#x; Ä?Ç&#x2021; &Ĺ?Ć&#x161;Ä?Ĺ&#x161; Ć&#x152;Ä&#x201A;Ć&#x;ĹśĹ?Ć?Í&#x2DC; In UnionÍ&#x203A;Ć? ĎľDÍ&#x2014;ĎŽĎŹĎ­Ďł Ä&#x17E;Ä&#x201A;Ć&#x152;ĹśĹ?ĹśĹ?Ć? Ć&#x152;Ä&#x17E;Ć?ƾůĆ&#x161;Í&#x2022; Ć&#x2030;Ä&#x17E;Ć&#x152;ĨŽĆ&#x152;ĹľÄ&#x201A;ĹśÄ?Ä&#x17E; Ç Ä&#x201A;Ć? ĹŻÄ&#x201A;Ć&#x152;Ĺ?Ä&#x17E;ĹŻÇ&#x2021; unimpressive. Gross earnings grew 15.6% Y-o-z Ć&#x161;Ĺ˝ EĎ­ĎŹĎľÍ&#x2DC;ĎąÄ?Ĺś Ĺ?Ĺś ĎľDÍ&#x2014;ĎŽĎŹĎ­Ďł ĹŻÄ&#x201A;Ć&#x152;Ĺ?Ä&#x17E;ĹŻÇ&#x2021; ŽŜ Ć&#x161;Ĺ&#x161;Ä&#x17E; Ä?Ä&#x201A;Ä?ĹŹ ŽĨ Ĺ?ĹśĆ&#x161;Ä&#x17E;Ć&#x152;Ä&#x17E;Ć?Ć&#x161; Ĺ?ĹśÄ?ŽžÄ&#x17E; Ç Ĺ&#x161;Ĺ?Ä?Ĺ&#x161; Ć&#x152;Ĺ˝Ć?Ä&#x17E; ĎŽĎŽÍ&#x2DC;Ď°Đš zo-z Ć&#x161;Ĺ˝ EĎ´Ď´Í&#x2DC;ĎąÄ?ĹśÍ&#x2DC; ,Ĺ˝Ç Ä&#x17E;Ç&#x20AC;Ä&#x17E;Ć&#x152;Í&#x2022; Ä?Ĺ˝Ć?Ć&#x161; Ć&#x2030;Ć&#x152;Ä&#x17E;Ć?Ć?ĆľĆ&#x152;Ä&#x17E;Ć? Ç Ä&#x17E;Ĺ?Ĺ?Ĺ&#x161;Ä&#x17E;Ä&#x161; ŽŜ Ć&#x2030;Ć&#x152;ŽĎĆ&#x161;Ä&#x201A;Ä?Ĺ?ĹŻĹ?Ć&#x161;Ç&#x2021; Interest expense surged 271.6% Y-o-z Ć&#x161;Ĺ˝ EĎ°Ď­Í&#x2DC;ϲÄ?ĹśÍ&#x2022; Ç Ĺ&#x161;Ĺ?ĹŻÄ&#x17E; KĆ&#x2030;Ä&#x17E;Ć&#x152;Ä&#x201A;Ć&#x;ĹśĹ? expenses also rose 210.1% Y-o-z Ć&#x161;Ĺ˝ EĎ°ĎľÍ&#x2DC;ĎŹÄ?ĹśÍ&#x2DC; ZÄ&#x17E;Ć?ƾůĆ&#x161;Ä&#x201A;ĹśĆ&#x161;ĹŻÇ&#x2021;Í&#x2022; Ć&#x161;Ĺ&#x161;Ä&#x17E; Ä?Ä&#x201A;Ŝŏ Ć&#x152;Ä&#x17E;Ä?Ĺ˝Ć&#x152;Ä&#x161;Ä&#x17E;Ä&#x161; Ä&#x161;Ä&#x17E;Ä?ĹŻĹ?ĹśÄ&#x17E;Ć? Ĺ?Ĺś Ä?Ĺ˝Ć&#x161;Ĺ&#x161; W d Ä&#x201A;ĹśÄ&#x161; W dÍ&#x2022; Ä&#x161;Ĺ˝Ç Ĺś ĎŽÍ&#x2DC;Ď­Đš Ä&#x201A;ĹśÄ&#x161; Ď°Í&#x2DC;ϲК z-o-Y Ć&#x161;Ĺ˝ EĎ­ĎŻÍ&#x2DC;ĎŹÄ?Ĺś Ä&#x201A;ĹśÄ&#x161; EĎ­ĎŽÍ&#x2DC;Ď°Ä?Ĺś Ć&#x152;Ä&#x17E;Ć?Ć&#x2030;Ä&#x17E;Ä?Ć&#x;Ç&#x20AC;Ä&#x17E;ĹŻÇ&#x2021; Ĺ?Ĺś ĎľDÍ&#x2014;ĎŽĎŹĎ­ĎłÍ&#x2DC;

25

Custodian and Allied Insurance

0.4%

72.9%

72.9%

18.9%

7.6%

26

7 UP Bottling Co PLC

97.12

0.0%

0.3%

-9.8%

-9.8%

-56.7%

-13.9%

27

Julius Berger Nigeria PLC

28.00

0.0%

0.3%

72.9%

72.9%

-12.2%

-1.2%

1.21

7.1%

0.4%

-2.7%

-2.7%

3.8%

0.6%

3.3x

28

FCMB Group Plc

Ä&#x17E;Ć?Ć&#x2030;Ĺ?Ć&#x161;Ä&#x17E; Ĺ?Ć&#x161;Ć? ĹŻĹ˝Ç Ä&#x17E;Ć&#x152; Ć&#x161;Ĺ&#x161;Ä&#x201A;Ĺś Ä&#x17E;Ç&#x2020;Ć&#x2030;Ä&#x17E;Ä?Ć&#x161;Ä&#x17E;Ä&#x161; ĎľDÍ&#x2014;ĎŽĎŹĎ­Ďł Ä&#x17E;Ä&#x201A;Ć&#x152;ĹśĹ?ĹśĹ?Ć? Ć&#x152;Ä&#x17E;Ć?ƾůĆ&#x161;Í&#x2022; Ç Ä&#x17E; Ä&#x17E;Ç&#x2020;Ć&#x2030;Ä&#x17E;Ä?Ć&#x161; Ć&#x161;Ĺ&#x161;Ä&#x17E; Ä?Ä&#x201A;Ŝŏ Ć&#x161;Ĺ˝ Ć&#x161;Ä&#x201A;ĹŹÄ&#x17E; Ć?Ć&#x161;Ä&#x17E;Ć&#x2030;Ć? Ć&#x161;Ĺ˝ Ć&#x152;Ä&#x17E;Ä&#x161;ĆľÄ?Ä&#x17E; Ä?Ĺ˝Ć?Ć&#x161; Ć&#x2030;Ć&#x152;Ä&#x17E;Ć?Ć?ĆľĆ&#x152;Ä&#x17E;Ć? ŽŜ Ć&#x2030;Ć&#x152;ŽĎĆ&#x161;Ä&#x201A;Ä?Ĺ?ĹŻĹ?Ć&#x161;Ç&#x2021; Ĺ?Ĺś Ĺ˝Ć&#x152;Ä&#x161;Ä&#x17E;Ć&#x152; Ć&#x161;Ĺ˝ Ä?ŽŽĆ?Ć&#x161; Ć&#x2030;Ä&#x17E;Ć&#x152;ĨŽĆ&#x152;ĹľÄ&#x201A;ĹśÄ?Ä&#x17E; ĨŽĆ&#x152; &zÍ&#x2014;ĎŽĎŹĎ­ĎłÍ&#x2DC; &ĆľĆ&#x152;Ć&#x161;Ĺ&#x161;Ä&#x17E;Ć&#x152;žŽĆ&#x152;Ä&#x17E;Í&#x2022; Ä&#x201A;ĹŻĆ&#x161;Ĺ&#x161;ŽƾĹ?Ĺ&#x161; Ç Ä&#x17E; Ä&#x17E;Ç&#x2020;Ć&#x2030;Ä&#x17E;Ä?Ć&#x161; Ć&#x161;Ĺ˝ Ć?Ä&#x17E;Ä&#x17E; Ĺ?ĹľĆ&#x2030;Ć&#x152;Ĺ˝Ç&#x20AC;Ä&#x17E;ĹľÄ&#x17E;ĹśĆ&#x161;Ć? Ĺ?Ĺś Ć&#x161;Ĺ&#x161;Ä&#x17E; Ć&#x2030;Ä&#x17E;Ć&#x152;ĨŽĆ&#x152;ĹľÄ&#x201A;ĹśÄ?Ä&#x17E; ŽĨ Ć&#x161;Ĺ&#x161;Ä&#x17E; Ä?Ä&#x201A;ŜŏÍ&#x2022; ŽŜ Ć&#x161;Ĺ&#x161;Ä&#x17E; Ä?Ä&#x201A;Ä?ĹŹ ŽĨ Ć&#x161;Ĺ&#x161;Ä&#x17E; Ä?ŽžžĹ?Ć&#x161;ĹľÄ&#x17E;ĹśĆ&#x161; Ć&#x161;Ĺ˝ Ä?ŽŽĆ?Ć&#x161; Ĺ?Ć&#x161;Ć? Ć&#x152;Ä&#x17E;Ć&#x161;Ä&#x201A;Ĺ?ĹŻ Ć?Ä&#x17E;Ĺ?ĹľÄ&#x17E;ĹśĆ&#x161; Ć&#x161;Ĺ&#x161;Ć&#x152;ŽƾĹ?Ĺ&#x161; Ĺ?Ć&#x161;Ć? rebranding to a Í&#x17E;Ć?Ĺ?ĹľĆ&#x2030;ĹŻÄ&#x17E;Ć&#x152; Ä&#x201A;ĹśÄ&#x161; Ć?ĹľÄ&#x201A;Ć&#x152;Ć&#x161;Ä&#x17E;Ć&#x152; Ä?Ä&#x201A;ŜŏÍ&#x; while leveraging on Ć&#x161;Ä&#x17E;Ä?Ĺ&#x161;ŜŽůŽĹ?Ç&#x2021; Ć&#x161;Ĺ˝ Ä&#x161;Ć&#x152;Ĺ?Ç&#x20AC;Ä&#x17E; Ć&#x2030;Ć&#x152;ŽĎĆ&#x161;Ä&#x201A;Ä?Ĺ?ĹŻĹ?Ć&#x161;Ç&#x2021;Í&#x2022; Ç Ä&#x17E; ĹľÄ&#x201A;Ĺ?ĹśĆ&#x161;Ä&#x201A;Ĺ?Ĺś ŽƾĆ&#x152; Í&#x17E;Z h Í&#x; Ć&#x152;Ä&#x201A;Ć&#x;ĹśĹ? ŽŜ Ć&#x161;Ĺ&#x161;Ä&#x17E; Ć?Ć&#x161;Ĺ˝Ä?ĹŹ Ĺ?Ĺ?Ç&#x20AC;Ä&#x17E;Ĺś ŽƾĆ&#x152; Ď­ĎŽ-žŽŜĆ&#x161;Ĺ&#x161; dW ŽĨ EĎąÍ&#x2DC;ϲϹ â&#x20AC;&#x201C; Ä&#x201A; ĎľÍ&#x2DC;ĎŽĐš Ä&#x161;Ĺ˝Ç ĹśĆ?Ĺ?Ä&#x161;Ä&#x17E; Ć&#x161;Ĺ˝ Ä?ĆľĆ&#x152;Ć&#x152;Ä&#x17E;ĹśĆ&#x161; Ć&#x2030;Ć&#x152;Ĺ?Ä?Ä&#x17E; ŽĨ EϲÍ&#x2DC;ĎŽĎŽ ͞Ϗϰ͏ϭώ͏ώϏϭϳͿÍ&#x2DC;

Afrinvest Securities Lim-

(RC 603 315)

(A Dealing Member of the Nigerian Stock Exchange)

8.8% 5.3%

4.7x

25.5% -17.3%

1.5x 0.1x

12.4%

-8.1% 8.8%

30.5%

29

Transnational Corp of Nigeria

1.38

4.5%

0.5%

77.4%

77.4%

19.6%

4.1%

5.3x

0.9x

19.0%

30

Diamond Bank PLC

1.40

2.2%

0.5%

-7.6%

-7.6%

2.5%

0.3%

5.5x

0.1x

18.1%

31

Presco PLC

66.00

0.0%

0.5%

72.9%

72.9%

42.9%

25.9%

3.3x

1.1x

2.3%

30.7%

32

PZ Cussons Nigeria PLC

22.90

4.9%

0.4%

-4.9%

-4.9%

11.5%

5.8%

18.7x

2.1x

2.3%

5.4%

33

International Brew eries PLC

59.76

-0.4%

0.9%

72.5%

72.5%

24.6%

7.4%

62.8x

14.3x

34

Cadbury Nigeria PLC

15.30

7.4%

0.4%

-2.4%

-2.4%

4.5%

1.6%

40.6x

2.4x

2.5%

35

Union Bank of Nigeria PLC

6.22

0.0%

0.3%

72.9%

72.9%

5.6%

1.2%

8.0x

0.4x

12.6%

36

Chemical and Allied Products

33.93

0.0%

0.2%

-9.8%

-9.8%

84.3%

38.5%

14.8x

10.4x

1.02

2.0%

0.2%

74.9%

74.9%

6.1%

0.6%

5.3x

0.3x

22.80

0.0%

0.3%

-9.8%

-9.8%

61.2%

23.6%

4.7x

1.7x

1.3%

0.0%

0.1%

72.9%

72.9%

11.9%

3.9%

10.8x

1.3x

2.3%

-5.0%

0.1%

-14.8%

-14.8%

9.6%

4.4%

8.2x

0.8x

37

Sterling Bank PLC

38

GlaxoSmithKline Consumer Niger

39

AXA Mansard Insurance PLC

2.15

40

Continental Reinsurance PLC

1.33

T ic k er

1.6%

6.5%

P ric e

P ric e C hg %

T ic k er

Vo lum e

8.2%

C UST OD YIN S

90.1

0.0%

7.4%

GUA R A N T Y

57.0

0.7%

FCM B

1.21

7.1%

F ID ELIT YB K

53.0

4.4%

FB NH

7.71

5.3%

D IA M ON D B N K

46.9

2.2%

D A N GF LOUR

11.18

5.2%

Z EN IT H B A N K

42.8

0.6%

N EIM ET H

0.63

5.0%

FB NH

39.6

5.3%

3.60

5.0%

ET I

39.5

2.2%

22.90

4.9%

UB A

19.6

4.0%

UC A P

LIVEST OC K

0.88

4.8%

FCM B

13.8

7.1%

C ILEA SIN G

1.34

4.7%

T R A N SC OR P

12.9

4.5%

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

T o p 10 L o s e r s T ic k er

T ic k er

P ric e

P ric e C hg %

C ON T IN SUR E

1.33

-5.0%

GUA R A N T Y

C H ELLA R A M

3.08

-4.9%

Z EN IT H B A N K

43.23

-3.9%

D A N GC EM

0.54

-3.6%

FO A IIC O

9.3%

P ric e C hg %

1.05

C A D B UR Y

21.2%

12.2%

15.30

LEA R N A F R C A

6.7% 19.0%

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

T o p 10 G a i n e r s

PZ

ZÄ&#x17E;ĹŻÄ&#x201A;Ć&#x161;Ä&#x17E;Ä&#x161;ĹŻÇ&#x2021;Í&#x2022; Ć&#x161;Ĺ&#x161;Ä&#x17E; Ä?Ä&#x201A;ŜŏÍ&#x203A;Ć? YĎŻÍ&#x2014;ĎŽĎŹĎ­Ďł Ć?Ć&#x161;Ä&#x201A;ĹśÄ&#x161;Ä&#x201A;ůŽŜÄ&#x17E; Ć&#x152;Ä&#x17E;Ć?ƾůĆ&#x161; Ç Ä&#x201A;Ć? ƾŜÄ&#x161;Ä&#x17E;Ć&#x152;Ç Ĺ&#x161;Ä&#x17E;ĹŻĹľĹ?ĹśĹ? as Gross earnings declined 10.1% Q-o-Y Ć&#x161;Ĺ˝ EĎŻĎąÍ&#x2DC;Ď´Ä?Ĺś ĹŻÄ&#x201A;Ć&#x152;Ĺ?Ä&#x17E;ĹŻÇ&#x2021; Ä&#x201A;ĆŠĆ&#x152;Ĺ?Ä?ĆľĆ&#x161;Ä&#x201A;Ä?ĹŻÄ&#x17E; Ć&#x161;Ĺ˝ Ä&#x161;Ä&#x17E;Ä?ĹŻĹ?ĹśÄ&#x17E;Ć? Ĺ?Ĺś Ĺ?ĹśĆ&#x161;Ä&#x17E;Ć&#x152;Ä&#x17E;Ć?Ć&#x161; Ĺ?ĹśÄ?ŽžÄ&#x17E; Ç Ĺ&#x161;Ĺ?Ä?Ĺ&#x161; žŽÄ&#x161;Ä&#x17E;Ć&#x152;Ä&#x201A;Ć&#x161;Ä&#x17E;Ä&#x161; ĎŽÍ&#x2DC;ϹК Yo-Y Ć&#x161;Ĺ˝ Ć?Ä&#x17E;ĆŠĹŻÄ&#x17E; Ä&#x201A;Ć&#x161; EĎŻĎŹÍ&#x2DC;ĎŽÄ?Ĺś Ä&#x201A;ĹśÄ&#x161; EŽŜ-interest income which also fell ϯϲÍ&#x2DC;ϾК Y-o-Y Ć&#x161;Ĺ˝ EĎąÍ&#x2DC;ϲÄ?Ĺś ĨĆ&#x152;Žž EĎ´Í&#x2DC;Ď´Ä?Ĺś Ĺ?Ĺś YĎŽÍ&#x2014;ĎŽĎŹĎ­ĎłÍ&#x2DC; /Ĺś Ć&#x161;Ĺ&#x161;Ä&#x17E; Ć?Ä&#x201A;ĹľÄ&#x17E; Ç&#x20AC;Ä&#x17E;Ĺ?ĹśÍ&#x2022; W d Ä&#x201A;ĹśÄ&#x161; W d Ä&#x161;Ä&#x17E;Ä?ĹŻĹ?ĹśÄ&#x17E;Ä&#x161; ώϲÍ&#x2DC;ĎŽĐš Ä&#x201A;ĹśÄ&#x161; ĎŻĎ­Í&#x2DC;ϲК Y-o-Y Ć&#x161;Ĺ˝ EĎŻÍ&#x2DC;ĎąÄ?Ĺś Ä&#x201A;ĹśÄ&#x161; EĎŻÍ&#x2DC;ĎŽÄ?Ĺś Ć&#x152;Ä&#x17E;Ć?Ć&#x2030;Ä&#x17E;Ä?Ć&#x;Ç&#x20AC;Ä&#x17E;ĹŻÇ&#x2021;Í&#x2DC;

37.0%

Value

P ric e C hg %

2449.3

0.7%

1075.1

0.6%

812.1

1.7%

ET I

655.5

2.2%

C H A M P ION

2.10

-1.9%

NB

338.9

3.4%

ET ER N A

4.14

-1.7%

C UST OD YIN S

338.0

0.0% 5.3%

ST A N B IC

42.00

-1.3%

FB NH

302.8

F LOUR M ILL

33.10

-1.2%

GUIN N ESS

203.4

0.1%

VIT A F OA M

2.80

-1.1%

UB A

197.9

4.0%

N A SC ON

15.74

-1.0%

D A N GSUGA R

182.8

2.7%

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Omotola Abimbola | oabimbola@afrinvest.com

41

˾ WEDNESDAY, DECEMBER 6, 2017

MARKET NEWS

Stanbic IBTC Facilitates N6bn Debt Financing for Kellogg Goddy Egene Stanbic IBTC Capital and Stanbic IBTC Bank, both subsidiaries of Stanbic IBTC Holdings Plc, acted as the sole arranger and lender respectively on the N6billion medium term facility to Kellogg Tolaram Nigeria Limited to finance the construction of a new cereal manufacturing plant in the Lekki Free Trade Zone, Lagos. The factory, with capacity to produce10,000 metric tonnes of cereals per year, was inaugurated last Friday.

Kellogg Tolaram Nigeria Limited, a joint venture between Kellogg Company of the United States of America and Tolaram Group, was set up to manufacture snacks and breakfast foods for the West African market. The Chairman of Kellogg Company, John Bryant, expressed his delight at the inauguration of this ultra-modern facility in Nigeria, stating that this investment goes to demonstrate the company’s commitment to the Tolaram partnership as well as to Nigeria

A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

and the West African market. He commended the Lagos State Government and other stakeholders for the support that has been provided to Kellogg Tolaram Nigeria Limited. On his part, the Chairman of Tolaram Group, Mohan Vaswaniname, stated that this factory is an important milestone for the company as the factory will ensure that the globally popular Kellogg brand of cereal can now be enjoyed by the Nigerian consumers in a much greater scale and that

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 4-Dec-2017, unless otherwise stated.

Nigerian consumers stand to benefit from the healthy offering from the Kellogg range of breakfast cereals. He also commended Stanbic IBTC for providing an innovative debt financing solution to support the completion of the factory. Earlier, in his remarks, Chief Executive, Stanbic IBTC Bank, Dr. Demola Sogunle, said the Standard Bank Group, to which Stanbic IBTC Holdings PLC belongs, is delighted to be involved in this landmark project, and

has brought the group’s over 154 years’ experience and expertise in funding crucial projects to deliver a seamless transaction and exceptional client experience. He said the deal reinforces the group’s commitment to playing a pivotal role in developing the Nigerian economy, which is informed by the knowledge that manufacturing and infrastructure underpin socio-economic development. “We are undoubtedly delighted to be associated with

this historic project. Our facility to Kelloggs Tolaram Nigeria Limited is an opportunity that comes with great benefits, not just to the company but also to the Nigerian economy. Our involvement is yet another testament of our commitment to industrial development in Nigeria. We are particularly elated to be instrumental to a development that would significantly deepen the economy, and more importantly help to create job opportunities in the country,” Sogunle stated.

Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 179.40 180.65 41.47% Nigeria International Debt Fund 234.75 236.14 11.12% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.82 0.83 16.85% ACAP Income Funds 0.63 0.63 80.42% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 18.28% 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 18.44 19.00 49.35% ARM Discovery Fund 384.55 396.15 33.91% ARM Ethical Fund 26.93 27.74 20.53% ARM Money Market Fund 1.00 1.00 17.77% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 149.83 150.88 42.45% 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.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 0.00% CORONATION ASSEST MANAGEMENT investment@coronation.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 17.70% Coronation Balanced Fund 1.00 1.01 0.47% Coronation Fixed Income Fund 1.00 1.03 1.56% FBN QUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,124.11 1,125.28 10.87% FBN Heritage Fund 149.75 151.05 34.33% FBN Money Market Fund 100.00 100.00 18.20% FBN Nigeria Eurobond (USD) Fund - Institutional $111.76 $112.66 8.61% FBN Nigeria Eurobond (USD) Fund - Retail $111.23 $112.13 8.84% FBN Nigeria Smart Beta Equity Fund 163.28 165.66 45.02% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 1.39 1.41 48.94% Legacy Short Maturity (NGN) Fund 2.96 2.96 15.19% 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 2,957.63 2,997.90 34.49% Coral Income Fund 2,436.84 2,436.84 16.91% 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 17.39% 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 17.30% Vantage Balanced Fund 2.09 2.12 24.49%

Vantage Guaranteed Income Fund 1.00 1.00 18.58% Kedari Investment Fund (KIF) 113.77 113.77 17.25% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.18 1.20 19.56% Lotus Halal Fixed Income Fund 1,047.47 1,047.47 11.12% 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 13.56 13.68 40.33% Meristem Money Market Fund 10.00 10.00 18.73% 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 1.25 23.02% PACAM Fixed Income Fund 10.94 11.00 5.28% PACAM Money Market Fund 10.00 10.00 14.02% 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 132.20 134.34 30.36% 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 13.94% 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 2,228.14 2,241.53 21.70% Stanbic IBTC Bond Fund 174.93 174.93 13.62% Stanbic IBTC Ethical Fund 0.99 1.01 29.87% Stanbic IBTC Guaranteed Investment Fund 217.75 217.75 16.51% Stanbic IBTC Iman Fund 176.05 178.34 35.60% Stanbic IBTC Money Market Fund 100.00 100.00 17.74% Stanbic IBTC Nigerian Equity Fund 9,582.93 9,695.78 26.38% 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 1.34 18.37% United Capital Bond Fund 1.49 1.49 22.41% United Capital Equity Fund 0.92 0.94 36.76% United Capital Money Market Fund 1.00 1.00 17.40% ZENITH ASSETS MANAGEMENT LTD info@zenith-funds.com Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 12.72 12.91 30.84% Zenith Ethical Fund 13.41 13.57 22.39% Zenith Income Fund 18.92 18.92 14.35%

REITS NAV Per Share

Yield / T-Rtn

11.41 131.99

1.01% 6.47%

Bid Price

Offer Price

Yield / T-Rtn

11.55 139.40 108.32

11.65 142.42 110.37

33.64% 40.91% 42.95%

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

EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.69 9.14 17.49 21.13 143.27

4.73 9.22 17.59 21.33 145.27

69.29% 29.84% 47.66% 32.27% 12.90%

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 6, 2017 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Trump Still Weighing Whether to Recognise Jerusalem as Israel’s Capital- Kushner U.S. President Donald Trump has not yet made a decision on whether to formally recognise Jerusalem as Israel’s capital, his adviser and son-in-law Jared Kushner said on Sunday, a move that would break with decades of U.S. policy and could fuel violence in the Middle East, Reuters reports. “He’s still looking at a lot of different facts, and then when he makes his decision, he’ll be the one to want to tell you, not me,” Kushner said at an annual conference on U.S. policy in the Middle East organised by the Brookings Institution

think tank in Washington. A senior administration official said last week that Trump could make the announcement on Wednesday. Kushner is leading Trump’s efforts to restart long-stalled Israeli-Palestinian peace talks, efforts that so far have shown little progress. Past U.S. presidents have insisted that the status of Jerusalem -- home to sites holy to the Jewish, Muslim and Christian religions -- must be decided in negotiations. The Palestinians want Jerusalem as the capital of their future state, and the international

community does not recognize Israel’s claim on all of the city. Any move by the United States to recognise Jerusalem as Israel’s capital would fuel extremism and violence, Arab League Secretary-General Ahmed Aboul Gheit said on Saturday. A senior Jordanian source said on Sunday that Amman, the current president of the Arab summit, has begun consultations on convening an emergency meeting of the Arab League and the Organisation of Islamic Cooperation before Trump’s expected declaration this week.

Yemen Rebels Claim Ex-President Saleh Killed Yemen’s Houthi rebels claimed Monday that ex-president Ali Abdullah Saleh had been killed as fighting shook the capital Sanaa following the collapse of his alliance with the insurgents, according to AFP. The claim, which could not be independently confirmed, came as Yemen’s long and devastating civil war took a potentially decisive turn. Heavy clashes were reported in the city between forces loyal

to Saleh and the Iran-backed Shiite rebels, who together seized control of Sanaa from the internationally recognised government three years ago. Moving to take advantage of the chaos, President Abedrabbo Mansour Hadi, whose government is backed by a Saudi-led military coalition, ordered his forces to advance on the capital. The Houthi-controlled interior ministry announced Saleh’s death on the rebels’

Judge Refuses to Free Four Catalan Leaders as Elections Near Catalonia’s sacked vice president Oriol Junqueras and three other separatist leaders will remain in prison during a probe over their role in the region’s independence drive, a Spanish judge decided Monday, as critical Catalan elections approach, according to AFP. Six other former ministers who were also remanded in custody last month will be released on bail of 100,000 euros ($119,000) each as an investigation into charges of rebellion, sedition and misuse of public funds continues, the Madrid court said in a statement. The decision comes as axed Catalan leader Carles Puigdemont attended an extradition hearing in Belgium, where he escaped to after his region’s parliament declared independence on October 27, claiming he would not get a fair trial at home. Spain is seeking to have Puigdemont and four of his former ministers who fled with him sent back to face charges over their role in the independence drive. The Belgian judge will decide on December 14 whether to grant the European arrest warrant, their lawyers said after the hearing. The ruling that Junqueras, former regional interior minister Joaquim Forn and two civil society leaders will stay in prison comes as the official campaign for Catalan

Al-Masirah television station. A statement read on the channel announced the“end of the crisis of militias”, referring to Saleh’s armed supporters, and “the killing of their leader and a number of his criminal supporters”. A video given to AFP by the rebels showed what appeared to be a dead Saleh with a severe head injury, his body wrapped in a floral-print blanket. An AFP photographer who approached Saleh’s home in southern Sanaa on Monday found it in the hands of the Houthis and was prevented from entering. The house appeared to have been damaged in fighting.

WEDNESDAY, DECEMBER 6, 2017˾ T H I S D AY

45

NEWSXTRA

Court Orders Temporary Forfeiture of $4.760m Penthouses Linked to Alison-Madueke Davidson Iriekpen A Federal High Court in Lagos yesterday ordered that two penthouses linked to the former Minister of Petroleum Resources, Diezani Alison-Madueke, and valued at $4.760million, be temporarily forfeited to the federal government. Justice Mojisola Olatoregun ordered that two properties: Penthouse 21, Building 5, Block C, 11 floor (Bella Vista Estate) Banana Island, Ikoyi, and Penthouse 22, Block B (Admiralty Estate) also in Ikoyi, Lagos, be forfeited to the government, pending the

conclusion of the investigation. The judge made the order while granting an ex-parte application for the interim forfeiture of the said properties, filed and argued before the court by the Economic and Financial Crimes Commission (EFCC) through its lawyer, Anslem Ozioko. The EFCC in the ex-parte application marked FHC/L/ CS/1793c/17, which has Alison-Madueke, Donald Amagbo, Schillenburg LLC, and Sequoyah Property Limited, as respondents, has asked the court for an interim forfeiture order of the court, forfeiting to

FG Inaugurates C’ttee to Organise State Burial for Ekwueme Olawale Ajimotokan ÓØ ÌßÔË The federal government has inaugurated a committee to be saddled with the burial of the late former Vice-President, Dr. Alex Ekwueme. The committee was inaugurated yesterday by the Secretary to the Government of the Federation (SGF), Boss Mustapha. A statement issued last night by Mohammed T. K. Nakorji, the Deputy Director (Press), Office of the SGF, said Mustapha would serve as the chairman of the 10-man committee that has the following people as members: Minister of Information, Lai Mohammed; Minister of Finance, Kemi Adeosun; Minister of Labour and Employment, Senator Chris Ngige; Inspector General of Police (IG), Ibrahim Idris, and Director General, Department of State Service (DSS), Lawal Musa

the federal government of the said buildings. EFCC also asked the court for an order prohibiting any disposal, conveyance, mortgage, lease, sale or alienation or otherwise of the said assets/ properties, as they were suspected to be proceed of unlawful activity. It also asked for an order authorising it to appoint a competent person(s)/ firms to manage the said two properties. Ozioko had told the court that the application was brought pursuant to sections 17 of the Advance Fee Fraud and other fraud related offences Act number 14, 2006, and section 44(2)(b) and(k) of the constitution of the Federal Republic of Nigeria, 1999, as amended. The EFCC in affidavit deposed to by one of its investigators,

Abdulrasheed Bawa, stated that during investigation into the ownership of the two properties, YF Construction Development and Real Estate Limited, and that the firm’s Deputy Managing Director, one Mr. Fadi Basbous, volunteered extra-judicial statement, wherein he stated that the two properties were sold at $3.570 million, and $1.194 million, and owned by Sequoyah Properties Limited, and Schillenburg LLC. The deponent also stated that the payment for the Penthouse 22, Block B, 8, Gerrard road, Ikoyi, and Penthouse 21, Building 5, Block C, 11 floor, Plot1, Zone N, FGN layout, Banana Island, Ikoyi, were made Mrs Angela Jide-Jones, and Atlantic Energy Drilling Concept Limited respectively. The deponent further stated that the said Jide-Jone, is the

wife of Jide Omokore, while the said Atlantic Energy Drilling Concept Limited is registered and promoted by Jide Omokore. It also stated that Omokore paid for the properties through his wife, Angela, and one of his companies, and directed the developers (seller) of the properties to sign the agreements with Schillenburg LLC and Sequoyah Properties Limited, both of which are linked to Alison-Madueke. The deponent also stated that Schillenburg LLC was registered in Hong Kong and transferred on March 30, 2012, to Donald Chidi Amamgbo as sole owner, while Sequoyah Properties Limited, is registered in Nigeria on October 11, 2011, with fictitious names of Chukwudima Nwako and Olisa Eloka, as shareholders and directors.

It that Donald Chidi Amamgbo stated in his extra judicial statement that he incorporated Schillenburg LLC and submitted same to AlisonMadueke for a transaction. Justice Olatoregun, after listening to the submissions of the EFCC lawyer, granted the application and ordered that the two properties be temporary forfeited to the federal government. She also prohibited any disposal, conveyance mortgage, lease, sale or alienation of the said properties. The judge, however, refused to grant the order authorising the anti-graft agency to appoint a competent person(s) or firm to manage the said two properties. The matter has been adjourned till December 15, for further hearing

Daura. Others are Pastor Goodheart Obi Ekwueme, Secretary to the Anambra State Government; Prof. Osita Chukwulobelu and Permanent Secretary, General Services Office, OSGF; Dr. Roy Ugo, who is designated as the secretary. Ekwueme, who was the vice president to Alhaji Shehu Shagari in the defunct Second Republic from 1979 to 1983, died in a London hospital on November 19 at the age of 85. While eulogising Ekwueme for rendering meritorious service to the nation, Mustapha assured the family members, who are part of the committee, that Ekwueme would be given a befitting state burial. The SGF said the federal government would foot the bill as well as evacuate the body from the London hospital to Nigeria.

Fayose Presents N98.6b Budget Estimate, Harps on THIS IS WHERE I BELONG R-L: Former Vice President, Alhaji Atiku Abubakar; addressing the Chairman, National Caretaker Committee, Peoples Democratic Party Continuity (PDP), Senator Ahmed Makarfi; Secretary, Mr. Ben Obi, and other members of the party when he paid a courtesy visit to the headquarters Victor Ogunje ÓØ ÎÙ ÕÓÞÓ

would be financed through federal allocation, internally Governor of Ekiti State, Mr. generated revenue, Value Ayodele Fayose, yesterday Added Tax, Paris club refunds presented a N98, 611, 545, 040.22 and other sundry sources. billion budget estimates before He said the budget the state House of Assembly proposal, when passed into for passage. law, would help to complete At the plenary presided the flyover in Ado Ekiti, the over by the Speaker, Hon. Oja Oba market and other Kola Oluwawole, Fayose said landmark projects initiated the appropriation bill tagged: by his government. ‘Budget of Accomplishment’ Fayose said the 2017 consists of N66, 442, 426,169.81 presentation was more of a billion recurrent and N32,169, valedictory session for him 118, 870.85 billion capital owing to the fact that it remains expenditure. the last budget he will present Fayose, who dressed in a before the expiration of his flowing ‘agbada’ attire, which tenure on October 15, 2018. he jokingly called ‘presidential He, however, presented his look’, said the 2017 budgetary deputy, Prof Kolapo Olusola, provision of N93.09 billion before the lawmakers and had a performance of 60 per the monarchs that were cent as at October. seated, begging that “you The governor clarified must support him for the that his appearing in the governorship in the spirit of attire was a confirmation continuity and sustainability that “I am going to be the of the government policies.” next president of this country. The governor added that the The Doubting Thomas may budget accorded high priority to not believe me, but surely I stomach infrastructure, payment will get there because it is the of salaries and improve on will of God for me.” the state internally generated He said the budget estimate revenue.

of the PDP in Abuja....yesterday

New Free Zone Developer, Notore Targets $5bn FDI, 15,000 jobs The Oil and Gas Free Zones Authority (OGFZA) has conferred the Oil and Gas Free Zone Developer status on Notore Chemical Industries Plc, following the company’s satisfactory compliance with the requirements for a free zone developer licence. At the licence presentation ceremony in OGFZA’s office in Abuja on Monday, the Managing Director of OGFZA, Mr. Umana Okon Umana, said government was pleased with the prospect that Notore Oil and Gas Free Zone would attract more than $5 billion in foreign direct investments (FDI) into country and create 15,000 jobs with its new status as a free zone developer. Notore Chemical Industries Plc, a Nigerian agro-allied, petrochemicals and power company, is located within the Eleme industrial hub of

Rivers State. Mr Onajite Okoloko, Group Managing Director of Notore Chemical Industries, said at the licensing ceremony that the Free Zone Developer Status “will propel the company and indeed Nigeria to become one of the largest petrochemical, fertilizer, refining, methanol, power, E&P logistics and hydrocarbon processing hubs in the world.” He said Notore “is in discussion with a number of international petrochemical, oil and gas logistics support companies as well as leading financial and strategic investors that have expressed interest and are at various levels of negotiations to invest in the project.” Okoloko said “the fertilizer and petrochemicals component of the project alone is expected to attract $5 billion investments” when it comes on stream in the next two years.

Umana said OGFZA licensed Notore Chemical Industries Plc to operate as an Oil and Gas Free Zone Developer in line with sections 9 and 10 of the OGFZA Act and sections 32 and 33 of the Oil and Gas Export Free Zone Regulations 2003. “I am happy to report that having met the statutory requirements, Notore Chemical Industries Plc has been granted a Free Zone Developer Licence by the authority within the area so designated under the Act of 1996,” the managing director of OGFZA said. He advised Notore Chemical Industries Plc “to note and comply with continuing obligations of a licensee as provided under section 34 of the 2003 Regulations,” promising an enabling environment for investors in the new free zone. Onajite, group managing director of Notore, said the

new Oil and Gas Free Zone has attractions that investors would find hard to resist, including more than 559 hectares of land; a dedicated gas pipeline; 50MW of embedded power plant; more than 2km of shoreline; and 7500 sqm of jetty dock. He explained that Notore Oil and Gas Free Zone will help to diversify the economy by frog leaping the country to become the hub of petrochemicals in Africa; adding value to the nation’s oil and gas resources, as against mere export of crude oil and gas; increasing revenue streams for government; attracting more FDI and generating more jobs. Onajite described OGFZA as a “very important enabler of industrialization in Nigeria,” adding, “We look forward to continuing to work towards the achievement of Notore’s goal of being a world-class industrial complex.”

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WEDNESDAY, DECEMBER 6, 2017˾ T H I S D AY

NEWSXTRA

Ministry: BUA’s Mining Activities Illegal, Refutes Company’s Allegations Ejiofor Alike The Ministry of Mines and Steel Development has described as misleading, a publication signed by the Executive Chairman of the BUA Group, Abdulsamad Rabiu, published in several newspapers as an open letter to President Muhammadu Buhari. Titled: ‘A cry for Help: Wanton Abuse of Power By a Serving Minister Geared at Sabotaging Operations of BUA Cement,’ the letter dated December 4, 2017, had called on President Buhari to intervene and investigate acts of sabotage against BUA Cement operations by Dangote Group in connivance with top officials of the Ministry of Mines and Steel Development. BUA accused the Ministry of Mines and Steel under the watchful eyes of the minister of trying to pervert the course of justice in a dispute between two of the nation’s economic juggernauts, BUA Group and Dangote Group. BUA, in the letter, also stated that Dangote Group had connived with top government officials of the ministry, including using thugs and agents of the state to ensure that operations at BUA Cement in Okpella were disrupted despite a suit pending before a Federal High Court due for hearing on December 5 and 6, 2017. But in a swift reaction yesterday, the Permanent Secretary in the ministry, Mr. Mohammed Abass, described the publication as an unwarranted campaign of calumny against the ministry and the minister. According to Abass, the letter was an attempt by the cement company to blackmail the ministry into granting a free pass for illegal operations. While acknowledging that BUA Group has an enviable history of industrial performance, Abass alleged that the company’s mining activities are

illegal as the company does not have a mining lease over the contentious site No. 2541ML, according to the records of the Ministry of Mines and Steel Development and the Nigerian Mining Cadastre Office (MCO). Abass insisted that the ministry stands by the stop-work-order issued to the BUA Group and signed by the Permanent Secretary, dated October 17, 2017. “The letter was issued after thorough investigation confirmed that the BUA Group was indeed engaging in illegal mining of marble/ limestone at a mine pit located on Geographical Coordinates N070 21’ 47.4” E0060 26’ 51.8’, while the Runof-Mine (ROM) is stockpiled at an area with geographical coordinates N070 21’ 48.4”; E0060 26’37.2”. Clarification provided by the Mining Cadastre Office shows that the coordinates of the mine pit and ROM stockpile area fall wholly within the area of mining Lease No 2541ML belonging to Messrs Dangote Industries Limited,” Abass explained. The permanent secretary further clarified that his ministry had earlier in 2015 issued a stop-work-order on this same disputed site but the BUA Group disregarded the order and went ahead with its illegal mining activities, under heavy cover of armed soldiers, policemen and men of the Civil Defence Corps. According to him, BUA had also resisted the enforcement of the latest stop-work-order issued on October 17, 2017, using a combination of armed militia, soldiers and policemen to obstruct the team from the ministry in effecting the stopwork-order. “While BUA Group in its publication admitted the fact that a suit over the ownership

FG Rescues Batch of 144 Nigerians from Libya Chinedu Eze The federal government yesterday rescued another batch of Nigerians from Libya where most of them were sold as slaves and subjected to gruesome torture. The number of Nigerians that arrived at the Murtala Muhammed International Airport (MMIA), Lagos was 144, made up of six infants, two children, 97 males and 39 females. They were airlifted to Nigeria by Boeing B737-800 aircraft with registration number 5A-DMG hired by the International Organisation for Migration (IMO) landed at the Cargo Terminal of the Lagos airport with passengers who looked gory but glad they were home, after a tortuous journey aimed at crossing to Europe that was aborted. The story is now rife how many Nigerians lost their lives in the bid to cross the

Mediterranean Sea to Europe, but those who arrived yesterday hid their faces, especially the women, as the mothers among them held strong to their babies, seemingly glad they came back safely. The batch of 144 is the second airlift in less than one week facilitated by the federal government, according to the National Emergency Management Agency (NEMA), as 150 Nigerians were returned to the country last Thursday. Many of the returnees looked gaunt and weather beaten but some of them were able to put up a smile, heaving a sigh of relief that they were finally back to their country. On ground to welcome the returnees were officials of the Nigerian Immigration Service (NIS), the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Police.

of the site was pending in a court of competent jurisdiction, the group, however continued with its illegal mining activities on the site, which in itself is

subjudice to both the court and the Mining Act 2007, which guides mining activities in the country,” Abass said. “While the ministry restates

its commitment to promoting local and global investments in the Nigerian mining sector, it has always maintained that due process must be followed,

especially in line with the provisions of the Minerals and Mining Act 2007. This, we shall not compromise,” he added.

MY LIFE HISTORY

L-R: Governor Aminu Waziri Tambuwal of Sokoto State; former Head of State, Gen. Abdulsalami Abubakar (rtd); Wife of the Celebrant, Hajiya Asma’u Shehu Fodio; Celebrant, Ambassador Shehu Malami; Sarkin Sudan of Wurno; Alhaji Muhammad Indimi and Governor Rochas Okorocha of Imo State, during the launch of the book: Shehu Malami: A Prince of the Caliphate and 80th birthday anniversary of Ambassador Malami, in Abuja...yesterday

Dutch Law Firm Seeks Criminal Case Against Shell Over Malabu Oil Deal Ejiofor Alike áÓÞÒ ËÑÏØÍã ÜÏÚÙÜÞÝ A Dutch law firm has asked the public prosecutor in the Netherlands to file a case against Royal Dutch Shell, its CEO and former executives of over what it described as criminal actions relating to acquisition of Oil Prospecting Lease (OPL) 245 from Malabu Oil and Gas Limited by the oil giant. The 2011 oilfield acquisition by Shell and Agip has been a subject of litigation in Nigeria and other countries. The Dutch authorities are

already investigating the oilfield deal, alongside Italian prosecutors, who want to take Shell and Italy’s Eni to trial over alleged corruption on the same oilfield. Shell and Eni have denied any wrongdoing. Reuters quoted Shell as saying yesterday that it did not believe there was any basis to prosecute the company or any current or former employee. Prakken d‘Oliveira, a law firm specialising in human rights cases, filed its request in September on behalf of Global Witness and other clients, asking the prosecutor to charge the Shell, as well as its

Chief Executive Officer Ben van Beurden, former CEO Peter Voser and former Chief Financial Officer, Simon Henry. Voser and Henry could not immediately be reached by Reuters for comment. Barbara van Straaten, a lawyer at Prakken d‘Oliveira, said the request would push the Dutch prosecutor’s office to say if they intended to move forward with criminal charges. Campaign group Global Witness has published several reports on the 2011 deal in which Shell and Eni secured the OPL 245. At the time, Nigeria’s oil

minister was Dan Etete. Global Witness and others said much of the $1.3 billion in payments for the block did not go to the state but instead went to Etete, who has since been convicted of money laundering, and to Malabu Oil and Gas, a firm that previously held the rights. Shell said earlier this year it knew the Nigerian government would compensate Malabu using some of the money, but said the transaction was fully legal. An Italian judge is expected to decide on Dec. 20 whether to try Eni and Shell for alleged corruption in the deal.

IPOB: Abaribe Files Motion Seeking Court’s Visit to Kanu’s Abia Residence Alex Enumah ÓØ ÌßÔË Senator Enyinnaya Abaribe, one of the sureties of the leader of Indigenous People of Biafra (IPOB), Nnamdi Kanu, has filed an application requesting Justice Binta Nyako of the Federal High Court, Abuja to pay a visit to the residence of Kanu in Isiama Afaraukwu, Abia State and inspect the aftermath of the military invasion. The motion dated December 4, 2017, and filed on his behalf by his counsel, Chukwuma-Machukwu Ume (SAN) was brought pursuant to section 6 (6) a) (b); 36 (1) of the 1999 Constitution, and Sections 177 (1) & 179 of the Administration of Criminal Justice Act (ACJA) 2015. The applicant in the motion is seeking an order granting leave of court to visit and make physical inspection of the incidences of the invasion and occupation of Kanu’s residence (at Isiama, Afaraukwu Ibeku Umuahia Abia State) from

September 11 to 14, 2017, and the eventual arrest and taking away of Kanu by the Nigerian Army. The motion is predicated on the grounds that Kanu was at his residence before and all through September 11 to 14, 2017 at Isiama Afaraukwu Ibeku. “The applicant is desirous of the court seeing and examining Kanu’s residence which has been stated as an evidence before the court. Abaribe argued that the application would help the court and indeed the applicant in the determination of his application before this court. “The applicants application cannot be determined or resolved by mere documents as described on the exhibits before the court but physical inspection of the said property. In an affidavit deposed to by one Deborah Warrie, in support of the motion, the applicant stated that it was out of patriotic

consideration of assisting the judicial process to defuse the high tension already generated in the polity and with full convictions that Kanu was carrying on his activities within the limits and confines of the constitution, that Abaribe (applicant) offered to stand surety for Kanu and entered into a recognisance and executed the bail bond. The affidavit averred that since the release of Kanu from prison custody, he was last seen and known to be in his residence at Isiama Afaraukwu Ibeku, Umuahia, Abia State. It was stated: ”That sometimes in 2017 or thereabouts, the Nigerian Army High Command on the instructions of the Chief of Army Staff announced publicly that they were going to commence a military operation exercise code named operation python dance in the whole of South- east from September 15 to October 14. “That although the invasion

took place three months ago, there are still many physical reminders of the invasion and a site visit is the best and most expedient way to convey to this court the necessary information regarding the environs, spatial configurations, and physical character of the locations of the invaded property, which information cannot be adequately conveyed through the presentation of oral testimony or topographical maps alone.” The deponent said the forceful military invasion of Kanu’s residence resulted in frustrating the bail bond of Abaribe. She added that a visit to locus quo would enable the court to get evidence surrounding the facts of the suit. Meanwhile, the application was not moved because the trial judge, Justice Nyako, did not sit, and the matter was adjourned to February 20, 2018.

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Ngige: FG Has Met Striking Varsity Staff’s 12-point Demands Urges them to shelve strike Threatens to invoke no work, no pay

Senator Iroegbu ÓØ ÌßÔË The Minister of Labour and Employment, Senator Chris Ngige has said the federal government has not only fully met all the 12-point conditions raised in the Memorandum of Settlement reached with the non-teaching staff of federal universities on September 20, 2017 but has also complied faithfully with the timelines for the implementation of the agreement . To this end, Ngige asked the Non-Academic Staff Union of Educational and Associated Institutions (NASU) National Association of Academic Technologists (NAAT) and the Senior Staff Association of Nigerian Universities (SSANU) operating under the acronym of the Joint Action Committee, to call-off the on-going indefinite strike and make a fresh case in respect of its reservation on the implementation of the point one of the agreement concerning the disbursement of the N23 billion earned allowances. The minister in a statement yesterday in Abuja signed by the Deputy Director (Press), Ministry of Labour and Employment, Mr. Samuel Olowookere, said it was important for Nigerians to be informed that the federal government has fully complied with its own part of the agreement and asked the non-teaching staff of universities not to blame the federal government for what the striking unions termed the “skewed disbursement

formula” for the N23 billion earned allowances released by the federal government. He stated: “The JAC of non-teaching staff came with twelve-point demand. We sat over it and agreed on all, on September 20, 2017. As I speak, the federal government has fully implemented the major contemporary issues such as payment of shortfalls, registration with PENCOM and others in the agreement. The only grievance the unions have today is that the modality for the disbursement of the N23 billion the federal government released for the settlement of earned allowances is skewed against them.” “But I advised them during the negotiation to call off their strike when it entered the fifth day and quickly forward their own template for accessing this N23 billion meant for the academic and non-academic staff of the universities, since the Academic Staff Union of Universities (ASUU) had already submitted. They bluntly refused and dragged the strike for weeks.” He however, said nothing has been lost and urged the unions to make a fresh case for inclusion in the 2018 budget, adding that the federal government was willing to address this. Urging the unions to immediately call off their strike, Ngige flawed the argument that “they only resumed an old strike,” saying that a strike which has been adequately conciliated, called

Nasarawa Govt Bans Herdsmen from Night Grazing Emmanuel Ukumba ÓØ ËʨË In an effort to ensure a successful and hitch-free harvest season, the Nasarawa State Government has banned herdsmen in the state from grazing their cattle at the night. The ban came as a result of series of complaints by farmers in the state that herdsmen have been taking their cattle to graze on farmlands of their unsuspected victims at nights thereby destroying all crops planted. Special Adviser to Governor Umaru Tanko Al-Makura on security matters, Gen. Muhammad Adeka (rtd), disclosed this yesterday in Keffi, during his security tour of the Nasarawa west senatorial district. According to the special adviser, “the ban on night grazing in the state is with a view to proactively averting clashes between herdsmen and farmers associated with the harvest period.” He also lamented the spate of resurgence of armed robbery and kidnapping in the state which according to him, “poses serious risk to travellers traversing the state and the

conveyance of agricultural produce.” “Herders are strongly warned to avoid farmlands. Where possible, harvested crops should be removed from the farm soonest,” he directed. Similarly, the state government has tasked farmers to avoid the blocking of cattle routes within the state, hence Adeka demanded that cases of such blockages should be reported to relevant authorities for necessary actions to avoid clashes. Adeka concluded by calling on district and village heads in the state to collaborate with security agencies in their respective areas to report promptly any suspected issues of insecurity to the constituted authorities. In a remark on behalf of traditional rulers in the Nasarawa western zone, the Ohimege Opanda, Usman Abdullahi, called for the allocation of security votes to traditional rulers in the country to help them meet the financial challenges being faced by the royal fathers when settling insecurity issues in their domains.

off, and the terms of agreement implemented, cannot yield itself as a basis for resumption of the same action. “If the unions under JAC are

embarking on a fresh strike, they are yet to comply with the relevant sections of the labour laws for embarking on action.” The minister further warned

the unions to stop misguiding their staff members and avoid pushing the federal government to a situation where it would invoke the relevant section of

the labour laws on no work, no pay, saying it would be disastrous in the season of Christmas and end of the year if implemented.

DISTINGUISHED OLD BOYS

L-R: President Edo College Old Boys Association (ECOBA), Dr. Rueben Osahon; Delta State Governor, Ifeanyi Okowa; Vice Chancellor, Federal University of Petroleum, Efurun, Prof. Akii Ibhadode, at the 80th anniversary lecture of Edo College, Benin-City....weekend

Man, Son Bag 15, 11 Years over Illicit Gin Production in Delta Omon-Julius Onabu ÓØ ÝËÌË A Federal High Court sitting in Asaba, Delta State has sentenced a 58-year-old man, Mr. Isaac Uti, to 15 years and six months in prison for producing and storing locally, ethanol called by several names including “Ogogoro”, under insanitary condition. However, Uti’s 29-year-old son, Jonathan, who was 1st defendant in the same case, is to spend 11 years and six months behind bars without option of a fine. The senior Uti was also fined N250,000, in addition to the jail term, for carrying out the business considered hazardous to human health under insanitary condition, contrary to provisions of the law. Justice A.O. Faji who gave the verdict yesterday, however said the jail terms would run concurrently.

The judge declared that the terms would start on December 4, 2017 when the defendants were convicted on three out of the five-count charges preferred against them by the prosecution. Jonathan Uti (first defendant) and Isaac Uti (second defendant) were first arraigned in charge number FHC/ASB/36c/2015 by the National Agency for Food and Drugs Administration and Control (NAFDAC) on a five-count charge bordering on possession, production, sale, manufacture and storage of the product under insanitary condition. Nevertheless, the trial judge convicted the defendants on counts one, two and five but discharged and acquitted them on count three for lack of evidence while striking out count four as it amounted to duplicity.

He sentenced the second defendant Isaac, (being the owner of the business) to seven years imprisonment each on counts one and two, and 18 months jail term plus a fine of N250,000.00 on count five. The first defendant (Jonathan) bagged five years, each, imprisonment on counts one and two, and 18 months jail term without a fine option on count five. Justice Faji while handing down the punishment, held that the offences constituted serious health hazards to the human populace, adding that the defendants stand to gain financially from the venture at the grave risk of consumers. Prosecution counsel, Adumen Jombo Washington, hailed the judgment, saying that it would serve as deterrent to others

envying the successes of the defendants, and with the intention of going into the same business. According to the charge sheet, in count one, the defendants who reside in Ogume in Delta State were on or about September 7, 2015 found in possession of unwholesome processed food to wit: Ethanol (Kai-Kai/Ogogoro) and thereby committed an offense contrary to Section 1 of the Counterfeit and Fake Drugs and Unwholesome Processed Food (Miscellaneous Provisions) Act. CAP C34 LFN 2004 and punishable under Section 3(a) of the same act. In counts two and three, the defendants were accused of producing and selling the product, an offense contrary to the stated provisions of the law and punishable under same.

Thugs Sack NIFOR Management, Take over Institute Thugs armed with dangerous weapons have invaded the Nigerian Institute for Oil Palm Research (NIFOR), Edo State, sacking the Executive Director, before taking over his office. The thugs were alleged to have been led by a former top shot of the institute. It was noted that after retirement, the former executive director and some influential persons in the state went to the Federal Ministry of Agriculture and Rural Development where they got a letter reappointing him as Director/Chief Executive, a position which is not known to the Act establishing the

institute. The said reappointment was made despite the fact that Dr. Charles Aisagbonhi, who is the Acting ED was the most senior after the retirement of the former ED. Unless the federal government takes urgent steps to address the problem, the situation in the institution may degenerate further. The reason for pushing for Aisueni’s reappointment might not be unconnected with the belief that only indigenes from Beninspeaking part of the state should hold offices of federal

institutions in the state. The NIFOR management led by Mr. Charles Aisagbonhi had earlier written to the Minister of Agriculture and Rural Development on November 13, 2017, warning of plans to cause anarchy in the institution. In the letter with reference number: ADM/429/ vol.6/975 which read in part: “There is a plot of anarchy hatched by Dr. N.O. Aisueni, a retired Acting Executive Director of NIFOR who retired at the mandatory age of 65 years on September 28, 2017. He

has been appointed in a letter referenced AGR.803/1/156 dated November 9, 2017. “This is misleading as it goes contrary to our schemes and conditions of service of the NIFOR which stipulates in chapter 13, subsection 4, 65 years retirement age for research academic cadre. “The terms of engagement of retired staff stipulates that such staff must drop a grade level if their services are still needed in the system. He will therefore become an assistant director of research if the minister so desires to re-engage his services,” the letter stated.

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NCC Warns State Governments against Double Taxation on Telecom Operators Oghenevwede Ohwovoriole ÓØ ÌßÔË Worried by the reckless taxes being imposed on telecommunications firms by states, the Nigerian Communications Commission (NCC) has stated that state government cannot tax telecommunications companies since the sector is on the exclusive list and not concurrent list or residual list. This was made known by the Director, Zonal coordinator for Northcentral, Ms. Helen Obi, when she engaged subscribers in a consumer forum in Mandala Niger State. The event was organised by the commission as part of its efforts to educate, enlighten and sensitise subscribers on their rights and how they can go about and solve any issue they have with their service providers and if the need

be, call on the commission to help solve the issue. She also disclosed that the commission was engaging the Nigeria Governors’ Forum (NGF) to clear the way for the telecommunications companies on the right of way, adding that the companies should pay for land they use for their mast but not any form of tax to be paid by them to either states or local governments---as these companies have already paid tax to the federation government. “Multiple taxes are not allowed. The commission has also been taking steps to get the relevant authorities even joint task force in that instance,’’ NCC added. “What happens is that since tax is not on the exclusive list, state governments are authorised to collect certain levies but that has nothing to do with telecom issues.

“If it has to do with telecom installations, then they are not expected to regulate or even impose any tax in respect to telecommunications affairs in Nigeria,’’ Obi said. The telecommunication’s regulatory agency added that wherever the states impose such levies, it would have to do with business premises levy or town planning levy, saying as a result of this they now think they can go and shut down those installations. NCC added: “We have been engaging them to know that they are not authorised to shut down

any base station or any telecom infrastructure. If they have any issue with any service provider regarding any telecom installation in their area they should revert to the regulatory body which is NCC.” She also used the opportunity to call on Nigerians not to harass telecom firms in their localities for failure to carry out social corporate services as it is not mandatory, advising them to use persuasive means to convince them into doing some of the things they need in their localities.

Also, in her response to the people’s demand for NCC office in their states, the director made it known to them that the commission only has zonal offices and that the Abuja office covers the entire North-central, adding that any time the commission’s policy on the location of offices changes from zonal offices to states, their request will be looked into. “The issue borders on corporate social responsibility and the commission’s regulatory over sight upon the service providers does

not include mandating them to do cooperate social responsibilities but we can persuade them in that regards because it’s persuasive you know,’’ NCC further stated. “We use persuasive measures so encourage them to do that because if they delight the communities where they have their presence then that community also will help them effectively secure their installations there. So we will keep persuading them and engaging them, hoping that they would yield to the persuasion and roll out corporate social responsibility projects.”

Don’t Dissolve NDDC Board, Niger Delta Youths Urge Buhari Sunday Okobi Niger Delta youths under the auspices of Youth Initiative for Education, Development and Empowerment of Niger Delta (YIEDEND) yesterday called on President Muhammadu Buhari to ignore calls to dissolve the board of Niger Delta Development Commission (NDDC). The group also accused a former governor of Bayelsa State and an ex-member of the National Assembly as being responsible for the call. The President of YIEDEND, Agbonkpolor Splendour, while briefing journalists in Abuja, said the argument being used to justify the pressure to dissolve the board was capable of disturbing the relative peace in the region. According to Splendour, “This has become pertinent in the face of deliberate moves by the Minister of State for Agriculture, Hon Heineken Lokpobiri and former Governor of Bayelsa State, Mr. Timipre Sylvia. “It is reprehensible that they would continue to insist that the tenure of the present NDDC board should expire this December on the basis of their claim that the said board was appointed to complete the tenure of the board it succeeded. “Let us make the point and strongly too that that argument is a wasteful attempt to unilaterally rewrite the enabling law that set up the commission.

Even the section 5, subsection 3 which they are relying on is irrelevant as it clearly applies to situations in which there is a substantive board in place and a vacancy or indeed a number of vacancies happen to occur therein. However, nowhere in this or any other section of the act is there even the slightest indication that such tenure completion is envisaged for the entire board or even that a new board might complete the tenure of a sacked on. “If the duo were loyal party members and altruistic, they should have realised that the present NDDC board did not meet any board members on ground, rather the one they succeeded was set up by the former administration of the Peoples Democratic Party (PDP) government and was appropriately dissolved when the All Progressives Congress (APC) took over. So for any individual or group of individuals out of desperation to continue to stoke the embers of conflict and pandering falsehood over the tenure of the present board of the NDDC is unhelpful and begs the question on the real issues of development in the region.’’ The group, while commending the president for his commitment to achieve peace in the Niger Delta region, therefore, begged him to allow the sustained peace to reign in the region by ignoring the calls to dissolve the commission board.

WE HAVE AN AGREEMENT President, Associated Chambers of Commerce in India, Mr. Biju Koshy (left), exchanging a document with President Nigeria Association of Chambers of Commerce Industry Mine and Agriculture ( NACCIMA), Mr. Kayode Adetokunbo (SAN), during the signing of Memorandum of Understanding (MoU) on Nigeria-India cooperation in agriculture and allied sector in Abuja....yesterday

Nigeria, Saudi Arabia, Other Nations Team up against Global Terrorism Sunday Okobi The Minister of Defence, Brig Gen Mansur Dan-Ali, yesterday expressed the commitment of Nigeria to join efforts with other countries to defeat terrorism globally. Ali stated this at the international meeting held r in Riyadh, Saudi Arabia, which signalled the launch of the Islamic Military Counter Terrorism Coalition (IMCT), a coalition of 41 countries, united in the global fight against terrorism and violent extremism. While speaking on the importance of the coalition held under the theme: ‘Allied Against Terrorism’ Ali said some of the terror attacks across the world prompted the meeting and that Nigeria is ready to collaborate with nations with similar experiences to defeat the menace. Minister of Defence, who

said Nigeria has made remarkable progress in the area of counter-terrorism since the administration of President Muhammadu Buhari, also added that the efforts of neighbouring countries with similar issues like Chad, Niger and Cameroun, are yielding positive results. While soliciting for the support of the IMCTC for assistance over the more than three million internally displaced persons, IDPs, in Nigeria, Ali said the event “obliged my country a great opportunity considering the enormous challenges the world is facing as regards terrorism. Nigeria will join forces with this coalition to defeat terrorism.” The meeting was hosted by the Crown Prince and Minister of Defence of the Kingdom of Saudi Arabia, Mohammed bin Salman Al Salman.

Salman said the issue of terrorism would come to an end as more than 40 Islamic countries are sending a very strong signal that they would work together to support each others’ efforts, whether in military, financial, intelligence and political aspects. According to him, “Today, we began tracking down terrorism and we see its defeat in many countries of the world, especially in Islamic countries. And today, we will confirm that we will pursue it until it disappears completely from the surface of the earth.” In his contribution, Secretary General, IMCTC, Lt.-Gen. Abdulelah Al-Saleh, spoke on how Nigeria has fared so far in its efforts in fight against terrorism. According to him, the coalition, which operates in four domains – capacity building, intelligence sharing, financing and training- will

use collaborative efforts and the available expertise to fight crime not only in Nigeria but other countries. Al-Saleh also said the ministers resolved that the joint exercise against terrorism will be based on real time scenario. He said the exercise will also promote the concept of shared responsibilities and an environment to combat the menace. “The body has an extensive cooperation with the Nigerian Ministry of Defence and the coalition will give support to areas that need it,” he added. The IMCTC’s four domains include ideology, communications, counter terrorist financing, and military. In addition, the IMCTC’s Acting Secretary General, Lieutenant General Abdulelah AlSaleh, outlined the Coalition’s strategy, governance, activities and future plans.

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Falana Urges Buhari to End Illegal Arrest, Detention of Law-abiding Citizens, Foreigners Ejiofor Alike A human rights lawyer and Senior Advocate of Nigeria (SAN), Mr. Femi Falana, has

asked President Muhammadu Buhari to end the culture of impunity and illegal arrest of law-abiding Nigerians and foreigners residing in the country

Duke: How to Attract Foreign Direct Investments Jonathan Eze Former Governor of Cross River state, Donald Duke, has urged the federal government to as a matter of urgency stabilise its currency in order to attract foreign direct investment. This was contained in his lecture as the guest speaker at the November breakfast meeting of the NigerianAmerican Chamber of Commerce (NACC), tagged: ‘Foreign Direct Investment as a Catalyst for Development.’ According to him, “Beyond oil, our major interest should be the territory of Nigeria. To attract investments, we must stabilise our currency. With an interest rate of 30-25 per cent, it is hardly achievable. There is need for a single digit interest rate to attract FDI into the country. Nigerians has to think outside the box and grow at least by 15 per cent, sooner or later, if we don’t grow the country as a whole, we will crowd Lagos out because it is going to be over populated.” On energy, he said the so much-talked about ease of doing business can only be achievable if sufficient energy can get to the people. “We have gas in Nigeria and it is being flared. We need the gas, let gas be our subsidy to industry, give it free instead of flaring it. It is going to reawaken dead factories and get production going, we need to sell this country to other parts of the world. It is not just enough to say we are now re-injecting the gas, we have got to do a lot more because it is important to make Nigeria attractive for investors to come and invest here. 90 per cent of investors will require power, so we really need to look into energy,” he said. According to him, it is going to take a long way for the DISCO’s and GENCO’s to start delivering sufficient power, suggesting that there is

need to have industrial parks and link all of them together to be able to deliver enough power. On the issue of employment, he said Nigeria has got to get serious with the provision of jobs for its citizens as the unemployed supersedes the employed adding that, over 85 per cent of Nigerians are jobless pro to the 15 per cent that is said to be unemployed. “It is said that 15 per cent of Nigerians are unemployed, I will say the reverse is the case, 85 per cent is actually jobless because this 85 per cent of jobless people actually live off the remaining 15 per cent of the employed” he said. He urged Nigerians to stop calibrating the wellness of its exchange rate and judge the wellness of the economy with the level of job creation that should be created for the Nigerian citizens. Earlier, the National President of NACC, Chief Olabintan Famutimi, said the disappointing economic performance of African countries beginning in the late 1970s up till the mid1990s, coupled with the globalisation of activities in the world economy, which has led to a regime shift in favour of outward-looking development strategies as opposed to when developing countries imposed trade restrictions and capital controls as part of a policy of import-substitution industrialisation aimed at protecting domestic industries and conserving scarce foreign exchange reserves. “FDI comprises not only merger and acquisition and new investment, but also reinvested earnings and loans and similar capital transfer between parent companies and their affiliates. FDI remains the most important element in the economic development programme of Nigeria.”

FG Appoints Onuegbu New NCMM DG Senator Iroegbu ÓØ ÌßÔË The fderal government has appointed Mr. Emeka Obiora Onuegbu as the new Director General of the National Commission for Museum and Monuments (NCMM). The Acting DirectorGeneral, Mr. Dapo Sijuade, in a statement yesterday said it had been approved by the Minister of Information, Alhaji Lai Mohammed. According to Sijuade, the appointment follows the retirement of the former DG, Mallam Yusuf Abdullah

Usman, after a successful completion of tenure. Onuegbu, a 1993 Political Science graduate of the University of Maiduguri, also had a Bachelor of Law Degree from the University of Lagos and was called to the Nigerian Bar in 1995. He was one time a Special Adviser to the Special Assistant to the President on Relations with the Civil Society. At the time of his appointment, he was the Director of Administration and Supplies at the commission.

by the agents of the state. In an open letter to President Buhari, which was obtained by THISDAY, the Lagos lawyer reminded the president that upon the inauguration of his administration on May 29, 2015, he had pledged to end the culture of impunity in Nigeria. Falana quoted President Buhari as saying during the inauguration that “as far as the constitution allows me, I will try to ensure that there is responsible and accountable governance at all levels of government in the country. For I will not have kept my own trust with the Nigerian people if I allow others abuse theirs under my watch.” Falana alleged that contrary to the president’s pledge, the Department of State Security (DSS) has engaged in the indiscriminate arrest and detention of many citizens and foreigners living in Nigeria. According to Falana, the failure of the federal government to call the leadership of the security agency to order has created the misleading impression that Buhari’s administration does not have respect for the fundamental

rights of the Nigerian people. “The incessant disobedience of court orders by the DSS has questioned the commitment of the administration to operate under the Rule of Law. At the recently concluded annual conference of Nigerian Judges which held in Abuja, the Chief Justice of Nigeria, Justice Walter Onnoghen was compelled to condemn official disregard for court rulings and orders,” Falana said. Falana also reminded the president that under the defunct militarily junta, the detention of citizens was carried out under preventive detention decrees. He identified one of such legislations as the State Security (Detention of Persons) Decree No 2 of 1984 signed by Buhari as a military Head of State. Falana argued that despite the ouster of the jurisdiction of the courts in the decree, the detention of any person, which could not be justified by the detaining authorities was declared illegal by the courts. “It is on record that political detainees whose detention orders were quashed by the courts were

released from illegal custody. At the end of military rule, the preventive detention decree and other obnoxious decrees were repealed to pave way for the restoration of democratic rule in the country,” he said. He noted that under the current democratic dispensation the fundamental right of every person to personal liberty is guaranteed by section 35 of the Constitution of the Federal Republic of Nigeria 1999 as amended and article 6 of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act (Cap A10) Laws of the Federation of Nigeria, 2004. “Thus, under the prevailing human rights law regime in Nigeria, if anyone is going to be detained beyond 24 or 48 hours the detaining authority is mandatorily required to obtain a remand order from a Magistrate Court in line with section 293 of the Administration of Criminal Justice Act, 2015. But in violation of the relevant provisions of the Constitution, the African Charter on Human and Peoples Rights Act and the Administration of Criminal Justice Act, the DSS has

acquired notoriety for arresting and detaining innocent members of the public without any legal justification whatsoever,” Falana explained. Falana alleged that the DSS has detained several Nigerians and foreigners to settle personal scores. According to him, others have been arrested and detained by the DSS on the suspicion that they have committed criminal offences, a matter that is within the purview of the police and the anti graft agencies. “To compound the illegality of such arrest and detention the orders made by competent courts of law directing the DSS to either release or produce detainees in court have been treated with contempt,” Falana added. Falana identified the former National Security Adviser, Col. Sambo Dasuki (rtd.); two Indian nationals- Messrs Nitin Verma and Umesh Asudani, as well as Sheik Ibraheem Elzakzaky and his wife, Hajia Zeinab Elzakzaky, as some of the persons whose fundamental right to personal liberty has been infringed upon by the DSS.

THE BALL IS IN YOUR COURT Yobe State Governor, Alhaji Ibrahim Gaidam (middle), presenting the 2018 Finance and Appropriations Bills on the floor of the state House of Assembly in Damaturu....yesterday

Marwa Group, Others Declare Support for Buhari Shola Oyeyipo The ripples trailing the decision of former Vice President Atiku Abubakar to dump the ruling All Progressives Congress (APC) continued yesterday in his Adamawa State with the political organisation of former military administrator of Lagos State, Gen Buba Marwa (rtd), declaring support for President Muhammadu Buhari. Whereas eight commissioners in the Governor Jibrilla Bindowled APC government dumped the party, in support of Atiku, the Marwa Organisation (TMO), in collaboration with some Adamawa State based NGOs and civil society groups numbering 21, listed reasons why President Buhari’s efforts so far must be commended. In the communiqué personally signed by Marwa, a copy of

which was made available to THISDAY, the pro-Buhari group said: “The organisation is impressed with the way Buhari’s government has successfully contained the activities of Boko Haram with the attendant improvement in security situation in Nigeria and the North-east in particular.” The group also noted with satisfaction the “tremendous success” achieved by the leadership in the fight against corruption, which it says has been contained to a large extent. “We, the Marwa Organisation are happy with the measures the government is taking in the diversification of the economy which has already started paying off, especially in the agriculture and mining sectors. The improvement in the economy is manifested in the recent exit from recession.

“We are appreciative of the award of the $5trillion 3, 050 mega watts Mambila Hydroelectric Power which had been on the drawing board for the past forty-five years, by the Buhari administration, as well as the general improvement of power supply,” the group stated. The body also commended the Buhari government’s efforts in infrastructural development, especially the awards of GombeNuman-Hong-Mubi-Madagali, Mayo-Beliwai-Juda-Ganye as well as Numan-Jalingo roads. The government also got kudos for extending helping hands to the Nigerian youth through provisions of credit facilities and employment through social investment schemes such as N-power. TMO said: “In the bid to improve welfare of workers

and ensure that they earn a living wage, the Buhari administration just inaugurated the National Minimum Wage Committee,” adding that “the Buhari government successfully blocked leakages and wastages through the effective implementation of the Treasury Single Account (TSA). “ Some of the groups included as part of the communique were; the Nigerian Labour Congress (NLC), Nigerian Union of Teachers (NUT), Gamzaki Traders Association (GTA), Rana Tafito Traders Union (RTTU), Adamawa State Hunters Association (ASHA), Association of Physically Challenged Persons (APCP), Buhari Youth Organisation, Retired Police Union, Nigerian Legion and others.

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I’m Most Qualified to Lead PDP, Says Secondus South-west group backs aspirant Davidson Iriekpen A foremost contestant for the seat of the Chairman of the opposition Peoples Democratic Party (PDP), Prince Uche Secondus, has said he remains the best and most qualified candidate to lead the party. Secondus’s declaration is coming ahead of this weekend choice of who leads a one-time Africa’s most biggest party. In a statement issued by his media office and signed by Bisi Ezekiel, and made available to THISDAY, Secondus said considering all factors and indices, no other aspirant is more qualified than him to lead the PDP. He lashed out at his critics describing his candidature as that of courage, experience and determination for repositioning the party for victory in 2019. Noting his records as a party leader and activist, Secondus dared other aspirants to tell the party what political battles they had won and what political school they passed out from, stressing that he has passed through tough political baptism. The statement read in part: “We have passed through political hell in the hands of the opposition. We are not scared of them. We are ready to lead our party to victory. How many of my fellow aspirants can lay claim to our records and courage in the face of political persecution? “In 2019, the race is for the compassionately tough as the ruling party will go after our party. We need a leader of my records and background for total victory. We are not lily livered politicians. We have faced political fire and we have survived. They attack us because they know we are the leading

contender and I challenge them to compare their records with my own”, the statement said. The statement also accused other aspirants of running a campaign of falsehood and character assassination, insisting that with a solid home base and regional support alongside wide network of friends,” I have the credential and the antecedents to take our party to Aso Rock. “My accusers are scared of me and party delegates know why they are. They attack me severally because they don’t have my records. I have been the chairman before and I know what it takes to reposition the party. “We are not worried about the gang up as we have reached out to all delegates. They know my capacity, they know my plans and they know we are the winning camp. We premise our campaign on merit, not ethnicity and religious sentiments’, the statement noted. The statement affirmed that “PDP needs leaders who have taken and are still willing to take political bullet for the party; leaders who have refused to be intimidated and are still tackling intimidation from oppressive federal officials; and leaders who have sworn to symbolically die for the party to make it regain power come 2019. Meanwhile, a South-west group, Oodua PDP Alliance, has drummed support for Secondus and called on the South-west to drop the bid for the party leadership. In a statement signed by the leader of the group who is also a leader of PDP in Osun State, Hon Hakeem Ogunsola, the group affirmed that South-west has proved its unpreparedness for

the party leadership, affirming that “the leadership should go to South-south, the main base of the PDP. “We want to note that rebuilding the PDP and winning power back in 2019 demand a chairman with solid home base, deep experience and capacity to face the power of incumbency. We need Secondus to lead this electoral and political battles to rescue Nigeria and change the fake change,” the statement noted. While condemning the

discordant and rancorous competition among South-west chairmanship aspirants ,the group said “South-west does not need party chairmanship. If anything we should rally round Secondus and seek better offer in arrangement of national offices. “How can you be going for chairmanship when there are better bargaining to strike? How can you hope to lead the party when your zone is not a stronghold of the PDP? How can you even be taken seriously when many of your aspirants

COURTESY VISIT

order Olamiji, who was said to have proclaimed himself as the Baale of Okegun-Ladeseso to order. It was called on the House for urgent intervention. The petition further said that there is never a place known as Okegun-Ladeseso which Olamiji claims to be Baale in the entire stretch of Ibeju Lekki, alleging that Olamiji has the backing of the Onibeju of Ibeju-Lekki, Oba Olusegun Salami. Consequent to the petition, the Committee had three different meetings with the parties on the issue, including, officials of the Ministry of Local Government and Community affairs, the respondents-Onibeju of Ibeju, Oba Olusegun Salami, Alhaji Raufu Otakunmaya and Prince Bayo Arase. Other invited parties were the petitioners which include, Prince Alade Ogunlana, Chief Lateef Folami Jinadu, Mr. Lateef Kamoru, the Baale of Okegun-Odofin, Chief Ismaila Ogunkoya, Olamiji, among others. According to the committee, its findings after conducting a fair hearing to all parties include a pronounced complicity of the Ministry of Local Government and Community Affairs in the whole episode. “The committee was able to establish a strong connivance between the top officials of the Ministry and the respondents to subvert the system by clandestinely working to give Mufutau Olamiji

the national recognition ,the will and the passion to pilot the affairs of the party. He is the best to lead the party at this critical times. “With this press statement, we are putting the whole nation on notice that we align with South-south and Secondus. We have commenced advocacy and mobilisation and we urged South-west aspirants to drop their ambitions and bargain for better national governmental positions,” the statement concluded.

Edo State Governor, Mr. Godwin Obaseki (right), speaking during the courtesy visit by delegates of Edo Forum of Patriots at the Government House, Benin City...yesterday.

Lagos Assembly Committee Declares Creation of Okegun-Ladeseso Illegal Sequel to the chieftaincy and land grabbing crisis in Okegun-Odofin area of Ibeju Lekki, the Lagos State House of Assembly Committee on Judiciary, Human Rights, Public Petitions and LASIEC, has recommended that the baaleship of one Mufutau Olamiji be rescinded in order for peace to be restored in the community. The committee also recommended that the creation of Okegun-Ladedseso within the Okegun-Odofin community was an illegal exercise that cannot stand. In a document obtained by THISDAY on the outcome of the public sittings on the issue by the Hon. Adefunmilayo Tejuosho-led committee, it was gathered that the three-member team met with all the parties and stakeholders on the issue before arriving at its decision. It would be recalled that in June, hundreds of residents of Okegun Odofin in Ibeju Lekki area of Lagos State had stormed the State House of Assembly to stage a peaceful protest over the baale stool of Okegun Odofin. They protested the creation of Okegun Ladeseso within the comminuty allegedly by the Onibeju of Ibeju Lekki, Oba Olusegun Salami and the Commissioner for Local Government and Chieftaincy Affairs, Alhaji A petition from the Okegun-Odofin community urged the assembly to call to

carry heavy baggage? We don’t want party chairman in South West. Let Secondus have it”, the group opined. The group which claimed to have members across the six south Western states announced its resolve to mobilise the Yoruba axis of the PDP for Secondus, describing the Rivers State politician as “tested, experienced and competent to lead the party. “Secondus has party leadership experience nobody can rival. He has the boldness,

leverage over Baale Ismaila Ogunkoya. “That used to be a cordial and harmonious relationship between the petitioners and respondents in Okegun-Odofin community at Ibeju which is being gradually eroded away by conflicting personal interests over various land and transactions going on in that community.” Making its recommendation to the leadership of the Assembly under Rt. Hon. Mudashiru Obasa, the committee spelt out four recommendations that could restore peace to the community. “That the Committee found

absurd and unacceptable the motive behind the creation or carving out of the newly created Okegun-Ladeseso out of Okegun-Odofin, mainly to checkmate the influence of Baale Ismaila Ogunkoya. Hence, the Committee recommends that the baaleship of Mufutau Olamiji be rescinded in order to bring a lasting peace to that community. “Accordingly, Baale Ismaila Ogunkoya remains the only Baale of Okegun-Odofin, which includes the purported newly created Okegun-Ladeseso, thus, such new creation should be taken as null and void.”

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WEDNESDAYSPORTS Dalung: Nigeria to Spend N3bn on 2018 World Cup

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

Says Super Eagles to get bonus upfront Omololu Ogunmade in Abuja The FIFA World Cup scheduled to hold next year in Russia will cost Nigeria N3 billion, the Sports Minister, Solomon Dalung, disclosed in Abuja yesterday. Dalung who made this disclosure while speaking with journalists in the State House, added that FIFA would make N900million available; football sponsors would raise N600 million while the federal government would provide N2 billion. According to him, the players will begin to get their allowances three months ahead of the take-off of the tournament to boost their morale adding that the federal government will ensure availability of funds for the tournament. The minister also said his administration would ensure that unity is promoted among stakeholders to avoid a repeat of past failures caused by disunity. â&#x20AC;&#x153;By March, we intend to start paying the players their allowances, camping allowances upfront. Now, that will go a long way to boost the morale of the players and confidence too. â&#x20AC;&#x153;The new method of governance in football has taken the pattern of change. We will also ensure that there is unity within the football family because unity too is a key factor. Going by some of the reports we had in the past where poor performances were attributable to lack of unity within the family, the technical team, the officials and the players, this unity has to be promoted. â&#x20AC;&#x153;Finally, we will also ensure that government makes funds available on time. That has been why the budget for the competition has since been sent

to the president for a special intervention so that government can make provision for some of the funds we need for training now before other things can come up. â&#x20AC;&#x153;Well, we have a conservative budget of about N3 billion but out of that N3 billion, FIFA is going to raise about N900 million, our sponsors and partners are also going to put in about N600 million, government will conservatively raise about N2 billion or N2.5 billion to complement,â&#x20AC;? Dalung hinted. While dismissing the last ranking of Nigeria which made the team the least ranked among countries in Group D, Dalung said notwithstanding, Super Eagles are poised to top the group especially with its recent performance against Argentina. He also said Nigeria would send a formidable delegation to boost the morale of Eagles during the event adding that the players will engage in more friendlies with a view to strengthening their skills. â&#x20AC;&#x153;After the groupings, Nigeria falls within Group D and we appear to be the under dog going by the ranking of the teams. But I think ranking is more or less a paper job. â&#x20AC;&#x153;What is very important is how you will perform and I believe that we are comfortable with the team because having tested Argentina which is a highly ranked team in the group, we can say confidently that with good work, good training, good welfare for the players and team spirit, we will top that group going by the disposition of our national team. â&#x20AC;&#x153;Some people have been arguing that Argentina did not present their best, but we also have some players we didnâ&#x20AC;&#x2122;t

Dope: IOC Bans Russia from Winter Olympics Russia has been banned from competing at next yearâ&#x20AC;&#x2122;s Winter Olympics in Pyeongchang by the International Olympic Committee (IOC). But Russian athletes who can prove they are clean would be allowed to compete in South Korea under a neutral flag. It follows an investigation into allegations of state-sponsored doping at the 2014 Games hosted by Russia in Sochi. â&#x20AC;&#x153;This should draw a line under this damaging episode,â&#x20AC;? the IOC said. IOC president Thomas Bach made the announcement in Lausanne on Tuesday. Bach and his board have come to their decision after reading through the findings and recommendations of a 17-month investigation headed up by the former president of Switzerland, Samuel Schmid.

The Russian Olympic Committee has been suspended but the IOC said it will invite Russian clean athletes to compete in February under the name â&#x20AC;&#x153;Olympic Athlete from Russia (OAR)â&#x20AC;?. Despite repeated Russian denials, the Schmid report has found evidence of â&#x20AC;&#x153;the systemic manipulation of the anti-doping rules and systemâ&#x20AC;? which back up previous allegations of government involvement in cheating in the run up to and during the Winter Olympics almost four years ago. Bach said: â&#x20AC;&#x153;This should draw a line under this damaging episode and serve as a catalyst for a more effective anti-doping system led by Wada.â&#x20AC;? The Games in South Korea, which start on February 9, will now be without one of the powerhouses of Olympic sport.

invite and we also intend to invite them. It is an issue that is going to be determined practically by the level of preparation of the Nigerian team. â&#x20AC;&#x153;Donâ&#x20AC;&#x2122;t forget that the Nigerian team had enjoyed a formidable home support and they are inspired to deliver. So, we will engage in more friendlies to try,

determine our strength and areas of improvement before the final competition. â&#x20AC;&#x153;When you have a problem, for you to successfully address your problem, you have to review the history of your problem. One of the challenges we have been having in sports administration especially competition is the

welfare of the players and the officiating team and we intend to set a new approach to the question of welfare. â&#x20AC;&#x153;This time, we also intend to mobilise a very strong federal government delegation that will support the team because sports is also about number. The number of people you have on

ground can also give support to the players and intimidate. So, we intend to go with at least a good size of the federal government delegation to give the team support. â&#x20AC;&#x153;We intend to make it more inclusive so that Nigerians will participate in this particular victory which Nigeria is going for.

Super Eagles Alex Iwobi (left) and Javier Mascherano battling it out during the Nigeria versus Argentina friendly in Russiaâ&#x20AC;Śrecently

Odoh Covets Equatorial Guinea Open Treble Olawale Ajimotokan in Abuja Nigeriaâ&#x20AC;&#x2122;s only world ranked professional golfer, Andrew Oche Odoh has offered reasons why he loves to play the 3e Actuaries Equatorial Guinea Open Championship. Odoh will be bidding to become the first professional golfer to win the Equatorial Guinea Open three times when the tournament tees off in Mongomo, next week, with an expanded field of 60 international players. He said his passion for the tournament hovers around the Presidential Golf Course in Mongomo, that is suited to his style of play. â&#x20AC;&#x153;The course suits my eyes

and style. I like to move the ball around. Mongomo is not just one of the golf courses where you play and hope; you have to go out, play, execute your plan and know what you are doing. My game rounded on the two occasions when I won, which is why I am trying to get in shape before I get into the event,â&#x20AC;? Odoh said. The South Africa-based player said he would try and get himself in proper condition for the Equatorial Guinea challenge by holding his final preparation at Lakowe Lakes Golf Club, Lagos over three days, beginning from Friday. Odoh said he considered Lakowe Lakes as the only club in Nigeria with features that are similar to the lush Mongomo

golf course. The player arrived Nigeria five days ago and has been practicing on his swing at the IBB International Golf and Country Club, Abuja. Odoh won the Equatorial Guinea Open in 2014 and 2015 but failed to muster a challenge last year because he played with borrowed set of golf clubs, after the airline lost his golf bag during flight change over between Johannesburg and Lagos. The tournament with cash prize of $150 000, will feature players from UK, Spain, USA, Pakistan, Brazil, South Korea, France, Ghana, Cameroon, Austria, Kenya, Gabon, Zambia, South Africa, Nigeria among others.

Ghanaâ&#x20AC;&#x2122;s Vincent Torgah, Kojo Barnini and Daniel Pam and S.J Odegha of Nigeria are first time participants after they scaled the qualifying tournament held in Ibadan in October. Koreaâ&#x20AC;&#x2122;s Charlie Wi is also the only PGA professional contesting. But Odoh insisted that his objective is to beat the entire field on December 17, irrespective of the profile and nationality of who is coming. â&#x20AC;&#x153;A lot of good players are coming, but all I want to do is try and focus on my own game and get myself to play and compete. I am also interested in bettering my 2015 scores over 72 holes. If I can beat the course, beating everybody will only be automatic, â&#x20AC;&#x153; Odoh concluded.

26 Schools Qualify for Zenith/Delta Principalâ&#x20AC;&#x2122;s Cup Zonal Stage A total of 26 schools have emerged champions at the local government stage of the Delta State Principalâ&#x20AC;&#x2122;s Cup football competition sponsored by Zenith Bank. Although Delta State has 25 LGs, the competition was extended to 26 centres as Ughelli North was divided into two because of its size and population. And so Ughelli North 1 has Marvel International Secondary School as winners while Ughelli North 2 has Ibru College as its champion.

Sapele with over 30 schools participating presented Obule Integrated School as champions and Ogume Government Secondary School emerged champion among 42 schools that competed in Ndokwa West Local Government. Isoko North and Isoko South presented St Paul Secondary School and St Michael College as winners respectively. Three other schools, Iwere Collge, Koko, Essi College 2, Warri and Kokodiagbene Secondary School

emerged from Warri North, Warri South and Warri South West. The Head of the organising team for the annual football fiesta, Tony Pemu, told reporters on Tuesday that the draw for the zonal stage would be out soon. Pemu said: â&#x20AC;&#x153;It has been a tough so far and we went round to monitor and ensure compliance to all the rules especially to avoid cheating. We suspended some schools caught cheating so that we can have a true winner. â&#x20AC;&#x153;In the zonal stage, we will

continue the exercise because it is only fair that those who worked so hard in accordance with all procedures are the ones we expect to compete in the finals.â&#x20AC;? The Season 2 of the competition started on November 1 in Asaba with over 700 participating teams in both private and public schools. Zenith Bankâ&#x20AC;&#x2122;s Group Managing Director, Peter Amangbo, had pledged at the beginning of this edition that the ongoing the tournament would be an improvement on the first edition. Â

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Champions League: Klopp Urges Liverpool to Finish the Job Liverpool boss Jurgen Klopp is desperate to avoid any slipups from his side as he targets a place in the Champions League knockout stages with the odds heavily stacked in their favour. A draw at home to Spartak Moscow in their final group match would put Liverpool through while a win would ensure they top Group E but Klopp is taking nothing for granted after his side let slip a 3-0 lead against Sevilla in the last round of matches. Three years ago the five-time European champions needed to win at home to Basel to progress but a draw dropped Brendan Rodgers’ side into the Europa League. “All good and bad things that happened in the Champions League -- mostly good --- has brought us to this situation and if we win we are through and that is cool,” said Klopp, whose Liverpool side are bidding to reach the knockout stages for the first time since 2009. “I know a lot of people might think we should be already through but that’s not life, it is not ‘if’ and ‘when’, it is about the moment. “Spartak could say the same as they gave away four points against Maribor so they would be in a different situation.” Klopp says he will

play his strongest team despite Sunday’s derby at home to an Everton side buoyed by the appointment of new permanent manager Sam Allardyce. The starting team is likely to include playmaker Coutinho, who continues to be the subject of speculation over a renewed bid from Barcelona after the Catalan club’s failure to sign him in the summer. Klopp was asked what made him so sure Coutinho would still be at the club in February but he dismissed the question. “Nothing -- but I don’t think about it, I think about the Moscow game,” he added. “Not one second have I thought about that so far. I am not unsure, I am not sure, I don’t think about it.” Klopp is also optimistic of having Ragnar Klavan and Joe Gomez back to bolster his defence. Forward Sadio Mane is expected to return after being rested at the weekend. TONIGHT FIXTURES Liverpool Vs Spartak Maribor Vs Sevilla Feyenoord Vs Napoli Shakhtar Vs Man City Porto Vs Monaco Leipzig Vs Besiktas R’Madrid Vs Dortmund Tottenham Vs APOEL

G OT V B OX I N G N I G H T 1 3

Afonja Warrior Vows to Ruin Ghanaian Opponent’s Xmas West African Boxing Union (WABU) middleweight champion, Abolaji “Afonja Warrior” Rasheed, has vowed to defend his title with the last drop of his blood when he faces challenger, Ghana’s Arye Ayitteh, at GOtv Boxing Night 13. The bout is one of the three international title bouts at the seven-fight event holding on 26 December at Landmark Events Centre, Victoria Island, Lagos. The show will also witness performances by Small Doctor, Simi, Falz The Bahd Guy and Reekado Banks.

Speaking in Lagos yesterday, the WABU champion said the age-old sporting rivalry between Nigeria and Ghana will motivate him to give his best when defending his title. “The fact is it should never be heard that a Nigerian boxer is defeated by a Ghanaian opponent in Nigeria. I will fight with everything I have to retain my title and send Ayitteh back to Ghana empty handed. He is in for a very bad time. I will ruin his Christmas,” he said.

NFSC, Fans Congress to Flag off Red Card Campaign National Chairman of the Nigeria Football Supporters Club (NFSC), Rev. Samuel Ikpea and an estimated 30,000 football fans are set to make the ‘Red Card’ campaign a reality in the bid to help put an end to escalating deaths of Nigerians and other migrants on the Mediterranean Sea and the harrowing experiences in Libyan slave camps. The two days event scheduled to begin tomorrow with an elaborate road show through the streets of Lagos will see captains of industries, footballers and officials of the supporters club raise awareness on the ills of trying to migrate to Europe using the same routes where some Nigerians have been turned into slaves in Libya. There is going to be a brief real-time and digitally relayed

endorsement messages from CAF, FIFA, UNHCR and other international sports and humanitarian agencies-- including special Sports Business and SME (Small and medium scale enterprises). According to Ikpea, “Day 1 of the event will be streamed live online and will witness a show tagged :” Total Red Card “which will entail the participant of approximately 30,000 fans in simultaneous raising up of Red Cards in a symbolic mass campaign against the escalating deaths on the Mediterranean Sea and the Sahara Desert. “There is a need to enlighten our citizens on the dangers of taking this huge risk of travelling to Europe across the Mediterranean Sea or across the Sahara Desert.

RESULTS Benfica 0-2 Basel Man Utd 2-1 CSKA Bayern 3-1 PSG Celtic 0-1 Anderlecht Chelsea 1-1 Atletico Roma 1-0 Qarabag Barca 2-0 Sporting Olympiacos 0-2 Juventus

Atletico Madrid forward, Fernando Torres (centre), gets close marking from Chelsea defender, Cesar Azpilicueta, during their UEFA Champions League clash at Stamford Bridge… last night

All Set for NCC Tennis League Finals The six-month long NCC Tennis League is poised for a fitting climax at the Lagos Lawn Tennis Club with playoff for third and fourth places preceding the championship match. The third place tie scheduled for Thursday and Friday Dec. 7 and Dec. 8 will be between Team Ndoma-Egba of Abuja and Team Offikwu, last year’s winners who were dethroned by Team Civil Defence in the second semifinals.

The championship tie kicks off on Saturday Dec. 9 and ends on Sunday Dec.10 with the presentation of prizes and awards. Organisers of the marquee competition have promised to make it rewarding and fun for spectators with refreshments and raffle draws for state of the art phones. “Matches are going to start at 10 am each day -Thursday to Saturday at the Lagos Lawn Tennis club and

Sylvester Emmanuel, Henry Atseye matches would usually last through the evening with four matches and Sarah Adegoke of Team Offikwu following each other on the centre are expected to make up for their court. We therefor expect tennis botched title defence by winning followers to consider it a picnic the consolatory third spot which where they get refreshments and attracts a N3 million prize money. They will have to contend with possibly walk away with a smart phone.” Godwin Kienka of the ITA Team Ndoma-Egba’s Thomas Otu, which coordinates the event said. who recently won the Dala Hard Meanwhile, top players for the Court Championship, Emmanuel third place match are already in Paul and Aanu Aiyegbusi who all have their eyes on the bigger prize. Lagos.

N P F L P R E - S E AS O N

Contest for Enyimba’s First Team Gloves Begins Clement Nwankpa Jr The fight for first team goalkeeper in the camp of former champions, Enyimba International promises to be a matter of interest at the 2017/18 Nigeria Professional Football League (NPFL) Pre-season Invitational which kicks off at the Sani Abacha Stadium in Kano from Monday, December 11. In his return to the club, coach Paul Aigbogun is faced with a headache many coaches would pray for. For the season, the club has listed three keepers with potentials to lay claim to the number one spot. It is no longer news that the club has recruited national team keeper, Ikechukwu Ezenwa. The question on many lips has been; will Ezenwa be the undisputed first choice at the Confederation Cup campaigners? This question becomes pertinent taking into cognizance the presence of Theophilus Afelokhai and Ghanaian, Fatau Dauda. It will be recalled that there was no clear-cut first choice among the duo last season with former coach, Gbenga Ogunbote doing more of rotation. There was little or nothing to pick between the two and with each passing training session, Ogubbote’s task got more difficult. The club then instituted a type of incentive which saw whoever had more clean sheets between the two get some reward. Any keeper who had three consecutive clean sheets home and away got what was called

the chairman’s bonus. This even made the competition fiercer. Not conceding goals meant more to the keepers. This writer got wind of the bonus after seeing Dauda’s reaction to Stephen Odey’s goal when Enyimba engaged MFM in Calabar. That goal in his first home game, jolted his quest for the chairman’s bonus. Afelokhai went ahead to pocket the bonus once last season but never got a breathing space from Dauda. After stints at Chippa United, Orlando Pirates and Ashanti Gold, Dauda came highly rated. Currently Ghana’s third choice keeper, he commands a pedigree that could easily install him as a first choice in any NPFL club. The desire to keep his national team place has heightened his quest to be Enyimba’s first choice. But he has to contend with Afelokhai, a colossal figure between the sticks. Afelokhai moved to Enyimba after a 10 year stint at Kano Pillars which heralded the golden era of Sai Masu Gida. He was in charge as Pillars won the title three consecutive times. This was the intimidating reputation he brought to Enyimba, Nigeria’s most successful team. So whatever high ratings Dauda brought from Ghana was dwarfed by the serial winner, Afelokhai. Just as Afelokhai cannot dismiss Dauda’s credentials with a wave of the hand. It is therefore understandable if a coach has difficulties picking one

ahead of the other. If Ogunbote had this headache last season, Aigbogun will even be faced with a tougher task next term with Ezenwa’s addition. With Vincent Enyeama stalling on returning to the national team, Ezenwa is primed to be Nigeria’s first choice at the World Cup thus the need to get more playing time. Not a few attributed his poor showing against Algeria in Constantine to inactivity due to the NPFL season being on break. For him to excel at football’s showpiece event, he must get regular competitive action. To do so, he must upstage Afelokhai and Dauda at Enyimba. Was Enyimba the right choice for Ezenwa? Shouldn’t he have opted for a club where he will be a clear-cut first choice? Enyimba Sporting Director, Jude Anyadufu was at the center of the Ezenwa’s deal and thinks it was the best for the player and the nation. His words; “Ezenwa needs a big club like Enyimba that is also on the continent. He is going to the World Cup and could be Nigeria’s first choice so he needs to play actively both in the league and on the continent. He needs to face quality oppositions that should give some idea about what he will see at the World Cup”. But would the presence of Afelokhai and Dauda guarantee the regular football Ezenwa would crave for?

Anyadufu replied; “He does not need any guarantee. He has to fight for his place. These two keepers will make him work hard both in training and in the matches. He doesn’t need to be sure that he must start. That will make him feel relaxed. If Ezenwa must play for a club in the NPFL, it should be Enyimba. We will do our best in the club to ensure he is ready for the World Cup”. “We still have the chairman’s bonus in place for this season. He has to battle it out with the other keepers. Before he gets the opportunity to keep clean sheets, he must play. And he has to prove to the coaches in training that he is better than Dauda and Afelokhai. We are happy to have three quality keepers in the team. You will also know that we are playing in three competitions. There will be enough matches for all of them to show what they can do. What it means is that whatever happens, we must have somebody solid in goal in every match” The audition for Enyimba’s number one spot this season starts with the NPFL Pre-season Invitational. While Dauda and Afelokhai will be on parade for Enyimba, Ezenwa will file out for CHAN Eagles. Interestingly, Enyimba and CHAN Eagles are in the same group. A scenario having Ezenwa on one end and the duo on the other is in the offing.

Wednesday December 6, 2017

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MISSILE Makarfi to PDP Convention Committee

“Atiku did not seek for a special concession and the party did not extend any special concession to him, and I don’t think we will extend any concession to anybody, other than what is due to him and other than what is due to anybody of his status that will be coming into the party.” – Caretaker Chairman of the Peoples Democratic Party (PDP), Senator Ahmed Makarfi setting the records straight to address rumours that former vice president Atiku Abubakar who recently decamped to the party from APC has been accorded an automatic presidential ticket

EHIEDUIWERIEBOR GUEST COLUMNIST

Dangote Congo Plant and African Industrialisation

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he Dangote Group of Nigeria, one of the pre-eminent industrial conglomerates in Africa, in pursuit of its pan-African development and emancipation strategy, on November 23, 2017 formally launched its newest economic development industrial project, the Dangote Cement plant in Mfila, in Congo-Brazzaville. With this $300 million dollars, 1.5 million metric tonne per annum plant, the Group now has a presence in 10 ten of the 17 countries in which it plans to construct and expand cement plans. While it had to re-calibrate the pace and timing of its earlier ambitious plans to complete its various planned plants at an earlier date, because of the economic down turn in Nigeria from 2014, the completion of the Congo plant indicates that the Group’s Pan-African cement plants expansion and new plants construction programme is still very much on course even though the pace of completion is now staggered over a longer time frame. This new plant, as an industrial project will have direct and indirect benefits in Congo-Brazzaville that domestic resource-based industrial projects plants usually generate. It is expected to provide at least 1,000 direct jobs and numerous other employment opportunities that will be stimulated by its presence. For example other sectors that will be stimulated include the following: expansion of local civil and housing construction projects by state and private builders; expansion of cement block makers; the establishment of a transportation fleet for the distribution of the cement and the employment of drivers, conductors and mechanics for the trucks; the expanded use of fuel; the emergence of small and medium scale cement distributors and even big distribution companies and workers and new sale stores; banks, food suppliers and sellers of small dry goods and items. In short, the impact of this plant will be the progressive creation of new economic activities and employment opportunities. From these new economic activities the Congolese state, the local government and community authorities will derive Internally Generated Revenues (IGR) that did not previously exist. The various speeches at the launching of the Congo-Brazzaville plant highlighted the economic development significance and prospective impact of this this massive industrial project. President Denis Sassou Nguesso of Congo-Brazzaville, noted that the plant was the biggest industrial plant in the country and the investment represented an industrial revolution within the regional group Economic Community of Central African States. He noted that from their assessment of the impact of Dangote cement plants in other countries, they had always stimulated multiplier effects through the promotion of complementary and cognate industries and hoped that similar multiple direct and indirect effects will happen in the country. He also noted the timeliness of the take-off of the plant as a contributor to state revenues at a time when his government’s revenues had precipitously declined by 31.3 percent and oil sector revenues had also declined by 65.1 due to the fall in oil prices. Clearly the Congo-Brazzaville government appreciates the investment, presence and impact of the Dangote cement plant. In his own address, the Nigerian President Muhammadu Buhari, affirmed that Aliko Dangote and the Dangote Group by their pan-African investments had emerged as “worthy Ambassadors” of the country. He highlighted the various areas in which the Dangote Group had through its massive investments in the cement sector changed the course of Nigeria’s economic history. These include the provision of a key material for infrastructure development, the introduction of road construction with cement, the pursuit of expansion through

Dangote backward integration and import substitution and the achievement of national self-sufficiency in cement availability and the contributions to savings of over $2 billion dollars annually from the termination of dependency through importation. Aliko Dangote, President of the Dangote Group, in his address articulated the significance of the plant in terms of timely completion, its contribution of widespread availability of affordable cement, the plant’s contribution to the country’s expanded cement production capacity in excess of current demand and the consequence of reducing dependency on cement importation. He also noted that the plant will contribute to the country’s economic renaissance through foreign exchange conservation, employment generation, infrastructure expansion and multiple economic activities. Dangote graciously and gratefully highlighted the strong and dedicated support provided by the government and people of Congo-Brazzaville from project’s conception to completion. Partly in pursuit of the Group’s philosophy and strategy of Corporate Social Responsibility, the Group was implementing several social projects including school construction, provision of scholarships, renovation of a hospital, road construction and bridge renovation. It also affirmed its company’s policy and commitment to give priority in employment to indigenes of the area of the plant’s location. The various addresses highlighted the great economic impact of the Dangote’s chosen investments in cement production. But they did not often directly and fully underscore the actual primary sources of its revolutionary impact as a specific type of non-dependent industrial project with its inherent catalytic consequences. That is that they are resource-based industrial plants whose production are based on the exploitation and processing of a local resource. In short, the reasons for the great impact of these projects is that unlike the more common, attractive and lucrative arenas of foreign direct investment (FDI) such as extractive, wasting and non-development sectors like mineral and mining sectors and enclave assembly plant industries that are unconnected to the local economic environment, Dangote chose a different trajectory. The Dangote Group’s choice of resource-based industrialisation based on a comprehensive backward integration strategy as the primary pathway and its contribution to African self-actuated and self-directed economic development, prosperity generation, transformation and emancipation is developmentally apt, strategic and fecund. This can best be understood within the perspective of Africa’s greatest failure in the post-independence era: economic development. This has been due

to the failure to create and apply an autonomous economic philosophy and strategy of self-actuated development based on the well-established principles of endogenous technology capacitation and industrialisation. On the contrary, African states and leaders at independence chose the maintenance of the inherited colonial economy, and in the neocolonial framework of the times, the focus became the expansion of the production and export of raw materials: agricultural and mineral; the mass importation of consumer goods, intermediate goods and capital goods. This entailed the corresponding non-domestication of the historically established levers of development levers: the productive forces – technology and industrialisation and equally importantly the ideological premise of development: the psychologically disposition, political will and activated self-agency for self-actuated and self-reliant development that is imperative to any successful development. The result of this failure of the inherited and non-development neo-colonial economic system and strategy has been the condition of growth without development characterised by the persistence of underdevelopment, expanded dependency and poverty generation. The fact is that no African state since independence from the 1950s has been able to establish and sustain a philosophy, policy and strategy of self-actuated development and secure domestic prosperity generation. This economic development failure was aggravated by the largely successful recolonisation of African economic development objectives, policies, strategies and programmes in the 1980s through the acceptance, imposition and implementation of the Multilateral imperialist agencies – World Bank and International Monetary Fund(IMF) – non-development dogmas embodied in their Structural Adjustment Programmes (SAP) by the African leadership and states. Based on the unproven and unvarying dogmas called conditionalities: currency devaluation, trade liberalisation, removal of subsidies, deregulation and privatisation, they were not intended in any way to address the core causes of the balance of payments crisis of African economies of the late 1970s and early 1980s, that is African countries development incapacitation, raw material exports, dependency, mass importation, non-industrialisation, under-production and poverty generation. It was the African leaders inability or unwillingness to identify and address these fundamental issues and their preference for pre-packaged supposedly neutral external “expert technical” solutions that led them as supplicants to these neo-imperialist agencies. The substantive objective of these imperialist agencies was to forcefully return the incrementally economically self-directed African states back into the conditions economic colonialism with its exclusive focus on primary commodities (raw materials) production and export and dependency on importation of all manufactured goods. Furthermore, the World Bank and IMF also wanted to effect the removal of African states’ as promoters and activators of economic and social development especially freedom conferring industrialisation through the cession of development responsibility by privatisation to the undeveloped and dependent local capitalist groups; but more consequentially to foreigners through the fetish of foreign Direct Investments (FDI) as the new promoters of African “economic development”. But the FDI fetish is a dangerously misleading dogma of non-development: it misdirects, misrepresents and disarms societies and leaderships from ownership and responsibility for the philosophy, objectives, strategies for their own societies’ development. The ability of external forces to inflict these damaging, disruptive and painful consequences of neo-colonial economic failure and their expression

in persistent underdevelopment, dependency, underproduction, poverty, beggarliness, humiliation and indignity on Africans, has been possible due to active and direct complicity of much of African leaderships’ and elite who were successfully programmed to marginalise African agency and responsibility for its own development. These African elite enthroned and accepted foreign diktat, policies and programmes as inescapable for African development Yet this situation of the subservience and servility of the psychologically programmed African leadership, elite, intelligentsia has not been uniformly one-dimensional. Not all African leaderships, elite, intelligentsia, business people, bureaucrats and technocrats have supinely conceded to Africa’s surrender, submission and acquiescence to conditions permanent underdevelopment and cession of self-responsibility for development to others. Some among these were patriotic elite and leaderships who came to the ineluctable and correct conclusion that Africa can only enter into the state of freedom, dignified existence and a prosperous world by the pro-active choice and creation of its own philosophy and strategy of self-actuated development. This new development strategy will comprise the assumption of responsibility; the centrality of African agency; technological capacitation; modernisation of all productive forces including agriculture and mineral production but above all the relentless pursuit of mass industrialisation and mass production as the indisputable pathway and proven expressions of societal self-modernisation in the contemporary world. In the African business world today, it can be said without equivocation that Dangote and the Dangote Group has been and is in the vanguard of the promotion African self-development through resource based development capacitation; backward integration and genuine import substitution; radical reduction of import dependency for consumer goods and industrial inputs; mass industrialisation, mass production and in-country and incontinent prosperity generation. The expansive range of the industrial products of the Dangote Group beyond cement; and including food and agro industry: sugar, salt, tomato, rice, pasta, milk, flour; poly products and heavy industry like motor vehicles, coal mining and processing, refined petroleum, fertiliser and petrochemicals all attest to the promoter and Group’s understanding of the centrality of industrialisation to genuine economic diversification and successful societal development and advancement. The opening of the Congo cement plant within the Dangote Group’s pan-African industrial development strategy and its multiplier effects, creation of diverse employment opportunities and in-country prosperity generation, all attests to the Group’s contribution economic development and empowerment, and re-dignifying of Africans through the single-minded commitment to economic advancement through industrialisation. What is now required of African states, leaderships, technocratic and bureaucratic elite and business leaders and intelligentsia is following Dangote’s example, to prioritise technological capacitation and industrialisation as the indisputable foundations and pathways for the project of Africa’s self-conceived, self-directed, self-funded and self-actuated and non-dependent programme of radical economic transformation and renaissance in the modern era. Only liberated African peoples, states and leaders can create this made in Africa – Africa by Africans for Africans and the world. r &IJFEV *XFSJFCPS JT B 1SPGFTTPS %FQBSUNFOU PG "GSJDBOB BOE 1VFSUP 3JDBO -BUJOP 4UVEJFT )VOUFS $PMMFHF $JUZ 6OJWFSTJUZ PG /FX :PSL 64"

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